# EDGAR Filing Document

**Accession Number:** 0000737800
**File Stem:** 0000930413-26-001792
**Filing Date:** 2026-6
**Character Count:** 891182
**Document Hash:** d7bc0a3c6f06fa97e691062ff51783fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-001792.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0000930413-26-001792

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03942
- **FILM NUMBER:** 261060094

**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 California Tax-Free Income Fund (Series ID: S000007531)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020576 | Class A      | LCFIX           |
| C000020577 | Class C      | CALAX           |
| C000054742 | Class F      | LCFFX           |
| C000096845 | Class I      | CAILX           |
| C000188221 | Class F3     | LCFOX           |

### Lord Abbett National Tax-Free Income Fund (Series ID: S000007537)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020589 | Class A      | LANSX           |
| C000020591 | Class C      | LTNSX           |
| C000050290 | Class I      | LTNIX           |
| C000054746 | Class F      | LANFX           |
| C000188222 | Class F3     | LONSX           |

### 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           |

### Lord Abbett New York Tax-Free Income Fund (Series ID: S000007539)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020595 | Class A      | LANYX           |
| C000020596 | Class C      | NYLAX           |
| C000054748 | Class F      | LNYFX           |
| C000096847 | Class I      | NYLIX           |
| C000188224 | Class F3     | LONYX           |

### Lord Abbett High Income Municipal Bond Fund (Series ID: S000031145)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096621 | Class A      | HYMAX           |
| C000096623 | Class C      | HYMCX           |
| C000096624 | Class F      | HYMFX           |
| C000096625 | Class I      | HYMIX           |
| C000188226 | Class F3     | HYMOX           |

### Lord Abbett Intermediate Tax Free Fund (Series ID: S000031146)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096627 | Class F      | LISFX           |
| C000096628 | Class I      | LAIIX           |
| C000096630 | Class A      | LISAX           |
| C000096632 | Class C      | LISCX           |
| C000188227 | Class F3     | LOISX           |

### Lord Abbett Short Duration Tax Free Fund (Series ID: S000031147)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096633 | Class A      | LSDAX           |
| C000096635 | Class C      | LSDCX           |
| C000096636 | Class F      | LSDFX           |
| C000096637 | Class I      | LISDX           |
| C000188228 | Class F3     | LSDOX           |

### Lord Abbett Short Duration High Income Municipal Bond Fund (Series ID: S000049302)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000155633 | Class A      | SDHAX           |
| C000155634 | Class C      | SDHCX           |
| C000155635 | Class F      | SDHFX           |
| C000155636 | Class I      | SDHIX           |
| C000188229 | Class F3     | HYMQX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-03942

**LORD ABBETT MUNICIPAL INCOME FUND, INC.**

(Exact name of Registrant as specified in charter)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 3/31/2026

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### HYMAX

# Lord Abbett High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $44 | 0.87%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4355247183 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 10% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.19%

* A-0.67%

* A+2.54%

* AA3.91%

* AA-1.94%

* AA+0.95%

* AAA0.84%

* B1.03%

* B-2.10%

* B+1.53%

* BB2.09%

* BB-0.64%

* BB+13.21%

* BBB4.81%

* BBB-9.95%

* BBB+1.61%

* CC0.12%

* CCC0.34%

* CCC-0.80%

* CCC+0.25%

* NR46.48%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1430-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### HYMCX

# Lord Abbett High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.50%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4355247183 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 10% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.19%

* A-0.67%

* A+2.54%

* AA3.91%

* AA-1.94%

* AA+0.95%

* AAA0.84%

* B1.03%

* B-2.10%

* B+1.53%

* BB2.09%

* BB-0.64%

* BB+13.21%

* BBB4.81%

* BBB-9.95%

* BBB+1.61%

* CC0.12%

* CCC0.34%

* CCC-0.80%

* CCC+0.25%

* NR46.48%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1432-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### HYMFX

# Lord Abbett High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $39 | 0.77%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4355247183 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 10% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.19%

* A-0.67%

* A+2.54%

* AA3.91%

* AA-1.94%

* AA+0.95%

* AAA0.84%

* B1.03%

* B-2.10%

* B+1.53%

* BB2.09%

* BB-0.64%

* BB+13.21%

* BBB4.81%

* BBB-9.95%

* BBB+1.61%

* CC0.12%

* CCC0.34%

* CCC-0.80%

* CCC+0.25%

* NR46.48%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1038-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### HYMOX

# Lord Abbett High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4355247183 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 10% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.19%

* A-0.67%

* A+2.54%

* AA3.91%

* AA-1.94%

* AA+0.95%

* AAA0.84%

* B1.03%

* B-2.10%

* B+1.53%

* BB2.09%

* BB-0.64%

* BB+13.21%

* BBB4.81%

* BBB-9.95%

* BBB+1.61%

* CC0.12%

* CCC0.34%

* CCC-0.80%

* CCC+0.25%

* NR46.48%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8986-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### HYMIX

# Lord Abbett High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.67%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4355247183 |
| # of Portfolio Holdings | 603 |
| Portfolio Turnover Rate | 10% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.19%

* A-0.67%

* A+2.54%

* AA3.91%

* AA-1.94%

* AA+0.95%

* AAA0.84%

* B1.03%

* B-2.10%

* B+1.53%

* BB2.09%

* BB-0.64%

* BB+13.21%

* BBB4.81%

* BBB-9.95%

* BBB+1.61%

* CC0.12%

* CCC0.34%

* CCC-0.80%

* CCC+0.25%

* NR46.48%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1451-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### LCFIX

# Lord Abbett California Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.82%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $705308053 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A11.31%

* A-3.58%

* A+6.16%

* AA26.91%

* AA-20.43%

* AA+3.86%

* AAA1.70%

* B+0.06%

* BB0.91%

* BB+3.06%

* BBB3.91%

* BBB-4.56%

* BBB+6.00%

* CCC0.09%

* CCC+0.50%

* NR6.96%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### CALAX

# Lord Abbett California Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $73 | 1.46%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $705308053 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A11.31%

* A-3.58%

* A+6.16%

* AA26.91%

* AA-20.43%

* AA+3.86%

* AAA1.70%

* B+0.06%

* BB0.91%

* BB+3.06%

* BBB3.91%

* BBB-4.56%

* BBB+6.00%

* CCC0.09%

* CCC+0.50%

* NR6.96%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-670-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### LCFFX

# Lord Abbett California Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $36 | 0.72%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $705308053 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A11.31%

* A-3.58%

* A+6.16%

* AA26.91%

* AA-20.43%

* AA+3.86%

* AAA1.70%

* B+0.06%

* BB0.91%

* BB+3.06%

* BBB3.91%

* BBB-4.56%

* BBB+6.00%

* CCC0.09%

* CCC+0.50%

* NR6.96%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1030-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### LCFOX

# Lord Abbett California Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $30 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $705308053 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A11.31%

* A-3.58%

* A+6.16%

* AA26.91%

* AA-20.43%

* AA+3.86%

* AAA1.70%

* B+0.06%

* BB0.91%

* BB+3.06%

* BBB3.91%

* BBB-4.56%

* BBB+6.00%

* CCC0.09%

* CCC+0.50%

* NR6.96%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8985-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### CAILX

# Lord Abbett California Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.62%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $705308053 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A11.31%

* A-3.58%

* A+6.16%

* AA26.91%

* AA-20.43%

* AA+3.86%

* AAA1.70%

* B+0.06%

* BB0.91%

* BB+3.06%

* BBB3.91%

* BBB-4.56%

* BBB+6.00%

* CCC0.09%

* CCC+0.50%

* NR6.96%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3325-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### LISAX

# Lord Abbett Intermediate Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $36 | 0.71%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $5463859080 |
| # of Portfolio Holdings | 924 |
| Portfolio Turnover Rate | 18% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.83%

* A-4.25%

* A+16.62%

* AA11.69%

* AA-8.42%

* AA+8.67%

* AAA6.92%

* B0.27%

* B-0.31%

* B+0.52%

* BB1.77%

* BB-0.28%

* BB+3.24%

* BBB5.82%

* BBB-4.93%

* BBB+5.09%

* CCC+0.18%

* NR8.19%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1409-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### LISCX

# Lord Abbett Intermediate Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $67 | 1.33%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $5463859080 |
| # of Portfolio Holdings | 924 |
| Portfolio Turnover Rate | 18% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.83%

* A-4.25%

* A+16.62%

* AA11.69%

* AA-8.42%

* AA+8.67%

* AAA6.92%

* B0.27%

* B-0.31%

* B+0.52%

* BB1.77%

* BB-0.28%

* BB+3.24%

* BBB5.82%

* BBB-4.93%

* BBB+5.09%

* CCC+0.18%

* NR8.19%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1411-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### LISFX

# Lord Abbett Intermediate Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $5463859080 |
| # of Portfolio Holdings | 924 |
| Portfolio Turnover Rate | 18% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.83%

* A-4.25%

* A+16.62%

* AA11.69%

* AA-8.42%

* AA+8.67%

* AAA6.92%

* B0.27%

* B-0.31%

* B+0.52%

* BB1.77%

* BB-0.28%

* BB+3.24%

* BBB5.82%

* BBB-4.93%

* BBB+5.09%

* CCC+0.18%

* NR8.19%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1039-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### LOISX

# Lord Abbett Intermediate Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $5463859080 |
| # of Portfolio Holdings | 924 |
| Portfolio Turnover Rate | 18% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.83%

* A-4.25%

* A+16.62%

* AA11.69%

* AA-8.42%

* AA+8.67%

* AAA6.92%

* B0.27%

* B-0.31%

* B+0.52%

* BB1.77%

* BB-0.28%

* BB+3.24%

* BBB5.82%

* BBB-4.93%

* BBB+5.09%

* CCC+0.18%

* NR8.19%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8987-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### LAIIX

# Lord Abbett Intermediate Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $26 | 0.51%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $5463859080 |
| # of Portfolio Holdings | 924 |
| Portfolio Turnover Rate | 18% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.83%

* A-4.25%

* A+16.62%

* AA11.69%

* AA-8.42%

* AA+8.67%

* AAA6.92%

* B0.27%

* B-0.31%

* B+0.52%

* BB1.77%

* BB-0.28%

* BB+3.24%

* BBB5.82%

* BBB-4.93%

* BBB+5.09%

* CCC+0.18%

* NR8.19%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3326-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### LANSX

# Lord Abbett National Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $41 | 0.81%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4814052700 |
| # of Portfolio Holdings | 709 |
| Portfolio Turnover Rate | 17% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.57%

* A-3.04%

* A+12.27%

* AA14.98%

* AA-6.84%

* AA+8.40%

* AAA4.22%

* B0.07%

* B-0.62%

* B+0.27%

* BB1.14%

* BB-0.14%

* BB+3.92%

* BBB6.41%

* BBB-10.56%

* BBB+6.16%

* CCC+0.51%

* NR7.88%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-6-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### LTNSX

# Lord Abbett National Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $72 | 1.44%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4814052700 |
| # of Portfolio Holdings | 709 |
| Portfolio Turnover Rate | 17% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.57%

* A-3.04%

* A+12.27%

* AA14.98%

* AA-6.84%

* AA+8.40%

* AAA4.22%

* B0.07%

* B-0.62%

* B+0.27%

* BB1.14%

* BB-0.14%

* BB+3.92%

* BBB6.41%

* BBB-10.56%

* BBB+6.16%

* CCC+0.51%

* NR7.88%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-669-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### LANFX

# Lord Abbett National Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $36 | 0.71%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4814052700 |
| # of Portfolio Holdings | 709 |
| Portfolio Turnover Rate | 17% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.57%

* A-3.04%

* A+12.27%

* AA14.98%

* AA-6.84%

* AA+8.40%

* AAA4.22%

* B0.07%

* B-0.62%

* B+0.27%

* BB1.14%

* BB-0.14%

* BB+3.92%

* BBB6.41%

* BBB-10.56%

* BBB+6.16%

* CCC+0.51%

* NR7.88%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1034-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### LONSX

# Lord Abbett National Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $28 | 0.56%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4814052700 |
| # of Portfolio Holdings | 709 |
| Portfolio Turnover Rate | 17% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.57%

* A-3.04%

* A+12.27%

* AA14.98%

* AA-6.84%

* AA+8.40%

* AAA4.22%

* B0.07%

* B-0.62%

* B+0.27%

* BB1.14%

* BB-0.14%

* BB+3.92%

* BBB6.41%

* BBB-10.56%

* BBB+6.16%

* CCC+0.51%

* NR7.88%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8988-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### LTNIX

# Lord Abbett National Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $4814052700 |
| # of Portfolio Holdings | 709 |
| Portfolio Turnover Rate | 17% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.57%

* A-3.04%

* A+12.27%

* AA14.98%

* AA-6.84%

* AA+8.40%

* AAA4.22%

* B0.07%

* B-0.62%

* B+0.27%

* BB1.14%

* BB-0.14%

* BB+3.92%

* BBB6.41%

* BBB-10.56%

* BBB+6.16%

* CCC+0.51%

* NR7.88%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1452-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### LANJX

# Lord Abbett New Jersey Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $42 | 0.84%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $172859708 |
| # of Portfolio Holdings | 199 |
| Portfolio Turnover Rate | 3% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A7.30%

* A-3.57%

* A+24.97%

* AA13.89%

* AA-26.95%

* AA+0.85%

* AAA5.62%

* B+0.14%

* BB+2.40%

* BBB2.50%

* BBB-3.40%

* BBB+3.64%

* NR4.77%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-20-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### LNJFX

# Lord Abbett New Jersey Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $37 | 0.74%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $172859708 |
| # of Portfolio Holdings | 199 |
| Portfolio Turnover Rate | 3% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A7.30%

* A-3.57%

* A+24.97%

* AA13.89%

* AA-26.95%

* AA+0.85%

* AAA5.62%

* B+0.14%

* BB+2.40%

* BBB2.50%

* BBB-3.40%

* BBB+3.64%

* NR4.77%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1035-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### LONJX

# Lord Abbett New Jersey Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $172859708 |
| # of Portfolio Holdings | 199 |
| Portfolio Turnover Rate | 3% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A7.30%

* A-3.57%

* A+24.97%

* AA13.89%

* AA-26.95%

* AA+0.85%

* AAA5.62%

* B+0.14%

* BB+2.40%

* BBB2.50%

* BBB-3.40%

* BBB+3.64%

* NR4.77%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8989-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### LINJX

# Lord Abbett New Jersey Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $172859708 |
| # of Portfolio Holdings | 199 |
| Portfolio Turnover Rate | 3% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A7.30%

* A-3.57%

* A+24.97%

* AA13.89%

* AA-26.95%

* AA+0.85%

* AAA5.62%

* B+0.14%

* BB+2.40%

* BBB2.50%

* BBB-3.40%

* BBB+3.64%

* NR4.77%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3327-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### LSDAX

# Lord Abbett Short Duration Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $1718068772 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 35% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A17.58%

* A-8.45%

* A+15.77%

* AA9.79%

* AA-8.16%

* AA+12.44%

* AAA5.83%

* B0.06%

* BB1.01%

* BB+0.36%

* BBB2.18%

* BBB-3.48%

* BBB+3.39%

* CCC+0.57%

* NR10.93%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2074-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### LSDCX

# Lord Abbett Short Duration Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $64 | 1.29%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $1718068772 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 35% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A17.58%

* A-8.45%

* A+15.77%

* AA9.79%

* AA-8.16%

* AA+12.44%

* AAA5.83%

* B0.06%

* BB1.01%

* BB+0.36%

* BBB2.18%

* BBB-3.48%

* BBB+3.39%

* CCC+0.57%

* NR10.93%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2076-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### LSDFX

# Lord Abbett Short Duration Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $28 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $1718068772 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 35% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A17.58%

* A-8.45%

* A+15.77%

* AA9.79%

* AA-8.16%

* AA+12.44%

* AAA5.83%

* B0.06%

* BB1.01%

* BB+0.36%

* BBB2.18%

* BBB-3.48%

* BBB+3.39%

* CCC+0.57%

* NR10.93%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2078-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### LSDOX

# Lord Abbett Short Duration Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $21 | 0.41%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $1718068772 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 35% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A17.58%

* A-8.45%

* A+15.77%

* AA9.79%

* AA-8.16%

* AA+12.44%

* AAA5.83%

* B0.06%

* BB1.01%

* BB+0.36%

* BBB2.18%

* BBB-3.48%

* BBB+3.39%

* CCC+0.57%

* NR10.93%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8992-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### LISDX

# Lord Abbett Short Duration Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $1718068772 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 35% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A17.58%

* A-8.45%

* A+15.77%

* AA9.79%

* AA-8.16%

* AA+12.44%

* AAA5.83%

* B0.06%

* BB1.01%

* BB+0.36%

* BBB2.18%

* BBB-3.48%

* BBB+3.39%

* CCC+0.57%

* NR10.93%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2077-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### LANYX

# Lord Abbett New York Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $43 | 0.85%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $590836462 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.18%

* A-2.40%

* A+4.83%

* AA12.51%

* AA-3.90%

* AA+14.55%

* AAA9.76%

* B0.89%

* B-0.51%

* B+1.10%

* BB1.54%

* BB-0.65%

* BB+0.54%

* BBB9.69%

* BBB-13.04%

* BBB+7.21%

* CC0.25%

* NR7.45%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-7-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### NYLAX

# Lord Abbett New York Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $75 | 1.50%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $590836462 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.18%

* A-2.40%

* A+4.83%

* AA12.51%

* AA-3.90%

* AA+14.55%

* AAA9.76%

* B0.89%

* B-0.51%

* B+1.10%

* BB1.54%

* BB-0.65%

* BB+0.54%

* BBB9.69%

* BBB-13.04%

* BBB+7.21%

* CC0.25%

* NR7.45%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-671-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### LNYFX

# Lord Abbett New York Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $38 | 0.75%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $590836462 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.18%

* A-2.40%

* A+4.83%

* AA12.51%

* AA-3.90%

* AA+14.55%

* AAA9.76%

* B0.89%

* B-0.51%

* B+1.10%

* BB1.54%

* BB-0.65%

* BB+0.54%

* BBB9.69%

* BBB-13.04%

* BBB+7.21%

* CC0.25%

* NR7.45%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1036-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### LONYX

# Lord Abbett New York Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $31 | 0.61%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $590836462 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.18%

* A-2.40%

* A+4.83%

* AA12.51%

* AA-3.90%

* AA+14.55%

* AAA9.76%

* B0.89%

* B-0.51%

* B+1.10%

* BB1.54%

* BB-0.65%

* BB+0.54%

* BBB9.69%

* BBB-13.04%

* BBB+7.21%

* CC0.25%

* NR7.45%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8990-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### NYLIX

# Lord Abbett New York Tax Free Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $33 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $590836462 |
| # of Portfolio Holdings | 285 |
| Portfolio Turnover Rate | 15% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.18%

* A-2.40%

* A+4.83%

* AA12.51%

* AA-3.90%

* AA+14.55%

* AAA9.76%

* B0.89%

* B-0.51%

* B+1.10%

* BB1.54%

* BB-0.65%

* BB+0.54%

* BBB9.69%

* BBB-13.04%

* BBB+7.21%

* CC0.25%

* NR7.45%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3328-I

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class A

#### SDHAX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.65%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $2787862610 |
| # of Portfolio Holdings | 528 |
| Portfolio Turnover Rate | 19% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.45%

* A-2.70%

* A+3.65%

* AA3.71%

* AA-2.72%

* AA+1.92%

* AAA0.91%

* B1.70%

* B-1.34%

* B+3.73%

* BB3.82%

* BB-2.65%

* BB+13.19%

* BBB8.98%

* BBB-6.03%

* BBB+7.69%

* CC0.45%

* CCC+0.63%

* NR28.73%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3385-A

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class C

#### SDHCX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $66 | 1.32%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $2787862610 |
| # of Portfolio Holdings | 528 |
| Portfolio Turnover Rate | 19% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.45%

* A-2.70%

* A+3.65%

* AA3.71%

* AA-2.72%

* AA+1.92%

* AAA0.91%

* B1.70%

* B-1.34%

* B+3.73%

* BB3.82%

* BB-2.65%

* BB+13.19%

* BBB8.98%

* BBB-6.03%

* BBB+7.69%

* CC0.45%

* CCC+0.63%

* NR28.73%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3386-C

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F

#### SDHFX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $28 | 0.55%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $2787862610 |
| # of Portfolio Holdings | 528 |
| Portfolio Turnover Rate | 19% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.45%

* A-2.70%

* A+3.65%

* AA3.71%

* AA-2.72%

* AA+1.92%

* AAA0.91%

* B1.70%

* B-1.34%

* B+3.73%

* BB3.82%

* BB-2.65%

* BB+13.19%

* BBB8.98%

* BBB-6.03%

* BBB+7.69%

* CC0.45%

* CCC+0.63%

* NR28.73%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3387-F

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class F3

#### HYMQX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $20 | 0.40%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $2787862610 |
| # of Portfolio Holdings | 528 |
| Portfolio Turnover Rate | 19% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.45%

* A-2.70%

* A+3.65%

* AA3.71%

* AA-2.72%

* AA+1.92%

* AAA0.91%

* B1.70%

* B-1.34%

* B+3.73%

* BB3.82%

* BB-2.65%

* BB+13.19%

* BBB8.98%

* BBB-6.03%

* BBB+7.69%

* CC0.45%

* CCC+0.63%

* NR28.73%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8991-F3

#### 05/26
![Image](i8dddc3e3c15e5c57e29688b7.jpg)

#### Class I

#### SDHIX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Semi-Annual Shareholder Report

#### March 31, 2026

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **Key Fund Statistics** 
(as of *March 31, 2026*)

---

| | |
|:---|:---|
| Total Net Assets | $2787862610 |
| # of Portfolio Holdings | 528 |
| Portfolio Turnover Rate | 19% |

---

## **What did the Fund invest in?** 
(as of March 31, 2026)

Table Summary **Portfolio Holdings Presented by Credit
Rating S&P or Moody's<sup>Footnote
Reference\*</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.45%

* A-2.70%

* A+3.65%

* AA3.71%

* AA-2.72%

* AA+1.92%

* AAA0.91%

* B1.70%

* B-1.34%

* B+3.73%

* BB3.82%

* BB-2.65%

* BB+13.19%

* BBB8.98%

* BBB-6.03%

* BBB+7.69%

* CC0.45%

* CCC+0.63%

* NR28.73%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Investments in investment grade municipal bonds, which are bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3388-I

#### 05/26

---

| | |
|:---|:---|
| (b) | Not applicable. |
| **Item 2:** | **Code of Ethics.** |
| (a) | Not applicable. |
| (b) | Not applicable. |
| (c) | The Registrant has not amended its Sarbanes-Oxley Code of Ethics for the principal executive officer and senior financial officers of the Registrant ("Code of Ethics") during the six-month period ended March 31, 2026 (the "Period"). Subsequent to the Period, the Registrant updated its Code of Ethics solely to reflect a change to the Registrant's principal financial officer and principal accounting officer, effective May 22, 2026. |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period. |
| (e) | Not applicable. |
| (f) | See Item 19(a)(1) concerning the filing of the Code of Ethics. |
| **Item 3:** | **Audit Committee Financial Expert.** |
|  | Not applicable. |
| **Item 4:** | **Principal Accountant Fees and Services.** |
|  | Not applicable. |
| **Item 5:** | **Audit Committee of Listed Registrants.** |
|  | Not applicable. |
| **Item 6:** | **Investments.** |
|  | The Registrant's "Schedule I - Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR. |
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.** |
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | The basis for the approval of the investment adviser contract is included as part of the report to shareholders filed under Iitem 1 (a) of this form N-CSR. |

---

![](x6_c115947x1x1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett Municipal Income Fund

Short Duration Tax Free Fund

Intermediate Tax Free Fund

National Tax Free Fund

High Income Municipal Bond Fund

Short Duration High Income Municipal Bond Fund

California Tax Free Fund

New Jersey Tax Free Fund

New York Tax Free Fund

*For the six-month period ended March 31, 2026*

**Table of Contents**

---

| | |
|:---|:---|
|  | **Schedules of Investments (Item 7):** |
| 1 | [Short Duration Tax Free Fund](#xx6xc115947a001xm4) |
| 18 | [Intermediate Tax Free Fund](#xx6xc115947a002xm4) |
| 67 | [National Tax Free Fund](#xx6xc115947a003xm4) |
| 106 | [High Income Municipal Bond Fund](#xx6xc115947a004xm4) |
| 141 | [Short Duration High Income Municipal Bond Fund](#xx6xc115947a005xm4) |
| 173 | [California Tax Free Fund](#xx6xc115947a006xm4) |
| 191 | [New Jersey Tax Free Fund](#xx6xc115947a007xm4) |
| 203 | [New York Tax Free Fund](#xx6xc115947a008xm4) |
| 220 | [**Statements of Assets and Liabilities (Item 7)**](#xx6xc115947a009xm4) |
| 224 | [**Statements of Operations (Item 7)**](#xx6xc115947a010xm4) |
| 226 | [**Statements of Changes in Net Assets (Item 7)**](#xx6xc115947a011xm4) |
| 232 | [**Financial Highlights (Item 7)**](#xx6xc115947a012xm4) |
| 248 | [**Notes to Financial Statements (Item 7)**](#xx6xc115947a013xm4) |
| 271 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx6xc115947a014xm4) |
| 271 | [**Proxy Disclosures (Item 9)**](#xx6xc115947a015xm4) |
| 271 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx6xc115947a016xm4) |
| 271 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx6xc115947a017xm4) |

---

**Schedule of Investments (unaudited)**

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 85.99%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 85.99%** |  |  |  |  |  |  |
| **Corporate-Backed 3.27%** |  |  |  |  |  |  |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | $8890000 | $8969870 |
| California Municipal Finance Authority<sup>†</sup> | 3.30% | <sup>#(a)</sup> | 2/1/2039 | A- | 4750000 | 4732076 |
| City of Farmington-Public Service Co of New Mexico NM | 3.90% | <sup>#(a)</sup> | 6/1/2040 | BBB | 2500000 | 2541222 |
| Industrial Development Board of the City of Mobile Alabama-Alabama Power Co AL | 3.375% | <sup>#(a)</sup> | 6/1/2034 | A1 | 5000000 | 5049063 |
| Iowa Finance Authority-Howmet Aerospace Inc | 4.75% |  | 8/1/2042 | BBB+ | 2500000 | 2500190 |
| Jersey City Redevelopment Agency NJ | 5.00% |  | 12/9/2026 | NR | 15000000 | 15246174 |
| Matagorda County Navigation District No. 1–AEP Texas Inc | 2.60% |  | 11/1/2029 | BBB+ | 6120000 | 5957445 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc | 2.40% | <sup>#(a)</sup> | 12/1/2038 | BBB | 10700000 | 10205977 |
| Village Community Development District No. 16 FL | 3.55% |  | 5/1/2030 | NR | 1025000 | 1022766 |
| *Total* |  |  |  |  |  | 56224783 |
| **Education 6.75%** |  |  |  |  |  |  |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2030 | Ba2 | 2500000 | 2571783 |
| California Community Choice Financing Authority | 4.146%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 15000000 | 15161445 |
| California State University | 0.55% | <sup>#(a)</sup> | 11/1/2049 | Aa2 | 5000000 | 4930120 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 4.00% |  | 6/15/2029 | NR | 745000 | 733656 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.00% |  | 8/15/2028 | Aaa | 800000 | 837926 |
| County of Douglas-Creighton University NE | 5.00% |  | 7/1/2028 | A2 | 1000000 | 1046055 |
| County of Douglas-Creighton University NE | 5.00% |  | 7/1/2029 | A2 | 750000 | 796468 |
| County of Douglas-Creighton University NE | 5.00% |  | 7/1/2030 | A2 | 1000000 | 1076771 |

---

*See Notes to Financial Statements.* 1

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% |  | 9/1/2028 | Ba2 | $1135000 | $1134985 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2029 | Ba2 | 630000 | 628779 |
| Louisiana State Citizens Property Insurance Corp. | 5.00% |  | 6/1/2026 | A1 | 6740000 | 6765166 |
| Massachusetts Development Finance Agency-President & Trustees of Williams College | 3.30% | <sup>#(a)</sup> | 7/1/2041 | AA+ | 6000000 | 6067504 |
| New Jersey Educational Facilities Authority-State of New Jersey | 5.00% |  | 8/1/2029 | A1 | 2500000 | 2685340 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.00% | <sup>#(a)</sup> | 7/1/2064 | AAA | 10000000 | 10966715 |
| New York State Dormitory Authority-Pace University | 5.00% |  | 5/1/2026 | BBB- | 1375000 | 1377083 |
| New York State Dormitory Authority-Pace University | 5.00% |  | 5/1/2027 | BBB- | 1500000 | 1530504 |
| New York State Dormitory Authority-Pace University | 5.00% |  | 5/1/2028 | BBB- | 1480000 | 1535010 |
| New York State Dormitory Authority-Pace University | 5.00% |  | 5/1/2036 | BBB- | 2500000 | 2705110 |
| New York State Dormitory Authority-Pace University | 5.00% |  | 5/1/2037 | BBB- | 3000000 | 3223585 |
| Northside Independent School District TX GO (PSF-GTD) | 3.45% | <sup>#(a)</sup> | 8/1/2054 | Aaa | 3945000 | 3971485 |
| Ohio Air Quality Development Authority-Duke Energy Corp | 4.00% | <sup>#(a)</sup> | 9/1/2030 | BBB | 1300000 | 1313610 |
| Pinellas County School Board FL GO | 4.00% |  | 6/30/2026 | NR | 20000000 | 20072500 |
| Temple University-of The Commonwealth System of Higher Education PA (AG) | 5.00% |  | 4/1/2031 | AA | 2310000 | 2543131 |
| University of North Carolina at Chapel Hill | 3.482%<br> (SOFR \* .67 + 1.05% |)<sup>#</sup> | 12/1/2041 | AAA | 20000000 | 20057110 |
| University of South Alabama (AG) | 5.00% |  | 11/1/2028 | AA | 2285000 | 2313533 |
| *Total* |  |  |  |  |  | 116045374 |
| **General Obligation 10.23%** |  |  |  |  |  |  |
| Borough of Ramsey NJ GO | 4.00% |  | 2/26/2027 | NR | 15000000 | 15198700 |
| California State Public Works Board | 5.00% |  | 10/1/2027 | Aa3 | 3095000 | 3208920 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 10/1/2026 | NR | 90000 | 91182 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2028 | BB+ | 500000 | 515461 |

---

2 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 5.25% |  | 12/1/2029 | BB+ | $525000 | $545077 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2030 | BB+ | 600000 | 625539 |
| City of Chicago IL GO | 5.00% |  | 1/1/2027 | BBB | 6400000 | 6462559 |
| City of New Haven CT (AG) | 5.00% |  | 8/1/2032 | AA | 2700000 | 2991447 |
| City of New Haven CT GO | 5.00% |  | 8/1/2028 | A- | 2000000 | 2097083 |
| City of New York NY GO<sup>(b)</sup> | 5.00% |  | 8/1/2032 | AA | 8500000 | 9445454 |
| County of Cook IL GO | 5.00% |  | 11/15/2031 | Aa3 | 2350000 | 2379956 |
| Dallas Independent School District TX GO (PSF-GTD) | 5.00% | <sup>#(a)</sup> | 2/15/2056 | Aaa | 7000000 | 7487091 |
| Denton Independent School District TX GO (PSF-GTD) | 4.00% | <sup>#(a)</sup> | 8/15/2055 | AAA | 5000000 | 5140640 |
| Louisiana Stadium & Exposition District | 5.00% |  | 7/1/2035 | A2 | 2690000 | 2961674 |
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% |  | 12/1/2030 | AA+ | 1620000 | 1643721 |
| Monmouth County Improvement Authority NJ | 4.00% |  | 3/12/2027 | NR | 7750000 | 7857789 |
| State of California GO | 5.00% |  | 8/1/2030 | Aa2 | 4680000 | 4717279 |
| State of California GO | 5.00% |  | 9/1/2030 | Aa2 | 250000 | 250547 |
| State of Connecticut GO | 5.00% |  | 12/1/2029 | Aa2 | 3850000 | 4171895 |
| State of Illinois GO | 5.00% |  | 7/1/2029 | A2 | 9465000 | 10052962 |
| State of Illinois GO | 5.00% |  | 10/1/2029 | A2 | 5880000 | 6267157 |
| State of Illinois GO | 5.00% |  | 10/1/2029 | A2 | 2115000 | 2215942 |
| State of Illinois GO | 5.00% |  | 10/1/2030 | A2 | 3000000 | 3135271 |
| State of Illinois GO | 5.00% |  | 11/1/2030 | A2 | 7200000 | 7275330 |
| State of Illinois GO | 5.25% |  | 9/1/2031 | A2 | 10000000 | 11000704 |
| State of Maryland GO | 4.00% |  | 8/1/2028 | AAA | 5000000 | 5162662 |
| Town of Cumberland RI GO | 4.00% |  | 8/26/2026 | NR | 15000000 | 15087394 |
| Town of Tonawanda NY GO | 4.00% |  | 8/21/2026 | NR | 5960000 | 5994218 |
| Town of Whitman MA GO | 4.00% |  | 3/16/2027 | NR | 20000000 | 20294854 |
| Township of Millburn NJ GO | 4.00% |  | 1/22/2027 | NR | 11330000 | 11466583 |
| *Total* |  |  |  |  |  | 175745091 |
| **Health Care 18.71%** |  |  |  |  |  |  |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon |  | 6/30/2044 | NR | 1399000 | 1032581 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% |  | 6/30/2039 | NR | 2801000 | 2637540 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% |  | 6/30/2034 | NR | 208897 | 222714 |

---

*See Notes to Financial Statements.* 3

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 8.00% |  | 6/30/2034 | NR | $416899 | $425694 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% |  | 4/1/2028 | A | 3720000 | 3880508 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% |  | 12/15/2031 | NR | 5750000 | 5667899 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% |  | 12/1/2037 | BBB+ | 8000000 | 8592852 |
| California Health Facilities Financing Authority-Providence St Joseph Health Obligated Group | 5.00% | <sup>#(a)</sup> | 10/1/2050 | A | 20000000 | 21357900 |
| California Health Facilities Financing Authority-Rady Children's Hospital Obligated Group<sup>(b)</sup> | 5.00% | <sup>#(a)</sup> | 8/15/2047 | AA | 10000000 | 10974462 |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% |  | 11/1/2027 | CCC+ | 10000000 | 9932591 |
| Charlotte-Mecklenburg Hospital Authority-Atrium Health Obligated Group NC | 5.00% | <sup>#(a)</sup> | 1/15/2050 | AA | 9825000 | 10378948 |
| Citizens Memorial Hospital District MO | 5.00% |  | 12/1/2026 | NR | 8825000 | 8845057 |
| City of South Miami Health Facilities Authority, Inc.-Baptist Health South Florida Obligated Group FL | 5.00% | <sup>#(a)</sup> | 8/15/2065 | AA- | 3000000 | 3230775 |
| Colorado Health Facilities Authority-AdventHealth Obligated Group | 5.00% | <sup>#(a)</sup> | 11/15/2049 | NR | 185000 | 187854 |
| Colorado Health Facilities Authority-AdventHealth Obligated Group | 5.00% | <sup>#(a)</sup> | 11/15/2049 | AA | 1825000 | 1850946 |
| Colorado Health Facilities Authority-CommonSpirit Health Obligated Group | 5.00% |  | 9/1/2029 | A- | 19000000 | 20163902 |
| County of Lehigh-St Luke's Hospital Obligated Group PA | 3.52%<br> (MUNIPSA + 1.10% |)<sup>#</sup> | 8/15/2038 | A- | 14360000 | 14179681 |
| Crawford County Memorial Hospital Inc IA | 5.00% |  | 6/15/2027 | NR | 1260000 | 1266965 |
| Guthrie County Hospital IA | 4.50% |  | 2/1/2029 | NR | 4000000 | 3999958 |
| Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Health System Obligated Group TX | 5.00% |  | 7/1/2037 | AA- | 6000000 | 6531801 |
| Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Health System Obligated Group TX | 5.00% | <sup>#(a)</sup> | 7/1/2049 | AA- | 5420000 | 5496706 |

---

4 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 5.00% | <sup>#(a)</sup> | 10/1/2051 | Aa2 | $12620000 | $13741380 |
| Health & Educational Facilities Authority of the State of Missouri-SSM Health Care Obligated Group | 5.00% |  | 6/1/2031 | A+ | 2030000 | 2212503 |
| Health & Educational Facilities Authority of the State of Missouri-SSM Health Care Obligated Group | 5.00% |  | 6/1/2033 | A+ | 2050000 | 2245009 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota-HealthPartners Obligated Group MN | 5.00% |  | 7/1/2029 | A | 3450000 | 3656059 |
| Idaho Health Facilities Authority | 5.00% | <sup>#(a)</sup> | 3/1/2060 | A | 4000000 | 4330824 |
| Indiana Finance Authority-Ascension Health Credit Group | 5.00% |  | 11/15/2028 | AA | 5000000 | 5281568 |
| Louisiana Public Facilities Authority-Ochsner Clinic Foundation Obligated Group | 5.00% |  | 5/15/2030 | A | 6000000 | 6437608 |
| Maryland Health & Higher Educational Facilities Authority-University of Maryland Medical System Obligated Group | 5.00% | <sup>#(a)</sup> | 7/1/2045 | A | 5000000 | 5372020 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2032 | BBB | 3760000 | 3769404 |
| Massachusetts Development Finance Agency-Mass General Brigham Inc | 5.00% | <sup>#(a)</sup> | 7/1/2050 | AA- | 10000000 | 10693646 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Vanderbilt University Medical Center Obligated Group TN | 5.00% |  | 7/1/2028 | A | 1500000 | 1575782 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Vanderbilt University Medical Center Obligated Group TN | 5.00% |  | 7/1/2029 | A | 5000000 | 5346627 |
| Michigan Finance Authority-McKenzie Memorial Hospital | 4.00% |  | 1/1/2028 | NR | 12295000 | 12311587 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 4.25% |  | 10/1/2030 | NR | 1250000 | 1237659 |
| New York State Dormitory Authority-Northwell Health Obligated Group | 5.00% |  | 5/1/2028 | A- | 3740000 | 3916799 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% |  | 10/1/2030 | BBB- | 375000 | 397756 |

---

*See Notes to Financial Statements.* 5

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-White Plains Hospital Obligated Group | 5.00% |  | 10/1/2031 | BBB- | $2250000 | $2401978 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% |  | 10/1/2032 | BBB- | 1000000 | 1073038 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% |  | 10/1/2033 | BBB- | 1000000 | 1075131 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% |  | 8/15/2026 | BB+ | 800000 | 803870 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 6.50% |  | 11/1/2030 | NR | 5000000 | 5121303 |
| Shelby County Health Educational & Housing Facilities Board-Baptist Memorial Health Care Obligated Group TN | 5.00% | <sup>#(a)</sup> | 9/1/2049 | BBB+ | 8750000 | 9180490 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.25% |  | 11/15/2028 | NR | 830000 | 830853 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.00% |  | 11/1/2037 | A+ | 4000000 | 4352258 |
| State of Ohio-University Hospitals Health System Inc Obligated Group | 5.00% |  | 1/15/2030 | A | 10000000 | 10680233 |
| Tarrant County Cultural Education Facilities Finance Corp.-Baylor Scott & White Health Obligated Group TX | 5.00% | <sup>#(a)</sup> | 11/15/2052 | Aa2 | 2180000 | 2185993 |
| Tempe Industrial Development Authority-Tempe Life Care Village Obligated Group AZ | 3.50% |  | 12/1/2030 | NR | 4500000 | 4464677 |
| Tulsa County Industrial Authority-Montereau Obligated Group OK | 5.00% |  | 11/15/2026 | BBB- <sup>(c)</sup> | 500000 | 503096 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | 5.00% |  | 8/1/2029 | A- | 3425000 | 3630558 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | 5.00% |  | 8/1/2029 | A- | 3500000 | 3710059 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | 5.00% | <sup>#(a)</sup> | 8/1/2049 | A- | 7515000 | 7522664 |
| Washington Health Care Facilities Authority-Multicare Health System Obligated Group | 5.00% | <sup>#(a)</sup> | 8/15/2055 | A | 10000000 | 10575927 |

---

6 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.375% |  | 1/1/2033 | BB <sup>(c)</sup> | $13380000 | $13171125 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2030 | A+ | 7000000 | 7557777 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | 5.00% |  | 2/15/2029 | A+ | 6200000 | 6519356 |
| Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group | 4.20% |  | 8/15/2028 | BBB- <sup>(c)</sup> | 2725000 | 2725506 |
| *Total* |  |  |  |  |  | 321469457 |
| **Housing 14.17%** |  |  |  |  |  |  |
| Atlanta Urban Residential Finance Authority-North Block Associates LLC GA (FHA), (HUD) | 3.40% | <sup>#(a)</sup> | 2/1/2029 | Aa1 | 2500000 | 2512162 |
| Atlanta Urban Residential Finance Authority-Trinity Flats Redevelopment LP GA (FHA), (GNMA) | 3.20% | <sup>#(a)</sup> | 2/1/2030 | Aa1 | 5625000 | 5646680 |
| Austin Affordable PFC, Inc.-Clayton 2024 Ltd TX | 2.95% | <sup>#(a)</sup> | 11/1/2059 | Aa1 | 5200000 | 5183760 |
| California Housing Finance Agency-Del Sur Family Housing LP | 5.00% | <sup>#(a)</sup> | 5/1/2054 | Aa1 | 1750000 | 1764880 |
| California Housing Finance Agency-Sutter BMR LP | 2.75% | <sup>#(a)</sup> | 11/1/2029 | Aa1 | 3200000 | 3178966 |
| City of Wichita KS | 3.15% | <sup>#(a)</sup> | 2/1/2030 | Aa1 | 4250000 | 4258159 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 11/1/2055 | AAA | 6500000 | 7194624 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 5/1/2055 | AA | 5000000 | 5600200 |
| Colorado Housing & Finance Authority (GNMA) | 6.00% |  | 5/1/2053 | AA | 2155000 | 2337350 |
| Connecticut Housing Finance Authority | 3.10% | <sup>#(a)</sup> | 11/15/2064 | AAA | 7000000 | 7001265 |
| Connecticut Housing Finance Authority | 6.25% |  | 5/15/2054 | AAA | 2125000 | 2298185 |
| Dayton-Montgomery County Port Authority-Magnus Forest Avenue LP OH | 3.20% | <sup>#(a)</sup> | 1/1/2044 | Aa1 | 8700000 | 8727589 |
| District of Columbia Housing Finance Agency-Barry Farm Building 1A LLC | 3.15% | <sup>#(a)</sup> | 2/1/2030 | Aa1 | 3250000 | 3258893 |

---

*See Notes to Financial Statements.* 7

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| District of Columbia Housing Finance Agency-Benning Corridor Titleholder LLC | 3.35% | <sup>#(a)</sup> | 9/1/2040 | Aa1 | $9175000 | $9185661 |
| Eagle County Housing & Development Authority-Eagle Villas Owner LP CO | 3.55% | <sup>#(a)</sup> | 12/1/2045 | Aa1 | 3750000 | 3766103 |
| Henrico County Economic Development Authority-GWF Family LLC VA | 3.20% | <sup>#(a)</sup> | 12/1/2045 | Aa1 | 8850000 | 8875104 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | Aa1 | 2000000 | 2252468 |
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 10/1/2055 | Aaa | 4945000 | 5545000 |
| Knoxville's Community Development Corp.-ECG N Peters LP TN | 3.15% | <sup>#(a)</sup> | 5/1/2046 | Aa1 | 6000000 | 6010948 |
| Las Varas Public Facility Corp.-Central at Commerce LP TX | 3.35% | <sup>#(a)</sup> | 11/1/2044 | A+ | 5250000 | 5169782 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Artist Lofts LP TN | 3.20% | <sup>#(a)</sup> | 12/1/2059 | Aa1 | 12625000 | 12660812 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-HV Land Co LP TN | 3.35% | <sup>#(a)</sup> | 6/1/2044 | Aa1 | 6900000 | 6907533 |
| Metropolitan Government Nashville & Davidson County Industrial Development Board-Nashville Leased Housing Associates V LLLP TN | 3.15% | <sup>#(a)</sup> | 7/1/2044 | Aa1 | 5000000 | 5010099 |
| Michigan State Housing Development Authority | 6.25% |  | 6/1/2055 | AA+ | 4915000 | 5375369 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 5.00% |  | 7/1/2053 | AA+ | 4925000 | 5113076 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2054 | AA+ | 4830000 | 5228187 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 2375000 | 2642012 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2055 | AA+ | 3365000 | 3766993 |
| New Jersey Housing & Mortgage Finance Agency | 2.95% |  | 11/1/2027 | AA- | 10000000 | 9989562 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.00% |  | 12/15/2031 | Baa1 | 500000 | 509849 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 500000 | 508800 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 4955000 | 5348908 |

---

8 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| North Dakota Housing Finance Agency | 6.00% |  | 1/1/2056 | Aa1 | $6250000 | $6848364 |
| Ohio Housing Finance Agency-Pebble Brooke Owner LP | 3.35% | <sup>#(a)</sup> | 7/1/2043 | Aa1 | 14000000 | 14090278 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 3/1/2055 | Aa1 | 3745000 | 4096225 |
| Pennsylvania Housing Finance Agency | 6.50% |  | 10/1/2055 | Aa1 | 4987000 | 5672252 |
| Seattle Housing Authority-Yesler Block 6.6 LLLP WA (HUD) | 5.00% |  | 6/1/2027 | AA | 7000000 | 7055553 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue | 3.50% |  | 4/1/2049 | Aa1 | 230000 | 229654 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% |  | 7/1/2053 | AA+ | 7305000 | 7805023 |
| Texas State Affordable Housing Corp.-AHFC-FC Norman Housing LP | 3.625% | <sup>#(a)</sup> | 1/1/2045 | Aa1 | 3400000 | 3417313 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aa2 | 6625000 | 7394749 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% |  | 7/1/2055 | Aa2 | 4780000 | 5309181 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | BB+ <sup>(c)</sup> | 3800000 | 3826947 |
| Wisconsin Housing & Economic Development Authority-East National LLC | 5.00% | <sup>#(a)</sup> | 8/1/2058 | Aa1 | 2000000 | 2013047 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 5.75% |  | 9/1/2056 | AA+ | 2500000 | 2736190 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AA+ | 2090000 | 2312604 |
| Wisconsin Housing & Economic Development Authority Housing Revenue | 3.75% | <sup>#(a)</sup> | 11/1/2055 | AA+ | 7740000 | 7775513 |
| *Total* |  |  |  |  |  | 243411872 |
| **Lease Obligations 0.70%** |  |  |  |  |  |  |
| California State Public Works Board<sup>(b)</sup> | 5.00% |  | 9/1/2029 | Aa3 | 5250000 | 5664525 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 5.00% |  | 11/1/2028 | A1 | 1315000 | 1391548 |
| Virginia College Building Authority-Commonwealth of Virginia | 4.00% |  | 2/1/2029 | AA+ | 5005000 | 5008904 |
| *Total* |  |  |  |  |  | 12064977 |

---

*See Notes to Financial Statements.* 9

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 0.96%** |  |  |  |  |  |  |
| Housing Options, Inc. TX (HUD) | 3.05% | <sup>#(a)</sup> | 2/1/2045 | Aa1 | $3850000 | $3853730 |
| Industrial Development Authority of the City of Phoenix Arizona-4201 S 91st Avenue Owner LLLP AZ | 3.10% | <sup>#(a)</sup> | 2/1/2059 | Aa1 | 5000000 | 5005487 |
| Kansas Development Finance Authority-Manhattan HP LP | 2.70% | <sup>#(a)</sup> | 10/1/2046 | Aa1 | 3000000 | 2964791 |
| Michigan State Housing Development Authority-28WPHASETHREE Ltd Dividend Housing Association LP | 2.70% | <sup>#(a)</sup> | 10/1/2043 | Aa1 | 4695000 | 4639897 |
| *Total* |  |  |  |  |  | 16463905 |
| **Other Revenue 0.86%** |  |  |  |  |  |  |
| City of Houston Hotel Occupancy Tax & Special Revenue TX<sup>(b)</sup> | 5.00% |  | 9/1/2035 | A- | 3600000 | 4035911 |
| Illinois Finance Authority-Field Museum of Natural History | 3.691%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 2655000 | 2658935 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(d)</sup> | 3.50% |  | 7/1/2025 | NR | 425000 | 340000 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.00% |  | 12/1/2034 | NR | 1960000 | 2039092 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | <sup>#(a)</sup> | 5/15/2051 | AA+ | 5700000 | 5716805 |
| *Total* |  |  |  |  |  | 14790743 |
| **Pollution Control 0.28%** |  |  |  |  |  |  |
| Industrial Development Authority of the County of Yavapai-Republic Services Inc AZ | 2.55% | <sup>#(a)</sup> | 4/1/2029 | A- | 1500000 | 1500000 |
| North Carolina Capital Facilities Finance Agency-Republic Services Inc | 2.55% | <sup>#(a)</sup> | 7/1/2034 | A- | 3250000 | 3248347 |
| *Total* |  |  |  |  |  | 4748347 |
| **Special Tax 0.18%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.00% |  | 5/1/2028 | NR | 1915000 | 1951091 |
| Village Community Development District No. 13 FL<sup>†</sup> | 2.625% |  | 5/1/2030 | NR | 1170000 | 1130593 |
| *Total* |  |  |  |  |  | 3081684 |

---

10 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 0.79%** |  |  |  |  |  |  |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% |  | 10/1/2026 | NR | $2000000 | $2010468 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% |  | 6/15/2028 | A1 | 3995000 | 4199954 |
| New York State Housing Finance Agency-State of New York Personal Income Tax Revenue | 3.35% | <sup>#(a)</sup> | 6/15/2054 | Aa1 | 3610000 | 3620367 |
| New York State Housing Finance Agency-State of New York Personal Income Tax Revenue | 3.45% | <sup>#(a)</sup> | 6/15/2054 | Aa1 | 1500000 | 1509537 |
| Sparks Tourism Improvement District No. 1 Sales Tax Revenue NV | 3.875% |  | 6/15/2028 | NR | 2275000 | 2282391 |
| *Total* |  |  |  |  |  | 13622717 |
| **Taxable Revenue-Water & Sewer 0.75%** |  |  |  |  |  |  |
| Washington Suburban Sanitary Commission MD | 4.00% |  | 6/15/2032 | AAA | 5000000 | 5061767 |
| Water Works Board of the City of Birmingham/The AL<sup>†</sup> | 3.75% |  | 9/1/2026 | NR | 7750000 | 7750141 |
| *Total* |  |  |  |  |  | 12811908 |
| **Transportation 7.04%** |  |  |  |  |  |  |
| Bay Area Toll Authority CA | 5.00% | <sup>#(a)</sup> | 4/1/2061 | AA | 8450000 | 9497139 |
| City of Cleveland Airport System Revenue OH | 5.00% |  | 1/1/2030 | A | 6000000 | 6442237 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2026 | A | 2250000 | 2284240 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2026 | A | 1675000 | 1700489 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2026 | A | 2315000 | 2350229 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% |  | 6/15/2030 | A1 | 5535000 | 6029587 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% |  | 6/15/2033 | A1 | 11500000 | 12963391 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% |  | 6/15/2036 | A1 | 5500000 | 6095149 |
| North Carolina Turnpike Authority (AG) | 5.00% |  | 1/1/2028 | AA | 1500000 | 1524246 |
| Oklahoma Turnpike Authority | 5.00% |  | 1/1/2030 | AA- | 1730000 | 1758402 |
| Pennsylvania Turnpike Commission | 5.00% |  | 6/1/2029 | A+ | 30000000 | 32081508 |
| Pennsylvania Turnpike Commission | 5.00% |  | 6/1/2032 | A+ | 12000000 | 13339787 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2033 | AA- | 15000000 | 16873590 |

---

*See Notes to Financial Statements.* 11

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Pennsylvania Turnpike Commission | 5.00% | <sup>#(a)</sup> | 12/1/2045 | AA- | $2500000 | $2774597 |
| Port Authority of New York & New Jersey | 3.00% |  | 12/1/2027 | AA- | 2500000 | 2500871 |
| State of Louisiana Gasoline & Fuels Tax Revenue | 5.00% |  | 5/1/2029 | AA | 2575000 | 2753598 |
| *Total* |  |  |  |  |  | 120969060 |
| **Utilities 21.30%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 10000000 | 10017150 |
| Black Belt Energy Gas District AL | 5.00% |  | 12/1/2035 | AA- | 16000000 | 16961289 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 12/1/2055 | A1 | 22650000 | 23973116 |
| California Community Choice Financing Authority | 3.895%<br> (SOFR \* .67 + 1.45% |)<sup>#</sup> | 4/1/2056 | A1 | 23350000 | 23160641 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | 5480000 | 5784068 |
| Central Plains Energy Project NE | 4.626%<br> (SOFR \* .67 + 2.18% |)<sup>#</sup> | 5/1/2053 | A2 | 20000000 | 20612500 |
| City of Cape Coral Water & Sewer Revenue FL | 5.00% |  | 10/1/2030 | A1 | 5595000 | 6075117 |
| City of San Antonio Electric & Gas Systems Revenue TX | 3.00% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 8000000 | 7932862 |
| City of San Antonio Electric & Gas Systems Revenue TX | 3.08% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 10000000 | 9985332 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2031 | Aa2 | 1790000 | 1822445 |
| Development Authority of Burke County-Georgia Power Co | 3.375% | <sup>#(a)</sup> | 11/1/2048 | A | 7750000 | 7775280 |
| Development Authority of Burke County-Oglethorpe Power Corp GA | 3.60% | <sup>#(a)</sup> | 11/1/2045 | A3 | 3000000 | 3040084 |
| Energy Southeast A Cooperative District AL | 4.645%<br> (SOFR \* .67 + 2.20% |)<sup>#</sup> | 4/1/2054 | A1 | 5000000 | 5123321 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 6000000 | 6401493 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(a)</sup> | 4/1/2054 | A1 | 10000000 | 10713078 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(a)</sup> | 6/1/2055 | A1 | 13000000 | 13762146 |
| Los Angeles Department of Water & Power Power System Revenue CA | 5.00% |  | 7/1/2030 | Aa3 | 7500000 | 8020035 |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2028 | Aa3 | 15000000 | 15535758 |

---

12 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 5.00% |  | 7/1/2030 | Aa3 | $4000000 | $4312050 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 1/1/2030 | Aa3 | 7410000 | 7851214 |
| Lower Alabama Gas District AL | 5.00% |  | 12/1/2033 | A1 | 9000000 | 9351964 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2030 | A1 | 6000000 | 6483056 |
| Lower Colorado River Authority TX | 5.00% | <sup>#(a)</sup> | 5/15/2039 | A | 20000000 | 20750758 |
| Main Street Energy, Inc. GA | 5.00% |  | 12/1/2033 | A3 | 13530000 | 14184790 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 21500000 | 21457258 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(a)</sup> | 12/1/2052 | A3 | 11000000 | 11480153 |
| Montgomery County Industrial Development Authority-Constellation Energy Generation LLC PA | 4.10% | <sup>#(a)</sup> | 4/1/2053 | BBB+ | 7760000 | 7924596 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2028 | A2 | 9665000 | 9721318 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc<sup>(b)</sup> | 3.50% | <sup>#(a)</sup> | 8/1/2034 | Baa2 | 4500000 | 4507043 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2038 | B | 1100000 | 1102063 |
| Philadelphia Gas Works Co. PA | 5.00% |  | 8/1/2030 | A | 2000000 | 2173560 |
| Philadelphia Gas Works Co. PA | 5.00% |  | 8/1/2031 | A | 1375000 | 1513594 |
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC | 5.00% |  | 1/1/2028 | A- | 7695000 | 7812472 |
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC | 5.00% |  | 1/1/2029 | A- | 8240000 | 8363161 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2028 | A- | 4325000 | 4579146 |
| Tennessee Energy Acquisition Corp. | 5.00% | <sup>#(a)</sup> | 5/1/2053 | A2 | 10000000 | 10316482 |
| Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(c)</sup> | 9040000 | 9103620 |
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% |  | 12/15/2026 | A1 | 1300000 | 1330981 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.25% |  | 1/1/2030 | A1 | 4660000 | 4881941 |
| *Total* |  |  |  |  |  | 365896935 |
| *Total Municipal Bonds* (cost $1,477,649,805) | *Total Municipal Bonds* (cost $1,477,649,805) |  |  |  |  | 1477346853 |
| *Total Long-Term Investments* (cost $1,477,649,805) | *Total Long-Term Investments* (cost $1,477,649,805) |  |  |  |  | 1477346853 |

---

*See Notes to Financial Statements.* 13

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 15.09%** | **SHORT-TERM INVESTMENTS 15.09%** |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 14.98%** | **VARIABLE RATE DEMAND NOTES 14.98%** |  |  |  |  |  |
| **Education 3.23%** |  |  |  |  |  |  |
| New York State Dormitory Authority-Pace University | 3.200% | 4/1/2026 | 5/1/2044 | BBB- | $20000000 | $20000000 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 3.230% | 4/1/2026 | 9/1/2045 | A | 22325000 | 22325000 |
| Philadelphia Authority for Industrial Development-Thomas Jefferson University Obligated Group PA | 3.230% | 4/1/2026 | 9/1/2050 | A | 13125000 | 13125000 |
| *Total* |  |  |  |  |  | 55450000 |
| **General Obligation 2.69%** |  |  |  |  |  |  |
| City of New York NY GO | 2.850% | 4/1/2026 | 10/1/2046 | AA | 2845000 | 2845000 |
| City of New York NY GO | 2.900% | 4/1/2026 | 4/1/2042 | AA | 25000000 | 25000000 |
| City of New York NY GO | 2.900% | 4/1/2026 | 4/1/2042 | AA | 8350000 | 8350000 |
| Florida Insurance Assistance Interlocal Agency, Inc. | 3.160% | 4/1/2026 | 9/1/2032 | Aa2 | 10000000 | 10000000 |
| *Total* |  |  |  |  |  | 46195000 |
| **Health Care 5.37%** |  |  |  |  |  |  |
| Harris County Cultural Education Facilities Finance Corp.-Baylor College of Medicine TX | 2.870% | 4/1/2026 | 11/15/2046 | A | 25875000 | 25875000 |
| Health Care Authority for Baptist Health AL | 3.800% | 4/1/2026 | 11/1/2042 | A3 | 28487000 | 28487000 |
| Highlands County Health Facilities Authority FL | 2.700% | 4/1/2026 | 11/15/2060 | AA | 750000 | 750000 |
| Maryland Health & Higher Educational Facilities Authority-Johns Hopkins Health System Obligated Group MD | 2.650% | 4/1/2026 | 6/1/2046 | AA+ | 925000 | 925000 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 3.230% | 4/1/2026 | 9/1/2050 | A | 7485000 | 7485000 |

---

14 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Rib Floater Trust Various States FL<sup>†</sup> | 2.770% | 4/1/2026 | 10/1/2054 | A1 | $18770000 | $18770000 |
| State of Ohio-University Hospitals Health System Inc Obligated Group | 2.960% | 4/1/2026 | 1/15/2045 | A | 10035000 | 10035000 |
| *Total* |  |  |  |  |  | 92327000 |
| **Home Furnishings 0.58%** |  |  |  |  |  |  |
| Rib Floater Trust Various States MD<sup>†</sup> | 2.770% | 4/15/2026 | 11/15/2049 | A1 | 10000000 | 10000000 |
| **Pollution Control 1.41%** |  |  |  |  |  |  |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 2.700% | 4/1/2026 | 4/1/2040 | BBB+ | 16290000 | 16290000 |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 2.800% | 4/1/2026 | 4/1/2040 | BBB+ | 7900000 | 7900000 |
| *Total* |  |  |  |  |  | 24190000 |
| **Tax Revenue 1.19%** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.700% | 4/1/2026 | 5/1/2047 | AAA | 8000000 | 8000000 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.750% | 4/1/2026 | 2/1/2056 | AAA | 12500000 | 12500000 |
| *Total* |  |  |  |  |  | 20500000 |
| **Transportation 0.06%** |  |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 2.750% | 4/1/2026 | 11/1/2031 | AA+ | 1000000 | 1000000 |
| **Utilities 0.45%** |  |  |  |  |  |  |
| County of King Sewer Revenue WA | 2.800% | 4/1/2026 | 1/1/2042 | AA | 3965000 | 3965000 |
| Development Authority of Appling County-Georgia Power Co | 2.700% | 4/1/2026 | 11/1/2052 | A | 3300000 | 3300000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2033 | AA+ | 500000 | 500000 |
| *Total* |  |  |  |  |  | 7765000 |
| *Total Variable Rate Demand Notes* (cost $257,427,000) | *Total Variable Rate Demand Notes* (cost $257,427,000) | *Total Variable Rate Demand Notes* (cost $257,427,000) |  |  |  | 257427000 |

---

*See Notes to Financial Statements.* 15

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.11%** |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,909,700 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,939,334; proceeds: $1,901,450<br> (cost $1,901,278) | $1901278 | $1901278 |
| *Total Short-Term Investments* (cost $259,328,278) |  | 259328278 |
| *Total Investments in Securities 101.08%* (cost $1,736,978,083) |  | 1736675131 |
| *Other Assets and Liabilities – Net (1.08)%* |  | (18606359) |
| *Net Assets 100.00%* |  | $1718068772 |

---

---

| | |
|:---|:---|
| AG | AG Insured by Assured Guaranty, Inc. |
| COPS | Certificates of Participation. |
| FHA | Insured by Federal Housing Administration. |
| FHLMC | Insured by Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| HUD | Insured by Department of Housing and Urban Development. |
| MUNIPSA | SIFMA Municipal Swap Index Yield. |
| NR | Not Rated. |
| PSF | Permanent School Fund. |
| SIFMA | Insured by Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <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 March 31, 2026, the total value of Rule 144A securities was $81,408,281, which represents 4.74% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at March 31, 2026. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | Defaulted. |
| <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. |

---

16 *See Notes to Financial Statements.*

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

SHORT DURATION TAX FREE FUND *March 31, 2026*

The following is a summary of the inputs used as of March 31, 2026 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 | $– | $1477346853 | $– | $1477346853 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 257427000 |  | 257427000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1901278 | – | 1901278 |
| **Total** | $– | $1736675131 | $– | $1736675131 |

---

<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 Financial Statements.* 17

**Schedule of Investments (unaudited)**

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 98.51%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 98.51%** |  |  |  |  |  |  |
| **Corporate-Backed 7.01%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority-Weyerhaeuser Co AMT | 3.875% | <sup>#(a)</sup> | 10/15/2065 | BBB | $3750000 | $3733615 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 6/1/2055 | BB | 12000000 | 12177578 |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | 12110000 | 12183419 |
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 1/1/2035 | NR | 3375000 | 3379611 |
| Cabot Citrus Farms Community Development District FL | &nbsp;&nbsp;5.25% |  | 3/1/2029 | NR | 6815000 | 6876227 |
| California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 16015000 | 8487950 |
| California Municipal Finance Authority-Waste Mgmt Inc CA AMT | 2.875% | <sup>#(a)</sup> | 10/1/2045 | A- | 11650000 | 11643907 |
| City of Farmington-Public Service Co of New Mexico NM | &nbsp;&nbsp;3.90% | <sup>#(a)</sup> | 6/1/2040 | BBB | 7000000 | 7115423 |
| City of Granite City-Waste Management of Illinois Inc IL AMT | &nbsp;&nbsp;1.25% |  | 5/1/2027 | A- | 5485000 | 5328902 |
| City of Henderson-Pratt Paper LLC KY AMT<sup>†</sup> | &nbsp;&nbsp;3.70% |  | 1/1/2032 | NR | 6155000 | 6124711 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | &nbsp;&nbsp;5.00% |  | 7/1/2029 | BB+ | 1885000 | 1886848 |
| City of St. Mary's KS | &nbsp;&nbsp;3.50% |  | 4/15/2032 | BBB+ | 7500000 | 7435070 |
| Downtown Doral South Community Development District FL<sup>†</sup> | &nbsp;&nbsp;4.75% |  | 12/15/2038 | NR | 625000 | 631390 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 7430000 | 7435013 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | &nbsp;&nbsp;4.45% | <sup>#(a)</sup> | 7/1/2037 | NR | 3000000 | 3028121 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†(b)</sup> | &nbsp;&nbsp;4.50% |  | 7/1/2032 | NR | 7600000 | 7569675 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | &nbsp;&nbsp;5.60% |  | 5/1/2044 | NR | 1845000 | 1899297 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 6.375% | <sup>#(a)</sup> | 11/1/2050 | BB+ | 8525000 | 9347385 |
| Indiana Finance Authority-Ohio Valley Electric Corp | &nbsp;&nbsp;2.50% |  | 11/1/2030 | Baa3 | 1000000 | 952898 |
| Indiana Finance Authority-Ohio Valley Electric Corp | &nbsp;&nbsp;3.00% |  | 11/1/2030 | Baa3 | 5600000 | 5453479 |

---

<br> 18 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | &nbsp;&nbsp;6.75% |  | 5/1/2039 | BB+ | $1500000 | $1664740 |
| Industrial Development Authority of the County of Yavapai-Waste Management Inc AZ AMT | &nbsp;&nbsp;1.30% |  | 6/1/2027 | A- | 4650000 | 4510512 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 12/1/2050 | AA+ | 11050000 | 11788253 |
| Louisiana Local Government Environmental Facilities & Community Development Authority-Westlake Corp | &nbsp;&nbsp;3.50% |  | 11/1/2032 | BBB | 7655000 | 7440246 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc AMT<sup>†</sup> | &nbsp;&nbsp;6.75% | <sup>#(a)</sup> | 10/1/2053 | NR | 12000000 | 12690860 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc LA AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 5/1/2053 | NR | 6000000 | 6042199 |
| Maryland Economic Development Corp Chesapeake Bay Conference Center<sup>(c)</sup> | &nbsp;&nbsp;5.00% |  | 12/1/2016 | NR | 2570000 | 1721900 |
| Maryland Economic Development Corp.-Core Natural Resources Inc<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 7/1/2048 | NR | 5150000 | 5494403 |
| Massachusetts Development Finance Agency-Waste Management of Massachusetts Inc AMT<sup>†</sup> | &nbsp;&nbsp;1.25% |  | 5/1/2027 | A- | 3250000 | 3157508 |
| Matagorda County Navigation District No. 1-AEP Texas Inc | &nbsp;&nbsp;2.60% |  | 11/1/2029 | BBB+ | 6800000 | 6619383 |
| Matagorda County Navigation District No. 1-AEP Texas Inc | &nbsp;&nbsp;4.00% |  | 6/1/2030 | BBB+ | 8000000 | 8002552 |
| Michigan Strategic Fund-Graphic Packaging International LLC AMT | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 10/1/2061 | Ba2 | 5640000 | 5640519 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 8650000 | 8660621 |
| Mission Economic Development Corp.-Waste Management Inc TX AMT | 2.875% | <sup>#(a)</sup> | 6/1/2055 | A- | 7000000 | 6996339 |
| Mississippi Business Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 2/1/2048 | NR | 3750000 | 3766384 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | &nbsp;&nbsp;3.75% | <sup>#(a)</sup> | 7/1/2045 | B- | 1970000 | 1606625 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | &nbsp;&nbsp;4.00% |  | 11/1/2027 | B- | 6225000 | 6140771 |
| New Hampshire Business Finance Authority-New York State Electric & Gas Corp AMT | &nbsp;&nbsp;4.00% |  | 12/1/2028 | A- | 9235000 | 9352804 |

---

<br> *See Notes to Financial Statements.* 19

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | $13165000 | $13180431 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.50% |  | 6/1/2033 | BB+ | 1500000 | 1502535 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 1940000 | 1941280 |
| New York Liberty Development Corp. | 2.50% |  | 11/15/2036 | A+ | 3600000 | 3041523 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 1875000 | 1875223 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1920000 | 1921615 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(a)</sup> | 12/1/2044 | B+ | 2000000 | 1936591 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1047823 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2026 | B+ | 660000 | 660665 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 2500000 | 2501104 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 1425000 | 1482247 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 1850000 | 1909723 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5500000 | 4846034 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc | 2.40% | <sup>#(a)</sup> | 12/1/2038 | BBB | 5685000 | 5422521 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc AMT | 2.50% | <sup>#(a)</sup> | 11/1/2042 | BBB | 8800000 | 8436212 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc AMT | 2.60% | <sup>#(a)</sup> | 6/1/2041 | BBB | 18210000 | 17574356 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(a)</sup> | 6/1/2038 | BB+ | 1500000 | 1642158 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(a)</sup> | 12/1/2040 | BB+ | 9825000 | 10754520 |
| Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | 3.25% |  | 8/1/2039 | B- | 1035000 | 784289 |
| Phenix City Industrial Development Board-WestRock Coated Board LLC AL AMT | 4.125% |  | 5/15/2035 | BBB | 1500000 | 1500112 |
| Port of Beaumont Industrial Development Authority-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX<sup>†</sup> | 4.10% |  | 1/1/2028 | NR | 5000000 | 4546452 |

---

<br> 20 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $5737307 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 7220000 | 6642347 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 7650000 | 7651051 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.25% |  | 7/1/2028 | BBB+ | 1260000 | 1261089 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2287000 | 2277976 |
| State of Nevada Department of Business & Industry-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 5810000 | 3079300 |
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 6740000 | 6758678 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2052 | B+ | 5500000 | 5553462 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.55% |  | 5/1/2044 | NR | 5735000 | 5509435 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.85% |  | 5/1/2038 | NR | 2160000 | 2211773 |
| Village Community Development District No. 15 FL<sup>†</sup> | 5.00% |  | 5/1/2043 | NR | 5090000 | 5166934 |
| Virginia Small Business Financing Authority-Reworld Holding Corp VA AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 440000 | 424260 |
| West Pace Cooperative District AL<sup>(c)</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 | 5808063 |
| *Total* |  |  |  |  |  | 383026227 |
| **Education 7.92%** |  |  |  |  |  |  |
| Arizona Board of Regents-Arizona State University | 5.00% |  | 7/1/2038 | AA | 3250000 | 3612457 |
| Arizona Board of Regents-Arizona State University | 5.00% |  | 7/1/2039 | AA | 2000000 | 2208806 |
| Arizona Board of Regents-Arizona State University | 5.00% |  | 7/1/2041 | AA | 2500000 | 2731501 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2035 | Ba2 | 1250000 | 1304645 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.125% |  | 6/15/2040 | Ba2 | 2400000 | 2447166 |

---

<br> *See Notes to Financial Statements.* 21

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.146% <br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | $10000000 | $10107630 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2036 | AA | 1100000 | 1278698 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2037 | AA | 2500000 | 2883680 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2039 | AA | 5000000 | 5677917 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2041 | AA | 3000000 | 3328329 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2042 | AA | 3965000 | 4368657 |
| California State University | 0.55% | <sup>#(a)</sup> | 11/1/2049 | Aa2 | 6750000 | 6655662 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2039 | NR | 2160000 | 2097353 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% |  | 4/1/2038 | A <sup>(d)</sup> | 3230000 | 3383161 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2034 | A <sup>(d)</sup> | 1625000 | 1767293 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2035 | A <sup>(d)</sup> | 1125000 | 1217085 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2036 | A <sup>(d)</sup> | 2175000 | 2337934 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2039 | A <sup>(d)</sup> | 6220000 | 6574386 |
| Chicago Board of Education IL GO (AG) | 5.00% |  | 12/1/2031 | AA | 5000000 | 5191955 |
| Cleveland State University OH (BAM) | 5.00% |  | 6/1/2040 | AA | 5170000 | 5488850 |
| Clifton Higher Education Finance Corp.-Aristoi Classical Academy TX | 5.50% |  | 8/15/2045 | BB | 3770000 | 3637630 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 4.00% | <sup>#(a)</sup> | 2/15/2055 | Aaa | 4500000 | 4655070 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.00% |  | 2/15/2035 | Aaa | 2275000 | 2509561 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.25% |  | 2/15/2043 | Aaa | 2500000 | 2660269 |

---

<br> 22 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Clinton County Capital Resource Corp.-Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 4.50% |  | 7/1/2040 | A+ | $1100000 | $1114935 |
| Clinton County Capital Resource Corp.-Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 4.75% |  | 7/1/2043 | A+ | 1100000 | 1118793 |
| 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 | 2381642 |
| County of Lincoln-Augustana College Association SD | 4.00% |  | 8/1/2041 | BBB- | 500000 | 442323 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2027 | B1 | 1050000 | 1052767 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2037 | B1 | 4750000 | 4588661 |
| District of Columbia-Georgetown University/The | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 4/1/2060 | A- | 6000000 | 6570069 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% |  | 7/1/2040 | BBB+ | 1150000 | 1166442 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.00% |  | 7/1/2045 | BB+ | 15000000 | 15226039 |
| Illinois Finance Authority-Illinois Institute of Technology | 4.00% |  | 9/1/2035 | Ba2 | 2600000 | 2328232 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2030 | Ba2 | 625000 | 622156 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2031 | Ba2 | 1100000 | 1092393 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2032 | Ba2 | 1100000 | 1088630 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2033 | Ba2 | 1000000 | 985704 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2034 | Ba2 | 3720000 | 3656140 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2036 | Ba2 | 3225000 | 3153217 |
| Illinois Finance Authority-University of Chicago/The | 4.00% |  | 10/1/2038 | Aa2 | 5130000 | 5130107 |
| Indiana Finance Authority-Ohio Valley Electric Corp | 4.25% |  | 11/1/2030 | Baa3 | 14550000 | 14930906 |

---

<br> *See Notes to Financial Statements.* 23

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% |  | 7/1/2035 | BB+ | $2350000 | $2350290 |
| IPS Multi-School Building Corp.-Indianapolis Board of School Commissioners IN (ST INTERCEPT) | 5.00% |  | 7/15/2041 | Aa2 | 2125000 | 2272996 |
| Lehigh County General Purpose Authority-Muhlenberg College PA | 5.00% |  | 2/1/2039 | A3 | 6495000 | 6515904 |
| Massachusetts Development Finance Agency-President and Fellows of Harvard College<sup>(b)</sup> | 4.00% |  | 2/15/2036 | AAA | 7400000 | 7864625 |
| Massachusetts Development Finance Agency-President and Fellows of Harvard College | 4.00% |  | 7/15/2036 | AAA | 5475000 | 5437656 |
| Massachusetts Development Finance Agency-President and Fellows of Harvard College | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 5/15/2055 | AAA | 13000000 | 14900224 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% |  | 7/1/2041 | Baa3 | 4125000 | 4347009 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% |  | 7/1/2045 | Baa3 | 2350000 | 2431427 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2036 | AA | 2250000 | 2594703 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2037 | AA | 6250000 | 7141604 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2038 | AA | 3000000 | 3401881 |
| Miami-Dade County Educational Facilities Authority-University of Miami FL | 5.00% |  | 4/1/2041 | A2 | 3500000 | 3747966 |
| Miami-Dade County Educational Facilities Authority-University of Miami FL | 5.00% |  | 4/1/2042 | A2 | 16000000 | 17030072 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2036 | AA | 1000000 | 1134671 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2039 | AA | 1500000 | 1665308 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2040 | AA | 1200000 | 1324964 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2041 | AA | 2000000 | 2196066 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2042 | AA | 2125000 | 2319170 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2043 | AA | 4000000 | 4335835 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2038 | A | 4000000 | 4466640 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2039 | A | 5300000 | 5886190 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2040 | A | 5345000 | 5899676 |

---

<br> 24 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 7/1/2041 | A | $5000000 | $5492743 |
| New York State Dormitory Authority-Barnard College | 5.25% | 7/1/2042 | A | 4230000 | 4615556 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2027 | BBB | 10000000 | 10019177 |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2035 | Baa1 | 5345000 | 5396330 |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2036 | Baa1 | 4405000 | 4444092 |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2037 | Baa1 | 7800000 | 7862164 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2038 | Aa2 | 9325000 | 10617023 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2042 | Aa2 | 18295000 | 20133982 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2705000 | 2861653 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11000000 | 11337484 |
| New York State Dormitory Authority (AG) | 5.00% | 10/1/2031 | AA | 10000 | 10572 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2036 | AA | 4750000 | 5370742 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2037 | AA | 9200000 | 9933223 |
| Ohio Higher Educational Facility Commission-University of Dayton | 5.00% | 2/1/2040 | A+ | 1100000 | 1194337 |
| Ohio Higher Educational Facility Commission-University of Dayton | 5.00% | 2/1/2041 | A+ | 1300000 | 1404048 |
| Ohio Higher Educational Facility Commission-University of Dayton | 5.00% | 2/1/2042 | A+ | 1700000 | 1823784 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2032 | Baa3 | 1270000 | 1351727 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2034 | Baa3 | 2175000 | 2322289 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2036 | Baa3 | 2320000 | 2434420 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2037 | Baa3 | 1415000 | 1471601 |

---

<br> *See Notes to Financial Statements.* 25

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 5/1/2040 | Baa3 | $1575000 | $1607880 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2042 | Baa3 | 1575000 | 1591206 |
| Pennsylvania Higher Educational Facilities Authority-Pennsylvania's State System of Higher Education | 4.00% | 6/15/2036 | Aa3 | 7640000 | 7590252 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2044 | NR | 2000000 | 1841629 |
| 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 | 335065 |
| 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 | 1000012 |
| University of Akron OH | 5.00% | 1/1/2035 | A3 | 3465000 | 3477834 |
| University of California | 5.50% | 5/15/2040 | AA | 15000000 | 17474070 |
| University of Illinois | 5.00% | 10/1/2035 | A2 | 885000 | 965369 |
| University of Illinois | 5.00% | 10/1/2036 | A2 | 920000 | 996796 |
| University of Illinois | 5.00% | 10/1/2037 | A2 | 800000 | 861383 |
| University of Illinois | 5.00% | 10/1/2038 | A2 | 800000 | 855148 |
| University of Illinois | 5.50% | 10/1/2039 | A2 | 1360000 | 1490277 |
| University of Illinois | 5.50% | 10/1/2042 | A2 | 1650000 | 1789113 |
| University of Illinois (AG) | 4.00% | 4/1/2033 | AA | 4905000 | 4965938 |
| University of Kentucky (ST INTERCEPT) | 4.00% | 10/1/2036 | AA+ | 3000000 | 2999923 |
| University of Kentucky (ST INTERCEPT) | 4.75% | 4/1/2034 | AA+ | 3000000 | 3007499 |
| University of Vermont and State Agricultural College | 4.00% | 10/1/2038 | Aa3 | 5000000 | 5022625 |
| *Total* |  |  |  |  | 432870802 |
| **Financial Services 0.02%** |  |  |  |  |  |
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% | 12/1/2030 | Aaa | 470000 | 470692 |
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2032 | Aaa | 390000 | 390113 |
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% | 12/1/2034 | Aaa | 355000 | 354996 |
| *Total* |  |  |  |  | 1215801 |

---

<br> 26 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 9.25%** |  |  |  |  |  |  |
| Arapahoe County Water & Wastewater Public Improvement District CO GO | 3.00% |  | 12/1/2039 | AA- | $4870000 | $4231640 |
| Bexar County Hospital District TX GO | 3.00% |  | 2/15/2037 | Aa1 | 3185000 | 2787660 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.50% | <sup>#(a)</sup> | 5/1/2054 | A2 | 10000000 | 10459874 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2040 | Aa3 | 4200000 | 4609175 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2042 | Aa3 | 6035000 | 6549737 |
| Chabot-Las Positas Community College District CA GO | 3.00% |  | 8/1/2038 | AA | 2500000 | 2326544 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2029 | BB+ | 3000000 | 3052656 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2031 | BB+ | 1500000 | 1518250 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2033 | BB+ | 900000 | 902622 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 475000 | 476505 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2035 | BB+ | 450000 | 450280 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 7300000 | 7305870 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2039 | BB+ | 2340000 | 2283626 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2034 | BB+ | 9455000 | 10113293 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2037 | BB+ | 2000000 | 2085349 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2038 | BB+ | 2250000 | 2332903 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2037 | BB+ | 12500000 | 13621774 |
| Chicago Board of Education IL GO<sup>†</sup> | 6.75% |  | 12/1/2030 | BB+ | 5000000 | 5208218 |
| City of Bellevue WA GO | 4.00% |  | 12/1/2030 | AAA | 5590000 | 5594007 |
| City of Chicago IL GO | 5.00% |  | 1/1/2031 | BBB | 2210000 | 2211545 |
| City of Chicago IL GO | 5.00% |  | 1/1/2042 | BBB | 34540000 | 34165617 |
| City of Chicago IL GO | 5.50% |  | 1/1/2039 | BBB | 6000000 | 6219256 |
| City of Chicago IL GO | 5.50% |  | 1/1/2041 | BBB | 5000000 | 5211326 |
| City of Chicago IL GO | 5.50% |  | 1/1/2049 | BBB | 1140000 | 1120757 |
| City of Chicago IL GO | 6.00% |  | 1/1/2043 | BBB | 3000000 | 3239397 |
| City of Cleveland OH GO | 3.00% |  | 12/1/2039 | AA+ | 1700000 | 1472309 |
| City of Frisco TX GO | 5.00% |  | 2/15/2041 | AAA | 4445000 | 4813012 |
| City of Houston TX GO | 5.00% |  | 3/1/2038 | Aa3 | 1000000 | 1082348 |
| City of Houston TX GO | 5.00% |  | 3/1/2041 | AA | 3750000 | 4034801 |
| City of Houston TX GO | 5.25% |  | 3/1/2039 | Aa3 | 4610000 | 5033868 |
| City of Houston TX GO | 5.25% |  | 3/1/2040 | Aa3 | 5800000 | 6302512 |

---

<br> *See Notes to Financial Statements.* 27

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Hutto TX GO (BAM) | 5.00% | 8/1/2040 | AA | $2145000 | $2328855 |
| City of Hutto TX GO (BAM) | 5.00% | 8/1/2041 | AA | 3500000 | 3783842 |
| 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 | 1360093 |
| City of New York NY GO<sup>(b)</sup> | 5.00% | 2/1/2037 | AA | 2250000 | 2523405 |
| City of New York NY GO<sup>(b)</sup> | 5.00% | 2/1/2038 | AA | 2000000 | 2225594 |
| City of New York NY GO<sup>(b)</sup> | 5.00% | 2/1/2039 | AA | 3750000 | 4139448 |
| City of New York NY GO | 5.00% | 4/1/2040 | AA | 2000000 | 2155896 |
| Clark County School District NV GO | 5.00% | 6/15/2041 | AA- | 10645000 | 11347685 |
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2041 | AA+ | 1750000 | 1940534 |
| Commonwealth of Massachusetts GO | 5.00% | 12/1/2042 | AA+ | 5000000 | 5500161 |
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1727569 | 1255690 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 11385659 | 11227224 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 3035632 | 2933862 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5000000 | 4632764 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2046 | NR | 1917657 | 1647841 |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 5336508 | 5636442 |
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 1415665 | 1546344 |
| Cook County Township High School District No. 201 J Sterling Morton IL GO (AG) | 5.00% | 6/1/2037 | AA | 1000000 | 1116205 |
| Cook County Township High School District No. 201 J Sterling Morton IL GO (AG) | 5.00% | 6/1/2038 | AA | 1190000 | 1315203 |
| Cook County Township High School District No. 201 J Sterling Morton IL GO (AG) | 5.00% | 6/1/2039 | AA | 1225000 | 1337999 |
| Cook County Township High School District No. 201 J Sterling Morton IL GO (AG) | 5.00% | 6/1/2041 | AA | 2810000 | 3029921 |
| Cook County Township High School District No. 201 J Sterling Morton IL GO (AG) | 5.00% | 6/1/2042 | AA | 1400000 | 1503125 |
| Cook County Township High School District No. 201 J Sterling Morton IL GO (AG) | 5.00% | 6/1/2043 | AA | 2420000 | 2586674 |
| County of Clark NV GO | 3.00% | 7/1/2038 | AAA | 4000000 | 3588983 |
| County of Collin TX GO | 3.00% | 2/15/2039 | AAA | 5420000 | 4628619 |
| County of Travis TX GO | 3.00% | 3/1/2038 | AAA | 4410000 | 3994270 |

---

<br> 28 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Dallas Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2039 | AAA | $5340000 | $4652998 |
| Davis Joint Unified School District CA GO (BAM) | 3.00% | 8/1/2038 | AA | 3140000 | 2792571 |
| Denton Independent School District TX GO (PSF-GTD) | 5.00% | 8/15/2039 | AAA | 5500000 | 5969072 |
| Galena Park Independent School District TX GO (PSF-GTD) | 3.00% | 8/15/2039 | Aaa | 6960000 | 6170316 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2036 | AA+ | 3000000 | 3405297 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2037 | AA+ | 6500000 | 7321452 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2038 | AA+ | 5000000 | 5593226 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% | 3/1/2039 | AA+ | 5000000 | 5557325 |
| Janesville School District WI GO | 5.00% | 3/1/2035 | Aa2 | 2500000 | 2771990 |
| Janesville School District WI GO | 5.00% | 3/1/2036 | Aa2 | 5575000 | 6134541 |
| Janesville School District WI GO | 5.00% | 3/1/2037 | Aa2 | 3160000 | 3447308 |
| Louisiana Stadium & Exposition District | 5.00% | 7/1/2039 | A2 | 6550000 | 7039923 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 4000000 | 4374925 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 4000000 | 4374925 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2036 | A1 | 2000000 | 2222410 |
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5000000 | 5379368 |
| Northside Independent School District TX GO (PSF-GTD) | 3.00% | 8/15/2038 | Aaa | 3250000 | 2878647 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2037 | Aa3 | 1000000 | 1086901 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2038 | Aa3 | 2375000 | 2565776 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2039 | Aa3 | 2250000 | 2418014 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2037 | Baa2 | 5575000 | 6050935 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2038 | Baa2 | 6200000 | 6667819 |

---

*See Notes to Financial Statements.* 29

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2039 | Aa1 | $2005000 | $1788063 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2040 | Aa1 | 2000000 | 1745645 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2041 | Aa1 | 2425000 | 2082439 |
| State of California GO | 5.00% | 3/1/2042 | Aa2 | 4925000 | 5432632 |
| State of Illinois GO | 4.00% | 10/1/2034 | A2 | 5000000 | 5001440 |
| State of Illinois GO | 5.00% | 2/1/2028 | A2 | 13620000 | 13844893 |
| State of Illinois GO | 5.00% | 11/1/2029 | A2 | 2800000 | 2831056 |
| State of Illinois GO | 5.00% | 11/1/2032 | A2 | 9200000 | 9283229 |
| State of Illinois GO | 5.00% | 10/1/2033 | A2 | 5000000 | 5175212 |
| State of Illinois GO | 5.00% | 5/1/2040 | A2 | 6000000 | 6328322 |
| State of Illinois GO | 5.00% | 5/1/2041 | A2 | 6000000 | 6287177 |
| State of Illinois GO | 5.00% | 12/1/2042 | A2 | 11320000 | 11714800 |
| State of Illinois GO | 5.25% | 10/1/2036 | A2 | 12540000 | 13547776 |
| State of Illinois GO | 5.25% | 5/1/2042 | A2 | 15000000 | 15890227 |
| State of Illinois GO | 5.25% | 5/1/2043 | A2 | 7830000 | 8251080 |
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 11000000 | 11595257 |
| State of Mississippi GO | 3.00% | 6/1/2038 | AA | 4500000 | 3973398 |
| State of West Virginia GO | 5.00% | 12/1/2034 | Aa2 | 5000000 | 5203519 |
| Town of Oyster Bay NY GO (AG) | 2.00% | 3/1/2031 | AA | 2040000 | 1869331 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2039 | AAA | 2095000 | 2304608 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2040 | AAA | 3545000 | 3874306 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2041 | AAA | 2500000 | 2713777 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2042 | AAA | 3180000 | 3428746 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2039 | AA | 4400000 | 4745093 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2041 | AA | 7000000 | 7454821 |
| *Total* |  |  |  |  | 505356011 |
| **Health Care 17.20%** |  |  |  |  |  |
| Allegheny County Hospital Development Authority-Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2031 | A | 16000000 | 16584627 |
| Allegheny County Hospital Development Authority-Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2036 | A | 8000000 | 8234247 |

---

30 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB- | $7000000 | $6962179 |
| Arizona Industrial Development Authority-Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.125% | 5/1/2044 | NR | 3875000 | 4058162 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2034 | BBB | 12250000 | 13304099 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5774000 | 4261703 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 11556000 | 10881616 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 861962 | 918976 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 1720232 | 1756521 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% | 12/1/2035 | BB | 3000000 | 3000485 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% | 4/1/2038 | A | 7000000 | 7549373 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% | 4/1/2039 | A | 5500000 | 5889408 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% | 12/15/2031 | NR | 11415000 | 11252011 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 4.00% | 3/1/2039 | BBB+ | 3915000 | 3673224 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% | 12/1/2035 | BBB+ | 10000000 | 11054435 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% | 12/1/2037 | BBB+ | 5000000 | 5370533 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.25% | 12/1/2040 | BBB+ | 3000000 | 3225460 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.25% | 12/1/2041 | BBB+ | 3000000 | 3189587 |

---

*See Notes to Financial Statements.* 31

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-Adventist Health System/West Obligated Group | &nbsp;&nbsp;5.25% |  | 12/1/2042 | BBB+ | $5500000 | $5811385 |
| California Health Facilities Financing Authority-Providence St Joseph Health Obligated Group | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 10/1/2050 | A | 6000000 | 6729656 |
| California Health Facilities Financing Authority-Rady Children's Hospital Obligated Group<sup>(b)</sup> | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 8/15/2065 | AA | 20000000 | 22599672 |
| California Municipal Finance Authority-Eisenhower Medical Center | &nbsp;&nbsp;5.00% |  | 7/1/2033 | Baa2 | 4015000 | 4073285 |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 11/1/2027 | CCC+ | 5000000 | 4966296 |
| California Statewide Communities Development Authority<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 10/1/2035 | AA- | 10000000 | 11283515 |
| California Statewide Communities Development Authority-John Muir Health Obligated Group | &nbsp;&nbsp;5.00% |  | 12/1/2043 | A | 4510000 | 4870309 |
| California Statewide Communities Development Authority-John Muir Health Obligated Group | &nbsp;&nbsp;5.25% |  | 12/1/2042 | A | 3510000 | 3870866 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 12/1/2033 | BB+ | 1000000 | 1030088 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | &nbsp;&nbsp;5.25% |  | 12/1/2034 | BB+ | 5000000 | 5005556 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | &nbsp;&nbsp;5.25% |  | 12/1/2038 | BB+ | 1500000 | 1537536 |
| Capital Trust Authority-AIDS Healthcare Foundation Obligated Group FL | &nbsp;&nbsp;4.75% |  | 12/1/2042 | Baa2 | 1100000 | 1100786 |
| Chattanooga Health Educational & Housing Facility Board-Erlanger Health Obligated Group TN | &nbsp;&nbsp;5.25% |  | 12/1/2041 | A | 1000000 | 1082743 |
| Chattanooga Health Educational & Housing Facility Board-Erlanger Health Obligated Group TN | &nbsp;&nbsp;5.25% |  | 12/1/2042 | A | 3025000 | 3257398 |
| Citizens Memorial Hospital District MO | &nbsp;&nbsp;5.00% |  | 12/1/2026 | NR | 8825000 | 8845057 |
| City of Atlantic Beach-Naval Continuing Care Retirement Foundation Obligated Group FL | &nbsp;&nbsp;5.00% |  | 11/15/2028 | BBB <sup>(d)</sup> | 1270000 | 1271367 |

---

32 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating: S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| City of Blaine-Crest View Obligated Group MN<sup>(c)</sup> | 5.125% | 7/1/2025 | NR | $549554 | $522076 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority-Children's Health Care Obligated Group MN | 5.00% | 8/15/2040 | AA- | 2100000 | 2247387 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority-Children's Health Care Obligated Group MN | 5.00% | 8/15/2041 | AA- | 3000000 | 3180648 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority-Children's Health Care Obligated Group MN | 5.00% | 8/15/2042 | AA- | 2750000 | 2901395 |
| City of South Miami Health Facilities Authority, Inc.-Baptist Health South Florida Foundation Inc FL | 5.00% | 8/15/2037 | AA- | 4000000 | 4075452 |
| City of South Miami Health Facilities Authority, Inc.-Baptist Health South Florida Obligated Group FL | 5.00% | 8/15/2035 | AA- | 10000000 | 11263171 |
| City of St. Cloud-CentraCare Health System Obligated Group MN | 5.00% | 5/1/2041 | A2 | 3000000 | 3203313 |
| Colorado Health Facilities Authority-CommonSpirit Health Obligated Group | 5.00% | 9/1/2035 | A- | 19000000 | 20919747 |
| Colorado Health Facilities Authority-CommonSpirit Health Obligated Group | 5.25% | 11/1/2038 | A- | 2095000 | 2269383 |
| Connecticut State Health & Educational Facilities Authority-Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2034 | BB+ | 225000 | 227772 |
| Connecticut State Health & Educational Facilities Authority-Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2039 | BB+ | 1000000 | 993355 |
| County of Cuyahoga-MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | 6400000 | 6419974 |
| County of Montgomery-Premier Health Partners Obligated Group OH | 4.00% | 11/15/2039 | Baa1 | 6000000 | 5674171 |
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 12355000 | 12363770 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 4575000 | 4621509 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.375% | 12/1/2037 | NR | 10000000 | 10636842 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 2540000 | 2682111 |

---

*See Notes to Financial Statements.* 33

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2036 | NR | $3830000 | $3833052 |
| District of Columbia-Children's National Medical Center Obligated Group | 5.00% | 7/15/2034 | A1 | 5000000 | 5004372 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 985000 | 1032420 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.375% | 7/1/2039 | NR | 2000000 | 2165850 |
| Franklin County Industrial Development Authority-Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2031 | NR | 1000000 | 1009165 |
| Franklin County Industrial Development Authority-Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2033 | NR | 1000000 | 1007138 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1500000 | 1300646 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2039 | Baa2 | 3900000 | 4042043 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2040 | Baa2 | 4040000 | 4145322 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2042 | Baa2 | 3990000 | 4017452 |
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% | 7/1/2035 | A- | 10510000 | 10868500 |
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% | 7/1/2036 | A- | 8500000 | 8771586 |
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% | 7/1/2037 | A- | 16655000 | 17157130 |
| Hospitals & Higher Education Facilities Authority of Philadelphia-Temple University Health Obligated Group PA | 5.00% | 7/1/2032 | BBB | 4055000 | 4095792 |
| Illinois Finance Authority-Advocate Aurora Health Obligated Group | 4.00% | 8/1/2038 | AA | 11605000 | 11063209 |
| Illinois Finance Authority-Ascension Health Credit Group | 4.00% | 2/15/2033 | AA | 1460000 | 1464363 |
| Illinois Finance Authority-OSF Healthcare System Obligated Group | 5.00% | 11/15/2045 | A | 3250000 | 3249963 |

---

34 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Illinois Finance Authority-University of Chicago Medical Center Obligated Group | 4.00% |  | 8/15/2041 | A+ | $10000000 | $9431811 |
| Indiana Finance Authority-Ascension Health Credit Group | 5.00% |  | 11/15/2041 | AA | 22000000 | 23847190 |
| Indiana Finance Authority-Ascension Health Credit Group | 5.00% |  | 11/15/2042 | AA | 12250000 | 13163388 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2039 | BBB <sup>(d)</sup> | 2500000 | 2567029 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2044 | BBB <sup>(d)</sup> | 3100000 | 3090951 |
| Kentucky Economic Development Finance Authority-Masonic Homes of Kentucky Inc Obligated Group | 5.375% |  | 11/15/2032 | NR | 1185000 | 1156738 |
| Kentucky Economic Development Finance Authority-Owensboro Health Inc Obligated Group | 5.00% |  | 6/1/2029 | Baa2 | 4235000 | 4290884 |
| Kentucky Economic Development Finance Authority-Owensboro Health Inc Obligated Group | 5.00% |  | 6/1/2032 | Baa2 | 6000000 | 6054266 |
| King County Public Hospital District No. 4 WA | 6.625% |  | 12/1/2045 | NR | 7000000 | 7018537 |
| Louisville/Jefferson County Metropolitan Government-Norton Healthcare Obligated Group KY | 5.00% |  | 10/1/2040 | A | 3500000 | 3707303 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2033 | A2 | 500000 | 520046 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2034 | A2 | 1000000 | 1038203 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2035 | A2 | 1000000 | 1035898 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2036 | A2 | 1800000 | 1859639 |
| Maryland Health & Higher Educational Facilities Authority-University of Maryland Medical System Obligated Group | 5.00% | <sup>#(a)</sup> | 7/1/2045 | A | 5000000 | 5372019 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2034 | BBB | 5255000 | 5264913 |

---

*See Notes to Financial Statements.* 35

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.00% |  | 7/1/2035 | BBB- | $2000000 | $1920547 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% |  | 7/1/2037 | BBB- | 3930000 | 3704463 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2038 | BBB- | 3100000 | 3119311 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2039 | BBB- | 2750000 | 2761092 |
| Miami Beach Health Facilities Authority-Mount Sinai Medical Center of Florida Obligated Group FL | 5.00% |  | 11/15/2030 | A2 | 2500000 | 2502916 |
| Michigan Finance Authority-Bronson Health Care Group Obligated Group | 5.00% |  | 5/15/2036 | A1 | 20000000 | 20058716 |
| Michigan Finance Authority-McKenzie Memorial Hospital | 4.00% |  | 1/1/2028 | NR | 12295000 | 12311587 |
| Michigan Finance Authority-McLaren Health Care Corp Obligated Group | 5.00% |  | 5/15/2033 | A1 | 4030000 | 4045059 |
| Michigan Finance Authority-McLaren Health Care Corp Obligated Group | 5.00% |  | 5/15/2035 | A1 | 4945000 | 4961654 |
| Michigan Finance Authority-McLaren Health Care Obligated Group | 5.00% |  | 5/15/2032 | A1 | 10390000 | 10428693 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.00% |  | 2/28/2038 | A3 | 2060000 | 2192347 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.25% |  | 2/29/2040 | A3 | 1400000 | 1496865 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.25% |  | 2/28/2042 | A3 | 1860000 | 1963406 |
| Michigan State Hospital Finance Authority-Corewell Health Obligated Group | 5.00% | <sup>#(a)</sup> | 8/15/2055 | AA | 13000000 | 14191267 |
| Minnesota Agricultural & Economic Development Board-HealthPartners Obligated Group | 5.00% |  | 1/1/2041 | A | 4000000 | 4247874 |
| Minnesota Agricultural & Economic Development Board-HealthPartners Obligated Group | 5.00% |  | 1/1/2042 | A | 4985000 | 5252008 |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% |  | 6/15/2039 | NR | 10000000 | 9796699 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 4.00% |  | 9/1/2036 | A | 1350000 | 1344752 |

---

36 See Notes to Financial Statements.

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 9/1/2038 | A | $2250000 | $2198417 |
| Montgomery County Industrial Development Authority-Whitemarsh Continuing Care Retirement Community Obligated PA | 5.00% | 1/1/2030 | NR | 1640000 | 1641186 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 5380000 | 5330139 |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 4910000 | 4760955 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 4245000 | 4324860 |
| New Hampshire Business Finance Authority-Novant Health Obligated Group | 5.00% | 12/1/2035 | A+ | 5500000 | 6029428 |
| New Hampshire Business Finance Authority-Novant Health Obligated Group | 5.25% | 6/1/2042 | A+ | 5500000 | 5832023 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1500000 | 1485190 |
| New Hope Cultural Education Facilities Finance Corp.-SLF CHP LLC TX<sup>†</sup> | 6.25% | 7/1/2045 | NR | 4000000 | 4004759 |
| New Hope Cultural Education Facilities Finance Corp.-Children's Health System of Texas Obligated Group TX | 5.25% | 8/15/2041 | AA | 5000000 | 5532699 |
| New Hope Cultural Education Facilities Finance Corp.-Children's Health System of Texas Obligated Group TX | 5.25% | 8/15/2042 | AA | 5000000 | 5481900 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 3185000 | 3188177 |
| New Jersey Health Care Facilities Financing Authority-University Hospital (AG) | 5.00% | 7/1/2028 | AA | 2000000 | 2037278 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2037 | B | 1300000 | 1144066 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B | 2305000 | 1976293 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2040 | B | 1810000 | 1537179 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2036 | B | 1945000 | 1895471 |

---

*See Notes to Financial Statements.* 37

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 12/1/2026 | Ba3 | $1500000 | $1505504 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | Ba3 | 2700000 | 2686093 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2030 | Ba3 | 1100000 | 1089398 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | Ba3 | 1600000 | 1576284 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.25% | 11/1/2041 | BBB- | 1750000 | 1840948 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.25% | 11/1/2042 | BBB- | 1500000 | 1567815 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.25% | 11/1/2043 | BBB- | 1400000 | 1455665 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.50% | 11/1/2044 | BBB- | 1125000 | 1187144 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2034 | BBB- | 1240000 | 1341834 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2035 | BBB- | 1000000 | 1074657 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2036 | BBB- | 1305000 | 1391999 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2037 | BBB- | 1620000 | 1716118 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2040 | AA | 1500000 | 1626063 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2041 | AA | 1800000 | 1945639 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2042 | AA | 3475000 | 3734659 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2043 | AA | 1750000 | 1869695 |
| North Carolina Medical Care Commission-Penick Village Obligated Group | 4.25% | 9/1/2028 | NR | 1090000 | 1092453 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2033 | BB+ | 3920000 | 3998239 |

---

38 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 5.00% | 8/15/2038 | BB+ | $10050000 | $10140255 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | 6710000 | 6749425 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2037 | NR | 2770000 | 2868716 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2037 | A+ | 2495000 | 2700776 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2038 | A+ | 1530000 | 1646808 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2041 | A+ | 3750000 | 4010810 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2042 | A+ | 5000000 | 5316916 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 5280000 | 5155481 |
| Pennsylvania Economic Development Financing Authority-UPMC Obligated Group PA | 4.00% | 4/15/2038 | A | 3095000 | 3030179 |
| Pennsylvania Economic Development Financing Authority-UPMC Obligated Group<sup>(b)</sup> | 5.00% | 6/15/2036 | A | 5000000 | 5538144 |
| Pennsylvania Economic Development Financing Authority-UPMC Obligated Group<sup>(b)</sup> | 5.00% | 12/15/2038 | A | 6600000 | 7150665 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 4.00% | 11/1/2042 | A | 13960000 | 13078443 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 5.25% | 11/1/2040 | A | 5000000 | 5368373 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 5.25% | 11/1/2041 | A | 9000000 | 9687388 |
| Philadelphia Authority for Industrial Development-Thomas Jefferson University Obligated Group PA | 5.00% | 9/1/2035 | A | 5000000 | 5053104 |
| Public Finance Authority-Proton International Alabama LLC WI<sup>†(c)</sup> | 6.85% | 10/1/2047 | NR | 1410000 | 141000 |

---

*See Notes to Financial Statements.* 39

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-RBS Evolution LLC WI<sup>†</sup> | 10.00% |  | 11/1/2038 | NR | $3500000 | $3905098 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 6.50% |  | 11/1/2030 | NR | 10000000 | 10242606 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 7.25% |  | 11/1/2045 | NR | 2500000 | 2662108 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.25% |  | 11/15/2028 | NR | 1660000 | 1661706 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.25% |  | 11/1/2040 | A+ | 6500000 | 7071453 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.25% |  | 11/1/2041 | A+ | 7500000 | 8135733 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.00% |  | 12/1/2035 | B <sup>(d)</sup> | 3850000 | 3722152 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2029 | B <sup>(d)</sup> | 2085000 | 2085219 |
| Tarrant County Cultural Education Facilities Finance Corp.-Ascension Health Credit Group TX | 5.00% | <sup>#(a)</sup> | 11/15/2051 | AA | 12000000 | 13262207 |
| Tulsa County Industrial Authority-Montereau Obligated Group OK | 5.25% |  | 11/15/2037 | BBB- <sup>(d)</sup> | 1250000 | 1262455 |
| University of Kansas Hospital Authority-University of Kansas Health System Obligated Group | 5.00% |  | 9/1/2034 | AA- | 5000000 | 5015455 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | 5.00% |  | 9/1/2040 | A- | 2500000 | 2662631 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | 5.00% |  | 9/1/2041 | A- | 3725000 | 3954208 |
| Washington Health Care Facilities Authority-Multicare Health System Obligated Group | 5.00% | <sup>#(a)</sup> | 8/15/2055 | A | 20000000 | 21515020 |

---

40 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-Providence St Joseph Health Obligated Group | 4.00% | <sup>#(a)</sup> | 10/1/2042 | A | $13220000 | $13482126 |
| Washington Health Care Facilities Authority-Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2035 | A | 12500000 | 13815800 |
| Washington State Housing Finance Commission-Horizon House Obligated Group | 4.375% |  | 1/1/2033 | BB <sup>(d)</sup> | 15290000 | 15051308 |
| West Virginia Hospital Finance Authority-West Virginia United Health System Obligated Group | 4.00% |  | 6/1/2030 | A | 5500000 | 5505810 |
| Westchester County Local Development Corp.-New York Blood Center Inc | 5.00% |  | 7/1/2035 | Baa1 | 3000000 | 3243919 |
| Westchester County Local Development Corp.-New York Blood Center Inc | 5.00% |  | 7/1/2038 | Baa1 | 3075000 | 3266129 |
| Winchester Economic Development Authority-Valley Health Obligated Group VA | 5.00% |  | 1/1/2042 | A+ | 2500000 | 2645783 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 3660000 | 3548900 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 1210000 | 1173270 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2035 | A+ | 2000000 | 2218752 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2036 | A+ | 3250000 | 3576164 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% |  | 8/15/2037 | A+ | 3540000 | 3865699 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | 5.00% |  | 2/15/2032 | A+ | 12500000 | 13564111 |
| Yuma Industrial Development Authority-Yuma Regional Medical Center Obligated Group AZ | 5.00% |  | 8/1/2041 | A | 1500000 | 1605286 |

---

*See Notes to Financial Statements.* 41

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 (AG) | 5.25% |  | 8/1/2042 | AA | $2125000 | $2315543 |
| Yuma Industrial Development Authority-Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% |  | 8/1/2043 | AA | 2250000 | 2434621 |
| *Total* |  |  |  |  |  | 939858293 |
| **Housing 11.25%** |  |  |  |  |  |  |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | AA- | 14947295 | 14319749 |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | BBB | 7473648 | 6968167 |
| California Municipal Finance Authority-Park Western Housing LP (FNMA) | 2.65% |  | 8/1/2036 | Aa1 | 4142645 | 3602599 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 11/1/2055 | AAA | 6500000 | 7194624 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 5/1/2055 | AA | 9990000 | 11189200 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.50% |  | 5/1/2055 | AAA | 8200000 | 9253590 |
| Colorado Housing & Finance Authority (GNMA) | 6.00% |  | 5/1/2053 | AA | 10590000 | 11486094 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% |  | 6/1/2047 | NR | 5000000 | 3522017 |
| EP Cimarron Ventanas PFC TX | 4.125% |  | 12/1/2039 | A+ | 6315000 | 6149280 |
| EP Forty649 PFC TX | 4.00% |  | 1/1/2037 | A+ | 23000000 | 21928727 |
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2056 | Aaa | 7000000 | 7751357 |
| FW Ramble Public Facility Corp TX | 4.00% |  | 10/1/2035 | A+ | 7250000 | 7009214 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | Aa1 | 5995000 | 6751774 |
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 10/1/2055 | Aaa | 15185000 | 17027466 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.00% |  | 6/1/2038 | BBB- | 1550000 | 1602166 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.00% |  | 6/1/2043 | BBB- | 2525000 | 2544254 |
| Industrial Development Authority of the City of Phoenix Arizona-Downtown Phoenix Student Housing LLC AZ | 5.00% |  | 7/1/2032 | Baa3 | 1080000 | 1099215 |
| Maine State Housing Authority | 3.75% |  | 11/15/2038 | AA+ | 2940000 | 2810528 |

---

42 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Maryland Community Development Administration Residential Revenue | 3.00% |  | 9/1/2039 | Aa1 | $10000000 | $8718736 |
| Miami-Dade County Industrial Development Authority-PRG-Casa Properties LLC FL<sup>†</sup> | 5.375% | <sup>#(a)</sup> | 7/1/2065 | NR | 12000000 | 12316544 |
| Michigan State Housing Development Authority | 3.10% |  | 12/1/2044 | AA+ | 10500000 | 8710738 |
| Michigan State Housing Development Authority | 6.25% |  | 6/1/2055 | AA+ | 8845000 | 9673477 |
| Michigan State Housing Development Authority | 6.25% |  | 12/1/2055 | AA+ | 15885000 | 17532449 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 9505000 | 10573609 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2055 | AA+ | 3365000 | 3766993 |
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% |  | 6/1/2044 | Aa1 | 625000 | 753510 |
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% |  | 6/1/2049 | Aa1 | 940000 | 1114881 |
| Montana Board of Housing (FHLMC), (FNMA), (GNMA) | 5.75% |  | 6/1/2055 | AA+ | 8490000 | 9186029 |
| Nebraska Investment Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AAA | 3750000 | 4160541 |
| New Hampshire Business Finance Authority | 3.824% | <sup>#(a)</sup> | 11/20/2042 | BBB | 4472217 | 4112957 |
| New Hampshire Business Finance Authority | 4.125% | <sup>#(a)</sup> | 4/20/2043 | AA- | 13500000 | 13127100 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(a)</sup> | 6/20/2041 | AA- | 14467042 | 14699335 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 750000 | 763200 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2100000 | 2155714 |
| New York State Housing Finance Agency-West 38TH Street LLC (FHLMC) | 3.57% | <sup>#(a)</sup> | 5/1/2042 | Aa1 | 22255000 | 22304976 |
| New York State Housing Finance Agency-West 62nd Street LLC | 3.60% | <sup>#(a)</sup> | 11/1/2044 | Aa1 | 23000000 | 23092340 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 4005000 | 4323386 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2056 | AA+ | 11995000 | 13629589 |
| North Dakota Housing Finance Agency | 4.00% |  | 1/1/2051 | Aa1 | 4415000 | 4448207 |
| North Dakota Housing Finance Agency | 6.00% |  | 7/1/2055 | Aa1 | 5930000 | 6556008 |

---

*See Notes to Financial Statements.* 43

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| North Dakota Housing Finance Agency | 6.00% | 1/1/2056 | Aa1 | $3750000 | $4109019 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% | 3/1/2056 | Aa1 | 8120000 | 8947369 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.00% | 3/1/2049 | Aa1 | 3500000 | 4043506 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.50% | 3/1/2049 | Aa1 | 3000000 | 3560231 |
| Oklahoma Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 3/1/2057 | Aaa | 26935000 | 30700206 |
| Pennsylvania Housing Finance Agency | 3.50% | 4/1/2051 | AA+ | 560000 | 559588 |
| Pennsylvania Housing Finance Agency | 6.25% | 10/1/2055 | Aa1 | 12000000 | 13550311 |
| Pennsylvania Housing Finance Agency | 6.25% | 10/1/2056 | Aa1 | 5000000 | 5600716 |
| Pennsylvania Housing Finance Agency | 6.50% | 10/1/2055 | Aa1 | 19948000 | 22689009 |
| Pennsylvania Housing Finance Agency AMT | 3.65% | 10/1/2042 | AA+ | 2500000 | 2330320 |
| South Carolina Jobs-Economic Development Authority-Sixteenth Floor Obligated Group | 4.00% | 12/1/2035 | A+ | 10000000 | 9840357 |
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 11/1/2056 | AAA | 4500000 | 5048799 |
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 11/1/2056 | AAA | 8495000 | 9392795 |
| State of Oregon Housing & Community Services Department (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | 7245000 | 8082715 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% | 7/1/2053 | AA+ | 6710000 | 7169295 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.75% | 3/1/2054 | Aaa | 6540000 | 7080844 |
| Texas Department of Housing & Community Affairs (GNMA) | 6.00% | 3/1/2053 | Aaa | 8220000 | 8961070 |
| Texas Department of Housing & Community Affairs (GNMA) | 6.25% | 1/1/2056 | AA+ | 20000000 | 22389432 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aa2 | 14905000 | 16636790 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% | 7/1/2055 | Aa2 | 9480000 | 10529506 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.75% | 7/1/2055 | Aa2 | 10940000 | 12531634 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% | 9/1/2029 | BB+ <sup>(d)</sup> | 5000000 | 5035456 |

---

44 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.50% |  | 12/20/2035 | BBB+ | $4567669 | $4379585 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2034 | AA | 1000000 | 1084597 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2035 | AA | 1000000 | 1084695 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2036 | AA | 1000000 | 1074364 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2040 | AA | 1000000 | 1046723 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2044 | BBB- | 4950000 | 5051644 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2049 | BBB- | 8805000 | 8676733 |
| Washington State Housing Finance Commission (FHLMC), (FNMA), (GNMA) | 6.25% |  | 6/1/2054 | Aaa | 7470000 | 8183485 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 5.75% |  | 9/1/2056 | AA+ | 7000000 | 7661331 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AA+ | 6115000 | 6766303 |
| Wisconsin Housing & Economic Development Authority Housing Revenue | 3.75% | <sup>#(a)</sup> | 11/1/2055 | AA+ | 4100000 | 4118812 |
| Wyoming Community Development Authority | 5.00% |  | 12/1/2039 | AA+ | 8360000 | 8905456 |
| *Total* |  |  |  |  |  | 614753036 |
| **Lease Obligations 1.71%** |  |  |  |  |  |  |
| Illinois Sports Facilities Authority (AG) | 5.00% |  | 6/15/2027 | AA | 3000000 | 3015555 |
| Jefferson County School District Finance Corp.-Jefferson County Board of Education/ KY (ST INTERCEPT) | 3.00% |  | 12/1/2035 | AA- | 3750000 | 3501523 |
| Kentucky State Property & Building Commission-Commonwealth of Kentucky | 5.00% |  | 4/1/2042 | Aa3 | 10525000 | 11425161 |
| Manatee County School District FL<sup>(b)</sup> | 5.00% |  | 7/1/2039 | A+ | 8100000 | 8846552 |

---

*See Notes to Financial Statements.* 45

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Municipal Improvement Corp. of Los Angeles-City of Los Angeles CA | 5.00% |  | 5/1/2040 | A+ | $10000000 | $11144961 |
| Municipal Improvement Corp. of Los Angeles-City of Los Angeles CA | 5.00% |  | 5/1/2041 | A+ | 9550000 | 10577414 |
| Municipal Improvement Corp. of Los Angeles-City of Los Angeles CA | 5.00% |  | 5/1/2042 | A+ | 15775000 | 17327566 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% |  | 6/15/2033 | A1 | 7215000 | 7584904 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% |  | 6/15/2034 | A1 | 13645000 | 14330091 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2036 | A1 | 1320000 | 1354828 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2031 | A+ | 2400000 | 2409520 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 3.25% |  | 6/15/2039 | A1 | 2000000 | 1794751 |
| *Total* |  |  |  |  |  | 93312826 |
| **Multi-Family Housing 0.90%** |  |  |  |  |  |  |
| FW Chaparral PFC TX | 4.00% |  | 10/1/2035 | A+ | 4500000 | 4388026 |
| King County Housing Authority WA | 3.50% |  | 5/1/2038 | AAA | 10000000 | 9176489 |
| Michigan State Housing Development Authority | 3.80% |  | 10/1/2038 | AA+ | 10000000 | 9709025 |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 7146994 | 6722129 |
| New Hampshire Business Finance Authority | 3.824% | <sup>#(a)</sup> | 11/20/2042 | AA- | 19876520 | 19097448 |
| *Total* |  |  |  |  |  | 49093117 |
| **Other Revenue 1.82%** |  |  |  |  |  |  |
| City of Houston Hotel Occupancy Tax & Special Revenue TX<sup>(b)</sup> | 5.00% |  | 9/1/2038 | A- | 4100000 | 4528904 |
| City of Houston Hotel Occupancy Tax & Special Revenue TX<sup>(b)</sup> | 5.00% |  | 9/1/2039 | A- | 3000000 | 3290708 |
| City of Houston Hotel Occupancy Tax & Special Revenue TX<sup>(b)</sup> | 5.00% |  | 9/1/2042 | A- | 3500000 | 3774240 |
| City of Pembroke Pines FL | 3.00% |  | 7/1/2037 | AA | 5390000 | 4838627 |
| Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH | 5.00% |  | 12/1/2033 | BB+ | 2000000 | 2036849 |
| Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH | 5.25% |  | 12/1/2038 | BB+ | 1650000 | 1674609 |

---

46 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| County of St Johns FL | 5.00% |  | 10/1/2041 | Aaa | $7090000 | $7760046 |
| Illinois Finance Authority-Field Museum of Natural History | 3.691%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 4250000 | 4256299 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(c)</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 | 2070852 |
| Maricopa County Industrial Development Authority-Paragon Management Inc AZ<sup>†</sup> | 5.00% |  | 7/1/2036 | BB+ | 2500000 | 2501235 |
| Maryland Economic Development Corp Chesapeake Bay Conference Center<sup>(c)</sup> | 5.00% |  | 12/1/2016 | NR | 700000 | 469000 |
| M-S-R Energy Authority CA | 6.125% |  | 11/1/2029 | BBB+ | 2500000 | 2621779 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 2500000 | 2541587 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2037 | AA+ | 5000000 | 5548712 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2041 | AA+ | 9000000 | 9781498 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2039 | AA+ | 13050000 | 14600806 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2040 | AA+ | 11000000 | 12199244 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2042 | AA+ | 10000000 | 11007181 |
| *Total* |  |  |  |  |  | 99502176 |
| **Pollution Control 0.79%** |  |  |  |  |  |  |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | 4.30% | <sup>#(a)</sup> | 3/1/2056 | BB | 27100000 | 26293975 |
| Mission Economic Development Corp.-Waste Management Inc TX AMT | 2.875% | <sup>#(a)</sup> | 7/1/2040 | A- | 7750000 | 7745947 |
| Mission Economic Development Corp.-Waste Management Inc TX AMT | 2.875% | <sup>#(a)</sup> | 5/1/2046 | A- | 9000000 | 8995293 |
| *Total* |  |  |  |  |  | 43035215 |

---

*See Notes to Financial Statements.* 47

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pre-Refunded 0.00%** |  |  |  |  |  |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 4.00% | 2/15/2034 | NR | $15000 | $15183 |
| **Special Tax 1.02%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.00% | 5/1/2032 | Ba2 | 1250000 | 1258918 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 1730000 | 1811146 |
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2033 | NR | 1370000 | 1371617 |
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2035 | NR | 975000 | 976104 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3980000 | 3707920 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3000000 | 2597189 |
| Lakewood Ranch Stewardship District FL | 6.125% | 5/1/2043 | NR | 2240000 | 2417493 |
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 395000 | 400699 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 4.50% | 8/1/2040 | NR | 1250000 | 1245863 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% | 9/1/2028 | NR | 360000 | 362796 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2037 | NR | 875000 | 881021 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.00% | 9/1/2042 | AA | 4000000 | 4257042 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2036 | AA | 5000000 | 5584726 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2037 | AA | 6000000 | 6657289 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2038 | AA | 5000000 | 5511119 |
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 765000 | 764932 |
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 835000 | 838083 |
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1765000 | 1761624 |

---

48 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | $160000 | $159813 |
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | 1835000 | 1623060 |
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 295000 | 290657 |
| Village Community Development District No. 13 FL<sup>†</sup> | 3.00% | 5/1/2035 | NR | 3310000 | 3047423 |
| Village Community Development District No. 13 FL<sup>†</sup> | 3.25% | 5/1/2040 | NR | 4130000 | 3605068 |
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2420000 | 2325883 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2155561 |
| *Total* |  |  |  |  | 55613046 |
| **Tax Revenue 4.21%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | 5500000 | 5539642 |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2041 | A+ | 4750000 | 5161248 |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2042 | A+ | 3800000 | 4119991 |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.00% | 12/1/2043 | A+ | 2000000 | 2153306 |
| City of Miami FL | 5.00% | 1/1/2041 | AA | 7590000 | 8179370 |
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3750000 | 3771534 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2041 | AA | 1750000 | 1935035 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2042 | AA | 2000000 | 2203020 |
| Empire State Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2040 | AA+ | 6245000 | 5396651 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Authority Military Recreation Facilities Project Area UT<sup>†</sup> | 5.50% | 6/15/2039 | NR | 2380000 | 2433395 |

---

*See Notes to Financial Statements.* 49

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | $2000000 | $1861631 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2041 | A1 | 9000000 | 9674971 |
| New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG) | 5.25% | 7/15/2036 | AA | 11700000 | 12239909 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2530000 | 2238853 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2039 | AAA | 5000000 | 5417496 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2040 | AAA | 3500000 | 3849301 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2041 | AAA | 3250000 | 3552719 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2042 | AAA | 10250000 | 11114412 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 7500000 | 8066533 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2042 | AAA | 8140000 | 8812248 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2042 | AAA | 7000000 | 7552992 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2043 | AAA | 6500000 | 7001047 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2043 | AAA | 13300000 | 14304099 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2044 | AAA | 22620000 | 24159106 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2044 | AAA | 8500000 | 9297806 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 2/15/2038 | AA+ | 1485000 | 1311737 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2040 | Aa1 | 3420000 | 2967676 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2037 | Aa1 | 1750000 | 1969840 |

---

50 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% |  | 3/15/2038 | Aa1 | $3250000 | $3626556 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2041 | Aa1 | 7400000 | 7998067 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2042 | Aa1 | 3250000 | 3534209 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% |  | 3/15/2038 | AA+ | 8815000 | 8950823 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% |  | 3/15/2040 | AA+ | 2000000 | 2210051 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% |  | 3/15/2041 | AA+ | 2000000 | 2197044 |
| New York State Housing Finance Agency-State of New York Personal Income Tax Revenue | 3.45% | <sup>#(a)</sup> | 6/15/2054 | Aa1 | 1500000 | 1509538 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2031 | NR | 1774000 | 1476828 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2033 | NR | 11643000 | 8965190 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% |  | 7/1/2053 | NR | 81000 | 72491 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 268000 | 267259 |
| Williston Parks & Recreation District ND (AG) | 5.00% |  | 12/1/2040 | AA | 11825000 | 12781119 |
| *Total* |  |  |  |  |  | 229874743 |
| **Taxable Revenue-Water & Sewer 0.34%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-New Jersey-American Water Co Inc AMT | 3.75% | <sup>#(a)</sup> | 11/1/2034 | A+ | 5500000 | 5520829 |
| Pittsburgh Water & Sewer Authority PA (AG) | 5.00% |  | 9/1/2037 | AA | 4750000 | 5196745 |
| Water Works Board of the City of Birmingham/The AL<sup>†</sup> | 3.75% |  | 9/1/2026 | NR | 7750000 | 7750141 |
| *Total* |  |  |  |  |  | 18467715 |

---

*See Notes to Financial Statements.* 51

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco 0.50%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | $20000000 | $16150000 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 35000000 | 1522220 |
| Northern Tobacco Securitization Corp. AK | 4.00% | 6/1/2050 | BBB- | 625000 | 590847 |
| Tobacco Settlement Financing Corp. NJ | 5.00% | 6/1/2046 | BB+ | 1435000 | 1375095 |
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2027 | A | 2500000 | 2504368 |
| Tobacco Settlement Financing Corp. RI | 5.00% | 6/1/2028 | BBB | 2000000 | 2007718 |
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3690000 | 3039192 |
| *Total* |  |  |  |  | 27189440 |
| **Transportation 14.52%** |  |  |  |  |  |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2043 | BBB+ | 1230000 | 1323917 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2044 | BBB+ | 1265000 | 1350921 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2045 | BBB+ | 1500000 | 1588391 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 4.25% | 7/1/2043 | AA | 5390000 | 5234535 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2040 | A | 2250000 | 2457511 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2042 | A | 3000000 | 3244517 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC (AG) AMT | 3.25% | 12/31/2032 | AA | 5235000 | 4978391 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2036 | BB+ <sup>(d)</sup> | 3215000 | 3285960 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2037 | BB+ <sup>(d)</sup> | 7000000 | 7139922 |
| Central Texas Turnpike System | 5.00% | 8/15/2040 | A- | 5500000 | 5935454 |
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2037 | A | 5225000 | 5555280 |
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2038 | A | 4000000 | 4226532 |
| Chicago O'Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6820000 | 6829699 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2041 | A+ | 3750000 | 4055290 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2041 | A+ | 22200000 | 24177809 |

---

52 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 1/1/2042 | A+ | $5000000 | $5375045 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2043 | A+ | 5000000 | 5350549 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2044 | A+ | 4500000 | 4777011 |
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | AA | 2000000 | 2174540 |
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | AA | 2745000 | 2949929 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | AA | 2385000 | 2580671 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1955000 | 2091933 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1645000 | 1749894 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1820000 | 1928823 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2037 | A+ | 12990000 | 13989113 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2038 | A+ | 5000000 | 5347718 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2039 | A+ | 4250000 | 4516765 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4000000 | 4272835 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4500000 | 4839840 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2041 | A+ | 2150000 | 2281458 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2041 | A+ | 5000000 | 5338339 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 2450000 | 2581095 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 5000000 | 5295949 |
| Chicago O'Hare International Airport IL AMT | 5.50% | 1/1/2044 | A+ | 2625000 | 2830647 |
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2037 | A+ | 2475000 | 2692468 |
| City of Austin Airport System Revenue TX AMT | 5.00% | 11/15/2041 | A+ | 6000000 | 6385046 |

---

*See Notes to Financial Statements.* 53

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Austin Airport System Revenue TX AMT | 5.00% |  | 11/15/2042 | A+ | $3160000 | $3341394 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | BB+ <sup>(d)</sup> | 1000000 | 1016554 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2035 | Ba2 | 12500000 | 13280672 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% |  | 7/1/2040 | AA | 5000000 | 5373589 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% |  | 7/1/2041 | AA | 5000000 | 5353137 |
| City of Houston Airport System Revenue TX AMT | 5.25% |  | 7/1/2037 | A+ | 4000000 | 4454959 |
| City of Houston Airport System Revenue TX AMT | 5.25% |  | 7/1/2038 | A+ | 3200000 | 3534459 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% |  | 7/1/2036 | A+ | 1500000 | 1654780 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% |  | 7/1/2037 | A+ | 2325000 | 2549003 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% |  | 7/1/2039 | A+ | 3000000 | 3253706 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% |  | 7/1/2041 | A+ | 4425000 | 4757624 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% |  | 7/1/2042 | A+ | 3500000 | 3744172 |
| Columbus Regional Airport Authority OH AMT | 5.00% |  | 1/1/2039 | A | 9000000 | 9598959 |
| County of Harris Toll Road Revenue TX | 3.00% |  | 8/15/2038 | Aa1 | 1730000 | 1511099 |
| County of Lee Airport Revenue FL AMT | 5.00% |  | 10/1/2036 | A2 | 8015000 | 8656957 |
| County of Lee Airport Revenue FL AMT | 5.00% | <sup>#(a)</sup> | 10/1/2056 | A2 | 11025000 | 11823399 |
| County of Lee Airport Revenue FL AMT | 5.25% |  | 10/1/2040 | A2 | 6500000 | 7031712 |
| Dallas Fort Worth International Airport TX | 5.00% |  | 11/1/2038 | AA- | 3000000 | 3241925 |
| Dallas Fort Worth International Airport TX | 5.00% |  | 11/1/2039 | AA- | 2750000 | 2981565 |
| Dallas Fort Worth International Airport TX AMT | 5.25% |  | 11/1/2037 | AA- | 12800000 | 14126602 |
| Dallas Fort Worth International Airport TX AMT | 5.25% |  | 11/1/2041 | AA- | 8000000 | 8652289 |
| Dallas Fort Worth International Airport TX AMT | 5.25% |  | 11/1/2042 | AA- | 6300000 | 6774351 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2036 | AA- | 6500000 | 7307496 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2037 | AA- | 6000000 | 6673739 |

---

54 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2038 | AA- | $6000000 | $6626613 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2039 | AA- | 5250000 | 5772680 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 7/15/2032 | NR | 5500000 | 1925000 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 7/15/2059 | NR | 4500000 | 1575000 |
| Grand Parkway Transportation Corp. TX | 5.45% |  | 10/1/2034 | AA+ | 5000000 | 5275650 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 12500000 | 12207621 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(a)</sup> | 12/1/2050 | BBB+ | 25060000 | 24473839 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 25500000 | 25692237 |
| Illinois State Toll Highway Authority | 5.00% |  | 1/1/2038 | AA- | 10105000 | 10116854 |
| Kenton County Airport Board KY AMT | 5.00% |  | 1/1/2035 | A1 | 3500000 | 3838557 |
| Kenton County Airport Board KY AMT | 5.00% |  | 1/1/2036 | A1 | 6625000 | 7216870 |
| Kenton County Airport Board KY AMT | 5.25% |  | 1/1/2039 | A1 | 1795000 | 1944783 |
| Kenton County Airport Board KY AMT | 5.25% |  | 1/1/2041 | A1 | 2725000 | 2917562 |
| Kenton County Airport Board KY AMT | 5.25% |  | 1/1/2043 | A1 | 4355000 | 4612705 |
| Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2040 | NR | 5000000 | 4539622 |
| Metropolitan Nashville Airport Authority TN AMT | 5.25% |  | 7/1/2034 | A1 | 1250000 | 1369188 |
| Metropolitan Nashville Airport Authority TN AMT | 5.25% |  | 7/1/2035 | A1 | 2595000 | 2828076 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2036 | A1 | 1000000 | 1107308 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2037 | A1 | 1250000 | 1376603 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2038 | A1 | 1500000 | 1643836 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.25% |  | 10/1/2039 | AA- | 4305000 | 4626010 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% |  | 1/1/2035 | NR | 4250000 | 4416483 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.125% |  | 1/1/2034 | A- | 5010000 | 5018624 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% |  | 6/15/2034 | A1 | 10000000 | 11034521 |

---

*See Notes to Financial Statements.* 55

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2035 | A1 | $2250000 | $2483806 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 4250000 | 4623813 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 4000000 | 4397626 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2038 | A1 | 1000000 | 1081144 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2039 | A1 | 3000000 | 3241652 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2041 | A1 | 9000000 | 9821632 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2042 | A1 | 10500000 | 11389881 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2041 | A2 | 1000000 | 1067910 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2042 | A2 | 3775000 | 4004629 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2043 | A2 | 4170000 | 4404985 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 29000000 | 30489739 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 30000000 | 32913573 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC | 5.00% | 12/1/2034 | Baa1 | 2000000 | 2141159 |
| New York Transportation Development Corp.-JFK NTO LLC (AG) AMT | 5.25% | 6/30/2039 | AA | 1400000 | 1493762 |
| New York Transportation Development Corp.-JFK NTO LLC (AG) AMT | 6.00% | 6/30/2043 | AA | 3135000 | 3505785 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 1000000 | 1060287 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2040 | Baa3 | 1500000 | 1574545 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | 1620000 | 1694067 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2043 | Baa3 | 8000000 | 8281139 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2044 | Baa3 | 11000000 | 11313009 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 1000000 | 1058999 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2042 | Baa3 | 2295000 | 2535512 |

---

56 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% |  | 6/30/2044 | Baa3 | $2625000 | $2863444 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% |  | 6/30/2054 | Baa3 | 17000000 | 17618501 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2032 | Baa2 | 3000000 | 2983382 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2033 | Baa2 | 6480000 | 6421320 |
| Niagara Frontier Transportation Authority NY AMT | 5.00% |  | 4/1/2027 | A2 | 3185000 | 3189230 |
| Niagara Frontier Transportation Authority NY AMT | 5.00% |  | 4/1/2030 | A2 | 365000 | 380594 |
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% |  | 3/1/2035 | A | 1500000 | 1518387 |
| North Carolina Turnpike Authority | 5.00% |  | 1/1/2032 | BBB | 1000000 | 1013184 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2039 | A+ | 4500000 | 4967044 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2041 | A+ | 5700000 | 6238259 |
| Pennsylvania Turnpike Commission | 5.00% | <sup>#(a)</sup> | 12/1/2045 | AA- | 6500000 | 7213953 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2037 | AA- | 2000000 | 2144408 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2039 | AA- | 1500000 | 1594515 |
| Port of Portland Airport Revenue OR AMT | 5.25% |  | 7/1/2041 | AA- | 10000000 | 10824784 |
| Port of Portland Airport Revenue OR AMT | 5.25% |  | 7/1/2042 | AA- | 12500000 | 13455300 |
| Port of Seattle WA AMT | 5.25% |  | 7/1/2040 | AA- | 5675000 | 6160904 |
| Port of Seattle WA AMT | 5.25% |  | 7/1/2041 | AA- | 4500000 | 4871631 |
| Public Finance Authority-Sky Harbour Capital III LLC Obligated Group WI AMT<sup>†</sup> | 6.00% | <sup>#(a)</sup> | 7/1/2060 | NR | 10000000 | 10113177 |
| San Diego County Regional Airport Authority CA AMT | 5.00% |  | 7/1/2036 | Aa3 | 3000000 | 3318281 |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2037 | Aa3 | 3000000 | 3386189 |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2038 | Aa3 | 2865000 | 3202207 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2037 | Aa3 | 10000000 | 11188249 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2038 | Aa3 | 14815000 | 16435468 |

---

*See Notes to Financial Statements.* 57

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| State of Florida Department of Transportation Turnpike System Revenue | 3.00% | 7/1/2039 | AA | $3000000 | $2609773 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2038 | Baa1 | 2500000 | 2631462 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.50% | 6/30/2040 | Baa1 | 2000000 | 2103087 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 6815000 | 7730040 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% | 1/1/2034 | BBB | 5100000 | 5402269 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 11165000 | 11663808 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 2500000 | 2618694 |
| Wayne County Airport Authority-Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2036 | A+ | 2000000 | 2264821 |
| Wayne County Airport Authority-Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2040 | A+ | 2100000 | 2304932 |
| Wayne County Airport Authority-Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2041 | A+ | 2000000 | 2185365 |
| Wayne County Airport Authority-Detroit Metropolitan Wayne County Airport MI | 5.00% | 12/1/2042 | A+ | 2500000 | 2709982 |
| *Total* |  |  |  |  | 793489479 |
| **Utilities 20.05%** |  |  |  |  |  |
| American Municipal Power, Inc.-American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2039 | A1 | 1000000 | 1092132 |
| American Municipal Power, Inc.-American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2040 | A1 | 1000000 | 1085818 |
| American Municipal Power, Inc.-American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2041 | A1 | 1100000 | 1182078 |
| American Municipal Power, Inc.-American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2042 | A1 | 1000000 | 1068183 |
| American Municipal Power, Inc.-American Municipal Power Combined Hydroelectric Revenue OH | 5.00% | 2/15/2043 | A1 | 1000000 | 1064696 |

---

58 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| American Municipal Power, Inc.-Prairie St Energy Campus OH | 5.00% |  | 2/15/2037 | A1 | $10750000 | $11794908 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | 13270000 | 13350452 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 12/1/2052 | Baa1 | 5000000 | 5028759 |
| Black Belt Energy Gas District AL | 5.00% |  | 7/1/2033 | A2 | 51150000 | 53502348 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 40500000 | 40569457 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 42165000 | 43955351 |
| Black Belt Energy Gas District AL | 5.00% |  | 12/1/2035 | AA- | 32000000 | 33922579 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 3/1/2055 | A1 | 25000000 | 26483670 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 12/1/2055 | A1 | 14500000 | 15347028 |
| Black Belt Energy Gas District AL<sup>†</sup> | 5.50% | <sup>#(a)</sup> | 11/1/2056 | BBB- | 20230000 | 21405478 |
| California Community Choice Financing Authority | 3.895%<br> (SOFR \* .67 + 1.45% |)<sup>#</sup> | 4/1/2056 | A1 | 31100000 | 30847791 |
| California Community Choice Financing Authority | 5.00% |  | 3/1/2036 | Baa1 | 14290000 | 14852776 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2055 | A1 | 6475000 | 6857337 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 10/1/2055 | A2 | 21000000 | 21212428 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 11/1/2055 | A1 | 10000000 | 10206712 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 5400000 | 5474073 |
| California Community Choice Financing Authority | 5.25% |  | 2/1/2036 | A3 | 5250000 | 5635908 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 7/1/2039 | Baa2 | 5000000 | 5111520 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 7/1/2037 | Baa2 | 5570000 | 5578161 |
| Central Valley Energy Authority CA | 5.00% | <sup>#(a)</sup> | 12/1/2055 | Aa3 | 18505000 | 19928023 |
| Chautauqua County Capital Resource Corp.-NRG Energy Inc NY | 4.25% | <sup>#(a)</sup> | 4/1/2042 | BBB- | 7250000 | 7365968 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2039 | AA+ | 1250000 | 1363180 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2040 | AA+ | 875000 | 949735 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2041 | AA+ | 1500000 | 1630171 |

---

*See Notes to Financial Statements.* 59

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Houston Combined Utility System Revenue TX | 4.00% |  | 11/15/2037 | Aa2 | $8010000 | $7982108 |
| City of Houston Combined Utility System Revenue TX | 4.50% |  | 11/15/2038 | Aa2 | 3225000 | 3231604 |
| City of Osceola-Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(a)</sup> | 4/1/2036 | NR | 16450000 | 16489269 |
| City of San Antonio Electric & Gas Systems Revenue TX | 3.15% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 2000000 | 1972867 |
| City of San Antonio Electric & Gas Systems Revenue TX | 3.20% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 26500000 | 26377342 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2040 | Aa2 | 4560000 | 4986467 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2041 | Aa2 | 2000000 | 2177241 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2042 | Aa2 | 8250000 | 8942773 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2042 | Aa2 | 3980000 | 4314211 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.25% |  | 2/1/2040 | Aa2 | 8550000 | 9419527 |
| County of Hillsborough Utility Revenue FL | 3.00% |  | 8/1/2038 | Aaa | 3110000 | 2774200 |
| County of Hillsborough Utility Revenue FL | 3.00% |  | 8/1/2039 | Aaa | 3060000 | 2681694 |
| County of Trimble-Louisville Gas and Electric Co KY AMT | 4.70% | <sup>#(a)</sup> | 6/1/2054 | A1 | 6750000 | 6831813 |
| County of Washoe-Sierra Pacific Power Co NV | 4.125% | <sup>#(a)</sup> | 3/1/2036 | A | 5500000 | 5571974 |
| Delaware State Economic Development Authority-NRG Energy Inc | 4.00% | <sup>#(a)</sup> | 10/1/2045 | BBB- | 15500000 | 15262641 |
| Development Authority of Burke County-Georgia Power Co | 2.20% |  | 10/1/2032 | A | 1000000 | 886761 |
| Development Authority of Burke County-Oglethorpe Power Corp GA | 3.60% | <sup>#(a)</sup> | 11/1/2045 | A3 | 5000000 | 5066807 |
| Energy Southeast A Cooperative District AL | 4.645%<br> (SOFR \* .67 + 2.20% |)<sup>#</sup> | 4/1/2054 | A1 | 5000000 | 5123322 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 14000000 | 14936818 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 3400000 | 3711275 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2039 | AA- | 3500000 | 3769797 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2040 | AA- | 2500000 | 2699276 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2042 | AA- | 5925000 | 6331556 |

---

60 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2033 | Baa1 | $11295000 | $11359576 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2034 | Baa1 | 5000000 | 5027343 |
| Kentucky Public Energy Authority | 4.00% | <sup>#(a)</sup> | 8/1/2052 | A1 | 18770000 | 18985943 |
| Kentucky Public Energy Authority | 5.00% |  | 5/1/2036 | A1 | 14000000 | 14746851 |
| Kentucky Public Energy Authority | 5.00% | <sup>#(a)</sup> | 1/1/2055 | A1 | 14000000 | 14827672 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(a)</sup> | 4/1/2054 | A1 | 10000000 | 10713078 |
| Long Beach Bond Finance Authority CA | 4.052%<br> (3 mo. USD Term SOFR \* 0.67 + 1.43% |)<sup>#</sup> | 11/15/2026 | A1 | 4000000 | 4013406 |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2034 | Aa3 | 10000000 | 11222216 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2035 | AA | 1020000 | 1145876 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2036 | AA | 700000 | 777500 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2037 | AA | 1125000 | 1242205 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2038 | AA | 1500000 | 1645391 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2039 | AA | 1250000 | 1356954 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2040 | AA | 1500000 | 1629426 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2041 | AA | 1735000 | 1872241 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2042 | AA | 1500000 | 1609074 |
| Lower Alabama Gas District AL | 5.00% |  | 12/1/2033 | A1 | 16650000 | 17301133 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2041 | A1 | 6810000 | 7288155 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2042 | A1 | 4400000 | 4697834 |
| Lower Colorado River Authority TX | 5.00% |  | 5/15/2041 | A | 10000000 | 10627274 |
| Lower Colorado River Authority TX | 5.00% |  | 5/15/2042 | A | 1750000 | 1855843 |
| Luzerne County Industrial Development Authority-Pennsylvania-American Water Co AMT | 2.45% | <sup>#(a)</sup> | 12/1/2039 | Aa3 | 4000000 | 3762081 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 61655000 | 61532430 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(a)</sup> | 9/1/2052 | A3 | 30235000 | 30543031 |

---

*See Notes to Financial Statements.* 61

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Maricopa County Pollution Control Corp.-El Paso Electric Co AZ | 3.60% |  | 2/1/2040 | Baa2 | $5085000 | $4664916 |
| Maricopa County Pollution Control Corp.-El Paso Electric Co AZ | 3.60% |  | 4/1/2040 | Baa2 | 3870000 | 3549597 |
| Minnesota Municipal Gas Agency | 5.00% |  | 9/1/2035 | Baa1 | 15000000 | 15467678 |
| Montgomery County Industrial Development Authority-Constellation Energy Generation LLC PA | 4.10% | <sup>#(a)</sup> | 4/1/2053 | BBB+ | 6500000 | 6637871 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2039 | A2 | 1500000 | 1622197 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2040 | A2 | 1500000 | 1613681 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2042 | A2 | 1550000 | 1643228 |
| Municipal Electric Authority of Georgia (BAM) | 5.25% |  | 1/1/2041 | AA | 1250000 | 1360773 |
| New York Energy Finance Development Corp. | 5.00% | <sup>#(a)</sup> | 7/1/2056 | A1 | 12000000 | 12258776 |
| North Texas Municipal Water District Water System Revenue | 3.00% |  | 9/1/2038 | AAA | 4825000 | 4270438 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 2/1/2054 | Aa1 | 10000000 | 10679660 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 10/1/2054 | A1 | 15000000 | 16136180 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2038 | B | 2200000 | 2204127 |
| Pennsylvania Economic Development Financing Authority-Waste Management Inc AMT | 1.10% | <sup>#(a)</sup> | 6/1/2031 | A- | 5000000 | 4933906 |
| Philadelphia Gas Works Co. PA | 5.00% |  | 8/1/2039 | A | 2250000 | 2440315 |
| Philadelphia Gas Works Co. PA | 5.00% |  | 8/1/2042 | A | 2000000 | 2136847 |
| Philadelphia Gas Works Co. PA (AG) | 5.25% |  | 8/1/2041 | AA | 2000000 | 2228991 |
| Puerto Rico Electric Power Authority (AG) | 3.148%<br> (3 mo. USD Term SOFR \* 0.67 + 2.42% |)<sup>#</sup> | 7/1/2029 | AA | 4155000 | 4056207 |
| Salt Verde Financial Corp. AZ | 5.50% |  | 12/1/2029 | A3 | 5100000 | 5420098 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2036 | A- | 2000000 | 2238063 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2037 | A- | 2250000 | 2492202 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2040 | A- | 1010000 | 1094519 |
| Southeast Alabama Gas Supply District AL | 5.00% | <sup>#(a)</sup> | 8/1/2054 | Aa3 | 10000000 | 10601453 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 33000000 | 33732973 |
| Southeast Energy Authority A Cooperative District AL<sup>(e)</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 21100000 | 21235483 |

---

62 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **Utilities (continued)** |  |  |  |  |  |  |
| Southeast Energy Authority A Cooperative District AL | Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 11/1/2055 | A1 | $30000000 | $32407191 |
| Southeast Energy Authority A Cooperative District AL | Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(a)</sup> | 1/1/2053 | A1 | 5000000 | 5323362 |
| Tennergy Corp. TN |  | 5.50% | <sup>#(a)</sup> | 10/1/2053 | Baa1 | 10000000 | 10634551 |
| Tennessee Energy Acquisition Corp. | Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(d)</sup> | 5000000 | 5035188 |
| Texas Municipal Gas Acquisition & Supply Corp. I | Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% |  | 12/15/2026 | A1 | 2765000 | 2830894 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | <sup>#(a)</sup> | 1/1/2054 | A1 | 10000000 | 10559391 |
| Texas Municipal Gas Acquisition & Supply Corp. VI-Texas Municipal Gas Acquisition & Supply Corp VI | Texas Municipal Gas Acquisition & Supply Corp. VI-Texas Municipal Gas Acquisition & Supply Corp VI | 5.00% |  | 1/1/2036 | A1 | 35230000 | 37436909 |
| Texas Municipal Power Agency (AG) | Texas Municipal Power Agency (AG) | 3.00% |  | 9/1/2036 | AA | 5250000 | 4795976 |
| Texas Water Development Board-State Water Implementation Revenue Fund for Texas | Texas Water Development Board-State Water Implementation Revenue Fund for Texas | 5.00% |  | 10/15/2036 | AAA | 2450000 | 2720973 |
| *Total* |  |  |  |  |  |  | 1095655210 |
| *Total Municipal Bonds* (cost $5,389,352,693) | *Total Municipal Bonds* (cost $5,389,352,693) | *Total Municipal Bonds* (cost $5,389,352,693) |  |  |  |  | 5382328320 |
| **WARRANTS 0.00%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** | **Construction & Engineering 0.00%** |  |  |  |  |  |  |
| BL Train Holdings West LLC\* (cost $0) | BL Train Holdings West LLC\* (cost $0) | 11.50% |  | 12/1/2035 | NR | 181722 | 318014 <sup>(f)</sup> |
| *Total Long-Term Investments* (cost $5,389,352,693) | *Total Long-Term Investments* (cost $5,389,352,693) | *Total Long-Term Investments* (cost $5,389,352,693) | *Total Long-Term Investments* (cost $5,389,352,693) |  |  |  | 5382646334 |
|  | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(g)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.95%** | **SHORT-TERM INVESTMENTS 1.95%** |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.92%** | **VARIABLE RATE DEMAND NOTES 1.92%** |  |  |  |  |  |  |
| **Education 0.19%** |  |  |  |  |  |  |  |
| University of California | 2.330% | 4/1/2026 |  | 5/15/2048 | AA | 10500000 | 10500000 |
| **General Obligation 0.30%** |  |  |  |  |  |  |  |
| City of New York NY GO | 2.850% | 4/1/2026 |  | 10/1/2046 | AA | 1780000 | 1780000 |
| City of New York NY GO | 2.850% | 4/1/2026 |  | 10/1/2046 | AA | 1100000 | 1100000 |
| City of New York NY GO | 2.900% | 4/1/2026 |  | 4/1/2042 | AA | 2500000 | 2500000 |
| City of New York NY GO | 2.900% | 4/1/2026 |  | 4/1/2042 | AA | 11210000 | 11210000 |
| *Total* |  |  |  |  |  |  | 16590000 |

---

*See Notes to Financial Statements.* 63

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(g)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care 0.11%** |  |  |  |  |  |  |
| Public Finance Authority-Kaiser Obligated Group WI | 2.550% | 4/1/2026 | 10/1/2055 | AA+ | $3095000 | $3095000 |
| Regents of the University of California Medical Center Pooled Revenue | 2.550% | 4/1/2026 | 5/15/2045 | AA- | 2900000 | 2900000 |
| *Total* |  |  |  |  |  | 5995000 |
| **Tax Revenue 0.67%** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.750% | 4/1/2026 | 2/1/2056 | AAA | 36500000 | 36500000 |
| **Utilities 0.65%** |  |  |  |  |  |  |
| County of King Sewer Revenue WA | 2.800% | 4/1/2026 | 1/1/2042 | AA | 3450000 | 3450000 |
| Development Authority of Appling County-Georgia Power Co | 2.700% | 4/1/2026 | 11/1/2052 | A | 2500000 | 2500000 |
| Development Authority of Appling County-Georgia Power Co | 2.850% | 4/1/2026 | 9/1/2029 | A | 11100000 | 11100000 |
| Development Authority of Appling County-Georgia Power Co | 2.850% | 4/1/2026 | 9/1/2041 | A | 8650000 | 8650000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.700% | 4/15/2026 | 6/15/2050 | AA+ | 2000000 | 2000000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.740% | 4/15/2026 | 6/15/2055 | AA+ | 1500000 | 1500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2044 | AA+ | 3660000 | 3660000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2053 | AA+ | 2500000 | 2500000 |
| *Total* |  |  |  |  |  | 35360000 |
| *Total Variable Rate Demand Notes* (cost $104,945,000) | *Total Variable Rate Demand Notes* (cost $104,945,000) | *Total Variable Rate Demand Notes* (cost $104,945,000) | *Total Variable Rate Demand Notes* (cost $104,945,000) |  |  | 104945000 |

---

64 *See Notes to Financial Statements.*

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.03%** |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,417,800 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,439,854; proceeds: $1,411,622 <br> (cost $1,411,495) | $1411495 | $1411495 |
| *Total Short-Term Investments* (cost $106,356,495) |  | 106356495 |
| *Total Investments in Securities 100.46%* (cost $5,495,709,188) |  | 5489002829 |
| *Other Assets and Liabilities – Net (0.46)%* |  | (25143749) |
| *Net Assets 100.00%* |  | $5463859080 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |
| <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 March 31, 2026, the total value of Rule 144A securities was $515,486,903, which represents 9.43% 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> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(c)</sup> | Defaulted. |
| <sup>(d)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(e)</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. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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. |

---

*See Notes to Financial Statements.* 65

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

INTERMEDIATE TAX FREE FUND *March 31, 2026*

The following is a summary of the inputs used as of March 31, 2026 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> | $– | $5382328320 | $– | $5382328320 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 318014 | 318014 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 104945000 |  | 104945000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1411495 | – | 1411495 |
| **Total** | $– | $5488684815 | $318014 | $5489002829 |

---

<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 Trust (See Note 2(e)).

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 and a summary of unobservable inputs 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.

66 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 102.91%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 102.90%** |  |  |  |  |  |  |
| **Corporate-Backed 6.78%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority-United States Steel Corp AMT | 5.45% |  | 9/1/2052 | BB+ | $3500000 | $3528642 |
| Arkansas Development Finance Authority-US Steel Corp AMT | 5.70% |  | 5/1/2053 | BB+ | 4600000 | 4688317 |
| Arkansas Development Finance Authority-Weyerhaeuser Co AMT | 3.875% | <sup>#(a)</sup> | 10/15/2065 | BBB | 3750000 | 3733615 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2055 | BB | 17000000 | 17251570 |
| California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 14065000 | 7454450 |
| City of Valparaiso-Pratt Paper LLC AMT IN<sup>†</sup> | 4.875% |  | 1/1/2044 | NR | 1000000 | 1005997 |
| City of Valparaiso-Pratt Paper LLC IN AMT<sup>†</sup> | 5.00% |  | 1/1/2054 | NR | 5200000 | 4950121 |
| City of Whiting-BP Products North America Inc IN AMT | 3.00% |  | 11/1/2051 | A1 | 6295000 | 4493530 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 4500000 | 4503036 |
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 8000000 | 7824942 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 5.75% |  | 10/1/2049 | BB+ | 4090000 | 4177543 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | 5.00% | <sup>#(a)</sup> | 12/1/2050 | AA+ | 24000000 | 27049087 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | 5.00% |  | 12/1/2050 | AA+ | 25025000 | 28204309 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 12/1/2053 | Ba1 | 5350000 | 5459413 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% |  | 5/1/2056 | NR | 3565000 | 3685437 |
| Love Field Airport Modernization Corp.-Southwest Airlines Co TX | 5.00% |  | 11/1/2028 | BBB | 1795000 | 1797918 |
| Maricopa County Industrial Development Authority-Commercial Metals Co AZ AMT<sup>†</sup> | 4.00% |  | 10/15/2047 | BB+ | 8420000 | 7240479 |

---

See Notes to Financial Statements. 67

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Chesapeake Bay Conference Center<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 | 5494403 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 4540000 | 4545575 |
| Mississippi Business Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 2/1/2048 | NR | 3750000 | 3766384 |
| Mobile County Industrial Development Authority-AM/NS Calvert LLC AL AMT | 5.00% |  | 6/1/2054 | BBB | 2250000 | 2145340 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.875% |  | 11/1/2042 | B- | 5475000 | 4895862 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 4770000 | 4775591 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 17455000 | 13313669 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 6100000 | 6104025 |
| New York Liberty Development Corp. | 3.00% |  | 11/15/2051 | A+ | 24950000 | 17766965 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 7500000 | 7500250 |
| New York Liberty Development Corp.-7 World Trade Center II LLC | 3.00% |  | 9/15/2043 | Aaa | 27180000 | 22297594 |
| New York Liberty Development Corp.-7 World Trade Center II LLC | 3.125% |  | 9/15/2050 | Aaa | 6000000 | 4398536 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1047823 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 4250000 | 4251876 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 700000 | 728122 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 3000000 | 3096848 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5000000 | 4405486 |
| Ohio Air Quality Development Authority-AMG Vanadium LLC AMT<sup>†</sup> | 5.00% |  | 7/1/2049 | B3 | 13110000 | 11887715 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 7/1/2040 | BB+ | 6650000 | 7195627 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 10/1/2040 | BB+ | 2500000 | 2705759 |

---

68 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.25% |  | 1/1/2054 | NR | $5400000 | $4800087 |
| Port of Seattle Industrial Development Corp.-Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 9200000 | 9210127 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 5095000 | 4687362 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% |  | 7/1/2054 | NR | 1000000 | 814754 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 15055000 | 15057069 |
| Savannah Georgia Convention Center Authority (AG) | 5.50% |  | 6/1/2050 | AA | 1000000 | 1049619 |
| State of Nevada Department of Business & Industry-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 5050000 | 2676500 |
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% |  | 6/1/2035 | NR | 5000000 | 4999774 |
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 7000000 | 7019398 |
| Virginia Small Business Financing Authority-Reworld Holding Corp VA AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 910000 | 877447 |
| West Pace Cooperative District AL<sup>(b)</sup> | 9.125% |  | 5/1/2039 | NR | 4900000 | 2450000 |
| Williamsburg Economic Development Authority-Provident Group-Williamsburg Properties LLC VA (AG) | 5.25% |  | 7/1/2053 | AA | 2500000 | 2587785 |
| *Total* |  |  |  |  |  | 326174628 |
| **Education 12.81%** |  |  |  |  |  |  |
| Brunswick City School District OH<sup>(c)</sup> | 5.50% |  | 12/1/2060 | A1 | 11000000 | 11428788 |
| California Educational Facilities Authority-Loma Linda University | 5.00% |  | 4/1/2042 | A | 5745000 | 5788668 |
| California Infrastructure & Economic Development Bank<sup>(c)</sup> | 5.25% |  | 5/15/2059 | AA | 14900000 | 15700067 |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% |  | 8/1/2045 | BBB- | 1500000 | 1458979 |
| California State University | 3.00% |  | 11/1/2051 | Aa2 | 10000000 | 7300462 |
| Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ | 6.00% |  | 6/15/2062 | BBB | 2540000 | 2592702 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% |  | 4/1/2048 | A <sup>(d)</sup> | 7250000 | 7589567 |

---

See Notes to Financial Statements. 69

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A <sup>(d)</sup> | $4235000 | $4302119 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2500000 | 2558353 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15510000 | 12406801 |
| City of Waltham MA GO | 2.00% | 10/15/2035 | AA+ | 4920000 | 4130460 |
| City of Waltham MA GO | 2.00% | 10/15/2036 | AA+ | 5015000 | 4108160 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8015000 | 8260769 |
| Cumberland County Municipal Authority-Dickinson College PA | 5.00% | 5/1/2056 | A+ | 15000000 | 15199562 |
| District of Columbia-Catholic University of America/The | 5.75% | 10/1/2055 | A- | 5000000 | 5228908 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% | 7/1/2045 | BBB+ | 2275000 | 2276104 |
| Florida Development Finance Corp.-Mater Academy Inc | 5.00% | 6/15/2047 | BBB | 6600000 | 6270570 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.00% | 7/1/2045 | BB+ | 15000000 | 15226040 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.25% | 7/1/2055 | BB+ | 20000000 | 20087896 |
| Great Oaks Career Campuses Board of Education OH | 3.00% | 12/1/2050 | Aa1 | 15460000 | 10873474 |
| Homewood Educational Building Authority-Samford University AL | 5.00% | 12/1/2047 | Baa2 | 13425000 | 12913056 |
| Illinois Finance Authority-Illinois Institute of Technology | 4.00% | 9/1/2037 | Ba2 | 3135000 | 2759474 |
| Illinois Finance Authority-Illinois Institute of Technology | 4.00% | 9/1/2039 | Ba2 | 4295000 | 3690559 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% | 9/1/2040 | Ba2 | 2045000 | 1968126 |
| Illinois Finance Authority-Illinois Institute of Technology<sup>†</sup> | 5.875% | 9/1/2046 | BB+ | 3000000 | 2951598 |
| Illinois Finance Authority-University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7500000 | 7818087 |
| Illinois Finance Authority-University of Chicago | 5.25% | 5/15/2054 | Aa2 | 18850000 | 19391866 |

---

70 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2038 | BBB+ | $2730000 | $2804647 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2039 | BBB+ | 2870000 | 2936257 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2040 | BBB+ | 3535000 | 3593260 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2047 | BBB+ | 1800000 | 1777253 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.00% | 10/1/2045 | BBB- | 1725000 | 1681831 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2000000 | 2071035 |
| Iowa Higher Education Loan Authority-University of Dubuque | 6.00% | 10/1/2055 | BBB- | 10275000 | 10583284 |
| Lamar Consolidated Independent School District TX<sup>(c)</sup> | 5.00% | 2/15/2059 | AAA | 14715000 | 15058200 |
| Louisiana Public Facilities Authority-South Quad L3C (AG) | 5.25% | 7/1/2055 | A1 | 2750000 | 2826486 |
| Louisiana Public Facilities Authority-South Quad L3C (AG) | 5.25% | 7/1/2065 | A1 | 7750000 | 7954283 |
| Louisiana Public Facilities Authority-Tulane University | 4.00% | 4/1/2050 | A+ | 9040000 | 7903159 |
| Maryland Health & Higher Educational Facilities Authority<sup>(c)</sup> | 5.50% | 8/15/2054 | A | 32500000 | 33428073 |
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 10/1/2043 | Baa3 | 8000000 | 7613206 |
| Massachusetts Development Finance Agency-Emerson College | 5.25% | 1/1/2042 | BBB+ | 18595000 | 18637380 |
| Massachusetts Development Finance Agency-Franklin W Olin College of Engineering Inc | 5.25% | 11/1/2051 | A | 8500000 | 8782877 |
| Massachusetts Development Finance Agency-Suffolk University | 5.00% | 7/1/2032 | Baa3 | 3750000 | 3775440 |
| Massachusetts Development Finance Agency-Suffolk University | 5.00% | 7/1/2033 | Baa3 | 1250000 | 1256445 |
| Massachusetts Development Finance Agency-Suffolk University | 5.00% | 7/1/2034 | Baa3 | 1600000 | 1607281 |

---

See Notes to Financial Statements. 71

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 5.25% | 7/1/2055 | Baa3 | $11850000 | $11406050 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% | 7/1/2045 | Baa3 | 5100000 | 5276715 |
| Massachusetts Development Finance Agency-Suffolk University | 6.00% | 7/1/2050 | Baa3 | 5250000 | 5516570 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Lipscomb University Obligated Group TN | 5.25% | 10/1/2058 | BBB- | 5165000 | 4743692 |
| Miami-Dade County Educational Facilities Authority-University of Miami FL<sup>(e)</sup> | 5.00% | 4/1/2045 | A- | 2500000 | 2614515 |
| Miami-Dade County Educational Facilities Authority-University of Miami FL<sup>(e)</sup> | 5.00% | 4/1/2046 | A- | 2500000 | 2594063 |
| Michigan State University | 5.25% | 2/15/2050 | AA | 8000000 | 8468566 |
| Middlesex County Improvement Authority NJ<sup>(c)</sup> | 5.00% | 11/15/2055 | A+ | 15000000 | 15477060 |
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 6500000 | 6915438 |
| New Jersey Educational Facilities Authority-State of New Jersey | 5.25% | 9/1/2053 | A1 | 2100000 | 2182736 |
| New York St Dorm Auth Revenues Nyshgr<sup>(c)</sup> | 5.25% | 7/1/2055 | AA- | 14750000 | 15295554 |
| New York State Dormitory Authority-Cornell University | 5.50% | 7/1/2054 | Aa1 | 22500000 | 24067053 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 5000000 | 5003301 |
| New York State Dormitory Authority-New York Institute of Technology | 5.25% | 7/1/2049 | BBB | 1300000 | 1314444 |
| New York State Dormitory Authority-New York Institute of Technology | 5.25% | 7/1/2054 | BBB | 1900000 | 1901505 |
| New York State Dormitory Authority-Pace University | 5.50% | 5/1/2056 | BBB- | 13175000 | 13492540 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3720000 | 3742498 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2050 | BBB- | 5855000 | 5610582 |
| Ohio Higher Educational Facility Commission<sup>(c)</sup> | 5.25% | 10/1/2053 | AA- | 11500000 | 11866931 |
| Ohio Higher Educational Facility Commission-Oberlin College | 5.25% | 10/1/2053 | AA- | 2680000 | 2765511 |

---

72 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | Baa3 | $2805000 | $2722333 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.25% | 5/1/2054 | Baa3 | 4690000 | 4441169 |
| Onondaga Civic Development Corp.<sup>(c)</sup> | 5.50% | 12/1/2056 | AA- | 12745000 | 13646150 |
| Pennsylvania State University<sup>(c)</sup> | 5.50% | 9/1/2055 | AA | 22000000 | 23496453 |
| Private Colleges & Universities Authority-Emory University GA | 5.25% | 9/1/2045 | AA | 13280000 | 14434680 |
| Public Finance Authority-Triad Math & Science Academy Co WI<sup>†(e)</sup> | 5.00% | 6/15/2036 | BB+ | 12000000 | 12058430 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BB+ | 2000000 | 1776824 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BB+ | 1050000 | 988778 |
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2220000 | 2220781 |
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1000000 | 967602 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2054 | NR | 700000 | 596115 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2059 | NR | 700000 | 584738 |
| Town of Davie-Nova Southeastern University Inc FL | 5.00% | 4/1/2048 | A- | 3000000 | 3017553 |
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8080000 | 8253860 |
| University of Illinois (AG) | 4.00% | 4/1/2038 | AA | 4965000 | 4981032 |
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | 7055000 | 7068085 |
| University of Oregon TCRS (BAM) | 3.50% | 4/1/2052 | AA | 5000000 | 4000928 |
| Waco Educational Finance Corp.-Baylor University TX | 5.25% | 3/1/2052 | A+ | 3775000 | 3909077 |
| Waco Educational Finance Corp.-Baylor University TX | 5.25% | 3/1/2053 | A+ | 3975000 | 4109084 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.125% | 7/1/2053 | BBB | 2850000 | 2982374 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.375% | 7/1/2063 | BBB | 1400000 | 1479026 |
| *Total* |  |  |  |  | 616562008 |

---

See Notes to Financial Statements. 73

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $15322675 |
| **Energy 0.08%** |  |  |  |  |  |  |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2038 | A1 | 3745000 | 3982569 |
| **Financial Services 0.10%** |  |  |  |  |  |  |
| Massachusetts Educational Financing Authority AMT | 4.125% |  | 7/1/2046 | BBB | 5755000 | 4886319 |
| **General Obligation 11.32%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 41700000 | 44128954 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2040 | BB+ | 2600000 | 2287032 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2041 | BB+ | 11000000 | 9627191 |
| Chicago Board of Education IL GO | 5.75% |  | 12/1/2050 | BB+ | 3500000 | 3502360 |
| Chicago Board of Education IL GO | 5.875% |  | 12/1/2047 | BB+ | 3750000 | 3788564 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2044 | BB+ | 4500000 | 4722512 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2049 | BB+ | 10260000 | 10491309 |
| Chicago Board of Education IL GO | 6.25% |  | 12/1/2050 | BB+ | 3250000 | 3405845 |
| City of Chicago IL GO | 5.50% |  | 1/1/2039 | BBB | 2125000 | 2202653 |
| City of Chicago IL GO | 5.50% |  | 1/1/2049 | BBB | 2240000 | 2202188 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 8500000 | 8782757 |
| City of Horace ND GO | 4.50% |  | 5/1/2039 | Baa3 | 1250000 | 1260048 |
| City of Horace ND GO | 4.75% |  | 5/1/2044 | Baa3 | 1100000 | 1094733 |
| City of New York NY GO | 5.25% |  | 9/1/2043 | AA | 6500000 | 6936067 |
| City of New York NY GO | 5.25% |  | 2/1/2053 | AA | 4350000 | 4518072 |
| City of New York NY GO | 5.50% |  | 5/1/2046 | AA | 2675000 | 2835426 |
| City of New York NY GO TCRS (BAM) | 3.00% |  | 3/1/2051 | AA | 5000000 | 3574410 |
| Commonwealth of Massachusetts GO | 5.00% |  | 4/1/2042 | AA+ | 1740000 | 1904042 |
| Commonwealth of Massachusetts GO | 5.00% |  | 4/1/2043 | AA+ | 2000000 | 2174891 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 8782789 | 8488344 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 15000000 | 12889489 |
| County of Anne Arundel MD GO | 3.00% |  | 10/1/2044 | AAA | 7415000 | 6097811 |
| County of Harris TX GO | 4.00% |  | 9/15/2049 | Aaa | 9500000 | 8642673 |
| County of Pasco-State of Florida Cigarette Tax Revenue (AG) | 5.75% |  | 9/1/2054 | AA | 4770000 | 5062120 |
| El Paso County Hospital District TX GO (AG) | 5.50% |  | 2/15/2055 | AA | 12000000 | 12505950 |
| Forney Independent School District TX GO (PSF-GTD) | 3.00% |  | 2/15/2045 | AAA | 6050000 | 4834332 |

---

74 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | $5000000 | $4936926 |
| Jackson County Reorganized School District No. 7 MO | 5.00% | 3/1/2046 | AA | 5500000 | 5814348 |
| Long Beach Unified School District CA GO<sup>(e)</sup> | 4.00% | 8/1/2047 | Aa2 | 4840000 | 4601278 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 2000000 | 2101091 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 3980000 | 4173199 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2053 | AA | 5230000 | 5407028 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2053 | AA | 5000000 | 5169243 |
| Metropolitan Pier & Exposition Authority-State of Illinois McCormick Place Expansion Project Fund | 4.00% | 6/15/2050 | A | 29240000 | 26125712 |
| Metropolitan Pier & Exposition Authority IL (AG) | 4.00% | 6/15/2050 | AA | 6000000 | 5376889 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 5.25% | 11/1/2047 | A1 | 11050000 | 11568858 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2041 | A1 | 6250000 | 6793843 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2042 | A1 | 2000000 | 2163816 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | 7500000 | 8040041 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 19635000 | 14713992 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 7085000 | 5262501 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2051 | AA+ | 4110000 | 2979773 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 4970000 | 3647433 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 33470000 | 34952473 |

---

See Notes to Financial Statements. 75

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | $6505000 | $5331711 |
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 6810000 | 7731847 |
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2037 | Aa3 | 1200000 | 1207707 |
| Southwest Local School District/Hamilton County OH GO (SD CRED PROG) | 4.00% | 1/15/2055 | Aa1 | 7000000 | 6187650 |
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | AAA | 6350000 | 6042835 |
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | AAA | 6150000 | 5830430 |
| State of California GO | 5.00% | 10/1/2047 | Aa2 | 7330000 | 7812580 |
| State of Connecticut GO | 3.00% | 11/15/2042 | Aa2 | 4000000 | 3428149 |
| State of Connecticut GO | 3.00% | 11/15/2043 | Aa2 | 2800000 | 2357447 |
| State of Illinois GO | 4.00% | 11/1/2037 | A2 | 6810000 | 6594022 |
| State of Illinois GO | 4.00% | 10/1/2042 | A2 | 5000000 | 4572426 |
| State of Illinois GO | 4.00% | 10/1/2044 | A2 | 5000000 | 4453848 |
| State of Illinois GO | 4.25% | 5/1/2046 | A2 | 4750000 | 4298333 |
| State of Illinois GO | 5.00% | 1/1/2035 | A2 | 6200000 | 6206175 |
| State of Illinois GO | 5.00% | 12/1/2035 | A2 | 2145000 | 2182963 |
| State of Illinois GO | 5.00% | 5/1/2038 | A2 | 4515000 | 4598628 |
| State of Illinois GO | 5.00% | 1/1/2041 | A2 | 3580000 | 3581646 |
| State of Illinois GO | 5.00% | 9/1/2041 | A2 | 10000000 | 10499631 |
| State of Illinois GO | 5.00% | 5/1/2043 | A2 | 3000000 | 3030452 |
| State of Illinois GO | 5.00% | 12/1/2048 | A2 | 10000000 | 9988754 |
| State of Illinois GO | 5.25% | 5/1/2045 | A2 | 2500000 | 2595871 |
| State of Illinois GO | 5.25% | 9/1/2047 | A2 | 30000000 | 30760224 |
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 8250000 | 8696443 |
| State of Illinois GO | 5.50% | 10/1/2039 | A2 | 6000000 | 6481080 |
| State of Illinois GO | 5.50% | 3/1/2042 | A2 | 5250000 | 5573899 |
| State of Illinois GO | 5.50% | 3/1/2047 | A2 | 18425000 | 19100411 |
| State of Illinois GO | 5.50% | 5/1/2047 | A2 | 11165000 | 11575586 |
| State of Illinois GO | 5.75% | 5/1/2045 | A2 | 2600000 | 2722764 |
| Union County Utilities Authority-Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 3680000 | 3680747 |
| Waco Independent School District TX GO (PSF-GTD) | 4.00% | 8/15/2047 | AAA | 7500000 | 6948405 |

---

76 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | A3 | $7000000 | $6970900 |
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | AA | 2000000 | 2135575 |
| *Total* |  |  |  |  | 544967356 |
| **Health Care 17.06%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 3000000 | 2889187 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB- | 2615000 | 2408513 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 3950000 | 3891087 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 4250000 | 4117700 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 8008000 | 5910585 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 16473000 | 15511670 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 1218914 | 1299538 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 2432609 | 2483926 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% | 4/1/2041 | A | 6065000 | 6388128 |
| Bucks County Industrial Development Authority-Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2051 | BBB+ | 3500000 | 2938755 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY<sup>†</sup> | 7.00% | 12/15/2065 | NR | 9000000 | 8973215 |
| California Health Facilities Financing Authority-Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 5565000 | 4083608 |
| California Municipal Finance Authority-Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB <sup>(d)</sup> | 5000000 | 5164766 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2047 | BBB+ | 6940000 | 6948549 |

---

See Notes to Financial Statements. 77

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-Sharp Healthcare Obligated Group | 4.00% | 8/1/2047 | AA | $13380000 | $12366786 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2043 | BB+ | 4510000 | 4588906 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 6875000 | 6884383 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2056 | BB+ | 4500000 | 4500291 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB+ | 3375000 | 3435249 |
| Chattanooga Health Educational & Housing Facility Board-Erlanger Health Obligated Group TN | 5.25% | 12/1/2054 | A | 20000000 | 20424724 |
| City of St. Cloud-CentraCare Health System Obligated Group MN | 5.00% | 5/1/2054 | A2 | 3750000 | 3770199 |
| City of Tampa-H Lee Moffitt Cancer Center & Research Institute Obligated Group FL | 4.00% | 7/1/2045 | A | 7400000 | 6690456 |
| Colorado Health Facilities Authority-AdventHealth Obligated Group | 4.00% | 11/15/2048 | AA | 5000000 | 4403255 |
| Colorado Health Facilities Authority-CommonSpirit Health Obligated Group | 5.50% | 11/1/2047 | A- | 4390000 | 4589230 |
| Columbia County Hospital Authority-WellStar Health System Obligated Group GA | 5.75% | 4/1/2053 | A+ | 2670000 | 2851629 |
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 9920000 | 9156820 |
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2049 | BBB+ | 3875000 | 3412510 |
| County of Cuyahoga-MetroHealth System OH | 5.50% | 2/15/2052 | BBB- | 8925000 | 8685377 |
| County of Cuyahoga-MetroHealth System/The OH | 5.00% | 2/15/2057 | BBB- | 5185000 | 4638702 |
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 2650000 | 2622210 |

---

78 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Warren-Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2049 | AA- | $8610000 | $8898201 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 950000 | 950458 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 1115000 | 1114872 |
| Cumberland County Municipal Authority-Penn State Health Obligated Group PA | 3.00% | 11/1/2038 | A | 4315000 | 3825264 |
| Denver Health & Hospital Authority CO | 5.125% | 12/1/2050 | BBB | 1000000 | 988582 |
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700000 | 700167 |
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 3050000 | 3218539 |
| Duluth Economic Development Authority-Essentia Health Obligated Group MN | 5.25% | 2/15/2053 | A- | 2870000 | 2873893 |
| Duluth Economic Development Authority-St Luke's Hospital of Duluth Obligated MN | 5.25% | 6/15/2052 | AA- | 5000000 | 5096576 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 6275000 | 6106238 |
| Genesee County Funding Corp.-Monroe Sustainable Energy Partners LLC NY | 5.50% | 12/1/2055 | BBB+ | 8500000 | 8672607 |
| Genesee County Funding Corp.-Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 4000000 | 3943707 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2043 | Baa2 | 4720000 | 4725462 |
| Greenville Health System-Prisma Health Obligated Group SC | 5.00% | 5/1/2034 | A | 3970000 | 3976967 |
| Illinois Finance Authority-University of Chicago Medical Center Obligated Group | 4.00% | 8/15/2041 | A+ | 5000000 | 4715905 |
| Illinois Finance Authority-Northwestern Memorial Healthcare Obligated Group | 4.00% | 7/15/2047 | AA+ | 5405000 | 4757765 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 4.00% | 5/15/2053 | BBB <sup>(d)</sup> | 4645000 | 3612179 |
| Isle of Weight County Economic Development Authority-Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2048 | AA | 3000000 | 3133759 |
| Isle of Weight County Economic Development Authority-Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2053 | AA | 6000000 | 6183265 |

---

*See Notes to Financial Statements.* 79

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Lee County Industrial Development Authority-Lee Health System Inc Obligated Group FL | 4.00% | 4/1/2049 | A+ | $5500000 | $4785683 |
| Louisiana Public Facilities Authority-Ochsner Clinic Foundation Obligated Group | 5.50% | 5/15/2055 | A | 5000000 | 5229397 |
| Louisville/Jefferson County Metropolitan Government-Norton Healthcare Obligated Group KY | 5.00% | 10/1/2041 | A | 3200000 | 3386594 |
| Maryland Health & Higher Educational Facilities Authority-Adventist Healthcare Obligated Group | 5.00% | 1/1/2036 | Baa3 | 3290000 | 3405242 |
| Maryland Health & Higher Educational Facilities Authority-Adventist Healthcare Obligated Group | 5.50% | 1/1/2046 | Baa3 | 17990000 | 18097906 |
| Maryland Health & Higher Educational Facilities Authority-Kennedy Krieger Institute Inc Obligated Group MD | 5.25% | 7/1/2051 | BBB- | 2500000 | 2562271 |
| Maryland Health & Higher Educational Facilities Authority-Kennedy Krieger Institute Inc Obligated Group MD | 5.50% | 7/1/2056 | BBB- | 2000000 | 2077489 |
| Maryland Health & Higher Educational Facilities Authority-Mercy Medical Center Obligated Group | 5.00% | 7/1/2036 | A- | 1320000 | 1324105 |
| Maryland Health & Higher Educational Facilities Authority-Mercy Medical Center Obligated Group MD | 5.00% | 7/1/2038 | A- | 2250000 | 2255954 |
| Maryland Health & Higher Educational Facilities Authority-Meritus Medical Center Obligated Group (AG) | 5.00% | 7/1/2055 | AA | 6445000 | 6515009 |
| Maryland Health & Higher Educational Facilities Authority-TidalHealth Obligated Group(AG) | 5.25% | 7/1/2050 | AA | 6000000 | 6210350 |
| Maryland Health & Higher Educational Facilities Authority-TidalHealth Obligated Group(AG) | 5.50% | 7/1/2055 | AA | 2640000 | 2784222 |
| Maryland Health & Higher Educational Facilities Authority-UPMC Obligated Group | 4.00% | 4/15/2050 | A | 6200000 | 5285452 |
| Massachusetts Development Finance Agency-Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 18130000 | 19273860 |

---

80 See Notes to Financial Statements.

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2033 | BBB | $2575000 | $2580634 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2037 | BBB | 4030000 | 4034011 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.25% | 7/1/2048 | BBB | 2600000 | 2616910 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% | 7/1/2035 | BBB- | 2000000 | 1920547 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 5380000 | 4585156 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 1600000 | 1551529 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% | 10/1/2045 | BBB- | 3640000 | 3735916 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 6.00% | 10/1/2049 | BBB- | 6250000 | 6688995 |
| Medical University Hospital Authority SC (FHA) | 5.25% | 11/15/2050 | AA+ | 12745000 | 13060403 |
| Medical University Hospital Authority SC (FHA) | 5.25% | 11/15/2054 | AA+ | 25635000 | 26071574 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 3100000 | 3224953 |
| Minnesota Agricultural & Economic Development Board-HealthPartners Obligated Group | 5.25% | 1/1/2054 | A | 21785000 | 22251500 |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | 10000000 | 9796699 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2049 | A | 3960000 | 3408751 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA (AG) | 4.00% | 5/1/2056 | AA | 4020000 | 3441653 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2029 | A- | 1000000 | 1006138 |

---

*See Notes to Financial Statements.* 81

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A- | $580000 | $582088 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2031 | A- | 1620000 | 1625187 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2034 | A- | 1100000 | 1102871 |
| Nebraska Educational Health Cultural & Social Services Finance Authority-Immanuel Retirement Communities Obligated Group | 4.00% | 1/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA <sup>(d)</sup> | 3500000 | 3258906 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 4035000 | 3997604 |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 3680000 | 3568293 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 1935000 | 1971403 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 6.25% | 12/15/2038 | NR | 1830000 | 1882606 |
| New Hampshire Business Finance Authority-Novant Health Obligated Group | 5.50% | 6/1/2050 | A+ | 20925000 | 21696385 |
| New Hampshire Health & Education Facilities Authority Act-Dartmouth Health Obligated Group | 5.50% | 8/1/2050 | A | 21000000 | 22242352 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 8345000 | 6994407 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | Ba3 | 1300000 | 1280731 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2040 | Ba3 | 1300000 | 1224494 |
| New York State Dormitory Authority-Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 2000000 | 2097394 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 4900000 | 4520763 |
| New York State Dormitory Authority-Northwell Health Obligated Group<sup>(c)</sup> | 5.00% | 5/1/2052 | A- | 33500000 | 33617106 |

---

82 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-NYU Langone Hospitals Obligated Group | 4.00% | 7/1/2050 | A+ | $14330000 | $12616156 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3000000 | 3013841 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 6500000 | 6811396 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B | 2475000 | 2044637 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 1500000 | 1339673 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 4660000 | 4540025 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 10015000 | 9878306 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | 10345000 | 10085924 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.25% | 10/1/2056 | A+ | 6905000 | 7134398 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group (AG) | 4.00% | 10/1/2049 | AA | 7320000 | 6360565 |
| Oregon State Facilities Authority-Providence St Joseph Health Obligated Group | 5.00% | 10/1/2045 | A | 7000000 | 7004236 |
| Palm Beach County Health Facilities Authority-Baptist Health South Obligated Group FL | 4.00% | 8/15/2049 | AA- | 6925000 | 5988926 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 11025000 | 10764996 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 8240000 | 7998405 |
| Pennsylvania Economic Development Financing Authority-UPMC Obligated Group | 4.00% | 5/15/2048 | A | 3500000 | 3041342 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 5.50% | 11/1/2054 | A | 16750000 | 17182465 |

---

*See Notes to Financial Statements.* 83

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-University of Pennsylvania Health System Obligated Group/The | 5.00% | 8/15/2042 | AA | $3455000 | $3497215 |
| Pennsylvania Higher Educational Facilities Authority-University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4150000 | 4409232 |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 5.75% | 6/1/2050 | BBB- <sup>(d)</sup> | 1000000 | 999537 |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 6.00% | 6/1/2045 | BBB- <sup>(d)</sup> | 1350000 | 1413526 |
| 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 | 1828209 |
| Roanoke Economic Development Authority-Carilion Clinic Obligated Group VA | 3.00% | 7/1/2045 | AA- | 20870000 | 15972003 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 7000000 | 7169824 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 7.25% | 11/1/2045 | NR | 2500000 | 2662108 |
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | 3720000 | 3748191 |
| South Broward Hospital District Obligated Group FL TCRS (BAM) | 3.00% | 5/1/2051 | AA | 5265000 | 3815453 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.50% | 11/1/2046 | A+ | 9500000 | 10183094 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.50% | 11/1/2054 | A+ | 29640000 | 30886741 |
| State of Ohio-Premier Health Partners Obligated | 4.00% | 11/15/2039 | Baa1 | 2640000 | 2486375 |
| Tarrant County Cultural Education Facilities Finance Corp TX<sup>(c)</sup> | 5.00% | 7/1/2053 | A1 | 9550000 | 9566595 |
| Virginia Small Business Financing Authority-Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2050 | A3 | 5000000 | 5152606 |

---

<br> 84 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 6/15/2055 | A3 | $8500000 | $8691537 |
| Washington Health Care Facilities Authority-Overlake Hospital Medical Center Obligated Group | 5.00% | 7/1/2038 | A | 4000000 | 4000495 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2060000 | 2207326 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3250000 | 3436358 |
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB | 95000 | 95005 |
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB | 30000 | 29996 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2051 | AA | 2750000 | 2760105 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2048 | AA | 1750000 | 1872912 |
| Wisconsin Health & Educational Facilities Authority-Ascension Health Credit Group | 4.00% | 11/15/2046 | AA | 5045000 | 4600553 |
| Wisconsin Health & Educational Facilities Authority-Ascension Health Credit Group | 4.00% | 11/15/2046 | NR | 35000 | 35065 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 2745000 | 2661675 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 910000 | 882377 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | 5.50% | 2/15/2054 | A+ | 9750000 | 10059093 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group (BAM) | 5.25% | 2/15/2054 | AA | 1250000 | 1282588 |
| Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 840000 | 804880 |
| *Total* |  |  |  |  | 821512818 |

---

<br> *See Notes to Financial Statements.* 85

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing 5.73%** |  |  |  |  | | |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | AA- | $9964863 | $9546500 |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | BBB | 4982432 | 4645444 |
| California Municipal Finance Authority-Bowles Hall Foundation | 5.00% |  | 6/1/2050 | Baa3 | 1410000 | 1385211 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2039 | Baa3 | 1000000 | 1000886 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2041 | Baa3 | 1000000 | 973321 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2048 | Baa3 | 1350000 | 1250101 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2053 | Baa3 | 1745000 | 1573365 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2058 | Baa3 | 1750000 | 1536493 |
| CMFA Special Finance Agency CA<sup>†</sup> | 4.00% |  | 12/1/2045 | NR | 5000000 | 3804990 |
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA<sup>†</sup> | 3.125% |  | 8/1/2056 | NR | 4500000 | 3290968 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% |  | 6/1/2057 | NR | 4020000 | 824689 |
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 1/1/2055 | Aa1 | 7780000 | 8501490 |
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aaa | 4685000 | 5187097 |
| Georgia Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 5.20% |  | 12/1/2050 | AAA | 7600000 | 7706018 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.125% |  | 6/1/2058 | BBB- | 1700000 | 1616167 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.375% |  | 6/1/2064 | BBB- | 4460000 | 4363227 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.00% |  | 7/1/2054 | BBB- | 1175000 | 1135793 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.25% |  | 7/1/2064 | BBB- | 1625000 | 1603407 |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.25% |  | 7/1/2049 | AA | 8030000 | 8282062 |

---

<br> 86 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.50% |  | 7/1/2054 | AA | $1150000 | $1199654 |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.50% |  | 7/1/2059 | AA | 2000000 | 2077113 |
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% |  | 7/1/2054 | AA | 3775000 | 3817571 |
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 5.75% |  | 7/1/2053 | BBB- | 2000000 | 2068414 |
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 6.00% |  | 7/1/2058 | BBB- | 5000000 | 5226576 |
| Massachusetts Development Finance Agency-PRG Medford Properties Inc | 5.50% |  | 6/1/2050 | A | 1500000 | 1568283 |
| Miami-Dade County Industrial Development Authority-PRG-Casa Properties LLC FL<sup>†</sup> | 5.375% | <sup>#(a)</sup> | 7/1/2065 | NR | 4800000 | 4926618 |
| Michigan State Housing Development Authority | 5.05% |  | 6/1/2051 | AA+ | 10000000 | 10045270 |
| New Hampshire Business Finance Authority | 3.824% | <sup>#(a)</sup> | 11/20/2042 | BBB | 4223761 | 3884459 |
| New Hampshire Business Finance Authority | 3.922% | <sup>#(a)</sup> | 1/20/2041 | BBB | 5053812 | 4797688 |
| New Hampshire Business Finance Authority | 4.00% |  | 10/20/2036 | BBB | 10472824 | 10324278 |
| New Hampshire Business Finance Authority | 4.25% |  | 7/20/2041 | A2 | 7040464 | 6928881 |
| New Hampshire Business Finance Authority | 4.375% |  | 9/20/2036 | BBB | 5224030 | 5257059 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(a)</sup> | 6/20/2041 | AA- | 12471588 | 12671840 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 4750000 | 4845730 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 1350000 | 1385816 |
| New York City Housing Development Corp. NY | 3.25% |  | 11/1/2049 | AA+ | 10240000 | 7881276 |
| New York City Housing Development Corp. NY | 3.45% |  | 5/1/2059 | AA+ | 5730000 | 4264379 |
| New York State Dormitory Authority-State University of New York Dormitory Facilities Revenue | 3.00% |  | 7/1/2045 | Aa3 | 5052000 | 3958730 |
| New York State Housing Finance Agency (FHA) | 4.20% |  | 11/1/2054 | Aa2 | 7500000 | 6808069 |
| North Dakota Housing Finance Agency | 4.95% |  | 7/1/2050 | Aa1 | 5865000 | 5899951 |

---

<br> *See Notes to Financial Statements.* 87

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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<sup>†</sup> | 5.50% |  | 7/1/2043 | BBB- | $4500000 | $4474038 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.75% |  | 7/1/2053 | BBB- | 12785000 | 12221794 |
| Public Finance Authority-PRG-Oxford Properties LLC WI (BAM) | 5.25% |  | 7/1/2060 | AA | 10000000 | 10038187 |
| Summit County Development Finance Authority-PRG-Akron Properties LLC OH (BAM) | 5.25% |  | 7/1/2055 | AA | 11000000 | 11144949 |
| Summit County Development Finance Authority-PRG-Akron Properties LLC OH (BAM) | 5.50% |  | 7/1/2060 | AA | 10300000 | 10583697 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.125% |  | 7/1/2055 | AA+ | 10000000 | 10091495 |
| Toledo-Lucas County Port Authority-CHF-Toledo LLC OH | 5.00% |  | 7/1/2034 | BBB- | 1000000 | 994902 |
| Toledo-Lucas County Port Authority-CHF-Toledo LLC OH | 5.00% |  | 7/1/2039 | BBB- | 1500000 | 1456224 |
| Toledo-Lucas County Port Authority-CHF-Toledo LLC OH | 5.00% |  | 7/1/2046 | BBB- | 1000000 | 916905 |
| University of Idaho (AG) | 5.50% |  | 4/1/2051 | AA | 3000000 | 3187922 |
| University of Idaho (AG) | 5.50% |  | 4/1/2055 | AA | 3000000 | 3168029 |
| University of Idaho (AG) | 5.50% |  | 4/1/2057 | AA | 5000000 | 5279081 |
| Washington State Housing Finance Commission | 3.812% | <sup>#(a)</sup> | 3/1/2050 | A3 | 10878363 | 10485337 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.25% |  | 7/1/2055 | AA | 4000000 | 4017510 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.00% |  | 7/1/2054 | BBB- | 2500000 | 2234074 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2044 | BBB- | 1350000 | 1377721 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2049 | BBB- | 1000000 | 985433 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2059 | BBB- | 5135000 | 4893172 |
| *Total* |  |  |  |  |  | 275615354 |

---

<br> 88 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 1.31%** |  |  |  |  |  |  |
| California State Public Works Board<sup>(e)</sup> | 5.00% |  | 9/1/2047 | Aa3 | $4500000 | $4759901 |
| California State Public Works Board<sup>(e)</sup> | 5.00% |  | 9/1/2048 | Aa3 | 8600000 | 9060863 |
| Kentucky Bond Development Corp. | 4.00% |  | 9/1/2048 | A+ | 3000000 | 2681347 |
| Los Angeles County Public Works Financing Authority-County of Los Angeles CA | 5.50% |  | 12/1/2054 | AA+ | 5500000 | 5941803 |
| Maryland Stadium Authority-State of Maryland Built to Learn Revenue | 4.00% |  | 6/1/2047 | AA | 8045000 | 7327409 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.625% |  | 1/1/2052 | A- | 9000000 | 9006476 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% |  | 6/15/2043 | A1 | 4500000 | 4634476 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2030 | A+ | 3000000 | 3012623 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2031 | A+ | 2400000 | 2409520 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | Zero Coupon |  | 12/15/2037 | A1 | 3390000 | 2131531 |
| Northern Illinois University (BAM) | 5.50% |  | 4/1/2049 | AA | 2500000 | 2584556 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.50% |  | 7/15/2060 | AA | 9170000 | 9694240 |
| *Total* |  |  |  |  |  | 63244745 |
| **Multi-Family Housing 0.60%** |  |  |  |  |  |  |
| FHLMC Multifamily VRD Certificates NY | 4.783% | <sup>#(a)</sup> | 7/25/2042 | AA+ | 9942283 | 10376542 |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 6900546 | 6490331 |
| New Hampshire Business Finance Authority | 3.824% | <sup>#(a)</sup> | 11/20/2042 | AA- | 9938260 | 9548724 |
| New York City Housing Development Corp. NY | 2.40% |  | 11/1/2046 | AA+ | 4000000 | 2681203 |
| *Total* |  |  |  |  |  | 29096800 |
| **Other Revenue 3.44%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 4000000 | 4085972 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | Ba2 | 2000000 | 2172772 |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 5305000 | 5317469 |

---

<br> *See Notes to Financial Statements.* 89

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| City of Houston Hotel Occupancy Tax & Special Revenue TX (AG)<sup>(e)</sup> | 5.00% |  | 9/1/2045 | AA | $7500000 | $7915189 |
| City of Houston Hotel Occupancy Tax & Special Revenue TX (AG)<sup>(e)</sup> | 5.00% |  | 9/1/2046 | AA | 15550000 | 16241734 |
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% |  | 9/1/2040 | AA | 2000000 | 2002096 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority-County of Cobb GA | 5.50% |  | 10/1/2050 | Aa2 | 5500000 | 5925634 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority-County of Cobb GA | 5.50% |  | 10/1/2053 | Aa2 | 5000000 | 5339154 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 4299197 | 2982568 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 3339620 | 2041343 |
| County of Broward FL Convention Center Hotel Revenue<sup>(c)</sup> | 5.50% |  | 1/1/2055 | AA | 31540000 | 32902691 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2034 | AA | 1000000 | 1039759 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2035 | AA | 1000000 | 1035650 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2037 | AA | 1160000 | 1194895 |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2037 | A1 | 2990000 | 3192778 |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2043 | A1 | 8750000 | 8816968 |
| Michigan Finance Authority-Bradford Academy | 4.30% |  | 9/1/2030 | NR | 195000 | 180686 |
| Michigan Finance Authority-Bradford Academy | 4.80% |  | 9/1/2040 | NR | 565000 | 459573 |
| Michigan Finance Authority-Bradford Academy | 5.00% |  | 9/1/2050 | NR | 925000 | 676548 |
| Municipal Improvement Corp. of Los Angeles<sup>(c)</sup> | 5.50% |  | 5/1/2055 | A+ | 22000000 | 23472516 |
| New Hampshire Business Finance Authority-Centurion Foundation Sample Road LLC | 5.54% |  | 8/15/2057 | NR | 10000000 | 9638650 |
| New Jersey Economic Development Authority-Friends of TEAM Academy Charter School Obligated Group | 6.00% |  | 10/1/2043 | BBB | 3500000 | 3503043 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.75% |  | 12/1/2054 | NR | 4000000 | 4001061 |
| Territory of Guam | 5.00% |  | 1/1/2036 | Baa3 | 1900000 | 2055839 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 1000000 | 1092160 |
| Territory of Guam | 5.25% |  | 1/1/2038 | Baa3 | 2250000 | 2440663 |
| Territory of Guam | 5.25% |  | 1/1/2039 | Baa3 | 1065000 | 1147982 |
| Territory of Guam | 5.25% |  | 1/1/2040 | Baa3 | 1000000 | 1071737 |

---

<br> 90 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $10192777 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2048 | Baa1 | 3745000 | 3245075 |
| *Total* |  |  |  |  |  | 165384982 |
| **Pollution Control 0.15%** |  |  |  |  |  |  |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | 4.30% | <sup>#(a)</sup> | 3/1/2056 | BB | 6000000 | 5821544 |
| Finance Authority of Maine-Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(a)</sup> | 12/1/2047 | B+ | 1200000 | 1240774 |
| *Total* |  |  |  |  |  | 7062318 |
| **Special Tax 1.28%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 8010000 | 8196173 |
| Gramercy Farms Community Development District FL | 6.75% |  | 5/1/2039 | NR | 181000 | 172580 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% |  | 11/15/2047 | NR | 3000000 | 2597190 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% |  | 9/1/2037 | A+ | 4875000 | 4920659 |
| New Jersey Economic Development Authority-NJ Metromall Urban Renewal Inc | 6.50% |  | 4/1/2028 | Baa2 | 1031314 | 1058501 |
| New York Transportation Development Corp.<sup>(c)</sup> | 6.00% |  | 6/30/2050 | Baa3 | 6500000 | 6878218 |
| New York Transportation Development Corp.<sup>(c)</sup> | 6.00% |  | 6/30/2055 | Baa3 | 20000000 | 21002162 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% |  | 9/1/2052 | AA | 2500000 | 2602155 |
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% |  | 10/1/2041 | A2 | 11195000 | 11503833 |
| 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 | 2155561 |
| *Total* |  |  |  |  |  | 61570032 |

---

<br> *See Notes to Financial Statements.* 91

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 6.75%** |  |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% | 12/1/2050 | A+ | $13615000 | $11657177 |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 5.50% | 12/1/2056 | A+ | 14000000 | 14671229 |
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2042 | AA | 1250000 | 1336962 |
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3750000 | 3771534 |
| County of Pinal AZ (BAM) | 5.25% | 8/1/2055 | AA | 10000000 | 10427417 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2050 | AA | 4500000 | 4840665 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 19760000 | 20953998 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 16140000 | 17115259 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 6.00% | 5/15/2052 | A | 1700000 | 1811720 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 3500000 | 3561453 |
| Metropolitan Pier & Exposition Authority-State of Illinois McCormick Place Expansion Project Fund | 4.00% | 12/15/2042 | A | 2000000 | 1886986 |
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 7210000 | 6066330 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10535000 | 8969954 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 6/15/2033 | A | 15000000 | 11532902 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10000000 | 6464841 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Authority Military Recreation Facilities Project Area UT<sup>†</sup> | 5.75% | 6/15/2044 | NR | 850000 | 876271 |

---

<br> 92 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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<sup>†</sup> | 6.00% | 6/15/2054 | NR | $1250000 | $1275348 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2049 | AAA | 7810000 | 8178112 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 25705000 | 26796702 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2055 | AAA | 10750000 | 11238808 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 4750000 | 5078614 |
| New York Convention Center Development Corp.-New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 5000000 | 5002716 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2042 | Aa1 | 5000000 | 4196329 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2480000 | 1816935 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 8980000 | 6474915 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 4.00% | 2/15/2047 | Aa1 | 9625000 | 8616552 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2046 | Aa1 | 10000000 | 10518586 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2047 | AA+ | 5825000 | 4375882 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 9590000 | 7090238 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 6495000 | 4758464 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 7620000 | 5523374 |

---

<br> *See Notes to Financial Statements.* 93

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $2122000 | $1766532 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2523000 | 646704 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 31853000 | 31427734 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 8253000 | 8142815 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39000 | 34903 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 24416000 | 22769436 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 12980000 | 12358582 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10335000 | 10718955 |
| *Total* |  |  |  |  | 324751934 |
| **Taxable Revenue-Water & Sewer 1.11%** |  |  |  |  |  |
| City of Chicago IL Waterworks Revenue<sup>(c)</sup> | 5.50% | 11/1/2062 | AA | 20300000 | 21031401 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 11500000 | 12085846 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% | 6/15/2054 | AA+ | 12500000 | 13023821 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2047 | NR | 2500000 | 2200057 |
| Washington Suburban Sanitary Commission MD | 3.00% | 6/1/2045 | AAA | 6165000 | 4970651 |
| *Total* |  |  |  |  | 53311776 |
| **Tobacco 1.77%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 62825000 | 50731187 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20000000 | 869840 |
| Tobacco Securitization Authority of Northern California-Sacramento County Tobacco Securitization Corp | 4.00% | 6/1/2049 | BBB+ | 2850000 | 2433467 |
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 4305000 | 4291409 |

---

<br> 94 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | $10910000 | $8985795 |
| TSASC, Inc. NY | 5.00% | 6/1/2035 | BBB | 1390000 | 1408276 |
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7500000 | 6941437 |
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 10550000 | 9678087 |
| *Total* |  |  |  |  | 85339498 |
| **Transportation 18.84%** |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2034 | AA | 3650000 | 3685460 |
| Allegheny County Airport Authority PA (AG) AMT | 4.00% | 1/1/2046 | AA | 13055000 | 11768157 |
| Bay Area Toll Authority CA | 3.00% | 4/1/2054 | AA- | 5100000 | 3611618 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2050 | BBB+ | 3500000 | 3607857 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2055 | BBB+ | 5990000 | 6120699 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ <sup>(d)</sup> | 2500000 | 2526179 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2046 | A+ | 4100000 | 4283107 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2047 | A+ | 4000000 | 4135176 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1950000 | 2086583 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1470000 | 1563735 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1660000 | 1759256 |
| Chicago O'Hare International Airport IL AMT | 5.50% | 1/1/2055 | A+ | 18000000 | 18748316 |
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 8650000 | 8991482 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2037 | Ba2 | 11220000 | 11755021 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2038 | Ba2 | 10750000 | 11208981 |
| City of Los Angeles Department of Airports CA AMT | 3.00% | 5/15/2049 | AA- | 5890000 | 4130701 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 6000000 | 5362869 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2051 | AA- | 6550000 | 5737005 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.25% | 12/1/2049 | AA | 3825000 | 4023898 |

---

<br> *See Notes to Financial Statements.* 95

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.50% |  | 12/1/2054 | AA | $4250000 | $4497296 |
| Columbus Regional Airport Authority OH | 5.25% |  | 1/1/2050 | A | 4125000 | 4283759 |
| Columbus Regional Airport Authority OH | 5.25% |  | 1/1/2055 | A | 4125000 | 4253466 |
| County of Lee Airport Revenue FL AMT | 5.25% |  | 10/1/2045 | A2 | 2500000 | 2665056 |
| County of Lee Airport Revenue FL AMT | 5.25% |  | 10/1/2046 | A2 | 2000000 | 2113106 |
| County of Lee Airport Revenue FL AMT | 5.25% |  | 10/1/2047 | A2 | 3000000 | 3138700 |
| County of Miami-Dade Seaport Department FL (AG) AMT | 4.00% |  | 10/1/2045 | AA | 12070000 | 10961216 |
| County of Miami-Dade Seaport Department FL AMT | 4.00% |  | 10/1/2050 | Aa2 | 7485000 | 6390677 |
| County of Osceola Transportation Revenue FL | 4.00% |  | 10/1/2054 | BBB+ | 1810000 | 1515692 |
| Dallas Fort Worth International Airport TX | 4.00% |  | 11/1/2046 | A1 | 8295000 | 7599799 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2032 | A+ | 4200000 | 3441896 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2037 | A+ | 7720000 | 4375315 |
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon |  | 1/15/2033 | A | 5000000 | 4005805 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% |  | 1/15/2053 | A | 10830000 | 8550831 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% |  | 1/15/2053 | A | 5000000 | 4361290 |
| Grand Parkway Transportation Corp. TX | 4.00% |  | 10/1/2049 | A1 | 7115000 | 6358940 |
| Greenville-Spartanburg Airport District SC | 5.25% |  | 7/1/2054 | A+ | 4160000 | 4298348 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 5000000 | 4883049 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 25500000 | 25692237 |
| Louisiana Public Facilities Authority-Calcasieu Bridge Partners LLC AMT | 5.75% |  | 9/1/2064 | Baa3 | 19410000 | 19914776 |
| Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2040 | NR | 2000000 | 1815849 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.00% |  | 11/12/2028 | Baa3 | 5000000 | 5019776 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.25% |  | 6/30/2052 | Baa3 | 2760000 | 2729088 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2056 | AA- | 7000000 | 7321225 |

---

<br> 96 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.00% |  | 11/15/2045 | A | $4705000 | $4286704 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2048 | A | 9825000 | 8559240 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2049 | A | 6605000 | 5699932 |
| Metropolitan Transportation Authority NY<sup>(c)</sup> | 4.75% |  | 11/15/2045 | A | 13890000 | 13896396 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2035 | A | 4265000 | 4300957 |
| Metropolitan Transportation Authority NY | 5.00% | <sup>#(a)</sup> | 11/15/2045 | A2 | 2700000 | 2881025 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2055 | A | 10850000 | 10994142 |
| Metropolitan Transportation Authority NY<sup>(c)</sup> | 5.25% |  | 11/15/2055 | A3 | 6610000 | 6697814 |
| Metropolitan Transportation Authority NY | 5.50% |  | 11/15/2047 | A | 15750000 | 16703612 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.00% |  | 6/15/2046 | A1 | 8000000 | 7431289 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% |  | 6/15/2050 | A1 | 15155000 | 15816820 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% |  | 6/15/2050 | A1 | 13500000 | 14152186 |
| New Jersey Turnpike Authority | 5.25% |  | 1/1/2054 | AA- | 9000000 | 9387125 |
| New Jersey Turnpike Authority | 5.25% |  | 1/1/2055 | AA- | 15000000 | 15708636 |
| New York City Transitional Development Corp.-JFK NTO LLC NY AMT | 5.375% |  | 6/30/2060 | Baa3 | 21750000 | 21592234 |
| New York State Thruway Authority | 4.00% |  | 1/1/2050 | A1 | 14265000 | 12536422 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% |  | 1/1/2036 | Baa2 | 7160000 | 7054753 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2029 | Baa2 | 2955000 | 3038193 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2030 | Baa2 | 4440000 | 4559697 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2033 | Baa2 | 12450000 | 12714953 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2036 | Baa2 | 8720000 | 8857329 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 10/1/2040 | Baa2 | 33350000 | 33837460 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% |  | 4/1/2040 | Baa2 | 7000000 | 7359592 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% |  | 4/1/2035 | Baa2 | 16530000 | 18135379 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% |  | 4/30/2053 | BBB- <sup>(d)</sup> | 3000000 | 2552603 |

---

<br> *See Notes to Financial Statements.* 97

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 International Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | $5840000 | $6073828 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 3270000 | 3363873 |
| New York Transportation Development Corp.-JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 67500000 | 67906951 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 17185000 | 17222836 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 22790000 | 23619155 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 12365000 | 11287631 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2440000 | 2090670 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 19245000 | 19245579 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 1/1/2051 | AA | 4740000 | 3999153 |
| North Carolina Turnpike Authority (AG) | 5.00% | 1/1/2058 | AA | 3485000 | 3486674 |
| Northern Indiana Commuter Transportation District IN | 5.25% | 1/1/2049 | A+ | 4150000 | 4352842 |
| Oklahoma Turnpike Authority | 5.50% | 1/1/2053 | AA- | 7500000 | 7888702 |
| Oklahoma Turnpike Authority<sup>(c)</sup> | 5.50% | 1/1/2054 | Aa3 | 12500000 | 13314185 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Motor License Fund AMT (AG) | 5.75% | 12/31/2062 | AA | 10100000 | 10469199 |
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3425000 | 3435484 |
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2050 | A+ | 14135000 | 12516699 |
| Pennsylvania Turnpike Commission | 5.25% | 12/1/2053 | AA- | 14250000 | 14962852 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2051 | Aa3 | 7365000 | 6484363 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2053 | A2 | 10415000 | 9052099 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | AA- | 5000000 | 5356774 |
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3940000 | 4115731 |

---

<br> 98 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Port of Portland Airport Revenue OR AMT | 5.50% |  | 7/1/2048 | AA- | $6250000 | $6553702 |
| Public Finance Authority-Sky Harbour Capital III LLC Obligated Group WI AMT<sup>†</sup> | 6.00% | <sup>#(a)</sup> | 7/1/2060 | NR | 5000000 | 5056589 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | 5.75% |  | 6/30/2060 | Baa3 | 19240000 | 19862935 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | 5.75% |  | 12/31/2065 | Baa3 | 32000000 | 32684138 |
| San Diego County Regional Airport Authority CA AMT | 5.50% |  | 7/1/2055 | Aa3 | 16000000 | 16890227 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 4.00% |  | 5/1/2049 | AA- | 3465000 | 3066348 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% |  | 1/15/2049 | A- | 250000 | 250099 |
| State of Michigan Trunk Line Revenue | 5.50% |  | 11/15/2049 | AA+ | 15000000 | 16007407 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners LLC AMT | 5.50% |  | 12/31/2058 | Baa1 | 2500000 | 2543721 |
| Texas Transportation Finance Corp.<sup>(c)</sup> | 5.50% |  | 10/1/2055 | AA+ | 10000000 | 10742730 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 2725000 | 3090882 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% |  | 1/1/2037 | BBB | 5755000 | 5993358 |
| *Total* |  |  |  |  |  | 907035201 |
| **Utilities 13.45%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(a)</sup> | 10/1/2052 | A2 | 11660000 | 11730691 |
| Black Belt Energy Gas District AL | 5.00% |  | 7/1/2033 | A2 | 13500000 | 14120854 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 8100000 | 8443931 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(a)</sup> | 5/1/2055 | Aa3 | 5000000 | 5305583 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 6/1/2049 | A2 | 9450000 | 9938595 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 11/1/2053 | A2 | 6665000 | 6977799 |
| Black Belt Energy Gas District AL<sup>†</sup> | 5.50% | <sup>#(a)</sup> | 11/1/2056 | BBB- | 21730000 | 22992637 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 2740000 | 2777585 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 3/1/2056 | Aa3 | 16875000 | 18177593 |
| California Community Choice Financing Authority | 5.25% |  | 2/1/2036 | A3 | 8000000 | 8588050 |

---

*See Notes to Financial Statements.* 99

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>(c)</sup> | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | $14000000 | $14757445 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 7/1/2039 | Baa2 | 2200000 | 2249069 |
| Central Plains Energy Project NE | 5.00% |  | 9/1/2042 | BBB+ | 3305000 | 3343420 |
| City of Baltimore MD | 5.00% |  | 7/1/2039 | A1 | 4750000 | 4755113 |
| City of Baltimore MD<sup>(c)</sup> | 5.25% |  | 7/1/2047 | AA- | 7190000 | 7450641 |
| City of Baltimore MD<sup>(c)</sup> | 5.25% |  | 7/1/2052 | AA- | 12190000 | 12631893 |
| City of Compton Water Revenue CA | 6.00% |  | 8/1/2039 | NR | 5500000 | 5673508 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.50% |  | 9/1/2053 | AA+ | 5000000 | 5335415 |
| City of Houston Combined Utility System Revenue TX | 4.00% |  | 11/15/2049 | Aa2 | 5000000 | 4461180 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% |  | 2/1/2049 | Aa2 | 2000000 | 2145849 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% |  | 2/1/2050 | Aa2 | 10880000 | 11558491 |
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% |  | 11/1/2052 | Aa2 | 7000000 | 7394129 |
| City of Wheeling Waterworks & Sewerage System Revenue WV (BAM) | 5.25% |  | 6/1/2050 | AA | 1375000 | 1421093 |
| City of Wheeling Waterworks & Sewerage System Revenue WV (BAM) | 5.25% |  | 6/1/2056 | AA | 2500000 | 2561733 |
| County of Jefferson Sewer Revenue AL | 5.25% |  | 10/1/2049 | BBB+ | 10345000 | 10711181 |
| County of Jefferson Sewer Revenue AL | 5.50% |  | 10/1/2053 | BBB+ | 24350000 | 25336002 |
| County of Manatee Public Utilities Revenue-County of Manatee FL Public Utilities Revenue FL | 4.00% |  | 10/1/2053 | Aa1 | 5820000 | 5065617 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 7/1/2054 | A1 | 22500000 | 24005601 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 10710000 | 11690518 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 5.25% |  | 8/1/2029 | NR | 1500000 | 1541841 |
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% |  | 7/1/2052 | A+ | 12000000 | 12522028 |
| JEA Water & Sewer System Revenue FL | 5.50% |  | 10/1/2054 | AA+ | 5000000 | 5324224 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2035 | Baa1 | 5000000 | 5025685 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2036 | Baa1 | 5000000 | 5024237 |
| Kentucky Public Energy Authority | 4.00% | <sup>#(a)</sup> | 8/1/2052 | A1 | 15500000 | 15678323 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(a)</sup> | 4/1/2054 | A1 | 26455000 | 28341448 |

---

100 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% |  | 7/1/2053 | AA | $4500000 | $4627430 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2045 | A1 | 4425000 | 4640100 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2046 | A1 | 2550000 | 2645410 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2047 | A1 | 2900000 | 2991655 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2048 | A1 | 3250000 | 3340340 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX (AG) | 5.25% |  | 5/15/2054 | AA | 9000000 | 9318073 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 20850000 | 20808550 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue TN | 5.25% |  | 7/1/2055 | AA | 11000000 | 11448164 |
| Minnesota Municipal Gas Agency | 5.00% |  | 9/1/2035 | Baa1 | 15000000 | 15467677 |
| Municipal Electric Authority of Georgia | 5.25% |  | 1/1/2049 | A2 | 3475000 | 3578977 |
| Municipal Electric Authority of Georgia (BAM) | 4.00% |  | 1/1/2049 | AA | 6550000 | 5835502 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.50% |  | 6/15/2048 | AA+ | 10025000 | 8409844 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2047 | AA+ | 4500000 | 4744287 |
| New York Power Authority | 3.25% |  | 11/15/2060 | Aa1 | 5420000 | 3874700 |
| New York Power Authority | 4.00% |  | 11/15/2050 | Aa1 | 10910000 | 9801311 |
| Oklahoma Municipal Power Authority<sup>(c)</sup> | 5.25% |  | 1/1/2056 | AA | 15000000 | 15708490 |
| Paducah Electric Plant Board KY (AG) | 5.00% |  | 10/1/2035 | AA | 1000000 | 1007211 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 10/1/2054 | A1 | 15000000 | 16136179 |
| Philadelphia Gas Works Co. PA | 5.25% |  | 8/1/2049 | A | 13000000 | 13535369 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 5000000 | 4730321 |
| Salt Verde Financial Corp. AZ | 5.25% |  | 12/1/2027 | A3 | 3750000 | 3852765 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2051 | A- | 10700000 | 10912488 |
| South Carolina Public Service Authority | 5.25% |  | 12/1/2054 | A- | 3000000 | 3114685 |
| South Carolina Public Service Authority | 5.50% |  | 12/1/2054 | A- | 6780000 | 7168548 |
| Southeast Alabama Gas Supply District AL | 5.00% | <sup>#(a)</sup> | 6/1/2049 | A1 | 10000000 | 10532486 |

---

*See Notes to Financial Statements.* 101

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |  |
| Southeast Energy Authority A Cooperative District AL |  | 5.00% |  | 11/1/2035 | Baa1 | $23000000 | $23510860 |
| Southeast Energy Authority A Cooperative District AL |  | 5.00% | <sup>#(a)</sup> | 10/1/2055 | Aa3 | 9200000 | 9794030 |
| Southeast Energy Authority A Cooperative District AL<sup>(c)</sup> |  | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 20000000 | 20128420 |
| Southeast Energy Authority A Cooperative District AL |  | 5.25% | <sup>#(a)</sup> | 11/1/2055 | A1 | 5000000 | 5401198 |
| Southeast Energy Authority A Cooperative District AL |  | 5.50% | <sup>#(a)</sup> | 1/1/2053 | A1 | 5000000 | 5323362 |
| Southern California Public Power Authority | 4.099%<br> (3 mo. USD Term SOFR \* 0.67 + 1.47%) | 4.099%<br> (3 mo. USD Term SOFR \* 0.67 + 1.47%) | <sup>#</sup> | 11/1/2038 | A2 | 3090000 | 3026316 |
| Tennergy Corp. TN |  | 5.50% | <sup>#(a)</sup> | 10/1/2053 | Baa1 | 6000000 | 6380731 |
| Tennessee Energy Acquisition Corp. |  | 5.625% |  | 9/1/2026 | BBB <sup>(d)</sup> | 10550000 | 10624247 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  | 5.50% | <sup>#(a)</sup> | 1/1/2054 | A1 | 5000000 | 5462128 |
| Texas Water Development Board-State Water Implementation Revenue Fund for Texas |  | 4.125% |  | 10/15/2047 | AAA | 15725000 | 14726672 |
| *Total* |  |  |  |  |  |  | 647667528 |
| *Total Municipal Bonds* (cost $5,000,917,184) |  |  |  |  |  |  | 4953488541 |
| **WARRANTS 0.01%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.01%** |  |  |  |  |  |  |  |
| BL Train Holdings West LLC\* (cost $0) |  | 11.50% |  | 12/1/2035 | NR | 159194 | 278589 <sup>(f)</sup> |
| *Total Long-Term Investments* (cost $5,000,917,184) |  |  |  |  |  |  | 4953767130 |
|  | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(g)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.67%** |  |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.65%** | **VARIABLE RATE DEMAND NOTES 1.65%** |  |  |  |  |  |  |
| **General Obligation 0.77%** |  |  |  |  |  |  |  |
| City of New York NY GO | 2.900% | 4/1/2026 |  | 4/1/2042 | AA | 32400000 | 32400000 |
| City of New York NY GO | 2.900% | 4/1/2026 |  | 4/1/2042 | AA | 4400000 | 4400000 |
| *Total* |  |  |  |  |  |  | 36800000 |

---

102 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(g)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care 0.10%** |  |  |  |  |  |  |
| California Public Finance Authority-Sharp Healthcare Obligated Group | 2.250% | 4/1/2026 | 8/1/2054 | AAA | $5000000 | $5000000 |
| **Pollution Control 0.06%** |  |  |  |  |  |  |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 2.800% | 4/1/2026 | 4/1/2040 | BBB+ | 2900000 | 2900000 |
| **Tax Revenue 0.67%** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.750% | 4/1/2026 | 2/1/2056 | AAA | 30000000 | 30000000 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.850% | 4/1/2026 | 11/1/2044 | AAA | 2000000 | 2000000 |
| *Total* |  |  |  |  |  | 32000000 |
| **Utilities 0.05%** |  |  |  |  |  |  |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2044 | AA+ | 1500000 | 1500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2053 | AA+ | 1100000 | 1100000 |
| *Total* |  |  |  |  |  | 2600000 |
| *Total Variable Rate Demand Notes* (cost $79,300,000) | *Total Variable Rate Demand Notes* (cost $79,300,000) | *Total Variable Rate Demand Notes* (cost $79,300,000) | *Total Variable Rate Demand Notes* (cost $79,300,000) |  |  | 79300000 |
| **REPURCHASE AGREEMENTS 0.02%** |  |  |  |  |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,116,800 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,134,202; proceeds: $1,111,904<br> (cost $1,111,804) |  |  |  |  | 1111804 | 1111804 |
| *Total Short-Term Investments (cost $80,411,804)* | *Total Short-Term Investments (cost $80,411,804)* | *Total Short-Term Investments (cost $80,411,804)* |  |  |  | 80411804 |
| *Total Investments in Securities 104.58%* (cost $5,081,328,988) | *Total Investments in Securities 104.58%* (cost $5,081,328,988) | *Total Investments in Securities 104.58%* (cost $5,081,328,988) |  |  |  | 5034178934 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(4.58)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(4.58)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(4.58)%* |  |  |  | (220126234) |
| *Net Assets 100.00%* |  |  |  |  |  | $4814052700 |

---

---

| | |
|:---|:---|
| 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. |

---

*See Notes to Financial Statements.* 103

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

NATIONAL TAX FREE FUND *March 31, 2026*

---

| | |
|:---|:---|
| 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> | Variable rate security. The interest rate represents the rate in effect at March 31, 2026. |
| <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 March 31, 2026, the total value of Rule 144A securities was $371,112,986, which represents 7.71% 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. |
| <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. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(d)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(e)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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 March 31, 2026:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. Long Bond | June 2026 | 487 | Short | $(56915109) | $(55457125) | $1457984 |

---

104 *See Notes to Financial Statements.*

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

NATIONAL TAX FREE FUND *March 31, 2026*

The following is a summary of the inputs used as of March 31, 2026 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> | $– | $4953488541 | $– | $4953488541 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 278589 | 278589 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 79300000 |  | 79300000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1111804 | – | 1111804 |
| **Total** | $– | $5033900345 | $278589 | $5034178934 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $1457984 | $– | $– | $1457984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| **Total** | $1457984 | $– | $– | $1457984 |

---

<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 Trust (See Note 2(e)).

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 and a summary of unobservable inputs as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

*See Notes to Financial Statements.* 105

**Schedule of Investments (unaudited)**

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 101.38%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 101.37%** |  |  |  |  |  |  |
| **Corporate-Backed 13.51%** |  |  |  |  |  |  |
| Arkansas Development Finance |  |  |  |  |  |  |
| Authority-Hybar LLC AMT<sup>†</sup> | 6.875% |  | 7/1/2048 | NR | $10550000 | $11330347 |
| Arkansas Development Finance Authority-Hybar LLC AMT<sup>†</sup> | 7.375% |  | 7/1/2048 | NR | 16800000 | 18180491 |
| Arkansas Development Finance Authority-United States Steel Corp AMT | 5.45% |  | 9/1/2052 | BB+ | 10500000 | 10585925 |
| Arkansas Development Finance Authority-US Steel Corp AMT | 5.70% |  | 5/1/2053 | BB+ | 17250000 | 17581190 |
| Avenir Community Development District FL | 5.375% |  | 5/1/2043 | NR | 3230000 | 3241779 |
| Avenir Community Development District FL | 5.625% |  | 5/1/2054 | NR | 3830000 | 3728219 |
| Boggy Creek Improvement District FL | 5.125% |  | 5/1/2043 | NR | 1775000 | 1804889 |
| Boggy Creek Improvement District FL | 5.375% |  | 5/1/2053 | NR | 4300000 | 4276435 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 3755000 | 3788736 |
| California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 35625000 | 18881250 |
| City of Henderson-Pratt Paper LLC KY AMT<sup>†</sup> | 4.70% |  | 1/1/2052 | NR | 5500000 | 5046344 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 4.00% |  | 7/15/2041 | BB+ <sup>(b)</sup> | 4475000 | 4075548 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | 15040000 | 15054741 |
| City of Valparaiso-Pratt Paper LLC IN AMT<sup>†</sup> | 5.00% |  | 1/1/2054 | NR | 4825000 | 4593141 |
| Crosswinds East Community Development District FL | 5.50% |  | 5/1/2044 | NR | 1000000 | 1019575 |
| Crosswinds East Community Development District FL | 5.75% |  | 5/1/2054 | NR | 1500000 | 1498296 |
| Downtown Doral South Community Development District FL<sup>†</sup> | 4.75% |  | 12/15/2038 | NR | 625000 | 631390 |
| East Nassau Stewardship District Special Assessment 2025 FL | 6.25% |  | 5/1/2056 | NR | 11700000 | 11925382 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 9000000 | 9006072 |

---

106 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $1021777 |
| Gas Worx Community Development District-Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | 6.00% |  | 5/1/2057 | NR | 4950000 | 4985095 |
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 8000000 | 7824942 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% |  | 5/1/2044 | NR | 1840000 | 1894150 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.875% |  | 5/1/2055 | NR | 7000000 | 7069157 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 5.75% |  | 10/1/2049 | BB+ | 17770000 | 18150351 |
| Illinois Finance Authority-LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(a)</sup> | 9/1/2042 | NR | 10000000 | 11314581 |
| Indiana Finance Authority-United States Steel Corp AMT | 6.75% |  | 5/1/2039 | BB+ | 3600000 | 3995375 |
| 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 | 4759845 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 12/1/2053 | Ba1 | 12500000 | 12755639 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH AMT<sup>†</sup> | 3.50% |  | 12/1/2051 | Ba1 | 9450000 | 7822808 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 5.875% |  | 5/1/2045 | NR | 2800000 | 2813627 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 6.125% |  | 5/1/2056 | NR | 4815000 | 4719922 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% |  | 5/1/2056 | NR | 3565000 | 3685437 |
| Legacy Community Authority CO | 6.75% |  | 12/1/2055 | NR | 7500000 | 7616748 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc AMT<sup>†</sup> | 6.50% | <sup>#(a)</sup> | 10/1/2053 | NR | 3745000 | 3940629 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc AMT<sup>†</sup> | 6.75% | <sup>#(a)</sup> | 10/1/2053 | NR | 2000000 | 2115143 |
| Maricopa County Industrial Development Authority-Commercial Metals Co AZ AMT<sup>†</sup> | 4.00% |  | 10/15/2047 | BB+ | 15250000 | 13113695 |

---

<br> *See Notes to Financial Statements.* 107

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Chesapeake Bay Conference Center<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 | 8183848 |
| Mobile County Industrial Development Authority-AM/NS Calvert LLC AL AMT | 4.75% | 12/1/2054 | BBB | 15810000 | 14534492 |
| Mobile County Industrial Development Authority-AM/NS Calvert LLC AL AMT | 5.00% | 6/1/2054 | BBB | 19065000 | 18178180 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.875% | 11/1/2042 | B- | 17900000 | 16006563 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 12155000 | 12169247 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 6960000 | 6971764 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2046 | AA | 10335000 | 7882943 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 3400000 | 3402244 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% | 11/15/2044 | NR | 11700000 | 11700390 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% | 11/15/2034 | NR | 5100000 | 5100606 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.375% | 11/15/2040 | NR | 5000000 | 4978504 |
| New York Liberty Development Corp.-7 World Trade Center II LLC | 3.125% | 9/15/2050 | Aaa | 2500000 | 1832723 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% | 8/1/2026 | B+ | 680000 | 680685 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 32495000 | 32509347 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 10500000 | 10946690 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% | 11/1/2042 | B- | 16240000 | 14309017 |
| Ohio Air Quality Development Authority-AMG Vanadium LLC AMT<sup>†</sup> | 5.00% | 7/1/2049 | B3 | 33290000 | 30186273 |
| Parish of Beauregard-OfficeMax Inc LA | 6.80% | 2/1/2027 | NR | 5000000 | 5011454 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% | 7/1/2040 | BB+ | 5000000 | 5410246 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% | 10/1/2040 | BB+ | 7690000 | 8322914 |

---

108 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $1287254 |
| Pinery Community Development District Assessment Area One FL | 5.60% |  | 5/1/2046 | NR | 1250000 | 1238693 |
| Pinery Community Development District Assessment Area One FL | 5.875% |  | 5/1/2056 | NR | 2000000 | 1937876 |
| Polk County Industrial Development Authority-Mineral Development LLC FL<sup>†(c)</sup> | 5.875% |  | 1/1/2033 | NR | 7020000 | 1404000 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.25% |  | 1/1/2054 | NR | 19750000 | 17555872 |
| Prairie Center Metropolitan District No. 3 CO GO | 5.875% |  | 12/15/2046 | NR | 3125000 | 3272367 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% |  | 7/1/2054 | NR | 25335000 | 20641800 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 11000000 | 11001511 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2667000 | 2656477 |
| Savannah Georgia Convention Center Authority<sup>†</sup> | 6.25% |  | 6/1/2061 | NR | 6250000 | 6186781 |
| Southwestern Illinois Development Authority-United States Street Corp | 5.75% |  | 8/1/2042 | BB+ | 2500000 | 2502183 |
| Spring Valley Community Infrastructure District No. 1 ID<sup>†</sup> | 6.25% |  | 9/1/2053 | NR | 7000000 | 7142009 |
| State of Nevada Department of Business & Industry-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 9920000 | 5257600 |
| Town of Rumford-OfficeMax Inc ME | 6.875% |  | 10/1/2026 | NR | 1500000 | 1503474 |
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% |  | 12/1/2035 | NR | 2700000 | 2699878 |
| Virginia Small Business Financing Authority-Reworld Holding Corp VA AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 3150000 | 3037317 |
| 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 | 5762228 |
| *Total* |  |  |  |  |  | 588437221 |
| **Education 10.71%** |  |  |  |  |  |  |
| Arizona Industrial Development Authority-Academies of Math & Science Obligated Group<sup>†</sup> | 5.625% |  | 7/1/2048 | BB+ | 2235000 | 2210826 |

---

<br> *See Notes to Financial Statements.* 109

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  | | |
| Arizona Industrial Development Authority-Academies of Math & Science Obligated Group<sup>†</sup> | 5.75% | 7/1/2053 | BB+ | $3000000 | $2972835 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.875% | 6/15/2065 | Ba2 | 9960000 | 10007571 |
| Build NYC Resource Corp.-East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% | 6/1/2062 | BB | 3750000 | 3532371 |
| California Infrastructure & Economic Development Bank<sup>(d)</sup> | 5.25% | 5/15/2059 | AA | 4560000 | 4804853 |
| California Municipal Finance Authority-California Baptist University<sup>†</sup> | 5.625% | 11/1/2054 | NR | 500000 | 505440 |
| California Municipal Finance Authority-SDORI Charter School Properties LLC<sup>†</sup> | 5.625% | 3/1/2045 | B+ | 11500000 | 10405328 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 6.20% | 6/15/2054 | BB | 2650000 | 2752599 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 6.375% | 6/15/2064 | BB | 5000000 | 5214245 |
| Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2535000 | 2587598 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% | 6/15/2039 | NR | 1950000 | 1893444 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% | 6/15/2049 | NR | 9815000 | 8794586 |
| Capital Trust Agency, Inc.-Southeastern University Obligated Group FL<sup>†</sup> | 6.375% | 5/1/2053 | BB | 6150000 | 6297670 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 5.625% | 6/15/2044 | BB+ | 815000 | 834659 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 6.00% | 6/15/2054 | BB+ | 1155000 | 1171019 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 6.125% | 6/15/2060 | BB+ | 800000 | 812005 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A <sup>(b)</sup> | 8500000 | 8898113 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2043 | BB+ | 2975000 | 2537606 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 40665000 | 32528857 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2046 | BB+ | 5405000 | 4942077 |

---

110 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  | | |
| City of Jacksonville-Jacksonville University FL<sup>†</sup> | 5.00% | 6/1/2053 | NR | $6500000 | $5598906 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 6.00% | 8/1/2044 | NR | 1000000 | 1032131 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 6.25% | 8/1/2049 | NR | 1195000 | 1221043 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 6.25% | 8/1/2056 | NR | 2000000 | 2028584 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.875% | 1/1/2049 | NR | 2450000 | 2414450 |
| Clifton Higher Education Finance Corp.-Aristoi Classical Academy TX | 5.50% | 8/15/2045 | BB | 3765000 | 3632806 |
| Clifton Higher Education Finance Corp.-Aristoi Classical Academy TX | 6.00% | 8/15/2050 | BB | 6455000 | 6341140 |
| Clifton Higher Education Finance Corp.-Aristoi Classical Academy TX | 6.00% | 8/15/2055 | BB | 2825000 | 2725365 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8015000 | 8260769 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 5.75% | 4/1/2059 | BB | 2250000 | 2141353 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 5.80% | 4/1/2054 | BB | 3200000 | 3094024 |
| Columbus-Franklin County Finance Authority-Ohio Dominican University<sup>(c)</sup> | 6.50% | 3/1/2048 | NR | 4830000 | 2898000 |
| Columbus-Franklin County Finance Authority-Ohio Dominican University<sup>(c)</sup> | 6.50% | 3/1/2053 | NR | 3500000 | 2100000 |
| County of Tuscarawas-Ashland University OH | 6.00% | 3/1/2045 | NR | 5000000 | 4929429 |
| Development Authority of Cobb County-MT Bethel Christian Academy Inc GA<sup>†</sup> | 6.25% | 6/1/2055 | BB+ | 2655000 | 2721044 |
| Development Authority of Cobb County-MT Bethel Christian Academy Inc GA<sup>†</sup> | 6.25% | 6/1/2064 | BB+ | 2150000 | 2188075 |
| Development Authority of The City of Marietta-Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2047 | B1 | 3480000 | 3057926 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2037 | B1 | 13000000 | 12558439 |
| District of Columbia-Catholic University of America/The | 5.75% | 10/1/2055 | A- | 5000000 | 5228908 |
| Florida Development Finance Corp.-Renaissance Charter School Inc<sup>†</sup> | 6.75% | 6/15/2053 | NR | 8000000 | 8352898 |

---

<br> *See Notes to Financial Statements.* 111

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  | | |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2020C/D Obligated Group<sup>†</sup> | 5.00% | 9/15/2040 | NR | $1505000 | $1447777 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 6.00% | 6/15/2055 | Ba1 | 2600000 | 2639880 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 6.125% | 6/15/2050 | Ba1 | 2600000 | 2686634 |
| Florida Higher Educational Facilities Financial Authority-Jacksonville University<sup>†</sup> | 5.00% | 6/1/2048 | NR | 9000000 | 7946816 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.25% | 7/1/2055 | BB+ | 47500000 | 47708753 |
| Illinois Finance Authority-Benedictine University | 5.00% | 10/1/2038 | BB | 3700000 | 3317752 |
| Illinois Finance Authority-DePaul College Prep<sup>†</sup> | 5.50% | 8/1/2043 | BB+ | 1360000 | 1433532 |
| Illinois Finance Authority-DePaul College Prep<sup>†</sup> | 5.625% | 8/1/2053 | BB+ | 4500000 | 4574680 |
| Illinois Finance Authority-Illinois Institute of Technology<sup>†</sup> | 5.875% | 9/1/2046 | BB+ | 9250000 | 9100761 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2045 | BB+ | 7200000 | 6864613 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2000000 | 2071035 |
| Iowa Higher Education Loan Authority-University of Dubuque | 6.00% | 10/1/2055 | BBB- | 7275000 | 7493274 |
| Lamar Consolidated Independent School District TX<sup>(d)</sup> | 5.00% | 2/15/2059 | AAA | 15000000 | 15349847 |
| Louisiana Public Facilities Authority-Acadiana Renaissance Charter Academy<sup>†</sup> | 6.00% | 6/15/2059 | NR | 2200000 | 2202410 |
| Louisiana Public Facilities Authority-Lafayette Renaissance Charter Academy<sup>†</sup> | 6.375% | 6/15/2053 | NR | 8000000 | 8090468 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.25% | 7/1/2044 | NR | 3490000 | 3591757 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.50% | 7/1/2054 | NR | 5660000 | 5752170 |

---

112 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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> | 6.625% | 7/1/2059 | NR | $3125000 | $3187379 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.75% | 7/1/2063 | NR | 1000000 | 1023247 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.25% | 10/1/2040 | NR | 3000000 | 2660175 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.50% | 10/1/2051 | NR | 7915000 | 6480200 |
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 10/1/2043 | Baa3 | 15990000 | 15216896 |
| Massachusetts Development Finance Agency-Suffolk University | 5.25% | 7/1/2055 | Baa3 | 3000000 | 2887608 |
| Massachusetts Development Finance Agency-Suffolk University | 6.00% | 7/1/2050 | Baa3 | 1000000 | 1050775 |
| Massachusetts School Building Authority | 3.00% | 8/15/2050 | AA+ | 5000000 | 3620136 |
| Middlesex County Improvement Authority-Rutgers The State University of New Jersey<sup>(d)</sup> | 5.00% | 8/15/2053 | Aa3 | 15000000 | 15477060 |
| New York St Dorm Auth Revenues Nyshgr<sup>(d)</sup> | 5.25% | 7/1/2055 | AA- | 14750000 | 15295554 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.25% | 5/1/2049 | Baa3 | 2805000 | 2722333 |
| Oklahoma Development Finance Authority-Oklahoma City University Obligated Group | 5.00% | 8/1/2044 | BBB- | 8000000 | 7568005 |
| Public Finance Authority-Triad Math & Science Academy Co WI<sup>†(e)</sup> | 5.00% | 6/15/2036 | BB+ | 12000000 | 12058430 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BB+ | 2000000 | 1776824 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BB+ | 1050000 | 988778 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2039 | BB+ | 8250000 | 8336035 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2054 | NR | 4790000 | 4079133 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2059 | NR | 1050000 | 877107 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2064 | NR | 6180000 | 5083067 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.75% | 6/15/2058 | NR | 25130000 | 23721082 |

---

<br> *See Notes to Financial Statements.* 113

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  | | |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.25% |  | 7/1/2059 | BBB | $2250000 | $2364460 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.375% |  | 7/1/2063 | BBB | 1395000 | 1473744 |
| *Total* |  |  |  |  |  | 466449179 |
| **General Obligation 8.92%** |  |  |  |  |  |  |
| American Samoa Economic Development Authority<sup>†</sup> | 7.125% |  | 9/1/2038 | Ba3 | 7020000 | 7402331 |
| Black Desert Public Infrastructure District UT GO<sup>†</sup> | 4.00% |  | 3/1/2051 | NR | 6280000 | 5070027 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 5500000 | 5820366 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2041 | BB+ | 18530000 | 16217441 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 9515000 | 9605295 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 4000000 | 3862185 |
| Chicago Board of Education IL GO | 5.75% |  | 12/1/2050 | BB+ | 10000000 | 10006742 |
| Chicago Board of Education IL GO | 5.875% |  | 12/1/2047 | BB+ | 6750000 | 6819415 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2044 | BB+ | 13160000 | 13810724 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2049 | BB+ | 15260000 | 15604032 |
| Chicago Board of Education IL GO | 6.25% |  | 12/1/2050 | BB+ | 9500000 | 9955548 |
| Chicago Board of Education IL GO<sup>†</sup> | 6.75% |  | 12/1/2030 | BB+ | 2000000 | 2083287 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 8500000 | 8782757 |
| City of Horace ND GO | 4.50% |  | 5/1/2039 | Baa3 | 1250000 | 1260048 |
| City of New York NY GO<sup>(d)</sup> | 5.25% |  | 10/1/2055 | AA | 33000000 | 34228009 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2043 | NR | 10170279 | 6826800 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2041 | NR | 19219000 | 17807418 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 52446156 | 45066945 |
| County of Pasco-State of Florida Cigarette Tax Revenue (AG) | 5.75% |  | 9/1/2054 | AA | 2000000 | 2122482 |
| Grant County Public Hospital District No. 1 WA GO | 5.125% |  | 12/1/2052 | Baa2 | 4750000 | 4579725 |
| Grapevine Wash Local District-Grapevine Wash Local District Residential Facilities Fee Revenue UT GO<sup>†</sup> | 6.00% |  | 3/1/2055 | NR | 17335000 | 16719857 |
| Hunt Memorial Hospital District Charitable Health TX GO | 6.00% |  | 2/15/2041 | Ba3 | 2730000 | 2817509 |
| Hunt Memorial Hospital District Charitable Health TX GO | 6.00% |  | 2/15/2045 | Ba3 | 2300000 | 2327843 |

---

114 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  | | |
| Idaho Falls Auditorium District COPS<sup>†</sup> | 5.25% | 5/15/2051 | NR | $16700000 | $16056056 |
| Metropolitan Pier & Exposition Authority-State of Illinois McCormick Place Expansion Project Fund | 4.00% | 6/15/2050 | A | 10000000 | 8934922 |
| Mida Cormont Public Infrastructure District UT GO<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | 4850000 | 4158716 |
| Mida Cormont Public Infrastructure District UT GO<sup>†</sup> | 6.25% | 6/1/2055 | NR | 2000000 | 2083967 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 10000000 | 7338900 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | 23880000 | 24937707 |
| Public Finance Authority-Driftwood Conservation District WI<sup>†</sup> | Zero Coupon | 12/15/2039 | NR | 2881000 | 1200068 |
| Public Finance Authority WI<sup>†</sup> | 6.00% | 11/15/2045 | NR | 14500000 | 14219833 |
| State of Illinois GO | 5.25% | 5/1/2045 | A2 | 2500000 | 2595871 |
| State of Illinois GO | 5.25% | 9/1/2048 | A2 | 3780000 | 3855811 |
| State of Illinois GO | 5.50% | 5/1/2039 | A2 | 8280000 | 8728067 |
| State of Illinois GO | 5.50% | 10/1/2039 | A2 | 4000000 | 4320720 |
| State of Illinois GO | 5.50% | 3/1/2042 | A2 | 5250000 | 5573899 |
| State of Illinois GO | 5.50% | 3/1/2047 | A2 | 15270000 | 15829757 |
| State of Illinois GO | 5.50% | 5/1/2047 | A2 | 6000000 | 6220646 |
| STC Metropolitan District No. 2 CO GO<sup>†</sup> 6.25% |  | 12/1/2055 | NR | 6500000 | 6500387 |
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1000000 | 1018730 |
| University City Industrial Development Authority MO | 5.50% | 6/15/2042 | NR | 6000000 | 6097152 |
| *Total* |  |  |  |  | 388467995 |
| **Health Care 26.01%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 4000000 | 3852250 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB- | 3300000 | 3039424 |
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB- | 1000000 | 999945 |
| Arizona Industrial Development Authority-Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.625% | 5/1/2054 | NR | 13750000 | 14738630 |

---

<br> *See Notes to Financial Statements.* 115

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $5117518 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 8350000 | 8090070 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(c)</sup> | 6.00% | 1/1/2023 | NR | 2000000 | 900000 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(c)</sup> | 6.75% | 1/1/2035 | NR | 1500000 | 675000 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(c)</sup> | 7.00% | 1/1/2040 | NR | 4000000 | 1800000 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 23200000 | 17123574 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 43616000 | 41070662 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 3253832 | 3469053 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 6493734 | 6630721 |
| Bucks County Industrial Development Authority-Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2046 | BBB+ | 15000000 | 13231897 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 4.00% | 7/1/2045 | B | 3035000 | 2465204 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B | 11020000 | 10539305 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY<sup>†</sup> | 7.00% | 12/15/2055 | NR | 5000000 | 5033839 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY<sup>†</sup> | 7.00% | 12/15/2065 | NR | 19750000 | 19691222 |
| California Municipal Finance Authority-Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB <sup>(b)</sup> | 5000000 | 5164766 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group | 3.00% | 2/1/2046 | BBB+ | 5000000 | 3776286 |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% | 11/1/2027 | CCC+ | 2435000 | 2418586 |

---

116 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-Kendal At Ventura<sup>†</sup> | 10.00% |  | 5/15/2028 | NR | $6500000 | $6807116 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 12.00% |  | 5/15/2028 | NR | 1000000 | 1085100 |
| California Public Finance Authority-Marisol HB LLC Obligated Group<sup>†(e)</sup> | 5.10% | <sup>#(a)</sup> | 4/1/2066 | NR | 7250000 | 7215777 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.50% |  | 6/1/2055 | NR | 2840000 | 2917278 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.625% |  | 6/1/2065 | NR | 8750000 | 8995102 |
| California Public Finance Authority-QSH/MB LLC<sup>†</sup> | 6.75% |  | 7/1/2065 | NR | 17315000 | 18210421 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% |  | 12/1/2048 | BB+ | 4080000 | 4136348 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group | 5.50% |  | 12/1/2054 | BB+ | 13695000 | 13713691 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% |  | 12/1/2041 | BB+ | 1700000 | 1701503 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% |  | 12/1/2046 | BB+ | 6100000 | 6100328 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% |  | 12/1/2044 | BB+ | 12840000 | 12856404 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% |  | 12/1/2056 | BB+ | 36625000 | 36627370 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% |  | 12/1/2058 | BB+ | 37035000 | 37696134 |
| Capital Projects Finance Authority-Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 7.125% |  | 1/1/2065 | NR | 6250000 | 6412498 |
| Capital Projects Finance Authority-Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 7.25% |  | 1/1/2055 | NR | 4000000 | 4176736 |
| Capital Trust Authority-Convivial St Petersburg LLC FL<sup>†</sup> | 12.00% |  | 10/3/2029 | NR | 6000000 | 6153664 |

---

<br> *See Notes to Financial Statements.* 117

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  | | |
| Chester County Health & Education Facilities Authority-Immaculata University PA | 5.00% | 11/1/2037 | BB- <sup>(b)</sup> | $4000000 | $3746166 |
| Chester County Health & Education Facilities Authority-Immaculata University PA | 5.00% | 11/1/2046 | BB- <sup>(b)</sup> | 4150000 | 3570244 |
| City of Blaine-Crest View Obligated Group MN<sup>(c)</sup> | 6.125% | 7/1/2050 | NR | 3568532 | 3390105 |
| City of Fruita Healthcare Revenue-Lower Valley Hospital Association Obligated Group CO<sup>†</sup> | 5.50% | 1/1/2048 | NR | 16350000 | 15324767 |
| City of Jacksonville-Genesis Health Inc Obligated Group FL | 5.00% | 11/1/2050 | A- | 6635000 | 6578206 |
| County of Howard-Columbia Vantage House Corp MD | 5.00% | 4/1/2044 | NR | 1955000 | 1848501 |
| County of Howard-Columbia Vantage House Corp MD | 5.00% | 4/1/2046 | NR | 7000000 | 6477645 |
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 2765000 | 2766963 |
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 10000000 | 9895132 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.75% | 12/1/2052 | NR | 16600000 | 16955223 |
| County of Wilson-Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3530000 | 3070245 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 2225000 | 2226073 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 2600000 | 2599701 |
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3700000 | 3700884 |
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 1250000 | 1319073 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.375% | 7/1/2039 | NR | 2000000 | 2165850 |
| Florida Local Government Finance Commission-Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 6.75% | 11/15/2055 | NR | 3000000 | 3107718 |
| Florida Local Government Finance Commission-Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 6.875% | 11/15/2064 | NR | 6000000 | 6223090 |

---

118 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-Sanctuary At Village On The Isle LLC/The<sup>†</sup> | 11.00% | 12/22/2030 | NR | $2060000 | $2047853 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1500000 | 1300646 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2040 | NR | 3100000 | 2533655 |
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2049 | BB+ | 7500000 | 8180261 |
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2053 | BB+ | 8000000 | 8647482 |
| Holmes County Hospital Corp. FL<sup>(c)</sup> | 5.75% | 11/1/2026 | NR | 2240000 | 2212729 |
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7115000 | 6111904 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 7.00% | 11/1/2048 | NR | 8000000 | 8396761 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 7.125% | 11/1/2057 | NR | 7000000 | 7338601 |
| Industrial Development Authority of the City of Phoenix Arizona-Christian Care Surprise Inc AZ | 5.25% | 12/1/2055 | BBB | 8600000 | 7970955 |
| Industrial Development Authority of the City of Phoenix Arizona-Christian Care Surprise Inc AZ | 5.50% | 12/1/2065 | BBB | 14205000 | 13396022 |
| 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 | 4207844 |
| 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 | 5820645 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 4.00% | 5/15/2053 | BBB <sup>(b)</sup> | 3645000 | 2834530 |
| Jefferson County Public Hospital District No. 2 WA | 6.875% | 12/1/2053 | NR | 10000000 | 10251366 |
| Kalamazoo Economic Development Corp.-Friendship Village of Kalamazoo Obligated Group MI<sup>†</sup> | 6.25% | 8/15/2056 | NR | 2160000 | 2172244 |
| Kalamazoo Economic Development Corp.-Friendship Village of Kalamazoo Obligated Group MI<sup>†</sup> | 6.25% | 8/15/2061 | NR | 2240000 | 2244496 |
| King County Public Hospital District No. 4 WA | 7.00% | 12/1/2060 | NR | 25200000 | 25282099 |

---

See Notes to Financial Statements. 119

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Hospital District CO<sup>†</sup> | 6.375% | 12/1/2049 | NR | $4495000 | $4357374 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 6.625% | 12/1/2056 | NR | 6125000 | 5879604 |
| Louisiana Local Government Environmental Facilities & Community Development Authority-St James Place of Baton Rouge Obligated Group | 6.25% | 11/15/2045 | NR | 6100000 | 6115308 |
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 180000 | 181280 |
| Maryland Health & Higher Educational Facilities Authority<sup>(d)</sup> | 5.00% | 7/1/2054 | A+ | 4230000 | 4298727 |
| Maryland Health & Higher Educational Facilities Authority<sup>(d)</sup> | 5.25% | 7/1/2054 | A+ | 4300000 | 4369864 |
| Maryland Health & Higher Educational Facilities Authority-Kennedy Krieger Institute Inc Obligated Group MD | 5.25% | 7/1/2051 | BBB- | 2500000 | 2562271 |
| Maryland Health & Higher Educational Facilities Authority-Kennedy Krieger Institute Inc Obligated Group MD | 5.50% | 7/1/2056 | BBB- | 2000000 | 2077489 |
| Maryland Health & Higher Educational Facilities Authority-TidalHealth Obligated Group(AG) | 5.50% | 7/1/2055 | AA | 5000000 | 5273148 |
| Massachusetts Development Finance Agency-Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 12000000 | 12757105 |
| Massachusetts Development Finance Agency-Care Communities LLC Obligated Group<sup>†</sup> | 6.50% | 7/15/2060 | NR | 20500000 | 19945936 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 11125000 | 9481387 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 3000000 | 2909117 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 6.00% | 10/1/2049 | BBB- | 6250000 | 6688995 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 1100000 | 1144338 |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | 20000000 | 19593398 |
| Moon Industrial Development Authority-Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 9350000 | 9349066 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 10760000 | 10660278 |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 9820000 | 9521911 |

---

120 See Notes to Financial Statements.

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | $3410000 | $3474151 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 6.25% | 12/15/2038 | NR | 3565000 | 3667482 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2055 | NR | 2180000 | 2225646 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2060 | NR | 1875000 | 1909380 |
| New Hope Cultural Education Facilities Finance Corp.-SLF CHP LLC TX<sup>†</sup> | 6.50% | 7/1/2056 | NR | 19600000 | 19138520 |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1500000 | 1500471 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 3760000 | 2812538 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B | 16030000 | 13020502 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3000000 | 3013841 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B | 3490000 | 2883144 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 8545000 | 7631670 |
| Norman Regional Hospital Authority Obligated Group OK | 4.00% | 9/1/2037 | CCC | 3395000 | 2315951 |
| Norman Regional Hospital Authority Obligated Group OK | 5.00% | 9/1/2045 | CCC | 1200000 | 948623 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 6015000 | 6069018 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 6795000 | 6620059 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2044 | NR | 1300000 | 1303401 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 15000000 | 14795266 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | 23690000 | 23096717 |

---

See Notes to Financial Statements. 121

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-University of Pennsylvania Health System Obligated Group/The | 5.50% |  | 8/15/2055 | AA | $4150000 | $4409232 |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 5.75% |  | 6/1/2050 | BBB- <sup>(b)</sup> | 800000 | 799630 |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 6.25% |  | 6/1/2055 | BBB- <sup>(b)</sup> | 1500000 | 1548315 |
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 4.625% |  | 6/1/2036 | NR | 4380000 | 4273520 |
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 5.125% |  | 6/1/2048 | NR | 7345000 | 6741284 |
| Public Finance Authority-Lehigh Valley Health Network Inc WI<sup>†</sup> | 7.25% |  | 12/1/2042 | NR | 8750000 | 9099381 |
| Public Finance Authority-Lehigh Valley Health Network Inc WI<sup>†</sup> | 7.50% |  | 12/1/2052 | NR | 8650000 | 9016028 |
| Public Finance Authority-Munificent Behavioral Hospitals I Inc Obligated Group WI<sup>†</sup> | 7.25% |  | 1/1/2061 | NR | 13000000 | 13648794 |
| Public Finance Authority-Proton International 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 Behavioral Hospitals I Obligated Group WI<sup>†</sup> | Zero Coupon |  | 7/1/2064 | NR | 534160000 | 6135202 |
| Public Finance Authority-QCF Behavioral Hospitals I Obligated Group WI<sup>†</sup> | 7.50% |  | 7/1/2059 | NR | 13650000 | 14982711 |
| Public Finance Authority-RBS Evolution LLC WI<sup>†</sup> | 10.00% |  | 11/1/2038 | NR | 13100000 | 14616224 |
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% |  | 9/1/2031 | BB- | 3000000 | 3003086 |
| Rhode Island Health & Educational Building Corp.-Chartercare Health of Rhode Island Obligated Group | 8.50% |  | 10/1/2056 | NR | 13125000 | 13569615 |
| Roanoke County Economic Development Authority-Friendship Foundation VA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | <sup>#(a)</sup> | 9/1/2058 | NR | 10615000 | 10437198 |
| Shelby County Health Educational & Housing Facilities Board-Luke Inc Obligated Group TN | 5.75% |  | 10/1/2059 | NR | 11500000 | 7599603 |

---

122 See Notes to Financial Statements.

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | $5680000 | $5723044 |
| South Carolina Jobs-Economic Development Authority-Connexion Communities Obligated Group<sup>†</sup> | 6.75% | 10/15/2060 | NR | 17500000 | 17644504 |
| South Carolina Jobs-Economic Development Authority-Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2042 | NR | 3815000 | 3400661 |
| South Carolina Jobs-Economic Development Authority-Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2046 | NR | 6070000 | 5193950 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.75% | 11/15/2029 | NR | 2205000 | 2205331 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 7.50% | 11/15/2053 | NR | 9000000 | 9477365 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 7.75% | 11/15/2058 | NR | 17600000 | 18728873 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2043 | B <sup>(b)</sup> | 5025000 | 4826298 |
| Stamford Housing Authority-TJH Senior Living LLC Obligated Group CT | 6.25% | 10/1/2060 | NR | 1000000 | 987281 |
| Stamford Housing Authority-TJH Senior Living LLC Obligated Group CT | 6.50% | 10/1/2055 | NR | 2200000 | 2229341 |
| Tarrant County Cultural Education Facilities Finance Corp TX<sup>(d)</sup> | 5.00% | 7/1/2053 | A1 | 9550000 | 9566595 |
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2225000 | 2185196 |
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3015000 | 2903012 |
| Washington State Housing Finance Commission-Horizon House Obligated Group | 6.25% | 1/1/2056 | BB <sup>(b)</sup> | 15000000 | 14961723 |
| Washington State Housing Finance Commission-Horizon House Obligated Group | 6.25% | 1/1/2061 | BB <sup>(b)</sup> | 10500000 | 10408600 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2060000 | 2207326 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3250000 | 3436358 |

---

See Notes to Financial Statements. 123

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Health Care Corp Obligated Group NY | 6.25% | 11/1/2052 | BB | $4320000 | $4443215 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2047 | AA | 3325000 | 3373594 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 2250000 | 2379714 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 2500000 | 2762857 |
| Westchester County Local Development Corp.-QSH/Tarrytown LLC NY<sup>†</sup> | 6.375% | 12/1/2055 | NR | 625000 | 633382 |
| Westchester County Local Development Corp.-QSH/Tarrytown LLC NY<sup>†</sup> | 6.50% | 12/1/2065 | NR | 3500000 | 3554462 |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 6.50% | 11/1/2030 | NR | 5000000 | 5198474 |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 7.25% | 11/1/2045 | NR | 5000000 | 5559674 |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 7.50% | 11/1/2055 | NR | 12000000 | 13187662 |
| Wisconsin Health & Educational Facilities Authority-Capitol Lakes Inc | 6.25% | 11/15/2055 | NR | 5765000 | 5667878 |
| Wisconsin Health & Educational Facilities Authority-Capitol Lakes Inc | 6.375% | 11/15/2060 | NR | 4100000 | 4045362 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 7320000 | 7097799 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 2425000 | 2351388 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 5.625% | 7/1/2045 | NR | 8000000 | 8080081 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 6.00% | 7/1/2060 | NR | 2500000 | 2505968 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 6.625% | 7/1/2060 | NR | 4300000 | 4483363 |

---

124 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% |  | 2/1/2048 | Ba2 | $4000000 | $3832760 |
| Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group | 5.75% |  | 8/15/2059 | BBB- <sup>(b)</sup> | 2380000 | 2430323 |
| *Total* |  |  |  |  |  | 1132695314 |
| **Housing 4.97%** |  |  |  |  |  |  |
| California Community Housing Agency Arbors Apartments<sup>†</sup> | 5.00% |  | 8/1/2050 | NR | 10630000 | 9896087 |
| California Community Housing Agency Summit at Sausalito Apartments<sup>†</sup> | 3.00% |  | 2/1/2057 | NR | 14310000 | 9545838 |
| California Community Housing Agency Summit at Sausalito Apartments<sup>†</sup> | 4.00% |  | 2/1/2050 | NR | 16345000 | 12011666 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | NR | 3500000 | 2365747 |
| California Municipal Finance Authority-Ascent 613<sup>†</sup> | 5.375% |  | 1/1/2055 | NR | 2500000 | 2445808 |
| California Municipal Finance Authority-Ascent 613<sup>†</sup> | 5.50% |  | 1/1/2060 | NR | 2000000 | 1981246 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.375% |  | 6/1/2059 | NR | 17700000 | 16108101 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.50% |  | 6/1/2054 | NR | 15100000 | 14106961 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2038 | Baa3 | 1000000 | 1010511 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2040 | Baa3 | 1000000 | 987985 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2048 | Baa3 | 1350000 | 1250101 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2053 | Baa3 | 1770000 | 1595906 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% |  | 11/1/2058 | Baa3 | 1750000 | 1536493 |
| CMFA Special Finance Agency CA<sup>†</sup> | 4.00% |  | 12/1/2045 | NR | 9650000 | 7343630 |
| CSCDA Community Improvement Authority Dublin CA<sup>†</sup> | 4.00% |  | 2/1/2057 | NR | 4500000 | 3367998 |
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA<sup>†</sup> | 3.125% |  | 8/1/2056 | NR | 6500000 | 4753621 |

---

*See Notes to Financial Statements.* 125

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Orange Portfolio CA<sup>†</sup> | 4.00% |  | 3/1/2057 | NR | $3500000 | $2539532 |
| CSCDA Community Improvement Authority Pasadena Portfolio CA<sup>†</sup> | 4.00% |  | 12/1/2056 | NR | 13250000 | 9727327 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% |  | 6/1/2047 | NR | 14640000 | 10312466 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% |  | 6/1/2057 | NR | 25980000 | 5329709 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.375% |  | 6/1/2064 | BBB- | 5450000 | 5331746 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.00% |  | 7/1/2059 | BBB- | 1400000 | 1338507 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.25% |  | 7/1/2064 | BBB- | 3975000 | 3922180 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 7.50% |  | 5/15/2053 | BBB <sup>(b)</sup> | 5750000 | 6328002 |
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 5.75% |  | 7/1/2053 | BBB- | 2000000 | 2068414 |
| Maryland Economic Development Corp Morgan View & Thurgood Marshall Student Hsg | 6.00% |  | 7/1/2058 | BBB- | 5000000 | 5226576 |
| Massachusetts Development Finance Agency-PRG Medford Properties Inc | 5.25% |  | 6/1/2060 | A | 3000000 | 3049710 |
| Miami-Dade County Industrial Development Authority-PRG-Casa Properties LLC FL<sup>†</sup> | 5.375% | <sup>#(a)</sup> | 7/1/2065 | NR | 12000000 | 12316544 |
| New Hampshire Business Finance Authority<sup>†</sup> | 3.922% | <sup>#(a)</sup> | 1/20/2041 | NR | 2750000 | 2142608 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 4750000 | 4845730 |
| Palm Beach County School District-Lifespace Communities Inc Obligated Group FL | 7.50% |  | 5/15/2053 | BBB <sup>(b)</sup> | 1000000 | 1100522 |
| Palm Beach County School District-Lifespace Communities Inc Obligated Group FL | 7.625% |  | 5/15/2058 | BBB <sup>(b)</sup> | 2000000 | 2205683 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.75% |  | 7/1/2053 | BBB- | 11540000 | 11031639 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.75% |  | 7/1/2063 | BBB- | 9870000 | 9238079 |
| Public Finance Authority-PRG-Oxford Properties LLC WI (BAM) | 5.25% |  | 7/1/2060 | AA | 5000000 | 5019093 |

---

126 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Vail Home Partners Corp. CO<sup>†</sup> | 5.875% | 10/1/2055 | NR |  | $2500000 | $2540144 |
| Vail Home Partners Corp. CO<sup>†</sup> | 6.00% | 10/1/2064 | NR |  | 5250000 | 5348142 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 7.00% | 9/1/2053 | BB+ | <sup>(b)</sup> | 8000000 | 8733179 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.00% | 7/1/2054 | BBB- |  | 2000000 | 1787259 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% | 7/1/2044 | BBB- |  | 1350000 | 1377721 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% | 7/1/2049 | BBB- |  | 1000000 | 985432 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% | 7/1/2059 | BBB- |  | 2500000 | 2382265 |
| *Total* |  |  |  |  |  | 216535908 |
| **Lease Obligations 0.47%** |  |  |  |  |  |  |
| City of Charlotte NC | 3.00% | 6/1/2048 | AA+ |  | 12715000 | 9303974 |
| Kansas City Industrial Development Authority-City of Kansas City Historic Northeast Redevelopment Area MO<sup>†</sup> | 5.00% | 6/1/2046 | NR |  | 3090000 | 3087885 |
| Kansas City Industrial Development Authority-City of Kansas City Historic Northeast Redevelopment Area MO<sup>†</sup> | 5.00% | 6/1/2054 | NR |  | 1525000 | 1454323 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- |  | 6500000 | 6504677 |
| *Total* |  |  |  |  |  | 20350859 |
| **Other Revenue 4.41%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 6.00% | 5/1/2042 | NR |  | 7865000 | 8034042 |
| Anson Education Facilities Corp.-Arlington Classics Academy TX | 5.00% | 8/15/2045 | BBB- |  | 2250000 | 2180427 |
| Arizona Industrial Development Authority-Odyssey Preparatory Academy Inc<sup>†</sup> | 5.50% | 7/1/2052 | BB |  | 2850000 | 2643067 |

---

*See Notes to Financial Statements.* 127

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Arlington Higher Education Finance Corp.-Newman International Academy TX | 5.50% |  | 8/15/2046 | NR | $5000000 | $3899622 |
| Capital Trust Agency, Inc.-Educational Growth Fund LLC FL<sup>†</sup> | 5.00% |  | 7/1/2056 | NR | 18350000 | 15775941 |
| Capital Trust Agency, Inc.-Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2050 | NR | 10000000 | 8906587 |
| Chester County Industrial Development Authority-Collegium Charter School PA | 5.25% |  | 10/15/2047 | BB | 7210000 | 6475061 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 15788384 | 10953191 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 796127 | 305514 |
| County of Broward FL Convention Center Hotel Revenue<sup>(d)</sup> | 5.50% |  | 1/1/2055 | AA | 17000000 | 17734488 |
| Florida Development Finance Corp.-Franklin Academy Series 2016 Obligated Group<sup>†</sup> | 5.00% |  | 7/15/2046 | NR | 4000000 | 3711459 |
| 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 | 2353328 |
| 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 | 3820000 | 3323241 |
| GDB Debt Recovery Authority of Puerto Rico | 7.50% |  | 8/20/2040 | NR | 341966 | 334009 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% |  | 7/1/2046 | BB+ | 5130000 | 4840061 |
| 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 Chesapeake Bay Conference Center<sup>(c)</sup> | 5.00% |  | 12/1/2031 | NR | 10700000 | 7169000 |
| Maryland Economic Development Corp Chesapeake Bay Conference Center<sup>(c)</sup> | 5.25% |  | 12/1/2031 | NR | 3000000 | 2010000 |
| Michigan Finance Authority-Bradford Academy | 4.30% |  | 9/1/2030 | NR | 650000 | 602288 |

---

128 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Michigan Finance Authority-Bradford Academy | 4.80% | 9/1/2040 | NR | $1845000 | $1500730 |
| Michigan Finance Authority-Bradford Academy | 5.00% | 9/1/2050 | NR | 3010000 | 2201525 |
| Michigan Public Educational Facilities Authority-Crescent Academy | 7.00% | 10/1/2036 | NR | 535000 | 507643 |
| Municipal Improvement Corp. of Los Angeles<sup>(d)</sup> | 5.50% | 5/1/2055 | A+ | 22000000 | 23472516 |
| New Hampshire Business Finance Authority-Centurion Foundation Sample Road LLC | 5.54% | 8/15/2057 | NR | 30000000 | 28915950 |
| 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 | 2541587 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.75% | 12/1/2054 | NR | 12000000 | 12003182 |
| Utah Charter School Finance Authority-Freedom Academy Foundation<sup>†</sup> | 5.375% | 6/15/2048 | NR | 5150000 | 4590302 |
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | Baa1 | 2400000 | 1534756 |
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | Baa1 | 6000000 | 4870444 |
| *Total* |  |  |  |  | 192081970 |
| **Pollution Control 0.29%** |  |  |  |  |  |
| Pennsylvania Economic Development Financing Authority-Noble Environmental Inc<sup>†</sup> | 6.875% | 9/1/2047 | NR | 12000000 | 12546142 |
| **Special Tax 4.55%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.25% | 5/1/2042 | NR | 5000000 | 5116213 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 10620000 | 11118137 |
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 510000 | 510359 |

---

*See Notes to Financial Statements.* 129

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest Rate** | **Maturity Date** | **Credit Rating: S&P or Moody's** | **Principal Amount** | **Fair Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | $25000 | $25014 |
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL<sup>†</sup> | 5.00% | 5/1/2044 | NR | 1370000 | 1355549 |
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL<sup>†</sup> | 5.25% | 5/1/2055 | NR | 2000000 | 1941944 |
| Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT<sup>†</sup> | 5.625% | 12/1/2053 | NR | 16220000 | 16237865 |
| Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT | 5.00% | 12/1/2035 | NR | 3140000 | 3136908 |
| Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT | 6.25% | 12/1/2054 | NR | 8400000 | 8382717 |
| 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 | 1056243 |
| City of Mesquite TX | 5.75% | 9/1/2055 | NR | 1300000 | 1273927 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 6.50% | 6/1/2045 | NR | 6495000 | 6632258 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 6.75% | 6/1/2055 | NR | 8440000 | 8524557 |
| City of Pilot Point Maverick Farms Public Improvement Dist Major Impt Area 1 TX | 6.00% | 9/15/2046 | NR | 1000000 | 994445 |
| City of Pilot Point Maverick Farms Public Improvement Dist Major Impt Area 1 TX | 6.25% | 9/15/2056 | NR | 2000000 | 1959602 |
| County of Denton Green Meadows Public Improvement District Improvement Area #1 TX<sup>†</sup> | 5.625% | 12/31/2055 | NR | 2725000 | 2762878 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 5.875% | 12/31/2045 | NR | 4500000 | 4604690 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 6.125% | 12/31/2055 | NR | 3100000 | 3165053 |
| Fairfield Community Facilities District-City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2049 | NR | 3205000 | 3208745 |

---

130 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Grandview Industrial Development Authority Grandview Crossing Redevelopment Area 1 MO<sup>(c)</sup> | 5.75% | 12/1/2028 | NR | $1000000 | $650000 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3585000 | 3339923 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 13585000 | 11760939 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 3375000 | 3406610 |
| Lakewood Ranch Stewardship District FL | 6.30% | 5/1/2054 | NR | 4450000 | 4656857 |
| Mida Mountain Village Public Infrastructure District-Mountain Village Assessment Area No 2 UT<sup>†</sup> | 4.00% | 8/1/2050 | NR | 7845000 | 6533346 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.00% | 8/1/2050 | NR | 3500000 | 3390333 |
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 10000000 | 8142582 |
| New York City Transitional Finance Authority<sup>(d)</sup> | 5.50% | 5/1/2052 | AAA | 11600000 | 12348978 |
| New York Transportation Development Corp.<sup>(d)</sup> | 6.00% | 6/30/2050 | Baa3 | 6500000 | 6878218 |
| New York Transportation Development Corp.<sup>(d)</sup> | 6.00% | 6/30/2055 | Baa3 | 20000000 | 21002162 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2037 | NR | 875000 | 881021 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2045 | NR | 6350000 | 6335765 |
| Rocky Mountain Rail Park Metropolitan District CO GO<sup>†</sup> | 5.00% | 12/1/2041 | NR | 2000000 | 1954920 |
| Rocky Mountain Rail Park Metropolitan District CO GO<sup>†</sup> | 5.00% | 12/1/2051 | NR | 7020000 | 6338021 |
| 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 | 325000 | 325263 |
| Village Community Development District No. 13 FL | 3.25% | 5/1/2052 | NR | 4335000 | 3110289 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 6265000 | 6430756 |
| *Total* |  |  |  |  | 198224937 |

---

*See Notes to Financial Statements.* 131

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 4.35%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | $5200000 | $5237480 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.25% | 9/1/2045 | Ba3 | 1125000 | 1109345 |
| American Samoa Economic Development Authority<sup>†</sup> | 6.50% | 9/1/2028 | Ba3 | 1755000 | 1819194 |
| City of Garden City-City of Garden City STAR Bond District KS<sup>†</sup> | 5.375% | 6/1/2039 | NR | 1125000 | 1134142 |
| City of Reno-County of Washoe NV Sales Tax Revenue NV<sup>†</sup> | Zero Coupon | 7/1/2058 | NR | 18500000 | 2144329 |
| County of Monongalia-Monongalia County Building Commission Development District No 4 WV<sup>†</sup> | 5.00% | 6/1/2033 | NR | 395000 | 410421 |
| County of Monongalia-Monongalia County Building Commission Development District No 4 WV<sup>†</sup> | 5.75% | 6/1/2043 | NR | 875000 | 927477 |
| County of Monongalia-Monongalia County Building Commission Development District No 4 WV<sup>†</sup> | 6.00% | 6/1/2053 | NR | 1535000 | 1600602 |
| Dallas Area Rapid Transit TX | 3.00% | 12/1/2047 | AA+ | 5000000 | 3663719 |
| Downtown Daybreak Public Infrastructure District No. 1-City of South Jordan South Station Housing and Transit Reinvestment Zone UT<sup>†</sup> | 5.625% | 3/1/2046 | NR | 1750000 | 1763770 |
| Downtown Daybreak Public Infrastructure District No. 1-City of South Jordan South Station Housing and Transit Reinvestment Zone UT<sup>†</sup> | 5.875% | 3/1/2051 | NR | 1500000 | 1514486 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 6760000 | 7168473 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 4500000 | 4771912 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | 10000000 | 6124007 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Authority Military Recreation Facilities Project Area UT<sup>†</sup> | 5.75% | 6/15/2044 | NR | 860000 | 886580 |

---

132 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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<sup>†</sup> | 6.00% | 6/15/2054 | NR | $4035000 | $4116824 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.50% | 6/1/2050 | NR | 1850000 | 1856073 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.50% | 6/1/2055 | NR | 2000000 | 1973856 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.75% | 6/1/2060 | NR | 2650000 | 2670174 |
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4115000 | 3463138 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2505000 | 1835251 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue<sup>(d)</sup> | 5.25% | 3/15/2052 | Aa1 | 12610000 | 13144551 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 124000 | 122344 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 64706000 | 60342363 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 15093000 | 13957267 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 42960000 | 40903290 |
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | Baa1 | 6710000 | 4804503 |
| *Total* |  |  |  |  | 189465571 |
| **Taxable Revenue-Water & Sewer 0.53%** |  |  |  |  |  |
| City of Chicago IL Waterworks Revenue<sup>(d)</sup> | 5.50% | 11/1/2062 | AA | 20290000 | 21021040 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2047 | NR | 2500000 | 2200057 |
| *Total* |  |  |  |  | 23221097 |
| **Tobacco 6.20%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 112230000 | 90625725 |
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26325000 | 6585981 |

---

*See Notes to Financial Statements.* 133

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| California Statewide Financing Authority<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | $42500000 | $2484584 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | 4780000 | 1058948 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21000000 | 2065808 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100000000 | 8793400 |
| Erie Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2060 | NR | 30000000 | 750720 |
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 305775000 | 30643486 |
| Inland Empire Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2036 | CCC | 19000000 | 9287937 |
| Inland Empire Tobacco Securitization Corp. CA<sup>†</sup> | Zero Coupon | 6/1/2057 | CCC | 47000000 | 2836342 |
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | 93300000 | 2051676 |
| Monroe Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2061 | NR | 22900000 | 738539 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50000000 | 2174600 |
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CC | 3170000 | 2348053 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CC | 3218190 | 2822417 |
| Rockland Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 8/15/2060 | NR | 41035000 | 2872680 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10000000 | 5662130 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 8000000 | 2944459 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20000000 | 1766186 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 7500000 | 1237053 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 10000000 | 2429758 |

---

134 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Settlement Financing Corp. RI | Zero Coupon |  | 6/1/2052 | CCC- | $15885000 | $2250013 |
| Tobacco Settlement Financing Corp. VA | Zero Coupon |  | 6/1/2047 | CCC- | 9500000 | 2311585 |
| Tobacco Settlement Financing Corp. VA | Zero Coupon |  | 6/1/2047 | CCC- | 110695000 | 27492055 |
| Tobacco Settlement Financing Corp. VA | 5.00% |  | 6/1/2047 | B- | 36735000 | 30256019 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2045 | CCC+ | 9670000 | 8949826 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2048 | NR | 17835000 | 16361012 |
| *Total* |  |  |  |  |  | 269800992 |
| **Transportation 12.43%** |  |  |  |  |  |  |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% |  | 7/1/2055 | BBB+ | 8825000 | 9017558 |
| Chicago O'Hare International Airport IL AMT | 5.50% |  | 1/1/2055 | A+ | 2500000 | 2603933 |
| City & County of Denver-United Airlines Inc CO AMT | 5.00% |  | 10/1/2032 | BB+ | 7300000 | 7305598 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2038 | Ba2 | 4250000 | 4431458 |
| County of Broward Port Facilities Revenue FL AMT | 4.00% |  | 9/1/2049 | A1 | 5000000 | 4347548 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2031 | A+ | 20000000 | 17003964 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 7/15/2032 | NR | 16500000 | 5775000 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 7/15/2059 | NR | 9000000 | 3150000 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% |  | 1/15/2053 | A | 6235000 | 5438529 |
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.50% |  | 1/15/2053 | AA | 5425000 | 4303843 |
| Greater Orlando Aviation Authority FL AMT | 4.00% |  | 10/1/2049 | AA | 6370000 | 5541158 |
| Louisiana Public Facilities Authority-Calcasieu Bridge Partners LLC AMT | 5.75% |  | 9/1/2064 | Baa3 | 44580000 | 45739347 |
| Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2050 | NR | 10000000 | 8158279 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2052 | A1 | 9400000 | 9720612 |

---

*See Notes to Financial Statements.* 135

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 4.00% | 11/15/2050 | A | $5000000 | $4303243 |
| Metropolitan Transportation Authority NY<sup>(d)</sup> | 4.75% | 11/15/2045 | A | 14710000 | 14716773 |
| Metropolitan Transportation Authority NY<sup>(d)</sup> | 5.25% | 11/15/2055 | A | 7000000 | 7092995 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.625% | 1/1/2045 | NR | 8750000 | 9145204 |
| New York City Transitional Development Corp.-JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 34340000 | 34090911 |
| New York State Thruway Authority TCRS (BAM) | 3.00% | 1/1/2051 | AA | 5365000 | 3918320 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 8480000 | 8603948 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 13000000 | 13667814 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 9000000 | 9874072 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- <sup>(b)</sup> | 8250000 | 7019659 |
| New York Transportation Development Corp.-JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 77500000 | 77967240 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 23185000 | 23236046 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 21500000 | 22282222 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 5000000 | 4564347 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 8730000 | 8730263 |
| North Parkway Municipal Management District No. 1 TX<sup>†</sup> | 4.75% | 9/15/2041 | NR | 1930000 | 1856308 |
| Oklahoma Turnpike Authority<sup>(d)</sup> | 5.50% | 1/1/2054 | Aa3 | 12500000 | 13314185 |
| Oklahoma Turnpike Authority<sup>(d)</sup> | 5.50% | 1/1/2054 | Aa3 | 5270000 | 5612943 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 3.00% | 12/1/2051 | Aa3 | 5375000 | 3848739 |
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3500000 | 3656107 |
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6250000 | 6553702 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | 6.25% | 9/1/2046 | NR | 1500000 | 1536862 |

---

136 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | 7.00% |  | 9/1/2054 | NR | $5810000 | $6121963 |
| Public Finance Authority-Sky Harbour Capital III LLC Obligated Group WI AMT<sup>†</sup> | 6.00% | <sup>#(a)</sup> | 7/1/2060 | NR | 17500000 | 17698060 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | 5.75% |  | 6/30/2060 | Baa3 | 29535000 | 30491258 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | 5.75% |  | 12/31/2065 | Baa3 | 37000000 | 37791034 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners LLC AMT | 5.50% |  | 12/31/2058 | Baa1 | 2500000 | 2543720 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 8175000 | 9272645 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 4.00% |  | 1/1/2048 | BBB | 21990000 | 19520923 |
| *Total* |  |  |  |  |  | 541568333 |
| **Utilities 4.02%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL<sup>(d)</sup> | 5.00% |  | 10/1/2035 | A2 | 18500000 | 18531727 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 11/1/2053 | A2 | 16335000 | 17101628 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 5000000 | 5068587 |
| California Community Choice Financing Authority<sup>(d)</sup> | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | 14000000 | 14757445 |
| City of Baltimore MD<sup>(d)</sup> | 5.25% |  | 7/1/2047 | AA- | 7172450 | 7432388 |
| City of Baltimore MD<sup>(d)</sup> | 5.25% |  | 7/1/2052 | AA- | 12212550 | 12655146 |
| City of Compton Water Revenue CA | 6.00% |  | 8/1/2039 | NR | 3710000 | 3827039 |
| City of Osceola-Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(a)</sup> | 4/1/2036 | NR | 16450000 | 16489269 |
| County of Jefferson Sewer Revenue AL | 5.50% |  | 10/1/2053 | BBB+ | 5000000 | 5202465 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 7500000 | 8186637 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2055 | A- | 10000000 | 10327073 |
| Kansas City Industrial Development Authority MO<sup>†</sup> | 6.00% |  | 1/1/2048 | NR | 2500000 | 2529893 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(a)</sup> | 10/1/2054 | A1 | 15000000 | 16136179 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2035 | NR | 1500000 | 1550163 |

---

*See Notes to Financial Statements.* 137

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2047 | NR | $20000000 | $19649658 |
| Southeast Energy Authority A Cooperative District AL | Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(a)</sup> | 1/1/2053 | A1 | 5000000 | 5323362 |
| Village Community Development District No. 15 Series 2024 Special Assessment UT<sup>†</sup> | Village Community Development District No. 15 Series 2024 Special Assessment UT<sup>†</sup> | 6.625% |  | 9/1/2047 | NR | 9750000 | 10280293 |
| *Total* |  |  |  |  |  |  | 175048952 |
| *Total Municipal Bonds* (cost $4,547,298,318) | *Total Municipal Bonds* (cost $4,547,298,318) |  |  |  |  |  | 4414894470 |
| **WARRANTS 0.01%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.01%** | **Construction & Engineering 0.01%** |  |  |  |  |  |  |
| BL Train Holdings West LLC\* (cost $0) | BL Train Holdings West LLC\* (cost $0) | 11.50% |  | 12/1/2035 | NR | 343920 | 601860 <sup>(f)</sup> |
| *Total Long-Term Investments* (cost $4,547,298,318) | *Total Long-Term Investments* (cost $4,547,298,318) | *Total Long-Term Investments* (cost $4,547,298,318) |  |  |  |  | 4415496330 |
|  | **Interest<br> Rate<sup>#</sup>** | **Interest<br> Rate<br> Reset<br> Date<sup>(g)</sup>** |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.37%** | **SHORT-TERM INVESTMENTS 1.37%** |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.34%** | **VARIABLE RATE DEMAND NOTES 1.34%** |  |  |  |  |  |  |
| **General Obligation 0.44%** |  |  |  |  |  |  |  |
| City of New York NY GO | 2.850% | 4/1/2026 |  | 10/1/2046 | AA | 5000000 | 5000000 |
| City of New York NY GO | 2.900% | 4/1/2026 |  | 4/1/2042 | AA | 3000000 | 3000000 |
| City of New York NY GO | 2.900% | 4/1/2026 |  | 4/1/2042 | AA | 11050000 | 11050000 |
| *Total* |  |  |  |  |  |  | 19050000 |
| **Pollution Control 0.02%** |  |  |  |  |  |  |  |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 2.800% | 4/1/2026 |  | 4/1/2040 | BBB+ | 1000000 | 1000000 |
| **Utilities 0.88%** |  |  |  |  |  |  |  |
| County of King Sewer Revenue WA | 2.800% | 4/1/2026 |  | 1/1/2042 | AA | 3000000 | 3000000 |
| Development Authority of Appling County-Georgia Power Co | 2.850% | 4/1/2026 |  | 9/1/2041 | A | 31630000 | 31630000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.740% | 4/15/2026 |  | 6/15/2055 | AA+ | 3500000 | 3500000 |
| *Total* |  |  |  |  |  |  | 38130000 |
| *Total Variable Rate Demand Notes* (cost $58,180,000) | *Total Variable Rate Demand Notes* (cost $58,180,000) | *Total Variable Rate Demand Notes* (cost $58,180,000) | *Total Variable Rate Demand Notes* (cost $58,180,000) |  |  |  | 58180000 |

---

138 *See Notes to Financial Statements.*

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.03%** |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,338,900 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,359,689; proceeds: $1,333,103 <br> (cost $1,332,982) | $1332982 | $1332982 |
| *Total Short-Term Investments* (cost $59,512,982) |  | 59512982 |
| *Total Investments in Securities 102.75%* (cost $4,606,811,300) |  | 4475009312 |
| *Other Assets and Liabilities – Net (2.75)%* |  | (119762129) |
| *Net Assets 100.00%* |  | $4355247183 |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| <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 March 31, 2026, the total value of Rule 144A securities was $1,506,309,687, which represents 34.59% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at March 31, 2026. |
| \* | 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. |
| <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. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(e)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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. |

---

*See Notes to Financial Statements.* 139

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

HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

The following is a summary of the inputs used as of March 31, 2026 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> | $– | $4414894470 | $– | $4414894470 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 601860 | 601860 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 58180000 |  | 58180000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1332982 | – | 1332982 |
| **Total** | $– | $4474407452 | $601860 | $4475009312 |

---

<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 Trust (See Note 2(e)).

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 and a summary of unobservable inputs 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.

140 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 98.28%** |  |  |  |  |  |  |
| **CORPORATE BONDS 0.05%** |  |  |  |  |  |  |
| **Health Care Services 0.05%** |  |  |  |  |  |  |
| Care New England Health System<br> (cost $1,485,613) | 5.50% |  | 9/1/2026 | BB- | $1500000 | $1496645 |
| **MUNICIPAL BONDS 98.22%** |  |  |  |  |  |  |
| **Airlines 0.20%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% |  | 10/1/2026 | Baa2 | 2135000 | 2152614 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% |  | 10/1/2027 | Baa2 | 3440000 | 3525915 |
| *Total* |  |  |  |  |  | 5678529 |
| **Corporate-Backed 19.79%** |  |  |  |  |  |  |
| Allegheny County Industrial Development Authority-United States Steel Corp PA | 5.75% |  | 8/1/2042 | BB+ | 535000 | 535467 |
| Arkansas Development Finance Authority-Hybar LLC AMT<sup>†</sup> | 6.875% |  | 7/1/2048 | NR | 1000000 | 1073966 |
| Arkansas Development Finance Authority-Weyerhaeuser Co AMT | 3.875% | <sup>#(a)</sup> | 10/15/2065 | BBB | 3790000 | 3773440 |
| Avenir Community Development District FL | 4.50% |  | 5/1/2030 | NR | 1670000 | 1684118 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2055 | BB | 21800000 | 22122601 |
| Boggy Creek Improvement District FL | 4.50% |  | 5/1/2033 | NR | 815000 | 829793 |
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 8520000 | 8531641 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 12740000 | 12854459 |
| California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 26610000 | 14103300 |
| Chandler Industrial Development Authority-Intel Corp AZ AMT | 4.00% | <sup>#(a)</sup> | 6/1/2049 | BBB | 10400000 | 10535951 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ <sup>(b)</sup> | 1000000 | 1016554 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2028 | BB+ | 2850000 | 2923252 |

---

<br> See Notes to Financial Statements. 141

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | &nbsp;&nbsp;5.00% |  | 7/1/2029 | BB+ | $5930000 | $5935812 |
| Crosswinds East Community Development District FL | 4.625% |  | 5/1/2031 | NR | 375000 | 379623 |
| East Nassau Stewardship District Special Assessment 2025 FL | &nbsp;&nbsp;5.00% |  | 5/1/2035 | NR | 4740000 | 4856785 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(a)</sup> | 7/1/2032 | NR | 8375000 | 8380651 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | &nbsp;&nbsp;4.45% | <sup>#(a)</sup> | 7/1/2037 | NR | 3000000 | 3028121 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†(c)</sup> | &nbsp;&nbsp;4.50% |  | 7/1/2032 | NR | 16100000 | 16035758 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 5/1/2029 | NR | 7240000 | 7293032 |
| Gas Worx Community Development District-Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 5/1/2036 | NR | 615000 | 631150 |
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | &nbsp;&nbsp;5.25% |  | 12/1/2044 | NR | 6000000 | 5868707 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | &nbsp;&nbsp;4.75% |  | 5/1/2031 | NR | 1700000 | 1748711 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 6.375% | <sup>#(a)</sup> | 11/1/2050 | BB+ | 1570000 | 1721454 |
| Illinois Finance Authority-LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(a)</sup> | 9/1/2042 | NR | 7000000 | 7920207 |
| Industrial Development Board of The City of Kingsport Tennessee-Domtar Paper Co LLC TN AMT<sup>†</sup> | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 12/1/2054 | B | 18620000 | 17725665 |
| Iowa Finance Authority-Howmet Aerospace Inc | &nbsp;&nbsp;4.75% |  | 8/1/2042 | BBB+ | 14750000 | 14751122 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | &nbsp;&nbsp;4.00% | <sup>#(a)</sup> | 12/1/2050 | AA+ | 8370000 | 8929201 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 12/1/2053 | Ba1 | 15130000 | 15439425 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | &nbsp;&nbsp;5.00% |  | 5/1/2035 | NR | 1210000 | 1208868 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | &nbsp;&nbsp;5.00% |  | 5/1/2035 | NR | 2795000 | 2953134 |

---

<br> 142 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Local Government Environmental Facilities & Community Development Authority-Westlake Corp | 3.50% |  | 11/1/2032 | BBB | $5110000 | $4966644 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc LA AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 5/1/2053 | NR | 6000000 | 6042199 |
| Love Field Airport Modernization Corp.-Southwest Airlines Co TX | 5.00% |  | 11/1/2028 | BBB | 3485000 | 3490665 |
| Michigan Strategic Fund-Graphic Packaging International LLC AMT | 4.00% | <sup>#(a)</sup> | 10/1/2061 | Ba2 | 3635000 | 3635334 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 31400000 | 31438556 |
| Mississippi Business Finance Corp.-Huntington Ingalls Industries Inc | 4.55% |  | 12/1/2028 | BBB- | 2255000 | 2255767 |
| Mississippi Business Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 2/1/2048 | NR | 3750000 | 3766384 |
| Montgomery County Industrial Development Authority-Constellation Energy Generation PA AMT | 4.45% | <sup>#(a)</sup> | 10/1/2034 | BBB+ | 7500000 | 7692073 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.00% |  | 11/1/2027 | B- | 6980000 | 6885555 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.50% |  | 1/1/2027 | A- | 1000000 | 1002465 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 5935000 | 5941956 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.75% |  | 9/15/2027 | BB+ | 5080000 | 5088444 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 555000 | 555366 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 60085000 | 60087001 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 8660000 | 8661030 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1000000 | 1000841 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(a)</sup> | 12/1/2044 | B+ | 1000000 | 968295 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 3.125% | <sup>#(a)</sup> | 12/1/2044 | B+ | 4500000 | 4494168 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1047823 |

---

<br> See Notes to Financial Statements. 143

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% |  | 8/1/2026 | B+ | $7065000 | $7072117 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 26345000 | 26356631 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 5500000 | 5677554 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2027 | Baa2 | 5555000 | 5632385 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 8070000 | 7110454 |
| Normandy Community Development District Assessment Area One FL<sup>†</sup> | 4.625% |  | 5/1/2031 | NR | 435000 | 436804 |
| Ohio Air Quality Development Authority-AMG Vanadium LLC AMT<sup>†</sup> | 5.00% |  | 7/1/2049 | B3 | 5000000 | 4533835 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | &nbsp;&nbsp;6.10% | <sup>#(a)</sup> | 6/1/2038 | BB+ | 7095000 | 7767409 |
| Pennsylvania Economic Development Financing Authority-Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(a)</sup> | 1/1/2051 | B1 | 19370000 | 21061844 |
| Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | 3.25% |  | 8/1/2039 | B- | 8000000 | 6062136 |
| Phenix City Industrial Development Board-WestRock Coated Board LLC AL AMT | 4.125% |  | 5/15/2035 | BBB | 10495000 | 10495782 |
| Pinal County Industrial Development Authority-WOF SW GGP 1 LLC AZ AMT<sup>†</sup> | 5.50% |  | 10/1/2033 | NR | 1499000 | 1545144 |
| Pinal County Industrial Development Authority-WOF SW GGP 1 LLC AZ AMT | 5.50% |  | 10/1/2033 | NR | 5854000 | 6034205 |
| Pinery Community Development District Assessment Area One FL | 4.25% |  | 5/1/2031 | NR | 500000 | 491492 |
| Pinery Community Development District Assessment Area One FL | 4.50% |  | 5/1/2036 | NR | 500000 | 485320 |
| Polk County Industrial Development Authority-Mineral Development LLC FL<sup>†(d)</sup> | 5.875% |  | 1/1/2033 | NR | 1310000 | 262000 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 2.50% |  | 1/1/2030 | NR | 1000000 | 870370 |
| Port of Seattle Industrial Development Corp.-Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 3350000 | 3353687 |

---

<br> 144 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-Celanese US Holdings LLC WI AMT | 4.30% |  | 11/1/2030 | BB | $1955000 | $1951373 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2036 | NR | 12030000 | 11503301 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 1600000 | 1471988 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.25% |  | 7/1/2028 | BBB+ | 1600000 | 1601382 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2286000 | 2276980 |
| Savannah Georgia Convention Center Authority<sup>†</sup> | 5.50% |  | 6/1/2040 | NR | 3500000 | 3521235 |
| Southwestern Illinois Development Authority-United States Street Corp | 5.75% |  | 8/1/2042 | BB+ | 10000000 | 10008734 |
| State of Nevada Department of Business & Industry-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | 6830000 | 3619900 |
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% |  | 6/1/2035 | NR | 2875000 | 2874870 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2040 | B+ | 4750000 | 5207237 |
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 9560000 | 9586493 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 6/1/2052 | B+ | 6000000 | 6058322 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.25% |  | 5/1/2028 | NR | 480000 | 484639 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.375% |  | 5/1/2033 | NR | 1460000 | 1496339 |
| Virginia Small Business Financing Authority-Reworld Holding Corp VA AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2048 | B- | 2310000 | 2227366 |
| West Virginia Economic Development Authority-Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(a)</sup> | 1/1/2055 | NR | 5200000 | 5653507 |
| West Virginia Economic Development Authority-Kentucky Power Co AMT | 4.70% | <sup>#(a)</sup> | 4/1/2036 | BBB | 3225000 | 3229483 |
| *Total* |  |  |  |  |  | 551834852 |
| **Education 8.55%** |  |  |  |  |  |  |
| Arizona Industrial Development Authority-Academies of Math & Science Obligated Group<sup>†</sup> | 4.875% | <sup>#(a)</sup> | 7/1/2060 | BB+ | 2000000 | 2048307 |
| Arizona Industrial Development Authority-BASIS Schools Inc Obligated Group<sup>†</sup> | 5.125% |  | 7/1/2037 | BB+ | 970000 | 970502 |

---

<br> See Notes to Financial Statements. 145

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Arizona Industrial Development Authority-Odyssey Preparatory Academy Inc<sup>†</sup> | 4.00% |  | 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;BB- | $305000 | $302791 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 4.125% |  | 6/15/2034 | Ba2 | 1540000 | 1524218 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 4.25% |  | 6/15/2039 | Ba2 | 1075000 | 1025961 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2035 | Ba2 | 1250000 | 1304645 |
| California Community Choice Financing Authority | 4.146% <br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 10000000 | 10107630 |
| California Enterprise Development Authority-Milken Community School | 5.00% |  | 7/1/2033 | BBB+ | 2600000 | 2862539 |
| California Enterprise Development Authority-Milken Community School | 5.00% |  | 7/1/2036 | BBB+ | 1000000 | 1103875 |
| California Municipal Finance Authority-SDORI Charter School Properties LLC<sup>†</sup> | 5.00% |  | 3/1/2027 | B+ | 525000 | 521404 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 5.00% |  | 6/15/2034 | BB | 915000 | 960420 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 5.50% |  | 6/15/2039 | BB | 900000 | 950973 |
| Capital Trust Agency, Inc.-Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2035 | NR | 1085000 | 1072045 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 4.00% |  | 6/15/2029 | NR | 520000 | 512082 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2034 | BB+ | 610000 | 636933 |
| Chester County Health & Education Facilities Authority-Immaculata University PA | 4.25% |  | 11/1/2032 | BB- <sup>(b)</sup> | 1885000 | 1769308 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2033 | A <sup>(b)</sup> | 1260000 | 1377648 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% |  | 4/1/2033 | A <sup>(b)</sup> | 5000000 | 5074023 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% |  | 4/1/2036 | A <sup>(b)</sup> | 5100000 | 5180828 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2033 | BB+ | 1535000 | 1498688 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 7625000 | 7628193 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 6060000 | 5906125 |
| Chicago Board of Education IL GO | 5.125% |  | 12/1/2032 | BB+ | 6315000 | 6268106 |

---

<br> 146 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 5.50% | 8/1/2039 | NR | $580000 | $592064 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.25% | 1/1/2034 | NR | 1825000 | 1869442 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.375% | 1/1/2039 | NR | 850000 | 861787 |
| Clifton Higher Education Finance Corp.-Aristoi Classical Academy TX | 4.50% | 8/15/2035 | BB | 3130000 | 3053395 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 4.75% | 4/1/2034 | BB | 4290000 | 4327401 |
| County of Frederick-Mount St Mary's University Inc MD<sup>†</sup> | 5.00% | 9/1/2032 | BB+ | 3150000 | 3125905 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2037 | B1 | 4000000 | 3864135 |
| Florida Development Finance Corp.-Renaissance Charter School Inc<sup>†</sup> | 6.00% | 6/15/2033 | NR | 1830000 | 1988582 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 5.50% | 6/15/2040 | Ba1 | 2700000 | 2823154 |
| Florida Higher Educational Facilities Financial Authority-Jacksonville University<sup>†</sup> | 4.50% | 6/1/2033 | NR | 3615000 | 3541261 |
| Florida Higher Educational Facilities Financial Authority-Jacksonville University<sup>†</sup> | 4.75% | 6/1/2038 | NR | 1450000 | 1375668 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 5.00% | 7/1/2035 | BB+ | 22830000 | 23043104 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2035 | BB+ | 3625000 | 3625447 |
| Industrial Development Authority of the City of Phoenix Arizona-Christian Care Surprise Inc AZ | 5.00% | 7/1/2044 | BBB | 3240000 | 3242248 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.00% | 10/1/2033 | BBB- | 1855000 | 1959692 |
| Louisiana Public Facilities Authority-Acadiana Renaissance Charter Academy<sup>†</sup> | 5.00% | 6/15/2035 | NR | 5000000 | 5170553 |
| Louisiana Public Facilities Authority-Lafayette Renaissance Charter Academy<sup>†</sup> | 5.25% | 6/15/2035 | NR | 4750000 | 4910373 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 5.25% | 7/1/2034 | NR | 1745000 | 1794149 |

---

<br> See Notes to Financial Statements. 147

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-Ottawa University AZ<sup>†</sup> | 5.00% | 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;NR | $65000 | $64720 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.125% | 10/1/2030 | NR | 425000 | 412884 |
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 1/1/2036 | BBB+ | 2100000 | 2111917 |
| Massachusetts Development Finance Agency-Emmanuel College | 5.00% | 10/1/2036 | Baa3 | 3660000 | 3652735 |
| Massachusetts Development Finance Agency-President and Fellows of Harvard College<sup>(c)</sup> | 4.00% | 2/15/2036 | AAA | 7400000 | 7864625 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% | 7/1/2041 | Baa3 | 4125000 | 4347009 |
| New Jersey Educational Facilities Authority-Stockton University | 5.00% | 7/1/2033 | A3 | 2435000 | 2441307 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC) | 3.276% <br> (CPI YoY + 0.89%) | 3/1/2027 | Baa1 | 2675000 | 2681034 |
| New York State Dormitory Authority-Fordham University | 5.00% | 7/1/2041 | A | 2200000 | 2200233 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1960000 | 2080864 |
| Public Finance Authority-Triad Math & Science Academy Co WI<sup>†(c)</sup> | 5.00% | 6/15/2036 | BB+ | 6000000 | 6029215 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2026 | BB+ | 1185000 | 1191728 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2027 | BB+ | 1125000 | 1144010 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2034 | BB+ | 11580000 | 11885223 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2039 | BB+ | 3000000 | 3031286 |
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2038 | BBB- | 3250000 | 3251144 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2033 | NR | 7000000 | 7085887 |
| South Carolina Jobs-Economic Development Authority-American Leadership Academy-Lexington | 5.50% | 6/15/2033 | NR | 11150000 | 10971301 |
| University of California | 5.00% | 11/15/2035 | AA | 8500000 | 9795652 |

---

<br> 148 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| University System of Maryland | 5.00% |  | 4/1/2035 | AA+ | $6430000 | $7376353 |
| University System of Maryland | 5.00% |  | 4/1/2036 | AA+ | 6320000 | 7256740 |
| Virginia College Building Authority | 4.00% |  | 9/1/2037 | AA+ | 9725000 | 9818429 |
| *Total* |  |  |  |  |  | 238469900 |
| **Energy 0.37%** |  |  |  |  |  |  |
| PEFA, Inc. IA | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 9/1/2049 | A3 | 10165000 | 10242121 |
| **General Obligation 5.55%** |  |  |  |  |  |  |
| Academical Village Community Development District FL | 3.25% |  | 5/1/2031 | NR | 3610000 | 3440264 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.125% |  | 5/1/2032 | NR | 1685000 | 1710500 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 12075000 | 12778348 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.50% | <sup>#(a)</sup> | 5/1/2054 | A2 | 7500000 | 7844905 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2035 | BB+ | 1500000 | 1411072 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 7325000 | 7348203 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 2000000 | 1990252 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 5215000 | 5035324 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2040 | BB+ | 28500000 | 27545740 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2035 | BB+ | 3685000 | 3570178 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2039 | BB+ | 1000000 | 962325 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2034 | BB+ | 15000000 | 16044357 |
| Chicago Board of Education IL GO (AG) | 5.00% |  | 12/1/2035 | AA | 4055000 | 4154105 |
| City of Chicago IL GO | 5.00% |  | 1/1/2034 | BBB | 5025000 | 5228278 |
| City of Chicago IL GO | 5.00% |  | 1/1/2035 | BBB | 4700000 | 4875860 |
| City of New York NY GO | 5.00% |  | 3/1/2032 | AA | 5000 | 5009 |
| City of Scranton PA GO | 5.00% |  | 9/1/2029 | A- | 3650000 | 3722331 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 2680000 | 1947967 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 3371368 | 3367502 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 73139 | 70687 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 8230472 | 8390258 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 12933161 | 14127011 |
| Denton Independent School District TX GO (PSF-GTD) | 4.00% |  | 8/15/2037 | AAA | 6770000 | 6594671 |

---

<br> See Notes to Financial Statements. 149

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Hunt Memorial Hospital District Charitable Health TX GO | 4.375% | 2/15/2036 | Ba3 | $3320000 | $3180086 |
| Jefferson County Civic Facility Development Corp.-Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 4500000 | 4421527 |
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2870000 | 2651101 |
| Public Finance Authority-Driftwood Conservation District WI<sup>†</sup> | Zero Coupon | 12/15/2039 | NR | 2878000 | 1198818 |
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1000000 | 1018730 |
| *Total* |  |  |  |  | 154635409 |
| **Health Care 23.14%** |  |  |  |  |  |
| Allegheny County Hospital Development Authority-Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2047 | A | 5320000 | 5343318 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB- | 3000000 | 2983791 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB- | 10545000 | 10155493 |
| Arizona Industrial Development Authority-Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.125% | 5/1/2044 | NR | 3875000 | 4058162 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2041 | BBB+ <sup>(b)</sup> | 3000000 | 3001537 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(d)</sup> | 6.00% | 1/1/2023 | NR | 2000000 | 900000 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5693000 | 4201919 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 33965000 | 31982874 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 995395 | 1061234 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 1986526 | 2028432 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1255000 | 1250122 |
| Bucks County Industrial Development Authority PA | 5.00% | 7/1/2035 | BBB+ | 1100000 | 1152634 |

---

<br> 150 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Bucks County Industrial Development Authority PA | 5.00% |  | 7/1/2036 | BBB+ | $1250000 | $1303284 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.00% |  | 7/1/2040 | B | 2900000 | 2773501 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.25% |  | 7/1/2035 | B | 2250000 | 2248227 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% |  | 12/15/2031 | NR | 10000000 | 9857215 |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY<sup>†</sup> | 5.65% |  | 12/15/2032 | NR | 5000000 | 4860736 |
| California Health Facilities Financing Authority-City of Hope Obligated Group | 5.00% |  | 11/15/2032 | A- | 16780000 | 18520074 |
| California Health Facilities Financing Authority-City of Hope Obligated Group (AG) | 5.00% |  | 11/15/2035 | AA | 12150000 | 13786062 |
| California Health Facilities Financing Authority-Rady Children's Hospital Obligated Group<sup>(c)</sup> | 5.00% | <sup>#(a)</sup> | 8/15/2065 | AA | 10000000 | 11299836 |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% |  | 11/1/2027 | CCC+ | 7280000 | 7230926 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 10.00% |  | 5/15/2028 | NR | 3500000 | 3665370 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 12.00% |  | 5/15/2028 | NR | 375000 | 406913 |
| California Public Finance Authority-Marisol HB LLC Obligated Group<sup>†(c)</sup> | &nbsp;&nbsp;5.10% | <sup>#(a)</sup> | 4/1/2066 | NR | 4900000 | 4876870 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.00% |  | 6/1/2040 | NR | 1500000 | 1577471 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.00% |  | 12/1/2036 | BB+ | 5500000 | 5508386 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% |  | 12/1/2043 | BB+ | 5000000 | 5087479 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% |  | 12/1/2046 | BB+ | 4000000 | 4000215 |

---

<br> See Notes to Financial Statements. 151

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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+ | $14275000 | $14290861 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2038 | BB+ | 1485000 | 1522161 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB+ | 9315000 | 9326901 |
| Capital Projects Finance Authority-Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 6.00% | 1/1/2035 | NR | 2515000 | 2609962 |
| Capital Trust Authority-AIDS Healthcare Foundation Obligated Group FL | 4.75% | 12/1/2042 | Baa2 | 650000 | 650465 |
| Capital Trust Authority-Convivial St Petersburg LLC FL<sup>†</sup> | 12.00% | 10/3/2029 | NR | 2500000 | 2564027 |
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8825000 | 8845058 |
| City of Blaine-Crest View Obligated Group MN<sup>(d)</sup> | 5.125% | 7/1/2025 | NR | 42822 | 40681 |
| City of Minneapolis-Fairview Health Services Obligated Group MN | 5.00% | 11/15/2033 | BBB+ | 1320000 | 1358160 |
| City of Minneapolis-Fairview Health Services Obligated Group MN | 5.00% | 11/15/2034 | BBB+ | 2000000 | 2000989 |
| City of Tallahassee-Tallahassee Memorial HealthCare Inc FL | 5.00% | 12/1/2044 | Baa1 | 8000000 | 7990267 |
| City of Venice-Southwest Florida Retirement Center Inc Obligated Group FL<sup>†</sup> | 4.25% | 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;BB+ <sup>(b)</sup> | 900000 | 900767 |
| Connecticut State Health & Educational Facilities Authority-Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2032 | BB+ | 1000000 | 1017905 |
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 4395000 | 4056877 |
| County of Cuyahoga-MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | 7300000 | 7322783 |
| County of Montgomery-Trinity Health Corp Obligated Group MD | 5.00% | 12/1/2044 | AA- | 8030000 | 8029754 |
| County of Montgomery-Trinity Health Corp Obligated Group MD | 5.00% | 12/1/2045 | AA- | 8955000 | 8957486 |
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2027 | BB+ | 740000 | 741550 |

---

<br> 152 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2033 | BB+ | $8545000 | $8551065 |
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 15510000 | 15347350 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 3850000 | 3889138 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 3500000 | 3695823 |
| Crawford County Memorial Hospital Inc IA | 5.00% | 6/15/2027 | NR | 1255000 | 1261937 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 985000 | 1032420 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB+ | 6440000 | 6442660 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 11025000 | 10728489 |
| Florida Local Government Finance Commission-Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 5.50% | 11/15/2035 | NR | 1000000 | 1039584 |
| Florida Local Government Finance Commission-Sanctuary At Village On The Isle LLC/The<sup>†</sup> | 11.00% | 12/22/2030 | NR | 2055000 | 2042882 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 4.00% | 11/15/2027 | NR | 200000 | 193119 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 5810000 | 5037835 |
| Grays Harbor County Public Hospital District No. 1 WA | 5.75% | 12/1/2033 | BB+ | 5105000 | 5433260 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2037 | Baa2 | 730000 | 765718 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2038 | Baa2 | 3710000 | 3867457 |
| Henry County Hospital Authority-Piedmont Healthcare Inc Obligated Group GA | 5.00% | 7/1/2034 | AA- | 4695000 | 4727409 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 120000 | 131409 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 5.50% | 11/1/2029 | NR | 1005000 | 1021942 |

---

<br> See Notes to Financial Statements. 153

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 6.25% |  | 11/1/2035 | NR | $2610000 | $2735676 |
| Illinois Finance Authority-Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;BBB <sup>(b)</sup> | 1350000 | 1350485 |
| Illinois Finance Authority-OSF Healthcare System Obligated Group | 5.00% |  | 11/15/2045 | A | 3250000 | 3249963 |
| Industrial Development Authority of the City of Phoenix Arizona-Christian Care Surprise Inc AZ | 5.00% |  | 12/1/2041 | BBB | 7040000 | 7070819 |
| King County Public Hospital District No. 4 WA | 5.50% |  | 12/1/2035 | NR | 5400000 | 5306212 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 5.00% |  | 12/1/2029 | NR | 1760000 | 1759656 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 5.125% |  | 12/1/2034 | NR | 2825000 | 2769187 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2032 | BBB | 6000000 | 6015007 |
| Massachusetts Development Finance Agency-Care Communities LLC Obligated Group<sup>†</sup> | 5.50% |  | 7/15/2035 | NR | 2315000 | 2336569 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2036 | BBB- | 5615000 | 5669371 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2037 | BBB- | 1500000 | 1454619 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% |  | 10/1/2033 | BBB- | 1490000 | 1633826 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% |  | 10/1/2034 | BBB- | 1570000 | 1727881 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% |  | 10/1/2036 | BBB- | 1000000 | 1093226 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% |  | 10/1/2038 | BBB- | 1965000 | 2117942 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% |  | 10/1/2039 | BBB- | 2070000 | 2217264 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% |  | 10/1/2040 | BBB- | 2190000 | 2326382 |
| Massachusetts Health & Educational Facilities Authority-Trinity Health Corp Obligated Group | 3.32% <br> (MUNIPSA + 0.90% |)<sup>#</sup> | 11/15/2032 | AA- | 1005000 | 998921 |

---

<br> 154 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | $10000000 | $9796699 |
| Moon Industrial Development Authority-Baptist Homes Society Obligated Group PA | 5.75% | 7/1/2035 | NR | 4100000 | 4102903 |
| Moon Industrial Development Authority-Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 2250000 | 2249775 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2032 | A- | 1300000 | 1303897 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 5380000 | 5330139 |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 6140000 | 5953618 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 4245000 | 4324860 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1250000 | 1237659 |
| New Hope Cultural Education Facilities Finance Corp.-SLF CHP LLC TX<sup>†</sup> | 5.75% | 7/1/2035 | NR | 12500000 | 12755999 |
| New Hope Cultural Education Facilities Finance Corp.-SLF CHP LLC TX<sup>†</sup> | 6.25% | 7/1/2045 | NR | 5000000 | 5005949 |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 2300000 | 2300723 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2034 | BBB- | 1895000 | 1828264 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2028 | B | 1000000 | 1003020 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2030 | B | 2905000 | 2916387 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2041 | B | 1850000 | 1753139 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2027 | Ba3 | 1300000 | 1310774 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | Ba3 | 2800000 | 2785578 |

---

<br> See Notes to Financial Statements. 155

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 12/1/2029 | Ba3 | $1000000 | $1000163 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | Ba3 | 2500000 | 2462944 |
| North Carolina Medical Care Commission-Penick Village Obligated Group | 5.00% | 9/1/2034 | NR | 900000 | 947681 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2027 | BB+ | 500000 | 509662 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 4700000 | 4742209 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | 14710000 | 14796430 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 18170000 | 17702202 |
| Palm Beach County Health Facilities Authority-Lifespace Communities Inc Obligated Group FL | 5.00% | 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;BBB <sup>(b)</sup> | 9380000 | 9381533 |
| Palomar Health-Palomar Health Obligated Group CA | 5.00% | 11/1/2032 | CCC+ | 1950000 | 1943168 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2026 | CCC+ | 1845000 | 1838288 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2031 | CCC+ | 5495000 | 5498223 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 1000000 | 970680 |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 5.00% | 6/1/2040 | BBB- <sup>(b)</sup> | 2500000 | 2496303 |
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 5.00% | 6/1/2036 | NR | 2980000 | 2979934 |
| Public Finance Authority-Lehigh Valley Health Network Inc WI<sup>†</sup> | 6.625% | 12/1/2032 | NR | 2975000 | 3036639 |
| Public Finance Authority-Munificent Behavioral Hospitals I Inc Obligated Group WI<sup>†</sup> | 6.00% | 1/1/2035 | NR | 1040000 | 1073628 |
| Public Finance Authority-RBS Evolution LLC WI<sup>†</sup> | 9.00% | 11/1/2028 | NR | 2500000 | 2645588 |
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% | 9/1/2031 | BB- | 5250000 | 5255400 |

---

<br> 156 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% |  | 9/1/2036 | BB- | $16000000 | $15927723 |
| Roanoke County Economic Development Authority-Friendship Foundation VA | &nbsp;&nbsp;5.50% | <sup>#(a)</sup> | 9/1/2058 | NR | 8585000 | 8441200 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.25% |  | 11/15/2028 | NR | 830000 | 830853 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.75% |  | 11/15/2029 | NR | 4095000 | 4095616 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2029 | B <sup>(b)</sup> | 2335000 | 2335245 |
| Vermont Educational & Health Buildings Financing Agency-University of Vermont Health Network Obligated Group | 5.00% |  | 12/1/2034 | A | 3660000 | 3666010 |
| Vermont Educational & Health Buildings Financing Agency-University of Vermont Health Network Obligated Group | 5.00% |  | 12/1/2035 | A | 2315000 | 2318049 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(a)</sup> | 8/1/2049 | A- | 5120000 | 5125221 |
| Washington Health Care Facilities Authority-Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2038 | A | 3905000 | 3908753 |
| Washington Health Care Facilities Authority-Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2042 | A | 6375000 | 6378986 |
| Washington State Housing Finance Commission-Horizon House Obligated Group | 4.375% |  | 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;BB <sup>(b)</sup> | 6690000 | 6585562 |
| Washington State Housing Finance Commission-Horizon House Obligated Group | 4.875% |  | 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;BB <sup>(b)</sup> | 11805000 | 11671585 |
| West Virginia Hospital Finance Authority-Cabell Huntington Hospital Obligated Group | 5.00% |  | 1/1/2035 | BBB | 2400000 | 2369730 |
| Westchester County Health Care Corp Obligated Group NY | 5.00% |  | 11/1/2046 | BB | 13800000 | 12675121 |

---

<br> See Notes to Financial Statements. 157

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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.-Westchester County Health Care Corp Obligated Group NY | 6.50% |  | 11/1/2030 | NR | $20000000 | $20793896 |
| Wisconsin Health & Educational Facilities Authority-Capitol Lakes Inc | 5.00% |  | 11/15/2035 | NR | 3770000 | 3736565 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 4575000 | 4436125 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 1515000 | 1469012 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 5.00% |  | 7/1/2035 | NR | 3070000 | 3139395 |
| Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.125% |  | 2/1/2038 | Ba2 | 4000000 | 3973442 |
| Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group | 5.25% |  | 8/15/2039 | BBB- <sup>(b)</sup> | 1415000 | 1484023 |
| *Total* |  |  |  |  |  | 644993408 |
| **Housing 4.75%** |  |  |  |  |  |  |
| California Housing Finance Agency | 3.25% |  | 8/20/2036 | BBB+ | 11951606 | 11430018 |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | AA- | 7971891 | 7637200 |
| California Municipal Finance Authority-Ascent 613<sup>†</sup> | 5.00% |  | 1/1/2038 | NR | 1000000 | 1028119 |
| California Municipal Finance Authority Municipal Certificates Series 2025-1 | 3.537% | <sup>#(a)</sup> | 2/20/2041 | BBB | 12358639 | 10562857 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 5.70% |  | 6/1/2034 | NR | 1000000 | 1010840 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 5.875% |  | 6/1/2039 | NR | 7500000 | 7405558 |
| Capital Trust Authority-Madrone Florida Tech Student Housing I LLC FL<sup>†</sup> | 4.75% |  | 7/1/2040 | BB | 1250000 | 1242000 |
| Connecticut Housing Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 11/15/2054 | AAA | 4250000 | 4573431 |
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 1/1/2055 | Aa1 | 3340000 | 3649740 |
| FW Ramble Public Facility Corp TX | 4.00% |  | 10/1/2035 | A+ | 3750000 | 3625455 |

---

<br> 158 See Notes to Financial Statements.

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.00% |  | 7/1/2034 | BBB- | $3070000 | $3064455 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 6.75% |  | 5/15/2033 | BBB <sup>(b)</sup> | 4700000 | 5336179 |
| Massachusetts Development Finance Agency-CHF Merrimack Inc<sup>†</sup> | 4.25% |  | 7/1/2034 | BB | 450000 | 457145 |
| Miami-Dade County Industrial Development Authority-PRG-Casa Properties LLC FL<sup>†</sup> | 5.375% | <sup>#(a)</sup> | 7/1/2065 | NR | 12000000 | 12316544 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2054 | AA+ | 3820000 | 4137079 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | AA+ | 1850000 | 2043994 |
| Montgomery County Housing Opportunities Commission MD | 4.00% |  | 7/1/2048 | Aa2 | 310000 | 310276 |
| New Hampshire Business Finance Authority | 3.824% | <sup>#(a)</sup> | 11/20/2042 | BBB | 4223761 | 3884460 |
| New Hampshire Business Finance Authority | 3.922% | <sup>#(a)</sup> | 1/20/2041 | BBB | 5053812 | 4797688 |
| New Hampshire Business Finance Authority | 4.375% |  | 9/20/2036 | BBB | 5983889 | 6021723 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(a)</sup> | 6/20/2041 | AA- | 12471588 | 12671840 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 2500000 | 2550384 |
| New Hampshire Business Finance Authority (HUD) | 4.15% | <sup>#(a)</sup> | 10/20/2040 | A | 7622029 | 7545564 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2500000 | 2566327 |
| North Carolina Housing Finance Agency | 4.00% |  | 7/1/2047 | AA+ | 70000 | 70124 |
| Pennsylvania Housing Finance Agency AMT | 4.00% |  | 4/1/2039 | AA+ | 60000 | 59979 |
| South Carolina Jobs-Economic Development Authority-Sixteenth Floor Obligated Group | 4.00% |  | 12/1/2035 | A+ | 5500000 | 5412196 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | BB+ <sup>(b)</sup> | 1650000 | 1661700 |
| Washington State Housing Finance Commission | 3.50% |  | 12/20/2035 | BBB+ | 5718721 | 5483241 |
| *Total* |  |  |  |  |  | 132556116 |

---

*See Notes to Financial Statements.* 159

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 0.78%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% |  | 7/1/2034 | Baa2 | $2760000 | $2749287 |
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP | 5.00% |  | 6/30/2042 | BBB | 18940000 | 18951336 |
| *Total* |  |  |  |  |  | 21700623 |
| **Multi-Family Housing 0.34%** |  |  |  |  |  |  |
| New Hampshire Business Finance Authority | 3.824% | <sup>#(a)</sup> | 11/20/2042 | AA- | 9938260 | 9548724 |
| **Other Revenue 1.80%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 3000000 | 3064479 |
| Arlington Higher Education Finance Corp.-Newman International Academy TX | 4.00% |  | 8/15/2031 | NR | 360000 | 321470 |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 14930000 | 14965091 |
| Capital Trust Agency, Inc.-Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2029 | NR | 1095000 | 1096099 |
| Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH | 5.00% |  | 12/1/2028 | BB+ | 1585000 | 1615374 |
| Illinois Finance Authority-Field Museum of Natural History | 3.691%<br>(SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 2655000 | 2658935 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(d)</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 | 2826910 |
| Maryland Economic Development Corp Chesapeake Bay Conference Center<sup>(d)</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 | 4780423 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 6000000 | 6099809 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2031 | NR | 11350000 | 11568802 |
| *Total* |  |  |  |  |  | 50214392 |

---

160 *See Notes to Financial Statements.*

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Credit<br>Rating:<br>S&P or<br>Moody's** | **Principal Amount** | **Fair<br> Value** |
| **Pollution Control 0.99%** |  |  |  |  |  |  |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | 4.30% | <sup>#(a)</sup> | 3/1/2056 | BB | $7000000 | $6791802 |
| Finance Authority of Maine-Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(a)</sup> | 12/1/2047 | B+ | 4700000 | 4859698 |
| Florida Development Finance Corp.-GFL Solid Waste Southeast LLC AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 10/1/2054 | BB | 6520000 | 6553728 |
| Illinois Finance Authority-LRS Holdings LLC AMT<sup>†</sup> | 7.25% | <sup>#(a)</sup> | 9/1/2052 | NR | 4500000 | 4882104 |
| Matagorda County Navigation District No. 1-AEP Texas Inc | 4.00% |  | 6/1/2030 | BBB+ | 1065000 | 1065340 |
| Mississippi Business Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 5.00% | <sup>#(a)</sup> | 2/1/2036 | NR | 1500000 | 1519598 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 4.375% | <sup>#(a)</sup> | 6/1/2052 | B+ | 1375000 | 1403120 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(a)</sup> | 4/1/2036 | B+ | 475000 | 478826 |
| *Total* |  |  |  |  |  | 27554216 |
| **Special Tax 1.78%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.00% |  | 5/1/2028 | NR | 770000 | 784512 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 4070000 | 4164597 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 5.25% |  | 5/1/2032 | NR | 1660000 | 1697370 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 1750000 | 1772449 |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 3590000 | 3758391 |
| Babcock Ranch Community Independent Special District FL | 4.25% |  | 5/1/2032 | NR | 2000000 | 2014705 |

---

*See Notes to Financial Statements.* 161

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Celebration Pointe Community Development District No. 1 FL<sup>(d)</sup> | 2.375% | 5/1/2026 | NR | $430000 | $344000 |
| City of Mesquite TX | 4.375% | 9/1/2035 | NR | 1050000 | 1044584 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 5.375% | 6/1/2035 | NR | 1250000 | 1268616 |
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV<sup>†</sup> | 6.00% | 6/1/2040 | NR | 2925000 | 3021701 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 4.75% | 12/31/2030 | NR | 650000 | 646322 |
| County of Denton Green Meadows Public Improvement District Major Improvement Area TX<sup>†</sup> | 5.00% | 12/31/2035 | NR | 1000000 | 1016039 |
| Fairfield Community Facilities District-City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2044 | NR | 4335000 | 4403419 |
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 2385000 | 2302354 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 585000 | 545008 |
| Lakewood Ranch Stewardship District FL | 5.40% | 5/1/2028 | NR | 535000 | 545889 |
| Lakewood Ranch Stewardship District FL | 5.45% | 5/1/2033 | NR | 2660000 | 2851905 |
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 8250000 | 7895761 |
| New Jersey Economic Development Authority-NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 443576 | 455269 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% | 9/1/2028 | NR | 320000 | 322486 |
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | A- | 105000 | 105095 |
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1280000 | 1277552 |
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 1730000 | 1717240 |
| West Villages Improvement District Unit of Development No. 7 FL | 4.25% | 5/1/2029 | NR | 1205000 | 1213542 |
| West Villages Improvement District Unit of Development No. 7 FL | 4.75% | 5/1/2039 | NR | 2000000 | 1979515 |
| Westview South Community Development District FL | 4.75% | 5/1/2028 | NR | 95000 | 95504 |

---

162 *See Notes to Financial Statements.*

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | $170000 | $171184 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2155561 |
| *Total* |  |  |  |  | 49570570 |
| **Tax Revenue 3.57%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | 1775000 | 1787793 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2028 | Ba3 | 1000000 | 1025388 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2029 | Ba3 | 1465000 | 1510079 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2031 | Ba3 | 1500000 | 1555442 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2034 | Ba3 | 850000 | 881273 |
| American Samoa Economic Development Authority<sup>†</sup> | 5.00% | 9/1/2035 | Ba3 | 1200000 | 1241126 |
| American Samoa Economic Development Authority<sup>†</sup> | 6.50% | 9/1/2028 | Ba3 | 800000 | 829262 |
| City of Garden City-City of Garden City STAR Bond District KS<sup>†</sup> | 5.375% | 6/1/2039 | NR | 1125000 | 1134142 |
| City of Garden City STAR Bond District KS<sup>†</sup> | 4.25% | 6/1/2033 | NR | 750000 | 744055 |
| Downtown Daybreak Public Infrastructure District No. 1-City of South Jordan South Station Housing and Transit Reinvestment Zone UT<sup>†</sup> | 5.00% | 3/1/2041 | NR | 1600000 | 1604495 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2027 | NR | 2000000 | 2030002 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2028 | NR | 1250000 | 1279851 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | 4035000 | 4202896 |

---

*See Notes to Financial Statements.* 163

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% | 10/1/2039 | NR | $6620000 | $6736235 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Authority Military Recreation Facilities Project Area UT<sup>†</sup> | 5.50% | 6/15/2039 | NR | 2370000 | 2423170 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Authority Military Recreation Facilities Project Area UT<sup>†</sup> | 5.75% | 6/15/2044 | NR | 665000 | 685553 |
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | 7540000 | 7018349 |
| New York Convention Center Development Corp.-New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 5000000 | 5002715 |
| Public Finance Authority-Southeast Overtown Park West Community Redevelopment Agency WI<sup>†</sup> | 5.00% | 6/1/2041 | NR | 28500000 | 28539752 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 25799000 | 25798770 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1000 | 895 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 3431000 | 3421516 |
| *Total* |  |  |  |  | 99452759 |
| **Tobacco 0.91%** |  |  |  |  |  |
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CC | 3675000 | 2722112 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CC | 11251597 | 9867876 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 4000000 | 2264852 |
| Tobacco Settlement Financing Corp.-Tobacco Settlement Financing Corp VA | 5.20% | 6/1/2046 | B- | 8905000 | 7714815 |
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 3375000 | 2779749 |
| *Total* |  |  |  |  | 25349404 |

---

164 *See Notes to Financial Statements.*

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity <br>Date** | **Credit<br>Rating:<br>S&P or<br>Moody's** | **Principal<br>Amount** | **Fair<br>Value** |
| **Transportation 11.76%** |  |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (NATL) | Zero Coupon |  | 10/1/2034 | A- | $3095000 | $2304744 |
| Bay Area Toll Authority CA | 5.00% | <sup>#(a)</sup> | 4/1/2061 | AA | 9250000 | 10396277 |
| California Municipal Finance Authority- LAX Integrated Express Solutions LLC AMT | 5.00% |  | 6/30/2027 | BB+ <sup>(b)</sup> | 695000 | 707674 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% |  | 6/30/2028 | BB+ <sup>(b)</sup> | 2210000 | 2293557 |
| Chicago O'Hare International Airport-TRIPS Obligated Group IL AMT | 5.00% |  | 7/1/2048 | BBB+ | 14235000 | 13952983 |
| City & County of Denver-United Airlines Inc CO AMT | 5.00% |  | 10/1/2032 | BB+ | 32935000 | 32960255 |
| City & County of Denver Airport System Revenue CO AMT | 5.00% |  | 12/1/2035 | A+ | 4205000 | 4347214 |
| City of Atlanta Airport Passenger Facility Charge GA AMT | 4.00% |  | 7/1/2035 | AA | 6820000 | 6814567 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | BB+ <sup>(b)</sup> | 3650000 | 3710421 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2035 | Ba2 | 9750000 | 10358925 |
| Columbus Regional Airport Authority OH AMT | 5.00% |  | 1/1/2035 | A | 2825000 | 3099449 |
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% |  | 10/1/2033 | A+ | 2705000 | 2708512 |
| County of Sacramento Airport System Revenue CA AMT | 5.00% |  | 7/1/2036 | A+ | 6000000 | 6160275 |
| Eagle County Airport Terminal Corp. CO AMT | 5.00% |  | 5/1/2037 | Baa2 | 2070000 | 2076076 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 7/15/2032 | NR | 10500000 | 3675000 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 7/15/2059 | NR | 4500000 | 1575000 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 15000000 | 15113081 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 7750000 | 7808425 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(a)</sup> | 12/1/2043 | BBB+ | 7000000 | 7052771 |
| Illinois State Toll Highway Authority | 5.00% |  | 1/1/2040 | AA- | 2005000 | 2004851 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.00% |  | 11/12/2028 | Baa3 | 9995000 | 10034532 |

---

*See Notes to Financial Statements.* 165

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $4250000 | $4416483 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 20410000 | 20213880 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa2 | 14905000 | 15148609 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa2 | 2500000 | 2553204 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 14870000 | 15104183 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 7525000 | 7911562 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 3000000 | 3291357 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 2.50% | 10/31/2031 | BBB- <sup>(b)</sup> | 1365000 | 1212898 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2036 | Baa1 | 2700000 | 2851290 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 2720000 | 2883981 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 2065000 | 2186832 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 16980000 | 17597773 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 2815000 | 2789508 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 8750000 | 8756775 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2035 | AA | 5000000 | 4942713 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2036 | AA | 1660000 | 1624609 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC AMT | 5.00% | 7/1/2041 | Baa2 | 6085000 | 6087168 |
| North Parkway Municipal Management District No. 1 TX<sup>†</sup> | 3.625% | 9/15/2026 | NR | 200000 | 199300 |

---

166 *See Notes to Financial Statements.*

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP | 5.00% |  | 12/31/2038 | BBB | $3960000 | $3965009 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 3.625% |  | 1/1/2035 | NR | 1925000 | 1731852 |
| Public Finance Authority-Air Cargo Obligated Group WI AMT | 5.00% |  | 7/1/2032 | BBB | 1845000 | 1937651 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.50% |  | 9/1/2030 | NR | 605000 | 626204 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.75% |  | 9/1/2035 | NR | 2000000 | 2076259 |
| Public Finance Authority-Sky Harbour Capital III LLC Obligated Group WI AMT<sup>†</sup> | 6.00% | <sup>#(a)</sup> | 7/1/2060 | NR | 11000000 | 11124495 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% |  | 5/1/2046 | AA- | 3335000 | 3335118 |
| Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group LLC | 4.00% |  | 12/31/2036 | Baa1 | 5810000 | 5694801 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 13475000 | 15284268 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% |  | 1/1/2034 | BBB | 6710000 | 7107691 |
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% |  | 7/1/2033 | BBB | 6000000 | 6022651 |
| *Total* |  |  |  |  |  | 327832713 |
| **Utilities 13.94%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 5.00% |  | 7/1/2033 | A2 | 17825000 | 18644757 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 22290000 | 22328227 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 20900000 | 21787427 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(a)</sup> | 6/1/2049 | A2 | 2350000 | 2471502 |
| Black Belt Energy Gas District AL<sup>†</sup> | 5.50% | <sup>#(a)</sup> | 11/1/2056 | BBB- | 25730000 | 27225060 |
| California Community Choice Financing Authority | 3.895%<br>(SOFR \* .67 + 1.45% |)<sup>#</sup> | 4/1/2056 | A1 | 15550000 | 15423896 |
| California Community Choice Financing Authority | 5.00% |  | 3/1/2036 | Baa1 | 7145000 | 7426388 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 10/1/2055 | A2 | 15000000 | 15151734 |

---

*See Notes to Financial Statements.* 167

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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> | 3/1/2056 | Aa3 | $16875000 | $18177593 |
| California Community Choice Financing Authority | 5.25% |  | 2/1/2036 | A3 | 2625000 | 2817954 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 11/1/2054 | A2 | 3300000 | 3483107 |
| Central Plains Energy Project NE | 5.00% | <sup>#(a)</sup> | 5/1/2054 | Aa2 | 5000000 | 5290059 |
| Charlotte County Industrial Development Authority-MSKP Town & Country Utility LLC FL<sup>†</sup> | 5.00% |  | 10/1/2029 | NR | 1770000 | 1804519 |
| Charlotte County Industrial Development Authority-MSKP Town & Country Utility LLC FL<sup>†</sup> | 5.00% |  | 10/1/2034 | NR | 1000000 | 1012346 |
| Charlotte County Industrial Development Authority-MSKP Town & Country Utility LLC FL AMT<sup>†</sup> | 5.50% |  | 10/1/2036 | NR | 3135000 | 3138135 |
| City of Osceola-Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(a)</sup> | 4/1/2036 | NR | 11750000 | 11778050 |
| City of Seattle Municipal Light & Power Revenue WA | 2.67%<br>(MUNIPSA + 0.25% |)<sup>#</sup> | 5/1/2045 | AA | 2900000 | 2884848 |
| County of Trimble-Louisville Gas and Electric Co KY AMT | 4.70% | <sup>#(a)</sup> | 6/1/2054 | A1 | 1750000 | 1771211 |
| Delaware State Economic Development Authority-NRG Energy Inc | 4.00% | <sup>#(a)</sup> | 10/1/2045 | BBB- | 7670000 | 7552545 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(a)</sup> | 4/1/2054 | A1 | 2000000 | 2183103 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT | 3.00% |  | 6/1/2032 | NR | 7000000 | 6491916 |
| Kentucky Public Energy Authority | 5.00% |  | 5/1/2036 | A1 | 4350000 | 4582057 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(a)</sup> | 8/1/2052 | BBB- | 23050000 | 23004177 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(a)</sup> | 9/1/2052 | A3 | 1190000 | 1202124 |
| Main Street Natural Gas, Inc. GA | 4.132%<br>(SOFR \* .67 + 1.70% |)<sup>#</sup> | 12/1/2053 | Aa1 | 5000000 | 5132908 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(a)</sup> | 5/1/2055 | A3 | 6320000 | 6633974 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(a)</sup> | 12/1/2055 | A3 | 19000000 | 19961668 |
| Minnesota Municipal Gas Agency | 5.00% |  | 9/1/2035 | Baa1 | 18685000 | 19267570 |
| Ohio Air Quality Development Authority-Ohio Valley Electric Corp AMT | 4.125% |  | 1/1/2036 | Baa3 | 2750000 | 2717348 |

---

168 *See Notes to Financial Statements.*

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2037 | B | $11155000 | $11176110 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(a)</sup> | 12/1/2038 | B | 5640000 | 5650579 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2030 | NR | 6285000 | 6632025 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2033 | NR | 1150000 | 1202373 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2033 | NR | 5230000 | 5493704 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2035 | NR | 1500000 | 1550163 |
| Southeast Energy Authority A Cooperative District AL | 4.866%<br> (SOFR \* .67 + 2.42% |)<sup>#</sup> | 1/1/2053 | A1 | 10000000 | 10413761 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 20000000 | 20444226 |
| Southeast Energy Authority A Cooperative District AL<sup>(e)</sup> | 5.00% | <sup>#(a)</sup> | 1/1/2056 | A1 | 15000000 | 15096315 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(a)</sup> | 11/1/2055 | A1 | 8000000 | 8641918 |
| Tennergy Corp. TN | 5.50% | <sup>#(a)</sup> | 10/1/2053 | Baa1 | 8195000 | 8715015 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | <sup>#(a)</sup> | 1/1/2054 | A1 | 8000000 | 8739405 |
| Texas Water Development Board-State Water Implementation Revenue Fund for Texas | 4.00% |  | 10/15/2036 | AAA | 3350000 | 3392037 |
| *Total* |  |  |  |  |  | 388493834 |
| *Total Municipal Bonds* (cost $2,744,314,155) | *Total Municipal Bonds* (cost $2,744,314,155) | *Total Municipal Bonds* (cost $2,744,314,155) |  |  |  | 2738127570 |
| **WARRANTS 0.01%** |  |  |  |  |  |  |
| **Construction & Engineering 0.01%** |  |  |  |  |  |  |
| BL Train Holdings West LLC\* (cost $0) | 11.50% |  | 12/1/2035 | NR | 222272 | 388976 <sup>(f)</sup> |
| *Total Long-Term Investments* (cost $2,745,799,768) | *Total Long-Term Investments* (cost $2,745,799,768) | *Total Long-Term Investments* (cost $2,745,799,768) | *Total Long-Term Investments* (cost $2,745,799,768) | *Total Long-Term Investments* (cost $2,745,799,768) |  | 2740013191 |

---

*See Notes to Financial Statements.* 169

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate<sup>#</sup>** | **Interest<br>Rate<br>Reset<br>Date**<sup>(g)</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 1.95%** | **SHORT-TERM INVESTMENTS 1.95%** | **SHORT-TERM INVESTMENTS 1.95%** |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.95%** | **VARIABLE RATE DEMAND NOTES 1.95%** | **VARIABLE RATE DEMAND NOTES 1.95%** |  |  |  |  |
| **Corporate-Backed 0.20%** | **Corporate-Backed 0.20%** | **Corporate-Backed 0.20%** |  |  |  |  |
| Maryland Industrial Development Financing Authority-Occidental Petroleum Corp | 4.510% | 4/1/2026 | 3/1/2030 | Baa3 | $5645000 | $5645000 |
| **Education 0.23%** |  |  |  |  |  |  |
| University of California | 2.330% | 4/1/2026 | 5/15/2048 | AA | 6500000 | 6500000 |
| **General Obligation 0.93%** |  |  |  |  |  |  |
| City of New York NY GO | 2.850% | 4/1/2026 | 10/1/2046 | AA | 1600000 | 1600000 |
| City of New York NY GO | 2.900% | 4/1/2026 | 4/1/2042 | AA | 9310000 | 9310000 |
| City of New York NY GO | 2.900% | 4/1/2026 | 4/1/2042 | AA | 14930000 | 14930000 |
| *Total* |  |  |  |  |  | 25840000 |
| **Pollution Control 0.16%** |  |  |  |  |  |  |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 2.800% | 4/1/2026 | 4/1/2040 | BBB+ | 4500000 | 4500000 |
| **Tax Revenue 0.11%** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 2.750% | 4/1/2026 | 2/1/2056 | AAA | 3000000 | 3000000 |
| **Transportation 0.16%** |  |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 2.750% | 4/1/2026 | 11/1/2031 | AA+ | 4315000 | 4315000 |
| **Utilities 0.16%** |  |  |  |  |  |  |
| Development Authority of Appling County-Georgia Power Co | 2.850% | 4/1/2026 | 9/1/2041 | A | 3500000 | 3500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2033 | AA+ | 500000 | 500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.850% | 4/15/2026 | 6/15/2044 | AA+ | 430000 | 430000 |
| *Total* |  |  |  |  |  | 4430000 |
| *Total Variable Rate Demand Notes* (cost $54,230,000) | *Total Variable Rate Demand Notes* (cost $54,230,000) | *Total Variable Rate Demand Notes* (cost $54,230,000) | *Total Variable Rate Demand Notes* (cost $54,230,000) | *Total Variable Rate Demand Notes* (cost $54,230,000) |  | 54230000 |
| *Total Short-Term Investments* (cost $54,230,000) | *Total Short-Term Investments* (cost $54,230,000) | *Total Short-Term Investments* (cost $54,230,000) | *Total Short-Term Investments* (cost $54,230,000) |  |  | 54230000 |
| *Total Investments in Securities 100.23%* (cost $2,800,029,768) | *Total Investments in Securities 100.23%* (cost $2,800,029,768) | *Total Investments in Securities 100.23%* (cost $2,800,029,768) | *Total Investments in Securities 100.23%* (cost $2,800,029,768) |  |  | 2794243191 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(0.23)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(0.23)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(0.23)%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *(0.23)%* |  |  | (6380581) |
| *Net Assets 100.00%* |  |  |  |  |  | $2787862610 |

---

170 *See Notes to Financial Statements.*

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

---

| | |
|:---|:---|
| AG | AG Insured by Assured Guaranty, Inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| COPS | Certificates of Participation. |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| FGIC | Insured by Financial Guaranty Insurance Company. |
| FHLMC | Insured by Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| HUD | Insured by Department of Housing and Urban Development. |
| MUNIPSA | SIFMA Municipal Swap Index Yield. |
| NATL | Insured by National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| SIFMA | Insured by Securities Industry and Financial Markets Association. |
| 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 March 31, 2026, the total value of Rule 144A securities was $811,976,956, which represents 29.13% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at March 31, 2026. |
| \* | 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> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(d)</sup> | Defaulted. |
| <sup>(e)</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. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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 March 31, 2026:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| U.S. 10-Year Treasury Note | June 2026 | 497 | Short | $(56055557) | $(55190297) | $865260 |
| U.S. Long Bond | June 2026 | 312 | Short | (36463128) | (35529000) | 934128 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $1799388 |

---

*See Notes to Financial Statements.* 171

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

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *March 31, 2026*

The following is a summary of the inputs used as of March 31, 2026 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 | $– | $1496645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $1496645 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> |  | 2738127570 |  | 2738127570 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 388976 | 388976 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes | – | 54230000 | – | 54230000 |
| **Total** | $– | $2793854215 | $388976 | $2794243191 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $1799388 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $1799388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| **Total** | $1799388 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $1799388 |

---

<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 Trust (See Note 2(e)).

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 and a summary of unobservable inputs 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.

172 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 101.46%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 101.46%** |  |  |  |  |  |  |
| **Corporate-Backed 0.98%** |  |  |  |  |  |  |
| California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT<sup>†</sup> | 12.00% | <sup>#(a)</sup> | 1/1/2065 | NR | $2705000 | $1433650 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 11/21/2045 | Baa2 | 4410000 | 4410418 |
| California Pollution Control Financing Authority-Waste Management Inc AMT | 4.30% |  | 7/1/2040 | A- | 1065000 | 1065804 |
| *Total* |  |  |  |  |  | 6909872 |
| **Education 14.19%** |  |  |  |  |  |  |
| Alvord Unified School District CA GO (BAM) | 5.00% |  | 8/1/2052 | AA | 4000000 | 4126814 |
| Brentwood Union School District CA GO | 5.25% |  | 8/1/2052 | Aa3 | 2125000 | 2215519 |
| California Educational Facilities Authority-Art Center College of Design | 4.00% |  | 12/1/2037 | Baa2 | 1150000 | 1108359 |
| California Educational Facilities Authority-Art Center College of Design | 5.00% |  | 12/1/2044 | Baa2 | 2000000 | 2006814 |
| California Educational Facilities Authority-Chapman University | 5.00% |  | 4/1/2044 | A2 | 1000000 | 1080466 |
| California Educational Facilities Authority-Chapman University | 5.00% |  | 4/1/2045 | A2 | 1050000 | 1124108 |
| California Educational Facilities Authority-Loma Linda University | 5.00% |  | 4/1/2047 | A | 2000000 | 2005651 |
| California Educational Facilities Authority-University of Southern California | 5.00% |  | 10/1/2055 | AA | 5000000 | 5199905 |
| California Educational Facilities Authority-University of the Pacific | 5.00% |  | 11/1/2053 | A2 | 2900000 | 2976770 |
| California Educational Facilities Authority-University of the Pacific | 5.00% |  | 11/1/2055 | A2 | 3750000 | 3865772 |
| California Enterprise Development Authority-Campbell Hall Episcopal | 5.00% |  | 8/1/2040 | A | 3000000 | 3312830 |
| California Enterprise Development Authority-Castilleja School Foundation | 5.00% |  | 6/1/2049 | A | 2750000 | 2846770 |
| California Enterprise Development Authority-Milken Community School | 5.00% |  | 7/1/2033 | BBB+ | 1000000 | 1100976 |
| California Health Facilities Financing Authority-Art Center College of Design | 5.00% |  | 12/1/2048 | Baa2 | 1000000 | 978691 |

---

*See Notes to Financial Statements.* 173

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $4214783 |
| California Infrastructure & Economic Development Bank-Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2049 | A+ | 2750000 | 2790854 |
| California Infrastructure & Economic Development Bank-Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2054 | A+ | 1500000 | 1504736 |
| California Infrastructure & Economic Development Bank-Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2059 | A+ | 1520000 | 1520023 |
| California Municipal Finance Authority-Biola University Inc | 5.00% | 10/1/2032 | Baa2 | 400000 | 408139 |
| California Municipal Finance Authority-Biola University Inc | 5.00% | 10/1/2039 | Baa2 | 1000000 | 1010230 |
| California Municipal Finance Authority-California Baptist University<sup>†</sup> | 5.375% | 11/1/2045 | NR | 775000 | 794256 |
| California Municipal Finance Authority-Samuel Merritt University | 5.25% | 6/1/2053 | A3 | 4000000 | 4119279 |
| California Municipal Finance Authority-SDORI Charter School Properties LLC<sup>†</sup> | 5.625% | 3/1/2045 | B+ | 500000 | 452406 |
| California Municipal Finance Authority-University of the Pacific | 3.00% | 11/1/2048 | A2 | 3885000 | 2766189 |
| California Municipal Finance Authority-University of the Pacific | 4.00% | 11/1/2042 | NR | 10000 | 10643 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 5.90% | 6/15/2044 | BB | 1815000 | 1922329 |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% | 8/1/2045 | BBB- | 620000 | 603045 |
| California School Finance Authority-Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2045 | BBB | 2190000 | 2174891 |
| California School Finance Authority-Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2047 | BBB | 4415000 | 4319975 |
| California State University | 3.00% | 11/1/2051 | Aa2 | 3000000 | 2190139 |
| California State University | 4.625% | 11/1/2056 | Aa2 | 2500000 | 2508318 |
| California State University | 5.25% | 11/1/2050 | Aa2 | 4000000 | 4296652 |
| California State University | 5.50% | 11/1/2055 | Aa2 | 8000000 | 8606150 |
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 2000000 | 2127827 |
| Rincon Valley Union School District CA GO | 5.00% | 8/1/2054 | AA- | 2875000 | 2984578 |

---

174 *See Notes to Financial Statements.*

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $1643793 |
| University of California | 5.00% |  | 11/15/2037 | AA | 2770000 | 3158064 |
| University of California | 5.00% |  | 11/15/2042 | AA | 3450000 | 3823881 |
| University of California | 5.00% |  | 11/15/2045 | AA | 1815000 | 1963863 |
| University of California | 5.00% |  | 5/15/2053 | AA | 2500000 | 2601632 |
| University of California | 5.25% |  | 5/15/2055 | AA | 1500000 | 1588092 |
| *Total* |  |  |  |  |  | 100054212 |
| **General Obligation 17.30%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 12/1/2053 | A2 | 1925000 | 2015218 |
| California Community Choice Financing Authority | 5.25% | <sup>#(a)</sup> | 1/1/2054 | Baa1 | 7595000 | 8037396 |
| California Community Choice Financing Authority | 5.50% | <sup>#(a)</sup> | 5/1/2054 | A2 | 4905000 | 5130568 |
| California State Public Works Board-State of California Department of General Services | 4.00% |  | 5/1/2046 | Aa3 | 1950000 | 1875343 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2049 | Aa3 | 1000000 | 1045433 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 2120000 | 1821715 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 165067 | 180304 |
| Dublin Unified School District CA GO | 3.00% |  | 8/1/2041 | Aa2 | 2425000 | 2092389 |
| El Rancho Unified School District CA GO (BAM) | 5.75% |  | 8/1/2048 | AA | 1425000 | 1589322 |
| Irvine Unified School District CA GO | 2.25% |  | 9/1/2049 | Aa1 | 3000000 | 1891299 |
| Las Virgenes Unified School District CA GO | 5.25% |  | 8/1/2051 | AA | 3000000 | 3178988 |
| Long Beach Unified School District CA GO<sup>(c)</sup> | 5.00% |  | 8/1/2046 | Aa2 | 5560000 | 6022150 |
| Los Altos Elementary School District CA GO<sup>(c)</sup> | 5.00% |  | 8/1/2044 | AAA | 2160000 | 2365827 |
| Los Angeles Unified School District CA GO | 5.25% |  | 7/1/2049 | Aa2 | 1625000 | 1736207 |
| Mt San Antonio Community College District CA GO | 5.25% |  | 8/1/2055 | Aa1 | 1500000 | 1602722 |
| Newport Mesa Unified School District CA GO | Zero Coupon |  | 8/1/2041 | Aaa | 1325000 | 718000 |
| Newport Mesa Unified School District CA GO | Zero Coupon |  | 8/1/2045 | Aaa | 1000000 | 434854 |
| North Orange County Community College District CA GO | 2.75% |  | 8/1/2036 | AA+ | 2000000 | 1806307 |

---

*See Notes to Financial Statements.* 175

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Novato Unified School District CA GO | 3.00% | 8/1/2044 | Aa1 | $4765000 | $3884878 |
| Pajaro Valley Health Care District CA GO | 5.00% | 9/1/2046 | Ba2 | 2750000 | 2689310 |
| Pajaro Valley Health Care District CA GO | 5.00% | 9/1/2054 | Ba2 | 2205000 | 2033453 |
| Peralta Community College District CA GO | 5.00% | 8/1/2054 | AA- | 1750000 | 1812366 |
| Pomona Unified School District CA GO | 5.00% | 8/1/2050 | Aa3 | 1100000 | 1155180 |
| Ravenswood City School District CA GO (BAM) | 5.25% | 8/1/2053 | AA | 2000000 | 2080377 |
| Redlands Unified School District CA GO | 5.00% | 7/1/2054 | Aa2 | 2500000 | 2578786 |
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1795000 | 891124 |
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2600000 | 1221860 |
| San Diego Community College District CA GO | 5.00% | 8/1/2055 | AAA | 5000000 | 5220046 |
| San Diego Public Facilities Financing Authority CA | 5.25% | 10/15/2052 | AA- | 4125000 | 4325235 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 2500000 | 2049082 |
| San Leandro Unified School District CA GO | 5.00% | 8/1/2052 | AA- | 2400000 | 2509274 |
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 3410000 | 3871600 |
| Santa Monica-Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1515000 | 1231239 |
| Santa Monica-Malibu Unified School District CA GO | 4.25% | 8/1/2052 | AA+ | 2000000 | 1944531 |
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1100000 | 593350 |
| Southwestern Community College District CA GO | 5.25% | 8/1/2055 | Aa2 | 2000000 | 2113375 |
| State of California GO | 5.00% | 3/1/2044 | Aa2 | 1070000 | 1163816 |
| State of California GO | 5.00% | 10/1/2047 | Aa2 | 4365000 | 4652376 |
| State of California GO | 5.00% | 9/1/2053 | Aa2 | 1000000 | 1040237 |
| State of California GO | 5.00% | 3/1/2055 | Aa2 | 4000000 | 4169696 |
| State of California GO | 5.00% | 11/1/2055 | Aa2 | 2500000 | 2602791 |
| State of California GO | 5.00% | 10/1/2056 | Aa2 | 5950000 | 6221005 |
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3000000 | 3165166 |
| State of California GO | 5.25% | 8/1/2054 | Aa2 | 1250000 | 1324561 |
| State of California GO | 5.25% | 8/1/2055 | Aa2 | 2500000 | 2661332 |
| State of California GO | 5.50% | 8/1/2054 | Aa2 | 3600000 | 3884803 |

---

176 *See Notes to Financial Statements.*

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Sunnyvale School District CA GO | 5.00% | 9/1/2056 | AAA | $3500000 | $3649037 |
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | AA | 1625000 | 1750318 |
| *Total* |  |  |  |  | 122034246 |
| **Health Care 13.82%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB- | 1000000 | 999945 |
| California Community Choice Financing Authority-Providence St Joseph Health Obligated Group | 3.00% | 10/1/2041 | A | 4605000 | 3861001 |
| California Community Choice Financing Authority-Providence St Joseph Health Obligated Group | 3.00% | 10/1/2047 | A | 3230000 | 2354208 |
| California Community Choice Financing Authority-Providence St Joseph Health Obligated Group | 5.00% | 10/1/2044 | A | 2410000 | 2411430 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% | 12/1/2035 | BBB+ | 1500000 | 1658165 |
| California Health Facilities Financing Authority-Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 4705000 | 3452538 |
| California Health Facilities Financing Authority-Children's Hospital Los Angeles Obligated Group | 5.00% | 10/1/2030 | A | 1470000 | 1472605 |
| California Health Facilities Financing Authority-Children's Hospital of Orange County Obligated Group | 2.125% | 11/1/2041 | AA | 2500000 | 1793804 |
| California Health Facilities Financing Authority-Children's Hospital of Orange County Obligated Group | 3.00% | 11/1/2038 | AA | 3000000 | 2750893 |
| California Health Facilities Financing Authority-Children's Hospital of Orange County Obligated Group | 5.00% | 11/1/2054 | AA | 4000000 | 4146818 |
| California Health Facilities Financing Authority-CommonSpirit Health Obligated Group | 5.00% | 12/1/2044 | A- | 1485000 | 1580688 |
| California Health Facilities Financing Authority-CommonSpirit Health Obligated Group | 5.00% | 12/1/2054 | A- | 4405000 | 4501063 |

---

*See Notes to Financial Statements.* 177

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-El Camino Healthcare Obligated Group | 5.25% |  | 2/1/2048 | AA | $3000000 | $3214708 |
| California Health Facilities Financing Authority-Kaiser Foundation Hospitals | 5.00% |  | 11/1/2047 | AA- | 5770000 | 6285068 |
| California Health Facilities Financing Authority-Providence St Joseph Health Obligated Group | 5.25% | <sup>#(a)</sup> | 10/1/2050 | A | 3000000 | 3364828 |
| California Health Facilities Financing Authority-Rady Children's Hospital Obligated Group<sup>(c)</sup> | 5.00% | <sup>#(a)</sup> | 8/15/2065 | AA | 2500000 | 2846445 |
| California Health Facilities Financing Authority-Stanford Health Care Obligated Group | 5.25% |  | 8/15/2054 | Aa2 | 6000000 | 6384710 |
| California Health Facilities Financing Authority-Sutter Health Obligated Group | 5.00% |  | 11/15/2038 | A+ | 2250000 | 2306642 |
| California Infrastructure & Economic Development Bank-Roseville Sustainable Energy Partner LLC | 5.25% |  | 7/1/2049 | BBB+ | 2450000 | 2467326 |
| California Municipal Finance Authority-Community Health Centers of The Central Coast Inc | 5.75% |  | 12/1/2055 | BBB <sup>(d)</sup> | 1000000 | 1032953 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group | 5.00% |  | 2/1/2037 | BBB+ | 2000000 | 2014356 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group (AG) | 4.00% |  | 2/1/2051 | AA | 1000000 | 862646 |
| California Municipal Finance Authority- Eisenhower Medical Center | 5.00% |  | 7/1/2036 | Baa2 | 1580000 | 1597283 |
| California Municipal Finance Authority-PRS-California Obligated Group | 5.00% |  | 4/1/2044 | BBB+ <sup>(d)</sup> | 1415000 | 1471150 |
| California Public Finance Authority-Hazelden Betty Ford Foundation | 5.00% |  | 11/1/2054 | Baa1 | 2000000 | 2002163 |
| California Public Finance Authority- Kendal At Ventura<sup>†</sup> | 10.00% |  | 5/15/2028 | NR | 500000 | 523624 |
| California Public Finance Authority- Marisol HB LLC Obligated Group<sup>†(c)</sup> | 5.10% | <sup>#(a)</sup> | 4/1/2066 | NR | 1350000 | 1343627 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.625% |  | 6/1/2065 | NR | 1000000 | 1028012 |
| California Public Finance Authority-QSH/MB LLC<sup>†</sup> | 6.75% |  | 7/1/2065 | NR | 990000 | 1041196 |

---

178 *See Notes to Financial Statements.*

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-John Muir Health Obligated Group | 5.25% | 12/1/2054 | A | $3850000 | $4014450 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB+ | 2335000 | 2340081 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2048 | BB+ | 1395000 | 1414266 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group | 5.50% | 12/1/2054 | BB+ | 2225000 | 2228037 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2041 | BB+ | 2350000 | 2352078 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB+ | 2150000 | 2152389 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB+ | 1090000 | 1109458 |
| Los Angeles County Public Works Financing Authority-County of Los Angeles CA | 5.50% | 12/1/2053 | AA+ | 2000000 | 2153663 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | CCC+ | 3750000 | 3640051 |
| Regents of the University of California Medical Center Pooled Revenue | 3.50% | 5/15/2054 | AA- | 4000000 | 3172116 |
| Washington Township Health Care District CA | 5.75% | 7/1/2053 | Baa3 | 2100000 | 2158344 |
| *Total* |  |  |  |  | 97504828 |
| **Housing 6.69%** |  |  |  |  |  |
| California Community Housing Agency Arbors Apartments<sup>†</sup> | 5.00% | 8/1/2050 | NR | 965000 | 898375 |
| California Enterprise Development Authority-Provident Group-Pomona Properties LLC | 5.00% | 1/15/2045 | Baa3 | 4295000 | 4351126 |
| California Enterprise Development Authority-Provident Group-SDSU Properties LLC | 5.00% | 8/1/2040 | Baa3 | 1625000 | 1663222 |
| California Enterprise Development Authority-Provident Group-SDSU Properties LLC | 5.00% | 8/1/2050 | Baa3 | 2030000 | 2031646 |

---

*See Notes to Financial Statements.* 179

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Enterprise Development Authority-Provident Group-SDSU Properties LLC | 5.00% |  | 8/1/2055 | Baa3 | $1075000 | $1075811 |
| California Housing Finance Agency | 3.25% |  | 8/20/2036 | BBB+ | 8231790 | 7872541 |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | AA- | 2989459 | 2863950 |
| California Municipal Finance Authority | 3.998% | <sup>#(a)</sup> | 11/20/2040 | BBB | 1734039 | 1616757 |
| California Municipal Finance Authority | 4.326% | <sup>#(a)</sup> | 11/20/2040 | NR | 1359903 | 919196 |
| California Municipal Finance Authority- Bowles Hall Foundation | 5.00% |  | 6/1/2050 | Baa3 | 500000 | 491210 |
| California Municipal Finance Authority- Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% |  | 8/15/2049 | A- | 2230000 | 2246224 |
| California Municipal Finance Authority- Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% |  | 8/15/2054 | A- | 2000000 | 1991834 |
| California Municipal Finance Authority-CHF-Davis I LLC | 5.00% |  | 5/15/2037 | Baa3 | 3000000 | 3078448 |
| California Municipal Finance Authority-CHF-Davis I LLC | 5.00% |  | 5/15/2048 | Baa3 | 2780000 | 2757783 |
| California Municipal Finance Authority-CHF-Davis II LLC (BAM) | 3.00% |  | 5/15/2051 | AA | 2500000 | 1820546 |
| California Municipal Finance Authority- CHF-Riverside I LLC | 5.00% |  | 5/15/2043 | Baa3 | 3000000 | 3020216 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.375% |  | 6/1/2059 | NR | 2000000 | 1820124 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.50% |  | 6/1/2054 | NR | 1000000 | 934236 |
| California Statewide Communities Development Authority-CHF-Irvine LLC | 5.00% |  | 5/15/2035 | Baa1 | 3100000 | 3104694 |
| CSCDA Community Improvement Authority Orange Portfolio CA<sup>†</sup> | 3.00% |  | 3/1/2057 | NR | 2000000 | 1338060 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% |  | 6/1/2047 | NR | 1500000 | 1056605 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% |  | 6/1/2057 | NR | 1000000 | 205147 |
| *Total* |  |  |  |  |  | 47157751 |

---

180 *See Notes to Financial Statements.*

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 1.56%** |  |  |  |  |  |  |
| California State Public Works Board<sup>(c)</sup> | 5.00% |  | 9/1/2047 | Aa3 | $2000000 | $2115511 |
| California State Public Works Board | 5.00% |  | 4/1/2050 | Aa3 | 2000000 | 2093355 |
| California State Public Works Board-State of California Department of General Services | 4.00% |  | 11/1/2046 | Aa3 | 2100000 | 2018346 |
| Los Angeles County Public Works Financing Authority-County of Los Angeles CA | 5.50% |  | 12/1/2054 | AA+ | 2000000 | 2160656 |
| San Diego Public Facilities Financing Authority-City of San Diego CA | 5.25% |  | 10/15/2055 | AA- | 2500000 | 2646327 |
| *Total* |  |  |  |  |  | 11034195 |
| **Other Revenue 2.59%** |  |  |  |  |  |  |
| California Infrastructure & Economic Development Bank-Los Angeles County Museum of Natural History Foundation | 4.00% |  | 7/1/2050 | A2 | 2625000 | 2429698 |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% |  | 8/1/2038 | BBB- | 1000000 | 1011999 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(a)</sup> | 11/1/2051 | NR | 69385 | 48136 |
| Municipal Improvement Corp. of Los Angeles<sup>(b)</sup> | 5.50% |  | 5/1/2055 | A+ | 5500000 | 5868631 |
| San Diego Unified School District<sup>(b)</sup> | 5.00% |  | 7/1/2055 | Aa2 | 8000000 | 8324790 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 540000 | 589766 |
| *Total* |  |  |  |  |  | 18273020 |
| **Pollution Control 0.23%** |  |  |  |  |  |  |
| California Municipal Finance Authority-Republic Services Inc AMT | 3.875% | <sup>#(a)</sup> | 3/1/2054 | A- | 1600000 | 1590191 |
| **Power 0.47%** |  |  |  |  |  |  |
| Southern California Public Power Authority | 5.25% |  | 7/1/2053 | Aa3 | 3180000 | 3291663 |
| **Pre-Refunded 0.09%** |  |  |  |  |  |  |
| M-S-R Energy Authority CA | 6.50% |  | 11/1/2039 | BBB+ | 555000 | 658444 |
| **Special Tax 3.83%** |  |  |  |  |  |  |
| California Statewide Communities Development Authority | 5.00% |  | 9/2/2046 | BBB- | 860000 | 879684 |
| California Statewide Communities Development Authority | 5.00% |  | 9/2/2051 | BBB- | 2220000 | 2253135 |

---

*See Notes to Financial Statements.* 181

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| California Statewide Communities Development Authority | 5.00% | 9/2/2054 | BBB- | $3000000 | $3006667 |
| California Statewide Communities Development Authority | 5.00% | 9/2/2056 | BBB- | 3180000 | 3208117 |
| City of Fontana Community Facilities District No 109 CA | 5.00% | 9/1/2049 | NR | 1000000 | 1001850 |
| City of Fontana Community Facilities District No 109 CA | 5.00% | 9/1/2054 | NR | 1400000 | 1385940 |
| City of Irvine CA Special Tax (BAM) | 5.25% | 9/1/2053 | AA | 3000000 | 3157401 |
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% | 9/1/2052 | NR | 1500000 | 1504906 |
| County of Orange CA Community Facilities District No 2023-1 | 5.50% | 8/15/2053 | NR | 1375000 | 1411569 |
| Fairfield Community Facilities District- City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2054 | NR | 2000000 | 1968074 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 1325000 | 1337410 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% | 9/1/2052 | AA | 1000000 | 1040862 |
| River Islands Public Financing Authority Community Facilities District 2023-1 Improvement Area 3 CA | 5.00% | 9/1/2055 | NR | 3000000 | 2871382 |
| 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 | 1959260 |
| *Total* |  |  |  |  | 26986257 |
| **Tax Revenue 2.78%** |  |  |  |  |  |
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2037 | AA | 1700000 | 1849853 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 1925000 | 1935076 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 1639000 | 420114 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 503000 | 496284 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4283000 | 4225818 |

---

182 *See Notes to Financial Statements.*

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 4.536% | 7/1/2053 | NR | $7000 | $6265 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 4849854 | 4522790 |
| River Islands Public Financing Authority Community Facilities District No 2023-1 Area 2 CA | 5.00% | 9/1/2048 | NR | 1650000 | 1619390 |
| River Islands Public Financing Authority Community Facilities District No 2023-1 Area 2 CA | 5.00% | 9/1/2054 | NR | 1000000 | 959443 |
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4400000 | 3600638 |
| *Total* |  |  |  |  | 19635671 |
| **Taxable Revenue-Water & Sewer 2.08%** |  |  |  |  |  |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% | 11/21/2045 | Baa2 | 1100000 | 1137039 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue<sup>(b)</sup> | 5.00% | 10/1/2054 | AA | 10000000 | 10402410 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 5.00% | 10/1/2054 | AA | 3000000 | 3120723 |
| *Total* |  |  |  |  | 14660172 |
| **Tobacco 2.15%** |  |  |  |  |  |
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 8675000 | 2170309 |
| California Statewide Financing Authority<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | 10000000 | 584608 |
| Golden State Tobacco Securitization Corp.-Golden State Tobacco Securitization Corp CA | 5.00% | 6/1/2051 | BBB | 2765000 | 2710109 |
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 15000000 | 1503237 |
| Inland Empire Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2036 | CCC | 1000000 | 488839 |
| Inland Empire Tobacco Securitization Corp. CA<sup>†</sup> | Zero Coupon | 6/1/2057 | CCC | 3000000 | 181043 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 5000000 | 1840286 |

---

*See Notes to Financial Statements.* 183

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 |  | 6/1/2056 | NR | $2250000 | $198696 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | 5.00% |  | 6/1/2048 | BBB+ | 5475000 | 5491447 |
| *Total* |  |  |  |  |  | 15168574 |
| **Transportation 20.33%** |  |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon |  | 10/1/2051 | AA | 1000000 | 571498 |
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon |  | 10/1/2053 | AA | 5000000 | 1224443 |
| Alameda Corridor Transportation Authority CA (AG) | 5.00% |  | 10/1/2052 | AA | 5300000 | 5417733 |
| Alameda Corridor Transportation Authority CA (NATL) | Zero Coupon |  | 10/1/2034 | A- | 1000000 | 744667 |
| Bay Area Toll Authority CA | 5.00% |  | 4/1/2044 | AA | 3000000 | 3483557 |
| Bay Area Toll Authority CA | 5.00% |  | 4/1/2045 | AA | 1200000 | 1309295 |
| Bay Area Toll Authority CA | 5.00% | <sup>#(a)</sup> | 4/1/2061 | AA | 2300000 | 2585020 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% |  | 7/1/2049 | A | 1365000 | 1418380 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% |  | 7/1/2054 | A | 4350000 | 4473734 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 4.00% |  | 12/31/2047 | BB+ <sup>(d)</sup> | 4675000 | 4105762 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% |  | 12/31/2034 | BB+ <sup>(d)</sup> | 1700000 | 1745293 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% |  | 12/31/2035 | BB+ <sup>(d)</sup> | 1205000 | 1234371 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% |  | 12/31/2043 | BB+ <sup>(d)</sup> | 3565000 | 3602331 |
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% |  | 7/1/2048 | AA | 5220000 | 5282900 |
| City of Long Beach Airport System Revenue CA (AG) AMT | 5.25% |  | 6/1/2047 | AA | 1330000 | 1367429 |
| City of Los Angeles Department of Airports CA | 5.25% |  | 5/15/2051 | Aa3 | 5750000 | 6126753 |
| City of Los Angeles Department of Airports CA AMT | 4.00% |  | 5/15/2041 | AA- | 4420000 | 4291512 |
| City of Los Angeles Department of Airports CA AMT | 4.00% |  | 5/15/2049 | AA- | 2505000 | 2238998 |

---

184 See Notes to Financial Statements.

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2051 | AA- | $5350000 | $4685950 |
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2045 | Aa3 | 2000000 | 2134890 |
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2000000 | 2074393 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1100000 | 1212833 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2055 | Aa3 | 5250000 | 5546942 |
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2054 | A+ | 2000000 | 2068596 |
| County of Sacramento Airport System Revenue CA | 5.25% | 7/1/2054 | A+ | 3500000 | 3679788 |
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1500000 | 1201741 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 3600000 | 2842381 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 3010000 | 2625497 |
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.95% | 1/15/2053 | AA | 2730000 | 2399968 |
| Norman Y Mineta San Jose International Airport SJC CA (BAM) AMT | 4.00% | 3/1/2042 | AA | 6000000 | 5763250 |
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1750000 | 1895963 |
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1415000 | 1417493 |
| San Diego County Regional Airport Authority CA | 5.25% | 7/1/2055 | Aa3 | 2500000 | 2650386 |
| San Diego County Regional Airport Authority CA AMT | 5.25% | 7/1/2045 | Aa3 | 4700000 | 5016833 |
| San Diego County Regional Airport Authority CA AMT | 5.50% | 7/1/2055 | Aa3 | 6750000 | 7125565 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2042 | Aa3 | 3180000 | 3523662 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 4.00% | 5/1/2052 | Aa3 | 4875000 | 4239779 |

---

*See Notes to Financial Statements.* 185

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% |  | 5/1/2039 | Aa3 | $1370000 | $1468141 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% |  | 5/1/2049 | Aa3 | 3600000 | 3743469 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2055 | AA- | 5000000 | 5281906 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2055 | AA- | 5500000 | 5810097 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.75% |  | 5/1/2048 | Aa3 | 2000000 | 2137610 |
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% |  | 1/15/2044 | A | 3932000 | 3665641 |
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% |  | 1/15/2050 | A | 4825000 | 4339483 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% |  | 1/15/2044 | A- | 1425000 | 1425699 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% |  | 1/15/2049 | A- | 1185000 | 1185468 |
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon |  | 1/15/2036 | Baa1 | 1450000 | 985048 |
| *Total* |  |  |  |  |  | 143372148 |
| **Utilities 12.37%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 4.00% | <sup>#(a)</sup> | 2/1/2052 | A1 | 4000000 | 3994282 |
| California Community Choice Financing Authority | 5.00% |  | 3/1/2036 | Baa1 | 4290000 | 4458951 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2054 | A1 | 2500000 | 2641663 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2055 | A1 | 5775000 | 6116003 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 2/1/2055 | Aa3 | 3000000 | 3226309 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 8/1/2055 | A2 | 3000000 | 3114773 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 10/1/2055 | A2 | 5000000 | 5050578 |

---

186 See Notes to Financial Statements.

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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> | 1/1/2056 | A1 | $5975000 | $6056961 |
| California Community Choice Financing Authority | 5.00% | <sup>#(a)</sup> | 3/1/2056 | Aa3 | 4500000 | 4847358 |
| California Community Choice Financing Authority | 5.25% |  | 2/1/2036 | A3 | 1500000 | 1610259 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 11/21/2045 | Baa2 | 3870000 | 3924221 |
| Central Valley Energy Authority CA | 5.00% | <sup>#(a)</sup> | 12/1/2055 | Aa3 | 5570000 | 5998330 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.00% |  | 7/1/2042 | A- | 1545000 | 1608454 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 250000 | 269485 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2044 | A- | 1000000 | 1070304 |
| Indio Electric Financing Authority-Imperial Irrigation District Electric System Revenue CA | 5.25% |  | 1/1/2053 | A1 | 3685000 | 3842673 |
| Long Beach Bond Finance Authority CA | 4.052%<br>(3 mo. USD Term SOFR \* 0.67 + 1.43% |)<sup>#</sup> | 11/15/2026 | A1 | 1025000 | 1028435 |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2035 | Aa3 | 4000000 | 4500802 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2053 | AA | 3500000 | 3599112 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2034 | Aa3 | 1200000 | 1346666 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2035 | Aa3 | 1160000 | 1305233 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2055 | Aa3 | 5000000 | 5104096 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 700000 | 662245 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2047 | NR | 1000000 | 880023 |
| Sacramento Municipal Utility District CA | 5.00% |  | 11/15/2054 | Aa2 | 1000000 | 1040779 |

---

See Notes to Financial Statements. 187

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |  |
| Southern California Public Power Authority | 4.099%<br>(3 mo. USD Term SOFR \* 0.67 + 1.47% | 4.099%<br>(3 mo. USD Term SOFR \* 0.67 + 1.47% |)<sup>#</sup> | 11/1/2038 | A2 | $815000 | $798203 |
| Southern California Public Power Authority 5.00% |  |  |  | 11/1/2033 | A2 | 3625000 | 3817512 |
| Southern California Public Power Authority-Los Angeles Department of Water & Power |  | 5.00% |  | 7/1/2053 | Aa3 | 2000000 | 2041569 |
| Transbay Joint Powers Authority CA Tax Allocation |  | 5.00% |  | 10/1/2032 | BBB+ <sup>(d)</sup> | 1090000 | 1124456 |
| Transbay Joint Powers Authority CA Tax Allocation |  | 5.00% |  | 10/1/2034 | BBB+ <sup>(d)</sup> | 300000 | 308668 |
| Transbay Joint Powers Authority CA Tax Allocation |  | 5.00% |  | 10/1/2035 | BBB+ <sup>(d)</sup> | 200000 | 204673 |
| Transbay Joint Powers Authority CA Tax Allocation |  | 5.00% |  | 10/1/2038 | BBB+ <sup>(d)</sup> | 650000 | 659524 |
| Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment CA |  | 5.00% |  | 10/1/2049 | A- <sup>(d)</sup> | 1000000 | 998326 |
| *Total* |  |  |  |  |  |  | 87250926 |
| *Total Municipal Bonds* (cost $724,619,114) | *Total Municipal Bonds* (cost $724,619,114) | *Total Municipal Bonds* (cost $724,619,114) |  |  |  |  | 715582170 |
| **WARRANTS 0.00%** |  |  |  |  |  |  |  |
| **Construction & Engineering 0.00%** |  |  |  |  |  |  |  |
| BL Train Holdings West LLC\* (cost $0) |  | 11.50% |  | 12/1/2035 | NR | 22526 | 39420 <sup>(e)</sup> |
| *Total Long-Term Investments* (cost $724,619,114) | *Total Long-Term Investments* (cost $724,619,114) | *Total Long-Term Investments* (cost $724,619,114) |  |  |  |  | 715621590 |
|  | 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 1.51%** | **VARIABLE RATE DEMAND NOTES 1.51%** |  |  |  |  |  |  |
| **Education 0.35%** |  |  |  |  |  |  |  |
| University of California | 2.300% | 4/1/2026 |  | 5/15/2048 | AA | 2500000 | 2500000 |
| **Health Care 0.38%** |  |  |  |  |  |  |  |
| Regents of the University of California Medical Center Pooled Revenue | 2.330% | 4/1/2026 |  | 5/15/2032 | AA- | 2000000 | 2000000 |
| Regents of the University of California Medical Center Pooled Revenue | 2.550% | 4/1/2026 |  | 5/15/2045 | AA- | 685000 | 685000 |
| Total |  |  |  |  |  |  | 2685000 |

---

188 See Notes to Financial Statements.

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Transportation 0.78%** |  |  |  |  |  |  |
| Bay Area Toll Authority CA | 2.350% | 4/1/2026 | 4/1/2055 | AA+ | $5500000 | $5500000 |
| *Total Variable Rate Demand Notes* (cost $10,685,000) | *Total Variable Rate Demand Notes* (cost $10,685,000) | *Total Variable Rate Demand Notes* (cost $10,685,000) |  |  |  | 10685000 |
| **REPURCHASE AGREEMENTS 0.15%** |  |  |  |  |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,039,400 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,055,608; proceeds: $1,034,831<br>(cost $1,034,738) |  |  |  |  | 1034738 | 1034738 |
| *Total Short-Term Investments* (cost $11,719,738) | *Total Short-Term Investments* (cost $11,719,738) |  |  |  |  | 11719738 |
| *Total Investments in Securities 103.12%* (cost $736,338,852) | *Total Investments in Securities 103.12%* (cost $736,338,852) | *Total Investments in Securities 103.12%* (cost $736,338,852) |  |  |  | 727341328 |
| *Other Assets and Liabilities – Net*<sup>(g)</sup> *(3.12)%* | *Other Assets and Liabilities – Net*<sup>(g)</sup> *(3.12)%* | *Other Assets and Liabilities – Net*<sup>(g)</sup> *(3.12)%* |  |  |  | (22033275) |
| *Net Assets 100.00%* |  |  |  |  |  | $705308053 |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At March 31, 2026, the total value of Rule 144A securities was $41,897,037, which represents 5.94% of net assets. |
| # | Variable rate security. The interest rate represents the rate in effect at March 31, 2026. |
| \* | Non-income producing security. |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| (b) | Municipal Bonds Held in Trust-Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| (c) | Securities purchased on a when-issued basis (See Note 2(h)). |
| (d) | This investment has been rated by Fitch IBCA. |
| (e) | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note ("VRDN") back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
| (g) | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

Futures Contracts at March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| U.S. Long Bond | June 2026 | 55 | Short | $(6427734) | $(6263125) | $164609 |

---

See Notes to Financial Statements. 189

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

CALIFORNIA TAX FREE FUND *March 31, 2026*

The following is a summary of the inputs used as of March 31, 2026 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> | $– | $715582170 | $– | $715582170 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 39420 | 39420 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 10685000 |  | 10685000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1034738 | – | 1034738 |
| **Total** | $– | $727301908 | $39420 | $727341328 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $164609 | $– | $– | $164609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| **Total** | $164609 | $– | $– | $164609 |

---

<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 Trust (See Note 2(e)).

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 and a summary of unobservable inputs 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.

190 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 98.96%** |  |  |  |  |  |
| **MUNICIPAL BONDS 98.96%** |  |  |  |  |  |
| **Corporate-Backed 1.42%** |  |  |  |  |  |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC (AG) AMT | 5.00% | 1/1/2031 | AA | $225000 | $228892 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | A- | 100000 | 100199 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2037 | Baa2 | 295000 | 298615 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 1180000 | 1181383 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 650000 | 651099 |
| *Total* |  |  |  |  | 2460188 |
| **Education 14.70%** |  |  |  |  |  |
| Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2047 | BBB | 615000 | 636091 |
| Gloucester County Improvement Authority-Rowan University NJ | 5.00% | 7/1/2043 | A | 600000 | 648923 |
| Gloucester County Improvement Authority-Rowan University NJ (BAM) | 5.00% | 7/1/2054 | AA | 1000000 | 1017927 |
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500000 | 463003 |
| Middlesex County Improvement Authority-Rutgers The State University of New Jersey | 5.00% | 8/15/2053 | Aa3 | 2055000 | 2120357 |
| Middlesex County Improvement Authority NJ GTD | 4.00% | 8/15/2053 | AAA | 1000000 | 913786 |
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2036 | AA | 250000 | 281967 |
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2041 | AA | 200000 | 219443 |
| New Jersey Economic Development Authority-Provident Group-Montclair Properties LLC (AG) | 5.00% | 6/1/2042 | AA | 1250000 | 1261968 |
| New Jersey Educational Facilities Authority-Montclair State University Inc (AG) | 5.00% | 7/1/2041 | AA | 845000 | 918932 |
| New Jersey Educational Facilities Authority-Montclair State University Inc (AG) | 5.00% | 7/1/2044 | AA | 500000 | 531237 |
| New Jersey Educational Facilities Authority-New Jersey City University Inc (AG) | 4.00% | 7/1/2036 | AA | 745000 | 727329 |

---

See Notes to Financial Statements. 191

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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-Ramapo College of New Jersey (AG) | 4.00% |  | 7/1/2041 | AA | $545000 | $543836 |
| New Jersey Educational Facilities Authority-Seton Hall University | 4.00% |  | 7/1/2046 | BBB+ | 545000 | 469441 |
| New Jersey Educational Facilities Authority-Seton Hall University | 5.00% |  | 7/1/2034 | BBB+ | 335000 | 335666 |
| New Jersey Educational Facilities Authority-Seton Hall University (AG) | 3.25% |  | 7/1/2049 | AA | 480000 | 386715 |
| New Jersey Educational Facilities Authority-State of New Jersey | 5.00% |  | 9/1/2036 | A1 | 1145000 | 1258093 |
| New Jersey Educational Facilities Authority-State of New Jersey | 5.25% |  | 9/1/2053 | A1 | 750000 | 779548 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 3.00% |  | 7/1/2050 | BBB+ | 1350000 | 940759 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 4.00% |  | 7/1/2050 | BBB+ | 200000 | 169146 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 5.00% |  | 7/1/2030 | BBB+ | 530000 | 541778 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 5.00% |  | 7/1/2047 | BBB+ | 1850000 | 1852134 |
| New Jersey Educational Facilities Authority-Stockton University- Stockton University | 5.00% |  | 7/1/2041 | A3 | 800000 | 800785 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.00% |  | 3/1/2038 | AAA | 355000 | 395370 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.00% | <sup>#(a)</sup> | 7/1/2064 | AAA | 1000000 | 1153078 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.25% |  | 3/1/2054 | AAA | 3635000 | 3843113 |
| New Jersey Educational Facilities Authority-William Paterson University of New Jersey (AG) | 3.00% |  | 7/1/2039 | AA | 250000 | 216612 |
| New Jersey Educational Facilities Authority-William Paterson University of New Jersey (AG) | 3.00% |  | 7/1/2040 | AA | 250000 | 213433 |
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% |  | 12/1/2040 | AA | 605000 | 576765 |

---

192 *See Notes to Financial Statements.*

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Higher Education Student Assistance Authority AMT | 3.25% |  | 12/1/2039 | Aa1 | $110000 | $104004 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2037 | AA | 500000 | 563409 |
| New Jersey Institute of Technology (BAM) | 5.25% |  | 7/1/2055 | AA | 500000 | 528012 |
| *Total* |  |  |  |  |  | 25412660 |
| **Financial Services 0.12%** |  |  |  |  |  |  |
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% |  | 12/1/2028 | Aaa | 200000 | 207658 |
| **General Obligation 7.69%** |  |  |  |  |  |  |
| City of Atlantic City NJ GO (BAM), (ST AID WITHHLDG) | 5.00% |  | 3/1/2042 | AA | 750000 | 754783 |
| City of Jersey City NJ GO | 4.00% |  | 10/1/2037 | A2 | 1045000 | 1059402 |
| City of Newark Mass Transit Access Tax Revenue NJ (AG) | 5.375% |  | 11/15/2052 | AA | 1670000 | 1765166 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2043 | NR | 156961 | 105360 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 52676 | 38288 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 40933 | 40886 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2035 | NR | 36793 | 36281 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 31578 | 30519 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 45175 | 46052 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 44442 | 46940 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 43166 | 47151 |
| County of Hudson NJ GO | 2.00% |  | 11/15/2035 | AA | 1000000 | 823517 |
| County of Ocean NJ GO | 4.00% |  | 11/1/2044 | Aaa | 1000000 | 990670 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 5.25% |  | 11/1/2047 | A1 | 860000 | 900382 |
| New Jersey Health Care Facilities Financing Authority-State of New Jersey | 5.00% |  | 10/1/2037 | A1 | 1000000 | 1027198 |
| New Jersey Infrastructure Bank | 5.00% |  | 9/1/2052 | AAA | 500000 | 516064 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.25% |  | 6/15/2044 | A1 | 500000 | 492412 |
| Plainfield Board of Education NJ GO (AG) | 4.00% |  | 10/15/2043 | AA | 480000 | 474662 |
| Rutherford Board of Education NJ GO | 2.50% |  | 12/15/2034 | AA- | 1000000 | 879511 |
| State of New Jersey GO | 2.50% |  | 6/1/2038 | Aa3 | 1490000 | 1235383 |
| Union County Improvement Authority NJ | 4.125% |  | 4/15/2054 | Aaa | 250000 | 231493 |
| Union County Utilities Authority-Covanta Union LLC NJ GTD AMT | 4.75% |  | 12/1/2031 | AA+ | 920000 | 920187 |

---

See Notes to Financial Statements. 193

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Washington Township Board of Education/Gloucester County NJ GO | 4.00% | 8/1/2043 | AA- | $820000 | $822495 |
| *Total* |  |  |  |  | 13284802 |
| **Health Care 10.45%** |  |  |  |  |  |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 220000 | 220069 |
| New Jersey Health Care Facilities Financing Authority-AtlantiCare Health System Obligated Group | 2.375% | 7/1/2046 | AA- | 695000 | 453705 |
| New Jersey Health Care Facilities Financing Authority-Inspira Health Obligated Group | 4.125% | 7/1/2054 | A2 | 1665000 | 1466956 |
| New Jersey Health Care Facilities Financing Authority-Inspira Health Obligated Group | 5.00% | 7/1/2042 | A2 | 1215000 | 1228560 |
| New Jersey Health Care Facilities Financing Authority-Inspira Health Obligated Group | 5.25% | 7/1/2054 | A2 | 1720000 | 1788747 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 1345000 | 1006081 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 4.00% | 7/1/2051 | AA- | 1500000 | 1408994 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2043 | AA- | 2295000 | 2302293 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 5.25% | 7/1/2054 | AA- | 1500000 | 1566222 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 1345000 | 1127319 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2027 | BBB- | 100000 | 100301 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 1000000 | 1000997 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2041 | BBB- | 3135000 | 3124026 |

---

194 *See Notes to Financial Statements.*

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-University Hospital (AG) | 5.00% | 7/1/2046 | AA | $1275000 | $1276952 |
| *Total* |  |  |  |  | 18071222 |
| **Housing 0.44%** |  |  |  |  |  |
| New Jersey Economic Development Authority-Provident Group-Rowan Properties LLC | 5.00% | 1/1/2048 | B1 | 250000 | 242497 |
| New Jersey Housing & Mortgage Finance Agency (HUD) | 3.15% | 5/1/2053 | AA- | 100000 | 72945 |
| Passaic County Improvement Authority NJ | 4.00% | 11/1/2051 | Aa1 | 475000 | 440658 |
| *Total* |  |  |  |  | 756100 |
| **Lease Obligations 7.07%** |  |  |  |  |  |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | A- | 1710000 | 1711780 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 210000 | 210151 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% | 6/15/2035 | A1 | 1100000 | 1151709 |
| New Jersey Economic Development Authority-State of New Jersey | 5.00% | 6/15/2042 | A1 | 900000 | 915497 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% | 6/15/2047 | A1 | 540000 | 545021 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% | 6/15/2048 | A1 | 500000 | 509049 |
| New Jersey Economic Development Authority-State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% | 7/1/2034 | Baa2 | 500000 | 498059 |
| New Jersey Educational Facilities Authority-State of New Jersey | 5.00% | 9/1/2036 | A1 | 545000 | 548171 |
| New Jersey Educational Facilities Authority-State of New Jersey | 5.50% | 9/1/2033 | A1 | 435000 | 438972 |
| New Jersey Health Care Facilities Financing Authority-State of New Jersey | 5.00% | 10/1/2038 | A1 | 520000 | 533101 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | Zero Coupon | 12/15/2031 | A1 | 1980000 | 1639271 |

---

See Notes to Financial Statements. 195

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $665187 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.00% | 12/15/2039 | A1 | 500000 | 497605 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.25% | 12/15/2038 | A1 | 470000 | 472712 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 12/15/2039 | A1 | 1000000 | 1042625 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2046 | A1 | 800000 | 833366 |
| *Total* |  |  |  |  | 12212276 |
| **Other Revenue 1.80%** |  |  |  |  |  |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 4.00% | 11/1/2044 | AA | 1250000 | 1164063 |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2041 | AA | 285000 | 302219 |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2044 | AA | 200000 | 208297 |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2041 | NR | 415000 | 411926 |
| Passaic County Improvement Authority-200 Hospital Plaza Corp. NJ | 5.00% | 5/1/2042 | AA | 750000 | 759248 |
| Territory of Guam | 5.00% | 1/1/2036 | Baa3 | 250000 | 270505 |
| *Total* |  |  |  |  | 3116258 |
| **Special Tax 0.36%** |  |  |  |  |  |
| New Jersey Economic Development Authority-NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 299414 | 307307 |
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520000 | 316239 |
| *Total* |  |  |  |  | 623546 |
| **Tax Revenue 3.80%** |  |  |  |  |  |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2035 | AA | 325000 | 358382 |
| New Jersey Infrastructure Bank | 5.00% | 9/1/2049 | AAA | 800000 | 837955 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 3.00% | 6/15/2050 | A1 | 550000 | 402146 |

---

196 *See Notes to Financial Statements.*

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $195634 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2033 | NR | 699000 | 538235 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2051 | NR | 2675000 | 685665 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% |  | 7/1/2040 | NR | 596000 | 588043 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% |  | 7/1/2040 | NR | 527000 | 519964 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% |  | 7/1/2053 | NR | 18000 | 16109 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 19000 | 18947 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 380000 | 378949 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% |  | 7/1/2053 | NR | 1779000 | 1659028 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% |  | 7/1/2058 | NR | 149000 | 137788 |
| Territory of Guam | 4.00% |  | 1/1/2042 | Baa3 | 250000 | 238157 |
| *Total* |  |  |  |  |  | 6575002 |
| **Taxable Revenue-Water & Sewer 0.65%** |  |  |  |  |  |  |
| Jersey City Municipal Utilities Authority Sewer Fund NJ (AG), (MUN GOVT GTD) | 5.25% |  | 10/15/2054 | AA | 500000 | 519390 |
| New Jersey Economic Development Authority-New Jersey-American Water Co Inc AMT | 3.75% | <sup>#(a)</sup> | 11/1/2034 | A+ | 600000 | 602272 |
| *Total* |  |  |  |  |  | 1121662 |
| **Tobacco 2.47%** |  |  |  |  |  |  |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BBB+ | 1000000 | 973908 |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BB+ | 2395000 | 2295019 |
| Tobacco Settlement Financing Corp. NJ | 5.25% |  | 6/1/2046 | BBB+ | 1000000 | 996843 |
| *Total* |  |  |  |  |  | 4265770 |
| **Transportation 42.60%** |  |  |  |  |  |  |
| Delaware River & Bay Authority | 4.00% |  | 1/1/2044 | A+ | 515000 | 500275 |
| Delaware River & Bay Authority | 5.00% |  | 1/1/2049 | A+ | 1250000 | 1308601 |

---

See Notes to Financial Statements. 197

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Delaware River Joint Toll Bridge Commission PA | 3.00% | 7/1/2049 | A+ | $1025000 | $744021 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% | 1/1/2035 | NR | 500000 | 519586 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 4.00% | 11/1/2044 | A1 | 275000 | 260315 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC (AG) AMT | 5.125% | 1/1/2039 | AA | 925000 | 939691 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 1590000 | 1574722 |
| New Jersey Transportation Trust Fund Authority<sup>(b)</sup> | 5.00% | 6/15/2055 | A | 2500000 | 2548314 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 3.00% | 6/15/2050 | A1 | 750000 | 549239 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.00% | 6/15/2042 | A1 | 435000 | 425699 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.00% | 6/15/2050 | A1 | 1080000 | 975662 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.125% | 6/15/2050 | A1 | 1100000 | 1013539 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2035 | A1 | 465000 | 525823 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 1000000 | 1110465 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2042 | A1 | 2000000 | 2169501 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2050 | A1 | 1500000 | 1543223 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2055 | A1 | 1200000 | 1223153 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2046 | A1 | 385000 | 405149 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2050 | A1 | 3185000 | 3324089 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2050 | A1 | 3005000 | 3150172 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2055 | A1 | 3905000 | 4058225 |

---

198 *See Notes to Financial Statements.*

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Transportation Trust Fund Authority-State of New Jersey NJ | 5.00% | 6/15/2044 | A1 | $750000 | $797190 |
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610000 | 602425 |
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | 1000000 | 951781 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2035 | AA- | 660000 | 753258 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2036 | AA- | 1050000 | 1193975 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2042 | AA- | 270000 | 288823 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2044 | AA- | 835000 | 892688 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2045 | AA- | 1750000 | 1857783 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | 1250000 | 1311070 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2050 | AA- | 2850000 | 3024233 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | 2110000 | 2200201 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2054 | AA- | 2800000 | 2920439 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2055 | AA- | 660000 | 691180 |
| Port Authority of New York & New Jersey | 4.00% | 9/1/2043 | AA- | 870000 | 850458 |
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | AA- | 500000 | 566231 |
| Port Authority of New York & New Jersey | 5.00% | 1/15/2038 | AA- | 500000 | 563505 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2045 | AA- | 500000 | 535125 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 360000 | 371362 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 500000 | 515780 |
| Port Authority of New York & New Jersey | 5.25% | 10/15/2051 | AA- | 750000 | 800379 |
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 1330000 | 1391301 |
| Port Authority of New York & New Jersey AMT | 4.00% | 7/15/2041 | AA- | 1000000 | 930615 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2032 | AA- | 555000 | 611964 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2034 | AA- | 605000 | 672973 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 415000 | 426709 |
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2035 | AA- | 1500000 | 1670619 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 635000 | 687601 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 750000 | 779638 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 970000 | 1057527 |

---

See Notes to Financial Statements. 199

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Port Authority of New York & New Jersey AMT | 5.00% | 8/1/2037 | AA- | $825000 | $879339 |
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 600000 | 603946 |
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | AA- | 500000 | 518520 |
| Port Authority of New York & New Jersey AMT | 5.00% | 8/15/2046 | AA- | 750000 | 801423 |
| Port Authority of New York & New Jersey AMT | 5.25% | 8/15/2056 | AA- | 2500000 | 2653889 |
| South Jersey Port Corp.-South Jersey Port Corp NJ AMT | 5.00% | 1/1/2035 | A2 | 860000 | 876713 |
| South Jersey Port Corp.-South Jersey Port Corp NJ AMT | 5.00% | 1/1/2036 | A2 | 1010000 | 1027829 |
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | A2 | 1955000 | 1941832 |
| South Jersey Transportation Authority NJ | 4.625% | 11/1/2047 | A- | 450000 | 450630 |
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | A- | 1765000 | 1810807 |
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1080000 | 984760 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2039 | AA | 100000 | 109982 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2041 | AA | 750000 | 787743 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500000 | 517507 |
| South Jersey Transportation Authority NJ (BAM) | 5.25% | 11/1/2052 | AA | 850000 | 879334 |
| *Total* |  |  |  |  | 73630551 |
| **Utilities 5.39%** |  |  |  |  |  |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% | 7/1/2043 | A- | 995000 | 1072550 |
| Jersey City Municipal Utilities Authority Sewer Fund NJ (BAM) | 5.75% | 10/15/2055 | AA | 1600000 | 1747382 |
| New Jersey Economic Development Authority-Middlesex Water Co AMT | 4.00% | 8/1/2059 | A+ | 500000 | 420815 |
| New Jersey Economic Development Authority-New Jersey Natural Gas Co | 3.50% | 4/1/2042 | A1 | 1680000 | 1495451 |

---

200 *See Notes to Financial Statements.*

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Jersey Economic Development Authority-New Jersey Natural Gas Co AMT | 3.00% |  | 8/1/2041 | A1 | $1580000 | $1311822 |
| New Jersey Economic Development Authority-New Jersey-American Water Co Inc AMT | 2.20% | <sup>#(a)</sup> | 10/1/2039 | A+ | 500000 | 471027 |
| New Jersey Economic Development Authority-UMM Energy Partners LLC AMT | 4.75% |  | 6/15/2032 | Baa2 | 1000000 | 1000279 |
| New Jersey Infrastructure Bank | 2.125% |  | 9/1/2046 | NR | 10000 | 9610 |
| New Jersey Infrastructure Bank | 2.125% |  | 9/1/2046 | Aaa | 440000 | 274760 |
| Passaic Valley Sewerage Commission NJ (AG) | 3.00% |  | 12/1/2038 | AA | 1000000 | 887891 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 380000 | 359504 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2030 | NR | 250000 | 263804 |
| *Total* |  |  |  |  |  | 9314895 |
| *Total Municipal Bonds* (cost $175,575,371) |  |  |  |  |  | 171052590 |
| *Total Long-Term Investments* (cost $175,575,371) |  |  |  |  |  | 171052590 |
| **SHORT-TERM INVESTMENTS 0.75%** |  |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.75%** |  |  |  |  |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,309,300 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,329,706; proceeds:<br>$1,303,556 (cost $1,303,438) |  |  |  |  | 1303438 | 1303438 |
| *Total Short-Term Investments* (cost $1,303,438) |  |  |  |  |  | 1303438 |
| *Total Investments in Securities 99.71%* (cost $176,878,809) | *Total Investments in Securities 99.71%* (cost $176,878,809) |  |  |  |  | 172356028 |
| *Other Assets and Liabilities – Net*<sup>(c)</sup> *0.29%* |  |  |  |  |  | 503680 |
| *Net Assets 100.00%* |  |  |  |  |  | $172859708 |

---

---

| | |
|:---|:---|
| 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 March 31, 2026. |
| <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 March 31, 2026, the total value of Rule 144A securities was $1,142,894, which represents 0.66% of net assets. |

---

See Notes to Financial Statements. 201

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

NEW JERSEY TAX FREE FUND *March 31, 2026*

<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. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust.

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

**Futures Contracts at March 31, 2026:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| U.S. Long Bond | June 2026 | 24 | Short | $(2804806) | $(2733000) | $71806 |

---

The following is a summary of the inputs used as of March 31, 2026 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> | $– | $171052590 | $– | $171052590 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1303438 | – | 1303438 |
| **Total** | $– | $172356028 | $– | $172356028 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $71806 | $– | $– | $71806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| **Total** | $71806 | $– | $– | $71806 |

---

<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 Trust (See Note 2(e)).

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.

202 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 101.17%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 101.17%** |  |  |  |  |  |  |
| **Corporate-Backed 9.91%** |  |  |  |  |  |  |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | Zero Coupon |  | 7/15/2047 | Ba1 | $250000 | $83835 |
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 230000 | 230314 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 4240000 | 3234028 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% |  | 5/1/2050 | AAA | 1535000 | 1578133 |
| New York Liberty Development Corp. | 2.10% |  | 11/15/2032 | A+ | 2790000 | 2446598 |
| New York Liberty Development Corp. | 2.875% |  | 11/15/2046 | A+ | 7355000 | 5422389 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 9950000 | 9950331 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 750000 | 750089 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1200000 | 1201009 |
| New York Liberty Development Corp.-Goldman Sachs Headquarters LLC | 5.25% |  | 10/1/2035 | A2 | 7215000 | 8204805 |
| New York Liberty Development Corp.-Goldman Sachs Headquarters LLC | 5.50% |  | 10/1/2037 | A2 | 3650000 | 4244480 |
| New York Liberty Development Corp.-One Bryant Park LLC | 2.80% |  | 9/15/2069 | Baa1 | 4630000 | 4325505 |
| New York State Energy Research & Development Authority-New York State Electric & Gas Corp | 4.00% |  | 4/1/2034 | A- | 2030000 | 2064070 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(a)</sup> | 12/1/2044 | B+ | 1500000 | 1452443 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 3.125% | <sup>#(a)</sup> | 12/1/2044 | B+ | 2000000 | 1997408 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(a)</sup> | 9/1/2050 | B+ | 1000000 | 1047823 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 2.25% |  | 8/1/2026 | BB <sup>(b)</sup> | 55000 | 54834 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 3.00% |  | 8/1/2031 | BB <sup>(b)</sup> | 3500000 | 3330360 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 1025000 | 1066178 |

---

*See Notes to Financial Statements.* 203

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 5.375% | 8/1/2036 | B+ | $1025000 | $1058090 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 1000000 | 1042542 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 2100000 | 2005325 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% | 11/1/2042 | B- | 1750000 | 1541920 |
| Westchester County Local Development Corp.-Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2034 | A <sup>(b)</sup> | 200000 | 205269 |
| *Total* |  |  |  |  | 58537778 |
| **Education 11.58%** |  |  |  |  |  |
| Build NYC Resource Corp.-Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 1250000 | 1248280 |
| Build NYC Resource Corp.-Manhattan College NY | 5.00% | 8/1/2033 | BBB | 1125000 | 1133253 |
| Build NYC Resource Corp.-New York Law School | 5.00% | 7/1/2041 | BBB- | 1175000 | 1132109 |
| Build NYC Resource Corp.-Nightingale-Bamford School NY | 5.00% | 7/1/2040 | A3 | 4500000 | 4876710 |
| Build NYC Resource Corp.-Packer Collegiate Institute NY | 5.00% | 6/1/2040 | A2 | 1690000 | 1691771 |
| Clinton County Capital Resource Corp.-Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 5.00% | 7/1/2046 | A+ | 1000000 | 1024086 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% | 7/1/2045 | BBB+ | 1000000 | 1000485 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% | 7/1/2051 | BBB+ | 1000000 | 973560 |
| Dutchess County Local Development Corp.-Culinary Institute of America NY | 4.00% | 7/1/2040 | Baa1 | 425000 | 403688 |
| Dutchess County Local Development Corp.-Culinary Institute of America NY | 5.00% | 7/1/2041 | Baa1 | 200000 | 200158 |
| Dutchess County Local Development Corp.-Culinary Institute of America NY | 5.00% | 7/1/2046 | Baa1 | 275000 | 274981 |
| Dutchess County Local Development Corp.-Marist College NY | 5.00% | 7/1/2043 | A2 | 2120000 | 2181566 |
| Dutchess County Local Development Corp.-Millbrook School NY | 4.00% | 9/1/2051 | A | 1530000 | 1286358 |

---

204 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Hempstead Town Local Development Corp.-Molloy College NY | 5.00% | 7/1/2034 | BBB | $825000 | $835060 |
| Hempstead Town Local Development Corp.-Molloy College NY | 5.00% | 7/1/2037 | BBB | 630000 | 635724 |
| Hempstead Town Local Development Corp.-Molloy College NY | 5.00% | 7/1/2039 | BBB | 555000 | 558844 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2049 | AA | 2050000 | 1502499 |
| New York State Dormitory Authority-Cornell University | 5.50% | 7/1/2054 | Aa1 | 5625000 | 6016763 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 2365000 | 2366561 |
| New York State Dormitory Authority-Iona University (AG) | 5.50% | 7/1/2044 | AA | 785000 | 856242 |
| New York State Dormitory Authority-Iona University (AG) | 5.50% | 7/1/2045 | AA | 870000 | 940242 |
| New York State Dormitory Authority-New School | 4.00% | 7/1/2047 | Baa1 | 1000000 | 872347 |
| New York State Dormitory Authority-New School | 4.00% | 7/1/2052 | Baa1 | 2580000 | 2134975 |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2045 | Baa1 | 2000000 | 2033761 |
| New York State Dormitory Authority-New York Institute of Technology | 5.25% | 7/1/2049 | BBB | 2410000 | 2436778 |
| New York State Dormitory Authority-New York Institute of Technology | 5.25% | 7/1/2054 | BBB | 1485000 | 1486176 |
| New York State Dormitory Authority-New York University | 5.25% | 7/1/2051 | Aa2 | 5000000 | 5219018 |
| New York State Dormitory Authority-Pace University | 5.00% | 5/1/2035 | BBB- | 2000000 | 2179943 |
| New York State Dormitory Authority-Pace University | 5.50% | 5/1/2049 | BBB- | 3250000 | 3367264 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 2/15/2041 | NR | 5000 | 5162 |
| New York State Dormitory Authority-State University of New York Dormitory Facilities Revenue | 5.25% | 7/1/2055 | Aa3 | 2710000 | 2824977 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2037 | BBB- | 1000000 | 1030680 |

---

*See Notes to Financial Statements.* 205

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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% |  | 7/15/2042 | BBB- | $1530000 | $1539253 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% |  | 10/1/2040 | AA | 1500000 | 1634206 |
| Onondaga Civic Development Corp.<sup>(c)</sup> | 5.50% |  | 12/1/2056 | AA- | 3500000 | 3747569 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 4.00% |  | 7/1/2041 | Baa2 | 415000 | 377583 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 5.00% |  | 7/1/2046 | Baa2 | 600000 | 592729 |
| Troy Capital Resource Corp.-Rensselaer Polytechnic Institute NY | 5.00% |  | 8/1/2032 | A3 | 1495000 | 1498376 |
| Westchester County Local Development Corp.-Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% |  | 7/1/2042 | A <sup>(b)</sup> | 450000 | 454006 |
| Westchester County Local Development Corp.-Sarah Lawrence College NY | 4.00% |  | 6/1/2030 | BBB- | 2165000 | 2159008 |
| Westchester County Local Development Corp.-Sarah Lawrence College NY | 4.00% |  | 6/1/2033 | BBB- | 1710000 | 1679856 |
| *Total* |  |  |  |  |  | 68412607 |
| **General Obligation 9.29%** |  |  |  |  |  |  |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2035 | AA | 400000 | 430272 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2036 | AA | 300000 | 321064 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2037 | AA | 810000 | 863384 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2042 | AA | 500000 | 523297 |
| City of New York NY GO | 4.125% |  | 8/1/2053 | AA | 2230000 | 1983671 |
| City of New York NY GO<sup>(d)</sup> | 5.25% |  | 2/1/2046 | AA | 2000000 | 2140255 |
| City of New York NY GO | 5.25% |  | 3/1/2047 | AA | 1645000 | 1723280 |
| City of New York NY GO | 5.25% |  | 3/1/2049 | AA | 2500000 | 2604650 |
| City of New York NY GO | 5.25% |  | 2/1/2050 | AA | 1500000 | 1567744 |
| City of New York NY GO | 5.25% |  | 8/1/2050 | AA | 2000000 | 2086399 |
| City of New York NY GO | 5.25% |  | 10/1/2051 | AA | 3000000 | 3129793 |
| City of New York NY GO | 5.25% |  | 2/1/2053 | AA | 500000 | 519319 |
| City of New York NY GO | 5.25% |  | 3/1/2053 | AA | 2500000 | 2584546 |
| City of New York NY GO | 5.25% |  | 10/1/2055 | AA | 4135000 | 4288835 |
| City of New York NY GO<sup>(c)</sup> | 5.25% |  | 10/1/2055 | Aa2 | 7000000 | 7260115 |
| City of New York NY GO | 5.50% |  | 5/1/2044 | AA | 2085000 | 2232621 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(a)</sup> | 11/1/2043 | NR | 727957 | 488641 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 256309 | 186299 |

---

206 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2033 | NR | $189842 | $189624 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2035 | NR | 234642 | 231377 |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 146457 | 141547 |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 209517 | 213585 |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 206118 | 217703 |
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 215202 | 235067 |
| County of Nassau NY GO | 4.00% | 4/1/2053 | AA | 2140000 | 1920590 |
| Jefferson County Civic Facility Development Corp.-Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 3000000 | 2947685 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 2/1/2051 | AAA | 3750000 | 3384409 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | AAA | 2000000 | 2164117 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 5.00% | 3/15/2044 | Aa1 | 3000000 | 3192566 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 5.00% | 3/15/2050 | Aa1 | 5000000 | 5142276 |
| *Total* |  |  |  |  | 54914731 |
| **Health Care 14.85%** |  |  |  |  |  |
| Albany Capital Resource Corp.-Albany Medical Center Hospital Obligated Group NY | 5.50% | 5/1/2055 | A | 3500000 | 3681209 |
| Brookhaven Local Development Corp.-Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2045 | BBB+ <sup>(b)</sup> | 1170000 | 1058264 |
| Brookhaven Local Development Corp.-Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2055 | BBB+ <sup>(b)</sup> | 1000000 | 825484 |
| Brookhaven Local Development Corp.-Long Island Community Hospital at NYU Langone Health Obligated NY | 3.375% | 10/1/2040 | A+ | 610000 | 539708 |
| Broome County Local Development Corp.-United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2036 | AA | 1030000 | 951266 |
| Broome County Local Development Corp.-United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2037 | AA | 1500000 | 1357912 |
| Buffalo & Erie County Industrial Land Development Corp.-Orchard Park CCRC Inc NY | 5.00% | 11/15/2037 | BBB <sup>(b)</sup> | 1000000 | 1000734 |

---

*See Notes to Financial Statements.* 207

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY<sup>†</sup> | 7.00% | 12/15/2065 | NR | $4500000 | $4486608 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2044 | BBB+ | 1250000 | 1132151 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2049 | BBB+ | 3620000 | 3119976 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 2000000 | 1946211 |
| Genesee County Funding Corp.-Monroe Sustainable Energy Partners LLC NY | 5.50% | 12/1/2055 | BBB+ | 1500000 | 1530460 |
| Genesee County Funding Corp.-Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 1000000 | 985927 |
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2035 | BBB+ | 600000 | 591204 |
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2036 | BBB+ | 450000 | 437695 |
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2034 | BBB+ | 250000 | 250972 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2027 | A- | 625000 | 628177 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2028 | A- | 2045000 | 2055523 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2033 | A- | 905000 | 907532 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2160000 | 1520061 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B | 2895000 | 2351488 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2032 | B | 500000 | 495995 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | Ba3 | 1000000 | 1000264 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | Ba3 | 2900000 | 2885062 |

---

208 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2033 | BBB | $4340000 | $4346529 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2034 | BBB | 1750000 | 1752424 |
| New York State Dormitory Authority-Maimonides Medical Center (FHA) | 3.00% | 2/1/2050 | AA+ | 1000000 | 725311 |
| New York State Dormitory Authority-Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 1000000 | 1048697 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 475000 | 449982 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2037 | BBB- | 1820000 | 1701580 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 1540000 | 1420811 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 9/1/2050 | BBB- | 5500000 | 4648700 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.00% | 8/1/2035 | BBB- | 525000 | 532476 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.50% | 11/1/2047 | BBB- | 1000000 | 1029760 |
| New York State Dormitory Authority-Mount Sinai Hospital Obligated Group | 5.25% | 7/1/2050 | BBB | 2000000 | 1984323 |
| New York State Dormitory Authority-Northwell Health Obligated Group | 5.00% | 5/1/2038 | A- | 1005000 | 1071153 |
| New York State Dormitory Authority-Roswell Park Cancer Institute Corp Obligated Group (AG) | 5.50% | 7/1/2050 | AA | 2100000 | 2243270 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 1125000 | 1130190 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 3000000 | 3143721 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B | 1000000 | 893115 |
| Oneida County Local Development Corp.-Mohawk Valley Health System Obligated Group NY (AG) | 4.00% | 12/1/2049 | AA | 4645000 | 4085297 |
| Onondaga Civic Development Corp.-Crouse Health Hospital Inc Obligated Group NY | 5.125% | 8/1/2044 | B <sup>(b)</sup> | 1250000 | 1183828 |

---

*See Notes to Financial Statements.* 209

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| Onondaga Civic Development Corp.-Crouse Health Hospital Inc Obligated Group NY | 5.375% | 8/1/2054 | B <sup>(b)</sup> | $500000 | $454679 |
| Southold Local Development Corp.-Peconic Landing at Southold Inc NY | 5.00% | 12/1/2045 | BBB <sup>(b)</sup> | 1000000 | 999928 |
| Tompkins County Development Corp.-Kendal at Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920000 | 920256 |
| Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BB | 3030000 | 2783016 |
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB | 95000 | 95005 |
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB | 40000 | 39995 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2049 | AA | 4295000 | 4584729 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 1640000 | 1734547 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 3000000 | 3315428 |
| Westchester County Local Development Corp.-New York Blood Center Inc | 5.00% | 7/1/2035 | Baa1 | 1510000 | 1632772 |
| Westchester County Local Development Corp.-New York Blood Center Inc | 5.00% | 7/1/2038 | Baa1 | 950000 | 1009048 |
| Westchester County Local Development Corp.-QSH/Tarrytown LLC NY<sup>†</sup> | 6.375% | 12/1/2055 | NR | 1040000 | 1053948 |
| *Total* |  |  |  |  | 87754401 |
| **Housing 2.35%** |  |  |  |  |  |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.375% | 12/15/2031 | Baa3 | 500000 | 508800 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% | 12/15/2031 | NR | 2250000 | 2309694 |
| New York City Housing Development Corp.-New York City Housing Development Corp NY | 4.55% | 11/1/2054 | AA+ | 1500000 | 1456061 |
| New York City Housing Development Corp. NY | 3.35% | 11/1/2065 | AA+ | 1270000 | 910282 |
| New York State Dormitory Authority | 5.00% | 7/1/2048 | Aa3 | 1040000 | 1074349 |
| New York State Dormitory Authority | 5.00% | 7/1/2053 | Aa3 | 2090000 | 2128526 |
| New York State Housing Finance Agency | 3.15% | 11/1/2054 | Aa2 | 1000000 | 715122 |

---

210 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| New York State Housing Finance Agency-325 Kent LLC (FNMA) | 3.95% | <sup>#(a)</sup> | 11/1/2050 | Aa1 | $3000000 | $3027495 |
| Westchester County Local Development Corp.-Purchase Housing Corp II NY | 5.00% |  | 6/1/2047 | BBB | 1815000 | 1724509 |
| *Total* |  |  |  |  |  | 13854838 |
| **Other 0.41%** |  |  |  |  |  |  |
| Build NYC Resource Corp.-Children's Aid Society NY | 4.00% |  | 7/1/2049 | A+ | 2775000 | 2413053 |
| **Other Revenue 2.31%** |  |  |  |  |  |  |
| Battery Park City Authority NY | 5.25% |  | 11/1/2055 | Aaa | 2000000 | 2104722 |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 3135000 | 3142368 |
| Build NYC Resource Corp.-Shefa School NY<sup>†</sup> | 5.00% |  | 6/15/2051 | NR | 1315000 | 1171852 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 500000 | 546080 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2032 | AA+ | 1250000 | 1404518 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2047 | AA+ | 2000000 | 2097505 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.50% |  | 5/15/2052 | AA+ | 3020000 | 3173122 |
| *Total* |  |  |  |  |  | 13640167 |
| **Special Tax 3.03%** |  |  |  |  |  |  |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2040 | AA | 2145000 | 1815249 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY | 4.00% |  | 3/1/2045 | Baa1 | 1950000 | 1789375 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | Zero Coupon |  | 3/1/2043 | AA | 425000 | 190457 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | Zero Coupon |  | 3/1/2044 | AA | 640000 | 269809 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | Zero Coupon |  | 3/1/2047 | AA | 385000 | 133251 |

---

*See Notes to Financial Statements.* 211

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |
| New York City Transitional Finance Authority<sup>(c)</sup> | 5.50% | 5/1/2052 | AAA | $3000000 | $3193701 |
| New York City Transitional Finance Authority<sup>(c)</sup> | 5.50% | 5/1/2053 | AAA | 5000000 | 5329157 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1370000 | 1505814 |
| New York Transportation Development Corp.<sup>(c)</sup> | 6.00% | 6/30/2050 | Baa3 | 1000000 | 1058523 |
| New York Transportation Development Corp.<sup>(c)</sup> | 6.00% | 6/30/2055 | Baa3 | 2500000 | 2625552 |
| *Total* |  |  |  |  | 17910888 |
| **Tax Revenue 16.82%** |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2053 | AAA | 1215000 | 1067252 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 2000000 | 2229709 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2043 | AAA | 2000000 | 2138801 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2050 | AAA | 1190000 | 1223439 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 3000000 | 3127411 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 2/1/2052 | AAA | 1000000 | 1048537 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2052 | AAA | 3000000 | 3142733 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2055 | AAA | 7575000 | 7905865 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2055 | AAA | 2750000 | 2875044 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2047 | AAA | 5000000 | 5356613 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2049 | AAA | 3000000 | 3209637 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 2/1/2050 | AAA | 3200000 | 3436752 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2050 | AAA | 1500000 | 1608759 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 1000000 | 1069182 |

---

212 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 Convention Center Development Corp.-New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | $6690000 | $6693633 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 4.00% | 3/15/2045 | Aa1 | 1970000 | 1828133 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2047 | Aa1 | 5500000 | 5751216 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 3500000 | 3579350 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue<sup>(c)</sup> | 5.25% | 3/15/2052 | Aa1 | 3500000 | 3648368 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.25% | 3/15/2056 | Aa1 | 1000000 | 1046447 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.50% | 3/15/2053 | Aa1 | 5500000 | 5883718 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% | 3/15/2049 | Aa1 | 3620000 | 3748496 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 4500000 | 4615264 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.25% | 3/15/2050 | AA+ | 2000000 | 2114883 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2049 | Aa1 | 2165000 | 2242139 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708000 | 589399 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 779000 | 599835 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7476000 | 1916273 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2510000 | 2476489 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 1189000 | 1173126 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64000 | 57277 |

---

*See Notes to Financial Statements.* 213

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 4.55% | 7/1/2040 | NR | $250000 | $249309 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380000 | 378950 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 2325000 | 2168207 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 180000 | 166455 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1922000 | 1829984 |
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.00% | 12/1/2050 | A+ | 2610000 | 2681389 |
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.25% | 12/1/2047 | A+ | 4250000 | 4514552 |
| *Total* |  |  |  |  | 99392626 |
| **Taxable Revenue-Water & Sewer 1.06%** |  |  |  |  |  |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 1500000 | 1576415 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% | 6/15/2055 | AA+ | 4500000 | 4707331 |
| *Total* |  |  |  |  | 6283746 |
| **Tobacco 2.10%** |  |  |  |  |  |
| Erie Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2055 | NR | 8000000 | 612154 |
| Erie Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2060 | NR | 20000000 | 500480 |
| Monroe Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2061 | NR | 10000000 | 322506 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 15000000 | 652380 |
| Nassau County Tobacco Settlement Corp. NY | 5.125% | 6/1/2046 | CC | 2085000 | 1473269 |
| New York Counties Tobacco Trust IV | Zero Coupon | 6/1/2060 | NR | 20000000 | 913318 |
| Rockland Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 8/15/2060 | NR | 10575000 | 740309 |
| Suffolk Tobacco Asset Securitization Corp. NY | Zero Coupon | 6/1/2066 | NR | 7700000 | 653054 |
| TSASC, Inc. NY | 5.00% | 6/1/2034 | BBB | 1000000 | 1014220 |

---

214 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |  |  |  |  |  |  |
| TSASC, Inc. NY | 5.00% |  | 6/1/2035 | BBB | $300000 | $303945 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2036 | BBB | 100000 | 101167 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2041 | BBB | 545000 | 548461 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2048 | NR | 3300000 | 3027269 |
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% |  | 6/1/2051 | B- | 1845000 | 1547117 |
| *Total* |  |  |  |  |  | 12409649 |
| **Transportation 22.84%** |  |  |  |  |  |  |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% |  | 7/1/2050 | BBB+ | 3100000 | 3195531 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2048 | A | 1750000 | 1538325 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2051 | A | 3200000 | 2725663 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2043 | A | 1000000 | 1060177 |
| Metropolitan Transportation Authority NY | 5.00% | <sup>#(a)</sup> | 11/15/2045 | A2 | 3030000 | 3233150 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2046 | A | 1250000 | 1253685 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2050 | A | 4340000 | 4369103 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2049 | A | 4355000 | 4502394 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2055 | A | 1000000 | 1013285 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2055 | A | 3465000 | 3548373 |
| Metropolitan Transportation Authority NY | 5.50% |  | 11/15/2047 | A | 3135000 | 3324814 |
| New York City Transitional Development Corp.-JFK NTO LLC NY AMT | 5.375% |  | 6/30/2060 | Baa3 | 6945000 | 6894624 |
| New York State Thruway Authority | 4.00% |  | 1/1/2044 | Aa3 | 1120000 | 1092076 |
| New York State Thruway Authority | 5.00% |  | 1/1/2051 | A1 | 1500000 | 1536846 |
| New York State Thruway Authority | 5.25% |  | 1/1/2056 | A1 | 3250000 | 3378449 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% |  | 1/1/2036 | Baa2 | 3625000 | 3571715 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2036 | Baa2 | 3370000 | 3423073 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 10/1/2040 | Baa2 | 4645000 | 4712894 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% |  | 4/1/2040 | Baa2 | 1500000 | 1577055 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% |  | 4/1/2035 | Baa2 | 1500000 | 1645679 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% |  | 10/31/2041 | BBB- <sup>(b)</sup> | 860000 | 820315 |

---

*See Notes to Financial Statements.* 215

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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.-Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2046 | BBB- <sup>(b)</sup> | $1500000 | $1343049 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | BBB- <sup>(b)</sup> | 5910000 | 5028629 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 | 1800000 | 1685971 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 | 345000 | 325770 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 | 1450000 | 1352789 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2041 | Baa1 | 2950000 | 2734315 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2042 | Baa1 | 1055000 | 1085286 |
| New York Transportation Development Corp.-JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 15000000 | 15090434 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2049 | Baa3 | 2500000 | 2500950 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 5380000 | 5391845 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 10000000 | 10363824 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 2550000 | 2327817 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2315000 | 1983566 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 13805000 | 13805416 |
| Port Authority of New York & New Jersey AMT | 5.00% | 8/15/2048 | AA- | 3500000 | 3683709 |
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 4225000 | 4413443 |
| Triborough Bridge & Tunnel Authority NY | 5.25% | 11/15/2050 | AA- | 3240000 | 3410530 |
| Total |  |  |  |  | 134944569 |

---

216 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Credit<br>Rating:<br>S&P or<br>Moody's** | **Principal<br>Amount** | **Fair<br>Value** |
| **Utilities 4.62%** |  |  |  |  |  |  |
| Chautauqua County Capital Resource Corp.-NRG Energy Inc NY | 4.25% | <sup>#(a)</sup> | 4/1/2042 | BBB- | $1000000 | $1015996 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 250000 | 269485 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2045 | A- | 1000000 | 1063145 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 4.125% |  | 6/15/2047 | AA+ | 2000000 | 1886916 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY<sup>(d)</sup> | 5.00% |  | 6/15/2046 | AA+ | 1000000 | 1058384 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2048 | AA+ | 2050000 | 2158735 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2053 | AA+ | 3000000 | 3122086 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2055 | AA+ | 6000000 | 6288397 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.50% |  | 6/15/2056 | AA+ | 3000000 | 3214884 |
| New York Energy Finance Development Corp. | 5.00% | <sup>#(a)</sup> | 7/1/2056 | A1 | 5000000 | 5107823 |
| New York Power Authority | 4.00% |  | 11/15/2050 | Aa1 | 1000000 | 898379 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 700000 | 662245 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2030 | NR | 500000 | 527607 |
| *Total* |  |  |  |  |  | 27274082 |
| *Total Municipal Bonds* (cost $619,353,329) |  |  |  |  |  | 597743135 |
| *Total Long-Term Investments* (cost $619,353,329) |  |  |  |  |  | 597743135 |

---

*See Notes to Financial Statements.* 217

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

NEW YORK TAX FREE FUND *March 31, 2026*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 0.61%** |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 0.36%** |  |  |  |  |  |  |
| **General Obligation 0.19%** |  |  |  |  |  |  |
| City of New York NY GO | 2.850% | 4/1/2026 | 10/1/2046 | AA | $600000 | $600000 |
| City of New York NY GO | 2.900% | 4/1/2026 | 4/1/2042 | AA | 500000 | 500000 |
| *Total* |  |  |  |  |  | 1100000 |
| **Utilities 0.17%** |  |  |  |  |  |  |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 2.700% | 4/15/2026 | 6/15/2050 | AA+ | 1000000 | 1000000 |
| *Total Variable Rate Demand Notes* (cost $2,100,000) | *Total Variable Rate Demand Notes* (cost $2,100,000) |  |  |  |  | 2100000 |
| **REPURCHASE AGREEMENTS 0.25%** |  |  |  |  |  |  |
| Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,497,300 of U. S. Treasury Note at 4.375% due 7/15/2027 value: $1,520,606; proceeds: $1,490,761 (cost $1,490,626) | Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,497,300 of U. S. Treasury Note at 4.375% due 7/15/2027 value: $1,520,606; proceeds: $1,490,761 (cost $1,490,626) | Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,497,300 of U. S. Treasury Note at 4.375% due 7/15/2027 value: $1,520,606; proceeds: $1,490,761 (cost $1,490,626) |  |  | 1490626 | 1490626 |
| *Total Short-Term Investments* (cost $3,590,626) | *Total Short-Term Investments* (cost $3,590,626) | *Total Short-Term Investments* (cost $3,590,626) |  |  |  | 3590626 |
| *Total Investments in Securities 101.78%* (cost $622,943,955) | *Total Investments in Securities 101.78%* (cost $622,943,955) | *Total Investments in Securities 101.78%* (cost $622,943,955) |  |  |  | 601333761 |
| *Other Assets and Liabilities – Net*<sup>(f)</sup> *(1.78)%* | *Other Assets and Liabilities – Net*<sup>(f)</sup> *(1.78)%* | *Other Assets and Liabilities – Net*<sup>(f)</sup> *(1.78)%* |  |  |  | (10497299) |
| *Net Assets 100.00%* |  |  |  |  |  | $590836462 |

---

---

| | |
|:---|:---|
| AG | AG Insured by Assured Guaranty, Inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by Build America Mutual. |
| FHA | Insured by Federal Housing Administration. |
| FNMA | Federal National Mortgage Association. |
| NR | Not Rated. |
| SIFMA | Insured by Securities Industry and Financial Markets Association. |
| 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 March 31, 2026, the total value of Rule 144A securities was $32,546,304, which represents 5.51% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at March 31, 2026. |
| <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. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(d)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |

---

218 *See Notes to Financial Statements.*

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

NEW YORK TAX FREE FUND *March 31, 2026*

<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:

**Futures Contracts at March 31, 2026:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U. S. Long Bond | June 2026 | 87 | Short | $(10167475) | $(9907125) | $260350 |

---

The following is a summary of the inputs used as of March 31, 2026 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> | $– | $597743135 | $– | $597743135 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 2100000 |  | 2100000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1490626 | – | 1490626 |
| **Total** | $– | $601333761 | $– | $601333761 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $260350 | $– | $– | $260350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| **Total** | $260350 | $– | $– | $260350 |

---

<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 Trust (See Note 2(e)).

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 Financial Statements.* 219

**Statements of Assets and Liabilities (unaudited)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration** | **Intermediate** | **National** |
| **ASSETS:** | | | |
| Investments in securities, at cost | $1736978083 | $5495709188 | $5081328988 |
| Investments in securities, at fair value | $1736675131 | $5489002829 | $5034178934 |
| Cash | 299 | 14968 | 47073 |
| Deposits with brokers for futures collateral |  |  | 1801900 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest | 17808664 | 73087108 | 69923470 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 5686077 | 18087495 | 19480826 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 1097822 | 3404690 | 5390151 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 13632 |  |  |
| Prepaid expenses | 47294 | 165849 | 201890 |
| **Total assets** | 1761328919 | 5583762939 | 5131024244 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 34596612 | 80029970 | 59844734 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 3448266 | 9140857 | 11333129 |
| &nbsp;&nbsp;&nbsp;Management fee | 497441 | 1785870 | 1568818 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 232633 | 606239 | 499592 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 175274 | 650151 | 633392 |
| &nbsp;&nbsp;&nbsp;Fund administration | 58522 | 187113 | 164734 |
| &nbsp;&nbsp;&nbsp;Trust certificates (See Note 2(e)) |  | 10550000 | 224150000 |
| &nbsp;&nbsp;&nbsp;Interest expense and fees |  | 101262 | 1642472 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  |  | 182579 |
| Distributions payable | 4081393 | 16288459 | 16518470 |
| Accrued expenses | 170006 | 563938 | 433624 |
| **Total liabilities** | 43260147 | 119903859 | 316971544 |
| **Commitments and contingent liabilities (See Note 2(e))** | – | – | – |
| **NET ASSETS** | $1718068772 | $5463859080 | $4814052700 |
| **COMPOSITION OF NET ASSETS:** |  |  |  |
| Paid-in capital | $1819779244 | $5874138604 | $5286400956 |
| Total distributable earnings/(loss) | (101710472) | (410279524) | (472348256) |
| **Net Assets** | $1718068772 | $5463859080 | $4814052700 |

---

220 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Short Duration<br>High Income** | **California** | **New Jersey** | **New York** |
| $4606811300 | $2800029768 | $736338852 | $176878809 | $622943955 |
| $4475009312 | $2794243191 | $727341328 | $172356028 | $601333761 |
| 209 | 1077511 | 7 |  |  |
|  | 2086275 | 203500 | 88800 | 321900 |
| 77042989 | 43341859 | 9471413 | 2131112 | 8284620 |
| 22495757 | 14401491 | 2968885 | 1090702 | 1862342 |
| 6294827 | 7109001 |  |  |  |
| 114751 | 172387 | 37913 | 27749 | 35500 |
| 4580957845 | 2862431715 | 740023046 | 175694391 | 611838123 |
| 19145455 | 45942986 | 14593292 | 151129 | 3193735 |
| 10904548 | 9207896 | 1255987 | 359765 | 808172 |
| 1612993 | 768224 | 269646 | 66163 | 225715 |
| 415239 | 103339 | 79135 | 21547 | 75154 |
| 376220 | 162808 | 90230 | 28980 | 98436 |
| 148560 | 94742 | 23968 | 5881 | 20064 |
| 172915000 | 7500000 | 16000000 | 1665000 | 14500000 |
| 1418190 | 71987 | 140879 | 12323 | 122327 |
|  | 233455 | 20594 | 9000 | 32599 |
| 18264011 | 10204058 | 2144206 | 475293 | 1838259 |
| 510446 | 279610 | 97056 | 39602 | 87200 |
| 225710662 | 74569105 | 34714993 | 2834683 | 21001661 |
| – | – | – | – | – |
| $4355247183 | $2787862610 | $705308053 | $172859708 | $590836462 |
| $5105623611 | $2915236672 | $759588870 | $182122551 | $640192437 |
| (750376428) | (127374062) | (54280817) | (9262843) | (49355975) |
| $4355247183 | $2787862610 | $705308053 | $172859708 | $590836462 |

---

*See Notes to Financial Statements.* 221

**Statements of Assets and Liabilities (unaudited)(concluded)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration** | **Intermediate** | **National** |
| **Net Assets by class:** |  |  |  |
| Class A Shares | $782991454 | $1978624385 | $2629017227 |
| Class C Shares | $14571277 | $41412859 | $46376271 |
| Class F Shares | $18302100 | $62251277 | $44409156 |
| Class F3 Shares | $276026929 | $399138224 | $549318481 |
| Class I Shares | $626177012 | $2982432335 | $1544931565 |
| **Outstanding shares by class:\*** |  |  |  |
| Class A Shares | 51855774 | 193793963 | 257569864 |
| Class C Shares | 965075 | 4061175 | 4538984 |
| Class F Shares | 1211983 | 6099908 | 4355490 |
| Class F3 Shares | 18273741 | 39076275 | 53844716 |
| Class I Shares | 41458151 | 292135702 | 151452353 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*\*** |  |  |  |
| Class A Shares-Net asset value | $15.10 | $10.21 | $10.21 |
| Class A Shares-Maximum offering price<br> (Net asset value plus sales charge of 2.25%, 2.25%, 2.25%, 2.25%, 2.25%, 2.25%, 2.25% and 2.25%, respectively) | $15.45 | $10.45 | $10.45 |
| Class C Shares-Net asset value | $15.10 | $10.20 | $10.22 |
| Class F Shares-Net asset value | $15.10 | $10.21 | $10.20 |
| Class F3 Shares-Net asset value | $15.11 | $10.21 | $10.20 |
| Class I Shares-Net asset value | $15.10 | $10.21 | $10.20 |

---

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

\*\* Net asset value may not recalculate due to rounding of fractional shares.

222 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Short Duration<br>High Income** | **California** | **New Jersey** | **New York** |
| $2045315840 | $806581674 | $449637863 | $127140737 | $407390192 |
| $99622542 | $32403660 | $13032109 | $– | $13590150 |
| $40075233 | $8449079 | $2175333 | $1930015 | $9199114 |
| $207888712 | $105960557 | $76941778 | $2941491 | $6178430 |
| $1962344856 | $1834467640 | $163520970 | $40847465 | $154478576 |
| 193896086 | 57064574 | 45429882 | 27179525 | 39146969 |
| 9441211 | 2292251 | 1316101 |  | 1307559 |
| 3795937 | 597781 | 219834 | 412377 | 883192 |
| 19745326 | 7496193 | 7776367 | 628075 | 593449 |
| 186375835 | 129783120 | 16532015 | 8724569 | 14837061 |
| $10.55 | $14.13 | $9.90 | $4.68 | $10.41 |
| $10.79 | $14.46 | $10.13 | $4.79 | $10.65 |
| $10.55 | $14.14 | $9.90 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $10.39 |
| $10.56 | $14.13 | $9.90 | $4.68 | $10.42 |
| $10.53 | $14.14 | $9.89 | $4.68 | $10.41 |
| $10.53 | $14.13 | $9.89 | $4.68 | $10.41 |

---

*See Notes to Financial Statements.* 223

**Statements of Operations (unaudited)**

*For the Six Months Ended March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration** | **Intermediate** | **National** |
| **Investment income:** |  |  |  |
| Interest and other | $28864027 | $112820262 | $117978771 |
| **Expenses:** |  |  |  |
| Management fee | 2859490 | 10224917 | 9254972 |
| 12b-1 distribution plan–Class A | 774077 | 1970030 | 2639218 |
| 12b-1 distribution plan–Class C | 63381 | 184865 | 202953 |
| 12b-1 distribution plan–Class F | 9615 | 31879 | 23254 |
| Shareholder servicing | 373147 | 1555220 | 1033794 |
| Fund administration | 336411 | 1068836 | 972232 |
| Registration | 116020 | 143762 | 217269 |
| Directors' fees | 28520 | 88934 | 81317 |
| Professional | 27488 | 44692 | 46296 |
| Reports to shareholders | 26853 | 105905 | 62669 |
| Custody | 8453 | 24068 | 22938 |
| Interest expense and fees (See Note 2(e)) |  | 181113 | 2925680 |
| Other | 72631 | 88273 | 85443 |
| Gross expenses | 4696086 | 15712494 | 17568035 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (118379) | (24068) | (22938) |
| **Net expenses** | 4577707 | 15688426 | 17545097 |
| **Net investment income** | 24286320 | 97131836 | 100433674 |
| **Net realized and unrealized gain/(loss):** |  |  |  |
| Net realized gain/(loss) on investments | 1227590 | 15508397 | (5184311) |
| Net realized gain/(loss) on futures contracts |  |  | (2107284) |
| Net change in unrealized appreciation/(depreciation) on investments | (13071771) | (42071918) | (37266378) |
| Net change in unrealized appreciation/(depreciation) on futures contracts | – | – | 3013064 |
| **Net realized and unrealized gain/(loss)** | (11844181) | (26563521) | (41544909) |
| **Net Increase in Net Assets Resulting From Operations** | $12442139 | $70568315 | $58888765 |

---

224 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Short Duration<br>High Income** | **California** | **New Jersey** | **New York** |
| $125571244 | $63977947 | $15483832 | $3468626 | $13267373 |
| 9279507 | 4165340 | 1554845 | 379700 | 1323662 |
| 2015565 | 727180 | 440013 | 126297 | 410253 |
| 425063 | 129280 | 55198 |  | 62510 |
| 20988 | 4456 | 1430 | 953 | 4454 |
| 1148895 | 647846 | 114278 | 32244 | 124396 |
| 853156 | 511727 | 138209 | 33751 | 117659 |
| 116158 | 138891 | 41860 | 32384 | 40644 |
| 70854 | 39975 | 11491 | 2766 | 10014 |
| 45524 | 36631 | 24128 | 20820 | 24358 |
| 63476 | 27625 | 9175 | 5321 | 10293 |
| 19567 | 12574 | 4205 | 1985 | 3955 |
| 2490646 | 128754 | 182925 | 19657 | 195282 |
| 71020 | 75075 | 63615 | 17111 | 55925 |
| 16620419 | 6645354 | 2641372 | 672989 | 2383405 |
| (19570) | (12574) | (4205) | (3370) | (3955) |
| 16600849 | 6632780 | 2637167 | 669619 | 2379450 |
| 108970395 | 57345167 | 12846665 | 2799007 | 10887923 |
| 3900131 | 2720938 | (652859) | (108462) | (1871434) |
|  | (1392213) | (237086) | (36260) | (286975) |
| (47121272) | (32747158) | (4687972) | 59739 | (954286) |
| – | 2702721 | 339405 | 98929 | 456242 |
| (43221141) | (28715712) | (5238512) | 13946 | (2656453) |
| $65749254 | $28629455 | $7608153 | $2812953 | $8231470 |

---

*See Notes to Financial Statements.* 225

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Short Duration** | **Short Duration** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br>Six Months Ended<br>March 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
| **Operations:** | | |
| Net investment income | $24286320 | $46916066 |
| Net realized gain/(loss) | 1227590 | (2094196) |
| Net change in unrealized appreciation/(depreciation) | (13071771) | 2791191 |
| **Net increase (decrease) in net assets resulting from operations** | 12442139 | 47613061 |
| Distributions to Shareholders:<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10723339) | (20979951) |
| &nbsp;&nbsp;&nbsp;Class C | (161715) | (349355) |
| &nbsp;&nbsp;&nbsp;Class F | (275853) | (654723) |
| &nbsp;&nbsp;&nbsp;Class F3 | (4062983) | (7717202) |
| &nbsp;&nbsp;&nbsp;Class I | (8967425) | (17001400) |
| **Total distribution to shareholders** | (24191315) | (46702631) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 320649083 | 649135818 |
| Reinvestment of distributions | 19161174 | 36347375 |
| Cost of shares reacquired | (255933467) | (601683929) |
| **Net increase in net assets resulting from capital share transactions** | 83876790 | 83799264 |
| **Net increase in net assets** | 72127614 | 84709694 |
| **NET ASSETS:** |  |  |
| Beginning of period | $1645941158 | $1561231464 |
| **End of period** | $1718068772 | $1645941158 |

---

<sup>(1)</sup> Refer to Note 5 in the Notes to Financial Statements for the tax character of distributions.

226 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Intermediate** | **Intermediate** | **National** | **National** |
| **For the<br>Six Months Ended<br>March 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>September 30, 2025** | **For the<br>Six Months Ended<br>March 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
| $97131836 | $177609043 | $100433674 | $184225967 |
| 15508397 | (7703082) | (7291595) | (39579916) |
| (42071918) | (60039625) | (34253314) | (149628803) |
| 70568315 | 109866336 | 58888765 | (4982752) |
| (34133160) | (64789881) | (52228584) | (100504162) |
| (639907) | (1551880) | (816036) | (1791140) |
| (1135933) | (2661477) | (941427) | (2196221) |
| (7106593) | (12173781) | (11424893) | (20922673) |
| (52887421) | (94269155) | (32919958) | (55385186) |
| (95903014) | (175446174) | (98330898) | (180799382) |
| 912891919 | 1680661072 | 744190207 | 1655040069 |
| 71969723 | 132698117 | 88878204 | 166428284 |
| (682817236) | (1518164782) | (783964327) | (1590520994) |
| 302044406 | 295194407 | 49104084 | 230947359 |
| 276709707 | 229614569 | 9661951 | 45165225 |
| $5187149373 | $4957534804 | $4804390749 | $4759225524 |
| $5463859080 | $5187149373 | $4814052700 | $4804390749 |

---

*See Notes to Financial Statements.* 227

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **High Income** | **High Income** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br>Six Months Ended<br>March 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
| **Operations:** | | |
| Net investment income | $108970395 | $198914790 |
| Net realized gain/(loss) | 3900131 | (18299519) |
| Net change in unrealized appreciation/(depreciation) | (47121272) | (187644892) |
| **Net increase (decrease) in net assets resulting from operations** | 65749254 | (7029621) |
| Distributions to Shareholders:<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (49285709) | (92964476) |
| &nbsp;&nbsp;&nbsp;Class C | (2174770) | (4620201) |
| &nbsp;&nbsp;&nbsp;Class F | (1044533) | (3035918) |
| &nbsp;&nbsp;&nbsp;Class F3 | (5155134) | (8840528) |
| &nbsp;&nbsp;&nbsp;Class I | (48567882) | (84412663) |
| **Total distribution to shareholders** | (106228028) | (193873786) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 929703200 | 1554595024 |
| Reinvestment of distributions | 97326130 | 176188272 |
| Cost of shares reacquired | (772090126) | (1487806659) |
| **Net increase in net assets resulting from capital share transactions** | 254939204 | 242976637 |
| **Net increase in net assets** | 214460430 | 42073230 |
| **NET ASSETS:** |  |  |
| Beginning of period | $4140786753 | $4098713523 |
| **End of period** | $4355247183 | $4140786753 |

---

<sup>(1)</sup> Refer to Note 5 in the Notes to Financial Statements for the tax character of distributions.

228 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration High Income** | **Short Duration High Income** | **California** | **California** |
| **For the<br>Six Months Ended<br>March 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>September 30, 2025** | **For the<br>Six Months Ended<br>March 31, 2026 <br> (unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
| $57345167 | $79203151 | $12846665 | $23689749 |
| 1328725 | (3414195) | (889945) | (4336267) |
| (30044437) | (8894949) | (4348567) | (20624313) |
| 28629455 | 66894007 | 7608153 | (1270831) |
| (15350854) | (21014951) | (7889558) | (14532288) |
| (529489) | (804767) | (193285) | (447660) |
| (191609) | (471182) | (52215) | (287731) |
| (2084471) | (2843149) | (1369778) | (2310197) |
| (37551363) | (51908278) | (3092880) | (5698561) |
| (55707786) | (77042327) | (12597716) | (23276437) |
| 903366937 | 1425037379 | 137043094 | 217656925 |
| 51731391 | 71824132 | 11538135 | 21462105 |
| (478591712) | (669403037) | (111106898) | (209369702) |
| 476506616 | 827458474 | 37474331 | 29749328 |
| 449428285 | 817310154 | 32484768 | 5202060 |
| $2338434325 | $1521124171 | $672823285 | $667621225 |
| $2787862610 | $2338434325 | $705308053 | $672823285 |

---

*See Notes to Financial Statements.* 229

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **New Jersey** | **New Jersey** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br>Six Months Ended<br>March 31, 2026<br>(unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
| **Operations:** | | |
| Net investment income | $2799007 | $4905083 |
| Net realized gain/(loss) | (144722) | (270136) |
| Net change in unrealized appreciation/(depreciation) | 158668 | (4075555) |
| **Net increase (decrease) in net assets resulting from operations** | 2812953 | 559392 |
| Distributions to Shareholders:<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2049825) | (3597221) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class F | (31873) | (80258) |
| &nbsp;&nbsp;&nbsp;Class F3 | (46309) | (87215) |
| &nbsp;&nbsp;&nbsp;Class I | (653556) | (1117766) |
| **Total distribution to shareholders** | (2781563) | (4882460) |
| Capital share transactions (See Note 13): |  |  |
| Net proceeds from sales of shares | 26785271 | 60083925 |
| Reinvestment of distributions | 2272929 | 3978351 |
| Cost of shares reacquired | (17366316) | (38973583) |
| **Net increase in net assets resulting from capital share transactions** | 11691884 | 25088693 |
| **Net increase in net assets** | 11723274 | 20765625 |
| **NET ASSETS:** |  |  |
| Beginning of period | $161136434 | $140370809 |
| **End of period** | $172859708 | $161136434 |

---

<sup>(1)</sup> Refer to Note 5 in the Notes to Financial Statements for the tax character of distributions.

230 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **New York** | **New York** |
| **For the<br>Six Months Ended<br>March 31, 2026 <br> (unaudited)** | **For the<br>Year Ended<br>September 30, 2025** |
| $10887923 | $20186071 |
| (2158409) | (4514423) |
| (498044) | (17434653) |
| 8231470 | (1763005) |
| (7432570) | (13960802) |
| (218626) | (446712) |
| (166047) | (311374) |
| (119311) | (213878) |
| (2839137) | (5069136) |
| (10775691) | (20001902) |
| 93279834 | 191744135 |
| 9672213 | 17845399 |
| (94359297) | (173592627) |
| 8592750 | 35996907 |
| 6048529 | 14232000 |
| $584787933 | $570555933 |
| $590836462 | $584787933 |

---

*See Notes to Financial Statements.* 231

**Financial Highlights**

SHORT DURATION TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br>beginning of<br>period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br>realized and<br>unrealized<br>gain/(loss)** | **Total from<br>investment<br>operations** | **Net<br>investment<br>income** |<br>**Net asset<br>value,<br>end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(c)</sup> | $15.20 | $0.21 | $(0.10) | $0.11 | $(0.21) | $15.10 |
| 9/30/2025 | 15.21 | 0.43 | (0.01)<sup>(f)</sup> | 0.42 | (0.43) | 15.20 |
| 9/30/2024 | 14.81 | 0.43 | 0.40 | 0.83 | (0.43) | 15.21 |
| 9/30/2023 | 14.78 | 0.32 | 0.03 | 0.35 | (0.32) | 14.81 |
| 9/30/2022 | 15.84 | 0.15 | (1.06) | (0.91) | (0.15) | 14.78 |
| 9/30/2021 | 15.80 | 0.15 | 0.04 | 0.19 | (0.15) | 15.84 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(c)</sup> | 15.20 | 0.16 | (0.10) | 0.06 | (0.16) | 15.10 |
| 9/30/2025 | 15.20 | 0.34 | (0.01)<sup>(f)</sup> | 0.33 | (0.33) | 15.20 |
| 9/30/2024 | 14.81 | 0.34 | 0.39 | 0.73 | (0.34) | 15.20 |
| 9/30/2023 | 14.78 | 0.23 | 0.03 | 0.26 | (0.23) | 14.81 |
| 9/30/2022 | 15.84 | 0.05 | (1.05) | (1.00) | (0.06) | 14.78 |
| 9/30/2021 | 15.80 | 0.05 | 0.04 | 0.09 | (0.05) | 15.84 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(c)</sup> | 15.20 | 0.22 | (0.10) | 0.12 | (0.22) | 15.10 |
| 9/30/2025 | 15.21 | 0.45 | (0.02)<sup>(f)</sup> | 0.43 | (0.44) | 15.20 |
| 9/30/2024 | 14.81 | 0.45 | 0.39 | 0.84 | (0.44) | 15.21 |
| 9/30/2023 | 14.79 | 0.30 | 0.05 | 0.35 | (0.33) | 14.81 |
| 9/30/2022 | 15.85 | 0.16 | (1.05) | (0.89) | (0.17) | 14.79 |
| 9/30/2021 | 15.80 | 0.16 | 0.05 | 0.21 | (0.16) | 15.85 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(c)</sup> | 15.21 | 0.23 | (0.10) | 0.13 | (0.23) | 15.11 |
| 9/30/2025 | 15.21 | 0.47 | – <sup>(g)</sup> | 0.47 | (0.47) | 15.21 |
| 9/30/2024 | 14.81 | 0.47 | 0.39 | 0.86 | (0.46) | 15.21 |
| 9/30/2023 | 14.79 | 0.35 | 0.02 | 0.37 | (0.35) | 14.81 |
| 9/30/2022 | 15.85 | 0.19 | (1.06) | (0.87) | (0.19) | 14.79 |
| 9/30/2021 | 15.80 | 0.18 | 0.06 | 0.24 | (0.19) | 15.85 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(c)</sup> | 15.21 | 0.23 | (0.11) | 0.12 | (0.23) | 15.10 |
| 9/30/2025 | 15.21 | 0.46 | – <sup>(g)</sup> | 0.46 | (0.46) | 15.21 |
| 9/30/2024 | 14.81 | 0.46 | 0.40 | 0.86 | (0.46) | 15.21 |
| 9/30/2023 | 14.79 | 0.35 | 0.02 | 0.37 | (0.35) | 14.81 |
| 9/30/2022 | 15.85 | 0.20 | (1.08) | (0.88) | (0.18) | 14.79 |
| 9/30/2021 | 15.80 | 0.18 | 0.05 | 0.23 | (0.18) | 15.85 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the period ended September 30, 2025, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<sup>(g)</sup> Amount less than $0.01.

232 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br>expenses<br>after<br>waivers<br>and/or reim-<br>bursements<br>(%)** | **Total<br>expenses <br>(%)** | **Net<br>investment<br>income (loss)<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| 0.72 <sup>(d)</sup> | 0.65 <sup>(e)</sup> | 0.67 <sup>(e)</sup> | 2.78 <sup>(e)</sup> | $782991 | 35 <sup>(d)</sup> |
| 2.81 | 0.65 | 0.67 | 2.86 | 756482 | 64 |
| 5.67 | 0.65 | 0.66 | 2.87 | 764412 | 66 |
| 2.29 | 0.65 | 0.66 | 2.12 | 758931 | 59 |
| (5.68) | 0.65 | 0.65 | 0.99 | 875792 | 43 |
| 1.20 | 0.65 | 0.65 | 0.93 | 1067651 | 26 |
| 0.40 <sup>(d)</sup> | 1.29 <sup>(e)</sup> | 1.30 <sup>(e)</sup> | 2.14 <sup>(e)</sup> | 14571 | 35 <sup>(d)</sup> |
| 2.24 | 1.28 | 1.29 | 2.23 | 15784 | 64 |
| 4.96 | 1.26 | 1.27 | 2.26 | 15740 | 66 |
| 1.74 | 1.26 | 1.27 | 1.51 | 17796 | 59 |
| (6.34) | 1.29 | 1.29 | 0.35 | 23284 | 43 |
| 0.54 | 1.30 | 1.31 | 0.30 | 31450 | 26 |
| 0.77 <sup>(d)</sup> | 0.55 <sup>(e)</sup> | 0.56 <sup>(e)</sup> | 2.88 <sup>(e)</sup> | 18302 | 35 <sup>(d)</sup> |
| 2.91 | 0.55 | 0.57 | 2.95 | 20013 | 64 |
| 5.77 | 0.55 | 0.56 | 2.97 | 27240 | 66 |
| 2.39 | 0.55 | 0.56 | 2.03 | 33367 | 59 |
| (5.65) | 0.55 | 0.55 | 1.01 | 246974 | 43 |
| 1.36 | 0.55 | 0.55 | 1.03 | 736826 | 26 |
| 0.84 <sup>(d)</sup> | 0.41 <sup>(e)</sup> | 0.41 <sup>(e)</sup> | 3.02 <sup>(e)</sup> | 276027 | 35 <sup>(d)</sup> |
| 3.13 | 0.41 | 0.42 | 3.10 | 265511 | 64 |
| 5.92 | 0.41 | 0.41 | 3.11 | 246042 | 66 |
| 2.54 | 0.41 | 0.42 | 2.35 | 264658 | 59 |
| (5.52) | 0.41 | 0.41 | 1.25 | 361359 | 43 |
| 1.50 | 0.42 | 0.42 | 1.16 | 331257 | 26 |
| 0.76 <sup>(d)</sup> | 0.45 <sup>(e)</sup> | 0.47 <sup>(e)</sup> | 2.98 <sup>(e)</sup> | 626177 | 35 <sup>(d)</sup> |
| 3.08 | 0.45 | 0.47 | 3.05 | 588150 | 64 |
| 5.88 | 0.45 | 0.46 | 3.07 | 507797 | 66 |
| 2.50 | 0.45 | 0.46 | 2.34 | 517459 | 59 |
| (5.55) | 0.45 | 0.46 | 1.30 | 563762 | 43 |
| 1.46 | 0.45 | 0.45 | 1.13 | 206551 | 26 |

---

*See Notes to Financial Statements.* 233

**Financial Highlights (continued)**

INTERMEDIATE TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br>beginning of<br> period** | **Net**<br> **investment** <br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br>realized and<br>unrealized <br> gain/(loss)** | **Total from<br>investment<br>operations** | **Net<br>investment<br>income** |<br>**Net asset<br>value,<br>end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | $10.25 | $0.18 | $(0.04) | $0.14 | $(0.18) | $10.21 |
| 9/30/2025 | 10.39 | 0.35 | (0.15) | 0.20 | (0.34) | 10.25 |
| 9/30/2024 | 9.76 | 0.32 | 0.63 | 0.95 | (0.32) | 10.39 |
| 9/30/2023 | 9.71 | 0.27 | 0.05 | 0.32 | (0.27) | 9.76 |
| 9/30/2022 | 11.33 | 0.23 | (1.63) | (1.40) | (0.22) | 9.71 |
| 9/30/2021 | 11.11 | 0.24 | 0.22 | 0.46 | (0.24) | 11.33 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.24 | 0.15 | (0.04) | 0.11 | (0.15) | 10.20 |
| 9/30/2025 | 10.37 | 0.28 | (0.13) | 0.15 | (0.28) | 10.24 |
| 9/30/2024 | 9.75 | 0.26 | 0.61 | 0.87 | (0.25) | 10.37 |
| 9/30/2023 | 9.70 | 0.21 | 0.05 | 0.26 | (0.21) | 9.75 |
| 9/30/2022 | 11.32 | 0.16 | (1.62) | (1.46) | (0.16) | 9.70 |
| 9/30/2021 | 11.10 | 0.17 | 0.22 | 0.39 | (0.17) | 11.32 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.25 | 0.19 | (0.05) | 0.14 | (0.18) | 10.21 |
| 9/30/2025 | 10.38 | 0.36 | (0.14) | 0.22 | (0.35) | 10.25 |
| 9/30/2024 | 9.76 | 0.33 | 0.62 | 0.95 | (0.33) | 10.38 |
| 9/30/2023 | 9.71 | 0.28 | 0.05 | 0.33 | (0.28) | 9.76 |
| 9/30/2022 | 11.33 | 0.23 | (1.61) | (1.38) | (0.24) | 9.71 |
| 9/30/2021 | 11.11 | 0.25 | 0.22 | 0.47 | (0.25) | 11.33 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.26 | 0.19 | (0.05) | 0.14 | (0.19) | 10.21 |
| 9/30/2025 | 10.39 | 0.37 | (0.13) | 0.24 | (0.37) | 10.26 |
| 9/30/2024 | 9.77 | 0.35 | 0.61 | 0.96 | (0.34) | 10.39 |
| 9/30/2023 | 9.72 | 0.30 | 0.05 | 0.35 | (0.30) | 9.77 |
| 9/30/2022 | 11.34 | 0.25 | (1.62) | (1.37) | (0.25) | 9.72 |
| 9/30/2021 | 11.12 | 0.27 | 0.22 | 0.49 | (0.27) | 11.34 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.25 | 0.19 | (0.04) | 0.15 | (0.19) | 10.21 |
| 9/30/2025 | 10.39 | 0.37 | (0.15) | 0.22 | (0.36) | 10.25 |
| 9/30/2024 | 9.76 | 0.34 | 0.63 | 0.97 | (0.34) | 10.39 |
| 9/30/2023 | 9.71 | 0.30 | 0.04 | 0.34 | (0.29) | 9.76 |
| 9/30/2022 | 11.33 | 0.25 | (1.62) | (1.37) | (0.25) | 9.71 |
| 9/30/2021 | 11.12 | 0.27 | 0.21 | 0.48 | (0.27) | 11.33 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

234 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-** <br> **bursements** <br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| 1.34 <sup>(e)</sup> | 0.71 <sup>(f)</sup> | 0.70 <sup>(f)</sup> | 0.71 <sup>(f)</sup> | 3.51 <sup>(f)</sup> | $1978624 | 18 <sup>(e)</sup> |
| 2.04 | 0.71 | 0.71 | 0.72 | 3.42 | 1936960 | 52 |
| 9.80 | 0.71 | 0.71 | 0.71 | 3.15 | 1974387 | 49 |
| 3.17 | 0.71 | 0.71 | 0.71 | 2.74 | 1935887 | 44 |
| (12.36) | 0.71 | 0.71 | 0.71 | 2.11 | 2075394 | 33 |
| 4.19 | 0.70 | 0.70 | 0.70 | 2.15 | 2656030 | 13 |
| 1.03 <sup>(e)</sup> | 1.33 <sup>(f)</sup> | 1.32 <sup>(f)</sup> | 1.33 <sup>(f)</sup> | 2.89 <sup>(f)</sup> | 41413 | 18 <sup>(e)</sup> |
| 1.51 | 1.33 | 1.32 | 1.33 | 2.80 | 49154 | 52 |
| 9.03 | 1.32 | 1.32 | 1.32 | 2.53 | 66671 | 49 |
| 2.64 | 1.32 | 1.32 | 1.32 | 2.12 | 86956 | 44 |
| (13.02) | 1.35 | 1.35 | 1.35 | 1.47 | 123238 | 33 |
| 3.53 | 1.33 | 1.33 | 1.33 | 1.52 | 190855 | 13 |
| 1.39 <sup>(e)</sup> | 0.61 <sup>(f)</sup> | 0.60 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 3.61 <sup>(f)</sup> | 62251 | 18 <sup>(e)</sup> |
| 2.24 | 0.61 | 0.61 | 0.62 | 3.51 | 65875 | 52 |
| 9.80 | 0.61 | 0.61 | 0.61 | 3.24 | 90249 | 49 |
| 3.38 | 0.60 | 0.60 | 0.60 | 2.78 | 113056 | 44 |
| (12.37) | 0.60 | 0.60 | 0.60 | 2.13 | 522922 | 33 |
| 4.30 | 0.60 | 0.60 | 0.60 | 2.24 | 2697578 | 13 |
| 1.38 <sup>(e)</sup> | 0.45 <sup>(f)</sup> | 0.44 <sup>(f)</sup> | 0.45 <sup>(f)</sup> | 3.77 <sup>(f)</sup> | 399138 | 18 <sup>(e)</sup> |
| 2.40 | 0.45 | 0.45 | 0.45 | 3.69 | 363994 | 52 |
| 9.97 | 0.44 | 0.44 | 0.44 | 3.41 | 316234 | 49 |
| 3.54 | 0.45 | 0.45 | 0.45 | 3.00 | 274934 | 44 |
| (12.21) | 0.45 | 0.45 | 0.45 | 2.39 | 194787 | 33 |
| 4.45 | 0.45 | 0.45 | 0.45 | 2.36 | 171655 | 13 |
| 1.44 <sup>(e)</sup> | 0.51 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 0.51 <sup>(f)</sup> | 3.71 <sup>(f)</sup> | 2982432 | 18 <sup>(e)</sup> |
| 2.24 | 0.51 | 0.51 | 0.52 | 3.62 | 2771167 | 52 |
| 10.02 | 0.51 | 0.51 | 0.51 | 3.35 | 2509993 | 49 |
| 3.48 | 0.51 | 0.51 | 0.51 | 2.95 | 2433710 | 44 |
| (12.28) | 0.52 | 0.52 | 0.52 | 2.39 | 2131673 | 33 |
| 4.31 | 0.50 | 0.50 | 0.50 | 2.35 | 896545 | 13 |

---

*See Notes to Financial Statements.* 235

**Financial Highlights (continued)**

NATIONAL TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br>beginning of<br>period** | **Net**<br> **investment** <br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br>realized and <br>unrealized <br>gain/(loss)** | **Total from<br>investment <br>operations** | **Net<br>investment<br>income** |<br>**Net asset<br>value,<br>end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | $10.29 | $0.21 | $(0.09)&nbsp;&nbsp;&nbsp;&nbsp; | $0.12 | $(0.20)&nbsp;&nbsp;&nbsp;&nbsp; | $10.21 |
| 9/30/2025 | 10.70 | 0.40 | (0.42) | (0.02) | (0.39) | 10.29 |
| 9/30/2024 | 9.85 | 0.38 | 0.84 | 1.22 | (0.37) | 10.70 |
| 9/30/2023 | 9.83 | 0.35 | 0.01 <sup>(g)</sup> | 0.36 | (0.34) | 9.85 |
| 9/30/2022 | 12.06 | 0.30 | (2.23) | (1.93) | (0.30) | 9.83 |
| 9/30/2021 | 11.70 | 0.31 | 0.36 | 0.67 | (0.31) | 12.06 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.30 | 0.18 | (0.09) | 0.09 | (0.17) | 10.22 |
| 9/30/2025 | 10.71 | 0.34 | (0.42) | (0.08) | (0.33) | 10.30 |
| 9/30/2024 | 9.86 | 0.32 | 0.84 | 1.16 | (0.31) | 10.71 |
| 9/30/2023 | 9.84 | 0.29 | 0.01 <sup>(g)</sup> | 0.30 | (0.28) | 9.86 |
| 9/30/2022 | 12.08 | 0.23 | (2.24) | (2.01) | (0.23) | 9.84 |
| 9/30/2021 | 11.71 | 0.23 | 0.37 | 0.60 | (0.23) | 12.08 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.28 | 0.21 | (0.08) | 0.13 | (0.21) | 10.20 |
| 9/30/2025 | 10.68 | 0.41 | (0.41) | – <sup>(h)</sup> | (0.40) | 10.28 |
| 9/30/2024 | 9.84 | 0.39 | 0.83 | 1.22 | (0.38) | 10.68 |
| 9/30/2023 | 9.82 | 0.35 | 0.02 <sup>(g)</sup> | 0.37 | (0.35) | 9.84 |
| 9/30/2022 | 12.05 | 0.31 | (2.23) | (1.92) | (0.31) | 9.82 |
| 9/30/2021 | 11.69 | 0.32 | 0.36 | 0.68 | (0.32) | 12.05 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.28 | 0.22 | (0.08) | 0.14 | (0.22) | 10.20 |
| 9/30/2025 | 10.69 | 0.42 | (0.41) | 0.01 | (0.42) | 10.28 |
| 9/30/2024 | 9.84 | 0.41 | 0.84 | 1.25 | (0.40) | 10.69 |
| 9/30/2023 | 9.83 | 0.37 | 0.01 <sup>(g)</sup> | 0.38 | (0.37) | 9.84 |
| 9/30/2022 | 12.06 | 0.32 | (2.23) | (1.91) | (0.32) | 9.83 |
| 9/30/2021 | 11.69 | 0.34 | 0.37 | 0.71 | (0.34) | 12.06 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.28 | 0.22 | (0.09) | 0.13 | (0.21) | 10.20 |
| 9/30/2025 | 10.69 | 0.42 | (0.42) | – <sup>(h)</sup> | (0.41) | 10.28 |
| 9/30/2024 | 9.84 | 0.40 | 0.84 | 1.24 | (0.39) | 10.69 |
| 9/30/2023 | 9.83 | 0.37 | – <sup>(g)(h)</sup> | 0.37 | (0.36) | 9.84 |
| 9/30/2022 | 12.06 | 0.32 | (2.23) | (1.91) | (0.32) | 9.83 |
| 9/30/2021 | 11.69 | 0.34 | 0.36 | 0.70 | (0.33) | 12.06 |

---

---

| | |
|:---|:---|
| |  |
| <sup>(a)</sup> | Calculated using average shares outstanding during the period. |
| <sup>(b)</sup> | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| <sup>(c)</sup> | Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts. |
| <sup>(d)</sup> | Unaudited. |
| <sup>(e)</sup> | Not annualized. |
| <sup>(f)</sup> | Annualized. |
| <sup>(g)</sup> | Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the period ended September 30, 2023, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio. |
| <sup>(h)</sup> | Amount less than $0.01. |

---

<br> 236 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-** <br> **bursements** <br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br> (%)** | **Net<br>assets,<br>end of<br>period<br> (000)** | **Portfolio<br>turnover<br>rate<br> (%)** |
| 1.20 <sup>(e)</sup> | 0.81 <sup>(f)</sup> | 0.69 <sup>(f)</sup> | 0.81 <sup>(f)</sup> | 4.04 <sup>(f)</sup> | $2629017 | 17 <sup>(e)</sup> |
| (0.11) | 0.80 | 0.70 | 0.80 | 3.88 | 2623832 | 36 |
| 12.58 | 0.78 | 0.69 | 0.78 | 3.66 | 2715060 | 27 |
| 3.61 | 0.77 | 0.70 | 0.77 | 3.41 | 2257591 | 41 |
| (16.27) | 0.71 | 0.70 | 0.71 | 2.66 | 2235687 | 40 |
| 5.77 | 0.70 | 0.70 | 0.70 | 2.58 | 2925529 | 18 |
| 0.88 <sup>(e)</sup> | 1.44 <sup>(f)</sup> | 1.32 <sup>(f)</sup> | 1.44 <sup>(f)</sup> | 3.41 <sup>(f)</sup> | 46376 | 17 <sup>(e)</sup> |
| (0.72) | 1.42 | 1.32 | 1.42 | 3.25 | 51316 | 36 |
| 11.89 | 1.40 | 1.30 | 1.40 | 3.05 | 63653 | 27 |
| 2.97 | 1.40 | 1.33 | 1.40 | 2.78 | 70892 | 41 |
| (16.86) | 1.35 | 1.34 | 1.35 | 2.01 | 83743 | 40 |
| 5.16 | 1.35 | 1.35 | 1.35 | 1.94 | 135544 | 18 |
| 1.25 <sup>(e)</sup> | 0.71 <sup>(f)</sup> | 0.59 <sup>(f)</sup> | 0.71 <sup>(f)</sup> | 4.14 <sup>(f)</sup> | 44409 | 17 <sup>(e)</sup> |
| 0.08 | 0.70 | 0.60 | 0.70 | 3.97 | 49560 | 36 |
| 12.60 | 0.68 | 0.59 | 0.68 | 3.76 | 68624 | 27 |
| 3.72 | 0.67 | 0.60 | 0.67 | 3.48 | 79394 | 41 |
| (16.20) | 0.61 | 0.60 | 0.61 | 2.66 | 222942 | 40 |
| 5.88 | 0.60 | 0.60 | 0.60 | 2.68 | 984235 | 18 |
| 1.32 <sup>(e)</sup> | 0.56 <sup>(f)</sup> | 0.44 <sup>(f)</sup> | 0.56 <sup>(f)</sup> | 4.29 <sup>(f)</sup> | 549318 | 17 <sup>(e)</sup> |
| 0.14 | 0.55 | 0.45 | 0.55 | 4.13 | 525782 | 36 |
| 12.86 | 0.54 | 0.45 | 0.54 | 3.90 | 499690 | 27 |
| 3.75 | 0.53 | 0.46 | 0.53 | 3.65 | 346879 | 41 |
| (16.07) | 0.47 | 0.46 | 0.47 | 2.91 | 268560 | 40 |
| 6.10 | 0.45 | 0.45 | 0.45 | 2.78 | 288718 | 18 |
| 1.30 <sup>(e)</sup> | 0.61 <sup>(f)</sup> | 0.49 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 4.24 <sup>(f)</sup> | 1544932 | 17 <sup>(e)</sup> |
| 0.09 | 0.60 | 0.50 | 0.60 | 4.08 | 1553900 | 36 |
| 12.81 | 0.58 | 0.49 | 0.58 | 3.85 | 1412199 | 27 |
| 3.72 | 0.57 | 0.50 | 0.57 | 3.63 | 918301 | 41 |
| (16.10) | 0.52 | 0.51 | 0.52 | 2.99 | 567725 | 40 |
| 6.07 | 0.50 | 0.50 | 0.50 | 2.78 | 209640 | 18 |

---

<br> See Notes to Financial Statements. 237

**Financial Highlights (continued)**

HIGH INCOME MUNICIPAL BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br>beginning of<br>period** | **Net**<br> **investment** <br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br>realized and <br>unrealized <br>gain/(loss)** | **Total from<br>investment <br>operations** | **Net<br>investment<br>income** |<br>**Net asset<br>value,<br>end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | $10.64 | $0.27 | $(0.10)&nbsp;&nbsp;&nbsp;&nbsp; | $0.17 | $(0.26)&nbsp;&nbsp;&nbsp;&nbsp; | $10.55 |
| 9/30/2025 | 11.17 | 0.51 | (0.54) | (0.03) | (0.50) | 10.64 |
| 9/30/2024 | 10.12 | 0.49 | 1.04 | 1.53 | (0.48) | 11.17 |
| 9/30/2023 | 10.22 | 0.45 | (0.11) | 0.34 | (0.44) | 10.12 |
| 9/30/2022 | 12.91 | 0.39 | (2.69) | (2.30) | (0.39) | 10.22 |
| 9/30/2021 | 12.14 | 0.41 | 0.77 | 1.18 | (0.41) | 12.91 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.65 | 0.23 | (0.10) | 0.13 | (0.23) | 10.55 |
| 9/30/2025 | 11.17 | 0.45 | (0.54) | (0.09) | (0.43) | 10.65 |
| 9/30/2024 | 10.12 | 0.42 | 1.04 | 1.46 | (0.41) | 11.17 |
| 9/30/2023 | 10.22 | 0.38 | (0.11) | 0.27 | (0.37) | 10.12 |
| 9/30/2022 | 12.92 | 0.31 | (2.70) | (2.39) | (0.31) | 10.22 |
| 9/30/2021 | 12.14 | 0.33 | 0.78 | 1.11 | (0.33) | 12.92 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.65 | 0.27 | (0.09) | 0.18 | (0.27) | 10.56 |
| 9/30/2025 | 11.18 | 0.52 | (0.54) | (0.02) | (0.51) | 10.65 |
| 9/30/2024 | 10.13 | 0.50 | 1.04 | 1.54 | (0.49) | 11.18 |
| 9/30/2023 | 10.23 | 0.45 | (0.10) | 0.35 | (0.45) | 10.13 |
| 9/30/2022 | 12.92 | 0.40 | (2.69) | (2.29) | (0.40) | 10.23 |
| 9/30/2021 | 12.15 | 0.42 | 0.77 | 1.19 | (0.42) | 12.92 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.62 | 0.28 | (0.10) | 0.18 | (0.27) | 10.53 |
| 9/30/2025 | 11.15 | 0.54 | (0.54) | – <sup>(g)</sup> | (0.53) | 10.62 |
| 9/30/2024 | 10.10 | 0.52 | 1.03 | 1.55 | (0.50) | 11.15 |
| 9/30/2023 | 10.20 | 0.47 | (0.11) | 0.36 | (0.46) | 10.10 |
| 9/30/2022 | 12.89 | 0.42 | (2.70) | (2.28) | (0.41) | 10.20 |
| 9/30/2021 | 12.12 | 0.44 | 0.77 | 1.21 | (0.44) | 12.89 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.62 | 0.28 | (0.10) | 0.18 | (0.27) | 10.53 |
| 9/30/2025 | 11.15 | 0.53 | (0.54) | (0.01) | (0.52) | 10.62 |
| 9/30/2024 | 10.10 | 0.51 | 1.04 | 1.55 | (0.50) | 11.15 |
| 9/30/2023 | 10.20 | 0.47 | (0.11) | 0.36 | (0.46) | 10.10 |
| 9/30/2022 | 12.89 | 0.42 | (2.70) | (2.28) | (0.41) | 10.20 |
| 9/30/2021 | 12.12 | 0.44 | 0.76 | 1.20 | (0.43) | 12.89 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount less than $0.01.

238 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br>**return**<sup>(b)</sup>**(%)** | **Total**<br>**expenses**<br>**after**<br>**waivers**<br> **and/or reim-** <br>**bursements** <br>**(includes**<br>**interest**<br>**expense)**<sup>(c)</sup><br>**(%)** | **Total**<br>**expenses**<br>**after**<br>**waivers**<br> **and/or reim-**<br>**bursements**<br>**(excludes**<br>**interest**<br>**expense)**<sup>(c)</sup><br>**(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br> (%)** | **Net<br>assets,<br>end of<br>period<br> (000)** | **Portfolio<br>turnover<br>rate<br> (%)** |
| 1.59 <sup>(e)</sup> | 0.87 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 0.87 <sup>(f)</sup> | 5.02 <sup>(f)</sup> | $2045316 | 10 <sup>(e)</sup> |
| (0.20)&nbsp;&nbsp;&nbsp;&nbsp; | 0.84 | 0.76 | 0.84 | 4.79 | 1993186 | 27 |
| 15.38 | 0.82 | 0.76 | 0.82 | 4.56 | 2025711 | 27 |
| 3.23 | 0.81 | 0.77 | 0.81 | 4.26 | 1680507 | 42 |
| (18.19) | 0.77 | 0.77 | 0.77 | 3.28 | 1787225 | 40 |
| 9.81 | 0.75 | 0.75 | 0.75 | 3.23 | 2388758 | 15 |
| 1.18 <sup>(e)</sup> | 1.50 <sup>(f)</sup> | 1.38 <sup>(f)</sup> | 1.50 <sup>(f)</sup> | 4.38 <sup>(f)</sup> | 99623 | 10 <sup>(e)</sup> |
| (0.73) | 1.46 | 1.38 | 1.46 | 4.15 | 104295 | 27 |
| 14.68 | 1.43 | 1.37 | 1.43 | 3.96 | 127062 | 27 |
| 2.58 | 1.44 | 1.40 | 1.44 | 3.63 | 141950 | 42 |
| (18.78) | 1.41 | 1.41 | 1.41 | 2.63 | 174127 | 40 |
| 9.19 | 1.40 | 1.40 | 1.40 | 2.60 | 267871 | 15 |
| 1.65 <sup>(e)</sup> | 0.77 <sup>(f)</sup> | 0.65 <sup>(f)</sup> | 0.77 <sup>(f)</sup> | 5.11 <sup>(f)</sup> | 40075 | 10 <sup>(e)</sup> |
| (0.10) | 0.74 | 0.66 | 0.74 | 4.86 | 46904 | 27 |
| 15.48 | 0.72 | 0.66 | 0.72 | 4.68 | 85597 | 27 |
| 3.33 | 0.71 | 0.67 | 0.71 | 4.31 | 112452 | 42 |
| (18.09) | 0.66 | 0.66 | 0.66 | 3.27 | 369471 | 40 |
| 9.90 | 0.65 | 0.65 | 0.65 | 3.30 | 1450736 | 15 |
| 1.72 <sup>(e)</sup> | 0.61 <sup>(f)</sup> | 0.49 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 5.28 <sup>(f)</sup> | 207889 | 10 <sup>(e)</sup> |
| 0.05 | 0.58 | 0.50 | 0.58 | 5.06 | 192720 | 27 |
| 15.69 | 0.56 | 0.51 | 0.56 | 4.81 | 166070 | 27 |
| 3.48 | 0.57 | 0.53 | 0.57 | 4.50 | 122429 | 42 |
| (18.01) | 0.51 | 0.51 | 0.51 | 3.55 | 114134 | 40 |
| 10.07 | 0.52 | 0.51 | 0.51 | 3.42 | 118100 | 15 |
| 1.69 <sup>(e)</sup> | 0.67 <sup>(f)</sup> | 0.55 <sup>(f)</sup> | 0.67 <sup>(f)</sup> | 5.22 <sup>(f)</sup> | 1962345 | 10 <sup>(e)</sup> |
| (0.01) | 0.64 | 0.56 | 0.64 | 4.99 | 1803682 | 27 |
| 15.63 | 0.62 | 0.56 | 0.62 | 4.75 | 1694273 | 27 |
| 3.43 | 0.61 | 0.57 | 0.61 | 4.46 | 1227801 | 42 |
| (18.06) | 0.57 | 0.57 | 0.57 | 3.59 | 961328 | 40 |
| 10.03 | 0.56 | 0.55 | 0.55 | 3.41 | 487688 | 15 |

---

<br> See Notes to Financial Statements. 239

**Financial Highlights (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br> beginning of<br>period** | **Net**<br>**investment**<br> **income**<br>**(loss)**<sup>(a)</sup> | **Net<br>realized and<br> unrealized<br>gain/(loss)** | **Total from<br>investment<br> operations** | **Net<br>investment<br> income** |<br>**Net asset<br>value,<br> end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | $14.27 | $0.31 | $(0.15) | $0.16 | $(0.30) | $14.13 |
| 9/30/2025 | 14.41 | 0.59 | (0.15) | 0.44 | (0.58) | 14.27 |
| 9/30/2024 | 13.79 | 0.59 | 0.59 | 1.18 | (0.56) | 14.41 |
| 9/30/2023 | 13.84 | 0.53 | (0.08) | 0.45 | (0.50) | 13.79 |
| 9/30/2022 | 15.88 | 0.34 | (2.05) | (1.71) | (0.33) | 13.84 |
| 9/30/2021 | 15.20 | 0.33 | 0.69 | 1.02 | (0.34) | 15.88 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 14.27 | 0.26 | (0.14) | 0.12 | (0.25) | 14.14 |
| 9/30/2025 | 14.41 | 0.50 | (0.15) | 0.35 | (0.49) | 14.27 |
| 9/30/2024 | 13.79 | 0.50 | 0.60 | 1.10 | (0.48) | 14.41 |
| 9/30/2023 | 13.84 | 0.43 | (0.07) | 0.36 | (0.41) | 13.79 |
| 9/30/2022 | 15.88 | 0.23 | (2.04) | (1.81) | (0.23) | 13.84 |
| 9/30/2021 | 15.20 | 0.23 | 0.68 | 0.91 | (0.23) | 15.88 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 14.27 | 0.32 | (0.15) | 0.17 | (0.31) | 14.13 |
| 9/30/2025 | 14.41 | 0.61 | (0.16) | 0.45 | (0.59) | 14.27 |
| 9/30/2024 | 13.79 | 0.60 | 0.60 | 1.20 | (0.58) | 14.41 |
| 9/30/2023 | 13.84 | 0.52 | (0.05) | 0.47 | (0.52) | 13.79 |
| 9/30/2022 | 15.88 | 0.33 | (2.02) | (1.69) | (0.35) | 13.84 |
| 9/30/2021 | 15.20 | 0.34 | 0.69 | 1.03 | (0.35) | 15.88 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 14.27 | 0.33 | (0.14) | 0.19 | (0.32) | 14.14 |
| 9/30/2025 | 14.41 | 0.63 | (0.16) | 0.47 | (0.61) | 14.27 |
| 9/30/2024 | 13.79 | 0.62 | 0.60 | 1.22 | (0.60) | 14.41 |
| 9/30/2023 | 13.84 | 0.57 | (0.08) | 0.49 | (0.54) | 13.79 |
| 9/30/2022 | 15.88 | 0.38 | (2.05) | (1.67) | (0.37) | 13.84 |
| 9/30/2021 | 15.20 | 0.37 | 0.69 | 1.06 | (0.38) | 15.88 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 14.27 | 0.32 | (0.15) | 0.17 | (0.31) | 14.13 |
| 9/30/2025 | 14.41 | 0.62 | (0.15) | 0.47 | (0.61) | 14.27 |
| 9/30/2024 | 13.79 | 0.61 | 0.60 | 1.21 | (0.59) | 14.41 |
| 9/30/2023 | 13.84 | 0.56 | (0.08) | 0.48 | (0.53) | 13.79 |
| 9/30/2022 | 15.88 | 0.38 | (2.06) | (1.68) | (0.36) | 13.84 |
| 9/30/2021 | 15.20 | 0.36 | 0.69 | 1.05 | (0.37) | 15.88 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

240 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br>**return**<sup>(b)</sup><br> **(%)** | **Total**<br>**expenses**<br> **after**<br>**waivers**<br>**and/or reim-**<br>**bursements**<br>**(includes**<br>**interest**<br>**expense)**<sup>(c)</sup><br>**(%)** | **Total**<br>**expenses**<br> **after**<br>**waivers**<br>**and/or reim-**<br>**bursements**<br>**(excludes**<br>**interest**<br>**expense)**<sup>(c)</sup><br>**(%)** | **Total<br>expenses<br> (%)** | **Net<br>investment<br> income<br>(loss)<br>(%)** | **Net<br>assets,<br>end of<br> period<br>(000)** | **Portfolio<br>turnover<br> rate<br>(%)** |
| 1.12 <sup>(e)</sup> | 0.65 <sup>(f)</sup> | 0.64 <sup>(f)</sup> | 0.65 <sup>(f)</sup> | 4.34 <sup>(f)</sup> | $806582 | 19 <sup>(e)</sup> |
| 3.13 | 0.66 | 0.65 | 0.69 | 4.19 | 644762 | 35 |
| 8.74 | 0.65 | 0.65 | 0.68 | 4.15 | 409918 | 38 |
| 3.27 | 0.66 | 0.66 | 0.71 | 3.73 | 261115 | 71 |
| (10.85) | 0.70 | 0.70 | 0.77 | 2.27 | 325756 | 81 |
| 6.74 | 0.69 | 0.69 | 0.75 | 2.09 | 409286 | 14 |
| 0.85 <sup>(e)</sup> | 1.32 <sup>(f)</sup> | 1.31 <sup>(f)</sup> | 1.32 <sup>(f)</sup> | 3.67 <sup>(f)</sup> | 32404 | 19 <sup>(e)</sup> |
| 2.47 | 1.30 | 1.29 | 1.33 | 3.54 | 27231 | 35 |
| 8.08 | 1.26 | 1.26 | 1.29 | 3.55 | 21802 | 38 |
| 2.59 | 1.32 | 1.32 | 1.37 | 3.08 | 19626 | 71 |
| (11.48) | 1.40 | 1.40 | 1.47 | 1.56 | 21392 | 81 |
| 6.03 | 1.36 | 1.36 | 1.43 | 1.43 | 26412 | 14 |
| 1.17 <sup>(e)</sup> | 0.55 <sup>(f)</sup> | 0.54 <sup>(f)</sup> | 0.55 <sup>(f)</sup> | 4.43 <sup>(f)</sup> | 8449 | 19 <sup>(e)</sup> |
| 3.23 | 0.56 | 0.55 | 0.59 | 4.28 | 9937 | 35 |
| 8.85 | 0.55 | 0.55 | 0.58 | 4.26 | 12342 | 38 |
| 3.36 | 0.57 | 0.57 | 0.62 | 3.72 | 17573 | 71 |
| (10.77) | 0.60 | 0.60 | 0.66 | 2.18 | 139299 | 81 |
| 6.84 | 0.59 | 0.59 | 0.65 | 2.17 | 495439 | 14 |
| 1.24 <sup>(e)</sup> | 0.40 <sup>(f)</sup> | 0.39 <sup>(f)</sup> | 0.40 <sup>(f)</sup> | 4.59 <sup>(f)</sup> | 105961 | 19 <sup>(e)</sup> |
| 3.38 | 0.41 | 0.40 | 0.41 | 4.44 | 82642 | 35 |
| 9.03 | 0.39 | 0.39 | 0.42 | 4.41 | 50999 | 38 |
| 3.55 | 0.38 | 0.38 | 0.45 | 4.03 | 35447 | 71 |
| (10.62) | 0.44 | 0.44 | 0.50 | 2.56 | 28251 | 81 |
| 7.02 | 0.43 | 0.42 | 0.49 | 2.31 | 31122 | 14 |
| 1.22 <sup>(e)</sup> | 0.45 <sup>(f)</sup> | 0.44 <sup>(f)</sup> | 0.45 <sup>(f)</sup> | 4.54 <sup>(f)</sup> | 1834468 | 19 <sup>(e)</sup> |
| 3.33 | 0.46 | 0.45 | 0.49 | 4.39 | 1573863 | 35 |
| 8.96 | 0.45 | 0.45 | 0.48 | 4.35 | 1026063 | 38 |
| 3.40 | 0.46 | 0.46 | 0.50 | 3.97 | 566518 | 71 |
| (10.61) | 0.50 | 0.50 | 0.58 | 2.59 | 362870 | 81 |
| 6.95 | 0.50 | 0.49 | 0.55 | 2.28 | 244728 | 14 |

---

*See Notes to Financial Statements.* 241

**Financial Highlights (continued)**

CALIFORNIA TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br> shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br> beginning of<br>period** | **Net**<br>**investment**<br> **income**<br>**(loss)**<sup>(a)</sup> | **Net<br>realized and <br> unrealized<br>gain/(loss)** | **Total from<br>investment<br> operations** | **Net<br>investment<br> income** |<br>**Net asset<br>value,<br> end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | $9.96 | $0.18 | $(0.06) | $0.12 | $(0.18) | $9.90 |
| 9/30/2025 | 10.33 | 0.35 | (0.37) | (0.02) | (0.35) | 9.96 |
| 9/30/2024 | 9.55 | 0.34 | 0.77 | 1.11 | (0.33) | 10.33 |
| 9/30/2023 | 9.50 | 0.31 | 0.04 | 0.35 | (0.30) | 9.55 |
| 9/30/2022 | 11.61 | 0.26 | (2.11) | (1.85) | (0.26) | 9.50 |
| 9/30/2021 | 11.40 | 0.26 | 0.21 | 0.47 | (0.26) | 11.61 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 9.97 | 0.15 | (0.07) | 0.08 | (0.15) | 9.90 |
| 9/30/2025 | 10.34 | 0.29 | (0.38) | (0.09) | (0.28) | 9.97 |
| 9/30/2024 | 9.56 | 0.28 | 0.77 | 1.05 | (0.27) | 10.34 |
| 9/30/2023 | 9.51 | 0.24 | 0.05 | 0.29 | (0.24) | 9.56 |
| 9/30/2022 | 11.62 | 0.19 | (2.11) | (1.92) | (0.19) | 9.51 |
| 9/30/2021 | 11.41 | 0.19 | 0.21 | 0.40 | (0.19) | 11.62 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 9.96 | 0.19 | (0.07) | 0.12 | (0.18) | 9.90 |
| 9/30/2025 | 10.33 | 0.36 | (0.37) | (0.01) | (0.36) | 9.96 |
| 9/30/2024 | 9.55 | 0.35 | 0.77 | 1.12 | (0.34) | 10.33 |
| 9/30/2023 | 9.50 | 0.31 | 0.05 | 0.36 | (0.31) | 9.55 |
| 9/30/2022 | 11.61 | 0.26 | (2.10) | (1.84) | (0.27) | 9.50 |
| 9/30/2021 | 11.40 | 0.28 | 0.20 | 0.48 | (0.27) | 11.61 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 9.96 | 0.19 | (0.07) | 0.12 | (0.19) | 9.89 |
| 9/30/2025 | 10.33 | 0.38 | (0.38) | – <sup>(g)</sup> | (0.37) | 9.96 |
| 9/30/2024 | 9.55 | 0.36 | 0.77 | 1.13 | (0.35) | 10.33 |
| 9/30/2023 | 9.50 | 0.33 | 0.04 | 0.37 | (0.32) | 9.55 |
| 9/30/2022 | 11.61 | 0.28 | (2.11) | (1.83) | (0.28) | 9.50 |
| 9/30/2021 | 11.40 | 0.29 | 0.21 | 0.50 | (0.29) | 11.61 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 9.96 | 0.19 | (0.07) | 0.12 | (0.19) | 9.89 |
| 9/30/2025 | 10.32 | 0.37 | (0.36) | 0.01 | (0.37) | 9.96 |
| 9/30/2024 | 9.54 | 0.36 | 0.77 | 1.13 | (0.35) | 10.32 |
| 9/30/2023 | 9.50 | 0.33 | 0.03 | 0.36 | (0.32) | 9.54 |
| 9/30/2022 | 11.61 | 0.28 | (2.11) | (1.83) | (0.28) | 9.50 |
| 9/30/2021 | 11.40 | 0.29 | 0.21 | 0.50 | (0.29) | 11.61 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount less than $0.01.

242 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br>**return**<sup>(b)</sup><br>**(%)** | **Total**<br>**expenses**<br>**after**<br>**waivers**<br> **and/or reim-** <br>**bursements**<br>**(includes**<br>**interest**<br>**expense)**<sup>(c)</sup><br>**(%)** | **Total**<br>**expenses**<br>**after**<br>**waivers**<br> **and/or reim-**<br>**bursements**<br>**(excludes**<br>**interest**<br>**expense)**<sup>(c)</sup><br>**(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br> (%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| 1.19 <sup>(e)</sup> | 0.82 <sup>(f)</sup> | 0.77 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 3.66 <sup>(f)</sup> | $449638 | 15 <sup>(e)</sup> |
| (0.17) | 0.80 | 0.77 | 0.80 | 3.54 | 426117 | 40 |
| 11.78 | 0.77 | 0.77 | 0.77 | 3.36 | 422861 | 26 |
| 3.50 | 0.76 | 0.76 | 0.76 | 3.08 | 341314 | 57 |
| (16.10) | 0.77 | 0.77 | 0.77 | 2.39 | 303455 | 44 |
| 4.16 | 0.77 | 0.77 | 0.77 | 2.27 | 381200 | 14 |
| 0.76 <sup>(e)</sup> | 1.46 <sup>(f)</sup> | 1.41 <sup>(f)</sup> | 1.46 <sup>(f)</sup> | 3.01 <sup>(f)</sup> | 13032 | 15 <sup>(e)</sup> |
| (0.80) | 1.44 | 1.41 | 1.44 | 2.89 | 13735 | 40 |
| 11.10 | 1.37 | 1.37 | 1.37 | 2.76 | 18313 | 26 |
| 2.97 | 1.38 | 1.39 | 1.38 | 2.45 | 18912 | 57 |
| (16.70) | 1.40 | 1.40 | 1.40 | 1.75 | 21221 | 44 |
| 3.49 | 1.41 | 1.41 | 1.41 | 1.63 | 33274 | 14 |
| 1.24 <sup>(e)</sup> | 0.72 <sup>(f)</sup> | 0.67 <sup>(f)</sup> | 0.72 <sup>(f)</sup> | 3.74 <sup>(f)</sup> | 2175 | 15 <sup>(e)</sup> |
| (0.07) | 0.70 | 0.67 | 0.70 | 3.59 | 4401 | 40 |
| 11.89 | 0.67 | 0.67 | 0.67 | 3.45 | 12612 | 26 |
| 3.61 | 0.66 | 0.67 | 0.66 | 3.13 | 7929 | 57 |
| (16.02) | 0.67 | 0.67 | 0.67 | 2.37 | 20964 | 44 |
| 4.26 | 0.67 | 0.67 | 0.67 | 2.36 | 130104 | 14 |
| 1.20 <sup>(e)</sup> | 0.59 <sup>(f)</sup> | 0.54 <sup>(f)</sup> | 0.59 <sup>(f)</sup> | 3.90 <sup>(f)</sup> | 76942 | 15 <sup>(e)</sup> |
| 0.07 | 0.56 | 0.53 | 0.56 | 3.79 | 65964 | 40 |
| 12.04 | 0.54 | 0.54 | 0.54 | 3.59 | 59192 | 26 |
| 3.84 | 0.54 | 0.54 | 0.54 | 3.31 | 45077 | 57 |
| (16.00) | 0.54 | 0.54 | 0.54 | 2.64 | 29694 | 44 |
| 4.39 | 0.54 | 0.54 | 0.54 | 2.48 | 20625 | 14 |
| 1.18 <sup>(e)</sup> | 0.62 <sup>(f)</sup> | 0.57 <sup>(f)</sup> | 0.62 <sup>(f)</sup> | 3.86 <sup>(f)</sup> | 163521 | 15 <sup>(e)</sup> |
| 0.12 | 0.60 | 0.57 | 0.60 | 3.74 | 162606 | 40 |
| 12.01 | 0.57 | 0.57 | 0.57 | 3.55 | 154644 | 26 |
| 3.71 | 0.56 | 0.56 | 0.56 | 3.29 | 102638 | 57 |
| (16.02) | 0.58 | 0.57 | 0.58 | 2.69 | 78796 | 44 |
| 4.37 | 0.57 | 0.57 | 0.57 | 2.46 | 39117 | 14 |

---

*See Notes to Financial Statements.* 243

**Financial Highlights (continued)**

NEW JERSEY TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br>beginning of<br>period** | **Net<br>investment<br>income<br>(loss)**<sup>(a)</sup> | **Net<br>realized and<br>unrealized<br>gain/(loss)** | **Total from<br>investment<br>operations** | **Net<br>investment<br>income** |<br>**Net asset<br>value,<br>end of<br>period** |
| **Class A** | | | | | | |
| 3/31/2026<sup>(d)</sup> | $4.67 | $0.08 | $0.01 | $0.09 | $(0.08)&nbsp;&nbsp;&nbsp;&nbsp; | $4.68 |
| 9/30/2025 | 4.82 | 0.15 | (0.15) | – <sup>(g)</sup> | (0.15) | 4.67 |
| 9/30/2024 | 4.47 | 0.14 | 0.35 | 0.49 | (0.14) | 4.82 |
| 9/30/2023 | 4.42 | 0.13 | 0.05 | 0.18 | (0.13) | 4.47 |
| 9/30/2022 | 5.35 | 0.12 | (0.93) | (0.81) | (0.12) | 4.42 |
| 9/30/2021 | 5.18 | 0.12 | 0.17 | 0.29 | (0.12) | 5.35 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 4.68 | 0.08 | – <sup>(g)</sup> | 0.08 | (0.08) | 4.68 |
| 9/30/2025 | 4.82 | 0.15 | (0.14) | 0.01 | (0.15) | 4.68 |
| 9/30/2024 | 4.47 | 0.15 | 0.35 | 0.50 | (0.15) | 4.82 |
| 9/30/2023 | 4.42 | 0.14 | 0.05 | 0.19 | (0.14) | 4.47 |
| 9/30/2022 | 5.35 | 0.12 | (0.93) | (0.81) | (0.12) | 4.42 |
| 9/30/2021 | 5.18 | 0.12 | 0.17 | 0.29 | (0.12) | 5.35 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 4.68 | 0.08 | – <sup>(g)</sup> | 0.08 | (0.08) | 4.68 |
| 9/30/2025 | 4.82 | 0.16 | (0.14) | 0.02 | (0.16) | 4.68 |
| 9/30/2024 | 4.48 | 0.15 | 0.34 | 0.49 | (0.15) | 4.82 |
| 9/30/2023 | 4.42 | 0.15 | 0.06 | 0.21 | (0.15) | 4.48 |
| 9/30/2022 | 5.35 | 0.13 | (0.93) | (0.80) | (0.13) | 4.42 |
| 9/30/2021 | 5.18 | 0.13 | 0.17 | 0.30 | (0.13) | 5.35 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 4.68 | 0.08 | – <sup>(g)</sup> | 0.08 | (0.08) | 4.68 |
| 9/30/2025 | 4.82 | 0.16 | (0.14) | 0.02 | (0.16) | 4.68 |
| 9/30/2024 | 4.47 | 0.15 | 0.35 | 0.50 | (0.15) | 4.82 |
| 9/30/2023 | 4.42 | 0.14 | 0.05 | 0.19 | (0.14) | 4.47 |
| 9/30/2022 | 5.35 | 0.13 | (0.93) | (0.80) | (0.13) | 4.42 |
| 9/30/2021 | 5.18 | 0.13 | 0.17 | 0.30 | (0.13) | 5.35 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount is less than $0.01.

244 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| 1.84 <sup>(e)</sup> | 0.84 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 0.85 <sup>(f)</sup> | 3.27 <sup>(f)</sup> | $127141 | 3 <sup>(e)</sup> |
| 0.03 | 0.82 | 0.82 | 0.83 | 3.21 | 121574 | 27 |
| 11.14 | 0.82 | 0.82 | 0.85 | 3.04 | 105747 | 8 |
| 4.11 | 0.82 | 0.82 | 0.87 | 2.91 | 77950 | 23 |
| (15.36) | 0.82 | 0.82 | 0.84 | 2.39 | 80854 | 11 |
| 5.58 | 0.82 | 0.82 | 0.84 | 2.21 | 99356 | 13 |
| 1.68 <sup>(e)</sup> | 0.74 <sup>(f)</sup> | 0.72 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 3.36 <sup>(f)</sup> | 1930 | 3 <sup>(e)</sup> |
| 0.34 | 0.72 | 0.72 | 0.73 | 3.29 | 1922 | 27 |
| 11.25 | 0.72 | 0.72 | 0.75 | 3.14 | 2998 | 8 |
| 4.21 | 0.72 | 0.72 | 0.77 | 3.00 | 3693 | 23 |
| (15.28) | 0.72 | 0.72 | 0.74 | 2.40 | 5885 | 11 |
| 5.68 | 0.72 | 0.72 | 0.74 | 2.30 | 28097 | 13 |
| 1.75 <sup>(e)</sup> | 0.61 <sup>(f)</sup> | 0.59 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 3.50 <sup>(f)</sup> | 2941 | 3 <sup>(e)</sup> |
| 0.47 | 0.59 | 0.59 | 0.59 | 3.43 | 2650 | 27 |
| 11.15 | 0.59 | 0.59 | 0.62 | 3.27 | 2731 | 8 |
| 4.59 | 0.58 | 0.58 | 0.63 | 3.15 | 1697 | 23 |
| (15.16) | 0.58 | 0.58 | 0.60 | 2.65 | 1342 | 11 |
| 5.82 | 0.59 | 0.59 | 0.60 | 2.40 | 1148 | 13 |
| 1.73 <sup>(e)</sup> | 0.64 <sup>(f)</sup> | 0.62 <sup>(f)</sup> | 0.65 <sup>(f)</sup> | 3.47 <sup>(f)</sup> | 40847 | 3 <sup>(e)</sup> |
| 0.44 | 0.62 | 0.62 | 0.63 | 3.42 | 34991 | 27 |
| 11.36 | 0.62 | 0.62 | 0.65 | 3.24 | 28895 | 8 |
| 4.32 | 0.62 | 0.62 | 0.66 | 3.11 | 17943 | 23 |
| (15.19) | 0.62 | 0.62 | 0.65 | 2.68 | 13415 | 11 |
| 5.79 | 0.62 | 0.62 | 0.64 | 2.38 | 6905 | 13 |

---

*See Notes to Financial Statements.* 245

**Financial Highlights (concluded)**

NEW YORK TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br>to<br>shareholders<br>from:** | |
|  |<br>**Net asset<br>value,<br>beginning of<br>period** | **Net<br>investment<br>income<br>(loss)**<sup>(a)</sup> | **Net<br>realized and<br>unrealized<br>gain/(loss)** | **Total from<br>investment<br>operations** | **Net<br>investment<br>income** |<br>**Net asset<br>value,<br>end of<br>period** |
| **Class A** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | $10.45 | $0.19 | $(0.04) | $0.15 | $(0.19) | $10.41 |
| 9/30/2025 | 10.84 | 0.36 | (0.39) | (0.03) | (0.36) | 10.45 |
| 9/30/2024 | 9.99 | 0.34 | 0.84 | 1.18 | (0.33) | 10.84 |
| 9/30/2023 | 9.90 | 0.31 | 0.09 | 0.40 | (0.31) | 9.99 |
| 9/30/2022 | 12.06 | 0.27 | (2.16) | (1.89) | (0.27) | 9.90 |
| 9/30/2021 | 11.64 | 0.27 | 0.41 | 0.68 | (0.26) | 12.06 |
| **Class C** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.44 | 0.16 | (0.05) | 0.11 | (0.16) | 10.39 |
| 9/30/2025 | 10.83 | 0.29 | (0.39) | (0.10) | (0.29) | 10.44 |
| 9/30/2024 | 9.97 | 0.27 | 0.86 | 1.13 | (0.27) | 10.83 |
| 9/30/2023 | 9.89 | 0.24 | 0.08 | 0.32 | (0.24) | 9.97 |
| 9/30/2022 | 12.04 | 0.20 | (2.15) | (1.95) | (0.20) | 9.89 |
| 9/30/2021 | 11.63 | 0.19 | 0.41 | 0.60 | (0.19) | 12.04 |
| **Class F** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.46 | 0.20 | (0.04) | 0.16 | (0.20) | 10.42 |
| 9/30/2025 | 10.85 | 0.37 | (0.39) | (0.02) | (0.37) | 10.46 |
| 9/30/2024 | 10.00 | 0.35 | 0.84 | 1.19 | (0.34) | 10.85 |
| 9/30/2023 | 9.91 | 0.32 | 0.09 | 0.41 | (0.32) | 10.00 |
| 9/30/2022 | 12.07 | 0.28 | (2.16) | (1.88) | (0.28) | 9.91 |
| 9/30/2021 | 11.66 | 0.28 | 0.41 | 0.69 | (0.28) | 12.07 |
| **Class F3** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.45 | 0.20 | (0.04) | 0.16 | (0.20) | 10.41 |
| 9/30/2025 | 10.85 | 0.39 | (0.41) | (0.02) | (0.38) | 10.45 |
| 9/30/2024 | 9.99 | 0.36 | 0.86 | 1.22 | (0.36) | 10.85 |
| 9/30/2023 | 9.91 | 0.33 | 0.08 | 0.41 | (0.33) | 9.99 |
| 9/30/2022 | 12.07 | 0.30 | (2.17) | (1.87) | (0.29) | 9.91 |
| 9/30/2021 | 11.65 | 0.29 | 0.42 | 0.71 | (0.29) | 12.07 |
| **Class I** |  |  |  |  |  |  |
| 3/31/2026<sup>(d)</sup> | 10.45 | 0.20 | (0.04) | 0.16 | (0.20) | 10.41 |
| 9/30/2025 | 10.85 | 0.38 | (0.40) | (0.02) | (0.38) | 10.45 |
| 9/30/2024 | 9.99 | 0.36 | 0.85 | 1.21 | (0.35) | 10.85 |
| 9/30/2023 | 9.91 | 0.33 | 0.08 | 0.41 | (0.33) | 9.99 |
| 9/30/2022 | 12.07 | 0.29 | (2.16) | (1.87) | (0.29) | 9.91 |
| 9/30/2021 | 11.65 | 0.29 | 0.42 | 0.71 | (0.29) | 12.07 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

246 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-** <br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br>expenses<br>(%)** | **Net<br>investment<br>income<br>(loss)<br>(%)** | **Net<br>assets,<br>end of<br>period<br>(000)** | **Portfolio<br>turnover<br>rate<br>(%)** |
| 1.43 <sup>(e)</sup> | 0.85 <sup>(f)</sup> | 0.78 <sup>(f)</sup> | 0.85 <sup>(f)</sup> | 3.66 <sup>(f)</sup> | $407390 | 15 <sup>(e)</sup> |
| (0.24) | 0.81 | 0.78 | 0.81 | 3.45 | 411499 | 29 |
| 11.96 | 0.78 | 0.78 | 0.78 | 3.17 | 410877 | 18 |
| 3.93 | 0.78 | 0.78 | 0.78 | 2.98 | 303557 | 24 |
| (15.91) | 0.78 | 0.78 | 0.78 | 2.39 | 322138 | 23 |
| 5.90 | 0.77 | 0.77 | 0.77 | 2.20 | 390194 | 13 |
| 1.01 <sup>(e)</sup> | 1.50 <sup>(f)</sup> | 1.43 <sup>(f)</sup> | 1.50 <sup>(f)</sup> | 3.01 <sup>(f)</sup> | 13590 | 15 <sup>(e)</sup> |
| (0.88) | 1.44 | 1.42 | 1.45 | 2.81 | 14504 | 29 |
| 11.29 | 1.39 | 1.39 | 1.39 | 2.56 | 17497 | 18 |
| 3.29 | 1.40 | 1.40 | 1.40 | 2.36 | 17453 | 24 |
| (16.39) | 1.42 | 1.42 | 1.42 | 1.74 | 20927 | 23 |
| 5.13 | 1.42 | 1.42 | 1.42 | 1.56 | 32845 | 13 |
| 1.48 <sup>(e)</sup> | 0.75 <sup>(f)</sup> | 0.68 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 3.76 <sup>(f)</sup> | 9199 | 15 <sup>(e)</sup> |
| (0.14) | 0.71 | 0.68 | 0.71 | 3.55 | 8908 | 29 |
| 12.07 | 0.68 | 0.68 | 0.68 | 3.27 | 9768 | 18 |
| 4.04 | 0.68 | 0.69 | 0.68 | 3.06 | 6898 | 24 |
| (15.81) | 0.68 | 0.68 | 0.68 | 2.40 | 19360 | 23 |
| 6.00 | 0.67 | 0.67 | 0.67 | 2.30 | 71401 | 13 |
| 1.55 <sup>(e)</sup> | 0.61 <sup>(f)</sup> | 0.54 <sup>(f)</sup> | 0.61 <sup>(f)</sup> | 3.90 <sup>(f)</sup> | 6178 | 15 <sup>(e)</sup> |
| (0.10) | 0.56 | 0.54 | 0.57 | 3.70 | 6089 | 29 |
| 12.33 | 0.54 | 0.54 | 0.54 | 3.41 | 5526 | 18 |
| 4.07 | 0.55 | 0.55 | 0.55 | 3.21 | 2290 | 24 |
| (15.70) | 0.54 | 0.54 | 0.54 | 2.65 | 2364 | 23 |
| 6.14 | 0.54 | 0.54 | 0.54 | 2.41 | 2071 | 13 |
| 1.53 <sup>(e)</sup> | 0.65 <sup>(f)</sup> | 0.58 <sup>(f)</sup> | 0.65 <sup>(f)</sup> | 3.87 <sup>(f)</sup> | 154479 | 15 <sup>(e)</sup> |
| (0.14) | 0.61 | 0.58 | 0.61 | 3.66 | 143788 | 29 |
| 12.29 | 0.58 | 0.58 | 0.58 | 3.37 | 126889 | 18 |
| 4.04 | 0.58 | 0.58 | 0.58 | 3.18 | 87480 | 24 |
| (15.73) | 0.58 | 0.58 | 0.58 | 2.66 | 70220 | 23 |
| 6.11 | 0.57 | 0.57 | 0.57 | 2.38 | 43385 | 13 |

---

*See Notes to Financial Statements.* 247

**Notes to Financial Statements (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 (separately, a "Fund" and collectively, the "Funds") and their respective active share classes:

---

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

---

Short Duration, Intermediate, National, High Income, Short Duration High Income and California are diversified as defined in the 1940 Act. New Jersey and New York are non-diversified as defined in the 1940 Act.

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

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

**Basis of Preparation**

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services – Investment Companies*. The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Notes to Financial Statements (unaudited)(continued)**

**Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures* ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Funds is Lord, Abbett & Co. LLC ("Lord Abbett") through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedules of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

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

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| | |
|:---|:---|
| (a) | Investment Valuation**–**Under procedures approved by the Funds' Board of Directors (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option-adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|  | Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |

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**Notes to Financial Statements (unaudited)(continued)**

Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

&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).

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| | |
|:---|:---|
|  | If applicable, a summary of inputs used in valuing each Fund's investments and other financial instruments as of March 31, 2026 and Level 3 rollforwards for the six months then ended is included in each Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses**–**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 shares bear their class-specific share of shareholder servicing expenses. Class A, C and F shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (c) | Income Taxes**–**It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed each Fund's tax positions for all open tax years and has determined that as of March 31, 2026, no liability for Federal Income tax is required in each Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |

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**Notes to Financial Statements (unaudited)(continued)**

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| | |
|:---|:---|
| (d) | Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (e) | Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates ("TOB Residuals") issued by tender option bond trusts ("TOBs"). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of a Fund. Each Fund's transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund's Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates in the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of a Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to a Fund. The TOB may also be terminated without the consent of a Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors. |
|  | The following is a summary of each Fund's liability for trust certificates, range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred to TOBs as of March 31, 2026, as well as the average trust certificates for the period ended March 31, 2026: |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Liability<br>for Trust<br>Certificates** | **Interest Rate<br>or Range of<br>Interest Rates** | **Underlying<br>Municipal Bonds<br>Transferred<br>to TOBs** | **Average<br>Trust<br>Certificates<br>Outstanding** |
| Short Duration | $– | –% | $– | $– |
| Intermediate | 10550000 | 2.75% | 21235483 | 10550000 |
| National | 224150000 | 2.20%–6.123% | 434518654 | 196331667 |
| High Income | 172915000 | 2.20%–2.82% | 313106064 | 154025000 |
| Short Duration High Income | 7500000 | 2.75% | 15096315 | 7500000 |
| California | 16000000 | 2.20%–2.44% | 28810614 | 13000000 |
| New Jersey | 1665000 | 2.75% | 2548314 | 1110000 |
| New York | 14500000 | 2.42%–2.72% | 26862985 | 12943333 |

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**Notes to Financial Statements (unaudited)(continued)**

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| | |
|:---|:---|
|  | Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund's investment in TOB Residuals likely will adversely affect a Fund's net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund's NAV per share. The carrying value of each Fund's liability for trust certificates approximates its fair value. |
|  | If measured at fair value, the amounts would be level 2 in the fair value hierarchy on March 31, 2026. |
|  | While the Funds' investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds' management believes that the Funds' restrictions on borrowings do not apply to TOB transactions accounted for as secured borrowings. |
| (f) | Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, each Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Funds' participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Funds. |
| (g) | Security Transactions**–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains/(losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (h) | When–Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis. Payment and delivery may take place after customary settlement period for that security. |

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** DERIVATIVE TRANSACTIONS

Derivatives–During the six months ended March 31, 2026, the Funds used derivative instruments including futures contracts in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the

**Notes to Financial Statements (unaudited)(continued)**

Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Futures Contracts–During the six months ended March 31, 2026, the Funds listed in the tables below entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the six months ended March 31, 2026, the Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore,

**Notes to Financial Statements (unaudited)(continued)**

the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

Summary of Derivatives Information–As of March 31, 2026, the Funds in the tables below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statements of Assets and Liabilities:

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| | | |
|:---|:---|:---|
| | | **National Tax Free Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $1457984 |
|  | **Short Duration High Income Municipal Bond Fund** | **Short Duration High Income Municipal Bond Fund** |
| **Asset Derivatives** | **Statements of Assets <br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $1799388 |
|  |  | **California Tax Free Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $164609 |
|  |  | **New Jersey Tax Free Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $71806 |
|  |  | **New York Tax Free Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $260350 |

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<sup>(1)</sup> Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

**Notes to Financial Statements (unaudited)(continued)**

The following tables present the effect of derivatives for each Fund on the Statements of Operations for the six months ended March 31, 2026:

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| | | |
|:---|:---|:---|
| | | **National Tax Free Fund** |
| | **Statements of**<br> **Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(2107284) |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $3013064 |
| **Average derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 495 |
|  | **Short Duration High Income Municipal Bond Fund** | **Short Duration High Income Municipal Bond Fund** |
|  | **Statements of**<br> **Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(1392213) |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $2702721 |
| **Average derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 752 |
|  |  | **California Tax Free Fund** |
|  | **Statements of**<br> **Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(237086) |
| **Amount of Net Change in Unrealized Appreciation/ (Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $339405 |
| **Average derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 56 |

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**Notes to Financial Statements (unaudited)(continued)**

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| | | |
|:---|:---|:---|
|  | **New Jersey Tax Free Fund** | **New Jersey Tax Free Fund** |
|  | **Statements of<br>Operations Location** | **Interest<br>Rate<br>Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(36260) |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $98929 |
| **Average derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 17 |
|  | **New York Tax Free Fund** | **New York Tax Free Fund** |
|  | **Statements of<br>Operations Location** | **Interest<br>Rate<br>Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(286975) |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $456242 |
| **Average derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 70 |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

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

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

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

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

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

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**Notes to Financial Statements (unaudited)(continued)**

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

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

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

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

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

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| | |
|:---|:---|
| First $1 billion | .35% |
| Over $1 billion | .31% |

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For the six months ended March 31, 2026, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

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| | |
|:---|:---|
| **Fund** | **Net Effective** <br> **Management Fee** |
| Short Duration | .33% |
| Intermediate | .38% |
| National | .38% |
| High Income | .43% |
| Short Duration High Income | .33% |
| California | .45% |
| New Jersey | .45% |
| New York | .45% |

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In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly.

Lord Abbett voluntarily waived certain fees and expenses during the six months ended March 31, 2026 for the following funds:

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| | |
|:---|:---|
| **Fund** | **Amount** |
| Intermediate | $24068 |
| National | 22938 |
| High Income | 19570 |
| California | 4205 |
| New York | 3955 |

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**Notes to Financial Statements (unaudited)(continued)**

For the six months ended March 31, 2026 and continuing through January 31, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, if applicable, excluding certain of the Funds' expenses and interest related expenses, to the following annual rates:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Effective February 1, 2026 | Effective February 1, 2026 | Prior to February 1, 2026 | Prior to February 1, 2026 |
|  | Classes | Classes | Classes | Classes |
| Fund | A,C,F and I | F3 | A,C,F and I | F3 |
| Short Duration | .45% | .41% | .45% | .41% |
| Short Duration High Income | N/A | N/A | .45% | .40% |
| New Jersey | .62% | .59% | .62% | .59% |

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

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, C and F shares pursuant to Rule 12b-1 under the 1940 Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

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| | | | |
|:---|:---|:---|:---|
| **Fees** | **Class A** | **Class C<sup>(1)</sup>** | **Class F<sup>(2)</sup>** |
| Service | .15% | .25% |  |
| Distribution | .05% | .75% | .10% |

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<sup>(1)</sup> The Rule 12b-1 fee that each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund's average daily net assets attributable to Class C shares held less than 1 year and .80% (.25% service fee and .55% distribution fee) of each Fund's average daily net assets attributable to Class C shares held for 1 year or more. All Class C shareholders will bear Rule 12b-1 fees at the same rate.

<sup>(2)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds prospectus.

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

**Commissions**

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the six months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Distributor <br>Commissions** | **Dealers'<br>Concessions** |
| Short Duration | $11025 | $802840 |
| Intermediate | 31210 | 1591311 |
| National | 50413 | 2570668 |
| High Income | 43404 | 2384599 |
| Short Duration High Income | 11242 | 1697162 |
| California | 5315 | 647204 |
| New Jersey | 989 | 126773 |
| New York | 4717 | 452252 |

---

**Notes to Financial Statements (unaudited)(continued)**

The Distributor received the following amounts of CDSCs for the six months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Short Duration | $36132 | $3104 |
| Intermediate | 73878 | 900 |
| National | 149986 | 946 |
| High Income | 150210 | 8845 |
| Short Duration High Income | 113057 | 2756 |
| California | 68402 | 750 |
| New Jersey | 7681 |  |
| New York | 28473 | 1000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**5.** DISTRIBUTIONS AND TAX INFORMATION

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

The tax character of distributions paid during the six months ended March 31, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt <br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total <br>Distributions <br>Paid** |
| Short Duration Tax Free Fund | $24191315 | $– | $– | $– $| 24191315 |
| Intermediate Tax Free Fund | 95903014 | – | – | – | 95903014 |
| National Tax Free Fund | 98330898 | – | – | – | 98330898 |
| High Income Municipal Bond Fund | 106228028 | – | – | – | 106228028 |
| Short Duration High Income Municipal Bond Fund | 55707786 | – | – | – | 55707786 |
| California Tax Free Fund | 12597716 | – | – | – | 12597716 |
| New Jersey Tax Free Fund | 2781563 | – | – | – | 2781563 |
| New York Tax Free Fund | 10775691 | – | – | – | 10775691 |

---

**Notes to Financial Statements (unaudited)(continued)**

The tax character of distributions paid during the period ended September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt <br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total <br>Distributions <br>Paid** |
| Short Duration Tax Free Fund | $46673539 | 29092 | $– | $– $| 46702631 |
| Intermediate Tax Free Fund | 174253626 | 1192548 | – | – | 175446174 |
| National Tax Free Fund | 179663887 | 1135495 | – | – | 180799382 |
| High Income Municipal Bond Fund | 193485905 | 387881 | – | – | 193873786 |
| Short Duration High Income Municipal Bond Fund | 75932640 | 1109687 | – | – | 77042327 |
| California Tax Free Fund | 23159577 | 116860 | – | – | 23276437 |
| New Jersey Tax Free Fund | 4872321 | 10139 | – | – | 4882460 |
| New York Tax Free Fund | 19956524 | 45378 | – | – | 20001902 |

---

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term <br>Losses** | **Long-Term <br>Losses** | **Net Capital <br>Losses** |
| Short Duration Tax Free Fund | $(28801713) | $(75308862) | $(104110575) |
| Intermediate Tax Free Fund | (166316349) | (273045185) | (439361534) |
| National Tax Free Fund | (176411136) | (263453073) | (439864209) |
| High Income Municipal Bond Fund | (222395803) | (438086500) | (660482303) |
| Short Duration High Income Municipal Bond Fund | (75376889) | (58121676) | (133498565) |
| California Tax Free Fund | (13845331) | (32893572) | (46738903) |
| New Jersey Tax Free Fund | (685104) | (4048873) | (4733977) |
| New York Tax Free Fund | (9148600) | (17257054) | (26405654) |

---

As of March 31, 2026, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, other financial instruments and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax <br>Cost of <br>Investments** | **Gross <br>Unrealized <br>Appreciation** | **Gross <br>Unrealized<br>Depreciation** | **Net <br>Unrealized <br>Appreciation/<br>(Depreciation)** |
| Short Duration Tax Free Fund | $1736635606 | $7751712 | $(7712187) | $39525 |
| Intermediate Tax Free Fund | 5470908082 | 68697751 | (61153004) | 7544747 |
| National Tax Free Fund | 4681661869 | 239607574 | (109782525) | 129825049 |
| High Income Municipal Bond Fund | 4299916238 | 79658619 | (77480545) | 2178074 |
| Short Duration High Income Municipal Bond Fund | 2781605543 | 36653388 | (29716352) | 6937036 |
| California Tax Free Fund | 711867516 | 6376570 | (6738149) | (361579) |
| New Jersey Tax Free Fund | 175133899 | 1335989 | (5707054) | (4371065) |
| New York Tax Free Fund | 597700473 | 3855790 | (14462152) | (10606362) |

---

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO
 SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S.<br>Government <br>Purchases** | **Non-U.S.<br>Government <br>Purchases** | **U.S.<br>Government <br>Sales** | **Non-U.S.<br>Government <br>Sales** |
| Short Duration | &nbsp;&nbsp;&nbsp;&nbsp; $– $| 609495238 | $– | $484188475 |
| Intermediate | – | 1391860825 |  | 960008468 |
| National | – | 985687267 | 44810 | 823812634 |
| High Income | – | 702862439 |  | 426907414 |
| Short Duration High Income | – | 983494739 |  | 468862833 |
| California | – | 159413242 |  | 101950267 |
| New Jersey | – | 19171819 |  | 5332653 |
| New York | – | 110962447 |  | 90802503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. DIRECTORS'
 REMUNERATION

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

&nbsp;&nbsp;&nbsp;&nbsp;8. LINE
 OF CREDIT

For the period ended March 31, 2026, the Funds and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.675 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended March 31, 2026, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Interest associated with these credit facilities is charged to each Fund based on its borrowings generally at an amount above the Federal Funds rate or at the negotiated rate for swing line loans. In addition, there is a fee computed at an annual rate of 0.20% on the daily unused portion of the Syndicated Facility which is allocated among the Participating Funds at the end of each quarter. There is no fee associated with the unused portion of the Bilateral Facility.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

**Notes to Financial Statements (unaudited)(continued)**

For the six months ended March 31, 2026, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;9. INTERFUND
 LENDING PROGRAM

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

During the six months ended March 31, 2026, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;10. CUSTODIAN
 AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;11. SECURITIES
 LENDING AGREEMENT

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

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

As of March 31, 2026, the Funds did not have any securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;12. INVESTMENT RISKS

Each Fund's performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund's investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund's investments may gain value; however,

**Notes to Financial Statements (unaudited)(continued)**

because Short Duration and Short Duration High Income typically invest in shorter term bonds, those Funds are subject to the risk that they will underperform funds invested in longer-term bonds during such periods.

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

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

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

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

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

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

**Notes to Financial Statements (unaudited)(continued)**

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

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

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments and negatively impact each Fund's performance and your investment in each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9195372 | $139815841 | 14799742 | $223433715 |
| Reinvestment of distributions | 635943 | 9664838 | 1236869 | 18677049 |
| Shares reacquired | (7736364) | (117664330) | (16548578) | (249883085) |
| Increase (decrease) | 2094951 | $31816349 | (511967) | $(7772321) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 65049 | $989544 | 294918 | $4452513 |
| Reinvestment of distributions | 9682 | 147152 | 20539 | 310114 |
| Shares reacquired | (147978) | (2251786) | (312340) | (4716888) |
| Increase (decrease) | (73247) | $(1115090) | 3117 | $45739 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 68960 | $1050003 | 117335 | $1771414 |
| Reinvestment of distributions | 16618 | 252606 | 39667 | 598988 |
| Shares reacquired | (189925) | (2887458) | (631981) | (9539641) |
| Decrease | (104347) | $(1584849) | (474979) | $(7169239) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 2940609 | $44746976 | 5838974 | $88145019 |
| Reinvestment of distributions | 178254 | 2710819 | 320226 | 4837590 |
| Shares reacquired | (2303767) | (35040239) | (4875931) | (73613010) |
| Increase | 815096 | $12417556 | 1283269 | $19369599 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 8813142 | $134046719 | 21967501 | $331333157 |
| Reinvestment of distributions | 419997 | 6385759 | 789418 | 11923634 |
| Shares reacquired | (6451807) | (98089654) | (17466874) | (263931305) |
| Increase | 2781332 | $42342824 | 5290045 | $79325486 |
| **Intermediate** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 22746106 | $235268261 | 37580226 | $381920530 |
| Reinvestment of distributions | 2925769 | 30286152 | 5650611 | 57409080 |
| Shares reacquired | (20838075) | (215455475) | (44336168) | (450341861) |
| Increase (decrease) | 4833800 | $50098938 | (1105331) | $(11012251) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 367561 | $3802690 | 655894 | $6659454 |
| Reinvestment of distributions | 52794 | 545865 | 128853 | 1308056 |
| Shares reacquired | (1160382) | (11982762) | (2409774) | (24487484) |
| Decrease | (740027) | $(7634207) | (1625027) | $(16519974) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 377673 | $3914060 | 705932 | $7182471 |
| Reinvestment of distributions | 95680 | 989903 | 228662 | 2323523 |
| Shares reacquired | (802753) | (8294300) | (3197122) | (32485168) |
| Decrease | (329400) | $(3390337) | (2262528) | $(22979174) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 6598359 | $68200674 | 14437855 | $146589395 |
| Reinvestment of distributions | 523658 | 5422339 | 886037 | 9004432 |
| Shares reacquired | (3539841) | (36579602) | (10259253) | (103991783) |
| Increase | 3582176 | $37043411 | 5064639 | $51602044 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 58097144 | $601706234 | 111887495 | $1138309222 |
| Reinvestment of distributions | 3354651 | 34725464 | 6166678 | 62653026 |
| Shares reacquired | (39681531) | (410505097) | (89342533) | (906858486) |
| Increase | 21770264 | $225926601 | 28711640 | $294103762 |
| **National** | **Six Months Ended<br>March 31, 2026<br> (unaudited** | **Six Months Ended<br>March 31, 2026<br> (unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 31763805 | $328600154 | 55999329 | $577167311 |
| Reinvestment of distributions | 4782651 | 49473474 | 9250843 | 95079385 |
| Shares reacquired | (33973041) | (351153999) | (64112266) | (657348097) |
| Increase | 2573415 | $26919629 | 1137906 | $14898599 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 449167 | $4648476 | 976486 | $10065822 |
| Reinvestment of distributions | 70961 | 734833 | 156520 | 1611595 |
| Shares reacquired | (963232) | (9962972) | (2096477) | (21579466) |
| Decrease | (443104) | $(4579663) | (963471) | $(9902049) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 367023 | $3782991 | 927841 | $9480410 |
| Reinvestment of distributions | 85456 | 883035 | 200692 | 2062900 |
| Shares reacquired | (918617) | (9484747) | (2730103) | (28188755) |
| Decrease | (466138) | $(4818721) | (1601570) | $(16645445) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 9416275 | $97308435 | 22098250 | $226697932 |
| Reinvestment of distributions | 1104796 | 11422479 | 2037332 | 20918268 |
| Shares reacquired | (7800244) | (80540743) | (19756528) | (201117656) |
| Increase | 2720827 | $28190171 | 4379054 | $46498544 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 29978185 | $309850151 | 81160667 | $831628594 |
| Reinvestment of distributions | 2550401 | 26364383 | 4553522 | 46756136 |
| Shares reacquired | (32182483) | (332821866) | (66722478) | (682287020) |
| Increase | 346103 | $3392668 | 18991711 | $196097710 |
| **High Income** | **Six Months Ended<br>March 31, 2026<br> (unaudited** | **Six Months Ended<br>March 31, 2026<br> (unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 33066004 | $352814743 | 49089142 | $527883365 |
| Reinvestment of distributions | 4355278 | 46495408 | 8046057 | 86238823 |
| Shares reacquired | (30796436) | (328240098) | (51239224) | (548601333) |
| Increase | 6624846 | $71070053 | 5895975 | $65520855 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class C Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1369960 | $14611590 | 1985684 | $21446129 |
| Reinvestment of distributions | 194033 | 2071530 | 407308 | 4372035 |
| Shares reacquired | (1918581) | (20467110) | (3970288) | (42619100) |
| Decrease | (354588) | $(3783990) | (1577296) | $(16800936) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 251905 | $2688899 | 632246 | $6842422 |
| Reinvestment of distributions | 94634 | 1011097 | 273367 | 2947322 |
| Shares reacquired | (953739) | (10176991) | (4160731) | (45189908) |
| Decrease | (607200) | $(6476995) | (3255118) | $(35400164) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 4311577 | $45921321 | 9230918 | $98759639 |
| Reinvestment of distributions | 483359 | 5149586 | 825848 | 8827769 |
| Shares reacquired | (3191112) | (33953040) | (6813292) | (72304395) |
| Increase | 1603824 | $17117867 | 3243474 | $35283013 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 48245618 | $513666647 | 84297417 | $899663469 |
| Reinvestment of distributions | 3997830 | 42598509 | 6900134 | 73802323 |
| Shares reacquired | (35646820) | (379252887) | (73398326) | (779091923) |
| Increase | 16596628 | $177012269 | 17799225 | $194373869 |
| **Short Duration High Income** | **Six Months Ended<br>March 31, 2026<br> (unaudited** | **Six Months Ended<br>March 31, 2026<br> (unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 18720561 | $267368836 | 23638682 | $335846677 |
| Reinvestment of distributions | 981316 | 14010613 | 1350357 | 19168983 |
| Shares reacquired | (7828660) | (111862586) | (8241113) | (117022778) |
| Increase | 11873217 | $169516863 | 16747926 | $237992882 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 554777 | $7916709 | 850300 | $12075137 |
| Reinvestment of distributions | 35235 | 503141 | 54236 | 770292 |
| Shares reacquired | (206143) | (2945223) | (508807) | (7227175) |
| Increase | 383869 | $5474627 | 395729 | $5618254 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 14162 | $202383 | 172253 | $2455010 |
| Reinvestment of distributions | 13415 | 191533 | 33160 | 471098 |
| Shares reacquired | (126266) | (1799960) | (365393) | (5201075) |
| Decrease | (98689) | $(1406044) | (159980) | $(2274967) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration High Income** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2300094 | $32896688 | 3384543 | $48008763 |
| Reinvestment of distributions | 145846 | 2082118 | 199853 | 2837021 |
| Shares reacquired | (741846) | (10595967) | (1331003) | (18844579) |
| Increase | 1704094 | $24382839 | 2253393 | $32001205 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 41653926 | $594982321 | 72462040 | $1026651792 |
| Reinvestment of distributions | 2447519 | 34943986 | 3421559 | 48576738 |
| Shares reacquired | (24627492) | (351387976) | (36770892) | (521107430) |
| Increase | 19473953 | $278538331 | 39112707 | $554121100 |
| **California** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8334738 | $83676046 | 11263162 | $111891094 |
| Reinvestment of distributions | 732962 | 7362058 | 1375163 | 13654974 |
| Shares reacquired | (6408111) | (64314955) | (10796840) | (106697830) |
| Increase | 2659589 | $26723149 | 1841485 | $18848238 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 201471 | $2019245 | 283567 | $2849705 |
| Reinvestment of distributions | 17327 | 174088 | 41761 | 415490 |
| Shares reacquired | (280688) | (2820762) | (719041) | (7151727) |
| Decrease | (61890) | $(627429) | (393713) | $(3886532) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1787 | $17946 | 260861 | $2623507 |
| Reinvestment of distributions | 4724 | 47468 | 27801 | 278243 |
| Shares reacquired | (228458) | (2288950) | (1067667) | (10566218) |
| Decrease | (221947) | $(2223536) | (779005) | $(7664468) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1695606 | $17014164 | 2946930 | $29120614 |
| Reinvestment of distributions | 136472 | 1369731 | 232860 | 2309938 |
| Shares reacquired | (678813) | (6808795) | (2287867) | (22501449) |
| Increase | 1153265 | $11575100 | 891923 | $8929103 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3422359 | $34315693 | 7191395 | $71172005 |
| Reinvestment of distributions | 257544 | 2584790 | 484318 | 4803460 |
| Shares reacquired | (3479375) | (34873436) | (6322416) | (62452478) |
| Increase | 200528 | $2027047 | 1353297 | $13522987 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New Jersey** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3599713 | $16991649 | 8768471 | $40899794 |
| Reinvestment of distributions | 358101 | 1693832 | 638611 | 2966444 |
| Shares reacquired | (2792400) | (13192051) | (5349747) | (24859321) |
| Increase | 1165414 | $5493430 | 4057335 | $19006917 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 22137 | $103951 | 35325 | $164873 |
| Reinvestment of distributions | 6333 | 29964 | 16448 | 76621 |
| Shares reacquired | (27190) | (128509) | (262752) | (1222745) |
| Increase (decrease) | 1280 | $5406 | (210979) | $(981251) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 162296 | $770110 | 160001 | $738339 |
| Reinvestment of distributions | 9788 | 46309 | 18719 | 87215 |
| Shares reacquired | (110382) | (521683) | (178647) | (822640) |
| Increase | 61702 | $294736 | 73 | $2914 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1883119 | $8919561 | 3930259 | $18280919 |
| Reinvestment of distributions | 106275 | 502824 | 182427 | 848071 |
| Shares reacquired | (745464) | (3524073) | (2625928) | (12068877) |
| Increase | 1243930 | $5898312 | 1486758 | $7060113 |
| **New York** | **Six Months Ended<br>March 31, 2026<br> (unaudited** | **Six Months Ended<br>March 31, 2026<br> (unaudited)** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2025** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5759550 | $60588627 | 9906433 | $103984068 |
| Reinvestment of distributions | 641561 | 6752025 | 1211439 | 12641721 |
| Shares reacquired | (6634204) | (69743583) | (9630274) | (100515620) |
| Increase (decrease) | (233093) | $(2402931) | 1487598 | $16110169 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 215178 | $2256797 | 376605 | $3955501 |
| Reinvestment of distributions | 19638 | 206436 | 39458 | 411444 |
| Shares reacquired | (317091) | (3325156) | (641952) | (6672907) |
| Decrease | (82275) | $(861923) | (225889) | $(2305962) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 105849 | $1111326 | 158258 | $1661840 |
| Reinvestment of distributions | 14405 | 151749 | 27020 | 282205 |
| Shares reacquired | (88766) | (933352) | (233625) | (2479044) |
| Increase (decrease) | 31488 | $329723 | (48347) | $(534999) |

---

**Notes to Financial Statements (unaudited)(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York** | **Six Months Ended<br>March 31, 2026<br>(unaudited** | **Six Months Ended<br>March 31, 2026<br>(unaudited)** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2025** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 59244 | $623393 | 200514 | $2090912 |
| Reinvestment of distributions | 11335 | 119310 | 20499 | 213877 |
| Shares reacquired | (59624) | (627547) | (147882) | (1526701) |
| Increase | 10955 | $115156 | 73131 | $778088 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2728383 | $28699691 | 7655681 | $80051814 |
| Reinvestment of distributions | 232034 | 2442693 | 411861 | 4296152 |
| Shares reacquired | (1877007) | (19729659) | (6010243) | (62398355) |
| Increase | 1083410 | $11412725 | 2057299 | $21949611 |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

Remuneration paid to directors, officers, and others is included in Directors Remuneration under Item 7 of this Form N-CSR.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

**Lord Abbett Municipal Income Fund, Inc.**

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

**Approval of Advisory Contract**

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

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

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management, risk oversight and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

**Investment Performance.** The Board reviewed each Fund's investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2025. As to California Tax Free Fund and National Tax Free Fund, the Board observed that each Fund's investment performance was above the median of its performance peer group for the three- and ten-year periods, but below the median of its performance peer group for the one- and five-year periods. As to High Income Municipal Bond Fund, the Board observed that the Fund's investment performance was above the median of its performance peer group for the one-, three- and ten-year periods, but below the median of its performance peer group for the five-year period. As to New York Tax Free Fund, the Board observed that the Fund's investment performance was above the median of its performance peer group for the three-, five- and ten-year periods, but below the median of its performance peer group for the one-year period. As to Short Duration Tax Free Fund, the Board observed that the Fund's investment performance was below the median of its performance peer group for the one-, three-, five- and ten-year periods. As to New Jersey Tax Free Fund, the Board observed that the Fund's investment performance was above the median of its performance peer group for the ten-year period, but below the median of its performance peer group for the one-, three- and five-year periods. As to Intermediate Tax Free Fund, the Board observed that the Fund's investment performance was above the median of its performance peer group for the one- and three-year periods, but below the median of its performance peer group for the five- and ten-year periods. As to Short Duration High Income Municipal Bond Fund, the Board observed that the Fund's investment performance was above the median of its performance peer group for the one- and three- year periods, below the median of its performance peer group for the five-year period, and equal to the median of its performance peer group for the ten-year period. In each case, the Board considered Lord Abbett's explanation of the Fund's performance. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund's Agreement should be continued.

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

**Lord Abbett's Personnel and Methods.** The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and strategy, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

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

**Expenses.** The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of High Income Municipal Bond Fund, Short Duration High Income Municipal Bond Fund, New York Tax Free Fund and California Tax Free Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. As to each of Intermediate Tax Free Fund and New Jersey Tax Free Fund, the Board observed that the net total expense ratio of the Fund was the same as the median of the expense peer group. As to each of National Tax Free Fund and Short Duration Tax Free Fund, the Board observed that the net total expense ratio of the Fund was above the median of the expense peer group. As to each of High Income Municipal Bond Fund, National Tax Free Fund, New Jersey Tax Free Fund and Short Duration High Income Municipal Bond Fund, the Board observed that the actual management fee was below the median of the expense peer group. As to each of California Tax Free Fund, New York Tax Free Fund and Short Duration Tax Free Fund, the Board observed that the actual management fee was the same as the median of the expense peer group. As to Intermediate Tax Free Fund, the Board observed that the actual management fee was above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

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

**Other Benefits to Lord Abbett.** As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions, including transactions on behalf of the Funds.

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

---

| | | |
|:---|:---|:---|
| ![](x6_c115947x277x1m4.jpg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![](x6_c115947x277x2m4.jpg)<br>This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Municipal Income Fund, Inc.**<br>Lord Abbett Short Duration Tax Free Fund<br> Lord Abbett Intermediate Tax Free Fund<br> Lord Abbett National Tax-Free Income Fund<br> Lord Abbett High Income Municipal Bond Fund<br> Lord Abbett Short Duration High Income Municipal Bond Fund<br> Lord Abbett California Tax-Free Income Fund<br> Lord Abbett New Jersey Tax-Free Income Fund<br> Lord Abbett New York Tax-Free Income Fund<br>| LATFI-3<br> (05/26) |

---

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies**. |
|  | Not applicable. |
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable. |
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** <br> Not applicable. |
| **Item 16:** | **Controls and Procedures.** |
| (a) | The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |
|  | Not applicable. |
| **Item 19:** | **Exhibits.** |
| (a)(1) | [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Financial Officer and Senior Financial Officers is attached hereto as part of EX-99. CODEETH.](c115947_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c115947_ex99cert.htm) |

---

---

| | |
|:---|:---|
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c115947_ex99-906cert.htm) |

---

**SIGNATURES**

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

**LORD ABBETT MUNICIPAL INCOME FUND, INC.**

---

| | | |
|:---|:---|:---|
|  | By: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: May 28, 2026 |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | By: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: May 28, 2026 |  |  |
|  | By: | <u><u>/s/ Gina Andes</u></u> |
|  |  | Gina Andes |
|  |  | Assistant Treasurer |
|  |  | (Interim Principal Financial Officer) |
| Date: May 28, 2026 |  |  |

---

## Ex-99.Code

EX-99.CODEETH

![](x7_c115947x7x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

May 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u><u>APPLIES TO:</u></u> | &nbsp;&nbsp;<u><u>APPLIES TO:</u></u> |
| · | Lord Abbett Family of Funds |
| &nbsp;&nbsp;<u><u>Risks Addressed By This Policy</u></u> | &nbsp;&nbsp;<u><u>Risks Addressed By This Policy</u></u> |
| · | The Funds' principal executive and senior financial officers do not comply with written standards that are reasonably designed to deter wrongdoing and promote, among other things, honest and ethical conduct. |
| &nbsp;&nbsp;<u><u>RELEVANT LAW AND OTHER SOURCES</u></u> | &nbsp;&nbsp;<u><u>RELEVANT LAW AND OTHER SOURCES</u></u> |
| · | Section 406 of Sarbanes Oxley |
| · | Rule 30b2-1 under the Investment Company Act |
| · | Form N-CSR, Item 2, Code of Ethics |
| · | FINRA Release Nos. 34-47262; IC-25914 (January 27, 2003) *Certification of Management Investment Company Shareholder Reports and Designation of Certified Shareholder Reports as Exchange Act Periodic Reporting Forms; Disclosure Required by Schedules 406 and 407 of the Sarbanes-Oxley Act of 2002* |
| &nbsp;&nbsp;<u><u>RELATED POLICIES AND PROCEDURES</u></u> | &nbsp;&nbsp;<u><u>RELATED POLICIES AND PROCEDURES</u></u> |
| · | Code of Business Conduct |
| · | Code of Ethics and Personal Trading Policy |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** <u>**<u>COVERED OFFICERS/PURPOSE OF THE CODE</u>**</u> 

The Lord Abbett Family of Funds' code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** <u>**<u>Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest</u>**</u> 

***Overview*.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

· not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

There are some potential conflict of interest situations that should be discussed with Lord Abbett's Chief Legal Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

· any direct ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than Lord Abbett or any affiliated person of Lord Abbett;

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment, such as compensation or as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** <u>**<u>Disclosure & Compliance</u>**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

· each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** <u>**<u>REPORTING AND ACCOUNTABILITY</u>**</u> 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has received, read, and understands the Code;

· annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

· report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds' Annual Directors & Officers Questionnaire;

· not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and

· notify Lord Abbett's Chief Legal Officer promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett's Chief Legal Officer is responsible for applying this Code to specific situations in

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Legal Officer may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him;

· if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion; • any matter that the Chief Legal Officer believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer;

· the Committee will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** <u>**<u>OTHER POLICIES AND PROCEDURES</u>**</u> 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** <u>**<u>AMENDMENTS</u>**</u> 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** <u>**<u>CONFIDENTIALITY</u>**</u> 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** <u>**<u>INTERNAL USE</u>**</u> 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** <u>**<u>DEFINED TERMS</u>**</u> 

***Lord Abbett Family of Funds*** means the family of open-end mutual funds registered under the Investment Company Act and advised by a Lord, Abbett & Co. LLC.

This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

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**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

**EXHIBIT A**

(May 2026)

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| | | |
|:---|:---|:---|
| <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Position With Funds</u></u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Gina Andes | Interim Principal Financial Officer and Interim Principal Accounting Officer | Assistant Treasurer |

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This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance.

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form
 N-CSR of Lord Abbett Municipal Income Fund, Inc.;

2. Based on my knowledge, this report
 does not contain any untrue statement of a material fact or omit to state a material fact
 necessary to make the statements made, in light of the circumstances under which such statements
 were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present in all
 material respects the financial condition, results of operations, changes in net assets,
 and cash flows (if the financial statements are required to include a statement of cash flows)
 of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying
 officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
 designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
 is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
 under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
 based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
 the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying
 officer and I have disclosed to the Registrant's auditors and the audit committee of
 the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
 information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
 internal control over financial reporting.

Date: May 28, 2026

<u>/s/ Douglas B. Sieg</u><br> Douglas B. Sieg<br>President and Chief Executive Officer<br> (Principal Executive Officer)<br>

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Gina Andes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form
 N-CSR of Lord Abbett Municipal Income Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report
 does not contain any untrue statement of a material fact or omit to state a material fact
 necessary to make the statements made, in light of the circumstances under which such statements
 were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present in all
 material respects the financial condition, results of operations, changes in net assets,
 and cash flows (if the financial statements are required to include a statement of cash flows)
 of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying
 officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
 supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
 to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
 under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
 based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
 the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying
 officer and I have disclosed to the Registrant's auditors and the audit committee of
 the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
 information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
 internal control over financial reporting.

Date: May 28, 2026

<u>/s/ Gina Andes</u><br> Gina Andes<br> Assistant Treasurer<br> (Interim Principal Financial Officer)<br>

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc. (the "Report") fully complies
 with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the issuer.

Date: May 28, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u><br> Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Gina Andes</u><br> Gina Andes<br> Assistant Treasurer<br> (Interim Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.