UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03942
LORD ABBETT MUNICIPAL INCOME FUND, INC.
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302
(Address of principal executive offices) (Zip code)
Brooke A. Fapohunda, Esq., Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 201-6984
Date of fiscal year end: 9/30
Date of reporting period: 9/30/2014
| Item 1: | Report(s) to Shareholders. |
2014 LORD ABBETT
ANNUAL REPORT
Lord Abbett
Municipal Income Fund
Short Duration Tax Free Fund
Intermediate Tax Free Fund
AMT Free Municipal Bond Fund
National Tax Free Income Fund
High Yield Municipal Bond Fund
California Tax Free Income Fund
New Jersey Tax Free Income Fund
New York Tax Free Income Fund
For the fiscal year ended September 30, 2014
Table of Contents
Lord Abbett Municipal Income Fund
Annual Report
For the fiscal year ended September 30, 2014
Daria L. Foster, Director, President and Chief Executive Officer of the Lord Abbett Funds and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.
Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended September 30, 2014. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and more timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
Best regards,
Daria L. Foster
Director, President and Chief Executive Officer
Municipal Bond Market Review
The municipal bond market for the 12-month period was influenced by the Federal Reserve’s commitment to keeping short-term rates near 0%, which has anchored the front end of both the Treasury and municipal yield curves at very low levels. Historically, the municipal and Treasury markets have tended to move in tandem, but, recently, municipal yields have been above those of Treasury securities across all maturities. With municipal credit quality generally stable over the last three years and throughout much of this twelve-month period, investors have been willing to reach down in credit quality in an effort to find higher yields in the low interest rate environment. The desire for income, at a time when the yield curve remains steep, also made bonds with longer maturities attractive.
After experiencing 31 consecutive weeks of net outflows from municipal bond funds in 2013, the municipal market in the calendar year-to-date period has benefited from favorable technicals. Municipal bond issuance for the calendar
1
year-to-date period ended September 30, 2014, totaled approximately $227 billion, a 10.5% decrease in issuance compared with the prior calendar year-to-date period. Refunding issuance declined approximately 12% over the same period despite the recent uptick due to the drop in interest rates. Demand has been supported by cross-over buyers and retail investors who are drawn by attractive yields across maturities.
Despite negative headlines regarding a few large municipalities, municipal bond defaults have remained exceedingly rare within the investment-grade segment of the market. While there are pockets of distress in the municipal bond market, the general trend has been one of improving credit fundamentals as demonstrated by 10 consecutive quarters of rising state and local tax revenues through early 2014.
The average national unemployment rate has fallen to 5.9% as of September 30, 2014, making it the first time that unemployment has been below 6% since July 2008. Total nonfarm payroll employment rose by 248,000 in September 2014, compared with an average monthly gain of 213,000 over the prior 12 months. Real gross domestic product (GDP) increased 4.6% in the second calendar quarter, which was in stark contrast to the 2.1% decrease in the first quarter.
The table below shows each Fund’s performance relative to its benchmark for the fiscal year ended September 30, 2014.
| | | Class A Shares
at NAV
9/30/2014
12-Mo.
Returns | | Lipper
Funds
Average1 | | Barclays
Muni Bond
Index2 | | Barclays
1-15 Yr.
Muni Bond
Index3 | | Barclays
High Yield
Muni Bond
Index4 | | Barclays
Muni Bond
Short
1-5
Yr. Index5 |
| Short Duration Tax Free Fund | | 1.85 | % | | 1.29 | % | | — | | | — | | | — | | | 1.92 | % |
| Intermediate Tax Free Fund | | 7.09 | | | 5.44 | | | — | | | 5.77 | % | | — | | | — | |
| AMT Free Municipal Bond Fund | | 9.76 | | | 8.85 | | | 7.93 | % | | — | | | — | | | — | |
| National Tax Free Fund | | 10.87 | | | 8.85 | | | 7.93 | | | — | | | — | | | — | |
| High Yield Municipal Bond Fund | | 12.54 | | | 12.09 | | | — | | | — | | | 11.96 | % | | — | |
| California Tax Free Fund | | 11.29 | | | 10.56 | | | 7.93 | | | — | | | — | | | — | |
| New Jersey Tax Free Fund | | 9.87 | | | 8.47 | | | 7.93 | | | — | | | — | | | — | |
| New York Tax Free Fund | | 9.73 | | | 8.83 | | | 7.93 | | | — | | | — | | | — | |
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Short Duration Tax Free Fund
Short Duration Tax Free Fund underperformed its benchmark, the Barclays Municipal Bond Short 1-5 Year Index,5 during the 12-month period. The Fund’s exposure to bonds shorter than three years had lower absolute returns, as a historically steep yield curve encouraged investors to extend maturities. The Fund’s bonds with maturities of five years and longer outperformed, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s overweight to bonds rated ‘BBB’ and lower positively contributed to relative performance. With regard to sectors, state general obligation and health care bonds were among the strongest contributors to absolute returns, while electric revenue bonds detracted the most.
Intermediate Tax Free Fund
Intermediate Tax Free Fund outperformed its benchmark, the Barclays 1-15 Year Municipal Bond Index,3 during the 12-month period. The Fund’s exposure to bonds with maturities longer than seven years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than five years had lower absolute returns. The Fund’s overweight to lower-quality bonds contributed to relative performance, as there was strong demand for lower-rated credits. With regard to sectors, health care bonds were among the strongest contributors to absolute returns, while water and sewer and electric revenue bonds contributed the least.
AMT Free Municipal Bond Fund
AMT Free Municipal Bond Fund outperformed its benchmark, the Barclays Municipal Bond Index,2 during the 12-month period. The Fund’s exposure to bonds with maturities longer than 25 years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than five years had lower absolute returns. The Fund’s overweight to lower-quality bonds contributed to relative performance, as there was strong demand for lower-rated credits. With regard to sectors, health care bonds were among the strongest contributors to absolute returns, while electric revenue bonds detracted from absolute performance.
National Tax Free Fund
National Tax Free Fund outperformed its benchmark, the Barclays Municipal Bond Index,2 during the 12-month period. The Fund’s exposure to bonds with maturities longer than 25 years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than five years had lower absolute returns.
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Furthermore, the Fund’s overweight to lower-quality bonds contributed to relative performance, as there was strong demand for lower-rated credits. With regard to sectors, health care bonds were among the strongest contributors to absolute returns, while tobacco bonds contributed the least.
High Yield Municipal Bond Fund
High Yield Municipal Bond Fund outperformed its benchmark, the Barclays High Yield Municipal Bond Index,4 during the 12-month period. The Fund’s exposure to bonds with maturities longer than 25 years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than five years had lower absolute returns. Furthermore, high yield municipal bonds generally benefited from strong demand for lower-rated credits. With regard to sectors, senior living bonds were among the strongest contributors to absolute returns, while hotel bonds detracted from absolute performance.
California Tax Free Fund
California Tax Free Fund outperformed its benchmark, the Barclays Municipal Bond Index,2 during the 12-month period. The Fund’s exposure to bonds with maturities longer than 25 years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than thirteen years had lower absolute returns. The Fund’s overweight to lower-quality bonds contributed to relative performance, as there was strong demand for lower-rated credits. With regard to sectors, state general obligation bonds were among the strongest contributors to absolute returns, while sales tax bonds contributed the least.
General obligation debt issued by the State of California was rated ‘Aa3’ by Moody’s and ‘A’ by Standard & Poor’s, as of September 30, 2014. During the period, California’s bonds were upgraded to ‘Aa3’ from ‘A1’ by Moody’s. Moody’s cited the state’s rapidly improving financial position and robust employment growth in making the upgrade.
Although California’s unemployment rate is higher than that of most other states, it boasted GDP of $2.2 trillion in 2013, which had grown by 2% throughout the year. The state’s economy continues to benefit from an above-average share of jobs in the information industry, due in part to the state’s leadership in technology.
New Jersey Tax Free Fund
New Jersey Tax Free Fund outperformed its benchmark, the Barclays Municipal Bond Index,2 during the 12-month period. The Fund’s exposure to bonds with maturities longer than 25 years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than twelve years had lower absolute returns. The Fund’s overweight to lower-quality
4
bonds contributed to relative performance, as there was strong demand for lower-rated credits. With regard to sectors, health care bonds were among the strongest contributors to absolute returns, while student loan and IOU bonds contributed the least on an absolute basis.
General obligation debt issued by the State of New Jersey was rated ‘A1’ by Moody’s and ‘A’ by Standard & Poor’s, as of September 30, 2014. During the period, New Jersey’s bonds were downgraded to ‘A’ from ‘A+’ by Standard & Poor’s. Standard & Poor’s cited the state’s increased pressure in managing its long-term liabilities in making the downgrade.
As of August 2014, the Bureau of Labor Statistics reported the New Jersey unemployment rate at 6.6% for the state, down from 8.4% in September 2013. However, New Jersey’s unemployment rate remains above the national average of 5.9%. Despite shortfalls in revenue, the state continues to benefit from a diverse economic base and high wealth levels.
New York Tax Free Fund
New York Tax Free Fund outperformed its benchmark, the Barclays Municipal Bond Index,2 during the 12-month period. The Fund’s exposure to bonds with maturities longer than 25 years contributed to absolute performance, as yields declined more in longer-maturity bonds than shorter-maturity bonds. The Fund’s bonds with maturities of less than thirteen years had lower absolute returns. The Fund’s overweight to lower-quality bonds contributed to relative performance, as there was strong demand for lower-rated credits. With regard to sectors, private higher education bonds were among the strongest contributors to absolute returns, while IOU bonds contributed the least.
General obligation debt issued by the State of New York was rated ‘Aa1’ by Moody’s and ‘AA+’ by Standard & Poor’s, as of September 30, 2014. During the period, New York’s bonds were upgraded to ‘AA+’ by Standard & Poor’s from ‘AA’. Standard & Poor’s cited the state’s improved structural budget balance in making the upgrade.
As of August 2014, the Bureau of Labor Statistics reported the New York unemployment rate at 6.4% for the state, down from 7.6% in September 2013. However, New York’s unemployment rate remains above the national average of 5.9%.
Each Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.
5
1 The Lipper Funds Average: Lipper, Inc. is a nationally recognized organization that reports on mutual fund total return performance, calculates fund rankings and is a global leader in benchmarking and classifying mutual funds. Peer averages are based on universes of funds with similar investment objectives. Peer group averages include reinvested dividends and capital gains, if any, and exclude sales charges.
2 The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
3 The Barclays 1-15 Year Municipal Bond Index is the 1-15 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
4 The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. The Barclays High Yield Municipal Bond Index is a subset of the Barclays Municipal Bond Index; a rules-based, market value-weighted index engineered for the long-term tax-exempt bond market.
5 The Barclays Municipal Bond Short 1-5 Year Index is the 1-5 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.
Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.
Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.
During certain periods shown, expense waivers and reimbursements were in place. Without such expense reimbursements, the Funds’ returns would have been lower.
6
The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of September 30, 2014. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolio is actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.
A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund’s prospectus.
Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.
7
Short Duration Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Municipal Bond Short 1-5 Year Index and the Lipper Short Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | Life of Class |
| Class A4 | | | -0.44 | % | | | 1.48 | % | | | 2.27 | % |
| Class C5 | | | 0.20 | % | | | 1.24 | % | | | 1.94 | % |
| Class F6 | | | 1.95 | % | | | 2.04 | % | | | 2.78 | % |
| Class I6 | | | 2.04 | % | | | 2.13 | % | | | 2.88 | % |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class C | | Class F | | Class I |
| | 0.63 | % | | | 0.02 | % | | | 0.74 | % | | | 0.84 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for period shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return. Class A shares commenced operations on December 12, 2008. Performance for the Class began December 31, 2008.
5 Class C shares commenced operations on December 12, 2008. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for the Class began December 31, 2008. Performance for other periods is at net asset value.
6 Class F and Class I shares commenced operations on December 12, 2008. Performance for the Class began December 31, 2008. Performance is at net asset value.
8
Intermediate Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays 1-15 Year Municipal Bond Index assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A3 | | | 4.70 | % | | | 4.04 | % | | | 4.18 | % | | | — | |
| Class B4 | | | 1.35 | % | | | 3.36 | % | | | 3.78 | % | | | — | |
| Class C5 | | | 5.42 | % | | | 3.80 | % | | | 3.68 | % | | | — | |
| Class F6 | | | 7.20 | % | | | 4.63 | % | | | — | | | | 5.26 | % |
| Class I7 | | | 7.41 | % | | | — | | | | — | | | | 5.92 | % |
| Class P8 | | | 6.94 | % | | | 4.30 | % | | | 4.21 | % | | | — | |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class B | | Class C | | Class F | | Class I | | Class P |
| | 2.45 | % | | | 1.72 | % | | | 1.88 | % | | | 2.60 | % | | | 2.70 | % | | | 2.27 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return.
4 Performance reflects the deduction of CDSC of 5% for 1 year, 2% for 5 years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
7 Class I shares commenced operations and performance for the Class began on January 31, 2011. Performance is at net asset value.
8 Performance is at net asset value.
9
AMT Free Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Municipal Bond Index and the Lipper General Municipal Debt Funds Average assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | Life of Class |
| Class A4 | | | 7.26 | % | | | 5.01 | % |
| Class C5 | | | 7.97 | % | | | 4.82 | % |
| Class F6 | | | 9.87 | % | | | 5.73 | % |
| Class I6 | | | 9.97 | % | | | 5.86 | % |
|
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class C | | Class F | | Class I |
| | 3.65 | % | | | 3.10 | % | | | 3.81 | % | | | 3.94 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for period shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return. Class A shares commenced operations on October 26, 2010. Performance for the Class began October 29, 2010.
5 Class C shares Commenced operations on October 26, 2010. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for the Class began October 29, 2010. Performance for other periods is at net asset value.
6 Class F and Class I shares commenced operations on October 26, 2010. Performance for the Class began October 29, 2010. Performance is at net asset value.
10
National Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Municipal Bond Index and the Lipper General Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A4 | | | 8.41 | % | | | 5.38 | % | | | 4.17 | % | | | — | |
| Class B5 | | | 5.06 | % | | | 4.68 | % | | | 3.78 | % | | | — | |
| Class C6 | | | 9.17 | % | | | 5.16 | % | | | 3.73 | % | | | — | |
| Class F7 | | | 10.98 | % | | | 5.96 | % | | | — | | | | 5.06 | % |
| Class I8 | | | 11.07 | % | | | — | | | | — | | | | 6.28 | % |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class B | | Class C | | Class F | | Class I |
| | 3.53 | % | | | 2.81 | % | | | 2.99 | % | | | 3.71 | % | | | 3.34 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return.
5 Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on July 26, 2010. Performance is at net asset value.
11
High Yield Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays High Yield Municipal Bond Index and the Lipper High Yield Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | Life of Class |
| Class A4 | | | 10.02 | % | | | 5.41 | % | | | 2.55 | % |
| Class C5 | | | 10.74 | % | | | 5.17 | % | | | 2.34 | % |
| Class F6 | | | 12.54 | % | | | 5.96 | % | | | 2.23 | % |
| Class I7 | | | 12.44 | % | | | — | | | | 5.81 | % |
| Class P8 | | | 12.23 | % | | | 5.66 | % | | | 2.76 | % |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class C | | Class F | | Class I | | Class P |
| | 4.51 | % | | | 3.99 | % | | | 4.71 | % | | | 4.82 | % | | | 4.39 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance for index is calculated from December 31, 2004 to September 30, 2014.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2014, is calculated using SEC required uniform method to compute such return. The Class A inception date is December 30, 2004.
5 Class C shares were first offered on December 30, 2004. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
7 Class I shares commenced operations and performance for the Class began on July 26, 2010. Performance is at net asset value.
8 Class P shares were first offered on December 30, 2004. Performance is at net asset value.
12
California Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Municipal Bond Index and the Lipper California Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | | 8.81 | % | | | 5.13 | % | | | 4.05 | % | | | — | |
| Class C6 | | | 9.58 | % | | | 4.91 | % | | | 3.61 | % | | | — | |
| Class F7 | | | 11.39 | % | | | 5.70 | % | | | — | | | | 4.90 | % |
| Class I8 | | | 11.65 | % | | | — | | | | — | | | | 8.92 | % |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class C | | Class F | | Class I |
| | 3.27 | % | | | 2.73 | % | | | 3.45 | % | | | 2.99 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on January 31, 2011. Performance is at net asset value.
13
New Jersey Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Municipal Bond Index and the Lipper New Jersey Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other class will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | | 7.34 | % | | | 4.30 | % | | | 3.49 | % | | | — | |
| Class F6 | | | 9.97 | % | | | 4.87 | % | | | — | | | | 4.18 | % |
| Class I7 | | | 10.13 | % | | | — | | | | — | | | | 7.35 | % |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class F | | Class I |
| | 3.41 | % | | | 3.58 | % | | | 3.71 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
7 Class I shares commenced operations and performance for the Class began on January 31, 2011. Performance is at net asset value.
14
New York Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Municipal Bond Index and the Lipper New York Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2014
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | | 7.30 | % | | | 4.42 | % | | | 3.87 | % | | | — | |
| Class C6 | | | 7.95 | % | | | 4.22 | % | | | 3.43 | % | | | — | |
| Class F7 | | | 9.83 | % | | | 5.02 | % | | | — | | | | 4.72 | % |
| Class I8 | | | 9.85 | % | | | — | | | | — | | | | 7.11 | % |
Standardized Yield for the Period Ended September 30, 2014
| Class A | | Class C | | Class F | | Class I |
| | 3.24 | % | | | 2.69 | % | | | 3.41 | % | | | 3.51 | % |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2014, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on January 30, 2011. Performance is at net asset value.
15
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2014 through September 30, 2014).
Actual Expenses
For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 4/1/14 – 9/30/14” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
16
Short Duration Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,009.50 | | | | $3.27 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.81 | | | | $3.29 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,005.70 | | | | $6.49 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,018.60 | | | | $6.53 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,009.40 | | | | $2.77 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.31 | | | | $2.79 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,009.80 | | | | $2.27 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.81 | | | | $2.28 | | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.65% for Class A, 1.29% for Class C, 0.55% for Class F and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 7.94% | | |
| AA+ | | 9.78% | | |
| AA | | 22.40% | | |
| AA- | | 15.10% | | |
| A+ | | 10.46% | | |
| A | | 11.88% | | |
| A- | | 7.64% | | |
| BBB+ | | 4.49% | | |
| BBB | | 2.68% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BBB- | | 2.25% | | |
| BB+ | | 1.36% | | |
| BB | | 1.04% | | |
| BB- | | 0.66% | | |
| B3 | | 0.08% | | |
| CCC | | 0.05% | | |
| NR | | 2.19% | | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
17
Intermediate Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,038.80 | | | | $3.58 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.56 | | | | $3.55 | | |
| Class B | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,035.60 | | | | $7.65 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,017.55 | | | | $7.59 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,035.60 | | | | $6.79 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,018.40 | | | | $6.73 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,039.30 | | | | $3.07 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.06 | | | | $3.04 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,040.80 | | | | $2.56 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.56 | | | | $2.54 | | |
| Class P | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,038.60 | | | | $4.70 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,020.46 | | | | $4.66 | | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.70% for Class A, 1.50% for Class B, 1.33% for Class C, 0.60% for Class F, 0.50% for Class I and 0.92% for Class P) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 6.81% | | |
| AA+ | | 4.99% | | |
| AA | | 14.19% | | |
| AA- | | 13.80% | | |
| A+ | | 10.60% | | |
| A | | 10.09% | | |
| A- | | 8.03% | | |
| BBB+ | | 6.63% | | |
| BBB | | 4.19% | | |
| BBB- | | 6.31% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BB+ | | 2.13% | | |
| BB | | 2.05% | | |
| BB- | | 1.75% | | |
| B+ | | 0.70% | | |
| B | | 1.62% | | |
| B- | | 1.99% | | |
| CCC | | 0.38% | | |
| NR | | 3.74% | | |
| Money Market Mutual Fund | | 0.00% | ** | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
18
AMT Free Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,055.20 | | | | $3.09 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.06 | | | | $3.04 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,051.10 | | | | $6.38 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,018.85 | | | | $6.28 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,055.70 | | | | $2.58 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.56 | | | | $2.54 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,056.20 | | | | $2.06 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,023.06 | | | | $2.03 | | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.60% for Class A, 1.24% for Class C, 0.50% for Class F and 0.40% Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 2.20% | | |
| AA+ | | 1.80% | | |
| AA | | 14.36% | | |
| AA- | | 13.59% | | |
| A+ | | 11.94% | | |
| A | | 14.79% | | |
| A- | | 10.24% | | |
| BBB+ | | 4.59% | | |
| BBB | | 7.83% | | |
| BBB- | | 7.78% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BB+ | | 2.93% | | |
| BB | | 3.02% | | |
| BB- | | 0.74% | | |
| B+ | | 0.29% | | |
| B | | 0.51% | | |
| B- | | 1.08% | | |
| CCC | | 0.50% | | |
| NR | | 1.81% | | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
19
National Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,058.60 | | | | $3.97 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.21 | | | | $3.90 | | |
| Class B | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,055.20 | | | | $8.09 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,017.20 | | | | $7.94 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,055.30 | | | | $7.21 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,018.05 | | | | $7.08 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,059.10 | | | | $3.46 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.71 | | | | $3.40 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,059.50 | | | | $2.89 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.26 | | | | $2.84 | | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.77% for Class A, 1.57% for Class B, 1.40% for Class C, 0.67% for Class F and 0.56% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 2.41% | | |
| AA+ | | 5.10% | | |
| AA | | 17.15% | | |
| AA- | | 12.76% | | |
| A+ | | 8.90% | | |
| A | | 7.54% | | |
| A- | | 11.83% | | |
| BBB+ | | 5.49% | | |
| BBB | | 7.85% | | |
| BBB- | | 10.37% | | |
| BB+ | | 1.83% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BB | | 1.21% | | |
| BB- | | 1.86% | | |
| B+ | | 0.80% | | |
| B | | 0.61% | | |
| B- | | 0.82% | | |
| CCC | | 0.12% | | |
| C | | 0.01% | | |
| NR | | 3.34% | | |
| Money Market Mutual Fund | | 0.00% | ** | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
20
High Yield Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,068.60 | | | | $4.67 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,020.56 | | | | $4.56 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,064.40 | | | | $7.92 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,017.40 | | | | $7.74 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,068.20 | | | | $4.15 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.06 | | | | $4.05 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,068.60 | | | | $3.53 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.66 | | | | $3.45 | | |
| Class P | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,066.60 | | | | $5.75 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,019.50 | | | | $5.62 | | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.90% for Class A, 1.53% for Class C, 0.80% for Class F, 0.68% for Class I and 1.11% for Class P) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 0.70% | | |
| AA+ | | 1.06% | | |
| AA | | 4.14% | | |
| AA- | | 5.35% | | |
| A+ | | 1.47% | | |
| A | | 2.56% | | |
| A- | | 3.56% | | |
| BBB+ | | 4.04% | | |
| BBB | | 4.67% | | |
| BBB- | | 9.20% | | |
| BB+ | | 7.83% | | |
| BB | | 7.80% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BB- | | 6.39% | | |
| B+ | | 1.44% | | |
| B | | 5.32% | | |
| B- | | 6.43% | | |
| CCC | | 0.30% | | |
| C | | 0.05% | | |
| D | | 0.22% | | |
| NR | | 27.47% | | |
| Money Market Mutual Fund | | 0.00% | ** | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
21
California Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,060.80 | | | | $4.49 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,020.71 | | | | $4.41 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,056.40 | | | | $7.73 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,017.55 | | | | $7.59 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,061.30 | | | | $3.98 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.21 | | | | $3.90 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,062.00 | | | | $3.41 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.76 | | | | $3.35 | | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.87% for Class A, 1.50% for Class C, 0.77% for Class F and 0.66% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 1.98% | | |
| AA+ | | 1.48% | | |
| AA | | 17.61% | | |
| AA- | | 23.30% | | |
| A+ | | 15.09% | | |
| A | | 5.65% | | |
| A- | | 10.73% | | |
| BBB+ | | 5.18% | | |
| BBB | | 3.12% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BBB- | | 5.54% | | |
| BB+ | | 0.93% | | |
| BB | | 2.47% | | |
| BB- | | 0.87% | | |
| B | | 0.65% | | |
| B- | | 1.87% | | |
| NR | | 3.53% | | |
| Money Market Mutual Fund | | 0.00% | ** | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
22
New Jersey Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,049.40 | | | | $4.26 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,020.91 | | | | $4.20 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,049.90 | | | | $3.75 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.41 | | | | $3.70 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,050.70 | | | | $3.08 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.06 | | | | $3.04 | | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.83% for Class A, 0.73% for Class F and 0.60% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 4.96% | | |
| AA+ | | 3.66% | | |
| AA | | 8.54% | | |
| AA- | | 10.94% | | |
| A+ | | 11.14% | | |
| A | | 26.98% | | |
| A- | | 3.72% | | |
| BBB+ | | 8.12% | | |
| BBB | | 3.76% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BBB- | | 7.63% | | |
| BB | | 2.64% | | |
| BB- | | 0.16% | | |
| B+ | | 0.68% | | |
| B | | 4.17% | | |
| NR | | 2.90% | | |
| Money Market Mutual Fund | | 0.00% | ** | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
23
New York Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/14 | | 9/30/14 | | 4/1/14 -
9/30/14 | |
| Class A | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,053.30 | | | | $4.07 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.11 | | | | $4.00 | | |
| Class C | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,050.10 | | | | $7.25 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,018.00 | | | | $7.13 | | |
| Class F | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,054.70 | | | | $3.55 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,021.61 | | | | $3.50 | | |
| Class I | | | | | | | | | | | | | |
| Actual | | | $1,000.00 | | | | $1,054.30 | | | | $3.04 | | |
| Hypothetical (5% Return Before Expenses) | | | $1,000.00 | | | | $1,022.11 | | | | $2.99 | | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.79% for Class A, 1.41% for Class C, 0.69% for Class F and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2014
Credit Rating:
S&P or Moody’s(a) | | %* | |
| AAA | | 14.42% | | |
| AA+ | | 6.49% | | |
| AA | | 18.66% | | |
| AA- | | 18.25% | | |
| A+ | | 3.42% | | |
| A | | 7.10% | | |
| A- | | 7.66% | | |
| BBB+ | | 3.92% | | |
| BBB | | 2.70% | | |
| BBB- | | 6.32% | | |
Credit Rating:
S&P or Moody’s(a) | | %* | |
| BB+ | | 2.38% | | |
| BB | | 3.12% | | |
| BB- | | 0.76% | | |
| B+ | | 0.55% | | |
| B | | 0.56% | | |
| B- | | 0.80% | | |
| CCC | | 0.24% | | |
| NR | | 2.65% | | |
| Money Market Mutual Fund | | 0.00% | ** | |
| Total | | 100.00% | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
24
Schedule of Investments
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 85.89% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 6.18% | | | | | | | | | | | | | | | | |
| Beaver Co IDA–FirstEnergy Rmkt | | | 2.50 | % | | 12/1/2041 | | BBB- | | $ | 8,000 | | | $ | 8,149,360 | |
| Beaver Co IDA–FirstEnergy Rmkt | | | 2.70 | % | | 4/1/2035 | | BBB- | | | 12,000 | | | | 12,213,120 | |
| Burke Co Dev–GA Power | | | 1.75 | % | | 12/1/2049 | | A | | | 10,000 | | | | 10,164,700 | |
| Burke Co Dev–GA Transmission | | | 1.25 | % | | 1/1/2052 | | AA- | | | 7,250 | | | | 7,275,012 | |
| Burke Co Dev–Oglethorpe Power | | | 2.40 | % | | 1/1/2040 | | A | | | 3,005 | | | | 3,035,952 | |
| CA Poll Ctl–Republic Svcs† | | | 0.30 | % | # | 8/1/2024 | | BBB+ | | | 5,000 | | | | 5,000,000 | |
| CA Poll Ctl–Waste Mgmt | | | 1.55 | % | | 2/1/2019 | | A- | | | 3,000 | | | | 3,013,770 | |
| Charles City Co EDA–Waste Mgmt | | | 3.125 | % | | 2/1/2029 | | A- | | | 5,000 | | | | 5,238,000 | |
| Citizens Property Insurance Corp | | | 4.25 | % | | 6/1/2017 | | A+ | | | 2,690 | | | | 2,927,150 | |
| Citizens Property Insurance Corp | | | 5.00 | % | | 6/1/2017 | | A+ | | | 19,925 | | | | 22,112,765 | |
| Citizens Property Insurance Corp | | | 5.00 | % | | 6/1/2018 | | A+ | | | 8,000 | | | | 9,079,440 | |
| Citizens Property Insurance Corp | | | 5.50 | % | | 6/1/2017 | | A+ | | | 3,365 | | | | 3,774,857 | |
| Farmington Poll Ctl–So Cal Edison | | | 2.875 | % | | 4/1/2029 | | Aa3 | | | 7,500 | | | | 7,593,075 | |
| Gloucester Co Impt Auth–Waste Mgmt | | | 2.125 | % | | 12/1/2029 | | A- | | | 4,500 | | | | 4,640,040 | |
| Gulf Coast Waste Disp–US Steel | | | 5.75 | % | | 9/1/2017 | | BB- | | | 6,850 | | | | 7,286,482 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.00 | % | | 12/1/2019 | | BB- | | | 4,780 | | | | 5,076,217 | |
| IL Fin Auth–Prairie Power Rmkt | | | 1.30 | % | | 7/1/2042 | | A | | | 6,500 | | | | 6,563,245 | |
| Mobile Indl Poll Ctl–AL Power Co Rmkt | | | 1.65 | % | | 6/1/2034 | | A1 | | | 3,000 | | | | 3,055,440 | |
| NY Env Facs–Waste Mgmt | | | 2.75 | % | | 7/1/2017 | | A- | | | 1,000 | | | | 1,041,990 | |
| St Charles Parish–Valero Energy | | | 4.00 | % | | 12/1/2040 | | BBB | | | 3,500 | | | | 3,777,655 | |
| Valdez Marine Term–BP Rmkt | | | 5.00 | % | | 1/1/2018 | | A | | | 9,075 | | | | 10,330,798 | |
| WV Poll Ctl–Appalachian Pwr(c) | | | 1.625 | % | | 10/1/2022 | | Baa1 | | | 2,500 | | | | 2,506,850 | |
| Total | | | | | | | | | | | | | | | 143,855,918 | |
| | | | | | | | | | | | | | | | | |
| Education 5.68% | | | | | | | | | | | | | | | | |
| AZ Brd Regents COP–Univ of AZ | | | 4.00 | % | | 6/1/2017 | | Aa3 | | | 2,050 | | | | 2,228,596 | |
| AZ Brd Regents COP–Univ of AZ | | | 4.00 | % | | 6/1/2018 | | Aa3 | | | 2,140 | | | | 2,372,661 | |
| AZ Brd Regents COP–Univ of AZ | | | 5.00 | % | | 6/1/2017 | | Aa3 | | | 5,750 | | | | 6,402,280 | |
| AZ Brd Regents COP–Univ of AZ | | | 5.00 | % | | 6/1/2018 | | Aa3 | | | 3,215 | | | | 3,679,889 | |
| CA State Univ Sys | | | 5.00 | % | | 11/1/2020 | | Aa2 | | | 5,000 | | | | 6,048,450 | |
| Clarion Co IDA–Clarion Univ Hsg BANS | | | 1.05 | % | | 5/1/2016 | | NR | | | 5,000 | | | | 5,002,650 | |
| Cleveland State Univ | | | 5.00 | % | | 6/1/2018 | | A+ | | | 1,000 | | | | 1,121,550 | |
| Cleveland State Univ | | | 5.00 | % | | 6/1/2019 | | A+ | | | 1,265 | | | | 1,440,316 | |
| CT Hlth & Ed–Yale Univ | | | 0.80 | % | | 7/1/2048 | | AAA | | | 6,000 | | | | 6,021,720 | |
| Curators Univ Sys | | | 5.00 | % | | 11/1/2019 | | AA+ | | | 5,000 | | | | 5,908,850 | |
| | See Notes to Financial Statements. | 25 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | |
| Harris Co Cultural Ed–Baylor Clg / Med | | | 1.09 | % | # | 11/15/2045 | | A- | | $ | 12,475 | | | $ | 12,510,180 | |
| MA DFA–Boston Univ | | | 2.875 | % | | 10/1/2014 | | A1 | | | 1,595 | | | | 1,595,000 | |
| MA Hlth & Ed–Amherst Clg | | | 1.70 | % | | 11/1/2038 | | Aaa | | | 4,695 | | | | 4,769,228 | |
| Multnomah Co Hsp Facs–Mirabella | | | 5.00 | % | | 10/1/2019 | | NR | | | 650 | | | | 694,324 | |
| Multnomah Co Hsp Facs–Mirabella | | | 5.00 | % | | 10/1/2024 | | NR | | | 1,135 | | | | 1,191,466 | |
| NC Cap Facs–High Point Univ | | | 4.00 | % | | 5/1/2017 | | BBB+ | | | 2,785 | | | | 2,948,758 | |
| NC Cap Facs–High Point Univ | | | 5.00 | % | | 5/1/2018 | | BBB+ | | | 1,640 | | | | 1,817,415 | |
| NY Dorm–CUNY (NPFGC) | | | 5.00 | % | | 7/1/2015 | | AA | | | 1,565 | | | | 1,621,215 | |
| PA HI Ed–Univ of Penn | | | 5.00 | % | | 9/1/2017 | | AA+ | | | 5,025 | | | | 5,657,396 | |
| PR Indl Tourist–Inter American Univ | | | 4.00 | % | | 10/1/2014 | | A- | | | 500 | | | | 500,000 | |
| PR Indl Tourist–Inter American Univ | | | 5.00 | % | | 10/1/2015 | | A- | | | 800 | | | | 818,016 | |
| PR Indl Tourist–Inter American Univ | | | 5.00 | % | | 10/1/2016 | | A- | | | 1,000 | | | | 1,037,850 | |
| PR Indl Tourist–Inter American Univ | | | 5.00 | % | | 10/1/2018 | | A- | | | 2,500 | | | | 2,623,450 | |
| Texas A&M Univ | | | 5.00 | % | | 5/15/2019 | | Aaa | | | 7,200 | | | | 8,449,848 | |
| Univ of Delaware | | | 0.70 | % | | 11/1/2037 | | AA+ | | | 8,175 | | | | 8,180,150 | |
| Univ of North Carolina–Chapel Hill | | | 0.854 | % | # | 12/1/2041 | | AAA | | | 25,000 | | | | 25,399,500 | |
| Univ Sys of MD | | | 1.25 | % | | 7/1/2023 | | AA+ | | | 8,100 | | | | 8,140,581 | |
| Wayne State Univ | | | 5.00 | % | | 11/15/2015 | | Aa2 | | | 3,975 | | | | 4,177,129 | |
| Total | | | | | | | | | | | | | | | 132,358,468 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 22.76% | | | | | | | | | | | | | | | | |
| CA State GO | | | 5.00 | % | | 9/1/2018 | | Aa3 | | | 3,750 | | | | 4,334,850 | |
| CA State GO | | | 5.00 | % | | 9/1/2018 | | Aa3 | | | 7,500 | | | | 8,669,700 | |
| CA State GO | | | 5.00 | % | | 9/1/2018 | | Aa3 | | | 8,050 | | | | 9,305,478 | |
| CA State GO | | | 5.00 | % | | 10/1/2018 | | Aa3 | | | 6,600 | | | | 7,645,242 | |
| CA State GO | | | 5.00 | % | | 11/1/2018 | | Aa3 | | | 12,150 | | | | 14,102,991 | |
| CA State GO | | | 5.00 | % | | 2/1/2019 | | Aa3 | | | 14,750 | | | | 17,181,242 | |
| CA State GO | | | 5.00 | % | | 9/1/2020 | | Aa3 | | | 10,000 | | | | 11,935,100 | |
| CA State GO | | | 5.50 | % | | 4/1/2019 | | Aa3 | | | 8,715 | | | | 10,379,391 | |
| CA State GO | | | 6.00 | % | | 4/1/2019 | | Aa3 | | | 2,500 | | | | 3,032,075 | |
| Carmel Sch Bld Corp (AGM) | | | 4.75 | % | | 7/15/2019 | | AA | | | 6,105 | | | | 6,550,054 | |
| Chicago Brd Ed | | | 5.00 | % | | 12/1/2014 | | A+ | | | 2,255 | | | | 2,272,612 | |
| Chicago GO (AGM) | | | 5.00 | % | | 1/1/2017 | | AA | | | 9,000 | | | | 9,093,780 | |
| Clark Co Sch Dist Ltd Tax | | | 5.00 | % | | 6/15/2016 | | AA- | | | 7,500 | | | | 8,079,900 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2017 | | AA | | | 5,010 | | | | 5,600,428 | |
| Cook Co Sch Dist #99–Cicero (AGM) | | | 5.00 | % | | 12/1/2014 | | Aa3 | | | 1,690 | | | | 1,703,402 | |
| CT State GO | | | 5.00 | % | | 8/15/2021 | | AA | | | 5,000 | | | | 5,993,300 | |
| CT State GO (SIFMA) | | | 0.96 | % | # | 5/15/2018 | | AA | | | 4,000 | | | | 4,088,040 | |
| 26 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit
Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | |
| Cumberland Co COP | | | 4.00 | % | | 12/1/2014 | | AA | | $ | 3,500 | | | $ | 3,520,195 | |
| Detroit–State Aid GO | | | 5.00 | % | | 11/1/2015 | | AA | | | 6,775 | | | | 6,923,305 | |
| Douglas Co Sch Dist #206–Eastmont (NPFGC)(FGIC) | | | 5.00 | % | | 12/1/2014 | | Aa1 | | | 1,000 | | | | 1,008,020 | |
| Douglas Co SD | | | 4.00 | % | | 11/15/2018 | | Aa1 | | | 5,085 | | | | 5,698,709 | |
| Georgia GO | | | 5.00 | % | | 2/1/2019 | | AAA | | | 10,000 | | | | 11,689,900 | |
| Goose Creek CISD PSF GTD | | | 3.00 | % | | 2/15/2035 | | AAA | | | 10,475 | | | | 11,095,539 | |
| Guam GO | | | 5.75 | % | | 11/15/2014 | | BB- | | | 895 | | | | 899,278 | |
| HI State GO | | | 5.00 | % | | 11/1/2021 | | AA | | | 5,000 | | | | 6,047,650 | |
| Houston–Indep Sch Dist PSF GTD | | | 5.00 | % | | 2/15/2019 | | AAA | | | 8,570 | | | | 10,019,016 | |
| Houston GO | | | 5.00 | % | | 3/1/2018 | | AA+ | | | 7,365 | | | | 8,401,108 | |
| IL State GO | | | 5.00 | % | | 8/1/2016 | | A- | | | 7,000 | | | | 7,484,610 | |
| IL State GO | | | 5.00 | % | | 7/1/2017 | | A- | | | 6,000 | | | | 6,586,260 | |
| IL State GO | | | 5.00 | % | | 10/1/2017 | | A- | | | 4,575 | | | | 4,591,195 | |
| IL State GO | | | 5.00 | % | | 2/1/2020 | | A- | | | 575 | | | | 640,199 | |
| IL State GO (AGM) | | | 5.50 | % | | 5/1/2016 | | AA | | | 7,000 | | | | 7,483,840 | |
| Kane Cook & Du Page Co Sch Dist #46 | | | 4.00 | % | | 1/1/2015 | | AA- | | | 9,450 | | | | 9,535,617 | |
| Kansas City MO GO | | | 4.00 | % | | 2/1/2018 | | AA | | | 9,000 | | | | 9,937,530 | |
| Katy ISD PSF GTD | | | 0.754 | % | # | 8/15/2036 | | AAA | | | 20,000 | | | | 20,034,400 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2017 | | Aa2 | | | 10,000 | | | | 11,239,600 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2018 | | Aa2 | | | 8,000 | | | | 9,252,960 | |
| MA State GO | | | 0.24 | % | # | 8/1/2043 | | AA+ | | | 14,000 | | | | 14,001,820 | |
| Madison Co CUSD #2–Triad (NPFGC)(FGIC) | | | 5.25 | % | | 1/1/2015 | | AA- | | | 2,035 | | | | 2,050,812 | |
| Miami Dade Co GO | | | 4.25 | % | | 10/1/2017 | | AA | | | 6,320 | | | | 6,952,000 | |
| MS Dev Bank–Marshall Co | | | 5.00 | % | | 1/1/2018 | | AA- | | | 2,225 | | | | 2,514,495 | |
| NJ State GO | | | 5.00 | % | | 6/1/2019 | | A1 | | | 13,400 | | | | 15,555,926 | |
| Northside ISD PSF GTD | | | 2.00 | % | | 6/1/2039 | | Aaa | | | 1,040 | | | | 1,061,902 | |
| Northside ISD PSF GTD | | | 2.00 | % | | 8/1/2044 | | Aaa | | | 5,285 | | | | 5,407,559 | |
| NY Dorm–Sch Dist (AGM) | | | 4.00 | % | | 10/1/2017 | | AA | | | 2,255 | | | | 2,468,098 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2018 | | AA | | | 1,350 | | | | 1,553,486 | |
| NYC GO | | | 5.00 | % | | 8/1/2017 | | AA | | | 5,890 | | | | 6,599,627 | |
| NYC GO | | | 5.00 | % | | 8/1/2018 | | AA | | | 10,000 | | | | 11,494,300 | |
| NYC GO | | | 5.00 | % | | 8/1/2019 | | AA | | | 14,885 | | | | 17,415,748 | |
| NYC GO | | | 5.00 | % | | 8/1/2019 | | AA | | | 5,585 | | | | 6,534,562 | |
| NYC GO | | | 5.00 | % | | 8/1/2021 | | AA | | | 7,410 | | | | 8,827,162 | |
| OH State GO | | | 5.00 | % | | 9/15/2018 | | AA+ | | | 6,200 | | | | 7,192,124 | |
| PA State GO | | | 5.00 | % | | 11/15/2017 | | AA- | | | 10,000 | | | | 11,310,000 | |
| | See Notes to Financial Statements. | 27 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | |
| PA State GO | | | 5.00 | % | | 7/1/2019 | | AA- | | $ | 7,500 | | | $ | 8,791,500 | |
| Pittsburgh PA Sch District | | | 4.00 | % | | 9/1/2018 | | Aa3 | | | 7,090 | | | | 7,814,740 | |
| PR Pub Bldg Auth GTD (AMBAC) | | | 5.50 | % | | 7/1/2016 | | BB | | | 1,865 | | | | 1,903,661 | |
| Rangely CO Hosp Dist | | | 4.50 | % | | 11/1/2021 | | Baa1 | | | 5,500 | | | | 5,895,505 | |
| RI State GO | | | 5.00 | % | | 8/1/2017 | | AA | | | 5,000 | | | | 5,608,400 | |
| RI State GO | | | 5.00 | % | | 8/1/2018 | | AA | | | 5,000 | | | | 5,759,350 | |
| San Francisco City & Co GO | | | 5.00 | % | | 6/15/2018 | | AA+ | | | 8,725 | | | | 10,068,650 | |
| Shelby Co GO | | | 4.75 | % | | 3/1/2018 | | AA+ | | | 5,525 | | | | 6,253,913 | |
| South San Francisco USD | | | 4.00 | % | | 6/15/2018 | | NR | | | 6,165 | | | | 6,882,791 | |
| Toledo GO | | | 1.375 | % | | 10/22/2014 | | NR | | | 4,590 | | | | 4,592,846 | |
| Vale Verde USD | | | 3.00 | % | | 8/1/2018 | | NR | | | 4,000 | | | | 4,151,160 | |
| Virgin Islands PFA–Tobacco & Liq Tax | | | 5.00 | % | | 10/1/2014 | | BBB | | | 2,750 | | | | 2,750,000 | |
| WA State GO | | | 4.00 | % | | 7/1/2018 | | AA+ | | | 10,000 | | | | 11,138,800 | |
| WA State GO | | | 5.00 | % | | 2/1/2019 | | AA+ | | | 5,640 | | | | 6,574,886 | |
| WA State GO | | | 5.00 | % | | 2/1/2019 | | AA+ | | | 7,900 | | | | 9,209,504 | |
| WI State GO | | | 5.00 | % | | 5/1/2019 | | AA | | | 5,025 | | | | 5,890,154 | |
| WI State GO | | | 5.00 | % | | 5/1/2019 | | AA | | | 8,440 | | | | 9,893,115 | |
| WI State GO | | | 5.00 | % | | 5/1/2020 | | AA | | | 7,110 | | | | 8,449,240 | |
| Williamson Co GO | | | 4.00 | % | | 2/15/2018 | | AAA | | | 3,000 | | | | 3,310,860 | |
| Woonsocket GO | | | 7.125 | % | | 6/15/2016 | | B3 | | | 1,800 | | | | 1,846,188 | |
| Total | | | | | | | | | | | | | | | 529,781,400 | |
| | | | | | | | | | | | | | | | | |
| Health Care 9.46% | | | | | | | | | | | | | | | | |
| Abag Fin Auth–Episcopal Senior | | | 2.50 | % | | 7/1/2019 | | BBB+ | (d) | | 2,625 | | | | 2,625,788 | |
| Ashland Med Ctr–Kings Daughters | | | 1.79 | % | # | 2/1/2040 | | A3 | | | 15,000 | | | | 15,006,450 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | | 1.89 | % | # | 2/1/2048 | | BBB+ | | | 11,500 | | | | 11,510,235 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 1.84 | % | # | 7/1/2042 | | BBB+ | | | 9,250 | | | | 9,320,022 | |
| CA Hlth–City of Hope | | | 5.00 | % | | 11/15/2017 | | A+ | | | 1,050 | | | | 1,183,046 | |
| CA Hlth–Packard Childrens Hsp | | | 1.45 | % | | 8/15/2023 | | AA- | | | 3,500 | | | | 3,565,380 | |
| CA Hlth–St Joseph Hlth | | | 5.00 | % | | 7/1/2043 | | AA- | | | 5,000 | | | | 5,647,600 | |
| CA Hlth–St Joseph Hlth | | | 5.00 | % | | 7/1/2043 | | AA- | | | 5,000 | | | | 5,866,550 | |
| CA Stwde–Fountainview Gonda | | | 2.50 | % | | 8/1/2020 | | A | | | 3,500 | | | | 3,580,710 | |
| CA Stwde–LA Jewish Home | | | 4.75 | % | | 8/1/2020 | | NR | | | 1,150 | | | | 1,152,208 | |
| CA Stwde–So Cal Presbyterian | | | 5.25 | % | | 11/15/2014 | | BBB- | | | 295 | | | | 296,074 | |
| Charlotte Meck Hsp–Carolinas Hlth (NPFGC)(FGIC)(IBC) | | | 5.00 | % | | 1/15/2015 | | AA- | | | 2,275 | | | | 2,306,304 | |
| CO Hlth Facs–Catholic Hlth | | | 5.00 | % | | 7/1/2039 | | A+ | | | 5,500 | | | | 5,528,380 | |
| CO Hlth Facs–Evangelical Lutheran | | | 5.00 | % | | 6/1/2039 | | A- | | | 4,900 | | | | 4,931,556 | |
| 28 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| CO Hlth Facs–Total Longterm Care | | | 4.25 | % | | 11/15/2015 | | BBB | (d) | $ | 615 | | | $ | 625,467 | |
| CT Hlth & Ed–Lawrence Mem Hsp | | | 5.00 | % | | 7/1/2018 | | A | | | 2,705 | | | | 3,062,141 | |
| CT Hlth & Ed–Lawrence Mem Hsp | | | 5.00 | % | | 7/1/2019 | | A | | | 2,835 | | | | 3,249,874 | |
| CT Hlth & Ed–Stamford Hsp | | | 5.00 | % | | 7/1/2015 | | A- | | | 1,980 | | | | 2,048,072 | |
| Duluth EDA–St Lukes Hsp | | | 4.75 | % | | 6/15/2022 | | NR | | | 5,000 | | | | 5,222,550 | |
| Gaithersburg Econ Dev–Asbury | | | 5.00 | % | | 1/1/2015 | | BBB | (d) | | 2,950 | | | | 2,975,458 | |
| HFDC Cent TX–Legacy/Willow Bend | | | 5.25 | % | | 11/1/2014 | | NR | | | 1,195 | | | | 1,196,554 | |
| IL Fin Auth–Provena Hlth | | | 5.25 | % | | 5/1/2015 | | BBB+ | | | 2,000 | | | | 2,048,940 | |
| IN Hlth Facs–Ascension Hlth | | | 1.60 | % | | 11/15/2036 | | AA+ | | | 11,500 | | | | 11,711,715 | |
| Jackson Co Hospital Fin Auth | | | 4.00 | % | | 6/1/2015 | | A- | | | 3,600 | | | | 3,668,544 | |
| Jackson Co Hospital Fin Auth | | | 4.00 | % | | 6/1/2016 | | A- | | | 2,855 | | | | 2,998,635 | |
| Kaweah Delta Hlth Care Dist | | | 5.00 | % | | 6/1/2017 | | A3 | | | 2,000 | | | | 2,176,980 | |
| Lubbock Hlth–St Joseph Hlth | | | 1.125 | % | | 7/1/2030 | | AA- | | | 12,920 | | | | 13,002,171 | |
| MA DFA–Boston Med Ctr | | | 5.00 | % | | 7/1/2017 | | BBB+ | | | 2,000 | | | | 2,188,260 | |
| MA DFA–Boston Med Ctr | | | 5.00 | % | | 7/1/2018 | | BBB+ | | | 5,090 | | | | 5,693,572 | |
| MI Hsp–Ascension Hlth | | | 0.30 | % | | 11/15/2033 | | AA+ | | | 12,500 | | | | 12,496,625 | |
| MN Agric & Econ Dev–Essentia Hlth Rmkt (AG) | | | 5.00 | % | | 2/15/2015 | | AA | | | 1,335 | | | | 1,355,279 | |
| MO Hlth & Ed–St Lukes Hlth Sys | | | 5.00 | % | | 11/15/2014 | | A+ | | | 2,140 | | | | 2,152,348 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | | 5.00 | % | | 2/15/2018 | | BB+ | | | 1,000 | | | | 1,060,590 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | | 5.00 | % | | 2/15/2019 | | BB+ | | | 1,450 | | | | 1,551,254 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | | 5.00 | % | | 2/15/2020 | | BB+ | | | 1,305 | | | | 1,398,647 | |
| NJ Hlth–Barnabas Hlth | | | 5.00 | % | | 7/1/2019 | | BBB+ | | | 8,000 | | | | 9,214,000 | |
| NJ Hlth–St Peters Univ Hsp | | | 5.00 | % | | 7/1/2016 | | BB+ | | | 3,160 | | | | 3,317,178 | |
| NJ Hlth–St Peters Univ Hsp | | | 5.00 | % | | 7/1/2017 | | BB+ | | | 3,850 | | | | 4,116,304 | |
| Onondaga CDC–St Josephs Hsp | | | 5.00 | % | | 7/1/2017 | | BB | | | 5,000 | | | | 5,291,150 | |
| OR Facs Auth–Providence Hlth(c) | | | 0.27 | % | | 10/1/2017 | | Aa3 | | | 5,750 | | | | 5,751,150 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.00 | % | | 7/1/2015 | | BB+ | | | 1,500 | | | | 1,527,765 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.00 | % | | 7/1/2016 | | BB+ | | | 1,500 | | | | 1,560,165 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.00 | % | | 7/1/2017 | | BB+ | | | 1,500 | | | | 1,588,560 | |
| PR Indl Tourist–Hsp Auxilio Mutuo | | | 5.00 | % | | 7/1/2016 | | A- | | | 3,385 | | | | 3,529,641 | |
| PR Indl Tourist–Hsp Auxilio Mutuo | | | 5.00 | % | | 7/1/2017 | | A- | | | 2,555 | | | | 2,703,778 | |
| Rochester Hlth Care–Mayo Clinic | | | 4.00 | % | | 11/15/2038 | | AA | | | 5,500 | | | | 6,130,795 | |
| San Buenaventura–Cmnty Mem Hlth | | | 5.00 | % | | 12/1/2016 | | BB | | | 1,750 | | | | 1,828,995 | |
| San Buenaventura–Cmnty Mem Hlth | | | 5.25 | % | | 12/1/2017 | | BB | | | 1,750 | | | | 1,863,470 | |
| San Buenaventura–Cmnty Mem Hlth | | | 5.75 | % | | 12/1/2018 | | BB | | | 1,800 | | | | 1,979,622 | |
| Sartell Hlth Care–Country Manor | | | 4.00 | % | | 9/1/2020 | | NR | | | 2,300 | | | | 2,305,934 | |
| | See Notes to Financial Statements. | 29 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| SE Port Auth–Memorial Hlth | | | 5.00 | % | | 12/1/2022 | | NR | | $ | 3,400 | | | $ | 3,547,900 | |
| Travis Co Hlth–Longhorn Vlg | | | 5.50 | % | | 1/1/2017 | | NR | | | 220 | | | | 220,361 | |
| Westchester Co Hlth Care | | | 5.00 | % | | 11/1/2015 | | A3 | | | 3,215 | | | | 3,363,887 | |
| WI Hlth & Ed–Aurora Hlth | | | 1.25 | % | | 8/15/2025 | | A3 | | | 5,500 | | | | 5,544,990 | |
| WI PFA–Rose Villa | | | 3.75 | % | | 11/15/2019 | | NR | | | 435 | | | | 440,337 | |
| Total | | | | | | | | | | | | | | | 220,229,961 | |
| | | | | | | | | | | | | | | | | |
| Housing 0.21% | | | | | | | | | | | | | | | | |
| CA Stwde–American Baptist | | | 2.40 | % | | 10/1/2020 | | BBB | | | 1,250 | | | | 1,250,038 | |
| Los Angeles Regl Fin Auth–Montecedro Prk | | | 3.00 | % | | 11/15/2021 | | A | | | 1,500 | | | | 1,521,960 | |
| WA Hsg–Emerald Heights | | | 3.00 | % | | 7/1/2016 | | A- | (d) | | 1,020 | | | | 1,035,973 | |
| WA Hsg–Emerald Heights | | | 4.00 | % | | 7/1/2018 | | A- | (d) | | 1,000 | | | | 1,058,780 | |
| Total | | | | | | | | | | | | | | | 4,866,751 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 8.68% | | | | | | | | | | | | | | | | |
| Broward Co Sch Brd COP (AMBAC) | | | 5.25 | % | | 7/1/2017 | | A1 | | | 7,015 | | | | 7,866,761 | |
| Buncombe Co Ltd Oblig | | | 5.00 | % | | 6/1/2019 | | AA+ | | | 800 | | | | 936,600 | |
| Buncombe Co Ltd Oblig | | | 5.00 | % | | 6/1/2020 | | AA+ | | | 750 | | | | 891,495 | |
| CA Pub Wks–Dept Hsps | | | 4.00 | % | | 6/1/2017 | | A1 | | | 2,395 | | | | 2,603,006 | |
| CA Pub Wks–Dept Hsps | | | 4.00 | % | | 6/1/2018 | | A1 | | | 4,790 | | | | 5,314,409 | |
| CA Pub Wks–Dept of Correction | | | 5.00 | % | | 6/1/2017 | | A1 | | | 6,100 | | | | 6,790,276 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 10/1/2014 | | A1 | | | 14,175 | | | | 14,175,000 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 4/1/2018 | | A1 | | | 2,800 | | | | 3,193,008 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 11/1/2018 | | A1 | | | 2,000 | | | | 2,315,380 | |
| Cleveland COP–Cleveland Stadium | | | 5.00 | % | | 11/15/2014 | | A | | | 5,320 | | | | 5,350,377 | |
| Cleveland COP–Cleveland Stadium | | | 5.00 | % | | 11/15/2015 | | A | | | 5,420 | | | | 5,695,607 | |
| Cuyahoga Co COP–Conv Hotel Proj | | | 5.00 | % | | 12/1/2018 | | AA- | | | 4,535 | | | | 5,220,420 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2018 | | AA | | | 3,000 | | | | 3,417,270 | |
| IN Office Bldg Commn–New Castle Corr (NPFGC) | | | 5.25 | % | | 7/1/2016 | | Aa1 | | | 1,785 | | | | 1,935,333 | |
| KY Ppty & Bldgs Commn–Proj #83 (AMBAC) | | | 5.00 | % | | 10/1/2015 | | Aa3 | | | 6,085 | | | | 6,375,620 | |
| KY Ppty & Bldgs Commn–Proj #88 (NPFGC) | | | 5.00 | % | | 11/1/2014 | | AA- | | | 2,815 | | | | 2,826,316 | |
| LA PFA–Hurricane Recovery | | | 4.00 | % | | 6/1/2018 | | Aa3 | | | 4,290 | | | | 4,758,039 | |
| Los Angeles Co Cap Asset Corp | | | 5.00 | % | | 6/1/2015 | | AA | | | 4,595 | | | | 4,736,894 | |
| Los Angeles Co Cap Asset Corp | | | 5.00 | % | | 12/1/2015 | | AA | | | 4,195 | | | | 4,419,810 | |
| Los Angeles Co Pub Wks | | | 5.00 | % | | 8/1/2019 | | AA | | | 1,000 | | | | 1,167,470 | |
| Los Angeles Mun Impt Corp | | | 5.00 | % | | 3/1/2018 | | A+ | | | 5,000 | | | | 5,692,500 | |
| Los Angeles Mun Impt Corp | | | 5.00 | % | | 3/1/2019 | | A+ | | | 9,500 | | | | 11,046,410 | |
| 30 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | |
| Los Angeles USD COP | | | 4.00 | % | | 12/1/2014 | | A+ | | $ | 6,360 | | | $ | 6,401,213 | |
| Los Angeles USD COP | | | 5.00 | % | | 10/1/2017 | | A+ | | | 3,000 | | | | 3,372,090 | |
| Los Angeles USD COP | | | 5.00 | % | | 10/1/2018 | | A+ | | | 3,000 | | | | 3,454,740 | |
| MA State GO | | | 0.70 | % | # | 2/1/2015 | | AA+ | | | 2,500 | | | | 2,500,800 | |
| MI Bldg Auth | | | 5.00 | % | | 10/15/2014 | | Aa3 | | | 2,000 | | | | 2,003,780 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.00 | % | | 6/1/2016 | | A+ | | | 11,500 | | | | 11,973,915 | |
| NJ EDA–Sch Facs | | | 5.00 | % | | 3/1/2017 | | A2 | | | 10,000 | | | | 10,912,800 | |
| NJ EDA–Sch Facs (AMBAC) | | | 5.50 | % | | 12/15/2019 | | A2 | | | 5,000 | | | | 5,830,450 | |
| NJ Trans Trust Fund (AGM) | | | 5.75 | % | | 12/15/2014 | | AA | | | 2,910 | | | | 2,942,621 | |
| NJ Trans Trust Fund (NPFGC)(FGIC) | | | 5.50 | % | | 12/15/2016 | | AA- | | | 1,225 | | | | 1,347,463 | |
| NY Twy Auth–Svc Contract | | | 5.00 | % | | 4/1/2018 | | AA | | | 7,500 | | | | 8,547,150 | |
| Palm Beach Co Sch Brd COP | | | 5.00 | % | | 8/1/2032 | | Aa3 | | | 2,500 | | | | 2,702,500 | |
| Philadelphia Redev Auth | | | 5.00 | % | | 4/15/2017 | | A+ | | | 1,135 | | | | 1,232,792 | |
| Philadelphia Redev Auth | | | 5.00 | % | | 4/15/2018 | | A+ | | | 1,670 | | | | 1,853,951 | |
| PR Pub Bldg Auth GTD | | | 5.75 | % | | 7/1/2016 | | BB | | | 4,145 | | | | 3,762,499 | |
| Salt Lake Co Mun Bldg Auth | | | 4.00 | % | | 12/1/2014 | | AA+ | | | 1,000 | | | | 1,006,440 | |
| San Diego Conv Ctr Fing Auth | | | 4.00 | % | | 4/15/2017 | | AA- | | | 1,250 | | | | 1,357,025 | |
| San Diego Conv Ctr Fing Auth | | | 4.00 | % | | 4/15/2018 | | AA- | | | 2,100 | | | | 2,323,566 | |
| San Francisco City & Co COP | | | 5.00 | % | | 9/1/2017 | | AA | | | 12,640 | | | | 14,219,115 | |
| Santa Clara Co Fin Auth | | | 5.00 | % | | 11/15/2014 | | AA+ | | | 2,670 | | | | 2,685,913 | |
| Twin Rivers USD COP (AGM) | | | 3.20 | % | | 6/1/2027 | | AA | | | 1,750 | | | | 1,750,280 | |
| Twin Rivers USD COP (AGM) | | | 3.20 | % | | 6/1/2035 | | AA | | | 920 | | | | 920,028 | |
| Twin Rivers USD COP (AGM) | | | 3.20 | % | | 6/1/2041 | | AA | | | 2,250 | | | | 2,250,022 | |
| Total | | | | | | | | | | | | | | | 202,079,154 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 3.91% | | | | | | | | | | | | | | | | |
| Austin Convention† | | | 6.00 | % | | 1/1/2015 | | BB | | | 1,580 | | | | 1,593,683 | |
| Farmington Poll Ctl–El Paso Elec | | | 1.875 | % | | 6/1/2032 | | Baa1 | | | 5,000 | | | | 5,078,950 | |
| FL Brd Ed–Lottery Rev (AMBAC) | | | 5.00 | % | | 7/1/2015 | | AAA | | | 3,200 | | | | 3,315,424 | |
| Florence Twn IDA–Legacy Trad Sch | | | 4.00 | % | | 7/1/2018 | | BB | | | 410 | | | | 421,324 | |
| Indianapolis Local Pub Impt Bd Bk | | | 5.00 | % | | 6/1/2022 | | A1 | | | 4,040 | | | | 4,753,666 | |
| La Paz Co IDA–Imperial Regl Jail | | | 6.75 | % | | 10/1/2023 | | NR | | | 2,000 | | | | 2,103,100 | |
| Maricopa Co Poll Ctl–NM Pub Svc | | | 4.00 | % | | 6/1/2043 | | BBB | | | 10,000 | | | | 10,131,800 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.00 | % | | 6/1/2015 | | A+ | | | 1,700 | | | | 1,745,815 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.00 | % | | 6/1/2016 | | A+ | | | 1,600 | | | | 1,693,136 | |
| Minneapolis National Marrow Donor Prog | | | 4.00 | % | | 8/1/2015 | | BBB+ | | | 4,535 | | | | 4,625,972 | |
| NYC Cultural–Whitney Museum | | | 5.00 | % | | 7/1/2017 | | A | | | 6,175 | | | | 6,838,380 | |
| PA Econ Dev–PPL Energy Supply | | | 3.00 | % | | 12/1/2038 | | Ba1 | | | 3,000 | | | | 3,049,590 | |
| | See Notes to Financial Statements. | 31 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | | Credit | | | | | | |
| | | | | | | | | Rating: | | Principal | | | | |
| | | | Interest | | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | |
| PA Econ Dev–PPL Energy Supply Rmkt | | | 3.00% | | | 12/1/2037 | | Ba1 | | $ | 12,000 | | | $ | 12,198,360 | |
| PA Econ Dev–Unemployment Comp | | | 5.00% | | | 7/1/2019 | | Aaa | | | 5,000 | | | | 5,881,200 | |
| PA IDA–Economic Dev | | | 5.00% | | | 7/1/2018 | | A1 | | | 2,595 | | | | 2,942,704 | |
| PR Comwlth Govt Dev Bank Rmkt GTD (NPFGC)(FGIC) | | | 4.75% | | | 12/1/2015 | | AA- | | | 10,000 | | | | 10,060,900 | |
| Public Gas Partners Inc | | | 5.00% | | | 10/1/2014 | | A+ | | | 3,000 | | | | 3,000,000 | |
| WA Eda–Waste Mgmt | | | 2.125% | | | 6/1/2020 | | A- | | | 1,500 | | | | 1,504,230 | |
| Wise Co IDA–VA Elec & Pwr CO | | | 2.375% | | | 11/1/2040 | | A2 | | | 10,000 | | | | 10,201,300 | |
| Total | | | | | | | | | | | | | | | 91,139,534 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 1.18% | | | | | | | | | | | | | | | | |
| Brea Redev Agy | | | 5.00% | | | 8/1/2019 | | AA- | | | 2,000 | | | | 2,343,100 | |
| Brea Redev Agy | | | 5.00% | | | 8/1/2020 | | AA- | | | 2,100 | | | | 2,489,319 | |
| CA Reassmt Dist 12/1 Irvine | | | 4.00% | | | 9/2/2017 | | BBB+ | | | 2,000 | | | | 2,160,460 | |
| CA Reassmt Dist 12/1 Irvine | | | 4.00% | | | 9/2/2018 | | BBB+ | | | 1,250 | | | | 1,364,363 | |
| Denver Urban Renewal–Stapleton | | | 4.00% | | | 12/1/2014 | | Aa3 | | | 5,045 | | | | 5,070,275 | |
| Emeryville Redev Agy | | | 4.00% | | | 9/1/2017 | | A+ | | | 4,000 | | | | 4,376,040 | |
| Emeryville Redev Agy | | | 5.00% | | | 9/1/2018 | | A+ | | | 1,875 | | | | 2,160,394 | |
| Emeryville Redev Agy | | | 5.00% | | | 9/1/2019 | | A+ | | | 1,000 | | | | 1,172,870 | |
| Pittsburg Redev Agy | | | 5.00% | | | 8/1/2017 | | A | | | 3,045 | | | | 3,393,683 | |
| Pittsburg Redev Agy | | | 5.00% | | | 8/1/2018 | | A | | | 2,500 | | | | 2,856,350 | |
| Total | | | | | | | | | | | | | | | 27,386,854 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 5.05% | | | | | | | | | | | | | | | | |
| AL Pub Sch & Clg Auth | | | 5.00% | | | 5/1/2015 | | Aa1 | | | 2,800 | | | | 2,878,904 | |
| Des Moines ISD | | | 5.00% | | | 6/1/2015 | | A+ | | | 2,810 | | | | 2,898,684 | |
| IL Sales Tax | | | 5.00% | | | 6/15/2018 | | AAA | | | 9,500 | | | | 10,876,835 | |
| IL State–Unemployment Insurance Fund Bldg | | | 5.00% | | | 12/15/2018 | | AA | | | 5,000 | | | | 5,374,150 | |
| MA Sch Bldg Auth–Sales Tax | | | 5.00% | | | 8/15/2018 | | AA+ | | | 7,000 | | | | 8,096,830 | |
| MA Spl Oblig–Fed Hwy GANs (AGM) | | | 5.00% | | | 12/15/2014 | | AAA | | | 7,000 | | | | 7,070,770 | |
| Met Atlanta Rapid Trans Auth | | | 0.32% | # | | 7/1/2025 | | Aa2 | | | 8,000 | | | | 8,005,280 | |
| MTA NY–Dedicated Tax | | | 4.00% | | | 11/15/2018 | | AA | | | 4,490 | | | | 5,020,314 | |
| NJ EDA–Cigarette Tax | | | 5.00% | | | 6/15/2016 | | BBB+ | | | 2,005 | | | | 2,153,270 | |
| NJ EDA–Cigarette Tax | | | 5.00% | | | 6/15/2017 | | BBB+ | | | 3,000 | | | | 3,314,610 | |
| NJ EDA–Cigarette Tax | | | 5.00% | | | 6/15/2018 | | BBB+ | | | 8,500 | | | | 9,619,195 | |
| NY UDC–PIT | | | 5.00% | | | 3/15/2017 | | AAA | | | 10,000 | | | | 11,094,400 | |
| NY UDC–PIT | | | 5.00% | | | 3/15/2018 | | AAA | | | 10,000 | | | | 11,415,300 | |
| NYC TFA–Future Tax | | | 5.00% | | | 11/1/2016 | | AAA | | | 5,500 | | | | 6,024,150 | |
| 32 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | | Credit | | | | | | |
| | | | | | | | | Rating: | | Principal | | | | |
| | | | Interest | | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | |
| PA Econ Dev–Unemployment Comp | | | 5.00% | | | 7/1/2022 | | Aaa | | $ | 9,075 | | | $ | 9,789,928 | |
| Phoenix Civic Impt Corp–Light Rail Proj | | | 5.00% | | | 7/1/2019 | | AA | | | 4,670 | | | | 5,488,324 | |
| UT Trans Auth | | | 1.35% | | | 6/15/2017 | | A1 | | | 2,500 | | | | 2,531,575 | |
| UT Trans Auth | | | 1.60% | | | 6/15/2018 | | A1 | | | 5,750 | | | | 5,849,245 | |
| Total | | | | | | | | | | | | | | | 117,501,764 | |
| | | | | | | | | | | | | | | | | |
| Tobacco 1.98% | | | | | | | | | | | | | | | | |
| Golden St Tobacco | | | 5.00% | | | 6/1/2020 | | A1 | | | 5,300 | | | | 6,306,258 | |
| Railsplitter Tobacco Settlement Auth | | | 5.00% | | | 6/1/2015 | | A | | | 8,085 | | | | 8,324,801 | |
| Railsplitter Tobacco Settlement Auth | | | 5.25% | | | 6/1/2021 | | A | | | 4,020 | | | | 4,753,851 | |
| Tobacco Settlement Auth WA | | | 5.00% | | | 6/1/2017 | | A | | | 2,000 | | | | 2,202,860 | |
| Tobacco Settlement Auth WA | | | 5.00% | | | 6/1/2018 | | A | | | 2,000 | | | | 2,256,820 | |
| Tobacco Settlement Auth WA | | | 5.00% | | | 6/1/2019 | | A | | | 4,990 | | | | 5,717,592 | |
| Tobacco Settlement Fin Corp LA | | | 5.00% | | | 5/15/2016 | | A | | | 2,500 | | | | 2,680,900 | |
| Tobacco Settlement Fin Corp LA | | | 5.00% | | | 5/15/2017 | | A | | | 2,000 | | | | 2,223,680 | |
| Tobacco Settlement Fin Corp NJ | | | 4.50% | | | 6/1/2023 | | BB | | | 5,270 | | | | 5,217,564 | |
| Tobacco Settlement Fin Corp NY | | | 5.00% | | | 6/1/2017 | | AA | | | 5,850 | | | | 6,520,234 | |
| Total | | | | | | | | | | | | | | | 46,204,560 | |
| | | | | | | | | | | | | | | | | |
| Transportation 10.19% | | | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | | 5.00% | | | 10/1/2019 | | A- | | | 1,000 | | | | 1,177,830 | |
| Atlanta Arpt | | | 5.00% | | | 1/1/2018 | | Aa3 | | | 1,000 | | | | 1,134,580 | |
| Bay Area Toll Auth | | | 0.74% | # | | 4/1/2047 | | AA | | | 8,000 | | | | 8,127,920 | |
| Bay Area Toll Auth | | | 1.50% | | | 4/1/2047 | | AA | | | 5,000 | | | | 5,058,750 | |
| Bay Area Toll Auth Rmkt | | | 0.957% | # | | 4/1/2045 | | AA | | | 15,000 | | | | 15,197,100 | |
| Chicago Midway Arpt | | | 5.00% | | | 1/1/2034 | | A- | | | 2,725 | | | | 2,757,155 | |
| Clark Co Arpt | | | 5.00% | | | 7/1/2018 | | A | | | 8,000 | | | | 9,166,720 | |
| CT Spl Tax–Trans Infra | | | 5.00% | | | 12/1/2014 | | AA | | | 10,000 | | | | 10,081,600 | |
| DFW Arpt | | | 4.00% | | | 11/1/2014 | | A+ | | | 2,500 | | | | 2,507,875 | |
| Fairfax Co EDA–Silver Line Phase I | | | 5.00% | | | 4/1/2017 | | AA | | | 2,000 | | | | 2,203,900 | |
| Foothill / Eastern Corridor Toll Rd | | | 5.00% | | | 1/15/2053 | | BBB- | | | 7,500 | | | | 8,210,625 | |
| Harris Co Toll Rd | | | 0.68% | # | | 8/15/2021 | | Aa3 | | | 4,000 | | | | 4,003,800 | |
| Houston Arpt | | | 5.00% | | | 7/1/2017 | | A | | | 1,500 | | | | 1,670,655 | |
| IL Toll Hwy Auth | | | 5.00% | | | 12/1/2017 | | AA- | | | 5,000 | | | | 5,659,200 | |
| IL Toll Hwy Auth | | | 5.00% | | | 12/1/2019 | | AA- | | | 7,500 | | | | 8,843,775 | |
| KY Pub Trsp Auth–Downtown Crossing | | | 5.00% | | | 7/1/2017 | | Baa3 | | | 8,000 | | | | 8,861,760 | |
| Long Beach Harbor | | | 5.00% | | | 11/15/2018 | | AA | | | 7,500 | | | | 8,753,175 | |
| MTA NY | | | 0.35% | # | | 11/1/2041 | | AA- | | | 20,000 | | | | 20,028,400 | |
| MTA NY | | | 0.944% | # | | 11/1/2030 | | AA- | | | 7,400 | | | | 7,503,230 | |
| | See Notes to Financial Statements. | 33 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | | Credit | | | | | | |
| | | | | | | | | Rating: | | Principal | | | | |
| | | | Interest | | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| MTA NY | | | 5.00% | | | 11/15/2016 | | AA- | | $ | 5,000 | | | $ | 5,479,800 | |
| MTA NY | | | 5.00% | | | 11/15/2018 | | AA- | | | 3,235 | | | | 3,744,221 | |
| MTA NY (AGM) | | | 0.309% | # | | 11/1/2022 | | AA | | | 16,300 | | | | 15,693,461 | |
| MTA NY–Dedicated Tax | | | 5.00% | | | 11/15/2014 | | AA | | | 1,000 | | | | 1,005,920 | |
| NC State GARVEE | | | 4.00% | | | 3/1/2023 | | AA | | | 8,000 | | | | 8,689,280 | |
| NJ Tpk Auth | | | 5.00% | | | 1/1/2020 | | A+ | | | 5,000 | | | | 5,851,800 | |
| NJ Trans Trust Fund (NPFGC) | | | 5.00% | | | 6/15/2015 | | AA- | | | 2,950 | | | | 3,043,692 | |
| NJ Trans Trust Fund (NPFGC)(FGIC) | | | 5.25% | | | 12/15/2014 | | AA- | | | 5,000 | | | | 5,050,900 | |
| NY Twy Auth | | | 5.00% | | | 1/1/2018 | | A | | | 1,250 | | | | 1,408,775 | |
| NY Twy Auth | | | 5.00% | | | 5/1/2019 | | A- | | | 10,000 | | | | 11,605,300 | |
| NY Twy Auth–Hwy & Brdg | | | 5.00% | | | 4/1/2018 | | AA | | | 3,405 | | | | 3,880,406 | |
| Orlando & Orange Co Expwy Auth | | | 5.00% | | | 7/1/2018 | | A | | | 4,000 | | | | 4,583,360 | |
| Southeastern PA Transp Auth | | | 5.00% | | | 6/1/2017 | | A+ | | | 1,425 | | | | 1,567,571 | |
| Southeastern PA Transp Auth | | | 5.00% | | | 6/1/2018 | | A+ | | | 1,280 | | | | 1,440,448 | |
| St Louis Arpt–Lambert Intl Airport | | | 5.00% | | | 7/1/2018 | | A- | | | 1,530 | | | | 1,723,055 | |
| Triborough Brdg & Tunl Auth | | | 5.00% | | | 11/15/2018 | | AA- | | | 3,750 | | | | 4,356,750 | |
| Triborough Brdg & Tunl Auth | | | 5.00% | | | 11/15/2021 | | AA- | | | 5,000 | | | | 6,045,600 | |
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | | | 5.50% | | | 11/15/2021 | | AA- | | | 1,650 | | | | 2,034,962 | |
| WA St GARVEE–520 Corridor | | | 5.00% | | | 9/1/2017 | | AA | | | 16,930 | | | | 19,008,327 | |
| Total | | | | | | | | | | | | | | | 237,161,678 | |
| | | | | | | | | | | | | | | | | |
| Utilities 10.61% | | | | | | | | | | | | | | | | |
| Amr Muni Pwr–Fremont Energy | | | 5.00% | | | 2/15/2017 | | A1 | | | 1,000 | | | | 1,099,010 | |
| Amr Muni Pwr–Fremont Energy | | | 5.00% | | | 2/15/2018 | | A1 | | | 2,900 | | | | 3,275,840 | |
| Atlanta Wtr & Wastewtr | | | 5.00% | | | 11/1/2017 | | Aa3 | | | 3,000 | | | | 3,382,290 | |
| Atlanta Wtr & Wastewtr | | | 5.00% | | | 11/1/2018 | | Aa3 | | | 2,500 | | | | 2,884,500 | |
| Burke Co Dev–GA Power | | | 1.40% | | | 11/1/2048 | | A | | | 4,000 | | | | 4,020,920 | |
| Central Plains–Goldman Sachs | | | 5.00% | | | 12/1/2014 | | A- | | | 3,050 | | | | 3,069,032 | |
| CO Public Auth–ML | | | 5.75% | | | 11/15/2018 | | A- | | | 6,740 | | | | 7,367,292 | |
| East Baton Rouge Sewer | | | 0.61% | # | | 2/1/2046 | | AA- | | | 7,500 | | | | 7,538,850 | |
| Escambia Co Solid Waste–Gulf Pwr | | | 1.35% | | | 4/1/2039 | | A | | | 7,500 | | | | 7,533,675 | |
| Guam Pwr Auth (AGM) | | | 5.00% | | | 10/1/2019 | | AA | | | 1,000 | | | | 1,162,060 | |
| Houston Util Sys | | | 5.00% | | | 11/15/2017 | | AA | | | 2,000 | | | | 2,262,000 | |
| Houston Util Sys | | | 5.00% | | | 11/15/2018 | | AA | | | 5,000 | | | | 5,804,600 | |
| Houston Util Sys | | | 5.00% | | | 11/15/2018 | | AA | | | 1,750 | | | | 2,031,610 | |
| Houston Util Sys | | | 5.00% | | | 11/15/2019 | | AA | | | 2,485 | | | | 2,933,294 | |
| Houston Util Sys | | | 5.00% | | | 5/15/2020 | | AA | | | 5,000 | | | | 5,918,500 | |
| Houston Util Sys (SIFMA) | | | 0.79% | # | | 5/15/2034 | | AA | | | 23,000 | | | | 23,020,930 | |
| 34 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | | Credit | | | | | | |
| | | | | | | | | Rating: | | Principal | | | | |
| | | | Interest | | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| IL Fin Auth–Peoples Gas | | | 2.625% | | | 2/1/2033 | | Aa3 | | $ | 4,000 | | | $ | 4,071,120 | |
| Intermountain Pwr Agy | | | 5.00% | | | 7/1/2018 | | A+ | | | 2,400 | | | | 2,754,792 | |
| Intermountain Pwr Agy | | | 5.00% | | | 7/1/2019 | | A+ | | | 2,350 | | | | 2,752,320 | |
| Kissimmee Util Auth (AGM) | | | 5.25% | | | 10/1/2014 | | A1 | | | 1,000 | | | | 1,000,000 | |
| Lakeland Energy | | | 0.79% | # | | 10/1/2017 | | AA | | | 17,000 | | | | 17,068,850 | |
| Long Island Power Auth | | | 4.00% | | | 5/1/2018 | | A- | | | 3,940 | | | | 4,297,673 | |
| Los Angeles Wastewater | | | 5.00% | | | 6/1/2018 | | AA | | | 3,000 | | | | 3,454,860 | |
| Louisville/Jeff Co Met–Louisville Gas & Elec Co | | | 1.15% | | | 6/1/2033 | | A1 | | | 3,750 | | | | 3,752,925 | |
| Louisville/Jeff Co Met–Louisville Gas & Elec Co | | | 1.60% | | | 6/1/2033 | | A- | | | 4,000 | | | | 4,050,200 | |
| Louisville/Jeff Co Poll Ctl–Louisville Gas & Elec Co | | | 1.65% | | | 10/1/2033 | | A1 | | | 6,000 | | | | 6,096,000 | |
| MEAG–Proj 1 | | | 5.00% | | | 1/1/2018 | | A | | | 3,145 | | | | 3,556,334 | |
| MEAG–Proj 1 | | | 5.00% | | | 1/1/2021 | | A | | | 7,000 | | | | 8,267,350 | |
| Met Govt Nashville Water & Sewer | | | 5.00% | | | 7/1/2018 | | A+ | | | 4,415 | | | | 5,055,352 | |
| MO Joint Muni Elec Util Commn(c) | | | 5.00% | | | 1/1/2020 | | A2 | | | 2,000 | | | | 2,348,420 | |
| NC Eastern Muni Pwr | | | 5.00% | | | 1/1/2015 | | A- | | | 1,000 | | | | 1,011,800 | |
| NC Eastern Muni Pwr (AG) | | | 5.25% | | | 1/1/2019 | | AA | | | 5,000 | | | | 5,668,050 | |
| NC Muni Pwr Agy #1–Catawba Elec | | | 5.00% | | | 1/1/2018 | | A | | | 15,000 | | | | 16,920,750 | |
| New Orleans Sewer | | | 5.00% | | | 6/1/2018 | | A | | | 1,000 | | | | 1,129,940 | |
| NY Energy–NY St Elec & Gas | | | 2.25% | | | 12/1/2015 | | A3 | | | 10,000 | | | | 10,160,200 | |
| OH Air Quality–FirstEnergy | | | 2.25% | | | 8/1/2029 | | BBB- | | | 5,000 | | | | 5,081,450 | |
| Peninsula Ports Auth–Dominion Proj | | | 2.375% | | | 10/1/2033 | | BBB+ | | | 5,000 | | | | 5,059,000 | |
| PR Aqueduct & Swr Auth | | | 5.00% | | | 7/1/2015 | | BB- | | | 2,000 | | | | 1,853,200 | |
| PR Elec Pwr Auth | | | 5.25% | | | 7/1/2018 | | CCC | | | 2,000 | | | | 1,202,080 | |
| Rockport Poll Ctl–IN/MI Pwr Co | | | 1.75% | | | 6/1/2025 | | Baa1 | | | 1,500 | | | | 1,509,555 | |
| Salt River Agric Imp & Pwr Dist | | | 4.00% | | | 1/1/2015 | | Aa1 | | | 2,550 | | | | 2,574,301 | |
| San Antonio Elec & Gas | | | 2.00% | | | 12/1/2027 | | Aa2 | | | 7,500 | | | | 7,715,250 | |
| So MN Muni Pwr Agy (AMBAC) | | | 5.25% | | | 1/1/2015 | | A+ | | | 5,000 | | | | 5,061,150 | |
| Southern CA Met Wtr | | | 3.50% | | | 7/1/2037 | | AAA | | | 9,515 | | | | 10,052,883 | |
| TEAC–Goldman Sachs | | | 5.25% | | | 9/1/2018 | | A- | | | 5,755 | | | | 6,485,252 | |
| Truckee Meadows Water Auth | | | 5.00% | | | 7/1/2015 | | Aa2 | | | 5,000 | | | | 5,180,750 | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00% | | | 12/15/2018 | | A3 | | | 3,000 | | | | 3,412,650 | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00% | | | 12/15/2019 | | A3 | | | 1,000 | | | | 1,153,850 | |
| York Co EDA–VA Elec & Pwr Co | | | 1.875% | | | 5/1/2033 | | A2 | | | 3,750 | | | | 3,839,550 | |
| Total | | | | | | | | | | | | | | | 246,902,260 | |
| Total Municipal Bonds (cost $1,968,378,947) | | | | | | | | | | 1,999,468,302 | |
| | See Notes to Financial Statements. | 35 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | | | Credit | | | | | | |
| | | | | | | | | Rating: | | Principal | | | | |
| | | | Interest | | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | | Date | | Moody’s(a) | | (000) | | | Value | |
| SHORT-TERM INVESTMENTS 13.00% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 0.50% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 0.07% | | | | | | | | | | | | | | | | |
| MI Fin Auth–Detroit Sch Dist | | | 2.85% | | | 8/20/2015 | | NR | | $ | 1,625 | | | $ | 1,636,521 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 0.43% | | | | | | | | | | | | | | | | |
| CA Sch Cash Res Prog | | | 2.00% | | | 2/27/2015 | | NR | | | 5,000 | | | | 5,034,600 | |
| Newark Tans | | | 1.75% | | | 2/20/2015 | | NR | | | 5,000 | | | | 5,007,700 | |
| Total | | | | | | | | | | | | | | | 10,042,300 | |
| Total Municipal Bonds (cost $11,660,549) | | | | | | | | | | 11,678,821 | |
| | | | | | | Interest | | | | | | | | | | |
| | | | | | | Rate | | Final | | | | | | | | |
| | | | Interest | | | Reset | | Maturity | | | | | | | | |
| | | | Rate# | | | Date(e) | | Date | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 12.50% | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Corporate - Backed 3.36% | | | | | | | | | | | | | | | | | | |
| MS Bus Fin Corp–Grand Alliance | | | 0.45% | | | 10/2/2014 | | 1/1/2033 | | BBB | | | 11,705 | | | | 11,705,000 | |
| Port Arthur Nav Dist–Motiva | | | 0.17% | | | 10/1/2014 | | 12/1/2039 | | A2 | | | 25,900 | | | | 25,900,000 | |
| Port Arthur Nav Dist–Motiva | | | 0.17% | | | 10/1/2014 | | 11/1/2040 | | A2 | | | 40,500 | | | | 40,500,000 | |
| Total | | | | | | | | | | | | | | | | | 78,105,000 | |
| | | | | | | | | | | | | | | | | | | |
| Education 1.20% | | | | | | | | | | | | | | | | | | |
| Birmingham Ed–Miles Clg | | | 0.57% | | | 10/2/2014 | | 2/1/2029 | | Baa3 | | | 1,225 | | | | 1,225,000 | |
Met Govt Nashville H &
E–Fisk Univ | | | 0.45% | | | 10/2/2014 | | 12/1/2020 | | Baa3 | | | 4,735 | | | | 4,735,000 | |
| Milledgeville Co Dev–GA Clg/SU Fndtn (AMBAC)† | | | 0.29% | | | 10/1/2014 | | 10/1/2024 | | AA+ | | | 5,000 | | | | 5,000,000 | |
| NJ Higher Ed Assistance Auth† | | | 0.24% | | | 10/1/2014 | | 6/1/2030 | | AA | | | 12,000 | | | | 12,000,000 | |
| OH Hi Ed–Univ Dayton | | | 1.29% | | | 10/2/2014 | | 7/1/2016 | | A | | | 5,000 | | | | 5,010,550 | |
| Total | | | | | | | | | | | | | | | | | 27,970,550 | |
| | | | | | | | | | | | | | | | | | | |
| General Obligation 1.87% | | | | | | | | | | | | | | | | | | |
| Anaheim City COP (NPFGC)(FGIC)† | | | 0.24% | | | 10/1/2014 | | 7/16/2023 | | A | (d) | | 10,905 | | | | 10,905,000 | |
| NYC GO | | | 0.19% | | | 10/1/2014 | | 4/1/2035 | | AA | | | 32,500 | | | | 32,500,000 | |
| Total | | | | | | | | | | | | | | | | | 43,405,000 | |
| 36 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2014
| | | | | | | Interest | | | | Credit | | | | | | |
| | | | | | | Rate | | Final | | Rating: | | Principal | | | | |
| | | | Interest | | | Reset | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate# | | | Date(e) | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care 1.13% | | | | | | | | | | | | | | | | | | |
| Gulf Shores Med–Colonial Pinnacle | | | 0.45% | | | 10/2/2014 | | 7/1/2034 | | Baa3 | | $ | 3,050 | | | $ | 3,050,000 | |
| MD Hlth & Hi Ed–LifeBridge Hlth (AG)† | | | 0.24% | | | 10/2/2014 | | 1/1/2038 | | AA | | | 13,960 | | | | 13,960,000 | |
| NJ Hlth–Christian Hlth Care Ctr | | | 0.33% | | | 10/2/2014 | | 7/1/2038 | | A- | | | 8,130 | | | | 8,130,000 | |
| WI Hlth & Ed–Pooled Loan Fin | | | 0.80% | | | 10/1/2014 | | 2/1/2022 | | A3 | | | 1,110 | | | | 1,110,000 | |
| Total | | | | | | | | | | | | | | | | | 26,250,000 | |
| | | | | | | | | | | | | | | | | | | |
| Housing 1.54% | | | | | | | | | | | | | | | | | | |
| AK Hsg Fin Corp | | | 0.15% | | | 10/2/2014 | | 12/1/2041 | | AA+ | | | 35,820 | | | | 35,820,000 | |
| | | | | | | | | | | | | | | | | | | |
| Lease Obligations 1.22% | | | | | | | | | | | | | | | | | | |
| Palm Beach Co Sch Brd COP | | | 0.37% | | | 10/1/2014 | | 8/1/2029 | | BBB | | | 28,500 | | | | 28,500,000 | |
| | | | | | | | | | | | | | | | | | | |
| Other Revenue 0.59% | | | | | | | | | | | | | | | | | | |
| Indianapolis Local Pub Impt Bd Bk† | | | 0.23% | | | 10/2/2014 | | 2/1/2019 | | A | | | 6,000 | | | | 6,000,000 | |
| WI Hlth & Ed–Maranatha Baptist | | | 0.80% | | | 10/2/2014 | | 8/1/2026 | | BBB+ | | | 7,700 | | | | 7,700,000 | |
| Total | | | | | | | | | | | | | | | | | 13,700,000 | |
| | | | | | | | | | | | | | | | | | | |
| Pre-Refunded 0.22% | | | | | | | | | | | | | | | | | | |
| Harris Co Hlth–SCH Hlth Care† | | | 0.24% | | | 10/1/2014 | | 7/1/2027 | | AA+ | | | 5,210 | | | | 5,210,000 | |
| | | | | | | | | | | | | | | | | | | |
| Utilities 1.37% | | | | | | | | | | | | | | | | | | |
| Las Vegas Valley Water District | | | 0.12% | | | 10/1/2014 | | 6/1/2036 | | AA+ | | | 16,970 | | | | 16,970,000 | |
| Las Vegas Valley Water District | | | 0.12% | | | 10/1/2014 | | 6/1/2036 | | AA+ | | | 7,000 | | | | 7,000,000 | |
| Maricopa Co Poll Ctl–AZ Pub Svc | | | 0.28% | | | 10/2/2014 | | 5/1/2029 | | A- | | | 8,000 | | | | 8,000,000 | |
| Total | | | | | | | | | | | | | | | | | 31,970,000 | |
| Total Variable Rate Demand Notes (cost $290,920,000) | | | | | | | | | 290,930,550 | |
| Total Short-Term Investments (cost $302,580,549) | | | | | | | | | 302,609,371 | |
| Total Investments in Securities 98.89% (cost $2,270,959,496) | | | | | | | | | 2,302,077,673 | |
| Cash and Other Assets in Excess of Liabilities(f) 1.11% | | | | | | | | | 25,839,466 | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | $ | 2,327,917,139 | |
Open Futures Contracts at September 30, 2014:
| | | | | | | | | | | | | | Unrealized | |
| Type | | | Expiration | | | Contracts | | Position | | Fair Value | | | Depreciation | |
| U.S. 5-Year Treasury Note | | | December 2014 | | | 381 | | Long | | $ | 45,056,227 | | | $ | (259,616 | ) |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
| | See Notes to Financial Statements. | 37 |
Schedule of Investments (concluded)
SHORT DURATION TAX FREE FUND September 30, 2014
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 2,011,147,123 | | | $ | — | | | $ | 2,011,147,123 | |
| Variable Rate Demand Notes | | | — | | | | 290,930,550 | | | | — | | | | 290,930,550 | |
| Total | | $ | — | | | $ | 2,302,077,673 | | | $ | — | | | $ | 2,302,077,673 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Liabilities | | | (259,616 | ) | | | — | | | | — | | | | (259,616 | ) |
| Total | | $ | (259,616 | ) | | $ | — | | | $ | — | | | $ | (259,616 | ) |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| 38 | See Notes to Financial Statements. | |
Schedule of Investments
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 98.72% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 7.70% | | | | | | | | | | | | | | | | |
| AL IDA–Office Max Rmkt AMT | | | 6.45 | % | | 12/1/2023 | | B3 | | $ | 2,300 | | | $ | 2,332,269 | |
| Allegheny Co IDA–US Steel | | | 6.50 | % | | 5/1/2017 | | BB- | | | 3,315 | | | | 3,589,482 | |
| Alliance Arpt–FedEx AMT | | | 4.85 | % | | 4/1/2021 | | Baa1 | | | 1,000 | | | | 1,034,410 | |
| Babylon IDA–Covanta | | | 5.00 | % | | 1/1/2019 | | AA | | | 4,000 | | | | 4,573,520 | |
| Beaver Co IDA–FirstEnergy Rmkt | | | 2.50 | % | | 12/1/2041 | | BBB- | | | 6,000 | | | | 6,112,020 | |
| Burke Co Dev–Oglethorpe Power | | | 2.40 | % | | 1/1/2040 | | A | | | 4,000 | | | | 4,041,200 | |
| Citizens Property Insurance Corp | | | 5.00 | % | | 6/1/2018 | | A+ | | | 10,000 | | | | 11,349,300 | |
| Citizens Property Insurance Corp | | | 5.25 | % | | 6/1/2017 | | A+ | | | 7,000 | | | | 7,806,680 | |
| Clayton Co SFR–Delta Airlines AMT | | | 9.00 | % | | 6/1/2035 | | B+ | | | 3,245 | | | | 3,370,387 | |
| DeSoto Parish Env Impt–Intl Paper AMT | | | 4.75 | % | | 3/1/2019 | | BBB | | | 6,480 | | | | 6,587,503 | |
| Farmington Poll Ctl–NM Pub Svc | | | 4.75 | % | | 6/1/2040 | | BBB | | | 5,000 | | | | 5,326,300 | |
| Gloucester Co Poll Ctl–Logan AMT | | | 5.00 | % | | 12/1/2024 | | BBB- | | | 1,750 | | | | 1,950,568 | |
| Greater Orlando Aviation–Jet Blue AMT | | | 5.00 | % | | 11/15/2026 | | NR | | | 2,000 | | | | 2,022,220 | |
| Gulf Coast IDA–CITGO AMT | | | 4.875 | % | | 5/1/2025 | | B+ | | | 4,000 | | | | 4,075,560 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.00 | % | | 12/1/2019 | | BB- | | | 7,500 | | | | 7,964,775 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.25 | % | | 12/1/2025 | | BB- | | | 5,000 | | | | 5,387,650 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.50 | % | | 12/1/2022 | | BB- | | | 4,175 | | | | 4,412,641 | |
| IN Fin Auth–US Steel | | | 6.00 | % | | 12/1/2019 | | BB- | | | 5,000 | | | | 5,525,600 | |
| Jay Solid Waste–Intl Paper AMT | | | 4.90 | % | | 11/1/2017 | | BBB | | | 2,890 | | | | 2,902,022 | |
| LA Citizens Property Insurance Corp (AMBAC) | | | 5.00 | % | | 6/1/2021 | | A- | | | 3,500 | | | | 3,745,665 | |
| LA Env Facs–Westlake Chem Rmkt | | | 6.50 | % | | 8/1/2029 | | BBB | | | 6,630 | | | | 7,811,466 | |
| Love Field Arpt–Southwest Airlines AMT | | | 5.00 | % | | 11/1/2028 | | Baa2 | | | 1,800 | | | | 1,950,282 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | | 5.50 | % | | 1/1/2022 | | NR | | | 1,500 | | | | 1,500,810 | |
| Martin Co IDA–Indiantown Cogen AMT | | | 4.20 | % | | 12/15/2025 | | Ba1 | | | 6,000 | | | | 6,087,840 | |
| Matagorda Co Nav Dist–AEP TX Central | | | 4.00 | % | | 6/1/2030 | | Baa1 | | | 6,000 | | | | 6,052,320 | |
| Matagorda Co Nav Dist–AEP TX Central | | | 4.00 | % | | 6/1/2030 | | Baa1 | | | 8,000 | | | | 8,087,360 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.00 | % | | 12/1/2016 | | NR | | | 2,570 | | | | 1,156,500 | |
| MD IDA–Synagro-Baltimore AMT | | | 5.375 | % | | 12/1/2014 | | BBB+ | (d) | | 1,000 | | | | 1,003,740 | |
| Nez Perce Co Poll Ctl–Potlatch | | | 6.00 | % | | 10/1/2024 | | BB+ | | | 1,000 | | | | 1,000,750 | |
| NH Poll Ctl–United Illuminating AMT | | | 4.50 | % | | 7/1/2027 | | Baa1 | | | 5,000 | | | | 5,116,950 | |
| Niagara Area Dev Corp–Covanta | | | 4.00 | % | | 11/1/2024 | | Ba2 | | | 5,300 | | | | 5,341,870 | |
| NJ EDA–Continental Airlines AMT | | | 4.875 | % | | 9/15/2019 | | B | | | 3,780 | | | | 3,886,067 | |
| NJ EDA–Continental Airlines AMT | | | 5.125 | % | | 9/15/2023 | | B | | | 6,725 | | | | 7,195,279 | |
| NJ EDA–Continental Airlines AMT | | | 5.25 | % | | 9/15/2029 | | B | | | 13,820 | | | | 14,626,259 | |
| NYC Cap Res–Arthur Mgmt | | | 7.00 | % | | 8/1/2025 | | NR | | | 4,555 | | | | 4,910,062 | |
| | See Notes to Financial Statements. | 39 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | | | |
| NYC IDA–Jetblue AMT | | | 5.00 | % | | 5/15/2020 | | B | | $ | 2,145 | | | $ | 2,148,496 | |
| NYC IDA–TRIPS AMT | | | 5.00 | % | | 7/1/2028 | | BBB- | | | 3,500 | | | | 3,906,070 | |
| OH Wtr Dev Auth–FirstEnergy | | | 4.00 | % | | 12/1/2033 | | BBB- | | | 8,200 | | | | 8,730,950 | |
| OK DFA–Waste Mgmt | | | 2.375 | % | | 12/1/2021 | | A- | | | 1,665 | | | | 1,684,730 | |
| Richland Co Env Impt–Intl Paper AMT | | | 3.875 | % | | 4/1/2023 | | BBB | | | 6,625 | | | | 7,046,615 | |
| Salem Co Poll Ctl–Chambers AMT | | | 5.00 | % | | 12/1/2023 | | BBB | | | 7,710 | | | | 8,680,226 | |
| St Charles Parish–Valero Energy | | | 4.00 | % | | 12/1/2040 | | BBB | | | 10,500 | | | | 11,332,965 | |
| Valdez Marine Term–BP | | | 5.00 | % | | 1/1/2021 | | A | | | 10,000 | | | | 11,733,300 | |
| Valparaiso Facs–Pratt Paper AMT | | | 5.875 | % | | 1/1/2024 | | NR | | | 1,500 | | | | 1,688,295 | |
| Valparaiso Facs–Pratt Paper AMT | | | 6.75 | % | | 1/1/2034 | | NR | | | 5,000 | | | | 5,676,600 | |
| West Pace Coop Dist | | | 9.125 | % | | 5/1/2039 | | NR | | | 4,900 | | | | 4,716,691 | |
| Whiting Env Facs–BP Rmkt | | | 5.25 | % | | 1/1/2021 | | A | | | 5,000 | | | | 5,939,600 | |
| WI PFA–TRIPS AMT | | | 5.25 | % | | 7/1/2028 | | BBB- | | | 3,750 | | | | 4,146,038 | |
| Total | | | | | | | | | | | | | | | 247,267,903 | |
| | | | | | | | | | | | | | | | | |
| Education 4.44% | | | | | | | | | | | | | | | | |
| AZ Brd Regents COP–Univ of AZ | | | 5.00 | % | | 6/1/2021 | | Aa3 | | | 6,745 | | | | 7,973,197 | |
| CA Fin Auth–Biola Univ | | | 5.00 | % | | 10/1/2028 | | Baa1 | | | 420 | | | | 460,778 | |
| CA Fin Auth–Biola Univ | | | 5.00 | % | | 10/1/2030 | | Baa1 | | | 430 | | | | 470,029 | |
| CA Fin Auth–Biola Univ | | | 5.625 | % | | 10/1/2023 | | Baa1 | | | 1,015 | | | | 1,141,875 | |
| CA State Univ Sys | | | 5.00 | % | | 11/1/2024 | | Aa2 | | | 5,000 | | | | 5,905,700 | |
| Cleveland State Univ | | | 5.00 | % | | 6/1/2024 | | A+ | | | 1,775 | | | | 2,010,720 | |
| Cuyahoga CCD | | | 5.00 | % | | 8/1/2020 | | Aa2 | | | 1,800 | | | | 2,101,302 | |
| Fulton Co Dev–GA Tech Athletic Assoc | | | 5.00 | % | | 10/1/2022 | | A2 | | | 7,480 | | | | 8,869,111 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | | 5.00 | % | | 11/15/2019 | | A- | | | 1,910 | | | | 2,161,165 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2016 | | Baa3 | | | 2,500 | | | | 2,609,125 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2020 | | Baa3 | | | 1,000 | | | | 1,038,840 | |
| IL Fin Auth–IL Inst of Tech | | | 6.50 | % | | 2/1/2023 | | Baa3 | | | 2,000 | | | | 2,297,780 | |
| IL Fin Auth–Loyola Univ Chicago | | | 5.00 | % | | 7/1/2025 | | A | | | 8,620 | | | | 9,707,930 | |
| MA Hlth & Ed–Harvard Univ | | | 5.25 | % | | 11/15/2019 | | AAA | | | 2,850 | | | | 3,370,182 | |
| Marietta Dev Auth–Life Univ | | | 6.25 | % | | 6/15/2020 | | Ba3 | | | 2,050 | | | | 2,195,366 | |
| MI Hi Ed–Creative Studies | | | 5.00 | % | | 12/1/2016 | | Baa2 | | | 1,235 | | | | 1,289,229 | |
| MI Hi Ed–Creative Studies | | | 5.25 | % | | 12/1/2018 | | Baa2 | | | 1,120 | | | | 1,171,598 | |
| NC Cap Facs–High Point Univ | | | 5.00 | % | | 5/1/2032 | | BBB+ | | | 2,500 | | | | 2,664,100 | |
| NH Hlth & Ed–Univ Sys of NH | | | 5.50 | % | | 7/1/2020 | | Aa3 | | | 1,890 | | | | 2,209,391 | |
| NJ Ed Facs–Univ Med & Dent | | | 6.50 | % | | 12/1/2019 | | NR | | | 5,595 | | | | 6,932,317 | |
| NY Dorm–Pace Univ | | | 5.00 | % | | 5/1/2021 | | BB+ | | | 1,750 | | | | 1,945,335 | |
| NY Dorm–Pace Univ | | | 5.00 | % | | 5/1/2023 | | BB+ | | | 1,000 | | | | 1,110,290 | |
| 40 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | | | |
| NY Dorm–Pace Univ | | | 5.00 | % | | 5/1/2026 | | BB+ | | $ | 1,000 | | | $ | 1,090,170 | |
| OH Hi Ed–Ashland Univ | | | 6.25 | % | | 9/1/2024 | | Caa2 | | | 3,070 | | | | 2,981,584 | |
| PR Indl Tourist–Inter American Univ | | | 5.00 | % | | 10/1/2019 | | A- | | | 1,000 | | | | 1,045,330 | |
| PR Indl Tourist–Inter American Univ | | | 5.00 | % | | 10/1/2020 | | A- | | | 1,000 | | | | 1,040,390 | |
| Private Clgs & Univs Auth–SCAD(c) | | | 5.00 | % | | 4/1/2029 | | Baa2 | | | 1,500 | | | | 1,657,455 | |
| Private Clgs & Univs Auth–SCAD(c) | | | 5.00 | % | | 4/1/2031 | | Baa2 | | | 1,360 | | | | 1,490,193 | |
| Texas A&M Univ | | | 5.00 | % | | 7/1/2021 | | AAA | | | 7,870 | | | | 9,501,372 | |
| TX Univ Sys | | | 5.25 | % | | 3/15/2019 | | Aa2 | | | 5,000 | | | | 5,696,900 | |
| Univ California | | | 5.00 | % | | 5/15/2026 | | AA | | | 10,000 | | | | 12,055,900 | |
| Univ California | | | 5.00 | % | | 5/15/2048 | | AA | | | 10,000 | | | | 12,169,100 | |
| Univ of Minnesota–Stadium | | | 5.00 | % | | 8/1/2018 | | Aa1 | | | 1,000 | | | | 1,085,030 | |
| Univ of North Carolina–Chapel Hill | | | 0.854 | % | # | 12/1/2041 | | AAA | | | 15,000 | | | | 15,239,700 | |
| Univ of Toledo | | | 5.00 | % | | 6/1/2019 | | A1 | | | 2,800 | | | | 3,208,268 | |
| Western MI Univ (AG) | | | 5.25 | % | | 11/15/2020 | | AA | | | 3,980 | | | | 4,639,446 | |
| Total | | | | | | | | | | | | | | | 142,536,198 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 14.12% | | | | | | | | | | | | | | | | |
| Bellwood GO | | | 5.875 | % | | 12/1/2027 | | NR | | | 3,000 | | | | 2,984,790 | |
| Bellwood GO | | | 6.15 | % | | 12/1/2032 | | NR | | | 2,770 | | | | 2,751,773 | |
| CA State GO | | | 5.00 | % | | 8/1/2018 | | Aa3 | | | 3,000 | | | | 3,311,640 | |
| CA State GO | | | 5.00 | % | | 2/1/2021 | | Aa3 | | | 11,045 | | | | 13,229,922 | |
| CA State GO | | | 5.00 | % | | 9/1/2021 | | Aa3 | | | 13,685 | | | | 16,489,056 | |
| CA State GO | | | 5.00 | % | | 9/1/2021 | | Aa3 | | | 15,500 | | | | 18,675,950 | |
| CA State GO | | | 5.00 | % | | 2/1/2022 | | Aa3 | | | 20,000 | | | | 24,070,200 | |
| CA State GO | | | 5.00 | % | | 10/1/2027 | | Aa3 | | | 10,000 | | | | 11,702,400 | |
| CA State GO | | | 5.25 | % | | 10/1/2020 | | Aa3 | | | 10,120 | | | | 12,112,021 | |
| CA State GO | | | 5.25 | % | | 3/1/2022 | | Aa3 | | | 6,320 | | | | 7,503,862 | |
| CA State GO | | | 5.25 | % | | 9/1/2024 | | Aa3 | | | 10,000 | | | | 12,044,900 | |
| Chabot/Las Positas CCD | | | 5.00 | % | | 8/1/2023 | | Aa3 | | | 3,000 | | | | 3,646,380 | |
| Chicago GO | | | 5.25 | % | | 1/1/2028 | | A+ | | | 6,000 | | | | 6,440,100 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2019 | | AA | | | 1,405 | | | | 1,609,006 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2020 | | AA | | | 5,000 | | | | 5,704,800 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2021 | | AA | | | 5,000 | | | | 5,757,400 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2022 | | AA | | | 2,000 | | | | 2,311,140 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2025 | | AA | | | 6,000 | | | | 6,821,580 | |
| Cumberland Valley Sch Dist (AGM) | | | 5.00 | % | | 11/15/2019 | | Aa3 | | | 3,000 | | | | 3,157,740 | |
| DC GO (BHAC) | | | 5.00 | % | | 6/1/2021 | | AA+ | | | 3,500 | | | | 4,000,640 | |
| Detroit–State Aid GO | | | 4.50 | % | | 11/1/2023 | | AA | | | 13,105 | | | | 13,462,242 | |
| | See Notes to Financial Statements. | 41 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | |
| Detroit–State Aid GO | | | 5.00 | % | | 11/1/2018 | | AA | | $ | 3,320 | | | $ | 3,565,082 | |
| Florida St Dept Trans | | | 5.00 | % | | 7/1/2021 | | AAA | | | 7,760 | | | | 9,357,629 | |
| Fresno USD (NPFGC)(FGIC) | | | 5.25 | % | | 2/1/2024 | | AA- | | | 3,285 | | | | 3,938,551 | |
| Guam GO | | | 5.75 | % | | 11/15/2014 | | BB- | | | 450 | | | | 452,151 | |
| Guam GO | | | 6.75 | % | | 11/15/2029 | | BB- | | | 6,475 | | | | 7,275,245 | |
| Gwinnett Co Dev–Gwinnett Co Pub Sch COP (NPFGC)(FGIC) | | | 5.25 | % | | 1/1/2020 | | AA+ | | | 5,000 | | | | 5,892,350 | |
| Harris Co Toll Rd GO | | | 5.00 | % | | 8/15/2024 | | AA- | | | 5,000 | | | | 5,691,300 | |
| HI State GO (AMBAC) | | | 5.00 | % | | 7/1/2015 | | AA | | | 40 | | | | 41,446 | |
| Houston GO | | | 5.00 | % | | 3/1/2023 | | AA+ | | | 4,000 | | | | 4,842,000 | |
| Houston GO | | | 5.00 | % | | 3/1/2024 | | AA+ | | | 2,000 | | | | 2,447,000 | |
| IL State GO | | | 5.00 | % | | 2/1/2020 | | A- | | | 1,425 | | | | 1,586,581 | |
| IL State GO | | | 5.00 | % | | 7/1/2022 | | A- | | | 6,500 | | | | 7,169,955 | |
| IL State GO | | | 5.00 | % | | 8/1/2023 | | A- | | | 5,350 | | | | 5,877,885 | |
| Kane Cook & De Kalb Co Sch Dist #30 (AG)(AMBAC) | | | 5.00 | % | | 1/1/2023 | | AA | | | 2,700 | | | | 2,917,728 | |
| Katy ISD PSF GTD | | | 0.754 | % | # | 8/15/2036 | | AAA | | | 17,500 | | | | 17,530,100 | |
| King Co Sch Dist #414–Lake Washington | | | 5.00 | % | | 12/1/2019 | | Aaa | | | 2,500 | | | | 2,869,075 | |
| LA State GO | | | 5.00 | % | | 9/1/2022 | | Aa2 | | | 5,120 | | | | 6,056,806 | |
| Los Angeles GO | | | 5.00 | % | | 9/1/2021 | | Aa2 | | | 5,180 | | | | 6,293,855 | |
| Los Angeles USD (NPFGC)(FGIC) | | | 4.50 | % | | 7/1/2025 | | Aa2 | | | 6,290 | | | | 6,889,814 | |
| MA State GO | | | 5.00 | % | | 8/1/2024 | | AA+ | | | 5,000 | | | | 6,181,300 | |
| MA State GO | | | 5.00 | % | | 9/1/2024 | | AA+ | | | 1,505 | | | | 1,816,701 | |
| Met Govt Nashville GO | | | 5.00 | % | | 1/1/2018 | | AA | | | 8,325 | | | | 9,454,036 | |
| Miami Dade Co GO | | | 5.25 | % | | 7/1/2019 | | AA | | | 3,225 | | | | 3,681,402 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2020 | | AA | | | 1,125 | | | | 1,332,203 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2021 | | AA | | | 1,500 | | | | 1,793,445 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2023 | | AA | | | 2,500 | | | | 3,025,275 | |
| NYC GO | | | 5.00 | % | | 10/1/2021 | | AA | | | 6,000 | | | | 7,160,820 | |
| NYC GO | | | 5.00 | % | | 8/1/2022 | | AA | | | 10,000 | | | | 11,842,400 | |
| NYC GO | | | 5.00 | % | | 8/1/2025 | | AA | | | 12,000 | | | | 14,310,480 | |
| NYC GO | | | 5.00 | % | | 8/1/2026 | | AA | | | 5,235 | | | | 6,113,799 | |
| OH Infrastructure | | | 5.50 | % | | 6/15/2020 | | AA | | | 4,500 | | | | 5,185,800 | |
| Onondaga Co GO | | | 5.00 | % | | 3/1/2020 | | AA+ | | | 1,150 | | | | 1,322,753 | |
| Otsego Pub Sch Dist (AGM) | | | 4.00 | % | | 5/1/2021 | | AA | | | 2,245 | | | | 2,335,945 | |
| Peralta CCD | | | 5.00 | % | | 8/1/2021 | | AA- | | | 3,000 | | | | 3,629,130 | |
| Pittsburgh PA Sch District | | | 4.00 | % | | 9/1/2019 | | Aa3 | | | 5,900 | | | | 6,536,728 | |
| PR Comwlth GO | | | 5.25 | % | | 7/1/2016 | | BB | | | 5,000 | | | | 4,652,800 | |
| 42 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | |
| PR Comwlth GO | | | 5.375 | % | | 7/1/2030 | | BB | | $ | 10,000 | | | $ | 7,702,900 | |
| PR Comwlth Govt Dev Bank | | | 5.00 | % | | 12/1/2015 | | BB- | | | 5,000 | | | | 4,779,050 | |
| PR Pub Bldg Auth GTD | | | 5.75 | % | | 7/1/2022 | | BB | | | 6,805 | | | | 5,528,110 | |
| San Francisco City & Co USD | | | 4.00 | % | | 6/15/2021 | | Aa2 | | | 9,740 | | | | 10,951,948 | |
| San Jose USD (NPFGC) | | | 4.50 | % | | 8/1/2023 | | AA | | | 2,825 | | | | 3,012,665 | |
| WA State GO | | | 4.00 | % | | 7/1/2018 | | AA+ | | | 6,990 | | | | 7,786,021 | |
| WA State GO | | | 5.00 | % | | 8/1/2022 | | AA+ | | | 14,245 | | | | 17,150,838 | |
| WA State GO | | | 5.00 | % | | 1/1/2024 | | AA+ | | | 5,000 | | | | 5,802,600 | |
| WI State GO (NPFGC)(FGIC) | | | 5.00 | % | | 5/1/2019 | | AA | | | 10,000 | | | | 10,268,100 | |
| Williamson Co GO | | | 5.00 | % | | 2/15/2021 | | AAA | | | 5,640 | | | | 6,754,690 | |
| Woonsocket GO | | | 7.125 | % | | 6/15/2016 | | B3 | | | 2,025 | | | | 2,076,962 | |
| Worcester GO (AGM) | | | 5.25 | % | | 10/1/2019 | | AA | | | 1,000 | | | | 1,088,920 | |
| Worcester GO (AGM) | | | 5.25 | % | | 10/1/2020 | | AA | | | 1,195 | | | | 1,300,256 | |
| Total | | | | | | | | | | | | | | | 453,060,172 | |
| | | | | | | | | | | | | | | | | |
| Health Care 14.91% | | | | | | | | | | | | | | | | |
| Abag Fin Auth–Episcopal Senior | | | 2.15 | % | | 7/1/2019 | | BBB+ | (d) | | 3,000 | | | | 3,000,390 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | | 5.00 | % | | 11/15/2024 | | BB | (d) | | 4,000 | | | | 4,257,960 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | | 5.625 | % | | 11/15/2029 | | BB | (d) | | 1,000 | | | | 1,072,910 | |
| Alachua Co IDA–No FL Retirement Vlg | | | 5.625 | % | | 11/15/2022 | | NR | | | 2,000 | | | | 2,000,700 | |
| Alachua Co IDA–No FL Retirement Vlg | | | 5.75 | % | | 11/15/2026 | | NR | | | 6,000 | | | | 5,973,720 | |
| Albany IDA–St Peters Hsp | | | 5.00 | % | | 11/15/2015 | | A+ | | | 200 | | | | 209,112 | |
| Atlantic Bch Hlth–Fleet Landing | | | 5.00 | % | | 11/15/2028 | | BBB | (d) | | 2,020 | | | | 2,193,861 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | | 1.89 | % | # | 2/1/2048 | | BBB+ | | | 14,500 | | | | 14,512,905 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | | 5.00 | % | | 2/1/2030 | | BBB+ | | | 6,000 | | | | 6,568,860 | |
| Blount Co Hlth & Ed–Asbury | | | 5.125 | % | | 4/1/2023 | | NR | | | 4,525 | | | | 4,623,147 | |
| CA Hlth–Catholic Hlthcare W | | | 5.125 | % | | 7/1/2022 | | A | | | 920 | | | | 949,458 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2022 | | BBB+ | | | 1,540 | | | | 1,786,847 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2023 | | BBB+ | | | 1,000 | | | | 1,152,440 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2024 | | BBB+ | | | 2,000 | | | | 2,273,860 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2025 | | BBB+ | | | 4,880 | | | | 5,503,371 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2026 | | BBB+ | | | 3,705 | | | | 4,141,745 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2027 | | BBB+ | | | 4,000 | | | | 4,429,560 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2029 | | BBB+ | | | 1,300 | | | | 1,429,948 | |
| CA Hlth–City of Hope | | | 5.00 | % | | 11/15/2023 | | A+ | | | 1,470 | | | | 1,726,618 | |
| CA Hlth–St Joseph Hlth | | | 5.00 | % | | 7/1/2043 | | AA- | | | 5,000 | | | | 5,866,550 | |
| CA Hlth–Sutter Hlth | | | 5.25 | % | | 8/15/2024 | | AA- | | | 6,920 | | | | 8,117,091 | |
| CA Stwde–Fountainview Gonda | | | 3.00 | % | | 8/1/2021 | | A | | | 5,200 | | | | 5,327,712 | |
| | See Notes to Financial Statements. | 43 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| CA Stwde–LA Jewish Home | | | 4.75 | % | | 8/1/2020 | | NR | | $ | 1,425 | | | $ | 1,427,736 | |
| CA Stwde–So Cal Presbyterian | | | 6.25 | % | | 11/15/2019 | | BBB- | | | 1,600 | | | | 1,865,536 | |
| Camden Co Impt Auth–Cooper Hlth | | | 5.25 | % | | 2/15/2027 | | BBB | | | 12,500 | | | | 12,667,250 | |
| CO Hlth Facs–American Baptist | | | 7.00 | % | | 8/1/2019 | | NR | | | 1,500 | | | | 1,671,300 | |
| CO Hlth Facs–Christian Living Cmnty | | | 5.125 | % | | 1/1/2030 | | NR | | | 600 | | | | 622,170 | |
| CO Hlth Facs–Sisters Leavenworth | | | 5.00 | % | | 1/1/2021 | | AA- | | | 6,555 | | | | 7,515,176 | |
| Cumberland Co Mun Auth–Asbury | | | 5.25 | % | | 1/1/2032 | | NR | | | 1,200 | | | | 1,237,068 | |
| Decatur Hsp–Wise Hlth | | | 5.00 | % | | 9/1/2034 | | BB+ | | | 3,325 | | | | 3,435,124 | |
| Decatur Hsp–Wise Hlth | | | 5.25 | % | | 9/1/2029 | | BB+ | | | 800 | | | | 862,112 | |
| Delaware Co Hsp–Crozer-Keystone | | | 5.00 | % | | 12/15/2019 | | BB | | | 1,000 | | | | 1,029,310 | |
| Duluth EDA–St Lukes Hsp | | | 5.75 | % | | 6/15/2032 | | NR | | | 4,250 | | | | 4,574,997 | |
| Eden Twp Hlthcare Dist COP | | | 5.375 | % | | 6/1/2023 | | BBB+ | (d) | | 3,085 | | | | 3,358,084 | |
| Fairfax Co EDA–Vinson Hall | | | 4.50 | % | | 12/1/2032 | | NR | | | 2,500 | | | | 2,509,175 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | | 6.00 | % | | 7/1/2020 | | Ba1 | | | 520 | | | | 520,530 | |
| Gaithersburg Econ Dev–Asbury | | | 5.50 | % | | 1/1/2018 | | BBB | (d) | | 3,535 | | | | 3,914,624 | |
| Gaithersburg Econ Dev–Asbury | | | 5.65 | % | | 1/1/2019 | | BBB | (d) | | 2,000 | | | | 2,257,280 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | | 4.75 | % | | 8/1/2019 | | A2 | | | 3,840 | | | | 4,313,165 | |
| Hanover Co EDA–Covenant Woods | | | 4.50 | % | | 7/1/2030 | | NR | | | 2,790 | | | | 2,761,905 | |
| Harris Co Cultural Ed–Brazos | | | 6.375 | % | | 1/1/2033 | | BB+ | (d) | | 1,385 | | | | 1,569,247 | |
| Harris Co Cultural Ed–Brazos | | | 4.00 | % | | 1/1/2023 | | BB+ | (d) | | 1,325 | | | | 1,322,165 | |
| Harris Co Cultural Ed–Brazos | | | 5.00 | % | | 1/1/2033 | | BB+ | (d) | | 545 | | | | 553,050 | |
| HI Dept Budget–Kahala Nui | | | 5.00 | % | | 11/15/2027 | | BBB | (d) | | 1,500 | | | | 1,673,445 | |
| Howard Co Retmt Cmnty–Vantage House | | | 5.25 | % | | 4/1/2027 | | NR | | | 2,000 | | | | 1,962,320 | |
| IL Fin Auth–Centegra Hlth | | | 5.00 | % | | 9/1/2034 | | BBB | | | 1,015 | | | | 1,077,707 | |
| IL Fin Auth–Hsp Sisters Hlth | | | 5.00 | % | | 8/15/2020 | | AA- | | | 2,695 | | | | 3,155,036 | |
| IL Fin Auth–Hsp Sisters Hlth | | | 5.00 | % | | 8/15/2021 | | AA- | | | 5,510 | | | | 6,453,643 | |
| IL Fin Auth–Northwestern Mem Hsp(b) | | | 5.75 | % | | 8/15/2030 | | AA+ | | | 2,500 | | | | 2,811,637 | |
| IL Fin Auth–Provena Hlth | | | 5.75 | % | | 5/1/2018 | | BBB+ | | | 1,000 | | | | 1,140,740 | |
| IL Fin Auth–Rush Univ Med | | | 6.00 | % | | 11/1/2019 | | A | | | 1,000 | | | | 1,131,960 | |
| IN Bd Bk–Hendricks Regl Hlth | | | 5.00 | % | | 2/1/2019 | | AA | | | 1,765 | | | | 1,980,312 | |
| Jackson Co Hospital Fin Auth Rmkt (AG) | | | 5.00 | % | | 6/1/2018 | | AA | | | 4,350 | | | | 4,761,597 | |
| Jackson Co Hospital Fin Auth Rmkt (AG) | | | 5.00 | % | | 6/1/2019 | | AA | | | 4,400 | | | | 4,858,568 | |
| Kansas City IDA–Bishop Spencer | | | 6.25 | % | | 1/1/2024 | | NR | | | 840 | | | | 848,274 | |
| Kansas City IDA–Bishop Spencer | | | 6.50 | % | | 1/1/2035 | | NR | | | 2,500 | | | | 2,510,675 | |
| Kaweah Delta Hlth Care Dist | | | 5.00 | % | | 6/1/2020 | | A3 | | | 2,000 | | | | 2,219,960 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | | 5.50 | % | | 7/1/2020 | | BB+ | | | 3,275 | | | | 3,367,813 | |
| KY EDA–Masonic Homes | | | 5.375 | % | | 11/15/2032 | | NR | | | 2,385 | | | | 2,447,129 | |
| 44 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| LA PFA–Christus Hlth | | | 5.25 | % | | 7/1/2020 | | A+ | | $ | 3,200 | | | $ | 3,674,656 | |
| Lufkin Hlth–Mem Hlth | | | 6.00 | % | | 2/15/2024 | | BBB- | | | 7,535 | | | | 8,652,968 | |
| MA DFA–Boston Med Ctr | | | 5.00 | % | | 7/1/2021 | | BBB+ | | | 5,705 | | | | 6,446,536 | |
| MD Hlth & Ed–Mercy Med Ctr | | | 5.00 | % | | 7/1/2031 | | BBB | | | 1,100 | | | | 1,169,553 | |
| MD Hlth & Hi Ed–Univ MD Med Sys | | | 5.00 | % | | 7/1/2020 | | A2 | | | 4,905 | | | | 5,654,190 | |
| MD Hlth & Hi Ed–Univ MD Med Sys | | | 5.00 | % | | 7/1/2021 | | A2 | | | 5,550 | | | | 6,329,608 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | | 6.00 | % | | 7/1/2026 | | Ba1 | | | 7,755 | | | | 8,624,646 | |
| ME Hlth & Hi Ed–Pooled Fing | | | 4.50 | % | | 7/1/2018 | | A1 | | | 2,350 | | | | 2,636,747 | |
| Mesquite Hlth–Christian Care Ctrs | | | 5.50 | % | | 2/15/2025 | | BBB- | (d) | | 3,250 | | | | 3,308,825 | |
| MI Fin Auth–Crittenton Hospital | | | 5.00 | % | | 6/1/2019 | | BBB+ | | | 2,660 | | | | 2,996,969 | |
| MI Fin Auth–Crittenton Hospital | | | 5.00 | % | | 6/1/2022 | | BBB+ | | | 2,960 | | | | 3,351,578 | |
| MI Fin Auth–Crittenton Hospital | | | 5.00 | % | | 6/1/2027 | | BBB+ | | | 7,250 | | | | 7,773,377 | |
| MI Hsp–McLaren Hlthcare | | | 5.00 | % | | 6/1/2019 | | Aa3 | | | 3,345 | | | | 3,816,612 | |
| MI Hsp–McLaren Hlthcare | | | 5.00 | % | | 6/1/2020 | | Aa3 | | | 5,540 | | | | 6,373,992 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 5.00 | % | | 11/15/2030 | | Baa1 | | | 1,000 | | | | 1,113,300 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 6.75 | % | | 11/15/2021 | | Baa1 | | | 2,370 | | | | 2,388,083 | |
| MN Agric & Econ Dev–Essential Hlth Rmkt (AG) | | | 5.50 | % | | 2/15/2025 | | AA | | | 4,500 | | | | 5,125,410 | |
| Montgomery Co IDA–New Regl Med Ctr (FHA) | | | 5.00 | % | | 8/1/2018 | | AA | | | 1,600 | | | | 1,818,400 | |
| Montgomery Co IDA–New Regl Med Ctr (FHA) | | | 5.00 | % | | 8/1/2019 | | AA | | | 1,780 | | | | 2,044,882 | |
| Montgomery Co IDA–New Regl Med Ctr (FHA) | | | 5.00 | % | | 8/1/2020 | | AA | | | 995 | | | | 1,151,882 | |
| MS Hsp–Baptist Health | | | 5.00 | % | | 8/15/2017 | | BBB+ | | | 2,500 | | | | 2,753,475 | |
| MS Hsp–Baptist Health | | | 5.00 | % | | 8/15/2018 | | BBB+ | | | 3,000 | | | | 3,298,830 | |
| Multnomah Co Hsp Facs–Mirabella | | | 5.125 | % | | 10/1/2034 | | NR | | | 4,000 | | | | 4,124,680 | |
| Muskingum Co Hsp–Genesis Hlthcare | | | 5.00 | % | | 2/15/2033 | | BB+ | | | 6,500 | | | | 6,664,905 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | | 5.00 | % | | 7/1/2027 | | Baa2 | | | 3,000 | | | | 3,365,490 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | | 5.00 | % | | 7/1/2032 | | Baa2 | | | 4,000 | | | | 4,389,520 | |
| NC Med–Lutheran Svcs | | | 4.75 | % | | 3/1/2032 | | NR | | | 2,550 | | | | 2,584,884 | |
| NJ Hlth–AHS Hsp Corp | | | 5.125 | % | | 7/1/2019 | | A+ | | | 1,500 | | | | 1,689,060 | |
| NJ Hlth–Barnabas Hlth | | | 5.00 | % | | 7/1/2019 | | BBB+ | | | 10,000 | | | | 11,517,500 | |
| NJ Hlth–St Josephs Hlth | | | 6.00 | % | | 7/1/2018 | | BBB- | | | 6,590 | | | | 7,279,775 | |
| NJ Hlth–St Peters Univ Hsp | | | 5.25 | % | | 7/1/2021 | | BB+ | | | 2,045 | | | | 2,202,956 | |
| NJ Hlth–St Peters Univ Hsp | | | 6.00 | % | | 7/1/2026 | | BB+ | | | 5,500 | | | | 6,164,950 | |
| NJ Hlth–Trinitas Hsp | | | 5.25 | % | | 7/1/2023 | | BBB- | | | 5,000 | | | | 5,283,200 | |
| NJ Hlth–Virtua Hlth (AG) | | | 5.50 | % | | 7/1/2020 | | AA | | | 5,455 | | | | 6,138,402 | |
| | See Notes to Financial Statements. | 45 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| NM Hsp–Haverland | | | 5.00 | % | | 7/1/2032 | | BBB- | (d) | $ | 1,000 | | | $ | 1,011,190 | |
| Northampton Co GPA–St Lukes Hsp | | | 5.00 | % | | 8/15/2019 | | A3 | | | 2,000 | | | | 2,204,880 | |
| NY Dorm–North Shore LI Jewish | | | 5.00 | % | | 5/1/2019 | | A- | | | 4,000 | | | | 4,584,640 | |
| NY Dorm–NYU Hsps Ctr | | | 5.00 | % | | 7/1/2019 | | A- | | | 2,000 | | | | 2,280,940 | |
| NY Dorm–Orange Regl Med | | | 6.50 | % | | 12/1/2021 | | Ba1 | | | 1,000 | | | | 1,113,120 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2021 | | Aa3 | | | 1,635 | | | | 1,930,036 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2022 | | Aa3 | | | 5,000 | | | | 5,924,750 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2023 | | Aa3 | | | 4,000 | | | | 4,757,280 | |
| Orange Co Hlth–Orlando Hlth | | | 5.25 | % | | 10/1/2020 | | A | | | 5,000 | | | | 5,766,150 | |
| Palomar Hlth Care Dist COP | | | 5.25 | % | | 11/1/2021 | | Ba1 | | | 5,000 | | | | 5,276,150 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.50 | % | | 7/1/2030 | | BB+ | | | 2,000 | | | | 2,046,800 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 6.25 | % | | 7/1/2023 | | BB+ | | | 7,500 | | | | 8,149,575 | |
| Roanoke EDA–Carilion Clinic | | | 5.00 | % | | 7/1/2025 | | A+ | | | 10,000 | | | | 11,323,900 | |
| San Buenaventura–Cmnty Mem Hlth | | | 8.00 | % | | 12/1/2026 | | BB | | | 10,000 | | | | 12,618,000 | |
| Sartell Hlth Care–Country Manor | | | 5.25 | % | | 9/1/2030 | | NR | | | 1,000 | | | | 1,040,640 | |
| Shelby Co Hlth Ed Hsg–Vlg Germantwn | | | 5.00 | % | | 12/1/2032 | | NR | | | 3,880 | | | | 3,984,372 | |
| So Broward Hsp Dist–Memorial Hlthcare (NPFGC)(FGIC) | | | 5.00 | % | | 5/1/2019 | | AA- | | | 5,130 | | | | 5,481,354 | |
| So Broward Hsp Dist–Memorial Hlthcare (NPFGC)(FGIC) | | | 5.00 | % | | 5/1/2022 | | AA- | | | 2,710 | | | | 2,876,611 | |
| St Paul Hsg & Redev–Healtheast | | | 5.00 | % | | 11/15/2017 | | BBB- | | | 2,900 | | | | 3,017,537 | |
| Sylacauga Hlth–Coosa Vy Med Ctr | | | 5.375 | % | | 8/1/2015 | | NR | | | 515 | | | | 536,898 | |
| Sylacauga Hlth–Coosa Vy Med Ctr | | | 6.00 | % | | 8/1/2025 | | NR | | | 3,525 | | | | 3,693,107 | |
| Tarrant Co Cultural–Christus Hlth (AG) | | | 5.75 | % | | 7/1/2018 | | AA | | | 1,820 | | | | 2,037,017 | |
| Thomasville Hsp Auth–John Archbold | | | 4.75 | % | | 11/1/2025 | | A+ | | | 6,150 | | | | 6,262,483 | |
| Travis Co Hlth–Longhorn Vlg | | | 5.50 | % | | 1/1/2017 | | NR | | | 230 | | | | 230,377 | |
| Tyler Hlth–Mother Frances Hsp | | | 5.50 | % | | 7/1/2027 | | Baa1 | | | 3,975 | | | | 4,484,317 | |
| Univ Med Ctr Corp | | | 6.00 | % | | 7/1/2024 | | BBB | | | 1,000 | | | | 1,153,200 | |
| WA Hsg–Rockwood† | | | 6.00 | % | | 1/1/2024 | | NR | | | 2,000 | | | | 2,125,120 | |
| Westchester Co Hlth Care | | | 5.00 | % | | 11/1/2019 | | A3 | | | 4,000 | | | | 4,610,040 | |
| Westchester Co Hlth Care | | | 5.125 | % | | 11/1/2020 | | A3 | | | 5,500 | | | | 6,383,300 | |
| Westchester Co LDC–Kendal Hudson | | | 5.00 | % | | 1/1/2028 | | BBB | (d) | | 1,350 | | | | 1,470,650 | |
| WI Hlth & Ed–Ascension Hlth | | | 5.00 | % | | 11/15/2033 | | AA+ | | | 2,000 | | | | 2,199,320 | |
| WI Hlth & Ed–Aurora Hlth | | | 5.00 | % | | 7/15/2026 | | A3 | | | 5,575 | | | | 6,135,845 | |
| WI Hlth & Ed–Wheaton Franciscan Hlth | | | 5.25 | % | | 8/15/2018 | | A- | | | 2,000 | | | | 2,141,340 | |
| WI PFA–Rose Villa | | | 3.75 | % | | 11/15/2019 | | NR | | | 565 | | | | 571,933 | |
| Wood Co Hsp Facs–Wood Co Hsp | | | 5.00 | % | | 12/1/2027 | | Baa2 | | | 3,450 | | | | 3,732,969 | |
| Wood Co Hsp Facs–Wood Co Hsp | | | 5.00 | % | | 12/1/2032 | | Baa2 | | | 2,275 | | | | 2,393,095 | |
| 46 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| WV Hsp–Herbert Thomas Hlth | | | 6.00 | % | | 10/1/2020 | | NR | | $ | 1,600 | | | $ | 1,697,648 | |
| Total | | | | | | | | | | | | | | | 478,663,010 | |
| | | | | | | | | | | | | | | | | |
| Housing 0.41% | | | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | | 8.00 | % | | 10/1/2032 | | NR | | | 500 | | | | 601,645 | |
| Athens Hsg Auth–UGA E Campus Hsg | | | 4.00 | % | | 12/1/2019 | | Aa2 | | | 2,045 | | | | 2,249,848 | |
| CA Stwde–American Baptist | | | 2.10 | % | | 10/1/2019 | | BBB | | | 2,200 | | | | 2,200,198 | |
| CA Stwde–CHF-Irvine LLC | | | 6.00 | % | | 5/15/2023 | | Baa2 | | | 2,000 | | | | 2,260,540 | |
| MI Strategic Fd–Evangelical Homes | | | 5.25 | % | | 6/1/2032 | | BB+ | (d) | | 1,500 | | | | 1,530,210 | |
| NJ EDA–Montclair St Std Hsg | | | 5.25 | % | | 6/1/2019 | | Baa3 | | | 1,610 | | | | 1,836,334 | |
| PA Hi Ed–Edinboro Univ | | | 5.00 | % | | 7/1/2018 | | Baa3 | | | 190 | | | | 203,287 | |
| WA Hsg–Emerald Heights | | | 4.00 | % | | 7/1/2019 | | A- | (d) | | 1,130 | | | | 1,197,551 | |
| WA Hsg–Emerald Heights | | | 5.00 | % | | 7/1/2022 | | A- | (d) | | 1,000 | | | | 1,134,300 | |
| Total | | | | | | | | | | | | | | | 13,213,913 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 8.55% | | | | | | | | | | | | | | | | |
| Broward Co Sch Brd COP | | | 5.00 | % | | 7/1/2021 | | A1 | | | 5,000 | | | | 5,934,900 | |
| CA Pub Wks–Dept Gen Svcs | | | 5.00 | % | | 4/1/2020 | | A1 | | | 4,085 | | | | 4,735,005 | |
| CA Pub Wks–Dept Hsps | | | 5.00 | % | | 6/1/2023 | | A1 | | | 3,000 | | | | 3,619,620 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 3/1/2018 | | A1 | | | 7,490 | | | | 8,524,669 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 11/1/2019 | | A1 | | | 1,000 | | | | 1,178,540 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 11/1/2020 | | A1 | | | 1,500 | | | | 1,786,575 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 4/1/2021 | | A1 | | | 3,250 | | | | 3,884,758 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 11/1/2021 | | A1 | | | 1,000 | | | | 1,202,910 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 4/1/2022 | | A1 | | | 4,200 | | | | 5,030,886 | |
| CA Pub Wks–Various Cap Proj | | | 5.25 | % | | 10/1/2019 | | A1 | | | 11,370 | | | | 13,522,909 | |
| Cleveland COP–Cleveland Stadium | | | 5.00 | % | | 11/15/2019 | | A2 | | | 2,450 | | | | 2,795,475 | |
| Cuyahoga Co COP–Conv Hotel Proj | | | 5.00 | % | | 12/1/2023 | | AA- | | | 5,640 | | | | 6,636,306 | |
| Dallas Civic Ctr (AG) | | | 5.00 | % | | 8/15/2021 | | AA | | | 3,800 | | | | 4,219,786 | |
| Dallas Conv Ctr Hotel Dev Corp | | | 5.25 | % | | 1/1/2020 | | A+ | | | 4,000 | | | | 4,424,920 | |
| Dallas Conv Ctr Hotel Dev Corp | | | 5.25 | % | | 1/1/2022 | | A+ | | | 6,405 | | | | 7,020,520 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2019 | | AA | | | 2,500 | | | | 2,907,350 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2020 | | AA | | | 3,650 | | | | 4,309,628 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2024 | | AA | | | 5,930 | | | | 6,933,652 | |
| FL Dept of Children’s & Family Svcs COP (NPFGC)(FGIC) | | | 5.00 | % | | 10/1/2022 | | AA+ | | | 2,870 | | | | 3,096,730 | |
| Houston Co Coop Dist–Country Crossing | | | 10.00 | % | | 6/7/2013 | | NR | | | 1,768 | | | | 247,520 | |
| IL Sports Facs Auth (AGM) | | | 5.00 | % | | 6/15/2027 | | AA | | | 3,000 | | | | 3,338,550 | |
| | See Notes to Financial Statements. | 47 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | |
| IN Fin Auth–I-69 AMT | | | 5.25 | % | | 9/1/2026 | | BBB- | | $ | 1,100 | | | $ | 1,251,118 | |
| IN Fin Auth–I-69 AMT | | | 5.25 | % | | 9/1/2027 | | BBB- | | | 1,400 | | | | 1,582,350 | |
| Kansas City IDA–Downtown Redev Dist | | | 5.00 | % | | 9/1/2022 | | AA- | | | 7,470 | | | | 8,511,019 | |
| KY Ppty & Bldgs Commn–Proj #93 (AG) | | | 5.25 | % | | 2/1/2020 | | AA | | | 2,000 | | | | 2,347,960 | |
| LA PFA–Hurricane Recovery | | | 5.00 | % | | 6/1/2020 | | Aa3 | | | 3,300 | | | | 3,902,910 | |
| LA PFA–Hurricane Recovery | | | 5.00 | % | | 6/1/2023 | | Aa3 | | | 3,200 | | | | 3,849,824 | |
| Los Angeles Co COP–Disney Concert Hall | | | 5.00 | % | | 9/1/2022 | | AA | | | 1,250 | | | | 1,471,063 | |
| MD EDC–Public Hlth Lab | | | 5.00 | % | | 6/1/2019 | | AA+ | | | 5,415 | | | | 6,296,887 | |
| Mecklenburg Co PFC | | | 5.00 | % | | 3/1/2020 | | AA+ | | | 2,525 | | | | 2,927,763 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.00 | % | | 6/1/2016 | | A+ | | | 5,000 | | | | 5,206,050 | |
| MI Strategic Fd–Cadillac Place | | | 5.25 | % | | 10/15/2023 | | A+ | | | 3,865 | | | | 4,433,812 | |
| MI Strategic Fd–Cadillac Place | | | 5.25 | % | | 10/15/2024 | | A+ | | | 6,915 | | | | 7,880,749 | |
| Miami Dade Co Sch Brd COP (NPFGC) | | | 5.00 | % | | 5/1/2022 | | AA- | | | 11,550 | | | | 12,719,668 | |
| MN State Gen Fund | | | 5.00 | % | | 3/1/2021 | | AA | | | 4,000 | | | | 4,774,360 | |
| NJ EDA–Sch Facs | | | 5.00 | % | | 3/1/2023 | | A2 | | | 7,445 | | | | 8,485,066 | |
| NJ EDA–Sch Facs | | | 5.25 | % | | 12/15/2020 | | A2 | | | 8,125 | | | | 9,311,575 | |
| NJ EDA–Sch Facs | | | 5.25 | % | | 9/1/2023 | | A2 | | | 10,000 | | | | 11,378,100 | |
| NJ EDA–Sch Facs | | | 5.25 | % | | 9/1/2025 | | A2 | | | 5,550 | | | | 6,259,456 | |
| NJ EDA–Transit Proj | | | 5.00 | % | | 5/1/2018 | | A2 | | | 1,425 | | | | 1,595,972 | |
| NJ EDA–Transit Proj | | | 5.00 | % | | 5/1/2019 | | A2 | | | 3,000 | | | | 3,405,840 | |
| NJ Trans Trust Fund (NPFGC) | | | 5.50 | % | | 12/15/2020 | | AA- | | | 1,000 | | | | 1,175,670 | |
| NW Allen Sch Bldg Corp (AGM) | | | 5.00 | % | | 7/15/2020 | | AA+ | | | 3,140 | | | | 3,512,184 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2025 | | AAA | | | 1,320 | | | | 1,480,762 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2026 | | AAA | | | 1,920 | | | | 2,153,836 | |
| NY UDC–Svc Contract | | | 5.00 | % | | 1/1/2022 | | AA | | | 3,705 | | | | 4,281,646 | |
| Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | | | 5.00 | % | | 2/1/2020 | | A1 | | | 8,030 | | | | 9,409,875 | |
| Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | | | 5.00 | % | | 2/1/2021 | | A1 | | | 8,750 | | | | 10,325,525 | |
| Philadelphia Redev Auth | | | 5.00 | % | | 4/15/2019 | | A+ | | | 2,215 | | | | 2,483,214 | |
| Philadelphia Redev Auth | | | 5.00 | % | | 4/15/2020 | | A+ | | | 3,525 | | | | 3,985,506 | |
| Philadelphia Redev Auth | | | 5.00 | % | | 4/15/2021 | | A+ | | | 2,000 | | | | 2,272,520 | |
| Philadelphia Redev Auth | | | 5.00 | % | | 4/15/2022 | | A+ | | | 5,195 | | | | 5,909,624 | |
| PR Pub Bldg Auth GTD | | | 7.00 | % | | 7/1/2021 | | BB | | | 5,000 | | | | 4,238,700 | |
| San Diego Conv Ctr Fing Auth | | | 5.00 | % | | 4/15/2019 | | AA- | | | 2,000 | | | | 2,331,460 | |
| San Diego Conv Ctr Fing Auth | | | 5.00 | % | | 4/15/2020 | | AA- | | | 4,100 | | | | 4,842,510 | |
| San Diego Conv Ctr Fing Auth | | | 5.00 | % | | 4/15/2021 | | AA- | | | 3,750 | | | | 4,463,588 | |
| San Jose Fing Auth–Civic Ctr | | | 5.00 | % | | 6/1/2019 | | AA | | | 1,000 | | | | 1,163,350 | |
| 48 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | |
| San Jose Fing Auth–Civic Ctr | | | 5.00 | % | | 6/1/2022 | | AA | | $ | 1,000 | | | $ | 1,193,280 | |
| San Jose Fing Auth–Civic Ctr | | | 5.00 | % | | 6/1/2023 | | AA | | | 1,000 | | | | 1,203,070 | |
| Twin Rivers USD COP (AGM) | | | 3.20 | % | | 6/1/2027 | | AA | | | 1,750 | | | | 1,750,280 | |
| Twin Rivers USD COP (AGM) | | | 3.20 | % | | 6/1/2035 | | AA | | | 920 | | | | 920,028 | |
| Twin Rivers USD COP (AGM) | | | 3.20 | % | | 6/1/2041 | | AA | | | 2,250 | | | | 2,250,023 | |
| Total | | | | | | | | | | | | | | | 274,289,402 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 4.98% | | | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | | 4.50 | % | | 3/1/2030 | | Baa1 | | | 11,300 | | | | 11,963,649 | |
| Austin Convention† | | | 6.00 | % | | 1/1/2017 | | BB | | | 1,935 | | | | 2,074,823 | |
| Baker Correctional Dev | | | 7.50 | % | | 2/1/2030 | | NR | | | 1,200 | | | | 872,772 | |
| Baytown Twp–St Croix Prep Admy | | | 6.00 | % | | 8/1/2018 | | BB | | | 1,505 | | | | 1,581,891 | |
| Brooklyn Arena LDC–Barclays Ctr | | | 5.75 | % | | 7/15/2019 | | BBB- | | | 2,715 | | | | 3,052,990 | |
| CA Infra & Econ Dev–Broad Museum | | | 5.00 | % | | 6/1/2021 | | Aa1 | | | 5,425 | | | | 6,582,098 | |
| CA Infra & Econ Dev–Gladstone Instn | | | 5.25 | % | | 10/1/2026 | | A- | | | 10,250 | | | | 11,626,165 | |
| Chester Co IDA–Collegium Chtr Sch | | | 5.25 | % | | 10/15/2032 | | BBB- | | | 6,410 | | | | 6,531,790 | |
| Cleveland Arpt | | | 5.00 | % | | 1/1/2028 | | A- | | | 2,500 | | | | 2,734,650 | |
| Cleveland Arpt | | | 5.00 | % | | 1/1/2029 | | A- | | | 2,500 | | | | 2,724,650 | |
| Clifton Higher Ed–IDEA Pub Schs | | | 3.75 | % | | 8/15/2022 | | BBB | | | 3,265 | | | | 3,473,046 | |
| Clifton Higher Ed–IDEA Pub Schs | | | 5.00 | % | | 8/15/2032 | | BBB | | | 915 | | | | 989,664 | |
| Clifton Higher Ed–Uplift Education | | | 5.70 | % | | 12/1/2025 | | BBB- | | | 5,110 | | | | 5,880,639 | |
| DC Rev–Friendship Pub Chtr Sch | | | 5.00 | % | | 6/1/2032 | | BBB | | | 3,000 | | | | 3,194,070 | |
| FL Brd Ed–Lottery Rev | | | 5.00 | % | | 7/1/2020 | | AAA | | | 7,645 | | | | 9,112,305 | |
| FL Dept Env Protn–Florida Forever | | | 5.00 | % | | 7/1/2018 | | AA- | | | 14,650 | | | | 16,774,836 | |
| FL DFC–Renaissance Chtr Sch | | | 7.50 | % | | 6/15/2033 | | BB- | (d) | | 3,000 | | | | 3,212,490 | |
| Florence Twn IDA–Legacy Trad Sch | | | 5.75 | % | | 7/1/2033 | | BB | | | 3,000 | | | | 3,203,550 | |
| Houston Hi Ed–Cosmos Fndtn | | | 4.00 | % | | 2/15/2022 | | BBB | | | 905 | | | | 925,263 | |
| Houston Hi Ed–Cosmos Fndtn | | | 5.00 | % | | 2/15/2032 | | BBB | | | 2,250 | | | | 2,467,395 | |
| Indianapolis Local Pub Impt Bd Bk | | | 5.00 | % | | 6/1/2024 | | A1 | | | 4,000 | | | | 4,617,920 | |
| La Paz Co IDA–Imperial Regl Jail | | | 7.375 | % | | 10/1/2032 | | NR | | | 5,000 | | | | 5,245,850 | |
| La Vernia Hi Ed–Life Schools of Dallas | | | 7.00 | % | | 8/15/2026 | | BBB- | | | 4,455 | | | | 5,670,413 | |
| Maverick Co PFC | | | 6.25 | % | | 2/1/2024 | | NR | | | 1,705 | | | | 861,144 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.00 | % | | 12/1/2016 | | NR | | | 700 | | | | 315,000 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.00 | % | | 6/1/2019 | | A+ | | | 1,900 | | | | 2,087,492 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.00 | % | | 6/1/2020 | | A+ | | | 1,400 | | | | 1,554,742 | |
| MI St Strategic Fd(h) | | Zero Coupon | | — | (i) | NR | | | 400 | | | | 40 | |
| Minneapolis–Ntl Marrow Donor | | | 4.875 | % | | 8/1/2025 | | BBB+ | | | 5,000 | | | | 5,266,050 | |
| Mohave Co IDA–Mohave Prison | | | 7.50 | % | | 5/1/2019 | | BBB+ | | | 3,225 | | | | 3,705,848 | |
| | See Notes to Financial Statements. | 49 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Other Revenue (continued) | | | | | | | | | | | | �� | | | | |
| Mohave Co IDA–Mohave Prison | | | 8.00 | % | | 5/1/2025 | | BBB+ | | $ | 5,000 | | | $ | 5,828,850 | |
| NYC Cultural–Lincoln Ctr | | | 5.75 | % | | 12/1/2018 | | A+ | | | 2,500 | | | | 2,956,950 | |
| NYC Cultural–Whitney Museum | | | 5.00 | % | | 7/1/2021 | | A | | | 5,000 | | | | 5,822,000 | |
| PA IDA–Economic Dev | | | 5.00 | % | | 7/1/2019 | | A1 | | | 3,500 | | | | 4,019,085 | |
| PA IDA–Economic Dev | | | 5.00 | % | | 7/1/2020 | | A1 | | | 2,000 | | | | 2,311,080 | |
| PR Comwlth Govt Dev Bank Rmkt GTD (NPFGC)(FGIC) | | | 4.75 | % | | 12/1/2015 | | AA- | | | 5,000 | | | | 5,030,450 | |
| Seminole Tribe Spl Oblig† | | | 5.50 | % | | 10/1/2024 | | BBB- | | | 2,400 | | | | 2,615,184 | |
| WA Eda–Waste Mgmt | | | 2.125 | % | | 6/1/2020 | | A- | | | 3,000 | | | | 3,008,460 | |
| Total | | | | | | | | | | | | | | | 159,895,294 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 2.10% | | | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2031 | | Baa2 | | | 5,500 | | | | 5,753,770 | |
| Atlanta Tax Alloc–Beltline Rmkt | | | 6.75 | % | | 1/1/2020 | | A2 | | | 2,320 | | | | 2,725,861 | |
| CA Reassmt Dist 12/1 Irvine | | | 4.00 | % | | 9/2/2019 | | BBB+ | | | 2,000 | | | | 2,192,180 | |
| CA Reassmt Dist 12/1 Irvine | | | 4.00 | % | | 9/2/2020 | | BBB+ | | | 1,000 | | | | 1,098,130 | |
| CA Reassmt Dist 12/1 Irvine | | | 4.00 | % | | 9/2/2022 | | BBB+ | | | 1,500 | | | | 1,669,740 | |
| Emeryville Redev Agy | | | 5.00 | % | | 9/1/2021 | | A+ | | | 3,185 | | | | 3,792,029 | |
| Emeryville Redev Agy (AGM) | | | 5.00 | % | | 9/1/2024 | | AA | | | 1,950 | | | | 2,360,338 | |
| Emeryville Redev Agy (AGM) | | | 5.00 | % | | 9/1/2025 | | AA | | | 2,650 | | | | 3,176,846 | |
| Glendale Redev Agy | | | 5.50 | % | | 12/1/2024 | | A | | | 5,000 | | | | 5,239,100 | |
| Houston Co Coop Dist–Country Crossing | | | 10.00 | % | | 5/1/2039 | | NR | | | 5,000 | | | | 550,000 | |
| Orlando Redev TIF | | | 5.25 | % | | 9/1/2021 | | A | | | 6,415 | | | | 7,197,053 | |
| Pittsburg Redev Agy | | | 5.00 | % | | 8/1/2019 | | A | | | 5,755 | | | | 6,674,994 | |
| Pittsburg Redev Agy | | | 5.00 | % | | 8/1/2020 | | A | | | 1,680 | | | | 1,960,930 | |
| Pittsburg Redev Agy (AGM) | | | 5.00 | % | | 8/1/2021 | | AA | | | 1,875 | | | | 2,207,400 | |
| Plaza Met Dist #1 | | | 4.50 | % | | 12/1/2030 | | NR | | | 4,300 | | | | 4,275,361 | |
| Sparks Loc Impt Dists–Dist #3 | | | 6.50 | % | | 9/1/2020 | | NR | | | 225 | | | | 236,518 | |
| Sparks Tourism Impt Dist† | | | 6.50 | % | | 6/15/2020 | | B1 | | | 5,230 | | | | 5,669,529 | |
| Village CDD #9 | | | 5.00 | % | | 5/1/2022 | | NR | | | 1,580 | | | | 1,660,217 | |
| Village CDD #9 | | | 5.25 | % | | 5/1/2031 | | NR | | | 1,890 | | | | 2,005,007 | |
| Village CDD #9 | | | 5.75 | % | | 5/1/2021 | | NR | | | 3,365 | | | | 3,729,160 | |
| Village CDD #9 | | | 6.75 | % | | 5/1/2031 | | NR | | | 2,680 | | | | 3,217,340 | |
| Total | | | | | | | | | | | | | | | 67,391,503 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 6.23% | | | | | | | | | | | | | | | | |
| El Paso Dev Corp–Downtown Ballpark | | | 6.25 | % | | 8/15/2023 | | AA- | | | 5,000 | | | | 5,964,400 | |
| Gtr Wenatchee Regl Events Ctr | | | 5.00 | % | | 9/1/2027 | | NR | | | 1,000 | | | | 1,056,100 | |
| Gtr Wenatchee Regl Events Ctr | | | 5.25 | % | | 9/1/2032 | | NR | | | 1,000 | | | | 1,048,740 | |
| 50 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | |
| Guam Ltd Oblig–Section 30 Landfill | | | 5.375 | % | | 12/1/2024 | | BBB+ | | $ | 1,000 | | | $ | 1,101,170 | |
| Guam Ltd Oblig–Section 30 Landfill | | | 5.50 | % | | 12/1/2019 | | BBB+ | | | 1,000 | | | | 1,173,470 | |
| IL Sales Tax | | | 5.00 | % | | 6/15/2019 | | AAA | | | 5,000 | | | | 5,830,800 | |
| IL State–Unemployment Insurance Fund Bldg | | | 5.00 | % | | 12/15/2019 | | AA | | | 2,500 | | | | 2,583,000 | |
| Jacksonville Sales Tax | | | 5.00 | % | | 10/1/2021 | | A1 | | | 2,500 | | | | 2,990,875 | |
| LA Stadium & Expo Dist | | | 5.00 | % | | 7/1/2021 | | A3 | | | 1,030 | | | | 1,226,885 | |
| MA Sch Bldg Auth–Sales Tax | | | 5.00 | % | | 8/15/2030 | | AA+ | | | 5,665 | | | | 6,661,700 | |
| Martin Hsp Dist | | | 7.00 | % | | 4/1/2031 | | BBB | (d) | | 3,250 | | | | 3,612,375 | |
| Met Atlanta Rapid Trans Auth | | | 5.00 | % | | 7/1/2025 | | AA+ | | | 5,950 | | | | 7,137,501 | |
| Met Govt Nashville–Cnty Conv Ctr | | | 5.00 | % | | 7/1/2022 | | A1 | | | 3,245 | | | | 3,717,602 | |
| Met Pier & Expo Auth–McCormick Place | | | 5.00 | % | | 12/15/2020 | | AAA | | | 2,500 | | | | 2,938,400 | |
| Met Pier & Expo Auth–McCormick Place | | | 5.00 | % | | 12/15/2022 | | AAA | | | 5,000 | | | | 5,925,450 | |
| MTA NY–Dedicated Tax | | | 5.00 | % | | 11/15/2021 | | AA | | | 3,145 | | | | 3,781,768 | |
| MTA NY–Dedicated Tax | | | 5.00 | % | | 11/15/2027 | | AA | | | 5,700 | | | | 6,759,231 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2024 | | BBB+ | | | 3,000 | | | | 3,394,230 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2028 | | BBB+ | | | 6,650 | | | | 7,365,141 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2029 | | BBB+ | | | 500 | | | | 551,280 | |
| NY Dorm–PIT | | | 5.00 | % | | 12/15/2019 | | AAA | | | 15,000 | | | | 17,806,500 | |
| NY Dorm–PIT | | | 5.00 | % | | 3/15/2023 | | AAA | | | 10,000 | | | | 11,959,800 | |
| NY Dorm–PIT | | | 5.00 | % | | 3/15/2024 | | AAA | | | 15,585 | | | | 18,328,739 | |
| NYC TFA–Bldg Aid | | | 5.00 | % | | 7/15/2024 | | Aa2 | | | 10,000 | | | | 11,707,000 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 5/1/2024 | | AAA | | | 14,745 | | | | 16,740,146 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 5/1/2025 | | AAA | | | 9,000 | | | | 10,207,620 | |
| Oneida Tribe Salex Tax Rev† | | | 5.50 | % | | 2/1/2021 | | AA- | | | 2,285 | | | | 2,497,551 | |
| PA Econ Dev–Unemployment Comp | | | 5.00 | % | | 7/1/2021 | | Aaa | | | 4,000 | | | | 4,509,480 | |
| Polk Co Trans Rev | | | 5.00 | % | | 12/1/2021 | | A1 | | | 2,825 | | | | 3,276,576 | |
| PR Corp Sales Tax | | | 5.50 | % | | 8/1/2023 | | BBB- | | | 9,065 | | | | 8,042,831 | |
| PR Corp Sales Tax | | | 5.50 | % | | 8/1/2028 | | BBB- | | | 7,625 | | | | 6,459,290 | |
| San Mateo Co Trans Dist (NPFGC)(FGIC) | | | 4.50 | % | | 6/1/2022 | | AA | | | 1,830 | | | | 1,872,566 | |
| Sonoma Marin Area Rail Rmkt | | | 5.00 | % | | 3/1/2019 | | AA | | | 1,950 | | | | 2,274,733 | |
| Virgin Islands PFA | | | 5.00 | % | | 10/1/2024 | | BBB+ | | | 1,000 | | | | 1,155,710 | |
| Virgin Islands PFA | | | 5.00 | % | | 10/1/2034 | | BBB+ | | | 850 | | | | 926,772 | |
| Virgin Islands PFA–Diageo Rum Tax | | | 6.75 | % | | 10/1/2019 | | Baa3 | | | 2,500 | | | | 2,836,225 | |
| Virgin Islands PFA–Gross Tax Rcpts (NPFGC) | | | 5.00 | % | | 10/1/2018 | | AA- | | | 1,000 | | | | 1,063,830 | |
| Virgin Islands PFA–Tobacco & Liq Tax | | | 5.00 | % | | 10/1/2019 | | BBB | | | 3,000 | | | | 3,427,290 | |
| Total | | | | | | | | | | | | | | | 199,912,777 | |
| | See Notes to Financial Statements. | 51 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Tobacco 4.57% | | | | | | | | | | | | | | | | |
| Buckeye Tobacco | | | 5.125 | % | | 6/1/2024 | | B- | | $ | 26,490 | | | $ | 22,201,269 | |
| Buckeye Tobacco | | | 5.75 | % | | 6/1/2034 | | B- | | | 1,360 | | | | 1,080,656 | |
| Buckeye Tobacco | | | 5.875 | % | | 6/1/2030 | | B- | | | 9,500 | | | | 7,721,315 | |
| Golden St Tobacco | | | 4.50 | % | | 6/1/2027 | | B | | | 12,765 | | | | 11,808,774 | |
| Golden St Tobacco | | | 5.00 | % | | 6/1/2033 | | B- | | | 15,000 | | | | 12,195,300 | |
| Inland Empire Tobacco | | | 4.625 | % | | 6/1/2021 | | B- | (d) | | 2,425 | | | | 2,347,182 | |
| Inland Empire Tobacco | | | 5.00 | % | | 6/1/2021 | | B- | (d) | | 3,215 | | | | 3,178,960 | |
| MI Tob Settlement | | | 5.125 | % | | 6/1/2022 | | B- | | | 5,090 | | | | 4,407,991 | |
| MI Tob Settlement | | | 5.25 | % | | 6/1/2022 | | B- | | | 6,835 | | | | 5,968,390 | |
| Nthrn AK Tobacco | | | 4.625 | % | | 6/1/2023 | | Ba1 | | | 3,225 | | | | 3,207,778 | |
| Railsplitter Tobacco Settlement Auth | | | 6.25 | % | | 6/1/2024 | | A- | | | 8,500 | | | | 9,227,260 | |
| SD Edu Enhancement Fding Corp | | | 5.00 | % | | 6/1/2023 | | A | | | 1,000 | | | | 1,153,160 | |
| SD Edu Enhancement Fding Corp | | | 5.00 | % | | 6/1/2024 | | A- | | | 1,000 | | | | 1,134,370 | |
| SD Edu Enhancement Fding Corp | | | 5.00 | % | | 6/1/2025 | | A- | | | 1,000 | | | | 1,122,310 | |
| Tobacco Settlement Auth WA | | | 5.00 | % | | 6/1/2021 | | A | | | 6,880 | | | | 7,979,493 | |
| Tobacco Settlement Auth WA | | | 5.00 | % | | 6/1/2023 | | A | | | 6,250 | | | | 7,279,875 | |
| Tobacco Settlement Fin Corp LA | | | 5.00 | % | | 5/15/2022 | | A | | | 5,000 | | | | 5,742,250 | |
| Tobacco Settlement Fin Corp NJ | | | 4.50 | % | | 6/1/2023 | | BB | | | 12,030 | | | | 11,910,301 | |
| Tobacco Settlement Fin Corp NJ | | | 4.625 | % | | 6/1/2026 | | B+ | | | 10,000 | | | | 9,092,600 | |
| Tobacco Settlement Fin Corp NJ | | | 4.75 | % | | 6/1/2034 | | B2 | | | 10,500 | | | | 7,788,690 | |
| Tobacco Settlement Fin Corp NJ | | | 5.00 | % | | 6/1/2029 | | B | | | 5,000 | | | | 4,221,950 | |
| Tobacco Settlement Fin Corp NY | | | 5.00 | % | | 6/1/2018 | | AA | | | 5,000 | | | | 5,730,750 | |
| Total | | | | | | | | | | | | | | | 146,500,624 | |
| | | | | | | | | | | | | | | | | |
| Transportation 16.52% | | | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | | 5.00 | % | | 10/1/2021 | | A- | | | 2,750 | | | | 3,301,897 | |
| Alameda Corridor Trsp Auth | | | 5.00 | % | | 10/1/2026 | | A- | | | 4,075 | | | | 4,826,145 | |
| Atlanta Airport | | | 5.50 | % | | 1/1/2021 | | Aa3 | | | 3,000 | | | | 3,664,620 | |
| Atlanta Airport–PFC | | | 5.00 | % | | 1/1/2029 | | A+ | | | 2,500 | | | | 2,894,375 | |
| AZ Transp Brd Hwy | | | 5.00 | % | | 7/1/2021 | | AA+ | | | 10,000 | | | | 12,044,700 | |
| Bay Area Toll Auth | | | 0.74 | % | # | 4/1/2047 | | AA | | | 6,000 | | | | 6,095,940 | |
| Bay Area Toll Auth | | | 1.875 | % | | 4/1/2047 | | AA | | | 5,000 | | | | 5,095,300 | |
| Central TX Mobility Auth | | | 5.00 | % | | 1/1/2033 | | Baa3 | | | 3,000 | | | | 3,197,880 | |
| Central TX Mobility Auth | | | 5.75 | % | | 1/1/2019 | | Baa2 | | | 750 | | | | 856,973 | |
| Central TX Mobility Auth | | | 5.75 | % | | 1/1/2020 | | Baa2 | | | 1,000 | | | | 1,156,110 | |
| Central TX Mobility Auth | | | 5.75 | % | | 1/1/2031 | | Baa2 | | | 2,000 | | | | 2,255,120 | |
| Chicago Midway Arpt | | | 5.00 | % | | 1/1/2026 | | A- | | | 6,075 | | | | 7,054,594 | |
| Chicago Midway Arpt AMT | | | 5.00 | % | | 1/1/2023 | | A- | | | 3,000 | | | | 3,451,770 | |
| 52 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| Chicago O’Hare Arpt | | | 5.00 | % | | 1/1/2022 | | A2 | | $ | 2,250 | | | $ | 2,605,657 | |
| Chicago O’Hare Arpt (AGM) | | | 5.00 | % | | 1/1/2020 | | AA | | | 3,500 | | | | 3,816,435 | |
| Chicago O’Hare Arpt AMT | | | 5.00 | % | | 1/1/2020 | | A2 | | | 6,320 | | | | 7,300,232 | |
| Chicago O’Hare Arpt AMT | | | 5.00 | % | | 1/1/2021 | | A2 | | | 11,740 | | | | 13,595,742 | |
| Clark Co Arpt (AGM) | | | 5.00 | % | | 7/1/2022 | | AA | | | 3,905 | | | | 4,406,207 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2022 | | AA+ | | | 635 | | | | 724,694 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2023 | | AA+ | | | 390 | | | | 445,088 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2024 | | AA+ | | | 515 | | | | 587,744 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2028 | | AA+ | | | 460 | | | | 524,975 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2027 | | BBB | | | 1,835 | | | | 2,062,705 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2028 | | A | | | 7,500 | | | | 8,722,575 | |
| Denver City & Co Arpt (NPFGC) | | | 5.00 | % | | 11/15/2022 | | AA- | | | 13,625 | | | | 14,772,497 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2018 | | AA- | | | 10,900 | | | | 10,103,319 | |
| Foothill / Eastern Corridor Toll Rd | | | 5.00 | % | | 1/15/2053 | | BBB- | | | 12,000 | | | | 13,309,920 | |
| HI Arpts Sys AMT | | | 5.00 | % | | 7/1/2017 | | A | | | 5,000 | | | | 5,565,950 | |
| HI Arpts Sys AMT | | | 5.00 | % | | 7/1/2022 | | A | | | 5,130 | | | | 5,941,925 | |
| Houston Arpt AMT | | | 5.00 | % | | 7/1/2021 | | A | | | 5,000 | | | | 5,849,000 | |
| IL Toll Hwy Auth | | | 5.00 | % | | 1/1/2027 | | AA- | | | 1,000 | | | | 1,175,380 | |
| IL Toll Hwy Auth | | | 5.00 | % | | 1/1/2028 | | AA- | | | 2,535 | | | | 2,963,871 | |
| KY Pub Trsp Auth–Downtown Crossing | | | 5.00 | % | | 7/1/2017 | | Baa3 | | | 4,000 | | | | 4,430,880 | |
| KY Tpk Auth | | | 5.00 | % | | 7/1/2026 | | AA+ | | | 5,215 | | | | 6,171,900 | |
| Louisville Regl Airport AMT | | | 5.00 | % | | 7/1/2021 | | A+ | | | 1,250 | | | | 1,475,088 | |
| Louisville Regl Airport AMT | | | 5.00 | % | | 7/1/2022 | | A+ | | | 1,625 | | | | 1,916,883 | |
| Louisville Regl Airport AMT | | | 5.00 | % | | 7/1/2023 | | A+ | | | 2,250 | | | | 2,639,092 | |
| MA Trans Fd–Bridge Prog | | | 5.00 | % | | 6/1/2023 | | AAA | | | 9,880 | | | | 11,733,192 | |
| MD EDC–Maryland Port | | | 5.125 | % | | 6/1/2020 | | Baa3 | | | 2,590 | | | | 2,807,094 | |
| MD EDC–Maryland Port | | | 5.125 | % | | 6/1/2020 | | Baa3 | | | 1,000 | | | | 1,083,820 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2021 | | A | | | 1,500 | | | | 1,752,900 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2022 | | A | | | 1,550 | | | | 1,809,656 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2027 | | A | | | 5,145 | | | | 5,946,128 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2028 | | A | | | 3,500 | | | | 3,987,060 | |
| Miami Dade Co Expwy Auth(c) | | | 5.00 | % | | 7/1/2022 | | A- | | | 1,750 | | | | 2,072,473 | |
| Miami Dade Co Expwy Auth | | | 5.00 | % | | 7/1/2023 | | A- | | | 2,000 | | | | 2,339,240 | |
| Miami Dade Co Expwy Auth(c) | | | 5.00 | % | | 7/1/2023 | | A- | | | 2,500 | | | | 2,972,950 | |
| Miami Dade Co Expwy Auth | | | 5.00 | % | | 7/1/2024 | | A- | | | 3,500 | | | | 4,067,000 | |
| Minneapolis / St Paul Met Airports | | | 5.00 | % | | 1/1/2020 | | AA- | | | 2,190 | | | | 2,588,492 | |
| Minneapolis / St Paul Met Airports (AMBAC) | | | 5.00 | % | | 1/1/2024 | | AA- | | | 10,250 | | | | 11,150,360 | |
| | See Notes to Financial Statements. | 53 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| Minneapolis / St Paul Met Arpts(c) | | | 5.00 | % | | 1/1/2028 | | A | | $ | 3,500 | | | $ | 4,079,775 | |
| Minneapolis / St Paul Met Arpts(c) | | | 5.00 | % | | 1/1/2029 | | A | | | 2,000 | | | | 2,317,260 | |
| MTA NY | | | 5.00 | % | | 11/15/2021 | | AA- | | | 1,500 | | | | 1,792,695 | |
| MTA NY | | | 5.00 | % | | 11/1/2023 | | AA- | | | 5,640 | | | | 6,715,435 | |
| MTA NY–Dedicated Tax | | | 5.00 | % | | 11/15/2019 | | AA | | | 1,375 | | | | 1,620,809 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | | 5.00 | % | | 4/1/2020 | | Baa1 | | | 4,905 | | | | 5,653,258 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | | 5.00 | % | | 4/1/2021 | | Baa1 | | | 2,000 | | | | 2,322,720 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | | 5.00 | % | | 4/1/2023 | | Baa1 | | | 3,000 | | | | 3,498,330 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | | 5.00 | % | | 4/1/2027 | | Baa1 | | | 3,185 | | | | 3,620,485 | |
| NJ EDA–Goethals Brdg AMT | | | 5.125 | % | | 1/1/2034 | | BBB- | | | 5,000 | | | | 5,479,400 | |
| NJ Tpk Auth | | | 5.00 | % | | 1/1/2021 | | A+ | | | 5,000 | | | | 5,895,550 | |
| NJ Tpk Auth | | | 5.00 | % | | 1/1/2023 | | A+ | | | 3,835 | | | | 4,564,033 | |
| NJ Tpk Auth | | | 5.00 | % | | 1/1/2024 | | A+ | | | 3,000 | | | | 3,538,860 | |
| NJ Trans Trust Fund | | | 5.75 | % | | 6/15/2020 | | A2 | | | 7,645 | | | | 8,943,733 | |
| NJ Trans Trust Fund CR (AGM) | | | 5.00 | % | | 6/15/2024 | | AA | | | 10,165 | | | | 11,711,503 | |
| North TX Twy Auth | | | 6.25 | % | | 1/1/2024 | | A2 | | | 5,000 | | | | 5,920,850 | |
| NY Dorm–PIT | | | 5.00 | % | | 3/15/2023 | | AAA | | | 8,500 | | | | 10,296,815 | |
| NY Twy Auth | | | 5.00 | % | | 5/1/2019 | | A- | | | 10,000 | | | | 11,605,300 | |
| NY Twy Auth | | | 5.00 | % | | 1/1/2020 | | A | | | 1,500 | | | | 1,754,715 | |
| Orlando & Orange CO Expwy Auth | | | 5.00 | % | | 7/1/2030 | | A | | | 10,000 | | | | 11,436,800 | |
| PA Tpk Commn | | | 5.00 | % | | 12/1/2022 | | A+ | | | 3,500 | | | | 4,142,215 | |
| PA Tpk Commn (AG) | | | 5.00 | % | | 6/1/2018 | | AA | | | 2,500 | | | | 2,840,200 | |
| PA Tpk Commn–Registration Fee (AGM) | | | 5.25 | % | | 7/15/2019 | | AA | | | 1,270 | | | | 1,482,611 | |
| Phoenix Airport | | | 5.00 | % | | 7/1/2023 | | A+ | | | 7,000 | | | | 8,129,940 | |
| Phoenix Airport AMT | | | 5.00 | % | | 7/1/2021 | | AA- | | | 3,050 | | | | 3,605,527 | |
| Phoenix Airport AMT | | | 5.00 | % | | 7/1/2022 | | AA- | | | 1,500 | | | | 1,770,585 | |
| Port Auth NY & NJ | | | 5.00 | % | | 12/1/2023 | | AA- | | | 5,300 | | | | 6,456,248 | |
| Port Auth NY & NJ | | | 5.00 | % | | 12/1/2025 | | AA- | | | 10,000 | | | | 12,080,800 | |
| Port Auth NY & NJ–JFK IAT | | | 5.00 | % | | 12/1/2020 | | BBB- | | | 6,000 | | | | 6,877,200 | |
| Port Oakland AMT | | | 5.00 | % | | 5/1/2021 | | A+ | | | 1,000 | | | | 1,169,250 | |
| Port Oakland AMT | | | 5.00 | % | | 5/1/2022 | | A+ | | | 11,000 | | | | 12,979,010 | |
| Port Seattle PFC | | | 5.00 | % | | 12/1/2020 | | A+ | | | 6,500 | | | | 7,600,255 | |
| Regional Trans Dist–Denver Trans | | | 5.00 | % | | 7/15/2021 | | Baa3 | | | 3,460 | | | | 3,838,316 | |
| Regional Trans Dist–Denver Trans | | | 5.00 | % | | 1/15/2022 | | Baa3 | | | 2,800 | | | | 3,070,228 | |
| Regional Trans Dist–Denver Trans | | | 5.125 | % | | 1/15/2023 | | Baa3 | | | 2,835 | | | | 3,100,554 | |
| Regional Trans Dist–Denver Trans | | | 5.125 | % | | 7/15/2023 | | Baa3 | | | 5,670 | | | | 6,201,109 | |
| San Francisco Arpt AMT | | | 5.00 | % | | 5/1/2026 | | A+ | | | 10,000 | | | | 11,404,600 | |
| 54 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| San Francisco Arpt AMT | | | 5.00 | % | | 5/1/2028 | | A+ | | $ | 7,450 | | | $ | 8,388,551 | |
| San Jose Arpt(c) | | | 5.00 | % | | 3/1/2026 | | A2 | | | 1,200 | | | | 1,408,380 | |
| San Jose Arpt(c) | | | 5.00 | % | | 3/1/2027 | | A2 | | | 2,260 | | | | 2,638,256 | |
| San Jose Arpt(c) | | | 5.00 | % | | 3/1/2028 | | A2 | | | 1,655 | | | | 1,917,251 | |
| South Jersey Trans Auth | | | 5.00 | % | | 11/1/2020 | | A- | | | 2,000 | | | | 2,252,620 | |
| South Jersey Trans Auth | | | 5.00 | % | | 11/1/2021 | | A- | | | 5,305 | | | | 6,009,451 | |
| Southeastern PA Transp Auth–GARVEE | | | 5.00 | % | | 6/1/2023 | | A+ | | | 2,500 | | | | 2,856,500 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2020 | | AA- | | | 7,525 | | | | 9,010,059 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2022 | | A+ | | | 4,715 | | | | 5,683,555 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2023 | | AA- | | | 5,000 | | | | 6,039,450 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2023 | | A+ | | | 2,000 | | | | 2,412,920 | |
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | | | 5.50 | % | | 11/15/2021 | | AA- | | | 2,595 | | | | 3,200,439 | |
| VA Small Bus Fing–Elizabeth River AMT | | | 5.25 | % | | 1/1/2032 | | BBB- | | | 10,500 | | | | 11,329,815 | |
| VA Transp Brd–Cap Proj | | | 5.00 | % | | 5/15/2021 | | AA+ | | | 10,000 | | | | 11,980,600 | |
| WA St GARVEE–520 Corridor | | | 5.00 | % | | 9/1/2021 | | AA | | | 10,000 | | | | 11,927,300 | |
| WI Trans | | | 5.00 | % | | 7/1/2019 | | AA+ | | | 2,000 | | | | 2,304,440 | |
| Total | | | | | | | | | | | | | | | 530,190,109 | |
| | | | | | | | | | | | | | | | | |
| Utilities 14.19% | | | | | | | | | | | | | | | | |
| Albuquerque Bernalillo Co Wtr Util Auth | | | 5.00 | % | | 7/1/2024 | | AA | | | 2,645 | | | | 3,241,844 | |
| Albuquerque Bernalillo Co Wtr Util Auth | | | 5.00 | % | | 7/1/2025 | | AA | | | 4,000 | | | | 4,867,680 | |
| Amr Muni Pwr–Fremont Energy | | | 5.00 | % | | 2/15/2021 | | A1 | | | 1,300 | | | | 1,518,478 | |
| Brownsville Utility Sys CR (AGM)(AMBAC) | | | 5.00 | % | | 9/1/2020 | | AA | | | 1,480 | | | | 1,536,166 | |
| CA Dept Wtr Res Pwr | | | 5.00 | % | | 5/1/2018 | | Aa2 | | | 4,050 | | | | 4,668,921 | |
| CA Dept Wtr Res Pwr | | | 5.00 | % | | 5/1/2019 | | Aa2 | | | 16,695 | | | | 19,675,725 | |
| Central Plains–Goldman Sachs | | | 5.00 | % | | 9/1/2027 | | A- | | | 7,500 | | | | 8,337,000 | |
| Energy Northwest–Columbia Station (AMBAC) | | | 5.00 | % | | 7/1/2024 | | AA- | | | 8,115 | | | | 8,745,454 | |
| Farmington Poll Ctl–AZ Pub Svc | | | 4.70 | % | | 5/1/2024 | | A- | | | 5,265 | | | | 5,679,829 | |
| FL Muni Pwr Agy | | | 5.25 | % | | 10/1/2022 | | A2 | | | 3,115 | | | | 3,582,717 | |
| FL Muni Pwr Agy–St Lucie | | | 5.00 | % | | 10/1/2021 | | A2 | | | 3,650 | | | | 4,164,285 | |
| Guam Waterworks Auth | | | 5.00 | % | | 7/1/2029 | | A- | | | 1,000 | | | | 1,098,620 | |
| Hampton Rds Santn Dist | | | 5.00 | % | | 4/1/2022 | | AAA | | | 5,000 | | | | 5,626,350 | |
| HI Dept Budget–Hawaiian Electric AMT (FGIC) | | | 4.80 | % | | 1/1/2025 | | Baa1 | | | 15,000 | | | | 15,137,400 | |
| Houston Util Sys | | | 5.00 | % | | 5/15/2022 | | AA | | | 3,000 | | | | 3,593,010 | |
| Houston Util Sys | | | 5.00 | % | | 11/15/2022 | | AA | | | 5,000 | | | | 6,027,100 | |
| Houston Util Sys | | | 5.00 | % | | 11/15/2023 | | AA | | | 4,000 | | | | 4,872,560 | |
| | See Notes to Financial Statements. | 55 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| IA Fin Auth–Revolving Fund | | | 5.25 | % | | 8/1/2020 | | AAA | | $ | 2,500 | | | $ | 2,898,000 | |
| IL DFA–Peoples Gas AMT (AMBAC) | | | 4.875 | % | | 11/1/2038 | | Aa3 | | | 7,500 | | | | 7,512,975 | |
| Indianapolis Local Pub Impt Bd Bk (NPFGC)(FGIC) | | | 5.00 | % | | 7/1/2019 | | AA- | | | 340 | | | | 375,489 | |
| Intermountain Pwr Agy | | | 5.00 | % | | 7/1/2021 | | A+ | | | 3,000 | | | | 3,419,700 | |
| JEA St Johns Riv Pwr Pk Sys | | | 5.00 | % | | 10/1/2022 | | Aa2 | | | 1,625 | | | | 1,876,518 | |
| KS DFA–Dept Hlth & Env | | | 5.00 | % | | 3/1/2021 | | AAA | | | 6,680 | | | | 7,807,384 | |
| Lakeland Energy (AGM) | | | 5.00 | % | | 10/1/2018 | | AA | | | 3,975 | | | | 4,515,759 | |
| Long Beach Nat Gas–ML | | | 1.586 | % | # | 11/15/2026 | | A- | | | 4,000 | | | | 3,732,560 | |
| Long Island Power Auth | | | 5.00 | % | | 5/1/2019 | | A- | | | 1,000 | | | | 1,152,840 | |
| Long Island Power Auth | | | 5.00 | % | | 5/1/2020 | | A- | | | 2,930 | | | | 3,376,649 | |
| Los Angeles DEWAP–Pwr Sys | | | 5.00 | % | | 7/1/2022 | | AA- | | | 4,250 | | | | 5,095,070 | |
| Los Angeles Solid Waste | | | 5.00 | % | | 2/1/2020 | | Aa2 | | | 2,000 | | | | 2,331,520 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2023 | | Aa2 | | | 10,000 | | | | 12,216,000 | |
| Louisville/Jeff Co Met Swr Dist | | | 5.00 | % | | 5/15/2019 | | AA | | | 4,705 | | | | 5,427,688 | |
| Lower Colo Riv Auth | | | 5.00 | % | | 5/15/2020 | | A1 | | | 3,930 | | | | 4,580,612 | |
| Lower Colo Riv Auth | | | 5.00 | % | | 5/15/2020 | | A1 | | | 3,130 | | | | 3,648,172 | |
| Lower Colo Riv Auth–Transmn Contract | | | 5.00 | % | | 5/15/2021 | | A | | | 5,225 | | | | 6,093,134 | |
| Lower Colo Riv Auth–Transmn Contract | | | 5.00 | % | | 5/15/2022 | | A | | | 5,005 | | | | 5,776,771 | |
| Main St Nat Gas–ML | | | 5.00 | % | | 3/15/2021 | | A- | | | 2,500 | | | | 2,833,500 | |
| MD EDC–Potomac Elec Rmkt | | | 6.20 | % | | 9/1/2022 | | A | | | 1,650 | | | | 1,957,280 | |
| MEAG–Gen Resolution Projs | | | 5.00 | % | | 1/1/2020 | | A | | | 6,190 | | | | 7,254,742 | |
| MEAG–Proj 1 | | | 5.00 | % | | 1/1/2021 | | A | | | 4,185 | | | | 4,942,694 | |
| Miami Dade Co Wtr & Swr (AGM) | | | 5.25 | % | | 10/1/2018 | | AA | | | 3,000 | | | | 3,463,620 | |
| MO Joint Muni Elec Util Commn(c) | | | 5.00 | % | | 1/1/2023 | | A2 | | | 2,000 | | | | 2,383,500 | |
| MO Joint Muni Elec Util Commn(c) | | | 5.00 | % | | 1/1/2025 | | A2 | | | 1,500 | | | | 1,783,215 | |
| Modesto Irrigation Dist | | | 5.00 | % | | 7/1/2023 | | A+ | | | 1,780 | | | | 2,152,394 | |
| Modesto Irrigation Dist | | | 5.00 | % | | 7/1/2024 | | A+ | | | 3,720 | | | | 4,465,674 | |
| Modesto Irrigation Dist | | | 5.00 | % | | 7/1/2025 | | A+ | | | 8,410 | | | | 10,008,320 | |
| NC Eastern Muni Pwr | | | 5.00 | % | | 1/1/2019 | | A- | | | 2,245 | | | | 2,565,900 | |
| NC Eastern Muni Pwr | | | 5.00 | % | | 1/1/2020 | | A- | | | 1,000 | | | | 1,134,990 | |
| NC Muni Pwr Agy #1 Catawba Elec | | | 5.00 | % | | 1/1/2019 | | A | | | 6,500 | | | | 7,489,885 | |
| New Orleans Sewer | | | 5.00 | % | | 6/1/2020 | | A | | | 1,400 | | | | 1,624,518 | |
| New Orleans Sewer | | | 5.00 | % | | 6/1/2021 | | A | | | 400 | | | | 464,192 | |
| North Sumter Co Util Dep Dist | | | 5.00 | % | | 10/1/2032 | | BBB- | | | 8,000 | | | | 8,408,640 | |
| Northern CA Pwr–Hydroelec #1 | | | 5.00 | % | | 7/1/2026 | | A+ | | | 3,600 | | | | 4,166,820 | |
| OH Air Quality–FirstEnergy | | | 3.625 | % | | 10/1/2033 | | BBB- | | | 1,000 | | | | 1,032,980 | |
| 56 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| OH Air Quality–FirstEnergy | | | 3.625 | % | | 10/1/2033 | | BBB- | | $ | 2,000 | | | $ | 2,066,980 | |
| OH Air Quality–FirstEnergy | | | 5.70 | % | | 8/1/2020 | | BBB- | | | 4,250 | | | | 4,895,958 | |
| OH Air Quality–Ohio Vly Elec | | | 5.625 | % | | 10/1/2019 | | BBB- | | | 8,000 | | | | 9,086,480 | |
| OH Wtr Dev Auth–Poll Ctl | | | 5.00 | % | | 6/1/2023 | | AAA | | | 5,500 | | | | 6,737,390 | |
| PA Econ Dev–Philadelphia Biosolids | | | 5.25 | % | | 1/1/2016 | | Baa3 | | | 2,225 | | | | 2,298,581 | |
| PA Econ Dev–Philadelphia Biosolids | | | 5.50 | % | | 1/1/2018 | | Baa3 | | | 1,030 | | | | 1,106,354 | |
| PA Econ Dev–PPL Electric Utility Rmkt | | | 4.00 | % | | 10/1/2023 | | A2 | | | 5,000 | | | | 5,371,850 | |
| Piedmont Muni Pwr Agy | | | 5.00 | % | | 1/1/2019 | | A- | | | 1,250 | | | | 1,433,675 | |
| Piedmont Muni Pwr Agy | | | 5.00 | % | | 1/1/2022 | | A- | | | 4,750 | | | | 5,497,840 | |
| Piedmont Muni Pwr Agy | | | 5.00 | % | | 1/1/2024 | | A- | | | 7,920 | | | | 9,028,404 | |
| Piedmont Muni Pwr Agy | | | 5.25 | % | | 1/1/2019 | | A- | | | 2,000 | | | | 2,248,780 | |
| Pima Co IDA–Tucson Elec | | | 4.95 | % | | 10/1/2020 | | Baa1 | | | 10,640 | | | | 12,007,027 | |
| PR Aqueduct & Swr Auth | | | 5.00 | % | | 7/1/2015 | | BB- | | | 7,100 | | | | 6,578,860 | |
| PR Aqueduct & Swr Auth | | | 6.125 | % | | 7/1/2024 | | BB- | | | 5,555 | | | | 4,516,604 | |
| PR Elec Pwr Auth | | | 5.00 | % | | 7/1/2029 | | CCC | | | 8,205 | | | | 4,895,185 | |
| PR Elec Pwr Auth | | | 5.25 | % | | 7/1/2019 | | CCC | | | 2,000 | | | | 1,200,380 | |
| PR Elec Pwr Auth | | | 5.25 | % | | 7/1/2026 | | CCC | | | 4,900 | | | | 2,924,075 | |
| Public Gas Partners Inc | | | 5.00 | % | | 10/1/2019 | | A+ | | | 5,950 | | | | 6,815,725 | |
| Sa Energy Acquisition Pub Fac | | | 5.50 | % | | 8/1/2021 | | A- | | | 2,360 | | | | 2,769,413 | |
| Salt River Agric Imp & Pwr Dist | | | 5.00 | % | | 1/1/2021 | | Aa1 | | | 1,000 | | | | 1,161,730 | |
| Salt River Agric Imp & Pwr Dist | | | 5.00 | % | | 12/1/2023 | | Aa1 | | | 8,980 | | | | 10,748,970 | |
| Salt Verde Fin Corp–Citi | | | 5.00 | % | | 12/1/2032 | | A- | | | 5,000 | | | | 5,689,650 | |
| Salt Verde Fin Corp–Citi | | | 5.50 | % | | 12/1/2029 | | A- | | | 5,000 | | | | 6,076,050 | |
| San Diego PFA Swr | | | 5.00 | % | | 5/15/2020 | | AA- | | | 5,000 | | | | 5,872,900 | |
| San Diego PFA Swr | | | 5.50 | % | | 5/15/2023 | | AA- | | | 5,000 | | | | 5,997,600 | |
| San Francisco City & Co Pub Util Sys | | | 5.00 | % | | 11/1/2023 | | AA- | | | 5,450 | | | | 6,608,070 | |
| Snohomish Co PUD #1 (AGM) | | | 5.00 | % | | 12/1/2020 | | AA | | | 5,000 | | | | 5,274,550 | |
| TEAC–Goldman Sachs | | | 5.00 | % | | 2/1/2018 | | A- | | | 1,055 | | | | 1,171,862 | |
| TEAC–Goldman Sachs | | | 5.25 | % | | 9/1/2021 | | A- | | | 3,000 | | | | 3,458,850 | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00 | % | | 12/15/2024 | | A3 | | | 13,000 | | | | 14,585,740 | |
| TX Muni Gas Acq & Supply–ML | | | 5.25 | % | | 12/15/2021 | | A- | | | 4,685 | | | | 5,421,950 | |
| TX Muni Gas Acq & Supply–ML | | | 5.25 | % | | 12/15/2023 | | A- | | | 2,925 | | | | 3,458,286 | |
| TX Muni Gas Acq & Supply–ML | | | 5.625 | % | | 12/15/2017 | | A- | | | 5,850 | | | | 6,431,373 | |
| TX Muni Gas Acq & Supply–ML | | | 6.25 | % | | 12/15/2026 | | A- | | | 10,110 | | | | 12,431,559 | |
| TX Muni Pwr Agy | | | 4.00 | % | | 9/1/2018 | | A+ | | | 2,675 | | | | 2,938,782 | |
| UT Muni Pwr–Payson Pwr | | | 5.00 | % | | 4/1/2021 | | A- | | | 5,300 | | | | 6,211,017 | |
| Western Genr Agy–Wauna Cogen AMT | | | 5.00 | % | | 1/1/2016 | | NR | | | 1,510 | | | | 1,514,032 | |
| | See Notes to Financial Statements. | 57 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2014
| Investments | | | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | |
| Western MN Muni Pwr Agy | | | | | | 5.00% | | 1/1/2022 | | Aa3 | | $ | 1,000 | | | $ | 1,196,890 | |
| Western MN Muni Pwr Agy | | | | | | 5.00% | | 1/1/2023 | | Aa3 | | | 1,500 | | | | 1,810,020 | |
| Wyandotte Co Unified Govt Utility Sys | | | | | | 5.00% | | 9/1/2021 | | A+ | | | 3,105 | | | | 3,655,176 | |
| Total | | | | | | | | | | | | | | | | | 455,537,462 | |
| Total Municipal Bonds (cost $3,031,956,599) | | | | | | | 3,168,458,367 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Shares
(000) | | | | | |
| SHORT-TERM INVESTMENTS 0.47% | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Money Market Mutual Fund 0.00% | | | | | | | | | | |
Dreyfus Municipal Cash Management Plus
(cost $1,775) | | | | | | | | | | | | | 2 | | | | 1,775 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Principal
Amount
(000) | | | | | |
| Municipal Bond 0.05% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Tax Revenue | | | | | | | | | | | | | | | | | | |
MI Fin Auth–Detroit Sch Dist
(cost $1,625,000) | | | | | | 2.85% | | 8/20/2015 | | NR | | $ | 1,625 | | | | 1,636,521 | |
| | | | | | | | | | | | | | | | | | | |
| | | | Interest
Rate# | | Interest
Rate
Reset
Date(e) | | Final
Maturity
Date | | | | | | | | | | |
| Variable Rate Demand Notes 0.42% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Lease Obligations 0.03% | | | | | | | | | | | | |
| Palm Co IDA–Clark Co Detention† | | | 0.32 | % | | 10/2/2014 | | 9/1/2033 | | AA- | | | 1,000 | | | | 1,000,000 | |
| | | | | | | | | | | | | | | | | | | |
| Utilities 0.39% | | | | | | | | | | | | | | | | | | |
| Las Vegas Valley Water District | | | 0.12 | % | | 10/1/2014 | | 6/1/2036 | | AA+ | | | 12,500 | | | | 12,500,000 | |
| Total Variable Rate Demand Notes (cost $13,500,000) | | | | | | | | | | | 13,500,000 | |
| Total Short-Term Investments (cost $15,126,775) | | | | | | | | | | | 15,138,296 | |
| Total Investments in Securities 99.19% (cost $3,047,083,374) | | | | | | | | | 3,183,596,663 | |
| Cash and Other Assets in Excess of Liabilities(f) 0.81% | | | | | | | | | 26,141,024 | |
| Net Assets 100.00% | | | | | | | | | | $ | 3,209,737,687 | |
| 58 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
INTERMEDIATE TAX FREE FUND September 30, 2014
Open Futures Contracts at September 30, 2014:
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Appreciation | |
| U.S. Long Bond | | December 2014 | | | 203 | | Short | | $ | (27,994,969 | ) | | $ | 118,549 | |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 3,010,199,594 | | | $ | — | | | $ | 3,010,199,594 | |
| Other Revenue | | | — | | | | 159,895,254 | | | | 40 | (4) | | | 159,895,294 | |
| Money Market Mutual Fund | | | 1,775 | | | | — | | | | — | | | | 1,775 | |
| Variable Rate Demand Notes | | | — | | | | 13,500,000 | | | | — | | | | 13,500,000 | |
| Total | | $ | 1,775 | | | $ | 3,183,594,848 | | | $ | 40 | | | $ | 3,183,596,663 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(5) | | $ | — | | | $ | (3,840,000 | ) | | $ | — | | | $ | (3,840,000 | ) |
| Total | | $ | — | | | $ | (3,840,000 | ) | | $ | — | | | $ | (3,840,000 | ) |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 118,549 | | | $ | — | | | $ | — | | | $ | 118,549 | |
| Liabilities | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 118,549 | | | $ | — | | | $ | — | | | $ | 118,549 | |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| (4) | Municipal Bond categorized as Level 3 investment includes MI St Strategic Fd. |
| (5) | Refer to Note 2(h) for a description of Municipal Bonds Held in Trust. |
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | | Municipal Bonds |
| Balance as of October 1, 2013 | | $40 |
| Accrued discounts/premiums | | — |
| Realized gain (loss) | | — |
| Change in unrealized appreciation/depreciation | | — |
| Purchases | | — |
| Sales | | — |
| Net transfers in or out of Level 3 | | — |
| Balance as of September 30, 2014 | | $40 |
| | See Notes to Financial Statements. | 59 |
Schedule of Investments
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 98.55% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 5.59% | | | | | | | | | | | | | | | | |
| Aleutians E Burough–Pribilof Islands (ACA) | | | 5.50 | % | | 6/1/2025 | | NR | | $ | 375 | | | $ | 379,238 | |
| Beaver Co IDA–FirstEnergy Rmkt | | | 2.70 | % | | 4/1/2035 | | BBB- | | | 1,475 | | | | 1,501,196 | |
| CA Poll Control–Poseidon Res† | | | 5.00 | % | | 11/21/2045 | | Baa3 | | | 1,000 | | | | 1,028,050 | |
| Citizens Property Insurance Corp | | | 5.00 | % | | 6/1/2020 | | A+ | | | 500 | | | | 583,685 | |
| Citizens Property Insurance Corp | | | 5.00 | % | | 6/1/2021 | | A+ | | | 540 | | | | 634,657 | |
| Courtland IDB–Intl Paper | | | 6.25 | % | | 11/1/2033 | | Baa2 | | | 750 | | | | 871,665 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.00 | % | | 12/1/2019 | | BB- | | | 500 | | | | 530,985 | |
| LA Env Facs–Westlake Chem Rmkt | | | 6.50 | % | | 8/1/2029 | | BBB | | | 670 | | | | 789,394 | |
| NY Liberty Dev Corp–7 WTC | | | 5.00 | % | | 9/15/2040 | | Aaa | | | 365 | | | | 410,037 | |
| NYC Cap Res–Arthur Mgmt | | | 7.00 | % | | 8/1/2025 | | NR | | | 135 | | | | 145,523 | |
| OK DFA–Waste Mgmt | | | 2.375 | % | | 12/1/2021 | | A- | | | 185 | | | | 187,192 | |
| Valdez Marine Term–BP | | | 5.00 | % | | 1/1/2021 | | A | | | 200 | | | | 234,666 | |
| Warren Co–Intl Paper | | | 5.80 | % | | 5/1/2034 | | BBB | | | 100 | | | | 114,556 | |
| Warren Co–Intl Paper | | | 6.50 | % | | 9/1/2032 | | BBB | | | 255 | | | | 292,261 | |
| Total | | | | | | | | | | | | | | | 7,703,105 | |
| | | | | | | | | | | | | | | | | |
| Education 8.73% | | | | | | | | | | | | | | | | |
| Allegheny Co Hi Ed–Duquesne Univ | | | 5.50 | % | | 3/1/2029 | | A2 | | | 150 | | | | 168,555 | |
| Build NYC Res Corp–CUNY | | | 5.00 | % | | 6/1/2034 | | Aa2 | | | 325 | | | | 371,819 | |
| CA Ed Facs–Santa Clara Univ | | | 5.50 | % | | 4/1/2033 | | Aa3 | | | 265 | | | | 295,300 | |
| CA Fin Auth–Emerson Clg | | | 6.00 | % | | 1/1/2042 | | BBB+ | | | 250 | | | | 288,117 | |
| Dutchess Co LDC–Anderson Ctr | | | 6.00 | % | | 10/1/2030 | | BB+ | | | 100 | | | | 103,970 | |
| FL HI Ed–Nova Southeastern Univ | | | 6.375 | % | | 4/1/2031 | | Baa1 | | | 475 | | | | 567,107 | |
| Fulton Co Dev–Tuff/Atlanta Hsg | | | 5.00 | % | | 9/1/2032 | | A+ | | | 775 | | | | 847,284 | |
| Gainesville Redev–Riverside Mil Admy | | | 5.125 | % | | 3/1/2027 | | BB+ | (d) | | 1,000 | | | | 1,001,410 | |
| IL Fin Auth–DePaul Univ | | | 6.00 | % | | 10/1/2032 | | A | | | 605 | | | | 697,498 | |
| IL Fin Auth–DePaul Univ | | | 6.125 | % | | 10/1/2040 | | A | | | 230 | | | | 267,120 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2020 | | Baa3 | | | 100 | | | | 103,884 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2021 | | Baa3 | | | 500 | | | | 518,150 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2031 | | Baa3 | | | 500 | | | | 501,495 | |
| LA PFA–Loyola Univ | | | 5.25 | % | | 10/1/2029 | | A | | | 680 | | | | 774,051 | |
| McAllister Academic Vlg–AZ State Univ | | | 5.25 | % | | 7/1/2030 | | AA- | | | 125 | | | | 134,978 | |
| MD Hlth & HI Ed–Loyola Univ(c) | | | 5.00 | % | | 10/1/2045 | | A | | | 250 | | | | 281,845 | |
| Morgan State Univ | | | 5.00 | % | | 7/1/2027 | | A+ | | | 670 | | | | 771,451 | |
| Morgan State Univ | | | 5.00 | % | | 7/1/2030 | | A+ | | | 350 | | | | 397,778 | |
| Morgan State Univ | | | 5.00 | % | | 7/1/2032 | | A+ | | | 450 | | | | 508,113 | |
| | | | | | | | | | | | | | | | | |
| 60 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | | | |
| NH Hlth & Ed–Sthrn NH Univ | | | 5.00 | % | | 1/1/2019 | | BBB | | $ | 225 | | | $ | 250,873 | |
| NJ Ed Facs–Kean Univ | | | 5.25 | % | | 9/1/2029 | | A2 | | | 160 | | | | 177,866 | |
| NY Dorm–Cornell Univ | | | 5.00 | % | | 7/1/2034 | | Aa1 | | | 250 | | | | 284,508 | |
| NY Dorm–Touro Clg | | | 5.50 | % | | 1/1/2039 | | BBB- | (d) | | 400 | | | | 443,232 | |
| Olmos Park Hi Ed–Univ Incarnate Word | | | 5.00 | % | | 12/1/2021 | | A3 | | | 1,000 | | | | 1,146,010 | |
| PA Hi Ed–St Josephs Univ | | | 5.00 | % | | 11/1/2030 | | A- | | | 795 | | | | 866,574 | |
| Private Clgs & Univs Auth–SCAD(c) | | | 5.00 | % | | 4/1/2044 | | Baa2 | | | 250 | | | | 269,588 | |
| Total | | | | | | | | | | | | | | | 12,038,576 | |
| | | | | | | | | | | | | | | | | |
| Financial Services 0.35% | | | | | | | | | | | | | | | | |
| IN Bd Bk–JP Morgan | | | 1.127 | % | # | 10/15/2022 | | A3 | | | 500 | | | | 480,505 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 9.57% | | | | | | | | | | | | | | | | |
| Atlantic City Brd Ed (AGM) | | | 6.00 | % | | 4/1/2034 | | AA | | | 550 | | | | 650,980 | |
| CA State GO | | | 5.375 | % | | 11/1/2035 | | Aa3 | | | 400 | | | | 467,904 | |
| CA State GO | | | 5.50 | % | | 3/1/2040 | | Aa3 | | | 975 | | | | 1,114,201 | |
| CA State GO | | | 6.50 | % | | 4/1/2033 | | Aa3 | | | 300 | | | | 368,331 | |
| Chicago GO | | | 5.25 | % | | 1/1/2027 | | A+ | | | 260 | | | | 270,020 | |
| Fraser Pub Sch Dist | | | 5.75 | % | | 5/1/2033 | | AA- | | | 400 | | | | 453,968 | |
| HI State GO | | | 5.00 | % | | 12/1/2028 | | AA | | | 1,000 | | | | 1,185,280 | |
| Hudson Co Impt Auth–Solid Waste GTD | | | 5.75 | % | | 1/1/2035 | | Aa3 | | | 225 | | | | 254,808 | |
| Kendall Kane & WIll Co CUSD #308 | | | 5.00 | % | | 2/1/2029 | | Aa2 | | | 1,000 | | | | 1,117,500 | |
| NYC GO | | | 5.00 | % | | 8/1/2023 | | AA | | | 705 | | | | 851,266 | |
| NYC GO | | | 5.00 | % | | 8/1/2023 | | AA | | | 300 | | | | 362,241 | |
| NYC GO | | | 5.00 | % | | 8/1/2027 | | AA | | | 575 | | | | 677,747 | |
| Philadelphia GO | | | 5.25 | % | | 7/15/2031 | | A+ | | | 600 | | | | 700,182 | |
| Pittsburgh GO | | | 5.00 | % | | 9/1/2030 | | AA | | | 370 | | | | 424,819 | |
| PR Comwlth GO | | | 4.75 | % | | 7/1/2018 | | BB | | | 350 | | | | 303,541 | |
| PR Comwlth GO | | | 5.25 | % | | 7/1/2022 | | BB | | | 250 | | | | 203,928 | |
| PR Comwlth GO | | | 5.375 | % | | 7/1/2030 | | BB | | | 955 | | | | 735,627 | |
| PR Pub Bldg Auth | | | 5.50 | % | | 7/1/2027 | | BB | | | 145 | | | | 110,491 | |
| PR Pub Bldg Auth GTD | | | 6.00 | % | | 7/1/2020 | | BB | | | 125 | | | | 105,115 | |
| PR Pub Bldg Auth GTD | | | 6.25 | % | | 7/1/2026 | | BB | | | 315 | | | | 250,712 | |
| St Pub SBA–Philadelphia Sch Dist | | | 5.00 | % | | 4/1/2023 | | A+ | | | 1,000 | | | | 1,151,450 | |
| Stockton USD (AGM) | | | 5.00 | % | | 7/1/2028 | | AA | | | 750 | | | | 838,102 | |
| Sweetwater UHSD (BAM) | | | 5.00 | % | | 8/1/2027 | | AA | | | 500 | | | | 600,580 | |
| Total | | | | | | | | | | | | | | | 13,198,793 | |
| | | | | | | | | | | | | | | | | |
| | See Notes to Financial Statements. | 61 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care 19.16% | | | | | | | | | | | | | | | | |
| Abag Fin Auth–Eskaton Pptys | | | 5.00 | % | | 11/15/2035 | | BBB | | $ | 300 | | | $ | 311,328 | |
| Abag Fin Auth–Sharp Hlthcare | | | 5.00 | % | | 8/1/2027 | | AA- | | | 300 | | | | 341,946 | |
| Abag Fin Auth–Sharp Hlthcare | | | 5.00 | % | | 8/1/2028 | | AA- | | | 290 | | | | 329,112 | |
| Athens Clarke Co Dev–Catholic Hlth E | | | 6.25 | % | | 11/15/2032 | | Aa2 | | | 680 | | | | 794,716 | |
| AZ Hlth Facs–Banner Hlth | | | 5.50 | % | | 1/1/2038 | | AA- | | | 1,285 | | | | 1,385,204 | |
| CA Hlth–Sutter Hlth | | | 5.25 | % | | 8/15/2031 | | AA- | | | 700 | | | | 804,076 | |
| CA Hlth–Sutter Hlth | | | 5.50 | % | | 8/15/2026 | | AA- | | | 275 | | | | 326,015 | |
| CA Stwde–Eskaton Pptys | | | 5.25 | % | | 11/15/2034 | | BBB | | | 500 | | | | 527,325 | |
| CA Stwde–So Cal Presbyterian | | | 6.625 | % | | 11/15/2024 | | BBB- | | | 110 | | | | 129,350 | |
| CO Hlth Facs–Boulder Cmnty Hsp | | | 5.00 | % | | 10/1/2032 | | A | | | 280 | | | | 310,304 | |
| CO Hlth Facs–Catholic Hlth | | | 5.25 | % | | 2/1/2031 | | A+ | | | 750 | | | | 845,647 | |
| CO Hlth Facs–Catholic Hlth | | | 6.125 | % | | 10/1/2028 | | A+ | | | 155 | | | | 181,772 | |
| CT Hlth & Ed–Hartford Hlthcare | | | 5.00 | % | | 7/1/2032 | | A | | | 640 | | | | 703,245 | |
| CT Hlth & Ed–Yale New Haven | | | 5.00 | % | | 7/1/2028 | | Aa3 | | | 500 | | | | 583,010 | |
| CT Hlth & Ed–Yale New Haven Hsp | | | 5.75 | % | | 7/1/2034 | | Aa3 | | | 250 | | | | 309,195 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | | 6.25 | % | | 1/1/2024 | | BBB+ | (d) | | 130 | | | | 146,051 | |
| Cumberland Mun Auth–Asbury | | | 5.25 | % | | 1/1/2021 | | NR | | | 140 | | | | 150,734 | |
| Cumberland Mun Auth–Asbury | | | 5.40 | % | | 1/1/2022 | | NR | | | 150 | | | | 159,182 | |
| DeKalb Co Hsp–Children’s Hlthcare | | | 5.00 | % | | 11/15/2029 | | AA | | | 530 | | | | 590,558 | |
| Denver Hlth & Hsp Auth | | | 5.00 | % | | 12/1/2039 | | BBB | | | 400 | | | | 431,680 | |
| East Rochester Hsg–Woodland Vlg | | | 5.50 | % | | 8/1/2033 | | NR | | | 160 | | | | 159,429 | |
| Franklin Co Hlth–OPRS Cmntys | | | 6.125 | % | | 7/1/2040 | | BBB- | | | 480 | | | | 520,368 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | | 5.625 | % | | 8/1/2034 | | A2 | | | 305 | | | | 330,403 | |
| IL Fin Auth–Centegra Hlth | | | 5.00 | % | | 9/1/2034 | | BBB | | | 235 | | | | 249,518 | |
| IL Fin Auth–Memorial Hlth Sys | | | 5.50 | % | | 4/1/2034 | | A+ | | | 675 | | | | 738,916 | |
| IL Fin Auth–Northwestern Mem Hsp | | | 5.75 | % | | 8/15/2030 | | AA+ | | | 225 | | | | 253,467 | |
| IL Fin Auth–Rush Univ Med | | | 6.375 | % | | 11/1/2027 | | A | | | 315 | | | | 362,039 | |
| IL Fin Auth–Rush Univ Med | | | 6.375 | % | | 11/1/2029 | | A | | | 220 | | | | 252,241 | |
| IL Fin Auth–Rush Univ Med | | | 6.375 | % | | 11/1/2029 | | A | | | 80 | | | | 91,724 | |
| IL Fin Auth–Rush Univ Med | | | 7.25 | % | | 11/1/2030 | | A | | | 250 | | | | 294,908 | |
| IL Fin Auth–Rush Univ Med (NPFGC)(FGIC) | | | 5.25 | % | | 11/1/2035 | | AA- | | | 305 | | | | 321,433 | |
| IL Fin Auth–Univ of Chicago Med Ctr | | | 5.50 | % | | 8/15/2036 | | AA- | | | 760 | | | | 867,958 | |
| IN Fin Auth–Major Hsp(c) | | | 5.00 | % | | 10/1/2044 | | Baa2 | | | 400 | | | | 420,704 | |
| Lucas Co Hsp–ProMedica Hlthcare | | | 5.75 | % | | 11/15/2031 | | AA | | | 300 | | | | 349,785 | |
| MA Hlth & Ed–Catholic Hlth E | | | 6.25 | % | | 11/15/2032 | | Aa2 | | | 795 | | | | 929,116 | |
| Martin Co Hlth–Martin Mem Med | | | 5.50 | % | | 11/15/2032 | | Baa1 | | | 880 | | | | 966,724 | |
| Martin Hsp Dist | | | 7.25 | % | | 4/1/2036 | | BBB | (d) | | 250 | | | | 277,650 | |
| | | | | | | | | | | | | | | | | |
| 62 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | | 6.25 | % | | 7/1/2031 | | BBB | | $ | 445 | | | $ | 505,333 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | | 6.00 | % | | 7/1/2026 | | Ba1 | | | 620 | | | | 689,527 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | | 6.75 | % | | 7/1/2036 | | Ba1 | | | 400 | | | | 442,752 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 5.00 | % | | 11/15/2039 | | Baa1 | | | 500 | | | | 542,110 | |
| Montgomery Co Hlth–Catholic Hlth E | | | 6.25 | % | | 11/15/2034 | | Aa2 | | | 105 | | | | 122,413 | |
| Montgomery Co IDA–Jefferson Hlth | | | 5.00 | % | | 10/1/2027 | | AA | | | 1,000 | | | | 1,141,270 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2034 | | BBB+ | | | 1,100 | | | | 1,221,748 | |
| NJ EDA–Seashore Gardens | | | 5.375 | % | | 11/1/2036 | | NR | | | 225 | | | | 188,564 | |
| NY Dorm–NYU Hsps Ctr | | | 5.75 | % | | 7/1/2031 | | A- | | | 250 | | | | 288,728 | |
| San Buenaventura–Cmnty Mem Hlth | | | 8.00 | % | | 12/1/2026 | | BB | | | 950 | | | | 1,198,710 | |
| Univ Med Ctr Corp | | | 5.00 | % | | 7/1/2020 | | BBB | | | 500 | | | | 567,055 | |
| Upland COP–San Antonio Cmnty Hsp COP | | | 6.375 | % | | 1/1/2032 | | A- | | | 140 | | | | 160,616 | |
| WA Hlth Care–Kadlec Regl Med Ctr | | | 5.00 | % | | 12/1/2042 | | Baa3 | | | 135 | | | | 158,158 | |
| WA Hlth Care–Overlake Hsp | | | 5.00 | % | | 7/1/2038 | | A | | | 500 | | | | 546,750 | |
| WA Hlth Care–Providence Hlth | | | 5.00 | % | | 10/1/2044 | | AA- | | | 500 | | | | 561,000 | |
| Westchester Co Hlth Care | | | 6.00 | % | | 11/1/2030 | | A3 | | | 150 | | | | 173,117 | |
| Westchester Co Hlth Care | | | 6.125 | % | | 11/1/2037 | | A3 | | | 275 | | | | 314,528 | |
| WI Hlth–Sauk-Prairie Mem Hsp | | | 5.375 | % | | 2/1/2048 | | Ba1 | | | 840 | | | | 857,741 | |
| Total | | | | | | | | | | | | | | | 26,426,953 | |
| | | | | | | | | | | | | | | | | |
| Housing 0.60% | | | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | | 8.00 | % | | 10/1/2042 | | NR | | | 300 | | | | 357,483 | |
| CA Muni Fin–Caritas Affordable Hsg | | | 5.25 | % | | 8/15/2039 | | BBB | | | 100 | | | | 109,250 | |
| Toledo/Lucas Port Auth–Univ Toledo | | | 5.00 | % | | 7/1/2039 | | BBB- | | | 350 | | | | 357,284 | |
| Total | | | | | | | | | | | | | | | 824,017 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 9.06% | | | | | | | | | | | | | | | | |
| CA Pub Wks–Dept Gen Svcs | | | 5.00 | % | | 4/1/2030 | | A1 | | | 130 | | | | 136,482 | |
| CA Pub Wks–Riverside Campus | | | 6.00 | % | | 4/1/2027 | | A1 | | | 250 | | | | 296,565 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 10/1/2028 | | A1 | | | 535 | | | | 611,853 | |
| CA Pub Wks–Various Cap Proj | | | 5.75 | % | | 3/1/2030 | | A1 | | | 310 | | | | 362,396 | |
| CA Pub Wks–Various Cap Proj | | | 6.625 | % | | 11/1/2034 | | A1 | | | 155 | | | | 155,814 | |
| Delano Earlimart Irrigation Dist COP | | | 5.00 | % | | 2/1/2028 | | AA- | | | 475 | | | | 520,947 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2026 | | AA | | | 1,155 | | | | 1,356,201 | |
| Essex Co Impt Auth–Newark | | | 6.25 | % | | 11/1/2030 | | Baa2 | | | 250 | | | | 277,938 | |
| IL Sports Facs Auth (AGM) | | | 5.00 | % | | 6/15/2028 | | AA | | | 865 | | | | 957,391 | |
| Los Angeles USD | | | 5.00 | % | | 10/1/2025 | | A+ | | | 1,000 | | | | 1,156,610 | |
| McLennan Co PFC | | | 6.625 | % | | 6/1/2035 | | AA- | | | 545 | | | | 569,094 | |
| | | |
| | See Notes to Financial Statements. | 63 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | |
| MI Fin Auth–Detroit Sch Dist | | | 5.50 | % | | 6/1/2021 | | A+ | | $ | 650 | | | $ | 744,243 | |
| NJ EDA–Sch Facs | | | 1.64 | % | # | 3/1/2028 | | A2 | | | 500 | | | | 491,570 | |
| NJ Hlth–Hsp Asset Trans | | | 5.00 | % | | 10/1/2028 | | A2 | | | 500 | | | | 547,200 | |
| North Hudson Sewerage Auth | | | 5.00 | % | | 6/1/2024 | | A- | | | 1,000 | | | | 1,162,690 | |
| Philadelphia Muni Auth | | | 6.375 | % | | 4/1/2029 | | A+ | | | 655 | | | | 763,481 | |
| Pima Co IDA–HQ Metro | | | 6.00 | % | | 7/1/2041 | | Aa2 | | | 600 | | | | 614,436 | |
| PR Pub Bldg Auth GTD | | | 5.25 | % | | 7/1/2033 | | BB | | | 200 | | | | 148,116 | |
| San Diego PFA–Master Lease | | | 5.125 | % | | 9/1/2030 | | AA- | | | 1,000 | | | | 1,107,440 | |
| VA Transp Brd–Cap Proj | | | 4.75 | % | | 5/15/2035 | | AA+ | | | 470 | | | | 521,098 | |
| Total | | | | | | | | | | | | | | | 12,501,565 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 5.89% | | | | | | | | | | | | | | | | |
| Arlington Hi Ed Fin Corp–Arlington Classics | | | 7.65 | % | | 8/15/2040 | | BB+ | | | 155 | | | | 171,585 | |
| Austin Convention† | | | 5.75 | % | | 1/1/2034 | | BB | | | 590 | | | | 604,136 | |
| Austin Convention CR (BHAC)(XLCA) | | | 5.00 | % | | 1/1/2034 | | AA+ | | | 200 | | | | 206,368 | |
| Baltimore Conv Ctr–Hilton Hotel | | | 5.875 | % | | 9/1/2039 | | Ba2 | | | 250 | | | | 258,440 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | | 5.25 | % | | 9/1/2025 | | BB+ | | | 595 | | | | 612,844 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | | 5.25 | % | | 9/1/2026 | | BB+ | | | 100 | | | | 102,515 | |
| Brooklyn Arena LDC–Barclays Ctr | | | 6.25 | % | | 7/15/2040 | | BBB- | | | 605 | | | | 688,333 | |
| Cleveland Arpt | | | 5.00 | % | | 1/1/2029 | | A- | | | 425 | | | | 463,191 | |
| Cleveland Arpt | | | 5.00 | % | | 1/1/2030 | | A- | | | 555 | | | | 602,658 | |
| Clifton Higher Ed–IDEA Pub Schs | | | 5.00 | % | | 8/15/2042 | | BBB | | | 275 | | | | 293,774 | |
| DC Rev–Friendship Pub Chtr Sch | | | 5.00 | % | | 6/1/2032 | | BBB | | | 500 | | | | 532,345 | |
| DC Rev–KIPP Chtr Sch | | | 6.00 | % | | 7/1/2043 | | BBB+ | | | 300 | | | | 341,511 | |
| DC Rev–KIPP Chtr Sch | | | 6.00 | % | | 7/1/2048 | | BBB+ | | | 200 | | | | 227,202 | |
| Houston Hi Ed–Cosmos Fndtn | | | 5.875 | % | | 5/15/2021 | | BBB | | | 205 | | | | 233,007 | |
| Houston HI Ed–Cosmos Fndtn | | | 6.875 | % | | 5/15/2041 | | BBB | | | 125 | | | | 151,694 | |
| IL Fin Auth–Noble Chrter Schs | | | 6.125 | % | | 9/1/2039 | | BBB | | | 900 | | | | 961,371 | |
| La Paz Co IDA–Imperial Regl Jail | | | 7.80 | % | | 10/1/2039 | | NR | | | 500 | | | | 537,780 | |
| La Vernia Hi Ed–Life Schools of Dallas | | | 7.25 | % | | 8/15/2031 | | BBB- | | | 250 | | | | 321,150 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.00 | % | | 12/1/2031 | | NR | | | 100 | | | | 45,000 | |
| NYC Cultural–Whitney Museum | | | 5.25 | % | | 7/1/2026 | | A | | | 500 | | | | 578,395 | |
| PR Pub Bldg Auth | | | 5.25 | % | | 7/1/2027 | | BB | | | 255 | | | | 191,051 | |
| Total | | | | | | | | | | | | | | | 8,124,350 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 3.02% | | | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2027 | | Baa2 | | | 250 | | | | 268,223 | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2032 | | Baa2 | | | 325 | | | | 338,929 | |
| | | |
| 64 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2035 | | Baa2 | | $ | 500 | | | $ | 520,115 | |
| Inland Valley Redev Agy | | | 5.25 | % | | 9/1/2037 | | A- | | | 750 | | | | 842,287 | |
| Lancaster Redev | | | 6.00 | % | | 8/1/2024 | | BBB | | | 250 | | | | 290,662 | |
| Rancho Cucamonga Redev Agy (AGM) | | | 5.00 | % | | 9/1/2030 | | AA | | | 500 | | | | 577,290 | |
| San Francisco Redev–Mission Bay South | | | 5.00 | % | | 8/1/2043 | | BBB+ | | | 395 | | | | 427,821 | |
| San Jose Redev Agy (AMBAC) | | | 5.00 | % | | 8/1/2018 | | BBB | | | 100 | | | | 110,326 | |
| San Jose Spl Tax–Conv Ctr | | | 5.50 | % | | 5/1/2024 | | A2 | | | 660 | | | | 782,912 | |
| Total | | | | | | | | | | | | | | | 4,158,565 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 5.31% | | | | | | | | | | | | | | | | |
| AZ Sports & Tourism Auth–Stadium | | | 5.00 | % | | 7/1/2028 | | A1 | | | 500 | | | | 547,980 | |
| Hudson Yards | | | 5.75 | % | | 2/15/2047 | | A | | | 925 | | | | 1,067,339 | |
| MTA NY–Dedicated Tax | | | 5.50 | % | | 11/15/2039 | | AA | | | 200 | | | | 228,292 | |
| NY UDC–PIT | | | 5.00 | % | | 3/15/2033 | | AAA | | | 750 | | | | 855,210 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 2/1/2036 | | AAA | | | 1,000 | | | | 1,139,800 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2027 | | BBB- | | | 575 | | | | 479,941 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2041 | | BBB- | | | 1,000 | | | | 740,600 | |
| PR Corp Sales Tax | | | 5.75 | % | | 8/1/2037 | | BBB- | | | 220 | | | | 180,259 | |
| San Jose Spl Tax–Conv Ctr | | | 5.50 | % | | 5/1/2026 | | A2 | | | 275 | | | | 325,113 | |
| San Jose Spl Tax–Conv Ctr | | | 6.50 | % | | 5/1/2036 | | A2 | | | 530 | | | | 648,116 | |
| Sonoma Marin Area Rail Rmkt | | | 5.00 | % | | 3/1/2028 | | AA | | | 510 | | | | 586,082 | |
| Virgin Islands PFA–Matching Fund | | | 5.25 | % | | 10/1/2029 | | Baa2 | | | 205 | | | | 228,112 | |
| Yorba Linda Redev Agy | | | 6.50 | % | | 9/1/2032 | | A- | | | 250 | | | | 295,172 | |
| Total | | | | | | | | | | | | | | | 7,322,016 | |
| | | | | | | | | | | | | | | | | |
| Tobacco 4.77% | | | | | | | | | | | | | | | | |
| Buckeye Tobacco | | | 5.125 | % | | 6/1/2024 | | B- | | | 1,000 | | | | 838,100 | |
| Golden St Tobacco | | | 5.00 | % | | 6/1/2030 | | A1 | | | 500 | | | | 557,180 | |
| Golden St Tobacco (FGIC) | | | 5.00 | % | | 6/1/2035 | | A1 | | | 705 | | | | 723,668 | |
| MI Tob Settlement | | | 5.125 | % | | 6/1/2022 | | B- | | | 720 | | | | 623,527 | |
| Railsplitter Tobacco Settlement Auth | | | 5.25 | % | | 6/1/2020 | | A | | | 150 | | | | 175,616 | |
| Railsplitter Tobacco Settlement Auth | | | 6.00 | % | | 6/1/2028 | | A- | | | 1,100 | | | | 1,284,118 | |
| Tobacco Settlement Auth WA | | | 5.00 | % | | 6/1/2020 | | A | | | 540 | | | | 622,847 | |
| Tobacco Settlement Auth WA | | | 5.00 | % | | 6/1/2022 | | A | | | 700 | | | | 813,883 | |
| TSASC | | | 5.00 | % | | 6/1/2026 | | B+ | | | 400 | | | | 390,992 | |
| TSASC | | | 5.00 | % | | 6/1/2034 | | B | | | 660 | | | | 552,869 | |
| Total | | | | | | | | | | | | | | | 6,582,800 | |
| | | | | | | | | | | | | | | | | |
| | See Notes to Financial Statements. | 65 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation 13.17% | | | | | | | | | | | | | | | | |
| Atlanta Airport | | | 5.25 | % | | 1/1/2030 | | Aa3 | | $ | 635 | | | $ | 736,549 | |
| Atlanta Arpt–PFC | | | 5.00 | % | | 1/1/2028 | | A+ | | | 1,000 | | | | 1,162,130 | |
| Charlotte Airport | | | 5.00 | % | | 7/1/2033 | | Aa3 | | | 575 | | | | 642,114 | |
| Chicago O’Hare Arpt | | | 5.00 | % | | 1/1/2035 | | A2 | | | 1,015 | | | | 1,085,309 | |
| Chicago O’Hare Arpt | | | 5.50 | % | | 1/1/2031 | | A2 | | | 110 | | | | 126,562 | |
| Chicago O’Hare Arpt (NPFGC)(FGIC) | | | 5.00 | % | | 1/1/2030 | | AA- | | | 100 | | | | 100,980 | |
| Chicago O’Hare Arpt (XLCA) | | | 5.25 | % | | 1/1/2034 | | A2 | | | 200 | | | | 200,672 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2029 | | A | | | 470 | | | | 543,734 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2034 | | A | | | 800 | | | | 906,200 | |
| DFW Arpt | | | 5.00 | % | | 11/1/2028 | | A+ | | | 750 | | | | 865,830 | |
| FL Tpk Auth–Dept Trans | | | 5.00 | % | | 7/1/2034 | | AA- | | | 500 | | | | 556,750 | |
| Foothill / Eastern Corridor Toll Rd | | | 5.75 | % | | 1/15/2046 | | BBB- | | | 750 | | | | 857,775 | |
| Los Angeles Dept Arpts–LAX | | | 5.00 | % | | 5/15/2035 | | AA- | | | 710 | | | | 780,560 | |
| Met DC Airport | | | 5.00 | % | | 10/1/2035 | | AA- | | | 240 | | | | 272,208 | |
| Miami Dade Co–Rickenbacker Cswy | | | 5.00 | % | | 10/1/2029 | | BBB+ | | | 500 | | | | 567,760 | |
| Miami Dade Co Aviation–MIA | | | 5.50 | % | | 10/1/2029 | | A | | | 515 | | | | 601,139 | |
| Miami Dade Co Expwy Auth | | | 5.00 | % | | 7/1/2026 | | A- | | | 210 | | | | 248,170 | |
| Miami Dade Co Expwy Auth(c) | | | 5.00 | % | | 7/1/2028 | | A- | | | 515 | | | | 601,448 | |
| Minneapolis / St Paul Met Arpts(c) | | | 5.00 | % | | 1/1/2027 | | A | | | 575 | | | | 676,867 | |
| MTA NY–Dedicated Tax | | | 5.25 | % | | 11/15/2029 | | AA | | | 535 | | | | 623,403 | |
| NJ Trans Trust Fund | | | 5.75 | % | | 12/15/2031 | | A2 | | | 350 | | | | 406,133 | |
| NJ Trans Trust Fund | | | 6.00 | % | | 6/15/2035 | | A2 | | | 195 | | | | 233,924 | |
| North TX Twy Auth | | | 5.75 | % | | 1/1/2033 | | A3 | | | 270 | | | | 299,757 | |
| North TX Twy Auth | | | 6.00 | % | | 1/1/2043 | | A2 | | | 930 | | | | 1,083,720 | |
| PA Tpk Commn | | | 5.50 | % | | 6/1/2033 | | A- | | | 315 | | | | 348,787 | |
| PR Hwy & Trans Auth | | | 4.00 | % | | 7/1/2017 | | B | | | 240 | | | | 141,398 | |
| Regional Trans Dist–Denver Trans | | | 5.375 | % | | 1/15/2025 | | Baa3 | | | 85 | | | | 92,995 | |
| Regional Trans Dist–Denver Trans | | | 5.375 | % | | 7/15/2025 | | Baa3 | | | 820 | | | | 897,129 | |
| Regional Trans Dist–Denver Trans | | | 6.00 | % | | 1/15/2026 | | Baa3 | | | 120 | | | | 136,789 | |
| Regional Trans Dist COP | | | 5.375 | % | | 6/1/2031 | | Aa3 | | | 485 | | | | 534,712 | |
| San Antonio Arpt (AGM) | | | 5.00 | % | | 7/1/2026 | | AA | | | 495 | | | | 571,413 | |
| San Diego Arpt | | | 5.00 | % | | 7/1/2040 | | A | | | 900 | | | | 973,062 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2029 | | A2 | | | 250 | | | | 288,067 | |
| Total | | | | | | | | | | | | | | | 18,164,046 | |
| | | | | | | | | | | | | | | | | |
| Utilities 13.33% | | | | | | | | | | | | | | | | |
| Adelanto Util Sys | | | 6.00 | % | | 7/1/2024 | | NR | | | 200 | | �� | | 224,552 | |
| Adelanto Util Sys | | | 6.625 | % | | 7/1/2031 | | NR | | | 100 | | | | 115,149 | |
| | | |
| 66 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| Central Plains–Goldman Sachs | | | 5.00 | % | | 9/1/2032 | | A- | | $ | 500 | | | $ | 547,085 | |
| Chicago Wastewater | | | 5.00 | % | | 1/1/2039 | | AA- | | | 500 | | | | 549,240 | |
| Chicago Water | | | 5.00 | % | | 11/1/2039 | | AA- | | | 800 | | | | 886,800 | |
| Colorado Springs Utilities | | | 5.25 | % | | 11/15/2033 | | AA | | | 175 | | | | 201,814 | |
| CT Muni Elec | | | 5.00 | % | | 1/1/2027 | | Aa3 | | | 1,000 | | | | 1,148,220 | |
| DE EDA–NRG Energy | | | 5.375 | % | | 10/1/2045 | | Baa3 | | | 750 | | | | 817,402 | |
| Detroit Sewer (NPFGC)(FGIC) | | | 5.00 | % | | 7/1/2035 | | AA- | | | 120 | | | | 120,750 | |
| Detroit Water (AGM) | | | 4.625 | % | | 7/1/2032 | | AA | | | 180 | | | | 182,565 | |
| Detroit Water (NPFGC)(FGIC) | | | 4.50 | % | | 7/1/2031 | | AA- | | | 285 | | | | 286,080 | |
| El Dorado Irrigation Dist (AGM) | | | 5.00 | % | | 3/1/2034 | | AA | | | 400 | | | | 453,232 | |
| FL Muni Pwr Agy | | | 5.00 | % | | 10/1/2026 | | A2 | | | 805 | | | | 925,468 | |
| Gainesville Utility | | | 5.25 | % | | 10/1/2034 | | AA | | | 150 | | | | 164,849 | |
| Guam Pwr Auth (AGM) | | | 5.00 | % | | 10/1/2039 | | AA | | | 250 | | | | 278,495 | |
| IN Muni Pwr | | | 5.25 | % | | 1/1/2032 | | A+ | | | 450 | | | | 515,425 | |
| Jefferson Co Sewer (AGM) | | | 5.50 | % | | 10/1/2053 | | AA | | | 1,000 | | | | 1,096,850 | |
| Long Beach Nat Gas–ML | | | 5.50 | % | | 11/15/2030 | | A- | | | 350 | | | | 424,994 | |
| Long Beach Nat Gas–ML | | | 5.50 | % | | 11/15/2037 | | A- | | | 1,080 | | | | 1,311,736 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2023 | | Aa2 | | | 500 | | | | 610,800 | |
| Maricopa Co Poll Ctl–So Cal Edison Rmkt | | | 5.00 | % | | 6/1/2035 | | Aa3 | | | 555 | | | | 615,728 | |
| MO Joint Muni Elec Util Commn(c) | | | 5.00 | % | | 1/1/2027 | | A2 | | | 250 | | | | 292,958 | |
| New Orleans Water | | | 5.00 | % | | 12/1/2044 | | BBB+ | | | 500 | | | | 550,160 | |
| North Sumter Co Util Dep Dist | | | 5.375 | % | | 10/1/2030 | | A | | | 200 | | | | 218,312 | |
| NY Env Facs–Clean Wtr & Drinking | | | 5.125 | % | | 6/15/2038 | | AAA | | | 520 | | | | 587,792 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2035 | | AA+ | | | 525 | | | | 603,246 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2036 | | AA+ | | | 500 | | | | 572,275 | |
| OH Air Quality–Ohio Vly Elec | | | 5.625 | % | | 10/1/2019 | | BBB- | | | 475 | | | | 539,510 | |
| Pima Co IDA–Tucson Elec | | | 4.95 | % | | 10/1/2020 | | Baa1 | | | 350 | | | | 394,968 | |
| PR Aqueduct & Swr Auth | | | 6.125 | % | | 7/1/2024 | | BB- | | | 590 | | | | 479,711 | |
| PR Elec Pwr Auth | | | 5.00 | % | | 7/1/2028 | | CCC | | | 270 | | | | 161,096 | |
| PR Elec Pwr Auth | | | 5.25 | % | | 7/1/2028 | | CCC | | | 880 | | | | 525,043 | |
| Rowland Water Dist COP | | | 6.50 | % | | 12/1/2035 | | AA- | | | 100 | | | | 122,911 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | | 5.00 | % | | 11/1/2033 | | A- | | | 500 | | | | 567,705 | |
| TEAC–Goldman Sachs | | | 5.25 | % | | 9/1/2026 | | A- | | | 250 | | | | 294,983 | |
| TX Muni Gas Acq & Supply–ML | | | 5.25 | % | | 12/15/2022 | | A- | | | 855 | | | | 998,623 | |
| Total | | | | | | | | | | | | | | | 18,386,527 | |
| Total Investments in Municipal Bonds 98.55% (cost $129,544,137) | | | | | | | | 135,911,818 | |
| Cash and Other Assets in Excess of Liabilities(f) 1.45% | | | | | | | 1,993,262 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 137,905,080 | |
| | | |
| | See Notes to Financial Statements. | 67 |
Schedule of Investments (concluded)
AMT FREE MUNICIPAL BOND FUND September 30, 2014
Open Futures Contracts at September 30, 2014:
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Appreciation | |
| U.S. Long Bond | | December 2014 | | 22 | | Short | | $ | (3,033,938 | ) | | $ | | 15,939 | |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 135,911,818 | | | $ | — | | | $ | 135,911,818 | |
| Total | | $ | — | | | $ | 135,911,818 | | | $ | — | | | $ | 135,911,818 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 15,939 | | | $ | — | | | $ | — | | | $ | 15,939 | |
| Liabilities | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 15,939 | | | $ | — | | | $ | — | | | $ | 15,939 | |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| 68 | See Notes to Financial Statements. | |
Schedule of Investments
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| MUNICIPAL BONDS 102.39% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 7.40% | | | | | | | | | | | | | | | | |
| CA Poll Ctl–Poseidon Res AMT† | | | 5.00 | % | | 11/21/2045 | | Baa3 | | $ | 8,750 | | | $ | 9,214,100 | |
| CA Poll Ctl–Waste Mgmt AMT | | | 3.25 | % | | 12/1/2027 | | A- | | | 6,000 | | | | 6,211,680 | |
| Citizens Property Insurance Corp | | | 5.00 | % | | 6/1/2020 | | A+ | | | 9,710 | | | | 11,335,163 | |
| Clayton Co SFR–Delta Airlines AMT | | 9.00 | % | | 6/1/2035 | | B+ | | | 3,520 | | | | 3,656,013 | |
| Columbus Co Ind Facs–Intl Paper | | | 5.70 | % | | 5/1/2034 | | BBB | | | 2,140 | | | | 2,440,584 | |
| Gloucester Co Impt Auth–Waste Mgmt AMT | | 2.50 | % | | 12/1/2029 | | A- | | | 1,125 | | | | 1,167,728 | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00 | % | | 12/1/2024 | | BBB- | | | 1,000 | | | | 1,114,610 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.00 | % | | 12/1/2019 | | BB- | | | 8,500 | | | | 9,026,745 | |
| IL Fin Auth–Leafs Hockey Club(g) | | | 6.00 | % | | 3/1/2037 | | NR | | | 1,550 | | | | 310,000 | |
| IL Fin Auth–United Sports/ Barrington†,(g) | | | 6.25 | % | | 10/1/2037 | | NR | | | 2,000 | | | | 240,000 | |
| LA Citizens Property Insurance Corp (AMBAC) | | | 5.00 | % | | 6/1/2021 | | A- | | | 1,580 | | | | 1,690,900 | |
| LA Env Facs–Westlake Chem | | | 6.75 | % | | 11/1/2032 | | BBB | | | 7,650 | | | | 8,575,803 | |
| Love Field Arpt–Southwest Airlines AMT | | | 5.00 | % | | 11/1/2028 | | Baa2 | | | 2,270 | | | | 2,459,522 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | | 5.50 | % | | 1/1/2019 | | NR | | | 1,495 | | | | 1,496,181 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.00 | % | | 12/1/2016 | | NR | | | 855 | | | | 384,750 | |
| Mission EDC–Waste Mgmt | | | 2.50 | % | | 8/1/2020 | | A- | | | 13,500 | | | | 13,594,770 | |
| NJ EDA–Goethals Brdg AMT | | | 5.00 | % | | 7/1/2022 | | BBB- | | | 1,650 | | | | 1,911,046 | |
| NJ EDA–Goethals Brdg AMT | | | 5.00 | % | | 1/1/2024 | | BBB- | | | 1,500 | | | | 1,745,835 | |
| NYC Cap Res–Arthur Mgmt | | | 7.00 | % | | 8/1/2025 | | NR | | | 8,340 | | | | 8,990,103 | |
| NYC IDA–TRIPS AMT | | | 5.00 | % | | 7/1/2028 | | BBB- | | | 5,790 | | | | 6,461,756 | |
| OH Wtr Dev Auth–FirstEnergy | | | 4.00 | % | | 12/1/2033 | | BBB- | | | 5,000 | | | | 5,323,750 | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75 | % | | 3/1/2024 | | A+ | | | 2,075 | | | | 2,580,242 | |
| PA Econ Dev–US Airways | | | 7.50 | % | | 5/1/2020 | | B- | | | 1,500 | | | | 1,751,100 | |
| PA Econ Dev–US Airways | | | 8.00 | % | | 5/1/2029 | | B- | | | 1,475 | | | | 1,747,049 | |
| Richland Co Env Impt–Intl Paper AMT | | | 3.875 | % | | 4/1/2023 | | BBB | | | 6,625 | | | | 7,046,615 | |
| Salem Co Poll Ctl–Chambers AMT | | | 5.00 | % | | 12/1/2023 | | BBB | | | 5,145 | | | | 5,792,447 | |
| Selma IDB–Intl Paper | | | 6.25 | % | | 11/1/2033 | | BBB | | | 2,595 | | | | 3,015,961 | |
| Valdez Marine Term–BP | | | 5.00 | % | | 1/1/2021 | | A | | | 5,000 | | | | 5,866,650 | |
| West Pace Coop Dist | | | 9.125 | % | | 5/1/2039 | | NR | | | 4,900 | | | | 4,716,691 | |
| Total | | | | | | | | | | | | | | | 129,867,794 | |
| | | | | | | | | | | | | | | | | |
| Education 5.27% | | | | | | | | | | | | | | | | |
| Athens Clarke Ed–Ugaref Cent Precinct | | | 5.00 | % | | 6/15/2031 | | Aa2 | | | 2,500 | | | | 2,705,675 | |
| Athens Clarke Ed–Ugaref O’Malleys Bldg | | | 5.00 | % | | 6/15/2028 | | Aa2 | | | 2,000 | | | | 2,224,100 | |
| Build NYC Res Corp–CUNY | | | 5.00 | % | | 6/1/2032 | | Aa2 | | | 1,250 | | | | 1,441,275 | |
| | See Notes to Financial Statements. | 69 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | | | |
| Build NYC Res Corp–CUNY | | | 5.00 | % | | 6/1/2034 | | Aa2 | | $ | 225 | | | $ | 257,413 | |
| Bulloch Co Dev–GA So Univ Hsg (AG) | | | 5.25 | % | | 7/1/2028 | | A1 | | | 2,475 | | | | 2,773,237 | |
| CA Fin Auth–Biola Univ | | | 5.80 | % | | 10/1/2028 | | Baa1 | | | 1,000 | | | | 1,128,720 | |
| CA Fin Auth–Emerson Clg | | | 6.00 | % | | 1/1/2042 | | BBB+ | | | 1,875 | | | | 2,160,881 | |
| CA Stwde–Windrush Sch(g) | | | 5.50 | % | | 7/1/2037 | | NR | | | 1,000 | | | | 10 | |
| CT Hlth & Ed–Quinnipiac Univ (NPFGC)(FGIC) | | | 5.00 | % | | 7/1/2026 | | AA- | | | 3,000 | | | | 3,257,550 | |
| Davie Edu Facs–Nova Southeastern Univ | | 6.00 | % | | 4/1/2042 | | Baa1 | | | 3,000 | | | | 3,461,190 | |
| Detroit Sch Dist | | | 5.00 | % | | 5/1/2029 | | Aa2 | | | 4,000 | | | | 4,371,160 | |
| Detroit Sch Dist | | | 5.00 | % | | 5/1/2033 | | Aa2 | | | 4,385 | | | | 4,701,685 | |
| Dutchess Co LDC–Anderson Ctr | | | 6.00 | % | | 10/1/2030 | | BB+ | | | 1,000 | | | | 1,039,700 | |
| Gainesville Redev–Riverside Mil Admy | | | 5.125 | % | | 3/1/2027 | | BB+ | (d) | | 4,575 | | | | 4,581,451 | |
| Harrisburg Auth–Univ of Science(g) | | | 6.00 | % | | 9/1/2036 | | NR | | | 4,000 | | | | 1,867,400 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2019 | | Baa3 | | | 1,050 | | | | 1,092,829 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2020 | | Baa3 | | | 1,900 | | | | 1,973,796 | |
| IL Fin Auth–IL Inst of Tech | | | 6.25 | % | | 2/1/2019 | | Baa3 | | | 2,635 | | | | 2,898,843 | |
| IL Fin Auth–IL Inst of Tech | | | 7.125 | % | | 2/1/2034 | | Baa3 | | | 1,000 | | | | 1,151,720 | |
| IL Fin Auth–Univ of Chicago | | | 5.75 | % | | 7/1/2033 | | AA | | | 4,350 | | | | 5,139,177 | |
| Louisville/Jeff Co Met Clg–Bellarmine | | | 6.00 | % | | 5/1/2038 | | Baa3 | | | 2,500 | | | | 2,635,200 | |
| MA DFA–Wheelock Clg | | | 5.25 | % | | 10/1/2037 | | BBB | | | 3,750 | | | | 3,876,750 | |
| Marietta Dev Auth–Life Univ | | | 7.00 | % | | 6/15/2030 | | Ba3 | | | 5,000 | | | | 5,293,700 | |
| MD Hlth & HI Ed–Loyola Univ(c) | | | 5.00 | % | | 10/1/2045 | | A | | | 1,000 | | | | 1,127,380 | |
| MI Hi Ed–Creative Studies | | | 5.875 | % | | 12/1/2028 | | Baa2 | | | 2,365 | | | | 2,453,475 | |
| NY Dorm–NYU | | | 5.00 | % | | 7/1/2030 | | AA- | | | 2,155 | | | | 2,487,840 | |
| NY Dorm–NYU | | | 5.00 | % | | 7/1/2031 | | AA- | | | 4,215 | | | | 4,845,016 | |
| NY Dorm–SUNY | | | 5.00 | % | | 7/1/2035 | | Aa2 | | | 2,100 | | | | 2,361,450 | |
| NY Dorm–Touro Clg | | | 5.25 | % | | 1/1/2034 | | BBB- | (d) | | 1,270 | | | | 1,395,908 | |
| NY Dorm–Touro Clg | | | 5.50 | % | | 1/1/2039 | | BBB- | (d) | | 2,450 | | | | 2,714,796 | |
| Olmos Park Hi Ed–Univ Incarnate Word | | | 5.00 | % | | 12/1/2021 | | A3 | | | 1,780 | | | | 2,039,898 | |
| Olmos Park Hi Ed–Univ Incarnate Word | | | 5.00 | % | | 12/1/2022 | | A3 | | | 1,950 | | | | 2,245,620 | |
| Olmos Park Hi Ed–Univ Incarnate Word | | | 5.00 | % | | 12/1/2023 | | A3 | | | 1,285 | | | | 1,473,766 | |
| PA Hi Ed–Drexel Univ | | | 5.00 | % | | 5/1/2031 | | A | | | 4,645 | | | | 5,119,905 | |
| Private Clgs & Univs Auth–SCAD(c) | | | 5.00 | % | | 4/1/2044 | | Baa2 | | | 1,875 | | | | 2,021,906 | |
| Univ of Hawaii | | | 6.00 | % | | 10/1/2038 | | Aa2 | | | 1,750 | | | | 2,091,250 | |
| Total | | | | | | | | | | | | | | | 92,411,672 | |
| | | | | | | | | | | | | | | | | |
| Financial Services 0.25% | | | | | | | | | | | | | | | | |
| IN Bd Bk–JP Morgan | | | 1.127 | % | # | 10/15/2022 | | A3 | | | 4,500 | | | | 4,324,545 | |
| 70 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| General Obligation 13.70% | | | | | | | | | | | | | | | | |
| Bellwood GO | | | 6.15 | % | | 12/1/2032 | | NR | | $ | 2,765 | | | $ | 2,746,806 | |
| CA State GO | | | 5.00 | % | | 2/1/2033 | | Aa3 | | | 10,000 | | | | 11,299,500 | |
| CA State GO | | | 5.25 | % | | 9/1/2024 | | Aa3 | | | 5,000 | | | | 6,022,450 | |
| CA State GO | | | 5.50 | % | | 3/1/2040 | | Aa3 | | | 9,250 | | | | 10,570,622 | |
| CA State GO | | | 5.60 | % | | 3/1/2036 | | Aa3 | | | 7,330 | | | | 8,578,372 | |
| CA State GO | | | 6.50 | % | | 4/1/2033 | | Aa3 | | | 13,400 | | | | 16,452,118 | |
| Central USD (AG) | | | 5.625 | % | | 8/1/2033 | | AA | | | 2,360 | | | | 2,718,862 | |
| Chabot/Las Positas CCD | | | 5.00 | % | | 8/1/2022 | | Aa3 | | | 1,810 | | | | 2,181,213 | |
| Colton Jt USD (AGM) | | | 5.00 | % | | 8/1/2026 | | AA | | | 1,000 | | | | 1,176,110 | |
| Cook Co GO | | | 5.00 | % | | 11/15/2024 | | AA | | | 10,000 | | | | 11,454,300 | |
| CT State GO(b) | | | 5.00 | % | | 11/1/2027 | | AA | | | 10,000 | | | | 11,674,700 | |
| CT State GO(b) | | | 5.00 | % | | 11/1/2028 | | AA | | | 10,000 | | | | 11,674,700 | |
| Guam GO | | | 7.00 | % | | 11/15/2039 | | BB- | | | 2,240 | | | | 2,539,174 | |
| HI St Ser DZ(b) | | | 5.00 | % | | 12/1/2027 | | AA | | | 10,000 | | | | 11,899,300 | |
| IL State GO | | | 5.00 | % | | 3/1/2030 | | A- | | | 11,500 | | | | 12,132,730 | |
| IL State GO | | | 5.00 | % | | 3/1/2031 | | A- | | | 4,750 | | | | 4,986,597 | |
| Maricopa Co Elem Sch Dist #33 | | | 5.70 | % | | 7/1/2025 | | A1 | | | 2,385 | | | | 2,620,233 | |
| Midlothian Water Dist (AGM) | | Zero Coupon | | 9/1/2022 | | AA | | | 2,000 | | | | 1,595,100 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2024 | | AA | | | 2,000 | | | | 2,435,820 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2025 | | AA | | | 2,060 | | | | 2,492,682 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2026 | | AA | | | 1,500 | | | | 1,796,070 | |
| NYC GO | | | 5.00 | % | | 8/1/2023 | | AA | | | 2,700 | | | | 3,260,169 | |
| NYC GO | | | 5.00 | % | | 10/1/2026 | | AA | | | 26,860 | | | | 31,558,620 | |
| NYC GO | | | 5.00 | % | | 8/1/2027 | | AA | | | 6,000 | | | | 7,072,140 | |
| NYC GO | | | 6.25 | % | | 10/15/2028 | | AA | | | 5,000 | | | | 5,962,900 | |
| Philadelphia GO | | | 5.25 | % | | 7/15/2031 | | A+ | | | 1,400 | | | | 1,633,758 | |
| Philadelphia GO | | | 5.25 | % | | 7/15/2032 | | A+ | | | 3,000 | | | | 3,485,190 | |
| Philadelphia GO | | | 5.25 | % | | 7/15/2033 | | A+ | | | 1,000 | | | | 1,157,380 | |
| Philadelphia GO (AGM) | | | 5.25 | % | | 12/15/2027 | | AA | | | 2,500 | | | | 2,827,825 | |
| Pittsburgh GO | | | 5.00 | % | | 9/1/2029 | | AA | | | 1,100 | | | | 1,269,026 | |
| Pittsburgh GO | | | 5.00 | % | | 9/1/2030 | | AA | | | 1,215 | | | | 1,395,014 | |
| Pittsburgh GO | | | 5.00 | % | | 9/1/2032 | | AA | | | 1,160 | | | | 1,319,210 | |
| Port Houston Auth AMT | | | 6.25 | % | | 10/1/2029 | | AAA | | | 1,000 | | | | 1,156,130 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2019 | | BB | | | 1,070 | | | | 907,488 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2020 | | BB | | | 3,000 | | | | 2,459,790 | |
| PR Comwlth GO | | | 6.50 | % | | 7/1/2040 | | BB | | | 5,340 | | | | 4,251,281 | |
| San Diego USD | | | 5.00 | % | | 7/1/2027 | | AA- | | | 3,295 | | | | 3,904,180 | |
| | See Notes to Financial Statements. | 71 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | |
| St Pub SBA–Philadelphia Sch Dist | | | 5.00 | % | | 4/1/2021 | | A+ | | $ | 2,250 | | | $ | 2,605,725 | |
| St Pub SBA–Philadelphia Sch Dist | | | 5.00 | % | | 4/1/2022 | | A+ | | | 2,250 | | | | 2,615,558 | |
| St Pub SBA–Philadelphia Sch Dist | | | 5.00 | % | | 4/1/2023 | | A+ | | | 3,250 | | | | 3,742,213 | |
| Stockton USD (AGM) | | | 5.00 | % | | 7/1/2023 | | AA | | | 1,300 | | | | 1,516,541 | |
| Stockton USD (AGM) | | | 5.00 | % | | 7/1/2024 | | AA | | | 1,335 | | | | 1,539,162 | |
| Stockton USD (AGM) | | | 5.00 | % | | 7/1/2026 | | AA | | | 1,110 | | | | 1,259,073 | |
| Sweetwater UHSD | | | 5.00 | % | | 8/1/2026 | | AA | | | 5,000 | | | | 6,053,950 | |
| Sweetwater UHSD (BAM) | | | 5.00 | % | | 8/1/2027 | | AA | | | 3,500 | | | | 4,204,060 | |
| Union Co Util Auth–Covanta GTD AMT | | | 4.75 | % | | 12/1/2031 | | AA+ | | | 4,000 | | | | 4,190,600 | |
| Total | | | | | | | | | | | | | | | 240,394,442 | |
| | | | | | | | | | | | | | | | | |
| Health Care 12.39% | | | | | | | | | | | | | | | | |
| Abag Fin Auth–Eskaton Pptys | | | 5.00 | % | | 11/15/2035 | | BBB | | | 2,600 | | | | 2,698,176 | |
| Allen Co Hsp–Catholic Hlth Ptnrs | | | 5.00 | % | | 5/1/2033 | | AA- | | | 7,000 | | | | 7,742,490 | |
| Brevard Co Hlth–Health First | | | 7.00 | % | | 4/1/2033 | | A- | | | 1,000 | | | | 1,162,450 | |
| Butler Hlth Sys Hsp | | | 7.125 | % | | 7/1/2029 | | Baa1 | | | 1,500 | | | | 1,790,685 | |
| Butler Hlth Sys Hsp | | | 7.25 | % | | 7/1/2039 | | Baa1 | | | 3,630 | | | | 4,259,914 | |
| CA Hlth–City of Hope | | | 5.00 | % | | 11/15/2026 | | A+ | | | 2,350 | | | | 2,691,761 | |
| CA Hlth–Providence Hlth | | | 6.25 | % | | 10/1/2024 | | AA- | | | 2,000 | | | | 2,425,900 | |
| CA Hlth–Sutter Hlth | | | 5.25 | % | | 8/15/2031 | | AA- | | | 4,500 | | | | 5,169,060 | |
| CA Stwde–Eskaton Pptys | | | 5.25 | % | | 11/15/2034 | | BBB | | | 1,375 | | | | 1,450,144 | |
| Cass Co–Essentia Hlth Rmkt (AG) | | | 5.125 | % | | 2/15/2037 | | AA | | | 5,000 | | | | 5,351,250 | |
| Chautauqua Co–Woman’s Christian Assn | | 8.00 | % | | 11/15/2030 | | NR | | | 7,000 | | | | 7,343,140 | |
| Chautauqua Co–Woman’s Christian Assn | | 8.00 | % | | 11/15/2035 | | NR | | | 1,625 | | | | 1,700,026 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.125 | % | | 1/1/2029 | | BBB+ | (d) | | 1,000 | | | | 1,095,200 | |
| Delaware Co Hsp Auth–Cardinal Hlth | | | 5.00 | % | | 8/1/2024 | | A3 | | | 5,500 | | | | 5,846,060 | |
| Delaware Co Hsp Auth–Cardinal Hlth | | | 5.25 | % | | 8/1/2036 | | A3 | | | 4,500 | | | | 4,695,750 | |
| Denver Hlth & Hsp Auth | | | 5.00 | % | | 12/1/2039 | | BBB | | | 1,600 | | | | 1,726,720 | |
| Denver Hlth & Hsp Auth | | | 5.25 | % | | 12/1/2045 | | BBB | | | 700 | | | | 764,281 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | | 7.00 | % | | 7/1/2030 | | Ba1 | | | 1,510 | | | | 1,635,541 | |
| Franklin Co Hlth–OPRS Cmntys | | | 6.125 | % | | 7/1/2040 | | BBB- | | | 4,400 | | | | 4,770,040 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | | 5.50 | % | | 8/1/2028 | | A2 | | | 5,140 | | | | 5,642,178 | |
| Greenville Hlth Sys | | | 5.00 | % | | 5/1/2034 | | AA- | | | 3,970 | | | | 4,450,965 | |
| Harris Co Cultural Ed–Mem Hermann Hlth | | 5.00 | % | | 12/1/2026 | | A+ | | | 1,500 | | | | 1,785,645 | |
| IL Fin Auth–Centegra Hlth | | | 5.00 | % | | 9/1/2034 | | BBB | | | 2,130 | | | | 2,261,591 | |
| IL Fin Auth–Northwestern Mem Hsp(b) | | | 5.75 | % | | 8/15/2030 | | AA+ | | | 2,500 | | | | 2,811,638 | |
| IL Fin Auth–Rush Univ Med | | | 7.25 | % | | 11/1/2030 | | A | | | 3,000 | | | | 3,538,890 | |
| 72 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| IN Fin Auth–Major Hsp(c) | | | 5.00 | % | | 10/1/2029 | | Baa2 | | $ | 1,500 | | | $ | 1,639,635 | |
| IN Fin Auth–Major Hsp(c) | | | 5.00 | % | | 10/1/2044 | | Baa2 | | | 2,050 | | | | 2,156,108 | |
| Johnston Mem Hsp (AGM)(FHA) | | | 5.25 | % | | 10/1/2024 | | AA | | | 4,900 | | | | 5,353,348 | |
| Kirkwood IDA–Aberdeen Hts | | | 8.00 | % | | 5/15/2021 | | NR | | | 1,000 | | | | 1,143,440 | |
| Kirkwood IDA–Aberdeen Hts | | | 8.00 | % | | 5/15/2029 | | NR | | | 3,820 | | | | 4,407,172 | |
| LA PFA–Ochsner Clinic | | | 6.25 | % | | 5/15/2031 | | Baa1 | | | 8,090 | | | | 9,487,386 | |
| La Verne COP–Brethren Hillcrest Homes | | | 5.00 | % | | 5/15/2036 | | BBB- | (d) | | 1,350 | | | | 1,405,337 | |
| Lucas Co Hsp–ProMedica Hlthcare | | | 5.75 | % | | 11/15/2031 | | AA | | | 3,700 | | | | 4,314,015 | |
| Lufkin Hlth–Mem Hlth | | | 6.00 | % | | 2/15/2024 | | BBB- | | | 555 | | | | 637,345 | |
| Martin Hsp Dist | | | 7.25 | % | | 4/1/2036 | | BBB | (d) | | 3,000 | | | | 3,331,800 | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | | 6.25 | % | | 7/1/2031 | | BBB | | | 11,190 | | | | 12,707,140 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | | 7.50 | % | | 7/1/2032 | | Ba1 | | | 11,150 | | | | 13,132,916 | |
| Mesquite Hlth–Christian Care Ctrs | | | 5.125 | % | | 2/15/2042 | | BBB- | (d) | | 1,000 | | | | 1,008,820 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 5.00 | % | | 11/15/2039 | | Baa1 | | | 1,500 | | | | 1,626,330 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 5.00 | % | | 11/15/2044 | | Baa1 | | | 1,250 | | | | 1,350,950 | |
| Montgomery Co IDA–ACTS Retirement | | | 5.00 | % | | 11/15/2024 | | BBB+ | | | 3,150 | | | | 3,487,806 | |
| Montgomery Co IDA–ACTS Retirement | | | 5.00 | % | | 11/15/2025 | | BBB+ | | | 1,300 | | | | 1,426,607 | |
| Montgomery Co IDA–Jefferson Hlth | | | 5.00 | % | | 10/1/2027 | | AA | | | 3,500 | | | | 3,994,445 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2029 | | BBB+ | | | 1,000 | | | | 1,125,530 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2030 | | BBB+ | | | 580 | | | | 649,246 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2031 | | BBB+ | | | 1,620 | | | | 1,809,167 | |
| NJ Hlth–Barnabas Hlth | | | 5.625 | % | | 7/1/2037 | | BBB+ | | | 1,675 | | | | 1,852,115 | |
| NJ Hlth–St Josephs Hlth | | | 6.625 | % | | 7/1/2038 | | BBB- | | | 5,500 | | | | 5,995,000 | |
| NY Dorm–NYU Hsps Ctr | | | 5.75 | % | | 7/1/2031 | | A- | | | 1,985 | | | | 2,292,496 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2025 | | Aa3 | | | 2,400 | | | | 2,721,432 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2030 | | Aa3 | | | 5,640 | | | | 6,236,317 | |
| Pell City Spl Care Facs–Noland Hlth | | | 5.00 | % | | 12/1/2031 | | A | | | 4,845 | | | | 5,275,963 | |
| Regents UCal Med Ctr | | | 5.25 | % | | 5/15/2038 | | AA- | | | 3,000 | | | | 3,457,410 | |
| Sullivan Co Hlth & Ed–Wellmont Hlth | | | 5.25 | % | | 9/1/2036 | | BBB+ | | | 2,000 | | | | 2,086,000 | |
| Tarrant Co Cultural–Christus Hlth (AG) | | | 6.25 | % | | 7/1/2028 | | AA | | | 1,500 | | | | 1,716,000 | |
| Thomasville Hsp Auth–John Archbold | | | 5.125 | % | | 11/1/2030 | | A+ | | | 2,500 | | | | 2,763,825 | |
| Univ Med Ctr Corp | | | 6.25 | % | | 7/1/2029 | | BBB | | | 895 | | | | 1,040,751 | |
| Univ Med Ctr Corp | | | 6.50 | % | | 7/1/2039 | | BBB | | | 3,025 | | | | 3,530,568 | |
| Upland COP–San Antonio Cmnty Hsp COP | | | 6.375 | % | | 1/1/2032 | | A- | | | 5,000 | | | | 5,736,300 | |
| WA Hlth Care–Overlake Hsp | | | 5.00 | % | | 7/1/2038 | | A | | | 4,000 | | | | 4,374,000 | |
| WA Hlth Care–Providence Hlth | | | 5.00 | % | | 10/1/2044 | | AA- | | | 4,750 | | | | 5,329,500 | |
| WV Hsp–Herbert Thomas Hlth | | | 6.25 | % | | 10/1/2023 | | NR | | | 2,000 | | | | 2,125,160 | |
| Total | | | | | | | | | | | | | | | 217,536,875 | |
| | See Notes to Financial Statements. | 73 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Housing 1.24% | | | | | | | | | | | | | | | | |
| CA Muni Fin–Caritas Affordable Hsg | | | 5.25 | % | | 8/15/2039 | | BBB | | $ | 550 | | | $ | 600,875 | |
| CA Stwde–CHF-Irvine LLC | | | 6.00 | % | | 5/15/2023 | | Baa2 | | | 5,000 | | | | 5,651,350 | |
| Dekalb Newton Gwinnett Co–GGC Fndtn | | | 6.00 | % | | 7/1/2034 | | A+ | | | 1,500 | | | | 1,716,810 | |
| East Point Hsg–Laurel Ridge Apts AMT (FNMA) | | | 5.00 | % | | 10/1/2032 | | AA+ | | | 2,475 | | | | 2,506,259 | |
| HI Hsg Fin & Dev–Rent Hsg Sys Rmkt (AGM) | | | 6.50 | % | | 7/1/2033 | | A2 | | | 2,000 | | | | 2,176,120 | |
| LA HFA–GMF-LA Chateau | | | 8.00 | % | | 9/1/2039 | | BB | | | 1,425 | | | | 1,517,825 | |
| Los Angeles Hsg | | | 6.25 | % | | 6/1/2034 | | BB+ | | | 4,220 | | | | 4,404,498 | |
| MO Hsg–Homeownership Ln AMT (GNMA)(FNMA) | | | 5.90 | % | | 9/1/2035 | | Aaa | | | 15 | | | | 15,536 | |
| Toledo/Lucas Port Auth–Univ Toledo | | | 5.00 | % | | 7/1/2034 | | BBB- | | | 1,000 | | | | 1,040,630 | |
| Toledo/Lucas Port Auth–Univ Toledo | | | 5.00 | % | | 7/1/2039 | | BBB- | | | 1,150 | | | | 1,173,932 | |
| Toledo/Lucas Port Auth–Univ Toledo | | | 5.00 | % | | 7/1/2046 | | BBB- | | | 1,000 | | | | 1,013,020 | |
| Total | | | | | | | | | | | | | | | 21,816,855 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 9.64% | | | | | | | | | | | | | | | | |
| CA Pub Wks–Judicial Council | | | 5.00 | % | | 12/1/2028 | | A1 | | | 5,600 | | | | 6,421,576 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 4/1/2033 | | A1 | | | 8,500 | | | | 9,512,350 | |
| CA Pub Wks–Various Cap Proj | | | 5.125 | % | | 10/1/2031 | | A1 | | | 2,500 | | | | 2,836,325 | |
| CA Pub Wks–Various Cap Proj | | | 5.375 | % | | 11/1/2022 | | A1 | | | 5,000 | | | | 5,858,300 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2026 | | AA | | | 10,275 | | | | 12,064,905 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2027 | | AA | | | 2,355 | | | | 2,747,602 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.25 | % | | 5/1/2028 | | AA | | | 7,000 | | | | 8,216,390 | |
| Goodyear Pub Impt | | | 6.00 | % | | 7/1/2031 | | AA- | | | 2,350 | | | | 2,627,864 | |
| Houston Co Coop Dist–Country Crossing | | | 10.00 | % | | 6/7/2015 | | NR | | | 1,768 | | | | 247,520 | |
| IL Sports Facs Auth (AGM) | | | 5.00 | % | | 6/15/2027 | | AA | | | 3,500 | | | | 3,894,975 | |
| IN Fin Auth–I-69 AMT | | | 5.25 | % | | 9/1/2034 | | BBB- | | | 2,400 | | | | 2,628,984 | |
| IN Fin Auth–OH River Brdgs AMT | | | 5.00 | % | | 7/1/2035 | | BBB | | | 6,500 | | | | 6,920,940 | |
| IN Fin Auth–OH River Brdgs AMT | | | 5.00 | % | | 7/1/2040 | | BBB | | | 3,000 | | | | 3,160,470 | |
| IN Fin Auth–OH River Brdgs AMT | | | 5.00 | % | | 7/1/2044 | | BBB | | | 3,145 | | | | 3,299,168 | |
| Indianapolis Local Pub Impt Bd Bk(b) | | | 5.50 | % | | 2/1/2033 | | AA | | | 12,000 | | | | 14,162,340 | |
| McLennan Co PFC | | | 6.625 | % | | 6/1/2035 | | AA- | | | 6,995 | | | | 7,304,249 | |
| MI Fin Auth–Detroit Sch Dist | | | 5.50 | % | | 6/1/2021 | | A+ | | | 10,000 | | | | 11,449,900 | |
| NJ EDA–Goethals Brdg AMT | | | 5.625 | % | | 1/1/2052 | | BBB- | | | 7,500 | | | | 8,299,200 | |
| NJ EDA–Sch Facs | | | 1.64 | % | # | 3/1/2028 | | A2 | | | 4,625 | | | | 4,547,022 | |
| NJ Trans Trust Fund | | | 5.00 | % | | 12/15/2023 | | A2 | | | 4,425 | | | | 5,093,308 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2025 | | AAA | | | 1,980 | | | | 2,214,318 | |
| 74 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2026 | | AAA | | $ | 2,870 | | | $ | 3,209,642 | |
| NYC TFA–Bldg Aid | | | 5.00 | % | | 7/15/2030 | | Aa2 | | | 10,000 | | | | 11,506,000 | |
| NYC TFA–Bldg Aid | | | 5.00 | % | | 7/15/2031 | | Aa2 | | | 6,000 | | | | 6,854,040 | |
| PA IDA–Economic Dev | | | 5.50 | % | | 7/1/2023 | | A1 | | | 2,630 | | | | 2,910,253 | |
| Philadelphia Muni Auth | | | 6.375 | % | | 4/1/2029 | | A+ | | | 2,000 | | | | 2,331,240 | |
| PR Pub Fin Corp | | | 5.50 | % | | 8/1/2031 | | BB- | | | 8,000 | | | | 4,245,200 | |
| Sacramento City Fing Auth (AMBAC) | | | 5.25 | % | | 12/1/2023 | | A+ | | | 3,150 | | | | 3,812,161 | |
| San Diego PFA–Master Lease | | | 5.25 | % | | 9/1/2035 | | AA- | | | 5,000 | | | | 5,477,400 | |
| San Jose Fing Auth–Civic Ctr | | | 5.00 | % | | 6/1/2027 | | AA | | | 4,500 | | | | 5,290,605 | |
| Total | | | | | | | | | | | | | | | 169,144,247 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 8.03% | | | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | | 4.50 | % | | 3/1/2030 | | Baa1 | | | 8,015 | | | | 8,485,721 | |
| Arlington Hi Ed Fin Corp–Arlington Classics | | | 7.65 | % | | 8/15/2040 | | BB+ | | | 5,750 | | | | 6,365,250 | |
| Austin Convention† | | | 5.75 | % | | 1/1/2034 | | BB | | | 5,000 | | | | 5,119,800 | |
| Austin Convention CR (BHAC)(XLCA) | | | 5.00 | % | | 1/1/2034 | | AA+ | | | 2,400 | | | | 2,476,416 | |
| Baker Correctional Dev | | | 7.50 | % | | 2/1/2030 | | NR | | | 3,500 | | | | 2,545,585 | |
| Baytown Twp–St Croix Prep Admy | | | 6.75 | % | | 8/1/2028 | | BB | | | 1,455 | | | | 1,526,717 | |
| Brooklyn Arena LDC–Barclays Ctr | | | 6.375 | % | | 7/15/2043 | | BBB- | | | 6,000 | | | | 6,800,340 | |
| CA Infra & Econ Dev–Gladstone Inst | | | 5.25 | % | | 10/1/2034 | | A- | | | 8,100 | | | | 8,909,433 | |
| Chester Co IDA–Collegium Chtr Sch | | | 5.00 | % | | 10/15/2022 | | BBB- | | | 1,000 | | | | 1,048,490 | |
| Chester Co IDA–Collegium Chtr Sch | | | 5.375 | % | | 10/15/2042 | | BBB- | | | 5,000 | | | | 5,056,750 | |
| Cleveland Arpt | | | 5.00 | % | | 1/1/2030 | | A- | | | 2,000 | | | | 2,171,740 | |
| Clifton Higher Ed–IDEA Pub Schs | | | 5.00 | % | | 8/15/2032 | | BBB | | | 915 | | | | 989,664 | |
| Clifton Higher Ed–IDEA Pub Schs | | | 6.00 | % | | 8/15/2043 | | BBB | | | 1,000 | | | | 1,174,940 | |
| Clifton Higher Ed–Uplift Education | | | 5.70 | % | | 12/1/2025 | | BBB- | | | 2,000 | | | | 2,301,620 | |
| Clifton Higher Ed–Uplift Education | | | 6.00 | % | | 12/1/2030 | | BBB- | | | 1,000 | | | | 1,161,460 | |
| DC Rev–KIPP Chtr Sch | | | 6.00 | % | | 7/1/2043 | | BBB+ | | | 1,000 | | | | 1,138,370 | |
| DC Rev–KIPP Chtr Sch | | | 6.00 | % | | 7/1/2048 | | BBB+ | | | 1,000 | | | | 1,136,010 | |
| Doctor Charles Drew Admy COP | | | 5.70 | % | | 11/1/2036 | | NR | | | 1,480 | | | | 296,000 | |
| FL DFC–Renaissance Chtr Sch | | | 7.625 | % | | 6/15/2041 | | BB- | (d) | | 5,500 | | | | 5,889,455 | |
| Hammond Loc Pub Impt–Charter Sch | | | 6.75 | % | | 8/15/2035 | | BBB- | | | 1,000 | | | | 1,016,630 | |
| IL Fin Auth–Noble Chrter Schs | | | 6.125 | % | | 9/1/2039 | | BBB | | | 5,100 | | | | 5,447,769 | |
| IN Fin Auth–Drexel Foundation | | | 7.00 | % | | 10/1/2039 | | BB- | | | 1,250 | | | | 1,271,500 | |
| Indianapolis Local Pub Impt Bd Bk | | | 5.00 | % | | 2/1/2031 | | Aa2 | | | 6,645 | | | | 7,666,469 | |
| Kansas City IDA–Derrick Thomas Sch† | | | 5.875 | % | | 1/1/2037 | | NR | | | 1,850 | | | | 425,500 | |
| La Paz Co IDA–Imperial Regl Jail | | | 7.80 | % | | 10/1/2039 | | NR | | | 2,000 | | | | 2,151,120 | |
| Long Beach Nat Gas–ML | | | 1.607 | % | # | 11/15/2027 | | A- | | | 9,000 | | | | 8,369,910 | |
| | See Notes to Financial Statements. | 75 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | |
| MA DFA–Broad Inst | | | 5.25 | % | | 4/1/2037 | | AA- | | $ | 7,250 | | | $ | 8,092,813 | |
| Maverick Co PFC | | | 6.375 | % | | 2/1/2029 | | NR | | | 2,580 | | | | 1,300,372 | |
| Met Boston Trans Pkg Corp | | | 5.25 | % | | 7/1/2033 | | A+ | | | 11,000 | | | | 12,558,260 | |
| MI Pub Ed–Bradford Admy | | | 8.75 | % | | 9/1/2039 | | D | | | 2,250 | | | | 1,282,500 | |
| MI Pub Ed–Landmark Admy | | | 6.625 | % | | 6/1/2030 | | BB+ | | | 2,000 | | | | 2,076,500 | |
| Middlesex Co Impt Auth–Heldrich Ctr(g) | | | 6.125 | % | | 1/1/2025 | | NR | | | 1,250 | | | | 64,500 | |
| Middlesex Co Impt Auth–Heldrich Ctr(g) | | | 6.25 | % | �� | 1/1/2037 | | NR | | | 1,700 | | | | 87,720 | |
| Milwaukee Redev–Admy of Learning(g) | | | 5.50 | % | | 8/1/2022 | | NR | | | 300 | | | | 108,000 | |
| Milwaukee Redev–Admy of Learning(g) | | | 5.65 | % | | 8/1/2037 | | NR | | | 250 | | | | 90,000 | |
| Mohave Co IDA–Mohave Prison | | | 8.00 | % | | 5/1/2025 | | BBB+ | | | 6,500 | | | | 7,577,505 | |
| NJ EDA–Team Academy | | | 6.00 | % | | 10/1/2043 | | BBB | | | 3,500 | | | | 3,967,880 | |
| Pima Co IDA–American Charter Sch | | | 5.50 | % | | 7/1/2026 | | BB | (d) | | 3,500 | | | | 3,314,115 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | | 5.00 | % | | 7/15/2034 | | BBB | | | 1,275 | | | | 1,282,497 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | | 5.00 | % | | 7/15/2039 | | BBB | | | 7,000 | | | | 7,016,030 | |
| TX PFA–Uplift Education | | | 5.875 | % | | 12/1/2036 | | BBB- | | | 1,145 | | | | 1,263,908 | |
| Total | | | | | | | | | | | | | | | 141,025,259 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 3.20% | | | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2032 | | Baa2 | | | 1,250 | | | | 1,303,575 | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2035 | | Baa2 | | | 4,300 | | | | 4,472,989 | |
| Aurora TIF–East River | | | 6.75 | % | | 12/30/2027 | | NR | | | 870 | | | | 950,710 | |
| Baltimore Spl Oblig–East Baltimore Resrch | | | 7.00 | % | | 9/1/2038 | | NR | | | 1,500 | | | | 1,610,250 | |
| Emeryville Redev Agy (AGM) | | | 5.00 | % | | 9/1/2023 | | AA | | | 1,415 | | | | 1,703,504 | |
| Emeryville Redev Agy (AGM) | | | 5.00 | % | | 9/1/2024 | | AA | | | 1,950 | | | | 2,360,339 | |
| Fontana PFA–North Fontana Redev (AMBAC) | | | 5.50 | % | | 9/1/2032 | | A+ | | | 2,000 | | | | 2,005,480 | |
| Gramercy Farms CDD~ | Zero Coupon | | 5/1/2039 | | NR | | | 5,240 | | | | 786,000 | |
| Gramercy Farms Cmnty Dev Dist(g) | | | 5.25 | % | | 5/1/2039 | | NR | | | 1,340 | | | | 13 | |
| HI Dept Homelands | | | 5.875 | % | | 4/1/2034 | | A1 | | | 3,000 | | | | 3,325,500 | |
| Houston Co Coop Dist–Country Crossing | | | 10.00 | % | | 5/1/2039 | | NR | | | 5,000 | | | | 550,000 | |
| Inland Valley Redev Agy | | | 5.25 | % | | 9/1/2037 | | A- | | | 3,375 | | | | 3,790,294 | |
| Irvine CFD–Great Park | | | 5.00 | % | | 9/1/2044 | | NR | | | 500 | | | | 545,695 | |
| La Quinta Redev Agy | | | 5.00 | % | | 9/1/2025 | | AA- | | | 1,500 | | | | 1,798,215 | |
| Millsboro Spl Oblig–Plantation Lakes | | | 5.45 | % | | 7/1/2036 | | NR | | | 2,047 | | | | 1,548,556 | |
| NJ EDA–Kapkowski Rd Landfill | | | 6.50 | % | | 4/1/2028 | | Ba2 | | | 2,325 | | | | 2,858,029 | |
| Rancho Cucamonga Redev Agy (AGM) | | | 5.00 | % | | 9/1/2030 | | AA | | | 1,000 | | | | 1,154,580 | |
| 76 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | |
| Rancho Cucamonga Redev Agy (AGM) | | | 5.00 | % | | 9/1/2031 | | AA | | $ | 1,400 | | | $ | 1,607,424 | |
| Riverside Co Redev Agy–Tax Alloc | | | 6.50 | % | | 10/1/2040 | | BBB+ | | | 2,000 | | | | 2,336,040 | |
Riverside Co Redev Agy–Tax Alloc
(8.50% after 10/1/2021)~ | Zero Coupon | | 10/1/2041 | | A- | | | 11,195 | | | | 8,549,062 | |
| San Diego Redev Agy–No Pk Redev | | | 7.00 | % | | 11/1/2039 | | A- | | | 2,500 | | | | 2,998,950 | |
| San Francisco Redev–Mission Bay South | | 5.00 | % | | 8/1/2043 | | BBB+ | | | 1,400 | | | | 1,516,326 | |
| San Francisco Redev–Mission Bay South | | 7.00 | % | | 8/1/2033 | | BBB+ | | | 1,000 | | | | 1,216,060 | |
| San Francisco Redev–Mission Bay South | | 7.00 | % | | 8/1/2041 | | BBB+ | | | 1,400 | | | | 1,698,004 | |
| Sparks Tourism Impt Dist† | | | 6.50 | % | | 6/15/2020 | | B1 | | | 1,535 | | | | 1,664,001 | |
| Sparks Tourism Impt Dist† | | | 6.75 | % | | 6/15/2028 | | B1 | | | 2,500 | | | | 2,679,850 | |
| Stone Canyon CID(g) | | | 5.70 | % | | 4/1/2022 | | NR | | | 1,000 | | | | 480,000 | |
| Stone Canyon CID(g) | | | 5.75 | % | | 4/1/2027 | | NR | | | 1,300 | | | | 624,000 | |
| Total | | | | | | | | | | | | | | | 56,133,446 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 7.94% | | | | | | | | | | | | | | | | |
| AZ Sports & Tourism Auth–Stadium | | | 5.00 | % | | 7/1/2028 | | A1 | | | 5,500 | | | | 6,027,780 | |
| Guam Ltd Oblig–Section 30 Landfill | | | 5.75 | % | | 12/1/2034 | | BBB+ | | | 3,690 | | | | 4,031,362 | |
| MA Sch Bldg Auth–Sales Tax(b) | | | 5.00 | % | | 10/15/2032 | | AA+ | | | 20,000 | | | | 23,002,700 | |
| NJ EDA–Cigarette Tax | | | 4.25 | % | | 6/15/2027 | | BBB+ | | | 4,000 | | | | 4,245,160 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2023 | | BBB+ | | | 2,000 | | | | 2,290,860 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2025 | | BBB+ | | | 1,000 | | | | 1,124,840 | |
| NY Dorm–PIT | | | 5.00 | % | | 3/15/2025 | | AAA | | | 4,590 | | | | 5,373,880 | |
| NY Dorm–PIT | | | 5.00 | % | | 3/15/2026 | | AAA | | | 2,580 | | | | 3,015,530 | |
| NY UDC–PIT | | | 5.00 | % | | 3/15/2028 | | AAA | | | 5,000 | | | | 5,701,950 | |
| NY UDC–PIT | | | 5.00 | % | | 3/15/2033 | | AAA | | | 2,250 | | | | 2,565,630 | |
| NYC TFA–Future Tax(b) | | | 5.00 | % | | 2/1/2027 | | AAA | | | 12,000 | | | | 13,892,220 | |
| NYC TFA–Future Tax(b) | | | 5.00 | % | | 2/1/2028 | | AAA | | | 4,000 | | | | 4,630,740 | |
| PR Corp Sales Tax | | | 5.00 | % | | 8/1/2040 | | BBB | | | 5,040 | | | | 4,209,106 | |
| PR Corp Sales Tax | | | 5.00 | % | | 8/1/2043 | | BBB- | | | 5,130 | | | | 3,689,291 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2040 | | BBB | | | 2,000 | | | | 1,711,060 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2041 | | BBB- | | | 10,165 | | | | 7,528,199 | |
| PR Corp Sales Tax | | | 5.375 | % | | 8/1/2039 | | BBB- | | | 11,510 | | | | 8,813,782 | |
| PR Corp Sales Tax | | | 5.50 | % | | 8/1/2040 | | BBB- | | | 5,580 | | | | 4,360,714 | |
| PR Corp Sales Tax | | | 6.125 | % | | 8/1/2029 | | BBB- | | | 2,000 | | | | 1,705,220 | |
| San Joaquin Co Trsp Auth | | | 5.50 | % | | 3/1/2041 | | AA | | | 14,000 | | | | 15,983,240 | |
| San Jose Spl Tax–Conv Ctr | | | 6.125 | % | | 5/1/2031 | | A2 | | | 4,190 | | | | 5,100,236 | |
| Sonoma Marin Area Rail Rmkt | | | 5.00 | % | | 3/1/2028 | | AA | | | 1,500 | | | | 1,723,770 | |
| Virgin Islands PFA–Matching Fund | | | 5.25 | % | | 10/1/2029 | | Baa2 | | | 4,500 | | | | 5,007,330 | |
| | See Notes to Financial Statements. | 77 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | |
| Yorba Linda Redev Agy | | | 6.00 | % | | 9/1/2026 | | A- | | $ | 1,145 | | | $ | 1,320,849 | |
| Yorba Linda Redev Agy | | | 6.50 | % | | 9/1/2032 | | A- | | | 2,000 | | | | 2,361,380 | |
| Total | | | | | | | | | | | | | | | 139,416,829 | |
| | | | | | | | | | | | | | | | | |
| Tobacco 2.70% | | | | | | | | | | | | | | | | |
| Buckeye Tobacco | | | 5.125 | % | | 6/1/2024 | | B- | | | 13,500 | | | | 11,314,350 | |
| Golden St Tobacco | | | 4.50 | % | | 6/1/2027 | | B | | | 4,000 | | | | 3,700,360 | |
| Railsplitter Tobacco Settlement Auth | | | 6.00 | % | | 6/1/2028 | | A- | | | 5,625 | | | | 6,566,512 | |
| SD Edu Enhancement Fding Corp | | | 5.00 | % | | 6/1/2026 | | A- | | | 2,005 | | | | 2,229,520 | |
| Tobacco Settlement Auth WA | | | 5.00 | % | | 6/1/2020 | | A | | | 4,490 | | | | 5,178,856 | |
| Tobacco Settlement Auth WA | | | 5.00 | % | | 6/1/2022 | | A | | | 4,500 | | | | 5,232,105 | |
| Tobacco Settlement Auth WA | | | 5.25 | % | | 6/1/2032 | | A- | | | 2,000 | | | | 2,135,180 | |
| Tobacco Settlement Fin Corp NJ | | | 4.625 | % | | 6/1/2026 | | B+ | | | 3,750 | | | | 3,409,725 | |
| Tobacco Settlement Fin Corp NJ | | | 4.75 | % | | 6/1/2034 | | B2 | | | 6,255 | | | | 4,639,834 | |
| TSASC | | | 5.00 | % | | 6/1/2026 | | B+ | | | 3,070 | | | | 3,000,864 | |
| Total | | | | | | | | | | | | | | | 47,407,306 | |
| | | | | | | | | | | | | | | | | |
| Transportation 18.76% | | | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | | 5.00 | % | | 10/1/2025 | | A- | | | 2,300 | | | | 2,742,198 | |
| Atlanta Arpt–PFC | | | 5.00 | % | | 1/1/2028 | | A+ | | | 1,000 | | | | 1,162,130 | |
| Atlanta Arpt–PFC | | | 5.00 | % | | 1/1/2031 | | A+ | | | 5,000 | | | | 5,728,000 | |
| Central TX Mobility Auth | | | 6.00 | % | | 1/1/2041 | | Baa2 | | | 10,000 | | | | 11,354,800 | |
| Chicago Midway Arpt AMT | | | 5.00 | % | | 1/1/2026 | | A- | | | 2,000 | | | | 2,270,600 | |
| Cleveland Arpt (AMBAC) | | | 5.25 | % | | 1/1/2020 | | A- | | | 2,550 | | | | 2,941,348 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2022 | | AA+ | | | 9,645 | | | | 11,007,950 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2023 | | AA+ | | | 6,135 | | | | 7,001,947 | |
| Dallas Area Rapid Transit(b) | | | 5.00 | % | | 12/1/2028 | | AA+ | | | 7,160 | | | | 8,171,791 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2034 | | A | | | 7,200 | | | | 8,155,800 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | | 9/1/2032 | | AA- | | | 4,200 | | | | 2,019,570 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | | 9/1/2037 | | AA- | | | 7,720 | | | | 2,598,320 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.00 | % | | 1/15/2049 | | BBB- | | | 5,000 | | | | 5,768,750 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.00 | % | | 1/15/2053 | | BBB- | | | 8,000 | | | | 9,216,640 | |
| HI Arpt | | | 5.00 | % | | 7/1/2034 | | A | | | 3,000 | | | | 3,287,760 | |
| Houston Arpt–Continental Airlines AMT | | | 6.625 | % | | 7/15/2038 | | B | | | 2,500 | | | | 2,807,375 | |
| IL Toll Hwy Auth | | | 5.00 | % | | 1/1/2027 | | AA- | | | 1,000 | | | | 1,158,530 | |
| Lee Co Arpt AMT | | | 5.375 | % | | 10/1/2032 | | A2 | | | 3,645 | | | | 4,021,346 | |
| Louisville Regl Airport AMT | | | 5.00 | % | | 7/1/2021 | | A+ | | | 1,250 | | | | 1,475,088 | |
| Louisville Regl Airport AMT | | | 5.00 | % | | 7/1/2022 | | A+ | | | 1,625 | | | | 1,916,883 | |
| 78 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| Louisville Regl Airport AMT | | | 5.00 | % | | 7/1/2023 | | A+ | | $ | 2,250 | | | $ | 2,639,093 | |
| Met DC Arpt AMT | | | 5.00 | % | | 10/1/2026 | | AA- | | | 2,500 | | | | 2,893,725 | |
| Met DC Arpt AMT | | | 5.00 | % | | 10/1/2027 | | AA- | | | 3,250 | | | | 3,777,215 | |
| Met DC Arpt AMT | | | 5.00 | % | | 10/1/2028 | | AA- | | | 2,000 | | | | 2,282,800 | |
| Miami Dade Co–Rickenbacker Cswy | | | 5.00 | % | | 10/1/2030 | | BBB+ | | | 550 | | | | 621,055 | |
| Miami Dade Co–Rickenbacker Cswy | | | 5.00 | % | | 10/1/2032 | | BBB+ | | | 1,160 | | | | 1,298,411 | |
| Miami Dade Co–Rickenbacker Cswy | | | 5.00 | % | | 10/1/2043 | | BBB+ | | | 1,500 | | | | 1,635,480 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2027 | | A | | | 3,250 | | | | 3,756,057 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2028 | | A | | | 4,435 | | | | 5,052,175 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2029 | | A | | | 1,000 | | | | 1,132,800 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2032 | | A | | | 5,000 | | | | 5,473,300 | |
| Miami Dade Co Expwy Auth | | | 5.00 | % | | 7/1/2024 | | A- | | | 625 | | | | 749,194 | |
| Miami Dade Co Expwy Auth | | | 5.00 | % | | 7/1/2025 | | A- | | | 715 | | | | 850,321 | |
| Miami Dade Co Expwy Auth | | | 5.00 | % | | 7/1/2026 | | A- | | | 540 | | | | 638,150 | |
| Miami Dade Co Expwy Auth(c) | | | 5.00 | % | | 7/1/2026 | | A- | | | 2,500 | | | | 2,954,400 | |
| Miami Dade Co Expwy Auth(c) | | | 5.00 | % | | 7/1/2027 | | A- | | | 2,000 | | | | 2,348,640 | |
| Mid–Bay Bridge Auth | | | 7.25 | % | | 10/1/2034 | | BBB- | | | 7,500 | | | | 9,137,925 | |
| Minneapolis / St Paul Met Arpts(c) | | | 5.00 | % | | 1/1/2027 | | A | | | 3,100 | | | | 3,649,196 | |
| Minneapolis / St Paul Met Arpts(c) | | | 5.00 | % | | 1/1/2031 | | A | | | 2,000 | | | | 2,310,280 | |
| MTA NY | | | 5.00 | % | | 11/15/2030 | | AA- | | | 5,095 | | | | 5,851,811 | |
| MTA NY | | | 6.50 | % | | 11/15/2028 | | AA- | | | 7,500 | | | | 9,064,950 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt | | | 5.00 | % | | 4/1/2025 | | Baa1 | | | 2,750 | | | | 3,184,252 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt | | | 5.00 | % | | 4/1/2026 | | Baa1 | | | 1,000 | | | | 1,144,620 | |
| NJ Trans Trust Fund | | | 6.00 | % | | 6/15/2035 | | A2 | | | 4,500 | | | | 5,398,245 | |
| North Hudson Sewerage Auth | | | 5.00 | % | | 6/1/2026 | | A- | | | 4,915 | | | | 5,644,779 | |
| North TX Twy Auth | | | 5.00 | % | | 9/1/2028 | | AA+ | | | 10,000 | | | | 11,570,600 | |
| North TX Twy Auth | | | 5.75 | % | | 1/1/2033 | | A3 | | | 5,705 | | | | 6,333,748 | |
| North TX Twy Auth | | | 6.00 | % | | 1/1/2025 | | A2 | | | 5,000 | | | | 5,652,000 | |
| OK Tpk Auth(b) | | | 5.00 | % | | 1/1/2026 | | AA- | | | 11,000 | | | | 12,545,280 | |
| OK Tpk Auth(b) | | | 5.00 | % | | 1/1/2027 | | AA- | | | 5,000 | | | | 5,702,400 | |
| Orlando & Orange Co Expwy Auth | | | 5.00 | % | | 7/1/2030 | | A | | | 1,500 | | | | 1,658,820 | |
| PA Tpk Commn | | | 5.00 | % | | 12/1/2032 | | A- | | | 7,000 | | | | 7,696,920 | |
| PA Tpk Commn | | | 5.625 | % | | 6/1/2029 | | A- | | | 3,310 | | | | 3,732,720 | |
| PA Tpk Commn (6.00% after 12/1/2015)~ | Zero Coupon | | 12/1/2034 | | A- | | | 12,000 | | | | 12,683,280 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | | 6.00 | % | | 12/1/2042 | | AA | | | 1,875 | | | | 2,248,688 | |
| Port Auth NY & NJ AMT | | | 5.00 | % | | 12/1/2021 | | AA- | | | 6,365 | | | | 7,562,829 | |
| | See Notes to Financial Statements. | 79 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| Port Oakland AMT | | | 5.00 | % | | 5/1/2028 | | A+ | | $ | 2,350 | | | $ | 2,616,749 | |
| Port Oakland AMT (NPFGC)(FGIC) | | | 5.00 | % | | 11/1/2026 | | AA- | | | 2,285 | | | | 2,465,149 | |
| Port of Portland–Portland Intl Arpt AMT | | | 5.00 | % | | 7/1/2039 | | AA- | | | 2,000 | | | | 2,216,160 | |
| Port of Portland–Portland Intl Arpt AMT | | | 5.00 | % | | 7/1/2044 | | AA- | | | 2,000 | | | | 2,209,260 | |
| PR Hwy & Trans Auth (AG)(AGM) | | | 5.50 | % | | 7/1/2025 | | AA | | | 2,000 | | | | 2,088,960 | |
| Regional Trans Dist–Denver Trans | | | 6.00 | % | | 1/15/2034 | | Baa3 | | | 1,800 | | | | 2,028,618 | |
| Regional Trans Dist COP | | | 5.375 | % | | 6/1/2031 | | Aa3 | | | 5,200 | | | | 5,733,000 | |
| San Antonio Arpt AMT (AGM) | | | 5.25 | % | | 7/1/2032 | | AA | | | 1,500 | | | | 1,626,990 | |
| San Francisco Arpt AMT | | | 5.00 | % | | 5/1/2025 | | A+ | | | 10,000 | | | | 11,416,300 | |
| San Francisco Arpt AMT | | | 5.25 | % | | 5/1/2033 | | A+ | | | 7,000 | | | | 7,911,820 | |
| San Francisco Port Commn AMT | | | 5.00 | % | | 3/1/2024 | | A1 | | | 1,055 | | | | 1,242,959 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2022 | | A2 | | | 1,290 | | | | 1,497,445 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2023 | | A2 | | | 1,000 | | | | 1,160,580 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2029 | | A2 | | | 400 | | | | 460,908 | |
| San Jose Arpt AMT | | | 6.25 | % | | 3/1/2034 | | A2 | | | 5,000 | | | | 5,830,150 | |
| St Louis Arpt–Lambert Intl Arpt | | | 6.25 | % | | 7/1/2029 | | A- | | | 3,020 | | | | 3,532,403 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2027 | | A+ | | | 2,770 | | | | 3,266,107 | |
| VA Small Bus Fing–95 Express Lanes AMT | | | 5.00 | % | | 1/1/2040 | | BBB- | | | 4,870 | | | | 5,040,109 | |
| VA Small Bus Fing–Elizabeth River AMT | | | 5.25 | % | | 1/1/2032 | | BBB- | | | 6,100 | | | | 6,582,083 | |
| VA Small Bus Fing–Elizabeth River AMT | | | 6.00 | % | | 1/1/2037 | | BBB- | | | 1,500 | | | | 1,682,085 | |
| Wayne Co Arpt AMT | | | 5.00 | % | | 12/1/2039 | | A | | | 1,700 | | | | 1,828,945 | |
| Wayne Co Arpt AMT | | | 5.00 | % | | 12/1/2044 | | A | | | 1,000 | | | | 1,099,440 | |
| Total | | | | | | | | | | | | | | | 329,219,205 | |
| | | | | | | | | | | | | | | | | |
| Utilities 11.87% | | | | | | | | | | | | | | | | |
| Amr Muni Pwr–Prairie St Energy | | | 5.25 | % | | 2/15/2027 | | A1 | | | 3,000 | | | | 3,369,000 | |
| Atlanta Wtr & Wastewtr | | | 6.00 | % | | 11/1/2028 | | Aa3 | | | 3,000 | | | | 3,603,930 | |
| Atlanta Wtr & Wastewtr | | | 6.00 | % | | 11/1/2029 | | Aa3 | | | 4,000 | | | | 4,785,920 | |
| Beaver Co IDA–FirstEnergy | | | 3.50 | % | | 12/1/2035 | | BBB- | | | 4,000 | | | | 4,101,200 | |
| Central Plains–Goldman Sachs | | | 5.00 | % | | 9/1/2032 | | A- | | | 5,000 | | | | 5,470,850 | |
| Central Plains–Goldman Sachs | | | 5.25 | % | | 9/1/2037 | | A- | | | 8,585 | | | | 9,453,029 | |
| Chicago Wastewater | | | 5.00 | % | | 1/1/2039 | | AA- | | | 2,550 | | | | 2,801,124 | |
| Chicago Water | | | 5.00 | % | | 11/1/2039 | | AA- | | | 2,600 | | | | 2,882,100 | |
| Chicago Water | | | 5.00 | % | | 11/1/2044 | | AA- | | | 1,000 | | | | 1,100,540 | |
| Chula Vista IDR–San Diego G & E Rmkt | | | 5.875 | % | | 1/1/2034 | | Aa2 | | | 2,125 | | | | 2,436,610 | |
| Compton Water | | | 6.00 | % | | 8/1/2039 | | NR | | | 5,500 | | | | 5,690,025 | |
| DE EDA–NRG Energy | | | 5.375 | % | | 10/1/2045 | | Baa3 | | | 8,250 | | | | 8,991,428 | |
| El Dorado Irrigation Dist (AGM) | | | 5.00 | % | | 3/1/2034 | | AA | | | 3,600 | | | | 4,079,088 | |
| 80 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| FL Muni Pwr Agy | | | 6.25 | % | | 10/1/2031 | | A2 | | $ | 4,000 | | | $ | 4,702,240 | |
| Guam Pwr Auth (AGM) | | | 5.00 | % | | 10/1/2039 | | AA | | | 1,250 | | | | 1,392,475 | |
| HI Dept Budget–Hawaiian Electric AMT (FGIC) | | | 4.60 | % | | 5/1/2026 | | Baa1 | | | 2,295 | | | | 2,359,237 | |
| IN Fin Auth–Ohio Vly Elec | | | 5.00 | % | | 6/1/2032 | | BBB- | | | 2,250 | | | | 2,390,985 | |
| IN Fin Auth–Ohio Vly Elec | | | 5.00 | % | | 6/1/2039 | | BBB- | | | 2,000 | | | | 2,087,780 | |
| IN Muni Pwr | | | 5.25 | % | | 1/1/2030 | | A+ | | | 2,000 | | | | 2,310,480 | |
| IN Muni Pwr | | | 5.25 | % | | 1/1/2032 | | A+ | | | 2,050 | | | | 2,348,050 | |
| Jefferson Co Sewer | | | 6.50 | % | | 10/1/2053 | | BBB- | | | 7,000 | | | | 8,016,540 | |
| Jefferson Co Sewer (AGM) | | | 5.50 | % | | 10/1/2053 | | AA | | | 2,015 | | | | 2,210,153 | |
| Lansing Brd Wtr & Light | | | 5.00 | % | | 7/1/2030 | | AA- | | | 4,735 | | | | 5,399,084 | |
| Los Angeles DEWAP–Pwr Sys (AMBAC) | | | 5.00 | % | | 7/1/2028 | | AA- | | | 4,925 | | | | 5,456,900 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2023 | | Aa2 | | | 10,000 | | | | 12,216,000 | |
| Louisville/Jeff Co Met Swr Dist | | | 5.00 | % | | 5/15/2028 | | AA | | | 9,710 | | | | 11,126,592 | |
| Maricopa Co Poll Ctl–El Paso Elec | | | 7.25 | % | | 2/1/2040 | | Baa1 | | | 3,500 | | | | 3,959,550 | |
| Met Atlanta Rapid Trans Auth (AGM) | | | 5.00 | % | | 7/1/2034 | | AA+ | | | 10,000 | | | | 10,878,100 | |
| Met St Louis Sewer Dist | | | 5.75 | % | | 5/1/2038 | | AAA | | | 1,760 | | | | 1,947,475 | |
| MO Joint Muni Elec Util Commn(c) | | | 5.00 | % | | 1/1/2027 | | A2 | | | 2,115 | | | | 2,478,420 | |
| Modesto Irrigation Dist | | | 5.00 | % | | 7/1/2024 | | A+ | | | 1,000 | | | | 1,200,450 | |
| New Orleans Water | | | 5.00 | % | | 12/1/2034 | | BBB+ | | | 1,000 | | | | 1,115,510 | |
| New Orleans Water | | | 5.00 | % | | 12/1/2044 | | BBB+ | | | 3,000 | | | | 3,300,960 | |
| North Sumter Co Util Dep Dist | | | 5.375 | % | | 10/1/2030 | | A | | | 5,000 | | | | 5,457,800 | |
| OH Air Quality–FirstEnergy | | | 3.625 | % | | 12/1/2033 | | BBB- | | | 1,250 | | | | 1,286,413 | |
| OH Air Quality–FirstEnergy | | | 5.70 | % | | 8/1/2020 | | BBB- | | | 3,250 | | | | 3,743,968 | |
| OH Air Quality–Ohio Vly Elec | | | 5.625 | % | | 10/1/2019 | | BBB- | | | 4,620 | | | | 5,247,442 | |
| Palm Beach Co Solid Waste | | | 5.50 | % | | 10/1/2028 | | AA+ | | | 3,000 | | | | 3,476,220 | |
| Pima CO IDA–Tucson Elec | | | 4.00 | % | | 9/1/2029 | | Baa1 | | | 5,040 | | | | 5,203,548 | |
| PR Aqueduct & Swr Auth | | | 5.75 | % | | 7/1/2037 | | BB- | | | 7,280 | | | | 5,388,219 | |
| PR Elec Pwr Auth | | | 0.857 | % | # | 7/1/2031 | | CCC | | | 4,000 | | | | 2,185,240 | |
| Sabine River Auth–TXU(g) | | | 5.80 | % | | 7/1/2022 | | C | (d) | | 1,000 | | | | 90,000 | |
| Sacramento MUD | | | 5.00 | % | | 8/15/2027 | | AA- | | | 1,650 | | | | 1,964,622 | |
| Salt Verde Fin Corp–Citi | | | 5.25 | % | | 12/1/2027 | | A- | | | 3,435 | | | | 4,076,452 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | | 1.631 | % | # | 11/1/2038 | | A- | | | 3,000 | | | | 2,589,840 | |
| TEAC–Goldman Sachs | | | 5.625 | % | | 9/1/2026 | | BBB | (d) | | 3,000 | | | | 3,501,660 | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00 | % | | 12/15/2028 | | A3 | | | 3,000 | | | | 3,298,020 | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00 | % | | 12/15/2029 | | A3 | | | 9,420 | | | | 10,320,740 | |
| | See Notes to Financial Statements. | 81 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2014
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00 | % | | 12/15/2032 | | A3 | | $ | 4,480 | | | $ | 4,842,342 | |
| Total | | | | | | | | | | | | | | | 208,334,351 | |
| Total Municipal Bonds (cost $1,693,398,515) | | | | | | | | | | | 1,797,032,826 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Shares
(000) | | | | |
| SHORT-TERM INVESTMENTS 0.76% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Money Market Mutual Fund 0.00% | | | | | | | | | | | | | | | | |
Dreyfus Municipal Cash Management Plus
(cost $908) | | | | | | | | | | | — | (j) | | | 908 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | Principal
Amount
(000) | | | | |
| Municipal Bond 0.09% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue | | | | | | | | | | | | | | | | |
MI Fin Auth–Detroit Sch Dist
(cost $1,600,000) | | | 2.85 | % | | 8/20/2015 | | NR | | $ | 1,600 | | | | 1,611,344 | |
| | | Interest
Rate# | | Interest
Rate
Reset
Date(e) | | Final
Maturity
Date | | | | | | | | |
| Variable Rate Demand Notes 0.67% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 0.23% | | | | | | | | | | | | | | | | | |
| Port Arthur Nav Dist–Motiva | | | 0.17 | % | | 10/1/2014 | | 11/1/2040 | | A2 | | | 2,000 | | | | 2,000,000 | |
| Port Arthur Nav Dist–Motiva | | | 0.17 | % | | 10/1/2014 | | 12/1/2039 | | A2 | | | 2,100 | | | | 2,100,000 | |
| Total | | | | | | | | | | | | | | | | | 4,100,000 | |
| | | | | | | | | | | | | | | | | | | |
| Lease Obligations 0.14% | | | | | | | | | | | | | | | | | | |
| Pima Co IDA–Clark Co Detention† | | | 0.32 | % | | 10/2/2014 | | 9/1/2033 | | AA- | | | 2,500 | | | | 2,500,000 | |
| | | | | | | | | | | | | | | | | | | |
| Utilities 0.30% | | | | | | | | | | | | | | | | | | |
| Las Vegas Valley Water District | | | 0.12 | % | | 10/1/2014 | | 6/1/2036 | | AA+ | | | 5,200 | | | | 5,200,000 | |
| Total Variable Rate Demand Notes (cost $11,800,000) | | | | | | | | | | 11,800,000 | |
| Total Short-Term Investments (cost $13,400,908) | | | | | | | | | | | 13,412,252 | |
| Total Investments in Securities 103.15% (cost $1,706,799,423) | | | | | | | | | 1,810,445,078 | |
| Liabilities in Excess of Cash and Other Assets(f) (3.15%) | | | | | | | | | (55,294,930 | ) |
| Net Assets 100.00% | | | | | | | | | | | | | | | | $ | 1,755,150,148 | |
| 82 | See Notes to Financial Statements. | |
Schedule of Investments (concluded)
NATIONAL TAX FREE FUND September 30, 2014
Open Futures Contracts at September 30, 2014:
| Type | | Expiration | | Contracts | | | Position | | Fair Value | | | Unrealized
Appreciation | |
| U.S. Long Bond | | December 2014 | | | 184 | | | Short | | $ | (25,374,750 | ) | | | $147,746 | |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 1,798,644,170 | | | $ | — | | | $ | 1,798,644,170 | |
| Money Market Mutual Fund | | | 908 | | | | — | | | | — | | | | 908 | |
| Variable Rate Demand Notes | | | — | | | | 11,800,000 | | | | — | | | | 11,800,000 | |
| Total | | $ | 908 | | | $ | 1,810,444,170 | | | $ | — | | | $ | 1,810,445,078 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | — | | | $ | (62,165,000 | ) | | $ | — | | | $ | (62,165,000 | ) |
| Total | | $ | — | | | $ | (62,165,000 | ) | | $ | — | | | $ | (62,165,000 | ) |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 147,746 | | | $ | — | | | $ | — | | | $ | 147,746 | |
| Liabilities | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 147,746 | | | $ | — | | | $ | — | | | $ | 147,746 | |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| (4) | Refer to Note 2(h) for a description of Municipal Bonds Held in Trust. |
| | See Notes to Financial Statements. | 83 |
Schedule of Investments
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 99.99% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 13.21% | | | | | | | | | | | | | | | | |
| AK IDA–Anchorage Sportsplex | | | 6.12 | % | | 8/1/2031 | | NR | | $ | 3,285 | | | $ | 1,248,300 | |
| Aleutians E Burough–Pribilof Islands (ACA) | | | 5.50 | % | | 6/1/2025 | | NR | | | 1,375 | | | | 1,390,537 | |
| Aleutians E Burough–Pribilof Islands (ACA) | | | 5.50 | % | | 6/1/2036 | | NR | | | 3,210 | | | | 3,225,889 | |
| Allegheny Co IDA–US Steel | | | 6.875 | % | | 5/1/2030 | | BB- | | | 6,050 | | | | 6,931,606 | |
| Beauregard Parish–Office Max | | | 6.80 | % | | 2/1/2027 | | B3 | | | 5,000 | | | | 5,070,150 | |
| Brazos River Auth–TXU Rmkt AMT(g) | | | 7.70 | % | | 4/1/2033 | | C | (d) | | 2,000 | | | | 180,000 | |
| Brazos River Auth–TXU Rmkt AMT† | | | 8.25 | % | | 5/1/2033 | | NR | | | 2,000 | | | | 180,000 | |
| CA Poll Ctl–Poseidon Res AMT† | | | 5.00 | % | | 11/21/2045 | | Baa3 | | | 9,000 | | | | 9,477,360 | |
| Clayton Co SFR–Delta Airlines AMT | | | 9.00 | % | | 6/1/2035 | | B+ | | | 7,520 | | | | 7,810,573 | |
| Cleveland Arpt–Continental Airlines AMT | | | 5.375 | % | | 9/15/2027 | | B | | | 15,240 | | | | 15,243,200 | |
| Cleveland Arpt–Continental Airlines AMT | | | 5.70 | % | | 12/1/2019 | | B | | | 3,000 | | | | 3,017,220 | |
| Courtland IDB–Intl Paper AMT | | | 5.20 | % | | 6/1/2025 | | BBB | | | 5,545 | | | | 5,670,040 | |
| Gloucester Co Poll Ctl–Logan AMT | | | 5.00 | % | | 12/1/2024 | | BBB- | | | 2,000 | | | | 2,229,220 | |
| Greater Orlando Aviation–Jet Blue AMT | | | 5.00 | % | | 11/15/2036 | | NR | | | 1,670 | | | | 1,656,657 | |
| Houston Arpt–Continental Airlines | | | 5.00 | % | | 7/1/2029 | | B | | | 4,200 | | | | 4,333,770 | |
| Houston Arpt–Continental Airlines AMT | | | 5.70 | % | | 7/15/2029 | | B | | | 3,760 | | | | 3,763,046 | |
| IA Fin Auth–Alcoa | | | 4.75 | % | | 8/1/2042 | | BBB- | | | 3,000 | | | | 3,092,790 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.25 | % | | 12/1/2025 | | BB- | | | 16,835 | | | | 18,140,218 | |
| IA Fin Auth–Iowa Fertilizer Co | | | 5.50 | % | | 12/1/2022 | | BB- | | | 13,000 | | | | 13,739,960 | |
| IL Fin Auth–Leafs Hockey Club(g) | | | 5.875 | % | | 3/1/2027 | | NR | | | 1,500 | | | | 300,000 | |
| IL Fin Auth–Leafs Hockey Club(g) | | | 6.00 | % | | 3/1/2037 | | NR | | | 1,450 | | | | 290,000 | |
| IL Fin Auth–United Sports/ Barrington†(g) | | | 6.125 | % | | 10/1/2027 | | NR | | | 1,475 | | | | 177,000 | |
| IL Fin Auth–United Sports/ Barrington†(g) | | | 6.25 | % | | 10/1/2037 | | NR | | | 6,525 | | | | 783,000 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | | 5.50 | % | | 1/1/2016 | | NR | | | 1,830 | | | | 1,831,830 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | | 5.50 | % | | 1/1/2022 | | NR | | | 10,015 | | | | 10,020,408 | |
| Maricopa Co IDA–Waste Mgmt AMT | | | 3.375 | % | | 12/1/2031 | | A- | | | 4,165 | | | | 4,355,674 | |
| Martin Co IDA–Indiantown Cogen AMT | | | 4.20 | % | | 12/15/2025 | | Ba1 | | | 8,500 | | | | 8,624,440 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.00 | % | | 12/1/2016 | | NR | | | 3,430 | | | | 1,543,500 | |
| Niagara Area Dev Corp–Covanta AMT | | | 5.25 | % | | 11/1/2042 | | Ba2 | | | 15,010 | | | | 15,438,235 | |
| NJ EDA–Continental Airlines AMT | | | 4.875 | % | | 9/15/2019 | | B | | | 1,515 | | | | 1,557,511 | |
| NJ EDA–Continental Airlines AMT | | | 5.125 | % | | 9/15/2023 | | B | | | 5,125 | | | | 5,483,391 | |
| NJ EDA–Continental Airlines AMT | | | 5.25 | % | | 9/15/2029 | | B | | | 13,935 | | | | 14,747,968 | |
| NJ EDA–Continental Airlines AMT | | | 5.50 | % | | 4/1/2028 | | B | | | 5,965 | | | | 5,968,042 | |
| NJ EDA–Continental Airlines AMT | | | 5.50 | % | | 6/1/2033 | | B | | | 1,885 | | | | 2,014,009 | |
| 84 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit
Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | |
| NJ EDA–Continental Airlines AMT | | | 5.625 | % | | 11/15/2030 | | B | | $ | 2,500 | | | $ | 2,716,325 | |
| NJ EDA–Glimcher Pptys AMT | | | 6.00 | % | | 11/1/2028 | | NR | | | 5,000 | | | | 5,001,700 | |
| NYC IDA–British Airways AMT | | | 5.25 | % | | 12/1/2032 | | BB | | | 9,515 | | | | 9,515,666 | |
| NYC IDA–Jetblue AMT | | | 5.00 | % | | 5/15/2020 | | B | | | 1,125 | | | | 1,126,834 | |
| NYC IDA–Jetblue AMT | | | 5.125 | % | | 5/15/2030 | | B | | | 1,000 | | | | 1,001,160 | |
| NYC IDA–Queens Stadium (AMBAC) | | | 5.00 | % | | 1/1/2046 | | Ba1 | | | 2,000 | | | | 2,051,480 | |
| NYC IDA–TRIPS AMT | | | 5.00 | % | | 7/1/2028 | | BBB- | | | 6,135 | | | | 6,846,783 | |
| PA Econ Dev–US Airways | | | 8.00 | % | | 5/1/2029 | | B- | | | 2,460 | | | | 2,913,722 | |
| Phoenix IDA–US Airways AMT | | | 6.25 | % | | 6/1/2019 | | B3 | | | 1,955 | | | | 1,973,397 | |
| Port Bay City Auth–Celanese AMT | | | 6.50 | % | | 5/1/2026 | | BB- | | | 6,120 | | | | 6,130,649 | |
| Port Corpus Christi Auth–Celanese | | | 6.45 | % | | 11/1/2030 | | BB- | | | 1,750 | | | �� | 1,754,340 | |
| Richland Co Env Impt–Intl Paper AMT | | | 3.875 | % | | 4/1/2023 | | BBB | | | 4,000 | | | | 4,254,560 | |
| Rockdale Co Dev–Visy Paper AMT | | | 6.125 | % | | 1/1/2034 | | NR | | | 6,000 | | | | 6,133,920 | |
| Rumford Solid Waste–Office Max AMT | | | 6.875 | % | | 10/1/2026 | | B3 | | | 1,500 | | | | 1,521,045 | |
| Salem Co Poll Ctl–Chambers AMT | | | 5.00 | % | | 12/1/2023 | | BBB | | | 4,145 | | | | 4,666,607 | |
| Valparaiso Facs–Pratt Paper AMT | | | 5.875 | % | | 1/1/2024 | | NR | | | 1,500 | | | | 1,688,295 | |
| Valparaiso Facs–Pratt Paper AMT | | | 7.00 | % | | 1/1/2044 | | NR | | | 2,000 | | | | 2,275,540 | |
| West Pace Coop Dist | | | 9.125 | % | | 5/1/2039 | | NR | | | 13,770 | | | | 13,254,864 | |
| WI PFA–TRIPS AMT | | | 5.00 | % | | 7/1/2042 | | BBB- | | | 8,000 | | | | 8,290,320 | |
| Total | | | | | | | | | | | | | | | 262,652,751 | |
| | | | | | | | | | | | | | | | | |
| Education 3.95% | | | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Medaille Clg | | | 5.00 | % | | 4/1/2022 | | BB+ | | | 1,185 | | | | 1,258,719 | |
| Buffalo & Erie IDC–Medaille Clg | | | 5.25 | % | | 4/1/2035 | | BB+ | | | 2,885 | | | | 3,008,218 | |
| CA Stwde–Windrush Sch(g) | | | 5.50 | % | | 7/1/2037 | | NR | | | 7,225 | | | | 72 | |
| Dutchess Co LDC–Anderson Ctr | | | 6.00 | % | | 10/1/2030 | | BB+ | | | 1,720 | | | | 1,788,284 | |
| Gainesville Redev–Riverside Mil Admy | | | 5.125 | % | | 3/1/2027 | | BB+ | (d) | | 1,375 | | | | 1,376,939 | |
| Gainesville Redev–Riverside Mil Admy | | | 5.125 | % | | 3/1/2037 | | BB+ | (d) | | 4,000 | | | | 3,734,760 | |
| Harrisburg Auth–Univ of Science(g) | | | 6.00 | % | | 9/1/2036 | | NR | | | 12,725 | | | | 5,940,666 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2021 | | Baa3 | | | 4,325 | | | | 4,481,998 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2023 | | Baa3 | | | 4,000 | | | | 4,076,680 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2025 | | Baa3 | | | 2,500 | | | | 2,537,725 | |
| IL Fin Auth–IL Inst of Tech | | | 5.00 | % | | 4/1/2031 | | Baa3 | | | 2,700 | | | | 2,708,073 | |
| IL Fin Auth–IL Inst of Tech | | | 7.125 | % | | 2/1/2034 | | Baa3 | | | 2,500 | | | | 2,879,300 | |
| Marietta Dev Auth–Life Univ | | | 7.00 | % | | 6/15/2030 | | Ba3 | | | 5,000 | | | | 5,293,700 | |
| NJ Ed Facs–Univ Med & Dent | | | 7.125 | % | | 12/1/2023 | | NR | | | 4,000 | | | | 5,069,080 | |
| NJ Ed Facs–Univ Med & Dent | | | 7.50 | % | | 12/1/2032 | | NR | | | 2,000 | | | | 2,568,420 | |
| NY Dorm–Touro Clg | | | 5.50 | % | | 1/1/2044 | | BBB- | (d) | | 3,885 | | | | 4,281,931 | |
| | See Notes to Financial Statements. | 85 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | |
| NY Dorm–Yeshiva Univ | | | 5.125 | % | | 7/1/2034 | | B3 | | $ | 5,350 | | | $ | 5,359,523 | |
| OH Hi Ed–Ashland Univ | | | 6.25 | % | | 9/1/2024 | | Caa2 | | | 5,215 | | | | 5,064,808 | |
| Private Clgs & Univs Auth–SCAD(c) | | | 5.00 | % | | 4/1/2044 | | Baa2 | | | 1,875 | | | | 2,021,906 | |
| Univ California | | | 5.00 | % | | 5/15/2037 | | AA- | | | 6,000 | | | | 6,737,640 | |
| Univ of California†(b) | | | 5.75 | % | | 5/15/2031 | | AA | | | 7,000 | | | | 8,276,590 | |
| Total | | | | | | | | | | | | | | | 78,465,032 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 6.97% | | | | | | | | | | | | | | | | |
| Arkansas City Bldg–So Cent Reg Med | | | 6.75 | % | | 9/1/2038 | | Ba1 | | | 6,360 | | | | 6,742,554 | |
| Bellwood GO | | | 5.875 | % | | 12/1/2027 | | NR | | | 3,000 | | | | 2,984,790 | |
| Bellwood GO | | | 6.15 | % | | 12/1/2032 | | NR | | | 2,770 | | | | 2,751,773 | |
| CA State GO | | | 5.00 | % | | 9/1/2025 | | Aa3 | | | 7,000 | | | | 8,276,450 | |
| Guam GO | | | 6.75 | % | | 11/15/2029 | | BB- | | | 8,690 | | | | 9,763,997 | |
| Guam GO | | | 7.00 | % | | 11/15/2039 | | BB- | | | 2,235 | | | | 2,533,507 | |
| IL State GO | | | 5.00 | % | | 8/1/2025 | | A- | | | 2,685 | | | | 2,910,728 | |
| IL State GO | | | 5.00 | % | | 3/1/2031 | | A- | | | 2,250 | | | | 2,362,073 | |
| IL State GO | | | 5.00 | % | | 3/1/2032 | | A- | | | 3,000 | | | | 3,143,580 | |
| Maverick Co GO | | | 8.75 | % | | 3/1/2034 | | NR | | | 2,500 | | | | 2,548,500 | |
| Maverick Co GO | | | 8.75 | % | | 3/1/2034 | | NR | | | 5,500 | | | | 5,606,700 | |
| NYC GO(b) | | | 5.125 | % | | 3/1/2026 | | AA | | | 10,000 | | | | 11,461,000 | |
| Oakland USD | | | 6.125 | % | | 8/1/2029 | | NR | | | 1,500 | | | | 1,706,250 | |
| Philadelphia GO | | | 5.00 | % | | 7/15/2038 | | A+ | | | 2,500 | | | | 2,788,625 | |
| PR Comwlth GO | | | 4.00 | % | | 7/1/2020 | | BB | | | 1,175 | | | | 905,843 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2019 | | BB | | | 5,075 | | | | 4,304,209 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2020 | | BB | | | 3,000 | | | | 2,459,790 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2020 | | BB | | | 10,410 | | | | 8,535,471 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2021 | | BB | | | 1,270 | | | | 1,030,440 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2022 | | BB | | | 2,970 | | | | 2,401,750 | |
| PR Comwlth GO | | | 5.00 | % | | 7/1/2033 | | BB | | | 2,595 | | | | 1,959,822 | |
| PR Comwlth GO | | | 5.25 | % | | 7/1/2019 | | BB | | | 2,525 | | | | 2,165,440 | |
| PR Comwlth GO | | | 5.25 | % | | 7/1/2022 | | BB | | | 4,170 | | | | 3,401,511 | |
| PR Comwlth GO | | | 5.25 | % | | 7/1/2037 | | BB | | | 5,000 | | | | 3,775,800 | |
| PR Comwlth GO | | | 5.625 | % | | 7/1/2032 | | BB | | | 4,765 | | | | 3,634,408 | |
| PR Comwlth GO | | | 5.625 | % | | 7/1/2033 | | BB | | | 4,030 | | | | 3,057,037 | |
| PR Comwlth GO | | | 6.00 | % | | 7/1/2038 | | BB | | | 3,000 | | | | 2,319,180 | |
| PR Comwlth GO | | | 6.00 | % | | 7/1/2039 | | BB | | | 10,615 | | | | 8,173,550 | |
| PR Comwlth GO | | | 6.00 | % | | 7/1/2039 | | BB | | | 5,000 | | | | 3,850,000 | |
| PR Comwlth GO | | | 8.00 | % | | 7/1/2035 | | BB | | | 4,965 | | | | 4,381,612 | |
| 86 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | |
| PR Pub Bldg Auth GTD | | | 5.25 | % | | 7/1/2042 | | BB | | $ | 14,370 | | | $ | 10,134,011 | |
| PR Pub Bldg Auth GTD | | | 5.625 | % | | 7/1/2039 | | BB | | | 6,700 | | | | 5,092,938 | |
| Woonsocket GO | | | 7.125 | % | | 6/15/2016 | | B3 | | | 1,345 | | | | 1,379,513 | |
| Total | | | | | | | | | | | | | | | 138,542,852 | |
| | | | | | | | | | | | | | | | | |
| Health Care 24.65% | | | | | | | | | | | | | | | | |
| Abag Fin Auth–Eskaton Pptys | | | 5.00 | % | | 11/15/2035 | | BBB | | | 2,350 | | | | 2,438,736 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | | 6.25 | % | | 11/15/2044 | | BB | (d) | | 2,750 | | | | 2,932,820 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | | 6.375 | % | | 11/15/2049 | | BB | (d) | | 1,000 | | | | 1,066,330 | |
| Alachua Co IDA–No FL Retirement Vlg | | | 5.875 | % | | 11/15/2036 | | NR | | | 10,000 | | | | 9,968,600 | |
| Alachua Co IDA–No FL Retirement Vlg | | | 5.875 | % | | 11/15/2042 | | NR | | | 4,500 | | | | 4,423,680 | |
| AZ Hlth Facs–Beatitudes | | | 5.20 | % | | 10/1/2037 | | NR | | | 9,710 | | | | 9,139,440 | |
| Botetourt Co RCF–Glebe | | | 6.00 | % | | 7/1/2034 | | NR | | | 2,480 | | | | 2,491,532 | |
| Botetourt Co RCF–Glebe | | | 6.00 | % | | 7/1/2044 | | NR | | | 6,485 | | | | 6,315,936 | |
| CA Stwde–Eskaton Pptys | | | 5.25 | % | | 11/15/2034 | | BBB | | | 1,640 | | | | 1,729,626 | |
| CA Stwde–LA Jewish Home | | | 4.75 | % | | 8/1/2020 | | NR | | | 1,425 | | | | 1,427,736 | |
| CA Stwde–So Cal Presbyterian | | | 7.00 | % | | 11/15/2029 | | BBB- | | | 1,000 | | | | 1,188,380 | |
| CA Stwde–So Cal Presbyterian | | | 7.25 | % | | 11/15/2041 | | BBB- | | | 2,500 | | | | 2,939,425 | |
| CA Stwde–Terraces San Joaquin | | | 5.625 | % | | 10/1/2032 | | NR | | | 1,000 | | | | 1,064,480 | |
| CA Stwde–Terraces San Joaquin | | | 6.00 | % | | 10/1/2042 | | NR | | | 2,570 | | | | 2,755,143 | |
| CA Stwde–Terraces San Joaquin | | | 6.00 | % | | 10/1/2047 | | NR | | | 1,000 | | | | 1,065,230 | |
| Chesterfield Co EDA–Brandermill Woods | | | 5.00 | % | | 1/1/2032 | | NR | | | 2,000 | | | | 2,056,120 | |
| Chesterfield Co EDA–Brandermill Woods | | | 5.125 | % | | 1/1/2043 | | NR | | | 1,000 | | | | 1,014,110 | |
| CO Hlth Facs–American Baptist | | | 7.75 | % | | 8/1/2029 | | NR | | | 5,770 | | | | 6,426,857 | |
| CO Hlth Facs–American Baptist | | | 7.75 | % | | 8/1/2039 | | NR | | | 5,045 | | | | 5,531,187 | |
| CO Hlth Facs–Christian Living Cmnty | | | 5.25 | % | | 1/1/2037 | | NR | | | 1,000 | | | | 1,029,030 | |
| Colbert Co Hlth–Helen Keller Hsp | | | 5.75 | % | | 6/1/2027 | | Ba3 | | | 6,190 | | | | 6,190,124 | |
| Collier CO IDA–Arlington of Naples† | | | 7.75 | % | | 5/15/2035 | | NR | | | 2,000 | | | | 2,176,480 | |
| Collier CO IDA–Arlington of Naples† | | | 8.125 | % | | 5/15/2044 | | NR | | | 3,000 | | | | 3,252,660 | |
| Cumberland Mun Auth–Asbury | | | 5.25 | % | | 1/1/2041 | | NR | | | 2,000 | | | | 2,027,480 | |
| Cumberland Mun Auth–Asbury | | | 5.40 | % | | 1/1/2022 | | NR | | | 585 | | | | 620,808 | |
| Cumberland Mun Auth–Asbury | | | 6.00 | % | | 1/1/2040 | | NR | | | 2,000 | | | | 2,139,560 | |
| Cuyahoga Co Hlth–Eliza Jennings | | | 6.00 | % | | 5/15/2037 | | NR | | | 4,300 | | | | 4,378,647 | |
| Cuyahoga Co Hlth–Eliza Jennings | | | 6.00 | % | | 5/15/2042 | | NR | | | 2,500 | | | | 2,542,075 | |
| Decatur Hsp–Wise Hlth | | | 5.25 | % | | 9/1/2044 | | BB+ | | | 4,250 | | | | 4,412,860 | |
| Denver Hlth & Hsp Auth | | | 5.00 | % | | 12/1/2039 | | BBB | | | 1,100 | | | | 1,187,120 | |
| Denver Hlth & Hsp Auth | | | 5.25 | % | | 12/1/2045 | | BBB | | | 3,700 | | | | 4,039,771 | |
| Fairfax Co EDA–Vinson Hall | | | 5.00 | % | | 12/1/2032 | | NR | | | 1,000 | | | | 1,052,490 | |
| | See Notes to Financial Statements. | 87 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| Fairfax Co EDA–Vinson Hall | | | 5.00 | % | | 12/1/2042 | | NR | | $ | 2,800 | | | $ | 2,859,668 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | | 5.25 | % | | 7/1/2039 | | Ba1 | | | 1,250 | | | | 1,129,813 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | | 7.00 | % | | 7/1/2030 | | Ba1 | | | 4,225 | | | | 4,576,266 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | | 7.375 | % | | 7/1/2035 | | Ba1 | | | 2,620 | | | | 2,830,753 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | | 7.50 | % | | 7/1/2039 | | Ba1 | | | 800 | | | | 865,128 | |
| Gaithersburg Eco Dev–Asbury | | | 6.00 | % | | 1/1/2023 | | BBB | (d) | | 3,385 | | | | 3,823,358 | |
| Hanover Co EDA–Covenant Woods | | | 5.00 | % | | 7/1/2042 | | NR | | | 2,000 | | | | 2,011,320 | |
| Hanover Co EDA–Covenant Woods | | | 5.00 | % | | 7/1/2047 | | NR | | | 1,985 | | | | 1,991,173 | |
| Harris Co Cultural Ed–Brazos | | | 5.00 | % | | 1/1/2033 | | BB+ | (d) | | 545 | | | | 553,050 | |
| Harris Co Cultural Ed–Brazos | | | 5.00 | % | | 1/1/2038 | | BB+ | (d) | | 510 | | | | 512,356 | |
| Harris Co Cultural Ed–Brazos | | | 5.125 | % | | 1/1/2048 | | BB+ | (d) | | 1,535 | | | | 1,528,799 | |
| Harris Co Cultural Ed–Brazos | | | 7.00 | % | | 1/1/2043 | | BB+ | (d) | | 3,000 | | | | 3,466,830 | |
| Harris Co Cultural Ed–Childrens Med | | | 5.00 | % | | 10/1/2024 | | AA | | | 6,000 | | | | 6,845,400 | |
| Harris Co Cultural Ed–Childrens Med | | | 5.25 | % | | 10/1/2029 | | AA | | | 4,000 | | | | 4,610,880 | |
| HFDC Cent TX–Legacy/Willow Bend | | | 5.625 | % | | 11/1/2026 | | NR | | | 1,850 | | | | 1,892,606 | |
| HFDC Cent TX–Legacy/Willow Bend | | | 5.75 | % | | 11/1/2036 | | NR | | | 5,500 | | | | 5,595,370 | |
| Holmes Co Hsp–Doctors Mem Hsp | | | 5.75 | % | | 11/1/2026 | | NR | | | 5,385 | | | | 5,431,796 | |
| Holmes Co Hsp–Doctors Mem Hsp | | | 6.00 | % | | 11/1/2038 | | NR | | | 7,115 | | | | 7,146,235 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.25 | % | | 4/1/2027 | | NR | | | 1,200 | | | | 1,177,392 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.25 | % | | 4/1/2033 | | NR | | | 2,990 | | | | 2,850,546 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.25 | % | | 4/1/2037 | | NR | | | 6,270 | | | | 5,847,151 | |
| IL Fin Auth–Clare At Water Tower(g) | | Zero Coupon | | 5/15/2050 | | NR | | | 4,800 | | | | 480 | |
| IL Fin Auth–Clare At Water Tower(g) | | | 5.125 | % | | 5/15/2018 | | NR | | | 3,500 | | | | 350 | |
| IL Fin Auth–Clare At Water Tower(g) | | | 5.20 | % | | 5/15/2015 | | NR | | | 700 | | | | 70 | |
| IL Fin Auth–Clare At Water Tower(g) | | | 5.30 | % | | 5/15/2016 | | NR | | | 700 | | | | 70 | |
| IL Fin Auth–Clare At Water Tower(g) | | | 6.00 | % | | 5/15/2028 | | NR | | | 2,800 | | | | 280 | |
| IL Fin Auth–Clare At Water Tower(g) | | | 6.125 | % | | 5/15/2041 | | NR | | | 3,500 | | | | 350 | |
| IL Fin Auth–Clare Oaks~ | | Zero Coupon | | 11/15/2052 | | NR | | | 2,845 | | | | 116,982 | |
| IL Fin Auth–Clare Oaks~ | | Zero Coupon | | 11/15/2052 | | NR | | | 569 | | | | 201,038 | |
| IL Fin Auth–Clare Oaks | | Zero Coupon | | 11/15/2052 | | NR | | | 569 | | | | 136,532 | |
| IL Fin Auth–Clare Oaks | | | 4.00 | % | | 11/15/2052 | | NR | | | 4,550 | | | | 2,908,598 | |
| IL Fin Auth–Clare Oaks | | | 7.00 | % | | 11/15/2017 | | NR | | | 520 | | | | 521,045 | |
| IL Fin Auth–Clare Oaks | | | 7.00 | % | | 11/15/2027 | | NR | | | 790 | | | | 764,957 | |
| IL Fin Auth–Clare Oaks | | | 7.00 | % | | 11/15/2027 | | NR | | | 985 | | | | 965,073 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | | 5.375 | % | | 2/15/2025 | | BB- | (d) | | 4,000 | | | | 4,005,160 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | | 5.625 | % | | 2/15/2037 | | BB- | (d) | | 3,975 | | | | 3,878,408 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | | 7.25 | % | | 2/15/2045 | | BB- | (d) | | 3,500 | | | | 3,724,210 | |
| 88 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| IL Fin Auth–Landing / Plymouth Place | | | 6.00 | % | | 5/15/2043 | | NR | | $ | 2,165 | | | $ | 2,174,331 | |
| IL Fin Auth–Northwestern Mem Hsp†(b) | | | 5.75 | % | | 8/15/2030 | | AA+ | | | 5,000 | | | | 5,623,275 | |
| IL Fin Auth–Rush Univ Med | | | 7.25 | % | | 11/1/2030 | | A | | | 3,000 | | | | 3,538,890 | |
| IL Fin Auth–Smith Vlg | | | 5.25 | % | | 11/15/2016 | | NR | | | 2,310 | | | | 2,344,488 | |
| IL Fin Auth–Three Crowns Pk Plaza | | | 5.875 | % | | 2/15/2038 | | NR | | | 4,500 | | | | 4,526,280 | |
| IN Fin Auth–Major Hsp(c) | | | 5.00 | % | | 10/1/2044 | | Baa2 | | | 3,550 | | | | 3,733,748 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | | 5.75 | % | | 7/1/2025 | | BB+ | | | 3,395 | | | | 3,497,733 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | | 6.00 | % | | 7/1/2035 | | BB+ | | | 4,575 | | | | 4,715,269 | |
| Kirkwood IDA–Aberdeen Hts | | | 8.00 | % | | 5/15/2021 | | NR | | | 1,000 | | | | 1,143,440 | |
| Kirkwood IDA–Aberdeen Hts | | | 8.00 | % | | 5/15/2029 | | NR | | | 2,820 | | | | 3,253,462 | |
| Kirkwood IDA–Aberdeen Hts | | | 8.25 | % | | 5/15/2039 | | NR | | | 6,695 | | | | 7,734,332 | |
| KY EDA–Masonic Homes | | | 5.375 | % | | 11/15/2032 | | NR | | | 3,000 | | | | 3,078,150 | |
| LA PFA–Lake Charles Mem Hsp† | | | 6.375 | % | | 12/1/2034 | | NR | | | 5,840 | | | | 6,383,587 | |
| LA PFA–Ochsner Clinic | | | 6.50 | % | | 5/15/2037 | | Baa1 | | | 8,250 | | | | 9,689,542 | |
| Lubbock Hlth–Carillon | | | 6.30 | % | | 7/1/2019 | | NR | | | 4,010 | | | | 4,152,195 | |
| MA Hlth & Ed–Emerson Hsp (RADIAN) | | | 5.00 | % | | 8/15/2025 | | NR | | | 4,000 | | | | 4,016,920 | |
| Martin Hsp Dist | | | 7.25 | % | | 4/1/2036 | | BBB | (d) | | 3,450 | | | | 3,831,570 | |
| MD Hlth & HI Ed–Doctors Cmnty Hsp | | | 5.75 | % | | 7/1/2038 | | Baa3 | | | 4,400 | | | | 4,587,132 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | | 6.00 | % | | 7/1/2026 | | Ba1 | | | 200 | | | | 222,428 | |
| Mesquite Hlth–Christian Care Ctrs | | | 5.125 | % | | 2/15/2042 | | BBB- | (d) | | 1,000 | | | | 1,008,820 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 5.00 | % | | 11/15/2039 | | Baa1 | | | 1,500 | | | | 1,626,330 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | | 5.00 | % | | 11/15/2044 | | Baa1 | | | 1,250 | | | | 1,350,950 | |
| Montgomery Co IDA–Whitemarsh | | | 6.25 | % | | 2/1/2035 | | NR | | | 10,225 | | | | 10,303,937 | |
| Multnomah Co Hsp Facs–Mirabella | | | 5.40 | % | | 10/1/2044 | | NR | | | 3,250 | | | | 3,366,708 | |
| Muskingum Co Hsp–Genesis Hlthcare | | | 5.00 | % | | 2/15/2033 | | BB+ | | | 2,765 | | | | 2,835,148 | |
| Muskingum Co Hsp–Genesis Hlthcare | | | 5.00 | % | | 2/15/2044 | | BB+ | | | 8,175 | | | | 8,280,457 | |
| NC Med–Lutheran Svcs | | | 4.75 | % | | 3/1/2032 | | NR | | | 1,250 | | | | 1,267,100 | |
| NC Med–Lutheran Svcs | | | 5.00 | % | | 3/1/2037 | | NR | | | 1,000 | | | | 1,016,050 | |
| NC Med–Lutheran Svcs | | | 5.00 | % | | 3/1/2042 | | NR | | | 1,000 | | | | 1,014,170 | |
| NJ EDA–Lions Gate | | | 5.00 | % | | 1/1/2034 | | NR | | | 500 | | | | 505,495 | |
| NJ EDA–Lions Gate | | | 5.25 | % | | 1/1/2044 | | NR | | | 1,000 | | | | 1,017,500 | |
| NJ EDA–Seashore Gardens | | | 5.30 | % | | 11/1/2026 | | NR | | | 1,250 | | | | 1,158,563 | |
| NJ EDA–Seashore Gardens | | | 5.375 | % | | 11/1/2036 | | NR | | | 4,705 | | | | 3,943,072 | |
| NM Hsp–Gerald Champion Hsp | | | 5.50 | % | | 7/1/2042 | | B+ | | | 2,625 | | | | 2,461,856 | |
| OH Hsp–Cleveland Clinic†(b) | | | 5.50 | % | | 1/1/2034 | | AA- | | | 13,500 | | | | 15,197,355 | |
| Onondaga CDC–St Josephs Hsp | | | 4.50 | % | | 7/1/2032 | | BB | | | 5,000 | | | | 4,892,000 | |
| Onondaga CDC–St Josephs Hsp | | | 5.125 | % | | 7/1/2031 | | BB | | | 1,250 | | | | 1,293,213 | |
| | See Notes to Financial Statements. | 89 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| Orange Co Hlth–Orlando Lutheran | | | 5.375 | % | | 7/1/2020 | | NR | | $ | 970 | | | $ | 975,364 | |
| Orange Co Hlth–Orlando Lutheran | | | 5.50 | % | | 7/1/2038 | | NR | | | 6,550 | | | | 6,609,081 | |
| Orange Co Hlth–Orlando Lutheran | | | 5.70 | % | | 7/1/2026 | | NR | | | 2,920 | | | | 2,939,389 | |
| Palm Beach Co Hlth–Sinai Residences | | | 7.50 | % | | 6/1/2049 | | NR | | | 2,325 | | | | 2,611,835 | |
| Palomar Hlth Care Dist COP | | | 5.50 | % | | 11/1/2019 | | Ba1 | | | 5,000 | | | | 5,367,500 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.50 | % | | 7/1/2026 | | BB+ | | | 3,500 | | | | 3,690,855 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.625 | % | | 7/1/2036 | | BB+ | | | 6,250 | | | | 6,600,437 | |
| Philadelphia Hsps–Temple Univ Hlth | | | 5.625 | % | | 7/1/2042 | | BB+ | | | 10,500 | | | | 10,971,030 | |
| Red River Hlth–Methodist Ret Cmnty | | | 7.75 | % | | 11/15/2044 | | NR | | | 1,500 | | | | 1,669,065 | |
| Red River Hlth–Methodist Ret Cmnty | | | 8.00 | % | | 11/15/2049 | | NR | | | 1,000 | | | | 1,122,470 | |
| Rochester Hlth Care–Samaritan Bethany | | | 6.875 | % | | 12/1/2029 | | NR | | | 1,945 | | | | 2,133,918 | |
| Rochester Hlth Care–Samaritan Bethany | | | 7.375 | % | | 12/1/2041 | | NR | | | 6,000 | | | | 6,686,760 | |
| Salem Hsp Fac–Capital Manor | | | 5.625 | % | | 5/15/2032 | | NR | | | 1,000 | | | | 1,062,540 | |
| Salem Hsp Fac–Capital Manor | | | 6.00 | % | | 5/15/2047 | | NR | | | 1,600 | | | | 1,709,616 | |
| San Buenaventura–Cmnty Mem Hlth | | | 8.00 | % | | 12/1/2026 | | BB | | | 10,000 | | | | 12,618,000 | |
| Sarasota Hlth–Manatee | | | 5.75 | % | | 7/1/2037 | | NR | | | 2,895 | | | | 2,898,329 | |
| Sarasota Hlth–Manatee | | | 5.75 | % | | 7/1/2045 | | NR | | | 6,435 | | | | 6,392,979 | |
| Sayre Mem Hsp Auth | | | 6.00 | % | | 7/1/2037 | | NR | | | 4,000 | | | | 2,644,680 | |
| SC Jobs EDA–Hampton Regl Med | | | 5.25 | % | | 11/1/2028 | | NR | | | 12,000 | | | | 11,765,640 | |
| Shelby Co Hlth Ed Hsg–Vlg Germantwn | | | 5.00 | % | | 12/1/2032 | | NR | | | 2,100 | | | | 2,156,490 | |
| St Paul Port Auth–Healtheast Midway | | | 5.75 | % | | 5/1/2025 | | BB+ | | | 1,520 | | | | 1,556,556 | |
| St Paul Port Auth–Healtheast Midway | | | 5.875 | % | | 5/1/2030 | | BB+ | | | 1,000 | | | | 1,023,010 | |
| Sylacauga Hlth–Coosa Vy Med Ctr | | | 5.375 | % | | 8/1/2015 | | NR | | | 520 | | | | 542,110 | |
| Sylacauga Hlth–Coosa Vy Med Ctr | | | 6.00 | % | | 8/1/2025 | | NR | | | 3,000 | | | | 3,143,070 | |
| Upper IL River Vy–Pleasant View | | | 7.25 | % | | 11/15/2040 | | NR | | | 1,200 | | | | 1,280,160 | |
| Upper IL River Vy–Pleasant View | | | 7.375 | % | | 11/15/2045 | | NR | | | 1,550 | | | | 1,654,377 | |
| Vigo Co Hsp–Union Hsp† | | | 5.70 | % | | 9/1/2037 | | NR | | | 9,250 | | | | 9,343,147 | |
| Vigo Co Hsp–Union Hsp† | | | 5.75 | % | | 9/1/2042 | | NR | | | 2,000 | | | | 2,017,980 | |
| Vigo Co Hsp–Union Hsp | | | 8.00 | % | | 9/1/2041 | | NR | | | 2,955 | | | | 3,420,738 | |
| WA Hlth Care–Kadlec Regl Med Ctr | | | 5.00 | % | | 12/1/2042 | | Baa3 | | | 2,745 | | | | 3,215,877 | |
| WA Hlth Care–Providence Hlth | | | 5.00 | % | | 10/1/2044 | | AA- | | | 4,750 | | | | 5,329,500 | |
| WA Hsg–Mirabella | | | 6.50 | % | | 10/1/2032 | | NR | | | 2,000 | | | | 2,120,000 | |
| WA Hsg–Mirabella | | | 6.75 | % | | 10/1/2047 | | NR | | | 3,000 | | | | 3,188,130 | |
| WA Hsg–Rockwood† | | | 6.00 | % | | 1/1/2024 | | NR | | | 2,000 | | | | 2,125,120 | |
| Western IL EDA–Carthage Mem Hsp | | | 7.00 | % | | 6/1/2033 | | NR | | | 2,890 | | | | 2,970,487 | |
| WI Hlth & Ed–Wheaton Franciscan Hlth | | | 5.125 | % | | 8/15/2030 | | A- | | | 3,000 | | | | 3,100,410 | |
| WI Hlth–Sauk-Prairie Mem Hsp | | | 5.375 | % | | 2/1/2048 | | Ba1 | | | 4,000 | | | | 4,084,480 | |
| 90 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| WI PFA–Las Ventanas Retirement | | | 7.00 | % | | 10/1/2042 | | NR | | $ | 6,895 | | | $ | 6,801,297 | |
| WI PFA–Las Ventanas Retirement Ser B-1 | Zero Coupon | | 10/1/2042 | | NR | | | 2,961 | | | | 1,003,868 | |
| WI PFA–Las Ventanas Retirement Ser C-1 | Zero Coupon | | 10/1/2042 | | NR | | | 2,961 | | | | 30 | |
| WI PFA–Rose Villa | | | 5.75 | % | | 11/15/2044 | | NR | | | 2,035 | | | | 2,069,188 | |
| Wilson Co Hsp | | | 5.60 | % | | 9/1/2036 | | NR | | | 3,530 | | | | 3,507,761 | |
| WV Hsp–Herbert Thomas Hlth | | | 6.50 | % | | 10/1/2028 | | NR | | | 5,000 | | | | 5,324,300 | |
| WV Hsp–Herbert Thomas Hlth | | | 6.50 | % | | 10/1/2038 | | NR | | | 2,000 | | | | 2,066,500 | |
| Total | | | | | | | | | | | | | | | 490,093,536 | |
| | | | | | | | | | | | | | | | | |
| Housing 0.92% | | | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | | 8.00 | % | | 10/1/2042 | | NR | | | 700 | | | | 834,127 | |
| Alachua Co Hlth–Oak Hammock | | | 8.00 | % | | 10/1/2046 | | NR | | | 1,000 | | | | 1,182,940 | |
| CA Muni Fin–Caritas Affordable Hsg | | | 5.25 | % | | 8/15/2039 | | BBB | | | 550 | | | | 600,875 | |
| CA Stwde–American Baptist | | | 5.00 | % | | 10/1/2043 | | BBB | | | 2,450 | | | | 2,623,142 | |
| LA HFA–GMF-LA Chateau | | | 8.00 | % | | 9/1/2039 | | BB | | | 3,325 | | | | 3,541,590 | |
| Met Govt Nashville H & E–Prestige Pt(g) | | | 7.50 | % | | 12/20/2040 | | NR | | | 3,930 | | | | 2,358,000 | |
| MI Strategic Fd–Evangelical Homes | | | 5.25 | % | | 6/1/2032 | | BB+ | (d) | | 1,500 | | | | 1,530,210 | |
| MI Strategic Fd–Evangelical Homes | | | 5.50 | % | | 6/1/2047 | | BB+ | (d) | | 4,000 | | | | 4,087,400 | |
| Saline EDC–Evangelical Homes | | | 5.50 | % | | 6/1/2047 | | BB+ | (d) | | 1,500 | | | | 1,532,775 | |
| Total | | | | | | | | | | | | | | | 18,291,059 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 2.60% | | | | | | | | | | | | | | | | |
| CA Pub Wks–State Prisons | | | 5.75 | % | | 10/1/2031 | | A1 | | | 1,500 | | | | 1,786,665 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 4/1/2034 | | A1 | | | 5,000 | | | | 5,581,400 | |
| Houston Co Coop Dist–Country Crossing | | | 12.50 | % | | 6/7/2013 | | NR | | | 4,199 | | | | 587,860 | |
| IL Sports Facs Auth (AGM) | | | 5.00 | % | | 6/15/2027 | | AA | | | 3,500 | | | | 3,894,975 | |
| IN Fin Auth–I-69 AMT | | | 5.25 | % | | 9/1/2034 | | BBB- | | | 1,600 | | | | 1,752,656 | |
| IN Fin Auth–OH River Brdgs AMT | | | 5.00 | % | | 7/1/2035 | | BBB | | | 2,155 | | | | 2,294,558 | |
| IN Fin Auth–OH River Brdgs AMT | | | 5.00 | % | | 7/1/2040 | | BBB | | | 2,320 | | | | 2,444,097 | |
| IN Fin Auth–OH River Brdgs AMT | | | 5.00 | % | | 7/1/2044 | | BBB | | | 8,000 | | | | 8,392,160 | |
| NJ EDA–Goethals Brdg AMT | | | 5.375 | % | | 1/1/2043 | | BBB- | | | 1,000 | | | | 1,096,410 | |
| NJ EDA–Goethals Brdg AMT | | | 5.625 | % | | 1/1/2052 | | BBB- | | | 5,000 | | | | 5,532,800 | |
| NJ Trans Trust Fund | | | 5.00 | % | | 6/15/2032 | | A2 | | | 5,000 | | | | 5,459,800 | |
| Philadelphia Muni Auth | | | 6.375 | % | | 4/1/2029 | | A+ | | | 2,000 | | | | 2,331,240 | |
| PR Pub Bldg Auth GTD | | | 5.25 | % | | 7/1/2033 | | BB | | | 5,365 | | | | 3,973,212 | |
| PR Pub Fin Corp | | | 5.50 | % | | 8/1/2031 | | BB- | | | 12,250 | | | | 6,500,462 | |
| Total | | | | | | | | | | | | | | | 51,628,295 | |
| | See Notes to Financial Statements. | 91 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue 8.91% | | | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | | 4.50 | % | | 3/1/2030 | | Baa1 | | $ | 5,120 | | | $ | 5,420,698 | |
| Baker Correctional Dev | | | 7.50 | % | | 2/1/2030 | | NR | | | 8,400 | | | | 6,109,404 | |
| Baltimore Conv Ctr–Hilton Hotel | | | 5.875 | % | | 9/1/2039 | | Ba2 | | | 10,845 | | | | 11,211,127 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | | 5.25 | % | | 9/1/2039 | | BB+ | | | 2,975 | | | | 3,041,551 | |
| Baytown Twp–St Croix Prep Admy | | | 6.75 | % | | 8/1/2028 | | BB | | | 3,450 | | | | 3,620,050 | |
| CA Fin Auth–High Tech† | | | 6.125 | % | | 7/1/2038 | | BB | (d) | | 1,250 | | | | 1,265,450 | |
| CA Sch Fin Auth–KIPP LA | | | 5.125 | % | | 7/1/2044 | | BB+ | | | 2,390 | | | | 2,459,095 | |
| Charyl Stockwell Admy COP | | | 5.75 | % | | 10/1/2025 | | NR | | | 4,130 | | | | 4,131,156 | |
| Charyl Stockwell Admy COP | | | 5.90 | % | | 10/1/2035 | | NR | | | 3,000 | | | | 3,000,000 | |
| Chester Co IDA–Collegium Chtr Sch | | | 5.00 | % | | 10/15/2022 | | BBB- | | | 1,000 | | | | 1,048,490 | |
| Chester Co IDA–Collegium Chtr Sch | | | 5.375 | % | | 10/15/2042 | | BBB- | | | 5,000 | | | | 5,056,750 | |
| Clifton Higher Ed–IDEA Pub Schs | | | 6.00 | % | | 8/15/2043 | | BBB | | | 1,000 | | | | 1,174,940 | |
| Doctor Charles Drew Admy COP | | | 5.70 | % | | 11/1/2036 | | NR | | | 1,735 | | | | 347,000 | |
| Downtown Phoenix Hotel Corp (FGIC) | | | 5.00 | % | | 7/1/2029 | | BB+ | | | 5,000 | | | | 5,077,450 | |
| Downtown Phoenix Hotel Corp (FGIC) | | | 5.00 | % | | 7/1/2036 | | BB+ | | | 5,000 | | | | 5,016,350 | |
| FL DFC–Palm Bay Admy(g) | | | 6.00 | % | | 5/15/2036 | | NR | | | 2,000 | | | | 1,283,760 | |
| FL DFC–Palm Bay Admy(g) | | | 6.125 | % | | 5/15/2037 | | NR | | | 1,855 | | | | 1,190,687 | |
| FL DFC–Renaissance Chtr Sch | | | 7.50 | % | | 6/15/2033 | | BB- | (d) | | 6,000 | | | | 6,424,980 | |
| Florence Twn IDA–Legacy Trad Sch | | | 6.00 | % | | 7/1/2043 | | BB | | | 3,250 | | | | 3,407,267 | |
| IA Fin Auth–Childserve | | | 5.375 | % | | 6/1/2026 | | NR | | | 1,795 | | | | 1,795,880 | |
| IA Fin Auth–Childserve | | | 5.50 | % | | 6/1/2031 | | NR | | | 1,000 | | | | 1,000,350 | |
| IA Fin Auth–Childserve | | | 5.55 | % | | 6/1/2036 | | NR | | | 4,960 | | | | 4,961,042 | |
| IN Fin Auth–Drexel Foundation | | | 7.00 | % | | 10/1/2039 | | BB- | | | 1,250 | | | | 1,271,500 | |
| Kansas City IDA–Derrick Thomas Sch† | | | 5.875 | % | | 1/1/2037 | | NR | | | 6,570 | | | | 1,511,100 | |
| La Paz Co IDA–Imperial Regl Jail | | | 7.80 | % | | 10/1/2039 | | NR | | | 5,500 | | | | 5,915,580 | |
| La Vernia Hi Ed–Amigos/Friends Life | | | 6.25 | % | | 2/15/2026 | | NR | | | 1,000 | | | | 1,006,660 | |
| La Vernia Hi Ed–Amigos/Friends Life | | | 6.375 | % | | 2/15/2037 | | NR | | | 1,220 | | | | 1,220,586 | |
| La Vernia Hi Ed–Life Schools of Dallas | | | 7.25 | % | | 8/15/2031 | | BBB- | | | 4,750 | | | | 6,101,850 | |
| Lombard PFC–Conf Ctr & Hotel | | | 7.125 | % | | 1/1/2036 | | NR | | | 8,500 | | | | 4,675,000 | |
| Maverick Co PFC | | | 6.25 | % | | 2/1/2024 | | NR | | | 4,135 | | | | 2,088,464 | |
| Maverick Co PFC | | | 6.375 | % | | 2/1/2029 | | NR | | | 1,640 | | | | 826,593 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.00 | % | | 12/1/2031 | | NR | | | 15,200 | | | | 6,840,000 | |
| MD EDC–Chesapeake Bay Hyatt(g) | | | 5.25 | % | | 12/1/2031 | | NR | | | 3,000 | | | | 1,350,000 | |
| MI Pub Ed–Bradford Admy† | | | 6.50 | % | | 9/1/2037 | | D | | | 5,500 | | | | 3,135,000 | |
| MI Pub Ed–Bradford Admy | | | 8.75 | % | | 9/1/2039 | | D | | | 2,250 | | | | 1,282,500 | |
| MI Pub Ed–Crescent Admy | | | 7.00 | % | | 10/1/2036 | | NR | | | 707 | | | | 715,070 | |
| MI Pub Ed–Landmark Admy | | | 6.625 | % | | 6/1/2030 | | BB+ | | | 1,815 | | | | 1,884,424 | |
| 92 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| MI St Strategic Fd(h) | Zero Coupon | | — | (i) | NR | | $ | 5,000 | | | $ | 500 | |
| Middlesex Co Impt Auth–Heldrich Ctr(g) | | | 6.125 | % | | 1/1/2025 | | NR | | | 2,790 | | | | 143,964 | |
| Middlesex Co Impt Auth–Heldrich Ctr(g) | | | 6.25 | % | | 1/1/2037 | | NR | | | 5,755 | | | | 296,958 | |
| Milwaukee Redev–Admy of Learning(g) | | | 5.65 | % | | 8/1/2037 | | NR | | | 3,340 | | | | 1,202,400 | |
| Mohave Co IDA–Mohave Prison | | | 8.00 | % | | 5/1/2025 | | BBB+ | | | 10,250 | | | | 11,949,142 | |
| North TX Edu Fin Corp–Uplift Education | | | 5.125 | % | | 12/1/2042 | | BBB- | | | 1,000 | | | | 1,068,110 | |
| NYC IDA–Queens Stadium (AMBAC) | | | 5.00 | % | | 1/1/2023 | | Ba1 | | | 635 | | | | 680,936 | |
| NYC IDA–Queens Stadium (AMBAC) | | | 5.00 | % | | 1/1/2036 | | Ba1 | | | 3,165 | | | | 3,267,135 | |
| NYC IDA–Queens Stadium (AMBAC) | | | 5.00 | % | | 1/1/2039 | | Ba1 | | | 4,740 | | | | 4,872,293 | |
| Ohio St Pollution Ctl Rev(g) | | | 5.625 | % | | 3/1/2015 | | NR | | | 2,965 | | | | 297 | |
| Overland Pk Dev–Conv Ctr (AMBAC) | | | 5.125 | % | | 1/1/2032 | | BB+ | | | 5,000 | | | | 4,929,250 | |
| Palm Bay Ed–Patriot Charter Sch(g) | | | 6.75 | % | | 7/1/2022 | | NR | | | 1,460 | | | | 511,000 | |
| Palm Bay Ed–Patriot Charter Sch(g) | | | 7.00 | % | | 7/1/2036 | | NR | | | 5,000 | | | | 1,750,000 | |
| Palm Beach Co–G Star Sch of Arts | | | 6.75 | % | | 5/15/2035 | | B+ | | | 2,425 | | | | 2,425,630 | |
| Pima Co IDA–American Charter Sch | | | 5.50 | % | | 7/1/2026 | | BB | (d) | | 5,000 | | | | 4,734,450 | |
| Pima Co IDA–American Charter Sch | | | 5.625 | % | | 7/1/2038 | | BB | (d) | | 4,245 | | | | 3,705,843 | |
| Pima Co IDA–Horizon Learning Ctr | | | 5.25 | % | | 6/1/2035 | | BBB | | | 5,000 | | | | 5,000,300 | |
| Plymouth Ed Ctr Charter Sch | | | 5.375 | % | | 11/1/2030 | | B- | | | 1,425 | | | | 1,204,766 | |
| Provo Charter Sch–Freedom Admy | | | 5.50 | % | | 6/15/2037 | | NR | | | 3,690 | | | | 3,406,719 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | | 5.00 | % | | 7/15/2034 | | BBB | | | 3,140 | | | | 3,158,463 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | | 5.00 | % | | 7/15/2039 | | BBB | | | 3,540 | | | | 3,548,107 | |
| Yonkers EDC–Charter Sch Ed Excellence | | | 6.00 | % | | 10/15/2030 | | BB | | | 1,300 | | | | 1,372,501 | |
| Total | | | | | | | | | | | | | | | 177,096,568 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 7.25% | | | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2032 | | Baa2 | | | 1,000 | | | | 1,042,860 | |
| Allentown Neighborhood Impt | | | 5.00 | % | | 5/1/2035 | | Baa2 | | | 1,200 | | | | 1,248,276 | |
| Anne Arundel Co–Natl Business Pk | | | 5.625 | % | | 7/1/2025 | | NR | | | 1,000 | | | | 1,069,550 | |
| Anne Arundel Co–Natl Business Pk | | | 6.10 | % | | 7/1/2040 | | NR | | | 2,250 | | | | 2,405,047 | |
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | | | 5.125 | % | | 7/1/2036 | | NR | | | 1,030 | | | | 1,046,109 | |
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | | | 5.25 | % | | 7/1/2044 | | NR | | | 2,150 | | | | 2,176,144 | |
| Arborwood CDD(g) | | | 5.10 | % | | 5/1/2014 | | NR | | | 35 | | | | 21,000 | |
| Arborwood CDD | | | 5.35 | % | | 5/1/2036 | | NR | | | 4,980 | | | | 4,980,548 | |
| Arborwood CDD(g) | | | 5.35 | % | | 5/1/2036 | | NR | | | 1,320 | | | | 792,000 | |
| Arborwood CDD(g) | | | 5.50 | % | | 5/1/2036 | | NR | | | 1,235 | | | | 741,000 | |
| Aurora TIF–East River | | | 6.50 | % | | 12/30/2023 | | NR | | | 2,395 | | | | 2,618,477 | |
| | See Notes to Financial Statements. | 93 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | |
| Aurora TIF–East River | | | 6.75 | % | | 12/30/2027 | | NR | | $ | 1,430 | | | $ | 1,562,661 | |
| Baltimore Spl Oblig–East Baltimore Resrch | | | 7.00 | % | | 9/1/2038 | | NR | | | 3,500 | | | | 3,757,250 | |
| Brentwood Infra Fin Auth(c) | | | 5.00 | % | | 9/2/2036 | | NR | | | 7,500 | | | | 7,895,100 | |
| Capital Region CDD–St Joe Company | | | 7.00 | % | | 5/1/2039 | | NR | | | 4,330 | | | | 4,380,358 | |
| Compton Redev Agy | | | 6.00 | % | | 8/1/2042 | | NR | | | 4,750 | | | | 4,840,582 | |
| Corona Norco Sch Dist PFA | | | 5.00 | % | | 9/1/2023 | | BBB+ | | | 790 | | | | 922,815 | |
| Corona Norco Sch Dist PFA | | | 5.00 | % | | 9/1/2026 | | BBB+ | | | 625 | | | | 708,500 | |
| Corona Norco Sch Dist PFA | | | 5.00 | % | | 9/1/2027 | | BBB+ | | | 1,250 | | | | 1,407,725 | |
| Corona Norco Sch Dist PFA | | | 5.00 | % | | 9/1/2032 | | BBB+ | | | 1,190 | | | | 1,316,961 | |
| Corona Norco Sch Dist PFA | | | 5.00 | % | | 9/1/2035 | | BBB+ | | | 585 | | | | 641,336 | |
| Durbin Crossing CDD | | | 5.50 | % | | 5/1/2037 | | NR | | | 5,300 | | | | 5,232,266 | |
| Grandview IDA–Grandview Crossing(g) | | | 5.75 | % | | 12/1/2028 | | NR | | | 1,000 | | | | 260,000 | |
| Hesperia Pub Fin Auth (XLCA) | | | 5.00 | % | | 9/1/2031 | | NR | | | 6,615 | | | | 6,743,794 | |
| Houston Co Coop Dist–Country Crossing | | | 10.00 | % | | 5/1/2039 | | NR | | | 11,325 | | | | 1,245,750 | |
| Inglewood Redev Agy (AMBAC) | | | 5.00 | % | | 5/1/2033 | | BBB+ | | | 12,000 | | | | 12,057,120 | |
| Inland Valley Redev Agy | | | 5.25 | % | | 9/1/2037 | | A- | | | 3,375 | | | | 3,790,294 | |
| Irvine CFD–Great Park | | | 5.00 | % | | 9/1/2039 | | NR | | | 1,000 | | | | 1,095,700 | |
| Irvine CFD–Great Park | | | 5.00 | % | | 9/1/2044 | | NR | | | 500 | | | | 545,695 | |
| Lancaster Redev Agy | | | 6.875 | % | | 8/1/2034 | | BBB | | | 1,000 | | | | 1,167,510 | |
| Lancaster Redev Agy | | | 6.875 | % | | 8/1/2039 | | NR | | | 570 | | | | 722,503 | |
| Lancaster Redev Agy | | | 6.875 | % | | 8/1/2039 | | BBB | | | 430 | | | | 498,895 | |
| Magnolia West CDD(g) | | | 5.35 | % | | 5/1/2037 | | NR | | | 3,830 | | | | 1,991,600 | |
| Millsboro Spl Oblig–Plantation Lakes | | | 5.45 | % | | 7/1/2036 | | NR | | | 5,358 | | | | 4,053,327 | |
| NYC IDA–Queens Stadium (AMBAC) | | | 5.00 | % | | 1/1/2031 | | Ba1 | | | 6,110 | | | | 6,435,663 | |
| Orange Grove CDD(g) | | | 5.30 | % | | 11/1/2021 | | NR | | | 1,705 | | | | 341,000 | |
| Plaza Met Dist #1 | | | 5.00 | % | | 12/1/2022 | | NR | | | 500 | | | | 543,565 | |
| Plaza Met Dist #1 | | | 5.00 | % | | 12/1/2040 | | NR | | | 2,500 | | | | 2,553,600 | |
| Poway USD PFA | | | 5.00 | % | | 9/15/2024 | | BBB | | | 500 | | | | 561,280 | |
| Poway USD PFA | | | 5.00 | % | | 9/15/2027 | | BBB | | | 1,035 | | | | 1,137,527 | |
| Poway USD PFA | | | 5.00 | % | | 9/15/2032 | | BBB | | | 995 | | | | 1,055,377 | |
| Rancho Cordova CFD | | | 5.00 | % | | 9/1/2027 | | NR | | | 860 | | | | 895,294 | |
| Rancho Cordova CFD | | | 5.00 | % | | 9/1/2032 | | NR | | | 1,260 | | | | 1,298,115 | |
| Rancho Cordova CFD | | | 5.00 | % | | 9/1/2037 | | NR | | | 1,250 | | | | 1,277,800 | |
| Riverside Co Redev Agy–Tax Alloc | | | 6.50 | % | | 10/1/2040 | | BBB+ | | | 2,000 | | | | 2,336,040 | |
| Riverside Co Tax Alloc–Jurupa (NPFGC)(FGIC) | | | 4.75 | % | | 10/1/2035 | | AA- | | | 9,000 | | | | 9,015,210 | |
| San Francisco Redev–Hunters Point | | | 5.00 | % | | 8/1/2039 | | NR | | | 2,240 | | | | 2,317,235 | |
| San Francisco Redev–Hunters Point | | | 5.00 | % | | 8/1/2044 | | NR | | | 2,500 | | | | 2,576,200 | |
| 94 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | |
| San Francisco Redev–Mission Bay South | | 5.00 | % | | 8/1/2029 | | NR | | $ | 1,300 | | | $ | 1,416,649 | |
| San Francisco Redev–Mission Bay South | | 5.00 | % | | 8/1/2031 | | NR | | | 1,140 | | | | 1,215,913 | |
| San Francisco Redev–Mission Bay South | | 5.00 | % | | 8/1/2043 | | BBB+ | | | 700 | | | | 758,163 | |
| San Jose Redev Agy (AMBAC) | | | 5.00 | % | | 8/1/2022 | | BBB | | | 565 | | | | 608,449 | |
| San Jose Redev Agy (AMBAC) | | | 5.00 | % | | 8/1/2023 | | BBB | | | 100 | | | | 107,234 | |
| San Jose Redev Agy (NPFGC) | | | 4.90 | % | | 8/1/2033 | | AA- | | | 960 | | | | 960,432 | |
| San Jose Redev Agy (NPFGC)(FGIC) | | | 5.00 | % | | 8/1/2024 | | AA- | | | 1,010 | | | | 1,079,064 | |
| San Jose Redev Agy (RADIAN) | | | 4.50 | % | | 8/1/2035 | | BBB | | | 1,100 | | | | 1,103,003 | |
| San Jose Redev Agy (XLCA) | | | 4.25 | % | | 8/1/2036 | | BBB | | | 2,300 | | | | 2,280,496 | |
| San Mateo CFD–Bay Meadows | | | 5.00 | % | | 9/1/2042 | | NR | | | 2,000 | | | | 2,102,560 | |
| San Mateo CFD–Bay Meadows | | | 5.50 | % | | 9/1/2044 | | NR | | | 1,500 | | | | 1,640,610 | |
| Sparks Loc Impt Dist | | | 6.75 | % | | 9/1/2027 | | NR | | | 700 | | | | 730,870 | |
| Sparks Tourism Impt Dist† | | | 6.75 | % | | 6/15/2028 | | B1 | | | 5,500 | | | | 5,895,670 | |
| Stone Canyon CID(g) | | | 5.70 | % | | 4/1/2022 | | NR | | | 1,485 | | | | 712,800 | |
| Tern Bay CDD(g) | | | 5.375 | % | | 5/1/2037 | | NR | | | 13,145 | | | | 3,286,250 | |
| Village CDD #10 | | | 4.50 | % | | 5/1/2023 | | NR | | | 1,420 | | | | 1,458,496 | |
| Village CDD #10 | | | 6.00 | % | | 5/1/2044 | | NR | | | 1,000 | | | | 1,059,710 | |
| Whispering Springs CDD(g) | | | 5.20 | % | | 10/1/2021 | | NR | | | 2,290 | | | | 412,200 | |
| Total | | | | | | | | | | | | | | | 144,151,228 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 3.54% | | | | | | | | | | | | | | | | |
| Coop Dist Ft Spanish–Hwy 181 | | | 9.00 | % | | 2/1/2029 | | NR | | | 2,460 | | | | 2,891,976 | |
| Gtr Wenatchee Regl Events Ctr | | | 5.50 | % | | 9/1/2042 | | NR | | | 3,150 | | | | 3,297,798 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2025 | | AAA | | | 3,730 | | | | 4,174,553 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2026 | | AAA | | | 5,420 | | | | 6,065,972 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 11/1/2038 | | AAA | | | 3,250 | | | | 3,682,998 | |
| PR Corp Sales Tax | | | 5.00 | % | | 8/1/2024 | | BBB- | | | 5,000 | | | | 4,218,400 | |
| PR Corp Sales Tax | | | 5.00 | % | | 8/1/2043 | | BBB- | | | 2,725 | | | | 1,959,711 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2040 | | BBB | | | 13,580 | | | | 11,618,097 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2041 | | BBB- | | | 13,885 | | | | 10,283,231 | |
| PR Corp Sales Tax | | | 5.375 | % | | 8/1/2039 | | BBB- | | | 6,715 | | | | 5,142,011 | |
| PR Corp Sales Tax | | | 5.50 | % | | 8/1/2028 | | BBB- | | | 5,000 | | | | 4,235,600 | |
| PR Corp Sales Tax | | | 5.50 | % | | 8/1/2040 | | BBB- | | | 7,000 | | | | 5,470,430 | |
| PR Corp Sales Tax | | | 5.75 | % | | 8/1/2037 | | BBB- | | | 4,220 | | | | 3,457,699 | |
| PR Corp Sales Tax | | | 6.125 | % | | 8/1/2029 | | BBB- | | | 3,030 | | | | 2,583,408 | |
| San Jose Redev Agy (NPFGC)(FGIC) | | | 5.00 | % | | 8/1/2026 | | AA- | | | 260 | | | | 276,312 | |
| Virgin Islands PFA | | | 5.00 | % | | 10/1/2029 | | BBB+ | | | 1,000 | | | | 1,106,030 | |
| Total | | | | | | | | | | | | | | | 70,464,226 | |
| | See Notes to Financial Statements. | 95 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tobacco 8.58% | | | | | | | | | | | | | | | | |
| Buckeye Tobacco | | | 5.125 | % | | 6/1/2024 | | B- | | $ | 35,980 | | | $ | 30,154,838 | |
| Buckeye Tobacco | | | 5.75 | % | | 6/1/2034 | | B- | | | 9,795 | | | | 7,783,107 | |
| Buckeye Tobacco | | | 5.875 | % | | 6/1/2030 | | B- | | | 16,000 | | | | 13,004,320 | |
| Buckeye Tobacco | | | 5.875 | % | | 6/1/2047 | | B- | | | 3,600 | | | | 2,818,656 | |
| Buckeye Tobacco | | | 6.50 | % | | 6/1/2047 | | B- | | | 3,590 | | | | 3,022,062 | |
| Golden St Tobacco | | | 4.50 | % | | 6/1/2027 | | B | | | 27,080 | | | | 25,051,437 | |
| Golden St Tobacco | | | 5.00 | % | | 6/1/2033 | | B- | | | 20,605 | | | | 16,752,277 | |
| Golden St Tobacco | | | 5.125 | % | | 6/1/2047 | | B- | | | 4,500 | | | | 3,309,435 | |
| Golden St Tobacco | | | 5.75 | % | | 6/1/2047 | | B- | | | 4,500 | | | | 3,589,605 | |
| Inland Empire Tobacco | | | 4.625 | % | | 6/1/2021 | | B- | (d) | | 4,380 | | | | 4,239,446 | |
| Inland Empire Tobacco | | | 5.00 | % | | 6/1/2021 | | B- | (d) | | 5,160 | | | | 5,102,156 | |
| MI Tob Settlement | | | 5.125 | % | | 6/1/2022 | | B- | | | 1,065 | | | | 922,301 | |
| MI Tob Settlement | | | 5.25 | % | | 6/1/2022 | | B- | | | 4,180 | | | | 3,650,018 | |
| MI Tob Settlement | | | 6.00 | % | | 6/1/2034 | | B- | | | 5,000 | | | | 4,203,000 | |
| Nthrn AK Tobacco | | | 5.00 | % | | 6/1/2032 | | B2 | | | 5,000 | | | | 4,118,050 | |
| Nthrn CA Tobacco | | | 5.50 | % | | 6/1/2045 | | B- | | | 5,265 | | | | 4,174,197 | |
| Sthrn CA Tobacco | | | 5.00 | % | | 6/1/2037 | | BB+ | | | 10,120 | | | | 8,208,635 | |
| Suffolk Tobacco Asset Sec Corp | | | 5.375 | % | | 6/1/2028 | | BBB- | (d) | | 2,400 | | | | 2,357,712 | |
| Tobacco Settlement Auth IA | | | 5.375 | % | | 6/1/2038 | | B+ | | | 6,085 | | | | 5,083,774 | |
| Tobacco Settlement Auth IA | | | 5.60 | % | | 6/1/2034 | | B+ | | | 3,260 | | | | 2,874,179 | |
| Tobacco Settlement Fin Corp NJ | | | 4.625 | % | | 6/1/2026 | | B+ | | | 2,580 | | | | 2,345,891 | |
| Tobacco Settlement Fin Corp NJ | | | 5.00 | % | | 6/1/2029 | | B | | | 12,590 | | | | 10,630,870 | |
| Tobacco Settlement Fin Corp VA | | | 5.00 | % | | 6/1/2047 | | B- | | | 3,630 | | | | 2,427,454 | |
| TSASC | | | 5.00 | % | | 6/1/2034 | | B | | | 690 | | | | 577,999 | |
| TSASC | | | 5.125 | % | | 6/1/2042 | | B- | | | 5,025 | | | | 4,066,230 | |
| Total | | | | | | | | | | | | | | | 170,467,649 | |
| | | | | | | | | | | | | | | | | |
| Transportation 7.94% | | | | | | | | | | | | | | | | |
| Broward CO Arpt AMT | | | 5.125 | % | | 10/1/2038 | | A+ | | | 2,835 | | | | 3,078,413 | |
| Central TX Mobility Auth | | | 5.00 | % | | 1/1/2042 | | Baa3 | | | 1,400 | | | | 1,468,320 | |
| Central TX Mobility Auth | | | 5.00 | % | | 1/1/2043 | | Baa2 | | | 2,420 | | | | 2,593,659 | |
| Chicago Midway Arpt AMT | | | 5.00 | % | | 1/1/2026 | | A- | | | 4,000 | | | | 4,541,200 | |
| Chicago Midway Arpt AMT | | | 5.00 | % | | 1/1/2030 | | A- | | | 5,000 | | | | 5,525,350 | |
| Chicago O’Hare Arpt AMT | | | 5.00 | % | | 1/1/2031 | | A2 | | | 2,985 | | | | 3,223,561 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2034 | | A | | | 3,000 | | | | 3,398,250 | |
| Denver City & CO Arpt AMT | | | 5.50 | % | | 11/15/2025 | | A | | | 3,410 | | | | 4,016,946 | |
| DFW Arpt | | | 5.00 | % | | 11/1/2028 | | A+ | | | 5,000 | | | | 5,660,550 | |
| E470 Pub Hwy Auth | | Zero Coupon | | 9/1/2037 | | BBB | | | 5,000 | | | | 1,857,100 | |
| 96 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2031 | | AA- | | $ | 25,000 | | | $ | 12,648,000 | |
| Foothill / Eastern Corridor Toll Rd | | | 5.75 | % | | 1/15/2046 | | BBB- | | | 1,000 | | | | 1,143,700 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.00 | % | | 1/15/2049 | | BBB- | | | 3,000 | | | | 3,461,250 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.00 | % | | 1/15/2053 | | BBB- | | | 3,250 | | | | 3,744,260 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.50 | % | | 1/15/2043 | | BB+ | | | 2,000 | | | | 2,352,140 | |
| Met DC Arpt AMT | | | 5.00 | % | | 10/1/2027 | | AA- | | | 1,750 | | | | 2,033,885 | |
| Met DC Arpt AMT | | | 5.00 | % | | 10/1/2029 | | AA- | | | 4,085 | | | | 4,645,503 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2027 | | A | | | 4,000 | | | | 4,622,840 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2029 | | A | | | 2,275 | | | | 2,577,120 | |
| Miami Dade Co Aviation–MIA AMT | | | 5.00 | % | | 10/1/2030 | | A | | | 2,690 | | | | 3,030,231 | |
| Mid–Bay Bridge Auth | | | 7.25 | % | | 10/1/2034 | | BBB- | | | 7,500 | | | | 9,137,925 | |
| MTA NY | | | 5.00 | % | | 11/15/2025 | | AA- | | | 5,000 | | | | 5,913,000 | |
| MTA NY | | | 5.00 | % | | 11/15/2038 | | AA- | | | 5,000 | | | | 5,585,050 | |
| NJ Trans Trust Fund | | | 6.00 | % | | 6/15/2035 | | A2 | | | 2,700 | | | | 3,238,947 | |
| Port Auth NY & NJ AMT | | | 5.00 | % | | 12/1/2025 | | AA- | | | 5,000 | | | | 5,861,200 | |
| Port of Portland–Portland Intl Arpt AMT | | | 5.00 | % | | 7/1/2039 | | AA- | | | 2,000 | | | | 2,216,160 | |
| Port of Portland–Portland Intl Arpt AMT | | | 5.00 | % | | 7/1/2044 | | AA- | | | 2,000 | | | | 2,209,260 | |
| PR Hwy & Trans Auth | | | 5.00 | % | | 7/1/2020 | | B | | | 6,035 | | | | 3,545,381 | |
| PR Hwy & Trans Auth | | | 5.00 | % | | 7/1/2022 | | B | | | 1,545 | | | | 901,260 | |
| PR Hwy & Trans Auth | | | 5.00 | % | | 7/1/2028 | | B | | | 1,015 | | | | 558,636 | |
| San Diego Arpt | | | 5.00 | % | | 7/1/2040 | | A | | | 4,000 | | | | 4,324,720 | |
| San Francisco Arpt AMT | | | 5.00 | % | | 5/1/2039 | | A+ | | | 5,000 | | | | 5,524,300 | |
| San Joaquin Hills Trsp Corridor | | | 5.00 | % | | 1/1/2033 | | BB- | | | 255 | | | | 252,871 | |
| San Joaquin Hills Trsp Corridor (NPFGC) (FGIC) | | Zero Coupon | | 1/15/2022 | | AA- | | | 570 | | | | 421,116 | |
| San Joaquin Hills Trsp Corridor (NPFGC) (FGIC) | | | 5.25 | % | | 1/15/2030 | | AA- | | | 1,425 | | | | 1,425,485 | |
| San Joaquin Hills Trsp Corridor (NPFGC) (FGIC) | | | 5.375 | % | | 1/15/2029 | | AA- | | | 845 | | | | 845,448 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2023 | | A2 | | | 4,185 | | | | 4,857,027 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2029 | | A2 | | | 850 | | | | 979,430 | |
| Susquehanna Area Regl Arpt AMT | | | 6.50 | % | | 1/1/2038 | | Baa3 | | | 7,870 | | | | 8,499,836 | |
| TX Tpk (AMBAC) | | Zero Coupon | | 8/15/2031 | | A- | | | 24,500 | | | | 8,958,915 | |
| VA Small Bus Fing–Elizabeth River AMT | | | 6.00 | % | | 1/1/2037 | | BBB- | | | 1,500 | | | | 1,682,085 | |
| Wayne Co Arpt (NPFGC) (FGIC) AMT | | | 5.00 | % | | 12/1/2034 | | AA- | | | 4,060 | | | | 4,217,609 | |
| Wayne Co Arpt AMT | | | 5.00 | % | | 12/1/2044 | | A | | | 1,000 | | | | 1,099,440 | |
| Total | | | | | | | | | | | | | | | 157,877,379 | |
| | See Notes to Financial Statements. | 97 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities 11.47% | | | | | | | | | | | | | | | | |
| Adelanto Util Sys | | | 6.625 | % | | 7/1/2031 | | NR | | $ | 11,000 | | | $ | 12,666,390 | |
| Arborwood CDD | | | 5.50 | % | | 5/1/2036 | | NR | | | 580 | | | | 580,284 | |
| Brazos River Auth–TXU AMT(g) | | | 5.00 | % | | 3/1/2041 | | C | (d) | | 6,000 | | | | 540,000 | |
| Brazos River Auth–TXU AMT(g) | | | 6.30 | % | | 7/1/2032 | | C | (d) | | 2,000 | | | | 180,000 | |
| Central Plains–Goldman Sachs | | | 5.00 | % | | 9/1/2032 | | A- | | | 3,000 | | | | 3,282,510 | |
| Chicago Wastewater | | | 5.00 | % | | 1/1/2039 | | AA- | | | 5,075 | | | | 5,574,786 | |
| Chicago Water | | | 5.00 | % | | 11/1/2039 | | AA- | | | 2,600 | | | | 2,882,100 | |
| Chicago Water | | | 5.00 | % | | 11/1/2044 | | AA- | | | 1,000 | | | | 1,100,540 | |
| Compton Water | | | 6.00 | % | | 8/1/2039 | | NR | | | 3,710 | | | | 3,838,180 | |
| DE EDA–NRG Energy | | | 5.375 | % | | 10/1/2045 | | Baa3 | | | 550 | | | | 599,429 | |
| Detroit Sewer | | | 5.25 | % | | 7/1/2039 | | BBB+ | | | 4,730 | | | | 5,045,491 | |
| Detroit Water | | | 5.00 | % | | 7/1/2036 | | BBB+ | | | 4,105 | | | | 4,266,532 | |
| Detroit Water | | | 5.25 | % | | 7/1/2041 | | BBB+ | | | 5,000 | | | | 5,278,200 | |
| Guam Pwr Auth (AGM) | | | 5.00 | % | | 10/1/2044 | | AA | | | 1,250 | | | | 1,383,638 | |
| Guam Waterworks Auth | | | 5.00 | % | | 7/1/2029 | | A- | | | 1,000 | | | | 1,098,620 | |
| Guam Waterworks Auth | | | 5.00 | % | | 7/1/2035 | | A- | | | 2,500 | | | | 2,712,575 | |
| Guam Waterworks Auth | | | 5.50 | % | | 7/1/2043 | | A- | | | 2,520 | | | | 2,826,079 | |
| IN Fin Auth–Ohio Vly Elec | | | 5.00 | % | | 6/1/2039 | | BBB- | | | 3,000 | | | | 3,131,670 | |
| IN Muni Pwr | | | 5.25 | % | | 1/1/2034 | | A+ | | | 2,345 | | | | 2,663,052 | |
| Jefferson Co Sewer | | Zero Coupon | | 10/1/2039 | | BBB- | | | 5,000 | | | | 3,117,350 | |
| Jefferson Co Sewer | | | 6.00 | % | | 10/1/2042 | | BBB- | | | 5,000 | | | | 5,613,100 | |
| Jefferson Co Sewer | | | 6.50 | % | | 10/1/2053 | | BBB- | | | 15,000 | | | | 17,178,300 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2042 | | AA | | | 5,000 | | | | 3,340,550 | |
| Jefferson Co Sewer (AGM) | | | 5.00 | % | | 10/1/2044 | | AA | | | 5,000 | | | | 5,295,050 | |
| Lathrop Fin Auth | | | 5.90 | % | | 6/1/2027 | | NR | | | 2,375 | | | | 2,381,270 | |
| Lathrop Fin Auth | | | 6.00 | % | | 6/1/2035 | | NR | | | 3,255 | | | | 3,261,412 | |
| Maricopa Co Poll Ctl–El Paso Elec | | | 7.25 | % | | 2/1/2040 | | Baa1 | | | 3,500 | | | | 3,959,550 | |
| Moraine Ohio Solid Waste Disp AMT(g) | | | 6.75 | % | | 7/1/2014 | | NR | | | 525 | | | | 53 | |
| MSR Energy Auth–Citi | | | 6.50 | % | | 11/1/2039 | | A- | | | 5,850 | | | | 7,934,881 | |
| New Orleans Water | | | 5.00 | % | | 12/1/2044 | | BBB+ | | | 10,000 | | | | 11,003,200 | |
| NYC Muni Water(b) | | | 5.00 | % | | 6/15/2029 | | AA+ | | | 11,000 | | | | 12,446,335 | |
| NYC Muni Water(b) | | | 5.125 | % | | 6/15/2030 | | AA+ | | | 1,000 | | | | 1,131,485 | |
| Padre Dam Municipal Water Auth COP | | | 5.25 | % | | 10/1/2034 | | AA | | | 5,600 | | | | 6,263,040 | |
| Pima Co IDA–Global Water AMT | | | 5.60 | % | | 12/1/2022 | | NR | | | 2,000 | | | | 2,085,560 | |
| Pima Co IDA–Global Water AMT | | | 5.75 | % | | 12/1/2032 | | NR | | | 5,000 | | | | 5,083,200 | |
| PR Aqueduct & Swr Auth | | | 5.00 | % | | 7/1/2017 | | BB- | | | 8,435 | | | | 6,857,908 | |
| PR Aqueduct & Swr Auth | | | 5.00 | % | | 7/1/2033 | | BB- | | | 3,600 | | | | 2,565,000 | |
| PR Aqueduct & Swr Auth | | | 5.25 | % | | 7/1/2042 | | BB- | | | 17,365 | | | | 12,372,562 | |
| 98 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| PR Aqueduct & Swr Auth | | | 5.75 | % | | 7/1/2037 | | BB- | | $ | 10,865 | | | $ | 8,041,621 | |
| PR Aqueduct & Swr Auth | | | 6.00 | % | | 7/1/2047 | | BB- | | | 2,075 | | | | 1,535,708 | |
| PR Elec Pwr Auth | | | 5.00 | % | | 7/1/2029 | | CCC | | | 1,500 | | | | 894,915 | |
| Sabine River Auth–TXU AMT(g) | | | 6.45 | % | | 6/1/2021 | | C | (d) | | 2,000 | | | | 180,000 | |
| San Antonio Elec & Gas†(b) | | | 5.25 | % | | 2/1/2029 | | AA | | | 19,375 | | | | 22,451,478 | |
| San Antonio Elec & Gas†(b) | | | 5.25 | % | | 2/1/2031 | | AA | | | 6,270 | | | | 7,265,588 | |
| TX Muni Gas Acq & Supply–Macquarie | | | 5.00 | % | | 12/15/2029 | | A3 | | | 5,000 | | | | 5,478,100 | |
| TX Muni Gas Acq & Supply–ML | | | 6.25 | % | | 12/15/2026 | | A- | | | 7,500 | | | | 9,222,225 | |
| Western Genr Agy–Wauna Cogen AMT | | | 5.00 | % | | 1/1/2016 | | NR | | | 1,500 | | | | 1,504,005 | |
| Total | | | | | | | | | | | | | | | 228,113,522 | |
| Total Municipal Bonds (cost $1,995,024,248) | | | | | | | | | | 1,987,844,097 | |
| | | | | | | | | | | | |
| | | | | | | | | | | Shares | | | | |
| | | | | | | | | | | | (000) | | | | | |
| SHORT-TERM INVESTMENTS 0.66% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Money Market Mutual Fund 0.00% | | | | | | | | | | | | | | | | |
Dreyfus Municipal Cash Management Plus
(cost $797) | | | | | | | | — | (j) | | | 797 | |
| | | Interest
Rate# | | Interest
Rate
Reset
Date(e) | | Final
Maturity
Date | | | | | Principal
Amount
(000) | | | | |
| Variable Rate Demand Notes 0.66% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Corporate-Backed 0.34% | | | | | | | | | | | | | | | | |
| Port Arthur Nav Dist–Motiva | | | 0.17 | % | | 10/1/2014 | | 12/1/2039 | | | A2 | | | $ | 6,800 | | | | 6,800,000 | |
| | | | | | | | | | | | | | | | | | | | | |
| General Obligation 0.09% | | | | | | | | | | | | | | | | | |
| NYC GO | | | 0.19 | % | | 10/1/2014 | | 4/1/2035 | | | AA | | | | 1,750 | | | | 1,750,000 | |
| | | | | | | | | | | | | | | | | | | | | |
| Lease Obligations 0.13% | | | | | | | | | | | | | | | | | |
| Pima Co IDA–Clark Co Detention† | | 0.32 | % | | 10/2/2014 | | 9/1/2033 | | | AA- | | | | 2,500 | | | | 2,500,000 | |
| | | | | | | | | | | | | | | | | | | | | |
| Utilities 0.10% | | | | | | | | | | | | | | | | | |
| Las Vegas Valley Water District | | | 0.12 | % | | 10/1/2014 | | 6/1/2036 | | | AA+ | | | | 2,000 | | | | 2,000,000 | |
| Total Variable Rate Demand Notes (cost $13,050,000) | | | | | | | | | | | 13,050,000 | |
| Total Short-Term Investments (cost $13,050,797) | | | | | | | | | | | | | 13,050,797 | |
| Total Investments in Securities 100.65% (cost $2,008,075,045) | | | | | | | | | | 2,000,894,894 | |
| Liabilities in Excess of Cash and Other Assets(f) (0.65%) | | | | | | | | | | | (12,944,488 | ) |
| Net Assets 100.00% | | | | | | | | | | | | | $ | 1,987,950,406 | |
| | See Notes to Financial Statements. | 99 |
Schedule of Investments (concluded)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2014
| Open Futures Contracts at September 30, 2014: | | | | | | | | |
| | | | | | | | | | | | | | | Unrealized | |
| Type | | | Expiration | | | Contracts | | | | Position | | | Fair Value | | | Appreciation | |
| U.S. Long Bond | | | December 2014 | | | | 145 | | | | Short | | | | $(19,996,406 | ) | | | $142,133 | |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 1,582,634,007 | | | $ | — | | | $ | 1,582,634,007 | |
| Other Revenue | | | — | | | | 177,095,771 | | | | 797 | (4) | | | 177,096,568 | |
| Utilities | | | — | | | | 228,113,469 | | | | 53 | (4) | | | 228,113,522 | |
| Money Market Mutual Fund | | | 797 | | | | — | | | | — | | | | 797 | |
| Variable Rate Demand Notes | | | — | | | | 13,050,000 | | | | — | | | | 13,050,000 | |
| Total | | $ | 797 | | | $ | 2,000,893,247 | | | $ | 850 | | | $ | 2,000,894,894 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(5) | | $ | — | | | $ | (41,160,000 | ) | | $ | — | | | $ | (41,160,000 | ) |
| Total | | $ | — | | | $ | (41,160,000 | ) | | $ | — | | | $ | (41,160,000 | ) |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 142,133 | | | $ | — | | | $ | — | | | $ | 142,133 | |
| Liabilities | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 142,133 | | | $ | — | | | $ | — | | | $ | 142,133 | |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| (4) | Municipal Bonds categorized as Level 3 investment includes MI St Strategic Fd. (Other Revenue), Moraine Ohio Solid Waste Disp AMT (Utilities) and Ohio St Pollution Ctl Rev (Other Revenue). |
| (5) | Refer to Note 2(h) for a description of Municipal Bonds Held in Trust. |
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | | Municipal Bonds |
| Balance as of October 1, 2013 | | $ | 850 |
| Accrued discounts/premiums | | | — |
| Realized gain (loss) | | | — |
| Change in unrealized appreciation/depreciation | | | — |
| Purchases | | | — |
| Sales | | | — |
| Net transfers in or out of Level 3 | | | — |
| Balance as of September 30, 2014 | | $ | 850 |
| 100 | See Notes to Financial Statements. | |
Schedule of Investments
CALIFORNIA TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 99.48% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 1.13% | | | | | | | | | | | | | | | | |
| CA Poll Ctl–Poseidon Res AMT† | | | 5.00 | % | | 11/21/2045 | | Baa3 | | $ | 1,000 | | | $ | 1,053,040 | |
| CA Poll Ctl–Waste Mgmt AMT | | | 3.25 | % | | 12/1/2027 | | A- | | | 1,500 | | | | 1,552,920 | |
| Total | | | | | | | | | | | | | | | 2,605,960 | |
| | | | | | | | | | | | | | | | | |
| Education 7.47% | | | | | | | | | | | | | | | | |
| CA Ed Facs–Clg & Univ Fin Prog | | | 5.00 | % | | 2/1/2037 | | Baa3 | | | 1,000 | | | | 1,018,170 | |
| CA Ed Facs–Occidental Clg | | | 5.00 | % | | 10/1/2036 | | Aa3 | | | 1,125 | | | | 1,272,791 | |
| CA Fin Auth–Biola Univ | | | 5.00 | % | | 10/1/2029 | | Baa1 | | | 330 | | | | 362,040 | |
| CA Fin Auth–Biola Univ | | | 5.80 | % | | 10/1/2028 | | Baa1 | | | 1,085 | | | | 1,224,661 | |
| CA Fin Auth–Emerson Clg | | | 5.75 | % | | 1/1/2033 | | BBB+ | | | 1,250 | | | | 1,428,525 | |
| CA Fin Auth–Univ of San Diego | | | 5.00 | % | | 10/1/2029 | | A1 | | | 2,225 | | | | 2,512,225 | |
| CA Infra & Econ Dev–Pepperdine Univ | | | 5.00 | % | | 11/1/2028 | | Aa3 | | | 1,000 | | | | 1,112,450 | |
| CA State Univ Sys | | | 5.00 | % | | 11/1/2037 | | Aa2 | | | 1,250 | | | | 1,398,175 | |
| CA Stwde–Windrush Sch(g) | | | 5.50 | % | | 7/1/2037 | | NR | | | 1,250 | | | | 13 | |
| Tustin Unified School District | | | 6.00 | % | | 8/1/2036 | | AA | | | 1,500 | | | | 1,769,805 | |
| Univ California | | | 5.00 | % | | 5/15/2037 | | AA- | | | 1,435 | | | | 1,611,419 | |
| Univ of California(b) | | | 5.75 | % | | 5/15/2031 | | AA | | | 3,000 | | | | 3,547,110 | |
| Total | | | | | | | | | | | | | | | 17,257,384 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 19.13% | | | | | | | | | | | | | | | | |
| CA State GO | | | 5.00 | % | | 9/1/2021 | | Aa3 | | | 1,000 | | | | 1,204,900 | |
| CA State GO | | | 5.00 | % | | 9/1/2029 | | Aa3 | | | 485 | | | | 557,197 | |
| CA State GO | | | 5.00 | % | | 2/1/2032 | | Aa3 | | | 2,000 | | | | 2,269,740 | |
| CA State GO | | | 5.00 | % | | 2/1/2033 | | Aa3 | | | 1,000 | | | | 1,129,950 | |
| CA State GO | | | 5.25 | % | | 10/1/2029 | | Aa3 | | | 1,500 | | | | 1,739,910 | |
| CA State GO | | | 5.25 | % | | 10/1/2032 | | Aa3 | | | 4,000 | | | | 4,604,880 | |
| CA State GO | | | 5.25 | % | | 4/1/2035 | | Aa3 | | | 3,000 | | | | 3,467,460 | |
| CA State GO | | | 5.50 | % | | 3/1/2040 | | Aa3 | | | 2,000 | | | | 2,285,540 | |
| CA State GO | | | 6.50 | % | | 4/1/2033 | | Aa3 | | | 3,500 | | | | 4,297,195 | |
| Chabot/Las Positas CCD | | | 5.00 | % | | 8/1/2022 | | Aa3 | | | 1,000 | | | | 1,205,090 | |
| Colton Jt USD (AGM) | | | 5.00 | % | | 8/1/2027 | | AA | | | 1,000 | | | | 1,167,570 | |
| Grossmont UHSD | | | 5.00 | % | | 8/1/2043 | | AA- | | | 1,250 | | | | 1,388,275 | |
| Guam GO | | | 7.00 | % | | 11/15/2039 | | BB- | | | 390 | | | | 442,088 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2029 | | Aa2 | | | 2,225 | | | | 2,548,426 | |
| Los Angeles USD | | | 5.00 | % | | 7/1/2030 | | Aa2 | | | 1,000 | | | | 1,184,570 | |
| Montebello USD (AGM) | | | 5.00 | % | | 8/1/2028 | | AA | | | 1,335 | | | | 1,500,206 | |
| | See Notes to Financial Statements. | 101 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | |
| Mount Diablo USD | | | 5.00 | % | | 8/1/2025 | | Aa3 | | $ | 1,000 | | | $ | 1,178,260 | |
| Oakland USD | | | 6.125 | % | | 8/1/2029 | | NR | | | 1,000 | | | | 1,137,500 | |
| Piedmont USD | | | 5.00 | % | | 8/1/2034 | | AA | | | 1,200 | | | | 1,362,492 | |
| PR Comwlth GO | | | 5.50 | % | | 7/1/2031 | | BB | | | 3,000 | | | | 2,303,280 | |
| San Diego USD | | | 5.00 | % | | 7/1/2027 | | AA- | | | 2,000 | | | | 2,369,760 | |
| San Gorgonio Mem Hlthcare Dist | | | 5.00 | % | | 8/1/2032 | | A3 | | | 1,000 | | | | 1,107,980 | |
| Stockton USD (AGM) | | | 5.00 | % | | 7/1/2025 | | AA | | | 1,060 | | | | 1,207,849 | |
| Sweetwater UHSD (BAM) | | | 5.00 | % | | 8/1/2027 | | AA | | | 1,000 | | | | 1,201,160 | |
| West Contra Costa USD | | | 6.00 | % | | 8/1/2027 | | Aa3 | | | 1,000 | | | | 1,333,870 | |
| Total | | | | | | | | | | | | | | | 44,195,148 | |
| | | | | | | | | | | | | | | | | |
| Health Care 11.89% | | | | | | | | | | | | | | | | |
| Abag Fin Auth–Episcopal Senior | | | 5.00 | % | | 7/1/2032 | | BBB+ | (d) | | 1,060 | | | | 1,143,115 | |
| Abag Fin Auth–Eskaton Pptys | | | 5.00 | % | | 11/15/2035 | | BBB | | | 1,000 | | | | 1,037,760 | |
| Abag Fin Auth–Sharp Hlthcare | | | 5.00 | % | | 8/1/2022 | | AA- | | | 110 | | | | 128,626 | |
| Abag Fin Auth–Sharp Hlthcare | | | 5.00 | % | | 8/1/2043 | | AA- | | | 1,000 | | | | 1,107,420 | |
| CA Hlth–Catholic Hlthcare W | | | 5.50 | % | | 7/1/2025 | | A | | | 1,250 | | | | 1,407,525 | |
| CA Hlth–Childrens Hsp Los Angeles | | | 5.00 | % | | 11/15/2029 | | BBB+ | | | 1,000 | | | | 1,099,960 | |
| CA Hlth–Childrens Hsp Orange Co | | | 5.25 | % | | 11/1/2035 | | A- | | | 2,000 | | | | 2,179,720 | |
| CA Hlth–Providence Hlth | | | 5.00 | % | | 10/1/2038 | | AA- | | | 1,000 | | | | 1,136,430 | |
| CA Hlth–Providence Hlth | | | 6.25 | % | | 10/1/2024 | | AA- | | | 1,025 | | | | 1,243,274 | |
| CA Hlth–Rady Childrens Hsp | | | 5.50 | % | | 8/15/2033 | | A1 | | | 2,000 | | | | 2,316,180 | |
| CA Hlth–Sutter Hlth | | | 5.50 | % | | 8/15/2026 | | AA- | | | 2,000 | | | | 2,371,020 | |
| CA Stwde–Episcopal Cmntys | | | 5.00 | % | | 5/15/2020 | | A- | (d) | | 605 | | | | 703,754 | |
| CA Stwde–Episcopal Cmntys | | | 5.00 | % | | 5/15/2024 | | A- | (d) | | 300 | | | | 340,356 | |
| CA Stwde–Henry Mayo Mem Hsp (AGM) | | | 5.25 | % | | 10/1/2043 | | AA | | | 500 | | | | 562,920 | |
| CA Stwde–So Cal Presbyterian | | | 7.00 | % | | 11/15/2029 | | BBB- | | | 1,000 | | | | 1,188,380 | |
| La Verne COP–Brethren Hillcrest Homes | | | 5.00 | % | | 5/15/2029 | | BBB- | (d) | | 635 | | | | 692,366 | |
| Palomar Hlth Care Dist COP | | | 5.50 | % | | 11/1/2019 | | Ba1 | | | 520 | | | | 558,220 | |
| San Buenaventura–Cmnty Mem Hlth | | | 8.00 | % | | 12/1/2031 | | BB | | | 2,000 | | | | 2,516,440 | |
| Turlock Hlth–Emanuel Med Ctr COP | | | 5.50 | % | | 10/15/2037 | | NR | | | 1,000 | | | | 1,143,810 | |
| Upland COP–San Antonio Cmnty Hsp | | | 6.00 | % | | 1/1/2026 | | A- | | | 2,000 | | | | 2,310,420 | |
| Whittier Hlth Fac–Presbyterian Intercmnty Hsp | | | 5.00 | % | | 6/1/2044 | | A+ | | | 1,000 | | | | 1,107,310 | |
| Whittier Hlth Fac–Presbyterian Intercmnty Hsp | | | 5.75 | % | | 6/1/2029 | | A+ | | | 1,000 | | | | 1,180,750 | |
| Total | | | | | | | | | | | | | | | 27,475,756 | |
| 102 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | | Rate | | Date | | Moody’s(a) | | | (000) | | | | Value | |
| Housing 2.12% | | | | | | | | | | | | | | | | |
| CA Muni Fin–Caritas Affordable Hsg | | | 5.00 | % | | 8/15/2030 | | BBB | | $ | 1,000 | | | $ | 1,116,240 | |
| CA Stwde–CHF-Irvine LLC | | | 5.00 | % | | 5/15/2038 | | Baa2 | | | 1,000 | | | | 1,032,260 | |
| CA Stwde–CHF-Irvine LLC | | | 5.125 | % | | 5/15/2031 | | Baa2 | | | 1,500 | | | | 1,657,725 | |
| Los Angeles Regl Fin Auth–MonteCedro Prk | | | 5.00 | % | | 11/15/2044 | | A | | | 1,000 | | | | 1,089,660 | |
| Total | | | | | | | | | | | | | | | 4,895,885 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 7.01% | | | | | | | | | | | | | | | | |
| CA Pub Wks–Judicial Council | | | 5.00 | % | | 12/1/2028 | | A1 | | | 1,000 | | | | 1,146,710 | |
| CA Pub Wks–State Prisons | | | 5.75 | % | | 10/1/2031 | | A1 | | | 2,000 | | | | 2,382,220 | |
| CA Pub Wks–Various Cap Proj | | | 5.00 | % | | 4/1/2037 | | A1 | | | 1,000 | | | | 1,100,900 | |
| CA Pub Wks–Various Cap Proj | | | 5.375 | % | | 11/1/2022 | | A1 | | | 1,000 | | | | 1,171,660 | |
| CA Pub Wks–Various Cap Proj | | | 6.375 | % | | 11/1/2034 | | A1 | | | 2,000 | | | | 2,392,680 | |
| San Diego PFA–Master Lease | | | 5.25 | % | | 9/1/2035 | | AA- | | | 1,220 | | | | 1,336,486 | |
| San Jose Fing Auth–Civic Ctr | | | 5.00 | % | | 6/1/2027 | | AA | | | 1,000 | | | | 1,175,690 | |
| San Mateo Jt Pwrs Fin Auth | | | 5.25 | % | | 7/15/2026 | | AA+ | | | 3,000 | | | | 3,412,200 | |
| Santa Ana USD COP (AGM) | Zero Coupon | | 4/1/2019 | | AA | | | 2,295 | | | | 2,074,519 | |
| Total | | | | | | | | | | | | | | | 16,193,065 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 2.91% | | | | | | | | | | | | | | | | |
| CA Fin Auth–High Tech† | | | 6.00 | % | | 7/1/2028 | | BB | (d) | | 850 | | | | 869,015 | |
| CA Fin Auth–OCEAA | | | 6.75 | % | | 10/1/2028 | | NR | | | 1,390 | | | | 1,403,983 | |
| CA Infra & Econ Dev–Gladstone Inst | | | 5.25 | % | | 10/1/2034 | | A- | | | 2,000 | | | | 2,199,860 | |
| CA Sch Fin Auth–KIPP LA | | | 5.00 | % | | 7/1/2034 | | BB+ | | | 600 | | | | 619,110 | |
| Guam Privilege Tax | | | 5.25 | % | | 1/1/2036 | | A | | | 1,500 | | | | 1,637,520 | |
| Total | | | | | | | | | | | | | | | 6,729,488 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 10.12% | | | | | | | | | | | | | | | | |
| Brentwood Infra Fin Auth(c) | | | 5.00 | % | | 9/2/2036 | | NR | | | 1,000 | | | | 1,052,680 | |
| Corona Norco Sch Dist PFA | | | 5.00 | % | | 9/1/2021 | | BBB+ | | | 350 | | | | 409,328 | |
| Emeryville Redev Agy (AGM) | | | 5.00 | % | | 9/1/2023 | | AA | | | 1,000 | | | | 1,203,890 | |
| Inglewood Redev Agy (AMBAC) | | | 5.00 | % | | 5/1/2033 | | BBB+ | | | 1,535 | | | | 1,542,307 | |
| Inland Valley Redev Agy | | | 5.25 | % | | 9/1/2037 | | A- | | | 1,000 | | | | 1,123,050 | |
| Irvine CFD–Great Park | | | 5.00 | % | | 9/1/2044 | | NR | | | 500 | | | | 545,695 | |
| Irvine Pub Facs & Infra Auth | | | 4.50 | % | | 9/2/2025 | | BBB+ | | | 650 | | | | 669,838 | |
| La Quinta Redev Agy | | | 5.00 | % | | 9/1/2033 | | AA- | | | 1,000 | | | | 1,130,940 | |
| Lancaster Redev Agy | | | 6.875 | % | | 8/1/2034 | | BBB | | | 1,000 | | | | 1,167,510 | |
| Los Angeles CFD–Playa Vista | | | 5.00 | % | | 9/1/2031 | | BBB | | | 600 | | | | 686,706 | |
| Norco Redev Agy–Proj #1 | | | 6.00 | % | | 3/1/2036 | | A+ | | | 1,120 | | | | 1,305,662 | |
| | See Notes to Financial Statements. | 103 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | |
| Poway USD PFA | | | 5.00 | % | | 9/15/2024 | | BBB | | $ | 280 | | | $ | 314,317 | |
| Rancho Cucamonga Redev Agy | | | 5.00 | % | | 9/1/2032 | | AA | | | 1,300 | | | | 1,484,314 | |
| Riverside Co Redev Agy–Tax Alloc | | | 6.00 | % | | 10/1/2037 | | A- | | | 2,000 | | | | 2,252,140 | |
| San Diego Redev Agy–No Pk Redev | | | 7.00 | % | | 11/1/2039 | | A- | | | 1,000 | | | | 1,199,580 | |
| San Francisco Redev–Mission Bay North | | | 6.75 | % | | 8/1/2033 | | A- | | | 500 | | | | 608,915 | |
| San Francisco Redev–Mission Bay North | | | 6.75 | % | | 8/1/2041 | | A- | | | 1,000 | | | | 1,214,610 | |
| San Francisco Redev–Mission Bay South | | 6.625 | % | | 8/1/2039 | | BBB+ | | | 1,500 | | | | 1,736,775 | |
| San Jose Redev Agy (RADIAN) | | | 4.50 | % | | 8/1/2035 | | BBB | | | 150 | | | | 150,410 | |
| San Mateo CFD–Bay Meadows | | | 5.50 | % | | 9/1/2044 | | NR | | | 500 | | | | 546,870 | |
| Santa Cruz Redev Agy–Live Oak | | | 6.625 | % | | 9/1/2029 | | A | | | 500 | | | | 586,740 | |
| Santa Cruz Redev Agy–Live Oak | | | 7.00 | % | | 9/1/2036 | | A | | | 500 | | | | 585,450 | |
| Union City Redev Agy–Tax Alloc | | | 6.875 | % | | 12/1/2033 | | A | | | 1,500 | | | | 1,863,240 | |
| Total | | | | | | | | | | | | | | | 23,380,967 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 3.65% | | | | | | | | | | | | | | | | |
| Guam Ltd Oblig–Section 30 Landfill | | | 5.75 | % | | 12/1/2034 | | BBB+ | | | 1,030 | | | | 1,125,285 | |
| PR Corp Sales Tax | | | 5.00 | % | | 8/1/2024 | | BBB- | | | 1,000 | | | | 843,680 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2041 | | BBB- | | | 1,000 | | | | 740,600 | |
| San Diego Co Regl Trsp Commn | | | 5.00 | % | | 4/1/2025 | | AAA | | | 1,895 | | | | 2,262,649 | |
| San Joaquin Co Trsp Auth | | | 5.75 | % | | 3/1/2028 | | AA | | | 450 | | | | 536,423 | |
| San Jose Spl Tax–Conv Ctr | | | 6.125 | % | | 5/1/2031 | | A2 | | | 1,000 | | | | 1,217,240 | |
| Sonoma Marin Area Rail Rmkt | | | 5.00 | % | | 3/1/2029 | | AA | | | 1,500 | | | | 1,711,890 | |
| Total | | | | | | | | | | | | | | | 8,437,767 | |
| | | | | | | | | | | | | | | | | |
| Tobacco 5.37% | | | | | | | | | | | | | | | | |
| Golden St Tobacco | | | 4.50 | % | | 6/1/2027 | | B | | | 1,625 | | | | 1,503,271 | |
| Golden St Tobacco | | | 5.00 | % | | 6/1/2033 | | B- | | | 1,070 | | | | 869,931 | |
| Golden St Tobacco | | | 5.00 | % | | 6/1/2045 | | A1 | | | 1,200 | | | | 1,221,732 | |
| Golden St Tobacco | | | 5.125 | % | | 6/1/2047 | | B- | | | 2,520 | | | | 1,853,284 | |
| Golden St Tobacco | | | 5.75 | % | | 6/1/2047 | | B- | | | 1,000 | | | | 797,690 | |
| Golden St Tobacco (FGIC) | | | 5.00 | % | | 6/1/2035 | | A1 | | | 4,305 | | | | 4,418,997 | |
| Inland Empire Tobacco | | | 5.00 | % | | 6/1/2021 | | B- | (d) | | 790 | | | | 781,144 | |
| Sthrn CA Tobacco | | | 5.00 | % | | 6/1/2037 | | BB+ | | | 1,200 | | | | 973,356 | |
| Total | | | | | | | | | | | | | | | 12,419,405 | |
| | | | | | | | | | | | | | | | | |
| Transportation 12.35% | | | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | | 5.00 | % | | 10/1/2021 | | A- | | | 800 | | | | 960,552 | |
| Alameda Corridor Trsp Auth (AGM) | | | 5.00 | % | | 10/1/2029 | | AA | | | 725 | | | | 844,777 | |
| 104 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| Bay Area Toll Auth | | | 0.74 | % | # | 4/1/2047 | | AA | | $ | 1,000 | | | $ | 1,015,990 | |
| Bay Area Toll Auth | | | 5.00 | % | | 10/1/2033 | | A+ | | | 2,905 | | | | 3,211,507 | |
| Foothill / Eastern Corridor Toll Rd | | | 5.75 | % | | 1/15/2046 | | BBB- | | | 1,500 | | | | 1,715,550 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.00 | % | | 1/15/2049 | | BBB- | | | 2,000 | | | | 2,307,500 | |
| Foothill / Eastern Corridor Toll Rd | | | 6.00 | % | | 1/15/2053 | | BBB- | | | 2,755 | | | | 3,173,980 | |
| Fresno Arpt | | | 5.00 | % | | 7/1/2020 | | Baa1 | | | 1,020 | | | | 1,160,301 | |
| Los Angeles Dept Arpts–LAX | | | 5.00 | % | | 5/15/2035 | | AA | | | 2,000 | | | | 2,243,720 | |
| Los Angeles Dept Arpts–LAX AMT | | | 5.00 | % | | 5/15/2021 | | AA | | | 1,325 | | | | 1,574,696 | |
| Los Angeles Harbor AMT | | | 5.00 | % | | 8/1/2036 | | AA | | | 1,000 | | | | 1,134,460 | |
| Port Oakland AMT | | | 5.125 | % | | 5/1/2031 | | A+ | | | 1,250 | | | | 1,379,975 | |
| San Diego Arpt AMT | | | 5.00 | % | | 7/1/2027 | | A+ | | | 1,000 | | | | 1,144,510 | |
| San Francisco Arpt | | | 4.00 | % | | 5/1/2023 | | A+ | | | 1,010 | | | | 1,143,795 | |
| San Francisco Arpt AMT | | | 5.00 | % | | 5/1/2027 | | A+ | | | 1,430 | | | | 1,615,943 | |
| San Francisco Port Commn AMT | | | 5.00 | % | | 3/1/2030 | | A1 | | | 1,415 | | | | 1,594,776 | |
| San Jose Arpt AMT(c) | | | 5.00 | % | | 3/1/2029 | | A2 | | | 500 | | | | 576,135 | |
| San Jose Arpt AMT | | | 6.25 | % | | 3/1/2034 | | A2 | | | 1,500 | | | | 1,749,045 | |
| Total | | | | | | | | | | | | | | | 28,547,212 | |
| | | | | | | | | | | | | | | | | |
| Utilities 16.33% | | | | | | | | | | | | | | | | |
| Adelanto Util Sys | | | 6.625 | % | | 7/1/2031 | | NR | | | 1,000 | | | | 1,151,490 | |
| Burbank Water & Pwr Elec | | | 5.00 | % | | 6/1/2023 | | AA- | | | 1,000 | | | | 1,143,090 | |
| CA Dept Wtr Res Wtr–Central Valley | | | 5.00 | % | | 12/1/2026 | | AAA | | | 2,000 | | | | 2,286,860 | |
| Chino Basin Desalter Auth (AG) | | | 5.00 | % | | 6/1/2027 | | AA | | | 2,000 | | | | 2,228,740 | |
| Chula Vista IDR–San Diego G & E Rmkt | | | 5.875 | % | | 1/1/2034 | | Aa2 | | | 1,000 | | | | 1,146,640 | |
| Dublin San Ramon Svcs Dist Wtr | | | 5.25 | % | | 8/1/2029 | | AA- | | | 1,250 | | | | 1,444,450 | |
| El Dorado Irrigation Dist (AGM) | | | 5.25 | % | | 3/1/2039 | | AA | | | 750 | | | | 861,577 | |
| Guam Pwr Auth (AGM) | | | 5.00 | % | | 10/1/2034 | | AA | | | 705 | | | | 786,604 | |
| Guam Waterworks Auth | | | 5.50 | % | | 7/1/2043 | | A- | | | 500 | | | | 560,730 | |
| Lathrop Fin Auth | | | 6.00 | % | | 6/1/2035 | | NR | | | 1,135 | | | | 1,137,236 | |
| Long Beach Nat Gas–ML | | | 1.586 | % | # | 11/15/2026 | | A- | | | 1,000 | | | | 933,140 | |
| Long Beach Nat Gas–ML | | | 5.25 | % | | 11/15/2020 | | A- | | | 1,505 | | | | 1,745,755 | |
| Los Angeles DEWAP–Pwr Sys | | | 5.00 | % | | 7/1/2026 | | AA- | | | 2,000 | | | | 2,365,440 | |
| MSR Energy Auth–Citi | | | 7.00 | % | | 11/1/2034 | | A- | | | 1,000 | | | | 1,392,440 | |
| Northern CA Pwr–Geothermal #3 | | | 5.50 | % | | 7/1/2022 | | A1 | | | 1,985 | | | | 2,334,300 | |
| PR Aqueduct & Swr Auth | | | 5.75 | % | | 7/1/2037 | | BB- | | | 2,100 | | | | 1,554,294 | |
| Riverside Elec (AGM) | | | 5.00 | % | | 10/1/2027 | | AA | | | 1,000 | | | | 1,126,920 | |
| Rowland Water Dist COP | | | 6.50 | % | | 12/1/2035 | | AA- | | | 1,500 | | | | 1,843,665 | |
| Sacramento Co Santn Dist (NPFGC) | | | 5.25 | % | | 12/1/2023 | | AA | | | 1,500 | | | | 1,876,260 | |
| | See Notes to Financial Statements. | 105 |
Schedule of Investments (concluded)
CALIFORNIA TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| Sacramento MUD | | | 5.00 | % | | 8/15/2026 | | AA- | | $ | 1,500 | | | $ | 1,809,780 | |
| Santa Maria Wtr & Wastewtr | | | 5.00 | % | | 2/1/2027 | | A | | | 2,000 | | | | 2,269,740 | |
| Santa Rosa Wastewtr | | | 5.00 | % | | 9/1/2025 | | AA- | | | 1,000 | | | | 1,178,420 | |
| Southern CA Pub Pwr Auth–Apex | | | 5.00 | % | | 7/1/2038 | | AA- | | | 1,000 | | | | 1,139,730 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | | 5.00 | % | | 11/1/2033 | | A- | | | 2,000 | | | | 2,270,820 | |
| Southern CA Pub Pwr Auth–So Transmn | | | 5.00 | % | | 7/1/2020 | | AA- | | | 1,000 | | | | 1,156,320 | |
| Total | | | | | | | | | | | | | | | 37,744,441 | |
| Total Municipal Bonds (cost $210,992,204) | | | | | | | | | | | | | | | 229,882,478 | |
| | | | | | |
| | | Shares | | | |
| | | (000) | | | |
| SHORT-TERM INVESTMENT 0.00% | | | | | |
| | | | | | |
| Money Market Mutual Fund | | | | | |
Dreyfus General CA Municipal
(cost $26) | | — | (j) | 26 | |
| Total Investments in Securities 99.48% (cost $210,992,230) | | | | 229,882,504 | |
| Cash and Other Assets in Excess of Liabilities 0.52% | | | | 1,202,547 | |
| Net Assets 100.00% | | | | $231,085,051 | |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 229,882,478 | | | $ | — | | | $ | 229,882,478 | |
| Money Market Mutual Fund | | | 26 | | | | — | | | | — | | | | 26 | |
| Total | | $ | 26 | | | $ | 229,882,478 | | | $ | — | | | $ | 229,882,504 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | — | | | $ | (1,500,000 | ) | | $ | — | | | $ | (1,500,000 | ) |
| Total | | $ | — | | | $ | (1,500,000 | ) | | $ | — | | | $ | (1,500,000 | ) |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| (4) | Refer to Note 2(h) for a description of Municipal Bonds held in Trust. |
| 106 | See Notes to Financial Statements. |
Schedule of Investments
NEW JERSEY TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 98.59% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 3.89% | | | | | | | | | | | | | | | | |
| Gloucester Co Poll Ctl–Logan AMT | | | 5.00 | % | | 12/1/2024 | | BBB- | | $ | 250 | | | $ | 278,653 | |
| NJ EDA–Continental Airlines AMT | | | 5.25 | % | | 9/15/2029 | | B | | | 1,000 | | | | 1,058,340 | |
| NJ EDA–Continental Airlines AMT | | | 5.50 | % | | 4/1/2028 | | B | | | 320 | | | | 320,163 | |
| NJ EDA–Continental Airlines AMT | | | 5.50 | % | | 6/1/2033 | | B | | | 350 | | | | 373,954 | |
| NJ EDA–Glimcher Pptys AMT | | | 6.00 | % | | 11/1/2028 | | NR | | | 1,085 | | | | 1,085,369 | |
| NJ EDA–Goethals Brdg | | | 5.00 | % | | 7/1/2023 | | BBB- | | | 70 | | | | 81,809 | |
| NJ EDA–Goethals Brdg AMT | | | 5.00 | % | | 1/1/2028 | | BBB- | | | 100 | | | | 111,922 | |
| Salem Co Poll Ctl–Chambers AMT | | | 5.00 | % | | 12/1/2023 | | BBB | | | 500 | | | | 562,920 | |
| Total | | | | | | | | | | | | | | | 3,873,130 | |
| | | | | | | | | | | | | | | | | |
| Education 13.81% | | | | | | | | | | | | | | | | |
| NJ Ed Fac–Clg of NJ | | | 5.00 | % | | 7/1/2038 | | A | | | 500 | | | | 550,510 | |
| NJ Ed Facs–Kean Univ | | | 5.25 | % | | 9/1/2029 | | A2 | | | 500 | | | | 555,830 | |
| NJ Ed Facs–Montclair State Univ | | | 5.00 | % | | 7/1/2034 | | A1 | | | 1,000 | | | | 1,143,320 | |
| NJ Ed Facs–Princeton Univ | | | 5.00 | % | | 7/1/2025 | | AAA | | | 1,000 | | | | 1,252,310 | |
| NJ Ed Facs–Rowan Univ | | | 5.00 | % | | 7/1/2022 | | A+ | | | 425 | | | | 491,122 | |
| NJ Ed Facs–Seton Hall Univ | | | 5.00 | % | | 7/1/2038 | | A | | | 1,000 | | | | 1,105,750 | |
| NJ Ed Facs–Seton Hall Univ | | | 6.00 | % | | 7/1/2028 | | A | | | 2,450 | | | | 2,831,269 | |
| NJ EDA–Rutgers State Univ | | | 5.00 | % | | 6/15/2038 | | AA- | | | 500 | | | | 568,260 | |
| NJ Higher Ed Assistance Auth AMT | | | 4.125 | % | | 12/1/2024 | | AA | | | 1,250 | | | | 1,301,387 | |
| NJ Higher Ed Assistance Auth AMT | | | 5.00 | % | | 12/1/2021 | | AA | | | 1,000 | | | | 1,132,110 | |
| NJ Higher Ed Assistance Auth AMT | | | 5.00 | % | | 12/1/2022 | | AA | | | 750 | | | | 846,225 | |
| NJ Inst of Tech | | | 5.00 | % | | 7/1/2032 | | A+ | | | 500 | | | | 563,105 | |
| Rutgers State Univ | | | 5.00 | % | | 5/1/2031 | | AA- | | | 1,250 | | | | 1,406,825 | |
| Total | | | | | | | | | | | | | | | 13,748,023 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 7.61% | | | | | | | | | | | | | | | | |
| Bayonne GO (AGM) | | | 5.00 | % | | 7/15/2023 | | AA | | | 500 | | | | 583,410 | |
| Guam GO | | | 7.00 | % | | 11/15/2039 | | BB- | | | 140 | | | | 158,698 | |
| Hudson Co Impt Auth–Solid Waste GTD | | | 5.75 | % | | 1/1/2035 | | Aa3 | | | 1,840 | | | | 2,083,763 | |
| Monroe Twp Brd Ed | | | 5.00 | % | | 8/1/2025 | | AA- | | | 840 | | | | 972,258 | |
| New Brunswick GO | | | 5.00 | % | | 10/1/2023 | | A+ | | | 750 | | | | 861,878 | |
| PR Comwlth GO | | | 5.375 | % | | 7/1/2030 | | BB | | | 1,000 | | | | 770,290 | |
| Rahway GO (AGM) | | | 4.125 | % | | 12/15/2026 | | A1 | | | 5 | | | | 5,138 | |
| Union Co Util Auth–Covanta GTD AMT | | | 4.75 | % | | 12/1/2031 | | AA+ | | | 1,000 | | | | 1,047,650 | |
| Woodbridge Twp Sewer Utility | | | 4.00 | % | | 7/1/2024 | | AA+ | | | 1,020 | | | | 1,092,767 | |
| Total | | | | | | | | | | | | | | | 7,575,852 | |
| | See Notes to Financial Statements. | 107 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care 14.09% | | | | | | | | | | | | | | | | |
| NJ EDA–Lions Gate | | | 5.25 | % | | 1/1/2044 | | NR | | $ | 245 | | | $ | 249,288 | |
| NJ EDA–Seashore Gardens | | | 5.375 | % | | 11/1/2036 | | NR | | | 1,000 | | | | 838,060 | |
| NJ Hlth–AHS Hsp Corp | | | 6.00 | % | | 7/1/2037 | | A+ | | | 650 | | | | 770,848 | |
| NJ Hlth–Barnabas Hlth | | | 5.00 | % | | 7/1/2023 | | BBB+ | | | 1,605 | | | | 1,871,109 | |
| NJ Hlth–Barnabas Hlth | | | 5.625 | % | | 7/1/2032 | | BBB+ | | | 925 | | | | 1,036,222 | |
| NJ Hlth–Barnabas Hlth | | | 5.625 | % | | 7/1/2037 | | BBB+ | | | 895 | | | | 989,637 | |
| NJ Hlth–Catholic Hlth E | | | 4.75 | % | | 11/15/2029 | | Aa2 | | | 625 | | | | 687,525 | |
| NJ Hlth–Kennedy Hlth Sys | | | 5.00 | % | | 7/1/2042 | | A3 | | | 500 | | | | 527,870 | |
| NJ Hlth–Robert Wood Hsp | | | 5.00 | % | | 7/1/2039 | | A | | | 500 | | | | 559,695 | |
| NJ Hlth–Robert Wood Hsp | | | 5.25 | % | | 7/1/2028 | | A | | | 500 | | | | 583,430 | |
| NJ Hlth–St Josephs Hlth | | | 6.625 | % | | 7/1/2038 | | BBB- | | | 1,000 | | | | 1,090,000 | |
| NJ Hlth–St Lukes Warren Hsp | | | 5.00 | % | | 8/15/2031 | | A3 | | | 1,000 | | | | 1,101,440 | |
| NJ Hlth–Virtua Hlth | | | 5.75 | % | | 7/1/2033 | | A+ | | | 2,000 | | | | 2,267,940 | |
| PR Indl Tourist–Ascension Hlth | | | 6.125 | % | | 11/15/2025 | | AA+ | | | 415 | | | | 426,753 | |
| PR Indl Tourist–Ascension Hlth | | | 6.125 | % | | 11/15/2030 | | AA+ | | | 1,000 | | | | 1,027,110 | |
| Total | | | | | | | | | | | | | | | 14,026,927 | |
| | | | | | | | | | | | | | | | | |
| Housing 1.10% | | | | | | | | | | | | | | | | |
| NJ EDA–Montclair St Std Hsg | | | 5.875 | % | | 6/1/2042 | | Baa3 | | | 1,000 | | | | 1,097,800 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 20.46% | | | | | | | | | | | | | | | | |
| Essex Co Impt Auth–Newark | | | 6.25 | % | | 11/1/2030 | | Baa2 | | | 1,250 | | | | 1,389,687 | |
| Newark Hsg–Police Fac (AG) | | | 6.75 | % | | 12/1/2038 | | A3 | | | 750 | | | | 887,055 | |
| NJ Ed Facs–Higher Ed Cap Impt | | | 5.00 | % | | 9/1/2033 | | A2 | | | 1,000 | | | | 1,111,400 | |
| NJ EDA–Goethals Brdg AMT | | | 5.375 | % | | 1/1/2043 | | BBB- | | | 2,000 | | | | 2,192,820 | |
| NJ EDA–Goethals Brdg AMT | | | 5.625 | % | | 1/1/2052 | | BBB- | | | 10 | | | | 11,066 | |
| NJ EDA–Sch Facs | | | 5.00 | % | | 9/1/2033 | | A2 | | | 1,020 | | | | 1,098,632 | |
| NJ EDA–Sch Facs | | | 5.00 | % | | 3/1/2035 | | A2 | | | 1,000 | | | | 1,077,050 | |
| NJ EDA–Sch Facs | | | 5.25 | % | | 9/1/2026 | | A2 | | | 755 | | | | 847,767 | |
| NJ EDA–Sch Facs | | | 5.50 | % | | 12/15/2029 | | A2 | | | 1,275 | | | | 1,420,796 | |
| NJ EDA–Seeing Eye | | | 5.00 | % | | 6/1/2032 | | A | | | 1,000 | | | | 1,095,770 | |
| NJ Hlth–Hsp Asset Trans | | | 5.00 | % | | 10/1/2028 | | A2 | | | 1,350 | | | | 1,477,440 | |
| NJ Hlth–Hsp Asset Trans | | | 5.75 | % | | 10/1/2031 | | A2 | | | 1,425 | | | | 1,629,658 | |
| NJ State COP–Equip Lease COP | | | 5.25 | % | | 6/15/2029 | | A2 | | | 1,000 | | | | 1,104,830 | |
| NJ Trans Trust Fund | Zero Coupon | | 12/15/2031 | | A2 | | | 1,500 | | | | 686,070 | |
| NJ Trans Trust Fund | Zero Coupon | | 12/15/2038 | | A2 | | | 1,000 | | | | 303,380 | |
| NJ Trans Trust Fund | | | 5.00 | % | | 6/15/2022 | | A2 | | | 1,000 | | | | 1,144,690 | |
| NJ Trans Trust Fund TCRS (AMBAC) | | | 5.25 | % | | 12/15/2022 | | A2 | | | 1,000 | | | | 1,158,500 | |
| 108 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | |
| North Hudson Sewerage Auth | | | 5.00 | % | | 6/1/2028 | | A- | | $ | 1,000 | | | $ | 1,133,020 | |
| PR Infra Fin Auth–Mepsi Campus | | | 6.50 | % | | 10/1/2037 | | NR | | | 1,000 | | | | 603,150 | |
| Total | | | | | | | | | | | | | | | 20,372,781 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 1.16% | | | | | | | | | | | | | | | | |
| Guam Privilege Tax | | | 5.25 | % | | 1/1/2036 | | A | | | 1,000 | | | | 1,091,680 | |
| Middlesex Co Impt Auth–Heldrich Ctr(g) | | | 6.25 | % | | 1/1/2037 | | NR | | | 1,300 | | | | 67,080 | |
| Total | | | | | | | | | | | | | | | 1,158,760 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 0.83% | | | | | | | | | | | | | | | | |
| NJ EDA–Kapkowski Rd Landfill | | | 6.50 | % | | 4/1/2028 | | Ba2 | | | 675 | | | | 829,750 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 6.80% | | | | | | | | | | | | | | | | |
| Garden St Preservation Trust (AGM) | | | 5.75 | % | | 11/1/2028 | | AAA | | | 1,705 | | | | 2,223,457 | |
| Guam Ltd Oblig–Section 30 Landfill | | | 5.75 | % | | 12/1/2034 | | BBB+ | | | 375 | | | | 409,691 | |
| NJ EDA–Cigarette Tax | | | 4.25 | % | | 6/15/2027 | | BBB+ | | | 525 | | | | 557,177 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2024 | | BBB+ | | | 1,000 | | | | 1,131,410 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2025 | | BBB+ | | | 205 | | | | 230,592 | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2029 | | BBB+ | | | 40 | | | | 44,102 | |
| PR Corp Sales Tax | | | 5.00 | % | | 8/1/2035 | | BBB- | | | 1,000 | | | | 764,370 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2027 | | BBB- | | | 1,020 | | | | 851,374 | |
| Virgin Islands PFA–Matching Fund | | | 5.25 | % | | 10/1/2029 | | Baa2 | | | 500 | | | | 556,370 | |
| Total | | | | | | | | | | | | | | | 6,768,543 | |
| | | | | | | | | | | | | | | | | |
| Tobacco 5.73% | | | | | | | | | | | | | | | | |
| NJ EDA–Cigarette Tax | | | 5.00 | % | | 6/15/2026 | | BBB+ | | | 1,520 | | | | 1,700,941 | |
| Tobacco Settlement Fin Corp NJ | | | 4.50 | % | | 6/1/2023 | | BB | | | 1,000 | | | | 990,050 | |
| Tobacco Settlement Fin Corp NJ | | | 4.625 | % | | 6/1/2026 | | B+ | | | 735 | | | | 668,306 | |
| Tobacco Settlement Fin Corp NJ | | | 4.75 | % | | 6/1/2034 | | B2 | | | 3,155 | | | | 2,340,316 | |
| Total | | | | | | | | | | | | | | | 5,699,613 | |
| | | | | | | | | | | | | | | | | |
| Transportation 17.80% | | | | | | | | | | | | | | | | |
| Delaware River & Bay Auth | | | 5.00 | % | | 1/1/2042 | | A1 | | | 1,000 | | | | 1,111,860 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2022 | | BBB | | | 1,040 | | | | 1,183,187 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2028 | | A | | | 500 | | | | 581,505 | |
| Delaware River Port Auth | | | 5.00 | % | | 1/1/2034 | | A | | | 505 | | | | 572,039 | |
| Hudson Co Impt–Harrison Pkg GTD (AG) | | | 5.125 | % | | 1/1/2031 | | AA | | | 1,000 | | | | 1,090,720 | |
| NJ Tpk Auth | | | 5.00 | % | | 1/1/2028 | | A+ | | | 1,035 | | | | 1,193,324 | |
| NJ Tpk Auth | | | 5.00 | % | | 1/1/2033 | | A+ | | | 1,000 | | | | 1,142,420 | |
| | See Notes to Financial Statements. | 109 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2014
| | | | | | | | Credit | | | | | | |
| | | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| NJ Tpk Auth | | | 5.00 | % | | 1/1/2038 | | A+ | | $ | 1,250 | | | $ | 1,382,412 | |
| NJ Tpk Auth (AGM) | | | 5.25 | % | | 1/1/2028 | | AA | | | 1,000 | | | | 1,236,960 | |
| NJ Trans Trust Fund | | | 6.00 | % | | 6/15/2035 | | A2 | | | 2,000 | | | | 2,399,220 | |
| Port Auth NY & NJ | | | 4.75 | % | | 11/1/2036 | | AA- | | | 1,000 | | | | 1,080,980 | |
| Port Auth NY & NJ | | | 5.00 | % | | 12/1/2025 | | AA- | | | 1,000 | | | | 1,187,550 | |
| Port Auth NY & NJ | | | 5.00 | % | | 9/1/2030 | | AA- | | | 1,000 | | | | 1,186,380 | |
| Port Auth NY & NJ | | | 5.00 | % | | 12/1/2038 | | AA- | | | 1,005 | | | | 1,148,474 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | | 6.00 | % | | 12/1/2042 | | AA | | | 100 | | | | 119,930 | |
| Port Auth NY & NJ AMT | | | 5.75 | % | | 11/1/2030 | | AA- | | | 1,000 | | | | 1,109,100 | |
| Total | | | | | | | | | | | | | | | 17,726,061 | |
| | | | | | | | | | | | | | | | | |
| Utilities 5.31% | | | | | | | | | | | | | | | | |
| Essex Co Utils Auth Solid Waste (AG) | | | 5.00 | % | | 4/1/2020 | | Aa2 | | | 500 | | | | 578,615 | |
| Guam Pwr Auth (AGM) | | | 5.00 | % | | 10/1/2034 | | AA | | | 400 | | | | 446,300 | |
| NJ EDA–UMM Energy AMT | | | 4.75 | % | | 6/15/2032 | | Baa3 | | | 1,000 | | | | 1,014,750 | |
| NJ Env Infra Trust | | | 5.00 | % | | 9/1/2021 | | AAA | | | 1,145 | | | | 1,388,713 | |
| Passaic Valley Swr Sys (NPFGC) | | | 2.50 | % | | 12/1/2032 | | A2 | | | 525 | | | | 418,142 | |
| Passaic Valley Wtr (AGM) | | | 5.00 | % | | 12/15/2026 | | AA | | | 300 | | | | 356,880 | |
| Salem Co Poll Ctl–Atlantic City Elec | | | 4.875 | % | | 6/1/2029 | | A | | | 1,000 | | | | 1,078,250 | |
| Total | | | | | | | | | | | | | | | 5,281,650 | |
| Total Municipal Bonds (cost $94,493,580) | | | | | | | | | | | | 98,158,890 | |
| | | | | | |
| | | Shares | | | |
| | | (000) | | | |
| SHORT-TERM INVESTMENT 0.00% | | | | | |
| | | | | | |
| Money Market Mutual Fund | | | | | |
Dreyfus NJ Municipal Cash Management
(cost $5) | | — | (j) | 5 | |
| Total Investments in Securities 98.59% (cost $94,493,585) | | | | 98,158,895 | |
| Cash and Other Assets in Excess of Liabilities(f) 1.41% | | | | 1,405,850 | |
| Net Assets 100.00% | | | | $99,564,745 | |
Open Futures Contracts at September 30, 2014:
| | | | | | Unrealized |
| Type | Expiration | Contracts | Position | Fair Value | Appreciation |
| U.S. Long Bond | December 2014 | 7 | Short | $(965,344) | $8,886 |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
| 110 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
NEW JERSEY TAX FREE FUND September 30, 2014
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | | $ | 98,158,890 | | | $ | — | | | $ | 98,158,890 | |
| Money Market Mutual Fund | | | 5 | | | | — | | | | — | | | | 5 | |
| Total | | $ | 5 | | | $ | 98,158,890 | | | $ | — | | | $ | 98,158,895 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 8,886 | | | $ | — | | | $ | — | | | $ | 8,886 | |
| Liabilities | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 8,886 | | | $ | — | | | $ | — | | | $ | 8,886 | |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| | See Notes to Financial Statements. | 111 |
Schedule of Investments
NEW YORK TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or Moody’s(a) | | | Principal
Amount (000) | | | | Fair
Value | |
| MUNICIPAL BONDS 99.89% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 6.90% | | | | | | | | | | | | | | | | |
| Broome Co IDA–University Plaza (ACA) | | | 5.10 | % | | 8/1/2036 | | NR | | $ | 500 | | | $ | 500,755 | |
| Liberty Dev Corp–Goldman Sachs | | | 5.25 | % | | 10/1/2035 | | A- | | | 1,750 | | | | 2,072,577 | |
| Niagara Area Dev Corp–Covanta | | | 4.00 | % | | 11/1/2024 | | Ba2 | | | 500 | | | | 503,950 | |
| Niagara Area Dev Corp–Covanta AMT | | | 5.25 | % | | 11/1/2042 | | Ba2 | | | 500 | | | | 514,265 | |
| NY Liberty Dev Corp–7 WTC | | | 5.00 | % | | 9/15/2040 | | Aaa | | | 1,000 | | | | 1,123,390 | |
| NY Liberty Dev Corp–B of A Tower | | | 5.625 | % | | 7/15/2047 | | AA | | | 1,600 | | | | 1,795,408 | |
| NYC Cap Res–Arthur Mgmt | | | 7.00 | % | | 8/1/2025 | | NR | | | 1,370 | | | | 1,476,792 | |
| NYC IDA–British Airways AMT | | | 5.25 | % | | 12/1/2032 | | BB | | | 2,265 | | | | 2,265,159 | |
| NYC IDA–InterActive Corp | | | 5.00 | % | | 9/1/2035 | | BBB | | | 1,315 | | | | 1,344,403 | |
| NYC IDA–Jetblue AMT | | | 5.125 | % | | 5/15/2030 | | B | | | 1,750 | | | | 1,752,030 | |
| NYC IDA–TRIPS AMT | | | 5.00 | % | | 7/1/2028 | | BBB- | | | 1,750 | | | | 1,953,035 | |
| NYC IDA–Yankee Stadium (FGIC) | | | 4.50 | % | | 3/1/2039 | | BBB | | | 1,340 | | | | 1,351,926 | |
| Syracuse IDA–Carousel Ctr AMT (XLCA) | | | 5.00 | % | | 1/1/2036 | | BBB- | | | 5,000 | | | | 5,109,250 | |
| Total | | | | | | | | | | | | | | | 21,762,940 | |
| | | | | | | | | | | | | | | | | |
| Education 13.15% | | | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Buffalo State College | | 5.75 | % | | 10/1/2026 | | A+ | | | 1,350 | | | | 1,588,491 | |
| Build NYC Res Corp–CUNY | | | 5.00 | % | | 6/1/2027 | | Aa2 | | | 400 | | | | 474,024 | |
| Build NYC Res Corp–CUNY | | | 5.00 | % | | 6/1/2029 | | Aa2 | | | 500 | | | | 585,600 | |
| Build NYC Res Corp–CUNY | | | 5.00 | % | | 6/1/2031 | | Aa2 | | | 1,120 | | | | 1,297,453 | |
| Cattaraugus Co IDA–St Bonaventure Univ | | 5.00 | % | | 5/1/2023 | | BBB- | | | 500 | | | | 524,930 | |
| Cattaraugus Co IDA–St Bonaventure Univ | | 5.00 | % | | 5/1/2034 | | BBB- | | | 300 | | | | 323,418 | |
| Cattaraugus Co IDA–St Bonaventure Univ | | 5.00 | % | | 5/1/2039 | | BBB- | | | 350 | | | | 371,599 | |
| Dutchess Co LDC–Anderson Ctr | | | 6.00 | % | | 10/1/2030 | | BB+ | | | 1,000 | | | | 1,039,700 | |
| Monroe Co IDC–Univ of Rochester | | | 5.00 | % | | 7/1/2036 | | AA- | | | 1,750 | | | | 1,962,187 | |
| Monroe IDC–Monroe Cmnty Clg (AGM) | | 5.00 | % | | 1/15/2038 | | AA | | | 1,000 | | | | 1,106,270 | |
| Niagara Area Dev Corp–Niagara Univ | | 5.00 | % | | 5/1/2035 | | BBB+ | | | 500 | | | | 539,510 | |
| Niagara Area Dev Corp–Niagara Univ | | 5.00 | % | | 5/1/2042 | | BBB+ | | | 1,200 | | | | 1,278,552 | |
| NY Dorm–Brooklyn Law School | | | 5.00 | % | | 7/1/2024 | | BBB+ | | | 1,000 | | | | 1,215,820 | |
| NY Dorm–Cornell Univ | | | 5.00 | % | | 7/1/2040 | | Aa1 | | | 1,000 | | | | 1,129,540 | |
| NY Dorm–Fordham University | | | 5.25 | % | | 7/1/2031 | | A | | | 2,275 | | | | 2,555,780 | |
| NY Dorm–Long Island Univ | | | 5.00 | % | | 9/1/2026 | | BBB- | | | 1,000 | | | | 1,095,610 | |
| NY Dorm–NYU | | | 5.25 | % | | 7/1/2034 | | AA- | | | 5,500 | | | | 6,321,205 | |
| NY Dorm–Pace Univ | | | 5.00 | % | | 5/1/2023 | | BB+ | | | 570 | | | | 632,865 | |
| NY Dorm–Rockefeller Univ | | | 5.00 | % | | 7/1/2038 | | AA+ | | | 1,000 | | | | 1,130,610 | |
| NY Dorm–SUNY | | | 5.00 | % | | 7/1/2035 | | Aa2 | | | 1,500 | | | | 1,686,750 | |
| 112 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | | | |
| NY Dorm–Teachers Clg | | | 5.375 | % | | 3/1/2029 | | A1 | | $ | 1,025 | | | $ | 1,161,079 | |
| NY Dorm–Touro Clg | | | 5.25 | % | | 1/1/2034 | | BBB- | (d) | | 1,000 | | | | 1,099,140 | |
| NYC IDA–Polytechnic Univ (ACA) | | | 5.25 | % | | 11/1/2037 | | AA- | | | 4,295 | | | | 4,704,185 | |
| NYC IDA–Vaughn Clg | | | 5.00 | % | | 12/1/2031 | | BB | | | 1,510 | | | | 1,551,601 | |
| Onondaga CDC–Upstate Prop Dev | | | 5.50 | % | | 12/1/2031 | | A+ | | | 1,000 | | | | 1,115,610 | |
| Onondaga Co Cultural–Syracuse Univ | | | 5.00 | % | | 12/1/2036 | | AA- | | | 575 | | | | 636,864 | |
| Onondaga Co Cultural–Syracuse Univ | | | 5.00 | % | | 12/1/2038 | | AA- | | | 1,230 | | | | 1,389,949 | |
| St Lawrence IDA–Clarkson Univ | | | 6.00 | % | | 9/1/2034 | | A3 | | | 1,575 | | | | 1,830,544 | |
| Yonkers IDA–Sarah Lawrence Clg | | | 6.00 | % | | 6/1/2029 | | BBB | | | 1,000 | | | | 1,137,940 | |
| Total | | | | | | | | | | | | | | | 41,486,826 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 5.78% | | | | | | | | | | | | | | | | |
| Guam GO | | | 7.00 | % | | 11/15/2039 | | BB- | | | 280 | | | | 317,397 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2027 | | AA | | | 1,000 | | | | 1,189,680 | |
| NY Dorm–Sch Dist (AGM) | | | 5.00 | % | | 10/1/2028 | | AA | | | 1,000 | | | | 1,182,980 | |
| NYC GO | | | 5.00 | % | | 8/1/2021 | | AA | | | 1,070 | | | | 1,246,999 | |
| NYC GO | | | 5.00 | % | | 8/1/2022 | | AA | | | 1,200 | | | | 1,437,504 | |
| NYC GO | | | 5.00 | % | | 8/1/2022 | | AA | | | 2,000 | | | | 2,395,840 | |
| NYC GO | | | 5.00 | % | | 8/1/2026 | | AA | | | 1,000 | | | | 1,178,260 | |
| NYC GO | | | 5.00 | % | | 8/1/2027 | | AA | | | 1,410 | | | | 1,647,148 | |
| NYC GO | | | 5.00 | % | | 10/1/2034 | | AA | | | 1,500 | | | | 1,700,430 | |
| NYC GO | | | 5.00 | % | | 3/1/2036 | | AA | | | 1,250 | | | | 1,420,675 | |
| NYC GO | | | 5.00 | % | | 3/1/2037 | | AA | | | 1,500 | | | | 1,689,435 | |
| PR Comwlth GO | | | 5.375 | % | | 7/1/2030 | | BB | | | 3,660 | | | | 2,819,261 | |
| Total | | | | | | | | | | | | | | | 18,225,609 | |
| | | | | | | | | | | | | | | | | |
| Health Care 11.16% | | | | | | | | | | | | | | | | |
| Albany IDA–St Peters Hsp | | | 5.25 | % | | 11/15/2027 | | A+ | | | 1,500 | | | | 1,635,150 | |
| Albany IDA–St Peters Hsp | | | 5.50 | % | | 11/15/2027 | | A+ | | | 1,000 | | | | 1,106,820 | |
| Build NYC Res Corp–NY Methodist Hsp(c) | | 5.00 | % | | 7/1/2020 | | Baa1 | | | 750 | | | | 867,097 | |
| Chautauqua Co–Woman’s Christian Assn | | 8.00 | % | | 11/15/2030 | | NR | | | 1,000 | | | | 1,049,020 | |
| Dutchess Co LDC–Health Quest | | | 5.00 | % | | 7/1/2034 | | A- | | | 500 | | | | 550,595 | |
| East Rochester Hsg–Woodland Vlg | | | 5.50 | % | | 8/1/2033 | | NR | | | 1,700 | | | | 1,693,931 | |
| Genesee Co IDA–United Mem Med Ctr | | | 5.00 | % | | 12/1/2032 | | NR | | | 1,000 | | | | 1,000,370 | |
| Madison Co IDA–Oneida Hlth | | | 5.25 | % | | 2/1/2027 | | BB+ | | | 750 | | | | 761,258 | |
| Madison Co IDA–Oneida Hlth | | | 5.50 | % | | 2/1/2032 | | BB+ | | | 750 | | | | 757,103 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2027 | | BBB+ | | | 625 | | | | 714,013 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2028 | | BBB+ | | | 2,000 | | | | 2,265,220 | |
| | See Notes to Financial Statements. | 113 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | |
| Nassau Co LEAC–Catholic Hlth Svcs | | | 5.00 | % | | 7/1/2033 | | BBB+ | | $ | 375 | | | $ | 417,154 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | | 5.00 | % | | 7/1/2032 | | Baa2 | | | 2,000 | | | | 2,194,760 | |
| NY Dorm–Catholic Hlth | | | 5.00 | % | | 7/1/2032 | | BBB+ | | | 500 | | | | 547,980 | |
| NY Dorm–Miriam Osborn Mem Home | | | 5.00 | % | | 7/1/2042 | | A- | (d) | | 750 | | | | 788,363 | |
| NY Dorm–Mt Sinai Hsp | | | 5.00 | % | | 7/1/2026 | | A2 | | | 2,000 | | | | 2,257,940 | |
| NY Dorm–North Shore LI Jewish | | | 5.00 | % | | 5/1/2022 | | A- | | | 1,220 | | | | 1,408,710 | |
| NY Dorm–North Shore LI Jewish | | | 5.25 | % | | 5/1/2034 | | A- | | | 1,000 | | | | 1,111,930 | |
| NY Dorm–NYU Hsps Ctr | | | 5.75 | % | | 7/1/2031 | | A- | | | 1,500 | | | | 1,732,365 | |
| NY Dorm–Orange Regl Med | | | 6.125 | % | | 12/1/2029 | | Ba1 | | | 2,000 | | | | 2,129,740 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2021 | | Aa3 | | | 1,000 | | | | 1,180,450 | |
| NYC Hlth & Hsp Corp | | | 5.00 | % | | 2/15/2025 | | Aa3 | | | 1,000 | | | | 1,133,930 | |
| NYC Hlth & Hsp Corp | | | 5.50 | % | | 2/15/2023 | | Aa3 | | | 1,090 | | | | 1,226,860 | |
| Onondaga CDC–St Josephs Hsp | | | 5.00 | % | | 7/1/2042 | | BB | | | 1,000 | | | | 1,009,510 | |
| Suffolk Co EDC–Catholic Hlth Long Island | | 5.00 | % | | 7/1/2028 | | BBB+ | | | 1,175 | | | | 1,306,858 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | | 5.375 | % | | 1/1/2027 | | NR | | | 1,055 | | | | 1,056,118 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | | 5.50 | % | | 1/1/2037 | | NR | | | 1,000 | | | | 981,040 | |
| Westchester Co Hlth Care | | | 6.00 | % | | 11/1/2030 | | A3 | | | 850 | | | | 980,993 | |
| Westchester Co LDC–Kendal Hudson | | | 5.00 | % | | 1/1/2034 | | BBB | (d) | | 1,250 | | | | 1,332,450 | |
| Total | | | | | | | | | | | | | | | 35,197,728 | |
| | | | | | | | | | | | | | | | | |
| Housing 0.74% | | | | | | | | | | | | | | | | |
| NY Mtg Agy–Homeowner Mtg AMT | | | 4.875 | % | | 10/1/2030 | | Aa1 | | | 2,255 | | | | 2,344,862 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 9.33% | | | | | | | | | | | | | | | | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.00 | % | | 5/1/2023 | | AA | | | 1,055 | | | | 1,235,669 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.25 | % | | 5/1/2030 | | AA | | | 2,575 | | | | 2,996,914 | |
| Erie Co IDA–Buffalo Sch Dist | | | 5.25 | % | | 5/1/2032 | | AA | | | 1,000 | | | | 1,152,720 | |
| Monroe Co IDA–Rochester Schools | | | 5.00 | % | | 5/1/2021 | | AA | | | 2,500 | | | | 2,975,350 | |
| NY Dorm–Court Facs | Zero Coupon | | 8/1/2021 | | AA+ | | | 2,265 | | | | 1,983,936 | |
| NY Dorm–Master BOCES | | | 5.50 | % | | 8/15/2026 | | Aa2 | | | 1,560 | | | | 1,828,850 | |
| NY Dorm–NY Downtown Hospital | | | 5.00 | % | | 2/15/2022 | | AA | | | 1,000 | | | | 1,144,370 | |
| NY Dorm–Oneida | | | 5.25 | % | | 8/15/2028 | | Aa2 | | | 3,375 | | | | 3,770,415 | |
| NY Dorm–SUNY–Third Resolution | | | 5.00 | % | | 5/15/2026 | | AA | | | 2,490 | | | | 2,932,448 | |
| NY Liberty Dev Corp–4 WTC | | | 5.00 | % | | 11/15/2031 | | A+ | | | 1,000 | | | | 1,121,150 | |
| NY UDC–PIT | | | 5.00 | % | | 3/15/2035 | | AAA | | | 1,500 | | | | 1,698,495 | |
| NYC TFA–Bldg Aid | | | 5.00 | % | | 7/15/2022 | | Aa2 | | | 2,150 | | | | 2,546,696 | |
| NYC TFA–Bldg Aid | | | 5.00 | % | | 7/15/2025 | | Aa2 | | | 1,500 | | | | 1,776,495 | |
| NYC TFA–Bldg Aid | | | 5.00 | % | | 7/15/2027 | | Aa2 | | | 1,425 | | | | 1,644,992 | |
| PR Infra Fin Auth–Mepsi Campus | | | 6.50 | % | | 10/1/2037 | | NR | | | 1,000 | | | | 603,150 | |
| Total | | | | | | | | | | | | | | | 29,411,650 | |
| 114 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Other Revenue 6.27% | | | | | | | | | | | | | | | | |
| Brooklyn Arena LDC–Barclays Ctr | | | 6.25 | % | | 7/15/2040 | | BBB- | | $ | 3,000 | | | $ | 3,413,220 | |
| Build NYC Res Corp–YMCA | | | 5.00 | % | | 8/1/2042 | | A- | | | 1,265 | | | | 1,343,114 | |
| NY Dorm–NYSARC Inc | | | 5.125 | % | | 7/1/2030 | | Aa2 | | | 2,000 | | | | 2,207,080 | |
| NY Dorm–SUNY | | | 5.00 | % | | 7/1/2037 | | Aa2 | | | 1,000 | | | | 1,119,650 | |
| NYC Cultural–Museum Modern Art | | | 5.00 | % | | 4/1/2031 | | AA | | | 1,250 | | | | 1,410,713 | |
| NYC Cultural–Museum Nat History | | | 5.00 | % | | 7/1/2031 | | AA | | | 1,695 | | | | 1,965,539 | |
| NYC Cultural–Whitney Museum | | | 5.00 | % | | 7/1/2031 | | A | | | 2,000 | | | | 2,203,400 | |
| NYC Cultural–Wildlife Consv Soc | | | 5.00 | % | | 8/1/2033 | | AA- | | | 1,750 | | | | 1,990,502 | |
| NYS Muni Bd Bk–Lease | | | 5.00 | % | | 12/1/2022 | | AA- | | | 1,520 | | | | 1,816,248 | |
| Utility Debt Sec Auth–LIPA | | | 5.00 | % | | 12/15/2041 | | AAA | | | 1,000 | | | | 1,146,720 | |
| Yonkers EDC–Charter Sch Ed Excellence | | | 6.25 | % | | 10/15/2040 | | BB | | | 1,100 | | | | 1,157,970 | |
| Total | | | | | | | | | | | | | | | 19,774,156 | |
| | | | | | | | | | | | | | | | | |
| Special Tax 1.46% | | | | | | | | | | | | | | | | |
| NY Sales Tax Asset Receivable Corp(c) | | | 5.00 | % | | 10/15/2022 | | AAA | | | 1,000 | | | | 1,226,600 | |
| NY Sales Tax Asset Receivable Corp(c) | | | 5.00 | % | | 10/15/2030 | | AAA | | | 1,000 | | | | 1,202,910 | |
| NYC IDA–Queens Stadium (AMBAC) | | | 5.00 | % | | 1/1/2031 | | Ba1 | | | 2,075 | | | | 2,185,598 | |
| Total | | | | | | | | | | | | | | | 4,615,108 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 13.32% | | | | | | | | | | | | | | | | |
| Guam Ltd Oblig–Section 30 Landfill | | | 5.75 | % | | 12/1/2034 | | BBB+ | | | 755 | | | | 824,845 | |
| Hudson Yards | | | 5.75 | % | | 2/15/2047 | | A | | | 2,650 | | | | 3,057,782 | |
| MTA NY–Dedicated Tax | | | 5.00 | % | | 11/15/2022 | | AA | | | 1,010 | | | | 1,221,645 | |
| MTA NY–Dedicated Tax | | | 5.00 | % | | 11/15/2034 | | AA | | | 2,000 | | | | 2,254,060 | |
| NY Dorm–PIT | | | 5.00 | % | | 12/15/2025 | | AAA | | | 1,000 | | | | 1,200,690 | |
| NY Dorm–Sales Tax | | | 5.00 | % | | 3/15/2038 | | AAA | | | 1,000 | | | | 1,133,120 | |
| NY Twy Auth–PIT | | | 5.00 | % | | 3/15/2023 | | AAA | | | 2,025 | | | | 2,385,511 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2025 | | AAA | | | 3,290 | | | | 3,684,376 | |
| NY UDC–PIT(b) | | | 5.00 | % | | 12/15/2026 | | AAA | | | 4,790 | | | | 5,364,182 | |
| NY UDC–PIT | | | 5.00 | % | | 12/15/2028 | | AAA | | | 3,500 | | | | 4,013,660 | |
| NY UDC–PIT | | | 5.00 | % | | 3/15/2033 | | AAA | | | 1,000 | | | | 1,140,280 | |
| NYC TFA–Future Tax | | | 4.00 | % | | 11/1/2022 | | AAA | | | 1,000 | | | | 1,133,320 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 11/1/2021 | | AAA | | | 2,000 | | | | 2,416,120 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 11/1/2023 | | AAA | | | 1,000 | | | | 1,211,110 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 2/1/2027 | | AAA | | | 1,500 | | | | 1,741,020 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 11/1/2032 | | AAA | | | 1,800 | | | | 2,089,584 | |
| NYC TFA–Future Tax | | | 5.00 | % | | 5/1/2034 | | AAA | | | 2,500 | | | | 2,819,475 | |
| PR Corp Sales Tax | | | 5.25 | % | | 8/1/2027 | | BBB- | | | 640 | | | | 534,195 | |
| | See Notes to Financial Statements. | 115 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | |
| PR Corp Sales Tax | | | 5.75 | % | | 8/1/2037 | | BBB- | | $ | 4,600 | | | $ | 3,769,056 | |
| Total | | | | | | | | | | | | | | | 41,994,031 | |
| | | | | | | | | | | | | | | | | |
| Tobacco 3.40% | | | | | | | | | | | | | | | | |
| Suffolk Tobacco Asset Sec Corp | | | 5.00 | % | | 6/1/2032 | | A- | | | 1,335 | | | | 1,450,718 | |
| Suffolk Tobacco Asset Sec Corp | | | 5.25 | % | | 6/1/2037 | | BBB+ | | | 1,145 | | | | 1,251,210 | |
| Suffolk Tobacco Asset Sec Corp | | | 5.375 | % | | 6/1/2028 | | BBB- | (d) | | 1,745 | | | | 1,714,253 | |
| Suffolk Tobacco Asset Sec Corp | | | 6.00 | % | | 6/1/2048 | | BB- | (d) | | 2,350 | | | | 2,071,713 | |
| TSASC | | | 5.00 | % | | 6/1/2026 | | B+ | | | 1,760 | | | | 1,720,365 | |
| TSASC | | | 5.125 | % | | 6/1/2042 | | B- | | | 3,100 | | | | 2,508,520 | |
| Total | | | | | | | | | | | | | | | 10,716,779 | |
| | | | | | | | | | | | | | | | | |
| Transportation 16.28% | | | | | | | | | | | | | | | | |
| MTA NY | | | 5.00 | % | | 11/15/2023 | | AA- | | | 2,455 | | | | 2,925,132 | |
| MTA NY | | | 5.00 | % | | 11/15/2023 | | AA- | | | 1,000 | | | | 1,197,830 | |
| MTA NY | | | 5.00 | % | | 11/15/2023 | | AA- | | | 1,395 | | | | 1,636,921 | |
| MTA NY | | | 5.00 | % | | 11/15/2027 | | AA- | | | 350 | | | | 410,967 | |
| MTA NY | | | 5.00 | % | | 11/15/2027 | | AA- | | | 1,750 | | | | 2,068,482 | |
| MTA NY | | | 5.00 | % | | 11/15/2028 | | AA- | | | 1,000 | | | | 1,156,350 | |
| MTA NY | | | 5.00 | % | | 11/15/2030 | | AA- | | | 2,000 | | | | 2,294,580 | |
| MTA NY | | | 5.00 | % | | 11/15/2031 | | AA- | | | 2,500 | | | | 2,706,700 | |
| MTA NY | | | 5.00 | % | | 11/15/2038 | | AA- | | | 2,500 | | | | 2,792,525 | |
| MTA NY | | | 5.25 | % | | 11/15/2029 | | AA- | | | 1,000 | | | | 1,191,460 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | | 5.00 | % | | 4/1/2027 | | Baa1 | | | 1,000 | | | | 1,136,730 | |
| NY Bridge Auth | | | 4.00 | % | | 1/1/2027 | | AA- | | | 1,000 | | | | 1,091,180 | |
| NY Twy Auth | | | 5.00 | % | | 5/1/2019 | | A- | | | 1,500 | | | | 1,740,795 | |
| NY Twy Auth | | | 5.00 | % | | 1/1/2028 | | A | | | 2,000 | | | | 2,275,360 | |
| NY Twy Auth | | | 5.00 | % | | 1/1/2036 | | A | | | 1,760 | | | | 1,981,690 | |
| NY Twy Auth–Hwy & Brdg | | | 5.00 | % | | 4/1/2028 | | AA | | | 2,000 | | | | 2,271,240 | |
| NYC IDA–Terminal One Group AMT | | | 5.50 | % | | 1/1/2021 | | A3 | | | 1,250 | | | | 1,320,175 | |
| NYC IDA–Terminal One Group AMT | | | 5.50 | % | | 1/1/2024 | | A3 | | | 2,000 | | | | 2,111,260 | |
| Port Auth NY & NJ | | | 4.00 | % | | 12/1/2022 | | AA- | | | 2,060 | | | | 2,321,620 | |
| Port Auth NY & NJ | | | 5.00 | % | | 9/1/2028 | | AA- | | | 750 | | | | 900,555 | |
| Port Auth NY & NJ | | | 5.00 | % | | 12/1/2038 | | AA- | | | 1,500 | | | | 1,714,140 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | | 6.00 | % | | 12/1/2042 | | AA | | | 255 | | | | 305,822 | |
| Port Auth NY & NJ AMT | | | 5.00 | % | | 9/15/2024 | | AA- | | | 1,000 | | | | 1,134,040 | |
| Port Auth NY & NJ AMT | | | 5.00 | % | | 10/15/2024 | | AA- | | | 1,250 | | | | 1,431,312 | |
| Port Auth NY & NJ AMT | | | 5.00 | % | | 10/1/2033 | | AA- | | | 1,525 | | | | 1,695,891 | |
| 116 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2014
| Investments | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | |
| Port Auth NY & NJ AMT | | | 5.00 | % | | 10/15/2041 | | AA- | | $ | 1,250 | | | $ | 1,357,863 | |
| Triborough Brdg & Tunl Auth | | | 4.75 | % | | 11/15/2030 | | AA- | | | 2,500 | | | | 2,752,450 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2023 | | A+ | | | 2,525 | | | | 3,046,311 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2023 | | AA- | | | 1,000 | | | | 1,226,430 | |
| Triborough Brdg & Tunl Auth | | | 5.00 | % | | 11/15/2038 | | AA- | | | 1,000 | | | | 1,141,050 | |
| Total | | | | | | | | | | | | | | | 51,336,861 | |
| | | | | | | | | | | | | | | | | |
| Utilities 12.10% | | | | | | | | | | | | | | | | |
| Guam Pwr Auth | | | 5.00 | % | | 10/1/2020 | | BBB | | | 500 | | | | 574,890 | |
| Guam Pwr Auth | | | 5.00 | % | | 10/1/2021 | | BBB | | | 500 | | | | 575,255 | |
| Long Island Power Auth | | | 5.00 | % | | 9/1/2025 | | A- | | | 1,000 | | | | 1,145,960 | |
| Long Island Power Auth | | | 5.00 | % | | 5/1/2038 | | A- | | | 1,880 | | | | 2,051,287 | |
| Long Island Power Auth | | | 5.50 | % | | 4/1/2024 | | A- | | | 2,215 | | | | 2,495,840 | |
| NY Energy–Brooklyn Union Gas RIBs AMT | | | 6.952 | % | | 7/1/2026 | | A2 | | | 8,000 | | | | 8,026,640 | |
| NY Env Facs–Clean Wtr & Drinking | | | 4.75 | % | | 6/15/2032 | | AAA | | | 3,500 | | | | 3,784,340 | |
| NY Env Facs–Clean Wtr & Drinking | | | 5.00 | % | | 6/15/2029 | | AAA | | | 2,000 | | | | 2,283,260 | |
| NY Env Facs–Clean Wtr & Drinking | | | 5.00 | % | | 11/15/2029 | | AAA | | | 1,000 | | | | 1,198,310 | |
| NY Env Facs–Clean Wtr & Drinking | | | 5.00 | % | | 6/15/2036 | | AAA | | | 1,250 | | | | 1,416,888 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2029 | | AA+ | | | 2,000 | | | | 2,264,880 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2034 | | AA+ | | | 1,500 | | | | 1,709,670 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2034 | | AA+ | | | 3,525 | | | | 3,980,500 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2035 | | AA+ | | | 1,750 | | | | 1,987,475 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2035 | | AA+ | | | 1,675 | | | | 1,924,642 | |
| NYC Muni Water | | | 5.00 | % | | 6/15/2036 | | AA+ | | | 1,750 | | | | 2,002,962 | |
| PR Elec Pwr Auth | | | 5.75 | % | | 7/1/2036 | | CCC | | | 1,250 | | | | 745,500 | |
| Total | | | | | | | | | | | | | | | 38,168,299 | |
| Total Municipal Bonds (cost $298,612,291) | | | | | | | | | | | | 315,034,849 | |
| | | | | | | | | | | Shares | | | | |
| | | | | | | | | | | | (000) | | | | | |
| SHORT-TERM INVESTMENT 0.00% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Money Market Mutual Fund | | | | | | | | | | | | | | | | |
Dreyfus NY Municipal Cash Management
(cost $331) | | | | | | | — | (j) | | | 331 | |
| Total Investments in Securities 99.89% (cost $298,612,622) | | | | | | | | | 315,035,180 | |
| Cash and Other Assets in Excess of Liabilities(f) 0.11% | | | | | | | | | | 346,738 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 315,381,918 | |
| | See Notes to Financial Statements. | 117 |
Schedule of Investments (concluded)
NEW YORK TAX FREE FUND September 30, 2014
Open Futures Contracts at September 30, 2014:
| Type | | | Expiration | | | | Contracts | | | | Position | | | | Fair Value | | | | Unrealized
Appreciation | |
| U.S. Long Bond | | | December 2014 | | | | 42 | | | | Short | | | $ | (5,792,063) | | | | $30,740 | |
Note: See Footnotes to Schedules of Investments on page 119 of this report.
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | — | | $ | 315,034,849 | | | $ | — | | $ | 315,034,849 | |
| Money Market Mutual Fund | | | 331 | | | — | | | | — | | | 331 | |
| Total | | $ | 331 | | $ | 315,034,849 | | | $ | — | | $ | 315,035,180 | |
| | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | — | | $ | (4,030,000 | ) | | $ | — | | $ | (4,030,000 | ) |
| Total | | $ | — | | $ | (4,030,000 | ) | | $ | — | | $ | (4,030,000 | ) |
| | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | |
| Assets | | $ | 30,740 | | $ | — | | | $ | — | | $ | 30,740 | |
| Liabilities | | | — | | | — | | | | — | | | — | |
| Total | | $ | 30,740 | | $ | — | | | $ | — | | $ | 30,740 | |
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| (2) | See Schedule of Investments for fair values in each industry. |
| (3) | There were no level transfers during the fiscal year ended September 30, 2014. |
| (4) | Refer to Note 2(h) for a description of Municipal Bonds Held in Trust. |
| 118 | See Notes to Financial Statements. | |
Footnotes to Schedules of Investments
September 30, 2014
| AMT | | Income from this security may be subject to Alternative Minimum Tax. |
| COP | | Certificates of Participation. |
| CR | | Custodial Receipt. |
| GTD | | Guaranteed. |
| NR | | Not Rated. |
Pre-Refunded Bonds A second bond has been issued in order to pay off the first bond issue. Proceeds from the sale of the second bond are held in an “escrow fund” consisting of U.S. Government debt until the first bond issue reaches maturity.
| PSF | | Permanent School Fund. |
| RIBs | | Residual Interest Bonds. The interest rate is subject to change periodically and inversely to the prevailing market rate. The interest rate shown is the rate in effect at September 30, 2014. |
| TCRS | | Transferable Custodial Receipts. |
| † | | 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. |
| # | | Variable rate security. The interest rate shown is the rate in effect at September 30, 2014. |
| ~ | | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. |
| (a) | | Unaudited. |
| (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(h) for details of Municipal Bonds Held in Trust. |
| (c) | | Securities purchased on a when-issued basis (See Note 2(g)). |
| (d) | | This investment has been rated by Fitch IBCA. |
| (e) | | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount. |
| (f) | | Cash and Other Assets in Excess of Liabilities (Liabilities in Excess of Cash and Other Assets) include net unrealized appreciation (depreciation) on open futures contracts. |
| (g) | | Defaulted security. |
| (h) | | Stub Rights issued in connection with a plan of reorganization. |
| (i) | | Security is perpetual and has no stated maturity date. |
| (j) | | Amount represents less than 1,000 shares. |
| | | |
| Insured or guaranteed by the indicated municipal bond insurance corporation or Federal agency: |
| ACA | | American Capital Access Holding Ltd. |
| AMBAC | | AMBAC Assurance Corporation |
| AG | | Assured Guaranty |
| AGM | | Assured Guaranty Municipal Corporation |
| BAM | | Build America Mutual |
| BHAC | | Berkshire Hathaway Assurance Corporation |
| FHA | | Federal Housing Administration |
| FNMA | | Federal National Mortgage Association |
| FGIC | | Financial Guaranty Insurance Company |
| IBC | | Insurance Bond Certificate |
| NPFGC | | National Public Finance Guarantee Corporation |
| RADIAN | | Radian Asset Assurance, Inc. |
| SIFMA | | Securities Industry and Financial Markets Association |
| VA | | Department of Veterans Affairs |
| XLCA | | XL Capital Assurance, Inc. |
| | See Notes to Financial Statements. | 119 |
Statements of Assets and Liabilities
September 30, 2014
| | | Short Duration | | | Intermediate | | | AMT Free | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities, at cost | | $ | 2,270,959,496 | | | $ | 3,047,083,374 | | | $ | 129,544,137 | |
| Investments in securities, at fair value | | $ | 2,302,077,673 | | | $ | 3,183,596,663 | | | $ | 135,911,818 | |
| Cash | | | 12,795,940 | | | | 16,897,949 | | | | 3,677,334 | |
| Deposits with brokers for futures collateral | | | 342,900 | | | | 395,850 | | | | 42,900 | |
| Receivables: | | | | | | | | | | | | |
| Interest | | | 20,013,808 | | | | 40,152,592 | | | | 1,838,845 | |
| Capital shares sold | | | 9,462,034 | | | | 13,675,461 | | | | 385,737 | |
| Investment securities sold | | | 3,500,000 | | | | — | | | | — | |
| From advisor (See Note 3) | | | 81,263 | | | | — | | | | 30,765 | |
| Variation margin | | | — | | | | 82,500 | | | | 8,938 | |
| Prepaid expenses and other assets | | | 80,260 | | | | 107,131 | | | | 33,416 | |
| Total assets | | | 2,348,353,878 | | | | 3,254,908,146 | | | | 141,929,753 | |
| LIABILITIES: | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | |
| Investment securities purchased | | | 10,595,500 | | | | 24,567,446 | | | | 3,312,447 | |
| Trust certificates (See Note 2(h)) | | | — | | | | 3,840,000 | | | | — | |
| Capital shares reacquired | | | 5,988,437 | | | | 6,394,337 | | | | 205,864 | |
| Management fee | | | 760,384 | | | | 1,024,920 | | | | 55,853 | |
| 12b-1 distribution fees | | | 481,188 | | | | 1,039,806 | | | | 27,164 | |
| Interest expense and fees (See Note 2(h)) | | | — | | | | 5,437 | | | | — | |
| Directors’ fees | | | 214,718 | | | | 299,561 | | | | 10,424 | |
| Fund administration | | | 76,724 | | | | 104,941 | | | | 4,468 | |
| Variation margin | | | 17,860 | | | | — | | | | — | |
| Distributions payable | | | 2,063,833 | | | | 7,531,974 | | | | 365,629 | |
| Accrued expenses | | | 238,095 | | | | 362,037 | | | | 42,824 | |
| Total liabilities | | | 20,436,739 | | | | 45,170,459 | | | | 4,024,673 | |
| NET ASSETS | | $ | 2,327,917,139 | | | $ | 3,209,737,687 | | | $ | 137,905,080 | |
| COMPOSITION OF NET ASSETS: | | | | | | | | | | | | |
| Paid-in capital | | $ | 2,305,411,976 | | | $ | 3,078,741,762 | | | $ | 135,988,907 | |
| Undistributed (distributions in excess of) net investment income | | | 320,939 | | | | 5,988,802 | | | | 269,112 | |
| Accumulated net realized loss on investments and futures contracts | | | (8,674,337 | ) | | | (11,624,715 | ) | | | (4,736,559 | ) |
| Net unrealized appreciation (depreciation) on investments and futures contracts | | | 30,858,561 | | | | 136,631,838 | | | | 6,383,620 | |
| Net Assets | | $ | 2,327,917,139 | | | $ | 3,209,737,687 | | | $ | 137,905,080 | |
| 120 | See Notes to Financial Statements. | |
| National | | | High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | |
| $ | 1,706,799,423 | | | $ | 2,008,075,045 | | | $ | 210,992,230 | | | $ | 94,493,585 | | | $ | 298,612,622 | |
| $ | 1,810,445,078 | | | $ | 2,000,894,894 | | | $ | 229,882,504 | | | $ | 98,158,895 | | | $ | 315,035,180 | |
| | 13,533,631 | | | | 16,430,568 | | | | 1,686,233 | | | | 262,183 | | | | 3,398,451 | |
| | 358,800 | | | | 282,750 | | | | — | | | | 13,650 | | | | 81,900 | |
| | | | | | | | | | | | | | | | | | | |
| | 24,978,956 | | | | 31,690,178 | | | | 3,247,606 | | | | 1,382,191 | | | | 4,141,025 | |
| | 6,803,351 | | | | 12,924,098 | | | | 1,117,994 | | | | 332,879 | | | | 1,872,185 | |
| | — | | | | 3,730,000 | | | | 55,000 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | |
| | 74,876 | | | | 59,134 | | | | — | | | | 2,857 | | | | 17,093 | |
| | 48,112 | | | | 60,964 | | | | 15,799 | | | | 11,921 | | | | 15,330 | |
| | 1,856,242,804 | | | | 2,066,072,586 | | | | 236,005,136 | | | | 100,164,576 | | | | 324,561,164 | |
| | | | | | | | | | | | | | | | | | | |
| | 28,139,644 | | | | 23,221,335 | | | | 1,623,960 | | | | 67,340 | | | | 3,350,812 | |
| | 62,165,000 | | | | 41,160,000 | | | | 1,500,000 | | | | — | | | | 4,030,000 | |
| | 3,437,053 | | | | 4,468,069 | | | | 814,400 | | | | 100,899 | | | | 553,204 | |
| | 615,759 | | | | 764,326 | | | | 84,810 | | | | 36,718 | | | | 116,458 | |
| | 568,728 | | | | 548,672 | | | | 75,030 | | | | 26,845 | | | | 110,372 | |
| | 120,466 | | | | 61,058 | | | | 3,275 | | | | — | | | | 7,480 | |
| | 476,020 | | | | 222,892 | | | | 114,235 | | | | 37,338 | | | | 110,548 | |
| | 57,466 | | | | 64,287 | | | | 7,539 | | | | 3,264 | | | | 10,352 | |
| | — | | | | — | | | | — | | | | — | | | | — | |
| | 5,291,630 | | | | 7,379,276 | | | | 643,786 | | | | 287,688 | | | | 831,156 | |
| | 220,890 | | | | 232,265 | | | | 53,050 | | | | 39,739 | | | | 58,864 | |
| | 101,092,656 | | | | 78,122,180 | | | | 4,920,085 | | | | 599,831 | | | | 9,179,246 | |
| $ | 1,755,150,148 | | | $ | 1,987,950,406 | | | $ | 231,085,051 | | | $ | 99,564,745 | | | $ | 315,381,918 | |
| | | | | | | | | | | | | | | | | | | |
| $ | 1,691,689,756 | | | $ | 2,333,034,394 | | | $ | 223,181,968 | | | $ | 103,587,758 | | | $ | 311,930,878 | |
| | 4,743,179 | | | | 12,275,252 | | | | (73,876 | ) | | | (131,872 | ) | | | (567,087 | ) |
| | (45,076,188 | ) | | | (350,321,222 | ) | | | (10,913,315 | ) | | | (7,565,337 | ) | | | (12,435,171 | ) |
| | 103,793,401 | | | | (7,038,018 | ) | | | 18,890,274 | | | | 3,674,196 | | | | 16,453,298 | |
| $ | 1,755,150,148 | | | $ | 1,987,950,406 | | | $ | 231,085,051 | | | $ | 99,564,745 | | | $ | 315,381,918 | |
| | See Notes to Financial Statements. | 121 |
Statements of Assets and Liabilities (concluded)
September 30, 2014
| | | Short Duration | | | Intermediate | | | AMT Free | |
| | | | | | | | | | | | | |
| Net assets by class: | | | | | | | | | | | | |
| Class A Shares | | $ | 1,231,268,213 | | | $ | 1,485,142,620 | | | $ | 92,711,102 | |
| Class B Shares | | | — | | | $ | 3,892,063 | | | | — | |
| Class C Shares | | $ | 237,781,695 | | | $ | 559,155,951 | | | $ | 20,595,915 | |
| Class F Shares | | $ | 775,914,362 | | | $ | 1,092,546,131 | | | $ | 24,428,945 | |
| Class I Shares | | $ | 82,952,869 | | | $ | 68,985,361 | | | $ | 169,118 | |
| Class P Shares | | | — | | | $ | 15,561 | | | | — | |
| Outstanding shares by class*: | | | | | | | | | | | | |
| Class A Shares | | | 77,909,512 | | | | 137,076,803 | | | | 5,835,033 | |
| Class B Shares | | | — | | | | 359,519 | | | | — | |
| Class C Shares | | | 15,045,208 | | | | 51,672,721 | | | | 1,296,572 | |
| Class F Shares | | | 49,093,783 | | | | 100,855,891 | | | | 1,537,634 | |
| Class I Shares | | | 5,248,835 | | | | 6,366,522 | | | | 10,638 | |
| Class P Shares | | | — | | | | 1,436 | | | | — | |
Net asset value, offering and redemption price per share
(Net assets divided by outstanding shares): | | | | | | | | | | | | |
| Class A Shares-Net asset value | | | $15.80 | | | | $10.83 | | | | $15.89 | |
Class A Shares-Maximum offering price
(Net asset value plus sales charge of 2.25%) | | | $16.16 | | | | $11.08 | | | | $16.26 | |
| Class B Shares-Net asset value | | | — | | | | $10.83 | | | | — | |
| Class C Shares-Net asset value | | | $15.80 | | | | $10.82 | | | | $15.88 | |
| Class F Shares-Net asset value | | | $15.80 | | | | $10.83 | | | | $15.89 | |
| Class I Shares-Net asset value | | | $15.80 | | | | $10.84 | | | | $15.90 | |
| Class P Shares-Net asset value | | | — | | | | $10.84 | | | | — | |
| * | Lord Abbett Municipal Income Fund, Inc. has 4,165,001,000 authorized shares of capital stock (par value $.001), which are designated as follows: 900,001,000 to Short Duration, 930,000,000 to Intermediate, 140,000,000 to AMT Free, 550,000,000 to National, 925,000,000 to High Yield and 240,000,000 to each of California, New Jersey and New York. |
| 122 | See Notes to Financial Statements. | |
| National | | | High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | | | | | | |
| $ | 1,423,249,967 | | | $ | 1,160,470,677 | | | $ | 170,131,178 | | | $ | 92,713,466 | | | $ | 244,081,381 | |
| $ | 4,487,584 | | | | — | | | | — | | | | — | | | | — | |
| $ | 174,468,868 | | | $ | 408,459,250 | | | $ | 36,122,171 | | | | — | | | $ | 49,678,150 | |
| $ | 151,265,114 | | | $ | 393,166,263 | | | $ | 24,810,001 | | | $ | 6,838,264 | | | $ | 20,978,091 | |
| $ | 1,678,615 | | | $ | 25,840,950 | | | $ | 21,701 | | | $ | 13,015 | | | $ | 644,296 | |
| | — | | | $ | 13,266 | | | | — | | | | — | | | | — | |
| | 126,063,569 | | | | 99,311,079 | | | | 15,696,388 | | | | 18,784,838 | | | | 21,737,381 | |
| | 395,527 | | | | — | | | | — | | | | — | | | | — | |
| | 15,436,160 | | | | 34,944,041 | | | | 3,331,442 | | | | — | | | | 4,430,192 | |
| | 13,408,432 | | | | 33,620,655 | | | | 2,289,118 | | | | 1,384,678 | | | | 1,866,601 | |
| | 148,687 | | | | 2,214,061 | | | | 2,002 | | | | 2,635 | | | | 57,353 | |
| | — | | | | 1,134.46 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | |
| | $11.29 | | | | $11.69 | | | | $10.84 | | | | $4.94 | | | | $11.23 | |
| $11.55 | | | | $11.96 | | | | $11.09 | | | | $5.05 | | | | $11.49 | |
| | | | | | | | | | | | | | | | | | | |
| $11.35 | | | | — | | | | — | | | | — | | | | — | |
| $11.30 | | | | $11.69 | | | | $10.84 | | | | — | | | | $11.21 | |
| $11.28 | | | | $11.69 | | | | $10.84 | | | | $4.94 | | | | $11.24 | |
| $11.29 | | | | $11.67 | | | | $10.84 | | | | $4.94 | | | | $11.23 | |
| | — | | | | $11.69 | | | | — | | | | — | | | | — | |
| | See Notes to Financial Statements. | 123 |
Statements of Operations
For the Year Ended September 30, 2014
| | | Short Duration | | | Intermediate | | | AMT Free | |
| Investment income: | | | | | | | | | | | | |
| Interest and other | | $ | 43,976,895 | | | $ | 116,534,152 | | | $ | 5,781,387 | |
| Total investment income | | | 43,976,895 | | | | 116,534,152 | | | | 5,781,387 | |
| Expenses: | | | | | | | | | | | | |
| Management fee | | | 9,491,178 | | | | 12,204,928 | | | | 653,469 | |
| 12b-1 distribution plan-Class A | | | 2,659,402 | | | | 3,233,352 | | | | 189,644 | |
| 12b-1 distribution plan-Class B | | | — | | | | 42,390 | | | | — | |
| 12b-1 distribution plan-Class C | | | 2,184,545 | | | | 4,842,004 | | | | 163,689 | |
| 12b-1 distribution plan-Class F | | | 732,493 | | | | 867,492 | | | | 16,822 | |
| 12b-1 distribution plan-Class P | | | — | | | | 68 | | | | — | |
| Interest expense and fees (See Note 2(h)) | | | 28,486 | | | | 41,323 | | | | — | |
| Shareholder servicing | | | 859,951 | | | | 1,548,591 | | | | 63,403 | |
| Professional | | | 59,417 | | | | 63,918 | | | | 43,812 | |
| Reports to shareholders | | | 86,016 | | | | 137,111 | | | | 6,753 | |
| Fund administration | | | 959,059 | | | | 1,248,526 | | | | 52,278 | |
| Custody | | | 31,525 | | | | 39,775 | | | | 6,605 | |
| Directors’ fees | | | 109,082 | | | | 143,273 | | | | 6,038 | |
| Registration | | | 310,906 | | | | 274,740 | | | | 67,867 | |
| Subsidy (See Note 3) | | | — | | | | — | | | | — | |
| Other | | | 49,160 | | | | 68,866 | | | | 7,473 | |
| Gross expenses | | | 17,561,220 | | | | 24,756,357 | | | | 1,277,853 | |
| Expense reductions (See Note 9) | | | (2,049 | ) | | | (2,662 | ) | | | (112 | ) |
| Management fee waived (See Note 3) | | | (1,333,464 | ) | | | (274,020 | ) | | | (384,811 | ) |
| Net expenses | | | 16,225,707 | | | | 24,479,675 | | | | 892,930 | |
| Net investment income | | | 27,751,188 | | | | 92,054,477 | | | | 4,888,457 | |
| Net realized and unrealized gain: | | | | | | | | | | | | |
| Net realized gain (loss) on investments and futures contracts | | | (7,409,550 | ) | | | (9,070,477 | ) | | | (4,159,367 | ) |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 23,918,533 | | | | 124,679,616 | | | | 10,895,985 | |
| Net realized and unrealized gain | | | 16,508,983 | | | | 115,609,139 | | | | 6,736,618 | |
| Net Increase in Net Assets Resulting From Operations | | $ | 44,260,171 | | | $ | 207,663,616 | | | $ | 11,625,075 | |
| 124 | See Notes to Financial Statements. | |
| National | | | High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | |
| $ | 82,519,484 | | | $ | 108,212,057 | | | $ | 9,889,098 | | | $ | 4,457,712 | | | $ | 13,103,667 | |
| | 82,519,484 | | | | 108,212,057 | | | | 9,889,098 | | | | 4,457,712 | | | | 13,103,667 | |
| | | | | | | | | | | | | | | | | | | |
| | 7,285,780 | | | | 8,569,893 | | | | 976,835 | | | | 448,686 | | | | 1,387,728 | |
| | 2,825,842 | | | | 2,197,212 | | | | 323,417 | | | | 189,039 | | | | 490,034 | |
| | 49,406 | | | | — | | | | — | | | | — | | | | — | |
| | 1,414,671 | | | | 3,263,008 | | | | 283,491 | | | | — | | | | 384,002 | |
| | 106,975 | | | | 271,797 | | | | 21,388 | | | | 5,154 | | | | 16,244 | |
| | — | | | | 56 | | | | — | | | | — | | | | — | |
| | 385,125 | | | | 272,410 | | | | 9,431 | | | | — | | | | 25,602 | |
| | 871,392 | | | | 907,746 | | | | 89,866 | | | | 55,274 | | | | 145,463 | |
| | 190,861 | | | | 1,896,317 | | | | 199,342 | | | | 39,014 | | | | 43,089 | |
| | 83,042 | | | | 88,609 | | | | 9,750 | | | | 5,419 | | | | 13,771 | |
| | 678,578 | | | | 717,324 | | | | 86,830 | | | | 39,883 | | | | 123,354 | |
| | 25,071 | | | | 26,118 | | | | 5,440 | | | | 6,976 | | | | 8,361 | |
| | 76,011 | | | | 78,530 | | | | 9,711 | | | | 4,728 | | | | 13,894 | |
| | 132,206 | | | | 187,091 | | | | 47,140 | | | | 37,869 | | | | 49,048 | |
| | — | | | | 35,569 | | | | — | | | | — | | | | — | |
| | 38,299 | | | | 38,819 | | | | 8,893 | | | | 6,281 | | | | 10,781 | |
| | 14,163,259 | | | | 18,550,499 | | | | 2,071,534 | | | | 838,323 | | | | 2,711,371 | |
| | (1,453 | ) | | | (1,514 | ) | | | (185 | ) | | | (84 | ) | | | (263 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | |
| | 14,161,806 | | | | 18,548,985 | | | | 2,071,349 | | | | 838,239 | | | | 2,711,108 | |
| | 68,357,678 | | | | 89,663,072 | | | | 7,817,749 | | | | 3,619,473 | | | | 10,392,559 | |
| | | | | | | | | | | | | | | | | | | |
| | (19,779,763 | ) | | | (12,682,746 | ) | | | 570,657 | | | | (950,858 | ) | | | (2,218,620 | ) |
| | | | | | | | | | | | | | | | | | | |
| | 124,759,397 | | | | 129,882,408 | | | | 14,543,081 | | | | 6,367,205 | | | | 19,724,046 | |
| | 104,979,634 | | | | 117,199,662 | | | | 15,113,738 | | | | 5,416,347 | | | | 17,505,426 | |
| $ | 173,337,312 | | | $ | 206,862,734 | | | $ | 22,931,487 | | | $ | 9,035,820 | | | $ | 27,897,985 | |
| | See Notes to Financial Statements. | 125 |
Statements of Changes in Net Assets
| | | Short Duration | |
| INCREASE (DECREASE) IN NET ASSETS | | For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 27,751,188 | | | $ | 33,435,078 | |
| Net realized gain (loss) on investments and futures contracts | | | (7,409,550 | ) | | | 2,054,318 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 23,918,533 | | | | (45,441,251 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 44,260,171 | | | | (9,951,855 | ) |
| Distributions to shareholders from: | | | | | | | | |
| Net investment income | | | | | | | | |
| Class A | | | (15,736,905 | ) | | | (20,483,348 | ) |
| Class B | | | — | | | | — | |
| Class C | | | (1,419,119 | ) | | | (1,979,967 | ) |
| Class F | | | (9,360,511 | ) | | | (10,376,523 | ) |
| Class I | | | (1,029,066 | ) | | | (444,534 | ) |
| Class P | | | — | | | | — | |
| Net realized gain | | | | | | | | |
| Class A | | | (1,091,250 | ) | | | (704,626 | ) |
| Class B | | | — | | | | — | |
| Class C | | | (210,621 | ) | | | (136,979 | ) |
| Class F | | | (562,838 | ) | | | (332,734 | ) |
| Class I | | | (50,130 | ) | | | (12,716 | ) |
| Class P | | | — | | | | — | |
| Total distributions to shareholders | | | (29,460,440 | ) | | | (34,471,427 | ) |
| Capital share transactions (Net of share conversions) (See Note 13): | | | | | | | | |
| Net proceeds from sales of shares | | | 820,533,138 | | | | 1,470,576,771 | |
| Reinvestment of distributions | | | 16,787,014 | | | | 20,775,673 | |
| Cost of shares reacquired | | | (1,111,008,754 | ) | | | (1,397,079,850 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (273,688,602 | ) | | | 94,272,594 | |
| Net increase (decrease) in net assets | | | (258,888,871 | ) | | | 49,849,312 | |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 2,586,806,010 | | | $ | 2,536,956,698 | |
| End of year | | $ | 2,327,917,139 | | | $ | 2,586,806,010 | |
| Undistributed net investment income | | $ | 320,939 | | | $ | 321,075 | |
| | | |
| 126 | See Notes to Financial Statements. | |
| Intermediate | | | AMT Free | |
For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | | | For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | |
| | | | | | | | | | | |
| $ | 92,054,477 | | | $ | 104,719,180 | | | $ | 4,888,457 | | | $ | 6,584,205 | |
| | (9,070,477 | ) | | | 20,190,158 | | | | (4,159,367 | ) | | | 253,871 | |
| | | | | | | | | | | | | | | |
| | 124,679,616 | | | | (221,927,561 | ) | | | 10,895,985 | | | | (17,358,196 | ) |
| | 207,663,616 | | | | (97,018,223 | ) | | | 11,625,075 | | | | (10,520,120 | ) |
| | | | | | | | | | | | | | | |
| | (48,195,558 | ) | | | (56,590,879 | ) | | | (3,568,143 | ) | | | (4,536,902 | ) |
| | (92,595 | ) | | | (99,376 | ) | | | — | | | | — | |
| | (13,485,186 | ) | | | (14,298,868 | ) | | | (584,331 | ) | | | (654,598 | ) |
| | (26,700,360 | ) | | | (30,921,841 | ) | | | (647,198 | ) | | | (1,194,378 | ) |
| | (1,811,985 | ) | | | (1,287,224 | ) | | | (4,783 | ) | | | (123,125 | ) |
| | (412 | ) | | | (357 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | |
| | (11,348,778 | ) | | | — | | | | — | | | | — | |
| | (29,915 | ) | | | — | | | | — | | | | — | |
| | (4,018,661 | ) | | | — | | | | — | | | | — | |
| | (5,568,019 | ) | | | — | | | | — | | | | — | |
| | (336,863 | ) | | | — | | | | — | | | | — | |
| | (100 | ) | | | — | | | | — | | | | — | |
| | (111,588,432 | ) | | | (103,198,545 | ) | | | (4,804,455 | ) | | | (6,509,003 | ) |
| | | | | | | | | | | | | | | |
| | 1,056,424,913 | | | | 1,618,626,671 | | | | 59,806,836 | | | | 112,053,906 | |
| | 75,383,139 | | | | 68,989,684 | | | | 3,832,130 | | | | 5,043,190 | |
| | (1,439,068,822 | ) | | | (1,881,393,026 | ) | | | (77,994,911 | ) | | | (129,656,853 | ) |
| | | | | | | | | | | | | | | |
| | (307,260,770 | ) | | | (193,776,671 | ) | | | (14,355,945 | ) | | | (12,559,757 | ) |
| | (211,185,586 | ) | | | (393,993,439 | ) | | | (7,535,325 | ) | | | (29,588,880 | ) |
| | | | | | | | | | | | | | | |
| $ | 3,420,923,273 | | | $ | 3,814,916,712 | | | $ | 145,440,405 | | | $ | 175,029,285 | |
| $ | 3,209,737,687 | | | $ | 3,420,923,273 | | | $ | 137,905,080 | | | $ | 145,440,405 | |
| $ | 5,988,802 | | | $ | 4,376,579 | | | $ | 269,112 | | | $ | 201,796 | |
| | See Notes to Financial Statements. | 127 |
Statements of Changes in Net Assets (continued)
| | | National |
| INCREASE (DECREASE) IN NET ASSETS | | For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 68,357,678 | | | $ | 78,348,809 | |
| Net realized gain (loss) on investments and futures contracts | | | (19,779,763 | ) | | | 20,409,334 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 124,759,397 | | | | (192,053,862 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 173,337,312 | | | | (93,295,719 | ) |
| Distributions to shareholders from: | | | | | | | | |
| Net investment income | | | | | | | | |
| Class A | | | (57,015,288 | ) | | | (64,586,573 | ) |
| Class B | | | (160,460 | ) | | | (209,346 | ) |
| Class C | | | (5,765,538 | ) | | | (6,892,498 | ) |
| Class F | | | (4,378,334 | ) | | | (5,309,367 | ) |
| Class I | | | (33,082 | ) | | | (24,919 | ) |
| Class P | | | — | | | | — | |
| Total distributions to shareholders | | | (67,352,702 | ) | | | (77,022,703 | ) |
| Capital share transactions (Net of share conversions) (See Note 13): | | | | | | | | |
| Net proceeds from sales of shares | | | 295,161,672 | | | | 437,915,576 | |
| Reinvestment of distributions | | | 56,280,544 | | | | 63,013,557 | |
| Cost of shares reacquired | | | (427,463,617 | ) | | | (646,628,236 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (76,021,401 | ) | | | (145,699,103 | ) |
| Net increase (decrease) in net assets | | | 29,963,209 | | | | (316,017,525 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 1,725,186,939 | | | $ | 2,041,204,464 | |
| End of year | | $ | 1,755,150,148 | | | $ | 1,725,186,939 | |
| Undistributed (distributions in excess of) net investment income | | $ | 4,743,179 | | | $ | 4,178,657 | |
| | |
| 128 | See Notes to Financial Statements. | |
| High Yield | | | California | |
For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | | | For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | |
| | | | | | | | | | | |
| $ | 89,663,072 | | | $ | 97,280,183 | | | $ | 7,817,749 | | | $ | 8,907,612 | |
| | (12,682,746 | ) | | | (15,394,153 | ) | | | 570,657 | | | | 2,542,351 | |
| | | | | | | | | | | | | | | |
| | 129,882,408 | | | | (164,982,136 | ) | | | 14,543,081 | | | | (18,907,848 | ) |
| | 206,862,734 | | | | (83,096,106 | ) | | | 22,931,487 | | | | (7,457,885 | ) |
| | | | | | | | | | | | | | | |
| | (54,154,880 | ) | | | (57,944,026 | ) | | | (5,894,556 | ) | | | (6,764,904 | ) |
| | — | | | | — | | | | — | | | | — | |
| | (16,951,165 | ) | | | (20,938,392 | ) | | | (1,015,343 | ) | | | (1,116,857 | ) |
| | (13,548,631 | ) | | | (14,833,632 | ) | | | (798,142 | ) | | | (901,582 | ) |
| | (1,566,892 | ) | | | (122,828 | ) | | | (501 | ) | | | (471 | ) |
| | (590 | ) | | | (567 | ) | | | — | | | | — | |
| | (86,222,158 | ) | | | (93,839,445 | ) | | | (7,708,542 | ) | | | (8,783,814 | ) |
| | | | | | | | | | | | | | | |
| | 838,919,322 | | | | 806,595,645 | | | | 41,693,255 | | | | 62,306,691 | |
| | 68,862,352 | | | | 74,584,538 | | | | 6,201,925 | | | | 6,730,119 | |
| | (749,950,167 | ) | | | (967,626,215 | ) | | | (53,778,383 | ) | | | (83,245,179 | ) |
| | 157,831,507 | | | | (86,446,032 | ) | | | (5,883,203 | ) | | | (14,208,369 | ) |
| | 278,472,083 | | | | (263,381,583 | ) | | | 9,339,742 | | | | (30,450,068 | ) |
| | | | | | | | | | | | | | | |
| $ | 1,709,478,323 | | | $ | 1,972,859,906 | | | $ | 221,745,309 | | | $ | 252,195,377 | |
| $ | 1,987,950,406 | | | $ | 1,709,478,323 | | | $ | 231,085,051 | | | $ | 221,745,309 | |
| $ | 12,275,252 | | | $ | 9,171,667 | | | $ | (73,876 | ) | | $ | (167,050 | ) |
| | See Notes to Financial Statements. | 129 |
Statements of Changes in Net Assets (concluded)
| | | New Jersey |
| DECREASE IN NET ASSETS | | For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 3,619,473 | | | $ | 5,122,115 | |
| Net realized gain (loss) on investments and futures contracts | | | (950,858 | ) | | | 1,752,734 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 6,367,205 | | | | (14,317,328 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 9,035,820 | | | | (7,442,479 | ) |
| Distributions to shareholders from: | | | | | | | | |
| Net investment income | | | | | | | | |
| Class A | | | (3,400,416 | ) | | | (4,809,534 | ) |
| Class C | | | – | | | | – | |
| Class F | | | (189,040 | ) | | | (266,643 | ) |
| Class I | | | (474 | ) | | | (454 | ) |
| Total distributions to shareholders | | | (3,589,930 | ) | | | (5,076,631 | ) |
| Capital share transactions (See Note 13): | | | | | | | | |
| Net proceeds from sales of shares | | | 12,976,162 | | | | 21,606,051 | |
| Reinvestment of distributions | | | 2,748,948 | | | | 3,290,527 | |
| Cost of shares reacquired | | | (48,122,435 | ) | | | (29,358,660 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (32,397,325 | ) | | | (4,462,082 | ) |
| Net decrease in net assets | | | (26,951,435 | ) | | | (16,981,192 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 126,516,180 | | | $ | 143,497,372 | |
| End of year | | $ | 99,564,745 | | | $ | 126,516,180 | |
| Distributions in excess of net investment income | | $ | (131,872 | ) | | $ | (153,528 | ) |
| | | |
| 130 | See Notes to Financial Statements. | |
| New York |
For the
Year Ended
September 30, 2014 | | | For the
Year Ended
September 30, 2013 | |
| | | | | |
| $ | 10,392,559 | | | $ | 12,085,527 | |
| | (2,218,620 | ) | | | 2,313,040 | |
| | 19,724,046 | | | | (30,186,862 | ) |
| | 27,897,985 | | | | (15,788,295 | ) |
| | | | | | | |
| | (8,436,616 | ) | | | (9,962,891 | ) |
| | (1,283,989 | ) | | | (1,376,762 | ) |
| | (571,241 | ) | | | (654,229 | ) |
| | (22,243 | ) | | | (15,450 | ) |
| | (10,314,089 | ) | | | (12,009,332 | ) |
| | | | | | | |
| | 57,621,244 | | | | 92,708,180 | |
| | 7,864,137 | | | | 9,188,316 | |
| | (92,359,910 | ) | | | (102,035,821 | ) |
| | | | | | | |
| | (26,874,529 | ) | | | (139,325 | ) |
| | (9,290,633 | ) | | | (27,936,952 | ) |
| | | | | | | |
| $ | 324,672,551 | | | $ | 352,609,503 | |
| $ | 315,381,918 | | | $ | 324,672,551 | |
| $ | (567,087 | ) | | $ | (635,342 | ) |
| | See Notes to Financial Statements. | 131 |
Financial Highlights
SHORT DURATION TAX FREE FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | | | | $15.60 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .19 | | | | .21 | | | | .26 | | | | .33 | | | | .30 | |
| Net realized and unrealized gain (loss) | | | .10 | | | | (.25 | ) | | | .15 | | | | .03 | | | | .20 | |
| Total from investment operations | | | .29 | | | | (.04 | ) | | | .41 | | | | .36 | | | | .50 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.19 | ) | | | (.21 | ) | | | (.26 | ) | | | (.33 | ) | | | (.30 | ) |
| Net realized gain | | | (.01 | ) | | | (.01 | ) | | | (.01 | ) | | | — | | | | — | |
| Total distributions | | | (.20 | ) | | | (.22 | ) | | | (.27 | ) | | | (.33 | ) | | | (.30 | ) |
| Net asset value, end of year | | | $15.80 | | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | |
| Total Return(b) | | | 1.85 | % | | | (.28 | )% | | | 2.65 | % | | | 2.30 | % | | | 3.24 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .64 | % | | | .63 | % | | | .61 | % | | | .59 | % | | | .55 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | .64 | % | | | .62 | % | | | .60 | % | | | .58 | % | | | .55 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .70 | % | | | .70 | % | | | .70 | % | | | .70 | % | | | .70 | % |
| Net investment income | | | 1.19 | % | | | 1.32 | % | | | 1.65 | % | | | 2.08 | % | | | 1.91 | % |
| | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $1,231,268 | | $1,476,264 | | $1,511,237 | | $1,249,341 | | $1,326,511 | |
| Portfolio turnover rate | | | 28.30 | % | | | 23.80 | % | | | 18.11 | % | | | 52.51 | % | | | 36.21 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 132 | See Notes to Financial Statements. | |
Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
| | | Class C Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | | | | $15.60 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .09 | | | | .11 | | | | .16 | | | | .21 | | | | .18 | |
| Net realized and unrealized gain (loss) | | | .10 | | | | (.26 | ) | | | .15 | | | | .03 | | | | .19 | |
| Total from investment operations | | | .19 | | | | (.15 | ) | | | .31 | | | | .24 | | | | .37 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.09 | ) | | | (.10 | ) | | | (.16 | ) | | | (.21 | ) | | | (.17 | ) |
| Net realized gain | | | (.01 | ) | | | (.01 | ) | | | (.01 | ) | | | — | | | | — | |
| Total distributions | | | (.10 | ) | | | (.11 | ) | | | (.17 | ) | | | (.21 | ) | | | (.17 | ) |
| Net asset value, end of year | | | $15.80 | | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | |
| Total Return(b) | | | 1.20 | % | | | (.93 | )% | | | 1.97 | % | | | 1.56 | % | | | 2.42 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | 1.28 | % | | | 1.29 | % | | | 1.27 | % | | | 1.31 | % | | | 1.35 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | 1.28 | % | | | 1.29 | % | | | 1.26 | % | | | 1.31 | % | | | 1.35 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.34 | % | | | 1.36 | % | | | 1.36 | % | | | 1.41 | % | | | 1.50 | % |
| Net investment income | | | .55 | % | | | .67 | % | | | 1.00 | % | | | 1.36 | % | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $237,782 | | $285,611 | | $298,123 | | $244,872 | | $251,390 | |
| Portfolio turnover rate | | | 28.30 | % | | | 23.80 | % | | | 18.11 | % | | | 52.51 | % | | | 36.21 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 133 |
Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | | | | $15.60 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .20 | | | | .23 | | | | .27 | | | | .34 | | | | .32 | |
| Net realized and unrealized gain (loss) | | | .10 | | | | (.25 | ) | | | .16 | | | | .03 | | | | .20 | |
| Total from investment operations | | | .30 | | | | (.02 | ) | | | .43 | | | | .37 | | | | .52 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.20 | ) | | | (.23 | ) | | | (.28 | ) | | | (.34 | ) | | | (.32 | ) |
| Net realized gain | | | (.01 | ) | | | (.01 | ) | | | (.01 | ) | | | — | | | | — | |
| Total distributions | | | (.21 | ) | | | (.24 | ) | | | (.29 | ) | | | (.34 | ) | | | (.32 | ) |
| Net asset value, end of year | | | $15.80 | | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | |
| Total Return(b) | | | 1.95 | % | | | (.18 | )% | | | 2.75 | % | | | 2.40 | % | | | 3.34 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .54 | % | | | .53 | % | | | .51 | % | | | .49 | % | | | .45 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | .54 | % | | | .52 | % | | | .50 | % | | | .48 | % | | | .45 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .60 | % | | | .60 | % | | | .60 | % | | | .60 | % | | | .61 | % |
| Net investment income | | | 1.29 | % | | | 1.42 | % | | | 1.72 | % | | | 2.18 | % | | | 2.02 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $775,914 | | $757,444 | | $704,486 | | $365,694 | | $284,289 | |
| Portfolio turnover rate | | | 28.30 | % | | | 23.80 | % | | | 18.11 | % | | | 52.51 | % | | | 36.21 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 134 | See Notes to Financial Statements. | |
Financial Highlights (concluded)
SHORT DURATION TAX FREE FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | | | | $15.60 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .22 | | | | .24 | | | | .28 | | | | .35 | | | | .33 | |
| Net realized and unrealized gain (loss) | | | .10 | | | | (.25 | ) | | | .16 | | | | .04 | | | | .20 | |
| Total from investment operations | | | .32 | | | | (.01 | ) | | | .44 | | | | .39 | | | | .53 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.22 | ) | | | (.24 | ) | | | (.29 | ) | | | (.36 | ) | | | (.33 | ) |
| Net realized gain | | | (.01 | ) | | | (.01 | ) | | | (.01 | ) | | | — | | | | — | |
| Total distributions | | | (.23 | ) | | | (.25 | ) | | | (.30 | ) | | | (.36 | ) | | | (.33 | ) |
| Net asset value, end of year | | | $15.80 | | | | $15.71 | | | | $15.97 | | | | $15.83 | | | | $15.80 | |
| Total Return(b) | | | 2.04 | % | | | (.08 | )% | | | 2.83 | % | | | 2.48 | % | | | 3.43 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .44 | % | | | .43 | % | | | .41 | % | | | .39 | % | | | .35 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | .44 | % | | | .42 | % | | | .40 | % | | | .39 | % | | | .34 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .50 | % | | | .50 | % | | | .50 | % | | | .49 | % | | | .50 | % |
| Net investment income | | | 1.38 | % | | | 1.50 | % | | | 1.77 | % | | | 2.22 | % | | | 2.11 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $82,953 | | $67,487 | | $23,111 | | $6,330 | | $2,221 | |
| Portfolio turnover rate | | | 28.30 | % | | | 23.80 | % | | | 18.11 | % | | | 52.51 | % | | | 36.21 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 135 |
Financial Highlights
INTERMEDIATE TAX FREE FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.49 | | | | $10.99 | | | | $10.49 | | | | $10.52 | | | | $10.28 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .32 | | | | .29 | | | | .33 | | | | .39 | | | | .39 | |
| Net realized and unrealized gain (loss) | | | .41 | | | | (.50 | ) | | | .50 | | | | (.03 | ) | | | .23 | |
| Total from investment operations | | | .73 | | | | (.21 | ) | | | .83 | | | | .36 | | | | .62 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.32 | ) | | | (.29 | ) | | | (.33 | ) | | | (.39 | ) | | | (.38 | ) |
| Net realized gain | | | (.07 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (.39 | ) | | | (.29 | ) | | | (.33 | ) | | | (.39 | ) | | | (.38 | ) |
| Net asset value, end of year | | | $10.83 | | | | $10.49 | | | | $10.99 | | | | $10.49 | | | | $10.52 | |
| Total Return(b) | | | 7.09 | % | | | (1.99 | )% | | | 8.04 | % | | | 3.55 | % | | | 6.22 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .70 | % | | | .69 | % | | | .67 | % | | | .65 | % | | | .63 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | .70 | % | | | .68 | % | | | .66 | % | | | .64 | % | | | .63 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .71 | % | | | .70 | % | | | .70 | % | | | .72 | % | | | .71 | % |
| Net investment income | | | 3.04 | % | | | 2.67 | % | | | 3.10 | % | | | 3.82 | % | | | 3.76 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $1,485,143 | | $1,829,614 | | $2,064,377 | | $1,385,337 | | $1,320,285 | |
| Portfolio turnover rate | | | 18.92 | % | | | 30.59 | % | | | 21.39 | % | | | 38.81 | % | | | 30.23 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 136 | See Notes to Financial Statements. | |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | Class B Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.48 | | | | $10.98 | | | | $10.48 | | | | $10.51 | | | | $10.27 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .24 | | | | .20 | | | | .25 | | | | .31 | | | | .31 | |
| Net realized and unrealized gain (loss) | | | .41 | | | | (.50 | ) | | | .50 | | | | (.04 | ) | | | .23 | |
| Total from investment operations | | | .65 | | | | (.30 | ) | | | .75 | | | | .27 | | | | .54 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.23 | ) | | | (.20 | ) | | | (.25 | ) | | | (.30 | ) | | | (.30 | ) |
| Net realized gain | | | (.07 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (.30 | ) | | | (.20 | ) | | | (.25 | ) | | | (.30 | ) | | | (.30 | ) |
| Net asset value, end of year | | | $10.83 | | | | $10.48 | | | | $10.98 | | | | $10.48 | | | | $10.51 | |
| Total Return(b) | | | 6.35 | % | | | (2.78 | )% | | | 7.19 | % | | | 2.73 | % | | | 5.38 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | 1.50 | % | | | 1.49 | % | | | 1.47 | % | | | 1.45 | % | | | 1.43 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | 1.50 | % | | | 1.48 | % | | | 1.46 | % | | | 1.44 | % | | | 1.43 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.51 | % | | | 1.50 | % | | | 1.50 | % | | | 1.52 | % | | | 1.51 | % |
| Net investment income | | | 2.24 | % | | | 1.88 | % | | | 2.34 | % | | | 3.03 | % | | | 2.98 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $3,892 | | $4,587 | | $5,933 | | $6,526 | $7,725 | |
| Portfolio turnover rate | | | 18.92 | % | | | 30.59 | % | | | 21.39 | % | | | 38.81 | % | | | 30.23 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 137 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | Class C Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.48 | | | | $10.98 | | | | $10.48 | | | | $10.51 | | | | $10.27 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .25 | | | | .22 | | | | .26 | | | | .32 | | | | .31 | |
| Net realized and unrealized gain (loss) | | | .41 | | | | (.51 | ) | | | .50 | | | | (.04 | ) | | | .24 | |
| Total from investment operations | | | .66 | | | | (.29 | ) | | | .76 | | | | .28 | | | | .55 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.25 | ) | | | (.21 | ) | | | (.26 | ) | | | (.31 | ) | | | (.31 | ) |
| Net realized gain | | | (.07 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (.32 | ) | | | (.21 | ) | | | (.26 | ) | | | (.31 | ) | | | (.31 | ) |
| Net asset value, end of year | | | $10.82 | | | | $10.48 | | | | $10.98 | | | | $10.48 | | | | $10.51 | |
| Total Return(b) | | | 6.42 | % | | | (2.66 | )% | | | 7.32 | % | | | 2.81 | % | | | 5.44 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | 1.34 | % | | | 1.36 | % | | | 1.34 | % | | | 1.37 | % | | | 1.37 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | 1.34 | % | | | 1.36 | % | | | 1.34 | % | | | 1.36 | % | | | 1.37 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.35 | % | | | 1.38 | % | | | 1.38 | % | | | 1.43 | % | | | 1.46 | % |
| Net investment income | | | 2.40 | % | | | 2.00 | % | | | 2.42 | % | | | 3.10 | % | | | 3.01 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $559,156 | | $634,305 | | $699,128 | | $453,450 | | $391,138 | |
| Portfolio turnover rate | | | 18.92 | % | | | 30.59 | % | | | 21.39 | % | | | 38.81 | % | | | 30.23 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 138 | See Notes to Financial Statements. | |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.49 | | | | $10.99 | | | | $10.49 | | | | $10.52 | | | | $10.28 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .33 | | | | .30 | | | | .34 | | | | .40 | | | | .40 | |
| Net realized and unrealized gain (loss) | | | .41 | | | | (.50 | ) | | | .50 | | | | (.03 | ) | | | .23 | |
| Total from investment operations | | | .74 | | | | (.20 | ) | | | .84 | | | | .37 | | | | .63 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.33 | ) | | | (.30 | ) | | | (.34 | ) | | | (.40 | ) | | | (.39 | ) |
| Net realized gain | | | (.07 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (.40 | ) | | | (.30 | ) | | | (.34 | ) | | | (.40 | ) | | | (.39 | ) |
| Net asset value, end of year | | | $10.83 | | | | $10.49 | | | | $10.99 | | | | $10.49 | | | | $10.52 | |
| Total Return(b) | | | 7.20 | % | | | (1.89 | )% | | | 8.15 | % | | | 3.66 | % | | | 6.33 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .60 | % | | | .59 | % | | | .57 | % | | | .55 | % | | | .53 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | .60 | % | | | .58 | % | | | .56 | % | | | .54 | % | | | .53 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .60 | % | | | .60 | % | | | .61 | % | | | .62 | % | | | .61 | % |
| Net investment income | | | 3.13 | % | | | 2.77 | % | | | 3.19 | % | | | 3.92 | % | | | 3.86 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | $1,092,546 | | $899,590 | | $1,007,950 | | $547,652 | | $307,256 | |
| Portfolio turnover rate | | | 18.92 | % | | | 30.59 | % | | | 21.39 | % | | | 38.81 | % | | | 30.23 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 139 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | | 2013 | | | | 2012 | | | 1/31/2011(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $10.49 | | | | | $11.00 | | | | | $10.50 | | | | | $9.96 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | | | | | | | | | | | | | | | | — | (c) |
| Net realized and unrealized loss | | | | | | | | | | | | | | | | | | (.01 | ) |
| Total from investment operations | | | | | | | | | | | | | | | | | | (.01 | ) |
| Net asset value on SEC Effective Date, 2/1/2011 | | | | | | | | | | | | | | | | | | $9.95 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .34 | | | | | .31 | | | | | .34 | | | | | .27 | |
| Net realized and unrealized gain (loss) | | | .42 | | | | | (.51 | ) | | | | .51 | | | | | .55 | (d) |
| Total from investment operations | | | .76 | | | | | (.20 | ) | | | | .85 | | | | | .82 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.34 | ) | | | | (.31 | ) | | | | (.35 | ) | | | | (.27 | ) |
| Net realized gain | | | (.07 | ) | | | | — | | | | | — | | | | | — | |
| Total distributions | | | (.41 | ) | | | | (.31 | ) | | | | (.35 | ) | | | | (.27 | ) |
| Net asset value, end of period | | | $10.84 | | | | | $10.49 | | | | | $11.00 | | | | | $10.50 | |
| Total Return(e) | | | | | | | | | | | | | | | | | | 8.26 | %(f)(g) |
| Total Return(e) | | | 7.41 | % | | | | (1.89 | )% | | | | 8.22 | % | | | | 8.35 | %(f)(h) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .50 | % | | | | .49 | % | | | | .47 | % | | | | .45 | %(i) |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(j) | | | .50 | % | | | | .48 | % | | | | .46 | % | | | | .44 | %(i) |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .50 | % | | | | .50 | % | | | | .51 | % | | | | .54 | %(i) |
| Net investment income | | | 3.23 | % | | | | 2.87 | % | | | | 3.17 | % | | | | 3.81 | %(i) |
| | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | $68,985 | | | $52,814 | | | $37,514 | | | $2,572 | |
| Portfolio turnover rate | | | 18.92 | % | | | | 30.59 | % | | | | 21.39 | % | | | | 38.81 | % |
| (a) | Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Amount is less than $.01. |
| (d) | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (e) | Total return assumes the reinvestment of all distributions. |
| (f) | Not annualized. |
| (g) | Total return for the period 1/31/2011 through 9/30/2011. |
| (h) | Total return for the period 2/1/2011 through 9/30/2011. |
| (i) | Annualized. |
| (j) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 140 | See Notes to Financial Statements. | |
Financial Highlights (concluded)
INTERMEDIATE TAX FREE FUND
| | | Class P Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.49 | | | | $11.00 | | | | $10.50 | | | | $10.52 | | | | $10.28 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .30 | | | | .27 | | | | .31 | | | | .37 | | | | .36 | |
| Net realized and unrealized gain (loss) | | | .41 | | | | (.52 | ) | | | .50 | | | | (.03 | ) | | | .24 | |
| Total from investment operations | | | .71 | | | | (.25 | ) | | | .81 | | | | .34 | | | | .60 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.29 | ) | | | (.26 | ) | | | (.31 | ) | | | (.36 | ) | | | (.36 | ) |
| Net realized gain | | | (.07 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (.36 | ) | | | (.26 | ) | | | (.31 | ) | | | (.36 | ) | | | (.36 | ) |
| Net asset value, end of year | | | $10.84 | | | | $10.49 | | | | $11.00 | | | | $10.50 | | | | $10.52 | |
| Total Return(b) | | | 6.94 | % | | | (2.32 | )% | | | 7.79 | % | | | 3.41 | % | | | 5.99 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .93 | % | | | .92 | % | | | .90 | % | | | .89 | % | | | .86 | % |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | .93 | % | | | .92 | % | | | .90 | % | | | .88 | % | | | .86 | % |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .94 | % | | | .94 | % | | | .94 | % | | | .96 | % | | | .94 | % |
| Net investment income | | | 2.80 | % | | | 2.44 | % | | | 2.90 | % | | | 3.60 | % | | | 3.56 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $16 | | | | $15 | | | | $15 | | | | $14 | | | | $13 | |
| Portfolio turnover rate | | | 18.92 | % | | | 30.59 | % | | | 21.39 | % | | | 38.81 | % | | | 30.23 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 141 |
Financial Highlights
AMT FREE MUNICIPAL BOND FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 10/26/2010(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $15.03 | | | | $16.38 | | | | $15.08 | | | | | $15.00 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .59 | | | | .58 | | | | .65 | | | | | .65 | |
| Net realized and unrealized gain (loss) | | | .85 | | | | (1.35 | ) | | | 1.30 | | | | | .05 | |
| Total from investment operations | | | 1.44 | | | | (.77 | ) | | | 1.95 | | | | | .70 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.58 | ) | | | (.58 | ) | | | (.65 | ) | | | | (.62 | ) |
| Net asset value, end of period | | | $15.89 | | | | $15.03 | | | | $16.38 | | | | | $15.08 | |
| Total Return(c) | | | 9.76 | % | | | (4.88 | )% | | | 13.16 | % | | | | 4.90 | %(d) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .60 | % | | | .58 | % | | | .55 | % | | | | .50 | %(e) |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | .60 | % | | | .58 | % | | | .53 | %(f) | | | | .50 | %(e)(f) |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .90 | % | | | .87 | % | | | .91 | % | | | | 1.13 | %(e) |
| Net investment income | | | 3.83 | % | | | 3.62 | % | | | 4.12 | % | | | | 4.81 | %(e) |
| | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $92,711 | | | $106,852 | | | $115,862 | | | $62,280 | |
| Portfolio turnover rate | | | 50.67 | % | | | 45.96 | % | | | 17.32 | % | | | | 54.63 | % |
| (a) | Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 142 | See Notes to Financial Statements. | |
Financial Highlights (continued)
AMT FREE MUNICIPAL BOND FUND
| | | Class C Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 10/26/2010(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $15.03 | | | | $16.38 | | | | $15.07 | | | | | $15.00 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .48 | | | | .46 | | | | .51 | | | | | .54 | |
| Net realized and unrealized gain (loss) | | | .85 | | | | (1.35 | ) | | | 1.32 | | | | | .04 | |
| Total from investment operations | | | 1.33 | | | | (.89 | ) | | | 1.83 | | | | | .58 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.48 | ) | | | (.46 | ) | | | (.52 | ) | | | | (.51 | ) |
| Net asset value, end of period | | | $15.88 | | | | $15.03 | | | | $16.38 | | | | | $15.07 | |
| Total Return(c) | | | 8.97 | % | | | (5.53 | )% | | | 12.29 | % | | | | 4.03 | %(d) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | 1.27 | % | | | 1.33 | % | | | 1.32 | % | | | | 1.29 | %(e) |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | 1.27 | % | | | 1.33 | % | | | 1.30 | %(f) | | | | 1.29 | %(e)(f) |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.56 | % | | | 1.62 | % | | | 1.66 | % | | | | 1.84 | %(e) |
| Net investment income | | | 3.15 | % | | | 2.87 | % | | | 3.22 | % | | | | 3.97 | %(e) |
| | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $20,596 | | | $19,779 | | | $18,242 | | | | $2,532 | |
| Portfolio turnover rate | | | 50.67 | % | | | 45.96 | % | | | 17.32 | % | | | | 54.63 | % |
| (a) | Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 143 |
Financial Highlights (continued)
AMT FREE MUNICIPAL BOND FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 10/26/2010(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $15.03 | | | | $16.38 | | | | $15.09 | | | | | $15.00 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .60 | | | | .60 | | | | .65 | | | | | .67 | |
| Net realized and unrealized gain (loss) | | | .85 | | | | (1.36 | ) | | | 1.30 | | | | | .05 | |
| Total from investment operations | | | 1.45 | | | | (.76 | ) | | | 1.95 | | | | | .72 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | |
| Net investment incomes | | | (.59 | ) | | | (.59 | ) | | | (.66 | ) | | | | (.63 | ) |
| Net asset value, end of period | | | $15.89 | | | | $15.03 | | | | $16.38 | | | | | $15.09 | |
| Total Return(c) | | | 9.87 | % | | | (4.78 | )% | | | 13.20 | % | | | | 5.04 | %(d) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .50 | % | | | .48 | % | | | .45 | % | | | | .40 | %(e) |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | .50 | % | | | .48 | % | | | .44 | %(f) | | | | .39 | %(e)(f) |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .80 | % | | | .77 | % | | | .80 | % | | | | .90 | %(e) |
| Net investment income | | | 3.91 | % | | | 3.71 | % | | | 4.08 | % | | | | 4.85 | %(e) |
| | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $24,429 | | | $18,702 | | | $32,554 | | | | $3,769 | |
| Portfolio turnover rate | | | 50.67 | % | | | 45.96 | % | | | 17.32 | % | | | | 54.63 | % |
| (a) | Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Total return assumes the reinvestment of all distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 144 | See Notes to Financial Statements. | |
Financial Highlights (concluded)
AMT FREE MUNICIPAL BOND FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 10/26/2010(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $15.04 | | | | $16.39 | | | | $15.08 | | | | | $15.00 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .62 | | | | .63 | | | | .66 | | | | | .66 | |
| Net realized and unrealized gain (loss) | | | .85 | | | | (1.37 | ) | | | 1.33 | | | | | .07 | |
| Total from investment operations | | | 1.47 | | | | (.74 | ) | | | 1.99 | | | | | .73 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.61 | ) | | | (.61 | ) | | | (.68 | ) | | | | (.65 | ) |
| Net asset value, end of period | | | $15.90 | | | | $15.04 | | | | $16.39 | | | | | $15.08 | |
| Total Return(c) | | | 9.97 | % | | | (4.65 | )% | | | 13.41 | % | | | | 5.13 | %(d) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | |
| Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .40 | % | | | .37 | % | | | .36 | % | | | | .29 | %(e) |
| Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | .40 | % | | | .37 | % | | | .35 | %(f) | | | | .29 | %(e)(f) |
| Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .69 | % | | | .67 | % | | | .69 | % | | | | 2.12 | %(e) |
| Net investment income | | | 4.00 | % | | | 3.80 | % | | | 4.10 | % | | | | 4.91 | %(e) |
| | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $169 | | | $108 | | | $8,372 | | | | | $11 | |
| Portfolio turnover rate | | | 50.67 | % | | | 45.96 | % | | | 17.32 | % | | | | 54.63 | % |
| (a) | Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Total return assumes the reinvestment of all distributions. |
| (d) | Not annualized. |
| (e) | Annualized. |
| (f) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 145 |
Financial Highlights
NATIONAL TAX FREE FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.60 | | | | $11.52 | | | | $10.53 | | | | $10.84 | | | | $10.62 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .45 | | | | .44 | | | | .50 | | | | .52 | | | | .54 | |
| Net realized and unrealized gain (loss) | | | .68 | | | | (.93 | ) | | | .98 | | | | (.31 | ) | | | .21 | |
| Total from investment operations | | | 1.13 | | | | (.49 | ) | | | 1.48 | | | | .21 | | | | .75 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.44 | ) | | | (.43 | ) | | | (.49 | ) | | | (.52 | ) | | | (.53 | ) |
| Net asset value, end of year | | | $11.29 | | | | $10.60 | | | | $11.52 | | | | $10.53 | | | | $10.84 | |
| Total Return(b) | | | 10.87 | % | | | (4.40 | )% | | | 14.37 | % | | | 2.15 | % | | | 7.34 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .75 | % | | | .74 | % | | | .73 | % | | | .76 | % | | | .77 | % |
| Expenses, excluding expense reductions | | | .78 | % | | | .76 | % | | | .79 | % | | | .83 | % | | | .86 | % |
| Net investment income | | | 4.09 | % | | | 3.87 | % | | | 4.52 | % | | | 5.12 | % | | | 5.12 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | $1,423,250 | | | $1,438,697 | | | $1,694,729 | | | $1,406,579 | | | $1,007,123 | |
| Portfolio turnover rate | | | 44.80 | % | | | 33.78 | % | | | 43.81 | % | | | 87.43 | % | | | 63.31 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 146 | See Notes to Financial Statements. | |
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | Class B Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.65 | | | | $11.58 | | | | $10.58 | | | | $10.90 | | | | $10.68 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .36 | | | | .35 | | | | .42 | | | | .45 | | | | .46 | |
| Net realized and unrealized gain (loss) | | | .69 | | | | (.94 | ) | | | .99 | | | | (.33 | ) | | | .21 | |
| Total from investment operations | | | 1.05 | | | | (.59 | ) | | | 1.41 | | | | .12 | | | | .67 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.35 | ) | | | (.34 | ) | | | (.41 | ) | | | (.44 | ) | | | (.45 | ) |
| Net asset value, end of year | | | $11.35 | | | | $10.65 | | | | $11.58 | | | | $10.58 | | | | $10.90 | |
| Total Return(b) | | | 10.06 | % | | | (5.21 | )% | | | 13.52 | % | | | 1.26 | % | | | 6.48 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | 1.55 | % | | | 1.54 | % | | | 1.53 | % | | | 1.57 | % | | | 1.57 | % |
| Expenses, excluding expense reductions | | | 1.58 | % | | | 1.57 | % | | | 1.60 | % | | | 1.64 | % | | | 1.66 | % |
| Net investment income | | | 3.31 | % | | | 3.07 | % | | | 3.77 | % | | | 4.31 | % | | | 4.33 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $4,488 | | | | $5,443 | | | | $7,762 | | | | $9,190 | | | | $16,143 | |
| Portfolio turnover rate | | | 44.80 | % | | | 33.78 | % | | | 43.81 | % | | | 87.43 | % | | | 63.31 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 147 |
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | Class C Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.61 | | | | $11.53 | | | | $10.54 | | | | $10.86 | | | | $10.63 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .38 | | | | .37 | | | | .43 | | | | .46 | | | | .46 | |
| Net realized and unrealized gain (loss) | | | .68 | | | | (.93 | ) | | | .98 | | | | (.33 | ) | | | .23 | |
| Total from investment operations | | | 1.06 | | | | (.56 | ) | | | 1.41 | | | | .13 | | | | .69 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.37 | ) | | | (.36 | ) | | | (.42 | ) | | | (.45 | ) | | | (.46 | ) |
| Net asset value, end of year | | | $11.30 | | | | $10.61 | | | | $11.53 | | | | $10.54 | | | | $10.86 | |
| Total Return(b) | | | 10.17 | % | | | (5.02 | )% | | | 13.64 | % | | | 1.38 | % | | | 6.69 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | 1.39 | % | | | 1.40 | % | | | 1.37 | % | | | 1.43 | % | | | 1.47 | % |
| Expenses, excluding expense reductions | | | 1.41 | % | | | 1.42 | % | | | 1.43 | % | | | 1.50 | % | | | 1.56 | % |
| Net investment income | | | 3.46 | % | | | 3.21 | % | | | 3.87 | % | | | 4.44 | % | | | 4.40 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $174,469 | | | | $177,169 | | | | $215,692 | | | | $158,714 | | | | $181,209 | |
| Portfolio turnover rate | | | 44.80 | % | | | 33.78 | % | | | 43.81 | % | | | 87.43 | % | | | 63.31 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 148 | See Notes to Financial Statements. | |
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.59 | | | | $11.51 | | | | $10.52 | | | | $10.83 | | | | $10.61 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .45 | | | | .45 | | | | .51 | | | | .53 | | | | .55 | |
| Net realized and unrealized gain (loss) | | | .69 | | | | (.93 | ) | | | .98 | | | | (.31 | ) | | | .21 | |
| Total from investment operations | | | 1.14 | | | | (.48 | ) | | | 1.49 | | | | .22 | | | | .76 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.45 | ) | | | (.44 | ) | | | (.50 | ) | | | (.53 | ) | | | (.54 | ) |
| Net asset value, end of year | | | $11.28 | | | | $10.59 | | | | $11.51 | | | | $10.52 | | | | $10.83 | |
| Total Return(b) | | | 10.98 | % | | | (4.31 | )% | | | 14.48 | % | | | 2.24 | % | | | 7.43 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .65 | % | | | .64 | % | | | .63 | % | | | .66 | % | | | .66 | % |
| Expenses, excluding expense reductions | | | .67 | % | | | .66 | % | | | .69 | % | | | .73 | % | | | .76 | % |
| Net investment income | | | 4.15 | % | | | 3.95 | % | | | 4.58 | % | | | 5.21 | % | | | 5.18 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $151,265 | | | | $103,160 | | | | $122,943 | | | | $73,983 | | | | $62,200 | |
| Portfolio turnover rate | | | 44.80 | % | | | 33.78 | % | | | 43.81 | % | | | 87.43 | % | | | 63.31 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 149 |
Financial Highlights (concluded)
NATIONAL TAX FREE FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | 7/26/2010(a)
to
9/30/2010 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $10.60 | | | | $11.52 | | | | $10.53 | | | | $10.84 | | | | $10.59 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .45 | | | | .46 | | | | .51 | | | | .55 | | | | .10 | |
| Net realized and unrealized gain (loss) | | | .70 | | | | (.93 | ) | | | 1.00 | | | | (.32 | ) | | | .25 | |
| Total from investment operations | | | 1.15 | | | | (.47 | ) | | | 1.51 | | | | .23 | | | | .35 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.46 | ) | | | (.45 | ) | | | (.52 | ) | | | (.54 | ) | | | (.10 | ) |
| Net asset value, end of period | | | $11.29 | | | | $10.60 | | | | $11.52 | | | | $10.53 | | | | $10.84 | |
| Total Return(c) | | | 11.07 | % | | | (4.23 | )% | | | 14.62 | % | | | 2.40 | % | | | 3.31 | %(d) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense | | | | | | | | | | | | | | | | | | | | |
| and including expense reductions(e) | | | .55 | % | | | .54 | % | | | .52 | % | | | .54 | % | | | .55 | %(f) |
| Expenses, excluding expense reductions | | | .57 | % | | | .57 | % | | | .59 | % | | | .61 | % | | | .64 | %(f) |
| Net investment income | | | 4.14 | % | | | 4.05 | % | | | 4.58 | % | | | 5.35 | % | | | 5.21 | %(f) |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $1,679 | | | | $719 | | | | $78 | | | | $11 | | | | $10 | |
| Portfolio turnover rate | | | 44.80 | % | | | 33.78 | % | | | 43.81 | % | | | 87.43 | % | | | 63.31 | % |
| (a) | Commencement of operations was 7/26/2010 and the SEC effective date was 4/30/2007. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Total return assumes the reinvestment of all distributions. |
| (d) | Not annualized. |
| (e) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (f) | Annualized. |
| 150 | See Notes to Financial Statements. | |
Financial Highlights
HIGH YIELD MUNICIPAL BOND FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.91 | | | $11.93 | | | $11.06 | | | $11.81 | | | $11.49 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .58 | | | .58 | | | .63 | | | .69 | | | .67 | |
| Net realized and unrealized gain (loss) | | | .75 | | | (1.04 | ) | | .85 | | | (.77 | ) | | .31 | |
| Total from investment operations | | | 1.33 | | | (.46 | ) | | 1.48 | | | (.08 | ) | | .98 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (.55 | ) | | (.56 | ) | | (.61 | ) | | (.67 | ) | | (.66 | ) |
| Net asset value, end of year | | | $11.69 | | | $10.91 | | | $11.93 | | | $11.06 | | | $11.81 | |
| Total Return(b) | | | 12.54 | % | | (4.11 | )% | | 13.79 | % | | (.46 | )% | | 8.88 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .90 | % | | .83 | % | | .80 | % | | .82 | % | | .80 | % |
| Expenses, excluding expense reductions | | | .91 | % | | .84 | % | | .86 | % | | .89 | % | | .91 | % |
| Net investment income | | | 5.12 | % | | 4.87 | % | | 5.52 | % | | 6.24 | % | | 5.88 | % |
| | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $1,160,471 | | | $1,071,511 | | | $1,185,644 | | | $919,758 | | | $1,236,637 | |
| Portfolio turnover rate | | | 32.90 | % | | 24.47 | % | | 27.20 | % | | 40.94 | % | | 37.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 151 |
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | Class C Shares |
| | | Year Ended 9/30 |
| | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.92 | | | $11.93 | | | $11.06 | | | $11.81 | | | $11.50 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .51 | | | .50 | | | .56 | | | .62 | | | .59 | |
| Net realized and unrealized gain (loss) | | | .74 | | | (1.03 | ) | | .85 | | | (.77 | ) | | .30 | |
| Total from investment operations | | | 1.25 | | | (.53 | ) | | 1.41 | | | (.15 | ) | | .89 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (.48 | ) | | (.48 | ) | | (.54 | ) | | (.60 | ) | | (.58 | ) |
| Net asset value, end of year | | | $11.69 | | | $10.92 | | | $11.93 | | | $11.06 | | | $11.81 | |
| Total Return(b) | | | 11.74 | % | | (4.64 | )% | | 13.08 | % | | (1.11 | )% | | 7.99 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | 1.53 | % | | 1.47 | % | | 1.44 | % | | 1.48 | % | | 1.55 | % |
| Expenses, excluding expense reductions | | | 1.54 | % | | 1.49 | % | | 1.49 | % | | 1.56 | % | | 1.65 | % |
| Net investment income | | | 4.50 | % | | 4.23 | % | | 4.91 | % | | 5.59 | % | | 5.14 | % |
| | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $408,459 | | | $407,217 | | | $526,880 | | | $450,802 | | | $585,366 | |
| Portfolio turnover rate | | | 32.90 | % | | 24.47 | % | | 27.20 | % | | 40.94 | % | | 37.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 152 | See Notes to Financial Statements. | |
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.92 | | | $11.94 | | | $11.07 | | | $11.82 | | | $11.50 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .58 | | | .59 | | | .64 | | | .70 | | | .69 | |
| Net realized and unrealized gain (loss) | | | .76 | | | (1.04 | ) | | .85 | | | (.76 | ) | | .30 | |
| Total from investment operations | | | 1.34 | | | (.45 | ) | | 1.49 | | | (.06 | ) | | .99 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (.57 | ) | | (.57 | ) | | (.62 | ) | | (.69 | ) | | (.67 | ) |
| Net asset value, end of year | | | $11.69 | | | $10.92 | | | $11.94 | | | $11.07 | | | $11.82 | |
| Total Return(b) | | | 12.54 | % | | (4.01 | )% | | 13.89 | % | | (.35 | )% | | 8.98 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .80 | % | | .72 | % | | .70 | % | | .72 | % | | .71 | % |
| Expenses, excluding expense reductions | | | .81 | % | | .74 | % | | .76 | % | | .79 | % | | .81 | % |
| Net investment income | | | 5.17 | % | | 4.94 | % | | 5.60 | % | | 6.35 | % | | 5.97 | % |
| | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $393,166 | | | $228,484 | | | $258,682 | | | $175,052 | | | $215,479 | |
| Portfolio turnover rate | | | 32.90 | % | | 24.47 | % | | 27.20 | % | | 40.94 | % | | 37.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 153 |
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | | | | | | | | | | 7/26/2010(a) | |
| | | | | | | | | | | | to | |
| | | 2014 | | 2013 | | 2012 | | 2011 | | | 9/30/2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $10.92 | | | $11.94 | | | $11.06 | | | $11.81 | | | | | $11.58 | | |
| Investment operations: | | | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .61 | | | .60 | | | .66 | | | .68 | | | | | .12 | | |
| Net realized and unrealized gain (loss) | | | .71 | | | (1.04 | ) | | .85 | | | (.74 | ) | | | | .23 | | |
| Total from investment operations | | | 1.32 | | | (.44 | ) | | 1.51 | | | (.06 | ) | | | | .35 | | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.57 | ) | | (.58 | ) | | (.63 | ) | | (.69 | ) | | | | (.12 | ) | |
| Net asset value, end of period | | | $11.67 | | | $10.92 | | | $11.94 | | | $11.06 | | | | | $11.81 | | |
| Total Return(c) | | | 12.44 | % | | (3.92 | )% | | 14.08 | % | | (.28 | )% | | | | 3.05 | %(d) | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(e) | | | .71 | % | | .62 | % | | .60 | % | | .62 | % | | | | .62 | %(f) | |
| Expenses, excluding expense reductions | | | .72 | % | | .64 | % | | .66 | % | | .70 | % | | | | .72 | %(f) | |
| Net investment income | | | 5.49 | % | | 5.04 | % | | 5.78 | % | | 6.18 | % | | | | 5.75 | %(f) | |
| | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $25,841 | | | $2,255 | | | $1,629 | | | $2,258 | | | | | $112 | | |
| Portfolio turnover rate | | | 32.90 | % | | 24.47 | % | | 27.20 | % | | 40.94 | % | | | | 37.68 | % |
| (a) | Commencement of operations was 7/26/2010 and the SEC effective date was 4/30/2007. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Total return assumes the reinvestment of all distributions. |
| (d) | Not annualized. |
| (e) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (f) | Annualized. |
| 154 | See Notes to Financial Statements. | |
Financial Highlights (concluded)
HIGH YIELD MUNICIPAL BOND FUND
| | | Class P Shares |
| | | Year Ended 9/30 |
| | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.92 | | | $11.94 | | | $11.07 | | | $11.82 | | | $11.50 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .56 | | | .56 | | | .61 | | | .67 | | | .66 | |
| Net realized and unrealized gain (loss) | | | .74 | | | (1.04 | ) | | .85 | | | (.77 | ) | | .30 | |
| Total from investment operations | | | 1.30 | | | (.48 | ) | | 1.46 | | | (.10 | ) | | .96 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (.53 | ) | | (.54 | ) | | (.59 | ) | | (.65 | ) | | (.64 | ) |
| Net asset value, end of year | | | $11.69 | | | $10.92 | | | $11.94 | | | $11.07 | | | $11.82 | |
| Total Return(b) | | | 12.23 | % | | (4.29 | )% | | 13.56 | % | | (.65 | )% | | 8.67 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | 1.12 | % | | 1.05 | % | | 1.02 | % | | 1.04 | % | | 1.02 | % |
| Expenses, excluding expense reductions | | | 1.13 | % | | 1.07 | % | | 1.08 | % | | 1.11 | % | | 1.12 | % |
| Net investment income | | | 4.93 | % | | 4.69 | % | | 5.36 | % | | 6.07 | % | | 5.71 | % |
| | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $13 | | | $12 | | | $12 | | | $11 | | | $11 | |
| Portfolio turnover rate | | | 32.90 | % | | 24.47 | % | | 27.20 | % | | 40.94 | % | | 37.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 155 |
Financial Highlights
CALIFORNIA TAX FREE FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.10 | | | | $10.73 | | | | $9.90 | | | | $10.24 | | | | $10.17 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .38 | | | | .38 | | | | .43 | | | | .48 | | | | .47 | |
| Net realized and unrealized gain (loss) | | | .74 | | | | (.64 | ) | | | .83 | | | | (.35 | ) | | | .07 | |
| Total from investment operations | | | 1.12 | | | | (.26 | ) | | | 1.26 | | | | .13 | | | | .54 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.38 | ) | | | (.37 | ) | | | (.43 | ) | | | (.47 | ) | | | (.47 | ) |
| Net asset value, end of year | | | $10.84 | | | | $10.10 | | | | $10.73 | | | | $9.90 | | | | $10.24 | |
| Total Return(b) | | | 11.29 | % | | | (2.51 | )% | | | 12.94 | % | | | 1.56 | % | | | 5.52 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .86 | % | | | .81 | % | | | .79 | % | | | .79 | % | | | .78 | % |
| Expenses, excluding expense reductions | | | .86 | % | | | .81 | % | | | .82 | % | | | .85 | % | | | .84 | % |
| Net investment income | | | 3.69 | % | | | 3.54 | % | | | 4.16 | % | | | 4.96 | % | | | 4.74 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $170,131 | | | | $166,443 | | | | $191,127 | | | | $150,423 | | | | $166,247 | |
| Portfolio turnover rate | | | 20.90 | % | | | 18.05 | % | | | 28.15 | % | | | 36.60 | % | | | 47.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 156 | See Notes to Financial Statements. | |
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| | | Class C Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.10 | | | | $10.73 | | | | $9.90 | | | | $10.25 | | | | $10.17 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .32 | | | | .31 | | | | .36 | | | | .42 | | | | .40 | |
| Net realized and unrealized gain (loss) | | | .73 | | | | (.64 | ) | | | .83 | | | | (.36 | ) | | | .08 | |
| Total from investment operations | | | 1.05 | | | | (.33 | ) | | | 1.19 | | | | .06 | | | | .48 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.31 | ) | | | (.30 | ) | | | (.36 | ) | | | (.41 | ) | | | (.40 | ) |
| Net asset value, end of year | | | $10.84 | | | | $10.10 | | | | $10.73 | | | | $9.90 | | | | $10.25 | |
| Total Return(b) | | | 10.58 | % | | | (3.15 | )% | | | 12.23 | % | | | .80 | % | | | 4.88 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | 1.50 | % | | | 1.47 | % | | | 1.42 | % | | | 1.44 | % | | | 1.49 | % |
| Expenses, excluding expense reductions | | | 1.50 | % | | | 1.47 | % | | | 1.45 | % | | | 1.50 | % | | | 1.55 | % |
| Net investment income | | | 3.05 | % | | | 2.88 | % | | | 3.51 | % | | | 4.32 | % | | | 4.02 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $36,122 | | | | $33,741 | | | | $38,712 | | | | $28,023 | | | | $33,280 | |
| Portfolio turnover rate | | | 20.90 | % | | | 18.05 | % | | | 28.15 | % | | | 36.60 | % | | | 47.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 157 |
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.10 | | | | $10.73 | | | | $9.90 | | | | $10.24 | | | | $10.17 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .39 | | | | .39 | | | | .44 | | | | .49 | | | | .48 | |
| Net realized and unrealized gain (loss) | | | .74 | | | | (.64 | ) | | | .83 | | | | (.35 | ) | | | .07 | |
| Total from investment operations | | | 1.13 | | | | (.25 | ) | | | 1.27 | | | | .14 | | | | .55 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.39 | ) | | | (.38 | ) | | | (.44 | ) | | | (.48 | ) | | | (.48 | ) |
| Net asset value, end of year | | | $10.84 | | | | $10.10 | | | | $10.73 | | | | $9.90 | | | | $10.24 | |
| Total Return(b) | | | 11.39 | % | | | (2.42 | )% | | | 13.04 | % | | | 1.65 | % | | | 5.62 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .76 | % | | | .71 | % | | | .69 | % | | | .69 | % | | | .68 | % |
| Expenses, excluding expense reductions | | | .76 | % | | | .71 | % | | | .72 | % | | | .75 | % | | | .74 | % |
| Net investment income | | | 3.78 | % | | | 3.63 | % | | | 4.23 | % | | | 5.06 | % | | | 4.81 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $24,810 | | | | $21,549 | | | | $22,344 | | | | $14,605 | | | | $12,683 | |
| Portfolio turnover rate | | | 20.90 | % | | | 18.05 | % | | | 28.15 | % | | | 36.60 | % | | | 47.68 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 158 | See Notes to Financial Statements. | |
Financial Highlights (concluded)
CALIFORNIA TAX FREE FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 1/31/2011(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $10.09 | | | | $10.73 | | | | $9.90 | | | | | $9.24 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | | | | | | | | | | | | | | — | (c) |
| Net realized and unrealized loss | | | | | | | | | | | | | | | | (.01 | ) |
| Total from investment operations | | | | | | | | | | | | | | | | (.01 | ) |
| Net asset value on SEC Effective Date, 2/1/2011 | | | | | | | | | | | | | | | | $9.23 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .41 | | | | .40 | | | | .45 | | | | | .33 | |
| Net realized and unrealized gain (loss) | | | .74 | | | | (.65 | ) | | | .83 | | | | | .67 | (d) |
| Total from investment operations | | | 1.15 | | | | (.25 | ) | | | 1.28 | | | | | 1.00 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.40 | ) | | | (.39 | ) | | | (.45 | ) | | | | (.33 | ) |
| Net asset value, end of period | | | $10.84 | | | | $10.09 | | | | $10.73 | | | | | $9.90 | |
| Total Return(e) | | | | | | | | | | | | | | | | 10.89 | %(f)(g) |
| Total Return(e) | | | 11.65 | % | | | (2.40 | )% | | | 13.17 | % | | | | 10.99 | %(f)(h) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(i) | | | .65 | % | | | .61 | % | | | .59 | % | | | | .60 | %(j) |
| Expenses, excluding expense reductions | | | .66 | % | | | .62 | % | | | .62 | % | | | | .69 | %(j) |
| Net investment income | | | 3.90 | % | | | 3.77 | % | | | 4.39 | % | | | | 5.24 | %(j) |
| | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $22 | | | | $12 | | | | $13 | | | | | $11 | |
| Portfolio turnover rate | | | 20.90 | % | | | 18.05 | % | | | 28.15 | % | | | | 36.60 | % |
| (a) | Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Amount is less than $.01. |
| (d) | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (e) | Total return assumes the reinvestment of all distributions. |
| (f) | Not annualized. |
| (g) | Total return for the period 1/31/2011 through 9/30/2011. |
| (h) | Total return for the period 2/1/2011 through 9/30/2011. |
| (i) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (j) | Annualized. |
| | See Notes to Financial Statements. | 159 |
Financial Highlights
NEW JERSEY TAX FREE FUND
| | | Class A Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $4.66 | | | | $5.07 | | | | $4.69 | | | | $4.85 | | | | $4.78 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .17 | | | | .17 | | | | .19 | | | | .21 | | | | .21 | |
| Net realized and unrealized gain (loss) | | | .28 | | | | (.41 | ) | | | .38 | | | | (.16 | ) | | | .07 | |
| Total from investment operations | | | .45 | | | | (.24 | ) | | | .57 | | | | .05 | | | | .28 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.17 | ) | | | (.17 | ) | | | (.19 | ) | | | (.21 | ) | | | (.21 | ) |
| Net asset value, end of year | | | $4.94 | | | | $4.66 | | | | $5.07 | | | | $4.69 | | | | $4.85 | |
| Total Return(b) | | | 9.87 | % | | | (4.85 | )% | | | 12.41 | % | | | 1.23 | % | | | 6.13 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions | | | .85 | % | | | .82 | % | | | .82 | %(c) | | | .82 | %(c) | | | .80 | %(c) |
| Expenses, excluding expense reductions | | | .85 | % | | | .82 | % | | | .83 | % | | | .85 | % | | | .83 | % |
| Net investment income | | | 3.63 | % | | | 3.47 | % | | | 3.96 | % | | | 4.62 | % | | | 4.53 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $92,713 | | | | $121,722 | | | | $136,085 | | | | $113,783 | | | | $125,722 | |
| Portfolio turnover rate | | | 19.20 | % | | | 18.17 | % | | | 31.06 | % | | | 23.14 | % | | | 32.22 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| 160 | See Notes to Financial Statements. | |
Financial Highlights (continued)
NEW JERSEY TAX FREE FUND
| | | Class F Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $4.66 | | | | $5.07 | | | | $4.69 | | | | $4.85 | | | | $4.78 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .18 | | | | .18 | | | | .20 | | | | .22 | | | | .22 | |
| Net realized and unrealized gain (loss) | | | .28 | | | | (.41 | ) | | | .38 | | | | (.17 | ) | | | .07 | |
| Total from investment operations | | | .46 | | | | (.23 | ) | | | .58 | | | | .05 | | | | .29 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.18 | ) | | | (.18 | ) | | | (.20 | ) | | | (.21 | ) | | | (.22 | ) |
| Net asset value, end of year | | | $4.94 | | | | $4.66 | | | | $5.07 | | | | $4.69 | | | | $4.85 | |
| Total Return(b) | | | 9.97 | % | | | (4.76 | )% | | | 12.51 | % | | | 1.33 | % | | | 6.23 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions | | | .74 | % | | | .72 | % | | | .72 | %(c) | | | .72 | %(c) | | | .70 | %(c) |
| Expenses, excluding expense reductions | | | .74 | % | | | .72 | % | | | .73 | % | | | .75 | % | | | .72 | % |
| Net investment income | | | 3.69 | % | | | 3.55 | % | | | 3.98 | % | | | 4.70 | % | | | 4.61 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $6,838 | | | | $4,782 | | | | $7,400 | | | | $3,949 | | | | $2,775 | |
| Portfolio turnover rate | | | 19.20 | % | | | 18.17 | % | | | 31.06 | % | | | 23.14 | % | | | 32.22 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | See Notes to Financial Statements. | 161 |
Financial Highlights (concluded)
NEW JERSEY TAX FREE FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | 2014 | | | 2013 | | | 2012 | | | 1/31/2011(a)
to
9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $4.66 | | | | $5.07 | | | | $4.69 | | | | | $4.42 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | | | | | | | | | | | | | | .00 | (c) |
| Net realized and unrealized loss | | | | | | | | | | | | | | | | (.01 | ) |
| Total from investment operations | | | | | | | | | | | | | | | | (.01 | ) |
| Net asset value on SEC Effective Date, 2/1/2011 | | | | | | | | | | | | | | | | $4.41 | |
| Investment operations: | | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .19 | | | | .18 | | | | .21 | | | | | .15 | |
| Net realized and unrealized gain (loss) | | | .27 | | | | (.41 | ) | | | .37 | | | | | .28 | (d) |
| Total from investment operations | | | .46 | | | | (.23 | ) | | | .58 | | | | | .43 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.18 | ) | | | (.18 | ) | | | (.20 | ) | | | | (.15 | ) |
| Net asset value, end of period | | | $4.94 | | | | $4.66 | | | | $5.07 | | | | | $4.69 | |
| Total Return(e) | | | | | | | | | | | | | | | | 9.79 | %(f)(g) |
| Total Return(e) | | | 10.13 | % | | | (4.63 | )% | | | 12.43 | % | | | | 10.02 | %(f)(h) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions | | | .62 | % | | | .61 | % | | | .60 | %(i) | | | | .59 | %(i)(j) |
| Expenses, excluding expense reductions | | | .62 | % | | | .61 | % | | | .61 | % | | | | .64 | %(j) |
| Net investment income | | | 3.87 | % | | | 3.70 | % | | | 4.18 | % | | | | 4.85 | %(j) |
| | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $13 | | | | $12 | | | | $12 | | | | | $11 | |
| Portfolio turnover rate | | | 19.20 | % | | | 18.17 | % | | | 31.06 | % | | | | 23.14 | % |
| (a) | Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Amount is less than $.01. |
| (d) | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (e) | Total return assumes the reinvestment of all distributions. |
| (f) | Not annualized. |
| (g) | Total return for the period 1/31/2011 through 9/30/2011. |
| (h) | Total return for the period 2/1/2011 through 9/30/2011. |
| (i) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (j) | Annualized. |
| 162 | See Notes to Financial Statements. | |
Financial Highlights
NEW YORK TAX FREE FUND
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.59 | | | | $11.38 | | | | $10.66 | | | | $10.96 | | | | $10.78 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .38 | | | | .37 | | | | .43 | | | | .48 | | | | .49 | |
| Net realized and unrealized gain (loss) | | | .63 | | | | (.79 | ) | | | .73 | | | | (.30 | ) | | | .17 | |
| Total from investment operations | | | 1.01 | | | | (.42 | ) | | | 1.16 | | | | .18 | | | | .66 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.37 | ) | | | (.37 | ) | | | (.44 | ) | | | (.48 | ) | | | (.48 | ) |
| Net asset value, end of year | | | $11.23 | | | | $10.59 | | | | $11.38 | | | | $10.66 | | | | $10.96 | |
| Total Return(b) | | | 9.73 | % | | | (3.80 | )% | | | 11.05 | % | | | 1.85 | % | | | 6.37 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .78 | % | | | .78 | % | | | .78 | % | | | .78 | % | | | .77 | % |
| Expenses, excluding expense reductions | | | .79 | % | | | .78 | % | | | .84 | % | | | .85 | % | | | .85 | % |
| Net investment income | | | 3.46 | % | | | 3.33 | % | | | 3.95 | % | | | 4.64 | % | | | 4.55 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $244,081 | | | | $262,089 | | | | $285,447 | | | | $216,126 | | | | $238,259 | |
| Portfolio turnover rate | | | 20.47 | % | | | 16.89 | % | | | 18.34 | % | | | 47.37 | % | | | 30.34 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| | See Notes to Financial Statements. | 163 |
Financial Highlights (continued)
NEW YORK TAX FREE FUND
| | | Class C Shares | |
| | | Year Ended 9/30 | |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.58 | | | | $11.37 | | | | $10.65 | | | | $10.95 | | | | $10.76 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .31 | | | | .30 | | | | .36 | | | | .42 | | | | .41 | |
| Net realized and unrealized gain (loss) | | | .62 | | | | (.79 | ) | | | .72 | | | | (.31 | ) | | | .19 | |
| Total from investment operations | | | .93 | | | | (.49 | ) | | | 1.08 | | | | .11 | | | | .60 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.30 | ) | | | (.30 | ) | | | (.36 | ) | | | (.41 | ) | | | (.41 | ) |
| Net asset value, end of year | | | $11.21 | | | | $10.58 | | | | $11.37 | | | | $10.65 | | | | $10.95 | |
| Total Return(b) | | | 8.95 | % | | | (4.43 | )% | | | 10.36 | % | | | 1.19 | % | | | 5.74 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | 1.42 | % | | | 1.43 | % | | | 1.42 | % | | | 1.43 | % | | | 1.46 | % |
| Expenses, excluding expense reductions | | | 1.43 | % | | | 1.44 | % | | | 1.47 | % | | | 1.50 | % | | | 1.54 | % |
| Net investment income | | | 2.82 | % | | | 2.67 | % | | | 3.31 | % | | | 3.99 | % | | | 3.85 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $49,678 | | | | $45,152 | | | | $50,407 | | | | $38,627 | | | | $42,397 | |
| Portfolio turnover rate | | | 20.47 | % | | | 16.89 | % | | | 18.34 | % | | | 47.37 | % | | | 30.34 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 164 | See Notes to Financial Statements. | |
Financial Highlights (continued)
NEW YORK TAX FREE FUND
| | | Class F Shares | |
| | | Year Ended 9/30 | |
| | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
| Per Share Operating Performance | | | | | | | | | | | | | | | |
| Net asset value, beginning of year | | | $10.60 | | | | $11.39 | | | | $10.67 | | | | $10.97 | | | | $10.78 | |
| Investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income(a) | | | .39 | | | | .38 | | | | .44 | | | | .49 | | | | .50 | |
| Net realized and unrealized gain (loss) | | | .63 | | | | (.79 | ) | | | .73 | | | | (.30 | ) | | | .18 | |
| Total from investment operations | | | 1.02 | | | | (.41 | ) | | | 1.17 | | | | .19 | | | | .68 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (.38 | ) | | | (.38 | ) | | | (.45 | ) | | | (.49 | ) | | | (.49 | ) |
| Net asset value, end of year | | | $11.24 | | | | $10.60 | | | | $11.39 | | | | $10.67 | | | | $10.97 | |
| Total Return(b) | | | 9.83 | % | | | (3.70 | )% | | | 11.15 | % | | | 1.95 | % | | | 6.57 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(c) | | | .68 | % | | | .68 | % | | | .68 | % | | | .68 | % | | | .67 | % |
| Expenses, excluding expense reductions | | | .69 | % | | | .68 | % | | | .74 | % | | | .75 | % | | | .75 | % |
| Net investment income | | | 3.54 | % | | | 3.42 | % | | | 3.99 | % | | | 4.73 | % | | | 4.64 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of year (000) | | | $20,978 | | | | $16,844 | | | | $16,491 | | | | $7,907 | | | | $7,631 | |
| Portfolio turnover rate | | | 20.47 | % | | | 16.89 | % | | | 18.34 | % | | | 47.37 | % | | | 30.34 | % |
| (a) | Calculated using average shares outstanding during the year. |
| (b) | Total return assumes the reinvestment of all distributions. |
| (c) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| | See Notes to Financial Statements. | 165 |
Financial Highlights (concluded)
NEW YORK TAX FREE FUND
| | | Class I Shares |
| | | Year Ended 9/30 |
| | | | | | | | | | | 1/31/2011(a) |
| | | | | | | | | | | to |
| | | 2014 | | | 2013 | | | 2012 | | 9/30/2011 |
| Per Share Operating Performance | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | | $10.60 | | | | $11.39 | | | | $10.67 | | | | $10.10 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | | | | | | | | | | | | | — | (c) |
| Net realized and unrealized loss | | | | | | | | | | | | | | | (.01 | ) |
| Total from investment operations | | | | | | | | | | | | | | | (.01 | ) |
| Net asset value on SEC Effective Date, 2/1/2011 | | | | | | | | | | | | | | | $10.09 | |
| Investment operations: | | | | | | | | | | | | | | | | |
| Net investment income(b) | | | .40 | | | | .39 | | | | .41 | | | | .34 | |
| Net realized and unrealized gain (loss) | | | .63 | | | | (.79 | ) | | | .77 | | | | .58 | (d) |
| Total from investment operations | | | 1.03 | | | | (.40 | ) | | | 1.18 | | | | .92 | |
| Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (.40 | ) | | | (.39 | ) | | | (.46 | ) | | | (.34 | ) |
| Net asset value, end of period | | | $11.23 | | | | $10.60 | | | | $11.39 | | | | $10.67 | |
| Total Return(e) | | | | | | | | | | | | | | | 9.12 | %(f)(g) |
| Total Return(e) | | | 9.85 | % | | | (3.60 | )% | | | 11.30 | % | | | 9.21 | %(f)(h) |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| Expenses, excluding interest expense and including expense reductions(i) | | | .58 | % | | | .58 | % | | | .58 | % | | | .57 | %(j) |
| Expenses, excluding expense reductions | | | .59 | % | | | .59 | % | | | .64 | % | | | .67 | %(j) |
| Net investment income | | | 3.66 | % | | | 3.54 | % | | | 3.68 | % | | | 4.91 | %(j) |
| | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $644 | | | | $587 | | | | $265 | | | | $11 | |
| Portfolio turnover rate | | | 20.47 | % | | | 16.89 | % | | | 18.34 | % | | | 47.37 | % |
| (a) | Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
| (b) | Calculated using average shares outstanding during the period. |
| (c) | Amount is less than $.01. |
| (d) | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (e) | Total return assumes the reinvestment of all distributions. |
| (f) | Not annualized. |
| (g) | Total return for the period 1/31/2011 through 9/30/2011. |
| (h) | Total return for the period 2/1/2011 through 9/30/2011. |
| (i) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (j) | Annualized. |
| | |
| 166 | See Notes to Financial Statements. | |
Notes to Financial Statements
Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.
The Company consists of the following eight portfolios (separately, a “Fund” and collectively, the “Funds”) and their respective classes:
| Funds | Classes |
| Lord Abbett Short Duration Tax Free Fund (“Short Duration”) | A,B,C,F and I |
| Lord Abbett Intermediate Tax Free Fund (“Intermediate”) | A,B,C,F,I and P |
| Lord Abbett AMT Free Municipal Bond Fund (“AMT Free”) | A,C,F and I |
| Lord Abbett National Tax-Free Income Fund (“National”) | A,B,C,F,I and P |
| Lord Abbett High Yield Municipal Bond Fund (“High Yield”) | A,B,C,F,I and P |
| Lord Abbett California Tax-Free Income Fund (“California”) | A,C,F,I and P |
| Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”) | A,F and I |
| Lord Abbett New York Tax-Free Income Fund (“New York”) | A,C,F,I and P |
Short Duration, Intermediate, AMT Free and National are diversified as defined in the Act. High Yield, California, New Jersey and New York are non-diversified as defined in the Act. Short Duration has not issued Class B shares and only Intermediate and High Yield have issued Class P shares. The Funds no longer issue Class B shares for purchase. The Funds’ Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds’ prospectus.
The investment objective of each Fund (except for High Yield) 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 Yield is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I and P 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 one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.
167
Notes to Financial Statements (continued)
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| | |
| (a) | Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| | |
| | Securities are valued at the mean between the bid and asked prices on the basis of 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 sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. |
| | |
| | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. 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 fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| | |
| | Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
| | |
| (b) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| | |
| (c) | Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| | |
| (d) | Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
| | |
| | Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2011 through September 30, |
168
Notes to Financial Statements (continued)
| | 2014. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
| | |
| (e) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F and P shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
| | |
| (f) | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. As of September 30, 2014, each Fund, except California, had open futures contracts. |
| | |
| (g) | When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis, with delivery and payment normally taking place approximately one month after the purchase date. |
| | |
| (h) | Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity |
169
Notes to Financial Statements (continued)
| | 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 September 30, 2014, as well as the average trust certificates for the fiscal year ended September 30, 2014: |
| | | | | | | | | | Underlying | | | | |
| | | | | | | Interest Rate | | | Municipal Bonds | | | Average | |
| | | | Liability for | | | or Range of | | | Transferred | | | Trust | |
| | Fund | | Trust Certificates | | | Interest Rates | | | to TOBs | | | Certificates | |
| | Short Duration | | | — | | | | — | | | | — | | | $ | 5,400,000 | |
| | Intermediate | | $ | 3,840,000 | | | | .05% - .06% | | | $ | 8,728,736 | | | | 7,030,000 | |
| | AMT Free | | | — | | | | — | | | | — | | | | — | |
| | National | | | 62,165,000 | | | | .04% - .23% | | | | 143,601,666 | | | | 62,165,000 | |
| | High Yield | | | 41,160,000 | | | | .04% - .09% | | | | 94,093,631 | | | | 41,160,000 | |
| | California | | | 1,500,000 | | | | .05% | | | | 3,547,110 | | | | 1,500,000 | |
| | New Jersey | | | — | | | | — | | | | — | | | | — | |
| | New York | | | 4,030,000 | | | | .05% | | | | 9,048,558 | | | | 4,030,000 | |
| | 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. As of September 30, 2014, the carrying value of each Fund’s Liability for Trust Certificates approximates its fair value. |
| | |
| | While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to the secured borrowings for TOB transactions. |
| | |
| (i) | Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. 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 of inputs is summarized in the three broad Levels listed below: |
| | • | Level 1 – | unadjusted quoted prices in active markets for identical investments; |
170
Notes to Financial Statements (continued)
| | • | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and |
| | | | |
| | • | Level 3 – | significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
| | A summary of inputs used in valuing each Fund’s investments and other financial instruments as of September 30, 2014 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the fiscal year 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| | |
| 3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
Management Fees
The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies 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 for each of National, California, New Jersey and New York is based on each Fund’s average daily net assets at the following annual rate:
| First $1 billion | .45% |
| Next $1 billion | .40% |
| Over $2 billion | .35% |
The management fee for Short Duration is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .40% |
| Next $3 billion | .375% |
| Over $5 billion | .35% |
The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .40% |
| Next $3 billion | .375% |
| Next $5 billion | .35% |
| Over $10 billion | .32% |
The management fee for each of AMT Free and High Yield is based on each Fund’s average daily net assets at the following annual rate:
| First $1 billion | .50% |
| Next $1 billion | .45% |
| Over $2 billion | .40% |
171
Notes to Financial Statements (continued)
For the fiscal year ended September 30, 2014, the effective management fee, net of waivers, was the following annualized rate of each Fund’s average daily net assets:
| | Effective |
| | Management Fee |
| Short Duration | .34% |
| Intermediate | .38% |
| AMT Free | .21% |
| National | .43% |
| High Yield | .48% |
| California | .45% |
| New Jersey | .45% |
| New York | .45% |
In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets.
For the period February 1, 2014 through January 31, 2015, Lord Abbett has contractually agreed to waive all or a portion of its management fee for Short Duration and AMT Free and, if necessary, waive all or a portion of its administrative fee and reimburse each Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, do not exceed an annualized rate of .45% and .40%, respectively. This agreement may be terminated only upon the approval of the Board.
For the twelve month period through January 31, 2014, Lord Abbett had contractually agreed to waive all or a portion of its management fee for Short Duration, Intermediate, and AMT Free, and, if necessary, waive all or a portion of its administrative fee and reimburse each Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, did not exceed an annualized rate of .43%, .49%, and .40%, respectively. Effective February 1, 2014, the contractual waiver expired for Intermediate.
High Yield and National, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), have entered into a Servicing Arrangement with Lord Abbett Multi-Asset Balanced Opportunity Fund, Lord Abbett Multi-Asset Growth Fund and Lord Abbett Multi-Asset Income Fund of Lord Abbett Investment Trust and Lord Abbett Multi-Asset Global Opportunity Fund of Lord Abbett Global Fund, Inc. (each, a “Fund of Funds”), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on a Fund’s Statement of Operations and Payable to affiliates on the Fund’s Statement of Assets and Liabilities.
As of September 30, 2014, the Funds had no outstanding shares owned by any of the Fund of Funds.
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, B, C, F and P shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees
172
Notes to Financial Statements (continued)
to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been approved by the Board pursuant to the plan:
| Fees | Class A | Class B | Class C(1) | Class F | Class P |
| Service | .15% | .25% | .25% | — | | .25% |
| Distribution | .05% | .75% | .75% | .10 | % | .20% |
| (1) | The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of each Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of a Fund will bear Rule 12b-1 fees at the same rate. |
Class I shares do not have a distribution plan.
Commissions
Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended September 30, 2014:
| | Distributor | Dealers’ |
| | Commissions | Concessions |
| Short Duration | $ 33,371 | $190,613 |
| Intermediate | 92,259 | 545,695 |
| AMT Free | 8,716 | 48,231 |
| National | 93,313 | 556,360 |
| High Yield | 122,417 | 726,773 |
| California | 9,496 | 53,292 |
| New Jersey | 5,293 | 33,227 |
| New York | 14,010 | 76,282 |
Distributor received the following amount of CDSCs for the fiscal year ended September 30, 2014:
| | Class A | Class C |
| Short Duration | $159,252 | $37,310 |
| Intermediate | 156,686 | 62,348 |
| AMT Free | 48,154 | 1,982 |
| National | 41,751 | 18,464 |
| High Yield | 68,849 | 49,205 |
| California | — | 4,446 |
| New Jersey | 954 | — |
| New York | 21,835 | 7,006 |
| 4. | | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. 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;
173
Notes to Financial Statements (continued)
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 fiscal years ended September 30, 2014 and 2013 was as follows:
| | | | | | Short Duration | | | | | | Intermediate | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | 9/30/2014 | | | 9/30/2013 | | | 9/30/2014 | | | 9/30/2013 | |
| Distributions paid from: | | | | | | | | | | | | |
| Tax-exempt income | | $ | 27,551,404 | | | $ | 33,284,372 | | | $ | 89,794,942 | | | $ | 103,198,545 | |
| Ordinary income | | | — | | | | — | | | | 518,097 | | | | — | |
| Net long-term capital gains | | | 1,909,036 | | | | 1,187,055 | | | | 21,275,393 | | | | — | |
| Total distributions paid | | $ | 29,460,440 | | | $ | 34,471,427 | | | $ | 111,588,432 | | | $ | 103,198,545 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | AMT Free | | | | | | | | National | |
| | | | Year Ended | | | | Year Ended | | | | Year Ended | | | | Year Ended | |
| | | | 9/30/2014 | | | | 9/30/2013 | | | | 9/30/2014 | | | | 9/30/2013 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 4,766,802 | | | $ | 6,467,944 | | | $ | 65,907,228 | | | $ | 75,945,903 | |
| Ordinary income | | | 37,653 | | | | 41,059 | | | | 1,445,474 | | | | 1,076,800 | |
| Total distributions paid | | $ | 4,804,455 | | | $ | 6,509,003 | | | $ | 67,352,702 | | | $ | 77,022,703 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | High Yield | | | | | | | | California | |
| | | | Year Ended | | | | Year Ended | | | | Year Ended | | | | Year Ended | |
| | | | 9/30/2014 | | | | 9/30/2013 | | | | 9/30/2014 | | | | 9/30/2013 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 84,051,753 | | | $ | 92,541,609 | | | $ | 7,622,979 | | | $ | 8,736,647 | |
| Ordinary income | | | 2,170,405 | | | | 1,297,836 | | | | 85,563 | | | | 47,167 | |
| Total distributions paid | | $ | 86,222,158 | | | $ | 93,839,445 | | | $ | 7,708,542 | | | $ | 8,783,814 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | New Jersey | | | | | | | | New York | |
| | | | Year Ended | | | | Year Ended | | | | Year Ended | | | | Year Ended | |
| | | | 9/30/2014 | | | | 9/30/2013 | | | | 9/30/2014 | | | | 9/30/2013 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 3,559,169 | | | $ | 5,076,631 | | | $ | 10,314,089 | | | $ | 12,009,332 | |
| Ordinary income | | | 30,761 | | | | — | | | | — | | | | — | |
| Total distributions paid | | $ | 3,589,930 | | | $ | 5,076,631 | | | $ | 10,314,089 | | | $ | 12,009,332 | |
As of September 30, 2014, the components of accumulated gains (losses) on a tax-basis were as follows:
| | | Short Duration | | | Intermediate | |
| Undistributed tax-exempt income – net | | $ | 313,578 | | | $ | 1,706,666 | |
| Total undistributed earnings | | | 313,578 | | | | 1,706,666 | |
| Capital loss carryforwards* | | | (2,897,758 | ) | | | (4,599,948 | ) |
| Temporary differences | | | (6,250,913 | ) | | | (7,204,663 | ) |
| Unrealized gains – net | | | 31,340,256 | | | | 141,093,870 | |
| Total accumulated gains – net | | $ | 22,505,163 | | | $ | 130,995,925 | |
174
Notes to Financial Statements (continued)
| | | AMT Free | | | National | |
| Undistributed tax-exempt income – net | | $ | 142,255 | | | $ | 3,637,164 | |
| Total undistributed earnings | | | 142,255 | | | | 3,637,164 | |
| Capital loss carryforwards* | | | (1,212,009 | ) | | | (34,646,547 | ) |
| Temporary differences | | | (3,470,163 | ) | | | (10,177,050 | ) |
| Unrealized gains – net | | | 6,456,090 | | | | 104,646,825 | |
| Total accumulated gains – net | | $ | 1,916,173 | | | $ | 63,460,392 | |
| | | | | | | | | |
| | | | High Yield | | | | California | |
| Undistributed tax-exempt income – net | | $ | 4,052,946 | | | $ | — | |
| Total undistributed earnings | | | 4,052,946 | | | | — | |
| Capital loss carryforwards* | | | (340,736,490 | ) | | | (10,261,048 | ) |
| Temporary differences | | | (6,479,515 | ) | | | (384,165 | ) |
| Unrealized gains (losses) – net | | | (1,920,929 | ) | | | 18,548,296 | |
| Total accumulated gains (losses) – net | | $ | (345,083,988 | ) | | $ | 7,903,083 | |
| | | | | | | | | |
| | | | New Jersey | | | | New York | |
| Capital loss carryforwards* | | $ | (7,369,650 | ) | | $ | (10,754,411 | ) |
| Temporary differences | | | (409,061 | ) | | | (2,512,139 | ) |
| Unrealized gains – net | | | 3,755,698 | | | | 16,717,590 | |
| Total accumulated gains (losses) – net | | $ | (4,023,013 | ) | | $ | 3,451,040 | |
| * | As of September 30, 2014, the capital loss carryforwards, along with the related expiration dates, were as follows: |
| | | 2015 | | 2016 | | 2017 | | 2018 | | 2019 | | Indefinite | | Total | |
| Short Duration | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 2,897,758 | | $ | 2,897,758 | |
| Intermediate | | | — | | | — | | | — | | | — | | | — | | | 4,599,948 | | | 4,599,948 | |
| AMT Free | | | — | | | — | | | — | | | — | | | — | | | 1,212,009 | | | 1,212,009 | |
| National | | | — | | | — | | | — | | | 11,663,983 | | | — | | | 22,982,564 | | | 34,646,547 | |
| High Yield | | | 9,152,078 | | | 16,838,530 | | | 112,613,733 | | | 77,996,014 | | | 36,257,876 | | | 87,878,259 | | | 340,736,490 | |
| California | | | 429,137 | | | 3,345 | | | 1,405,669 | | | 5,151,330 | | | 502,921 | | | 2,768,646 | | | 10,261,048 | |
| New Jersey | | | — | | | — | | | — | | | 4,168,179 | | | 1,290,500 | | | 1,910,971 | | | 7,369,650 | |
| New York | | | — | | | — | | | 1,280,143 | | | 5,906,184 | | | 2,268,803 | | | 1,299,281 | | | 10,754,411 | |
In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.
At each Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The following Funds incurred and will elect to defer post-October capital losses during fiscal 2014 as follows:
| Short Duration | $6,036,195 |
| Intermediate | 6,905,102 |
| AMT Free | 3,459,739 |
| National | 9,701,032 |
| High Yield | 6,256,623 |
| New Jersey | 183,157 |
| New York | 1,649,462 |
175
Notes to Financial Statements (continued)
As of September 30, 2014, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | Gross | | | Gross | | | Net | |
| | | | | | Unrealized | | | Unrealized | | | Unrealized | |
| | | Tax Cost | | | Gain | | | Loss | | | Gain/(Loss) | |
| Short Duration | | $ | 2,270,737,417 | | | $ | 34,367,551 | | | $ | (3,027,295 | ) | | $ | 31,340,256 | |
| Intermediate | | | 3,038,662,793 | | | | 168,310,249 | | | | (27,216,379 | ) | | | 141,093,870 | |
| AMT Free | | | 129,455,728 | | | | 7,607,531 | | | | (1,151,441 | ) | | | 6,456,090 | |
| National | | | 1,643,633,253 | | | | 135,454,795 | | | | (30,807,970 | ) | | | 104,646,825 | |
| High Yield | | | 1,961,655,823 | | | | 134,477,783 | | | | (136,398,712 | ) | | | (1,920,929 | ) |
| California | | | 209,834,208 | | | | 19,952,919 | | | | (1,404,623 | ) | | | 18,548,296 | |
| New Jersey | | | 94,403,197 | | | | 6,355,310 | | | | (2,599,612 | ) | | | 3,755,698 | |
| New York | | | 294,287,590 | | | | 19,305,868 | | | | (2,588,278 | ) | | | 16,717,590 | |
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, and wash sales.
Permanent items identified during the fiscal year ended September 30, 2014 have been reclassified among the components of net assets based on their tax basis treatment as follows:
| | Undistributed | | | | | | | | | | | |
| | (Distributions | | | | | | | | | | | |
| | in Excess of) | | | Accumulated | | | | | | | | |
| | Net Investment | | | Net Realized | | | | | | | | |
| | | Income | | | Loss | | | Paid-in Capital | | | | | |
| Short Duration | | $ | (205,723 | ) | | $ | 205,723 | | | $ | — | | | | | |
| Intermediate | | | (156,158 | ) | | | 156,158 | | | | — | | | | | |
| AMT Free | | | (16,686 | ) | | | 16,686 | | | | — | | | | | |
| National | | | (440,454 | ) | | | 440,454 | | | | — | | | | | |
| High Yield | | | (337,329 | ) | | | 2,097,223 | | | | (1,759,894 | ) | | | | |
| California | | | (16,033 | ) | | | 16,033 | | | | — | | | | | |
| New Jersey | | | (7,887 | ) | | | 95,301 | | | | (87,414 | ) | | | | |
| New York | | | (10,215 | ) | | | 572,777 | | | | (562,562 | ) | | | | |
The permanent differences are attributable to the tax treatment of accretion on market discount, the tax treatment of certain distributions and the expiration of capital loss carryforwards.
| 5. | | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended September 30, 2014 were as follows:
| | Purchases | Sales |
| Short Duration | $571,572,055 | $684,667,020 |
| Intermediate | 583,822,586 | 818,515,809 |
| AMT Free | 65,764,567 | 78,908,250 |
| National | 780,867,319 | 849,560,215 |
| High Yield | 756,540,902 | 595,416,047 |
| California | 45,191,132 | 49,140,732 |
| New Jersey | 18,962,412 | 48,300,466 |
| New York | 63,139,716 | 86,784,317 |
There were no purchases or sales of U.S. Government securities for the fiscal year ended September 30, 2014.
176
Notes to Financial Statements (continued)
| 6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Each Fund entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2014 (as described in note 2(f)) to hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.
As of September 30, 2014, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain/(loss) and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on investments and futures contracts and Net change in unrealized appreciation/depreciation on investments and futures contracts, respectively.
The following is a summary of U.S. Treasury futures contracts as of and during the fiscal year ended September 30, 2014:
| | | Net Unrealized | | | | | | Net Change in | | | | |
| | | Appreciation | | | Net | | | Unrealized | | | Average | |
| | | (Depreciation) as of | | | Realized | | | Appreciation | | | Number of | |
| | | September 30, 2014 | | | Gain (Loss) | | | (Depreciation) | | | Contracts* | |
| Short Duration | | $ | (259,616 | ) | | $ | 30,866 | | | $ | (259,616 | ) | | | 59 | |
| Intermediate | | | 118,549 | | | | (1,424,448 | ) | | | 426,070 | | | | 120 | |
| AMT Free | | | 15,939 | | | | (144,600 | ) | | | 15,939 | | | | 12 | |
| National | | | 147,746 | | | | (4,917,568 | ) | | | 1,248,017 | | | | 351 | |
| High Yield | | | 142,133 | | | | (2,556,658 | ) | | | 1,059,979 | | | | 253 | |
| California | | | — | | | | (145,444 | ) | | | 65,346 | | | | 9 | |
| New Jersey | | | 8,886 | | | | (168,264 | ) | | | 96,407 | | | | 14 | |
| New York | | | 30,740 | | | | (879,232 | ) | | | 220,308 | | | | 56 | |
| * | Calculated based on the number of contracts for the fiscal year ended September 30, 2014. |
| 7. | DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES |
The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. In addition, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), specifying which transactions are subject to disclosures about offsetting.
ASU 2011-11 and ASU 2013-01 require disclosure of gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and to disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a Fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination
177
Notes to Financial Statements (continued)
of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between a Fund and the applicable counterparty. As of September 30, 2014, the Funds did not have assets or liabilities subject to the disclosure requirements of ASU 2011-11 and ASU 2013-01.
| 8. | DIRECTORS’ REMUNERATION |
The Company’s officers and a Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statements of Operations and in Directors’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.
Effective June 30, 2014, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participate in a $500 million unsecured revolving credit facility (the “Facility”) with State Street Bank and Trust Company (“SSB”). The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million based on past borrowings and likelihood of future borrowings. Each Participating Fund bears its ratable share of the $525,000 annual Facility fee based on the maximum amount the Fund can borrow under the Facility. This amount is included for each Fund in Other expenses in the Statements of Operations. Any borrowings under the Facility will incur interest at current market rates as set forth in the credit agreement.
Prior to June 30, 2014, the Funds and certain other funds managed by Lord Abbett participated in a Facility with SSB. The amounts that were available under the Facility were (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds.
During the fiscal year ended September 30, 2014, the Funds did not utilize the Facility. A participating fund utilized the Facility during the year and fully repaid its borrowings.
| 11. | CUSTODIAN AND ACCOUNTING AGENT |
SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.
178
Notes to Financial Statements (continued)
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.
Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, derivatives risk, extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, and taxability risk. 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 Yield invests a significant portion of its assets in such bonds. AMT Free and National may invest up to 35% and all other Funds (excluding High Yield) may invest up to 20% of their respective 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 than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.
Each of High Yield, California, New Jersey and New York is non-diversified, which means that it may invest a greater portion of its assets in a single issuer than a diversified fund. Thus, it may be exposed to greater risk.
Because each of California, New Jersey and New York focuses on a particular state or territory, each 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, AMT Free, National, and High Yield), 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 (except AMT Free and High Yield) may invest up to 20% of its net assets in private activity bonds (sometimes called “AMT paper”). AMT Free may not invest in AMT paper. High Yield may invest up to 100% of its net assets in AMT paper. The credit quality of such bonds usually is directly related to the credit standing of the private user of the facilities.
Each Fund may invest no more than 20% of its net assets in TOB Residuals, except High Yield, which may invest up to 100% of its net assets 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 (“specific fixed-rate security”). Changes in the interest rate on
179
Notes to Financial Statements (continued)
the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.
Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.
These factors can affect each Fund’s performance.
| 13. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of capital stock were as follows:
| | | | | Year Ended | | | | | Year Ended | |
| Short Duration | | September 30, 2014 | | | September 30, 2013 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 22,026,790 | | | $ | 347,192,732 | | | | 40,427,080 | | | $ | 642,925,053 | |
| Reinvestment of distributions | | | 716,392 | | | | 11,294,165 | | | | 917,815 | | | | 14,572,874 | |
| Shares reacquired | | | (38,823,757 | ) | | | (611,693,371 | ) | | | (41,978,110 | ) | | | (666,124,307 | ) |
| Decrease | | | (16,080,575 | ) | | $ | (253,206,474 | ) | | | (633,215 | ) | | $ | (8,626,380 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,486,667 | | | $ | 39,185,973 | | | | 6,098,242 | | | $ | 96,872,477 | |
| Reinvestment of distributions | | | 63,689 | | | | 1,003,935 | | | | 83,037 | | | | 1,319,056 | |
| Shares reacquired | | | (5,688,598 | ) | | | (89,657,567 | ) | | | (6,663,608 | ) | | | (105,666,893 | ) |
| Decrease | | | (3,138,242 | ) | | $ | (49,467,659 | ) | | | (482,329 | ) | | $ | (7,475,360 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 24,325,891 | | | $ | 383,558,632 | | | | 40,838,069 | | | $ | 648,324,294 | |
| Reinvestment of distributions | | | 220,649 | | | | 3,479,310 | | | | 282,655 | | | | 4,488,181 | |
| Shares reacquired | | | (23,674,134 | ) | | | (373,064,820 | ) | | | (37,007,827 | ) | | | (587,157,501 | ) |
| Increase | | | 872,406 | | | $ | 13,973,122 | | | | 4,112,897 | | | $ | 65,654,974 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,208,113 | | | $ | 50,595,801 | | | | 5,227,262 | | | $ | 82,454,947 | |
| Reinvestment of distributions | | | 64,017 | | | | 1,009,604 | | | | 24,935 | | | | 395,562 | |
| Shares reacquired | | | (2,319,983 | ) | | | (36,592,996 | ) | | | (2,402,569 | ) | | | (38,131,149 | ) |
| Increase | | | 952,147 | | | $ | 15,012,409 | | | | 2,849,628 | | | $ | 44,719,360 | |
180
| Notes to Financial Statements (continued) | | | |
| |
| | | | | | Year Ended | | | | | | Year Ended | |
| Intermediate | | September 30, 2014 | | | September 30, 2013 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 37,411,421 | | | $ | 397,184,192 | | | | 73,834,189 | | | $ | 809,597,096 | |
| Converted from Class B* | | | 14,360 | | | | 152,534 | | | | 24,921 | | | | 270,660 | |
| Reinvestment of distributions | | | 4,524,831 | | | | 47,871,637 | | | | 4,173,006 | | | | 45,271,282 | |
| Shares reacquired | | | (79,246,763 | ) | | | (838,707,072 | ) | | | (91,435,385 | ) | | | (985,095,405 | ) |
| Decrease | | | (37,296,151 | ) | | $ | (393,498,709 | ) | | | (13,403,269 | ) | | $ | (129,956,367 | ) |
| | | | | | | | | | | | | | | | | |
| Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 18,172 | | | $ | 192,983 | | | | 48,010 | | | $ | 522,066 | |
| Reinvestment of distributions | | | 7,679 | | | | 81,054 | | | | 6,043 | | | | 65,556 | |
| Shares reacquired | | | (89,443 | ) | | | (948,322 | ) | | | (131,802 | ) | | | (1,423,668 | ) |
| Converted to Class A* | | | (14,372 | ) | | | (152,534 | ) | | | (24,943 | ) | | | (270,660 | ) |
| Decrease | | | (77,964 | ) | | $ | (826,819 | ) | | | (102,692 | ) | | $ | (1,106,706 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 6,503,395 | | | $ | 69,045,506 | | | | 17,160,063 | | | $ | 188,293,927 | |
| Reinvestment of distributions | | | 1,088,525 | | | | 11,490,545 | | | | 865,592 | | | | 9,374,231 | |
| Shares reacquired | | | (16,445,229 | ) | | | (173,603,508 | ) | | | (21,169,831 | ) | | | (226,914,490 | ) |
| Decrease | | | (8,853,309 | ) | | $ | (93,067,457 | ) | | | (3,144,176 | ) | | $ | (29,246,332 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 52,421,102 | | | $ | 558,963,295 | | | | 52,836,876 | | | $ | 578,923,973 | |
| Reinvestment of distributions | | | 1,408,303 | | | | 14,925,337 | | | | 1,256,977 | | | | 13,635,709 | |
| Shares reacquired | | | (38,721,092 | ) | | | (408,059,376 | ) | | | (60,041,670 | ) | | | (643,628,093 | ) |
| Increase (decrease) | | | 15,108,313 | | | $ | 165,829,256 | | | | (5,947,817 | ) | | $ | (51,068,411 | ) |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,922,658 | | | $ | 31,038,936 | | | | 3,793,533 | | | $ | 41,289,609 | |
| Reinvestment of distributions | | | 95,408 | | | | 1,014,054 | | | | 59,182 | | | | 642,548 | |
| Shares reacquired | | | (1,684,274 | ) | | | (17,750,544 | ) | | | (2,231,633 | ) | | | (24,331,370 | ) |
| Increase | | | 1,333,792 | | | $ | 14,302,446 | | | | 1,621,082 | | | $ | 17,600,787 | |
| | | | | | | | | | | | | | | | | |
| Class P Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | 48 | | | $ | 513 | | | | 33.437 | | | $ | 358 | |
| Increase | | | 48 | | | $ | 513 | | | | 33.437 | | | $ | 358 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | Year Ended | | | | | | Year Ended | |
| AMT Free | | | September 30, 2014 | | | | September 30, 2013 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 2,271,455 | | | $ | 34,729,692 | | | | 4,771,823 | | | $ | 78,414,729 | |
| Reinvestment of distributions | | | 199,541 | | | | 3,070,017 | | | | 247,248 | | | | 3,963,850 | |
| Shares reacquired | | | (3,743,122 | ) | | | (56,884,521 | ) | | | (4,985,348 | ) | | | (79,318,161 | ) |
| Increase (decrease) | | | (1,272,126 | ) | | $ | (19,084,812 | ) | | | 33,723 | | | $ | 3,060,418 | |
181
Notes to Financial Statements (continued)
| | | | | | Year Ended | | | | | | Year Ended | |
| AMT Free | | September 30, 2014 | | | September 30, 2013 | |
| Class C Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 336,919 | | | $ | 5,187,939 | | | | 722,547 | | | $ | 11,927,539 | |
| Reinvestment of distributions | | | 25,194 | | | | 387,981 | | | | 26,115 | | | | 418,440 | |
| Shares reacquired | | | (381,528 | ) | | | (5,774,565 | ) | | | (546,636 | ) | | | (8,626,986 | ) |
| Increase (decrease) | | | (19,415 | ) | | $ | (198,645 | ) | | | 202,026 | | | $ | 3,718,993 | |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,284,792 | | | $ | 19,839,205 | | | | 1,322,162 | | | $ | 21,691,638 | |
| Reinvestment of distributions | | | 23,909 | | | | 369,350 | | | | 37,137 | | | | 598,767 | |
| Shares reacquired | | | (1,015,079 | ) | | | (15,335,476 | ) | | | (2,102,645 | ) | | | (33,491,915 | ) |
| Increase (decrease) | | | 293,622 | | | $ | 4,873,079 | | | | (743,346 | ) | | $ | (11,201,510 | ) |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,201 | | | $ | 50,000 | | | | 1,218 | | | $ | 20,000 | |
| Reinvestment of distributions | | | 310 | | | | 4,782 | | | | 3,753 | | | | 62,133 | |
| Shares reacquired | | | (22 | ) | | | (349 | ) | | | (508,734 | ) | | | (8,219,791 | ) |
| Increase (decrease) | | | 3,489 | | | $ | 54,433 | | | | (503,763 | ) | | $ | (8,137,658 | ) |
| | | | | | | | | | | | | | | | | |
| | | | | | | | Year Ended | | | | | | | | Year Ended | |
| National | | | September 30, 2014 | | | | September 30, 2013 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 16,962,742 | | | $ | 183,731,998 | | | | 26,550,235 | | | $ | 305,968,554 | |
| Converted from Class B* | | | 38,289 | | | | 414,941 | | | | 64,076 | | | | 728,359 | |
| Reinvestment of distributions | | | 4,542,344 | | | | 49,574,969 | | | | 4,876,144 | | | | 55,115,049 | |
| Shares reacquired | | | (31,198,659 | ) | | | (337,611,152 | ) | | | (42,882,010 | ) | | | (478,436,502 | ) |
| Decrease | | | (9,655,284 | ) | | $ | (103,889,244 | ) | | | (11,391,555 | ) | | $ | (116,624,540 | ) |
| | | | | | | | | | | | | | | | | |
| Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 9,226 | | | $ | 100,721 | | | | 24,447 | | | $ | 281,007 | |
| Reinvestment of distributions | | | 11,066 | | | | 121,220 | | | | 13,624 | | | | 154,992 | |
| Shares reacquired | | | (97,567 | ) | | | (1,067,750 | ) | | | (133,874 | ) | | | (1,496,893 | ) |
| Converted to Class A* | | | (38,098 | ) | | | (414,941 | ) | | | (63,765 | ) | | | (728,359 | ) |
| Decrease | | | (115,373 | ) | | $ | (1,260,750 | ) | | | (159,568 | ) | | $ | (1,789,253 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,302,753 | | | $ | 25,147,742 | | | | 4,467,729 | | | $ | 51,718,089 | |
| Reinvestment of distributions | | | 345,958 | | | | 3,779,607 | | | | 396,175 | | | | 4,482,770 | |
| Shares reacquired | | | (3,906,885 | ) | | | (42,148,340 | ) | | | (6,871,545 | ) | | | (76,530,016 | ) |
| Decrease | | | (1,258,174 | ) | | $ | (13,220,991 | ) | | | (2,007,641 | ) | | $ | (20,329,157 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 7,720,805 | | | $ | 84,881,499 | | | | 6,886,175 | | | $ | 79,063,508 | |
| Reinvestment of distributions | | | 254,355 | | | | 2,784,009 | | | | 286,662 | | | | 3,242,014 | |
| Shares reacquired | | | (4,305,483 | ) | | | (46,233,118 | ) | | | (8,114,480 | ) | | | (89,985,759 | ) |
| Increase (decrease) | | | 3,669,677 | | | $ | 41,432,390 | | | | (941,643 | ) | | $ | (7,680,237 | ) |
182
Notes to Financial Statements (continued)
| | | Year Ended | | | Year Ended | |
| National | | September 30, 2014 | | | September 30, 2013 | |
| Class I Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 117,269 | | | $ | 1,299,712 | | | | 76,223 | | | $ | 884,418 | |
| Reinvestment of distributions | | | 1,899 | | | | 20,739 | | | | 1,680 | | | | 18,732 | |
| Shares reacquired | | | (38,309 | ) | | | (403,257 | ) | | | (16,832 | ) | | | (179,066 | ) |
| Increase | | | 80,859 | | | $ | 917,194 | | | | 61,071 | | | $ | 724,084 | |
| | | Year Ended | | | Year Ended | |
| High Yield | | September 30, 2014 | | | September 30, 2013 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 36,134,777 | | | $ | 405,328,172 | | | | 40,708,559 | | | $ | 481,261,804 | |
| Converted from Class B* | | | — | | | | — | | | | 1,003 | | | | 12,204 | |
| Reinvestment of distributions | | | 4,134,575 | | | | 46,610,954 | | | | 4,316,702 | | | | 50,978,450 | |
| Shares reacquired | | | (39,144,481 | ) | | | (436,773,017 | ) | | | (46,215,107 | ) | | | (539,890,865 | ) |
| Increase (decrease) | | | 1,124,871 | | | $ | 15,166,109 | | | | (1,188,843 | ) | | $ | (7,638,407 | ) |
| |
| Class B Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | — | | | $ | — | | | | 6 | | | $ | 78 | |
| Shares reacquired | | | — | | | | — | | | | (3 | ) | | | (44 | ) |
| Converted to Class A* | | | — | | | | — | | | | (1,002 | ) | | | (12,204 | ) |
| Decrease | | | — | | | $ | — | | | | (999 | ) | | $ | (12,170 | ) |
| |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 6,419,458 | | | $ | 72,260,483 | | | | 7,547,244 | | | $ | 91,004,457 | |
| Reinvestment of distributions | | | 1,114,888 | | | | 12,568,116 | | | | 1,264,557 | | | | 14,948,397 | |
| Shares reacquired | | | (9,893,035 | ) | | | (109,970,652 | ) | | | (15,655,364 | ) | | | (183,113,266 | ) |
| Decrease | | | (2,358,689 | ) | | $ | (25,142,053 | ) | | | (6,843,563 | ) | | $ | (77,160,412 | ) |
| |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 23,227,151 | | | $ | 263,400,653 | | | | 19,096,685 | | | $ | 230,409,225 | |
| Reinvestment of distributions | | | 734,264 | | | | 8,321,461 | | | | 725,875 | | | | 8,590,763 | |
| Shares reacquired | | | (11,261,506 | ) | | | (125,593,770 | ) | | | (20,568,708 | ) | | | (241,506,034 | ) |
| Increase (decrease) | | | 12,699,909 | | | $ | 146,128,344 | | | | (746,148 | ) | | $ | (2,506,046 | ) |
| |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 8,828,191 | | | $ | 97,930,014 | | | | 325,375 | | | $ | 3,920,159 | |
| Reinvestment of distributions | | | 122,647 | | | | 1,361,233 | | | | 5,621 | | | | 66,285 | |
| Shares reacquired | | | (6,943,332 | ) | | | (77,612,728 | ) | | | (260,895 | ) | | | (3,116,006 | ) |
| Increase | | | 2,007,506 | | | $ | 21,678,519 | | | | 70,101 | | | $ | 870,438 | |
| |
| Class P Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | 52.457 | | | $ | 588 | | | | 48 | | | $ | 565 | |
| Increase | | | 52.457 | | | $ | 588 | | | | 48 | | | $ | 565 | |
183
Notes to Financial Statements (continued)
| | | Year Ended | | | Year Ended | |
| California | | September 30, 2014 | | | September 30, 2013 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 2,470,533 | | | $ | 26,017,095 | | | | 3,767,244 | | | $ | 40,401,981 | |
| Reinvestment of distributions | | | 476,227 | | | | 4,978,885 | | | | 512,794 | | | | 5,423,959 | |
| Shares reacquired | | | (3,736,782 | ) | | | (38,647,381 | ) | | | (5,608,736 | ) | | | (58,454,980 | ) |
| Decrease | | | (790,022 | ) | | $ | (7,651,401 | ) | | | (1,328,698 | ) | | $ | (12,629,040 | ) |
| |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 528,858 | | | $ | 5,531,894 | | | | 909,491 | | | $ | 9,782,806 | |
| Reinvestment of distributions | | | 69,264 | | | | 724,127 | | | | 76,201 | | | | 806,615 | |
| Shares reacquired | | | (607,569 | ) | | | (6,267,882 | ) | | | (1,251,815 | ) | | | (13,058,316 | ) |
| Decrease | | | (9,447 | ) | | $ | (11,861 | ) | | | (266,123 | ) | | $ | (2,468,895 | ) |
| |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 966,790 | | | $ | 10,136,291 | | | | 1,127,752 | | | $ | 12,121,904 | |
| Reinvestment of distributions | | | 47,555 | | | | 498,411 | | | | 47,176 | | | | 499,076 | |
| Shares reacquired | | | (859,788 | ) | | | (8,863,120 | ) | | | (1,123,161 | ) | | | (11,731,883 | ) |
| Increase | | | 154,557 | | | $ | 1,771,582 | | | | 51,767 | | | $ | 889,097 | |
| |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 735 | | | $ | 7,975 | | | | — | | | $ | — | |
| Reinvestment of distributions | | | 48 | | | | 502 | | | | 45 | | | | 469 | |
| Increase | | | 783 | | | $ | 8,477 | | | | 45 | | | $ | 469 | |
| | | Year Ended | | | Year Ended | |
| New Jersey | | September 30, 2014 | | | September 30, 2013 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,759,496 | | | $ | 8,427,409 | | | | 3,764,261 | | | $ | 19,106,426 | |
| Reinvestment of distributions | | | 544,864 | | | | 2,613,204 | | | | 634,657 | | | | 3,142,480 | |
| Shares reacquired | | | (9,641,393 | ) | | | (45,207,932 | ) | | | (5,118,826 | ) | | | (24,775,700 | ) |
| Decrease | | | (7,337,033 | ) | | $ | (34,167,319 | ) | | | (719,908 | ) | | $ | (2,526,794 | ) |
| |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 949,031 | | | $ | 4,548,753 | | | | 495,293 | | | $ | 2,499,625 | |
| Reinvestment of distributions | | | 28,096 | | | | 135,272 | | | | 29,795 | | | | 147,596 | |
| Shares reacquired | | | (618,115 | ) | | | (2,914,503 | ) | | | (958,148 | ) | | | (4,582,960 | ) |
| Increase (decrease) | | | 359,012 | | | $ | 1,769,522 | | | | (433,060 | ) | | $ | (1,935,739 | ) |
| |
| Class I Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | 99 | | | $ | 472 | | | | 91 | | | $ | 451 | |
| Increase | | | 99 | | | $ | 472 | | | | 91 | | | $ | 451 | |
| |
| | | Year Ended | | | Year Ended | |
| New York | | September 30, 2014 | | | | September 30, 2013 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 3,254,239 | | | $ | 35,195,226 | | | | 6,157,810 | | | $ | 70,282,466 | |
| Reinvestment of distributions | | | 614,684 | | | | 6,688,208 | | | | 712,573 | | | | 7,934,450 | |
| Shares reacquired | | | (6,876,447 | ) | | | (73,844,028 | ) | | | (7,203,158 | ) | | | (79,186,772 | ) |
| Decrease | | | (3,007,524 | ) | | $ | (31,960,594 | ) | | | (332,775 | ) | | $ | (969,856 | ) |
184
Notes to Financial Statements (concluded)
| | | Year Ended | | | Year Ended | |
| New York | | September 30, 2014 | | | September 30, 2013 | |
| Class C Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 998,983 | | | $ | 10,881,968 | | | | 912,372 | | | $ | 10,354,785 | |
| Reinvestment of distributions | | | 74,254 | | | | 807,294 | | | | 77,383 | | | | 860,498 | |
| Shares reacquired | | | (911,933 | ) | | | (9,857,736 | ) | | | (1,155,453 | ) | | | (12,690,140 | ) |
| Increase (decrease) | | | 161,304 | | | $ | 1,831,526 | | | | (165,698 | ) | | $ | (1,474,857 | ) |
| |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,050,494 | | | $ | 11,544,050 | | | | 1,032,465 | | | $ | 11,720,929 | |
| Reinvestment of distributions | | | 31,719 | | | | 346,390 | | | | 33,901 | | | | 377,885 | |
| Shares reacquired | | | (804,617 | ) | | | (8,657,154 | ) | | | (924,924 | ) | | | (10,157,826 | ) |
| Increase | | | 277,596 | | | $ | 3,233,286 | | | | 141,442 | | | $ | 1,940,988 | |
| |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | $ | — | | | | 30,837 | | | $ | 350,000 | |
| Reinvestment of distributions | | | 2,042 | | | | 22,245 | | | | 1,405 | | | | 15,483 | |
| Shares reacquired | | | (92 | ) | | | (992 | ) | | | (96 | ) | | | (1,083 | ) |
| Increase | | | 1,950 | | | $ | 21,253 | | | | 32,146 | | | $ | 364,400 | |
| | |
| * | Automatic conversion of Class B shares occurs 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 day on which the purchase order was accepted. |
185
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Lord Abbett Municipal Income Fund, Inc. and the Shareholders of Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett AMT Free Municipal Bond Fund, Lord Abbett National Tax-Free Income Fund, Lord Abbett High Yield Municipal Bond Fund, Lord Abbett California Tax-Free Income Fund, Lord Abbett New Jersey Tax-Free Income Fund and Lord Abbett New York Tax-Free Income Fund:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Municipal Income Fund, Inc. (the “Company”) comprising the Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett AMT Free Municipal Bond Fund, Lord Abbett National Tax-Free Income Fund, Lord Abbett High Yield Municipal Bond Fund, Lord Abbett California Tax-Free Income Fund, Lord Abbett New Jersey Tax-Free Income Fund, and Lord Abbett New York Tax-Free Income Fund (collectively, the “Funds”), as of September 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting the Lord Abbett Municipal Income Fund, Inc. as of September 30, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, New York
November 21, 2014
186
Basic Information About Management
The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. The Board elects officers who are responsible for the day-to-day operations of each Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to each Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.
Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Funds.
Interested Director
Ms. Foster is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Ms. Foster is a director/trustee and officer of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 56 portfolios or series.
Name, Address and
Year of Birth | | Current Position and
Length of Service
with the Company | | Principal Occupation and Other Directorships
During the Past Five Years |
Daria L. Foster
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1954) | | Director and President since 2006; Chief Executive Officer since 2012 | | Principal Occupation: Managing Partner of Lord Abbett (since 2007), and was formerly Director of Marketing and Client Service, joined Lord Abbett in 1990. |
| | | | | Other Directorships: None. |
Independent Directors
The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 56 portfolios or series.
Name, Address and
Year of Birth | | Current Position and
Length of Service
with the Company | | Principal Occupation and Other Directorships
During the Past Five Years |
E. Thayer Bigelow
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1941) | | Director since 1994; Chairman since 2013 | | Principal Occupation: Managing General Partner, Bigelow Media, LLC (since 2000); Senior Adviser, Time Warner Inc. (1998 – 2000). |
| | | | |
| | | | Other Directorships: Currently serves as director of Crane Co. (since 1984) and Huttig Building Products Inc. (since 1998). Previously served as a director of R.H. Donnelley Inc. (2009 – 2010). |
| | | | | |
Robert B. Calhoun, Jr.
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1942) | | Director since 1998 | | Principal Occupation: Senior Advisor of Monitor Clipper Partners, a private equity investment fund (since 1997); President of Clipper Asset Management Corp. (1991 – 2009). |
| | | | Other Directorships: None. |
| | | | |
187
Basic Information About Management (continued)
Name, Address and
Year of Birth | | Current Position and
Length of Service
with the Company | | Principal Occupation and Other Directorships
During the Past Five Years |
Eric C. Fast
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1949) | | Director since 2014 | | Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001 – 2014). |
| | | | |
| | | | Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999 – 2014). |
| | | | | |
Evelyn E. Guernsey
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1955) | | Director since 2011 | | Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004 – 2010). |
| | | | Other Directorships: None. |
| | | | |
| | | | | |
Julie A. Hill
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1946) | | Director since 2004 | | Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). |
| | | | Other Directorships: Currently serves as director of WellPoint, Inc., a health benefits company (since 1994). |
| | | | |
| | | | | |
Franklin W. Hobbs
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1947) | | Director since 2000 | | Principal Occupation: Advisor of One Equity Partners, a private equity firm (since 2004). |
| | | | |
| | | | Other Directorships: Currently serves as director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002). |
| | | | | |
James M. McTaggart
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1947) | | Director since 2012 | | Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009-2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978-2009); and Officer and Director of Trinsum Group, a holding company (2007-2009). |
| | | | |
| | | | Other Directorships: Currently serves as director of Blyth, Inc., a home products company (since 2004). |
| | | | | |
James L.L. Tullis
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1947) | | Director since 2006 | | Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). |
| | | | |
| | | | Other Directorships: Currently serves as director of Crane Co. (since 1998). |
188
Basic Information About Management (continued)
Officers
None of the officers listed below have received compensation from the Company. All of the officers of the Company also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett.
Name and
Year of Birth | | Current Position
with the Company | | Length of Service
of Current
Position | | Principal Occupation
During the Past Five
Years |
Daria L. Foster
(1954) | | President and Chief Executive Officer | | Elected as President in 2006 and Chief Executive Officer in 2012 | | Managing Partner of Lord Abbett (since 2007), and was formerly Director of Marketing and Client Service, joined Lord Abbett in 1990. |
| | | | | | | |
Robert I. Gerber
(1954) | | Executive Vice President | | Elected in 2006 | | Partner and Chief Investment Officer (since 2007), joined Lord Abbett in 1997 as Director of Taxable Fixed Income Management. |
| | | | | | | |
| Daniel S. Solender (1965) | | Executive Vice President | | Elected in 2006 | | Partner and Director, joined Lord Abbett in 2006. |
| | | | | | | |
| John W. Ashbrook (1964) | | Vice President and Assistant Secretary | | Elected in 2014 | | Senior Counsel, joined Lord Abbett in 2008. |
| | | | | | | |
| Joan A. Binstock (1954) | | Chief Financial Officer and Vice President | | Elected in 1999 | | Partner and Chief Financial and Operations Officer, joined Lord Abbett in 1999. |
| | | | | | | |
Brooke A. Fapohunda
(1975) | | Vice President and Assistant Secretary | | Elected in 2014 | | Assistant General Counsel, joined Lord Abbett in 2006 and was formerly Vice President and Legal Counsel at Credit Suisse Asset Management LLC and Associate at Willkie Farr & Gallagher LLP. |
| | | | | | | |
John K. Forst
(1960) | | Vice President and Assistant Secretary | | Elected in 2005 | | Partner and Deputy General Counsel, joined Lord Abbett in 2004. |
| | | | | | | |
Philip B. Herman
(1977) | | Vice President | | Elected in 2010 | | Portfolio Manager, joined Lord Abbett in 2007. |
| | | | | | | |
Lawrence H. Kaplan
(1957) | | Vice President and Secretary | | Elected in 1997 | | Partner and General Counsel, joined Lord Abbett in 1997. |
189
Basic Information About Management (concluded)
Name and
Year of Birth | | Current Position
with the Company | | Length of Service
of Current
Position | | Principal Occupation
During the Past Five
Years |
Joseph M. McGill
(1962) | | Chief Compliance Officer | | Elected in 2014 | | Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly a Managing Director and Chief Compliance Officer at UBS Global Asset Management (2003 – 2013). |
| | | | | | | |
A. Edward Oberhaus, III
(1959) | | Vice President | | Elected in 1996 | | Partner and Director, joined Lord Abbett in 1983. |
| | | | | | | |
Lawrence B. Stoller
(1963) | | Vice President and Assistant Secretary | | Elected in 2007 | | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007. |
| | | | | | | |
Daniel T. Vande Velde
(1967) | | Vice President | | Elected in 2008 | | Partner and Portfolio Manager, joined Lord Abbett in 2007. |
| | | | | | | |
Scott S. Wallner
(1955) | | AML Compliance Officer | | Elected in 2011 | | Assistant General Counsel, joined Lord Abbett in 2004. |
| | | | | | | |
Bernard J. Grzelak
(1971) | | Treasurer | | Elected in 2003 | | Partner and Director of Fund Administration, joined Lord Abbett in 2003. |
Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. It is available free upon request.
190
Householding
The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522–2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).
| | | |
| | Tax Information | | |
| | | |
| | The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended September 30, 2014 that is tax-exempt dividend income. | |
| | | | | | |
| | | Short Duration | 100% | | |
| | | Intermediate | 99% | | |
| | | AMT Free | 99% | | |
| | | National | 98% | | |
| | | High Yield | 97% | | |
| | | California | 99% | | |
| | | New Jersey | 99% | | |
| | | New York | 100% | | |
| | | |
| | Additionally, of the distributions paid by Short Duration and Intermediate to shareholders during the fiscal year ended September 30, 2014, $1,909,036 and $21,275,393, respectively, represent long-term capital gains. | |
| | | |
191
 This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Municipal Income Fund, Inc. Lord Abbett Short Duration Tax Free Fund
Lord Abbett Intermediate Tax Free Fund
Lord Abbett AMT Free Municipal Bond Fund
Lord Abbett National Tax-Free Income Fund
Lord Abbett High Yield Municipal Bond Fund
Lord Abbett California Tax-Free Income Fund
Lord Abbett New Jersey Tax-Free Income Fund
Lord Abbett New York Tax-Free Income Fund | LATFI-2
(11/14) |
| | (a) | In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended September 30, 2014 (the “Period”). |
| | | |
| | (b) | Not applicable. |
| | | |
| | (c) | The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period. |
| | | |
| | (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 12(a)(1) concerning the filing of the Code of Ethics. |
| Item 3: | Audit Committee Financial Expert. |
The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: E. Thayer Bigelow and Robert B. Calhoun, Jr. Each of these persons is independent within the meaning of the Form N-CSR.
| Item 4: | Principal Accountant Fees and Services. |
In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended September 30, 2014 and 2013 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:
| | | Fiscal year ended: | |
| | | 2014 | | | 2013 | |
| Audit Fees {a} | | $ | 323,700 | | | $ | 315,000 | |
| Audit-Related Fees | | | - 0 - | | | | - 0 - | |
| Total audit and audit-related fees | | $ | 323,700 | | | $ | 315,000 | |
| | | | | | | | | |
| Tax Fees {b} | | $ | 49,119 | | | $ | 48,150 | |
| All Other Fees | | | - 0 - | | | | - 0 - | |
| | | | | | | | | |
| Total Fees | | $ | 372,819 | | | $ | 363,150 | |
{a} Consists of fees for audits of the Registrant’s annual financial statements.
{b} Fees for the fiscal year ended September 30, 2014 and 2013 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.
(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:
| | • | any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and |
| | • | any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence. |
The Audit Committee has delegated pre-approval authority to its Chairman, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).
(f) Not applicable.
(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.
The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended September 30, 2014 and 2013 were:
| | | Fiscal year ended: | |
| | | 2014 | | | 2013 | |
| All Other Fees {a} | | $ | 185,734 | | | $ | 180,602 | |
{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).
The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended September 30, 2014 and 2013 were:
| | | Fiscal year ended: | |
| | | 2014 | | | 2013 | |
| All Other Fees | | $ | - 0 - | | | $ | - 0 - | |
(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.
| Item 5: | Audit Committee of Listed Registrants. |
| | |
| | Not applicable. |
| | |
| Item 6: | Investments. |
| | |
| | Not applicable. |
| | |
| Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
| | |
| | Not applicable. |
| | |
| Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
| | |
| | Not applicable. |
| | |
| Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
| | |
| | Not applicable. |
| | |
| Item 10: | Submission of Matters to a Vote of Security Holders. |
| | |
| | Not applicable. |
| | |
| Item 11: | Controls and Procedures. |
| | (a) | 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) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such |
| | | disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities. |
| | | |
| | (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 second fiscal quarter of 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. |
| | (a)(1) | The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH. |
| | | |
| | (a)(2) | Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. |
| | | |
| | (b) | Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | LORD ABBETT MUNICIPAL INCOME FUND, INC. |
| | | | | |
| | | By: | /s/ Daria L.Foster | |
| | | | Daria L. Foster | |
| | | | President and Chief Executive Officer | |
| Date: November 18, 2014 | | | | |
| | | | | |
| | | By: | /s/ Joan A. Binstock | |
| | | | Joan A. Binstock | |
| | | | Chief Financial Officer and Vice President |
| | | | | |
| Date: November 18, 2014 | | | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | | By: | /s/ Daria L.Foster | |
| | | | Daria L. Foster | |
| | | | President and Chief Executive Officer | |
| | | | | |
| Date: November 18, 2014 | | | | |
| | | | | |
| | | By: | /s/ Joan A. Binstock | |
| | | | Joan A. Binstock | |
| | | | Chief Financial Officer and Vice President |
| | | | | |
| Date: November 18, 2014 | | | | |
