Lord Abbett Municipal Income Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03942

LORD ABBETT MUNICIPAL INCOME FUND, INC.
(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, New Jersey 07302-3973
(Address of principal executive offices) (Zip code)

Lawrence B. Stoller, Esq.
Vice President, Secretary, and Chief Legal Officer
90 Hudson Street, Jersey City, New Jersey 07302-3973
(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 522-2388

Date of fiscal year end: 9/30

Date of reporting period: 3/31/2023

Item 1: Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett Municipal Income Fund

Short Duration Tax Free Fund

Intermediate Tax Free Fund

National Tax Free Fund

High Income Municipal Bond Fund

Short Duration High Income Municipal Bond Fund

Sustainable Municipal Bond Fund

California Tax Free Fund

New Jersey Tax Free Fund

New York Tax Free Fund

For the six-month period ended March 31, 2023

Table of Contents

1	A Letter to Shareholders
	Investment Comparisons
2	Information About Your Fund’s Expenses and Holdings Presented by Credit Rating
	Schedules of Investments:
13	Short Duration Tax Free Fund
32	Intermediate Tax Free Fund
81	National Tax Free Fund
116	High Income Municipal Bond Fund
146	Short Duration High Income Municipal Bond Fund
164	Sustainable Municipal Bond Fund
167	California Tax Free Fund
183	New Jersey Tax Free Fund
193	New York Tax Free Fund
210	Statements of Assets and Liabilities
214	Statements of Operations
216	Statements of Changes in Net Assets
222	Financial Highlights
240	Notes to Financial Statements
261	Supplemental Information to Shareholders

Lord Abbett Municipal Income Fund

Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax Free Income Fund, Lord Abbett High Income Municipal Bond Fund, Lord Abbett Short Duration High Income Municipal Bond Fund, Lord Abbett Sustainable Municipal Bond Fund, Lord Abbett California Tax Free Income Fund, Lord Abbett New Jersey Tax Free Income Fund, and Lord Abbett New York Tax Free Income Fund
Semiannual Report

For the six-month period ended March 31, 2023

  From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg Director, President and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Municipal Income Fund for the six-month period ended March 31, 2023. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards, Douglas B. Sieg Director, President and Chief Executive Officer

1

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2022 through March 31, 2023.)

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 10/1/22 - 3/31/23” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of each Fund, the second line of the applicable table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

2

Short Duration Tax Free Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,026.90	$	3.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.69	$	3.28
Class C
Actual	$	1,000.00	$	1,023.90	$	6.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.65	$	6.34
Class F
Actual	$	1,000.00	$	1,027.40	$	2.78
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.19	$	2.77
Class F3
Actual	$	1,000.00	$	1,028.20	$	2.07
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.89	$	2.07
Class I
Actual	$	1,000.00	$	1,028.00	$	2.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.69	$	2.27

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.55% for Class F, 0.41% for Class F3, and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		4.25	%	BBB-		4.75	%
AA+		7.72	%	BB+		0.39	%
AA		14.09	%	BB		0.30	%
AA-		8.39	%	BB-		0.54	%
A+		9.20	%	B+		0.04	%
A		17.93	%	B		0.20	%
A-		12.89	%	NR		10.59	%
BBB+		6.54	%	Total		100.00	%
BBB		2.18	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

3

Intermediate Tax Free Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,059.00	$	3.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.39	$	3.58
Class C
Actual	$	1,000.00	$	1,056.90	$	6.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.30	$	6.69
Class F
Actual	$	1,000.00	$	1,060.60	$	3.13
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.89	$	3.07
Class F3
Actual	$	1,000.00	$	1,060.40	$	2.31
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.69	$	2.27
Class I
Actual	$	1,000.00	$	1,061.20	$	2.62
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.39	$	2.57

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.71% for Class A, 1.33% for Class C, 0.61% for Class F, 0.45% for Class F3, and 0.51% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		4.17	%	BB+		1.83	%
AA+		4.11	%	BB		0.81	%
AA		11.86	%	BB-		1.59	%
AA-		8.48	%	B+		1.03	%
A+		10.68	%	B		0.43	%
A		10.52	%	B-		0.43	%
A-		14.70	%	D		0.12	%
BBB+		8.27	%	NR		9.91	%
BBB		4.57	%	Total		100.00	%
BBB-		6.49	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

4

National Tax Free Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,073.30	$	3.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.09	$	3.88
Class C
Actual	$	1,000.00	$	1,069.90	$	7.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.95	$	7.04
Class F
Actual	$	1,000.00	$	1,073.90	$	3.46
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.59	$	3.38
Class F3
Actual	$	1,000.00	$	1,074.60	$	2.74
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.29	$	2.67
Class I
Actual	$	1,000.00	$	1,074.30	$	2.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.09	$	2.87

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.77% for Class A, 1.40% for Class C, 0.67% for Class F, 0.53% for Class F3, and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		2.66	%	BB+		0.99	%
AA+		5.93	%	BB		0.83	%
AA		11.33	%	BB-		1.03	%
AA-		7.02	%	B+		0.50	%
A+		10.54	%	B		0.73	%
A		10.97	%	B-		0.50	%
A-		15.82	%	D		0.10	%
BBB+		8.01	%	NR		5.38	%
BBB		8.96	%	Total		100.00	%
BBB-		8.70	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

5

High Income Municipal Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,057.40	$	4.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.94	$	4.03
Class C
Actual	$	1,000.00	$	1,055.10	$	7.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.75	$	7.24
Class F
Actual	$	1,000.00	$	1,057.90	$	3.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.39	$	3.58
Class F3
Actual	$	1,000.00	$	1,058.80	$	2.87
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.14	$	2.82
Class I
Actual	$	1,000.00	$	1,058.50	$	3.08
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.94	$	3.02

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.80% for Class A, 1.44% for Class C, 0.71% for Class F, 0.56% for Class F3, and 0.60% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		0.68	%	BB		4.71	%
AA+		0.99	%	BB-		6.04	%
AA		2.63	%	B+		2.46	%
AA-		1.44	%	B		2.06	%
A+		1.97	%	B-		3.96	%
A		4.59	%	CCC+		0.38	%
A-		6.10	%	CCC		0.08	%
BBB+		3.80	%	CCC-		1.07	%
BBB		6.05	%	D		0.35	%
BBB-		7.72	%	NR		36.12	%
BB+		6.80	%	Total		100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

6

Short Duration High Income Municipal Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A*
Actual	$	1,000.00	$	1,040.80	$	3.41
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.59	$	3.38
Class C*
Actual	$	1,000.00	$	1,037.40	$	6.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.25	$	6.74
Class F*
Actual	$	1,000.00	$	1,041.30	$	2.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class F3*
Actual	$	1,000.00	$	1,042.20	$	1.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.99	$	1.97
Class I*
Actual	$	1,000.00	$	1,041.10	$	2.39
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.59	$	2.37

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.67% for Class A, 1.34% for Class C, 0.58% for Class F, 0.39% for Class F3, and 0.47% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.65% for Class A, 1.45% for Class C, 0.55% for Class F, 0.37% for Class F3 and 0.45% for class I. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual		Hypothetical (5% Return Before Expenses)
Class A	$	3.31	$	3.28
Class C	$	7.37	$	7.29
Class F	$	2.80	$	2.77
Class F3	$	1.88	$	1.87
Class I	$	2.29	$	2.27

7

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		0.22	%	BB+		6.10	%
AA+		0.95	%	BB		3.61	%
AA		1.05	%	BB-		10.01	%
AA-		1.23	%	B+		5.81	%
A+		2.53	%	B		3.28	%
A		5.57	%	B-		2.24	%
A-		8.12	%	CCC+		0.90	%
BBB+		6.88	%	D		0.21	%
BBB		4.45	%	NR		24.95	%
BBB-		11.89	%	Total		100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

8

Sustainable Municipal Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,060.10	$	3.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.79	$	3.18
Class C
Actual	$	1,000.00	$	1,055.90	$	7.33
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.80	$	7.19
Class F
Actual	$	1,000.00	$	1,060.60	$	2.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.29	$	2.67
Class F3
Actual	$	1,000.00	$	1,061.40	$	2.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.99	$	1.97
Class I
Actual	$	1,000.00	$	1,061.20	$	2.21
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.79	$	2.17

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.63% for Class A, 1.43% for Class C, 0.53% for Class F, 0.39% for Class F3, and 0.43% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		10.66	%	BBB+		4.71	%
AA+		5.72	%	BBB		7.61	%
AA		6.73	%	BBB-		9.36	%
AA-		5.44	%	BB+		4.29	%
A+		15.82	%	BB		6.40	%
A		16.05	%	Total		100.00	%
A-		7.21	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

9

California Tax Free Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,076.60	$	3.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.09	$	3.88
Class C
Actual	$	1,000.00	$	1,073.20	$	7.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.95	$	7.04
Class F
Actual	$	1,000.00	$	1,077.10	$	3.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.59	$	3.38
Class F3
Actual	$	1,000.00	$	1,077.80	$	2.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.24	$	2.72
Class I
Actual	$	1,000.00	$	1,077.70	$	2.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.09	$	2.87

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.77% for Class A, 1.40% for Class C, 0.67% for Class F, 0.54% for Class F3, and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		0.83	%	BB+		0.54	%
AA+		2.46	%	BB		1.80	%
AA		26.09	%	BB-		0.67	%
AA-		10.46	%	B+		0.42	%
A+		8.11	%	CCC		0.04	%
A		11.69	%	CCC-		0.08	%
A-		7.86	%	D		0.12	%
BBB+		9.24	%	NR		9.70	%
BBB		4.71	%	Total		100.00	%
BBB-		5.18	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

10

New Jersey Tax Free Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,078.70	$	4.25
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.84	$	4.13
Class F
Actual	$	1,000.00	$	1,079.20	$	3.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.34	$	3.63
Class F3
Actual	$	1,000.00	$	1,082.20	$	3.01
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class I
Actual	$	1,000.00	$	1,082.00	$	3.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.84	$	3.13

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 0.72% for Class F, 0.58% for Class F3, and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		2.96	%	BBB		4.78	%
AA+		2.73	%	BBB-		4.12	%
AA		16.48	%	BB+		0.22	%
AA-		18.93	%	BB-		2.29	%
A+		8.00	%	D		0.20	%
A		5.26	%	NR		3.88	%
A-		21.82	%	Total		100.00	%
BBB+		8.33	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

11

New York Tax Free Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	10/1/22		3/31/23		10/1/22 - 3/31/23
Class A
Actual	$	1,000.00	$	1,080.30	$	4.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.99	$	3.98
Class C
Actual	$	1,000.00	$	1,077.00	$	7.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.90	$	7.09
Class F
Actual	$	1,000.00	$	1,080.80	$	3.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.49	$	3.48
Class F3
Actual	$	1,000.00	$	1,081.50	$	2.85
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.19	$	2.77
Class I
Actual	$	1,000.00	$	1,081.30	$	3.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.99	$	2.97

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.79% for Class A, 1.41% for Class C, 0.69% for Class F, 0.55% for Class F3, and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2023

Credit Rating: S&P or Moody’s(a)	%*			Credit Rating: S&P or Moody’s(a)	%*
AAA		4.92	%	BB+		1.11	%
AA+		14.61	%	BB		0.46	%
AA		12.66	%	BB-		0.44	%
AA-		8.46	%	B+		0.75	%
A+		3.78	%	B		0.25	%
A		6.33	%	B-		1.41	%
A-		12.84	%	CCC+		0.45	%
BBB+		7.95	%	D		0.21	%
BBB		6.76	%	NR		7.36	%
BBB-		9.25	%	Total		100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments, which excludes derivatives.

12

Schedule of Investments (unaudited)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 92.28%
MUNICIPAL BONDS 92.28%
Corporate-Backed 8.18%
Allegheny County Industrial Development Authority-US Steel Corporation PA	4.875%		11/1/2024	BB-	$	4,500,000	$	4,507,599
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2		19,500,000		19,259,011
Charles City County Economic Development Authority-Waste Mgmt Inc VA	2.875%		2/1/2029	A-		3,500,000		3,231,628
City of Farmington-Public Service Co of NM	1.10%	#(a)	6/1/2040	BBB		16,000,000		15,927,127
County of Nez Perce-Potlatchdeltic Corp ID	2.75%		10/1/2024	BBB-		11,310,000		11,153,821
County of Warren-International Paper Co MS	2.90%	#(a)	9/1/2032	BBB		4,250,000		4,241,968
Development Authority of Burke County-Oglethorpe Power Corp GA	1.50%	#(a)	1/1/2040	BBB+		3,750,000		3,574,388
Downtown Doral South Community Development District FL†	3.875%		12/15/2023	NR		55,000		54,839
Industrial Development Board of the City of Mobile Alabama-Alabama Power Company	1.00%	#(a)	6/1/2034	A1		3,100,000		2,957,125
Industrial Development Board of the City of Mobile Alabama-Alabama Power Company	2.90%	#(a)	7/15/2034	A1		20,000,000		19,949,428
Matagorda County Navigation District No. 1-Aep Texas Inc	2.60%		11/1/2029	A-		1,400,000		1,265,843
Matagorda County Navigation District No. 1-Aep Texas Inc (AMBAC)	4.40%		5/1/2030	A-		1,500,000		1,522,946
New Hampshire Business Finance Authority-United Illuminating Co	2.80%	#(a)	10/1/2033	A-		5,000,000		4,991,946
Niagara Area Development Corp.-Covanta Holding Corp NY†	3.50%		11/1/2024	B1		750,000		731,816
Ohio Air Quality Development Authority-American Electric Pwr Co	1.90%	#(a)	5/1/2026	BBB+		2,000,000		1,941,503
Ohio Air Quality Development Authority-American Electric Pwr Co	2.40%	#(a)	12/1/2038	BBB+		10,700,000		9,466,186
Ohio Air Quality Development Authority-Ohio valley Electric Corp	1.50%	#(a)	2/1/2026	Baa3		1,000,000		922,280
Oregon State Business Development Commission-Intel Corporation	2.40%	#(a)	12/1/2040	A		10,500,000		10,450,519

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Parish of St. James-Nustar Logistics LP LA†		5.85%	#(a)	8/1/2041	BB-	$	3,500,000	$	3,592,289
Parish of St. John the Baptist-Marathon Oil Corporation LA		2.10%	#(a)	6/1/2037	BBB-		8,000,000		7,811,776
Parish of St. John the Baptist-Marathon Oil Corporation LA		2.125%	#(a)	6/1/2037	BBB-		6,150,000		6,007,145
Parish of St. John the Baptist-Marathon Oil Corporation LA		2.375%	#(a)	6/1/2037	BBB-		4,575,000		4,322,936
Parish of St. John the Baptist-Marathon Oil Corporation LA(b)		4.05%	#(a)	6/1/2037	BBB-		4,650,000		4,650,000
Public Finance Authority-Ameream LLC WI†		5.00%		12/1/2027	NR		1,455,000		1,299,287
Selma Industrial Development Board-International Paper Co AL		2.00%	#(a)	11/1/2033	BBB		2,625,000		2,526,221
Total									146,359,627
Education 3.18%
California Community Choice Financing Authority	4.943% (SOFR * .67 + 1.70%		)#	5/1/2053	A1		15,000,000		15,200,493	(c)
California State University		0.55%	#(a)	11/1/2049	Aa2		5,000,000		4,481,810
Capital Trust Agency, Inc.-Renaissance Chtr Sch 2019 FL†		4.00%		6/15/2029	NR		1,265,000		1,180,280
Connecticut State Health & Educational Facilities Authority		2.80%	#(a)	7/1/2057	AAA		9,850,000		9,804,072
Florida Higher Educational Facilities Financial Authority-St Leo Univ Inc Oblig Grp		5.00%		3/1/2024	BB+		640,000		642,395
Florida Higher Educational Facilities Financial Authority-St Leo Univ Inc Oblig Grp		5.00%		3/1/2025	BB+		675,000		678,137
Hospital Facilities Authority of Multnomah County Oregon-Mirabella So Waterfront		5.00%		10/1/2024	NR		660,000		659,341
Illinois Finance Authority-Illinois Inst of Tech		5.00%		9/1/2028	Ba2		1,135,000		1,141,355
Illinois Finance Authority-Illinois Inst of Tech		5.00%		9/1/2029	Ba2		630,000		633,745
Massachusetts Development Finance Agency-Williams College		0.45%	#(a)	7/1/2041	AA+		3,500,000		3,261,249
New Jersey Economic Development Authority		5.00%		6/15/2028	A3		3,000,000		3,290,917
North Carolina Capital Facilities Finance Agency-Campbell University Inc		5.00%		10/1/2025	Baa2		1,700,000		1,762,548

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
Ohio Air Quality Development Authority-Duke Energy Corp	4.00%	#(a)	9/1/2030	BBB	$	1,300,000	$	1,311,454
University of California	4.25%		5/15/2039	AA		3,000,000		3,023,135
University of Colorado	2.00%	#(a)	6/1/2054	Aa1		10,000,000		9,830,309
Total								56,901,240
Energy 0.95%
Kentucky Public Energy Authority	4.00%	#(a)	12/1/2050	A2		5,000,000		4,988,431
New Mexico Municipal Energy Acquisition Authority	5.00%	#(a)	11/1/2039	Aa1		8,300,000		8,525,753
PEFA, Inc. IA	5.00%	#(a)	9/1/2049	A3		3,500,000		3,571,221
Total								17,085,405
General Obligation 12.92%
Chicago Board of Education IL GO	5.00%		12/1/2023	BB+		3,330,000		3,350,814
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2033	AA		1,850,000		1,978,159
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2034	AA		4,300,000		4,574,903
City of Auburn NY GO	3.50%		8/16/2023	NR		10,000,000		10,017,469
City of Chicago IL GO	5.00%		1/1/2026	BBB+		2,125,000		2,200,768
City of Chicago IL GO	5.00%		1/1/2028	BBB+		4,900,000		5,170,817
City of Chicago IL GO	5.25%		1/1/2027	BBB+		1,665,000		1,707,479
City of New York NY GO	3.65%	#(a)	3/1/2040	AA		2,900,000		2,900,000
City of New York NY GO	5.00%	#(a)	6/1/2044	AA		8,500,000		8,865,093
City of Philadelphia PA GO	5.00%		2/1/2025	A		2,140,000		2,226,841
City of Philadelphia PA GO	5.00%		2/1/2026	A		1,000,000		1,065,701
City of Philadelphia PA GO	5.00%		2/1/2028	A		2,000,000		2,227,172
City of Troy NY GO	4.00%		7/28/2023	NR		7,700,000		7,729,212
Clark County School District NV GO (AGM)	3.00%		6/15/2024	AA		575,000		577,898
Clark County School District NV GO (AGM)	3.00%		6/15/2025	AA		650,000		656,270
Clark County School District NV GO (AGM)	5.00%		6/15/2026	AA		500,000		539,817
Clark County School District NV GO (AGM)	5.00%		6/15/2027	AA		1,000,000		1,102,880
County of Cook IL GO	5.00%		11/15/2027	A+		2,000,000		2,199,141
County of Cook IL GO	5.00%		11/15/2028	A+		2,300,000		2,575,351
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2028	A3		5,000,000		5,484,861
Northside Independent School District TX GO (PSF GTD)	1.60%	#(a)	8/1/2049	Aaa		2,725,000		2,659,343
Plano Independent School District TX GO	5.00%		2/15/2025	Aaa		10,000,000		10,457,919
School District of Philadelphia PA GO	5.00%		9/1/2023	A1		500,000		504,271

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
School District of Philadelphia PA GO	5.00%		9/1/2023	A1	$	1,250,000	$	1,260,678
School District of Philadelphia PA GO	5.00%		9/1/2024	A1		900,000		926,798
School District of Philadelphia PA GO	5.00%		9/1/2025	A1		1,200,000		1,261,337
State of California GO	5.00%		8/1/2026	Aa2		7,485,000		7,943,078
State of Connecticut GO	5.00%		4/15/2025	AA-		7,000,000		7,349,998
State of Connecticut GO	5.00%		10/15/2026	AA-		5,000,000		5,453,177
State of Illinois GO	5.00%		11/1/2023	A-		10,000,000		10,111,429
State of Illinois GO	5.00%		3/1/2025	A-		5,500,000		5,700,322
State of Illinois GO	5.00%		12/1/2025	A3		10,000,000		10,516,556
State of Illinois GO	5.00%		3/1/2026	A-		2,500,000		2,641,806
State of Illinois GO	5.00%		3/1/2027	A-		7,500,000		8,067,872
State of Illinois GO	5.00%		2/1/2028	A-		5,990,000		6,428,190
State of Illinois GO	5.00%		3/1/2029	A-		4,010,000		4,438,288
State of Illinois GO	5.00%		10/1/2029	A-		2,115,000		2,323,029
State of Illinois GO	5.00%		11/1/2030	A-		7,200,000		7,623,717
State of Illinois GO	5.25%		2/1/2030	A-		3,000,000		3,040,749
State of Illinois GO	5.375%		5/1/2023	A-		3,000,000		3,005,186
State of New Jersey GO	5.00%		6/1/2025	A2		4,425,000		4,653,985
Tennessee Energy Acquisition Corp.	5.00%	#(a)	5/1/2053	A2		20,000,000		20,592,874
Town of Westborough MA GO	5.00%		3/28/2024	NR		15,000,000		15,351,106
Township of Woodbridge NJ GO	4.50%		3/15/2024	NR		15,000,000		15,262,660
Western Placer Unified School District CA Special Tax	2.00%		6/1/2025	NR		2,000,000		1,936,099
Western Placer Unified School District CA Special Tax	2.00%		6/1/2025	NR		4,750,000		4,597,277
Total								231,258,390
Health Care 16.31%
Allegheny County Hospital Development Authority PA	5.00%		4/1/2026	A		2,500,000		2,657,818
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%	#(a)	2/1/2040	B		4,000,000		3,445,762
California Municipal Finance Authority-Eisenhower Medical Center	5.00%		7/1/2026	Baa2		1,345,000		1,417,024
California Statewide Communities Development Authority-Viamonte Sr Living 1 Inc	3.00%		7/1/2026	AA-		4,500,000		4,502,080

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
California Statewide Communities Development Authority-Viamonte Sr Living 1 Inc		3.00%		7/1/2027	AA-		$	2,250,000	$	2,251,117
Charlotte-Mecklenburg Hospital Authority-Atrium Health OBLIG Grp NC		5.00%	#(a)	1/15/2050	AA-			10,000,000		10,360,802
City of Lenexa-Lakeview Village Inc KS		5.00%		5/15/2025	BB+	(d)		990,000		997,841
City of South Miami Health Facilities Authority, Inc.-Baptist Hlth South Fl OBL FL		5.00%		8/15/2023	AA-			1,350,000		1,361,198
Colorado Health Facilities Authority-Adventhealth Oblig Group		5.00%	#(a)	11/15/2048	AA			13,525,000		14,243,865
Colorado Health Facilities Authority-Adventhealth Oblig Group		5.00%	#(a)	11/15/2049	NR			185,000		202,140
Colorado Health Facilities Authority-Adventhealth Oblig Group		5.00%	#(a)	11/15/2049	AA			1,825,000		1,947,661
Colorado Health Facilities Authority-Commonspirit Hlth Oblig		5.00%	#(a)	8/1/2049	A-			8,085,000		8,483,118
Colorado Health Facilities Authority-Intermountain Hlthcr Oblg		5.00%	#(a)	5/15/2062	AA+			13,000,000		14,026,589
County of Cuyahoga-The Metrohealth System OH		5.00%		2/15/2025	BBB			1,500,000		1,544,316
County of Laramie-Cheyenne Regl Med Ctr WY		4.00%		5/1/2025	A+			290,000		297,238
County of Laramie-Cheyenne Regl Med Ctr WY		4.00%		5/1/2026	A+			200,000		207,426
County of Laramie-Cheyenne Regl Med Ctr WY		4.00%		5/1/2027	A+			355,000		372,837
County of Lehigh-Lehigh VY Hlth Netwrk Obg PA		5.00%		7/1/2026	A+			1,755,000		1,869,585
County of Lehigh-St Luke’S Hosp Oblig Grp PA	5.07% (MUNIPSA * 1 + 1.10%		)#	8/15/2038	A-			14,890,000		14,709,536
County of Miami-Dade-Public Hlth Trust Miami FL		5.00%		6/1/2026	Aa2			4,165,000		4,358,276
Florida Development Finance Corp.-Lakeland Regl Hlth Olig		5.00%		11/15/2024	A2			2,200,000		2,266,802
Florida Development Finance Corp.-Lakeland Regl Hlth Olig		5.00%		11/15/2026	A2			1,000,000		1,069,123
Franklin County Industrial Development Authority-Menno-Haven Inc Oblig Grp PA		5.00%		12/1/2023	NR			500,000		497,859

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Geisinger Authority-Geisinger Hlth Sys Oblig PA		5.00%	#(a)	4/1/2043	AA-	$	17,000,000	$	18,035,309
General Authority of Southcentral Pennsylvania-Wellspan Hlth Oblig Grp	4.57% (MUNIPSA * 1 + .60%		)#	6/1/2049	Aa3		9,000,000		8,975,435
Greeneville Health & Educational Facilities Board-Ballad Health Oblig Group TN		5.00%		7/1/2023	A-		1,500,000		1,506,142
Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Hlth Obl TX	4.54% (MUNIPSA * 1 + .57%		)#	12/1/2049	A+		7,770,000		7,723,500
Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Hlth Obl TX	4.82% (MUNIPSA * 1 + .85%		)#	7/1/2049	A+		11,000,000		10,804,497
Health & Educational Facilities Authority of the State of Missouri-BJC Healthcare Oblig Grp		4.00%	#(a)	5/1/2051	AA		12,000,000		12,420,444
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA		5.00%		7/1/2027	BBB		5,000,000		5,291,658
Illinois Finance Authority-Mercy Hlth Corp Oblig Grp		5.00%		12/1/2025	A3		5,830,000		6,128,711
Illinois Finance Authority-OSF Healthcare Sys Oblig		5.00%	#(a)	5/15/2050	A		4,500,000		4,758,588
Illinois Finance Authority-Plymouth Place Obl Group		5.00%		5/15/2025	NR		770,000		790,259
Illinois Finance Authority-Univ Chicago Med Ctr Og		5.00%	#(a)	8/15/2052	AA-		7,200,000		7,829,138
Indiana Finance Authority Obl Grp		0.70%	#(a)	12/1/2046	AA		7,000,000		6,411,530
Industrial Development Authority of the County of Pima-La Posada Park Centre Obl AZ†		5.125%		11/15/2029	NR		1,500,000		1,492,856
Kentucky Economic Development Finance Authority-Owensboro Health Inc Oblg		5.00%		6/1/2025	Baa2		1,400,000		1,446,471
Lee Memorial Health System Obl FL		5.00%		4/1/2025	A+		2,625,000		2,728,509
Maricopa County Industrial Development Authority-Banner Health Oblig Group AZ	4.54% (MUNIPSA * 1 + .57%		)#	1/1/2035	AA-		4,410,000		4,394,872
Maryland Health & Higher Educational Facilities Authority-Univ of MD Med Sys Oblg		5.00%	#(a)	7/1/2045	A		6,250,000		6,461,099

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Massachusetts Development Finance Agency-Beth Israel Lahey Obl Grp	5.00%		7/1/2023	A	$	600,000	$	602,647
Massachusetts Development Finance Agency-Mass General Brigham Inc	5.00%	#(a)	7/1/2038	AA-		2,000,000		2,033,074
Massachusetts Development Finance Agency-Wellforce Obligated Group	5.00%		7/1/2024	BBB+		2,030,000		2,076,688
Massachusetts Development Finance Agency-Wellforce Obligated Group	5.00%		7/1/2025	BBB+		800,000		823,583
Michigan Finance Authority-Trinity Hlth Corp Oblig	5.00%		12/1/2026	AA-		2,250,000		2,445,748
Monroeville Finance Authority-UPMC Obligated Group PA	5.00%		2/15/2024	A		1,015,000		1,033,897
Montgomery County Higher Education & Health Authority-Thomas Jefferson Univ Obl PA	5.00%		9/1/2026	A		1,150,000		1,229,846
Montgomery County Higher Education & Health Authority-Thomas Jefferson Univ Obl PA	5.00%		9/1/2027	A		1,500,000		1,635,033
Montgomery County Higher Education & Health Authority-Thomas Jefferson Univ Obl PA	5.00%		9/1/2028	A		1,850,000		2,049,995
New Jersey Health Care Facilities Financing Authority-Hackensack Merdn Hlth Ob	5.00%		7/1/2026	AA-		3,900,000		4,204,832
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%		7/1/2025	BBB-		1,600,000		1,644,383
New Jersey Health Care Facilities Financing Authority-Valley Hlth Sys Oblig Grp	5.00%		7/1/2026	A		1,800,000		1,928,487
New Jersey Health Care Facilities Financing Authority-Valley Hlth Sys Oblig Grp	5.00%		7/1/2027	A		1,250,000		1,367,247
New York City Industrial Development Agency-Yankee Stadium LLC NY (AGM)	5.00%		3/1/2029	AA		2,000,000		2,236,293
New York State Dormitory Authority-Montefiore Obligated Grp	5.00%		8/1/2024	BBB-		1,500,000		1,517,633
New York State Dormitory Authority-Montefiore Obligated Grp	5.00%		9/1/2027	BBB-		1,400,000		1,428,565
New York State Dormitory Authority-Montefiore Obligated Grp	5.00%		9/1/2028	BBB-		1,500,000		1,537,783
New York State Dormitory Authority-Montefiore Obligated Grp	5.00%		9/1/2029	BBB-		1,750,000		1,793,880
New York State Dormitory Authority-Montefiore Obligated Grp	5.00%		9/1/2030	BBB-		1,000,000		1,012,169

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
North Carolina Medical Care Commission-Southminster Inc Obl Grp		5.00%		10/1/2023	NR		$	750,000	$	750,209
Northampton County General Purpose Authority-St Luke’S Hosp Obl Grp PA	4.303% (1 Mo. LIBOR * .70 + 1.04%		)#	8/15/2048	A-			8,000,000		8,005,998
Oklahoma Development Finance Authority-Ou Medicine Obligated Grp		5.00%		8/15/2025	BB-			550,000		546,866
Oklahoma Development Finance Authority-Ou Medicine Obligated Grp		5.00%		8/15/2026	BB-			800,000		794,119
Oneida County Local Development Corp.-Mohawk Valley Hlth Obl NY (AGM)		5.00%		12/1/2027	AA			1,400,000		1,421,564
Oneida County Local Development Corp.-Mohawk Valley Hlth Obl NY (AGM)		5.00%		12/1/2028	AA			1,000,000		1,014,824
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL		5.00%		10/1/2027	A+			1,000,000		1,099,685
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL		5.00%		10/1/2028	A+			750,000		838,351
Pennsylvania Higher Educational Facilities Authority-Univ of Penn Hlth Sys Obl		5.00%		8/15/2027	AA			1,250,000		1,378,157
Pennsylvania Higher Educational Facilities Authority-Univ of Penn Hlth Sys Obl		5.00%		8/15/2028	AA			1,565,000		1,756,864
Rib Floater Trust Various States-Morselife Obligated Group FL†		4.22%	#(a)	10/1/2054	A1			19,980,000		19,980,000
State of Ohio-Univ Hosp Hlth Sys Obl Gp		4.00%		1/15/2028	A			500,000		529,016
State of Ohio-Univ Hosp Hlth Sys Obl Gp		5.00%		1/15/2026	A			500,000		530,042
State of Ohio-Univ Hosp Hlth Sys Obl Gp		5.00%		1/15/2027	A			250,000		270,334
Tarrant County Cultural Education Facilities Finance Corp.-Baylor Scott & White Oblg TX		5.00%	#(a)	11/15/2052	AA-			2,180,000		2,306,224
Tulsa County Industrial Authority-Montereau Obligated Group OK		5.00%		11/15/2026	BBB-	(d)		500,000		509,063
Washington Health Care Facilities Authority-Commonspirit Hlth Oblig		5.37% (MUNIPSA * 1 + 1.40%	)#	1/1/2035	A-			2,000,000		2,001,200
Wisconsin Health & Educational Facilities Authority-Advocate Aurora Hlth Olg		5.00%	#(a)	8/15/2054	AA			5,805,000		6,206,683
Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Hlth Ob		5.00%	#(a)	2/15/2052	BBB+			9,000,000		9,181,391
Total										292,011,404

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Housing 6.26%
California Housing Finance Agency	4.00%		3/20/2033	BBB+	$	948,095	$	952,497
Connecticut Housing Finance Authority	4.00%		5/15/2049	AAA		3,715,000		3,759,271
Florida Housing Finance Corp. (GNMA/FNMA/FHLMC)	3.00%		1/1/2052	Aaa		2,535,000		2,484,341
Florida Housing Finance Corp. (GNMA/FNMA/FHLMC)	3.00%		7/1/2052	Aaa		3,375,000		3,299,868
Illinois Housing Development Authority (GNMA/FNMA/FHLMC)	3.00%		4/1/2051	Aaa		8,745,000		8,568,548
Industrial Development Authority of the City of Phoenix-Downtown Phoenix Std Hsg AZ	5.00%		7/1/2023	Baa3		100,000		100,198
Iowa Finance Authority (GNMA/FNMA/FHLMC)	3.00%		1/1/2047	AAA		4,260,000		4,171,062
Maryland Community Development Administration	3.50%		3/1/2050	Aa1		6,560,000		6,523,716
Maryland Community Development Administration	4.00%		9/1/2049	Aa1		2,260,000		2,275,611
Michigan State Housing Development Authority	4.25%		12/1/2049	AA+		3,755,000		3,800,432
Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC)	4.25%		7/1/2049	AA+		2,830,000		2,870,178
Minnesota Housing Finance Agency (GNMA/FNMA/FHLMC)	5.00%		7/1/2053	AA+		7,220,000		7,664,998
Missouri Housing Development Commission (GNMA/FNMA/FHLMC)	3.25%		11/1/2052	AA+		1,955,000		1,926,814
Missouri Housing Development Commission (GNMA/FNMA/FHLMC)	4.25%		5/1/2047	AA+		3,105,000		3,142,938
New Mexico Mortgage Finance Authority (GNMA/FNMA/FHLMC)	3.00%		7/1/2052	Aaa		7,250,000		7,077,541
New York City Housing Development Corp. NY (FHA)	0.70%	#(a)	5/1/2060	AA+		2,000,000		1,897,012
New York State Housing Finance Agency (SONYMA)	0.75%		11/1/2025	Aa2		12,350,000		11,413,364
New York State Housing Finance Agency (SONYMA) (FHA)	0.75%		11/1/2025	Aa2		5,000,000		4,660,364
North Carolina Housing Finance Agency (GNMA/FNMA/FHLMC)	4.00%		1/1/2050	AA+		3,140,000		3,156,765
North Dakota Housing Finance Agency	3.00%		7/1/2052	Aa1		4,800,000		4,676,973
North Dakota Housing Finance Agency	4.00%		1/1/2050	Aa1		3,630,000		3,673,771
Ohio Housing Finance Agency	4.50%		3/1/2050	Aaa		3,455,000		3,521,024

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Housing (continued)
South Carolina State Housing Finance & Development Authority		4.00%		1/1/2050	Aaa	$	3,225,000	$	3,259,123
State of New York Mortgage Agency		3.50%		4/1/2049	Aa1		995,000		989,152
Wisconsin Housing & Economic Development Authority Home Ownership Revenue		3.00%		3/1/2052	AA		3,530,000		3,448,690
Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8)		0.50%	#(a)	11/1/2050	AA+		2,250,000		2,127,346
Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8)		0.61%	#(a)	11/1/2042	AA+		2,890,000		2,783,190
Wisconsin Housing & Economic Development Authority Housing Revenue (HUD SECT 8)		0.81%	#(a)	11/1/2052	AA+		8,250,000		7,855,019
Total									112,079,806
Lease Obligations 2.53%
California State Public Works Board		5.00%		10/1/2026	Aa3		1,500,000		1,639,176
California State Public Works Board		5.00%		10/1/2027	Aa3		3,300,000		3,694,283
Commonwealth of Pennsylvania COPS		5.00%		7/1/2023	A		500,000		502,633
Commonwealth of Pennsylvania COPS		5.00%		7/1/2025	A		500,000		526,322
Nassau Health Care Corp. NY GTD		5.00%		8/1/2025	AA-		7,000,000		7,358,084
New Jersey Economic Development Authority		5.00%		6/15/2025	A3		1,250,000		1,305,076
New Jersey Economic Development Authority		5.00%		6/15/2026	A3		4,000,000		4,257,512
New Jersey Economic Development Authority		5.00%		6/15/2027	A3		410,000		442,476
New Jersey Economic Development Authority		5.00%		6/15/2028	A3		400,000		438,789
New Jersey Economic Development Authority		5.00%		6/15/2029	A3		500,000		556,775
New Jersey Transportation Trust Fund Authority		5.00%		12/15/2023	A3		1,250,000		1,266,892
New Jersey Transportation Trust Fund Authority		5.00%		12/15/2024	A3		7,000,000		7,235,920
New Jersey Transportation Trust Fund Authority		5.00%		12/15/2025	A3		12,500,000		13,198,161
New York City Educational Construction Fund		5.00%		4/1/2026	AA-		2,690,000		2,890,254
Total									45,312,353
Other Revenue 5.39%
Black Belt Energy Gas District AL		4.00%	#(a)	12/1/2049	A1		12,325,000		12,260,028
California Infrastructure & Economic Development Bank-California Acdmy Sciences	4.32% (MUNIPSA * 1 + .35%		)#	8/1/2047	A2		6,000,000		5,932,657
California Infrastructure & Economic Development Bank-Museum Associates	4.67% (MUNIPSA * 1 + .70%		)#	12/1/2050	A3		6,500,000		6,287,278

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Other Revenue (continued)
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX		5.25%		8/15/2026	NR	$	1,605,000	$	1,614,095
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX		5.25%		8/15/2028	NR		1,920,000		1,933,431
Delaware Academy Central School District at Delhi NY GO		3.75%		6/29/2023	NR		10,025,000		10,038,983
Illinois Finance Authority-Field Museum Natural Hist	4.574% (SOFR * .70 + 1.20%		)#	11/1/2034	A		4,435,000		4,426,935
Industrial Development Authority of the County of Pima-Edkey Obligated Group AZ†		3.50%		7/1/2025	NR		1,220,000		1,184,318
Lower Alabama Gas District		4.00%	#(a)	12/1/2050	A2		34,085,000		33,797,636
Main Street Natural Gas, Inc. GA		5.00%		5/15/2025	A3		4,850,000		4,917,987
Patriots Energy Group Financing Agency SC		4.00%	#(a)	10/1/2048	Aa1		8,000,000		8,014,351
Triborough Bridge & Tunnel Authority NY		5.00%	#(a)	5/15/2051	AA+		5,700,000		6,065,954
Total									96,473,653
Special Tax 0.95%
Allentown Neighborhood Improvement Zone Development Authority PA†		5.00%		5/1/2023	Ba3		130,000		130,065
Allentown Neighborhood Improvement Zone Development Authority PA†		5.00%		5/1/2028	NR		3,575,000		3,655,907
Atlanta Urban Redevelopment Agency GA†		2.375%		7/1/2026	NR		275,000		261,290
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		5.00%		1/1/2027	AA		1,000,000		1,080,101
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		5.00%		1/1/2028	AA		650,000		714,333
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		5.00%		1/1/2029	AA		850,000		948,678
New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC)	7.29% (CPI YoY * 1 + .88%		)#	3/1/2026	Baa1		2,000,000		2,111,430
Peninsula Town Center Community Development Authority VA†		4.00%		9/1/2023	NR		70,000		69,765
State of Connecticut Special Tax Revenue		5.00%		1/1/2026	AA		5,000,000		5,347,454
Village Community Development District No. 12 FL		3.25%		5/1/2023	NR		165,000		164,886
Village Community Development District No. 13 FL†		1.875%		5/1/2025	NR		1,170,000		1,113,787

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Special Tax (continued)
Village Community Development District No. 13 FL	2.625%	5/1/2024	NR		$	65,000	$	63,840
Village Community Development District No. 13 FL†	2.625%	5/1/2030	NR			1,465,000		1,290,698
Total								16,952,234
Tax Revenue 7.11%
Anaheim Public Financing Authority CA (AGM)	5.00%	9/1/2026	AA			7,500,000		8,071,314
City of Sparks NV†	2.50%	6/15/2024	Ba1			45,000		43,946
City of Sparks NV†	2.75%	6/15/2028	Ba1			300,000		271,608
County of Jefferson AL	5.00%	9/15/2023	AA			2,000,000		2,021,604
County of Miami-Dade FL	5.00%	4/1/2025	AA			6,505,000		6,815,571
East Syracuse-Minoa Central School District NY GO	3.00%	6/28/2023	NR			20,000,000		20,018,258
Gowanda Central School District NY GO	3.00%	6/20/2023	NR			10,000,000		10,000,194
Hoosick Falls Central School District NY GO	3.75%	8/4/2023	NR			10,000,000		10,017,583
Horseheads Central School District NY GO	3.00%	6/22/2023	NR			10,000,000		9,997,764
Matching Fund Special Purpose Securitization Corp. VI	5.00%	10/1/2026	NR			2,000,000		2,040,387
Middle Country Central School District At Centereach NY GO	3.50%	6/28/2023	NR			15,000,000		15,028,326
New York State Dormitory Authority (AGM)	5.00%	10/1/2024	AA			5,000		5,178
New York State Dormitory Authority (AGM)	5.00%	10/1/2024	AA			2,245,000		2,323,058
New York State Dormitory Authority (AGM)	5.00%	10/1/2025	AA			1,650,000		1,746,325
Onondaga Central School District NY GO	3.75%	6/30/2023	NR			14,500,000		14,523,261
Sales Tax Securitization Corp. IL	5.00%	1/1/2025	AA-			5,000,000		5,192,215
State of Connecticut Special Tax Revenue	5.00%	5/1/2025	AA			850,000		893,516
State of Connecticut Special Tax Revenue	5.00%	5/1/2026	AA			1,300,000		1,402,312
State of Illinois Sales Tax Revenue	5.00%	6/15/2024	A			7,260,000		7,406,102
State of Maryland Department of Transportation	4.00%	9/1/2026	AAA			4,750,000		5,013,629
Territory of Guam	5.00%	1/1/2029	Ba1			750,000		800,116
Virginia Small Business Financing Authority-NATL Senior Cmntys Oblig	5.00%	1/1/2025	A	(d)		1,300,000		1,330,996
Virginia Small Business Financing Authority-NATL Senior Cmntys Oblig	5.00%	1/1/2027	A	(d)		1,000,000		1,054,562
Virginia Small Business Financing Authority-NATL Senior Cmntys Oblig	5.00%	1/1/2028	A	(d)		1,100,000		1,176,522
Total								127,194,347

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tobacco 0.49%
California County Tobacco Securitization Agency		5.00%		6/1/2024	A	$	600,000	$	610,512
California County Tobacco Securitization Agency		5.00%		6/1/2025	A		650,000		670,206
California County Tobacco Securitization Agency		5.00%		6/1/2026	A		1,125,000		1,177,736
Commonwealth Financing Authority PA		5.00%		6/1/2023	A1		1,125,000		1,127,913
Commonwealth Financing Authority PA		5.00%		6/1/2024	A1		5,000,000		5,120,167
Tobacco Settlement Financing Corp. NJ		3.20%		6/1/2027	A		20,000		19,998
Total									8,726,532
Transportation 8.51%
Bay Area Toll Authority CA	5.22% (MUNIPSA * 1 + 1.25%		)#	4/1/2036	AA		2,375,000		2,399,623
Central Texas Regional Mobility Authority		5.00%		1/1/2025	BBB+		2,500,000		2,555,382
Central Texas Regional Mobility Authority		5.00%		1/1/2027	BBB+		15,000,000		15,867,630
Chicago O’Hare International Airport IL		5.00%		1/1/2031	A+		4,750,000		4,757,781
Chicago Transit Authority IL		5.00%		6/1/2025	A+		2,000,000		2,078,664
Dallas Fort Worth International Airport TX		5.00%		11/1/2026	A+		1,750,000		1,904,352
Dallas Fort Worth International Airport TX		5.00%		11/1/2027	A+		1,415,000		1,570,185
E-470 Public Highway Authority CO		3.579% (SOFR * .67 + .35%	)#	9/1/2039	A		3,375,000		3,361,789
Hampton Roads Transportation Accountability Commission VA		5.00%		7/1/2026	Aa2		15,120,000		16,345,990
Louisiana Offshore Terminal Authority-Loop LLC		1.65%	#(a)	9/1/2027	A3		3,500,000		3,465,112
Maryland Economic Development Corp.-Consol Marine Terminals L		5.75%		9/1/2025	BB		3,505,000		3,535,613
Metropolitan Transportation Authority NY		3.80%	#(a)	11/1/2030	Aa1		2,625,000		2,625,000
Metropolitan Transportation Authority NY		3.80%	#(a)	11/1/2035	Aa1		14,100,000		14,100,000
Metropolitan Transportation Authority NY		5.00%		11/15/2033	A3		5,400,000		5,406,462
New Jersey Turnpike Authority		5.00%		1/1/2027	AA-		3,200,000		3,499,270
New Jersey Turnpike Authority		5.00%		1/1/2028	AA-		23,000,000		24,687,864
New York Transportation Development Corp.-JFK Intl Air Terminal LLC		5.00%		12/1/2024	Baa1		1,000,000		1,030,424
New York Transportation Development Corp.-JFK Intl Air Terminal LLC		5.00%		12/1/2025	Baa1		400,000		420,390
New York Transportation Development Corp.-JFK Intl Air Terminal LLC		5.00%		12/1/2026	Baa1		1,795,000		1,923,851

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.-JFK Intl Air Terminal LLC		5.00%		12/1/2028	Baa1	$	1,390,000	$	1,536,886
North Carolina Turnpike Authority (AGM)		5.00%		1/1/2028	AA		1,500,000		1,624,835
Pennsylvania Turnpike Commission		5.00%		12/1/2025	A1		150,000		159,784
Pennsylvania Turnpike Commission		5.00%		12/1/2025	A+		750,000		794,742
Pennsylvania Turnpike Commission		5.00%		12/1/2026	A1		400,000		436,704
Pennsylvania Turnpike Commission		5.00%		12/1/2026	A+		750,000		811,697
Regional Transportation District-Denver Transit Partners CO		3.00%		1/15/2026	Baa1		900,000		888,864
Regional Transportation District-Denver Transit Partners CO		5.00%		7/15/2027	Baa1		1,000,000		1,062,127
State of Illinois GO		5.00%		11/1/2025	A-		3,000,000		3,149,983
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group		4.00%		12/31/2030	Baa2		3,000,000		3,049,307
Triborough Bridge & Tunnel Authority NY	3.616% (SOFR * .67 + .38%		)#	1/1/2032	AA-		6,610,000		6,559,593
Triborough Bridge & Tunnel Authority NY		5.00%		8/15/2024	NR		20,000,000		20,621,872
Total									152,231,776
Utilities 19.50%
Black Belt Energy Gas District AL		4.00%	#(a)	7/1/2052	Aa1		3,000,000		3,001,262
Central Plains Energy Project NE		5.00%		9/1/2027	BBB+		1,305,000		1,367,768
Central Plains Energy Project NE	5.409% (SOFR * .67 + 2.18%		)#	5/1/2053	A2		20,000,000		20,384,084
City of Chicago Waterworks Revenue IL (AGM)		5.00%		11/1/2028	AA		2,500,000		2,712,417
City of Rockport-Indiana Michigan Pwr Co		3.05%		6/1/2025	A-		3,500,000		3,480,384
City of San Antonio Electric & Gas Systems Revenue TX		5.00%		2/1/2024	Aa2		1,250,000		1,273,360
Cleveland Department of Public Utilities Division of Public Power OH (AGM)		5.00%		11/15/2026	AA		1,190,000		1,293,112
Cleveland Department of Public Utilities Division of Public Power OH (AGM)		5.00%		11/15/2027	AA		2,280,000		2,532,118
County of Escambia-Gulf Power Company FL		2.60%		6/1/2023	A1		3,000,000		2,997,861
Delaware State Economic Development Authority		1.05%	#(a)	1/1/2031	A		6,315,000		6,034,489

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities (continued)
Delaware State Economic Development Authority-NRG Energy Inc		1.25%	#(a)	10/1/2040	BBB-	$	10,000,000	$	9,167,593
Delaware State Economic Development Authority-NRG Energy Inc		1.25%	#(a)	10/1/2045	BBB-		11,000,000		10,084,352
Development Authority of Appling County-Oglethorpe Power Corp GA		1.50%	#(a)	1/1/2038	BBB+		1,250,000		1,191,463
Development Authority of Burke County-Georgia Power Company		2.875%	#(a)	12/1/2049	BBB+		5,650,000		5,540,423
Development Authority of Burke County-Georgia Power Company		3.875%	#(a)	6/1/2042	Baa1		6,000,000		6,087,446
Development Authority of Burke County-Georgia Power Company		3.96%	#(a)	9/1/2029	BBB+		2,700,000		2,700,000
Development Authority of Monroe County-Oglethorpe Power Corp GA		1.50%	#(a)	1/1/2039	BBB+		1,875,000		1,787,194
Indiana Finance Authority-Indianapolis Pwr & Lt Co		0.65%		8/1/2025	A2		4,500,000		4,182,238
Kentucky Municipal Power Agency		3.45%	#(a)	9/1/2042	Baa1		1,700,000		1,681,316
Kentucky Public Energy Authority		4.00%	#(a)	4/1/2048	A1		3,110,000		3,114,131
Kentucky Public Energy Authority		4.00%	#(a)	1/1/2049	A2		1,775,000		1,774,324
Lansing Board of Water & Light MI		2.00%	#(a)	7/1/2051	AA-		11,500,000		10,963,880
Long Island Power Authority NY		0.85%	#(a)	9/1/2050	A		12,000,000		11,316,747
Long Island Power Authority NY		1.50%	#(a)	9/1/2051	A		19,000,000		17,925,123
Long Island Power Authority NY		1.65%	#(a)	9/1/2049	A		4,000,000		3,903,596
Long Island Power Authority NY	4.013% (1 Mo. LIBOR * .70 + .75%		)#	5/1/2033	A		5,770,000		5,772,730
Long Island Power Authority NY		4.42% (MUNIPSA * 1 + .45%	)#	9/1/2038	A		20,000,000		20,071,638
Long Island Power Authority NY		5.00%		9/1/2026	A		500,000		543,879
Long Island Power Authority NY		5.00%		9/1/2027	A		500,000		556,861
Long Island Power Authority NY		5.00%	#(a)	9/1/2052	A		20,000,000		21,675,860
Los Angeles Department of Water & Power CA		3.06%	#(a)	7/1/2035	Aa2		2,000,000		2,000,000
Louisa Industrial Development Authority-Virginia Elec & Pwr Co		0.75%	#(a)	11/1/2035	A2		6,000,000		5,535,328
Louisiana Local Government Environmental Facilities & Community Development Authority		0.875%	#(a)	2/1/2046	A+		16,000,000		15,251,583
Main Street Natural Gas, Inc. GA†		4.00%	#(a)	8/1/2052	BBB-		20,000,000		19,081,988
Nebraska Public Power District		0.60%	#(a)	1/1/2051	A+		15,000,000		14,900,912

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities (continued)
North Carolina Capital Facilities Finance Agency-Republic Services Inc		3.65%	#(a)	7/1/2034	BBB+	$	7,500,000	$	7,505,877
Northern California Energy Authority		4.00%	#(a)	7/1/2049	A2		5,000,000		5,008,177
Philadelphia Gas Works Co. PA		5.00%		8/1/2024	A		800,000		821,281
Pittsburgh Water & Sewer Authority PA (AGM)	4.62% (MUNIPSA * 1 + .65%		)#	9/1/2040	AA		17,500,000		17,505,710
Puerto Rico Electric Power Authority(e)		5.25%		7/1/2018	NR		2,000,000		1,405,000
San Antonio Water System TX		2.625%	#(a)	5/1/2049	AA+		11,415,000		11,362,649
Southeast Energy Authority A Cooperative District AL	5.019% (SOFR * .67 + 1.79%		)#	5/1/2053	A2		18,000,000		18,064,732
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2023	A3		3,000,000		3,016,749
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2024	A3		2,785,000		2,818,822
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2025	A3		4,000,000		4,070,047
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2026	A3		1,000,000		1,027,965
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2027	A3		5,875,000		6,073,449
Texas Municipal Power Agency (AGM)		3.00%		9/1/2025	AA		750,000		752,544
Texas Municipal Power Agency (AGM)		3.00%		9/1/2026	AA		1,100,000		1,106,776
West Virginia Economic Development Authority-Appalachian Power Co		0.625%	#(a)	12/1/2038	A-		8,500,000		7,787,024
West Virginia Economic Development Authority-Appalachian Power Co		2.55%	#(a)	3/1/2040	A-		2,200,000		2,170,135
Wise County Industrial Development Authority-Virginia Elec & Pwr Co		0.75%	#(a)	10/1/2040	A2		12,000,000		11,070,657
York County Economic Development Authority-Virginia Elec & Pwr Co		1.90%	#(a)	5/1/2033	A2		5,500,000		5,482,386
Total									348,937,440
Total Municipal Bonds (cost $1,693,245,795)									1,651,524,207

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

Investments	Interest Rate#	Interest Rate Reset Date(f)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 6.32%
VARIABLE RATE DEMAND NOTES 6.32%
Corporate-Backed 0.19%
Columbia Industrial Development Board AL	3.850%	4/3/2023	12/1/2037	A1	$	2,365,000	$	2,365,000
Mississippi Business Finance Corp.-PSL North America Llc	5.260%	4/6/2023	11/1/2032	BBB-		985,000		985,000
Total								3,350,000
General Obligation 3.25%
City of New York NY GO	4.150%	4/3/2023	10/1/2046	AA		21,900,000		21,900,000
City of New York NY GO	4.170%	4/3/2023	4/1/2042	AA		23,250,000		23,250,000
City of New York NY GO	4.200%	4/3/2023	4/1/2042	AA		13,000,000		13,000,000
Total								58,150,000
Health Care 0.98%
Health Care Authority for Baptist Health AL	5.020%	4/3/2023	11/1/2042	A3		17,055,000		17,055,000
State of Ohio-Univ Hosp Hlth Sys Obl Gp	4.170%	4/3/2023	1/15/2049	A		500,000		500,000
Total								17,555,000
Tax Revenue 0.61%
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023	2/1/2045	AAA		11,000,000		11,000,000
Utilities 1.29%
Development Authority of Burke County-Georgia Power Company	3.960%	4/3/2023	9/1/2041	BBB+		23,100,000		23,100,000
Total Short-Term Investments (cost $113,155,000)								113,155,000
Total Investments in Securities 98.60% (cost $1,806,400,795)								1,764,679,207
Other Assets and Liabilities – Net 1.40%								25,083,976
Net Assets 100.00%							$	1,789,763,183

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMBAC	Insured by–AMBAC Assurance Corporation.
COPS	Certificates of Participation.
CPI	Consumer Price Index: Rate fluctuates based on CPI.
FGIC	Insured by–Financial Guaranty Insurance Company.
FHA	Insured by–Federal Housing Administration.
FHLMC	Insured by Federal Home Loan Mortgage Corporation.

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2023

FNMA	Insured by–Federal National Mortgage Association
GNMA	Insured by–Government National Mortgage Association.
GTD	Guaranteed.
HUD	Insured by–Department of Housing and Urban Development.
LIBOR	London Interbank Offered Rate.
MUNIPSA	SIFMA Municipal Swap Index Yield.
NR	Not Rated.
PSF	Permanent School Fund.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SOFR	Secured Overnight Financing Rate.
SONYMA	State of New York Mortgage Agency.
YoY	Year on Year Inflation Rates.

#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2023, the total value of Rule 144A securities was $55,434,739, which represents 3.10% of net assets.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	Securities purchased on a when-issued basis (See Note 2(g)).
(c)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(d)	This investment has been rated by Fitch IBCA.
(e)	Defaulted (non-income producing security).
(f)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index.

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds
Education	$	–	$	41,700,747	$	15,200,493	$	56,901,240
Remaining Industries		–		1,594,622,967		–		1,594,622,967
Short-Term Investments
Variable Rate Demand Notes		–		113,155,000		–		113,155,000
Total	$	–	$	1,749,478,714	$	15,200,493	$	1,764,679,207

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION TAX FREE FUND March 31, 2023

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2022	$	28,124,780
Accrued Discounts (Premiums)		–
Realized Gain (Loss)		–
Change in Unrealized Appreciation (Depreciation)		276,189
Purchases		–
Sales		–
Transfers into Level 3		–
Transfers out of Level 3(a)		(13,200,476	)
Balance as of March 31, 2023	$	15,200,493
Change in unrealized appreciation/depreciation for the period ended March 31, 2023, related to Level 3 investments held at March 31, 2023	$	276,189

^(a)  The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.22%
MUNICIPAL BONDS 98.22%
Corporate-Backed 10.23%
Allegheny County Industrial Development Authority-US Steel Corporation PA	4.875%		11/1/2024	BB-		$	4,300,000	$	4,307,261
Arizona Industrial Development Authority	3.625%		5/20/2033	BBB			14,091,325		13,176,823
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2			41,580,000		41,066,138
Build NYC Resource Corp.-Pratt Paper Inc. NY AMT†	4.50%		1/1/2025	NR			2,060,000		2,065,213
Build NYC Resource Corp.-Pratt Paper Inc. NY AMT†	5.00%		1/1/2035	NR			550,000		556,450
California Municipal Finance Authority-Waste Mgmt Inc AMT	4.125%	#(a)	10/1/2041	A-			7,250,000		7,301,408
California Pollution Control Financing Authority-Waste Mgmt Inc AMT	3.00%		11/1/2025	A-			9,850,000		9,708,105
City of Granite City-Waste Mgmt of Inc IL AMT	1.25%		5/1/2027	A-			5,485,000		4,869,484
City of Henderson-Pratt Paper LLC KY AMT†	3.70%		1/1/2032	NR			8,700,000		8,267,634
City of Henderson-Pratt Paper LLC KY AMT†	4.45%		1/1/2042	NR			1,500,000		1,402,021
City of Houston Airport System Revenue-United Airlines Inc TX AMT	4.00%		7/1/2041	B-	(b)		2,450,000		2,085,449
City of Houston Airport System Revenue-United Airlines Inc TX AMT	4.00%		7/15/2041	B-	(b)		5,700,000		4,850,785
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%		7/1/2029	BB-			2,295,000		2,297,011
City of Valparaiso-Pratt Paper LLC IN AMT	5.875%		1/1/2024	NR			220,000		222,549
City of Valparaiso-Pratt Paper LLC IN AMT	6.75%		1/1/2034	NR			5,000,000		5,097,981
County of Nez Perce-Potlatchdeltic Corp ID	2.75%		10/1/2024	BBB-			10,500,000		10,355,007
County of Warren-International Paper Co MS	2.90%	#(a)	9/1/2032	BBB			7,500,000		7,485,825
Development Authority of Burke County-Oglethorpe Power Corp GA	1.50%	#(a)	1/1/2040	BBB+			3,750,000		3,574,388
Development Authority of Rockdale County-Pratt Paper LLC GA AMT†	4.00%		1/1/2038	NR			5,205,000		4,799,433

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Downtown Doral South Community Development District FL†	4.75%		12/15/2038	NR	$	625,000	$	601,278
Florida Development Finance Corp.-Waste Pro USA Inc AMT†	5.00%		5/1/2029	NR		2,640,000		2,454,972
Greater Orlando Aviation Authority-Jetblue Airways Corp FL	5.00%		11/15/2026	NR		2,980,000		2,982,049
Hoover Industrial Development Board-US Steel Corporation AL AMT	6.375%	#(a)	11/1/2050	BB-		8,525,000		9,408,746
Indiana Finance Authority-Ohio Valley Electric Corp	2.50%		11/1/2030	Baa3		1,000,000		897,216
Indiana Finance Authority-Ohio Valley Electric Corp	3.00%		11/1/2030	Baa3		3,000,000		2,788,499
Indiana Finance Authority-Ohio Valley Electric Corp	3.00%		11/1/2030	Baa3		9,850,000		9,155,570
Indiana Finance Authority-US Steel Corporation	4.125%		12/1/2026	BB-		1,625,000		1,590,641
Indiana Finance Authority-US Steel Corporation AMT	6.75%		5/1/2039	BB-		1,500,000		1,682,845
Indianapolis Local Public Improvement Bond Bank IN AMT	5.00%		1/1/2026	A1		9,425,000		9,678,094
Indianapolis Local Public Improvement Bond Bank IN AMT	5.00%		1/1/2027	A1		8,300,000		8,526,260
Industrial Development Authority of the County of Yavapai-Waste Mgmt Inc AZ AMT	1.30%		6/1/2027	A-		4,650,000		4,127,168
Industrial Pollution Control Financing Authority of Gloucester County-Logan Generating Co LP NJ AMT	5.00%		12/1/2024	NR		735,000		745,463
Iowa Finance Authority-Howmet Aerospace Inc	4.75%		8/1/2042	BB+		1,250,000		1,192,112
Iowa Finance Authority-Iowa Fertilizer Co LLC	4.00%	#(a)	12/1/2050	BBB-		11,050,000		10,772,663
Louisiana Local Government Environmental Facilities & Community Development Authority-Westlake Chemical Corp	3.50%		11/1/2032	BBB		14,525,000		13,383,416
Maricopa County Industrial Development Authority-Commercial Metals Co AZ AMT†	4.00%		10/15/2047	BB+		2,000,000		1,659,753
Maricopa County Pollution Control Corp.-Southern CA Edison Co AZ	2.40%		6/1/2035	A2		7,500,000		5,958,773
Maryland Economic Development Corp.(c)	5.00%		12/1/2016	NR		2,570,000		1,542,000

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Massachusetts Development Finance Agency-Waste Mgmt of MA Inc AMT†	1.25%		5/1/2027	A-	$	3,250,000	$	2,885,292
Matagorda County Navigation District No. 1-Aep Texas Inc	2.60%		11/1/2029	A-		6,800,000		6,148,381
Matagorda County Navigation District No. 1-Aep Texas Inc	4.00%		6/1/2030	A-		8,000,000		7,926,752
Matagorda County Navigation District No. 1-Aep Texas Inc (AMBAC)	4.40%		5/1/2030	A-		3,500,000		3,553,541
Michigan Strategic Fund-Graphic Packaging Intl AMT	4.00%	#(a)	10/1/2061	BB		5,640,000		5,567,694
Michigan Strategic Fund-Waste Mgmt of MI Inc	0.58%	#(a)	8/1/2027	A-		3,000,000		2,864,020
Mission Economic Development Corp.-Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		10,000,000		9,776,850
Mississippi Business Finance Corp.-Enviva Inc AMT	7.75%	#(a)	7/15/2047	B+		9,200,000		9,297,337
New Hampshire Business Finance Authority	4.125%		1/20/2034	BBB		4,769,136		4,757,252
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	3.75%	#(a)	7/1/2045	B		1,970,000		1,488,892
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	4.00%		11/1/2027	B		4,225,000		4,017,473	(d)
New Hampshire Business Finance Authority-New York St Elec & Gas AMT	4.00%		12/1/2028	A-		2,500,000		2,552,316
New Jersey Economic Development Authority	5.00%		6/15/2033	A3		2,000,000		2,219,207
New Jersey Economic Development Authority-United Airlines Inc	5.25%		9/15/2029	BB-		17,395,000		17,427,823
New Jersey Economic Development Authority-United Airlines Inc	5.50%		6/1/2033	BB-		1,500,000		1,506,029
New York City Industrial Development Agency-TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		3,500,000		3,502,017
New York Liberty Development Corp.	2.50%		11/15/2036	A+		2,500,000		2,047,622
New York Liberty Development Corp.-3 World Trade Center LLC†	5.15%		11/15/2034	NR		1,875,000		1,875,466
New York Liberty Development Corp.-3 World Trade Center LLC†	7.25%		11/15/2044	NR		1,920,000		1,944,166
New York Liberty Development Corp.-Goldman Sachs Hdqtrs LLC	5.25%		10/1/2035	A2		10,320,000		11,880,283

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT	2.75%	#(a)	9/1/2050	B+	$	2,900,000	$	2,732,714
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	2.875%	#(a)	12/1/2044	B+		2,000,000		1,702,248
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2026	B-		2,455,000		2,456,661
New York Transportation Development Corp.-American Airlines Inc AMT	5.25%		8/1/2031	B-		1,990,000		2,054,541
New York Transportation Development Corp.-American Airlines Inc AMT	5.375%		8/1/2036	B-		1,850,000		1,895,183
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		1/1/2026	Baa3		3,110,000		3,186,763
Niagara Area Development Corp.-Covanta Holding Corp NY†	3.50%		11/1/2024	B1		4,650,000		4,537,260
Niagara Area Development Corp.-Covanta Holding Corp NY AMT†	4.75%		11/1/2042	B1		5,500,000		4,685,932
Ohio Air Quality Development Authority-American Electric Pwr Co	1.90%	#(a)	5/1/2026	BBB+		3,285,000		3,188,918
Ohio Air Quality Development Authority-American Electric Pwr Co	2.40%	#(a)	12/1/2038	BBB+		4,500,000		3,981,106
Ohio Air Quality Development Authority-American Electric Pwr Co AMT	2.50%	#(a)	11/1/2042	BBB+		5,800,000		5,148,456
Ohio Air Quality Development Authority-American Electric Pwr Co AMT	2.60%	#(a)	6/1/2041	BBB+		16,250,000		14,515,109
Ohio Air Quality Development Authority-Pratt Paper Inc AMT†	3.75%		1/15/2028	NR		1,180,000		1,147,692
Ohio Air Quality Development Authority-Pratt Paper Inc AMT†	4.25%		1/15/2038	NR		4,955,000		4,673,584
Parish of St. James-Nustar Logistics LP LA†	5.85%	#(a)	8/1/2041	BB-		1,000,000		1,026,368
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	6/1/2038	BB-		2,860,000		3,077,330
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	12/1/2040	BB-		4,500,000		4,842,066
Parish of St. John the Baptist-Marathon Oil Corporation LA	2.125%	#(a)	6/1/2037	BBB-		6,850,000		6,690,885
Parish of St. John the Baptist-Marathon Oil Corporation LA	2.20%	#(a)	6/1/2037	BBB-		6,000,000		5,637,929

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Parish of St. John the Baptist-Marathon Oil Corporation LA	2.375%	#(a)	6/1/2037	BBB-	$	12,480,000	$	11,792,403
Parish of St. John the Baptist-Marathon Oil Corporation LA(e)	4.05%	#(a)	6/1/2037	BBB-		7,750,000		7,750,000
Pennsylvania Economic Development Financing Authority-Consol Energy Inc AMT†	9.00%	#(a)	4/1/2051	B		2,375,000		2,678,037
Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT†	3.25%		8/1/2039	B		1,035,000		749,993
Pennsylvania Economic Development Financing Authority-Procter & Gamble Company	5.375%		3/1/2031	AA-		1,365,000		1,590,237
Pennsylvania Economic Development Financing Authority-Waste Mgmt Inc AMT	0.58%	#(a)	8/1/2037	A-		5,500,000		5,250,703
Pennsylvania Economic Development Financing Authority-Waste Mgmt Pa Oblig Group AMT	3.50%	#(a)	8/1/2045	A-		6,500,000		6,499,056
Phenix City Industrial Development Board-Westrock Coated Baord LLC AL AMT	4.125%		5/15/2035	BBB		1,500,000		1,469,805
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	2.75%		1/1/2036	NR		3,125,000		2,244,924
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	2.875%		1/1/2041	NR		2,420,000		1,605,071
Public Finance Authority-Ameream LLC WI†	5.00%		12/1/2027	NR		5,820,000		5,197,149
Public Finance Authority-Ameream LLC WI†	6.75%		12/1/2042	NR		5,000,000		4,363,395
Public Finance Authority-Celanese US Holdings LLC WI AMT	5.00%		12/1/2025	BBB-		6,500,000		6,588,316
Public Finance Authority-Sky Harbour Cap Oblg WI AMT	4.00%		7/1/2036	NR		5,000,000		4,276,952
Public Finance Authority-Sky Harbour Cap Oblg WI AMT	4.00%		7/1/2041	NR		2,500,000		1,965,848
Public Finance Authority-TRIPS Obligated Group WI AMT	5.00%		7/1/2042	BBB+		7,650,000		7,640,639
Public Finance Authority-TRIPS Obligated Group WI AMT	5.25%		7/1/2028	BBB+		3,750,000		3,753,710

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Public Finance Authority-Waste Mgmt Inc WI AMT		1.10%	#(a)	7/1/2029	A-	$	8,000,000	$	7,266,826
Salem County Pollution Control Financing Authority-Chambers Cogeneration LP NJ AMT		5.00%		12/1/2023	NR		2,045,000		2,063,641
Selma Industrial Development Board-International Paper Co AL		2.00%	#(a)	11/1/2033	BBB		1,000,000		962,370
Sumter County Industrial Development Authority-Enviva Inc AL AMT		6.00%	#(a)	7/15/2052	B+		15,000,000		13,531,367
Tuscaloosa County Industrial Development Authority-Hunt Refining Company AL†		5.25%		5/1/2044	NR		3,950,000		3,246,478
Vermont Economic Development Authority-Casella Waste Systems Inc AMT†		5.00%	#(a)	6/1/2052	B+		5,500,000		5,412,617
Virginia Small Business Financing Authority-Covanta Holding Corp AMT†		5.00%	#(a)	1/1/2048	B		440,000		402,577
West Pace Cooperative District AL(c)		9.125%		5/1/2039	NR		4,900,000		3,724,000	(d)
Total									515,081,755
Education 6.68%
California Community Choice Financing Authority		4.00%	#(a)	5/1/2053	A1		10,000,000		9,993,792
California Community Choice Financing Authority	4.943% (SOFR * .67 + 1.70%		)#	5/1/2053	A1		10,000,000		10,133,662	(d)
California Municipal Finance Authority-Biola University		5.00%		10/1/2028	Baa1		420,000		424,705
California Municipal Finance Authority-Biola University		5.00%		10/1/2030	Baa1		430,000		434,817
California School Finance Authority-Aspire Public Schools Obl†		5.00%		8/1/2036	NR		125,000		132,090
California School Finance Authority-Aspire Public Schools Obl†		5.00%		8/1/2036	BBB		1,475,000		1,501,222
California School Finance Authority-Green Dot Public Schs Obg†		5.00%		8/1/2045	BBB-		1,805,000		1,812,061
California State University		0.55%	#(a)	11/1/2049	Aa2		6,750,000		6,050,443
Capital Trust Agency, Inc.-Renaissance Chtr Sch 2019 FL†		5.00%		6/15/2039	NR		2,160,000		2,016,454

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.00%		4/1/2038	A	(b)	$	3,230,000	$	3,395,984
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2034	A	(b)		1,625,000		1,803,673
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2035	A	(b)		1,125,000		1,238,914
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2036	A	(b)		2,175,000		2,376,499
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2039	A	(b)		6,220,000		6,659,297
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	5.125%		8/15/2030	NR			3,500,000		3,504,016
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	5.75%		8/15/2038	NR			1,405,000		1,412,270
Connecticut State Health & Educational Facilities Authority	2.80%	#(a)	7/1/2057	AAA			15,000,000		14,930,059
Connecticut State Health & Educational Facilities Authority-Quinnipiac University	5.00%		7/1/2033	A-			8,230,000		8,549,770
Connecticut State Health & Educational Facilities Authority-Yale University	3.40%	#(a)	7/1/2042	AAA			1,000,000		1,000,000
County of Frederick-Mount St Mary’s Univ MD†	5.00%		9/1/2027	BB+			2,000,000		1,996,780
County of Frederick-Mount St Mary’s Univ MD†	5.00%		9/1/2032	BB+			2,400,000		2,401,769
County of Lincoln-Augustana College Assn SD	4.00%		8/1/2041	BBB-			500,000		444,723
Development Authority Of The City Of Marietta-Life University Inc GA†	5.00%		11/1/2027	Ba3			2,000,000		2,012,593
Development Authority Of The City Of Marietta-Life University Inc GA†	5.00%		11/1/2037	Ba3			1,500,000		1,445,794
Dutchess County Local Development Corp.-Bard College NY†	5.00%		7/1/2040	BBB-			1,150,000		1,176,799
Dutchess County Local Development Corp.-Bard College NY†	5.00%		7/1/2045	BBB-			2,000,000		2,015,920
Gloversville Enlarged School District NY GO	4.25%		6/27/2023	NR			14,450,000		14,496,834
Illinois Finance Authority-Illinois Inst of Tech	4.00%		9/1/2035	Ba2			2,600,000		2,265,249
Illinois Finance Authority-Illinois Inst of Tech	5.00%		9/1/2030	Ba2			625,000		628,099

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
Illinois Finance Authority-Illinois Inst of Tech	5.00%	9/1/2031	Ba2	$	1,100,000	$	1,101,380
Illinois Finance Authority-Illinois Inst of Tech	5.00%	9/1/2032	Ba2		1,000,000		998,167
Illinois Finance Authority-Illinois Inst of Tech	5.00%	9/1/2033	Ba2		1,000,000		992,584
Illinois Finance Authority-Illinois Inst of Tech	5.00%	9/1/2034	Ba2		3,720,000		3,653,234
Illinois Finance Authority-Illinois Inst of Tech	5.00%	9/1/2036	Ba2		3,225,000		3,086,838
Illinois Finance Authority-Noble Network Charter Sch	5.00%	9/1/2025	BBB		940,000		947,332
Illinois Finance Authority-University of Chicago	5.00%	10/1/2030	Aa2		8,000,000		8,256,770
Illinois Finance Authority-University of Chicago	5.00%	10/1/2034	Aa2		5,000,000		5,237,586
Indiana Finance Authority-Ohio Valley Electric Corp	4.25%	11/1/2030	Baa3		16,300,000		16,466,408
Louisiana Public Facilities Authority-Tulane University	5.00%	10/15/2037	A+		2,850,000		3,227,974
Massachusetts Development Finance Agency-Emerson College	5.00%	1/1/2026	BBB+		5,135,000		5,258,007
Massachusetts Development Finance Agency-Emerson College	5.00%	1/1/2027	BBB+		2,700,000		2,767,151
Massachusetts Development Finance Agency-Emerson College	5.00%	1/1/2028	BBB+		1,810,000		1,854,221
Massachusetts Development Finance Agency-Emmanuel College	5.00%	10/1/2032	Baa2		5,000,000		5,189,435
Massachusetts Development Finance Agency-Northeastern University	5.00%	10/1/2035	A1		2,000,000		2,376,399
Massachusetts Development Finance Agency-Northeastern University	5.00%	10/1/2036	A1		1,500,000		1,760,011
Massachusetts Development Finance Agency-Northeastern University	5.00%	10/1/2037	A1		1,340,000		1,560,077
Massachusetts Development Finance Agency-Northeastern University	5.00%	10/1/2038	A1		2,250,000		2,601,881
Miami-Dade County Educational Facilities Authority-University of Miami FL (AMBAC)	5.25%	4/1/2028	A2		5,000,000		5,546,404

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
New Hampshire Health & Education Facilities Authority Act-Univ Sys of New Hampshire	5.00%		7/1/2036	Aa3	$	5,000,000	$	5,203,247
New York State Dormitory Authority-Icahn Sch of Med Mt Sinai	5.00%		7/1/2026	A-		5,000,000		5,215,591
New York State Dormitory Authority-Icahn Sch of Med Mt Sinai	5.00%		7/1/2027	A-		10,000,000		10,417,504
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%		9/1/2039	BBB-		2,300,000		2,003,929
New York State Dormitory Authority-Pace University	5.00%		5/1/2023	BBB-		980,000		980,880
New York State Dormitory Authority-Pace University	5.00%		5/1/2026	BBB-		980,000		980,976
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2031	BBB-		2,705,000		2,931,338
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2037	BBB-		11,000,000		11,503,724
New York State Dormitory Authority (AGM)	5.00%		10/1/2031	AA		10,000		11,375
New York State Dormitory Authority (AGM)	5.00%		10/1/2031	AA		5,360,000		6,068,237
Ohio Air Quality Development Authority-Duke Energy Corp	4.00%	#(a)	9/1/2030	BBB		4,100,000		4,136,123
Ohio Air Quality Development Authority-Duke Energy Corp AMT	4.25%	#(a)	11/1/2039	BBB		10,500,000		10,599,953
Orange & Ulster Counties Board Coop Educational Services Sole Supervisory Dist NY	3.75%		7/21/2023	NR		13,455,000		13,469,105
Pennsylvania State University	5.00%		9/1/2037	Aa1		2,545,000		2,841,459
Private Colleges & Universities Authority-Savannah Clg Art/Design GA	5.00%		4/1/2029	A2		1,500,000		1,535,769
Private Colleges & Universities Authority-Savannah Clg Art/Design GA	5.00%		4/1/2031	A2		1,360,000		1,392,431
State of Nevada Department of Business & Industry-Somerset Acad Nlv Bldg 1†	4.50%		12/15/2029	BB		525,000		509,309
State of Nevada Department of Business & Industry-Somerset Acad Nlv Bldg 1†	5.00%		12/15/2038	BB		1,000,000		954,375
Town of Davie-Nova Southeastern Univ FL	5.00%		4/1/2037	A-		5,000,000		5,279,553

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
Town of Davie-Nova Southeastern Univ FL	5.00%		4/1/2038	A-	$	2,500,000	$	2,630,985
Troy Capital Resource Corp.-Rensselaer Polytech Inst NY	5.00%		8/1/2024	A3		1,000,000		1,023,975
Troy Capital Resource Corp.-Rensselaer Polytech Inst NY	5.00%		8/1/2025	A3		2,630,000		2,737,959
Troy Capital Resource Corp.-Rensselaer Polytech Inst NY	5.00%		8/1/2026	A3		1,000,000		1,049,838
Troy Capital Resource Corp.-Rensselaer Polytech Inst NY	5.00%		8/1/2027	A3		1,600,000		1,681,325
University of California	4.00%		5/15/2038	AA-		5,975,000		6,215,022
University of California	4.00%		5/15/2040	AA		10,000,000		10,243,437
University of Connecticut	5.00%		4/15/2035	AA-		5,350,000		5,866,704
University of Houston TX	2.00%		2/15/2032	AA		6,095,000		5,489,432
University of Houston TX	5.00%		2/15/2029	AA		10,280,000		10,966,530
University of Illinois (AGM)	4.00%		4/1/2033	AA		4,905,000		5,000,030
University of Illinois (AGM)	4.00%		4/1/2034	AA		5,100,000		5,139,786
University of North Carolina at Wilmington	5.00%		6/1/2023	A1		2,435,000		2,444,006
University of North Carolina at Wilmington	5.00%		6/1/2024	A1		2,560,000		2,625,069
Wayne State University MI	4.00%		11/15/2034	Aa3		3,900,000		3,994,461
West Virginia Economic Development Authority-Wheeling Power Co AMT	3.00%	#(a)	6/1/2037	A-		4,200,000		4,103,257
Total								336,382,841
Financial Services 0.13%
Berks County Industrial Development Authority-Tower Health Oblig Group PA	4.00%		11/1/2031	B		2,280,000		1,509,823
Berks County Industrial Development Authority-Tower Health Oblig Group PA	5.00%		11/1/2030	B		1,315,000		962,765
Massachusetts Educational Financing Authority AMT	3.625%		7/1/2034	AA		415,000		404,580
New Jersey Higher Education Student Assistance Authority AMT	3.75%		12/1/2030	Aaa		1,120,000		1,103,288
New Jersey Higher Education Student Assistance Authority AMT	4.00%		12/1/2032	Aaa		1,280,000		1,281,825
New Jersey Higher Education Student Assistance Authority AMT	4.00%		12/1/2034	Aaa		1,150,000		1,152,524
Total								6,414,805

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation 21.68%
Adams County School District No. 1 CO GO	5.00%		12/1/2036	Aa2	$	6,090,000	$	6,522,786
Black Belt Energy Gas District AL	5.25%	#(a)	2/1/2053	A1		23,000,000		24,238,221
California Community Choice Financing Authority	5.00%	#(a)	7/1/2053	A1		24,875,000		26,163,423
California Community Choice Financing Authority	5.00%	#(a)	12/1/2053	A2		11,335,000		11,850,223
Chabot-Las Positas Community College District CA GO	3.00%		8/1/2038	AA		2,500,000		2,273,547
Chabot-Las Positas Community College District CA GO	5.00%		8/1/2023	AA		3,000,000		3,024,262
Chicago Board of Education IL GO	4.00%		12/1/2037	BB+		14,000,000		12,921,160
Chicago Board of Education IL GO	5.00%		12/1/2029	BB+		8,000,000		8,454,060
Chicago Board of Education IL GO	5.00%		12/1/2029	BB+		3,000,000		3,130,338
Chicago Board of Education IL GO	5.00%		12/1/2031	BB+		1,500,000		1,559,772
Chicago Board of Education IL GO	5.00%		12/1/2032	BB+		4,845,000		5,028,963
Chicago Board of Education IL GO	5.00%		12/1/2033	BB+		900,000		931,454
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+		475,000		489,023
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+		3,750,000		3,909,285
Chicago Board of Education IL GO	5.00%		12/1/2035	BB+		450,000		459,975
Chicago Board of Education IL GO	5.00%		12/1/2039	BB+		2,340,000		2,359,267
Chicago Board of Education IL GO†	6.75%		12/1/2030	BB+		5,000,000		5,557,004
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2027	AA		2,860,000		3,064,476
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2029	AA		4,220,000		4,562,542
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2030	AA		2,500,000		2,694,588
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2032	AA		1,250,000		1,340,062
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2035	AA		3,000,000		3,170,885
City of Chicago IL GO	4.00%		1/1/2035	BBB+		7,925,000		7,783,266
City of Chicago IL GO	4.00%		1/1/2036	BBB+		8,195,000		7,871,022
City of Chicago IL GO	5.00%		1/1/2024	BBB+		15,000,000		15,157,005
City of Chicago IL GO	5.00%		1/1/2025	BBB+		7,000,000		7,163,626
City of Chicago IL GO	5.00%		1/1/2028	BBB+		19,000,000		20,050,105
City of Chicago IL GO	5.00%		1/1/2029	BBB+		3,750,000		3,987,917
City of Chicago IL GO	5.00%		1/1/2031	BBB+		2,210,000		2,276,786
City of Chicago IL GO	5.00%		1/1/2032	BBB+		3,000,000		3,195,806
City of Chicago IL GO	5.125%		1/1/2027	BBB+		3,100,000		3,172,617
City of Chicago IL GO	5.25%		1/1/2028	BBB+		3,845,000		3,940,481
City of Chicago IL GO	5.25%		1/1/2029	BBB+		2,025,000		2,073,910
City of Chicago IL GO	5.50%		1/1/2037	BBB+		1,250,000		1,276,219
City of Chicago IL GO	5.50%		1/1/2049	BBB+		3,750,000		3,925,986
City of Chicago IL GO	5.625%		1/1/2030	BBB+		1,835,000		1,958,171

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
City of Chicago IL GO		5.75%		1/1/2033	BBB+	$	7,000,000	$	7,496,684
City of Chicago IL GO		6.00%		1/1/2038	BBB+		15,890,000		16,988,803
City of Houston TX GO		5.00%		3/1/2024	AA		2,000,000		2,043,317
City of New Orleans LA GO		4.00%		10/1/2036	A+		2,290,000		2,349,327
City of New York NY GO		3.65%	#(a)	3/1/2040	AA		7,955,000		7,955,000
City of New York NY GO		5.00%		8/1/2025	AA		12,000,000		12,084,080
City of New York NY GO		5.00%		8/1/2028	AA		25,000,000		28,444,032
City of New York NY GO		5.00%		8/1/2032	AA		1,750,000		1,989,849
City of New York NY GO		5.00%		8/1/2033	AA		7,030,000		7,690,674
City of New York NY GO		5.00%		10/1/2033	AA		1,250,000		1,509,858
City of New York NY GO		5.00%		9/1/2035	AA		10,000,000		11,832,297
City of New York NY GO		5.00%		10/1/2036	AA		1,250,000		1,461,024
City of New York NY GO		5.00%		4/1/2037	AA		10,000,000		10,891,268
City of New York NY GO		5.00%		12/1/2037	AA		7,500,000		8,076,202
City of Ocean City NJ GO		4.50%		10/17/2023	NR		12,010,000		12,115,719
City of Philadelphia PA GO		5.00%		2/1/2033	A		2,500,000		2,801,789
Clark County School District NV GO (AGM)		4.00%		6/15/2036	AA		1,250,000		1,292,317
Commonwealth of Pennsylvania GO		5.00%		1/15/2028	Aa3		10,000,000		10,961,582
Commonwealth of Pennsylvania GO		5.00%		10/1/2034	Aa3		5,000,000		5,982,744
Commonwealth of Puerto Rico GO	Zero Coupon			7/1/2024	NR		1,098,853		1,034,623
Commonwealth of Puerto Rico GO	Zero Coupon			7/1/2033	NR		1,727,569		981,243
Commonwealth of Puerto Rico GO	Zero Coupon		#(a)	11/1/2043	NR		6,356,031		2,772,819
Commonwealth of Puerto Rico GO		4.00%		7/1/2035	NR		11,206,659		9,795,471
Commonwealth of Puerto Rico GO		4.00%		7/1/2037	NR		3,035,632		2,576,405
Commonwealth of Puerto Rico GO		4.00%		7/1/2041	NR		5,000,000		4,067,925
Commonwealth of Puerto Rico GO		4.00%		7/1/2046	NR		1,917,657		1,500,489
Commonwealth of Puerto Rico GO		5.25%		7/1/2023	NR		749,622		750,748
Commonwealth of Puerto Rico GO		5.375%		7/1/2025	NR		34,225,245		34,774,228
Commonwealth of Puerto Rico GO		5.625%		7/1/2027	NR		6,481,543		6,704,126
Commonwealth of Puerto Rico GO		5.625%		7/1/2029	NR		5,309,508		5,551,655
Commonwealth of Puerto Rico GO		5.75%		7/1/2031	NR		1,415,665		1,504,223
County of Baltimore MD GO		4.00%		3/1/2038	AAA		8,995,000		9,423,107
County of Howard MD GO		3.00%		8/15/2037	AAA		2,255,000		2,064,467	(d)
County of Lake IL GO		3.50%		11/30/2031	AAA		1,825,000		1,851,994
County of Luzerne PA GO (AGM)		5.00%		11/15/2023	AA		2,500,000		2,532,861
County of Luzerne PA GO (AGM)		5.00%		11/15/2024	AA		4,000,000		4,140,666

See Notes to Financial Statements. 43

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
County of Miami-Dade FL GO	5.00%		7/1/2038	AA	$	4,830,000	$	5,270,561
County of Nassau NY GO (AGM)	4.00%		4/1/2034	AA		3,130,000		3,292,531
County of Nassau NY GO (AGM)	4.00%		4/1/2035	AA		2,415,000		2,500,658
County of Nassau NY GO (AGM)	4.00%		4/1/2036	AA		4,030,000		4,117,409
County of Nassau NY GO (AGM)	4.00%		4/1/2037	AA		4,680,000		4,737,409
County of Suffolk NY GO (BAM)	2.00%		6/15/2033	AA		7,555,000		6,541,091
County of Travis TX GO	5.00%		3/1/2033	AAA		10,000,000		11,406,494
Fort Bend Independent School District TX GO (PSF GTD)	0.875%	#(a)	8/1/2050	AAA		5,520,000		5,223,544
Fresno Unified School District CA NPF GO (NATL)	5.25%		2/1/2024	A+		3,285,000		3,350,873
Illinois Finance Authority	4.00%		12/1/2039	AAA		2,000,000		2,041,989
Kane County Community Unit School District No. 304 Geneva IL GO	5.00%		1/1/2028	AA+		1,125,000		1,223,652
Kane County Community Unit School District No. 304 Geneva IL GO	5.00%		1/1/2029	AA+		2,200,000		2,392,213
Kane County Community Unit School District No. 304 Geneva IL GO	5.00%		1/1/2030	AA+		1,400,000		1,521,536
Lamar Consolidated Independent School District TX GO	5.00%		2/15/2038	AA		1,750,000		1,983,449
Main Street Natural Gas, Inc. GA	4.00%	#(a)	4/1/2048	Aa1		5,000,000		5,006,128
Main Street Natural Gas, Inc. GA	5.00%	#(a)	7/1/2053	Aa1		10,000,000		10,590,551
Metropolitan Water Reclamation District of Greater Chicago IL GO	5.00%		12/1/2027	AA+		4,600,000		4,976,734
Metropolitan Water Reclamation District of Greater Chicago IL GO	5.00%		12/1/2028	AA+		6,715,000		7,289,394
New Caney Independent School District TX GO (PSF GTD)	1.25%	#(a)	2/15/2050	Aaa		4,550,000		4,427,672
New Jersey Transportation Trust Fund Authority	5.00%		12/15/2028	A3		10,615,000		11,738,122
New York City Transitional Finance Authority Building Aid Revenue NY	5.00%		7/15/2036	AA		5,000,000		5,494,654
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%		2/1/2039	AAA		11,820,000		11,945,804
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%		11/1/2036	AAA		8,250,000		9,684,371
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%		11/1/2037	AAA		8,265,000		9,610,770
New York State Dormitory Authority	4.00%		3/15/2040	AA+		13,750,000		13,784,063
New York State Dormitory Authority (AGM)	5.00%		10/1/2023	AA		2,500,000		2,528,373

44 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
New York State Dormitory Authority (BAM)	5.00%		10/1/2032	AA	$	3,500,000	$	4,132,332
New York State Dormitory Authority (BAM)	5.00%		10/1/2035	AA		5,000,000		5,780,694
New York State Dormitory Authority NY	4.00%		3/15/2037	AA+		5,195,000		5,326,418
Northside Independent School District TX GO (PSF GTD)	1.60%	#(a)	8/1/2049	Aaa		8,050,000		7,856,042
Pasadena Independent School District TX GO (PSF GTD)	5.00%		2/15/2038	AAA		4,890,000		5,610,579
Pennsylvania Economic Development Financing Authority AMT	5.25%		6/30/2035	Baa2		5,250,000		5,772,612
Pennsylvania Economic Development Financing Authority AMT	5.25%		6/30/2036	Baa2		5,000,000		5,424,194
Pennsylvania Economic Development Financing Authority AMT	5.50%		6/30/2037	Baa2		2,725,000		2,997,484
Pennsylvania Economic Development Financing Authority AMT	5.50%		6/30/2038	Baa2		3,350,000		3,669,817
Perris Union High School District CA GO (AGM)	4.00%		9/1/2037	AA		2,000,000		2,060,631
Perris Union High School District CA GO (AGM)	4.00%		9/1/2039	AA		5,050,000		5,125,832
Pflugerville Independent School District TX GO	5.00%		2/15/2036	AA+		3,525,000		4,115,539
Pflugerville Independent School District TX GO	5.00%		2/15/2037	AA+		7,500,000		8,675,008
Pflugerville Independent School District TX GO	5.00%		2/15/2038	AA+		4,405,000		5,061,478
Pflugerville Independent School District TX GO	5.00%		2/15/2039	AA+		5,115,000		5,834,914
Public Finance Authority-Ameream LLC WI†	7.00%		12/1/2050	NR		3,000,000		2,626,786
Reedy Creek Improvement District FL GO	4.00%		6/1/2031	AA-		2,240,000		2,348,495
School District of Philadelphia PA GO	5.00%		9/1/2026	A1		500,000		535,893
School District of Philadelphia PA GO	5.00%		9/1/2027	A1		600,000		654,013
School District of Philadelphia PA GO	5.00%		9/1/2028	A1		500,000		554,847
State of California GO	3.00%		11/1/2034	Aa2		5,900,000		5,850,667
State of California GO	5.00%		10/1/2027	Aa2		10,000,000		10,025,216
State of California GO	5.00%		9/1/2035	Aa2		14,000,000		16,718,782
State of Connecticut GO	4.00%		1/15/2035	AA-		5,900,000		6,361,916
State of Connecticut GO	4.00%		4/15/2037	AA-		1,825,000		1,876,690

See Notes to Financial Statements. 45

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
State of Connecticut GO	4.00%	6/15/2037	AA-	$	775,000	$	790,126
State of Connecticut GO	4.00%	1/15/2038	AA-		4,000,000		4,089,875
State of Connecticut GO	5.00%	6/15/2032	AA-		2,000,000		2,227,217
State of Connecticut GO	5.00%	6/15/2034	AA-		1,100,000		1,216,282
State of Connecticut GO	5.00%	6/15/2035	AA-		1,125,000		1,236,769
State of Connecticut GO	5.00%	4/15/2036	AA-		1,150,000		1,285,418
State of Hawaii Harbor System Revenue AMT	4.00%	7/1/2035	Aa3		3,025,000		3,083,638
State of Illinois GO	4.00%	10/1/2033	A-		10,500,000		10,918,769
State of Illinois GO	4.00%	10/1/2034	A-		5,000,000		5,113,802
State of Illinois GO	4.00%	12/1/2034	A-		9,500,000		9,719,847
State of Illinois GO	4.00%	10/1/2035	A-		5,000,000		5,073,537
State of Illinois GO	4.00%	3/1/2038	A-		1,125,000		1,118,762
State of Illinois GO	4.00%	3/1/2039	A-		2,100,000		2,064,474
State of Illinois GO	5.00%	8/1/2023	A-		5,350,000		5,383,527
State of Illinois GO	5.00%	11/1/2027	A-		5,000,000		5,344,653
State of Illinois GO	5.00%	2/1/2028	A-		13,620,000		14,616,352
State of Illinois GO	5.00%	3/1/2028	A-		6,500,000		7,100,028
State of Illinois GO	5.00%	10/1/2029	A-		10,000,000		11,145,802
State of Illinois GO	5.00%	11/1/2029	A-		2,800,000		2,969,327
State of Illinois GO	5.00%	10/1/2032	A-		6,300,000		6,875,764
State of Illinois GO	5.00%	11/1/2032	A-		9,200,000		9,711,084
State of Illinois GO	5.00%	3/1/2033	A-		5,000,000		5,637,152
State of Illinois GO	5.00%	10/1/2033	A-		5,000,000		5,438,771
State of Illinois GO	5.00%	12/1/2033	A-		4,500,000		5,088,706
State of Illinois GO	5.00%	3/1/2034	A-		9,715,000		10,935,376
State of Illinois GO	5.00%	5/1/2036	A-		1,765,000		1,887,862
State of Illinois GO	5.25%	5/1/2023	A-		5,000,000		5,008,182
State of Illinois GO	5.25%	7/1/2030	A-		5,430,000		5,451,788
State of Illinois GO	5.25%	2/1/2034	A-		3,295,000		3,334,217
State of Illinois GO	5.25%	10/1/2036	A-		17,500,000		19,893,744
State of Illinois GO	5.50%	5/1/2030	A-		6,470,000		7,287,442
State of Illinois GO	5.50%	7/1/2038	A-		5,000,000		5,015,050
State of Illinois GO	5.50%	5/1/2039	A-		11,000,000		12,178,019
State of Louisiana GO	5.00%	5/1/2028	Aa2		11,180,000		11,701,430
State of Louisiana GO	5.00%	3/1/2036	Aa2		4,475,000		5,052,432
State of Maryland GO	5.00%	3/15/2036	Aaa		10,000,000		12,063,485

46 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
State of New Jersey GO	2.00%		6/1/2029	A2	$	5,000,000	$	4,629,126
State of Washington GO	5.00%		2/1/2037	Aaa		23,725,000		27,735,825
State Public School Building Authority PA (AGM)	5.00%		6/1/2030	AA		5,000,000		5,335,626
State Public School Building Authority PA (AGM)	5.00%		6/1/2031	AA		5,000,000		5,333,840
Tennessee Energy Acquisition Corp.	5.00%	#(a)	5/1/2053	A2		47,300,000		48,702,147
Town of Oyster Bay NY GO (AGM)	2.00%		3/1/2030	AA		2,125,000		1,987,338
Town of Oyster Bay NY GO (AGM)	2.00%		3/1/2031	AA		2,040,000		1,881,176
Village of Romeoville IL GO	4.00%		12/30/2036	Aa2		4,725,000		4,916,266
Village of Romeoville IL GO	4.00%		12/30/2037	Aa2		3,800,000		3,904,706
Village of Schaumburg IL GO	3.00%		12/1/2027	AAA		7,060,000		7,111,659
Village of Schaumburg IL GO	3.00%		12/1/2031	AAA		1,300,000		1,307,515
Village of Skokie IL GO	3.00%		12/1/2029	Aa2		1,080,000		1,097,406
Virginia College Building Authority	5.00%		2/1/2037	AA+		7,950,000		9,181,096
Total								1,091,391,208
Health Care 10.50%
Allegheny County Hospital Development Authority-Allegheny Hlth Network Ob PA	5.00%		4/1/2031	A		16,000,000		17,369,208
Antelope Valley Healthcare District CA	5.00%		3/1/2031	BBB		7,000,000		7,135,430
Berks County Industrial Development Authority-Tower Health Oblig Group PA	5.00%		11/1/2036	B		1,835,000		1,253,267
Berks County Industrial Development Authority-Tower Health Oblig Group PA	5.00%		11/1/2037	B		5,075,000		3,466,790
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%	#(a)	2/1/2040	B		6,000,000		5,168,643
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.25%		12/1/2035	BB		3,000,000		3,019,102
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	5.00%		7/1/2030	BB		2,075,000		2,183,019	(d)
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	5.00%		7/1/2031	BB		1,150,000		1,207,703	(d)
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	5.00%		7/1/2032	BB		1,000,000		1,039,171	(d)
California Health Facilities Financing Authority-Cedars-Sinai Med Ctr Oblg	5.00%		11/15/2026	Aa3		5,000,000		5,344,690
California Health Facilities Financing Authority-Commonspirit Hlth Oblig	4.00%		4/1/2035	A-		3,065,000		3,131,498

See Notes to Financial Statements. 47

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
California Health Facilities Financing Authority-Commonspirit Hlth Oblig	4.00%	4/1/2036	A-		$	5,000,000	$	5,080,919
California Health Facilities Financing Authority-Lucile S Packard Chld Hsp	5.00%	8/15/2032	A+			1,250,000		1,337,206
California Health Facilities Financing Authority-Sutter Health Oblig Group	5.00%	11/15/2032	A1			2,000,000		2,190,090
California Health Facilities Financing Authority-Sutter Health Oblig Group	5.00%	11/15/2033	A1			2,450,000		2,671,617
California Health Facilities Financing Authority-Sutter Health Oblig Group	5.00%	11/15/2034	A1			3,350,000		3,635,073
California Municipal Finance Authority-Eisenhower Medical Center	5.00%	7/1/2029	Baa2			1,000,000		1,071,228
California Municipal Finance Authority-Eisenhower Medical Center	5.00%	7/1/2031	Baa2			1,900,000		2,025,973
California Municipal Finance Authority-Eisenhower Medical Center	5.00%	7/1/2033	Baa2			1,000,000		1,061,923
California Statewide Communities Development Authority-Loma Linda Univ Med OBL†	5.00%	12/1/2033	BB			1,000,000		1,034,193
California Statewide Communities Development Authority-Loma Linda Univ Med OBL†	5.25%	12/1/2038	BB			1,500,000		1,540,305
Camden County Improvement Authority-Cooper Hlth Sys Oblig Grp NJ	5.00%	2/15/2024	A-			3,730,000		3,784,708
Camden County Improvement Authority-Cooper Hlth Sys Oblig Grp NJ	5.00%	2/15/2025	A-			1,250,000		1,264,280
Camden County Improvement Authority-Cooper Hlth Sys Oblig Grp NJ	5.00%	2/15/2027	A-			1,000,000		1,011,706
City of Atlantic Beach-Naval Cont Care Ret Oblig FL	5.00%	11/15/2028	BBB	(b)		2,020,000		2,021,341
City of Blaine-Crest View Obligated Grp MN	5.125%	7/1/2025	NR			770,000		500,500
City of South Miami Health Facilities Authority, Inc.-Baptist Hlth South OBL FL	5.00%	8/15/2026	AA-			3,000,000		3,203,496
City of South Miami Health Facilities Authority, Inc.-Baptist Hlth South OBL FL	5.00%	8/15/2027	AA-			3,620,000		3,931,787
City of South Miami Health Facilities Authority, Inc.-Baptist Hlth South OBL FL	5.00%	8/15/2028	AA-			2,625,000		2,869,613
City of Tampa-H. Lee Moffitt Cancer OBL FL	4.00%	7/1/2038	A2			4,755,000		4,773,612

48 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Clarke County Hospital Authority-Piedmont Hlthcr Oblig Grp GA	5.00%		7/1/2029	AA-	$	7,090,000	$	7,599,449
Clarke County Hospital Authority-Piedmont Hlthcr Oblig Grp GA	5.00%		7/1/2030	AA-		4,500,000		4,781,704
Colorado Health Facilities Authority-Commonspirit Hlth Oblig	5.00%		8/1/2031	A-		3,000,000		3,295,622
Colorado Health Facilities Authority-Intermountain Hlthcr Oblg	5.00%	#(a)	5/15/2062	AA+		10,255,000		11,414,261
Connecticut State Health & Educational Facilities Authority-Griffin Health Oblig Grp†	5.00%		7/1/2034	BB+		225,000		227,937
Connecticut State Health & Educational Facilities Authority-Griffin Health Oblig Grp†	5.00%		7/1/2039	BB+		1,000,000		982,902
Connecticut State Health & Educational Facilities Authority-Nuvance Health Oblig Grp	4.00%		7/1/2034	BBB+		1,750,000		1,683,991
Connecticut State Health & Educational Facilities Authority-Nuvance Health Oblig Grp	4.00%		7/1/2035	BBB+		2,500,000		2,393,011
Connecticut State Health & Educational Facilities Authority-Nuvance Health Oblig Grp	5.00%		7/1/2028	BBB+		5,000,000		5,355,759
Connecticut State Health & Educational Facilities Authority-Nuvance Health Oblig Grp	5.00%		7/1/2029	BBB+		5,250,000		5,687,842
Connecticut State Health & Educational Facilities Authority-Yale-New Haven Hlth Oblig	1.80%	#(a)	7/1/2049	AA-		5,000,000		4,877,734
County of Cuyahoga-The Metrohealth System OH	5.00%		2/15/2037	BBB		5,000,000		5,154,420
County of Montgomery-Premier Hlth Partners OBL OH	4.00%		11/15/2039	Baa1		6,000,000		5,708,125
County of Muskingum-Genesis Hlthcare Oblig Gp OH	5.00%		2/15/2033	BB+		10,500,000		10,504,550
County of Washington-Marietta Area Hlthcr Oblg OH	5.50%		12/1/2027	NR		10,560,000		10,615,666
County of Washington-Marietta Area Hlthcr Oblg OH	6.375%		12/1/2037	NR		10,000,000		10,210,989
Crawford County Hospital Authority-Meadville Med Ctr Oblig PA	6.00%		6/1/2036	NR		3,830,000		3,991,870

See Notes to Financial Statements. 49

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
District of Columbia-Children’S NATL Med Oblig	5.00%		7/15/2026	A1		$	1,700,000	$	1,799,640
District of Columbia-Children’S NATL Med Oblig	5.00%		7/15/2034	A1			5,000,000		5,199,588
Florida Development Finance Corp.-Lakeland Regl Hlth Olig	4.00%		11/15/2034	A2			4,000,000		4,123,454
Florida Development Finance Corp.-Lakeland Regl Hlth Olig	4.00%		11/15/2035	A2			5,530,000		5,625,636
Florida Development Finance Corp.-Lakeland Regl Hlth Olig	4.00%		11/15/2036	A2			3,700,000		3,725,721
Florida Development Finance Corp.-Lakeland Regl Hlth Olig	4.00%		11/15/2038	A2			2,265,000		2,263,206
Florida Development Finance Corp.-Lakeland Regl Hlth Olig	4.00%		11/15/2039	A2			2,000,000		1,991,280
Franklin County Industrial Development Authority-Menno-Haven Inc Oblig Grp PA	5.00%		12/1/2031	NR			1,000,000		932,510
Franklin County Industrial Development Authority-Menno-Haven Inc Oblig Grp PA	5.00%		12/1/2033	NR			1,000,000		913,901
Geisinger Authority-Geisinger Hlth Sys Oblig PA	5.00%	#(a)	4/1/2043	AA-			7,300,000		8,093,717
Glendale Industrial Development Authority-Beatitudes Campus Oblig AZ	5.00%		11/15/2036	NR			1,500,000		1,353,925
Greeneville Health & Educational Facilities Board-Ballad Health Oblig Group TN	5.00%		7/1/2035	A-			3,300,000		3,538,205
Greeneville Health & Educational Facilities Board-Ballad Health Oblig Group TN	5.00%		7/1/2036	A-			3,000,000		3,191,999
Greeneville Health & Educational Facilities Board-Ballad Health Oblig Group TN	5.00%		7/1/2037	A-			10,000,000		10,569,808
Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Hlth Obl TX	5.00%	#(a)	6/1/2050	A+			5,000,000		5,535,782
Harris County Cultural Education Facilities Finance Corp. TX	6.375%		1/1/2033	BB+	(b)		120,000		120,098
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA	5.00%		7/1/2030	BBB			4,775,000		5,005,062

50 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA	5.00%	7/1/2032	BBB		$	4,055,000	$	4,234,591
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA	5.00%	7/1/2033	BBB			4,870,000		5,073,799
Housing & Redevelopment Authority of The City of St. Paul Minnesota-Fairview Hlth Svcs Oblig	5.00%	11/15/2023	NR			3,735,000		3,787,068
Housing & Redevelopment Authority of The City of St. Paul Minnesota-Fairview Hlth Svcs Oblig	5.00%	11/15/2024	NR			4,500,000		4,666,622
Illinois Finance Authority-Ascension Hlth Credit Grp	4.00%	2/15/2033	AA+			5,000,000		5,138,944
Illinois Finance Authority-Northshore Edward-Elmhrst	5.00%	8/15/2033	AA-			1,250,000		1,441,190
Illinois Finance Authority-Plymouth Place Obl Group	5.00%	5/15/2030	NR			1,690,000		1,775,231
Illinois Finance Authority-Silver Cross Hosp Oblig	5.00%	8/15/2035	A3			4,500,000		4,619,997
Industrial Development Authority of the County of Pima-La Posada Park Centre Obl AZ†	5.125%	11/15/2029	NR			3,000,000		2,985,713
Karnes County Hospital District TX	5.00%	2/1/2024	A	(b)		375,000		380,621
Karnes County Hospital District TX	5.00%	2/1/2034	A	(b)		1,000,000		1,011,199
Kentucky Economic Development Finance Authority-Masonic Homes Oblig	5.375%	11/15/2032	NR			1,185,000		1,083,568
Kentucky Economic Development Finance Authority-Owensboro Health Inc Oblg	5.00%	6/1/2029	Baa2			4,235,000		4,407,381
Kentucky Economic Development Finance Authority-Owensboro Health Inc Oblg	5.00%	6/1/2032	Baa2			6,000,000		6,207,987
Kirkwood Industrial Development Authority-Ashfield Active Lvg Oblig MO	5.25%	5/15/2037	BB-	(b)		2,000,000		1,798,497
Lee Memorial Health System Obl FL	5.00%	4/1/2036	A+			4,535,000		4,911,326
Maricopa County Industrial Development Authority-Honorhealth Oblig Group AZ	5.00%	9/1/2033	A2			500,000		549,615
Maricopa County Industrial Development Authority-Honorhealth Oblig Group AZ	5.00%	9/1/2034	A2			1,000,000		1,092,103

See Notes to Financial Statements. 51

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Maricopa County Industrial Development Authority-Honorhealth Oblig Group AZ	5.00%	9/1/2035	A2	$	1,000,000	$	1,082,844
Maricopa County Industrial Development Authority-Honorhealth Oblig Group AZ	5.00%	9/1/2036	A2		1,800,000		1,934,005
Massachusetts Development Finance Agency-Beth Israel Lahey Obl Grp	5.00%	7/1/2034	A		1,000,000		1,109,753
Massachusetts Development Finance Agency-Beth Israel Lahey Obl Grp	5.00%	7/1/2036	A		2,000,000		2,188,342
Massachusetts Development Finance Agency-Mass General Brigham Inc	5.00%	7/1/2030	AA-		9,660,000		10,539,241
Massachusetts Development Finance Agency-Wellforce	4.00%	7/1/2035	BBB+		2,000,000		1,950,612
Massachusetts Development Finance Agency-Wellforce Obligated Group	4.00%	7/1/2037	BBB+		3,930,000		3,689,348
Massachusetts Development Finance Agency-Wellforce Obligated Group	5.00%	7/1/2038	BBB+		1,000,000		1,015,044
Massachusetts Development Finance Agency-Wellforce Obligated Group	5.00%	7/1/2039	BBB+		2,250,000		2,270,388
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd-Vanderbilt Univ Med Ctr TN	5.00%	7/1/2031	A		1,300,000		1,382,982
Miami Beach Health Facilities Authority-Mt Sinai Medical Center FL	5.00%	11/15/2030	Baa1		1,500,000		1,536,571
Michigan Finance Authority-Trinity Hlth Corp Oblig	5.00%	12/1/2034	AA-		5,000,000		5,403,270
Michigan Finance Authority-Trinity Hlth Corp Oblig	5.00%	12/1/2035	AA-		5,000,000		5,366,617
Monroeville Finance Authority-UPMC Obligated Group PA	5.00%	2/15/2028	A		1,600,000		1,760,826
Montgomery County Higher Education & Health Authority-Thomas Jefferson Univ Obl PA	4.00%	9/1/2036	A		1,350,000		1,351,670
Montgomery County Higher Education & Health Authority-Thomas Jefferson Univ Obl PA	4.00%	9/1/2038	A		2,250,000		2,227,823
Montgomery County Industrial Development Authority-Albert Einstein Hlthcr Ob PA	5.00%	1/15/2024	NR		4,000,000		4,070,413
Montgomery County Industrial Development Authority-Albert Einstein Hlthcr Ob PA	5.25%	1/15/2026	NR		2,000,000		2,088,972

52 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Montgomery County Industrial Development Authority-Albert Einstein Hlthcr Ob PA	5.25%	1/15/2028	NR	$	3,000,000	$	3,133,458
Montgomery County Industrial Development Authority-Whitemarsh Cont Care Obl PA	5.00%	1/1/2030	NR		2,000,000		1,903,015
Moon Industrial Development Authority-Baptist Homes Society Obl PA	5.125%	7/1/2025	NR		2,895,000		2,812,311
New Hope Cultural Education Facilities Finance Corp.-Children’S Hlth Sys Oblig TX	5.00%	8/15/2026	Aa3		2,000,000		2,153,648
New Jersey Health Care Facilities Financing Authority-Hackensack Merdn Hlth Ob	5.00%	7/1/2028	AA-		5,500,000		6,028,705
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%	7/1/2028	BBB-		1,300,000		1,354,691
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%	7/1/2029	BBB-		1,605,000		1,671,088
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%	7/1/2030	BBB-		1,100,000		1,144,643
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%	7/1/2031	BBB-		1,110,000		1,152,936
New Jersey Health Care Facilities Financing Authority-University Hospital (AGM)	5.00%	7/1/2028	AA		2,000,000		2,075,805
New Jersey Health Care Facilities Financing Authority-Valley Hlth Sys Oblig Grp	4.00%	7/1/2036	A		1,000,000		1,009,512
New Jersey Health Care Facilities Financing Authority-Valley Hlth Sys Oblig Grp	4.00%	7/1/2037	A		1,000,000		1,006,553
New York State Dormitory Authority-Catholic Hlth Sys Oblig	4.00%	7/1/2037	B-		1,100,000		818,437
New York State Dormitory Authority-Catholic Hlth Sys Oblig	4.00%	7/1/2039	B-		1,000,000		726,217
New York State Dormitory Authority-Catholic Hlth Sys Oblig	4.00%	7/1/2040	B-		850,000		618,051

See Notes to Financial Statements. 53

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
New York State Dormitory Authority-Catholic Hlth Sys Oblig	5.00%		7/1/2036	B-	$	1,945,000	$	1,636,315
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%		12/1/2026	BBB-		1,500,000		1,538,894
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%		12/1/2029	BBB-		2,700,000		2,772,192
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%		12/1/2030	BBB-		1,100,000		1,124,680
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%		12/1/2031	BBB-		1,600,000		1,628,715
New York State Dormitory Authority-Montefiore Obligated Group	4.00%		8/1/2036	BBB-		1,780,000		1,594,017
New York State Dormitory Authority-Montefiore Obligated Group	4.00%		8/1/2038	BBB-		4,000,000		3,516,267
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%		9/1/2036	BBB-		1,555,000		1,391,897
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%		8/1/2037	BBB-		650,000		576,392
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%		9/1/2038	BBB-		2,940,000		2,583,515
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%		9/1/2040	BBB-		3,150,000		2,720,830
Norfolk Economic Development Authority-Sentara Hlthcr Oblig Gp VA	5.00%	#(a)	11/1/2048	AA		11,245,000		12,508,533
North Carolina Medical Care Commission-Southminster Inc Obl Grp	5.00%		10/1/2031	NR		1,750,000		1,709,791
Oklahoma Development Finance Authority-Ou Medicine Obligated Grp	5.00%		8/15/2033	BB-		2,045,000		1,989,189
Oklahoma Development Finance Authority-Ou Medicine Obligated Grp	5.00%		8/15/2038	BB-		2,645,000		2,512,375
Oklahoma Development Finance Authority-Ou Medicine Obligated Grp	5.25%		8/15/2043	BB-		6,710,000		6,441,024
Oneida County Local Development Corp.-Mohawk Valley Hlth Obl NY (AGM)	4.00%		12/1/2035	AA		1,000,000		1,012,308
Oneida County Local Development Corp.-Mohawk Valley Hlth Obl NY (AGM)	4.00%		12/1/2036	AA		1,250,000		1,253,649
Oneida County Local Development Corp.-Mohawk Valley Hlth Obl NY (AGM)	4.00%		12/1/2037	AA		2,210,000		2,199,834
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2031	A+		1,600,000		1,853,092

54 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2032	A+		$	1,750,000	$	2,049,020
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2035	A+			1,730,000		1,982,519
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2037	A+			2,350,000		2,634,765
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2038	A+			1,530,000		1,706,168
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2039	A+			1,500,000		1,659,530
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%		10/1/2040	A+			1,500,000		1,648,932
Palomar Health CA-Palomar Health Oblig Grp	5.00%		11/1/2036	BBB			2,980,000		3,068,405
Paulding County Hospital Authority-Wellstar Hlth Sys GA	5.00%		4/1/2042	A+			2,400,000		2,513,359
Public Finance Authority-Proton Intl Alabama LLC WI†(c)	6.85%		10/1/2047	NR			1,410,000		1,042,202
Rhode Island Health & Educational Building Corp.-Care New England Hlth Obl	5.00%		9/1/2031	B+			5,000,000		4,971,221
Salem Hospital Facility Authority Oblig Group OR	5.00%		5/15/2030	A+			4,660,000		5,160,984
Southeastern Ohio Port Authority-Marietta Area Hlthcr Oblg	5.00%		12/1/2035	B+	(b)		3,850,000		3,563,667
Southeastern Ohio Port Authority-Marietta Area Hlthcr Oblg	5.50%		12/1/2029	B+	(b)		750,000		751,120
State of Ohio-Univ Hosp Hlth Sys Obl Gp	4.00%		1/15/2037	A			1,900,000		1,894,999
State of Ohio-Univ Hosp Hlth Sys Obl Gp	5.00%		1/15/2036	A			3,295,000		3,539,745
Tarrant County Cultural Education Facilities Finance Corp.-Baylor Scott & White Oblg TX	5.00%	#(a)	11/15/2052	AA-			4,000,000		4,484,153
Tarrant County Cultural Education Facilities Finance Corp.-Christus Health Obl Group TX	5.00%	#(a)	7/1/2053	A1			7,750,000		8,779,451
Tulsa County Industrial Authority-Montereau Obligated Group OK	5.25%		11/15/2037	BBB-	(b)		1,250,000		1,260,615
Washington Health Care Facilities Authority-Providence St Joseph Obl	4.00%	#(a)	10/1/2042	A1			24,690,000		25,844,080
Washington State Housing Finance Commission-Spokane United Method Hms†	6.00%		1/1/2024	NR			245,000		250,738

See Notes to Financial Statements. 55

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
West Virginia Hospital Finance Authority-WV United Hlth Sys Oblig	4.00%	6/1/2030	A	$	5,500,000	$	5,599,749
West Virginia Hospital Finance Authority-WV United Hlth Sys Oblig	4.00%	6/1/2035	A		1,570,000		1,583,445
Wisconsin Health & Educational Facilities Authority-Amer Baptist Homes Oblig	5.00%	8/1/2032	NR		1,375,000		1,231,434
Wisconsin Health & Educational Facilities Authority-Amer Baptist Homes Oblig	5.00%	8/1/2037	NR		1,500,000		1,258,788
Total							528,583,296
Housing 1.37%
California Housing Finance Agency	3.25%	8/20/2036	BBB		7,348,148		6,743,916
California Housing Finance Agency	3.50%	11/20/2035	BBB+		5,677,918		5,410,935
California Housing Finance Agency	4.00%	3/20/2033	BBB+		4,503,451		4,524,362
California Housing Finance Agency	4.25%	1/15/2035	BBB+		4,257,153		4,334,840
California Municipal Finance Authority-Park Western Housing LP (FNMA)	2.65%	8/1/2036	Aaa		4,315,928		3,668,407
California Statewide Communities Development Authority-CHF-Irvine LLC	5.00%	5/15/2026	Baa1		1,000,000		1,041,702
California Statewide Communities Development Authority-CHF-Irvine LLC	5.00%	5/15/2027	Baa1		750,000		779,295
CSCDA Community Improvement Authority CA†	3.00%	6/1/2047	NR		5,000,000		3,674,545
Florida Housing Finance Corp. (GNMA/FNMA/FHLMC)	3.00%	1/1/2052	Aaa		3,800,000		3,724,061
Florida Housing Finance Corp. (GNMA/FNMA/FHLMC)	3.00%	7/1/2052	Aaa		5,070,000		4,957,135
Industrial Development Authority of the City of Phoenix-Downtown Phoenix Std Hsg AZ	5.00%	7/1/2032	Baa3		1,080,000		1,124,328
Maryland Community Development Administration	3.00%	9/1/2039	Aa1		10,000,000		8,820,603
Missouri Housing Development Commission (GNMA/FNMA/FHLMC)	3.25%	11/1/2052	AA+		2,940,000		2,897,612
Missouri Housing Development Commission (GNMA/FNMA/FHLMC)	4.25%	5/1/2047	AA+		1,460,000		1,477,839
New York City Housing Development Corp. NY	2.10%	11/1/2036	AA+		5,725,000		4,455,792

56 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Housing (continued)
North Dakota Housing Finance Agency	3.00%	7/1/2052	Aa1	$	7,110,000	$	6,927,766
Washington State Housing Finance Commission	3.50%	12/20/2035	BBB+		4,867,107		4,564,367
Total							69,127,505
Lease Obligations 4.13%
California State Public Works Board	5.00%	6/1/2023	Aa3		3,000,000		3,012,255
California State Public Works Board	5.00%	5/1/2034	Aa3		9,525,000		11,521,270
County of Cuyahoga OH COPs	5.00%	12/1/2023	AA-		5,640,000		5,715,726
Illinois Sports Facilities Authority (AGM)	5.00%	6/15/2027	AA		3,000,000		3,057,543
Indiana Finance Authority	5.25%	2/1/2029	AA+		2,500,000		2,632,043
Louisiana Public Facilities Authority	5.00%	6/1/2023	Aa3		3,200,000		3,211,424
Michigan State Building Authority	5.00%	4/15/2034	Aa2		6,525,000		6,839,177
Michigan State Building Authority	5.00%	4/15/2036	Aa2		3,000,000		3,351,516
New Jersey Economic Development Authority	4.00%	6/15/2034	A3		500,000		520,167
New Jersey Economic Development Authority	4.00%	6/15/2035	A3		400,000		411,888
New Jersey Economic Development Authority	4.00%	11/1/2037	A3		3,000,000		3,021,478
New Jersey Economic Development Authority	4.00%	11/1/2038	A3		3,000,000		3,012,582
New Jersey Economic Development Authority	5.00%	6/15/2025	A3		5,085,000		5,309,051
New Jersey Economic Development Authority	5.00%	3/1/2027	BBB+		355,000		355,326
New Jersey Economic Development Authority	5.00%	6/15/2033	A3		7,215,000		7,919,468
New Jersey Economic Development Authority	5.00%	11/1/2033	A3		3,845,000		4,267,171
New Jersey Economic Development Authority	5.00%	6/15/2034	A3		3,000,000		3,328,811
New Jersey Economic Development Authority	5.00%	6/15/2034	A3		13,645,000		14,884,996
New Jersey Economic Development Authority	5.00%	6/15/2035	A3		4,925,000		5,195,140
New Jersey Economic Development Authority	5.00%	6/15/2035	A3		1,000,000		1,109,604
New Jersey Economic Development Authority	5.00%	6/15/2036	A3		1,320,000		1,400,833

See Notes to Financial Statements. 57

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Lease Obligations (continued)
New Jersey Economic Development Authority		5.00%		6/15/2042	A3	$	1,400,000	$	1,553,445
New Jersey Economic Development Authority†		5.25%		9/1/2027	BBB+		24,555,000		26,879,595
New Jersey Economic Development Authority	5.57% (MUNIPSA * 1 + 1.60%		)#	3/1/2028	A3		5,000,000		4,991,613
New Jersey Transportation Trust Fund Authority		3.25%		6/15/2039	A3		2,000,000		1,772,606
New Jersey Transportation Trust Fund Authority		4.00%		6/15/2035	A3		3,750,000		3,867,710
New Jersey Transportation Trust Fund Authority		4.00%		6/15/2036	A3		2,770,000		2,823,033
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2030	A+		3,000,000		3,181,612
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2031	A+		2,400,000		2,542,227
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2033	A3		1,425,000		1,564,136
New Jersey Transportation Trust Fund Authority		5.00%		12/15/2033	A3		35,410,000		38,808,209
New Jersey Transportation Trust Fund Authority		5.00%		12/15/2034	A3		8,995,000		9,782,871
New York City Transitional Finance Authority Building Aid Revenue NY		5.00%		7/15/2035	AA		10,000,000		10,559,579
Redevelopment Authority of the City of Philadelphia PA		5.00%		4/15/2028	A		4,380,000		4,577,708
School Board of Miami-Dade County FL GO		4.00%		3/15/2034	AA-		4,535,000		4,729,834
Total									207,711,647
Other Revenue 3.33%
Black Belt Energy Gas District AL		4.00%	#(a)	12/1/2049	A1		12,675,000		12,608,182
Brooklyn Arena Local Development Corp.-Brooklyn Events Ctr LLC NY		5.00%		7/15/2042	Ba1		7,600,000		7,506,827
Brooklyn Arena Local Development Corp.-Brooklyn Events Ctr LLC NY (AGM)		4.00%		7/15/2029	AA		1,500,000		1,555,883
Cleveland-Cuyahoga County Port Authority-Playhouse Square Fdtn OH		5.00%		12/1/2033	BB+		2,000,000		2,021,462

58 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Other Revenue (continued)
Cleveland-Cuyahoga County Port Authority-Playhouse Square Fdtn OH		5.25%		12/1/2038	BB+	$	1,650,000	$	1,675,682
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX		6.00%		8/15/2038	NR		13,970,000		14,149,509
Commonwealth of Puerto Rico		Zero Coupon	#(a)	11/1/2051	NR		17,586,280		7,650,032
Duval County Public Schools FL COPs (AGM)		5.00%		7/1/2034	AA		2,000,000		2,298,601
Duval County Public Schools FL COPs (AGM)		5.00%		7/1/2035	AA		3,750,000		4,268,658
Florence Town, Inc. Industrial Development Authority-Legacy Tradtnl Sch Oblig AZ†		5.75%		7/1/2033	Ba2		3,000,000		3,021,751
Illinois Finance Authority-Field Museum Natural Hist	4.574% (SOFR * .70 + 1.20%		)#	11/1/2034	A		10,350,000		10,331,180
Industrial Development Authority of the City of Phoenix-Basis Schools Inc Oblig AZ†		5.00%		7/1/2035	BB		2,350,000		2,351,298
Industrial Development Authority of the County of Pima-Edkey Obligated Group AZ†		5.00%		7/1/2035	NR		5,000,000		4,918,532
Lower Alabama Gas District		4.00%	#(a)	12/1/2050	A2		30,995,000		30,733,687
Lower Alabama Gas District		5.00%		9/1/2027	A2		5,000,000		5,189,070
Maricopa County Industrial Development Authority-Paragon Management Inc AZ†		5.00%		7/1/2036	BB+		2,500,000		2,503,511
Maricopa County Industrial Development Authority AZ†		5.00%		7/1/2039	BB+		2,055,000		1,956,004
Maryland Economic Development Corp.(c)		5.00%		12/1/2016	NR		700,000		420,000
M-S-R Energy Authority CA		6.125%		11/1/2029	BBB+		3,380,000	��	3,696,165
SA Energy Acquisition Public Facility Corp. TX		5.50%		8/1/2023	A2		9,365,000		9,417,453
St. Louis Municipal Finance Corp. MO (AGM)		5.00%		10/1/2040	AA		1,750,000		1,893,311
State of Hawaii Department of Budget & Finance AMT		3.25%		1/1/2025	Baa1		5,000,000		4,958,661
Triborough Bridge & Tunnel Authority NY		5.00%		11/15/2028	AA+		4,285,000		4,898,787
Triborough Bridge & Tunnel Authority NY		5.00%		11/15/2032	AA+		14,810,000		17,931,979
Washington State Convention Center Public Facilities District		4.00%		7/1/2031	NR		10,180,000		9,743,856
Total									167,700,081

See Notes to Financial Statements. 59

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Pre-Refunded 0.00%
New York State Dormitory Authority	4.00%	2/15/2034	NR	$	15,000	$	15,938
Special Tax 1.92%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%	5/1/2032	Ba3		1,250,000		1,270,875
Allentown Neighborhood Improvement Zone Development Authority PA†	5.375%	5/1/2042	NR		5,500,000		5,505,792
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%	5/1/2042	NR		1,910,000		1,946,570
Atlanta Urban Redevelopment Agency GA†	2.375%	7/1/2026	NR		415,000		394,311
Atlanta Urban Redevelopment Agency GA†	2.875%	7/1/2031	NR		965,000		854,894
Atlanta Urban Redevelopment Agency GA†	3.625%	7/1/2042	NR		1,880,000		1,581,357
Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	9/1/2024	AA		1,950,000		2,010,794
Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	9/1/2025	AA		2,650,000		2,742,939
Industrial Development Authority of the City of St. Louis Missouri	4.375%	11/15/2035	NR		3,955,000		3,180,380
Miami World Center Community Development District FL	4.75%	11/1/2027	NR		750,000		759,930
Mida Mountain Village Public Infrastructure District UT†	4.50%	8/1/2040	NR		1,250,000		1,057,038
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)	3.00%	1/1/2033	AA		1,750,000		1,688,749
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)	3.00%	1/1/2034	AA		1,000,000		947,244
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)	5.00%	1/1/2031	AA		1,250,000		1,432,413
New York City Industrial Development Agency-Yankee Stadium LLC NY (AGM)	3.00%	3/1/2036	AA		5,500,000		5,071,757
Orange County Community Facilities District CA Special Tax	5.00%	8/15/2033	NR		1,370,000		1,421,682

60 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Special Tax (continued)
Orange County Community Facilities District CA Special Tax	5.00%	8/15/2035	NR	$	975,000	$	1,006,573
Peninsula Town Center Community Development Authority VA†	4.50%	9/1/2028	NR		545,000		536,827
Peninsula Town Center Community Development Authority VA†	5.00%	9/1/2037	NR		875,000		847,026
Pittsburg Successor Agency Redevelopment Agency CA Tax Allocation (AGM)	5.00%	9/1/2025	AA		3,500,000		3,668,889
River Islands Public Financing Authority CA Special Tax	4.00%	9/1/2051	NR		990,000		801,578
River Islands Public Financing Authority CA Special Tax (AGM)	5.00%	9/1/2042	AA		4,000,000		4,479,782
State of Connecticut Special Tax Revenue	4.00%	9/1/2034	AA		8,075,000		8,303,886
State of Connecticut Special Tax Revenue	5.00%	10/1/2030	AA		9,000,000		10,181,965
State of Connecticut Special Tax Revenue	5.00%	1/1/2032	AA		14,375,000		15,990,980
Sterling Ranch Community Authority Board CO	3.375%	12/1/2030	NR		499,000		438,863
Sterling Ranch Community Authority Board CO	3.75%	12/1/2040	NR		1,250,000		1,006,854
Village Community Development District No. 12 FL	3.25%	5/1/2026	NR		2,290,000		2,227,803
Village Community Development District No. 12 FL	3.80%	5/1/2028	NR		2,070,000		2,042,688
Village Community Development District No. 12 FL	4.00%	5/1/2033	NR		1,840,000		1,795,199
Village Community Development District No. 13 FL	1.80%	5/1/2026	NR		535,000		496,559
Village Community Development District No. 13 FL	2.55%	5/1/2031	NR		740,000		635,001
Village Community Development District No. 13 FL	2.85%	5/1/2036	NR		1,880,000		1,489,167
Village Community Development District No. 13 FL	3.00%	5/1/2029	NR		475,000		437,249
Village Community Development District No. 13 FL†	3.00%	5/1/2035	NR		3,360,000		2,780,513
Village Community Development District No. 13 FL†	3.25%	5/1/2040	NR		4,200,000		3,244,333
Village Community Development District No. 13 FL	3.375%	5/1/2034	NR		2,465,000		2,202,514
Total							96,480,974

See Notes to Financial Statements. 61

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue 3.51%
Chicago Board of Education IL GO		5.00%		12/1/2032	BB+	$	5,675,000	$	5,984,589
City of Sparks NV†		2.50%		6/15/2024	Ba1		140,000		136,719
City of Sparks NV†		2.75%		6/15/2028	Ba1		2,265,000		2,050,641
Clear Creek Independent School District TX GO (PSF GTD)		0.28%	#(a)	2/15/2038	AAA		4,930,000		4,693,843
County of Cook Sales Tax Revenue IL		4.00%		11/15/2034	AA-		3,750,000		3,873,405
County of Cook Sales Tax Revenue IL		5.25%		11/15/2036	AA-		10,000,000		10,733,211
County of Jefferson AL		5.00%		9/15/2026	AA		2,400,000		2,591,572
El Paso Downtown Development Corp. TX		6.25%		8/15/2023	AA-		5,000,000		5,059,501
Islip Union Free School District NY GO		4.50%		6/23/2023	NR		20,000,000		20,074,112
Maryland State Transportation Authority		4.00%		7/1/2037	Aa2		4,660,000		4,841,014
Metropolitan Atlanta Rapid Transit Authority GA		5.00%		7/1/2032	AAA		5,000,000		5,387,266
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2031	A3		3,200,000		3,531,075
New York City Transitional Finance Authority Building Aid Revenue NY		5.25%		7/15/2036	AA		11,700,000		13,029,741
New York City Transitional Finance Authority Future Tax Secured Revenue		4.00%		8/1/2038	AAA		5,530,000		5,598,481
New York City Transitional Finance Authority Future Tax Secured Revenue NY		3.00%		11/1/2037	AAA		2,500,000		2,245,464
New York State Thruway Authority		5.00%		3/15/2035	AA+		6,000,000		7,138,156
New York State Urban Development Corp.		5.00%		3/15/2034	Aa1		12,140,000		14,598,719
New York State Urban Development Corp.		5.00%		3/15/2035	Aa1		5,000,000		5,911,879
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon			7/1/2029	NR		1,616,000		1,205,556
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon			7/1/2031	NR		1,774,000		1,185,591
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon			7/1/2033	NR		11,643,000		7,002,670
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.329%		7/1/2040	NR		5,223,000		4,766,241
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.329%		7/1/2040	NR		12,051,000		10,997,123
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.50%		7/1/2034	NR		4,560,000		4,512,144
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.536%		7/1/2053	NR		81,000		71,696
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.55%		7/1/2040	NR		268,000		251,296

62 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.75%	7/1/2053	NR	$	1,967,000	$	1,804,134
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.784%	7/1/2058	NR		1,092,000		993,878
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		5.00%	7/1/2058	NR		4,974,000		4,696,311
Spencer Van Etten Central School NY GO		3.75%	6/30/2023	NR		14,313,597		14,346,288
State of Connecticut Special Tax Revenue		5.00%	5/1/2033	AA		3,000,000		3,492,455
Territory of Guam		4.00%	1/1/2036	Ba1		2,865,000		2,808,749
Territory of Guam		5.00%	1/1/2031	Ba1		750,000		807,604
Total								176,421,124
Tobacco 1.88%
Buckeye Tobacco Settlement Financing Authority OH		5.00%	6/1/2055	NR		21,135,000		19,165,038
California County Tobacco Securitization Agency		4.00%	6/1/2035	A-		1,300,000		1,311,814
California County Tobacco Securitization Agency		4.00%	6/1/2036	A-		1,195,000		1,197,856
California County Tobacco Securitization Agency		4.00%	6/1/2037	A-		895,000		890,561
Commonwealth Financing Authority PA		5.00%	6/1/2032	A1		8,350,000		9,107,370
Golden State Tobacco Securitization Corp. CA		5.00%	6/1/2027	NR		4,000,000		4,453,062
Iowa Tobacco Settlement Authority		4.00%	6/1/2049	BBB+		7,090,000		7,009,127
Michigan Finance Authority		4.00%	6/1/2034	A-		1,000,000		1,011,636
Michigan Finance Authority		4.00%	6/1/2035	A-		2,000,000		2,006,458
Nassau County Tobacco Settlement Corp. NY	Zero Coupon		6/1/2060	NR		35,000,000		1,955,289
Northern Tobacco Securitization Corp. AK		4.00%	6/1/2037	A-		1,500,000		1,471,393
Northern Tobacco Securitization Corp. AK		4.00%	6/1/2050	BBB-		1,750,000		1,744,671
Railsplitter Tobacco Settlement Authority IL		5.00%	6/1/2027	A		3,325,000		3,551,997
Tobacco Settlement Authority WA		5.00%	6/1/2023	A		6,250,000		6,270,590
Tobacco Settlement Financing Corp. NJ		5.00%	6/1/2029	A		3,575,000		3,877,729
Tobacco Settlement Financing Corp. NJ		5.00%	6/1/2046	BBB-		10,300,000		10,343,259
Tobacco Settlement Financing Corp. NJ		5.25%	6/1/2046	BBB+		5,100,000		5,276,394
Tobacco Settlement Financing Corp. RI		5.00%	6/1/2027	BBB		2,500,000		2,560,359
Tobacco Settlement Financing Corp. RI		5.00%	6/1/2028	BBB		2,000,000		2,048,926

See Notes to Financial Statements. 63

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

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-		$	3,690,000	$	3,472,887
TSASC, Inc. NY	5.00%		6/1/2029	A			5,775,000		6,068,870
Total									94,795,286
Transportation 19.59%
Alameda Corridor Transportation Authority CA (AGM)	5.00%		10/1/2034	AA			3,650,000		3,872,253
Bay Area Toll Authority CA	3.55%	#(a)	4/1/2055	Aa1			5,000,000		5,000,000
California Municipal Finance Authority-Lax Integrated Express AMT	5.00%		6/30/2031	BBB-	(b)		3,195,000		3,372,226
California Municipal Finance Authority-Lax Integrated Express AMT	5.00%		12/31/2036	BBB-	(b)		3,215,000		3,320,950
California Municipal Finance Authority-Lax Integrated Express AMT	5.00%		12/31/2037	BBB-	(b)		7,000,000		7,201,461
Central Florida Expressway Authority	4.00%		7/1/2037	A+			7,380,000		7,451,909
Central Texas Regional Mobility Authority	4.00%		1/1/2034	A-			4,750,000		4,953,629
Central Texas Regional Mobility Authority	4.00%		1/1/2035	A-			4,000,000		4,134,643
Central Texas Regional Mobility Authority	4.00%		1/1/2036	A-			4,510,000		4,608,364
Central Texas Regional Mobility Authority	5.00%		1/1/2025	BBB+			7,500,000		7,666,144
Central Texas Regional Mobility Authority	5.00%		1/1/2030	A-			800,000		843,369
Central Texas Regional Mobility Authority	5.00%		1/1/2031	A-			1,675,000		1,765,804
Central Texas Regional Mobility Authority	5.00%		1/1/2032	A-			2,000,000		2,108,423
Central Texas Turnpike System	5.00%		8/15/2025	A-			2,250,000		2,285,557
Central Texas Turnpike System	5.00%		8/15/2026	A-			2,500,000		2,543,091
Central Texas Turnpike System	5.00%		8/15/2027	A-			3,300,000		3,358,408
Central Texas Turnpike System	5.00%		8/15/2028	A-			3,705,000		3,770,793
Central Texas Turnpike System	5.00%		8/15/2033	A-			7,650,000		7,769,976
Chicago Midway International Airport IL	4.00%		1/1/2034	A			2,175,000		2,200,906
Chicago Midway International Airport IL	5.00%		1/1/2026	A			6,075,000		6,174,597
Chicago Midway International Airport IL AMT	5.00%		1/1/2026	A			4,605,000		4,651,649
Chicago Midway International Airport IL AMT	5.00%		1/1/2030	A			5,000,000		5,044,953
Chicago Midway International Airport IL AMT	5.00%		1/1/2031	A			2,000,000		2,076,998
Chicago O’Hare International Airport IL	4.00%		1/1/2035	A+			8,500,000		8,838,303
Chicago O’Hare International Airport IL	4.00%		1/1/2038	A+			6,820,000		6,921,816
Chicago O’Hare International Airport IL	5.00%		1/1/2031	A+			6,500,000		6,722,885
Chicago O’Hare International Airport IL	5.00%		1/1/2035	A+			7,000,000		7,859,720

64 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Transportation (continued)
City & County of Denver Airport System Revenue CO AMT	5.00%	11/15/2031	AA-		$	16,500,000	$	18,814,509
City & County of Denver Airport System Revenue CO AMT	5.00%	12/1/2031	A+			15,000,000		16,265,340
City & County of Denver Airport System Revenue CO AMT	5.00%	12/1/2035	A+			5,000,000		5,337,174
City & County of Denver Airport System Revenue CO AMT	5.50%	11/15/2033	AA-			8,365,000		9,975,927
City & County of Denver Airport System Revenue CO AMT	5.75%	11/15/2034	AA-			3,500,000		4,220,586
City of Atlanta Airport Passenger Facility Charge GA AMT	4.00%	7/1/2037	AA-			4,150,000		4,163,480
City of Atlanta Airport Passenger Facility Charge GA AMT	5.00%	1/1/2029	AA-			2,500,000		2,542,087
City of Houston Airport System Revenue-United Airlines Inc TX AMT	4.75%	7/1/2024	BB-			4,655,000		4,654,746
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%	7/15/2027	B-	(b)		1,000,000		1,006,141
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2033	AA			6,675,000		7,243,908
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2033	AA			4,500,000		5,112,635
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2034	AA-			2,930,000		3,268,873
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2034	AA			6,000,000		6,783,588
City of Philadelphia Airport Revenue PA AMT	5.00%	7/1/2032	A2			3,660,000		4,100,947
City of Phoenix Civic Improvement Corp. AZ	5.00%	7/1/2036	AA-			4,045,000		4,343,691
City of Phoenix Civic Improvement Corp. AZ	5.00%	7/1/2036	A+			5,000,000		5,309,941
City of Phoenix Civic Improvement Corp. AZ AMT	5.00%	7/1/2029	A+			1,500,000		1,648,922
City of Salt Lake City Airport Revenue UT AMT	5.00%	7/1/2029	A			3,000,000		3,246,495
City of Salt Lake City Airport Revenue UT AMT	5.00%	7/1/2030	A			2,275,000		2,419,475
City of Salt Lake City Airport Revenue UT AMT	5.00%	7/1/2031	A			3,000,000		3,189,130

See Notes to Financial Statements. 65

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

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		5.00%		7/1/2034	A	$	14,645,000	$	15,662,959
City of Salt Lake City Airport Revenue UT AMT		5.00%		7/1/2034	A		4,455,000		4,709,847
County of Broward Airport System Revenue FL AMT		5.00%		10/1/2029	A+		1,120,000		1,234,860
County of Broward Airport System Revenue FL AMT		5.00%		10/1/2035	A+		2,660,000		2,879,431
County of Broward Airport System Revenue FL AMT		5.00%		10/1/2036	A+		2,615,000		2,809,906
County of Broward Airport System Revenue FL AMT		5.00%		10/1/2037	A+		4,000,000		4,274,110
County of Lee Airport Revenue FL AMT		5.00%		10/1/2029	A2		11,000,000		12,074,070
County of Miami-Dade Aviation Revenue FL		5.00%		10/1/2025	A1		3,690,000		3,808,537
County of Miami-Dade Aviation Revenue FL AMT		5.00%		10/1/2027	A1		5,145,000		5,244,764
County of Miami-Dade Aviation Revenue FL AMT		5.00%		10/1/2028	A1		3,500,000		3,565,998
County of Sacramento Airport System Revenue CA AMT		5.00%		7/1/2027	A+		5,950,000		6,396,652
County of Sacramento Airport System Revenue CA AMT		5.00%		7/1/2034	A+		4,000,000		4,309,784
County of Sacramento Airport System Revenue CA AMT		5.00%		7/1/2036	A+		5,645,000		6,006,278
Delaware River Joint Toll Bridge Commission PA		5.00%		7/1/2030	A+		1,920,000		2,122,643
Delaware River Joint Toll Bridge Commission PA		5.00%		7/1/2032	A+		2,025,000		2,223,476
E-470 Public Highway Authority CO	3.579% (SOFR * .67 + .35%		)#	9/1/2039	A		1,690,000		1,683,385
Greater Orlando Aviation Authority FL AMT		4.00%		10/1/2035	AA-		3,000,000		3,048,870
Greater Orlando Aviation Authority FL AMT		4.00%		10/1/2039	AA-		2,900,000		2,884,057
Greater Orlando Aviation Authority FL AMT		5.00%		10/1/2029	A+		3,000,000		3,291,054
Illinois State Toll Highway Authority		5.00%		1/1/2027	AA-		1,000,000		1,016,793
Illinois State Toll Highway Authority		5.00%		1/1/2028	AA-		2,535,000		2,577,274
Kansas City Industrial Development Authority MO AMT		5.00%		3/1/2036	A2		5,000,000		5,341,084

66 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
Kansas City Industrial Development Authority MO AMT	5.00%		3/1/2038	A2	$	6,205,000	$	6,556,317
Louisville Regional Airport Authority KY AMT	5.00%		7/1/2023	A+		2,250,000		2,259,926
Maryland Economic Development Corp.-Consol Marine Terminals L	5.75%		9/1/2025	BB		5,000,000		5,043,670
Maryland Economic Development Corp.-Ports America Chesapeake AMT	5.00%		6/1/2044	Baa2		125,000		128,971
Maryland Economic Development Corp. Tax Allocation	4.00%		9/1/2040	NR		1,000,000		880,366
Metropolitan Nashville Airport Authority TN AMT	5.25%		7/1/2034	A1		1,250,000		1,429,401
Metropolitan Nashville Airport Authority TN AMT	5.25%		7/1/2035	A1		2,595,000		2,939,749
Metropolitan Nashville Airport Authority TN AMT	5.50%		7/1/2036	A1		1,000,000		1,140,893
Metropolitan Nashville Airport Authority TN AMT	5.50%		7/1/2037	A1		1,250,000		1,421,548
Metropolitan Nashville Airport Authority TN AMT	5.50%		7/1/2038	A1		1,500,000		1,698,752
Metropolitan Transportation Authority NY	3.80%	#(a)	11/1/2035	Aa1		4,000,000		4,000,000
Metropolitan Transportation Authority NY	4.00%		11/15/2032	A3		8,500,000		8,618,546
Metropolitan Transportation Authority NY	5.00%		11/15/2028	A3		9,090,000		9,821,294
Metropolitan Transportation Authority NY	5.00%		11/15/2033	A3		4,025,000		4,310,961
Metropolitan Transportation Authority NY	5.00%		11/15/2035	A3		5,000,000		5,146,937
Metropolitan Transportation Authority NY	5.00%		11/15/2038	A3		1,500,000		1,502,795
Metropolitan Transportation Authority NY	5.25%		11/15/2028	A3		6,760,000		7,058,547
Metropolitan Transportation Authority NY	5.25%		11/15/2035	A3		7,500,000		7,590,079
Metropolitan Washington Airports Authority DC AMT	5.00%		10/1/2031	AA-		5,000,000		5,275,413
Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC	4.00%		10/1/2035	A-		1,000,000		1,018,603
Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC	4.00%		10/1/2036	A-		1,500,000		1,515,567
Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC	4.00%		10/1/2037	A-		1,500,000		1,506,057
Miami-Dade County Expressway Authority FL	5.00%		7/1/2023	A		2,500,000		2,513,594
Miami-Dade County Expressway Authority FL	5.00%		7/1/2023	A		2,000,000		2,007,330

See Notes to Financial Statements. 67

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
Miami-Dade County Expressway Authority FL	5.00%	7/1/2024	A	$	3,500,000	$	3,512,900
Minneapolis-St. Paul Metropolitan Airports Commission MN	5.00%	1/1/2028	A+		3,500,000		3,557,329
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.125%	1/1/2034	BBB+		5,010,000		5,053,532
New Jersey Transportation Trust Fund Authority	4.00%	6/15/2038	A3		3,000,000		3,014,372
New Jersey Transportation Trust Fund Authority	4.00%	6/15/2039	A3		6,000,000		6,009,193
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2028	A+		6,275,000		6,672,044
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2032	A3		6,960,000		8,056,046
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2034	A3		10,000,000		11,390,177
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2034	A3		2,625,000		2,972,727
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2034	A3		2,500,000		2,863,659
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2035	A3		3,425,000		3,833,182
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2035	A3		2,250,000		2,544,243
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2036	A3		5,000,000		5,529,847
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2037	A3		4,250,000		4,694,072
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2038	A3		1,000,000		1,098,516
New Jersey Transportation Trust Fund Authority	5.25%	6/15/2036	A3		2,000,000		2,273,068
New Jersey Turnpike Authority	5.00%	1/1/2029	AA-		5,000,000		5,133,938
New Jersey Turnpike Authority	5.00%	1/1/2031	AA-		5,000,000		5,210,445
New Jersey Turnpike Authority	5.00%	1/1/2033	AA-		2,100,000		2,284,463
New Jersey Turnpike Authority	5.00%	1/1/2034	AA-		1,500,000		1,661,780
New York State Thruway Authority	4.00%	1/1/2037	A1		11,770,000		12,047,231
New York State Thruway Authority	5.00%	1/1/2024	A1		1,960,000		1,994,685
New York State Thruway Authority	5.00%	1/1/2026	A1		5,115,000		5,306,319

68 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.00%	10/1/2030	Baa3		$	4,225,000	$	4,148,672
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.00%	1/1/2036	Baa3			10,010,000		9,552,657
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.375%	10/1/2045	Baa3			6,750,000		6,327,913
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2033	Baa3			11,000,000		11,370,764
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2034	Baa3			3,450,000		3,549,523
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2036	Baa3			10,500,000		10,627,294
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	10/1/2040	Baa3			6,750,000		6,791,870
New York Transportation Development Corp.-Empire St Thruway Partnrs AMT	4.00%	10/31/2034	BBB-	(b)		750,000		744,833
New York Transportation Development Corp.-Empire St Thruway Partnrs AMT	4.00%	10/31/2041	BBB-	(b)		3,000,000		2,720,069
New York Transportation Development Corp.-JFK Intl Air Terminal LLC	5.00%	12/1/2031	Baa1			2,160,000		2,439,334
New York Transportation Development Corp.-JFK Intl Air Terminal LLC	5.00%	12/1/2032	Baa1			5,045,000		5,686,092
New York Transportation Development Corp.-JFK Intl Air Terminal LLC	5.00%	12/1/2034	Baa1			2,000,000		2,231,917
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2024	Baa1			2,000,000		2,046,501
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2027	Baa1			1,025,000		1,095,087
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2030	Baa1			10,000,000		10,991,076
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2031	Baa1			2,150,000		2,352,802
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2033	Baa1			1,800,000		1,949,295
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2032	Baa2			3,000,000		3,005,386
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2033	Baa2			5,980,000		5,986,317
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	5.00%	7/1/2034	Baa2			2,250,000		2,283,286

See Notes to Financial Statements. 69

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

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%	4/1/2023	A3	$	3,000,000	$	3,000,000
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2027	A3		3,185,000		3,226,155
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2030	A3		365,000		396,268
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2031	A3		300,000		325,575
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2032	A3		775,000		840,048
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2034	A3		865,000		932,928
Norman Y Mineta San Jose International Airport SJC CA	5.00%	3/1/2026	A		1,200,000		1,228,726
Norman Y Mineta San Jose International Airport SJC CA	5.00%	3/1/2027	A		2,260,000		2,313,780
Norman Y Mineta San Jose International Airport SJC CA	5.00%	3/1/2028	A		1,655,000		1,694,679
Norman Y Mineta San Jose International Airport SJC CA AMT	5.00%	3/1/2035	A		1,500,000		1,578,369
North Carolina Turnpike Authority	5.00%	1/1/2032	BBB		1,000,000		1,059,615
North Carolina Turnpike Authority (AGM)	4.00%	1/1/2037	AA		12,895,000		13,126,633
North Carolina Turnpike Authority (AGM)	4.00%	1/1/2038	AA		9,000,000		9,097,872
North Carolina Turnpike Authority (AGM)	5.00%	1/1/2031	AA		1,000,000		1,080,451
North Texas Tollway Authority	4.00%	1/1/2037	AA-		8,740,000		8,937,413
North Texas Tollway Authority	4.125%	1/1/2040	AA-		5,000,000		5,041,900
North Texas Tollway Authority	5.00%	1/1/2025	AA-		5,000,000		5,089,517
North Texas Tollway Authority	5.00%	1/1/2031	A+		8,085,000		8,188,482
North Texas Tollway Authority	5.00%	1/1/2036	AA-		5,000,000		5,240,900
Pennsylvania Turnpike Commission	4.00%	12/1/2036	A+		1,000,000		1,031,823
Pennsylvania Turnpike Commission	4.00%	12/1/2037	A+		2,500,000		2,562,211
Pennsylvania Turnpike Commission	5.00%	12/1/2034	A1		1,200,000		1,354,250
Pennsylvania Turnpike Commission	5.00%	12/1/2035	A1		1,800,000		2,015,928
Port Authority of New York & New Jersey	4.00%	11/1/2037	AA-		3,540,000		3,621,089
Port Authority of New York & New Jersey	5.00%	12/1/2023	AA-		5,300,000		5,383,361
Port Authority of New York & New Jersey	5.00%	12/1/2025	AA-		10,000,000		10,157,285
Port Authority of New York & New Jersey	5.00%	10/15/2026	AA-		5,605,000		5,950,789
Port Authority of New York & New Jersey	5.00%	11/15/2036	AA-		5,000,000		5,478,826

70 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Transportation (continued)
Port Authority of New York & New Jersey AMT	3.00%	10/1/2027	AA-		$	6,405,000	$	6,349,197
Port Authority of New York & New Jersey AMT	4.00%	7/15/2034	AA-			4,250,000		4,420,247
Port Authority of New York & New Jersey AMT	4.00%	11/1/2034	AA-			13,705,000		14,124,420
Port Authority of New York & New Jersey AMT	4.00%	7/15/2035	AA-			2,250,000		2,317,752
Port Authority of New York & New Jersey AMT	4.00%	7/15/2036	AA-			1,500,000		1,529,472
Port Authority of New York & New Jersey AMT	4.00%	7/15/2037	AA-			2,000,000		2,019,689
Port Authority of New York & New Jersey AMT	4.00%	7/15/2038	AA-			3,000,000		3,006,143
Port Authority of New York & New Jersey AMT	5.00%	9/15/2028	AA-			4,000,000		4,330,897
Port Authority of New York & New Jersey AMT	5.00%	10/15/2034	AA-			9,170,000		9,365,728
Port Authority of New York & New Jersey AMT	5.00%	1/15/2036	AA-			2,000,000		2,270,388
Port Authority of New York & New Jersey AMT	5.00%	1/15/2037	AA-			2,000,000		2,243,984
Port Authority of New York & New Jersey AMT	5.00%	1/15/2038	AA-			1,000,000		1,111,318
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2033	AA-			6,920,000		7,916,560
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2037	AA-			2,420,000		2,586,830
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2037	AA-	(b)		4,000,000		4,446,968
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2038	AA-			3,250,000		3,463,494
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2039	AA-			3,330,000		3,535,556
Port of Portland Airport Revenue OR AMT	5.25%	7/1/2039	AA-	(b)		3,500,000		3,937,797
Puerto Rico Highway & Transportation Authority	Zero Coupon	7/1/2032	NR			520,276		325,173
Puerto Rico Highway & Transportation Authority	Zero Coupon	7/1/2053	NR			889,979		520,627
Puerto Rico Highway & Transportation Authority	5.00%	7/1/2062	NR			800,592		760,562
Regional Transportation District-Denver Transit Partners CO	4.00%	1/15/2033	Baa1			850,000		871,386
Regional Transportation District-Denver Transit Partners CO	4.00%	7/15/2034	Baa1			7,650,000		7,788,354

See Notes to Financial Statements. 71

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
Regional Transportation District- Denver Transit Partners CO	4.00%	7/15/2036	Baa1	$	700,000	$	699,146
Regional Transportation District- Denver Transit Partners CO	5.00%	1/15/2032	Baa1		950,000		1,046,753
Riverside County Transportation Commission CA	4.00%	6/1/2040	A		2,000,000		1,986,020
San Diego County Regional Airport Authority CA	4.00%	7/1/2037	A		2,000,000		2,035,322
San Diego County Regional Airport Authority CA	4.00%	7/1/2038	A		2,000,000		2,033,460
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%	5/1/2036	A+		4,245,000		4,562,908
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%	5/1/2036	A+		3,195,000		3,434,274
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%	5/1/2037	A+		4,065,000		4,341,550
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%	5/1/2038	A+		6,015,000		6,387,498
San Joaquin Hills Transportation Corridor Agency CA	4.00%	1/15/2034	A		3,250,000		3,421,789
San Joaquin Hills Transportation Corridor Agency CA	4.00%	1/15/2034	A		3,130,000		3,295,446
South Carolina Ports Authority AMT	5.00%	7/1/2032	A+		4,225,000		4,640,307
State of Alabama Docks Department (AGM) AMT	5.00%	10/1/2026	AA		1,250,000		1,322,355
State of Alabama Docks Department (AGM) AMT	5.00%	10/1/2027	AA		2,000,000		2,140,661
State of Alabama Docks Department (AGM) AMT	5.00%	10/1/2028	AA		4,710,000		5,023,700
State of Alabama Docks Department (AGM) AMT	5.00%	10/1/2029	AA		3,500,000		3,723,077
State of Alaska International Airports System	5.00%	10/1/2024	A1		750,000		775,408
State of Alaska International Airports System	5.00%	10/1/2028	A1		2,000,000		2,118,614
State of Connecticut Special Tax Revenue	4.00%	5/1/2039	AA		10,000,000		10,187,915

72 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
State of Hawaii Airports System Revenue AMT	5.00%		7/1/2031	AA-	$	1,275,000	$	1,375,910
State of Hawaii Airports System Revenue AMT	5.00%		7/1/2033	AA-		3,300,000		3,550,068
State of Hawaii Airports System Revenue AMT	5.00%		7/1/2034	AA-		2,000,000		2,143,964
State of Illinois GO	5.00%		11/1/2025	A-		2,000,000		2,099,989
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%		12/31/2033	Baa2		6,500,000		6,556,345
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%		12/31/2034	Baa2		6,500,000		6,506,033
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%		12/31/2035	Baa2		6,000,000		5,923,000
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%		6/30/2036	Baa2		4,125,000		4,043,147
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%		12/31/2036	Baa2		5,500,000		5,352,392
Triborough Bridge & Tunnel Authority NY	5.00%		8/15/2024	NR		20,000,000		20,621,872
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%		7/1/2032	BBB		2,050,000		2,238,325
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%		1/1/2034	BBB		14,105,000		15,310,931
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%		7/1/2036	BBB		7,465,000		7,894,140
Wayne County Airport Authority MI†	4.00%		12/1/2027	A1		10,630,000		10,985,944
Wayne County Airport Authority MI AMT	5.00%		12/1/2026	A1		1,590,000		1,657,118
Wayne County Airport Authority MI AMT	5.00%		12/1/2027	A1		2,000,000		2,083,210
Total								986,048,032
Utilities 13.27%
Albuquerque Bernalillo County Water Utility Authority NM	5.00%		7/1/2024	AA		2,645,000		2,723,485
Amelia County Industrial Development Authority-Waste Mgmt Inc. VA AMT	1.45%		4/1/2027	A-		2,500,000		2,242,907
Bartow County Development Authority-Georgia Power Company	2.875%	#(a)	8/1/2043	BBB+		6,500,000		6,373,938

See Notes to Financial Statements. 73

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities (continued)
Black Belt Energy Gas District AL	4.00%	#(a)	7/1/2052	Aa1	$	6,000,000	$	6,002,525
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2		15,220,000		15,031,905
Black Belt Energy Gas District AL	4.00%	#(a)	12/1/2052	Baa1		22,935,000		22,244,714
California Pollution Control Financing Authority-Poseidon Resources†	5.00%		7/1/2039	Baa3		5,000,000		5,124,919
California Pollution Control Financing Authority-Poseidon Resources AMT†	5.00%		7/1/2037	Baa3		5,570,000		5,571,567
California Pollution Control Financing Authority-Republic Services Inc AMT†	3.50%	#(a)	8/1/2023	BBB+		8,750,000		8,748,662
Chautauqua County Capital Resource Corp.-NRG Energy Inc NY	4.25%	#(a)	4/1/2042	Baa3		5,500,000		5,533,587
City of Chicago Wastewater Transmission Revenue IL	5.00%		1/1/2029	A		4,335,000		4,563,058
City of Chicago Wastewater Transmission Revenue IL	5.00%		1/1/2030	A		6,500,000		6,838,463
City of Chicago Waterworks Revenue IL	5.00%		11/1/2025	A		2,625,000		2,747,940
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2034	AA		6,275,000		6,750,633
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2035	AA		5,000,000		5,352,198
City of Chicago Waterworks Revenue IL (AGM)	5.25%		11/1/2030	AA		5,510,000		6,035,808
City of Houston Combined Utility System Revenue TX	5.00%		11/15/2023	AA		4,000,000		4,058,713
City of Houston Combined Utility System Revenue TX	5.00%		11/15/2026	AA		5,355,000		5,539,879
City of Philadelphia Water & Wastewater Revenue PA	5.00%		11/1/2029	A+		3,185,000		3,517,328
City of Riverside Electric Revenue CA	5.00%		10/1/2037	AA-		4,000,000		4,482,572
City of Riverside Electric Revenue CA	5.00%		10/1/2038	AA-		5,000,000		5,574,684
Cleveland Department of Public Utilities Division of Public Power OH (AGM)	4.00%		11/15/2034	AA		1,000,000		1,049,737
Cleveland Department of Public Utilities Division of Public Power OH (AGM)	4.00%		11/15/2036	AA		1,000,000		1,022,637
County of Miami-Dade Water & Sewer System Revenue FL	5.00%		10/1/2043	AA-		6,485,000		6,919,968
County of Seminole Water & Sewer Revenue FL	5.00%		10/1/2024	AA+		4,000,000		4,140,864
Delaware State Economic Development Authority-NRG Energy Inc	1.25%	#(a)	10/1/2040	BBB-		7,500,000		6,875,695

74 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities (continued)
Delaware State Economic Development Authority-NRG Energy Inc		1.25%	#(a)	10/1/2045	BBB-	$	20,300,000	$	18,610,214
Development Authority of Appling County-Oglethorpe Power Corp GA		1.50%	#(a)	1/1/2038	BBB+		1,250,000		1,191,463
Development Authority of Burke County-Georgia Power Company		2.20%		10/1/2032	BBB+		1,000,000		816,053
Development Authority of Burke County-Georgia Power Company		3.875%	#(a)	10/1/2048	Baa1		8,750,000		8,877,526
Development Authority of Burke County-Georgia Power Company		3.96%	#(a)	9/1/2029	BBB+		1,500,000		1,500,000
Development Authority of Monroe County-Oglethorpe Power Corp GA		1.50%	#(a)	1/1/2039	BBB+		1,875,000		1,787,194
Florida Development Finance Corp.- Waste Pro USA Inc AMT		3.00%		6/1/2032	NR		8,000,000		6,048,111
Guam Government Waterworks Authority		5.00%		7/1/2029	A-		1,000,000		1,015,944
Guam Government Waterworks Authority		5.00%		7/1/2036	A-		1,000,000		1,029,558
Illinois Municipal Electric Agency		5.00%		2/1/2032	A1		3,900,000		4,069,007
Indiana Municipal Power Agency		5.00%		1/1/2033	A+		5,210,000		5,797,695
Indiana Municipal Power Agency		5.00%		1/1/2034	A+		4,000,000		4,440,851
Kansas Development Finance Authority		5.00%		5/1/2036	Aaa		9,765,000		11,643,789
Kentucky Municipal Power Agency		3.45%	#(a)	9/1/2042	Baa1		5,935,000		5,869,771
Kentucky Public Energy Authority		4.00%	#(a)	4/1/2048	A1		3,200,000		3,204,251
Kentucky Public Energy Authority		4.00%	#(a)	1/1/2049	A2		6,375,000		6,372,572
Kentucky Public Energy Authority		4.00%	#(a)	8/1/2052	A1		18,770,000		18,340,276
Long Beach Bond Finance Authority CA	4.689% (3 Mo. LIBOR * .67 + 1.43%		)#	11/15/2026	A2		4,000,000		4,011,587
Long Island Power Authority NY		0.85%	#(a)	9/1/2050	A		6,000,000		5,658,373
Long Island Power Authority NY		1.65%	#(a)	9/1/2049	A		9,500,000		9,271,041
Long Island Power Authority NY		5.00%	#(a)	9/1/2052	A		8,000,000		8,670,344
Louisiana Local Government Environmental Facilities & Community Development Authority		0.875%	#(a)	2/1/2046	A+		16,000,000		15,251,582
Lower Alabama Gas District		5.00%		9/1/2031	A2		3,580,000		3,718,170
Lower Colorado River Authority TX		5.00%		5/15/2036	A		5,055,000		5,582,930
Lower Colorado River Authority TX		5.00%		5/15/2036	A		3,020,000		3,335,400
Lower Colorado River Authority TX (AGM)		5.00%		5/15/2036	AA		7,175,000		8,195,664

See Notes to Financial Statements. 75

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities (continued)
Luzerne County Industrial Development Authority-Pennsylvania-Amern Wtr Co AMT	2.45%	#(a)	12/1/2039	A+	$	4,000,000	$	3,695,282
Main Street Natural Gas, Inc. GA†	4.00%	#(a)	8/1/2052	BBB-		59,750,000		57,007,439
Main Street Natural Gas, Inc. GA	4.00%	#(a)	9/1/2052	A3		30,235,000		29,579,989
Main Street Natural Gas, Inc. GA	5.00%	#(a)	12/1/2052	A3		19,240,000		20,005,361
Maricopa County Pollution Control Corp.-El Paso Electric Company AZ	3.60%		2/1/2040	Baa2		5,085,000		4,539,568
Maricopa County Pollution Control Corp.-El Paso Electric Company AZ	3.60%		4/1/2040	Baa2		3,870,000		3,452,309
Michigan Finance Authority	5.00%		7/1/2034	A+		4,200,000		4,356,861
Michigan Finance Authority	5.00%		7/1/2035	A+		1,835,000		1,899,106
Michigan Finance Authority (AGM)	5.00%		7/1/2037	AA		5,000,000		5,095,978
Missouri Joint Municipal Electric Utility Commission	5.00%		1/1/2025	A2		1,500,000		1,521,967
Modesto Irrigation District CA	5.00%		7/1/2023	A+		1,780,000		1,790,462
Modesto Irrigation District CA	5.00%		7/1/2024	A+		3,720,000		3,742,109
Modesto Irrigation District CA	5.00%		7/1/2025	A+		8,410,000		8,457,374
Montgomery County Industrial Development Authority-Constellation Energy Gen PA	4.10%	#(a)	4/1/2053	Baa2		9,000,000		9,142,324
New York City Municipal Water Finance Authority NY	4.00%		6/15/2037	AA+		3,630,000		3,722,700
Northern California Energy Authority	4.00%	#(a)	7/1/2049	A2		7,500,000		7,512,265
Omaha Public Power District NE	5.00%		2/1/2029	AA		5,000,000		5,362,431
Pennsylvania Economic Development Financing Authority-Waste Mgmt Inc AMT	1.10%	#(a)	6/1/2031	A-		5,000,000		4,485,373
Philadelphia Gas Works Co. PA	5.00%		8/1/2026	A		1,000,000		1,044,481
Philadelphia Gas Works Co. PA	5.00%		8/1/2027	A		1,000,000		1,045,169
Philadelphia Gas Works Co. PA	5.00%		8/1/2028	A		1,250,000		1,357,495
Philadelphia Gas Works Co. PA	5.00%		8/1/2029	A		1,700,000		1,846,088
Philadelphia Gas Works Co. PA	5.00%		8/1/2030	A		1,425,000		1,546,385
Philadelphia Gas Works Co. PA	5.00%		10/1/2033	A		2,390,000		2,531,586
Piedmont Municipal Power Agency SC	4.00%		1/1/2033	A-		7,300,000		7,563,439
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR		13,455,000		11,432,587
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2024	NR		3,430,000		3,459,330

76 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		5.00%		7/1/2025	NR		$	3,500,000	$	3,547,859
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		5.00%		7/1/2030	NR			10,670,000		10,778,946
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		5.00%		7/1/2033	NR			850,000		848,586
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		5.00%		7/1/2033	NR			5,000,000		4,991,682
Puerto Rico Electric Power Authority(c)		5.00%		7/1/2037	D	(b)		1,035,000		742,613
Puerto Rico Electric Power Authority(c)		5.00%		7/1/2042	D	(b)		2,390,000		1,714,825
Puerto Rico Electric Power Authority(c)		7.00%		7/1/2033	D	(b)		4,000,000		2,900,000
Puerto Rico Electric Power Authority(c)		7.00%		7/1/2040	D	(b)		725,000		527,438
Puerto Rico Electric Power Authority (AGM)	3.705% (3 Mo. LIBOR * .67 + .52%		)#	7/1/2029	AA			5,720,000		5,199,998
Salt Verde Financial Corp. AZ		5.25%		12/1/2026	A3			7,500,000		7,845,362
Salt Verde Financial Corp. AZ		5.50%		12/1/2029	A3			5,100,000		5,530,740
South Carolina Public Service Authority		5.00%		12/1/2032	A-			2,670,000		2,972,732
Southeast Energy Authority A Cooperative District AL		5.50%	#(a)	1/1/2053	A1			5,000,000		5,347,546
State of Hawaii Department of Budget & Finance-Hawaiian Electric Co Inc		3.20%		7/1/2039	Baa1			11,120,000		9,471,026
State of Hawaii Department of Budget & Finance-Hawaiian Electric Co Inc AMT		4.00%		3/1/2037	Baa1			3,000,000		2,897,103
Stockton Public Financing Authority CA (BAM)		5.00%		9/1/2024	AA			1,000,000		1,032,721
Tennergy Corp. TN		5.50%	#(a)	10/1/2053	Baa1			15,000,000		15,934,040
Tennessee Energy Acquisition Corp.		5.25%		9/1/2024	A2			8,940,000		9,092,858
Tennessee Energy Acquisition Corp.		5.625%		9/1/2026	BBB	(b)		5,000,000		5,240,501
Texas Municipal Gas Acquisition & Supply Corp. I		5.25%		12/15/2023	A2			2,925,000		2,958,580
Texas Municipal Gas Acquisition & Supply Corp. I		6.25%		12/15/2026	A2			9,825,000		10,340,510
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2032	A3			12,400,000		13,028,933
Texas Municipal Power Agency (AGM)		3.00%		9/1/2034	AA			1,470,000		1,401,361
Texas Municipal Power Agency (AGM)		3.00%		9/1/2036	AA			5,250,000		4,768,839
Texas Water Development Board		3.00%		10/15/2033	AAA			4,000,000		4,034,123

See Notes to Financial Statements. 77

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2030	A-	(b)	$	300,000	$	335,565
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2031	A-	(b)		300,000		334,261
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2032	A-	(b)		500,000		554,487
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2033	A-	(b)		900,000		991,684
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2034	A-	(b)		970,000		1,057,357
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2035	A-	(b)		900,000		972,924
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2037	A-	(b)		675,000		717,978
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2039	A-	(b)		1,400,000		1,479,754
Transbay Joint Powers Authority CA Tax Allocation		5.00%	10/1/2040	A-	(b)		1,500,000		1,577,933
Total									667,744,075
Total Municipal Bonds (cost $5,066,331,732)									4,943,898,567
	Interest Rate#	Interest Rate Reset Date(f)	Final Maturity Date
SHORT-TERM INVESTMENTS 0.85%
VARIABLE RATE DEMAND NOTES 0.85%
Corporate-Backed 0.24%
Columbia Industrial Development Board AL (cost $11,995,000)	3.850%	4/3/2023	12/1/2037	A1			11,995,000		11,995,000
General Obligation 0.14%
City of New York NY GO	3.650%	4/3/2023	6/1/2044	AA			2,600,000		2,600,000
City of New York NY GO	4.150%	4/3/2023	10/1/2046	AA			3,250,000		3,250,000
City of New York NY GO	4.170%	4/3/2023	4/1/2042	AA			1,100,000		1,100,000
Total									6,950,000

78 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2023

Investments	Interest Rate#	Interest Rate Reset Date(f)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue 0.26%
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023	2/1/2045	AAA	$	1,565,000	$	1,565,000
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023	2/1/2045	AAA		11,520,000		11,520,000
Total								13,085,000
Utilities 0.21%
Development Authority of Burke County-Georgia Power Company (cost $10,400,000)	3.960%	4/3/2023	9/1/2041	BBB+		10,400,000		10,400,000
Total Short-Term Investments (cost $42,430,000)								42,430,000
Total Investments in Securities 99.07% (cost $5,108,761,732)								4,986,328,567
Other Assets and Liabilities – Net 0.93%								47,031,076
Net Assets 100.00%							$	5,033,359,643

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMBAC	Insured by–AMBAC Assurance Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
COPs	Certificates of Participation.
FHLMC	Federal Home Loan Mortgage Corporation.
FNMA	Federal National Mortgage Association.
GNMA	Government National Mortgage Association.
GTD	Guaranteed.
LIBOR	London Interbank Offered Rate.
MUNIPSA	SIFMA Municipal Swap Index Yield.
NATL	National Public Finance Guarantee Corporation.
NR	Not Rated.
PSF	Permanent School Fund.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SOFR	Secured Overnight Financing Rate.
TRIPS	Tax Refund Intercept Programs.

#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2023, the total value of Rule 144A securities was $326,684,694, which represents 6.49% of net assets.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	This investment has been rated by Fitch IBCA.
(c)	Defaulted (non-income producing security).
(d)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(e)	Securities purchased on a when-issued basis (See Note 2(g)).
(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 or weekly based on the SIFMA Municipal Swap Index.

See Notes to Financial Statements. 79

Schedule of Investments (unaudited)(concluded)

INTERMEDIATE TAX FREE FUND March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds
Corporate-Backed	$	–	$	507,340,282	$	7,741,473	$	515,081,755
Education		–		326,249,179		10,133,662		336,382,841
General Obligation		–		1,089,326,741		2,064,467		1,091,391,208
Health Care		–		524,153,403		4,429,893		528,583,296
Remaining Industries		–		2,472,459,467		–		2,472,459,467
Short-Term Investments
Variable Rate Demand Notes		–		42,430,000		–		42,430,000
Total	$	–	$	4,961,959,072	$	24,369,495	$	4,986,328,567

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.

80 See Notes to Financial Statements.

Schedule of Investments (unaudited)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 99.85%
MUNICIPAL BONDS 99.85%
Corporate-Backed 9.66%
Arkansas Development Finance Authority-Big River Steel LLC AMT†	4.50%		9/1/2049	Ba2	$	6,000,000	$	5,392,309
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2		5,300,000		5,234,500
California Pollution Control Financing Authority-Poseidon Resources AMT†	5.00%		11/21/2045	Baa3		15,775,000		15,357,160
California Pollution Control Financing Authority-Waste Mgmt Inc AMT	4.30%		7/1/2040	A-		2,575,000		2,602,840
Chandler Industrial Development Authority-Intel Corporation AZ AMT	5.00%	#(a)	9/1/2052	A		11,000,000		11,531,686
City of Valparaiso-Pratt Paper LLC IN AMT	7.00%		1/1/2044	NR		2,000,000		2,043,099
City of Whiting-BP Prods North America IN AMT	3.00%		11/1/2051	A2		5,000,000		3,481,701
City of Whiting-BP Prods North America IN AMT	4.40%	#(a)	3/1/2046	A2		4,000,000		4,077,177
County of Richland-International Paper Co SC	3.875%		4/1/2023	BBB		6,625,000		6,625,000
Fort Bend County Industrial Development Corp.-NRG Energy Inc TX	4.75%		5/1/2038	Baa2		3,500,000		3,460,328
Fort Bend County Industrial Development Corp.-NRG Energy Inc TX	4.75%		11/1/2042	Baa2		1,370,000		1,347,766
Hoover Industrial Development Board-US Steel Corporation AL AMT	5.75%		10/1/2049	BB-		1,100,000		1,123,254
Indiana Finance Authority-Ohio Valley Electric Corp	3.00%		11/1/2030	Baa3		3,600,000		3,346,198
Indiana Finance Authority-US Steel Corporation	4.125%		12/1/2026	BB-		1,625,000		1,590,641
Industrial Pollution Control Financing Authority of Gloucester County-Logan Generating Co LP NJ AMT	5.00%		12/1/2024	NR		415,000		420,908
Iowa Finance Authority-Howmet Aerospace Inc	4.75%		8/1/2042	BB+		5,000,000		4,768,449
Iowa Finance Authority-Iowa Fertilizer Co LLC	4.00%	#(a)	12/1/2050	BBB-		4,600,000		4,484,547
Iowa Finance Authority-Iowa Fertilizer Co LLC	5.00%	#(a)	12/1/2050	BBB-		17,500,000		17,347,493
Iowa Finance Authority-Iowa Fertilizer Co LLC	5.00%		12/1/2050	BBB-		23,395,000		22,811,590

See Notes to Financial Statements. 81

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Louisiana Local Government Environmental Facilities & Community Development Authority-Entergy Louisiana LLC	2.50%		4/1/2036	A	$	8,390,000	$	6,976,908
Louisiana Local Government Environmental Facilities & Community Development Authority-Westlake Chemical Corp	3.50%		11/1/2032	BBB		10,955,000		10,093,998
Love Field Airport Modernization Corp.-Southwest Airlines Co TX	5.00%		11/1/2028	Baa1		3,345,000		3,345,254
Maricopa County Industrial Development Authority-Commercial Metals Co AZ AMT†	4.00%		10/15/2047	BB+		2,000,000		1,659,753
Maryland Economic Development Corp.(b)	5.00%		12/1/2016	NR		855,000		513,000
Maryland Economic Development Corp.-Air Cargo Obligated Group AMT	4.00%		7/1/2039	BBB		5,625,000		5,207,446	(c)
Matagorda County Navigation District No. 1-Aep Texas Inc	2.60%		11/1/2029	A-		11,100,000		10,036,327
Mission Economic Development Corp.-Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		5,250,000		5,132,846
New Hampshire Business Finance Authority	4.125%		1/20/2034	BBB		6,867,556		6,850,443
New Hampshire Business Finance Authority-Covanta Holding Corp†	4.625%		11/1/2042	B		1,500,000		1,256,642	(c)
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	3.75%	#(a)	7/1/2045	B		1,315,000		993,854
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	4.875%		11/1/2042	B		5,000,000		4,331,070
New Hampshire Business Finance Authority-New York St Elec & Gas AMT	4.00%		12/1/2028	A-		5,000,000		5,104,631
New Jersey Economic Development Authority-United Airlines Inc	5.25%		9/15/2029	BB-		6,750,000		6,762,737
New York City Industrial Development Agency-TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		11,005,000		11,011,342
New York Liberty Development Corp.	3.00%		11/15/2051	A+		9,295,000		6,617,808
New York Liberty Development Corp.-7 World Trade Center II	3.00%		9/15/2043	Aaa		27,780,000		23,089,039
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	3.125%	#(a)	12/1/2044	B+		3,000,000		2,805,755
New York Transportation Development Corp.-American Airlines Inc AMT	5.25%		8/1/2031	B-		970,000		1,001,460
New York Transportation Development Corp.-American Airlines Inc AMT	5.375%		8/1/2036	B-		1,500,000		1,536,635

82 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount			Fair Value
Corporate-Backed (continued)
Niagara Area Development Corp.-Covanta Holding Corp NY†	3.50%		11/1/2024	B1	$	2,500,000	$	2,439,387
Niagara Area Development Corp.-Covanta Holding Corp NY AMT†	4.75%		11/1/2042	B1		5,000,000		4,259,938
Ohio Air Quality Development Authority-American Electric Pwr Co AMT	2.10%	#(a)	4/1/2028	BBB+		6,495,000		6,323,670
Ohio Air Quality Development Authority-American Electric Pwr Co AMT	2.10%	#(a)	7/1/2028	BBB+		5,000,000		4,868,106
Ohio Air Quality Development Authority-AMG Vanadium LLC AMT†	5.00%		7/1/2049	B-		4,630,000		4,185,219
Parish of St. James-Nustar Logistics LP LA†	5.85%	#(a)	8/1/2041	BB-		1,000,000		1,026,368
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	12/1/2040	BB-		3,250,000		3,497,048
Parish of St. James-Nustar Logistics LP LA†	6.35%		7/1/2040	BB-		3,250,000		3,504,951
Parish of St. James-Nustar Logistics LP LA†	6.35%		10/1/2040	BB-		2,500,000		2,696,117
Parish of St. John the Baptist-Marathon Oil Corporation LA	2.10%	#(a)	6/1/2037	BBB-		8,000,000		7,811,776
Parish of St. John the Baptist-Marathon Oil Corporation LA(d)	4.05%	#(a)	6/1/2037	BBB-		7,750,000		7,750,000
Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT†	3.25%		8/1/2039	B		5,535,000		4,010,834
Phenix City Industrial Development Board-Westrock Coated Baord LLC AL AMT	4.125%		5/15/2035	BBB		2,945,000		2,885,718
Phenix City Industrial Development Board AL	3.625%		5/15/2030	BBB		3,050,000		2,959,454
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	3.00%		1/1/2050	NR		5,500,000		3,275,090
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	4.00%		1/1/2050	NR		3,150,000		2,289,307
Public Finance Authority-Ameream LLC WI†	5.00%		12/1/2027	NR		1,455,000		1,299,287
Public Finance Authority-Ameream LLC WI†	6.50%		12/1/2037	NR		3,000,000		2,624,324
Public Finance Authority-Celanese US Holdings LLC WI	4.05%		11/1/2030	BBB-		500,000		479,472	(c)

See Notes to Financial Statements. 83

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity  Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Public Finance Authority-Celanese US Holdings LLC WI AMT	5.00%		1/1/2024	BBB-	$	5,000,000	$	5,019,866
Public Finance Authority-Red River Valley Alliance WI AMT	4.00%		9/30/2051	Baa3		14,250,000		11,789,443
Public Finance Authority-TRIPS Obligated Group WI AMT	5.00%		7/1/2042	BBB+		5,250,000		5,243,576
Salem County Pollution Control Financing Authority-Chambers Cogeneration LP NJ AMT	5.00%		12/1/2023	NR		3,400,000		3,430,992
Selma Industrial Development Board-International Paper Co AL	2.00%	#(a)	11/1/2033	BBB		2,000,000		1,924,740
South Carolina Jobs-Economic Development Authority-International Paper Co AMT	4.00%	#(a)	4/1/2033	Baa2		5,250,000		5,254,385
Sumter County Industrial Development Authority-Enviva Inc AL AMT	6.00%	#(a)	7/15/2052	B+		10,000,000		9,020,911
Tuscaloosa County Industrial Development Authority-Hunt Refining Company AL†	4.50%		5/1/2032	NR		3,503,450		3,070,211
Tuscaloosa County Industrial Development Authority-Hunt Refining Company AL†	5.25%		5/1/2044	NR		5,000,000		4,109,465
Virginia Small Business Financing Authority-Covanta Holding Corp AMT†	5.00%	#(a)	1/1/2048	B		910,000		832,603
West Pace Cooperative District AL(b)	9.125%		5/1/2039	NR		4,900,000		3,724,000	(c)
Total								352,979,852
Education 6.47%
Build NYC Resource Corp.-Kipp NYC Public Chtr Schs NY	5.25%		7/1/2052	BBB-		4,000,000		4,133,446
California Educational Facilities Authority-Chapman University	5.00%		4/1/2045	A2		5,000,000		5,101,802
California School Finance Authority-Green Dot Public Schs Obg†	5.00%		8/1/2045	BBB-		1,500,000		1,505,868
California School Finance Authority-Kipp Socal Pub Schs Obl†	5.00%		7/1/2047	BBB		2,050,000		2,079,851
Camden County Improvement Authority-Kipp Cooper Norcross Obl NJ	6.00%		6/15/2062	BBB		2,540,000		2,701,733
Capital Trust Agency, Inc.-Advantage Admy Oblig Grp FL	5.00%		12/15/2049	Baa3		1,000,000		968,444
Capital Trust Agency, Inc.-Advantage Admy Oblig Grp FL	5.00%		12/15/2054	Baa3		1,030,000		985,446

84 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.75%	4/1/2048	A	(e)	$	7,250,000	$	7,905,718
Chicago Board of Education Dedicated Capital Improvement Tax IL (BAM)	5.00%	4/1/2045	NR			2,500,000		2,615,057
Chicago Board of Education IL GO	4.00%	12/1/2047	BB+			11,885,000		10,061,833
Chicago Board of Education IL GO	5.00%	12/1/2044	BB+			1,750,000		1,738,438
Connecticut State Health & Educational Facilities Authority-Quinnipiac University	5.25%	7/1/2053	A3			15,000,000		16,309,319
County of Carroll-Kentucky Utilities Co AMT	2.125%	10/1/2034	A1			7,500,000		6,025,087
Dutchess County Local Development Corp.-Bard College NY†	5.00%	7/1/2045	BBB-			1,000,000		1,007,960
Dutchess County Local Development Corp.-Bard College NY†	5.00%	7/1/2051	BBB-			1,500,000		1,496,729
Florida Higher Educational Facilities Financial Authority-Nova Southeastern Univ	5.00%	4/1/2033	A-			1,475,000		1,544,900
Florida Higher Educational Facilities Financial Authority-Nova Southeastern Univ	5.00%	4/1/2036	A-			2,000,000		2,077,885
Illinois Finance Authority	4.00%	9/1/2037	Ba2			3,135,000		2,629,569
Illinois Finance Authority	4.00%	9/1/2039	Ba2			4,295,000		3,503,307
Illinois Finance Authority-Illinois Inst of Tech	5.00%	9/1/2040	Ba2			2,020,000		1,859,172
Illinois Finance Authority-University of Chicago	5.25%	5/15/2048	Aa2			7,500,000		8,512,496
Iowa Higher Education Loan Authority-Des Moines Univ Osteopath	5.00%	10/1/2038	BBB+			2,730,000		2,875,121
Iowa Higher Education Loan Authority-Des Moines Univ Osteopath	5.00%	10/1/2039	BBB+			2,870,000		3,009,495
Iowa Higher Education Loan Authority-Des Moines Univ Osteopath	5.00%	10/1/2040	BBB+			3,535,000		3,688,227
Iowa Higher Education Loan Authority-Des Moines Univ Osteopath	5.00%	10/1/2047	BBB+			1,800,000		1,842,184
Louisiana Public Facilities Authority	4.00%	4/1/2050	A+			11,540,000		11,302,129
Maricopa County Pollution Control Corp.-Southern CA Edison Co AZ	2.40%	6/1/2035	A2			8,255,000		6,558,623
Massachusetts Development Finance Agency-Franklin W Olin College	5.00%	11/1/2038	A			5,000,000		5,035,176

See Notes to Financial Statements. 85

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
Massachusetts Development Finance Agency-Springfield College	4.00%	6/1/2035	BBB	$	1,900,000	$	1,844,833
Massachusetts Development Finance Agency-Suffolk University	5.00%	7/1/2032	Baa2		3,750,000		3,980,901
Massachusetts Development Finance Agency-Suffolk University	5.00%	7/1/2033	Baa2		1,250,000		1,321,834
Massachusetts Development Finance Agency-Suffolk University	5.00%	7/1/2034	Baa2		1,600,000		1,687,011
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd-Lipscomb University Oblig TN	5.25%	10/1/2058	BBB-		6,065,000		6,074,178
Miami-Dade County Educational Facilities Authority-University of Miami FL	5.00%	4/1/2053	A2		5,000,000		5,209,937
Montebello Unified School District CA GO (AGM)	5.50%	8/1/2047	AA		6,500,000		7,281,444
New York State Dormitory Authority-Icahn Sch of Med Mt Sinai	5.00%	7/1/2040	A-		5,000,000		5,106,252
New York State Dormitory Authority-The New School	4.00%	7/1/2047	A3		4,370,000		4,035,912
New York State Dormitory Authority-The New School	4.00%	7/1/2052	A3		3,500,000		3,159,403
New York State Dormitory Authority-Touro Clg & Univ Sys	5.50%	1/1/2039	NR		2,450,000		2,536,956
New York State Dormitory Authority-Yeshiva University	5.00%	7/15/2042	BBB-		3,720,000		3,794,659
New York State Dormitory Authority-Yeshiva University	5.00%	7/15/2050	BBB-		8,000,000		8,018,640
Ohio State University	4.00%	12/1/2048	Aa1		5,350,000		5,280,529
Onondaga County Trust for Cultural Resources-Syracuse University NY	5.00%	12/1/2043	AA-		8,000,000		8,716,132
Private Colleges & Universities Authority-Savannah Clg Art/Design GA	4.00%	4/1/2044	A2		6,205,000		6,004,157
Public Finance Authority-Wingate University WI	5.25%	10/1/2038	BBB-		2,220,000		2,246,720
Public Finance Authority-Wingate University WI	5.25%	10/1/2043	BBB-		1,000,000		991,159
Town of Davie-Nova Southeastern Univ FL	5.00%	4/1/2048	A-		3,000,000		3,090,460
University of California	3.00%	5/15/2051	AA-		11,090,000		8,868,615
University of Connecticut	5.25%	11/15/2047	Aa3		8,080,000		8,702,425

86 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
University of Illinois (AGM)	4.00%		4/1/2038	AA	$	4,965,000	$	4,934,864
University of North Carolina at Wilmington	5.00%		6/1/2037	A1		7,055,000		7,245,657
Vermont Educational & Health Buildings Financing Agency-Middlebury College	4.00%		11/1/2050	AA		4,625,000		4,491,769
West Virginia Economic Development Authority-Wheeling Power Co AMT	3.00%	#(a)	6/1/2037	A-		2,800,000		2,735,505
Total								236,434,967
Energy 0.86%
Main Street Natural Gas, Inc. GA	5.00%		5/15/2038	A3		3,745,000		3,875,024
New Mexico Municipal Energy Acquisition Authority	5.00%	#(a)	11/1/2039	Aa1		10,000,000		10,271,991
PEFA, Inc. IA	5.00%	#(a)	9/1/2049	A3		16,865,000		17,208,186
Total								31,355,201
Financial Services 0.14%
Massachusetts Educational Financing Authority AMT	4.125%		7/1/2046	BBB		5,755,000		5,133,685
General Obligation 16.26%
Black Belt Energy Gas District AL	5.25%	#(a)	2/1/2053	A1		7,500,000		7,903,768
California Community Choice   Financing Authority	5.25%	#(a)	1/1/2054	Baa1		29,425,000		30,134,366
Chicago Board of Education IL GO	5.00%		12/1/2029	BB+		2,000,000		2,086,892
Chicago Board of Education IL GO	5.00%		12/1/2030	BB+		2,070,000		2,154,299
Chicago Board of Education IL GO	5.00%		12/1/2031	BB+		1,000,000		1,039,848
Chicago Board of Education IL GO	5.00%		12/1/2032	BB+		1,250,000		1,304,608
Chicago Board of Education IL GO	5.00%		12/1/2033	BB+		1,750,000		1,820,237
Chicago Board of Education IL GO	5.00%		12/1/2046	BB+		2,000,000		1,980,698
Chicago Board of Education IL GO	6.50%		12/1/2046	BB+		1,100,000		1,160,299
Chicago Board of Education IL GO†	7.00%		12/1/2046	BB+		1,200,000		1,302,679
Chicago Board of Education IL GO (NATL)	Zero Coupon		12/1/2030	Baa2		1,765,000		1,309,886
Chicago O’Hare International Airport IL AMT	5.00%		1/1/2052	A+		9,375,000		9,502,607
City of Chicago IL GO	4.00%		1/1/2032	BBB+		9,500,000		9,530,048
City of Chicago IL GO	4.00%		1/1/2035	BBB+		4,610,000		4,527,553
City of Chicago IL GO	5.00%		1/1/2026	BBB+		6,145,000		6,364,104
City of Chicago IL GO	5.50%		1/1/2034	BBB+		2,400,000		2,461,618
City of Chicago IL GO	5.50%		1/1/2037	BBB+		2,745,000		2,802,578

See Notes to Financial Statements. 87

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
City of Chicago IL GO		5.50%		1/1/2039	BBB+	$	2,125,000	$	2,315,493
City of Chicago IL GO		5.50%		1/1/2040	BBB+		2,500,000		2,541,772
City of Chicago IL GO		5.50%		1/1/2042	BBB+		5,000,000		5,072,446
City of Chicago IL GO		5.50%		1/1/2049	BBB+		13,265,000		13,887,522
City of Chicago IL GO		6.00%		1/1/2038	BBB+		19,430,000		20,773,596
City of New York NY GO		3.65%	#(a)	3/1/2040	AA		3,720,000		3,720,000
City of New York NY GO		5.00%		8/1/2027	AA		6,575,000		6,621,499
City of New York NY GO		5.25%		9/1/2043	AA		6,500,000		7,343,017
City of New York NY GO		5.50%		5/1/2046	AA		2,675,000		3,081,429
City of New York NY GO TCRS (BAM)		3.00%		3/1/2051	AA		5,000,000		3,829,179
City of Philadelphia PA GO		5.00%		8/1/2036	A		8,990,000		9,677,191
City of Philadelphia PA GO		5.00%		8/1/2037	A		3,250,000		3,483,549
Clark County School District NV GO (AGM)		4.00%		6/15/2038	AA		1,200,000		1,218,877
Clark County School District NV GO (AGM)		4.00%		6/15/2040	AA		1,975,000		1,981,702
Commonwealth of Pennsylvania GO		4.00%		9/15/2030	Aa3		10,000,000		10,420,167
Commonwealth of Pennsylvania GO		4.00%		3/1/2037	Aa3		4,255,000		4,371,836
Commonwealth of Puerto Rico GO	Zero Coupon		#(a)	11/1/2043	NR		1,744,953		761,236
Commonwealth of Puerto Rico GO		4.00%		7/1/2037	NR		5,034,693		4,273,051
Commonwealth of Puerto Rico GO		4.00%		7/1/2046	NR		10,000,000		7,824,593
Commonwealth of Puerto Rico GO		5.25%		7/1/2023	NR		1,706,025		1,708,587
Commonwealth of Puerto Rico GO		5.375%		7/1/2025	NR		5,160,996		5,243,780
Commonwealth of Puerto Rico GO		5.625%		7/1/2027	NR		407,273		421,259
County of Anne Arundel MD GO		3.00%		10/1/2044	Aaa		7,415,000		6,161,362
County of Cook IL GO		5.00%		11/15/2030	A+		1,000,000		1,074,809
County of Cook IL GO		5.00%		11/15/2031	A+		2,150,000		2,308,541
County of Cook IL GO		5.00%		11/15/2035	A+		1,000,000		1,044,668
County of Luzerne PA GO (AGM)		5.00%		11/15/2029	AA		4,215,000		4,443,102
County of Pasco FL (AGM)		5.75%		9/1/2054	A1		4,770,000		5,322,185
Forney Independent School District TX GO (PSF GTD)		3.00%		2/15/2045	AAA		6,050,000		4,936,856
Hudson Yards Infrastructure Corp. NY		4.00%		2/15/2044	Aa2		9,400,000		9,263,160
Irvine Unified School District CA Special Tax (BAM)		5.00%		9/1/2056	AA		500,000		528,239
King County Public Hospital District No. 4 WA GO		5.00%		12/1/2038	NR		5,000,000		5,017,359
Main Street Natural Gas, Inc. GA		4.00%	#(a)	7/1/2052	Aa1		10,945,000		10,945,645
Main Street Natural Gas, Inc. GA		5.00%		5/15/2027	A3		4,500,000		4,633,007
Main Street Natural Gas, Inc. GA		5.00%		5/15/2029	A3		2,940,000		3,059,565

88 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
Main Street Natural Gas, Inc. GA		5.00%	#(a)	6/1/2053	A3	$	14,000,000	$	14,613,228
Metropolitan Pier & Exposition Authority IL		4.00%		6/15/2050	A		4,500,000		3,923,517
New Jersey Transportation Trust Fund Authority	Zero Coupon			12/15/2029	A3		15,365,000		12,242,946
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2048	A3		5,000,000		5,294,430
New York City Transitional Finance Authority Future Tax Secured Revenue NY		4.00%		2/1/2051	Aa1		10,000,000		9,666,748
New York City Transitional Finance Authority Future Tax Secured Revenue NY		5.00%		2/1/2044	Aa1		15,000,000		16,653,027
New York City Transitional Finance Authority Future Tax Secured Revenue NY		5.50%		11/1/2045	AAA		7,500,000		8,673,554
New York State Dormitory Authority		4.00%		3/15/2047	AA+		5,705,000		5,562,086
New York State Dormitory Authority		4.00%		3/15/2049	AA+		5,000,000		4,819,891
New York State Thruway Authority		3.00%		3/15/2048	AA+		14,435,000		11,349,579
New York State Thruway Authority		3.00%		3/15/2049	AA+		7,085,000		5,526,980
Pennsylvania Economic Development Financing Authority AMT		5.25%		6/30/2053	Baa2		10,000,000		10,151,434
Pennsylvania Economic Development Financing Authority AMT		6.00%		6/30/2061	Baa2		17,500,000		19,207,351
San Diego Public Facilities Financing Authority CA(d)		4.00%		10/15/2048	AA-		4,600,000		4,512,935
San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA		3.00%		7/1/2044	AA+		6,505,000		5,487,822
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT		5.25%		5/1/2042	A+		4,000,000		4,161,848
School District of Philadelphia PA GO		4.00%		9/1/2038	A1		2,200,000		2,201,809
School District of Philadelphia PA GO		4.00%		9/1/2039	A1		5,600,000		5,568,509
School District of Philadelphia PA GO		5.00%		9/1/2037	A1		1,200,000		1,252,331
Southwest Local School District/Hamilton County OH GO		4.00%		1/15/2055	Aa2		7,000,000		6,699,630
State of California GO		4.00%		9/1/2037	Aa2		5,000,000		5,107,315
State of California GO		5.00%		8/1/2038	Aa2		3,700,000		3,941,236
State of California GO		5.25%		8/1/2032	Aa2		7,500,000		7,969,870
State of Connecticut GO		3.00%		1/15/2034	AA-		7,475,000		7,357,710
State of Connecticut GO		3.00%		1/15/2038	AA-		11,425,000		10,363,977
State of Connecticut GO		3.00%		6/1/2038	AA-		1,875,000		1,695,411

See Notes to Financial Statements. 89

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
State of Connecticut GO	4.00%		6/1/2037	AA-	$	1,000,000	$	1,032,168
State of Connecticut GO	4.00%		6/15/2037	AA-		975,000		994,029
State of Connecticut GO	4.00%		6/1/2039	AA-		600,000		609,714
State of Connecticut GO	5.00%		4/15/2036	AA-		1,150,000		1,285,418
State of Connecticut GO	5.00%		6/15/2038	AA-		1,000,000		1,083,687
State of Connecticut GO	5.00%		4/15/2039	AA-		1,650,000		1,800,730
State of Illinois GO	4.00%		10/1/2032	A-		2,000,000		2,109,458
State of Illinois GO	4.00%		10/1/2033	A-		2,500,000		2,599,707
State of Illinois GO	4.00%		10/1/2038	A-		2,500,000		2,469,751
State of Illinois GO	4.00%		10/1/2039	A-		7,500,000		7,324,222
State of Illinois GO	5.00%		1/1/2035	A-		6,200,000		6,442,053
State of Illinois GO	5.00%		12/1/2035	A-		2,145,000		2,273,378
State of Illinois GO	5.00%		5/1/2038	A-		4,515,000		4,780,889
State of Illinois GO	5.00%		1/1/2041	A-		3,580,000		3,662,517
State of Illinois GO	5.50%		5/1/2030	A-		4,095,000		4,612,376
State of Illinois GO	5.50%		7/1/2033	A-		9,470,000		9,510,185
State of Illinois GO	5.50%		7/1/2038	A-		5,345,000		5,361,088
State of Illinois GO	5.50%		5/1/2039	A-		8,250,000		9,133,514
State of Illinois GO	5.50%		10/1/2039	A-		6,000,000		6,807,258
State of Illinois GO	5.50%		3/1/2042	A-		5,250,000		5,846,315
State of Illinois GO	5.50%		3/1/2047	A-		10,950,000		12,077,402
State of Illinois GO	5.75%		5/1/2045	A-		2,600,000		2,867,617
Tennessee Energy Acquisition Corp.	5.00%	#(a)	5/1/2053	A2		17,600,000		18,121,729
Tuscaloosa City Board of Education AL	5.00%		8/1/2046	AA-		5,000,000		5,407,753
Union County Utilities Authority-Covanta Union LLC NJ GTD AMT	4.75%		12/1/2031	AA+		3,920,000		3,925,765
Washington & Multnomah Counties School District No. 48J Beaverton OR GO	5.00%		6/15/2036	AA+		8,000,000		8,620,567
Wilkes-Barre Area School District PA GO (BAM)	5.00%		4/15/2059	AA		2,500,000		2,593,119
Total								594,053,950
Health Care 13.39%
Allegheny County Hospital Development Authority PA	4.00%		4/1/2037	A		3,120,000		3,119,678
Antelope Valley Healthcare District CA	5.00%		3/1/2041	BBB		3,000,000		3,010,952
Antelope Valley Healthcare District CA	5.00%		3/1/2046	BBB		2,615,000		2,566,457
Berks County Industrial Development Authority-Tower Health Oblig Group PA	4.00%		11/1/2038	B		5,000,000		2,813,672

90 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating:   S&P or   Moody’s	Principal Amount		Fair Value
Health Care (continued)
Berks County Industrial Development Authority-Tower Health Oblig Group PA	5.00%		11/1/2036	B	$	5,000,000	$	3,414,897
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%	#(a)	2/1/2040	B		2,680,000		2,467,676
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%	#(a)	2/1/2040	B		605,000		485,335
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%		11/1/2044	B		10,000,000		6,389,037
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%		12/1/2045	BB		2,000,000		1,862,150
California Health Facilities Financing Authority-Cedars-Sinai Med Ctr Oblg	3.00%		8/15/2051	AA-		12,110,000		9,404,983
California Health Facilities Financing Authority-City of Hope Oblig Group	4.00%		11/15/2045	A		7,050,000		6,709,515
California Health Facilities Financing Authority-Sutter Health Oblig Group	4.00%		11/15/2042	A1		2,000,000		1,957,478
California Municipal Finance Authority-Cmnty Hosps Ctrl Grp	5.00%		2/1/2047	A3		6,940,000		7,164,558
California Municipal Finance Authority-Cmnty Hosps Ctrl Grp (AGM)	4.00%		2/1/2051	AA		8,900,000		8,660,402
California Public Finance Authority-Hoag Mem Hosp Oblig Grp	4.00%		7/15/2051	AA		2,000,000		1,978,499
California Statewide Communities Development Authority-Cedars-Sinai Med Ctr	4.00%		7/1/2048	AA-		4,500,000		4,400,412
California Statewide Communities Development Authority-Eskaton Pptys Inc Oblg Gp	5.25%		11/15/2034	BBB-		1,875,000		1,874,908
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.25%		12/1/2043	BB		4,510,000		4,517,470
California Statewide Communities Development Authority-Loma Linda Univ Med Obl	5.50%		12/1/2054	BB		6,875,000		6,880,679
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.50%		12/1/2058	BB		3,375,000		3,375,909
City of Grand Forks-Altru Health System Oblig ND	4.00%		12/1/2046	Baa2		1,125,000		938,566
City of Minneapolis-Fairview Hlth Svcs Oblig MN	5.00%		11/15/2049	BBB+		5,400,000		5,543,185

See Notes to Financial Statements. 91

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Colorado Health Facilities Authority-Adventhealth Oblig Group	4.00%	11/15/2043	AA	$	20,000,000	$	19,447,598
Colorado Health Facilities Authority-Commonspirit Hlth Oblig	4.00%	8/1/2038	A-		1,875,000		1,827,347
Colorado Health Facilities Authority-Commonspirit Hlth Oblig	5.00%	8/1/2044	A-		3,000,000		3,097,550
Connecticut State Health & Educational Facilities Authority-Nuvance Health	4.00%	7/1/2041	BBB+		10,920,000		10,037,461
Connecticut State Health & Educational Facilities Authority-Nuvance Health	4.00%	7/1/2049	BBB+		9,325,000		8,067,907
County of Cuyahoga-The Metrohealth System OH	5.00%	2/15/2057	BBB		1,000,000		988,327
County of Cuyahoga-The Metrohealth System OH	5.50%	2/15/2052	BBB		8,925,000		9,127,299
County of Cuyahoga-The Metrohealth System OH	5.50%	2/15/2057	BBB		5,250,000		5,364,489
County of Montgomery-Dayton Childrens Hosp Obl OH	4.00%	8/1/2051	A1		7,000,000		6,719,702
County of Montgomery-Premier Hlth Partners Obl OH	4.00%	11/15/2042	Baa1		5,800,000		5,382,109
County of Muskingum-Genesis Hlthcare Oblig Gp OH	5.00%	2/15/2044	BB+		2,650,000		2,453,901
Crawford County Hospital Authority-Meadville Med Ctr Oblig PA	6.00%	6/1/2046	NR		950,000		972,117
Crawford County Hospital Authority-Meadville Med Ctr Oblig PA	6.00%	6/1/2051	NR		1,115,000		1,133,640
Denver Health & Hospital Authority CO	5.25%	12/1/2045	BBB		700,000		703,745
Duluth Economic Development Authority-Essentia Health Oblig Grp MN	5.00%	2/15/2053	A-		5,000,000		5,096,449
Duluth Economic Development Authority-Essentia Health Oblig Grp MN	5.25%	2/15/2053	A-		2,870,000		2,988,094
Duluth Economic Development Authority-Essentia Health Oblig Grp MN	5.25%	2/15/2058	A-		22,000,000		22,856,330
Duluth Economic Development Authority-St Lukes Hosp Duluth Obl MN	5.25%	6/15/2052	BBB-		5,000,000		5,099,081
Genesee County Funding Corp.-Rochester Regl Health Obl NY	5.25%	12/1/2052	BBB+		4,000,000		4,113,318
Greenville Health System-Prisma Health Oblig Grp SC	5.00%	5/1/2034	A		3,970,000		4,016,077
Hillsborough County Industrial Development Authority-Florida Hlth Sciences Og	4.00%	8/1/2045	Baa1		9,280,000		8,683,645

92 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA	5.00%	7/1/2031	BBB	$	1,000,000	$	1,046,129
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA	5.00%	7/1/2032	BBB		1,000,000		1,044,289
Hospitals & Higher Education Facilities Authority of Philadelphia-Temple Univ Hlth Obl Grp PA	5.00%	7/1/2033	BBB		2,950,000		3,073,451
Illinois Finance Authority-Univ Chicago Med Ctr Og	5.00%	8/15/2052	AA-		15,000,000		15,970,864
Lee Memorial Hlth Sys FL	4.00%	4/1/2049	A+		5,500,000		5,177,650
Martin County Health Facilities Authority-Cleveland Clinic Hlth FL	4.00%	1/1/2046	AA		5,000,000		4,826,820
Maryland Health & Higher Educational Facilities Authority-Adventist Hlthcare	5.50%	1/1/2046	Baa3		16,615,000		16,855,186
Maryland Health & Higher Educational Facilities Authority-Adventist Hlthcare Oblig	5.00%	1/1/2036	Baa3		3,290,000		3,417,217
Maryland Health & Higher Educational Facilities Authority-Doctors Hosp Inc Oblg Grp	5.00%	7/1/2038	A3		7,080,000		7,248,714
Maryland Health & Higher Educational Facilities Authority-Mercy Medical Center	5.00%	7/1/2036	BBB+		1,320,000		1,363,477
Maryland Health & Higher Educational Facilities Authority-Mercy Medical Center	5.00%	7/1/2038	BBB+		2,250,000		2,300,689
Massachusetts Development Finance Agency-Boston Med Ctr Oblig Grp	5.00%	7/1/2031	BBB		1,980,000		2,090,045
Massachusetts Development Finance Agency-Boston Med Ctr Oblig Grp	5.00%	7/1/2035	BBB		5,115,000		5,292,294
Massachusetts Development Finance Agency-Boston Med Ctr Oblig Grp	5.25%	7/1/2048	BBB		2,600,000		2,782,265
Massachusetts Development Finance Agency-Boston Med Ctr Oblig Grp	5.25%	7/1/2052	BBB		2,500,000		2,621,396
Massachusetts Development Finance Agency-Mass General Brigham Inc	4.00%	7/1/2041	AA-		4,000,000		3,967,960
Massachusetts Development Finance Agency-Wellforce	4.00%	7/1/2035	BBB+		2,000,000		1,950,612
Massachusetts Development Finance Agency-Wellforce Obligated Group	5.00%	7/1/2039	BBB+		2,685,000		2,709,330

See Notes to Financial Statements. 93

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Michigan State Hospital Finance Authority-Ascension Hlth Credit Grp	5.00%	11/15/2047	AA+		$	4,000,000	$	4,168,318
Montana Facility Finance Authority-Kalispell Regl Med Ctr Ob	5.00%	7/1/2043	BBB			4,000,000		4,063,930
Montana Facility Finance Authority-Kalispell Regl Med Ctr Ob	5.00%	7/1/2048	BBB			5,760,000		5,806,604
Montgomery County Higher Education & Health Authority-Thomas Jefferson Univ Obl PA	4.00%	9/1/2049	A			3,960,000		3,673,125
Montgomery County Industrial Development Authority-Whitemarsh Cont Care Obl PA	5.375%	1/1/2050	NR			1,070,000		894,598
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2029	A-			1,000,000		1,024,399
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2030	A-			580,000		593,801
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2031	A-			1,620,000		1,657,922
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2034	A-			1,100,000		1,123,261
Nebraska Educational Health Cultural & Social Services Finance Authority-Immanuel Retire Comm Obl	4.00%	1/1/2044	AA	(e)		3,500,000		3,478,224
Nebraska Educational Health Cultural & Social Services Finance Authority-Immanuel Retire Comm Obl	4.00%	1/1/2049	AA	(e)		6,500,000		6,356,536
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%	12/1/2031	BBB-			1,300,000		1,323,331
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%	12/1/2040	BBB-			1,300,000		1,272,077
New York State Dormitory Authority-Montefiore Obligated Group	4.00%	8/1/2036	BBB-			1,450,000		1,298,497
New York State Dormitory Authority-Montefiore Obligated Group	4.00%	8/1/2038	BBB-			4,725,000		4,153,591
New York State Dormitory Authority-Montefiore Obligated Group	5.00%	8/1/2028	BBB-			3,055,000		3,130,718
New York State Dormitory Authority-Northwell Hlth Oblig Grp	5.00%	5/1/2052	A-			13,085,000		13,769,030
New York State Dormitory Authority-Northwell Hlth Oblig Grp(f)	5.00%	5/1/2052	A-			33,500,000		35,244,604

94 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Niagara Area Development Corp.-Catholic Hlth Sys Oblig NY	5.00%	7/1/2052	B-	$	1,500,000	$	1,154,333
Oklahoma Development Finance Authority-OU Medicine Obligated Grp	5.50%	8/15/2052	BB-		8,590,000		8,300,957
Oklahoma Development Finance Authority-OU Medicine Obligated Grp (AGM)	4.00%	8/15/2048	AA		4,000,000		3,874,609
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%	10/1/2053	A+		4,000,000		4,251,499
Palomar Health CA-Palomar Health Oblig Grp	5.00%	11/1/2036	BBB		6,025,000		6,203,738
Palomar Health CA-Palomar Health Oblig Grp	5.00%	11/1/2039	BBB		5,500,000		5,608,612
Pennsylvania Economic Development Financing Authority-UPMC Obligated Group	3.00%	10/15/2038	A		4,725,000		4,061,997
Public Finance Authority-Moses Cone Hospital Ob Gp WI	5.00%	10/1/2052	AA-		8,750,000		9,196,878
Public Finance Authority-Proton Intl Alabama LLC WI†(b)	6.85%	10/1/2047	NR		1,410,000		1,042,202
Regents of the University of California Medical Center Pooled Revenue	5.25%	5/15/2038	AA-		660,000		662,031
Roanoke Economic Development Authority-Carilion Clinic VA	3.00%	7/1/2045	AA-		12,950,000		10,436,365
Savannah Hospital Authority-St Joseph’S/Candler GA	4.00%	7/1/2039	A2		4,500,000		4,480,622
Savannah Hospital Authority-St Joseph’S/Candler GA	4.00%	7/1/2043	A2		5,000,000		4,751,998
South Carolina Jobs-Economic Development Authority-Bon Secours Mercy Hlth	5.00%	12/1/2046	A+		8,000,000		8,473,657
State of Ohio-Premier Hlth Partners Obl	4.00%	11/15/2039	Baa1		2,640,000		2,511,575
Tarrant County Cultural Education Finance Corp TX(f)	5.00%	7/1/2053	A1		9,550,000		10,127,990
Vermont Educational & Health Buildings Financing Agency-Univ of VT Hlth	5.00%	12/1/2035	A		4,500,000		4,716,662
Washington Health Care Facilities Authority-Overlake Hosp Med Ctr	5.00%	7/1/2038	A		4,000,000		4,021,858
Westchester County Healthcare Corp. Obl NY	6.00%	11/1/2030	BBB-		105,000		105,202

See Notes to Financial Statements. 95

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
Westchester County Healthcare Corp. Obl NY	6.125%	11/1/2037	BBB-	$	30,000	$	30,080
Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Mem Hosp Obl	5.375%	2/1/2048	Ba2		840,000		792,757
Total							489,289,180
Housing 1.71%
California Housing Finance Agency	3.25%	8/20/2036	BBB		7,348,148		6,743,917
California Municipal Finance Authority-Bowles Hall Foundation	5.00%	6/1/2050	Baa3		1,410,000		1,415,328
California Municipal Finance Authority-Caritas Affordable Hsg	5.25%	8/15/2039	A-		650,000		661,115
CMFA Special Finance Agency CA†	4.00%	12/1/2045	NR		4,000,000		3,166,482
CSCDA Community Improvement Authority CA†	3.125%	8/1/2056	NR		4,500,000		3,077,051
CSCDA Community Improvement Authority CA†	4.00%	9/1/2046	NR		1,000,000		807,203
CSCDA Community Improvement Authority CA†	4.00%	12/1/2056	NR		3,250,000		2,358,434
FHLMC Multifamily VRD Certificates VA	4.60%	12/15/2044	AA+		5,450,000		5,509,611
Industrial Development Authority of the City of Phoenix-Downtown Phoenix Std Hsg AZ	5.00%	7/1/2037	Baa3		1,000,000		1,016,510
Louisiana Public Facilities Authority-Louisianav St Univ & Agric	5.00%	7/1/2059	A3		2,000,000		2,019,905
Maryland Economic Development Corp.	5.75%	7/1/2053	BBB-		2,000,000		2,129,557
Maryland Economic Development Corp.	6.00%	7/1/2058	BBB-		5,000,000		5,416,012
Michigan State Housing Development Authority	3.60%	10/1/2060	AA+		6,115,000		4,833,714
New Hampshire Business Finance Authority	4.00%	10/20/2036	BBB		10,933,595		10,470,820
New Hampshire Business Finance Authority	4.375%	9/20/2036	BBB		5,448,632		5,399,358
New York State Dormitory Authority	3.00%	7/1/2045	Aa3		5,037,000		3,974,635
Toledo-Lucas County Port Authority-CHF-Toledo LLC OH	5.00%	7/1/2034	BBB-		1,000,000		990,602
Toledo-Lucas County Port Authority-CHF-Toledo LLC OH	5.00%	7/1/2039	BBB-		1,500,000		1,462,434
Toledo-Lucas County Port Authority-CHF-Toledo LLC OH	5.00%	7/1/2046	BBB-		1,000,000		938,506	(c)
Total							62,391,194

96 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Lease Obligations 3.29%
Illinois Sports Facilities Authority (AGM)		5.00%	6/15/2027	AA	$	3,500,000	$	3,567,133
Indiana Finance Authority		5.25%	2/1/2032	AA+		5,000,000		5,244,515
Kentucky Bond Development Corp.		4.00%	9/1/2048	A+		6,645,000		6,356,836
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon		12/15/2032	A		3,575,000		2,466,962
Michigan State Building Authority		4.00%	4/15/2054	Aa2		6,500,000		6,278,932
New Jersey Economic Development Authority		5.00%	6/15/2036	A3		1,285,000		1,363,690
New Jersey Economic Development Authority		5.00%	6/15/2041	A3		5,050,000		5,508,731
New Jersey Economic Development Authority		5.00%	6/15/2042	A3		4,930,000		5,470,346
New Jersey Economic Development Authority		5.00%	6/15/2043	A3		4,500,000		4,710,322
New Jersey Economic Development Authority		5.00%	11/1/2044	A3		5,500,000		5,768,292
New Jersey Economic Development Authority		5.00%	6/15/2047	A3		6,050,000		6,244,588
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT		5.625%	1/1/2052	BBB+		7,500,000		7,543,441
New Jersey Educational Facilities Authority		4.00%	9/1/2029	A3		5,445,000		5,493,619
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2028	A3		10,000,000		8,290,929
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2031	A3		1,935,000		1,433,268
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2037	A3		3,390,000		1,810,228
New Jersey Transportation Trust Fund Authority		4.00%	12/15/2031	A3		2,125,000		2,219,460
New Jersey Transportation Trust Fund Authority		5.00%	6/15/2030	A+		3,000,000		3,181,612
New Jersey Transportation Trust Fund Authority		5.00%	6/15/2031	A+		2,400,000		2,542,227
New Jersey Transportation Trust Fund Authority		5.00%	6/15/2033	A3		4,565,000		5,182,937
New Jersey Transportation Trust Fund Authority		5.00%	12/15/2035	A3		4,200,000		4,528,482
New Jersey Transportation Trust Fund Authority		5.00%	12/15/2036	A3		3,500,000		3,743,844

See Notes to Financial Statements. 97

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Lease Obligations (continued)
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2046	A3	$	14,595,000	$	15,166,444
New York City Transitional Finance Authority Building Aid Revenue NY	5.00%		7/15/2035	AA		545,000		596,114
St. Louis Municipal Finance Corp. MO (AGM)	5.00%		10/1/2045	AA		2,500,000		2,654,299
St. Louis Municipal Finance Corp. MO (AGM)	5.00%		10/1/2049	AA		2,625,000		2,769,153
Total								120,136,404
Other Revenue 2.63%
Black Belt Energy Gas District AL	4.00%	#(a)	12/1/2049	A1		4,125,000		4,103,255
California Infrastructure & Economic Development Bank-Acad of Motion Pics oblig	5.00%		11/1/2041	Aa2		2,500,000		2,522,231
California School Finance Authority-Green Dot Public Schs Obg†	5.00%		8/1/2048	BBB-		1,650,000		1,657,397
City of Miami Beach Parking Revenue FL (BAM)	5.00%		9/1/2040	AA		2,000,000		2,074,291
Clifton Higher Education Finance Corp.-Idea Public Schools TX	5.00%		8/15/2042	A-		275,000		275,209
Clifton Higher Education Finance Corp.-Idea Public Schools TX	6.00%		8/15/2043	A-		1,000,000		1,008,108
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	6.125%		8/15/2048	NR		7,825,000		7,876,327
Commonwealth of Puerto Rico	Zero Coupon	#(a)	11/1/2051	NR		5,142,778		2,237,108
District of Columbia-Friendship Pub Chtr Sch DC	5.00%		6/1/2041	BBB		1,935,000		1,954,437
Florida Development Finance Corp.	5.00%		6/15/2050	BBB		2,135,000		2,032,103
Florida Development Finance Corp.	5.00%		6/15/2055	BBB		1,500,000		1,410,468
Grand River Hospital District CO GO (AGM)	5.25%		12/1/2034	AA		1,000,000		1,082,936
Grand River Hospital District CO GO (AGM)	5.25%		12/1/2035	AA		1,000,000		1,075,869
Grand River Hospital District CO GO (AGM)	5.25%		12/1/2037	AA		1,160,000		1,230,812
Illinois Finance Authority-Noble Network Charter Sch	6.125%		9/1/2039	BBB		6,000,000		6,041,751
Indianapolis Local Public Improvement Bond Bank	5.00%		2/1/2031	AA-		7,120,000		7,233,153
Long Beach Bond Finance Authority CA	4.709% (3 Mo. LIBOR *.67 + 1.45%	)#	11/15/2027	A2		9,000,000		8,947,841
Lower Alabama Gas District	4.00%	#(a)	12/1/2050	A2		2,000,000		1,983,138

98 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Other Revenue (continued)
Main Street Natural Gas, Inc. GA	5.00%	5/15/2037	A3	$	2,990,000	$	3,103,455
Main Street Natural Gas, Inc. GA	5.00%	5/15/2043	A3		3,250,000		3,268,297
Main Street Natural Gas, Inc. GA	5.00%	5/15/2049	A3		1,500,000		1,518,722
Maricopa County Industrial Development Authority AZ†	5.00%	7/1/2049	BB+		1,165,000		1,030,060
Michigan Finance Authority-Bradford Academy	4.30%	9/1/2030	NR		300,000		271,848	(c)
Michigan Finance Authority-Bradford Academy	4.80%	9/1/2040	NR		565,000		472,981
Michigan Finance Authority-Bradford Academy	5.00%	9/1/2050	NR		925,000		742,476
Middlesex County Improvement Authority NJ	6.125%	1/1/2025	NR		1,250,000		15,625
Middlesex County Improvement Authority NJ	6.25%	1/1/2037	NR		1,700,000		21,250
M-S-R Energy Authority CA	6.125%	11/1/2029	BBB+		1,965,000		2,148,806
New Jersey Economic Development Authority	5.00%	11/1/2052	A3		11,375,000		11,987,083
New Jersey Economic Development Authority-Friends of Team Acdmy Obg	6.00%	10/1/2043	BBB		3,500,000		3,537,109
Trust for Cultural Resources of The City of New York-Lincoln Ctr Perform Arts NY	4.00%	12/1/2033	A		2,000,000		2,111,059
Trust for Cultural Resources of The City of New York-Lincoln Ctr Perform Arts NY	4.00%	12/1/2035	A		1,750,000		1,813,028
Washington State Convention Center Public Facilities District	4.00%	7/1/2031	NR		10,000,000		9,571,568
Total							96,359,801
Pre-Refunded 0.03%
School District of Philadelphia PA GO	5.00%	9/1/2038	A1		995,000		1,036,770
Special Tax 1.88%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%	5/1/2032	Ba3		1,845,000		1,875,811
Allentown Neighborhood Improvement Zone Development Authority PA���	5.25%	5/1/2042	NR		3,250,000		3,199,850
Atlanta Urban Redevelopment Agency GA†	3.625%	7/1/2042	NR		1,850,000		1,556,123
Atlanta Urban Redevelopment Agency GA†	3.875%	7/1/2051	NR		3,325,000		2,705,927
City of Irvine CA Special Tax	5.00%	9/1/2044	NR		500,000		504,549

See Notes to Financial Statements. 99

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Special Tax (continued)
Commonwealth of Pennsylvania COP		4.00%	7/1/2046	A	$	2,375,000	$	2,254,063
Gramercy Farms Community Development District FL~	Zero Coupon		5/1/2039	NR		2,600,000		1,352,000
Gramercy Farms Community Development District FL(b)		5.25%	5/1/2039	NR		1,340,000		214	(c)
Inland Valley Development Agency CA Tax Allocation		5.25%	9/1/2037	A		4,875,000		4,948,159
New Jersey Economic Development Authority Mtromall Urban		6.50%	4/1/2028	Baa2		2,040,329		2,029,193	(c)
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		3.00%	1/1/2034	AA		1,000,000		947,244
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		3.00%	1/1/2046	AA		11,455,000		8,662,114
Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM)		5.00%	9/1/2030	AA		1,500,000		1,553,440
Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM)		5.00%	9/1/2031	AA		1,400,000		1,450,589
River Islands Public Financing Authority CA Special Tax (AGM)		5.25%	9/1/2052	AA		2,500,000		2,803,343
Riverside County Redevelopment Successor Agency CA Tax Allocation		8.50%	10/1/2041	A		11,195,000		13,442,741
State of Connecticut Special Tax Revenue		5.00%	8/1/2034	AA		3,600,000		3,765,786
State of Connecticut Special Tax Revenue		5.00%	1/1/2037	AA		7,000,000		7,601,431
State of Connecticut Special Tax Revenue		5.00%	1/1/2038	AA		4,250,000		4,594,264
Stone Canyon Community Improvement District MO(b)		5.70%	4/1/2022	NR		1,000,000		260,000
Stone Canyon Community Improvement District MO(b)		5.75%	4/1/2027	NR		1,300,000		338,000
Village Community Development District No. 13 FL		3.00%	5/1/2041	NR		1,250,000		919,439
Village Community Development District No. 13 FL		3.25%	5/1/2052	NR		2,710,000		1,845,080
Total								68,609,360
Tax Revenue 5.22%
Casino Reinvestment Development Authority, Inc. NJ		5.25%	11/1/2039	Baa2		3,300,000		3,339,811

100 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s		Principal  Amount		Fair Value
Tax Revenue (continued)
Casino Reinvestment Development Authority, Inc. NJ		5.25%	11/1/2044	Baa2		$	3,950,000	$	3,982,206
Chicago Board of Education IL		5.00%	4/1/2042	A	(e)		2,685,000		2,703,110
Chicago Transit Authority Sales Tax Receipts Fund IL		5.25%	12/1/2049	AA			10,000,000		10,111,579
City of Reno NV (AGM)		4.00%	6/1/2043	AA			4,725,000		4,611,476
City of Reno NV (AGM)		4.00%	6/1/2046	AA			6,800,000		6,428,243
City of Sparks NV†		2.50%	6/15/2024	Ba1			115,000		112,305
City of Sparks NV†		2.75%	6/15/2028	Ba1			750,000		679,020
Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM)		5.00%	8/1/2042	AA			1,250,000		1,382,368
County of Cook Sales Tax Revenue IL		4.00%	11/15/2034	AA-			3,750,000		3,873,405
Lower Colorado River Authority TX		6.00%	5/15/2052	A			1,700,000		1,980,363
Metropolitan Pier & Exposition Authority IL		5.50%	6/15/2053	A			4,415,000		4,485,466
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon		12/15/2030	A			10,535,000		7,907,363
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon		12/15/2036	A			10,000,000		5,595,606
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon		12/15/2037	A			15,000,000		7,827,655
Metropolitan Pier & Exposition Authority IL TCRS (BAM)		5.00%	6/15/2053	AA			915,000		956,902
New York City Transitional Finance Authority Future Tax Secured Revenue NY		4.00%	5/1/2037	AAA			3,000,000		3,048,766
New York City Transitional Finance Authority Future Tax Secured Revenue NY		4.00%	2/1/2041	AAA			4,500,000		4,498,542
New York City Transitional Finance Authority Future Tax Secured Revenue NY		4.00%	8/1/2042	AAA			1,000,000		994,710
New York City Transitional Finance Authority Future Tax Secured Revenue NY		4.00%	11/1/2042	AAA			5,720,000		5,689,602
New York City Transitional Finance Authority Future Tax Secured Revenue NY		5.00%	2/1/2036	AAA			1,000,000		1,014,172
New York State Dormitory Authority		3.00%	3/15/2050	AA+			5,000,000		3,841,519
New York State Urban Development Corp.		3.00%	3/15/2047	AA+			3,740,000		3,006,423
New York State Urban Development Corp.		3.00%	3/15/2048	AA+			9,590,000		7,638,755
New York State Urban Development Corp.		3.00%	3/15/2050	AA+			7,620,000		5,978,436
New York State Urban Development Corp.		4.00%	3/15/2042	Aa1			5,000,000		4,974,028

See Notes to Financial Statements. 101

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2029	NR	$	1,271,000	$	948,182
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2031	NR		2,122,000		1,418,164
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2033	NR		2,549,000		1,533,093
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2051	NR		2,523,000		491,045
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.329%	7/1/2040	NR		5,803,000		5,295,520
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.329%	7/1/2040	NR		5,253,000		4,793,618
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.536%	7/1/2053	NR		39,000		34,520
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.75%	7/1/2053	NR		10,347,000		9,490,279
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		5.00%	7/1/2058	NR		7,174,000		6,773,489
San Francisco Bay Area Rapid Transit District CA GO		3.00%	8/1/2042	Aaa		5,180,000		4,596,967
San Leandro Unified School District CA GO		5.25%	8/1/2048	AA-		10,500,000		11,824,411
State of Connecticut Special Tax Revenue		4.00%	5/1/2039	AA		3,150,000		3,200,815
Territory of Guam		4.00%	1/1/2042	Ba1		1,500,000		1,361,438
Triborough Bridge & Tunnel Authority NY		5.00%	5/15/2051	AA+		6,555,000		7,054,966
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY		5.25%	5/15/2052	AA+		10,335,000		11,560,474
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY		5.25%	5/15/2057	AA+		2,500,000		2,746,832
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY		5.25%	5/15/2062	AA+		7,905,000		8,652,448
Vermont Student Assistance Corp. AMT		3.375%	6/15/2036	A		2,300,000		2,215,246
Total								190,653,338
Tobacco 2.64%
Buckeye Tobacco Settlement Financing Authority OH		5.00%	6/1/2055	NR		36,945,000		33,501,412
Golden State Tobacco Securitization Corp. CA	Zero Coupon		6/1/2066	NR		50,000,000		5,078,575
Iowa Tobacco Settlement Authority		4.00%	6/1/2049	BBB+		2,000,000		1,762,951
Michigan Finance Authority		4.00%	6/1/2049	BBB+		4,000,000		3,564,192

102 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s		Principal  Amount		Fair Value
Tobacco (continued)
Michigan Finance Authority		5.00%	6/1/2049	BBB+		$	5,355,000	$	5,443,211
Nassau County Tobacco Settlement Corp. NY	Zero Coupon		6/1/2060	NR			20,000,000		1,117,308
Tobacco Securitization Authority of Southern California-San Diego County Tobacco		5.00%	6/1/2048	BBB+			3,500,000		3,625,957
Tobacco Securitization Authority of Southern California-San Diego County Tobacco		5.00%	6/1/2048	BBB-			8,505,000		8,648,899
Tobacco Settlement Financing Corp. LA		5.25%	5/15/2035	A-			2,310,000		2,323,137
Tobacco Settlement Financing Corp. NJ		3.20%	6/1/2027	A			5,000		5,000
Tobacco Settlement Financing Corp. NJ		5.00%	6/1/2031	A			4,605,000		4,982,418
Tobacco Settlement Financing Corp. NJ		5.25%	6/1/2046	BBB+			9,300,000		9,621,659
Tobacco Settlement Financing Corp. VA		5.00%	6/1/2047	B-			7,540,000		7,096,360
TSASC, Inc. NY		5.00%	6/1/2023	B-			3,400,000		3,396,667
TSASC, Inc. NY		5.00%	6/1/2035	A-			1,390,000		1,441,221
TSASC, Inc. NY		5.00%	6/1/2048	NR			5,550,000		5,103,126
Total									96,712,093
Transportation 21.12%
Alameda Corridor Transportation Authority CA (AGM)		5.00%	10/1/2034	AA			3,650,000		3,872,253
California Municipal Finance Authority-Lax Integrated Express AMT		4.00%	12/31/2047	BBB-	(e)		9,450,000		8,467,269
California Municipal Finance Authority-Lax Integrated Express AMT		5.00%	12/31/2038	BBB-	(e)		5,000,000		5,139,481
Canaveral Port Authority FL		5.00%	6/1/2048	A3			4,890,000		5,069,047
Canaveral Port Authority FL AMT		5.00%	6/1/2045	A3			4,630,000		4,813,642
Central Florida Expressway Authority		4.00%	7/1/2035	A+			5,000,000		5,074,283
Central Texas Regional Mobility Authority		5.00%	1/1/2045	A-			4,500,000		4,743,951
Central Texas Turnpike System		5.00%	8/15/2033	A-			5,750,000		5,840,178
Central Texas Turnpike System		5.00%	8/15/2037	A-			2,500,000		2,522,835
Chicago Midway International Airport IL		4.00%	1/1/2034	A			1,000,000		1,011,911
Chicago O’Hare International Airport-Trips Obligated Group IL AMT		5.00%	7/1/2048	BBB+			3,500,000		3,488,856
Chicago O’Hare International Airport IL		4.00%	1/1/2044	A+			13,500,000		13,397,266
Chicago O’Hare International Airport IL AMT		5.00%	1/1/2048	A+			20,000,000		20,518,150
City & County of Denver Airport System Revenue CO AMT		4.00%	12/1/2048	A+			4,255,000		3,974,826

See Notes to Financial Statements. 103

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Transportation (continued)
City & County of Denver Airport System Revenue CO AMT		5.25%	11/15/2043	A+	$	8,000,000	$	8,015,740
City of Atlanta Airport Passenger Facility Charge GA AMT		5.00%	1/1/2028	AA-		2,000,000		2,033,649
City of Atlanta Airport Passenger Facility Charge GA AMT		5.00%	1/1/2031	AA-		4,000,000		4,062,121
City of Burbank Electric Revenue NC		4.00%	7/1/2047	Aa3		7,415,000		7,339,405
City of Houston Airport System Revenue-United Airlines Inc TX AMT		6.625%	7/15/2038	BB-		2,500,000		2,500,621
City of Los Angeles Department of Airports CA AMT		4.00%	5/15/2041	AA-		3,595,000		3,566,393
City of Los Angeles Department of Airports CA AMT		4.00%	5/15/2049	AA-		5,000,000		4,781,051
City of Los Angeles Department of Airports CA AMT		5.00%	5/15/2039	AA		9,000,000		9,687,100
City of Philadelphia Airport Revenue PA AMT		5.00%	7/1/2042	A2		4,440,000		4,545,323
City of Salt Lake City Airport Revenue UT AMT		5.00%	7/1/2036	A		10,045,000		10,967,499
City of San Antonio Airport System TX AMT		5.00%	7/1/2045	A+		8,435,000		8,532,902
City of St. Louis Airport Revenue MO (AGM)		5.00%	7/1/2047	AA		7,500,000		7,835,267
County of Miami-Dade Aviation Revenue FL AMT		5.00%	10/1/2035	A1		10,000,000		10,089,234
County of Miami-Dade Aviation Revenue FL AMT		5.00%	10/1/2028	A1		4,435,000		4,518,629
County of Miami-Dade Aviation Revenue FL AMT		5.00%	10/1/2029	A1		2,500,000		2,546,892
County of Miami-Dade Aviation Revenue FL AMT		5.00%	10/1/2034	A1		10,000,000		10,115,213
County of Miami-Dade Aviation Revenue FL AMT		5.00%	10/1/2044	A		6,000,000		6,217,036
County of Miami-Dade Seaport Department FL (AGM)		4.00%	10/1/2049	AA		9,325,000		9,032,107
County of Osceola Transportation Revenue FL		5.00%	10/1/2039	BBB+		1,000,000		1,012,707
County of Sacramento Airport System Revenue CA		5.00%	7/1/2041	A		8,000,000		8,262,062
E-470 Public Highway Authority CO (NATL)	Zero Coupon		9/1/2032	A		4,200,000		3,100,466

104 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Transportation (continued)
E-470 Public Highway Authority CO (NATL)	Zero Coupon		9/1/2037	A	$	7,720,000	$	3,905,315
Eagle County Airport Terminal Corp. CO AMT		5.00%	5/1/2033	Baa2		2,430,000		2,503,159
Eagle County Airport Terminal Corp. CO AMT		5.00%	5/1/2037	Baa2		1,000,000		1,009,596
Eagle County Airport Terminal Corp. CO AMT		5.00%	5/1/2041	Baa2		3,000,000		3,010,603
Foothill-Eastern Transportation Corridor Agency CA	Zero Coupon		1/15/2033	A		5,000,000		3,461,537
Foothill-Eastern Transportation Corridor Agency CA		3.50%	1/15/2053	A		7,190,000		6,035,029
Foothill-Eastern Transportation Corridor Agency CA		3.95%	1/15/2053	A		5,000,000		4,496,419
Foothill-Eastern Transportation Corridor Agency CA		4.00%	1/15/2043	A-		16,723,000		15,926,781
Foothill-Eastern Transportation Corridor Agency CA		4.00%	1/15/2046	A		10,000,000		9,375,012
Greater Orlando Aviation Authority FL AMT		4.00%	10/1/2049	AA-		6,375,000		6,055,077
Hampton Roads Transportation VA(f)		5.25%	7/1/2060	AA		20,000,000		22,159,336
Kansas City Industrial Development Authority MO AMT		4.00%	3/1/2036	A2		3,000,000		3,002,924
Maryland Economic Development Corp.-Ports America Chesapeake AMT		5.00%	6/1/2044	Baa2		375,000		386,914
Maryland Economic Development Corp.-Ports America Chesapeake AMT		5.00%	6/1/2049	Baa2		750,000		768,719
Maryland Economic Development Corp.-Purple Line Transit Ptr AMT		5.25%	6/30/2047	Baa3		2,500,000		2,551,863
Maryland Economic Development Corp.-Purple Line Transit Ptr AMT		5.25%	6/30/2052	Baa3		2,500,000		2,544,149
Maryland Economic Development Corp.-Purple Line Transit Ptr AMT		5.25%	6/30/2055	Baa3		12,500,000		12,689,026
Maryland Economic Development Corp. Tax Allocation		4.00%	9/1/2040	NR		2,000,000		1,760,733
Maryland State Transportation Authority		5.00%	7/1/2051	Aa2		10,000,000		10,949,882
Maryland State Transportation Authority Passenger Facility Charge Revenue AMT		3.00%	6/1/2036	A+		7,310,000		6,492,232
Massachusetts Port Authority AMT		4.00%	7/1/2046	AA		5,465,000		5,203,299
Massachusetts Port Authority AMT		5.00%	7/1/2040	AA		1,500,000		1,532,845

See Notes to Financial Statements. 105

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Transportation (continued)
Massachusetts Port Authority AMT		5.00%		7/1/2045	AA	$	3,315,000	$	3,362,663
Metropolitan Nashville Airport Authority TN AMT		5.00%		7/1/2049	A2		5,000,000		5,193,451
Metropolitan Nashville Airport Authority TN AMT		5.50%		7/1/2052	A1		6,500,000		7,069,689
Metropolitan Transportation Authority NY(f)		5.25%		11/15/2055	A3		20,500,000		21,502,550
Metropolitan Transportation Authority NY		3.80%	#(a)	11/1/2035	Aa1		5,000,000		5,000,000
Metropolitan Transportation Authority NY		5.00%		11/15/2035	A3		4,265,000		4,447,148
Metropolitan Transportation Authority NY		5.00%	#(a)	11/15/2045	A3		2,700,000		2,948,634
Metropolitan Transportation Authority NY		5.25%		11/15/2044	A3		9,680,000		9,809,370
Metropolitan Transportation Authority NY		5.25%		11/15/2055	A3		2,000,000		2,097,810
Metropolitan Washington Airports Authority DC AMT		4.00%		10/1/2039	AA-		2,385,000		2,371,888
Metropolitan Washington Airports Authority DC AMT		5.00%		10/1/2028	AA-		2,000,000		2,012,162
Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC	Zero Coupon			10/1/2037	A-		5,000,000		2,606,069
Minneapolis-St. Paul Metropolitan Airports Commission MN		5.00%		1/1/2031	A+		2,000,000		2,030,321
Minneapolis-St. Paul Metropolitan Airports Commission MN AMT		5.00%		1/1/2047	A+		3,000,000		3,130,097
New Jersey Transportation Trust Fund Authority		4.00%		6/15/2045	A3		15,680,000		15,060,596
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2034	A3		2,625,000		2,972,727
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2035	A3		3,425,000		3,833,182
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2045	A3		5,000,000		5,261,458
New Jersey Transportation Trust Fund Authority		5.50%		6/15/2050	A3		2,000,000		2,209,024
New York State Thruway Authority (AGM)		4.00%		1/1/2051	AA		2,725,000		2,599,943
New York Transportation Development Corp.-Delta Air Lines Inc AMT		4.00%		10/1/2030	Baa3		8,500,000		8,346,441
New York Transportation Development Corp.-Delta Air Lines Inc AMT		4.00%		1/1/2036	Baa3		3,295,000		3,144,456

106 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s		Principal  Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2029	Baa3		$	2,955,000	$	3,090,484
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2030	Baa3			3,275,000		3,415,670
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2033	Baa3			12,450,000		12,869,637
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2034	Baa3			4,205,000		4,326,302
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2036	Baa3			2,250,000		2,277,277
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	10/1/2040	Baa3			21,000,000		21,130,261
New York Transportation Development Corp.-Empire St Thruway Partnrs AMT	4.00%	10/31/2041	BBB-	(e)		5,985,000		5,426,537
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2039	Baa1			5,840,000		6,152,455
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2042	Baa1			3,250,000		3,368,395
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2041	Baa2			12,365,000		11,568,013
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2046	Baa2			2,340,000		2,097,993
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	5.25%	1/1/2050	Baa2			17,785,000		17,837,018
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2025	A3			2,750,000		2,788,060
Norman Y Mineta San Jose International Airport SJC CA	5.00%	3/1/2047	A			750,000		783,591
North Carolina Turnpike Authority	5.00%	1/1/2043	BBB			1,150,000		1,204,053
North Carolina Turnpike Authority (AGM)	4.00%	1/1/2037	AA			14,255,000		14,511,063
North Carolina Turnpike Authority (AGM)	4.00%	1/1/2038	AA			1,000,000		1,010,875
North Texas Tollway Authority	5.00%	1/1/2048	A+			5,000,000		5,213,304
Ontario International Airport Authority CA (AGM)	5.00%	5/15/2046	AA			2,000,000		2,206,016
Pennsylvania Turnpike Commission	4.00%	12/1/2038	A3			3,425,000		3,470,429
Pennsylvania Turnpike Commission	4.00%	12/1/2043	A+			1,500,000		1,476,838
Pennsylvania Turnpike Commission	5.00%	6/1/2029	A3			9,000,000		9,553,878
Port Authority of New York & New Jersey	5.25%	10/15/2055	AA-			3,675,000		3,795,217
Port Authority of New York & New Jersey AMT	5.00%	11/15/2041	AA-			6,950,000		7,186,659

See Notes to Financial Statements. 107

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s		Principal  Amount		Fair Value
Transportation (continued)
Port Authority of New York & New Jersey AMT		5.00%	1/15/2052	AA-		$	13,855,000	$	14,669,752
Port of Portland Airport Revenue OR AMT		5.00%	7/1/2039	AA-			2,000,000		2,013,827
Port of Portland Airport Revenue OR AMT		5.00%	7/1/2049	AA-			5,000,000		5,186,756
Port of Portland Airport Revenue OR AMT		5.50%	7/1/2048	AA-	(e)		6,250,000		6,913,724
Puerto Rico Highway & Transportation Authority	Zero Coupon		7/1/2032	NR			5,014,595		3,134,122
Puerto Rico Highway & Transportation Authority	Zero Coupon		7/1/2053	NR			24,967		14,605
Puerto Rico Highway & Transportation Authority		5.00%	7/1/2062	NR			4,204,459		3,994,236
Riverside County Transportation Commission CA		4.00%	6/1/2040	A			2,115,000		2,100,216
San Diego County Regional Airport Authority CA		5.00%	7/1/2044	A			4,500,000		4,835,008
San Diego County Regional Airport Authority CA		5.00%	7/1/2051	A2			10,475,000		11,330,513
San Diego County Regional Airport Authority CA AMT		4.00%	7/1/2046	A2			4,500,000		4,284,509
San Diego County Regional Airport Authority CA AMT(f)		5.00%	7/1/2056	A2			11,540,000		12,383,011
San Francisco City & County Airport Comm-San Francisco International Airport CA		5.00%	5/1/2052	A1			5,000,000		5,465,679
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT		5.25%	5/1/2033	A+			7,000,000		7,006,998
South Carolina Ports Authority AMT		5.00%	7/1/2044	A+			5,000,000		5,199,418
State of Alabama Docks Department (AGM)		5.00%	10/1/2036	AA			750,000		792,934
State of Alabama Docks Department (AGM) AMT		5.00%	10/1/2034	AA			2,000,000		2,110,509
State of Alabama Docks Department (AGM) AMT		5.00%	10/1/2035	AA			2,000,000		2,099,486
State of Connecticut Bradley International Airport CFC Revenue AMT		5.00%	7/1/2049	BBB+			3,425,000		3,459,500
State of Florida Department of Transportation Turnpike System Revenue		3.00%	7/1/2051	AA			10,705,000		8,288,945
State of Hawaii Airports System Revenue AMT		4.00%	7/1/2035	AA-			4,425,000		4,485,848

108 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Transportation (continued)
State of Hawaii Airports System Revenue AMT	5.00%	7/1/2041	AA-	$	5,000,000	$	5,072,404
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%	6/30/2037	Baa2		2,950,000		2,856,361
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%	12/31/2037	Baa2		2,125,000		2,047,303
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%	6/30/2038	Baa2		1,050,000		1,009,699
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%	12/31/2038	Baa2		1,375,000		1,321,007
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%	6/30/2039	Baa2		1,340,000		1,278,797
Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group	4.00%	12/31/2039	Baa2		1,025,000		976,029
Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segm AMT	5.00%	6/30/2058	Baa2		5,000,000		4,958,157
Texas Transportation Commission State Highway 249 System	5.00%	8/1/2057	Baa3		2,625,000		2,619,631
Triborough Bridge & Tunnel Authority NY	5.00%	11/15/2042	AA-		1,640,000		1,767,143
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%	1/1/2032	BBB		6,225,000		6,799,062
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%	1/1/2033	BBB		2,945,000		3,211,571
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%	7/1/2036	BBB		6,685,000		7,069,301
Virginia Small Business Financing Authority-Elizabeth River Crossings AMT	4.00%	1/1/2038	BBB		4,500,000		4,326,563
Virginia Small Business Financing Authority-Elizabeth River Crossings AMT	4.00%	1/1/2040	BBB		4,825,000		4,539,553
Wayne County Airport Authority MI AMT	5.00%	12/1/2039	A1		1,700,000		1,715,338
Wayne County Airport Authority MI AMT	5.00%	12/1/2042	A1		1,200,000		1,231,008
Wayne County Airport Authority MI AMT	5.00%	12/1/2046	A1		2,825,000		2,966,867
Total							771,820,909

See Notes to Financial Statements. 109

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Utilities 14.55%
Adelanto Public Utility Authority CA (AGM)	5.00%		7/1/2039	AA	$	1,500,000	$	1,615,114
Baltimore Proj Revenue MD(f)	5.25%		7/1/2047	Aa2		7,190,000		8,076,380
Baltimore Proj Revenue MD(f)	5.25%		7/1/2052	Aa2		12,190,000		13,692,779
Black Belt Energy Gas District AL	4.00%	#(a)	7/1/2052	Aa1		6,000,000		6,002,525
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2		11,660,000		11,515,901
Black Belt Energy Gas District AL	4.00%	#(a)	12/1/2052	Baa1		18,600,000		18,040,186
Black Belt Energy Gas District AL	5.00%	#(a)	5/1/2053	Aa2		8,200,000		8,675,450
Black Belt Energy Gas District AL	5.50%	#(a)	11/1/2053	A2		6,665,000		7,037,863
California Pollution Control Financing Authority-Poseidon Resources†	5.00%		7/1/2039	Baa3		2,200,000		2,254,964
California Pollution Control Financing Authority-Poseidon Resources†	5.00%		11/21/2045	Baa3		2,750,000		2,774,367
Casitas Municipal Water District CA Special Tax (BAM)	5.25%		9/1/2047	AA		500,000		535,100
Central Plains Energy Project NE	5.00%		9/1/2042	BBB+		3,305,000		3,464,952
Central Plains Energy Project NE	5.00%	#(a)	5/1/2053	A2		15,000,000		15,535,836
Chautauqua County Capital Resource Corp.-NRG Energy Inc NY(d)	4.25%	#(a)	4/1/2042	Baa3		5,000,000		5,030,534
City of Baltimore MD	4.00%		7/1/2049	Aa2		5,850,000		5,784,161
City of Baltimore MD	5.00%		7/1/2032	Aa3		2,435,000		2,531,817
City of Baltimore MD	5.00%		7/1/2039	Aa3		4,750,000		4,879,986
City of Baltimore MD	5.00%		7/1/2046	Aa3		10,000,000		10,414,847
City of Chicago Waterworks Revenue IL	5.00%		11/1/2029	A		4,560,000		4,847,190
City of Chicago Waterworks Revenue IL	5.00%		11/1/2036	A		1,775,000		1,834,351
City of Chicago Waterworks Revenue IL	5.00%		11/1/2039	A		3,455,000		3,501,535
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2036	AA		3,000,000		3,188,837
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2037	AA		2,500,000		2,628,557
City of Colorado Springs Utilities System Revenue CO	4.00%		11/15/2046	AA+		10,100,000		10,048,319
City of Compton Water Revenue CA	6.00%		8/1/2039	NR		5,500,000		5,500,104
City of Philadelphia Water & Wastewater Revenue PA	5.00%		7/1/2030	A+		3,355,000		3,520,384
City of Philadelphia Water & Wastewater Revenue PA	5.00%		10/1/2046	A+		4,475,000		4,841,894
City of Philadelphia Water & Wastewater Revenue PA	5.25%		10/1/2052	A+		6,610,000		6,952,766

110 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or  Moody’s	Principal  Amount		Fair Value
Utilities (continued)
County of Jefferson Sewer Revenue AL	Zero Coupon			10/1/2039	BBB	$	350,000	$	361,290
County of Jefferson Sewer Revenue AL		6.00%		10/1/2042	BBB		5,000,000		5,301,805
County of Jefferson Sewer Revenue AL		6.50%		10/1/2053	BBB		7,700,000		8,179,702
County of Jefferson Sewer Revenue AL (AGM)	Zero Coupon			10/1/2026	AA		1,000,000		865,042
County of Jefferson Sewer Revenue AL (AGM)	Zero Coupon			10/1/2027	AA		4,875,000		3,967,245
County of Jefferson Sewer Revenue AL (AGM)	Zero Coupon			10/1/2046	AA		6,000,000		6,157,160
County of Jefferson Sewer Revenue AL (AGM)		5.50%		10/1/2053	AA		3,555,000		3,646,327
County of Trimble-Louisville Gas & Elec Co KY		3.75%		6/1/2033	A1		12,500,000		12,672,055
District of Columbia Water & Sewer Authority DC		4.00%		10/1/2047	AA+		5,350,000		5,303,581
Great Lakes Water Authority Sewage Disposal System Revenue MI		5.50%		7/1/2052	A+		12,000,000		13,195,626
Kentucky Municipal Power Agency (NATL)		5.00%		9/1/2035	Baa1		5,000,000		5,211,526
Kentucky Municipal Power Agency (NATL)		5.00%		9/1/2036	Baa1		5,000,000		5,172,613
Kentucky Public Energy Authority		4.00%	#(a)	8/1/2052	A1		25,500,000		24,916,198
Long Beach Bond Finance Authority CA		5.50%		11/15/2037	A2		8,950,000		9,953,024
Lower Colorado River Authority TX		5.00%		5/15/2040	A		2,970,000		3,054,612
Main Street Natural Gas, Inc. GA		4.00%	#(a)	3/1/2050	A3		4,125,000		4,103,151
Main Street Natural Gas, Inc. GA†		4.00%	#(a)	8/1/2052	BBB-		25,000,000		23,852,485
Main Street Natural Gas, Inc. GA		4.00%	#(a)	9/1/2052	A3		14,205,000		13,897,263
Main Street Natural Gas, Inc. GA		5.00%		5/15/2035	A3		2,000,000		2,097,689
Main Street Natural Gas, Inc. GA		5.00%	#(a)	12/1/2052	A3		13,400,000		13,933,048
Maricopa County Pollution Control Corp.-El Paso Electric Company AZ		3.60%		2/1/2040	Baa2		8,085,000		7,217,779
Maricopa County Pollution Control Corp.-El Paso Electric Company AZ		3.60%		4/1/2040	Baa2		4,315,000		3,849,280
Michigan Finance Authority		5.00%		7/1/2034	A+		1,980,000		2,053,949
Minnesota Municipal Gas Agency		4.00%	#(a)	12/1/2052	Aa1		5,000,000		5,063,921
Montgomery County Industrial Development Authority-Constellation Energy Gen PA(d)		4.10%	#(a)	4/1/2053	Baa2		9,000,000		9,142,324
Municipal Electric Authority of Georgia		5.00%		1/1/2033	A2		1,910,000		1,968,880
Municipal Electric Authority of Georgia		5.00%		1/1/2048	BBB+		5,000,000		5,038,152

See Notes to Financial Statements. 111

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or  Moody’s		Principal  Amount		Fair Value
Utilities (continued)
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2048	AA		$	1,100,000	$	1,171,337
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2048	AA			1,750,000		1,863,490
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2053	AA			2,300,000		2,420,875
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2055	AA			2,350,000		2,458,281
New York City Municipal Water Finance Authority NY	4.00%		6/15/2051	AA+			6,155,000		5,998,092
New York City Municipal Water Finance Authority NY	5.25%		6/15/2047	Aa1			4,500,000		5,109,786
New York Power Authority	4.00%		11/15/2050	AA			4,950,000		4,798,884
Omaha Public Power District NE	4.00%		2/1/2046	AA			8,500,000		8,435,425
Omaha Public Power District Nebraska City Station Unit 2	5.25%		2/1/2042	A+			4,000,000		4,116,506
Paducah Electric Plant Board KY (AGM)	5.00%		10/1/2034	AA			1,000,000		1,058,902
Paducah Electric Plant Board KY (AGM)	5.00%		10/1/2035	AA			1,000,000		1,058,562
Philadelphia Gas Works Co. PA	5.00%		8/1/2029	A			2,000,000		2,090,796
Philadelphia Gas Works Co. PA	5.00%		8/1/2030	A			1,500,000		1,567,409
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR			5,000,000		4,248,453
Puerto Rico Electric Power Authority(b)	3.216% (3 Mo. LIBOR *.67 + .70%	)#	7/1/2031	D	(e)		4,000,000		2,790,000
Puerto Rico Electric Power Authority(b)	5.00%		7/1/2028	D	(e)		270,000		193,050
Puerto Rico Electric Power Authority(b)	5.25%		7/1/2028	D	(e)		880,000		629,200
Puerto Rico Electric Power Authority (AGC)	4.25%		7/1/2027	AA			280,000		273,833
Salt Verde Financial Corp. AZ	5.25%		12/1/2027	A3			3,750,000		3,957,109
San Antonio Water System TX	5.00%		5/15/2050	AA+			3,000,000		3,226,833
Southeast Alabama Gas Supply District	4.00%	#(a)	4/1/2049	A3			2,500,000		2,499,995
Southeast Energy Authority A Cooperative District AL	4.00%	#(a)	12/1/2051	A1			21,955,000		21,351,964
Southeast Energy Authority A Cooperative District AL	5.50%	#(a)	1/1/2053	A1			5,000,000		5,347,546
Southern California Public Power Authority	4.695% (3 Mo. LIBOR *.67 + 1.47%	)#	11/1/2038	A2			3,090,000		2,768,661
Southern California Public Power Authority	5.00%		11/1/2033	A2			4,665,000		5,166,459
State of Hawaii Department of Budget & Finance-Hawaiian Electric Co Inc	3.20%		7/1/2039	Baa1			7,365,000		6,272,852

112 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or  Moody’s		Principal  Amount		Fair Value
Utilities (continued)
Tennergy Corp. TN		5.50%	#(a)	10/1/2053	Baa1		$	6,000,000	$	6,373,616
Tennessee Energy Acquisition Corp.		5.00%	#(a)	5/1/2052	A2			11,230,000		11,724,714
Tennessee Energy Acquisition Corp.		5.625%		9/1/2026	BBB	(e)		10,550,000		11,057,456
Texas Municipal Gas Acquisition & Supply Corp. III		5.00%		12/15/2029	A3			2,250,000		2,347,254
Texas Water Development Board		4.00%		10/15/2037	AAA			7,760,000		7,956,661
Transbay Joint Powers Authority CA Tax Allocation		5.00%		10/1/2049	A-	(e)		1,310,000		1,346,550
Washington Suburban Sanitary Commission MD		4.00%		6/1/2047	AAA			15,260,000		15,289,461
Total										531,872,438
Total Municipal Bonds (cost $3,732,359,699)										3,648,839,142
	Interest Rate#	Interest Rate Reset Date(g)		Final Maturity Date
SHORT-TERM INVESTMENTS 1.28%
VARIABLE RATE DEMAND NOTES 1.28%
Corporate-Backed 0.81%
Columbia Industrial Development Board AL	3.850%	4/3/2023		12/1/2037	A1			29,390,000		29,390,000
General Obligation 0.13%
City of New York NY GO	3.650%	4/3/2023		6/1/2044	AA			4,880,000		4,880,000
Tax Revenue 0.34%
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023		5/1/2034	AAA			7,240,000		7,240,000
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023		2/1/2045	AAA			2,450,000		2,450,000
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023		2/1/2045	AAA			2,765,000		2,765,000
Total										12,455,000
Total Short-Term Investments (cost $46,725,000)										46,725,000
Total Investments in Securities 101.13% (cost $3,779,084,699)										3,695,564,142
Other Assets and Liabilities – Net(h) (1.13)%										(41,456,123	)
Net Assets 100.00%									$	3,654,108,019

See Notes to Financial Statements. 113

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2023

AGC	Insured by–Assured Guarantee Corp.
AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
FHLMC	Insured by–Federal Home Loan Mortgage Corporation.
GTD	Guaranteed.
LIBOR	London Interbank Offered Rate.
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 March 31, 2023, the total value of Rule 144A securities was $154,329,546, which represents 4.22% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
~	Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	Defaulted (non-income producing security).
(c)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	This investment has been rated by Fitch IBCA.
(f)	Municipal Bonds Held in Trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust
(g)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index.
(h)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at March 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. Long Bond	June 2023	253	Short	$	(31,851,977	)	$	(33,182,531	)		$	(1,330,554	)

114 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

NATIONAL TAX FREE FUND March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds(3)
Corporate-Backed	$	–		$	342,312,292	$	10,667,560	$	352,979,852
Housing		–			61,452,688		938,506		62,391,194
Other Revenue		–			96,087,953		271,848		96,359,801
Special Tax		–			66,579,953		2,029,407		68,609,360
Remaining Industries		–			3,068,498,935		–		3,068,498,935
Short-Term Investments
Variable Rate Demand Notes		–			46,725,000		–		46,725,000
Total	$	–		$	3,681,656,821	$	13,907,321	$	3,695,564,142
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(1,330,554	)		–		–		(1,330,554	)
Total	$	(1,330,554	)	$	–	$	–	$	(1,330,554	)

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
(3)	Includes Municipal Bonds held in the Trust (See Note 2(h)).

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.

See Notes to Financial Statements. 115

Schedule of Investments (unaudited)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
LONG-TERM INVESTMENTS 99.68%
MUNICIPAL BONDS 99.68%
Corporate-Backed 19.28%
Allegheny County Industrial Development Authority-US Steel Corporation PA	4.875%		11/1/2024	BB-		$	1,000,000	$	1,001,689
Allegheny County Industrial Development Authority-US Steel Corporation PA	5.125%		5/1/2030	BB-			3,990,000		4,064,466
Arkansas Development Finance Authority-Big River Steel LLC AMT†	4.50%		9/1/2049	Ba2			30,135,000		27,082,873
Arkansas Development Finance Authority-US Steel Corporation AMT†	5.45%		9/1/2052	BB-			18,000,000		17,999,015
Avenir Community Development District FL	5.375%		5/1/2043	NR			4,000,000		3,859,434
Avenir Community Development District FL	5.625%		5/1/2054	NR			4,750,000		4,585,655
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2			17,240,000		17,026,941
Build NYC Resource Corp.-Pratt Paper Inc. NY AMT†	5.00%		1/1/2035	NR			1,450,000		1,467,005
Calhoun County Navigation Industrial Development Authority-Max Midstream Texas LLC AMT†	3.625%		7/1/2026	NR			12,800,000		11,617,001
California Municipal Finance Authority AMT	4.00%		7/15/2029	BB-			3,000,000		2,913,762
Charlotte County Industrial Development Authority-Mskp Town And Cntry Util FL AMT†	4.00%		10/1/2041	NR			2,750,000		2,305,410
City of Henderson-Pratt Paper LLC KY AMT†	4.45%		1/1/2042	NR			2,750,000		2,570,372
City of Henderson-Pratt Paper LLC KY AMT†	4.45%		1/1/2042	NR			1,500,000		1,402,021
City of Henderson-Pratt Paper LLC KY AMT†	4.70%		1/1/2052	NR			10,900,000		10,029,891
City of Houston Airport System Revenue-United Airlines Inc TX AMT	4.00%		7/15/2041	B-	(b)		4,475,000		3,808,292
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%		7/1/2029	BB-			18,325,000		18,341,060
City of Valparaiso-Pratt Paper LLC IN AMT	5.875%		1/1/2024	NR			220,000		222,549
City of Valparaiso-Pratt Paper LLC IN AMT	7.00%		1/1/2044	NR			4,000,000		4,086,198
City of Whiting-BP Prods North America IN AMT	4.40%	#(a)	3/1/2046	A2			4,000,000		4,077,177
Downtown Doral South Community Development District FL†	4.75%		12/15/2038	NR			625,000		601,278

116 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Downtown Doral South Community Development District FL†	5.00%		12/15/2048	NR	$	1,500,000	$	1,417,323
Florida Development Finance Corp.-Waste Pro USA Inc AMT†	5.00%		5/1/2029	NR		4,500,000		4,184,612
Fort Bend County Industrial Development Corp.-NRG Energy Inc TX	4.75%		11/1/2042	Baa2		3,590,000		3,531,738
Greater Orlando Aviation Authority-Jetblue Airways Corp FL	5.00%		11/15/2036	NR		5,070,000		5,072,654
Hoover Industrial Development Board-US Steel Corporation AL AMT	5.75%		10/1/2049	BB-		17,200,000		17,563,610
Hoover Industrial Development Board-US Steel Corporation AL AMT	6.375%	#(a)	11/1/2050	BB-		1,965,000		2,168,702
Indiana Finance Authority-US Steel Corporation	4.125%		12/1/2026	BB-		11,500,000		11,256,845
Indiana Finance Authority-US Steel Corporation AMT	6.75%		5/1/2039	BB-		3,500,000		3,926,638
Iowa Finance Authority-Howmet Aerospace Inc	4.75%		8/1/2042	BB+		10,485,000		9,999,438
Iowa Finance Authority-Iowa Fertilizer Co LLC	4.00%	#(a)	12/1/2050	BBB-		10,590,000		10,324,208
Iowa Finance Authority-Iowa Fertilizer Co LLC	5.00%	#(a)	12/1/2050	BBB-		3,750,000		3,717,320
Iowa Finance Authority-Iowa Fertilizer Co LLC	5.00%		12/1/2050	BBB-		23,370,000		22,787,213
Jefferson County Port Authority-Jsw Steel USA Ohio Inc AMT†	3.50%		12/1/2051	Ba1		13,250,000		9,257,482
Louisiana Local Government Environmental Facilities & Community Development Authority-Entergy Louisiana LLC	2.50%		4/1/2036	A		7,110,000		5,912,493
Maricopa County Industrial Development Authority-Commercial Metals Co AZ AMT†	4.00%		10/15/2047	BB+		14,335,000		11,896,281
Maricopa County Pollution Control Corp.-Southern CA Edison Co AZ	2.40%		6/1/2035	A2		4,470,000		3,551,429
Maryland Economic Development Corp.(c)	5.00%		12/1/2016	NR		3,430,000		2,058,000
Mission Economic Development Corp.-Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		5,000,000		4,888,425
Mississippi Business Finance Corp.-Enviva Inc AMT	7.75%	#(a)	7/15/2047	B+		8,005,000		8,089,694
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	3.75%	#(a)	7/1/2045	B		6,595,000		4,984,387

See Notes to Financial Statements. 117

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

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		$	1,250,000	$	1,188,602
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	4.875%		11/1/2042	B			17,000,000		14,725,640
New Jersey Economic Development Authority-United Airlines Inc	5.25%		9/15/2029	BB-			17,210,000		17,242,474
New Jersey Economic Development Authority-United Airlines Inc	5.50%		6/1/2033	BB-			6,760,000		6,787,170
New York City Industrial Development Agency-TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+			6,135,000		6,138,536
New York Liberty Development Corp.	2.50%		11/15/2036	A+			7,500,000		6,142,866
New York Liberty Development Corp.-3 World Trade Center LLC†	5.00%		11/15/2044	NR			16,500,000		15,907,723
New York Liberty Development Corp.-3 World Trade Center LLC†	5.15%		11/15/2034	NR			7,100,000		7,101,764
New York Liberty Development Corp.-7 World Trade Center II	3.00%		9/15/2043	Aaa			3,500,000		2,908,986
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	3.125%	#(a)	12/1/2044	B+			2,000,000		1,870,503
New York Transportation Development Corp.-American Airlines Inc AMT	2.25%		8/1/2026	B	(b)		10,000		9,309
New York Transportation Development Corp.-American Airlines Inc AMT	3.00%		8/1/2031	B	(b)		1,000,000		875,584
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2026	B-			2,540,000		2,541,719
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2031	B-			21,480,000		21,505,357
New York Transportation Development Corp.-American Airlines Inc AMT	5.25%		8/1/2031	B-			6,740,000		6,958,597
New York Transportation Development Corp.-American Airlines Inc AMT	5.375%		8/1/2036	B-			9,165,000		9,388,839
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		1/1/2026	Baa3			3,000,000		3,074,048
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		10/1/2035	Baa3			5,000,000		5,163,055
Niagara Area Development Corp.-Covanta Holding Corp NY AMT†	4.75%		11/1/2042	B1			10,000,000		8,519,876
Ohio Air Quality Development Authority-AMG Vanadium LLC AMT†	5.00%		7/1/2049	B-			33,290,000		30,091,996
Parish of Beauregard-Officemax Inc LA	6.80%		2/1/2027	B1			5,000,000		5,010,576

118 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Parish of St. James-Nustar Logistics LP LA†	5.85%	#(a)	8/1/2041	BB-	$	1,000,000	$	1,026,368
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	6/1/2038	BB-		6,375,000		6,859,434
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	12/1/2040	BB-		2,750,000		2,959,040
Parish of St. James-Nustar Logistics LP LA†	6.35%		7/1/2040	BB-		5,000,000		5,392,233
Parish of St. James-Nustar Logistics LP LA†	6.35%		10/1/2040	BB-		7,690,000		8,293,254
Parish of St. John the Baptist-Marathon Oil Corporation LA(d)	4.05%	#(a)	6/1/2037	BBB-		7,750,000		7,750,000
Pennsylvania Economic Development Financing Authority-Consol Energy Inc AMT†	9.00%	#(a)	4/1/2051	B		4,250,000		4,792,277
Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT†	3.25%		8/1/2039	B		6,980,000		5,057,926
Pennsylvania Economic Development Financing Authority-New Ngc Inc AMT	5.50%		11/1/2044	NR		1,000,000		1,004,136
Polk County Industrial Development Authority-Mineral Development LLC FL†	5.875%		1/1/2033	NR		7,375,000		7,420,406
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX†	6.00%		1/1/2025	NR		3,270,000		3,079,611
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	3.00%		1/1/2050	NR		7,250,000		4,317,164
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	3.625%		1/1/2035	NR		3,495,000		2,820,277
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	4.00%		1/1/2050	NR		11,590,000		8,423,197
Public Finance Authority-Ameream LLC WI†	6.75%		12/1/2042	NR		1,000,000		872,679
Public Finance Authority-Celanese US Holdings LLC WI AMT	4.30%		11/1/2030	BBB-		4,000,000		3,898,884
Public Finance Authority-Celanese US Holdings LLC WI AMT	5.00%		1/1/2024	BBB-		6,750,000		6,776,819
Public Finance Authority-Celanese US Holdings LLC WI AMT	5.00%		12/1/2025	BBB-		1,950,000		1,976,495
Public Finance Authority-Red River Valley Alliance WI AMT	4.00%		9/30/2051	Baa3		4,750,000		3,929,814
Public Finance Authority-Sky Harbour Cap Oblg WI AMT	4.00%		7/1/2041	NR		2,500,000		1,965,848
Public Finance Authority-Sky Harbour Cap Oblg WI AMT	4.25%		7/1/2054	NR		25,500,000		18,773,386
Public Finance Authority-TRIPS Obligated Group WI AMT	5.00%		7/1/2042	BBB+		11,000,000		10,986,540

See Notes to Financial Statements. 119

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Sumter County Industrial Development Authority-Enviva Inc AL AMT	6.00%	#(a)	7/15/2052	B+	$	30,000,000	$	27,062,733
Town of Rumford-Officemax Inc ME	6.875%		10/1/2026	B1		1,500,000		1,503,140
Tulsa Airports Improvement Trust-American Airlines Inc OK AMT	5.00%	#(a)	6/1/2035	B-		5,000,000		5,031,194
Tuscaloosa County Industrial Development Authority-Hunt Refining Company AL†	4.50%		5/1/2032	NR		4,913,375		4,305,783
Tuscaloosa County Industrial Development Authority-Hunt Refining Company AL†	5.25%		5/1/2044	NR		23,285,000		19,137,781
Vermont Economic Development Authority-Casella Waste Systems Inc AMT†	5.00%	#(a)	6/1/2052	B+		9,000,000		8,857,009
Virginia Small Business Financing Authority-Covanta Holding Corp AMT†	5.00%	#(a)	1/1/2048	B		3,150,000		2,882,086
West Pace Cooperative District AL(c)	9.125%		5/1/2039	NR		13,770,000		10,465,200	(e)
Total								656,424,515
Education 6.61%
Arizona Industrial Development Authority-Academies Math & Sci Oblig†	5.625%		7/1/2048	BB+		2,235,000		2,242,623
Arizona Industrial Development Authority-Academies Math & Sci Oblig†	5.75%		7/1/2053	BB+		3,000,000		3,019,729
Arizona Industrial Development Authority-Basis Schools Inc.†	5.00%		7/1/2047	BB		1,325,000		1,208,686
Arizona Industrial Development Authority-Basis Schools Inc.†	5.00%		7/1/2051	BB		3,080,000		2,762,963
Arizona Industrial Development Authority-Odyssey Preparatory Acdmy†	5.00%		7/1/2049	BB-		2,000,000		1,820,520
Arizona Industrial Development Authority-Odyssey Preparatory Acdmy†	5.00%		7/1/2054	BB-		5,000,000		4,478,259
Build NYC Resource Corp.-E Harlem Scholars Oblg Gp NY†	5.75%		6/1/2052	BB+		1,250,000		1,269,659
Build NYC Resource Corp.-E Harlem Scholars Oblg Gp NY†	5.75%		6/1/2062	BB+		3,750,000		3,786,880
California Municipal Finance Authority-Sdori Charter Sch Pptys†	5.625%		3/1/2045	B+		11,500,000		10,738,705	(e)
Camden County Improvement Authority-Kipp Cooper Norcross Obl NJ	6.00%		6/15/2062	BBB		2,535,000		2,696,415
Capital Trust Agency, Inc.-Advantage Admy Oblig Grp FL	5.00%		12/15/2049	Baa3		1,360,000		1,317,083
Capital Trust Agency, Inc.-Advantage Admy Oblig Grp FL	5.00%		12/15/2054	Baa3		705,000		674,504

120 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
Capital Trust Agency, Inc.-Renaissance Chtr Sch 2019 FL†	5.00%		6/15/2039	NR		$	1,950,000	$	1,820,410
Capital Trust Agency, Inc.-Renaissance Chtr Sch 2019 FL†	5.00%		6/15/2049	NR			9,815,000		8,584,343	(e)
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.75%		4/1/2048	A	(b)		7,250,000		7,905,718
Chicago Board of Education Dedicated Capital Improvement Tax IL (BAM)	5.00%		4/1/2045	NR			2,500,000		2,615,057
Chicago Board of Education IL GO	4.00%		12/1/2047	BB+			20,880,000		17,676,993
Chicago Board of Education IL GO	5.00%		12/1/2036	BB+			4,000,000		4,076,186
City of Jacksonville-Jacksonville University FL†	5.00%		6/1/2053	NR			6,500,000		5,630,629
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	5.75%		8/15/2045	NR			6,500,000		6,426,945
Columbus-Franklin County Finance Authority-Ohio Dominican University	6.50%		3/1/2048	NR			5,010,000		3,987,515
Columbus-Franklin County Finance Authority-Ohio Dominican University	6.50%		3/1/2053	NR			3,500,000		2,735,193
Connecticut State Health & Educational Facilities Authority-Yale University	3.40%	#(a)	7/1/2042	AAA			1,400,000		1,400,000
County of Frederick-Mount St Mary’s Univ MD†	5.00%		9/1/2037	BB+			1,500,000		1,433,146
County of Frederick-Mount St Mary’s Univ MD†	5.00%		9/1/2045	BB+			12,645,000		11,472,808
County of Tuscarawas-Ashland University OH	6.00%		3/1/2045	NR			5,000,000		5,001,448
Development Authority Of The City of Marietta-Life University Inc GA†	5.00%		11/1/2047	Ba3			8,000,000		7,224,974
Development Authority Of The City Of Marietta-Life University Inc GA†	5.00%		11/1/2037	Ba3			9,000,000		8,674,762
Dutchess County Local Development Corp.-Bard College NY†	5.00%		7/1/2051	BBB-			9,000,000		8,980,375
Florida Higher Educational Facilities Financial Authority-Jacksonville University†	5.00%		6/1/2048	NR			7,400,000		6,540,820
Illinois Finance Authority-Depaul College Prep†	5.50%		8/1/2043	BB+			1,360,000		1,346,756
Illinois Finance Authority-Depaul College Prep†	5.625%		8/1/2053	BB+			4,500,000		4,412,970
Illinois Finance Authority-Illinois Inst of Tech	4.00%		9/1/2041	Ba2			5,490,000		4,333,227	(e)
Illinois Finance Authority-Illinois Inst of Tech	5.00%		9/1/2038	Ba2			4,885,000		4,589,638
Illinois Finance Authority-Illinois Inst of Tech	5.00%		9/1/2040	Ba2			1,750,000		1,610,669

See Notes to Financial Statements. 121

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
Industrial Development Authority of the City of Phoenix-Basis Schools Inc Oblig AZ†	5.00%		7/1/2045	BB	$	7,200,000	$	6,645,190
Iowa Higher Education Loan Authority-Des Moines Univ Osteopath	5.375%		10/1/2052	BBB+		2,000,000		2,088,549
Maricopa County Industrial Development Authority-Ottawa University AZ†	5.25%		10/1/2040	NR		3,000,000		2,972,898
Maricopa County Industrial Development Authority-Ottawa University AZ†	5.50%		10/1/2051	NR		7,915,000		7,892,352
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd-Lipscomb University Oblig TN	5.25%		10/1/2058	BBB-		12,150,000		12,168,385
New Jersey Economic Development Authority	5.00%		6/15/2043	NR		1,855,000		2,128,709
New Jersey Economic Development Authority	5.00%		6/15/2043	A3		3,145,000		3,291,992
New York State Dormitory Authority-St John's University	4.00%		7/1/2048	A-		2,360,000		2,282,625
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2042	BBB-		3,725,000		3,799,760
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2050	BBB-		8,000,000		8,018,640
Public Finance Authority-Minnesota Medical Univ WI†(c)	5.50%		12/1/2048	NR		82,164		25,471	(e)
Public Finance Authority-Wingate University WI	5.25%		10/1/2043	BBB-		2,000,000		1,982,318
State of Nevada Department of Business & Industry-Somerset Acad Nlv Bldg 1†	5.00%		12/15/2048	BB		1,500,000		1,335,001
University of Illinois (AGM)	4.00%		4/1/2037	AA		5,745,000		5,720,351
Total								224,848,849
Energy 0.24%
Lower Alabama Gas District	5.00%		9/1/2034	A2		5,000,000		5,232,464
PEFA, Inc. IA	5.00%	#(a)	9/1/2049	A3		3,000,000		3,061,047
Total								8,293,511
Financial Services 0.63%
Berks County Industrial Development Authority-Tower Health Oblig Group PA	5.00%		11/1/2047	B		12,925,000		7,839,855
Berks County Industrial Development Authority-Tower Health Oblig Group PA	5.00%		11/1/2050	B		23,325,000		13,645,125
Total								21,484,980

122 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation 12.95%
Academical Village Community Development District FL	3.625%		5/1/2040	NR	$	2,320,000	$	1,870,046
Academical Village Community Development District FL	4.00%		5/1/2051	NR		4,500,000		3,453,380
American Samoa Economic Development Authority†	5.00%		9/1/2038	Ba3		5,500,000		5,501,029
American Samoa Economic Development Authority	6.625%		9/1/2035	Ba3		2,275,000		2,389,230
American Samoa Economic Development Authority†	7.125%		9/1/2038	Ba3		7,020,000		7,786,635
Arlington Higher Education Finance Corp.-Brooks Collegiate Acad TX	5.00%		6/15/2041	NR		3,000,000		2,676,355
Arlington Higher Education Finance Corp.-Brooks Collegiate Acad TX	5.00%		6/15/2051	NR		4,230,000		3,518,234
Black Belt Energy Gas District AL	5.25%	#(a)	2/1/2053	A1		7,500,000		7,903,768
California Community Choice Financing Authority	5.25%	#(a)	1/1/2054	Baa1		17,500,000		17,921,883
Chicago Board of Education IL GO	5.00%		12/1/2029	BB+		5,000,000		5,217,229
Chicago Board of Education IL GO	5.00%		12/1/2030	BB+		5,170,000		5,380,543
Chicago Board of Education IL GO	5.00%		12/1/2031	BB+		2,500,000		2,599,620
Chicago Board of Education IL GO	5.00%		12/1/2032	BB+		2,000,000		2,075,939
Chicago Board of Education IL GO	5.00%		12/1/2033	BB+		1,500,000		1,552,424
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+		9,515,000		9,919,159
Chicago Board of Education IL GO	5.00%		12/1/2047	BB+		8,690,000		8,604,339
Chicago Board of Education IL GO	5.25%		12/1/2035	BB+		7,215,000		7,295,490
Chicago Board of Education IL GO	5.25%		12/1/2039	BB+		13,410,000		13,555,307
Chicago Board of Education IL GO	6.50%		12/1/2046	BB+		5,000,000		5,274,088
Chicago Board of Education IL GO†	6.75%		12/1/2030	BB+		2,000,000		2,222,801
Chicago Board of Education IL GO	7.00%		12/1/2044	BB+		2,180,000		2,306,447
Chicago Board of Education IL GO†	7.00%		12/1/2046	BB+		6,560,000		7,121,312
Chicago O'Hare International Airport IL AMT	5.00%		1/1/2052	A+		5,000,000		5,068,057
City of Chicago IL GO	5.50%		1/1/2030	BBB+		3,435,000		3,531,934
City of Chicago IL GO	5.50%		1/1/2033	BBB+		3,305,000		3,392,440
City of Chicago IL GO	5.50%		1/1/2037	BBB+		1,000,000		1,020,976
City of Chicago IL GO	5.50%		1/1/2039	BBB+		2,125,000		2,315,493
City of Chicago IL GO	5.50%		1/1/2049	BBB+		9,090,000		9,516,591
City of Chicago IL GO	6.00%		1/1/2038	BBB+		18,085,000		19,335,589
City of Coralville IA GO	4.50%		6/1/2032	BB+		4,000,000		4,038,331

See Notes to Financial Statements. 123

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
City of New Haven CT GO	5.50%		8/1/2033	BBB+	$	1,000,000	$	1,112,098
City of New Haven CT GO	5.50%		8/1/2035	BBB+		660,000		726,888
City of New Haven CT GO	5.50%		8/1/2037	BBB+		1,280,000		1,392,542
City of New York NY GO	3.65%	#(a)	3/1/2040	AA		15,700,000		15,700,000
City of Scranton PA GO†	5.00%		9/1/2028	BB+		2,085,000		2,116,214
City of Scranton PA GO†	5.00%		9/1/2029	BB+		1,000,000		1,013,213
City of Scranton PA GO	5.00%		11/15/2032	BB+		10,920,000		10,951,114
Commonwealth of Puerto Rico GO	Zero Coupon	#(a)	11/1/2043	NR		19,500,000		8,506,875
Commonwealth of Puerto Rico GO	4.00%		7/1/2037	NR		5,086,075		4,316,660
Commonwealth of Puerto Rico GO	4.00%		7/1/2041	NR		12,450,000		10,129,133
Commonwealth of Puerto Rico GO	4.00%		7/1/2046	NR		30,638,156		23,973,110
Commonwealth of Puerto Rico GO	5.625%		7/1/2029	NR		766,159		801,101
County of Pasco FL (AGM)	5.75%		9/1/2054	A1		2,000,000		2,231,524
Finance Authority of Maine-Casella Waste Systems Inc AMT†	4.375%	#(a)	8/1/2035	B+		1,250,000		1,224,136
Green Valley Ranch East Metropolitan District No. 6 CO GO	5.875%		12/1/2050	NR		5,750,000		5,524,254
Main Street Natural Gas, Inc. GA	5.00%	#(a)	6/1/2053	A3		14,000,000		14,613,228
New York State Urban Development Corp.	3.00%		3/15/2049	Aa1		10,000,000		7,889,555
Pennsylvania Economic Development Financing Authority AMT	5.25%		6/30/2053	Baa2		15,000,000		15,227,151
Pennsylvania Economic Development Financing Authority AMT	6.00%		6/30/2061	Baa2		17,500,000		19,207,351
Public Finance Authority-Ameream LLC WI†	7.00%		12/1/2050	NR		23,050,000		20,182,472
Puerto Rico Public Finance Corp.	Zero Coupon		8/1/2031	NR		12,250,000		321,563	(e)
State of Illinois GO	3.50%		6/1/2029	A-		4,520,000		4,550,143
State of Illinois GO	4.00%		10/1/2034	A-		10,070,000		10,299,196
State of Illinois GO	4.00%		6/1/2037	A-		7,040,000		7,046,260
State of Illinois GO	4.00%		11/1/2041	A-		2,730,000		2,607,876
State of Illinois GO	5.50%		5/1/2030	A-		7,045,000		7,935,089
State of Illinois GO	5.50%		5/1/2039	A-		8,280,000		9,166,727
State of Illinois GO	5.50%		10/1/2039	A-		4,000,000		4,538,172
State of Illinois GO	5.50%		3/1/2042	A-		5,250,000		5,846,315
State of Illinois GO	5.50%		3/1/2047	A-		15,270,000		16,842,185
State of Illinois GO	5.75%		5/1/2045	A-		1,000,000		1,102,930
Tennessee Energy Acquisition Corp.	5.00%	#(a)	5/1/2053	A2		17,600,000		18,121,729

124 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
University City Industrial Development Authority MO(d)	4.875%		6/15/2036	NR	$	1,200,000	$	1,199,338
University City Industrial Development Authority MO	5.50%		6/15/2042	NR		6,000,000		5,992,417
Washington State Convention Center Public Facilities District	4.00%		7/1/2043	Baa3		4,640,000		4,036,459
Total								440,809,687
Health Care 14.88%
Antelope Valley Healthcare District CA	5.00%		3/1/2041	BBB		4,000,000		4,014,602
Antelope Valley Healthcare District CA	5.00%		3/1/2046	BBB		3,300,000		3,238,741
Antelope Valley Healthcare District CA	5.25%		3/1/2036	BBB		1,000,000		1,027,234
Atlanta Development Authority The-Georgia Protoncare Ctr In(c)	6.00%		1/1/2023	NR		2,000,000		900,000
Atlanta Development Authority The-Georgia Protoncare Ctr In(c)	6.75%		1/1/2035	NR		1,500,000		675,000
Atlanta Development Authority The-Georgia Protoncare Ctr In(c)	7.00%		1/1/2040	NR		8,000,000		3,600,000
Berks County Industrial Development Authority-Tower Health Oblig Group PA	4.00%		11/1/2047	B		15,315,000		7,563,815
Berks County Industrial Development Authority-Tower Health Oblig Group PA	4.00%		11/1/2050	B		6,000,000		2,939,761
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%	#(a)	2/1/2040	B		3,235,000		2,786,760
Berks County Municipal Authority-Tower Health Oblig Group PA	5.00%	#(a)	2/1/2040	B		1,505,000		1,207,322
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%		12/1/2040	BB		4,880,000		4,693,300
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%		12/1/2045	BB		910,000		847,278
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	4.00%		7/1/2046	BB		22,745,000		18,124,408
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	4.00%		7/1/2051	BB		1,050,000		790,780
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	5.00%		7/1/2054	BB		5,500,000		5,006,077
Buffalo & Erie County Industrial Land Development Corp.-Catholic Hlth Sys Oblig NY	5.00%		7/1/2040	B-		11,020,000		9,130,187
California Municipal Finance Authority-Cmnty Hosps Ctrl Grp	3.00%		2/1/2046	A3		5,000,000		3,681,870

See Notes to Financial Statements. 125

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
California Public Finance Authority-Kendal At Ventura†	10.00%		5/15/2028	NR		$	6,500,000	$	6,452,813	(e)
California Public Finance Authority-Kendal At Ventura†	12.00%		5/15/2028	NR			1,000,000		999,751	(e)
California Statewide Communities Development Authority-Eskaton Pptys Inc Oblg Gp	5.25%		11/15/2034	BBB-			1,640,000		1,639,920
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.25%		12/1/2056	BB			21,545,000		20,972,424
California Statewide Communities Development Authority-Loma Linda Univ Med Obl	5.50%		12/1/2054	BB			13,205,000		13,215,909
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.50%		12/1/2058	BB			17,750,000		17,754,780
California Statewide Communities Development Authority-Loma Linda Univ Med OBL	5.25%		12/1/2044	BB			8,805,000		8,823,144
California Statewide Communities Development Authority-Verity Hlth Sys Oblig	5.50%		7/1/2039	NR			86,182		81,011
California Statewide Communities Development Authority-Verity Hlth Sys Oblig	5.75%		7/1/2024	NR			21,103		19,836
California Statewide Communities Development Authority-Verity Hlth Sys Oblig	5.75%		7/1/2035	NR			42,205		39,673
Charlotte-Mecklenburg Hospital Authority-Atrium Health OBLIG Grp NC	3.65%	#(a)	1/15/2048	AA-			2,000,000		2,000,000
Chester County Health & Education Facilities Authority-Immaculata University PA	5.00%		11/1/2037	BB-	(b)		4,000,000		3,376,568
Chester County Health & Education Facilities Authority-Immaculata University PA	5.00%		11/1/2046	BB-	(b)		4,100,000		3,175,296
City of Blaine-Crest View Obligated Grp MN	6.125%		7/1/2050	NR			5,000,000		3,250,000
City of Fruita Healthcare Revenue-Lower Vy Hosp Assoc Oblig CO†	5.375%		1/1/2033	NR			3,400,000		3,181,725
City of Fruita Healthcare Revenue-Lower Vy Hosp Assoc Oblig CO†	5.50%		1/1/2048	NR			13,000,000		10,639,630
County of Cuyahoga-The Metrohealth System OH	5.50%		2/15/2052	BBB			8,175,000		8,360,299

126 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
County of Cuyahoga-The Metrohealth System OH	5.50%	2/15/2057	BBB	$	4,900,000	$	5,006,856
County of Howard-Columbia Vantage Hse Corp MD	5.00%	4/1/2044	NR		2,955,000		2,468,891
County of Howard-Columbia Vantage Hse Corp MD	5.00%	4/1/2046	NR		7,000,000		5,755,732
County of Muskingum-Genesis Hlthcare Oblig Gp OH	5.00%	2/15/2033	BB+		2,765,000		2,766,198
County of Muskingum-Genesis Hlthcare Oblig Gp OH	5.00%	2/15/2044	BB+		21,690,000		20,084,947
County of Washington-Marietta Area Hlthcr Oblg OH	6.75%	12/1/2052	NR		15,100,000		15,185,552
County of Wilson-Wilson County Hospital KS	5.60%	9/1/2036	NR		3,530,000		3,017,641	(e)
Crawford County Hospital Authority-Meadville Med Ctr Oblig PA	6.00%	6/1/2046	NR		2,225,000		2,276,800
Crawford County Hospital Authority-Meadville Med Ctr Oblig PA	6.00%	6/1/2051	NR		2,600,000		2,643,465
Denver Health & Hospital Authority CO	5.25%	12/1/2045	BBB		3,700,000		3,719,793
Doylestown Hospital Authority Oblig PA	5.00%	7/1/2049	B3		2,375,000		1,883,949
Duluth Economic Development Authority-Essentia Health Oblig Grp MN	5.00%	2/15/2053	A-		5,000,000		5,096,449
Duluth Economic Development Authority-Essentia Health Oblig Grp MN	5.25%	2/15/2058	A-		18,000,000		18,700,634
Duluth Economic Development Authority-St Lukes Hosp Duluth Obl MN	5.25%	6/15/2052	BBB-		5,000,000		5,099,081
Franklin Health & Educational Facilities Board-MTPC LLC Obigate Group TN†(c)	7.50%	6/1/2047	NR		7,635,000		1,679,700
Fulton County Industrial Development Authority Fulton County Medical Ctr PA	5.00%	7/1/2046	NR		4,450,000		4,325,458
Fulton County Industrial Development Authority Fulton County Medical Ctr PA	5.00%	7/1/2051	NR		5,000,000		4,806,637
Gainesville & Hall County Hospital Authority-Northeast Hlth Sys Grp GA GTD	5.50%	8/15/2054	AA		3,600,000		3,794,425
Glendale Industrial Development Authority-Beatitudes Campus Oblig AZ	5.00%	11/15/2036	NR		1,500,000		1,353,925
Glendale Industrial Development Authority-Beatitudes Campus Oblig AZ	5.00%	11/15/2040	NR		3,000,000		2,605,627
Glendale Industrial Development Authority-Beatitudes Campus Oblig AZ	5.00%	11/15/2053	NR		6,000,000		4,744,274

See Notes to Financial Statements. 127

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Harris County Cultural Education Facilities Finance Corp.-Brazos Presbyterian Oblig TX	5.125%	1/1/2048	BB+	(b)	$	1,655,000	$	1,410,857
Holmes County Hospital Corp. FL(c)	5.75%	11/1/2026	NR			3,760,000		3,538,449
Holmes County Hospital Corp. FL	6.00%	11/1/2038	NR			7,115,000		6,422,695	(e)
Industrial Development Authority of the County of Pima-La Posada Park Centre Obl AZ†	6.875%	11/15/2052	NR			4,000,000		4,065,622
Industrial Development Authority of the County of Pima-La Posada Park Centre Obl AZ†	7.00%	11/15/2057	NR			5,500,000		5,587,771
Kentucky Economic Development Finance Authority-Masonic Homes Oblig	5.375%	11/15/2032	NR			1,100,000		1,005,843
King County Public Hospital District No. 4 WA	6.25%	12/1/2045	NR			4,000,000		4,116,979
Kirkwood Industrial Development Authority-Ashfield Active Lvg Oblig MO	5.25%	5/15/2042	BB-	(b)		1,750,000		1,514,146
Kirkwood Industrial Development Authority-Ashfield Active Lvg Oblig MO	5.25%	5/15/2050	BB-	(b)		3,750,000		3,090,168
Louisiana Local Government Environmental Facilities & Community Development Authority-St James Place Oblig Grp	6.25%	11/15/2045	NR			6,100,000		5,768,511
Magnolia West Community Development District FL	5.35%	5/1/2037	NR			210,000		211,272
Maryland Health & Higher Educational Facilities Authority-Doctors Hosp Inc Oblg Grp	5.00%	7/1/2038	A3			10,415,000		10,663,186
Massachusetts Development Finance Agency-Ascentria Care Alliance†	5.00%	7/1/2041	NR			3,500,000		2,996,835
Massachusetts Development Finance Agency-Ascentria Care Alliance†	5.00%	7/1/2051	NR			5,625,000		4,508,718
Massachusetts Development Finance Agency-Ascentria Care Alliance†	5.00%	7/1/2056	NR			2,310,000		1,806,808	(e)
Massachusetts Development Finance Agency-Boston Med Ctr Oblig Grp	5.25%	7/1/2048	BBB			2,600,000		2,782,265
Massachusetts Development Finance Agency-Boston Med Ctr Oblig Grp	5.25%	7/1/2052	BBB			2,500,000		2,621,396
Moon Industrial Development Authority-Baptist Homes Society Obl PA	6.00%	7/1/2045	NR			9,250,000		7,793,448
New Hampshire Business Finance Authority-Ascentria Care Alliance†	5.00%	7/1/2041	NR			1,885,000		1,603,142

128 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
New Hampshire Business Finance Authority-Ascentria Care Alliance†	5.00%	7/1/2051	NR	$	3,225,000	$	2,547,201
New Hampshire Business Finance Authority-Ascentria Care Alliance†	5.00%	7/1/2056	NR		1,910,000		1,467,076
New Jersey Economic Development Authority-Bancroft Neurohealth Olbg	5.00%	6/1/2036	NR		1,500,000		1,428,955
New York City Industrial Development Agency-Yankee Stadium LLC NY	3.00%	3/1/2049	Baa1		3,750,000		2,779,923
New York State Dormitory Authority	4.00%	3/15/2049	AA+		6,290,000		6,063,424
New York State Dormitory Authority-Catholic Hlth Sys Oblig	4.00%	7/1/2045	B-		4,500,000		3,163,002
Niagara Area Development Corp.-Catholic Hlth Sys Oblig NY	4.50%	7/1/2052	B-		3,240,000		2,350,097
Niagara Area Development Corp.-Catholic Hlth Sys Oblig NY	5.00%	7/1/2052	B-		8,545,000		6,575,848
Oconee County Industrial Development Authority-Westminster Presbytrn GA	6.25%	12/1/2048	NR		2,000,000		1,712,801
Oconee County Industrial Development Authority-Westminster Presbytrn GA	6.375%	12/1/2053	NR		3,000,000		2,562,065
Oklahoma Development Finance Authority-OU Medicine Obligated Grp	5.45%	8/15/2028	BB-		3,000,000		2,534,668
Oklahoma Development Finance Authority-OU Medicine Obligated Grp	5.50%	8/15/2052	BB-		10,000,000		9,663,512
Orange County Health Facilities Authority-Orlando Hlth Oblig Group FL	5.00%	10/1/2053	A+		4,000,000		4,251,499
Philadelphia Authority for Industrial Development-Gtr Phila Hlth Action Inc PA	6.50%	6/1/2045	NR		2,485,000		2,408,269
Philadelphia Authority for Industrial Development-Gtr Phila Hlth Action Inc PA	6.625%	6/1/2050	NR		3,415,000		3,332,746
Public Finance Authority-Bancroft Neurohealth Oblg WI†	4.625%	6/1/2036	NR		4,330,000		3,902,875
Public Finance Authority-Bancroft Neurohealth Oblg WI†	5.125%	6/1/2048	NR		7,060,000		6,312,890
Public Finance Authority-Lehigh VY Hlth Network WI†	7.25%	12/1/2042	NR		8,750,000		8,673,782
Public Finance Authority-Lehigh VY Hlth Network WI†	7.50%	12/1/2052	NR		8,650,000		8,565,866
Public Finance Authority-Moses Cone Hospital Ob Gp WI	5.00%	10/1/2052	AA-		8,750,000		9,196,878

`See Notes to Financial Statements. 129

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Public Finance Authority-Proton Intl-Delray LLC WI†(c)	6.85%	11/1/2046	NR		$	2,000,000	$	1,200,000
Public Finance Authority-Proton Intl Alabama LLC WI†(c)	6.85%	10/1/2047	NR			3,000,000		2,217,452
Public Finance Authority-Rose Villa Inc Obl Grp WI†	5.75%	11/15/2044	NR			2,035,000		2,121,154
Rhode Island Health & Educational Building Corp.-Care New England Hlth Obl	5.00%	9/1/2036	B+			7,000,000		6,682,113
Shelby County Health Educational & Housing Facilities Board-Luke Inc Obligated Group TN	5.75%	10/1/2059	NR			10,000,000		7,542,218
South Carolina Jobs-Economic Development Authority-Hampton Regl Med Ctr Obl	5.00%	11/1/2042	NR			3,815,000		3,596,929
South Carolina Jobs-Economic Development Authority-Hampton Regl Med Ctr Obl	5.00%	11/1/2046	NR			6,070,000		5,627,342
Southeastern Ohio Port Authority-Marietta Area Hlthcr Oblg	5.50%	12/1/2043	B+	(b)		5,025,000		4,530,744
Tarrant County Cultural Education Finance Corp TX(f)	5.00%	7/1/2053	A1			9,550,000		10,127,990
Upper San Juan Health Service District Medical Center Revenue CO	6.00%	6/1/2041	NR			2,225,000		2,238,602
Upper San Juan Health Service District Medical Center Revenue CO	6.125%	6/1/2046	NR			3,015,000		3,028,112
Washington State Housing Finance Commission-Spokane United Method Hms†	6.00%	1/1/2024	NR			240,000		245,621
Wisconsin Health & Educational Facilities Authority-Amer Baptist Homes Oblig	5.00%	8/1/2039	NR			1,625,000		1,334,906
Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Mem Hosp Obl	5.375%	2/1/2048	Ba2			4,000,000		3,775,032
Total								506,495,651
Housing 4.32%
Arizona Industrial Development Authority-Provident Grp-Nccu Pptys (BAM)	5.00%	6/1/2058	AA			2,500,000		2,682,793
California Community Housing Agency†	3.00%	2/1/2057	NR			12,995,000		8,602,261
California Community Housing Agency†	4.00%	2/1/2050	NR			21,045,000		15,944,744
California Community Housing Agency†	5.00%	8/1/2050	NR			11,000,000		10,285,086
California Housing Finance Agency	3.25%	8/20/2036	BBB			14,206,419		13,038,238
California Housing Finance Agency	4.25%	1/15/2035	BBB+			3,358,421		3,419,707

130 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Housing (continued)
California Municipal Finance Authority-Caritas Affordable Hsg	5.25%	8/15/2039	A-	$	550,000	$	559,405
CMFA Special Finance Agency CA†	4.00%	12/1/2045	NR		9,650,000		7,639,138
CSCDA Community Improvement Authority CA†	3.00%	6/1/2047	NR		16,640,000		12,228,887
CSCDA Community Improvement Authority CA†	3.00%	3/1/2057	NR		5,000,000		3,278,830
CSCDA Community Improvement Authority CA†	3.125%	8/1/2056	NR		14,500,000		9,914,943
CSCDA Community Improvement Authority CA†	4.00%	9/1/2046	NR		2,250,000		1,816,208
CSCDA Community Improvement Authority CA†	4.00%	8/1/2056	NR		4,450,000		3,423,976
CSCDA Community Improvement Authority CA†	4.00%	12/1/2056	NR		15,000,000		10,885,081
CSCDA Community Improvement Authority CA†	4.00%	2/1/2057	NR		3,500,000		2,467,925
CSCDA Community Improvement Authority CA†	4.00%	3/1/2057	NR		1,500,000		1,057,381
CSCDA Community Improvement Authority CA†	4.00%	6/1/2057	NR		13,980,000		9,721,772
Maryland Economic Development Corp.	5.75%	7/1/2053	BBB-		2,000,000		2,129,557
Maryland Economic Development Corp.	6.00%	7/1/2058	BBB-		5,000,000		5,416,012
New Hampshire Business Finance Authority	4.375%	9/20/2036	BBB		5,448,632		5,399,358
New York State Housing Finance Agency (SONYMA/FNMA)	3.25%	11/1/2052	Aa2		5,000,000		3,869,171
Roanoke County Economic Development Authority-Richfield Living Oblig VA(c)	5.25%	9/1/2049	NR		15,000,000		9,825,141	(e)
Roanoke County Economic Development Authority-Richfield Living Oblig VA(c)	5.375%	9/1/2054	NR		5,500,000		3,546,940	(e)
Total							147,152,554
Lease Obligations 0.83%
New Jersey Economic Development Authority	5.00%	6/15/2042	A3		2,000,000		2,219,207
New Jersey Economic Development Authority	5.00%	6/15/2043	A3		3,800,000		3,977,606
New Jersey Economic Development Authority	5.00%	6/15/2047	A3		5,450,000		5,625,290
New Jersey Economic Development Authority	5.50%	6/15/2029	A3		3,575,000		3,975,991
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.375%	1/1/2043	BBB+		1,175,000		1,181,135

See Notes to Financial Statements. 131

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Lease Obligations (continued)
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.625%		1/1/2052	BBB+	$	5,000,000	$	5,028,960
New Jersey Transportation Trust Fund Authority	5.00%		12/15/2035	A3		3,250,000		3,504,183
St. Louis Municipal Finance Corp. MO (AGM)	5.00%		10/1/2045	AA		2,500,000		2,654,299
Total								28,166,671
Other Revenue 5.45%
Anson Education Facilities Corp.-Arlington Classics Acdmy TX	5.00%		8/15/2045	BBB-		2,250,000		2,270,857
Arizona Industrial Development Authority-American Chtr Schs Fndtn†	6.00%		7/1/2047	BB+		2,460,000		2,500,105
Arizona Industrial Development Authority-Odyssey Preparatory Academy†	5.50%		7/1/2052	BB-		750,000		727,661
Arlington Higher Education Finance Corp.-Newman Internantional Acdmy TX	5.50%		8/15/2046	NR		5,000,000		4,675,735
Build NYC Resource Corp.-Shefa School NY†	5.00%		6/15/2051	NR		7,160,000		6,432,676
California School Finance Authority-Kipp Socal Pub Schs Obl†	5.125%		7/1/2044	BBB		2,390,000		2,408,702
Capital Trust Agency, Inc.-Educational Growth Fund FL†	5.00%		7/1/2056	NR		15,350,000		13,650,628
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	5.00%		12/15/2050	NR		14,700,000		12,637,006
Chester County Industrial Development Authority-Collegium Charter School PA	5.125%		10/15/2037	BB		1,000,000		973,515
Chester County Industrial Development Authority-Collegium Charter School PA	5.25%		10/15/2047	BB		2,500,000		2,262,217
Cleveland-Cuyahoga County Port Authority-Playhouse Square Fdtn OH	5.25%		12/1/2038	BB+		1,400,000		1,421,791
Cleveland-Cuyahoga County Port Authority-Playhouse Square Fdtn OH	5.50%		12/1/2043	BB+		1,850,000		1,885,839
Cleveland-Cuyahoga County Port Authority-Playhouse Square Fdtn OH	5.50%		12/1/2053	BB+		11,485,000		11,623,109
Clifton Higher Education Finance Corp.-Idea Public Schools TX	6.00%		8/15/2043	A-		1,000,000		1,008,108
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	6.125%		8/15/2048	NR		22,025,000		22,169,469
Commonwealth of Puerto Rico	Zero Coupon	#(a)	11/1/2051	NR		26,469,353		11,514,169
Commonwealth of Puerto Rico	Zero Coupon	#(a)	11/1/2051	NR		796,127		104,492

132 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Other Revenue (continued)
Florence Town, Inc. Industrial Development Authority-Legacy Tradtnl Sch Oblig AZ†	6.00%	7/1/2043	Ba2	$	3,250,000	$	3,275,341
Florida Development Finance Corp.-Franklin Acad Ser 2016 Ob†	5.00%	7/15/2046	NR		4,000,000		3,743,834	(e)
Florida Development Finance Corp.-Palm Bay Academy Inc†	Zero Coupon	5/15/2037	NR		1,220,000		244,000
Florida Development Finance Corp.-Palm Bay Academy Inc†	Zero Coupon	5/15/2037	NR		940,000		9
Florida Development Finance Corp.-Palm Bay Academy Inc†	6.375%	5/15/2037	NR		2,620,000		2,239,751
Florida Development Finance Corp.-Renaissance Chtr 2020 C/D†	5.00%	9/15/2040	NR		1,050,000		913,739
Florida Development Finance Corp.-Renaissance Chtr 2020 C/D†	5.00%	9/15/2050	NR		2,200,000		1,763,357
Florida Development Finance Corp.-Renaissance Chtr Sch 2015†	6.125%	6/15/2046	NR		5,000,000		5,015,201
George L Smith II Congress Center Authority-Signia Hotel Mgmt LLC GA†	5.00%	1/1/2054	NR		14,920,000		11,708,610
Industrial Development Authority of the City of Phoenix-Basis Schools Inc Oblig AZ†	5.00%	7/1/2046	BB		2,000,000		1,835,181
Industrial Development Authority of the County of Pima-Edkey Obligated Group AZ†	5.00%	7/1/2049	NR		6,000,000		5,368,616
Industrial Development Authority of the County of Pima-Edkey Obligated Group AZ†	5.00%	7/1/2055	NR		4,000,000		3,491,688
Jefferson Parish Economic Development & Port District-Kenner Discovery Hlth Sci LA†	5.50%	6/15/2038	NR		3,200,000		3,202,576
Jefferson Parish Economic Development & Port District-Kenner Discovery Hlth Sci LA†	5.625%	6/15/2048	NR		4,350,000		4,210,265
Main Street Natural Gas, Inc. GA	5.00%	5/15/2043	A3		1,900,000		1,910,697
Maricopa County Industrial Development Authority-Paragon Management Inc AZ†	5.00%	7/1/2047	BB+		4,000,000		3,769,340
Maricopa County Industrial Development Authority AZ†	5.00%	7/1/2049	BB+		2,335,000		2,064,542
Maryland Economic Development Corp.(c)	5.00%	12/1/2031	NR		10,700,000		6,420,000
Maryland Economic Development Corp.(c)	5.25%	12/1/2031	NR		3,000,000		1,800,000
Michigan Finance Authority-Bradford Academy	4.30%	9/1/2030	NR		970,000		878,975	(e)
Michigan Finance Authority-Bradford Academy	4.80%	9/1/2040	NR		1,845,000		1,544,514

See Notes to Financial Statements. 133

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Other Revenue (continued)
Michigan Finance Authority-Bradford Academy	5.00%	9/1/2050	NR		$	3,010,000	$	2,416,055
Michigan Public Educational Facilities Authority-Crescent Academy	7.00%	10/1/2036	NR			610,000		610,257
Middlesex County Improvement Authority NJ	6.125%	1/1/2025	NR			2,790,000		34,875
Middlesex County Improvement Authority NJ	6.25%	1/1/2037	NR			5,755,000		71,937
New Jersey Economic Development Authority	5.00%	11/1/2052	A3			10,370,000		10,928,004
Plymouth Educational Center Charter School MI	5.375%	11/1/2030	D			1,425,000		869,250
Utah Charter School Finance Authority-Freedom Academy Fndtn†	5.00%	6/15/2041	NR	��		1,020,000		944,029
Utah Charter School Finance Authority-Freedom Academy Fndtn†	5.00%	6/15/2052	NR			1,300,000		1,136,265
Utah Charter School Finance Authority-Freedom Academy Fndtn†	5.375%	6/15/2048	NR			5,150,000		4,809,911
Total								185,486,898
Special Tax 4.32%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%	5/1/2032	Ba3			2,425,000		2,465,497
Allentown Neighborhood Improvement Zone Development Authority PA†	5.25%	5/1/2042	NR			3,250,000		3,199,850
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%	5/1/2042	NR			11,680,000		11,903,635
Anne Arundel County Consolidated Special Taxing District MD Special Tax	5.125%	7/1/2036	NR			1,030,000		1,032,433
Anne Arundel County Consolidated Special Taxing District MD Special Tax	5.25%	7/1/2044	NR			2,150,000		2,150,423
Arborwood Community Development District FL	6.90%	5/1/2036	NR			610,000		611,138
Arborwood Community Development District FL	6.90%	5/1/2036	NR			50,000		49,954
Atlanta Urban Redevelopment Agency GA†	3.625%	7/1/2042	NR			1,875,000		1,577,151
Atlanta Urban Redevelopment Agency GA†	3.875%	7/1/2051	NR			3,330,000		2,709,997
Babcock Ranch Community Independent Special District FL	5.00%	5/1/2042	NR			4,000,000		3,862,107
Babcock Ranch Community Independent Special District FL	5.00%	5/1/2053	NR			4,000,000		3,732,732
Celebration Pointe Community Development District No. 1 FL	3.375%	5/1/2041	NR			895,000		683,420

134 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Special Tax (continued)
Celebration Pointe Community Development District No. 1 FL	5.00%	5/1/2048	NR	$	6,555,000	$	6,069,739
City of Baltimore MD	4.875%	6/1/2042	NR		1,275,000		1,225,029
City of Baltimore MD	5.00%	6/1/2051	NR		1,600,000		1,528,057
City of North Las Vegas NV	4.50%	6/1/2039	NR		480,000		455,352
City of North Las Vegas NV	4.625%	6/1/2043	NR		480,000		449,738
City of North Las Vegas NV	4.625%	6/1/2049	NR		730,000		667,388
County of Frederick MD Special Tax†	4.00%	7/1/2050	NR		3,755,000		3,272,802
County of Frederick MD Tax Allocation†	4.625%	7/1/2043	NR		2,155,000		2,095,267
County of Prince George’s MD Tax Allocation†	5.125%	7/1/2039	NR		1,100,000		1,086,189
County of Prince George’s MD Tax Allocation†	5.25%	7/1/2048	NR		5,125,000		5,035,224
Denver International Business Center Metropolitan District No. 1 CO GO	6.00%	12/1/2048	NR		2,300,000		2,288,581
Grandview Industrial Development Authority MO Tax Allocation(c)	5.75%	12/1/2028	NR		1,000,000		220,000	(e)
Industrial Development Authority of the City of St. Louis Missouri	4.375%	11/15/2035	NR		3,500,000		2,814,495
Industrial Development Authority of the City of St. Louis Missouri	4.75%	11/15/2047	NR		4,875,000		3,635,741
Inland Valley Development Agency CA Tax Allocation	5.25%	9/1/2037	A		3,375,000		3,425,648
Miami World Center Community Development District FL	5.25%	11/1/2049	NR		4,500,000		4,429,399
Mida Mountain Village Public Infrastructure District UT†	4.00%	8/1/2050	NR		8,500,000		6,055,895
Mida Mountain Village Public Infrastructure District UT†	4.25%	8/1/2035	NR		3,290,000		2,890,654
Mida Mountain Village Public Infrastructure District UT†	4.50%	8/1/2040	NR		1,250,000		1,057,038
Mida Mountain Village Public Infrastructure District UT†	5.00%	8/1/2050	NR		3,500,000		2,824,888
Military Installation Development Authority UT	4.00%	6/1/2041	NR		1,250,000		995,707
Military Installation Development Authority UT	4.00%	6/1/2052	NR		11,485,000		8,117,232
Northern Palm Beach County Improvement District FL	5.00%	8/1/2046	NR		5,000,000		4,878,532
Orange County Community Facilities District CA Special Tax	5.00%	8/15/2042	NR		2,000,000		2,081,928

See Notes to Financial Statements. 135

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Special Tax (continued)
Orange County Community Facilities District CA Special Tax	5.00%	8/15/2047	NR	$	2,000,000	$	2,056,182
Peninsula Town Center Community Development Authority VA†	5.00%	9/1/2037	NR		875,000		847,026
Peninsula Town Center Community Development Authority VA†	5.00%	9/1/2045	NR		6,050,000		5,553,376
Plaza at Noah’s Ark Community Improvement District MO	3.00%	5/1/2030	NR		725,000		656,300
Plaza at Noah’s Ark Community Improvement District MO	3.125%	5/1/2035	NR		500,000		418,624
Prince George’s County Revenue Authority MD Tax Allocation†	5.00%	7/1/2046	NR		5,000,000		5,021,023	(e)
River Islands Public Financing Authority CA Special Tax (AGM)	5.25%	9/1/2052	AA		2,500,000		2,803,343
Rocky Mountain Rail Park Metropolitan District CO GO†	5.00%	12/1/2041	NR		2,000,000		1,338,382
Rocky Mountain Rail Park Metropolitan District CO GO†	5.00%	12/1/2051	NR		6,520,000		3,746,195
Scranton Redevelopment Authority PA GTD	5.00%	11/15/2028	BB+		4,385,000		4,317,412
Stone Canyon Community Improvement District MO(c)	5.70%	4/1/2022	NR		1,485,000		386,100
Tahoe-Douglas Visitors Authority NV	5.00%	7/1/2045	NR		2,800,000		2,807,034
Tahoe-Douglas Visitors Authority NV	5.00%	7/1/2051	NR		4,000,000		3,949,604
Tern Bay Community Development District FL	5.375%	5/1/2037	NR		350,000		350,081
Village Community Development District No. 10 FL	6.00%	5/1/2044	NR		805,000		805,710
Village Metropolitan District CO GO	5.00%	12/1/2040	NR		2,000,000		1,917,214
Village Metropolitan District CO GO	5.00%	12/1/2049	NR		4,085,000		3,806,156
West Villages Improvement District FL	4.75%	5/1/2039	NR		1,750,000		1,668,569
West Villages Improvement District FL	5.00%	5/1/2050	NR		3,090,000		2,886,347
Total							146,913,538
Tax Revenue 3.88%
American Samoa Economic Development Authority†	6.50%	9/1/2028	Ba3		2,750,000		2,961,429
City of Reno NV†	Zero Coupon	7/1/2058	NR		18,500,000		1,840,856
City of Sparks NV†	2.50%	6/15/2024	Ba1		115,000		112,305
City of Sparks NV†	2.75%	6/15/2028	Ba1		750,000		679,020
Matching Fund Special Purpose Securitization Corp. VI	5.00%	10/1/2030	NR		2,500,000		2,557,985

136 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue (continued)
Matching Fund Special Purpose Securitization Corp. VI	5.00%	10/1/2039	NR	$	4,000,000	$	3,926,907
Metropolitan Pier & Exposition Authority IL	5.50%	6/15/2053	A		9,150,000		9,296,040
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon	12/15/2037	A		10,000,000		5,218,437
Monongalia County Commission Excise Tax District WV†	4.125%	6/1/2043	NR		4,500,000		4,008,515
Monongalia County Commission Excise Tax District WV†	4.875%	6/1/2043	NR		3,430,000		3,123,821
New York Liberty Development Corp. TCRS (BAM)	3.00%	2/15/2042	AA		4,000,000		3,223,458
New York State Dormitory Authority	3.00%	3/15/2050	AA+		2,500,000		1,920,759
New York State Urban Development Corp.	3.00%	3/15/2047	AA+		3,740,000		3,006,423
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		5,283,000		3,177,455
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		14,025,000		12,798,494
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		34,984,000		32,087,360
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	5.00%	7/1/2058	NR		32,856,000		31,021,712
Territory of Guam	4.00%	1/1/2042	Ba1		7,000,000		6,353,377
Washington State Convention Center Public Facilities District	3.00%	7/1/2048	Baa3		6,710,000		4,624,537
Total							131,938,890
Tobacco 7.69%
Buckeye Tobacco Settlement Financing Authority OH	Zero Coupon	6/1/2057	NR		63,000,000		7,545,970
Buckeye Tobacco Settlement Financing Authority OH	5.00%	6/1/2055	NR		81,120,000		73,558,926
California Statewide Financing Authority	Zero Coupon	6/1/2046	NR		26,325,000		6,329,799
California Statewide Financing Authority†	Zero Coupon	6/1/2055	NR		42,500,000		2,058,207
District of Columbia Tobacco Settlement Financing Corp.	Zero Coupon	6/15/2046	NR		4,780,000		916,134
District of Columbia Tobacco Settlement Financing Corp.	Zero Coupon	6/15/2055	NR		21,000,000		2,003,984
District of Columbia Tobacco Settlement Financing Corp.	Zero Coupon	6/15/2055	NR		100,000,000		8,050,760

See Notes to Financial Statements. 137

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

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	$	1,691,739
Golden State Tobacco Securitization Corp. CA	Zero Coupon	6/1/2066	NR		292,500,000		29,709,664
Inland Empire Tobacco Securitization Corp. CA†	Zero Coupon	6/1/2057	CCC		47,000,000		2,754,529
Iowa Tobacco Settlement Authority	4.00%	6/1/2049	BBB+		4,000,000		3,525,902
Michigan Finance Authority	4.00%	6/1/2049	BBB+		4,005,000		3,568,648
Michigan Finance Authority	5.00%	6/1/2049	BBB+		3,335,000		3,389,936
Michigan Tobacco Settlement Finance Authority	Zero Coupon	6/1/2058	NR		103,300,000		4,213,514
Monroe Tobacco Asset Securitization Corp. NY†	Zero Coupon	6/1/2061	NR		22,900,000		904,678
Nassau County Tobacco Settlement Corp. NY	Zero Coupon	6/1/2060	NR		50,000,000		2,793,270
Nassau County Tobacco Settlement Corp. NY	5.00%	6/1/2035	CCC+		3,170,000		2,903,055
Nassau County Tobacco Settlement Corp. NY	5.25%	6/1/2026	CCC+		3,615,591		3,559,271
Rockland Tobacco Asset Securitization Corp. NY†	Zero Coupon	8/15/2060	NR		41,035,000		2,505,728
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2036	NR		10,000,000		4,819,308
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2056	NR		20,000,000		1,686,608
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	Zero Coupon	6/1/2046	CCC-		15,000,000		2,438,632
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	Zero Coupon	6/1/2054	NR		16,000,000		2,935,482
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	5.00%	6/1/2048	BBB-		2,235,000		2,272,815
Tobacco Settlement Financing Corp. RI	Zero Coupon	6/1/2052	CCC-		25,885,000		4,088,730
Tobacco Settlement Financing Corp. VA	Zero Coupon	6/1/2047	CCC-		9,500,000		2,315,219
Tobacco Settlement Financing Corp. VA	Zero Coupon	6/1/2047	CCC-		110,695,000		27,869,437

138 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

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-	$	34,860,000	$	32,808,900
TSASC, Inc. NY	5.00%		6/1/2045	CCC+		7,170,000		6,687,468
TSASC, Inc. NY	5.00%		6/1/2048	NR		12,835,000		11,801,554
Total								261,707,867
Transportation 10.30%
City & County of Denver Airport System Revenue CO AMT	5.50%		11/15/2025	A+		3,410,000		3,451,629
City of Houston Airport System Revenue-United Airlines Inc TX AMT	4.75%		7/1/2024	BB-		2,740,000		2,739,851
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%		7/15/2028	BB-		3,500,000		3,525,222
City of Los Angeles Department of Airports CA AMT	4.00%		5/15/2049	AA-		5,000,000		4,781,050
City of Reno NV†	Zero Coupon		7/1/2058	NR		29,000,000		3,688,846
County of Miami-Dade Aviation Revenue FL AMT	5.00%		10/1/2044	A		5,000,000		5,180,863
E-470 Public Highway Authority CO (NATL)	Zero Coupon		9/1/2031	A		20,000,000		15,283,680
Foothill-Eastern Transportation Corridor Agency CA	3.95%		1/15/2053	A		5,500,000		4,946,060
Foothill-Eastern Transportation Corridor Agency CA	4.00%		1/15/2043	A-		4,099,000		3,903,838
Greater Orlando Aviation Authority FL AMT	4.00%		10/1/2049	AA-		6,370,000		6,050,328
Maryland Economic Development Corp.-Consol Marine Terminals L	5.75%		9/1/2025	BB		9,000,000		9,078,606
Maryland Economic Development Corp.-Ports America Chesapeake AMT	5.00%		6/1/2044	Baa2		250,000		257,943
Maryland Economic Development Corp.-Ports America Chesapeake AMT	5.00%		6/1/2049	Baa2		750,000		768,719
Maryland Economic Development Corp.-Purple Line Transit Ptr AMT	5.25%		6/30/2047	Baa3		2,500,000		2,551,863
Maryland Economic Development Corp.-Purple Line Transit Ptr AMT	5.25%		6/30/2055	Baa3		12,610,000		12,800,690
Maryland Economic Development Corp. Tax Allocation	4.00%		9/1/2050	NR		14,750,000		12,067,602
Metropolitan Nashville Airport Authority TN AMT	5.50%		7/1/2052	A1		6,500,000		7,069,689
Metropolitan Transportation Authority NY	3.80%	#(a)	11/1/2035	Aa1		9,800,000		9,800,000

See Notes to Financial Statements. 139

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Transportation (continued)
Metropolitan Transportation Authority NY	5.25%	11/15/2044	A3		$	10,000,000	$	10,133,647
Metropolitan Transportation Authority NY(f)	5.25%	11/15/2055	A3			21,710,000		22,771,725
New Jersey Transportation Trust Fund Authority	5.50%	6/15/2050	A3			2,000,000		2,209,024
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.00%	1/1/2036	Baa3			9,305,000		8,879,868
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.375%	10/1/2045	Baa3			32,265,000		30,247,424
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2024	Baa3			6,300,000		6,342,432
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	1/1/2036	Baa3			1,195,000		1,209,487
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	10/1/2040	Baa3			20,980,000		21,110,137
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2041	Baa2			5,000,000		4,677,725
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	5.25%	1/1/2050	Baa2			13,730,000		13,770,157
North Parkway Municipal Management District No. 1 TX†	4.75%	9/15/2041	NR			2,930,000		2,754,811	(e)
North Parkway Municipal Management District No. 1 TX†	5.00%	9/15/2051	NR			6,875,000		6,391,660	(e)
Port Authority of New York & New Jersey AMT	5.00%	11/15/2041	AA-			10,500,000		10,857,543
Port Authority of New York & New Jersey AMT	5.25%	8/1/2047	AA-			5,000,000		5,479,669
Port Authority of New York & New Jersey AMT	5.50%	8/1/2052	AA-			3,500,000		3,894,188
Port of Portland Airport Revenue OR AMT	5.50%	7/1/2048	AA-	(b)		6,250,000		6,913,724
Puerto Rico Highway & Transportation Authority	Zero Coupon	7/1/2032	NR			462,833		289,271
Puerto Rico Highway & Transportation Authority	Zero Coupon	7/1/2053	NR			791,717		463,145
Puerto Rico Highway & Transportation Authority	5.00%	7/1/2062	NR			9,212,199		8,751,589
Regional Transportation District-Denver Transit Partners CO	3.00%	7/15/2037	Baa1			3,825,000		3,289,824
San Diego County Regional Airport Authority CA AMT	4.00%	7/1/2046	A2			4,500,000		4,284,509

140 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
San Diego County Regional Airport Authority CA AMT(f)	5.00%		7/1/2056	A2	$	17,000,000	$	18,241,870
San Diego County Regional Airport Authority CA AMT	5.00%		7/1/2056	A2		5,000,000		5,190,419
Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segm AMT	5.00%		6/30/2058	Baa2		13,285,000		13,173,822
Triborough Bridge & Tunnel Authority NY	4.00%		5/15/2043	AA+		5,000,000		4,998,911
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	4.00%		1/1/2048	BBB		7,205,000		6,260,321
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%		1/1/2033	BBB		1,500,000		1,635,775
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%		7/1/2036	BBB		3,200,000		3,383,958
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	5.00%		7/1/2037	BBB		2,355,000		2,463,444
Virginia Small Business Financing Authority-Elizabeth River Crossings AMT	4.00%		1/1/2038	BBB		4,500,000		4,326,563
Virginia Small Business Financing Authority-I-66 Express Mobility AMT	5.00%		12/31/2047	Baa3		3,400,000		3,390,163
Virginia Small Business Financing Authority-I-66 Express Mobility AMT	5.00%		12/31/2052	Baa3		5,000,000		4,923,491
Total								350,656,775
Utilities 8.30%
Baltimore Proj Revenue MD(f)	5.25%		7/1/2047	Aa2		7,195,000		8,079,912
Baltimore Proj Revenue MD(f)	5.25%		7/1/2052	Aa2		12,190,000		13,689,247
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2		4,100,000		4,049,331
Black Belt Energy Gas District AL	4.00%	#(a)	12/1/2052	Baa1		11,100,000		10,765,918
Black Belt Energy Gas District AL	5.50%	#(a)	11/1/2053	A2		16,335,000		17,248,837
California Pollution Control Financing Authority-Poseidon Resources†	5.00%		11/21/2045	Baa3		2,250,000		2,269,937
Charlotte County Industrial Development Authority-Mskp Town And Cntry Util FL†	5.00%		10/1/2034	NR		1,000,000		1,018,708
Charlotte County Industrial Development Authority-Mskp Town And Cntry Util FL†	5.00%		10/1/2049	NR		5,500,000		5,358,258
City of Compton Water Revenue CA	6.00%		8/1/2039	NR		3,710,000		3,710,070
County of Jefferson Sewer Revenue AL	Zero Coupon		10/1/2039	BBB		5,000,000		5,161,285
County of Jefferson Sewer Revenue AL	Zero Coupon		10/1/2046	BBB		5,445,000		5,613,247
County of Jefferson Sewer Revenue AL	6.00%		10/1/2042	BBB		7,175,000		7,608,090
County of Jefferson Sewer Revenue AL	6.50%		10/1/2053	BBB		26,800,000		28,469,611

See Notes to Financial Statements. 141

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
County of Jefferson Sewer Revenue AL (AGM)	Zero Coupon		10/1/2028	AA		$	4,035,000	$	3,076,296
County of Jefferson Sewer Revenue AL (AGM)	5.00%		10/1/2044	AA			5,070,000		5,188,574
Florida Development Finance Corp.-Waste Pro Usa Inc AMT†	5.25%		8/1/2029	NR			7,000,000		6,530,770	(e)
Florida Development Finance Corp.-Waste Pro USA Inc AMT	3.00%		6/1/2032	NR			10,250,000		7,749,142
Main Street Natural Gas, Inc. GA	4.00%	#(a)	5/1/2052	A3			2,115,000		2,077,313
Main Street Natural Gas, Inc. GA†	4.00%	#(a)	8/1/2052	BBB-			38,000,000		36,255,777
Main Street Natural Gas, Inc. GA	4.00%	#(a)	9/1/2052	A3			2,165,000		2,118,097
Maricopa County Pollution Control Corp.-El Paso Electric Company AZ	3.60%		2/1/2040	Baa2			5,355,000		4,780,607
Maricopa County Pollution Control Corp.-El Paso Electric Company AZ	3.60%		4/1/2040	Baa2			3,115,000		2,778,797
Montgomery County Industrial Development Authority-Constellation Energy Gen PA(d)	4.10%	#(a)	4/1/2053	Baa2			9,000,000		9,142,324
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2048	AA			1,100,000		1,171,337
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2048	AA			1,750,000		1,863,490
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2053	AA			2,300,000		2,420,875
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2055	AA			2,350,000		2,458,281
Northern Palm Beach County Improvement District FL	5.00%		8/1/2034	NR			2,000,000		2,006,189
Omaha Public Power District NE	4.00%		2/1/2046	AA			7,500,000		7,443,022
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR			11,250,000		9,559,019
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR			5,000,000		4,248,399
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2047	NR			11,500,000		10,851,930
Puerto Rico Electric Power Authority(c)	5.00%		7/1/2042	D	(b)		4,975,000		3,569,563
Puerto Rico Electric Power Authority(c)	5.05%		7/1/2042	D	(b)		3,425,000		2,457,438
Puerto Rico Electric Power Authority(c)	5.25%		7/1/2024	D	(b)		7,000,000		5,005,000
Southeast Energy Authority A Cooperative District AL	4.00%	#(a)	12/1/2051	A1			16,000,000		15,560,530
Southeast Energy Authority A Cooperative District AL	5.50%	#(a)	1/1/2053	A1			5,000,000		5,347,546
State of Hawaii Department of Budget & Finance-Hawaiian Electric Co Inc	3.20%		7/1/2039	Baa1			10,000,000		8,517,110

142 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities (continued)
State of Hawaii Department of Budget & Finance-Hawaiian Electric Co Inc AMT	4.00%		3/1/2037	Baa1	$	5,000,000	$	4,828,505
Tennessee Energy Acquisition Corp.	5.00%	#(a)	5/1/2052	A2		2,500,000		2,610,132
Total								282,658,514
Total Municipal Bonds (cost $3,645,134,215)								3,393,038,900

	Interest Rate#	Interest Rate Reset Date(g)	Final Maturity Date
SHORT-TERM INVESTMENTS 0.67%
VARIABLE RATE DEMAND NOTES 0.67%
General Obligation 0.11%
City of New York NY GO	3.650%	4/3/2023	6/1/2044	AA	2,000,000		2,000,000
City of New York NY GO	4.150%	4/3/2023	10/1/2046	AA	1,900,000		1,900,000
Total							3,900,000
Tax Revenue 0.56%
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023	5/1/2034	AAA	8,600,000		8,600,000
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023	2/1/2045	AAA	8,500,000		8,500,000
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.650%	4/3/2023	2/1/2045	AAA	1,870,000		1,870,000
Total							18,970,000
Total Short-Term Investments (cost $22,870,000)							22,870,000
Total Investments in Securities 100.35% (cost $3,668,004,215)							3,415,908,900
Other Assets and Liabilities – Net(h) (0.35)%							(11,975,209	)
Net Assets 100.00%						$	3,403,933,691

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
FNMA	Federal National Mortgage Association.
GTD	Guaranteed.
NR	Not Rated.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SONYMA	State of New York Mortgage Association.
TCRS	Transferable Custodial Receipts.
TRIPS	Tax Refund Intercept Programs.

See Notes to Financial Statements. 143

Schedule of Investments (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2023, the total value of Rule 144A securities was $940,206,677, which represents 27.62% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	This investment has been rated by Fitch IBCA.
(c)	Defaulted (non-income producing security).
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(f)	Municipal Bonds Held in Trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust
(g)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index.
(h)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at March 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. Long Bond	June 2023	386	Short	$	(48,299,128	)	$	(50,626,313	)		$	(2,327,185	)

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds(3)
Corporate-Backed	$	–		$	644,770,713	$	11,653,802	$	656,424,515
Education		–			201,167,103		23,681,746		224,848,849
General Obligation		–			440,488,124		321,563		440,809,687
Health Care		–			487,795,943		18,699,708		506,495,651
Housing		–			133,780,473		13,372,081		147,152,554
Other Revenue		–			180,864,089		4,622,809		185,486,898
Special Tax		–			141,672,515		5,241,023		146,913,538
Transportation		–			341,510,304		9,146,471		350,656,775
Utilities		–			276,127,744		6,530,770		282,658,514
Remaining Industries		–			451,591,919		–		451,591,919
Short-Term Investments
Variable Rate Demand Notes		–			22,870,000		–		22,870,000
Total	$	–		$	3,322,638,927	$	93,269,973	$	3,415,908,900
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(2,327,185	)		–		–		(2,327,185	)
Total	$	(2,327,185	)	$	–	$	–	$	(2,327,185	)

⁽¹⁾ Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

144 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

(3)

Municipal Bonds held in Trust (See Note 2(h)).

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2022	$	99,330,812
Accrued Discounts (Premiums)		(49,487	)
Realized Gain (Loss)		(3,839,696	)
Change in Unrealized Appreciation (Depreciation)		2,945,217
Purchases		7,898,137
Sales		(15,778,303	)
Transfers into Level 3(a)		48,248,034
Transfers out of Level 3(a)		(45,484,741	)
Balance as of March 31, 2023	$	93,269,973
Change in unrealized appreciation/depreciation for the period ended March 31, 2023, related to Level 3 investments held at March 31, 2023	$	304,206

^(a)  The fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

See Notes to Financial Statements. 145

Schedule of Investments (unaudited)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 99.18%
MUNICIPAL BONDS 99.18%
Airlines 0.19%
New Jersey Economic Development Authority-Port Newark Container AMT	5.00%		10/1/2027	Baa2	$	1,675,000	$	1,718,983
Corporate-Backed 31.22%
Allegheny County Industrial Development Authority-US Steel Corporation PA	4.875%		11/1/2024	BB-		4,400,000		4,407,430
Allegheny County Industrial Development Authority-US Steel Corporation PA	5.125%		5/1/2030	BB-		10,485,000		10,680,683
Avenir Community Development District FL	4.50%		5/1/2030	NR		2,000,000		1,972,545
Black Belt Energy Gas District AL	4.00%	#(a)	10/1/2052	A2		19,670,000		19,426,910
Calhoun County Navigation Industrial Development Authority-Max Midstream Texas LLC AMT†	3.625%		7/1/2026	NR		2,500,000		2,268,945
California Municipal Finance Authority AMT	4.00%		7/15/2029	BB-		10,700,000		10,392,419
Chandler Industrial Development Authority-Intel Corporation AZ AMT	5.00%	#(a)	9/1/2052	A		5,500,000		5,765,843
City of Henderson-Pratt Paper LLC KY AMT†	3.70%		1/1/2032	NR		9,855,000		9,365,234
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%		7/1/2029	BB-		2,465,000		2,467,160
City of Valparaiso-Pratt Paper LLC IN AMT	5.875%		1/1/2024	NR		345,000		348,997
City of Whiting-BP Prods North America IN AMT	4.40%	#(a)	3/1/2046	A2		2,000,000		2,038,588
County of Clark-Southern CA Edison Co NV	2.10%		6/1/2031	A2		4,010,000		3,391,221
County of Nez Perce-Potlatchdeltic Corp ID	2.75%		10/1/2024	BBB-		2,835,000		2,795,852
County of Richland-International Paper Co SC	3.875%		4/1/2023	BBB		3,910,000		3,910,000
County of Warren-International Paper Co MS	2.90%	#(a)	9/1/2032	BBB		750,000		748,583
Downtown Doral South Community Development District FL†	3.875%		12/15/2023	NR		50,000		49,854
Florida Development Finance Corp.-Waste Pro USA Inc AMT†	5.00%		5/1/2029	NR		1,410,000		1,311,178

146 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Greater Orlando Aviation Authority-Jetblue Airways Corp FL	5.00%		11/15/2026	NR	$	2,600,000	$	2,601,788
Hoover Industrial Development Board-US Steel Corporation AL AMT	6.375%	#(a)	11/1/2050	BB-		1,570,000		1,732,754
Indiana Finance Authority-Ohio Valley Electric Corp	3.00%		11/1/2030	Baa3		1,000,000		929,499
Iowa Finance Authority-Iowa Fertilizer Co LLC	4.00%	#(a)	12/1/2050	BBB-		10,600,000		10,333,957
Love Field Airport Modernization Corp.-Southwest Airlines Co TX	5.00%		11/1/2028	Baa1		3,500,000		3,500,265
Maryland Industrial Development Financing Authority-Occidental Petroleum Corp	5.48%	#(a)	3/1/2030	Baa3		5,645,000		5,645,000
Matagorda County Navigation District No. 1-Aep Texas Inc	2.60%		11/1/2029	A-		2,580,000		2,332,768
Michigan Strategic Fund-Graphic Packaging Intl AMT	4.00%	#(a)	10/1/2061	BB		5,635,000		5,562,758
Mission Economic Development Corp.-Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		7,775,000		7,601,501
Mississippi Business Finance Corp.-Enviva Inc AMT	7.75%	#(a)	7/15/2047	B+		3,600,000		3,638,088
Mississippi Business Finance Corp.-Huntington Ingalls Inds	4.55%		12/1/2028	BBB-		1,845,000		1,824,970
New Hampshire Business Finance Authority-Casella Waste Systems Inc†	2.95%		4/1/2029	B+		2,300,000		2,000,823
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	4.00%		11/1/2027	B		1,525,000		1,450,094	(b)
New Hampshire Business Finance Authority-New York St Elec & Gas AMT	4.00%		12/1/2028	A-		5,050,000		5,155,678
New Hampshire Business Finance Authority-United Illuminating Co	2.80%	#(a)	10/1/2033	A-		1,000,000		998,389
New Hampshire Business Finance Authority-Waste Mgmt Inc AMT	2.15%		7/1/2027	A-		3,160,000		3,084,935	(b)
New Jersey Economic Development Authority-United Airlines Inc	5.25%		9/15/2029	BB-		6,115,000		6,126,538
New Jersey Economic Development Authority-United Airlines Inc	5.75%		9/15/2027	BB-		7,150,000		7,150,816
New York City Industrial Development Agency-TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		1,000,000		1,000,576
New York Liberty Development Corp.-3 World Trade Center LLC†	5.15%		11/15/2034	NR		6,555,000		6,556,629

See Notes to Financial Statements. 147

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Corporate-Backed (continued)
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT	2.75%	#(a)	9/1/2050	B+		$	3,500,000	$	3,298,103
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	2.875%	#(a)	12/1/2044	B+			1,000,000		851,124
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	3.125%	#(a)	12/1/2044	B+			4,500,000		4,208,633
New York Transportation Development Corp.-American Airlines Inc AMT	2.25%		8/1/2026	B	(c)		1,915,000		1,782,690
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2026	B-			820,000		820,555
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2031	B-			8,000,000		8,009,444
New York Transportation Development Corp.-American Airlines Inc AMT	5.25%		8/1/2031	B-			4,510,000		4,656,272
Niagara Area Development Corp.-Covanta Holding Corp NY†	3.50%		11/1/2024	B1			6,100,000		5,952,104
Ohio Air Quality Development Authority-Ohio Valley Electric Corp	2.875%		2/1/2026	Baa3			1,940,000		1,857,541
Ohio Air Quality Development Authority-Pratt Paper Inc AMT†	3.75%		1/15/2028	NR			290,000		282,060
Parish of St. James-Nustar Logistics LP LA†	5.85%	#(a)	8/1/2041	BB-			4,125,000		4,233,769
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	6/1/2038	BB-			9,235,000		9,936,764
Parish of St. James-Nustar Logistics LP LA†	6.10%	#(a)	12/1/2040	BB-			2,250,000		2,421,033
Parish of St. John the Baptist-Marathon Oil Corporation LA(d)	4.05%	#(a)	6/1/2037	BBB-			3,100,000		3,100,000
Pennsylvania Economic Development Financing Authority-Consol Energy Inc AMT†	9.00%	#(a)	4/1/2051	B			3,125,000		3,523,733
Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT†	3.25%		8/1/2039	B			7,700,000		5,579,661
Polk County Industrial Development Authority-Mineral Development LLC FL†	5.875%		1/1/2033	NR			1,375,000		1,383,466
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX†	6.00%		1/1/2025	NR			3,230,000		3,041,940
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	1.875%		1/1/2026	NR			2,710,000		2,475,935

148 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Corporate-Backed (continued)
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	2.00%		1/1/2027	NR	$	1,250,000	$	1,105,751
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	2.125%		1/1/2028	NR		775,000		664,169
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	2.25%		1/1/2029	NR		1,300,000		1,081,234
Port Beaumont Navigation District-Jefferson 2020 Bond Oblig TX AMT†	2.625%		1/1/2031	NR		1,600,000		1,279,731
Public Finance Authority-Ameream LLC WI†	5.00%		12/1/2027	NR		1,275,000		1,138,551
Public Finance Authority-Ameream LLC WI†	6.50%		12/1/2037	NR		2,000,000		1,749,550
Public Finance Authority-Celanese US Holdings LLC WI AMT	5.00%		1/1/2024	BBB-		5,970,000		5,993,720
Public Finance Authority-Celanese US Holdings LLC WI AMT	5.00%		12/1/2025	BBB-		2,490,000		2,523,832
Public Finance Authority-Sky Harbour Cap Oblg WI AMT	4.00%		7/1/2036	NR		9,585,000		8,198,916
Salem County Pollution Control Financing Authority-Chambers Cogeneration LP NJ AMT	5.00%		12/1/2023	NR		1,820,000		1,836,590
South Carolina Jobs-Economic Development Authority-International Paper Co AMT	4.00%	#(a)	4/1/2033	Baa2		2,000,000		2,001,670
Sumter County Industrial Development Authority-Enviva Inc AL AMT	6.00%	#(a)	7/15/2052	B+		15,000,000		13,531,366
Tulsa Airports Improvement Trust-American Airlines Inc OK AMT	5.00%	#(a)	6/1/2035	B-		500,000		503,119
Tuscaloosa County Industrial Development Authority-Hunt Refining Company AL†	4.50%		5/1/2032	NR		10,941,873		9,588,792
Vermont Economic Development Authority-Casella Waste Systems Inc AMT†	5.00%	#(a)	6/1/2052	B+		5,500,000		5,412,617
Total								284,593,703
Education 4.87%
Arizona Industrial Development Authority-Academies Math & Sci Oblig†	5.00%		7/1/2029	BB+		1,500,000		1,520,303
Arizona Industrial Development Authority-Odyssey Preparatory Acdmy†	4.00%		7/1/2029	BB-		425,000		404,838

See Notes to Financial Statements. 149

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
Build NYC Resource Corp.-E Harlem Scholars Oblg Gp NY†	5.00%		6/1/2032	BB+		$	275,000	$	279,614
California Community Choice Financing Authority	4.943% (SOFR * .67 + 1.70%	)#	5/1/2053	A1			10,000,000		10,133,662	(b)
California Municipal Finance Authority-Sdori Charter Sch Pptys†	5.00%		3/1/2025	B+			530,000		525,894
Capital Trust Agency, Inc.-Advantage Admy Oblig Grp FL	4.00%		12/15/2024	Baa3			220,000		219,965
Capital Trust Agency, Inc.-Advantage Admy Oblig Grp FL	5.00%		12/15/2029	Baa3			400,000		410,414
Capital Trust Agency, Inc.-Renaissance Chtr Sch 2019 FL†	4.00%		6/15/2029	NR			885,000		825,730
Chester County Health & Education Facilities Authority-Immaculata University PA	4.25%		11/1/2032	BB-	(c)		1,600,000		1,324,151
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2033	A	(c)		1,250,000		1,394,012
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	4.625%		8/15/2025	NR			1,965,000		1,944,346
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	5.75%		8/15/2038	NR			1,405,000		1,412,270
County of Frederick-Mount St Mary’s Univ MD†	5.00%		9/1/2027	BB+			2,250,000		2,246,377
County of Frederick-Mount St Mary’s Univ MD†	5.00%		9/1/2032	BB+			3,150,000		3,152,322
Development Authority Of The City Of Marietta-Life University Inc GA†	5.00%		11/1/2027	Ba3			3,000,000		3,018,890
Florida Higher Educational Facilities Financial Authority-Jacksonville University†	4.50%		6/1/2033	NR			2,900,000		2,772,063
Hospital Facilities Authority of Multnomah County Oregon-Mirabella So Waterfront	5.00%		10/1/2024	NR			90,000		89,910
Maricopa County Industrial Development Authority-Ottawa University AZ†	5.00%		10/1/2026	NR			240,000		240,921
Maricopa County Industrial Development Authority-Ottawa University AZ†	5.125%		10/1/2030	NR			425,000		431,200
New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC)	7.30% (CPI YoY * 1 + .89%	)#	3/1/2027	Baa1			2,500,000		2,686,800

150 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2028	BBB-		$	1,140,000	$	1,213,199
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2029	BBB-			1,545,000		1,654,687
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2030	BBB-			2,200,000		2,370,863
New York State Dormitory Authority-Yeshiva University	5.00%		7/15/2032	BBB-			1,960,000		2,131,516
Ohio Air Quality Development Authority-Duke Energy Corp AMT	4.25%	#(a)	11/1/2039	BBB			2,000,000		2,019,039
Total									44,422,986
Energy 0.56%
PEFA, Inc. IA	5.00%	#(a)	9/1/2049	A3			5,000,000		5,101,745
General Obligation 17.12%
Academical Village Community Development District FL	2.875%		5/1/2025	NR			615,000		594,607
Academical Village Community Development District FL	3.25%		5/1/2031	NR			4,265,000		3,821,534
California Community Choice Financing Authority	5.00%	#(a)	12/1/2053	A2			4,000,000		4,181,817
California Community Choice Financing Authority	5.25%	#(a)	1/1/2054	Baa1			15,000,000		15,361,614
Chicago Board of Education IL GO	4.00%		12/1/2027	BB+			2,250,000		2,241,808
Chicago Board of Education IL GO	5.00%		12/1/2030	BB+			4,000,000		4,153,833
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+			6,325,000		6,511,725
Chicago Board of Education IL GO†	6.75%		12/1/2030	BB+			2,135,000		2,372,841
Chicago Board of Education IL GO	7.00%		12/1/2026	BB+			1,100,000		1,189,183
City of Chicago IL GO	5.00%		1/1/2024	BBB+			2,930,000		2,960,668
City of Chicago IL GO	5.00%		1/1/2024	BBB+			2,640,000		2,667,633
City of Chicago IL GO	5.00%		1/1/2030	BBB+			4,780,000		5,100,470
City of Chicago IL GO	5.00%		1/1/2031	BBB+			1,000,000		1,060,793
City of Chicago IL GO	5.50%		1/1/2031	BBB+			2,595,000		2,668,232
City of Coralville IA GO	4.50%		6/1/2032	BB+			1,215,000		1,226,643
City of Coralville IA GO	5.00%		5/1/2030	A-	(c)		1,025,000		1,084,305
City of New Haven CT GO	5.00%		8/1/2025	BBB+			580,000		606,331
City of Phoenix Civic Improvement Corp. AZ AMT	5.00%		7/1/2027	AA-			5,615,000		5,632,435
City of Scranton PA GO†	5.00%		9/1/2024	BB+			1,745,000		1,752,530

See Notes to Financial Statements. 151

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
City of Scranton PA GO		5.00%		11/15/2026	BB+	$	1,855,000	$	1,865,322
City of Scranton PA GO†		5.00%		9/1/2029	BB+		3,650,000		3,698,229
City of Scranton PA GO		5.00%		11/15/2032	BB+		7,610,000		7,631,683
Commonwealth of Puerto Rico GO	Zero Coupon			7/1/2033	NR		2,500,000		1,419,976
Commonwealth of Puerto Rico GO	Zero Coupon		#(a)	11/1/2043	NR		6,103,513		2,662,657
Commonwealth of Puerto Rico GO		4.00%		7/1/2037	NR		92,716		78,690
Commonwealth of Puerto Rico GO		5.25%		7/1/2023	NR		681,468		682,491
Commonwealth of Puerto Rico GO		5.625%		7/1/2027	NR		4,952,004		5,122,061
Commonwealth of Puerto Rico GO		5.75%		7/1/2031	NR		12,177,161		12,938,917
Main Street Natural Gas, Inc. GA		4.00%	#(a)	4/1/2048	Aa1		6,000,000		6,007,354
Main Street Natural Gas, Inc. GA		5.00%		5/15/2029	A3		2,000,000		2,081,337
Main Street Natural Gas, Inc. GA		5.00%	#(a)	6/1/2053	A3		6,000,000		6,262,812
New York Liberty Development Corp.		1.20%		11/15/2028	A+		2,870,000		2,439,959
Pennsylvania Economic Development Financing Authority AMT		5.00%		6/30/2032	Baa2		2,770,000		3,066,040
Pennsylvania Economic Development Financing Authority AMT		5.00%		12/31/2032	Baa2		5,565,000		6,166,248
Puerto Rico Electric Power Authority (NATL)		5.25%		7/1/2023	Baa2		2,325,000		2,327,927
State of Illinois GO		5.00%		10/1/2024	A-		6,960,000		7,160,191
State of Illinois GO		5.00%		11/1/2025	A-		2,000,000		2,099,989
State of Illinois GO		5.00%		12/1/2026	A-		3,000,000		3,213,033
State of Illinois GO		5.00%		3/1/2028	A-		6,000,000		6,555,202
State of Illinois GO		5.375%		5/1/2023	A-		1,700,000		1,702,939
State of Illinois GO		5.50%		5/1/2030	A-		4,010,000		4,516,637
University City Industrial Development Authority MO(d)		4.875%		6/15/2036	NR		1,200,000		1,199,338
Total									156,088,034
Health Care 11.21%
Atlanta Development Authority The-Georgia Protoncare Ctr In(e)		6.00%		1/1/2023	NR		2,000,000		900,000
Berks County Municipal Authority-Tower Health Oblig Group PA		5.00%		2/1/2029	B		1,500,000		1,142,710
Berks County Municipal Authority-Tower Health Oblig Group PA		5.00%		2/1/2032	B		850,000		605,483
Berks County Municipal Authority-Tower Health Oblig Group PA		5.00%	#(a)	2/1/2040	B		8,890,000		7,658,206

152 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

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 Oblig Group PA	5.00%	#(a)	2/1/2040	B	$	8,710,000	$	8,019,946
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	4.00%		12/1/2026	BB		1,255,000		1,239,152
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%		12/1/2023	BB		1,280,000		1,282,628
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	5.00%		7/1/2025	BB		1,450,000		1,484,570
Bucks County Industrial Development Authority-Grand View Hosp Oblig Grp PA	5.00%		7/1/2038	BB		1,000,000		978,370
California Public Finance Authority-Kendal At Ventura†	10.00%		5/15/2028	NR		3,500,000		3,474,591	(b)
California Public Finance Authority-Kendal At Ventura†	12.00%		5/15/2028	NR		375,000		374,907	(b)
California Statewide Communities Development Authority-Loma Linda Univ Med Obl	5.25%		12/1/2034	BB		2,500,000		2,557,391
California Statewide Communities Development Authority-Loma Linda Univ Med OBL†	5.00%		12/1/2031	BB		1,000,000		1,034,440
California Statewide Communities Development Authority-Loma Linda Univ Med OBL	5.25%		12/1/2029	BB		2,500,000		2,570,195
California Statewide Communities Development Authority-Verity Hlth Sys Oblig(e)	5.50%		7/1/2022	NR		1,721		1,618
California Statewide Communities Development Authority-Verity Hlth Sys Oblig	5.75%		7/1/2024	NR		10,551		9,918
City of Blaine-Crest View Obligated Grp MN	5.125%		7/1/2025	NR		60,000		39,000
City of Fruita Healthcare Revenue-Lower Vy Hosp Assoc Oblig CO†	5.375%		1/1/2033	NR		2,000,000		1,871,603
City of Oroville-Oroville Hospital CA	5.00%		4/1/2026	B+		1,255,000		1,244,498
City of Oroville-Oroville Hospital CA	5.00%		4/1/2029	B+		900,000		884,287
County of Cuyahoga-The Metrohealth System OH	5.00%		2/15/2030	BBB		1,900,000		1,999,666
County of Muskingum-Genesis Hlthcare Oblig Gp OH	5.00%		2/15/2033	BB+		5,965,000		5,967,585
County of Muskingum-Genesis Hlthcare Oblig Gp OH	5.00%		2/15/2044	BB+		2,000,000		1,852,001

See Notes to Financial Statements. 153

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
County of Washington-Marietta Area Hlthcr Oblg OH	5.50%		12/1/2027	NR		$	8,715,000	$	8,760,940
Fulton County Industrial Development Authority Fulton County Medical Ctr PA	4.00%		7/1/2028	NR			3,275,000		3,259,336
Glendale Industrial Development Authority-Beatitudes Campus Oblig AZ	4.00%		11/15/2027	NR			385,000		361,728
Glendale Industrial Development Authority-Beatitudes Campus Oblig AZ	5.00%		11/15/2023	NR			1,715,000		1,711,833
Illinois Finance Authority-Plymouth Place Obl Group	5.00%		5/15/2025	NR			75,000		76,973
Indiana Finance Authority-Indiana Univ Hlth Obl Grp	0.70%	#(a)	12/1/2046	AA			7,025,000		6,434,429
Industrial Development Authority of the County of Pima-La Posada Park Centre Obl AZ†	5.125%		11/15/2029	NR			1,500,000		1,492,856
Jefferson County Civic Facility Development Corp.-Samaritan Med Ctr Oblig NY	5.00%		11/1/2025	BB			1,305,000		1,326,274
King County Public Hospital District No. 4 WA	5.00%		12/1/2025	NR			70,000		70,481
Kirkwood Industrial Development Authority-Ashfield Active Lvg Oblig MO	5.25%		5/15/2028	BB-	(c)		1,135,000		1,102,274
Massachusetts Health & Educational Facilities Authority-Trinity Hlth Corp Oblig	4.079% (3 Mo. LIBOR * .67 + .82%	)#	11/15/2032	AA-			1,395,000		1,379,595
New Hope Cultural Education Facilities Finance Corp.-Wesleyan Homes Obl Group TX	3.00%		1/1/2024	NR			75,000		73,391
New York State Dormitory Authority-Catholic Hlth Sys Oblig	5.00%		7/1/2028	B-			1,000,000		919,974
New York State Dormitory Authority-Catholic Hlth Sys Oblig	5.00%		7/1/2030	B-			1,750,000		1,568,309
Oklahoma Development Finance Authority-Ou Medicine Obligated Grp	5.00%		8/15/2024	BB-			1,400,000		1,389,604
Oklahoma Development Finance Authority-OU Medicine Obligated Grp	5.45%		8/15/2028	BB-			2,000,000		1,689,779
Palomar Health CA-Palomar Health Oblig Grp	5.00%		11/1/2031	BBB			750,000		788,554
Public Finance Authority-Bancroft Neurohealth Oblg WI†	5.00%		6/1/2026	NR			470,000		463,103

154 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Public Finance Authority-Lehigh VY Hlth Network WI†	6.625%		12/1/2032	NR		$	2,975,000	$	2,934,382
Public Finance Authority-Washoe Barton Medical Clin WI	3.00%		12/1/2026	BB+			250,000		243,046
Public Finance Authority-Washoe Barton Medical Clin WI	4.00%		12/1/2031	BB+			1,750,000		1,729,724
Rhode Island Health & Educational Building Corp.-Care New England Hlth Obl	5.00%		9/1/2036	B+			10,500,000		10,023,170
Roanoke Economic Development Authority-Richfield Living oblig VA(e)	4.30%		9/1/2030	NR			770,000		584,364
South Carolina Jobs-Economic Development Authority†	8.75%		7/1/2025	NR			4,500,000		4,815,781
South Carolina Jobs-Economic Development Authority-Hampton Regl Med Ctr Obl	5.00%		11/1/2023	NR			740,000		745,653
Southeastern Ohio Port Authority-Marietta Area Hlthcr Oblg	5.00%		12/1/2023	B+	(c)		100,000		100,697
Southeastern Ohio Port Authority-Marietta Area Hlthcr Oblg	5.50%		12/1/2029	B+	(c)		1,000,000		1,001,493
Total									102,240,508
Housing 0.22%
California Housing Finance Agency	4.00%		3/20/2033	BBB+			1,188		1,193
Minnesota Housing Finance Agency	3.00%		1/1/2051	AA+			1,065,000		1,043,895
Montgomery County Housing Opportunities Commission MD	4.00%		7/1/2048	Aa2			375,000		376,023
North Carolina Housing Finance Agency	4.00%		7/1/2047	AA+			365,000		365,864
Pennsylvania Housing Finance Agency AMT	4.00%		4/1/2039	AA+			225,000		224,663
Total									2,011,638
Lease Obligations 1.27%
City of Coralville IA COPS	4.00%		6/1/2031	BB			1,000,000		1,001,660	(b)
New Jersey Economic Development Authority	5.00%		6/15/2023	A3			3,455,000		3,468,102
New Jersey Economic Development Authority	5.22% (MUNIPSA * 1 + 1.25%	)#	9/1/2025	A3			2,280,000		2,277,766
New Jersey Economic Development Authority	5.52% (MUNIPSA * 1 + 1.55%	)#	9/1/2027	A3			530,000		529,476
New Jersey Transportation Trust Fund Authority	4.00%		12/15/2031	A3			4,110,000		4,292,697
Total									11,569,701

See Notes to Financial Statements. 155

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Other Revenue 2.11%
Arlington Higher Education Finance Corp.-Newman Internantional Acdmy TX	4.00%	8/15/2031	NR	$	360,000	$	327,552
Build NYC Resource Corp.-Hellenic Classical School NY†	4.00%	12/1/2031	NR		700,000		619,958
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	4.00%	12/15/2023	NR		370,000		368,123
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	4.00%	12/15/2025	NR		300,000		293,756
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	5.00%	12/15/2026	NR		300,000		301,418
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	5.00%	12/15/2027	NR		660,000		662,722
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	5.00%	12/15/2028	NR		690,000		692,431
Capital Trust Agency, Inc.-Franklin Acad Ser 2020 Ob FL†	5.00%	12/15/2029	NR		730,000		731,257
Cleveland-Cuyahoga County Port Authority-Playhouse Square Fdtn OH	5.00%	12/1/2028	BB+		1,405,000		1,436,221
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	5.25%	8/15/2026	NR		1,600,000		1,609,066
Clifton Higher Education Finance Corp.-Intl American Edu Fed TX	5.25%	8/15/2028	NR		3,040,000		3,061,266
Florence Town, Inc. Industrial Development Authority-Legacy Tradtnl Sch Oblig AZ†	5.00%	7/1/2023	Ba2		45,000		45,229
Florida Development Finance Corp.-Renaissance Chtr 2020 C/D†	4.00%	9/15/2030	NR		470,000		422,577
Florida Development Finance Corp.-Renaissance Chtr Sch 2015†	5.00%	6/15/2025	NR		170,000		169,673
George L Smith II Congress Center Authority-Signia Hotel Mgmt LLC GA†	3.625%	1/1/2031	NR		1,850,000		1,617,289
Industrial Development Authority of the County of Pima-Edkey Obligated Group AZ†	3.50%	7/1/2025	NR		760,000		737,772
Jefferson Parish Economic Development & Port District-Kenner Discovery Hlth Sci LA†	4.80%	6/15/2029	NR		2,390,000		2,365,879
Maryland Economic Development Corp.(e)	5.00%	12/1/2031	NR		1,500,000		900,000
Puerto Rico Electric Power Authority(e)	5.00%	7/1/2018	NR		50,000		35,000

156 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Other Revenue (continued)
Utah Charter School Finance Authority-Freedom Academy Fndtn†	3.25%		6/15/2031	NR	$	540,000	$	482,782
Utah Charter School Finance Authority-Freedom Academy Fndtn†	4.50%		6/15/2027	NR		2,410,000		2,356,705
Total								19,236,676
Special Tax 4.47%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%		5/1/2023	Ba3		130,000		130,065
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%		5/1/2028	NR		1,430,000		1,462,363
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%		5/1/2032	Ba3		2,000,000		2,033,400
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%		5/1/2042	NR		3,955,000		4,030,726
Atlanta Urban Redevelopment Agency GA†	2.375%		7/1/2026	NR		690,000		655,601
Atlanta Urban Redevelopment Agency GA†	2.875%		7/1/2031	NR		965,000		854,894
Babcock Ranch Community Independent Special District FL	4.125%		5/1/2027	NR		1,225,000		1,213,247
Babcock Ranch Community Independent Special District FL	4.25%		5/1/2032	NR		2,000,000		1,942,043
Celebration Pointe Community Development District No. 1 FL	2.375%		5/1/2026	NR		430,000		403,553
Celebration Pointe Community Development District No. 1 FL	3.00%		5/1/2031	NR		665,000		580,732
City of Baltimore MD	4.50%		6/1/2033	NR		400,000		392,313
County of Berkeley SC	4.00%		11/1/2030	NR		425,000		398,459
Industrial Development Authority of the City of St. Louis Missouri	3.875%		11/15/2029	NR		1,170,000		1,014,994
Mida Mountain Village Public Infrastructure District UT†	4.00%		8/1/2027	NR		1,385,000		1,318,211
Mida Mountain Village Public Infrastructure District UT†	4.00%		8/1/2029	NR		1,000,000		933,748
Mida Mountain Village Public Infrastructure District UT†	4.00%		8/1/2031	NR		1,000,000		904,416
New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC)	7.28% (CPI YoY * 1 + .87%	)#	3/1/2025	Baa1		1,585,000		1,638,475

See Notes to Financial Statements. 157

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Special Tax (continued)
New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC)	7.29% (CPI YoY * 1 + .88%	)#	3/1/2026	Baa1	$	1,350,000	$	1,425,215
Northern Palm Beach County Improvement District FL	5.00%		8/1/2037	NR		750,000		749,928
Peninsula Town Center Community Development Authority VA†	4.00%		9/1/2023	NR		75,000		74,748
Peninsula Town Center Community Development Authority VA†	4.50%		9/1/2028	NR		680,000		669,803
Plaza at Noah’s Ark Community Improvement District MO	3.00%		5/1/2023	NR		300,000		299,694
Plaza at Noah’s Ark Community Improvement District MO	3.00%		5/1/2025	NR		450,000		435,981
Plaza at Noah’s Ark Community Improvement District MO	3.00%		5/1/2026	NR		275,000		262,510
Plaza at Noah’s Ark Community Improvement District MO	3.00%		5/1/2030	NR		2,200,000		1,991,530
Rocky Mountain Rail Park Metropolitan District CO GO†	5.00%		12/1/2031	NR		1,500,000		1,277,436
Scranton Redevelopment Authority PA GTD	5.00%		11/15/2028	BB+		225,000		221,532
Tahoe-Douglas Visitors Authority NV	5.00%		7/1/2030	NR		2,755,000		2,926,737
Village Community Development District No. 12 FL	3.25%		5/1/2023	NR		160,000		159,889
Village Community Development District No. 12 FL	3.25%		5/1/2026	NR		1,445,000		1,405,753
Village Community Development District No. 12 FL	4.00%		5/1/2033	NR		1,345,000		1,312,252
Village Community Development District No. 13 FL	2.55%		5/1/2031	NR		2,190,000		1,879,260
Village Community Development District No. 13 FL†	2.625%		5/1/2030	NR		1,460,000		1,286,293
Village Metropolitan District CO GO	4.15%		12/1/2030	NR		3,510,000		3,319,543
West Villages Improvement District FL	4.00%		5/1/2024	NR		190,000		189,432
West Villages Improvement District FL	4.25%		5/1/2029	NR		940,000		933,232
Total								40,728,008

158 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue 2.07%
American Samoa Economic Development Authority†		6.50%	9/1/2028	Ba3	$	1,000,000	$	1,076,883
City of Sparks NV†		2.50%	6/15/2024	Ba1		260,000		253,907
City of Sparks NV†		2.75%	6/15/2028	Ba1		4,080,000		3,693,870
Matching Fund Special Purpose Securitization Corp. VI		5.00%	10/1/2026	NR		3,000,000		3,060,581
Matching Fund Special Purpose Securitization Corp. VI		5.00%	10/1/2027	NR		1,000,000		1,023,391
Matching Fund Special Purpose Securitization Corp. VI		5.00%	10/1/2028	NR		1,050,000		1,071,195
Matching Fund Special Purpose Securitization Corp. VI		5.00%	10/1/2032	NR		1,590,000		1,626,181
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2033	NR		48,000		28,870
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.329%	7/1/2040	NR		27,000		24,639
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.50%	7/1/2034	NR		7,115,000		7,040,330
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.536%	7/1/2053	NR		1,000		885
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue		4.75%	7/1/2053	NR		19,000		17,427
Total								18,918,159
Tobacco 1.42%
City of San Diego Tobacco Settlement Revenue Funding Corp. CA		4.00%	6/1/2032	A		145,000		140,447
Educational Enhancement Funding Corp. SD		5.00%	6/1/2024	NR		775,000		777,829
Nassau County Tobacco Settlement Corp. NY		5.00%	6/1/2035	CCC+		850,000		778,422
Nassau County Tobacco Settlement Corp. NY		5.25%	6/1/2026	CCC+		7,543,028		7,425,528
TSASC, Inc. NY		5.00%	6/1/2025	B-		3,850,000		3,788,893
Total								12,911,119
Transportation 9.86%
City & County of Denver-United Airlines Inc CO AMT		5.00%	10/1/2032	BB-		11,540,000		11,368,751
City of Philadelphia Airport Revenue PA AMT		5.00%	7/1/2031	A2		1,900,000		2,132,720
County of Miami-Dade Aviation Revenue FL AMT		5.00%	10/1/2032	A3		2,905,000		3,293,165

See Notes to Financial Statements. 159

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Transportation (continued)
County of Miami-Dade Aviation Revenue FL AMT	5.00%		10/1/2036	A3		$	1,300,000	$	1,425,728
E-470 Public Highway Authority CO	3.579% (SOFR * .67 + .35%	)#	9/1/2039	A			1,685,000		1,678,404
Maryland Economic Development Corp.-Consol Marine Terminals L	5.75%		9/1/2025	BB			13,505,000		13,622,953
Maryland Economic Development Corp.-Purple line Transit Ptr AMT	5.00%		11/12/2028	Baa3			6,100,000		6,310,016
Metropolitan Transportation Authority NY	5.00%		11/15/2031	A3			1,850,000		1,915,089
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.00%		10/1/2030	Baa3			16,045,000		15,755,134
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		1/1/2024	Baa3			1,200,000		1,208,082
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		1/1/2030	Baa3			4,875,000		5,084,394
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		1/1/2036	Baa3			5,000,000		5,060,616
New York Transportation Development Corp.-Empire St Thruway Partnrs AMT	2.50%		10/31/2031	BBB-	(c)		1,365,000		1,146,556
North Parkway Municipal Management District No. 1 TX†	3.625%		9/15/2026	NR			500,000		480,862
North Parkway Municipal Management District No. 1 TX†	4.25%		9/15/2031	NR			1,500,000		1,437,187
Port of Portland Airport Revenue OR AMT	5.00%		7/1/2029	AA-	(c)		3,745,000		4,148,052
Public Finance Authority-Air Cargo Obligated Group WI AMT	5.00%		7/1/2032	NR			1,845,000		1,995,661
Puerto Rico Highway & Transportation Authority	Zero Coupon		7/1/2032	NR			5,133,000		3,208,125
Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segm AMT	7.00%		12/31/2038	Baa2			8,560,000		8,657,042
Total									89,928,537
Utilities 12.59%
Black Belt Energy Gas District AL	4.00%	#(a)	12/1/2052	Baa1			7,875,000		7,637,982
Central Plains Energy Project NE	5.00%	#(a)	5/1/2053	A2			10,000,000		10,357,224
Charlotte County Industrial Development Authority-Mskp Town And Cntry Util FL†	5.00%		10/1/2029	NR			895,000		917,923

160 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
Chautauqua County Capital Resource Corp.-NRG Energy Inc NY	4.25%	#(a)	4/1/2042	Baa3		$	1,500,000	$	1,509,160
Florida Development Finance Corp.-Waste Pro USA Inc AMT	3.00%		6/1/2032	NR			13,910,000		10,516,153
Guam Power Authority	5.00%		10/1/2029	BBB			3,500,000		3,835,327
Los Angeles Department of Water & Power CA	3.06%	#(a)	7/1/2035	Aa2			2,700,000		2,700,000
Main Street Natural Gas, Inc. GA†	4.00%	#(a)	8/1/2052	BBB-			30,100,000		28,718,392
Main Street Natural Gas, Inc. GA	4.00%	#(a)	9/1/2052	A3			1,190,000		1,164,220
Montgomery County Industrial Development Authority-Constellation Energy Gen PA(d)	4.10%	#(a)	4/1/2053	Baa2			3,000,000		3,047,441
New York City Municipal Water Finance Authority NY	3.65%	#(a)	6/15/2044	AA+			1,000,000		1,000,000
Northern Palm Beach County Improvement District FL	5.00%		8/1/2034	NR			2,700,000		2,708,356
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2025	NR			4,585,000		4,649,653
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2028	NR			5,000,000		5,080,223
Puerto Rico Electric Power Authority(e)	4.10%		7/1/2049	NR			240,000		165,300
Puerto Rico Electric Power Authority(e)	4.25%		7/1/2020	NR			970,000		668,088
Puerto Rico Electric Power Authority(e)	5.25%		7/1/2027	D	(c)		2,630,000		1,880,450
Southeast Energy Authority A Cooperative District AL	5.663% (SOFR * .67 + 2.42%	)#	1/1/2053	A1			10,000,000		10,324,686
Tennergy Corp. TN	5.50%	#(a)	10/1/2053	Baa1			13,195,000		14,016,643
Texas Municipal Gas Acquisition & Supply Corp. III TX	5.00%		12/15/2031	A3			3,660,000		3,838,336
Total									114,735,557
Total Municipal Bonds (cost $922,204,651)									904,205,354

See Notes to Financial Statements. 161

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate#	Interest Rate Reset Date(f)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.22%
VARIABLE RATE DEMAND NOTES 0.22%
Tax Revenue
New York City Transitional Finance Authority Future Tax Secured Revenue NY (cost $2,000,000)	3.650%	4/3/2023	2/1/2045	AAA	$	2,000,000	$	2,000,000
Total Investments in Securities 99.40% (cost $924,204,651)								906,205,354
Other Assets and Liabilities – Net(g) 0.60%								5,454,090
Net Assets 100.00%							$	911,659,444

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.
GTD	Guaranteed.
LIBOR	London Interbank Offered Rate.
MUNIPSA	SIFMA Municipal Swap Index Yield.
NR	Not Rated.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SOFR	Secured Overnight Financing Rate.
TRIPS	Tax Refund Intercept Programs.
YoY	Year on Year Inflation Rates.

#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2023, the total value of Rule 144A securities was $210,026,465, which represents 23.04% of net assets.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(c)	This investment has been rated by Fitch IBCA.
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	Defaulted (non-income producing security).
(f)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily or weekly based on the SIFMA Municipal Swap Index.
(g)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at March 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 10-Year Treasury Note	June 2023	308	Short	$	(34,413,741	)	$	(35,395,938	)		$	(982,197	)
U.S. 5-Year Treasury Note	June 2023	27	Short		(2,896,766	)		(2,956,711	)			(59,945	)
Total Unrealized Depreciation on Futures Contracts											$	(1,042,142	)

162 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds
Corporate-Backed	$	–		$	280,058,674	$	4,535,029	$	284,593,703
Education		–			34,289,324		10,133,662		44,422,986
Health Care		–			98,391,010		3,849,498		102,240,508
Lease Obligations		–			10,568,041		1,001,660		11,569,701
Remaining Industries		–			461,378,456		–		461,378,456
Short-Term Investments
Variable Rate Demand Notes		–			2,000,000		–		2,000,000
Total	$	–		$	886,685,505	$	19,519,849	$	906,205,354
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(1,042,142	)		–		–		(1,042,142	)
Total	$	(1,042,142	)	$	–	$	–	$	(1,042,142	)

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2022		$	21,044,477
Accrued Discounts (Premiums)			3,308
Realized Gain (Loss)			(247,043	)
Change in Unrealized Appreciation (Depreciation)			523,189
Purchases			3,875,000
Sales			(1,564,140	)
Transfers into Level 3(a)			5,465,701
Transfers out of Level 3(a)			(9,580,643	)
Balance as of March 31, 2023		$	19,519,849
Change in unrealized appreciation/depreciation for the period ended March 31, 2023, related to Level 3 investments held at March 31, 2023		$	226,225

^(a) The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

See Notes to Financial Statements. 163

Schedule of Investments (unaudited)

SUSTAINABLE MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 96.16%
MUNICIPAL BONDS 96.16%
Corporate-Backed 4.81%
Arizona Industrial Development Authority	3.625%		5/20/2033	BBB	$	136,216	$	127,376
Michigan Strategic Fund-Graphic Packaging Intl AMT	4.00%	#(a)	10/1/2061	BB		125,000		123,397
Total								250,773
Education 16.46%
Build NYC Resource Corp.-E Harlem Scholars Oblg Gp NY†	5.00%		6/1/2032	BB+		100,000		101,678
California Community Choice Financing Authority	4.00%	#(a)	5/1/2053	A1		150,000		149,907
Cleveland State University OH	5.00%		6/1/2031	A+		100,000		105,307
Connecticut State Health & Educational Facilities Authority	2.80%	#(a)	7/1/2057	AAA		150,000		149,301
Louisiana Public Facilities Authority-Tulane University	5.00%		10/15/2036	A+		150,000		171,854
Minnesota Higher Education Facilities Authority-University of St Thomas	4.00%		10/1/2036	A2		150,000		153,115
Stephen F Austin State University TX	5.00%		10/15/2028	A1		25,000		26,992
Total								858,154
General Obligation 15.22%
California Community Choice Financing Authority	5.00%	#(a)	12/1/2053	A2		150,000		156,818
Chicago Board of Education IL GO	4.00%		12/1/2039	BB+		125,000		113,686
Fort Bend Independent School District TX GO (PSF GTD)	0.875%	#(a)	8/1/2050	AAA		150,000		141,944
New Caney Independent School District TX GO (PSF GTD)	1.25%	#(a)	2/15/2050	Aaa		150,000		145,967
Northside Independent School District TX GO (PSF GTD)	1.60%	#(a)	8/1/2049	Aaa		100,000		97,591
Pennsylvania Economic Development Financing Authority AMT	5.50%		6/30/2037	Baa2		125,000		137,499
Total								793,505
Health Care 31.01%
Antelope Valley Healthcare District CA	5.00%		3/1/2026	BBB		115,000		116,697
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	4.00%		12/1/2026	BB		200,000		197,474

164 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SUSTAINABLE MUNICIPAL BOND FUND March 31, 2023

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-Hartford Healthcare Ob Gp	5.00%		7/1/2028	A	$	165,000	$	180,627
County of Franklin-Trinity Hlth Corp Oblig OH	5.00%		12/1/2036	AA-		150,000		162,614
Dutchess County Local Development Corp.-Nuvance Health Oblig Grp NY	5.00%		7/1/2027	BBB+		125,000		132,697
Lee Memorial Hlth Sys Obl FL	5.00%		4/1/2029	A+		50,000		55,929
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%		7/1/2025	BBB-		150,000		154,161
Norfolk Economic Development Authority-Sentara Hlthcr Oblig Gp VA	5.00%	#(a)	11/1/2048	AA		150,000		166,854
State of Ohio-Univ Hosp Hlth Sys Obl Gp	5.00%		1/15/2032	A		150,000		166,691
Tarrant County Cultural Education Facilities Finance Corp.-Christus Health Obl Group TX	5.00%	#(a)	7/1/2053	A1		250,000		283,208
Total								1,616,952
Housing 5.35%
Maryland Community Development Administration	3.50%		3/1/2050	Aa1		120,000		119,336
Maryland Economic Development Corp.	5.375%		7/1/2038	BBB-		150,000		159,941
Total								279,277
Other Revenue 6.48%
Duval County Public Schools FL COP (AGM)	5.00%		7/1/2035	AA		150,000		170,746
Triborough Bridge & Tunnel Authority NY	5.00%		11/15/2027	AA+		150,000		167,248
Total								337,994
Transportation 14.00%
County of Osceola Transportation Revenue FL	5.00%		10/1/2028	BBB+		100,000		103,580
Foothill-Eastern Transportation Corridor Agency CA	5.00%		1/15/2028	A-		125,000		134,108
Maryland Economic Development Corp.-Purple line Transit Ptr AMT	5.00%		11/12/2028	Baa3		150,000		155,164
New Jersey Transportation Trust Fund Authority	5.25%		6/15/2036	A3		200,000		227,307
Triborough Bridge & Tunnel Authority NY	5.00%		11/15/2029	AA-		100,000		109,966
Total								730,125

See Notes to Financial Statements. 165

Schedule of Investments (unaudited)(concluded)

SUSTAINABLE MUNICIPAL BOND FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Utilities 2.83%
City of Chicago Waterworks Revenue IL	5.00%	11/1/2029	A	$	140,000	$	147,778
Total Investments in Securities 96.16% (cost $5,004,706)							5,014,558
Other Assets and Liabilities – Net 3.84%							200,271
Net Assets 100.00%						$	5,214,829

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
GTD	Guaranteed.
PSF	Permanent School Fund.
VA	Insured by–Department of Veteran Affairs.

#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2023, the total value of Rule 144A securities was $101,678, which represents 1.95% of net assets.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	5,014,558	$	–	$	5,014,558
Total	$	–	$	5,014,558	$	–	$	5,014,558

(1)	Refer to Note 2(i) 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.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2022	$	81,853
Accrued Discounts (Premiums)		15
Realized Gain (Loss)		(13,964	)
Change in Unrealized Appreciation (Depreciation)		17,681
Purchases		–
Sales		(85,585	)
Transfers into Level 3		–
Transfers out of Level 3		–
Balance as of March 31, 2023	$	–
Change in unrealized appreciation/depreciation for the period ended March 31, 2023, related to Level 3 investments held at March 31, 2023	$	–

166 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.74%
MUNICIPAL BONDS 98.74%
Corporate-Backed 2.19%
California Municipal Finance Authority AMT	4.00%		7/15/2029	BB-	$	3,450,000	$	3,350,827
California Pollution Control Financing Authority-Poseidon Resources AMT†	5.00%		11/21/2045	Baa3		4,410,000		4,293,190
California Pollution Control Financing Authority-Waste Mgmt Inc AMT	4.30%		7/1/2040	A-		185,000		187,000
Long Beach Bond Finance Authority CA	5.00%		11/15/2029	A2		1,285,000		1,373,713
San Francisco City & County Airport Comm-San Francisco International Airport-SFO Fuel Co LLC CA AMT	5.00%		1/1/2038	A1		1,715,000		1,815,942
Total								11,020,672
Education 11.59%
Brentwood Union School District CA GO	5.25%		8/1/2052	Aa3		2,125,000		2,393,762
California Community Choice Financing Authority	4.00%	#(a)	5/1/2053	A1		4,350,000		4,347,300
California Educational Facilities Authority-Art Center Clg of Design	5.00%		12/1/2030	Baa1		1,175,000		1,257,108
California Educational Facilities Authority-Art Center Clg of Design	5.00%		12/1/2044	Baa1		1,500,000		1,524,702
California Educational Facilities Authority-Chapman University	4.00%		4/1/2047	A2		1,945,000		1,922,444
California Educational Facilities Authority-Chapman University	5.00%		4/1/2040	A2		1,000,000		1,025,383
California Educational Facilities Authority-Loyola Marymount Univ	5.00%		10/1/2048	A2		1,000,000		1,048,771
California Educational Facilities Authority-Loyola Marymount Univ (NATL)	Zero Coupon		10/1/2033	A2		1,720,000		1,173,861
California Educational Facilities Authority-Santa Clara University	5.00%		4/1/2039	Aa3		1,000,000		1,035,128
California Educational Facilities Authority-Univ of San Francisco	5.00%		10/1/2037	A2		1,000,000		1,078,035
California Educational Facilities Authority-Univ of San Francisco	5.00%		10/1/2053	A2		2,000,000		2,091,495
California Municipal Finance Authority-Biola University	5.00%		10/1/2029	Baa1		330,000		333,697

See Notes to Financial Statements. 167

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
California Municipal Finance Authority-Biola University	5.00%	10/1/2032	Baa1	$	400,000	$	424,648
California Municipal Finance Authority-Biola University	5.00%	10/1/2042	Baa1		1,500,000		1,516,803
California Municipal Finance Authority-Emerson College	5.00%	1/1/2042	BBB+		4,245,000		4,309,192
California Municipal Finance Authority-Samuel Merritt University	5.25%	6/1/2053	A3		3,000,000		3,269,675
California Municipal Finance Authority-Sdori Charter Sch Pptys†	5.625%	3/1/2045	B+		500,000		466,900	(b)
California Municipal Finance Authority-Touro Clg & Univ Sys	5.25%	1/1/2040	NR		1,085,000		1,120,893
California Municipal Finance Authority-University of San Diego	3.00%	11/1/2048	A2		2,000,000		1,473,923
California Municipal Finance Authority-University of San Diego	4.00%	11/1/2044	A2		1,000,000		1,001,646
California Municipal Finance Authority-University of San Diego	5.00%	10/1/2049	A1		2,000,000		2,125,110
California School Finance Authority-Aspire Public Schools Obl†	5.00%	8/1/2046	NR		85,000		89,821
California School Finance Authority-Green Dot Public Schs Obg†	5.00%	8/1/2045	BBB-		620,000		622,426
California School Finance Authority-Kipp Socal Pub Schs Obl†	5.00%	7/1/2045	BBB		540,000		545,005
California Statewide Communities Development Authority-Culinary Inst of America	5.00%	7/1/2046	Baa2		1,010,000		1,018,684
Montebello Unified School District CA GO (AGM)	5.50%	8/1/2047	AA		2,000,000		2,240,444
Morgan Hill Unified School District CA GO	5.25%	8/1/2040	Aa1		1,000,000		1,173,214
Ripon Unified School District CA GO (BAM)	5.50%	8/1/2043	AA		1,000,000		1,071,465
Santa Clarita Community College District CA GO	5.25%	8/1/2045	AA		1,500,000		1,710,186
University of California	4.00%	5/15/2041	AA		1,635,000		1,664,261
University of California	4.00%	5/15/2046	AA		3,520,000		3,533,699
University of California	5.00%	5/15/2036	AA-		1,500,000		1,772,996
University of California	5.00%	5/15/2052	AA		4,640,000		5,164,462
University of California	5.25%	5/15/2058	AA		2,500,000		2,701,661
Total							58,248,800

168 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation 13.70%
Banning Unified School District CA GO (AGM)	5.25%		8/1/2042	AA	$	1,115,000	$	1,198,685
California Community Choice Financing Authority	5.00%	#(a)	7/1/2053	A1		3,000,000		3,155,388
California Community Choice Financing Authority	5.00%	#(a)	12/1/2053	A2		1,750,000		1,829,545
California Community Choice Financing Authority	5.25%	#(a)	1/1/2054	Baa1		3,075,000		3,149,131
California State Public Works Board	4.00%		5/1/2046	Aa3		3,765,000		3,747,292
Commonwealth of Puerto Rico GO	Zero Coupon		7/1/2024	NR		52,336		49,277
Commonwealth of Puerto Rico GO	Zero Coupon	#(a)	11/1/2043	NR		739,145		322,452
Commonwealth of Puerto Rico GO	4.00%		7/1/2037	NR		20,754		17,614
Commonwealth of Puerto Rico GO	4.00%		7/1/2046	NR		2,000,000		1,564,919
Commonwealth of Puerto Rico GO	5.25%		7/1/2023	NR		87,405		87,536
Commonwealth of Puerto Rico GO	5.625%		7/1/2027	NR		172,747		178,679
Commonwealth of Puerto Rico GO	5.625%		7/1/2029	NR		169,945		177,696
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR		165,067		175,393
Cupertino Union School District CA GO	2.50%		8/1/2033	Aa1		740,000		720,647
Dublin Unified School District CA GO	3.00%		8/1/2041	AA+		2,425,000		2,112,068
Grossmont Union High School District CA GO (AGM)	Zero Coupon		6/1/2040	AA		2,000,000		853,752
Hope Elementary School District CA GO	4.00%		8/1/2047	AA		2,000,000		2,007,472
Imperial Unified School District CA GO (BAM)	5.25%		8/1/2043	AA		2,000,000		2,248,074
Irvine Unified School District CA GO	5.50%		9/1/2035	Aa1		1,060,000		1,207,612
Irvine Unified School District CA Special Tax (BAM)	5.00%		9/1/2038	AA		1,000,000		1,039,697
Irvine Unified School District CA Special Tax (BAM)	5.00%		9/1/2056	AA		995,000		1,051,196
Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM)	4.00%		8/1/2052	AA		1,615,000		1,579,315
Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM)	5.00%		8/1/2052	AA		2,000,000		2,125,734
Newport Mesa Unified School District CA GO	Zero Coupon		8/1/2041	Aaa		1,325,000		647,313
Newport Mesa Unified School District CA GO	Zero Coupon		8/1/2045	Aaa		2,000,000		810,843

See Notes to Financial Statements. 169

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

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	$	1,845,087
Orange Unified School District CA GO	4.00%	8/1/2047	AA		1,000,000		1,002,513
Panama-Buena Vista Union School District CA GO (BAM)	2.625%	8/1/2037	AA		1,510,000		1,275,102
Perris Union High School District CA GO (AGM)	3.00%	9/1/2044	AA		1,000,000		826,681
San Benito High School District CA GO	Zero Coupon	8/1/2041	Aa3		1,640,000		766,694
San Benito High School District CA GO	Zero Coupon	8/1/2042	Aa3		1,795,000		801,554
San Benito High School District CA GO	Zero Coupon	8/1/2043	Aa3		2,600,000		1,109,071
San Diego Public Facilities Financing Authority CA(c)	5.25%	10/15/2052	AA-		4,000,000		4,497,732
San Francisco Bay Area Rapid Transit District CA GO	5.25%	8/1/2047	Aaa		2,345,000		2,658,673
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.25%	5/1/2042	A+		1,000,000		1,040,462
San Gorgonio Memorial Health Care District CA GO	5.00%	8/1/2032	Ba2		1,000,000		1,003,114
San Leandro Unified School District CA GO (BAM)	5.25%	8/1/2046	AA		1,750,000		1,874,856
San Rafael City Elementary School District CA GO	4.50%	8/1/2042	AA		1,150,000		1,192,629
Santa Ana Unified School District CA GO	3.25%	8/1/2042	Aa3		500,000		442,523
Santa Barbara Unified School District CA GO	4.00%	8/1/2036	Aa1		750,000		774,430
Santa Monica-Malibu Unified School District CA GO	3.00%	8/1/2044	AA+		1,515,000		1,266,432
Santa Rita Union School District CA GO	2.50%	8/1/2031	AA-		1,235,000		1,218,274
Southwestern Community College District CA GO	Zero Coupon	8/1/2041	Aa2		1,100,000		536,940
State of California GO	5.00%	10/1/2041	Aa2		1,000,000		1,127,380
State of California GO	5.00%	4/1/2042	Aa2		2,000,000		2,274,448
State of California GO	5.25%	8/1/2032	Aa2		2,500,000		2,656,623
State of California GO	5.25%	9/1/2047	Aa2		3,000,000		3,439,377
Sweetwater Union High School District CA GO (BAM)	5.00%	8/1/2027	AA		1,000,000		1,029,105

170 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
West Contra Costa Unified School District CA GO	4.00%	8/1/2043	AA-	$	1,000,000	$	1,005,069
West Contra Costa Unified School District CA GO	6.00%	8/1/2027	AA-		1,000,000		1,146,787
Total							68,868,886
Health Care 11.54%
Abag Finance Authority for Nonprofit Corps-Sharp Healthcare Oblig CA	5.00%	8/1/2043	AA		1,000,000		1,003,681
Antelope Valley Healthcare District CA	5.00%	3/1/2026	BBB		650,000		659,593
Antelope Valley Healthcare District CA	5.25%	3/1/2036	BBB		1,000,000		1,027,234
California Health Facilities Financing Authority-Adventist Hlth Sys/W Oblg	3.00%	3/1/2039	A-		2,475,000		2,099,349
California Health Facilities Financing Authority-Children’S Hosp La Oblig	5.00%	8/15/2047	BBB+		3,000,000		3,062,698
California Health Facilities Financing Authority-Childrens Hosp Orange Obl	3.00%	11/1/2038	AA-		3,000,000		2,662,409	(b)
California Health Facilities Financing Authority-Childrens Hosp Orange Obl	4.00%	11/1/2035	AA-		570,000		591,116
California Health Facilities Financing Authority-City of Hope Oblig Group	4.00%	11/15/2045	A		3,370,000		3,207,244
California Health Facilities Financing Authority-Commonspirit Hlth Oblig	4.00%	4/1/2035	A-		4,350,000		4,444,377
California Health Facilities Financing Authority-Commonspirit Hlth Oblig	4.00%	4/1/2044	A-		1,250,000		1,207,851
California Health Facilities Financing Authority-Commonspirit Hlth Oblig	4.00%	4/1/2045	A-		1,250,000		1,199,234
California Health Facilities Financing Authority-Sutter Health Oblig Group	4.00%	11/15/2042	A1		1,715,000		1,678,537
California Municipal Finance Authority	4.00%	8/15/2037	A-		1,000,000		1,000,386
California Municipal Finance Authority-Channing House	5.00%	5/15/2047	AA-		2,000,000		2,095,355
California Municipal Finance Authority-Cmnty Hlth Ctrs Ctl Coast†	5.00%	12/1/2054	NR		750,000		731,086
California Municipal Finance Authority-Cmnty Hosps Ctrl Grp	5.00%	2/1/2040	A3		500,000		523,116
California Municipal Finance Authority-Cmnty Hosps Ctrl Grp	5.00%	2/1/2047	A3		2,000,000		2,064,714
California Municipal Finance Authority-Eisenhower Medical Center	5.00%	7/1/2032	Baa2		1,055,000		1,123,822

See Notes to Financial Statements. 171

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
California Public Finance Authority-Hoag Mem Hosp Oblig Grp	4.00%		7/15/2051	AA		$	1,000,000	$	989,249
California Public Finance Authority-Kendal At Ventura†	10.00%		5/15/2028	NR			500,000		496,370	(b)
California Statewide Communities Development Authority-Cedars-Sinai Med Ctr	4.00%		7/1/2048	AA-			1,000,000		977,869
California Statewide Communities Development Authority-Emanate Hlth Oblig Group	4.00%		4/1/2037	A			1,400,000		1,413,537
California Statewide Communities Development Authority-Humangood Oblig Group	5.00%		10/1/2045	A-	(d)		1,000,000		1,010,084
California Statewide Communities Development Authority-Kaiser Fdtn Hospitals	5.00%	#(a)	5/1/2033	AA-			1,030,000		1,192,132
California Statewide Communities Development Authority-Loma Linda Univ Med Obl	5.25%		12/1/2034	BB			2,150,000		2,199,356
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.25%		12/1/2043	BB			1,000,000		1,001,656
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.25%		12/1/2056	BB			1,015,000		988,026
California Statewide Communities Development Authority-Loma Linda Univ Med Obl	5.50%		12/1/2054	BB			2,200,000		2,201,817
California Statewide Communities Development Authority-Loma Linda Univ Med Obl†	5.50%		12/1/2058	BB			1,555,000		1,555,419
California Statewide Communities Development Authority-Verity Hlth Sys Oblig	5.50%		7/1/2039	NR			7,430		6,984
City of Oroville-Oroville Hospital CA	5.25%		4/1/2049	B+			1,695,000		1,605,424
Palomar Health CA-Palomar Health Oblig Grp	5.00%		11/1/2036	BBB			1,250,000		1,287,083
Palomar Health CA-Palomar Health Oblig Grp	5.00%		11/1/2039	BBB			3,750,000		3,824,054
Regents of the University of California Medical Center Pooled Revenue	5.00%		5/15/2035	AA-			2,000,000		2,361,799

172 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

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	5.00%	5/15/2047	AA-	$	2,000,000	$	2,198,509
Washington Township Health Care District CA	3.00%	7/1/2037	Baa2		1,440,000		1,156,954
Washington Township Health Care District CA	5.00%	7/1/2032	Baa2		1,075,000		1,153,024
Total							58,001,148
Housing 7.09%
California Community Housing Agency†	3.00%	2/1/2057	NR		1,740,000		1,151,823
California Community Housing Agency†	4.00%	2/1/2050	NR		995,000		753,862
California Community Housing Agency†	5.00%	8/1/2050	NR		1,000,000		935,008
California Enterprise Development Authority-Provident Grp-Sdsu Pptys	5.00%	8/1/2045	Baa3		1,745,000		1,773,767
California Housing Finance Agency	3.25%	8/20/2036	BBB		10,287,407		9,441,483
California Housing Finance Agency	3.50%	11/20/2035	BBB+		3,309,693		3,154,066
California Infrastructure & Economic Development Bank-Equitable Sch Revolv Obl	5.00%	11/1/2044	A		1,050,000		1,087,940
California Municipal Finance Authority-Biola University	5.00%	10/1/2034	Baa1		1,000,000		1,056,952
California Municipal Finance Authority-Bowles Hall Foundation	5.00%	6/1/2050	Baa3		500,000		501,889
California Municipal Finance Authority-Caritas Affordable Hsg	5.00%	8/15/2030	A-		1,050,000		1,073,010
California Municipal Finance Authority-CHF-Davis II LLC (BAM)	4.00%	5/15/2046	AA		4,625,000		4,378,409
California Statewide Communities Development Authority-CHF-Irvine LLC	5.00%	5/15/2035	Baa1		1,100,000		1,124,097
California Statewide Communities Development Authority-CHF-Irvine LLC (BAM)	4.00%	5/15/2046	AA		1,000,000		973,677
CSCDA Community Improvement Authority CA†	2.65%	12/1/2046	NR		3,450,000		2,652,931
CSCDA Community Improvement Authority CA†	3.00%	6/1/2047	NR		3,000,000		2,204,727
CSCDA Community Improvement Authority CA†	3.00%	3/1/2057	NR		4,000,000		2,623,064
CSCDA Community Improvement Authority CA†	4.00%	8/1/2056	NR		1,000,000		769,433
Total							35,656,138

See Notes to Financial Statements. 173

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Lease Obligations 1.22%
California State Public Works Board	4.00%		11/1/2046	Aa3	$	2,500,000	$	2,487,889
County of Santa Barbara CA COP AMT	5.00%		12/1/2036	AA		3,395,000		3,665,243
Total								6,153,132
Other Revenue 1.99%
California Infrastructure & Economic Development Bank-Los Angeles Cnty Museum	4.00%		7/1/2050	A2		4,000,000		3,795,989
California Municipal Finance Authority-Oceaa Facilities LLC	6.75%		10/1/2028	NR		800,000		800,720
California School Finance Authority-Aspire Public Schools Obl†	4.00%		8/1/2051	BBB		785,000		662,106
California School Finance Authority-Green Dot Public Schs Obg†	5.00%		8/1/2038	BBB-		1,000,000		1,027,355
California School Finance Authority-Kipp Socal Pub Schs Obl†	5.00%		7/1/2034	BBB		600,000		610,485
Commonwealth of Puerto Rico	Zero Coupon	#(a)	11/1/2051	NR		2,500,000		1,087,500
M-S-R Energy Authority CA	6.125%		11/1/2029	BBB+		1,835,000		2,006,748
Total								9,990,903
Pre-Refunded 0.13%
M-S-R Energy Authority CA	6.50%		11/1/2039	BBB+		555,000		660,152
Special Tax 3.81%
Brentwood Infrastructure Financing Authority CA	5.00%		9/2/2036	NR		500,000		508,854
City & County of San Francisco Special Tax District No. CA Special Tax†	4.00%		9/1/2041	NR		2,500,000		2,259,473
City of Irvine CA	5.00%		9/2/2028	NR		1,000,000		1,043,322
City of Irvine CA Special Tax	5.00%		9/1/2044	NR		500,000		504,549
City of Roseville CA Special Tax	5.00%		9/1/2031	NR		1,000,000		1,038,446
City of San Clemente CA Special Tax	5.00%		9/1/2040	NR		970,000		986,970
County of Los Angeles Community Facilities District No. CA Special Tax	5.00%		9/1/2052	NR		1,500,000		1,518,150
Inland Valley Development Agency CA Tax Allocation	5.25%		9/1/2037	A		1,325,000		1,344,884
Lake Elsinore Public Financing Authority CA Special Tax	5.00%		9/1/2035	NR		920,000		954,088
Orange County Community Facilities District CA Special Tax	5.00%		8/15/2047	NR		1,000,000		1,028,091

174 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Special Tax (continued)
Poway Unified School District Public Financing Authority CA Special Tax (BAM)	5.00%	9/1/2035	AA+	$	1,770,000	$	1,861,572
River Islands Public Financing Authority CA (AGM)	4.00%	9/1/2045	AA		2,000,000		2,004,553
River Islands Public Financing Authority CA (AGM)	4.00%	9/1/2050	AA		1,400,000		1,392,156
River Islands Public Financing Authority CA Special Tax (AGM)	5.25%	9/1/2052	AA		1,000,000		1,121,337
Temecula Valley Unified School District Financing Authority CA Special Tax (BAM)	5.00%	9/1/2035	AA		1,505,000		1,565,114
Total							19,131,559
Tax Revenue 5.93%
Anaheim Public Financing Authority CA (BAM)	5.00%	9/1/2035	AA		2,000,000		2,158,509
City of Irvine CA	4.00%	9/2/2039	A		1,000,000		1,005,823
City of Sacramento Transient Occupancy Tax Revenue CA	5.00%	6/1/2048	A1		1,000,000		1,049,857
Compton Community Redevelopment Agency Successor Agency CA (AGM)	5.00%	8/1/2037	AA		1,700,000		1,913,381
Fresno Unified School District CA GO	5.00%	8/1/2046	Aa3		1,000,000		1,090,168
Matching Fund Special Purpose Securitization Corp. VI	5.00%	10/1/2026	NR		1,000,000		1,020,194
Oxnard Union High School District CA GO	4.00%	8/1/2047	Aa2		2,500,000		2,513,107
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		134,000		80,594
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2051	NR		501,000		97,508
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		350,000		319,392
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		3,971,000		3,623,731
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		7,000		6,196
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		296,000		271,492
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	5.00%	7/1/2058	NR		3,760,000		3,550,086
San Diego Unified School District CA GO	3.00%	7/1/2044	Aa2		4,400,000		3,646,546
San Leandro Unified School District CA GO	5.25%	8/1/2048	AA-		2,100,000		2,364,882

See Notes to Financial Statements. 175

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue (continued)
San Rafael City High School District CA GO	5.25%	8/1/2052	Aa2	$	1,215,000	$	1,355,618
Territory of Guam	4.00%	1/1/2036	Ba1		2,750,000		2,696,007
Tustin Community Facilities District CA Special Tax	5.00%	9/1/2037	A-		1,000,000		1,037,782
Total							29,800,873
Tobacco 4.40%
California County Tobacco Securitization Agency	Zero Coupon	6/1/2055	NR		3,000,000		506,297
California County Tobacco Securitization Agency	5.00%	6/1/2049	BBB+		1,020,000		1,025,008
California County Tobacco Securitization Agency-Sonoma Cnty Securtzn Corp	4.00%	6/1/2049	BBB+		1,450,000		1,347,331
California Statewide Financing Authority	Zero Coupon	6/1/2046	NR		8,675,000		2,085,888
California Statewide Financing Authority†	Zero Coupon	6/1/2055	NR		10,000,000		484,284
City of San Diego Tobacco Settlement Revenue Funding Corp. CA	4.00%	6/1/2032	A		1,035,000		1,002,502
Golden State Tobacco Securitization Corp. CA	Zero Coupon	6/1/2066	NR		19,500,000		1,980,644
Golden State Tobacco Securitization Corp. CA	5.00%	6/1/2029	NR		1,000,000		1,113,266
Golden State Tobacco Securitization Corp. CA	5.00%	6/1/2034	NR		1,050,000		1,200,195
Inland Empire Tobacco Securitization Corp. CA†	Zero Coupon	6/1/2057	CCC		3,000,000		175,821
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2041	NR		5,000,000		1,782,998
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2056	NR		2,250,000		189,744
Tobacco Securitization Authority of Northern California-Sacramento County Tobacco	4.00%	6/1/2036	A-		1,050,000		1,054,677
Tobacco Securitization Authority of Northern California-Sacramento County Tobacco	4.00%	6/1/2049	BBB+		3,250,000		2,936,551
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	Zero Coupon	6/1/2046	CCC-		2,500,000		406,439

176 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Tobacco (continued)
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	Zero Coupon		6/1/2054	NR		$	4,800,000	$	880,645
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	5.00%		6/1/2038	A-			1,000,000		1,066,297
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	5.00%		6/1/2039	A-			1,000,000		1,061,183
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	5.00%		6/1/2048	BBB+			1,675,000		1,735,279
Tobacco Securitization Authority of Southern California-San Diego County Tobacco	5.00%		6/1/2048	BBB-			85,000		86,438
Total									22,121,487
Transportation 20.20%
Alameda Corridor Transportation Authority CA (AGM)	5.00%		10/1/2052	AA			9,000,000		9,818,023
Bay Area Toll Authority CA	3.55%	#(a)	4/1/2055	Aa1			200,000		200,000
California Municipal Finance Authority-Lax Integrated Express AMT	4.00%		12/31/2047	BBB-	(d)		5,590,000		5,008,681
California Municipal Finance Authority-Lax Integrated Express AMT	5.00%		12/31/2034	BBB-	(d)		1,700,000		1,777,469
California Municipal Finance Authority-Lax Integrated Express AMT	5.00%		12/31/2035	BBB-	(d)		1,000,000		1,039,113
California Municipal Finance Authority-Lax Integrated Express AMT	5.00%		12/31/2043	BBB-	(d)		4,840,000		4,903,846
City of Long Beach Airport System Revenue CA AMT (AGM)	5.25%		6/1/2047	AA			1,250,000		1,343,332
City of Long Beach Harbor Revenue CA AMT	5.00%		5/15/2028	AA+			1,000,000		1,052,989
City of Los Angeles Department of Airports CA AMT	5.00%		5/15/2032	NR			105,000		121,108
City of Los Angeles Department of Airports CA AMT	5.00%		5/15/2032	AA-			1,895,000		2,142,017
City of Los Angeles Department of Airports CA AMT	5.00%		5/15/2039	AA			1,000,000		1,076,344
City of Los Angeles Department of Airports CA AMT	5.00%		5/15/2043	AA-			1,000,000		1,045,368

See Notes to Financial Statements. 177

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2051	AA-	$	1,000,000	$	1,046,498
City of Los Angeles Department of Airports CA AMT	5.25%	5/15/2047	AA		3,000,000		3,242,190
City of Los Angeles Department of Airports CA AMT	5.25%	5/15/2048	AA-		2,000,000		2,091,728
City of Los Angeles Department of Airports CA AMT	5.50%	5/15/2036	AA		1,000,000		1,154,792
City of Los Angeles Department of Airports CA AMT	5.50%	5/15/2047	AA		5,000,000		5,527,841
County of Sacramento Airport System Revenue CA	5.00%	7/1/2041	A		1,130,000		1,167,016
Foothill-Eastern Transportation Corridor Agency CA	Zero Coupon	1/15/2033	A		1,500,000		1,038,461
Foothill-Eastern Transportation Corridor Agency CA	Zero Coupon	1/15/2042	A		1,150,000		1,333,831
Foothill-Eastern Transportation Corridor Agency CA	4.00%	1/15/2043	A-		8,710,000		8,295,298
Foothill-Eastern Transportation Corridor Agency CA	4.00%	1/15/2046	A		2,500,000		2,343,753
Foothill-Eastern Transportation Corridor Agency CA	4.00%	1/15/2046	A		3,500,000		3,281,254
Norman Y Mineta San Jose International Airport SJC CA AMT	5.00%	3/1/2031	A		1,750,000		1,967,996
Ontario International Airport Authority CA (AGM)	5.00%	5/15/2046	AA		1,500,000		1,654,512
Port Commission of the City & County of San Francisco CA AMT	5.00%	3/1/2030	Aa3		1,415,000		1,442,624
Riverside County Transportation Commission CA	Zero Coupon	6/1/2028	NR		465,000		407,361
Riverside County Transportation Commission CA	Zero Coupon	6/1/2028	A		535,000		444,342
Riverside County Transportation Commission CA	4.00%	6/1/2047	A-		3,520,000		3,333,634
San Diego County Regional Airport Authority CA	4.00%	7/1/2046	A2		1,000,000		992,698
San Diego County Regional Airport Authority CA AMT	4.00%	7/1/2046	A2		1,750,000		1,666,198
San Diego County Regional Airport Authority CA AMT	5.00%	7/1/2051	A2		2,000,000		2,087,128

178 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

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	5.00%		5/1/2031	A1	$	6,500,000	$	7,353,049
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2032	A+		1,500,000		1,687,261
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2045	A+		1,515,000		1,575,471
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2050	A+		4,000,000		4,129,316
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2052	A1		6,500,000		6,809,918
San Joaquin Hills Transportation Corridor Agency CA	5.25%		1/15/2044	A-		3,100,000		3,138,912
San Joaquin Hills Transportation Corridor Agency CA	5.25%		1/15/2049	A-		1,930,000		1,951,076
San Joaquin Hills Transportation Corridor Agency CA (NATL)	Zero Coupon		1/15/2036	Baa2		1,450,000		852,898
Total								101,545,346
Utilities 14.95%
Adelanto Public Utility Authority CA (AGM)	5.00%		7/1/2039	AA		1,335,000		1,437,452
California Community Choice Financing Authority	4.00%	#(a)	2/1/2052	A1		3,525,000		3,481,147
California Community Choice Financing Authority	4.00%	#(a)	10/1/2052	A2		2,350,000		2,345,173
California Pollution Control Financing Authority-Poseidon Resources†	5.00%		7/1/2039	Baa3		750,000		768,738
California Pollution Control Financing Authority-Poseidon Resources†	5.00%		11/21/2045	Baa3		3,870,000		3,904,291
Casitas Municipal Water District CA Special Tax (BAM)	5.25%		9/1/2047	AA		1,525,000		1,632,054
City of Burbank Electric Revenue CA	5.00%		6/1/2053	Aa3		3,750,000		4,087,084
Guam Power Authority (AGM)	5.00%		10/1/2034	AA		705,000		729,862
Long Beach Bond Finance Authority CA	4.689% (3 Mo. LIBOR * ..67 + 1.43%)	#	11/15/2026	A2		1,000,000		1,002,897

See Notes to Financial Statements. 179

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
Long Beach Bond Finance Authority CA	5.50%		11/15/2037	A2		$	1,900,000	$	2,112,932
Los Angeles Department of Water & Power CA	3.06%	#(a)	7/1/2035	Aa2			6,000,000		6,000,000
Los Angeles Department of Water & Power CA	5.00%		7/1/2043	Aa2			2,000,000		2,247,970
Los Angeles Department of Water & Power CA	5.00%		7/1/2048	Aa2			2,000,000		2,195,850
Los Angeles Department of Water & Power CA	5.00%		7/1/2051	Aa2			1,200,000		1,315,776
Los Angeles Department of Water & Power CA	5.00%		7/1/2052	Aa2			4,645,000		5,133,753
Los Angeles Department of Water & Power CA	5.25%		7/1/2037	Aa2			1,500,000		1,624,629
Mountain House Public Financing Authority CA (BAM)	4.00%		12/1/2045	AA			2,720,000		2,720,930
M-S-R Energy Authority CA	6.50%		11/1/2039	BBB+			2,625,000		3,122,340
M-S-R Energy Authority CA	7.00%		11/1/2034	BBB+			5,000,000		6,166,492
Northern California Energy Authority	4.00%	#(a)	7/1/2049	A2			2,500,000		2,504,088
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR			700,000		594,776
Puerto Rico Electric Power Authority(e)	5.25%		7/1/2024	D	(d)		255,000		182,325
Puerto Rico Electric Power Authority(e)	5.25%		7/1/2033	D	(d)		115,000		81,650
Puerto Rico Electric Power Authority(e)	7.00%		7/1/2040	D	(d)		450,000		327,375
San Diego Public Facilities Financing Authority CA	5.00%		8/1/2043	Aa3			1,000,000		1,081,776
San Francisco City & County Public Utilities Commission Wastewater Revenue CA	4.00%		10/1/2043	AA			1,250,000		1,261,359
San Francisco City & County Public Utilities Commission Wastewater Revenue CA	5.00%		10/1/2046	AA			2,000,000		2,239,244
Southern California Public Power Authority	4.695% (3 Mo. LIBOR *.67 + 1.47%)	#	11/1/2038	A2			770,000		689,925
Southern California Public Power Authority	5.00%		11/1/2033	A2			5,575,000		6,174,278
Southern California Public Power Authority	5.00%		7/1/2038	AA-			1,000,000		1,025,587
Stockton Public Financing Authority CA (BAM)	5.00%		9/1/2029	AA			1,000,000		1,027,818

180 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2025	BBB+	(d)	$	1,130,000	$	1,181,480
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2029	BBB+	(d)		1,370,000		1,518,109
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2031	BBB+	(d)		765,000		844,289
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2032	BBB+	(d)		1,090,000		1,193,080
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2034	BBB+	(d)		300,000		322,210
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2035	BBB+	(d)		200,000		213,032
Transbay Joint Powers Authority CA Tax Allocation	5.00%	10/1/2038	BBB+	(d)		650,000		679,756
Total								75,171,527
Total Investments in Securities 98.74% (cost $510,104,616)								496,370,623
Other Assets and Liabilities – Net(f) 1.26%								6,341,149
Net Assets 100.00%							$	502,711,772

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
COPS	Certificates of Participation.
LIBOR	London Interbank Offered Rate.
NR	Not Rated.

†	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 March 31, 2023, the total value of Rule 144A securities was $32,368,076, which represents 6.44% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(c)	Securities purchased on a when-issued basis (See Note 2(g)).
(d)	This investment has been rated by Fitch IBCA.
(e)	Defaulted (non-income producing security).
(f)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at March 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
U.S. Long Bond	June 2023	45	Short	$(5,662,903	)	$(5,902,031	)	$(239,128	)

See Notes to Financial Statements. 181

Schedule of Investments (unaudited)(concluded)

CALIFORNIA TAX FREE FUND March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds
Education	$	–		$	57,781,900	$	466,900	$	58,248,800
Health Care		–			54,842,369		3,158,779		58,001,148
Remaining Industries		–			380,120,675		–		380,120,675
Total	$	–		$	492,744,944	$	3,625,679	$	496,370,623
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(239,128	)		–		–		(239,128	)
Total	$	(239,128	)	$	–	$	–	$	(239,128	)

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.

182 See Notes to Financial Statements.

Schedule of Investments (unaudited)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.34%
MUNICIPAL BONDS 98.34%
Corporate-Backed 3.96%
Industrial Pollution Control Financing Authority of Gloucester County-Logan Generating Co LP NJ AMT	5.00%	12/1/2024	NR	$	110,000	$	111,566
New Jersey Economic Development Authority-NYNJ Link Borrower LLC (AGM) AMT	5.00%	1/1/2031	AA		225,000		227,141
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.00%	7/1/2023	BBB+		70,000		70,298
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.00%	1/1/2028	BBB+		100,000		100,927
New Jersey Economic Development Authority-United Airlines Inc	5.25%	9/15/2029	BB-		1,675,000		1,678,161
New Jersey Economic Development Authority-United Airlines Inc	5.50%	6/1/2033	BB-		650,000		652,612
New Jersey Infrastructure Bank	2.125%	9/1/2046	AAA		400,000		262,082
Salem County Pollution Control Financing Authority-Constellation Energy Gen NJ AMT(a)	4.45%	3/1/2025	Baa2		1,000,000		1,000,000
Total							4,102,787
Education 7.73%
Camden County Improvement Authority-Kipp Cooper Norcross Obl NJ	6.00%	6/15/2047	BBB		500,000		537,985
New Jersey Economic Development Authority-Provident Group-Montclair (AGM)	5.00%	6/1/2042	AA		500,000		514,909
New Jersey Educational Facilities Authority-New Jersey City Univ Inc (AGM)	4.00%	7/1/2036	AA		745,000		755,088
New Jersey Educational Facilities Authority-Ramapo College of NJ (AGM)	4.00%	7/1/2041	AA		545,000		543,341
New Jersey Educational Facilities Authority-Ramapo College of NJ (AGM)	4.00%	7/1/2052	AA		500,000		476,079
New Jersey Educational Facilities Authority-Seton Hall University	4.00%	7/1/2046	BBB+		545,000		497,970
New Jersey Educational Facilities Authority-Seton Hall University	5.00%	7/1/2034	BBB+		325,000		340,568
New Jersey Educational Facilities Authority-Seton Hall University (AGM)	3.25%	7/1/2049	AA		400,000		317,467

See Notes to Financial Statements. 183

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Education (continued)
New Jersey Educational Facilities Authority-Stevens Inst of Tech		3.00%		7/1/2050	BBB+	$	1,005,000	$	718,614
New Jersey Educational Facilities Authority-Stevens Inst of Tech		4.00%		7/1/2050	BBB+		200,000		179,530
New Jersey Educational Facilities Authority-Stevens Inst of Tech		5.00%		7/1/2030	BBB+		530,000		566,035
New Jersey Educational Facilities Authority-Stockton University		5.00%		7/1/2041	Baa1		800,000		814,973
New Jersey Educational Facilities Authority-William Paterson Univ (AGM)		3.00%		7/1/2039	AA		250,000		223,662
New Jersey Educational Facilities Authority-William Paterson Univ (AGM)		3.00%		7/1/2040	AA		250,000		217,394
New Jersey Higher Education Student Assistance Authority AMT		2.50%		12/1/2040	AA		500,000		425,410
New Jersey Higher Education Student Assistance Authority AMT		3.25%		12/1/2039	Aa1		515,000		496,485
New Jersey Higher Education Student Assistance Authority AMT		4.125%		12/1/2024	Aaa		195,000		195,081
New Jersey Institute of Technology		5.00%		7/1/2033	A1		170,000		192,023
Total									8,012,614
Financial Services 0.21%
New Jersey Higher Education Student Assistance Authority AMT		5.00%		12/1/2028	Aaa		200,000		218,456
General Obligation 11.70%
City of Atlantic City NJ GO (AGM)		5.00%		3/1/2037	AA		540,000		571,749
City of Atlantic City NJ GO (BAM)		5.00%		3/1/2042	AA		750,000		782,672
City of Jersey City NJ GO		4.00%		2/15/2036	Aa3		750,000		772,606
City of Newark Mass Transit Access Tax Revenue NJ (AGM)		5.375%		11/15/2052	AA		500,000		554,917
City of Summit NJ GO		4.00%		7/15/2041	AAA		500,000		513,028
Commonwealth of Puerto Rico GO	Zero Coupon			7/1/2024	NR		13,686		12,886
Commonwealth of Puerto Rico GO	Zero Coupon			7/1/2033	NR		52,676		29,920
Commonwealth of Puerto Rico GO	Zero Coupon		#(b)	11/1/2043	NR		192,940		84,170
Commonwealth of Puerto Rico GO		4.00%		7/1/2033	NR		40,933		36,886
Commonwealth of Puerto Rico GO		4.00%		7/1/2035	NR		36,793		32,160
Commonwealth of Puerto Rico GO		4.00%		7/1/2037	NR		31,578		26,801
Commonwealth of Puerto Rico GO		5.25%		7/1/2023	NR		22,857		22,891
Commonwealth of Puerto Rico GO		5.375%		7/1/2025	NR		45,588		46,319

184 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
General Obligation (continued)
Commonwealth of Puerto Rico GO	5.625%		7/1/2027	NR	$	45,175	$	46,726
Commonwealth of Puerto Rico GO	5.625%		7/1/2029	NR		44,442		46,469
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR		43,166		45,866
County of Hudson NJ GO	2.00%	��	11/15/2035	AA		920,000		756,630
Cumberland County Improvement Authority NJ GTD (BAM)	4.00%		10/1/2048	AA		750,000		724,400
Gloucester County Improvement Authority NJ GTD	4.00%		7/1/2048	Aa1		510,000		510,482
New Jersey Economic Development Authority	5.25%		11/1/2047	A3		750,000		809,314
New Jersey Health Care Facilities Financing Authority	5.00%		10/1/2037	A3		500,000		528,703
New Jersey Transportation Trust Fund Authority	5.25%		6/15/2046	A3		750,000		812,869
Rutherford Board of Education NJ GO	2.50%		12/15/2034	AA-		1,000,000		914,470
State of New Jersey GO	2.50%		6/1/2038	A2		1,020,000		838,492
State of New Jersey GO	5.00%		6/1/2040	A2		750,000		822,496
Township of Berkeley Heights NJ GO	4.00%		7/1/2041	Aa1		785,000		799,422
Union County Utilities Authority-Covanta Union LLC NJ GTD AMT	4.75%		12/1/2031	AA+		980,000		981,441
Total								12,124,785
Health Care 14.40%
Camden County Improvement Authority-Cooper Hlth Sys Oblig Grp NJ	5.00%		2/15/2030	A-		530,000		535,987
Camden County Improvement Authority-Cooper Hlth Sys Oblig Grp NJ	5.00%		2/15/2032	A-		500,000		505,220
Camden County Improvement Authority-Cooper Hlth Sys Oblig Grp NJ	5.75%		2/15/2042	A-		425,000		425,607
New Jersey Economic Development Authority-Bancroft Neurohealth Olbg	5.00%		6/1/2036	NR		220,000		209,580
New Jersey Health Care Facilities Financing Authority-Atlanticare Hlth Sys Obl	2.375%		7/1/2046	AA-		695,000		478,644
New Jersey Health Care Facilities Financing Authority-Hackensack Merdn Hlth Ob	5.00%		7/1/2031	AA-		640,000		698,853
New Jersey Health Care Facilities Financing Authority-Hackensack Merdn Hlth Ob	5.00%		7/1/2033	AA-		260,000		282,738
New Jersey Health Care Facilities Financing Authority-Inspira Health Oblig Grp	4.00%		7/1/2047	A2		830,000		797,994

See Notes to Financial Statements. 185

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care (continued)
New Jersey Health Care Facilities Financing Authority-Inspira Health Oblig Grp	5.00%	7/1/2035	A2	$	460,000	$	487,134
New Jersey Health Care Facilities Financing Authority-Inspira Health Oblig Grp	5.00%	7/1/2042	A2		1,000,000		1,035,465
New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obliga	3.00%	7/1/2051	AA-		1,000,000		745,107
New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obliga	4.00%	7/1/2045	AA-		545,000		535,740
New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obliga	4.00%	7/1/2051	AA-		1,000,000		953,678
New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obliga	5.00%	7/1/2033	AA-		580,000		621,153
New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obliga	5.00%	7/1/2043	AA-		1,305,000		1,343,775
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	4.00%	7/1/2048	BBB-		1,200,000		983,494
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%	7/1/2027	BBB-		100,000		104,315
New Jersey Health Care Facilities Financing Authority-St Joseph’S Hlthcr Oblig	5.00%	7/1/2041	BBB-		750,000		748,856
New Jersey Health Care Facilities Financing Authority-Univ of Penn Hlth Sys Obl	5.00%	7/1/2039	AA		1,000,000		1,036,960
New Jersey Health Care Facilities Financing Authority-University Hospital (AGM)	5.00%	7/1/2046	AA		1,000,000		1,013,067
New Jersey Health Care Facilities Financing Authority-Valley Hlth Sys Oblig Grp	4.00%	7/1/2044	A		1,055,000		1,026,318
New Jersey Health Care Facilities Financing Authority-Valley Hlth Sys Oblig Grp	5.00%	7/1/2030	A		315,000		355,208
Total							14,924,893
Housing 0.07%
New Jersey Housing & Mortgage Finance Agency (HUD SECT 8)	3.15%	5/1/2053	AA-		100,000		76,341
Lease Obligations 20.10%
Gloucester County Improvement Authority-Rowan University NJ (AGM)	5.00%	11/1/2029	AA		250,000		269,468
Gloucester County Improvement Authority-Rowan University NJ (AGM)	5.00%	11/1/2030	AA		290,000		312,172
New Jersey Economic Development Authority	4.00%	6/15/2049	A3		1,390,000		1,292,070

186 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Lease Obligations (continued)
New Jersey Economic Development Authority		5.00%	6/15/2029	A3	$	500,000	$	539,569
New Jersey Economic Development Authority		5.00%	6/15/2034	A3		390,000		396,737
New Jersey Economic Development Authority		5.00%	6/15/2035	A3		750,000		811,455
New Jersey Economic Development Authority		5.00%	6/15/2035	A3		640,000		675,159
New Jersey Economic Development Authority		5.00%	6/15/2042	A3		505,000		560,350
New Jersey Economic Development Authority		5.00%	6/15/2047	A3		540,000		557,368
New Jersey Economic Development Authority		5.00%	6/15/2048	A3		500,000		518,720
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT		5.375%	1/1/2043	BBB+		1,660,000		1,668,668
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT		5.625%	1/1/2052	BBB+		210,000		211,216
New Jersey Educational Facilities Authority		5.00%	9/1/2033	A3		1,060,000		1,083,124
New Jersey Educational Facilities Authority		5.00%	9/1/2036	A3		535,000		558,851
New Jersey Educational Facilities Authority		5.50%	9/1/2033	A3		410,000		442,572
New Jersey Health Care Facilities Financing Authority		5.00%	10/1/2038	A3		520,000		548,695
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2031	A3		1,980,000		1,466,599
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2038	A3		1,120,000		559,851
New Jersey Transportation Trust Fund Authority		4.00%	12/15/2039	A3		1,160,000		1,161,570
New Jersey Transportation Trust Fund Authority		4.00%	6/15/2050	A3		1,360,000		1,264,488
New Jersey Transportation Trust Fund Authority		4.25%	12/15/2038	A3		470,000		477,670
New Jersey Transportation Trust Fund Authority		4.75%	6/15/2038	A3		980,000		1,000,921
New Jersey Transportation Trust Fund Authority		5.00%	6/15/2030	A+		545,000		577,993
New Jersey Transportation Trust Fund Authority		5.00%	6/15/2031	A+		400,000		423,705
New Jersey Transportation Trust Fund Authority		5.00%	12/15/2036	A3		555,000		593,667

See Notes to Financial Statements. 187

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Lease Obligations (continued)
New Jersey Transportation Trust Fund Authority		5.00%	6/15/2038	A3	$	1,380,000	$	1,395,950
New Jersey Transportation Trust Fund Authority		5.25%	6/15/2041	A3		205,000		210,404
New Jersey Transportation Trust Fund Authority		5.25%	6/15/2043	A3		720,000		762,720
Salem County Improvement Authority-Stand Up For Salem Inc NJ GTD (AGM)		4.00%	8/15/2048	AA		525,000		496,129
Total								20,837,861
Other Revenue 0.32%
Middlesex County Improvement Authority NJ		6.25%	1/1/2037	NR		1,300,000		16,250
New Jersey Economic Development Authority-Bancroft Neurohealth Olbg		5.00%	6/1/2041	NR		350,000		320,260
Total								336,510
Special Tax 0.89%
New Jersey Economic Development Authority Mtromall Urban		6.50%	4/1/2028	Baa2		592,353		589,121	(c)
New Jersey Infrastructure Bank		2.00%	9/1/2046	AAA		520,000		331,068
Total								920,189
Tax Revenue 5.39%
Casino Reinvestment Development Authority, Inc. NJ		5.25%	11/1/2039	Baa2		525,000		531,333
Casino Reinvestment Development Authority, Inc. NJ		5.25%	11/1/2044	Baa2		310,000		312,528
Casino Reinvestment Development Authority, Inc. NJ (AGM)		5.00%	11/1/2032	AA		500,000		514,185
Garden State Preservation Trust NJ (AGM)		5.75%	11/1/2028	AA		1,205,000		1,334,238
New Jersey Transportation Trust Fund Authority		3.00%	6/15/2050	A3		500,000		378,214
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2029	NR		18,000		13,428
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2031	NR		235,000		157,054
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2033	NR		646,000		388,536
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2051	NR		2,675,000		520,629

188 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR	$	96,000	$	87,605
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		492,000		448,974
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		18,000		15,932
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		19,000		17,816
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		380,000		356,315
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		267,000		244,893
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.784%	7/1/2058	NR		40,000		36,406
Territory of Guam	4.00%	1/1/2042	Ba1		250,000		226,906
Total							5,584,992
Tobacco 3.27%
Tobacco Settlement Financing Corp. NJ	5.00%	6/1/2046	BBB-		2,350,000		2,359,870
Tobacco Settlement Financing Corp. NJ	5.25%	6/1/2046	BBB+		1,000,000		1,034,587
Total							3,394,457
Transportation 22.23%
Delaware River & Bay Authority	4.00%	1/1/2044	A1		500,000		498,815
Delaware River & Bay Authority	5.00%	1/1/2039	A1		500,000		562,208
Delaware River Joint Toll Bridge Commission PA	3.00%	7/1/2049	A+		1,025,000		768,015
Delaware River Joint Toll Bridge Commission PA	5.00%	7/1/2030	A+		280,000		309,552
Delaware River Port Authority PA	5.00%	1/1/2040	A+		600,000		649,771
New Jersey Economic Development Authority	4.00%	11/1/2044	A3		275,000		267,077
New Jersey Economic Development Authority-NYNJ Link Borrower LLC (AGM) AMT	5.125%	1/1/2039	AA		925,000		931,394
New Jersey Economic Development Authority-Port Newark Container AMT	5.00%	10/1/2047	Baa2		930,000		899,400
New Jersey Transportation Trust Fund Authority	4.00%	6/15/2050	A3		1,080,000		1,004,152
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2028	A+		1,000,000		1,063,274

See Notes to Financial Statements. 189

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation (continued)
New Jersey Turnpike Authority	4.00%		1/1/2048	AA-	$	1,000,000	$	983,656
New Jersey Turnpike Authority	5.00%		1/1/2030	AA-		715,000		781,081
New Jersey Turnpike Authority	5.00%		1/1/2034	AA-		510,000		528,757
New Jersey Turnpike Authority	5.00%		1/1/2034	AA-		615,000		666,166
New Jersey Turnpike Authority	5.00%		1/1/2037	AA-		340,000		368,431
New Jersey Turnpike Authority	5.00%		1/1/2046	AA-		750,000		829,846
New Jersey Turnpike Authority	5.25%		1/1/2052	AA-		1,110,000		1,244,011
New Jersey Turnpike Authority (AGM)	5.25%		1/1/2028	AA		810,000		916,813
Port Authority of New York & New Jersey	4.00%		9/1/2043	AA-		870,000		870,338
Port Authority of New York & New Jersey	5.00%		11/15/2033	AA-		510,000		564,027
Port Authority of New York & New Jersey	5.00%		10/15/2035	AA-		500,000		543,818
Port Authority of New York & New Jersey	5.00%		7/15/2038	AA-		420,000		456,942
Port Authority of New York & New Jersey	5.25%		8/1/2052	AA-		250,000		277,857
Port Authority of New York & New Jersey AMT	5.00%		9/15/2032	AA-		505,000		543,313
Port Authority of New York & New Jersey AMT	5.00%		9/15/2033	AA-		850,000		911,803
Port Authority of New York & New Jersey AMT	5.00%		10/15/2036	AA-		1,190,000		1,213,085
Port Authority of New York & New Jersey AMT	5.00%		11/15/2041	AA-		500,000		517,026
South Jersey Port Corp. NJ AMT	5.00%		1/1/2048	Baa1		500,000		507,720
South Jersey Transportation Authority NJ	5.00%		11/1/2039	BBB+		530,000		531,921
South Jersey Transportation Authority NJ	5.25%		11/1/2052	BBB+		1,200,000		1,250,582
South Jersey Transportation Authority NJ (BAM)	4.00%		11/1/2050	AA		1,080,000		1,045,347
South Jersey Transportation Authority NJ (BAM)	5.00%		11/1/2045	AA		500,000		534,506
Total								23,040,704
Utilities 8.07%
Guam Government Waterworks Authority	5.00%		7/1/2036	A-		100,000		102,956
Guam Power Authority (AGM)	5.00%		10/1/2034	AA		400,000		414,106
New Jersey Economic Development Authority-Middlesex Water Co AMT	4.00%		8/1/2059	A+		500,000		414,454
New Jersey Economic Development Authority-New Jersey Amern Wtr Co AMT	2.20%	#(b)	10/1/2039	A+		500,000		441,846
New Jersey Economic Development Authority-New Jersey Natural Gas Co	3.50%		4/1/2042	A1		1,655,000		1,473,903
New Jersey Economic Development Authority-New Jersey Natural Gas Co AMT	3.00%		8/1/2041	A1		1,000,000		782,164
New Jersey Economic Development Authority-Umm Energy Partners LLC AMT	4.75%		6/15/2032	Baa2		1,000,000		1,000,527

190 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Utilities (continued)
New Jersey Infrastructure Bank-New Jersey Amern Wtr Co AMT	4.00%	9/1/2047	AAA		$	1,500,000	$	1,493,884
New Jersey Turnpike Authority	5.00%	1/1/2031	AA-			510,000		569,495
Passaic Valley Sewerage Commission NJ (AGM)	3.00%	12/1/2038	AA			1,000,000		887,296
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%	7/1/2042	NR			380,000		322,878
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%	7/1/2030	NR			250,000		252,553
Puerto Rico Electric Power Authority(d)	5.00%	7/1/2037	D	(e)		110,000		78,925
Puerto Rico Electric Power Authority(d)	5.75%	7/1/2036	D	(e)		75,000		54,562
Puerto Rico Electric Power Authority(d)	7.00%	7/1/2040	D	(e)		100,000		72,750
Total								8,362,299
Total Investments in Securities 98.34% (cost $107,520,978)								101,936,888
Other Assets and Liabilities – Net(f) 1.66%								1,718,672
Net Assets 100.00%							$	103,655,560

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
GTD	Guaranteed.
HUD	Insured by–Department of Housing and Urban Development.
NR	Not Rated.

#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2023, the total value of Rule 144A securities was $575,431, which represents 0.56% of net assets.
(a)	Securities purchased on a when-issued basis (See Note 2(g)).
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(d)	Defaulted (non-income producing security).
(e)	This investment has been rated by Fitch IBCA.
(f)	Other Assets and Liabilities - Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at March 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. Long Bond	June 2023	9	Short	$	(1,132,580	)	$	(1,180,406	)		$(47,826	)

See Notes to Financial Statements. 191

Schedule of Investments (unaudited)(concluded)

NEW JERSEY TAX FREE FUND March 31, 2023

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type	Level 1			Level 2		Level 3		Total
Long-Term Investments(2)
Municipal Bonds
Special Tax	$	–		$	331,068	$	589,121	$	920,189
Remaining Industries		–			101,016,699		–		101,016,699
Total	$	–		$	101,347,767	$	589,121	$	101,936,888
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(47,826	)		–		–		(47,826	)
Total	$	(47,826	)	$	–	$	–	$	(47,826	)

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.

192 See Notes to Financial Statements.

Schedule of Investments (unaudited)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s			Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.76%
MUNICIPAL BONDS 98.76%
Corporate-Backed 10.52%
Brooklyn Arena Local Development Corp.-Brooklyn Events Ctr LLC NY	Zero Coupon		7/15/2047	Ba1		$	250,000	$	69,869
Build NYC Resource Corp.-Pratt Paper Inc. NY AMT†	4.50%		1/1/2025	NR			100,000		100,253
Build NYC Resource Corp.-Pratt Paper Inc. NY AMT†	5.00%		1/1/2035	NR			250,000		252,932
New York City Industrial Development Agency-TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+			1,825,000		1,826,052
New York Liberty Development Corp.	2.10%		11/15/2032	A+			2,520,000		2,170,417
New York Liberty Development Corp.	2.875%		11/15/2046	A+			7,345,000		5,390,288
New York Liberty Development Corp.-3 World Trade Center LLC†	5.00%		11/15/2044	NR			8,655,000		8,344,324
New York Liberty Development Corp.-3 World Trade Center LLC†	5.15%		11/15/2034	NR			750,000		750,186
New York Liberty Development Corp.-3 World Trade Center LLC†	7.25%		11/15/2044	NR			1,000,000		1,012,586
New York Liberty Development Corp.-Goldman Sachs Hdqtrs LLC	5.25%		10/1/2035	A2			7,215,000		8,305,837
New York Liberty Development Corp.-Goldman Sachs Hdqtrs LLC	5.50%		10/1/2037	A2			3,380,000		3,929,909
New York Liberty Development Corp.-One Bryant Park LLC	2.80%		9/15/2069	Baa1			4,630,000		4,241,965
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT	2.75%	#(a)	9/1/2050	B+			500,000		471,157
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	2.875%	#(a)	12/1/2044	B+			1,500,000		1,276,686
New York Transportation Development Corp.-American Airlines Inc AMT	2.25%		8/1/2026	B	(b)		205,000		190,836
New York Transportation Development Corp.-American Airlines Inc AMT	3.00%		8/1/2031	B	(b)		1,000,000		875,584
New York Transportation Development Corp.-American Airlines Inc AMT	5.25%		8/1/2031	B-			1,430,000		1,476,379
New York Transportation Development Corp.-American Airlines Inc AMT	5.375%		8/1/2036	B-			1,025,000		1,050,034
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	4.00%		12/1/2038	Baa1			2,370,000		2,264,311

See Notes to Financial Statements. 193

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Corporate-Backed (continued)
Niagara Area Development Corp.-Covanta Holding Corp NY AMT†	4.75%	11/1/2042	B1		$	1,750,000	$	1,490,978
Westchester County Local Development Corp.-Miriam Osborn Mem Home Ob NY	5.00%	7/1/2034	A	(b)		200,000		211,331
Total								45,701,914
Education 10.84%
Albany Capital Resource Corp.-Empire Commons Std Hsg NY	5.00%	5/1/2030	A			350,000		363,616
Albany Capital Resource Corp.-Empire Commons Std Hsg NY	5.00%	5/1/2032	A			250,000		258,695
Build NYC Resource Corp.-E Harlem Scholars Oblg Gp NY†	5.75%	6/1/2042	BB+			1,000,000		1,029,437
Build NYC Resource Corp.-Kipp NYC Public Chtr Schs NY	5.25%	7/1/2052	BBB-			1,250,000		1,291,702
Build NYC Resource Corp.-Manhattan College NY	5.00%	8/1/2033	A-			1,125,000		1,207,872
Build NYC Resource Corp.-New York Law School	5.00%	7/1/2041	BBB-			1,175,000		1,179,619
Build NYC Resource Corp.-Packer Collegiate Inst NY	5.00%	6/1/2040	A2			1,000,000		1,026,264
City of New Rochelle-Iona College NY	5.00%	7/1/2028	BBB			205,000		213,447
City of New Rochelle-Iona College NY	5.00%	7/1/2029	BBB			250,000		260,088
City of New Rochelle-Iona College NY	5.00%	7/1/2030	BBB			220,000		228,591
City of New Rochelle-Iona College NY	5.00%	7/1/2031	BBB			200,000		207,628
Dutchess County Local Development Corp.-Bard College NY†	5.00%	7/1/2045	BBB-			1,000,000		1,007,960
Dutchess County Local Development Corp.-Bard College NY†	5.00%	7/1/2051	BBB-			1,000,000		997,819
Dutchess County Local Development Corp.-Culinary Inst of America NY	4.00%	7/1/2035	Baa2			1,145,000		1,126,382
Dutchess County Local Development Corp.-Culinary Inst of America NY	4.00%	7/1/2037	Baa2			965,000		919,511
Dutchess County Local Development Corp.-Culinary Inst of America NY	4.00%	7/1/2040	Baa2			325,000		299,514
Dutchess County Local Development Corp.-Culinary Inst of America NY	5.00%	7/1/2033	Baa2			390,000		404,149
Dutchess County Local Development Corp.-Culinary Inst of America NY	5.00%	7/1/2041	Baa2			200,000		202,777
Dutchess County Local Development Corp.-Culinary Inst of America NY	5.00%	7/1/2046	Baa2			275,000		277,365

194 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
Dutchess County Local Development Corp.-Millbrook School NY	4.00%	9/1/2051	A	$	1,500,000	$	1,401,300
Dutchess County Local Development Corp.-Vassar College NY	5.00%	7/1/2034	Aa3		275,000		298,173
Hempstead Town Local Development Corp.-Adelphi University NY	4.00%	2/1/2039	A-		2,240,000		2,209,902
Hempstead Town Local Development Corp.-Adelphi University NY	5.00%	6/1/2029	A-		500,000		557,076
Hempstead Town Local Development Corp.-Adelphi University NY	5.00%	6/1/2030	A-		200,000		225,609
Hempstead Town Local Development Corp.-Adelphi University NY	5.00%	6/1/2031	A-		510,000		582,974
Hempstead Town Local Development Corp.-Adelphi University NY	5.00%	6/1/2032	A-		330,000		376,315
Hempstead Town Local Development Corp.-Hofstra University NY	5.00%	7/1/2042	A		545,000		566,913
Hempstead Town Local Development Corp.-Molloy College NY	5.00%	7/1/2034	BBB		825,000		859,639
Hempstead Town Local Development Corp.-Molloy College NY	5.00%	7/1/2037	BBB		630,000		647,140
Hempstead Town Local Development Corp.-Molloy College NY	5.00%	7/1/2039	BBB		555,000		567,376
Monroe County Industrial Development Corp.-University of Rochester NY	5.00%	7/1/2031	AA-		350,000		386,027
New York City Industrial Development Agency-Yankee Stadium LLLC NY (AGM)	3.00%	3/1/2049	AA		2,000,000		1,524,345
New York State Dormitory Authority	5.00%	2/15/2041	NR		5,000		5,561
New York State Dormitory Authority-Barnard College	4.00%	7/1/2034	A3		460,000		475,268
New York State Dormitory Authority-Barnard College	4.00%	7/1/2036	A3		325,000		328,091
New York State Dormitory Authority-Barnard College	4.00%	7/1/2037	A3		710,000		704,640
New York State Dormitory Authority-Fordham University	5.00%	7/1/2035	A		550,000		580,394
New York State Dormitory Authority-Icahn Sch of Med Mt Sinai	5.00%	7/1/2040	A-		2,000,000		2,042,501
New York State Dormitory Authority-Iona College	5.00%	7/1/2046	BBB		375,000		388,069
New York State Dormitory Authority-New York University	5.00%	7/1/2029	Aa2		1,000,000		1,104,650

See Notes to Financial Statements. 195

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Education (continued)
New York State Dormitory Authority-New York University	5.00%	7/1/2042	Aa2	$	1,500,000	$	1,633,931
New York State Dormitory Authority-Pace University	5.00%	5/1/2023	NR		20,000		20,036
New York State Dormitory Authority-Pace University	5.00%	5/1/2023	BBB-		905,000		905,813
New York State Dormitory Authority-Pratt Institute	5.00%	7/1/2039	A2		1,010,000		1,043,279
New York State Dormitory Authority-St John’s University	5.00%	7/1/2027	A-		250,000		260,493
New York State Dormitory Authority-The New School	4.00%	7/1/2047	A3		1,000,000		923,550
New York State Dormitory Authority-The New School	5.00%	7/1/2028	A3		780,000		833,043
New York State Dormitory Authority-Yeshiva University	5.00%	7/15/2037	BBB-		1,000,000		1,045,793
New York State Dormitory Authority-Yeshiva University	5.00%	7/15/2042	BBB-		1,000,000		1,020,070
Onondaga Civic Development Corp.-e Moyne College NY	4.00%	7/1/2038	Baa2		150,000		143,757
Onondaga Civic Development Corp.-Le Moyne College NY	4.00%	7/1/2040	Baa2		300,000		281,214
Onondaga Civic Development Corp.-Le Moyne College NY	4.00%	7/1/2041	Baa2		415,000		384,837
Onondaga Civic Development Corp.-Le Moyne College NY	5.00%	7/1/2035	Baa2		365,000		391,704
Onondaga Civic Development Corp.-Le Moyne College NY	5.00%	7/1/2036	Baa2		465,000		494,446
Onondaga Civic Development Corp.-Le Moyne College NY	5.00%	7/1/2046	Baa2		600,000		613,438
Schenectady County Capital Resource Corp.-Union College NY	5.25%	7/1/2052	A1		545,000		595,063
St. Lawrence County Industrial Development Agency-Clarkson University NY	5.00%	9/1/2037	Baa1		455,000		484,775
St. Lawrence County Industrial Development Agency-Clarkson University NY	5.00%	9/1/2038	Baa1		475,000		502,822
St. Lawrence County Industrial Development Agency-Clarkson University NY	5.00%	9/1/2041	Baa1		160,000		167,916
Troy Capital Resource Corp.-Rensselaer Polytech Inst NY	4.00%	9/1/2040	A3		1,000,000		957,949

196 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount			Fair Value
Education (continued)
Troy Capital Resource Corp.-Rensselaer Polytech Inst NY	5.00%		8/1/2032	A3		$	1,415,000	$	1,485,187
Troy Capital Resource Corp. NY	4.00%		9/1/2034	A3			855,000		875,661
Troy Capital Resource Corp. NY	4.00%		9/1/2035	A3			370,000		373,689
Troy Capital Resource Corp. NY	4.00%		9/1/2036	A3			1,140,000		1,141,604
Westchester County Local Development Corp.-Miriam Osborn Mem Home Ob NY	5.00%		7/1/2042	A	(b)		450,000		469,994
Westchester County Local Development Corp.-Sarah Lawrence College NY	4.00%		6/1/2033	BBB-			1,710,000		1,722,407
Total									47,106,870
General Obligation 8.61%
City of Long Beach NY GO (BAM)	5.25%		7/15/2034	AA			510,000		570,742
City of Long Beach NY GO (BAM)	5.25%		7/15/2035	AA			400,000		443,376
City of Long Beach NY GO (BAM)	5.25%		7/15/2036	AA			300,000		329,194
City of Long Beach NY GO (BAM)	5.25%		7/15/2037	AA			810,000		880,126
City of Long Beach NY GO (BAM)	5.25%		7/15/2042	AA			500,000		536,192
City of New York NY GO	5.00%		8/1/2027	AA			1,700,000		1,773,316
City of New York NY GO	5.00%		8/1/2029	AA			3,000,000		3,260,681
City of New York NY GO	5.00%		10/1/2037	AA			2,500,000		2,694,595
City of New York NY GO	5.00%		3/1/2044	AA			3,000,000		3,270,721
City of New York NY GO	5.00%		4/1/2045	AA			1,380,000		1,464,504
City of New York NY GO	5.25%		9/1/2043	AA			1,150,000		1,299,149
City of New York NY GO	5.25%		10/1/2047	AA			1,860,000		2,078,536
City of New York NY GO	5.50%		5/1/2044	AA			2,085,000		2,413,047
Commonwealth of Puerto Rico GO	Zero Coupon		7/1/2024	NR			63,475		59,765
Commonwealth of Puerto Rico GO	Zero Coupon		7/1/2033	NR			244,309		138,765
Commonwealth of Puerto Rico GO	Zero Coupon	#	11/1/2043	NR			894,821		390,366
Commonwealth of Puerto Rico GO	4.00%		7/1/2033	NR			189,842		171,075
Commonwealth of Puerto Rico GO	4.00%		7/1/2035	NR			170,642		149,154
Commonwealth of Puerto Rico GO	4.00%		7/1/2037	NR			146,457		124,301
Commonwealth of Puerto Rico GO	5.25%		7/1/2023	NR			106,010		106,169
Commonwealth of Puerto Rico GO	5.375%		7/1/2025	NR			211,432		214,823
Commonwealth of Puerto Rico GO	5.625%		7/1/2027	NR			209,517		216,712
Commonwealth of Puerto Rico GO	5.625%		7/1/2029	NR			206,118		215,518
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR			200,202		212,726
Jefferson County Civic Facility Development Corp.-Samaritan Med Ctr Oblig NY	5.00%		11/1/2037	BB			2,000,000		1,956,362	(c)

See Notes to Financial Statements. 197

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s			Principal Amount		Fair Value
General Obligation (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%	2/1/2051	Aa1		$	2,000,000	$	1,933,350
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.25%	11/1/2040	AAA			2,000,000		2,302,545
New York State Dormitory Authority	4.00%	3/15/2044	AA+			2,500,000		2,467,028
New York State Dormitory Authority (AGM)	5.00%	10/1/2027	AA			1,000,000		1,034,472
New York State Urban Development Corp.	4.00%	3/15/2047	AA+			2,000,000		1,967,778
New York State Urban Development Corp.	5.00%	3/15/2050	Aa1			2,500,000		2,726,393
Total								37,401,481
Health Care 11.81%
Brookhaven Local Development Corp.-Active Ret Cmnty Oblig Gp NY	4.00%	11/1/2045	BBB	(b)		1,000,000		821,972
Brookhaven Local Development Corp.-Active Ret Cmnty Oblig Gp NY	4.00%	11/1/2055	BBB	(b)		1,000,000		777,558
Brookhaven Local Development Corp.-Long Island Cmnty Hosp Ob NY	3.375%	10/1/2040	A			365,000		298,067	(c)
Brookhaven Local Development Corp.-Long Island Cmnty Hosp Ob NY	4.00%	10/1/2045	A			1,865,000		1,796,054
Brookhaven Local Development Corp.-Long Island Cmnty Hosp Ob NY	5.00%	10/1/2050	A			1,000,000		1,043,948
Broome County Local Development Corp.-United Hlth Svcs Hosps NY (AGM)	3.00%	4/1/2036	AA			1,030,000		912,924
Broome County Local Development Corp.-United Hlth Svcs Hosps NY (AGM)	3.00%	4/1/2037	AA			1,500,000		1,300,236
Buffalo & Erie County Industrial Land Development Corp.-Catholic Hlth Sys Oblig NY	5.00%	7/1/2025	B-			300,000		288,075
Buffalo & Erie County Industrial Land Development Corp.-Orchard Park Ccrc Inc. NY	5.00%	11/15/2037	BBB	(b)		1,000,000		1,004,075
Dutchess County Local Development Corp.-Nuvance Health Oblg Grp NY	4.00%	7/1/2044	BBB+			1,250,000		1,126,264
Dutchess County Local Development Corp.-Nuvance Health Oblg Grp NY	4.00%	7/1/2049	BBB+			2,120,000		1,848,324	(c)
Dutchess County Local Development Corp.-Nuvance Health Oblg Grp NY	5.00%	7/1/2035	BBB+			1,765,000		1,815,869
Genesee County Funding Corp.-Rochester Regl Health Obl NY	5.25%	12/1/2052	BBB+			1,000,000		1,028,329
Monroe County Industrial Development Corp.-Rochester General Hosp NY	5.00%	12/1/2034	BBB+			250,000		261,317

198 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Health Care (continued)
Monroe County Industrial Development Corp.-Rochester Regl Health Obl NY	4.00%	12/1/2035	BBB+	$	600,000	$	598,296
Monroe County Industrial Development Corp.-Rochester Regl Health Obl NY	4.00%	12/1/2036	BBB+		425,000		416,258
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2027	A-		625,000		640,352
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2028	A-		2,045,000		2,095,620
Nassau County Local Economic Assistance Corp.-Catholic Hlth Lng Isl Obl NY	5.00%	7/1/2033	A-		600,000		614,211
New York City Industrial Development Agency-Yankee Stadium LLC NY	3.00%	3/1/2049	Baa1		2,090,000		1,549,344
New York State Dormitory Authority-Catholic Hlth Sys Oblig	4.00%	7/1/2045	B-		2,895,000		2,034,865
New York State Dormitory Authority-Catholic Hlth Sys Oblig	5.00%	7/1/2032	B-		500,000		437,687
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%	12/1/2026	BBB-		1,000,000		1,016,372
New York State Dormitory Authority-Garnet Hlth Med Ctr Oblig†	5.00%	12/1/2029	BBB-		1,900,000		1,950,802
New York State Dormitory Authority-Maimonides Medical Ctr (FHA)	3.00%	2/1/2050	AA+		1,000,000		771,607
New York State Dormitory Authority-Montefiore Obligated Group	4.00%	8/1/2036	BBB-		475,000		425,370
New York State Dormitory Authority-Montefiore Obligated Group	4.00%	8/1/2038	BBB-		1,520,000		1,336,181
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%	8/1/2037	BBB-		1,820,000		1,613,897
New York State Dormitory Authority-Montefiore Obligated Grp	4.00%	9/1/2050	BBB-		5,000,000		4,062,038
New York State Dormitory Authority-Montefiore Obligated Grp	5.00%	8/1/2035	BBB-		525,000		523,433
New York State Dormitory Authority-Northwell Hlth Oblig Grp	4.00%	5/1/2045	A-		2,000,000		1,940,789
New York State Dormitory Authority-Northwell Hlth Oblig Grp	5.00%	5/1/2028	A-		1,000,000		1,046,031
New York State Dormitory Authority-Northwell Hlth Oblig Grp	5.00%	5/1/2038	A-		980,000		1,072,157
New York State Dormitory Authority-NYU Langone Hosps Oblig	5.00%	7/1/2032	A+		810,000		858,452

See Notes to Financial Statements. 199

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s			Principal Amount		Fair Value
Health Care (continued)
New York State Dormitory Authority-NYU Langone Hosps Oblig	5.00%	7/1/2033	A+		$	760,000	$	803,981
Niagara Area Development Corp.-Catholic Hlth Sys Oblig NY	5.00%	7/1/2052	B-			1,000,000		769,555
Oneida County Local Development Corp.-Mohawk Valley Hlth NY (AGM)	4.00%	12/1/2049	AA			4,645,000		4,243,422
Southold Local Development Corp.-Peconic Lndg At Southold NY	5.00%	12/1/2045	BBB-	(b)		1,000,000		956,815
Tompkins County Development Corp.-Kendal At Ithaca Inc NY	5.00%	7/1/2044	BBB+			920,000		892,980
Westchester County Healthcare Corp. Obl NY	6.00%	11/1/2030	BBB-			105,000		105,202
Westchester County Healthcare Corp. Obl NY	6.125%	11/1/2037	BBB-			40,000		40,107
Westchester County Local Development Corp. Health Obl NY	5.00%	11/1/2033	BBB-			1,000,000		1,017,628
Westchester County Local Development Corp. Health Obl NY	5.00%	11/1/2034	BBB-			985,000		998,130
Westchester County Local Development Corp. Health Obl NY	5.00%	11/1/2046	BBB-			2,240,000		2,156,342
Total								51,310,936
Housing 0.91%
New York City Housing Development Corp. NY	3.35%	11/1/2065	AA+			1,660,000		1,222,190	(c)
New York City Housing Development Corp. NY	4.50%	2/15/2048	NR			1,000,000		985,901
New York State Housing Finance Agency	3.15%	11/1/2054	Aa2			1,000,000		738,047
Westchester County Local Development Corp.-Purchase Housing Corp Ii NY	5.00%	6/1/2047	BBB			1,000,000		1,004,776
Total								3,950,914
Lease Obligations 1.85%
Hudson Yards Infrastructure Corp. NY	5.00%	2/15/2031	Aa2			2,065,000		2,236,226
Hudson Yards Infrastructure Corp. NY	5.00%	2/15/2033	Aa2			1,075,000		1,160,254
New York City Transitional Finance Authority Building Aid Revenue NY	5.00%	7/15/2035	AA			2,005,000		2,193,043
New York State Dormitory Authority (BAM)	4.00%	8/15/2050	AA			2,500,000		2,435,974
Total								8,025,497

200 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Other 0.91%
Build NYC Resource Corp.-Children’s Aid Society NY		4.00%	7/1/2044	A+	$	1,340,000	$	1,311,523
Build NYC Resource Corp.-Children’s Aid Society NY		4.00%	7/1/2049	A+		2,775,000		2,647,693
Total								3,959,216
Other Revenue 3.77%
Brooklyn Arena Local Development Corp.-Brooklyn Events Ctr LLC NY		5.00%	7/15/2042	Ba1		3,000,000		2,963,221
Build NYC Resource Corp.-Shefa School NY†		5.00%	6/15/2051	NR		1,315,000		1,181,420
New York State Thruway Authority		5.00%	3/15/2046	AA+		2,500,000		2,757,406
New York State Thruway Authority		5.00%	3/15/2048	AA+		2,000,000		2,196,987
Triborough Bridge & Tunnel Authority NY		5.00%	11/15/2032	AA+		1,250,000		1,513,503
Triborough Bridge & Tunnel Authority NY		5.50%	5/15/2052	AA+		5,020,000		5,754,929
Total								16,367,466
Special Tax 2.65%
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		3.00%	1/1/2040	AA		1,975,000		1,616,933
New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AGM)		3.00%	1/1/2046	AA		3,065,000		2,317,711
New York City Industrial Development Agency-Yankee Stadium LLC NY		4.00%	3/1/2045	Baa1		1,800,000		1,649,577
New York City Industrial Development Agency-Yankee Stadium LLC NY (AGC)		Zero Coupon	3/1/2043	AA		425,000		170,815
New York City Industrial Development Agency-Yankee Stadium LLC NY (AGC)		Zero Coupon	3/1/2044	AA		640,000		243,571
New York City Industrial Development Agency-Yankee Stadium LLC NY (AGC)		Zero Coupon	3/1/2047	AA		385,000		124,556
New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC)	7.29% (CPI YoY * 1 + .88%)		3/1/2026	Baa1		3,590,000		3,790,017
New York City Transitional Finance Authority Future Tax Secured Revenue NY		5.25%	11/1/2037	AAA		1,370,000		1,606,780
Total								11,519,960
Tax Revenue 11.29%
Metropolitan Transportation Authority NY		5.00%	11/15/2034	AA		1,085,000		1,192,840
Metropolitan Transportation Authority NY		5.00%	11/15/2047	AA		2,025,000		2,228,639
Metropolitan Transportation Authority NY		5.25%	11/15/2031	AA		1,215,000		1,323,251

See Notes to Financial Statements. 201

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023'

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Tax Revenue (continued)
Metropolitan Transportation Authority NY	5.25%	11/15/2032	AA	$	670,000	$	729,452
Metropolitan Transportation Authority NY	5.25%	11/15/2034	AA		455,000		494,065
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%	11/1/2042	AAA		1,500,000		1,492,028
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	11/1/2030	AAA		2,075,000		2,270,416
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	11/1/2032	AAA		1,555,000		1,700,393
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	5/1/2035	AAA		1,290,000		1,395,592
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	8/1/2042	AAA		2,700,000		2,899,235
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	5/1/2043	AAA		1,400,000		1,489,945
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	2/1/2047	AAA		2,000,000		2,185,284
New York State Dormitory Authority	4.00%	3/15/2043	AA+		2,000,000		1,980,604
New York State Dormitory Authority	4.00%	3/15/2047	Aa1		2,000,000		1,949,899
New York State Dormitory Authority	4.00%	3/15/2048	Aa1		1,935,000		1,874,950
New York State Dormitory Authority	5.00%	2/15/2042	AA+		2,055,000		2,193,294
New York State Dormitory Authority	5.00%	3/15/2045	Aa1		2,000,000		2,137,645
New York State Urban Development Corp.	4.00%	3/15/2047	AA+		1,650,000		1,618,480
New York State Urban Development Corp.	5.00%	3/15/2033	AA+		2,010,000		2,011,851
New York State Urban Development Corp.	5.00%	3/15/2036	AA+		1,500,000		1,522,444
New York State Urban Development Corp.	5.00%	3/15/2040	AA+		1,000,000		1,075,911
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2029	NR		163,000		121,600
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2031	NR		708,000		473,167
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		710,000		427,029
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2051	NR		7,476,000		1,455,036
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		489,000		446,236
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		858,000		782,967
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		64,000		56,649

202 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR	$	153,000	$	143,464
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		380,000		356,315
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		1,199,000		1,099,724
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.784%	7/1/2058	NR		180,000		163,826
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	5.00%	7/1/2058	NR		1,922,000		1,814,698
Territory of Guam	4.00%	1/1/2042	Ba1		750,000		680,719
Triborough Bridge & Tunnel Authority NY	4.00%	5/15/2046	AA+		2,015,000		1,988,443
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.00%	5/15/2047	AA+		3,000,000		3,306,294
Total							49,082,385
Tobacco 3.29%
Erie Tobacco Asset Securitization Corp. NY	Zero Coupon	6/1/2055	NR		8,000,000		510,933
Erie Tobacco Asset Securitization Corp. NY†	Zero Coupon	6/1/2060	NR		20,000,000		1,127,826
Monroe Tobacco Asset Securitization Corp. NY†	Zero Coupon	6/1/2061	NR		10,000,000		395,056
Nassau County Tobacco Settlement Corp. NY	Zero Coupon	6/1/2060	NR		15,000,000		837,981
Nassau County Tobacco Settlement Corp. NY	5.125%	6/1/2046	CCC+		2,085,000		1,924,192
New York Counties Tobacco Trust IV	Zero Coupon	6/1/2060	NR		20,000,000		1,068,964
Rockland Tobacco Asset Securitization Corp. NY†	Zero Coupon	8/15/2060	NR		10,575,000		645,743
Suffolk Tobacco Asset Securitization Corp. NY	Zero Coupon	6/1/2066	NR		7,700,000		865,123
TSASC, Inc. NY	5.00%	6/1/2034	A-		1,000,000		1,041,802
TSASC, Inc. NY	5.00%	6/1/2035	A-		300,000		311,055
TSASC, Inc. NY	5.00%	6/1/2036	A-		100,000		103,208
TSASC, Inc. NY	5.00%	6/1/2041	A-		545,000		556,026
TSASC, Inc. NY	5.00%	6/1/2048	NR		3,300,000		3,034,291
Westchester Tobacco Asset Securitization Corp. NY	5.125%	6/1/2051	BB-		1,845,000		1,872,101
Total							14,294,301

See Notes to Financial Statements. 203

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate		Maturity  Date	Credit Rating: S&P or Moody’s			Principal Amount		Fair Value
Transportation 25.01%
Buffalo & Fort Erie Public Bridge Authority NY	5.00%		1/1/2034	A+		$	600,000	$	642,395
Metropolitan Transportation Authority NY	4.00%		11/15/2051	A3			3,190,000		2,896,735
Metropolitan Transportation Authority NY	4.75%		11/15/2045	A3			3,095,000		3,142,645
Metropolitan Transportation Authority NY	5.00%		11/15/2029	A3			2,450,000		2,643,402
Metropolitan Transportation Authority NY	5.00%		11/15/2029	A3			1,730,000		1,793,056
Metropolitan Transportation Authority NY	5.00%		11/15/2030	A3			1,885,000		1,983,749
Metropolitan Transportation Authority NY	5.00%		11/15/2030	A3			700,000		754,125
Metropolitan Transportation Authority NY	5.00%		11/15/2033	A3			1,900,000		2,034,988
Metropolitan Transportation Authority NY	5.00%		11/15/2041	A3			1,050,000		1,076,061
Metropolitan Transportation Authority NY	5.00%	#(a)	11/15/2045	A3			2,920,000		3,188,893
Metropolitan Transportation Authority NY	5.00%		11/15/2050	A3			2,005,000		2,067,818
Metropolitan Transportation Authority NY	5.25%		11/15/2028	A3			3,740,000		3,905,173
Metropolitan Transportation Authority NY	5.25%		11/15/2035	A3			1,170,000		1,184,052
New York State Thruway Authority	4.00%		1/1/2050	A2			1,500,000		1,428,479
New York State Thruway Authority	5.00%		1/1/2036	A1			1,760,000		1,781,520
New York Transportation Development Corp.-Delta Air Lines Inc AMT	4.00%		1/1/2036	Baa3			3,600,000		3,435,521
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		1/1/2036	Baa3			2,295,000		2,322,823
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		10/1/2040	Baa3			2,645,000		2,661,407
New York Transportation Development Corp.-Empire St Thruway Partnrs AMT	4.00%		10/31/2041	BBB-	(b)		860,000		779,753
New York Transportation Development Corp.-Empire St Thruway Partnrs AMT	4.00%		4/30/2053	BBB-	(b)		4,910,000		4,108,750
New York Transportation Development Corp.-JFK Intl Air Terminal LLC	4.00%		12/1/2041	Baa1			1,000,000		966,442
New York Transportation Development Corp.-JFK Intl Air Terminal LLC	4.00%		12/1/2042	Baa1			1,800,000		1,721,981
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	4.00%		12/1/2039	Baa1			345,000		326,234
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	4.00%		12/1/2040	Baa1			1,325,000		1,237,659
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	4.00%		12/1/2041	Baa1			2,810,000		2,596,169
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%		12/1/2034	Baa1			545,000		585,637
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%		12/1/2039	Baa1			1,190,000		1,253,668

204 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.-JFK Intl Air Terminal LLC AMT	5.00%	12/1/2042	Baa1	$	930,000	$	963,879
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2033	Baa2		2,250,000		2,252,377
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2046	Baa2		2,160,000		1,936,608
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	5.25%	1/1/2050	Baa2		12,280,000		12,315,917
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2027	A3		1,000,000		1,012,921
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2036	A3		850,000		904,440
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2038	A3		725,000		763,421
Niagara Frontier Transportation Authority NY AMT	5.00%	4/1/2039	A3		350,000		367,228
Port Authority of New York & New Jersey AMT	4.00%	9/1/2043	AA-		4,500,000		4,364,506
Port Authority of New York & New Jersey AMT	5.00%	9/15/2029	AA-		545,000		589,423
Port Authority of New York & New Jersey AMT	5.00%	11/15/2031	AA-		3,430,000		3,703,592
Port Authority of New York & New Jersey AMT	5.00%	9/1/2032	AA-		805,000		900,081
Port Authority of New York & New Jersey AMT	5.00%	9/15/2033	AA-		5,335,000		5,722,904
Port Authority of New York & New Jersey AMT	5.00%	10/15/2033	AA-		1,000,000		1,062,268
Port Authority of New York & New Jersey AMT	5.00%	10/15/2033	AA-		1,595,000		1,830,177
Port Authority of New York & New Jersey AMT	5.00%	9/15/2034	AA-		1,030,000		1,099,616
Port Authority of New York & New Jersey AMT	5.00%	11/15/2041	AA-		2,000,000		2,068,103
Port Authority of New York & New Jersey AMT	5.00%	9/15/2048	AA-		365,000		375,419
Port Authority of New York & New Jersey AMT	5.50%	8/1/2052	AA-		4,225,000		4,700,841
Triborough Bridge & Tunnel Authority NY	4.00%	11/15/2048	AA-		2,015,000		1,976,309
Triborough Bridge & Tunnel Authority NY	5.00%	11/15/2038	AA-		1,000,000		1,077,370

See Notes to Financial Statements. 205

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

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%		11/15/2047	AA-		$	1,135,000	$	1,202,064
Triborough Bridge & Tunnel Authority NY	5.00%		11/15/2051	AA-			2,500,000		2,688,880
Triborough Bridge & Tunnel Authority NY	5.50%		11/15/2057	AA-			2,000,000		2,278,143
Total									108,675,622
Utilities 7.30%
Chautauqua County Capital Resource Corp.-NRG Energy Inc NY(d)	4.25%	#(a)	4/1/2042	Baa3			1,000,000		1,006,107
Guam Government Waterworks Authority	5.00%		7/1/2036	A-			400,000		411,823
Long Island Power Authority NY	5.00%		9/1/2034	A			2,000,000		2,050,338
Long Island Power Authority NY	5.00%		9/1/2039	A			1,200,000		1,225,872
Long Island Power Authority NY	5.00%		9/1/2047	A			1,115,000		1,169,438
Long Island Power Authority NY (AGC)	5.25%		9/1/2029	AA			2,045,000		2,357,435
New York City Municipal Water Finance Authority NY	5.00%		6/15/2035	AA+			1,550,000		1,557,056
New York City Municipal Water Finance Authority NY	5.00%		6/15/2035	AA+			1,675,000		1,716,466
New York City Municipal Water Finance Authority NY	5.00%		6/15/2036	AA+			1,750,000		1,791,240
New York City Municipal Water Finance Authority NY	5.00%		6/15/2036	AA+			2,250,000		2,303,023
New York City Municipal Water Finance Authority NY	5.00%		6/15/2046	AA+			3,140,000		3,338,806
New York City Municipal Water Finance Authority NY	5.00%		6/15/2048	AA+			1,675,000		1,787,972
New York City Municipal Water Finance Authority NY	5.25%		6/15/2047	AA+			1,000,000		1,066,793
New York City Municipal Water Finance Authority NY	5.25%		6/15/2052	AA+			3,720,000		4,173,857
New York State Environmental Facilities Corp.	5.25%		9/15/2052	AAA			3,335,000		3,781,515
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR			700,000		594,776
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2030	NR			500,000		505,105
Puerto Rico Electric Power Authority(e)	5.75%		7/1/2036	D	(b)		1,250,000		909,375
Total									31,746,997
Total Investments in Securities 98.76% (cost $452,344,372)									429,143,559
Other Assets and Liabilities – Net(f) 1.24%									5,375,126
Net Assets 100.00%								$	434,518,685

206 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2023

AGC	Insured by–Assured Guarantee Corp.
AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
CPI	Consumer Price Index: Rate fluctuates based on CPI.
FGIC	Insured by–Financial Guaranty Insurance Company.
FHA	Insured by–Federal Housing Administration.
NR	Not Rated.
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 March 31, 2023, the total value of Rule 144A securities was $23,680,261, which represents 5.45% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at March 31, 2023.
(a)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)	This investment has been rated by Fitch IBCA.
(c)	Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	Defaulted (non-income producing security).
(f)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at March 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. Long Bonds	June 2023	40	Short	$	(5,033,692	)	$	(5,246,250	)		$(212,558	)

The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1			Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds
General Obligation	$	–		$	35,445,119	$	1,956,362	$	37,401,481
Health Care		–			49,164,545		2,146,391		51,310,936
Housing		–			2,728,724		1,222,190		3,950,914
Remaining Industries		–			336,480,228		–		336,480,228
Total	$	–		$	423,818,616	$	5,324,943	$	429,143,559
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(212,558	)		–		–		(212,558	)
Total	$	(212,558	)	$	–	$	–	$	(212,558	)

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

See Notes to Financial Statements. 207

Schedule of Investments (unaudited)(concluded)

NEW YORK TAX FREE FUND March 31, 2023

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

Investment Type	Municipal Bonds
Balance as of October 1, 2022		$1,900,491
Accrued Discounts (Premiums)		(27,548	)
Realized Gain (Loss)		–
Change in Unrealized Appreciation (Depreciation)		406,016
Purchases		–
Sales		(325,000	)
Transfers into Level 3(a)		5,271,475
Transfers out of Level 3(a)		(1,900,491	)
Balance as of March 31, 2023		$5,324,943
Change in unrealized appreciation/depreciation for the period ended March 31, 2023, related to Level 3 investments held at March 31, 2023		$406,016

^(a) The fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

208 See Notes to Financial Statements.

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209

Statements of Assets and Liabilities (unaudited)

March 31, 2023

	Short Duration			Intermediate			National
ASSETS:
Investments in securities, at cost	$	1,806,400,795		$	5,108,761,732		$	3,779,084,699
Investments in securities, at fair value	$	1,764,679,207		$	4,986,328,567		$	3,695,564,142
Cash		747,388			9,043,385			835,443
Deposits with brokers for futures collateral		–			–			1,062,600
Receivables:
Interest		17,178,295			61,315,184			46,240,120
Investment securities sold		15,230,566			9,570,493			5,954,661
Capital shares sold		1,970,553			9,619,652			3,980,259
From advisor (See Note 3)		9,183			–			–
Prepaid expenses and other assets		98,439			150,021			191,523
Total assets		1,799,913,631			5,076,027,302			3,753,828,748
LIABILITIES:
Payables:
Investment securities purchased		4,650,000			27,940,637			30,833,514
Capital shares reacquired		3,320,842			7,311,642			6,461,002
Management fee		521,368			1,642,123			1,195,752
Directors’ fees		262,822			615,199			475,496
12b-1 distribution plan		196,710			730,864			621,256
Fund administration		61,337			170,685			122,098
Trust certificates (See Note 2(h))		–			–			57,235,000
Interest expense and fees		–			–			663,280
Variation margin for futures contracts		–			–			252,381
Distributions payable		872,326			3,373,640			1,273,348
Accrued expenses		265,043			882,869			587,602
Total liabilities		10,150,448			42,667,659			99,720,729
NET ASSETS	$	1,789,763,183		$	5,033,359,643		$	3,654,108,019
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,895,904,404		$	5,451,964,372		$	4,036,028,452
Total distributable earnings (loss)		(106,141,221	)		(418,604,729	)		(381,920,433	)
Net Assets	$	1,789,763,183		$	5,033,359,643		$	3,654,108,019

210 See Notes to Financial Statements.

High Income			Short Duration High Income			Sustainable			California			New Jersey			New York
$	3,668,004,215		$	924,204,651		$	5,004,706		$	510,104,616		$	107,520,978		$	452,344,372
$	3,415,908,900		$	906,205,354		$	5,014,558		$	496,370,623		$	101,936,888		$	429,143,559
	928,116			7,053,737			115,134			1,915,352			1,705,943			1,979,127
	1,621,200			738,900			–			189,000			37,800			168,000
	47,768,189			12,116,225			61,143			6,042,873			1,228,851			5,390,154
	8,850,599			1,135,008			–			1,969,771			–			–
	8,078,114			13,407,777			–			1,869,265			20,392			70,667
	–			24,438			10,530			–			3,891			–
	173,527			64,590			52,723			41,836			32,561			39,137
	3,483,328,645			940,746,029			5,254,088			508,398,720			104,966,326			436,790,644
	31,465,173			14,070,930			–			4,475,680			1,000,000			1,022,966
	8,808,756			13,948,435			511			571,266			112,673			548,891
	1,279,154			269,815			1,405			188,888			38,990			164,929
	379,847			43,345			215			81,025			23,894			81,428
	416,757			83,943			851			85,448			21,491			94,327
	115,176			30,836			176			16,790			3,466			14,660
	33,820,000			–			–			–			–			–
	343,079			–			–			–			–			–
	385,364			111,922			–			44,870			8,937			39,809
	1,564,398			202,699			10,721			129,016			57,106			204,593
	817,250			324,660			25,380			93,965			44,209			100,356
	79,394,954			29,086,585			39,259			5,686,948			1,310,766			2,271,959
$	3,403,933,691		$	911,659,444		$	5,214,829		$	502,711,772		$	103,655,560		$	434,518,685
$	4,111,229,686		$	1,031,024,816		$	5,609,323		$	543,236,374		$	111,938,247		$	473,936,653
	(707,295,995	)		(119,365,372	)		(394,494	)		(40,524,602	)		(8,282,687	)		(39,417,968	)
$	3,403,933,691		$	911,659,444		$	5,214,829		$	502,711,772		$	103,655,560		$	434,518,685

See Notes to Financial Statements. 211

Statements of Assets and Liabilities (unaudited)(concluded)

March 31, 2023

	Short Duration		Intermediate		National
Net Assets by class:
Class A Shares	$	828,583,601	$	2,067,144,696	$	2,341,774,663
Class C Shares	$	22,367,165	$	107,853,885	$	82,227,621
Class F Shares	$	65,758,915	$	178,997,159	$	120,960,803
Class F3 Shares	$	306,250,049	$	257,360,324	$	307,032,360
Class I Shares	$	566,803,453	$	2,422,003,579	$	802,112,572
Outstanding shares by class*:
Class A Shares		55,078,715		203,481,322		225,591,354
Class C Shares		1,486,833		10,629,554		7,913,137
Class F Shares		4,370,680		17,627,738		11,664,748
Class F3 Shares		20,350,323		25,323,096		29,593,570
Class I Shares		37,666,358		238,432,691		77,313,610
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$15.04		$10.16		$10.38
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$15.39		$10.39		$10.62
Class C Shares-Net asset value		$15.04		$10.15		$10.39
Class F Shares-Net asset value		$15.05		$10.15		$10.37
Class F3 Shares-Net asset value		$15.05		$10.16		$10.37
Class I Shares-Net asset value		$15.05		$10.16		$10.37

* Lord Abbett Municipal Income Fund, Inc. has 11,757,501,500 authorized shares of capital stock (par value $.001), which are designated as follows: 1,950,001,500 to Short Duration, 2,445,000,000 to Intermediate, 1,250,000,000 to National, 1,987,500,000 to High Income, 1,950,000,000 to Short Duration High Income, 750,000,000 to Sustainable, 450,000,000 to California, 525,000,000 to New Jersey and 450,000,000 to New York (As of March 31, 2023).

212 See Notes to Financial Statements.

High Income		Short Duration High Income		Sustainable		California		New Jersey		New York
$	1,749,482,983	$	295,621,210	$	3,015,197	$	337,889,676	$	82,976,305	$	315,274,393
$	162,148,604	$	21,036,168	$	174,819	$	21,241,892	$	–	$	20,532,021
$	181,259,753	$	43,047,629	$	68,993	$	9,999,732	$	3,839,080	$	8,394,368
$	124,642,156	$	34,876,492	$	91,988	$	39,754,427	$	1,613,664	$	2,481,468
$	1,186,400,195	$	517,077,945	$	1,863,832	$	93,826,045	$	15,226,511	$	87,836,435
	165,163,223		20,880,994		327,783		33,492,130		17,648,120		29,907,605
	15,302,721		1,485,603		19,002		2,104,747		–		1,950,153
	17,098,600		3,041,146		7,500		991,153		816,176		795,529
	11,790,408		2,463,432		10,000		3,942,411		342,802		235,280
	112,212,828		36,519,103		202,621		9,307,357		3,235,301		8,328,246
	$10.59		$14.16		$9.20		$10.09		$4.70		$10.54
	$10.83		$14.49		$9.41		$10.32		$4.81		$10.78
	$10.60		$14.16		$9.20		$10.09		$     –		$10.53
	$10.60		$14.16		$9.20		$10.09		$4.70		$10.55
	$10.57		$14.16		$9.20		$10.08		$4.71		$10.55
	$10.57		$14.16		$9.20		$10.08		$4.71		$10.55

See Notes to Financial Statements. 213

Statements of Operations (unaudited)

For the Six Months Ended March 31, 2023

	Short Duration			Intermediate			National
Investment income:
Interest and other	$	23,760,916		$	83,458,788		$	70,370,427
Interest earned from Interfund Lending (See Note 11)		–			–			–
Total investment income		23,760,916			83,458,788			70,370,427
Expenses:
Management fee		3,251,768			9,562,252			6,779,359
12b-1 distribution plan–Class A		865,400			2,056,933			2,262,877
12b-1 distribution plan–Class C		92,781			473,858			344,982
12b-1 distribution plan–Class F		80,063			200,997			89,710
Shareholder servicing		447,682			1,616,050			867,714
Fund administration		382,630			993,723			689,304
Registration		117,697			155,955			161,587
Reports to shareholders		33,098			111,304			70,303
Professional		30,915			43,545			41,012
Directors’ fees		18,321			45,933			31,239
Custody		11,048			30,048			20,558
Interest expense and fees (See Note 2(h))		–			–			996,496
Other		55,890			77,580			64,456
Gross expenses		5,387,293			15,368,178			12,419,597
Expense reductions (See Note 9)		(29,190	)		(88,331	)		(59,112	)
Fees waived and expenses reimbursed (See Note 3)		(81,274	)		(30,048	)		(20,558	)
Net expenses		5,276,829			15,249,799			12,339,927
Net investment income		18,484,087			68,208,989			58,030,500
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(13,970,202	)		(90,475,560	)		(93,776,760	)
Net realized gain (loss) on futures contracts		–			5,016,850			4,439,908
Net change in unrealized appreciation/depreciation on investments		47,660,176			308,097,896			276,788,328
Net change in unrealized appreciation/depreciation on futures contracts		–			(5,391,392	)		(5,692,304	)
Net realized and unrealized gain (loss)		33,689,974			217,247,794			181,759,172
Net Increase in Net Assets Resulting From Operations	$	52,174,061		$	285,456,783		$	239,789,672

214 See Notes to Financial Statements.

High Income			Short Duration High Income			Sustainable			California			New Jersey			New York
$	82,563,413		$	18,565,507		$	78,974		$	8,907,593		$	1,895,270		$	7,995,584
	–			1,650			–			–			–			–
	82,563,413			18,567,157			78,974			8,907,593			1,895,270			7,995,584
	7,426,339			1,605,611			7,822			1,069,792			230,578			960,652
	1,751,550			308,708			2,873			321,513			81,436			314,204
	694,452			94,037			582			87,837			–			85,919
	147,431			55,743			34			8,914			2,703			7,589
	998,354			309,131			1,094			80,697			25,740			103,424
	667,839			174,310			978			95,093			20,496			85,391
	133,041			73,399			22,826			38,359			30,090			37,586
	73,263			14,339			1,225			6,721			2,843			7,280
	33,578			33,937			15,053			23,351			20,255			27,587
	30,912			8,008			247			4,258			958			3,920
	21,188			8,554			431			4,031			1,469			4,313
	590,903			–			–			–			–			–
	155,382			45,024			3,709			36,703			10,933			35,080
	12,724,232			2,730,801			56,874			1,777,269			427,501			1,672,945
	(59,539	)		(15,830	)		(91	)		(8,262	)		(1,872	)		(7,885	)
	(21,188	)		(225,743	)		(42,801	)		(4,031	)		(24,118	)		(4,313	)
	12,643,505			2,489,228			13,982			1,764,976			401,511			1,660,747
	69,919,908			16,077,929			64,992			7,142,617			1,493,759			6,334,837
	(158,686,356	)		(27,055,533	)		(116,899	)		(7,212,104	)		(1,498,931	)		(4,604,864	)
	6,373,723			3,040,722			–			439,730			122,227			514,282
	273,351,279			46,095,328			328,395			35,084,331			8,006,554			31,220,425
	(8,242,875	)		(3,762,973	)		–			(822,981	)		(154,994	)		(662,665	)
	112,795,771			18,317,544			211,496			27,488,976			6,474,856			26,467,178
$	182,715,679		$	34,395,473		$	276,488		$	34,631,593		$	7,968,615		$	32,802,015

See Notes to Financial Statements. 215

Statements of Changes in Net Assets

	Short Duration
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022
Operations:
Net investment income	$	18,484,087		$	24,201,636
Net realized gain (loss) on investments and futures contracts		(13,970,202	)		(22,970,656	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		47,660,176			(129,113,613	)
Net increase (decrease) in net assets resulting from operations		52,174,061			(127,882,633	)
Distributions to shareholders:(1)
Class A		(7,999,765	)		(9,685,207	)
Class C		(142,123	)		(94,961	)
Class F		(1,504,437	)		(4,881,413	)
Class F3		(3,440,758	)		(4,336,314	)
Class I		(5,490,534	)		(5,165,908	)
Total distributions to shareholders		(18,577,617	)		(24,163,803	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		587,185,668			1,763,864,555
Reinvestment of distributions		13,805,608			16,863,725
Cost of shares reacquired		(915,996,412	)		(1,931,244,877	)
Net increase (decrease) in net assets resulting from capital share transactions		(315,005,136	)		(150,516,597	)
Net increase (decrease) in net assets		(281,408,692	)		(302,563,033	)
NET ASSETS:
Beginning of period	$	2,071,171,875		$	2,373,734,908
End of period	$	1,789,763,183		$	2,071,171,875

⁽¹⁾ Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions.

216 See Notes to Financial Statements.

Intermediate						National
For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022
$	68,208,989		$	131,446,925		$	58,030,500		$	110,639,910
	(85,458,710	)		(152,425,906	)		(89,336,852	)		(164,615,349	)
	302,706,504			(771,236,486	)		271,096,024			(657,682,785	)
	285,456,783			(792,215,467	)		239,789,672			(711,658,224	)
	(27,200,888	)		(51,244,377	)		(37,194,494	)		(70,690,253	)
	(1,165,460	)		(2,324,854	)		(1,102,187	)		(2,256,462	)
	(5,434,080	)		(38,501,878	)		(3,008,597	)		(17,459,525	)
	(3,380,254	)		(4,596,185	)		(5,028,446	)		(8,742,056	)
	(30,862,877	)		(34,327,561	)		(11,156,854	)		(10,879,330	)
	(68,043,559	)		(130,994,855	)		(57,490,578	)		(110,027,626	)
	1,739,115,310			3,855,743,096			959,694,222			1,818,078,604
	50,674,262			99,272,234			51,913,149			99,822,938
	(2,021,858,284	)		(4,596,451,995	)		(918,456,176	)		(2,261,223,177	)
	(232,068,712	)		(641,436,665	)		93,151,195			(343,321,635	)
	(14,655,488	)		(1,564,646,987	)		275,450,289			(1,165,007,485	)
$	5,048,015,131		$	6,612,662,118		$	3,378,657,730		$	4,543,665,215
$	5,033,359,643		$	5,048,015,131		$	3,654,108,019		$	3,378,657,730

See Notes to Financial Statements. 217

Statements of Changes in Net Assets (continued)

	High Income
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022
Operations:
Net investment income	$	69,919,908		$	140,772,751
Net realized gain (loss) on investments and futures contracts		(152,312,633	)		(168,245,743	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		265,108,404			(803,283,390	)
Net increase (decrease) in net assets resulting from operations		182,715,679			(830,756,382	)
Distributions to shareholders:(1)
Class A		(35,741,108	)		(71,083,164	)
Class C		(2,882,888	)		(5,926,875	)
Class F		(6,110,361	)		(32,027,041	)
Class F3		(2,557,698	)		(4,432,261	)
Class I		(21,630,138	)		(25,551,036	)
Total distributions to shareholders		(68,922,193	)		(139,020,377	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		1,043,556,416			2,559,922,817
Reinvestment of distributions		61,396,946			121,604,651
Cost of shares reacquired		(1,221,098,032	)		(3,018,619,337	)
Net increase (decrease) in net assets resulting from capital share transactions		(116,144,670	)		(337,091,869	)
Net increase (decrease) in net assets		(2,351,184	)		(1,306,868,628	)
NET ASSETS:
Beginning of period	$	3,406,284,875		$	4,713,153,503
End of period	$	3,403,933,691		$	3,406,284,875

(1)	Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions.
(2)	For the period January 5, 2022, commencement of operations, to September 30, 2022.

218 See Notes to Financial Statements.

Short Duration High Income						Sustainable
For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (unaudited)			For the Period Ended September 30, 2022(2)
$	16,077,929		$	26,141,378		$	64,992		$	53,715
	(24,014,811	)		(57,214,461	)		(116,899	)		(289,439	)
	42,332,355			(98,425,537	)		328,395			(318,543	)
	34,395,473			(129,498,620	)		276,488			(554,267	)
	(5,341,461	)		(8,688,573	)		(37,257	)		(30,845	)
	(302,072	)		(392,609	)		(1,084	)		(348	)
	(1,952,156	)		(7,267,298	)		(909	)		(814	)
	(548,407	)		(799,544	)		(1,276	)		(1,181	)
	(7,408,166	)		(8,379,287	)		(24,349	)		(20,220	)
	(15,552,262	)		(25,527,311	)		(64,875	)		(53,408	)
	466,494,839			960,334,431			459,952			5,147,500
	14,833,317			24,955,977			5,010			399
	(466,079,653	)		(1,159,684,331	)		(1,929	)		(41	)
	15,248,503			(174,393,923	)		463,033			5,147,858
	34,091,714			(329,419,854	)		674,646			4,540,183
$	877,567,730		$	1,206,987,584		$	4,540,183		$	–
$	911,659,444		$	877,567,730		$	5,214,829		$	4,540,183

See Notes to Financial Statements. 219

Statements of Changes in Net Assets (concluded)

	California
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022
Operations:
Net investment income	$	7,142,617		$	12,740,026
Net realized gain (loss) on investments and futures contracts		(6,772,374	)		(18,545,763	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		34,261,350			(85,281,685	)
Net increase (decrease) in net assets resulting from operations		34,631,593			(91,087,422	)
Distributions to shareholders:(1)
Class A		(4,707,886	)		(8,047,205	)
Class C		(244,266	)		(479,633	)
Class F		(267,624	)		(1,872,942	)
Class F3		(550,554	)		(635,428	)
Class I		(1,266,242	)		(1,550,729	)
Total distributions to shareholders		(7,036,572	)		(12,585,937	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		125,315,327			276,101,921
Reinvestment of distributions		6,338,588			10,926,214
Cost of shares reacquired		(110,666,789	)		(333,545,364	)
Net increase (decrease) in net assets resulting from capital share transactions		20,987,126			(46,517,229	)
Net increase (decrease) in net assets		48,582,147			(150,190,588	)
NET ASSETS:
Beginning of period	$	454,129,625		$	604,320,213
End of period	$	502,711,772		$	454,129,625

⁽¹⁾ Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions.

220 See Notes to Financial Statements.

New Jersey						New York
For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022			For the Six Months Ended March 31, 2023 (unaudited)			For the Year Ended September 30, 2022
$	1,493,759		$	2,987,944		$	6,334,837		$	11,831,388
	(1,376,704	)		(1,232,431	)		(4,090,582	)		(7,372,893	)
	7,851,560			(21,488,579	)		30,557,760			(87,732,773	)
	7,968,615			(19,733,066	)		32,802,015			(83,274,278	)
	(1,175,236	)		(2,225,957	)		(4,632,835	)		(8,459,566	)
	–			–			(243,700	)		(479,877	)
	(80,228	)		(425,020	)		(229,211	)		(1,152,222	)
	(24,568	)		(37,239	)		(40,841	)		(61,174	)
	(217,105	)		(291,769	)		(1,170,095	)		(1,587,444	)
	(1,497,137	)		(2,979,985	)		(6,316,682	)		(11,740,283	)
	17,018,171			36,024,111			79,906,638			169,981,763
	1,189,169			2,450,485			5,241,299			9,730,316
	(22,518,973	)		(49,773,261	)		(112,123,450	)		(189,584,632	)
	(4,311,633	)		(11,298,665	)		(26,975,513	)		(9,872,553	)
	2,159,845			(34,011,716	)		(490,180	)		(104,887,114	)
$	101,495,715		$	135,507,431		$	435,008,865		$	539,895,979
$	103,655,560		$	101,495,715		$	434,518,685		$	435,008,865

See Notes to Financial Statements. 221

Financial Highlights (unaudited)

SHORT DURATION TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(c)	$	14.78	$	0.14	$	0.26		$	0.40		$	(0.14	)	$	15.04
9/30/2022		15.84		0.15		(1.06	)		(0.91	)		(0.15	)		14.78
9/30/2021		15.80		0.15		0.04			0.19			(0.15	)		15.84
9/30/2020		15.78		0.24		0.02			0.26			(0.24	)		15.80
9/30/2019		15.43		0.29		0.34			0.63			(0.28	)		15.78
9/30/2018		15.64		0.21		(0.20	)		0.01			(0.22	)		15.43
Class C
3/31/2023(c)		14.78		0.09		0.26			0.35			(0.09	)		15.04
9/30/2022		15.84		0.05		(1.05	)		(1.00	)		(0.06	)		14.78
9/30/2021		15.80		0.05		0.04			0.09			(0.05	)		15.84
9/30/2020		15.78		0.15		0.01			0.16			(0.14	)		15.80
9/30/2019		15.43		0.19		0.35			0.54			(0.19	)		15.78
9/30/2018		15.64		0.12		(0.21	)		(0.09	)		(0.12	)		15.43
Class F
3/31/2023(c)		14.79		0.14		0.26			0.40			(0.14	)		15.05
9/30/2022		15.85		0.16		(1.05	)		(0.89	)		(0.17	)		14.79
9/30/2021		15.80		0.16		0.05			0.21			(0.16	)		15.85
9/30/2020		15.78		0.26		0.02			0.28			(0.26	)		15.80
9/30/2019		15.43		0.30		0.35			0.65			(0.30	)		15.78
9/30/2018		15.64		0.23		(0.21	)		0.02			(0.23	)		15.43
Class F3
3/31/2023(c)		14.79		0.15		0.26			0.41			(0.15	)		15.05
9/30/2022		15.85		0.19		(1.06	)		(0.87	)		(0.19	)		14.79
9/30/2021		15.80		0.18		0.06			0.24			(0.19	)		15.85
9/30/2020		15.79		0.27		0.02			0.29			(0.28	)		15.80
9/30/2019		15.43		0.32		0.36			0.68			(0.32	)		15.79
9/30/2018		15.65		0.25		(0.22	)		0.03			(0.25	)		15.43
Class I
3/31/2023(c)		14.79		0.15		0.26			0.41			(0.15	)		15.05
9/30/2022		15.85		0.20		(1.08	)		(0.88	)		(0.18	)		14.79
9/30/2021		15.80		0.18		0.05			0.23			(0.18	)		15.85
9/30/2020		15.78		0.27		0.02			0.29			(0.27	)		15.80
9/30/2019		15.43		0.32		0.35			0.67			(0.32	)		15.78
9/30/2018		15.65		0.25		(0.22	)		0.03			(0.25	)		15.43

(a)	Calculated based on average shares outstanding during the period
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.

222 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	2.69	(d)		0.65	(e)		0.66	(e)		1.84	(e)	$	828,584		21	(d)
	(5.68	)		0.65			0.65			0.99			875,792		43
	1.20			0.65			0.65			0.93			1,067,651		26
	1.68			0.65			0.66			1.52			895,461		28
	4.15			0.65			0.66			1.83			632,983		33
	0.04			0.65			0.68			1.38			621,383		55
	2.39	(d)		1.26	(e)		1.27	(e)		1.24	(e)		22,367		21	(d)
	(6.34	)		1.29			1.29			0.35			23,284		43
	0.54			1.30			1.31			0.30			31,450		26
	1.05			1.27			1.28			0.96			39,779		28
	3.52			1.26			1.28			1.22			86,435		33
	(0.57	)		1.26			1.29			0.77			106,989		55
	2.74	(d)		0.55	(e)		0.56	(e)		1.89	(e)		65,759		21	(d)
	(5.65	)		0.55			0.55			1.01			246,974		43
	1.36			0.55			0.55			1.03			736,826		26
	1.77			0.55			0.56			1.62			587,635		28
	4.25			0.55			0.56			1.92			577,258		33
	0.14			0.55			0.58			1.48			507,085		55
	2.82	(d)		0.41	(e)		0.42	(e)		2.08	(e)		306,250		21	(d)
	(5.52	)		0.41			0.41			1.25			361,359		43
	1.50			0.42			0.42			1.16			331,257		26
	1.84			0.42			0.43			1.74			246,193		28
	4.44			0.42			0.43			2.04			46,899		33
	0.19			0.43			0.44			1.63			19,703		55
	2.80	(d)		0.45	(e)		0.46	(e)		2.04	(e)		566,803		21	(d)
	(5.55	)		0.45			0.46			1.30			563,762		43
	1.46			0.45			0.45			1.13			206,551		26
	1.87			0.45			0.46			1.70			177,634		28
	4.35			0.45			0.46			2.02			108,949		33
	0.17			0.45			0.47			1.60			98,960		55

See Notes to Financial Statements. 223

Financial Highlights (unaudited)(continued)

INTERMEDIATE TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(d)	$	9.71	$	0.13	$	0.45		$	0.58		$	(0.13	)	$	10.16
9/30/2022		11.33		0.23		(1.63	)		(1.40	)		(0.22	)		9.71
9/30/2021		11.11		0.24		0.22			0.46			(0.24	)		11.33
9/30/2020		11.17		0.27		(0.06	)		0.21			(0.27	)		11.11
9/30/2019		10.60		0.30		0.57			0.87			(0.30	)		11.17
9/30/2018		10.85		0.27		(0.25	)		0.02			(0.27	)		10.60
Class C
3/31/2023(d)		9.70		0.10		0.45			0.55			(0.10	)		10.15
9/30/2022		11.32		0.16		(1.62	)		(1.46	)		(0.16	)		9.70
9/30/2021		11.10		0.17		0.22			0.39			(0.17	)		11.32
9/30/2020		11.16		0.21		(0.07	)		0.14			(0.20	)		11.10
9/30/2019		10.59		0.23		0.57			0.80			(0.23	)		11.16
9/30/2018		10.84		0.21		(0.26	)		(0.05	)		(0.20	)		10.59
Class F
3/31/2023(d)		9.71		0.14		0.44			0.58			(0.14	)		10.15
9/30/2022		11.33		0.23		(1.61	)		(1.38	)		(0.24	)		9.71
9/30/2021		11.11		0.25		0.22			0.47			(0.25	)		11.33
9/30/2020		11.17		0.28		(0.06	)		0.22			(0.28	)		11.11
9/30/2019		10.60		0.31		0.57			0.88			(0.31	)		11.17
9/30/2018		10.85		0.28		(0.25	)		0.03			(0.28	)		10.60
Class F3
3/31/2023(d)		9.72		0.14		0.44			0.58			(0.14	)		10.16
9/30/2022		11.34		0.25		(1.62	)		(1.37	)		(0.25	)		9.72
9/30/2021		11.12		0.27		0.22			0.49			(0.27	)		11.34
9/30/2020		11.18		0.30		(0.06	)		0.24			(0.30	)		11.12
9/30/2019		10.60		0.32		0.58			0.90			(0.32	)		11.18
9/30/2018		10.86		0.30		(0.26	)		0.04			(0.30	)		10.60
Class I
3/31/2023(d)		9.71		0.14		0.45			0.59			(0.14	)		10.16
9/30/2022		11.33		0.25		(1.62	)		(1.37	)		(0.25	)		9.71
9/30/2021		11.12		0.27		0.21			0.48			(0.27	)		11.33
9/30/2020		11.17		0.29		(0.05	)		0.24			(0.29	)		11.12
9/30/2019		10.60		0.32		0.57			0.89			(0.32	)		11.17
9/30/2018		10.85		0.30		(0.26	)		0.04			(0.29	)		10.60

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(d)	Unaudited.
(e)	Not annualized.
(f)	Annualized.

224 See Notes to Financial Statements.

			Ratios to Average Net Assets:												Supplemental Data:
Total return(b) (%)			Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%)			Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	5.90	(e)		0.71	(f)		0.71	(f)		0.71	(f)		2.66	(f)	$	2,067,145		22	(e)
	(12.36	)		0.71			0.71			0.71			2.11			2,075,394		33
	4.19			0.70			0.70			0.70			2.15			2,656,030		13
	1.93			0.70			0.70			0.70			2.45			2,239,629		14
	8.27			0.70			0.70			0.71			2.73			1,704,883		19
	0.20			0.70			0.70			0.70			2.57			1,496,393		23
	5.69	(e)		1.33	(f)		1.33	(f)		1.33	(f)		2.04	(f)		107,854		22	(e)
	(13.02	)		1.35			1.35			1.35			1.47			123,238		33
	3.53			1.33			1.33			1.33			1.52			190,855		13
	1.30			1.32			1.32			1.32			1.86			215,475		14
	7.62			1.31			1.31			1.32			2.13			390,735		19
	(0.42	)		1.32			1.32			1.32			1.95			432,891		23
	6.06	(e)		0.61	(f)		0.61	(f)		0.61	(f)		2.73	(f)		178,997		22	(e)
	(12.37	)		0.60			0.60			0.60			2.13			522,922		33
	4.30			0.60			0.60			0.60			2.24			2,697,578		13
	2.03			0.60			0.60			0.60			2.56			2,140,068		14
	8.38			0.60			0.60			0.61			2.83			1,871,641		19
	0.30			0.60			0.60			0.60			2.66			1,680,364		23
	6.04	(e)		0.45	(f)		0.45	(f)		0.45	(f)		2.90	(f)		257,360		22	(e)
	(12.21	)		0.45			0.45			0.45			2.39			194,787		33
	4.45			0.45			0.45			0.45			2.36			171,655		13
	2.17			0.46			0.46			0.46			2.68			85,559		14
	8.62			0.46			0.46			0.47			2.94			43,659		19
	0.34			0.46			0.46			0.46			2.80			24,227		23
	6.12	(e)		0.51	(f)		0.51	(f)		0.51	(f)		2.85	(f)		2,422,004		22	(e)
	(12.28	)		0.52			0.52			0.52			2.39			2,131,673		33
	4.31			0.50			0.50			0.50			2.35			896,545		13
	2.22			0.50			0.50			0.50			2.65			870,771		14
	8.48			0.50			0.50			0.51			2.92			652,729		19
	0.40			0.50			0.50			0.50			2.77			528,933		23

See Notes to Financial Statements. 225

Financial Highlights (unaudited)(continued)

NATIONAL TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(d)	$	9.83	$	0.17	$	0.55		$	0.72		$	(0.17	)	$	10.38
9/30/2022		12.06		0.30		(2.23	)		(1.93	)		(0.30	)		9.83
9/30/2021		11.70		0.31		0.36			0.67			(0.31	)		12.06
9/30/2020		11.80		0.34		(0.10	)		0.24			(0.34	)		11.70
9/30/2019		11.11		0.37		0.69			1.06			(0.37	)		11.80
9/30/2018		11.36		0.37		(0.25	)		0.12			(0.37	)		11.11
Class C
3/31/2023(d)		9.84		0.14		0.54			0.68			(0.13	)		10.39
9/30/2022		12.08		0.23		(2.24	)		(2.01	)		(0.23	)		9.84
9/30/2021		11.71		0.23		0.37			0.60			(0.23	)		12.08
9/30/2020		11.82		0.26		(0.11	)		0.15			(0.26	)		11.71
9/30/2019		11.13		0.30		0.69			0.99			(0.30	)		11.82
9/30/2018		11.37		0.30		(0.24	)		0.06			(0.30	)		11.13
Class F
3/31/2023(d)		9.82		0.17		0.55			0.72			(0.17	)		10.37
9/30/2022		12.05		0.31		(2.23	)		(1.92	)		(0.31	)		9.82
9/30/2021		11.69		0.32		0.36			0.68			(0.32	)		12.05
9/30/2020		11.79		0.35		(0.10	)		0.25			(0.35	)		11.69
9/30/2019		11.10		0.38		0.69			1.07			(0.38	)		11.79
9/30/2018		11.35		0.38		(0.25	)		0.13			(0.38	)		11.10
Class F3
3/31/2023(d)		9.83		0.18		0.54			0.72			(0.18	)		10.37
9/30/2022		12.06		0.32		(2.23	)		(1.91	)		(0.32	)		9.83
9/30/2021		11.69		0.34		0.37			0.71			(0.34	)		12.06
9/30/2020		11.80		0.36		(0.11	)		0.25			(0.36	)		11.69
9/30/2019		11.11		0.39		0.70			1.09			(0.40	)		11.80
9/30/2018		11.35		0.39		(0.24	)		0.15			(0.39	)		11.11
Class I
3/31/2023(d)		9.83		0.18		0.54			0.72			(0.18	)		10.37
9/30/2022		12.06		0.32		(2.23	)		(1.91	)		(0.32	)		9.83
9/30/2021		11.69		0.34		0.36			0.70			(0.33	)		12.06
9/30/2020		11.80		0.36		(0.11	)		0.25			(0.36	)		11.69
9/30/2019		11.11		0.39		0.69			1.08			(0.39	)		11.80
9/30/2018		11.35		0.39		(0.24	)		0.15			(0.39	)		11.11

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(d)	Unaudited.
(e)	Not annualized.
(f)	Annualized.

226 See Notes to Financial Statements.

			Ratios to Average Net Assets:												Supplemental Data:
Total return(b) (%)			Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%)			Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	7.33	(e)		0.77	(f)		0.71	(f)		0.77	(f)		3.32	(f)	$	2,341,775		24	(e)
	(16.27	)		0.71			0.70			0.71			2.66			2,235,687		40
	5.77			0.70			0.70			0.70			2.58			2,925,529		18
	2.06			0.71			0.71			0.71			2.90			2,504,023		24
	9.70			0.77			0.75			0.77			3.25			2,011,535		11
	1.03			0.77			0.74			0.77			3.28			1,484,381		32
	6.99	(e)		1.40	(f)		1.34	(f)		1.40	(f)		2.69	(f)		82,228		24	(e)
	(16.86	)		1.35			1.34			1.35			2.01			83,743		40
	5.16			1.35			1.35			1.35			1.94			135,544		18
	1.32			1.35			1.35			1.35			2.27			138,705		24
	9.01			1.39			1.37			1.39			2.63			165,263		11
	0.49			1.39			1.36			1.39			2.66			131,631		32
	7.39	(e)		0.67	(f)		0.61	(f)		0.67	(f)		3.40	(f)		120,961		24	(e)
	(16.20	)		0.61			0.60			0.61			2.66			222,942		40
	5.88			0.60			0.60			0.60			2.68			984,235		18
	2.15			0.61			0.61			0.61			2.99			871,094		24
	9.80			0.67			0.65			0.67			3.32			594,320		11
	1.12			0.67			0.64			0.67			3.37			299,777		32
	7.46	(e)		0.53	(f)		0.46	(f)		0.53	(f)		3.56	(f)		307,032		24	(e)
	(16.07	)		0.47			0.46			0.47			2.91			268,560		40
	6.10			0.45			0.45			0.45			2.78			288,718		18
	2.19			0.48			0.48			0.48			3.10			140,730		24
	9.95			0.53			0.50			0.53			3.42			59,942		11
	1.34			0.53			0.50			0.53			3.50			21,499		32
	7.43	(e)		0.57	(f)		0.50	(f)		0.57	(f)		3.52	(f)		802,113		24	(e)
	(16.10	)		0.52			0.51			0.52			2.99			567,725		40
	6.07			0.50			0.50			0.50			2.78			209,640		18
	2.17			0.51			0.51			0.51			3.09			155,620		24
	9.91			0.57			0.55			0.57			3.40			111,141		11
	1.31			0.57			0.54			0.57			3.48			46,873		32

See Notes to Financial Statements. 227

Financial Highlights (unaudited)(continued)

HIGH INCOME MUNICIPAL BOND FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(d)	$	10.22	$	0.22	$	0.36		$	0.58		$	(0.21	)	$	10.59
9/30/2022		12.91		0.39		(2.69	)		(2.30	)		(0.39	)		10.22
9/30/2021		12.14		0.41		0.77			1.18			(0.41	)		12.91
9/30/2020		12.60		0.45		(0.47	)		(0.02	)		(0.44	)		12.14
9/30/2019		11.93		0.50		0.66			1.16			(0.49	)		12.60
9/30/2018		11.84		0.48		0.08			0.56			(0.47	)		11.93
Class C
3/31/2023(d)		10.22		0.18		0.38			0.56			(0.18	)		10.60
9/30/2022		12.92		0.31		(2.70	)		(2.39	)		(0.31	)		10.22
9/30/2021		12.14		0.33		0.78			1.11			(0.33	)		12.92
9/30/2020		12.61		0.37		(0.48	)		(0.11	)		(0.36	)		12.14
9/30/2019		11.93		0.42		0.67			1.09			(0.41	)		12.61
9/30/2018		11.84		0.41		0.08			0.49			(0.40	)		11.93
Class F
3/31/2023(d)		10.23		0.22		0.37			0.59			(0.22	)		10.60
9/30/2022		12.92		0.40		(2.69	)		(2.29	)		(0.40	)		10.23
9/30/2021		12.15		0.42		0.77			1.19			(0.42	)		12.92
9/30/2020		12.61		0.46		(0.47	)		(0.01	)		(0.45	)		12.15
9/30/2019		11.93		0.51		0.67			1.18			(0.50	)		12.61
9/30/2018		11.85		0.49		0.07			0.56			(0.48	)		11.93
Class F3
3/31/2023(d)		10.20		0.23		0.37			0.60			(0.23	)		10.57
9/30/2022		12.89		0.42		(2.70	)		(2.28	)		(0.41	)		10.20
9/30/2021		12.12		0.44		0.77			1.21			(0.44	)		12.89
9/30/2020		12.58		0.47		(0.46	)		0.01			(0.47	)		12.12
9/30/2019		11.90		0.52		0.67			1.19			(0.51	)		12.58
9/30/2018		11.82		0.51		0.06			0.57			(0.49	)		11.90
Class I
3/31/2023(d)		10.20		0.23		0.36			0.59			(0.22	)		10.57
9/30/2022		12.89		0.42		(2.70	)		(2.28	)		(0.41	)		10.20
9/30/2021		12.12		0.44		0.76			1.20			(0.43	)		12.89
9/30/2020		12.58		0.47		(0.47	)		–	(g)		(0.46	)		12.12
9/30/2019		11.90		0.51		0.68			1.19			(0.51	)		12.58
9/30/2018		11.82		0.50		0.07			0.57			(0.49	)		11.90

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(d)	Unaudited.
(e)	Not annualized.
(f)	Annualized.
(g)	Amount less than $0.01.

228 See Notes to Financial Statements.

				Ratios to Average Net Assets:												Supplemental Data:
Total return(b) (%)				Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%)			Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	5.74	(e)			0.80	(f)		0.77	(f)		0.80	(f)		4.15	(f)	$	1,749,483		25	(e)
	(18.19	)			0.77			0.77			0.77			3.28			1,787,225		40
	9.81				0.75			0.75			0.75			3.23			2,388,758		15
	(0.09	)			0.77			0.77			0.77			3.69			1,822,069		43
	9.94				0.79			0.79			0.79			4.09			1,728,665		11
	4.83				0.82			0.81			0.82			4.09			1,217,482		30
	5.51	(e)			1.44	(f)		1.40	(f)		1.44	(f)		3.52	(f)		162,149		25	(e)
	(18.78	)			1.41			1.41			1.41			2.63			174,127		40
	9.19				1.40			1.40			1.40			2.60			267,871		15
	(0.81	)			1.42			1.42			1.42			3.06			242,392		43
	9.34				1.42			1.42			1.42			3.48			346,925		11
	4.18				1.44			1.43			1.44			3.48			309,743		30
			��
	5.79	(e)			0.71	(f)		0.67	(f)		0.71	(f)		4.23	(f)		181,260		25	(e)
	(18.09	)			0.66			0.66			0.66			3.27			369,471		40
	9.90				0.65			0.65			0.65			3.30			1,450,736		15
	0.00				0.67			0.67			0.67			3.78			861,795		43
	10.13				0.69			0.69			0.69			4.16			895,691		11
	4.84				0.72			0.71			0.72			4.18			517,484		30
	5.88	(e)			0.56	(f)		0.52	(f)		0.56	(f)		4.38	(f)		124,642		25	(e)
	(18.01	)			0.51			0.51			0.51			3.55			114,134		40
	10.07				0.52			0.51			0.51			3.42			118,100		15
	0.14				0.53			0.53			0.53			3.92			55,503		43
	10.28				0.55			0.55			0.55			4.24			32,101		11
	4.98				0.58			0.57			0.58			4.30			13,249		30
	5.85	(e)			0.60	(f)		0.57	(f)		0.60	(f)		4.34	(f)		1,186,400		25	(e)
	(18.06	)			0.57			0.57			0.57			3.59			961,328		40
	10.03				0.56			0.55			0.55			3.41			487,688		15
	0.09				0.57			0.57			0.57			3.88			301,236		43
	10.25				0.59			0.59			0.59			4.22			282,296		11
	4.94				0.62			0.61			0.62			4.27			108,526		30

See Notes to Financial Statements. 229

Financial Highlights (unaudited)(continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
3/31/2023(c)	$	13.84	$	0.25	$	0.31		$	0.56		$	(0.24	)		$–		$	(0.24	)
9/30/2022		15.88		0.34		(2.05	)		(1.71	)		(0.33	)		–			(0.33	)
9/30/2021		15.20		0.33		0.69			1.02			(0.34	)		–			(0.34	)
9/30/2020		15.64		0.43		(0.45	)		(0.02	)		(0.42	)		–			(0.42	)
9/30/2019		15.10		0.46		0.52			0.98			(0.44	)		–			(0.44	)
9/30/2018		15.26		0.43		(0.18	)		0.25			(0.41	)		–	(f)		(0.41	)
Class C
3/31/2023(c)		13.84		0.21		0.30			0.51			(0.19	)		–			(0.19	)
9/30/2022		15.88		0.23		(2.04	)		(1.81	)		(0.23	)		–			(0.23	)
9/30/2021		15.20		0.23		0.68			0.91			(0.23	)		–			(0.23	)
9/30/2020		15.65		0.33		(0.46	)		(0.13	)		(0.32	)		–			(0.32	)
9/30/2019		15.11		0.36		0.52			0.88			(0.34	)		–			(0.34	)
9/30/2018		15.26		0.33		(0.17	)		0.16			(0.31	)		–	(f)		(0.31	)
Class F
3/31/2023(c)		13.84		0.26		0.31			0.57			(0.25	)		–			(0.25	)
9/30/2022		15.88		0.33		(2.02	)		(1.69	)		(0.35	)		–			(0.35	)
9/30/2021		15.20		0.34		0.69			1.03			(0.35	)		–			(0.35	)
9/30/2020		15.64		0.45		(0.46	)		(0.01	)		(0.43	)		–			(0.43	)
9/30/2019		15.10		0.47		0.53			1.00			(0.46	)		–			(0.46	)
9/30/2018		15.26		0.44		(0.18	)		0.26			(0.42	)		–	(f)		(0.42	)
Class F3
3/31/2023(c)		13.84		0.27		0.31			0.58			(0.26	)		–			(0.26	)
9/30/2022		15.88		0.38		(2.05	)		(1.67	)		(0.37	)		–			(0.37	)
9/30/2021		15.20		0.37		0.69			1.06			(0.38	)		–			(0.38	)
9/30/2020		15.65		0.47		(0.46	)		0.01			(0.46	)		–			(0.46	)
9/30/2019		15.11		0.50		0.52			1.02			(0.48	)		–			(0.48	)
9/30/2018		15.27		0.46		(0.18	)		0.28			(0.44	)		–	(f)		(0.44	)
Class I
3/31/2023(c)		13.84		0.27		0.31			0.58			(0.26	)		–			(0.26	)
9/30/2022		15.88		0.38		(2.06	)		(1.68	)		(0.36	)		–			(0.36	)
9/30/2021		15.20		0.36		0.69			1.05			(0.37	)		–			(0.37	)
9/30/2020		15.65		0.46		(0.46	)		–			(0.45	)		–			(0.45	)
9/30/2019		15.11		0.49		0.52			1.01			(0.47	)		–			(0.47	)
9/30/2018		15.26		0.46		(0.17	)		0.29			(0.44	)		–	(f)		(0.44	)

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.
(f)	Amount less than $0.01.

230 See Notes to Financial Statements.

						Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period			Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	14.16			4.08	(d)		0.67	(e)		0.73	(e)		3.59	(e)	$	295,621		43	(d)
	13.84			(10.85	)		0.70			0.77			2.27			325,756		81
	15.88			6.74			0.69			0.75			2.09			409,286		14
	15.20			(0.12	)		0.62			0.78			2.83			176,351		61
	15.64			6.59			0.55			0.78			2.99			176,214		29
	15.10			1.59			0.55			0.78			2.83			121,804		29
	14.16			3.74	(d)		1.34	(e)		1.40	(e)		2.93	(e)		21,036		43	(d)
	13.84			(11.48	)		1.40			1.47			1.56			21,392		81
	15.88			6.03			1.36			1.43			1.43			26,412		14
	15.20			(0.85	)		1.28			1.45			2.18			12,758		61
	15.65			5.90			1.21			1.44			2.34			12,303		29
	15.11			0.98			1.22			1.45			2.17			8,851		29
	14.16			4.13	(d)		0.58	(e)		0.63	(e)		3.65	(e)		43,048		43	(d)
	13.84			(10.77	)		0.60			0.66			2.18			139,299		81
	15.88			6.84			0.59			0.65			2.17			495,439		14
	15.20			(0.03	)		0.52			0.68			2.92			171,092		61
	15.64			6.70			0.45			0.68			3.08			156,308		29
	15.10			1.69			0.45			0.68			2.93			109,580		29
	14.16			4.22	(d)		0.39	(e)		0.46	(e)		3.87	(e)		34,876		43	(d)
	13.84			(10.62	)		0.44			0.50			2.56			28,251		81
	15.88			7.02			0.43			0.49			2.31			31,122		14
	15.20			0.07			0.36			0.52			3.10			8,538		61
	15.65			6.86			0.30			0.53			3.24			6,546		29
	15.11			1.91			0.29			0.53			3.06			3,812		29
	14.16			4.11	(d)		0.47	(e)		0.52	(e)		3.80	(e)		517,078		43	(d)
	13.84			(10.61	)		0.50			0.58			2.59			362,870		81
	15.88	��		6.95			0.50			0.55			2.28			244,728		14
	15.20			0.01			0.42			0.59			3.03			93,013		61
	15.65			6.80			0.35			0.59			3.18			65,005		29
	15.11			1.86			0.35			0.58			3.03			30,068		29

See Notes to Financial Statements. 231

Financial Highlights (unaudited)(continued)

SUSTAINABLE MUNICIPAL BOND FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(e)	$	8.79	$	0.12	$	0.41		$	0.53		$	(0.12	)	$	9.20
1/5/2022 to 9/30/2022(f)		10.00		0.10		(1.21	)		(1.11	)		(0.10	)		8.79
Class C
3/31/2023(e)		8.79		0.08		0.41			0.49			(0.08	)		9.20
1/5/2022 to 9/30/2022(f)		10.00		0.05		(1.21	)		(1.16	)		(0.05	)		8.79
Class F
3/31/2023(e)		8.79		0.12		0.41			0.53			(0.12	)		9.20
1/5/2022 to 9/30/2022(f)		10.00		0.11		(1.21	)		(1.10	)		(0.11	)		8.79
Class F3
3/31/2023(e)		8.79		0.13		0.41			0.54			(0.13	)		9.20
1/5/2022 to 9/30/2022(f)		10.00		0.12		(1.21	)		(1.09	)		(0.12	)		8.79
Class I
3/31/2023(e)		8.79		0.13		0.41			0.54			(0.13	)		9.20
1/5/2022 to 9/30/2022(f)		10.00		0.12		(1.21	)		(1.09	)		(0.12	)		8.79

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Annualized.
(e)	Unaudited.
(f)	Commenced on January 5, 2022.

232 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return(b)(c) (%)			Total expenses after waivers and/or reim- bursements(d) (%)		Total expenses(d) (%)		Net investment income (loss)(d) (%)		Net assets, end of period (000)		Portfolio turnover rate(c) (%)
	6.01			0.63		2.38		2.60	$	3,015		37
	(11.11	)		0.63		2.16		1.48		2,682		90
	5.59			1.43		3.34		1.86		175		37
	(11.64	)		1.43		2.96		0.68		66		90
	6.06			0.53		2.26		2.70		69		37
	(11.05	)		0.53		2.06		1.58		66		90
	6.14			0.39		2.13		2.83		92		37
	(10.95	)		0.39		1.91		1.72		88		90
	6.12			0.43		2.18		2.80		1,864		37
	(10.98	)		0.43		1.96		1.68		1,638		90

See Notes to Financial Statements. 233

Financial Highlights (unaudited)(continued)

CALIFORNIA TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(c)	$	9.50	$	0.15	$	0.58		$	0.73		$	(0.14	)	$	10.09
9/30/2022		11.61		0.26		(2.11	)		(1.85	)		(0.26	)		9.50
9/30/2021		11.40		0.26		0.21			0.47			(0.26	)		11.61
9/30/2020		11.42		0.29		(0.03	)		0.26			(0.28	)		11.40
9/30/2019		10.76		0.33		0.66			0.99			(0.33	)		11.42
9/30/2018		10.96		0.33		(0.20	)		0.13			(0.33	)		10.76
Class C
3/31/2023(c)		9.51		0.12		0.57			0.69			(0.11	)		10.09
9/30/2022		11.62		0.19		(2.11	)		(1.92	)		(0.19	)		9.51
9/30/2021		11.41		0.19		0.21			0.40			(0.19	)		11.62
9/30/2020		11.42		0.21		(0.01	)		0.20			(0.21	)		11.41
9/30/2019		10.76		0.26		0.66			0.92			(0.26	)		11.42
9/30/2018		10.96		0.27		(0.21	)		0.06			(0.26	)		10.76
Class F
3/31/2023(c)		9.50		0.15		0.59			0.74			(0.15	)		10.09
9/30/2022		11.61		0.26		(2.10	)		(1.84	)		(0.27	)		9.50
9/30/2021		11.40		0.28		0.20			0.48			(0.27	)		11.61
9/30/2020		11.42		0.30		(0.02	)		0.28			(0.30	)		11.40
9/30/2019		10.75		0.34		0.67			1.01			(0.34	)		11.42
9/30/2018		10.96		0.34		(0.21	)		0.13			(0.34	)		10.75
Class F3
3/31/2023(c)		9.50		0.16		0.58			0.74			(0.16	)		10.08
9/30/2022		11.61		0.28		(2.11	)		(1.83	)		(0.28	)		9.50
9/30/2021		11.40		0.29		0.21			0.50			(0.29	)		11.61
9/30/2020		11.41		0.31		(0.01	)		0.30			(0.31	)		11.40
9/30/2019		10.75		0.35		0.66			1.01			(0.35	)		11.41
9/30/2018		10.95		0.36		(0.21	)		0.15			(0.35	)		10.75
Class I
3/31/2023(c)		9.50		0.16		0.57			0.73			(0.15	)		10.08
9/30/2022		11.61		0.28		(2.11	)		(1.83	)		(0.28	)		9.50
9/30/2021		11.40		0.29		0.21			0.50			(0.29	)		11.61
9/30/2020		11.41		0.31		(0.01	)		0.30			(0.31	)		11.40
9/30/2019		10.75		0.35		0.66			1.01			(0.35	)		11.41
9/30/2018		10.95		0.36		(0.21	)		0.15			(0.35	)		10.75

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.

234 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	7.66	(d)		0.77	(e)		0.77	(e)		2.98	(e)	$	337,890		20	(d)
	(16.10	)		0.77			0.77			2.39			303,455		44
	4.16			0.77			0.77			2.27			381,200		14
	2.36			0.78			0.78			2.53			342,426		18
	9.34			0.79			0.79			3.00			289,148		15
	1.20			0.79			0.79			3.07			197,080		28
	7.32	(d)		1.40	(e)		1.40	(e)		2.35	(e)		21,242		20	(d)
	(16.70	)		1.40			1.40			1.75			21,221		44
	3.49			1.41			1.41			1.63			33,274		14
	1.78			1.44			1.44			1.88			37,078		18
	8.68			1.40			1.40			2.39			42,957		15
	0.58			1.41			1.41			2.45			33,793		28
	7.71	(d)		0.67	(e)		0.67	(e)		3.05	(e)		10,000		20	(d)
	(16.02	)		0.67			0.67			2.37			20,964		44
	4.26			0.67			0.67			2.36			130,104		14
	2.46			0.68			0.68			2.61			112,378		18
	9.55			0.69			0.69			3.08			73,687		15
	1.21			0.69			0.69			3.17			49,601		28
	7.78	(d)		0.54	(e)		0.54	(e)		3.19	(e)		39,754		20	(d)
	(16.00	)		0.54			0.54			2.64			29,694		44
	4.39			0.54			0.54			2.48			20,625		14
	2.67			0.56			0.56			2.73			13,170		18
	9.59			0.56			0.56			3.19			8,373		15
	1.42			0.56			0.56			3.28			3,949		28
	7.77	(d)		0.57	(e)		0.57	(e)		3.18	(e)		93,826		20	(d)
	(16.02	)		0.58			0.58			2.69			78,796		44
	4.37			0.57			0.57			2.46			39,117		14
	2.65			0.58			0.58			2.73			30,880		18
	9.56			0.58			0.58			3.18			29,782		15
	1.40			0.59			0.59			3.27			14,836		28

See Notes to Financial Statements. 235

Financial Highlights (unaudited)(continued)

NEW JERSEY TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2023(c)	$	4.42	$	0.07	$	0.28		$	0.35		$	(0.07	)	$	4.70
9/30/2022		5.35		0.12		(0.93	)		(0.81	)		(0.12	)		4.42
9/30/2021		5.18		0.12		0.17			0.29			(0.12	)		5.35
9/30/2020		5.21		0.13		(0.03	)		0.10			(0.13	)		5.18
9/30/2019		4.91		0.14		0.30			0.44			(0.14	)		5.21
9/30/2018		4.96		0.14		(0.05	)		0.09			(0.14	)		4.91
Class F
3/31/2023(c)		4.42		0.07		0.28			0.35			(0.07	)		4.70
9/30/2022		5.35		0.12		(0.93	)		(0.81	)		(0.12	)		4.42
9/30/2021		5.18		0.12		0.17			0.29			(0.12	)		5.35
9/30/2020		5.21		0.13		(0.03	)		0.10			(0.13	)		5.18
9/30/2019		4.91		0.14		0.30			0.44			(0.14	)		5.21
9/30/2018		4.96		0.14		(0.05	)		0.09			(0.14	)		4.91
Class F3
3/31/2023(c)		4.42		0.07		0.29			0.36			(0.07	)		4.71
9/30/2022		5.35		0.13		(0.93	)		(0.80	)		(0.13	)		4.42
9/30/2021		5.18		0.13		0.17			0.30			(0.13	)		5.35
9/30/2020		5.22		0.14		(0.04	)		0.10			(0.14	)		5.18
9/30/2019		4.92		0.14		0.31			0.45			(0.15	)		5.22
9/30/2018		4.97		0.15		(0.05	)		0.10			(0.15	)		4.92
Class I
3/31/2023(c)		4.42		0.07		0.29			0.36			(0.07	)		4.71
9/30/2022		5.35		0.13		(0.93	)		(0.80	)		(0.13	)		4.42
9/30/2021		5.18		0.13		0.17			0.30			(0.13	)		5.35
9/30/2020		5.22		0.14		(0.04	)		0.10			(0.14	)		5.18
9/30/2019		4.92		0.14		0.31			0.45			(0.15	)		5.22
9/30/2018		4.97		0.15		(0.05	)		0.10			(0.15	)		4.92

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.

236 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	7.87	(d)		0.82	(e)		0.87	(e)		2.88	(e)	$	82,976		11	(d)
	(15.36	)		0.82			0.84			2.39			80,854		11
	5.58			0.82			0.84			2.21			99,356		13
	1.92			0.82			0.85			2.48			101,085		15
	9.00			0.82			0.86			2.69			99,027		4
	1.75			0.82			0.88			2.77			79,108		20
	7.92	(d)		0.72	(e)		0.77	(e)		2.97	(e)		3,839		11	(d)
	(15.28	)		0.72			0.74			2.40			5,885		11
	5.68			0.72			0.74			2.30			28,097		13
	2.02			0.72			0.75			2.58			23,903		15
	9.10			0.72			0.76			2.77			20,893		4
	1.85			0.72			0.78			2.86			15,243		20
	8.22	(d)		0.58	(e)		0.63	(e)		3.12	(e)		1,614		11	(d)
	(15.16	)		0.58			0.60			2.65			1,342		11
	5.82			0.59			0.60			2.40			1,148		13
	1.96			0.59			0.62			2.71			618		15
	9.22			0.58			0.63			2.79			531		4
	1.99			0.58			0.64			2.99			139		20
	8.20	(d)		0.62	(e)		0.67	(e)		3.07	(e)		15,227		11	(d)
	(15.19	)		0.62			0.65			2.68			13,415		11
	5.79			0.62			0.64			2.38			6,905		13
	1.93			0.62			0.65			2.68			3,746		15
	9.20			0.62			0.66			2.86			2,593		4
	1.95			0.62			0.68			2.97			1,209		20

See Notes to Financial Statements. 237

Financial Highlights (unaudited)(concluded)

NEW YORK TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
3/31/2023(c)	$	9.90	$	0.15	$	0.64		$	0.79		$	(0.15	)		$–		$	(0.15	)
9/30/2022		12.06		0.27		(2.16	)		(1.89	)		(0.27	)		–			(0.27	)
9/30/2021		11.64		0.27		0.41			0.68			(0.26	)		–			(0.26	)
9/30/2020		11.77		0.27		(0.13	)		0.14			(0.27	)		–			(0.27	)
9/30/2019		11.08		0.29		0.69			0.98			(0.29	)		–	(f)		(0.29	)
9/30/2018		11.32		0.28		(0.24	)		0.04			(0.28	)		–			(0.28	)
Class C
3/31/2023(c)		9.89		0.12		0.64			0.76			(0.12	)		–			(0.12	)
9/30/2022		12.04		0.20		(2.15	)		(1.95	)		(0.20	)		–			(0.20	)
9/30/2021		11.63		0.19		0.41			0.60			(0.19	)		–			(0.19	)
9/30/2020		11.75		0.20		(0.13	)		0.07			(0.19	)		–			(0.19	)
9/30/2019		11.06		0.22		0.69			0.91			(0.22	)		–	(f)		(0.22	)
9/30/2018		11.31		0.21		(0.25	)		(0.04	)		(0.21	)		–			(0.21	)
Class F
3/31/2023(c)		9.91		0.16		0.64			0.80			(0.16	)		–			(0.16	)
9/30/2022		12.07		0.28		(2.16	)		(1.88	)		(0.28	)		–			(0.28	)
9/30/2021		11.66		0.28		0.41			0.69			(0.28	)		–			(0.28	)
9/30/2020		11.78		0.28		(0.12	)		0.16			(0.28	)		–			(0.28	)
9/30/2019		11.09		0.30		0.69			0.99			(0.30	)		–	(f)		(0.30	)
9/30/2018		11.33		0.29		(0.24	)		0.05			(0.29	)		–			(0.29	)
Class F3
3/31/2023(c)		9.91		0.16		0.64			0.80			(0.16	)		–			(0.16	)
9/30/2022		12.07		0.30		(2.17	)		(1.87	)		(0.29	)		–			(0.29	)
9/30/2021		11.65		0.29		0.42			0.71			(0.29	)		–			(0.29	)
9/30/2020		11.78		0.30		(0.13	)		0.17			(0.30	)		–			(0.30	)
9/30/2019		11.08		0.31		0.70			1.01			(0.31	)		–	(f)		(0.31	)
9/30/2018		11.33		0.30		(0.25	)		0.05			(0.30	)		–			(0.30	)
Class I
3/31/2023(c)		9.91		0.16		0.64			0.80			(0.16	)		–			(0.16	)
9/30/2022		12.07		0.29		(2.16	)		(1.87	)		(0.29	)		–			(0.29	)
9/30/2021		11.65		0.29		0.42			0.71			(0.29	)		–			(0.29	)
9/30/2020		11.78		0.29		(0.13	)		0.16			(0.29	)		–			(0.29	)
9/30/2019		11.08		0.31		0.70			1.01			(0.31	)		–	(f)		(0.31	)
9/30/2018		11.33		0.30		(0.25	)		0.05			(0.30	)		–			(0.30	)

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.
(f)	Amount less than $0.01.

238 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	10.54		8.03	(d)		0.79	(e)		0.79	(e)		2.96	(e)	$	315,274		9	(d)
	9.90		(15.91	)		0.78			0.78			2.39			322,138		23
	12.06		5.90			0.77			0.77			2.20			390,194		13
	11.64		1.21			0.78			0.78			2.33			357,909		22
	11.77		8.98			0.79			0.79			2.52			332,822		7
	11.08		0.36			0.79			0.79			2.51			249,147		19
	10.53		7.70	(d)		1.41	(e)		1.41	(e)		2.34	(e)		20,532		9	(d)
	9.89		(16.39	)		1.42			1.42			1.74			20,927		23
	12.04		5.13			1.42			1.42			1.56			32,845		13
	11.63		0.64			1.44			1.44			1.68			34,749		22
	11.75		8.33			1.40			1.40			1.92			45,213		7
	11.06		(0.36	)		1.41			1.41			1.89			39,551		19
	10.55		8.08	(d)		0.69	(e)		0.69	(e)		3.05	(e)		8,394		9	(d)
	9.91		(15.81	)		0.68			0.68			2.40			19,360		23
	12.07		6.00			0.67			0.67			2.30			71,401		13
	11.66		1.31			0.68			0.68			2.43			63,388		22
	11.78		9.08			0.69			0.69			2.62			55,301		7
	11.09		0.46			0.69			0.69			2.60			44,093		19
	10.55		8.15	(d)		0.55	(e)		0.55	(e)		3.20	(e)		2,481		9	(d)
	9.91		(15.70	)		0.54			0.54			2.65			2,364		23
	12.07		6.14			0.54			0.54			2.41			2,071		13
	11.65		1.44			0.56			0.56			2.56			1,366		22
	11.78		9.32			0.56			0.56			2.74			1,234		7
	11.08		0.49			0.55			0.55			2.73			896		19
	10.55		8.13	(d)		0.59	(e)		0.59	(e)		3.16	(e)		87,836		9	(d)
	9.91		(15.73	)		0.58			0.58			2.66			70,220		23
	12.07		6.11			0.57			0.57			2.38			43,385		13
	11.65		1.41			0.59			0.59			2.51			29,600		22
	11.78		9.29			0.59			0.59			2.72			12,674		7
	11.08		0.47			0.59			0.59			2.71			8,534		19

See Notes to Financial Statements. 239

Notes to Financial Statements

1. ORGANIZATION 

Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.

The Company currently consists of the following nine funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:

Funds	Classes
Lord Abbett Short Duration Tax Free Fund (“Short Duration”)	A,C,F,F3 and I
Lord Abbett Intermediate Tax Free Fund (“Intermediate”)	A,C,F,F3 and I
Lord Abbett National Tax-Free Income Fund (“National”)	A,C,F,F3 and I
Lord Abbett High Income Municipal Bond Fund (“High Income”)	A,C,F,F3 and I
Lord Abbett Short Duration High Income Municipal Bond Fund (“Short Duration High Income”)	A,C,F,F3 and I
Lord Abbett Sustainable Municipal Bond Fund (“Sustainable”)	A,C,F,F3 and I
Lord Abbett California Tax-Free Income Fund (“California”)	A,C,F,F3 and I
Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”)	A,F,F3 and I
Lord Abbett New York Tax-Free Income Fund (“New York”)	A,C,F,F3 and I

Short Duration, Intermediate, National, High Income, Short Duration High Income, Sustainable and California are diversified as defined in the Act. New Jersey and New York are non-diversified as defined in the Act.

The investment objective of each Fund (except for High Income and Short Duration High Income) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Income and Short Duration High Income is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.

Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3 and I shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the eighteen-month anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

Sustainable commenced operations on January 5, 2022.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.

240

Notes to Financial Statements (continued)

Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2. SIGNIFICANT ACCOUNTING POLICIES 

(a)	Investment Valuation–Under procedures approved by the Funds’ Board (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”), as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
	Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

241

Notes to Financial Statements (continued)

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s, except Sustainable, filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2019 through September 30, 2022. The statute of limitation for Sustainable filed U.S. federal tax return remains open for the period ended September 30, 2022. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the Fund’s jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 bear their class-specific share of shareholder servicing expenses. Class A, C and F shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Funds called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(g)	When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis. Payment and delivery may take place after customary settlement period for that security.
(h)	Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to the Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a Liability for Trust Certificates on the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the Liability for Trust Certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly

242

Notes to Financial Statements (continued)

and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors.

The following is a summary of TOBs as of and during the six months ended March 31, 2023.

Fund	Liability for Trust Certificates		Interest Rate or Range of Interest Rates		Underlying Municipal Bonds Transferred to TOBs		Average Trust Certificates Outstanding
Short Duration	$	–		–	$	–	$	–
Intermediate		–		–		–		–
National		57,235,000		4.00%-4.19%		123,186,650		57,235,000
High Income		33,820,000		4.05%-4.19%		72,910,744		33,820,000
Short Duration High Income		–		–		–		–
Sustainable		–		–		–		–
California		–		–		–		–
New Jersey		–		–		–		–
New York		–		–		–		–

	Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. The carrying value of each Fund’s Liability for Trust Certificates approximates its fair value.
	While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to TOB transactions, accounted for as secured borrowings.
(i)	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.

243

Notes to Financial Statements (continued)

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 March 31, 2023 and, if applicable, Level 3 rollforwards for the six months 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. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES 

Management Fee

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio. The management fee is accrued daily and payable monthly.

The management fee for Short Duration is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.34%
Next $3 billion	.32%
Over $5 billion	.29%

The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.40%
Next $3 billion	.375%
Next $5 billion	.35%
Over $10 billion	.32%

The management fee for each of National, California, New Jersey and New York is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.45%
Next $1 billion	.40%
Over $2 billion	.35%

244

Notes to Financial Statements (continued)

The management fee for High Income is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.50%
Next $1 billion	.45%
Over $2 billion	.40%

The management fee for Short Duration High Income is based on the Fund’s average daily net assets at the following annual rates:⁽¹⁾

First $1 billion	.35%
Over $1 billion	.31%

The management fee for Sustainable is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.32%
Over $1 billion	.29%

⁽¹⁾  Prior to December 9, 2022, the management fee for Short Duration High Income was based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.40%
Next $1 billion	.375%
Over $3 billion	.35%

For the six months ended March 31, 2023, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:

	Net Effective Management Fee
Short Duration	.33%
Intermediate	0.39%
National	.39%
High Income	0.45%
Short Duration High Income	.32%
Sustainable	.00%
California	.45%
New Jersey	0.40%
New York	.45%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets. Lord Abbett voluntarily waived the following fund administration fees during the for the six months ended March 31, 2023:

Fund	Fund Administration Fee
Short Duration	$11,048
Intermediate	30,048
National	20,558
High Income	21,188
Short Duration High Income	8,554
Sustainable	431
California	4,031
New Jersey	1,469
New York	4,313

245

Notes to Financial Statements (continued)

For the six months ended March 31, 2023 and continuing through January 31, 2024 Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding certain of the Funds’ expenses and interest related expenses, to the following annual rates:

	Effective December 9, 2022		Prior to December 9, 2022
	Classes		Classes
Fund	A,C,F and I	F3	A,C,F and I	F3
Short Duration	.45%	.41%	.45%	.41%
Short Duration High Income	.45%	.37%	.50%	.44%
Sustainable	.43%	.39%	.43%	.39%
New Jersey	.62%	.58%	.62%	.58%

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C and F shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

Fees	Class A	Class C(1)	Class F(2)
Service	.15%	.75%	–
Distribution	.05%	.25%	.10%

(1)	The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s daily net assets attributable to Class C shares held less than 1 year and .80% (25% service and 55% distribution) of each Fund’s daily net assets attributable to Class C shares for 1 year or more. All Class C shareholders will bear Rule 12b-1 fees at the same rate.
(2)	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.

Class F3 and Class I Shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended March 31, 2023:

	Distributor Commissions		Dealers’ Concessions
Short Duration	$	7,874	$	86,653
Intermediate		19,914		213,471
National		36,563		401,498
High Income		24,356		288,253
Short Duration High Income		2,606		35,872
Sustainable		–		–
California		4,749		84,092
New Jersey		773		10,758
New York		2,493		50,751

246

Notes to Financial Statements (continued)

Distributor received the following amount of CDSCs for the six months ended March 31, 2023:

	Class A		Class C
Short Duration		64,335		1,243
Intermediate		102,025		1,584
National		83,206		1,423
High Income		133,947		4,198
Short Duration High Income		24,387		93
Sustainable		–		–
California		15,763		894
New Jersey		2,201		–
New York		13,043		–

One Director and certain of the Funds’ officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS 

Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profits for tax purposes are reported as a tax return of capital.

The tax character of distributions paid during the six months ended March 31, 2023 and fiscal year ended September 30, 2022 was as follows:

	Short Duration Tax Free Fund				Intermediate Tax Free Fund
	Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022		Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022
Distributions paid from:
Tax-exempt income	$	18,577,617	$	24,078,685	$	68,043,559	$	130,537,335
Ordinary Income		–		85,118		–		457,520
Total distributions paid	$	18,577,617	$	24,163,803	$	68,043,559	$	130,994,855
	National Tax Free Fund				High Income Municipal Bond Fund
	Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022		Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022
Distributions paid from:
Tax-exempt income	$	57,490,578	$	109,477,825	$	68,922,193	$	137,361,933
Ordinary income		–		549,801		–		1,658,444
Total distributions paid	$	57,490,578	$	110,027,626	$	68,922,193	$	139,020,377

247

Notes to Financial Statements (continued)

	Short Duration High Income Municipal Bond Fund				Sustainable Municipal Bond Fund
	Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022		Six Months Ended 3/31/2023 (unaudited)		Period Ended 9/30/2022
Distributions paid from:
Tax-exempt income	$	15,552,262	$	24,801,277	$	64,875	$	53,408
Ordinary income		–		726,034		–		–
Total distributions paid	$	15,552,262	$	25,527,311	$	64,875	$	53,408
	California Tax Free Fund				New Jersey Tax Free Fund
	Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022		Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022
Distributions paid from:
Tax-exempt income	$	7,036,572	$	12,532,074	$	1,497,137	$	2,977,642
Ordinary income		–		53,863		–		2,343
Total distributions paid	$	7,036,572	$	12,585,937	$	1,497,137	$	2,979,985

	New York Tax Free Fund
	Six Months Ended 3/31/2023 (unaudited)		Year Ended 9/30/2022
Distributions paid from:
Tax-exempt income	$	6,316,682	$	11,731,906
Ordinary income		–		8,377
Total distributions paid	$	6,316,682	$	11,740,283

As of March 31, 2023, the following funds had capital losses, which will carry forward indefinitely:

	Indefinite
Short Duration	$	51,287,627
Intermediate		217,826,869
National		213,961,316
High Income		324,875,155
Short Duration High Income		73,680,083
Sustainable		282,224
California		19,968,944
New Jersey		1,146,346
New York		11,309,032

As of March 31, 2023, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Gain		Gross Unrealized Loss			Net Unrealized Gain/(Loss)
Short Duration	$	1,806,311,863	$	2,818,575	$	(44,451,231	)	$	(41,632,656	)
Intermediate		5,108,447,469		53,883,903		(176,002,805	)		(122,118,902	)
National		3,723,500,979		54,441,829		(140,944,220	)		(86,502,391	)
High Income		3,634,973,452		53,981,588		(309,193,325	)		(255,211,737	)
Short Duration High Income		929,085,647		7,782,893		(31,705,328	)		(23,922,435	)
Sustainable		5,011,700		61,694		(58,836	)		2,858
California		510,354,810		5,969,052		(20,192,367	)		(14,223,315	)
New Jersey		107,614,265		1,222,416		(6,947,619	)		(5,725,203	)
New York		452,472,257		4,136,802		(27,678,058	)		(23,541,256	)

248

Notes to Financial Statements (continued)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, other financial instruments and wash sales.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2023 were as follows:

	Purchases		Sales
Short Duration	$	355,885,620	$	561,188,375
Intermediate		1,052,137,334		1,218,916,889
National		862,205,777		825,625,577
High Income		822,759,000		941,624,181
Short Duration High Income		399,065,162		372,930,793
Sustainable		2,435,607		1,724,739
California		121,268,390		94,138,889
New Jersey		11,356,971		16,468,635
New York		38,230,948		62,403,583

There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2023.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

Each Fund, except Short Duration and Sustainable entered into U.S. Treasury futures contracts during the for the six months ended March 31, 2023 (as described in Note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of March 31, 2023, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain (loss) on futures contracts and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.

The following is a summary of U.S. Treasury futures contracts as of and during the for the six months ended March 31, 2023:

	Net Unrealized Appreciation (Depreciation) as of March 31, 2023			Net Realized Gain (Loss		)	Net Change in Unrealized Appreciation (Depreciation		)	Average Number of Contracts*
Intermediate	$	–		$	5,016,850		$	(5,391,392	)		190
National		(1,330,554	)		4,439,908			(5,692,304	)		345
High Income		(2,327,185	)		6,373,723			(8,242,875	)		552
Short Duration High Income		(1,042,142	)		3,040,722			(3,762,973	)		583
California		(239,128	)		439,730			(822,981	)		82
New Jersey		(47,826	)		122,227			(154,994	)		10
New York		(212,558	)		514,282			(662,665	)		41

* Calculated based on the number of contracts for the six months ended March 31, 2023.

249

Notes to Financial Statements (continued)

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board (“FASB”) requires disclosure to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the Statement of Assets and Liabilities; and to disclose such amounts subject to an enforceable master netting agreement or similar agreement, by a counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between a Fund and the applicable counterparty. As of March 31, 2023, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and the one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statements of Operations and in Directors’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9. EXPENSE REDUCTIONS  

The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

10. LINE OF CREDIT  

For the period ended March 31, 2023, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.625 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended March 31, 2023, the Participating Funds were also entered into an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

250

Notes to Financial Statements (continued)

These credit facilities are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended March 31, 2023, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the six months ended March 31, 2023, the following Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

Fund	Average Amount Loaned	Average Interest Rate	Interest Income*
Short Duration High Income	$15,442,539	3.90%	$1,650

* Included in the Statement of Operations.

12. CUSTODIAN AND ACCOUNTING AGENT  

SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

13. SECURITIES LENDING AGREEMENT  

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in securities lending net income on the Statements of Operations.

The initial collateral received by the funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of March 31, 2023, the Funds did not loan any securities.

251

Notes to Financial Statements (continued)

14. INVESTMENT RISKS  

Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund’s investments may gain value; however, because Short Duration and Short Duration High Income typically invest in shorter term bonds, those Funds are subject to the risk that they will underperform funds invested in longer-term bonds during such periods.

Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, defaulted bonds risk (High Income and Short Duration High Income only), derivatives risk, distressed debt risk (High Income and Short Duration High Income only), extension risk, fixed income securities risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, market disruption and geopolitical risk, state and territory risks, taxability risk and zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds risk (all Funds except Short Duration, Intermediate, and Short Duration High Income). Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.

There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Income, Short Duration High Income, Sustainable and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

New Jersey and New York are non-diversified, which means that they may invest a greater portion of their assets in a single issuer than a diversified fund. Thus, they may be exposed to greater risk.

Because each of California, New Jersey, and New York focuses on a particular state or territory, the Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, National, High Income, Short Duration High Income and Sustainable), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.

Because Sustainable considers sustainability factors when evaluating an investment, the Fund may underperform funds that do not take sustainability-related factors into account. There is no guarantee that Lord Abbett will successfully implement and make investments in issuers that create a positive environmental, social or governance impact while achieving the desired financial returns. In evaluating an issuer, Lord Abbett may be dependent on data or information that may be

252

Notes to Financial Statements (continued)

incomplete, inaccurate or unavailable. Sustainable is a newly organized fund and there can be no assurance that it will reach or maintain a sufficient asset size to effectively implement its investment strategy.

Each Fund may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.

National, High Income, Short Duration High Income and, to a lesser extent, other Funds may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.

In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.

Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund’s investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objective.

In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system objective. In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system objective.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again, negatively affect the global economy, the economies of individual

253

Notes to Financial Statements (continued)

countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. The COVID-19 pandemic and its effects may last for an extended period of time Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to market volatility, inflation and systemic economic weakness. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

These factors, and others, can affect each Fund’s performance.

15. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

Short Duration	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		13,708,198		$	204,385,390			27,929,872		$	427,766,947
Reinvestment of distributions		443,545			6,631,228			505,852			7,720,199
Shares reacquired		(18,311,181	)		(273,480,744	)		(36,579,371	)		(560,984,644	)
Decrease		(4,159,438	)	$	(62,464,126	)		(8,143,647	)	$	(125,497,498	)
Class C Shares
Shares sold		443,179		$	6,621,783			231,857		$	3,535,563
Reinvestment of distributions		8,079			120,791			5,212			78,840
Shares reacquired		(539,431	)		(8,052,705	)		(646,953	)		(9,935,912	)
Decrease		(88,173	)	$	(1,310,131	)		(409,884	)	$	(6,321,509	)
Class F Shares
Shares sold		1,756,528		$	26,168,002			23,585,488		$	362,962,189
Reinvestment of distributions		98,136			1,464,700			226,476			3,474,114
Shares reacquired		(14,187,702	)		(212,253,529	)		(53,603,175	)		(822,067,362	)
Decrease		(12,333,038	)	$	(184,620,827	)		(29,791,211	)	$	(455,631,059	)
Class F3 Shares
Shares sold		6,657,464		$	99,392,887			16,986,800		$	259,774,089
Reinvestment of distributions		123,852			1,852,161			123,424			1,879,203
Shares reacquired		(10,864,233	)		(162,000,338	)		(13,574,621	)		(207,668,141	)
Increase (decrease)		(4,082,917	)	$	(60,755,290	)		3,535,603		$	53,985,151
Class I Shares
Shares sold		16,735,513		$	250,617,606			46,559,487		$	709,825,767
Reinvestment of distributions		249,836			3,736,728			244,174			3,711,369
Shares reacquired		(17,438,909	)		(260,209,096	)		(21,715,386	)		(330,588,818	)
Increase (decrease)		(453,560	)	$	(5,854,762	)		25,088,275		$	382,948,318

254

Notes to Financial Statements (continued)

Intermediate	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		33,087,483		$	330,546,220			54,726,114		$	563,848,755
Reinvestment of distributions		2,355,312			23,534,535			4,160,439			43,941,102
Shares reacquired		(45,595,965	)		(453,791,796	)		(79,626,277	)		(817,319,404	)
Decrease		(10,153,170	)	$	(99,711,041	)		(20,739,724	)	$	(209,529,547	)
Class C Shares
Shares sold		871,420		$	8,705,257			1,420,669		$	15,106,194
Reinvestment of distributions		94,191			939,655			175,963			1,856,840
Shares reacquired		(3,037,258	)		(30,225,200	)		(5,757,620	)		(60,765,016	)
Decrease		(2,071,647	)	$	(20,580,288	)		(4,160,988	)	$	(43,801,982	)
Class F Shares
Shares sold		9,539,215		$	94,643,858			62,145,003		$	672,104,399
Reinvestment of distributions		521,851			5,196,256			2,423,374			25,919,024
Shares reacquired		(46,287,670	)		(465,723,614	)		(248,827,572	)		(2,593,667,356	)
Decrease		(36,226,604	)	$	(365,883,500	)		(184,259,195	)	$	(1,895,643,933	)
Class F3 Shares
Shares sold		10,936,154		$	108,121,664			15,426,863		$	162,911,001
Reinvestment of distributions		277,173			2,771,536			420,880			4,427,409
Shares reacquired		(5,931,053	)		(58,864,005	)		(10,946,063	)		(113,845,957	)
Increase		5,282,274		$	52,029,195			4,901,680		$	53,492,453
Class I Shares
Shares sold		119,244,506		$	1,197,098,311			236,204,233		$	2,441,772,747
Reinvestment of distributions		1,824,106			18,232,280			2,214,271			23,127,859
Shares reacquired		(102,076,313	)		(1,013,253,669	)		(98,080,911	)		(1,010,854,262	)
Increase		18,992,299		$	202,076,922			140,337,593		$	1,454,046,344
National	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		36,959,121		$	376,551,934			50,178,282		$	555,416,467
Reinvestment of distributions		3,361,955			34,210,068			5,916,818			65,326,061
Shares reacquired		(42,084,441	)		(425,178,797	)		(71,253,096	)		(776,390,605	)
Decrease		(1,763,365	)	$	(14,416,795	)		(15,157,996	)	$	(155,648,077	)
Class C Shares
Shares sold		1,075,983		$	10,960,676			331,201		$	3,829,452
Reinvestment of distributions		95,857			976,034			180,935			2,003,649
Shares reacquired		(1,766,364	)		(17,912,550	)		(3,229,287	)		(35,481,847	)
Decrease		(594,524	)	$	(5,975,840	)		(2,717,151	)	$	(29,648,746	)
Class F Shares
Shares sold		4,223,289		$	43,182,655			22,343,150		$	252,636,831
Reinvestment of distributions		288,791			2,927,050			1,296,695			14,601,779
Shares reacquired		(15,541,402	)		(158,977,355	)		(82,597,556	)		(904,741,426	)
Decrease		(11,029,322	)	$	(112,867,650	)		(58,957,711	)	$	(637,502,816	)

255

Notes to Financial Statements (continued)

National	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		9,766,044		$	99,068,492			19,250,148		$	213,368,948
Reinvestment of distributions		491,110			4,997,889			794,371			8,742,056
Shares reacquired		(7,987,918	)		(80,495,906	)		(16,664,587	)		(180,063,515	)
Increase		2,269,236		$	23,570,475			3,379,932		$	42,047,489
Class I Shares
Shares sold		42,047,205		$	429,930,465			73,940,091		$	792,826,906
Reinvestment of distributions		864,010			8,802,108			849,840			9,149,393
Shares reacquired		(23,362,312	)		(235,891,568	)		(34,412,635	)		(364,545,784	)
Increase		19,548,903		$	202,841,005			40,377,296		$	437,430,515
High Income	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		25,930,790		$	273,155,729			55,554,656		$	659,872,446
Reinvestment of distributions		3,067,656			32,132,522			5,438,271			63,720,375
Shares reacquired		(38,702,145	)		(404,911,642	)		(71,107,986	)		(826,335,850	)
Decrease		(9,703,699	)	$	(99,623,391	)		(10,115,059	)	$	(102,743,029	)
Class C Shares
Shares sold		1,410,243		$	14,902,572			1,308,072		$	16,405,403
Reinvestment of distributions		252,783			2,649,075			461,133			5,408,574
Shares reacquired		(3,391,868	)		(35,516,593	)		(5,474,558	)		(64,433,876	)
Decrease		(1,728,842	)	$	(17,964,946	)		(3,705,353	)	$	(42,619,899	)
Class F Shares
Shares sold		7,200,587		$	75,536,642			40,725,267		$	498,388,960
Reinvestment of distributions		572,520			5,989,504			2,209,756			26,435,132
Shares reacquired		(26,798,613	)		(283,996,035	)		(119,065,773	)		(1,395,866,809	)
Decrease		(19,025,506	)	$	(202,469,889	)		(76,130,750	)	$	(871,042,717	)
Class F3 Shares
Shares sold		4,164,953		$	43,761,987			8,209,512		$	96,241,910
Reinvestment of distributions		243,025			2,542,910			380,805			4,431,135
Shares reacquired		(3,806,289	)		(39,695,049	)		(6,564,018	)		(74,887,060	)
Increase		601,689		$	6,609,848			2,026,299		$	25,785,985
Class I Shares
Shares sold		60,086,217		$	636,199,486			112,854,562		$	1,289,014,098
Reinvestment of distributions		1,727,331			18,082,935			1,883,209			21,609,435
Shares reacquired		(43,822,063	)		(456,978,713	)		(58,348,142	)		(657,095,742	)
Increase		17,991,485		$	197,303,708			56,389,629		$	653,527,791

256

Notes to Financial Statements (continued)

Short Duration High Income	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,332,227		$	60,901,605			10,907,124		$	165,602,425
Reinvestment of distributions		367,513			5,166,391			576,692			8,541,073
Shares reacquired		(7,352,693	)		(103,196,492	)		(13,720,715	)		(203,780,390	)
Decrease		(2,652,953	)	$	(37,128,496	)		(2,236,899	)	$	(29,636,892	)
Class C Shares
Shares sold		301,524		$	4,235,775			511,853		$	7,895,826
Reinvestment of distributions		20,797			292,643			26,289			387,852
Shares reacquired		(381,921	)		(5,375,860	)		(655,790	)		(9,695,946	)
Decrease		(59,600	)	$	(847,442	)		(117,648	)	$	(1,412,268	)
Class F Shares
Shares sold		3,610,168		$	50,366,331			18,007,811		$	275,931,312
Reinvestment of distributions		136,522			1,917,082			478,068			7,201,066
Shares reacquired		(10,768,789	)		(152,239,918	)		(39,621,077	)		(595,140,802	)
Decrease		(7,022,099	)	$	(99,956,505	)		(21,135,198	)	$	(312,008,424	)
Class F3 Shares
Shares sold		1,211,162		$	17,141,785			1,471,688		$	21,965,315
Reinvestment of distributions		38,587			542,967			53,900			797,173
Shares reacquired		(827,042	)		(11,597,881	)		(1,444,184	)		(21,130,565	)
Increase		422,707		$	6,086,871			81,404		$	1,631,923
Class I Shares
Shares sold		23,656,565		$	333,849,343			32,825,243		$	488,939,553
Reinvestment of distributions		491,107			6,914,234			546,776			8,028,813
Shares reacquired		(13,838,478	)		(193,669,502	)		(22,568,457	)		(329,936,628	)
Increase		10,309,194		$	147,094,075			10,803,562		$	167,031,738
Sustainable	Six Months Ended March 31, 2023 (unaudited					)	For the period ended September 30, 2022(a					)
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		22,556		$	205,255			304,943		$	3,047,500
Reinvestment of distributions		243			2,220			41			372
Increase		22,799		$	207,475			304,984		$	3,047,872
Class C Shares
Shares sold		11,450		$	104,670			7,500		$	75,000
Reinvestment of distributions		52			473			–			–
Increase		11,502		$	105,143			7,500		$	75,000
Class F Shares
Shares sold		–		$	–			7,500		$	75,000
Increase		–		$	–			7,500		$	75,000
Class F3 Shares
Shares sold		–		$	–			10,000		$	100,000
Increase		–		$	–			10,000		$	100,000

257

Notes to Financial Statements (continued)

Sustainable	Six Months Ended March 31, 2023 (unaudited					)	For the period ended September 30, 2022(a					)
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		16,267		$	150,027			186,313		$	1,850,000
Reinvestment of distributions		255			2,317			3			27
Shares reacquired		(212	)		(1,929	)		(5	)		(41	)
Increase		16,310		$	150,415			186,311		$	1,849,986
California	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		6,177,127		$	60,836,024			9,952,420		$	105,270,092
Reinvestment of distributions		440,793			4,360,657			686,472			7,300,515
Shares reacquired		(5,057,792	)		(49,586,207	)		(11,528,626	)		(123,722,571	)
Increase (decrease)		1,560,128		$	15,610,474			(889,734	)	$	(11,151,964	)
Class C Shares
Shares sold		161,908		$	1,604,764			171,757		$	1,855,502
Reinvestment of distributions		22,429			221,746			40,742			433,795
Shares reacquired		(311,628	)		(3,070,092	)		(844,314	)		(8,994,447	)
Decrease		(127,291	)	$	(1,243,582	)		(631,815	)	$	(6,705,150	)
Class F Shares
Shares sold		214,830		$	2,082,847			3,531,708		$	38,386,295
Reinvestment of distributions		25,142			247,853			123,708			1,353,557
Shares reacquired		(1,454,507	)		(14,591,498	)		(12,651,669	)		(134,354,919	)
Decrease		(1,214,535	)	$	(12,260,798	)		(8,996,253	)	$	(94,615,067	)
Class F3 Shares
Shares sold		1,416,413		$	13,983,799			2,732,124		$	28,646,820
Reinvestment of distributions		55,259			547,083			60,399			635,428
Shares reacquired		(655,166	)		(6,410,662	)		(1,442,987	)		(15,152,394	)
Increase		816,506		$	8,120,220			1,349,536		$	14,129,854
Class I Shares
Shares sold		4,694,755		$	46,807,893			9,758,019		$	101,943,212
Reinvestment of distributions		97,197			961,249			114,578			1,202,919
Shares reacquired		(3,781,577	)		(37,008,330	)		(4,946,127	)		(51,321,033	)
Increase		1,010,375		$	10,760,812			4,926,470		$	51,825,098
New Jersey	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,805,741		$	8,294,780			2,767,063		$	13,514,049
Reinvestment of distributions		202,673			931,250			367,992			1,817,051
Shares reacquired		(2,667,084	)		(12,181,367	)		(3,416,025	)		(16,598,593	)
Decrease		(658,670	)	$	(2,955,337	)		(280,970	)	$	(1,267,493	)

258

Notes to Financial Statements (continued)

New Jersey	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		254,311		$	1,154,395			931,336		$	4,823,229
Reinvestment of distributions		16,723			76,574			69,563			351,154
Shares reacquired		(787,327	)		(3,656,719	)		(4,924,806	)		(24,332,270	)
Decrease		(516,293	)	$	(2,425,750	)		(3,923,907	)	$	(19,157,887	)
Class F3 Shares
Shares sold		134,727		$	600,418			211,945		$	1,051,022
Reinvestment of distributions		5,304			24,433			7,587			37,239
Shares reacquired		(100,759	)		(460,523	)		(130,591	)		(620,915	)
Increase		39,272		$	164,328			88,941		$	467,346
Class I Shares
Shares sold		1,519,898		$	6,968,578			3,426,486		$	16,635,811
Reinvestment of distributions		34,122			156,912			50,354			245,041
Shares reacquired		(1,352,942	)		(6,220,364	)		(1,733,364	)		(8,221,483	)
Increase		201,078		$	905,126			1,743,476		$	8,659,369
New York	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,776,713		$	38,764,475			7,514,861		$	79,181,790
Reinvestment of distributions		380,002			3,912,114			650,952			7,216,866
Shares reacquired		(6,784,942	)		(69,225,791	)		(7,984,467	)		(85,738,131	)
Increase (decrease)		(2,628,227	)	$	(26,549,202	)		181,346		$	660,525
Class C Shares
Shares sold		230,462		$	2,363,250			227,831		$	2,615,587
Reinvestment of distributions		21,218			218,101			39,269			435,328
Shares reacquired		(417,796	)		(4,275,089	)		(877,823	)		(9,735,032	)
Decrease		(166,116	)	$	(1,693,738	)		(610,723	)	$	(6,684,117	)
Class F Shares
Shares sold		278,702		$	2,850,853			1,352,775		$	15,718,470
Reinvestment of distributions		19,448			199,595			72,464			816,787
Shares reacquired		(1,456,497	)		(15,063,418	)		(5,386,852	)		(59,765,477	)
Decrease		(1,158,347	)	$	(12,012,970	)		(3,961,613	)	$	(43,230,220	)
Class F3 Shares
Shares sold		130,744		$	1,304,037			172,387		$	1,898,630
Reinvestment of distributions		3,946			40,626			5,557			61,174
Shares reacquired		(138,079	)		(1,422,341	)		(110,926	)		(1,192,434	)
Increase (decrease)		(3,389	)	$	(77,678	)		67,018		$	767,370

259

Notes to Financial Statements (concluded)

New York	Six Months Ended March 31, 2023 (unaudited					)	Year Ended September 30, 2022
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		3,331,838		$	34,624,023			6,493,470		$	70,567,286
Reinvestment of distributions		84,448			870,863			109,516			1,200,161
Shares reacquired		(2,176,784	)		(22,136,811	)		(3,109,286	)		(33,153,558	)
Increase		1,239,502		$	13,358,075			3,493,700		$	38,613,889

^(a) For the period January 5, 2022, commencement of operations, to September 30, 2022.

260

Approval of Advisory Contract

Lord Abbett Municipal Income Fund, Inc.

(Lord Abbett California Tax Free Fund, Lord Abbett High Income Municipal Bond Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax Free Fund, Lord Abbett New Jersey Tax Free Fund, Lord Abbett New York Tax Free Fund, Lord Abbett Short Duration High Income Municipal Bond Fund, Lord Abbett Short Duration Tax Free Fund, and Lord Abbett Sustainable Municipal Bond Fund)

Approval of Advisory Contract

The Board, including all of the Directors who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund (other than Sustainable Municipal Bond Fund, which commenced operations in 2022) information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. With respect to Sustainable Municipal Bond Fund, the Board considered information about the incorporation of environmental, social and governance factors into the Fund’s investment process. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

261

Approval of Advisory Contract (continued)

Investment Performance. The Board reviewed each Fund’s investment performance (other than Sustainable Municipal Bond Fund, which commenced operations in 2022 and therefore did not yet have investment performance for a full calendar year) in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2022. As to National Tax Free Fund, New York Tax Free Fund and California Tax Free Fund, the Board observed that the Fund’s investment performance was below the median of its performance peer group for the one-, three- and five-year periods, but above the median of its performance peer group for the ten-year period. As to New Jersey Tax Free Fund, the Board observed that the Fund’s investment performance was below the median of its performance peer group for the one- and three-year periods, but above the median of the performance peer group for the five- and ten-year periods. As to Intermediate Tax Free Fund, High Income Municipal Bond Fund and Short Duration Tax Free Fund, the Board observed that the Fund’s investment performance was below the median of its performance peer group for the one-, three-, five- and ten-year periods. As to Short Duration High Income Municipal Bond Fund, the Board observed that the Fund’s investment performance was below the median of its performance peer group for the one-, three- and five-year periods. The Board also reviewed investment performance for Sustainable Municipal Bond Fund in relation to that of an appropriate benchmark for the period since the Fund’s inception on January 20, 2022 through December 31, 2022 and observed that the Fund’s investment performance was below that of the benchmark for the period. With respect to Intermediate, California Tax Free Fund and Sustainable Municipal Bond Fund, the Board took into account changes to the Fund’s portfolio management team. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of High Income Municipal Bond Fund, National Tax Free Fund, Sustainable Municipal Bond Fund and Short Duration High Income Municipal Bond Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. As to Intermediate Tax Free Fund, Short Duration Tax Free Fund, California Tax Free Fund, New Jersey Tax Free Fund and New York Tax Free Fund, the Board observed that the net total expense ratio of the Fund was the same as the median of the expense peer group. As to each of High Income

262

Approval of Advisory Contract (continued)

Municipal Bond Fund, New Jersey Tax Free Fund, Sustainable Municipal Bond Fund and Short Duration High Income Municipal Bond Fund, the Board observed that the actual management fee was below the median of the expense peer group. As to each of New York Tax Free Fund, California Tax Free Fund, Short Duration Tax Free Fund, Intermediate Tax Free Fund and National Tax Free Fund, the Board observed that the actual management fee was the same as the median of the expense peer group. The Board further considered that the management fee rate and the contractual expense waiver for Short Duration High Income Municipal Bond Fund was reduced effective December 9, 2022. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by each Fund were reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s existing management fee schedule, with one or more contractual breakpoints in the level of management fee, and, with respect to each of Short Duration Tax Free Fund, New Jersey Tax Free Fund, Sustainable Municipal Bond Fund and Short Duration High Income Municipal Bond Fund, the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds,

263

Approval of Advisory Contract (concluded)

but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

264

Householding

The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers Lord Abbett Funds Service Center, P.O. Box 534489, Pittsburgh, PA 15253-4489 (regular mail) or 500 Ross Street 154-0520, Attention 534489 Pittsburgh, PA (overnight mail).

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

265

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Municipal Income Fund, Inc. Lord Abbett Short Duration Tax Free Fund Lord Abbett Intermediate Tax Free Fund Lord Abbett National Tax-Free Income Fund Lord Abbett High Income Municipal Bond Fund Lord Abbett Short Duration High Income Municipal Bond Fund Lord Abbett Sustainable Municipal Bond Fund Lord Abbett California Tax-Free Income Fund Lord Abbett New Jersey Tax-Free Income Fund Lord Abbett New York Tax-Free Income Fund	LATFI-3 (05/23)

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

The Schedule of Investments is included as part of the Reports to Shareholders under Item 1.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11: Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13: Exhibits.

(a)(1) Code of Ethics. Not applicable.

(a)(2) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT MUNICIPAL INCOME FUND, INC.

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: May 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: May 25, 2023

By:	/s/ Michael J. Hebert
	Michael J. Hebert
	Chief Financial Officer and Treasurer

Date: May 25, 2023