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: 3/31/2015
Item 1: | Report(s) to Shareholders. |
2015 LORD ABBETT
SEMIANNUAL 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 six-month period ended March 31, 2015
Table of Contents
Lord Abbett Municipal Income Fund
Semiannual Report
For the six-month period ended March 31, 2015
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 semiannual report for Lord Abbett Municipal Income Fund for the six-month period ended March 31, 2015. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
Best regards,
Daria L. Foster
Director, President and Chief Executive Officer
1
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 (October 1, 2014 through March 31, 2015).
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 10/1/14 – 3/31/15” 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.
2
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,003.70 | $3.25 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.69 | $3.28 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,000.60 | $6.33 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.60 | $6.39 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,004.20 | $2.75 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.19 | $2.77 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,004.70 | $2.25 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.69 | $2.27 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.27% 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 182/365 (to reflect one-half period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: S&P or Moody’s(a) | %* | ||||
AAA | 10.83 | % | |||
AA+ | 5.65 | % | |||
AA | 20.87 | % | |||
AA- | 14.61 | % | |||
A+ | 10.99 | % | |||
A | 11.71 | % | |||
A- | 9.29 | % | |||
BBB+ | 5.71 | % | |||
BBB | 2.50 | % |
Credit Rating: | |||||
S&P or Moody’s(a) | %* | ||||
BBB- | 2.30 | % | |||
BB+ | 0.86 | % | |||
BB | 1.15 | % | |||
BB- | 0.57 | % | |||
B | 0.35 | % | |||
B3 | 0.08 | % | |||
CCC | 0.05 | % | |||
NR | 2.48 | % | |||
Total | 100.00 | % |
(a) | Certain investments have been rated by Fitch IBCA. | |
* | Represents percent of total investments. |
3
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,023.20 | $3.53 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.44 | $3.53 | ||||
Class B | |||||||
Actual | $1,000.00 | $1,018.30 | $7.55 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.45 | $7.54 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,020.10 | $6.65 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.35 | $6.64 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,023.70 | $3.03 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.94 | $3.02 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,023.30 | $2.52 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.44 | $2.52 | ||||
Class P | |||||||
Actual | $1,000.00 | $1,021.10 | $4.74 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.24 | $4.73 |
† | 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, 1.32% for Class C, 0.60% for Class F, 0.50% for Class I and 0.94% for Class P) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
AAA | 9.10% | ||
AA+ | 5.61% | ||
AA | 13.31% | ||
AA- | 12.50% | ||
A+ | 8.99% | ||
A | 12.06% | ||
A- | 8.70% | ||
BBB+ | 5.10% | ||
BBB | 5.06% | ||
BBB- | 4.86% |
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
BB+ | 1.86% | ||
BB | 1.35% | ||
BB- | 1.19% | ||
B+ | 1.56% | ||
B | 2.62% | ||
B- | 2.22% | ||
CCC | 0.45% | ||
NR | 3.46% | ||
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%. |
4
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,030.80 | $3.04 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.94 | $3.02 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,028.20 | $6.27 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.75 | $6.24 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,031.20 | $2.53 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.44 | $2.52 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,031.80 | $2.03 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.94 | $2.02 |
† | 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 182/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
AAA | 3.14% | ||
AA+ | 1.60% | ||
AA | 12.90% | ||
AA- | 14.98% | ||
A+ | 12.06% | ||
A | 13.59% | ||
A- | 12.15% | ||
BBB+ | 4.69% | ||
BBB | 5.96% |
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
BBB- | 7.31% | ||
BB+ | 1.96% | ||
BB | 1.36% | ||
BB- | 0.61% | ||
B | 2.72% | ||
B- | 0.97% | ||
CCC | 0.44% | ||
NR | 3.56% | ||
Total | 100.00% |
(a) | Certain investments have been rated by Fitch IBCA. | |
* | Represents percent of total investments. |
5
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,030.30 | $3.90 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.09 | $3.88 | ||||
Class B | |||||||
Actual | $1,000.00 | $1,026.20 | $7.93 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.10 | $7.90 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,027.10 | $7.02 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.00 | $6.99 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,030.80 | $3.39 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.59 | $3.38 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,031.20 | $2.89 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.09 | $2.87 |
† | 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, 1.39% for Class C, 0.67% for Class F and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
AAA | 2.56% | ||
AA+ | 5.39% | ||
AA | 16.02% | ||
AA- | 12.59% | ||
A+ | 10.71% | ||
A | 6.57% | ||
A- | 11.70% | ||
BBB+ | 5.37% | ||
BBB | 8.33% | ||
BBB- | 8.98% | ||
BB+ | 1.49% |
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
BB | 0.69% | ||
BB- | 1.65% | ||
B+ | 0.80% | ||
B | 2.38% | ||
B- | 0.90% | ||
CCC | 0.12% | ||
C | 0.00% | ** | |
NR | 3.75% | ||
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%. |
6
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A* | |||||||
Actual | $1,000.00 | $1,033.30 | $4.26 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.74 | $4.23 | ||||
Class C* | |||||||
Actual | $1,000.00 | $1,030.10 | $7.44 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.60 | $7.39 | ||||
Class F* | |||||||
Actual | $1,000.00 | $1,034.70 | $3.75 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.24 | $3.73 | ||||
Class I* | |||||||
Actual | $1,000.00 | $1,034.30 | $3.25 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.74 | $3.23 | ||||
Class P* | |||||||
Actual | $1,000.00 | $1,033.10 | $5.42 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.60 | $5.39 |
† | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.84% for Class A, 1.47% for Class C, 0.74% for Class F, 0.64% for Class I and 1.07% for Class P) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
* | The annualized expenses have been updated (0.82% for Class A, 1.45% for Class C, 0.72% for Class F, 0.62% for Class I and 1.07% for Class P). Had these updated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been: |
Hypothetical | |||||
(5% Return | |||||
Before | |||||
Actual | Expenses) | ||||
Class A | $4.16 | $4.13 | |||
Class C | $7.34 | $7.29 | |||
Class F | $3.65 | $3.63 | |||
Class I | $3.14 | $3.13 | |||
Class P | $5.42 | $5.39 |
7
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
AAA | 0.65% | ||
AA+ | 1.39% | ||
AA | 4.07% | ||
AA- | 3.23% | ||
A+ | 1.79% | ||
A | 1.96% | ||
A- | 2.56% | ||
BBB+ | 4.09% | ||
BBB | 5.04% | ||
BBB- | 7.98% | ||
BB+ | 8.13% |
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
BB | 4.62% | ||
BB- | 4.65% | ||
B+ | 3.93% | ||
B | 9.15% | ||
B- | 6.58% | ||
CCC+ | 0.10% | ||
CCC | 0.64% | ||
C | 0.03% | ||
NR | 29.41% | ||
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%. |
8
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,031.10 | $4.20 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.79 | $4.18 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,028.80 | $7.38 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.65 | $7.34 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,031.50 | $3.70 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.29 | $3.68 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,031.90 | $3.19 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.79 | $3.18 |
† | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.83% for Class A, 1.46% for Class C, 0.73% for Class F and 0.63% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
AAA | 0.03% | ||
AA+ | 3.11% | ||
AA | 17.53% | ||
AA- | 22.13% | ||
A+ | 14.55% | ||
A | 4.79% | ||
A- | 10.14% | ||
BBB+ | 4.32% | ||
BBB | 4.27% | ||
BBB- | 8.49% |
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
BB+ | 0.87% | ||
BB | 1.35% | ||
BB- | 0.18% | ||
B | 2.40% | ||
B- | 2.09% | ||
CCC | 0.09% | ||
NR | 3.66% | ||
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%. |
9
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,026.90 | $4.30 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.69 | $4.28 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,027.40 | $3.79 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.19 | $3.78 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,028.20 | $3.08 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.89 | $3.07 |
† | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 0.75% for Class F and 0.61% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: S&P or Moody’s | %* | |||
AAA | 4.16 | % | ||
AA+ | 2.99 | % | ||
AA | 8.22 | % | ||
AA- | 10.56 | % | ||
A+ | 10.14 | % | ||
A | 28.87 | % | ||
A- | 7.50 | % | ||
BBB+ | 6.15 | % | ||
BBB | 3.79 | % |
Credit Rating: S&P or Moody’s | %* | |||
BBB- | 6.40 | % | ||
BB | 1.84 | % | ||
BB- | 0.16 | % | ||
B+ | 2.51 | % | ||
B | 4.80 | % | ||
CCC | 0.17 | % | ||
NR | 1.74 | % | ||
Money Market Mutual Fund | 0.00 | %** | ||
Total | 100.00 | % |
* | Represents percent of total investments. | |
** | Amount is less than 0.01%. |
10
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 | Ending | Expenses | |||||
Account | Account | Paid During | |||||
Value | Value | Period† | |||||
10/1/14 – | |||||||
10/1/14 | 3/31/15 | 3/31/15 | |||||
Class A | |||||||
Actual | $1,000.00 | $1,024.80 | $3.99 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.99 | $3.98 | ||||
Class C | |||||||
Actual | $1,000.00 | $1,021.60 | $7.16 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,017.85 | $7.14 | ||||
Class F | |||||||
Actual | $1,000.00 | $1,025.30 | $3.43 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.54 | $3.43 | ||||
Class I | |||||||
Actual | $1,000.00 | $1,025.80 | $2.98 | ||||
Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.99 | $2.97 |
† | 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, 1.42% for Class C, 0.68% for Class F and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
March 31, 2015
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
AAA | 14.89% | ||
AA+ | 6.50% | ||
AA | 19.14% | ||
AA- | 14.79% | ||
A+ | 3.35% | ||
A | 6.05% | ||
A- | 10.87% | ||
BBB+ | 3.56% | ||
BBB | 3.28% | ||
BBB- | 5.54% |
Credit Rating: | |||
S&P or Moody’s(a) | %* | ||
BB+ | 2.15% | ||
BB | 1.55% | ||
BB- | 1.20% | ||
B | 2.15% | ||
B- | 0.77% | ||
CCC | 0.21% | ||
NR | 4.00% | ||
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%. |
11
Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
MUNICIPAL BONDS 87.77% | ||||||||||||||
Corporate-Backed 6.26% | ||||||||||||||
Beaver Co IDA–FirstEnergy Rmkt | 2.50% | 12/1/2041 | BBB- | $ | 8,000 | $ | 8,166,320 | |||||||
Beaver Co IDA–FirstEnergy Rmkt | 2.70% | 4/1/2035 | BBB- | 12,000 | 12,204,000 | |||||||||
Burke Co Dev–GA Power | 1.75% | 12/1/2049 | A | 10,000 | 10,098,900 | |||||||||
Burke Co Dev–GA Transmission | 1.25% | 1/1/2052 | AA- | 7,250 | 7,255,365 | |||||||||
Burke Co Dev–Oglethorpe Power | 2.40% | 1/1/2040 | A | 3,005 | 3,054,673 | |||||||||
CA Poll Ctl–Waste Mgmt | 1.55% | 2/1/2019 | A- | 3,475 | 3,481,012 | |||||||||
CA Stwde–So Cal Edison | 1.375% | 4/1/2028 | Aa3 | 5,000 | 4,999,250 | |||||||||
Charles City Co EDA–Waste Mgmt | 3.125% | 2/1/2029 | A- | 5,000 | 5,189,900 | |||||||||
Citizens Property Insurance Corp | 4.25% | 6/1/2017 | A+ | 2,690 | 2,883,007 | |||||||||
Citizens Property Insurance Corp | 5.00% | 6/1/2017 | A+ | 19,925 | 21,673,817 | |||||||||
Citizens Property Insurance Corp | 5.00% | 6/1/2018 | A+ | 8,000 | 8,921,600 | |||||||||
Citizens Property Insurance Corp | 5.50% | 6/1/2017 | A+ | 3,365 | 3,696,284 | |||||||||
Gloucester Co Impt Auth–Waste Mgmt | 2.125% | 12/1/2029 | A- | 4,500 | 4,627,800 | |||||||||
Gulf Coast Waste Disp–US Steel | 5.75% | 9/1/2017 | BB- | 6,850 | 7,309,498 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.00% | 12/1/2019 | BB- | 4,780 | 5,188,451 | |||||||||
IL Fin Auth–Prairie Power Rmkt | 1.30% | 7/1/2042 | A | 6,360 | 6,408,718 | |||||||||
Miami Dade Co IDA–Waste Mgmt Rmkt | 1.50% | 10/1/2018 | A- | 4,000 | 4,000,000 | |||||||||
Mobile Indl Poll Ctl–AL Power Co Rmkt | 1.65% | 6/1/2034 | A1 | 3,000 | 3,039,000 | |||||||||
NY Env Facs–Waste Mgmt | 2.75% | 7/1/2017 | A- | 1,000 | 1,036,250 | |||||||||
St Charles Parish–Valero Energy | 4.00% | 12/1/2040 | BBB | 3,500 | 3,827,775 | |||||||||
Valdez Marine Term–BP Rmkt | 5.00% | 1/1/2018 | A | 9,075 | 10,070,800 | |||||||||
WV Poll Ctl–Appalachian Pwr | 1.625% | 10/1/2022 | Baa1 | 2,500 | 2,512,275 | |||||||||
Total | 139,644,695 | |||||||||||||
Education 5.22% | ||||||||||||||
AZ Brd Regents COP–Univ of AZ | 4.00% | 6/1/2017 | Aa3 | 2,050 | 2,192,003 | |||||||||
AZ Brd Regents COP–Univ of AZ | 4.00% | 6/1/2018 | Aa3 | 2,140 | 2,338,036 | |||||||||
AZ Brd Regents COP–Univ of AZ | 5.00% | 6/1/2017 | Aa3 | 5,750 | 6,270,835 | |||||||||
AZ Brd Regents COP–Univ of AZ | 5.00% | 6/1/2018 | Aa3 | 3,215 | 3,612,020 | |||||||||
CA State Univ Sys | 5.00% | 11/1/2020 | Aa2 | 5,000 | 5,986,250 | |||||||||
Cleveland State Univ | 5.00% | 6/1/2018 | A+ | 1,000 | 1,111,910 | |||||||||
Cleveland State Univ | 5.00% | 6/1/2019 | A+ | 1,265 | 1,436,357 | |||||||||
CT Hlth & Ed–Yale Univ | 0.80% | 7/1/2048 | AAA | 6,000 | 6,001,380 | |||||||||
Curators Univ Sys | 5.00% | 11/1/2019 | AA+ | 5,000 | 5,820,500 | |||||||||
Harris Co Cultural Ed–Baylor Clg / Med | 1.07% | # | 11/15/2045 | A- | 12,475 | 12,483,109 | ||||||||
IA HI Ed–Wartburg Clg | 2.50% | 10/1/2020 | BB | (a) | 5,000 | 4,964,450 |
12 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Education (continued) | ||||||||||||||
MA DFA–Boston Med Ctr | 5.00% | 7/1/2017 | BBB | $ | 1,000 | $ | 1,086,680 | |||||||
MA DFA–Boston Med Ctr | 5.00% | 7/1/2018 | NR | 2,540 | 2,857,424 | |||||||||
MA DFA–Boston Med Ctr | 5.00% | 7/1/2018 | BBB | 2,550 | 2,841,847 | |||||||||
MA Hlth & Ed–Amherst Clg | 1.70% | 11/1/2038 | Aaa | 4,565 | 4,612,750 | |||||||||
Multnomah Co Hsp Facs–Mirabella | 5.00% | 10/1/2019 | NR | 650 | 711,146 | |||||||||
Multnomah Co Hsp Facs–Mirabella | 5.00% | 10/1/2024 | NR | 1,135 | 1,246,502 | |||||||||
NC Cap Facs–High Point Univ | 4.00% | 5/1/2017 | BBB+ | 2,785 | 2,933,914 | |||||||||
NC Cap Facs–High Point Univ | 5.00% | 5/1/2018 | BBB+ | 1,640 | 1,805,230 | |||||||||
PR Indl Tourist–Inter American Univ | 5.00% | 10/1/2015 | A- | 800 | 812,752 | |||||||||
PR Indl Tourist–Inter American Univ | 5.00% | 10/1/2016 | A- | 1,000 | 1,038,760 | |||||||||
PR Indl Tourist–Inter American Univ | 5.00% | 10/1/2018 | A- | 2,500 | 2,642,800 | |||||||||
Texas A&M Univ | 5.00% | 5/15/2019 | Aaa | 7,200 | 8,305,992 | |||||||||
Univ of North Carolina–Chapel Hill | 0.865% | # | 12/1/2041 | AAA | 25,000 | 25,248,000 | ||||||||
Univ Sys of MD | 1.25% | 7/1/2023 | AA+ | 8,100 | 8,109,963 | |||||||||
Total | 116,470,610 | |||||||||||||
General Obligation 23.24% | ||||||||||||||
CA State GO | 5.00% | 9/1/2018 | Aa3 | 8,050 | 9,124,514 | |||||||||
CA State GO | 5.00% | 9/1/2018 | Aa3 | 3,750 | 4,250,550 | |||||||||
CA State GO | 5.00% | 9/1/2018 | Aa3 | 7,500 | 8,501,100 | |||||||||
CA State GO | 5.00% | 10/1/2018 | Aa3 | 6,600 | 7,497,402 | |||||||||
CA State GO | 5.00% | 11/1/2018 | Aa3 | 12,150 | 13,831,560 | |||||||||
CA State GO | 5.00% | 2/1/2019 | Aa3 | 14,750 | 16,889,635 | |||||||||
CA State GO | 5.00% | 9/1/2020 | Aa3 | 10,000 | 11,849,700 | |||||||||
CA State GO | 5.50% | 4/1/2019 | Aa3 | 8,715 | 10,191,582 | |||||||||
CA State GO | 6.00% | 4/1/2019 | Aa3 | 2,500 | 2,966,775 | |||||||||
Carmel Sch Bld Corp (AGM) | 4.75% | 7/15/2019 | AA | 6,105 | 6,516,416 | |||||||||
Chicago GO (AGM) | 5.00% | 1/1/2017 | AA | 9,000 | 9,034,740 | |||||||||
Clackamas Co Sch Dist–North Clackamas | 5.00% | 6/15/2019 | AA+ | 1,250 | 1,436,400 | |||||||||
Clackamas Co Sch Dist–North Clackamas | 5.00% | 6/15/2020 | AA+ | 1,150 | 1,350,284 | |||||||||
Cook Co GO | 5.00% | 11/15/2017 | AA | 5,010 | 5,482,443 | |||||||||
CT State GO | 5.00% | 8/15/2021 | AA | 5,000 | 5,967,050 | |||||||||
CT State GO (SIFMA) | 0.94% | # | 5/15/2018 | AA | 4,000 | 4,041,000 | ||||||||
Detroit–State Aid GO | 5.00% | 11/1/2015 | AA | 6,775 | 6,856,165 | |||||||||
Douglas Co SD | 4.00% | 11/15/2018 | Aa1 | 5,085 | 5,612,823 | |||||||||
GA State GO | 5.00% | 7/1/2020 | AAA | 10,000 | 11,894,700 | |||||||||
Georgia GO | 5.00% | 2/1/2019 | AAA | 10,000 | 11,458,700 | |||||||||
Goose Creek CISD PSF GTD | 3.00% | 2/15/2035 | AAA | 10,475 | 10,978,219 |
See Notes to Financial Statements. | 13 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation (continued) | ||||||||||||||
HI State GO | 5.00% | 11/1/2021 | AA | $ | 5,000 | $ | 6,042,200 | |||||||
Houston–Indep Sch Dist PSF GTD | 5.00% | 2/15/2019 | AAA | 8,570 | 9,808,108 | |||||||||
Houston GO | 5.00% | 3/1/2018 | AA+ | 7,365 | 8,219,193 | |||||||||
IL State GO | 5.00% | 8/1/2016 | A- | 7,000 | 7,385,980 | |||||||||
IL State GO | 5.00% | 7/1/2017 | A- | 6,000 | 6,486,180 | |||||||||
IL State GO | 5.00% | 10/1/2017 | A- | 4,575 | 4,589,777 | |||||||||
IL State GO | 5.00% | 2/1/2020 | A- | 575 | 636,560 | |||||||||
IL State GO (AGM) | 5.50% | 5/1/2016 | AA | 7,000 | 7,360,430 | |||||||||
Kansas City MO GO | 4.00% | 2/1/2018 | AA | 9,000 | 9,769,680 | |||||||||
Katy ISD PSF GTD | 0.765% | # | 8/15/2036 | AAA | 20,000 | 20,000,800 | ||||||||
Katy ISD PSF GTD | 5.00% | 2/15/2019 | AAA | 1,310 | 1,499,256 | |||||||||
Katy ISD PSF GTD | 5.00% | 2/15/2020 | AAA | 3,000 | 3,510,120 | |||||||||
Los Angeles USD | 5.00% | 7/1/2017 | Aa2 | 10,000 | 10,966,400 | |||||||||
Los Angeles USD | 5.00% | 7/1/2018 | Aa2 | 8,000 | 9,035,520 | |||||||||
Miami Dade Co GO | 4.25% | 10/1/2017 | AA | 6,320 | 6,857,263 | |||||||||
Miami Dade Co Sch Brd COP | 5.00% | 11/1/2019 | A1 | 6,500 | 7,512,115 | |||||||||
Miami Dade Co Sch Brd COP | 5.00% | 11/1/2020 | A1 | 5,000 | 5,877,350 | |||||||||
MS Dev Bank–Marshall Co | 5.00% | 1/1/2018 | AA- | 2,975 | 3,298,888 | |||||||||
NJ State GO | 5.00% | 6/1/2019 | A1 | 13,400 | 15,188,498 | |||||||||
Northside ISD PSF GTD | 2.00% | 6/1/2039 | Aaa | 1,040 | 1,058,356 | |||||||||
Northside ISD PSF GTD | 2.00% | 8/1/2044 | Aaa | 5,285 | 5,399,737 | |||||||||
NY Dorm–Sch Dist (AGM) | 4.00% | 10/1/2017 | AA | 2,255 | 2,431,116 | |||||||||
NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2018 | AA | 1,350 | 1,528,511 | |||||||||
NYC GO | 5.00% | 8/1/2017 | AA | 5,890 | 6,463,038 | |||||||||
NYC GO | 5.00% | 8/1/2018 | AA | 10,000 | 11,260,700 | |||||||||
NYC GO | 5.00% | 8/1/2019 | AA | 14,885 | 17,150,199 | |||||||||
NYC GO | 5.00% | 8/1/2019 | AA | 5,585 | 6,434,925 | |||||||||
NYC GO | 5.00% | 8/1/2021 | AA | 7,410 | 8,834,869 | |||||||||
OH State GO | 5.00% | 9/15/2018 | AA+ | 6,200 | 7,027,886 | |||||||||
PA State GO | 5.00% | 11/15/2017 | AA- | 10,000 | 11,049,100 | |||||||||
PA State GO | 5.00% | 7/1/2019 | AA- | 7,500 | 8,596,575 | |||||||||
Pittsburgh PA Sch District | 4.00% | 9/1/2018 | Aa3 | 7,090 | 7,722,641 | |||||||||
PR Pub Bldg Auth GTD (AMBAC) | 5.50% | 7/1/2016 | B | 1,865 | 1,903,400 | |||||||||
Rangely CO Hosp Dist | 4.50% | 11/1/2021 | Baa1 | 7,050 | 7,764,517 | |||||||||
RI State GO | 5.00% | 8/1/2017 | AA | 5,000 | 5,490,100 | |||||||||
RI State GO | 5.00% | 8/1/2018 | AA | 5,000 | 5,644,300 | |||||||||
San Francisco City & Co GO | 5.00% | 6/15/2018 | AA+ | 8,725 | 9,868,498 |
14 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation (continued) | ||||||||||||||
Shelby Co GO | 4.75% | 3/1/2018 | AA+ | $ | 5,525 | $ | 6,141,480 | |||||||
South San Francisco USD | 4.00% | 6/15/2018 | NR | 6,165 | 6,746,544 | |||||||||
Utah GO | 5.00% | 7/1/2017 | AAA | 13,445 | 14,756,963 | |||||||||
WA State GO | 4.00% | 7/1/2018 | AA+ | 10,000 | 10,959,500 | |||||||||
WA State GO | 5.00% | 2/1/2019 | AA+ | 5,640 | 6,451,314 | |||||||||
WA State GO | 5.00% | 2/1/2019 | AA+ | 7,900 | 9,036,415 | |||||||||
WI State GO | 5.00% | 5/1/2019 | AA | 5,025 | 5,781,112 | |||||||||
WI State GO | 5.00% | 5/1/2019 | AA | 8,440 | 9,709,967 | |||||||||
WI State GO | 5.00% | 5/1/2020 | AA | 7,110 | 8,362,142 | |||||||||
Williamson Co GO | 4.00% | 2/15/2018 | AAA | 3,000 | 3,255,600 | |||||||||
Woonsocket GO | 7.125% | 6/15/2016 | B3 | 1,800 | 1,846,548 | |||||||||
Total | 518,452,129 | |||||||||||||
Health Care 8.99% | ||||||||||||||
Abag Fin Auth–Episcopal Senior | 2.50% | 7/1/2019 | BBB+ | (a) | 1,675 | 1,676,759 | ||||||||
Ashland Med Ctr–Kings Daughters (SIFMA) | 1.77% | # | 2/1/2040 | A3 | 14,695 | 14,753,045 | ||||||||
AZ Hlth Facs–Phoenix Childrens Hsp | 1.87% | # | 2/1/2048 | BBB+ | 11,500 | 11,831,315 | ||||||||
CA Hlth–Childrens Hsp Los Angeles | 1.82% | # | 7/1/2042 | BBB+ | 9,250 | 9,374,412 | ||||||||
CA Hlth–City of Hope | 5.00% | 11/15/2017 | A+ | 1,050 | 1,160,502 | |||||||||
CA Hlth–Packard Childrens Hsp | 1.45% | 8/15/2023 | AA- | 3,500 | 3,548,685 | |||||||||
CA Hlth–St Joseph Hlth | 5.00% | 7/1/2043 | AA- | 5,000 | 5,534,750 | |||||||||
CA Hlth–St Joseph Hlth | 5.00% | 7/1/2043 | AA- | 5,000 | 5,778,400 | |||||||||
CA Stwde–Fountainview Gonda | 2.50% | 8/1/2020 | A+ | 3,500 | 3,588,095 | |||||||||
CA Stwde–LA Jewish Home | 4.75% | 8/1/2020 | NR | 1,150 | 1,156,555 | |||||||||
CO Hlth Facs–Total Longterm Care | 4.25% | 11/15/2015 | BBB+ | (a) | 315 | 320,431 | ||||||||
CT Hlth & Ed–Lawrence Mem Hsp | 5.00% | 7/1/2018 | A- | 2,705 | 3,007,284 | |||||||||
CT Hlth & Ed–Lawrence Mem Hsp | 5.00% | 7/1/2019 | A- | 2,835 | 3,205,279 | |||||||||
CT Hlth & Ed–Stamford Hsp | 5.00% | 7/1/2015 | A- | 1,980 | 2,001,503 | |||||||||
Duluth EDA–St Lukes Hsp | 4.75% | 6/15/2022 | NR | 5,000 | 5,296,500 | |||||||||
IL Fin Auth–Provena Hlth | 5.25% | 5/1/2015 | BBB+ | 2,000 | 2,007,140 | |||||||||
IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2019 | A+ | 1,000 | 1,152,640 | |||||||||
IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2020 | A+ | 500 | 585,390 | |||||||||
IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2021 | A+ | 695 | 822,658 | |||||||||
IN Hlth Facs–Ascension Hlth | 1.60% | 11/15/2036 | AA+ | 11,500 | 11,721,375 | |||||||||
Jackson Co Hospital Fin Auth | 4.00% | 6/1/2015 | A- | 3,600 | 3,619,656 | |||||||||
Karnes Co Hsp Dist | 4.00% | 2/1/2019 | BBB | (a) | 2,000 | 2,141,300 | ||||||||
Kaweah Delta Hlth Care Dist | 5.00% | 6/1/2017 | A3 | 2,000 | 2,155,820 | |||||||||
Lubbock Hlth–St Joseph Hlth | 1.125% | 7/1/2030 | AA- | 12,920 | 13,035,892 |
See Notes to Financial Statements. | 15 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
MD Hlth & Hi Ed–Western MD Hlth Sys | 5.00% | 7/1/2019 | BBB | $ | 3,000 | $ | 3,420,840 | |||||||
MD Hlth & Hi Ed–Western MD Hlth Sys | 5.00% | 7/1/2020 | BBB | 3,000 | 3,483,180 | |||||||||
MI Fin Auth–Beaumont Hlth | 4.00% | 8/1/2018 | A1 | 1,500 | 1,640,190 | |||||||||
MI Fin Auth–Beaumont Hlth | 4.00% | 8/1/2019 | A1 | 3,000 | 3,319,740 | |||||||||
MI Fin Auth–Beaumont Hlth | 4.00% | 8/1/2020 | A1 | 2,300 | 2,570,802 | |||||||||
MS Equip Facs–MS Baptist Hlth(c) | 1.32% | # | 8/15/2036 | BBB+ | 7,000 | 6,999,930 | ||||||||
Muskingum Co Hsp Facs–Genesis Hlthcare | 5.00% | 2/15/2018 | BB+ | 1,000 | 1,066,710 | |||||||||
Muskingum Co Hsp Facs–Genesis Hlthcare | 5.00% | 2/15/2019 | BB+ | 1,450 | 1,564,434 | |||||||||
Muskingum Co Hsp Facs–Genesis Hlthcare | 5.00% | 2/15/2020 | BB+ | 1,305 | 1,417,387 | |||||||||
NJ Hlth–Barnabas Hlth | 5.00% | 7/1/2019 | A- | 8,000 | 9,115,200 | |||||||||
NJ Hlth–St Peters Univ Hsp | 5.00% | 7/1/2016 | BB+ | 3,160 | 3,281,407 | |||||||||
NJ Hlth–St Peters Univ Hsp | 5.00% | 7/1/2017 | BB+ | 3,850 | 4,093,397 | |||||||||
Onondaga CDC–St Josephs Hsp | 5.00% | 7/1/2017 | BB | 5,000 | 5,343,400 | |||||||||
OR Facs Auth–Providence Hlth | 0.25% | # | 10/1/2017 | AA- | 5,750 | 5,750,805 | ||||||||
Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2015 | BB+ | 1,500 | 1,513,200 | |||||||||
Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2016 | BB+ | 1,500 | 1,562,940 | |||||||||
Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2017 | BB+ | 1,500 | 1,606,455 | |||||||||
PR Indl Tourist–Hsp Auxilio Mutuo | 5.00% | 7/1/2016 | A- | 3,385 | 3,506,284 | |||||||||
PR Indl Tourist–Hsp Auxilio Mutuo | 5.00% | 7/1/2017 | A- | 2,555 | 2,702,066 | |||||||||
Rochester Hlth Care–Mayo Clinic | 4.00% | 11/15/2038 | AA | 5,500 | 6,035,205 | |||||||||
San Buenaventura–Cmnty Mem Hlth | 5.00% | 12/1/2016 | BB | 1,750 | 1,844,447 | |||||||||
San Buenaventura–Cmnty Mem Hlth | 5.25% | 12/1/2017 | BB | 1,750 | 1,902,337 | |||||||||
San Buenaventura–Cmnty Mem Hlth | 5.75% | 12/1/2018 | BB | 1,800 | 2,026,242 | |||||||||
Sartell Hlth Care–Country Manor | 4.00% | 9/1/2020 | NR | 2,300 | 2,329,118 | |||||||||
SE Port Auth–Memorial Hlth | 5.00% | 12/1/2022 | BB | (a) | 3,400 | 3,629,194 | ||||||||
Westchester Co Hlth Care | 5.00% | 11/1/2015 | A3 | 3,215 | 3,300,262 | |||||||||
WI Hlth & Ed–Aurora Hlth | 1.25% | 8/15/2025 | A3 | 5,500 | 5,548,840 | |||||||||
WI PFA–Rose Villa | 3.75% | 11/15/2019 | NR | 435 | 438,711 | |||||||||
Total | 200,488,109 | |||||||||||||
Housing 0.22% | ||||||||||||||
CA Stwde–American Baptist | 2.40% | 10/1/2020 | BBB+ | (a) | 1,250 | 1,250,650 | ||||||||
Los Angeles Regl Fin Auth–Montecedro Prk | 3.00% | 11/15/2021 | A+ | 1,500 | 1,519,170 | |||||||||
WA Hsg–Emerald Heights | 3.00% | 7/1/2016 | A- | (a) | 1,020 | 1,033,964 | ||||||||
WA Hsg–Emerald Heights | 4.00% | 7/1/2018 | A- | (a) | 1,000 | 1,057,970 | ||||||||
Total | 4,861,754 |
16 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Lease Obligations 6.65% | ||||||||||||||
Broward Co Sch Brd COP (AMBAC) | 5.25% | 7/1/2017 | A1 | $ | 7,015 | $ | 7,707,942 | |||||||
Buncombe Co Ltd Oblig | 5.00% | 6/1/2019 | AA+ | 800 | 920,560 | |||||||||
Buncombe Co Ltd Oblig | 5.00% | 6/1/2020 | AA+ | 750 | 881,108 | |||||||||
CA Pub Wks–Dept Hsps | 4.00% | 6/1/2017 | A1 | 2,395 | 2,565,811 | |||||||||
CA Pub Wks–Dept Hsps | 4.00% | 6/1/2018 | A1 | 4,790 | 5,234,847 | |||||||||
CA Pub Wks–Dept of Correction | 5.00% | 6/1/2017 | A1 | 6,100 | 6,665,714 | |||||||||
CA Pub Wks–Dept of Correction | 5.00% | 1/1/2019 | A1 | 4,000 | 4,556,800 | |||||||||
CA Pub Wks–Dept of Correction | 5.00% | 1/1/2020 | A1 | 5,000 | 5,828,350 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2018 | A1 | 2,800 | 3,131,324 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 11/1/2018 | A1 | 2,000 | 2,270,760 | |||||||||
Cleveland COP–Cleveland Stadium | 5.00% | 11/15/2015 | A | 5,420 | 5,574,036 | |||||||||
Cuyahoga Co COP–Conv Hotel Proj | 5.00% | 12/1/2018 | AA- | 4,535 | 5,131,217 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2018 | AA | 3,000 | 3,363,750 | |||||||||
KY Ppty & Bldgs Commn–Proj #83 (AMBAC) | 5.00% | 10/1/2015 | Aa3 | 6,085 | 6,226,537 | |||||||||
LA PFA–Hurricane Recovery | 4.00% | 6/1/2018 | Aa3 | 4,290 | 4,686,653 | |||||||||
Los Angeles Co Pub Wks | 5.00% | 8/1/2019 | AA | 1,000 | 1,153,370 | |||||||||
Los Angeles Mun Impt Corp | 5.00% | 3/1/2018 | A+ | 5,000 | 5,576,950 | |||||||||
Los Angeles Mun Impt Corp | 5.00% | 3/1/2019 | A+ | 9,500 | 10,863,440 | |||||||||
Los Angeles USD COP | 5.00% | 10/1/2017 | A+ | 3,000 | 3,313,710 | |||||||||
Los Angeles USD COP | 5.00% | 10/1/2018 | A+ | 3,000 | 3,400,020 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.00% | 6/1/2016 | A+ | 11,500 | 11,756,105 | |||||||||
NJ EDA–Sch Facs (AMBAC) | 5.50% | 12/15/2019 | A2 | 5,000 | 5,686,100 | |||||||||
NJ Trans Trust Fund (NPFGC)(FGIC) | 5.50% | 12/15/2016 | AA- | 1,225 | 1,317,892 | |||||||||
NY Twy Auth–Svc Contract | 5.00% | 4/1/2018 | AA | 7,500 | 8,394,675 | |||||||||
Palm Beach Co Sch Brd COP | 5.00% | 8/1/2032 | Aa3 | 2,500 | 2,647,650 | |||||||||
Philadelphia Redev Auth | 5.00% | 4/15/2017 | A+ | 1,135 | 1,220,658 | |||||||||
Philadelphia Redev Auth | 5.00% | 4/15/2018 | A+ | 1,670 | 1,839,021 | |||||||||
PR Pub Bldg Auth GTD | 5.75% | 7/1/2016 | B | 4,145 | 3,832,177 | |||||||||
San Diego Conv Ctr Fing Auth | 4.00% | 4/15/2017 | AA- | 1,250 | 1,334,450 | |||||||||
San Diego Conv Ctr Fing Auth | 4.00% | 4/15/2018 | AA- | 2,100 | 2,285,787 | |||||||||
San Francisco City & Co COP | 5.00% | 9/1/2017 | AA | 12,640 | 13,930,797 | |||||||||
Twin Rivers USD COP (AGM) | 3.20% | 6/1/2027 | AA | 1,750 | 1,750,875 | |||||||||
Twin Rivers USD COP (AGM) | 3.20% | 6/1/2035 | AA | 920 | 920,221 | |||||||||
Twin Rivers USD COP (AGM) | 3.20% | 6/1/2041 | AA | 2,250 | 2,250,450 | |||||||||
Total | 148,219,757 |
See Notes to Financial Statements. | 17 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Other Revenue 4.35% | ||||||||||||||
CA Muni Fin–Republic Svcs | 0.30% | # | 9/1/2021 | BBB+ | $ | 20,000 | $ | 20,000,000 | ||||||
Central Plains–RBC | 5.00% | 8/1/2039 | Aa3 | 8,000 | 9,162,560 | |||||||||
Farmington Poll Ctl–El Paso Elec | 1.875% | 6/1/2032 | Baa1 | 5,000 | 5,096,700 | |||||||||
Florence Twn IDA–Legacy Trad Sch | 4.00% | 7/1/2018 | BB | 410 | 422,829 | |||||||||
Indianapolis Local Pub Impt Bd Bk | 5.00% | 6/1/2022 | A1 | 4,040 | 4,757,100 | |||||||||
MA Fed Hwy–GANS Brdg Prog | 5.00% | 6/15/2018 | AAA | 8,385 | 9,455,681 | |||||||||
Maricopa Co Poll Ctl–NM Pub Svc | 4.00% | 6/1/2043 | BBB | 10,000 | 10,033,600 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.00% | 6/1/2015 | A+ | 1,700 | 1,710,081 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.00% | 6/1/2016 | A+ | 1,600 | 1,659,472 | |||||||||
Minneapolis National Marrow Donor Prog | 4.00% | 8/1/2015 | BBB+ | 4,535 | 4,572,731 | |||||||||
NYC Cultural–Whitney Museum | 5.00% | 7/1/2017 | A | 6,175 | 6,760,822 | |||||||||
PA Econ Dev–PPL Energy Supply | 3.00% | 12/1/2038 | Ba1 | 3,000 | 3,019,440 | |||||||||
PA Econ Dev–Unemployment Comp | 5.00% | 7/1/2019 | Aaa | 5,000 | 5,786,850 | |||||||||
PA IDA–Economic Dev | 5.00% | 7/1/2018 | A+ | 2,595 | 2,901,651 | |||||||||
PR Comwlth Govt Dev Bank Rmkt GTD (NPFGC)(FGIC) | 4.75% | 12/1/2015 | AA- | 10,000 | 10,064,200 | |||||||||
WA Eda–Waste Mgmt† | 2.125% | 6/1/2020 | A- | 1,500 | 1,521,855 | |||||||||
Total | 96,925,572 | |||||||||||||
Special Tax 0.99% | ||||||||||||||
Brea Redev Agy | 5.00% | 8/1/2019 | AA- | 2,000 | 2,311,320 | |||||||||
Brea Redev Agy | 5.00% | 8/1/2020 | AA- | 2,100 | 2,474,955 | |||||||||
CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2017 | BBB+ | 2,000 | 2,137,780 | |||||||||
CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2018 | BBB+ | 1,250 | 1,357,087 | |||||||||
Emeryville Redev Agy | 4.00% | 9/1/2017 | A+ | 4,000 | 4,316,040 | |||||||||
Emeryville Redev Agy | 5.00% | 9/1/2018 | A+ | 1,875 | 2,124,525 | |||||||||
Emeryville Redev Agy | 5.00% | 9/1/2019 | A+ | 1,000 | 1,159,040 | |||||||||
Pittsburg Redev Agy | 5.00% | 8/1/2017 | A | 3,045 | 3,336,346 | |||||||||
Pittsburg Redev Agy | 5.00% | 8/1/2018 | A | 2,500 | 2,812,450 | |||||||||
Total | 22,029,543 | |||||||||||||
Tax Revenue 5.19% | ||||||||||||||
AL Pub Sch & Clg Auth | 5.00% | 5/1/2015 | Aa1 | 2,800 | 2,811,368 | |||||||||
Dallas Area Rapid Trans | 5.00% | 12/1/2018 | AA+ | 2,500 | 2,848,900 | |||||||||
Dallas Area Rapid Trans | 5.00% | 12/1/2019 | AA+ | 2,000 | 2,329,660 | |||||||||
IL Sales Tax | 5.00% | 6/15/2018 | AAA | 9,500 | 10,668,120 | |||||||||
IL State–Unemployment Insurance Fund Bldg | 5.00% | 12/15/2018 | AA | 5,000 | 5,267,600 | |||||||||
MA Sch Bldg Auth–Sales Tax | 5.00% | 8/15/2018 | AA+ | 7,000 | 7,932,330 |
18 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Tax Revenue (continued) | ||||||||||||||
Met Atlanta Rapid Trans Auth | 0.30% | # | 7/1/2025 | AAA | $ | 8,000 | $ | 7,994,080 | ||||||
MTA NY–Dedicated Tax | 4.00% | 11/15/2018 | AA | 4,415 | 4,862,769 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2016 | BBB+ | 2,005 | 2,106,333 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2017 | BBB+ | 3,000 | 3,241,290 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2018 | BBB+ | 8,500 | 9,392,245 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2018 | AAA | 10,000 | 11,184,500 | |||||||||
NYC TFA–Future Tax | 5.00% | 11/1/2016 | AAA | 5,500 | 5,886,430 | |||||||||
PA Econ Dev–Unemployment Comp | 5.00% | 7/1/2022 | Aaa | 9,075 | 9,590,279 | |||||||||
Phoenix Civic Impt Corp–Light Rail Proj | 5.00% | 7/1/2019 | AA | 4,670 | 5,400,014 | |||||||||
Phoenix Civic Impt Corp–Water Sys | 5.00% | 7/1/2018 | AAA | 7,620 | 8,600,999 | |||||||||
Phoenix Civic Impt Corp–Water Sys | 5.00% | 7/1/2019 | AAA | 6,355 | 7,351,273 | |||||||||
UT Trans Auth | 1.35% | 6/15/2017 | A1 | 2,500 | 2,521,475 | |||||||||
UT Trans Auth | 1.60% | 6/15/2018 | A1 | 5,750 | 5,821,645 | |||||||||
Total | 115,811,310 | |||||||||||||
Tobacco 2.05% | ||||||||||||||
Golden St Tobacco | 5.00% | 6/1/2020 | A1 | 5,300 | 6,223,631 | |||||||||
Railsplitter Tobacco Settlement Auth | 5.00% | 6/1/2015 | A | 8,085 | 8,146,608 | |||||||||
Railsplitter Tobacco Settlement Auth | 5.25% | 6/1/2021 | A | 4,020 | 4,740,505 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2017 | A | 2,000 | 2,175,980 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2018 | A | 2,000 | 2,233,700 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2019 | A | 4,990 | 5,694,039 | |||||||||
Tobacco Settlement Fin Corp LA | 5.00% | 5/15/2016 | A | 2,500 | 2,630,600 | |||||||||
Tobacco Settlement Fin Corp LA | 5.00% | 5/15/2017 | A | 2,000 | 2,191,920 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.50% | 6/1/2023 | BB | 5,270 | 5,290,131 | |||||||||
Tobacco Settlement Fin Corp NY | 5.00% | 6/1/2017 | AA | 5,850 | 6,388,551 | |||||||||
Total | 45,715,665 | |||||||||||||
Transportation 13.03% | ||||||||||||||
Alameda Corridor Trsp Auth | 5.00% | 10/1/2019 | A- | 1,000 | 1,159,120 | |||||||||
Atlanta Arpt | 5.00% | 1/1/2018 | Aa3 | 1,000 | 1,110,600 | |||||||||
Bay Area Toll Auth | 0.72% | # | 4/1/2047 | AA | 8,000 | 8,130,960 | ||||||||
Bay Area Toll Auth | 1.50% | 4/1/2047 | AA | 5,000 | 5,063,900 | |||||||||
Bay Area Toll Auth | 1.875% | 4/1/2034 | AA | 15,000 | 15,230,100 | |||||||||
Bay Area Toll Auth Rmkt | 0.971% | # | 4/1/2045 | AA | 15,000 | 15,171,900 | ||||||||
Central TX Tpk | 5.00% | 8/15/2042 | A- | 8,000 | 9,254,800 | |||||||||
Chester Co IDA–West Chester Univ | 0.65% | 2/1/2017 | NR | 6,700 | 6,695,109 | |||||||||
Chicago O’Hare Arpt | 5.00% | 1/1/2018 | A2 | 5,955 | 6,582,776 |
See Notes to Financial Statements. | 19 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
Clark Co Arpt | 5.00% | 7/1/2018 | A | $ | 8,500 | $ | 9,536,490 | |||||||
Clark Co PFC–McCarran Arpt | 5.25% | 7/1/2018 | A+ | 7,090 | 8,032,403 | |||||||||
Fairfax Co EDA–Silver Line Phase I | 5.00% | 4/1/2017 | AA | 2,000 | 2,163,380 | |||||||||
Foothill / Eastern Corridor Toll Rd | 5.00% | 1/15/2053 | BBB- | 7,500 | 8,122,200 | |||||||||
Harris Co Toll Rd | 0.66% | # | 8/15/2021 | Aa3 | 4,000 | 4,008,920 | ||||||||
Houston Arpt | 5.00% | 7/1/2017 | A | 1,500 | 1,646,550 | |||||||||
IL Toll Hwy Auth | 5.00% | 12/1/2017 | AA- | 5,000 | 5,564,400 | |||||||||
IL Toll Hwy Auth | 5.00% | 12/1/2019 | AA- | 7,500 | 8,703,000 | |||||||||
KY Pub Trsp Auth–Downtown Crossing | 5.00% | 7/1/2017 | Baa3 | 8,000 | 8,715,840 | |||||||||
Long Beach Harbor | 5.00% | 11/15/2018 | AA | 7,500 | 8,574,450 | |||||||||
Los Angeles Dept Arpts–LAX | 4.00% | 5/15/2020 | AA- | 225 | 253,904 | |||||||||
MTA NY | 0.465% | # | 11/1/2041 | AA- | 20,000 | 20,028,400 | ||||||||
MTA NY | 0.955% | # | 11/1/2030 | AA- | 7,370 | 7,391,226 | ||||||||
MTA NY | 5.00% | 11/15/2016 | AA- | 5,000 | 5,365,200 | |||||||||
MTA NY | 5.00% | 11/15/2018 | AA- | 3,235 | 3,677,386 | |||||||||
MTA NY (AGM) | 0.346% | # | 11/1/2022 | AA | 16,300 | 15,944,155 | ||||||||
NC State GARVEE | 4.00% | 3/1/2023 | AA | 8,000 | 8,546,480 | |||||||||
NJ Tpk Auth | 5.00% | 1/1/2020 | A+ | 5,000 | 5,805,900 | |||||||||
NJ Trans Trust Fund (NPFGC) | 5.00% | 6/15/2015 | AA- | 2,950 | 2,977,346 | |||||||||
North TX Twy Auth | 5.00% | 1/1/2020 | A2 | 2,500 | 2,905,450 | |||||||||
NY Twy Auth | 5.00% | 1/1/2018 | A | 1,250 | 1,386,800 | |||||||||
NY Twy Auth | 5.00% | 5/1/2019 | A- | 15,725 | 17,936,407 | |||||||||
NY Twy Auth | 5.00% | 1/1/2020 | A | 2,000 | 2,321,360 | |||||||||
NY Twy Auth–Hwy & Brdg | 5.00% | 4/1/2018 | AA | 3,405 | 3,813,328 | |||||||||
OH Infrastructure | 5.00% | 12/15/2019 | AA | 2,500 | 2,912,900 | |||||||||
OH Infrastructure | 5.00% | 12/15/2019 | AA | 6,000 | 6,990,960 | |||||||||
Orlando & Orange Co Expwy Auth | 5.00% | 7/1/2018 | A | 4,000 | 4,494,440 | |||||||||
SC Transp | 5.00% | 10/1/2017 | A1 | 8,000 | 8,809,360 | |||||||||
Southeastern PA Transp Auth GARVEE | 5.00% | 6/1/2017 | A+ | 1,425 | 1,547,179 | |||||||||
Southeastern PA Transp Auth GARVEE | 5.00% | 6/1/2018 | A+ | 1,280 | 1,423,245 | |||||||||
St Louis Arpt–Lambert Intl Airport | 5.00% | 7/1/2018 | A- | 1,530 | 1,709,760 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2018 | AA- | 3,750 | 4,273,087 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2021 | AA- | 5,000 | 6,044,500 | |||||||||
Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | 5.50% | 11/15/2021 | AA- | 1,650 | 2,032,651 | |||||||||
WA St GARVEE–520 Corridor | 5.00% | 9/1/2017 | AA | 16,930 | 18,603,192 | |||||||||
Total | 290,661,514 |
20 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities 11.58% | ||||||||||||||
Amr Muni Pwr–Fremont Energy | 5.00% | 2/15/2017 | A1 | $ | 1,000 | $ | 1,078,040 | |||||||
Amr Muni Pwr–Fremont Energy | 5.00% | 2/15/2018 | A1 | 2,900 | 3,216,535 | |||||||||
Atlanta Wtr & Wastewtr | 5.00% | 11/1/2017 | AA- | 3,000 | 3,319,200 | |||||||||
Atlanta Wtr & Wastewtr | 5.00% | 11/1/2018 | AA- | 2,500 | 2,845,850 | |||||||||
Atlanta Wtr & Wastewtr (NPFGC) | 5.50% | 11/1/2018 | AA- | 4,425 | 5,114,636 | |||||||||
CA Dept Wtr Res Wtr–Central Valley | 5.00% | 12/1/2019 | AAA | 8,720 | 10,243,559 | |||||||||
CA Dept Wtr Res Wtr–Central Valley | 5.00% | 12/1/2020 | AAA | 12,640 | 15,169,011 | |||||||||
CO Public Auth–ML | 5.75% | 11/15/2018 | A- | 5,690 | 6,125,114 | |||||||||
East Baton Rouge Swr Comm | 0.62% | # | 2/1/2046 | AA- | 7,355 | 7,348,160 | ||||||||
Escambia Co Solid Waste–Gulf Pwr | 1.35% | 4/1/2039 | A | 7,500 | 7,509,450 | |||||||||
Guam Pwr Auth (AGM) | 5.00% | 10/1/2019 | AA | 1,000 | 1,152,980 | |||||||||
Houston Util Sys | 5.00% | 11/15/2017 | AA | 2,000 | 2,215,420 | |||||||||
Houston Util Sys | 5.00% | 11/15/2018 | AA | 5,000 | 5,687,600 | |||||||||
Houston Util Sys | 5.00% | 11/15/2018 | AA | 1,750 | 1,990,660 | |||||||||
Houston Util Sys | 5.00% | 11/15/2019 | AA | 2,485 | 2,893,236 | |||||||||
Houston Util Sys | 5.00% | 5/15/2020 | AA | 5,000 | 5,885,700 | |||||||||
Houston Util Sys (SIFMA) | 0.77% | # | 5/15/2034 | AA | 23,000 | 23,072,220 | ||||||||
IL Fin Auth–Peoples Gas | 2.625% | 2/1/2033 | Aa3 | 4,000 | 4,027,800 | |||||||||
Intermountain Pwr Agy | 5.00% | 7/1/2018 | A+ | 2,400 | 2,699,112 | |||||||||
Intermountain Pwr Agy | 5.00% | 7/1/2019 | A+ | 2,350 | 2,708,939 | |||||||||
Lakeland Energy | 0.77% | # | 10/1/2017 | AA | 17,000 | 17,113,730 | ||||||||
Long Island Power Auth | 0.77% | # | 5/1/2033 | A- | 10,000 | 9,995,200 | ||||||||
Long Island Power Auth | 4.00% | 5/1/2018 | A- | 3,940 | 4,249,960 | |||||||||
Los Angeles Wastewater | 5.00% | 6/1/2018 | AA | 3,000 | 3,387,480 | |||||||||
Louisville/Jeff Co Met–Louisville Gas & Elec Co | 1.60% | 6/1/2033 | A- | 4,000 | 4,032,320 | |||||||||
Louisville/Jeff Co Poll Ctl–Louisville Gas & Elec Co | 1.65% | 10/1/2033 | A1 | 6,000 | 6,088,980 | |||||||||
MEAG–Proj 1 | 5.00% | 1/1/2018 | A | 3,145 | 3,491,013 | |||||||||
MEAG–Proj 1 | 5.00% | 1/1/2021 | A | 7,000 | 8,254,750 | |||||||||
Met Govt Nashville Water & Sewer | 5.00% | 7/1/2018 | A+ | 4,415 | 4,972,879 | |||||||||
MO Joint Muni Elec Util Commn | 5.00% | 1/1/2020 | A2 | 2,000 | 2,320,360 | |||||||||
NC Eastern Muni Pwr (AG) | 5.25% | 1/1/2019 | AA | 5,075 | 5,683,797 | |||||||||
NC Muni Pwr Agy #1–Catawba Elec | 5.00% | 1/1/2018 | A | 15,000 | 16,615,800 | |||||||||
New Orleans Sewer | 5.00% | 6/1/2018 | A | 1,000 | 1,109,940 | |||||||||
NY Energy–NY St Elec & Gas | 2.25% | 12/1/2015 | A3 | 10,000 | 10,098,000 | |||||||||
OH Air Quality–FirstEnergy | 2.25% | 8/1/2029 | BBB- | 5,000 | 5,070,150 |
See Notes to Financial Statements. | 21 |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities (continued) | ||||||||||||||
Peninsula Ports Auth–Dominion Proj | 2.375% | 10/1/2033 | BBB+ | $ | 5,000 | $ | 5,089,750 | |||||||
PR Aqueduct & Swr Auth | 5.00% | 7/1/2015 | B | 2,000 | 1,986,220 | |||||||||
PR Elec Pwr Auth | 5.25% | 7/1/2018 | CCC | 2,000 | 1,186,400 | |||||||||
Rockport Poll Ctl–IN/MI Pwr Co | 1.75% | 6/1/2025 | Baa1 | 5,590 | 5,608,782 | |||||||||
San Antonio Elec & Gas | 2.00% | 12/1/2027 | Aa2 | 7,500 | 7,656,975 | |||||||||
Stockton PFA–Wastewater (BAM) | 4.00% | 9/1/2017 | AA | 875 | 938,245 | |||||||||
Stockton PFA–Wastewater (BAM) | 4.00% | 9/1/2018 | AA | 1,000 | 1,087,700 | |||||||||
Stockton PFA–Wastewater (BAM) | 5.00% | 9/1/2019 | AA | 1,750 | 2,002,420 | |||||||||
Stockton PFA–Wastewater (BAM) | 5.00% | 9/1/2020 | AA | 1,000 | 1,164,830 | |||||||||
TEAC–Goldman Sachs | 5.25% | 9/1/2018 | A- | 5,755 | 6,492,503 | |||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2018 | A3 | 3,000 | 3,366,120 | |||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2019 | A3 | 1,000 | 1,139,210 | |||||||||
York Co EDA–VA Elec & Pwr Co | 1.875% | 5/1/2033 | A2 | 3,750 | 3,836,175 | |||||||||
Total | 258,342,911 | |||||||||||||
Total Municipal Bonds (cost $1,931,840,584) | 1,957,623,569 | |||||||||||||
SHORT-TERM INVESTMENTS 11.45% | ||||||||||||||
MUNICIPAL BONDS 1.22% | ||||||||||||||
Tax Revenue 0.07% | ||||||||||||||
MI Fin Auth–Detroit Sch Dist | 2.85% | 8/20/2015 | NR | 1,625 | 1,631,679 | |||||||||
General Obligation 1.15% | ||||||||||||||
Nassau Co TAN | 2.00% | 9/15/2015 | NR | 15,530 | 15,642,127 | |||||||||
Suffolk Co TAN | 2.00% | 7/30/2015 | NR | 10,000 | 10,052,100 | |||||||||
Total | 25,694,227 | |||||||||||||
Total Municipal Bonds (cost $27,322,061) | 27,325,906 |
Interest | ||||||||||||||||
Rate | Final | |||||||||||||||
Interest | Reset | Maturity | ||||||||||||||
Rate# | Date(d) | Date | ||||||||||||||
Variable Rate Demand Notes 10.23% | ||||||||||||||||
Corporate-Backed 4.12% | ||||||||||||||||
MS Bus Fin Corp–Grand Alliance | 0.35% | 4/2/2015 | 1/1/2033 | BBB+ | 11,475 | 11,475,000 | ||||||||||
Port Arthur Nav Dist–Motiva | 0.19% | 4/1/2015 | 12/1/2039 | A2 | 19,910 | 19,910,000 | ||||||||||
Port Arthur Nav Dist–Motiva | 0.19% | 4/1/2015 | 11/1/2040 | A2 | 60,600 | 60,600,000 | ||||||||||
Total | 91,985,000 |
22 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
SHORT DURATION TAX FREE FUND March 31, 2015
Interest | Credit | |||||||||||||||
Rate | Final | Rating: | Principal | |||||||||||||
Interest | Reset | Maturity | S&P or | Amount | Fair | |||||||||||
Investments | Rate# | Date(d) | Date | Moody’s | (000) | Value | ||||||||||
Education 1.25% | ||||||||||||||||
Birmingham Ed–Miles Clg | 0.45% | 4/2/2015 | 2/1/2029 | Baa3 | $ | 1,060 | $ | 1,060,000 | ||||||||
Met Govt Nashville H & E– Fisk Univ | 0.35% | 4/2/2015 | 12/1/2020 | Baa3 | 4,735 | 4,735,000 | ||||||||||
Milledgeville Co Dev–GA Clg/SU Fndtn (AMBAC)† | 0.20% | 4/1/2015 | 10/1/2024 | AA+ | 5,000 | 5,000,000 | ||||||||||
NJ Higher Ed Assistance Auth† | 0.22% | 4/1/2015 | 6/1/2030 | AA | 12,000 | 12,000,000 | ||||||||||
OH Hi Ed–Univ Dayton | 1.27% | 4/2/2015 | 7/1/2016 | A | 5,000 | 5,006,300 | ||||||||||
Total | 27,801,300 | |||||||||||||||
Health Care 2.51% | ||||||||||||||||
AR DFA–Baptist Mem Hlth | 0.75% | 4/2/2015 | 9/1/2044 | A- | 10,000 | 10,000,000 | ||||||||||
Gulf Shores Med–Colonial Pinnacle | 0.35% | 4/2/2015 | 7/1/2034 | Baa3 | 2,920 | 2,920,000 | ||||||||||
MD Hlth & Hi Ed–LifeBridge Hlth (AG)† | 0.22% | 4/2/2015 | 1/1/2038 | AA | 13,960 | 13,960,000 | ||||||||||
Montgomery Co Hlth–Catholic Health | 0.10% | 4/1/2015 | 10/1/2041 | A | 20,000 | 20,000,000 | ||||||||||
NJ Hlth–Christian Hlth Care Ctr | 0.32% | 4/2/2015 | 7/1/2038 | A- | 8,130 | 8,130,000 | ||||||||||
WI Hlth & Ed–Pooled Loan Fin | 0.77% | 4/1/2015 | 2/1/2022 | A3 | 990 | 990,000 | ||||||||||
Total | 56,000,000 | |||||||||||||||
Housing 0.12% | ||||||||||||||||
AK Hsg Fin Corp | 0.08% | 4/2/2015 | 12/1/2041 | AA+ | 2,615 | 2,615,000 | ||||||||||
Lease Obligations 1.52% | ||||||||||||||||
Palm Beach Co Sch Brd COP | 0.28% | 4/1/2015 | 8/1/2029 | BBB | 28,500 | 28,500,000 | ||||||||||
Pima Co IDA–Clark Co Detention† | 0.30% | 4/2/2015 | 9/1/2033 | AA- | 5,500 | 5,500,000 | ||||||||||
Total | 34,000,000 | |||||||||||||||
Other Revenue 0.35% | ||||||||||||||||
WI Hlth & Ed–Maranatha Baptist | 0.77% | 4/2/2015 | 8/1/2026 | BBB+ | 7,700 | 7,700,000 | ||||||||||
Utilities 0.36% | ||||||||||||||||
Las Vegas Valley Water District | 0.05% | 4/1/2015 | 6/1/2036 | AA+ | 8,000 | 8,000,000 | ||||||||||
Total Variable Rate Demand Notes (cost $228,095,000) | 228,101,300 | |||||||||||||||
Total Short-Term Investments (cost $255,417,061) | 255,427,206 | |||||||||||||||
Total Investments in Securities 99.22% (cost $2,187,257,645) | 2,213,050,775 | |||||||||||||||
Cash and Other Assets in Excess of Liabilities 0.78% | 17,369,422 | |||||||||||||||
Net Assets 100.00% | $ | 2,230,420,197 |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
See Notes to Financial Statements. | 23 |
Schedule of Investments (unaudited)(concluded)
SHORT DURATION TAX FREE FUND March 31, 2015
The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at fair value(1):
Investment Type(2)(3) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds | $ | – | $ | 1,984,949,475 | $ | – | $ | 1,984,949,475 | ||||||||
Variable Rate Demand Notes | – | 228,101,300 | – | 228,101,300 | ||||||||||||
Total | $ | – | $ | 2,213,050,775 | $ | – | $ | 2,213,050,775 |
(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 period ended March 31, 2015. |
24 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
MUNICIPAL BONDS 97.48% | ||||||||||||||
Corporate-Backed 6.67% | ||||||||||||||
AL IDA–Office Max Rmkt AMT | 6.45% | 12/1/2023 | B3 | $ | 2,300 | $ | 2,325,116 | |||||||
Allegheny Co IDA–US Steel | 6.50% | 5/1/2017 | BB- | 3,315 | 3,569,161 | |||||||||
Alliance Arpt–FedEx AMT | 4.85% | 4/1/2021 | Baa1 | 1,000 | 1,024,930 | |||||||||
Babylon IDA–Covanta | 5.00% | 1/1/2019 | AA | 4,000 | 4,514,080 | |||||||||
Beaver Co IDA–FirstEnergy Rmkt | 2.50% | 12/1/2041 | BBB- | 6,000 | 6,124,740 | |||||||||
Build NYC Res Corp–Pratt Paper AMT† | 4.50% | 1/1/2025 | NR | 1,400 | 1,525,552 | |||||||||
Build NYC Res Corp–Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 550 | 594,451 | |||||||||
Burke Co Dev–Oglethorpe Power | 2.40% | 1/1/2040 | A | 4,000 | 4,066,120 | |||||||||
Citizens Property Insurance Corp | 5.00% | 6/1/2018 | A+ | 10,000 | 11,152,000 | |||||||||
Citizens Property Insurance Corp | 5.25% | 6/1/2017 | A+ | 7,000 | 7,651,770 | |||||||||
Clayton Co SFR–Delta Airlines AMT | 9.00% | 6/1/2035 | BB- | 3,245 | 3,276,996 | |||||||||
DeSoto Parish Env Impt–Intl Paper AMT | 4.75% | 3/1/2019 | BBB | 6,480 | 6,500,606 | |||||||||
Farmington Poll Ctl–NM Pub Svc | 4.75% | 6/1/2040 | BBB | 5,000 | 5,294,750 | |||||||||
Gloucester Co Poll Ctl–Logan AMT | 5.00% | 12/1/2024 | BBB- | 1,750 | 1,985,025 | |||||||||
Greater Orlando Aviation–Jet Blue AMT | 5.00% | 11/15/2026 | NR | 2,000 | 2,093,580 | |||||||||
Gulf Coast IDA–CITGO AMT | 4.875% | 5/1/2025 | B+ | 4,000 | 4,222,040 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.00% | 12/1/2019 | BB- | 7,500 | 8,140,875 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.25% | 12/1/2025 | BB- | 5,000 | 5,605,000 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.50% | 12/1/2022 | BB- | 4,175 | 4,465,329 | |||||||||
IN Fin Auth–US Steel | 6.00% | 12/1/2019 | BB- | 5,000 | 5,596,900 | |||||||||
LA Citizens Property Insurance Corp (AMBAC) | 5.00% | 6/1/2021 | A- | 3,500 | 3,675,385 | |||||||||
LA Env Facs–Westlake Chem Rmkt | 6.50% | 8/1/2029 | BBB+ | 6,630 | 7,977,945 | |||||||||
Love Field Arpt–Southwest Airlines AMT | 5.00% | 11/1/2028 | BBB | 1,800 | 2,026,764 | |||||||||
MA Port Auth–Delta Airlines AMT (AMBAC) | 5.50% | 1/1/2022 | NR | 1,500 | 1,501,080 | |||||||||
Martin Co IDA–Indiantown Cogen AMT | 4.20% | 12/15/2025 | Ba1 | 6,000 | 6,137,580 | |||||||||
Matagorda Co Nav Dist–AEP TX Central | 4.00% | 6/1/2030 | Baa1 | 6,000 | 6,172,560 | |||||||||
Matagorda Co Nav Dist–AEP TX Central | 4.00% | 6/1/2030 | Baa1 | 8,000 | 8,230,080 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2016 | NR | 2,570 | 1,336,400 | |||||||||
Nez Perce Co Poll Ctl–Potlatch | 6.00% | 10/1/2024 | BB+ | 1,000 | 1,000,920 | |||||||||
NH Poll Ctl–United Illuminating AMT | 4.50% | 7/1/2027 | Baa1 | 5,000 | 5,039,650 | |||||||||
Niagara Area Dev Corp–Covanta† | 4.00% | 11/1/2024 | Ba2 | 5,300 | 5,371,868 | |||||||||
NJ EDA–Continental Airlines AMT | 4.875% | 9/15/2019 | B+ | 3,780 | 3,979,660 | |||||||||
NJ EDA–Continental Airlines AMT | 5.125% | 9/15/2023 | B+ | 6,725 | 7,385,462 | |||||||||
NJ EDA–Continental Airlines AMT | 5.25% | 9/15/2029 | B+ | 13,820 | 15,184,587 | |||||||||
NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 4,555 | 4,947,277 | |||||||||
NYC IDA–Jetblue AMT | 5.00% | 5/15/2020 | B | 2,145 | 2,149,976 |
See Notes to Financial Statements. | 25 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000 | ) | Value | ||||||||
Corporate-Backed (continued) | ||||||||||||||
NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB | $ | 3,500 | $ | 3,833,200 | |||||||
OH Wtr Dev Auth–FirstEnergy | 4.00% | 12/1/2033 | BBB- | 8,200 | 8,750,630 | |||||||||
OK DFA–Waste Mgmt | 2.375% | 12/1/2021 | A- | 1,665 | 1,703,212 | |||||||||
Richland Co Env Impt–Intl Paper AMT | 3.875% | 4/1/2023 | BBB | 6,625 | 7,156,590 | |||||||||
Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 7,710 | 8,768,506 | |||||||||
St Charles Parish–Valero Energy | 4.00% | 12/1/2040 | BBB | 10,500 | 11,483,325 | |||||||||
Valdez Marine Term–BP | 5.00% | 1/1/2021 | A | 10,000 | 11,578,900 | |||||||||
Valparaiso Facs–Pratt Paper AMT | 5.875% | 1/1/2024 | NR | 1,500 | 1,740,525 | |||||||||
Valparaiso Facs–Pratt Paper AMT | 6.75% | 1/1/2034 | NR | 5,000 | 6,168,000 | |||||||||
West Pace Coop Dist(e) | 9.125% | 5/1/2039 | NR | 4,900 | 4,845,365 | |||||||||
Whiting Env Facs–BP Rmkt | 5.25% | 1/1/2021 | A | 5,000 | 5,856,800 | |||||||||
WI PFA–TRIPS AMT | 5.25% | 7/1/2028 | BBB | 3,750 | 4,181,775 | |||||||||
Total | 247,913,043 | |||||||||||||
Education 4.15% | ||||||||||||||
AZ Brd Regents COP–Univ of AZ | 5.00% | 6/1/2021 | Aa3 | 6,745 | 7,985,271 | |||||||||
CA Fin Auth–Biola Univ | 5.00% | 10/1/2028 | Baa1 | 420 | 468,233 | |||||||||
CA Fin Auth–Biola Univ | 5.00% | 10/1/2030 | Baa1 | 430 | 477,708 | |||||||||
CA Fin Auth–Biola Univ | 5.625% | 10/1/2023 | Baa1 | 1,015 | 1,132,405 | |||||||||
CA State Univ Sys | 5.00% | 11/1/2024 | Aa2 | 5,000 | 5,988,250 | |||||||||
Cleveland State Univ | 5.00% | 6/1/2024 | A+ | 1,775 | 2,086,140 | |||||||||
Cuyahoga CCD | 5.00% | 8/1/2020 | Aa2 | 1,800 | 2,079,576 | |||||||||
Fulton Co Dev–GA Tech Athletic Assoc | 5.00% | 10/1/2022 | A2 | 7,480 | 8,925,510 | |||||||||
Harris Co Cultural Ed–Baylor Clg / Med | 5.00% | 11/15/2019 | A- | 1,910 | 2,154,518 | |||||||||
IA HI Ed–Wartburg Clg | 5.00% | 10/1/2032 | BB | (a) | 5,000 | 5,194,550 | ||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2016 | Baa3 | 2,500 | 2,579,250 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2020 | Baa3 | 1,000 | 1,028,890 | |||||||||
IL Fin Auth–IL Inst of Tech | 6.50% | 2/1/2023 | Baa3 | 2,000 | 2,285,500 | |||||||||
IL Fin Auth–Loyola Univ Chicago | 5.00% | 7/1/2025 | A | 8,620 | 10,095,658 | |||||||||
MA DFA–Boston Med Ctr | 5.00% | 7/1/2021 | NR | 2,850 | 3,416,095 | |||||||||
MA DFA–Boston Med Ctr | 5.00% | 7/1/2021 | BBB | 2,855 | 3,335,268 | |||||||||
MA Hlth & Ed–Harvard Univ | 5.25% | 11/15/2019 | AAA | 2,850 | 3,324,525 | |||||||||
Marietta Dev Auth–Life Univ | 6.25% | 6/15/2020 | Ba3 | 2,050 | 2,209,469 | |||||||||
MI Hi Ed–Creative Studies | 5.00% | 12/1/2016 | Baa2 | 845 | 867,604 | |||||||||
MI Hi Ed–Creative Studies | 5.25% | 12/1/2018 | Baa2 | 1,120 | 1,151,192 | |||||||||
NC Cap Facs–High Point Univ | 5.00% | 5/1/2032 | BBB+ | 2,500 | 2,713,625 | |||||||||
NH Hlth & Ed–Univ Sys of NH | 5.50% | 7/1/2020 | Aa3 | 1,890 | 2,197,163 | |||||||||
NJ Ed Facs–Univ Med & Dent | 6.50% | 12/1/2019 | NR | 5,595 | 6,792,442 |
26 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000 | ) | Value | ||||||||
Education (continued) | ||||||||||||||
NY Dorm–Pace Univ | 5.00% | 5/1/2021 | BB+ | $ | 1,750 | $ | 1,960,647 | |||||||
NY Dorm–Pace Univ | 5.00% | 5/1/2023 | BB+ | 1,000 | 1,137,120 | |||||||||
NY Dorm–Pace Univ | 5.00% | 5/1/2026 | BB+ | 1,000 | 1,135,590 | |||||||||
OH Hi Ed–Ashland Univ | 6.25% | 9/1/2024 | Caa2 | 2,850 | 2,825,775 | |||||||||
PR Indl Tourist–Inter American Univ | 5.00% | 10/1/2019 | A- | 1,000 | 1,058,170 | |||||||||
PR Indl Tourist–Inter American Univ | 5.00% | 10/1/2020 | A- | 1,000 | 1,054,770 | |||||||||
Private Clgs & Univs Auth–SCAD | 5.00% | 4/1/2029 | Baa2 | 1,500 | 1,671,105 | |||||||||
Private Clgs & Univs Auth–SCAD | 5.00% | 4/1/2031 | Baa2 | 1,360 | 1,504,092 | |||||||||
Texas A&M Univ | 5.00% | 7/1/2021 | AAA | 7,870 | 9,477,841 | |||||||||
TX Univ Sys | 5.25% | 3/15/2019 | Aa2 | 5,000 | 5,613,050 | |||||||||
Univ California | 5.00% | 5/15/2026 | AA | 10,000 | 12,170,200 | |||||||||
Univ California | 5.00% | 5/15/2048 | AA | 10,000 | 12,287,600 | |||||||||
Univ of Minnesota–Stadium | 5.00% | 8/1/2018 | Aa1 | 1,000 | 1,061,950 | |||||||||
Univ of North Carolina–Chapel Hill | 0.865% | # | 12/1/2041 | AAA | 15,000 | 15,148,800 | ||||||||
Univ of Toledo | 5.00% | 6/1/2019 | A1 | 2,800 | 3,173,240 | |||||||||
Western MI Univ (AG) | 5.25% | 11/15/2020 | AA | 3,980 | 4,551,807 | |||||||||
Total | 154,320,599 | |||||||||||||
General Obligation 15.13% | ||||||||||||||
Bellwood GO | 5.875% | 12/1/2027 | A | 5,000 | 5,722,350 | |||||||||
Bellwood GO | 6.15% | 12/1/2032 | A | 3,770 | 4,339,798 | |||||||||
CA State GO | 5.00% | 8/1/2018 | Aa3 | 3,000 | 3,236,760 | |||||||||
CA State GO | 5.00% | 2/1/2021 | Aa3 | 6,045 | 7,212,289 | |||||||||
CA State GO | 5.00% | 9/1/2021 | Aa3 | 13,685 | 16,477,972 | |||||||||
CA State GO | 5.00% | 9/1/2021 | Aa3 | 15,500 | 18,663,395 | |||||||||
CA State GO | 5.00% | 2/1/2022 | Aa3 | 20,000 | 24,146,400 | |||||||||
CA State GO | 5.00% | 3/1/2025 | Aa3 | 7,000 | 8,707,230 | |||||||||
CA State GO | 5.00% | 3/1/2025 | Aa3 | 10,000 | 12,438,900 | |||||||||
CA State GO | 5.00% | 3/1/2026 | Aa3 | 5,000 | 6,129,750 | |||||||||
CA State GO | 5.00% | 10/1/2027 | Aa3 | 10,000 | 11,879,300 | |||||||||
CA State GO | 5.25% | 10/1/2020 | Aa3 | 10,120 | 11,938,766 | |||||||||
CA State GO | 5.25% | 3/1/2022 | Aa3 | 6,320 | 7,488,694 | |||||||||
CA State GO | 5.25% | 9/1/2024 | Aa3 | 10,000 | 12,124,600 | |||||||||
Chabot/Las Positas CCD | 5.00% | 8/1/2023 | Aa3 | 3,000 | 3,689,130 | |||||||||
Clackamas Co Sch Dist–North Clackamas | 5.00% | 6/15/2025 | AA+ | 1,450 | 1,788,880 | |||||||||
Clark Co GO | 5.00% | 11/1/2027 | Aa1 | 10,775 | 13,138,281 | |||||||||
Cook Co GO | 5.00% | 11/15/2020 | AA | 5,000 | 5,766,150 | |||||||||
Cook Co GO | 5.00% | 11/15/2021 | AA | 5,000 | 5,819,800 |
See Notes to Financial Statements. | 27 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation (continued) | ||||||||||||||
Cook Co GO | 5.00% | 11/15/2025 | AA | $ | 6,000 | $ | 6,854,580 | |||||||
Cumberland Valley Sch Dist (AGM) | 5.00% | 11/15/2019 | Aa3 | 3,000 | 3,086,040 | |||||||||
DC GO (BHAC) | 5.00% | 6/1/2021 | AA+ | 3,500 | 3,929,870 | |||||||||
Detroit–State Aid GO | 4.50% | 11/1/2023 | AA | 13,105 | 13,816,864 | |||||||||
Detroit–State Aid GO | 5.00% | 11/1/2018 | AA | 3,320 | 3,544,266 | |||||||||
FL Brd Ed | 5.00% | 6/1/2023 | AAA | 5,000 | 6,091,700 | |||||||||
Florida St Dept Trans | 5.00% | 7/1/2021 | AAA | 7,760 | 9,330,003 | |||||||||
Fresno USD (NPFGC)(FGIC) | 5.25% | 2/1/2024 | AA- | 3,285 | 3,967,590 | |||||||||
Guam GO | 6.75% | 11/15/2029 | BB- | 6,475 | 7,547,389 | |||||||||
Gwinnett Co Dev–Gwinnett Co Pub Sch COP (NPFGC)(FGIC) | 5.25% | 1/1/2020 | AA+ | 5,000 | 5,855,450 | |||||||||
Harris Co Toll Rd GO | 5.00% | 8/15/2024 | AA- | 5,000 | 5,633,850 | |||||||||
HI State GO | 5.00% | 8/1/2026 | AA | 7,545 | 9,266,165 | |||||||||
HI State GO (AMBAC) | 5.00% | 7/1/2015 | AA | 40 | 40,457 | |||||||||
Houston GO | 5.00% | 3/1/2023 | AA+ | 4,000 | 4,928,960 | |||||||||
Houston GO | 5.00% | 3/1/2024 | AA+ | 2,000 | 2,477,860 | |||||||||
IL State GO | 5.00% | 2/1/2020 | A- | 1,425 | 1,577,561 | |||||||||
IL State GO | 5.00% | 7/1/2022 | A- | 6,500 | 7,317,180 | |||||||||
IL State GO | 5.00% | 8/1/2023 | A- | 5,350 | 6,056,628 | |||||||||
Kane Cook & De Kalb Co Sch Dist #30 (AG)(AMBAC) | 5.00% | 1/1/2023 | AA | 2,700 | 2,894,562 | |||||||||
Katy ISD PSF GTD | 0.765% | # | 8/15/2036 | AAA | 17,500 | 17,500,700 | ||||||||
Katy ISD PSF GTD | 5.00% | 2/15/2025 | AAA | 6,500 | 8,170,500 | |||||||||
King Co Sch Dist #414–Lake Washington | 5.00% | 12/1/2019 | Aaa | 2,500 | 2,855,850 | |||||||||
LA State GO | 5.00% | 9/1/2022 | Aa2 | 5,120 | 6,094,899 | |||||||||
LA State GO | 5.00% | 8/1/2025 | AA | 8,660 | 10,725,756 | |||||||||
Los Angeles GO | 5.00% | 9/1/2021 | Aa2 | 5,180 | 6,296,912 | |||||||||
Los Angeles USD (NPFGC)(FGIC) | 4.50% | 7/1/2025 | Aa2 | 6,290 | 6,787,539 | |||||||||
MA State GO | 5.00% | 4/1/2024 | AA+ | 7,500 | 8,950,125 | |||||||||
MA State GO | 5.00% | 8/1/2024 | AA+ | 5,000 | 6,250,150 | |||||||||
MA State GO | 5.00% | 9/1/2024 | AA+ | 1,505 | 1,823,428 | |||||||||
Met Govt Nashville GO | 5.00% | 1/1/2018 | AA | 8,325 | 9,252,488 | |||||||||
Miami Dade Co GO | 5.25% | 7/1/2019 | AA | 3,225 | 3,652,603 | |||||||||
NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2021 | AA | 1,500 | 1,798,050 | |||||||||
NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2023 | AA | 2,500 | 3,070,075 | |||||||||
NYC GO | 5.00% | 10/1/2021 | AA | 6,000 | 7,166,340 | |||||||||
NYC GO | 5.00% | 8/1/2022 | AA | 10,000 | 11,962,500 | |||||||||
NYC GO | 5.00% | 8/1/2025 | AA | 12,000 | 14,470,440 |
28 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation (continued) | ||||||||||||||
NYC GO | 5.00% | 8/1/2026 | AA | $ | 5,235 | $ | 6,172,903 | |||||||
Onondaga Co GO | 5.00% | 3/1/2020 | AA+ | 1,150 | 1,316,118 | |||||||||
Peralta CCD | 5.00% | 8/1/2021 | AA- | 3,000 | 3,616,680 | |||||||||
Pittsburgh PA Sch District | 4.00% | 9/1/2019 | Aa3 | 5,900 | 6,515,488 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2027 | B | 4,380 | 3,033,982 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2016 | B | 5,000 | 4,717,850 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2026 | B | 3,475 | 2,442,612 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2032 | B | 1,575 | 1,063,141 | |||||||||
PR Comwlth GO | 5.375% | 7/1/2030 | B | 10,000 | 6,850,000 | |||||||||
PR Comwlth GO | 5.375% | 7/1/2033 | B | 1,075 | 725,754 | |||||||||
PR Comwlth GO | 5.50% | 7/1/2026 | B | 5,000 | 3,545,700 | |||||||||
PR Comwlth GO | 5.75% | 7/1/2028 | B | 5,125 | 3,613,945 | |||||||||
PR Comwlth GO | 8.00% | 7/1/2035 | B | 1,500 | 1,233,750 | |||||||||
PR Comwlth GO (AMBAC) | 5.50% | 7/1/2019 | B | 550 | 573,964 | |||||||||
PR Comwlth Govt Dev Bank | 5.00% | 12/1/2015 | B- | 5,000 | 4,679,400 | |||||||||
PR Pub Bldg Auth GTD | 5.25% | 7/1/2029 | B | 2,040 | 1,336,567 | |||||||||
PR Pub Bldg Auth GTD | 5.75% | 7/1/2022 | B | 6,805 | 4,825,494 | |||||||||
RI State GO | 5.00% | 8/1/2022 | AA | 6,480 | 7,821,878 | |||||||||
San Francisco City & Co USD | 4.00% | 6/15/2021 | Aa2 | 9,740 | 11,008,927 | |||||||||
San Jose USD (NPFGC) | 4.50% | 8/1/2023 | AA | 2,825 | 2,983,256 | |||||||||
TX State GO | 5.00% | 10/1/2022 | AAA | 13,000 | 15,921,750 | |||||||||
TX State GO | 5.00% | 10/1/2026 | AAA | 10,000 | 12,226,100 | |||||||||
WA State GO | 5.00% | 8/1/2022 | AA+ | 14,245 | 17,059,527 | |||||||||
WA State GO | 5.00% | 1/1/2024 | AA+ | 5,000 | 5,792,100 | |||||||||
WI State GO (NPFGC)(FGIC) | 5.00% | 5/1/2019 | AA | 10,000 | 10,033,900 | |||||||||
Williamson Co GO | 5.00% | 2/15/2021 | AAA | 5,640 | 6,743,015 | |||||||||
Woonsocket GO | 7.125% | 6/15/2016 | B3 | 2,025 | 2,077,366 | |||||||||
Worcester GO (AGM) | 5.25% | 10/1/2019 | AA | 1,000 | 1,072,970 | |||||||||
Worcester GO (AGM) | 5.25% | 10/1/2020 | AA | 1,195 | 1,281,829 | |||||||||
Total | 562,039,741 | |||||||||||||
Health Care 14.33% | ||||||||||||||
Alachua Co Hlth–East Ridge Ret Vlg | 5.00% | 11/15/2024 | BB | (a) | 4,000 | 4,333,160 | ||||||||
Alachua Co Hlth–East Ridge Ret Vlg | 5.625% | 11/15/2029 | BB | (a) | 1,000 | 1,091,060 | ||||||||
Alachua Co IDA–No FL Retirement Vlg | 5.625% | 11/15/2022 | NR | 2,000 | 2,071,340 | |||||||||
Alachua Co IDA–No FL Retirement Vlg | 5.75% | 11/15/2026 | NR | 6,000 | 6,175,380 | |||||||||
Albany IDA–St Peters Hsp | 5.00% | 11/15/2015 | A3 | 200 | 205,950 |
See Notes to Financial Statements. | 29 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
AR DFA–Baptist Mem Hlth | 1.57% | # | 9/1/2044 | A- | $ | 12,000 | $ | 11,999,760 | ||||||
Atlantic Bch Hlth–Fleet Landing | 5.00% | 11/15/2028 | BBB | (a) | 2,020 | 2,245,230 | ||||||||
AZ Hlth Facs–Phoenix Childrens Hsp | 1.87% | # | 2/1/2048 | BBB+ | 14,500 | 14,917,745 | ||||||||
AZ Hlth Facs–Phoenix Childrens Hsp | 5.00% | 2/1/2030 | BBB+ | 6,000 | 6,634,200 | |||||||||
Blount Co Hlth & Ed–Asbury | 5.125% | 4/1/2023 | NR | 4,175 | 4,268,186 | |||||||||
CA Hlth–Catholic Hlthcare W | 5.125% | 7/1/2022 | A | 920 | 931,132 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2022 | BBB+ | 1,540 | 1,804,295 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2023 | BBB+ | 1,000 | 1,166,350 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2024 | BBB+ | 2,000 | 2,307,280 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2025 | BBB+ | 4,880 | 5,586,478 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2026 | BBB+ | 3,705 | 4,206,101 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2027 | BBB+ | 4,000 | 4,500,400 | |||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2029 | BBB+ | 1,300 | 1,453,296 | |||||||||
CA Hlth–City of Hope | 5.00% | 11/15/2023 | A+ | 1,470 | 1,769,733 | |||||||||
CA Hlth–St Joseph Hlth | 5.00% | 7/1/2034 | AA- | 3,000 | 3,645,840 | |||||||||
CA Hlth–St Joseph Hlth | 5.00% | 7/1/2043 | AA- | 5,000 | 5,778,400 | |||||||||
CA Hlth–Sutter Hlth | 5.25% | 8/15/2024 | AA- | 6,920 | 8,143,664 | |||||||||
CA Stwde–Fountainview Gonda | 3.00% | 8/1/2021 | A+ | 5,200 | 5,369,000 | |||||||||
CA Stwde–LA Jewish Home | 4.75% | 8/1/2020 | NR | 1,425 | 1,433,123 | |||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2029 | BBB | 5,000 | 5,694,200 | |||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2034 | BBB | 4,500 | 5,050,350 | |||||||||
CA Stwde–So Cal Presbyterian† | 6.25% | 11/15/2019 | BBB- | 1,600 | 1,773,456 | |||||||||
Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2023 | BBB+ | 3,000 | 3,534,840 | |||||||||
Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2024 | BBB+ | 3,330 | 3,973,689 | |||||||||
Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2025 | BBB+ | 1,250 | 1,476,400 | |||||||||
Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2027 | BBB+ | 1,000 | 1,158,030 | |||||||||
CO Hlth Facs–American Baptist | 7.00% | 8/1/2019 | NR | 1,500 | 1,672,680 | |||||||||
CO Hlth Facs–Christian Living Cmnty | 5.125% | 1/1/2030 | NR | 600 | 630,828 | |||||||||
CO Hlth Facs–Sisters Leavenworth | 5.00% | 1/1/2021 | AA- | 6,555 | 7,575,679 | |||||||||
Cumberland Co Mun Auth–Asbury | 5.25% | 1/1/2032 | NR | 1,200 | 1,268,928 | |||||||||
Decatur Hsp–Wise Hlth | 5.00% | 9/1/2034 | BB+ | 3,325 | 3,529,920 | |||||||||
Decatur Hsp–Wise Hlth | 5.25% | 9/1/2029 | BB+ | 800 | 885,696 | |||||||||
Delaware Co Hsp–Crozer-Keystone | 5.00% | 12/15/2019 | BB | 1,000 | 1,049,350 | |||||||||
Duluth EDA–St Lukes Hsp | 5.75% | 6/15/2032 | NR | 4,250 | 4,764,632 | |||||||||
Eden Twp Hlthcare Dist COP | 5.375% | 6/1/2023 | BBB+ | (a) | 3,085 | 3,428,114 | ||||||||
Fairfax Co EDA–Vinson Hall | 4.50% | 12/1/2032 | NR | 2,500 | 2,503,425 | |||||||||
Flint Hsp Bldg Auth–Hurley Med Ctr | 6.00% | 7/1/2020 | Ba1 | 520 | 520,983 |
30 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
Gaithersburg Econ Dev–Asbury | 5.50% | 1/1/2018 | BBB | (a) | $ | 3,535 | $ | 3,878,602 | ||||||
Gaithersburg Econ Dev–Asbury | 5.65% | 1/1/2019 | BBB | (a) | 2,000 | 2,249,700 | ||||||||
Glynn Brunswick Mem Hsp–SE GA Hlth | 4.75% | 8/1/2019 | A2 | 3,840 | 4,270,042 | |||||||||
Hanover Co EDA–Covenant Woods | 4.50% | 7/1/2030 | NR | 2,790 | 2,822,476 | |||||||||
Harris Co Cultural Ed–Brazos | 6.375% | 1/1/2033 | BB+ | (a) | 1,385 | 1,587,210 | ||||||||
Harris Co Cultural Ed–Brazos | 4.00% | 1/1/2023 | BB+ | (a) | 1,325 | 1,344,332 | ||||||||
Harris Co Cultural Ed–Brazos | 5.00% | 1/1/2033 | BB+ | (a) | 545 | 562,614 | ||||||||
HI Dept Budget–Kahala Nui | 5.00% | 11/15/2027 | BBB | (a) | 1,500 | 1,694,160 | ||||||||
Howard Co Retmt Cmnty–Vantage House | 5.25% | 4/1/2027 | NR | 2,000 | 2,015,940 | |||||||||
IL Fin Auth–Centegra Hlth | 5.00% | 9/1/2034 | BBB | 1,015 | 1,106,391 | |||||||||
IL Fin Auth–Hsp Sisters Hlth | 5.00% | 8/15/2020 | AA- | 2,695 | 3,141,723 | |||||||||
IL Fin Auth–Hsp Sisters Hlth | 5.00% | 8/15/2021 | AA- | 5,510 | 6,518,716 | |||||||||
IL Fin Auth–Northwestern Mem Hsp(b) | 5.75% | 8/15/2030 | AA+ | 2,500 | 2,925,150 | |||||||||
IL Fin Auth–Provena Hlth | 5.75% | 5/1/2018 | BBB+ | 1,000 | 1,129,290 | |||||||||
IL Fin Auth–Rush Univ Med | 6.00% | 11/1/2019 | Aaa | 1,000 | 1,174,510 | |||||||||
IL Fin Auth–Silver Cross Hsp(c) | 5.00% | 8/15/2035 | Baa1 | 4,500 | 4,965,075 | |||||||||
IN Bd Bk–Hendricks Regl Hlth | 5.00% | 2/1/2019 | AA | 1,765 | 2,007,352 | |||||||||
Jackson Co Hospital Fin Auth Rmkt (AG) | 5.00% | 6/1/2018 | AA | 4,350 | 4,694,955 | |||||||||
Jackson Co Hospital Fin Auth Rmkt (AG) | 5.00% | 6/1/2019 | AA | 4,400 | 4,808,320 | |||||||||
Kansas City IDA–Bishop Spencer | 6.25% | 1/1/2024 | NR | 780 | 782,613 | |||||||||
Kansas City IDA–Bishop Spencer | 6.50% | 1/1/2035 | NR | 2,500 | 2,503,875 | |||||||||
Karnes Co Hsp Dist | 5.00% | 2/1/2024 | BBB | (a) | 1,710 | 1,910,155 | ||||||||
Karnes Co Hsp Dist | 5.00% | 2/1/2034 | BBB | (a) | 1,000 | 1,093,150 | ||||||||
Kaweah Delta Hlth Care Dist | 5.00% | 6/1/2020 | A3 | 2,000 | 2,274,880 | |||||||||
Kent Hsp Fin Auth–Metropolitan Hsp | 5.50% | 7/1/2020 | BB+ | 3,275 | 3,307,881 | |||||||||
KY EDA–Masonic Homes | 5.375% | 11/15/2032 | NR | 2,385 | 2,486,935 | |||||||||
LA PFA–Christus Hlth | 5.25% | 7/1/2020 | A+ | 3,200 | 3,670,272 | |||||||||
Lufkin Hlth–Mem Hlth | 6.00% | 2/15/2024 | Baa3 | 7,535 | 8,828,835 | |||||||||
MD Hlth & Hi Ed–Mercy Med Ctr | 5.00% | 7/1/2031 | BBB | 1,100 | 1,189,364 | |||||||||
MD Hlth & Hi Ed–Univ MD Med Sys | 5.00% | 7/1/2020 | A2 | 4,905 | 5,643,202 | |||||||||
MD Hlth & Hi Ed–Univ MD Med Sys | 5.00% | 7/1/2021 | A2 | 5,550 | 6,348,256 | |||||||||
MD Hlth & Hi Ed–Western MD Hlth Sys | 5.00% | 7/1/2024 | BBB | 5,000 | 6,035,050 | |||||||||
MD Hlth & Hi Ed–Western MD Hlth Sys | 5.25% | 7/1/2026 | BBB | 10,000 | 11,911,100 | |||||||||
ME Hlth & Hi Ed–MaineGeneral Hlth | 6.00% | 7/1/2026 | Ba1 | 7,755 | 8,847,524 | |||||||||
Mesquite Hlth–Christian Care Ctrs | 5.50% | 2/15/2025 | NR | 3,250 | 3,295,402 | |||||||||
MI Fin Auth–Beaumont Hlth | 5.00% | 8/1/2028 | A1 | 6,175 | 7,178,561 | |||||||||
MI Fin Auth–Crittenton Hospital | 5.00% | 6/1/2019 | BBB | 2,660 | 2,997,448 |
See Notes to Financial Statements. | 31 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
MI Fin Auth–Crittenton Hospital | 5.00% | 6/1/2022 | BBB | $ | 2,960 | $ | 3,383,931 | |||||||
MI Fin Auth–Crittenton Hospital | 5.00% | 6/1/2027 | BBB | 7,250 | 8,054,460 | |||||||||
MI Hsp–McLaren Hlthcare | 5.00% | 6/1/2019 | Aa3 | 3,345 | 3,814,036 | |||||||||
MI Hsp–McLaren Hlthcare | 5.00% | 6/1/2020 | Aa3 | 5,540 | 6,427,674 | |||||||||
Miami Beach Hlth–Mt Sinai Med Ctr | 5.00% | 11/15/2030 | Baa1 | 1,500 | 1,698,045 | |||||||||
MN Agric & Econ Dev–Essential Hlth Rmkt (AG) | 5.50% | 2/15/2025 | AA | 4,500 | 5,249,520 | |||||||||
Montgomery Co IDA–New Regl Med Ctr (FHA) | 5.00% | 8/1/2018 | AA | 1,600 | 1,785,504 | |||||||||
Montgomery Co IDA–New Regl Med Ctr (FHA) | 5.00% | 8/1/2019 | AA | 1,780 | 2,016,882 | |||||||||
Montgomery Co IDA–New Regl Med Ctr (FHA) | 5.00% | 8/1/2020 | AA | 995 | 1,144,568 | |||||||||
Montgomery Co IDA–Whitemarsh | 5.00% | 1/1/2030 | NR | 2,000 | 2,040,040 | |||||||||
MS Hsp–Baptist Health | 5.00% | 8/15/2017 | BBB+ | 2,500 | 2,727,125 | |||||||||
MS Hsp–Baptist Health | 5.00% | 8/15/2018 | BBB+ | 3,000 | 3,265,170 | |||||||||
Multnomah Co Hsp Facs–Mirabella | 5.125% | 10/1/2034 | NR | 4,000 | 4,349,280 | |||||||||
Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2033 | BB+ | 6,500 | 6,894,160 | |||||||||
Nassau Co LEAC–Winthrop Univ Hsp | 5.00% | 7/1/2027 | Baa2 | 3,000 | 3,413,040 | |||||||||
Nassau Co LEAC–Winthrop Univ Hsp | 5.00% | 7/1/2032 | Baa2 | 4,000 | 4,456,600 | |||||||||
NC Med–Lutheran Svcs | 4.75% | 3/1/2032 | NR | 2,550 | 2,641,035 | |||||||||
NJ EDA–Seashore Gardens | 5.30% | 11/1/2026 | NR | 2,000 | 1,806,720 | |||||||||
NJ Hlth–AHS Hsp Corp | 5.125% | 7/1/2019 | A+ | 1,500 | 1,678,110 | |||||||||
NJ Hlth–Barnabas Hlth | 5.00% | 7/1/2019 | A- | 10,000 | 11,394,000 | |||||||||
NJ Hlth–St Josephs Hlth | 6.00% | 7/1/2018 | BBB- | 6,590 | 7,213,282 | |||||||||
NJ Hlth–St Peters Univ Hsp | 5.25% | 7/1/2021 | BB+ | 2,045 | 2,200,584 | |||||||||
NJ Hlth–St Peters Univ Hsp | 6.00% | 7/1/2026 | BB+ | 5,500 | 6,228,695 | |||||||||
NJ Hlth–Trinitas Hsp | 5.25% | 7/1/2023 | BBB | 5,000 | 5,375,350 | |||||||||
NJ Hlth–Virtua Hlth (AG) | 5.50% | 7/1/2020 | AA | 5,455 | 6,336,692 | |||||||||
NM Hsp–Haverland | 5.00% | 7/1/2032 | BBB- | (a) | 1,000 | 1,027,810 | ||||||||
Northampton Co GPA–St Lukes Hsp | 5.00% | 8/15/2019 | A- | 2,000 | 2,238,740 | |||||||||
NY Dorm–North Shore LI Jewish | 5.00% | 5/1/2019 | A- | 4,000 | 4,541,520 | |||||||||
NY Dorm–NYU Hsps Ctr | 5.00% | 7/1/2019 | A- | 2,000 | 2,284,100 | |||||||||
NY Dorm–Orange Regl Med | 6.50% | 12/1/2021 | Ba1 | 1,000 | 1,123,140 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2021 | Aa3 | 1,635 | 1,928,008 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2022 | Aa3 | 5,000 | 5,957,800 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2023 | Aa3 | 4,000 | 4,814,480 | |||||||||
Orange Co Hlth–Orlando Hlth | 5.25% | 10/1/2020 | A | 5,000 | 5,762,600 |
32 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
Palomar Hlth Care Dist COP | 5.25% | 11/1/2021 | Ba1 | $ | 5,000 | $ | 5,324,950 | |||||||
Philadelphia Hsps–Temple Univ Hlth | 5.50% | 7/1/2030 | BB+ | 2,025 | 2,099,601 | |||||||||
Philadelphia Hsps–Temple Univ Hlth | 6.25% | 7/1/2023 | BB+ | 7,500 | 8,085,900 | |||||||||
Roanoke EDA–Carilion Clinic | 5.00% | 7/1/2025 | A+ | 10,000 | 11,578,000 | |||||||||
San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 10,000 | 13,096,800 | |||||||||
Sartell Hlth Care–Country Manor | 5.25% | 9/1/2030 | NR | 1,000 | 1,056,460 | |||||||||
SE Port Auth–Memorial Hlth | 5.50% | 12/1/2029 | BB | (a) | 750 | 809,408 | ||||||||
Shelby Co Hlth Ed Hsg–Vlg Germantwn | 5.00% | 12/1/2032 | NR | 3,880 | 4,050,293 | |||||||||
So Broward Hsp Dist–Memorial Hlthcare (NPFGC)(FGIC) | 5.00% | 5/1/2019 | AA- | 5,130 | 5,375,522 | |||||||||
So Broward Hsp Dist–Memorial Hlthcare (NPFGC)(FGIC) | 5.00% | 5/1/2022 | AA- | 2,710 | 2,840,297 | |||||||||
St Paul Hsg & Redev–Healtheast | 5.00% | 11/15/2017 | BBB- | 2,900 | 2,977,488 | |||||||||
Sylacauga Hlth–Coosa Vy Med Ctr | 5.375% | 8/1/2015 | NR | 515 | 523,693 | |||||||||
Sylacauga Hlth–Coosa Vy Med Ctr | 6.00% | 8/1/2025 | NR | 3,525 | 3,591,693 | |||||||||
Tarrant Co Cultural–Christus Hlth (AG) | 5.75% | 7/1/2018 | AA | 1,820 | 1,995,029 | |||||||||
Thomasville Hsp Auth–John Archbold | 4.75% | 11/1/2025 | A+ | 6,150 | 6,295,509 | |||||||||
Tyler Hlth–Mother Frances Hsp | 5.50% | 7/1/2027 | Baa1 | 3,975 | 4,529,592 | |||||||||
Univ Med Ctr Corp | 6.00% | 7/1/2024 | NR | 1,000 | 1,197,570 | |||||||||
WA Hsg–Rockwood† | 6.00% | 1/1/2024 | NR | 1,670 | 1,778,450 | |||||||||
Westchester Co Hlth Care | 5.00% | 11/1/2019 | A3 | 4,000 | 4,599,880 | |||||||||
Westchester Co Hlth Care | 5.125% | 11/1/2020 | A3 | 5,500 | 6,405,960 | |||||||||
Westchester Co LDC–Kendal Hudson | 5.00% | 1/1/2028 | BBB | (a) | 1,350 | 1,521,369 | ||||||||
WI Hlth & Ed–Ascension Hlth | 5.00% | 11/15/2033 | AA+ | 2,000 | 2,265,180 | |||||||||
WI Hlth & Ed–Aurora Hlth | 5.00% | 7/15/2026 | A3 | 5,575 | 6,429,592 | |||||||||
WI Hlth & Ed–Wheaton Franciscan Hlth | 5.25% | 8/15/2018 | A- | 2,000 | 2,113,380 | |||||||||
WI PFA–Rose Villa | 3.75% | 11/15/2019 | NR | 565 | 569,819 | |||||||||
Wood Co Hsp Facs–Wood Co Hsp | 5.00% | 12/1/2027 | Baa2 | 3,450 | 3,797,415 | |||||||||
Wood Co Hsp Facs–Wood Co Hsp | 5.00% | 12/1/2032 | Baa2 | 2,275 | 2,437,685 | |||||||||
Woodbury Hsg–St Therese | 5.00% | 12/1/2029 | NR | 1,000 | 1,058,050 | |||||||||
Woodbury Hsg–St Therese | 5.00% | 12/1/2034 | NR | 1,000 | 1,039,560 | |||||||||
WV Hsp–Herbert Thomas Hlth | 6.00% | 10/1/2020 | NR | 1,600 | 1,701,776 | |||||||||
Total | 532,147,986 | |||||||||||||
Housing 0.36% | ||||||||||||||
Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2032 | NR | 500 | 633,600 | |||||||||
Athens Hsg Auth–UGA E Campus Hsg | 4.00% | 12/1/2019 | Aa2 | 2,045 | 2,227,066 |
See Notes to Financial Statements. | 33 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Housing (continued) | ||||||||||||||
CA Stwde–American Baptist | 2.10% | 10/1/2019 | BBB+ | (a) | $ | 2,200 | $ | 2,201,562 | ||||||
CA Stwde–CHF-Irvine LLC | 6.00% | 5/15/2023 | Baa2 | 2,000 | 2,243,720 | |||||||||
MI Strategic Fd–Evangelical Homes | 5.25% | 6/1/2032 | BB+ | (a) | 1,500 | 1,589,790 | ||||||||
NJ EDA–Montclair St Std Hsg | 5.25% | 6/1/2019 | Baa3 | 1,610 | 1,835,158 | |||||||||
PA Hi Ed–Edinboro Univ | 5.00% | 7/1/2018 | Baa3 | 190 | 203,114 | |||||||||
WA Hsg–Emerald Heights | 4.00% | 7/1/2019 | A- | (a) | 1,130 | 1,203,925 | ||||||||
WA Hsg–Emerald Heights | 5.00% | 7/1/2022 | A- | (a) | 1,000 | 1,143,310 | ||||||||
Total | 13,281,245 | |||||||||||||
Lease Obligations 7.65% | ||||||||||||||
Broward Co Sch Brd COP | 5.00% | 7/1/2021 | A1 | 5,000 | 5,924,650 | |||||||||
CA Pub Wks–Dept Gen Svcs | 5.00% | 4/1/2020 | A1 | 4,085 | 4,661,189 | |||||||||
CA Pub Wks–Dept Hsps | 5.00% | 6/1/2023 | A1 | 3,000 | 3,666,930 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 3/1/2018 | A1 | 7,490 | 8,356,443 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 11/1/2019 | A1 | 1,000 | 1,161,970 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 11/1/2020 | A1 | 1,500 | 1,778,130 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2021 | A1 | 3,250 | 3,873,058 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 11/1/2021 | A1 | 1,000 | 1,201,780 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2022 | A1 | 4,200 | 5,070,366 | |||||||||
CA Pub Wks–Various Cap Proj | 5.25% | 10/1/2019 | A1 | 11,370 | 13,308,244 | |||||||||
Cleveland COP–Cleveland Stadium | 5.00% | 11/15/2019 | A2 | 2,450 | 2,752,967 | |||||||||
Cuyahoga Co COP–Conv Hotel Proj | 5.00% | 12/1/2023 | AA- | 5,640 | 6,741,436 | |||||||||
Dallas Civic Ctr (AG) | 5.00% | 8/15/2021 | AA | 3,800 | 4,330,670 | |||||||||
Dallas Conv Ctr Hotel Dev Corp | 5.25% | 1/1/2020 | A+ | 4,000 | 4,564,520 | |||||||||
Dallas Conv Ctr Hotel Dev Corp | 5.25% | 1/1/2022 | A+ | 6,405 | 7,293,822 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2019 | AA | 2,500 | 2,870,475 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2020 | AA | 3,650 | 4,282,070 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2024 | AA | 5,930 | 7,044,069 | |||||||||
FL Dept of Children’s & Family Svcs COP (NPFGC)(FGIC) | 5.00% | 10/1/2022 | AA+ | 2,870 | 3,057,153 | |||||||||
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 | 3,419,580 | |||||||||
IN Fin Auth–I-69 AMT | 5.25% | 9/1/2026 | BBB- | 1,100 | 1,275,186 | |||||||||
IN Fin Auth–I-69 AMT | 5.25% | 9/1/2027 | BBB- | 1,400 | 1,609,496 | |||||||||
Kansas City IDA–Downtown Redev Dist | 5.00% | 9/1/2022 | AA- | 7,470 | 8,831,706 | |||||||||
KY Ppty & Bldgs Commn–Proj #93 (AG) | 5.25% | 2/1/2020 | AA | 2,000 | 2,286,780 | |||||||||
LA PFA–Hurricane Recovery | 5.00% | 6/1/2020 | Aa3 | 3,300 | 3,867,897 |
34 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Lease Obligations (continued) | ||||||||||||||
LA PFA–Hurricane Recovery | 5.00% | 6/1/2023 | Aa3 | $ | 3,200 | $ | 3,897,952 | |||||||
LA PFA–Hurricane Recovery | 5.00% | 6/1/2024 | Aa3 | 6,750 | 8,291,295 | |||||||||
Los Angeles Co COP–Disney Concert Hall | 5.00% | 9/1/2022 | AA | 1,250 | 1,508,038 | |||||||||
MD EDC–Public Hlth Lab | 5.00% | 6/1/2019 | AA+ | 5,415 | 6,221,510 | |||||||||
Mecklenburg Co PFC | 5.00% | 3/1/2020 | AA+ | 2,525 | 2,898,852 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.00% | 6/1/2016 | A+ | 5,000 | 5,111,350 | |||||||||
MI Strategic Fd–Cadillac Place | 5.25% | 10/15/2023 | A+ | 3,865 | 4,633,323 | |||||||||
MI Strategic Fd–Cadillac Place | 5.25% | 10/15/2024 | A+ | 6,915 | 8,280,228 | |||||||||
Miami Dade Co Sch Brd COP (NPFGC) | 5.00% | 5/1/2022 | AA- | 11,550 | 12,575,178 | |||||||||
MN State Gen Fund | 5.00% | 3/1/2021 | AA | 4,000 | 4,771,560 | |||||||||
NJ EDA–Sch Facs | 5.00% | 3/1/2023 | A2 | 7,445 | 8,413,743 | |||||||||
NJ EDA–Sch Facs | 5.25% | 12/15/2020 | A2 | 8,125 | 9,169,469 | |||||||||
NJ EDA–Sch Facs | 5.25% | 9/1/2023 | A2 | 10,000 | 11,250,500 | |||||||||
NJ EDA–Sch Facs | 5.25% | 9/1/2025 | A2 | 5,550 | 6,192,967 | |||||||||
NJ EDA–Transit Proj | 5.00% | 5/1/2018 | A2 | 1,425 | 1,562,712 | |||||||||
NJ EDA–Transit Proj | 5.00% | 5/1/2019 | A2 | 3,000 | 3,351,960 | |||||||||
NJ Trans Trust Fund (NPFGC) | 5.50% | 12/15/2020 | AA- | 1,000 | 1,148,670 | |||||||||
NW Allen Sch Bldg Corp (AGM) | 5.00% | 7/15/2020 | AA+ | 3,140 | 3,458,333 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2025 | AAA | 1,320 | 1,469,596 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2026 | AAA | 1,920 | 2,137,595 | |||||||||
NY UDC–Svc Contract | 5.00% | 1/1/2022 | AA | 3,705 | 4,281,906 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2026 | AA | 1,750 | 2,139,463 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2028 | AA | 1,500 | 1,794,825 | |||||||||
Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | 5.00% | 2/1/2020 | A1 | 8,030 | 9,325,881 | |||||||||
Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | 5.00% | 2/1/2021 | A1 | 8,750 | 10,308,200 | |||||||||
Philadelphia Redev Auth | 5.00% | 4/15/2020 | A+ | 3,525 | 4,023,506 | |||||||||
Philadelphia Redev Auth | 5.00% | 4/15/2021 | A+ | 2,000 | 2,316,000 | |||||||||
Philadelphia Redev Auth | 5.00% | 4/15/2022 | A+ | 5,195 | 6,049,681 | |||||||||
PR Pub Bldg Auth GTD | 5.25% | 7/1/2033 | B | 2,000 | 1,310,280 | |||||||||
PR Pub Bldg Auth GTD | 7.00% | 7/1/2021 | B | 5,000 | 3,670,650 | |||||||||
San Diego Conv Ctr Fing Auth | 5.00% | 4/15/2019 | AA- | 2,000 | 2,293,240 | |||||||||
San Diego Conv Ctr Fing Auth | 5.00% | 4/15/2020 | AA- | 4,100 | 4,799,665 | |||||||||
San Diego Conv Ctr Fing Auth | 5.00% | 4/15/2021 | AA- | 3,750 | 4,456,725 | |||||||||
San Jose Fing Auth–Civic Ctr | 5.00% | 6/1/2022 | AA | 1,000 | 1,216,320 | |||||||||
San Jose Fing Auth–Civic Ctr | 5.00% | 6/1/2023 | AA | 1,000 | 1,231,610 |
See Notes to Financial Statements. | 35 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Lease Obligations (continued) | ||||||||||||||
Twin Rivers USD COP (AGM) | 3.20% | 6/1/2027 | AA | $ | 1,750 | $ | 1,750,875 | |||||||
Twin Rivers USD COP (AGM) | 3.20% | 6/1/2035 | AA | 920 | 920,221 | |||||||||
Twin Rivers USD COP (AGM) | 3.20% | 6/1/2041 | AA | 2,250 | 2,250,450 | |||||||||
Total | 283,962,436 | |||||||||||||
Other Revenue 3.77% | ||||||||||||||
Apache Co Poll Ctl–Tucson Elec | 4.50% | 3/1/2030 | A3 | 11,300 | 12,160,495 | |||||||||
Austin Convention† | 6.00% | 1/1/2017 | BB | 1,935 | 2,070,431 | |||||||||
Baker Correctional Dev | 7.50% | 2/1/2030 | NR | 1,200 | 896,340 | |||||||||
Baytown Twp–St Croix Prep Admy | 6.00% | 8/1/2018 | BB | 1,505 | 1,574,004 | |||||||||
Brooklyn Arena LDC–Barclays Ctr | 5.75% | 7/15/2019 | BBB- | 2,715 | 3,141,744 | |||||||||
CA Infra & Econ Dev–Broad Museum | 5.00% | 6/1/2021 | Aa1 | 5,425 | 6,554,593 | |||||||||
CA Infra & Econ Dev–Gladstone Instn | 5.25% | 10/1/2026 | A- | 10,250 | 12,207,442 | |||||||||
Chester Co IDA–Collegium Chtr Sch | 5.25% | 10/15/2032 | BBB- | 6,410 | 6,697,553 | |||||||||
Cleveland Arpt | 5.00% | 1/1/2028 | A- | 2,500 | 2,783,750 | |||||||||
Cleveland Arpt | 5.00% | 1/1/2029 | A- | 2,500 | 2,766,125 | |||||||||
Clifton Higher Ed–IDEA Pub Schs | 3.75% | 8/15/2022 | BBB | 3,265 | 3,492,538 | |||||||||
Clifton Higher Ed–IDEA Pub Schs | 5.00% | 8/15/2032 | BBB | 915 | 1,008,403 | |||||||||
Clifton Higher Ed–Uplift Education | 5.70% | 12/1/2025 | BBB- | 5,110 | 5,877,726 | |||||||||
DC Rev–Friendship Pub Chtr Sch | 5.00% | 6/1/2032 | BBB | 3,000 | 3,243,420 | |||||||||
FL Brd Ed–Lottery Rev | 5.00% | 7/1/2020 | AAA | 7,645 | 8,966,362 | |||||||||
FL DFC–Renaissance Chtr Sch | 7.50% | 6/15/2033 | BB- | (a) | 3,000 | 3,341,220 | ||||||||
Florence Twn IDA–Legacy Trad Sch | 5.75% | 7/1/2033 | BB | 3,000 | 3,255,690 | |||||||||
Houston Hi Ed–Cosmos Fndtn | 4.00% | 2/15/2022 | BBB | 810 | 839,516 | |||||||||
Houston Hi Ed–Cosmos Fndtn | 5.00% | 2/15/2032 | BBB | 2,250 | 2,496,353 | |||||||||
Indianapolis Local Pub Impt Bd Bk | 5.00% | 6/1/2024 | A1 | 4,000 | 4,684,640 | |||||||||
La Vernia Hi Ed–Life Schools of Dallas | 7.00% | 8/15/2026 | BBB- | 4,455 | 5,548,792 | |||||||||
Maverick Co PFC(e) | 6.25% | 2/1/2024 | NR | 1,705 | 818,400 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2016 | NR | 700 | 364,000 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.00% | 6/1/2019 | A+ | 1,900 | 2,088,917 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.00% | 6/1/2020 | A+ | 1,400 | 1,562,694 | |||||||||
MI St Strategic Fd(f) | Zero Coupon | – | (g) | NR | 400 | 40 | ||||||||
Minneapolis–Ntl Marrow Donor | 4.875% | 8/1/2025 | BBB+ | 5,000 | 5,280,000 | |||||||||
Mohave Co IDA–Mohave Prison | 7.50% | 5/1/2019 | BBB+ | 3,225 | 3,691,335 | |||||||||
Mohave Co IDA–Mohave Prison | 8.00% | 5/1/2025 | BBB+ | 5,000 | 5,804,600 | |||||||||
NYC Cultural–Lincoln Ctr | 5.75% | 12/1/2018 | A+ | 2,500 | 2,898,400 | |||||||||
NYC Cultural–Whitney Museum | 5.00% | 7/1/2021 | A | 5,000 | 5,872,300 | |||||||||
PA IDA–Economic Dev | 5.00% | 7/1/2019 | A+ | 3,500 | 3,992,555 |
36 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Other Revenue (continued) | ||||||||||||||
PA IDA–Economic Dev | 5.00% | 7/1/2020 | A+ | $ | 2,000 | $ | 2,321,040 | |||||||
PR Comwlth Govt Dev Bank Rmkt GTD (NPFGC)(FGIC) | 4.75% | 12/1/2015 | AA- | 5,000 | 5,032,100 | |||||||||
Seminole Tribe Spl Oblig† | 5.50% | 10/1/2024 | BBB- | 2,400 | 2,608,296 | |||||||||
WA Eda–Waste Mgmt† | 2.125% | 6/1/2020 | A- | 4,000 | 4,058,280 | |||||||||
Total | 140,000,094 | |||||||||||||
Special Tax 1.80% | ||||||||||||||
Allentown Neighborhood Impt | 5.00% | 5/1/2031 | Baa2 | 5,500 | 6,052,915 | |||||||||
Atlanta Tax Alloc–Beltline Rmkt | 6.75% | 1/1/2020 | A2 | 2,010 | 2,354,293 | |||||||||
CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2019 | BBB+ | 2,000 | 2,193,900 | |||||||||
CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2020 | BBB+ | 1,000 | 1,106,460 | |||||||||
CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2022 | BBB+ | 1,500 | 1,688,115 | |||||||||
Emeryville Redev Agy | 5.00% | 9/1/2021 | A+ | 3,185 | 3,822,955 | |||||||||
Emeryville Redev Agy (AGM) | 5.00% | 9/1/2024 | AA | 1,950 | 2,411,819 | |||||||||
Emeryville Redev Agy (AGM) | 5.00% | 9/1/2025 | AA | 2,650 | 3,247,284 | |||||||||
Glendale Redev Agy | 5.50% | 12/1/2024 | A | 5,000 | 5,206,650 | |||||||||
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 | 7,446,917 | |||||||||
Pittsburg Redev Agy | 5.00% | 8/1/2019 | A | 5,755 | 6,624,580 | |||||||||
Pittsburg Redev Agy | 5.00% | 8/1/2020 | A | 1,680 | 1,969,632 | |||||||||
Pittsburg Redev Agy (AGM) | 5.00% | 8/1/2021 | AA | 1,875 | 2,229,806 | |||||||||
Plaza Met Dist #1 | 4.50% | 12/1/2030 | NR | 4,300 | 4,417,605 | |||||||||
Sparks Loc Impt Dists | 6.50% | 9/1/2020 | NR | 225 | 238,124 | |||||||||
Sparks Tourism Impt Dist† | 6.50% | 6/15/2020 | B1 | 5,230 | 5,680,931 | |||||||||
Village CDD #9 | 5.00% | 5/1/2022 | NR | 1,375 | 1,454,241 | |||||||||
Village CDD #9 | 5.25% | 5/1/2031 | NR | 1,770 | 2,030,721 | |||||||||
Village CDD #9 | 5.75% | 5/1/2021 | NR | 2,880 | 3,193,661 | |||||||||
Village CDD #9 | 6.75% | 5/1/2031 | NR | 2,525 | 3,027,248 | |||||||||
Total | 66,947,857 | |||||||||||||
Tax Revenue 7.56% | ||||||||||||||
Dallas Area Rapid Trans | 5.00% | 12/1/2021 | AA+ | 3,000 | 3,625,110 | |||||||||
Dallas Area Rapid Trans | 5.00% | 12/1/2026 | AA+ | 7,245 | 8,881,501 | |||||||||
Dallas Area Rapid Transit | 5.00% | 12/1/2025 | AA+ | 2,000 | 2,475,120 | |||||||||
El Paso Dev Corp–Downtown Ballpark | 6.25% | 8/15/2023 | AA- | 5,000 | 6,037,950 | |||||||||
FL Dept Env Protn–Florida Forever | 5.00% | 7/1/2023 | AA- | 5,000 | 6,083,850 | |||||||||
Gtr Wenatchee Regl Events Ctr | 5.00% | 9/1/2027 | NR | 1,000 | 1,072,170 |
See Notes to Financial Statements. | 37 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Tax Revenue (continued) | ||||||||||||||
Gtr Wenatchee Regl Events Ctr | 5.25% | 9/1/2032 | NR | $ | 1,000 | $ | 1,064,930 | |||||||
Guam Ltd Oblig–Section 30 Landfill | 5.375% | 12/1/2024 | BBB+ | 1,000 | 1,127,600 | |||||||||
Guam Ltd Oblig–Section 30 Landfill | 5.50% | 12/1/2019 | BBB+ | 1,000 | 1,161,070 | |||||||||
IL Sales Tax | 5.00% | 6/15/2019 | AAA | 5,000 | 5,736,000 | |||||||||
IL State–Unemployment Insurance Fund Bldg | 5.00% | 12/15/2019 | AA | 2,500 | 2,523,625 | |||||||||
Jacksonville Sales Tax | 5.00% | 10/1/2021 | A1 | 2,500 | 2,998,450 | |||||||||
LA Stadium & Expo Dist | 5.00% | 7/1/2021 | A3 | 1,030 | 1,219,808 | |||||||||
MA Sch Bldg Auth–Sales Tax | 5.00% | 8/15/2030 | AA+ | 5,665 | 6,674,900 | |||||||||
Martin Hsp Dist | 7.00% | 4/1/2031 | BBB | (a) | 3,250 | 3,679,488 | ||||||||
Met Atlanta Rapid Trans Auth | 5.00% | 7/1/2025 | AA+ | 5,950 | 7,249,777 | |||||||||
Met Govt Nashville–Cnty Conv Ctr | 5.00% | 7/1/2022 | A1 | 3,245 | 3,788,927 | |||||||||
Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2020 | AAA | 2,500 | 2,927,050 | |||||||||
Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2022 | AAA | 5,000 | 6,037,650 | |||||||||
MTA NY–Dedicated Tax | 5.00% | 11/15/2027 | AA | 5,700 | 6,791,436 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2024 | BBB+ | 3,000 | 3,402,420 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2028 | BBB+ | 6,650 | 7,386,953 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2029 | BBB+ | 500 | 552,365 | |||||||||
NM Severance Tax | 5.00% | 7/1/2022 | Aa1 | 5,225 | 6,013,714 | |||||||||
NY Dorm–PIT | 5.00% | 12/15/2019 | AAA | 15,000 | 17,492,400 | |||||||||
NY Dorm–PIT | 5.00% | 3/15/2023 | AAA | 10,000 | 12,045,400 | |||||||||
NY Dorm–PIT | 5.00% | 3/15/2024 | AAA | 15,585 | 18,464,173 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2026 | AAA | 15,000 | 18,164,400 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2024 | AA | 10,000 | 11,938,700 | |||||||||
NYC TFA–Future Tax | 5.00% | 5/1/2024 | AAA | 14,745 | 16,628,821 | |||||||||
NYC TFA–Future Tax | 5.00% | 5/1/2025 | NR | 4,115 | 4,607,319 | |||||||||
NYC TFA–Future Tax | 5.00% | 5/1/2025 | AAA | 4,885 | 5,451,562 | |||||||||
NYC TFA–Future Tax | 5.50% | 11/1/2027 | AAA | 8,850 | 10,693,720 | |||||||||
Oneida Tribe Sales Tax Rev† | 5.50% | 2/1/2021 | AA- | 2,010 | 2,353,348 | |||||||||
PA Econ Dev–Unemployment Comp | 5.00% | 7/1/2021 | Aaa | 4,000 | 4,430,880 | |||||||||
Polk Co Trans Rev | 5.00% | 12/1/2021 | A1 | 2,825 | 3,319,403 | |||||||||
PR Corp Sales Tax | 5.25% | 8/1/2027 | B | 1,650 | 1,134,689 | |||||||||
PR Corp Sales Tax | 5.50% | 8/1/2023 | B | 9,465 | 7,101,211 | |||||||||
PR Corp Sales Tax | 5.50% | 8/1/2028 | B | 8,630 | 5,891,097 | |||||||||
San Mateo Co Trans Dist (NPFGC)(FGIC) | 4.50% | 6/1/2022 | AA | 1,830 | 1,842,993 | |||||||||
Sonoma Marin Area Rail Rmkt | 5.00% | 3/1/2019 | AA | 1,950 | 2,245,191 |
38 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000 | ) | Value | ||||||||
Tax Revenue (continued) | ||||||||||||||
UT Trans Auth | 5.00% | 6/15/2028 | AAA | $ | 12,000 | $ | 14,746,560 | |||||||
Virgin Islands PFA | 5.00% | 10/1/2024 | BBB+ | 1,000 | 1,161,040 | |||||||||
Virgin Islands PFA | 5.00% | 10/1/2034 | BBB+ | 1,540 | 1,717,331 | |||||||||
Virgin Islands PFA–Diageo Rum Tax | 6.75% | 10/1/2019 | Baa3 | 2,500 | 2,792,400 | |||||||||
Virgin Islands PFA–Gross Tax Rcpts (NPFGC) | 5.00% | 10/1/2018 | AA- | 1,000 | 1,060,420 | |||||||||
Virgin Islands PFA–Tobacco & Liq Tax | 5.00% | 10/1/2019 | BBB | 3,000 | 3,340,500 | |||||||||
WI Trsp(c) | 5.00% | 7/1/2024 | AA+ | 5,000 | 6,194,100 | |||||||||
WI Trsp(c) | 5.00% | 7/1/2026 | AA+ | 6,000 | 7,461,300 | |||||||||
Total | 280,790,822 | |||||||||||||
Tobacco 4.48% | ||||||||||||||
Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 26,490 | 22,655,307 | |||||||||
Buckeye Tobacco | 5.75% | 6/1/2034 | B- | 1,360 | 1,098,717 | |||||||||
Buckeye Tobacco | 5.875% | 6/1/2030 | B- | 23,850 | 20,219,076 | |||||||||
Golden St Tobacco | 4.50% | 6/1/2027 | B | 11,875 | 11,538,344 | |||||||||
Golden St Tobacco | 5.00% | 6/1/2033 | B- | 15,000 | 12,606,300 | |||||||||
Inland Empire Tobacco | 4.625% | 6/1/2021 | B- | (a) | 2,425 | 2,398,664 | ||||||||
Inland Empire Tobacco | 5.00% | 6/1/2021 | B- | (a) | 3,215 | 3,216,093 | ||||||||
MI Tob Settlement | 5.125% | 6/1/2022 | B- | 5,090 | 4,588,330 | |||||||||
MI Tob Settlement | 5.25% | 6/1/2022 | B- | 6,835 | 6,209,051 | |||||||||
Nthrn AK Tobacco | 4.625% | 6/1/2023 | Ba1 | 3,220 | 3,234,683 | |||||||||
Railsplitter Tobacco Settlement Auth | 6.25% | 6/1/2024 | A | 8,500 | 9,036,265 | |||||||||
RI Tob Settlement | 5.00% | 6/1/2027 | A- | 2,500 | 2,868,925 | |||||||||
RI Tob Settlement | 5.00% | 6/1/2028 | A- | 2,000 | 2,258,220 | |||||||||
SD Edu Enhancement Fding Corp | 5.00% | 6/1/2023 | A | 1,000 | 1,174,620 | |||||||||
SD Edu Enhancement Fding Corp | 5.00% | 6/1/2024 | A | 1,000 | 1,163,440 | |||||||||
SD Edu Enhancement Fding Corp | 5.00% | 6/1/2025 | A | 1,000 | 1,154,740 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2021 | A | 6,880 | 8,088,128 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2023 | A | 6,250 | 7,432,375 | |||||||||
Tobacco Settlement Fin Corp LA | 5.00% | 5/15/2022 | A | 5,000 | 5,877,850 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.50% | 6/1/2023 | BB | 12,030 | 12,075,955 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.625% | 6/1/2026 | B+ | 10,000 | 9,590,700 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.75% | 6/1/2034 | B2 | 10,500 | 8,027,145 | |||||||||
Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2029 | B | 5,000 | 4,275,100 | |||||||||
Tobacco Settlement Fin Corp NY | 5.00% | 6/1/2018 | AA | 5,000 | 5,615,750 | |||||||||
Total | 166,403,778 |
See Notes to Financial Statements. | 39 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation 17.79% | ||||||||||||||
Alameda Corridor Trsp Auth | 5.00% | 10/1/2021 | A- | $ | 2,750 | $ | 3,300,165 | |||||||
Alameda Corridor Trsp Auth | 5.00% | 10/1/2026 | A- | 4,075 | 4,857,196 | |||||||||
Atlanta Airport | 5.50% | 1/1/2021 | Aa3 | 3,000 | 3,632,280 | |||||||||
Atlanta Airport–PFC | 5.00% | 1/1/2029 | A+ | 2,500 | 2,928,100 | |||||||||
AZ Transp Brd Hwy | 5.00% | 7/1/2021 | AA+ | 10,000 | 11,983,800 | |||||||||
Bay Area Toll Auth | 0.72% | # | 4/1/2047 | AA | 6,000 | 6,098,220 | ||||||||
Bay Area Toll Auth | 1.875% | 4/1/2047 | AA | 5,000 | 5,101,350 | |||||||||
Bay Area Toll Auth | 2.00% | 4/1/2034 | AA | 9,000 | 9,136,350 | |||||||||
Central TX Mobility Auth | 5.00% | 1/1/2033 | BBB- | 3,000 | 3,285,750 | |||||||||
Central TX Mobility Auth | 5.75% | 1/1/2019 | BBB | 1,500 | 1,735,995 | |||||||||
Central TX Mobility Auth | 5.75% | 1/1/2020 | BBB | 1,000 | 1,182,820 | |||||||||
Central TX Mobility Auth | 5.75% | 1/1/2031 | BBB | 2,000 | 2,388,240 | |||||||||
Central TX Tpk | 5.00% | 8/15/2025 | BBB+ | 1,250 | 1,467,275 | |||||||||
Central TX Tpk | 5.00% | 8/15/2026 | BBB+ | 2,500 | 2,914,450 | |||||||||
Central TX Tpk | 5.00% | 8/15/2027 | BBB+ | 3,300 | 3,814,932 | |||||||||
Central TX Tpk | 5.00% | 8/15/2028 | BBB+ | 3,250 | 3,722,940 | |||||||||
Chicago Midway Arpt | 5.00% | 1/1/2026 | A- | 6,075 | 7,120,447 | |||||||||
Chicago Midway Arpt AMT | 5.00% | 1/1/2023 | A- | 3,000 | 3,492,840 | |||||||||
Chicago O’Hare Arpt | 5.00% | 1/1/2022 | A2 | 3,230 | 3,738,079 | |||||||||
Chicago O’Hare Arpt (AGM) | 5.00% | 1/1/2020 | AA | 3,500 | 3,756,655 | |||||||||
Chicago O’Hare Arpt AMT | 5.00% | 1/1/2020 | A2 | 6,320 | 7,232,482 | |||||||||
Chicago O’Hare Arpt AMT | 5.00% | 1/1/2021 | A2 | 11,740 | 13,641,997 | |||||||||
Chicago O’Hare Arpt AMT | 5.00% | 1/1/2024 | A2 | 5,000 | 5,731,100 | |||||||||
Clark Co Arpt–McCarran Arpt (AGM) | 5.00% | 7/1/2022 | AA | 3,905 | 4,442,484 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2022 | AA+ | 635 | 722,328 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2023 | AA+ | 390 | 443,635 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2024 | AA+ | 515 | 585,825 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2028 | AA+ | 460 | 523,262 | |||||||||
Delaware River Port Auth | 5.00% | 1/1/2027 | BBB | 1,835 | 2,089,588 | |||||||||
Delaware River Port Auth | 5.00% | 1/1/2028 | A | 7,500 | 8,784,300 | |||||||||
Denver City & Co Arpt (NPFGC) | 5.00% | 11/15/2022 | AA- | 13,625 | 14,622,350 | |||||||||
E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2018 | AA- | 10,900 | 10,222,565 | |||||||||
Foothill / Eastern Corridor Toll Rd | 5.00% | 1/15/2053 | BBB- | 12,000 | 13,418,040 | |||||||||
HI Arpts Sys AMT | 5.00% | 7/1/2017 | A | 5,000 | 5,469,650 | |||||||||
HI Arpts Sys AMT | 5.00% | 7/1/2022 | A | 5,130 | 5,963,625 | |||||||||
Houston Arpt–Continental Airlines AMT | 4.75% | 7/1/2024 | B+ | 8,000 | 8,776,960 | |||||||||
Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2030 | B+ | 2,500 | 2,667,625 |
40 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
Houston Arpt AMT | 5.00% | 7/1/2021 | A | $ | 5,000 | $ | 5,850,650 | |||||||
IL Toll Hwy Auth | 5.00% | 1/1/2027 | AA- | 1,000 | 1,181,450 | |||||||||
IL Toll Hwy Auth | 5.00% | 1/1/2028 | AA- | 2,535 | 2,973,378 | |||||||||
KY Pub Trsp Auth–Downtown Crossing | 5.00% | 7/1/2017 | Baa3 | 4,000 | 4,357,920 | |||||||||
KY Tpk Auth | 5.00% | 7/1/2026 | AA+ | 5,215 | 6,210,804 | |||||||||
Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2027 | AA- | 2,000 | 2,444,440 | |||||||||
Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2028 | AA- | 2,000 | 2,424,520 | |||||||||
Louisville Regl Airport AMT | 5.00% | 7/1/2021 | A+ | 1,250 | 1,478,738 | |||||||||
Louisville Regl Airport AMT | 5.00% | 7/1/2022 | A+ | 1,625 | 1,928,111 | |||||||||
Louisville Regl Airport AMT | 5.00% | 7/1/2023 | A+ | 2,250 | 2,668,500 | |||||||||
MA Trans Fd–Bridge Prog | 5.00% | 6/1/2023 | AAA | 9,880 | 11,840,686 | |||||||||
MD EDC–Maryland Port | 5.125% | 6/1/2020 | Baa3 | 2,590 | 2,826,648 | |||||||||
MD EDC–Maryland Port | 5.125% | 6/1/2020 | Baa3 | 1,000 | 1,091,370 | |||||||||
Miami Dade Co Aviation–MIA | 5.00% | 10/1/2025 | A | 3,690 | 4,444,605 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2021 | A | 1,500 | 1,763,805 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2022 | A | 1,550 | 1,831,914 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2027 | A | 5,145 | 6,040,796 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2028 | A | 3,500 | 4,068,330 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2022 | A- | 1,750 | 2,085,107 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2023 | A- | 2,500 | 2,999,600 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2023 | A- | 2,000 | 2,358,380 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2024 | A- | 3,500 | 4,106,760 | |||||||||
Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2020 | AA- | 2,190 | 2,562,716 | |||||||||
Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2028 | A | 3,500 | 4,096,365 | |||||||||
Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2029 | A | 2,000 | 2,328,980 | |||||||||
Minneapolis / St Paul Met Arpts (AMBAC) | 5.00% | 1/1/2024 | AA- | 10,250 | 10,977,442 | |||||||||
MTA NY | 5.00% | 11/15/2021 | AA- | 1,500 | 1,791,930 | |||||||||
MTA NY | 5.00% | 11/1/2023 | AA- | 5,640 | 6,797,779 | |||||||||
MTA NY–Dedicated Tax | 5.00% | 11/15/2019 | AA | 1,375 | 1,595,523 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2020 | Baa1 | 4,905 | 5,606,121 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2021 | Baa1 | 2,000 | 2,301,980 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2023 | Baa1 | 3,000 | 3,493,170 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2027 | Baa1 | 3,185 | 3,598,126 | |||||||||
NJ EDA–Goethals Brdg AMT | 5.125% | 1/1/2034 | BBB- | 5,000 | 5,555,500 | |||||||||
NJ Tpk Auth | 5.00% | 1/1/2021 | A+ | 5,000 | 5,899,250 | |||||||||
NJ Tpk Auth | 5.00% | 1/1/2023 | A+ | 3,835 | 4,638,164 | |||||||||
NJ Tpk Auth | 5.00% | 1/1/2024 | A+ | 3,000 | 3,548,550 |
See Notes to Financial Statements. | 41 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
NJ Trans Trust Fund | 5.75% | 6/15/2020 | A2 | $ | 7,645 | $ | 8,800,848 | |||||||
NJ Trans Trust Fund CR (AGM) | 5.00% | 6/15/2024 | AA | 10,165 | 11,430,238 | |||||||||
North TX Twy Auth | 5.00% | 1/1/2023 | A2 | 5,000 | 5,976,000 | |||||||||
North TX Twy Auth | 5.00% | 1/1/2025 | A2 | 5,000 | 5,989,200 | |||||||||
North TX Twy Auth | 5.00% | 1/1/2031 | A3 | 8,085 | 9,200,245 | |||||||||
North TX Twy Auth | 6.25% | 1/1/2024 | A2 | 5,000 | 5,857,500 | |||||||||
NY Dorm–PIT | 5.00% | 3/15/2023 | AAA | 8,500 | 10,440,805 | |||||||||
NY Twy Auth | 5.00% | 5/1/2019 | A- | 10,000 | 11,406,300 | |||||||||
NY Twy Auth | 5.00% | 1/1/2020 | A | 3,000 | 3,483,540 | |||||||||
NY Twy Auth | 5.00% | 1/1/2022 | A | 1,600 | 1,912,544 | |||||||||
NY Twy Auth | 5.00% | 1/1/2024 | A | 1,960 | 2,385,634 | |||||||||
NY Twy Auth | 5.00% | 1/1/2026 | A | 5,115 | 6,234,418 | |||||||||
NY Twy Auth | 5.00% | 1/1/2031 | A | 15,000 | 17,504,100 | |||||||||
Orlando & Orange Co Expwy Auth | 5.00% | 7/1/2030 | A | 10,000 | 11,553,500 | |||||||||
PA Econ Dev–Rapid Bridge AMT | 5.00% | 12/31/2034 | BBB | 14,000 | 15,442,840 | |||||||||
PA Tpk Commn | 5.00% | 12/1/2022 | A+ | 3,500 | 4,171,055 | |||||||||
PA Tpk Commn (AG) | 5.00% | 6/1/2018 | AA | 2,500 | 2,796,250 | |||||||||
PA Tpk Commn–Registration Fee (AGM) | 5.25% | 7/15/2019 | AA | 1,270 | 1,458,862 | |||||||||
Phoenix Airport | 5.00% | 7/1/2023 | A+ | 7,000 | 8,051,680 | |||||||||
Phoenix Airport AMT | 5.00% | 7/1/2021 | AA- | 3,050 | 3,610,071 | |||||||||
Phoenix Airport AMT | 5.00% | 7/1/2022 | AA- | 1,500 | 1,780,890 | |||||||||
Port Auth NY & NJ | 5.00% | 12/1/2023 | AA- | 5,300 | 6,572,795 | |||||||||
Port Auth NY & NJ | 5.00% | 12/1/2025 | AA- | 10,000 | 12,196,800 | |||||||||
Port Auth NY & NJ–JFK IAT | 5.00% | 12/1/2020 | BBB- | 6,000 | 6,906,720 | |||||||||
Port Oakland AMT | 5.00% | 5/1/2021 | A+ | 1,000 | 1,179,020 | |||||||||
Port Oakland AMT | 5.00% | 5/1/2022 | A+ | 11,000 | 13,095,610 | |||||||||
Port Seattle PFC | 5.00% | 12/1/2020 | A+ | 6,500 | 7,591,740 | |||||||||
PR Hwy & Trans Auth | 5.00% | 7/1/2030 | B | 1,745 | 1,051,746 | |||||||||
PR Hwy & Trans Auth | 5.00% | 7/1/2033 | B | 1,215 | 732,232 | |||||||||
PR Hwy & Trans Auth | 5.50% | 7/1/2023 | B | 4,305 | 2,682,273 | |||||||||
PR Hwy & Trans Auth | 5.50% | 7/1/2024 | B | 3,000 | 1,861,440 | |||||||||
Regional Trans Dist–Denver Trans | 5.00% | 7/15/2021 | Baa3 | 3,460 | 3,863,713 | |||||||||
Regional Trans Dist–Denver Trans | 5.00% | 1/15/2022 | Baa3 | 2,800 | 3,097,556 | |||||||||
Regional Trans Dist–Denver Trans | 5.125% | 1/15/2023 | Baa3 | 2,835 | 3,133,044 | |||||||||
Regional Trans Dist–Denver Trans | 5.125% | 7/15/2023 | Baa3 | 5,670 | 6,266,087 | |||||||||
San Francisco Arpt AMT | 5.00% | 5/1/2026 | A+ | 10,000 | 11,591,200 | |||||||||
San Francisco Arpt AMT | 5.00% | 5/1/2028 | A+ | 7,450 | 8,531,591 |
42 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2034 | BBB- | $ | 7,500 | $ | 8,372,100 | |||||||
San Jose Arpt | 5.00% | 3/1/2026 | A2 | 1,200 | 1,428,792 | |||||||||
San Jose Arpt | 5.00% | 3/1/2027 | A2 | 2,260 | 2,665,263 | |||||||||
San Jose Arpt | 5.00% | 3/1/2028 | A2 | 1,655 | 1,933,239 | |||||||||
South Jersey Trans Auth | 5.00% | 11/1/2020 | A- | 2,000 | 2,290,140 | |||||||||
South Jersey Trans Auth | 5.00% | 11/1/2021 | A- | 5,305 | 6,139,583 | |||||||||
Southeastern PA Transp Auth–GARVEE | 5.00% | 6/1/2023 | A+ | 2,500 | 2,896,500 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2020 | AA- | 7,525 | 8,954,298 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2022 | A+ | 4,715 | 5,739,381 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2023 | A+ | 2,000 | 2,425,720 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2023 | AA- | 5,525 | 6,729,726 | |||||||||
Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | 5.50% | 11/15/2021 | AA- | 2,595 | 3,196,806 | |||||||||
VA Small Bus Fing–Elizabeth River AMT | 5.25% | 1/1/2032 | BBB- | 10,500 | 11,630,850 | |||||||||
VA Transp Brd–Cap Proj | 5.00% | 5/15/2021 | AA+ | 10,000 | 11,992,800 | |||||||||
WA St GARVEE–520 Corridor | 5.00% | 9/1/2021 | AA | 10,000 | 11,929,300 | |||||||||
Total | 660,928,393 | |||||||||||||
Utilities 13.79% | ||||||||||||||
Albuquerque Bernalillo Co Wtr Util | 5.00% | 7/1/2024 | AA | 2,645 | 3,273,849 | |||||||||
Albuquerque Bernalillo Co Wtr Util | 5.00% | 7/1/2025 | AA | 4,000 | 4,894,640 | |||||||||
Amr Muni Pwr–Fremont Energy | 5.00% | 2/15/2021 | A1 | 1,300 | 1,531,387 | |||||||||
Brownsville Utility Sys CR (AGM)(AMBAC) | 5.00% | 9/1/2020 | AA | 1,480 | 1,507,498 | |||||||||
CA Dept Wtr Res Pwr | 5.00% | 5/1/2019 | AA | 16,695 | 19,313,277 | |||||||||
CA Dept Wtr Res Wtr–Central Valley | 5.00% | 12/1/2021 | AAA | 4,610 | 5,642,179 | |||||||||
CA Dept Wtr Res Wtr–Central Valley | 5.00% | 12/1/2022 | AAA | 11,080 | 13,758,701 | |||||||||
Central Plains–Goldman Sachs | 5.00% | 9/1/2027 | A- | 7,500 | 8,479,275 | |||||||||
Energy Northwest–Columbia Station (AMBAC) | 5.00% | 7/1/2024 | AA- | 8,115 | 8,565,301 | |||||||||
Farmington Poll Ctl–AZ Pub Svc | 4.70% | 5/1/2024 | A- | 5,265 | 5,847,098 | |||||||||
FL Muni Pwr Agy | 5.25% | 10/1/2022 | A2 | 3,115 | 3,632,682 | |||||||||
FL Muni Pwr Agy–St Lucie | 5.00% | 10/1/2021 | A2 | 3,650 | 4,206,662 | |||||||||
Guam Waterworks Auth | 5.00% | 7/1/2029 | A- | 1,000 | 1,131,000 | |||||||||
HI Dept Budget–Hawaiian Electric AMT (FGIC) | 4.80% | 1/1/2025 | Baa1 | 15,000 | 15,049,350 | |||||||||
Houston Util Sys | 5.00% | 5/15/2022 | AA | 3,000 | 3,620,700 | |||||||||
Houston Util Sys | 5.00% | 11/15/2022 | AA | 5,000 | 6,078,400 | |||||||||
Houston Util Sys | 5.00% | 11/15/2023 | AA | 4,000 | 4,927,600 | |||||||||
Houston Util Sys | 5.00% | 11/15/2026 | AA | 5,355 | 6,580,331 |
See Notes to Financial Statements. | 43 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities (continued) | ||||||||||||||
IA Fin Auth–Revolving Fund | 5.25% | 8/1/2020 | AAA | $ | 2,500 | $ | 2,858,375 | |||||||
Indianapolis Local Pub Impt Bd Bk (NPFGC)(FGIC) | 5.00% | 7/1/2019 | AA- | 340 | 373,704 | |||||||||
Intermountain Pwr Agy | 5.00% | 7/1/2021 | A+ | 3,000 | 3,363,690 | |||||||||
JEA St Johns Riv Pwr Pk Sys | 5.00% | 10/1/2022 | Aa2 | 1,625 | 1,877,428 | |||||||||
KS DFA–Dept Hlth & Env | 5.00% | 3/1/2021 | AAA | 6,680 | 7,824,351 | |||||||||
Lakeland Energy (AGM) | 5.00% | 10/1/2018 | AA | 3,975 | 4,467,145 | |||||||||
Long Beach Nat Gas–ML | 1.603% | # | 11/15/2026 | A- | 4,000 | 3,694,560 | ||||||||
Long Island Power Auth | 5.00% | 5/1/2019 | A- | 1,000 | 1,130,310 | |||||||||
Long Island Power Auth | 5.00% | 5/1/2020 | A- | 2,930 | 3,367,654 | |||||||||
Los Angeles DEWAP–Pwr Sys | 5.00% | 7/1/2022 | AA- | 4,250 | 5,147,515 | |||||||||
Los Angeles Solid Waste | 5.00% | 2/1/2020 | Aa2 | 2,000 | 2,295,600 | |||||||||
Los Angeles USD | 5.00% | 7/1/2023 | Aa2 | 10,000 | 12,421,800 | |||||||||
Louisville/Jeff Co Met Swr Dist | 5.00% | 5/15/2019 | AA | 4,705 | 5,374,098 | |||||||||
Lower Colo Riv Auth | 5.00% | 5/15/2020 | A | 3,130 | 3,650,769 | |||||||||
Lower Colo Riv Auth | 5.00% | 5/15/2020 | A | 3,930 | 4,583,873 | |||||||||
Lower Colo Riv Auth–Transmn Contract | 5.00% | 5/15/2021 | A | 5,225 | 6,172,606 | |||||||||
Lower Colo Riv Auth–Transmn Contract | 5.00% | 5/15/2022 | A | 5,005 | 5,846,491 | |||||||||
Main St Nat Gas–ML | 5.00% | 3/15/2021 | A- | 2,500 | 2,846,475 | |||||||||
MD EDC–Potomac Elec Rmkt | 6.20% | 9/1/2022 | A | 1,650 | 1,947,627 | |||||||||
MEAG–Gen Resolution Projs | 5.00% | 1/1/2020 | A | 6,200 | 7,193,116 | |||||||||
MEAG–Proj 1 | 5.00% | 1/1/2021 | A | 4,185 | 4,935,161 | |||||||||
Miami Dade Co Wtr & Swr (AGM) | 5.25% | 10/1/2018 | AA | 3,000 | 3,417,900 | |||||||||
MO Joint Muni Elec Util Commn | 5.00% | 1/1/2023 | A2 | 2,000 | 2,398,260 | |||||||||
MO Joint Muni Elec Util Commn | 5.00% | 1/1/2025 | A2 | 1,500 | 1,796,760 | |||||||||
Modesto Irrigation Dist | 5.00% | 7/1/2023 | A+ | 1,780 | 2,182,440 | |||||||||
Modesto Irrigation Dist | 5.00% | 7/1/2024 | A+ | 3,720 | 4,520,098 | |||||||||
Modesto Irrigation Dist | 5.00% | 7/1/2025 | A+ | 8,410 | 10,134,134 | |||||||||
NC Eastern Muni Pwr | 5.00% | 1/1/2019 | A- | 2,245 | 2,525,647 | |||||||||
NC Eastern Muni Pwr | 5.00% | 1/1/2020 | A- | 1,000 | 1,142,670 | |||||||||
NC Muni Pwr Agy #1 Catawba Elec | 5.00% | 1/1/2019 | A | 6,500 | 7,370,935 | |||||||||
New Orleans Sewer | 5.00% | 6/1/2020 | A | 1,400 | 1,610,882 | |||||||||
New Orleans Sewer | 5.00% | 6/1/2021 | A | 400 | 465,444 | |||||||||
North Sumter Co Util Dep Dist | 5.00% | 10/1/2032 | BBB- | 8,000 | 8,807,200 | |||||||||
Northern CA Pwr–Hydroelec #1 | 5.00% | 7/1/2026 | A+ | 3,600 | 4,239,828 | |||||||||
OH Air Quality–FirstEnergy | 3.625% | 10/1/2033 | BBB- | 1,000 | 1,042,950 | |||||||||
OH Air Quality–FirstEnergy | 3.625% | 10/1/2033 | BBB- | 2,000 | 2,085,900 | |||||||||
OH Air Quality–FirstEnergy | 5.70% | 8/1/2020 | BBB- | 4,250 | 4,878,575 |
44 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities (continued) | ||||||||||||||
OH Air Quality–Ohio Vly Elec | 5.625% | 10/1/2019 | BBB- | $ | 8,000 | $ | 9,071,120 | |||||||
OH Wtr Dev Auth | 5.00% | 6/1/2023 | AAA | 5,500 | 6,805,370 | |||||||||
PA Econ Dev–Philadelphia Biosolids | 5.25% | 1/1/2016 | Baa3 | 2,225 | 2,272,927 | |||||||||
PA Econ Dev–Philadelphia Biosolids | 5.50% | 1/1/2018 | Baa3 | 1,030 | 1,100,668 | |||||||||
PA Econ Dev–PPL Electric Utility Rmkt | 4.00% | 10/1/2023 | A2 | 5,000 | 5,476,950 | |||||||||
Phoenix Civic Impt Corp–Water Sys | 5.00% | 7/1/2027 | AAA | 5,000 | 6,109,000 | |||||||||
Piedmont Muni Pwr Agy | 5.00% | 1/1/2019 | A- | 1,250 | 1,410,650 | |||||||||
Piedmont Muni Pwr Agy | 5.00% | 1/1/2022 | A- | 4,750 | 5,508,337 | |||||||||
Piedmont Muni Pwr Agy | 5.00% | 1/1/2024 | A- | 7,920 | 9,045,986 | |||||||||
Piedmont Muni Pwr Agy | 5.25% | 1/1/2019 | A- | 2,000 | 2,224,320 | |||||||||
Pima Co IDA–Tucson Elec | 4.95% | 10/1/2020 | A3 | 10,640 | 12,313,566 | |||||||||
PR Aqueduct & Swr Auth | 5.00% | 7/1/2015 | B | 7,100 | 7,051,081 | |||||||||
PR Aqueduct & Swr Auth | 6.125% | 7/1/2024 | B | 5,570 | 4,345,993 | |||||||||
PR Elec Pwr Auth | 5.00% | 7/1/2029 | CCC | 8,205 | 4,820,437 | |||||||||
PR Elec Pwr Auth | 5.00% | 7/1/2042 | CCC | 1,405 | 825,438 | |||||||||
PR Elec Pwr Auth | 5.25% | 7/1/2019 | CCC | 2,000 | 1,186,400 | |||||||||
PR Elec Pwr Auth | 5.25% | 7/1/2026 | CCC | 4,900 | 2,878,750 | |||||||||
PR Elec Pwr Auth | 5.25% | 7/1/2040 | CCC | 2,000 | 1,175,000 | |||||||||
PR Elec Pwr Auth | 7.00% | 7/1/2033 | CCC | 4,000 | 2,350,000 | |||||||||
PR Elec Pwr Auth | 7.00% | 7/1/2040 | CCC | 605 | 355,438 | |||||||||
PR Elec Pwr Auth (AGM) | 0.691% | # | 7/1/2029 | AA | 5,720 | 4,243,554 | ||||||||
Public Gas Partners Inc | 5.00% | 10/1/2019 | A+ | 5,950 | 6,807,276 | |||||||||
Sa Energy Acquisition Pub Fac | 5.50% | 8/1/2021 | A- | 2,360 | 2,768,894 | |||||||||
Salt River Agric Imp & Pwr Dist | 5.00% | 1/1/2021 | Aa1 | 1,000 | 1,138,710 | |||||||||
Salt River Agric Imp & Pwr Dist | 5.00% | 12/1/2023 | Aa1 | 8,980 | 10,782,286 | |||||||||
Salt Verde Fin Corp–Citi | 5.00% | 12/1/2032 | A- | 5,000 | 5,808,750 | |||||||||
Salt Verde Fin Corp–Citi | 5.50% | 12/1/2029 | A- | 5,000 | 6,145,450 | |||||||||
San Diego PFA Swr | 5.00% | 5/15/2020 | AA- | 5,000 | 5,817,800 | |||||||||
San Diego PFA Swr | 5.50% | 5/15/2023 | AA- | 5,000 | 5,911,850 | |||||||||
San Francisco City & Co Pub Util Sys Commn | 5.00% | 11/1/2023 | AA- | 5,450 | 6,594,881 | |||||||||
SC Pub Svc Auth–Santee Cooper | 5.00% | 12/1/2022 | AA- | 1,100 | 1,329,823 | |||||||||
Snohomish Co PUD #1 (AGM) | 5.00% | 12/1/2020 | AA | 5,000 | 5,155,750 | |||||||||
Stockton PFA–Wastewater (BAM) | 5.00% | 9/1/2021 | AA | 2,000 | 2,361,940 | |||||||||
Stockton PFA–Wastewater (BAM) | 5.00% | 9/1/2024 | AA | 1,000 | 1,217,840 | |||||||||
Tarrant Regl Water Dist | 5.00% | 3/1/2028 | AAA | 14,040 | 17,049,193 | |||||||||
TEAC–Goldman Sachs | 5.00% | 2/1/2018 | A- | 1,055 | 1,163,011 | |||||||||
TEAC–Goldman Sachs | 5.25% | 9/1/2021 | A- | 3,000 | 3,499,380 |
See Notes to Financial Statements. | 45 |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities (continued) | ||||||||||||||
TEAC–Goldman Sachs | 5.25% | 9/1/2024 | A- | $ | 8,520 | $ | 10,073,792 | |||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2024 | A3 | 13,000 | 14,968,070 | |||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2029 | A3 | 2,000 | 2,239,540 | |||||||||
TX Muni Gas Acq & Supply–ML | 5.25% | 12/15/2021 | A- | 4,685 | 5,453,106 | |||||||||
TX Muni Gas Acq & Supply–ML | 5.25% | 12/15/2023 | A- | 2,925 | 3,455,010 | |||||||||
TX Muni Gas Acq & Supply–ML | 5.625% | 12/15/2017 | A- | 4,580 | 4,935,087 | |||||||||
TX Muni Gas Acq & Supply–ML | 6.25% | 12/15/2026 | A- | 10,110 | 12,527,402 | |||||||||
TX Muni Pwr Agy | 4.00% | 9/1/2018 | A+ | 2,675 | 2,896,544 | |||||||||
UT Muni Pwr–Payson Pwr | 5.00% | 4/1/2021 | A- | 5,300 | 6,220,133 | |||||||||
Western Genr Agy–Wauna Cogen AMT | 5.00% | 1/1/2016 | NR | 340 | 341,085 | |||||||||
Western MN Muni Pwr Agy | 5.00% | 1/1/2022 | Aa3 | 1,000 | 1,203,060 | |||||||||
Western MN Muni Pwr Agy | 5.00% | 1/1/2023 | Aa3 | 1,500 | 1,824,930 | |||||||||
Wyandotte Co Unified Govt Utility Sys | 5.00% | 9/1/2021 | A+ | 3,105 | 3,701,967 | |||||||||
Total | 511,995,446 | |||||||||||||
Total Municipal Bonds (cost $3,457,723,304) | 3,620,731,440 | |||||||||||||
Shares | ||||||||||||||
(000) | ||||||||||||||
SHORT-TERM INVESTMENTS 1.84% | ||||||||||||||
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 | 1,631,679 |
46 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2015
Interest | Credit | |||||||||||||||
Rate | Final | Rating: | Principal | |||||||||||||
Interest | Reset | Maturity | S&P or | Amount | Fair | |||||||||||
Investments | Rate# | Date(d) | Date | Moody’s | (000 | ) | Value | |||||||||
Variable Rate Demand Notes 1.79% | ||||||||||||||||
Corporate-Backed 1.22% | ||||||||||||||||
Port Arthur Nav Dist–Motiva | 0.19% | 4/1/2015 | 11/1/2040 | A2 | $ | 31,200 | $ | 31,200,000 | ||||||||
Port Arthur Nav Dist–Motiva | 0.19% | 4/1/2015 | 12/1/2039 | A2 | 14,100 | 14,100,000 | ||||||||||
Total | 45,300,000 | |||||||||||||||
General Obligation 0.16% | ||||||||||||||||
NYC GO | 0.11% | 4/1/2015 | 4/1/2035 | AA | 6,000 | 6,000,000 | ||||||||||
Health Care 0.05% | ||||||||||||||||
Montgomery Co Hlth–Catholic Health | 0.10% | 4/1/2015 | 10/1/2041 | A | 2,000 | 2,000,000 | ||||||||||
Lease Obligations 0.03% | ||||||||||||||||
Pima Co IDA–Clark Co Detention† | 0.30% | 4/2/2015 | 9/1/2033 | AA- | 1,000 | 1,000,000 | ||||||||||
Utilities 0.33% | ||||||||||||||||
Las Vegas Valley Water District | 0.05% | 4/1/2015 | 6/1/2036 | AA+ | 8,520 | 8,520,000 | ||||||||||
Las Vegas Valley Water District | 0.05% | 4/1/2015 | 6/1/2036 | AA+ | 3,800 | 3,800,000 | ||||||||||
Total | 12,320,000 | |||||||||||||||
Total Variable Rate Demand Notes (cost $66,620,000) | 66,620,000 | |||||||||||||||
Total Short-Term Investments (cost $68,246,775) | 68,253,454 | |||||||||||||||
Total Investments in Securities 99.32% (cost $3,525,970,079) | 3,688,984,894 | |||||||||||||||
Cash and Other Assets in Excess of Liabilities(h) 0.68% | 25,077,733 | |||||||||||||||
Net Assets 100.00% | $ | 3,714,062,627 |
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||
U.S. 10-Year Treasury Note | June 2015 | 442 | Short | $ | (56,976,563 | ) | $(419,496 | ) | ||||||
Ultra Long U.S. Treasury Bond | June 2015 | 127 | Short | (21,574,125 | ) | (57,224 | ) | |||||||
Totals | $ | (78,550,688 | ) | $(476,720 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
See Notes to Financial Statements. | 47 |
Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND March 31, 2015
The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at fair value(1):
Investment Type(2)(3) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds | $ | – | $ | 3,482,363,025 | $ | – | $ | 3,482,363,025 | ||||||||
Other Revenue | – | 140,000,054 | 40 | (4) | 140,000,094 | |||||||||||
Money Market Mutual Fund | 1,775 | – | – | 1,775 | ||||||||||||
Variable Rate Demand Notes | – | 66,620,000 | – | 66,620,000 | ||||||||||||
Total | $ | 1,775 | $ | 3,688,983,079 | $ | 40 | $ | 3,688,984,894 | ||||||||
Liabilities | ||||||||||||||||
Trust Certificates(5) | $ | – | $ | (3,840,000 | ) | $ | – | $ | (3,840,000 | ) | ||||||
Total | $ | – | $ | (3,840,000 | ) | $ | – | $ | (3,840,000 | ) | ||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (476,720 | ) | – | – | (476,720 | ) | ||||||||||
Total | $ | (476,720 | ) | $ | – | $ | – | $ | (476,720 | ) |
(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 period ended March 31, 2015. | |
(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, 2014 | $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 March 31, 2015 | $40 |
48 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
MUNICIPAL BONDS 98.57% | ||||||||||||||
Corporate-Backed 5.36% | ||||||||||||||
Aleutians E Burough–Pribilof Islands (ACA) | 5.50% | 6/1/2025 | NR | $ | 375 | $ | 379,215 | |||||||
Beaver Co IDA–FirstEnergy Rmkt | 2.70% | 4/1/2035 | BBB- | 1,475 | 1,500,075 | |||||||||
CA Poll Ctl–Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 1,000 | 1,041,950 | |||||||||
Citizens Property Insurance Corp | 5.00% | 6/1/2020 | A+ | 500 | 580,920 | |||||||||
Citizens Property Insurance Corp | 5.00% | 6/1/2021 | A+ | 540 | 637,913 | |||||||||
Courtland IDB–Intl Paper | 6.25% | 11/1/2033 | Baa2 | 770 | 912,458 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.00% | 12/1/2019 | BB- | 500 | 542,725 | |||||||||
LA Env Facs–Westlake Chem Rmkt | 6.50% | 8/1/2029 | BBB+ | 755 | 908,499 | |||||||||
Love Field Arpt–Southwest Airlines | 5.25% | 11/1/2040 | BBB | 190 | 208,527 | |||||||||
NY Liberty Dev Corp–3 WTC† | 5.00% | 11/15/2044 | NR | 500 | 526,885 | |||||||||
NY Liberty Dev Corp–7 WTC | 5.00% | 9/15/2040 | Aaa | 400 | 456,576 | |||||||||
NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 135 | 146,626 | |||||||||
OK DFA–Waste Mgmt | 2.375% | 12/1/2021 | A- | 185 | 189,246 | |||||||||
Warren Co–Intl Paper | 5.80% | 5/1/2034 | BBB | 100 | 115,385 | |||||||||
Warren Co–Intl Paper | 6.50% | 9/1/2032 | BBB | 255 | 294,017 | |||||||||
Total | 8,441,017 | |||||||||||||
Education 9.38% | ||||||||||||||
Allegheny Co Hi Ed–Duquesne Univ | 5.50% | 3/1/2029 | A2 | 150 | 173,156 | |||||||||
Build NYC Res Corp–CUNY | 5.00% | 6/1/2034 | Aa2 | 325 | 375,589 | |||||||||
CA Ed Facs–Santa Clara Univ | 5.50% | 4/1/2033 | Aa3 | 265 | 298,334 | |||||||||
CA Fin Auth–Emerson Clg | 6.00% | 1/1/2042 | BBB+ | 250 | 290,502 | |||||||||
DE EDA–DE State Univ (AGM) | 5.00% | 10/1/2031 | AA | 410 | 478,790 | |||||||||
DE EDA–DE State Univ (AGM) | 5.00% | 10/1/2039 | AA | 495 | 567,894 | |||||||||
Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 100 | 105,046 | |||||||||
FL HI Ed–Nova Southeastern Univ | 6.375% | 4/1/2031 | Baa1 | 475 | 568,979 | |||||||||
Fulton Co Dev–Tuff/Atlanta Hsg | 5.00% | 9/1/2032 | A+ | 775 | 865,729 | |||||||||
Gainesville Redev–Riverside Mil Admy | 5.125% | 3/1/2027 | BB+ | (a) | 1,000 | 1,006,370 | ||||||||
Hempstead Town LDC–Adelphi Univ | 5.00% | 10/1/2034 | A | 175 | 200,309 | |||||||||
IL Fin Auth–DePaul Univ | 6.00% | 10/1/2032 | A | 700 | 847,749 | |||||||||
IL Fin Auth–DePaul Univ | 6.125% | 10/1/2040 | A | 305 | 369,977 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2020 | Baa3 | 100 | 102,889 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2021 | Baa3 | 500 | 513,395 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2031 | Baa3 | 500 | 502,405 | |||||||||
LA PFA–Loyola Univ | 5.25% | 10/1/2029 | A- | 680 | 795,008 | |||||||||
McAllister Academic Vlg–AZ State Univ | 5.25% | 7/1/2030 | AA- | 125 | 139,660 |
See Notes to Financial Statements. | 49 |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Education (continued) | ||||||||||||||
Morgan State Univ | 5.00% | 7/1/2027 | A+ | $ | 670 | $ | 778,406 | |||||||
Morgan State Univ | 5.00% | 7/1/2030 | A+ | 350 | 397,698 | |||||||||
Morgan State Univ | 5.00% | 7/1/2032 | A+ | 450 | 509,130 | |||||||||
NH Hlth & Ed–Sthrn NH Univ | 5.00% | 1/1/2019 | BBB | 225 | 250,520 | |||||||||
NJ Ed Facs–Kean Univ | 5.25% | 9/1/2029 | A2 | 160 | 179,974 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2043 | A1 | 1,000 | 1,164,830 | |||||||||
NY Dorm–Columbia Univ(c) | 5.00% | 10/1/2045 | AAA | 300 | 417,699 | |||||||||
NY Dorm–Cornell Univ | 5.00% | 7/1/2034 | Aa1 | 250 | 286,290 | |||||||||
NY Dorm–Touro Clg | 5.50% | 1/1/2039 | BBB- | (a) | 400 | 458,272 | ||||||||
Olmos Park Hi Ed–Univ Incarnate Word | 5.00% | 12/1/2021 | A3 | 1,000 | 1,150,510 | |||||||||
PA Hi Ed–St Josephs Univ | 5.00% | 11/1/2030 | A- | 860 | 962,237 | |||||||||
Total | 14,757,347 | |||||||||||||
Financial Services 0.30% | ||||||||||||||
IN Bd Bk–JP Morgan | 1.14% | # | 10/15/2022 | A3 | 500 | 470,710 | ||||||||
General Obligation 8.32% | ||||||||||||||
Atlantic City Brd Ed (AGM) | 6.00% | 4/1/2034 | AA | 550 | 657,899 | |||||||||
CA State GO | 5.375% | 11/1/2035 | Aa3 | 400 | 476,388 | |||||||||
CA State GO | 5.50% | 3/1/2040 | Aa3 | 975 | 1,143,041 | |||||||||
CA State GO | 6.50% | 4/1/2033 | Aa3 | 300 | 364,056 | |||||||||
Chicago GO | 5.25% | 1/1/2027 | A+ | 260 | 266,024 | |||||||||
Fraser Pub Sch Dist | 5.75% | 5/1/2033 | AA- | 400 | 484,308 | |||||||||
HI State GO | 5.00% | 12/1/2028 | AA | 1,000 | 1,182,560 | |||||||||
Hudson Co Impt Auth–Solid Waste GTD | 5.75% | 1/1/2035 | Aa3 | 225 | 264,832 | |||||||||
Kendall Kane & WIll Co CUSD #308 | 5.00% | 2/1/2029 | Aa2 | 1,000 | 1,130,530 | |||||||||
Middletown CSD | 5.25% | 12/1/2040 | AA | 250 | 290,238 | |||||||||
NYC GO | 5.00% | 8/1/2023 | AA | 705 | 857,294 | |||||||||
NYC GO | 5.00% | 8/1/2027 | AA | 575 | 683,301 | |||||||||
Philadelphia GO | 5.25% | 7/15/2031 | A+ | 600 | 700,926 | |||||||||
Pittsburgh GO (BAM) | 5.00% | 9/1/2030 | AA | 370 | 432,589 | |||||||||
PR Comwlth GO | 4.75% | 7/1/2018 | B | 370 | 316,790 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2022 | B | 250 | 180,368 | |||||||||
PR Comwlth GO | 5.375% | 7/1/2030 | B | 955 | 654,175 | |||||||||
PR Pub Bldg Auth | 5.50% | 7/1/2027 | B | 145 | 97,542 | |||||||||
PR Pub Bldg Auth GTD | 6.00% | 7/1/2020 | B | 125 | 92,249 | |||||||||
PR Pub Bldg Auth GTD | 6.25% | 7/1/2026 | B | 315 | 217,413 | |||||||||
St Pub SBA–Philadelphia Sch Dist | 5.00% | 4/1/2023 | A+ | 1,000 | 1,150,510 |
50 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
General Obligation 8.32% | ||||||||||||||
Stockton USD (AGM) | 5.00% | 7/1/2028 | AA | $ | 750 | $ | 861,187 | |||||||
Sweetwater UHSD (BAM) | 5.00% | 8/1/2027 | AA | 500 | 595,160 | |||||||||
Total | 13,099,380 | |||||||||||||
Health Care 18.61% | ||||||||||||||
Abag Fin Auth–Eskaton Pptys | 5.00% | 11/15/2035 | BBB | 300 | 323,259 | |||||||||
Abag Fin Auth–Sharp Hlthcare | 5.00% | 8/1/2027 | AA- | 300 | 345,171 | |||||||||
Abag Fin Auth–Sharp Hlthcare | 5.00% | 8/1/2028 | AA- | 345 | 395,322 | |||||||||
Athens Clarke Co Dev–Catholic Hlth E | 6.25% | 11/15/2032 | AA- | 675 | 796,007 | |||||||||
AZ Hlth Facs–Banner Hlth | 5.50% | 1/1/2038 | AA- | 1,285 | 1,412,086 | |||||||||
CA Hlth–Sutter Hlth | 5.25% | 8/15/2031 | AA- | 745 | 869,169 | |||||||||
CA Hlth–Sutter Hlth | 5.50% | 8/15/2026 | AA- | 275 | 326,824 | |||||||||
CA Stwde–Eskaton Pptys | 5.25% | 11/15/2034 | BBB | 500 | 545,465 | |||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BBB | 750 | 841,290 | |||||||||
CA Stwde–So Cal Presbyterian† | 6.625% | 11/15/2024 | BBB- | 110 | 129,036 | |||||||||
CO Hlth Facs–Boulder Cmnty Hsp | 5.00% | 10/1/2032 | A | 280 | 314,140 | |||||||||
CO Hlth Facs–Catholic Hlth | 5.25% | 2/1/2031 | A | 750 | 845,992 | |||||||||
CO Hlth Facs–Catholic Hlth | 6.125% | 10/1/2028 | A | 155 | 180,294 | |||||||||
CT Hlth & Ed–Hartford Hlthcare | 5.00% | 7/1/2032 | A | 640 | 708,442 | |||||||||
CT Hlth & Ed–Yale New Haven | 5.00% | 7/1/2028 | Aa3 | 500 | 588,135 | |||||||||
Cumberland Co Mun Auth–Asbury | 5.40% | 1/1/2022 | NR | 150 | 159,986 | |||||||||
Cumberland Co Mun Auth–Diakon Lutheran | 6.25% | 1/1/2024 | BBB+ | (a) | 130 | 145,635 | ||||||||
Cumberland Mun Auth–Asbury | 5.25% | 1/1/2021 | NR | 140 | 151,316 | |||||||||
DeKalb Co Hsp–Children’s Hlthcare | 5.00% | 11/15/2029 | AA | 530 | 608,604 | |||||||||
Denver Hlth & Hsp Auth | 5.00% | 12/1/2039 | BBB | 400 | 437,596 | |||||||||
East Rochester Hsg–Woodland Vlg | 5.50% | 8/1/2033 | NR | 160 | 160,997 | |||||||||
Franklin Co Hlth–OPRS Cmntys | 6.125% | 7/1/2040 | BBB- | 480 | 535,896 | |||||||||
Gainesville & Hall Co Hsp–NE GA Hlth | 5.50% | 8/15/2054 | AA- | 400 | 466,972 | |||||||||
Glynn Brunswick Mem Hsp–SE GA Hlth | 5.625% | 8/1/2034 | A2 | 305 | 342,091 | |||||||||
IL Fin Auth–Centegra Hlth | 5.00% | 9/1/2034 | BBB | 235 | 256,159 | |||||||||
IL Fin Auth–Memorial Hlth Sys | 5.50% | 4/1/2034 | AA- | 690 | 787,117 | |||||||||
IL Fin Auth–Northwestern Mem Hsp | 5.75% | 8/15/2030 | AA+ | 225 | 263,810 | |||||||||
IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2039 | A+ | 250 | 280,350 | |||||||||
IL Fin Auth–Rush Univ Med | 6.375% | 11/1/2027 | Aaa | 315 | 379,402 | |||||||||
IL Fin Auth–Rush Univ Med | 6.375% | 11/1/2029 | Aaa | 220 | 264,979 | |||||||||
IL Fin Auth–Rush Univ Med | 6.375% | 11/1/2029 | Aaa | 80 | 96,356 | |||||||||
IL Fin Auth–Rush Univ Med | 7.25% | 11/1/2030 | Aaa | 250 | 304,580 |
See Notes to Financial Statements. | 51 |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Health Care (continued) | ||||||||||||||
IL Fin Auth–Rush Univ Med (NPFGC)(FGIC) | 5.25% | 11/1/2035 | Aaa | $ | 305 | $ | 349,054 | |||||||
IL Fin Auth–Silver Cross Hsp(c) | 5.00% | 8/15/2044 | Baa1 | 250 | 272,490 | |||||||||
IL Fin Auth–Univ of Chicago Med Ctr | 5.50% | 8/15/2036 | AA- | 760 | 877,215 | |||||||||
IN Fin Auth–Major Hsp | 5.00% | 10/1/2044 | Baa2 | 750 | 802,447 | |||||||||
Karnes Co Hsp Dist | 5.00% | 2/1/2044 | BBB | (a) | 250 | 267,468 | ||||||||
Lucas Co Hsp–ProMedica Hlthcare | 5.75% | 11/15/2031 | AA | 300 | 363,387 | |||||||||
MA Hlth & Ed–Catholic Hlth E | 6.25% | 11/15/2032 | AA- | 790 | 931,623 | |||||||||
Martin Co Hlth–Martin Mem Med | 5.50% | 11/15/2032 | BBB+ | 930 | 1,054,239 | |||||||||
Martin Hsp Dist | 7.25% | 4/1/2036 | BBB(a) | 250 | 283,623 | |||||||||
MD Hlth & Hi Ed–Mercy Med Ctr | 6.25% | 7/1/2031 | BBB | 445 | 510,126 | |||||||||
ME Hlth & Hi Ed–MaineGeneral Hlth | 6.00% | 7/1/2026 | Ba1 | 620 | 707,346 | |||||||||
ME Hlth & Hi Ed–MaineGeneral Hlth | 6.75% | 7/1/2036 | Ba1 | 400 | 455,012 | |||||||||
MI Fin Auth–Beaumont Hlth | 5.00% | 8/1/2033 | A1 | 250 | 282,800 | |||||||||
Montgomery Co Hlth–Catholic Hlth E | 6.25% | 11/15/2034 | AA- | 105 | 123,777 | |||||||||
Montgomery Co IDA–ACTS Retirement | 5.00% | 11/15/2025 | BBB+ | 125 | 138,795 | |||||||||
Montgomery Co IDA–Jefferson Hlth | 5.00% | 10/1/2027 | AA | 1,000 | 1,162,300 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2034 | BBB+ | 1,100 | 1,254,484 | |||||||||
NJ EDA–Seashore Gardens | 5.375% | 11/1/2036 | NR | 225 | 184,158 | |||||||||
NY Dorm–NYU Hsps Ctr | 5.75% | 7/1/2031 | A- | 250 | 294,945 | |||||||||
Pulaski Co Pub Facs–Baptist Hlth | 5.00% | 12/1/2039 | A+ | 500 | 567,150 | |||||||||
San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 950 | 1,244,196 | |||||||||
Univ Med Ctr Corp | 5.00% | 7/1/2020 | NR | 500 | 590,980 | |||||||||
Upland COP–San Antonio Cmnty Hsp COP | 6.375% | 1/1/2032 | A- | 140 | 164,835 | |||||||||
WA Hlth Care–Overlake Hsp | 5.00% | 7/1/2038 | A | 500 | 556,265 | |||||||||
Westchester Co Hlth Care | 6.00% | 11/1/2030 | A3 | 150 | 175,638 | |||||||||
Westchester Co Hlth Care | 6.125% | 11/1/2037 | A3 | 275 | 319,594 | |||||||||
WI Hlth & Ed–Aurora Hlth | 5.125% | 4/15/2031 | A3 | 195 | 219,053 | |||||||||
WI Hlth & Ed–Sauk-Prairie Mem Hsp | 5.375% | 2/1/2048 | Ba1 | 840 | 875,045 | |||||||||
Total | 29,290,523 | |||||||||||||
Housing 0.72% | ||||||||||||||
Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2042 | NR | 300 | 379,041 | |||||||||
CA Muni Fin–Azusa Pacific Univ(c) | 5.00% | 4/1/2041 | Baa3 | 250 | 270,185 | |||||||||
CA Muni Fin–Caritas Affordable Hsg | 5.25% | 8/15/2039 | BBB | 100 | 111,751 | |||||||||
Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2039 | BBB- | 350 | 365,246 | |||||||||
Total | 1,126,223 |
52 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Lease Obligations 7.84% | ||||||||||||||
CA Pub Wks–Dept Gen Svcs | 5.00% | 4/1/2030 | A1 | $ | 130 | $ | 135,385 | |||||||
CA Pub Wks–Riverside Campus | 6.00% | 4/1/2027 | A1 | 250 | 296,342 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 10/1/2028 | A1 | 535 | 623,789 | |||||||||
CA Pub Wks–Various Cap Proj | 5.75% | 3/1/2030 | A1 | 310 | 367,142 | |||||||||
CA Pub Wks–Various Cap Proj | 6.625% | 11/1/2034 | A1 | 150 | 150,383 | |||||||||
Delano Earlimart Irrigation Dist COP | 5.00% | 2/1/2028 | AA- | 475 | 544,260 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2026 | AA | 1,155 | 1,388,391 | |||||||||
Essex Co Impt Auth–Newark | 6.25% | 11/1/2030 | Baa2 | 250 | 279,717 | |||||||||
IL Sports Facs Auth (AGM) | 5.00% | 6/15/2028 | AA | 865 | 977,891 | |||||||||
Los Angeles USD | 5.00% | 10/1/2025 | A+ | 1,000 | 1,191,720 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.50% | 6/1/2021 | A+ | 650 | 744,146 | |||||||||
NJ EDA–Sch Facs | 1.62% | # | 3/1/2028 | A2 | 500 | 487,835 | ||||||||
NJ Hlth–Hsp Asset Trans | 5.00% | 10/1/2028 | A2 | 500 | 554,670 | |||||||||
North Hudson Sewerage Auth | 5.00% | 6/1/2024 | A- | 1,000 | 1,175,860 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2043 | AA | 750 | 861,240 | |||||||||
Philadelphia Muni Auth | 6.375% | 4/1/2029 | A+ | 655 | 768,891 | |||||||||
PR Pub Bldg Auth | 5.25% | 7/1/2033 | B | 200 | 131,028 | |||||||||
San Diego PFA–Master Lease | 5.125% | 9/1/2030 | AA- | 1,000 | 1,140,210 | |||||||||
VA Transp Brd | 4.75% | 5/15/2035 | AA+ | 470 | 526,226 | |||||||||
Total | 12,345,126 | |||||||||||||
Other Revenue 5.42% | ||||||||||||||
Arlington Hi Ed Fin Corp–Arlington Classics | 7.65% | 8/15/2040 | BB+ | 155 | 172,571 | |||||||||
Austin Convention† | 5.75% | 1/1/2034 | BB | 590 | 611,629 | |||||||||
Austin Convention CR (BHAC)(XLCA) | 5.00% | 1/1/2034 | AA+ | 200 | 211,932 | |||||||||
Baltimore Conv Ctr–Hilton Hotel | 5.875% | 9/1/2039 | Ba2 | 250 | 259,640 | |||||||||
Baltimore Conv Ctr–Hilton Hotel (XLCA) | 5.25% | 9/1/2025 | Ba1 | 595 | 617,872 | |||||||||
Baltimore Conv Ctr–Hilton Hotel (XLCA) | 5.25% | 9/1/2026 | Ba1 | 100 | 103,702 | |||||||||
Brooklyn Arena LDC–Barclays Ctr | 6.25% | 7/15/2040 | BBB- | 775 | 914,035 | |||||||||
Cleveland Arpt | 5.00% | 1/1/2029 | A- | 425 | 470,241 | |||||||||
Cleveland Arpt | 5.00% | 1/1/2030 | A- | 555 | 610,900 | |||||||||
Clifton Higher Ed–IDEA Pub Schs | 5.00% | 8/15/2042 | BBB | 275 | 296,568 | |||||||||
DC Rev–Friendship Pub Chtr Sch | 5.00% | 6/1/2032 | BBB | 500 | 540,570 | |||||||||
DC Rev–KIPP Chtr Sch | 6.00% | 7/1/2043 | BBB+ | 300 | 346,089 | |||||||||
DC Rev–KIPP Chtr Sch | 6.00% | 7/1/2048 | BBB+ | 200 | 230,268 | |||||||||
Houston Hi Ed–Cosmos Fndtn | 5.875% | 5/15/2021 | BBB | 265 | 305,837 | |||||||||
Houston HI Ed–Cosmos Fndtn | 6.875% | 5/15/2041 | BBB | 125 | 153,526 | |||||||||
IL Fin Auth–Noble Chrter Schs | 6.125% | 9/1/2039 | BBB | 900 | 1,012,833 |
See Notes to Financial Statements. | 53 |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Other Revenue (continued) | ||||||||||||||
Indianapolis Local Pub Impt Bd Bk | 5.00% | 2/1/2031 | Aa2 | $ | 475 | $ | 540,674 | |||||||
La Vernia Hi Ed–Life Schools of Dallas | 7.25% | 8/15/2031 | BBB- | 250 | 314,030 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2031 | NR | 100 | 52,000 | |||||||||
NYC Cultural–Whitney Museum | 5.25% | 7/1/2026 | A | 500 | 588,350 | |||||||||
PR Pub Bldg Auth | 5.25% | 7/1/2027 | B | 255 | 168,991 | |||||||||
Total | 8,522,258 | |||||||||||||
Special Tax 2.84% | ||||||||||||||
Allentown Neighborhood Impt | 5.00% | 5/1/2027 | Baa2 | 250 | 281,835 | |||||||||
Allentown Neighborhood Impt | 5.00% | 5/1/2035 | Baa2 | 500 | 546,010 | |||||||||
CT Spl Tax–Trans Infra | 5.00% | 9/1/2034 | AA | 500 | 579,675 | |||||||||
Inland Valley Redev Agy | 5.25% | 9/1/2037 | A- | 750 | 863,347 | |||||||||
Lancaster Redev | 6.00% | 8/1/2024 | BBB | 250 | 289,565 | |||||||||
Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2030 | AA | 500 | 586,825 | |||||||||
San Francisco Redev–Mission Bay South | 5.00% | 8/1/2043 | BBB+ | 395 | 434,196 | |||||||||
San Jose Redev Agy (AMBAC) | 5.00% | 8/1/2018 | BBB+ | 100 | 108,937 | |||||||||
San Jose Spl Tax–Conv Ctr | 5.50% | 5/1/2024 | A2 | 660 | 783,671 | |||||||||
Total | 4,474,061 | |||||||||||||
Tax Revenue 4.29% | ||||||||||||||
Guam Privilege Tax | 5.00% | 1/1/2024 | A | 150 | 172,533 | |||||||||
Hudson Yards | 5.75% | 2/15/2047 | A | 925 | 1,067,866 | |||||||||
MTA NY–Dedicated Tax | 5.50% | 11/15/2039 | AA | 225 | 256,563 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2033 | AAA | 750 | 861,097 | |||||||||
NYC TFA–Future Tax | 5.00% | 2/1/2036 | AAA | 1,000 | 1,151,550 | |||||||||
PR Corp Sales Tax | 5.25% | 8/1/2027 | B | 575 | 395,422 | |||||||||
PR Corp Sales Tax | 5.25% | 8/1/2041 | B | 1,000 | 595,000 | |||||||||
PR Corp Sales Tax | 5.75% | 8/1/2037 | B | 220 | 136,950 | |||||||||
San Jose Spl Tax–Conv Ctr | 5.50% | 5/1/2026 | A2 | 275 | 326,186 | |||||||||
San Jose Spl Tax–Conv Ctr | 6.50% | 5/1/2036 | A2 | 530 | 652,870 | |||||||||
Sonoma Marin Area Rail Rmkt | 5.00% | 3/1/2028 | AA | 510 | 599,653 | |||||||||
Virgin Islands PFA–Matching Fund | 5.25% | 10/1/2029 | Baa2 | 205 | 229,141 | |||||||||
Yorba Linda Redev Agy | 6.50% | 9/1/2032 | A- | 250 | 313,437 | |||||||||
Total | 6,758,268 | |||||||||||||
Tobacco 4.84% | ||||||||||||||
Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 1,000 | 855,240 | |||||||||
Golden St Tobacco | 5.00% | 6/1/2030 | A1 | 500 | 574,235 | |||||||||
Golden St Tobacco(c) | 5.00% | 6/1/2045 | A1 | 500 | 566,330 |
54 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Tobacco (continued) | ||||||||||||||
MI Tob Settlement | 5.125% | 6/1/2022 | B- | $ | 720 | $ | 649,037 | |||||||
Railsplitter Tobacco Settlement Auth | 5.25% | 6/1/2020 | A | 150 | 174,348 | |||||||||
Railsplitter Tobacco Settlement Auth | 6.00% | 6/1/2028 | A- | 1,100 | 1,309,539 | |||||||||
RI Tob Settlement | 5.00% | 6/1/2035 | A- | 750 | 821,265 | |||||||||
SD Edu Enhancement Fding Corp | 5.00% | 6/1/2026 | A- | 180 | 206,302 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2020 | A | 540 | 627,393 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2022 | A | 700 | 826,133 | |||||||||
TSASC | 5.00% | 6/1/2026 | BB- | 400 | 403,116 | |||||||||
TSASC | 5.00% | 6/1/2034 | B | 660 | 603,629 | |||||||||
Total | 7,616,567 | |||||||||||||
Transportation 15.99% | ||||||||||||||
Atlanta Arpt | 5.25% | 1/1/2030 | Aa3 | 635 | 736,721 | |||||||||
Atlanta Arpt–PFC | 5.00% | 1/1/2028 | A+ | 1,000 | 1,178,890 | |||||||||
Central TX Tpk | 5.00% | 8/15/2033 | BBB+ | 700 | 782,026 | |||||||||
Charlotte Arpt | 5.00% | 7/1/2033 | Aa3 | 575 | 651,567 | |||||||||
Chicago Midway Arpt | 5.00% | 1/1/2026 | A- | 185 | 214,970 | |||||||||
Chicago O’Hare Arpt | 5.00% | 1/1/2035 | A2 | 1,040 | 1,133,226 | |||||||||
Chicago O’Hare Arpt | 5.50% | 1/1/2031 | A2 | 120 | 139,008 | |||||||||
Chicago O’Hare Arpt | 5.625% | 1/1/2035 | A2 | 360 | 414,428 | |||||||||
Chicago O’Hare Arpt (NPFGC)(FGIC) | 5.00% | 1/1/2030 | AA- | 100 | 100,364 | |||||||||
Chicago O’Hare Arpt (XLCA) | 5.25% | 1/1/2034 | A2 | 200 | 200,760 | |||||||||
Delaware River Port Auth | 5.00% | 1/1/2029 | A | 470 | 547,310 | |||||||||
Delaware River Port Auth | 5.00% | 1/1/2034 | A | 800 | 913,632 | |||||||||
DFW Arpt | 5.00% | 11/1/2028 | A+ | 750 | 875,655 | |||||||||
DFW Arpt | 5.00% | 11/1/2030 | A+ | 850 | 982,583 | |||||||||
FL Tpk Auth–Dept Trans | 5.00% | 7/1/2034 | AA- | 500 | 571,525 | |||||||||
Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | BBB- | 500 | 225,825 | |||||||||
Foothill / Eastern Corridor Toll Rd | 5.75% | 1/15/2046 | BBB- | 750 | 883,440 | |||||||||
Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2035 | AA- | 710 | 806,056 | |||||||||
Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2038 | AA- | 250 | 291,680 | |||||||||
Met DC Arpt | 5.00% | 10/1/2035 | AA- | 255 | 289,642 | |||||||||
Met DC Arpt–Dulles Toll Road | 5.00% | 10/1/2053 | BBB+ | 290 | 310,648 | |||||||||
Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2029 | BBB+ | 500 | 577,175 | |||||||||
Miami Dade Co Aviation–MIA | 5.00% | 10/1/2034 | A | 400 | 457,496 | |||||||||
Miami Dade Co Aviation–MIA | 5.50% | 10/1/2029 | A | 515 | 606,294 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2027 | A- | 150 | 175,356 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2028 | A- | 515 | 597,081 |
See Notes to Financial Statements. | 55 |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Transportation (continued) | ||||||||||||||
Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2027 | A | $ | 575 | $ | 677,373 | |||||||
MTA NY–Dedicated Tax | 5.25% | 11/15/2029 | AA | 535 | 625,982 | |||||||||
NJ Trans Trust Fund | 5.75% | 12/15/2031 | A2 | 350 | 392,319 | |||||||||
NJ Trans Trust Fund | 6.00% | 6/15/2035 | A2 | 660 | 794,825 | |||||||||
North TX Twy Auth | 5.00% | 1/1/2031 | A3 | 250 | 284,485 | |||||||||
North TX Twy Auth | 5.75% | 1/1/2033 | A3 | 270 | 298,809 | |||||||||
North TX Twy Auth | 6.00% | 1/1/2043 | A2 | 1,040 | 1,235,447 | |||||||||
PA Tpk Commn | 5.00% | 12/1/2034 | A+ | 100 | 114,585 | |||||||||
PA Tpk Commn | 5.00% | 12/1/2039 | A+ | 750 | 852,713 | |||||||||
PA Tpk Commn | 5.50% | 6/1/2033 | A- | 315 | 352,195 | |||||||||
PR Hwy & Trans Auth | 4.00% | 7/1/2017 | B | 240 | 170,858 | |||||||||
Regional Trans Dist–Denver Trans | 5.375% | 1/15/2025 | Baa3 | 85 | 94,091 | |||||||||
Regional Trans Dist–Denver Trans | 5.375% | 7/15/2025 | Baa3 | 830 | 918,768 | |||||||||
Regional Trans Dist–Denver Trans | 6.00% | 1/15/2026 | Baa3 | 120 | 138,859 | |||||||||
Regional Trans Dist COP | 5.375% | 6/1/2031 | Aa3 | 485 | 553,875 | |||||||||
San Antonio Arpt (AGM) | 5.00% | 7/1/2026 | AA | 495 | 575,804 | |||||||||
San Diego Arpt | 5.00% | 7/1/2040 | A | 945 | 1,055,480 | |||||||||
San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2050 | BBB- | 1,250 | 1,370,462 | |||||||||
Total | 25,170,288 | |||||||||||||
Utilities 14.66% | ||||||||||||||
Adelanto Util Sys | 6.00% | 7/1/2024 | NR | 200 | 218,312 | |||||||||
Adelanto Util Sys | 6.625% | 7/1/2031 | NR | 100 | 115,722 | |||||||||
Baltimore Wastewtr | 5.00% | 7/1/2039 | AA- | 750 | 865,612 | |||||||||
Baltimore Water | 5.00% | 7/1/2033 | AA- | 605 | 710,464 | |||||||||
Central Plains–Goldman Sachs | 5.00% | 9/1/2032 | A- | 500 | 554,080 | |||||||||
Chicago Wastewater | 5.00% | 1/1/2039 | AA- | 500 | 548,940 | |||||||||
Chicago Water | 5.00% | 11/1/2039 | AA- | 800 | 894,152 | |||||||||
Colorado Springs Utilities | 5.25% | 11/15/2033 | AA | 175 | 207,214 | |||||||||
CT Muni Elec | 5.00% | 1/1/2027 | Aa3 | 1,000 | 1,154,430 | |||||||||
DE EDA–NRG Energy | 5.375% | 10/1/2045 | Baa3 | 800 | 881,104 | |||||||||
Detroit Sewer (NPFGC)(FGIC) | 5.00% | 7/1/2035 | AA- | 120 | 120,892 | |||||||||
Detroit Water (AGM) | 4.625% | 7/1/2032 | AA | 180 | 182,569 | |||||||||
Detroit Water (NPFGC)(FGIC) | 4.50% | 7/1/2031 | AA- | 285 | 285,587 | |||||||||
El Dorado Irrigation Dist (AGM) | 5.00% | 3/1/2034 | AA | 400 | 457,096 | |||||||||
FL Muni Pwr Agy | 5.00% | 10/1/2026 | A2 | 840 | 989,621 | |||||||||
Gainesville Utility | 5.25% | 10/1/2034 | AA | 150 | 173,556 | |||||||||
IN Fin Auth–Ohio Vly Elec | 5.00% | 6/1/2032 | BBB- | 100 | 107,912 |
56 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount (000) | Fair Value | |||||||||
Utilities (continued) | ||||||||||||||
IN Muni Pwr | 5.25% | 1/1/2032 | A+ | $ | 450 | $ | 522,022 | |||||||
Jefferson Co Sewer (AGM) | 5.50% | 10/1/2053 | AA | 1,000 | 1,126,830 | |||||||||
Long Beach Nat Gas–ML | 5.50% | 11/15/2030 | A- | 420 | 512,417 | |||||||||
Long Beach Nat Gas–ML | 5.50% | 11/15/2037 | A- | 1,080 | 1,341,792 | |||||||||
Long Island Power Auth | 5.00% | 9/1/2039 | A- | 600 | 675,204 | |||||||||
Los Angeles USD | 5.00% | 7/1/2023 | Aa2 | 500 | 621,090 | |||||||||
Maricopa Co Poll Ctl–So Cal Edison Rmkt | 5.00% | 6/1/2035 | Aa3 | 555 | 622,632 | |||||||||
MO Joint Muni Elec Util Commn | 5.00% | 1/1/2027 | A2 | 250 | 293,658 | |||||||||
North Sumter Co Util Dep Dist | 5.375% | 10/1/2030 | A | 215 | 248,101 | |||||||||
NY Env Facs–Clean Wtr & Drinking | 5.125% | 6/15/2038 | AAA | 520 | 595,754 | |||||||||
NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 525 | 607,934 | |||||||||
NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 500 | 580,290 | |||||||||
OH Air Quality–Ohio Vly Elec | 5.625% | 10/1/2019 | BBB- | 475 | 538,598 | |||||||||
Omaha Pub Pwr Dist | 5.25% | 2/1/2042 | A1 | 500 | 588,595 | |||||||||
Pima Co IDA–Tucson Elec | 4.95% | 10/1/2020 | A3 | 350 | 405,051 | |||||||||
PR Aqueduct & Swr Auth | 6.125% | 7/1/2024 | B | 590 | 460,347 | |||||||||
PR Elec Pwr Auth | 5.00% | 7/1/2028 | CCC | 270 | 158,625 | |||||||||
PR Elec Pwr Auth | 5.25% | 7/1/2028 | CCC | 880 | 517,000 | |||||||||
Rowland Water Dist COP | 6.50% | 12/1/2035 | AA- | 100 | 119,722 | |||||||||
SC Pub Svc Auth–Santee Cooper | 5.00% | 12/1/2039 | AA- | 1,000 | 1,136,070 | |||||||||
Southern CA Pub Pwr Auth–Goldman Sachs | 5.00% | 11/1/2033 | A- | 500 | 585,280 | |||||||||
TEAC–Goldman Sachs | 5.25% | 9/1/2026 | A- | 250 | 295,725 | |||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2025 | A3 | 900 | 1,029,555 | |||||||||
TX Muni Gas Acq & Supply–ML | 5.25% | 12/15/2022 | A- | 870 | 1,020,632 | |||||||||
Total | 23,070,187 | |||||||||||||
Total Investments in Municipal Bonds 98.57% (cost $146,906,980) | 155,141,955 | |||||||||||||
Cash and Other Assets in Excess of Liabilities(h) 1.43% | 2,255,293 | |||||||||||||
Net Assets 100.00% | $ | 157,397,248 |
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||
U.S. 10-Year Treasury Note | June 2015 | 53 | Short | $ | (6,832,031 | ) | $(48,789 | ) | ||||||
Ultra Long U.S. Treasury Bond | June 2015 | 5 | Short | (849,375 | ) | (1,103 | ) | |||||||
Totals | $ | (7,681,406 | ) | $(49,891 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
See Notes to Financial Statements. | 57 |
Schedule of Investments (unaudited)(concluded)
AMT FREE MUNICIPAL BOND FUND March 31, 2015
The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at fair value(1):
Investment Type(2)(3) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds | $ | – | $ | 155,141,955 | $ | – | $ | 155,141,955 | ||||||||
Total | $ | – | $ | 155,141,955 | $ | – | $ | 155,141,955 | ||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (49,891 | ) | – | – | (49,891 | ) | ||||||||||
Total | $ | (49,891 | ) | $ | – | $ | – | $ | (49,891 | ) |
(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 period ended March 31, 2015. |
58 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
MUNICIPAL BONDS 102.79% | ||||||||||||||
Corporate-Backed 7.09% | ||||||||||||||
CA Poll Ctl–Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | $ | 8,750 | $ | 9,536,275 | |||||||
CA Poll Ctl–Waste Mgmt AMT | 3.25% | 12/1/2027 | A- | 6,000 | 6,326,160 | |||||||||
Citizens Property Insurance Corp | 5.00% | 6/1/2020 | A+ | 9,710 | 11,281,467 | |||||||||
Clayton Co SFR–Delta Airlines AMT | 9.00% | 6/1/2035 | BB- | 3,520 | 3,554,707 | |||||||||
Columbus Co Ind Facs–Intl Paper | 5.70% | 5/1/2034 | BBB | 2,140 | 2,459,117 | |||||||||
Gloucester Co Impt Auth–Waste Mgmt AMT | 2.50% | 12/1/2029 | A- | 1,125 | 1,163,486 | |||||||||
Gloucester Co Poll Ctl–Logan AMT | 5.00% | 12/1/2024 | BBB- | 1,000 | 1,134,300 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.00% | 12/1/2019 | BB- | 8,500 | 9,226,325 | |||||||||
IL Fin Auth–Leafs Hockey Club(e) | 6.00% | 3/1/2037 | NR | 1,550 | 124,000 | |||||||||
IL Fin Auth–United Sports/ Barrington†(e) | 6.25% | 10/1/2037 | NR | 2,000 | 68,860 | |||||||||
LA Citizens Property Insurance Corp (AMBAC) | 5.00% | 6/1/2021 | A- | 1,580 | 1,659,174 | |||||||||
LA Env Facs–Westlake Chem | 6.75% | 11/1/2032 | BBB+ | 7,650 | 8,576,874 | |||||||||
Love Field Arpt–Southwest Airlines AMT | 5.00% | 11/1/2028 | BBB | 2,530 | 2,848,729 | |||||||||
MA Port Auth–Delta Airlines AMT (AMBAC) | 5.50% | 1/1/2019 | NR | 1,495 | 1,496,480 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2016 | NR | 855 | 444,600 | |||||||||
Mission EDC–Waste Mgmt | 2.50% | 8/1/2020 | A- | 13,500 | 13,750,155 | |||||||||
NJ EDA–Goethals Brdg AMT | 5.00% | 7/1/2022 | BBB- | 1,650 | 1,900,470 | |||||||||
NJ EDA–Goethals Brdg AMT | 5.00% | 1/1/2024 | BBB- | 1,500 | 1,740,435 | |||||||||
NY Energy–ConEd AMT (XLCA) | 0.102% | # | 10/1/2035 | A2 | 5,175 | 4,775,826 | ||||||||
NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 8,340 | 9,058,241 | |||||||||
NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB | 5,790 | 6,341,208 | |||||||||
OH Wtr Dev Auth–FirstEnergy | 4.00% | 12/1/2033 | BBB- | 5,000 | 5,335,750 | |||||||||
Onondaga Co IDA–Bristol Meyers AMT | 5.75% | 3/1/2024 | A+ | 2,075 | 2,603,129 | |||||||||
PA Econ Dev–US Airways | 7.50% | 5/1/2020 | B | 1,500 | 1,778,385 | |||||||||
PA Econ Dev–US Airways | 8.00% | 5/1/2029 | B | 1,475 | 1,778,983 | |||||||||
Richland Co Env Impt–Intl Paper AMT | 3.875% | 4/1/2023 | BBB | 6,625 | 7,156,590 | |||||||||
Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 5,145 | 5,851,357 | |||||||||
Selma IDB–Intl Paper | 6.25% | 11/1/2033 | BBB | 2,595 | 3,075,101 | |||||||||
West Pace Coop Dist(e) | 9.125% | 5/1/2039 | NR | 4,900 | 4,845,365 | |||||||||
Total | 129,891,549 | |||||||||||||
Education 5.53% | ||||||||||||||
Athens Clarke Ed–Ugaref Cent Precinct | 5.00% | 6/15/2031 | Aa2 | 2,500 | 2,780,625 | |||||||||
Athens Clarke Ed–Ugaref O’Malleys Bldg | 5.00% | 6/15/2028 | Aa2 | 2,000 | 2,297,060 | |||||||||
Bulloch Co Dev–GA So Univ Hsg (AG) | 5.25% | 7/1/2028 | A1 | 2,475 | 2,779,499 |
See Notes to Financial Statements. | 59 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Education (continued) | ||||||||||||||
CA Fin Auth–Biola Univ | 5.80% | 10/1/2028 | Baa1 | $ | 1,000 | $ | 1,119,830 | |||||||
CA Fin Auth–Emerson Clg | 6.00% | 1/1/2042 | BBB+ | 1,875 | 2,178,769 | |||||||||
CA Stwde–Windrush Sch(e) | 5.50% | 7/1/2037 | NR | 1,000 | 10 | |||||||||
CT Hlth & Ed–Quinnipiac Univ (NPFGC)(FGIC) | 5.00% | 7/1/2026 | AA- | 3,000 | 3,237,060 | |||||||||
Davie Edu Facs–Nova Southeastern Univ | 6.00% | 4/1/2042 | Baa1 | 3,000 | 3,503,130 | |||||||||
Detroit Sch Dist | 5.00% | 5/1/2029 | Aa2 | 4,000 | 4,449,560 | |||||||||
Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 1,000 | 1,050,460 | |||||||||
Gainesville Redev–Riverside Mil Admy | 5.125% | 3/1/2027 | BB+ | (a) | 4,575 | 4,604,143 | ||||||||
Harrisburg Auth–Univ of Science | 6.00% | 9/1/2036 | NR | 4,000 | 1,917,400 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2019 | Baa3 | 1,050 | 1,081,805 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2020 | Baa3 | 1,900 | 1,954,891 | |||||||||
IL Fin Auth–IL Inst of Tech | 6.25% | 2/1/2019 | Baa3 | 2,170 | 2,356,728 | |||||||||
IL Fin Auth–IL Inst of Tech | 7.125% | 2/1/2034 | Baa3 | 1,000 | 1,146,500 | |||||||||
IL Fin Auth–Univ of Chicago | 5.75% | 7/1/2033 | AA | 4,350 | 5,010,765 | |||||||||
Louisville/Jeff Co Met Clg–Bellarmine | 6.00% | 5/1/2038 | Baa3 | 2,500 | 2,742,025 | |||||||||
MA DFA–Wheelock Clg | 5.25% | 10/1/2037 | BBB | 3,750 | 4,067,062 | |||||||||
Marietta Dev Auth–Life Univ | 7.00% | 6/15/2030 | Ba3 | 5,000 | 5,363,600 | |||||||||
MI Hi Ed–Creative Studies | 5.875% | 12/1/2028 | Baa2 | 2,365 | 2,429,896 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2033 | A1 | 1,000 | 1,174,380 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2035 | A1 | 2,400 | 2,802,432 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2043 | A1 | 9,000 | 10,483,470 | |||||||||
NY Dorm–Columbia Univ(c) | 5.00% | 10/1/2045 | AAA | 2,700 | 3,759,291 | |||||||||
NY Dorm–NYU | 5.00% | 7/1/2030 | AA- | 2,155 | 2,515,596 | |||||||||
NY Dorm–NYU | 5.00% | 7/1/2031 | AA- | 4,215 | 4,900,022 | |||||||||
NY Dorm–SUNY | 5.00% | 7/1/2035 | Aa2 | 2,100 | 2,396,499 | |||||||||
NY Dorm–Touro Clg | 5.25% | 1/1/2034 | BBB- | (a) | 1,270 | 1,457,147 | ||||||||
NY Dorm–Touro Clg | 5.50% | 1/1/2039 | BBB- | (a) | 2,450 | 2,806,916 | ||||||||
Olmos Park Hi Ed–Univ Incarnate Word | 5.00% | 12/1/2021 | A3 | 1,780 | 2,047,908 | |||||||||
Olmos Park Hi Ed–Univ Incarnate Word | 5.00% | 12/1/2022 | A3 | 1,950 | 2,267,245 | |||||||||
Olmos Park Hi Ed–Univ Incarnate Word | 5.00% | 12/1/2023 | A3 | 1,285 | 1,520,451 | |||||||||
PA Hi Ed–Drexel Univ | 5.00% | 5/1/2031 | A | 4,645 | 5,130,356 | |||||||||
Univ of Hawaii | 6.00% | 10/1/2038 | Aa2 | 1,750 | 2,084,320 | |||||||||
Total | 101,416,851 | |||||||||||||
Financial Services 0.23% | ||||||||||||||
IN Bd Bk–JP Morgan | 1.14% | # | 10/15/2022 | A3 | 4,500 | 4,236,390 |
60 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation 12.34% | ||||||||||||||
Bellwood GO | 6.15% | 12/1/2032 | A | $ | 2,765 | $ | 3,182,902 | |||||||
CA State GO | 5.00% | 2/1/2033 | Aa3 | 10,000 | 11,470,400 | |||||||||
CA State GO | 5.25% | 9/1/2024 | Aa3 | 5,000 | 6,062,300 | |||||||||
CA State GO | 5.50% | 3/1/2040 | Aa3 | 9,250 | 10,844,237 | |||||||||
CA State GO | 5.60% | 3/1/2036 | Aa3 | 7,330 | 8,684,291 | |||||||||
CA State GO | 6.50% | 4/1/2033 | Aa3 | 13,400 | 16,261,168 | |||||||||
Central USD (AG) | 5.625% | 8/1/2033 | AA | 2,360 | 2,777,248 | |||||||||
Cook Co GO | 5.00% | 11/15/2024 | AA | 10,000 | 11,461,000 | |||||||||
CT State GO(b) | 5.00% | 11/1/2027 | AA | 10,000 | 11,827,100 | |||||||||
CT State GO(b) | 5.00% | 11/1/2028 | AA | 10,000 | 11,827,100 | |||||||||
Guam GO | 7.00% | 11/15/2039 | BB- | 2,240 | 2,632,717 | |||||||||
HI St Ser DZ(b) | 5.00% | 12/1/2027 | AA | 10,000 | 11,846,950 | |||||||||
IL State GO | 5.00% | 3/1/2030 | A- | 11,500 | 12,244,395 | |||||||||
Maricopa Co Elem Sch Dist #33 | 5.70% | 7/1/2025 | A1 | 2,385 | 2,729,513 | |||||||||
Middletown CSD | 5.25% | 12/1/2040 | AA | 2,250 | 2,612,138 | |||||||||
Midlothian Water Dist (AGM) | Zero Coupon | 9/1/2022 | AA | 2,000 | 1,647,900 | |||||||||
NYC GO | 5.00% | 10/1/2026 | AA | 26,860 | 31,900,548 | |||||||||
NYC GO | 5.00% | 8/1/2027 | AA | 6,000 | 7,130,100 | |||||||||
NYC GO | 6.25% | 10/15/2028 | AA | 5,000 | 5,872,700 | |||||||||
Philadelphia GO | 5.25% | 7/15/2031 | A+ | 1,400 | 1,635,494 | |||||||||
Philadelphia GO | 5.25% | 7/15/2032 | A+ | 3,000 | 3,492,090 | |||||||||
Philadelphia GO | 5.25% | 7/15/2033 | A+ | 1,000 | 1,160,690 | |||||||||
Philadelphia GO (AGM) | 5.25% | 12/15/2027 | AA | 2,500 | 2,831,325 | |||||||||
Pittsburgh GO (BAM) | 5.00% | 9/1/2029 | AA | 1,100 | 1,293,996 | |||||||||
Pittsburgh GO (BAM) | 5.00% | 9/1/2030 | AA | 1,215 | 1,420,529 | |||||||||
Pittsburgh GO (BAM) | 5.00% | 9/1/2032 | AA | 1,160 | 1,344,846 | |||||||||
Port Houston Auth AMT | 6.25% | 10/1/2029 | AAA | 1,000 | 1,180,560 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2019 | B | 1,070 | 891,428 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2020 | B | 3,000 | 2,326,920 | |||||||||
PR Comwlth GO | 6.50% | 7/1/2040 | B | 5,340 | 3,738,053 | |||||||||
San Diego USD | 5.00% | 7/1/2027 | AA- | 3,295 | 3,939,831 | |||||||||
St Pub SBA–Philadelphia Sch Dist | 5.00% | 4/1/2021 | A+ | 2,250 | 2,596,073 | |||||||||
St Pub SBA–Philadelphia Sch Dist | 5.00% | 4/1/2022 | A+ | 2,250 | 2,618,325 | |||||||||
St Pub SBA–Philadelphia Sch Dist | 5.00% | 4/1/2023 | A+ | 3,250 | 3,739,157 | |||||||||
Stockton USD (AGM) | 5.00% | 7/1/2023 | AA | 1,300 | 1,537,705 | |||||||||
Stockton USD (AGM) | 5.00% | 7/1/2024 | AA | 1,335 | 1,571,295 | |||||||||
Stockton USD (AGM) | 5.00% | 7/1/2026 | AA | 1,110 | 1,291,996 |
See Notes to Financial Statements. | 61 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation (continued) | ||||||||||||||
Sweetwater UHSD (BAM) | 5.00% | 8/1/2026 | AA | $ | 5,000 | $ | 6,024,850 | |||||||
Sweetwater UHSD (BAM) | 5.00% | 8/1/2027 | AA | 3,500 | 4,166,120 | |||||||||
Union Co Util Auth–Covanta GTD AMT | 4.75% | 12/1/2031 | AA+ | 4,000 | 4,231,000 | |||||||||
Total | 226,046,990 | |||||||||||||
Health Care 16.01% | ||||||||||||||
Abag Fin Auth–Eskaton Pptys | 5.00% | 11/15/2035 | BBB | 2,600 | 2,801,578 | |||||||||
Allen Co Hsp–Catholic Hlth Ptnrs | 5.00% | 5/1/2033 | AA- | 7,065 | 7,864,546 | |||||||||
AZ Hlth Facs–Scottsdale Lincoln Hsp | 5.00% | 12/1/2042 | A2 | 6,000 | 6,747,780 | |||||||||
Brevard Co Hlth–Health First | 5.00% | 4/1/2039 | A- | 2,000 | 2,203,820 | |||||||||
Brevard Co Hlth–Health First | 7.00% | 4/1/2033 | A- | 1,000 | 1,224,670 | |||||||||
Butler Co Hospital Auth | 5.00% | 7/1/2035 | Baa1 | 1,625 | 1,812,492 | |||||||||
Butler Hlth Sys Hsp | 7.125% | 7/1/2029 | Baa1 | 1,500 | 1,865,970 | |||||||||
Butler Hlth Sys Hsp | 7.25% | 7/1/2039 | Baa1 | 3,630 | 4,534,342 | |||||||||
CA Hlth–City of Hope | 5.00% | 11/15/2026 | A+ | 2,350 | 2,771,167 | |||||||||
CA Hlth–Providence Hlth | 6.25% | 10/1/2024 | AA- | 2,000 | 2,369,560 | |||||||||
CA Hlth–Sutter Hlth | 5.25% | 8/15/2031 | AA- | 4,500 | 5,250,015 | |||||||||
CA Stwde–Eskaton Pptys | 5.25% | 11/15/2034 | BBB | 1,375 | 1,500,029 | |||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BBB | 6,875 | 7,711,825 | |||||||||
Cass Co–Essentia Hlth Rmkt (AG) | 5.125% | 2/15/2037 | AA | 5,000 | 5,390,650 | |||||||||
Chautauqua Co–Woman’s Christian Assn | 8.00% | 11/15/2030 | NR | 7,000 | 7,274,190 | |||||||||
Chautauqua Co–Woman’s Christian Assn | 8.00% | 11/15/2035 | NR | 1,625 | 1,683,061 | |||||||||
Collier Co Hlth–Moorings(c) | 5.00% | 5/1/2045 | A+ | 4,000 | 4,455,080 | |||||||||
Comanche Co Hsp Auth(c) | 5.00% | 7/1/2027 | BBB- | 2,355 | 2,538,949 | |||||||||
Comanche Co Hsp Auth(c) | 5.00% | 7/1/2029 | BBB- | 1,000 | 1,065,370 | |||||||||
Cumberland Co Mun Auth–Diakon Lutheran | 6.125% | 1/1/2029 | BBB+ | (a) | 1,000 | 1,107,980 | ||||||||
Delaware Co Hsp Auth–Cardinal Hlth | 5.00% | 8/1/2024 | NR | 5,500 | 5,838,470 | |||||||||
Delaware Co Hsp Auth–Cardinal Hlth | 5.25% | 8/1/2036 | NR | 4,500 | 4,791,825 | |||||||||
Denver Hlth & Hsp Auth | 1.275% | # | 12/1/2033 | BBB | 4,745 | 4,359,042 | ||||||||
Denver Hlth & Hsp Auth | 5.00% | 12/1/2039 | BBB | 1,600 | 1,750,384 | |||||||||
Denver Hlth & Hsp Auth | 5.25% | 12/1/2045 | BBB | 700 | 779,191 | |||||||||
Fairfax Co IDA–Inova Hlth | 5.00% | 5/15/2044 | AA+ | 3,000 | 3,429,060 | |||||||||
Flint Hsp Bldg Auth–Hurley Med Ctr | 7.00% | 7/1/2030 | Ba1 | 1,510 | 1,719,211 | |||||||||
Franklin Co Hlth–OPRS Cmntys | 6.125% | 7/1/2040 | BBB- | 4,400 | 4,912,380 | |||||||||
Gainesville & Hall Co Hsp–NE GA Hlth | 5.50% | 8/15/2054 | AA- | 4,825 | 5,632,850 | |||||||||
Glynn Brunswick Mem Hsp–SE GA Hlth | 5.50% | 8/1/2028 | A2 | 5,140 | 5,785,224 | |||||||||
Greenville Hlth Sys | 5.00% | 5/1/2034 | AA- | 3,970 | 4,492,253 | |||||||||
IL Fin Auth–Centegra Hlth | 5.00% | 9/1/2034 | BBB | 2,130 | 2,321,785 |
62 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
IL Fin Auth–Northwestern Mem Hsp(b) | 5.75% | 8/15/2030 | AA+ | $ | 2,500 | $ | 2,925,150 | |||||||
IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2038 | A+ | 3,900 | 4,376,658 | |||||||||
IL Fin Auth–Rush Univ Med | 7.25% | 11/1/2030 | Aaa | 3,000 | 3,654,960 | |||||||||
IL Fin Auth–Silver Cross Hsp(c) | 5.00% | 8/15/2044 | Baa1 | 3,625 | 3,951,105 | |||||||||
IN Fin Auth–Major Hsp | 5.00% | 10/1/2029 | Baa2 | 1,500 | 1,671,090 | |||||||||
IN Fin Auth–Major Hsp | 5.00% | 10/1/2044 | Baa2 | 5,115 | 5,472,692 | |||||||||
Johnston Mem Hsp (AGM)(FHA) | 5.25% | 10/1/2024 | AA | 4,900 | 5,449,829 | |||||||||
Karnes Co Hsp Dist | 5.00% | 2/1/2039 | BBB | (a) | 2,000 | 2,155,120 | ||||||||
Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2021 | NR | 1,000 | 1,138,400 | |||||||||
Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2029 | NR | 3,820 | 4,413,399 | |||||||||
LA PFA–Ochsner Clinic | 6.25% | 5/15/2031 | Baa1 | 8,090 | 9,553,966 | |||||||||
La Verne COP–Brethren Hillcrest Homes | 5.00% | 5/15/2036 | BBB- | (a) | 1,350 | 1,461,335 | ||||||||
Lucas Co Hsp–ProMedica Hlthcare | 5.75% | 11/15/2031 | AA | 3,700 | 4,481,773 | |||||||||
Lufkin Hlth–Mem Hlth | 6.00% | 2/15/2024 | Baa3 | 555 | 650,299 | |||||||||
MA DFA–Seven Hills Fndtn(c) | 5.00% | 9/1/2032 | BBB- | 2,900 | 3,114,281 | |||||||||
MA DFA–Seven Hills Fndtn(c) | 5.00% | 9/1/2045 | BBB- | 2,565 | 2,707,768 | |||||||||
Martin Hsp Dist | 7.25% | 4/1/2036 | BBB | (a) | 3,000 | 3,403,470 | ||||||||
MD Hlth & Hi Ed–Mercy Med Ctr | 6.25% | 7/1/2031 | BBB | 11,190 | 12,827,656 | |||||||||
ME Hlth & Hi Ed–MaineGeneral Hlth | 7.50% | 7/1/2032 | Ba1 | 11,150 | 13,533,758 | |||||||||
Mesquite Hlth–Christian Care Ctrs | 5.125% | 2/15/2042 | BBB- | (a) | 1,000 | 1,049,700 | ||||||||
MI Fin Auth–Beaumont Hlth | 5.00% | 8/1/2032 | A1 | 2,000 | 2,270,980 | |||||||||
MI Fin Auth–Beaumont Hlth | 5.00% | 8/1/2033 | A1 | 2,500 | 2,828,000 | |||||||||
Montgomery Co–Trinity Hlth | 5.00% | 12/1/2044 | AA- | 5,000 | 5,747,150 | |||||||||
Montgomery Co IDA–ACTS Retirement | 5.00% | 11/15/2024 | BBB+ | 3,150 | 3,527,370 | |||||||||
Montgomery Co IDA–ACTS Retirement | 5.00% | 11/15/2025 | BBB+ | 1,300 | 1,443,468 | |||||||||
Montgomery Co IDA–Jefferson Hlth | 5.00% | 10/1/2027 | AA | 3,500 | 4,068,050 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2029 | BBB+ | 1,000 | 1,165,650 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2030 | BBB+ | 580 | 673,020 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2031 | BBB+ | 1,620 | 1,871,327 | |||||||||
NJ Hlth–Barnabas Hlth | 5.625% | 7/1/2037 | A- | 1,675 | 1,952,631 | |||||||||
NJ Hlth–St Josephs Hlth | 6.625% | 7/1/2038 | BBB- | 5,500 | 6,189,700 | |||||||||
NY Dorm–NYU Hsps Ctr | 5.75% | 7/1/2031 | A- | 1,985 | 2,341,863 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2025 | Aa3 | 2,400 | 2,755,056 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2030 | Aa3 | 5,640 | 6,290,405 | |||||||||
Pell City Spl Care Facs–Noland Hlth | 5.00% | 12/1/2031 | A | 4,845 | 5,469,617 | |||||||||
Pulaski Co Pub Facs–Baptist Hlth | 5.00% | 12/1/2039 | A+ | 6,750 | 7,656,525 | |||||||||
Pulaski Co Pub Facs–Baptist Hlth | 5.00% | 12/1/2042 | A+ | 2,000 | 2,263,480 |
See Notes to Financial Statements. | 63 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
Regents UCal Med Ctr | 5.25% | 5/15/2038 | AA- | $ | 3,000 | $ | 3,478,290 | |||||||
Sullivan Co Hlth & Ed–Wellmont Hlth | 5.25% | 9/1/2036 | BBB+ | 2,000 | 2,089,960 | |||||||||
Tarrant Co Cultural–Christus Hlth (AG) | 6.25% | 7/1/2028 | AA | 1,500 | 1,747,125 | |||||||||
Tarrant Co Cultural–Trinity Terrace | 5.00% | 10/1/2044 | BBB+ | (a) | 550 | 593,995 | ||||||||
Tarrant Co Cultural–Trinity Terrace | 5.00% | 10/1/2049 | BBB+ | (a) | 750 | 801,428 | ||||||||
Thomasville Hsp Auth–John Archbold | 5.125% | 11/1/2030 | A+ | 2,500 | 2,879,000 | |||||||||
Univ Med Ctr Corp | 6.25% | 7/1/2029 | NR | 895 | 1,081,053 | |||||||||
Univ Med Ctr Corp | 6.50% | 7/1/2039 | NR | 3,025 | 3,685,055 | |||||||||
Upland COP–San Antonio Cmnty Hsp COP | 6.375% | 1/1/2032 | A- | 5,000 | 5,886,950 | |||||||||
WA Hlth Care–Overlake Hsp | 5.00% | 7/1/2038 | A | 4,000 | 4,450,120 | |||||||||
WV Hsp–Herbert Thomas Hlth | 6.25% | 10/1/2023 | NR | 2,000 | 2,130,620 | |||||||||
Total | 293,315,046 | |||||||||||||
Housing 1.31% | ||||||||||||||
CA Muni Fin–Azusa Pacific Univ(c) | 5.00% | 4/1/2041 | Baa3 | 1,750 | 1,891,295 | |||||||||
CA Muni Fin–Caritas Affordable Hsg | 5.25% | 8/15/2039 | BBB | 550 | 614,631 | |||||||||
CA Stwde–CHF-Irvine LLC | 6.00% | 5/15/2023 | Baa2 | 5,000 | 5,609,300 | |||||||||
Dekalb Newton Gwinnett Co–GGC Fndtn | 6.00% | 7/1/2034 | A+ | 1,500 | 1,715,310 | |||||||||
East Point Hsg–Laurel Ridge Apts AMT (FNMA) | 5.00% | 10/1/2032 | AA+ | 2,475 | 2,493,488 | |||||||||
HI Hsg Fin & Dev–Rent Hsg Sys Rmkt (AGM) | 6.50% | 7/1/2033 | A2 | 2,000 | 2,181,100 | |||||||||
LA HFA–GMF-LA Chateau | 8.00% | 9/1/2039 | BBB | 1,415 | 1,526,926 | |||||||||
Los Angeles Hsg | 6.25% | 6/1/2034 | BBB | 4,220 | 4,606,721 | |||||||||
Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2034 | BBB- | 1,000 | 1,063,070 | |||||||||
Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2039 | BBB- | 1,150 | 1,200,094 | |||||||||
Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2046 | BBB- | 1,000 | 1,035,870 | |||||||||
Total | 23,937,805 | |||||||||||||
Lease Obligations 9.36% | ||||||||||||||
CA Pub Wks–Judicial Council | 5.00% | 12/1/2028 | A1 | 5,600 | 6,551,328 | |||||||||
CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2033 | A1 | 8,500 | 9,582,560 | |||||||||
CA Pub Wks–Various Cap Proj | 5.125% | 10/1/2031 | A1 | 2,500 | 2,873,375 | |||||||||
CA Pub Wks–Various Cap Proj | 5.375% | 11/1/2022 | A1 | 5,000 | 5,880,700 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2026 | AA | 10,275 | 12,351,269 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2027 | AA | 2,355 | 2,800,236 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.25% | 5/1/2028 | AA | 7,000 | 8,331,050 | |||||||||
Goodyear Pub Impt | 6.00% | 7/1/2031 | AA- | 2,350 | 2,705,391 | |||||||||
Houston Co Coop Dist–Country Crossing | 12.50% | 6/7/2013 | NR | 1,768 | 247,520 | |||||||||
IL Sports Facs Auth (AGM) | 5.00% | 6/15/2027 | AA | 3,500 | 3,989,510 |
64 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Lease Obligations (continued) | ||||||||||||||
IN Fin Auth–I-69 AMT | 5.25% | 9/1/2034 | BBB- | $ | 2,400 | $ | 2,683,176 | |||||||
IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2035 | BBB | 6,500 | 7,095,335 | |||||||||
IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2040 | BBB | 3,000 | 3,254,790 | |||||||||
IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2044 | BBB | 3,145 | 3,400,531 | |||||||||
Indianapolis Local Pub Impt Bd Bk(b) | 5.50% | 2/1/2033 | Aa2 | 12,000 | 14,194,260 | |||||||||
MI Fin Auth–Detroit Sch Dist | 5.50% | 6/1/2021 | A+ | 10,000 | 11,448,400 | |||||||||
NJ EDA–Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB- | 7,500 | 8,432,550 | |||||||||
NJ EDA–Sch Facs | 1.62% | # | 3/1/2028 | A2 | 4,625 | 4,512,474 | ||||||||
NJ EDA–Sch Facs (AGM) | 5.00% | 6/15/2033 | AA | 10,840 | 11,867,849 | |||||||||
NJ Trans Trust Fund | 5.00% | 12/15/2023 | A2 | 4,425 | 5,087,113 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2025 | AAA | 1,980 | 2,198,043 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2026 | AAA | 2,870 | 3,186,053 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2030 | AA | 10,000 | 11,611,500 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2031 | AA | 6,000 | 6,936,720 | |||||||||
PA IDA–Economic Dev | 5.50% | 7/1/2023 | A+ | 2,630 | 2,981,552 | |||||||||
Philadelphia Muni Auth | 6.375% | 4/1/2029 | A+ | 2,000 | 2,347,760 | |||||||||
Sacramento City Fing Auth (AMBAC) | 5.25% | 12/1/2023 | A+ | 3,150 | 3,853,710 | |||||||||
San Diego PFA–Master Lease | 5.25% | 9/1/2035 | AA- | 5,000 | 5,675,500 | |||||||||
San Jose Fing Auth–Civic Ctr | 5.00% | 6/1/2027 | AA | 4,500 | 5,351,310 | |||||||||
Total | 171,431,565 | |||||||||||||
Other Revenue 7.69% | ||||||||||||||
Apache Co Poll Ctl–Tucson Elec | 4.50% | 3/1/2030 | A3 | 8,015 | 8,625,342 | |||||||||
Arlington Hi Ed Fin Corp–Arlington Classics | 7.65% | 8/15/2040 | BB+ | 5,750 | 6,401,820 | |||||||||
Austin Convention† | 5.75% | 1/1/2034 | BB | 5,000 | 5,183,300 | |||||||||
Austin Convention CR (BHAC)(XLCA) | 5.00% | 1/1/2034 | AA+ | 2,400 | 2,543,184 | |||||||||
Baker Correctional Dev | 7.50% | 2/1/2030 | NR | 3,500 | 2,614,325 | |||||||||
Baytown Twp–St Croix Prep Admy | 6.75% | 8/1/2028 | BB | 1,455 | 1,520,970 | |||||||||
Brooklyn Arena LDC–Barclays Ctr | 6.375% | 7/15/2043 | BBB- | 9,000 | 10,664,010 | |||||||||
CA Infra & Econ Dev–Gladstone Inst | 5.25% | 10/1/2034 | A- | 8,100 | 9,250,281 | |||||||||
Cleveland Arpt | 5.00% | 1/1/2030 | A- | 2,000 | 2,201,440 | |||||||||
Clifton Higher Ed–IDEA Pub Schs | 6.00% | 8/15/2043 | BBB | 1,000 | 1,189,510 | |||||||||
Clifton Higher Ed–Uplift Education | 5.70% | 12/1/2025 | BBB- | 2,000 | 2,300,480 | |||||||||
Clifton Higher Ed–Uplift Education | 6.00% | 12/1/2030 | BBB- | 1,000 | 1,160,160 | |||||||||
DC Rev–KIPP Chtr Sch | 6.00% | 7/1/2043 | BBB+ | 1,000 | 1,153,630 | |||||||||
DC Rev–KIPP Chtr Sch | 6.00% | 7/1/2048 | BBB+ | 1,000 | 1,151,340 | |||||||||
Doctor Charles Drew Admy COP(e) | 5.70% | 11/1/2036 | NR | 1,480 | 296,000 | |||||||||
FL DFC–Renaissance Chtr Sch | 7.625% | 6/15/2041 | BB- | (a) | 5,500 | 6,085,090 |
See Notes to Financial Statements. | 65 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Other Revenue (continued) | ||||||||||||||
Hammond Loc Pub Impt–Charter Sch | 6.75% | 8/15/2035 | BB+ | $ | 1,000 | $ | 1,012,450 | |||||||
IL Fin Auth–Noble Chrter Schs | 6.125% | 9/1/2039 | BBB | 5,100 | 5,739,387 | |||||||||
IN Fin Auth–Drexel Foundation | 7.00% | 10/1/2039 | BB- | 1,250 | 1,283,788 | |||||||||
Indianapolis Local Pub Impt Bd Bk | 5.00% | 2/1/2031 | Aa2 | 6,645 | 7,563,738 | |||||||||
Kansas City IDA–Derrick Thomas Sch† | 5.875% | 1/1/2037 | NR | 1,850 | 464,905 | |||||||||
Long Beach Nat Gas–ML | 1.623% | # | 11/15/2027 | A- | 9,000 | 8,279,820 | ||||||||
MA DFA–Broad Inst | 5.25% | 4/1/2037 | AA- | 7,250 | 8,344,822 | |||||||||
Maverick Co PFC(e) | 6.375% | 2/1/2029 | NR | 2,580 | 1,238,400 | |||||||||
Met Boston Trans Pkg Corp | 5.25% | 7/1/2033 | A+ | 11,000 | 12,704,010 | |||||||||
MI Fin Auth–Student Loan AMT | 5.00% | 11/1/2020 | A1 | 1,750 | 1,965,460 | |||||||||
MI Fin Auth–Student Loan AMT | 5.00% | 11/1/2021 | A1 | 1,500 | 1,697,700 | |||||||||
MI Fin Auth–Student Loan AMT | 5.00% | 11/1/2022 | A1 | 1,650 | 1,869,549 | |||||||||
MI Pub Ed–Bradford Admy | 8.75% | 9/1/2039 | NR | 2,250 | 1,282,500 | |||||||||
Middlesex Co Impt Auth–Heldrich Ctr(e) | 6.125% | 1/1/2025 | NR | 1,250 | 64,500 | |||||||||
Middlesex Co Impt Auth–Heldrich Ctr(e) | 6.25% | 1/1/2037 | NR | 1,700 | 87,720 | |||||||||
Milwaukee Redev–Admy of Learning(e) | 5.50% | 8/1/2022 | NR | 300 | 135,000 | |||||||||
Milwaukee Redev–Admy of Learning(e) | 5.65% | 8/1/2037 | NR | 250 | 112,500 | |||||||||
Mohave Co IDA–Mohave Prison | 8.00% | 5/1/2025 | BBB+ | 6,500 | 7,545,980 | |||||||||
NJ EDA–Team Academy | 6.00% | 10/1/2043 | BBB | 3,500 | 4,027,135 | |||||||||
Pima Co IDA–American Charter Sch | 5.50% | 7/1/2026 | BB | (a) | 3,500 | 3,488,065 | ||||||||
San Antonio Hotel & Conv Ctr AMT (AMBAC) | 5.00% | 7/15/2034 | BBB | 1,275 | 1,288,005 | |||||||||
San Antonio Hotel & Conv Ctr AMT (AMBAC) | 5.00% | 7/15/2039 | BBB | 7,000 | 7,069,370 | |||||||||
TX PFA–Uplift Education | 5.875% | 12/1/2036 | BBB- | 1,145 | 1,251,588 | |||||||||
Total | 140,857,274 | |||||||||||||
Special Tax 2.76% | ||||||||||||||
Allentown Neighborhood Impt | 5.00% | 5/1/2035 | Baa2 | 4,300 | 4,695,686 | |||||||||
Aurora TIF–East River | 6.75% | 12/30/2027 | NR | 830 | 911,548 | |||||||||
Baltimore Spl Oblig–E Baltimore Resrch | 7.00% | 9/1/2038 | NR | 1,500 | 1,631,115 | |||||||||
Fontana PFA–North Fontana Redev (AMBAC) | 5.50% | 9/1/2032 | A+ | 2,000 | 2,005,860 | |||||||||
Gramercy Farms CDD~ | Zero Coupon | 5/1/2039 | NR | 5,240 | 786,000 | |||||||||
Gramercy Farms Cmnty Dev Dist(e) | 5.25% | 5/1/2039 | NR | 1,340 | 13 | |||||||||
HI Dept Homelands | 5.875% | 4/1/2034 | A1 | 3,000 | 3,283,950 | |||||||||
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 | 3,885,064 | |||||||||
Irvine CFD–Great Park | 5.00% | 9/1/2044 | NR | 500 | 559,680 | |||||||||
Millsboro Spl Oblig–Plantation Lakes | 5.45% | 7/1/2036 | NR | 2,047 | 1,602,514 | |||||||||
NJ EDA–Kapkowski Rd Landfill | 6.50% | 4/1/2028 | Ba2 | 2,325 | 2,920,363 |
66 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Special Tax (continued) | ||||||||||||||
Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2030 | AA | $ | 1,000 | $ | 1,173,650 | |||||||
Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2031 | AA | 1,400 | 1,630,566 | |||||||||
Riverside Co Redev Agy–Tax Alloc | 6.50% | 10/1/2040 | BBB+ | 2,000 | 2,365,500 | |||||||||
Riverside Co Redev Agy–Tax Alloc (8.50% after 10/1/2021)~ | Zero Coupon | 10/1/2041 | A- | 11,195 | 9,687,145 | |||||||||
San Diego Redev Agy–No Pk Redev | 7.00% | 11/1/2039 | A- | 2,500 | 2,980,125 | |||||||||
San Francisco Redev–Mission Bay South | 5.00% | 8/1/2043 | BBB+ | 1,400 | 1,538,922 | |||||||||
San Francisco Redev–Mission Bay South | 7.00% | 8/1/2033 | BBB+ | 1,000 | 1,214,740 | |||||||||
San Francisco Redev–Mission Bay South | 7.00% | 8/1/2041 | BBB+ | 1,400 | 1,696,464 | |||||||||
Sparks Tourism Impt Dist† | 6.50% | 6/15/2020 | B1 | 1,535 | 1,667,348 | |||||||||
Sparks Tourism Impt Dist† | 6.75% | 6/15/2028 | B1 | 2,500 | 2,690,375 | |||||||||
Stone Canyon CID(e) | 5.70% | 4/1/2022 | NR | 1,000 | 480,000 | |||||||||
Stone Canyon CID(e) | 5.75% | 4/1/2027 | NR | 1,300 | 624,000 | |||||||||
Total | 50,580,628 | |||||||||||||
Tax Revenue 6.43% | ||||||||||||||
Guam Ltd Oblig–Section 30 Landfill | 5.75% | 12/1/2034 | BBB+ | 3,690 | 4,167,597 | |||||||||
MA Sch Bldg Auth–Sales Tax(b) | 5.00% | 10/15/2032 | AA+ | 20,000 | 23,166,800 | |||||||||
NJ EDA–Cigarette Tax | 4.25% | 6/15/2027 | BBB+ | 4,000 | 4,265,360 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2023 | BBB+ | 2,000 | 2,287,840 | |||||||||
NJ EDA–Cigarette Tax | 5.00% | 6/15/2025 | BBB+ | 1,000 | 1,126,530 | |||||||||
NY Dorm–PIT | 5.00% | 3/15/2025 | AAA | 4,590 | 5,429,419 | |||||||||
NY Dorm–PIT | 5.00% | 3/15/2026 | AAA | 2,580 | 3,035,886 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2028 | AAA | 5,000 | 5,666,650 | |||||||||
NYC TFA–Future Tax(b) | 5.00% | 2/1/2027 | AAA | 12,000 | 13,982,940 | |||||||||
NYC TFA–Future Tax(b) | 5.00% | 2/1/2028 | AAA | 4,000 | 4,660,980 | |||||||||
PR Corp Sales Tax | 5.00% | 8/1/2040 | B | 5,040 | 3,477,650 | |||||||||
PR Corp Sales Tax | 5.00% | 8/1/2043 | B | 5,130 | 2,988,225 | |||||||||
PR Corp Sales Tax | 5.25% | 8/1/2041 | B | 7,165 | 4,263,175 | |||||||||
PR Corp Sales Tax | 5.375% | 8/1/2039 | B | 6,510 | 3,906,000 | |||||||||
PR Corp Sales Tax | 5.50% | 8/1/2040 | B | 5,580 | 3,389,850 | |||||||||
PR Corp Sales Tax | 6.125% | 8/1/2029 | B | 2,000 | 1,375,220 | |||||||||
San Joaquin Co Trsp Auth | 5.50% | 3/1/2041 | AA | 14,000 | 16,521,960 | |||||||||
San Jose Spl Tax–Conv Ctr | 6.125% | 5/1/2031 | A2 | 4,190 | 5,080,878 | |||||||||
Virgin Islands PFA–Matching Fund | 5.25% | 10/1/2029 | Baa2 | 4,500 | 5,029,920 | |||||||||
Yorba Linda Redev Agy | 6.00% | 9/1/2026 | A- | 1,145 | 1,411,522 | |||||||||
Yorba Linda Redev Agy | 6.50% | 9/1/2032 | A- | 2,000 | 2,507,500 | |||||||||
Total | 117,741,902 |
See Notes to Financial Statements. | 67 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Tobacco 3.58% | ||||||||||||||
Buckeye Tobacco | 5.125% | 6/1/2024 | B- | $ | 13,500 | $ | 11,545,740 | |||||||
Golden St Tobacco | 4.50% | 6/1/2027 | B | 3,720 | 3,614,538 | |||||||||
Golden St Tobacco | 5.00% | 6/1/2033 | B- | 2,245 | 1,886,743 | |||||||||
Golden St Tobacco(c) | 5.00% | 6/1/2045 | A1 | 3,750 | 4,247,475 | |||||||||
Railsplitter Tobacco Settlement Auth | 6.00% | 6/1/2028 | A- | 5,625 | 6,696,506 | |||||||||
RI Tob Settlement | 5.00% | 6/1/2035 | A- | 6,750 | 7,391,385 | |||||||||
SD Edu Enhancement Fding Corp | 5.00% | 6/1/2026 | A- | 2,005 | 2,297,971 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2020 | A | 4,490 | 5,216,662 | |||||||||
Tobacco Settlement Auth WA | 5.00% | 6/1/2022 | A | 4,500 | 5,310,855 | |||||||||
Tobacco Settlement Auth WA | 5.25% | 6/1/2032 | A- | 2,000 | 2,246,560 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.625% | 6/1/2026 | B+ | 3,750 | 3,596,512 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.75% | 6/1/2034 | B2 | 6,255 | 4,781,885 | |||||||||
Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 5,195 | 3,715,932 | |||||||||
TSASC | 5.00% | 6/1/2026 | BB- | 3,070 | 3,093,915 | |||||||||
Total | 65,642,679 | |||||||||||||
Transportation 20.23% | ||||||||||||||
Atlanta Arpt–PFC | 5.00% | 1/1/2028 | A+ | 1,000 | 1,178,890 | |||||||||
Atlanta Arpt–PFC | 5.00% | 1/1/2031 | A+ | 5,000 | 5,809,850 | |||||||||
Austin Arpt AMT | 5.00% | 11/15/2039 | A1 | 5,000 | 5,629,500 | |||||||||
Central TX Mobility Auth | 6.00% | 1/1/2041 | BBB | 10,000 | 11,956,200 | |||||||||
Central TX Tpk | 5.00% | 8/15/2033 | BBB+ | 4,550 | 5,083,169 | |||||||||
Charlotte Arpt | 5.00% | 7/1/2031 | Aa3 | 4,815 | 5,621,079 | |||||||||
Chicago Midway Arpt AMT | 5.00% | 1/1/2026 | A- | 2,000 | 2,307,240 | |||||||||
Chicago O’Hare Arpt | 5.625% | 1/1/2035 | A2 | 1,000 | 1,151,190 | |||||||||
Cleveland Arpt (AMBAC) | 5.25% | 1/1/2020 | A- | 2,550 | 2,919,521 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2022 | AA+ | 9,645 | 10,972,007 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2023 | AA+ | 6,135 | 6,979,084 | |||||||||
Dallas Area Rapid Transit(b) | 5.00% | 12/1/2028 | AA+ | 7,160 | 8,145,108 | |||||||||
Delaware River Port Auth | 5.00% | 1/1/2034 | A | 7,200 | 8,222,688 | |||||||||
E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2032 | AA- | 4,200 | 2,184,462 | |||||||||
E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2037 | AA- | 7,720 | 2,788,387 | |||||||||
Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | BBB- | 4,500 | 2,032,425 | |||||||||
Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | BBB- | 5,000 | 5,942,050 | |||||||||
Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2053 | BBB- | 8,000 | 9,487,280 | |||||||||
HI Arpt | 5.00% | 7/1/2034 | A | 3,000 | 3,386,280 | |||||||||
Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2035 | B+ | 4,000 | 4,220,280 | |||||||||
Houston Arpt–Continental Airlines AMT | 6.625% | 7/15/2038 | B+ | 2,500 | 2,943,250 |
68 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
Lee Co Arpt AMT | 5.375% | 10/1/2032 | A | $ | 3,645 | $ | 4,042,852 | |||||||
Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2045 | AA | 3,250 | 3,685,922 | |||||||||
Louisville Regl Airport AMT | 5.00% | 7/1/2021 | A+ | 1,250 | 1,478,738 | |||||||||
Louisville Regl Airport AMT | 5.00% | 7/1/2022 | A+ | 1,625 | 1,928,111 | |||||||||
Louisville Regl Airport AMT | 5.00% | 7/1/2023 | A+ | 2,250 | 2,668,500 | |||||||||
Met DC Arpt–Dulles Toll Road | 5.00% | 10/1/2053 | BBB+ | 2,375 | 2,544,100 | |||||||||
Met DC Arpt AMT | 5.00% | 10/1/2026 | AA- | 2,500 | 2,927,650 | |||||||||
Met DC Arpt AMT | 5.00% | 10/1/2027 | AA- | 3,250 | 3,833,570 | |||||||||
Met DC Arpt AMT | 5.00% | 10/1/2028 | AA- | 2,000 | 2,302,840 | |||||||||
Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2030 | BBB+ | 550 | 632,451 | |||||||||
Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2032 | BBB+ | 1,160 | 1,323,676 | |||||||||
Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2043 | BBB+ | 1,500 | 1,683,000 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2027 | A | 3,250 | 3,815,857 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2028 | A | 4,435 | 5,155,155 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2029 | A | 2,500 | 2,883,650 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2026 | A- | 2,500 | 2,951,475 | |||||||||
Miami Dade Co Expwy Auth | 5.00% | 7/1/2027 | A- | 2,000 | 2,338,080 | |||||||||
Mid–Bay Bridge Auth | 7.25% | 10/1/2034 | BBB- | 7,500 | 9,243,750 | |||||||||
Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2027 | A | 3,100 | 3,651,924 | |||||||||
Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2031 | A | 2,000 | 2,310,560 | |||||||||
MTA NY | 5.00% | 11/15/2030 | AA- | 5,095 | 5,877,796 | |||||||||
MTA NY | 6.50% | 11/15/2028 | AA- | 7,500 | 8,823,825 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2025 | Baa1 | 2,750 | 3,166,707 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2026 | Baa1 | 1,000 | 1,138,880 | |||||||||
NJ Trans Trust Fund | 6.00% | 6/15/2035 | A2 | 4,500 | 5,419,260 | |||||||||
North Hudson Sewerage Auth | 5.00% | 6/1/2026 | A- | 4,915 | 5,705,430 | |||||||||
North TX Twy Auth | 5.00% | 9/1/2028 | AA+ | 10,000 | 11,816,300 | |||||||||
North TX Twy Auth | 5.75% | 1/1/2033 | A3 | 5,705 | 6,313,723 | |||||||||
North TX Twy Auth | 6.00% | 1/1/2025 | A2 | 615 | 690,713 | |||||||||
OK Tpk Auth(b) | 5.00% | 1/1/2026 | AA- | 11,000 | 12,828,420 | |||||||||
OK Tpk Auth(b) | 5.00% | 1/1/2027 | AA- | 5,000 | 5,831,100 | |||||||||
PA Econ Dev–Rapid Bridge AMT | 5.00% | 12/31/2038 | BBB | 2,500 | 2,736,150 | |||||||||
PA Econ Dev–Rapid Bridge AMT | 5.00% | 6/30/2042 | BBB | 3,500 | 3,817,310 | |||||||||
PA Tpk Commn | 5.00% | 12/1/2032 | A- | 7,000 | 7,772,380 | |||||||||
PA Tpk Commn | 5.625% | 6/1/2029 | A- | 3,310 | 3,723,353 | |||||||||
PA Tpk Commn (6.00% after 12/1/2015)~ | Zero Coupon | 12/1/2034 | A- | 12,000 | 13,009,920 |
See Notes to Financial Statements. | 69 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2042 | AA | $ | 1,875 | $ | 2,235,713 | |||||||
Port Auth NY & NJ AMT | 5.00% | 12/1/2021 | AA- | 6,365 | 7,558,883 | |||||||||
Port Oakland AMT | 5.00% | 5/1/2028 | A+ | 2,350 | 2,635,643 | |||||||||
Port Oakland AMT (NPFGC)(FGIC) | 5.00% | 11/1/2026 | AA- | 2,285 | 2,479,796 | |||||||||
Port of Portland–Portland Intl Arpt AMT | 5.00% | 7/1/2039 | AA- | 2,000 | 2,250,220 | |||||||||
PR Hwy & Trans Auth (AG)(AGM) | 5.50% | 7/1/2025 | AA | 2,000 | 2,179,720 | |||||||||
Regional Trans Dist–Denver Trans | 6.00% | 1/15/2034 | Baa3 | 1,800 | 2,070,468 | |||||||||
Regional Trans Dist COP | 5.375% | 6/1/2031 | Aa3 | 5,200 | 5,938,452 | |||||||||
San Antonio Arpt AMT (AGM) | 5.25% | 7/1/2032 | AA | 1,500 | 1,615,710 | |||||||||
San Francisco Arpt AMT | 5.00% | 5/1/2025 | A+ | 10,000 | 11,365,100 | |||||||||
San Francisco Arpt AMT | 5.25% | 5/1/2033 | A+ | 7,000 | 8,041,040 | |||||||||
San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2050 | BBB- | 12,750 | 13,978,717 | |||||||||
San Jose Arpt AMT | 5.00% | 3/1/2022 | A2 | 1,290 | 1,512,254 | |||||||||
San Jose Arpt AMT | 5.00% | 3/1/2023 | A2 | 1,000 | 1,176,850 | |||||||||
San Jose Arpt AMT | 6.25% | 3/1/2034 | A2 | 5,000 | 5,900,750 | |||||||||
St Louis Arpt–Lambert Intl Arpt | 6.25% | 7/1/2029 | A- | 3,020 | 3,595,310 | |||||||||
VA Port Auth AMT | 5.00% | 7/1/2029 | Aa3 | 8,615 | 9,984,440 | |||||||||
VA Small Bus Fing–95 Express Lanes AMT | 5.00% | 7/1/2034 | BBB- | 1,500 | 1,609,695 | |||||||||
VA Small Bus Fing–95 Express Lanes AMT | 5.00% | 1/1/2040 | BBB- | 4,880 | 5,200,958 | |||||||||
VA Small Bus Fing–Elizabeth River AMT | 5.25% | 1/1/2032 | BBB- | 6,100 | 6,756,970 | |||||||||
VA Small Bus Fing–Elizabeth River AMT | 6.00% | 1/1/2037 | BBB- | 1,500 | 1,746,375 | |||||||||
Wayne Co Arpt AMT | 5.00% | 12/1/2039 | A | 1,700 | 1,840,692 | |||||||||
Total | 370,706,824 | |||||||||||||
Utilities 10.23% | ||||||||||||||
Amr Muni Pwr–Prairie St Energy | 5.25% | 2/15/2027 | A1 | 175 | 194,439 | |||||||||
Atlanta Wtr & Wastewtr | 6.00% | 11/1/2028 | AA- | 3,000 | 3,638,040 | |||||||||
Atlanta Wtr & Wastewtr | 6.00% | 11/1/2029 | AA- | 4,000 | 4,850,720 | |||||||||
Baltimore Wastewtr | 5.00% | 7/1/2039 | AA- | 4,250 | 4,905,137 | |||||||||
Baltimore Water | 5.00% | 7/1/2032 | AA- | 2,435 | 2,868,527 | |||||||||
Central Plains–Goldman Sachs | 5.00% | 9/1/2032 | A- | 5,000 | 5,540,800 | |||||||||
Central Plains–Goldman Sachs | 5.25% | 9/1/2037 | A- | 8,585 | 9,599,575 | |||||||||
Chicago Wastewater | 5.00% | 1/1/2039 | AA- | 2,550 | 2,799,594 | |||||||||
Chicago Water | 5.00% | 11/1/2039 | AA- | 2,600 | 2,905,994 | |||||||||
Chula Vista IDR–San Diego G & E Rmkt | 5.875% | 1/1/2034 | Aa2 | 2,125 | 2,506,161 | |||||||||
Compton Water | 6.00% | 8/1/2039 | NR | 5,500 | 5,941,870 | |||||||||
DE EDA–NRG Energy | 5.375% | 10/1/2045 | Baa3 | 8,250 | 9,086,385 | |||||||||
El Dorado Irrigation Dist (AGM) | 5.00% | 3/1/2034 | AA | 3,600 | 4,113,864 |
70 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities (continued) | ||||||||||||||
FL Muni Pwr Agy | 6.25% | 10/1/2031 | A2 | $ | 4,000 | $ | 4,815,080 | |||||||
HI Dept Budget–Hawaiian Electric AMT (FGIC) | 4.60% | 5/1/2026 | Baa1 | 2,295 | 2,383,472 | |||||||||
IN Fin Auth–Ohio Vly Elec | 5.00% | 6/1/2032 | BBB- | 2,250 | 2,428,020 | |||||||||
IN Fin Auth–Ohio Vly Elec | 5.00% | 6/1/2039 | BBB- | 2,000 | 2,142,660 | |||||||||
IN Muni Pwr | 5.25% | 1/1/2030 | A+ | 2,000 | 2,345,560 | |||||||||
IN Muni Pwr | 5.25% | 1/1/2032 | A+ | 2,050 | 2,378,103 | |||||||||
Jefferson Co Sewer (AGM) | 5.50% | 10/1/2053 | AA | 2,015 | 2,270,563 | |||||||||
Lansing Brd Wtr & Light | 5.00% | 7/1/2030 | AA- | 4,735 | 5,438,905 | |||||||||
Long Beach Nat Gas–ML | 5.50% | 11/15/2037 | A- | 3,300 | 4,099,920 | |||||||||
Los Angeles USD | 5.00% | 7/1/2023 | Aa2 | 5,000 | 6,210,900 | |||||||||
Louisville/Jeff Co Met Swr Dist | 5.00% | 5/15/2028 | AA | 9,710 | 11,500,136 | |||||||||
Maricopa Co Poll Ctl–El Paso Elec | 7.25% | 2/1/2040 | Baa1 | 3,500 | 4,089,155 | |||||||||
Met Atlanta Rapid Trans Auth (AGM) | 5.00% | 7/1/2034 | AA+ | 10,000 | 10,794,800 | |||||||||
Met St Louis Sewer Dist | 5.75% | 5/1/2038 | AAA | 1,760 | 1,933,008 | |||||||||
New Orleans Water | 5.00% | 12/1/2034 | BBB+ | 1,000 | 1,128,140 | |||||||||
North Sumter Co Util Dep Dist | 5.375% | 10/1/2030 | A | 5,000 | 5,769,800 | |||||||||
OH Air Quality–FirstEnergy | 3.625% | 12/1/2033 | BBB- | 1,250 | 1,305,325 | |||||||||
OH Air Quality–FirstEnergy | 5.70% | 8/1/2020 | BBB- | 3,250 | 3,730,675 | |||||||||
OH Air Quality–Ohio Vly Elec | 5.625% | 10/1/2019 | BBB- | 4,620 | 5,238,572 | |||||||||
Omaha Pub Pwr Dist | 5.25% | 2/1/2042 | A1 | 3,500 | 4,120,165 | |||||||||
Palm Beach Co Solid Waste | 5.50% | 10/1/2028 | AA+ | 3,000 | 3,471,420 | |||||||||
Pima CO IDA–Tucson Elec | 4.00% | 9/1/2029 | A3 | 5,040 | 5,301,727 | |||||||||
PR Aqueduct & Swr Auth | 5.75% | 7/1/2037 | B | 7,280 | 5,005,437 | |||||||||
PR Aqueduct & Swr Auth | 6.00% | 7/1/2044 | B | 2,885 | 1,969,099 | |||||||||
PR Elec Pwr Auth | 0.871% | # | 7/1/2031 | CCC | 4,000 | 2,249,760 | ||||||||
Sabine River Auth–TXU(e) | 5.80% | 7/1/2022 | C | (a) | 1,000 | 50,000 | ||||||||
Sacramento MUD | 5.00% | 8/15/2027 | AA- | 1,650 | 1,974,770 | |||||||||
Salt Verde Fin Corp–Citi | 5.25% | 12/1/2027 | A- | 3,435 | 4,163,186 | |||||||||
Southern CA Pub Pwr Auth–Goldman Sachs | 1.641% | # | 11/1/2038 | A- | 3,000 | 2,662,500 | ||||||||
TEAC–Goldman Sachs | 5.625% | 9/1/2026 | BBB | (a) | 3,000 | 3,573,570 | ||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2028 | A3 | 3,000 | 3,372,360 | |||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2029 | A3 | 9,455 | 10,587,425 | |||||||||
Total | 187,455,319 | |||||||||||||
Total Municipal Bonds (cost $1,759,962,865) | 1,883,260,822 |
See Notes to Financial Statements. | 71 |
Schedule of Investments (unaudited)(continued)
NATIONAL TAX FREE FUND March 31, 2015
Shares | Fair | |||||||||||||||
Investments | (000) | Value | ||||||||||||||
SHORT-TERM INVESTMENTS 0.87% | ||||||||||||||||
Money Market Mutual Fund 0.00% | ||||||||||||||||
Dreyfus Municipal Cash Management Plus (cost $908) | –(i) | $ | 908 | |||||||||||||
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | |||||||||||||
Rate | Date | Moody’s | (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 | 1,606,576 | ||||||||||
Interest | ||||||||||||||||
Rate | Final | |||||||||||||||
Interest | Reset | Maturity | ||||||||||||||
Rate# | Date(d) | Date | ||||||||||||||
Variable Rate Demand Notes 0.78% | ||||||||||||||||
General Obligation 0.16% | ||||||||||||||||
NYC GO | 0.11% | 4/1/2015 | 4/1/2035 | AA | 3,000 | 3,000,000 | ||||||||||
Utilities 0.62% | ||||||||||||||||
Las Vegas Valley Water District | 0.05% | 4/1/2015 | 6/1/2036 | AA+ | 5,425 | 5,425,000 | ||||||||||
Las Vegas Valley Water District | 0.05% | 4/1/2015 | 6/1/2036 | AA+ | 6,000 | 6,000,000 | ||||||||||
Total | 11,425,000 | |||||||||||||||
Total Variable Rate Demand Notes (cost $14,425,000) | 14,425,000 | |||||||||||||||
Total Short-Term Investments (cost $16,025,908) | 16,032,484 | |||||||||||||||
Total Investments in Securities 103.66% (cost $1,775,988,773) | 1,899,293,306 | |||||||||||||||
Liabilities in Excess of Cash and Other Assets(h) (3.66%) | (67,137,026 | ) | ||||||||||||||
Net Assets 100.00% | $ | 1,832,156,280 |
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||
U.S. 10-Year Treasury Note | June 2015 | 227 | Short | $ | (29,261,719 | ) | $(200,743 | ) | ||||||
Ultra Long U.S. Treasury Bond | June 2015 | 85 | Short | (14,439,375 | ) | (61,400 | ) | |||||||
Totals | $ | (43,701,094 | ) | $(262,143 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
72 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
NATIONAL TAX FREE FUND March 31, 2015
The following is a summary of the inputs used as of March 31, 2015 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 | $ | – | $ | 1,884,867,398 | $ | – | $ | 1,884,867,398 | ||||||||
Money Market Mutual Fund | 908 | – | – | 908 | ||||||||||||
Variable Rate Demand Notes | – | 14,425,000 | – | 14,425,000 | ||||||||||||
Total | $ | 908 | $ | 1,899,292,398 | $ | – | $ | 1,899,293,306 | ||||||||
Liabilities | ||||||||||||||||
Trust Certificates(4) | $ | – | $ | (62,165,000 | ) | $ | – | $ | (62,165,000 | ) | ||||||
Total | $ | – | $ | (62,165,000 | ) | $ | – | $ | (62,165,000 | ) | ||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (262,143 | ) | – | – | (262,143 | ) | ||||||||||
Total | $ | (262,143 | ) | $ | – | $ | – | $ | (262,143 | ) |
(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 period ended March 31, 2015. | |
(4) | Refer to Note 2(h) for a description of Municipal Bonds held in Trust. |
See Notes to Financial Statements. | 73 |
Schedule of Investments (unaudited)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
MUNICIPAL BONDS 100.56% | ||||||||||||||
Corporate-Backed 15.03% | ||||||||||||||
AK IDA–Anchorage Sportsplex(e) | 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 | 1,390,455 | |||||||||
Aleutians E Burough–Pribilof Islands (ACA) | 5.50% | 6/1/2036 | NR | 3,210 | 3,231,603 | |||||||||
Allegheny Co IDA–US Steel | 6.875% | 5/1/2030 | BB- | 6,050 | 6,917,570 | |||||||||
Beauregard Parish–Office Max | 6.80% | 2/1/2027 | B3 | 5,000 | 5,054,600 | |||||||||
Brazos River Auth–TXU Rmkt AMT(e) | 7.70% | 4/1/2033 | C | (a) | 2,000 | 100,000 | ||||||||
Brazos River Auth–TXU Rmkt AMT†(e) | 8.25% | 5/1/2033 | NR | 2,000 | 100,000 | |||||||||
Build NYC Res Corp–Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 1,450 | 1,567,189 | |||||||||
CA Poll Ctl–Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | 9,000 | 9,808,740 | |||||||||
Clayton Co SFR–Delta Airlines AMT | 9.00% | 6/1/2035 | BB- | 7,520 | 7,594,147 | |||||||||
Cleveland Arpt–Continental Airlines AMT | 5.375% | 9/15/2027 | B+ | 15,240 | 15,313,914 | |||||||||
Cleveland Arpt–Continental Airlines AMT | 5.70% | 12/1/2019 | B+ | 2,555 | 2,564,121 | |||||||||
Courtland IDB–Intl Paper AMT | 5.20% | 6/1/2025 | BBB | 5,545 | 5,580,044 | |||||||||
Fort Bend IDC–NRG Energy | 4.75% | 11/1/2042 | Baa3 | 3,000 | 3,143,760 | |||||||||
Gloucester Co Poll Ctl–Logan AMT | 5.00% | 12/1/2024 | BBB- | 2,000 | 2,268,600 | |||||||||
Greater Orlando Aviation–Jet Blue AMT | 5.00% | 11/15/2036 | NR | 1,670 | 1,703,367 | |||||||||
Houston Arpt–Continental Airlines AMT | 5.00% | 7/1/2029 | B+ | 4,200 | 4,528,398 | |||||||||
IA Fin Auth–Alcoa | 4.75% | 8/1/2042 | BBB- | 4,130 | 4,324,853 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.25% | 12/1/2025 | BB- | 16,835 | 18,872,035 | |||||||||
IA Fin Auth–Iowa Fertilizer Co | 5.50% | 12/1/2022 | BB- | 13,000 | 13,904,020 | |||||||||
IL Fin Auth–Leafs Hockey Club(e) | 5.875% | 3/1/2027 | NR | 1,500 | 120,000 | |||||||||
IL Fin Auth–Leafs Hockey Club(e) | 6.00% | 3/1/2037 | NR | 1,450 | 116,000 | |||||||||
IL Fin Auth–United Sports/ Barrington†(e) | 6.125% | 10/1/2027 | NR | 1,475 | 50,784 | |||||||||
IL Fin Auth–United Sports/ Barrington†(e) | 6.25% | 10/1/2037 | NR | 6,525 | 224,656 | |||||||||
MA Port Auth–Delta Airlines AMT (AMBAC) | 5.50% | 1/1/2016 | NR | 1,830 | 1,832,141 | |||||||||
MA Port Auth–Delta Airlines AMT (AMBAC) | 5.50% | 1/1/2022 | NR | 10,015 | 10,022,211 | |||||||||
Maricopa Co IDA–Waste Mgmt AMT | 3.375% | 12/1/2031 | A- | 4,165 | 4,433,684 | |||||||||
Martin Co IDA–Indiantown Cogen AMT | 4.20% | 12/15/2025 | Ba1 | 8,500 | 8,694,905 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2016 | NR | 3,430 | 1,783,600 | |||||||||
Niagara Area Dev Corp–Covanta AMT† | 5.25% | 11/1/2042 | Ba2 | 15,660 | 16,247,250 | |||||||||
NJ EDA–Continental Airlines AMT | 4.875% | 9/15/2019 | B+ | 1,515 | 1,595,022 | |||||||||
NJ EDA–Continental Airlines AMT | 5.125% | 9/15/2023 | B+ | 5,125 | 5,628,326 | |||||||||
NJ EDA–Continental Airlines AMT | 5.25% | 9/15/2029 | B+ | 13,935 | 15,310,942 | |||||||||
NJ EDA–Continental Airlines AMT | 5.50% | 4/1/2028 | B+ | 5,965 | 5,985,699 | |||||||||
NJ EDA–Continental Airlines AMT | 5.50% | 6/1/2033 | B+ | 1,885 | 2,106,016 | |||||||||
NJ EDA–Continental Airlines AMT | 5.625% | 11/15/2030 | B+ | 2,500 | 2,850,125 |
74 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Corporate-Backed (continued) | ||||||||||||||
NY Liberty Dev Corp–3 WTC† | 5.00% | 11/15/2044 | NR | $ | 44,725 | $ | 47,129,863 | |||||||
NY Liberty Dev Corp–3 WTC† | 7.25% | 11/15/2044 | NR | 4,000 | 4,861,240 | |||||||||
NYC IDA–British Airways AMT | 5.25% | 12/1/2032 | BB | 9,515 | 9,549,635 | |||||||||
NYC IDA–Jetblue AMT | 5.00% | 5/15/2020 | B | 1,125 | 1,127,610 | |||||||||
NYC IDA–Jetblue AMT | 5.125% | 5/15/2030 | B | 1,000 | 1,002,350 | |||||||||
NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2046 | BB+ | 2,000 | 2,067,060 | |||||||||
NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB | 6,135 | 6,719,052 | |||||||||
PA Econ Dev–Natl Gypsum AMT | 5.50% | 11/1/2044 | NR | 1,000 | 1,036,100 | |||||||||
PA Econ Dev–US Airways | 8.00% | 5/1/2029 | B | 2,460 | 2,966,981 | |||||||||
Port Bay City Auth–Celanese AMT | 6.50% | 5/1/2026 | BB- | 6,120 | 6,132,118 | |||||||||
Port Corpus Christi Auth–Celanese | 6.45% | 11/1/2030 | BB- | 1,750 | 1,754,743 | |||||||||
Richland Co Env Impt–Intl Paper AMT | 3.875% | 4/1/2023 | BBB | 4,000 | 4,320,960 | |||||||||
Rockdale Co Dev–Visy Paper AMT | 6.125% | 1/1/2034 | NR | 6,000 | 6,127,380 | |||||||||
Rumford Solid Waste–Office Max AMT | 6.875% | 10/1/2026 | B3 | 1,500 | 1,516,380 | |||||||||
Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 4,145 | 4,714,067 | |||||||||
Valparaiso Facs–Pratt Paper AMT | 5.875% | 1/1/2024 | NR | 1,500 | 1,740,525 | |||||||||
Valparaiso Facs–Pratt Paper AMT | 7.00% | 1/1/2044 | NR | 2,000 | 2,462,160 | |||||||||
West Pace Coop Dist(e) | 9.125% | 5/1/2039 | NR | 13,770 | 13,616,465 | |||||||||
WI PFA–Natl Gypsum AMT | 5.25% | 4/1/2030 | NR | 2,000 | 2,071,480 | |||||||||
WI PFA–TRIPS AMT | 5.00% | 7/1/2042 | BBB | 6,000 | 6,404,880 | |||||||||
Total | 313,538,126 | |||||||||||||
Education 4.35% | ||||||||||||||
Buffalo & Erie IDC–Medaille Clg | 5.00% | 4/1/2022 | BB+ | 1,185 | 1,266,362 | |||||||||
Buffalo & Erie IDC–Medaille Clg | 5.25% | 4/1/2035 | BB+ | 2,885 | 3,000,083 | |||||||||
CA Muni Fin–Julian Chtr Sch† | 5.625% | 3/1/2045 | BB- | 5,000 | 5,031,750 | |||||||||
CA Stwde–Windrush Sch(e) | 5.50% | 7/1/2037 | NR | 7,225 | 72 | |||||||||
Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 1,720 | 1,806,791 | |||||||||
Gainesville Redev–Riverside Mil Admy | 5.125% | 3/1/2027 | BB+ | (a) | 1,375 | 1,383,759 | ||||||||
Gainesville Redev–Riverside Mil Admy | 5.125% | 3/1/2037 | BB+ | (a) | 4,000 | 3,879,480 | ||||||||
Harrisburg Auth–Univ of Science | 6.00% | 9/1/2036 | NR | 12,725 | 6,099,729 | |||||||||
IA HI Ed–Wartburg Clg | 5.00% | 10/1/2032 | BB | (a) | 5,000 | 5,194,550 | ||||||||
IA HI Ed–Wartburg Clg | 5.00% | 10/1/2037 | BB | (a) | 4,750 | 4,796,313 | ||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2021 | Baa3 | 4,325 | 4,440,867 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2023 | Baa3 | 4,000 | 4,061,680 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2025 | Baa3 | 2,500 | 2,532,425 | |||||||||
IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2031 | Baa3 | 2,700 | 2,712,987 | |||||||||
IL Fin Auth–IL Inst of Tech | 7.125% | 2/1/2034 | Baa3 | 2,500 | 2,866,250 |
See Notes to Financial Statements. | 75 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Education (continued) | ||||||||||||||
Marietta Dev Auth–Life Univ | 7.00% | 6/15/2030 | Ba3 | $ | 5,000 | $ | 5,363,600 | |||||||
NJ Ed Facs–Univ Med & Dent | 7.125% | 12/1/2023 | NR | 4,000 | 4,957,240 | |||||||||
NJ Ed Facs–Univ Med & Dent | 7.50% | 12/1/2032 | NR | 2,000 | 2,508,960 | |||||||||
NY Dorm–Touro Clg | 5.50% | 1/1/2044 | BBB- | (a) | 3,885 | 4,434,572 | ||||||||
NY Dorm–Yeshiva Univ (AMBAC) | 5.125% | 7/1/2034 | B3 | 5,350 | 5,362,144 | |||||||||
OH Hi Ed–Ashland Univ | 6.25% | 9/1/2024 | Caa2 | 4,985 | 4,942,627 | |||||||||
Phoenix IDA–Basis Schs | 5.00% | 7/1/2045 | BB | 2,500 | 2,523,750 | |||||||||
Univ of California†(b) | 5.75% | 5/15/2031 | AA | 7,000 | 8,300,810 | |||||||||
VA Clg Bldg Auth–Marymount Univ(c) | 5.00% | 7/1/2045 | BB+ | 3,110 | 3,301,700 | |||||||||
Total | 90,768,501 | |||||||||||||
General Obligation 5.25% | ||||||||||||||
Arkansas City Bldg–So Cent Reg Med | 6.75% | 9/1/2038 | Ba1 | 6,360 | 6,792,734 | |||||||||
Bellwood GO | 5.875% | 12/1/2027 | A | 3,000 | 3,433,410 | |||||||||
Bellwood GO | 6.15% | 12/1/2032 | A | 2,770 | 3,188,658 | |||||||||
CA State GO | 5.00% | 9/1/2025 | Aa3 | 7,000 | 8,400,840 | |||||||||
Guam GO | 6.75% | 11/15/2029 | BB- | 8,690 | 10,129,238 | |||||||||
Guam GO | 7.00% | 11/15/2039 | BB- | 2,235 | 2,626,840 | |||||||||
IL State GO | 5.00% | 8/1/2025 | A- | 2,685 | 2,921,253 | |||||||||
Maverick Co GO | 8.75% | 3/1/2034 | NR | 2,450 | 2,487,240 | |||||||||
Maverick Co GO | 8.75% | 3/1/2034 | NR | 5,390 | 5,471,928 | |||||||||
NYC GO(b) | 5.125% | 3/1/2026 | AA | 10,000 | 11,434,750 | |||||||||
Oakland USD | 6.125% | 8/1/2029 | NR | 1,500 | 1,695,645 | |||||||||
Pasadena USD | 4.125% | 5/1/2037 | Aa2 | 2,775 | 2,916,470 | |||||||||
Philadelphia GO | 5.00% | 7/15/2038 | A+ | 2,500 | 2,807,200 | |||||||||
PR Comwlth GO | 4.00% | 7/1/2020 | B | 1,175 | 899,639 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2019 | B | 5,075 | 4,228,033 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2020 | B | 10,410 | 8,074,412 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2020 | B | 3,000 | 2,326,920 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2021 | B | 1,270 | 934,466 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2022 | B | 2,970 | 2,147,874 | |||||||||
PR Comwlth GO | 5.00% | 7/1/2033 | B | 2,595 | 1,719,525 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2019 | B | 2,525 | 2,109,890 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2022 | B | 4,170 | 3,037,803 | |||||||||
PR Comwlth GO | 5.25% | 7/1/2037 | B | 5,000 | 3,312,500 | |||||||||
PR Comwlth GO | 5.625% | 7/1/2032 | B | 4,765 | 3,276,462 | |||||||||
PR Comwlth GO | 5.625% | 7/1/2033 | B | 4,030 | 2,735,806 | |||||||||
PR Comwlth GO | 6.00% | 7/1/2038 | B | 3,000 | 2,077,530 |
76 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
General Obligation (continued) | ||||||||||||||
PR Comwlth GO | 6.00% | 7/1/2039 | B | $ | 5,000 | $ | 3,450,050 | |||||||
PR Comwlth GO | 6.00% | 7/1/2039 | B | 2,000 | 1,380,020 | |||||||||
PR Comwlth GO (AMBAC) | 4.50% | 7/1/2023 | Caa1 | 2,225 | 2,161,899 | |||||||||
Woonsocket GO | 7.125% | 6/15/2016 | B3 | 1,345 | 1,379,782 | |||||||||
Total | 109,558,817 | |||||||||||||
Health Care 25.61% | ||||||||||||||
Abag Fin Auth–Eskaton Pptys | 5.00% | 11/15/2035 | BBB | 2,350 | 2,532,196 | |||||||||
Alachua Co Hlth–East Ridge Ret Vlg | 6.25% | 11/15/2044 | BB | (a) | 2,750 | 3,040,702 | ||||||||
Alachua Co Hlth–East Ridge Ret Vlg | 6.375% | 11/15/2049 | BB | (a) | 1,000 | 1,099,890 | ||||||||
Alachua Co IDA–No FL Retirement Vlg | 5.875% | 11/15/2036 | NR | 10,000 | 10,060,400 | |||||||||
Alachua Co IDA–No FL Retirement Vlg | 5.875% | 11/15/2042 | NR | 4,500 | 4,516,380 | |||||||||
AZ Hlth Facs–Beatitudes | 5.20% | 10/1/2037 | NR | 9,710 | 9,623,484 | |||||||||
Botetourt Co RCF–Glebe | 6.00% | 7/1/2034 | NR | 2,480 | 2,574,141 | |||||||||
Botetourt Co RCF–Glebe | 6.00% | 7/1/2044 | NR | 6,485 | 6,589,927 | |||||||||
Butler Co Hospital Auth | 5.00% | 7/1/2039 | Baa1 | 1,625 | 1,805,148 | |||||||||
CA Stwde–Eskaton Pptys | 5.25% | 11/15/2034 | BBB | 1,640 | 1,789,125 | |||||||||
CA Stwde–LA Jewish Home | 4.75% | 8/1/2020 | NR | 1,425 | 1,433,123 | |||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2044 | BBB | 5,025 | 5,587,850 | |||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BBB | 5,625 | 6,309,675 | |||||||||
CA Stwde–So Cal Presbyterian† | 7.00% | 11/15/2029 | BBB- | 1,000 | 1,185,910 | |||||||||
CA Stwde–So Cal Presbyterian† | 7.25% | 11/15/2041 | BBB- | 2,500 | 2,979,750 | |||||||||
CA Stwde–Terraces San Joaquin | 5.625% | 10/1/2032 | NR | 1,000 | 1,079,470 | |||||||||
CA Stwde–Terraces San Joaquin | 6.00% | 10/1/2042 | NR | 2,570 | 2,792,511 | |||||||||
CA Stwde–Terraces San Joaquin | 6.00% | 10/1/2047 | NR | 1,000 | 1,080,010 | |||||||||
Chesterfield Co EDA–Brandermill Woods | 5.00% | 1/1/2032 | NR | 2,000 | 2,057,480 | |||||||||
Chesterfield Co EDA–Brandermill Woods | 5.125% | 1/1/2043 | NR | 1,000 | 1,021,350 | |||||||||
CO Hlth Facs–American Baptist | 7.75% | 8/1/2029 | NR | 5,770 | 6,432,281 | |||||||||
CO Hlth Facs–American Baptist | 7.75% | 8/1/2039 | NR | 5,045 | 5,543,446 | |||||||||
CO Hlth Facs–Christian Living Cmnty | 5.25% | 1/1/2037 | NR | 1,000 | 1,043,730 | |||||||||
Collier CO IDA–Arlington of Naples† | 7.75% | 5/15/2035 | NR | 2,000 | 2,280,560 | |||||||||
Collier CO IDA–Arlington of Naples† | 8.125% | 5/15/2044 | NR | 3,000 | 3,419,730 | |||||||||
Comanche Co Hsp Auth(c) | 5.00% | 7/1/2025 | BBB- | 2,115 | 2,319,605 | |||||||||
Cumberland Co Mun Auth–Asbury | 5.25% | 1/1/2041 | NR | 2,000 | 2,081,560 | |||||||||
Cumberland Co Mun Auth–Asbury | 5.40% | 1/1/2022 | NR | 585 | 623,943 | |||||||||
Cumberland Co Mun Auth–Asbury | 6.00% | 1/1/2040 | NR | 2,000 | 2,148,800 | |||||||||
Cuyahoga Co Hlth–Eliza Jennings | 6.00% | 5/15/2037 | NR | 4,300 | 4,388,537 | |||||||||
Cuyahoga Co Hlth–Eliza Jennings | 6.00% | 5/15/2042 | NR | 2,500 | 2,548,450 |
See Notes to Financial Statements. | 77 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
Decatur Hsp–Wise Hlth | 5.25% | 9/1/2044 | BB+ | $ | 5,620 | $ | 6,083,706 | |||||||
Denver Hlth & Hsp Auth | 5.25% | 12/1/2045 | BBB | 3,700 | 4,118,581 | |||||||||
Fairfax Co EDA–Vinson Hall | 5.00% | 12/1/2032 | NR | 1,000 | 1,044,230 | |||||||||
Fairfax Co EDA–Vinson Hall | 5.00% | 12/1/2042 | NR | 2,800 | 2,835,140 | |||||||||
Flint Hsp Bldg Auth–Hurley Med Ctr | 7.00% | 7/1/2030 | Ba1 | 4,225 | 4,810,374 | |||||||||
Flint Hsp Bldg Auth–Hurley Med Ctr | 7.375% | 7/1/2035 | Ba1 | 2,620 | 3,022,327 | |||||||||
Flint Hsp Bldg Auth–Hurley Med Ctr | 7.50% | 7/1/2039 | Ba1 | 800 | 924,664 | |||||||||
Gainesville & Hall Co Hsp–NE GA Hlth | 5.50% | 8/15/2054 | AA- | 3,600 | 4,202,748 | |||||||||
Gaithersburg Eco Dev–Asbury | 6.00% | 1/1/2023 | BBB | (a) | 3,385 | 3,866,178 | ||||||||
Hanover Co EDA–Covenant Woods | 5.00% | 7/1/2042 | NR | 2,000 | 2,044,960 | |||||||||
Hanover Co EDA–Covenant Woods | 5.00% | 7/1/2047 | NR | 1,985 | 2,024,720 | |||||||||
Harris Co Cultural Ed–Brazos | 5.00% | 1/1/2033 | BB+ | (a) | 545 | 562,614 | ||||||||
Harris Co Cultural Ed–Brazos | 5.00% | 1/1/2038 | BB+ | (a) | 510 | 521,460 | ||||||||
Harris Co Cultural Ed–Brazos | 5.125% | 1/1/2048 | BB+ | (a) | 1,535 | 1,559,867 | ||||||||
Harris Co Cultural Ed–Brazos | 7.00% | 1/1/2043 | BB+ | (a) | 3,000 | 3,502,680 | ||||||||
Harris Co Cultural Ed–Childrens Med | 5.00% | 10/1/2024 | AA | 6,000 | 6,920,700 | |||||||||
Harris Co Cultural Ed–Childrens Med | 5.25% | 10/1/2029 | AA | 4,000 | 4,617,560 | |||||||||
HFDC Cent TX–Legacy/Willow Bend | 5.625% | 11/1/2026 | NR | 1,850 | 1,890,626 | |||||||||
HFDC Cent TX–Legacy/Willow Bend | 5.75% | 11/1/2036 | NR | 5,500 | 5,579,090 | |||||||||
Holmes Co Hsp–Doctors Mem Hsp | 5.75% | 11/1/2026 | NR | 5,095 | 5,124,449 | |||||||||
Holmes Co Hsp–Doctors Mem Hsp | 6.00% | 11/1/2038 | NR | 7,115 | 7,105,679 | |||||||||
Howard Co Retmt Cmnty–Vantage House | 5.25% | 4/1/2027 | NR | 1,200 | 1,209,564 | |||||||||
Howard Co Retmt Cmnty–Vantage House | 5.25% | 4/1/2037 | NR | 5,000 | 4,912,950 | |||||||||
IL Fin Auth–Clare At Water Tower(e) | Zero Coupon | 5/15/2050 | NR | 4,800 | 480 | |||||||||
IL Fin Auth–Clare At Water Tower(e) | 5.125% | 5/15/2018 | NR | 3,500 | 350 | |||||||||
IL Fin Auth–Clare At Water Tower(e) | 5.20% | 5/15/2015 | NR | 700 | 70 | |||||||||
IL Fin Auth–Clare At Water Tower(e) | 5.30% | 5/15/2016 | NR | 700 | 70 | |||||||||
IL Fin Auth–Clare At Water Tower(e) | 6.00% | 5/15/2028 | NR | 2,800 | 280 | |||||||||
IL Fin Auth–Clare At Water Tower(e) | 6.125% | 5/15/2041 | NR | 3,500 | 350 | |||||||||
IL Fin Auth–Clare Oaks~ | Zero Coupon | 11/15/2052 | NR | 2,845 | 94,451 | |||||||||
IL Fin Auth–Clare Oaks~ | Zero Coupon | 11/15/2052 | NR | 569 | 187,894 | |||||||||
IL Fin Auth–Clare Oaks | Zero Coupon | 11/15/2052 | NR | 569 | 123,400 | |||||||||
IL Fin Auth–Clare Oaks | 4.00% | 11/15/2052 | NR | 4,550 | 2,893,948 | |||||||||
IL Fin Auth–Clare Oaks | 7.00% | 11/15/2017 | NR | 520 | 521,305 | |||||||||
IL Fin Auth–Clare Oaks | 7.00% | 11/15/2027 | NR | 940 | 939,887 | |||||||||
IL Fin Auth–Friendship Vlg Shaumburg | 5.375% | 2/15/2025 | BB- | (a) | 4,000 | 4,002,320 | ||||||||
IL Fin Auth–Friendship Vlg Shaumburg | 5.625% | 2/15/2037 | BB- | (a) | 3,975 | 3,975,437 |
78 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
IL Fin Auth–Friendship Vlg Shaumburg | 7.25% | 2/15/2045 | BB- | (a) | $ | 3,500 | $ | 3,776,675 | ||||||
IL Fin Auth–Landing / Plymouth Place | 6.00% | 5/15/2043 | NR | 2,165 | 2,174,093 | |||||||||
IL Fin Auth–Northwestern Mem Hsp†(b) | 5.75% | 8/15/2030 | AA+ | 5,000 | 5,850,300 | |||||||||
IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2039 | A+ | 3,900 | 4,373,460 | |||||||||
IL Fin Auth–Rush Univ Med | 7.25% | 11/1/2030 | Aaa | 3,000 | 3,654,960 | |||||||||
IL Fin Auth–Silver Cross Hsp(c) | 5.00% | 8/15/2044 | Baa1 | 3,625 | 3,951,105 | |||||||||
IL Fin Auth–Smith Vlg | 5.25% | 11/15/2016 | NR | 1,580 | 1,603,115 | |||||||||
IL Fin Auth–Three Crowns Pk Plaza | 5.875% | 2/15/2038 | NR | 4,500 | 4,527,360 | |||||||||
IN Fin Auth–Major Hsp | 5.00% | 10/1/2044 | Baa2 | 3,550 | 3,798,251 | |||||||||
Karnes Co Hsp Dist | 5.00% | 2/1/2039 | BBB | (a) | 1,000 | 1,077,560 | ||||||||
Karnes Co Hsp Dist | 5.00% | 2/1/2044 | BBB | (a) | 1,255 | 1,342,687 | ||||||||
Kent Hsp Fin Auth–Metropolitan Hsp | 5.75% | 7/1/2025 | BB+ | 3,395 | 3,431,564 | |||||||||
Kent Hsp Fin Auth–Metropolitan Hsp | 6.00% | 7/1/2035 | BB+ | 4,575 | 4,624,867 | |||||||||
Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2021 | NR | 1,000 | 1,138,400 | |||||||||
Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2029 | NR | 2,820 | 3,258,059 | |||||||||
Kirkwood IDA–Aberdeen Hts | 8.25% | 5/15/2039 | NR | 6,695 | 7,744,508 | |||||||||
KY EDA–Masonic Homes | 5.375% | 11/15/2032 | NR | 3,000 | 3,128,220 | |||||||||
LA Env Facs–St James Place | 6.00% | 11/15/2035 | NR | 1,485 | 1,498,811 | |||||||||
LA Env Facs–St James Place | 6.25% | 11/15/2045 | NR | 6,100 | 6,155,998 | |||||||||
LA PFA–Lake Charles Mem Hsp† | 6.375% | 12/1/2034 | NR | 5,840 | 6,431,826 | |||||||||
LA PFA–Ochsner Clinic | 6.50% | 5/15/2037 | Baa1 | 8,250 | 9,756,202 | |||||||||
Lubbock Hlth–Carillon | 6.30% | 7/1/2019 | NR | 4,010 | 4,137,438 | |||||||||
MA DFA–Seven Hills Fndtn(c) | 5.00% | 9/1/2032 | BBB- | 5,905 | 6,341,320 | |||||||||
MA DFA–Seven Hills Fndtn(c) | 5.00% | 9/1/2045 | BBB- | 5,000 | 5,278,300 | |||||||||
MA Hlth & Ed–Emerson Hsp (RADIAN) | 5.00% | 8/15/2025 | NR | 4,000 | 4,040,520 | |||||||||
Martin Hsp Dist | 7.25% | 4/1/2036 | BBB | (a) | 3,450 | 3,913,990 | ||||||||
MD Hlth & HI Ed–Doctors Cmnty Hsp | 5.75% | 7/1/2038 | Baa3 | 4,400 | 4,739,152 | |||||||||
ME Hlth & Hi Ed–MaineGeneral Hlth | 6.00% | 7/1/2026 | Ba1 | 200 | 228,176 | |||||||||
Mesquite Hlth–Christian Care Ctrs | 5.125% | 2/15/2042 | BBB- | (a) | 1,000 | 1,049,700 | ||||||||
MI Fin Auth–Beaumont Hlth | 5.00% | 8/1/2032 | A1 | 2,000 | 2,270,980 | |||||||||
MI Fin Auth–Beaumont Hlth | 5.00% | 8/1/2033 | A1 | 2,500 | 2,828,000 | |||||||||
Multnomah Co Hsp Facs–Mirabella | 5.40% | 10/1/2044 | NR | 3,250 | 3,560,765 | |||||||||
Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2033 | BB+ | 2,765 | 2,932,670 | |||||||||
Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2044 | BB+ | 8,175 | 8,492,272 | |||||||||
NC Med–Lutheran Svcs | 4.75% | 3/1/2032 | NR | 1,250 | 1,294,625 | |||||||||
NC Med–Lutheran Svcs | 5.00% | 3/1/2037 | NR | 1,000 | 1,041,430 | |||||||||
NC Med–Lutheran Svcs | 5.00% | 3/1/2042 | NR | 1,000 | 1,032,370 |
See Notes to Financial Statements. | 79 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
New Hope Cultural–Wesleyan Homes | 5.50% | 1/1/2049 | NR | $ | 2,630 | $ | 2,671,370 | |||||||
NJ EDA–Lions Gate | 5.00% | 1/1/2034 | NR | 500 | 515,320 | |||||||||
NJ EDA–Lions Gate | 5.25% | 1/1/2044 | NR | 1,000 | 1,036,810 | |||||||||
NJ EDA–Seashore Gardens | 5.30% | 11/1/2026 | NR | 1,250 | 1,129,200 | |||||||||
NJ EDA–Seashore Gardens | 5.375% | 11/1/2036 | NR | 6,880 | 5,631,142 | |||||||||
NM Hsp–Gerald Champion Hsp | 5.50% | 7/1/2042 | B+ | 2,625 | 2,651,276 | |||||||||
OH Hsp–Cleveland Clinic†(b) | 5.50% | 1/1/2034 | AA- | 13,500 | 15,308,460 | |||||||||
Onondaga CDC–St Josephs Hsp | 4.50% | 7/1/2032 | BB | 6,360 | 6,321,904 | |||||||||
Onondaga CDC–St Josephs Hsp | 5.125% | 7/1/2031 | BB | 1,250 | 1,359,225 | |||||||||
Orange Co Hlth–Orlando Lutheran | 5.375% | 7/1/2020 | NR | 970 | 975,898 | |||||||||
Orange Co Hlth–Orlando Lutheran | 5.50% | 7/1/2038 | NR | 6,550 | 6,637,573 | |||||||||
Orange Co Hlth–Orlando Lutheran | 5.70% | 7/1/2026 | NR | 2,920 | 2,935,943 | |||||||||
Palm Beach Co Hlth–Sinai Residences | 7.50% | 6/1/2049 | NR | 2,325 | 2,665,752 | |||||||||
Palomar Hlth Care Dist COP | 5.50% | 11/1/2019 | Ba1 | 5,000 | 5,401,900 | |||||||||
Philadelphia Hsps–Temple Univ Hlth | 5.50% | 7/1/2026 | BB+ | 3,500 | 3,682,910 | |||||||||
Philadelphia Hsps–Temple Univ Hlth | 5.625% | 7/1/2036 | BB+ | 6,250 | 6,723,625 | |||||||||
Philadelphia Hsps–Temple Univ Hlth | 5.625% | 7/1/2042 | BB+ | 10,675 | 11,429,295 | |||||||||
Red River Hlth–Methodist Ret Cmnty | 7.75% | 11/15/2044 | NR | 1,500 | 1,780,200 | |||||||||
Red River Hlth–Methodist Ret Cmnty | 8.00% | 11/15/2049 | NR | 1,000 | 1,197,110 | |||||||||
Rochester Hlth Care–Samaritan Bethany | 6.875% | 12/1/2029 | NR | 1,945 | 2,141,426 | |||||||||
Rochester Hlth Care–Samaritan Bethany | 7.375% | 12/1/2041 | NR | 6,000 | 6,701,520 | |||||||||
Salem Hsp Fac–Capital Manor | 5.625% | 5/15/2032 | NR | 1,000 | 1,120,760 | |||||||||
Salem Hsp Fac–Capital Manor | 6.00% | 5/15/2047 | NR | 1,600 | 1,731,520 | |||||||||
San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 10,000 | 13,096,800 | |||||||||
Sarasota Hlth–Manatee | 5.75% | 7/1/2037 | NR | 2,895 | 2,942,160 | |||||||||
Sarasota Hlth–Manatee | 5.75% | 7/1/2045 | NR | 6,435 | 6,512,542 | |||||||||
Sayre Mem Hsp Auth | 6.00% | 7/1/2037 | NR | 4,000 | 2,731,200 | |||||||||
SC Jobs EDA–Hampton Regl Med | 5.25% | 11/1/2028 | NR | 12,000 | 12,022,800 | |||||||||
SE Port Auth–Memorial Hlth | 5.00% | 12/1/2035 | BB | (a) | 750 | 774,915 | ||||||||
SE Port Auth–Memorial Hlth | 5.00% | 12/1/2043 | BB | (a) | 750 | 767,250 | ||||||||
SE Port Auth–Memorial Hlth | 5.50% | 12/1/2043 | BB | (a) | 1,100 | 1,165,879 | ||||||||
SE Port Auth–Memorial Hlth | 6.00% | 12/1/2042 | BB | (a) | 1,300 | 1,424,215 | ||||||||
Shelby Co Hlth Ed Hsg–Vlg Germantwn | 5.00% | 12/1/2032 | NR | 2,100 | 2,192,169 | |||||||||
St Paul Port Auth–Healtheast Midway | 5.75% | 5/1/2025 | BB+ | 1,520 | 1,525,320 | |||||||||
St Paul Port Auth–Healtheast Midway | 5.875% | 5/1/2030 | BB+ | 1,000 | 1,003,350 | |||||||||
Suffolk Co IDA–Eastern LI Hsp Assn† | 5.50% | 1/1/2037 | NR | 1,380 | 1,384,899 | |||||||||
Tarrant Co Cultural–Trinity Terrace | 5.00% | 10/1/2044 | BBB+ | (a) | 1,200 | 1,295,988 |
80 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
Tarrant Co Cultural–Trinity Terrace | 5.00% | 10/1/2049 | BBB+ | (a) | $ | 2,635 | $ | 2,815,682 | ||||||
Upper IL River Vy–Pleasant View | 7.25% | 11/15/2040 | NR | 1,200 | 1,291,200 | |||||||||
Upper IL River Vy–Pleasant View | 7.375% | 11/15/2045 | NR | 1,550 | 1,668,529 | |||||||||
Vigo Co Hsp–Union Hsp† | 5.70% | 9/1/2037 | NR | 9,250 | 9,396,982 | |||||||||
Vigo Co Hsp–Union Hsp† | 5.75% | 9/1/2042 | NR | 2,000 | 2,029,940 | |||||||||
Vigo Co Hsp–Union Hsp | 8.00% | 9/1/2041 | NR | 2,955 | 3,574,693 | |||||||||
WA Hsg–Mirabella | 6.50% | 10/1/2032 | NR | 2,000 | 2,144,300 | |||||||||
WA Hsg–Mirabella | 6.75% | 10/1/2047 | NR | 3,000 | 3,223,980 | |||||||||
WA Hsg–Rockwood† | 6.00% | 1/1/2024 | NR | 1,665 | 1,773,125 | |||||||||
Western IL EDA–Carthage Mem Hsp | 7.00% | 6/1/2033 | NR | 2,890 | 2,975,717 | |||||||||
WI Hlth & Ed–Sauk-Prairie Mem Hsp | 5.375% | 2/1/2048 | Ba1 | 4,000 | 4,166,880 | |||||||||
WI Hlth & Ed–Wheaton Franciscan Hlth | 5.125% | 8/15/2030 | A- | 3,000 | 3,131,520 | |||||||||
WI PFA–Las Ventanas Retirement | 7.00% | 10/1/2042 | NR | 6,895 | 6,965,881 | |||||||||
WI PFA–Las Ventanas Retirement Ser B-1 | Zero Coupon | 10/1/2042 | NR | 2,961 | 1,059,831 | |||||||||
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 | 2,110,926 | |||||||||
Wilson Co Hsp | 5.60% | 9/1/2036 | NR | 3,530 | 3,530,424 | |||||||||
Woodbury Hsg–St Therese | 5.25% | 12/1/2049 | NR | 2,000 | 2,059,440 | |||||||||
Woodbury Hsg–St Therese | 5.125% | 12/1/2044 | NR | 2,500 | 2,542,700 | |||||||||
WV Hsp–Herbert Thomas Hlth | 6.50% | 10/1/2028 | NR | 5,000 | 5,341,650 | |||||||||
WV Hsp–Herbert Thomas Hlth | 6.50% | 10/1/2038 | NR | 2,000 | 2,080,160 | |||||||||
Total | 534,167,218 | |||||||||||||
Housing 1.04% | ||||||||||||||
Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2042 | NR | 700 | 884,429 | |||||||||
Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2046 | NR | 1,000 | 1,256,810 | |||||||||
CA Muni Fin–Caritas Affordable Hsg | 5.25% | 8/15/2039 | BBB | 550 | 614,631 | |||||||||
CA Stwde–American Baptist | 5.00% | 10/1/2043 | BBB+ | (a) | 2,450 | 2,634,558 | ||||||||
LA HFA–GMF-LA Chateau | 8.00% | 9/1/2039 | BBB | 3,300 | 3,561,030 | |||||||||
Met Govt Nashville H & E–Prestige Pt(e) | 7.50% | 12/20/2040 | NR | 3,930 | 2,358,000 | |||||||||
MI Strategic Fd–Evangelical Homes | 5.25% | 6/1/2032 | BB+ | (a) | 1,500 | 1,589,790 | ||||||||
MI Strategic Fd–Evangelical Homes | 5.50% | 6/1/2047 | BB+ | (a) | 4,000 | 4,150,520 | ||||||||
NYC Hsg–8 Spruce St | 4.50% | 2/15/2048 | NR | 3,000 | 3,088,020 | |||||||||
Saline EDC–Evangelical Homes | 5.50% | 6/1/2047 | BB+ | (a) | 1,500 | 1,556,445 | ||||||||
Total | 21,694,233 |
See Notes to Financial Statements. | 81 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Lease Obligations 2.40% | ||||||||||||||
CA Pub Wks–State Prisons | 5.75% | 10/1/2031 | A1 | $ | 1,500 | $ | 1,809,525 | |||||||
CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2034 | A1 | 5,000 | 5,623,350 | |||||||||
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 | 3,989,510 | |||||||||
IN Fin Auth–I-69 AMT | 5.25% | 9/1/2034 | BBB- | 1,600 | 1,788,784 | |||||||||
IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2035 | BBB | 2,155 | 2,352,376 | |||||||||
IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2040 | BBB | 2,320 | 2,517,038 | |||||||||
IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2044 | BBB | 8,000 | 8,650,000 | |||||||||
NJ EDA–Goethals Brdg AMT | 5.375% | 1/1/2043 | BBB- | 1,000 | 1,118,560 | |||||||||
NJ EDA–Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB- | 5,000 | 5,621,700 | |||||||||
NJ Trans Trust Fund | 5.00% | 6/15/2032 | A2 | 5,000 | 5,281,000 | |||||||||
Philadelphia Muni Auth | 6.375% | 4/1/2029 | A+ | 2,000 | 2,347,760 | |||||||||
PR Pub Bldg Auth GTD | 5.25% | 7/1/2033 | B | 3,365 | 2,204,546 | |||||||||
PR Pub Fin Corp | 5.50% | 8/1/2031 | B | 12,250 | 6,256,565 | |||||||||
Total | 50,148,574 | |||||||||||||
Other Revenue 7.99% | ||||||||||||||
Apache Co Poll Ctl–Tucson Elec | 4.50% | 3/1/2030 | A3 | 5,120 | 5,509,888 | |||||||||
Baker Correctional Dev | 7.50% | 2/1/2030 | NR | 8,400 | 6,274,380 | |||||||||
Baltimore Conv Ctr–Hilton Hotel | 5.875% | 9/1/2039 | Ba2 | 10,845 | 11,263,183 | |||||||||
Baltimore Conv Ctr–Hilton Hotel (XLCA) | 5.25% | 9/1/2039 | Ba1 | 2,995 | 3,072,271 | |||||||||
Baytown Twp–St Croix Prep Admy | 6.75% | 8/1/2028 | BB | 3,450 | 3,606,423 | |||||||||
CA Fin Auth–High Tech† | 6.125% | 7/1/2038 | BB | (a) | 1,250 | 1,274,288 | ||||||||
CA Sch Fin Auth–KIPP LA | 5.125% | 7/1/2044 | BB+ | 2,390 | 2,509,165 | |||||||||
Chester Co IDA–Collegium Chtr Sch | 5.375% | 10/15/2042 | BBB- | 5,000 | 5,088,100 | |||||||||
Clifton Higher Ed–IDEA Pub Schs | 6.00% | 8/15/2043 | BBB | 1,000 | 1,189,510 | |||||||||
Doctor Charles Drew Admy COP(e) | 5.70% | 11/1/2036 | NR | 1,735 | 347,000 | |||||||||
Downtown Phoenix Hotel Corp (FGIC) | 5.00% | 7/1/2029 | BB+ | 5,000 | 5,059,900 | |||||||||
Downtown Phoenix Hotel Corp (FGIC) | 5.00% | 7/1/2036 | BB+ | 5,650 | 5,688,646 | |||||||||
FL DFC–Palm Bay Admy(e) | 6.00% | 5/15/2036 | NR | 2,000 | 1,283,760 | |||||||||
FL DFC–Palm Bay Admy(e) | 6.125% | 5/15/2037 | NR | 1,855 | 1,190,687 | |||||||||
FL DFC–Renaissance Chtr Sch | 7.50% | 6/15/2033 | BB- | (a) | 6,000 | 6,682,440 | ||||||||
Florence Twn IDA–Legacy Trad Sch | 6.00% | 7/1/2043 | BB | 3,250 | 3,523,975 | |||||||||
IA Fin Auth–Childserve | 5.375% | 6/1/2026 | NR | 1,795 | 1,796,274 | |||||||||
IA Fin Auth–Childserve | 5.50% | 6/1/2031 | NR | 1,000 | 1,000,580 | |||||||||
IA Fin Auth–Childserve | 5.55% | 6/1/2036 | NR | 4,960 | 4,962,133 | |||||||||
IN Fin Auth–Drexel Foundation | 7.00% | 10/1/2039 | BB- | 1,250 | 1,283,787 | |||||||||
Kansas City IDA–Derrick Thomas Sch† | 5.875% | 1/1/2037 | NR | 6,570 | 1,651,041 |
82 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Other Revenue (continued) | ||||||||||||||
La Vernia Hi Ed–Amigos/Friends Life | 6.25% | 2/15/2026 | NR | $ | 1,000 | $ | 1,006,690 | |||||||
La Vernia Hi Ed–Amigos/Friends Life | 6.375% | 2/15/2037 | NR | 1,220 | 1,223,294 | |||||||||
La Vernia Hi Ed–Life Schools of Dallas | 7.25% | 8/15/2031 | BBB- | 4,750 | 5,966,570 | |||||||||
Lombard PFC–Conf Ctr & Hotel(e) | 7.125% | 1/1/2036 | NR | 8,500 | 4,675,000 | |||||||||
Maverick Co PFC(e) | 6.25% | 2/1/2024 | NR | 4,135 | 1,984,800 | |||||||||
Maverick Co PFC(e) | 6.375% | 2/1/2029 | NR | 1,640 | 787,200 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2031 | NR | 15,200 | 7,904,000 | |||||||||
MD EDC–Chesapeake Bay Hyatt(e) | 5.25% | 12/1/2031 | NR | 3,000 | 1,560,000 | |||||||||
MI Pub Ed–Bradford Admy† | 6.50% | 9/1/2037 | NR | 5,500 | 3,135,000 | |||||||||
MI Pub Ed–Bradford Admy | 8.75% | 9/1/2039 | NR | 2,250 | 1,282,500 | |||||||||
MI Pub Ed–Crescent Admy | 7.00% | 10/1/2036 | NR | 707 | 720,603 | |||||||||
MI St Strategic Fd(f) | Zero Coupon | – | (g) | NR | 5,000 | 500 | ||||||||
Middlesex Co Impt Auth–Heldrich Ctr(e) | 6.125% | 1/1/2025 | NR | 2,790 | 143,964 | |||||||||
Middlesex Co Impt Auth–Heldrich Ctr(e) | 6.25% | 1/1/2037 | NR | 5,755 | 296,958 | |||||||||
Milwaukee Redev–Admy of Learning(e) | 5.65% | 8/1/2037 | NR | 3,340 | 1,503,000 | |||||||||
Mohave Co IDA–Mohave Prison | 8.00% | 5/1/2025 | BBB+ | 10,250 | 11,899,430 | |||||||||
North TX Edu Fin Corp–Uplift Education | 5.125% | 12/1/2042 | BBB- | 1,000 | 1,079,740 | |||||||||
NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2023 | BB+ | 635 | 669,614 | |||||||||
NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2036 | BB+ | 3,165 | 3,276,566 | |||||||||
NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2039 | BB+ | 4,740 | 4,903,009 | |||||||||
Ohio St Pollution Ctl Rev(e) | 5.625% | 3/1/2015 | NR | 2,965 | 297 | |||||||||
Overland Pk Dev–Conv Ctr (AMBAC) | 5.125% | 1/1/2032 | BB+ | 7,000 | 7,031,290 | |||||||||
Palm Bay Ed–Patriot Charter Sch(e) | 6.75% | 7/1/2022 | NR | 1,460 | 438,000 | |||||||||
Palm Bay Ed–Patriot Charter Sch(e) | 7.00% | 7/1/2036 | NR | 5,000 | 1,500,000 | |||||||||
Palm Beach Co–G Star Sch of Arts | 6.75% | 5/15/2035 | NR | 2,425 | 2,425,509 | |||||||||
Pima Co IDA–American Charter Sch | 5.50% | 7/1/2026 | BB | (a) | 5,000 | 4,982,950 | ||||||||
Pima Co IDA–American Charter Sch | 5.625% | 7/1/2038 | BB | (a) | 4,245 | 4,092,732 | ||||||||
Pima Co IDA–Horizon Learning Ctr | 5.25% | 6/1/2035 | BBB | 5,000 | 5,002,650 | |||||||||
Plymouth Ed Ctr Charter Sch | 5.375% | 11/1/2030 | B- | 1,425 | 995,662 | |||||||||
Provo Charter Sch–Freedom Admy | 5.50% | 6/15/2037 | NR | 3,690 | 3,724,428 | |||||||||
San Antonio Hotel & Conv Ctr AMT (AMBAC) | 5.00% | 7/15/2034 | BBB | 3,140 | 3,172,028 | |||||||||
San Antonio Hotel & Conv Ctr AMT (AMBAC) | 5.00% | 7/15/2039 | BBB | 3,540 | 3,575,081 | |||||||||
Yonkers EDC–Charter Sch Ed Excellence | 6.00% | 10/15/2030 | BB | 1,300 | 1,386,034 | |||||||||
Total | 166,602,530 | |||||||||||||
Special Tax 7.82% | ||||||||||||||
Anne Arundel Co–Natl Business Pk | 5.625% | 7/1/2025 | NR | 1,000 | 1,078,600 | |||||||||
Anne Arundel Co–Natl Business Pk | 6.10% | 7/1/2040 | NR | 2,250 | 2,425,410 |
See Notes to Financial Statements. | 83 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Special Tax (continued) | ||||||||||||||
Anne Arundel Co Spl Tax–Vlgs Two Rivers | 5.125% | 7/1/2036 | NR | $ | 1,030 | $ | 1,067,132 | |||||||
Anne Arundel Co Spl Tax–Vlgs Two Rivers | 5.25% | 7/1/2044 | NR | 2,150 | 2,219,918 | |||||||||
Arborwood CDD | Zero Coupon | 5/1/2025 | NR | 635 | 657,835 | |||||||||
Arborwood CDD | Zero Coupon | 5/1/2036 | NR | 780 | 846,604 | |||||||||
Arborwood CDD | Zero Coupon | 5/1/2036 | NR | 75 | 81,404 | |||||||||
Arborwood CDD | 5.35% | 5/1/2036 | NR | 4,860 | 4,861,507 | |||||||||
Aurora TIF–East River | 6.50% | 12/30/2023 | NR | 2,215 | 2,433,753 | |||||||||
Aurora TIF–East River | 6.75% | 12/30/2027 | NR | 1,365 | 1,499,111 | |||||||||
Baltimore Spl Oblig–E Baltimore Resrch | 7.00% | 9/1/2038 | NR | 3,500 | 3,805,935 | |||||||||
Brentwood Infra Fin Auth | 5.00% | 9/2/2036 | NR | 7,500 | 8,325,525 | |||||||||
Capital Region CDD–St Joe Company | 7.00% | 5/1/2039 | NR | 4,260 | 4,325,689 | |||||||||
Compton Redev Agy | 6.00% | 8/1/2042 | NR | 4,750 | 4,886,657 | |||||||||
Corona Norco Sch Dist PFA | 5.00% | 9/1/2023 | BBB+ | 790 | 933,053 | |||||||||
Corona Norco Sch Dist PFA | 5.00% | 9/1/2026 | BBB+ | 625 | 717,800 | |||||||||
Corona Norco Sch Dist PFA | 5.00% | 9/1/2027 | BBB+ | 1,250 | 1,426,613 | |||||||||
Corona Norco Sch Dist PFA | 5.00% | 9/1/2032 | BBB+ | 1,190 | 1,335,632 | |||||||||
Corona Norco Sch Dist PFA | 5.00% | 9/1/2035 | BBB+ | 585 | 650,696 | |||||||||
Durbin Crossing CDD | 5.50% | 5/1/2037 | NR | 5,200 | 5,200,208 | |||||||||
Grandview IDA–Grandview Crossing(e) | 5.75% | 12/1/2028 | NR | 1,000 | 200,000 | |||||||||
Hesperia Pub Fin Auth (XLCA) | 5.00% | 9/1/2031 | NR | 6,615 | 6,837,661 | |||||||||
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 | 12,333,120 | |||||||||
Inland Valley Redev Agy | 5.25% | 9/1/2037 | A- | 3,375 | 3,885,064 | |||||||||
Irvine CFD–Great Park | 5.00% | 9/1/2039 | NR | 1,000 | 1,127,910 | |||||||||
Irvine CFD–Great Park | 5.00% | 9/1/2044 | NR | 500 | 559,680 | |||||||||
Lake Elsinore PFA | 5.00% | 9/1/2035 | NR | 1,000 | 1,110,530 | |||||||||
Lake Elsinore PFA | 5.00% | 9/1/2040 | NR | 4,000 | 4,366,240 | |||||||||
Lancaster Redev Agy | 6.875% | 8/1/2034 | BBB | 1,000 | 1,174,760 | |||||||||
Lancaster Redev Agy | 6.875% | 8/1/2039 | NR | 570 | 707,096 | |||||||||
Lancaster Redev Agy | 6.875% | 8/1/2039 | BBB | 430 | 505,147 | |||||||||
Magnolia West CDD(e) | 5.35% | 5/1/2037 | NR | 3,830 | 3,523,600 | |||||||||
Millsboro Spl Oblig–Plantation Lakes | 5.45% | 7/1/2036 | NR | 5,358 | 4,194,564 | |||||||||
Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2046 | NR | 5,000 | 5,070,350 | |||||||||
NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2031 | BB+ | 6,110 | 6,336,009 | |||||||||
Orange Grove CDD(e) | 5.30% | 11/1/2021 | NR | 1,705 | 341,000 | |||||||||
Plaza Met Dist #1 | 5.00% | 12/1/2022 | NR | 500 | 556,030 | |||||||||
Plaza Met Dist #1 | 5.00% | 12/1/2040 | NR | 2,500 | 2,638,450 |
84 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Special Tax (continued) | ||||||||||||||
Poway USD PFA | 5.00% | 9/15/2024 | BBB | $ | 500 | $ | 580,215 | |||||||
Poway USD PFA | 5.00% | 9/15/2027 | BBB | 1,035 | 1,176,071 | |||||||||
Poway USD PFA | 5.00% | 9/15/2032 | BBB | 995 | 1,099,515 | |||||||||
Rancho Cordova CFD | 5.00% | 9/1/2027 | NR | 860 | 975,343 | |||||||||
Rancho Cordova CFD | 5.00% | 9/1/2032 | NR | 1,260 | 1,401,523 | |||||||||
Rancho Cordova CFD | 5.00% | 9/1/2037 | NR | 1,250 | 1,379,113 | |||||||||
River Islands PFA–CFD 2003 | 5.50% | 9/1/2045 | NR | 2,345 | 2,428,482 | |||||||||
River Islands PFA–CFD 2003 | 5.50% | 9/1/2045 | NR | 2,655 | 2,749,518 | |||||||||
Riverside Co Redev Agy–Tax Alloc | 6.50% | 10/1/2040 | BBB+ | 2,000 | 2,365,500 | |||||||||
Riverside Co Tax Alloc–Jurupa (NPFGC)(FGIC) | 4.75% | 10/1/2035 | AA- | 9,000 | 9,042,480 | |||||||||
San Francisco Redev–Hunters Point | 5.00% | 8/1/2039 | NR | 2,240 | 2,462,275 | |||||||||
San Francisco Redev–Hunters Point | 5.00% | 8/1/2044 | NR | 2,500 | 2,731,575 | |||||||||
San Francisco Redev–Mission Bay South | 5.00% | 8/1/2029 | NR | 1,300 | 1,453,517 | |||||||||
San Francisco Redev–Mission Bay South | 5.00% | 8/1/2031 | NR | 1,140 | 1,258,936 | |||||||||
San Francisco Redev–Mission Bay South | 5.00% | 8/1/2043 | BBB+ | 700 | 769,461 | |||||||||
San Jose Redev Agy (NPFGC)(FGIC) | 5.00% | 8/1/2024 | AA- | 1,010 | 1,074,276 | |||||||||
San Jose Redev Agy (RADIAN) | 4.50% | 8/1/2035 | BBB+ | 1,100 | 1,109,680 | |||||||||
San Jose Redev Agy (XLCA) | 4.25% | 8/1/2036 | BBB+ | 2,300 | 2,326,335 | |||||||||
San Mateo CFD–Bay Meadows | 5.00% | 9/1/2042 | NR | 2,000 | 2,165,780 | |||||||||
San Mateo CFD–Bay Meadows | 5.50% | 9/1/2044 | NR | 1,500 | 1,684,935 | |||||||||
Sparks Loc Impt Dist | 6.75% | 9/1/2027 | NR | 700 | 736,820 | |||||||||
Sparks Tourism Impt Dist† | 6.75% | 6/15/2028 | B1 | 5,500 | 5,918,825 | |||||||||
Stone Canyon CID(e) | 5.70% | 4/1/2022 | NR | 1,485 | 712,800 | |||||||||
Tern Bay CDD(e) | 5.375% | 5/1/2037 | NR | 13,145 | 3,286,250 | |||||||||
Village CDD #10 | 4.50% | 5/1/2023 | NR | 1,280 | 1,405,018 | |||||||||
Village CDD #10 | 6.00% | 5/1/2044 | NR | 985 | 1,154,666 | |||||||||
Village CDD #11 | 4.50% | 5/1/2045 | NR | 3,640 | 3,729,289 | |||||||||
Whispering Springs CDD(e) | 5.20% | 10/1/2021 | NR | 2,290 | 412,200 | |||||||||
Total | 163,082,441 | |||||||||||||
Tax Revenue 3.02% | ||||||||||||||
Coop Dist Ft Spanish–Hwy 181 | 9.00% | 2/1/2029 | NR | 2,265 | 2,685,384 | |||||||||
Gtr Wenatchee Regl Events Ctr | 5.50% | 9/1/2042 | NR | 3,150 | 3,348,545 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2025 | AAA | 3,730 | 4,143,676 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2026 | AAA | 5,420 | 6,021,106 | |||||||||
PR Corp Sales Tax | 5.00% | 8/1/2024 | B | 5,080 | 3,671,570 | |||||||||
PR Corp Sales Tax | 5.00% | 8/1/2043 | B | 2,725 | 1,587,313 |
See Notes to Financial Statements. | 85 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Tax Revenue (continued) | ||||||||||||||
PR Corp Sales Tax | 5.25% | 8/1/2040 | B | $ | 10,580 | $ | 7,485,350 | |||||||
PR Corp Sales Tax | 5.25% | 8/1/2041 | B | 20,885 | 12,426,575 | |||||||||
PR Corp Sales Tax | 5.375% | 8/1/2039 | B | 9,380 | 5,628,000 | |||||||||
PR Corp Sales Tax | 5.50% | 8/1/2028 | B | 5,000 | 3,413,150 | |||||||||
PR Corp Sales Tax | 5.50% | 8/1/2040 | B | 7,000 | 4,252,500 | |||||||||
PR Corp Sales Tax | 5.50% | 8/1/2042 | B | 5,350 | 3,250,125 | |||||||||
PR Corp Sales Tax | 5.75% | 8/1/2037 | B | 4,370 | 2,720,325 | |||||||||
PR Corp Sales Tax | 6.125% | 8/1/2029 | B | 3,030 | 2,083,458 | |||||||||
San Jose Redev Agy (NPFGC)(FGIC) | 5.00% | 8/1/2026 | AA- | 260 | 275,207 | |||||||||
Total | 62,992,284 | |||||||||||||
Tobacco 10.49% | ||||||||||||||
Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 35,980 | 30,771,535 | |||||||||
Buckeye Tobacco | 5.75% | 6/1/2034 | B- | 9,795 | 7,913,185 | |||||||||
Buckeye Tobacco | 5.875% | 6/1/2030 | B- | 11,000 | 9,325,360 | |||||||||
Buckeye Tobacco | 5.875% | 6/1/2047 | B- | 8,100 | 6,667,110 | |||||||||
Buckeye Tobacco | 6.50% | 6/1/2047 | B- | 3,590 | 3,195,100 | |||||||||
Golden St Tobacco | 4.50% | 6/1/2027 | B | 25,195 | 24,480,722 | |||||||||
Golden St Tobacco | 5.00% | 6/1/2033 | B- | 20,605 | 17,316,854 | |||||||||
Golden St Tobacco(c) | 5.00% | 6/1/2045 | A1 | 3,750 | 4,247,475 | |||||||||
Golden St Tobacco | 5.125% | 6/1/2047 | B- | 4,500 | 3,477,330 | |||||||||
Golden St Tobacco | 5.75% | 6/1/2047 | B- | 4,500 | 3,808,890 | |||||||||
Inland Empire Tobacco | 4.625% | 6/1/2021 | B- | (a) | 4,380 | 4,332,433 | ||||||||
Inland Empire Tobacco | 5.00% | 6/1/2021 | B- | (a) | 5,160 | 5,161,754 | ||||||||
MI Tob Settlement | 5.125% | 6/1/2022 | B- | 1,065 | 960,034 | |||||||||
MI Tob Settlement | 5.25% | 6/1/2022 | B- | 4,180 | 3,797,196 | |||||||||
MI Tob Settlement | 6.00% | 6/1/2034 | B- | 5,000 | 4,495,700 | |||||||||
Nthrn AK Tobacco | 5.00% | 6/1/2032 | B2 | 5,000 | 4,337,900 | |||||||||
Nthrn CA Tobacco | 5.50% | 6/1/2045 | B- | 5,265 | 4,374,478 | |||||||||
RI Tob Settlement | 5.00% | 6/1/2050 | BBB+ | (a) | 7,500 | 7,765,500 | ||||||||
Sthrn CA Tobacco | 5.00% | 6/1/2037 | BB+ | 10,120 | 8,655,838 | |||||||||
Suffolk Tobacco Asset Sec Corp | 5.375% | 6/1/2028 | BBB- | (a) | 2,400 | 2,404,992 | ||||||||
Tobacco Settlement Auth IA | 5.375% | 6/1/2038 | B+ | 6,085 | 5,403,419 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.625% | 6/1/2026 | B+ | 4,830 | 4,632,308 | |||||||||
Tobacco Settlement Fin Corp NJ | 4.75% | 6/1/2034 | B2 | 7,570 | 5,787,189 | |||||||||
Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2029 | B | 17,590 | 15,039,802 | |||||||||
Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2041 | B2 | 13,615 | 10,459,996 | |||||||||
Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 13,925 | 9,960,413 |
86 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Tobacco (continued) | ||||||||||||||
TSASC | 5.00% | 6/1/2034 | B | $ | 1,125 | $ | 1,028,914 | |||||||
TSASC | 5.125% | 6/1/2042 | B- | 10,255 | 8,972,202 | |||||||||
Total | 218,773,629 | |||||||||||||
Transportation 7.97% | ||||||||||||||
Broward CO Arpt AMT | 5.125% | 10/1/2038 | A+ | 2,835 | 3,120,655 | |||||||||
Central TX Mobility Auth | 5.00% | 1/1/2043 | BBB | 2,420 | 2,647,069 | |||||||||
Central TX Tpk | 5.00% | 8/15/2033 | BBB+ | 5,750 | 6,423,785 | |||||||||
Chicago Midway Arpt AMT | 5.00% | 1/1/2026 | A- | 4,000 | 4,614,480 | |||||||||
Chicago O’Hare Arpt–PFC AMT | 4.00% | 1/1/2027 | A2 | 2,730 | 2,878,403 | |||||||||
Chicago O’Hare Arpt AMT | 5.00% | 1/1/2031 | A2 | 2,985 | 3,300,843 | |||||||||
Denver City & CO Arpt AMT | 5.50% | 11/15/2025 | A | 3,410 | 4,064,379 | |||||||||
DFW Arpt | 5.00% | 11/1/2028 | A+ | 5,000 | 5,659,000 | |||||||||
E470 Pub Hwy Auth | Zero Coupon | 9/1/2037 | Baa1 | 5,000 | 2,085,550 | |||||||||
E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2031 | AA- | 25,000 | 13,587,500 | |||||||||
Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | BBB- | 4,500 | 2,032,425 | |||||||||
Foothill / Eastern Corridor Toll Rd | 5.75% | 1/15/2046 | BBB- | 1,000 | 1,177,920 | |||||||||
Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | BBB- | 5,000 | 5,942,050 | |||||||||
Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2053 | BBB- | 3,250 | 3,854,207 | |||||||||
Foothill / Eastern Corridor Toll Rd | 6.50% | 1/15/2043 | BB+ | 2,000 | 2,399,920 | |||||||||
Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2035 | B+ | 8,000 | 8,440,560 | |||||||||
MA Port Auth–Delta Airlines AMT (AMBAC) | 0.155% | # | 1/1/2031 | NR | 5,000 | 4,231,945 | ||||||||
Met DC Arpt–Dulles Toll Road | 5.00% | 10/1/2053 | BBB+ | 2,375 | 2,544,100 | |||||||||
Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2029 | A | 5,775 | 6,661,231 | |||||||||
Mid–Bay Bridge Auth | 7.25% | 10/1/2034 | BBB- | 7,500 | 9,243,750 | |||||||||
MTA NY | 5.00% | 11/15/2025 | AA- | 5,000 | 5,976,750 | |||||||||
MTA NY | 5.00% | 11/15/2038 | AA- | 5,000 | 5,681,000 | |||||||||
NJ Trans Trust Fund | 6.00% | 6/15/2035 | A2 | 2,700 | 3,251,556 | |||||||||
PA Econ Dev–Rapid Bridge AMT | 5.00% | 12/31/2038 | BBB | 2,500 | 2,736,150 | |||||||||
PA Econ Dev–Rapid Bridge AMT | 5.00% | 6/30/2042 | BBB | 3,500 | 3,817,310 | |||||||||
PR Hwy & Trans Auth | 5.00% | 7/1/2020 | B | 6,035 | 3,969,219 | |||||||||
PR Hwy & Trans Auth | 5.00% | 7/1/2022 | B | 1,545 | 970,909 | |||||||||
PR Hwy & Trans Auth | 5.00% | 7/1/2028 | B | 1,015 | 611,812 | |||||||||
PR Hwy & Trans Auth | 5.00% | 7/1/2030 | B | 4,890 | 2,947,301 | |||||||||
San Diego Arpt | 5.00% | 7/1/2040 | A | 4,000 | 4,467,640 | |||||||||
San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2050 | BBB- | 5,000 | 5,481,850 | |||||||||
San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2044 | BB+ | 3,270 | 3,570,350 | |||||||||
San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2049 | BB+ | 4,000 | 4,350,600 |
See Notes to Financial Statements. | 87 |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
San Joaquin Hills Trsp Corridor (NPFGC)(FGIC) | Zero Coupon | 1/15/2022 | AA- | $ | 570 | $ | 462,692 | |||||||
San Jose Arpt AMT | 5.00% | 3/1/2023 | A2 | 4,185 | 4,925,117 | |||||||||
Susquehanna Area Regl Arpt AMT | 6.50% | 1/1/2038 | Baa3 | 7,870 | 8,473,629 | |||||||||
VA Small Bus Fing–95 Express Lanes AMT | 5.00% | 7/1/2034 | BBB- | 3,500 | 3,755,955 | |||||||||
VA Small Bus Fing–Elizabeth River AMT | 6.00% | 1/1/2037 | BBB- | 1,500 | 1,746,375 | |||||||||
Wayne Co Arpt AMT (NPFGC)(FGIC) | 5.00% | 12/1/2034 | AA- | 4,060 | 4,157,399 | |||||||||
Total | 166,263,386 | |||||||||||||
Utilities 9.59% | ||||||||||||||
Adelanto Util Sys | 6.625% | 7/1/2031 | NR | 11,000 | 12,729,420 | |||||||||
Arborwood CDD | 5.50% | 5/1/2036 | NR | 565 | 565,237 | |||||||||
Brazos River Auth–TXU AMT(e) | 5.00% | 3/1/2041 | C | (a) | 6,000 | 300,000 | ||||||||
Brazos River Auth–TXU AMT(e) | 6.30% | 7/1/2032 | C | (a) | 2,000 | 100,000 | ||||||||
CA Poll Ctl–Poseidon Res AMT† | 5.00% | 7/1/2037 | Baa3 | 2,500 | 2,736,325 | |||||||||
Compton Water | 6.00% | 8/1/2039 | NR | 3,710 | 4,008,061 | |||||||||
DE EDA–NRG Energy | 5.375% | 10/1/2045 | Baa3 | 2,050 | 2,257,829 | |||||||||
Detroit Water | 5.25% | 7/1/2041 | BBB+ | 5,000 | 5,339,200 | |||||||||
Guam Waterworks Auth | 5.50% | 7/1/2043 | A- | 2,520 | 2,931,818 | |||||||||
IN Fin Auth–Ohio Vly Elec | 5.00% | 6/1/2039 | BBB- | 3,000 | 3,213,990 | |||||||||
IN Muni Pwr | 5.25% | 1/1/2034 | A+ | 2,345 | 2,700,010 | |||||||||
Jefferson Co Sewer | Zero Coupon | 10/1/2039 | BBB- | 5,000 | 3,292,200 | |||||||||
Jefferson Co Sewer | Zero Coupon | 10/1/2046 | BBB- | 5,445 | 3,549,813 | |||||||||
Jefferson Co Sewer | 6.00% | 10/1/2042 | BBB- | 5,000 | 5,611,500 | |||||||||
Jefferson Co Sewer | 6.50% | 10/1/2053 | BBB- | 15,805 | 18,407,767 | |||||||||
Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2042 | AA | 5,000 | 3,514,750 | |||||||||
Jefferson Co Sewer (AGM) | 5.00% | 10/1/2044 | AA | 5,000 | 5,493,250 | |||||||||
Lathrop Fin Auth | 5.90% | 6/1/2027 | NR | 2,375 | 2,382,434 | |||||||||
Lathrop Fin Auth | 6.00% | 6/1/2035 | NR | 3,255 | 3,263,040 | |||||||||
Long Beach Nat Gas–ML | 5.50% | 11/15/2037 | A- | 8,295 | 10,305,708 | |||||||||
Maricopa Co Poll Ctl–El Paso Elec | 7.25% | 2/1/2040 | Baa1 | 3,500 | 4,089,155 | |||||||||
Moraine Ohio Solid Waste Disp AMT(e) | 6.75% | 7/1/2014 | NR | 525 | 53 | |||||||||
MSR Energy Auth–Citi | 6.50% | 11/1/2039 | A- | 5,850 | 8,136,180 | |||||||||
NYC Muni Water(b) | 5.00% | 6/15/2029 | AA+ | 11,000 | 12,354,705 | |||||||||
NYC Muni Water(b) | 5.125% | 6/15/2030 | AA+ | 1,000 | 1,123,155 | |||||||||
Padre Dam Municipal Water Auth COP | 5.25% | 10/1/2034 | AA | 5,600 | 6,446,216 | |||||||||
Pima Co IDA–Global Water AMT | 5.60% | 12/1/2022 | NR | 2,000 | 2,086,060 | |||||||||
Pima Co IDA–Global Water AMT | 5.75% | 12/1/2032 | NR | 5,000 | 5,108,200 |
88 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000 | ) | Value | ||||||||||
Utilities (continued) | ||||||||||||||||
PR Aqueduct & Swr Auth | 5.00% | 7/1/2017 | B | $ 8,435 | $ | 7,311,205 | ||||||||||
PR Aqueduct & Swr Auth | 5.25% | 7/1/2042 | B | 10,365 | 6,893,140 | |||||||||||
PR Aqueduct & Swr Auth | 5.75% | 7/1/2037 | B | 10,865 | 7,470,339 | |||||||||||
PR Elec Pwr Auth | 5.00% | 7/1/2029 | CCC | 1,500 | 881,250 | |||||||||||
PR Elec Pwr Auth | 5.00% | 7/1/2042 | CCC | 1,400 | 822,500 | |||||||||||
PR Elec Pwr Auth | 5.25% | 7/1/2040 | CCC | 11,775 | 6,917,812 | |||||||||||
Sabine River Auth–TXU AMT(e) | 6.45% | 6/1/2021 | C | (a) | 2,000 | 100,000 | ||||||||||
San Antonio Elec & Gas†(b) | 5.25% | 2/1/2029 | AA | 19,375 | 22,072,720 | |||||||||||
San Antonio Elec & Gas†(b) | 5.25% | 2/1/2031 | AA | 6,270 | 7,143,017 | |||||||||||
TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2029 | A3 | 5,000 | 5,598,850 | |||||||||||
TX Muni Gas Acq & Supply–ML | 6.25% | 12/15/2026 | A- | 2,000 | 2,478,220 | |||||||||||
Western Genr Agy–Wauna Cogen AMT | 5.00% | 1/1/2016 | NR | 340 | 341,085 | |||||||||||
Total | 200,076,214 | |||||||||||||||
Total Municipal Bonds (cost $2,087,465,252) | 2,097,665,953 | |||||||||||||||
Shares | ||||||||||||||||
(000) | ||||||||||||||||
SHORT-TERM INVESTMENTS 0.63% | ||||||||||||||||
Money Market Mutual Fund 0.00% | ||||||||||||||||
Dreyfus Municipal Cash Management Plus (cost $797) | – | (i) | 797 | |||||||||||||
Interest | ||||||||||||||||
Rate | Final | Principal | ||||||||||||||
Interest | Reset | Maturity | Amount | |||||||||||||
Rate# | Date(d) | Date | (000) | |||||||||||||
Variable Rate Demand Notes 0.63% | ||||||||||||||||
General Obligation 0.15% | ||||||||||||||||
NYC GO | 0.11% | 4/1/2015 | 4/1/2035 | AA | $ 3,000 | 3,000,000 | ||||||||||
Utilities 0.48% | ||||||||||||||||
Las Vegas Valley Water District | 0.05% | 4/1/2015 | 6/1/2036 | AA+ | 10,000 | 10,000,000 | ||||||||||
Total Variable Rate Demand Notes (cost $13,000,000) | 13,000,000 | |||||||||||||||
Total Short-Term Investments (cost $13,000,797) | 13,000,797 | |||||||||||||||
Total Investments in Securities 101.19% (cost $2,100,466,049) | 2,110,666,750 | |||||||||||||||
Liabilities in Excess of Cash and Other Assets(h) (1.19%) | (24,727,226 | ) | ||||||||||||||
Net Assets 100.00% | $ | 2,085,939,524 |
See Notes to Financial Statements. | 89 |
Schedule of Investments (unaudited)(concluded)
HIGH YIELD MUNICIPAL BOND FUND March 31, 2015
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||
U.S. 10-Year Treasury Note | June 2015 | 353 | Short | $ | (45,503,906 | ) | $(360,871 | ) | ||||||
Ultra Long U.S. Treasury Bond | June 2015 | 102 | Short | (17,327,250 | ) | (110,711 | ) | |||||||
Totals | $ | (62,831,156 | ) | $(471,582 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
The following is a summary of the inputs used as of March 31, 2015 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 | $ | – | $ | 1,730,987,209 | $ | – | $ | 1,730,987,209 | ||||||||
Other Revenue | – | 166,601,733 | 797 | (4) | 166,602,530 | |||||||||||
Utilities | – | 200,076,161 | 53 | (4) | 200,076,214 | |||||||||||
Money Market Mutual Fund | 797 | – | – | 797 | ||||||||||||
Variable Rate Demand Notes | – | 13,000,000 | – | 13,000,000 | ||||||||||||
Total | $ | 797 | $ | 2,110,665,103 | $ | 850 | $ | 2,110,666,750 | ||||||||
Liabilities | ||||||||||||||||
Trust Certificates(5) | $ | – | $ | (41,160,000 | ) | $ | – | $ | (41,160,000 | ) | ||||||
Total | $ | – | $ | (41,160,000 | ) | $ | – | $ | (41,160,000 | ) | ||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (471,582 | ) | – | – | (471,582 | ) | ||||||||||
Total | $ | (471,582 | ) | $ | – | $ | – | $ | (471,582 | ) |
(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 period ended March 31, 2015. | |
(4) | Municipal Bond 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, 2014 | $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 March 31, 2015 | $850 |
90 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
CALIFORNIA TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
MUNICIPAL BONDS 98.84% | ||||||||||||||||
Corporate-Backed 1.04% | ||||||||||||||||
CA Poll Ctl–Poseidon Res AMT† | 5.00 | % | 11/21/2045 | Baa3 | $ | 1,000 | $ | 1,089,860 | ||||||||
CA Poll Ctl–Waste Mgmt AMT | 3.25 | % | 12/1/2027 | A- | 1,500 | 1,581,540 | ||||||||||
Total | 2,671,400 | |||||||||||||||
Education 7.25% | ||||||||||||||||
CA Ed Facs–Clg & Univ Fin Prog | 5.00 | % | 2/1/2037 | Baa3 | 1,000 | 1,023,970 | ||||||||||
CA Ed Facs–Occidental Clg | 5.00 | % | 10/1/2036 | Aa3 | 1,125 | 1,287,169 | ||||||||||
CA Fin Auth–Biola Univ | 5.00 | % | 10/1/2029 | Baa1 | 330 | 367,897 | ||||||||||
CA Fin Auth–Biola Univ | 5.80 | % | 10/1/2028 | Baa1 | 1,085 | 1,215,016 | ||||||||||
CA Fin Auth–Emerson Clg | 5.75 | % | 1/1/2033 | BBB+ | 1,250 | 1,451,787 | ||||||||||
CA Fin Auth–Univ of San Diego | 5.00 | % | 10/1/2029 | A1 | 2,225 | 2,579,932 | ||||||||||
CA Infra & Econ Dev–Pepperdine Univ | 5.00 | % | 11/1/2028 | Aa3 | 1,000 | 1,152,840 | ||||||||||
CA State Univ Sys | 5.00 | % | 11/1/2037 | Aa2 | 1,250 | 1,410,137 | ||||||||||
CA Stwde–Windrush Sch(e) | 5.50 | % | 7/1/2037 | NR | 1,250 | 13 | ||||||||||
Tustin USD | 6.00 | % | 8/1/2036 | Aa1 | 1,500 | 1,862,520 | ||||||||||
Univ California | 5.00 | % | 5/15/2037 | AA- | 1,435 | 1,640,363 | ||||||||||
Univ California | 5.00 | % | 5/15/2040 | AA- | 1,000 | 1,167,670 | ||||||||||
Univ of California(b) | 5.75 | % | 5/15/2031 | AA | 3,000 | 3,557,490 | ||||||||||
Total | 18,716,804 | |||||||||||||||
General Obligation 19.94% | ||||||||||||||||
CA State GO | 5.00 | % | 9/1/2021 | Aa3 | 1,000 | 1,204,090 | ||||||||||
CA State GO | 5.00 | % | 9/1/2029 | Aa3 | 485 | 562,537 | ||||||||||
CA State GO | 5.00 | % | 2/1/2032 | Aa3 | 2,000 | 2,303,520 | ||||||||||
CA State GO | 5.00 | % | 2/1/2033 | Aa3 | 1,000 | 1,147,040 | ||||||||||
CA State GO | 5.25 | % | 10/1/2029 | Aa3 | 1,500 | 1,753,815 | ||||||||||
CA State GO | 5.25 | % | 10/1/2032 | Aa3 | 4,000 | 4,660,040 | ||||||||||
CA State GO | 5.25 | % | 4/1/2035 | Aa3 | 3,000 | 3,504,870 | ||||||||||
CA State GO | 5.50 | % | 3/1/2040 | Aa3 | 2,000 | 2,344,700 | ||||||||||
CA State GO | 6.50 | % | 4/1/2033 | Aa3 | 3,500 | 4,247,320 | ||||||||||
Chabot/Las Positas CCD | 5.00 | % | 8/1/2022 | Aa3 | 1,000 | 1,215,440 | ||||||||||
Colton Jt USD (AGM) | 5.00 | % | 8/1/2027 | AA | 1,000 | 1,191,010 | ||||||||||
Grossmont UHSD | 5.00 | % | 8/1/2043 | AA- | 1,250 | 1,410,225 | ||||||||||
Guam GO | 7.00 | % | 11/15/2039 | BB- | 390 | 458,375 | ||||||||||
Irvine USD–Spl Tax | 5.00 | % | 9/1/2038 | AA | 1,000 | 1,149,990 | ||||||||||
Los Angeles CCD | 5.00 | % | 8/1/2029 | AA+ | 1,000 | 1,195,630 | ||||||||||
Los Angeles USD | 5.00 | % | 7/1/2029 | Aa2 | 2,225 | 2,558,238 |
See Notes to Financial Statements. | 91 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
General Obligation (continued) | ||||||||||||||||
Los Angeles USD | 5.00 | % | 7/1/2030 | Aa2 | $ | 1,000 | $ | 1,189,560 | ||||||||
Mount Diablo USD | 5.00 | % | 8/1/2025 | Aa3 | 1,000 | 1,199,530 | ||||||||||
New Haven USD (BAM) | 5.00 | % | 8/1/2028 | AA | 1,000 | 1,197,460 | ||||||||||
Oakland USD | 6.125 | % | 8/1/2029 | NR | 1,000 | 1,130,430 | ||||||||||
Pasadena USD | 4.125 | % | 5/1/2037 | Aa2 | 1,000 | 1,050,980 | ||||||||||
Piedmont USD | 5.00 | % | 8/1/2034 | AA+ | 1,200 | 1,371,216 | ||||||||||
Pomona USD | 5.00 | % | 8/1/2039 | AA | 1,000 | 1,151,970 | ||||||||||
PR Comwlth GO | 5.50 | % | 7/1/2031 | B | 3,000 | 2,062,500 | ||||||||||
San Diego USD | 5.00 | % | 7/1/2027 | AA- | 2,000 | 2,391,400 | ||||||||||
San Francisco CCD(c) | 5.00 | % | 6/15/2028 | Aa3 | 1,000 | 1,198,620 | ||||||||||
San Gorgonio Mem Hlthcare Dist | 5.00 | % | 8/1/2032 | A3 | 1,000 | 1,117,510 | ||||||||||
Santa Monica CCD | 5.00 | % | 8/1/2044 | AA | 1,500 | 1,744,920 | ||||||||||
Stockton USD (AGM) | 5.00 | % | 7/1/2025 | AA | 1,060 | 1,242,225 | ||||||||||
Sweetwater UHSD (BAM) | 5.00 | % | 8/1/2027 | AA | 1,000 | 1,190,320 | ||||||||||
West Contra Costa USD | 6.00 | % | 8/1/2027 | Aa3 | 1,000 | 1,364,000 | ||||||||||
Total | 51,509,481 | |||||||||||||||
Health Care 13.35% | ||||||||||||||||
Abag Fin Auth–Episcopal Senior | 5.00 | % | 7/1/2032 | BBB+ | (a) | 1,060 | 1,163,753 | |||||||||
Abag Fin Auth–Eskaton Pptys | 5.00 | % | 11/15/2035 | BBB | 1,000 | 1,077,530 | ||||||||||
Abag Fin Auth–Sharp Hlthcare | 5.00 | % | 8/1/2022 | AA- | 110 | 129,424 | ||||||||||
Abag Fin Auth–Sharp Hlthcare | 5.00 | % | 8/1/2043 | AA- | 1,000 | 1,129,070 | ||||||||||
CA Hlth–Catholic Hlthcare W | 5.50 | % | 7/1/2025 | A | 1,250 | 1,413,675 | ||||||||||
CA Hlth–Childrens Hsp Los Angeles | 5.00 | % | 11/15/2029 | BBB+ | 1,000 | 1,117,920 | ||||||||||
CA Hlth–Childrens Hsp Orange Co | 5.25 | % | 11/1/2035 | A- | 2,000 | 2,274,440 | ||||||||||
CA Hlth–Providence Hlth | 5.00 | % | 10/1/2038 | AA- | 1,000 | 1,152,570 | ||||||||||
CA Hlth–Providence Hlth | 6.25 | % | 10/1/2024 | AA- | 1,025 | 1,214,399 | ||||||||||
CA Hlth–Rady Childrens Hsp | 5.50 | % | 8/15/2033 | A1 | 2,000 | 2,371,760 | ||||||||||
CA Hlth–St Joseph Hlth | 5.00 | % | 7/1/2034 | AA- | 1,000 | 1,215,280 | ||||||||||
CA Hlth–Sutter Hlth | 5.50 | % | 8/15/2026 | AA- | 2,000 | 2,376,900 | ||||||||||
CA Stwde–Cottage Hlth | 5.00 | % | 11/1/2043 | A+ | 750 | 855,277 | ||||||||||
CA Stwde–Henry Mayo Mem Hsp (AGM) | 5.25 | % | 10/1/2043 | AA | 500 | 572,775 | ||||||||||
CA Stwde–Kaiser Permanente | 5.00 | % | 4/1/2042 | A+ | 2,000 | 2,229,320 | ||||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.25 | % | 12/1/2034 | BBB | 2,000 | 2,244,600 | ||||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.25 | % | 12/1/2044 | BBB | 1,000 | 1,112,010 | ||||||||||
CA Stwde–Loma Linda Univ Med Ctr | 5.50 | % | 12/1/2054 | BBB | 1,000 | 1,121,720 | ||||||||||
CA Stwde–So Cal Presbyterian† | 7.00 | % | 11/15/2029 | BBB- | 1,000 | 1,185,910 | ||||||||||
La Verne COP–Brethren Hillcrest Homes | 5.00 | % | 5/15/2029 | BBB- | (a) | 635 | 706,698 |
92 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
Health Care (continued) | ||||||||||||||||
Palomar Hlth Care Dist COP | 5.50 | % | 11/1/2019 | Ba1 | $ | 520 | $ | 561,798 | ||||||||
San Buenaventura–Cmnty Mem Hlth | 8.00 | % | 12/1/2031 | BB | 2,000 | 2,584,200 | ||||||||||
Upland COP–San Antonio Cmnty Hsp | 6.00 | % | 1/1/2026 | A- | 2,000 | 2,347,760 | ||||||||||
Whittier Hlth Fac–Presbyterian Intercmnty Hsp | 5.00 | % | 6/1/2044 | A+ | 1,000 | 1,124,580 | ||||||||||
Whittier Hlth Fac–Presbyterian Intercmnty Hsp | 5.75 | % | 6/1/2029 | A+ | 1,000 | 1,200,910 | ||||||||||
Total | 34,484,279 | |||||||||||||||
Housing 2.33% | ||||||||||||||||
CA Muni Fin–Azusa Pacific Univ(c) | 5.00 | % | 4/1/2041 | Baa3 | 1,000 | 1,080,740 | ||||||||||
CA Muni Fin–Caritas Affordable Hsg | 5.00 | % | 8/15/2030 | BBB | 1,000 | 1,129,070 | ||||||||||
CA Stwde–CHF-Irvine LLC | 5.00 | % | 5/15/2038 | Baa2 | 1,000 | 1,038,600 | ||||||||||
CA Stwde–CHF-Irvine LLC | 5.125 | % | 5/15/2031 | Baa2 | 1,500 | 1,674,210 | ||||||||||
Los Angeles Regl Fin Auth–MonteCedro Prk | 5.00 | % | 11/15/2044 | A+ | 1,000 | 1,105,830 | ||||||||||
Total | 6,028,450 | |||||||||||||||
Lease Obligations 6.84% | ||||||||||||||||
CA Pub Wks–Judicial Council | 5.00 | % | 12/1/2028 | A1 | 1,000 | 1,169,880 | ||||||||||
CA Pub Wks–State Prisons | 5.75 | % | 10/1/2031 | A1 | 2,000 | 2,412,700 | ||||||||||
CA Pub Wks–Various Cap Proj | 5.00 | % | 4/1/2037 | A1 | 1,000 | 1,117,980 | ||||||||||
CA Pub Wks–Various Cap Proj | 5.375 | % | 11/1/2022 | A1 | 1,000 | 1,176,140 | ||||||||||
CA Pub Wks–Various Cap Proj | 6.375 | % | 11/1/2034 | A1 | 2,000 | 2,429,760 | ||||||||||
Los Angeles Co Pub Wks | 5.00 | % | 12/1/2039 | AA | 1,000 | 1,149,430 | ||||||||||
San Diego PFA–Master Lease | 5.25 | % | 9/1/2035 | AA- | 1,220 | 1,384,822 | ||||||||||
San Jose Fing Auth–Civic Ctr | 5.00 | % | 6/1/2027 | AA | 1,000 | 1,189,180 | ||||||||||
San Mateo Jt Pwrs Fin Auth | 5.25 | % | 7/15/2026 | AA+ | 3,000 | 3,502,230 | ||||||||||
Santa Ana USD COP (AGM) | Zero Coupon | 4/1/2019 | AA | 2,295 | 2,128,360 | |||||||||||
Total | 17,660,482 | |||||||||||||||
Other Revenue 2.69% | ||||||||||||||||
CA Fin Auth–High Tech† | 6.00 | % | 7/1/2028 | BB | (a) | 850 | 874,064 | |||||||||
CA Fin Auth–OCEAA | 6.75 | % | 10/1/2028 | NR | 1,390 | 1,468,924 | ||||||||||
CA Infra & Econ Dev–Gladstone Inst | 5.25 | % | 10/1/2034 | A- | 2,000 | 2,284,020 | ||||||||||
CA Sch Fin Auth–KIPP LA | 5.00 | % | 7/1/2034 | BB+ | 600 | 631,722 | ||||||||||
Guam Privilege Tax | 5.25 | % | 1/1/2036 | A | 1,500 | 1,689,495 | ||||||||||
Total | 6,948,225 |
See Notes to Financial Statements. | 93 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
Special Tax 9.37% | ||||||||||||||||
Brentwood Infra Fin Auth | 5.00 | % | 9/2/2036 | NR | $ | 1,000 | $ | 1,110,070 | ||||||||
Corona Norco Sch Dist PFA | 5.00 | % | 9/1/2021 | BBB+ | 350 | 410,120 | ||||||||||
Inglewood Redev Agy (AMBAC) | 5.00 | % | 5/1/2033 | BBB+ | 1,535 | 1,577,612 | ||||||||||
Inland Valley Redev Agy | 5.25 | % | 9/1/2037 | A- | 1,000 | 1,151,130 | ||||||||||
Irvine CFD–Great Park | 5.00 | % | 9/1/2044 | NR | 500 | 559,680 | ||||||||||
Irvine Pub Facs & Infra Auth | 4.50 | % | 9/2/2025 | BBB+ | 650 | 671,125 | ||||||||||
La Quinta Redev Agy | 5.00 | % | 9/1/2033 | AA- | 1,000 | 1,152,270 | ||||||||||
Lake Elsinore PFA | 5.00 | % | 9/1/2035 | NR | 1,000 | 1,110,530 | ||||||||||
Lancaster Redev Agy | 6.875 | % | 8/1/2034 | BBB | 1,000 | 1,174,760 | ||||||||||
Norco Redev Agy–Proj #1 | 6.00 | % | 3/1/2036 | A+ | 1,120 | 1,303,053 | ||||||||||
Perris UHSD Fin Auth | 5.00 | % | 9/1/2041 | NR | 1,000 | 1,122,010 | ||||||||||
Poway USD PFA | 5.00 | % | 9/15/2024 | BBB | 280 | 324,920 | ||||||||||
Riverside Co Redev Agy–Tax Alloc | 6.00 | % | 10/1/2037 | A- | 2,000 | 2,323,840 | ||||||||||
San Diego Redev Agy–No Pk Redev | 7.00 | % | 11/1/2039 | A- | 1,000 | 1,192,050 | ||||||||||
San Francisco Redev–Mission Bay North | 6.75 | % | 8/1/2033 | A- | 500 | 611,820 | ||||||||||
San Francisco Redev–Mission Bay North | 6.75 | % | 8/1/2041 | A- | 1,000 | 1,218,200 | ||||||||||
San Francisco Redev–Mission Bay South | 6.625 | % | 8/1/2039 | BBB+ | 1,500 | 1,728,945 | ||||||||||
San Jose Redev Agy (RADIAN) | 4.50 | % | 8/1/2035 | BBB+ | 150 | 151,320 | ||||||||||
San Mateo CFD–Bay Meadows | 5.50 | % | 9/1/2044 | NR | 500 | 561,645 | ||||||||||
Santa Cruz Redev Agy–Live Oak | 6.625 | % | 9/1/2029 | A+ | 500 | 583,715 | ||||||||||
Santa Cruz Redev Agy–Live Oak | 7.00 | % | 9/1/2036 | A+ | 500 | 582,570 | ||||||||||
Temecula Vly USD Fin Auth | 5.00 | % | 9/1/2035 | AA | 1,505 | 1,717,009 | ||||||||||
Union City Redev Agy–Tax Alloc | 6.875 | % | 12/1/2033 | A | 1,500 | 1,863,450 | ||||||||||
Total | 24,201,844 | |||||||||||||||
Tax Revenue 2.55% | ||||||||||||||||
Guam Ltd Oblig–Section 30 Landfill | 5.75 | % | 12/1/2034 | BBB+ | 1,030 | 1,163,313 | ||||||||||
PR Corp Sales Tax | 5.00 | % | 8/1/2024 | B | 1,000 | 722,750 | ||||||||||
PR Corp Sales Tax | 5.25 | % | 8/1/2041 | B | 2,000 | 1,190,000 | ||||||||||
San Joaquin Co Trsp Auth | 5.75 | % | 3/1/2028 | AA | 450 | 547,834 | ||||||||||
San Jose Spl Tax–Conv Ctr | 6.125 | % | 5/1/2031 | A2 | 1,000 | 1,212,620 | ||||||||||
Sonoma Marin Area Rail Rmkt | 5.00 | % | 3/1/2029 | AA | 1,500 | 1,756,350 | ||||||||||
Total | 6,592,867 | |||||||||||||||
Tobacco 4.37% | ||||||||||||||||
Golden St Tobacco | 4.50 | % | 6/1/2027 | B | 1,510 | 1,467,191 | ||||||||||
Golden St Tobacco | 5.00 | % | 6/1/2033 | B- | 1,070 | 899,249 | ||||||||||
Golden St Tobacco | 5.00 | % | 6/1/2045 | A1 | 1,200 | 1,209,432 |
94 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
Tobacco (continued) | ||||||||||||||||
Golden St Tobacco(c) | 5.00 | % | 6/1/2045 | A1 | $ | 2,000 | $ | 2,265,320 | ||||||||
Golden St Tobacco | 5.125 | % | 6/1/2047 | B- | 2,520 | 1,947,305 | ||||||||||
Golden St Tobacco | 5.75 | % | 6/1/2047 | B- | 2,000 | 1,692,840 | ||||||||||
Inland Empire Tobacco | 5.00 | % | 6/1/2021 | B- | (a) | 790 | 790,269 | |||||||||
Sthrn CA Tobacco | 5.00 | % | 6/1/2037 | BB+ | 1,200 | 1,026,384 | ||||||||||
Total | 11,297,990 | |||||||||||||||
Transportation 14.78% | ||||||||||||||||
Alameda Corridor Trsp Auth | 5.00 | % | 10/1/2021 | A- | 800 | 960,048 | ||||||||||
Alameda Corridor Trsp Auth (AGM) | 5.00 | % | 10/1/2029 | AA | 1,425 | 1,661,707 | ||||||||||
Bay Area Toll Auth | 5.00 | % | 10/1/2033 | A+ | 2,905 | 3,331,890 | ||||||||||
Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | BBB- | 1,500 | 677,475 | |||||||||||
Foothill / Eastern Corridor Toll Rd | 5.75 | % | 1/15/2046 | BBB- | 1,500 | 1,766,880 | ||||||||||
Foothill / Eastern Corridor Toll Rd | 6.00 | % | 1/15/2049 | BBB- | 3,000 | 3,565,230 | ||||||||||
Foothill / Eastern Corridor Toll Rd | 6.00 | % | 1/15/2053 | BBB- | 2,755 | 3,267,182 | ||||||||||
Los Angeles Dept Arpts–LAX | 5.00 | % | 5/15/2035 | AA | 2,000 | 2,275,780 | ||||||||||
Los Angeles Dept Arpts–LAX AMT | 5.00 | % | 5/15/2021 | AA | 1,325 | 1,572,046 | ||||||||||
Los Angeles Dept Arpts–LAX AMT | 5.00 | % | 5/15/2045 | AA | 1,000 | 1,134,130 | ||||||||||
Los Angeles Harbor AMT | 5.00 | % | 8/1/2036 | AA | 1,000 | 1,135,490 | ||||||||||
Port Oakland AMT | 5.125 | % | 5/1/2031 | A+ | 1,250 | 1,392,137 | ||||||||||
Riverside Co Trsp Commn | 5.75 | % | 6/1/2048 | BBB- | 1,500 | 1,735,410 | ||||||||||
San Diego Arpt AMT | 5.00 | % | 7/1/2027 | A+ | 1,000 | 1,159,330 | ||||||||||
San Francisco Arpt AMT | 5.00 | % | 5/1/2027 | A+ | 1,430 | 1,603,816 | ||||||||||
San Francisco Port Commn AMT | 5.00 | % | 3/1/2030 | A1 | 1,415 | 1,611,077 | ||||||||||
San Joaquin Hills Trsp Corridor | 5.00 | % | 1/15/2044 | BBB- | 1,000 | 1,108,440 | ||||||||||
San Joaquin Hills Trsp Corridor | 5.00 | % | 1/15/2050 | BBB- | 4,085 | 4,478,671 | ||||||||||
San Jose Arpt | 5.00 | % | 3/1/2027 | A2 | 1,180 | 1,391,598 | ||||||||||
San Jose Arpt | 5.00 | % | 3/1/2029 | A2 | 500 | 579,795 | ||||||||||
San Jose Arpt AMT | 6.25 | % | 3/1/2034 | A2 | 1,500 | 1,770,225 | ||||||||||
Total | 38,178,357 | |||||||||||||||
Utilities 14.33% | ||||||||||||||||
Adelanto Util Sys | 6.625 | % | 7/1/2031 | NR | 1,000 | 1,157,220 | ||||||||||
Burbank Water & Pwr Elec | 5.00 | % | 6/1/2023 | AA- | 1,000 | 1,163,450 | ||||||||||
CA Dept Wtr Res Wtr–Central Valley | 5.00 | % | 12/1/2026 | AAA | 65 | 72,853 | ||||||||||
Chino Basin Desalter Auth (AG) | 5.00 | % | 6/1/2027 | AA | 2,000 | 2,231,720 | ||||||||||
Chula Vista IDR–San Diego G & E Rmkt | 5.875 | % | 1/1/2034 | Aa2 | 1,000 | 1,179,370 |
See Notes to Financial Statements. | 95 |
Schedule of Investments (unaudited)(continued)
CALIFORNIA TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
Utilities (continued) | ||||||||||||||||
Dublin San Ramon Svcs Dist Wtr | 5.25 | % | 8/1/2029 | AA- | $ | 1,250 | $ | 1,462,638 | ||||||||
El Dorado Irrigation Dist (AGM) | 5.25 | % | 3/1/2039 | AA | 750 | 873,420 | ||||||||||
Guam Pwr Auth (AGM) | 5.00 | % | 10/1/2034 | AA | 705 | 816,644 | ||||||||||
Guam Waterworks Auth | 5.50 | % | 7/1/2043 | A- | 500 | 581,710 | ||||||||||
Lathrop Fin Auth | 6.00 | % | 6/1/2035 | NR | 1,135 | 1,137,803 | ||||||||||
Long Beach Nat Gas–ML | 1.603 | %# | 11/15/2026 | A- | 1,000 | 923,640 | ||||||||||
Long Beach Nat Gas–ML | 5.25 | % | 11/15/2020 | A- | 1,505 | 1,736,785 | ||||||||||
Los Angeles DEWAP–Pwr Sys | 5.00 | % | 7/1/2026 | AA- | 2,000 | 2,389,320 | ||||||||||
MSR Energy Auth–Citi | 7.00 | % | 11/1/2034 | A- | 1,000 | 1,416,510 | ||||||||||
Northern CA Gas–Morgan Stanley | 0.891 | %# | 7/1/2027 | A- | 2,000 | 1,828,480 | ||||||||||
Northern CA Pwr–Geothermal #3 | 5.50 | % | 7/1/2022 | A1 | 1,985 | 2,328,147 | ||||||||||
PR Aqueduct & Swr Auth | 5.75 | % | 7/1/2037 | B | 1,000 | 687,560 | ||||||||||
PR Elec Pwr Auth | 7.00 | % | 7/1/2040 | CCC | 400 | 235,000 | ||||||||||
Riverside Elec (AGM) | 5.00 | % | 10/1/2027 | AA | 1,000 | 1,120,900 | ||||||||||
Rowland Water Dist COP | 6.50 | % | 12/1/2035 | AA- | 1,500 | 1,795,830 | ||||||||||
Sacramento Co Santn Dist (NPFGC) | 5.25 | % | 12/1/2023 | AA | 1,500 | 1,902,255 | ||||||||||
Sacramento MUD | 5.00 | % | 8/15/2026 | AA- | 1,500 | 1,816,770 | ||||||||||
Santa Maria Wtr & Wastewtr | 5.00 | % | 2/1/2027 | A | 2,000 | 2,305,200 | ||||||||||
Santa Rosa Wastewtr | 5.00 | % | 9/1/2025 | AA- | 1,000 | 1,194,270 | ||||||||||
Southern CA Pub Pwr Auth–Apex | 5.00 | % | 7/1/2038 | AA- | 1,000 | 1,157,750 | ||||||||||
Southern CA Pub Pwr Auth–Goldman Sachs | 5.00 | % | 11/1/2033 | A- | 2,000 | 2,341,120 | ||||||||||
Stockton PFA–Wastewater (BAM) | 5.00 | % | 9/1/2029 | AA | 1,000 | 1,163,790 | ||||||||||
Total | 37,020,155 | |||||||||||||||
Total Municipal Bonds (cost $233,857,143) | 255,310,334 | |||||||||||||||
Shares | ||||||||||||||||
(000) | ||||||||||||||||
SHORT-TERM INVESTMENT 0.00% | ||||||||||||||||
Money Market Mutual Fund | ||||||||||||||||
Dreyfus General CA Municipal (cost $500) | – | (i) | 500 | |||||||||||||
Total Investments in Securities 98.84% (cost $233,857,643) | 255,310,834 | |||||||||||||||
Cash and Other Assets in Excess of Liabilities(h) 1.16% | 2,983,465 | |||||||||||||||
Net Assets 100.00% | $ | 258,294,299 |
96 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
CALIFORNIA TAX FREE FUND March 31, 2015
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||||||||
U.S. 10-Year Treasury Note | June 2015 | 56 | Short | $ | (7,218,750 | ) | $(25,505 | ) | ||||||||||||
Ultra Long U.S. Treasury Bond | June 2015 | 4 | Short | (679,500 | ) | (1,788 | ) | |||||||||||||
Totals | $ | (7,898,250 | ) | $(27,293 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
The following is a summary of the inputs used as of March 31, 2015 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 | $ | – | $ | 255,310,334 | $ | – | $ | 255,310,334 | ||||||||
Money Market Mutual Fund | 500 | – | – | 500 | ||||||||||||
Total | $ | 500 | $ | 255,310,334 | $ | – | $ | 255,310,834 | ||||||||
Liabilities | ||||||||||||||||
Trust Certificates(4) | $ | – | $ | (1,500,000 | ) | $ | – | $ | (1,500,000 | ) | ||||||
Total | $ | – | $ | (1,500,000 | ) | $ | – | $ | (1,500,000 | ) | ||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (27,293 | ) | – | – | (27,293 | ) | ||||||||||
Total | $ | (27,293 | ) | $ | – | $ | – | $ | (27,293 | ) |
(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 period ended March 31, 2015. | |
(4) | Refer to Note 2(h) for a description of Municipal Bonds held in Trust. |
See Notes to Financial Statements. | 97 |
Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
MUNICIPAL BONDS 98.22% | ||||||||||||||||
Corporate-Backed 2.85% | ||||||||||||||||
Gloucester Co Poll Ctl–Logan AMT | 5.00 | % | 12/1/2024 | BBB- | $ | 250 | $ | 283,575 | ||||||||
NJ EDA–Continental Airlines AMT | 5.25 | % | 9/15/2029 | B+ | 1,000 | 1,098,740 | ||||||||||
NJ EDA–Continental Airlines AMT | 5.50 | % | 4/1/2028 | B+ | 320 | 321,110 | ||||||||||
NJ EDA–Continental Airlines AMT | 5.50 | % | 6/1/2033 | B+ | 350 | 391,038 | ||||||||||
NJ EDA–Goethals Brdg AMT | 5.00 | % | 7/1/2023 | BBB- | 70 | 81,320 | ||||||||||
NJ EDA–Goethals Brdg AMT | 5.00 | % | 1/1/2028 | BBB- | 100 | 111,529 | ||||||||||
NJ EDA–Goethals Brdg AMT (AGM) | 5.00 | % | 1/1/2031 | AA | 50 | 55,566 | ||||||||||
Salem Co Poll Ctl–Chambers AMT | 5.00 | % | 12/1/2023 | BBB | 500 | 568,645 | ||||||||||
Total | 2,911,523 | |||||||||||||||
Education 13.39% | ||||||||||||||||
NJ Ed Facs–Clg of NJ | 5.00 | % | 7/1/2038 | A | 500 | 560,125 | ||||||||||
NJ Ed Facs–Kean Univ | 5.25 | % | 9/1/2029 | A2 | 525 | 590,541 | ||||||||||
NJ Ed Facs–Montclair State Univ | 5.00 | % | 7/1/2034 | A1 | 1,045 | 1,217,185 | ||||||||||
NJ Ed Facs–NJ City Univ (AGM) | 5.00 | % | 7/1/2034 | AA | 500 | 574,290 | ||||||||||
NJ Ed Facs–Princeton Univ | 5.00 | % | 7/1/2025 | AAA | 1,000 | 1,252,990 | ||||||||||
NJ Ed Facs–Rowan Univ | 5.00 | % | 7/1/2022 | A | 425 | 494,602 | ||||||||||
NJ Ed Facs–Seton Hall Univ | 5.00 | % | 7/1/2038 | A | 1,000 | 1,140,370 | ||||||||||
NJ Ed Facs–Seton Hall Univ | 6.00 | % | 7/1/2028 | A | 2,450 | 2,815,540 | ||||||||||
NJ EDA–Rutgers State Univ | 5.00 | % | 6/15/2038 | AA- | 525 | 604,028 | ||||||||||
NJ Higher Ed Assistance Auth AMT | 4.125 | % | 12/1/2024 | AA | 1,250 | 1,324,400 | ||||||||||
NJ Higher Ed Assistance Auth AMT | 5.00 | % | 12/1/2021 | AA | 1,000 | 1,131,360 | ||||||||||
NJ Higher Ed Assistance Auth AMT | 5.00 | % | 12/1/2022 | AA | 750 | 850,733 | ||||||||||
NJ Inst of Tech | 5.00 | % | 7/1/2032 | A1 | 500 | 567,095 | ||||||||||
Rutgers State Univ | 5.00 | % | 5/1/2031 | AA- | 500 | 566,420 | ||||||||||
Total | 13,689,679 | |||||||||||||||
General Obligation 6.68% | ||||||||||||||||
Bayonne GO (AGM) | 5.00 | % | 7/15/2023 | AA | 500 | 593,805 | ||||||||||
Cumberland Co Impt Auth–Tech High Sch GTD (AGM) | 5.00 | % | 9/1/2033 | AA | 330 | 378,220 | ||||||||||
Guam GO | 7.00 | % | 11/15/2039 | BB- | 140 | 164,545 | ||||||||||
Hudson Co Impt Auth–Solid Waste GTD | 5.75 | % | 1/1/2035 | Aa3 | 1,840 | 2,165,735 | ||||||||||
Monroe Twp Brd Ed | 5.00 | % | 8/1/2025 | AA- | 590 | 700,666 | ||||||||||
New Brunswick GO | 5.00 | % | 10/1/2023 | A+ | 500 | 583,225 | ||||||||||
PR Comwlth GO | 5.375 | % | 7/1/2030 | B | 1,000 | 685,000 | ||||||||||
Rahway GO (AGM) | 4.125 | % | 12/15/2026 | A1 | 5 | 5,230 |
98 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
General Obligation (continued) | ||||||||||||||||
Union Co Util Auth–Covanta GTD AMT | 4.75 | % | 12/1/2031 | AA+ | $ | 1,000 | $ | 1,057,750 | ||||||||
Woodbridge Twp Sewer Utility | 4.00 | % | 7/1/2024 | AA+ | 445 | 493,892 | ||||||||||
Total | 6,828,068 | |||||||||||||||
Health Care 14.42% | ||||||||||||||||
Camden Co Impt Auth–Cooper Hlth | 5.00 | % | 2/15/2030 | BBB+ | 500 | 569,810 | ||||||||||
Camden Co Impt Auth–Cooper Hlth | 5.00 | % | 2/15/2032 | BBB+ | 500 | 565,685 | ||||||||||
NJ EDA–Lions Gate | 5.25 | % | 1/1/2044 | NR | 245 | 254,018 | ||||||||||
NJ EDA–Seashore Gardens | 5.375 | % | 11/1/2036 | NR | 1,000 | 818,480 | ||||||||||
NJ Hlth–AHS Hsp Corp | 6.00 | % | 7/1/2037 | A+ | 650 | 787,859 | ||||||||||
NJ Hlth–Barnabas Hlth | 4.00 | % | 7/1/2026 | A- | 90 | 96,851 | ||||||||||
NJ Hlth–Barnabas Hlth | 5.00 | % | 7/1/2023 | A- | 650 | 770,289 | ||||||||||
NJ Hlth–Barnabas Hlth | 5.625 | % | 7/1/2032 | A- | 925 | 1,078,902 | ||||||||||
NJ Hlth–Barnabas Hlth | 5.625 | % | 7/1/2037 | A- | 1,130 | 1,317,297 | ||||||||||
NJ Hlth–Catholic Hlth E | 4.75 | % | 11/15/2029 | AA- | 640 | 716,070 | ||||||||||
NJ Hlth–Hunterdon Med Ctr | 5.00 | % | 7/1/2034 | A- | 500 | 562,135 | ||||||||||
NJ Hlth–Robert Wood Hsp | 5.00 | % | 7/1/2039 | A | 500 | 562,555 | ||||||||||
NJ Hlth–Robert Wood Hsp | 5.25 | % | 7/1/2028 | A | 500 | 585,590 | ||||||||||
NJ Hlth–St Josephs Hlth | 6.625 | % | 7/1/2038 | BBB- | 1,035 | 1,164,789 | ||||||||||
NJ Hlth–St Lukes Warren Hsp | 5.00 | % | 8/15/2031 | A- | 1,000 | 1,114,850 | ||||||||||
NJ Hlth–Virtua Hlth | 5.75 | % | 7/1/2033 | A+ | 2,000 | 2,324,040 | ||||||||||
PR Indl Tourist–Ascension Hlth | 6.125 | % | 11/15/2025 | AA+ | 415 | 426,832 | ||||||||||
PR Indl Tourist–Ascension Hlth | 6.125 | % | 11/15/2030 | AA+ | 1,000 | 1,027,220 | ||||||||||
Total | 14,743,272 | |||||||||||||||
Housing 1.11% | ||||||||||||||||
NJ EDA–Montclair St Std Hsg | 5.875 | % | 6/1/2042 | Baa3 | 1,000 | 1,134,430 | ||||||||||
Lease Obligations 22.06% | ||||||||||||||||
Essex Co Impt Auth–Newark | 6.25 | % | 11/1/2030 | Baa2 | 1,250 | 1,398,587 | ||||||||||
Newark Hsg–Police Fac (AG) | 6.75 | % | 12/1/2038 | A3 | 750 | 886,125 | ||||||||||
NJ Ed Facs–Higher Ed Cap Impt | 5.00 | % | 9/1/2033 | A2 | 1,000 | 1,113,420 | ||||||||||
NJ EDA–Goethals Brdg AMT | 5.375 | % | 1/1/2043 | BBB- | 2,050 | 2,293,048 | ||||||||||
NJ EDA–Goethals Brdg AMT | 5.625 | % | 1/1/2052 | BBB- | 210 | 236,111 | ||||||||||
NJ EDA–Sch Facs | 5.00 | % | 3/1/2026 | A2 | 350 | 385,994 | ||||||||||
NJ EDA–Sch Facs | 5.00 | % | 9/1/2033 | A2 | 1,020 | 1,101,121 | ||||||||||
NJ EDA–Sch Facs | 5.00 | % | 6/15/2034 | A2 | 200 | 214,302 | ||||||||||
NJ EDA–Sch Facs | 5.00 | % | 3/1/2035 | A2 | 1,000 | 1,074,840 | ||||||||||
NJ EDA–Sch Facs | 5.25 | % | 9/1/2026 | A2 | 755 | 838,594 |
See Notes to Financial Statements. | 99 |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
Lease Obligations (continued) | ||||||||||||||||
NJ EDA–Sch Facs | 5.50 | % | 12/15/2029 | A2 | $ | 1,275 | $ | 1,409,920 | ||||||||
NJ EDA–Seeing Eye | 5.00 | % | 6/1/2032 | A | 750 | 847,020 | ||||||||||
NJ Hlth–Hsp Asset Trans | 5.00 | % | 10/1/2028 | A2 | 1,350 | 1,497,609 | ||||||||||
NJ Hlth–Hsp Asset Trans | 5.75 | % | 10/1/2031 | A2 | 1,630 | 1,902,177 | ||||||||||
NJ State COP–Equip Lease COP | 5.25 | % | 6/15/2029 | A2 | 1,000 | 1,109,800 | ||||||||||
NJ Trans Trust Fund | Zero Coupon | 12/15/2031 | A2 | 1,500 | 689,370 | |||||||||||
NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | A2 | 1,000 | 315,300 | |||||||||||
NJ Trans Trust Fund | 5.00 | % | 6/15/2022 | A2 | 1,000 | 1,136,230 | ||||||||||
NJ Trans Trust Fund | 5.00 | % | 6/15/2038 | A2 | 1,115 | 1,196,507 | ||||||||||
NJ Trans Trust Fund TCRS (AMBAC) | 5.25 | % | 12/15/2022 | A2 | 1,000 | 1,153,630 | ||||||||||
North Hudson Sewerage Auth | 5.00 | % | 6/1/2028 | A- | 1,000 | 1,139,730 | ||||||||||
PR Infra Fin Auth–Mepsi Campus | 6.50 | % | 10/1/2037 | NR | 1,000 | 605,310 | ||||||||||
Total | 22,544,745 | |||||||||||||||
Other Revenue 1.17% | ||||||||||||||||
Guam Privilege Tax | 5.25 | % | 1/1/2036 | A | 1,000 | 1,126,330 | ||||||||||
Middlesex Co Impt Auth–Heldrich Ctr(e) | 6.25 | % | 1/1/2037 | NR | 1,300 | 67,080 | ||||||||||
Total | 1,193,410 | |||||||||||||||
Special Tax 0.83% | ||||||||||||||||
NJ EDA–Kapkowski Rd Landfill | 6.50 | % | 4/1/2028 | Ba2 | 675 | 847,847 | ||||||||||
Tax Revenue 7.12% | ||||||||||||||||
Casino Reinv Dev Auth | 5.25 | % | 11/1/2039 | BBB+ | 450 | 488,039 | ||||||||||
Casino Reinv Dev Auth (AGM) | 5.00 | % | 11/1/2032 | AA | 500 | 552,005 | ||||||||||
Garden St Preservation Trust (AGM) | 5.75 | % | 11/1/2028 | AAA | 1,205 | 1,536,965 | ||||||||||
Guam Ltd Oblig–Section 30 Landfill | 5.75 | % | 12/1/2034 | BBB+ | 375 | 423,536 | ||||||||||
NJ EDA–Cigarette Tax | 4.25 | % | 6/15/2027 | BBB+ | 525 | 559,828 | ||||||||||
NJ EDA–Cigarette Tax | 5.00 | % | 6/15/2024 | BBB+ | 1,295 | 1,468,711 | ||||||||||
NJ EDA–Cigarette Tax | 5.00 | % | 6/15/2025 | BBB+ | 230 | 259,102 | ||||||||||
NJ EDA–Cigarette Tax | 5.00 | % | 6/15/2029 | BBB+ | 120 | 132,568 | ||||||||||
PR Corp Sales Tax | 5.00 | % | 8/1/2035 | B | 1,000 | 602,570 | ||||||||||
PR Corp Sales Tax | 5.25 | % | 8/1/2027 | B | 1,020 | 701,444 | ||||||||||
Virgin Islands PFA–Matching Fund | 5.25 | % | 10/1/2029 | Baa2 | 500 | 558,880 | ||||||||||
Total | 7,283,648 | |||||||||||||||
Tobacco 5.89% | ||||||||||||||||
NJ EDA–Cigarette Tax | 5.00 | % | 6/15/2026 | BBB+ | 1,525 | 1,707,497 | ||||||||||
Tobacco Settlement Fin Corp NJ | 4.50 | % | 6/1/2023 | BB | 1,000 | 1,003,820 |
100 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND March 31, 2015
Credit | ||||||||||||||||
Rating: | Principal | |||||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||||
Tobacco (continued) | ||||||||||||||||
Tobacco Settlement Fin Corp NJ | 4.625 | % | 6/1/2026 | B+ | $ | 735 | $ | 704,916 | ||||||||
Tobacco Settlement Fin Corp NJ | 4.75 | % | 6/1/2034 | B2 | 3,405 | 2,603,089 | ||||||||||
Total | 6,019,322 | |||||||||||||||
Transportation 17.62% | ||||||||||||||||
DE River Jt Toll Brdg Commn(c) | 5.00 | % | 7/1/2029 | A1 | 300 | 351,966 | ||||||||||
Delaware River & Bay Auth | 5.00 | % | 1/1/2042 | A1 | 1,000 | 1,124,020 | ||||||||||
Delaware River Port Auth | 5.00 | % | 1/1/2022 | BBB | 1,115 | 1,277,299 | ||||||||||
Delaware River Port Auth | 5.00 | % | 1/1/2028 | A | 500 | 585,620 | ||||||||||
Delaware River Port Auth | 5.00 | % | 1/1/2034 | A | 505 | 576,730 | ||||||||||
Hudson Co Impt–Harrison Pkg GTD (AG) | 5.125 | % | 1/1/2031 | AA | 750 | 826,710 | �� | |||||||||
NJ Tpk Auth | 5.00 | % | 1/1/2028 | A+ | 535 | 616,416 | ||||||||||
NJ Tpk Auth | 5.00 | % | 1/1/2033 | A+ | 1,535 | 1,765,127 | ||||||||||
NJ Tpk Auth | 5.00 | % | 1/1/2038 | A+ | 750 | 839,730 | ||||||||||
NJ Tpk Auth (AGM) | 5.25 | % | 1/1/2028 | AA | 750 | 928,493 | ||||||||||
NJ Trans Trust Fund | 6.00 | % | 6/15/2035 | A2 | 2,025 | 2,438,667 | ||||||||||
Port Auth NY & NJ | 5.00 | % | 12/1/2025 | AA- | 1,010 | 1,220,221 | ||||||||||
Port Auth NY & NJ | 5.00 | % | 9/1/2030 | AA- | 1,000 | 1,191,830 | ||||||||||
Port Auth NY & NJ | 5.00 | % | 12/1/2038 | AA- | 1,020 | 1,176,223 | ||||||||||
Port Auth NY & NJ–JFK IAT | 6.00 | % | 12/1/2036 | BBB- | 50 | 59,212 | ||||||||||
Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00 | % | 12/1/2042 | AA | 175 | 208,667 | ||||||||||
Port Auth NY & NJ AMT | 5.00 | % | 10/15/2036 | AA- | 1,000 | 1,136,320 | ||||||||||
Port Auth NY & NJ AMT | 5.75 | % | 11/1/2030 | AA- | 1,000 | 1,124,130 | ||||||||||
South Jersey Trans Auth | 5.00 | % | 11/1/2039 | A- | 515 | 562,050 | ||||||||||
Total | 18,009,431 | |||||||||||||||
Utilities 5.08% | ||||||||||||||||
Guam Pwr Auth (AGM) | 5.00 | % | 10/1/2034 | AA | 400 | 463,344 | ||||||||||
NJ EDA–UMM Energy AMT | 4.75 | % | 6/15/2032 | Baa3 | 1,000 | 1,062,540 | ||||||||||
NJ Env Infra Trust | 5.00 | % | 9/1/2021 | AAA | 1,145 | 1,389,847 | ||||||||||
Passaic Valley Swr Sys (NPFGC) | 2.50 | % | 12/1/2032 | A2 | 525 | 432,983 | ||||||||||
Passaic Valley Wtr (AGM) | 5.00 | % | 12/15/2026 | AA | 300 | 362,943 | ||||||||||
PR Aqueduct & Swr Auth | 5.25 | % | 7/1/2024 | B | 295 | 223,545 | ||||||||||
PR Elec Pwr Auth | 5.00 | % | 7/1/2037 | CCC | 110 | 64,625 | ||||||||||
PR Elec Pwr Auth | 5.75 | % | 7/1/2036 | CCC | 75 | 44,063 | ||||||||||
PR Elec Pwr Auth | 7.00 | % | 7/1/2040 | CCC | 100 | 58,750 | ||||||||||
Salem Co Poll Ctl–Atlantic City Elec | 4.875 | % | 6/1/2029 | A | 1,000 | 1,091,600 | ||||||||||
Total | 5,194,240 | |||||||||||||||
Total Municipal Bonds (cost $96,288,444) | 100,399,615 |
See Notes to Financial Statements. | 101 |
Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND March 31, 2015
Shares | Fair | |||||||
Investments | (000) | Value | ||||||
SHORT-TERM INVESTMENT 0.00% | ||||||||
Money Market Mutual Fund | ||||||||
Dreyfus NJ Municipal Cash Management (cost $500) | – | (i) | $ | 500 | ||||
Total Investments in Securities 98.22% (cost $96,288,944) | 100,400,115 | |||||||
Cash and Other Assets in Excess of Liabilities(h) 1.78% | 1,817,282 | |||||||
Net Assets 100.00% | $ | 102,217,397 |
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||||||||
U.S. 10-Year Treasury Note | June 2015 | 10 | Short | $ | (1,289,063 | ) | $(10,330 | ) | ||||||||||||
Ultra Long U.S. Treasury Bond | June 2015 | 2 | Short | (339,750 | ) | (2,441 | ) | |||||||||||||
Totals | $ | (1,628,813 | ) | $(12,771 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
The following is a summary of the inputs used as of March 31, 2015 in valuing the Fund’s investments carried at fair value(1):
Investment Type(2)(3) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Municipal Bonds | $ | – | $ | 100,399,615 | $ | – | $ | 100,399,615 | ||||||||
Money Market Mutual Fund | 500 | – | – | 500 | ||||||||||||
Total | $ | 500 | $ | 100,399,615 | $ | – | $ | 100,400,115 | ||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (12,771 | ) | – | – | (12,771 | ) | ||||||||||
Total | $ | (12,771 | ) | $ | – | $ | – | $ | (12,771 | ) |
(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 period ended March 31, 2015. |
102 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
MUNICIPAL BONDS 100.69% | ||||||||||||||
Corporate-Backed 7.92% | ||||||||||||||
Build NYC Res Corp–Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | $ | 250 | $ | 270,205 | |||||||
Liberty Dev Corp–Goldman Sachs | 5.25% | 10/1/2035 | A- | 2,750 | 3,318,590 | |||||||||
Niagara Area Dev Corp–Covanta† | 4.00% | 11/1/2024 | Ba2 | 500 | 506,780 | |||||||||
Niagara Area Dev Corp–Covanta AMT† | 5.25% | 11/1/2042 | Ba2 | 500 | 518,750 | |||||||||
NY Liberty Dev Corp–3 WTC† | 5.00% | 11/15/2044 | NR | 4,775 | 5,031,752 | |||||||||
NY Liberty Dev Corp–7 WTC | 5.00% | 9/15/2040 | Aaa | 1,015 | 1,158,562 | |||||||||
NY Liberty Dev Corp–B of A Tower | 5.625% | 7/15/2047 | AA | 1,620 | 1,838,230 | |||||||||
NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 1,370 | 1,487,984 | |||||||||
NYC IDA–British Airways AMT | 5.25% | 12/1/2032 | BB | 2,265 | 2,273,245 | |||||||||
NYC IDA–InterActive Corp | 5.00% | 9/1/2035 | BBB | 1,315 | 1,337,013 | |||||||||
NYC IDA–Jetblue AMT | 5.125% | 5/15/2030 | B | 1,750 | 1,754,112 | |||||||||
NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB | 1,750 | 1,916,600 | |||||||||
NYC IDA–Yankee Stadium (FGIC) | 4.50% | 3/1/2039 | BBB | 1,340 | 1,356,777 | |||||||||
Syracuse IDA–Carousel Ctr AMT (XLCA) | 5.00% | 1/1/2036 | BBB- | 5,000 | 5,110,250 | |||||||||
Total | 27,878,850 | |||||||||||||
Education 14.03% | ||||||||||||||
Buffalo & Erie IDC–Buffalo State College | 5.75% | 10/1/2026 | A+ | 1,350 | 1,646,582 | |||||||||
Build NYC Res Corp–CUNY | 5.00% | 6/1/2027 | Aa2 | 400 | 479,240 | |||||||||
Build NYC Res Corp–CUNY | 5.00% | 6/1/2029 | Aa2 | 500 | 588,325 | |||||||||
Build NYC Res Corp–CUNY | 5.00% | 6/1/2031 | Aa2 | 1,120 | 1,307,006 | |||||||||
Build NYC Res Corp–Packer Collegiate(c) | 5.00% | 6/1/2040 | A3 | 1,000 | 1,127,170 | |||||||||
Cattaraugus Co IDA–St Bonaventure Univ | 5.00% | 5/1/2023 | BBB- | 500 | 518,525 | |||||||||
Cattaraugus Co IDA–St Bonaventure Univ | 5.00% | 5/1/2034 | BBB- | 300 | 329,346 | |||||||||
Cattaraugus Co IDA–St Bonaventure Univ | 5.00% | 5/1/2039 | BBB- | 350 | 378,630 | |||||||||
Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 1,000 | 1,050,460 | |||||||||
Monroe Co IDC–Univ of Rochester | 5.00% | 7/1/2036 | AA- | 1,750 | 1,983,030 | |||||||||
Monroe IDC–Monroe Cmnty Clg (AGM) | 5.00% | 1/15/2038 | AA | 1,000 | 1,123,790 | |||||||||
Niagara Area Dev Corp–Niagara Univ | 5.00% | 5/1/2035 | BBB+ | 500 | 546,645 | |||||||||
Niagara Area Dev Corp–Niagara Univ | 5.00% | 5/1/2042 | BBB+ | 1,200 | 1,296,324 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2028 | A1 | 500 | 602,290 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2029 | A1 | 1,600 | 1,916,288 | |||||||||
NY Dorm–Barnard Clg(c) | 5.00% | 7/1/2043 | A1 | 1,000 | 1,164,830 | |||||||||
NY Dorm–Brooklyn Law School | 5.00% | 7/1/2024 | Baa1 | 1,000 | 1,230,910 | |||||||||
NY Dorm–Columbia Univ(c) | 5.00% | 10/1/2045 | AAA | 1,000 | 1,392,330 | |||||||||
NY Dorm–Cornell Univ | 5.00% | 7/1/2040 | Aa1 | 1,000 | 1,141,130 | |||||||||
NY Dorm–Fordham University | 5.25% | 7/1/2031 | A | 2,275 | 2,638,818 |
See Notes to Financial Statements. | 103 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Education (continued) | ||||||||||||||
NY Dorm–Long Island Univ | 5.00% | 9/1/2026 | BBB- | $ | 1,000 | $ | 1,120,700 | |||||||
NY Dorm–NYU | 5.25% | 7/1/2034 | AA- | 5,500 | 6,313,175 | |||||||||
NY Dorm–Pace Univ | 5.00% | 5/1/2023 | BB+ | 570 | 648,158 | |||||||||
NY Dorm–Pratt Institute | 5.00% | 7/1/2034 | A3 | 1,035 | 1,188,377 | |||||||||
NY Dorm–Rockefeller Univ | 5.00% | 7/1/2038 | AA+ | 1,000 | 1,148,250 | |||||||||
NY Dorm–St Johns Univ(c) | 5.00% | 7/1/2027 | A- | 250 | 297,808 | |||||||||
NY Dorm–St Johns Univ(c) | 5.00% | 7/1/2037 | A- | 1,000 | 1,154,750 | |||||||||
NY Dorm–SUNY | 5.00% | 7/1/2035 | Aa2 | 1,500 | 1,711,785 | |||||||||
NY Dorm–Teachers Clg | 5.375% | 3/1/2029 | A1 | 1,025 | 1,169,863 | |||||||||
NY Dorm–Touro Clg | 5.25% | 1/1/2034 | BBB-(a) | 1,000 | 1,147,360 | |||||||||
NYC IDA–Polytechnic Univ (ACA) | 5.25% | 11/1/2037 | AA- | 4,295 | 4,705,301 | |||||||||
Onondaga CDC–Upstate Prop Dev | 5.50% | 12/1/2031 | A+ | 1,000 | 1,185,020 | |||||||||
Onondaga Co Cultural–Syracuse Univ | 5.00% | 12/1/2036 | AA- | 575 | 655,489 | |||||||||
Onondaga Co Cultural–Syracuse Univ | 5.00% | 12/1/2038 | AA- | 1,230 | 1,418,387 | |||||||||
St Lawrence IDA–Clarkson Univ | 6.00% | 9/1/2034 | A3 | 1,575 | 1,916,302 | |||||||||
Yonkers IDA–Sarah Lawrence Clg | 6.00% | 6/1/2029 | BBB | 1,000 | 1,155,450 | |||||||||
Total | 49,397,844 | |||||||||||||
General Obligation 5.76% | ||||||||||||||
Guam GO | 7.00% | 11/15/2039 | BB- | 280 | 329,089 | |||||||||
NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2027 | AA | 1,000 | 1,209,190 | |||||||||
NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2028 | AA | 1,000 | 1,195,190 | |||||||||
NYC GO | 5.00% | 8/1/2021 | AA | 1,070 | 1,261,359 | |||||||||
NYC GO | 5.00% | 8/1/2022 | AA | 1,200 | 1,444,860 | |||||||||
NYC GO | 5.00% | 8/1/2022 | AA | 2,215 | 2,666,971 | |||||||||
NYC GO | 5.00% | 8/1/2026 | AA | 1,000 | 1,191,290 | |||||||||
NYC GO | 5.00% | 8/1/2027 | AA | 1,500 | 1,807,275 | |||||||||
NYC GO | 5.00% | 8/1/2027 | AA | 1,410 | 1,672,373 | |||||||||
NYC GO | 5.00% | 10/1/2034 | AA | 1,500 | 1,728,030 | |||||||||
NYC GO | 5.00% | 3/1/2036 | AA | 1,285 | 1,477,955 | |||||||||
NYC GO | 5.00% | 3/1/2037 | AA | 1,500 | 1,705,125 | |||||||||
PR Comwlth GO | 5.375% | 7/1/2030 | B | 3,760 | 2,575,600 | |||||||||
Total | 20,264,307 | |||||||||||||
Health Care 11.43% | ||||||||||||||
Albany IDA–St Peters Hsp | 5.25% | 11/15/2027 | A3 | 1,500 | 1,681,230 | |||||||||
Albany IDA–St Peters Hsp | 5.50% | 11/15/2027 | A3 | 1,000 | 1,127,300 | |||||||||
Build NYC Res Corp–NY Methodist Hsp | 5.00% | 7/1/2020 | Baa1 | 750 | 869,168 |
104 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Health Care (continued) | ||||||||||||||
Chautauqua Co–Woman’s Christian Assn | 8.00% | 11/15/2030 | NR | $ | 1,000 | $ | 1,039,170 | |||||||
Dutchess Co LDC–Health Quest | 5.00% | 7/1/2034 | A- | 500 | 561,295 | |||||||||
East Rochester Hsg–Woodland Vlg | 5.50% | 8/1/2033 | NR | 1,700 | 1,710,591 | |||||||||
Genesee Co IDA–United Mem Med Ctr | 5.00% | 12/1/2032 | NR | 1,000 | 1,000,920 | |||||||||
Madison Co IDA–Oneida Hlth | 5.25% | 2/1/2027 | BB+ | 750 | 772,868 | |||||||||
Madison Co IDA–Oneida Hlth | 5.50% | 2/1/2032 | BB+ | 750 | 772,133 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2027 | BBB+ | 625 | 734,056 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2028 | BBB+ | 2,045 | 2,392,773 | |||||||||
Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2033 | BBB+ | 375 | 429,341 | |||||||||
Nassau Co LEAC–Winthrop Univ Hsp | 5.00% | 7/1/2032 | Baa2 | 2,000 | 2,228,300 | |||||||||
NY Dorm–Catholic Hlth | 5.00% | 7/1/2032 | BBB+ | 500 | 556,390 | |||||||||
NY Dorm–Miriam Osborn Mem Home | 5.00% | 7/1/2042 | A- | (a) | 750 | 793,065 | ||||||||
NY Dorm–Mt Sinai Hsp | 5.00% | 7/1/2026 | A- | 2,025 | 2,322,715 | |||||||||
NY Dorm–North Shore LI Jewish | 5.00% | 5/1/2022 | A- | 1,220 | 1,438,404 | |||||||||
NY Dorm–North Shore LI Jewish | 5.25% | 5/1/2034 | A- | 1,000 | 1,130,660 | |||||||||
NY Dorm–NYU Hsps Ctr | 5.00% | 7/1/2034 | A- | 1,000 | 1,144,740 | |||||||||
NY Dorm–NYU Hsps Ctr | 5.00% | 7/1/2036 | A- | 1,000 | 1,137,010 | |||||||||
NY Dorm–NYU Hsps Ctr | 5.75% | 7/1/2031 | A- | 1,500 | 1,769,670 | |||||||||
NY Dorm–Orange Regl Med | 6.125% | 12/1/2029 | Ba1 | 2,000 | 2,206,600 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2021 | Aa3 | 1,010 | 1,191,002 | |||||||||
NYC Hlth & Hsp Corp | 5.00% | 2/15/2025 | Aa3 | 1,000 | 1,147,940 | |||||||||
NYC Hlth & Hsp Corp | 5.50% | 2/15/2023 | Aa3 | 1,090 | 1,222,980 | |||||||||
Onondaga CDC–St Josephs Hsp | 5.00% | 7/1/2042 | BB | 1,000 | 1,028,680 | |||||||||
Southhold LDC–Peconic Landing | 5.00% | 12/1/2045 | BBB- | (a) | 1,000 | 1,076,110 | ||||||||
Suffolk Co IDA–Catholic Hlth Long Island | 5.00% | 7/1/2028 | BBB+ | 1,175 | 1,326,411 | |||||||||
Suffolk Co IDA–Eastern LI Hsp Assn† | 5.375% | 1/1/2027 | NR | 975 | 981,113 | |||||||||
Suffolk Co IDA–Eastern LI Hsp Assn† | 5.50% | 1/1/2037 | NR | 1,000 | 1,003,550 | |||||||||
Tompkins Co Dev Corp–Kendal Ithaca | 5.00% | 7/1/2044 | BBB | 1,000 | 1,084,630 | |||||||||
Westchester Co Hlth Care | 6.00% | 11/1/2030 | A3 | 850 | 995,282 | |||||||||
Westchester Co LDC–Kendal Hudson | 5.00% | 1/1/2034 | BBB | (a) | 1,250 | 1,382,412 | ||||||||
Total | 40,258,509 | |||||||||||||
Housing 0.96% | ||||||||||||||
NY Mtg Agy–Homeowner Mtg AMT | 4.875% | 10/1/2030 | Aa1 | 2,255 | 2,339,247 | |||||||||
NYC Hsg–8 Spruce St | 4.50% | 2/15/2048 | NR | 1,000 | 1,029,340 | |||||||||
Total | 3,368,587 |
See Notes to Financial Statements. | 105 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Lease Obligations 9.77% | ||||||||||||||
Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2023 | AA | $ | 1,055 | $ | 1,251,863 | |||||||
Erie Co IDA–Buffalo Sch Dist | 5.25% | 5/1/2030 | AA | 2,575 | 3,032,294 | |||||||||
Erie Co IDA–Buffalo Sch Dist | 5.25% | 5/1/2032 | AA | 1,000 | 1,165,800 | |||||||||
Monroe Co IDA–Rochester Schools | 5.00% | 5/1/2021 | AA | 2,500 | 2,971,250 | |||||||||
NY Dorm–Court Facs | Zero Coupon | 8/1/2021 | AA+ | 2,265 | 2,013,336 | |||||||||
NY Dorm–Master BOCES | 5.50% | 8/15/2026 | Aa2 | 1,560 | 1,869,364 | |||||||||
NY Dorm–NY Downtown Hospital | 5.00% | 2/15/2022 | AA | 1,000 | 1,179,820 | |||||||||
NY Dorm–Oneida | 5.25% | 8/15/2028 | Aa2 | 3,375 | 3,775,950 | |||||||||
NY Dorm–SUNY–Third Resolution | 5.00% | 5/15/2026 | AA | 2,490 | 2,964,967 | |||||||||
NY Liberty Dev Corp–4 WTC | 5.00% | 11/15/2031 | A+ | 1,000 | 1,134,590 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2035 | AAA | 1,500 | 1,714,185 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2022 | AA | 2,150 | 2,572,475 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2025 | AA | 1,510 | 1,809,901 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2027 | AA | 1,425 | 1,687,286 | |||||||||
NYC TFA–Bldg Aid | 5.00% | 7/15/2036 | AA | 4,000 | 4,636,960 | |||||||||
PR Infra Fin Auth–Mepsi Campus | 6.50% | 10/1/2037 | NR | 1,000 | 605,310 | |||||||||
Total | 34,385,351 | |||||||||||||
Other Revenue 6.90% | ||||||||||||||
Brooklyn Arena LDC–Barclays Ctr | 6.25% | 7/15/2040 | BBB- | 5,125 | 6,044,425 | |||||||||
Brooklyn Arena LDC–Barclays Ctr | 6.375% | 7/15/2043 | BBB- | 1,295 | 1,534,433 | |||||||||
Build NYC Res Corp–YMCA | 5.00% | 8/1/2042 | A- | 1,310 | 1,438,642 | |||||||||
NY Dorm–NYSARC Inc | 5.125% | 7/1/2030 | Aa2 | 2,000 | 2,302,120 | |||||||||
NY Dorm–SUNY | 5.00% | 7/1/2037 | Aa2 | 1,000 | 1,142,600 | |||||||||
NYC Cultural–Museum Modern Art | 5.00% | 4/1/2031 | AA | 1,250 | 1,400,213 | |||||||||
NYC Cultural–Museum Nat History | 5.00% | 7/1/2031 | AA | 1,695 | 2,001,337 | |||||||||
NYC Cultural–Whitney Museum | 5.00% | 7/1/2031 | A | 2,000 | 2,246,560 | |||||||||
NYC Cultural–Wildlife Consv Soc | 5.00% | 8/1/2033 | AA- | 1,750 | 2,013,112 | |||||||||
NYS Muni Bd Bk–Lease | 5.00% | 12/1/2022 | AA | 1,520 | 1,848,396 | |||||||||
Utility Debt Sec Auth–LIPA | 5.00% | 12/15/2041 | AAA | 1,000 | 1,164,450 | |||||||||
Yonkers EDC–Charter Sch Ed Excellence | 6.25% | 10/15/2040 | BB | 1,100 | 1,169,553 | |||||||||
Total | 24,305,841 | |||||||||||||
Special Tax 1.31% | ||||||||||||||
NY Sales Tax Asset Receivable Corp | 5.00% | 10/15/2022 | AAA | 1,000 | 1,233,200 | |||||||||
NY Sales Tax Asset Receivable Corp | 5.00% | 10/15/2030 | AAA | 1,000 | 1,211,830 | |||||||||
NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2031 | BB+ | 2,075 | 2,151,754 | |||||||||
Total | 4,596,784 |
106 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Tax Revenue 13.01% | ||||||||||||||
Guam Ltd Oblig–Section 30 Landfill | 5.75% | 12/1/2034 | BBB+ | $ | 755 | $ | 852,720 | |||||||
Hudson Yards | 5.75% | 2/15/2047 | A | 2,650 | 3,059,292 | |||||||||
MTA NY–Dedicated Tax | 5.00% | 11/15/2022 | AA | 1,010 | 1,219,100 | |||||||||
MTA NY–Dedicated Tax | 5.00% | 11/15/2034 | AA | 1,000 | 1,145,660 | |||||||||
NY Dorm–PIT | 5.00% | 12/15/2025 | AAA | 1,000 | 1,209,110 | |||||||||
NY Dorm–Sales Tax | 5.00% | 3/15/2030 | AAA | 530 | 631,914 | |||||||||
NY Dorm–Sales Tax | 5.00% | 3/15/2038 | AAA | 1,010 | 1,161,157 | |||||||||
NY Twy Auth–PIT | 5.00% | 3/15/2023 | AAA | 2,025 | 2,396,587 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2025 | AAA | 3,290 | 3,656,984 | |||||||||
NY UDC–PIT(b) | 5.00% | 12/15/2026 | AAA | 4,790 | 5,324,303 | |||||||||
NY UDC–PIT | 5.00% | 12/15/2028 | AAA | 3,500 | 3,977,155 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2033 | AAA | 2,010 | 2,307,741 | |||||||||
NY UDC–PIT | 5.00% | 3/15/2036 | AAA | 1,500 | 1,728,840 | |||||||||
NYC TFA–Future Tax | 4.00% | 11/1/2022 | AAA | 1,000 | 1,146,030 | |||||||||
NYC TFA–Future Tax | 5.00% | 11/1/2021 | AAA | 2,010 | 2,420,623 | |||||||||
NYC TFA–Future Tax | 5.00% | 11/1/2023 | AAA | 1,000 | 1,233,600 | |||||||||
NYC TFA–Future Tax | 5.00% | 11/1/2023 | AAA | 1,000 | 1,220,960 | |||||||||
NYC TFA–Future Tax | 5.00% | 2/1/2027 | AAA | 1,500 | 1,753,530 | |||||||||
NYC TFA–Future Tax | 5.00% | 11/1/2032 | AAA | 1,300 | 1,517,620 | |||||||||
NYC TFA–Future Tax | 5.00% | 5/1/2034 | NR | 5 | 5,767 | |||||||||
NYC TFA–Future Tax | 5.00% | 5/1/2034 | AAA | 2,495 | 2,808,571 | |||||||||
NYC TFA–Future Tax | 5.00% | 8/1/2039 | AAA | 1,500 | 1,735,845 | |||||||||
PR Corp Sales Tax | 5.25% | 8/1/2027 | B | 640 | 440,122 | |||||||||
PR Corp Sales Tax | 5.75% | 8/1/2037 | B | 4,600 | 2,863,500 | |||||||||
Total | 45,816,731 | |||||||||||||
Tobacco 3.16% | ||||||||||||||
Suffolk Tobacco Asset Sec Corp | 5.00% | 6/1/2032 | A- | 1,335 | 1,467,018 | |||||||||
Suffolk Tobacco Asset Sec Corp | 5.25% | 6/1/2037 | BBB+ | 1,145 | 1,264,790 | |||||||||
Suffolk Tobacco Asset Sec Corp | 5.375% | 6/1/2028 | BBB- | (a) | 1,745 | 1,748,630 | ||||||||
Suffolk Tobacco Asset Sec Corp | 6.00% | 6/1/2048 | BB- | (a) | 2,350 | 2,146,302 | ||||||||
TSASC | 5.00% | 6/1/2026 | BB- | 1,760 | 1,773,710 | |||||||||
TSASC | 5.125% | 6/1/2042 | B- | 3,100 | 2,712,221 | |||||||||
Total | 11,112,671 | |||||||||||||
Transportation 13.90% | ||||||||||||||
MTA NY | 5.00% | 11/15/2023 | AA- | 2,455 | 2,961,319 | |||||||||
MTA NY | 5.00% | 11/15/2023 | AA- | 1,000 | 1,214,520 | |||||||||
MTA NY | 5.00% | 11/15/2023 | AA- | 1,395 | 1,652,182 |
See Notes to Financial Statements. | 107 |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Transportation (continued) | ||||||||||||||
MTA NY | 5.00% | 11/15/2027 | AA- | $ | 350 | $ | 415,282 | |||||||
MTA NY | 5.00% | 11/15/2027 | AA- | 1,750 | 2,092,125 | |||||||||
MTA NY | 5.00% | 11/15/2028 | AA- | 705 | 836,701 | |||||||||
MTA NY | 5.00% | 11/15/2028 | AA- | 1,000 | 1,167,100 | |||||||||
MTA NY | 5.00% | 11/15/2030 | AA- | 2,000 | 2,318,140 | |||||||||
MTA NY | 5.00% | 11/15/2038 | AA- | 2,500 | 2,840,500 | |||||||||
MTA NY | 5.25% | 11/15/2029 | AA- | 1,000 | 1,196,540 | |||||||||
Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2027 | Baa1 | 1,000 | 1,129,710 | |||||||||
NY Bridge Auth | 4.00% | 1/1/2027 | AA- | 1,000 | 1,101,020 | |||||||||
NY Twy Auth | 5.00% | 1/1/2032 | A | 3,000 | 3,487,050 | |||||||||
NY Twy Auth | 5.00% | 1/1/2036 | A | 1,760 | 2,001,331 | |||||||||
NY Twy Auth–Hwy & Brdg | 5.00% | 4/1/2028 | AA | 2,000 | 2,252,000 | |||||||||
NYC IDA–Terminal One Group AMT | 5.50% | 1/1/2021 | A3 | 1,250 | 1,295,700 | |||||||||
NYC IDA–Terminal One Group AMT | 5.50% | 1/1/2024 | A3 | 2,000 | 2,072,360 | |||||||||
Port Auth NY & NJ | 4.00% | 12/1/2022 | AA- | 1,560 | 1,776,091 | |||||||||
Port Auth NY & NJ | 5.00% | 9/1/2028 | AA- | 750 | 903,563 | |||||||||
Port Auth NY & NJ | 5.00% | 12/1/2038 | AA- | 1,500 | 1,729,740 | |||||||||
Port Auth NY & NJ–JFK IAT | 5.00% | 12/1/2020 | BBB- | 135 | 155,401 | |||||||||
Port Auth NY & NJ–JFK IAT | 5.50% | 12/1/2031 | BBB- | 125 | 145,106 | |||||||||
Port Auth NY & NJ–JFK IAT | 6.00% | 12/1/2036 | BBB- | 280 | 331,584 | |||||||||
Port Auth NY & NJ–JFK IAT CR (AGM) | 5.50% | 12/1/2031 | AA | 65 | 76,130 | |||||||||
Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2036 | AA | 110 | 131,484 | |||||||||
Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2042 | AA | 850 | 1,013,523 | |||||||||
Port Auth NY & NJ AMT | 5.00% | 9/15/2024 | AA- | 1,000 | 1,158,970 | |||||||||
Port Auth NY & NJ AMT | 5.00% | 10/15/2024 | AA- | 1,250 | 1,466,888 | |||||||||
Port Auth NY & NJ AMT | 5.00% | 10/1/2033 | AA- | 1,525 | 1,705,941 | |||||||||
Port Auth NY & NJ AMT | 5.00% | 10/15/2041 | AA- | 1,250 | 1,369,338 | |||||||||
Triborough Brdg & Tunl Auth | 4.75% | 11/15/2030 | AA- | 2,500 | 2,735,250 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2023 | A+ | 2,525 | 3,062,472 | |||||||||
Triborough Brdg & Tunl Auth | 5.00% | 11/15/2038 | AA- | 1,000 | 1,148,540 | |||||||||
Total | 48,943,601 | |||||||||||||
Utilities 12.54% | ||||||||||||||
Guam Pwr Auth | 5.00% | 10/1/2020 | BBB | 500 | 572,045 | |||||||||
Guam Pwr Auth | 5.00% | 10/1/2021 | BBB | 500 | 575,065 | |||||||||
Long Island Power Auth | 5.00% | 9/1/2025 | A- | 1,000 | 1,157,160 | |||||||||
Long Island Power Auth | 5.00% | 9/1/2034 | A- | 2,000 | 2,269,620 | |||||||||
Long Island Power Auth | 5.00% | 5/1/2038 | A- | 1,880 | 2,080,840 |
108 | See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2015
Credit | ||||||||||||||
Rating: | Principal | |||||||||||||
Interest | Maturity | S&P or | Amount | Fair | ||||||||||
Investments | Rate | Date | Moody’s | (000) | Value | |||||||||
Utilities (continued) | ||||||||||||||
Long Island Power Auth | 5.00% | 9/1/2039 | A- | $ | 1,000 | $ | 1,125,340 | |||||||
Long Island Power Auth | 5.50% | 4/1/2024 | A- | 2,215 | 2,525,831 | |||||||||
NY Energy–Brooklyn Union Gas AMT | 6.952% | 7/1/2026 | A2 | 8,000 | 8,026,880 | |||||||||
NY Env Facs–Clean Wtr & Drinking | 4.75% | 6/15/2032 | AAA | 3,500 | 3,767,330 | |||||||||
NY Env Facs–Clean Wtr & Drinking | 5.00% | 6/15/2029 | AAA | 2,000 | 2,286,480 | |||||||||
NY Env Facs–Clean Wtr & Drinking | 5.00% | 11/15/2029 | AAA | 1,000 | 1,209,000 | |||||||||
NY Env Facs–Clean Wtr & Drinking | 5.00% | 6/15/2036 | AAA | 1,250 | 1,429,175 | |||||||||
NYC Muni Water | 5.00% | 6/15/2029 | AA+ | 2,000 | 2,246,580 | |||||||||
NYC Muni Water | 5.00% | 6/15/2034 | AA+ | 3,525 | 4,067,110 | |||||||||
NYC Muni Water | 5.00% | 6/15/2034 | AA+ | 1,500 | 1,729,545 | |||||||||
NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 1,550 | 1,777,447 | |||||||||
NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 1,675 | 1,939,600 | |||||||||
NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 2,250 | 2,611,305 | |||||||||
NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 1,750 | 2,031,015 | |||||||||
PR Elec Pwr Auth | 5.75% | 7/1/2036 | CCC | 1,250 | 734,375 | |||||||||
Total | 44,161,743 | |||||||||||||
Total Municipal Bonds (cost $335,777,240) | 354,490,819 | |||||||||||||
Shares | ||||||||||||||
(000) | ||||||||||||||
SHORT-TERM INVESTMENT 0.00% | ||||||||||||||
Money Market Mutual Fund | ||||||||||||||
Dreyfus NY Municipal Cash Management (cost $500) | – | (i) | 500 | |||||||||||
Total Investments in Securities 100.69% (cost $335,777,740) | 354,491,319 | |||||||||||||
Liabilities in Excess of Cash and Other Assets(h) (0.69%) | (2,414,061 | ) | ||||||||||||
Net Assets 100.00% | $ | 352,077,258 |
Open Futures Contracts at March 31, 2015:
Unrealized | ||||||||||||||
Type | Expiration | Contracts | Position | Fair Value | Depreciation | |||||||||
U.S. 10-Year Treasury Note | June 2015 | 82 | Short | $ | (10,570,313 | ) | $(70,535 | ) | ||||||
Ultra Long U.S. Treasury Bond | June 2015 | 19 | Short | (3,227,625 | ) | (21,971 | ) | |||||||
Totals | $ | (13,797,938 | ) | $(92,506 | ) |
Note: See Footnotes to Schedules of Investments on page 111 of this report.
See Notes to Financial Statements. | 109 |
Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND March 31, 2015
The following is a summary of the inputs used as of March 31, 2015 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 | $ | – | $ | 354,490,819 | $ | – | $ | 354,490,819 | ||||||||
Money Market Mutual Fund | 500 | – | – | 500 | ||||||||||||
Total | $ | 500 | $ | 354,490,819 | $ | – | $ | 354,491,319 | ||||||||
Liabilities | ||||||||||||||||
Trust Certificates(4) | $ | – | $ | (4,030,000 | ) | $ | – | $ | (4,030,000 | ) | ||||||
Total | $ | – | $ | (4,030,000 | ) | $ | – | $ | (4,030,000 | ) | ||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts | ||||||||||||||||
Assets | $ | – | $ | – | $ | – | $ | – | ||||||||
Liabilities | (92,506 | ) | – | – | (92,506 | ) | ||||||||||
Total | $ | (92,506 | ) | $ | – | $ | – | $ | (92,506 | ) |
(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 period ended March 31, 2015. | |
(4) | Refer to Note 2(h) for a description of Municipal Bonds Held in Trust. |
110 | See Notes to Financial Statements. |
Footnotes to Schedules of Investments
March 31, 2015
AMT | Income from this security may be subject to Alternative Minimum Tax. | |
COP | Certificates of Participation. | |
CR | Custodial Receipt. | |
ETM | Escrow to Maturity. | |
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 March 31, 2015. | |
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 March 31, 2015. | |
~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. | |
(a) | This investment has been rated by Fitch IBCA. | |
(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) | 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. | |
(e) | Defaulted security. | |
(f) | Stub Rights issued in connection with a plan of reorganization. | |
(g) | Security is perpetual and has no stated maturity date. | |
(h) | 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. | |
(i) | 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. | 111 |
Statements of Assets and Liabilities (unaudited)
March 31, 2015
Short Duration | Intermediate | AMT Free | ||||||||||
ASSETS: | ||||||||||||
Investments in securities, at cost | $ | 2,187,257,645 | $ | 3,525,970,079 | $ | 146,906,980 | ||||||
Investments in securities, at fair value | $ | 2,213,050,775 | $ | 3,688,984,894 | $ | 155,141,955 | ||||||
Cash | 2,794,571 | 1,131,472 | 1,459,743 | |||||||||
Deposits with brokers for futures collateral | – | 1,079,300 | 101,950 | |||||||||
Receivables: | ||||||||||||
Interest | 19,635,564 | 44,998,770 | 2,105,832 | |||||||||
Capital shares sold | 7,117,489 | 17,236,061 | 1,475,700 | |||||||||
Investment securities sold | 27,500,000 | 900,000 | 564,022 | |||||||||
From advisor (See Note 3) | 90,932 | – | 36,012 | |||||||||
Prepaid expenses and other assets | 159,779 | 161,334 | 35,306 | |||||||||
Total assets | 2,270,349,110 | 3,754,491,831 | 160,920,520 | |||||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 31,000,000 | 18,546,465 | 2,742,188 | |||||||||
Trust certificates (See Note 2(h)) | – | 3,840,000 | – | |||||||||
Capital shares reacquired | 5,478,260 | 6,927,184 | 200,796 | |||||||||
Management fee | 761,259 | 1,208,602 | 66,400 | |||||||||
12b-1 distribution fees | 477,548 | 1,118,023 | 31,454 | |||||||||
Interest expense and fees (See Note 2(h)) | – | 5,452 | – | |||||||||
Directors’ fees | 216,645 | 301,840 | 10,722 | |||||||||
Fund administration | 76,671 | 124,388 | 5,312 | |||||||||
Variation margin | – | 173,816 | 19,287 | |||||||||
Distributions payable | 1,710,600 | 7,927,873 | 411,756 | |||||||||
Accrued expenses | 207,930 | 255,561 | 35,357 | |||||||||
Total liabilities | 39,928,913 | 40,429,204 | 3,523,272 | |||||||||
NET ASSETS | $ | 2,230,420,197 | $ | 3,714,062,627 | $ | 157,397,248 | ||||||
COMPOSITION OF NET ASSETS: | ||||||||||||
Paid-in capital | $ | 2,211,738,583 | $ | 3,553,809,951 | $ | 153,579,840 | ||||||
Undistributed (distributions in excess of) net investment income | 420,579 | 7,086,049 | 321,691 | |||||||||
Accumulated net realized loss on investments and futures contracts | (7,532,095 | ) | (9,371,468 | ) | (4,689,367 | ) | ||||||
Net unrealized appreciation on investments and futures contracts | 25,793,130 | 162,538,095 | 8,185,084 | |||||||||
Net Assets | $ | 2,230,420,197 | $ | 3,714,062,627 | $ | 157,397,248 |
112 | See Notes to Financial Statements. |
National | High Yield | California | New Jersey | New York | ||||||||||||||
$ | 1,775,988,773 | $ | 2,100,466,049 | $ | 233,857,643 | $ | 96,288,944 | $ | 335,777,740 | |||||||||
$ | 1,899,293,306 | $ | 2,110,666,750 | $ | 255,310,834 | $ | 100,400,115 | $ | 354,491,319 | |||||||||
9,188,415 | 13,415,163 | 6,230,363 | 801,044 | 5,478,430 | ||||||||||||||
770,050 | 864,150 | 109,800 | 21,100 | 182,900 | ||||||||||||||
25,225,898 | 31,365,782 | 3,389,511 | 1,356,626 | 4,481,603 | ||||||||||||||
9,165,284 | 11,278,886 | 801,745 | 464,321 | 1,205,458 | ||||||||||||||
3,879,816 | 4,246,331 | – | – | – | ||||||||||||||
– | 13,481 | – | – | – | ||||||||||||||
60,056 | 79,337 | 32,750 | 25,645 | 30,913 | ||||||||||||||
1,947,582,825 | 2,171,929,880 | 265,875,003 | 103,068,851 | 365,870,623 | ||||||||||||||
42,143,046 | 28,883,218 | 4,547,460 | 351,102 | 7,650,148 | ||||||||||||||
62,165,000 | 41,160,000 | 1,500,000 | – | 4,030,000 | ||||||||||||||
3,546,833 | 5,901,632 | 455,243 | 75,921 | 789,006 | ||||||||||||||
662,430 | 833,038 | 98,445 | 38,692 | 133,233 | ||||||||||||||
588,905 | 591,299 | 82,470 | 27,316 | 116,478 | ||||||||||||||
131,945 | 56,565 | 3,480 | – | 6,939 | ||||||||||||||
449,747 | 221,116 | 106,406 | 34,872 | 103,713 | ||||||||||||||
61,996 | 70,564 | 8,751 | 3,439 | 11,843 | ||||||||||||||
110,970 | 138,777 | 20,794 | 3,675 | 30,938 | ||||||||||||||
5,367,218 | 7,905,344 | 692,201 | 282,028 | 870,934 | ||||||||||||||
198,455 | 228,803 | 65,454 | 34,409 | 50,133 | ||||||||||||||
115,426,545 | 85,990,356 | 7,580,704 | 851,454 | 13,793,365 | ||||||||||||||
$ | 1,832,156,280 | $ | 2,085,939,524 | $ | 258,294,299 | $ | 102,217,397 | $ | 352,077,258 | |||||||||
$ | 1,746,978,476 | $ | 2,410,549,756 | $ | 247,064,193 | $ | 105,229,309 | $ | 345,823,211 | |||||||||
5,186,457 | 14,482,400 | (22,306 | ) | (117,211 | ) | (524,915 | ) | |||||||||||
(43,051,043 | ) | (348,821,751 | ) | (10,173,486 | ) | (6,993,101 | ) | (11,842,111 | ) | |||||||||
123,042,390 | 9,729,119 | 21,425,898 | 4,098,400 | 18,621,073 | ||||||||||||||
$ | 1,832,156,280 | $ | 2,085,939,524 | $ | 258,294,299 | $ | 102,217,397 | $ | 352,077,258 |
See Notes to Financial Statements. | 113 |
Statements of Assets and Liabilities (unaudited)(concluded)
March 31, 2015
Short Duration | Intermediate | AMT Free | ||||||||||
Net assets by class: | ||||||||||||
Class A Shares | $ | 1,193,589,352 | $ | 1,580,454,784 | $ | 107,150,543 | ||||||
Class B Shares | – | $ | 3,593,132 | – | ||||||||
Class C Shares | $ | 221,927,540 | $ | 582,864,765 | $ | 22,143,925 | ||||||
Class F Shares | $ | 765,297,372 | $ | 1,403,439,142 | $ | 27,829,046 | ||||||
Class I Shares | $ | 49,605,933 | $ | 143,694,906 | $ | 273,734 | ||||||
Class P Shares | – | $ | 15,898 | – | ||||||||
Outstanding shares by class*: | ||||||||||||
Class A Shares | 75,660,046 | 144,580,843 | 6,651,578 | |||||||||
Class B Shares | – | 328,982 | – | |||||||||
Class C Shares | 14,066,998 | 53,388,283 | 1,374,945 | |||||||||
Class F Shares | 48,506,531 | 128,415,683 | 1,727,662 | |||||||||
Class I Shares | 3,143,662 | 13,143,550 | 16,984 | |||||||||
Class P Shares | – | 1,454 | – | |||||||||
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | ||||||||||||
Class A Shares-Net asset value | $15.78 | $10.93 | $16.11 | |||||||||
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $16.14 | $11.18 | $16.48 | |||||||||
Class B Shares-Net asset value | – | $10.92 | – | |||||||||
Class C Shares-Net asset value | $15.78 | $10.92 | $16.11 | |||||||||
Class F Shares-Net asset value | $15.78 | $10.93 | $16.11 | |||||||||
Class I Shares-Net asset value | $15.78 | $10.93 | $16.12 | |||||||||
Class P Shares-Net asset value | – | $10.93 | – |
* | Lord Abbett Municipal Income Fund, Inc. has 5,065,002,000 authorized shares of capital stock (par value $.001), which are designated to the eight Funds presented in this report (see Note 1) 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. |
114 | See Notes to Financial Statements. |
National | High Yield | California | New Jersey | New York | ||||||||||||||
$ | 1,461,471,119 | $ | 1,216,002,694 | $ | 185,451,281 | $ | 94,917,030 | $ | 269,608,344 | |||||||||
$ | 3,871,103 | – | – | – | – | |||||||||||||
$ | 183,298,939 | $ | 419,526,693 | $ | 39,691,929 | – | $ | 53,479,621 | ||||||||||
$ | 180,866,466 | $ | 438,308,381 | $ | 31,660,953 | $ | 7,286,983 | $ | 28,328,912 | |||||||||
$ | 2,648,653 | $ | 12,088,061 | $ | 1,490,136 | $ | 13,384 | $ | 660,381 | |||||||||
– | $ | 13,695 | – | – | – | |||||||||||||
127,860,716 | 102,991,529 | 16,867,125 | 19,033,926 | 23,799,346 | ||||||||||||||
337,010 | – | – | – | – | ||||||||||||||
16,018,533 | 35,521,150 | 3,608,716 | – | 4,727,232 | ||||||||||||||
15,835,568 | 37,094,835 | 2,879,745 | 1,460,518 | 2,498,412 | ||||||||||||||
231,755 | 1,025,047 | 135,595 | 2,682 | 58,267 | ||||||||||||||
– | 1,159 | – | – | – | ||||||||||||||
$11.43 | $11.81 | $10.99 | $4.99 | $11.33 | ||||||||||||||
$11.69 | $12.08 | $11.24 | $5.10 | $11.59 | ||||||||||||||
$11.49 | – | – | – | – | ||||||||||||||
$11.44 | $11.81 | $11.00 | – | $11.31 | ||||||||||||||
$11.42 | $11.82 | $10.99 | $4.99 | $11.34 | ||||||||||||||
$11.43 | $11.79 | $10.99 | $4.99 | $11.33 | ||||||||||||||
– | $11.82 | – | – | – |
See Notes to Financial Statements. | 115 |
Statements of Operations (unaudited)
For the Six Months Ended March 31, 2015
Short Duration | Intermediate | AMT Free | ||||||||||
Investment income: | ||||||||||||
Interest and other | $ | 19,138,431 | $ | 60,288,447 | $ | 2,945,957 | ||||||
Total investment income | 19,138,431 | 60,288,447 | 2,945,957 | |||||||||
Expenses: | ||||||||||||
Management fee | 4,612,073 | 6,654,577 | 369,101 | |||||||||
12b-1 distribution plan-Class A | 1,228,604 | 1,534,440 | 99,279 | |||||||||
12b-1 distribution plan-Class B | – | 18,607 | – | |||||||||
12b-1 distribution plan-Class C | 952,492 | 2,340,421 | 89,525 | |||||||||
12b-1 distribution plan-Class F | 403,407 | 602,493 | 13,397 | |||||||||
12b-1 distribution plan-Class P | – | 35 | – | |||||||||
Interest expense and fees (See Note 2(h)) | – | 11,213 | – | |||||||||
Shareholder servicing | 430,924 | 810,391 | 35,046 | |||||||||
Professional | 30,031 | 32,110 | 21,882 | |||||||||
Reports to shareholders | 39,725 | 73,714 | 3,958 | |||||||||
Fund administration | 465,361 | 683,228 | 29,528 | |||||||||
Custody | 15,969 | 21,246 | 2,727 | |||||||||
Directors’ fees | 31,433 | 43,881 | 1,890 | |||||||||
Registration | 108,091 | 108,019 | 28,137 | |||||||||
Other | 49,770 | 95,076 | 5,648 | |||||||||
Gross expenses | 8,367,880 | 13,029,451 | 700,118 | |||||||||
Expense reductions (See Note 9) | (1,129 | ) | (1,642 | ) | (71 | ) | ||||||
Management fee waived (See Note 3) | (546,939 | ) | – | (202,566 | ) | |||||||
Net expenses | 7,819,812 | 13,027,809 | 497,481 | |||||||||
Net investment income | 11,318,619 | 47,260,638 | 2,448,476 | |||||||||
Net realized and unrealized gain (loss): | ||||||||||||
Net realized gain on investments and futures contracts | 1,142,242 | 2,253,247 | 47,192 | |||||||||
Net change in unrealized appreciation/depreciation on investments and futures contracts | (5,065,431 | ) | 25,906,257 | 1,801,464 | ||||||||
Net realized and unrealized gain (loss) | (3,923,189 | ) | 28,159,504 | 1,848,656 | ||||||||
Net Increase in Net Assets Resulting From Operations | $ | 7,395,430 | $ | 75,420,142 | $ | 4,297,132 |
116 | See Notes to Financial Statements. |
National | High Yield | California | New Jersey | New York | ||||||||||||||
$ | 39,009,429 | $ | 56,677,880 | $ | 5,237,914 | $ | 2,093,139 | $ | 6,548,076 | |||||||||
39,009,429 | 56,677,880 | 5,237,914 | 2,093,139 | 6,548,076 | ||||||||||||||
3,836,272 | 4,796,907 | 553,310 | 224,771 | 745,947 | ||||||||||||||
1,440,936 | 1,179,535 | 179,165 | 93,271 | 254,724 | ||||||||||||||
20,996 | – | – | – | – | ||||||||||||||
734,374 | 1,714,675 | 156,405 | – | 214,757 | ||||||||||||||
83,100 | 209,764 | 13,929 | 3,307 | 12,124 | ||||||||||||||
– | 30 | – | – | – | ||||||||||||||
216,751 | 126,337 | 5,142 | – | 12,060 | ||||||||||||||
453,334 | 494,507 | 46,252 | 28,688 | 78,436 | ||||||||||||||
76,084 | 503,984 | 84,992 | 19,475 | 21,639 | ||||||||||||||
42,742 | 47,510 | 5,736 | 3,355 | 7,182 | ||||||||||||||
358,696 | 404,992 | 49,183 | 19,980 | 66,306 | ||||||||||||||
12,801 | 14,214 | 2,358 | 2,005 | 3,496 | ||||||||||||||
23,795 | 26,606 | 3,167 | 1,340 | 4,317 | ||||||||||||||
51,302 | 75,630 | 23,805 | 19,118 | 24,002 | ||||||||||||||
51,936 | 58,644 | 7,168 | 4,536 | 9,211 | ||||||||||||||
7,403,119 | 9,653,335 | 1,130,612 | 419,846 | 1,454,201 | ||||||||||||||
(867 | ) | (976 | ) | (119 | ) | (48 | ) | (160 | ) | |||||||||
– | (22,511 | ) | – | – | – | |||||||||||||
7,402,252 | 9,629,848 | 1,130,493 | 419,798 | 1,454,041 | ||||||||||||||
31,607,177 | 47,048,032 | 4,107,421 | 1,673,341 | 5,094,035 | ||||||||||||||
2,025,145 | 1,499,471 | 739,829 | 572,236 | 593,060 | ||||||||||||||
19,248,989 | 16,767,137 | 2,535,624 | 424,204 | 2,167,775 | ||||||||||||||
21,274,134 | 18,266,608 | 3,275,453 | 996,440 | 2,760,835 | ||||||||||||||
$ | 52,881,311 | $ | 65,314,640 | $ | 7,382,874 | $ | 2,669,781 | $ | 7,854,870 |
See Notes to Financial Statements. | 117 |
Statements of Changes in Net Assets
Short Duration | ||||||||
For the | ||||||||
Six Months Ended | For the | |||||||
March 31, 2015 | Year Ended | |||||||
INCREASE (DECREASE) IN NET ASSETS | (unaudited) | September 30, 2014 | ||||||
Operations: | ||||||||
Net investment income | $ | 11,318,619 | $ | 27,751,188 | ||||
Net realized gain (loss) on investments and futures contracts | 1,142,242 | (7,409,550 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and futures contracts | (5,065,431 | ) | 23,918,533 | |||||
Net increase in net assets resulting from operations | 7,395,430 | 44,260,171 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Class A | (6,081,889 | ) | (15,736,905 | ) | ||||
Class B | – | – | ||||||
Class C | (423,718 | ) | (1,419,119 | ) | ||||
Class F | (4,362,526 | ) | (9,360,511 | ) | ||||
Class I | (350,846 | ) | (1,029,066 | ) | ||||
Class P | – | – | ||||||
Net realized gain | ||||||||
Class A | – | (1,091,250 | ) | |||||
Class B | – | – | ||||||
Class C | – | (210,621 | ) | |||||
Class F | – | (562,838 | ) | |||||
Class I | – | (50,130 | ) | |||||
Class P | – | – | ||||||
Total distributions to shareholders | (11,218,979 | ) | (29,460,440 | ) | ||||
Capital share transactions (Net of share conversions) (See Note 13): | ||||||||
Net proceeds from sales of shares | 574,050,193 | 820,533,138 | ||||||
Reinvestment of distributions | 6,132,341 | 16,787,014 | ||||||
Cost of shares reacquired | (673,855,927 | ) | (1,111,008,754 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | (93,673,393 | ) | (273,688,602 | ) | ||||
Net increase (decrease) in net assets | (97,496,942 | ) | (258,888,871 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | $ | 2,327,917,139 | $ | 2,586,806,010 | ||||
End of period | $ | 2,230,420,197 | $ | 2,327,917,139 | ||||
Undistributed net investment income | $ | 420,579 | $ | 320,939 |
118 | See Notes to Financial Statements. |
Intermediate | AMT Free | |||||||||||||
For the | For the | |||||||||||||
Six Months Ended | For the | Six Months Ended | For the | |||||||||||
March 31, 2015 | Year Ended | March 31, 2015 | Year Ended | |||||||||||
(unaudited) | September 30, 2014 | (unaudited) | September 30, 2014 | |||||||||||
$ | 47,260,638 | $ | 92,054,477 | $ | 2,448,476 | $ | 4,888,457 | |||||||
2,253,247 | (9,070,477 | ) | 47,192 | (4,159,367 | ) | |||||||||
25,906,257 | 124,679,616 | 1,801,464 | 10,895,985 | |||||||||||
75,420,142 | 207,663,616 | 4,297,132 | 11,625,075 | |||||||||||
(21,234,439 | ) | (48,195,558 | ) | (1,647,603 | ) | (3,568,143 | ) | |||||||
(36,788 | ) | (92,595 | ) | – | – | |||||||||
(6,100,992 | ) | (13,485,186 | ) | (287,845 | ) | (584,331 | ) | |||||||
(17,247,551 | ) | (26,700,360 | ) | (457,154 | ) | (647,198 | ) | |||||||
(1,543,422 | ) | (1,811,985 | ) | (3,295 | ) | (4,783 | ) | |||||||
(199 | ) | (412 | ) | – | – | |||||||||
– | (11,348,778 | ) | – | – | ||||||||||
– | (29,915 | ) | – | – | ||||||||||
– | (4,018,661 | ) | – | – | ||||||||||
– | (5,568,019 | ) | – | – | ||||||||||
– | (336,863 | ) | – | – | ||||||||||
– | (100 | ) | – | – | ||||||||||
(46,163,391 | ) | (111,588,432 | ) | (2,395,897 | ) | (4,804,455 | ) | |||||||
851,477,741 | 1,056,424,913 | 37,086,425 | 59,806,836 | |||||||||||
30,620,037 | 75,383,139 | 1,983,103 | 3,832,130 | |||||||||||
(407,029,589 | ) | (1,439,068,822 | ) | (21,478,595 | ) | (77,994,911 | ) | |||||||
475,068,189 | (307,260,770 | ) | 17,590,933 | (14,355,945 | ) | |||||||||
504,324,940 | (211,185,586 | ) | 19,492,168 | (7,535,325 | ) | |||||||||
$ | 3,209,737,687 | $ | 3,420,923,273 | $ | 137,905,080 | $ | 145,440,405 | |||||||
$ | 3,714,062,627 | $ | 3,209,737,687 | $ | 157,397,248 | $ | 137,905,080 | |||||||
$ | 7,086,049 | $ | 5,988,802 | $ | 321,691 | $ | 269,112 |
See Notes to Financial Statements. | 119 |
Statements of Changes in Net Assets (continued)
National | ||||||||
For the | ||||||||
Six Months Ended | For the | |||||||
March 31, 2015 | Year Ended | |||||||
INCREASE IN NET ASSETS | (unaudited) | September 30, 2014 | ||||||
Operations: | ||||||||
Net investment income | $ | 31,607,177 | $ | 68,357,678 | ||||
Net realized gain (loss) on investments and futures contracts | 2,025,145 | (19,779,763 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and futures contracts | 19,248,989 | 124,759,397 | ||||||
Net increase in net assets resulting from operations | 52,881,311 | 173,337,312 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Class A | (25,454,355 | ) | (57,015,288 | ) | ||||
Class B | (57,353 | ) | (160,460 | ) | ||||
Class C | (2,601,304 | ) | (5,765,538 | ) | ||||
Class F | (3,010,290 | ) | (4,378,334 | ) | ||||
Class I | (40,597 | ) | (33,082 | ) | ||||
Class P | – | – | ||||||
Total distributions to shareholders | (31,163,899 | ) | (67,352,702 | ) | ||||
Capital share transactions (Net of share conversions) (See Note 13): | ||||||||
Net proceeds from sales of shares | 163,855,960 | 295,161,672 | ||||||
Reinvestment of distributions | 26,229,213 | 56,280,544 | ||||||
Cost of shares reacquired | (134,796,453 | ) | (427,463,617 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | 55,288,720 | (76,021,401 | ) | |||||
Net increase in net assets | 77,006,132 | 29,963,209 | ||||||
NET ASSETS: | ||||||||
Beginning of period | $ | 1,755,150,148 | $ | 1,725,186,939 | ||||
End of period | $ | 1,832,156,280 | $ | 1,755,150,148 | ||||
Undistributed (distributions in excess of) net investment income | $ | 5,186,457 | $ | 4,743,179 |
120 | See Notes to Financial Statements. |
High Yield | California | |||||||||||||
For the | For the | |||||||||||||
Six Months Ended | For the | Six Months Ended | For the | |||||||||||
March 31, 2015 | Year Ended | March 31, 2015 | Year Ended | |||||||||||
(unaudited) | September 30, 2014 | (unaudited) | September 30, 2014 | |||||||||||
$ | 47,048,032 | $ | 89,663,072 | $ | 4,107,421 | $ | 7,817,749 | |||||||
1,499,471 | (12,682,746 | ) | 739,829 | 570,657 | ||||||||||
�� | 16,767,137 | 129,882,408 | 2,535,624 | 14,543,081 | ||||||||||
65,314,640 | 206,862,734 | 7,382,874 | 22,931,487 | |||||||||||
(26,751,316 | ) | (54,154,880 | ) | (3,033,442 | ) | (5,894,556 | ) | |||||||
– | – | – | – | |||||||||||
(8,075,543 | ) | (16,951,165 | ) | (518,796 | ) | (1,015,343 | ) | |||||||
(9,718,246 | ) | (13,548,631 | ) | (483,971 | ) | (798,142 | ) | |||||||
(295,488 | ) | (1,566,892 | ) | (19,642 | ) | (501 | ) | |||||||
(291 | ) | (590 | ) | – | – | |||||||||
(44,840,884 | ) | (86,222,158 | ) | (4,055,851 | ) | (7,708,542 | ) | |||||||
336,730,458 | 838,919,322 | 36,489,309 | 41,693,255 | |||||||||||
35,356,338 | 68,862,352 | 3,383,573 | 6,201,925 | |||||||||||
(294,571,434 | ) | (749,950,167 | ) | (15,990,657 | ) | (53,778,383 | ) | |||||||
77,515,362 | 157,831,507 | 23,882,225 | (5,883,203 | ) | ||||||||||
97,989,118 | 278,472,083 | 27,209,248 | 9,339,742 | |||||||||||
$ | 1,987,950,406 | $ | 1,709,478,323 | $ | 231,085,051 | $ | 221,745,309 | |||||||
$ | 2,085,939,524 | $ | 1,987,950,406 | $ | 258,294,299 | $ | 231,085,051 | |||||||
$ | 14,482,400 | $ | 12,275,252 | $ | (22,306 | ) | $ | (73,876 | ) |
See Notes to Financial Statements. | 121 |
Statements of Changes in Net Assets (concluded)
New Jersey | ||||||||
For the | ||||||||
Six Months Ended | For the | |||||||
March 31, 2015 | Year Ended | |||||||
INCREASE (DECREASE) IN NET ASSETS | (unaudited) | September 30, 2014 | ||||||
Operations: | ||||||||
Net investment income | $ | 1,673,341 | $ | 3,619,473 | ||||
Net realized gain (loss) on investments and futures contracts | 572,236 | (950,858 | ) | |||||
Net change in unrealized appreciation/depreciation on investments and futures contracts | 424,204 | 6,367,205 | ||||||
Net increase in net assets resulting from operations | 2,669,781 | 9,035,820 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | ||||||||
Class A | (1,545,781 | ) | (3,400,416 | ) | ||||
Class C | – | – | ||||||
Class F | (112,663 | ) | (189,040 | ) | ||||
Class I | (236 | ) | (474 | ) | ||||
Total distributions to shareholders | (1,658,680 | ) | (3,589,930 | ) | ||||
Capital share transactions (See Note 13): | ||||||||
Net proceeds from sales of shares | 7,553,830 | 12,976,162 | ||||||
Reinvestment of distributions | 1,331,657 | 2,748,948 | ||||||
Cost of shares reacquired | (7,243,936 | ) | (48,122,435 | ) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | 1,641,551 | (32,397,325 | ) | |||||
Net increase (decrease) in net assets | 2,652,652 | (26,951,435 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 99,564,745 | $ | 126,516,180 | ||||
End of period | $ | 102,217,397 | $ | 99,564,745 | ||||
Distributions in excess of net investment income | $ | (117,211 | ) | $ | (131,872 | ) |
122 | See Notes to Financial Statements. |
New York | ||||||
For the | ||||||
Six Months Ended | For the | |||||
March 31, 2015 | Year Ended | |||||
(unaudited) | September 30, 2014 | |||||
$ | 5,094,035 | $ | 10,392,559 | |||
593,060 | (2,218,620 | ) | ||||
2,167,775 | 19,724,046 | |||||
7,854,870 | 27,897,985 | |||||
(4,008,629 | ) | (8,436,616 | ) | |||
(640,573 | ) | (1,283,989 | ) | |||
(391,766 | ) | (571,241 | ) | |||
(10,895 | ) | (22,243 | ) | |||
(5,051,863 | ) | (10,314,089 | ) | |||
53,853,233 | 57,621,244 | |||||
3,811,881 | 7,864,137 | |||||
(23,772,781 | ) | (92,359,910 | ) | |||
33,892,333 | (26,874,529 | ) | ||||
36,695,340 | (9,290,633 | ) | ||||
$ | 315,381,918 | $ | 324,672,551 | |||
$ | 352,077,258 | $ | 315,381,918 | |||
$ | (524,915 | ) | $ | (567,087 | ) |
See Notes to Financial Statements. | 123 |
SHORT DURATION TAX FREE FUND
Class A Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | $15.60 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .08 | .19 | .21 | .26 | .33 | .30 | ||||||||||||
Net realized and unrealized gain (loss) | (.02 | ) | .10 | (.25 | ) | .15 | .03 | .20 | ||||||||||
Total from investment operations | .06 | .29 | (.04 | ) | .41 | .36 | .50 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.08 | ) | (.19 | ) | (.21 | ) | (.26 | ) | (.33 | ) | (.30 | ) | ||||||
Net realized gain | – | (.01 | ) | (.01 | ) | (.01 | ) | – | – | |||||||||
Total distributions | (.08 | ) | (.20 | ) | (.22 | ) | (.27 | ) | (.33 | ) | (.30 | ) | ||||||
Net asset value, end of period | $15.78 | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | ||||||||||||
Total Return(b) | .37 | %(c) | 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 | .32 | %(c) | .64 | % | .63 | % | .61 | % | .59 | % | .55 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .32 | %(c) | .64 | %(d) | .62 | %(d) | .60 | %(d) | .58 | %(d) | .55 | %(d) | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .35 | %(c) | .70 | % | .70 | % | .70 | % | .70 | % | .70 | % | ||||||
Net investment income | .50 | %(c) | 1.19 | % | 1.32 | % | 1.65 | % | 2.08 | % | 1.91 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets,end of period (000) | $1,193,589 | $1,231,268 | $1,476,264 | $1,511,237 | $1,249,341 | $1,326,511 | ||||||||||||
Portfolio turnover rate | 16.62 | %(c) | 28.30 | % | 23.80 | % | 18.11 | % | 52.51 | % | 36.21 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
124 | See Notes to Financial Statements. |
Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
Class C Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | $15.60 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .03 | .09 | .11 | .16 | .21 | .18 | ||||||||||||
Net realized and unrealized gain (loss) | (.02 | ) | .10 | (.26 | ) | .15 | .03 | .19 | ||||||||||
Total from investment operations | .01 | .19 | (.15 | ) | .31 | .24 | .37 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.03 | ) | (.09 | ) | (.10 | ) | (.16 | ) | (.21 | ) | (.17 | ) | ||||||
Net realized gain | – | (.01 | ) | (.01 | ) | (.01 | ) | – | – | |||||||||
Total distributions | (.03 | ) | (.10 | ) | (.11 | ) | (.17 | ) | (.21 | ) | (.17 | ) | ||||||
Net asset value, end of period | $15.78 | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | ||||||||||||
Total Return(b) | .06 | %(c) | 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 | .64 | %(c) | 1.28 | % | 1.29 | % | 1.27 | % | 1.31 | % | 1.35 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .64 | %(c) | 1.28 | %(d) | 1.29 | %(d) | 1.26 | %(d) | 1.31 | %(d) | 1.35 | %(d) | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .66 | %(c) | 1.34 | % | 1.36 | % | 1.36 | % | 1.41 | % | 1.50 | % | ||||||
Net investment income | .19 | %(c) | .55 | % | .67 | % | 1.00 | % | 1.36 | % | 1.12 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $221,928 | $237,782 | $285,611 | $298,123 | $244,872 | $251,390 | ||||||||||||
Portfolio turnover rate | 16.62 | %(c) | 28.30 | % | 23.80 | % | 18.11 | % | 52.51 | % | 36.21 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements. | 125 |
Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
Class F Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | $15.60 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .09 | .20 | .23 | .27 | .34 | .32 | ||||||||||||
Net realized and unrealized gain (loss) | (.02 | ) | .10 | (.25 | ) | .16 | .03 | .20 | ||||||||||
Total from investment operations | .07 | .30 | (.02 | ) | .43 | .37 | .52 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.09 | ) | (.20 | ) | (.23 | ) | (.28 | ) | (.34 | ) | (.32 | ) | ||||||
Net realized gain | – | (.01 | ) | (.01 | ) | (.01 | ) | – | – | |||||||||
Total distributions | (.09 | ) | (.21 | ) | (.24 | ) | (.29 | ) | (.34 | ) | (.32 | ) | ||||||
Net asset value, end of period | $15.78 | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | ||||||||||||
Total Return(b) | .42 | %(c) | 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 | .27 | %(c) | .54 | % | .53 | % | .51 | % | .49 | % | .45 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .27 | %(c) | .54 | %(d) | .52 | %(d) | .50 | %(d) | .48 | %(d) | .45 | %(d) | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .30 | %(c) | .60 | % | .60 | % | .60 | % | .60 | % | .61 | % | ||||||
Net investment income | .54 | %(c) | 1.29 | % | 1.42 | % | 1.72 | % | 2.18 | % | 2.02 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $765,297 | $775,914 | $757,444 | $704,486 | $365,694 | $284,289 | ||||||||||||
Portfolio turnover rate | 16.62 | %(c) | 28.30 | % | 23.80 | % | 18.11 | % | 52.51 | % | 36.21 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
126 | See Notes to Financial Statements. |
Financial Highlights (concluded)
SHORT DURATION TAX FREE FUND
Class I Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | $15.60 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .09 | .22 | .24 | .28 | .35 | .33 | ||||||||||||
Net realized and unrealized gain (loss) | (.02 | ) | .10 | (.25 | ) | .16 | .04 | .20 | ||||||||||
Total from investment operations | .07 | .32 | (.01 | ) | .44 | .39 | .53 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.09 | ) | (.22 | ) | (.24 | ) | (.29 | ) | (.36 | ) | (.33 | ) | ||||||
Net realized gain | – | (.01 | ) | (.01 | ) | (.01 | ) | – | – | |||||||||
Total distributions | (.09 | ) | (.23 | ) | (.25 | ) | (.30 | ) | (.36 | ) | (.33 | ) | ||||||
Net asset value, end of period | $15.78 | $15.80 | $15.71 | $15.97 | $15.83 | $15.80 | ||||||||||||
Total Return(b) | .47 | %(c) | 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 | .23 | %(c) | .44 | % | .43 | % | .41 | % | .39 | % | .35 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .23 | %(c) | .44 | %(d) | .42 | %(d) | .40 | %(d) | .39 | %(d) | .34 | %(d) | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .25 | %(c) | .50 | % | .50 | % | .50 | % | .49 | % | .50 | % | ||||||
Net investment income | .59 | %(c) | 1.38 | % | 1.50 | % | 1.77 | % | 2.22 | % | 2.11 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $49,606 | $82,953 | $67,487 | $23,111 | $6,330 | $2,221 | ||||||||||||
Portfolio turnover rate | 16.62 | %(c) | 28.30 | % | 23.80 | % | 18.11 | % | 52.51 | % | 36.21 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements. | 127 |
Financial Highlights
INTERMEDIATE TAX FREE FUND
Class A Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.83 | $10.49 | $10.99 | $10.49 | $10.52 | $10.28 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .15 | .32 | .29 | .33 | .39 | .39 | ||||||||||||
Net realized and unrealized gain (loss) | .10 | .41 | (.50 | ) | .50 | (.03 | ) | .23 | ||||||||||
Total from investment operations | .25 | .73 | (.21 | ) | .83 | .36 | .62 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.15 | ) | (.32 | ) | (.29 | ) | (.33 | ) | (.39 | ) | (.38 | ) | ||||||
Net realized gain | – | (.07 | ) | – | – | – | – | |||||||||||
Total distributions | (.15 | ) | (.39 | ) | (.29 | ) | (.33 | ) | (.39 | ) | (.38 | ) | ||||||
Net asset value, end of period | $10.93 | $10.83 | $10.49 | $10.99 | $10.49 | $10.52 | ||||||||||||
Total Return(b) | 2.32 | %(c) | 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 | .35 | %(c) | .70 | % | .69 | % | .67 | % | .65 | % | .63 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d) | .35 | %(c) | .70 | % | .68 | % | .66 | % | .64 | % | .63 | % | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .35 | %(c) | .71 | % | .70 | % | .70 | % | .72 | % | .71 | % | ||||||
Net investment income | 1.41 | %(c) | 3.04 | % | 2.67 | % | 3.10 | % | 3.82 | % | 3.76 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $1,580,455 | $1,485,143 | $1,829,614 | $2,064,377 | $1,385,337 | $1,320,285 | ||||||||||||
Portfolio turnover rate | 3.92 | %(c) | 18.92 | % | 30.59 | % | 21.39 | % | 38.81 | % | 30.23 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
128 | See Notes to Financial Statements. |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
Class B Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.83 | $10.48 | $10.98 | $10.48 | $10.51 | $10.27 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .11 | .24 | .20 | .25 | .31 | .31 | ||||||||||||
Net realized and unrealized gain (loss) | .09 | .41 | (.50 | ) | .50 | (.04 | ) | .23 | ||||||||||
Total from investment operations | .20 | .65 | (.30 | ) | .75 | .27 | .54 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.11 | ) | (.23 | ) | (.20 | ) | (.25 | ) | (.30 | ) | (.30 | ) | ||||||
Net realized gain | – | (.07 | ) | – | – | – | – | |||||||||||
Total distributions | (.11 | ) | (.30 | ) | (.20 | ) | (.25 | ) | (.30 | ) | (.30 | ) | ||||||
Net asset value, end of period | $10.92 | $10.83 | $10.48 | $10.98 | $10.48 | $10.51 | ||||||||||||
Total Return(b) | 1.83 | %(c) | 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 | .75 | %(c) | 1.50 | % | 1.49 | % | 1.47 | % | 1.45 | % | 1.43 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d) | .75 | %(c) | 1.50 | % | 1.48 | % | 1.46 | % | 1.44 | % | 1.43 | % | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .75 | %(c) | 1.51 | % | 1.50 | % | 1.50 | % | 1.52 | % | 1.51 | % | ||||||
Net investment income | 1.02 | %(c) | 2.24 | % | 1.88 | % | 2.34 | % | 3.03 | % | 2.98 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $3,593 | $3,892 | $4,587 | $5,933 | $6,526 | $7,725 | ||||||||||||
Portfolio turnover rate | 3.92 | %(c) | 18.92 | % | 30.59 | % | 21.39 | % | 38.81 | % | 30.23 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements. | 129 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
Class C Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.82 | $10.48 | $10.98 | $10.48 | $10.51 | $10.27 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .12 | .25 | .22 | .26 | .32 | .31 | ||||||||||||
Net realized and unrealized gain (loss) | .10 | .41 | (.51 | ) | .50 | (.04 | ) | .24 | ||||||||||
Total from investment operations | .22 | .66 | (.29 | ) | .76 | .28 | .55 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.12 | ) | (.25 | ) | (.21 | ) | (.26 | ) | (.31 | ) | (.31 | ) | ||||||
Net realized gain | – | (.07 | ) | – | – | – | – | |||||||||||
Total distributions | (.12 | ) | (.32 | ) | (.21 | ) | (.26 | ) | (.31 | ) | (.31 | ) | ||||||
Net asset value, end of period | $10.92 | $10.82 | $10.48 | $10.98 | $10.48 | $10.51 | ||||||||||||
Total Return(b) | 2.01 | %(c) | 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 | .66 | %(c) | 1.34 | % | 1.36 | % | 1.34 | % | 1.37 | % | 1.37 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d) | .66 | %(c) | 1.34 | % | 1.36 | % | 1.34 | % | 1.36 | % | 1.37 | % | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .66 | %(c) | 1.35 | % | 1.38 | % | 1.38 | % | 1.43 | % | 1.46 | % | ||||||
Net investment income | 1.10 | %(c) | 2.40 | % | 2.00 | % | 2.42 | % | 3.10 | % | 3.01 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $582,865 | $559,156 | $634,305 | $699,128 | $453,450 | $391,138 | ||||||||||||
Portfolio turnover rate | 3.92 | %(c) | 18.92 | % | 30.59 | % | 21.39 | % | 38.81 | % | 30.23 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
130 | See Notes to Financial Statements. |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
Class F Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.83 | $10.49 | $10.99 | $10.49 | $10.52 | $10.28 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .16 | .33 | .30 | .34 | .40 | .40 | ||||||||||||
Net realized and unrealized gain (loss) | .10 | .41 | (.50 | ) | .50 | (.03 | ) | .23 | ||||||||||
Total from investment operations | .26 | .74 | (.20 | ) | .84 | .37 | .63 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.16 | ) | (.33 | ) | (.30 | ) | (.34 | ) | (.40 | ) | (.39 | ) | ||||||
Net realized gain | – | (.07 | ) | – | – | – | – | |||||||||||
Total distributions | (.16 | ) | (.40 | ) | (.30 | ) | (.34 | ) | (.40 | ) | (.39 | ) | ||||||
Net asset value, end of period | $10.93 | $10.83 | $10.49 | $10.99 | $10.49 | $10.52 | ||||||||||||
Total Return(b) | 2.37 | %(c) | 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 | .30 | %(c) | .60 | % | .59 | % | .57 | % | .55 | % | .53 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d) | .30 | %(c) | .60 | % | .58 | % | .56 | % | .54 | % | .53 | % | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .30 | %(c) | .60 | % | .60 | % | .61 | % | .62 | % | .61 | % | ||||||
Net investment income | 1.46 | %(c) | 3.13 | % | 2.77 | % | 3.19 | % | 3.92 | % | 3.86 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $1,403,439 | $1,092,546 | $899,590 | $1,007,950 | $547,652 | $307,256 | ||||||||||||
Portfolio turnover rate | 3.92 | %(c) | 18.92 | % | 30.59 | % | 21.39 | % | 38.81 | % | 30.23 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements. | 131 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
Class I Shares | |||||||||||||||
Six Months | |||||||||||||||
Ended | 1/31/2011(a) | ||||||||||||||
3/31/2015 | Year Ended 9/30 | to | |||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | |||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $10.84 | $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) | .16 | .34 | .31 | .34 | .27 | ||||||||||
Net realized and unrealized gain (loss) | .09 | .42 | (.51 | ) | .51 | .55 | (d) | ||||||||
Total from investment operations | .25 | .76 | (.20 | ) | .85 | .82 | |||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (.16 | ) | (.34 | ) | (.31 | ) | (.35 | ) | (.27 | ) | |||||
Net realized gain | – | (.07 | ) | – | – | – | |||||||||
Total distributions | (.16 | ) | (.41 | ) | (.31 | ) | (.35 | ) | (.27 | ) | |||||
Net asset value, end of period | $10.93 | $10.84 | $10.49 | $11.00 | $10.50 | ||||||||||
Total Return(e) | 8.26 | %(f)(g) | |||||||||||||
Total Return(e) | 2.33 | %(f) | 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 | .25 | %(f) | .50 | % | .49 | % | .47 | % | .45 | %(i) | |||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(j) | .25 | %(f) | .50 | % | .48 | % | .46 | % | .44 | %(i) | |||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .25 | %(f) | .50 | % | .50 | % | .51 | % | .54 | %(i) | |||||
Net investment income | 1.49 | %(f) | 3.23 | % | 2.87 | % | 3.17 | % | 3.81 | %(i) | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000) | $143,695 | $68,985 | $52,814 | $37,514 | $2,572 | ||||||||||
Portfolio turnover rate | 3.92 | %(f) | 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. |
132 | See Notes to Financial Statements. |
Financial Highlights (concluded)
INTERMEDIATE TAX FREE FUND
Class P Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.84 | $10.49 | $11.00 | $10.50 | $10.52 | $10.28 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .14 | .30 | .27 | .31 | .37 | .36 | ||||||||||||
Net realized and unrealized gain (loss) | .09 | .41 | (.52 | ) | .50 | (.03 | ) | .24 | ||||||||||
Total from investment operations | .23 | .71 | (.25 | ) | .81 | .34 | .60 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.14 | ) | (.29 | ) | (.26 | ) | (.31 | ) | (.36 | ) | (.36 | ) | ||||||
Net realized gain | – | (.07 | ) | – | – | – | – | |||||||||||
Total distributions | (.14 | ) | (.36 | ) | (.26 | ) | (.31 | ) | (.36 | ) | (.36 | ) | ||||||
Net asset value, end of period | $10.93 | $10.84 | $10.49 | $11.00 | $10.50 | $10.52 | ||||||||||||
Total Return(b) | 2.11 | %(c) | 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 | .47 | %(c) | .93 | % | .92 | % | .90 | % | .89 | % | .86 | % | ||||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d) | .47 | %(c) | .93 | % | .92 | % | .90 | % | .88 | % | .86 | % | ||||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .47 | %(c) | .94 | % | .94 | % | .94 | % | .96 | % | .94 | % | ||||||
Net investment income | 1.29 | %(c) | 2.80 | % | 2.44 | % | 2.90 | % | 3.60 | % | 3.56 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $16 | $16 | $15 | $15 | $14 | $13 | ||||||||||||
Portfolio turnover rate | 3.92 | %(c) | 18.92 | % | 30.59 | % | 21.39 | % | 38.81 | % | 30.23 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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
AMT FREE MUNICIPAL BOND FUND
Class A Shares | |||||||||||||||
Six Months | |||||||||||||||
Ended | 10/26/2010(a) | ||||||||||||||
3/31/2015 | Year Ended 9/30 | to | |||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | |||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $15.89 | $15.03 | $16.38 | $15.08 | $15.00 | ||||||||||
Investment operations: | |||||||||||||||
Net investment income(b) | .27 | .59 | .58 | .65 | .65 | ||||||||||
Net realized and unrealized gain (loss) | .22 | .85 | (1.35 | ) | 1.30 | .05 | |||||||||
Total from investment operations | .49 | 1.44 | (.77 | ) | 1.95 | .70 | |||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (.27 | ) | (.58 | ) | (.58 | ) | (.65 | ) | (.62 | ) | |||||
Net asset value, end of period | $16.11 | $15.89 | $15.03 | $16.38 | $15.08 | ||||||||||
Total Return(c) | 3.08 | %(d) | 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 | .30 | %(d) | .60 | % | .58 | % | .55 | % | .50 | %(e) | |||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .30 | %(d) | .60 | % | .58 | % | .53 | %(f) | .50 | %(e)(f) | |||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .44 | %(d) | .90 | % | .87 | % | .91 | % | 1.13 | %(e) | |||||
Net investment income | 1.69 | %(d) | 3.83 | % | 3.62 | % | 4.12 | % | 4.81 | %(e) | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000) | $107,151 | $92,711 | $106,852 | $115,862 | $62,280 | ||||||||||
Portfolio turnover rate | 10.40 | %(d) | 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. |
134 | See Notes to Financial Statements. |
Financial Highlights (continued)
AMT FREE MUNICIPAL BOND FUND
Class C Shares | |||||||||||||||
Six Months | |||||||||||||||
Ended | 10/26/2010(a) | ||||||||||||||
3/31/2015 | Year Ended 9/30 | to | |||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | |||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $15.88 | $15.03 | $16.38 | $15.07 | $15.00 | ||||||||||
Investment operations: | |||||||||||||||
Net investment income(b) | .22 | .48 | .46 | .51 | .54 | ||||||||||
Net realized and unrealized gain (loss) | .23 | .85 | (1.35 | ) | 1.32 | .04 | |||||||||
Total from investment operations | .45 | 1.33 | (.89 | ) | 1.83 | .58 | |||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (.22 | ) | (.48 | ) | (.46 | ) | (.52 | ) | (.51 | ) | |||||
Net asset value, end of period | $16.11 | $15.88 | $15.03 | $16.38 | $15.07 | ||||||||||
Total Return(c) | 2.82 | %(d) | 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 | .62 | %(d) | 1.27 | % | 1.33 | % | 1.32 | % | 1.29 | %(e) | |||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .62 | %(d) | 1.27 | % | 1.33 | % | 1.30 | %(f) | 1.29 | %(e)(f) | |||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .75 | %(d) | 1.56 | % | 1.62 | % | 1.66 | % | 1.84 | %(e) | |||||
Net investment income | 1.38 | %(d) | 3.15 | % | 2.87 | % | 3.22 | % | 3.97 | %(e) | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000) | $22,144 | $20,596 | $19,779 | $18,242 | $2,532 | ||||||||||
Portfolio turnover rate | 10.40 | %(d) | 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. | 135 |
Financial Highlights (continued)
AMT FREE MUNICIPAL BOND FUND
Class F Shares | |||||||||||||||
Six Months | |||||||||||||||
Ended | 10/26/2010(a) | ||||||||||||||
3/31/2015 | Year Ended 9/30 | to | |||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | |||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $15.89 | $15.03 | $16.38 | $15.09 | $15.00 | ||||||||||
Investment operations: | |||||||||||||||
Net investment income(b) | .28 | .60 | .60 | .65 | .67 | ||||||||||
Net realized and unrealized gain (loss) | .21 | .85 | (1.36 | ) | 1.30 | .05 | |||||||||
Total from investment operations | .49 | 1.45 | (.76 | ) | 1.95 | .72 | |||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (.27 | ) | (.59 | ) | (.59 | ) | (.66 | ) | (.63 | ) | |||||
Net asset value, end of period | $16.11 | $15.89 | $15.03 | $16.38 | $15.09 | ||||||||||
Total Return(c) | 3.12 | %(d) | 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 | .25 | %(d) | .50 | % | .48 | % | .45 | % | .40 | %(e) | |||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .25 | %(d) | .50 | % | .48 | % | .44 | %(f) | .39 | %(e)(f) | |||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .39 | %(d) | .80 | % | .77 | % | .80 | % | .90 | %(e) | |||||
Net investment income | 1.74 | %(d) | 3.91 | % | 3.71 | % | 4.08 | % | 4.85 | %(e) | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000) | $27,829 | $24,429 | $18,702 | $32,554 | $3,769 | ||||||||||
Portfolio turnover rate | 10.40 | %(d) | 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. |
136 | See Notes to Financial Statements. |
Financial Highlights (concluded)
AMT FREE MUNICIPAL BOND FUND
Class I Shares | |||||||||||||||
Six Months | |||||||||||||||
Ended | 10/26/2010(a) | ||||||||||||||
3/31/2015 | Year Ended 9/30 | to | |||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | |||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $15.90 | $15.04 | $16.39 | $15.08 | $15.00 | ||||||||||
Investment operations: | |||||||||||||||
Net investment income(b) | .29 | .62 | .63 | .66 | .66 | ||||||||||
Net realized and unrealized gain (loss) | .21 | .85 | (1.37 | ) | 1.33 | .07 | |||||||||
Total from investment operations | .50 | 1.47 | (.74 | ) | 1.99 | .73 | |||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (.28 | ) | (.61 | ) | (.61 | ) | (.68 | ) | (.65 | ) | |||||
Net asset value, end of period | $16.12 | $15.90 | $15.04 | $16.39 | $15.08 | ||||||||||
Total Return(c) | 3.18 | %(d) | 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 | .20 | %(d) | .40 | % | .37 | % | .36 | % | .29 | %(e) | |||||
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | .20 | %(d) | .40 | % | .37 | % | .35 | %(f) | .29 | %(e)(f) | |||||
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | .34 | %(d) | .69 | % | .67 | % | .69 | % | 2.12 | %(e) | |||||
Net investment income | 1.78 | %(d) | 4.00 | % | 3.80 | % | 4.10 | % | 4.91 | %(e) | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000) | $274 | $169 | $108 | $8,372 | $11 | ||||||||||
Portfolio turnover rate | 10.40 | %(d) | 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. | 137 |
Financial Highlights
NATIONAL TAX FREE FUND
Class A Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.29 | $10.60 | $11.52 | $10.53 | $10.84 | $10.62 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .20 | .45 | .44 | .50 | .52 | .54 | ||||||||||||
Net realized and unrealized gain (loss) | .14 | .68 | (.93 | ) | .98 | (.31 | ) | .21 | ||||||||||
Total from investment operations | .34 | 1.13 | (.49 | ) | 1.48 | .21 | .75 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.20 | ) | (.44 | ) | (.43 | ) | (.49 | ) | (.52 | ) | (.53 | ) | ||||||
Net asset value, end of period | $11.43 | $11.29 | $10.60 | $11.52 | $10.53 | $10.84 | ||||||||||||
Total Return(b) | 3.03 | %(c) | 10.87 | % | (4.40 | )% | 14.37 | % | 2.15 | % | 7.34 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .37 | %(c) | .75 | % | .74 | % | .73 | % | .76 | % | .77 | % | ||||||
Expenses, excluding expense reductions | .38 | %(c) | .78 | % | .76 | % | .79 | % | .83 | % | .86 | % | ||||||
Net investment income | 1.78 | %(c) | 4.09 | % | 3.87 | % | 4.52 | % | 5.12 | % | 5.12 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $1,461,471 | $1,423,250 | $1,438,697 | $1,694,729 | $1,406,579 | $1,007,123 | ||||||||||||
Portfolio turnover rate | 14.27 | %(c) | 44.80 | % | 33.78 | % | 43.81 | % | 87.43 | % | 63.31 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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)
NATIONAL TAX FREE FUND
Class B Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.35 | $10.65 | $11.58 | $10.58 | $10.90 | $10.68 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .16 | .36 | .35 | .42 | .45 | .46 | ||||||||||||
Net realized and unrealized gain (loss) | .14 | .69 | (.94 | ) | .99 | (.33 | ) | .21 | ||||||||||
Total from investment operations | .30 | 1.05 | (.59 | ) | 1.41 | .12 | .67 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.16 | ) | (.35 | ) | (.34 | ) | (.41 | ) | (.44 | ) | (.45 | ) | ||||||
Net asset value, end of period | $11.49 | $11.35 | $10.65 | $11.58 | $10.58 | $10.90 | ||||||||||||
Total Return(b) | 2.62 | %(c) | 10.06 | % | (5.21 | )% | 13.52 | % | 1.26 | % | 6.48 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .77 | %(c) | 1.55 | % | 1.54 | % | 1.53 | % | 1.57 | % | 1.57 | % | ||||||
Expenses, excluding expense reductions | .78 | %(c) | 1.58 | % | 1.57 | % | 1.60 | % | 1.64 | % | 1.66 | % | ||||||
Net investment income | 1.39 | %(c) | 3.31 | % | 3.07 | % | 3.77 | % | 4.31 | % | 4.33 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $3,871 | $4,488 | $5,443 | $7,762 | $9,190 | $16,143 | ||||||||||||
Portfolio turnover rate | 14.27 | %(c) | 44.80 | % | 33.78 | % | 43.81 | % | 87.43 | % | 63.31 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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)
NATIONAL TAX FREE FUND
Class C Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.30 | $10.61 | $11.53 | $10.54 | $10.86 | $10.63 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .17 | .38 | .37 | .43 | .46 | .46 | ||||||||||||
Net realized and unrealized gain (loss) | .14 | .68 | (.93 | ) | .98 | (.33 | ) | .23 | ||||||||||
Total from investment operations | .31 | 1.06 | (.56 | ) | 1.41 | .13 | .69 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.17 | ) | (.37 | ) | (.36 | ) | (.42 | ) | (.45 | ) | (.46 | ) | ||||||
Net asset value, end of period | $11.44 | $11.30 | $10.61 | $11.53 | $10.54 | $10.86 | ||||||||||||
Total Return(b) | 2.71 | %(c) | 10.17 | % | (5.02 | )% | 13.64 | % | 1.38 | % | 6.69 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .68 | %(c) | 1.39 | % | 1.40 | % | 1.37 | % | 1.43 | % | 1.47 | % | ||||||
Expenses, excluding expense reductions | .69 | %(c) | 1.41 | % | 1.42 | % | 1.43 | % | 1.50 | % | 1.56 | % | ||||||
Net investment income | 1.47 | %(c) | 3.46 | % | 3.21 | % | 3.87 | % | 4.44 | % | 4.40 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $183,299 | $174,469 | $177,169 | $215,692 | $158,714 | $181,209 | ||||||||||||
Portfolio turnover rate | 14.27 | %(c) | 44.80 | % | 33.78 | % | 43.81 | % | 87.43 | % | 63.31 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (continued)
NATIONAL TAX FREE FUND
Class F Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.28 | $10.59 | $11.51 | $10.52 | $10.83 | $10.61 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .21 | .45 | .45 | .51 | .53 | .55 | ||||||||||||
Net realized and unrealized gain (loss) | .14 | .69 | (.93 | ) | .98 | (.31 | ) | .21 | ||||||||||
Total from investment operations | .35 | 1.14 | (.48 | ) | 1.49 | .22 | .76 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.21 | ) | (.45 | ) | (.44 | ) | (.50 | ) | (.53 | ) | (.54 | ) | ||||||
Net asset value, end of period | $11.42 | $11.28 | $10.59 | $11.51 | $10.52 | $10.83 | ||||||||||||
Total Return(b) | 3.08 | %(c) | 10.98 | % | (4.31 | )% | 14.48 | % | 2.24 | % | 7.43 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .32 | %(c) | .65 | % | .64 | % | .63 | % | .66 | % | .66 | % | ||||||
Expenses, excluding expense reductions | .33 | %(c) | .67 | % | .66 | % | .69 | % | .73 | % | .76 | % | ||||||
Net investment income | 1.83 | %(c) | 4.15 | % | 3.95 | % | 4.58 | % | 5.21 | % | 5.18 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $180,866 | $151,265 | $103,160 | $122,943 | $73,983 | $62,200 | ||||||||||||
Portfolio turnover rate | 14.27 | %(c) | 44.80 | % | 33.78 | % | 43.81 | % | 87.43 | % | 63.31 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (concluded)
NATIONAL TAX FREE FUND
Class I Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | 7/26/2010(a) | |||||||||||||||||
3/31/2015 | Year Ended 9/30 | to | ||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 9/30/2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.29 | $10.60 | $11.52 | $10.53 | $10.84 | $10.59 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(b) | .21 | .45 | .46 | .51 | .55 | .10 | ||||||||||||
Net realized and unrealized gain (loss) | .14 | .70 | (.93 | ) | 1.00 | (.32 | ) | .25 | ||||||||||
Total from investment operations | .35 | 1.15 | (.47 | ) | 1.51 | .23 | .35 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.21 | ) | (.46 | ) | (.45 | ) | (.52 | ) | (.54 | ) | (.10 | ) | ||||||
Net asset value, end of period | $11.43 | $11.29 | $10.60 | $11.52 | $10.53 | $10.84 | ||||||||||||
Total Return(c) | 3.12 | %(d) | 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) | .27 | %(d) | .55 | % | .54 | % | .52 | % | .54 | % | .55 | %(f) | ||||||
Expenses, excluding expense reductions | .28 | %(d) | .57 | % | .57 | % | .59 | % | .61 | % | .64 | %(f) | ||||||
Net investment income | 1.87 | %(d) | 4.14 | % | 4.05 | % | 4.58 | % | 5.35 | % | 5.21 | %(f) | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $2,649 | $1,679 | $719 | $78 | $11 | $10 | ||||||||||||
Portfolio turnover rate | 14.27 | %(d) | 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. |
142 | See Notes to Financial Statements. |
Financial Highlights
HIGH YIELD MUNICIPAL BOND FUND
Class A Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.69 | $10.91 | $11.93 | $11.06 | $11.81 | $11.49 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .28 | .58 | .58 | .63 | .69 | .67 | ||||||||||||
Net realized and unrealized gain (loss) | .11 | .75 | (1.04 | ) | .85 | (.77 | ) | .31 | ||||||||||
Total from investment operations | .39 | 1.33 | (.46 | ) | 1.48 | (.08 | ) | .98 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.27 | ) | (.55 | ) | (.56 | ) | (.61 | ) | (.67 | ) | (.66 | ) | ||||||
Net asset value, end of period | $11.81 | $11.69 | $10.91 | $11.93 | $11.06 | $11.81 | ||||||||||||
Total Return(b) | 3.33 | %(c) | 12.54 | % | (4.11 | )% | 13.79 | % | (.46 | )% | 8.88 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived | .42 | %(c) | .91 | % | .84 | % | .86 | % | .89 | % | .91 | % | ||||||
Expenses, excluding interest expense, including expense reductions and management fee waived(d) | .41 | %(c) | .90 | % | .83 | % | .80 | % | .82 | % | .80 | % | ||||||
Expenses, excluding expense reductions and management fee waived | .42 | %(c) | .91 | % | .84 | % | .86 | % | .89 | % | .91 | % | ||||||
Net investment income | 2.37 | %(c) | 5.12 | % | 4.87 | % | 5.52 | % | 6.24 | % | 5.88 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $1,216,003 | $1,160,471 | $1,071,511 | $1,185,644 | $919,758 | $1,236,637 | ||||||||||||
Portfolio turnover rate | 16.34 | %(c) | 32.90 | % | 24.47 | % | 27.20 | % | 40.94 | % | 37.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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)
HIGH YIELD MUNICIPAL BOND FUND
Class C Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.69 | $10.92 | $11.93 | $11.06 | $11.81 | $11.50 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .24 | .51 | .50 | .56 | .62 | .59 | ||||||||||||
Net realized and unrealized gain (loss) | .11 | .74 | (1.03 | ) | .85 | (.77 | ) | .30 | ||||||||||
Total from investment operations | .35 | 1.25 | (.53 | ) | 1.41 | (.15 | ) | .89 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.23 | ) | (.48 | ) | (.48 | ) | (.54 | ) | (.60 | ) | (.58 | ) | ||||||
Net asset value, end of period | $11.81 | $11.69 | $10.92 | $11.93 | $11.06 | $11.81 | ||||||||||||
Total Return(b) | 3.01 | %(c) | 11.74 | % | (4.64 | )% | 13.08 | % | (1.11 | )% | 7.99 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived | .74 | %(c) | 1.54 | % | 1.49 | % | 1.49 | % | 1.56 | % | 1.65 | % | ||||||
Expenses, excluding interest expense, including expense reductions and management fee waived(d) | .73 | %(c) | 1.53 | % | 1.47 | % | 1.44 | % | 1.48 | % | 1.55 | % | ||||||
Expenses, excluding expense reductions and management fee waived | .74 | %(c) | 1.54 | % | 1.49 | % | 1.49 | % | 1.56 | % | 1.65 | % | ||||||
Net investment income | 2.06 | %(c) | 4.50 | % | 4.23 | % | 4.91 | % | 5.59 | % | 5.14 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $419,527 | $408,459 | $407,217 | $526,880 | $450,802 | $585,366 | ||||||||||||
Portfolio turnover rate | 16.34 | %(c) | 32.90 | % | 24.47 | % | 27.20 | % | 40.94 | % | 37.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (continued)
HIGH YIELD MUNICIPAL BOND FUND
Class F Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.69 | $10.92 | $11.94 | $11.07 | $11.82 | $11.50 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .29 | .58 | .59 | .64 | .70 | .69 | ||||||||||||
Net realized and unrealized gain (loss) | .11 | .76 | (1.04 | ) | .85 | (.76 | ) | .30 | ||||||||||
Total from investment operations | .40 | 1.34 | (.45 | ) | 1.49 | (.06 | ) | .99 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.27 | ) | (.57 | ) | (.57 | ) | (.62 | ) | (.69 | ) | (.67 | ) | ||||||
Net asset value, end of period | $11.82 | $11.69 | $10.92 | $11.94 | $11.07 | $11.82 | ||||||||||||
Total Return(b) | 3.47 | %(c) | 12.54 | % | (4.01 | )% | 13.89 | % | (.35 | )% | 8.98 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived | .37 | %(c) | .81 | % | .74 | % | .76 | % | .79 | % | .81 | % | ||||||
Expenses, excluding interest expense, including expense reductions and management fee waived(d) | .36 | %(c) | .80 | % | .72 | % | .70 | % | .72 | % | .71 | % | ||||||
Expenses, excluding expense reductions and management fee waived | .37 | %(c) | .81 | % | .74 | % | .76 | % | .79 | % | .81 | % | ||||||
Net investment income | 2.42 | %(c) | 5.17 | % | 4.94 | % | 5.60 | % | 6.35 | % | 5.97 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $438,308 | $393,166 | $228,484 | $258,682 | $175,052 | $215,479 | ||||||||||||
Portfolio turnover rate | 16.34 | %(c) | 32.90 | % | 24.47 | % | 27.20 | % | 40.94 | % | 37.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (continued)
HIGH YIELD MUNICIPAL BOND FUND
Class I Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | 7/26/2010(a) | |||||||||||||||||
3/31/2015 | Year Ended 9/30 | to | ||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 9/30/2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.67 | $10.92 | $11.94 | $11.06 | $11.81 | $11.58 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(b) | .29 | .61 | .60 | .66 | .68 | .12 | ||||||||||||
Net realized and unrealized gain (loss) | .11 | .71 | (1.04 | ) | .85 | (.74 | ) | .23 | ||||||||||
Total from investment operations | .40 | 1.32 | (.44 | ) | 1.51 | (.06 | ) | .35 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.28 | ) | (.57 | ) | (.58 | ) | (.63 | ) | (.69 | ) | (.12 | ) | ||||||
Net asset value, end of period | $11.79 | $11.67 | $10.92 | $11.94 | $11.06 | $11.81 | ||||||||||||
Total Return(c) | 3.43 | %(d) | 12.44 | % | (3.92 | )% | 14.08 | % | (.28 | )% | 3.05 | %(d) | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived | .32 | %(d) | .72 | % | .64 | % | .66 | % | .70 | % | .72 | %(e) | ||||||
Expenses, excluding interest expense, including expense reductions and management fee waived(f) | .31 | %(d) | .71 | % | .62 | % | .60 | % | .62 | % | .62 | %(e) | ||||||
Expenses, excluding expense reductions and management fee waived | .32 | %(d) | .72 | % | .64 | % | .66 | % | .70 | % | .72 | %(e) | ||||||
Net investment income | 2.44 | %(d) | 5.49 | % | 5.04 | % | 5.78 | % | 6.18 | % | 5.75 | %(e) | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $12,088 | $25,841 | $2,255 | $1,629 | $2,258 | $112 | ||||||||||||
Portfolio turnover rate | 16.34 | %(d) | 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) | Annualized. |
(f) | 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 (concluded)
HIGH YIELD MUNICIPAL BOND FUND
Class P Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $11.69 | $10.92 | $11.94 | $11.07 | $11.82 | $11.50 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .27 | .56 | .56 | .61 | .67 | .66 | ||||||||||||
Net realized and unrealized gain (loss) | .11 | .74 | (1.04 | ) | .85 | (.77 | ) | .30 | ||||||||||
Total from investment operations | .38 | 1.30 | (.48 | ) | 1.46 | (.10 | ) | .96 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.25 | ) | (.53 | ) | (.54 | ) | (.59 | ) | (.65 | ) | (.64 | ) | ||||||
Net asset value, end of period | $11.82 | $11.69 | $10.92 | $11.94 | $11.07 | $11.82 | ||||||||||||
Total Return(b) | 3.31 | %(c) | 12.23 | % | (4.29 | )% | 13.56 | % | (.65 | )% | 8.67 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding expense reductions and including management fee waived | .53 | %(c) | 1.13 | % | 1.07 | % | 1.08 | % | 1.11 | % | 1.12 | % | ||||||
Expenses, excluding interest expense, including expense reductions and management fee waived(d) | .53 | %(c) | 1.12 | % | 1.05 | % | 1.02 | % | 1.04 | % | 1.02 | % | ||||||
Expenses, excluding expense reductions and management fee waived | .53 | %(c) | 1.13 | % | 1.07 | % | 1.08 | % | 1.11 | % | 1.12 | % | ||||||
Net investment income | 2.27 | %(c) | 4.93 | % | 4.69 | % | 5.36 | % | 6.07 | % | 5.71 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $14 | $13 | $12 | $12 | $11 | $11 | ||||||||||||
Portfolio turnover rate | 16.34 | %(c) | 32.90 | % | 24.47 | % | 27.20 | % | 40.94 | % | 37.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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
CALIFORNIA TAX FREE FUND
Class A Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.84 | $10.10 | $10.73 | $9.90 | $10.24 | $10.17 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .19 | .38 | .38 | .43 | .48 | .47 | ||||||||||||
Net realized and unrealized gain (loss) | .15 | .74 | (.64 | ) | .83 | (.35 | ) | .07 | ||||||||||
Total from investment operations | .34 | 1.12 | (.26 | ) | 1.26 | .13 | .54 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.19 | ) | (.38 | ) | (.37 | ) | (.43 | ) | (.47 | ) | (.47 | ) | ||||||
Net asset value, end of period | $10.99 | $10.84 | $10.10 | $10.73 | $9.90 | $10.24 | ||||||||||||
Total Return(b) | 3.11 | %(c) | 11.29 | % | (2.51 | )% | 12.94 | % | 1.56 | % | 5.52 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .41 | %(c) | .86 | % | .81 | % | .79 | % | .79 | % | .78 | % | ||||||
Expenses, excluding expense reductions | .42 | %(c) | .86 | % | .81 | % | .82 | % | .85 | % | .84 | % | ||||||
Net investment income | 1.71 | %(c) | 3.69 | % | 3.54 | % | 4.16 | % | 4.96 | % | 4.74 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $185,451 | $170,131 | $166,443 | $191,127 | $150,423 | $166,247 | ||||||||||||
Portfolio turnover rate | 8.96 | %(c) | 20.90 | % | 18.05 | % | 28.15 | % | 36.60 | % | 47.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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)
CALIFORNIA TAX FREE FUND
Class C Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.84 | $10.10 | $10.73 | $9.90 | $10.25 | $10.17 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .15 | .32 | .31 | .36 | .42 | .40 | ||||||||||||
Net realized and unrealized gain (loss) | .16 | .73 | (.64 | ) | .83 | (.36 | ) | .08 | ||||||||||
Total from investment operations | .31 | 1.05 | (.33 | ) | 1.19 | .06 | .48 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.15 | ) | (.31 | ) | (.30 | ) | (.36 | ) | (.41 | ) | (.40 | ) | ||||||
Net asset value, end of period | $11.00 | $10.84 | $10.10 | $10.73 | $9.90 | $10.25 | ||||||||||||
Total Return(b) | 2.88 | %(c) | 10.58 | % | (3.15 | )% | 12.23 | % | .80 | % | 4.88 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .73 | %(c) | 1.50 | % | 1.47 | % | 1.42 | % | 1.44 | % | 1.49 | % | ||||||
Expenses, excluding expense reductions | .73 | %(c) | 1.50 | % | 1.47 | % | 1.45 | % | 1.50 | % | 1.55 | % | ||||||
Net investment income | 1.39 | %(c) | 3.05 | % | 2.88 | % | 3.51 | % | 4.32 | % | 4.02 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $39,692 | $36,122 | $33,741 | $38,712 | $28,023 | $33,280 | ||||||||||||
Portfolio turnover rate | 8.96 | %(c) | 20.90 | % | 18.05 | % | 28.15 | % | 36.60 | % | 47.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (continued)
CALIFORNIA TAX FREE FUND
Class F Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $10.84 | $10.10 | $10.73 | $9.90 | $10.24 | $10.17 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .19 | .39 | .39 | .44 | .49 | .48 | ||||||||||||
Net realized and unrealized gain (loss) | .15 | .74 | (.64 | ) | .83 | (.35 | ) | .07 | ||||||||||
Total from investment operations | .34 | 1.13 | (.25 | ) | 1.27 | .14 | .55 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.19 | ) | (.39 | ) | (.38 | ) | (.44 | ) | (.48 | ) | (.48 | ) | ||||||
Net asset value, end of period | $10.99 | $10.84 | $10.10 | $10.73 | $9.90 | $10.24 | ||||||||||||
Total Return(b) | 3.15 | %(c) | 11.39 | % | (2.42 | )% | 13.04 | % | 1.65 | % | 5.62 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .36 | %(c) | .76 | % | .71 | % | .69 | % | .69 | % | .68 | % | ||||||
Expenses, excluding expense reductions | .37 | %(c) | .76 | % | .71 | % | .72 | % | .75 | % | .74 | % | ||||||
Net investment income | 1.75 | %(c) | 3.78 | % | 3.63 | % | 4.23 | % | 5.06 | % | 4.81 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $31,661 | $24,810 | $21,549 | $22,344 | $14,605 | $12,683 | ||||||||||||
Portfolio turnover rate | 8.96 | %(c) | 20.90 | % | 18.05 | % | 28.15 | % | 36.60 | % | 47.68 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
150 | See Notes to Financial Statements. |
Financial Highlights (concluded)
CALIFORNIA TAX FREE FUND
Class I Shares | |||||||||||||||
Six Months | |||||||||||||||
Ended | 1/31/2011(a) | ||||||||||||||
3/31/2015 | Year Ended 9/30 | to | |||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | |||||||||||
Per Share Operating Performance | |||||||||||||||
Net asset value, beginning of period | $10.84 | $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) | .20 | .41 | .40 | .45 | .33 | ||||||||||
Net realized and unrealized gain (loss) | .14 | .74 | (.65 | ) | .83 | .67 | (d) | ||||||||
Total from investment operations | .34 | 1.15 | (.25 | ) | 1.28 | 1.00 | |||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (.19 | ) | (.40 | ) | (.39 | ) | (.45 | ) | (.33 | ) | |||||
Net asset value, end of period | $10.99 | $10.84 | $10.09 | $10.73 | $9.90 | ||||||||||
Total Return(e) | 10.89 | %(f)(g) | |||||||||||||
Total Return(e) | 3.19 | %(f) | 11.65 | % | (2.40 | )% | 13.17 | % | 10.99 | %(f)(h) | |||||
Ratios to Average Net Assets: | |||||||||||||||
Expenses, excluding interest expense and including expense reductions(i) | .31 | %(f) | .65 | % | .61 | % | .59 | % | .60 | %(j) | |||||
Expenses, excluding expense reductions | .32 | %(f) | .66 | % | .62 | % | .62 | % | .69 | %(j) | |||||
Net investment income | 1.78 | %(f) | 3.90 | % | 3.77 | % | 4.39 | % | 5.24 | %(j) | |||||
Supplemental Data: | |||||||||||||||
Net assets, end of period (000) | $1,490 | $22 | $12 | $13 | $11 | ||||||||||
Portfolio turnover rate | 8.96 | %(f) | 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. | 151 |
Financial Highlights
NEW JERSEY TAX FREE FUND
Class A Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $4.94 | $4.66 | $5.07 | $4.69 | $4.85 | $4.78 | ||||||||||||
Investment operations: | ||||||||||||||||||
Net investment income(a) | .08 | .17 | .17 | .19 | .21 | .21 | ||||||||||||
Net realized and unrealized gain (loss) | .05 | .28 | (.41 | ) | .38 | (.16 | ) | .07 | ||||||||||
Total from investment operations | .13 | .45 | (.24 | ) | .57 | .05 | .28 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.08 | ) | (.17 | ) | (.17 | ) | (.19 | ) | (.21 | ) | (.21 | ) | ||||||
Net asset value, end of period | $4.99 | $4.94 | $4.66 | $5.07 | $4.69 | $4.85 | ||||||||||||
Total Return(b) | 2.69 | %(c) | 9.87 | % | (4.85 | )% | 12.41 | % | 1.23 | % | 6.13 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions | .42 | %(c) | .85 | % | .82 | % | .82 | %(d) | .82 | %(d) | .80 | %(d) | ||||||
Expenses, excluding expense reductions | .42 | %(c) | .85 | % | .82 | % | .83 | % | .85 | % | .83 | % | ||||||
Net investment income | 1.67 | %(c) | 3.63 | % | 3.47 | % | 3.96 | % | 4.62 | % | 4.53 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $94,917 | $92,713 | $121,722 | $136,085 | $113,783 | $125,722 | ||||||||||||
Portfolio turnover rate | 9.87 | %(c) | 19.20 | % | 18.17 | % | 31.06 | % | 23.14 | % | 32.22 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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)
NEW JERSEY TAX FREE FUND
Class F Shares | ||||||||||||||||||
Six Months | ||||||||||||||||||
Ended | ||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||||
Net asset value, beginning of period | $4.94 | $4.66 | $5.07 | $4.69 | $4.85 | $4.78 | ||||||||||||
Total Investment operations: | ||||||||||||||||||
Net investment income(a) | .09 | .18 | .18 | .20 | .22 | .22 | ||||||||||||
Net realized and unrealized gain (loss) | .04 | .28 | (.41 | ) | .38 | (.17 | ) | .07 | ||||||||||
Total from investment operations | .13 | .46 | (.23 | ) | .58 | .05 | .29 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||
Net investment income | (.08 | ) | (.18 | ) | (.18 | ) | (.20 | ) | (.21 | ) | (.22 | ) | ||||||
Net asset value, end of period | $4.99 | $4.94 | $4.66 | $5.07 | $4.69 | $4.85 | ||||||||||||
Total Return(b) | 2.74 | %(c) | 9.97 | % | (4.76 | )% | 12.51 | % | 1.33 | % | 6.23 | % | ||||||
Ratios to Average Net Assets: | ||||||||||||||||||
Expenses, excluding interest expense and including expense reductions | .37 | %(c) | .74 | % | .72 | % | .72 | %(d) | .72 | %(d) | .70 | %(d) | ||||||
Expenses, excluding expense reductions | .37 | %(c) | .74 | % | .72 | % | .73 | % | .75 | % | .72 | % | ||||||
Net investment income | 1.71 | %(c) | 3.69 | % | 3.55 | % | 3.98 | % | 4.70 | % | 4.61 | % | ||||||
Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000) | $7,287 | $6,838 | $4,782 | $7,400 | $3,949 | $2,775 | ||||||||||||
Portfolio turnover rate | 9.87 | %(c) | 19.20 | % | 18.17 | % | 31.06 | % | 23.14 | % | 32.22 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (concluded)
NEW JERSEY TAX FREE FUND
Class I Shares | ||||||||||||||||||||
Six Months | ||||||||||||||||||||
Ended | 1/31/2011(a) | |||||||||||||||||||
3/31/2015 | Year Ended 9/30 | to | ||||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $4.94 | $4.66 | $5.07 | $4.69 | $4.42 | |||||||||||||||
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 | $4.41 | |||||||||||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income(b) | .09 | .19 | .18 | .21 | .15 | |||||||||||||||
Net realized and unrealized gain (loss) | .05 | .27 | (.41 | ) | .37 | .28 | (d) | |||||||||||||
Total from investment operations | .14 | .46 | (.23 | ) | .58 | .43 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (.09 | ) | (.18 | ) | (.18 | ) | (.20 | ) | (.15 | ) | ||||||||||
Net asset value, end of period | $4.99 | $4.94 | $4.66 | $5.07 | $4.69 | |||||||||||||||
Total Return(e) | 9.79 | %(f)(g) | ||||||||||||||||||
Total Return(e) | 2.82 | %(f) | 10.13 | % | (4.63 | )% | 12.43 | % | 10.02 | %(f)(h) | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expenses, excluding interest expense and including expense reductions | .30 | %(f) | .62 | % | .61 | % | .60 | %(i) | .59 | %(i)(j) | ||||||||||
Expenses, excluding expense reductions | .30 | %(f) | .62 | % | .61 | % | .61 | % | .64 | %(j) | ||||||||||
Net investment income | 1.80 | %(f) | 3.87 | % | 3.70 | % | 4.18 | % | 4.85 | %(j) | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000) | $13 | $13 | $12 | $12 | $11 | |||||||||||||||
Portfolio turnover rate | 9.87 | %(f) | 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. |
154 | See Notes to Financial Statements. |
Financial Highlights
NEW YORK TAX FREE FUND
Class A Shares | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $11.23 | $10.59 | $11.38 | $10.66 | $10.96 | $10.78 | ||||||||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income(a) | .18 | .38 | .37 | .43 | .48 | .49 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .10 | .63 | (.79 | ) | .73 | (.30 | ) | .17 | ||||||||||||||||
Total from investment operations | .28 | 1.01 | (.42 | ) | 1.16 | .18 | .66 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (.18 | ) | (.37 | ) | (.37 | ) | (.44 | ) | (.48 | ) | (.48 | ) | ||||||||||||
Net asset value, end of period | $11.33 | $11.23 | $10.59 | $11.38 | $10.66 | $10.96 | ||||||||||||||||||
Total Return(b) | 2.48 | %(c) | 9.73 | % | (3.80 | )% | 11.05 | % | 1.85 | % | 6.37 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .39 | %(c) | .78 | % | .78 | % | .78 | % | .78 | % | .77 | % | ||||||||||||
Expenses, excluding expense reductions | .39 | %(c) | .79 | % | .78 | % | .84 | % | .85 | % | .85 | % | ||||||||||||
Net investment income | 1.58 | %(c) | 3.46 | % | 3.33 | % | 3.95 | % | 4.64 | % | 4.55 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $269,608 | $244,081 | $262,089 | $285,447 | $216,126 | $238,259 | ||||||||||||||||||
Portfolio turnover rate | 3.99 | %(c) | 20.47 | % | 16.89 | % | 18.34 | % | 47.37 | % | 30.34 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (continued)
NEW YORK TAX FREE FUND
Class C Shares | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $11.21 | $10.58 | $11.37 | $10.65 | $10.95 | $10.76 | ||||||||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income(a) | .14 | .31 | .30 | .36 | .42 | .41 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .10 | .62 | (.79 | ) | .72 | (.31 | ) | .19 | ||||||||||||||||
Total from investment operations | .24 | .93 | (.49 | ) | 1.08 | .11 | .60 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (.14 | ) | (.30 | ) | (.30 | ) | (.36 | ) | (.41 | ) | (.41 | ) | ||||||||||||
Net asset value, end of period | $11.31 | $11.21 | $10.58 | $11.37 | $10.65 | $10.95 | ||||||||||||||||||
Total Return(b) | 2.16 | %(c) | 8.95 | % | (4.43 | )% | 10.36 | % | 1.19 | % | 5.74 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .71 | %(c) | 1.42 | % | 1.43 | % | 1.42 | % | 1.43 | % | 1.46 | % | ||||||||||||
Expenses, excluding expense reductions | .71 | %(c) | 1.43 | % | 1.44 | % | 1.47 | % | 1.50 | % | 1.54 | % | ||||||||||||
Net investment income | 1.26 | %(c) | 2.82 | % | 2.67 | % | 3.31 | % | 3.99 | % | 3.85 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $53,480 | $49,678 | $45,152 | $50,407 | $38,627 | $42,397 | ||||||||||||||||||
Portfolio turnover rate | 3.99 | %(c) | 20.47 | % | 16.89 | % | 18.34 | % | 47.37 | % | 30.34 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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)
NEW YORK TAX FREE FUND
Class F Shares | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
3/31/2015 | Year Ended 9/30 | |||||||||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $11.24 | $10.60 | $11.39 | $10.67 | $10.97 | $10.78 | ||||||||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income(a) | .18 | .39 | .38 | .44 | .49 | .50 | ||||||||||||||||||
Net realized and unrealized gain (loss) | .10 | .63 | (.79 | ) | .73 | (.30 | ) | .18 | ||||||||||||||||
Total from investment operations | .28 | 1.02 | (.41 | ) | 1.17 | .19 | .68 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (.18 | ) | (.38 | ) | (.38 | ) | (.45 | ) | (.49 | ) | (.49 | ) | ||||||||||||
Net asset value, end of period | $11.34 | $11.24 | $10.60 | $11.39 | $10.67 | $10.97 | ||||||||||||||||||
Total Return(b) | 2.53 | %(c) | 9.83 | % | (3.70 | )% | 11.15 | % | 1.95 | % | 6.57 | % | ||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(d) | .34 | %(c) | .68 | % | .68 | % | .68 | % | .68 | % | .67 | % | ||||||||||||
Expenses, excluding expense reductions | .34 | %(c) | .69 | % | .68 | % | .74 | % | .75 | % | .75 | % | ||||||||||||
Net investment income | 1.62 | %(c) | 3.54 | % | 3.42 | % | 3.99 | % | 4.73 | % | 4.64 | % | ||||||||||||
Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $28,329 | $20,978 | $16,844 | $16,491 | $7,907 | $7,631 | ||||||||||||||||||
Portfolio turnover rate | 3.99 | %(c) | 20.47 | % | 16.89 | % | 18.34 | % | 47.37 | % | 30.34 | % |
(a) | Calculated using average shares outstanding during the period. |
(b) | Total Return assumes the reinvestment of all distributions. |
(c) | Not annualized. |
(d) | 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 (concluded)
NEW YORK TAX FREE FUND
Class I Shares | ||||||||||||||||||||
Six Months | ||||||||||||||||||||
Ended | 1/31/2011(a) | |||||||||||||||||||
3/31/2015 | Year Ended 9/30 | to | ||||||||||||||||||
(unaudited) | 2014 | 2013 | 2012 | 9/30/2011 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $11.23 | $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) | .19 | .40 | .39 | .41 | .34 | |||||||||||||||
Net realized and unrealized gain (loss) | .10 | .63 | (.79 | ) | .77 | .58 | (d) | |||||||||||||
Total from investment operations | .29 | 1.03 | (.40 | ) | 1.18 | .92 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (.19 | ) | (.40 | ) | (.39 | ) | (.46 | ) | (.34 | ) | ||||||||||
Net asset value, end of period | $11.33 | $11.23 | $10.60 | $11.39 | $10.67 | |||||||||||||||
Total Return(e) | 9.12 | %(f)(g) | ||||||||||||||||||
Total Return(e) | 2.58 | %(f) | 9.85 | % | (3.60 | )% | 11.30 | % | 9.21 | %(f)(h) | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Expenses, excluding interest expense and including expense reductions(i) | .29 | %(f) | .58 | % | .58 | % | .58 | % | .57 | %(j) | ||||||||||
Expenses, excluding expense reductions | .29 | %(f) | .59 | % | .59 | % | .64 | % | .67 | %(j) | ||||||||||
Net investment income | 1.68 | %(f) | 3.66 | % | 3.54 | % | 3.68 | % | 4.91 | %(j) | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000) | $660 | $644 | $587 | $265 | $11 | |||||||||||||||
Portfolio turnover rate | 3.99 | %(f) | 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. |
158 | See Notes to Financial Statements. |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.
The Company currently consists of nine funds. This report covers the following eight funds (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.
159
Notes to Financial Statements (unaudited)(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 based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last 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. 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, |
160
Notes to Financial Statements (unaudited)(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. |
(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 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. |
161
Notes to Financial Statements (unaudited)(continued)
The following is a summary of each Fund’s liability for trust certificates, range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred to TOBs as of March 31, 2015, as well as the average trust certificates for the six months ended March 31, 2015: | |
Underlying | Average | ||||
Interest Rate | Municipal Bonds | Trust | |||
Liability for | or Range of | Transferred | Certificates | ||
Fund | Trust Certificates | Interest Rates | to TOBs | Outstanding | |
Short Duration | – | – | – | – | |
Intermediate | $ 3,840,000 | .03% - .04% | $ 8,807,391 | $ 3,840,000 | |
AMT Free | – | – | – | – | |
National | 62,165,000 | .02% - .20% | 144,571,095 | 62,165,000 | |
High Yield | 41,160,000 | .02% - .07% | 93,752,699 | 41,160,000 | |
California | 1,500,000 | .03% | 3,557,490 | 1,500,000 | |
New Jersey | – | – | – | – | |
New York | 4,030,000 | .03% | 8,981,287 | 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 March 31, 2015, 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; |
162
Notes to Financial Statements (unaudited)(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 March 31, 2015 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments. | |
Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. 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. Effective February 1, 2015, the management agreement was amended, resulting in the following annual rate:
Effective | Prior to | |||
February 1, 2015 | February 1, 2015 | |||
First $2 billion | .40% | First $2 billion | .40% | |
Next $1 billion | .375% | Next $3 billion | .375% | |
Over $3 billion | .35% | 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% |
163
Notes to Financial Statements (unaudited)(continued)
The management fee for AMT Free is based on the Fund’s average daily net assets. Effective February 1, 2015, the management agreement was amended, resulting in the following annual rate:
Effective | Prior to | |||
February 1, 2015 | February 1, 2015 | |||
First $500 million | .50% | First $1 billion | .50% | |
Next $1 billion | .45% | Next $1 billion | .45% | |
Over $1.5 billion | .40% | Over $2 billion | .40% |
The management fee for High Yield is based on the Fund’s average daily net assets at the following annual rate:
First $1 billion | .50% |
Next $1 billion | .45% |
Over $2 billion | .40% |
For the six months ended March 31, 2015, the effective management fee, net of waivers, was the following annualized rate of each Fund’s average daily net assets:
Net Effective | |
Management Fee | |
Short Duration | .35% |
Intermediate | .39% |
AMT Free | .23% |
National | .43% |
High Yield | .47% |
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 six months ended March 31, 2015 and continuing through January 31, 2016, 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.
Effective February 1, 2015 and continuing through January 31, 2016, Lord Abbett has contractually agreed to waive all or a portion of its management fee for High Yield and, if necessary, waive all or a portion of its administrative fee and reimburse 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 .62%. This agreement may be terminated only upon the approval of the Board.
High Yield and National, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), have entered into a Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, 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
164
Notes to Financial Statements (unaudited)(continued)
pursuant to the Servicing Arrangement, if applicable, are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.
During the six month period ended March 31, 2015, High Yield and National 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 to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized 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 six months ended March 31, 2015:
Distributor | Dealers’ | |
Commissions | Concessions | |
Short Duration | $14,334 | $83,044 |
Intermediate | 69,184 | 428,609 |
AMT Free | 7,248 | 37,364 |
National | 59,807 | 370,757 |
High Yield | 61,909 | 370,788 |
California | 8,736 | 50,341 |
New Jersey | 2,518 | 16,164 |
New York | 13,227 | 83,404 |
Distributor received the following amount of CDSCs for the six months ended March 31, 2015:
Class A | Class C | |
Short Duration | $67,846 | $13,261 |
Intermediate | 28,335 | 19,436 |
AMT Free | 30,000 | 2,171 |
National | 11,996 | 3,478 |
High Yield | 23,632 | 16,746 |
California | 3,000 | 649 |
New Jersey | – | – |
New York | 9,412 | 3,417 |
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
165
Notes to Financial Statements (unaudited)(continued)
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; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the six months ended March 31, 2015 and fiscal year ended September 30, 2014 was as follows:
Short Duration | Intermediate | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
3/31/2015 | Year Ended | 3/31/2015 | Year Ended | |||||||||||||
(unaudited) | 9/30/2014 | (unaudited) | 9/30/2014 | |||||||||||||
Distributions paid from: | ||||||||||||||||
Tax-exempt income | $ | 11,218,979 | $ | 27,551,404 | $ | 46,163,391 | $ | 89,794,942 | ||||||||
Ordinary income | – | – | – | 518,097 | ||||||||||||
Net long-term capital gains | – | 1,909,036 | – | 21,275,393 | ||||||||||||
Total distributions paid | $ | 11,218,979 | $ | 29,460,440 | $ | 46,163,391 | $ | 111,588,432 |
AMT Free | National | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
3/31/2015 | Year Ended | 3/31/2015 | Year Ended | |||||||||||||
(unaudited) | 9/30/2014 | (unaudited) | 9/30/2014 | |||||||||||||
Distributions paid from: | ||||||||||||||||
Tax-exempt income | $ | 2,395,897 | $ | 4,766,802 | $ | 31,163,899 | $ | 65,907,228 | ||||||||
Ordinary income | – | 37,653 | – | 1,445,474 | ||||||||||||
Total distributions paid | $ | 2,395,897 | $ | 4,804,455 | $ | 31,163,899 | $ | 67,352,702 |
High Yield | California | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
3/31/2015 | Year Ended | 3/31/2015 | Year Ended | |||||||||||||
(unaudited) | 9/30/2014 | (unaudited) | 9/30/2014 | |||||||||||||
Distributions paid from: | ||||||||||||||||
Tax-exempt income | $ | 44,840,884 | $ | 84,051,753 | $4,055,851 | $ | 7,622,979 | |||||||||
Ordinary income | – | 2,170,405 | – | 85,563 | ||||||||||||
Total distributions paid | $ | 44,840,884 | $ | 86,222,158 | $4,055,851 | $ | 7,708,542 |
New Jersey | New York | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
3/31/2015 | Year Ended | 3/31/2015 | Year Ended | |||||||||||||
(unaudited) | 9/30/2014 | (unaudited) | 9/30/2014 | |||||||||||||
Distributions paid from: | ||||||||||||||||
Tax-exempt income | $1,658,680 | $ | 3,559,169 | $5,051,863 | $ | 10,314,089 | ||||||||||
Ordinary income | – | 30,761 | – | – | ||||||||||||
Total distributions paid | $1,658,680 | $ | 3,589,930 | $5,051,863 | $ | 10,314,089 |
166
Notes to Financial Statements (unaudited)(continued)
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.
As of March 31, 2015, 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 | |||||||||||||
Short Duration | $ | 2,187,035,566 | $ | 28,662,609 | $ | (2,647,400 | ) | $ | 26,015,209 | |||||||
Intermediate | 3,517,549,498 | 197,962,784 | (30,367,388 | ) | 167,595,396 | |||||||||||
AMT Free | 146,818,571 | 9,915,278 | (1,591,894 | ) | 8,323,384 | |||||||||||
National | 1,712,822,603 | 156,565,062 | (32,259,359 | ) | 124,305,703 | |||||||||||
High Yield | 2,054,046,827 | 158,222,924 | (142,763,001 | ) | 15,459,923 | |||||||||||
California | 232,699,621 | 22,873,748 | (1,762,535 | ) | 21,111,213 | |||||||||||
New Jersey | 96,198,556 | 7,167,593 | (2,966,034 | ) | 4,201,559 | |||||||||||
New York | 331,452,708 | 22,494,823 | (3,486,212 | ) | 19,008,611 |
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.
5. | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2015 were as follows:
Purchases | Sales | |
Short Duration | $338,428,995 | $357,910,212 |
Intermediate | 567,843,192 | 131,880,108 |
AMT Free | 32,709,977 | 15,108,935 |
National | 329,851,998 | 262,569,434 |
High Yield | 423,905,268 | 334,818,168 |
California | 44,442,731 | 21,909,800 |
New Jersey | 11,117,022 | 9,747,001 |
New York | 50,583,608 | 13,257,966 |
There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2015.
167
Notes to Financial Statements (unaudited)(continued)
6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Each Fund entered into U.S. Treasury futures contracts during the six months ended March 31, 2015 (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 March 31, 2015, 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 and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain 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 six months ended March 31, 2015:
Net Unrealized | Net Change in | |||||||||||||||
Appreciation | Unrealized | Average | ||||||||||||||
(Depreciation) as of | Net Realized | Appreciation | Number of | |||||||||||||
March 31, 2015 | Gain (Loss) | (Depreciation) | Contracts* | |||||||||||||
Short Duration | $ – | $ | 720,096 | $259,616 | 54 | |||||||||||
Intermediate | (476,720 | ) | (1,970,187 | ) | (595,269 | ) | 388 | |||||||||
AMT Free | (49,891 | ) | (186,926 | ) | (65,830 | ) | 32 | |||||||||
National | (262,143 | ) | (1,153,779 | ) | (409,889 | ) | 245 | |||||||||
High Yield | (471,582 | ) | (710,036 | ) | (613,715 | ) | 296 | |||||||||
California | (27,293 | ) | (50,357 | ) | (27,293 | ) | 21 | |||||||||
New Jersey | (12,771 | ) | (56,275 | ) | (21,657 | ) | 10 | |||||||||
New York | (92,506 | ) | (329,168 | ) | (123,246 | ) | 54 | |||||||||
* | Calculated based on the number of contracts for the six months ended March 31, 2015. |
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
168
Notes to Financial Statements (unaudited)(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 March 31, 2015, 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.
9. | EXPENSE REDUCTIONS |
The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.
10. | LINE OF CREDIT |
During the six months ended March 31, 2015, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated 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.
During the six months ended March 31, 2015, the Funds did not utilize the Facility.
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.
12. | INVESTMENT RISKS |
Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk.
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
169
Notes to Financial Statements (unaudited)(continued)
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 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.
170
Notes to Financial Statements (unaudited)(continued)
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:
Six Months Ended | ||||||||||||||||
March 31, 2015 | Year Ended | |||||||||||||||
Short Duration | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 13,318,829 | $ | 210,434,752 | 22,026,790 | $ | 347,192,732 | ||||||||||
Reinvestment of distributions | 252,821 | 3,996,223 | 716,392 | 11,294,165 | ||||||||||||
Shares reacquired | (15,821,116 | ) | (250,081,101 | ) | (38,823,757 | ) | (611,693,371 | ) | ||||||||
Decrease | (2,249,466 | ) | $ | (35,650,126 | ) | (16,080,575 | ) | $ | (253,206,474 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 1,274,142 | $ | 20,132,775 | 2,486,667 | $ | 39,185,973 | ||||||||||
Reinvestment of distributions | 16,271 | 257,179 | 63,689 | 1,003,935 | ||||||||||||
Shares reacquired | (2,268,623 | ) | (35,867,175 | ) | (5,688,598 | ) | (89,657,567 | ) | ||||||||
Decrease | (978,210 | ) | $ | (15,477,221 | ) | (3,138,242 | ) | $ | (49,467,659 | ) | ||||||
Class F Shares | ||||||||||||||||
Shares sold | 19,033,229 | $ | 300,971,305 | 24,325,891 | $ | 383,558,632 | ||||||||||
Reinvestment of distributions | 100,754 | 1,592,647 | 220,649 | 3,479,310 | ||||||||||||
Shares reacquired | (19,721,235 | ) | (311,779,879 | ) | (23,674,134 | ) | (373,064,820 | ) | ||||||||
Increase (decrease) | (587,252 | ) | $ | (9,215,927 | ) | 872,406 | $ | 13,973,122 | ||||||||
Class I Shares | ||||||||||||||||
Shares sold | 2,689,522 | $ | 42,511,361 | 3,208,113 | $ | 50,595,801 | ||||||||||
Reinvestment of distributions | 18,111 | 286,292 | 64,017 | 1,009,604 | ||||||||||||
Shares reacquired | (4,812,806 | ) | (76,127,772 | ) | (2,319,983 | ) | (36,592,996 | ) | ||||||||
Increase (decrease) | (2,105,173 | ) | $ | (33,330,119 | ) | 952,147 | $ | 15,012,409 | ||||||||
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
Intermediate | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 23,681,681 | $ | 258,662,067 | 37,411,421 | $ | 397,184,192 | ||||||||||
Converted from Class B* | 4,523 | 49,151 | 14,360 | 152,534 | ||||||||||||
Reinvestment of distributions | 1,533,719 | 16,752,693 | 4,524,831 | 47,871,637 | ||||||||||||
Shares reacquired | (17,715,883 | ) | (193,600,539 | ) | (79,246,763 | ) | (838,707,072 | ) | ||||||||
Increase (decrease) | 7,504,040 | $ | 81,863,372 | (37,296,151 | ) | $ | (393,498,709 | ) |
171
Notes to Financial Statements (unaudited)(continued)
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
Intermediate | (unaudited) | September 30, 2014 | ||||||||||||||
Class B Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,890 | $ | 20,621 | 18,172 | $ | 192,983 | ||||||||||
Reinvestment of distributions | 2,206 | 24,070 | 7,679 | 81,054 | ||||||||||||
Shares reacquired | (30,106 | ) | (328,092 | ) | (89,443 | ) | (948,322 | ) | ||||||||
Converted to Class A* | (4,527 | ) | (49,151 | ) | (14,372 | ) | (152,534 | ) | ||||||||
Decrease | (30,537 | ) | $ | (332,552 | ) | (77,964 | ) | $ | (826,819 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 5,800,240 | $ | 63,279,215 | 6,503,395 | $ | 69,045,506 | ||||||||||
Reinvestment of distributions | 361,931 | 3,949,536 | 1,088,525 | 11,490,545 | ||||||||||||
Shares reacquired | (4,446,609 | ) | (48,496,555 | ) | (16,445,229 | ) | (173,603,508 | ) | ||||||||
Increase (decrease) | 1,715,562 | $ | 18,732,196 | (8,853,309 | ) | $ | (93,067,457 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 40,057,748 | $ | 437,345,872 | 52,421,102 | $ | 558,963,295 | ||||||||||
Reinvestment of distributions | 820,140 | 8,959,084 | 1,408,303 | 14,925,337 | ||||||||||||
Shares reacquired | (13,318,096 | ) | (145,404,695 | ) | (38,721,092 | ) | (408,059,376 | ) | ||||||||
Increase | 27,559,792 | $ | 300,900,261 | 15,108,313 | $ | 165,829,256 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 8,447,230 | $ | 92,169,966 | 2,922,658 | $ | 31,038,936 | ||||||||||
Reinvestment of distributions | 85,454 | 934,455 | 95,408 | 1,014,054 | ||||||||||||
Shares reacquired | (1,755,656 | ) | (19,199,708 | ) | (1,684,274 | ) | (17,750,544 | ) | ||||||||
Increase | 6,777,028 | $ | 73,904,713 | 1,333,792 | $ | 14,302,446 | ||||||||||
Class P Shares | ||||||||||||||||
Reinvestment of distributions | 18 | $ | 199 | 48 | $ | 513 | ||||||||||
Increase | 18 | $ | 199 | 48 | $ | 513 | ||||||||||
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
AMT Free | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,529,183 | $ | 24,618,811 | 2,271,455 | $ | 34,729,692 | ||||||||||
Reinvestment of distributions | 90,000 | 1,447,687 | 199,541 | 3,070,017 | ||||||||||||
Shares reacquired | (802,638 | ) | (12,886,863 | ) | (3,743,122 | ) | (56,884,521 | ) | ||||||||
Increase (decrease) | 816,545 | $ | 13,179,635 | (1,272,126 | ) | $ | (19,084,812 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 177,267 | $ | 2,850,160 | 336,919 | $ | 5,187,939 | ||||||||||
Reinvestment of distributions | 12,266 | 197,278 | 25,194 | 387,981 | ||||||||||||
Shares reacquired | (111,160 | ) | (1,791,513 | ) | (381,528 | ) | (5,774,565 | ) | ||||||||
Increase (decrease) | 78,373 | $ | 1,255,925 | (19,415 | ) | $ | (198,645 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 592,438 | $ | 9,517,454 | 1,284,792 | $ | 19,839,205 | ||||||||||
Reinvestment of distributions | 20,819 | 334,824 | 23,909 | 369,350 | ||||||||||||
Shares reacquired | (423,229 | ) | (6,799,022 | ) | (1,015,079 | ) | (15,335,476 | ) | ||||||||
Increase | 190,028 | $ | 3,053,256 | 293,622 | $ | 4,873,079 |
172
Notes to Financial Statements (unaudited)(continued)
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
AMT Free | (unaudited) | September 30, 2014 | ||||||||||||||
Class I Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 6,215 | $ | 100,000 | 3,201 | $ | 50,000 | ||||||||||
Reinvestment of distributions | 206 | 3,314 | 310 | 4,782 | ||||||||||||
Shares reacquired | (75 | ) | (1,197 | ) | (22 | ) | (349 | ) | ||||||||
Increase | 6,346 | $ | 102,117 | 3,489 | $ | 54,433 | ||||||||||
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
National | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 8,343,125 | $ | 95,258,255 | 16,962,742 | $ | 183,731,998 | ||||||||||
Converted from Class B* | 20,634 | 234,835 | 38,289 | 414,941 | ||||||||||||
Reinvestment of distributions | 1,952,826 | 22,304,733 | 4,542,344 | 49,574,969 | ||||||||||||
Shares reacquired | (8,519,438 | ) | (97,200,668 | ) | (31,198,659 | ) | (337,611,152 | ) | ||||||||
Increase (decrease) | 1,797,147 | $ | 20,597,155 | (9,655,284 | ) | $ | (103,889,244 | ) | ||||||||
Class B Shares | ||||||||||||||||
Shares sold | 3,480 | $ | 40,063 | 9,226 | $ | 100,721 | ||||||||||
Reinvestment of distributions | 3,967 | 45,518 | 11,066 | 121,220 | ||||||||||||
Shares reacquired | (45,434 | ) | (521,689 | ) | (97,567 | ) | (1,067,750 | ) | ||||||||
Converted to Class A* | (20,530 | ) | (234,835 | ) | (38,098 | ) | (414,941 | ) | ||||||||
Decrease | (58,517 | ) | $ | (670,943 | ) | (115,373 | ) | $ | (1,260,750 | ) | ||||||
Class C Shares | ||||||||||||||||
Shares sold | 1,605,204 | $ | 18,345,409 | 2,302,753 | $ | 25,147,742 | ||||||||||
Reinvestment of distributions | 152,005 | 1,738,012 | 345,958 | 3,779,607 | ||||||||||||
Shares reacquired | (1,174,836 | ) | (13,418,343 | ) | (3,906,885 | ) | (42,148,340 | ) | ||||||||
Increase (decrease) | 582,373 | $ | 6,665,078 | (1,258,174 | ) | $ | (13,220,991 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 4,294,340 | $ | 49,013,040 | 7,720,805 | $ | 84,881,499 | ||||||||||
Reinvestment of distributions | 186,405 | 2,127,551 | 254,355 | 2,784,009 | ||||||||||||
Shares reacquired | (2,053,609 | ) | (23,387,648 | ) | (4,305,483 | ) | (46,233,118 | ) | ||||||||
Increase | 2,427,136 | $ | 27,752,943 | 3,669,677 | $ | 41,432,390 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 105,362 | $ | 1,199,193 | 117,269 | $ | 1,299,712 | ||||||||||
Reinvestment of distributions | 1,172 | 13,399 | 1,899 | 20,739 | ||||||||||||
Shares reacquired | (23,466 | ) | (268,105 | ) | (38,309 | ) | (403,257 | ) | ||||||||
Increase | 83,068 | $ | 944,487 | 80,859 | $ | 917,194 |
173
Notes to Financial Statements (unaudited)(continued)
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
High Yield | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 15,709,452 | $ | 185,377,048 | 36,134,777 | $ | 405,328,172 | ||||||||||
Reinvestment of distributions | 1,900,516 | 22,410,181 | 4,134,575 | 46,610,954 | ||||||||||||
Shares reacquired | (13,929,518 | ) | (164,115,440 | ) | (39,144,481 | ) | (436,773,017 | ) | ||||||||
Increase | 3,680,450 | $ | 43,671,789 | 1,124,871 | $ | 15,166,109 | ||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 3,458,364 | $ | 40,785,559 | 6,419,458 | $ | 72,260,483 | ||||||||||
Reinvestment of distributions | 515,374 | 6,079,653 | 1,114,888 | 12,568,116 | ||||||||||||
Shares reacquired | (3,396,629 | ) | (40,039,137 | ) | (9,893,035 | ) | (109,970,652 | ) | ||||||||
Increase (decrease) | 577,109 | $ | 6,826,075 | (2,358,689 | ) | $ | (25,142,053 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 8,934,947 | $ | 105,309,015 | 23,227,151 | $ | 263,400,653 | ||||||||||
Reinvestment of distributions | 561,832 | 6,630,139 | 734,264 | 8,321,461 | ||||||||||||
Shares reacquired | (6,022,599 | ) | (71,024,277 | ) | (11,261,506 | ) | (125,593,770 | ) | ||||||||
Increase | 3,474,180 | $ | 40,914,877 | 12,699,909 | $ | 146,128,344 | ||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 446,791 | $ | 5,258,836 | 8,828,191 | $ | 97,930,014 | ||||||||||
Reinvestment of distributions | 20,035 | 236,075 | 122,647 | 1,361,233 | ||||||||||||
Shares reacquired | (1,655,840 | ) | (19,392,580 | ) | (6,943,332 | ) | (77,612,728 | ) | ||||||||
Increase (decrease) | (1,189,014 | ) | $ | (13,897,669 | ) | 2,007,506 | $ | 21,678,519 | ||||||||
Class P Shares | ||||||||||||||||
Reinvestment of distributions | 25 | $ | 290 | 52.457 | $ | 588 | ||||||||||
Increase | 25 | $ | 290 | 52.457 | $ | 588 | ||||||||||
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
California | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 2,018,101 | $ | 22,185,319 | 2,470,533 | $ | 26,017,095 | ||||||||||
Reinvestment of distributions | 240,056 | 2,637,038 | 476,227 | 4,978,885 | ||||||||||||
Shares reacquired | (1,087,420 | ) | (11,948,014 | ) | (3,736,782 | ) | (38,647,381 | ) | ||||||||
Increase (decrease) | 1,170,737 | $ | 12,874,343 | (790,022 | ) | $ | (7,651,401 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 454,104 | $ | 4,992,764 | 528,858 | $ | 5,531,894 | ||||||||||
Reinvestment of distributions | 33,902 | 372,576 | 69,264 | 724,127 | ||||||||||||
Shares reacquired | (210,732 | ) | (2,306,533 | ) | (607,569 | ) | (6,267,882 | ) | ||||||||
Increase (decrease) | 277,274 | $ | 3,058,807 | (9,447 | ) | $ | (11,861 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 716,405 | $ | 7,872,001 | 966,790 | $ | 10,136,291 | ||||||||||
Reinvestment of distributions | 32,230 | 354,158 | 47,555 | 498,411 | ||||||||||||
Shares reacquired | (158,008 | ) | (1,736,110 | ) | (859,788 | ) | (8,863,120 | ) | ||||||||
Increase | 590,627 | $ | 6,490,049 | 154,557 | $ | 1,771,582 |
174
Notes to Financial Statements (unaudited)(continued)
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
California | (unaudited) | September 30, 2014 | ||||||||||||||
Class I Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 131,793 | $ | 1,439,225 | 735 | $ | 7,975 | ||||||||||
Reinvestment of distributions | 1,800 | 19,801 | 48 | 502 | ||||||||||||
Increase | 133,593 | $ | 1,459,026 | 783 | $ | 8,477 | ||||||||||
Six Months Ended | ||||||||||||||||
March 31, 2015 | Year Ended | |||||||||||||||
New Jersey | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 1,178,624 | $ | 5,886,911 | 1,759,496 | $ | 8,427,409 | ||||||||||
Reinvestment of distributions | 248,487 | 1,241,681 | 544,864 | 2,613,204 | ||||||||||||
Shares reacquired | (1,178,023 | ) | (5,864,076 | ) | (9,641,393 | ) | (45,207,932 | ) | ||||||||
Increase (decrease) | 249,088 | $ | 1,264,516 | (7,337,033 | ) | $ | (34,167,319 | ) | ||||||||
Class F Shares | ||||||||||||||||
Shares sold | 333,826 | $ | 1,666,919 | 949,031 | $ | 4,548,753 | ||||||||||
Reinvestment of distributions | 17,959 | 89,741 | 28,096 | 135,272 | ||||||||||||
Shares reacquired | (275,945 | ) | (1,379,860 | ) | (618,115 | ) | (2,914,503 | ) | ||||||||
Increase | 75,840 | $ | 376,800 | 359,012 | $ | 1,769,522 | ||||||||||
Class I Shares | ||||||||||||||||
Reinvestment of distributions | 47 | $ | 235 | 99 | $ | 472 | ||||||||||
Increase | 47 | $ | 235 | 99 | $ | 472 | ||||||||||
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
New York | (unaudited) | September 30, 2014 | ||||||||||||||
Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold | 3,330,143 | $ | 37,730,690 | 3,254,239 | $ | 35,195,226 | ||||||||||
Reinvestment of distributions | 277,759 | 3,147,854 | 614,684 | 6,688,208 | ||||||||||||
Shares reacquired | (1,545,937 | ) | (17,510,748 | ) | (6,876,447 | ) | (73,844,028 | ) | ||||||||
Increase (decrease) | 2,061,965 | $ | 23,367,796 | (3,007,524 | ) | $ | (31,960,594 | ) | ||||||||
Class C Shares | ||||||||||||||||
Shares sold | 697,479 | $ | 7,883,515 | 998,983 | $ | 10,881,968 | ||||||||||
Reinvestment of distributions | 34,459 | 390,017 | 74,254 | 807,294 | ||||||||||||
Shares reacquired | (434,898 | ) | (4,919,322 | ) | (911,933 | ) | (9,857,736 | ) | ||||||||
Increase | 297,040 | $ | 3,354,210 | 161,304 | $ | 1,831,526 | ||||||||||
Class F Shares | ||||||||||||||||
Shares sold | 727,067 | $ | 8,239,028 | 1,050,494 | $ | 11,544,050 | ||||||||||
Reinvestment of distributions | 23,188 | 263,114 | 31,719 | 346,390 | ||||||||||||
Shares reacquired | (118,444 | ) | (1,342,182 | ) | (804,617 | ) | (8,657,154 | ) | ||||||||
Increase | 631,811 | $ | 7,159,960 | 277,596 | $ | 3,233,286 |
175
Notes to Financial Statements (unaudited)(concluded)
Six Months Ended March 31, 2015 | Year Ended | |||||||||||||||
New York | (unaudited) | September 30, 2014 | ||||||||||||||
Class I Shares | Shares | Amount | Shares | Amount | ||||||||||||
Reinvestment of distributions | 961 | $ | 10,896 | 2,042 | $ | 22,245 | ||||||||||
Shares reacquired | (47 | ) | (529 | ) | (92 | ) | (992 | ) | ||||||||
Increase | 914 | $ | 10,367 | 1,950 | $ | 21,253 |
* | 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. |
14. | RECENT ACCOUNTING PRONOUNCEMENT |
In June 2014, The Financial Accounting Standards Board (FASB) issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statement disclosures.
176
Supplemental Proxy Information
A joint special meeting of shareholders of each Fund was held on December 4, 2014. The joint special meeting was held for the purpose of electing members of the Company’s Board of Directors. Shareholders elected the following nine (9) Directors at the joint special meeting:
• | E. Thayer Bigelow | |
• | Robert B. Calhoun, Jr. | |
• | Eric C. Fast | |
• | Daria L. Foster | |
• | Evelyn E. Guernsey | |
• | Julie A. Hill | |
• | Franklin W. Hobbs | |
• | James M. McTaggart | |
• | James L.L. Tullis |
The results of the proxy solicitation on the preceding matter were as follows:
Lord Abbett Municipal Income Fund, Inc.
Nominee | Votes For | Votes Withheld |
E. Thayer Bigelow | 779,341,788.209 | 12,932,728.141 |
Robert B. Calhoun, Jr. | 779,357,011.520 | 12,917,504.830 |
Eric C. Fast | 779,810,659.220 | 12,463,857.130 |
Daria L. Foster | 779,754,162.220 | 12,520,354.130 |
Evelyn E. Guernsey | 779,617,519.233 | 12,656,997.117 |
Julie A. Hill | 779,397,602.888 | 12,876,913.462 |
Franklin W. Hobbs | 779,921,784.986 | 12,352,731.364 |
James M. McTaggart | 779,674,649.399 | 12,599,866.951 |
James L.L. Tullis | 779,753,070.373 | 12,521,445.977 |
177
Approval of Advisory Contract
The Board of Directors of the Company, including all of the Directors who are not interested persons of the Company or of Lord Abbett, annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.
The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of a group of funds in the same Morningstar investment category (the “performance peer group”) and the investment performance of one or more appropriate benchmarks; (2) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds in the same Morningstar category, with the same share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (9) information regarding the distribution arrangements of the Fund; and (10) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.
Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of the performance peer group, in each case as of various periods ended August 31, 2014. As to AMT Free, the Board observed that the Fund’s investment performance was slightly above the median of the performance peer group for the one-year period and slightly below the median for the three-year period. As to California, New Jersey, and New York, the Board observed that the Fund��s investment performance was above the median of the performance peer group for the one-year, three-year, and five-year periods and below the median for the ten-year period. As to High
178
Approval of Advisory Contract (continued)
Yield, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period and below the median for the three-year and five-year periods. As to Short Duration, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year and three-year periods and below the median for the five-year period. As to Intermediate, the Board observed that the Fund’s investment performance was above the median of the performance peer group for each of the periods. As to National, the Board observed that the Fund’s investment performance was above the median for the one-year, three-year and five-year periods and below for the ten-year period.
Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.
Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and the Distributor and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.
Expenses. The Board considered the expense levels of each Fund and the expense levels of one or more corresponding expense peer groups. It also considered the projected expense levels of each Fund and how those levels would relate to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to AMT Free, the Board observed that the overall expense level was well below the median of the expense peer group. As to California and National, the Board observed that the overall expense level was slightly below the median of the expense peer group. As to High Yield, Intermediate, and Short Duration, the Board observed that the overall expense level was below the median of the expense peer group. As to New Jersey, the Board observed that the overall expense level was slightly above the median of the expense peer group. As to New York, the Board observed that the overall expense level was approximately the same as the median of the expense peer group.
Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbett’s profitability as to each Fund was not excessive.
179
Approval of Advisory Contract (concluded)
Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule, with its breakpoint or breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the applicable Fund.
Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds.
Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.
180
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).
181
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 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-3 (5/15) |
Item 2: | Code of Ethics. |
Not applicable. | |
Item 3: | Audit Committee Financial Expert. |
Not applicable. | |
Item 4: | Principal Accountant Fees and Services. |
Not applicable. | |
Item 5: | Audit Committee of Listed Registrants. |
Not applicable. | |
Item 6: | Investments. |
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. |
Item 12: | Exhibits. |
(a)(1) | Code of Ethics. Not applicable. | |
(a)(2) | Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. | |
(b) | Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LORD ABBETT MUNICIPAL INCOME FUND, INC. |
By: | /s/ Daria L. Foster | ||
Daria L. Foster | |||
President and Chief Executive Officer |
Date: May 28, 2015
By: | /s/ Joan A. Binstock | ||
Joan A. Binstock | |||
Chief Financial Officer and Vice President |
Date: May 28, 2015
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: May 28, 2015
By: | /s/ Joan A. Binstock | ||
Joan A. Binstock | |||
Chief Financial Officer and Vice President |
Date: May 28, 2015