# EDGAR Filing Document

**Accession Number:** 0000737800
**File Stem:** 0001410368-26-020074
**Filing Date:** 2026-2
**Character Count:** 680504
**Document Hash:** 48e0ea0db1cbd9d324780090de04cdc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-020074.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-020074

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT MUNICIPAL INCOME FUND INC
- **CENTRAL INDEX KEY:** 0000737800

**ORGANIZATION NAME:**
- **EIN:** 133200760
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03942
- **FILM NUMBER:** 26689924

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LORD ABBETT TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Lord Abbett New Jersey Tax-Free Income Fund (Series ID: S000007538)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020593 | Class A      | LANJX           |
| C000054747 | Class F      | LNJFX           |
| C000096846 | Class I      | LINJX           |
| C000188223 | Class F3     | LONJX           |

## Nport-Ex

![](x3_c114841x1x1.jpg)

Lord Abbett<br> Quarterly Portfolio Holdings Report

Lord Abbett<br> Short Duration Tax Free Fund<br> Intermediate Tax Free Fund<br> National Tax Free Fund<br> High Income Municipal Bond Fund<br> Short Duration High Income Municipal Bond Fund<br> California Tax Free Fund<br> New Jersey Tax Free Fund<br> New York Tax Free Fund

*For the period ended December 31, 2025*

**Schedule of Investments (unaudited)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 80.21%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 80.21%** |  |  |  |  |  |  |
| **Corporate-Backed 2.96%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | $15000000 | $15064279 |
| Cabot Citrus Farms Community Development District FL | &nbsp;&nbsp;5.25% |  | 3/1/2029 | NR | 9000000 | 9109499 |
| California Municipal Finance Authority<sup>†</sup> | &nbsp;&nbsp;3.30% | <sup>#(a)</sup> | 2/1/2039 | A- | 4750000 | 4749588 |
| City of Farmington - Public Service Co of New Mexico | &nbsp;&nbsp;3.90% | <sup>#(a)</sup> | 6/1/2040 | BBB | 2500000 | 2533987 |
| Industrial Development Board of the City of Mobile Alabama - Alabama Power Co AL | 3.375% | <sup>#(a)</sup> | 6/1/2034 | A1 | 5000000 | 5060050 |
| Iowa Finance Authority - Howmet Aerospace Inc | &nbsp;&nbsp;4.75% |  | 8/1/2042 | BBB+ | 2500000 | 2500063 |
| Ohio Air Quality Development Authority - American Electric Power Co Inc | &nbsp;&nbsp;2.40% | <sup>#(a)</sup> | 12/1/2038 | BBB | 10700000 | 10200946 |
| Village Community Development District No. 16 FL | &nbsp;&nbsp;3.55% |  | 5/1/2030 | NR | 1025000 | 1028624 |
| *Total* |  |  |  |  |  | 50247036 |
| **Education 6.89%** |  |  |  |  |  |  |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 6/15/2030 | Ba2 | 2500000 | 2587094 |
| California Community Choice Financing Authority | 4.219%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 15000000 | 15065226 |
| California State University | &nbsp;&nbsp;0.55% | <sup>#(a)</sup> | 11/1/2049 | Aa2 | 5000000 | 4900003 |
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | &nbsp;&nbsp;4.00% |  | 6/15/2029 | NR | 745000 | 733026 |
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | &nbsp;&nbsp;5.00% |  | 8/15/2028 | Aaa | 800000 | 843831 |
| County of Douglas - Creighton University NE | &nbsp;&nbsp;5.00% |  | 7/1/2028 | A2 | 1000000 | 1055262 |
| County of Douglas - Creighton University NE | &nbsp;&nbsp;5.00% |  | 7/1/2029 | A2 | 750000 | 806966 |
| County of Douglas - Creighton University NE | &nbsp;&nbsp;5.00% |  | 7/1/2030 | A2 | 1000000 | 1095120 |

---

*See Notes to Schedule of Investments.* 1

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Illinois Finance Authority - Illinois Institute of Technology | &nbsp;&nbsp;5.00% |  | 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;Ba2 | $1135000 | $1137810 |
| Illinois Finance Authority - Illinois Institute of Technology | &nbsp;&nbsp;5.00% |  | 9/1/2029 | Ba2 | 630000 | 631914 |
| Louisiana State Citizens Property Insurance Corp. | &nbsp;&nbsp;5.00% |  | 6/1/2026 | A1 | 6740000 | 6808606 |
| Massachusetts Development Finance Agency - President & Trustees of Williams College | &nbsp;&nbsp;3.30% | <sup>#(a)</sup> | 7/1/2041 | AA+ | 6000000 | 6069925 |
| New Jersey Educational Facilities Authority - State of New Jersey | &nbsp;&nbsp;5.00% |  | 8/1/2029 | A1 | 2500000 | 2700478 |
| New Jersey Educational Facilities Authority - Trustees of Princeton University | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 7/1/2064 | AAA | 10000000 | 11130546 |
| New York State Dormitory Authority - Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2026 | BBB- | 1375000 | 1383062 |
| New York State Dormitory Authority - Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2027 | BBB- | 1500000 | 1537564 |
| New York State Dormitory Authority - Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2028 | BBB- | 1480000 | 1535927 |
| New York State Dormitory Authority - Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2036 | BBB- | 2500000 | 2727497 |
| New York State Dormitory Authority - Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2037 | BBB- | 3000000 | 3246863 |
| Northside Independent School District TX GO (PSF-GTD) | &nbsp;&nbsp;3.45% | <sup>#(a)</sup> | 8/1/2054 | Aaa | 3945000 | 3974056 |
| Ohio Air Quality Development Authority - Duke Energy Corp | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 9/1/2030 | BBB | 1300000 | 1316986 |
| Pinellas County School Board FL | &nbsp;&nbsp;4.00% |  | 6/30/2026 | NR | 20000000 | 20140258 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 6/15/2034 | NR | 625000 | 641797 |
| Temple University-of The Commonwealth System of Higher Education PA (AG) | &nbsp;&nbsp;5.00% |  | 4/1/2031 | AA | 2310000 | 2587920 |
| University of North Carolina at Chapel Hill | 3.576%<br> (SOFR \* .67 + 1.05% |)<sup>#</sup> | 12/1/2041 | AAA | 20000000 | 20061850 |
| University of South Alabama (AG) | &nbsp;&nbsp;5.00% |  | 11/1/2028 | AA | 2285000 | 2325720 |
| *Total* |  |  |  |  |  | 117045307 |

---

2 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation 7.19%** |  |  |  |  |  |  |
| California State Public Works Board | 5.00% |  | 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 | $3095000 | $3237766 |
| California State Public Works Board - State of California Department of General Services | 5.00% |  | 10/1/2026 | NR | 90000 | 91739 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2028 | BB+ | 500000 | 514727 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2029 | BB+ | 525000 | 544354 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2030 | BB+ | 600000 | 623367 |
| City of Chicago IL GO | 5.00% |  | 1/1/2026 | BBB | 6890000 | 6890000 |
| City of Chicago IL GO | 5.00% |  | 1/1/2027 | BBB | 6400000 | 6475742 |
| City of Chicago IL GO | 5.00% |  | 1/1/2034 | BBB | 5000000 | 5328571 |
| City of Madison WI GO | 5.00% |  | 10/1/2030 | Aaa | 9985000 | 11109217 |
| City of New Haven CT | 5.00% |  | 8/1/2028 | A- | 2000000 | 2112076 |
| City of New Haven CT (AG) | 5.00% |  | 8/1/2032 | AA | 2700000 | 3053835 |
| County of Cook IL GO | 5.00% |  | 11/15/2031 | Aa3 | 2350000 | 2387328 |
| Denton Independent School District TX GO (PSF-GTD) | 4.00% | <sup>#(a)</sup> | 8/15/2055 | AAA | 5000000 | 5167764 |
| Louisiana Stadium & Exposition District | 5.00% |  | 7/1/2035 | A2 | 2690000 | 3032042 |
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% |  | 12/1/2030 | AA+ | 1620000 | 1651758 |
| State of California GO | 5.00% |  | 8/1/2030 | Aa2 | 4680000 | 4744682 |
| State of California GO | 5.00% |  | 9/1/2030 | Aa2 | 250000 | 250451 |
| State of Connecticut GO | 5.00% |  | 12/1/2029 | Aa2 | 3850000 | 4216892 |
| State of Illinois GO | 5.00% |  | 7/1/2029 | A2 | 9465000 | 10137046 |
| State of Illinois GO | 5.00% |  | 10/1/2029 | A2 | 5880000 | 6323639 |
| State of Illinois GO | 5.00% |  | 10/1/2029 | A2 | 2115000 | 2231892 |
| State of Illinois GO | 5.00% |  | 10/1/2030 | A2 | 3000000 | 3160178 |
| State of Illinois GO | 5.00% |  | 11/1/2030 | A2 | 7200000 | 7317266 |
| State of Illinois GO | 5.25% |  | 9/1/2031 | A2 | 10000000 | 11181457 |
| State of Maryland GO | 4.00% |  | 8/1/2028 | AAA | 5000000 | 5191920 |
| Town of Cumberland RI GO | 4.00% |  | 8/26/2026 | NR | 15000000 | 15136896 |
| *Total* |  |  |  |  |  | 122112605 |
| **Health Care 20.34%** |  |  |  |  |  |  |
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon |  | 6/30/2044 | NR | 1399000 | 968316 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% |  | 6/30/2039 | NR | 2801000 | 2523975 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 6.00% |  | 6/30/2034 | NR | 208897 | 224565 |

---

*See Notes to Schedule of Investments.* 3

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Berks County Municipal Authority - Tower Health Obligated Group PA | &nbsp;&nbsp;8.00% |  | 6/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;NR | $416899 | $418314 |
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | &nbsp;&nbsp;5.00% |  | 4/1/2028 | A | 3720000 | 3890126 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | &nbsp;&nbsp;5.00% |  | 12/1/2037 | BBB+ | 8000000 | 8774682 |
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 10/1/2050 | A | 20000000 | 21535570 |
| California Municipal Finance Authority - Palomar Health Obligated Group COPS<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 11/1/2027 | CCC+ | 10000000 | 9478697 |
| Charlotte-Mecklenburg Hospital Authority - Atrium Health Obligated Group NC | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 1/15/2050 | AA | 4275000 | 4541399 |
| Citizens Memorial Hospital District MO | &nbsp;&nbsp;5.00% |  | 12/1/2026 | NR | 8825000 | 8856420 |
| City of Colby KS - Citizens Medical Center Inc | &nbsp;&nbsp;5.50% |  | 7/1/2026 | NR | 5600000 | 5599942 |
| City of South Miami Health Facilities Authority, Inc. - Baptist Health South Florida Obligated Group FL | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 8/15/2065 | AA- | 3000000 | 3236643 |
| Colorado Health Facilities Authority | &nbsp;&nbsp;5.00% |  | 5/15/2033 | AA+ | 4375000 | 4939465 |
| Colorado Health Facilities Authority - AdventHealth Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 11/15/2049 | NR | 185000 | 188842 |
| Colorado Health Facilities Authority - AdventHealth Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 11/15/2049 | AA | 1825000 | 1861511 |
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% |  | 9/1/2029 | A- | 19000000 | 20372465 |
| County of Lehigh - St Luke's Hospital Obligated Group PA | 4.42%<br> (MUNIPSA \* 1 + 1.10% |)<sup>#</sup> | 8/15/2038 | A- | 14360000 | 14175519 |
| Crawford County Memorial Hospital Inc IA | &nbsp;&nbsp;5.00% |  | 6/15/2027 | NR | 1260000 | 1269701 |
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | &nbsp;&nbsp;5.00% |  | 7/1/2037 | AA- | 6000000 | 6764703 |
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 7/1/2049 | AA- | 5420000 | 5524228 |

---

4 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Harris County Cultural Education Facilities Finance Corp.- Texas Children's Hospital Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 10/1/2051 | Aa2 | $12620000 | $13985798 |
| Health & Educational Facilities Authority of the State of Missouri - SSM Health Care Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 6/1/2039 | A+ | 10000000 | 10464871 |
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | &nbsp;&nbsp;5.00% |  | 7/1/2027 | BBB | 5000000 | 5102400 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota - HealthPartners Obligated Group MN | &nbsp;&nbsp;5.00% |  | 7/1/2029 | A | 3450000 | 3690613 |
| Idaho Health Facilities Authority | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 3/1/2060 | A | 4000000 | 4369032 |
| Indiana Finance Authority - Ascension Health Credit Group | &nbsp;&nbsp;5.00% |  | 11/15/2028 | AA | 5000000 | 5322514 |
| Louisiana Public Facilities Authority - Ochsner Clinic Foundation Obligated Group | &nbsp;&nbsp;5.00% |  | 5/15/2030 | A | 6000000 | 6494116 |
| Maryland Health & Higher Educational Facilities Authority - University of Maryland Medical System Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 7/1/2045 | A | 5000000 | 5444206 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | &nbsp;&nbsp;5.00% |  | 7/1/2032 | BBB | 3760000 | 3784993 |
| Massachusetts Development Finance Agency - Mass General Brigham Inc | &nbsp;&nbsp;5.00% |  | 7/1/2031 | AA- | 5000000 | 5224370 |
| Massachusetts Development Finance Agency - Mass General Brigham Inc | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 7/1/2050 | AA- | 10000000 | 10817163 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | &nbsp;&nbsp;5.00% |  | 7/1/2028 | A | 1500000 | 1576214 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Vanderbilt University Medical Center Obligated Group TN | &nbsp;&nbsp;5.00% |  | 7/1/2029 | A | 5000000 | 5348714 |
| Michigan Finance Authority - McKenzie Memorial Hospital | &nbsp;&nbsp;4.00% |  | 1/1/2028 | NR | 12295000 | 12324628 |
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | &nbsp;&nbsp;1.20% | <sup>#(a)</sup> | 10/15/2038 | A1 | 10000000 | 9487100 |

---

*See Notes to Schedule of Investments.* 5

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | &nbsp;&nbsp;4.25% |  | 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;NR | $1250000 | $1253758 |
| New York State Dormitory Authority - Northwell Health Obligated Group | &nbsp;&nbsp;5.00% |  | 5/1/2028 | A- | 3740000 | 3930298 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2030 | BBB- | 375000 | 403277 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2031 | BBB- | 2250000 | 2443882 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2032 | BBB- | 1000000 | 1093957 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2033 | BBB- | 1000000 | 1098859 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | &nbsp;&nbsp;5.00% |  | 8/15/2026 | BB+ | 800000 | 806280 |
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | &nbsp;&nbsp;5.25% |  | 11/1/2039 | A | 8000000 | 8869581 |
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | &nbsp;&nbsp;6.50% |  | 11/1/2030 | NR | 5000000 | 5182941 |
| Shelby County Health Educational & Housing Facilities Board - Baptist Memorial Health Care Obligated Group TN | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 9/1/2049 | BBB+ | 8750000 | 9258112 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | &nbsp;&nbsp;5.25% |  | 11/15/2028 | NR | 2850000 | 2852649 |
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | &nbsp;&nbsp;5.00% |  | 11/1/2037 | A+ | 4000000 | 4459848 |
| State of Ohio - University Hospitals Health System Inc Obligated Group | &nbsp;&nbsp;5.00% |  | 1/15/2030 | A | 10000000 | 10793781 |
| Tarrant County Cultural Education Facilities Finance Corp. - Baylor Scott & White Health Obligated Group TX | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | &nbsp;&nbsp;11/15/2052 | Aa2 | 2180000 | 2190691 |
| Tempe Industrial Development Authority - Tempe Life Care Village Obligated Group AZ | &nbsp;&nbsp;3.50% |  | 12/1/2030 | NR | 4500000 | 4489831 |
| Tulsa County Industrial Authority - Montereau Obligated Group OK | &nbsp;&nbsp;5.00% |  | 11/15/2026 | BBB- <sup>(b)</sup> | 500000 | 503597 |
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% |  | 8/1/2029 | A- | 3425000 | 3665744 |

---

6 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% |  | 8/1/2029 | A- | $3500000 | $3746016 |
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 8/1/2049 | A- | 7515000 | 7526079 |
| Washington Health Care Facilities Authority - Multicare Health System Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 8/15/2055 | A | 10000000 | 10696152 |
| Washington State Housing Finance Commission - Horizon House Obligated Group/WA | 4.375% |  | 1/1/2033 | BB <sup>(b)</sup> | 13380000 | 13442800 |
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | &nbsp;&nbsp;5.00% |  | 8/15/2030 | A+ | 7000000 | 7647104 |
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | &nbsp;&nbsp;5.00% |  | 2/15/2029 | A+ | 6200000 | 6571177 |
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | &nbsp;&nbsp;4.20% |  | 8/15/2028 | BBB- <sup>(b)</sup> | 4010000 | 4010209 |
| *Total* |  |  |  |  |  | 345518438 |
| **Housing 14.04%** |  |  |  |  |  |  |
| Atlanta Urban Residential Finance Authority - North Block Associates LLC GA (FHA), (HUD) | &nbsp;&nbsp;3.40% | <sup>#(a)</sup> | 2/1/2029 | Aa1 | 2500000 | 2516218 |
| Atlanta Urban Residential Finance Authority - Trinity Flats Redevelopment LP GA (FHA), (GNMA) | &nbsp;&nbsp;3.20% | <sup>#(a)</sup> | 2/1/2030 | Aa1 | 5625000 | 5642668 |
| Austin Affordable PFC, Inc. - TX Clayton 2024 Ltd TX | &nbsp;&nbsp;2.95% | <sup>#(a)</sup> | 11/1/2059 | Aa1 | 5200000 | 5202423 |
| California Housing Finance Agency - Del Sur Family Housing LP | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 5/1/2054 | Aa1 | 1750000 | 1771268 |
| California Housing Finance Agency - Sutter BMR LP | &nbsp;&nbsp;2.75% | <sup>#(a)</sup> | 11/1/2029 | Aa1 | 3200000 | 3181779 |
| City of Wichita KS | &nbsp;&nbsp;3.15% | <sup>#(a)</sup> | 2/1/2030 | Aa1 | 4250000 | 4263506 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 5/1/2055 | AA | 5000000 | 5620672 |
| Colorado Housing & Finance Authority (GNMA) | &nbsp;&nbsp;6.00% |  | 5/1/2053 | AA | 2200000 | 2400266 |
| Connecticut Housing Finance Authority | 3.10% | <sup>#(a)</sup> | 11/15/2064 | AAA | 7000000 | 7000900 |

---

*See Notes to Schedule of Investments.* 7

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Connecticut Housing Finance Authority | &nbsp;&nbsp;4.00% |  | 5/15/2049 | AAA | $2105000 | $2125091 |
| Connecticut Housing Finance Authority | &nbsp;&nbsp;6.25% |  | 5/15/2054 | AAA | 2205000 | 2393976 |
| Dayton-Montgomery County Port Authority - Magnus Forest Avenue LP OH | &nbsp;&nbsp;3.20% | <sup>#(a)</sup> | 1/1/2044 | Aa1 | 8700000 | 8721966 |
| District of Columbia Housing Finance Agency - Barry Farm Building 1A LLC | &nbsp;&nbsp;3.15% | <sup>#(a)</sup> | 2/1/2030 | Aa1 | 3250000 | 3258612 |
| District of Columbia Housing Finance Agency - Benning Corridor Titleholder LLC | &nbsp;&nbsp;3.35% | <sup>#(a)</sup> | 9/1/2040 | Aa1 | 9175000 | 9177289 |
| Eagle County Housing & Development Authority - Eagle Villas Owner LP CO | &nbsp;&nbsp;3.55% | <sup>#(a)</sup> | 12/1/2045 | Aa1 | 3750000 | 3771378 |
| Henrico County Economic Development Authority - GWF Family LLC VA | &nbsp;&nbsp;3.20% | <sup>#(a)</sup> | 12/1/2045 | Aa1 | 8850000 | 8874991 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 1/1/2056 | Aa1 | 2000000 | 2266561 |
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 10/1/2055 | Aaa | 4980000 | 5621734 |
| Knoxville's Community Development Corp. - ECG N Peters LP TN | &nbsp;&nbsp;3.15% | <sup>#(a)</sup> | 5/1/2046 | Aa1 | 6000000 | 6016570 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Artist Lofts LP TN | &nbsp;&nbsp;3.20% | <sup>#(a)</sup> | 12/1/2059 | Aa1 | 12625000 | 12660650 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - HV Land Co LP TN | &nbsp;&nbsp;3.35% | <sup>#(a)</sup> | 6/1/2044 | Aa1 | 6900000 | 6901722 |
| Metropolitan Government Nashville & Davidson County Industrial Development Board - Nashville Leased Housing Associates V LLLP TN | &nbsp;&nbsp;3.15% | <sup>#(a)</sup> | 7/1/2044 | Aa1 | 5000000 | 5020043 |
| Michigan State Housing Development Authority | &nbsp;&nbsp;4.25% |  | 12/1/2049 | AA+ | 1485000 | 1501300 |
| Michigan State Housing Development Authority | &nbsp;&nbsp;6.25% |  | 6/1/2055 | AA+ | 4915000 | 5404499 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;4.25% |  | 7/1/2049 | AA+ | 1335000 | 1348523 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;5.00% |  | 7/1/2053 | AA+ | 5085000 | 5280834 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 7/1/2054 | AA+ | 5020000 | 5431851 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 1/1/2055 | AA+ | 2420000 | 2702581 |

---

8 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2055 | &nbsp;&nbsp;&nbsp;AA+ | $3430000 | $3857533 |
| New Jersey Housing & Mortgage Finance Agency | 2.95% |  | 11/1/2027 | AA- | 10000000 | 9993534 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.00% |  | 12/15/2031 | Baa1 | 500000 | 513230 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 500000 | 512077 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 4.00% |  | 1/1/2050 | AA+ | 1105000 | 1109347 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 4955000 | 5346927 |
| North Dakota Housing Finance Agency | 4.00% |  | 1/1/2050 | Aa1 | 1940000 | 1955575 |
| North Dakota Housing Finance Agency | 6.00% |  | 1/1/2056 | Aa1 | 6250000 | 6888654 |
| Ohio Housing Finance Agency - Pebble Brooke Owner LP | 3.35% | <sup>#(a)</sup> | 7/1/2043 | Aa1 | 14000000 | 14116775 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 3/1/2055 | Aa1 | 3900000 | 4273285 |
| Pennsylvania Housing Finance Agency | 6.50% |  | 10/1/2055 | Aa1 | 5000000 | 5724768 |
| Seattle Housing Authority - Yesler Block 6.6 LLLP WA (HUD) | 5.00% |  | 6/1/2027 | AA | 7000000 | 7088218 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue | 3.50% |  | 4/1/2049 | Aa1 | 320000 | 319372 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% |  | 7/1/2053 | AA+ | 7375000 | 7899016 |
| Texas State Affordable Housing Corp. - AHFC-FC Norman Housing LP | 3.625% | <sup>#(a)</sup> | 1/1/2045 | Aa1 | 3400000 | 3422079 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aa2 | 6875000 | 7711800 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% |  | 7/1/2055 | Aa2 | 4970000 | 5554994 |
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ <sup>(b)</sup> | 3800000 | 3843749 |
| Wisconsin Housing & Economic Development Authority - East National LLC | 5.00% | <sup>#(a)</sup> | 8/1/2058 | Aa1 | 2000000 | 2020464 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AA+ | 2100000 | 2337812 |

---

*See Notes to Schedule of Investments.* 9

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Wisconsin Housing & Economic Development Authority Housing Revenue | &nbsp;&nbsp;3.75% | <sup>#(a)</sup> | 11/1/2055 | &nbsp;&nbsp;&nbsp;AA+ | $7790000 | $7843277 |
| *Total* |  |  |  |  |  | 238412357 |
| **Lease Obligations 0.38%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - New Jersey Transit Corp | &nbsp;&nbsp;5.00% |  | 11/1/2028 | A1 | 1315000 | 1400839 |
| Virginia College Building Authority - Commonwealth of Virginia | &nbsp;&nbsp;4.00% |  | 2/1/2029 | AA+ | 5005000 | 5009344 |
| *Total* |  |  |  |  |  | 6410183 |
| **Multi-Family Housing 0.97%** |  |  |  |  |  |  |
| Housing Options, Inc. TX (HUD) | &nbsp;&nbsp;3.05% | <sup>#(a)</sup> | 2/1/2045 | Aa1 | 3850000 | 3861067 |
| Industrial Development Authority of the City of Phoenix Arizona - 4201 S 91st Avenue Owner LLLP AZ | &nbsp;&nbsp;3.10% | <sup>#(a)</sup> | 2/1/2059 | Aa1 | 5000000 | 5015901 |
| Kansas Development Finance Authority - Manhattan HP LP | &nbsp;&nbsp;2.70% | <sup>#(a)</sup> | 10/1/2046 | Aa1 | 3000000 | 2963745 |
| Michigan State Housing Development Authority - 28WPHASETHREE Ltd Dividend Housing Association LP | &nbsp;&nbsp;2.70% | <sup>#(a)</sup> | 10/1/2043 | Aa1 | 4695000 | 4638260 |
| *Total* |  |  |  |  |  | 16478973 |
| **Other Revenue 1.20%** |  |  |  |  |  |  |
| California Infrastructure & Economic Development Bank - Museum Associates | 4.02%<br> (MUNIPSA \* 1 + .70% |)<sup>#</sup> | 12/1/2050 | A3 | 6500000 | 6490941 |
| Illinois Finance Authority - Field Museum of Natural History | 3.789%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 2655000 | 2659376 |
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ<sup>†(c)</sup> | &nbsp;&nbsp;3.50% |  | 7/1/2025 | NR | 425000 | 340000 |
| Oregon State Lottery | &nbsp;&nbsp;5.00% |  | 4/1/2031 | AAA | 3025000 | 3111955 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 12/1/2034 | NR | 1960000 | 2059610 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 5/15/2051 | AA+ | 5700000 | 5746370 |
| *Total* |  |  |  |  |  | 20408252 |

---

10 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pollution Control 0.28%** |  |  |  |  |  |
| Industrial Development Authority of the County of Yavapai - Republic Services Inc AZ | 3.00% | 4/1/2029 | A- | $1500000 | $1500000 |
| North Carolina Capital Facilities Finance Agency - Republic Services Inc | 3.00% | 7/1/2034 | A- | 3250000 | 3250156 |
| *Total* |  |  |  |  | 4750156 |
| **Special Tax 0.31%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.00% | 5/1/2028 | NR | 1915000 | 1954247 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | Zero Coupon<br> (CPI YoY \* 1 + 0.88% | 3/1/2026 | Baa1 | 2000000 | 2000746 |
| Village Community Development District No. 13 FL<sup>†</sup> | 2.625% | 5/1/2030 | NR | 1445000 | 1404266 |
| *Total* |  |  |  |  | 5359259 |
| **Tax Revenue 0.80%** |  |  |  |  |  |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 2000000 | 2017975 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2028 | A1 | 3995000 | 4222817 |
| New York State Housing Finance Agency - State of New York Personal Income Tax Revenue | 3.35% | 6/15/2054 | Aa1 | 3610000 | 3622790 |
| New York State Housing Finance Agency - State of New York Personal Income Tax Revenue | 3.45% | 6/15/2054 | Aa1 | 1500000 | 1515299 |
| Sparks Tourism Improvement District No. 1 Sales Tax Revenue NV | 3.875% | 6/15/2028 | NR | 2275000 | 2278362 |
| *Total* |  |  |  |  | 13657243 |
| **Taxable Revenue - Water & Sewer 0.76%** |  |  |  |  |  |
| Washington Suburban Sanitary Commission MD | 4.00% | 6/15/2032 | AAA | 5000000 | 5092277 |
| Water Works Board of the City of Birmingham/The AL<sup>†</sup> | 3.75% | 9/1/2026 | NR | 7750000 | 7749993 |
| *Total* |  |  |  |  | 12842270 |

---

*See Notes to Schedule of Investments.* 11

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation 4.54%** |  |  |  |  |  |  |
| Central Texas Turnpike System | 5.00% |  | 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;A- | $7500000 | $8396500 |
| City of Cleveland Airport System Revenue OH | 5.00% |  | 1/1/2030 | A | 6000000 | 6519378 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2026 | A | 2250000 | 2296976 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2026 | A | 1675000 | 1709971 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2026 | A | 2315000 | 2363333 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% |  | 6/15/2030 | A1 | 5535000 | 6078581 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% |  | 6/15/2033 | A1 | 11500000 | 13153187 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% |  | 6/15/2036 | A1 | 5500000 | 6222899 |
| New Jersey Turnpike Authority (AG) | 5.25% |  | 1/1/2026 | AA | 7645000 | 7645000 |
| North Carolina Turnpike Authority (AG) | 5.00% |  | 1/1/2028 | AA | 1500000 | 1531985 |
| North Texas Tollway Authority | 5.00% |  | 1/1/2026 | AA- | 5500000 | 5500000 |
| North Texas Tollway Authority | 5.00% |  | 1/1/2031 | A+ | 5250000 | 5827931 |
| Oklahoma Turnpike Authority | 5.00% |  | 1/1/2030 | AA- | 1730000 | 1771629 |
| Pennsylvania Turnpike Commission | 5.00% | <sup>#(a)</sup> | 12/1/2045 | AA- | 2500000 | 2799815 |
| Port Authority of New York & New Jersey | 3.00% |  | 12/1/2027 | AA- | 2500000 | 2500731 |
| State of Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;5.00% |  | 5/1/2029 | AA | 2575000 | 2777553 |
| *Total* |  |  |  |  |  | 77095469 |
| **Utilities 19.55%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 10000000 | 10308055 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 12/1/2055 | A1 | 22650000 | 24239958 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(a)</sup> | 5/1/2055 | A1 | 3750000 | 4074974 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 11/1/2055 | A1 | 14500000 | 15095421 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | 5480000 | 5823371 |
| Central Plains Energy Project NE | 4.699%<br> (SOFR \* .67 + 2.18% |)<sup>#</sup> | 5/1/2053 | A2 | 20000000 | 20748826 |
| City of Cape Coral Water & Sewer Revenue FL | 5.00% |  | 10/1/2030 | A1 | 5595000 | 6166897 |
| City of San Antonio Electric & Gas Systems Revenue TX | 3.08% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 10000000 | 10038026 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2031 | Aa2 | 1790000 | 1834865 |

---

12 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or <br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Development Authority of Burke County - Georgia Power Co | 3.375% | <sup>#(a)</sup> | 11/1/2048 | A | $7750000 | $7783731 |
| Development Authority of Burke County - Oglethorpe Power Corp GA | &nbsp;&nbsp;3.60% | <sup>#(a)</sup> | 11/1/2045 | A3 | 3000000 | 3052187 |
| Development Authority of Monroe County - Georgia Power Co | 3.875% | <sup>#(a)</sup> | 6/1/2042 | A | 6000000 | 6008864 |
| Energy Southeast A Cooperative District AL | 4.719%<br> (SOFR \* .67 + 2.20% |)<sup>#</sup> | 4/1/2054 | A1 | 5000000 | 5100755 |
| Energy Southeast A Cooperative District AL | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 6000000 | 6532080 |
| Illinois Finance Authority - Peoples Gas Light & Coke Co/The | &nbsp;&nbsp;3.90% |  | 3/1/2030 | Aa3 | 5000000 | 5002729 |
| Kentucky Municipal Power Agency | &nbsp;&nbsp;3.45% | <sup>#(a)</sup> | 9/1/2042 | Baa1 | 1700000 | 1699180 |
| Kentucky Public Energy Authority | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 4/1/2054 | A1 | 10000000 | 10805540 |
| Kentucky Public Energy Authority | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 6/1/2055 | A1 | 13000000 | 13756670 |
| Los Angeles Department of Water & Power Power System Revenue CA | &nbsp;&nbsp;5.00% |  | 7/1/2030 | Aa2 | 7500000 | 8165023 |
| Los Angeles Department of Water & Power System Revenue CA | &nbsp;&nbsp;5.00% |  | 7/1/2028 | Aa2 | 15000000 | 15679290 |
| Los Angeles Department of Water & Power System Revenue CA | &nbsp;&nbsp;5.00% |  | 7/1/2030 | Aa2 | 4000000 | 4396478 |
| Los Angeles Department of Water & Power Water System Revenue CA | &nbsp;&nbsp;5.00% |  | 1/1/2030 | Aa2 | 7410000 | 7974909 |
| Lower Alabama Gas District AL | &nbsp;&nbsp;5.00% |  | 12/1/2033 | A1 | 9000000 | 9519386 |
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | &nbsp;&nbsp;5.00% |  | 5/15/2030 | A1 | 6000000 | 6581632 |
| Lower Colorado River Authority TX | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 5/15/2039 | A | 20000000 | 20859068 |
| Main Street Natural Gas, Inc. GA | &nbsp;&nbsp;4.00% |  | 5/15/2039 | A1 | 2275000 | 2214565 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 21500000 | 21481519 |
| Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;5.00% |  | 12/1/2030 | A2 | 5000000 | 5551736 |
| Montgomery County Industrial Development Authority - Constellation Energy Generation LLC PA | &nbsp;&nbsp;4.10% | <sup>#(a)</sup> | 4/1/2053 | BBB+ | 7760000 | 7961513 |
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 12/1/2038 | B | 1100000 | 1106937 |
| Philadelphia Gas Works Co. PA | &nbsp;&nbsp;5.00% |  | 8/1/2030 | A | 2000000 | 2205183 |
| Philadelphia Gas Works Co. PA | &nbsp;&nbsp;5.00% |  | 8/1/2031 | A | 1375000 | 1542240 |

---

*See Notes to Schedule of Investments.* 13

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |  |
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC |  | 5.00% |  | 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;A- | $7695000 | $7856029 |
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC |  | 5.00% |  | 1/1/2029 | A- | 8240000 | 8414012 |
| Public Power Generation Agency NE |  | 5.00% |  | 1/1/2031 | A2 | 1500000 | 1668838 |
| South Carolina Public Service Authority |  | 5.00% |  | 12/1/2028 | A- | 4325000 | 4617050 |
| Southeast Energy Authority A Cooperative District AL |  | &nbsp;&nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 3/1/2055 | A1 | 4550000 | 4803676 |
| Southern California Public Power Authority - City of Anaheim Electric System Revenue |  | &nbsp;&nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 4/1/2055 | A2 | 5250000 | 5578817 |
| Tennessee Energy Acquisition Corp. |  | &nbsp;&nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 5/1/2053 | A2 | 10000000 | 10282994 |
| Tennessee Energy Acquisition Corp. |  | 5.625% |  | 9/1/2026 | BBB <sup>(b)</sup> | 9040000 | 9154567 |
| Texas Municipal Gas Acquisition & Supply Corp. I |  | 6.25% |  | 12/15/2026 | A1 | 1300000 | 1341109 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  | 5.25% |  | 1/1/2030 | A1 | 4660000 | 4933988 |
| *Total* |  |  |  |  |  |  | 331962688 |
| *Total Municipal Bonds (cost $1,353,776,870)* |  |  |  |  |  |  | 1362300236 |
|  | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(d)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 18.98%** |  |  |  |  |  |  |  |
| **Variable Rate Demand Notes 18.92%** |  |  |  |  |  |  |  |
| **Education 4.15%** |  |  |  |  |  |  |  |
| New York State Dormitory Authority - Pace University | 4.040% | 1/2/2026 |  | 5/1/2044 | BBB- | 20000000 | 20000000 |
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 4.060% | 1/2/2026 |  | 9/1/2045 | A | 22325000 | 22325000 |
| Philadelphia Authority for Industrial Development - Thomas Jefferson University Obligated Group PA | 4.060% | 1/2/2026 |  | 9/1/2050 | A | 13125000 | 13125000 |
| University of California | 1.700% | 1/2/2026 |  | 5/15/2048 | AA | 15000000 | 15000000 |
| *Total* |  |  |  |  |  |  | 70450000 |

---

14 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(d)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation 3.16%** |  |  |  |  |  |  |
| City of New York NY GO | 2.500% | 1/2/2026 | 10/1/2040 | AA+ | $2000000 | $2000000 |
| City of New York NY GO | 2.500% | 1/2/2026 | 10/1/2046 | AA | 17720000 | 17720000 |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA | 8310000 | 8310000 |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA | 15090000 | 15090000 |
| City of New York NY GO | 2.600% | 1/2/2026 | 4/1/2038 | AA+ | 500000 | 500000 |
| Florida Insurance Assistance Interlocal Agency, Inc. | 4.060% | 1/2/2026 | 9/1/2032 | Aa2 | 10000000 | 10000000 |
| *Total* |  |  |  |  |  | 53620000 |
| **Health Care 7.49%** |  |  |  |  |  |  |
| Harris County Cultural Education Facilities Finance Corp. - Baylor College of Medicine TX | 3.720% | 1/2/2026 | 11/15/2046 | A | 25875000 | 25875000 |
| Health Care Authority for Baptist Health AL | 4.650% | 1/2/2026 | 11/1/2042 | A3 | 28487000 | 28487000 |
| Highlands County Health Facilities Authority FL | 2.550% | 1/2/2026 | 11/15/2060 | AA | 13000000 | 13000000 |
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.060% | 1/2/2026 | 9/1/2050 | A | 7485000 | 7485000 |
| Public Finance Authority - Kaiser Obligated Group WI | 2.450% | 1/2/2026 | 10/1/2055 | AA+ | 8490000 | 8490000 |
| Rib Floater Trust Various States FL<sup>†</sup> | 3.670% | 1/2/2026 | 10/1/2054 | A1 | 18890000 | 18890000 |
| South Dakota Health & Educational Facilities Authority - Sanford Obligated Group | 3.370% | 1/1/2026 | 7/1/2055 | A+ | 15000000 | 15000000 |
| State of Ohio - University Hospitals Health System Inc Obligated Group | 3.790% | 1/2/2026 | 1/15/2045 | A | 10035000 | 10035000 |
| *Total* |  |  |  |  |  | 127262000 |
| **Home Furnishings 0.59%** |  |  |  |  |  |  |
| Rib Floater Trust Various States MD<sup>†</sup> | 3.670% | 5/15/2026 | 11/15/2049 | A1 | 10000000 | 10000000 |
| **Pollution Control 1.20%** |  |  |  |  |  |  |
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 2.550% | &nbsp;&nbsp;1/2/2026 | 4/1/2040 | BBB+ | 20400000 | 20400000 |

---

*See Notes to Schedule of Investments.* 15

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(d)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue 0.18%** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.480% | 1/2/2026 | 2/1/2044 | AAA | $3000000 | $3000000 |
| **Transportation 0.30%** |  |  |  |  |  |  |
| Bay Area Toll Authority CA | 1.700% | 1/2/2026 | 4/1/2055 | AA+ | 5130000 | 5130000 |
| **Utilities 1.85%** |  |  |  |  |  |  |
| County of King Sewer Revenue - County of King WA Sewer Revenue WA | 2.500% | 1/2/2026 | 1/1/2065 | AA | 8500000 | 8500000 |
| Development Authority of Appling County - Georgia Power Co | 2.500% | 1/1/2026 | 9/1/2041 | A | 6000000 | 6000000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.490% | 1/15/2026 | 6/15/2055 | AA+ | 2000000 | 2000000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.500% | 1/15/2026 | 6/15/2033 | AA+ | 13000000 | 13000000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.600% | 1/15/2026 | 6/15/2043 | AA+ | 1900000 | 1900000 |
| *Total* |  |  |  |  |  | 31400000 |
| *Total Variable Rate Demand Notes* (cost $321,262,000) | *Total Variable Rate Demand Notes* (cost $321,262,000) | *Total Variable Rate Demand Notes* (cost $321,262,000) |  |  |  | 321262000 |
| **REPURCHASE AGREEMENTS 0.06%** |  |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $1,100,400 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $1,121,672; proceeds: $1,099,751<br> (cost $1,099,553) |  |  |  |  | 1099553 | 1099553 |
| *Total Short-Term Investments* (cost $322,361,553) | *Total Short-Term Investments* (cost $322,361,553) | *Total Short-Term Investments* (cost $322,361,553) |  |  |  | 322361553 |
| *Total Investments in Securities 99.19%* (cost $1,676,138,423) | *Total Investments in Securities 99.19%* (cost $1,676,138,423) | *Total Investments in Securities 99.19%* (cost $1,676,138,423) |  |  |  | 1684661789 |
| *Other Assets and Liabilities – Net 0.81%* |  |  |  |  |  | 13731276 |
| *Net Assets 100.00%* |  |  |  |  |  | $1698393065 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| 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. |

---

16 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

SHORT DURATION TAX FREE FUND *December 31, 2025*

---

| | |
|:---|:---|
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| HUD | Insured by - Department of Housing and Urban Development. |
| MUNIPSA | SIFMA Municipal Swap Index Yield. |
| NR | Not Rated. |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |
| YoY | Year on Year Inflation Rates. |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $82,069,837, which represents 4.83% of net assets. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(c)</sup> | Defaulted (non-income producing security). |
| <sup>(d)</sup> | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| I**nvestment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $1362300236 | $– | $1362300236 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 321262000 |  | 321262000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1099553 | – | 1099553 |
| Total | $– | $1684661789 | $– | $1684661789 |

---

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

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Schedule of Investments.* 17

**Schedule of Investments (unaudited)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 97.83%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 97.83%** |  |  |  |  |  |  |
| **Corporate-Backed 6.89%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority - Weyerhaeuser Co AMT | 3.875% | <sup>#(a)</sup> | 10/15/2065 | BBB | $3750000 | $3756008 |
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2055 | BB | 12000000 | 12241006 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | 12110000 | 12161895 |
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 3375000 | 3380166 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 6900000 | 6983950 |
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 16015000 | 11851100 |
| City of Farmington - Public Service Co of New Mexico | 3.90% | <sup>#(a)</sup> | 6/1/2040 | BBB | 7000000 | 7095162 |
| City of Granite City - Waste Management of Illinois Inc IL AMT | 1.25% |  | 5/1/2027 | A- | 5485000 | 5294894 |
| City of Henderson - Pratt Paper LLC KY AMT<sup>†</sup> | 3.70% |  | 1/1/2032 | NR | 6155000 | 6154745 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | 1885000 | 1887099 |
| City of St. Mary's KS | 3.50% |  | 4/15/2032 | BBB+ | 7500000 | 7505798 |
| Downtown Doral South Community Development District FL<sup>†</sup> | 4.75% |  | 12/15/2038 | NR | 625000 | 641732 |
| Florida Development Finance Corp. - Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 7430000 | 7462451 |
| Florida Development Finance Corp. - Waste Pro USA Inc FL AMT<sup>†</sup> | 4.45% | <sup>#(a)</sup> | 7/1/2037 | NR | 3000000 | 3025264 |
| Greater Orlando Aviation Authority - JetBlue Airways Corp FL | 5.00% |  | 11/15/2026 | NR | 2980000 | 2981242 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% |  | 5/1/2044 | NR | 1845000 | 1904832 |
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 6.375% | <sup>#(a)</sup> | 11/1/2050 | BB+ | 8525000 | 9362579 |
| Indiana Finance Authority - Ohio Valley Electric Corp | 2.50% |  | 11/1/2030 | Baa3 | 1000000 | 959090 |
| Indiana Finance Authority - Ohio Valley Electric Corp | 3.00% |  | 11/1/2030 | Baa3 | 5600000 | 5479905 |

---

18 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Indiana Finance Authority - United States Steel Corp AMT | 6.75% |  | 5/1/2039 | BB+ | $1500000 | $1678651 |
| Industrial Development Authority of the County of Yavapai - Waste Management Inc AZ AMT | 1.30% |  | 6/1/2027 | A- | 4650000 | 4482225 |
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | <sup>#(a)</sup> | 12/1/2050 | AA+ | 11050000 | 12022822 |
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Corp | 3.50% |  | 11/1/2032 | BBB+ | 7655000 | 7598557 |
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT<sup>†</sup> | 6.75% | <sup>#(a)</sup> | 10/1/2053 | NR | 12000000 | 12686413 |
| Louisiana Public Facilities Authority - Waste Pro USA Inc LA AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 5/1/2053 | NR | 6000000 | 6009149 |
| Maryland Economic Development Corp.<sup>(b)</sup> | 5.00% |  | 12/1/2016 | NR | 2570000 | 1721900 |
| Maryland Economic Development Corp. - Core Natural Resources Inc<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 7/1/2048 | NR | 5150000 | 5396524 |
| Massachusetts Development Finance Agency - Waste Management of Massachusetts Inc AMT<sup>†</sup> | 1.25% |  | 5/1/2027 | A- | 3250000 | 3137358 |
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 2.60% |  | 11/1/2029 | BBB+ | 6800000 | 6590844 |
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 4.00% |  | 6/1/2030 | BBB+ | 8000000 | 8002905 |
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | <sup>#(a)</sup> | 10/1/2061 | BB | 5640000 | 5634502 |
| Mission Economic Development Corp. - Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 9335000 | 9337180 |
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 2/1/2048 | NR | 3750000 | 3751779 |
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT<sup>†</sup> | 3.75% | <sup>#(a)</sup> | 7/1/2045 | B- | 1970000 | 1620828 |
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT<sup>†</sup> | 4.00% |  | 11/1/2027 | B- | 6225000 | 6149415 |
| New Hampshire Business Finance Authority - New York State Electric & Gas Corp AMT | 4.00% |  | 12/1/2028 | A- | 9235000 | 9383491 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 13165000 | 13182186 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% |  | 6/1/2033 | BB+ | 1500000 | 1503343 |

---

*See Notes to Schedule of Investments.* 19

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | $1940000 | $1940414 |
| New York Liberty Development Corp. | 2.50% |  | 11/15/2036 | A+ | 2500000 | 2140455 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 1875000 | 1876778 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1920000 | 1921378 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(a)</sup> | 12/1/2044 | B+ | 2000000 | 1910242 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1040001 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% |  | 8/1/2026 | B+ | 660000 | 660700 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 2500000 | 2502663 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 1425000 | 1476066 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 1850000 | 1931039 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% |  | 1/1/2026 | Baa2 | 3110000 | 3110000 |
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5500000 | 4844235 |
| Ohio Air Quality Development Authority - American Electric Power Co Inc | 2.40% | <sup>#(a)</sup> | 12/1/2038 | BBB | 5685000 | 5419848 |
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.50% | <sup>#(a)</sup> | 11/1/2042 | BBB | 8800000 | 8420054 |
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.60% | <sup>#(a)</sup> | 6/1/2041 | BBB | 18210000 | 17517725 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(a)</sup> | 6/1/2038 | BB+ | 1500000 | 1652354 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(a)</sup> | 12/1/2040 | BB+ | 9825000 | 10828640 |
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT<sup>†</sup> | 3.25% |  | 8/1/2039 | B- | 1035000 | 816790 |
| Phenix City Industrial Development Board - WestRock Coated Board LLC AL AMT | 4.125% |  | 5/15/2035 | BBB | 1500000 | 1482407 |
| Port of Beaumont Industrial Development Authority - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX<sup>†</sup> | 4.10% |  | 1/1/2028 | NR | 5000000 | 4554492 |

---

20 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2036 | NR | $6000000 | $5889632 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 7220000 | 6599529 |
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 7650000 | 7651553 |
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.25% |  | 7/1/2028 | BBB+ | 1260000 | 1261108 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2452000 | 2451650 |
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 5810000 | 4299400 |
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 6740000 | 6756652 |
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2052 | B+ | 5500000 | 5549964 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.55% |  | 5/1/2044 | NR | 5735000 | 5543626 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.85% |  | 5/1/2038 | NR | 2160000 | 2241721 |
| Village Community Development District No. 15 FL<sup>†</sup> | 5.00% |  | 5/1/2043 | NR | 5090000 | 5187635 |
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 440000 | 419849 |
| West Pace Cooperative District AL<sup>(b)</sup> | 9.125% |  | 5/1/2039 | NR | 4900000 | 2450000 |
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | <sup>#(a)</sup> | 4/1/2036 | BBB | 5800000 | 5824068 |
| *Total* |  |  |  |  |  | 368191658 |
| **Education 8.20%** |  |  |  |  |  |  |
| Arizona Board of Regents - Arizona State University | 5.00% |  | 7/1/2038 | AA | 3250000 | 3736509 |
| Arizona Board of Regents - Arizona State University | 5.00% |  | 7/1/2039 | AA | 2000000 | 2283108 |
| Arizona Board of Regents - Arizona State University | 5.00% |  | 7/1/2041 | AA | 2500000 | 2785388 |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2035 | Ba2 | 1250000 | 1317700 |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.125% |  | 6/15/2040 | Ba2 | 2400000 | 2459416 |

---

*See Notes to Schedule of Investments.* 21

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 4.219%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | $10000000 | $10043484 |
| California Infrastructure & Economic Development Bank - University of California | 5.00% |  | 5/15/2036 | AA | 1100000 | 1315847 |
| California Infrastructure & Economic Development Bank - University of California | 5.00% |  | 5/15/2037 | AA | 2500000 | 2963908 |
| California Infrastructure & Economic Development Bank - University of California | 5.00% |  | 5/15/2039 | AA | 5000000 | 5828089 |
| California Infrastructure & Economic Development Bank - University of California | 5.00% |  | 5/15/2041 | AA | 3000000 | 3404936 |
| California Infrastructure & Economic Development Bank - University of California | 5.00% |  | 5/15/2042 | AA | 3965000 | 4449879 |
| California State University | 0.55% | <sup>#(a)</sup> | 11/1/2049 | Aa2 | 6750000 | 6615005 |
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2039 | NR | 2160000 | 2113277 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% |  | 4/1/2038 | A <sup>(c)</sup> | 3230000 | 3413610 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2034 | A <sup>(c)</sup> | 1625000 | 1792252 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2035 | A <sup>(c)</sup> | 1125000 | 1234631 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2036 | A <sup>(c)</sup> | 2175000 | 2372792 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2039 | A <sup>(c)</sup> | 6220000 | 6635161 |
| Chicago Board of Education IL GO (AG) | 5.00% |  | 12/1/2031 | AA | 5000000 | 5219105 |
| Cleveland State University OH (BAM) | 5.00% |  | 6/1/2040 | AA | 5170000 | 5611280 |
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 5.50% |  | 8/15/2045 | BB | 3770000 | 3622483 |
| Clifton Higher Education Finance Corp. TX (PSF-GTD) | 4.00% | <sup>#(a)</sup> | 2/15/2055 | Aaa | 4500000 | 4702799 |
| Clifton Higher Education Finance Corp. TX (PSF-GTD) | 5.00% |  | 2/15/2035 | Aaa | 2275000 | 2564036 |

---

22 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Clifton Higher Education Finance Corp. TX (PSF-GTD) | 5.25% |  | 2/15/2043 | Aaa | $2500000 | $2686410 |
| Clinton County Capital Resource Corp. - Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 4.50% |  | 7/1/2040 | A+ | 1100000 | 1137527 |
| Clinton County Capital Resource Corp. - Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 4.75% |  | 7/1/2043 | A+ | 1100000 | 1125240 |
| County of Frederick - Mount St Mary's University Inc MD<sup>†</sup> | 5.00% |  | 9/1/2027 | BB+ | 860000 | 862108 |
| County of Frederick - Mount St Mary's University Inc MD<sup>†</sup> | 5.00% |  | 9/1/2032 | BB+ | 2400000 | 2396090 |
| County of Lincoln - Augustana College Association SD | 4.00% |  | 8/1/2041 | BBB- | 500000 | 454807 |
| Development Authority Of The City Of Marietta - Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2027 | Ba3 | 1050000 | 1045273 |
| Development Authority Of The City Of Marietta - Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2037 | Ba3 | 4750000 | 4548574 |
| District of Columbia - Georgetown University/The | 5.00% | <sup>#(a)</sup> | 4/1/2060 | A- | 6000000 | 6781999 |
| Dutchess County Local Development Corp. - Bard College NY | 5.00% |  | 7/1/2040 | BBB- | 1150000 | 1177536 |
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group<sup>†</sup> | 6.00% |  | 7/1/2045 | BB+ | 15000000 | 14951425 |
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% |  | 9/1/2035 | Ba2 | 2600000 | 2359420 |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% |  | 9/1/2030 | Ba2 | 625000 | 626063 |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% |  | 9/1/2031 | Ba2 | 1100000 | 1099476 |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% |  | 9/1/2032 | Ba2 | 1100000 | 1095133 |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% |  | 9/1/2033 | Ba2 | 1000000 | 993073 |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% |  | 9/1/2034 | Ba2 | 3720000 | 3684531 |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% |  | 9/1/2036 | Ba2 | 3225000 | 3184126 |
| Illinois Finance Authority - University of Chicago/The | 4.00% |  | 10/1/2038 | Aa2 | 5130000 | 5130941 |

---

*See Notes to Schedule of Investments.* 23

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Indiana Finance Authority - Ohio Valley Electric Corp | 4.25% |  | 11/1/2030 | Baa3 | $14550000 | $14955172 |
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% |  | 7/1/2035 | BB+ | 2350000 | 2350827 |
| IPS Multi-School Building Corp. - Indianapolis Board of School Commissioners IN (ST INTERCEPT) | 5.00% |  | 7/15/2041 | Aa2 | 2125000 | 2281782 |
| Lehigh County General Purpose Authority - Muhlenberg College PA | 5.00% |  | 2/1/2039 | Baa1 | 6495000 | 6538684 |
| Massachusetts Development Finance Agency - President and Fellows of Harvard College | 4.00% |  | 7/15/2036 | AAA | 5450000 | 5450377 |
| Massachusetts Development Finance Agency - President and Fellows of Harvard College | 5.00% | <sup>#(a)</sup> | 5/15/2055 | AAA | 13000000 | 15332528 |
| Massachusetts Development Finance Agency - Suffolk University | 5.50% |  | 7/1/2041 | Baa3 | 4125000 | 4381311 |
| Massachusetts Development Finance Agency - Suffolk University | 5.50% |  | 7/1/2045 | Baa3 | 2350000 | 2424835 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2036 | AA | 2250000 | 2641053 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2037 | AA | 6250000 | 7271804 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2038 | AA | 3000000 | 3461969 |
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% |  | 4/1/2041 | A2 | 5000000 | 5469446 |
| Miami-Dade County Educational Facilities Authority - University of Miami FL | 5.00% |  | 4/1/2042 | A2 | 16000000 | 17313131 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2036 | AA | 1000000 | 1169743 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2039 | AA | 1500000 | 1712331 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2040 | AA | 1200000 | 1352432 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2041 | AA | 2000000 | 2227795 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2042 | AA | 2125000 | 2340680 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2043 | AA | 4000000 | 4357002 |
| New York State Dormitory Authority - Barnard College | 5.25% |  | 7/1/2038 | A | 4000000 | 4570890 |
| New York State Dormitory Authority - Barnard College | 5.25% |  | 7/1/2039 | A | 5300000 | 6018605 |
| New York State Dormitory Authority - Barnard College | 5.25% |  | 7/1/2040 | A | 5345000 | 6006984 |
| New York State Dormitory Authority - Barnard College | 5.25% |  | 7/1/2041 | A | 5000000 | 5550304 |

---

24 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Barnard College | 5.25% | 7/1/2042 | A | $4230000 | $4643862 |
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2027 | BBB | 10000000 | 10004463 |
| New York State Dormitory Authority - New School | 5.00% | 7/1/2035 | A3 | 5345000 | 5415444 |
| New York State Dormitory Authority - New School | 5.00% | 7/1/2036 | A3 | 4405000 | 4459105 |
| New York State Dormitory Authority - New School | 5.00% | 7/1/2037 | A3 | 7800000 | 7888079 |
| New York State Dormitory Authority - New York University | 5.00% | 7/1/2038 | Aa2 | 19325000 | 22424233 |
| New York State Dormitory Authority - New York University | 5.00% | 7/1/2040 | Aa2 | 7000000 | 7898182 |
| New York State Dormitory Authority - New York University | 5.00% | 7/1/2042 | Aa2 | 18295000 | 20031342 |
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2705000 | 2902048 |
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11000000 | 11517799 |
| New York State Dormitory Authority (AG) | 5.00% | 10/1/2031 | AA | 10000 | 10656 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2036 | AA | 4750000 | 5492422 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2037 | AA | 9200000 | 10120509 |
| Ohio Higher Educational Facility Commission - University of Dayton | 5.00% | 2/1/2040 | A+ | 1100000 | 1206961 |
| Ohio Higher Educational Facility Commission - University of Dayton | 5.00% | 2/1/2041 | A+ | 1300000 | 1410443 |
| Ohio Higher Educational Facility Commission - University of Dayton | 5.00% | 2/1/2042 | A+ | 1700000 | 1824891 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2032 | Baa1 | 1270000 | 1400334 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2034 | Baa1 | 2175000 | 2431333 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2036 | Baa1 | 2320000 | 2553220 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2037 | Baa1 | 1415000 | 1544791 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% | 5/1/2040 | Baa1 | 1575000 | 1672924 |

---

*See Notes to Schedule of Investments.* 25

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Ohio Higher Educational Facility Commission - Xavier University | 5.00% |  | 5/1/2042 | Baa1 | $1575000 | $1640760 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2044 | NR | 2000000 | 1900286 |
| State of Nevada Department of Business & Industry - Somerset Academy NLV Building 1 / Sky Pointe / Stephanie / Losee Campuses<sup>†</sup> | 4.50% |  | 12/15/2029 | BB+ | 335000 | 335071 |
| State of Nevada Department of Business & Industry - Somerset Academy NLV Building 1 / Sky Pointe / Stephanie / Losee Campuses<sup>†</sup> | 5.00% |  | 12/15/2038 | BB+ | 1000000 | 1000065 |
| University of Akron OH | 5.00% |  | 1/1/2035 | A3 | 3465000 | 3490914 |
| University of California | 5.50% |  | 5/15/2040 | AA | 15000000 | 17805468 |
| University of Illinois | 5.00% |  | 10/1/2035 | A2 | 885000 | 990065 |
| University of Illinois | 5.00% |  | 10/1/2036 | A2 | 920000 | 1022894 |
| University of Illinois | 5.00% |  | 10/1/2037 | A2 | 800000 | 884007 |
| University of Illinois | 5.00% |  | 10/1/2038 | A2 | 800000 | 878867 |
| University of Illinois | 5.50% |  | 10/1/2039 | A2 | 1360000 | 1529266 |
| University of Illinois | 5.50% |  | 10/1/2042 | A2 | 1650000 | 1810952 |
| University of Illinois (AG) | 4.00% |  | 4/1/2033 | AA | 4905000 | 4997763 |
| University of Kentucky (ST INTERCEPT) | 4.00% |  | 10/1/2036 | AA+ | 3000000 | 3001700 |
| University of Kentucky (ST INTERCEPT) | 4.75% |  | 4/1/2034 | AA+ | 3000000 | 3002937 |
| *Total* |  |  |  |  |  | 438148188 |
| **Financial Services 0.02%** |  |  |  |  |  |  |
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% |  | 12/1/2030 | Aaa | 470000 | 470238 |
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% |  | 12/1/2032 | Aaa | 390000 | 390025 |
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% |  | 12/1/2034 | Aaa | 355000 | 354973 |
| *Total* |  |  |  |  |  | 1215236 |
| **General Obligation 9.68%** |  |  |  |  |  |  |
| Arapahoe County Water & Wastewater Public Improvement District CO GO | 3.00% |  | 12/1/2039 | AA- | 4870000 | 4379949 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 12/1/2053 | A2 | 6835000 | 7166510 |

---

26 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.50% | <sup>#(a)</sup> | 5/1/2054 | A2 | $10000000 | $10562561 |
| California State Public Works Board - State of California Department of General Services | 5.00% |  | 4/1/2040 | Aa3 | 4200000 | 4725458 |
| California State Public Works Board - State of California Department of General Services | 5.00% |  | 4/1/2041 | Aa3 | 3550000 | 3952088 |
| California State Public Works Board - State of California Department of General Services | 5.00% |  | 4/1/2042 | Aa3 | 6035000 | 6655519 |
| Chabot-Las Positas Community College District CA GO | 3.00% |  | 8/1/2038 | AA | 2500000 | 2390512 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2029 | BB+ | 3000000 | 3057875 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2031 | BB+ | 1500000 | 1521650 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2033 | BB+ | 900000 | 902553 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 475000 | 475262 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2035 | BB+ | 450000 | 447206 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 7300000 | 7303699 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2039 | BB+ | 2340000 | 2326655 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2034 | BB+ | 9455000 | 10008876 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2037 | BB+ | 2000000 | 2061761 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2038 | BB+ | 2250000 | 2306965 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2037 | BB+ | 12500000 | 13557137 |
| Chicago Board of Education IL GO<sup>†</sup> | 6.75% |  | 12/1/2030 | BB+ | 5000000 | 5245041 |
| City of Bellevue WA GO | 4.00% |  | 12/1/2030 | AAA | 5590000 | 5594473 |
| City of Chicago IL GO | 5.00% |  | 1/1/2031 | BBB | 2210000 | 2211981 |
| City of Chicago IL GO | 5.00% |  | 1/1/2042 | BBB | 34540000 | 34193391 |
| City of Chicago IL GO | 5.50% |  | 1/1/2039 | BBB | 6000000 | 6294937 |
| City of Chicago IL GO | 5.50% |  | 1/1/2041 | BBB | 5000000 | 5205957 |
| City of Chicago IL GO | 5.50% |  | 1/1/2049 | BBB | 1140000 | 1140678 |
| City of Chicago IL GO | 6.00% |  | 1/1/2043 | BBB | 3000000 | 3201683 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 4450000 | 4603049 |
| City of Cleveland OH | 3.00% |  | 12/1/2039 | AA+ | 1700000 | 1523716 |
| City of Frisco TX GO | 5.00% |  | 2/15/2041 | AAA | 4445000 | 4851415 |
| City of Houston TX GO | 5.00% |  | 3/1/2036 | Aa3 | 1800000 | 2019450 |
| City of Houston TX GO | 5.00% |  | 3/1/2038 | Aa3 | 1000000 | 1102567 |
| City of Houston TX GO | 5.00% |  | 3/1/2041 | AA | 3750000 | 4067666 |
| City of Houston TX GO | 5.25% |  | 3/1/2039 | Aa3 | 4610000 | 5119279 |

---

*See Notes to Schedule of Investments.* 27

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| City of Houston TX GO | 5.25% | 3/1/2040 | Aa3 | $5800000 | $6376854 |
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2040 | AA | 2145000 | 2344556 |
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2041 | AA | 3500000 | 3794852 |
| City of New York NY GO | 5.00% | 6/1/2035 | AA | 10000 | 10015 |
| City of New York NY GO | 5.00% | 10/1/2036 | AA | 1250000 | 1386448 |
| City of New York NY GO | 5.00% | 4/1/2040 | AA | 2000000 | 2185142 |
| Clark County School District NV GO | 5.00% | 6/15/2041 | AA- | 10645000 | 11525602 |
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2040 | AA+ | 2250000 | 2549304 |
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2041 | AA+ | 1750000 | 1960142 |
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2042 | AA+ | 5000000 | 5535121 |
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1727569 | 1252169 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 11385659 | 11198152 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 3035632 | 2945675 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5000000 | 4628181 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 1917657 | 1675292 |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 5336508 | 5656386 |
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 1415665 | 1556068 |
| County of Clark NV GO | 3.00% | 7/1/2038 | AAA | 4000000 | 3701662 |
| County of Collin TX GO | 3.00% | 2/15/2039 | AAA | 5420000 | 4963201 |
| County of Howard MD GO | 3.00% | 8/15/2037 | AAA | 2255000 | 2158964 |
| County of Travis TX GO | 3.00% | 3/1/2038 | AAA | 4410000 | 4088978 |
| Davis Joint Unified School District CA GO (BAM) | 3.00% | 8/1/2038 | AA | 3140000 | 2903973 |
| Denton Independent School District TX GO (PSF-GTD) | 5.00% | 8/15/2039 | AAA | 5500000 | 6098626 |
| Galena Park Independent School District TX GO (PSF-GTD) | 3.00% | 8/15/2039 | Aaa | 6960000 | 6353926 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2036 | AA+ | 3000000 | 3501259 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2037 | AA+ | 6500000 | 7519420 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2038 | AA+ | 5000000 | 5737340 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2039 | AA+ | 5000000 | 5700734 |
| Janesville School District WI GO | 5.00% | 3/1/2035 | Aa2 | 2500000 | 2842404 |
| Janesville School District WI GO | 5.00% | 3/1/2036 | Aa2 | 5575000 | 6300564 |
| Janesville School District WI GO | 5.00% | 3/1/2037 | Aa2 | 3160000 | 3538924 |
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2039 | A2 | 6550000 | 7172509 |

---

28 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | $4000000 | $4466544 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4000000 | 4466544 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2036 | A1 | 2000000 | 2268305 |
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5000000 | 5436108 |
| Northside Independent School District TX GO (PSF-GTD) | 3.00% | 8/15/2038 | Aaa | 3250000 | 2984075 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2037 | Aa3 | 1000000 | 1116703 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2038 | Aa3 | 2375000 | 2632058 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2039 | Aa3 | 2250000 | 2476152 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2037 | Baa2 | 5575000 | 6121859 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2038 | Baa2 | 6200000 | 6749567 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2039 | Aa1 | 2005000 | 1871793 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2040 | Aa1 | 2000000 | 1827312 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2041 | Aa1 | 2425000 | 2179866 |
| State of California GO | 5.00% | 3/1/2042 | Aa2 | 4925000 | 5503695 |
| State of Connecticut GO | 3.00% | 1/15/2037 | Aa2 | 5090000 | 4837134 |
| State of Florida GO | 3.00% | 6/1/2036 | AAA | 3985000 | 3792388 |
| State of Illinois GO | 4.00% | 10/1/2034 | A2 | 5000000 | 5086652 |
| State of Illinois GO | 5.00% | 2/1/2028 | A2 | 13620000 | 13928440 |
| State of Illinois GO | 5.00% | 11/1/2029 | A2 | 2800000 | 2846779 |
| State of Illinois GO | 5.00% | 11/1/2032 | A2 | 9200000 | 9337738 |
| State of Illinois GO | 5.00% | 10/1/2033 | A2 | 5000000 | 5233211 |
| State of Illinois GO | 5.00% | 5/1/2040 | A2 | 6000000 | 6451076 |
| State of Illinois GO | 5.00% | 5/1/2041 | A2 | 6000000 | 6392489 |
| State of Illinois GO | 5.00% | 12/1/2042 | A2 | 11320000 | 11870035 |
| State of Illinois GO | 5.25% | 10/1/2036 | A2 | 17540000 | 19387958 |
| State of Illinois GO | 5.25% | 5/1/2042 | A2 | 15000000 | 16096093 |
| State of Illinois GO | 5.25% | 5/1/2043 | A2 | 7830000 | 8321012 |

---

*See Notes to Schedule of Investments.* 29

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | $11000000 | $11775292 |
| State of West Virginia GO | 5.00% | 12/1/2034 | Aa2 | 5000000 | 5261157 |
| Town of Oyster Bay NY GO (AG) | 2.00% | 3/1/2031 | AA | 2040000 | 1898661 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2039 | AAA | 2095000 | 2359868 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2040 | AAA | 3545000 | 3931484 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2041 | AAA | 2500000 | 2751144 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2042 | AAA | 3180000 | 3466497 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2039 | AA | 4400000 | 4859946 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2041 | AA | 7000000 | 7583432 |
| *Total* |  |  |  |  | 516909029 |
| **Health Care 17.30%** |  |  |  |  |  |
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2031 | A | 16000000 | 16670707 |
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2036 | A | 8000000 | 8253848 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB- | 7000000 | 7000061 |
| Arizona Industrial Development Authority - Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.125% | 5/1/2044 | NR | 3875000 | 4154652 |
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2034 | BBB | 12250000 | 13675867 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5774000 | 3996466 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 11556000 | 10413087 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 861962 | 926612 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 1720232 | 1726071 |

---

30 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% |  | 12/1/2035 | BB | $3000000 | $3001001 |
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% |  | 4/1/2038 | A | 7000000 | 7671395 |
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% |  | 4/1/2039 | A | 5500000 | 5991812 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 4.00% |  | 3/1/2039 | BBB+ | 3915000 | 3813060 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.00% |  | 12/1/2035 | BBB+ | 10000000 | 11360355 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.00% |  | 12/1/2037 | BBB+ | 5000000 | 5484176 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% |  | 12/1/2040 | BBB+ | 3000000 | 3288655 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% |  | 12/1/2041 | BBB+ | 3000000 | 3253970 |
| California Health Facilities Financing Authority - Adventist Health System/West Obligated Group | 5.25% |  | 12/1/2042 | BBB+ | 5500000 | 5905516 |
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | 5.25% | <sup>#(a)</sup> | 10/1/2050 | A | 6000000 | 6832727 |
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% |  | 7/1/2033 | Baa2 | 4015000 | 4088664 |
| California Municipal Finance Authority - Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% |  | 11/1/2027 | CCC+ | 5000000 | 4739349 |
| California Statewide Communities Development Authority<sup>†</sup> | 5.00% |  | 10/1/2035 | AA- | 10000000 | 11749888 |
| California Statewide Communities Development Authority - John Muir Health Obligated Group | 5.00% |  | 12/1/2043 | A | 4510000 | 4844261 |
| California Statewide Communities Development Authority - John Muir Health Obligated Group | 5.25% |  | 12/1/2042 | A | 3510000 | 3903614 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% |  | 12/1/2033 | BB+ | 1000000 | 1035257 |

---

*See Notes to Schedule of Investments.* 31

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB+ | $5000000 | $5014400 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2038 | BB+ | 1500000 | 1545920 |
| Chattanooga Health Educational & Housing Facility Board - Erlanger Health Obligated Group TN | 5.25% | 12/1/2041 | A | 1000000 | 1100038 |
| Chattanooga Health Educational & Housing Facility Board - Erlanger Health Obligated Group TN | 5.25% | 12/1/2042 | A | 3025000 | 3285413 |
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8825000 | 8856420 |
| City of Atlantic Beach - Naval Continuing Care Retirement Foundation Obligated Group FL | 5.00% | 11/15/2028 | BBB <sup>(c)</sup> | 1270000 | 1271009 |
| City of Blaine - Crest View Obligated Group MN<sup>(b)</sup> | 5.125% | 7/1/2025 | NR | 688161 | 378489 |
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 11100000 | 11099885 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority - Children's Health Care Obligated Group MN | 5.00% | 8/15/2040 | AA- | 2100000 | 2303256 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority - Children's Health Care Obligated Group MN | 5.00% | 8/15/2041 | AA- | 3000000 | 3245810 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority - Children's Health Care Obligated Group MN | 5.00% | 8/15/2042 | AA- | 2750000 | 2943065 |
| City of South Miami Health Facilities Authority, Inc. - Baptist Health South Florida Foundation Inc FL | 5.00% | 8/15/2037 | AA- | 4000000 | 4101600 |
| City of South Miami Health Facilities Authority, Inc. - Baptist Health South Florida Obligated Group FL | 5.00% | 8/15/2035 | AA- | 10000000 | 11524583 |
| City of St. Cloud - CentraCare Health System Obligated Group MN | 5.00% | 5/1/2041 | A2 | 3000000 | 3230599 |
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | 9/1/2035 | A- | 19000000 | 21679304 |
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.25% | 11/1/2038 | A- | 2095000 | 2295891 |

---

32 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2034 | BB+ | $225000 | $230374 |
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2039 | BB+ | 1000000 | 1007479 |
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | 6400000 | 6447277 |
| County of Montgomery - Premier Health Partners Obligated Group OH | 4.00% | 11/15/2039 | Baa1 | 6000000 | 5847668 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 12355000 | 12380263 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 4575000 | 4629790 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.375% | 12/1/2037 | NR | 10000000 | 10811648 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 2540000 | 2690362 |
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2036 | NR | 3830000 | 3843894 |
| District of Columbia - Children's National Medical Center Obligated Group | 5.00% | 7/15/2034 | A1 | 5000000 | 5004525 |
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 985000 | 1046346 |
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.375% | 7/1/2039 | NR | 2000000 | 2204759 |
| Franklin County Industrial Development Authority - Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2031 | NR | 1000000 | 1013615 |
| Franklin County Industrial Development Authority - Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2033 | NR | 1000000 | 1012037 |
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1500000 | 1284234 |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2039 | Baa2 | 3900000 | 4131362 |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2040 | Baa2 | 4040000 | 4226936 |

---

*See Notes to Schedule of Investments.* 33

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% |  | 6/1/2042 | Baa2 | $3990000 | $4063863 |
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% |  | 7/1/2035 | A- | 10510000 | 10921581 |
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% |  | 7/1/2036 | A- | 8500000 | 8811895 |
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% |  | 7/1/2037 | A- | 16655000 | 17217226 |
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% |  | 7/1/2039 | AA- | 2500000 | 2775463 |
| Harris County Cultural Education Facilities Finance Corp. - Memorial Hermann Health System Obligated Group TX | 5.00% |  | 7/1/2040 | AA- | 1500000 | 1647714 |
| Health & Educational Facilities Authority of the State of Missouri - SSM Health Care Obligated Group | 5.00% | <sup>#(a)</sup> | 6/1/2039 | A+ | 3150000 | 3296434 |
| Hospitals & Higher Education Facilities Authority of Philadelphia - Temple University Health Obligated Group PA | 5.00% |  | 7/1/2032 | BBB | 4055000 | 4121714 |
| Illinois Finance Authority - Advocate Aurora Health Obligated Group | 4.00% |  | 8/1/2038 | AA | 11605000 | 11284941 |
| Illinois Finance Authority - Ascension Health Credit Group | 4.00% |  | 2/15/2033 | AA | 1460000 | 1471036 |
| Illinois Finance Authority - OSF Healthcare System Obligated Group | 5.00% |  | 11/15/2045 | A | 3250000 | 3250017 |
| Illinois Finance Authority - University of Chicago Medical Center Obligated Group | 4.00% |  | 8/15/2041 | A+ | 10000000 | 9530354 |
| Indiana Finance Authority - Ascension Health Credit Group | 5.00% |  | 11/15/2041 | AA | 22000000 | 24132068 |
| Indiana Finance Authority - Ascension Health Credit Group | 5.00% |  | 11/15/2042 | AA | 12250000 | 13302581 |
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2039 | BBB <sup>(c)</sup> | 2500000 | 2548479 |
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2044 | BBB <sup>(c)</sup> | 3100000 | 2998278 |
| Kentucky Economic Development Finance Authority - Masonic Homes of Kentucky Inc Obligated Group | 5.375% |  | 11/15/2032 | NR | 1185000 | 1165527 |
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% |  | 6/1/2029 | Baa2 | 4235000 | 4311767 |

---

34 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Kentucky Economic Development Finance Authority - Owensboro Health Inc Obligated Group | 5.00% |  | 6/1/2032 | Baa2 | $6000000 | $6090388 |
| King County Public Hospital District No. 4 WA | 6.625% |  | 12/1/2045 | NR | 7000000 | 7086509 |
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Obligated Group KY | 5.00% |  | 10/1/2040 | A | 3500000 | 3785525 |
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2033 | A2 | 500000 | 523056 |
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2034 | A2 | 1000000 | 1044528 |
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2035 | A2 | 1000000 | 1042245 |
| Maricopa County Industrial Development Authority - HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2036 | A2 | 1800000 | 1872129 |
| Maryland Health & Higher Educational Facilities Authority - University of Maryland Medical System Obligated Group | 5.00% | <sup>#(a)</sup> | 7/1/2045 | A | 5000000 | 5444206 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2034 | BBB | 5255000 | 5284273 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% |  | 7/1/2035 | BBB- | 2000000 | 1941896 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% |  | 7/1/2037 | BBB- | 3930000 | 3767089 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% |  | 7/1/2038 | BBB- | 3100000 | 3123744 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% |  | 7/1/2039 | BBB- | 2750000 | 2764019 |
| Miami Beach Health Facilities Authority - Mount Sinai Medical Center of Florida Obligated Group FL | 5.00% |  | 11/15/2030 | A2 | 2500000 | 2502968 |
| Michigan Finance Authority - McKenzie Memorial Hospital | 4.00% |  | 1/1/2028 | NR | 12295000 | 12324628 |
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | 5.00% |  | 5/15/2033 | A1 | 4030000 | 4043291 |

---

*See Notes to Schedule of Investments.* 35

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Michigan Finance Authority - McLaren Health Care Corp Obligated Group | 5.00% |  | 5/15/2035 | A1 | $4945000 | $4956436 |
| Michigan Finance Authority - McLaren Health Care Obligated Group | 5.00% |  | 5/15/2032 | A1 | 10390000 | 10424558 |
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.00% |  | 2/28/2038 | A3 | 2060000 | 2253709 |
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.25% |  | 2/29/2040 | A3 | 1400000 | 1527973 |
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.25% |  | 2/28/2042 | A3 | 1860000 | 1985796 |
| Michigan State Hospital Finance Authority - Corewell Health Obligated Group | 5.00% | <sup>#(a)</sup> | 8/15/2055 | AA | 13000000 | 14416705 |
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% |  | 1/1/2041 | A | 4000000 | 4286278 |
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.00% |  | 1/1/2042 | A | 4985000 | 5287428 |
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% |  | 6/15/2039 | NR | 10000000 | 10086088 |
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% |  | 9/1/2036 | A | 1350000 | 1358862 |
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% |  | 9/1/2038 | A | 2250000 | 2242533 |
| Montgomery County Industrial Development Authority - Whitemarsh Continuing Care Retirement Community Obligated PA | 5.00% |  | 1/1/2030 | NR | 2000000 | 2000848 |
| New Hampshire Business Finance Authority | 5.43% |  | 8/15/2035 | NR | 5380000 | 5397589 |
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% |  | 9/15/2035 | NR | 4910000 | 4910037 |
| New Hampshire Business Finance Authority - NFA UH SPV LLC<sup>†</sup> | 5.625% |  | 12/15/2033 | NR | 4245000 | 4374528 |
| New Hampshire Business Finance Authority - Novant Health Obligated Group | 5.00% |  | 12/1/2035 | A+ | 5500000 | 6175085 |

---

36 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New Hampshire Business Finance Authority - Novant Health Obligated Group | 5.25% | 6/1/2042 | A+ | $5500000 | $5888330 |
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1500000 | 1504510 |
| New Hope Cultural Education Facilities Finance Corp. – Children's Health System of Texas Obligated Group TX | 5.25% | 8/15/2041 | AA | 5000000 | 5587068 |
| New Hope Cultural Education Facilities Finance Corp. – Children's Health System of Texas Obligated Group TX | 5.25% | 8/15/2042 | AA | 5000000 | 5524152 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2041 | AA- | 12000000 | 13142249 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2042 | AA- | 5000000 | 5414682 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 3185000 | 3196355 |
| New Jersey Health Care Facilities Financing Authority - University Hospital (AG) | 5.00% | 7/1/2028 | AA | 2000000 | 2034779 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2037 | B | 1300000 | 1132427 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B | 2305000 | 1966769 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2040 | B | 1810000 | 1529870 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2036 | B | 1945000 | 1875571 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB- | 1500000 | 1507377 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 2700000 | 2717375 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2030 | BB- | 1100000 | 1106912 |

---

*See Notes to Schedule of Investments.* 37

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | BB- | $1600000 | $1609114 |
| New York State Dormitory Authority - Montefiore Obligated Group | 5.25% | 11/1/2041 | BBB- | 1750000 | 1878690 |
| New York State Dormitory Authority - Montefiore Obligated Group | 5.25% | 11/1/2042 | BBB- | 1500000 | 1593481 |
| New York State Dormitory Authority - Montefiore Obligated Group | 5.25% | 11/1/2043 | BBB- | 1400000 | 1473102 |
| New York State Dormitory Authority - Montefiore Obligated Group | 5.50% | 11/1/2044 | BBB- | 1125000 | 1198896 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2034 | BBB- | 1240000 | 1366645 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2035 | BBB- | 1000000 | 1094514 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2036 | BBB- | 1305000 | 1416667 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2037 | BBB- | 1620000 | 1744260 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2040 | AA | 1500000 | 1653773 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2041 | AA | 1800000 | 1964301 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2042 | AA | 3475000 | 3752741 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2043 | AA | 1750000 | 1871967 |
| North Carolina Medical Care Commission - Penick Village Obligated Group | 4.25% | 9/1/2028 | NR | 1090000 | 1090205 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2033 | BB+ | 3920000 | 4031243 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 10050000 | 10201378 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | 6710000 | 6752733 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2037 | NR | 2770000 | 2922206 |
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2037 | A+ | 2495000 | 2765719 |
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2038 | A+ | 1530000 | 1686676 |

---

38 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2040 | A+ | $4000000 | $4422083 |
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2041 | A+ | 3750000 | 4102880 |
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.00% | 10/1/2042 | A+ | 5000000 | 5406701 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 5280000 | 5054605 |
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group PA | 4.00% | 4/15/2038 | A | 3095000 | 3108333 |
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 4.00% | 11/1/2042 | A | 13960000 | 13048929 |
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 5.25% | 11/1/2040 | A | 5000000 | 5485907 |
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 5.25% | 11/1/2041 | A | 9000000 | 9769090 |
| Philadelphia Authority for Industrial Development - Thomas Jefferson University Obligated Group PA | 5.00% | 9/1/2035 | A | 5000000 | 5094065 |
| Public Finance Authority - Proton International Alabama LLC WI<sup>†(b)</sup> | 6.85% | 10/1/2047 | NR | 1410000 | 141000 |
| Public Finance Authority - RBS Evolution LLC WI<sup>†</sup> | 10.00% | 11/1/2038 | NR | 3500000 | 3937116 |
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 10000000 | 10365881 |
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 7.25% | 11/1/2045 | NR | 2500000 | 2690149 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.25% | 11/15/2028 | NR | 5700000 | 5705298 |
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.25% | 11/1/2040 | A+ | 6500000 | 7252939 |

---

*See Notes to Schedule of Investments.* 39

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.25% |  | 11/1/2041 | A+ | $7500000 | $8277470 |
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.00% |  | 12/1/2035 | B <sup>(c)</sup> | 3850000 | 3816994 |
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2029 | B <sup>(c)</sup> | 2085000 | 2085434 |
| Tarrant County Cultural Education Facilities Finance Corp. - Ascension Health Credit Group TX | 5.00% | <sup>#(a)</sup> | 11/15/2051 | AA | 12000000 | 13685476 |
| Tulsa County Industrial Authority - Montereau Obligated Group OK | 5.25% |  | 11/15/2037 | BBB- <sup>(c)</sup> | 1250000 | 1267312 |
| University of Kansas Hospital Authority - University of Kansas Health System Obligated Group | 5.00% |  | 9/1/2034 | AA- | 5000000 | 5019703 |
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% |  | 9/1/2040 | A- | 2500000 | 2735566 |
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% |  | 9/1/2041 | A- | 3725000 | 4026890 |
| Washington Health Care Facilities Authority - Multicare Health System Obligated Group | 5.00% | <sup>#(a)</sup> | 8/15/2055 | A | 20000000 | 21915844 |
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 4.00% | <sup>#(a)</sup> | 10/1/2042 | A | 13220000 | 13645931 |
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2035 | A | 12500000 | 14176539 |
| Washington State Housing Finance Commission - Horizon House Obligated Group/WA | 4.375% |  | 1/1/2033 | BB <sup>(c)</sup> | 15290000 | 15361765 |
| West Virginia Hospital Finance Authority - West Virginia United Health System Obligated Group | 4.00% |  | 6/1/2030 | A | 5500000 | 5520272 |
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% |  | 7/1/2035 | Baa1 | 3000000 | 3303394 |
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% |  | 7/1/2038 | Baa1 | 3075000 | 3319416 |

---

40 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Winchester Economic Development Authority - Valley Health Obligated Group VA | 5.00% |  | 1/1/2042 | A+ | $2500000 | $2671000 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 3660000 | 3660027 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 1210000 | 1210009 |
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2035 | A+ | 2000000 | 2281740 |
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2036 | A+ | 3250000 | 3666847 |
| Wisconsin Health & Educational Facilities Authority - Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2037 | A+ | 3540000 | 3955376 |
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.00% |  | 2/15/2032 | A+ | 12500000 | 13821542 |
| Yuma Industrial Development Authority - Yuma Regional Medical Center Obligated Group AZ | 5.00% |  | 8/1/2041 | A | 1500000 | 1612737 |
| Yuma Industrial Development Authority - Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% |  | 8/1/2042 | AA | 2125000 | 2336547 |
| Yuma Industrial Development Authority - Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% |  | 8/1/2043 | AA | 2250000 | 2447212 |
| *Total* |  |  |  |  |  | 924247963 |
| **Housing 10.65%** |  |  |  |  |  |  |
| California Housing Finance Agency | 3.25% |  | 8/20/2036 | BBB+ | 7008642 | 6725685 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | AA- | 14979768 | 15010445 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | BBB | 7489884 | 7114175 |
| California Municipal Finance Authority - Park Western Housing LP (FNMA) | 2.65% |  | 8/1/2036 | Aa1 | 4163585 | 3718128 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 5/1/2055 | AA | 9995000 | 11235724 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.50% |  | 5/1/2055 | AAA | 8250000 | 9361023 |
| Colorado Housing & Finance Authority (GNMA) | 6.00% |  | 5/1/2053 | AA | 10825000 | 11810399 |

---

*See Notes to Schedule of Investments.* 41

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% | 6/1/2047 | NR | $5000000 | $3508798 |
| EP Cimarron Ventanas PFC TX | 4.125% | 12/1/2039 | A+ | 6315000 | 6370149 |
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2056 | Aaa | 7000000 | 7799167 |
| FW Ramble Public Facility Corp TX | 4.00% | 10/1/2035 | A+ | 7250000 | 7174161 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | Aa1 | 5995000 | 6794017 |
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 10/1/2055 | Aaa | 15300000 | 17271592 |
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2038 | BBB- | 1550000 | 1630658 |
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.00% | 6/1/2043 | BBB- | 2525000 | 2559984 |
| Industrial Development Authority of the City of Phoenix Arizona - Downtown Phoenix Student Housing LLC AZ | 5.00% | 7/1/2032 | Baa3 | 1080000 | 1110379 |
| Maine State Housing Authority | 3.75% | 11/15/2038 | AA+ | 2940000 | 2942825 |
| Maryland Community Development Administration | 3.00% | 9/1/2039 | Aa1 | 10000000 | 9250494 |
| Michigan State Housing Development Authority | 3.10% | 12/1/2044 | AA+ | 10500000 | 8762785 |
| Michigan State Housing Development Authority | 6.25% | 6/1/2055 | AA+ | 8845000 | 9725899 |
| Michigan State Housing Development Authority | 6.25% | 12/1/2055 | AA+ | 15885000 | 17620686 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2055 | AA+ | 9680000 | 10810325 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | AA+ | 5425000 | 6117787 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | AA+ | 4345000 | 4825603 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 1/1/2055 | AA+ | 3430000 | 3857533 |
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% | 6/1/2044 | Aa1 | 625000 | 756711 |
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% | 6/1/2049 | Aa1 | 940000 | 1134086 |
| Montana Board of Housing (FHLMC), (FNMA), (GNMA) | 5.75% | 6/1/2055 | AA+ | 8490000 | 9270260 |

---

42 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Nebraska Investment Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AAA | $3750000 | $4187151 |
| New Hampshire Business Finance Authority | 4.217% | <sup>#(a)</sup> | 11/20/2042 | BBB | 4484560 | 4240700 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(a)</sup> | 6/20/2041 | AA- | 14479912 | 14929013 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 750000 | 768115 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2100000 | 2166813 |
| New York State Housing Finance Agency - West 38TH Street LLC (FHLMC) | 3.57% | <sup>#(a)</sup> | 5/1/2042 | Aa1 | 22255000 | 22586297 |
| New York State Housing Finance Agency - West 62nd Street LLC | 3.60% | <sup>#(a)</sup> | 11/1/2044 | Aa1 | 23000000 | 23383451 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 4005000 | 4321784 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2056 | AA+ | 11995000 | 13719608 |
| North Dakota Housing Finance Agency | 4.00% |  | 1/1/2051 | Aa1 | 4415000 | 4441407 |
| North Dakota Housing Finance Agency | 6.00% |  | 7/1/2055 | Aa1 | 5930000 | 6598917 |
| North Dakota Housing Finance Agency | 6.00% |  | 1/1/2056 | Aa1 | 3750000 | 4133192 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 3/1/2056 | Aa1 | 8285000 | 9156503 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.00% |  | 3/1/2049 | Aa1 | 3500000 | 4090445 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.50% |  | 3/1/2049 | Aa1 | 3000000 | 3621903 |
| Oklahoma Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 3/1/2057 | Aaa | 27000000 | 30994102 |
| Pennsylvania Housing Finance Agency | 3.50% |  | 4/1/2051 | AA+ | 930000 | 928727 |
| Pennsylvania Housing Finance Agency | 4.00% |  | 10/1/2049 | AA+ | 510000 | 510281 |
| Pennsylvania Housing Finance Agency | 6.25% |  | 10/1/2055 | Aa1 | 12000000 | 13602464 |
| Pennsylvania Housing Finance Agency | 6.50% |  | 10/1/2055 | Aa1 | 20000000 | 22899072 |
| Pennsylvania Housing Finance Agency AMT | 3.65% |  | 10/1/2042 | AA+ | 2500000 | 2341055 |
| South Carolina Jobs-Economic Development Authority - Sixteenth Floor Obligated Group | 4.00% |  | 12/1/2035 | A+ | 10000000 | 9927033 |
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 11/1/2056 | AAA | 8495000 | 9448804 |

---

*See Notes to Schedule of Investments.* 43

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |
| State of Oregon Housing & Community Services Department (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | $7245000 | $8142426 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% | 7/1/2053 | AA+ | 6780000 | 7261739 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.75% | 3/1/2054 | Aaa | 6760000 | 7369618 |
| Texas Department of Housing & Community Affairs (GNMA) | 6.00% | 3/1/2053 | Aaa | 8410000 | 9203574 |
| Texas Department of Housing & Community Affairs (GNMA) | 6.25% | 1/1/2056 | AA+ | 20000000 | 22420522 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | 15465000 | 17347344 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% | 7/1/2055 | Aa2 | 9850000 | 11009394 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.75% | 7/1/2055 | Aa2 | 10975000 | 12636826 |
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ <sup>(c)</sup> | 5000000 | 5057565 |
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 4588740 | 4465788 |
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)<sup>†</sup> | 5.00% | 7/1/2034 | AA | 1000000 | 1091938 |
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)<sup>†</sup> | 5.00% | 7/1/2035 | AA | 1000000 | 1092656 |
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)<sup>†</sup> | 5.00% | 7/1/2036 | AA | 1000000 | 1083413 |
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)<sup>†</sup> | 5.00% | 7/1/2040 | AA | 1000000 | 1051146 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 4950000 | 5134881 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 8805000 | 8982572 |

---

44 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Washington State Housing Finance Commission (FHLMC), (FNMA), (GNMA) | 6.25% |  | 6/1/2054 | Aaa | $7470000 | $8227090 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AA+ | 6150000 | 6846450 |
| Wisconsin Housing & Economic Development Authority Housing Revenue | 3.75% | <sup>#(a)</sup> | 11/1/2055 | AA+ | 4125000 | 4153211 |
| Wyoming Community Development Authority | 5.00% |  | 12/1/2039 | AA+ | 8360000 | 9037893 |
| *Total* |  |  |  |  |  | 568882361 |
| **Lease Obligations 1.65%** |  |  |  |  |  |  |
| Illinois Sports Facilities Authority (AG) | 5.00% |  | 6/15/2027 | AA | 3000000 | 3006161 |
| Jefferson County School District Finance Corp. - Jefferson County Board of Education/KY (ST INTERCEPT) | 3.00% |  | 12/1/2035 | AA- | 6850000 | 6567274 |
| Kentucky State Property & Building Commission - Commonwealth of Kentucky | 5.00% |  | 4/1/2042 | Aa3 | 10525000 | 11424365 |
| Municipal Improvement Corp. of Los Angeles - City of Los Angeles CA | 5.00% |  | 5/1/2040 | A+ | 10000000 | 11320725 |
| Municipal Improvement Corp. of Los Angeles - City of Los Angeles CA | 5.00% |  | 5/1/2041 | A+ | 9550000 | 10682094 |
| Municipal Improvement Corp. of Los Angeles - City of Los Angeles CA | 5.00% |  | 5/1/2042 | A+ | 15775000 | 17438706 |
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% |  | 6/15/2033 | A1 | 7215000 | 7652163 |
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% |  | 6/15/2034 | A1 | 13645000 | 14439281 |
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2036 | A1 | 1320000 | 1364086 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2031 | A+ | 2400000 | 2421571 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 3.25% |  | 6/15/2039 | A1 | 2000000 | 1861839 |
| *Total* |  |  |  |  |  | 88178265 |
| **Multi-Family Housing 0.94%** |  |  |  |  |  |  |
| FW Chaparral PFC TX | 4.00% |  | 10/1/2035 | A+ | 4500000 | 4502201 |
| King County Housing Authority WA | 3.50% |  | 5/1/2038 | AAA | 10000000 | 9536205 |

---

*See Notes to Schedule of Investments.* 45

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Multi-Family Housing (continued)** |  |  |  |  |  |  |
| Michigan State Housing Development Authority | 3.80% |  | 10/1/2038 | AA+ | $10000000 | $9933709 |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 7168518 | 6888691 |
| New Hampshire Business Finance Authority | 4.217% | <sup>#(a)</sup> | 11/20/2042 | AA- | 19931378 | 19465823 |
| *Total* |  |  |  |  |  | 50326629 |
| **Other Revenue 1.66%** |  |  |  |  |  |  |
| City of Pembroke Pines FL | 3.00% |  | 7/1/2037 | AA | 5390000 | 4968495 |
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.00% |  | 12/1/2033 | BB+ | 2000000 | 2041029 |
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.25% |  | 12/1/2038 | BB+ | 1650000 | 1674988 |
| County of St Johns FL | 5.00% |  | 10/1/2041 | Aaa | 7090000 | 7808544 |
| Illinois Finance Authority - Field Museum of Natural History | 3.789% <br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 4250000 | 4257006 |
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ<sup>†(b)</sup> | 5.00% |  | 7/1/2035 | NR | 5000000 | 4000000 |
| Maricopa County Industrial Development Authority - Legacy Traditional School Obligated Group AZ<sup>†</sup> | 5.00% |  | 7/1/2039 | BBB- | 2055000 | 2092213 |
| Maricopa County Industrial Development Authority - Paragon Management Inc AZ<sup>†</sup> | 5.00% |  | 7/1/2036 | BB+ | 2500000 | 2504443 |
| Maryland Economic Development Corp.<sup>(b)</sup> | 5.00% |  | 12/1/2016 | NR | 700000 | 469000 |
| M-S-R Energy Authority CA | 6.125% |  | 11/1/2029 | BBB+ | 2500000 | 2647838 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 2500000 | 2528601 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2037 | AA+ | 5000000 | 5656321 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2041 | AA+ | 9000000 | 9861595 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2039 | AA+ | 13050000 | 14788478 |

---

46 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2040 | AA+ | $11000000 | $12328821 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 11/15/2042 | AA+ | 10000000 | 11012108 |
| *Total* |  |  |  |  | 88639480 |
| **Pre-Refunded 0.00%** |  |  |  |  |  |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 2/15/2034 | NR | 15000 | 15251 |
| **Special Tax 1.17%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.00% | 5/1/2032 | Ba2 | 1250000 | 1275760 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 1730000 | 1813633 |
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2033 | NR | 1370000 | 1371832 |
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2035 | NR | 975000 | 976264 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3980000 | 3746398 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3000000 | 2645399 |
| Lakewood Ranch Stewardship District FL | 6.125% | 5/1/2043 | NR | 2240000 | 2397301 |
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 395000 | 402001 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 4.50% | 8/1/2040 | NR | 1250000 | 1255149 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2036 | AA | 5500000 | 5292019 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% | 9/1/2028 | NR | 360000 | 362811 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2037 | NR | 875000 | 883555 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.00% | 9/1/2042 | AA | 4000000 | 4277376 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2036 | AA | 5000000 | 5718305 |

---

*See Notes to Schedule of Investments.* 47

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2037 | AA | $6000000 | $6811126 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2038 | AA | 5000000 | 5637046 |
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 765000 | 764602 |
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 1230000 | 1236489 |
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1765000 | 1777513 |
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | 160000 | 159220 |
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1835000 | 1677936 |
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 385000 | 381353 |
| Village Community Development District No. 13 FL<sup>†</sup> | 3.00% | 5/1/2035 | NR | 3310000 | 3112697 |
| Village Community Development District No. 13 FL<sup>†</sup> | 3.25% | 5/1/2040 | NR | 4130000 | 3693993 |
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2420000 | 2371010 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2150988 |
| *Total* |  |  |  |  | 62191776 |
| **Tax Revenue 3.47%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | 5500000 | 5566726 |
| City of Miami FL | 5.00% | 1/1/2041 | AA | 7590000 | 8346167 |
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3750000 | 3797734 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2041 | AA | 1750000 | 1945948 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2042 | AA | 2000000 | 2198009 |
| Empire State Development Corp. - State of New York Personal Income Tax Revenue NY | 3.00% | 3/15/2040 | AA+ | 6245000 | 5568159 |

---

48 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 5.50% | 6/15/2039 | NR | $2380000 | $2446545 |
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | 2000000 | 1852533 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2041 | A1 | 9000000 | 9758410 |
| New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG) | 5.25% | 7/15/2036 | AA | 11700000 | 12326720 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2530000 | 2367544 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2034 | AAA | 10000000 | 10022207 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 7500000 | 8086634 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 8140000 | 8830194 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2042 | AAA | 7000000 | 7568518 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2043 | AAA | 13300000 | 14343271 |
| New York City Transitional Finance Authority NY | 5.00% | 5/1/2039 | AAA | 5000000 | 5542744 |
| New York City Transitional Finance Authority NY | 5.50% | 5/1/2044 | AAA | 8500000 | 9300119 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 2/15/2038 | AA+ | 1485000 | 1347878 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2036 | Aa1 | 3800000 | 4451582 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2037 | Aa1 | 1750000 | 2031241 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2038 | Aa1 | 3250000 | 3737772 |

---

*See Notes to Schedule of Investments.* 49

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |  |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2041 | Aa1 | $7400000 | $8101171 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2042 | Aa1 | 3250000 | 3558277 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% |  | 3/15/2038 | AA+ | 8815000 | 9007375 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% |  | 3/15/2039 | AA+ | 3000000 | 3443115 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% |  | 3/15/2040 | AA+ | 2000000 | 2254171 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% |  | 3/15/2041 | AA+ | 2000000 | 2225408 |
| New York State Housing Finance Agency - State of New York Personal Income Tax Revenue | 3.45% | <sup>#(a)</sup> | 6/15/2054 | Aa1 | 1500000 | 1515299 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2031 | NR | 1774000 | 1459826 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2033 | NR | 11643000 | 8836059 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% |  | 7/1/2053 | NR | 81000 | 73488 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 268000 | 268174 |
| Williston Parks & Recreation District ND (AG) | 5.00% |  | 12/1/2040 | AA | 11825000 | 13004851 |
| *Total* |  |  |  |  |  | 185183869 |
| **Taxable Revenue - Water & Sewer 0.35%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | <sup>#(a)</sup> | 11/1/2034 | A+ | 5500000 | 5565479 |
| Pittsburgh Water & Sewer Authority PA (AG) | 5.00% |  | 9/1/2037 | AA | 4750000 | 5292466 |
| Water Works Board of the City of Birmingham/The AL<sup>†</sup> | 3.75% |  | 9/1/2026 | NR | 7750000 | 7749993 |
| *Total* |  |  |  |  |  | 18607938 |
| **Tobacco 0.52%** |  |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% |  | 6/1/2055 | NR | 20000000 | 16214696 |

---

50 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco (continued)** |  |  |  |  |  |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | $35000000 | $2065126 |
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 625000 | 607125 |
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BB+ | 1435000 | 1395039 |
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | A | 2500000 | 2509224 |
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | 2000000 | 2007300 |
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3690000 | 3075615 |
| *Total* |  |  |  |  | 27874125 |
| **Transportation 17.52%** |  |  |  |  |  |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2043 | BBB+ | 1230000 | 1316827 |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2044 | BBB+ | 1265000 | 1343200 |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2045 | BBB+ | 1500000 | 1581291 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 4.125% | 7/1/2041 | AA | 3000000 | 2984019 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 4.25% | 7/1/2043 | AA | 5390000 | 5282236 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2040 | A | 2250000 | 2478641 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2042 | A | 3000000 | 3238703 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC (AG) AMT | 3.25% | 12/31/2032 | AA | 5235000 | 5114226 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2036 | BB+ <sup>(c)</sup> | 3215000 | 3285421 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2037 | BB+ <sup>(c)</sup> | 7000000 | 7142673 |
| Central Texas Turnpike System | 5.00% | 8/15/2040 | A- | 5500000 | 6054393 |
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2037 | A | 5225000 | 5647222 |
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2038 | A | 4000000 | 4290772 |
| Chicago O'Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6820000 | 6849578 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2037 | A+ | 23670000 | 27295363 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2038 | A+ | 23000000 | 26218689 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2039 | A+ | 5000000 | 5597523 |

---

*See Notes to Schedule of Investments.* 51

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2041 | A+ | $3750000 | $4092598 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2041 | A+ | 22200000 | 24414139 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2042 | A+ | 5000000 | 5398174 |
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | AA | 2000000 | 2224163 |
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | AA | 2745000 | 3010762 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | AA | 2385000 | 2635193 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1955000 | 2113769 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1645000 | 1763186 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1820000 | 1935366 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2037 | A+ | 12990000 | 14274554 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2038 | A+ | 5000000 | 5448927 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2039 | A+ | 4250000 | 4603889 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2039 | A | 9000000 | 9799309 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4000000 | 4363003 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4500000 | 4951098 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2041 | A+ | 2150000 | 2322920 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2041 | A+ | 5000000 | 5443927 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 2450000 | 2619756 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 5000000 | 5382178 |
| Chicago O'Hare International Airport IL AMT | 5.50% | 1/1/2044 | A+ | 2625000 | 2804026 |
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2034 | AA- | 3500000 | 4052062 |
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2035 | AA- | 3250000 | 3740798 |

---

52 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2037 | AA- | $2000000 | $2271573 |
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.25% | 7/1/2041 | Aa3 | 6000000 | 6505127 |
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2037 | A+ | 2475000 | 2741572 |
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2041 | A+ | 6000000 | 6428362 |
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2042 | A+ | 3160000 | 3346619 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB+ <sup>(c)</sup> | 1000000 | 1016535 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% | 7/15/2035 | Ba2 | 30000000 | 33068367 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% | 7/1/2039 | AA | 5200000 | 5718059 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% | 7/1/2040 | AA | 5000000 | 5439479 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% | 7/1/2041 | AA | 5000000 | 5390657 |
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2036 | A+ | 3250000 | 3698116 |
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2037 | A+ | 4000000 | 4518380 |
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2038 | A+ | 3200000 | 3587928 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2036 | A+ | 1500000 | 1676116 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2037 | A+ | 2325000 | 2579156 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2039 | A+ | 3000000 | 3288600 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2041 | A+ | 4425000 | 4755920 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2042 | A+ | 3500000 | 3727289 |
| County of Harris Toll Road Revenue TX | 3.00% | 8/15/2038 | Aa1 | 1730000 | 1589763 |
| County of Lee Airport Revenue FL AMT | 5.00% | 10/1/2036 | A2 | 8015000 | 8857591 |
| County of Lee Airport Revenue FL AMT | 5.25% | 10/1/2040 | A2 | 6500000 | 7125889 |
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2038 | AA- | 3000000 | 3303643 |
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2039 | AA- | 2750000 | 3044282 |

---

*See Notes to Schedule of Investments.* 53

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Dallas Fort Worth International Airport TX AMT | 5.25% |  | 11/1/2037 | AA- | $12800000 | $14423182 |
| Dallas Fort Worth International Airport TX AMT | 5.25% |  | 11/1/2041 | AA- | 8000000 | 8717458 |
| Dallas Fort Worth International Airport TX AMT | 5.25% |  | 11/1/2042 | AA- | 6300000 | 6793062 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2036 | AA- | 6500000 | 7568867 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2037 | AA- | 6000000 | 6910517 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2038 | AA- | 6000000 | 6852766 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2039 | AA- | 5250000 | 5964376 |
| E-470 Public Highway Authority CO | 5.00% |  | 9/1/2040 | A+ | 2850000 | 3172872 |
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 7/15/2032 | NR | 5500000 | 1980000 |
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 7/15/2059 | NR | 4500000 | 1620000 |
| Grand Parkway Transportation Corp. TX | 5.45% |  | 10/1/2034 | AA+ | 5000000 | 5358577 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 12500000 | 12491054 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(a)</sup> | 12/1/2050 | BBB+ | 22575000 | 22558843 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 25500000 | 26345095 |
| Illinois State Toll Highway Authority | 5.00% |  | 1/1/2038 | AA- | 10105000 | 10118648 |
| Kenton County Airport Board KY AMT | 5.00% |  | 1/1/2035 | A1 | 3500000 | 3927030 |
| Kenton County Airport Board KY AMT | 5.00% |  | 1/1/2036 | A1 | 6625000 | 7381678 |
| Kenton County Airport Board KY AMT | 5.25% |  | 1/1/2039 | A1 | 1795000 | 1990802 |
| Kenton County Airport Board KY AMT | 5.25% |  | 1/1/2041 | A1 | 2725000 | 2949968 |
| Kenton County Airport Board KY AMT | 5.25% |  | 1/1/2043 | A1 | 4355000 | 4627867 |
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2040 | NR | 5000000 | 4695620 |
| Metropolitan Nashville Airport Authority TN AMT | 5.25% |  | 7/1/2034 | A1 | 1250000 | 1397878 |
| Metropolitan Nashville Airport Authority TN AMT | 5.25% |  | 7/1/2035 | A1 | 2595000 | 2887602 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2036 | A1 | 1000000 | 1123441 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2037 | A1 | 1250000 | 1395326 |

---

54 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2038 | A1 | $1500000 | $1665372 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2040 | AA- | 1675000 | 1792775 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.25% | 10/1/2039 | AA- | 4305000 | 4705100 |
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% | 1/1/2035 | NR | 4250000 | 4400674 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.125% | 1/1/2034 | A- | 5010000 | 5018961 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2034 | A1 | 10000000 | 11210579 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2034 | A1 | 2500000 | 2823814 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2035 | A1 | 2250000 | 2527626 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4250000 | 4716014 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 4000000 | 4494042 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2038 | A1 | 1000000 | 1102335 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2039 | A1 | 3000000 | 3300072 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2040 | A1 | 6000000 | 6631752 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2040 | A1 | 6500000 | 7245538 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2041 | A1 | 5000000 | 5466024 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2041 | A1 | 9000000 | 9917705 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 5500000 | 5950028 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 10500000 | 11435805 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2041 | A1 | 3500000 | 3900644 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2041 | A2 | 1000000 | 1079798 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2042 | A2 | 3775000 | 4036492 |

---

*See Notes to Schedule of Investments.* 55

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br>Rate** | **Maturity <br>Date** | **Credit <br>Rating: <br>S&P or <br>Moody's** | **Principal <br>Amount** | **Fair <br>Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New Orleans Aviation Board LA | 5.00% | 1/1/2043 | A2 | $4170000 | $4419260 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 29000000 | 30440288 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 30000000 | 33077166 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | BBB- <sup>(c)</sup> | 3000000 | 2863410 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 5.00% | 12/1/2034 | Baa1 | 2000000 | 2174902 |
| New York Transportation Development Corp. - JFK NTO LLC (AG) AMT | 5.25% | 6/30/2039 | AA | 1400000 | 1523198 |
| New York Transportation Development Corp. - JFK NTO LLC (AG) AMT | 6.00% | 6/30/2043 | AA | 3135000 | 3497853 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 1000000 | 1082078 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2040 | Baa3 | 1500000 | 1586807 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | 1620000 | 1698455 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2043 | Baa3 | 8000000 | 8242001 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2044 | Baa3 | 11000000 | 11255622 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 1000000 | 1072676 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2042 | Baa3 | 2295000 | 2546028 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2044 | Baa3 | 2625000 | 2862492 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 17000000 | 17579863 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2032 | Baa2 | 3000000 | 2988376 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 6480000 | 6463959 |
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 3185000 | 3188962 |
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A3 | 365000 | 381600 |

---

56 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% |  | 3/1/2035 | A | $1500000 | $1523615 |
| North Carolina Turnpike Authority | 5.00% |  | 1/1/2032 | BBB | 1000000 | 1019699 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.25% |  | 6/30/2036 | Baa2 | 8550000 | 9349841 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2039 | A+ | 4500000 | 5098310 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2040 | A+ | 4260000 | 4792535 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2041 | A+ | 5700000 | 6281070 |
| Pennsylvania Turnpike Commission | 5.00% | <sup>#(a)</sup> | 12/1/2045 | AA- | 6500000 | 7279519 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2037 | AA- | 2000000 | 2178754 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2039 | AA- | 1500000 | 1617053 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 7/15/2039 | AA- | 5250000 | 5663199 |
| Port of Portland Airport Revenue OR AMT | 5.25% |  | 7/1/2041 | AA- | 10000000 | 10914046 |
| Port of Portland Airport Revenue OR AMT | 5.25% |  | 7/1/2042 | AA- | 12500000 | 13503895 |
| Port of Seattle WA AMT | 5.25% |  | 7/1/2040 | AA- | 5675000 | 6288626 |
| Port of Seattle WA AMT | 5.25% |  | 7/1/2041 | AA- | 4500000 | 4934091 |
| San Diego County Regional Airport Authority CA AMT | 5.00% |  | 7/1/2035 | Aa3 | 2200000 | 2522667 |
| San Diego County Regional Airport Authority CA AMT | 5.00% |  | 7/1/2036 | Aa3 | 3000000 | 3410629 |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2037 | Aa3 | 3000000 | 3443338 |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2038 | Aa3 | 2865000 | 3263952 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2037 | Aa3 | 10000000 | 11382628 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2038 | Aa3 | 14815000 | 16757177 |
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% |  | 6/30/2038 | Baa1 | 2500000 | 2652302 |
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.50% |  | 6/30/2040 | Baa1 | 2000000 | 2117156 |

---

*See Notes to Schedule of Investments.* 57

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | $6815000 | $7808829 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% |  | 1/1/2034 | BBB | 5100000 | 5490453 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% |  | 7/1/2036 | BBB | 11165000 | 11859856 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% |  | 1/1/2036 | BBB | 2500000 | 2663753 |
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% |  | 12/1/2036 | A+ | 2000000 | 2320668 |
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% |  | 12/1/2040 | A+ | 2100000 | 2351203 |
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% |  | 12/1/2041 | A+ | 2000000 | 2213721 |
| Wayne County Airport Authority - Detroit Metropolitan Wayne County Airport MI | 5.00% |  | 12/1/2042 | A+ | 2500000 | 2730659 |
| *Total* |  |  |  |  |  | 935845516 |
| **Utilities 17.81%** |  |  |  |  |  |  |
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% |  | 2/15/2039 | A1 | 1000000 | 1124757 |
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% |  | 2/15/2040 | A1 | 1000000 | 1105260 |
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% |  | 2/15/2041 | A1 | 1100000 | 1201113 |
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% |  | 2/15/2042 | A1 | 1000000 | 1077906 |
| American Municipal Power, Inc. - American Municipal Power Combined Hydroelectric Revenue OH | 5.00% |  | 2/15/2043 | A1 | 1000000 | 1069397 |
| American Municipal Power, Inc. - Prairie St Energy Campus OH | 5.00% |  | 2/15/2037 | A1 | 10750000 | 12146178 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | 13270000 | 13326866 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 12/1/2052 | Baa1 | 5000000 | 5118794 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 45500000 | 46901650 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 12850000 | 13617209 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 3/1/2055 | A1 | 25000000 | 26746717 |

---

58 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 12/1/2055 | A1 | $14500000 | $15517854 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(a)</sup> | 5/1/2055 | A1 | 8125000 | 8829109 |
| Black Belt Energy Gas District AL<sup>†</sup> | 5.50% | <sup>#(a)</sup> | 11/1/2056 | BBB- | 20230000 | 21454577 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2055 | A1 | 28250000 | 29460640 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2055 | A1 | 6475000 | 6951072 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 10/1/2055 | A2 | 25000000 | 25940180 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 11/1/2055 | A1 | 17000000 | 17698079 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 5400000 | 5693293 |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 7/1/2039 | Baa3 | 5000000 | 5142713 |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 7/1/2037 | Baa3 | 5570000 | 5588423 |
| Central Plains Energy Project NE | 5.00% | <sup>#(a)</sup> | 5/1/2054 | Aa2 | 5905000 | 6300051 |
| Central Valley Energy Authority CA | 5.00% | <sup>#(a)</sup> | 12/1/2055 | Aa3 | 18505000 | 20172547 |
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | <sup>#(a)</sup> | 4/1/2042 | BBB- | 7250000 | 7359954 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2039 | AA+ | 1250000 | 1396482 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2040 | AA+ | 875000 | 968476 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2041 | AA+ | 1500000 | 1644662 |
| City of Houston Combined Utility System Revenue TX | 4.00% |  | 11/15/2037 | Aa2 | 2510000 | 2515747 |
| City of Houston Combined Utility System Revenue TX | 4.50% |  | 11/15/2038 | Aa2 | 3225000 | 3243413 |
| City of Osceola - Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(a)</sup> | 4/1/2036 | NR | 16450000 | 16450000 |
| City of San Antonio Electric & Gas Systems Revenue TX | 3.20% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 25000000 | 25126755 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2040 | Aa2 | 4560000 | 5042711 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2041 | Aa2 | 2000000 | 2189291 |

---

*See Notes to Schedule of Investments.* 59

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2042 | Aa2 | $8250000 | $8937351 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2042 | Aa2 | 3980000 | 4311595 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.25% |  | 2/1/2040 | Aa2 | 8550000 | 9522067 |
| County of Hillsborough Utility Revenue FL | 3.00% |  | 8/1/2038 | Aaa | 3110000 | 2864881 |
| County of Hillsborough Utility Revenue FL | 3.00% |  | 8/1/2039 | Aaa | 3060000 | 2772351 |
| County of Trimble - Louisville Gas and Electric Co KY AMT | 4.70% | <sup>#(a)</sup> | 6/1/2054 | A1 | 6750000 | 6801571 |
| County of Washoe - Sierra Pacific Power Co NV | 4.125% | <sup>#(a)</sup> | 3/1/2036 | A | 5500000 | 5623535 |
| Delaware State Economic Development Authority - NRG Energy Inc | 4.00% | <sup>#(a)</sup> | 10/1/2045 | BBB- | 15500000 | 15544874 |
| Development Authority of Burke County - Georgia Power Co | 2.20% |  | 10/1/2032 | A | 1000000 | 882700 |
| Development Authority of Burke County - Oglethorpe Power Corp GA | 3.60% | <sup>#(a)</sup> | 11/1/2045 | A3 | 5000000 | 5086977 |
| Development Authority of Monroe County - Georgia Power Co | 3.875% | <sup>#(a)</sup> | 10/1/2048 | A | 8750000 | 8762927 |
| Energy Southeast A Cooperative District AL | 4.719%<br> (SOFR \* .67 + 2.20% |)<sup>#</sup> | 4/1/2054 | A1 | 5000000 | 5100755 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 14000000 | 15241520 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 3400000 | 3767420 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2039 | AA- | 3500000 | 3850505 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2040 | AA- | 2500000 | 2756402 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2042 | AA- | 5925000 | 6437123 |
| Illinois Finance Authority - Peoples Gas Light & Coke Co/The | 3.90% |  | 3/1/2030 | Aa3 | 10000000 | 10005457 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2033 | Baa1 | 11295000 | 11395086 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2034 | Baa1 | 5000000 | 5042337 |
| Kentucky Public Energy Authority | 4.00% | <sup>#(a)</sup> | 8/1/2052 | A1 | 18770000 | 18960121 |
| Kentucky Public Energy Authority | 5.00% | <sup>#(a)</sup> | 1/1/2055 | A1 | 16110000 | 17340037 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(a)</sup> | 4/1/2054 | A1 | 10000000 | 10805540 |
| Long Beach Bond Finance Authority CA | 4.186%<br> (3 mo. USD Term SOFR \* .67 + 1.43% |)<sup>#</sup> | 11/15/2026 | A1 | 4000000 | 4018604 |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2034 | Aa2 | 10000000 | 11540871 |

---

60 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2035 | AA | $1020000 | $1184428 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2036 | AA | 700000 | 807370 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2037 | AA | 1125000 | 1286494 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2038 | AA | 1500000 | 1705506 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2039 | AA | 1250000 | 1412673 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2040 | AA | 1500000 | 1673949 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2041 | AA | 1735000 | 1910181 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2042 | AA | 1500000 | 1632491 |
| Lower Alabama Gas District AL | 5.00% |  | 12/1/2033 | A1 | 16650000 | 17610865 |
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2041 | A1 | 6810000 | 7344267 |
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2042 | A1 | 4400000 | 4697187 |
| Lower Colorado River Authority TX | 5.00% |  | 5/15/2041 | A | 10000000 | 10703505 |
| Lower Colorado River Authority TX | 5.00% |  | 5/15/2042 | A | 1750000 | 1856059 |
| Luzerne County Industrial Development Authority - Pennsylvania-American Water Co AMT | 2.45% | <sup>#(a)</sup> | 12/1/2039 | Aa3 | 4000000 | 3703918 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 50655000 | 50611457 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(a)</sup> | 9/1/2052 | A3 | 30235000 | 30975682 |
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% |  | 2/1/2040 | Baa2 | 5085000 | 4769499 |
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% |  | 4/1/2040 | Baa2 | 3870000 | 3626990 |
| Montgomery County Industrial Development Authority - Constellation Energy Generation LLC PA | 4.10% | <sup>#(a)</sup> | 4/1/2053 | BBB+ | 6500000 | 6668793 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2039 | A2 | 1500000 | 1641094 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2040 | A2 | 1500000 | 1616998 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2042 | A2 | 1550000 | 1638870 |
| Municipal Electric Authority of Georgia (BAM) | 5.25% |  | 1/1/2041 | AA | 1250000 | 1375618 |

---

*See Notes to Schedule of Investments.* 61

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| New York Energy Finance Development Corp. - New York Energy Finance Development Corp | 5.00% | <sup>#(a)</sup> | 7/1/2056 | A1 | $17000000 | $18026171 |
| North Texas Municipal Water District Water System Revenue | 3.00% |  | 9/1/2038 | AAA | 4825000 | 4396059 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 2/1/2054 | Aa1 | 10000000 | 10815223 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 10/1/2054 | A1 | 15000000 | 16035564 |
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2038 | B | 2200000 | 2213875 |
| Pennsylvania Economic Development Financing Authority - Waste Management Inc AMT | 1.10% | <sup>#(a)</sup> | 6/1/2031 | A- | 5000000 | 4887756 |
| Philadelphia Gas Works Co. PA | 5.00% |  | 8/1/2039 | A | 2250000 | 2522355 |
| Philadelphia Gas Works Co. PA | 5.00% |  | 8/1/2042 | A | 2000000 | 2172028 |
| Philadelphia Gas Works Co. PA (AG) | 5.25% |  | 8/1/2041 | AA | 2000000 | 2259339 |
| Puerto Rico Electric Power Authority (AG) | 3.359%<br> (3 mo. USD Term SOFR \* .67 + 0.52% |)<sup>#</sup> | 7/1/2029 | AA | 4155000 | 4027869 |
| Salt Verde Financial Corp. AZ | 5.50% |  | 12/1/2029 | A3 | 5100000 | 5488822 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2036 | A- | 2000000 | 2276965 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2037 | A- | 2250000 | 2539351 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2040 | A- | 1010000 | 1112934 |
| Southeast Alabama Gas Supply District AL | 5.00% | <sup>#(a)</sup> | 8/1/2054 | Aa3 | 10000000 | 10740659 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 33000000 | 35065889 |
| Southeast Energy Authority A Cooperative District AL<sup>(d)</sup> | 5.00% |  | 1/1/2056 | A1 | 21100000 | 21988710 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 3/1/2055 | A1 | 11350000 | 11982797 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 11/1/2055 | A1 | 30000000 | 33009816 |
| Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(a)</sup> | 1/1/2053 | A1 | 5000000 | 5361856 |
| Tennergy Corp. TN | 5.50% | <sup>#(a)</sup> | 10/1/2053 | Baa1 | 10000000 | 10730824 |
| Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(c)</sup> | 5000000 | 5063366 |
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% |  | 12/15/2026 | A1 | 2765000 | 2852436 |

---

62 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |  |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  | 5.50% | <sup>#(a)</sup> | 1/1/2054 | A1 | $10000000 | $10630383 |
| Texas Municipal Power Agency (AG) |  | 3.00% |  | 9/1/2034 | AA | 1470000 | 1426599 |
| Texas Municipal Power Agency (AG) |  | 3.00% |  | 9/1/2036 | AA | 5250000 | 4946790 |
| Texas Water Development Board - State Water Implementation Revenue Fund for Texas |  | 5.00% |  | 10/15/2036 | AAA | 2450000 | 2780040 |
| *Total* |  |  |  |  |  |  | 951302853 |
| *Total Municipal Bonds* (cost $5,164,533,621) | *Total Municipal Bonds* (cost $5,164,533,621) | *Total Municipal Bonds* (cost $5,164,533,621) | *Total Municipal Bonds* (cost $5,164,533,621) |  |  |  | 5225760137 |
| **WARRANTS 0.00%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** |  |  |  |  |  |  |  |
| Desertxpress Enterprises LLC\* (cost $0) |  | 11.50% |  | 12/1/2035 | NR | 181500 | 0 <sup>(e)</sup> |
|  | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(f)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.19%** |  |  |  |  |  |  |  |
| **Variable Rate Demand Notes 1.19%** |  |  |  |  |  |  |  |
| **General Obligation 0.77%** |  |  |  |  |  |  |  |
| City of New York NY GO | 2.500% | 1/2/2026 |  | 10/1/2040 | AA+ | 1000000 | 1000000 |
| City of New York NY GO | 2.500% | 1/2/2026 |  | 10/1/2046 | AA | 780000 | 780000 |
| City of New York NY GO | 2.500% | 1/2/2026 |  | 10/1/2046 | AA | 2000000 | 2000000 |
| City of New York NY GO | 2.550% | 1/2/2026 |  | 4/1/2042 | AA | 13000000 | 13000000 |
| City of New York NY GO | 2.550% | 1/2/2026 |  | 4/1/2042 | AA | 12300000 | 12300000 |
| City of New York NY GO | 2.600% | 1/2/2026 |  | 4/1/2038 | AA+ | 12250000 | 12250000 |
| *Total* |  |  |  |  |  |  | 41330000 |
| **Utilities 0.42%** |  |  |  |  |  |  |  |
| Development Authority of Appling County - Georgia Power Co | 2.500% | 1/1/2026 |  | 9/1/2041 | A | 7600000 | 7600000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.450% | 1/15/2026 |  | 6/15/2044 | AA+ | 3000000 | 3000000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.450% | 1/15/2026 |  | 6/15/2049 | AA+ | 1250000 | 1250000 |

---

*See Notes to Schedule of Investments.* 63

**Schedule of Investments (unaudited)(continued)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(f)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.490% | 1/15/2026 | 6/15/2055 | AA+ | $1000000 | $1000000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.500% | 1/15/2026 | 6/15/2033 | AA+ | 6000000 | 6000000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.500% | 1/15/2026 | 6/15/2053 | AA+ | 2500000 | 2500000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.600% | 1/15/2026 | 6/15/2043 | AA+ | 1000000 | 1000000 |
| *Total* |  |  |  |  |  | 22350000 |
| *Total Variable Rate Demand Notes* (cost $63,680,000) | *Total Variable Rate Demand Notes* (cost $63,680,000) | *Total Variable Rate Demand Notes* (cost $63,680,000) |  |  |  | 63680000 |
| *Total Short-Term Investments* (cost $63,680,000) | *Total Short-Term Investments* (cost $63,680,000) | *Total Short-Term Investments* (cost $63,680,000) |  |  |  | 63680000 |
| *Total Investments in Securities 99.02%* (cost $5,228,213,621) | *Total Investments in Securities 99.02%* (cost $5,228,213,621) | *Total Investments in Securities 99.02%* (cost $5,228,213,621) |  |  |  | 5289440137 |
| *Other Assets and Liabilities – Net 0.98%* | *Other Assets and Liabilities – Net 0.98%* | *Other Assets and Liabilities – Net 0.98%* |  |  |  | 52194151 |
| *Net Assets 100.00%* | *Net Assets 100.00%* | *Net Assets 100.00%* |  |  |  | $5341634288 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by - Build America Mutual. |
| COPS | Certificates of Participation. |
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| NATL | Insured by - National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| PSF | Permanent School Fund. |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |
| ST INTERCEPT | State Intercept. |
| TRIPS | Tax Refund Intercept Programs. |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $450,028,877, which represents 8.42% of net assets. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | Defaulted (non-income producing security). |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |

---

64 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

INTERMEDIATE TAX FREE FUND *December 31, 2025*

<sup>(d)</sup> 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.

<sup>(e)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

<sup>(f)</sup> The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $5225760137 | $– | $5225760137 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 0 | 0 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes | – | 63680000 | – | 63680000 |
| Total | $– | $5289440137 | $– | $5289440137 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

 

*See Notes to Schedule of Investments.* 65

**Schedule of Investments (unaudited)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 102.87%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 102.87%** |  |  |  |  |  |  |
| **Corporate-Backed 7.51%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority - Big River Steel LLC AMT<sup>†</sup> | 4.50% |  | 9/1/2049 | BB+ | $10000000 | $9722669 |
| Arkansas Development Finance Authority - United States Steel Corp AMT | 5.45% |  | 9/1/2052 | BB+ | 3500000 | 3503527 |
| Arkansas Development Finance Authority - US Steel Corp AMT | 5.70% |  | 5/1/2053 | BB+ | 4600000 | 4667040 |
| Arkansas Development Finance Authority - Weyerhaeuser Co AMT | 3.875% | <sup>#(a)</sup> | 10/15/2065 | BBB | 3750000 | 3756008 |
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2055 | BB | 17000000 | 17341425 |
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 14065000 | 10408100 |
| City of Valparaiso - Pratt Paper LLC AMT IN<sup>†</sup> | 4.875% |  | 1/1/2044 | NR | 1000000 | 1001932 |
| City of Valparaiso - Pratt Paper LLC AMT IN<sup>†</sup> | 5.00% |  | 1/1/2054 | NR | 5200000 | 5064863 |
| City of Whiting - BP Products North America Inc IN AMT | 3.00% |  | 11/1/2051 | A1 | 6295000 | 4543260 |
| Florida Development Finance Corp. - Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 4500000 | 4519654 |
| Florida Development Finance Corp. - Waste Pro USA Inc FL AMT<sup>†</sup> | 4.45% | <sup>#(a)</sup> | 7/1/2037 | NR | 3000000 | 3025264 |
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 8000000 | 7908617 |
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 5.75% |  | 10/1/2049 | BB+ | 4090000 | 4122835 |
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% | <sup>#(a)</sup> | 12/1/2050 | AA+ | 24000000 | 27622596 |
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% |  | 12/1/2050 | AA+ | 25025000 | 28802311 |
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 12/1/2053 | Ba1 | 5350000 | 5473430 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% |  | 5/1/2056 | NR | 3565000 | 3683742 |
| Louisiana Public Facilities Authority - Waste Pro USA Inc LA AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 5/1/2053 | NR | 6000000 | 6009149 |

---

<br> 66 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% |  | 11/1/2028 | BBB | $1795000 | $1795943 |
| Maricopa County Industrial Development Authority - Commercial Metals Co AZ AMT<sup>†</sup> | 4.00% |  | 10/15/2047 | BB+ | 3250000 | 2754995 |
| Maryland Economic Development Corp.<sup>(b)</sup> | 5.00% |  | 12/1/2016 | NR | 855000 | 572850 |
| Maryland Economic Development Corp. - Core Natural Resources Inc<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 7/1/2048 | NR | 5150000 | 5396524 |
| Mission Economic Development Corp. - Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 4900000 | 4901144 |
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 2/1/2048 | NR | 3750000 | 3751779 |
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 5.00% |  | 6/1/2054 | BBB | 14750000 | 14103266 |
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT<sup>†</sup> | 4.875% |  | 11/1/2042 | B- | 5475000 | 4894739 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 4770000 | 4776227 |
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 17455000 | 13334164 |
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 6100000 | 6101302 |
| New York Liberty Development Corp. | 3.00% |  | 11/15/2051 | A+ | 24950000 | 18072824 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 7500000 | 7498392 |
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.00% |  | 9/15/2043 | Aaa | 27180000 | 22640190 |
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.125% |  | 9/15/2050 | Aaa | 6000000 | 4508221 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1040001 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 4250000 | 4254528 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 700000 | 725085 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 3000000 | 3131414 |
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5000000 | 4403850 |
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT<sup>†</sup> | 5.00% |  | 7/1/2049 | B3 | 13110000 | 11818971 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 7/1/2040 | BB+ | 6650000 | 7264486 |

---

<br> *See Notes to Schedule of Investments.* 67

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 10/1/2040 | BB+ | $2500000 | $2731775 |
| Phenix City Industrial Development Board AL | 3.625% |  | 5/15/2030 | BBB | 3160000 | 3132685 |
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.25% |  | 1/1/2054 | NR | 5400000 | 5158749 |
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 9200000 | 9202139 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 5095000 | 4657147 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% |  | 7/1/2054 | NR | 1000000 | 824048 |
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 15055000 | 15058056 |
| Savannah Georgia Convention Center Authority (AG) | 5.50% |  | 6/1/2050 | AA | 1000000 | 1065994 |
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 5050000 | 3737000 |
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% |  | 6/1/2035 | NR | 5000000 | 5005155 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2040 | B+ | 1950000 | 2166007 |
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 7000000 | 7017294 |
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 910000 | 868324 |
| West Pace Cooperative District AL<sup>(b)</sup> | 9.125% |  | 5/1/2039 | NR | 4900000 | 2450000 |
| Williamsburg Economic Development Authority VA - Provident Group - Williamsburg Properties LLC (AG) | 5.25% |  | 7/1/2053 | AA | 2500000 | 2639887 |
| *Total* |  |  |  |  |  | 364631577 |
| **Education 11.76%** |  |  |  |  |  |  |
| Brunswick City School District OH<sup>(c)</sup> | 5.50% |  | 12/1/2060 | A1 | 11000000 | 11616497 |
| Build NYC Resource Corp. - Kipp NYC Public Charter Schools NY | 5.25% |  | 7/1/2052 | BBB- | 4100000 | 4090312 |
| California Educational Facilities Authority - Loma Linda University | 5.00% |  | 4/1/2042 | A | 5745000 | 5778362 |
| California Infrastructure & Economic Development Bank<sup>(c)</sup> | 5.25% |  | 5/15/2059 | AA | 14900000 | 15882659 |

---

<br> 68 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| California School Finance Authority - Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% | 8/1/2045 | BBB- | $1500000 | $1499921 |
| California School Finance Authority - Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2047 | BBB | 2050000 | 2046837 |
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2540000 | 2626882 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A <sup>(d)</sup> | 7250000 | 7613197 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A <sup>(d)</sup> | 4235000 | 4344878 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2500000 | 2537667 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15510000 | 12092921 |
| City of Waltham MA GO | 2.00% | 10/15/2035 | AA+ | 4920000 | 4313929 |
| City of Waltham MA GO | 2.00% | 10/15/2036 | AA+ | 5015000 | 4300517 |
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 3.00% | 8/15/2051 | Aaa | 5750000 | 4228829 |
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8015000 | 8357985 |
| Connecticut State Health & Educational Facilities Authority - Quinnipiac University | 5.25% | 7/1/2053 | A- | 15000000 | 15466782 |
| District of Columbia - Catholic University of America/The | 5.75% | 10/1/2055 | A- | 5000000 | 5300236 |
| Florida Development Finance Corp. - Mater Academy Inc | 5.00% | 6/15/2047 | BBB | 6600000 | 6387449 |
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group<sup>†</sup> | 6.00% | 7/1/2045 | BB+ | 15000000 | 14951425 |
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group<sup>†</sup> | 6.25% | 7/1/2055 | BB+ | 20000000 | 19907338 |
| Great Oaks Career Campuses Board of Education OH | 3.00% | 12/1/2050 | Aa1 | 15460000 | 11283299 |
| Homewood Educational Building Authority - Samford University AL | 5.00% | 12/1/2047 | Baa2 | 13425000 | 12987405 |
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2037 | Ba2 | 3135000 | 2818935 |
| Illinois Finance Authority - Illinois Institute of Technology | 4.00% | 9/1/2039 | Ba2 | 4295000 | 3738125 |

---

<br> *See Notes to Schedule of Investments.* 69

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Illinois Finance Authority - Illinois Institute of Technology | 5.00% | 9/1/2040 | Ba2 | $2045000 | $1988151 |
| Illinois Finance Authority - Illinois Institute of Technology<sup>†</sup> | 5.875% | 9/1/2046 | BB+ | 3000000 | 2957455 |
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7500000 | 7872259 |
| Illinois Finance Authority - University of Chicago | 5.25% | 5/15/2054 | Aa2 | 18850000 | 19611338 |
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2038 | BBB+ | 2730000 | 2854808 |
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2039 | BBB+ | 2870000 | 2987652 |
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2040 | BBB+ | 3535000 | 3649629 |
| Iowa Higher Education Loan Authority - Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2047 | BBB+ | 1800000 | 1811815 |
| Iowa Higher Education Loan Authority - University of Dubuque | 5.00% | 10/1/2045 | BBB- | 1725000 | 1671563 |
| Iowa Higher Education Loan Authority - University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2000000 | 2098290 |
| Iowa Higher Education Loan Authority - University of Dubuque | 6.00% | 10/1/2055 | BBB- | 10275000 | 10738982 |
| Louisiana Public Facilities Authority - Loyola University New Orleans | 5.25% | 10/1/2053 | Baa1 | 20000000 | 19834362 |
| Louisiana Public Facilities Authority - South Quad L3C (AG) | 5.25% | 7/1/2055 | A1 | 2750000 | 2872989 |
| Louisiana Public Facilities Authority - South Quad L3C (AG) | 5.25% | 7/1/2065 | A1 | 7750000 | 8021372 |
| Louisiana Public Facilities Authority - Tulane University | 4.00% | 4/1/2050 | A+ | 9040000 | 7938481 |
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 10/1/2043 | Baa3 | 8000000 | 7720822 |
| Massachusetts Development Finance Agency - Emerson College | 5.25% | 1/1/2042 | BBB+ | 18595000 | 18662918 |
| Massachusetts Development Finance Agency - Franklin W Olin College of Engineering Inc | 5.25% | 11/1/2051 | A | 8500000 | 8911704 |

---

<br> 70 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2032 | Baa3 | $3750000 | $3799154 |
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2033 | Baa3 | 1250000 | 1264571 |
| Massachusetts Development Finance Agency - Suffolk University | 5.00% | 7/1/2034 | Baa3 | 1600000 | 1616357 |
| Massachusetts Development Finance Agency - Suffolk University | 5.25% | 7/1/2055 | Baa3 | 11850000 | 11680637 |
| Massachusetts Development Finance Agency - Suffolk University | 5.50% | 7/1/2045 | Baa3 | 2900000 | 2992349 |
| Massachusetts Development Finance Agency - Suffolk University | 6.00% | 7/1/2050 | Baa3 | 5250000 | 5591896 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board - Lipscomb University Obligated Group TN | 5.25% | 10/1/2058 | BBB- | 5165000 | 4949230 |
| Michigan State University | 5.25% | 2/15/2050 | AA | 8000000 | 8622411 |
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey<sup>(c)</sup> | 5.00% | 8/15/2053 | Aa3 | 15000000 | 15603184 |
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 6500000 | 6978814 |
| New Jersey Educational Facilities Authority - State of New Jersey | 5.25% | 9/1/2053 | A1 | 2100000 | 2191042 |
| New York St Dorm Auth Revenues Nyshgr<sup>(c)</sup> | 5.25% | 7/1/2055 | AA- | 14750000 | 15580623 |
| New York State Dormitory Authority - Cornell University | 5.50% | 7/1/2054 | Aa1 | 22500000 | 24360394 |
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 5000000 | 5000671 |
| New York State Dormitory Authority - New School | 4.00% | 7/1/2052 | A3 | 4870000 | 4083811 |
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2049 | BBB | 1300000 | 1337384 |
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2054 | BBB | 1900000 | 1943555 |
| New York State Dormitory Authority - Pace University | 5.50% | 5/1/2056 | BBB- | 13175000 | 13566952 |
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3720000 | 3779987 |
| Ohio Higher Educational Facility Commission - Oberlin College<sup>(c)</sup> | 5.25% | 10/1/2053 | AA- | 11500000 | 11993680 |

---

<br> *See Notes to Schedule of Investments.* 71

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Ohio Higher Educational Facility Commission - Xavier University | 5.25% | 5/1/2049 | Baa1 | $2805000 | $2862343 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.25% | 5/1/2054 | Baa1 | 4690000 | 4759145 |
| Onondaga Civic Development Corp.<sup>(c)</sup> | 5.50% | 12/1/2056 | AA- | 12745000 | 13909242 |
| Pennsylvania State University<sup>(c)</sup> | 5.50% | 9/1/2055 | AA | 22000000 | 23967412 |
| Private Colleges & Universities Authority - Emory University GA | 5.25% | 9/1/2045 | AA | 13280000 | 14517353 |
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BBB- | 2000000 | 1890043 |
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BBB- | 1050000 | 1050190 |
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2220000 | 2238241 |
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1000000 | 984582 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2054 | NR | 700000 | 629453 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2059 | NR | 700000 | 620794 |
| Town of Davie - Nova Southeastern University Inc FL | 5.00% | 4/1/2048 | A- | 3000000 | 3030813 |
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8080000 | 8300809 |
| University of Illinois (AG) | 4.00% | 4/1/2038 | AA | 4965000 | 5005696 |
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | 7055000 | 7068989 |
| University of Oregon TCRS (BAM) | 3.50% | 4/1/2052 | AA | 5000000 | 4099037 |
| Waco Educational Finance Corp. - Baylor University TX | 5.25% | 3/1/2052 | A+ | 3775000 | 3969092 |
| Waco Educational Finance Corp. - Baylor University TX | 5.25% | 3/1/2053 | A+ | 3975000 | 4172741 |
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences<sup>†</sup> | 6.125% | 7/1/2053 | BBB | 2850000 | 3036189 |
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences<sup>†</sup> | 6.375% | 7/1/2063 | BBB | 1400000 | 1502256 |
| *Total* |  |  |  |  | 570928099 |

---

<br> 72 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric Revenue Bonds 0.32%** |  |  |  |  |  |  |
| City of San Antonio TX Electric & Gas Systems Revenue<sup>(c)</sup> | 5.00% |  | 2/1/2054 | Aa2 | $15000000 | $15499652 |
| **Energy 0.08%** |  |  |  |  |  |  |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2038 | A1 | 3745000 | 4064545 |
| **Financial Services 0.10%** |  |  |  |  |  |  |
| Massachusetts Educational Financing Authority AMT | 4.125% |  | 7/1/2046 | BBB | 5755000 | 4981873 |
| **General Obligation 11.07%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 41700000 | 44327425 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2040 | BB+ | 2600000 | 2326214 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2041 | BB+ | 5000000 | 4358792 |
| Chicago Board of Education IL GO | 5.75% |  | 12/1/2050 | BB+ | 3500000 | 3484773 |
| Chicago Board of Education IL GO | 5.875% |  | 12/1/2047 | BB+ | 3750000 | 3777248 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2044 | BB+ | 4500000 | 4695687 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2049 | BB+ | 10260000 | 10387324 |
| Chicago Board of Education IL GO | 6.25% |  | 12/1/2050 | BB+ | 3250000 | 3398103 |
| City of Chicago IL GO | 5.50% |  | 1/1/2039 | BBB | 2125000 | 2229457 |
| City of Chicago IL GO | 5.50% |  | 1/1/2049 | BBB | 2240000 | 2241333 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 8500000 | 8792341 |
| City of Horace ND GO | 4.50% |  | 5/1/2039 | Baa3 | 1250000 | 1281196 |
| City of Horace ND GO | 4.75% |  | 5/1/2044 | Baa3 | 1100000 | 1100888 |
| City of New York NY GO | 5.25% |  | 9/1/2043 | AA | 6500000 | 6937426 |
| City of New York NY GO | 5.25% |  | 2/1/2053 | AA | 4350000 | 4571480 |
| City of New York NY GO | 5.50% |  | 5/1/2046 | AA | 2675000 | 2852574 |
| City of New York NY GO TCRS (BAM) | 3.00% |  | 3/1/2051 | AA | 5000000 | 3727870 |
| Commonwealth of Massachusetts GO | 5.00% |  | 4/1/2042 | AA+ | 1740000 | 1915663 |
| Commonwealth of Massachusetts GO | 5.00% |  | 4/1/2043 | AA+ | 2000000 | 2179811 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 8782789 | 8522523 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 15000000 | 13104210 |
| County of Anne Arundel MD GO | 3.00% |  | 10/1/2044 | AAA | 7415000 | 6121610 |
| County of Harris TX GO | 4.00% |  | 9/15/2049 | Aaa | 8000000 | 7478274 |
| County of Pasco - State of Florida Cigarette Tax Revenue (AG) | 5.75% |  | 9/1/2054 | AA | 4770000 | 5114253 |
| El Paso County Hospital District TX GO (AG) | 5.50% |  | 2/15/2055 | AA | 12000000 | 12679168 |

---

<br> *See Notes to Schedule of Investments.* 73

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Forney Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2045 | AAA | $6050000 | $4886091 |
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | 5000000 | 5037596 |
| Louisiana Stadium & Exposition District | 5.25% | 7/1/2053 | A2 | 15715000 | 16294293 |
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2027 | A1 | 4500000 | 4598429 |
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2029 | A1 | 2940000 | 3086440 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 2000000 | 2101450 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 3980000 | 4179158 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2053 | AA | 5230000 | 5449366 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2053 | AA | 5000000 | 5199548 |
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2050 | A | 25900000 | 22547545 |
| Metropolitan Pier & Exposition Authority IL (AG) | 4.00% | 6/15/2050 | AA | 6000000 | 5285611 |
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.25% | 11/1/2047 | A1 | 11050000 | 11595067 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon | 12/15/2029 | A1 | 10365000 | 9227906 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2041 | A1 | 6250000 | 6861446 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2042 | A1 | 2000000 | 2176121 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | 7500000 | 8056103 |
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 19635000 | 14897000 |
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 7085000 | 5336990 |
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2051 | AA+ | 4110000 | 3040997 |

---

<br> 74 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | $4970000 | $3698493 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 33470000 | 35290166 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 6505000 | 5361183 |
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 6810000 | 7916194 |
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2037 | Aa3 | 1200000 | 1213476 |
| Southwest Local School District/Hamilton County OH GO (SD CRED PROG) | 4.00% | 1/15/2055 | Aa1 | 7000000 | 6492822 |
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | AAA | 6350000 | 6287544 |
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | AAA | 6150000 | 6066651 |
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 7500000 | 8023276 |
| State of Connecticut GO | 3.00% | 11/15/2042 | Aa2 | 4000000 | 3511091 |
| State of Connecticut GO | 3.00% | 11/15/2043 | Aa2 | 2800000 | 2402848 |
| State of Illinois GO | 4.00% | 11/1/2037 | A2 | 6810000 | 6753993 |
| State of Illinois GO | 4.00% | 10/1/2042 | A2 | 5000000 | 4737823 |
| State of Illinois GO | 5.00% | 1/1/2035 | A2 | 6200000 | 6207677 |
| State of Illinois GO | 5.00% | 12/1/2035 | A2 | 2145000 | 2203463 |
| State of Illinois GO | 5.00% | 5/1/2038 | A2 | 4515000 | 4638725 |
| State of Illinois GO | 5.00% | 1/1/2041 | A2 | 3580000 | 3582142 |
| State of Illinois GO | 5.00% | 9/1/2041 | A2 | 10000000 | 10649849 |
| State of Illinois GO | 5.00% | 5/1/2043 | A2 | 3000000 | 3041012 |
| State of Illinois GO | 5.25% | 5/1/2045 | A2 | 2500000 | 2612689 |
| State of Illinois GO | 5.25% | 9/1/2047 | A2 | 30000000 | 31167546 |
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 8250000 | 8831469 |
| State of Illinois GO | 5.50% | 10/1/2039 | A2 | 6000000 | 6595678 |
| State of Illinois GO | 5.50% | 3/1/2042 | A2 | 5250000 | 5650026 |
| State of Illinois GO | 5.50% | 3/1/2047 | A2 | 18425000 | 19307318 |
| State of Illinois GO | 5.50% | 5/1/2047 | A2 | 11165000 | 11707215 |
| State of Illinois GO | 5.75% | 5/1/2045 | A2 | 2600000 | 2744009 |

---

<br> *See Notes to Schedule of Investments.* 75

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | $3680000 | $3681402 |
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | A3 | 7000000 | 7018700 |
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | AA | 2000000 | 2177720 |
| *Total* |  |  |  |  | 537035000 |
| **Health Care 17.53%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 3000000 | 2912264 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB- | 2615000 | 2388219 |
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 3950000 | 3980003 |
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 4250000 | 4267389 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 8008000 | 5542726 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 16473000 | 14843786 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 1218914 | 1310337 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 2432609 | 2440865 |
| Brevard County Health Facilities Authority - Health First Inc Obligated Group FL | 5.00% | 4/1/2041 | A | 6065000 | 6367437 |
| Bucks County Industrial Development Authority - Grand View Hospital/ Sellersville Obligated Group PA | 4.00% | 7/1/2051 | BBB+ | 3500000 | 2938095 |
| California Health Facilities Financing Authority - Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 5565000 | 4029764 |
| California Municipal Finance Authority - Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB <sup>(d)</sup> | 5000000 | 5196212 |
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2047 | BBB+ | 6940000 | 6958240 |

---

<br> 76 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2043 | BB+ | $4510000 | $4579648 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 6875000 | 6891317 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2056 | BB+ | 4500000 | 4503657 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB+ | 3375000 | 3410716 |
| Chattanooga Health Educational & Housing Facility Board - Erlanger Health Obligated Group TN | 5.25% | 12/1/2054 | A | 22950000 | 23731425 |
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 7400000 | 7399923 |
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2049 | BBB+ | 12120000 | 11817022 |
| City of St. Cloud - CentraCare Health System Obligated Group MN | 5.00% | 5/1/2054 | A2 | 8750000 | 8922560 |
| City of Tampa - H Lee Moffitt Cancer Center & Research Institute Obligated Group FL | 4.00% | 7/1/2045 | A | 7400000 | 6743463 |
| Colorado Health Facilities Authority - CommonSpirit Health Obligated Group | 5.50% | 11/1/2047 | A- | 4390000 | 4618168 |
| Columbia County Hospital Authority - WellStar Health System Obligated Group GA | 5.75% | 4/1/2053 | A+ | 2670000 | 2864144 |
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 7920000 | 7686378 |
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2049 | BBB+ | 6875000 | 6022957 |
| County of Cuyahoga - MetroHealth System OH | 5.50% | 2/15/2052 | BBB- | 8925000 | 8794687 |
| County of Cuyahoga - MetroHealth System/The OH | 5.00% | 2/15/2057 | BBB- | 5185000 | 4709787 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 2650000 | 2641704 |

---

<br> *See Notes to Schedule of Investments.* 77

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| County of Okaloosa - AIR Force Enlisted Village Inc Obligated Group FL<sup>†</sup> | 5.75% | 5/15/2055 | NR | $1690000 | $1713015 |
| County of Warren - Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2049 | AA- | 8610000 | 8975208 |
| County of Warren - Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2054 | AA- | 8000000 | 8299158 |
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 950000 | 951967 |
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 1115000 | 1116190 |
| Cumberland County Municipal Authority - Penn State Health Obligated Group PA | 3.00% | 11/1/2038 | A | 4315000 | 3914709 |
| Denver Health & Hospital Authority CO | 5.125% | 12/1/2050 | BBB | 1000000 | 1009193 |
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700000 | 700229 |
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 3050000 | 3283689 |
| Duluth Economic Development Authority - Essentia Health Obligated Group MN | 5.25% | 2/15/2053 | A- | 2870000 | 2887646 |
| Duluth Economic Development Authority - Essentia Health Obligated Group MN | 5.25% | 2/15/2058 | A- | 14500000 | 14554765 |
| Duluth Economic Development Authority - St Luke's Hospital of Duluth Obligated MN | 5.25% | 6/15/2052 | AA- | 5000000 | 5162325 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 6275000 | 6179921 |
| Genesee County Funding Corp. - Monroe Sustainable Energy Partners LLC NY | 5.50% | 12/1/2055 | BBB+ | 8500000 | 8864556 |
| Genesee County Funding Corp. - Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 4000000 | 4037506 |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2043 | Baa2 | 4720000 | 4747103 |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2044 | Baa2 | 4135000 | 4097480 |
| Greenville Health System - Prisma Health Obligated Group SC | 5.00% | 5/1/2034 | A | 3970000 | 3976926 |
| Illinois Finance Authority - University of Chicago Medical Center Obligated Group | 4.00% | 8/15/2041 | A+ | 5000000 | 4765177 |

---

<br> 78 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Isle of Weight County Economic Development Authority - Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2048 | AA | $3000000 | $3181990 |
| Isle of Weight County Economic Development Authority - Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2053 | AA | 6000000 | 6310285 |
| Lee County Industrial Development Authority - Lee Health System Inc Obligated Group FL | 4.00% | 4/1/2049 | A+ | 5500000 | 4877131 |
| Louisiana Public Facilities Authority - Ochsner Clinic Foundation Obligated Group | 5.50% | 5/15/2055 | A | 5000000 | 5301275 |
| Louisville/Jefferson County Metropolitan Government - Norton Healthcare Obligated Group KY | 5.00% | 10/1/2041 | A | 3200000 | 3425767 |
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.00% | 1/1/2036 | Baa3 | 3290000 | 3469366 |
| Maryland Health & Higher Educational Facilities Authority - Adventist Healthcare Obligated Group | 5.50% | 1/1/2046 | Baa3 | 17990000 | 18158221 |
| Maryland Health & Higher Educational Facilities Authority - Kennedy Krieger Institute Inc Obligated Group MD | 5.25% | 7/1/2051 | BBB- | 2500000 | 2553146 |
| Maryland Health & Higher Educational Facilities Authority - Kennedy Krieger Institute Inc Obligated Group MD | 5.50% | 7/1/2056 | BBB- | 2000000 | 2076892 |
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Obligated Group | 5.00% | 7/1/2036 | A- | 1320000 | 1329390 |
| Maryland Health & Higher Educational Facilities Authority - Mercy Medical Center Obligated Group | 5.00% | 7/1/2038 | A- | 2250000 | 2263912 |
| Maryland Health & Higher Educational Facilities Authority - Meritus Medical Center Obligated Group (AG) | 5.00% | 7/1/2055 | AA | 6445000 | 6600789 |
| Maryland Health & Higher Educational Facilities Authority - TidalHealth Obligated Group(AG) | 5.25% | 7/1/2050 | AA | 6000000 | 6229775 |
| Maryland Health & Higher Educational Facilities Authority - TidalHealth Obligated Group(AG) | 5.50% | 7/1/2055 | AA | 2640000 | 2820788 |

---

<br> *See Notes to Schedule of Investments.* 79

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Maryland Health & Higher Educational Facilities Authority - UPMC Obligated Group | 4.00% | 4/15/2050 | A | $6200000 | $5471085 |
| Massachusetts Development Finance Agency - Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 18130000 | 19559696 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2033 | BBB | 2575000 | 2590723 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2037 | BBB | 4030000 | 4045201 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.25% | 7/1/2048 | BBB | 2600000 | 2637293 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2035 | BBB- | 2000000 | 1941896 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 5380000 | 4661560 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2039 | BBB- | 3360000 | 3377128 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 1600000 | 1581730 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2045 | BBB- | 3640000 | 3774986 |
| Medical University Hospital Authority SC (FHA) | 5.25% | 11/15/2050 | AA+ | 12745000 | 13128060 |
| Medical University Hospital Authority SC (FHA) | 5.25% | 11/15/2054 | AA+ | 25635000 | 26321854 |
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 3100000 | 3278604 |
| Minnesota Agricultural & Economic Development Board - HealthPartners Obligated Group | 5.25% | 1/1/2054 | A | 16785000 | 17375495 |
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | 10000000 | 10086088 |
| Montana Facility Finance Authority - Kalispell Regional Medical Center Obligated Group | 5.00% | 7/1/2043 | A | 4000000 | 4081953 |
| Montana Facility Finance Authority - Kalispell Regional Medical Center Obligated Group | 5.00% | 7/1/2048 | A | 5760000 | 5800259 |

---

<br> 80 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2049 | A | $3960000 | $3419733 |
| Montgomery County Higher Education & Health Authority - Thomas Jefferson University Obligated Group PA (AG) | 4.00% | 5/1/2056 | AA | 4020000 | 3481755 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2029 | A- | 1000000 | 1005778 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2030 | A- | 580000 | 581998 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2031 | A- | 1620000 | 1625019 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2034 | A- | 1100000 | 1102800 |
| Nebraska Educational Health Cultural & Social Services Finance Authority - Immanuel Retirement Communities Obligated Group | 4.00% | 1/1/2044 | AA <sup>(d)</sup> | 3500000 | 3283438 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 4035000 | 4048192 |
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 3680000 | 3680028 |
| New Hampshire Business Finance Authority - NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 1935000 | 1994043 |
| New Hampshire Business Finance Authority - NFA UH SPV LLC<sup>†</sup> | 6.25% | 12/15/2038 | NR | 1830000 | 1922931 |
| New Hampshire Business Finance Authority - Novant Health Obligated Group | 5.50% | 6/1/2050 | A+ | 20925000 | 21876407 |
| New Hampshire Health & Education Facilities Authority Act - Dartmouth Health Obligated Group | 5.50% | 8/1/2050 | A | 21000000 | 22436998 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 8110000 | 6994351 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | BB- | 1300000 | 1307405 |

---

<br> *See Notes to Schedule of Investments.* 81

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2040 | BB- | $1300000 | $1238542 |
| New York State Dormitory Authority - Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 2000000 | 2140960 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 4900000 | 4617030 |
| New York State Dormitory Authority - Northwell Health Obligated Group<sup>(c)</sup> | 5.00% | 5/1/2052 | A- | 33500000 | 34006175 |
| New York State Dormitory Authority - NYU Langone Hospitals Obligated Group | 4.00% | 7/1/2050 | A+ | 14330000 | 12861669 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3000000 | 3041064 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 6500000 | 6947471 |
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B | 2475000 | 2067768 |
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 1500000 | 1353553 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 4660000 | 4594148 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 10015000 | 10015133 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | 10345000 | 10272440 |
| Orange County Health Facilities Authority - Orlando Health Obligated Group FL | 5.25% | 10/1/2056 | A+ | 6905000 | 7172572 |
| Oregon State Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% | 10/1/2045 | A | 7000000 | 7001586 |
| Palm Beach County Health Facilities Authority - Baptist Health South Obligated Group FL | 4.00% | 8/15/2049 | AA- | 6925000 | 6152497 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 11025000 | 10554360 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 8240000 | 7722983 |
| Pennsylvania Economic Development Financing Authority - UPMC Obligated Group | 4.00% | 5/15/2048 | A | 3500000 | 3110499 |

---

<br> 82 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Pennsylvania Higher Educational Facilities Authority - Thomas Jefferson University Obligated Group | 5.50% | 11/1/2054 | A | $16750000 | $17456043 |
| Pennsylvania Higher Educational Facilities Authority - University of Pennsylvania Health System Obligated Group/The | 5.00% | 8/15/2042 | AA | 3455000 | 3505194 |
| Pennsylvania Higher Educational Facilities Authority - University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4150000 | 4505755 |
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 5.75% | 6/1/2050 | BBB- <sup>(d)</sup> | 1000000 | 1002340 |
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 6.00% | 6/1/2045 | BBB- <sup>(d)</sup> | 1350000 | 1406377 |
| Public Finance Authority - Proton International Alabama LLC WI<sup>†(b)</sup> | 6.85% | 10/1/2047 | NR | 1410000 | 141000 |
| Rhode Island Health & Educational Building Corp. - Lifespan Obligated Group | 5.25% | 5/15/2049 | BBB+ | 1825000 | 1852875 |
| Roanoke Economic Development Authority - Carilion Clinic Obligated Group | 3.00% | 7/1/2045 | AA- | 20870000 | 15872111 |
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 7000000 | 7256117 |
| Rockland County Economic Assistance Corp. - Bon Secours Health System Inc Obligated Group NY | 7.25% | 11/1/2045 | NR | 2500000 | 2690149 |
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | 3720000 | 3814097 |
| South Broward Hospital District Obligated Group FL TCRS (BAM) | 3.00% | 5/1/2051 | AA | 5265000 | 3884773 |
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.50% | 11/1/2046 | A+ | 9500000 | 10245017 |
| South Carolina Jobs-Economic Development Authority - Novant Health Obligated Group | 5.50% | 11/1/2054 | A+ | 19640000 | 20732116 |
| State of Ohio - Premier Health Partners Obligated | 4.00% | 11/15/2039 | Baa1 | 2640000 | 2562186 |
| Tarrant County Cultural Education Facilities Finance Corp TX<sup>(c)</sup> | 5.00% | 7/1/2053 | A1 | 9550000 | 9707882 |

---

<br> *See Notes to Schedule of Investments.* 83

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Virginia Small Business Financing Authority - Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2050 | A3 | $5000000 | $5191320 |
| Virginia Small Business Financing Authority - Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2055 | A3 | 8500000 | 8786827 |
| Washington Health Care Facilities Authority - Overlake Hospital Medical Center Obligated Group | 5.00% | 7/1/2038 | A | 4000000 | 4001136 |
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2060000 | 2240460 |
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3250000 | 3513217 |
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB+ | 95000 | 95025 |
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB+ | 30000 | 30004 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2051 | AA | 2750000 | 2803983 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2048 | AA | 1750000 | 1897944 |
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Group | 4.00% | 11/15/2046 | AA | 5045000 | 4638597 |
| Wisconsin Health & Educational Facilities Authority - Ascension Health Credit Group | 4.00% | 11/15/2046 | NR | 35000 | 35187 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 2745000 | 2745021 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 910000 | 910007 |
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.50% | 2/15/2054 | A+ | 9750000 | 10252981 |
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group (BAM) | 5.25% | 2/15/2054 | AA | 1250000 | 1307340 |
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 840000 | 811020 |

---

<br> 84 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Yuma Industrial Development Authority - Yuma Regional Medical Center |  |  |  |  |  |  |
| Obligated Group AZ | 5.25% |  | 8/1/2054 | A | $14500000 | $14930698 |
| *Total* |  |  |  |  |  | 850518119 |
| **Housing 4.74%** |  |  |  |  |  |  |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | AA- | 9986512 | 10006963 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | BBB | 4993256 | 4742784 |
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% |  | 6/1/2050 | Baa3 | 1410000 | 1410013 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2039 | Baa3 | 1000000 | 1025368 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2041 | Baa3 | 1000000 | 1006888 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2048 | Baa3 | 1350000 | 1298700 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2053 | Baa3 | 1745000 | 1655342 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2058 | Baa3 | 1750000 | 1641041 |
| CMFA Special Finance Agency CA<sup>†</sup> | 4.00% |  | 12/1/2045 | NR | 5000000 | 3735005 |
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA<sup>†</sup> | 3.125% |  | 8/1/2056 | NR | 4500000 | 3363977 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% |  | 6/1/2057 | NR | 4020000 | 1198423 |
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 1/1/2055 | Aa1 | 7885000 | 8652621 |
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aaa | 4685000 | 5204412 |
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.125% |  | 6/1/2058 | BBB- | 1700000 | 1688793 |
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.375% |  | 6/1/2064 | BBB- | 4460000 | 4499970 |
| Indiana Finance Authority - SFP-PUFW I LLC | 5.00% |  | 7/1/2054 | BBB- | 1175000 | 1176072 |

---

<br> *See Notes to Schedule of Investments.* 85

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Indiana Finance Authority - SFP-PUFW I LLC | 5.25% |  | 7/1/2064 | BBB- | $1625000 | $1639759 |
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.25% |  | 7/1/2049 | AA | 2700000 | 2800988 |
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.50% |  | 7/1/2054 | AA | 1150000 | 1206333 |
| Knox County Health Educational & Housing Facility Board - Provident Group - UTK Properties LLC TN (BAM) | 5.50% |  | 7/1/2059 | AA | 2000000 | 2096665 |
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% |  | 7/1/2054 | AA | 3775000 | 3859431 |
| Maryland Economic Development Corp. | 5.75% |  | 7/1/2053 | BBB- | 2000000 | 2109911 |
| Maryland Economic Development Corp. | 6.00% |  | 7/1/2058 | BBB- | 5000000 | 5329555 |
| Massachusetts Development Finance Agency - PRG Medford Properties Inc | 5.25% |  | 6/1/2065 | A | 4490000 | 4632193 |
| Massachusetts Development Finance Agency - PRG Medford Properties Inc | 5.50% |  | 6/1/2050 | A | 1500000 | 1609813 |
| Michigan State Housing Development Authority | 5.05% |  | 6/1/2051 | AA+ | 10000000 | 10081197 |
| New Hampshire Business Finance Authority | 4.00% |  | 10/20/2036 | BBB | 10514409 | 10439994 |
| New Hampshire Business Finance Authority | 4.086% | <sup>#(a)</sup> | 1/20/2041 | BBB | 5066734 | 4763927 |
| New Hampshire Business Finance Authority | 4.217% | <sup>#(a)</sup> | 11/20/2042 | BBB | 4235418 | 4005106 |
| New Hampshire Business Finance Authority | 4.25% |  | 7/20/2041 | A2 | 7065347 | 7109531 |
| New Hampshire Business Finance Authority | 4.375% |  | 9/20/2036 | BBB | 5244084 | 5342391 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(a)</sup> | 6/20/2041 | AA- | 12482683 | 12869838 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 4750000 | 4966607 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 1350000 | 1392951 |
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 3.00% |  | 7/1/2045 | Aa3 | 5052000 | 4049080 |
| Public Finance Authority - CHF- Manoa LLC WI<sup>†</sup> | 5.50% |  | 7/1/2043 | BBB- | 4500000 | 4573098 |

---

<br> 86 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Public Finance Authority - CHF-Manoa LLC WI† | 5.75% |  | 7/1/2053 | BBB- | $12785000 | $12841501 |
| Summit County Development Finance Authority - PRG - Akron Properties LLC OH (BAM) | 5.25% |  | 7/1/2055 | AA | 9000000 | 9287402 |
| Summit County Development Finance Authority - PRG - Akron Properties LLC OH (BAM) | 5.50% |  | 7/1/2060 | AA | 10300000 | 10775309 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.125% |  | 7/1/2055 | AA+ | 10000000 | 10119864 |
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% |  | 7/1/2034 | BBB- | 1000000 | 1000118 |
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% |  | 7/1/2039 | BBB- | 1500000 | 1499231 |
| Toledo-Lucas County Port Authority - CHF-Toledo LLC OH | 5.00% |  | 7/1/2046 | BBB- | 1000000 | 931981 |
| University of Idaho (AG) | 5.50% |  | 4/1/2051 | AA | 3000000 | 3239637 |
| University of Idaho (AG) | 5.50% |  | 4/1/2055 | AA | 3000000 | 3227770 |
| University of Idaho (AG) | 5.50% |  | 4/1/2057 | AA | 5000000 | 5363960 |
| Washington State Housing Finance Commission | 4.844% | <sup>#(a)</sup> | 3/1/2050 | A3 | 10911603 | 10708874 |
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)<sup>†</sup> | 5.25% |  | 7/1/2055 | AA | 4000000 | 4036674 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.00% |  | 7/1/2054 | BBB- | 2500000 | 2370438 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2044 | BBB- | 1350000 | 1400422 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2049 | BBB- | 1000000 | 1020167 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2059 | BBB- | 5135000 | 5167243 |
| *Total* |  |  |  |  |  | 230175331 |
| **Lease Obligations 1.46%** |  |  |  |  |  |  |
| Kentucky Bond Development Corp. | 4.00% |  | 9/1/2048 | A+ | 6645000 | 6176201 |
| Los Angeles County Public Works Financing Authority - County of Los Angeles CA | 5.50% |  | 12/1/2054 | AA+ | 5500000 | 6043488 |

---

<br> *See Notes to Schedule of Investments.* 87

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Lease Obligations (continued)** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% |  | 1/1/2052 | A- | $9000000 | $9007555 |
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% |  | 6/15/2043 | A1 | 4500000 | 4619033 |
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2036 | A1 | 1285000 | 1327917 |
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2047 | A1 | 6050000 | 6102223 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2030 | A+ | 3000000 | 3027520 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2031 | A+ | 2400000 | 2421571 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon |  | 12/15/2028 | A1 | 10000000 | 9172167 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon |  | 12/15/2031 | A1 | 1935000 | 1613264 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon |  | 12/15/2037 | A1 | 3390000 | 2177733 |
| Northern Illinois University (BAM) | 5.50% |  | 4/1/2049 | AA | 2500000 | 2624205 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.25% |  | 7/15/2059 | AA | 6500000 | 6796856 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.50% |  | 7/15/2060 | AA | 9170000 | 9847414 |
| *Total* |  |  |  |  |  | 70957147 |
| **Multi-Family Housing 0.60%** |  |  |  |  |  |  |
| FHLMC Multifamily VRD Certificates NY | 4.783% | <sup>#(a)</sup> | 7/25/2042 | AA+ | 9973045 | 10272337 |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 6921328 | 6651149 |
| New Hampshire Business Finance Authority | 4.217% | <sup>#(a)</sup> | 11/20/2042 | AA- | 9965689 | 9732912 |
| New York City Housing Development Corp. NY | 2.40% |  | 11/1/2046 | AA+ | 3900000 | 2655178 |
| *Total* |  |  |  |  |  | 29311576 |
| **Other Revenue 2.64%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 4000000 | 4084936 |

---

<br> 88 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | Ba2 | $2000000 | $2165329 |
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 5305000 | 5312953 |
| California School Finance Authority - Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% |  | 8/1/2048 | BBB- | 1650000 | 1650008 |
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% |  | 9/1/2040 | AA | 2000000 | 2001944 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority - County of Cobb GA | 5.50% |  | 10/1/2050 | Aa2 | 5500000 | 6000878 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority - County of Cobb GA | 5.50% |  | 10/1/2053 | Aa2 | 5000000 | 5438843 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 4299197 | 2815974 |
| County of Broward FL Convention Center Hotel Revenue<sup>(c)</sup> | 5.50% |  | 1/1/2055 | AA | 31540000 | 33271429 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2034 | AA | 1000000 | 1049832 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2035 | AA | 1000000 | 1047180 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2037 | AA | 1160000 | 1208116 |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2037 | A1 | 2990000 | 3260730 |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2043 | A1 | 3250000 | 3308730 |
| Michigan Finance Authority - Bradford Academy | 4.30% |  | 9/1/2030 | NR | 195000 | 185655 |
| Michigan Finance Authority - Bradford Academy | 4.80% |  | 9/1/2040 | NR | 565000 | 486358 |
| Michigan Finance Authority - Bradford Academy | 5.00% |  | 9/1/2050 | NR | 925000 | 722109 |
| M-S-R Energy Authority CA | 6.125% |  | 11/1/2029 | BBB+ | 1455000 | 1541042 |
| Municipal Improvement Corp. of Los Angeles<sup>(c)</sup> | 5.50% |  | 5/1/2055 | A+ | 22000000 | 23763587 |
| New Jersey Economic Development Authority - Friends of TEAM Academy Charter School Obligated Group | 6.00% |  | 10/1/2043 | BBB | 3500000 | 3503272 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.75% |  | 12/1/2054 | NR | 4000000 | 4020290 |
| Territory of Guam | 5.00% |  | 1/1/2036 | Baa3 | 1900000 | 2089173 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 1000000 | 1108186 |
| Territory of Guam | 5.25% |  | 1/1/2038 | Baa3 | 2250000 | 2478313 |
| Territory of Guam | 5.25% |  | 1/1/2039 | Baa3 | 1000000 | 1096523 |
| Territory of Guam | 5.25% |  | 1/1/2040 | Baa3 | 1000000 | 1086022 |

---

*See Notes to Schedule of Investments.* 89

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  | | |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2031 | NR | $10000000 | $10325194 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2048 | Baa1 | 3745000 | 3235751 |
| *Total* |  |  |  |  |  | 128258357 |
| **Pollution Control 0.02%** |  |  |  |  |  |  |
| Finance Authority of Maine - Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(a)</sup> | 12/1/2047 | B+ | 1200000 | 1210216 |
| **Special Tax 1.28%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 8010000 | 8197571 |
| Gramercy Farms Community Development District FL | 6.75% |  | 5/1/2039 | NR | 191000 | 184364 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% |  | 11/15/2047 | NR | 3000000 | 2645399 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% |  | 9/1/2037 | A+ | 4875000 | 4912677 |
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% |  | 4/1/2028 | Baa2 | 1031314 | 1063307 |
| New York Transportation Dev. Corp.<sup>(c)</sup> | 6.00% |  | 6/30/2055 | Baa3 | 20000000 | 21082874 |
| New York Transportation Development Corp<sup>(c)</sup> | 6.00% |  | 6/30/2050 | Baa3 | 6500000 | 6897324 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% |  | 9/1/2052 | AA | 2500000 | 2631271 |
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% |  | 10/1/2041 | A2 | 11195000 | 11651616 |
| Stone Canyon Community Improvement District MO<sup>(b)</sup> | 5.70% |  | 4/1/2022 | NR | 1000000 | 210000 |
| Stone Canyon Community Improvement District MO<sup>(b)</sup> | 5.75% |  | 4/1/2027 | NR | 1300000 | 273000 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% |  | 12/1/2044 | NR | 2100000 | 2150988 |
| *Total* |  |  |  |  |  | 61900391 |
| **Tax Revenue 7.14%** |  |  |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% |  | 12/1/2050 | A+ | 13615000 | 12197679 |

---

90 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  | | |
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2042 | AA | $1250000 | $1329922 |
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3750000 | 3797734 |
| County of Pinal AZ (BAM) | 5.25% | 8/1/2055 | AA | 10000000 | 10620658 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2050 | AA | 4500000 | 4806110 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 19760000 | 20964568 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 16140000 | 17123893 |
| Lower Colorado River Authority - LCRA Transmission Services Corp TX | 6.00% | 5/15/2052 | A | 1700000 | 1841062 |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 3500000 | 3638118 |
| Metropolitan Pier & Exposition Authority - State of Illinois McCormick Place Expansion Project Fund | 4.00% | 12/15/2042 | A | 2000000 | 1909657 |
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 7210000 | 6208906 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10535000 | 8974228 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 6/15/2033 | A | 15000000 | 11645823 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10000000 | 6626371 |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 5.75% | 6/15/2044 | NR | 850000 | 870823 |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 6.00% | 6/15/2054 | NR | 1250000 | 1283931 |

---

*See Notes to Schedule of Investments.* 91

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  | | |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2049 | AAA | $7810000 | $8209077 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 25705000 | 26934974 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY<sup>(e)</sup> | 5.25% | 11/1/2055 | AAA | 10750000 | 11320984 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 4750000 | 5120937 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 12/1/2059 | A+ | 25000000 | 26728378 |
| New York Convention Center Development Corp. - New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 5000000 | 5000056 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2042 | Aa1 | 5000000 | 4233586 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2480000 | 1848730 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 8980000 | 6622861 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 4.00% | 2/15/2047 | Aa1 | 9625000 | 8863545 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2046 | Aa1 | 10000000 | 10464639 |
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2047 | AA+ | 5825000 | 4476672 |
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 9590000 | 7300879 |
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 6495000 | 4892554 |
| New York State Urban Development Corp. - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 7620000 | 5679743 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 2122000 | 1746196 |

---

92 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  | | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | $2549000 | $1934477 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2523000 | 634396 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 31853000 | 31204215 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 8253000 | 8084902 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39000 | 35383 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 24416000 | 23050650 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 17980000 | 17339678 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10335000 | 10850192 |
| *Total* |  |  |  |  | 346417187 |
| **Taxable Revenue - Water & Sewer 1.28%** |  |  |  |  |  |
| City of Chicago IL Waterworks Revenue<sup>(c)</sup> | 5.50% | 11/1/2062 | AA | 20300000 | 21480473 |
| County of Miami-Dade Water & Sewer System Revenue FL | 5.25% | 10/1/2054 | AA | 7610000 | 7995490 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 11500000 | 12092521 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2054 | AA+ | 12500000 | 13155770 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2047 | NR | 2500000 | 2213354 |
| Washington Suburban Sanitary Commission MD | 3.00% | 6/1/2045 | AAA | 6165000 | 4997897 |
| *Total* |  |  |  |  | 61935505 |
| **Tobacco 1.90%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 62825000 | 50934414 |
| Golden State Tobacco Securitization Corp. - Golden State Tobacco Securitization Corp CA | 5.00% | 6/1/2051 | BBB | 3000000 | 2963568 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20000000 | 1180072 |

---

*See Notes to Schedule of Investments.* 93

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco (continued)** |  |  |  | | |
| Tobacco Securitization Authority of Northern California - Sacramento County Tobacco Securitization Corp | 4.00% | 6/1/2049 | BBB+ | $2850000 | $2462352 |
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 3900000 | 3900789 |
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 4305000 | 4294236 |
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 10910000 | 9093485 |
| TSASC, Inc. NY | 5.00% | 6/1/2035 | BBB | 1390000 | 1411938 |
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7500000 | 6579191 |
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 10550000 | 9157960 |
| *Total* |  |  |  |  | 91978005 |
| **Transportation 20.47%** |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2034 | AA | 3650000 | 3708438 |
| Bay Area Toll Authority CA | 3.00% | 4/1/2054 | AA- | 5100000 | 3758043 |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2050 | BBB+ | 3000000 | 3117988 |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% | 7/1/2055 | BBB+ | 5525000 | 5712070 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 3875000 | 4044052 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2038 | BB+ <sup>(d)</sup> | 5000000 | 5101649 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ <sup>(d)</sup> | 2500000 | 2512478 |
| Charleston County Airport District SC AMT | 5.25% | 7/1/2049 | A+ | 3500000 | 3642710 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1950000 | 2108363 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1470000 | 1575613 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1660000 | 1765224 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 8375000 | 8375647 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2048 | A+ | 20000000 | 20006542 |
| Chicago O'Hare International Airport IL AMT | 5.50% | 1/1/2055 | A+ | 18000000 | 18769127 |
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 18650000 | 19705762 |

---

94 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  | | |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2037 | Ba2 | $11220000 | $12202834 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2038 | Ba2 | 10750000 | 11620810 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2039 | Ba2 | 4700000 | 5047221 |
| City of Los Angeles Department of Airports CA AMT | 3.00% |  | 5/15/2049 | AA- | 5890000 | 4207235 |
| City of Los Angeles Department of Airports CA AMT | 4.00% |  | 5/15/2049 | AA- | 6000000 | 5405281 |
| City of Los Angeles Department of Airports CA AMT | 4.00% |  | 5/15/2051 | AA- | 6550000 | 5841805 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.25% |  | 12/1/2049 | AA | 3825000 | 4070794 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.25% |  | 12/1/2054 | AA | 10000000 | 10578548 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.50% |  | 12/1/2054 | AA | 4250000 | 4581442 |
| Columbus Regional Airport Authority OH | 5.25% |  | 1/1/2050 | A | 4125000 | 4362677 |
| Columbus Regional Airport Authority OH | 5.25% |  | 1/1/2055 | A | 4125000 | 4343458 |
| County of Lee Airport Revenue FL AMT | 5.25% |  | 10/1/2049 | A2 | 6200000 | 6404387 |
| County of Miami-Dade Seaport Department FL (AG) AMT | 4.00% |  | 10/1/2045 | AA | 10480000 | 9531973 |
| County of Miami-Dade Seaport Department FL AMT | 4.00% |  | 10/1/2050 | Aa2 | 7485000 | 6726460 |
| County of Osceola Transportation Revenue FL | 4.00% |  | 10/1/2054 | BBB+ | 1810000 | 1581123 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2032 | A+ | 4200000 | 3450593 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2037 | A+ | 7720000 | 4335393 |
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon |  | 1/15/2033 | A | 5000000 | 4043659 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% |  | 1/15/2053 | A | 10830000 | 8742981 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% |  | 1/15/2053 | A | 5000000 | 4495168 |
| Grand Parkway Transportation Corp. TX | 4.00% |  | 10/1/2049 | A1 | 7115000 | 6522146 |
| Greater Asheville Regional Airport Authority NC (AG) AMT | 5.25% |  | 7/1/2048 | AA | 1250000 | 1284429 |
| Greenville-Spartanburg Airport District SC | 5.25% |  | 7/1/2054 | A+ | 4160000 | 4391324 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 5000000 | 4996422 |

---

*See Notes to Schedule of Investments.* 95

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  | | |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | $25500000 | $26345095 |
| Louisiana Public Facilities Authority - Calcasieu Bridge Partners LLC AMT | 5.75% |  | 9/1/2064 | Baa3 | 19410000 | 20013265 |
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2040 | NR | 2000000 | 1878248 |
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% |  | 11/12/2028 | Baa3 | 5000000 | 5031787 |
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% |  | 6/30/2052 | Baa3 | 2760000 | 2710925 |
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.25% |  | 6/30/2055 | Baa3 | 9000000 | 8793035 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2052 | A1 | 6500000 | 6789493 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2045 | A | 4705000 | 4279310 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2048 | A | 9825000 | 8737932 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2049 | A | 6605000 | 5846591 |
| Metropolitan Transportation Authority NY<sup>(c)</sup> | 4.75% |  | 11/15/2045 | A | 13890000 | 13883388 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2035 | A | 4265000 | 4327344 |
| Metropolitan Transportation Authority NY | 5.00% | <sup>#(a)</sup> | 11/15/2045 | A2 | 2700000 | 2912239 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2055 | A | 10850000 | 11075392 |
| Metropolitan Transportation Authority NY<sup>(c)</sup> | 5.25% |  | 11/15/2055 | A3 | 6610000 | 6747313 |
| Metropolitan Transportation Authority NY | 5.50% |  | 11/15/2047 | A | 15750000 | 16926309 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% |  | 6/15/2046 | A1 | 8000000 | 7479463 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% |  | 6/15/2050 | A1 | 15155000 | 15894159 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% |  | 6/15/2050 | A1 | 13500000 | 14175193 |
| New Jersey Turnpike Authority | 5.25% |  | 1/1/2054 | AA- | 9000000 | 9513060 |
| New Jersey Turnpike Authority | 5.25% |  | 1/1/2055 | AA- | 15000000 | 16081309 |

---

96 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  | | |
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | $21750000 | $21768516 |
| New York State Thruway Authority | 4.00% | 1/1/2050 | A1 | 14265000 | 12835858 |
| New York State Thruway Authority | 5.25% | 1/1/2056 | A1 | 7455000 | 7457697 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 7160000 | 6974340 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2029 | Baa2 | 2955000 | 3046267 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2030 | Baa2 | 4440000 | 4573951 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa2 | 12450000 | 12770898 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 8720000 | 8877399 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 33350000 | 33825548 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 7000000 | 7347656 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 16530000 | 18225518 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- <sup>(d)</sup> | 3000000 | 2552757 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 5840000 | 6129082 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 3270000 | 3348503 |
| New York Transportation Development Corp. - JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 77500000 | 78393776 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 17185000 | 17335178 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 22790000 | 23567358 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 12365000 | 11664592 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2440000 | 2115134 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | AA | 19245000 | 19245770 |

---

*See Notes to Schedule of Investments.* 97

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  | | |
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 1/1/2051 | AA | $4740000 | $4168445 |
| Northern Indiana Commuter Transportation District IN | 5.25% | 1/1/2049 | A+ | 4150000 | 4402885 |
| Oklahoma Turnpike Authority | 5.50% | 1/1/2053 | AA- | 7500000 | 7972693 |
| Oklahoma Turnpike Authority<sup>(c)</sup> | 5.50% | 1/1/2054 | Aa3 | 12500000 | 13573784 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Motor License Fund AMT (AG) | 5.75% | 12/31/2062 | AA | 8100000 | 8466102 |
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3425000 | 3454055 |
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2050 | A+ | 14135000 | 13095179 |
| Pennsylvania Turnpike Commission | 5.25% | 12/1/2053 | AA- | 14250000 | 15289063 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2051 | Aa3 | 7365000 | 6752074 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2053 | A2 | 10415000 | 9550127 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | AA- | 6250000 | 6926737 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | AA- | 5000000 | 5425316 |
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3940000 | 4156957 |
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6250000 | 6604074 |
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% | 6/30/2060 | Baa3 | 19240000 | 19869471 |
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% | 12/31/2065 | Baa3 | 32000000 | 32974742 |
| San Diego County Regional Airport Authority CA AMT | 5.50% | 7/1/2055 | Aa3 | 16000000 | 17127405 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 4.00% | 5/1/2049 | AA- | 3465000 | 3072357 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2049 | Aa3 | 9400000 | 9783078 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 250000 | 250090 |
| State of Michigan Trunk Line Revenue | 5.50% | 11/15/2049 | AA+ | 15000000 | 16221157 |
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners LLC AMT | 5.50% | 12/31/2058 | Baa1 | 2500000 | 2592068 |

---

98 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  | | |
| Texas Transportation Finance Corp.<sup>(c)</sup> | 5.50% |  | 10/1/2055 | AA+ | $10000000 | $10824599 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% |  | 5/15/2058 | AA+ | 7300000 | 7594798 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 2725000 | 3122386 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% |  | 1/1/2037 | BBB | 5455000 | 5773755 |
| *Total* |  |  |  |  |  | 993211914 |
| **Utilities 12.97%** |  |  |  |  |  |  |
| Adelanto Public Utility Authority CA (AG) | 5.00% |  | 7/1/2039 | AA | 1500000 | 1537058 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | 11660000 | 11709967 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 5/1/2055 | Aa3 | 5000000 | 5363282 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(a)</sup> | 5/1/2055 | A1 | 3750000 | 4074974 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 6/1/2049 | A2 | 9450000 | 9972660 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 11/1/2053 | A2 | 6665000 | 6998194 |
| Black Belt Energy Gas District AL<sup>†</sup> | 5.50% | <sup>#(a)</sup> | 11/1/2056 | BBB- | 20230000 | 21454577 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2055 | A1 | 28710000 | 29940353 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 2740000 | 2888819 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 3/1/2056 | Aa3 | 16875000 | 18380299 |
| California Community Choice Financing Authority<sup>(c)</sup> | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | 14000000 | 14853963 |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 7/1/2039 | Baa3 | 2200000 | 2262794 |
| Central Plains Energy Project NE | 5.00% |  | 9/1/2042 | BBB+ | 3305000 | 3517045 |
| City of Baltimore MD | 5.00% |  | 7/1/2039 | A1 | 4750000 | 4776418 |
| City of Baltimore MD<sup>(c)</sup> | 5.25% |  | 7/1/2047 | AA- | 7190000 | 7986306 |
| City of Baltimore MD<sup>(c)</sup> | 5.25% |  | 7/1/2052 | AA- | 12190000 | 14187328 |
| City of Compton Water Revenue CA | 6.00% |  | 8/1/2039 | NR | 5500000 | 5625978 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.50% |  | 9/1/2053 | AA+ | 5000000 | 5369875 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% |  | 2/1/2049 | Aa2 | 2000000 | 2171626 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% |  | 2/1/2050 | Aa2 | 10880000 | 11698147 |

---

*See Notes to Schedule of Investments.* 99

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  | | |
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% |  | 11/1/2052 | Aa2 | $7000000 | $7477744 |
| City of Wheeling Waterworks & Sewerage System Revenue WV (BAM) | 5.25% |  | 6/1/2050 | AA | 1375000 | 1431843 |
| City of Wheeling Waterworks & Sewerage System Revenue WV (BAM) | 5.25% |  | 6/1/2056 | AA | 2500000 | 2596427 |
| County of Jefferson Sewer Revenue AL | 5.25% |  | 10/1/2049 | BBB+ | 10345000 | 10691764 |
| County of Jefferson Sewer Revenue AL | 5.50% |  | 10/1/2053 | BBB+ | 24350000 | 25481301 |
| County of Manatee Public Utilities Revenue - County of Manatee FL Public Utilities Revenue FL | 4.00% |  | 10/1/2053 | Aa1 | 5820000 | 5372635 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 22500000 | 24495300 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 10710000 | 11867373 |
| Florida Development Finance Corp. - Waste Pro USA Inc AMT<sup>†</sup> | 5.25% |  | 8/1/2029 | NR | 1500000 | 1545627 |
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% |  | 7/1/2052 | A+ | 12000000 | 12716957 |
| JEA Water & Sewer System Revenue FL | 5.50% |  | 10/1/2054 | AA+ | 5000000 | 5385732 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2035 | Baa1 | 5000000 | 5039713 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2036 | Baa1 | 5000000 | 5037419 |
| Kentucky Public Energy Authority | 4.00% | <sup>#(a)</sup> | 8/1/2052 | A1 | 15500000 | 15656999 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(a)</sup> | 4/1/2054 | A1 | 26455000 | 28586056 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2053 | AA | 4500000 | 4662683 |
| Lower Colorado River Authority - LCRA Transmission Services Corp TX (AG) | 5.25% |  | 5/15/2054 | AA | 9000000 | 9403581 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 20850000 | 20832077 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue TN | 5.25% |  | 7/1/2055 | AA | 11000000 | 11739815 |
| Municipal Electric Authority of Georgia | 5.25% |  | 1/1/2049 | A2 | 3475000 | 3628663 |
| Municipal Electric Authority of Georgia (BAM) | 4.00% |  | 1/1/2049 | AA | 6550000 | 5941084 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 3.50% |  | 6/15/2048 | AA+ | 5025000 | 4215492 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% |  | 6/15/2047 | AA+ | 4500000 | 4757103 |

---

100 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  | | |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% |  | 6/15/2053 | AA+ | $9910000 | $10414693 |
| New York Power Authority | 3.25% |  | 11/15/2060 | Aa1 | 5420000 | 4003964 |
| New York Power Authority | 4.00% |  | 11/15/2050 | Aa1 | 10910000 | 10019603 |
| Oklahoma Municipal Power Authority<sup>(c)</sup> | 5.25% |  | 1/1/2056 | AA | 15000000 | 15933451 |
| Omaha Public Power District Nebraska City Station Unit 2 | 5.25% |  | 2/1/2042 | A1 | 4000000 | 4004111 |
| Paducah Electric Plant Board KY (AG) | 5.00% |  | 10/1/2035 | AA | 1000000 | 1010623 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 10/1/2054 | A1 | 15000000 | 16035564 |
| Philadelphia Gas Works Co. PA | 5.25% |  | 8/1/2049 | A | 13000000 | 13703422 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 5000000 | 4731152 |
| Salt Verde Financial Corp. AZ | 5.25% |  | 12/1/2027 | A3 | 3750000 | 3874513 |
| South Carolina Public Service Authority | 5.25% |  | 12/1/2054 | A- | 3000000 | 3126299 |
| South Carolina Public Service Authority | 5.50% |  | 12/1/2054 | A- | 6780000 | 7238841 |
| Southeast Alabama Gas Supply District AL | 5.00% | <sup>#(a)</sup> | 6/1/2049 | A1 | 10000000 | 10735748 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 23000000 | 24439862 |
| Southeast Energy Authority A Cooperative District AL | 5.00% | <sup>#(a)</sup> | 10/1/2055 | Aa3 | 9200000 | 9945093 |
| Southeast Energy Authority A Cooperative District AL<sup>(c)</sup> | 5.00% |  | 1/1/2056 | A1 | 20000000 | 20842379 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 3/1/2055 | A1 | 18500000 | 19531430 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 11/1/2055 | A1 | 5000000 | 5501636 |
| Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(a)</sup> | 1/1/2053 | A1 | 5000000 | 5361856 |
| Southern California Public Power Authority | 4.227%<br> (3 mo. USD Term SOFR \* .67 + 1.47% |)<sup>#</sup> | 11/1/2038 | A2 | 3090000 | 2992012 |
| Tennergy Corp. TN | 5.50% | <sup>#(a)</sup> | 10/1/2053 | Baa1 | 6000000 | 6438494 |
| Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(d)</sup> | 10550000 | 10683703 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | <sup>#(a)</sup> | 1/1/2054 | A1 | 5000000 | 5561502 |
| *Total* |  |  |  |  |  | 629463002 |
| *Total Municipal Bonds (cost $4,989,833,921)* |  |  |  |  |  | 4992477496 |

---

*See Notes to Schedule of Investments.* 101

**Schedule of Investments (unaudited)(continued)**

NATIONAL TAX FREE FUND *December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** |
| **WARRANTS 0.00%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** | **Construction & Engineering 0.00%** |  |  |  |  |  |  |
| Desertxpress Enterprises LLC\* (cost $0) |  | 11.50% | 12/1/2035 | NR | $| 159000 | $0 <sup>(f)</sup> |
|  | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(g)</sup> | **Final<br> Maturity<br> Date** |  |  |  |  |
| **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** | **SHORT-TERM INVESTMENTS 0.39%** |
| **Variable Rate Demand Notes 0.39%** | **Variable Rate Demand Notes 0.39%** |  |  |  |  |  |  |
| **General Obligation 0.24%** |  |  |  |  |  |  |  |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA |  | 6550000 | 6550000 |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA |  | 4925000 | 4925000 |
| *Total* |  |  |  |  |  |  | 11475000 |
| **Utilities 0.15%** |  |  |  |  |  |  |  |
| Development Authority of Appling County - Georgia Power Co | 2.500% | 1/1/2026 | 9/1/2041 | A |  | 7200000 | 7200000 |
| *Total Variable Rate Demand Notes (cost $18,675,000)* | *Total Variable Rate Demand Notes (cost $18,675,000)* | *Total Variable Rate Demand Notes (cost $18,675,000)* |  |  |  |  | 18675000 |
| *Total Short-Term Investments (cost $18,675,000)* | *Total Short-Term Investments (cost $18,675,000)* | *Total Short-Term Investments (cost $18,675,000)* |  |  |  |  | 18675000 |
| *Total Investments in Securities 103.26% (cost $5,008,508,921)* | *Total Investments in Securities 103.26% (cost $5,008,508,921)* | *Total Investments in Securities 103.26% (cost $5,008,508,921)* | *Total Investments in Securities 103.26% (cost $5,008,508,921)* |  |  |  | 5011152496 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(3.26)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(3.26)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(3.26)%* |  |  |  |  | (158127989) |
| *Net Assets 100.00%* |  |  |  |  |  |  | $4853024507 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by - Build America Mutual. |
| FHA | Insured by - Federal Housing Administration. |
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| NATL | Insured by - National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| PSF | Permanent School Fund. |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |
| TCRS | Transferable Custodial Receipts. |
| TRIPS | Tax Refund Intercept Programs. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $359,374,719, which represents 7.41% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |

---

102 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

NATIONAL TAX FREE FUND *December 31, 2025*

<sup>(b)</sup> Defaulted (non-income producing security).

<sup>(c)</sup> 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.

<sup>(d)</sup> This investment has been rated by Fitch IBCA.

<sup>(e)</sup> Securities purchased on a when-issued basis.

<sup>(f)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

<sup>(g)</sup> The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

<sup>(h)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. Long Bond | March 2026 | 487 | Short | $(56790570) | $(56294156) | $496414 |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $4992477496 | $– | $4992477496 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 0 | 0 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes | – | 18675000 | – | 18675000 |
| Total | $– | $5011152496 | $– | $5011152496 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $496414 | $– | $– | $496414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $496414 | $– | $– | $496414 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

 

*See Notes to Schedule of Investments.* 103

**Schedule of Investments (unaudited)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 102.53%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 102.53%** |  |  |  |  |  |  |
| **Corporate-Backed 14.36%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority - Big River Steel LLC AMT<sup>†</sup> | 4.50% |  | 9/1/2049 | BB+ | $21635000 | $21034994 |
| Arkansas Development Finance Authority - Hybar LLC AMT<sup>†</sup> | 6.875% |  | 7/1/2048 | NR | 10550000 | 11340957 |
| Arkansas Development Finance Authority - Hybar LLC AMT<sup>†</sup> | 7.375% |  | 7/1/2048 | NR | 16800000 | 18211563 |
| Arkansas Development Finance Authority - United States Steel Corp AMT | 5.45% |  | 9/1/2052 | BB+ | 5500000 | 5505543 |
| Arkansas Development Finance Authority - US Steel Corp AMT | 5.70% |  | 5/1/2053 | BB+ | 17250000 | 17501400 |
| Avenir Community Development District FL | 5.375% |  | 5/1/2043 | NR | 3230000 | 3256224 |
| Avenir Community Development District FL | 5.625% |  | 5/1/2054 | NR | 3830000 | 3835338 |
| Boggy Creek Improvement District FL | 5.125% |  | 5/1/2043 | NR | 1775000 | 1818814 |
| Boggy Creek Improvement District FL | 5.375% |  | 5/1/2053 | NR | 4300000 | 4346741 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 3800000 | 3846233 |
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 35625000 | 26362500 |
| City of Henderson - Pratt Paper LLC KY AMT<sup>†</sup> | 4.70% |  | 1/1/2052 | NR | 5500000 | 5142673 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 4.00% |  | 7/15/2041 | BB+ <sup>(b)</sup> | 4475000 | 4070598 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | 15040000 | 15056750 |
| Crosswinds East Community Development District FL | 5.50% |  | 5/1/2044 | NR | 1000000 | 1023673 |
| Crosswinds East Community Development District FL | 5.75% |  | 5/1/2054 | NR | 1500000 | 1520652 |
| Downtown Doral South Community Development District FL<sup>†</sup> | 4.75% |  | 12/15/2038 | NR | 625000 | 641732 |
| East Nassau Stewardship District Special Assessment 2025 FL | 6.25% |  | 5/1/2056 | NR | 11700000 | 12119466 |
| Florida Development Finance Corp. - Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 9000000 | 9039308 |

---

104 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Gas Worx Community Development District - Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | 5.75% |  | 5/1/2045 | NR | $1000000 | $1026440 |
| Gas Worx Community Development District - Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | 6.00% |  | 5/1/2057 | NR | 4950000 | 5068796 |
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 8000000 | 7908617 |
| Greater Orlando Aviation Authority - JetBlue Airways Corp FL | 5.00% |  | 11/15/2036 | NR | 5570000 | 5570602 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% |  | 5/1/2044 | NR | 1840000 | 1899670 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.875% |  | 5/1/2055 | NR | 5500000 | 5617421 |
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 5.75% |  | 10/1/2049 | BB+ | 17770000 | 17912659 |
| Illinois Finance Authority - LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(a)</sup> | 9/1/2042 | NR | 10000000 | 11430464 |
| Indiana Finance Authority - United States Steel Corp AMT | 6.75% |  | 5/1/2039 | BB+ | 3600000 | 4028762 |
| Industrial Development Board of The City of Kingsport Tennessee - Domtar Paper Co LLC TN AMT<sup>†</sup> | 5.25% | <sup>#(a)</sup> | 12/1/2054 | B | 5000000 | 4894403 |
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 12/1/2053 | Ba1 | 12500000 | 12788387 |
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH AMT<sup>†</sup> | 3.50% |  | 12/1/2051 | Ba1 | 9450000 | 7804396 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 5.875% |  | 5/1/2045 | NR | 2800000 | 2812959 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 6.125% |  | 5/1/2056 | NR | 4815000 | 4824050 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% |  | 5/1/2056 | NR | 3565000 | 3683742 |
| Legacy Community Authority CO | 6.75% |  | 12/1/2055 | NR | 7500000 | 7597371 |
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT<sup>†</sup> | 6.50% | <sup>#(a)</sup> | 10/1/2053 | NR | 3745000 | 3937231 |
| Louisiana Public Facilities Authority - Waste Pro USA Inc AMT<sup>†</sup> | 6.75% | <sup>#(a)</sup> | 10/1/2053 | NR | 2000000 | 2114402 |

---

*See Notes to Schedule of Investments.* 105

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.00% | 12/1/2016 | NR | $3430000 | $2298100 |
| Miami-Dade County Industrial Development Authority - CFC MB I LLC FL<sup>†</sup> | 6.25% | 1/1/2059 | NR | 8000000 | 8041842 |
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 4.75% | 12/1/2054 | BBB | 15810000 | 14530180 |
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 5.00% | 6/1/2054 | BBB | 19065000 | 18229068 |
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT<sup>†</sup> | 4.875% | 11/1/2042 | B- | 17900000 | 16002892 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 12155000 | 12170867 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 6960000 | 6975513 |
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2046 | AA | 10335000 | 7895078 |
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 3400000 | 3400726 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.00% | 11/15/2044 | NR | 11700000 | 11697492 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.15% | 11/15/2034 | NR | 5100000 | 5104837 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.375% | 11/15/2040 | NR | 5000000 | 4999724 |
| New York Liberty Development Corp. - 7 World Trade Center II LLC | 3.125% | 9/15/2050 | Aaa | 2500000 | 1878426 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 680000 | 680721 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 32495000 | 32529620 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 10500000 | 10957212 |
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% | 11/1/2042 | B- | 16240000 | 14303705 |
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT<sup>†</sup> | 5.00% | 7/1/2049 | B3 | 33290000 | 30011711 |
| Parish of Beauregard - OfficeMax Inc LA | 6.80% | 2/1/2027 | NR | 5000000 | 5010373 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.35% | 7/1/2040 | BB+ | 5000000 | 5462019 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.35% | 10/1/2040 | BB+ | 7690000 | 8402940 |

---

106 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% |  | 9/1/2045 | NR | $1375000 | $1277900 |
| Polk County Industrial Development Authority - Mineral Development LLC FL<sup>†(c)</sup> | 5.875% |  | 1/1/2033 | NR | 7020000 | 1895400 |
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.125% |  | 1/1/2044 | NR | 1500000 | 1468843 |
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.25% |  | 1/1/2054 | NR | 19750000 | 18867645 |
| Prairie Center Metropolitan District No. 3 CO GO | 5.875% |  | 12/15/2046 | NR | 3125000 | 3259408 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% |  | 7/1/2054 | NR | 25335000 | 20877254 |
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 11000000 | 11002233 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2860000 | 2859591 |
| Savannah Georgia Convention Center Authority | 5.25% |  | 6/1/2061 | BBB- | 1200000 | 1196716 |
| Savannah Georgia Convention Center Authority<sup>†</sup> | 6.25% |  | 6/1/2061 | NR | 6250000 | 6264184 |
| Southwestern Illinois Development Authority - United States Street Corp | 5.75% |  | 8/1/2042 | BB+ | 2500000 | 2501129 |
| Spring Valley Community Infrastructure District No. 1 ID<sup>†</sup> | 6.25% |  | 9/1/2053 | NR | 7000000 | 7173935 |
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 9920000 | 7340800 |
| Town of Rumford - OfficeMax Inc ME | 6.875% |  | 10/1/2026 | NR | 1500000 | 1503136 |
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% |  | 12/1/2035 | NR | 2700000 | 2702784 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2040 | B+ | 3900000 | 4332014 |
| Virginia Small Business Financing Authority - Covanta Holding Corp AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 3150000 | 3005739 |
| West Pace Cooperative District AL<sup>(c)</sup> | 9.125% |  | 5/1/2039 | NR | 13770000 | 6885000 |
| West Virginia Economic Development Authority - Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(a)</sup> | 1/1/2055 | NR | 5300000 | 5645537 |
| Total |  |  |  |  |  | 607237825 |

---

*See Notes to Schedule of Investments.* 107

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education 10.41%** |  |  |  |  |  |
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group<sup>†</sup> | 5.625% | 7/1/2048 | BB+ | $2235000 | $2220896 |
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group<sup>†</sup> | 5.75% | 7/1/2053 | BB+ | 3000000 | 3001091 |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.875% | 6/15/2065 | Ba2 | 9960000 | 10072225 |
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% | 6/1/2052 | BB | 1250000 | 1239737 |
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% | 6/1/2062 | BB | 3750000 | 3645785 |
| California Infrastructure & Economic Development Bank<sup>(d)</sup> | 5.25% | 5/15/2059 | AA | 4560000 | 4860733 |
| California Municipal Finance Authority - California Baptist University<sup>†</sup> | 5.625% | 11/1/2054 | NR | 500000 | 508654 |
| California Municipal Finance Authority - SDORI Charter School Properties LLC<sup>†</sup> | 5.625% | 3/1/2045 | B+ | 11500000 | 10309542 |
| California Municipal Finance Authority - Westside Neighborhood School<sup>†</sup> | 6.20% | 6/15/2054 | BB | 2650000 | 2778355 |
| California Municipal Finance Authority - Westside Neighborhood School<sup>†</sup> | 6.375% | 6/15/2064 | BB | 5000000 | 5265375 |
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2535000 | 2621711 |
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% | 6/15/2039 | NR | 1950000 | 1907820 |
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% | 6/15/2049 | NR | 9815000 | 8827022 |
| Capital Trust Agency, Inc. - Southeastern University Obligated Group FL<sup>†</sup> | 6.375% | 5/1/2053 | BB | 6150000 | 6302815 |
| Capital Trust Authority - Kipp Miami Obligated Group FL<sup>†</sup> | 5.625% | 6/15/2044 | BB | 815000 | 827472 |
| Capital Trust Authority - Kipp Miami Obligated Group FL<sup>†</sup> | 6.00% | 6/15/2054 | BB | 1155000 | 1170260 |
| Capital Trust Authority - Kipp Miami Obligated Group FL<sup>†</sup> | 6.125% | 6/15/2060 | BB | 800000 | 811790 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A <sup>(b)</sup> | 8500000 | 8925817 |

---

108 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Chicago Board of Education IL GO | 4.00% | 12/1/2043 | BB+ | $2975000 | $2466143 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 40665000 | 31705907 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB+ | 5405000 | 4980545 |
| City of Jacksonville - Jacksonville University FL<sup>†</sup> | 5.00% | 6/1/2053 | NR | 6500000 | 5575602 |
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 6.00% | 8/1/2044 | NR | 1000000 | 1029687 |
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 6.25% | 8/1/2049 | NR | 1195000 | 1225236 |
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 6.25% | 8/1/2056 | NR | 2000000 | 2038758 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.875% | 1/1/2049 | NR | 2450000 | 2439858 |
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 5.50% | 8/15/2045 | BB | 3765000 | 3617679 |
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 6.00% | 8/15/2050 | BB | 6455000 | 6361961 |
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 6.00% | 8/15/2055 | BB | 2825000 | 2754911 |
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8015000 | 8357985 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 5.75% | 4/1/2059 | BB | 2250000 | 2192264 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 5.80% | 4/1/2054 | BB | 3200000 | 3160571 |
| Columbus-Franklin County Finance Authority - Ohio Dominican University | 6.50% | 3/1/2048 | NR | 4830000 | 3153142 |
| Columbus-Franklin County Finance Authority - Ohio Dominican University | 6.50% | 3/1/2053 | NR | 3500000 | 2219007 |
| County of Tuscarawas - Ashland University OH | 6.00% | 3/1/2045 | NR | 5000000 | 4897842 |
| Development Authority of Cobb County - MT Bethel Christian Academy Inc GA<sup>†</sup> | 6.25% | 6/1/2055 | BB+ | 2655000 | 2738674 |
| Development Authority of Cobb County - MT Bethel Christian Academy Inc GA<sup>†</sup> | 6.25% | 6/1/2064 | BB+ | 2150000 | 2202525 |
| Development Authority of The City of Marietta - Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2047 | Ba3 | 3480000 | 3000536 |
| Development Authority Of The City Of Marietta - Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2037 | Ba3 | 13000000 | 12448730 |

---

*See Notes to Schedule of Investments.* 109

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| District of Columbia - Catholic University of America/The | 5.75% | 10/1/2055 | A- | $5000000 | $5300235 |
| Florida Development Finance Corp. - Renaissance Charter School Inc<sup>†</sup> | 6.75% | 6/15/2053 | NR | 8000000 | 8399425 |
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2020C/D Obligated Group<sup>†</sup> | 5.00% | 9/15/2040 | NR | 1505000 | 1453306 |
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 6.00% | 6/15/2055 | Ba1 | 2600000 | 2637082 |
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 6.125% | 6/15/2050 | Ba1 | 2600000 | 2678260 |
| Florida Higher Educational Facilities Financial Authority - Jacksonville University<sup>†</sup> | 5.00% | 6/1/2048 | NR | 9000000 | 7945822 |
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group<sup>†</sup> | 6.25% | 7/1/2055 | BB+ | 47500000 | 47279928 |
| Illinois Finance Authority - Benedictine University | 5.00% | 10/1/2038 | BB | 3700000 | 3342328 |
| Illinois Finance Authority - DePaulCollege Prep<sup>†</sup> | 5.50% | 8/1/2043 | BB+ | 1360000 | 1428198 |
| Illinois Finance Authority - DePaulCollege Prep<sup>†</sup> | 5.625% | 8/1/2053 | BB+ | 4500000 | 4600651 |
| Illinois Finance Authority - IllinoisInstitute of Technology<sup>†</sup> | 5.875% | 9/1/2046 | BB+ | 9250000 | 9118818 |
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2045 | BB+ | 7200000 | 6969215 |
| Iowa Higher Education Loan Authority - University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2000000 | 2098290 |
| Iowa Higher Education Loan Authority - University of Dubuque | 6.00% | 10/1/2055 | BBB- | 7275000 | 7603513 |
| Louisiana Public Facilities Authority - Acadiana Renaissance Charter Academy<sup>†</sup> | 6.00% | 6/15/2059 | NR | 2200000 | 2206154 |
| Louisiana Public Facilities Authority - Lafayette Renaissance Charter Academy<sup>†</sup> | 6.375% | 6/15/2053 | NR | 8000000 | 8095263 |
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.25% | 7/1/2044 | NR | 3490000 | 3583471 |

---

110 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.50% | 7/1/2054 | NR | $5660000 | $5777141 |
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.625% | 7/1/2059 | NR | 3125000 | 3202577 |
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.75% | 7/1/2063 | NR | 1000000 | 1028245 |
| Maricopa County Industrial DevelopmentAuthority - Ottawa University AZ<sup>†</sup> | 5.25% | 10/1/2040 | NR | 3000000 | 2625464 |
| Maricopa County Industrial DevelopmentAuthority - Ottawa University AZ<sup>†</sup> | 5.50% | 10/1/2051 | NR | 7915000 | 6300194 |
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 10/1/2043 | Baa3 | 15990000 | 15431994 |
| Massachusetts Development Finance Agency - Suffolk University | 5.25% | 7/1/2055 | Baa3 | 3000000 | 2957123 |
| Massachusetts Development Finance Agency - Suffolk University | 6.00% | 7/1/2050 | Baa3 | 1000000 | 1065123 |
| Massachusetts School Building Authority | 3.00% | 8/15/2050 | AA+ | 5000000 | 3759972 |
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey<sup>(d)</sup> | 5.00% | 8/15/2053 | Aa3 | 15000000 | 15603184 |
| New York St Dorm Auth RevenuesNyshgr<sup>(d)</sup> | 5.25% | 7/1/2055 | AA- | 14750000 | 15580623 |
| Ohio Higher Educational Facility Commission - Xavier University | 5.25% | 5/1/2049 | Baa1 | 2805000 | 2862343 |
| Oklahoma Development Finance Authority - Oklahoma City University Obligated Group | 5.00% | 8/1/2044 | BBB- | 8000000 | 7576901 |
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BBB- | 2000000 | 1890043 |
| Public Finance Authority - Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BBB- | 1050000 | 1050190 |
| Public Finance Authority - UMA EducationInc WI<sup>†</sup> | 5.00% | 10/1/2039 | BB+ | 8250000 | 8416337 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2054 | NR | 4790000 | 4307259 |

---

*See Notes to Schedule of Investments.* 111

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2059 | NR | $1050000 | $931191 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2064 | NR | 2580000 | 2257576 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.75% |  | 6/15/2058 | NR | 25130000 | 25104048 |
| Washington State Housing Finance Commission - Seattle Academy of Arts & Sciences<sup>†</sup> | 6.25% |  | 7/1/2059 | BBB | 2250000 | 2405996 |
| Washington State Housing FinanceCommission - Seattle Academy of Arts & Sciences<sup>†</sup> | 6.375% |  | 7/1/2063 | BBB | 1395000 | 1496891 |
| *Total* |  |  |  |  |  | 440235037 |
| **General Obligation 8.31%** |  |  |  |  |  |  |
| American Samoa Economic DevelopmentAuthority<sup>†</sup> | 7.125% |  | 9/1/2038 | Ba3 | 7020000 | 7487467 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 5500000 | 5846543 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2041 | BB+ | 11150000 | 9720107 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 9515000 | 9556611 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 4000000 | 3960976 |
| Chicago Board of Education IL GO | 5.75% |  | 12/1/2050 | BB+ | 10000000 | 9956494 |
| Chicago Board of Education IL GO | 5.875% |  | 12/1/2047 | BB+ | 6750000 | 6799047 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2044 | BB+ | 13160000 | 13732277 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2049 | BB+ | 10260000 | 10387324 |
| Chicago Board of Education IL GO | 6.25% |  | 12/1/2050 | BB+ | 9500000 | 9932917 |
| Chicago Board of Education IL GO<sup>†</sup> | 6.75% |  | 12/1/2030 | BB+ | 2000000 | 2098016 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 8500000 | 8792341 |
| City of Horace ND GO | 4.50% |  | 5/1/2039 | Baa3 | 1250000 | 1281196 |
| City of New York NY GO<sup>(d)</sup> | 5.25% |  | 10/1/2055 | AA | 33000000 | 34649366 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2043 | NR | 10170279 | 6521691 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2041 | NR | 19219000 | 17789800 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 47446156 | 41449626 |
| County of Pasco - State of Florida Cigarette Tax Revenue (AG) | 5.75% |  | 9/1/2054 | AA | 2000000 | 2144341 |
| Grant County Public Hospital District No. 1 WA GO | 5.125% |  | 12/1/2052 | Baa2 | 4750000 | 4752343 |

---

112 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Grapevine Wash Local District - Grapevine Wash Local District Residential Facilities Fee Revenue UT GO<sup>†</sup> | 6.00% | 3/1/2055 | NR | $17335000 | $16962885 |
| Idaho Falls Auditorium District COPS<sup>†</sup> | 5.25% | 5/15/2051 | NR | 16700000 | 15861740 |
| Mida Cormont Public InfrastructureDistrict UT GO<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | 4850000 | 4130127 |
| Mida Cormont Public InfrastructureDistrict UT GO<sup>†</sup> | 6.25% | 6/1/2055 | NR | 2000000 | 2099500 |
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 10000000 | 7441636 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 23880000 | 25178642 |
| Public Finance Authority - DriftwoodConservation District WI<sup>†</sup> | Zero Coupon | 12/15/2039 | NR | 2883000 | 1184931 |
| Public Finance Authority WI<sup>†</sup> | 6.00% | 11/15/2045 | NR | 14500000 | 14088708 |
| State of Illinois GO | 5.25% | 5/1/2045 | A2 | 2500000 | 2612689 |
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 8280000 | 8863584 |
| State of Illinois GO | 5.50% | 10/1/2039 | A2 | 4000000 | 4397119 |
| State of Illinois GO | 5.50% | 3/1/2042 | A2 | 5250000 | 5650026 |
| State of Illinois GO | 5.50% | 3/1/2047 | A2 | 15270000 | 16001235 |
| State of Illinois GO | 5.50% | 5/1/2047 | A2 | 6000000 | 6291383 |
| STC Metropolitan District No. 2 CO GO<sup>†</sup> | 6.25% | 12/1/2055 | NR | 6500000 | 6543173 |
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1000000 | 1026789 |
| University City Industrial Development Authority MO | 5.50% | 6/15/2042 | NR | 6000000 | 6093230 |
| *Total* |  |  |  |  | 351285880 |
| **Health Care 26.47%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 4000000 | 3883019 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB- | 3300000 | 3013813 |
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB- | 1000000 | 999900 |
| Arizona Industrial Development Authority - Navajo Health Foundation- Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.625% | 5/1/2054 | NR | 13750000 | 15009967 |

---

*See Notes to Schedule of Investments.* 113

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | $5195000 | $5234460 |
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 8350000 | 8384164 |
| Atlanta Development Authority - Georgia ProtonCare Center Inc<sup>(c)</sup> | 6.00% | 1/1/2023 | NR | 2000000 | 1140000 |
| Atlanta Development Authority - Georgia ProtonCare Center Inc<sup>(c)</sup> | 6.75% | 1/1/2035 | NR | 1500000 | 855000 |
| Atlanta Development Authority - Georgia ProtonCare Center Inc<sup>(c)</sup> | 7.00% | 1/1/2040 | NR | 4000000 | 2280000 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 23200000 | 16057848 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 43616000 | 39302286 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 3253832 | 3497881 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 6493734 | 6515774 |
| Bucks County Industrial Development Authority - Grand View Hospital/ Sellersville Obligated Group PA | 4.00% | 7/1/2046 | BBB+ | 15000000 | 12968321 |
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 4.00% | 7/1/2045 | B | 2880000 | 2320841 |
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B | 11020000 | 10474389 |
| California Municipal Finance Authority - Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB <sup>(b)</sup> | 5000000 | 5196212 |
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 3.00% | 2/1/2046 | BBB+ | 5000000 | 3737056 |
| California Municipal Finance Authority - Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% | 11/1/2027 | CCC+ | 2435000 | 2308063 |
| California Public Finance Authority - Kendal At Ventura<sup>†</sup> | 10.00% | 5/15/2028 | NR | 6500000 | 6744280 |
| California Public Finance Authority - Kendal At Ventura<sup>†</sup> | 12.00% | 5/15/2028 | NR | 1000000 | 1085018 |

---

114 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Public Finance Authority - QSH/LB LLC<sup>†</sup> | 6.50% | 6/1/2055 | NR | $2840000 | $2930487 |
| California Public Finance Authority - QSH/LB LLC<sup>†</sup> | 6.625% | 6/1/2065 | NR | 8750000 | 9038459 |
| California Public Finance Authority - QSH/MB LLC<sup>†</sup> | 6.75% | 7/1/2065 | NR | 14815000 | 15812946 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2048 | BB+ | 4080000 | 4111213 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 13695000 | 13727504 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2041 | BB+ | 1700000 | 1704140 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2046 | BB+ | 6100000 | 6100953 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB+ | 12840000 | 12877065 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2056 | BB+ | 36625000 | 36654765 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB+ | 37035000 | 37426919 |
| Capital Projects Finance Authority - Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 7.125% | 1/1/2065 | NR | 6250000 | 6404506 |
| Capital Projects Finance Authority - Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 7.25% | 1/1/2055 | NR | 4000000 | 4174277 |
| Capital Trust Authority - ConvivialSt Petersburg LLC FL<sup>†</sup> | 12.00% | 10/3/2029 | NR | 6000000 | 6140096 |
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;BB- <sup>(b)</sup> | 4000000 | 3734569 |
| Chester County Health & Education Facilities Authority - Immaculata University PA | 5.00% | 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp;BB- <sup>(b)</sup> | 4150000 | 3487214 |

---

*See Notes to Schedule of Investments.* 115

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| City of Blaine - Crest View ObligatedGroup MN<sup>(c)</sup> | 6.125% | 7/1/2050 | NR | $4468580 | $2457719 |
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 7400000 | 7399923 |
| City of Fruita Healthcare Revenue - Lower Valley Hospital Association Obligated Group CO<sup>†</sup> | 5.50% | 1/1/2048 | NR | 16350000 | 15728904 |
| City of Jacksonville - Genesis Health Inc Obligated Group FL | 5.00% | 11/1/2050 | A- | 6635000 | 6645980 |
| City of Wichita - Presbyterian Manors Obligated Group KS | 5.75% | 5/15/2045 | NR | 2000000 | 1953610 |
| County of Howard - Columbia Vantage House Corp MD | 5.00% | 4/1/2044 | NR | 1955000 | 1824841 |
| County of Howard - Columbia Vantage House Corp MD | 5.00% | 4/1/2046 | NR | 7000000 | 6342879 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 2765000 | 2770654 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 15000000 | 14953039 |
| County of Okaloosa - AIR Force EnlistedVillage Inc Obligated Group FL<sup>†</sup> | 5.75% | 5/15/2060 | NR | 1685000 | 1701047 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.75% | 12/1/2052 | NR | 16600000 | 17137269 |
| County of Wilson - Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3530000 | 3141047 |
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 2225000 | 2229607 |
| Crawford County Hospital Authority - Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 2600000 | 2602776 |
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3700000 | 3701210 |
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 1250000 | 1345774 |
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.375% | 7/1/2039 | NR | 2000000 | 2204759 |
| Duluth Economic Development Authority - Essentia Health Obligated Group MN | 5.25% | 2/15/2058 | A- | 8500000 | 8532104 |

---

116 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Florida Local Government Finance Commission - Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 6.75% | 11/15/2055 | NR | $3000000 | $3125646 |
| Florida Local Government Finance Commission - Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 6.875% | 11/15/2064 | NR | 6000000 | 6260484 |
| Florida Local Government Finance Commission - Sanctuary At Village On The Isle LLC/The<sup>†</sup> | 11.00% | 12/22/2030 | NR | 2060000 | 2072194 |
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1500000 | 1284234 |
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2040 | NR | 3000000 | 2448058 |
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2049 | BB+ | 7500000 | 8314676 |
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2053 | BB+ | 8000000 | 8812557 |
| Holmes County Hospital Corp. FL<sup>(c)</sup> | 5.75% | 11/1/2026 | NR | 2240000 | 2202378 |
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7115000 | 6125824 |
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 7.00% | 11/1/2048 | NR | 8000000 | 8514696 |
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 7.125% | 11/1/2057 | NR | 7000000 | 7473456 |
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.25% | 12/1/2055 | BBB | 8600000 | 8181791 |
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.50% | 12/1/2065 | BBB | 14205000 | 13787323 |
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ<sup>†</sup> | 6.875% | 11/15/2052 | NR | 4000000 | 4282599 |
| Industrial Development Authority of the County of Pima - La Posada at Park Centre Inc Obligated Group AZ<sup>†</sup> | 7.00% | 11/15/2057 | NR | 5500000 | 5901940 |
| Jefferson County Public Hospital District No. 2 WA | 6.875% | 12/1/2053 | NR | 10000000 | 10431189 |
| King County Public Hospital District No. 4 WA | 7.00% | 12/1/2060 | NR | 25200000 | 25799972 |

---

*See Notes to Schedule of Investments.* 117

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Kremmling Memorial HospitalDistrict CO<sup>†</sup> | 6.375% | 12/1/2049 | NR | $4495000 | $4479221 |
| Kremmling Memorial HospitalDistrict CO<sup>†</sup> | 6.625% | 12/1/2056 | NR | 6125000 | 6099111 |
| Louisiana Local Government Environmental Facilities & Community Development Authority - St James Place of Baton Rouge Obligated Group | 6.25% | 11/15/2045 | NR | 6100000 | 6099553 |
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 180000 | 181235 |
| Maryland Health & Higher EducationalFacilities Authority<sup>(d)</sup> | 5.00% | 7/1/2054 | A+ | 4230000 | 4374455 |
| Maryland Health & Higher EducationalFacilities Authority<sup>(d)</sup> | 5.25% | 7/1/2054 | A+ | 4300000 | 4446845 |
| Maryland Health & Higher Educational Facilities Authority - Kennedy Krieger Institute Inc Obligated Group MD | 5.25% | 7/1/2051 | BBB- | 2500000 | 2553146 |
| Maryland Health & Higher Educational Facilities Authority - Kennedy Krieger Institute Inc Obligated Group MD | 5.50% | 7/1/2056 | BBB- | 2000000 | 2076892 |
| Maryland Health & Higher Educational Facilities Authority - TidalHealth Obligated Group(AG) | 5.50% | 7/1/2055 | AA | 5000000 | 5342402 |
| Massachusetts Development Finance Agency - Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 12000000 | 12946296 |
| Massachusetts Development Finance Agency - Care Communities LLC Obligated Group MA<sup>†</sup> | 6.50% | 7/15/2060 | NR | 16500000 | 16371820 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 11125000 | 9639379 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 3000000 | 2965743 |
| Michigan Finance Authority Provident Group - HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 1100000 | 1163376 |
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | 20000000 | 20172176 |
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 9350000 | 9186799 |

---

118 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | $10760000 | $10795178 |
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 9820000 | 9820074 |
| New Hampshire Business FinanceAuthority - NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 3410000 | 3514050 |
| New Hampshire Business FinanceAuthority - NFA UH SPV LLC<sup>†</sup> | 6.25% | 12/15/2038 | NR | 3565000 | 3746038 |
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2055 | NR | 2180000 | 2253729 |
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2060 | NR | 1875000 | 1931102 |
| New Hope Cultural Education FacilitiesFinance Corp. - SLF CHP LLC TX<sup>†</sup> | 6.50% | 7/1/2056 | NR | 19600000 | 19125999 |
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1500000 | 1502543 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 3760000 | 2866573 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B | 15530000 | 12514810 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3000000 | 3041064 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 5500000 | 5878629 |
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B | 3490000 | 2915761 |
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 8545000 | 7710741 |
| Norman Regional Hospital Authority Obligated Group OK | 4.00% | 9/1/2037 | CCC | 3120000 | 2137347 |
| Norman Regional Hospital Authority Obligated Group OK | 5.00% | 9/1/2045 | CCC | 1200000 | 996222 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 6015000 | 6105601 |

---

*See Notes to Schedule of Investments.* 119

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | $21795000 | $21487006 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2044 | NR | 1300000 | 1312391 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 15000000 | 15000199 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | 23690000 | 23523838 |
| Pennsylvania Higher Educational Facilities Authority - University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4150000 | 4505755 |
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 5.75% | 6/1/2050 | BBB- <sup>(b)</sup> | 800000 | 801872 |
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 6.25% | 6/1/2055 | BBB- <sup>(b)</sup> | 1500000 | 1554847 |
| Public Finance Authority - BancroftNeurohealth Obligated Group WI<sup>†</sup> | 4.625% | 6/1/2036 | NR | 4380000 | 4330651 |
| Public Finance Authority - BancroftNeurohealth Obligated Group WI<sup>†</sup> | 5.125% | 6/1/2048 | NR | 7345000 | 6741931 |
| Public Finance Authority - Lehigh ValleyHealth Network Inc WI<sup>†</sup> | 7.25% | 12/1/2042 | NR | 8750000 | 8973278 |
| Public Finance Authority - Lehigh ValleyHealth Network Inc WI<sup>†</sup> | 7.50% | 12/1/2052 | NR | 8650000 | 8940400 |
| Public Finance Authority - Munificent Behavioral Hospitals I Inc Obligated Group WI<sup>†</sup> | 7.25% | 1/1/2061 | NR | 13000000 | 13740766 |
| Public Finance Authority - ProtonInternational Alabama LLC WI<sup>†(c)</sup> | 6.85% | 10/1/2047 | NR | 3000000 | 300000 |
| Public Finance Authority - Proton Intl - Delray LLC WI<sup>†(c)</sup> | 6.85% | 11/1/2046 | NR | 2000000 | 700000 |
| Public Finance Authority - QCF BehavioralHospitals I Obligated Group WI<sup>†</sup> | Zero Coupon | 7/1/2064 | NR | 534160000 | 6098932 |
| Public Finance Authority - QCF BehavioralHospitals I Obligated Group WI<sup>†</sup> | 7.50% | 7/1/2059 | NR | 13650000 | 15289806 |
| Public Finance Authority - RBS EvolutionLLC WI<sup>†</sup> | 10.00% | 11/1/2038 | NR | 13100000 | 14736064 |
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2031 | BB- | 3000000 | 3010789 |

---

120 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Roanoke County Economic Development Authority - Friendship Foundation VA | 5.50% | <sup>#(a)</sup> | 9/1/2058 | NR | $10615000 | $10527910 |
| Shelby County Health Educational & Housing Facilities Board - Luke Inc Obligated Group TN | 5.75% |  | 10/1/2059 | NR | 11500000 | 7705104 |
| Skagit County Public Hospital District No. 1 WA | 5.50% |  | 12/1/2054 | Baa3 | 5680000 | 5823675 |
| South Carolina Jobs-Economic Development Authority - Beaufort Memorial Hospital Obligated Group | 5.50% |  | 11/15/2044 | BB | 2575000 | 2652020 |
| South Carolina Jobs-Economic Development Authority - Beaufort Memorial Hospital Obligated Group | 5.75% |  | 11/15/2054 | BB | 5335000 | 5462317 |
| South Carolina Jobs-Economic Development Authority - Connexion Communities Obligated Group<sup>†</sup> | 6.75% |  | 10/15/2060 | NR | 17500000 | 17526344 |
| South Carolina Jobs-Economic Development Authority - Hampton Regional Medical Center Obligated Group | 5.00% |  | 11/1/2042 | NR | 3815000 | 3477980 |
| South Carolina Jobs-Economic Development Authority - Hampton Regional Medical Center Obligated Group | 5.00% |  | 11/1/2046 | NR | 6070000 | 5274944 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.75% |  | 11/15/2029 | NR | 3500000 | 3500578 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 7.50% |  | 11/15/2053 | NR | 9000000 | 9520770 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 7.75% |  | 11/15/2058 | NR | 17600000 | 18816475 |
| South Carolina Jobs-Economic Development Authority - Wesley Commons Obligated Group | 5.625% |  | 10/1/2050 | NR | 650000 | 649730 |
| South Carolina Jobs-Economic Development Authority - Wesley Commons Obligated Group | 5.625% |  | 10/1/2060 | NR | 1750000 | 1715329 |
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2043 | B <sup>(b)</sup> | 5025000 | 4909957 |
| Stamford Housing Authority - TJH Senior Living LLC Obligated Group CT | 6.25% |  | 10/1/2060 | NR | 1000000 | 997509 |

---

<br> *See Notes to Schedule of Investments.* 121

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Stamford Housing Authority - TJH Senior Living LLC Obligated Group CT | 6.50% | 10/1/2055 | NR | $2200000 | $2240165 |
| Tarrant County Cultural Education Facilities Finance Corp TX<sup>(d)</sup> | 5.00% | 7/1/2053 | A1 | 9550000 | 9707882 |
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2225000 | 2225516 |
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3015000 | 2947813 |
| Washington State Housing Finance Commission - Horizon House Obligated Group/WA | 6.25% | 1/1/2056 | BB <sup>(b)</sup> | 15000000 | 14985076 |
| Washington State Housing Finance Commission - Horizon House Obligated Group/WA | 6.25% | 1/1/2061 | BB <sup>(b)</sup> | 10500000 | 10416131 |
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2060000 | 2240461 |
| West Virginia Hospital Finance Authority - Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3250000 | 3513217 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2047 | AA | 3325000 | 3413222 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 2250000 | 2424998 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 2500000 | 2826235 |
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 6.50% | 11/1/2030 | NR | 5000000 | 5264884 |
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 7.25% | 11/1/2045 | NR | 5000000 | 5476698 |
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 7.50% | 11/1/2055 | NR | 12000000 | 13183358 |
| Wisconsin Health & Educational Facilities Authority - Capitol Lakes Inc | 6.25% | 11/15/2055 | NR | 5765000 | 5713938 |
| Wisconsin Health & Educational Facilities Authority - Capitol Lakes Inc | 6.375% | 11/15/2060 | NR | 4100000 | 4081495 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 7320000 | 7320055 |

---

<br> 122 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | $2425000 | $2425018 |
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 5.625% |  | 7/1/2045 | NR | 8000000 | 8021437 |
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 6.00% |  | 7/1/2060 | NR | 2500000 | 2515382 |
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 6.625% |  | 7/1/2060 | NR | 4300000 | 4474884 |
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% |  | 2/1/2048 | Ba2 | 4000000 | 3861999 |
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 5.75% |  | 8/15/2059 | BBB- <sup>(b)</sup> | 2380000 | 2437164 |
| *Total* |  |  |  |  |  | 1119305669 |
| **Housing 4.97%** |  |  |  |  |  |  |
| California Community Housing Agency Arbors Apartments<sup>†</sup> | 5.00% |  | 8/1/2050 | NR | 10630000 | 9955758 |
| California Community Housing Agency Summit at Sausalito Apartments<sup>†</sup> | 3.00% |  | 2/1/2057 | NR | 14310000 | 9704935 |
| California Community Housing Agency Summit at Sausalito Apartments<sup>†</sup> | 4.00% |  | 2/1/2050 | NR | 16345000 | 11998361 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | NR | 3500000 | 2434141 |
| California Municipal Finance Authority - Ascent 613<sup>†</sup> | 5.375% |  | 1/1/2055 | NR | 2500000 | 2459692 |
| California Municipal Finance Authority - Ascent 613<sup>†</sup> | 5.50% |  | 1/1/2060 | NR | 2000000 | 1988771 |
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.375% |  | 6/1/2059 | NR | 17700000 | 16919573 |
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.50% |  | 6/1/2054 | NR | 15100000 | 14790743 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2038 | Baa3 | 1000000 | 1036620 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2040 | Baa3 | 1000000 | 1015000 |

---

<br> *See Notes to Schedule of Investments.* 123

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2048 | Baa3 | $1350000 | $1298700 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2053 | Baa3 | 1770000 | 1679057 |
| Capital Projects Finance Authority - Provident Group - Continuum Properties LLC FL | 5.00% |  | 11/1/2058 | Baa3 | 1750000 | 1641041 |
| CMFA Special Finance Agency CA<sup>†</sup> | 4.00% |  | 12/1/2045 | NR | 9650000 | 7208560 |
| CSCDA Community Improvement Authority Dublin CA<sup>†</sup> | 4.00% |  | 2/1/2057 | NR | 4500000 | 3346294 |
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA<sup>†</sup> | 3.125% |  | 8/1/2056 | NR | 6500000 | 4859078 |
| CSCDA Community Improvement Authority Orange Portfolio CA<sup>†</sup> | 4.00% |  | 3/1/2057 | NR | 3500000 | 2581697 |
| CSCDA Community Improvement Authority Pasadena Portfolio CA<sup>†</sup> | 4.00% |  | 12/1/2056 | NR | 13250000 | 10044830 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% |  | 6/1/2047 | NR | 14640000 | 10273759 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% |  | 6/1/2057 | NR | 25980000 | 7745033 |
| Indiana Finance Authority - CHF-Tippecanoe LLC | 5.375% |  | 6/1/2064 | BBB- | 5450000 | 5498842 |
| Indiana Finance Authority - SFP-PUFW I LLC | 5.00% |  | 7/1/2054 | BBB- | 1445000 | 1446318 |
| Indiana Finance Authority - SFP-PUFW I LLC | 5.00% |  | 7/1/2059 | BBB- | 1400000 | 1391695 |
| Indiana Finance Authority - SFP-PUFW I LLC | 5.25% |  | 7/1/2064 | BBB- | 3975000 | 4011104 |
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 7.50% |  | 5/15/2053 | BBB <sup>(b)</sup> | 5750000 | 6348086 |
| Maryland Economic Development Corp. | 5.75% |  | 7/1/2053 | BBB- | 2000000 | 2109911 |
| Maryland Economic Development Corp. | 6.00% |  | 7/1/2058 | BBB- | 5000000 | 5329555 |
| Massachusetts Development Finance Agency - PRG Medford Properties Inc | 5.25% |  | 6/1/2060 | A | 3000000 | 3099593 |
| New Hampshire Business Finance Authority<sup>†</sup> | 4.086% | <sup>#(a)</sup> | 1/20/2041 | NR | 2750000 | 2142834 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 4750000 | 4966607 |

---

<br> 124 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |
| Palm Beach County School District - Lifespace Communities Inc Obligated Group FL | 7.50% | 5/15/2053 | BBB <sup>(b)</sup> | $1000000 | $1104015 |
| Palm Beach County School District - Lifespace Communities Inc Obligated Group FL | 7.625% | 5/15/2058 | BBB <sup>(b)</sup> | 2000000 | 2213801 |
| Public Finance Authority - CHF-Manoa LLC WI<sup>†</sup> | 5.75% | 7/1/2053 | BBB- | 11540000 | 11590999 |
| Public Finance Authority - CHF-Manoa LLC WI<sup>†</sup> | 5.75% | 7/1/2063 | BBB- | 9870000 | 9829560 |
| Vail Home Partners Corp. CO<sup>†</sup> | 5.875% | 10/1/2055 | NR | 2500000 | 2544456 |
| Vail Home Partners Corp. CO<sup>†</sup> | 6.00% | 10/1/2064 | NR | 5250000 | 5358859 |
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 7.00% | 9/1/2053 | BB+ <sup>(b)</sup> | 8000000 | 8783543 |
| Washington State Housing Finance Commission - Provident Group - SH II Properties LLC (BAM)<sup>†</sup> | 5.25% | 7/1/2064 | AA | 2500000 | 2506145 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.00% | 7/1/2054 | BBB- | 2000000 | 1896350 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- | 1350000 | 1400422 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- | 1000000 | 1020167 |
| Washington State Housing Finance Commission - Provident Group-SH I Properties LLC | 5.50% | 7/1/2059 | BBB- | 2500000 | 2515698 |
| *Total* |  |  |  |  | 210090203 |
| **Lease Obligations 0.48%** |  |  |  |  |  |
| City of Charlotte NC | 3.00% | 6/1/2048 | AA+ | 12715000 | 9563782 |
| Kansas City Industrial Development Authority - City of Kansas City MO Historic Northeast Redevelopment Area MO<sup>†</sup> | 5.00% | 6/1/2046 | NR | 2790000 | 2721717 |
| Kansas City Industrial Development Authority - City of Kansas City MO Historic Northeast Redevelopment Area MO<sup>†</sup> | 5.00% | 6/1/2054 | NR | 1525000 | 1440851 |

---

<br> *See Notes to Schedule of Investments.* 125

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Lease Obligations (continued)** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% |  | 1/1/2052 | A- | $6500000 | $6505456 |
| *Total* |  |  |  |  |  | 20231806 |
| **Other Revenue 3.87%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 7865000 | 8032005 |
| Anson Education Facilities Corp. - Arlington Classics Academy TX | 5.00% |  | 8/15/2045 | BBB- | 2250000 | 2191356 |
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc<sup>†</sup> | 5.50% |  | 7/1/2052 | BB- | 2850000 | 2668669 |
| Arlington Higher Education Finance Corp. - Newman International Academy TX | 5.50% |  | 8/15/2046 | NR | 5000000 | 3997575 |
| Capital Trust Agency, Inc. - Educational Growth Fund FL<sup>†</sup> | 5.00% |  | 7/1/2056 | NR | 18350000 | 15871533 |
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2050 | NR | 10000000 | 8910560 |
| Chester County Industrial Development Authority - Collegium Charter School PA | 5.25% |  | 10/15/2047 | BB | 7210000 | 6489426 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 796127 | 269688 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 15788384 | 10341392 |
| County of Broward FL Convention Center Hotel Revenue<sup>(d)</sup> | 5.50% |  | 1/1/2055 | AA | 17000000 | 17933237 |
| Florida Development Finance Corp. - Franklin Academy Series 2016 Obligated Group<sup>†</sup> | 5.00% |  | 7/15/2046 | NR | 4000000 | 3683974 |
| Florida Development Finance Corp. - Palm Bay Academy Inc<sup>†</sup> | Zero Coupon |  | 5/15/2037 | NR | 940000 | 9 |
| Florida Development Finance Corp. - Palm Bay Academy Inc<sup>†</sup> | 6.375% |  | 5/15/2037 | NR | 2575000 | 2367819 |
| Florida Development Finance Corp. - Palm Bay Academy Inc<sup>†</sup> | 6.375% |  | 5/15/2037 | NR | 1220000 | 122000 |
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2020C/D Obligated Group<sup>†</sup> | 5.00% |  | 9/15/2050 | NR | 3505000 | 3057737 |
| GDB Debt Recovery Authority of Puerto Rico | 7.50% |  | 8/20/2040 | NR | 362050 | 350966 |

---

<br> 126 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2046 | BB+ | $5130000 | $4906897 |
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ<sup>†(c)</sup> | 5.00% | 7/1/2049 | NR | 6000000 | 4800000 |
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ<sup>†(c)</sup> | 5.00% | 7/1/2055 | NR | 4000000 | 3200000 |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.00% | 12/1/2031 | NR | 10700000 | 7169000 |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.25% | 12/1/2031 | NR | 3000000 | 2010000 |
| Michigan Finance Authority - Bradford Academy | 4.30% | 9/1/2030 | NR | 650000 | 618852 |
| Michigan Finance Authority - Bradford Academy | 4.80% | 9/1/2040 | NR | 1845000 | 1588195 |
| Michigan Finance Authority - Bradford Academy | 5.00% | 9/1/2050 | NR | 3010000 | 2349784 |
| Michigan Public Educational Facilities Authority - Crescent Academy | 7.00% | 10/1/2036 | NR | 535000 | 535381 |
| Municipal Improvement Corp. of Los Angeles<sup>(d)</sup> | 5.50% | 5/1/2055 | A+ | 22000000 | 23763587 |
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | NR | 1425000 | 570000 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% | 12/1/2044 | NR | 2500000 | 2528601 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.75% | 12/1/2054 | NR | 12000000 | 12060870 |
| Utah Charter School Finance Authority - Freedom Academy Foundation<sup>†</sup> | 5.375% | 6/15/2048 | NR | 5150000 | 4590607 |
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | Baa1 | 2400000 | 1593711 |
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | Baa1 | 6000000 | 4927598 |
| *Total* |  |  |  |  | 163501029 |
| **Pollution Control 0.29%** |  |  |  |  |  |
| Pennsylvania Economic Development Financing Authority - Noble Environmental Inc PA<sup>†</sup> | 6.875% | 9/1/2047 | NR | 12000000 | 12450158 |

---

<br> *See Notes to Schedule of Investments.* 127

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax 4.67%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% | 5/1/2042 | NR | $5000000 | $5117085 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 10620000 | 11133403 |
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 545000 | 545483 |
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 25000 | 25018 |
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2053 | NR | 4000000 | 3849809 |
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL<sup>†</sup> | 5.00% | 5/1/2044 | NR | 1370000 | 1375400 |
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL<sup>†</sup> | 5.25% | 5/1/2055 | NR | 2000000 | 1990922 |
| Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT<sup>†</sup> | 5.625% | 12/1/2053 | NR | 15435000 | 15565494 |
| Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT | 5.00% | 12/1/2035 | NR | 3140000 | 3162326 |
| Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT | 6.25% | 12/1/2054 | NR | 8400000 | 8448382 |
| Celebration Pointe Community Development District No. 1 FL<sup>(c)</sup> | 3.375% | 5/1/2041 | NR | 3970000 | 3176000 |
| Celebration Pointe Community Development District No. 1 FL<sup>(c)</sup> | 5.00% | 5/1/2048 | NR | 6555000 | 5244000 |
| City of Mesquite TX | 5.50% | 9/1/2045 | NR | 1050000 | 1052165 |
| City of Mesquite TX | 5.75% | 9/1/2055 | NR | 1300000 | 1293745 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 6.50% | 6/1/2045 | NR | 6495000 | 6582592 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 6.75% | 6/1/2055 | NR | 8440000 | 8532411 |
| County of Denton Green Meadows Public Improvement District Improvement Area #1 TX<sup>†</sup> | 5.625% | 12/31/2055 | NR | 2725000 | 2806489 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 5.875% | 12/31/2045 | NR | 2500000 | 2578459 |

---

128 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 6.125% | 12/31/2055 | NR | $3100000 | $3200079 |
| Fairfield Community Facilities District - City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2049 | NR | 3205000 | 3253587 |
| Grandview Industrial Development Authority MO Tax Allocation<sup>(c)</sup> | 5.75% | 12/1/2028 | NR | 1000000 | 640000 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3585000 | 3374582 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 13375000 | 11794070 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 3375000 | 3401084 |
| Lakewood Ranch Stewardship District FL | 6.30% | 5/1/2054 | NR | 4450000 | 4681128 |
| Mida Mountain Village Public Infrastructure District - Mountain Village Assessment Area No 2 UT<sup>†</sup> | 4.00% | 8/1/2050 | NR | 7845000 | 6695889 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.00% | 8/1/2050 | NR | 3500000 | 3435193 |
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 10000000 | 8186458 |
| New York City Transitional Finance Authority<sup>(d)</sup> | 5.50% | 5/1/2052 | AAA | 11600000 | 12424147 |
| New York Transportation Dev. Corp.<sup>(d)</sup> | 6.00% | 6/30/2055 | Baa3 | 20000000 | 21082874 |
| New York Transportation Development Corp<sup>(d)</sup> | 6.00% | 6/30/2050 | Baa3 | 6500000 | 6897324 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2037 | NR | 875000 | 883555 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2045 | NR | 6350000 | 6293759 |
| Rocky Mountain Rail Park Metropolitan District CO GO<sup>†</sup> | 5.00% | 12/1/2041 | NR | 2000000 | 1957237 |
| Rocky Mountain Rail Park Metropolitan District CO GO<sup>†</sup> | 5.00% | 12/1/2051 | NR | 7020000 | 6425103 |
| Stone Canyon Community Improvement District MO<sup>(c)</sup> | 5.70% | 4/1/2022 | NR | 1485000 | 311850 |
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 330000 | 330321 |
| Village Community Development District No. 13 FL | 3.25% | 5/1/2052 | NR | 4335000 | 3210405 |

---

<br> *See Notes to Schedule of Investments.* 129

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | $6265000 | $6417114 |
| *Total* |  |  |  |  | 197374942 |
| **Tax Revenue 4.95%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | 5200000 | 5263087 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.25% | 9/1/2045 | Ba3 | 1125000 | 1126329 |
| American Samoa Economic Development Authority<sup>†</sup> | 6.50% | 9/1/2028 | Ba3 | 1755000 | 1831438 |
| City of Garden City - City of Garden City STAR Bond District KS<sup>†</sup> | 5.375% | 6/1/2039 | NR | 1125000 | 1139212 |
| City of Reno - County of Washoe NV Sales Tax Revenue NV<sup>†</sup> | Zero Coupon | 7/1/2058 | NR | 20500000 | 3243451 |
| City of Reno - County of Washoe NV Sales Tax Revenue NV<sup>†</sup> | Zero Coupon | 7/1/2058 | NR | 18500000 | 2120318 |
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV Tax Allocation<sup>†</sup> | 5.00% | 6/1/2033 | NR | 395000 | 412933 |
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV Tax Allocation<sup>†</sup> | 5.75% | 6/1/2043 | NR | 875000 | 926246 |
| County of Monongalia - Monongalia County Building Commission Development District No 4 WV Tax Allocation<sup>†</sup> | 6.00% | 6/1/2053 | NR | 1535000 | 1612473 |
| Dallas Area Rapid Transit TX | 3.00% | 12/1/2047 | AA+ | 5000000 | 3766293 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 6760000 | 7172089 |
| Downtown Revitalization Public Infrastructure District - City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 4500000 | 4774320 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | 10000000 | 6275067 |

---

<br> 130 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 5.75% | 6/15/2044 | NR | $860000 | $881068 |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 6.00% | 6/15/2054 | NR | 4035000 | 4144530 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.50% | 6/1/2050 | NR | 1850000 | 1854387 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.50% | 6/1/2055 | NR | 2000000 | 1985208 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.75% | 6/1/2060 | NR | 2650000 | 2677311 |
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4115000 | 3577706 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2505000 | 1867367 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue<sup>(d)</sup> | 5.25% | 3/15/2052 | Aa1 | 12610000 | 13261909 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 3965000 | 3009102 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 10225000 | 10016736 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 124000 | 121474 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 64706000 | 61087621 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 15093000 | 14115466 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 47960000 | 46252000 |
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | Baa1 | 6710000 | 4898627 |
| *Total* |  |  |  |  | 209413768 |

---

<br> *See Notes to Schedule of Investments.* 131

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity<br> Date** | **Credit <br> Rating: <br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Taxable Revenue - Water & Sewer 0.56%** |  |  |  |  |  |
| City of Chicago IL Waterworks Revenue<sup>(d)</sup> | 5.50% | 11/1/2062 | AA | $20290000 | $21469892 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2047 | NR | 2500000 | 2213353 |
| *Total* |  |  |  |  | 23683245 |
| **Tobacco 6.28%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 109230000 | 88556562 |
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26325000 | 6669568 |
| California Statewide Financing Authority<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | 42500000 | 2536744 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | 4780000 | 1033473 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21000000 | 2072055 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100000000 | 8786370 |
| Erie Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2060 | NR | 30000000 | 879765 |
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 280775000 | 27525468 |
| Inland Empire Tobacco Securitization Corp. - Inland Empire Tobacco Securitization Corp CA | Zero Coupon | 6/1/2036 | CCC | 19000000 | 9327201 |
| Inland Empire Tobacco Securitization Corp. CA<sup>†</sup> | Zero Coupon | 6/1/2057 | CCC | 47000000 | 2923593 |
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | 93300000 | 1640121 |
| Monroe Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2061 | NR | 22900000 | 760910 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50000000 | 2950180 |
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CC | 3170000 | 2586397 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CC | 3218190 | 2769770 |
| Rockland Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 8/15/2060 | NR | 41035000 | 2972575 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10000000 | 5611969 |

---

132 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating: <br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Tobacco (continued)** |  |  |  |  |  |  |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon |  | 6/1/2041 | NR | $8000000 | $2949202 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon |  | 6/1/2056 | NR | 20000000 | 1814292 |
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | Zero Coupon |  | 6/1/2046 | CCC- | 7500000 | 1245992 |
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | Zero Coupon |  | 6/1/2046 | CCC- | 10000000 | 2459661 |
| Tobacco Settlement Financing Corp. RI | Zero Coupon |  | 6/1/2052 | CCC- | 15885000 | 2312414 |
| Tobacco Settlement Financing Corp. VA | Zero Coupon |  | 6/1/2047 | CCC- | 9500000 | 2360141 |
| Tobacco Settlement Financing Corp. VA | Zero Coupon |  | 6/1/2047 | CCC- | 110695000 | 28076757 |
| Tobacco Settlement Financing Corp. VA | 5.00% |  | 6/1/2047 | B- | 36735000 | 30618623 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2045 | CCC+ | 9670000 | 8482770 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2048 | NR | 17835000 | 15481727 |
| *Total* |  |  |  |  |  | 265404300 |
| **Transportation 12.13%** |  |  |  |  |  |  |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% |  | 7/1/2055 | BBB+ | 2875000 | 2972344 |
| Chicago O'Hare International Airport IL AMT | 5.50% |  | 1/1/2055 | A+ | 2500000 | 2606823 |
| City & County of Denver - United Airlines Inc CO AMT | 5.00% |  | 10/1/2032 | BB+ | 7300000 | 7307998 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2038 | Ba2 | 4250000 | 4594274 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2039 | Ba2 | 4700000 | 5047221 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2031 | A+ | 20000000 | 17014338 |
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 7/15/2032 | NR | 16500000 | 5940000 |
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 7/15/2059 | NR | 9000000 | 3240000 |

---

*See Notes to Schedule of Investments.* 133

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity<br> Date** | **Credit <br> Rating: <br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | $6235000 | $5605474 |
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.50% | 1/15/2053 | AA | 5425000 | 4415100 |
| Greater Asheville Regional Airport Authority NC (AG) AMT | 5.25% | 7/1/2048 | AA | 1250000 | 1284429 |
| Greater Orlando Aviation Authority FL AMT | 4.00% | 10/1/2049 | AA | 6370000 | 5641168 |
| Louisiana Public Facilities Authority - Calcasieu Bridge Partners LLC AMT | 5.75% | 9/1/2064 | Baa3 | 39580000 | 40810150 |
| Maryland Economic Development Corp. - City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2050 | NR | 10000000 | 8385470 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 9400000 | 9818652 |
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2050 | A | 5000000 | 4472535 |
| Metropolitan Transportation Authority NY<sup>(d)</sup> | 4.75% | 11/15/2045 | A | 14710000 | 14702997 |
| Metropolitan Transportation Authority NY<sup>(d)</sup> | 5.25% | 11/15/2055 | A | 7000000 | 7145415 |
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.625% | 1/1/2045 | NR | 8750000 | 9068406 |
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 34340000 | 34369234 |
| New York State Thruway Authority TCRS (BAM) | 3.00% | 1/1/2051 | AA | 5365000 | 3891781 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 8480000 | 8600919 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 13000000 | 13645646 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 9000000 | 9923150 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- <sup>(b)</sup> | 4000000 | 3403676 |
| New York Transportation Development Corp. - JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 82500000 | 83451439 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 23185000 | 23387611 |

---

134 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating: <br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% |  | 6/30/2054 | Baa3 | $21500000 | $22233356 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2041 | Baa2 | 5000000 | 4716778 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% |  | 1/1/2050 | AA | 8730000 | 8730349 |
| North Parkway Municipal Management District No. 1 TX<sup>†</sup> | 4.75% |  | 9/15/2041 | NR | 1930000 | 1860626 |
| Oklahoma Turnpike Authority<sup>(d)</sup> | 5.50% |  | 1/1/2054 | Aa3 | 5270000 | 5722289 |
| Oklahoma Turnpike Authority<sup>(d)</sup> | 5.50% |  | 10/1/2054 | Aa3 | 12500000 | 13573784 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 3.00% |  | 12/1/2051 | Aa3 | 5375000 | 4003774 |
| Port Authority of New York & New Jersey AMT | 5.50% |  | 8/1/2052 | AA- | 3500000 | 3692729 |
| Port of Portland Airport Revenue OR AMT | 5.50% |  | 7/1/2048 | AA- | 6250000 | 6604074 |
| Public Finance Authority - Million Air Three Obligated Group WI AMT<sup>†</sup> | 6.25% |  | 9/1/2046 | NR | 1500000 | 1547670 |
| Public Finance Authority - Million Air Three Obligated Group WI AMT<sup>†</sup> | 7.00% |  | 9/1/2054 | NR | 5810000 | 6173669 |
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% |  | 6/30/2060 | Baa3 | 23000000 | 23752486 |
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% |  | 12/31/2065 | Baa3 | 37000000 | 38127046 |
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners LLC AMT | 5.50% |  | 12/31/2058 | Baa1 | 2500000 | 2592068 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 8175000 | 9367158 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 4.00% |  | 1/1/2048 | BBB | 21990000 | 19241162 |
| *Total* |  |  |  |  |  | 512685268 |
| **Utilities 4.78%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL<sup>(d)</sup> | 5.00% |  | 10/1/2035 | A2 | 18500000 | 19069902 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(a)</sup> | 5/1/2055 | A1 | 6250000 | 6791622 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 6/1/2049 | A2 | 9450000 | 9972660 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 11/1/2053 | A2 | 16335000 | 17151613 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 5000000 | 5271567 |

---

*See Notes to Schedule of Investments.* 135

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br>Rate** | | **Maturity <br>Date** | **Credit <br>Rating: <br>S&P or <br>Moody's** | **Principal <br>Amount** | **Fair <br>Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority<sup>(d)</sup> | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | $14000000 | $14853963 |
| City of Baltimore MD<sup>(d)</sup> | 5.25% |  | 7/1/2047 | AA- | 7190000 | 7586471 |
| City of Baltimore MD<sup>(d)</sup> | 5.25% |  | 7/1/2052 | AA- | 12190000 | 12861715 |
| City of Compton Water Revenue CA | 6.00% |  | 8/1/2039 | NR | 3710000 | 3794978 |
| City of Osceola - Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(a)</sup> | 4/1/2036 | NR | 16450000 | 16450000 |
| County of Jefferson Sewer Revenue AL | 5.50% |  | 10/1/2053 | BBB+ | 5000000 | 5232300 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 6000000 | 6532080 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 7500000 | 8310485 |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2055 | A- | 10000000 | 10449907 |
| Kansas City Industrial Development Authority MO<sup>†</sup> | 6.00% |  | 1/1/2048 | NR | 2500000 | 2548367 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(a)</sup> | 9/1/2052 | A3 | 2165000 | 2218037 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 10/1/2054 | A1 | 15000000 | 16035564 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2035 | NR | 1500000 | 1554245 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2047 | NR | 20000000 | 19622884 |
| Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(a)</sup> | 1/1/2053 | A1 | 5000000 | 5361856 |
| Village Community Development District No. 15 Series 2024 Special Assessment FL<sup>†</sup> | 6.625% |  | 9/1/2047 | NR | 9750000 | 10282603 |
| *Total* |  |  |  |  |  | 201952819 |
| *Total Municipal Bonds* (cost $4,423,720,221) |  |  |  |  |  | 4334851949 |
| **WARRANTS 0.00%** |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** |  |  |  |  |  |  |
| Desertxpress Enterprises LLC\* (cost $0) | 11.50% |  | 12/1/2035 | NR | 343500 | 0 <sup>(e)</sup> |

---

136 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(f)</sup> | **Final <br>Maturity <br>Date** | **Credit <br>Rating: <br>S&P or <br>Moody's** | **Principal <br>Amount** | **Fair <br>Value** |
| **SHORT-TERM INVESTMENTS 0.55%** |  |  |  |  |  |  |
| **Variable Rate Demand Notes 0.55%** |  |  |  |  |  |  |
| **General Obligation 0.03%** |  |  |  |  |  |  |
| City of New York NY GO | 2.500% | 1/2/2026 | 10/1/2040 | AA+ | $500000 | $500000 |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA | 500000 | 500000 |
| *Total* |  |  |  |  |  | 1000000 |
| **Health Care 0.06%** |  |  |  |  |  |  |
| Idaho Health Facilities Authority - St Luke's Health System Ltd Obligated Group/ID | 2.450% | 1/1/2026 | 3/1/2060 | AA+ | 2500000 | 2500000 |
| **Pollution Control 0.02%** |  |  |  |  |  |  |
| Port of Port Arthur Navigation District - Motiva Enterprises LLC TX | 2.550% | 1/2/2026 | 4/1/2040 | BBB+ | 1000000 | 1000000 |
| **Utilities 0.44%** |  |  |  |  |  |  |
| Development Authority of Appling County - Georgia Power Co | 2.500% | 1/1/2026 | 9/1/2041 | A | 18130000 | 18130000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.600% | 1/15/2026 | 6/15/2045 | AA+ | 425000 | 425000 |
| *Total* |  |  |  |  |  | 18555000 |
| *Total Variable Rate Demand Notes* (cost $23,055,000) | *Total Variable Rate Demand Notes* (cost $23,055,000) | *Total Variable Rate Demand Notes* (cost $23,055,000) |  |  |  | 23055000 |
| *Total Short-Term Investments* (cost $23,055,000) | *Total Short-Term Investments* (cost $23,055,000) | *Total Short-Term Investments* (cost $23,055,000) |  |  |  | 23055000 |
| *Total Investments in Securities 103.08%* (cost $4,446,775,221) | *Total Investments in Securities 103.08%* (cost $4,446,775,221) | *Total Investments in Securities 103.08%* (cost $4,446,775,221) |  |  |  | 4357906949 |
| *Other Assets and Liabilities – Net (3.08)%* | *Other Assets and Liabilities – Net (3.08)%* | *Other Assets and Liabilities – Net (3.08)%* |  |  |  | (130219192) |
| *Net Assets 100.00%* | *Net Assets 100.00%* | *Net Assets 100.00%* |  |  |  | $4227687757 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by - Build America Mutual. |
| COPS | Certificates of Participation. |
| GTD | Guaranteed. |
| NATL | Insured by - National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| PSF | Permanent School Fund. |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| TCRS | Transferable Custodial Receipts. |
| TRIPS | Tax Refund Intercept Programs. |

---

 

*See Notes to Schedule of Investments.* 137

**Schedule of Investments (unaudited)(concluded)**

HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $1,438,916,921, which represents 34.04% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(c)</sup> | Defaulted (non-income producing security). |
| <sup>(d)</sup> | 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. |
| <sup>(e)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(f)</sup> | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $4334851949 | $– | $4334851949 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 0 | 0 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes | – | 23055000 | – | 23055000 |
| Total | $– | $4357906949 | $– | $4357906949 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

138 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 96.59%** |  |  |  |  |  |  |
| **CORPORATE BONDS 0.06%** |  |  |  |  |  |  |
| **Health Care Services 0.06%** |  |  |  |  |  |  |
| Care New England Health System <br> (cost $1,477,272) | 5.50% |  | 9/1/2026 | BB- | $1500000 | $1498473 |
| **MUNICIPAL BONDS 96.53%** |  |  |  |  |  |  |
| **Airlines 0.22%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% |  | 10/1/2026 | Baa2 | 2135000 | 2155763 |
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% |  | 10/1/2027 | Baa2 | 3440000 | 3523171 |
| *Total* |  |  |  |  |  | 5678934 |
| **Corporate-Backed 20.67%** |  |  |  |  |  |  |
| Allegheny County Industrial Development Authority - United States Steel Corp PA | 5.75% |  | 8/1/2042 | BB+ | 520000 | 520235 |
| Arkansas Development Finance Authority - Hybar LLC AMT<sup>†</sup> | 6.875% |  | 7/1/2048 | NR | 1000000 | 1074972 |
| Arkansas Development Finance Authority - Weyerhaeuser Co AMT | 3.875% | <sup>#(a)</sup> | 10/15/2065 | BBB | 3750000 | 3756008 |
| Avenir Community Development District FL | 4.50% |  | 5/1/2030 | NR | 1670000 | 1692946 |
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2055 | BB | 20000000 | 20401676 |
| Boggy Creek Improvement District FL | 4.50% |  | 5/1/2033 | NR | 910000 | 937962 |
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 8520000 | 8533041 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 12900000 | 13056949 |
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 26610000 | 19691400 |
| Chandler Industrial Development Authority - Intel Corp AZ AMT | 4.00% | <sup>#(a)</sup> | 6/1/2049 | BBB | 10250000 | 10395612 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | BB+ <sup>(b)</sup> | 1000000 | 1016535 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/15/2028 | BB+ | 2850000 | 2928956 |

---

<br> *See Notes to Schedule of Investments.* 139

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | $5930000 | $5936604 |
| City of Valparaiso - Pratt Paper LLC AMT IN<sup>†</sup> | 4.50% |  | 1/1/2034 | NR | 2400000 | 2459713 |
| Crosswinds East Community Development District FL | 4.625% |  | 5/1/2031 | NR | 440000 | 448893 |
| East Nassau Stewardship District Special Assessment 2025 FL | 5.00% |  | 5/1/2035 | NR | 4740000 | 4948041 |
| Florida Development Finance Corp. - Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 8375000 | 8411579 |
| Florida Development Finance Corp. - Waste Pro USA Inc AMT<sup>†</sup> | 5.00% |  | 5/1/2029 | NR | 7240000 | 7307997 |
| Florida Development Finance Corp. - Waste Pro USA Inc FL AMT<sup>†</sup> | 4.45% | <sup>#(a)</sup> | 7/1/2037 | NR | 3000000 | 3025264 |
| Gas Worx Community Development District - Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | 5.00% |  | 5/1/2036 | NR | 615000 | 643710 |
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 6000000 | 5931463 |
| Greater Orlando Aviation Authority - JetBlue Airways Corp FL | 5.00% |  | 11/15/2026 | NR | 2600000 | 2601084 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 4.75% |  | 5/1/2031 | NR | 1700000 | 1768322 |
| Hoover Industrial Development Board - United States Steel Corp AL AMT | 6.375% | <sup>#(a)</sup> | 11/1/2050 | BB+ | 1570000 | 1724252 |
| Illinois Finance Authority - LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(a)</sup> | 9/1/2042 | NR | 7000000 | 8001325 |
| Industrial Development Board of The City of Kingsport Tennessee - Domtar Paper Co LLC TN AMT<sup>†</sup> | 5.25% | <sup>#(a)</sup> | 12/1/2054 | B | 10000000 | 9788806 |
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% |  | 8/1/2042 | BBB+ | 14750000 | 14750372 |
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 4.00% | <sup>#(a)</sup> | 12/1/2050 | AA+ | 8370000 | 9106880 |
| Jefferson County Port Authority - JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 12/1/2053 | Ba1 | 15130000 | 15479064 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 5.00% |  | 5/1/2035 | NR | 1210000 | 1217193 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 5.00% |  | 5/1/2035 | NR | 2795000 | 2917674 |

---

<br> 140 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Louisiana Public Facilities Authority - Waste Pro USA Inc LA AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 5/1/2053 | NR | $6000000 | $6009149 |
| Love Field Airport Modernization Corp. - Southwest Airlines Co TX | 5.00% |  | 11/1/2028 | BBB | 3485000 | 3486832 |
| Michigan Strategic Fund - Graphic Packaging International LLC AMT | 4.00% | <sup>#(a)</sup> | 10/1/2061 | BB | 3635000 | 3631456 |
| Mission Economic Development Corp. - Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 31705000 | 31712403 |
| Mississippi Business Finance Corp. - Huntington Ingalls Industries Inc | 4.55% |  | 12/1/2028 | BBB- | 2205000 | 2205557 |
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 2/1/2048 | NR | 3750000 | 3751779 |
| Montgomery County Industrial Development Authority - Constellation Energy Generation PA AMT | 4.45% | <sup>#(a)</sup> | 10/1/2034 | BBB+ | 7500000 | 7744198 |
| New Hampshire Business Finance Authority - Covanta Holding Corp AMT<sup>†</sup> | 4.00% |  | 11/1/2027 | B- | 6980000 | 6895248 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.50% |  | 1/1/2026 | A- | 500000 | 500000 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.50% |  | 1/1/2027 | A- | 1000000 | 1002181 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 5935000 | 5942748 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.75% |  | 9/15/2027 | BB+ | 5080000 | 5088501 |
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 555000 | 555118 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 61085000 | 61071903 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 8660000 | 8668214 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1000000 | 1000718 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(a)</sup> | 12/1/2044 | B+ | 1000000 | 955121 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 3.125% | <sup>#(a)</sup> | 12/1/2044 | B+ | 4500000 | 4479998 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1040001 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% |  | 8/1/2026 | B+ | 7065000 | 7072492 |

---

<br> *See Notes to Schedule of Investments.* 141

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | $26345000 | $26373068 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 5500000 | 5740926 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% |  | 1/1/2027 | Baa2 | 5555000 | 5647485 |
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5000000 | 4403850 |
| Normandy Community Development District Assessment Area One FL<sup>†</sup> | 4.625% |  | 5/1/2031 | NR | 520000 | 525853 |
| Ohio Air Quality Development Authority - AMG Vanadium LLC AMT<sup>†</sup> | 5.00% |  | 7/1/2049 | B3 | 5000000 | 4507617 |
| Ohio Air Quality Development Authority - Pratt Paper Inc AMT<sup>†</sup> | 4.25% |  | 1/15/2038 | NR | 8045000 | 8054208 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(a)</sup> | 6/1/2038 | BB+ | 7095000 | 7815633 |
| Pennsylvania Economic Development Financing Authority - Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(a)</sup> | 1/1/2051 | B3 | 19370000 | 20634756 |
| Pennsylvania Economic Development Financing Authority - Covanta Holding Corp AMT<sup>†</sup> | 3.25% |  | 8/1/2039 | B- | 8000000 | 6313354 |
| Phenix City Industrial Development Board - WestRock Coated Board LLC AL AMT | 4.125% |  | 5/15/2035 | BBB | 10495000 | 10371908 |
| Polk County Industrial Development Authority - Mineral Development LLC FL<sup>†(c)</sup> | 5.875% |  | 1/1/2033 | NR | 1310000 | 353700 |
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 3350000 | 3350779 |
| Public Finance Authority - Celanese US Holdings LLC WI AMT | 4.30% |  | 11/1/2030 | BB | 1955000 | 1954829 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2036 | NR | 12030000 | 11808712 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 1600000 | 1462500 |
| Public Finance Authority - TRIPS Obligated Group WI AMT | 5.25% |  | 7/1/2028 | BBB+ | 1600000 | 1601407 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2451000 | 2450650 |
| Savannah Georgia Convention Center Authority<sup>†</sup> | 5.50% |  | 6/1/2040 | NR | 3500000 | 3582142 |

---

<br> 142 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Southwestern Illinois Development Authority - United States Street Corp | 5.75% |  | 8/1/2042 | BB+ | $10000000 | $10004515 |
| State of Nevada Department of Business & Industry - DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 4330000 | 3204200 |
| Tulsa Airports Improvement Trust - American Airlines Inc OK AMT | 5.50% |  | 6/1/2035 | NR | 2875000 | 2877964 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2040 | B+ | 9750000 | 10830034 |
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 9560000 | 9583619 |
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2052 | B+ | 6000000 | 6054506 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.25% |  | 5/1/2028 | NR | 770000 | 779151 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.375% |  | 5/1/2033 | NR | 1460000 | 1516676 |
| West Virginia Economic Development Authority - Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(a)</sup> | 1/1/2055 | NR | 5200000 | 5539017 |
| West Virginia Economic Development Authority - Kentucky Power Co AMT | 4.70% | <sup>#(a)</sup> | 4/1/2036 | BBB | 3225000 | 3238382 |
| *Total* |  |  |  |  |  | 533869586 |
| **Education 7.10%** |  |  |  |  |  |  |
| Arizona Industrial Development Authority - Academies of Math & Science Obligated Group<sup>†</sup> | 4.875% | <sup>#(a)</sup> | 7/1/2060 | BB+ | 2000000 | 1993709 |
| Arizona Industrial Development Authority - BASIS Schools Inc Obligated Group<sup>†</sup> | 5.125% |  | 7/1/2037 | BB+ | 970000 | 972615 |
| Arizona Industrial Development Authority - Odyssey Preparatory Academy Inc<sup>†</sup> | 4.00% |  | 7/1/2029 | BB- | 305000 | 302750 |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | 4.125% |  | 6/15/2034 | Ba2 | 1540000 | 1538429 |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | 4.25% |  | 6/15/2039 | Ba2 | 1075000 | 1036961 |

---

<br> *See Notes to Schedule of Investments.* 143

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Arlington Higher Education Finance Corp. - BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2035 | Ba2 | $1250000 | $1317700 |
| California Community Choice Financing Authority | 4.219% <br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 10000000 | 10043484 |
| California Municipal Finance Authority - SDORI Charter School Properties LLC<sup>†</sup> | 5.00% |  | 3/1/2027 | B+ | 1150000 | 1138696 |
| California Municipal Finance Authority - Westside Neighborhood School<sup>†</sup> | 5.00% |  | 6/15/2034 | BB | 915000 | 972286 |
| California Municipal Finance Authority - Westside Neighborhood School<sup>†</sup> | 5.50% |  | 6/15/2039 | BB | 900000 | 960097 |
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 4.00% |  | 6/15/2029 | NR | 520000 | 511642 |
| Capital Trust Authority - Kipp Miami Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2034 | BB | 610000 | 638052 |
| Chester County Health & Education Facilities Authority - Immaculata University PA | 4.25% |  | 11/1/2032 | BB- <sup>(b)</sup> | 1885000 | 1767310 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2033 | A <sup>(b)</sup> | 1260000 | 1396586 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% |  | 4/1/2033 | A <sup>(b)</sup> | 5000000 | 5124714 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% |  | 4/1/2036 | A <sup>(b)</sup> | 5100000 | 5232321 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2033 | BB+ | 1535000 | 1530693 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 7625000 | 7631854 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 6060000 | 6026268 |
| Chicago Board of Education IL GO | 5.125% |  | 12/1/2032 | BB+ | 6295000 | 6295533 |
| Clarksville Public Educational Facilities Board - University of the Ozarks AR | 5.50% |  | 8/1/2039 | NR | 580000 | 594805 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.25% |  | 1/1/2034 | NR | 850000 | 885434 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.375% |  | 1/1/2039 | NR | 850000 | 870570 |
| Clifton Higher Education Finance Corp. - Aristoi Classical Academy TX | 4.50% |  | 8/15/2035 | BB | 3130000 | 3087483 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 4.75% |  | 4/1/2034 | BB | 4290000 | 4381606 |
| County of Frederick - Mount St Mary's University Inc MD<sup>†</sup> | 5.00% |  | 9/1/2032 | BB+ | 3150000 | 3144868 |

---

<br> 144 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Development Authority Of The City Of Marietta - Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2037 | Ba3 | $4000000 | $3830378 |
| Florida Development Finance Corp. - Renaissance Charter School Inc<sup>†</sup> | 6.00% | 6/15/2033 | NR | 1830000 | 2007021 |
| Florida Development Finance Corp. - Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 5.50% | 6/15/2040 | Ba1 | 2700000 | 2828276 |
| Florida Higher Educational Facilities Financial Authority - Jacksonville University<sup>†</sup> | 4.50% | 6/1/2033 | NR | 3615000 | 3562094 |
| Florida Higher Educational Facilities Financial Authority - Jacksonville University<sup>†</sup> | 4.75% | 6/1/2038 | NR | 1450000 | 1388215 |
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group<sup>†</sup> | 5.00% | 7/1/2035 | BB+ | 22830000 | 22879877 |
| Industrial Development Authority of the City of Phoenix Arizona - BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2035 | BB+ | 3625000 | 3626275 |
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.00% | 7/1/2044 | BBB | 3240000 | 3240078 |
| Iowa Higher Education Loan Authority - University of Dubuque | 5.00% | 10/1/2033 | BBB- | 1855000 | 1992819 |
| Louisiana Public Facilities Authority - Acadiana Renaissance Charter Academy<sup>†</sup> | 5.00% | 6/15/2035 | NR | 5000000 | 5182093 |
| Louisiana Public Facilities Authority - Lafayette Renaissance Charter Academy<sup>†</sup> | 5.25% | 6/15/2035 | NR | 4750000 | 4917858 |
| Maricopa County Industrial Development Authority - Morrison Education Group Obligated Group AZ<sup>†</sup> | 5.25% | 7/1/2034 | NR | 1745000 | 1805305 |
| Maricopa County Industrial Development Authority - Ottawa University AZ<sup>†</sup> | 5.00% | 10/1/2026 | NR | 65000 | 64486 |
| Maricopa County Industrial Development Authority - Ottawa University AZ<sup>†</sup> | 5.125% | 10/1/2030 | NR | 425000 | 411817 |
| Massachusetts Development Finance Agency - Emerson College | 5.00% | 1/1/2036 | BBB+ | 2100000 | 2119520 |
| Massachusetts Development Finance Agency - Emmanuel College | 5.00% | 10/1/2036 | Baa3 | 3660000 | 3666950 |

---

<br> *See Notes to Schedule of Investments.* 145

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Massachusetts Development Finance Agency - Suffolk University | 5.50% | 7/1/2041 | Baa3 | $4125000 | $4381311 |
| New Jersey Educational Facilities Authority - Stockton University | 5.00% | 7/1/2033 | A3 | 2435000 | 2452082 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | Zero Coupon <br> (CPI YoY \* 1 + 0.89% | 3/1/2027 | Baa1 | 2675000 | 2682656 |
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1960000 | 2114788 |
| Public Finance Authority - UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2026 | BB+ | 1185000 | 1195388 |
| Public Finance Authority - UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2027 | BB+ | 1125000 | 1148557 |
| Public Finance Authority - UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2034 | BB+ | 11580000 | 12021970 |
| Public Finance Authority - UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2039 | BB+ | 3000000 | 3060486 |
| Public Finance Authority - Wingate University WI | 5.25% | 10/1/2038 | BBB- | 3250000 | 3276704 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2033 | NR | 7000000 | 7188025 |
| South Carolina Jobs-Economic Development Authority - American Leadership Academy - Lexington | 5.50% | 6/15/2033 | NR | 11150000 | 11042580 |
| *Total* |  |  |  |  | 183484075 |
| **Energy 0.40%** |  |  |  |  |  |
| PEFA, Inc. IA | 5.00% | 9/1/2049 | A3 | 10165000 | 10256818 |
| **General Obligation 5.63%** |  |  |  |  |  |
| Academical Village Community Development District FL | 3.25% | 5/1/2031 | NR | 4265000 | 4103429 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.125% | 5/1/2032 | NR | 1685000 | 1721450 |
| California Community Choice Financing Authority | 5.25% | 1/1/2054 | Baa1 | 8575000 | 9115292 |
| California Community Choice Financing Authority | 5.50% | 5/1/2054 | A2 | 7500000 | 7921921 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2035 | BB+ | 1500000 | 1394127 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7325000 | 7329043 |

---

146 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | $2000000 | $2000714 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 4120000 | 4079806 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2036 | BB+ | 2500000 | 2501267 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2040 | BB+ | 28500000 | 27950973 |
| Chicago Board of Education IL GO | 5.25% | 12/1/2035 | BB+ | 3685000 | 3684726 |
| Chicago Board of Education IL GO | 5.25% | 12/1/2039 | BB+ | 1000000 | 998277 |
| Chicago Board of Education IL GO | 5.50% | 12/1/2034 | BB+ | 15000000 | 15878703 |
| Chicago Board of Education IL GO (AG) | 5.00% | 12/1/2035 | AA | 4055000 | 4187813 |
| City of Chicago IL GO | 5.00% | 1/1/2031 | BBB | 1000000 | 1034708 |
| City of Chicago IL GO | 5.00% | 1/1/2034 | BBB | 5025000 | 5355214 |
| City of Chicago IL GO | 5.00% | 1/1/2035 | BBB | 4700000 | 5013820 |
| City of New York NY GO | 5.00% | 3/1/2032 | AA | 5000 | 5009 |
| City of Scranton PA GO | 5.00% | 9/1/2029 | BBB+ | 3650000 | 3742556 |
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 2680000 | 1942505 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | 3269368 | 3270707 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 62139 | 60298 |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 8230472 | 8407586 |
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 12933161 | 14215845 |
| Jefferson County Civic Facility Development Corp. - Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 4500000 | 4508039 |
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2870000 | 2645048 |
| Public Finance Authority - Driftwood Conservation District WI<sup>†</sup> | Zero Coupon | 12/15/2039 | NR | 2880000 | 1183698 |
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1000000 | 1026789 |
| *Total* |  |  |  |  | 145279363 |
| **Health Care 21.08%** |  |  |  |  |  |
| Allegheny County Hospital Development Authority - Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2047 | A | 5320000 | 5320344 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2026 | BBB- | 525000 | 525368 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB- | 3000000 | 3000026 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 5815000 | 5644939 |

---

<br> *See Notes to Schedule of Investments.* 147

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Arizona Industrial Development Authority - Navajo Health Foundation- Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.125% | 5/1/2044 | NR | $3875000 | $4154652 |
| Astoria Hospital Facilities Authority - Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2041 | BBB+ <sup>(b)</sup> | 3000000 | 3004261 |
| Atlanta Development Authority - Georgia ProtonCare Center Inc<sup>(c)</sup> | 6.00% | 1/1/2023 | NR | 2000000 | 1140000 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5693000 | 3940402 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 30465000 | 27451947 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 995395 | 1070053 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 1986526 | 1993268 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1255000 | 1248198 |
| Bucks County Industrial Development Authority PA | 5.00% | 7/1/2035 | BBB+ | 1100000 | 1167332 |
| Bucks County Industrial Development Authority PA | 5.00% | 7/1/2036 | BBB+ | 1250000 | 1320059 |
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B | 2900000 | 2756418 |
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.25% | 7/1/2035 | B | 2000000 | 1980858 |
| California Municipal Finance Authority - Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% | 11/1/2027 | CCC+ | 7280000 | 6900491 |
| California Public Finance Authority - Kendal At Ventura<sup>†</sup> | 10.00% | 5/15/2028 | NR | 3500000 | 3631535 |
| California Public Finance Authority - Kendal At Ventura<sup>†</sup> | 12.00% | 5/15/2028 | NR | 375000 | 406882 |
| California Public Finance Authority - QSH/LB LLC<sup>†</sup> | 6.00% | 6/1/2040 | NR | 1500000 | 1590175 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2036 | BB+ | 5500000 | 5526345 |

---

<br> 148 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit <br> Rating:<br> S&P or <br> Moody's** | **Principal <br> Amount** | **Fair <br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2043 | BB+ | $5000000 | $5077215 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB+ | 14275000 | 14316111 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2038 | BB+ | 1485000 | 1530460 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB+ | 9125000 | 9151341 |
| Capital Projects Finance Authority - Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 6.00% | 1/1/2035 | NR | 2515000 | 2609020 |
| Capital Trust Authority - Convivial St Petersburg LLC FL<sup>†</sup> | 12.00% | 10/3/2029 | NR | 2500000 | 2558373 |
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8825000 | 8856420 |
| City of Blaine - Crest View Obligated Group MN<sup>(c)</sup> | 5.125% | 7/1/2025 | NR | 53623 | 29493 |
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 4600000 | 4599952 |
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2033 | BBB+ | 1320000 | 1372455 |
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2034 | BBB+ | 2000000 | 2001298 |
| City of Tallahassee FL | 5.00% | 12/1/2044 | Baa1 | 8000000 | 8000004 |
| City of Venice - Southwest Florida Retirement Center Inc Obligated Group FL<sup>†</sup> | 4.25% | 1/1/2030 | BB+ <sup>(b)</sup> | 900000 | 901882 |
| City of Wichita - Presbyterian Manors Obligated Group KS | 5.25% | 5/15/2039 | NR | 1500000 | 1508370 |
| Connecticut State Health & Educational Facilities Authority - Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2032 | BB+ | 1000000 | 1029096 |
| Connecticut State Health & Educational Facilities Authority - Hartford HealthCare Obligated Group | 5.00% | 7/1/2034 | A | 2360000 | 2362521 |
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 4395000 | 4265358 |

---

<br> *See Notes to Schedule of Investments.* 149

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | $7300000 | $7353925 |
| County of Montgomery - Trinity Health Corp Obligated Group MD | 5.00% | 12/1/2044 | AA- | 8030000 | 8033561 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2027 | BB+ | 1445000 | 1452358 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 8545000 | 8562473 |
| County of Muskingum - Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 15485000 | 15436521 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 3850000 | 3896107 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 2000000 | 2118395 |
| Crawford County Memorial Hospital Inc IA | 5.00% | 6/15/2027 | NR | 1255000 | 1264662 |
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 985000 | 1046346 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB+ | 6440000 | 6456745 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 2000000 | 1969696 |
| Florida Local Government Finance Commission - Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 5.50% | 11/15/2035 | NR | 1000000 | 1053600 |
| Florida Local Government Finance Commission - Sanctuary At Village On The Isle LLC/The<sup>†</sup> | 11.00% | 12/22/2030 | NR | 2055000 | 2067165 |
| Glendale Industrial Development Authority - Beatitudes Campus Obligated Group AZ | 4.00% | 11/15/2027 | NR | 200000 | 191093 |
| Grays Harbor County Public Hospital District No. 1 WA | 5.75% | 12/1/2033 | BB+ | 5105000 | 5530640 |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2037 | Baa2 | 730000 | 783562 |

---

<br> 150 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Greater Texas Cultural Education Facilities Finance Corp. - Texas Biomedical Research Institute TX | 5.00% | 6/1/2038 | Baa2 | $3710000 | $3954692 |
| Henry County Hospital Authority - Piedmont Healthcare Inc Obligated Group GA | 5.00% | 7/1/2034 | AA- | 4695000 | 4714222 |
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 120000 | 133052 |
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 1005000 | 1028041 |
| Idaho Health Facilities Authority - North Canyon Medical Center Inc | 6.25% | 11/1/2035 | NR | 2610000 | 2794846 |
| Illinois Finance Authority - Lifespace Communities Inc Obligated Group | 5.00% | 5/15/2035 | BBB <sup>(b)</sup> | 1350000 | 1350380 |
| Illinois Finance Authority - OSF Healthcare System Obligated Group | 5.00% | 11/15/2045 | A | 3250000 | 3250017 |
| Industrial Development Authority of the City of Phoenix Arizona - Christian Care Surprise Inc AZ | 5.00% | 12/1/2041 | BBB | 7040000 | 7122739 |
| King County Public Hospital District No. 4 WA | 5.50% | 12/1/2035 | NR | 5400000 | 5429315 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 5.00% | 12/1/2029 | NR | 1760000 | 1768024 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 5.125% | 12/1/2034 | NR | 2825000 | 2832628 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2032 | BBB | 6000000 | 6039883 |
| Massachusetts Development Finance Agency - Care Communities LLC Obligated Group MA<sup>†</sup> | 5.50% | 7/15/2035 | NR | 2315000 | 2361979 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2036 | BBB- | 5615000 | 5691530 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2037 | BBB- | 1500000 | 1494178 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2033 | BBB- | 1490000 | 1671311 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2034 | BBB- | 1570000 | 1772409 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% | 10/1/2036 | BBB- | 1000000 | 1122751 |

---

<br> *See Notes to Schedule of Investments.* 151

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% |  | 10/1/2038 | BBB- | $1965000 | $2171868 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% |  | 10/1/2039 | BBB- | 2070000 | 2270979 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.50% |  | 10/1/2040 | BBB- | 2190000 | 2376010 |
| Massachusetts Health & Educational Facilities Authority - Trinity Health Corp Obligated Group | 4.22%<br> (MUNIPSA \* 1 + .90% |)<sup>#</sup> | 11/15/2032 | AA- | 990000 | 985091 |
| Monroe County Hospital Authority - Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% |  | 6/15/2039 | NR | 10000000 | 10086088 |
| Moon Industrial Development Authority - Baptist Homes Society Obligated Group PA | 5.75% |  | 7/1/2035 | NR | 4100000 | 4081584 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% |  | 7/1/2032 | A- | 1300000 | 1303773 |
| New Hampshire Business Finance Authority | 5.43% |  | 8/15/2035 | NR | 5380000 | 5397589 |
| New Hampshire Business Finance Authority - Centurion Foundation Wilkens Avenue LLC | 5.00% |  | 9/15/2035 | NR | 6140000 | 6140046 |
| New Hampshire Business Finance Authority - NFA UH SPV LLC<sup>†</sup> | 5.625% |  | 12/15/2033 | NR | 4245000 | 4374528 |
| New Hope Cultural Education Facilities Finance Corp. - Bella Vida Forefront Living Obligated Group TX | 4.25% |  | 10/1/2030 | NR | 1250000 | 1253758 |
| New Hope Cultural Education Facilities Finance Corp. - SLF CHP LLC TX<sup>†</sup> | 5.75% |  | 7/1/2035 | NR | 12500000 | 12746754 |
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% |  | 6/1/2036 | NR | 2300000 | 2303899 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 4.00% |  | 7/1/2034 | BBB- | 1895000 | 1895480 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% |  | 7/1/2028 | B | 1000000 | 1000772 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% |  | 7/1/2030 | B | 2905000 | 2906341 |

---

<br> 152 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2041 | B | $1850000 | $1745150 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2027 | BB- | 1300000 | 1314071 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 2800000 | 2818018 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 1000000 | 1000360 |
| North Carolina Medical Care Commission - Penick Village Obligated Group | 5.00% | 9/1/2034 | NR | 900000 | 951339 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2027 | BB+ | 500000 | 511639 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 4700000 | 4770794 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | 14710000 | 14803681 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 18125000 | 17868868 |
| Palm Beach County Health Facilities Authority - Lifespace Communities Inc Obligated Group FL | 5.00% | 5/15/2038 | BBB <sup>(b)</sup> | 9380000 | 9381335 |
| Palomar Health - Palomar Health Obligated Group CA | 5.00% | 11/1/2032 | CCC+ | 1950000 | 1915177 |
| Palomar Health - Palomar Health Obligated Group CA | 5.00% | 11/1/2042 | CCC+ | 1200000 | 1079709 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2026 | CCC+ | 1845000 | 1835175 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2031 | CCC+ | 5495000 | 5471959 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 1000000 | 937255 |
| Philadelphia Authority for Industrial Development - Greater Philadelphia Health Action Inc PA | 5.00% | 6/1/2040 | BBB- <sup>(b)</sup> | 2500000 | 2514603 |
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 5.00% | 6/1/2036 | NR | 2980000 | 2982619 |

---

<br> *See Notes to Schedule of Investments.* 153

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Public Finance Authority - Lehigh Valley Health Network Inc WI<sup>†</sup> | 6.625% |  | 12/1/2032 | NR | $2975000 | $3011820 |
| Public Finance Authority - Munificent Behavioral Hospitals I Inc Obligated Group WI<sup>†</sup> | 6.00% |  | 1/1/2035 | NR | 1040000 | 1083570 |
| Public Finance Authority - RBS Evolution LLC WI<sup>†</sup> | 9.00% |  | 11/1/2028 | NR | 2500000 | 2668841 |
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% |  | 9/1/2031 | BB- | 5250000 | 5268880 |
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% |  | 9/1/2036 | BB- | 16000000 | 16027042 |
| Roanoke County Economic Development Authority - Friendship Foundation VA | 5.50% | <sup>#(a)</sup> | 9/1/2058 | NR | 8585000 | 8514565 |
| South Carolina Jobs-Economic Development Authority - Beaufort Memorial Hospital Obligated Group | 5.25% |  | 11/15/2039 | BB | 1000000 | 1061534 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.25% |  | 11/15/2028 | NR | 2850000 | 2852649 |
| South Carolina Jobs-Economic Development Authority - Kiawah Life Plan Village Inc | 5.75% |  | 11/15/2029 | NR | 6500000 | 6501074 |
| Southeastern Ohio Port Authority - Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2029 | B <sup>(b)</sup> | 2335000 | 2335486 |
| Vermont Educational & Health Buildings Financing Agency - University of Vermont Health Network Obligated Group | 5.00% |  | 12/1/2034 | A | 3660000 | 3679029 |
| Vermont Educational & Health Buildings Financing Agency - University of Vermont Health Network Obligated Group | 5.00% |  | 12/1/2035 | A | 2315000 | 2326056 |
| Washington Health Care Facilities Authority - CommonSpirit Health Obligated Group | 5.00% | <sup>#(a)</sup> | 8/1/2049 | A- | 5120000 | 5127548 |
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2038 | A | 3905000 | 3909464 |
| Washington Health Care Facilities Authority - Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2042 | A | 6050000 | 6052226 |

---

<br> 154 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Washington State Housing Finance Commission - Horizon House Obligated Group/WA | 4.375% |  | 1/1/2033 | BB <sup>(b)</sup> | $6690000 | $6721400 |
| Washington State Housing Finance Commission - Horizon House Obligated Group/WA | 4.875% |  | 1/1/2036 | BB <sup>(b)</sup> | 11805000 | 11845771 |
| West Virginia Hospital Finance Authority - Cabell Huntington Hospital Obligated Group WV | 5.00% |  | 1/1/2035 | BBB | 2400000 | 2400335 |
| Westchester County Health Care Corp Obligated Group NY | 5.00% |  | 11/1/2046 | BB+ | 7060000 | 6542241 |
| Westchester County Local Development Corp. - Westchester County Health Care Corp Obligated Group NY | 6.50% |  | 11/1/2030 | NR | 20000000 | 21059534 |
| Wisconsin Health & Educational Facilities Authority - Capitol Lakes Inc | 5.00% |  | 11/15/2035 | NR | 3770000 | 3777738 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 4575000 | 4575034 |
| Wisconsin Health & Educational Facilities Authority - Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 1515000 | 1515011 |
| Wisconsin Health & Educational Facilities Authority - Chiara Housing & Services Inc Obligated Group | 5.00% |  | 7/1/2035 | NR | 3070000 | 3136504 |
| Wisconsin Health & Educational Facilities Authority - Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.125% |  | 2/1/2038 | Ba2 | 1950000 | 1911239 |
| Wisconsin Health & Educational Facilities Authority - Wisconsin Masonic Home Obligated Group | 5.25% |  | 8/15/2039 | BBB- <sup>(b)</sup> | 1415000 | 1504171 |
| *Total* |  |  |  |  |  | 544296842 |
| **Housing 4.72%** |  |  |  |  |  |  |
| California Housing Finance Agency | 3.25% |  | 8/20/2036 | BBB+ | 12008141 | 11523341 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | AA- | 9986512 | 10006963 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | BBB | 4993256 | 4742784 |
| California Municipal Finance Authority - Ascent 613<sup>†</sup> | 5.00% |  | 1/1/2038 | NR | 1000000 | 1028322 |
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 5.70% |  | 6/1/2034 | NR | 1000000 | 1040733 |

---

<br> *See Notes to Schedule of Investments.* 155

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 5.875% |  | 6/1/2039 | NR | $7500000 | $7605871 |
| Capital Trust Authority - Madrone Florida Tech Student Housing I LLC FL<sup>†</sup> | 4.75% |  | 7/1/2040 | BB | 1250000 | 1249719 |
| Capital Trust Authority - Madrone Florida Tech Student Housing I LLC FL<sup>†</sup> | 5.00% |  | 7/1/2045 | BB | 4050000 | 3905837 |
| Connecticut Housing Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 11/15/2054 | AAA | 4365000 | 4720056 |
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 1/1/2055 | Aa1 | 3385000 | 3714537 |
| FW Ramble Public Facility Corp TX | 4.00% |  | 10/1/2035 | A+ | 3750000 | 3710773 |
| Indiana Finance Authority - SFP-PUFW I LLC | 4.00% |  | 7/1/2034 | BBB- | 3070000 | 3116703 |
| Iowa Finance Authority - Lifespace Communities Inc Obligated Group | 6.75% |  | 5/15/2033 | BBB <sup>(b)</sup> | 4700000 | 5343032 |
| Massachusetts Development Finance Agency - CHF Merrimack Inc MA<sup>†</sup> | 4.25% |  | 7/1/2034 | BB | 450000 | 460429 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2054 | AA+ | 3950000 | 4279775 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | AA+ | 1860000 | 2065736 |
| Montgomery County Housing Opportunities Commission MD | 4.00% |  | 7/1/2048 | Aa2 | 310000 | 310417 |
| New Hampshire Business Finance Authority | 4.086% | <sup>#(a)</sup> | 1/20/2041 | BBB | 5066734 | 4763927 |
| New Hampshire Business Finance Authority | 4.217% | <sup>#(a)</sup> | 11/20/2042 | BBB | 4235418 | 4005106 |
| New Hampshire Business Finance Authority | 4.375% |  | 9/20/2036 | BBB | 6006860 | 6119466 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(a)</sup> | 6/20/2041 | AA- | 12482683 | 12869838 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 2500000 | 2614004 |
| New Hampshire Business Finance Authority (HUD) | 4.15% | <sup>#(a)</sup> | 10/20/2040 | A | 7632996 | 7640337 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2500000 | 2579539 |
| North Carolina Housing Finance Agency | 4.00% |  | 7/1/2047 | AA+ | 70000 | 70109 |
| Pennsylvania Housing Finance Agency AMT | 4.00% |  | 4/1/2039 | AA+ | 80000 | 79995 |

---

<br> 156 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| South Carolina Jobs-Economic Development Authority - Sixteenth Floor Obligated Group | 4.00% |  | 12/1/2035 | A+ | $5000000 | $4963517 |
| Virginia Beach Development Authority - Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | BB+ <sup>(b)</sup> | 1650000 | 1668996 |
| Washington State Housing Finance Commission | 3.50% |  | 12/20/2035 | BBB+ | 5745102 | 5591167 |
| *Total* |  |  |  |  |  | 121791029 |
| **Lease Obligations 0.55%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% |  | 7/1/2034 | Baa2 | 2740000 | 2744705 |
| Pennsylvania Economic Development Financing Authority - PA Bridges Finco LP | 5.00% |  | 6/30/2042 | BBB | 11530000 | 11542728 |
| *Total* |  |  |  |  |  | 14287433 |
| **Multi-Family Housing 0.63%** |  |  |  |  |  |  |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 6921328 | 6651149 |
| New Hampshire Business Finance Authority | 4.217% | <sup>#(a)</sup> | 11/20/2042 | AA- | 9965689 | 9732912 |
| *Total* |  |  |  |  |  | 16384061 |
| **Other Revenue 1.95%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 3000000 | 3063702 |
| Arlington Higher Education Finance Corp. - Newman International Academy TX | 4.00% |  | 8/15/2031 | NR | 360000 | 327256 |
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 14930000 | 14952382 |
| Capital Trust Agency, Inc. - Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2029 | NR | 1095000 | 1098833 |
| Cleveland-Cuyahoga County Port Authority - Playhouse Square Foundation OH | 5.00% |  | 12/1/2028 | BB+ | 1585000 | 1615766 |
| Illinois Finance Authority - Field Museum of Natural History | 3.789%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 2655000 | 2659376 |

---

<br> *See Notes to Schedule of Investments.* 157

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |  |
| Industrial Development Authority of the County of Pima - Edkey Inc Obligated Group AZ<sup>†(c)</sup> | 3.50% |  | 7/1/2025 | NR | $265000 | $212000 |
| Jefferson Parish Economic Development & Port District - Kenner Discovery Health Science Foundation Inc LA<sup>†</sup> | 4.80% |  | 6/15/2029 | NR | 2815000 | 2829046 |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.00% |  | 12/1/2031 | NR | 1500000 | 1005000 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.00% |  | 12/1/2034 | NR | 4595000 | 4828523 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 6000000 | 6068643 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2031 | NR | 11350000 | 11719095 |
| *Total* |  |  |  |  |  | 50379622 |
| **Pollution Control 0.97%** |  |  |  |  |  |  |
| Finance Authority of Maine - Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(a)</sup> | 12/1/2047 | B+ | 4700000 | 4740013 |
| Finance Authority of Maine - Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% |  | 8/1/2035 | B+ | 4150000 | 4286486 |
| Florida Development Finance Corp. - GFL Solid Waste Southeast LLC AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 10/1/2054 | BB | 6520000 | 6599684 |
| Illinois Finance Authority - LRS Holdings LLC AMT<sup>†</sup> | 7.25% | <sup>#(a)</sup> | 9/1/2052 | NR | 4500000 | 4911066 |
| Matagorda County Navigation District No. 1 - AEP Texas Inc | 4.00% |  | 6/1/2030 | BBB+ | 1065000 | 1065437 |
| Mississippi Business Finance Corp. - Waste Pro USA Inc AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 2/1/2036 | NR | 1500000 | 1516763 |
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 6/1/2052 | B+ | 1375000 | 1384852 |
| Vermont Economic Development Authority - Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(a)</sup> | 4/1/2036 | B+ | 475000 | 479557 |
| *Total* |  |  |  |  |  | 24983858 |
| **Special Tax 2.01%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.00% |  | 5/1/2028 | NR | 770000 | 785781 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% |  | 5/1/2032 | NR | 1660000 | 1705306 |

---

<br> 158 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% | 5/1/2042 | NR | $4070000 | $4165308 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% | 5/1/2042 | NR | 1750000 | 1771634 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 3590000 | 3763551 |
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2000000 | 2024925 |
| Celebration Pointe Community Development District No. 1 FL<sup>(c)</sup> | 2.375% | 5/1/2026 | NR | 430000 | 344000 |
| City of Mesquite TX | 4.375% | 9/1/2035 | NR | 1050000 | 1052532 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 5.375% | 6/1/2035 | NR | 1250000 | 1278128 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 6.00% | 6/1/2040 | NR | 2925000 | 3050585 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 4.75% | 12/31/2030 | NR | 650000 | 655391 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 5.00% | 12/31/2035 | NR | 1000000 | 1038467 |
| Fairfield Community Facilities District - City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2044 | NR | 4335000 | 4433828 |
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 2385000 | 2309462 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 575000 | 541251 |
| Lakewood Ranch Stewardship District FL | 5.40% | 5/1/2028 | NR | 780000 | 795732 |
| Lakewood Ranch Stewardship District FL | 5.45% | 5/1/2033 | NR | 2660000 | 2847147 |
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 8250000 | 8014698 |
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 443576 | 457336 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | Zero Coupon<br> (CPI YoY \* 1 + 0.88%) | 3/1/2026 | Baa1 | 1350000 | 1350504 |

---

<br> *See Notes to Schedule of Investments.* 159

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% | 9/1/2028 | NR | $320000 | $322499 |
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB+ | 105000 | 105063 |
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1280000 | 1289075 |
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 1730000 | 1728725 |
| West Villages Improvement District Unit of Development No. 7 FL | 4.25% | 5/1/2029 | NR | 1580000 | 1595872 |
| West Villages Improvement District Unit of Development No. 7 FL | 4.75% | 5/1/2039 | NR | 2000000 | 2009564 |
| Westview South Community Development District FL | 4.75% | 5/1/2028 | NR | 140000 | 140975 |
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | 265000 | 267766 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2150988 |
| *Total* |  |  |  |  | 51996093 |
| **Tax Revenue 3.94%** |  |  |  |  |  |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2028 | Ba3 | 1000000 | 1030499 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2029 | Ba3 | 1465000 | 1522177 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2031 | Ba3 | 1500000 | 1580325 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2034 | Ba3 | 850000 | 902717 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2035 | Ba3 | 1200000 | 1274115 |
| American Samoa Economic Development Authority<sup>†</sup> | 6.50% | 9/1/2028 | Ba3 | 800000 | 834844 |
| City of Garden City - City of Garden City STAR Bond District KS<sup>†</sup> | 5.375% | 6/1/2039 | NR | 1125000 | 1139212 |
| City of Garden City KS<sup>†</sup> | 4.25% | 6/1/2033 | NR | 750000 | 748759 |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2027 | NR | 2000000 | 2040520 |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2028 | NR | 1250000 | 1288392 |

---

160 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | $4035000 | $4268880 |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 6620000 | 6881241 |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 5.50% | 6/15/2039 | NR | 2370000 | 2436265 |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Authority Military Recreation Facilities Project Area UT Tax Allocation<sup>†</sup> | 5.75% | 6/15/2044 | NR | 665000 | 681291 |
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | 7540000 | 6984048 |
| New York Convention Center Development Corp. - New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 5000000 | 5000056 |
| Public Finance Authority - Southeast Overtown Park West Community Redevelopment Agency WI Tax Allocation<sup>†</sup> | 5.00% | 6/1/2041 | NR | 23500000 | 23893827 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4220000 | 4134047 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 6316000 | 6187355 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 25799000 | 25799681 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1000 | 907 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 3180000 | 3182071 |
| *Total* |  |  |  |  | 101811229 |
| **Tobacco 0.97%** |  |  |  |  |  |
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CC | 3675000 | 2998426 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CC | 11251597 | 9683807 |

---

*See Notes to Schedule of Investments.* 161

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco (continued)** |  |  |  |  |  |  |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon |  | 6/1/2036 | NR | $4000000 | $2244788 |
| Tobacco Settlement Financing Corp. - Tobacco Settlement Financing Corp VA | 5.20% |  | 6/1/2046 | B- | 8905000 | 7652066 |
| Tobacco Settlement Financing Corp. VA | 5.00% |  | 6/1/2047 | B- | 3125000 | 2604687 |
| *Total* |  |  |  |  |  | 25183774 |
| **Transportation 10.93%** |  |  |  |  |  |  |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% |  | 6/30/2027 | BB+ <sup>(b)</sup> | 695000 | 710428 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% |  | 6/30/2028 | BB+ <sup>(b)</sup> | 2210000 | 2284420 |
| Chicago O'Hare International Airport - TRIPS Obligated Group IL AMT | 5.00% |  | 7/1/2048 | BBB+ | 13435000 | 13259836 |
| City & County of Denver - United Airlines Inc CO AMT | 5.00% |  | 10/1/2032 | BB+ | 32935000 | 32971084 |
| City & County of Denver Airport System Revenue CO AMT | 5.00% |  | 12/1/2035 | A+ | 4205000 | 4373347 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | BB+ <sup>(b)</sup> | 3650000 | 3710352 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.25% |  | 7/15/2033 | Ba2 | 10000000 | 10735120 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2035 | Ba2 | 9750000 | 10747219 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2037 | Ba2 | 2100000 | 2283953 |
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% |  | 10/1/2033 | A+ | 2705000 | 2708251 |
| County of Sacramento Airport System Revenue CA AMT | 5.00% |  | 7/1/2036 | A+ | 6000000 | 6215064 |
| Eagle County Airport Terminal Corp. CO AMT | 5.00% |  | 5/1/2037 | Baa2 | 2070000 | 2085865 |
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 7/15/2032 | NR | 10500000 | 3780000 |
| Florida Development Finance Corp. - AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 7/15/2059 | NR | 4500000 | 1620000 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 15000000 | 15497115 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 7750000 | 8006843 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 7000000 | 7231987 |

---

162 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Illinois State Toll Highway Authority | 5.00% | 1/1/2040 | AA- | $2005000 | $2006890 |
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% | 11/12/2028 | Baa3 | 9995000 | 10058543 |
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% | 1/1/2035 | NR | 4250000 | 4400674 |
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 20060000 | 20067912 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa2 | 14905000 | 15201542 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 5910000 | 5756752 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa2 | 2500000 | 2564437 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 14870000 | 15138408 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 1625000 | 1705706 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 3000000 | 3307717 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 2.50% | 10/31/2031 | BBB- <sup>(b)</sup> | 1365000 | 1221647 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2036 | Baa1 | 2700000 | 2883775 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 2720000 | 2943253 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | 1000000 | 1048429 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 2065000 | 2215075 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% | 6/30/2039 | Baa3 | 1035000 | 1104837 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 2815000 | 2808032 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 8750000 | 8756046 |
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2036 | AA | 1660000 | 1657331 |

---

*See Notes to Schedule of Investments.* 163

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| New York Transportation Development Corp. - Laguardia Gateway Partners LLC AMT | 5.00% |  | 7/1/2041 | Baa2 | $6085000 | $6085520 |
| North Parkway Municipal Management District No. 1 TX<sup>†</sup> | 3.625% |  | 9/15/2026 | NR | 200000 | 199375 |
| Pennsylvania Economic Development Financing Authority - PA Bridges Finco LP | 5.00% |  | 12/31/2038 | BBB | 3925000 | 3934968 |
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 3.625% |  | 1/1/2035 | NR | 1925000 | 1799479 |
| Public Finance Authority - Air Cargo Obligated Group WI AMT | 5.00% |  | 7/1/2032 | BBB | 1845000 | 1973771 |
| Public Finance Authority - Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.50% |  | 9/1/2030 | NR | 605000 | 633789 |
| Public Finance Authority - Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.75% |  | 9/1/2035 | NR | 2000000 | 2095807 |
| Texas Private Activity Bond Surface Transportation Corp. - LBJ Infrastructure Group LLC | 4.00% |  | 12/31/2036 | Baa1 | 5810000 | 5884157 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 11475000 | 13148396 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% |  | 1/1/2034 | BBB | 6710000 | 7223714 |
| Virginia Small Business Financing Authority - Elizabeth River Crossings OpCo LLC AMT | 4.00% |  | 7/1/2033 | BBB | 6000000 | 6125630 |
| *Total* |  |  |  |  |  | 282172496 |
| **Utilities 14.76%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 38290000 | 39469543 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 8750000 | 9272419 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(a)</sup> | 5/1/2055 | A1 | 8930000 | 9703870 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 6/1/2049 | A2 | 2350000 | 2479974 |
| Black Belt Energy Gas District AL<sup>†</sup> | 5.50% | <sup>#(a)</sup> | 11/1/2056 | BBB- | 20230000 | 21454576 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 10/1/2055 | A2 | 19000000 | 19714537 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 3600000 | 3795529 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 3/1/2056 | Aa3 | 16875000 | 18380299 |

---

164 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | $3300000 | $3506775 |
| Central Plains Energy Project NE | 5.00% | <sup>#(a)</sup> | 5/1/2054 | Aa2 | 5000000 | 5334505 |
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC AMT FL<sup>†</sup> | 5.50% |  | 10/1/2036 | NR | 3135000 | 3138630 |
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC FL<sup>†</sup> | 5.00% |  | 10/1/2029 | NR | 1770000 | 1814223 |
| Charlotte County Industrial Development Authority - MSKP Town & Country Utility LLC FL<sup>†</sup> | 5.00% |  | 10/1/2034 | NR | 1000000 | 1019130 |
| City of Osceola - Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(a)</sup> | 4/1/2036 | NR | 11750000 | 11750000 |
| City of Seattle Municipal Light & Power Revenue WA | 3.57% <br> (MUNIPSA \* 1 + .25% |)<sup>#</sup> | 5/1/2045 | AA | 3000000 | 2984768 |
| County of Trimble - Louisville Gas and Electric Co KY AMT | 4.70% | <sup>#(a)</sup> | 6/1/2054 | A1 | 1750000 | 1763370 |
| Delaware State Economic Development Authority - NRG Energy Inc | 4.00% | <sup>#(a)</sup> | 10/1/2045 | BBB- | 7635000 | 7657104 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 3000000 | 3266040 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 2000000 | 2216129 |
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% |  | 6/1/2032 | NR | 7000000 | 6462407 |
| Kentucky Public Energy Authority | 5.00% | <sup>#(a)</sup> | 5/1/2055 | A2 | 4500000 | 4731382 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 23050000 | 23030186 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(a)</sup> | 9/1/2052 | A3 | 1190000 | 1219152 |
| Main Street Natural Gas, Inc. GA | 4.226% <br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 12/1/2053 | Aa1 | 5000000 | 5175968 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(a)</sup> | 5/1/2055 | A3 | 6320000 | 6745512 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(a)</sup> | 12/1/2055 | A3 | 19000000 | 20246655 |
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2037 | B | 11155000 | 11229249 |
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2038 | B | 5640000 | 5675570 |

---

*See Notes to Schedule of Investments.* 165

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |  |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> |  | 5.00% |  | 7/1/2030 | NR | $6285000 | $6581120 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> |  | 5.00% |  | 7/1/2033 | NR | 1150000 | 1203244 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> |  | 5.00% |  | 7/1/2033 | NR | 5230000 | 5496415 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> |  | 5.00% |  | 7/1/2035 | NR | 1500000 | 1554245 |
| Southeast Energy Authority A Cooperative District AL | 4.939% <br> (SOFR \* .67 + 2.42% | 4.939% <br> (SOFR \* .67 + 2.42% |)<sup>#</sup> | 1/1/2053 | A1 | 10000000 | 10492940 |
| Southeast Energy Authority A Cooperative District AL |  | 5.00% |  | 11/1/2035 | Baa1 | 25100000 | 26671328 |
| Southeast Energy Authority A Cooperative District AL |  | 5.00% |  | 1/1/2056 | A1 | 14535000 | 15155509 |
| Southeast Energy Authority A Cooperative District AL<sup>(d)</sup> |  | 5.00% |  | 1/1/2056 | A1 | 15000000 | 15631784 |
| Southeast Energy Authority A Cooperative District AL |  | 5.25% | <sup>#(a)</sup> | 11/1/2055 | A1 | 25000000 | 27508180 |
| Tennergy Corp. TN |  | 5.50% | <sup>#(a)</sup> | 10/1/2053 | Baa1 | 8195000 | 8793910 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  | &nbsp;&nbsp;&nbsp;5.50% | <sup>#(a)</sup> | 1/1/2054 | A1 | 8000000 | 8898403 |
| *Total* |  |  |  |  |  |  | 381224580 |
| *Total Municipal Bonds* (cost $2,469,960,173) | *Total Municipal Bonds* (cost $2,469,960,173) | *Total Municipal Bonds* (cost $2,469,960,173) |  |  |  |  | 2493079793 |
| **WARRANTS 0.00%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** |  |  |  |  |  |  |  |
| Desertxpress Enterprises LLC\* (cost $0) |  | 11.50% |  | 12/1/2035 | NR | 222000 | 0 <sup>(e)</sup> |
|  | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(f)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.66%** |  |  |  |  |  |  |  |
| **Variable Rate Demand Notes 1.63%** |  |  |  |  |  |  |  |
| **Corporate-Backed 0.22%** |  |  |  |  |  |  |  |
| Maryland Industrial Development Financing Authority - Occidental Petroleum Corp | 4.450% | 1/2/2026 |  | 3/1/2030 | Baa3 | 5645000 | 5645000 |

---

166 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(f)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation 0.97%** |  |  |  |  |  |  |
| City of New York NY GO | 2.500% | 1/2/2026 | 10/1/2046 | AA | $1100000 | $1100000 |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA | 5500000 | 5500000 |
| City of New York NY GO | 2.550% | 1/2/2026 | 4/1/2042 | AA | 12880000 | 12880000 |
| City of New York NY GO | 2.600% | 1/2/2026 | 4/1/2038 | AA+ | 5550000 | 5550000 |
| *Total* |  |  |  |  |  | 25030000 |
| **Health Care 0.04%** |  |  |  |  |  |  |
| Idaho Health Facilities Authority - St Luke's Health System Ltd Obligated Group/ID | 2.450% | 1/1/2026 | 3/1/2060 | AA+ | 1000000 | 1000000 |
| **Utilities 0.40%** |  |  |  |  |  |  |
| Development Authority of Appling County - Georgia Power Co | 2.500% | 1/1/2026 | 9/1/2041 | A | 5500000 | 5500000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.450% | 1/15/2026 | 6/15/2049 | AA+ | 2425000 | 2425000 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 2.500% | 1/15/2026 | 6/15/2033 | AA+ | 2500000 | 2500000 |
| *Total* |  |  |  |  |  | 10425000 |
| *Total Variable Rate Demand Notes (cost $42,100,000)* | *Total Variable Rate Demand Notes (cost $42,100,000)* | *Total Variable Rate Demand Notes (cost $42,100,000)* |  |  |  | 42100000 |
| **REPURCHASE AGREEMENTS 0.03%** |  |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $740,400 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $754,767; proceeds: $739,911 <br> (cost $739,777) |  |  |  |  | 739777 | 739777 |
| *Total Short-Term Investments* (cost $42,839,777) | *Total Short-Term Investments* (cost $42,839,777) |  |  |  |  | 42839777 |
| *Total Investments in Securities 98.25%* (cost $2,514,277,222) | *Total Investments in Securities 98.25%* (cost $2,514,277,222) | *Total Investments in Securities 98.25%* (cost $2,514,277,222) |  |  |  | 2537418043 |
| *Other Assets and Liabilities – Net*<sup>(g)</sup> *1.75%* |  |  |  |  |  | 45186682 |
| *Net Assets 100.00%* |  |  |  |  |  | $2582604725 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| COPS | Certificates of Participation. |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| FGIC | Insured by - Financial Guaranty Insurance Company. |

---

*See Notes to Schedule of Investments.* 167

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

---

| | |
|:---|:---|
| FHLMC | Insured by - Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| HUD | Insured by - Department of Housing and Urban Development. |
| MUNIPSA | SIFMA Municipal Swap Index Yield. |
| NR | Not Rated. |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |
| TRIPS | Tax Refund Intercept Programs. |
| YoY | Year on Year Inflation Rates. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $733,922,295, which represents 28.42% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(c)</sup> | Defaulted (non-income producing security). |
| <sup>(d)</sup> | 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. |
| <sup>(e)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(f)</sup> | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
| <sup>(g)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 10-Year Treasury Note | March 2026 | 497 | Short | $(56089855) | $(55881438) | $208417 |
| U.S. Long Bond | March 2026 | 312 | Short | (36383281) | (36065250) | 318031 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $526448 |

---

168 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *December 31, 2025*

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $1498473 | $– | $1498473 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> |  | 2493079793 |  | 2493079793 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 0 | 0 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 42100000 |  | 42100000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 739777 | – | 739777 |
| Total | $– | $2537418043 | $– | $2537418043 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $526448 | $– | $– | $526448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $526448 | $– | $– | $526448 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

*See Notes to Schedule of Investments.* 169

**Schedule of Investments (unaudited)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.54%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 99.54%** |  |  |  |  |  |  |
| **Corporate-Backed 1.94%** |  |  |  |  |  |  |
| California Infrastructure & Economic Development Bank - DesertXpress Enterprises LLC<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | $2705000 | $2001700 |
| California Municipal Finance Authority - United Airlines Inc AMT | 4.00% |  | 7/15/2029 | BB+ | 4020000 | 4039346 |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 11/21/2045 | Baa3 | 4410000 | 4412062 |
| California Pollution Control Financing Authority - Waste Management Inc AMT | 4.30% |  | 7/1/2040 | A- | 1065000 | 1065657 |
| San Francisco City & County Airport Comm-San Francisco International Airport - SFO Fuel Co LLC CA AMT | 5.00% |  | 1/1/2038 | A+ | 1715000 | 1781068 |
| *Total* |  |  |  |  |  | 13299833 |
| **Education 13.05%** |  |  |  |  |  |  |
| Alvord Unified School District CA GO (BAM) | 5.00% |  | 8/1/2052 | AA | 4000000 | 4189264 |
| Brentwood Union School District CA GO | 5.25% |  | 8/1/2052 | Aa3 | 2125000 | 2251221 |
| California Educational Facilities Authority - Art Center College of Design | 4.00% |  | 12/1/2037 | Baa2 | 1150000 | 1130444 |
| California Educational Facilities Authority - Art Center College of Design | 5.00% |  | 12/1/2044 | Baa2 | 2000000 | 2009268 |
| California Educational Facilities Authority - Chapman University | 5.00% |  | 4/1/2044 | A2 | 1000000 | 1084187 |
| California Educational Facilities Authority - Chapman University | 5.00% |  | 4/1/2045 | A2 | 1050000 | 1124088 |
| California Educational Facilities Authority - University of Southern California | 5.00% |  | 10/1/2055 | AA | 5000000 | 5305905 |
| California Educational Facilities Authority - University of the Pacific | 5.00% |  | 11/1/2053 | A2 | 2900000 | 3016612 |
| California Educational Facilities Authority - University of the Pacific | 5.00% |  | 11/1/2055 | A2 | 3750000 | 3936021 |
| California Enterprise Development Authority - Campbell Hall Episcopal | 5.00% |  | 8/1/2040 | A | 3000000 | 3373153 |
| California Enterprise Development Authority - Castilleja School Foundation | 5.00% |  | 6/1/2049 | A | 2750000 | 2884872 |
| California Health Facilities Financing Authority - Art Center College of Design | 5.00% |  | 12/1/2048 | Baa2 | 1000000 | 993474 |

---

170 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| California Infrastructure & Economic Development Bank<sup>(b)</sup> | 5.25% | 5/15/2059 | AA | $4000000 | $4263801 |
| California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2049 | A | 2750000 | 2796300 |
| California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2054 | A | 1500000 | 1517338 |
| California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2059 | A | 1520000 | 1533202 |
| California Municipal Finance Authority - Biola University Inc | 5.00% | 10/1/2032 | Baa2 | 400000 | 410833 |
| California Municipal Finance Authority - Biola University Inc | 5.00% | 10/1/2039 | Baa2 | 1000000 | 1014780 |
| California Municipal Finance Authority - California Baptist University<sup>†</sup> | 5.375% | 11/1/2045 | NR | 775000 | 791195 |
| California Municipal Finance Authority - Samuel Merritt University | 5.25% | 6/1/2053 | A3 | 5500000 | 5661278 |
| California Municipal Finance Authority - SDORI Charter School Properties LLC<sup>†</sup> | 5.625% | 3/1/2045 | B+ | 500000 | 448241 |
| California Municipal Finance Authority - University of the Pacific | 3.00% | 11/1/2048 | A2 | 3885000 | 2862104 |
| California Municipal Finance Authority - University of the Pacific | 4.00% | 11/1/2042 | NR | 10000 | 10836 |
| California Municipal Finance Authority - University of the Pacific | 4.00% | 11/1/2042 | A2 | 1165000 | 1163512 |
| California Municipal Finance Authority - Westside Neighborhood School<sup>†</sup> | 5.90% | 6/15/2044 | BB | 1815000 | 1917745 |
| California School Finance Authority - Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% | 8/1/2045 | BBB- | 620000 | 619967 |
| California School Finance Authority - Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2045 | BBB | 2190000 | 2186406 |
| California School Finance Authority - Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2047 | BBB | 4415000 | 4408189 |
| California State University | 4.625% | 11/1/2056 | Aa2 | 2500000 | 2539004 |
| California State University | 5.25% | 11/1/2050 | Aa2 | 4000000 | 4350200 |
| California State University | 5.50% | 11/1/2055 | Aa2 | 8000000 | 8768370 |
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 2000000 | 2147327 |
| Rincon Valley Union School District CA GO | 5.00% | 8/1/2054 | AA | 2875000 | 3050520 |

---

*See Notes to Schedule of Investments.* 171

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Santa Clarita Community College District CA GO | 5.25% |  | 8/1/2045 | AA | $1500000 | $1625240 |
| University of California | 5.00% |  | 5/15/2053 | AA | 2500000 | 2644190 |
| University of California | 5.25% |  | 5/15/2055 | AA | 1500000 | 1615242 |
| *Total* |  |  |  |  |  | 89644329 |
| **General Obligation 15.03%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 12/1/2053 | A2 | 1925000 | 2018366 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 7595000 | 8073544 |
| California Community Choice Financing Authority | 5.50% | <sup>#(a)</sup> | 5/1/2054 | A2 | 4905000 | 5180936 |
| California State Public Works Board - State of California Department of General Services | 4.00% |  | 5/1/2046 | Aa3 | 1950000 | 1912575 |
| California State Public Works Board - State of California Department of General Services | 5.00% |  | 4/1/2049 | Aa3 | 1000000 | 1057838 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 2120000 | 1852062 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 165067 | 181438 |
| Dublin Unified School District CA GO | 3.00% |  | 8/1/2041 | Aa2 | 2425000 | 2143005 |
| El Rancho Unified School District CA GO (BAM) | 5.75% |  | 8/1/2048 | AA | 1425000 | 1607767 |
| Imperial Community College District CA GO (AG) | 5.00% |  | 8/1/2054 | AA | 2500000 | 2617677 |
| Irvine Unified School District CA GO | 2.25% |  | 9/1/2049 | Aa1 | 3000000 | 1932084 |
| Las Virgenes Unified School District CA GO | 5.25% |  | 8/1/2051 | AA | 3000000 | 3242196 |
| Los Angeles Unified School District - Los Angeles Unified School District/CA GO | 5.25% |  | 7/1/2049 | Aa2 | 1625000 | 1760197 |
| Mt San Antonio Community College District CA GO | 5.25% |  | 8/1/2055 | Aa1 | 1500000 | 1625980 |
| Newport Mesa Unified School District CA GO | Zero Coupon |  | 8/1/2041 | Aaa | 1325000 | 719609 |
| Newport Mesa Unified School District CA GO | Zero Coupon |  | 8/1/2045 | Aaa | 1000000 | 423796 |
| North Orange County Community College District CA GO | 2.75% |  | 8/1/2036 | AA+ | 2000000 | 1874949 |
| Novato Unified School District CA GO | 3.00% |  | 8/1/2044 | Aa1 | 4765000 | 3956969 |
| Pajaro Valley Health Care District CA GO | 5.00% |  | 9/1/2046 | Ba2 | 2750000 | 2735710 |

---

172 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Pajaro Valley Health Care District CA GO | 5.00% | 9/1/2054 | Ba2 | $2205000 | $2118353 |
| Peralta Community College District CA GO | 5.00% | 8/1/2054 | AA- | 1750000 | 1859905 |
| Pomona Unified School District CA GO | 5.00% | 8/1/2050 | Aa3 | 1100000 | 1164822 |
| Ravenswood City School District CA GO (BAM) | 5.25% | 8/1/2053 | AA | 2000000 | 2115247 |
| Redlands Unified School District CA GO | 5.00% | 7/1/2054 | Aa2 | 2500000 | 2634987 |
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1795000 | 894576 |
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2600000 | 1215973 |
| San Diego Community College District CA GO | 5.00% | 8/1/2055 | AAA | 5000000 | 5318011 |
| San Diego Public Facilities Financing Authority CA | 5.25% | 10/15/2052 | AA- | 4125000 | 4373815 |
| San Diego Unified School District CA | 4.125% | 7/1/2050 | Aa2 | 1000000 | 972869 |
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 3410000 | 3963909 |
| Santa Monica-Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1515000 | 1245935 |
| Santa Monica-Malibu Unified School District CA GO | 4.25% | 8/1/2052 | AA+ | 2000000 | 1982114 |
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1100000 | 606295 |
| Southwestern Community College District CA GO | 5.25% | 8/1/2055 | Aa2 | 2000000 | 2161410 |
| State of California GO | 5.00% | 3/1/2044 | Aa2 | 1000000 | 1095644 |
| State of California GO | 5.00% | 9/1/2053 | Aa2 | 1000000 | 1053568 |
| State of California GO | 5.00% | 3/1/2055 | Aa2 | 4000000 | 4226504 |
| State of California GO | 5.00% | 11/1/2055 | Aa2 | 2500000 | 2635424 |
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3000000 | 3205073 |
| State of California GO | 5.25% | 8/1/2054 | Aa2 | 1250000 | 1342145 |
| State of California GO | 5.25% | 8/1/2055 | Aa2 | 2500000 | 2697671 |
| State of California GO | 5.50% | 8/1/2054 | Aa2 | 3600000 | 3937744 |
| Sunnyvale School District CA GO | 5.00% | 9/1/2056 | AAA | 3500000 | 3726971 |
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | AA | 1625000 | 1760271 |
| *Total* |  |  |  |  | 103225934 |

---

*See Notes to Schedule of Investments.* 173

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care 13.65%** |  |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% |  | 3/1/2026 | BBB- | $545000 | $545382 |
| Antelope Valley Healthcare District Obligated Group CA | 5.25% |  | 3/1/2036 | BBB- | 1000000 | 999900 |
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 3.00% |  | 10/1/2041 | A | 4095000 | 3509943 |
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 3.00% |  | 10/1/2047 | A | 3105000 | 2323088 |
| California Community Choice Financing Authority - Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2044 | A | 2410000 | 2411279 |
| California Health Facilities Financing Authority - Adventist Health System/ West Obligated Group | 5.00% |  | 12/1/2035 | BBB+ | 1500000 | 1704053 |
| California Health Facilities Financing Authority - Cedars-Saini Medical Center Obligated Group | 3.00% |  | 8/15/2051 | AA- | 4705000 | 3407015 |
| California Health Facilities Financing Authority - Children's Hospital Los Angeles Obligated Group | 5.00% |  | 10/1/2030 | A | 1470000 | 1472570 |
| California Health Facilities Financing Authority - Children's Hospital of Orange County Obligated Group | 2.125% |  | 11/1/2041 | AA | 2500000 | 1848745 |
| California Health Facilities Financing Authority - Children's Hospital of Orange County Obligated Group | 3.00% |  | 11/1/2038 | AA | 3000000 | 2860330 |
| California Health Facilities Financing Authority - Children's Hospital of Orange County Obligated Group | 5.00% |  | 11/1/2054 | AA | 4000000 | 4172247 |
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group | 5.00% |  | 12/1/2044 | A- | 1485000 | 1567828 |
| California Health Facilities Financing Authority - CommonSpirit Health Obligated Group | 5.00% |  | 12/1/2054 | A- | 4405000 | 4534085 |
| California Health Facilities Financing Authority - El Camino Healthcare Obligated Group | 5.25% |  | 2/1/2048 | AA | 3000000 | 3245551 |
| California Health Facilities Financing Authority - Providence St Joseph Health Obligated Group | 5.25% | <sup>#(a)</sup> | 10/1/2050 | A | 3000000 | 3416363 |

---

174 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Health Facilities Financing Authority - Stanford Health Care Obligated Group | 5.25% | 8/15/2054 | Aa2 | $6000000 | $6480897 |
| California Health Facilities Financing Authority - Sutter Health Obligated Group | 5.00% | 11/15/2038 | A+ | 2250000 | 2324345 |
| California Infrastructure & Economic Development Bank - Roseville Sustainable Energy Partner LLC | 5.25% | 7/1/2049 | BBB+ | 2450000 | 2506551 |
| California Municipal Finance Authority - Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB <sup>(c)</sup> | 1000000 | 1039242 |
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2037 | BBB+ | 2000000 | 2024512 |
| California Municipal Finance Authority - Community Hospitals of Central California Obligated Group (AG) | 4.00% | 2/1/2051 | AA | 1000000 | 917322 |
| California Municipal Finance Authority - Eisenhower Medical Center | 5.00% | 7/1/2036 | Baa2 | 1580000 | 1597957 |
| California Municipal Finance Authority - PRS-California Obligated Group | 5.00% | 4/1/2044 | BBB+ <sup>(c)</sup> | 1415000 | 1461908 |
| California Public Finance Authority - Hazelden Betty Ford Foundation | 5.00% | 11/1/2054 | Baa1 | 2000000 | 2014769 |
| California Public Finance Authority - Kendal At Ventura<sup>†</sup> | 10.00% | 5/15/2028 | NR | 500000 | 518791 |
| California Public Finance Authority - QSH/LB LLC<sup>†</sup> | 6.625% | 6/1/2065 | NR | 1000000 | 1032967 |
| California Public Finance Authority - QSH/MB LLC<sup>†</sup> | 6.75% | 7/1/2065 | NR | 990000 | 1056687 |
| California Statewide Communities Development Authority - John Muir Health Obligated Group | 5.25% | 12/1/2054 | A | 3850000 | 4046710 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB+ | 2335000 | 2347794 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2048 | BB+ | 1395000 | 1405672 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 2225000 | 2230281 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2041 | BB+ | 2350000 | 2355723 |

---

*See Notes to Schedule of Investments.* 175

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.25% |  | 12/1/2034 | BB+ | $2150000 | $2156192 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% |  | 12/1/2058 | BB+ | 2645000 | 2672991 |
| Los Angeles County Public Works Financing Authority - County of Los Angeles CA | 5.50% |  | 12/1/2053 | AA+ | 2000000 | 2185867 |
| Palomar Health Obligated Group CA | 5.00% |  | 11/1/2036 | CCC+ | 3555000 | 3403243 |
| Palomar Health Obligated Group CA | 5.00% |  | 11/1/2039 | CCC+ | 4750000 | 4451962 |
| Regents of the University of California Medical Center Pooled Revenue | 3.50% |  | 5/15/2054 | AA- | 4000000 | 3322930 |
| Washington Township Health Care District CA | 5.75% |  | 7/1/2053 | Baa3 | 2100000 | 2196566 |
| *Total* |  |  |  |  |  | 93770258 |
| **Housing 6.46%** |  |  |  |  |  |  |
| California Community Housing Agency Arbors Apartments<sup>†</sup> | 5.00% |  | 8/1/2050 | NR | 965000 | 903792 |
| California Enterprise Development Authority - Provident Group-Pomona Properties LLC | 5.00% |  | 1/15/2045 | Baa3 | 4295000 | 4390925 |
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% |  | 8/1/2040 | Baa3 | 1625000 | 1683590 |
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% |  | 8/1/2050 | Baa3 | 2030000 | 2051814 |
| California Enterprise Development Authority - Provident Group-SDSU Properties LLC | 5.00% |  | 8/1/2055 | Baa3 | 1075000 | 1088250 |
| California Housing Finance Agency | 3.25% |  | 8/20/2036 | BBB+ | 7943128 | 7622443 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | AA- | 2995954 | 3002089 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | BBB | 1497977 | 1422835 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | NR | 1359903 | 945770 |
| California Municipal Finance Authority - Bowles Hall Foundation | 5.00% |  | 6/1/2050 | Baa3 | 500000 | 500005 |
| California Municipal Finance Authority - Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% |  | 8/15/2049 | A- | 2230000 | 2282679 |

---

176 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |
| California Municipal Finance Authority - Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% | 8/15/2054 | A- | $2000000 | $2035394 |
| California Municipal Finance Authority - CHF-Davis I LLC | 5.00% | 5/15/2048 | Baa3 | 2780000 | 2787340 |
| California Municipal Finance Authority - CHF-Davis II LLC (BAM) | 3.00% | 5/15/2051 | AA | 2500000 | 1881082 |
| California Municipal Finance Authority - CHF-Riverside I LLC | 5.00% | 5/15/2043 | Baa3 | 3000000 | 3025716 |
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.375% | 6/1/2059 | NR | 2000000 | 1911816 |
| California Public Finance Authority - P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.50% | 6/1/2054 | NR | 1000000 | 979519 |
| California Statewide Communities Development Authority - CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 3100000 | 3118374 |
| CSCDA Community Improvement Authority Orange Portfolio CA<sup>†</sup> | 3.00% | 3/1/2057 | NR | 2000000 | 1358007 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% | 6/1/2047 | NR | 1500000 | 1052639 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% | 6/1/2057 | NR | 1000000 | 298115 |
| *Total* |  |  |  |  | 44342194 |
| **Lease Obligations 2.08%** |  |  |  |  |  |
| California State Public Works Board | 5.00% | 4/1/2050 | Aa3 | 2000000 | 2117457 |
| California State Public Works Board - State of California Department of General Services | 4.00% | 11/1/2046 | Aa3 | 2100000 | 2059069 |
| Los Angeles County Public Works Financing Authority - County of Los Angeles CA | 5.50% | 12/1/2054 | AA+ | 2000000 | 2197632 |
| San Diego Public Facilities Financing Authority - City of San Diego CA | 5.00% | 10/15/2054 | AA- | 5000000 | 5239854 |
| San Diego Public Facilities Financing Authority - City of San Diego CA | 5.25% | 10/15/2055 | AA- | 2500000 | 2682379 |
| *Total* |  |  |  |  | 14296391 |
| **Other Revenue 2.70%** |  |  |  |  |  |
| California Infrastructure & Economic Development Bank - Los Angeles County Museum of Natural History Foundation | 4.00% | 7/1/2050 | A2 | 2625000 | 2506701 |
| California School Finance Authority - Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% | 8/1/2038 | BBB- | 1000000 | 1021308 |

---

*See Notes to Schedule of Investments.* 177

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |  |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | $69385 | $45447 |
| Municipal Improvement Corp. of Los Angeles<sup>(b)</sup> | 5.50% |  | 5/1/2055 | A+ | 5500000 | 5941498 |
| San Diego Unified School District<sup>(b)</sup> | 5.00% |  | 7/1/2055 | AAA | 8000000 | 8484382 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 500000 | 554093 |
| *Total* |  |  |  |  |  | 18553429 |
| **Pollution Control 0.23%** |  |  |  |  |  |  |
| California Municipal Finance Authority - Republic Services Inc AMT | 3.875% | <sup>#(a)</sup> | 3/1/2054 | A- | 1600000 | 1602833 |
| **Power 0.49%** |  |  |  |  |  |  |
| Southern California Public Power Authority | 5.25% |  | 7/1/2053 | Aa2 | 3180000 | 3355856 |
| **Pre-Refunded 0.10%** |  |  |  |  |  |  |
| M-S-R Energy Authority CA | 6.50% |  | 11/1/2039 | BBB+ | 555000 | 683263 |
| **Special Tax 3.06%** |  |  |  |  |  |  |
| California Statewide Communities Development Authority | 5.00% |  | 9/2/2054 | BBB- | 3000000 | 3061843 |
| City of Fontana Community Facilities District No 109 CA | 5.00% |  | 9/1/2049 | NR | 1000000 | 1011622 |
| City of Fontana Community Facilities District No 109 CA | 5.00% |  | 9/1/2054 | NR | 1400000 | 1408056 |
| City of Irvine CA Special Tax (BAM) | 5.25% |  | 9/1/2053 | AA | 3000000 | 3154866 |
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% |  | 9/1/2052 | NR | 1500000 | 1524826 |
| County of Orange CA Community Facilities District No 2023-1 | 5.50% |  | 8/15/2053 | NR | 1375000 | 1429799 |
| Fairfield Community Facilities District - City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% |  | 9/1/2054 | NR | 2000000 | 2018535 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% |  | 9/1/2037 | A+ | 1325000 | 1335240 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% |  | 9/1/2052 | AA | 1000000 | 1052509 |
| River Islands Public Financing Authority Community Facs District 2023-1 Improvement Area 3 CA | 5.00% |  | 9/1/2055 | NR | 3000000 | 2978304 |
| Tejon Ranch Public Facilities Finance Authority - Tejon Ranch Public Facilities Finance Authority Community Facs District No 2008-1 CA | 5.00% |  | 9/1/2054 | NR | 2000000 | 2008706 |
| *Total* |  |  |  |  |  | 20984306 |

---

178 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue 2.87%** |  |  |  |  |  |
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2037 | AA | $1700000 | $1890873 |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 1925000 | 1942300 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 1639000 | 412118 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 503000 | 492755 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4283000 | 4195763 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 7000 | 6351 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 4798854 | 4530501 |
| River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA | 5.00% | 9/1/2048 | NR | 1650000 | 1652412 |
| River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA | 5.00% | 9/1/2054 | NR | 1000000 | 994400 |
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4400000 | 3608847 |
| *Total* |  |  |  |  | 19726320 |
| **Taxable Revenue - Water & Sewer 2.16%** |  |  |  |  |  |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% | 11/21/2045 | Baa3 | 1100000 | 1130231 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue<sup>(b)</sup> | 5.00% | 10/1/2054 | AA | 10000000 | 10544983 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 5.00% | 10/1/2054 | AA | 3000000 | 3163495 |
| *Total* |  |  |  |  | 14838709 |
| **Tobacco 2.21%** |  |  |  |  |  |
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 8675000 | 2197854 |
| California Statewide Financing Authority<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | 10000000 | 596881 |

---

*See Notes to Schedule of Investments.* 179

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco (continued)** |  |  |  |  |  |
| Golden State Tobacco Securitization Corp. - Golden State Tobacco Securitization Corp CA | 5.00% | 6/1/2051 | BBB | $2765000 | $2731422 |
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 15000000 | 1470508 |
| Inland Empire Tobacco Securitization Corp. - Inland Empire Tobacco Securitization Corp CA | Zero Coupon | 6/1/2036 | CCC | 1000000 | 490905 |
| Inland Empire Tobacco Securitization Corp. CA<sup>†</sup> | Zero Coupon | 6/1/2057 | CCC | 3000000 | 186612 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 5000000 | 1843251 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 2250000 | 204108 |
| Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 5475000 | 5476108 |
| *Total* |  |  |  |  | 15197649 |
| **Transportation 19.83%** |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon | 10/1/2051 | AA | 1000000 | 569418 |
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon | 10/1/2053 | AA | 5000000 | 1296245 |
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2052 | AA | 6300000 | 6486991 |
| Bay Area Toll Authority CA | 5.00% | 4/1/2045 | AA | 1200000 | 1311008 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 1365000 | 1424550 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2054 | A | 5350000 | 5547855 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 4.00% | 12/31/2047 | BB+ <sup>(c)</sup> | 4650000 | 4077996 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2034 | BB+ <sup>(c)</sup> | 1700000 | 1746293 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2035 | BB+ <sup>(c)</sup> | 1205000 | 1234799 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ <sup>(c)</sup> | 3565000 | 3582793 |
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2048 | AA | 5220000 | 5345132 |

---

180 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| City of Long Beach Airport System Revenue CA (AG) AMT | 5.25% | 6/1/2047 | AA | $1330000 | $1363991 |
| City of Los Angeles Department of Airports CA | 5.25% | 5/15/2051 | Aa3 | 5750000 | 6196526 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2041 | AA- | 4420000 | 4309692 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 2000000 | 1801760 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2051 | AA- | 3000000 | 2675636 |
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2045 | Aa3 | 2000000 | 2133505 |
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2000000 | 2085690 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1100000 | 1236635 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2055 | Aa3 | 5250000 | 5599140 |
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2049 | A+ | 2000000 | 2123146 |
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2054 | A+ | 2000000 | 2089115 |
| County of Sacramento Airport System Revenue CA | 5.25% | 7/1/2054 | A+ | 3500000 | 3722623 |
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1500000 | 1213098 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 3600000 | 2906254 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 3010000 | 2706091 |
| Foothill-Eastern Transportation Corridor Agency CA | 6.85% | 1/15/2042 | A | 1150000 | 1358442 |
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.95% | 1/15/2053 | AA | 2730000 | 2481862 |
| Norman Y Mineta San Jose International Airport SJC CA (BAM) AMT | 4.00% | 3/1/2042 | AA | 6000000 | 5777912 |
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1750000 | 1918659 |
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1415000 | 1417318 |

---

*See Notes to Schedule of Investments.* 181

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2045 | Aa3 | $4700000 | $5002412 |
| San Diego County Regional Airport Authority CA AMT | 5.50% |  | 7/1/2055 | Aa3 | 6750000 | 7225624 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% |  | 5/1/2042 | Aa3 | 3180000 | 3526770 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 4.00% |  | 5/1/2052 | Aa3 | 4875000 | 4244839 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% |  | 5/1/2039 | Aa3 | 2695000 | 2944434 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% |  | 5/1/2049 | Aa3 | 3600000 | 3746711 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2055 | AA- | 5000000 | 5296350 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2055 | AA- | 5000000 | 5296350 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.75% |  | 5/1/2048 | Aa3 | 2000000 | 2147003 |
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% |  | 1/15/2044 | A | 3932000 | 3720616 |
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% |  | 1/15/2050 | A | 1825000 | 1660448 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% |  | 1/15/2044 | A- | 1425000 | 1425632 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% |  | 1/15/2049 | A- | 1185000 | 1185425 |
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon |  | 1/15/2036 | Baa2 | 1450000 | 1008163 |
| *Total* |  |  |  |  |  | 136170952 |
| **Utilities 13.68%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 4.00% | <sup>#(a)</sup> | 2/1/2052 | A1 | 4000000 | 4058570 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2054 | A1 | 2500000 | 2661110 |

---

182 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2055 | A1 | $6850000 | $7143553 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2055 | A1 | 5775000 | 6199605 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 3000000 | 3245197 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 8/1/2055 | A2 | 3000000 | 3179908 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 10/1/2055 | A2 | 7000000 | 7263251 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 5975000 | 6299523 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 3/1/2056 | Aa3 | 4500000 | 4901413 |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 11/21/2045 | Baa3 | 3870000 | 3916871 |
| Central Valley Energy Authority CA | 5.00% | <sup>#(a)</sup> | 12/1/2055 | Aa3 | 5570000 | 6071931 |
| City of Glendale Electric Revenue CA | 5.00% |  | 2/1/2054 | A+ | 2000000 | 2077113 |
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% |  | 11/1/2052 | Aa2 | 1000000 | 1068249 |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.00% |  | 7/1/2042 | A- | 1545000 | 1620009 |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 250000 | 270694 |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2044 | A- | 1000000 | 1073719 |
| Indio Electric Financing Authority - Imperial Irrigation District Electric System Revenue CA | 5.25% |  | 1/1/2053 | A1 | 3685000 | 3883988 |
| Long Beach Bond Finance Authority CA | 4.186%<br> (3 mo. USD Term SOFR \* .67 + 1.43% |)<sup>#</sup> | 11/15/2026 | A1 | 1025000 | 1029767 |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2035 | Aa2 | 4000000 | 4657901 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2053 | AA | 3500000 | 3626531 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2034 | Aa2 | 1200000 | 1384905 |

---

*See Notes to Schedule of Investments.* 183

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2035 | Aa2 | $1160000 | $1350791 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2055 | Aa2 | 5000000 | 5157605 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 700000 | 662361 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2047 | NR | 1000000 | 885341 |
| Sacramento Municipal Utility District CA | 5.00% |  | 11/15/2054 | Aa2 | 1000000 | 1054710 |
| Southern California Public Power Authority | 4.227%<br> (3 mo. USD Term SOFR \* .67 + 1.47% |)<sup>#</sup> | 11/1/2038 | A2 | 815000 | 789155 |
| Southern California Public Power Authority | 5.00% |  | 11/1/2033 | A2 | 3625000 | 4029446 |
| Southern California Public Power Authority - Los Angeles Department of Water & Power | 5.00% |  | 7/1/2053 | Aa2 | 2000000 | 2084775 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2032 | BBB+ <sup>(c)</sup> | 1090000 | 1141338 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2034 | BBB+ <sup>(c)</sup> | 300000 | 313546 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2035 | BBB+ <sup>(c)</sup> | 200000 | 208338 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2038 | BBB+ <sup>(c)</sup> | 650000 | 668887 |
| *Total* |  |  |  |  |  | 93980101 |
| *Total Municipal Bonds* (cost $684,414,925) |  |  |  |  |  | 683672357 |
| **WARRANTS 0.00%** |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** |  |  |  |  |  |  |
| Desertxpress Enterprises LLC\* (cost $0) | 11.50% |  | 12/1/2035 | NR | 22500 | 0 <sup>(d)</sup> |

---

184 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate<sup>#</sup>** | **Interest<br> Rate<br> Reset<br> Date**<sup>(e)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.29%** |  |  |  |  |  |  |
| **Variable Rate Demand Notes 1.12%** |  |  |  |  |  |  |
| **Education 0.10%** |  |  |  |  |  |  |
| University of California | 1.700% | 1/2/2026 | 5/15/2048 | AA | $700000 | $700000 |
| **Transportation 1.02%** |  |  |  |  |  |  |
| Bay Area Toll Authority CA | 1.700% | 1/2/2026 | 4/1/2055 | AA+ | 7000000 | 7000000 |
| *Total Variable Rate Demand Notes* (cost $7,700,000) |  |  |  |  |  | 7700000 |
| **REPURCHASE AGREEMENTS 0.17%** |  |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $1,165,200 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $1,175,454; proceeds: $1,152,453<br> (cost $1,152,245) |  |  |  |  | 1152245 | 1152245 |
| *Total Short-Term Investments* (cost $8,852,245) | *Total Short-Term Investments* (cost $8,852,245) |  |  |  |  | 8852245 |
| *Total Investments in Securities 100.83%* (cost $693,267,170) | *Total Investments in Securities 100.83%* (cost $693,267,170) |  |  |  |  | 692524602 |
| *Other Assets and Liabilities – Net*<sup>(f)</sup> *(0.83)%* |  |  |  |  |  | (5669315) |
| *Net Assets 100.00%* |  |  |  |  |  | $686855287 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by - Build America Mutual. |
| NATL | Insured by - National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| SIFMA | Insured by - Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $43,079,623, which represents 6.27% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | 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. |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(e)</sup> | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
| <sup>(f)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

*See Notes to Schedule of Investments.* 185

**Schedule of Investments (unaudited)(concluded)**

CALIFORNIA TAX FREE FUND *December 31, 2025*

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Appreciation** |
| U.S. Long Bond | March 2026 | 55 | Short | $(6413719) | $(6357656) | $56063 |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $683672357 | $– | $683672357 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 0 | 0 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 7700000 |  | 7700000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1152245 | – | 1152245 |
| Total | $– | $692524602 | $– | $692524602 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $56063 | $– | $– | $56063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $56063 | $– | $– | $56063 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

186 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.33%** |  |  |  |  |  |
| **MUNICIPAL BONDS 99.33%** |  |  |  |  |  |
| **Corporate-Backed 1.61%** |  |  |  |  |  |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AG) AMT | 5.00% | 1/1/2031 | AA | $225000 | $226287 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | A- | 100000 | 100184 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.50% | 1/1/2026 | A- | 250000 | 250000 |
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2037 | Baa2 | 295000 | 300008 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 1180000 | 1181540 |
| New Jersey Economic Development Authority - United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 650000 | 651449 |
| *Total* |  |  |  |  | 2709468 |
| **Education 15.20%** |  |  |  |  |  |
| Camden County Improvement Authority - KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2047 | BBB | 615000 | 641894 |
| Gloucester County Improvement Authority - Rowan University NJ | 5.00% | 7/1/2043 | A | 600000 | 652059 |
| Gloucester County Improvement Authority - Rowan University NJ (BAM) | 5.00% | 7/1/2054 | AA | 1000000 | 1031500 |
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500000 | 469930 |
| Middlesex County Improvement Authority - Rutgers The State University of New Jersey | 5.00% | 8/15/2053 | Aa3 | 2055000 | 2137636 |
| Middlesex County Improvement Authority NJ GTD | 4.00% | 8/15/2053 | AAA | 1000000 | 962230 |
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2036 | AA | 250000 | 289294 |
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2041 | AA | 200000 | 222609 |
| New Jersey Economic Development Authority - Provident Group-Montclair Properties LLC (AG) | 5.00% | 6/1/2042 | AA | 1250000 | 1265598 |
| New Jersey Educational Facilities Authority - Montclair State University Inc (AG) | 5.00% | 7/1/2041 | AA | 845000 | 931264 |

---

*See Notes to Schedule of Investments.* 187

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| New Jersey Educational Facilities Authority - Montclair State University Inc (AG) | 5.00% |  | 7/1/2044 | AA | $500000 | $532531 |
| New Jersey Educational Facilities Authority - New Jersey City University Inc (AG) | 4.00% |  | 7/1/2036 | AA | 745000 | 743816 |
| New Jersey Educational Facilities Authority - Ramapo College of New Jersey (AG) | 4.00% |  | 7/1/2041 | AA | 545000 | 551067 |
| New Jersey Educational Facilities Authority - Seton Hall University | 4.00% |  | 7/1/2046 | BBB+ | 545000 | 477503 |
| New Jersey Educational Facilities Authority - Seton Hall University | 5.00% |  | 7/1/2034 | BBB+ | 335000 | 336932 |
| New Jersey Educational Facilities Authority - Seton Hall University (AG) | 3.25% |  | 7/1/2049 | AA | 480000 | 392809 |
| New Jersey Educational Facilities Authority - State of New Jersey | 5.00% |  | 9/1/2036 | A1 | 1145000 | 1277641 |
| New Jersey Educational Facilities Authority - State of New Jersey | 5.25% |  | 9/1/2053 | A1 | 750000 | 782515 |
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 3.00% |  | 7/1/2050 | BBB+ | 1350000 | 979427 |
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 4.00% |  | 7/1/2050 | BBB+ | 200000 | 175907 |
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 5.00% |  | 7/1/2030 | BBB+ | 530000 | 545661 |
| New Jersey Educational Facilities Authority - Stevens Institute of Technology International Inc | 5.00% |  | 7/1/2047 | BBB+ | 1750000 | 1755953 |
| New Jersey Educational Facilities Authority - Stockton University - Stockton University | 5.00% |  | 7/1/2041 | A3 | 800000 | 803350 |
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.00% |  | 3/1/2038 | AAA | 355000 | 406461 |
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.00% | <sup>#(a)</sup> | 7/1/2064 | AAA | 1000000 | 1166560 |
| New Jersey Educational Facilities Authority - Trustees of Princeton University | 5.25% |  | 3/1/2054 | AAA | 3635000 | 3917519 |

---

188 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| New Jersey Educational Facilities Authority - William Paterson University of New Jersey (AG) | 3.00% |  | 7/1/2039 | AA | $250000 | $224049 |
| New Jersey Educational Facilities Authority - William Paterson University of New Jersey (AG) | 3.00% |  | 7/1/2040 | AA | 250000 | 220588 |
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% |  | 12/1/2040 | AA | 605000 | 570661 |
| New Jersey Higher Education Student Assistance Authority AMT | 3.25% |  | 12/1/2039 | Aa1 | 110000 | 107022 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2037 | AA | 500000 | 579650 |
| New Jersey Institute of Technology (BAM) | 5.25% |  | 7/1/2055 | AA | 500000 | 535437 |
| *Total* |  |  |  |  |  | 25687073 |
| **Financial Services 0.12%** |  |  |  |  |  |  |
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% |  | 12/1/2028 | Aaa | 200000 | 208112 |
| **General Obligation 7.30%** |  |  |  |  |  |  |
| City of Atlantic City NJ GO (BAM), (ST AID WITHHLDG) | 5.00% |  | 3/1/2042 | AA | 750000 | 757734 |
| City of Jersey City NJ | 4.00% |  | 10/1/2037 | A2 | 750000 | 774681 |
| City of Newark Mass Transit Access Tax Revenue NJ (AG) | 5.375% |  | 11/15/2052 | AA | 1670000 | 1789517 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 52676 | 38180 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2043 | NR | 156961 | 100651 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 40933 | 40950 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2035 | NR | 36793 | 36187 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 31578 | 30642 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 45175 | 46147 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 44442 | 47106 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 43166 | 47447 |
| County of Hudson NJ GO | 2.00% |  | 11/15/2035 | AA | 1000000 | 846743 |
| County of Ocean NJ GO | 4.00% |  | 11/1/2044 | Aaa | 1000000 | 1002208 |
| New Jersey Economic Development Authority - New Jersey Transit Corp | 5.25% |  | 11/1/2047 | A1 | 860000 | 902422 |
| New Jersey Health Care Facilities Financing Authority - State of New Jersey | 5.00% |  | 10/1/2037 | A1 | 1000000 | 1036298 |
| New Jersey Infrastructure Bank | 5.00% |  | 9/1/2052 | AAA | 500000 | 524397 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.25% |  | 6/15/2044 | A1 | 500000 | 498358 |

---

*See Notes to Schedule of Investments.* 189

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Plainfield Board of Education NJ GO (AG) | 4.00% | 10/15/2043 | AA | $480000 | $481413 |
| Rutherford Board of Education NJ GO | 2.50% | 12/15/2034 | AA- | 1000000 | 903639 |
| State of New Jersey GO | 2.50% | 6/1/2038 | Aa3 | 1490000 | 1263291 |
| Union County Improvement Authority NJ | 4.125% | 4/15/2054 | Aaa | 250000 | 242083 |
| Union County Utilities Authority - Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 920000 | 920351 |
| *Total* |  |  |  |  | 12330445 |
| **Health Care 10.48%** |  |  |  |  |  |
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 220000 | 220373 |
| New Jersey Health Care Facilities Financing Authority - AtlantiCare Health System Obligated Group | 2.375% | 7/1/2046 | AA- | 695000 | 447515 |
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 4.125% | 7/1/2054 | A2 | 1665000 | 1518741 |
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 5.00% | 7/1/2042 | A2 | 1215000 | 1228583 |
| New Jersey Health Care Facilities Financing Authority - Inspira Health Obligated Group | 5.25% | 7/1/2054 | A2 | 1720000 | 1808801 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 1345000 | 1025410 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 4.00% | 7/1/2051 | AA- | 1500000 | 1376059 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2043 | AA- | 2295000 | 2305305 |
| New Jersey Health Care Facilities Financing Authority - RWJ Barnabas Health Obligated Group | 5.25% | 7/1/2054 | AA- | 1500000 | 1585032 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 1345000 | 1159976 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2027 | BBB- | 100000 | 100628 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 1000000 | 1003565 |

---

190 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2041 | BBB- | $2635000 | $2639961 |
| New Jersey Health Care Facilities Financing Authority - University Hospital (AG) | 5.00% | 7/1/2046 | AA | 1275000 | 1276812 |
| *Total* |  |  |  |  | 17696761 |
| **Housing 0.46%** |  |  |  |  |  |
| New Jersey Economic Development Authority - Provident Group- Rowan Properties LLC | 5.00% | 1/1/2048 | B1 | 250000 | 239329 |
| New Jersey Housing & Mortgage Finance Agency (HUD) | 3.15% | 5/1/2053 | AA- | 100000 | 75049 |
| Passaic County Improvement Authority NJ | 4.00% | 11/1/2051 | Aa1 | 475000 | 458297 |
| *Total* |  |  |  |  | 772675 |
| **Lease Obligations 7.27%** |  |  |  |  |  |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | A- | 1710000 | 1711791 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 210000 | 210176 |
| New Jersey Economic Development Authority - State Capitol Joint Management Commission | 5.00% | 6/15/2035 | A1 | 1100000 | 1161102 |
| New Jersey Economic Development Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 900000 | 916595 |
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2047 | A1 | 540000 | 544661 |
| New Jersey Economic Development Authority - State of New Jersey Department of the Treasury | 5.00% | 6/15/2048 | A1 | 500000 | 507062 |
| New Jersey Economic Development Authority - State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% | 7/1/2034 | Baa2 | 500000 | 500858 |
| New Jersey Educational Facilities Authority - State of New Jersey | 5.00% | 9/1/2036 | A1 | 545000 | 551038 |
| New Jersey Educational Facilities Authority - State of New Jersey | 5.50% | 9/1/2033 | A1 | 435000 | 441897 |
| New Jersey Health Care Facilities Financing Authority - State of New Jersey | 5.00% | 10/1/2038 | A1 | 520000 | 537579 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon | 12/15/2031 | A1 | 1980000 | 1650782 |

---

*See Notes to Schedule of Investments.* 191

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Lease Obligations (continued)** |  |  |  |  |  |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | Zero Coupon | 12/15/2038 | A1 | $1120000 | $685140 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 12/15/2039 | A1 | 500000 | 500251 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.25% | 12/15/2038 | A1 | 470000 | 475904 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 12/15/2039 | A1 | 1000000 | 1053559 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2046 | A1 | 800000 | 833522 |
| *Total* |  |  |  |  | 12281917 |
| **Other Revenue 1.87%** |  |  |  |  |  |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 4.00% | 11/1/2044 | AA | 1250000 | 1194165 |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2041 | AA | 285000 | 307406 |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2044 | AA | 200000 | 209642 |
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2041 | NR | 415000 | 414702 |
| Passaic County Improvement Authority - 200 Hospital Plaza Corp. NJ | 5.00% | 5/1/2042 | AA | 750000 | 763141 |
| Territory of Guam | 5.00% | 1/1/2036 | Baa3 | 250000 | 274891 |
| *Total* |  |  |  |  | 3163947 |
| **Special Tax 0.37%** |  |  |  |  |  |
| New Jersey Economic Development Authority - NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 299414 | 308702 |
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520000 | 322179 |
| *Total* |  |  |  |  | 630881 |
| **Tax Revenue 4.19%** |  |  |  |  |  |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2035 | AA | 325000 | 369313 |
| Garden State Preservation Trust NJ (AG) | 5.75% | 11/1/2028 | AA | 765000 | 809815 |
| New Jersey Infrastructure Bank | 5.00% | 9/1/2049 | AAA | 800000 | 852320 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 3.00% | 6/15/2050 | A1 | 550000 | 405008 |

---

192 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |  |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2031 | NR | $235000 | $193382 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2033 | NR | 699000 | 530482 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2051 | NR | 2675000 | 672616 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% |  | 7/1/2040 | NR | 596000 | 583861 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% |  | 7/1/2040 | NR | 527000 | 516266 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% |  | 7/1/2053 | NR | 18000 | 16331 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 19000 | 19012 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 380000 | 380247 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% |  | 7/1/2053 | NR | 1429000 | 1349090 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% |  | 7/1/2058 | NR | 149000 | 139350 |
| Territory of Guam | 4.00% |  | 1/1/2042 | Baa3 | 250000 | 241320 |
| *Total* |  |  |  |  |  | 7078413 |
| **Taxable Revenue - Water & Sewer 0.67%** |  |  |  |  |  |  |
| Jersey City Municipal Utilities Authority Sewer Fund NJ (AG), (MUN GOVT GTD) | 5.25% |  | 10/15/2054 | AA | 500000 | 528915 |
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 3.75% | <sup>#(a)</sup> | 11/1/2034 | A+ | 600000 | 607143 |
| *Total* |  |  |  |  |  | 1136058 |
| **Tobacco 2.55%** |  |  |  |  |  |  |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BBB+ | 1000000 | 985731 |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BB+ | 2395000 | 2328306 |
| Tobacco Settlement Financing Corp. NJ | 5.25% |  | 6/1/2046 | BBB+ | 1000000 | 997500 |
| *Total* |  |  |  |  |  | 4311537 |
| **Transportation 41.79%** |  |  |  |  |  |  |
| Delaware River & Bay Authority | 4.00% |  | 1/1/2044 | A+ | 515000 | 509429 |
| Delaware River & Bay Authority | 5.00% |  | 1/1/2049 | A+ | 1250000 | 1320103 |
| Delaware River Joint Toll Bridge Commission PA | 3.00% |  | 7/1/2049 | A+ | 1025000 | 756505 |

---

*See Notes to Schedule of Investments.* 193

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% | 1/1/2035 | NR | $500000 | $517726 |
| New Jersey Economic Development Authority - New Jersey Transit Corp | 4.00% | 11/1/2044 | A1 | 275000 | 261116 |
| New Jersey Economic Development Authority - NYNJ Link Borrower LLC (AG) AMT | 5.125% | 1/1/2039 | AA | 925000 | 930081 |
| New Jersey Economic Development Authority - Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 1440000 | 1440568 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2055 | A1 | 2500000 | 2565759 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 3.00% | 6/15/2050 | A1 | 750000 | 552284 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 6/15/2042 | A1 | 435000 | 424338 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.00% | 6/15/2050 | A1 | 1080000 | 971810 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 4.125% | 6/15/2050 | A1 | 1100000 | 1021779 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2035 | A1 | 465000 | 536787 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2037 | A1 | 1000000 | 1136934 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2042 | A1 | 2000000 | 2178249 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2050 | A1 | 500000 | 515199 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.00% | 6/15/2055 | A1 | 1200000 | 1231512 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2041 | A1 | 200000 | 222894 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2046 | A | 385000 | 406075 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2050 | A1 | 3185000 | 3340343 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2050 | A1 | 3005000 | 3155293 |
| New Jersey Transportation Trust Fund Authority - State of New Jersey | 5.25% | 6/15/2055 | A1 | 3905000 | 4073639 |
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610000 | 598884 |

---

194 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | $1000000 | $949152 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2035 | AA- | 660000 | 770499 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2036 | AA- | 1050000 | 1224369 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2042 | AA- | 270000 | 289702 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2044 | AA- | 835000 | 890753 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2045 | AA- | 1750000 | 1855692 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | 1250000 | 1312136 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2050 | AA- | 2850000 | 3065414 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | 1250000 | 1319052 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2054 | AA- | 2800000 | 2959619 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2055 | AA- | 660000 | 707578 |
| Port Authority of New York & New Jersey | 4.00% | 9/1/2043 | AA- | 870000 | 850837 |
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | AA- | 500000 | 575230 |
| Port Authority of New York & New Jersey | 5.00% | 1/15/2038 | AA- | 500000 | 577129 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2045 | AA- | 500000 | 533120 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 360000 | 375674 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 500000 | 521921 |
| Port Authority of New York & New Jersey | 5.00% | 9/1/2054 | AA- | 3375000 | 3525134 |
| Port Authority of New York & New Jersey | 5.25% | 10/15/2051 | AA- | 750000 | 805354 |
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 1330000 | 1404632 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2032 | AA- | 555000 | 618692 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2034 | AA- | 605000 | 683873 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 415000 | 428598 |
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2035 | AA- | 1500000 | 1701301 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 635000 | 698338 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 750000 | 784434 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 970000 | 1078009 |
| Port Authority of New York & New Jersey AMT | 5.00% | 8/1/2037 | AA- | 825000 | 889095 |
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 600000 | 605461 |
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | AA- | 500000 | 516259 |

---

*See Notes to Schedule of Investments.* 195

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| South Jersey Port Corp. - South Jersey Port Corp AMT | 5.00% |  | 1/1/2035 | A2 | $860000 | $884459 |
| South Jersey Port Corp. - South Jersey Port Corp NJ AMT | 5.00% |  | 1/1/2036 | A2 | 1010000 | 1037144 |
| South Jersey Port Corp. NJ AMT | 5.00% |  | 1/1/2048 | A2 | 1955000 | 1955180 |
| South Jersey Transportation Authority NJ | 4.625% |  | 11/1/2047 | BBB+ | 450000 | 448147 |
| South Jersey Transportation Authority NJ | 5.25% |  | 11/1/2052 | BBB+ | 1765000 | 1812753 |
| South Jersey Transportation Authority NJ (BAM) | 4.00% |  | 11/1/2050 | AA | 1080000 | 974914 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% |  | 11/1/2039 | AA | 100000 | 111480 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% |  | 11/1/2041 | AA | 750000 | 790397 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% |  | 11/1/2045 | AA | 500000 | 516103 |
| South Jersey Transportation Authority NJ (BAM) | 5.25% |  | 11/1/2052 | AA | 850000 | 883032 |
| *Total* |  |  |  |  |  | 70597973 |
| **Utilities 5.45%** |  |  |  |  |  |  |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 995000 | 1077363 |
| Jersey City Municipal Utilities Authority Sewer Fund NJ (BAM) | 5.75% |  | 10/15/2055 | AA | 1600000 | 1788115 |
| New Jersey Economic Development Authority - Middlesex Water Co AMT | 4.00% |  | 8/1/2059 | A+ | 500000 | 435939 |
| New Jersey Economic Development Authority - New Jersey Natural Gas Co | 3.50% |  | 4/1/2042 | A1 | 1680000 | 1477992 |
| New Jersey Economic Development Authority - New Jersey Natural Gas Co AMT | 3.00% |  | 8/1/2041 | A1 | 1335000 | 1129107 |
| New Jersey Economic Development Authority - New Jersey-American Water Co Inc AMT | 2.20% | <sup>#(a)</sup> | 10/1/2039 | A+ | 500000 | 472497 |
| New Jersey Economic Development Authority - UMM Energy Partners LLC AMT | 4.75% |  | 6/15/2032 | Baa2 | 1000000 | 1000464 |
| New Jersey Infrastructure Bank | 2.125% |  | 9/1/2046 | NR | 10000 | 9743 |
| New Jersey Infrastructure Bank | 2.125% |  | 9/1/2046 | Aaa | 440000 | 279930 |

---

196 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |
| Passaic Valley Sewerage Commission NJ (AG) | 3.00% | 12/1/2038 | AA | $1000000 | $917564 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2042 | NR | 380000 | 359568 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% | 7/1/2030 | NR | 250000 | 261779 |
| *Total* |  |  |  |  | 9210061 |
| *Total Municipal Bonds* (cost $171,027,942) |  |  |  |  | 167815321 |
| **SHORT-TERM INVESTMENTS 0.37%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.37%** |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $629,900 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $642,077; proceeds: $629,528<br> (cost $629,414) |  |  |  | 629414 | 629414 |
| *Total Short-Term Investments* (cost $629,414) | *Total Short-Term Investments* (cost $629,414) |  |  |  | 629414 |
| *Total Investments in Securities 99.70%* (cost $171,657,356) | *Total Investments in Securities 99.70%* (cost $171,657,356) |  |  |  | 168444735 |
| *Other Assets and Liabilities – Net*<sup>(c)</sup> *0.30%* | *Other Assets and Liabilities – Net*<sup>(c)</sup> *0.30%* |  |  |  | 513694 |
| *Net Assets 100.00%* |  |  |  |  | $168958429 |

---

---

| | |
|:---|:---|
| AG | AG Insured by *-* Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by *-* Build America Mutual. |
| GTD | Guaranteed. |
| HUD | Insured by *-* Department of Housing and Urban Development. |
| NR | Not Rated. |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $1,139,073, which represents 0.67% of net assets. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | 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. |
| <sup>(c)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

 

*See Notes to Schedule of Investments.* 197

**Schedule of Investments (unaudited)(concluded)**

NEW JERSEY TAX FREE FUND *December 31, 2025*

 

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. Long Bond | March 2026 | 16 | Short | $(1865809) | $(1849500) | $16309 |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $167815321 | $– | $167815321 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 629414 | – | 629414 |
| Total | $– | $168444735 | $– | $168444735 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $16309 | $– | $– | $16309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $16309 | $– | $– | $16309 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

198 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 101.79%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 101.79%** |  |  |  |  |  |  |
| **Corporate-Backed 10.09%** |  |  |  |  |  |  |
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | Zero Coupon |  | 7/15/2047 | Ba1 | $250000 | $80990 |
| Build NYC Resource Corp. - Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 230000 | 230352 |
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 4240000 | 3239006 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% |  | 5/1/2050 | AAA | 1535000 | 1585141 |
| New York Liberty Development Corp. | 2.10% |  | 11/15/2032 | A+ | 2790000 | 2483249 |
| New York Liberty Development Corp. | 2.875% |  | 11/15/2046 | A+ | 7355000 | 5354495 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 8655000 | 8653144 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 750000 | 750711 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1200000 | 1200861 |
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.25% |  | 10/1/2035 | A2 | 7215000 | 8442600 |
| New York Liberty Development Corp. - Goldman Sachs Headquarters LLC | 5.50% |  | 10/1/2037 | A2 | 3650000 | 4373955 |
| New York Liberty Development Corp. - One Bryant Park LLC | 2.80% |  | 9/15/2069 | Baa1 | 4630000 | 4327016 |
| New York State Energy Research & Development Authority - New York State Electric & Gas Corp | 4.00% |  | 4/1/2034 | A- | 2030000 | 2102984 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(a)</sup> | 12/1/2044 | B+ | 1500000 | 1432682 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 3.125% | <sup>#(a)</sup> | 12/1/2044 | B+ | 2000000 | 1991110 |
| New York State Environmental Facilities Corp. - Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1040001 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 2.25% |  | 8/1/2026 | BB <sup>(b)</sup> | 55000 | 54693 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 3.00% |  | 8/1/2031 | BB <sup>(b)</sup> | 3500000 | 3322338 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 1025000 | 1061732 |

---

*See Notes to Schedule of Investments.* 199

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | $1025000 | $1069900 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 1000000 | 1043544 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 3600000 | 3561542 |
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% | 11/1/2042 | B- | 1750000 | 1541347 |
| Westchester County Local Development Corp. - Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2034 | A <sup>(b)</sup> | 200000 | 206191 |
| *Total* |  |  |  |  | 59149584 |
| **Education 12.52%** |  |  |  |  |  |
| Build NYC Resource Corp. - East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% | 6/1/2042 | BB | 1000000 | 1020669 |
| Build NYC Resource Corp. - Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 1250000 | 1247046 |
| Build NYC Resource Corp. - Manhattan College NY | 5.00% | 8/1/2033 | BBB | 1125000 | 1137632 |
| Build NYC Resource Corp. - New York Law School | 5.00% | 7/1/2041 | BBB- | 1175000 | 1158555 |
| Build NYC Resource Corp. - Nightingale-Bamford School NY | 5.00% | 7/1/2040 | A3 | 4500000 | 4967895 |
| Build NYC Resource Corp. - Packer Collegiate Institute NY | 5.00% | 6/1/2040 | A2 | 1690000 | 1691643 |
| Clinton County Capital Resource Corp. - Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 5.00% | 7/1/2046 | A+ | 1000000 | 1030212 |
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2045 | BBB- | 1000000 | 994667 |
| Dutchess County Local Development Corp. - Bard College NY | 5.00% | 7/1/2051 | BBB- | 1000000 | 977936 |
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 4.00% | 7/1/2040 | Baa1 | 425000 | 415514 |
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 5.00% | 7/1/2041 | Baa1 | 200000 | 200630 |
| Dutchess County Local Development Corp. - Culinary Institute of America NY | 5.00% | 7/1/2046 | Baa1 | 275000 | 275226 |

---

200 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Dutchess County Local Development Corp. - Marist College NY | 5.00% | 7/1/2043 | A2 | $2120000 | $2168487 |
| Dutchess County Local Development Corp. - Millbrook School NY | 4.00% | 9/1/2051 | A | 1530000 | 1340283 |
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2034 | BBB | 825000 | 840992 |
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2037 | BBB | 630000 | 639755 |
| Hempstead Town Local Development Corp. - Molloy College NY | 5.00% | 7/1/2039 | BBB | 555000 | 562059 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2049 | AA | 2050000 | 1523433 |
| New York State Dormitory Authority - Cornell University | 5.50% | 7/1/2054 | Aa1 | 5625000 | 6090099 |
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 2365000 | 2365317 |
| New York State Dormitory Authority - Iona University (AG) | 5.50% | 7/1/2044 | AA | 785000 | 859351 |
| New York State Dormitory Authority - Iona University (AG) | 5.50% | 7/1/2045 | AA | 870000 | 945518 |
| New York State Dormitory Authority - New School | 4.00% | 7/1/2047 | A3 | 1000000 | 863624 |
| New York State Dormitory Authority - New School | 4.00% | 7/1/2052 | A3 | 2580000 | 2163497 |
| New York State Dormitory Authority - New School | 5.00% | 7/1/2045 | A3 | 2000000 | 2061774 |
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2049 | BBB | 2410000 | 2479305 |
| New York State Dormitory Authority - New York Institute of Technology NY | 5.25% | 7/1/2054 | BBB | 1485000 | 1519042 |
| New York State Dormitory Authority - New York University | 5.25% | 7/1/2051 | Aa2 | 5000000 | 5300520 |
| New York State Dormitory Authority - Pace University | 5.00% | 5/1/2035 | BBB- | 2000000 | 2198420 |
| New York State Dormitory Authority - Pace University | 5.50% | 5/1/2049 | BBB- | 3250000 | 3367595 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 2/15/2041 | NR | 5000 | 5201 |
| New York State Dormitory Authority - State University of New York Dormitory Facilities Revenue | 5.25% | 7/1/2055 | Aa3 | 2710000 | 2896615 |

---

*See Notes to Schedule of Investments.* 201

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2037 | BBB- | $1000000 | $1047073 |
| New York State Dormitory Authority - Yeshiva University | 5.00% | 7/15/2042 | BBB- | 1530000 | 1554672 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2040 | AA | 1500000 | 1671214 |
| Onondaga Civic Development Corp.<sup>(c)</sup> | 5.50% | 12/1/2056 | AA- | 3500000 | 3819847 |
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2038 | Baa2 | 150000 | 147494 |
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2040 | Baa2 | 300000 | 286395 |
| Onondaga Civic Development Corp. - Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415000 | 388847 |
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2035 | Baa2 | 365000 | 386784 |
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2036 | Baa2 | 465000 | 490591 |
| Onondaga Civic Development Corp. - Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600000 | 601135 |
| Schenectady County Capital Resource Corp. - Trustees of Union College NY | 5.25% | 7/1/2052 | A3 | 740000 | 767103 |
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2037 | Baa3 | 455000 | 464095 |
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2038 | Baa3 | 475000 | 482301 |
| St. Lawrence County Industrial Development Agency - Clarkson University NY | 5.00% | 9/1/2041 | Baa3 | 160000 | 157396 |
| Troy Capital Resource Corp. - Rensselaer Polytechnic Institute NY | 5.00% | 8/1/2032 | A3 | 1495000 | 1497110 |
| Westchester County Local Development Corp. - Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2042 | A <sup>(b)</sup> | 450000 | 455151 |
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2030 | BBB- | 2165000 | 2166326 |
| Westchester County Local Development Corp. - Sarah Lawrence College NY | 4.00% | 6/1/2033 | BBB- | 1710000 | 1710103 |
| *Total* |  |  |  |  | 73402149 |

---

202 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation 8.35%** |  |  |  |  |  |  |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2034 | AA | $510000 | $560330 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2035 | AA | 400000 | 437342 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2036 | AA | 300000 | 326387 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2037 | AA | 810000 | 877304 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2042 | AA | 500000 | 528065 |
| City of New York NY<sup>(c)</sup> | 5.25% |  | 10/01/2055 | Aa2 | 7000000 | 7349366 |
| City of New York NY GO | 4.125% |  | 8/1/2053 | AA | 2230000 | 2053320 |
| City of New York NY GO | 5.25% |  | 3/1/2049 | AA | 2500000 | 2622710 |
| City of New York NY GO | 5.25% |  | 2/1/2050 | AA | 1500000 | 1580114 |
| City of New York NY GO | 5.25% |  | 8/1/2050 | AA | 2000000 | 2102306 |
| City of New York NY GO | 5.25% |  | 2/1/2053 | AA | 500000 | 525458 |
| City of New York NY GO | 5.25% |  | 3/1/2053 | AA | 2500000 | 2611690 |
| City of New York NY GO | 5.25% |  | 10/1/2055 | AA | 4135000 | 4341652 |
| City of New York NY GO | 5.50% |  | 5/1/2044 | AA | 2085000 | 2249068 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 256309 | 185777 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2043 | NR | 727957 | 466802 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 189842 | 189920 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2035 | NR | 234642 | 230778 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 146457 | 142117 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 209517 | 214026 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 206118 | 218473 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 215202 | 236545 |
| County of Nassau NY GO | 4.00% |  | 4/1/2053 | AA | 2140000 | 1980218 |
| Jefferson County Civic Facility Development Corp. - Samaritan Medical Center Obligated NY | 5.00% |  | 11/1/2037 | BB | 3000000 | 3005359 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% |  | 2/1/2051 | AAA | 3750000 | 3429471 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% |  | 11/1/2040 | AAA | 2000000 | 2190884 |
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 5.00% |  | 3/15/2044 | Aa1 | 3000000 | 3168384 |
| New York State Urban Development Corp. - State of New York Sales Tax Revenue | 5.00% |  | 3/15/2050 | Aa1 | 5000000 | 5144488 |
| *Total* |  |  |  |  |  | 48968354 |

---

*See Notes to Schedule of Investments.* 203

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care 15.02%** |  |  |  |  |  |
| Albany Capital Resource Corp. - Albany Medical Center Hospital Obligated Group NY | 5.50% | 5/1/2055 | A | $3500000 | $3695735 |
| Brookhaven Local Development Corp. - Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2045 | BBB+ <sup>(b)</sup> | 1170000 | 1045905 |
| Brookhaven Local Development Corp. - Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2055 | BBB+ <sup>(b)</sup> | 1000000 | 831585 |
| Brookhaven Local Development Corp. - Long Island Community Hospital At NYU Langone Health Obligated NY | 3.375% | 10/1/2040 | A | 610000 | 558315 |
| Broome County Local Development Corp. - United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2036 | AA | 1030000 | 970486 |
| Broome County Local Development Corp. - United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2037 | AA | 1500000 | 1386209 |
| Buffalo & Erie County Industrial Land Development Corp. - Orchard Park CCRC Inc NY | 5.00% | 11/15/2037 | BBB <sup>(b)</sup> | 1000000 | 1000737 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2044 | BBB+ | 1250000 | 1141788 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2049 | BBB+ | 3620000 | 3153064 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 2000000 | 1969696 |
| Genesee County Funding Corp. - Monroe Sustainable Energy Partners LLC NY | 5.50% | 12/1/2055 | BBB+ | 1500000 | 1564334 |
| Genesee County Funding Corp. - Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 1000000 | 1009376 |
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2035 | BBB+ | 600000 | 603959 |
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2036 | BBB+ | 450000 | 450026 |
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2034 | BBB+ | 250000 | 252216 |

---

204 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2027 | A- | $625000 | $627978 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2028 | A- | 2045000 | 2054867 |
| Nassau County Local Economic Assistance Corp. - Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2033 | A- | 905000 | 907457 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2160000 | 1560630 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B | 2895000 | 2332928 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 5.00% | 7/1/2032 | B | 500000 | 498254 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB- | 1000000 | 1000242 |
| New York State Dormitory Authority - Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 2900000 | 2918662 |
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2033 | BBB | 4340000 | 4340989 |
| New York State Dormitory Authority - Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2034 | BBB | 1750000 | 1750289 |
| New York State Dormitory Authority - Maimonides Medical Center (FHA) | 3.00% | 2/1/2050 | AA+ | 1000000 | 727937 |
| New York State Dormitory Authority - Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 1000000 | 1070480 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 475000 | 454450 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2037 | BBB- | 1820000 | 1725198 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 1540000 | 1451067 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 9/1/2050 | BBB- | 5500000 | 4618370 |
| New York State Dormitory Authority - Montefiore Obligated Group | 5.00% | 8/1/2035 | BBB- | 525000 | 538954 |
| New York State Dormitory Authority - Montefiore Obligated Group | 5.50% | 11/1/2047 | BBB- | 1000000 | 1043117 |

---

*See Notes to Schedule of Investments.* 205

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Mount Sinai Hospital Obligated Group | 5.25% | 7/1/2050 | BBB | $2000000 | $2009603 |
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.00% | 5/1/2038 | A- | 1005000 | 1092317 |
| New York State Dormitory Authority - Northwell Health Obligated Group | 5.25% | 5/1/2054 | A- | 5000000 | 5156090 |
| New York State Dormitory Authority - Roswell Park Cancer Institute Corp Obligated Group (AG) | 5.50% | 7/1/2050 | AA | 2100000 | 2261788 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 1125000 | 1140399 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 3000000 | 3206525 |
| Niagara Area Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 1000000 | 902369 |
| Oneida County Local Development Corp. - Mohawk Valley Health System Obligated Group NY (AG) | 4.00% | 12/1/2049 | AA | 4645000 | 4222280 |
| Onondaga Civic Development Corp. - Crouse Health Hospital Inc Obligated Group NY | 5.125% | 8/1/2044 | B <sup>(b)</sup> | 1250000 | 1112242 |
| Onondaga Civic Development Corp. - Crouse Health Hospital Inc Obligated Group NY | 5.375% | 8/1/2054 | B <sup>(b)</sup> | 500000 | 435078 |
| Southold Local Development Corp. - Peconic Landing at Southold Inc NY | 5.00% | 12/1/2045 | BBB <sup>(b)</sup> | 1000000 | 991807 |
| Tompkins County Development Corp. - Kendal at Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920000 | 920190 |
| Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BB+ | 2965000 | 2747556 |
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB+ | 95000 | 95025 |
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB+ | 40000 | 40005 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2049 | AA | 4295000 | 4650652 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 1640000 | 1767554 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 3000000 | 3391482 |

---

206 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% |  | 7/1/2035 | Baa1 | $1510000 | $1662708 |
| Westchester County Local Development Corp. - New York Blood Center Inc NY | 5.00% |  | 7/1/2038 | Baa1 | 950000 | 1025511 |
| *Total* |  |  |  |  |  | 88086481 |
| **Housing 2.39%** |  |  |  |  |  |  |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 500000 | 512077 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2250000 | 2321585 |
| New York City Housing Development Corp. - New York City Housing Development Corp NY | 4.55% |  | 11/1/2054 | AA+ | 1500000 | 1458420 |
| New York City Housing Development Corp. NY | 3.35% |  | 11/1/2065 | AA+ | 1270000 | 937709 |
| New York State Dormitory Authority | 5.00% |  | 7/1/2048 | Aa3 | 1040000 | 1087931 |
| New York State Dormitory Authority | 5.00% |  | 7/1/2053 | Aa3 | 2090000 | 2173171 |
| New York State Housing Finance Agency | 3.15% |  | 11/1/2054 | Aa2 | 1000000 | 738114 |
| New York State Housing Finance Agency - 325 Kent LLC (FNMA) | 3.95% | <sup>#(a)</sup> | 11/1/2050 | Aa1 | 3000000 | 3040853 |
| Westchester County Local Development Corp. - Purchase Housing Corp II NY | 5.00% |  | 6/1/2047 | BBB | 1815000 | 1763389 |
| *Total* |  |  |  |  |  | 14033249 |
| **Other 0.43%** |  |  |  |  |  |  |
| Build NYC Resource Corp. - Children's Aid Society NY | 4.00% |  | 7/1/2049 | A+ | 2775000 | 2517095 |
| **Other Revenue 2.63%** |  |  |  |  |  |  |
| Battery Park City Authority NY | 5.25% |  | 11/1/2055 | Aaa | 2000000 | 2138181 |
| Brooklyn Arena Local Development Corp. - Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 3135000 | 3139700 |
| Build NYC Resource Corp. - Shefa School NY<sup>†</sup> | 5.00% |  | 6/15/2051 | NR | 1315000 | 1229713 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 500000 | 554093 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2032 | AA+ | 1250000 | 1433343 |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 5/15/2054 | AA+ | 1500000 | 1578004 |

---

*See Notes to Schedule of Investments.* 207

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Triborough Bridge & Tunnel Authority - Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.50% | 5/15/2052 | AA+ | $5020000 | $5325614 |
| *Total* |  |  |  |  | 15398648 |
| **Special Tax 3.71%** |  |  |  |  |  |
| New York City Industrial Development Agency - Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2040 | AA | 2145000 | 1894199 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1950000 | 1803077 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2043 | AA | 425000 | 190980 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2044 | AA | 640000 | 269153 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2047 | AA | 385000 | 134491 |
| New York City Industrial Development Agency - Yankee Stadium LLC NY (FGIC) | Zero Coupon<br> (CPI YoY \* 1 + 0.88%) | 3/1/2026 | Baa1 | 3590000 | 3591339 |
| New York City Transitional Finance Authority<sup>(c)</sup> | 5.50% | 5/1/2052 | AAA | 3000000 | 3220974 |
| New York City Transitional Finance Authority<sup>(c)</sup> | 5.50% | 5/1/2053 | AAA | 5000000 | 5380457 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1370000 | 1537203 |
| New York Transportation Dev. Corp.<sup>(c)</sup> | 6.00% | 6/30/2055 | Baa3 | 2500000 | 2635664 |
| New York Transportation Development Corp<sup>(c)</sup> | 6.00% | 6/30/2050 | Baa3 | 1000000 | 1061480 |
| *Total* |  |  |  |  | 21719017 |
| **Tax Revenue 16.96%** |  |  |  |  |  |
| Metropolitan Transportation Authority Dedicated Tax Fund NY | 5.00% | 11/15/2049 | AA | 1000000 | 1043372 |
| Metropolitan Transportation Authority Dedicated Tax Fund NY | 5.25% | 11/15/2054 | AA | 3060000 | 3236086 |
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2042 | AA | 2555000 | 2594393 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2053 | AAA | 1215000 | 1091738 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 2000000 | 2287830 |

---

208 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2043 | AAA | $2000000 | $2143902 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2050 | AAA | 1190000 | 1228871 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 6205000 | 6501907 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2052 | AAA | 3000000 | 3160724 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 2/1/2053 | AAA | 1750000 | 1828679 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2055 | AAA | 7465000 | 7846694 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY<sup>(d)</sup> | 5.25% | 11/1/2055 | AAA | 2750000 | 2896066 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2047 | AAA | 5000000 | 5372940 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2049 | AAA | 3000000 | 3234760 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2050 | AAA | 1500000 | 1623547 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 1000000 | 1078092 |
| New York Convention Center Development Corp. - New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 6690000 | 6690075 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 3500000 | 3610028 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue<sup>(c)</sup> | 5.25% | 3/15/2052 | Aa1 | 3500000 | 3680942 |
| New York State Dormitory Authority - State of New York Personal Income Tax Revenue | 5.50% | 3/15/2053 | Aa1 | 5500000 | 5943099 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% | 3/15/2049 | Aa1 | 3620000 | 3769199 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 4500000 | 4672299 |
| New York State Dormitory Authority - State of New York Sales Tax Revenue | 5.25% | 3/15/2050 | AA+ | 2000000 | 2128833 |

---

*See Notes to Schedule of Investments.* 209

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| New York State Thruway Authority - State of New York Personal Income Tax Revenue | 5.00% | 3/15/2049 | Aa1 | $2165000 | $2252094 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708000 | 582614 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 779000 | 591196 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7476000 | 1879804 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2510000 | 2458876 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 1189000 | 1164782 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64000 | 58065 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 250000 | 250163 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380000 | 380248 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 2325000 | 2194985 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 180000 | 168342 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1922000 | 1853552 |
| Territory of Guam | 4.00% | 1/1/2042 | Baa3 | 750000 | 723961 |
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.00% | 12/1/2050 | A+ | 2610000 | 2698632 |
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.25% | 12/1/2047 | A+ | 4250000 | 4523251 |
| *Total* |  |  |  |  | 99444641 |
| **Taxable Revenue - Water & Sewer 1.53%** |  |  |  |  |  |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 1500000 | 1577286 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% | 6/15/2054 | AA+ | 2500000 | 2631154 |

---

210 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Taxable Revenue - Water & Sewer (continued)** |  |  |  |  |  |  |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% |  | 6/15/2055 | AA+ | $4500000 | $4758555 |
| *Total* |  |  |  |  |  | 8966995 |
| **Tobacco 2.18%** |  |  |  |  |  |  |
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon |  | 6/1/2055 | NR | 8000000 | 626562 |
| Erie Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon |  | 6/1/2060 | NR | 20000000 | 586510 |
| Monroe Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon |  | 6/1/2061 | NR | 10000000 | 332275 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon |  | 6/1/2060 | NR | 15000000 | 885054 |
| Nassau County Tobacco Settlement Corp. NY | 5.125% |  | 6/1/2046 | CC | 2085000 | 1555705 |
| New York Counties Tobacco Trust IV | Zero Coupon |  | 6/1/2060 | NR | 20000000 | 941432 |
| Rockland Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon |  | 8/15/2060 | NR | 10575000 | 766053 |
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon |  | 6/1/2066 | NR | 7700000 | 684853 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2034 | BBB | 1000000 | 1016868 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2035 | BBB | 300000 | 304735 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2036 | BBB | 100000 | 101407 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2041 | BBB | 545000 | 546376 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2048 | NR | 3300000 | 2864575 |
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% |  | 6/1/2051 | B- | 1845000 | 1582908 |
| *Total* |  |  |  |  |  | 12795313 |
| **Transportation 21.96%** |  |  |  |  |  |  |
| Build NYC Resource Corp. - TRIPS Obligated Group NY AMT | 5.50% |  | 7/1/2050 | BBB+ | 3100000 | 3221921 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2048 | A | 1750000 | 1579807 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2051 | A | 3200000 | 2809817 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2043 | A | 1000000 | 1065275 |
| Metropolitan Transportation Authority NY | 5.00% | <sup>#(a)</sup> | 11/15/2045 | A2 | 3030000 | 3268180 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2046 | A | 1250000 | 1251542 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2050 | A | 4340000 | 4393160 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2049 | A | 4355000 | 4563963 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2055 | A | 1000000 | 1020774 |

---

*See Notes to Schedule of Investments.* 211

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A |  | $3465000 | $3624786 |
| Metropolitan Transportation Authority NY | 5.50% | 11/15/2047 | A |  | 3135000 | 3369142 |
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 |  | 6945000 | 6950912 |
| New York State Thruway Authority | 4.00% | 1/1/2044 | Aa3 |  | 1120000 | 1091152 |
| New York State Thruway Authority - Junior Lien | 5.00% | 1/1/2036 | A1 |  | 1510000 | 1511815 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 |  | 3625000 | 3531003 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 |  | 3370000 | 3430830 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 |  | 4645000 | 4711234 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 |  | 1500000 | 1574498 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 |  | 1500000 | 1653858 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | BBB | -<sup>(b)</sup> | 860000 | 820844 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2046 | BBB | -<sup>(b)</sup> | 1500000 | 1335696 |
| New York Transportation Development Corp. - Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB | -<sup>(b)</sup> | 5910000 | 5028931 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 |  | 1800000 | 1727116 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 |  | 345000 | 338562 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 |  | 1450000 | 1401312 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 4.00% | 12/1/2041 | Baa1 |  | 2950000 | 2799022 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 |  | 1055000 | 1080327 |
| New York Transportation Development Corp. - JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- |  | 15000000 | 15172989 |

---

212 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% |  | 6/30/2049 | Baa3 | $2500000 | $2517955 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.50% |  | 6/30/2060 | Baa3 | 5380000 | 5427015 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% |  | 6/30/2054 | Baa3 | 10000000 | 10341096 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2041 | Baa2 | 2550000 | 2405557 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2046 | Baa2 | 2315000 | 2006776 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 5.25% |  | 1/1/2050 | AA | 13805000 | 13805552 |
| Port Authority of New York & New Jersey AMT | 5.50% |  | 8/1/2052 | AA- | 4225000 | 4457651 |
| Triborough Bridge & Tunnel Authority NY | 5.25% |  | 11/15/2050 | AA- | 3240000 | 3464999 |
| *Total* |  |  |  |  |  | 128755069 |
| **Utilities 4.02%** |  |  |  |  |  |  |
| Chautauqua County Capital Resource Corp. - NRG Energy Inc NY | 4.25% | <sup>#(a)</sup> | 4/1/2042 | BBB- | 1000000 | 1015166 |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 250000 | 270694 |
| Guam Government Waterworks Authority - Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2045 | A- | 1000000 | 1066645 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% |  | 6/15/2048 | AA+ | 2050000 | 2169498 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% |  | 6/15/2053 | AA+ | 3000000 | 3152783 |
| New York City Municipal Water Finance Authority - New York City Water & Sewer System NY | 5.25% |  | 6/15/2055 | AA+ | 6000000 | 6359254 |
| New York Energy Finance Development Corp. - New York Energy Finance Development Corp | 5.00% | <sup>#(a)</sup> | 7/1/2056 | A1 | 5000000 | 5301815 |
| New York Power Authority | 4.00% |  | 11/15/2050 | Aa1 | 1000000 | 918387 |
| New York State Environmental Facilities Corp. - State of New York State Revolving Fund | 5.25% |  | 6/15/2053 | AAA | 2000000 | 2153787 |

---

*See Notes to Schedule of Investments.* 213

**Schedule of Investments (unaudited)(continued)**

NEW YORK TAX FREE FUND *December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2042 | NR | $700000 | $662361 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% | 7/1/2030 | NR | 500000 | 523558 |
| *Total* |  |  |  |  | 23593948 |
| *Total Municipal Bonds* (cost $614,614,950) |  |  |  |  | 596830543 |
| *Total Investments in Securities 101.79%* (cost $614,614,950) |  |  |  |  | 596830543 |
| *Other Assets and Liabilities – Net*<sup>(e)</sup> *(1.79)%* |  |  |  |  | (10477829) |
| *Net Assets 100.00%* |  |  |  |  | $586352714 |

---

---

| | |
|:---|:---|
| AG | AG Insured by - Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by - Build America Mutual. |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| FGIC | Insured by - Financial Guaranty Insurance Company. |
| FHA | Insured by - Federal Housing Administration. |
| FNMA | Federal National Mortgage Association. |
| NR | Not Rated. |
| TRIPS | Tax Refund Intercept Programs. |
| YoY | Year on Year Inflation Rates. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $26,910,463, which represents 4.59% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(c)</sup> | 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. |
| <sup>(d)</sup> | Securities purchased on a when-issued basis. |
| <sup>(e)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Appreciation** |
| U.S. Long Bond | March 2026 | 62 | Short | $(7230011) | $(7166812) | $63199 |

---

214 *See Notes to Schedule of Investments.*

**Schedule of Investments (unaudited)(concluded)**

NEW YORK TAX FREE FUND *December 31, 2025*

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $596830543 | $– | $596830543 |
| Total | $– | $596830543 | $– | $596830543 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $63199 | $– | $– | $63199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $63199 | $– | $– | $63199 |

---

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Includes Municipal Bonds held in the Trust.

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

*See Notes to Schedule of Investments.* 215

**Notes to Schedule of Investments (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

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

The Company currently consists of the following eight funds Lord Abbett Short Duration Tax Free Fund ("Short Duration"), Lord Abbett Intermediate Tax Free Fund ("Intermediate"), Lord Abbett National Tax-Free Income Fund ("National"), Lord Abbett High Income Municipal Bond Fund ("High Income"), Lord Abbett Short Duration High Income Municipal Bond Fund ("Short Duration High Income"), Lord Abbett California Tax-Free Income Fund ("California"), Lord Abbett New Jersey Tax-Free Income Fund ("New Jersey"), Lord Abbett New York Tax-Free Income Fund ("New York") (separately, a "Fund" and collectively, the "Funds").

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

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

---

| | |
|:---|:---|
| (a) | **Investment Valuation** **–**Under procedures approved by the Funds' Board of Trustees (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord, Abbett & Co. LLC ("Lord Abbett") as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Fixed Income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. |
|  | 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. Investments in open-ended money market funds are valued at their net asset value as of the close of each business day. |
|  | **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 |

---

**Notes to Schedule of Investments (unaudited)(continued)**

use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments,
 interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including each Fund's own assumptions
 in determining the fair value of investments).

---

| |
|:---|
| A summary of inputs used in valuing each Fund's investments and other financial instruments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the period then ended is included in each Fund's Schedule of Investments. |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **FEDERAL TAX INFORMATION** 

It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **SECURITIES LENDING AGREEMENT** 

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

**Notes to Schedule of Investments (unaudited)(concluded)**

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

As of December 31, 2025, the Fund did not have any securities on loan.

QPHR-MUNI-1Q<br> (02/26)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LORD ABBETT MUNICIPAL INCOME FUND INC

- **b. Investment Company Act file number:** 811-03942

- **c. CIK number of Registrant:** 0000737800

- **d. LEI of Registrant:** 549300XUEL89M6K51F43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 HUDSON STREET

  - **City:** JERSEY CITY

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07302

  - **Telephone number:** 201-827-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lord Abbett New Jersey Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000007538

- **c. LEI of Series:** U1PX4M4F5WIL6YZEDE72

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $169262379.27

**Total Liabilities:** $631541.65

**Net Assets:** $168630837.62

**Cash Not Reported:** $46369.78

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -334.54000000 | **1-Year:** -5390.54000000 | **5-Year:** -22477.37000000 | **10-Year:** -68325.73000000 | **30-Year:** -25241.96000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -22.41000000 | **1-Year:** -644.16000000 | **5-Year:** -1707.25000000 | **10-Year:** -3237.77000000 | **30-Year:** -1652.06000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020593 | 1.55%                | 0.27%                | -0.16%               |
| Class ID C000054747 | 1.34%                | 0.28%                | 0.06%                |
| Class ID C000096846 | 1.35%                | 0.29%                | 0.07%                |
| Class ID C000188223 | 1.36%                | 0.29%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1864599.22                                |
| Month 2  | $4599.88                 | $28850.96                                  |
| Month 3  | $-4460.29                | $-521459.04                                |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATLANTIC CITY NJ                                             | City of Atlantic City NJ                                 | CUSIP: 048339VK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757734.45    | 0.45%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY NJ IMPT AUTH SCH REVENUE                         | Camden County Improvement Authority/The                  | CUSIP: 13281PAB3<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    615000 | PA      | $641893.58    | 0.38%             | 2047-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | Casino Reinvestment Development Authority Inc            | CUSIP: 14760RBJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $369313.10    | 0.22%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | Casino Reinvestment Development Authority Inc            | CUSIP: 14760RBQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $307405.87    | 0.18%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | Casino Reinvestment Development Authority Inc            | CUSIP: 14760RBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1194165.13   | 0.71%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE           | Casino Reinvestment Development Authority Inc            | CUSIP: 14760RCN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209641.70    | 0.12%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIVER & BAY AUTH DE REVENUE                         | Delaware River & Bay Authority                           | CUSIP: 246317GV7<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |    515000 | PA      | $509428.68    | 0.30%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIVER & BAY AUTH DE REVENUE                         | Delaware River & Bay Authority                           | CUSIP: 246317KC4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1320103.38   | 0.78%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIVER PA JT TOLL BRIDGE COMMISSION                  | Delaware River Joint Toll Bridge Commission              | CUSIP: 246343ML8<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $756505.04    | 0.45%             | 2049-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GARDEN ST PRESERVATION TRUST NJ OPEN SPACE & FARMLAND PRESER | Garden State Preservation Trust                          | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $809814.92    | 0.48%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY NJ IMPT AUTH                                 | Gloucester County Improvement Authority/The              | CUSIP: 37970PLW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031500.00   | 0.61%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY NJ IMPT AUTH                                 | Gloucester County Improvement Authority/The              | CUSIP: 37970PNH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $652058.76    | 0.39%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | Guam Government Waterworks Authority                     | CUSIP: 40065FFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1077362.82   | 0.64%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | Territory of Guam                                        | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241320.18    | 0.14%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE TAX REVENUE                     | Territory of Guam                                        | CUSIP: 40065NDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $274891.18    | 0.16%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY NJ                                               | County of Hudson NJ                                      | CUSIP: 4437267S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846742.70    | 0.50%             | 2035-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY NJ IMPT AUTH LEASE REVENUE                       | Hudson County Improvement Authority                      | CUSIP: 443730RA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $469929.95    | 0.28%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ                                               | City of Jersey City NJ                                   | CUSIP: 476576WJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774681.38    | 0.46%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ MUNI UTILITIESAUTH                            | Jersey City Municipal Utilities Authority                | CUSIP: 476623DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1788114.72   | 1.06%             | 2055-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ MUNI UTILITIES AUTH                           | Jersey City Municipal Utilities Authority                | CUSIP: 476624DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528915.10    | 0.31%             | 2054-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIDDLESEX CNTY NJ IMPT AUTH LEASE REVENUE                    | Middlesex County Improvement Authority                   | CUSIP: 596564RB2<br>LEI: 549300QDGS1CLXDHV188 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962229.90    | 0.57%             | 2053-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIDDLESEX CNTY NJ IMPT AUTH LEASE REVENUE                    | Middlesex County Improvement Authority                   | CUSIP: 596564RX4<br>LEI: 549300QDGS1CLXDHV188 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2137636.28   | 1.27%             | 2053-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTCLAIR ST UNIV NJ                                         | Montclair State University Inc                           | CUSIP: 612232AL2<br>LEI: 549300LQ4GTF89QODQ90 | Long             | DBT              | MUN               | US        |    250000 | PA      | $289293.88    | 0.17%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTCLAIR ST UNIV NJ                                         | Montclair State University Inc                           | CUSIP: 612232AR9<br>LEI: 549300LQ4GTF89QODQ90 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222609.08    | 0.13%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                                  | New Jersey Economic Development Authority                | CUSIP: 645779CB3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1477991.76   | 0.88%             | 2042-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                                  | New Jersey Economic Development Authority                | CUSIP: 645779CG2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1129107.09   | 0.67%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 64577B4L5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265597.88   | 0.75%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 64577B5G5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507061.55    | 0.30%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 64577BHW7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239329.28    | 0.14%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | New Jersey Economic Development Authority                | CUSIP: 64577HMG3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    299414 | PA      | $308702.14    | 0.18%             | 2028-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | New Jersey Economic Development Authority                | CUSIP: 64577HSP7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220372.97    | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | New Jersey Economic Development Authority                | CUSIP: 64577HSQ5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    415000 | PA      | $414701.86    | 0.25%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH ENERGY FAC REVENUE               | New Jersey Economic Development Authority                | CUSIP: 64577QAE1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000464.00   | 0.59%             | 2032-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REV                              | New Jersey Economic Development Authority                | CUSIP: 64577XBF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    275000 | PA      | $261115.77    | 0.15%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REV                              | New Jersey Economic Development Authority                | CUSIP: 64577XED4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    860000 | PA      | $902421.48    | 0.54%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | New Jersey Economic Development Authority                | CUSIP: 645780FK8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $435939.25    | 0.26%             | 2059-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | New Jersey Economic Development Authority                | CUSIP: 645780FL6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $472496.70    | 0.28%             | 2039-10-01      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WTR FACS REVENUE                 | New Jersey Economic Development Authority                | CUSIP: 645780FT9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607143.18    | 0.36%             | 2034-11-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | New Jersey Economic Development Authority                | CUSIP: 64578CAH4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1181540.37   | 0.70%             | 2029-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | New Jersey Economic Development Authority                | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    650000 | PA      | $651448.79    | 0.39%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | New Jersey Economic Development Authority                | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    295000 | PA      | $300007.89    | 0.18%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | New Jersey Economic Development Authority                | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1440567.94   | 0.85%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                                  | New Jersey Economic Development Authority                | CUSIP: 64578EKA4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    900000 | PA      | $916594.56    | 0.54%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                                  | New Jersey Economic Development Authority                | CUSIP: 64578EKB2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    540000 | PA      | $544661.23    | 0.32%             | 2047-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH                                  | New Jersey Economic Development Authority                | CUSIP: 64578EMA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1161102.36   | 0.69%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE      | New Jersey Economic Development Authority                | CUSIP: 64578JBF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500858.50    | 0.30%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH DOCK & WHARF FAC REVENUE         | New Jersey Economic Development Authority                | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517726.40    | 0.31%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790BQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100628.16    | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790BY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003565.30   | 0.60%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790CA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2639961.18   | 1.57%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1159975.61   | 0.69%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2305305.24   | 1.37%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1228583.21   | 0.73%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $447514.53    | 0.27%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1376058.90   | 0.82%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790QE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1025409.84   | 0.61%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1585032.15   | 0.94%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1808801.02   | 1.07%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 645790UR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1518740.74   | 0.90%             | 2054-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE               | New Jersey Health Care Facilities Financing Authority    | CUSIP: 64579F7P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1276812.03   | 0.76%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INSTITUTE OF TECHNOLOGY                           | New Jersey Institute of Technology/NJ                    | CUSIP: 64579RDV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $579650.40    | 0.34%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INSTITUTE OF TECHNOLOGY                           | New Jersey Institute of Technology/NJ                    | CUSIP: 64579REF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535436.95    | 0.32%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH ST CONTRACT           | New Jersey Health Care Facilities Financing Authority    | CUSIP: 64580ABZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036298.00   | 0.61%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HLTH CARE FACS FING AUTH ST CONTRACT           | New Jersey Health Care Facilities Financing Authority    | CUSIP: 64580ACA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $537578.65    | 0.32%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INFRASTRUCTURE BANK                               | New Jersey Infrastructure Bank                           | CUSIP: 64580CJZ1<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    520000 | PA      | $322178.53    | 0.19%             | 2046-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INFRASTRUCTURE BANK                               | New Jersey Infrastructure Bank                           | CUSIP: 64580CNN3<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524396.95    | 0.31%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INFRASTRUCTURE BANK                               | New Jersey Infrastructure Bank                           | CUSIP: 64580CQC4<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    800000 | PA      | $852319.76    | 0.51%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INFRASTRUCTURE BANK                               | New Jersey Infrastructure Bank                           | CUSIP: 64580CQW0<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9743.46      | 0.01%             | 2046-09-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INFRASTRUCTURE BANK                               | New Jersey Infrastructure Bank                           | CUSIP: 64580CRQ2<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    440000 | PA      | $279930.46    | 0.17%             | 2046-09-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 6459182B8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    925000 | PA      | $930080.84    | 0.55%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 6459182C6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210176.27    | 0.12%             | 2052-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1711790.71   | 1.02%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 645918Z63<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.15%             | 2026-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 645918Z89<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100183.90    | 0.06%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH REVENUE                          | New Jersey Economic Development Authority                | CUSIP: 645918Z97<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    225000 | PA      | $226287.50    | 0.13%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                                | State of New Jersey                                      | CUSIP: 646039XM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1263290.54   | 0.75%             | 2038-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 6460666K1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $175906.66    | 0.10%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 6460666L9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $979427.30    | 0.58%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 6460667A2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    480000 | PA      | $392808.62    | 0.23%             | 2049-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066A83<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    335000 | PA      | $336931.88    | 0.20%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066B66<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    545000 | PA      | $477503.17    | 0.28%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066F47<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    435000 | PA      | $441897.06    | 0.26%             | 2033-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066F54<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    545000 | PA      | $551038.38    | 0.33%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066K90<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    530000 | PA      | $545660.71    | 0.32%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066M23<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755953.15   | 1.04%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646066UZ1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    800000 | PA      | $803349.60    | 0.48%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067AV0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $224049.40    | 0.13%             | 2039-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067AW8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $220587.95    | 0.13%             | 2040-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067DG0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    745000 | PA      | $743816.34    | 0.44%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067ED6<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    545000 | PA      | $551066.89    | 0.33%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067FM5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1277640.81   | 0.76%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067FW3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $782514.83    | 0.46%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067GY8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3635000 | PA      | $3917518.74   | 2.32%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067HN1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    355000 | PA      | $406460.76    | 0.24%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067JK5<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    845000 | PA      | $931264.44    | 0.55%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067JN9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532531.45    | 0.32%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | New Jersey Educational Facilities Authority              | CUSIP: 646067KE7<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166560.10   | 0.69%             | 2064-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | New Jersey Higher Education Student Assistance Authority | CUSIP: 646080TV3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208111.98    | 0.12%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | New Jersey Higher Education Student Assistance Authority | CUSIP: 646080UN9<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    110000 | PA      | $107022.06    | 0.06%             | 2039-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | New Jersey Higher Education Student Assistance Authority | CUSIP: 646080VY4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    605000 | PA      | $570661.41    | 0.34%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE                  | New Jersey Housing & Mortgage Finance Agency             | CUSIP: 646108D56<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $75049.01     | 0.04%             | 2053-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 6461364K4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    470000 | PA      | $475903.81    | 0.28%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 6461366L0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500250.65    | 0.30%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 6461366M8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053559.10   | 0.62%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $971809.81    | 0.58%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    550000 | PA      | $405008.29    | 0.24%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 646136WK3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $685140.06    | 0.41%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 646136XJ5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1650781.64   | 0.98%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CBP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    750000 | PA      | $552284.03    | 0.33%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CDQ8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498358.25    | 0.30%             | 2044-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    800000 | PA      | $833522.16    | 0.49%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CEH7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3340342.96   | 1.98%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CEM6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    465000 | PA      | $536786.84    | 0.32%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222893.92    | 0.13%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CEW4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    435000 | PA      | $424337.98    | 0.25%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CFM5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    385000 | PA      | $406075.25    | 0.24%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CFY9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136934.10   | 0.67%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3005000 | PA      | $3155292.97   | 1.87%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1021778.45   | 0.61%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3905000 | PA      | $4073638.99   | 2.42%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CHL5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2178248.60   | 1.29%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CHQ4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515199.35    | 0.31%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | New Jersey Transportation Trust Fund Authority           | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1231512.12   | 0.73%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140DC4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949152.40    | 0.56%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140EF6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    610000 | PA      | $598884.34    | 0.36%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140EQ2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    270000 | PA      | $289702.12    | 0.17%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140ES8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1312136.25   | 0.78%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140EU3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1319052.38   | 0.78%             | 2052-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140FZ1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2959618.76   | 1.76%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140GC1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    835000 | PA      | $890753.37    | 0.53%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140GD9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1855691.43   | 1.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140JD6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $3065414.40   | 1.82%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140JF1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    660000 | PA      | $707577.62    | 0.42%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140JS3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    660000 | PA      | $770499.05    | 0.46%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                            | CUSIP: 646140JT1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1224368.46   | 0.73%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ MASS TRANSIT ACCESS TRANSIT TAX REVENUE            | City of Newark NJ Mass Transit Access Tax Revenue        | CUSIP: 650360AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1789517.06   | 1.06%             | 2052-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OCEAN CNTY NJ                                                | County of Ocean NJ                                       | CUSIP: 674736NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002207.70   | 0.59%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY NJ IMPT AUTH FACS REVENUE                       | Passaic County Improvement Authority/The                 | CUSIP: 702754CY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763141.50    | 0.45%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY NJ IMPT AUTH CNTY GTD GOVTL LOAN REVENUE        | Passaic County Improvement Authority/The                 | CUSIP: 70275PBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $458297.01    | 0.27%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC VLY NJ SEWAGE COMMISSIONERS                          | Passaic Valley Sewerage Commission                       | CUSIP: 702826LK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917563.90    | 0.54%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PLAINFIELD NJ BRD OF EDU                                     | Plainfield Board of Education                            | CUSIP: 726349DG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $481413.46    | 0.29%             | 2043-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358W3F9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    750000 | PA      | $784434.38    | 0.47%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358WD35<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    600000 | PA      | $605461.26    | 0.36%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358WS70<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    415000 | PA      | $428597.97    | 0.25%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358WX74<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    870000 | PA      | $850837.38    | 0.50%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XFK3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    825000 | PA      | $889095.41    | 0.53%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XGF3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1404632.42   | 0.83%             | 2052-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XHW5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    635000 | PA      | $698338.33    | 0.41%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XJJ2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    360000 | PA      | $375673.93    | 0.22%             | 2053-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XJR4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521920.80    | 0.31%             | 2053-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XKM3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516259.35    | 0.31%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XLB6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $575230.05    | 0.34%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XMD1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533119.45    | 0.32%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XND0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3525134.18   | 2.09%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XNL2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    555000 | PA      | $618691.47    | 0.37%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XNN8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    605000 | PA      | $683872.88    | 0.41%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XNP3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1078008.43   | 0.64%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XPQ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $577128.55    | 0.34%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XQX3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    750000 | PA      | $805353.45    | 0.48%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                  | CUSIP: 73358XRJ3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1701300.90   | 1.01%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     45175 | PA      | $46147.13     | 0.03%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     44442 | PA      | $47105.92     | 0.03%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     43166 | PA      | $47447.11     | 0.03%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     40933 | PA      | $40949.76     | 0.02%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     36793 | PA      | $36187.07     | 0.02%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     31578 | PA      | $30642.23     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     52676 | PA      | $38180.38     | 0.02%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                           | Commonwealth of Puerto Rico                              | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    156961 | PA      | $100651.27    | 0.06%             | 2043-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE               | Puerto Rico Commonwealth Aqueduct & Sewer Authority      | CUSIP: 745160SG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261778.85    | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE               | Puerto Rico Commonwealth Aqueduct & Sewer Authority      | CUSIP: 745160UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $359567.55    | 0.21%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     19000 | PA      | $19012.38     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1429000 | PA      | $1349089.89   | 0.80%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $193381.69    | 0.11%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    699000 | PA      | $530482.28    | 0.31%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $672615.64    | 0.40%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    596000 | PA      | $583860.61    | 0.35%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    527000 | PA      | $516266.01    | 0.31%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     18000 | PA      | $16330.80     | 0.01%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    149000 | PA      | $139349.66    | 0.08%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue   | CUSIP: 74529JRR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $380247.53    | 0.23%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| RUTHERFORD NJ BRD OF EDU                                     | Rutherford Board of Education                            | CUSIP: 783311HC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903638.90    | 0.54%             | 2034-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP                                    | South Jersey Port Corp                                   | CUSIP: 838530RD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $884458.66    | 0.52%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP                                    | South Jersey Port Corp                                   | CUSIP: 838530RE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1037143.75   | 0.62%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP                                    | South Jersey Port Corp                                   | CUSIP: 838530RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1955179.86   | 1.16%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536LL2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    750000 | PA      | $790397.18    | 0.47%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536LP3<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516102.90    | 0.31%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536LQ1<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $974914.38    | 0.58%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536MP2<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    450000 | PA      | $448147.04    | 0.27%             | 2047-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536MQ0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    850000 | PA      | $883032.36    | 0.52%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1812752.96   | 1.07%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRANSPRTN SYS REVENUE             | South Jersey Transportation Authority                    | CUSIP: 838536NP1<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    100000 | PA      | $111480.40    | 0.07%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                                   | FIXED INC CLEARING CORP.REPO                             | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    629414 | PA      | $629414.33    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES      | Tender Option Bond Trust Receipts/Certificates           | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    835000 | PA      | $900758.87    | 0.53%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP NJ                              | Tobacco Settlement Financing Corp/NJ                     | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985730.90    | 0.58%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP NJ                              | Tobacco Settlement Financing Corp                        | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997499.70    | 0.59%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP NJ                              | Tobacco Settlement Financing Corp                        | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2328306.20   | 1.38%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NJ IMPT AUTH                                      | Union County Improvement Authority                       | CUSIP: 906347YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242082.95    | 0.14%             | 2054-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NJ UTILITIES AUTH RESOURCE RECOVERY FAC LEASE REV | Union County Utilities Authority                         | CUSIP: 906363AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $920350.52    | 0.55%             | 2031-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                       | US LONG BOND(CBT) MAR26                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -16 | NC      | $16309.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** LORD ABBETT MUNICIPAL INCOME FUND INC

**Signature:** Michael Hebert

**Name of Signer:** Michael Hebert

**Title:** Chief Financial Officer