UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03942
LORD ABBETT MUNICIPAL INCOME FUND, INC.
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302
(Address of principal executive offices) (Zip code)
Brooke A. Fapohunda, Esq., Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 201-6984
Date of fiscal year end: 9/30
Date of reporting period: 9/30/2016
| Item 1: | Report(s) to Shareholders. |
2016 LORD ABBETT
ANNUAL REPORT
Lord Abbett
Municipal Income Fund
Short Duration Tax Free Fund
Intermediate Tax Free Fund
AMT Free Municipal Bond Fund
National Tax Free Fund
High Yield Municipal Bond Fund
Short Duration High Yield Municipal Bond Fund
California Tax Free Fund
New Jersey Tax Free Fund
New York Tax Free Fund
For the fiscal year ended September 30, 2016
Table of Contents
Lord Abbett Municipal Income Fund
Annual Report
For the fiscal year ended September 30, 2016
Daria L. Foster, Director, President and Chief Executive Officer of the Lord Abbett Funds and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.
Dear Shareholders: We are pleased to provide you with this overview of the performance of the municipal income funds for the fiscal year ended September 30, 2016. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and timelier information about the funds, please visit our website at www.lordabbett.com, where you also can access quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
Best regards,
Daria L. Foster
Director, President and Chief Executive Officer
Municipal Bond Market Review
The average national unemployment rate was reported at 5.0%, as of September 30, 2016. Total nonfarm payroll employment rose by 156,000 in September 2016, compared with an average monthly gain of 178,000 thus far in 2016. Real gross domestic product (GDP) increased 2.9% in the third calendar quarter, higher than the 1.4% increase in the second quarter.
The municipal bond market continued to benefit from the low interest rate environment, which, as of September 30,
2016, resulted in 52 consecutive weeks of inflows into municipal funds. Municipal and Treasury markets tend to move in tandem directionally; however, historically, municipal yields have generally experienced less volatility when compared to Treasury securities across the curve. Despite credit concerns regarding a few large issuers, municipal credit quality trends have been positive of late.
Municipal bond issuance for the calendar year-to-date period ended September 30, 2016, totaled approximately $337 billion, a 5.7% increase in issuance
1
compared with the prior calendar year-to-date period. Refunding issuance increased approximately 0.4% over the same period. Demand has been supported by investors who are drawn to attractive yields across maturities.
Despite the credit issues faced by a few large municipalities, municipal bond
defaults have remained exceedingly rare. While there are pockets of distress in the municipal bond market, the general trend has been one of improving credit fundamentals as demonstrated by 18 consecutive quarters of rising state and local tax revenues through the second quarter of 2016.
The table below shows each Fund’s performance relative to its benchmark for the fiscal year ended September 30, 2016.
| | | Class A
Shares
at NAV
12-Mo.
Returns as of
9/30/2016 | | Lipper
Funds
Average1 | | Bloomberg
Barclays
Muni Bond
Index2 | | Bloomberg
Barclays
1-15 Yr.
Muni Bond
Index3 | | Bloomberg
Barclays
High Yield
Muni Bond
Index4 | | Bloomberg
Barclays
Muni Bond
Short
1-5 Yr.
Index5 | | 50%
Bloomberg
BC
Muni 1-8
Years/50%
Bloomberg
BC HY Muni
1-8 Years6 |
| Short Duration Tax Free Fund | | | 1.27 | % | | | 0.85 | % | | | – | | | | – | | | | – | | | | 1.23 | % | | | – | |
| Intermediate Tax Free Fund | | | 5.53 | % | | | 4.69 | % | | | – | | | | 4.34 | % | | | – | | | | – | | | | – | |
| AMT Free Municipal Bond Fund | | | 7.76 | % | | | 5.78 | % | | | 5.58 | % | | | – | | | | – | | | | – | | | | – | |
| National Tax Free Fund | | | 7.68 | % | | | 5.78 | % | | | 5.58 | % | | | – | | | | – | | | | – | | | | – | |
| High Yield Municipal Bond Fund | | | 10.28 | % | | | 8.67 | % | | | – | | | | – | | | | 11.32 | % | | | – | | | | – | |
| Short Duration High Yield Municipal Bond Fund | | | 5.93 | % | | | 8.67 | % | | | – | | | | – | | | | – | | | | – | | | | 2.96 | % |
| California Tax Free Fund | | | 7.80 | % | | | 6.76 | % | | | 5.58 | % | | | – | | | | – | | | | – | | | | – | |
| New Jersey Tax Free Fund | | | 8.53 | % | | | 6.67 | % | | | 5.58 | % | | | – | | | | – | | | | – | | | | – | |
| New York Tax Free Fund | | | 7.05 | % | | | 6.21 | % | | | 5.58 | % | | | – | | | | – | | | | – | | | | – | |
Short Duration Tax Free Fund
The Short Duration Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Short
1-5 Year Index,5 during the 12-month period ended September 30, 2016. Bonds with maturities lower than seven years contributed significantly to absolute performance, while instruments with
2
maturities greater than seven years did not contribute as significantly, despite positive returns. In terms of credit qualities, the Fund’s allocation to ‘AA’ and ‘A’ bonds contributed most to overall performance. With regard to sectors, state general obligation and healthcare bonds were among the strongest contributors to absolute returns, while sales tax bonds were among the weakest.
Intermediate Tax Free Fund
The Intermediate Tax Free Fund outperformed its benchmark, the Bloomberg Barclays 1-15 Year Municipal Bond Index,3 during the 12-month period ended September 30, 2016. The Fund’s exposure to bonds within the maturity range of 4-20 years generally contributed to absolute performance, while bonds with maturities of less than four years did not contribute as much. The Fund’s exposure to bonds within the ‘AA’-‘BBB’ range contributed significantly to the portfolio’s total return. With regard to sectors, healthcare bonds were among the strongest contributors to absolute returns, while investor-owned utilities (IOUs) detracted the most.
AMT Free Municipal Bond Fund
The AMT Free Municipal Bond Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2016. As longer bonds
generally outperformed during the period, the Fund’s exposure to bonds within the maturity range of 16-30 years contributed the most to absolute performance, while bonds with maturities of less than six years had lower absolute returns. The Fund’s exposure to lower rated investment grade bonds positively contributed to performance. With regard to sectors, healthcare bonds were among the strongest contributors to overall performance, while IOUs were among the weakest.
National Tax Free Fund
The National Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2016. As longer bonds generally outperformed during the period, the Fund’s exposure to bonds within the maturity range of 16-30 years contributed most to absolute performance, while bonds with maturities of less than eight years had lower absolute returns. The Fund’s allocation to bonds in the lower-tier of the investment-grade range was a contributor to absolute performance. With regard to sectors, healthcare bonds were among the strongest contributors to absolute returns, while IOUs and pre-refunded bonds contributed the least.
High Yield Municipal Bond Fund
The High Yield Municipal Bond Fund underperformed its benchmark, the Bloomberg Barclays High Yield Municipal
3
Bond Index,4 during the 12-month period ended September 30, 2016. While bonds with maturities of less than six years had lower absolute returns, the Fund’s exposure to bonds within the maturity range of 16-35 years positively contributed to absolute performance. With regard to sectors, tobacco bonds were among the strongest contributors to absolute returns, while state general obligation bonds detracted from absolute performance.
Short Duration High Yield Municipal Bond Fund
The Short Duration High Yield Municipal Bond Fund outperformed its benchmark, a 50%/50% blend of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays High Yield Municipal 1-8 Year Index,6 during the 12-month period ended September 30, 2016. Bonds with maturities in the range of 5-10 years contributed most to absolute performance. The Fund’s allocation to bonds in the lower tier of the investment grade range positively contributed to performance. With regard to sectors, healthcare bonds were among the strongest contributors to absolute returns, while IOUs contributed the least.
California Tax Free Fund
The California Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2016. As longer bonds generally outperformed during the period,
the Fund’s exposure to bonds within the maturity range of 16-35 years contributed most to absolute performance, while bonds with maturities of less than eight years had lower absolute returns. The Fund’s allocation to investment-grade bonds rated lower than ‘AAA’ contributed significantly to absolute performance. With regard to sectors, healthcare and special tax bonds were among the strongest contributors to absolute returns, while higher education bonds contributed the least.
General obligation debt issued by the State of California was upgraded by Fitch during the period, from ‘A+’ to ‘AA-’ (as of the most recent update provided). Fitch cited positive credit developments for the state as well as numerous institutional improvements as necessitating the rating increase.
Although California’s unemployment rate is higher than that of many other states, it boasted a seasonally adjusted rate of annual GDP of $2.51 trillion in the first quarter of 2016.
New Jersey Tax Free Fund
The New Jersey Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2016. As longer bonds generally outperformed during the period, the Fund’s bonds with maturities of less than six years had lower absolute returns, while the Fund’s exposure to bonds within the maturity range of 16-25 years positively contributed to absolute performance. The Fund’s exposure
4
to investment grade credits rated lower than ‘AAA’ contributed significantly to overall performance. With regard to sectors, healthcare, toll road, and lease appropriation bonds were among the strongest contributors to absolute returns, while dedicated tax bonds contributed the least.
General obligation debt issued by the State of New Jersey was rated ‘A2’ with a negative outlook by Moody’s. Moody’s concern stems from a weak financial position, unfunded pension liabilities, and high debt levels.
As of September 2016, the Bureau of Labor Statistics reported the New Jersey unemployment rate at 5.3%, down from 5.7% in August 2015.
New York Tax Free Fund
The New York Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2016. As longer bonds generally outperformed during the period,
the Fund’s exposure to bonds within the maturity range of 16-30 years contributed most to absolute performance, while bonds with maturities of less than six years generally had lower returns. The Fund’s allocation to ‘AA’ rated bonds contributed significantly to overall performance. With regard to sectors, industrial development bonds were among the strongest contributors to absolute returns, while nonprofit credits were among the weakest.
General obligation debt issued by the State of New York recently was rated ‘AA+’ by both Standard & Poor’s and Fitch.
As of September 2016, the Bureau of Labor Statistics reported the New York unemployment rate at 5.0% for the state, down from 5.2% in August 2015.
Each Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.
1 The Lipper Funds Average: Lipper, Inc. is a nationally recognized organization that reports on mutual fund total return performance, calculates fund rankings and is a global leader in benchmarking and classifying mutual funds. Peer averages are based on universes of funds with similar investment objectives. Peer group averages include reinvested dividends and capital gains, if any, and exclude sales charges.
2 The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31,
1990, and must be at least one year from their maturity date.
3 The Bloomberg Barclays 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond index. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7
5
million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
4 The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.
5 The Bloomberg Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
6 The Bloomberg Barclays 1-8 Year Municipal Bond Index is the 1-8 year component of the Municipal Bond index. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The Bloomberg Barclays 1-8 Year High Yield Municipal Bond Index is the 1-8 year component of the High Yield Municipal Bond index. The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.
Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.
Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an
investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.
Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.
During certain periods shown, expense waivers and reimbursements were in place. Without such waivers and expense reimbursements, the Funds’ returns would have been lower.
The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of September 30, 2016. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolio is actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.
A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund’s prospectus.
Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.
6
Short Duration Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Short 1-5 Year Index and the Lipper Short Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | | 1 Year | | | 5 Years | | | Life of Class | |
| Class A4 | | | -0.99 | % | | | 0.76 | % | | | 1.93 | % | |
| Class C5 | | | -0.35 | % | | | 0.57 | % | | | 1.52 | % | |
| Class F6 | | | 1.37 | % | | | 1.32 | % | | | 2.33 | % | |
| Class I6 | | | 1.47 | % | | | 1.41 | % | | | 2.43 | % | |
Standardized Yield for the Period Ended September 30, 2016
| Class A | Class C | Class F | Class I |
| 0.72% | 0.13% | 0.83% | 0.93% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for period shown ended September 30, 2016, is calculated using the SEC required uniform method to compute such return. Class A shares commenced operations
on December 12, 2008. Performance for the Class began December 31, 2008.
5 Class C shares commenced operations on December 12, 2008. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for the Class began December 31, 2008. Performance for other periods is at net asset value.
6 Class F and Class I shares commenced operations on December 12, 2008. Performance for the Class began December 31, 2008. Performance is at net asset value.
7
Intermediate Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays 1-15 Year Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A4 | | 3.14% | | 3.70% | | 4.48% | | – |
| Class B5 | | -0.30% | | 3.00% | | 4.08% | | – |
| Class C6 | | 3.87% | | 3.50% | | 4.01% | | – |
| Class F7 | | 5.63% | | 4.28% | | – | | 5.01% |
| Class I8 | | 5.74% | | 4.35% | | – | | 5.30% |
| Class P9 | | 5.28% | | 3.91% | | 4.49% | | – |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class B | | Class C | | Class F | | Class I | | Class P |
| 1.82% | | 1.07% | | 1.24% | | 1.96% | | 2.06% | | 1.61% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2016, is calculated using the SEC required uniform method to compute such return.
5 Performance reflects the deduction of CDSC of 5% for 1 year, 2%
for 5 years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on January 31, 2011. Performance is at net asset value.
9 Performance is at net asset value.
8
AMT Free Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper General Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | | 1 Year | | | 5 Years | | | Life of Class | |
| Class A4 | | | 5.37 | % | | | 5.10 | % | | | 5.13 | % | |
| Class C5 | | | 6.03 | % | | | 4.86 | % | | | 4.78 | % | |
| Class F6 | | | 7.80 | % | | | 5.66 | % | | | 5.63 | % | |
| Class I6 | | | 7.98 | % | | | 5.80 | % | | | 5.77 | % | |
Standardized Yield for the Period Ended September 30, 2016
| Class A | Class C | Class F | Class I |
| 3.17% | 2.62% | 3.35% | 3.45% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for period shown ended September 30, 2016, is calculated using the SEC required uniform method to
compute such return. Class A shares commenced operations on October 26, 2010. Performance for the Class began October 29, 2010.
5 Class C shares Commenced operations on October 26, 2010.
The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for the Class began October 29, 2010. Performance for other periods is at net asset value.
6 Class F and Class I shares commenced operations on October 26, 2010. Performance for the Class began October 29, 2010. Performance is at net asset value.
9
National Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper General Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A4 | | 5.24% | | 5.65% | | 4.39% | | – |
| Class B5 | | 1.71% | | 4.95% | | 3.98% | | – |
| Class C6 | | 5.91% | | 5.46% | | 3.96% | | – |
| Class F7 | | 7.78% | | 6.23% | | – | | 5.16% |
| Class I8 | | 7.77% | | 6.31% | | – | | 6.03% |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class B | | Class C | | Class F | | Class I |
| 3.19% | | 2.47% | | 2.64% | | 3.35% | | 3.45% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2016, is calculated using the SEC required uniform method to compute such return.
5 Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on July 26, 2010. Performance is at net asset value.
10
High Yield Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays High Yield Municipal Bond Index, 85% Bloomberg Barclays High Yield Municipal Bond Index/15% Bloomberg Barclays Municipal Bond Index and the Lipper High Yield Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A4 | | 7.76% | | 6.48% | | 2.57% | | – |
| Class C5 | | 8.51% | | 6.29% | | 2.17% | | – |
| Class F6 | | 10.39% | | 7.06% | | – | | 3.25% |
| Class I7 | | 10.41% | | 7.12% | | – | | 6.18% |
| Class P8 | | 10.04% | | 6.74% | | 2.63% | | – |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class C | | Class F | | Class I | | Class P |
| 4.02% | | 3.50% | | 4.22% | | 4.24% | | 3.88% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2016, is calculated using SEC required uniform method to
compute such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
7 Class I shares commenced operations and performance for the Class began on July 26, 2010. Performance is at net asset value.
8 Performance is at net asset value.
11
Short Duration High Yield Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the 50% Bloomberg Barclays Municipal Bond 1-8 Year Index/50% Bloomberg Barclays High Yield Municipal 1-8 Year Index and the Lipper High Yield Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | Life of Class |
| Class A4 | | 3.52% | | 3.27% |
| Class C5 | | 4.11% | | 4.29% |
| Class F6 | | 6.03% | | 5.23% |
| Class I6 | | 6.13% | | 5.33% |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class C | | Class F | | Class I |
| 2.51% | | 1.83% | | 2.68% | | 2.80% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Class A shares commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to
Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2016, is calculated using SEC required uniform method to compute such return.
5 Class C shares commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. Performance is at net asset value.
12
California Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper California Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | 5.37% | | 5.97% | | 4.33% | | – |
| Class C6 | | 6.21% | | 5.80% | | 3.90% | | – |
| Class F7 | | 7.90% | | 6.56% | | – | | 5.09% |
| Class I8 | | 8.10% | | 6.68% | | – | | 7.82% |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class C | | Class F | | Class I |
| 2.95% | | 2.38% | | 3.12% | | 3.22% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2016, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on January 31, 2011. Performance is at net asset value.
13
New Jersey Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper New Jersey Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other class will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | 6.12% | | 4.86% | | 3.71% | | – |
| Class F6 | | 8.63% | | 5.44% | | – | | 4.40% |
| Class I7 | | 8.76% | | 5.55% | | – | | 6.63% |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class F | | Class I |
| 2.86% | | 3.02% | | 3.03% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25%
applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2016, is calculated using the SEC required uniform method to compute such return.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
7 Class I shares commenced operations and performance for the Class began on January 31, 2011. Performance is at net asset value.
14
New York Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper New York Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2016
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | 4.62% | | 4.74% | | 4.11% | | – |
| Class C6 | | 5.37% | | 4.56% | | 3.68% | | – |
| Class F7 | | 7.14% | | 5.33% | | – | | 4.78% |
| Class I8 | | 7.25% | | 5.44% | | – | | 6.41% |
Standardized Yield for the Period Ended September 30, 2016
| Class A | | Class C | | Class F | | Class I |
| 2.68% | | 2.11% | | 2.85% | | 2.95% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2016, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on January 30, 2011. Performance is at net asset value.
15
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2016 through September 30, 2016).
Actual Expenses
For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 4/1/16 – 9/30/16” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
16
Short Duration Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning | | Ending | | Expenses | |
| | | Account | | Account | | Paid During | |
| | | Value | | Value | | Period† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,006.10 | | $3.26 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.75 | | $3.29 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,003.00 | | $6.31 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.70 | | $6.36 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,006.60 | | $2.76 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.25 | | $2.78 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,007.00 | | $2.26 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.75 | | $2.28 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.55% for Class F and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 8.48 | % |
| AA+ | 6.62 | % |
| AA | 20.82 | % |
| AA- | 18.62 | % |
| A+ | 10.04 | % |
| A | 8.30 | % |
| A- | 9.17 | % |
| BBB+ | 8.08 | % |
| BBB | 3.76 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BBB- | 1.84 | % |
| BB+ | 0.69 | % |
| BB | 0.93 | % |
| BB- | 0.13 | % |
| B+ | 0.22 | % |
| B | 0.11 | % |
| CCC+ | 0.06 | % |
| NR | 2.13 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
17
Intermediate Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning | | Ending | | Expenses | |
| | | Account | | Account | | Paid During | |
| | | Value | | Value | | Period† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,023.40 | | $3.54 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.50 | | $3.54 | |
| Class B | | | | | | | |
| Actual | | $1,000.00 | | $1,019.30 | | $7.57 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.50 | | $7.57 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,021.10 | | $6.72 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.35 | | $6.71 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,024.80 | | $3.04 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.00 | | $3.03 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,024.40 | | $2.58 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.45 | | $2.58 | |
| Class P | | | | | | | |
| Actual | | $1,000.00 | | $1,022.10 | | $4.80 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,020.25 | | $4.80 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.70% for Class A, 1.50% for Class B, 1.33% for Class C, 0.60% for Class F, 0.51% for Class I and 0.95% for Class P) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 8.29 | % |
| AA+ | 7.66 | % |
| AA | 11.81 | % |
| AA- | 14.91 | % |
| A+ | 8.97 | % |
| A | 8.29 | % |
| A- | 7.81 | % |
| BBB+ | 9.28 | % |
| BBB | 4.31 | % |
| BBB- | 4.12 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BB+ | 1.60 | % |
| BB | 1.78 | % |
| BB- | 1.47 | % |
| B+ | 1.29 | % |
| B | 0.65 | % |
| B- | 1.97 | % |
| CCC- | 1.93 | % |
| CC | 0.53 | % |
| NR | 3.33 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
18
AMT Free Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning | | Ending | | Expenses | |
| | | Account | | Account | | Paid During | |
| | | Value | | Value | | Period† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,036.10 | | $3.05 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.00 | | $3.03 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,032.80 | | $6.25 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.85 | | $6.21 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,035.90 | | $2.54 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.50 | | $2.53 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,037.10 | | $2.04 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,023.00 | | $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, 1.23% for Class C, 0.50% for Class F and 0.40% Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 1.48 | % |
| AA+ | 2.79 | % |
| AA | 12.92 | % |
| AA- | 13.02 | % |
| A+ | 8.23 | % |
| A | 11.06 | % |
| A- | 11.14 | % |
| BBB+ | 11.00 | % |
| BBB | 6.32 | % |
| BBB- | 7.35 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BB+ | 1.53 | % |
| BB | 2.26 | % |
| BB- | 0.44 | % |
| B+ | 0.54 | % |
| B | 0.73 | % |
| B- | 2.36 | % |
| CCC- | 1.52 | % |
| CC | 0.61 | % |
| NR | 4.70 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
19
National Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning | | Ending | | Expenses | |
| | | Account | | Account | | Paid During | |
| | | Value | | Value | | Period† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,034.60 | | $3.97 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.10 | | $3.94 | |
| Class B | | | | | | | |
| Actual | | $1,000.00 | | $1,029.50 | | $8.02 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.10 | | $7.97 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,031.40 | | $7.11 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.00 | | $7.06 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,035.10 | | $3.41 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.65 | | $3.39 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,035.40 | | $2.90 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.15 | | $2.88 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.78% for Class A, 1.58% for Class B, 1.40% 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 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 1.75 | % |
| AA+ | 3.55 | % |
| AA | 10.48 | % |
| AA- | 18.25 | % |
| A+ | 9.49 | % |
| A | 7.11 | % |
| A- | 11.55 | % |
| BBB+ | 8.29 | % |
| BBB | 7.09 | % |
| BBB- | 8.60 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BB+ | 0.84 | % |
| BB | 2.50 | % |
| BB- | 1.60 | % |
| B+ | 0.75 | % |
| B | 0.50 | % |
| B- | 1.98 | % |
| CCC- | 1.12 | % |
| CC | 0.94 | % |
| NR | 3.61 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
20
High Yield Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning | | Ending | | Expenses | |
| | | Account | | Account | | Paid During | |
| | | Value | | Value | | Period† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,055.60 | | $4.11 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.00 | | $4.04 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,052.40 | | $7.29 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.90 | | $7.16 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,056.10 | | $3.60 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.50 | | $3.54 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,056.70 | | $3.03 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.05 | | $2.98 | |
| Class P | | | | | | | |
| Actual | | $1,000.00 | | $1,054.50 | | $5.44 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,019.70 | | $5.35 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.80% for Class A, 1.42% for Class C, 0.70% for Class F, 0.59% for Class I and 1.06% for Class P) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 0.34 | % |
| AA+ | 0.30 | % |
| AA | 3.04 | % |
| AA- | 2.14 | % |
| A+ | 1.21 | % |
| A | 1.33 | % |
| A- | 2.65 | % |
| BBB+ | 3.86 | % |
| BBB | 4.98 | % |
| BBB- | 9.80 | % |
| BB+ | 5.57 | % |
| BB | 6.30 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BB- | 6.03 | % |
| B+ | 5.71 | % |
| B | 1.59 | % |
| B- | 7.87 | % |
| CCC+ | 0.53 | % |
| CCC | 0.42 | % |
| CCC- | 2.95 | % |
| CC | 3.54 | % |
| Ca | 0.01 | % |
| C | 0.06 | % |
| NR | 29.77 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
21
Short Duration 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† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,026.00 | | $2.79 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.25 | | $2.78 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,022.10 | | $6.57 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.50 | | $6.56 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,026.50 | | $2.28 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.75 | | $2.28 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,027.00 | | $1.77 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,023.25 | | $1.77 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.55% for Class A, 1.30% for Class C, 0.45% for Class F and 0.35% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 0.07 | % |
| AA+ | 0.77 | % |
| AA | 1.98 | % |
| AA- | 3.10 | % |
| A+ | 1.27 | % |
| A | 3.97 | % |
| A- | 8.60 | % |
| BBB+ | 14.43 | % |
| BBB | 10.65 | % |
| BBB- | 8.19 | % |
| BB+ | 4.38 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BB | 7.46 | % |
| BB- | 6.51 | % |
| B+ | 5.58 | % |
| B | 1.57 | % |
| B- | 4.04 | % |
| Caa1 | 0.09 | % |
| CCC | 0.78 | % |
| CCC- | 2.24 | % |
| CC | 0.82 | % |
| NR | 13.50 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
22
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† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,035.90 | | $3.97 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.10 | | $3.94 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,032.60 | | $7.22 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.90 | | $7.16 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,036.40 | | $3.46 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.60 | | $3.44 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,036.90 | | $2.95 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.10 | | $2.93 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.78% for Class A, 1.42% for Class C, 0.68% for Class F and 0.58% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 1.02 | % |
| AA+ | 3.55 | % |
| AA | 17.35 | % |
| AA- | 22.18 | % |
| A+ | 12.99 | % |
| A | 3.79 | % |
| A- | 7.06 | % |
| BBB+ | 8.63 | % |
| BBB | 1.84 | % |
| BBB- | 8.77 | % |
| BB+ | 1.55 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BB | 1.27 | % |
| Ba3 | 0.33 | % |
| B | 0.76 | % |
| B- | 1.76 | % |
| CCC+ | 0.08 | % |
| CCC | 0.13 | % |
| CCC- | 0.71 | % |
| CC | 0.69 | % |
| NR | 5.54 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
23
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† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,039.60 | | $4.18 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,020.90 | | $4.14 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,038.00 | | $3.67 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.40 | | $3.64 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,038.60 | | $3.16 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.90 | | $3.13 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 0.72% for Class F and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 2.39 | % |
| AA+ | 1.02 | % |
| AA | 12.36 | % |
| AA- | 16.31 | % |
| A+ | 6.76 | % |
| A | 5.91 | % |
| A- | 22.46 | % |
| BBB+ | 7.70 | % |
| BBB | 1.42 | % |
| BBB- | 11.33 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| Ba1 | 1.31 | % |
| Ba2 | 1.21 | % |
| BB- | 1.79 | % |
| B+ | 0.72 | % |
| B- | 3.11 | % |
| CCC+ | 1.14 | % |
| CC | 1.01 | % |
| NR | 2.05 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
24
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† | |
| | | | | | | 4/1/16 - | |
| | | 4/1/16 | | 9/30/16 | | 9/30/16 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,032.70 | | $3.96 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.10 | | $3.94 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,029.40 | | $7.20 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.90 | | $7.16 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,032.30 | | $3.45 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.60 | | $3.44 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,033.70 | | $3.00 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.05 | | $2.98 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.78% 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 183/366 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2016
Credit Rating:
S&P or Moody’s(a) | %* | |
| AAA | 16.42 | % |
| AA+ | 4.18 | % |
| AA | 15.87 | % |
| AA- | 15.12 | % |
| A+ | 4.02 | % |
| A | 5.18 | % |
| A- | 9.94 | % |
| BBB+ | 5.14 | % |
| BBB | 4.68 | % |
Credit Rating:
S&P or Moody’s(a) | %* | |
| BBB- | 8.31 | % |
| BB+ | 1.18 | % |
| BB | 0.67 | % |
| BB- | 1.33 | % |
| B- | 1.22 | % |
| CCC+ | 1.21 | % |
| CC | 0.66 | % |
| NR | 4.87 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
25
Schedule of Investments
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 89.14% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 5.53% | | | | | | | | | | | | | | |
| Beaver Co IDA–FirstEnergy Rmkt | | 2.70% | # | 4/1/2035 | | Ba2 | | $ | 7,000 | | | $ | 6,743,170 | |
| Burke Co Dev–GA Transmission | | 1.30% | # | 1/1/2052 | | AA- | | | 12,500 | | | | 12,576,125 | |
| Burke Co Dev–Oglethorpe Power | | 2.40% | # | 1/1/2040 | | A | | | 3,005 | | | | 3,086,255 | |
| Burke CO Dev–Oglethorpe Power (AGM) | | 0.919% | # | 1/1/2024 | | AA | | | 10,200 | | | | 9,802,170 | |
| CA Poll Ctl–Waste Mgmt | | 1.55% | | 2/1/2019 | | A- | | | 3,475 | | | | 3,512,356 | |
| CA Stwde–So Cal Edison | | 1.375% | # | 4/1/2028 | | Aa3 | | | 5,000 | | | | 5,024,750 | |
| Charles City Co EDA–Waste Mgmt | | 3.125% | # | 2/1/2029 | | A- | | | 5,500 | | | | 5,509,130 | |
| Citizens Property Insurance Corp | | 4.25% | | 6/1/2017 | | A+ | | | 2,690 | | | | 2,750,175 | |
| Citizens Property Insurance Corp | | 5.00% | | 6/1/2018 | | A+ | | | 8,000 | | | | 8,544,560 | |
| Citizens Property Insurance Corp | | 5.50% | | 6/1/2017 | | A+ | | | 3,365 | | | | 3,467,700 | |
| Gloucester Co Impt Auth–Waste Mgmt | | 2.125% | # | 12/1/2029 | | A- | | | 4,500 | | | | 4,552,290 | |
| Gulf Coast Waste Disp–US Steel | | 5.75% | | 9/1/2017 | | B | | | 2,350 | | | | 2,373,477 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B+ | | | 4,425 | | | | 4,589,300 | |
| Miami Dade Co IDA–Waste Mgmt Rmkt | | 1.50% | | 10/1/2018 | | A- | | | 4,000 | | | | 4,044,840 | |
| Mobile IDB–AL Power Co | | 1.625% | # | 7/15/2034 | | A1 | | | 3,000 | | | | 3,017,940 | |
| Mobile IDB–AL Power Co Rmkt | | 1.65% | # | 6/1/2034 | | A1 | | | 3,000 | | | | 3,007,650 | |
| Montgomery Co IDA–Peco Generation | | 2.50% | # | 10/1/2030 | | BBB | | | 5,000 | | | | 5,092,300 | |
| Montgomery Co IDA–Peco Generation | | 2.55% | # | 6/1/2029 | | BBB | | | 5,000 | | | | 5,105,300 | |
| Niagara Area Dev Corp–Covanta† | | 4.00% | | 11/1/2024 | | Ba2 | | | 1,000 | | | | 1,015,540 | |
| NY Energy–NY State Elec & Gas | | 2.00% | # | 6/1/2029 | | A- | | | 6,000 | | | | 6,133,440 | |
| NY Env Facs–Waste Mgmt | | 2.75% | | 7/1/2017 | | A- | | | 1,000 | | | | 1,013,880 | |
| St Charles Parish–Valero Energy | | 4.00% | # | 12/1/2040 | | BBB | | | 3,500 | | | | 3,898,265 | |
| Valdez Marine Term–BP Rmkt | | 5.00% | | 1/1/2018 | | A2 | | | 9,075 | | | | 9,529,930 | |
| WV Poll Ctl–Appalachian Pwr | | 1.625% | # | 10/1/2022 | | BBB+ | | | 2,500 | | | | 2,507,075 | |
| Total | | | | | | | | | | | | | 116,897,618 | |
| | | | | | | | | | | | | | | |
| Education 4.67% | | | | | | | | | | | | | | |
| AZ Brd Regents COP–Univ of AZ | | 4.00% | | 6/1/2018 | | Aa3 | | | 2,140 | | | | 2,246,936 | |
| AZ Brd Regents COP–Univ of AZ | | 5.00% | | 6/1/2018 | | Aa3 | | | 3,215 | | | | 3,428,347 | |
| CA State Univ Sys | | 5.00% | | 11/1/2019 | | Aa2 | | | 2,000 | | | | 2,249,200 | |
| CA State Univ Sys | | 5.00% | | 11/1/2020 | | Aa2 | | | 1,700 | | | | 1,975,111 | |
| CA State Univ Sys | | 5.00% | | 11/1/2020 | | Aa2 | | | 5,000 | | | | 5,809,150 | |
| Clemson Univ | | 5.00% | | 5/1/2019 | | Aa2 | | | 3,950 | | | | 4,362,973 | |
| Cleveland State Univ | | 5.00% | | 6/1/2018 | | A+ | | | 1,000 | | | | 1,065,670 | |
| Cleveland State Univ | | 5.00% | | 6/1/2019 | | A+ | | | 1,265 | | | | 1,392,348 | |
| Curators Univ Sys | | 5.00% | | 11/1/2019 | | AA+ | | | 5,000 | | | | 5,610,050 | |
| 26 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | |
| IA HI Ed–Wartburg Clg | | 2.50% | | 10/1/2020 | | BB- | (c) | $ | 3,545 | | | $ | 3,555,706 | |
| IL Fin Auth–Noble Chtr Sch | | 4.00% | | 9/1/2019 | | BBB | | | 2,530 | | | | 2,680,206 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2018 | | BBB | | | 2,550 | | | | 2,718,963 | |
| MA Hlth & Ed–Amherst Clg | | 1.70% | # | 11/1/2038 | | Aaa | | | 4,525 | | | | 4,527,262 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.00% | | 10/1/2019 | | NR | | | 410 | | | | 431,099 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.00% | | 10/1/2024 | | NR | | | 1,535 | | | | 1,808,905 | |
| NC Cap Facs–High Point Univ | | 4.00% | | 5/1/2017 | | BBB+ | | | 2,785 | | | | 2,828,195 | |
| NC Cap Facs–High Point Univ | | 5.00% | | 5/1/2018 | | BBB+ | | | 1,640 | | | | 1,741,008 | |
| NY Dorm–Mt Sinai Sch Med | | 4.00% | | 7/1/2020 | | A- | | | 3,000 | | | | 3,294,630 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2021 | | A- | | | 2,000 | | | | 2,328,980 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2018 | | Ba1 | | | 1,000 | | | | 1,067,770 | |
| NY Dorm–SUNY | | 4.00% | | 7/1/2020 | | Aa3 | | | 2,000 | | | | 2,211,860 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2021 | | Aa3 | | | 2,000 | | | | 2,349,060 | |
| PA Hi Ed–PA State Univ Sys | | 5.00% | | 6/15/2020 | | Aa3 | | | 3,710 | | | | 4,220,793 | |
| Texas A&M Univ | | 5.00% | | 5/15/2019 | | AAA | | | 7,200 | | | | 7,948,224 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2021 | | A- | | | 445 | | | | 520,347 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2022 | | A- | | | 1,000 | | | | 1,195,030 | |
| Univ of North Carolina–Chapel Hill | | 1.101% | # | 12/1/2041 | | AAA | | | 25,000 | | | | 25,048,500 | |
| Total | | | | | | | | | | | | | 98,616,323 | |
| | | | | | | | | | | | | | | |
| General Obligation 22.70% | | | | | | | | | | | | | | |
| CA State GO | | 1.13% | # | 12/1/2031 | | AA- | | | 2,000 | | | | 2,000,000 | |
| CA State GO | | 1.39% | # | 12/1/2028 | | AA- | | | 8,000 | | | | 8,000,000 | |
| CA State GO | | 5.00% | | 9/1/2018 | | AA- | | | 7,500 | | | | 8,084,025 | |
| CA State GO | | 5.00% | | 10/1/2018 | | AA- | | | 6,600 | | | | 7,141,794 | |
| CA State GO | | 5.00% | | 11/1/2018 | | AA- | | | 12,150 | | | | 13,188,703 | |
| CA State GO | | 5.00% | | 2/1/2019 | | AA- | | | 14,750 | | | | 16,150,807 | |
| CA State GO | | 5.00% | | 9/1/2020 | | AA- | | | 10,000 | | | | 11,544,900 | |
| CA State GO | | 5.00% | | 9/1/2022 | | AA- | | | 11,000 | | | | 13,383,040 | |
| CA State GO | | 5.50% | | 4/1/2019 | | AA- | | | 8,715 | | | | 9,706,331 | |
| CA State GO | | 6.00% | | 4/1/2019 | | AA- | | | 2,500 | | | | 2,811,775 | |
| Carmel Sch Bld Corp (AGM) | | 4.75% | | 7/15/2019 | | AA | | | 6,105 | | | | 6,167,698 | |
| Chicago GO | | 5.00% | | 1/1/2021 | | BBB+ | | | 6,355 | | | | 6,742,591 | |
| Clackamas Co Sch Dist–North Clackamas | | 5.00% | | 6/15/2019 | | AA+ | | | 1,250 | | | | 1,384,338 | |
| Cook Co GO | | 5.00% | | 11/15/2017 | | AA- | | | 5,010 | | | | 5,208,647 | |
| CT State GO | | 5.00% | | 2/15/2021 | | AA- | | | 6,350 | | | | 6,952,107 | |
| CT State GO | | 5.00% | | 8/15/2021 | | AA- | | | 5,000 | | | | 5,853,200 | |
| Dallas ISD PSF GTD | | 5.00% | # | 2/15/2036 | | AAA | | | 5,000 | | | | 5,629,300 | |
| | See Notes to Financial Statements. | 27 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Georgia GO | | 5.00% | | 2/1/2019 | | AAA | | $ | 10,000 | | | $ | 10,957,000 | |
| HI State GO | | 5.00% | | 4/1/2021 | | AA+ | | | 9,400 | | | | 10,983,336 | |
| HI State GO | | 5.00% | | 11/1/2021 | | AA+ | | | 5,000 | | | | 5,932,200 | |
| Houston GO | | 5.00% | | 3/1/2018 | | AA | | | 7,365 | | | | 7,786,794 | |
| Houston ISD PSF GTD | | 5.00% | | 2/15/2019 | | AAA | | | 8,570 | | | | 9,386,807 | |
| IL State GO | | 5.00% | | 7/1/2017 | | BBB+ | | | 6,000 | | | | 6,164,400 | |
| IL State GO | | 5.00% | | 10/1/2017 | | BBB+ | | | 4,575 | | | | 4,587,444 | |
| IL State GO | | 5.00% | | 2/1/2020 | | BBB+ | | | 575 | | | | 624,559 | |
| IL State GO | | 5.00% | | 6/1/2020 | | BBB+ | | | 14,735 | | | | 16,116,406 | |
| Kansas City GO | | 5.00% | | 10/1/2020 | | AA- | | | 1,345 | | | | 1,537,268 | |
| Katy ISD PSF GTD | | 5.00% | | 2/15/2019 | | AAA | | | 1,310 | | | | 1,435,184 | |
| Katy ISD PSF GTD | | 5.00% | | 2/15/2020 | | AAA | | | 3,000 | | | | 3,399,870 | |
| Los Angeles CCD | | 2.00% | | 8/1/2022 | | AA+ | | | 775 | | | | 812,882 | |
| Los Angeles CCD | | 5.00% | | 8/1/2019 | | AA+ | | | 3,000 | | | | 3,350,880 | |
| Los Angeles USD | | 5.00% | | 7/1/2018 | | Aa2 | | | 8,000 | | | | 8,577,520 | |
| Miami Dade Co GO | | 4.25% | | 10/1/2017 | | AA | | | 6,320 | | | | 6,529,887 | |
| Miami Dade Co Sch Brd COP | | 5.00% | | 11/1/2019 | | A1 | | | 6,500 | | | | 7,236,515 | |
| Nassau Co GO | | 5.00% | | 1/1/2021 | | A+ | | | 18,405 | | | | 21,171,456 | |
| NJ State GO | | 5.00% | | 6/1/2019 | | A | | | 13,400 | | | | 14,711,994 | |
| Northside ISD PSF GTD | | 2.00% | # | 6/1/2039 | | Aaa | | | 1,000 | | | | 1,021,900 | |
| Northside ISD PSF GTD | | 2.00% | # | 8/1/2044 | | Aaa | | | 5,285 | | | | 5,407,876 | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2018 | | AA | | | 1,350 | | | | 1,456,907 | |
| NY Dorm–Sch Dist Fin | | 5.00% | | 10/1/2021 | | A+ | | | 10,000 | | | | 11,802,900 | |
| NYC GO | | 5.00% | | 8/1/2018 | | AA | | | 10,000 | | | | 10,726,000 | |
| NYC GO | | 5.00% | | 8/1/2019 | | AA | | | 14,885 | | | | 16,550,780 | |
| NYC GO | | 5.00% | | 8/1/2019 | | AA | | | 5,585 | | | | 6,210,017 | |
| NYC GO | | 5.00% | | 8/1/2021 | | AA | | | 7,410 | | | | 8,736,760 | |
| OH State GO | | 5.00% | | 9/15/2018 | | AA+ | | | 6,200 | | | | 6,691,350 | |
| PA State GO | | 5.00% | | 7/1/2019 | | AA- | | | 7,500 | | | | 8,282,625 | |
| PA State GO | | 5.00% | | 8/15/2020 | | AA- | | | 10,000 | | | | 11,372,600 | |
| Pittsburgh PA Sch District | | 4.00% | | 9/1/2018 | | Aa3 | | | 7,090 | | | | 7,487,678 | |
| Rangely CO Hosp Dist | | 4.50% | | 11/1/2021 | | Baa1 | | | 7,050 | | | | 7,613,154 | |
| RI State GO | | 5.00% | | 8/1/2017 | | AA | | | 5,000 | | | | 5,167,500 | |
| RI State GO | | 5.00% | | 8/1/2018 | | AA | | | 5,000 | | | | 5,365,850 | |
| Rockland Co GO | | 2.00% | | 3/16/2017 | | NR | | | 6,000 | | | | 6,025,380 | |
| San Francisco City & Co GO | | 5.00% | | 6/15/2018 | | AA+ | | | 8,725 | | | | 9,346,569 | |
| South Carolina GO | | 5.00% | | 10/1/2022 | | Aaa | | | 7,500 | | | | 9,185,925 | |
| 28 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| WA State GO | | 5.00% | | 2/1/2019 | | AA+ | | $ | 5,640 | | | $ | 6,164,689 | |
| WA State GO | | 5.00% | | 2/1/2019 | | AA+ | | | 7,900 | | | | 8,634,937 | |
| WA State GO | | 5.00% | | 8/1/2021 | | AA+ | | | 10,000 | | | | 11,816,300 | |
| WI State GO | | 5.00% | | 5/1/2019 | | AA | | | 5,025 | | | | 5,544,937 | |
| WI State GO | | 5.00% | | 5/1/2019 | | AA | | | 8,440 | | | | 9,313,287 | |
| WI State GO | | 5.00% | | 5/1/2020 | | AA | | | 7,110 | | | | 8,113,577 | |
| WI State GO | | 5.00% | | 5/1/2021 | | AA | | | 11,870 | | | | 13,957,696 | |
| WI State GO | | 5.00% | | 11/1/2022 | | AA | | | 5,000 | | | | 6,109,450 | |
| Total | | | | | | | | | | | | | 479,358,302 | |
| | | | | | | | | | | | | | | |
| Health Care 11.38% | | | | | | | | | | | | | | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2021 | | Ba3 | | | 2,250 | | | | 2,510,100 | |
| Ashland Med Ctr–Kings Daughters (SIFMA) | | 2.59% | # | 2/1/2040 | | BBB | | | 14,355 | | | | 14,355,718 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | 2.69% | # | 2/1/2048 | | BBB+ | | | 11,500 | | | | 11,754,840 | |
| CA Hlth–Childrens Hsp Los Angeles | | 2.64% | # | 7/1/2042 | | BBB+ | | | 9,250 | | | | 9,268,685 | |
| CA Hlth–Packard Childrens Hsp | | 1.45% | # | 8/15/2023 | | AA- | | | 2,815 | | | | 2,823,726 | |
| CA Hlth–Prov St Josephs | | 1.25% | # | 10/1/2036 | | AA- | | | 12,000 | | | | 12,037,320 | |
| CA Hlth–St Joseph Hlth | | 5.00% | # | 7/1/2034 | | AA- | | | 1,800 | | | | 2,180,772 | |
| CA Hlth–St Joseph Hlth | | 5.00% | # | 7/1/2043 | | AA- | | | 5,000 | | | | 5,203,500 | |
| CA Hlth–St Joseph Hlth | | 5.00% | # | 7/1/2043 | | AA- | | | 5,000 | | | | 5,587,050 | |
| CA Stwde–Fountainview Gonda | | 2.50% | | 8/1/2020 | | AA- | | | 3,500 | | | | 3,503,815 | |
| CA Stwde–LA Jewish Home | | 4.75% | | 8/1/2020 | | NR | | | 1,150 | | | | 1,150,989 | |
| Church Home of Hartford† | | 2.875% | | 9/1/2020 | | BB | (c) | | 500 | | | | 504,395 | |
| CO Hlth Facs–Christian Living Nghbrhds(d) | | 4.00% | | 1/1/2021 | | NR | | | 350 | | | | 377,104 | |
| CT Hlth & Ed–Lawrence Mem Hsp | | 5.00% | | 7/1/2018 | | BBB+ | | | 2,705 | | | | 2,877,444 | |
| CT Hlth & Ed–Lawrence Mem Hsp | | 5.00% | | 7/1/2019 | | BBB+ | | | 2,835 | | | | 3,112,263 | |
| CT Hlth & Ed–Yale New Haven Hsp | | 0.901% | # | 7/1/2049 | | AA- | | | 10,000 | | | | 9,928,700 | |
| DC Hsp–Childrens Ntl Hsp | | 5.00% | | 7/15/2021 | | A1 | | | 1,215 | | | | 1,429,362 | |
| Duluth EDA–St Lukes Hsp | | 4.75% | | 6/15/2022 | | NR | | | 3,920 | | | | 4,110,982 | |
| Fairfax Co IDA–Inova Hlth | | 5.00% | | 5/15/2022 | | AA+ | | | 8,160 | | | | 9,847,488 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | 5.00% | | 11/15/2019 | | A | | | 1,660 | | | | 1,852,577 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | 5.00% | | 11/15/2020 | | A | | | 1,850 | | | | 2,123,134 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | 5.00% | | 11/15/2021 | | A | | | 1,350 | | | | 1,585,980 | |
| IL Fin Auth–Plymouth Place | | 5.00% | | 5/15/2025 | | BB+ | (c) | | 1,225 | | | | 1,411,678 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2021 | | BBB- | | | 5,095 | | | | 5,707,572 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2022 | | BBB- | | | 4,000 | | | | 4,548,160 | |
| IL Fin Auth–Rush Univ Med | | 5.00% | | 11/15/2019 | | A+ | | | 1,000 | | | | 1,117,320 | |
| IL Fin Auth–Rush Univ Med | | 5.00% | | 11/15/2020 | | A+ | | | 500 | | | | 575,555 | |
| | | | | | | | | | | | | | | |
| | See Notes to Financial Statements. | 29 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| IL Fin Auth–Rush Univ Med | | 5.00% | | 11/15/2021 | | A+ | | $ | 695 | | | $ | 820,246 | |
| IN Hlth Facs–Ascension Hlth | | 1.60% | # | 11/15/2036 | | NR | | | 60 | | | | 60,144 | |
| IN Hlth Facs–Ascension Hlth | | 1.60% | # | 11/15/2036 | | AA+ | | | 11,440 | | | | 11,464,138 | |
| Karnes Co Hsp Dist | | 4.00% | | 2/1/2019 | | BBB | (c) | | 1,530 | | | | 1,584,667 | |
| Kaweah Delta Hlth Care Dist | | 5.00% | | 6/1/2017 | | A3 | | | 2,000 | | | | 2,052,520 | |
| MA DFA–CareGroup | | 5.00% | | 7/1/2021 | | A- | | | 5,000 | | | | 5,839,950 | |
| MD Hlth & Hi Ed–Western MD Hlth Sys | | 5.00% | | 7/1/2019 | | BBB | | | 3,000 | | | | 3,313,320 | |
| MD Hlth & Hi Ed–Western MD Hlth Sys | | 5.00% | | 7/1/2020 | | BBB | | | 3,000 | | | | 3,414,360 | |
| MI Fin Auth–Beaumont Hlth | | 4.00% | | 8/1/2018 | | A1 | | | 1,500 | | | | 1,581,045 | |
| MI Fin Auth–Beaumont Hlth | | 4.00% | | 8/1/2019 | | A1 | | | 3,000 | | | | 3,225,420 | |
| MI Fin Auth–Beaumont Hlth | | 4.00% | | 8/1/2020 | | A1 | | | 2,300 | | | | 2,526,274 | |
| MI Fin Auth–Henry Ford Hlth | | 5.00% | | 11/15/2021 | | A3 | | | 1,100 | | | | 1,290,498 | |
| MI Fin Auth–Henry Ford Hlth | | 5.00% | | 11/15/2022 | | A3 | | | 1,750 | | | | 2,091,688 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2019 | | Baa2 | | | 1,305 | | | | 1,399,573 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2020 | | Baa2 | | | 1,235 | | | | 1,358,969 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2021 | | Baa2 | | | 2,000 | | | | 2,250,020 | |
| MS Equip Facs–MS Baptist Hlth | | 2.14% | # | 8/15/2036 | | BBB+ | | | 7,000 | | | | 7,025,480 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | 5.00% | | 2/15/2018 | | BB+ | | | 1,000 | | | | 1,038,690 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | 5.00% | | 2/15/2019 | | BB+ | | | 1,450 | | | | 1,538,740 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | 5.00% | | 2/15/2020 | | BB+ | | | 1,305 | | | | 1,410,822 | |
| NJ Hlth–AHS Hsp Corp(d) | | 5.00% | | 7/1/2021 | | AA- | | | 2,000 | | | | 2,337,800 | |
| NJ Hlth–AHS Hsp Corp(d) | | 5.00% | | 7/1/2022 | | AA- | | | 2,500 | | | | 2,991,300 | |
| NJ Hlth–Barnabas Hlth | | 5.00% | | 7/1/2019 | | A- | | | 8,000 | | | | 8,876,080 | |
| NJ Hlth–St Peters Univ Hsp | | 5.00% | | 7/1/2017 | | BB+ | | | 3,850 | | | | 3,935,316 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2021 | | AA | | | 900 | | | | 1,043,550 | |
| Onondaga CDC–St Josephs Hsp | | 5.00% | | 7/1/2017 | | NR | | | 5,000 | | | | 5,156,600 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2017 | | BBB- | | | 1,500 | | | | 1,536,495 | |
| PR Indl Tourist–Hsp Auxilio Mutuo | | 5.00% | | 7/1/2017 | | BBB+ | | | 2,555 | | | | 2,606,458 | |
| Rochester Hlth Care–Mayo Clinic | | 4.00% | # | 11/15/2038 | | AA | | | 5,500 | | | | 5,843,805 | |
| San Buenaventura–Cmnty Mem Hlth | | 5.00% | | 12/1/2016 | | BB+ | | | 1,750 | | | | 1,758,995 | |
| San Buenaventura–Cmnty Mem Hlth | | 5.25% | | 12/1/2017 | | BB+ | | | 1,750 | | | | 1,818,898 | |
| San Buenaventura–Cmnty Mem Hlth | | 5.75% | | 12/1/2018 | | BB+ | | | 1,800 | | | | 1,942,056 | |
| Sartell Hlth Care–Country Manor | | 4.00% | | 9/1/2020 | | NR | | | 1,875 | | | | 1,900,856 | |
| SE Port Auth–Memorial Hlth | | 5.00% | | 12/1/2022 | | BB | (c) | | 3,750 | | | | 4,095,975 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2019 | | BBB- | | | 1,230 | | | | 1,361,155 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2020 | | BBB- | | | 1,255 | | | | 1,424,099 | |
| St. Louis Ind Dev Auth–Nazareth | | 3.85% | | 8/15/2020 | | NR | | | 300 | | | | 300,396 | |
| 30 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| St. Louis Ind Dev Auth–Nazareth | | 4.15% | | 8/15/2021 | | NR | | $ | 650 | | | $ | 650,852 | |
| Tarrant Co Cultural–Buckingham Sr Lvg | | 3.875% | | 11/15/2020 | | BB | (c) | | 1,240 | | | | 1,255,165 | |
| Univ of Nebraska–Cancer Ctr | | 5.00% | | 2/15/2022 | | Aa1 | | | 5,000 | | | | 5,980,750 | |
| WA Hsg–Herons Key† | | 4.375% | | 1/1/2021 | | NR | | | 1,200 | | | | 1,219,968 | |
| WI Hlth & Ed–Aurora Hlth | | 1.25% | # | 8/15/2025 | | A2 | | | 5,500 | | | | 5,509,405 | |
| Total | | | | | | | | | | | | | 240,318,767 | |
| | | | | | | | | | | | | | | |
| Housing 0.34% | | | | | | | | | | | | | | |
| CA Stwde–American Baptist | | 2.40% | | 10/1/2020 | | BBB+ | (c) | | 1,250 | | | | 1,250,850 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2019 | | Baa1 | | | 1,000 | | | | 1,105,840 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2020 | | Baa1 | | | 575 | | | | 655,489 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2021 | | Baa1 | | | 825 | | | | 964,804 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2022 | | Baa1 | | | 1,000 | | | | 1,191,220 | |
| Los Angeles Regl Fin Auth–Montecedro Prk | | 3.00% | | 11/15/2021 | | AA- | | | 1,040 | | | | 1,041,674 | |
| WA Hsg–Emerald Heights | | 4.00% | | 7/1/2018 | | A- | (c) | | 1,000 | | | | 1,050,150 | |
| Total | | | | | | | | | | | | | 7,260,027 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 5.70% | | | | | | | | | | | | | | |
| Broward Co Sch Brd COP | | 5.00% | | 7/1/2020 | | Aa3 | | | 7,350 | | | | 8,350,702 | |
| Buncombe Co Ltd Oblig | | 5.00% | | 6/1/2019 | | AA+ | | | 800 | | | | 884,536 | |
| Buncombe Co Ltd Oblig | | 5.00% | | 6/1/2020 | | AA+ | | | 750 | | | | 855,960 | |
| CA Pub Wks–Dept Hsps | | 4.00% | | 6/1/2018 | | A+ | | | 4,790 | | | | 5,034,242 | |
| CA Pub Wks–Dept of Correction | | 5.00% | | 1/1/2019 | | A+ | | | 4,000 | | | | 4,365,440 | |
| CA Pub Wks–Dept of Correction | | 5.00% | | 1/1/2020 | | A+ | | | 5,000 | | | | 5,651,150 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2018 | | A+ | | | 2,800 | | | | 2,975,420 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 11/1/2018 | | A+ | | | 2,000 | | | | 2,169,260 | |
| Cuyahoga Co COP–Conv Hotel Proj | | 5.00% | | 12/1/2018 | | AA- | | | 4,535 | | | | 4,907,641 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2018 | | AA | | | 3,000 | | | | 3,195,000 | |
| KY Ppty & Bldgs Commn–Proj #112 | | 5.00% | | 11/1/2021 | | Aa3 | | | 5,000 | | | | 5,870,300 | |
| Los Angeles Co Pub Wks | | 5.00% | | 8/1/2019 | | AA | | | 1,000 | | | | 1,112,800 | |
| Los Angeles Mun Impt Corp | | 5.00% | | 3/1/2018 | | A+ | | | 5,000 | | | | 5,293,600 | |
| Los Angeles Mun Impt Corp | | 5.00% | | 3/1/2019 | | A+ | | | 9,500 | | | | 10,422,355 | |
| Los Angeles Mun Impt Corp | | 5.00% | | 11/1/2020 | | A+ | | | 5,405 | | | | 6,246,829 | |
| Los Angeles USD COP | | 5.00% | | 10/1/2017 | | A+ | | | 3,000 | | | | 3,122,640 | |
| Los Angeles USD COP | | 5.00% | | 10/1/2018 | | A+ | | | 3,000 | | | | 3,241,290 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2019 | | A- | | | 10,000 | | | | 10,771,900 | |
| NJ EDA–Sch Facs (AMBAC) | | 5.50% | | 12/15/2019 | | A- | | | 5,000 | | | | 5,535,500 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2019 | | A- | | | 1,250 | | | | 1,357,125 | |
| | See Notes to Financial Statements. | 31 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| NJ Trans Trust Fund (NPFGC)(FGIC) | | 5.50% | | 12/15/2016 | | AA- | | $ | 1,225 | | | $ | 1,235,952 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2017 | | A+ | | | 1,135 | | | | 1,159,073 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2018 | | A+ | | | 1,670 | | | | 1,767,344 | |
| San Diego Conv Ctr Fing Auth | | 4.00% | | 4/15/2017 | | AA- | | | 1,250 | | | | 1,271,288 | |
| San Diego Conv Ctr Fing Auth | | 4.00% | | 4/15/2018 | | AA- | | | 2,100 | | | | 2,201,514 | |
| San Francisco City & Co COP | | 5.00% | | 9/1/2017 | | AA | | | 12,640 | | | | 13,116,781 | |
| South Florida Wtr Mgt Dist COP | | 5.00% | | 10/1/2021 | | AA | | | 1,235 | | | | 1,454,385 | |
| South Florida Wtr Mgt Dist COP | | 5.00% | | 10/1/2022 | | AA | | | 1,500 | | | | 1,811,085 | |
| Twin Rivers USD COP (AGM) | | 3.20% | # | 6/1/2027 | | AA | | | 1,750 | | | | 1,752,380 | |
| Twin Rivers USD COP (AGM) | | 3.20% | # | 6/1/2035 | | AA | | | 920 | | | | 920,984 | |
| Twin Rivers USD COP (AGM) | | 3.20% | # | 6/1/2041 | | AA | | | 2,250 | | | | 2,251,913 | |
| Total | | | | | | | | | | | | | 120,306,389 | |
| | | | | | | | | | | | | | | |
| Other Revenue 5.25% | | | | | | | | | | | | | | |
| Black Belt Energy–RBC | | 4.00% | # | 7/1/2046 | | Aa3 | | | 13,000 | | | | 14,440,140 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2020 | | Baa3 | | | 500 | | | | 568,570 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2021 | | Baa3 | | | 1,105 | | | | 1,288,198 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2022 | | Baa3 | | | 1,250 | | | | 1,488,188 | |
| CA Infra & Econ Dev–Segerstrom Center | | 5.00% | | 7/1/2023 | | A- | | | 5,725 | | | | 6,984,099 | |
| CA Muni Fin Auth–Republic Svcs | | 0.60% | # | 9/1/2021 | | BBB+ | | | 4,000 | | | | 4,000,000 | |
| CA Sch Fin Auth–Ocean Charter† | | 6.00% | | 1/1/2019 | | NR | | | 1,000 | | | | 1,001,030 | |
| Farmington Poll Ctl–El Paso Elec | | 1.875% | # | 6/1/2032 | | Baa1 | | | 5,000 | | | | 5,031,650 | |
| FL Brd Ed–Lottery Rev | | 5.00% | | 7/1/2020 | | AAA | | | 10,000 | | | | 11,452,300 | |
| FL Brd Ed–Lottery Rev | | 5.00% | | 7/1/2021 | | AAA | | | 5,000 | | | | 5,877,700 | |
| FL Brd Ed–Lottery Rev | | 5.00% | | 7/1/2022 | | AAA | | | 10,000 | | | | 12,051,800 | |
| Florence Twn IDA–Legacy Trad Sch | | 4.00% | | 7/1/2018 | | BB- | | | 210 | | | | 213,872 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 6/1/2022 | | A1 | | | 4,040 | | | | 4,661,675 | |
| Mission Edc–Sol Wst Disp | | 0.60% | # | 1/1/2020 | | BBB+ | | | 5,000 | | | | 4,999,900 | |
| NYC Cultural–MOMA | | 4.00% | | 2/1/2023 | | AA | | | 5,000 | | | | 5,866,500 | |
| NYC Cultural–Whitney Museum | | 5.00% | | 7/1/2017 | | A | | | 6,175 | | | | 6,358,150 | |
| PA Econ Dev–Unemployment Comp | | 5.00% | | 7/1/2019 | | Aaa | | | 5,000 | | | | 5,550,450 | |
| PA IDA–Economic Dev | | 5.00% | | 7/1/2018 | | A+ | | | 2,595 | | | | 2,771,590 | |
| Phoenix IDA–Basis Schs† | | 3.00% | | 7/1/2020 | | BB | | | 1,290 | | | | 1,311,014 | |
| SC Transp Infra Bank | | 5.00% | | 10/1/2020 | | A1 | | | 6,470 | | | | 7,438,430 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2022 | | A3 | | | 5,000 | | | | 5,969,350 | |
| WA Eda–Waste Mgmt† | | 2.125% | | 6/1/2020 | | A- | | | 1,500 | | | | 1,533,375 | |
| Total | | | | | | | | | | | | | 110,857,981 | |
| 32 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax 1.53% | | | | | | | | | | | | | | |
| Brea Redev Agy | | 5.00% | | 8/1/2019 | | AA- | | $ | 2,000 | | | $ | 2,219,080 | |
| Brea Redev Agy | | 5.00% | | 8/1/2020 | | AA- | | | 2,100 | | | | 2,402,295 | |
| CA Reassmt Dist 12/1 Irvine | | 4.00% | | 9/2/2017 | | BBB+ | | | 2,000 | | | | 2,062,980 | |
| CA Reassmt Dist 12/1 Irvine | | 4.00% | | 9/2/2018 | | BBB+ | | | 1,250 | | | | 1,320,950 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 9/1/2020 | | AA | | | 6,500 | | | | 7,447,635 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 9/1/2021 | | AA | | | 5,000 | | | | 5,881,600 | |
| Emeryville Redev Agy | | 5.00% | | 9/1/2018 | | A+ | | | 1,875 | | | | 2,019,169 | |
| Emeryville Redev Agy | | 5.00% | | 9/1/2019 | | A+ | | | 1,000 | | | | 1,114,870 | |
| Pittsburg Redev Agy | | 5.00% | | 8/1/2018 | | A | | | 2,500 | | | | 2,681,500 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2021 | | AA | | | 1,000 | | | | 1,170,080 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2022 | | AA | | | 3,370 | | | | 4,008,985 | |
| Total | | | | | | | | | | | | | 32,329,144 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 4.44% | | | | | | | | | | | | | | |
| Dallas Area Rapid Transit | | 5.00% | | 12/1/2018 | | AA+ | | | 2,500 | | | | 2,714,375 | |
| Dallas Area Rapid Transit | | 5.00% | | 12/1/2019 | | AA+ | | | 2,000 | | | | 2,245,200 | |
| FL Dept Env Protn–Florida Forever | | 5.00% | | 7/1/2021 | | AA- | | | 7,610 | | | | 8,945,859 | |
| FL Dept Env Protn–Florida Forever | | 5.00% | | 7/1/2022 | | AA- | | | 3,410 | | | | 4,113,858 | |
| MA Sch Bldg Auth–Sales Tax | | 5.00% | | 8/15/2018 | | AA+ | | | 7,000 | | | | 7,529,760 | |
| MTA NY–Dedicated Tax | | 4.00% | | 11/15/2018 | | AA | | | 4,415 | | | | 4,703,432 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2017 | | BBB+ | | | 3,000 | | | | 3,077,910 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2018 | | BBB+ | | | 8,500 | | | | 8,970,730 | |
| NM State Severance Tax | | 4.00% | | 7/1/2021 | | Aa2 | | | 5,000 | | | | 5,655,300 | |
| NM State Severance Tax | | 5.00% | | 7/1/2021 | | Aa2 | | | 9,910 | | | | 11,664,566 | |
| NY UDC–PIT | | 5.00% | | 3/15/2018 | | AAA | | | 10,000 | | | | 10,593,000 | |
| Phoenix Civic Impt Corp–Light Rail Proj | | 5.00% | | 7/1/2019 | | AA | | | 4,670 | | | | 5,178,750 | |
| Phoenix Civic Impt Corp–Water Sys | | 5.00% | | 7/1/2019 | | AAA | | | 6,355 | | | | 7,063,773 | |
| Phoenix Excise Tax | | 5.00% | | 7/1/2019 | | AA+ | | | 2,615 | | | | 2,895,354 | |
| TX Trsp Commn | | 5.00% | | 4/1/2022 | | AAA | | | 5,000 | | | | 6,009,300 | |
| UT Trans Auth | | 1.35% | | 6/15/2017 | | A+ | | | 2,500 | | | | 2,502,950 | |
| Total | | | | | | | | | | | | | 93,864,117 | |
| | | | | | | | | | | | | | | |
| Tobacco 1.68% | | | | | | | | | | | | | | |
| Golden St Tobacco | | 5.00% | | 6/1/2020 | | A+ | | | 5,300 | | | | 6,061,080 | |
| Inland Empire Tobacco | | 4.625% | | 6/1/2021 | | NR | | | 1,915 | | | | 1,927,275 | |
| Railsplitter Tobacco Settlement Auth | | 5.25% | | 6/1/2021 | | A | | | 4,020 | | | | 4,697,330 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2017 | | A | | | 2,000 | | | | 2,053,720 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2018 | | A | | | 2,000 | | | | 2,131,680 | |
| | See Notes to Financial Statements. | 33 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2019 | | A | | $ | 4,990 | | | $ | 5,496,485 | |
| Tobacco Settlement Fin Corp LA | | 5.00% | | 5/15/2017 | | A | | | 2,000 | | | | 2,046,480 | |
| Tobacco Settlement Fin Corp NJ | | 4.50% | | 6/1/2023 | | Baa3 | | | 4,875 | | | | 4,962,214 | |
| Tobacco Settlement Fin Corp NY | | 5.00% | | 6/1/2017 | | AA | | | 5,850 | | | | 6,004,791 | |
| Total | | | | | | | | | | | | | 35,381,055 | |
| | | | | | | | | | | | | | | |
| Transportation 12.41% | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2019 | | A- | | | 1,000 | | | | 1,116,240 | |
| Bay Area Toll Auth | | 1.50% | # | 4/1/2047 | | AA | | | 5,000 | | | | 5,029,450 | |
| Bay Area Toll Auth | | 1.54% | # | 4/1/2047 | | AA | | | 8,000 | | | | 8,045,600 | |
| Bay Area Toll Auth | | 1.875% | # | 4/1/2034 | | AA | | | 15,000 | | | | 15,274,200 | |
| Bay Area Toll Auth Rmkt | | 1.233% | # | 4/1/2045 | | AA | | | 15,000 | | | | 15,004,950 | |
| Central TX Mobility Auth | | 5.00% | # | 1/1/2045 | | BBB+ | | | 5,000 | | | | 5,622,200 | |
| Central TX Tpk | | 5.00% | # | 8/15/2042 | | A- | | | 8,000 | | | | 9,012,240 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2021 | | A | | | 1,500 | | | | 1,728,150 | |
| Clark Co Arpt–McCarran Arpt | | 5.00% | | 7/1/2018 | | A+ | | | 8,500 | | | | 9,081,485 | |
| Clark Co PFC–McCarran Arpt | | 5.25% | | 7/1/2018 | | A+ | | | 7,090 | | | | 7,611,895 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2021 | | AA | | | 450 | | | | 515,039 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2022 | | AA | | | 455 | | | | 534,184 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2023 | | AA | | | 1,000 | | | | 1,197,150 | |
| E470 Pub Hwy Auth | | 5.00% | | 9/1/2019 | | A3 | | | 1,000 | | | | 1,106,060 | |
| Fairfax Co EDA–Silver Line Phase I | | 5.00% | | 4/1/2017 | | Aa1 | | | 2,000 | | | | 2,041,000 | |
| FL Tpk Auth–Dept Trans | | 5.00% | | 7/1/2020 | | Aa2 | | | 6,075 | | | | 6,926,047 | |
| Foothill / Eastern Corridor Toll Rd | | 5.00% | # | 1/15/2053 | | BBB- | | | 7,500 | | | | 7,715,700 | |
| Houston Arpt | | 5.00% | | 7/1/2017 | | A+ | | | 1,500 | | | | 1,544,265 | |
| IL Toll Hwy Auth | | 5.00% | | 12/1/2017 | | AA- | | | 5,000 | | | | 5,230,900 | |
| IL Toll Hwy Auth | | 5.00% | | 12/1/2019 | | AA- | | | 7,500 | | | | 8,402,100 | |
| KY Pub Trsp Auth–Downtown Crossing | | 5.00% | | 7/1/2017 | | Baa3 | | | 8,000 | | | | 8,234,880 | |
| Long Beach Harbor | | 5.00% | | 11/15/2018 | | AA | | | 7,500 | | | | 8,153,100 | |
| Los Angeles Dept Arpts–LAX | | 4.00% | | 5/15/2020 | | AA- | | | 225 | | | | 248,373 | |
| MD Dept Trans | | 5.00% | | 12/15/2021 | | AAA | | | 10,000 | | | | 11,963,600 | |
| Minneapolis / St Paul Met Arpts(d) | | 5.00% | | 1/1/2021 | | A+ | | | 2,700 | | | | 3,131,244 | |
| MTA NY | | 0.701% | # | 11/1/2041 | | AA- | | | 20,000 | | | | 19,948,200 | |
| MTA NY | | 1.191% | # | 11/1/2030 | | AA- | | | 7,340 | | | | 7,352,405 | |
| MTA NY | | 5.00% | | 11/15/2018 | | AA- | | | 3,235 | | | | 3,510,298 | |
| MTA NY (AGM) | | 1.053% | # | 11/1/2022 | | AA | | | 15,475 | | | | 15,458,952 | |
| NC State GARVEE | | 4.00% | # | 3/1/2023 | | AA | | | 8,000 | | | | 8,208,400 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2020 | | A+ | | | 5,000 | | | | 5,628,950 | |
| 34 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| North TX Twy Auth | | 5.00% | | 1/1/2020 | | A1 | | $ | 2,500 | | | $ | 2,810,200 | |
| NY Twy Auth | | 5.00% | | 1/1/2018 | | A | | | 1,250 | | | | 1,313,625 | |
| NY Twy Auth | | 5.00% | | 5/1/2019 | | A- | | | 15,725 | | | | 17,305,520 | |
| NY Twy Auth | | 5.00% | | 1/1/2020 | | A | | | 2,000 | | | | 2,254,300 | |
| NY Twy Auth–Hwy & Brdg | | 5.00% | | 4/1/2018 | | AA | | | 3,405 | | | | 3,611,513 | |
| OH Infrastructure | | 5.00% | | 12/15/2019 | | AA | | | 2,500 | | | | 2,813,600 | |
| OH Infrastructure | | 5.00% | | 12/15/2019 | | AA | | | 6,000 | | | | 6,752,640 | |
| Orlando & Orange Co Expwy Auth | | 5.00% | | 7/1/2018 | | A | | | 4,000 | | | | 4,273,640 | |
| Southeastern PA Transp Auth GARVEE | | 5.00% | | 6/1/2017 | | AA- | | | 1,425 | | | | 1,461,936 | |
| Southeastern PA Transp Auth GARVEE | | 5.00% | | 6/1/2018 | | AA- | | | 1,280 | | | | 1,360,781 | |
| St Louis Arpt–Lambert Intl Arpt | | 5.00% | | 7/1/2018 | | A- | | | 1,530 | | | | 1,632,739 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2018 | | AA- | | | 3,750 | | | | 4,069,950 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2021 | | AA- | | | 5,000 | | | | 5,955,550 | |
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | | 5.50% | | 11/15/2021 | | AA- | | | 1,650 | | | | 2,005,261 | |
| Total | | | | | | | | | | | | | 262,198,512 | |
| | | | | | | | | | | | | | | |
| Utilities 13.51% | | | | | | | | | | | | | | |
| Amr Muni Pwr–Fremont Energy | | 5.00% | | 2/15/2017 | | A1 | | | 1,000 | | | | 1,014,740 | |
| Amr Muni Pwr–Fremont Energy | | 5.00% | | 2/15/2018 | | A1 | | | 2,900 | | | | 3,059,239 | |
| Atlanta Wtr & Wastewtr | | 5.00% | | 11/1/2018 | | AA- | | | 2,500 | | | | 2,709,400 | |
| Atlanta Wtr & Wastewtr (NPFGC)(FGIC) | | 5.50% | | 11/1/2018 | | AA- | | | 4,425 | | | | 4,840,950 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2019 | | NR | | | 205 | | | | 230,748 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2019 | | AAA | | | 8,515 | | | | 9,615,734 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2020 | | NR | | | 240 | | | | 278,765 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2020 | | AAA | | | 12,400 | | | | 14,463,484 | |
| Chicago Wastewater | | 5.00% | | 1/1/2021 | | A | | | 1,000 | | | | 1,126,520 | |
| Chicago Wastewater | | 5.00% | | 1/1/2022 | | A | | | 2,000 | | | | 2,292,660 | |
| CO Public Auth–ML | | 5.75% | | 11/15/2018 | | BBB+ | | | 4,500 | | | | 4,746,375 | |
| Detroit Water | | 5.00% | | 7/1/2021 | | A- | | | 420 | | | | 483,252 | |
| Detroit Water | | 5.00% | | 7/1/2022 | | A- | | | 500 | | | | 587,750 | |
| E Baton Rouge Swr Comm | | 0.866% | # | 2/1/2046 | | AA- | | | 7,205 | | | | 7,177,045 | |
| Farmington Poll Ctl–NM Pub Svc | | 1.875% | # | 4/1/2033 | | BBB+ | | | 4,000 | | | | 4,007,600 | |
| Farmington Poll Ctl–NM Pub Svc | | 1.875% | # | 4/1/2033 | | BBB+ | | | 4,500 | | | | 4,508,550 | |
| Floyd Co Dev–GA Power | | 2.35% | # | 7/1/2022 | | A3 | | | 1,500 | | | | 1,537,350 | |
| Guam Pwr Auth (AGM) | | 5.00% | | 10/1/2019 | | AA | | | 1,000 | | | | 1,113,840 | |
| Houston Util Sys | | 5.00% | | 11/15/2018 | | AA | | | 1,750 | | | | 1,897,770 | |
| Houston Util Sys | | 5.00% | | 11/15/2019 | | AA | | | 2,485 | | | | 2,787,897 | |
| Houston Util Sys | | 5.00% | | 5/15/2020 | | AA | | | 5,000 | | | | 5,694,150 | |
| | See Notes to Financial Statements. | 35 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Houston Util Sys (SIFMA) | | 1.59% | # | 5/15/2034 | | AA | | $ | 23,000 | | | $ | 22,963,660 | |
| IL Fin Auth–Peoples Gas | | 1.875% | # | 2/1/2033 | | Aa3 | | | 6,500 | | | | 6,587,750 | |
| Intermountain Pwr Agy | | 5.00% | | 7/1/2018 | | A+ | | | 2,400 | | | | 2,566,344 | |
| Intermountain Pwr Agy | | 5.00% | | 7/1/2019 | | A+ | | | 2,350 | | | | 2,601,285 | |
| JEA Elec Sys | | 5.00% | | 10/1/2020 | | Aa3 | | | 4,490 | | | | 5,152,589 | |
| JEA Elec Sys | | 5.00% | | 10/1/2020 | | Aa3 | | | 3,620 | | | | 4,154,203 | |
| Lakeland Energy | | 1.59% | # | 10/1/2017 | | AA | | | 17,000 | | | | 17,009,860 | |
| Long Island Power Auth | | 1.016% | # | 5/1/2033 | | A- | | | 10,000 | | | | 9,978,100 | |
| Maricopa Co Poll Ctl–NM Pub Svc | | 2.40% | # | 6/1/2043 | | BBB+ | | | 7,500 | | | | 7,701,375 | |
| MEAG–Proj 1 | | 5.00% | | 1/1/2018 | | A | | | 3,145 | | | | 3,302,250 | |
| MEAG–Proj 1 | | 5.00% | | 1/1/2021 | | A | | | 7,000 | | | | 8,108,590 | |
| Met Govt Nashville Water & Sewer | | 5.00% | | 7/1/2018 | | A+ | | | 4,415 | | | | 4,720,209 | |
| Mgag–Gas Port IV Proj | | 5.00% | | 10/1/2019 | | AA- | | | 5,500 | | | | 6,130,685 | |
| MI Strat Fund–Detroit Edison | | 1.45% | # | 9/1/2030 | | Aa3 | | | 2,000 | | | | 1,998,100 | |
| MO Joint Muni Elec Util Commn | | 5.00% | | 1/1/2020 | | A2 | | | 2,000 | | | | 2,242,720 | |
| Modesto Irrigation Dist | | 5.00% | | 10/1/2019 | | A+ | | | 2,500 | | | | 2,797,675 | |
| Modesto Irrigation Dist | | 5.00% | | 10/1/2020 | | A+ | | | 2,250 | | | | 2,601,068 | |
| Modesto Irrigation Dist | | 5.00% | | 10/1/2021 | | A+ | | | 1,605 | | | | 1,908,056 | |
| New Orleans Sewer | | 5.00% | | 6/1/2018 | | A | | | 1,000 | | | | 1,063,620 | |
| OH Air Quality–Firstenergy | | 3.75% | # | 12/1/2023 | | Ba2 | | | 11,000 | | | | 10,614,340 | |
| OH Air Quality–FirstEnergy | | 5.625% | | 6/1/2018 | | Baa2 | | | 2,000 | | | | 2,049,840 | |
| PA Econ Dev–Waste Mgmt | | 1.50% | # | 11/1/2021 | | A- | | | 3,000 | | | | 3,002,010 | |
| Peninsula Ports Auth–Dominion(d) | | 1.55% | # | 10/1/2033 | | BBB | | | 3,000 | | | | 3,002,610 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2019 | | A | | | 7,500 | | | | 8,308,275 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2020 | | A | | | 2,000 | | | | 2,278,240 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2019 | | A1 | | | 2,390 | | | | 2,641,452 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2020 | | A1 | | | 4,500 | | | | 5,133,960 | |
| Portland Sewer Sys | | 5.00% | | 10/1/2022 | | AA | | | 5,000 | | | | 6,081,900 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2018 | | Caa3 | | | 2,000 | | | | 1,355,100 | |
| Rockport Poll Ctl–IN/MI Pwr Co | | 1.75% | # | 6/1/2025 | | BBB+ | | | 5,590 | | | | 5,631,031 | |
| SA Energy Acquisition Pub Fac–Goldman Sachs | | 5.50% | | 8/1/2021 | | A3 | | | 4,350 | | | | 5,101,071 | |
| San Diego Water | | 5.00% | | 8/1/2020 | | Aa3 | | | 7,000 | | | | 8,075,830 | |
| SC Pub Svc Auth–Santee Cooper | | 5.00% | | 12/1/2021 | | AA- | | | 5,125 | | | | 6,078,762 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2019 | | AA | | | 1,750 | | | | 1,949,413 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2020 | | AA | | | 1,000 | | | | 1,148,680 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2018 | | A3 | | | 5,755 | | | | 6,201,818 | |
| 36 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2018 | | A3 | | $ | 3,000 | | | $ | 3,262,530 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2019 | | A3 | | | 1,000 | | | | 1,120,730 | |
| Western Muni Water Dist | | 1.50% | # | 10/1/2039 | | AA+ | | | 5,000 | | | | 5,093,350 | |
| Wise Co IDA–VA Elec & Pwr Co | | 2.15% | # | 10/1/2040 | | A2 | | | 5,425 | | | | 5,579,070 | |
| York Co EDA–VA Elec & Pwr Co | | 1.875% | # | 5/1/2033 | | A2 | | | 3,750 | | | | 3,820,762 | |
| Total | | | | | | | | | | | | | 285,292,732 | |
| Total Municipal Bonds (cost $1,860,339,886) | | | | | | | | | | | | | 1,882,680,967 | |
| | | | | Interest | | | | | | | | | | |
| | | | | Rate | | Final | | | | | | | | |
| | | Interest | | Reset | | Maturity | | | | | | | | |
| Investments | | Rate# | | Date(f) | | Date | | | | | | | | |
| SHORT-TERM INVESTMENTS 10.63% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 10.63% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 4.48% | | | | | | | | | | | | | | | | |
| MS Bus Fin Corp–Grand Alliance | | 1.05% | | 10/6/2016 | | 1/1/2033 | | BBB+ | | | 11,225 | | | | 11,225,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 4/1/2040 | | A2 | | | 5,300 | | | | 5,300,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 12/1/2039 | | A2 | | | 13,670 | | | | 13,670,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 11/1/2040 | | A2 | | | 7,650 | | | | 7,650,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 4/1/2040 | | A2 | | | 5,900 | | | | 5,900,000 | |
| Port Arthur Nav Dist–Motiva | | 0.94% | | 10/3/2016 | | 12/1/2039 | | A2 | | | 2,810 | | | | 2,810,000 | |
| Port Arthur Nav Dist–Motiva | | 0.94% | | 10/3/2016 | | 11/1/2040 | | A2 | | | 11,100 | | | | 11,100,000 | |
| Port Arthur Nav Dist–Motiva | | 0.94% | | 10/3/2016 | | 12/1/2039 | | A2 | | | 16,900 | | | | 16,900,000 | |
| St James Parish–Nucor Steel | | 1.02% | | 10/5/2016 | | 11/1/2040 | | A- | | | 20,000 | | | | 20,000,000 | |
| Total | | | | | | | | | | | | | | | 94,555,000 | |
| | | | | | | | | | | | | | | | | |
| Education 0.22% | | | | | | | | | | | | | | | | |
| Met Govt Nashville | | | | | | | | | | | | | | | | |
| H & E–Fisk Univ | | 1.05% | | 10/6/2016 | | 12/1/2020 | | NR | | | 4,735 | | | | 4,735,000 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 0.55% | | | | | | | | | | | | | | | | |
| NYC GO | | 0.86% | | 10/3/2016 | | 6/1/2044 | | AA | | | 7,400 | | | | 7,400,000 | |
| NYC GO | | 0.86% | | 10/3/2016 | | 8/1/2038 | | AA | | | 4,200 | | | | 4,200,000 | |
| Total | | | | | | | | | | | | | | | 11,600,000 | |
| | See Notes to Financial Statements. | 37 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2016
| | | | | Interest | | | | Credit | | | | | | |
| | | | | Rate | | Final | | Rating: | | Principal | | | | |
| | | Interest | | Reset | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate# | | Date(f) | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care 1.30% | | | | | | | | | | | | | | | | |
| AR DFA–Baptist Mem Hlth | | 0.75% | | 10/3/2016 | | 9/1/2044 | | A- | | $ | 20,002 | | | $ | 20,002,000 | |
| NJ Hlth–Christian Hlth Care Ctr | | 1.13% | | 10/6/2016 | | 7/1/2038 | | A- | | | 7,365 | | | | 7,365,000 | |
| Total | | | | | | | | | | | | | | | 27,367,000 | |
| | | | | | | | | | | | | | | | | |
| Lease Obligations 1.35% | | | | | | | | | | | | | | | | |
| Palm Beach Co Sch Brd COP | | 1.12% | | 10/3/2016 | | 8/1/2029 | | BBB | | | 28,500 | | | | 28,500,000 | |
| | | | | | | | | | | | | | | | | |
| Money Market Securities 0.83% | | | | | | | | | | | | | | | | |
| NYC GO (AGM) | | 0.96% | | 10/3/2016 | | 11/1/2026 | | AA | | | 17,500 | | | | 17,500,000 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 0.57% | | | | | | | | | | | | | | | | |
| Pima Co IDA–Clark Co Detention† | | 1.12% | | 10/6/2016 | | 9/1/2033 | | AA- | | | 5,500 | | | | 5,500,000 | |
| WI Hlth & Ed–Maranatha Baptist | | 1.59% | | 10/6/2016 | | 8/1/2026 | | BBB+ | | | 6,500 | | | | 6,500,000 | |
| Total | | | | | | | | | | | | | | | 12,000,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 1.33% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | 0.96% | | 10/3/2016 | | 6/15/2032 | | AA+ | | | 17,300 | | | | 17,300,000 | |
| St Lucie Co PCR–FL Pwr & Lt Co | | 0.89% | | 10/3/2016 | | 9/1/2028 | | Aa2 | | | 10,900 | | | | 10,900,000 | |
| Total | | | | | | | | | | | | | | | 28,200,000 | |
| Total Short-Term Investments (cost $224,457,000) | | | | | | | | | 224,457,000 | |
| Total Investments in Securities 99.77% (cost $2,084,796,886) | | | | | | | | | 2,107,137,967 | |
| Cash and Other Assets in Excess of Liabilities 0.23% | | | | | | | | | 4,904,151 | |
| Net Assets 100.00% | | | | | | | | $ | 2,112,042,118 | |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
| 38 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
SHORT DURATION TAX FREE FUND September 30, 2016
The following is a summary of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| General Obligation | | $ | – | | | $ | 471,745,148 | | | $ | 7,613,154(4 | ) | | $ | 479,358,302 | |
| Remaining Industries | | | – | | | | 1,403,322,665 | | | | – | | | | 1,403,322,665 | |
| Variable Rate Demand Notes | | | – | | | | 224,457,000 | | | | – | | | | 224,457,000 | |
| Total | | $ | – | | | $ | 2,099,524,813 | | | $ | 7,613,154 | | | $ | 2,107,137,967 | |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| (4) | Includes securities valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
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, 2015 | | $ | – | |
| Accrued discounts/premiums | | | (1,278 | ) |
| Realized gain (loss) | | | – | |
| Change in unrealized appreciation/depreciation | | | (49,623 | ) |
| Purchases | | | – | |
| Sales | | | – | |
| Net transfers in or out of Level 3 | | | 7,664,055 | |
| Balance as of September 30, 2016 | | $ | 7,613,154 | |
| | See Notes to Financial Statements. | 39 |
Schedule of Investments
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 98.89% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 6.14% | | | | | | | | | | | | | | |
| AL IDA–Office Max Rmkt AMT | | 6.45% | | 12/1/2023 | | B3 | | $ | 2,300 | | | $ | 2,303,818 | |
| Allegheny Co IDA–US Steel | | 6.50% | | 5/1/2017 | | B | | | 3,315 | | | | 3,353,951 | |
| Babylon IDA–Covanta | | 5.00% | | 1/1/2019 | | AA | | | 4,000 | | | | 4,343,080 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 4.50% | | 1/1/2025 | | NR | | | 3,600 | | | | 4,084,200 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 5.00% | | 1/1/2035 | | NR | | | 550 | | | | 625,015 | |
| Burke Co Dev–Oglethorpe Power | | 2.40% | # | 1/1/2040 | | A | | | 4,000 | | | | 4,108,160 | |
| CA Poll Ctl–Waste Mgmt AMT | | 3.00% | | 11/1/2025 | | A- | | | 9,850 | | | | 10,486,408 | |
| Citizens Property Insurance Corp | | 5.00% | | 6/1/2022 | | A+ | | | 12,500 | | | | 14,840,000 | |
| Citizens Property Insurance Corp | | 5.25% | | 6/1/2017 | | A+ | | | 7,000 | | | | 7,202,230 | |
| Farmington Poll Ctl–NM Pub Svc | | 4.75% | # | 6/1/2040 | | BBB+ | | | 5,000 | | | | 5,098,250 | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | | 1,750 | | | | 2,012,395 | |
| Greater Orlando Aviation–Jet Blue AMT | | 5.00% | | 11/15/2026 | | NR | | | 2,980 | | | | 3,222,483 | |
| Gulf Coast IDA–CITGO AMT | | 4.875% | | 5/1/2025 | | B+ | | | 4,900 | | | | 5,225,703 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B+ | | | 7,280 | | | | 7,550,306 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B+ | | | 10,000 | | | | 10,783,500 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.50% | | 12/1/2022 | | B+ | | | 4,195 | | | | 4,342,790 | |
| IN Fin Auth–US Steel | | 6.00% | | 12/1/2019 | | B | | | 3,145 | | | | 3,178,935 | |
| Indianapolis Local Pub Impt–IND Arpt AMT | | 5.00% | | 1/1/2026 | | A1 | | | 9,425 | | | | 11,530,545 | |
| Indianapolis Local Pub Impt–IND Arpt AMT | | 5.00% | | 1/1/2027 | | A1 | | | 8,300 | | | | 10,070,058 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2026 | | BB- | | | 11,750 | | | | 13,033,922 | |
| LA Citizens Property Insurance Corp (AGM) | | 5.00% | | 6/1/2022 | | AA | | | 2,000 | | | | 2,382,940 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 6,780 | | | | 8,056,810 | |
| Love Field Arpt–Southwest Airlines AMT | | 5.00% | | 11/1/2028 | | Baa1 | | | 1,800 | | | | 2,061,846 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2022 | | NR | | | 1,500 | | | | 1,503,885 | |
| Martin Co IDA–Indiantown Cogen AMT | | 4.20% | | 12/15/2025 | | Ba1 | | | 6,000 | | | | 6,318,540 | |
| Matagorda Co Nav Dist–AEP TX Central | | 4.00% | | 6/1/2030 | | BBB+ | | | 8,000 | | | | 8,640,080 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.00% | | 12/1/2016 | | NR | | | 2,570 | | | | 1,542,000 | |
| Nez Perce CO Poll Ctl–Potlatch | | 2.75% | | 10/1/2024 | | Ba1 | | | 7,500 | | | | 7,500,000 | |
| Niagara Area Dev Corp–Covanta† | | 4.00% | | 11/1/2024 | | Ba2 | | | 6,420 | | | | 6,519,767 | |
| NJ EDA–Continental Airlines AMT | | 4.875% | | 9/15/2019 | | BB- | | | 2,405 | | | | 2,552,042 | |
| NJ EDA–Continental Airlines AMT | | 5.125% | | 9/15/2023 | | BB- | | | 6,725 | | | | 7,510,682 | |
| NJ EDA–Continental Airlines AMT | | 5.25% | | 9/15/2029 | | BB- | | | 13,820 | | | | 15,448,411 | |
| NY Energy–Con Ed (XLCA) | | 1.365% | # | 5/1/2032 | | A2 | | | 10,000 | | | | 9,247,720 | |
| NY Energy–NY State Elec & Gas | | 2.00% | # | 6/1/2029 | | A- | | | 9,000 | | | | 9,200,160 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 4,015 | | | | 4,319,738 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2022 | | BBB | | | 1,000 | | | | 1,140,880 | |
| 40 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | $ | 3,500 | | | $ | 3,911,355 | |
| OH Wtr Dev Auth–FirstEnergy | | 4.00% | # | 12/1/2033 | | Ba2 | | | 1,000 | | | | 928,220 | |
| OK DFA–Waste Mgmt | | 2.375% | | 12/1/2021 | | A- | | | 1,665 | | | | 1,759,938 | |
| Richland Co Env Impt–Intl Paper AMT | | 3.875% | | 4/1/2023 | | BBB | | | 6,715 | | | | 7,349,097 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 7,710 | | | | 8,834,966 | |
| St Charles Parish–Valero Energy | | 4.00% | # | 12/1/2040 | | BBB | | | 10,500 | | | | 11,694,795 | |
| Tulsa Mun Arpt–American Airlines AMT | | 5.00% | # | 6/1/2035 | | BB- | | | 5,000 | | | | 5,848,500 | |
| Valdez Marine Term–BP | | 5.00% | | 1/1/2021 | | A2 | | | 10,000 | | | | 11,471,900 | |
| Valparaiso Facs–Pratt Paper AMT | | 5.875% | | 1/1/2024 | | NR | | | 1,430 | | | | 1,671,884 | |
| Valparaiso Facs–Pratt Paper AMT | | 6.75% | | 1/1/2034 | | NR | | | 5,000 | | | | 6,218,950 | |
| West Pace Coop Dist(e) | | 9.125% | | 5/1/2039 | | NR | | | 4,900 | | | | 3,243,751 | |
| Whiting Env Facs–BP AMT | | 5.00% | # | 11/1/2045 | | A2 | | | 6,855 | | | | 8,068,198 | |
| Whiting Env Facs–BP Rmkt | | 5.25% | | 1/1/2021 | | A2 | | | 5,000 | | | | 5,776,050 | |
| WI PFA–TRIPS AMT | | 5.25% | | 7/1/2028 | | BBB | | | 3,750 | | | | 4,302,300 | |
| WI Pub Fin Auth–Celanese AMT | | 4.30% | | 11/1/2030 | | BBB- | | | 2,125 | | | | 2,301,779 | |
| Total | | | | | | | | | | | | | 304,722,933 | |
| | | | | | | | | | | | | | | |
| Education 4.97% | | | | | | | | | | | | | | |
| AZ Brd Regents COP–Univ of AZ | | 5.00% | | 6/1/2021 | | Aa3 | | | 6,745 | | | | 7,915,460 | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2028 | | Baa1 | | | 420 | | | | 490,463 | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2030 | | Baa1 | | | 430 | | | | 500,937 | |
| CA Fin Auth–Biola Univ | | 5.625% | | 10/1/2023 | | Baa1 | | | 1,015 | | | | 1,087,024 | |
| CA State Univ Sys | | 5.00% | | 11/1/2024 | | Aa2 | | | 5,000 | | | | 5,951,250 | |
| CA State Univ Sys | | 5.00% | | 11/1/2026 | | Aa2 | | | 2,750 | | | | 3,555,420 | |
| Clemson Univ | | 5.00% | | 5/1/2027 | | Aa2 | | | 5,700 | | | | 7,326,096 | |
| Cleveland State Univ | | 5.00% | | 6/1/2024 | | A+ | | | 1,775 | | | | 2,079,182 | |
| Clifton Higher Ed–Intl Ldrshp Sch | | 5.125% | | 8/15/2030 | | NR | | | 3,500 | | | | 3,840,445 | |
| CT Hlth & Ed–Quinnipiac Univ | | 5.00% | | 7/1/2033 | | A- | | | 8,230 | | | | 9,771,891 | |
| Cuyahoga CCD | | 5.00% | | 8/1/2020 | | Aa2 | | | 1,800 | | | | 2,034,036 | |
| Fulton Co Dev–GA Tech Athletic Assoc | | 5.00% | | 10/1/2022 | | A2 | | | 7,480 | | | | 8,936,281 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2020 | | Baa3 | | | 1,000 | | | | 1,003,000 | |
| IL Fin Auth–IL Inst of Tech | | 6.50% | | 2/1/2023 | | Baa3 | | | 2,000 | | | | 2,192,140 | |
| IL Fin Auth–Loyola Univ Chicago | | 5.00% | | 7/1/2025 | | A | | | 8,620 | | | | 10,071,263 | |
| IL Fin Auth–Noble Chtr Sch | | 5.00% | | 9/1/2025 | | BBB | | | 1,500 | | | | 1,768,635 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2021 | | BBB | | | 2,855 | | | | 3,301,893 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2026 | | BBB+ | | | 5,135 | | | | 6,212,837 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2027 | | BBB+ | | | 2,700 | | | | 3,246,453 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2028 | | BBB+ | | | 1,810 | | | | 2,161,321 | |
| | See Notes to Financial Statements. | 41 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | |
| MA DFA–Emmanuel College | | 5.00% | | 10/1/2032 | | Baa2 | | $ | 5,000 | | | $ | 5,967,150 | |
| MA Hlth & Ed–Harvard Univ | | 5.25% | | 11/15/2019 | | AAA | | | 2,850 | | | | 3,119,981 | |
| Marietta Dev Auth–Life Univ | | 6.25% | | 6/15/2020 | | Ba3 | | | 1,450 | | | | 1,540,089 | |
| NC Cap Facs–High Point Univ | | 5.00% | | 5/1/2032 | | BBB+ | | | 2,500 | | | | 2,823,775 | |
| NH Hlth & Ed–Univ Sys of NH | | 5.50% | | 7/1/2020 | | AA- | | | 1,890 | | | | 2,122,470 | |
| NJ Ed Facs–Montclair State Univ | | 5.00% | | 7/1/2025 | | A1 | | | 410 | | | | 512,258 | |
| NJ Ed Facs–Montclair State Univ | | 5.00% | | 7/1/2027 | | A1 | | | 3,560 | | | | 4,450,676 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2026 | | A- | | | 5,000 | | | | 6,165,500 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2027 | | A- | | | 10,000 | | | | 12,241,400 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2021 | | BB+ | | | 1,845 | | | | 2,096,049 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | NR | | | 20 | | | | 24,407 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | BB+ | | | 980 | | | | 1,147,698 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2026 | | NR | | | 20 | | | | 24,407 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2026 | | BB+ | | | 980 | | | | 1,139,877 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2026 | | Aa3 | | | 2,000 | | | | 2,520,860 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2027 | | Aa3 | | | 4,880 | | | | 6,110,492 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2027 | | Aa3 | | | 500 | | | | 626,995 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2028 | | Aa3 | | | 4,110 | | | | 5,105,154 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2029 | | Aa3 | | | 2,750 | | | | 3,400,925 | |
| Private Clgs & Univs Auth–SCAD | | 5.00% | | 4/1/2029 | | Baa1 | | | 1,500 | | | | 1,790,805 | |
| Private Clgs & Univs Auth–SCAD | | 5.00% | | 4/1/2031 | | Baa1 | | | 1,360 | | | | 1,608,214 | |
| Texas A&M Univ | | 5.00% | | 7/1/2021 | | AAA | | | 7,870 | | | | 9,291,322 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2024 | | A- | | | 1,000 | | | | 1,232,490 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2025 | | A- | | | 2,630 | | | | 3,279,610 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2026 | | A- | | | 1,000 | | | | 1,250,100 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2027 | | A- | | | 1,600 | | | | 1,984,816 | |
| TX Univ Sys | | 5.25% | | 3/15/2019 | | Aa2 | | | 5,000 | | | | 5,312,150 | |
| Univ California | | 5.00% | | 5/15/2026 | | AA | | | 15,000 | | | | 18,612,150 | |
| Univ California | | 5.00% | # | 5/15/2048 | | AA | | | 10,000 | | | | 12,415,300 | |
| Univ of North Carolina–Chapel Hill | | 1.101% | # | 12/1/2041 | | AAA | | | 15,000 | | | | 15,029,100 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2021 | | A1 | | | 1,950 | | | | 2,261,474 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2023 | | A1 | | | 2,435 | | | | 2,945,400 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2024 | | A1 | | | 2,560 | | | | 3,139,251 | |
| Univ of Texas | | 5.00% | | 8/15/2026 | | AAA | | | 5,400 | | | | 7,028,532 | |
| Univ of Toledo | | 5.00% | | 6/1/2019 | | A1 | | | 2,800 | | | | 3,080,336 | |
| UT Brd Regents–Univ UT | | 5.00% | | 8/1/2021 | | AA+ | | | 2,400 | | | | 2,840,856 | |
| UT Brd Regents–Univ UT | | 5.00% | | 8/1/2022 | | AA+ | | | 3,500 | | | | 4,254,495 | |
| 42 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | |
| Western MI Univ (AG) | | 5.25% | | 11/15/2020 | | AA | | $ | 3,980 | | | $ | 4,311,494 | |
| Total | | | | | | | | | | | | | 246,254,085 | |
| | | | | | | | | | | | | | | |
| General Obligation 21.75% | | | | | | | | | | | | | | |
| Bellwood GO | | 5.875% | | 12/1/2027 | | A | | | 5,000 | | | | 5,966,500 | |
| Bellwood GO | | 6.15% | | 12/1/2032 | | A | | | 3,770 | | | | 4,498,213 | |
| CA State GO | | 1.13% | # | 12/1/2031 | | AA- | | | 5,000 | | | | 5,000,000 | |
| CA State GO | | 1.39% | # | 12/1/2028 | | AA- | | | 5,000 | | | | 5,000,000 | |
| CA State GO | | 5.00% | | 9/1/2021 | | AA- | | | 13,685 | | | | 16,248,474 | |
| CA State GO | | 5.00% | | 9/1/2021 | | AA- | | | 15,500 | | | | 18,403,460 | |
| CA State GO | | 5.00% | | 2/1/2022 | | AA- | | | 20,000 | | | | 23,986,800 | |
| CA State GO | | 5.00% | | 9/1/2022 | | AA- | | | 5,580 | | | | 6,788,851 | |
| CA State GO | | 5.00% | | 9/1/2022 | | AA- | | | 20,000 | | | | 24,332,800 | |
| CA State GO | | 5.00% | | 9/1/2023 | | AA- | | | 6,100 | | | | 7,576,871 | |
| CA State GO | | 5.00% | | 3/1/2025 | | AA- | | | 7,000 | | | | 8,940,680 | |
| CA State GO | | 5.00% | | 10/1/2027 | | AA- | | | 10,000 | | | | 12,218,600 | |
| CA State GO | | 5.00% | | 9/1/2029 | | AA- | | | 5,000 | | | | 5,939,200 | |
| CA State GO | | 5.00% | | 9/1/2030 | | AA- | | | 10,000 | | | | 12,519,300 | |
| CA State GO | | 5.25% | | 10/1/2020 | | AA- | | | 10,120 | | | | 11,437,826 | |
| CA State GO | | 5.25% | | 3/1/2022 | | AA- | | | 6,320 | | | | 7,253,717 | |
| CA State GO | | 5.25% | | 9/1/2024 | | AA- | | | 10,000 | | | | 12,061,500 | |
| Carmel IN–Bond Bank | | 5.00% | | 7/15/2026 | | AA+ | | | 2,185 | | | | 2,786,749 | |
| Carmel IN–Bond Bank | | 5.00% | | 7/15/2027 | | AA+ | | | 2,305 | | | | 2,925,667 | |
| Chabot/Las Positas CCD | | 5.00% | | 8/1/2023 | | Aa2 | | | 3,000 | | | | 3,742,320 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2022 | | B+ | | | 13,200 | | | | 12,672,000 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 3,100 | | | | 2,875,560 | |
| Chicago Brd Ed | | 9.00% | | 3/1/2026 | | B+ | | | 11,000 | | | | 11,093,500 | |
| Chicago GO | | 5.00% | | 1/1/2022 | | BBB+ | | | 7,770 | | | | 8,330,761 | |
| Chicago GO | | 5.00% | | 1/1/2024 | | BBB+ | | | 15,000 | | | | 16,188,000 | |
| Chicago GO | | 5.00% | | 1/1/2025 | | BBB+ | | | 7,000 | | | | 7,589,050 | |
| Chicago GO | | 5.125% | | 1/1/2027 | | BBB+ | | | 3,000 | | | | 3,239,100 | |
| Chicago GO | | 5.25% | | 1/1/2028 | | BBB+ | | | 3,845 | | | | 4,154,061 | |
| Chicago Met Water Reclmtn Dist | | 5.00% | | 12/1/2027 | | AA+ | | | 7,050 | | | | 8,933,055 | |
| Clackamas Co Sch Dist–North Clackamas | | 5.00% | | 6/15/2025 | | AA+ | | | 1,450 | | | | 1,819,866 | |
| Clark Co GO | | 5.00% | | 11/1/2027 | | Aa1 | | | 10,775 | | | | 13,463,686 | |
| Clark CO Sch Dist | | 5.00% | | 6/15/2027 | | AA- | | | 6,500 | | | | 8,136,310 | |
| Columbus GO | | 4.00% | | 8/15/2027 | | AAA | | | 10,355 | | | | 12,240,853 | |
| Cook Co GO | | 5.00% | | 11/15/2020 | | AA- | | | 5,000 | | | | 5,652,400 | |
| | See Notes to Financial Statements. | 43 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Cook Co GO | | 5.00% | | 11/15/2021 | | AA- | | $ | 5,000 | | | $ | 5,764,650 | |
| Cook Co GO | | 5.00% | | 11/15/2025 | | AA- | | | 6,000 | | | | 6,896,400 | |
| Cook CO GO | | 5.25% | | 11/15/2023 | | AA- | | | 10,510 | | | | 12,100,794 | |
| CT State GO | | 5.00% | | 5/15/2021 | | AA- | | | 12,645 | | | | 14,713,722 | |
| CT State GO | | 5.00% | | 8/15/2027 | | AA- | | | 10,330 | | | | 12,974,996 | |
| Dallas ISD PSF GTD | | 5.00% | # | 2/15/2036 | | AAA | | | 17,500 | | | | 20,762,525 | |
| DC GO (BHAC) | | 5.00% | | 6/1/2021 | | AA+ | | | 3,500 | | | | 3,740,660 | |
| Detroit–State Aid GO | | 4.50% | | 11/1/2023 | | AA | | | 13,105 | | | | 13,692,759 | |
| Detroit–State Aid GO | | 5.00% | | 11/1/2018 | | AA | | | 3,320 | | | | 3,475,608 | |
| Eaton Area Pk & Rec Dist | | 5.50% | | 12/1/2030 | | NR | | | 240 | | | | 265,661 | |
| FL Brd Ed | | 5.00% | | 6/1/2023 | | AAA | | | 5,000 | | | | 6,075,500 | |
| Florida St Dept Trans | | 5.00% | | 7/1/2021 | | AAA | | | 7,760 | | | | 9,141,746 | |
| Fresno USD (NPFGC)(FGIC) | | 5.25% | | 2/1/2024 | | AA- | | | 3,285 | | | | 4,084,635 | |
| Gwinnett Co Dev–Gwinnett Co Pub Sch COP (NPFGC)(FGIC) | | 5.25% | | 1/1/2020 | | AA+ | | | 5,000 | | | | 5,653,250 | |
| Hawaii GO | | 5.00% | | 4/1/2024 | | AA+ | | | 13,610 | | | | 16,994,126 | |
| HI State GO | | 5.00% | | 8/1/2026 | | AA+ | | | 7,590 | | | | 9,562,793 | |
| Houston GO | | 5.00% | | 3/1/2023 | | AA | | | 4,000 | | | | 4,865,560 | |
| Houston GO | | 5.00% | | 3/1/2024 | | AA | | | 2,000 | | | | 2,474,660 | |
| IL State GO | | 5.00% | | 1/1/2020 | | BBB+ | | | 9,185 | | | | 9,960,490 | |
| IL State GO | | 5.00% | | 2/1/2020 | | BBB+ | | | 2,175 | | | | 2,362,463 | |
| IL State GO | | 5.00% | | 1/1/2022 | | BBB+ | | | 19,040 | | | | 21,283,674 | |
| IL State GO | | 5.00% | | 7/1/2022 | | BBB+ | | | 6,500 | | | | 7,315,360 | |
| IL State GO | | 5.00% | | 8/1/2022 | | BBB+ | | | 21,000 | | | | 23,657,760 | |
| IL State GO | | 5.00% | | 8/1/2023 | | BBB+ | | | 5,350 | | | | 6,079,686 | |
| IL State GO | | 5.00% | | 6/1/2024 | | BBB+ | | | 10,000 | | | | 11,446,800 | |
| IL State GO | | 5.00% | | 8/1/2024 | | BBB+ | | | 14,565 | | | | 16,183,900 | |
| IL State GO | | 5.00% | | 1/1/2032 | | BBB+ | | | 19,200 | | | | 21,279,744 | |
| IL State GO | | 5.25% | | 7/1/2030 | | BBB+ | | | 5,430 | | | | 6,040,549 | |
| LA State GO | | 5.00% | | 8/1/2025 | | AA | | | 8,660 | | | | 10,723,245 | |
| LA State GO | | 5.00% | | 5/1/2028 | | AA | | | 11,180 | | | | 13,671,910 | |
| Los Angeles CCD | | 4.00% | | 8/1/2027 | | AA+ | | | 700 | | | | 845,761 | |
| Los Angeles CCD | | 5.00% | | 8/1/2024 | | AA+ | | | 7,250 | | | | 9,201,845 | |
| Los Angeles GO | | 5.00% | | 9/1/2021 | | Aa2 | | | 5,180 | | | | 6,172,177 | |
| Los Angeles USD (NPFGC)(FGIC) | | 4.50% | | 7/1/2025 | | Aa2 | | | 6,290 | | | | 6,463,856 | |
| Lubbock GO | | 5.00% | | 2/15/2026 | | AA+ | | | 11,810 | | | | 14,731,085 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2022 | | AA | | | 2,250 | | | | 2,593,058 | |
| 44 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2023 | | AA | | $ | 2,500 | | | $ | 2,917,200 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2024 | | AA | | | 4,000 | | | | 4,707,480 | |
| MA State GO | | 5.00% | | 8/1/2023 | | AA+ | | | 9,950 | | | | 11,741,796 | |
| MA State GO | | 5.00% | | 4/1/2024 | | AA+ | | | 7,500 | | | | 8,795,625 | |
| MA State GO | | 5.00% | | 8/1/2024 | | AA+ | | | 5,000 | | | | 6,312,250 | |
| MA State GO | | 5.00% | | 9/1/2024 | | AA+ | | | 1,505 | | | | 1,832,970 | |
| Maryland State GO | | 4.00% | | 6/1/2027 | | AAA | | | 10,000 | | | | 11,722,600 | |
| Miami Dade Co GO | | 5.25% | | 7/1/2019 | | AA | | | 3,225 | | | | 3,467,617 | |
| MN State GO | | 5.00% | | 8/1/2027 | | AA+ | | | 10,000 | | | | 13,068,200 | |
| MN State GO | | 5.00% | | 8/1/2028 | | AA+ | | | 5,570 | | | | 7,220,280 | |
| Montgomery Co GO | | 5.00% | | 11/1/2023 | | AAA | | | 8,475 | | | | 10,632,735 | |
| Nassau Co GO | | 5.00% | | 1/1/2025 | | A+ | | | 6,515 | | | | 8,076,385 | |
| NV State GO | | 5.00% | | 11/1/2026 | | AA | | | 7,500 | | | | 9,432,375 | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2021 | | AA | | | 1,500 | | | | 1,772,820 | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2023 | | AA | | | 2,500 | | | | 3,078,500 | |
| NY Dorm–Sch Dist Fin | | 5.00% | | 10/1/2022 | | A+ | | | 15,000 | | | | 18,139,650 | |
| NYC GO | | 5.00% | | 10/1/2021 | | AA | | | 6,000 | | | | 7,107,240 | |
| NYC GO | | 5.00% | | 8/1/2022 | | AA | | | 10,010 | | | | 11,838,427 | |
| NYC GO | | 5.00% | | 8/1/2024 | | AA | | | 15,000 | | | | 18,873,600 | |
| NYC GO | | 5.00% | | 8/1/2025 | | AA | | | 12,000 | | | | 14,774,880 | |
| NYC GO | | 5.00% | | 8/1/2026 | | AA | | | 5,235 | | | | 6,236,717 | |
| PA State GO | | 5.00% | | 9/15/2025 | | AA- | | | 20,000 | | | | 25,077,600 | |
| Peralta CCD | | 5.00% | | 8/1/2021 | | AA- | | | 3,000 | | | | 3,551,070 | |
| Pittsburgh PA Sch District | | 4.00% | | 9/1/2019 | | Aa3 | | | 5,900 | | | | 6,343,975 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2027 | | Caa3 | | | 4,500 | | | | 2,733,750 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2033 | | Caa3 | | | 5,035 | | | | 3,058,763 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2041 | | Caa3 | | | 13,245 | | | | 8,046,337 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2016 | | CC | | | 5,000 | | | | 3,093,750 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2026 | | Caa3 | | | 3,515 | | | | 2,161,725 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2032 | | Caa3 | | | 1,700 | | | | 1,051,875 | |
| PR Comwlth GO(e) | | 5.375% | | 7/1/2030 | | Caa3 | | | 10,110 | | | | 6,242,925 | |
| PR Comwlth GO(e) | | 5.375% | | 7/1/2033 | | Caa3 | | | 1,075 | | | | 663,813 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2026 | | Caa3 | | | 12,500 | | | | 7,765,625 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2039 | | Caa3 | | | 5,605 | | | | 3,482,106 | |
| PR Comwlth GO(e) | | 5.75% | | 7/1/2028 | | Caa3 | | | 5,125 | | | | 3,215,937 | |
| PR Comwlth GO(e) | | 5.75% | | 7/1/2041 | | Caa3 | | | 4,430 | | | | 2,768,750 | |
| PR Comwlth GO(e) | | 8.00% | | 7/1/2035 | | Caa3 | | | 13,240 | | | | 8,688,750 | |
| | See Notes to Financial Statements. | 45 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| PR Comwlth GO (AGM) | | 5.25% | | 7/1/2024 | | AA | | $ | 855 | | | $ | 913,986 | |
| PR Comwlth GO (AMBAC) | | 5.50% | | 7/1/2019 | | Caa3 | | | 550 | | | | 571,890 | |
| PR Comwlth GO TCRS (AMBAC) | | 4.50% | | 7/1/2023 | | Caa3 | | | 1,620 | | | | 1,620,065 | |
| PR Pub Bldg Auth GTD | | 5.25% | | 7/1/2029 | | Caa3 | | | 2,040 | | | | 1,208,700 | |
| PR Pub Bldg Auth GTD | | 5.75% | | 7/1/2022 | | Caa3 | | | 6,805 | | | | 4,122,741 | |
| PR Pub Bldg Auth GTD (AMBAC) | | 5.50% | # | 7/1/2035 | | Caa3 | | | 4,245 | | | | 4,298,360 | |
| RI State GO | | 5.00% | | 8/1/2022 | | AA | | | 6,480 | | | | 7,803,994 | |
| San Diego Comm Clg | | 5.00% | | 8/1/2026 | | AA+ | | | 9,600 | | | | 11,669,472 | |
| San Francisco City & Co USD | | 4.00% | | 6/15/2021 | | Aa2 | | | 9,740 | | | | 10,864,775 | |
| San Francisco Co USD | | 5.00% | | 6/15/2027 | | Aa2 | | | 5,000 | | | | 6,238,300 | |
| TX State GO | | 5.00% | | 10/1/2022 | | AAA | | | 13,000 | | | | 15,863,250 | |
| TX State GO | | 5.00% | | 10/1/2024 | | AAA | | | 10,000 | | | | 12,694,700 | |
| TX State GO | | 5.00% | | 10/1/2026 | | AAA | | | 10,000 | | | | 12,470,500 | |
| WA State GO | | 5.00% | | 8/1/2022 | | AA+ | | | 14,245 | | | | 16,928,188 | |
| WA State GO | | 5.00% | | 1/1/2024 | | AA+ | | | 5,000 | | | | 5,651,150 | |
| WA State GO | | 5.00% | | 8/1/2024 | | AA+ | | | 10,000 | | | | 12,607,600 | |
| WI State GO | | 5.00% | | 5/1/2021 | | AA | | | 9,335 | | | | 10,976,840 | |
| WI State GO | | 5.00% | | 11/1/2022 | | AA | | | 5,205 | | | | 6,359,937 | |
| Williamson Co GO | | 5.00% | | 2/15/2021 | | AAA | | | 5,640 | | | | 6,589,776 | |
| Worcester GO (AGM) | | 5.25% | | 10/1/2019 | | AA | | | 1,000 | | | | 1,003,350 | |
| Worcester GO (AGM) | | 5.25% | | 10/1/2020 | | AA | | | 1,195 | | | | 1,199,003 | |
| Total | | | | | | | | | | | | | 1,078,621,813 | |
| | | | | | | | | | | | | | | |
| Health Care 14.15% | | | | | | | | | | | | | | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 5.00% | | 11/15/2024 | | BB | (c) | | 4,000 | | | | 4,423,320 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 5.625% | | 11/15/2029 | | BB | (c) | | 1,000 | | | | 1,119,650 | |
| Alachua Co IDA–No FL Retirement Vlg | | 5.625% | | 11/15/2022 | | NR | | | 2,000 | | | | 2,055,100 | |
| Alachua Co IDA–No FL Retirement Vlg | | 5.75% | | 11/15/2026 | | NR | | | 6,000 | | | | 6,150,240 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2031 | | Ba3 | | | 7,000 | | | | 8,010,100 | |
| AR DFA–Baptist Mem Hlth | | 2.39% | # | 9/1/2044 | | A- | | | 12,000 | | | | 12,000,120 | |
| Atlantic Bch Hlth–Fleet Landing | | 5.00% | | 11/15/2028 | | BBB | (c) | | 2,020 | | | | 2,328,595 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | 2.69% | # | 2/1/2048 | | BBB+ | | | 14,500 | | | | 14,821,320 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | 5.00% | | 2/1/2030 | | BBB+ | | | 6,000 | | | | 6,878,220 | |
| Blaine Sr Hsg & Hlthcare–Crest View | | 5.125% | | 7/1/2025 | | NR | | | 3,450 | | | | 3,683,806 | |
| Blount Co Hlth & Ed–Asbury | | 5.125% | | 4/1/2023 | | NR | | | 3,800 | | | | 3,878,888 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2022 | | BBB+ | | | 1,540 | | | | 1,820,034 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2023 | | BBB+ | | | 1,000 | | | | 1,172,370 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2024 | | BBB+ | | | 2,000 | | | | 2,327,240 | |
| 46 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2025 | | BBB+ | | $ | 4,880 | | | $ | 5,642,110 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2026 | | BBB+ | | | 3,705 | | | | 4,260,787 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2027 | | BBB+ | | | 4,000 | | | | 4,578,000 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2029 | | BBB+ | | | 1,300 | | | | 1,475,201 | |
| CA Hlth–City of Hope | | 5.00% | | 11/15/2023 | | A+ | | | 1,470 | | | | 1,791,401 | |
| CA Hlth–Lucile Packard Childrens Hsp | | 5.00% | | 8/15/2031 | | AA- | | | 1,150 | | | | 1,442,135 | |
| CA Hlth–Lucile Packard Childrens Hsp | | 5.00% | | 8/15/2032 | | AA- | | | 1,250 | | | | 1,559,975 | |
| CA Hlth–Prov St Josephs | | 4.00% | # | 10/1/2036 | | AA- | | | 23,000 | | | | 27,409,100 | |
| CA Hlth–St Joseph Hlth | | 5.00% | # | 7/1/2034 | | AA- | | | 3,000 | | | | 3,634,620 | |
| CA Hlth–St Joseph Hlth | | 5.00% | # | 7/1/2043 | | AA- | | | 5,000 | | | | 5,587,050 | |
| CA Hlth–Sutter Hlth | | 5.25% | | 8/15/2024 | | AA- | | | 6,920 | | | | 8,042,493 | |
| CA Hlth Facs–Cedars-Sinai Med Ctr | | 5.00% | | 11/15/2026 | | Aa3 | | | 5,000 | | | | 6,416,350 | |
| CA Muni Fin–Cmnty Med Ctrs | | 5.00% | | 2/1/2030 | | A- | | | 3,305 | | | | 3,919,499 | |
| CA Muni Fin–Northbay Hlthcare | | 4.00% | | 11/1/2023 | | NR | | | 1,000 | | | | 1,132,680 | |
| CA Muni Fin–Northbay Hlthcare | | 5.00% | | 11/1/2024 | | NR | | | 1,000 | | | | 1,212,630 | |
| CA Muni Fin–Northbay Hlthcare | | 5.00% | | 11/1/2025 | | NR | | | 1,000 | | | | 1,222,680 | |
| CA Stwde–Fountainview Gonda | | 3.00% | | 8/1/2021 | | AA- | | | 5,200 | | | | 5,207,332 | |
| CA Stwde–LA Jewish Home | | 4.75% | | 8/1/2020 | | NR | | | 1,425 | | | | 1,426,226 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.00% | | 12/1/2036 | | BB | | | 8,000 | | | | 9,230,800 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2029 | | BB | | | 5,000 | | | | 5,959,800 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2034 | | BB | | | 4,500 | | | | 5,262,975 | |
| CA Stwde–So Cal Presbyterian† | | 6.25% | | 11/15/2019 | | BBB- | | | 1,320 | | | | 1,424,267 | |
| Camden CO Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2023 | | BBB+ | | | 3,000 | | | | 3,572,520 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2024 | | BBB+ | | | 3,730 | | | | 4,497,970 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2025 | | BBB+ | | | 1,250 | | | | 1,507,363 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2027 | | BBB+ | | | 1,000 | | | | 1,184,080 | |
| Church Home of Hartford† | | 3.25% | | 9/1/2021 | | BB | (c) | | 500 | | | | 508,125 | |
| CO Hlth Facs–American Baptist | | 7.00% | | 8/1/2019 | | NR | | | 1,120 | | | | 1,226,613 | |
| CO Hlth Facs–Christian Living Cmnty | | 5.125% | | 1/1/2030 | | NR | | | 600 | | | | 649,854 | |
| CO Hlth Facs–Christian Living Nghbrhds(d) | | 5.00% | | 1/1/2031 | | NR | | | 1,400 | | | | 1,590,652 | |
| CO Hlth Facs–Sisters Leavenworth | | 5.00% | | 1/1/2021 | | AA- | | | 6,555 | | | | 7,388,468 | |
| Comanche Co Hsp Auth | | 5.00% | | 7/1/2022 | | BB+ | | | 2,435 | | | | 2,689,896 | |
| CT Hlth & Ed–Yale New Haven Hsp | | 0.901% | # | 7/1/2049 | | AA- | | | 8,500 | | | | 8,439,395 | |
| Cumberland Co Mun Auth–Asbury | | 5.25% | | 1/1/2032 | | NR | | | 1,200 | | | | 1,321,992 | |
| Dana-Farber Cancer Institute | | 5.00% | | 12/1/2031 | | A1 | | | 1,000 | | | | 1,239,170 | |
| Dana-Farber Cancer Institute | | 5.00% | | 12/1/2032 | | A1 | | | 1,750 | | | | 2,157,855 | |
| DC Hsp–Childrens Ntl Hsp | | 5.00% | | 7/15/2026 | | A1 | | | 1,700 | | | | 2,131,494 | |
| | See Notes to Financial Statements. | 47 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Decatur Hsp–Wise Hlth | | 5.00% | | 9/1/2034 | | BB+ | | $ | 4,825 | | | $ | 5,324,436 | |
| Decatur Hsp–Wise Hlth | | 5.25% | | 9/1/2029 | | BB+ | | | 800 | | | | 905,968 | |
| Delaware Co Hsp–Crozer-Keystone | | 5.00% | | 12/15/2019 | | BB | | | 1,000 | | | | 1,008,050 | |
| Delaware Co Hsp–Crozer-Keystone | | 5.00% | | 12/15/2026 | | BB | | | 1,900 | | | | 1,915,295 | |
| Duluth EDA–St Lukes Hsp | | 5.75% | | 6/15/2032 | | NR | | | 4,250 | | | | 4,809,852 | |
| Eden Twp Hlthcare Dist COP | | 5.375% | | 6/1/2023 | | BBB+ | (c) | | 3,085 | | | | 3,452,485 | |
| Fairfax Co EDA–Vinson Hall | | 4.50% | | 12/1/2032 | | NR | | | 2,500 | | | | 2,586,450 | |
| Gaithersburg Econ Dev–Asbury | | 5.50% | | 1/1/2018 | | BBB | (c) | | 3,535 | | | | 3,733,490 | |
| Gaithersburg Econ Dev–Asbury | | 5.65% | | 1/1/2019 | | BBB | (c) | | 2,000 | | | | 2,201,600 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | 4.75% | | 8/1/2019 | | A2 | | | 385 | | | | 410,783 | |
| Guadalupe Co–Seguin City Hospital | | 5.25% | | 12/1/2035 | | BB | | | 3,000 | | | | 3,368,100 | |
| Hanover Co EDA–Covenant Woods | | 4.50% | | 7/1/2030 | | NR | | | 2,790 | | | | 2,929,333 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | 5.00% | | 11/15/2022 | | A | | | 1,500 | | | | 1,799,625 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | 5.00% | | 11/15/2026 | | A | | | 1,250 | | | | 1,565,212 | |
| Harris Co Cultural Ed–Baylor Clg / Med | | 5.00% | | 11/15/2027 | | A | | | 3,195 | | | | 4,058,065 | |
| Harris Co Cultural Ed–Brazos | | 6.375% | | 1/1/2033 | | BB+ | (c) | | 1,385 | | | | 1,664,798 | |
| Harris Co Cultural Ed–Brazos | | 4.00% | | 1/1/2023 | | BB+ | (c) | | 1,325 | | | | 1,449,537 | |
| Harris Co Cultural Ed–Brazos | | 5.00% | | 1/1/2033 | | BB+ | (c) | | 545 | | | | 601,031 | |
| HI Dept Budget–Kahala Nui | | 5.00% | | 11/15/2027 | | BBB+ | (c) | | 1,500 | | | | 1,700,340 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.25% | | 4/1/2027 | | NR | | | 2,000 | | | | 2,008,880 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2034 | | BBB | | | 1,015 | | | | 1,164,134 | |
| IL Fin Auth–Hsp Sisters Hlth | | 5.00% | | 8/15/2020 | | AA- | | | 2,695 | | | | 3,084,616 | |
| IL Fin Auth–Hsp Sisters Hlth | | 5.00% | | 8/15/2021 | | AA- | | | 5,510 | | | | 6,464,442 | |
| IL Fin Auth–Northwest Comm Hsp | | 5.00% | | 7/1/2034 | | A+ | | | 5,000 | | | | 5,913,050 | |
| IL Fin Auth–Northwestern Mem Hsp(b) | | 5.75% | | 8/15/2030 | | AA+ | | | 2,500 | | | | 2,834,513 | |
| IL Fin Auth–Plymouth Place | | 5.00% | | 5/15/2030 | | BB+ | (c) | | 1,690 | | | | 1,893,003 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2026 | | BBB- | | | 7,500 | | | | 8,870,550 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2027 | | BBB- | | | 8,890 | | | | 10,558,920 | |
| IL Fin Auth–Provena Hlth | | 5.75% | | 5/1/2018 | | BBB- | | | 1,000 | | | | 1,074,390 | |
| IL Fin Auth–Silver Cross Hsp | | 5.00% | | 8/15/2035 | | Baa1 | | | 4,500 | | | | 5,275,845 | |
| IN Bd Bk–Hendricks Regl Hlth | | 5.00% | | 2/1/2019 | | AA | | | 1,765 | | | | 1,927,486 | |
| Jackson Co Hospital Fin Auth Rmkt (AG) | | 5.00% | | 6/1/2018 | | AA | | | 4,350 | | | | 4,644,625 | |
| Jackson Co Hospital Fin Auth Rmkt (AG) | | 5.00% | | 6/1/2019 | | AA | | | 4,400 | | | | 4,868,600 | |
| Kansas City IDA–Bishop Spencer | | 6.25% | | 1/1/2024 | | NR | | | 710 | | | | 712,393 | |
| Kansas City IDA–Bishop Spencer | | 6.50% | | 1/1/2035 | | NR | | | 2,500 | | | | 2,500,625 | |
| Karnes Co Hsp Dist | | 5.00% | | 2/1/2024 | | BBB | (c) | | 1,710 | | | | 1,938,353 | |
| Karnes Co Hsp Dist | | 5.00% | | 2/1/2034 | | BBB | (c) | | 1,000 | | | | 1,113,170 | |
| 48 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Kaweah Delta Hlth Care Dist | | 5.00% | | 6/1/2020 | | A3 | | $ | 2,000 | | | $ | 2,253,380 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | 5.50% | | 7/1/2020 | | BB | | | 2,670 | | | | 2,678,357 | |
| KY EDA–Masonic Homes | | 5.375% | | 11/15/2032 | | NR | | | 2,385 | | | | 2,512,216 | |
| LA PFA–Christus Hlth | | 5.25% | | 7/1/2020 | | A+ | | | 3,200 | | | | 3,542,624 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2032 | | BBB | | | 3,000 | | | | 3,561,870 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2033 | | BBB | | | 2,000 | | | | 2,365,220 | |
| MA DFA–CareGroup | | 5.00% | | 7/1/2026 | | A- | | | 5,985 | | | | 7,602,925 | |
| MA DFA–CareGroup | | 5.00% | | 7/1/2027 | | A- | | | 5,895 | | | | 7,375,765 | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | 5.00% | | 7/1/2031 | | BBB | | | 1,100 | | | | 1,258,785 | |
| MD Hlth & Hi Ed–Univ MD Med Sys | | 5.00% | | 7/1/2020 | | A2 | | | 4,905 | | | | 5,435,083 | |
| MD Hlth & Hi Ed–Univ MD Med Sys | | 5.00% | | 7/1/2021 | | A2 | | | 5,550 | | | | 6,146,625 | |
| MD Hlth & Hi Ed–Western MD Hlth Sys | | 5.00% | | 7/1/2024 | | BBB | | | 5,000 | | | | 6,163,100 | |
| MD Hlth & Hi Ed–Western MD Hlth Sys | | 5.25% | | 7/1/2026 | | BBB | | | 10,000 | | | | 12,190,900 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.00% | | 7/1/2026 | | Ba2 | | | 7,755 | | | | 8,734,999 | |
| MI Fin Auth–Beaumont Hlth | | 5.00% | | 8/1/2028 | | A1 | | | 6,175 | | | | 7,415,990 | |
| MI Fin Auth–Crittenton Hospital | | 5.00% | | 6/1/2022 | | NR | | | 2,960 | | | | 3,571,418 | |
| MI Fin Auth–Crittenton Hospital | | 5.00% | | 6/1/2027 | | NR | | | 7,250 | | | | 8,747,560 | |
| MI Fin Auth–Henry Ford Hlth | | 5.00% | | 11/15/2027 | | A3 | | | 14,935 | | | | 18,615,133 | |
| MI Fin Auth–Henry Ford Hlth | | 5.00% | | 11/15/2028 | | A3 | | | 4,895 | | | | 6,046,304 | |
| MI Hsp–McLaren Hlthcare | | 5.00% | | 6/1/2019 | | Aa3 | | | 3,345 | | | | 3,678,028 | |
| MI Hsp–McLaren Hlthcare | | 5.00% | | 6/1/2020 | | Aa3 | | | 5,540 | | | | 6,279,978 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | 5.00% | | 11/15/2030 | | Baa1 | | | 1,500 | | | | 1,756,920 | |
| MN Agric & Econ Dev–Essential Hlth Rmkt (AG) | | 5.50% | | 2/15/2025 | | AA | | | 4,500 | | | | 5,116,320 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2024 | | Baa2 | | | 4,000 | | | | 4,708,080 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.25% | | 1/15/2026 | | Baa2 | | | 2,000 | | | | 2,405,560 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.25% | | 1/15/2028 | | Baa2 | | | 3,000 | | | | 3,554,190 | |
| Montgomery Co IDA–Whitemarsh | | 5.00% | | 1/1/2030 | | NR | | | 2,000 | | | | 2,096,140 | |
| Moon IDC–Baptist Homes Soc | | 5.00% | | 7/1/2020 | | NR | | | 1,250 | | | | 1,335,913 | |
| Moon IDC–Baptist Homes Soc | | 5.125% | | 7/1/2025 | | NR | | | 4,600 | | | | 5,162,028 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.125% | | 10/1/2034 | | NR | | | 4,000 | | | | 4,533,000 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2033 | | BB+ | | | 11,500 | | | | 12,500,960 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | 5.00% | | 7/1/2027 | | Baa2 | | | 3,000 | | | | 3,503,310 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | 5.00% | | 7/1/2032 | | Baa2 | | | 4,000 | | | | 4,570,440 | |
| NC Med–Lutheran Svcs | | 4.75% | | 3/1/2032 | | NR | | | 2,550 | | | | 2,732,911 | |
| New Hope–Carillon | | 5.00% | | 7/1/2036 | | NR | | | 1,250 | | | | 1,316,913 | |
| New Hope Cult Ed Facs–Crestview | | 5.00% | | 11/15/2031 | | BB+ | (c) | | 850 | | | | 976,276 | |
| | See Notes to Financial Statements. | 49 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| NJ EDA–Seashore Gardens | | 5.30% | | 11/1/2026 | | NR | | $ | 2,000 | | | $ | 1,942,220 | |
| NJ Hlth–AHS Hsp Corp(d) | | 5.00% | | 7/1/2023 | | AA- | | | 2,750 | | | | 3,358,520 | |
| NJ Hlth–AHS Hsp Corp(d) | | 5.00% | | 7/1/2024 | | AA- | | | 3,200 | | | | 3,970,240 | |
| NJ Hlth–AHS Hsp Corp | | 5.125% | | 7/1/2019 | | AA- | | | 1,500 | | | | 1,605,840 | |
| NJ Hlth–Barnabas Hlth | | 5.00% | | 7/1/2019 | | A- | | | 10,000 | | | | 11,095,100 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2026 | | BBB- | | | 2,010 | | | | 2,492,923 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2028 | | BBB- | | | 1,300 | | | | 1,579,344 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2029 | | BBB- | | | 1,605 | | | | 1,934,474 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2030 | | BBB- | | | 1,100 | | | | 1,318,471 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2031 | | BBB- | | | 1,110 | | | | 1,325,207 | |
| NJ Hlth–St Josephs Hlth | | 6.00% | | 7/1/2018 | | BBB- | | | 4,520 | | | | 4,778,363 | |
| NJ Hlth–St Peters Univ Hsp | | 5.25% | | 7/1/2021 | | BB+ | | | 2,045 | | | | 2,154,367 | |
| NJ Hlth–St Peters Univ Hsp | | 6.00% | | 7/1/2026 | | BB+ | | | 5,500 | | | | 6,159,010 | |
| NJ Hlth–Trinitas Hsp | | 5.25% | | 7/1/2023 | | BBB | | | 4,065 | | | | 4,191,787 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2028 | | AA | | | 2,000 | | | | 2,434,060 | |
| NJ Hlth–Virtua Hlth (AG) | | 5.50% | | 7/1/2020 | | AA | | | 5,455 | | | | 6,091,326 | |
| NM Hsp–Haverland | | 5.00% | | 7/1/2032 | | BBB- | (c) | | 1,000 | | | | 1,098,590 | |
| Northampton Co GPA–St Lukes Hsp | | 5.00% | | 8/15/2019 | | A- | | | 2,000 | | | | 2,147,900 | |
| NY Dorm–North Shore LI Jewish | | 5.00% | | 5/1/2019 | | A- | | | 4,000 | | | | 4,394,560 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2019 | | A- | | | 2,000 | | | | 2,212,700 | |
| NY Dorm–Orange Regl Med | | 6.50% | | 12/1/2021 | | Ba1 | | | 1,000 | | | | 1,095,560 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2021 | | Aa3 | | | 1,635 | | | | 1,901,227 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2022 | | Aa3 | | | 5,000 | | | | 5,963,550 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2023 | | Aa3 | | | 4,000 | | | | 4,867,960 | |
| Orange Co Hlth–Orlando Hlth | | 5.25% | | 10/1/2020 | | A | | | 5,000 | | | | 5,594,350 | |
| Palomar Hlth Care Dist COP | | 5.25% | | 11/1/2021 | | BBB- | | | 3,760 | | | | 4,022,373 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.50% | | 7/1/2030 | | BBB- | | | 2,230 | | | | 2,270,162 | |
| Philadelphia Hsps–Temple Univ Hlth | | 6.25% | | 7/1/2023 | | BBB- | | | 7,500 | | | | 7,723,875 | |
| Roanoke EDA–Carilion Clinic | | 5.00% | | 7/1/2025 | | A+ | | | 10,000 | | | | 11,365,500 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB+ | | | 10,050 | | | | 12,707,622 | |
| Sartell Hlth Care–Country Manor | | 5.25% | | 9/1/2030 | | NR | | | 1,000 | | | | 1,063,510 | |
| SE Port Auth–Memorial Hlth | | 5.50% | | 12/1/2029 | | BB | (c) | | 750 | | | | 847,635 | |
| Shelby Co Hlth Ed Hsg–Vlg Germantwn | | 5.00% | | 12/1/2032 | | NR | | | 3,880 | | | | 4,107,019 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2023 | | BBB- | | | 3,735 | | | | 4,504,447 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2024 | | BBB- | | | 4,500 | | | | 5,502,285 | |
| Tarrant Co Cultural–Buckingham Sr Lvg | | 3.875% | | 11/15/2020 | | BB | (c) | | 1,860 | | | | 1,882,748 | |
| Thomasville Hsp Auth–John Archbold | | 4.75% | | 11/1/2025 | | A+ | | | 6,150 | | | | 6,169,864 | |
| 50 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Tyler Hlth–Mother Frances Hsp | | 5.50% | | 7/1/2027 | | A3 | | $ | 3,975 | | | $ | 4,474,339 | |
| Vanderbilt Univ Med Ctr | | 5.00% | | 7/1/2031 | | NR | | | 1,300 | | | | 1,586,884 | |
| WA Hsg–Herons Key† | | 4.375% | | 1/1/2021 | | NR | | | 1,800 | | | | 1,829,952 | |
| WA Hsg–Rockwood† | | 6.00% | | 1/1/2024 | | NR | | | 1,385 | | | | 1,515,204 | |
| Westchester Co Hlth Care | | 5.00% | | 11/1/2019 | | BBB | | | 4,000 | | | | 4,457,080 | |
| Westchester Co Hlth Care | | 5.125% | | 11/1/2020 | | BBB | | | 5,500 | | | | 6,315,210 | |
| Westchester Co LDC–Kendal Hudson | | 5.00% | | 1/1/2028 | | BBB | (c) | | 1,350 | | | | 1,545,467 | |
| WI Hlth & Ed–Ascension Hlth | | 5.00% | | 11/15/2033 | | AA+ | | | 2,000 | | | | 2,233,340 | |
| WI Hlth & Ed–Aurora Hlth | | 5.00% | | 7/15/2026 | | A2 | | | 5,575 | | | | 6,402,664 | |
| Wood Co Hsp Facs–Wood Co Hsp | | 5.00% | | 12/1/2027 | | Baa2 | | | 3,450 | | | | 3,934,932 | |
| Wood Co Hsp Facs–Wood Co Hsp | | 5.00% | | 12/1/2032 | | Baa2 | | | 2,275 | | | | 2,553,369 | |
| Woodbury Hsg–St Therese | | 5.00% | | 12/1/2029 | | NR | | | 1,000 | | | | 1,098,140 | |
| Woodbury Hsg–St Therese | | 5.00% | | 12/1/2034 | | NR | | | 1,000 | | | | 1,075,440 | |
| WV Hsp–Herbert Thomas Hlth | | 6.00% | | 10/1/2020 | | NR | | | 1,335 | | | | 1,407,531 | |
| Total | | | | | | | | | | | | | 701,694,068 | |
| | | | | | | | | | | | | | | |
| Housing 0.64% | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2032 | | NR | | | 500 | | | | 621,045 | |
| Athens Hsg Auth–UGA E Campus Hsg | | 4.00% | | 12/1/2019 | | Aa2 | | | 2,045 | | | | 2,221,770 | |
| CA Stwde–American Baptist | | 2.10% | | 10/1/2019 | | BBB+ | (c) | | 2,200 | | | | 2,201,518 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2024 | | Baa1 | | | 1,000 | | | | 1,231,440 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2025 | | Baa1 | | | 1,000 | | | | 1,250,570 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2026 | | Baa1 | | | 1,000 | | | | 1,258,120 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2027 | | Baa1 | | | 750 | | | | 932,483 | |
| CA Stwde–CHF-Irvine LLC | | 6.00% | | 5/15/2023 | | Aaa | | | 2,000 | | | | 2,167,140 | |
| MI Strategic Fd–Evangelical Homes | | 5.25% | | 6/1/2032 | | BB+ | (c) | | 1,500 | | | | 1,651,335 | |
| New Hope Cultural–NCCD Clg Station | | 5.00% | | 7/1/2030 | | BBB- | | | 6,000 | | | | 7,103,520 | |
| NJ EDA–Montclair St Std Hsg | | 5.25% | | 6/1/2019 | | Baa3 | | | 1,610 | | | | 1,763,481 | |
| NJ EDA–Rowan Univ Pptys | | 5.00% | | 1/1/2030 | | BBB- | | | 2,500 | | | | 2,916,075 | |
| NYC IDA–Yankee Stadium (FGIC) | | 1.655% | # | 3/1/2021 | | Baa1 | | | 3,850 | | | | 3,811,538 | |
| PA Hi Ed–Edinboro Univ | | 5.00% | | 7/1/2018 | | Baa3 | | | 115 | | | | 120,245 | |
| WA Hsg–Emerald Heights | | 4.00% | | 7/1/2019 | | A- | (c) | | 1,130 | | | | 1,214,343 | |
| WA Hsg–Emerald Heights | | 5.00% | | 7/1/2022 | | A- | (c) | | 1,000 | | | | 1,188,110 | |
| Total | | | | | | | | | | | | | 31,652,733 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 5.47% | | | | | | | | | | | | | | |
| Broward Co Sch Brd COP | | 5.00% | | 7/1/2021 | | Aa3 | | | 5,000 | | | | 5,834,950 | |
| CA Pub Wks–Dept Gen Svcs | | 5.00% | | 4/1/2020 | | A+ | | | 4,085 | | | | 4,497,381 | |
| | See Notes to Financial Statements. | 51 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| CA Pub Wks–Dept Hsps | | 5.00% | | 6/1/2023 | | A+ | | $ | 3,000 | | | $ | 3,718,410 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 3/1/2018 | | A+ | | | 7,490 | | | | 7,933,108 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 11/1/2020 | | A+ | | | 1,500 | | | | 1,737,525 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2021 | | A+ | | | 3,250 | | | | 3,811,438 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 11/1/2021 | | A+ | | | 1,000 | | | | 1,190,250 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2022 | | A+ | | | 4,200 | | | | 5,060,202 | |
| CA Pub Wks–Various Cap Proj | | 5.25% | | 10/1/2019 | | A+ | | | 11,370 | | | | 12,810,920 | |
| Cleveland COP–Cleveland Stadium | | 5.00% | | 11/15/2019 | | A | | | 2,450 | | | | 2,722,318 | |
| Cuyahoga Co COP–Conv Hotel Proj | | 5.00% | | 12/1/2023 | | AA- | | | 5,640 | | | | 6,884,635 | |
| Dallas Civic Ctr (AG) | | 5.00% | | 8/15/2021 | | AA | | | 3,800 | | | | 4,193,566 | |
| Dallas Conv Ctr Hotel Dev Corp | | 5.25% | | 1/1/2020 | | A1 | | | 4,000 | | | | 4,358,600 | |
| Dallas Conv Ctr Hotel Dev Corp | | 5.25% | | 1/1/2022 | | A1 | | | 6,405 | | | | 6,976,198 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2020 | | AA | | | 3,650 | | | | 4,163,811 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2024 | | AA | | | 5,930 | | | | 6,935,372 | |
| FL Dept of Children’s & Family Svcs COP (NPFGC)(FGIC) | | 5.00% | | 10/1/2022 | | AA+ | | | 2,870 | | | | 2,878,868 | |
| Houston Co Coop Dist–Country Crossing(e) | | 12.50% | | 6/7/2013 | | NR | | | 1,768 | | | | 247,520 | |
| IL Sports Facs Auth (AGM) | | 5.00% | | 6/15/2027 | | AA | | | 3,000 | | | | 3,460,620 | |
| IN Fin Auth–Stadium | | 5.25% | | 2/1/2029 | | AA+ | | | 2,500 | | | | 3,140,275 | |
| IN Fin Auth–Water | | 5.00% | | 2/1/2023 | | AAA | | | 6,850 | | | | 8,406,731 | |
| Kansas City IDA–Downtown Redev Dist | | 5.00% | | 9/1/2022 | | AA- | | | 7,470 | | | | 8,682,754 | |
| KY Ppty & Bldgs Commn–Proj #112 | | 5.00% | | 11/1/2026 | | Aa3 | | | 10,000 | | | | 12,435,300 | |
| LA PFA–Hurricane Recovery | | 5.00% | | 6/1/2023 | | A1 | | | 3,200 | | | | 3,859,552 | |
| LA PFA–Hurricane Recovery | | 5.00% | | 6/1/2024 | | A1 | | | 6,840 | | | | 8,360,327 | |
| Los Angeles Co COP–Disney Concert Hall | | 5.00% | | 9/1/2022 | | AA | | | 1,250 | | | | 1,510,500 | |
| Los Angeles Mun Impt Corp | | 5.00% | | 11/1/2025 | | A+ | | | 5,000 | | | | 6,420,450 | |
| MI Strategic Fd–Cadillac Place | | 5.25% | | 10/15/2023 | | Aa3 | | | 3,865 | | | | 4,552,042 | |
| MI Strategic Fd–Cadillac Place | | 5.25% | | 10/15/2024 | | Aa3 | | | 6,915 | | | | 8,129,620 | |
| NJ EDA–Sch Facs | | 5.25% | | 12/15/2020 | | A- | | | 8,125 | | | | 8,800,675 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2023 | | NR | | | 3,455 | | | | 4,069,921 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2023 | | A- | | | 6,545 | | | | 7,326,080 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2025 | | A- | | | 5,550 | | | | 6,163,219 | |
| NJ EDA–Transit Proj | | 5.00% | | 5/1/2018 | | A- | | | 1,425 | | | | 1,503,104 | |
| NJ EDA–Transit Proj | | 5.00% | | 5/1/2019 | | A- | | | 3,000 | | | | 3,229,200 | |
| NJ Trans Trust Fund (NPFGC)(FGIC) | | 5.50% | | 12/15/2020 | | AA- | | | 1,000 | | | | 1,152,750 | |
| NW Allen Sch Bldg Corp (AGM) | | 5.00% | | 7/15/2020 | | AA+ | | | 3,140 | | | | 3,296,969 | |
| NY UDC–Svc Contract | | 5.00% | | 1/1/2022 | | AA | | | 3,705 | | | | 4,183,686 | |
| 52 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2026 | | AA | | $ | 1,750 | | | $ | 2,194,133 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2028 | | AA | | | 1,500 | | | | 1,851,990 | |
| Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | | 5.00% | | 2/1/2020 | | Aa3 | | | 8,030 | | | | 9,057,198 | |
| Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | | 5.00% | | 2/1/2021 | | Aa3 | | | 8,750 | | | | 10,154,287 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2020 | | A+ | | | 3,525 | | | | 3,925,511 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2021 | | A+ | | | 2,000 | | | | 2,280,820 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2022 | | A+ | | | 5,195 | | | | 6,051,084 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2028 | | A+ | | | 4,380 | | | | 5,183,029 | |
| PR Pub Bldg Auth GTD | | 5.25% | | 7/1/2033 | | Caa3 | | | 2,000 | | | | 1,185,000 | |
| PR Pub Bldg Auth GTD | | 7.00% | | 7/1/2021 | | Caa3 | | | 5,000 | | | | 3,107,500 | |
| San Diego Conv Ctr Fing Auth | | 5.00% | | 4/15/2020 | | AA- | | | 4,100 | | | | 4,659,404 | |
| San Diego Conv Ctr Fing Auth | | 5.00% | | 4/15/2021 | | AA- | | | 3,750 | | | | 4,385,175 | |
| San Jose Fing Auth–Civic Ctr | | 5.00% | | 6/1/2022 | | AA | | | 1,000 | | | | 1,208,380 | |
| San Jose Fing Auth–Civic Ctr | | 5.00% | | 6/1/2023 | | AA | | | 1,000 | | | | 1,236,590 | |
| South Florida Wtr Mgt Dist | | 5.00% | | 10/1/2027 | | AA | | | 2,000 | | | | 2,510,320 | |
| Twin Rivers USD COP (AGM) | | 3.20% | # | 6/1/2027 | | AA | | | 1,750 | | | | 1,752,380 | |
| Twin Rivers USD COP (AGM) | | 3.20% | # | 6/1/2035 | | AA | | | 920 | | | | 920,984 | |
| Twin Rivers USD COP (AGM) | | 3.20% | # | 6/1/2041 | | AA | | | 2,250 | | | | 2,251,913 | |
| VA Clg Bldg Auth–Pub Hi Ed Fin Prog | | 5.00% | | 9/1/2027 | | Aa1 | | | 10,000 | | | | 12,922,700 | |
| Total | | | | | | | | | | | | | 271,477,245 | |
| | | | | | | | | | | | | | | |
| Other Revenue 4.76% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A3 | | | 11,300 | | | | 12,641,988 | |
| Austin Convention† | | 6.00% | | 1/1/2017 | | BB | | | 1,935 | | | | 1,955,995 | |
| Baker Correctional Dev | | 7.50% | | 2/1/2030 | | NR | | | 1,200 | | | | 958,380 | |
| Black Belt Energy–RBC | | 4.00% | # | 7/1/2046 | | Aa3 | | | 15,000 | | | | 16,661,700 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2023 | | Baa3 | | | 1,000 | | | | 1,211,110 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2026 | | Baa3 | | | 5,420 | | | | 6,824,485 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2027 | | Baa3 | | | 6,500 | | | | 8,193,055 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.75% | | 7/15/2019 | | NR | | | 780 | | | | 882,157 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.75% | | 7/15/2019 | | NR | | | 1,935 | | | | 2,174,785 | |
| Brooklyn Arena LDC–Barclays Ctr (AGM) | | 4.00% | | 7/15/2029 | | AA | | | 1,500 | | | | 1,714,470 | |
| CA Infra & Econ Dev–Broad Museum | | 5.00% | | 6/1/2021 | | Aa1 | | | 5,425 | | | | 6,431,392 | |
| CA Infra & Econ Dev–Gladstone Instn | | 5.25% | | 10/1/2026 | | A- | | | 10,250 | | | | 12,026,325 | |
| CA Infra & Econ Dev–Segerstrom Center | | 5.00% | | 7/1/2023 | | A- | | | 5,730 | | | | 6,990,199 | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2036 | | BBB | | | 1,600 | | | | 1,865,248 | |
| | See Notes to Financial Statements. | 53 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| CA Sch Fin Auth–Ocean Charter† | | 6.00% | | 1/1/2019 | | NR | | $ | 5,000 | | | $ | 5,005,150 | |
| Chester Co IDA–Collegium Chtr Sch | | 5.25% | | 10/15/2032 | | BB+ | | | 6,410 | | | | 6,661,272 | |
| Clarksville Nat Gas Aquis Corp–ML | | 5.00% | | 12/15/2021 | | Baa1 | | | 2,380 | | | | 2,761,133 | |
| Cleveland Arpt | | 5.00% | | 1/1/2028 | | A- | | | 2,500 | | | | 2,879,250 | |
| Cleveland Arpt | | 5.00% | | 1/1/2029 | | A- | | | 2,500 | | | | 2,871,200 | |
| Clifton Higher Ed–IDEA Pub Schs | | 3.75% | | 8/15/2022 | | BBB | | | 3,265 | | | | 3,570,016 | |
| Clifton Higher Ed–IDEA Pub Schs | | 5.00% | | 8/15/2032 | | BBB | | | 915 | | | | 1,026,767 | |
| Clifton Higher Ed–Uplift Education | | 5.70% | | 12/1/2025 | | BBB- | | | 5,110 | | | | 5,847,015 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2032 | | BBB | | | 3,000 | | | | 3,412,500 | |
| FL Brd Ed–Lottery Rev | | 5.00% | | 7/1/2020 | | AAA | | | 7,645 | | | | 8,755,283 | |
| FL DFC–Renaissance Chtr Sch | | 7.50% | | 6/15/2033 | | BB- | (c) | | 3,000 | | | | 3,505,200 | |
| Florence Twn IDA–Legacy Trad Sch | | 5.75% | | 7/1/2033 | | BB- | | | 3,000 | | | | 3,386,550 | |
| HI Dept Budget–Hawaiian Electric AMT | | 3.25% | | 1/1/2025 | | Baa2 | | | 5,000 | | | | 5,374,000 | |
| Houston HI Ed–Cosmos Fndtn | | 4.00% | | 2/15/2022 | | BBB | | | 710 | | | | 747,900 | |
| Houston Hi Ed–Cosmos Fndtn | | 5.00% | | 2/15/2032 | | BBB | | | 2,250 | | | | 2,586,532 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 6/1/2024 | | A1 | | | 4,000 | | | | 4,605,800 | |
| La Vernia Hi Ed–Life Schools of Dallas | | 7.00% | | 8/15/2026 | | BBB- | | | 4,455 | | | | 5,201,480 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2027 | | A3 | | | 5,000 | | | | 6,106,450 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.00% | | 12/1/2016 | | NR | | | 700 | | | | 420,000 | |
| MI Fin Auth–Detroit Sch Dist | | 5.00% | | 6/1/2019 | | B | | | 1,900 | | | | 1,948,621 | |
| MI Fin Auth–Detroit Sch Dist | | 5.00% | | 6/1/2020 | | B | | | 1,400 | | | | 1,435,826 | |
| Michigan St Strategic FD Escrow(g) | | Zero Coupon | | – | (h) | NR | | | 400 | | | | 40 | |
| Mohave Co IDA–Mohave Prison | | 7.50% | | 5/1/2019 | | BBB+ | | | 2,505 | | | | 2,517,124 | |
| Mohave Co IDA–Mohave Prison | | 8.00% | | 5/1/2025 | | BBB+ | | | 5,000 | | | | 5,025,800 | |
| MSR Energy Auth–Citi | | 6.125% | | 11/1/2029 | | BBB+ | | | 3,810 | | | | 5,040,897 | |
| NYC Cultural–Lincoln Ctr | | 5.75% | | 12/1/2018 | | A+ | | | 2,500 | | | | 2,744,675 | |
| NYC Cultural–MOMA | | 4.00% | | 4/1/2026 | | AA | | | 9,000 | | | | 10,885,770 | |
| NYC Cultural–MOMA | | 4.00% | | 4/1/2027 | | AA | | | 3,500 | | | | 4,233,075 | |
| NYC Cultural–Whitney Museum | | 5.00% | | 7/1/2021 | | A | | | 5,000 | | | | 5,805,350 | |
| PA IDA–Economic Dev | | 5.00% | | 7/1/2019 | | A+ | | | 3,500 | | | | 3,848,250 | |
| PA IDA–Economic Dev | | 5.00% | | 7/1/2020 | | A+ | | | 2,000 | | | | 2,260,560 | |
| Philadelphia Gas Works | | 5.00% | | 10/1/2022 | | A | | | 5,000 | | | | 5,973,450 | |
| Philadelphia Gas Works | | 5.00% | | 10/1/2028 | | A | | | 2,000 | | | | 2,471,420 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2035 | | BB | | | 2,350 | | | | 2,578,044 | |
| Rangely Co Hosp Dist | | 6.00% | | 11/1/2026 | | Baa1 | | | 2,400 | | | | 2,851,896 | |
| SA Energy Acquisition Pub Fac–Goldman Sachs | | 5.50% | | 8/1/2023 | | A3 | | | 9,365 | | | | 11,352,159 | |
| 54 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2023 | | A3 | | $ | 5,000 | | | $ | 5,911,250 | |
| WA Eda–Waste Mgmt† | | 2.125% | | 6/1/2020 | | A- | | | 4,000 | | | | 4,089,000 | |
| Total | | | | | | | | | | | | | 236,227,994 | |
| | | | | | | | | | | | | | | |
| Special Tax 2.23% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2031 | | Baa2 | | | 5,500 | | | | 6,081,295 | |
| Atlanta Tax Alloc–Beltline Rmkt | | 6.75% | | 1/1/2020 | | A2 | | | 1,670 | | | | 1,830,387 | |
| CA Reassmt Dist 12/1 Irvine | | 4.00% | | 9/2/2019 | | BBB+ | | | 2,000 | | | | 2,162,560 | |
| CA Reassmt Dist 12/1 Irvine | | 4.00% | | 9/2/2020 | | BBB+ | | | 1,000 | | | | 1,102,960 | |
| CA Reassmt Dist 12/1 Irvine | | 4.00% | | 9/2/2022 | | BBB+ | | | 1,500 | | | | 1,702,170 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 9/1/2028 | | AA | | | 10,000 | | | | 12,520,200 | |
| Emeryville Redev Agy | | 5.00% | | 9/1/2021 | | A+ | | | 3,185 | | | | 3,773,238 | |
| Emeryville Redev Agy (AGM) | | 5.00% | | 9/1/2024 | | AA | | | 1,950 | | | | 2,460,295 | |
| Emeryville Redev Agy (AGM) | | 5.00% | | 9/1/2025 | | AA | | | 2,650 | | | | 3,318,780 | |
| Glendale Redev Agy | | 5.50% | | 12/1/2024 | | A | | | 5,000 | | | | 5,036,700 | |
| Houston Co Coop Dist–Country Crossing | | 10.00% | | 5/1/2039 | | NR | | | 5,000 | | | | 550,000 | |
| MTA NY–Hudson Rail Yards | | 5.00% | | 11/15/2046 | | A2 | | | 22,000 | | | | 24,162,380 | |
| Orange Co CFD | | 5.00% | | 8/15/2033 | | NR | | | 1,400 | | | | 1,661,912 | |
| Orange Co CFD | | 5.00% | | 8/15/2035 | | NR | | | 1,000 | | | | 1,178,430 | |
| Orlando Redev TIF | | 5.25% | | 9/1/2021 | | A | | | 6,415 | | | | 7,162,412 | |
| Pittsburg Redev Agy | | 5.00% | | 8/1/2019 | | A | | | 5,755 | | | | 6,371,821 | |
| Pittsburg Redev Agy | | 5.00% | | 8/1/2020 | | A | | | 1,680 | | | | 1,917,770 | |
| Pittsburg Redev Agy (AGM) | | 5.00% | | 8/1/2021 | | AA | | | 1,875 | | | | 2,202,056 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2024 | | AA | | | 2,930 | | | | 3,598,597 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2025 | | AA | | | 3,500 | | | | 4,342,905 | |
| Plaza Met Dist #1† | | 4.50% | | 12/1/2030 | | NR | | | 4,300 | | | | 4,531,211 | |
| Sparks Loc Impt Dists | | 6.50% | | 9/1/2020 | | NR | | | 155 | | | | 160,650 | |
| Sparks Tourism Impt Dist† | | 6.50% | | 6/15/2020 | | B1 | | | 3,900 | | | | 4,104,438 | |
| Village CDD #9 | | 5.00% | | 5/1/2022 | | NR | | | 1,150 | | | | 1,249,533 | |
| Village CDD #9 | | 5.25% | | 5/1/2031 | | NR | | | 1,755 | | | | 1,993,803 | |
| Village CDD #9 | | 5.75% | | 5/1/2021 | | NR | | | 2,315 | | | | 2,542,472 | |
| Village CDD #9 | | 6.75% | | 5/1/2031 | | NR | | | 2,440 | | | | 2,855,434 | |
| Total | | | | | | | | | | | | | 110,574,409 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 6.83% | | | | | | | | | | | | | | |
| Bay Area Rapid Transit Dist | | 5.00% | | 7/1/2026 | | AA+ | | | 1,000 | | | | 1,287,530 | |
| Dallas Area Rapid Trans | | 5.00% | | 12/1/2021 | | AA+ | | | 3,000 | | | | 3,569,880 | |
| Dallas Area Rapid Trans | | 5.00% | | 12/1/2026 | | AA+ | | | 7,245 | | | | 9,096,025 | |
| | See Notes to Financial Statements. | 55 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| El Paso Dev Corp–Downtown Ballpark | | 6.25% | | 8/15/2023 | | AA- | | $ | 5,000 | | | $ | 6,322,950 | |
| FL Dept Env Protn–Florida Forever | | 5.00% | | 7/1/2023 | | AA- | | | 5,000 | | | | 6,171,700 | |
| Gtr Wenatchee Regl Events Ctr | | 5.00% | | 9/1/2027 | | NR | | | 1,000 | | | | 1,074,400 | |
| Gtr Wenatchee Regl Events Ctr | | 5.25% | | 9/1/2032 | | NR | | | 1,000 | | | | 1,069,470 | |
| IL Sales Tax | | 5.00% | | 6/15/2019 | | AAA | | | 5,000 | | | | 5,506,400 | |
| Jacksonville Sales Tax | | 5.00% | | 10/1/2021 | | A+ | | | 2,500 | | | | 2,945,425 | |
| Kansas Dept Trans | | 5.00% | | 9/1/2026 | | AAA | | | 5,000 | | | | 6,429,650 | |
| LA Stadium & Expo Dist | | 5.00% | | 7/1/2021 | | A3 | | | 1,030 | | | | 1,200,455 | |
| Los Angeles Co MTA | | 5.00% | | 7/1/2021 | | AAA | | | 11,285 | | | | 13,397,778 | |
| MA Sch Bldg Auth–Sales Tax | | 5.00% | | 8/15/2030 | | AA+ | | | 5,665 | | | | 6,847,682 | |
| Martin Hsp Dist | | 7.00% | | 4/1/2031 | | BBB | (c) | | 3,250 | | | | 3,620,175 | |
| Met Atlanta Rapid Trans Auth | | 5.00% | | 7/1/2025 | | AA+ | | | 5,950 | | | | 7,361,578 | |
| Met Atlanta Rapid Trans Auth | | 5.00% | | 7/1/2029 | | AA+ | | | 7,775 | | | | 9,876,816 | |
| Met Govt Nashville–Cnty Conv Ctr | | 5.00% | | 7/1/2022 | | A1 | | | 3,245 | | | | 3,667,759 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2020 | | BBB | | | 2,500 | | | | 2,800,250 | |
| Met Pier & Expo Auth–Mccormick Place | | 5.00% | | 12/15/2022 | | BBB | | | 5,020 | | | | 5,785,650 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2028 | | BBB | | | 10,070 | | | | 11,267,625 | |
| MTA NY–Dedicated Tax | | 5.00% | | 11/15/2027 | | AA | | | 5,700 | | | | 6,923,847 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2024 | | BBB+ | | | 3,000 | | | | 3,393,960 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2028 | | BBB+ | | | 6,650 | | | | 7,374,251 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2029 | | BBB+ | | | 500 | | | | 552,520 | |
| NM State Severance Tax | | 4.00% | | 7/1/2024 | | Aa2 | | | 7,135 | | | | 8,376,633 | |
| NY Dorm–PIT | | 5.00% | | 12/15/2019 | | AAA | | | 15,000 | | | | 16,901,700 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2023 | | AAA | | | 10,000 | | | | 12,067,200 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2024 | | AAA | | | 15,585 | | | | 18,303,180 | |
| NY Dorm–PIT | | 5.25% | | 2/15/2023 | | AAA | | | 7,710 | | | | 8,497,422 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2028 | | AAA | | | 11,645 | | | | 14,787,869 | |
| NY Twy Auth–Hwy & Brdg (AMBAC) | | 5.50% | | 4/1/2020 | | AA | | | 9,000 | | | | 10,405,350 | |
| NY UDC–PIT | | 5.00% | | 3/15/2026 | | AAA | | | 10,000 | | | | 12,898,300 | |
| NY UDC–PIT | | 5.00% | | 3/15/2026 | | AAA | | | 15,000 | | | | 18,708,750 | |
| NY UDC–PIT | | 5.00% | | 12/15/2026 | | AAA | | | 595 | | | | 625,297 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2024 | | AA | | | 10,000 | | | | 11,784,700 | |
| NYC TFA–Future Tax | | 5.50% | | 11/1/2027 | | AAA | | | 8,850 | | | | 10,450,788 | |
| Oneida Tribe Sales Tax Rev† | | 5.50% | | 2/1/2021 | | AA- | | | 1,720 | | | | 1,878,842 | |
| PA Econ Dev–Unemployment Comp | | 5.00% | | 7/1/2021 | | Aaa | | | 4,000 | | | | 4,209,720 | |
| Phoenix Excise Tax | | 5.00% | | 7/1/2026 | | AA+ | | | 13,000 | | | | 16,409,640 | |
| Polk Co Trans Rev | | 5.00% | | 12/1/2021 | | A1 | | | 2,825 | | | | 3,243,976 | |
| 56 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2027 | | CC | | $ | 1,650 | | | $ | 870,375 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2041 | | CC | | | 7,570 | | | | 3,993,175 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2023 | | CC | | | 9,465 | | | | 5,016,450 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2028 | | CC | | | 8,630 | | | | 4,573,900 | |
| PR Corp. Sales Tax | | 5.25% | | 8/1/2040 | | Caa3 | | | 8,000 | | | | 6,000,000 | |
| TX Trsp Commn | | 5.00% | | 4/1/2022 | | AAA | | | 5,000 | | | | 6,009,300 | |
| Virgin Islands PFA–Gross Tax Rcpts (NPFGC) | | 5.00% | | 10/1/2018 | | AA- | | | 1,000 | | | | 1,003,230 | |
| WI Trsp | | 5.00% | | 7/1/2024 | | AA+ | | | 5,000 | | | | 6,319,900 | |
| WI Trsp | | 5.00% | | 7/1/2026 | | AA+ | | | 6,000 | | | | 7,629,360 | |
| Total | | | | | | | | | | | | | 338,508,833 | |
| | | | | | | | | | | | | | | |
| Tobacco 3.76% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 26,490 | | | | 25,857,949 | |
| Buckeye Tobacco | | 5.75% | | 6/1/2034 | | B- | | | 1,360 | | | | 1,323,158 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2030 | | B- | | | 31,350 | | | | 31,216,135 | |
| Golden St Tobacco | | 4.50% | | 6/1/2027 | | B | | | 11,875 | | | | 12,069,513 | |
| Golden St Tobacco | | 5.00% | | 6/1/2033 | | B- | | | 15,000 | | | | 15,128,250 | |
| Inland Empire Tobacco | | 4.625% | | 6/1/2021 | | NR | | | 5,230 | | | | 5,263,524 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 2,955 | | | | 2,974,739 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 4,910 | | | | 4,909,804 | |
| MI Tob Settlement | | 5.25% | | 6/1/2022 | | B- | | | 6,590 | | | | 6,595,008 | |
| Nthrn AK Tobacco | | 4.625% | | 6/1/2023 | | Ba1 | | | 2,420 | | | | 2,436,771 | |
| Railsplitter Tobacco Settlement Auth | | 6.25% | | 6/1/2024 | | A | | | 8,500 | | | | 8,522,015 | |
| RI Tob Settlement | | 5.00% | | 6/1/2027 | | BBB | | | 2,500 | | | | 2,876,525 | |
| RI Tob Settlement | | 5.00% | | 6/1/2028 | | BBB | | | 2,000 | | | | 2,288,100 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2023 | | A | | | 1,000 | | | | 1,173,120 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2024 | | A | | | 1,000 | | | | 1,182,630 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2025 | | A | | | 1,040 | | | | 1,226,399 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 3,500 | | | | 3,644,690 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2021 | | A | | | 6,880 | | | | 7,975,571 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2023 | | A | | | 6,250 | | | | 7,499,063 | |
| Tobacco Settlement Fin Corp LA | | 5.00% | | 5/15/2022 | | A | | | 5,000 | | | | 5,841,450 | |
| Tobacco Settlement Fin Corp NJ | | 4.50% | | 6/1/2023 | | Baa3 | | | 11,125 | | | | 11,324,026 | |
| Tobacco Settlement Fin Corp NJ | | 4.625% | | 6/1/2026 | | B+ | | | 5,000 | | | | 5,045,350 | |
| Tobacco Settlement Fin Corp NJ | | 4.75% | | 6/1/2034 | | B- | | | 10,500 | | | | 10,074,855 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2029 | | B | | | 10,000 | | | | 10,082,300 | |
| Total | | | | | | | | | | | | | 186,530,945 | |
| | See Notes to Financial Statements. | 57 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation 15.47% | | | | | | | | | | | | | | |
| AK Intl Airports Sys | | 5.00% | | 10/1/2024 | | A1 | | $ | 750 | | | $ | 934,155 | |
| AK Intl Airports Sys | | 5.00% | | 10/1/2027 | | A1 | | | 1,000 | | | | 1,245,690 | |
| AK Intl Airports Sys | | 5.00% | | 10/1/2028 | | A1 | | | 2,000 | | | | 2,474,700 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2021 | | A- | | | 2,750 | | | | 3,253,113 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2024 | | A- | | | 5,000 | | | | 6,171,950 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2026 | | A- | | | 4,075 | | | | 4,993,709 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2034 | | BBB+ | | | 5,500 | | | | 6,681,620 | |
| Atlanta Arpt | | 5.50% | | 1/1/2021 | | Aa3 | | | 3,000 | | | | 3,543,810 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2029 | | AA- | | | 2,500 | | | | 3,046,300 | |
| AZ Transp Brd Hwy | | 5.00% | | 7/1/2021 | | AA+ | | | 10,000 | | | | 11,800,900 | |
| Bay Area Toll Auth | | 1.54% | # | 4/1/2047 | | AA | | | 6,000 | | | | 6,034,200 | |
| Bay Area Toll Auth | | 1.875% | # | 4/1/2047 | | AA | | | 5,000 | | | | 5,085,950 | |
| Bay Area Toll Auth | | 2.00% | # | 4/1/2034 | | AA | | | 9,000 | | | | 9,268,920 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2030 | | BBB+ | | | 800 | | | | 963,768 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2031 | | BBB+ | | | 1,675 | | | | 2,009,112 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2032 | | BBB+ | | | 2,000 | | | | 2,388,520 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2033 | | BBB | | | 3,010 | | | | 3,491,118 | |
| Central TX Mobility Auth | | 5.75% | | 1/1/2020 | | BBB+ | | | 1,000 | | | | 1,147,880 | |
| Central TX Mobility Auth | | 5.75% | | 1/1/2031 | | BBB+ | | | 2,000 | | | | 2,381,340 | |
| Central TX Tpk | | 5.00% | | 8/15/2025 | | BBB+ | | | 2,250 | | | | 2,755,215 | |
| Central TX Tpk | | 5.00% | | 8/15/2026 | | BBB+ | | | 2,500 | | | | 3,040,975 | |
| Central TX Tpk | | 5.00% | | 8/15/2027 | | BBB+ | | | 3,300 | | | | 3,987,423 | |
| Central TX Tpk | | 5.00% | | 8/15/2028 | | BBB+ | | | 3,250 | | | | 3,906,142 | |
| Central TX Tpk | | 5.00% | | 8/15/2033 | | BBB+ | | | 7,650 | | | | 9,036,945 | |
| Chicago Midway Arpt | | 5.00% | | 1/1/2026 | | A | | | 6,075 | | | | 7,361,199 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2023 | | A | | | 3,000 | | | | 3,546,570 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2022 | | A | | | 3,230 | | | | 3,688,240 | |
| Chicago O’Hare Arpt (AGM) | | 5.00% | | 1/1/2020 | | AA | | | 3,500 | | | | 3,532,760 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2020 | | A | | | 6,320 | | | | 7,039,974 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2021 | | A | | | 11,740 | | | | 13,426,334 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2024 | | A | | | 6,410 | | | | 7,733,344 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2024 | | A | | | 5,000 | | | | 5,809,950 | |
| Clark Co Arpt–McCarran Arpt (AGM) | | 5.00% | | 7/1/2022 | | AA | | | 3,905 | | | | 4,313,619 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2025 | | AA | | | 1,200 | | | | 1,478,316 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2026 | | AA | | | 2,000 | | | | 2,453,600 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2027 | | AA | | | 2,175 | | | | 2,653,522 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2027 | | A- | | | 1,835 | | | | 2,091,588 | |
| 58 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Delaware River Port Auth | | 5.00% | | 1/1/2028 | | A | | $ | 7,500 | | | $ | 9,116,175 | |
| Denver City & Co Arpt (NPFGC) | | 5.00% | | 11/15/2022 | | AA- | | | 13,625 | | | | 13,689,991 | |
| E–470 Hwy Auth | | 5.00% | | 9/1/2020 | | A3 | | | 900 | | | | 1,022,715 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2018 | | AA- | | | 10,900 | | | | 10,686,687 | |
| FL Expwy Auth(d) | | 5.00% | | 7/1/2027 | | A | | | 2,600 | | | | 3,284,866 | |
| FL Expwy Auth(d) | | 5.00% | | 7/1/2028 | | A | | | 3,500 | | | | 4,366,145 | |
| FL Tpk Auth–Dept Trans | | 5.00% | | 7/1/2026 | | Aa2 | | | 9,160 | | | | 11,681,748 | |
| Foothill / Eastern Corridor Toll Rd | | 5.00% | # | 1/15/2053 | | BBB- | | | 12,000 | | | | 13,080,000 | |
| HI Arpts Sys AMT | | 5.00% | | 7/1/2022 | | A+ | | | 5,130 | | | | 5,882,417 | |
| Houston Arpt–Continental Airlines AMT | | 4.75% | | 7/1/2024 | | BB- | | | 8,000 | | | | 9,161,040 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2030 | | BB- | | | 2,500 | | | | 2,861,450 | |
| Houston Arpt AMT | | 5.00% | | 7/1/2021 | | A+ | | | 5,000 | | | | 5,770,250 | |
| IL Toll Hwy Auth | | 5.00% | | 1/1/2027 | | AA- | | | 1,000 | | | | 1,217,010 | |
| IL Toll Hwy Auth | | 5.00% | | 1/1/2028 | | AA- | | | 2,535 | | | | 3,064,055 | |
| KY Pub Trsp Auth–Downtown Crossing | | 5.00% | | 7/1/2017 | | Baa3 | | | 4,000 | | | | 4,117,440 | |
| KY Tpk Auth | | 5.00% | | 7/1/2026 | | Aa2 | | | 5,215 | | | | 6,192,865 | |
| Los Angeles Dept Arpts–LAX | | 5.00% | | 5/15/2027 | | AA- | | | 2,000 | | | | 2,513,820 | |
| Louisville Regl Airport AMT | | 5.00% | | 7/1/2021 | | A+ | | | 1,250 | | | | 1,454,988 | |
| Louisville Regl Airport AMT | | 5.00% | | 7/1/2022 | | A+ | | | 1,625 | | | | 1,936,594 | |
| Louisville Regl Airport AMT | | 5.00% | | 7/1/2023 | | A+ | | | 2,250 | | | | 2,719,238 | |
| MA Trans Fd–Bridge Prog | | 5.00% | | 6/1/2023 | | AAA | | | 9,880 | | | | 11,638,640 | |
| MD EDC–Maryland Port | | 5.125% | | 6/1/2020 | | Baa3 | | | 2,390 | | | | 2,701,560 | |
| MD EDC–Maryland Port | | 5.125% | | 6/1/2020 | | Baa3 | | | 925 | | | | 1,045,583 | |
| Miami Dade Co Aviation–MIA | | 5.00% | | 10/1/2025 | | A | | | 3,690 | | | | 4,571,172 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2021 | | A | | | 1,500 | | | | 1,754,595 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2022 | | A | | | 1,550 | | | | 1,838,145 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2027 | | A | | | 5,145 | | | | 6,190,927 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2028 | | A | | | 3,500 | | | | 4,180,400 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2022 | | A | | | 1,750 | | | | 2,102,625 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2023 | | A | | | 2,000 | | | | 2,415,280 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2023 | | A | | | 2,500 | | | | 3,064,175 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2024 | | A | | | 3,500 | | | | 4,198,810 | |
| Minneapolis / St Paul Met Arpts(d) | | 5.00% | | 1/1/2027 | | AA- | | | 7,000 | | | | 9,078,230 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2028 | | A+ | | | 3,500 | | | | 4,256,875 | |
| Minneapolis / St Paul Met Arpts (AMBAC) | | 5.00% | | 1/1/2024 | | AA- | | | 10,250 | | | | 10,352,602 | |
| MTA NY | | 5.00% | | 11/15/2021 | | AA- | | | 1,500 | | | | 1,780,110 | |
| MTA NY | | 5.00% | | 11/1/2023 | | AA- | | | 5,640 | | | | 6,861,962 | |
| | See Notes to Financial Statements. | 59 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| MTA NY | | 5.00% | | 11/15/2025 | | AA- | | $ | 3,500 | | | $ | 4,331,250 | |
| MTA NY | | 5.00% | | 11/15/2026 | | AA- | | | 17,065 | | | | 21,982,792 | |
| MTA NY | | 5.25% | | 11/15/2028 | | AA- | | | 6,355 | | | | 8,109,933 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2020 | | Baa1 | | | 4,905 | | | | 5,378,529 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2021 | | Baa1 | | | 2,000 | | | | 2,235,840 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2023 | | Baa1 | | | 3,000 | | | | 3,474,900 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2027 | | Baa1 | | | 3,185 | | | | 3,661,221 | |
| NJ EDA–Goethals Brdg AMT | �� | 5.125% | | 1/1/2034 | | BBB- | | | 5,000 | | | | 5,838,750 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2021 | | A+ | | | 5,000 | | | | 5,785,100 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2023 | | A+ | | | 3,835 | | | | 4,659,525 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2024 | | A+ | | | 3,000 | | | | 3,645,180 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2031 | | A+ | | | 5,000 | | | | 6,155,150 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2031 | | A+ | | | 5,000 | | | | 6,062,100 | |
| NJ Trans Trust Fund | | 5.75% | | 6/15/2020 | | A- | | | 7,645 | | | | 8,561,330 | |
| NJ Trans Trust Fund CR (AGM) | | 5.00% | | 6/15/2024 | | AA | | | 10,165 | | | | 11,739,050 | |
| North TX Twy Auth | | 5.00% | | 1/1/2023 | | A1 | | | 5,000 | | | | 6,061,650 | |
| North TX Twy Auth | | 5.00% | | 1/1/2025 | | A1 | | | 5,000 | | | | 6,149,850 | |
| North TX Twy Auth | | 5.00% | | 1/1/2031 | | A2 | | | 8,085 | | | | 9,615,814 | |
| North TX Twy Auth | | 6.25% | | 1/1/2024 | | A | | | 935 | | | | 1,042,291 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2023 | | AAA | | | 8,500 | | | | 10,455,850 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 4.00% | | 7/1/2032 | | Baa3 | | | 3,000 | | | | 3,210,000 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 4.00% | | 7/1/2033 | | Baa3 | | | 3,500 | | | | 3,742,480 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2034 | | Baa3 | | | 2,250 | | | | 2,608,290 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2022 | | Baa1 | | | 1,125 | | | | 1,322,021 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2023 | | Baa1 | | | 750 | | | | 899,828 | |
| NY Twy Auth | | 5.00% | | 1/1/2020 | | A | | | 3,000 | | | | 3,381,450 | |
| NY Twy Auth | | 5.00% | | 1/1/2022 | | A | | | 1,600 | | | | 1,910,496 | |
| NY Twy Auth | | 5.00% | | 1/1/2024 | | A | | | 1,960 | | | | 2,433,418 | |
| NY Twy Auth | | 5.00% | | 1/1/2026 | | A | | | 5,115 | | | | 6,402,957 | |
| NY Twy Auth | | 5.00% | | 1/1/2028 | | A- | | | 2,470 | | | | 3,080,362 | |
| NY Twy Auth | | 5.00% | | 1/1/2029 | | A- | | | 1,000 | | | | 1,240,460 | |
| Orlando & Orange Co Expwy Auth | | 5.00% | | 7/1/2030 | | A | | | 10,000 | | | | 11,951,900 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 12/31/2034 | | BBB | | | 14,000 | | | | 16,477,720 | |
| PA Tpk Commn | | 5.00% | | 12/1/2022 | | A1 | | | 3,500 | | | | 4,240,565 | |
| PA Tpk Commn–Registration Fee (AGM) | | 5.25% | | 7/15/2019 | | AA | | | 1,270 | | | | 1,409,344 | |
| Phoenix Arpt | | 5.00% | | 7/1/2023 | | A+ | | | 7,000 | | | | 7,977,830 | |
| Phoenix Arpt AMT | | 5.00% | | 7/1/2021 | | AA- | | | 3,050 | | | | 3,521,378 | |
| 60 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Phoenix Arpt AMT | | 5.00% | | 7/1/2022 | | AA- | | $ | 1,500 | | | $ | 1,765,035 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2023 | | AA- | | | 5,300 | | | | 6,639,787 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2025 | | AA- | | | 10,000 | | | | 12,527,900 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2026 | | AA- | | | 5,605 | | | | 7,200,968 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2027 | | AA- | | | 4,750 | | | | 6,079,572 | |
| Port Auth NY & NJ–JFK IAT | | 5.00% | | 12/1/2020 | | Baa1 | | | 6,000 | | | | 6,774,540 | |
| Port Oakland AMT | | 5.00% | | 5/1/2021 | | A+ | | | 1,000 | | | | 1,164,200 | |
| Port Oakland AMT | | 5.00% | | 5/1/2022 | | A+ | | | 11,000 | | | | 13,109,030 | |
| Port Seattle PFC | | 5.00% | | 12/1/2020 | | A+ | | | 6,500 | | | | 7,472,595 | |
| PR Hwy & Trans Auth | | 5.00% | | 7/1/2030 | | CC | | | 1,745 | | | | 466,788 | |
| PR Hwy & Trans Auth | | 5.00% | | 7/1/2033 | | CC | | | 1,215 | | | | 325,013 | |
| PR Hwy & Trans Auth | | 5.50% | | 7/1/2023 | | CC | | | 4,305 | | | | 1,151,588 | |
| PR Hwy & Trans Auth | | 5.50% | | 7/1/2024 | | CC | | | 3,000 | | | | 802,500 | |
| PR Hwy & Trans Auth (AGM) | | 5.25% | | 7/1/2032 | | AA | | | 1,000 | | | | 1,164,040 | |
| Regional Trans Dist–Denver Trans | | 5.00% | | 7/15/2021 | | Baa3 | | | 3,460 | | | | 3,857,173 | |
| Regional Trans Dist–Denver Trans | | 5.00% | | 1/15/2022 | | Baa3 | | | 2,800 | | | | 3,111,640 | |
| Regional Trans Dist–Denver Trans | | 5.125% | | 1/15/2023 | | Baa3 | | | 2,835 | | | | 3,151,358 | |
| Regional Trans Dist–Denver Trans | | 5.125% | | 7/15/2023 | | Baa3 | | | 5,670 | | | | 6,302,715 | |
| Regional Trans Dist–Denver Trans | | 6.00% | | 1/15/2026 | | Baa3 | | | 2,500 | | | | 2,894,650 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2026 | | A+ | | | 10,000 | | | | 11,905,400 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2028 | | A+ | | | 7,550 | | | | 8,979,668 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2034 | | BBB- | | | 7,500 | | | | 8,814,225 | |
| San Jose Arpt | | 5.00% | | 3/1/2026 | | A2 | | | 1,200 | | | | 1,478,196 | |
| San Jose Arpt | | 5.00% | | 3/1/2027 | | A2 | | | 2,260 | | | | 2,773,336 | |
| San Jose Arpt | | 5.00% | | 3/1/2028 | | A2 | | | 1,655 | | | | 2,021,897 | |
| South Jersey Trans Auth | | 5.00% | | 11/1/2020 | | BBB+ | | | 2,000 | | | | 2,238,480 | |
| South Jersey Trans Auth | | 5.00% | | 11/1/2021 | | BBB+ | | | 5,305 | | | | 6,055,180 | |
| Southeastern PA Transp Auth–GARVEE | | 5.00% | | 6/1/2023 | | AA- | | | 2,500 | | | | 2,896,875 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2020 | | AA- | | | 7,525 | | | | 8,717,863 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2022 | | A+ | | | 4,715 | | | | 5,742,823 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2023 | | AA- | | | 5,525 | | | | 6,769,451 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2023 | | A+ | | | 2,000 | | | | 2,454,520 | |
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | | 5.50% | | 11/15/2021 | | AA- | | | 2,595 | | | | 3,153,729 | |
| VA Small Bus Fing–Elizabeth River AMT | | 5.25% | | 1/1/2032 | | BBB | | | 10,500 | | | | 12,186,615 | |
| VA Transp Brd–Cap Proj | | 5.00% | | 5/15/2021 | | AA+ | | | 10,000 | | | | 11,768,400 | |
| WA St GARVEE–520 Corridor | | 5.00% | | 9/1/2021 | | AA | | | 10,000 | | | | 11,768,400 | |
| Wayne CO Arpt AMT | | 5.00% | | 12/1/2026 | | A | | | 1,590 | | | | 1,914,885 | |
| | See Notes to Financial Statements. | 61 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | |
| Wayne CO Arpt AMT | | 5.00% | | 12/1/2027 | | A | | $ | 2,000 | | | $ | 2,403,220 | |
| Total | | | | | | | | | | | | | 767,384,515 | |
| | | | | | | | | | | | | | | |
| Utilities 12.72% | | | | | | | | | | | | | | |
| Albuquerque Bernalillo Co Wtr Util | | 5.00% | | 7/1/2024 | | AA | | | 2,645 | | | | 3,303,631 | |
| Albuquerque Bernalillo Co Wtr Util | | 5.00% | | 7/1/2025 | | AA | | | 4,000 | | | | 4,972,960 | |
| Amr Muni Pwr–Fremont Energy | | 5.00% | | 2/15/2021 | | A1 | | | 1,300 | | | | 1,511,679 | |
| Anaheim Electric(d) | | 5.00% | | 10/1/2030 | | AA- | | | 2,750 | | | | 3,220,415 | |
| Anaheim Electric(d) | | 5.00% | | 10/1/2032 | | AA- | | | 6,500 | | | | 7,581,405 | |
| Beaver Co IDA–FirstEnergy | | 4.00% | # | 1/1/2035 | | Ba2 | | | 10,000 | | | | 8,667,900 | |
| CA Dept Wtr Res Pwr | | 5.00% | | 5/1/2019 | | Aa1 | | | 16,695 | | | | 18,453,985 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2021 | | NR | | | 45 | | | | 53,747 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2021 | | AAA | | | 4,565 | | | | 5,480,282 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2022 | | NR | | | 105 | | | | 128,606 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2022 | | AAA | | | 10,975 | | | | 13,530,309 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2027 | | A3 | | | 7,500 | | | | 8,706,450 | |
| Chicago Water | | 5.00% | | 11/1/2024 | | A | | | 8,690 | | | | 10,374,122 | |
| Chicago Water | | 5.00% | | 11/1/2025 | | A | | | 2,625 | | | | 3,168,874 | |
| Dallas Wtrwks & Swr | | 5.00% | | 10/1/2024 | | AAA | | | 15,000 | | | | 18,990,300 | |
| Detroit Sewer | | 5.00% | | 7/1/2034 | | BBB+ | | | 2,200 | | | | 2,576,508 | |
| Detroit Sewer | | 5.00% | | 7/1/2035 | | BBB+ | | | 1,835 | | | | 2,136,674 | |
| East Bay Utility Water District | | 5.00% | | 6/1/2028 | | AAA | | | 6,300 | | | | 8,007,300 | |
| Energy Northwest–Proj 1 | | 5.00% | | 7/1/2027 | | Aa1 | | | 9,650 | | | | 11,020,879 | |
| Farmington Poll Ctl–AZ Pub Svc | | 4.70% | | 5/1/2024 | | A2 | | | 5,265 | | | | 5,868,474 | |
| FL Muni Pwr Agy | | 5.00% | | 10/1/2029 | | A2 | | | 3,355 | | | | 4,183,048 | |
| FL Muni Pwr Agy–St Lucie | | 5.00% | | 10/1/2021 | | A2 | | | 3,650 | | | | 4,061,720 | |
| Floyd Co Dev–GA Power | | 2.35% | # | 7/1/2022 | | A3 | | | 4,875 | | | | 4,996,387 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2029 | | A- | | | 1,000 | | | | 1,149,500 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2036 | | A- | | | 1,000 | | | | 1,167,780 | |
| Houston Util Sys | | 5.00% | | 5/15/2022 | | AA | | | 3,000 | | | | 3,600,540 | |
| Houston Util Sys | | 5.00% | | 11/15/2022 | | AA | | | 5,000 | | | | 6,070,250 | |
| Houston Util Sys | | 5.00% | | 11/15/2023 | | AA | | | 4,000 | | | | 4,971,400 | |
| Houston Util Sys | | 5.00% | | 11/15/2026 | | AA | | | 5,355 | | | | 6,706,977 | |
| Imperial Irrigation Dist | | 5.00% | | 11/1/2032 | | AA- | | | 2,000 | | | | 2,486,820 | |
| IN Muni Pwr | | 5.00% | | 1/1/2025 | | A+ | | | 1,000 | | | | 1,257,050 | |
| IN Muni Pwr | | 5.00% | | 1/1/2026 | | A+ | | | 1,200 | | | | 1,519,632 | |
| IN Muni Pwr | | 5.00% | | 1/1/2029 | | A+ | | | 3,000 | | | | 3,732,660 | |
| Intermountain Pwr Agy | | 5.00% | | 7/1/2021 | | A+ | | | 3,000 | | | | 3,209,010 | |
| 62 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| JEA St Johns Riv Pwr Pk Sys | | 5.00% | | 10/1/2022 | | Aa2 | | $ | 1,625 | | | $ | 1,814,394 | |
| KS DFA–Dept Hlth & Env | | 5.00% | | 3/1/2021 | | AAA | | | 6,680 | | | | 7,582,000 | |
| Lakeland Energy (AGM) | | 5.00% | | 10/1/2018 | | AA | | | 3,975 | | | | 4,293,079 | |
| Long Beach Nat Gas–ML | | 1.977% | # | 11/15/2026 | | BBB+ | | | 4,000 | | | | 3,809,040 | |
| Long Island Power Auth | | 5.00% | | 5/1/2020 | | A- | | | 2,930 | | | | 3,315,969 | |
| Los Angeles DWAP–Pwr Sys | | 5.00% | | 7/1/2022 | | Aa2 | | | 4,195 | | | | 4,973,970 | |
| Los Angeles DWAP–Pwr Sys | | 5.00% | | 7/1/2022 | | NR | | | 55 | | | | 64,933 | |
| Los Angeles USD | | 5.00% | | 7/1/2023 | | Aa2 | | | 10,000 | | | | 12,467,400 | |
| Louisville/Jeff Co Met Swr Dist | | 5.00% | | 5/15/2019 | | AA | | | 4,705 | | | | 5,193,944 | |
| Lower Colo Riv Auth | | 5.00% | | 5/15/2020 | | A | | | 3,930 | | | | 4,478,628 | |
| Lower Colo Riv Auth | | 5.00% | | 5/15/2020 | | A | | | 3,130 | | | | 3,566,948 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2021 | | A1 | | | 5,225 | | | | 6,128,402 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2022 | | A1 | | | 5,005 | | | | 5,840,935 | |
| Main St Nat Gas–ML | | 5.00% | | 3/15/2021 | | BBB+ | | | 2,500 | | | | 2,842,500 | |
| MD EDC–Potomac Elec Rmkt | | 6.20% | | 9/1/2022 | | A | | | 1,650 | | | | 1,842,935 | |
| MEAG–Gen Resolution Projs | | 5.00% | | 1/1/2020 | | A | | | 6,200 | | | | 6,977,790 | |
| MEAG–Proj 1 | | 5.00% | | 1/1/2021 | | A | | | 4,185 | | | | 4,847,778 | |
| MI Strat Fund–Detroit Edison | | 1.45% | # | 8/1/2029 | | Aa3 | | | 3,500 | | | | 3,496,675 | |
| MI Strat Fund–Detroit Edison | | 1.45% | # | 9/1/2030 | | Aa3 | | | 1,000 | | | | 999,050 | |
| Miami Dade Co Wtr & Swr (AGM) | | 5.25% | | 10/1/2018 | | AA | | | 3,000 | | | | 3,252,330 | |
| MO Joint Muni Elec Util Commn | | 5.00% | | 1/1/2023 | | A2 | | | 2,000 | | | | 2,410,080 | |
| MO Joint Muni Elec Util Commn | | 5.00% | | 1/1/2025 | | A2 | | | 1,500 | | | | 1,838,070 | |
| Modesto Irrigation Dist | | 5.00% | | 7/1/2023 | | A+ | | | 1,780 | | | | 2,204,886 | |
| Modesto Irrigation Dist | | 5.00% | | 7/1/2024 | | A+ | | | 3,720 | | | | 4,546,138 | |
| Modesto Irrigation Dist | | 5.00% | | 7/1/2025 | | A+ | | | 8,410 | | | | 10,223,616 | |
| NE Public Power | | 5.00% | | 1/1/2024 | | A+ | | | 5,000 | | | | 5,945,050 | |
| New Orleans Sewer | | 5.00% | | 6/1/2020 | | A | | | 1,400 | | | | 1,580,572 | |
| New Orleans Sewer | | 5.00% | | 6/1/2021 | | A | | | 400 | | | | 462,916 | |
| North Sumter Co Util Dep Dist | | 5.00% | | 10/1/2032 | | BBB+ | | | 8,000 | | | | 8,964,160 | |
| Northern CA Pwr–Hydroelec #1 | | 5.00% | | 7/1/2026 | | A+ | | | 3,600 | | | | 4,305,600 | |
| Northern IL Muni Power | | 5.00% | | 12/1/2025 | | A2 | | | 2,710 | | | | 3,379,316 | |
| Northern IL Muni Power | | 5.00% | | 12/1/2026 | | A2 | | | 2,315 | | | | 2,913,983 | |
| OH Air Quality–FirstEnergy | | 3.625% | # | 10/1/2033 | | Ba2 | | | 1,000 | | | | 888,580 | |
| OH Air Quality–FirstEnergy | | 3.625% | # | 10/1/2033 | | Ba2 | | | 2,000 | | | | 1,777,160 | |
| OH Air Quality–Firstenergy | | 3.75% | # | 12/1/2023 | | Ba2 | | | 6,000 | | | | 5,789,640 | |
| OH Air Quality–FirstEnergy | | 5.70% | | 8/1/2020 | | Ba2 | | | 3,750 | | | | 3,588,525 | |
| OH Air Quality–Firstenergy AMT | | 3.95% | # | 11/1/2032 | | Ba2 | | | 3,000 | | | | 2,688,780 | |
| | See Notes to Financial Statements. | 63 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| OH Air Quality–Ohio Vly Elec | | 5.625% | | 10/1/2019 | | BBB- | | $ | 8,000 | | | $ | 8,749,520 | |
| OH Wtr Dev Auth | | 5.00% | | 6/1/2023 | | AAA | | | 5,500 | | | | 6,813,125 | |
| OH Wtr Dev Auth–Firstenergy AMT | | 3.95% | # | 11/1/2032 | | Ba2 | | | 6,000 | | | | 5,377,560 | |
| PA Econ Dev–Philadelphia Biosolids | | 5.50% | | 1/1/2018 | | Baa3 | | | 1,030 | | | | 1,064,217 | |
| PA Econ Dev–PPL Electric Utility Rmkt | | 4.00% | | 10/1/2023 | | A1 | | | 5,000 | | | | 5,413,550 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2026 | | A | | | 1,000 | | | | 1,241,500 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2027 | | A | | | 1,000 | | | | 1,233,310 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2022 | | A1 | | | 3,090 | | | | 3,705,065 | |
| Phoenix Civic Impt Corp–Water Sys | | 5.00% | | 7/1/2027 | | AAA | | | 5,010 | | | | 6,307,440 | |
| Piedmont Muni Pwr Agy | | 5.00% | | 1/1/2019 | | A- | | | 1,250 | | | | 1,357,788 | |
| Piedmont Muni Pwr Agy | | 5.00% | | 1/1/2022 | | A- | | | 4,750 | | | | 5,409,205 | |
| Piedmont Muni Pwr Agy | | 5.00% | | 1/1/2024 | | A- | | | 7,920 | | | | 9,005,198 | |
| Piedmont Muni Pwr Agy | | 5.25% | | 1/1/2019 | | A- | | | 2,000 | | | | 2,100,280 | |
| Pima Co IDA–Tucson Elec | | 4.95% | | 10/1/2020 | | A3 | | | 10,640 | | | | 11,907,011 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Caa3 | | | 7,000 | | | | 5,302,500 | |
| PR Aqueduct & Swr Auth | | 6.125% | | 7/1/2024 | | Caa3 | | | 5,590 | | | | 4,472,000 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2029 | | Caa3 | | | 8,235 | | | | 5,558,625 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2037 | | Caa3 | | | 1,035 | | | | 698,625 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2042 | | Caa3 | | | 2,390 | | | | 1,613,250 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2019 | | Caa3 | | | 2,000 | | | | 1,355,660 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2026 | | Caa3 | | | 4,900 | | | | 3,307,500 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2040 | | Caa3 | | | 3,235 | | | | 2,183,625 | |
| PR Elec Pwr Auth | | 5.50% | | 7/1/2038 | | Caa3 | | | 2,350 | | | | 1,594,593 | |
| PR Elec Pwr Auth | | 7.00% | | 7/1/2033 | | Caa3 | | | 4,000 | | | | 2,724,000 | |
| PR Elec Pwr Auth | | 7.00% | | 7/1/2040 | | Caa3 | | | 725 | | | | 493,725 | |
| PR Elec Pwr Auth (AGM) | | 0.953% | # | 7/1/2029 | | AA | | | 5,720 | | | | 4,204,200 | |
| Public Gas Partners Inc | | 5.00% | | 10/1/2019 | | A+ | | | 5,950 | | | | 6,545,416 | |
| SA Energy Acquisition Pub Fac–Goldman Sachs | | 5.50% | | 8/1/2021 | | A3 | | | 2,360 | | | | 2,767,478 | |
| Salt River Agric Imp & Pwr Dist | | 5.00% | | 1/1/2021 | | Aa1 | | | 1,000 | | | | 1,091,130 | |
| Salt River Agric Imp & Pwr Dist | | 5.00% | | 12/1/2023 | | Aa1 | | | 8,980 | | | | 10,685,841 | |
| Salt Verde Fin Corp–Citi | | 5.50% | | 12/1/2029 | | BBB+ | | | 5,000 | | | | 6,438,600 | |
| San Antonio Elec & Gas | | 5.00% | | 2/1/2022 | | Aa1 | | | 9,405 | | | | 11,258,255 | |
| San Diego PFA Swr | | 5.00% | | 5/15/2020 | | AA+ | | | 5,000 | | | | 5,531,950 | |
| San Diego Water | | 5.00% | | 8/1/2021 | | Aa3 | | | 7,275 | | | | 8,649,102 | |
| San Diego Water | | 5.00% | | 8/1/2022 | | Aa3 | | | 3,000 | | | | 3,659,940 | |
| San Francisco City & Co Pub Util Sys Commn | | 5.00% | | 11/1/2023 | | AA- | | | 5,450 | | | | 6,513,567 | |
| 64 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| SC Pub Svc Auth–Santee Cooper | | 5.00% | | 12/1/2022 | | AA- | | $ | 1,100 | | | $ | 1,334,927 | |
| Seminole Co Wtr & Swr | | 5.00% | | 10/1/2024 | | AA | | | 4,000 | | | | 5,033,160 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2021 | | AA | | | 2,000 | | | | 2,359,940 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2024 | | AA | | | 1,000 | | | | 1,254,900 | |
| TEAC–Goldman Sachs | | 5.00% | | 2/1/2018 | | A3 | | | 1,055 | | | | 1,109,280 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2021 | | A3 | | | 3,000 | | | | 3,513,060 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2024 | | A3 | | | 8,640 | | | | 10,641,110 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2024 | | A3 | | | 23,000 | | | | 26,956,690 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2028 | | A3 | | | 2,000 | | | | 2,302,560 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2029 | | A3 | | | 2,000 | | | | 2,291,400 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2021 | | BBB+ | | | 4,685 | | | | 5,462,757 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2023 | | BBB+ | | | 2,925 | | | | 3,526,322 | |
| TX Muni Gas Acq & Supply–ML | | 6.25% | | 12/15/2026 | | BBB+ | | | 31,660 | | | | 40,191,104 | |
| UT Muni Pwr–Payson Pwr | | 5.00% | | 4/1/2021 | | A- | | | 5,300 | | | | 6,122,295 | |
| Western MN Muni Pwr Agy | | 5.00% | | 1/1/2022 | | Aa3 | | | 1,000 | | | | 1,192,370 | |
| Western MN Muni Pwr Agy | | 5.00% | | 1/1/2023 | | Aa3 | | | 1,500 | | | | 1,828,515 | |
| Wise Co IDA–VA Elec & Pwr Co | | 2.15% | # | 10/1/2040 | | A2 | | | 5,425 | | | | 5,579,070 | |
| WV EDA–Morgantown Energy AMT | | 2.875% | | 12/15/2026 | | Baa3 | | | 2,000 | | | | 2,006,120 | |
| Wyandotte Co Unified Govt Utility Sys | | 5.00% | | 9/1/2021 | | A+ | | | 3,105 | | | | 3,675,201 | |
| Total | | | | | | | | | | | | | 630,878,178 | |
| Total Municipal Bonds (cost $4,686,125,096) | | | | | | | | | | | | | 4,904,527,751 | |
| | See Notes to Financial Statements. | 65 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2016
| | | | | Interest | | | | Credit | | | | | | |
| | | | | Rate | | Final | | Rating: | | Principal | | | | |
| | | Interest | | Reset | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate# | | Date(f) | | Date | | Moody’s(a) | | (000) | | | Value | |
| SHORT-TERM INVESTMENTS 0.72% | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.72% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Health Care 0.27% | | | | | | | | | | | | | | | | |
| AR DFA–Baptist Mem Hlth | | 0.75% | | 10/3/2016 | | 9/1/2044 | | A- | | $ | 13,185 | | | $ | 13,185,000 | |
| | | | | | | | | | | | | | | | | |
| Money Market Securities 0.41% | | | | | | | | | | | | | | |
| Appling Co Dev–GA Power | | 0.93% | | 10/3/2016 | | 9/1/2029 | | A- | | | 2,500 | | | | 2,500,000 | |
| NYC GO (AGM) | | 0.96% | | 10/3/2016 | | 11/1/2026 | | AA | | | 17,945 | | | | 17,945,000 | |
| Total | | | | | | | | | | | | | | | 20,445,000 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 0.02% | | | | | | | | | | | | | | | | |
| Pima Co IDA–Clark Co Detention† | | 1.12% | | 10/6/2016 | | 9/1/2033 | | AA- | | | 1,000 | | | | 1,000,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.02% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | 0.96% | | 10/3/2016 | | 6/15/2032 | | AA+ | | | 1,200 | | | | 1,200,000 | |
| Total Short-Term Investments (cost $35,830,000) | | | | | | | | | | | | 35,830,000 | |
| Total Investments in Securities 99.61% (cost $4,721,955,096) | | | | | | | | | | 4,940,357,751 | |
| Cash and Other Assets in Excess of Liabilities(i) 0.39% | | | | | | | | | | | 19,368,361 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 4,959,726,112 | |
Open Futures Contracts at September 30, 2016:
| | | | | | | | | | | | | Unrealized | |
| Type | | Expiration | | Contracts | | Position | | | Fair Value | | | Depreciation | |
| U.S. 10-Year Treasury Note | | December 2016 | | 298 | | Short | | | $(39,075,250 | ) | | | $(214,885 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
| 66 | See Notes to Financial Statements. | |
Schedule of Investments (concluded)
INTERMEDIATE TAX FREE FUND September 30, 2016
The following is a summary of the inputs used as of September 30, 2016 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 | | | | | | | | | | | | | | | | |
| Corporate-Backed | | $ | – | | | $ | 301,479,182 | | | $ | 3,243,751 | (4) | | $ | 304,722,933 | |
| Lease Obligations | | | – | | | | 271,229,725 | | | | 247,520 | (4) | | | 271,477,245 | |
| Other Revenue | | | – | | | | 236,227,954 | | | | 40 | (5) | | | 236,227,994 | |
| Remaning Industries | | | – | | | | 4,092,099,579 | | | | – | | | | 4,092,099,579 | |
| Variable Rate Demand Notes | | | – | | | | 35,830,000 | | | | – | | | | 35,830,000 | |
| Total | | $ | – | | | $ | 4,936,866,440 | | | $ | 3,491,311 | | | $ | 4,940,357,751 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(6) | | $ | – | | | $ | (1,250,000 | ) | | $ | – | | | $ | (1,250,000 | ) |
| Total | | $ | – | | | $ | (1,250,000 | ) | | $ | – | | | $ | (1,250,000 | ) |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| Liabilities | | | (214,885 | ) | | | – | | | | – | | | | (214,885 | ) |
| Total | | $ | (214,885 | ) | | $ | – | | | $ | – | | | $ | (214,885 | ) |
| (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 1/Level 2 transfers during the period ended September 30, 2016. |
| (4) | Includes securities valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| (5) | Level 3 securities fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Schedule Financial Statements. |
| (6) | 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, 2015 | | $ | 40 | |
| Accrued discounts/premiums | | | 861 | |
| Realized gain (loss) | | | – | |
| Change in unrealized appreciation/depreciation | | | (692,251 | ) |
| Purchases | | | – | |
| Sales | | | – | |
| Net transfers in or out of Level 3 | | | 4,182,661 | |
| Balance as of September 30, 2016 | | $ | 3,491,311 | |
| | See Notes to Financial Statements. | 67 |
Schedule of Investments
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 98.34% | | | | | | | | | | |
| | |
| Corporate-Backed 4.41% | | | | | | | | | | | | | | |
| Aleutians E Burough–Pribilof Islands (ACA) | | 5.50% | | 6/1/2025 | | NR | | $ | 375 | | | $ | 375,315 | |
| Beaver Co IDA–FirstEnergy Rmkt | | 2.70% | # | 4/1/2035 | | Ba2 | | | 1,500 | | | | 1,444,965 | |
| CA Poll Ctl–Poseidon Res† | | 5.00% | | 11/21/2045 | | Baa3 | | | 1,000 | | | | 1,028,380 | |
| Citizens Property Insurance Corp | | 5.00% | | 6/1/2020 | | A+ | | | 500 | | | | 569,095 | |
| Citizens Property Insurance Corp | | 5.00% | | 6/1/2021 | | A+ | | | 540 | | | | 631,033 | |
| Courtland IDB–Intl Paper | | 6.25% | | 11/1/2033 | | Baa2 | | | 770 | | | | 886,932 | |
| IA Fin Auth–Alcoa | | 4.75% | | 8/1/2042 | | BBB- | | | 475 | | | | 496,076 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B+ | | | 465 | | | | 482,265 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 1,045 | | | | 1,241,794 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 11/1/2035 | | BBB | | | 100 | | | | 118,937 | |
| LA Env Facs–Westlake Chem | | 6.75% | | 11/1/2032 | | BBB | | | 500 | | | | 530,525 | |
| Love Field Arpt–Southwest Airlines | | 5.25% | | 11/1/2040 | | Baa1 | | | 190 | | | | 214,746 | |
| NY Liberty Dev Corp–3 WTC† | | 5.00% | | 11/15/2044 | | NR | | | 500 | | | | 576,565 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 120 | | | | 129,108 | |
| OK DFA–Waste Mgmt | | 2.375% | # | 12/1/2021 | | A- | | | 185 | | | | 195,549 | |
| Phenix City IDB–Meadwestvaco | | 3.625% | | 5/15/2030 | | BBB | | | 1,250 | | | | 1,294,712 | |
| Warren Co–Intl Paper | | 5.80% | | 5/1/2034 | | BBB | | | 100 | | | | 115,505 | |
| Warren Co–Intl Paper | | 6.50% | | 9/1/2032 | | BBB | | | 255 | | | | 280,893 | |
| WI Pub Fin Auth���Celanese | | 4.05% | | 11/1/2030 | | BBB- | | | 500 | | | | 544,260 | |
| Total | | | | | | | | | | | | | 11,156,655 | |
| | | | | | | | | | | | | | | |
| Education 8.10% | | | | | | | | | | | | | | |
| Allegheny Co Hi Ed–Duquesne Univ | | 5.50% | | 3/1/2029 | | A | | | 160 | | | | 190,192 | |
| Build NYC Res Corp–CUNY | | 5.00% | | 6/1/2034 | | Aa2 | | | 325 | | | | 393,881 | |
| CA Ed Facs–Santa Clara Univ | | 5.50% | | 4/1/2033 | | Aa3 | | | 20 | | | | 21,318 | |
| CA Ed Facs–Santa Clara Univ | | 5.50% | | 4/1/2033 | | NR | | | 245 | | | | 261,555 | |
| CA Fin Auth–Emerson Clg | | 6.00% | | 1/1/2042 | | BBB+ | | | 250 | | | | 295,533 | |
| CA Sch Fin Auth–Green Dot Schs† | | 5.00% | | 8/1/2045 | | NR | | | 250 | | | | 273,275 | |
| DE EDA–DE State Univ (AGM) | | 5.00% | | 10/1/2031 | | AA | | | 410 | | | | 494,017 | |
| Delaware CO PA Auth–Villanova Univ | | 4.00% | | 8/1/2040 | | A+ | | | 1,000 | | | | 1,095,660 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 100 | | | | 105,645 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2033 | | A- | | | 300 | | | | 359,640 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2035 | | A- | | | 250 | | | | 297,388 | |
| FL HI Ed–Nova Southeastern Univ | | 6.00% | | 4/1/2026 | | A- | | | 170 | | | | 199,774 | |
| FL HI Ed–Nova Southeastern Univ | | 6.375% | | 4/1/2031 | | A- | | | 475 | | | | 562,899 | |
| Fulton Co Dev–Tuff/Atlanta Hsg | | 5.00% | | 9/1/2032 | | A+ | | | 775 | | | | 892,505 | |
| 68 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | |
| Gainesville Redev–Riverside Mil Admy | | 5.125% | | 3/1/2027 | | BB+ | (c) | $ | 1,000 | | | $ | 1,001,960 | |
| Hempstead Town LDC–Adelphi Univ | | 5.00% | | 10/1/2034 | | A- | | | 175 | | | | 205,674 | |
| IL Fin Auth–DePaul Univ | | 6.00% | | 10/1/2032 | | A | | | 715 | | | | 869,790 | |
| IL Fin Auth–DePaul Univ | | 6.125% | | 10/1/2040 | | A | | | 730 | | | | 892,031 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2020 | | Baa3 | | | 100 | | | | 100,300 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2021 | | Baa3 | | | 500 | | | | 501,415 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 500 | | | | 500,665 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2036 | | A- | | | 740 | | | | 851,614 | |
| LA PFA–Loyola Univ | | 5.25% | | 10/1/2029 | | BBB+ | | | 680 | | | | 779,219 | |
| LA PFA–LSU Nicholson Gateway | | 5.00% | | 7/1/2046 | | A3 | | | 550 | | | | 636,740 | |
| MA DFA–Emmanuel College | | 5.00% | | 10/1/2043 | | Baa2 | | | 750 | | | | 871,605 | |
| Marietta Dev Auth–Life Univ | | 7.00% | | 6/15/2039 | | Ba3 | | | 125 | | | | 131,096 | |
| McAllister Academic Vlg–AZ State Univ | | 5.25% | | 7/1/2030 | | AA- | | | 125 | | | | 134,179 | |
| Morgan State Univ | | 5.00% | | 7/1/2027 | | A+ | | | 670 | | | | 791,196 | |
| Morgan State Univ | | 5.00% | | 7/1/2030 | | A+ | | | 350 | | | | 410,798 | |
| Morgan State Univ | | 5.00% | | 7/1/2032 | | A+ | | | 450 | | | | 526,828 | |
| NH Hlth & Ed–Sthrn NH Univ | | 5.00% | | 1/1/2019 | | A | | | 225 | | | | 243,983 | |
| NJ Ed Facs–Kean Univ | | 5.25% | | 9/1/2029 | | A2 | | | 160 | | | | 177,718 | |
| NY Dorm–Cornell Univ | | 5.00% | | 7/1/2034 | | Aa1 | | | 250 | | | | 277,163 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2029 | | NR | | | 5 | | | | 6,102 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2029 | | BB+ | | | 245 | | | | 280,150 | |
| NY Dorm–Touro Clg | | 5.50% | | 1/1/2039 | | BBB- | (c) | | 400 | | | | 454,672 | |
| NY Dorm–Yeshiva Univ | | 4.00% | | 11/1/2017 | | NR | | | 75 | | | | 77,508 | |
| NY Dorm–Yeshiva Univ | | 4.00% | | 11/1/2017 | | B3 | | | 140 | | | | 143,420 | |
| Olmos Park Hi Ed–Univ Incarnate Word | | 5.00% | | 12/1/2021 | | A3 | | | 1,000 | | | | 1,164,360 | |
| PA Hi Ed–St Josephs Univ | | 5.00% | | 11/1/2030 | | A- | | | 905 | | | | 1,023,157 | |
| Private Clgs & Univs Auth–SCAD | | 5.00% | | 4/1/2044 | | Baa1 | | | 1,000 | | | | 1,155,000 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2037 | | A1 | | | 715 | | | | 830,372 | |
| Total | | | | | | | | | | | | | 20,481,997 | |
| | | | | | | | | | | | | | | |
| Financial Services 0.19% | | | | | | | | | | | | | | |
| IN Bd Bk–JP Morgan | | 1.426% | # | 10/15/2022 | | A3 | | | 500 | | | | 479,060 | |
| | | | | | | | | | | | | | | |
| General Obligation 12.49% | | | | | | | | | | | | | | |
| Allegheny Co GO | | 5.00% | | 11/1/2041 | | AA- | | | 1,000 | | | | 1,194,810 | |
| Atlantic City Brd Ed (AGM) | | 6.00% | | 4/1/2034 | | AA | | | 550 | | | | 653,152 | |
| CA State GO | | 5.00% | | 9/1/2037 | | AA- | | | 500 | | | | 614,490 | |
| CA State GO | | 5.375% | | 11/1/2035 | | AA- | | | 400 | | | | 468,608 | |
| | See Notes to Financial Statements. | 69 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| CA State GO | | 5.50% | | 3/1/2040 | | AA- | | $ | 975 | | | $ | 1,113,421 | |
| CA State GO | | 6.50% | | 4/1/2033 | | AA- | | | 300 | | | | 341,976 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2042 | | B+ | | | 575 | | | | 517,701 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2039 | | B+ | | | 250 | | | | 234,700 | |
| Chicago Brd Ed | | 6.50% | | 12/1/2046 | | B+ | | | 100 | | | | 103,444 | |
| Chicago GO | | 5.25% | | 1/1/2027 | | BBB+ | | | 270 | | | | 277,420 | |
| Chicago GO | | 5.50% | | 1/1/2035 | | BBB+ | | | 230 | | | | 244,207 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 985 | | | | 1,041,687 | |
| Cook Co GO | | 5.00% | | 11/15/2031 | | AA- | | | 350 | | | | 415,692 | |
| Cook CO GO | | 5.25% | | 11/15/2024 | | AA- | | | 1,500 | | | | 1,718,430 | |
| Delaware Co IDA–Covanta | | 5.00% | | 7/1/2043 | | Ba2 | | | 500 | | | | 513,155 | |
| Fraser Pub Sch Dist | | 5.75% | | 5/1/2033 | | AA- | | | 400 | | | | 471,548 | |
| HI State GO | | 5.00% | | 12/1/2028 | | AA+ | | | 650 | | | | 770,256 | |
| Hudson Co Impt Auth–Solid Waste GTD | | 5.75% | | 1/1/2035 | | Aa3 | | | 225 | | | | 257,792 | |
| IL State GO | | 5.00% | | 6/1/2027 | | BBB+ | | | 855 | | | | 981,933 | |
| IL State GO | | 5.00% | | 1/1/2033 | | BBB+ | | | 575 | | | | 612,524 | |
| IL State GO | | 5.00% | | 1/1/2033 | | BBB+ | | | 1,500 | | | | 1,656,285 | |
| IL State GO | | 5.00% | | 1/1/2035 | | BBB+ | | | 1,000 | | | | 1,095,970 | |
| IL State GO | | 5.50% | | 7/1/2033 | | BBB+ | | | 100 | | | | 113,061 | |
| IL State GO | | 5.50% | | 7/1/2038 | | BBB+ | | | 1,175 | | | | 1,311,934 | |
| Kansas City GO | | 5.00% | | 4/1/2040 | | AA- | | | 1,000 | | | | 1,164,370 | |
| Kendall Kane & WIll Co CUSD #308 | | 5.00% | | 2/1/2029 | | Aa2 | | | 1,000 | | | | 1,104,380 | |
| Livonia Sch Dist (AGM) | | 5.00% | | 5/1/2040 | | AA | | | 500 | | | | 581,755 | |
| Los Angeles CCD | | 4.00% | | 8/1/2028 | | AA+ | | | 400 | | | | 479,292 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2029 | | AA | | | 925 | | | | 1,077,107 | |
| Middletown CSD | | 5.25% | | 12/1/2040 | | AA | | | 250 | | | | 302,795 | |
| NYC GO | | 5.00% | | 8/1/2023 | | AA | | | 705 | | | | 871,126 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 575 | | | | 703,777 | |
| PA State GO | | 4.00% | | 9/15/2030 | | AA- | | | 1,000 | | | | 1,124,770 | |
| Philadelphia GO | | 5.25% | | 7/15/2031 | | A+ | | | 600 | | | | 720,192 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2030 | | AA | | | 370 | | | | 447,778 | |
| PR Comwlth GO(e) | | 4.75% | | 7/1/2018 | | Caa3 | | | 370 | | | | 227,476 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2041 | | Caa3 | | | 495 | | | | 300,713 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2022 | | Caa3 | | | 250 | | | | 153,750 | |
| PR Comwlth GO(e) | | 5.375% | | 7/1/2030 | | Caa3 | | | 955 | | | | 589,713 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2027 | | Caa3 | | | 1,040 | | | | 646,100 | |
| PR Pub Bldg Auth GTD | | 5.50% | | 7/1/2027 | | Caa3 | | | 220 | | | | 133,100 | |
| 70 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| PR Pub Bldg Auth GTD | | 6.00% | | 7/1/2020 | | Caa3 | | $ | 125 | | | $ | 76,010 | |
| PR Pub Bldg Auth GTD | | 6.25% | | 7/1/2026 | | Caa3 | | | 315 | | | | 192,348 | |
| PR Pub Bldg Auth GTD (AGC) | | 5.00% | | 7/1/2036 | | AA | | | 155 | | | | 155,789 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2023 | | A2 | | | 1,000 | | | | 1,099,460 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2029 | | A2 | | | 465 | | | | 499,796 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2031 | | A2 | | | 100 | | | | 107,019 | |
| Stockton USD (AGM) | | 5.00% | | 7/1/2028 | | AA | | | 750 | | | | 877,162 | |
| Sweetwater UHSD (BAM) | | 5.00% | | 8/1/2027 | | AA | | | 500 | | | | 624,100 | |
| Yosemite CCD | | 5.00% | | 8/1/2029 | | Aa2 | | | 500 | | | | 622,580 | |
| Total | | | | | | | | | | | | | 31,606,654 | |
| | | | | | | | | | | | | | | |
| Health Care 17.79% | | | | | | | | | | | | | | |
| Abag Fin Auth–Eskaton Pptys | | 5.00% | | 11/15/2035 | | BBB | | | 300 | | | | 338,361 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2027 | | AA- | | | 300 | | | | 357,237 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2028 | | AA- | | | 345 | | | | 409,256 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2046 | | Ba3 | | | 515 | | | | 561,345 | |
| Athens Clarke Co Dev–Catholic Hlth E | | 6.25% | | 11/15/2032 | | AA- | | | 665 | | | | 751,616 | |
| AZ Hlth Facs–Banner Hlth | | 5.50% | | 1/1/2038 | | AA- | | | 1,285 | | | | 1,355,996 | |
| CA Hlth–Providence Hlth | | 4.00% | | 10/1/2036 | | AA- | | | 150 | | | | 166,557 | |
| CA Hlth–Sutter Hlth | | 5.25% | | 8/15/2031 | | AA- | | | 745 | | | | 887,049 | |
| CA Hlth–Sutter Hlth | | 5.50% | | 8/15/2026 | | AA- | | | 275 | | | | 322,322 | |
| CA Statewide–Beverly | | 5.00% | | 2/1/2035 | | BBB- | | | 750 | | | | 870,525 | |
| CA Stwde–American Baptist | | 5.00% | | 10/1/2021 | | BBB+ | (c) | | 635 | | | | 739,451 | |
| CA Stwde–Eskaton Pptys | | 5.25% | | 11/15/2034 | | BBB | | | 500 | | | | 565,055 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB | | | 750 | | | | 874,687 | |
| CA Stwde–So Cal Presbyterian† | | 6.625% | | 11/15/2024 | | BBB- | | | 110 | | | | 126,310 | |
| Centre Co Hosp Auth–Mt Nittany Med Ctr | | 5.00% | | 11/15/2046 | | A | | | 250 | | | | 292,418 | |
| CO Hlth Facs–Boulder Cmnty Hsp | | 5.00% | | 10/1/2032 | | A | | | 280 | | | | 317,377 | |
| CO Hlth Facs–Catholic Hlth | | 5.25% | | 2/1/2031 | | A- | | | 750 | | | | 843,473 | |
| CO Hlth Facs–Catholic Hlth | | 6.125% | | 10/1/2028 | | A- | | | 165 | | | | 181,163 | |
| CT Hlth & Ed–Hartford Hlthcare | | 5.00% | | 7/1/2032 | | A | | | 640 | | | | 712,877 | |
| CT Hlth & Ed–Yale New Haven Hsp | | 5.00% | | 7/1/2028 | | AA- | | | 500 | | | | 611,450 | |
| Cumberland Co Mun Auth–Asbury | | 5.25% | | 1/1/2021 | | NR | | | 140 | | | | 154,057 | |
| Cumberland Co Mun Auth–Asbury | | 5.40% | | 1/1/2022 | | NR | | | 150 | | | | 164,823 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.25% | | 1/1/2024 | | BBB+ | (c) | | 15 | | | | 16,771 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.25% | | 1/1/2024 | | NR | | | 115 | | | | 128,441 | |
| Dana-Farber Cancer Institute | | 5.00% | | 12/1/2041 | | A1 | | | 500 | | | | 604,995 | |
| DeKalb Co Hsp–Children’s Hlthcare | | 5.00% | | 11/15/2029 | | AA+ | | | 530 | | | | 590,971 | |
| | See Notes to Financial Statements. | 71 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Denver Hlth & Hsp Auth | | 5.00% | | 12/1/2039 | | BBB | | $ | 400 | | | $ | 447,060 | |
| East Rochester Hsg–Woodland Vlg | | 5.50% | | 8/1/2033 | | NR | | | 160 | | | | 161,392 | |
| Franklin Co Hlth–OPRS Cmntys | | 6.125% | | 7/1/2040 | | BBB- | | | 480 | | | | 555,499 | |
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | | 5.50% | | 8/15/2054 | | AA- | | | 400 | | | | 489,684 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | 5.625% | | 8/1/2034 | | NR | | | 275 | | | | 298,271 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | 5.625% | | 8/1/2034 | | A2 | | | 30 | | | | 32,306 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2045 | | BB | | | 500 | | | | 538,390 | |
| Hamilton Co Hlth–Life Enriching Cmnty(d) | | 5.00% | | 1/1/2051 | | BBB- | (c) | | 445 | | | | 500,273 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2034 | | BBB | | | 235 | | | | 269,529 | |
| IL Fin Auth–Memorial Hlth Sys | | 5.50% | | 4/1/2034 | | AA- | | | 795 | | | | 875,891 | |
| IL Fin Auth–Northwestern Mem Hsp | | 5.75% | | 8/15/2030 | | AA+ | | | 275 | | | | 312,334 | |
| IL Fin Auth–Rush Univ Med | | 6.375% | | 11/1/2027 | | Aaa | | | 315 | | | | 358,146 | |
| IL Fin Auth–Rush Univ Med | | 6.375% | | 11/1/2029 | | Aaa | | | 220 | | | | 250,133 | |
| IL Fin Auth–Rush Univ Med | | 6.375% | | 11/1/2029 | | Aaa | | | 80 | | | | 90,958 | |
| IL Fin Auth–Rush Univ Med | | 7.25% | | 11/1/2030 | | Aaa | | | 250 | | | | 282,518 | |
| IL Fin Auth–Univ of Chicago Med Ctr | | 5.50% | | 8/15/2036 | | AA- | | | 760 | | | | 848,441 | |
| IN Hlth Facs–Ascension Hlth | | 5.00% | | 11/15/2036 | | Aa2 | | | 400 | | | | 481,740 | |
| Kaweah Delta Hlth Care Dist | | 5.00% | | 6/1/2040 | | A3 | | | 1,000 | | | | 1,164,690 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | 6.25% | | 7/1/2040 | | BB | | | 275 | | | | 275,828 | |
| LA PFA–Ochsner Clinic | | 5.00% | | 5/15/2047 | | Baa1 | | | 200 | | | | 232,624 | |
| Lucas Co Hsp–ProMedica Hlthcare | | 5.75% | | 11/15/2031 | | AA | | | 300 | | | | 358,581 | |
| MA DFA–Boston Med Ctr | | 4.00% | | 7/1/2038 | | BBB | | | 150 | | | | 157,530 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2037 | | BBB | | | 200 | | | | 233,372 | |
| MA Hlth & Ed–Catholic Hlth E | | 6.25% | | 11/15/2032 | | AA- | | | 785 | | | | 887,246 | |
| Martin Co Hlth–Martin Mem Med | | 5.50% | | 11/15/2032 | | A- | | | 930 | | | | 1,055,894 | |
| Martin Hsp Dist | | 7.25% | | 4/1/2036 | | BBB | (c) | | 250 | | | | 278,950 | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | 6.25% | | 7/1/2031 | | BBB | | | 445 | | | | 526,546 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.00% | | 7/1/2026 | | Ba2 | | | 620 | | | | 698,349 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.75% | | 7/1/2036 | | Ba2 | | | 400 | | | | 452,740 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.00% | | 2/15/2035 | | BBB- | (c) | | 250 | | | | 289,210 | |
| MI Fin Auth–Beaumont Hlth | | 5.00% | | 8/1/2033 | | A1 | | | 250 | | | | 292,405 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | 5.00% | | 11/15/2030 | | Baa1 | | | 150 | | | | 175,692 | |
| MN Hlth–Mayo Clinic(d) | | 5.00% | | 11/15/2036 | | AA | | | 250 | | | | 343,423 | |
| Montgomery Co Hlth–Catholic Hlth | | 6.25% | | 11/15/2034 | | NR | | | 85 | | | | 95,067 | |
| Montgomery Co Hlth–Catholic Hlth | | 6.25% | | 11/15/2034 | | AA- | | | 20 | | | | 22,522 | |
| Montgomery Co IDA–ACTS Retirement | | 5.00% | | 11/15/2025 | | A- | (c) | | 150 | | | | 175,419 | |
| Montgomery Co IDA–Jefferson Hlth | | 5.00% | | 10/1/2027 | | AA | | | 1,000 | | | | 1,162,560 | |
| 72 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Montgomery Co IDA–Whitemarsh | | 5.375% | | 1/1/2050 | | NR | | $ | 1,070 | | | $ | 1,110,639 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2044 | | BB+ | | | 150 | | | | 161,220 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2034 | | BBB+ | | | 1,100 | | | | 1,271,424 | |
| NJ EDA–Seashore Gardens | | 5.375% | | 11/1/2036 | | NR | | | 225 | | | | 200,900 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2035 | | BBB- | | | 500 | | | | 587,120 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2036 | | BBB- | | | 250 | | | | 292,635 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2041 | | BBB- | | | 250 | | | | 291,485 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2029 | | AA | | | 135 | | | | 163,227 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2046 | | AA | | | 250 | | | | 291,520 | |
| NY Dorm–NYU Hsps Ctr | | 5.75% | | 7/1/2031 | | A- | | | 250 | | | | 293,770 | |
| Orange CO Hlth–Orlando Hlth | | 5.00% | | 10/1/2044 | | A | | | 1,250 | | | | 1,482,187 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.625% | | 7/1/2036 | | BBB- | | | 250 | | | | 279,595 | |
| Pulaski Co Pub Facs–Baptist Hlth | | 5.00% | | 12/1/2039 | | A+ | | | 500 | | | | 582,865 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB+ | | | 950 | | | | 1,201,218 | |
| Tallahassee Hlth–Tallahassee Mem Hlth | | 5.00% | | 12/1/2040 | | Baa1 | | | 500 | | | | 576,540 | |
| UCal Med Ctr | | 4.50% | | 5/15/2036 | | AA- | | | 1,000 | | | | 1,164,340 | |
| UMass Mem Hlth | | 5.00% | | 7/1/2041 | | A- | (c) | | 450 | | | | 527,576 | |
| Univ Med Ctr Corp | | 5.00% | | 7/1/2020 | | NR | | | 500 | | | | 569,255 | |
| Upland COP–San Antonio Cmnty Hsp COP | | 6.375% | | 1/1/2032 | | A- | | | 140 | | | | 161,928 | |
| Vanderbilt Univ Med Ctr | | 5.00% | | 7/1/2046 | | NR | | | 1,000 | | | | 1,179,810 | |
| VT Ed & Hlth–Univ of VT Med Ctr | | 5.00% | | 12/1/2035 | | A- | | | 500 | | | | 595,750 | |
| VT Ed & Hlth–Univ of VT Med Ctr | | 5.00% | | 12/1/2036 | | A- | | | 275 | | | | 325,611 | |
| WA Hlth Care–Overlake Hsp | | 5.00% | | 7/1/2038 | | A | | | 500 | | | | 581,705 | |
| Westchester Co Hlth Care | | 5.00% | | 11/1/2046 | | BBB | | | 450 | | | | 526,464 | |
| Westchester CO Hlth Care | | 6.00% | | 11/1/2030 | | NR | | | 265 | | | | 317,271 | |
| Westchester CO Hlth Care | | 6.00% | | 11/1/2030 | | BBB | | | 40 | | | | 46,346 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | NR | | | 245 | | | | 294,544 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | BBB | | | 30 | | | | 34,816 | |
| WI Hlth & Ed–Aurora Hlth | | 5.125% | | 4/15/2031 | | A2 | | | 295 | | | | 344,466 | |
| WI Hlth & Ed–Sauk-Prairie Mem Hsp | | 5.375% | | 2/1/2048 | | Ba1 | | | 840 | | | | 935,138 | |
| Total | | | | | | | | | | | | | 45,007,161 | |
| | | | | | | | | | | | | | | |
| Housing 1.56% | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2042 | | NR | | | 300 | | | | 371,712 | |
| CA Muni Fin–Azusa Pacific Univ | | 5.00% | | 4/1/2041 | | Baa3 | | | 150 | | | | 172,335 | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.25% | | 8/15/2039 | | BBB | | | 100 | | | | 117,655 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2040 | | Baa1 | | | 250 | | | | 300,258 | |
| Fed Home Loan Mtg Corp | | 4.60% | | 12/15/2044 | | AA+ | | | 500 | | | | 539,340 | |
| | See Notes to Financial Statements. | 73 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Housing (continued) | | | | | | | | | | | | | | |
| MD EDC–Univ of MD Hsg (AGM) | | 5.00% | | 6/1/2035 | | AA | | $ | 1,000 | | | $ | 1,203,740 | |
| New Hope Cultural–NCCD Clg Station | | 5.00% | | 7/1/2047 | | BBB- | | | 750 | | | | 847,290 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2039 | | BBB- | | | 350 | | | | 384,559 | |
| Total | | | | | | | | | | | | | 3,936,889 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 4.64% | | | | | | | | | | | | | | |
| CA Pub Wks–Riverside Campus | | 6.00% | | 4/1/2027 | | A+ | | | 250 | | | | 280,850 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 10/1/2028 | | A+ | | | 535 | | | | 629,470 | |
| CA Pub Wks–Various Cap Proj | | 5.75% | | 3/1/2030 | | A+ | | | 310 | | | | 357,036 | |
| CA Pub Wks–Various Cap Proj | | 6.625% | | 11/1/2034 | | A+ | | | 145 | | | | 147,338 | |
| Delano Earlimart Irrigation Dist COP | | 5.00% | | 2/1/2028 | | AA- | | | 475 | | | | 529,654 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2026 | | AA | | | 1,155 | | | | 1,403,059 | |
| Essex Co Impt Auth–Newark | | 6.25% | | 11/1/2030 | | Ba1 | | | 250 | | | | 275,575 | |
| IL Sports Facs Auth (AGM) | | 5.00% | | 6/15/2028 | | AA | | | 865 | | | | 990,719 | |
| IN Fin Auth–Stadium | | 5.25% | | 2/1/2032 | | AA+ | | | 500 | | | | 621,215 | |
| Los Angeles USD COP | | 5.00% | | 10/1/2025 | | A+ | | | 1,000 | | | | 1,215,090 | |
| MI Fin Auth–Detroit Sch Dist | | 5.50% | | 6/1/2021 | | B | | | 650 | | | | 688,116 | |
| NJ EDA–Sch Facs | | 2.44% | # | 3/1/2028 | | A- | | | 500 | | | | 461,525 | |
| NJ Hlth–Hsp Asset Trans | | 5.00% | | 10/1/2028 | | NR | | | 110 | | | | 118,757 | |
| NJ Hlth–Hsp Asset Trans | | 5.00% | | 10/1/2028 | | A- | | | 390 | | | | 411,450 | |
| North Hudson Sewerage Auth | | 5.00% | | 6/1/2024 | | NR | | | 395 | | | | 476,591 | |
| North Hudson Sewerage Auth | | 5.00% | | 6/1/2024 | | A | | | 605 | | | | 716,151 | |
| Philadelphia Muni Auth | | 6.375% | | 4/1/2029 | | A+ | | | 655 | | | | 733,574 | |
| San Diego PFA–Master Lease | | 5.125% | | 9/1/2030 | | AA- | | | 1,000 | | | | 1,134,960 | |
| VA Transp Brd | | 4.75% | | 5/15/2035 | | AA+ | | | 470 | | | | 534,653 | |
| Total | | | | | | | | | | | | | 11,725,783 | |
| | | | | | | | | | | | | | | |
| Other Revenue 7.18% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A3 | | | 235 | | | | 262,909 | |
| Arlington Hi Ed Fin Corp–Arlington Classics | | 7.65% | | 8/15/2040 | | BB+ | | | 155 | | | | 173,397 | |
| Arlington Higher Ed–Uplift Education | | 5.00% | | 12/1/2051 | | BBB- | | | 250 | | | | 288,043 | |
| Austin Convention† | | 5.75% | | 1/1/2034 | | BB | | | 590 | | | | 595,676 | |
| Austin Convention CR (BHAC)(XLCA) | | 5.00% | | 1/1/2034 | | AA+ | | | 200 | | | | 201,690 | |
| Baltimore Conv Ctr–Hilton Hotel | | 5.875% | | 9/1/2039 | | BB | | | 250 | | | | 250,550 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2025 | | Ba1 | | | 595 | | | | 596,422 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2026 | | Ba1 | | | 100 | | | | 100,221 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2042 | | Baa3 | | | 700 | | | | 836,682 | |
| Brooklyn Arena LDC–Barclays Ctr | | 6.25% | | 7/15/2040 | | BBB- | | | 775 | | | | 905,045 | |
| 74 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| Brooklyn Arena LDC–Barclays Ctr (AGM) | | 4.00% | | 7/15/2035 | | AA | | $ | 250 | | | $ | 277,333 | |
| CA Infra & Econ Dev–Acad Motion Pict | | 4.00% | | 11/1/2045 | | Aa2 | | | 1,000 | | | | 1,077,820 | |
| CA Infra & Econ Dev–Acad Motion Pict | | 5.00% | | 11/1/2041 | | Aa2 | | | 250 | | | | 297,957 | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2041 | | BBB | | | 500 | | | | 571,985 | |
| Cleveland Arpt | | 5.00% | | 1/1/2029 | | A- | | | 445 | | | | 511,074 | |
| Cleveland Arpt | | 5.00% | | 1/1/2030 | | A- | | | 555 | | | | 635,619 | |
| Clifton Higher Ed–IDEA Pub Schs | | 5.00% | | 8/15/2042 | | BBB | | | 275 | | | | 305,442 | |
| Clifton Higher Ed–Uplift Education | | 4.25% | | 12/1/2034 | | BBB- | | | 975 | | | | 1,044,322 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2032 | | BBB | | | 500 | | | | 568,750 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2041 | | BBB | | | 435 | | | | 505,861 | |
| DC Rev–KIPP Chtr Sch | | 6.00% | | 7/1/2043 | | BBB+ | | | 300 | | | | 355,533 | |
| DC Rev–KIPP Chtr Sch | | 6.00% | | 7/1/2048 | | BBB+ | | | 200 | | | | 236,352 | |
| Houston Hi Ed–Cosmos Fndtn | | 5.00% | | 2/15/2032 | | BBB | | | 100 | | | | 114,957 | |
| Houston HI Ed–Cosmos Fndtn | | 5.00% | | 2/15/2042 | | BBB | | | 500 | | | | 548,645 | |
| Houston Hi Ed–Cosmos Fndtn | | 5.875% | | 5/15/2021 | | BBB | | | 200 | | | | 220,242 | |
| Houston HI Ed–Cosmos Fndtn | | 6.50% | | 5/15/2031 | | BBB | | | 620 | | | | 747,460 | |
| Houston HI Ed–Cosmos Fndtn | | 6.875% | | 5/15/2041 | | BBB | | | 125 | | | | 157,304 | |
| IL Fin Auth–Noble Chrter Schs | | 6.125% | | 9/1/2039 | | BBB | | | 900 | | | | 1,056,438 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 2/1/2031 | | Aa2 | | | 475 | | | | 566,960 | |
| La Vernia Hi Ed–Life Schools of Dallas | | 7.25% | | 8/15/2031 | | BBB- | | | 250 | | | | 293,647 | |
| Long Beach Nat Gas–ML | | 5.00% | | 11/15/2035 | | BBB+ | | | 675 | | | | 863,406 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2046 | | A3 | | | 500 | | | | 673,575 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.00% | | 12/1/2031 | | NR | | | 100 | | | | 60,000 | |
| NYC Cultural–Whitney Museum | | 5.25% | | 7/1/2026 | | A | | | 500 | | | | 575,605 | |
| Philadelphia Gas Works | | 5.00% | | 10/1/2032 | | A | | | 750 | | | | 910,395 | |
| PR Pub Bldg Auth GTD | | 5.25% | | 7/1/2027 | | Caa3 | | | 265 | | | | 157,013 | |
| Selma IDB–Intl Paper | | 5.80% | | 5/1/2034 | | BBB | | | 150 | | | | 173,258 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2031 | | A3 | | | 395 | | | | 449,869 | |
| Total | | | | | | | | | | | | | 18,167,457 | |
| | | | | | | | | | | | | | | |
| Special Tax 3.87% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2027 | | Baa2 | | | 250 | | | | 280,520 | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2035 | | Baa2 | | | 500 | | | | 546,390 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 8/1/2031 | | AA | | | 470 | | | | 570,373 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 8/1/2034 | | AA | | | 1,150 | | | | 1,379,333 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 9/1/2034 | | AA | | | 500 | | | | 599,065 | |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 1,500 | | | | 1,776,150 | |
| Lancaster Redev Agy | | 6.00% | | 8/1/2024 | | BBB | | | 250 | | | | 282,005 | |
| | See Notes to Financial Statements. | 75 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| MTA NY–Hudson Rail Yards | | 5.00% | | 11/15/2056 | | A2 | | $ | 1,350 | | | $ | 1,560,978 | |
| NYC IDA–Yankee Stadium (NPFGC)(FGIC) | | 1.695% | # | 3/1/2024 | | AA- | | | 500 | | | | 487,250 | |
| Rancho Cucamonga Redev Agy (AGM) | | 5.00% | | 9/1/2030 | | AA | | | 500 | | | | 603,485 | |
| San Francisco Redev–Mission Bay South | | 5.00% | | 8/1/2043 | | A- | | | 395 | | | | 471,875 | |
| San Francisco Redev–Mission Bay South | | | | | | | | | | | | | | |
| (NPFGC)(FGIC) | | 5.00% | | 8/1/2041 | | AA- | | | 300 | | | | 362,916 | |
| San Jose Redev Agy (AMBAC) | | 5.00% | | 8/1/2018 | | BBB+ | | | 100 | | | | 103,729 | |
| San Jose Spl Tax–Conv Ctr | | 5.50% | | 5/1/2024 | | A2 | | | 660 | | | | 772,728 | |
| Total | | | | | | | | | | | | | 9,796,797 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 3.99% | | | | | | | | | | | | | | |
| Casino Reinv Dev Auth | | 5.00% | | 11/1/2022 | | BBB+ | | | 225 | | | | 245,756 | |
| Casino Reinv Dev Auth | | 5.25% | | 11/1/2044 | | BBB+ | | | 345 | | | | 362,578 | |
| Hamilton Sales Tax | | 5.00% | | 12/1/2030 | | AA- | | | 300 | | | | 372,978 | |
| Hudson Yards | | 5.75% | | 2/15/2047 | | A | | | 925 | | | | 1,089,058 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 6/15/2052 | | BBB | | | 225 | | | | 250,391 | |
| Met Pier & Expo Auth–Mccormick Place | | 5.50% | | 6/15/2053 | | BBB | | | 265 | | | | 310,209 | |
| Met Pier & Expo Auth–Mccormick Place (AGM) | | Zero Coupon | | 6/15/2046 | | AA | | | 1,435 | | | | 416,451 | |
| Met Pier & Expo Auth–Mccormick Place TCRS (BAM) | | 5.00% | | 6/15/2053 | | AA | | | 915 | | | | 1,039,010 | |
| MTA NY–Dedicated Tax | | 5.50% | | 11/15/2039 | | NR | | | 20 | | | | 21,933 | |
| MTA NY–Dedicated Tax | | 5.50% | | 11/15/2039 | | AA | | | 205 | | | | 224,809 | |
| NY Conv Ctr Dev Corp | | 5.00% | | 11/15/2040 | | Aa3 | | | 250 | | | | 301,315 | |
| NY UDC–PIT | | 5.00% | | 3/15/2033 | | AAA | | | 750 | | | | 900,967 | |
| NYC TFA–Future Tax | | 5.00% | | 2/1/2036 | | AAA | | | 1,000 | | | | 1,225,500 | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2046 | | Caa3 | | | 585 | | | | 438,750 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2027 | | CC | | | 575 | | | | 303,313 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2041 | | CC | | | 1,135 | | | | 598,713 | |
| PR Corp Sales Tax | | 5.75% | | 8/1/2037 | | CC | | | 220 | | | | 117,150 | |
| San Jose Spl Tax–Conv Ctr | | 5.50% | | 5/1/2026 | | A2 | | | 275 | | | | 321,703 | |
| San Jose Spl Tax–Conv Ctr | | 6.50% | | 5/1/2036 | | A2 | | | 530 | | | | 640,410 | |
| Sonoma Marin Area Rail Rmkt | | 5.00% | | 3/1/2028 | | AA | | | 510 | | | | 605,839 | |
| Yorba Linda Redev Agy | | 6.50% | | 9/1/2032 | | AA- | | | 250 | | | | 304,665 | |
| Total | | | | | | | | | | | | | 10,091,498 | |
| 76 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tobacco 4.48% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | $ | 500 | | | $ | 488,070 | |
| Buckeye Tobacco | | 6.50% | | 6/1/2047 | | B- | | | 1,450 | | | | 1,478,724 | |
| Golden St Tobacco | | 5.00% | | 6/1/2030 | | A+ | | | 500 | | | | 599,575 | |
| Golden St Tobacco | | 5.75% | | 6/1/2047 | | B- | | | 1,500 | | | | 1,522,290 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 695 | | | | 694,972 | |
| Railsplitter Tobacco Settlement Auth | | 5.25% | | 6/1/2020 | | A | | | 150 | | | | 171,257 | |
| Railsplitter Tobacco Settlement Auth | | 6.00% | | 6/1/2028 | | A- | | | 1,100 | | | | 1,308,659 | |
| RI Tob Settlement | | 5.00% | | 6/1/2035 | | BBB | | | 475 | | | | 530,043 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2020 | | A | | | 540 | | | | 611,302 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2022 | | A | | | 700 | | | | 826,525 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2041 | | B- | | | 1,615 | | | | 1,559,412 | |
| TSASC | | 5.00% | | 6/1/2026 | | BB- | | | 400 | | | | 400,548 | |
| TSASC | | 5.00% | | 6/1/2034 | | B | | | 1,135 | | | | 1,137,826 | |
| Total | | | | | | | | | | | | | 11,329,203 | |
| | | | | | | | | | | | | | | |
| Transportation 15.08% | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2037 | | BBB+ | | | 1,000 | | | | 1,208,960 | |
| Atlanta Arpt | | 5.25% | | 1/1/2030 | | Aa3 | | | 635 | | | | 732,993 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2028 | | AA- | | | 1,000 | | | | 1,229,200 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2045 | | BBB+ | | | 1,500 | | | | 1,746,600 | |
| Central TX Tpk | | 5.00% | | 8/15/2033 | | BBB+ | | | 1,200 | | | | 1,417,560 | |
| Central TX Tpk | | 5.00% | | 8/15/2037 | | BBB+ | | | 1,000 | | | | 1,172,710 | |
| Charlotte Arpt | | 5.00% | | 7/1/2033 | | Aa3 | | | 575 | | | | 656,242 | |
| Chicago Midway Arpt | | 5.00% | | 1/1/2026 | | A | | | 210 | | | | 250,030 | |
| Chicago Midway Arpt | | 5.00% | | 1/1/2046 | | A | | | 1,000 | | | | 1,175,290 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2035 | | A | | | 1,040 | | | | 1,143,532 | |
| Chicago O’Hare Arpt | | 5.50% | | 1/1/2031 | | A | | | 120 | | | | 138,836 | |
| Chicago O’Hare Arpt | | 5.625% | | 1/1/2035 | | A | | | 920 | | | | 1,060,530 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2031 | | AA | | | 100 | | | | 118,017 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2029 | | A | | | 470 | | | | 568,446 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2034 | | A | | | 800 | | | | 951,472 | |
| DFW Arpt | | 5.00% | | 11/1/2028 | | A+ | | | 750 | | | | 908,137 | |
| DFW Arpt | | 5.00% | | 11/1/2030 | | A+ | | | 850 | | | | 1,016,141 | |
| FL Tpk Auth–Dept Trans | | 5.00% | | 7/1/2034 | | AA | | | 500 | | | | 578,510 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | BBB- | | | 500 | | | | 276,615 | |
| Foothill / Eastern Corridor Toll Rd | | 5.75% | | 1/15/2046 | | BBB- | | | 875 | | | | 1,047,034 | |
| Los Angeles Dept Arpts–LAX | | 5.00% | | 5/15/2035 | | AA- | | | 710 | | | | 804,252 | |
| | See Notes to Financial Statements. | 77 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | |
| MA Port Auth | | 5.00% | | 7/1/2045 | | AA | | $ | 250 | | | $ | 299,650 | |
| Met DC Arpt | | 5.00% | | 10/1/2035 | | AA- | | | 255 | | | | 290,175 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2029 | | BBB+ | | | 500 | | | | 597,200 | |
| Miami Dade Co Aviation–MIA | | 5.00% | | 10/1/2034 | | A | | | 400 | | | | 477,120 | |
| Miami Dade Co Aviation–MIA | | 5.50% | | 10/1/2029 | | NR | | | 130 | | | | 152,430 | |
| Miami Dade Co Aviation–MIA | | 5.50% | | 10/1/2029 | | A | | | 410 | | | | 477,420 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2027 | | A | | | 160 | | | | 195,021 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2028 | | A | | | 515 | | | | 623,191 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2027 | | A+ | | | 575 | | | | 701,960 | |
| MTA NY | | 4.00% | | 11/15/2036 | | AA- | | | 1,000 | | | | 1,112,460 | |
| MTA NY–Dedicated Tax | | 5.25% | | 11/15/2029 | | AA | | | 535 | | | | 606,765 | |
| NJ Trans Trust Fund | | 5.75% | | 12/15/2031 | | A- | | | 350 | | | | 380,160 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | A- | | | 760 | | | | 906,452 | |
| North TX Twy Auth | | 5.00% | | 1/1/2031 | | A2 | | | 250 | | | | 297,335 | |
| North TX Twy Auth | | 5.00% | | 1/1/2040 | | A1 | | | 350 | | | | 408,384 | |
| North TX Twy Auth | | 6.00% | | 1/1/2043 | | A1 | | | 1,120 | | | | 1,312,114 | |
| NY Twy Auth | | 5.25% | | 1/1/2056 | | A- | | | 300 | | | | 364,908 | |
| PA Tpk Commn | | 5.00% | | 6/1/2029 | | A3 | | | 1,000 | | | | 1,200,700 | |
| PA Tpk Commn | | 5.00% | | 12/1/2034 | | A1 | | | 100 | | | | 118,663 | |
| PA Tpk Commn | | 5.00% | | 12/1/2039 | | A1 | | | 750 | | | | 879,682 | |
| PA Tpk Commn | | 5.00% | | 12/1/2045 | | A1 | | | 400 | | | | 467,104 | |
| PA Tpk Commn | | 5.50% | | 6/1/2033 | | A- | | | 315 | | | | 338,918 | |
| Port Auth NY & NJ | | 5.25% | | 10/15/2055 | | AA- | | | 350 | | | | 426,405 | |
| PR Hwy & Trans Auth | | 4.00% | | 7/1/2017 | | CC | | | 240 | | | | 63,658 | |
| Regional Trans Dist–Denver Trans | | 5.375% | | 1/15/2025 | | Baa3 | | | 85 | | | | 95,418 | |
| Regional Trans Dist–Denver Trans | | 5.375% | | 7/15/2025 | | Baa3 | | | 830 | | | | 934,962 | |
| Regional Trans Dist–Denver Trans | | 6.00% | | 1/15/2026 | | Baa3 | | | 120 | | | | 138,943 | |
| Regional Trans Dist–Denver Trans | | 6.00% | | 1/15/2034 | | Baa3 | | | 1,000 | | | | 1,153,880 | |
| Regional Trans Dist–Denver Trans | | 6.00% | | 1/15/2041 | | Baa3 | | | 100 | | | | 114,481 | |
| Regional Trans Dist COP | | 5.375% | | 6/1/2031 | | Aa3 | | | 485 | | | | 548,453 | |
| San Antonio Arpt (AGM) | | 5.00% | | 7/1/2026 | | AA | | | 495 | | | | 559,103 | |
| San Diego Arpt | | 5.00% | | 7/1/2040 | | A | | | 945 | | | | 1,061,131 | |
| San Francisco Arpt | | 5.00% | | 5/1/2046 | | A+ | | | 1,000 | | | | 1,202,200 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2050 | | BBB- | | | 1,250 | | | | 1,444,875 | |
| Total | | | | | | | | | | | | | 38,152,428 | |
| 78 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities 14.56% | | | | | | | | | | | | | | |
| Adelanto Util Sys | | 6.00% | | 7/1/2024 | | NR | | $ | 200 | | | $ | 222,174 | |
| Adelanto Util Sys | | 6.625% | | 7/1/2031 | | NR | | | 100 | | | | 113,036 | |
| Baltimore Wastewater | | 5.00% | | 7/1/2039 | | AA- | | | 500 | | | | 590,900 | |
| Baltimore Water | | 5.00% | | 7/1/2033 | | AA- | | | 605 | | | | 725,939 | |
| Capital Region Water Rev (BAM) | | 5.00% | | 7/15/2029 | | AA | | | 1,200 | | | | 1,470,432 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2032 | | A3 | | | 500 | | | | 572,060 | |
| Chicago Water | | 5.00% | | 11/1/2028 | | A | | | 500 | | | | 600,815 | |
| Chicago Water | | 5.00% | | 11/1/2039 | | A | | | 855 | | | | 970,211 | |
| Colorado Springs Utilities | | 5.25% | | 11/15/2033 | | AA | | | 175 | | | | 203,651 | |
| DE EDA–NRG Energy | | 5.375% | | 10/1/2045 | | Baa3 | | | 840 | | | | 918,775 | |
| Detroit Sewer | | 5.00% | | 7/1/2034 | | BBB+ | | | 385 | | | | 450,889 | |
| Detroit Water | | 5.00% | | 7/1/2036 | | A- | | | 330 | | | | 365,241 | |
| Detroit Water (AGM) | | 4.625% | | 7/1/2032 | | AA | | | 180 | | | | 180,553 | |
| El Dorado Irrigation Dist (AGM) | | 5.00% | | 3/1/2034 | | AA | | | 400 | | | | 478,560 | |
| Gainesville Utility | | 5.25% | | 10/1/2034 | | Aa2 | | | 150 | | | | 172,454 | |
| IN Fin Auth–Citizens Energy | | 5.00% | | 10/1/2046 | | AA- | | | 500 | | | | 590,490 | |
| IN Fin Auth–Ohio Vly Elec | | 5.00% | | 6/1/2032 | | BBB- | | | 700 | | | | 754,166 | |
| IN Muni Pwr | | 5.25% | | 1/1/2032 | | A+ | | | 450 | | | | 543,334 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2026 | | AA | | | 1,000 | | | | 713,790 | |
| Jefferson Co Sewer (AGM) | | 5.50% | | 10/1/2053 | | AA | | | 1,300 | | | | 1,542,801 | |
| KY Muni Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 9/1/2036 | | AA- | | | 1,000 | | | | 1,172,140 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2030 | | BBB+ | | | 800 | | | | 1,048,144 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | BBB+ | | | 1,395 | | | | 1,902,919 | |
| Los Angeles USD | | 5.00% | | 7/1/2023 | | Aa2 | | | 500 | | | | 623,370 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2040 | | A | | | 320 | | | | 375,130 | |
| Maricopa Co Poll Ctl–So Cal Edison Rmkt | | 5.00% | | 6/1/2035 | | Aa3 | | | 555 | | | | 622,360 | |
| New Orleans Water | | 5.00% | | 12/1/2045 | | A- | | | 1,500 | | | | 1,732,065 | |
| Norfolk Water | | 5.25% | | 11/1/2028 | | AA+ | | | 1,500 | | | | 1,931,355 | |
| North Sumter Co Util Dep Dist | | 5.375% | | 10/1/2030 | | A | | | 240 | | | | 276,079 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.125% | | 6/15/2038 | | AAA | | | 520 | | | | 574,382 | |
| NYC Muni Water | | 5.00% | | 6/15/2036 | | AA+ | | | 500 | | | | 605,280 | |
| OH Air Quality–Ohio Vly Elec | | 5.625% | | 10/1/2019 | | BBB- | | | 475 | | | | 519,503 | |
| Omaha Pub Pwr Dist | | 5.25% | | 2/1/2042 | | A+ | | | 500 | | | | 599,805 | |
| Paducah Electric (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 1,000 | | | | 1,174,350 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2029 | | A | | | 250 | | | | 304,728 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2028 | | A1 | | | 280 | | | | 341,018 | |
| Pima Co IDA–Tucson Elec | | 4.95% | | 10/1/2020 | | A3 | | | 350 | | | | 391,678 | |
| | See Notes to Financial Statements. | 79 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| PR Aqueduct & Swr Auth | | 6.125% | | 7/1/2024 | | Caa3 | | $ | 670 | | | $ | 536,000 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2028 | | Caa3 | | | 270 | | | | 182,250 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2028 | | Caa3 | | | 880 | | | | 594,000 | |
| PR Elec Pwr Auth (AGC) | | 4.25% | | 7/1/2027 | | AA | | | 240 | | | | 241,817 | |
| Rowland Water Dist COP | | 6.50% | | 12/1/2035 | | A+ | | | 100 | | | | 112,018 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2037 | | BBB+ | | | 1,825 | | | | 2,310,778 | |
| SC Pub Svc Auth–Santee Cooper | | 5.25% | | 12/1/2055 | | AA- | | | 1,350 | | | | 1,611,832 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 5.00% | | 11/1/2033 | | A3 | | | 830 | | | | 1,051,776 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2026 | | A3 | | | 680 | | | | 858,840 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2025 | | A3 | | | 950 | | | | 1,108,612 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2028 | | A3 | | | 425 | | | | 489,294 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2022 | | BBB+ | | | 905 | | | | 1,074,371 | |
| Westmoreland Co Water (BAM) | | 5.00% | | 8/15/2042 | | AA | | | 250 | | | | 293,745 | |
| Total | | | | | | | | | | | | | 36,839,910 | |
| Total Municipal Bonds (cost $234,993,021) | | | | | | | | | | | | | 248,771,492 | |
| | | | | Interest | | | | | | | | | | |
| | | | | Rate | | Final | | | | | | | | |
| | | Interest | | Reset | | Maturity | | | | | | | | |
| | | Rate# | | Date(f) | | Date | | | | | | | | |
| SHORT-TERM INVESTMENTS 0.28% | | | | | | | | | | | | | | | | |
| | | | | | | | | �� | | | | | | | | |
| Variable Rate Demand Notes 0.28% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 0.24% | | | | | | | | | | | | | | | | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 4/1/2040 | | A2 | | | 600 | | | | 600,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.04% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | 0.96% | | 10/3/2016 | | 6/15/2032 | | AA+ | | | 100 | | | | 100,000 | |
| Total Short-Term Investments (cost $700,000) | | | | | | | | | | 700,000 | |
| Total Investments in Securities 98.62% (cost $235,693,021) | | | | | | | | | | 249,471,492 | |
| Cash and Other Assets in Excess of Liabilities(i) 1.38% | | | | | | | | | | 3,494,504 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 252,965,996 | |
| 80 | See Notes to Financial Statements. | |
Schedule of Investments (concluded)
AMT FREE MUNICIPAL BOND FUND September 30, 2016
Open Futures Contracts at September 30, 2016:
| | | | | | | | | | | | Unrealized |
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Appreciation |
| Long U.S. Treasury Bond | | December 2016 | | 5 | | Short | | $ | (840,781 | ) | | $ | 10,499 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Unrealized |
| Type | | Expiration | | Contracts | | Position | | | Fair Value | | | | Depreciation |
| U.S. 10-Year Treasury Note | | December 2016 | | 21 | | Short | | $ | (2,753,625 | ) | | $ | (2,990 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
The following is a summary of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | – | | | $ | 248,771,492 | | | $ | – | | | $ | 248,771,492 | |
| Variable Rate Demand Notes | | | – | | | | 700,000 | | | | – | | | | 700,000 | |
| Total | | $ | – | | | $ | 249,471,492 | | | $ | – | | | $ | 249,471,492 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 10,499 | | | $ | – | | | $ | – | | | $ | 10,499 | |
| Liabilities | | | (2,990 | ) | | | – | | | | – | | | | (2,990 | ) |
| Total | | $ | 7,509 | | | $ | – | | | $ | – | | | $ | 7,509 | |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| | See Notes to Financial Statements. | 81 |
Schedule of Investments
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 99.79% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 5.86% | | | | | | | | | | | | | | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 11/21/2045 | | Baa3 | | $ | 8,750 | | | $ | 9,837,712 | |
| CA Poll Ctl–Waste Mgmt AMT | | 3.25% | # | 12/1/2027 | | A- | | | 6,000 | | | | 6,450,600 | |
| CA Poll Ctl–Waste Mgmt AMT | | 4.30% | | 7/1/2040 | | A- | | | 3,575 | | | | 3,982,157 | |
| Columbus Co Ind Facs–Intl Paper | | 5.70% | | 5/1/2034 | | BBB | | | 2,165 | | | | 2,493,149 | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | | 1,000 | | | | 1,149,940 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B+ | | | 5,235 | | | | 5,429,376 | |
| IL Fin Auth–Leafs Hockey Club(e) | | 6.00% | | 3/1/2037 | | NR | | | 1,550 | | | | 434,000 | |
| LA Env Facs–Westlake Chem | | 6.75% | | 11/1/2032 | | BBB | | | 7,750 | | | | 8,223,137 | |
| Love Field Arpt–Southwest Airlines AMT | | 5.00% | | 11/1/2028 | | Baa1 | | | 2,600 | | | | 2,978,222 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2019 | | NR | | | 1,495 | | | | 1,498,767 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.00% | | 12/1/2016 | | NR | | | 855 | | | | 513,000 | |
| Mission EDC–Waste Mgmt AMT | | 2.50% | | 8/1/2020 | | A- | | | 13,500 | | | | 14,091,705 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 7/1/2022 | | BBB- | | | 1,650 | | | | 1,896,791 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 1/1/2024 | | BBB- | | | 1,500 | | | | 1,758,765 | |
| NY Energy–ConEd AMT (XLCA) | | 0.98% | # | 10/1/2035 | | A2 | | | 5,175 | | | | 4,784,375 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 7,355 | | | | 7,913,244 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 5,955 | | | | 6,654,891 | |
| OH Wtr Dev Auth–FirstEnergy | | 4.00% | # | 12/1/2033 | | Ba2 | | | 5,000 | | | | 4,641,100 | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75% | | 3/1/2024 | | A+ | | | 5,100 | | | | 6,442,320 | |
| PA Econ Dev–US Airways | | 7.50% | | 5/1/2020 | | BB- | | | 1,500 | | | | 1,730,850 | |
| PA Econ Dev–US Airways | | 8.00% | | 5/1/2029 | | BB- | | | 1,475 | | | | 1,725,190 | |
| Phenix City IDB–Meadwestvaco | | 3.625% | | 5/15/2030 | | BBB | | | 1,750 | | | | 1,812,598 | |
| Richland Co Env Impt–Intl Paper AMT | | 3.875% | | 4/1/2023 | | BBB | | | 6,625 | | | | 7,250,599 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 5,145 | | | | 5,895,707 | |
| Selma IDB–Intl Paper | | 6.25% | | 11/1/2033 | | BBB | | | 3,230 | | | | 3,720,508 | |
| Valparaiso Facs–Pratt Paper AMT | | 7.00% | | 1/1/2044 | | NR | | | 2,000 | | | | 2,515,460 | |
| Washington Co Wastewtr–Cargill AMT | | 2.375% | # | 9/1/2030 | | A | | | 5,000 | | | | 5,151,850 | |
| West Pace Coop Dist(e) | | 9.125% | | 5/1/2039 | | NR | | | 4,900 | | | | 3,243,751 | |
| Total | | | | | | | | | | | | | 124,219,764 | |
| | | | | | | | | | | | | | | |
| Education 4.86% | | | | | | | | | | | | | | |
| Bulloch Co Dev–GA So Univ Hsg (AG) | | 5.25% | | 7/1/2028 | | A1 | | | 2,475 | | | | 2,647,829 | |
| CA Ed–Stanford Univ | | 5.00% | | 6/1/2046 | | AAA | | | 3,000 | | | | 4,393,890 | |
| CA Fin Auth–Biola Univ | | 5.80% | | 10/1/2028 | | Baa1 | | | 1,000 | | | | 1,079,770 | |
| CA Fin Auth–Emerson Clg | | 6.00% | | 1/1/2042 | | BBB+ | | | 1,875 | | | | 2,216,494 | |
| CA Sch Fin Auth–Green Dot Schs† | | 5.00% | | 8/1/2045 | | NR | | | 1,250 | | | | 1,366,375 | |
| 82 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | |
| CA Stwde–Windrush Sch(e) | | 5.50% | | 7/1/2037 | | NR | | $ | 1,000 | | | $ | 10 | |
| Davie Edu Facs–Nova Southeastern Univ | | 6.00% | | 4/1/2042 | | A- | | | 3,040 | | | | 3,732,938 | |
| Detroit Sch Dist | | 5.00% | | 5/1/2029 | | Aa1 | | | 4,000 | | | | 4,568,480 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 920 | | | | 971,934 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2035 | | A- | | | 1,250 | | | | 1,486,938 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2036 | | A- | | | 1,000 | | | | 1,184,960 | |
| Gainesville Redev–Riverside Mil Admy | | 5.125% | | 3/1/2027 | | BB+ | (c) | | 4,575 | | | | 4,583,967 | |
| Harrisburg Auth–Univ of Science | | 6.00% | | 9/1/2036 | | NR | | | 3,840 | | | | 3,718,502 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2019 | | Baa3 | | | 1,050 | | | | 1,053,213 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2020 | | Baa3 | | | 1,900 | | | | 1,905,700 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 1,750 | | | | 1,752,328 | |
| IL Fin Auth–IL Inst of Tech | | 6.25% | | 2/1/2019 | | Baa3 | | | 1,680 | | | | 1,785,874 | |
| IL Fin Auth–IL Inst of Tech | | 7.125% | | 2/1/2034 | | Baa3 | | | 1,000 | | | | 1,057,630 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2036 | | A- | | | 1,000 | | | | 1,150,830 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2046 | | A- | | | 1,165 | | | | 1,332,212 | |
| LA PFA–LSU Nicholson Gateway | | 5.00% | | 7/1/2046 | | A3 | | | 2,100 | | | | 2,431,191 | |
| Louisville/Jeff Co Met Clg–Bellarmine | | 6.00% | | 5/1/2038 | | Baa3 | | | 2,500 | | | | 2,626,500 | |
| MA DFA–Emmanuel College | | 5.00% | | 10/1/2043 | | Baa2 | | | 5,000 | | | | 5,810,700 | |
| MA DFA–Wheelock Clg | | 5.25% | | 10/1/2037 | | BBB | | | 3,750 | | | | 3,873,600 | |
| Marietta Dev Auth–Life Univ | | 7.00% | | 6/15/2030 | | Ba3 | | | 5,000 | | | | 5,363,850 | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2035 | | A1 | | | 2,400 | | | | 2,895,504 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2040 | | A- | | | 5,000 | | | | 5,817,800 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2030 | | AA- | | | 2,155 | | | | 2,608,994 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2031 | | AA- | | | 4,215 | | | | 5,094,038 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2035 | | Aa2 | | | 2,100 | | | | 2,432,871 | |
| NY Dorm–Touro Clg | | 5.25% | | 1/1/2034 | | BBB- | (c) | | 1,270 | | | | 1,434,160 | |
| NY Dorm–Touro Clg | | 5.50% | | 1/1/2039 | | BBB- | (c) | | 2,450 | | | | 2,784,866 | |
| PA Hi Ed–Drexel Univ | | 5.00% | | 5/1/2031 | | A | | | 4,645 | | | | 5,261,763 | |
| PA HI Ed–Drexel Univ | | 5.00% | | 5/1/2034 | | NR | | | 2,750 | | | | 3,303,465 | |
| Univ of Hawaii | | 6.00% | | 10/1/2038 | | Aa2 | | | 1,750 | | | | 1,985,935 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2037 | | A1 | | | 6,340 | | | | 7,363,022 | |
| Total | | | | | | | | | | | | | 103,078,133 | |
| | | | | | | | | | | | | | | |
| Financial Services 0.22% | | | | | | | | | | | | | | |
| IN Bd Bk–JP Morgan | | 1.426% | # | 10/15/2022 | | A3 | | | 4,875 | | | | 4,670,835 | |
| | See Notes to Financial Statements. | 83 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation 15.08% | | | | | | | | | | | | | | |
| Allegheny Co GO | | 5.00% | | 11/1/2041 | | AA- | | $ | 5,500 | | | $ | 6,571,455 | |
| Bellwood GO | | 6.15% | | 12/1/2032 | | A | | | 2,765 | | | | 3,299,087 | |
| CA State GO | | 3.00% | | 9/1/2033 | | AA- | | | 5,000 | | | | 5,112,050 | |
| CA State GO | | 5.00% | | 2/1/2033 | | AA- | | | 10,000 | | | | 11,851,200 | |
| CA State GO | | 5.00% | | 9/1/2037 | | AA- | | | 3,000 | | | | 3,686,940 | |
| CA State GO | | 5.25% | | 9/1/2024 | | AA- | | | 5,000 | | | | 6,030,750 | |
| CA State GO | | 5.25% | | 8/1/2032 | | AA- | | | 7,500 | | | | 9,476,025 | |
| CA State GO | | 5.50% | | 3/1/2040 | | AA- | | | 9,250 | | | | 10,563,222 | |
| CA State GO | | 5.60% | | 3/1/2036 | | AA- | | | 7,330 | | | | 8,437,490 | |
| CA State GO | | 6.50% | | 4/1/2033 | | AA- | | | 13,400 | | | | 15,274,928 | |
| Central USD (AG) | | 5.625% | | 8/1/2033 | | AA | | | 2,360 | | | | 2,670,718 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2039 | | B+ | | | 2,000 | | | | 1,877,600 | |
| Chicago Brd Ed | | 6.50% | | 12/1/2046 | | B+ | | | 1,000 | | | | 1,034,440 | |
| Chicago GO | | 5.00% | | 1/1/2033 | | BBB+ | | | 2,340 | | | | 2,413,733 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 2,000 | | | | 2,060,180 | |
| Chicago GO | | 5.00% | | 1/1/2040 | | BBB+ | | | 5,000 | | | | 5,062,450 | |
| Chicago GO | | 5.50% | | 1/1/2034 | | BBB+ | | | 2,400 | | | | 2,556,720 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 1,000 | | | | 1,057,550 | |
| Chicago GO | | 5.50% | | 1/1/2042 | | BBB+ | | | 250 | | | | 263,513 | |
| Chicago GO | | 5.50% | | 1/1/2042 | | BBB+ | | | 5,000 | | | | 5,270,250 | |
| Cook Co GO | | 5.00% | | 11/15/2030 | | AA- | | | 1,000 | | | | 1,190,590 | |
| Cook Co GO | | 5.00% | | 11/15/2031 | | AA- | | | 2,150 | | | | 2,553,534 | |
| Cook Co GO TCRS (BAM) | | 5.00% | | 11/15/2024 | | AA | | | 10,000 | | | | 11,686,100 | |
| CT State GO | | 4.00% | | 8/15/2032 | | AA- | | | 5,000 | | | | 5,563,900 | |
| CT State GO(b) | | 5.00% | | 12/1/2022 | | AA- | | | 10,000 | | | | 11,744,150 | |
| CT State GO(b) | | 5.00% | | 12/1/2023 | | AA- | | | 10,000 | | | | 11,744,150 | |
| Essex Co Impt Auth–Covanta AMT† | | 5.25% | | 7/1/2045 | | Ba2 | | | 4,000 | | | | 4,190,200 | |
| HI St Ser DZ(b) | | 5.00% | | 8/15/2030 | | AA+ | | | 10,000 | | | | 11,836,000 | |
| IL State GO | | 5.00% | | 6/1/2027 | | BBB+ | | | 2,000 | | | | 2,296,920 | |
| IL State GO | | 5.00% | | 3/1/2030 | | BBB+ | | | 6,500 | | | | 6,992,765 | |
| IL State GO | | 5.00% | | 1/1/2033 | | BBB+ | | | 3,500 | | | | 3,728,410 | |
| IL State GO | | 5.00% | | 1/1/2035 | | BBB+ | | | 11,200 | | | | 12,274,864 | |
| IL State GO | | 5.50% | | 7/1/2033 | | BBB+ | | | 3,985 | | | | 4,505,481 | |
| IL State GO | | 5.50% | | 7/1/2038 | | BBB+ | | | 5,055 | | | | 5,644,110 | |
| Kansas City GO | | 5.00% | | 4/1/2040 | | AA- | | | 3,500 | | | | 4,075,295 | |
| King Co Pub Hsp–Snoqualmie Vly Hsp | | 5.00% | | 12/1/2038 | | NR | | | 5,000 | | | | 5,147,750 | |
| Livonia Sch Dist (AGM) | | 5.00% | | 5/1/2040 | | AA | | | 2,250 | | | | 2,617,897 | |
| 84 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Los Angeles CCD | | 4.00% | | 8/1/2028 | | AA+ | | $ | 2,700 | | | $ | 3,235,221 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2029 | | AA | | | 3,290 | | | | 3,831,008 | |
| Middletown CSD | | 5.25% | | 12/1/2040 | | AA | | | 2,250 | | | | 2,725,155 | |
| Midlothian Water Dist (AGM) | | Zero Coupon | | 9/1/2022 | | AA | | | 2,000 | | | | 1,748,340 | |
| Nassau Co GO | | 5.00% | | 1/1/2035 | | A+ | | | 1,020 | | | | 1,213,412 | |
| Nassau Co GO | | 5.00% | | 1/1/2036 | | A+ | | | 1,150 | | | | 1,363,912 | |
| Nassau Co GO | | 5.00% | | 1/1/2038 | | A+ | | | 1,500 | | | | 1,770,960 | |
| NYC GO | | 5.00% | | 10/1/2026 | | AA | | | 11,860 | | | | 13,973,096 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 6,000 | | | | 7,343,760 | |
| NYC GO | | 6.25% | | 10/15/2028 | | AA | | | 215 | | | | 238,153 | |
| PA State GO | | 4.00% | | 9/15/2030 | | AA- | | | 10,000 | | | | 11,247,700 | |
| Palm Springs USD | | 4.00% | | 8/1/2033 | | Aa3 | | | 4,500 | | | | 5,097,105 | |
| Philadelphia GO | | 5.25% | | 7/15/2031 | | A+ | | | 1,400 | | | | 1,680,448 | |
| Philadelphia GO | | 5.25% | | 7/15/2032 | | A+ | | | 3,000 | | | | 3,587,610 | |
| Philadelphia GO | | 5.25% | | 7/15/2033 | | A+ | | | 1,000 | | | | 1,192,180 | |
| Philadelphia GO (AGM) | | 5.25% | | 12/15/2027 | | AA | | | 2,500 | | | | 2,719,725 | |
| Philadelphia Sch Dist | | 6.00% | | 9/1/2038 | | A2 | | | 1,960 | | | | 2,048,749 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2029 | | AA | | | 1,100 | | | | 1,336,588 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2030 | | AA | | | 1,215 | | | | 1,470,405 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2032 | | AA | | | 1,160 | | | | 1,392,615 | |
| Port Houston Auth AMT | | 6.25% | | 10/1/2029 | | AAA | | | 1,000 | | | | 1,111,040 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2019 | | Caa3 | | | 1,395 | | | | 858,357 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2020 | | Caa3 | | | 3,000 | | | | 1,832,100 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2026 | | Caa3 | | | 2,500 | | | | 1,553,125 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2039 | | Caa3 | | | 2,000 | | | | 1,242,500 | |
| PR Comwlth GO(e) | | 6.50% | | 7/1/2037 | | Caa3 | | | 2,270 | | | | 1,458,475 | |
| PR Comwlth GO(e) | | 6.50% | | 7/1/2040 | | Caa3 | | | 5,485 | | | | 3,524,112 | |
| PR Comwlth GO(e) | | 8.00% | | 7/1/2035 | | Caa3 | | | 8,000 | | | | 5,250,000 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2021 | | A2 | | | 2,250 | | | | 2,481,413 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2022 | | A2 | | | 2,250 | | | | 2,513,565 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2023 | | A2 | | | 3,250 | | | | 3,573,245 | |
| Sweetwater UHSD (BAM) | | 5.00% | | 8/1/2026 | | AA | | | 5,000 | | | | 6,261,850 | |
| Union Co Util Auth–Covanta GTD AMT | | 4.75% | | 12/1/2031 | | AA+ | | | 4,000 | | | | 4,298,280 | |
| Yosemite CCD | | Zero Coupon | | 8/1/2042 | | Aa2 | | | 3,000 | | | | 2,310,570 | |
| Total | | | | | | | | | | | | | 319,847,191 | |
| | See Notes to Financial Statements. | 85 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care 14.17% | | | | | | | | | | | | | | |
| Abag Fin Auth–Eskaton Pptys | | 5.00% | | 11/15/2035 | | BBB | | $ | 2,600 | | | $ | 2,932,462 | |
| Allen Co Hsp–Catholic Hlth Ptnrs | | 5.00% | | 5/1/2033 | | A+ | | | 7,065 | | | | 8,116,978 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2041 | | Ba3 | | | 3,000 | | | | 3,299,820 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2046 | | Ba3 | | | 2,100 | | | | 2,288,979 | |
| Brevard Co Hlth–Health First | | 7.00% | | 4/1/2033 | | A | | | 1,000 | | | | 1,149,260 | |
| Butler Hlth Sys Hsp | | 7.125% | | 7/1/2029 | | Baa1 | | | 1,500 | | | | 1,748,025 | |
| Butler Hlth Sys Hsp | | 7.25% | | 7/1/2039 | | Baa1 | | | 3,630 | | | | 4,242,454 | |
| CA Hlth–Lucile Packard Childrens Hsp | | 5.00% | | 8/15/2055 | | AA- | | | 4,250 | | | | 5,062,770 | |
| CA Hlth–Providence Hlth | | 4.00% | | 10/1/2036 | | AA- | | | 1,350 | | | | 1,499,013 | |
| CA Hlth–Providence Hlth | | 6.25% | | 10/1/2024 | | AA- | | | 2,000 | | | | 2,212,540 | |
| CA Hlth–Sutter Hlth | | 5.25% | | 8/15/2031 | | AA- | | | 4,500 | | | | 5,358,015 | |
| CA Statewide–Beverly | | 5.00% | | 2/1/2045 | | BBB- | | | 5,000 | | | | 5,782,450 | |
| CA Stwde–Eskaton Pptys | | 5.25% | | 11/15/2034 | | BBB | | | 1,375 | | | | 1,553,901 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB | | | 6,875 | | | | 8,017,969 | |
| Cass Co–Essentia Hlth Rmkt (AG) | | 5.125% | | 2/15/2037 | | AA | | | 5,000 | | | | 5,541,500 | |
| Centre Co Hosp Auth–Mt Nittany Med Ctr | | 5.00% | | 11/15/2046 | | A | | | 1,250 | | | | 1,462,088 | |
| Chautauqua Co–Woman’s Christian Assn | | 8.00% | | 11/15/2035 | | NR | | | 1,625 | | | | 1,629,583 | |
| Chautauqua Co–Woman’s Christian Assn | | 8.00% | | 11/15/2030 | | NR | | | 7,000 | | | | 7,021,630 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.125% | | 1/1/2029 | | NR | | | 900 | | | | 1,002,708 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.125% | | 1/1/2029 | | BBB+ | (c) | | 100 | | | | 110,423 | |
| Dana-Farber Cancer Institute | | 5.00% | | 12/1/2041 | | A1 | | | 1,750 | | | | 2,117,483 | |
| Dana-Farber Cancer Institute | | 5.00% | | 12/1/2046 | | A1 | | | 2,250 | | | | 2,711,340 | |
| Denver Hlth & Hsp Auth | | 1.664% | # | 12/1/2033 | | BBB | | | 4,745 | | | | 4,443,645 | |
| Denver Hlth & Hsp Auth | | 5.00% | | 12/1/2039 | | BBB | | | 1,600 | | | | 1,788,240 | |
| Denver Hlth & Hsp Auth | | 5.25% | | 12/1/2045 | | BBB | | | 700 | | | | 789,187 | |
| Dutchess Co LDC–Health Quest | | 5.00% | | 7/1/2046 | | A- | | | 7,000 | | | | 8,278,270 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.00% | | 7/1/2030 | | Ba1 | | | 1,510 | | | | 1,688,542 | |
| Franklin Co Hlth–OPRS Cmntys | | 6.125% | | 7/1/2040 | | BBB- | | | 4,400 | | | | 5,092,076 | |
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | | 5.50% | | 8/15/2054 | | AA- | | | 4,825 | | | | 5,906,813 | |
| Glynn Brunswick Mem Hsp–SE GA Hlth | | 5.50% | | 8/1/2028 | | A2 | | | 515 | | | | 556,246 | |
| Greenville Hlth Sys | | 5.00% | | 5/1/2034 | | AA- | | | 3,970 | | | | 4,638,826 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2045 | | BB | | | 1,500 | | | | 1,615,170 | |
| Hamilton Co Hlth–Life Enriching Cmnty(d) | | 5.00% | | 1/1/2046 | | BBB- | (c) | | 1,000 | | | | 1,132,680 | |
| Hamilton Co Hlth–Life Enriching Cmnty(d) | | 5.00% | | 1/1/2051 | | BBB- | (c) | | 1,250 | | | | 1,405,263 | |
| IL Fin Auth–Northwestern Mem Hsp(b) | | 5.75% | | 1/1/2026 | | AA+ | | | 2,500 | | | | 2,834,513 | |
| IN Fin Auth–Major Hsp | | 5.00% | | 10/1/2029 | | Baa2 | | | 1,500 | | | | 1,729,740 | |
| IN Hlth Facs–Ascension Hlth | | 5.00% | | 11/15/2036 | | Aa2 | | | 3,600 | | | | 4,335,660 | |
| 86 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2021 | | NR | | $ | 920 | | | $ | 1,014,282 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2029 | | NR | | | 3,820 | | | | 4,295,972 | |
| LA PFA–Ochsner Clinic | | 5.00% | | 5/15/2033 | | Baa1 | | | 1,625 | | | | 1,936,448 | |
| LA PFA–Ochsner Clinic | | 6.25% | | 5/15/2031 | | Baa1 | | | 8,090 | | | | 9,974,565 | |
| La Verne COP–Brethren Hillcrest Homes | | 5.00% | | 5/15/2036 | | BBB- | (c) | | 1,350 | | | | 1,494,693 | |
| Lucas Co Hsp–ProMedica Hlthcare | | 5.75% | | 11/15/2031 | | AA | | | 3,700 | | | | 4,422,499 | |
| MA DFA–Boston Med Ctr | | 4.00% | | 7/1/2038 | | BBB | | | 675 | | | | 708,885 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2037 | | BBB | | | 900 | | | | 1,050,174 | |
| Martin Hsp Dist | | 7.25% | | 4/1/2036 | | BBB | (c) | | 3,000 | | | | 3,347,400 | |
| MD Hlth & HI Ed–Mercy Med Ctr | | 5.00% | | 7/1/2036 | | BBB | | | 1,320 | | | | 1,572,186 | |
| MD Hlth & HI Ed–Mercy Med Ctr | | 5.00% | | 7/1/2038 | | BBB | | | 2,250 | | | | 2,671,403 | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | 6.25% | | 7/1/2031 | | BBB | | | 11,190 | | | | 13,240,567 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 7.50% | | 7/1/2032 | | Ba2 | | | 11,150 | | | | 13,328,598 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.00% | | 2/15/2035 | | BBB- | (c) | | 1,825 | | | | 2,111,233 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.125% | | 2/15/2042 | | BBB- | (c) | | 1,000 | | | | 1,130,220 | |
| MN Hlth–Mayo Clinic(d) | | 5.00% | | 11/15/2036 | | AA | | | 2,950 | | | | 4,052,385 | |
| Montgomery Co IDA–ACTS Retirement | | 5.00% | | 11/15/2024 | | A- | (c) | | 3,150 | | | | 3,700,336 | |
| Montgomery Co IDA–ACTS Retirement | | 5.00% | | 11/15/2025 | | A- | (c) | | 1,300 | | | | 1,520,298 | |
| Montgomery Co IDA–Jefferson Hlth | | 5.00% | | 10/1/2027 | | AA | | | 3,500 | | | | 4,068,960 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2044 | | BB+ | | | 2,500 | | | | 2,687,000 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | 5.00% | | 7/1/2029 | | BBB+ | | | 1,000 | | | | 1,184,150 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | 5.00% | | 7/1/2030 | | BBB+ | | | 580 | | | | 684,110 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | 5.00% | | 7/1/2031 | | BBB+ | | | 1,620 | | | | 1,902,058 | |
| NJ Hlth–Barnabas Hlth | | 5.625% | | 7/1/2037 | | A- | | | 1,700 | | | | 2,055,963 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2036 | | BBB- | | | 500 | | | | 585,270 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2041 | | BBB- | | | 750 | | | | 874,455 | |
| NJ Hlth–St Josephs Hlth | | 6.625% | | 7/1/2038 | | BBB- | | | 5,500 | | | | 6,049,010 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2046 | | AA | | | 1,875 | | | | 2,186,400 | |
| NY Dorm–NYU Hsps Ctr | | 5.75% | | 7/1/2031 | | A- | | | 1,985 | | | | 2,332,534 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2040 | | Ba1 | | | 1,300 | | | | 1,469,338 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2025 | | Aa3 | | | 2,400 | | | | 2,706,288 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2030 | | Aa3 | | | 5,640 | | | | 6,268,860 | |
| Orange CO Hlth–Orlando Hlth | | 5.00% | | 10/1/2044 | | A | | | 2,750 | | | | 3,260,813 | |
| Pell City Spl Care Facs–Noland Hlth | | 5.00% | | 12/1/2031 | | A | | | 4,845 | | | | 5,482,457 | |
| Pulaski Co Pub Facs–Baptist Hlth | | 5.00% | | 12/1/2039 | | A+ | | | 6,750 | | | | 7,868,677 | |
| Regents UCal Med Ctr | | 5.25% | | 5/15/2038 | | AA- | | | 3,000 | | | | 3,638,160 | |
| Tallahassee Hlth–Tallahassee Mem Hlth | | 5.00% | | 12/1/2040 | | Baa1 | | | 1,250 | | | | 1,441,350 | |
| | See Notes to Financial Statements. | 87 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Tallahassee Hlth–Tallahassee Mem Hlth | | 5.00% | | 12/1/2055 | | Baa1 | | $ | 2,300 | | | $ | 2,630,142 | |
| Tarrant Co Cultural–Christus Hlth (AG) | | 6.25% | | 7/1/2028 | | AA | | | 1,500 | | | | 1,670,340 | |
| Tarrant Co Cultural–Trinity Terrace | | 5.00% | | 10/1/2044 | | BBB+ | (c) | | 550 | | | | 632,258 | |
| Tarrant Co Cultural–Trinity Terrace | | 5.00% | | 10/1/2049 | | BBB+ | (c) | | 750 | | | | 859,290 | |
| Thomasville Hsp Auth–John Archbold | | 5.125% | | 11/1/2030 | | A+ | | | 2,500 | | | | 2,836,525 | |
| UCal Med Ctr | | 4.50% | | 5/15/2036 | | AA- | | | 5,000 | | | | 5,821,700 | |
| UMass Mem Hlth | | 5.00% | | 7/1/2041 | | A- | (c) | | 700 | | | | 820,673 | |
| UMass Mem Hlth | | 5.00% | | 7/1/2046 | | A- | (c) | | 2,355 | | | | 2,750,122 | |
| Univ Med Ctr Corp | | 6.25% | | 7/1/2029 | | NR | | | 895 | | | | 1,021,875 | |
| Univ Med Ctr Corp | | 6.50% | | 7/1/2039 | | NR | | | 3,025 | | | | 3,474,212 | |
| Upland COP–San Antonio Cmnty Hsp COP | | 6.375% | | 1/1/2032 | | A- | | | 5,000 | | | | 5,783,150 | |
| Vanderbilt Univ Med Ctr | | 5.00% | | 7/1/2046 | | NR | | | 4,000 | | | | 4,719,240 | |
| VT Ed & Hlth–Univ of VT Med Ctr | | 5.00% | | 12/1/2035 | | A- | | | 4,500 | | | | 5,361,750 | |
| VT Ed & Hlth–Univ of VT Med Ctr | | 5.00% | | 12/1/2036 | | A- | | | 2,445 | | | | 2,894,978 | |
| WA Hlth Care–Overlake Hsp | | 5.00% | | 7/1/2038 | | A | | | 4,000 | | | | 4,653,640 | |
| Westchester Co Hlth Care | | 5.00% | | 11/1/2046 | | BBB | | | 2,525 | | | | 2,954,048 | |
| WV Hsp–Herbert Thomas Hlth | | 6.25% | | 10/1/2023 | | NR | | | 2,000 | | | | 2,118,220 | |
| Total | | | | | | | | | | | | | 300,416,422 | |
| | | | | | | | | | | | | | | |
| Housing 1.81% | | | | | | | | | | | | | | |
| CA Muni Fin–Azusa Pacific Univ | | 5.00% | | 4/1/2041 | | Baa3 | | | 1,750 | | | | 2,010,575 | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.25% | | 8/15/2039 | | BBB | | | 550 | | | | 647,103 | |
| CA Muni Fin–UC Berkeley Hsg | | 5.00% | | 6/1/2050 | | Baa3 | | | 1,410 | | | | 1,601,647 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2040 | | Baa1 | | | 1,000 | | | | 1,201,030 | |
| CA Stwde–CHF-Irvine LLC | | 6.00% | | 5/15/2023 | | Aaa | | | 5,000 | | | | 5,417,850 | |
| Dekalb Newton Gwinnett Co–GGC Fndtn | | 6.00% | | 7/1/2034 | | A+ | | | 1,500 | | | | 1,688,190 | |
| Fed Home Loan Mtg Corp | | 4.60% | | 12/15/2044 | | AA+ | | | 5,000 | | | | 5,393,400 | |
| HI Hsg Fin & Dev–Rent Hsg Sys Rmkt (AGM) | | 6.50% | | 7/1/2033 | | A1 | | | 2,000 | | | | 2,202,020 | |
| LA HFA–GMF-LA Chateau | | 8.00% | | 9/1/2039 | | BB | | | 1,385 | | | | 1,500,592 | |
| Los Angeles Hsg | | 6.25% | | 6/1/2034 | | A- | | | 4,220 | | | | 4,530,465 | |
| MD EDC–Univ of MD Hsg (AGM) | | 5.00% | | 6/1/2035 | | AA | | | 2,130 | | | | 2,563,966 | |
| MD EDC–Univ of MD Hsg (AGM) | | 5.00% | | 6/1/2043 | | AA | | | 500 | | | | 594,345 | |
| New Hope Cultural–NCCD Clg Station | | 5.00% | | 7/1/2047 | | BBB- | | | 5,000 | | | | 5,648,600 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2034 | | BBB- | | | 1,000 | | | | 1,120,300 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2039 | | BBB- | | | 1,150 | | | | 1,263,551 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2046 | | BBB- | | | 1,000 | | | | 1,077,660 | |
| Total | | | | | | | | | | | | | 38,461,294 | |
| 88 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Lease Obligations 6.30% | | | | | | | | | | | | | | |
| CA Pub Wks–Judicial Council | | 5.00% | | 12/1/2028 | | A+ | | $ | 5,600 | | | $ | 6,620,712 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2033 | | A+ | | | 8,500 | | | | 9,930,040 | |
| CA Pub Wks–Various Cap Proj | | 5.125% | | 10/1/2031 | | A+ | | | 2,500 | | | | 2,927,475 | |
| CA Pub Wks–Various Cap Proj | | 5.375% | | 11/1/2022 | | A+ | | | 5,000 | | | | 5,656,900 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2026 | | AA | | | 5,275 | | | | 6,407,912 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.25% | | 5/1/2028 | | AA | | | 7,000 | | | | 8,247,330 | |
| Goodyear Pub Impt | | 6.00% | | 7/1/2031 | | AA- | | | 2,350 | | | | 2,550,737 | |
| Houston Co Coop Dist–Country Crossing(e) | | 12.50% | | 5/15/2020 | | NR | | | 1,768 | | | | 247,520 | |
| IL Sports Facs Auth (AGM) | | 5.00% | | 6/15/2027 | | AA | | | 3,500 | | | | 4,037,390 | |
| IN Fin Auth–I-69 AMT | | 5.25% | | 9/1/2034 | | BB- | | | 2,400 | | | | 2,633,904 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2035 | | BBB | | | 6,500 | | | | 7,488,715 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2040 | | BBB | | | 3,000 | | | | 3,440,340 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2044 | | BBB | | | 3,145 | | | | 3,602,440 | |
| IN Fin Auth–Stadium | | 5.25% | | 2/1/2032 | | AA+ | | | 4,500 | | | | 5,590,935 | |
| MD EDC–Purple Line Light Rail AMT | | 5.00% | | 3/31/2046 | | BBB+ | | | 1,250 | | | | 1,484,525 | |
| MD EDC–Purple Line Light Rail AMT | | 5.00% | | 3/31/2051 | | BBB+ | | | 2,450 | | | | 2,900,310 | |
| MI Fin Auth–Detroit Sch Dist | | 5.50% | | 6/1/2021 | | B | | | 10,000 | | | | 10,586,400 | |
| NJ EDA–Goethals Brdg AMT | | 5.625% | | 1/1/2052 | | BBB- | | | 7,500 | | | | 8,814,750 | |
| NJ EDA–Sch Facs | | 2.44% | # | 3/1/2028 | | A- | | | 4,625 | | | | 4,269,106 | |
| NJ Trans Trust Fund | | 5.00% | | 12/15/2023 | | A- | | | 4,425 | | | | 5,149,107 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2030 | | AA | | | 10,000 | | | | 11,966,600 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2031 | | AA | | | 6,000 | | | | 7,168,980 | |
| Philadelphia Muni Auth | | 6.375% | | 4/1/2029 | | A+ | | | 2,000 | | | | 2,239,920 | |
| Sacramento City Fing Auth (AMBAC) | | 5.25% | | 12/1/2023 | | A+ | | | 3,150 | | | | 3,951,014 | |
| San Diego PFA–Master Lease | | 5.25% | | 9/1/2035 | | AA- | | | 5,000 | | | | 5,690,250 | |
| Total | | | | | | | | | | | | | 133,603,312 | |
| | | | | | | | | | | | | | | |
| Other Revenue 7.84% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A3 | | | 8,015 | | | | 8,966,861 | |
| Arlington Hi Ed Fin Corp–Arlington Classics | | 7.65% | | 8/15/2040 | | BB+ | | | 5,750 | | | | 6,432,467 | |
| Arlington Higher Ed–Uplift Education | | 5.00% | | 12/1/2046 | | BBB- | | | 1,100 | | | | 1,272,546 | |
| Arlington Higher Ed–Uplift Education | | 5.00% | | 12/1/2051 | | BBB- | | | 1,250 | | | | 1,440,213 | |
| Austin Convention† | | 5.75% | | 1/1/2034 | | BB | | | 5,000 | | | | 5,048,100 | |
| Austin Convention CR (BHAC)(XLCA) | | 5.00% | | 1/1/2034 | | AA+ | | | 2,400 | | | | 2,420,280 | |
| Baker Correctional Dev | | 7.50% | | 2/1/2030 | | NR | | | 3,500 | | | | 2,795,275 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2042 | | Baa3 | | | 3,150 | | | | 3,765,069 | |
| Brooklyn Arena LDC–Barclays Ctr | | 6.375% | | 7/15/2043 | | BBB- | | | 9,000 | | | | 10,546,380 | |
| Brooklyn Arena LDC–Barclays Ctr (AGM) | | 4.00% | | 7/15/2035 | | AA | | | 500 | | | | 554,665 | |
| | See Notes to Financial Statements. | 89 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| CA Infra & Econ Dev–Acad Motion Pict | | 5.00% | | 11/1/2041 | | Aa2 | | $ | 2,500 | | | $ | 2,979,575 | |
| CA Infra & Econ Dev–Gladstone Inst | | 5.25% | | 10/1/2034 | | A- | | | 8,100 | | | | 9,419,247 | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2041 | | BBB | | | 1,250 | | | | 1,429,963 | |
| City of Miami Beach–Parking Revs (BAM) | | 5.00% | | 9/1/2040 | | AA | | | 2,000 | | | | 2,360,180 | |
| Cleveland Arpt | | 5.00% | | 1/1/2030 | | A- | | | 2,000 | | | | 2,290,520 | |
| Clifton Higher Ed–IDEA Pub Schs | | 6.00% | | 8/15/2043 | | BBB | | | 1,000 | | | | 1,185,420 | |
| Clifton Higher Ed–Uplift Education | | 5.70% | | 12/1/2025 | | BBB- | | | 2,000 | | | | 2,288,460 | |
| Clifton Higher Ed–Uplift Education | | 6.00% | | 12/1/2030 | | BBB- | | | 1,000 | | | | 1,156,110 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2041 | | BBB | | | 1,500 | | | | 1,744,350 | |
| DC Rev–KIPP Chtr Sch | | 6.00% | | 7/1/2043 | | BBB+ | | | 1,000 | | | | 1,185,110 | |
| DC Rev–KIPP Chtr Sch | | 6.00% | | 7/1/2048 | | BBB+ | | | 1,000 | | | | 1,181,760 | |
| 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- | (c) | | 5,500 | | | | 6,432,360 | |
| HI Dept Budget–Hawaiian Electric AMT | | 3.25% | | 1/1/2025 | | Baa2 | | | 3,250 | | | | 3,493,100 | |
| IL Fin Auth–Noble Chrter Schs | | 6.125% | | 9/1/2039 | | BBB | | | 5,100 | | | | 5,986,482 | |
| IN Fin Auth–Drexel Foundation | | 7.00% | | 10/1/2039 | | B- | | | 1,250 | | | | 1,279,625 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 2/1/2031 | | Aa2 | | | 6,645 | | | | 7,931,472 | |
| Kansas City IDA–Derrick Thomas Sch† | | 5.875% | | 1/1/2037 | | NR | | | 1,850 | | | | 462,500 | |
| Long Beach Nat Gas–ML | | 1.997% | # | 11/15/2027 | | BBB+ | | | 9,000 | | | | 8,555,760 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2046 | | A3 | | | 5,000 | | | | 6,735,750 | |
| MA DFA–Broad Inst | | 5.25% | | 4/1/2037 | | AA- | | | 7,250 | | | | 8,391,802 | |
| Met Boston Trans Pkg Corp | | 5.25% | | 7/1/2033 | | A+ | | | 11,000 | | | | 12,868,900 | |
| MI Fin Auth–Student Loan AMT | | 5.00% | | 11/1/2020 | | Aa3 | | | 1,750 | | | | 1,951,407 | |
| MI Fin Auth–Student Loan AMT | | 5.00% | | 11/1/2021 | | Aa3 | | | 1,500 | | | | 1,702,050 | |
| MI Fin Auth–Student Loan AMT | | 5.00% | | 11/1/2022 | | Aa3 | | | 1,650 | | | | 1,898,078 | |
| MI Pub Ed–Bradford Admy | | 8.75% | | 9/1/2039 | | NR | | | 2,250 | | | | 1,800,023 | |
| Middlesex Co Impt Auth–Heldrich Ctr(e) | | 6.125% | | 1/1/2025 | | NR | | | 1,250 | | | | 50,000 | |
| Middlesex Co Impt Auth–Heldrich Ctr(e) | | 6.25% | | 1/1/2037 | | NR | | | 1,700 | | | | 68,000 | |
| Mohave Co IDA–Mohave Prison | | 8.00% | | 5/1/2025 | | BBB+ | | | 6,500 | | | | 6,533,540 | |
| NJ EDA–Team Academy | | 6.00% | | 10/1/2043 | | BBB | | | 3,500 | | | | 4,054,750 | |
| Philadelphia Gas Works | | 5.00% | | 10/1/2032 | | A | | | 4,115 | | | | 4,995,034 | |
| Pima Co IDA–American Charter Sch | | 5.50% | | 7/1/2026 | | BB | (c) | | 3,260 | | | | 3,235,485 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | 5.00% | | 7/15/2039 | | A3 | | | 7,000 | | | | 7,021,420 | |
| Total | | | | | | | | | | | | | 166,206,089 | |
| | | | | | | | | | | | | | | |
| Special Tax 3.13% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2035 | | Baa2 | | | 4,300 | | | | 4,698,954 | |
| Aurora TIF–East River | | 6.75% | | 12/30/2027 | | NR | | | 790 | | | | 842,598 | |
| 90 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| Baltimore Spl Oblig–E Baltimore Resrch | | 7.00% | | 9/1/2038 | | NR | | $ | 1,500 | | | $ | 1,584,525 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 8/1/2034 | | AA | | | 3,600 | | | | 4,317,912 | |
| Fontana PFA–North Fontana Redev (AMBAC) | | 5.50% | | 9/1/2032 | | A+ | | | 2,000 | | | | 2,006,660 | |
| Gramercy Farms CDD~ | | Zero Coupon | | 5/1/2039 | | NR | | | 5,240 | | | | 1,048,000 | |
| Gramercy Farms Cmnty Dev Dist(e) | | 5.25% | | 5/1/2039 | | NR | | | 1,340 | | | | 13 | |
| HI Dept Home Lands | | 5.875% | | 4/1/2034 | | A1 | | | 3,000 | | | | 3,301,650 | |
| Houston Co Coop Dist–Country Crossing(e) | | 10.00% | | 5/1/2039 | | NR | | | 5,000 | | | | 550,000 | |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 3,375 | | | | 3,996,338 | |
| Irvine CFD–Great Park | | 5.00% | | 9/1/2044 | | NR | | | 500 | | | | 563,525 | |
| Millsboro Spl Oblig–Plantation Lakes | | 5.45% | | 7/1/2036 | | NR | | | 1,996 | | | | 1,923,405 | |
| MTA NY–Hudson Rail Yards | | 5.00% | | 11/15/2056 | | A2 | | | 3,040 | | | | 3,515,091 | |
| NJ EDA–Kapkowski Rd Landfill | | 6.50% | | 4/1/2028 | | Ba2 | | | 2,325 | | | | 2,943,543 | |
| NYC IDA–Yankee Stadium (NPFGC)(FGIC) | | 1.695% | # | 3/1/2024 | | AA- | | | 4,500 | | | | 4,385,250 | |
| Rancho Cucamonga Redev Agy (AGM) | | 5.00% | | 9/1/2030 | | AA | | | 1,000 | | | | 1,206,970 | |
| Rancho Cucamonga Redev Agy (AGM) | | 5.00% | | 9/1/2031 | | AA | | | 1,400 | | | | 1,680,742 | |
| Riverside Co Redev Agy–Tax Alloc | | 6.50% | | 10/1/2040 | | A- | | | 2,000 | | | | 2,348,440 | |
| Riverside Co Redev Agy–Tax Alloc (8.50% after 10/1/2021)~ | | Zero Coupon | | 10/1/2041 | | A | | | 11,195 | | | | 11,287,919 |
|
| San Diego Redev Agy–No Pk Redev | | 7.00% | | 11/1/2039 | | A | | | 2,500 | | | | 2,866,600 | |
| San Francisco Redev–Mission Bay South | | 5.00% | | 8/1/2043 | | A- | | | 1,400 | | | | 1,672,468 | |
| San Francisco Redev–Mission Bay South | | 7.00% | | 8/1/2033 | | BBB+ | | | 1,000 | | | | 1,253,650 | |
| San Francisco Redev–Mission Bay South | | 7.00% | | 8/1/2041 | | BBB+ | | | 1,400 | | | | 1,755,110 | |
| San Francisco Redev–Mission Bay South (NPFGC)(FGIC) |
| 5.00% | | 8/1/2041 | | AA- | | | 1,800 | | | | 2,177,496 | |
| Sparks Tourism Impt Dist† | | 6.50% | | 6/15/2020 | | B1 | | | 1,145 | | | | 1,205,021 | |
| Sparks Tourism Impt Dist† | | 6.75% | | 6/15/2028 | | B1 | | | 2,500 | | | | 2,634,875 | |
| Stone Canyon CID(e) | | 5.70% | | 4/1/2022 | | NR | | | 1,000 | | | | 250,000 | |
| Stone Canyon CID(e) | | 5.75% | | 4/1/2027 | | NR | | | 1,300 | | | | 325,000 | |
| Total | | | | | | | | | | | | | 66,341,755 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 5.90% | | | | | | | | | | | | | | |
| Hamilton Sales Tax | | 5.00% | | 12/1/2030 | | AA- | | | 2,700 | | | | 3,356,802 | |
| MA Sch Bldg Auth–Sales Tax(b) | | 5.00% | | 2/1/2028 | | AA+ | | | 20,000 | | | | 23,525,000 | |
| Met Pier & Expo Auth–Mccormick Place | | 5.50% | | 6/15/2053 | | BBB | | | 4,150 | | | | 4,857,990 | |
| Met Pier & Expo Auth–Mccormick Place (AGM) | | Zero Coupon | | 6/15/2045 | | AA | | | 3,145 | | | | 954,193 | |
| Met Pier & Expo Auth–Mccormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2030 | | AA- | | | 10,000 | | | | 5,811,900 | |
| | See Notes to Financial Statements. | 91 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| Met Pier & Expo Auth–Mccormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2036 | | AA- | | $ | 20,000 | | | $ | 8,691,000 | |
| Met Pier & Expo Auth–Mccormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2037 | | AA- | | | 15,000 | | | | 6,215,850 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2023 | | BBB+ | | | 2,065 | | | | 2,347,926 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2025 | | BBB+ | | | 1,000 | | | | 1,125,670 | |
| Nrthn IN Cmmtr Trans Dist | | 5.00% | | 7/1/2041 | | AA- | | | 3,250 | | | | 3,877,055 | |
| NY Conv Ctr Dev Corp | | 5.00% | | 11/15/2040 | | Aa3 | | | 2,500 | | | | 3,013,150 | |
| NYC TFA–Future Tax(b) | | 5.00% | | 11/1/2028 | | AAA | | | 4,000 | | | | 4,634,280 | |
| NYC TFA–Future Tax(b) | | 5.00% | | 12/1/2028 | | AAA | | | 12,000 | | | | 13,902,840 | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2043 | | CC | | | 5,130 | | | | 2,680,425 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2041 | | CC | | | 7,165 | | | | 3,779,537 | |
| PR Corp Sales Tax | | 5.375% | | 8/1/2039 | | CC | | | 6,510 | | | | 3,434,025 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2040 | | CC | | | 5,580 | | | | 2,957,400 | |
| PR Corp Sales Tax | | 6.125% | | 8/1/2029 | | CC | | | 2,000 | | | | 1,077,500 | |
| PR Corp. Sales Tax | | 5.00% | | 8/1/2040 | | Caa3 | | | 5,040 | | | | 3,780,000 | |
| San Joaquin Co Trsp Auth | | 5.50% | | 3/1/2041 | | AA | | | 14,000 | | | | 16,339,400 | |
| San Jose Spl Tax–Conv Ctr | | 6.125% | | 5/1/2031 | | A2 | | | 4,190 | | | | 5,010,402 | |
| Yorba Linda Redev Agy | | 6.00% | | 9/1/2026 | | A- | | | 1,145 | | | | 1,376,370 | |
| Yorba Linda Redev Agy | | 6.50% | | 9/1/2032 | | A- | | | 2,000 | | | | 2,437,320 | |
| Total | | | | | | | | | | | | | 125,186,035 | |
| | | | | | | | | | | | | | | |
| Tobacco 3.35% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 10,000 | | | | 9,761,400 | |
| Buckeye Tobacco | | 6.50% | | 6/1/2047 | | B- | | | 2,500 | | | | 2,549,525 | |
| Golden St Tobacco | | 5.00% | | 6/1/2033 | | B- | | | 2,245 | | | | 2,264,195 | |
| Golden St Tobacco | | 5.125% | | 6/1/2047 | | B- | | | 6,500 | | | | 6,500,195 | |
| Golden St Tobacco | | 5.75% | | 6/1/2047 | | B- | | | 4,500 | | | | 4,566,870 | |
| Railsplitter Tobacco Settlement Auth | | 6.00% | | 6/1/2028 | | A- | | | 5,625 | | | | 6,692,006 | |
| RI Tob Settlement | | 5.00% | | 6/1/2035 | | BBB | | | 3,525 | | | | 3,933,477 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2020 | | A | | | 4,490 | | | | 5,082,859 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2022 | | A | | | 4,500 | | | | 5,313,375 | |
| Tobacco Settlement Auth WA | | 5.25% | | 6/1/2032 | | A- | | | 2,000 | | | | 2,308,700 | |
| Tobacco Settlement Fin Corp NJ | | 4.625% | | 6/1/2026 | | B+ | | | 3,750 | | | | 3,784,012 | |
| Tobacco Settlement Fin Corp NJ | | 4.75% | | 6/1/2034 | | B- | | | 6,255 | | | | 6,001,735 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2041 | | B- | | | 2,000 | | | | 1,931,160 | |
| Tobacco Settlement Fin Corp VA | | 5.00% | | 6/1/2047 | | B- | | | 5,195 | | | | 5,098,737 | |
| TSASC | | 5.00% | | 6/1/2026 | | BB- | | | 3,180 | | | | 3,184,357 | |
| 92 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| TSASC | | 5.125% | | 6/1/2042 | | B- | | $ | 2,000 | | | $ | 1,978,740 | |
| Total | | | | | | | | | | | | | 70,951,343 | |
| | | | | | | | | | | | | | | |
| Transportation 20.08% | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2036 | | BBB+ | | | 2,000 | | | | 2,419,880 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2037 | | BBB+ | | | 1,500 | | | | 1,813,440 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2028 | | AA- | | | 1,000 | | | | 1,229,200 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2031 | | AA- | | | 5,000 | | | | 6,021,000 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2045 | | BBB+ | | | 4,500 | | | | 5,239,800 | |
| Central TX Mobility Auth | | 6.00% | | 1/1/2041 | | BBB+ | | | 10,000 | | | | 12,009,900 | |
| Central TX Tpk | | 5.00% | | 8/15/2033 | | BBB+ | | | 4,550 | | | | 5,374,915 | |
| Charlotte Arpt | | 5.00% | | 7/1/2031 | | Aa3 | | | 4,815 | | | | 5,788,400 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2026 | | A | | | 2,000 | | | | 2,369,840 | |
| Chicago O’Hare Arpt | | 5.625% | | 1/1/2035 | | A | | | 1,450 | | | | 1,671,488 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2046 | | A | | | 1,000 | | | | 1,134,830 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2031 | | AA | | | 900 | | | | 1,062,153 | |
| Cleveland Arpt (AMBAC) | | 5.25% | | 1/1/2020 | | A- | | | 2,550 | | | | 2,845,137 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2034 | | A | | | 7,200 | | | | 8,563,248 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2032 | | AA- | | | 4,200 | | | | 2,665,194 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2037 | | AA- | | | 7,720 | | | | 3,199,554 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | BBB- | | | 4,500 | | | | 2,489,535 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2049 | | BBB- | | | 5,000 | | | | 6,039,300 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2053 | | BBB- | | | 8,000 | | | | 9,645,360 | |
| HI Arpt | | 5.00% | | 7/1/2034 | | A+ | | | 3,000 | | | | 3,371,220 | |
| HI Arpts AMT | | 5.00% | | 7/1/2041 | | A+ | | | 5,000 | | | | 5,817,800 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2035 | | BB- | | | 4,000 | | | | 4,462,680 | |
| Houston Arpt–Continental Airlines AMT | | 6.625% | | 7/15/2038 | | BB- | | | 2,500 | | | | 2,899,250 | |
| Lee Co Arpt AMT | | 5.375% | | 10/1/2032 | | A | | | 3,695 | | | | 4,214,628 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2041 | | AA | | | 4,000 | | | | 4,746,480 | |
| MA Port Auth AMT | | 5.00% | | 7/1/2040 | | AA | | | 1,500 | | | | 1,757,985 | |
| MA Port Auth AMT | | 5.00% | | 7/1/2045 | | AA | | | 3,315 | | | | 3,871,124 | |
| Met DC Arpt AMT | | 5.00% | | 10/1/2027 | | AA- | | | 3,250 | | | | 3,939,845 | |
| Met DC Arpt AMT | | 5.00% | | 10/1/2028 | | AA- | | | 2,000 | | | | 2,375,180 | |
| Met DC Arpt AMT | | 5.00% | | 10/1/2035 | | AA- | | | 4,525 | | | | 5,409,004 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2030 | | BBB+ | | | 550 | | | | 656,040 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2032 | | BBB+ | | | 1,160 | | | | 1,378,996 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2043 | | BBB+ | | | 1,500 | | | | 1,766,475 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2028 | | A | | | 4,435 | | | | 5,297,164 | |
| | See Notes to Financial Statements. | 93 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2029 | | A | | $ | 2,500 | | | $ | 2,965,975 | |
| Mid Bay Bridge Auth | | 7.25% | | 10/1/2034 | | AAA | (c) | | 5,900 | | | | 7,640,087 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2031 | | A+ | | | 2,000 | | | | 2,403,920 | |
| MTA NY | | 4.00% | | 11/15/2036 | | AA- | | | 5,000 | | | | 5,562,300 | |
| MTA NY | | 5.00% | | 11/15/2030 | | AA- | | | 5,095 | | | | 6,109,465 | |
| MTA NY | | 6.50% | | 11/15/2028 | | AA- | | | 1,905 | | | | 2,129,276 | |
| New Orleans Aviation Brd AMT | | 5.00% | | 1/1/2040 | | A- | | | 5,000 | | | | 5,740,700 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2025 | | Baa1 | | | 2,750 | | | | 3,190,413 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2026 | | Baa1 | | | 1,000 | | | | 1,154,640 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | A- | | | 4,500 | | | | 5,367,150 | |
| North TX Twy Auth | | 5.00% | | 9/1/2028 | | AA+ | | | 10,000 | | | | 11,690,500 | |
| North TX Twy Auth | | 5.00% | | 1/1/2040 | | A1 | | | 4,350 | | | | 5,075,624 | |
| North TX Twy Auth | | 6.00% | | 1/1/2025 | | A1 | | | 615 | | | | 653,069 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2046 | | Baa3 | | | 5,150 | | | | 5,836,237 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.25% | | 1/1/2050 | | Baa3 | | | 10,785 | | | | 12,377,082 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2022 | | Baa1 | | | 1,125 | | | | 1,322,021 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2023 | | Baa1 | | | 970 | | | | 1,163,777 | |
| OK Tpk Auth(b) | | 5.00% | | 2/1/2027 | | AA- | | | 5,000 | | | | 5,796,800 | |
| OK Tpk Auth(b) | | 5.00% | | 11/1/2027 | | AA- | | | 11,000 | | | | 12,752,960 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 12/31/2038 | | BBB | | | 2,500 | | | | 2,921,650 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 6/30/2042 | | BBB | | | 8,500 | | | | 9,902,330 | |
| PA Tpk Commn | | 5.00% | | 6/1/2029 | | A3 | | | 9,000 | | | | 10,806,300 | |
| PA Tpk Commn | | 5.00% | | 12/1/2032 | | A- | | | 7,000 | | | | 8,031,100 | |
| PA Tpk Commn | | 5.00% | | 12/1/2045 | | A1 | | | 3,350 | | | | 3,911,996 | |
| PA Tpk Commn | | 6.00% | | 12/1/2034 | | NR | | | 1,720 | | | | 2,067,612 | |
| PA Tpk Commn | | 6.00% | | 12/1/2034 | | A- | | | 10,280 | | | | 12,118,475 | |
| Port Auth NY & NJ | | 5.25% | | 10/15/2055 | | AA- | | | 3,325 | | | | 4,050,848 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2042 | | AA | | | 1,875 | | | | 2,201,231 | |
| Port Auth NY & NJ AMT | | 5.00% | | 12/1/2021 | | AA- | | | 6,365 | | | | 7,514,646 | |
| Port Oakland AMT | | 5.00% | | 5/1/2028 | | A+ | | | 2,350 | | | | 2,694,181 | |
| Port Oakland AMT (NPFGC)(FGIC) | | 5.00% | | 11/1/2026 | | AA- | | | 2,285 | | | | 2,372,721 | |
| Port of Portland–Portland Intl Arpt AMT | | 5.00% | | 7/1/2039 | | AA- | | | 2,000 | | | | 2,319,240 | |
| PR Hwy & Trans Auth (AG)(AGM) | | 5.50% | | 7/1/2025 | | AA | | | 2,000 | | | | 2,266,600 | |
| PR Hwy & Trans Auth (AGM) | | 5.25% | | 7/1/2032 | | AA | | | 2,000 | | | | 2,328,080 | |
| PR Hwy & Trans Auth (AMBAC) | | 5.25% | | 7/1/2038 | | CC | | | 2,000 | | | | 2,135,980 | |
| Regional Trans Dist–Denver Trans | | 6.00% | | 1/15/2034 | | Baa3 | | | 1,800 | | | | 2,076,984 | |
| Regional Trans Dist COP | | 5.375% | | 6/1/2031 | | Aa3 | | | 5,200 | | | | 5,880,316 | |
| 94 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| San Antonio Arpt AMT | | 5.00% | | 7/1/2045 | | A+ | | $ | 8,435 | | | $ | 9,667,185 | |
| San Antonio Arpt AMT (AGM) | | 5.25% | | 7/1/2032 | | AA | | | 1,500 | | | | 1,540,920 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2025 | | A+ | | | 10,000 | | | | 11,617,800 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2046 | | A+ | | | 16,000 | | | | 18,717,600 | |
| San Francisco Arpt AMT | | 5.25% | | 5/1/2033 | | A+ | | | 7,000 | | | | 8,196,860 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2050 | | BBB- | | | 12,750 | | | | 14,737,725 | |
| San Jose Arpt AMT | | 6.25% | | 3/1/2034 | | A2 | | | 5,000 | | | | 5,896,350 | |
| South Carolina Ports AMT | | 5.25% | | 7/1/2055 | | A+ | | | 5,000 | | | | 5,755,200 | |
| St Louis Arpt–Lambert Intl Arpt | | 6.25% | | 7/1/2029 | | A- | | | 3,020 | | | | 3,422,626 | |
| VA Port Auth AMT | | 5.00% | | 7/1/2029 | | Aa3 | | | 8,615 | | | | 10,325,939 | |
| VA Small Bus Fing–95 Express Lanes AMT | | 5.00% | | 7/1/2034 | | BBB- | | | 1,525 | | | | 1,684,225 | |
| VA Small Bus Fing–95 Express Lanes AMT | | 5.00% | | 1/1/2040 | | BBB- | | | 4,880 | | | | 5,339,794 | |
| VA Small Bus Fing–Elizabeth River AMT | | 5.25% | | 1/1/2032 | | BBB | | | 6,100 | | | | 7,079,843 | |
| VA Small Bus Fing–Elizabeth River AMT | | 6.00% | | 1/1/2037 | | BBB | | | 1,500 | | | | 1,809,270 | |
| Wayne Co Arpt AMT | | 5.00% | | 12/1/2039 | | A | | | 1,700 | | | | 1,911,565 | |
| Total | | | | | | | | | | | | | 425,781,233 | |
| | | | | | | | | | | | | | | |
| Utilities 11.19% | | | | | | | | | | | | | | |
| Atlanta Wtr & Wastewtr | | 6.00% | | 11/1/2028 | | AA- | | | 3,000 | | | | 3,457,620 | |
| Atlanta Wtr & Wastewtr | | 6.00% | | 11/1/2029 | | AA- | | | 4,000 | | | | 4,610,160 | |
| Baltimore Wastewater | | 5.00% | | 7/1/2039 | | AA- | | | 4,250 | | | | 5,022,650 | |
| Baltimore Water | | 5.00% | | 7/1/2032 | | AA- | | | 2,435 | | | | 2,931,862 | |
| Beaver Co IDA–FirstEnergy | | 4.00% | # | 1/1/2035 | | Ba2 | | | 5,000 | | | | 4,333,950 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2032 | | A3 | | | 5,000 | | | | 5,720,600 | |
| Central Plains–Goldman Sachs | | 5.25% | | 9/1/2037 | | A3 | | | 8,685 | | | | 10,024,574 | |
| Chicago Water | | 5.00% | | 11/1/2028 | | A | | | 500 | | | | 600,815 | |
| Chicago Water | | 5.00% | | 11/1/2029 | | A | | | 875 | | | | 1,047,156 | |
| Chicago Water | | 5.00% | | 11/1/2030 | | A | | | 500 | | | | 597,405 | |
| Chicago Water | | 5.00% | | 11/1/2039 | | A | | | 2,600 | | | | 2,950,350 | |
| Chula Vista IDR–San Diego G & E Rmkt | | 5.875% | | 1/1/2034 | | Aa2 | | | 2,125 | | | | 2,382,656 | |
| CO Public Auth–ML | | 6.50% | | 11/15/2038 | | BBB+ | | | 3,270 | | | | 4,784,239 | |
| Compton Water | | 6.00% | | 8/1/2039 | | NR | | | 5,500 | | | | 5,841,770 | |
| DE EDA–NRG Energy | | 5.375% | | 10/1/2045 | | Baa3 | | | 8,250 | | | | 9,023,685 | |
| Detroit Sewer | | 5.00% | | 7/1/2034 | | BBB+ | | | 1,595 | | | | 1,867,968 | |
| Detroit Sewer | | 5.00% | | 7/1/2035 | | BBB+ | | | 1,335 | | | | 1,554,474 | |
| El Dorado Irrigation Dist (AGM) | | 5.00% | | 3/1/2034 | | AA | | | 3,600 | | | | 4,307,040 | |
| FL Muni Pwr Agy | | 6.25% | | 10/1/2031 | | A2 | | | 4,000 | | | | 4,623,280 | |
| IN Fin Auth–Citizens Energy | | 5.00% | | 10/1/2046 | | AA- | | | 4,500 | | | | 5,314,410 | |
| | See Notes to Financial Statements. | 95 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| IN Fin Auth–Ohio Vly Elec | | 5.00% | | 6/1/2032 | | BBB- | | $ | 2,250 | | | $ | 2,424,105 | |
| IN Fin Auth–Ohio Vly Elec | | 5.00% | | 6/1/2039 | | BBB- | | | 2,000 | | | | 2,121,000 | |
| IN Muni Pwr | | 5.25% | | 1/1/2030 | | A+ | | | 2,000 | | | | 2,421,860 | |
| IN Muni Pwr | | 5.25% | | 1/1/2032 | | A+ | | | 2,050 | | | | 2,475,191 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2027 | | AA | | | 4,875 | | | | 3,245,677 | |
| Jefferson Co Sewer (AGM) | | 5.50% | | 10/1/2053 | | AA | | | 2,015 | | | | 2,391,342 | |
| KY Muni Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 9/1/2035 | | AA- | | | 5,000 | | | | 5,879,450 | |
| KY Muni Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 9/1/2036 | | AA- | | | 4,000 | | | | 4,688,560 | |
| Lansing Brd Wtr & Light | | 5.00% | | 7/1/2030 | | AA- | | | 4,735 | | | | 5,457,419 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | BBB+ | | | 3,300 | | | | 4,501,530 | |
| Louisville/Jeff Co Met Swr Dist | | 5.00% | | 5/15/2028 | | AA | | | 9,710 | | | | 11,365,458 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2040 | | A | | | 2,625 | | | | 3,077,235 | |
| Maricopa Co Poll Ctl–El Paso Elec | | 7.25% | | 2/1/2040 | | Baa1 | | | 3,500 | | | | 3,973,900 | |
| MO Joint Muni Elec Util Commn | | 5.00% | | 12/1/2040 | | A2 | | | 4,600 | | | | 5,467,974 | |
| New Orleans Water | | 5.00% | | 12/1/2034 | | A- | | | 1,000 | | | | 1,163,340 | |
| New Orleans Water | | 5.00% | | 12/1/2040 | | A- | | | 1,250 | | | | 1,448,800 | |
| New Orleans Water | | 5.00% | | 12/1/2045 | | A- | | | 4,000 | | | | 4,618,840 | |
| North Sumter Co Util Dep Dist | | 5.375% | | 10/1/2030 | | A | | | 5,000 | | | | 5,751,650 | |
| OH Air Quality–FirstEnergy | | 3.625% | # | 12/1/2033 | | Ba2 | | | 1,250 | | | | 1,104,825 | |
| OH Air Quality–FirstEnergy | | 5.70% | | 8/1/2020 | | Ba2 | | | 3,250 | | | | 3,110,055 | |
| OH Air Quality–Ohio Vly Elec | | 5.625% | | 10/1/2019 | | BBB- | | | 4,620 | | | | 5,052,848 | |
| Omaha Pub Pwr Dist | | 5.25% | | 2/1/2042 | | A+ | | | 3,500 | | | | 4,198,635 | |
| Paducah Electric (AGM) | | 5.00% | | 10/1/2033 | | AA | | | 1,000 | | | | 1,179,080 | |
| Paducah Electric (AGM) | | 5.00% | | 10/1/2035 | | AA | | | 1,000 | | | | 1,169,640 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2029 | | A | | | 1,750 | | | | 2,133,093 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2030 | | A | | | 1,500 | | | | 1,823,010 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2028 | | A1 | | | 2,520 | | | | 3,069,158 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2030 | | A1 | | | 3,355 | | | | 4,041,802 | |
| Pima CO IDA–Tucson Elec | | 4.00% | | 9/1/2029 | | A3 | | | 5,040 | | | | 5,569,654 | |
| PR Aqueduct & Swr Auth | | 5.75% | | 7/1/2037 | | Caa3 | | | 7,280 | | | | 5,587,400 | |
| PR Elec Pwr Auth | | 1.133% | # | 7/1/2031 | | Caa3 | | | 4,000 | | | | 2,560,000 | |
| Salt Verde Fin Corp–Citi | | 5.25% | | 12/1/2027 | | BBB+ | | | 3,585 | | | | 4,495,769 | |
| SC Pub Svc Auth–Santee Cooper | | 5.25% | | 12/1/2055 | | AA- | | | 11,400 | | | | 13,611,030 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 1.977% | # | 11/1/2038 | | A3 | | | 3,000 | | | | 2,742,090 | |
| TEAC–Goldman Sachs | | 5.625% | | 9/1/2026 | | BBB | (c) | | 3,000 | | | | 3,593,580 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2028 | | A3 | | | 3,000 | | | | 3,453,840 | |
| 96 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2016
| Investments | | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | |
| TX Muni Gas Acq & Supply–Macquarie | | | | 5.00% | | 12/15/2029 | | A3 | | $ | 9,520 | | | $ | 10,907,064 | |
| Westmoreland Co Water (BAM) | | | | 5.00% | | 8/15/2042 | | AA | | | 3,000 | | | | 3,524,940 | |
| WV EDA–Morgantown Energy AMT | | | | 2.875% | | 12/15/2026 | | Baa3 | | | 1,000 | | | | 1,003,060 | |
| Total | | | | | | | | | | | | | | | 237,400,568 | |
| Total Municipal Bonds (cost $1,965,983,182) | | | | | | | | | | | | | | | 2,116,163,974 | |
| | | | | | | | | | | | | | | | | |
| | | Interest
Rate# | | Interest
Rate
Reset
Date(f) | | Final
Maturity
Date | | | | | | | | | | |
| SHORT-TERM INVESTMENTS 0.27% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.27% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 0.24% | | | | | | | | | | | | | | | | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 12/1/2039 | | A2 | | | 200 | | | | 200,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 4/1/2040 | | A2 | | | 1,100 | | | | 1,100,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 4/1/2040 | | A2 | | | 3,700 | | | | 3,700,000 | |
| Total | | | | | | | | | | | | | | | 5,000,000 | |
| | | | | | | | | | | | | | | | | |
| General Obligation 0.03% | | | | | | | | | | | | | | | | |
| NYC GO (AGM) | | 0.96% | | 10/3/2016 | | 11/1/2026 | | AA | | | 700 | | | | 700,000 | |
| Total Short-Term Investments (cost $5,700,000) | | | | | | | | | | | 5,700,000 | |
| Total Investments in Securities 100.06% (cost $1,971,683,182) | | | | | | | | | | | 2,121,863,974 | |
| Cash and Other Assets in Excess of Liabilities(i) (0.06%) | | | | | | | | | | | (1,338,229 | ) |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 2,120,525,745 | |
Open Futures Contracts at September 30, 2016:
| Type | | Expiration | | Contracts | | | Position | | Fair Value | | | Unrealized
Depreciation | |
| U.S. 10-Year Treasury Note | | December 2016 | | | 132 | | | Short | | $ | (17,308,500 | ) | | $ | (18,792 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
| | See Notes to Financial Statements. | 97 |
Schedule of Investments (concluded)
NATIONAL TAX FREE FUND September 30, 2016
The following is a summary of the inputs used as of September 30, 2016 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 | | | | | | | | | | | | | | | | |
| Corporate-Backed | | $ | – | | | $ | 120,976,013 | | | $ | 3,243,751 | (4) | | $ | 124,219,764 | |
| Lease Obligations | | | – | | | | 133,355,792 | | | | 247,520 | (4) | | | 133,603,312 | |
| Remaining Industries | | | – | | | | 1,858,340,898 | | | | – | | | | 1,858,340,898 | |
| Variable Rate Demand Notes | | | – | | | | 5,700,000 | | | | – | | | | 5,700,000 | |
| Total | | $ | – | | | $ | 2,118,372,703 | | | $ | 3,491,271 | | | $ | 2,121,863,974 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(5) | | $ | – | | | $ | (42,250,000 | ) | | $ | – | | | $ | (42,250,000 | ) |
| Total | | $ | – | | | $ | (42,250,000 | ) | | $ | – | | | $ | (42,250,000 | ) |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| Liabilities | | | (18,792 | ) | | | – | | | | – | | | | (18,792 | ) |
| Total | | $ | (18,792 | ) | | $ | – | | | $ | – | | | $ | (18,792 | ) |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| (4) | Includes securities valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| (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, 2015 | | $ | – | |
| Accrued discounts/premiums | | | 861 | |
| Realized gain (loss) | | | – | |
| Change in unrealized appreciation/depreciation | | | (692,251 | ) |
| Purchases | | | – | |
| Sales | | | – | |
| Net transfers in or out of Level 3 | | | 4,182,661 | |
| Balance as of September 30, 2016 | | $ | 3,491,271 | |
| 98 | See Notes to Financial Statements. |
Schedule of Investments
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 99.56% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 12.50% | | | | | | | | | | | | | | |
| AK IDA–Anchorage Sportsplex(e) | | 6.12% | | 8/1/2031 | | NR | | $ | 2,869 | | | $ | 573,841 | |
| Aleutians E Burough–Pribilof Islands (ACA) | | 5.50% | | 6/1/2025 | | NR | | | 1,375 | | | | 1,376,155 | |
| Aleutians E Burough–Pribilof Islands (ACA) | | 5.50% | | 6/1/2036 | | NR | | | 3,210 | | | | 3,211,701 | |
| Allegheny Co IDA–US Steel | | 6.875% | | 5/1/2030 | | B | | | 6,050 | | | | 6,050,363 | |
| Beauregard Parish–Office Max | | 6.80% | | 2/1/2027 | | B3 | | | 5,000 | | | | 5,019,800 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 5.00% | | 1/1/2035 | | NR | | | 1,450 | | | | 1,647,766 | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 11/21/2045 | | Baa3 | | | 9,000 | | | | 10,118,790 | |
| CA Poll Ctl–Waste Mgmt AMT | | 3.125% | # | 11/1/2040 | | A- | | | 5,000 | | | | 5,315,050 | |
| Chelan Co Dev Corp–Alcoa | | 5.85% | | 12/1/2031 | | BBB- | | | 900 | | | | 902,907 | |
| Cleveland Arpt–Continental Airlines AMT | | 5.375% | | 9/15/2027 | | BB- | | | 15,240 | | | | 15,288,006 | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | | 2,000 | | | | 2,299,880 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/1/2029 | | BB- | | | 4,250 | | | | 4,812,232 | |
| IA Fin Auth–Alcoa | | 4.75% | | 8/1/2042 | | BBB- | | | 5,710 | | | | 5,963,353 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B+ | | | 19,910 | | | | 21,469,948 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.50% | | 12/1/2022 | | B+ | | | 13,000 | | | | 13,457,990 | |
| IL Fin Auth–Leafs Hockey Club(e) | | 5.875% | | 3/1/2027 | | NR | | | 1,500 | | | | 420,000 | |
| IL Fin Auth–Leafs Hockey Club(e) | | 6.00% | | 3/1/2037 | | NR | | | 1,450 | | | | 406,000 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2031 | | BB- | | | 10,210 | | | | 11,163,206 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 660 | | | | 784,291 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2022 | | NR | | | 10,015 | | | | 10,040,939 | |
| Maricopa Co IDA–Waste Mgmt AMT | | 3.375% | # | 12/1/2031 | | A- | | | 4,165 | | | | 4,453,218 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.00% | | 12/1/2016 | | NR | | | 3,430 | | | | 2,058,000 | |
| Middlesex CO Impt Auth–Heldrich Ctr | | 5.00% | | 1/1/2020 | | Caa1 | | | 265 | | | | 258,568 | |
| Niagara Area Dev Corp–Covanta AMT† | | 5.25% | | 11/1/2042 | | Ba2 | | | 15,760 | | | | 16,023,980 | |
| NJ EDA–Continental Airlines AMT | | 5.125% | | 9/15/2023 | | BB- | | | 5,125 | | | | 5,723,754 | |
| NJ EDA–Continental Airlines AMT | | 5.25% | | 9/15/2029 | | BB- | | | 13,935 | | | | 15,576,961 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 4/1/2028 | | BB- | | | 5,965 | | | | 5,985,042 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 6/1/2033 | | BB- | | | 1,885 | | | | 2,132,557 | |
| NJ EDA–Continental Airlines AMT | | 5.625% | | 11/15/2030 | | BB- | | | 2,600 | | | | 3,010,488 | |
| NY Liberty Dev Corp–3 WTC† | | 5.00% | | 11/15/2044 | | NR | | | 29,725 | | | | 34,276,789 | |
| NY Liberty Dev Corp–3 WTC† | | 7.25% | | 11/15/2044 | | NR | | | 4,500 | | | | 5,898,015 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2046 | | BBB | | | 2,000 | | | | 2,014,680 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 6,135 | | | | 6,856,047 | |
| PA Econ Dev–Natl Gypsum AMT | | 5.50% | | 11/1/2044 | | NR | | | 1,000 | | | | 1,117,200 | |
| PA Econ Dev–US Airways | | 8.00% | | 5/1/2029 | | BB- | | | 2,460 | | | | 2,877,265 | |
| Rockdale Co Dev–Visy Paper AMT | | 6.125% | | 1/1/2034 | | NR | | | 6,000 | | | | 6,044,640 | |
| | See Notes to Financial Statements. | 99 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | |
| Rumford Solid Waste–Office Max AMT | | 6.875% | | 10/1/2026 | | B3 | | $ | 1,500 | | | $ | 1,506,015 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 6,145 | | | | 7,041,617 | |
| Tulsa Mun Arpt–American Airlines AMT | | 5.00% | # | 6/1/2035 | | BB- | | | 7,000 | | | | 8,187,900 | |
| Valparaiso Facs–Pratt Paper AMT | | 5.875% | | 1/1/2024 | | NR | | | 1,430 | | | | 1,671,885 | |
| Valparaiso Facs–Pratt Paper AMT | | 7.00% | | 1/1/2044 | | NR | | | 4,000 | | | | 5,030,920 | |
| West Pace Coop Dist(e) | | 9.125% | | 5/1/2039 | | NR | | | 13,770 | | | | 9,115,602 | |
| WI PFA–Natl Gypsum AMT | | 5.25% | | 4/1/2030 | | NR | | | 2,500 | | | | 2,844,825 | |
| WI PFA–TRIPS AMT | | 5.00% | | 7/1/2042 | | BBB | | | 6,000 | | | | 6,591,540 | |
| WI Pub Fin Auth–Celanese AMT | | 4.30% | | 11/1/2030 | | BBB- | | | 2,125 | | | | 2,301,779 | |
| WI Pub Fin Auth–National Gypsum AMT | | 4.00% | | 8/1/2035 | | NR | | | 5,000 | | | | 5,185,000 | |
| Total | | | | | | | | | | | | | 284,106,505 | |
| | | | | | | | | | | | | | | |
| Education 4.48% | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Medaille Clg | | 5.25% | | 4/1/2035 | | BB | | | 2,885 | | | | 2,995,005 | |
| CA Muni Fin–Julian Chtr Sch† | | 5.625% | | 3/1/2045 | | BB- | | | 5,000 | | | | 5,167,000 | |
| CA Stwde–Windrush Sch(e) | | 5.50% | | 7/1/2037 | | NR | | | 7,225 | | | | 72 | |
| Clifton Higher Ed–Intl Ldrshp Sch | | 5.75% | | 8/15/2045 | | NR | | | 4,500 | | | | 5,018,445 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 1,580 | | | | 1,669,191 | |
| Gainesville Redev–Riverside Mil Admy | | 5.125% | | 3/1/2027 | | BB+ | (c) | | 1,375 | | | | 1,377,695 | |
| Gainesville Redev–Riverside Mil Admy | | 5.125% | | 3/1/2037 | | BB+ | (c) | | 4,000 | | | | 4,002,240 | |
| Harrisburg Auth–Univ of Science | | 6.00% | | 9/1/2036 | | NR | | | 12,220 | | | | 11,833,359 | |
| IA HI Ed–Wartburg Clg | | 5.00% | | 10/1/2037 | | BB- | (c) | | 4,750 | | | | 5,061,362 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2021 | | Baa3 | | | 4,325 | | | | 4,337,240 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2023 | | Baa3 | | | 4,000 | | | | 4,008,280 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2025 | | Baa3 | | | 2,500 | | | | 2,504,750 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 4,450 | | | | 4,455,919 | |
| IL Fin Auth–IL Inst of Tech | | 7.125% | | 2/1/2034 | | Baa3 | | | 3,090 | | | | 3,268,077 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2036 | | A- | | | 1,000 | | | | 1,150,830 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2046 | | A- | | | 1,170 | | | | 1,337,930 | |
| LA PFA–LSU Nicholson Gateway | | 5.00% | | 7/1/2046 | | A3 | | | 2,100 | | | | 2,431,191 | |
| MA DFA–Emmanuel College | | 5.00% | | 10/1/2043 | | Baa2 | | | 2,250 | | | | 2,614,815 | |
| Marietta Dev Auth–Life Univ | | 7.00% | | 6/15/2030 | | Ba3 | | | 5,000 | | | | 5,363,850 | |
| Marietta Dev Auth–Life Univ | | 7.00% | | 6/15/2039 | | Ba3 | | | 750 | | | | 786,578 | |
| NJ Ed Facs–Univ Med & Dent | | 7.125% | | 12/1/2023 | | NR | | | 4,000 | | | | 4,648,440 | |
| NJ Ed Facs–Univ Med & Dent | | 7.50% | | 12/1/2032 | | NR | | | 2,000 | | | | 2,343,840 | |
| NY Dorm–Touro Clg | | 5.50% | | 1/1/2044 | | BBB- | (c) | | 3,885 | | | | 4,387,874 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2045 | | BB | | | 2,500 | | | | 2,663,700 | |
| Phoenix IDA–Legacy Tradtl Schs† | | 5.00% | | 7/1/2035 | | BB- | | | 2,060 | | | | 2,232,669 | |
| 100 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | |
| Tuscarawas Co Eco Dev–Ashland Univ | | 6.00% | | 3/1/2045 | | NR | | $ | 5,000 | | | $ | 5,217,400 | |
| Univ of California†(b) | | 5.75% | | 5/15/2031 | | AA | | | 7,000 | | | | 7,869,890 | |
| VA Clg Bldg Auth–Marymount Univ† | | 5.00% | | 7/1/2035 | | BB+ | | | 1,200 | | | | 1,345,968 | |
| VA Clg Bldg Auth–Marymount Univ† | | 5.00% | | 7/1/2045 | | BB+ | | | 1,600 | | | | 1,764,064 | |
| Total | | | | | | | | | | | | | 101,857,674 | |
| | | | | | | | | | | | | | | |
| General Obligation 8.02% | | | | | | | | | | | | | | |
| Arkansas City Bldg–So Cent Reg Med | | 6.75% | | 9/1/2038 | | Caa1 | | | 6,360 | | | | 6,039,647 | |
| Bellwood GO | | 5.875% | | 12/1/2027 | | A | | | 3,000 | | | | 3,579,900 | |
| Bellwood GO | | 6.15% | | 12/1/2032 | | A | | | 2,770 | | | | 3,305,053 | |
| Chicago Brd Ed | | 1.67% | # | 3/1/2036 | | B+ | | | 12,450 | | | | 11,717,317 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 3,200 | | | | 2,968,320 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2042 | | B+ | | | 14,025 | | | | 12,627,409 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2035 | | B+ | | | 6,950 | | | | 6,595,480 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2039 | | B+ | | | 7,540 | | | | 7,078,552 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2041 | | B+ | | | 16,235 | | | | 15,140,761 | |
| Chicago Brd Ed | | 5.50% | | 12/1/2039 | | B+ | | | 6,790 | | | | 6,490,086 | |
| Chicago Brd Ed | | 6.50% | | 12/1/2046 | | B+ | | | 4,900 | | | | 5,068,756 | |
| Chicago Brd Ed | | 7.00% | | 12/1/2044 | | B+ | | | 7,000 | | | | 7,471,660 | |
| Chicago GO | | 5.25% | | 1/1/2032 | | BBB+ | | | 3,000 | | | | 3,164,010 | |
| Chicago GO | | 5.50% | | 1/1/2033 | | BBB+ | | | 3,305 | | | | 3,532,516 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 1,000 | | | | 1,057,550 | |
| Chicago GO | | 5.50% | | 1/1/2042 | | BBB+ | | | 250 | | | | 263,513 | |
| CT State GO | | 4.00% | | 8/15/2032 | | AA- | | | 3,650 | | | | 4,061,647 | |
| Eaton Area Pk & Rec Dist | | 5.25% | | 12/1/2034 | | NR | | | 1,250 | | | | 1,335,150 | |
| Eaton Area Pk & Rec Dist | | 5.50% | | 12/1/2030 | | NR | | | 710 | | | | 785,913 | |
| Essex Co Impt Auth–Covanta AMT† | | 5.25% | | 7/1/2045 | | Ba2 | | | 5,000 | | | | 5,237,750 | |
| IL State GO | | 5.00% | | 1/1/2035 | | BBB+ | | | 7,000 | | | | 7,671,790 | |
| Livonia Sch Dist (AGM) | | 5.00% | | 5/1/2040 | | AA | | | 2,250 | | | | 2,617,897 | |
| Philadelphia Sch Dist | | 6.00% | | 9/1/2038 | | A2 | | | 4,665 | | | | 4,876,231 | |
| PR Comwlth GO(e) | | 4.00% | | 7/1/2020 | | Caa3 | | | 1,175 | | | | 711,745 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2019 | | Caa3 | | | 5,075 | | | | 3,122,698 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2020 | | Caa3 | | | 10,410 | | | | 6,357,387 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2020 | | Caa3 | | | 3,000 | | | | 1,832,100 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2021 | | Caa3 | | | 1,350 | | | | 820,125 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2022 | | Caa3 | | | 2,970 | | | | 1,804,275 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2033 | | Caa3 | | | 2,755 | | | | 1,673,663 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2019 | | Caa3 | | | 2,525 | | | | 1,566,283 | |
| | See Notes to Financial Statements. | 101 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2022 | | Caa3 | | $ | 4,185 | | | $ | 2,573,775 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2037 | | Caa3 | | | 5,275 | | | | 3,244,125 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2039 | | Caa3 | | | 12,730 | | | | 7,908,512 | |
| PR Comwlth GO(e) | | 5.625% | | 7/1/2032 | | Caa3 | | | 4,775 | | | | 2,954,531 | |
| PR Comwlth GO(e) | | 5.625% | | 7/1/2033 | | Caa3 | | | 4,030 | | | | 2,493,563 | |
| PR Comwlth GO(e) | | 5.75% | | 7/1/2041 | | Caa3 | | | 2,010 | | | | 1,256,250 | |
| PR Comwlth GO(e) | | 6.00% | | 7/1/2038 | | Caa3 | | | 3,025 | | | | 1,917,094 | |
| PR Comwlth GO(e) | | 6.00% | | 7/1/2039 | | Caa3 | | | 3,470 | | | | 2,199,113 | |
| PR Comwlth GO(e) | | 8.00% | | 7/1/2035 | | Caa3 | | | 13,000 | | | | 8,531,250 | |
| PR Comwlth GO TCRS (AMBAC) | | 4.50% | | 7/1/2023 | | Caa3 | | | 2,235 | | | | 2,235,089 | |
| Scranton GO | | 5.00% | | 11/15/2032 | | BB | | | 2,500 | | | | 2,706,875 | |
| Yosemite CCD | | Zero Coupon | | 8/1/2042 | | Aa2 | | | 5,000 | | | | 3,850,950 | |
| Total | | | | | | | | | | | | | 182,446,311 | |
| | | | | | | | | | | | | | | |
| Health Care 28.26% | | | | | | | | | | | | | | |
| Abag Fin Auth–Eskaton Pptys | | 5.00% | | 11/15/2035 | | BBB | | | 2,350 | | | | 2,650,495 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 6.25% | | 11/15/2044 | | BB | (c) | | 2,750 | | | | 3,154,333 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 6.375% | | 11/15/2049 | | BB | (c) | | 1,000 | | | | 1,151,860 | |
| Alachua Co IDA–No FL Retirement Vlg | | 5.875% | | 11/15/2036 | | NR | | | 10,000 | | | | 10,153,400 | |
| Alachua Co IDA–No FL Retirement Vlg | | 5.875% | | 11/15/2042 | | NR | | | 4,500 | | | | 4,554,405 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2041 | | Ba3 | | | 3,000 | | | | 3,299,820 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2046 | | Ba3 | | | 2,100 | | | | 2,288,979 | |
| Antelope Valley Hlth | | 5.25% | | 3/1/2036 | | Ba3 | | | 1,000 | | | | 1,139,190 | |
| Ashland Med Ctr–Kings Daughters | | 5.00% | | 2/1/2040 | | BBB | | | 3,000 | | | | 3,408,840 | |
| AZ Hlth Facs–Beatitudes | | 5.20% | | 10/1/2037 | | NR | | | 9,710 | | | | 9,723,108 | |
| Blaine Sr Hsg & Hlthcare–Crest View | | 6.125% | | 7/1/2050 | | NR | | | 5,000 | | | | 5,353,650 | |
| Blount Co Hlth & Ed–Ashbury(d) | | 5.00% | | 1/1/2037 | | NR | | | 625 | | | | 683,481 | |
| Blount Co Hlth & Ed–Ashbury(d) | | 5.00% | | 1/1/2047 | | NR | | | 1,800 | | | | 1,954,602 | |
| Botetourt Co RCF–Glebe | | 6.00% | | 7/1/2044 | | NR | | | 6,485 | | | | 7,145,432 | |
| CA Stwde–Daughters of Charity | | 5.50% | | 7/1/2035 | | CCC | | | 5,350 | | | | 5,350,160 | |
| CA Stwde–Daughters of Charity | | 5.75% | | 7/1/2024 | | CCC | | | 1,600 | | | | 1,606,416 | |
| CA Stwde–Daughters of Charity | | 5.75% | | 7/1/2035 | | CCC | | | 2,620 | | | | 2,620,314 | |
| CA Stwde–Eskaton Pptys | | 5.25% | | 11/15/2034 | | BBB | | | 1,640 | | | | 1,853,380 | |
| CA Stwde–LA Jewish Home | | 4.75% | | 8/1/2020 | | NR | | | 1,425 | | | | 1,426,226 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.00% | | 12/1/2029 | | BB | | | 3,155 | | | | 3,753,283 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2044 | | BB | | | 5,265 | | | | 6,087,340 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.25% | | 12/1/2056 | | BB | | | 21,000 | | | | 24,025,050 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB | | | 6,095 | | | | 7,108,294 | |
| 102 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| CA Stwde–So Cal Presbyterian† | | 7.00% | | 11/15/2029 | | BBB- | | $ | 1,000 | | | $ | 1,164,220 | |
| CA Stwde–So Cal Presbyterian† | | 7.25% | | 11/15/2041 | | BBB- | | | 2,500 | | | | 2,921,150 | |
| CA Stwde–Terraces San Joaquin | | 5.625% | | 10/1/2032 | | NR | | | 1,000 | | | | 1,119,070 | |
| CA Stwde–Terraces San Joaquin | | 6.00% | | 10/1/2042 | | NR | | | 2,570 | | | | 2,905,539 | |
| CA Stwde–Terraces San Joaquin | | 6.00% | | 10/1/2047 | | NR | | | 1,000 | | | | 1,127,680 | |
| Chesterfield Co EDA–Brandermill Woods | | 5.00% | | 1/1/2032 | | NR | | | 2,000 | | | | 2,105,160 | |
| Chesterfield Co EDA–Brandermill Woods | | 5.125% | | 1/1/2043 | | NR | | | 1,000 | | | | 1,046,380 | |
| CO Hlth Facs–American Baptist | | 7.75% | | 8/1/2029 | | NR | | | 5,770 | | | | 6,429,684 | |
| CO Hlth Facs–American Baptist | | 7.75% | | 8/1/2039 | | NR | | | 5,045 | | | | 5,577,399 | |
| CO Hlth Facs–Christian Living(d) | | 5.00% | | 1/1/2037 | | NR | | | 1,750 | | | | 1,961,610 | |
| CO Hlth Facs–Christian Living Cmnty | | 5.25% | | 1/1/2037 | | NR | | | 1,000 | | | | 1,076,600 | |
| Collier CO IDA–Arlington of Naples† | | 7.75% | | 5/15/2035 | | NR | | | 2,000 | | | | 2,361,140 | |
| Collier CO IDA–Arlington of Naples† | | 8.125% | | 5/15/2044 | | NR | | | 3,000 | | | | 3,580,920 | |
| CT Hlth & Ed–Church Home† | | 5.00% | | 9/1/2046 | | BB | (c) | | 1,000 | | | | 1,099,120 | |
| CT Hlth & Ed–Church Home† | | 5.00% | | 9/1/2053 | | BB | (c) | | 1,500 | | | | 1,639,605 | |
| Cumberland Co Mun Auth–Asbury | | 5.25% | | 1/1/2041 | | NR | | | 2,000 | | | | 2,184,100 | |
| Cumberland Co Mun Auth–Asbury | | 5.40% | | 1/1/2022 | | NR | | | 335 | | | | 368,105 | |
| Cumberland Co Mun Auth–Asbury | | 6.00% | | 1/1/2040 | | NR | | | 2,000 | | | | 2,163,840 | |
| Cuyahoga Co Hlth–Eliza Jennings | | 6.00% | | 5/15/2037 | | NR | | | 4,300 | | | | 4,341,065 | |
| Cuyahoga Co Hlth–Eliza Jennings | | 6.00% | | 5/15/2042 | | NR | | | 2,500 | | | | 2,516,350 | |
| Decatur Hsp–Wise Hlth | | 5.25% | | 9/1/2044 | | BB+ | | | 5,720 | | | | 6,273,410 | |
| Denver Hlth & Hsp Auth | | 5.25% | | 12/1/2045 | | BBB | | | 3,700 | | | | 4,171,417 | |
| Fairfax Co EDA–Vinson Hall | | 5.00% | | 12/1/2032 | | NR | | | 1,000 | | | | 1,082,990 | |
| Fairfax Co EDA–Vinson Hall | | 5.00% | | 12/1/2042 | | NR | | | 2,800 | | | | 2,967,244 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.00% | | 7/1/2030 | | Ba1 | | | 4,225 | | | | 4,724,564 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.375% | | 7/1/2035 | | Ba1 | | | 2,620 | | | | 2,975,665 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.50% | | 7/1/2039 | | Ba1 | | | 800 | | | | 909,672 | |
| Friendsview Retirement Community | | 5.00% | | 11/15/2036 | | NR | | | 300 | | | | 333,573 | |
| Friendsview Retirement Community | | 5.00% | | 11/15/2046 | | NR | | | 875 | | | | 965,746 | |
| Friendsview Retirement Community | | 5.00% | | 11/15/2051 | | NR | | | 700 | | | | 770,000 | |
| Fulton Co Med Ctr | | 5.00% | | 7/1/2046 | | NR | | | 2,375 | | | | 2,564,881 | |
| Fulton Co Med Ctr | | 5.00% | | 7/1/2051 | | NR | | | 2,500 | | | | 2,679,025 | |
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | | 5.50% | | 8/15/2054 | | AA- | | | 3,600 | | | | 4,407,156 | |
| Gaithersburg Eco Dev–Asbury | | 6.00% | | 1/1/2023 | | BBB | (c) | | 3,385 | | | | 3,833,682 | |
| Guadalupe CO–Seguin City Hospital | | 5.00% | | 12/1/2040 | | BB | | | 4,880 | | | | 5,285,821 | |
| Hamilton Co Hlth–Life Enriching Cmnty(d) | | 5.00% | | 1/1/2046 | | BBB- | (c) | | 3,000 | | | | 3,398,040 | |
| Hamilton Co Hlth–Life Enriching Cmnty(d) | | 5.00% | | 1/1/2051 | | BBB- | (c) | | 3,750 | | | | 4,215,787 | |
| Hanover Co EDA–Covenant Woods | | 5.00% | | 7/1/2042 | | NR | | | 2,000 | | | | 2,123,660 | |
| | See Notes to Financial Statements. | 103 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Hanover Co EDA–Covenant Woods | | 5.00% | | 7/1/2047 | | NR | | $ | 1,985 | | | $ | 2,102,472 | |
| Harris Co Cultural Ed–Brazos | | 5.125% | | 1/1/2048 | | BB+ | (c) | | 1,535 | | | | 1,683,557 | |
| Harris Co Cultural Ed–Brazos | | 7.00% | | 1/1/2043 | | BB+ | (c) | | 3,000 | | | | 3,689,490 | |
| HFDC Cent TX–Legacy/Willow Bend | | 5.625% | | 11/1/2026 | | NR | | | 1,850 | | | | 1,856,457 | |
| HFDC Cent TX–Legacy/Willow Bend | | 5.75% | | 11/1/2036 | | NR | | | 5,500 | | | | 5,519,690 | |
| Holmes Co Hsp–Doctors Mem Hsp | | 5.75% | | 11/1/2026 | | NR | | | 4,465 | | | | 4,467,009 | |
| Holmes Co Hsp–Doctors Mem Hsp | | 6.00% | | 11/1/2038 | | NR | | | 7,115 | | | | 7,116,067 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.25% | | 4/1/2027 | | NR | | | 1,200 | | | | 1,205,328 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.25% | | 4/1/2037 | | NR | | | 5,000 | | | | 5,009,950 | |
| ID HFA–Madison Mem Hosp | | 5.00% | | 9/1/2029 | | BB+ | | | 700 | | | | 820,498 | |
| ID HFA–Madison Mem Hosp | | 5.00% | | 9/1/2030 | | BB+ | | | 1,530 | | | | 1,786,214 | |
| ID HFA–Madison Mem Hosp | | 5.00% | | 9/1/2037 | | BB+ | | | 1,000 | | | | 1,149,910 | |
| IL Fin Auth–Clare Oaks~ | | Zero Coupon | | 11/15/2052 | | NR | | | 2,845 | | | | 101,734 | |
| IL Fin Auth–Clare Oaks~ | | Zero Coupon | | 11/15/2052 | | NR | | | 569 | | | | 189,186 | |
| IL Fin Auth–Clare Oaks | | Zero Coupon | | 11/15/2052 | | NR | | | 569 | | | | 116,419 | |
| IL Fin Auth–Clare Oaks | | 4.00% | # | 11/15/2052 | | NR | | | 4,550 | | | | 3,249,049 | |
| IL Fin Auth–Clare Oaks | | 7.00% | | 11/15/2027 | | NR | | | 895 | | | | 895,448 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | 5.375% | | 2/15/2025 | | BB- | (c) | | 3,685 | | | | 3,689,717 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | 5.625% | | 2/15/2037 | | BB- | (c) | | 3,975 | | | | 3,977,941 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | 7.25% | | 2/15/2045 | | BB- | (c) | | 3,500 | | | | 3,785,530 | |
| IL Fin Auth–Landing / Plymouth Place | | 6.00% | | 5/15/2043 | | BB+ | (c) | | 2,165 | | | | 2,405,965 | |
| IL Fin Auth–Northwestern Mem Hsp†(b) | | 5.75% | | 8/15/2030 | | AA+ | | | 5,000 | | | | 5,669,025 | |
| IL Fin Auth–Plymouth Place | | 5.25% | | 5/15/2050 | | BB+ | (c) | | 3,150 | | | | 3,492,405 | |
| IL Fin Auth–Smith Vlg | | 5.25% | | 11/15/2016 | | NR | | | 815 | | | | 815,799 | |
| IL Fin Auth–Three Crowns Pk Plaza | | 5.875% | | 2/15/2038 | | NR | | | 4,500 | | | | 4,505,130 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | 5.75% | | 7/1/2025 | | BB | | | 3,395 | | | | 3,406,713 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | 6.00% | | 7/1/2035 | | BB | | | 5,600 | | | | 5,618,032 | |
| King Co Pub Hsp–Snoqualmie Vly Hsp | | 6.25% | | 12/1/2045 | | NR | | | 3,500 | | | | 3,597,825 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2021 | | NR | | | 920 | | | | 1,014,282 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2029 | | NR | | | 2,820 | | | | 3,171,372 | |
| Kirkwood IDA–Aberdeen Hts | | 8.25% | | 5/15/2039 | | NR | | | 6,695 | | | | 7,534,553 | |
| KY EDA–Masonic Homes | | 5.375% | | 11/15/2032 | | NR | | | 3,000 | | | | 3,160,020 | |
| LA Env Facs–St James Place | | 6.25% | | 11/15/2045 | | NR | | | 6,100 | | | | 6,708,414 | |
| LA PFA–Lake Charles Mem Hsp† | | 6.375% | | 12/1/2034 | | NR | | | 5,840 | | | | 6,346,386 | |
| LA PFA–Ochsner Clinic | | 6.50% | | 5/15/2037 | | Baa1 | | | 8,250 | | | | 10,264,402 | |
| Licking Co Hlth–Kendal Granville | | 6.00% | | 7/1/2050 | | NR | | | 6,000 | | | | 6,657,600 | |
| MA DFA–Boston Med Ctr | | 4.00% | | 7/1/2038 | | BBB | | | 675 | | | | 708,885 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2037 | | BBB | | | 900 | | | | 1,050,174 | |
| 104 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| MA DFA–Seven Hills Fndtn | | 5.00% | | 9/1/2045 | | BBB- | | $ | 5,000 | | | $ | 5,533,150 | |
| Martin Hsp Dist | | 7.25% | | 4/1/2036 | | BBB | (c) | | 3,450 | | | | 3,849,510 | |
| MD Hlth & HI Ed–Doctors Cmnty Hsp | | 5.75% | | 7/1/2038 | | Baa3 | | | 4,740 | | | | 5,336,956 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.00% | | 7/1/2026 | | Ba2 | | | 200 | | | | 225,274 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.75% | | 7/1/2036 | | Ba2 | | | 220 | | | | 249,007 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.125% | | 2/15/2042 | | BBB- | (c) | | 1,000 | | | | 1,130,220 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.25% | | 1/15/2045 | | Baa2 | | | 7,000 | | | | 8,019,550 | |
| Moon IDC–Baptist Homes Soc | | 6.00% | | 7/1/2045 | | NR | | | 9,250 | | | | 10,442,972 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.40% | | 10/1/2044 | | NR | | | 3,250 | | | | 3,713,580 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2033 | | BB+ | | | 2,765 | | | | 3,005,666 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2044 | | BB+ | | | 10,690 | | | | 11,489,612 | |
| NC Med–Aldersgate | | 5.00% | | 7/1/2045 | | NR | | | 3,525 | | | | 3,878,135 | |
| New Hope–Carillon | | 5.00% | | 7/1/2046 | | NR | | | 2,000 | | | | 2,090,860 | |
| New Hope Cult Ed Facs–Crestview | | 5.00% | | 11/15/2046 | | BB+ | (c) | | 1,600 | | | | 1,806,864 | |
| New Hope Cultural–Wesleyan Homes | | 5.50% | | 1/1/2049 | | NR | | | 2,630 | | | | 2,811,049 | |
| NJ EDA–Seashore Gardens | | 5.30% | | 11/1/2026 | | NR | | | 1,250 | | | | 1,213,888 | |
| NJ EDA–Seashore Gardens | | 5.375% | | 11/1/2036 | | NR | | | 6,880 | | | | 6,143,083 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2035 | | BBB- | | | 935 | | | | 1,097,914 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2041 | | BBB- | | | 750 | | | | 874,455 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2046 | | AA | | | 1,875 | | | | 2,186,400 | |
| NM Hsp–Gerald Champion Hsp | | 5.50% | | 7/1/2042 | | BBB- | | | 5,625 | | | | 6,282,450 | |
| OH Hsp–Cleveland Clinic†(b) | | 5.50% | | 1/1/2034 | | AA- | | | 13,500 | | | | 14,833,530 | |
| Orange Co Hlth–Orlando Lutheran | | 5.50% | | 7/1/2038 | | NR | | | 6,550 | | | | 6,623,687 | |
| Palm Beach Co Hlth–Sinai Residences | | 7.50% | | 6/1/2049 | | NR | | | 2,325 | | | | 2,849,985 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.50% | | 7/1/2026 | | BBB- | | | 3,500 | | | | 3,572,100 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.625% | | 7/1/2036 | | BBB- | | | 6,250 | | | | 6,989,875 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.625% | | 7/1/2042 | | BBB- | | | 10,875 | | | | 12,042,649 | |
| Philadelphia IDA–Gtr Philadelphia Hlth | | 6.50% | | 6/1/2045 | | NR | | | 2,425 | | | | 2,574,574 | |
| Philadelphia IDA–Gtr Philadelphia Hlth | | 6.625% | | 6/1/2050 | | NR | | | 3,600 | | | | 3,839,868 | |
| Red River Hlth–Methodist Ret Cmnty | | 6.125% | | 11/15/2020 | | NR | | | 65 | | | | 65,175 | |
| Red River Hlth–Methodist Ret Cmnty | | 7.75% | | 11/15/2044 | | NR | | | 1,500 | | | | 1,786,515 | |
| Red River Hlth–Methodist Ret Cmnty | | 8.00% | | 11/15/2049 | | NR | | | 1,000 | | | | 1,207,600 | |
| RI Hlth & Ed–Care New England | | 5.00% | | 9/1/2036 | | BB | | | 7,000 | | | | 7,585,480 | |
| Rochester Hlth & Hsg–Homestead | | 5.00% | | 12/1/2049 | | NR | | | 2,400 | | | | 2,512,944 | |
| Rochester Hlth Care–Samaritan Bethany | | 6.875% | | 12/1/2029 | | NR | | | 1,945 | | | | 2,174,568 | |
| Rochester Hlth Care–Samaritan Bethany | | 7.375% | | 12/1/2041 | | NR | | | 6,000 | | | | 6,728,580 | |
| Salem Hsp Fac–Capital Manor | | 5.625% | | 5/15/2032 | | NR | | | 1,000 | | | | 1,118,170 | |
| Salem Hsp Fac–Capital Manor | | 6.00% | | 5/15/2047 | | NR | | | 1,600 | | | | 1,802,976 | |
| | See Notes to Financial Statements. | 105 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB+ | | $ | 10,000 | | | $ | 12,644,400 | |
| Sarasota Hlth–Manatee | | 5.75% | | 7/1/2037 | | NR | | | 2,895 | | | | 2,914,918 | |
| Sarasota Hlth–Manatee | | 5.75% | | 7/1/2045 | | NR | | | 6,435 | | | | 6,462,992 | |
| Sayre Mem Hsp Auth(e) | | 6.00% | | 7/1/2037 | | NR | | | 4,000 | | | | 440,000 | |
| SC Jobs EDA–Hampton Regl Med | | 5.25% | | 11/1/2028 | | NR | | | 12,000 | | | | 12,016,200 | |
| SE Port Auth–Memorial Hlth | | 5.50% | | 12/1/2043 | | BB | (c) | | 1,100 | | | | 1,224,322 | |
| SE Port Auth–Memorial Hlth | | 6.00% | | 12/1/2042 | | BB | (c) | | 1,300 | | | | 1,486,238 | |
| Shelby Co Hlth Ed Hsg–Vlg Germantwn | | 5.00% | | 12/1/2032 | | NR | | | 2,100 | | | | 2,222,871 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | 5.50% | | 1/1/2037 | | NR | | | 1,380 | | | | 1,381,697 | |
| Tallahassee Hlth–Tallahassee Mem Hlth | | 5.00% | | 12/1/2040 | | Baa1 | | | 1,250 | | | | 1,441,350 | |
| Tallahassee Hlth–Tallahassee Mem Hlth | | 5.00% | | 12/1/2055 | | Baa1 | | | 5,300 | | | | 6,060,762 | |
| Tarrant Co Cultural–Buckingham Sr Lvg | | 5.50% | | 11/15/2045 | | BB | (c) | | 3,500 | | | | 3,928,680 | |
| Tarrant Co Cultural–Trinity Terrace | | 5.00% | | 10/1/2044 | | BBB+ | (c) | | 1,200 | | | | 1,379,472 | |
| Tarrant Co Cultural–Trinity Terrace | | 5.00% | | 10/1/2049 | | BBB+ | (c) | | 2,635 | | | | 3,018,972 | |
| Upper IL River Vy–Pleasant View | | 7.25% | | 11/15/2040 | | NR | | | 1,200 | | | | 1,283,508 | |
| Upper IL River Vy–Pleasant View | | 7.375% | | 11/15/2045 | | NR | | | 1,550 | | | | 1,658,454 | |
| Upper San Juan Hlth | | 6.00% | | 6/1/2041 | | NR | | | 2,225 | | | | 2,337,919 | |
| Upper San Juan Hlth | | 6.125% | | 6/1/2046 | | NR | | | 3,015 | | | | 3,161,348 | |
| Vanderbilt Univ Med Ctr | | 5.00% | | 7/1/2046 | | NR | | | 4,000 | | | | 4,719,240 | |
| Vigo Co Hsp–Union Hsp† | | 5.70% | | 9/1/2037 | | NR | | | 9,300 | | | | 9,690,321 | |
| Vigo Co Hsp–Union Hsp | | 8.00% | | 9/1/2041 | | NR | | | 2,955 | | | | 3,876,428 | |
| WA HFC–Lea Hill† | | 5.00% | | 7/1/2046 | | NR | | | 1,020 | | | | 1,089,656 | |
| WA HFC–Lea Hill† | | 5.00% | | 7/1/2051 | | NR | | | 2,000 | | | | 2,120,120 | |
| WA HFC–Lea Hill Proj† | | 5.00% | | 7/1/2036 | | NR | | | 1,000 | | | | 1,076,600 | |
| WA HFC–Lea Hill Proj† | | 5.00% | | 7/1/2041 | | NR | | | 1,000 | | | | 1,072,440 | |
| WA HFC–Presbyterian†(d) | | 5.00% | | 1/1/2046 | | BB+ | (c) | | 3,000 | | | | 3,394,650 | |
| WA HFC–Presbyterian†(d) | | 5.00% | | 1/1/2051 | | BB+ | (c) | | 3,300 | | | | 3,708,639 | |
| WA Hsg–Herons Key† | | 7.00% | | 7/1/2045 | | NR | | | 1,370 | | | | 1,486,176 | |
| WA Hsg–Herons Key† | | 7.00% | | 7/1/2050 | | NR | | | 2,000 | | | | 2,162,480 | |
| WA Hsg–Mirabella | | 6.50% | | 10/1/2032 | | NR | | | 1,970 | | | | 2,242,333 | |
| WA Hsg–Mirabella | | 6.75% | | 10/1/2047 | | NR | | | 3,000 | | | | 3,392,880 | |
| WA Hsg–Rockwood† | | 6.00% | | 1/1/2024 | | NR | | | 1,385 | | | | 1,515,204 | |
| WI Hlth & Ed–Sauk-Prairie Mem Hsp | | 5.375% | | 2/1/2048 | | Ba1 | | | 4,000 | | | | 4,453,040 | |
| WI PFA–Bancroft Neurohealth† | | 5.125% | | 6/1/2048 | | NR | | | 4,900 | | | | 5,048,323 | |
| WI PFA–Las Ventanas Retirement | | Zero Coupon | | 10/1/2042 | | NR | | | 2,741 | | | | 1,198,317 | |
| WI PFA–Las Ventanas Retirement | | Zero Coupon | | 10/1/2042 | | NR | | | 2,961 | | | | 60,997 | |
| WI PFA–Las Ventanas Retirement | | 7.00% | | 10/1/2042 | | NR | | | 6,895 | | | | 6,966,018 | |
| WI PFA–Rose Villa | | 5.75% | | 11/15/2044 | | NR | | | 2,035 | | | | 2,245,419 | |
| 106 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Wilson Co Hsp | | 5.60% | | 9/1/2036 | | NR | | $ | 3,530 | | | $ | 3,531,341 | |
| Woodbury Hsg–St Therese | | 5.25% | | 12/1/2049 | | NR | | | 2,000 | | | | 2,153,660 | |
| Woodbury Hsg–St Therese | | 5.125% | | 12/1/2044 | | NR | | | 2,500 | | | | 2,679,550 | |
| WV Hsp–Herbert Thomas Hlth | | 6.50% | | 10/1/2028 | | NR | | | 5,000 | | | | 5,296,600 | |
| WV Hsp–Herbert Thomas Hlth | | 6.50% | | 10/1/2038 | | NR | | | 2,000 | | | | 2,099,760 | |
| Total | | | | | | | | | | | | | 642,434,942 | |
| | | | | | | | | | | | | | | |
| Housing 0.77% | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2042 | | NR | | | 700 | | | | 867,328 | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2046 | | NR | | | 1,000 | | | | 1,233,570 | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.25% | | 8/15/2039 | | BBB | | | 550 | | | | 647,102 | |
| LA HFA–GMF-LA Chateau | | 8.00% | | 9/1/2039 | | BB | | | 3,230 | | | | 3,499,576 | |
| MD EDC–Univ of MD Hsg (AGM) | | 5.00% | | 6/1/2035 | | AA | | | 1,000 | | | | 1,203,740 | |
| MD EDC–Univ of MD Hsg (AGM) | | 5.00% | | 6/1/2043 | | AA | | | 500 | | | | 594,345 | |
| MI Strategic Fd–Evangelical Homes | | 5.25% | | 6/1/2032 | | BB+ | (c) | | 1,500 | | | | 1,651,335 | |
| MI Strategic Fd–Evangelical Homes | | 5.50% | | 6/1/2047 | | BB+ | (c) | | 4,000 | | | | 4,411,360 | |
| New Hope Cultural–NCCD Clg Station | | 5.00% | | 7/1/2047 | | BBB- | | | 3,000 | | | | 3,389,160 | |
| Total | | | | | | | | | | | | | 17,497,516 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 1.73% | | | | | | | | | | | | | | |
| CA Pub Wks–State Prisons | | 5.75% | | 10/1/2031 | | A+ | | | 1,500 | | | | 1,827,915 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2034 | | A+ | | | 5,000 | | | | 5,835,500 | |
| Houston Co Coop Dist–Country Crossing(e) | | 12.50% | | 5/15/2020 | | NR | | | 4,199 | | | | 587,860 | |
| IN Fin Auth–I-69 AMT | | 5.25% | | 9/1/2034 | | BB- | | | 1,600 | | | | 1,755,936 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2035 | | BBB | | | 2,155 | | | | 2,482,797 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2040 | | BBB | | | 2,320 | | | | 2,660,530 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2044 | | BBB | | | 8,000 | | | | 9,163,600 | |
| MD EDC–Purple Line Light Rail AMT | | 5.00% | | 3/31/2046 | | BBB+ | | | 1,250 | | | | 1,484,525 | |
| MD EDC–Purple Line Light Rail AMT | | 5.00% | | 3/31/2051 | | BBB+ | | | 2,450 | | | | 2,900,310 | |
| NJ EDA–Goethals Brdg AMT | | 5.375% | | 1/1/2043 | | BBB- | | | 1,175 | | | | 1,370,285 | |
| NJ EDA–Goethals Brdg AMT | | 5.625% | | 1/1/2052 | | BBB- | | | 5,000 | | | | 5,876,500 | |
| Philadelphia Muni Auth | | 6.375% | | 4/1/2029 | | A+ | | | 2,000 | | | | 2,239,920 | |
| PR Pub Fin Corp(e) | | 5.50% | | 8/1/2031 | | C | | | 12,250 | | | | 1,255,625 | |
| Total | | | | | | | | | | | | | 39,441,303 | |
| | | | | | | | | | | | | | | |
| Other Revenue 8.18% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A3 | | | 5,120 | | | | 5,728,051 | |
| Arlington HI Ed Fin Corp–Arlington Classics | | 5.00% | | 8/15/2045 | | BB+ | | | 2,250 | | | | 2,308,005 | |
| Arlington Hi Ed Fin Corp–Newman Intl Acad | | 5.50% | | 8/15/2046 | | NR | | | 5,000 | | | | 5,052,700 | |
| Austin Convention† | | 5.75% | | 1/1/2034 | | BB | | | 2,900 | | | | 2,927,898 | |
| | See Notes to Financial Statements. | 107 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| Baker Correctional Dev | | 7.50% | | 2/1/2030 | | NR | | $ | 8,400 | | | $ | 6,708,660 | |
| Baltimore Conv Ctr–Hilton Hotel | | 5.875% | | 9/1/2039 | | BB | | | 10,845 | | | | 10,868,859 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2039 | | Ba1 | | | 3,010 | | | | 3,014,485 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2042 | | Baa3 | | | 3,150 | | | | 3,765,069 | |
| Brooklyn Arena LDC–Barclays Ctr (AGM) | | 4.00% | | 7/15/2035 | | AA | | | 500 | | | | 554,665 | |
| CA Fin Auth–High Tech† | | 6.125% | | 7/1/2038 | | BB | (c) | | 1,250 | | | | 1,273,025 | |
| CA Muni Fin–American Heritage | | 5.00% | | 6/1/2046 | | BBB- | | | 1,750 | | | | 1,980,282 | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2046 | | BBB | | | 1,250 | | | | 1,419,638 | |
| CA Sch Fin Auth–KIPP LA | | 5.125% | | 7/1/2044 | | BBB- | | | 2,390 | | | | 2,717,095 | |
| CA Sch Fin Auth–Ocean Charter† | | 6.00% | | 1/1/2019 | | NR | | | 5,000 | | | | 5,005,150 | |
| Chester Co IDA–Collegium Chtr Sch | | 5.375% | | 10/15/2042 | | BB+ | | | 5,000 | | | | 5,070,500 | |
| Clifton Higher Ed–IDEA Pub Schs | | 6.00% | | 8/15/2043 | | BBB | | | 1,000 | | | | 1,185,420 | |
| Doctor Charles Drew Admy COP(e) | | 5.70% | | 11/1/2036 | | NR | | | 1,735 | | | | 347,000 | |
| FL DFC–FL Charter Foundation† | | 5.00% | | 7/15/2046 | | NR | | | 4,000 | | | | 4,015,040 | |
| FL DFC–Palm Bay Admy(e) | | 6.00% | | 5/15/2036 | | NR | | | 2,000 | | | | 1,363,300 | |
| FL DFC–Palm Bay Admy(e) | | 6.125% | | 5/15/2037 | | NR | | | 1,855 | | | | 1,264,220 | |
| FL DFC–Renaissance Chtr Sch† | | 6.125% | | 6/15/2046 | | NR | | | 5,000 | | | | 5,297,500 | |
| FL DFC–Renaissance Chtr Sch | | 7.50% | | 6/15/2033 | | BB- | (c) | | 6,000 | | | | 7,010,400 | |
| Florence Twn IDA–Legacy Trad Sch | | 6.00% | | 7/1/2043 | | BB- | | | 3,250 | | | | 3,590,015 | |
| IN Fin Auth–Drexel Foundation | | 7.00% | | 10/1/2039 | | B- | | | 1,250 | | | | 1,279,625 | |
| Kansas City IDA–Derrick Thomas Sch† | | 5.875% | | 1/1/2037 | | NR | | | 6,570 | | | | 1,642,500 | |
| La Vernia Hi Ed–Amigos/Friends Life | | 6.25% | | 2/15/2026 | | NR | | | 1,000 | | | | 1,000,790 | |
| La Vernia Hi Ed–Amigos/Friends Life | | 6.375% | | 2/15/2037 | | NR | | | 1,220 | | | | 1,220,525 | |
| La Vernia Hi Ed–Life Schools of Dallas | | 7.25% | | 8/15/2031 | | BBB- | | | 4,750 | | | | 5,579,302 | |
| Lombard PFC–Conf Ctr & Hotel(e) | | 7.125% | | 1/1/2036 | | NR | | | 8,500 | | | | 3,315,000 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2046 | | A3 | | | 5,000 | | | | 6,735,750 | |
| Maricopa Co IDA–Horizon | | 5.00% | | 7/1/2035 | | BBB- | | | 3,000 | | | | 3,392,310 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.00% | | 12/1/2031 | | NR | | | 15,200 | | | | 9,120,000 | |
| MD EDC–Chesapeake Bay Hyatt(e) | | 5.25% | | 12/1/2031 | | NR | | | 3,000 | | | | 1,800,000 | |
| MI Pub Ed–Bradford Admy† | | 6.50% | | 9/1/2037 | | NR | | | 5,500 | | | | 4,180,220 | |
| MI Pub Ed–Bradford Admy | | 8.75% | | 9/1/2039 | | NR | | | 2,250 | | | | 1,800,023 | |
| MI Pub Ed–Crescent Admy | | 7.00% | | 10/1/2036 | | NR | | | 688 | | | | 705,760 | |
| Michigan St Strategic FD Escrow(g) | | Zero Coupon | | – | (h) | NR | | | 5,000 | | | | 500 | |
| Middlesex Co Impt Auth–Heldrich Ctr(e) | | 6.125% | | 1/1/2025 | | NR | | | 2,790 | | | | 111,600 | |
| Middlesex Co Impt Auth–Heldrich Ctr(e) | | 6.25% | | 1/1/2037 | | NR | | | 5,755 | | | | 230,200 | |
| Mission Econ Dev Corp–Natgasoline AMT† | | 5.75% | | 10/1/2031 | | BB- | | | 9,000 | | | | 9,598,050 | |
| Mohave Co IDA–Mohave Prison | | 8.00% | | 5/1/2025 | | BBB+ | | | 10,250 | | | | 10,302,890 | |
| North TX Edu Fin Corp–Uplift Education | | 5.125% | | 12/1/2042 | | BBB- | | | 1,000 | | | | 1,119,680 | |
| 108 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2036 | | BBB | | $ | 3,165 | | | $ | 3,195,004 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2039 | | BBB | | | 4,740 | | | | 4,781,333 | |
| Ohio St Pollution Ctl Rev Escrow(e) | | 5.625% | | 5/15/2020 | | NR | | | 2,965 | | | | 297 | |
| Overland Pk Dev–Conv Ctr (AMBAC) | | 5.125% | | 1/1/2032 | | BB+ | | | 7,000 | | | | 7,013,370 | |
| Palm Bay Ed–Patriot Charter Sch(e) | | 6.75% | | 7/1/2022 | | NR | | | 1,460 | | | | 540,200 | |
| Palm Bay Ed–Patriot Charter Sch(e) | | 7.00% | | 7/1/2036 | | NR | | | 5,000 | | | | 1,850,000 | |
| Palm Beach Co–G Star Sch of Arts | | 6.75% | | 5/15/2035 | | NR | | | 2,425 | | | | 2,426,625 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2046 | | BB | | | 2,000 | | | | 2,127,940 | |
| Pima Co IDA–American Charter Sch | | 5.50% | | 7/1/2026 | | BB | (c) | | 4,660 | | | | 4,624,957 | |
| Pima Co IDA–American Charter Sch | | 5.625% | | 7/1/2038 | | BB | (c) | | 4,245 | | | | 4,220,888 | |
| Plymouth Ed Ctr Charter Sch | | 5.375% | | 11/1/2030 | | B- | | | 1,425 | | | | 1,231,214 | |
| Provo Charter Sch–Freedom Admy | | 5.50% | | 6/15/2037 | | NR | | | 3,505 | | | | 3,525,294 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | 5.00% | | 7/15/2039 | | A3 | | | 3,540 | | | | 3,550,832 | |
| Yonkers EDC–Charter Sch Ed Excellence | | 6.00% | | 10/15/2030 | | BB | | | 1,300 | | | | 1,386,853 | |
| Total | | | | | | | | | | | | | 186,076,509 | |
| | | | | | | | | | | | | | | |
| Special Tax 6.39% | | | | | | | | | | | | | | |
| Anne Arundel Co–Natl Business Pk | | 5.625% | | 7/1/2025 | | NR | | | 965 | | | | 1,019,609 | |
| Anne Arundel Co–Natl Business Pk | | 6.10% | | 7/1/2040 | | NR | | | 2,250 | | | | 2,373,570 | |
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | | 5.125% | | 7/1/2036 | | NR | | | 1,030 | | | | 1,080,532 | |
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | | 5.25% | | 7/1/2044 | | NR | | | 2,150 | | | | 2,248,642 | |
| Arborwood CDD | | 5.35% | | 5/1/2036 | | NR | | | 4,720 | | | | 4,731,894 | |
| Arborwood CDD | | 6.90% | | 5/1/2025 | | NR | | | 635 | | | | 709,803 | |
| Arborwood CDD | | 6.90% | | 5/1/2036 | | NR | | | 780 | | | | 897,351 | |
| Arborwood CDD | | 6.90% | | 5/1/2036 | | NR | | | 75 | | | | 86,284 | |
| Aurora TIF–East River | | 6.50% | | 12/30/2023 | | NR | | | 2,025 | | | | 2,157,577 | |
| Aurora TIF–East River | | 6.75% | | 12/30/2027 | | NR | | | 1,295 | | | | 1,381,221 | |
| Baltimore Spl Oblig–E Baltimore Resrch | | 7.00% | | 9/1/2038 | | NR | | | 3,500 | | | | 3,697,225 | |
| Capital Region CDD–St Joe Company | | 7.00% | | 5/1/2039 | | NR | | | 4,180 | | | | 4,249,681 | |
| Compton Redev Agy | | 6.00% | | 8/1/2042 | | NR | | | 4,750 | | | | 5,083,308 | |
| Durbin Crossing CDD | | 5.50% | | 5/1/2037 | | NR | | | 4,900 | | | | 4,811,751 | |
| Fremont CFD–Pacific Commons | | 5.00% | | 9/1/2045 | | NR | | | 3,000 | | | | 3,378,330 | |
| 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 | | | | 6,733,342 | |
| 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+ | | | 10,000 | | | | 10,203,800 | |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 3,375 | | | | 3,996,338 | |
| Irvine CFD–Great Park | | 5.00% | | 9/1/2039 | | NR | | | 1,000 | | | | 1,130,790 | |
| | See Notes to Financial Statements. | 109 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| Irvine CFD–Great Park | | 5.00% | | 9/1/2044 | | NR | | $ | 500 | | | $ | 563,525 | |
| Lake Elsinore PFA | | 5.00% | | 9/1/2035 | | NR | | | 1,000 | | | | 1,174,040 | |
| Lake Elsinore PFA | | 5.00% | | 9/1/2040 | | NR | | | 4,000 | | | | 4,665,240 | |
| Lancaster Redev Agy | | 6.875% | | 8/1/2034 | | BBB | | | 1,000 | | | | 1,150,660 | |
| Lancaster Redev Agy | | 6.875% | | 8/1/2039 | | BBB | | | 430 | | | | 494,913 | |
| Magnolia West CDD(e) | | 5.35% | | 5/1/2037 | | NR | | | 3,383 | | | | 2,138,261 | |
| Millsboro Spl Oblig–Plantation Lakes | | 5.45% | | 7/1/2036 | | NR | | | 5,224 | | | | 5,034,003 | |
| Nthrn Palm Bch Co Impt Dist | | 5.00% | | 8/1/2046 | | NR | | | 5,000 | | | | 5,230,100 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2031 | | BBB | | | 6,110 | | | | 6,164,929 | |
| Orange Co CFD | | 5.25% | | 8/15/2045 | | NR | | | 1,500 | | | | 1,780,095 | |
| 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 | | | | 572,270 | |
| Plaza Met Dist #1† | | 5.00% | | 12/1/2040 | | NR | | | 2,500 | | | | 2,695,875 | |
| Poway USD PFA | | 5.00% | | 9/15/2024 | | BBB | | | 500 | | | | 606,185 | |
| Poway USD PFA | | 5.00% | | 9/15/2027 | | BBB | | | 1,035 | | | | 1,233,161 | |
| Poway USD PFA | | 5.00% | | 9/15/2032 | | BBB | | | 990 | | | | 1,155,112 | |
| Prince Georges CO | | 5.00% | | 7/1/2046 | | NR | | | 2,500 | | | | 2,624,325 | |
| River Islands PFA–CFD 2003 | | 5.50% | | 9/1/2045 | | NR | | | 5,005 | | | | 5,558,003 | |
| River Islands PFA–CFD 2003 | | 5.50% | | 9/1/2045 | | NR | | | 2,925 | | | | 3,248,183 | |
| Riverside Co Redev Agy–Tax Alloc | | 6.50% | | 10/1/2040 | | A- | | | 2,000 | | | | 2,348,440 | |
| Riverside Co Tax Alloc–Jurupa (NPFGC) (FGIC) | | 4.75% | | 10/1/2035 | | AA- | | | 105 | | | | 105,260 | |
| Roseville Cfd–Westpark | | 5.00% | | 9/1/2032 | | NR | | | 1,000 | | | | 1,192,300 | |
| Roseville Cfd–Westpark | | 5.00% | | 9/1/2037 | | NR | | | 1,250 | | | | 1,460,038 | |
| San Francisco Redev–Hunters Point | | 5.00% | | 8/1/2039 | | NR | | | 2,240 | | | | 2,572,080 | |
| San Francisco Redev–Hunters Point | | 5.00% | | 8/1/2044 | | NR | | | 2,500 | | | | 2,861,200 | |
| San Francisco Redev–Mission Bay South | | 5.00% | | 8/1/2029 | | NR | | | 1,300 | | | | 1,487,915 | |
| San Francisco Redev–Mission Bay South | | 5.00% | | 8/1/2031 | | NR | | | 1,140 | | | | 1,296,134 | |
| San Francisco Redev–Mission Bay South | | 5.00% | | 8/1/2043 | | A- | | | 700 | | | | 836,234 | |
| San Mateo CFD–Bay Meadows | | 5.00% | | 9/1/2042 | | NR | | | 2,000 | | | | 2,196,780 | |
| San Mateo CFD–Bay Meadows | | 5.50% | | 9/1/2044 | | NR | | | 1,500 | | | | 1,682,550 | |
| Scranton RDA GTD | | 5.00% | | 11/15/2028 | | BB | | | 5,000 | | | | 5,362,400 | |
| Sparks Loc Impt Dist | | 6.75% | | 9/1/2027 | | NR | | | 700 | | | | 724,920 | |
| Sparks Tourism Impt Dist† | | 6.75% | | 6/15/2028 | | B1 | | | 5,500 | | | | 5,796,725 | |
| Stone Canyon CID(e) | | 5.70% | | 4/1/2022 | | NR | | | 1,485 | | | | 371,250 | |
| Tern Bay CDD(e) | | 5.375% | | 5/1/2037 | | NR | | | 13,145 | | | | 4,337,850 | |
| Tustin CFD | | 5.00% | | 9/1/2045 | | NR | | | 1,000 | | | | 1,146,840 | |
| 110 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| Village CDD #10 | | 6.00% | | 5/1/2044 | | NR | | $ | 955 | | | $ | 1,142,963 | |
| Whispering Springs CDD(e) | | 5.20% | | 10/1/2021 | | NR | | | 2,290 | | | | 412,200 | |
| Total | | | | | | | | | | | | | 145,180,757 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 3.29% | | | | | | | | | | | | | | |
| Coop Dist Ft Spanish–Hwy 181 | | 9.00% | | 2/1/2029 | | NR | | | 1,765 | | | | 2,090,484 | |
| Gtr Wenatchee Regl Events Ctr | | 5.50% | | 9/1/2042 | | NR | | | 3,150 | | | | 3,362,089 | |
| Met Pier & Expo Auth–Mccormick Place | | 5.00% | | 6/15/2053 | | BBB | | | 5,035 | | | | 5,599,021 | |
| Met Pier & Expo Auth–Mccormick Place | | 5.50% | | 6/15/2053 | | BBB | | | 4,150 | | | | 4,857,990 | |
| Met Pier & Expo Auth–Mccormick Place (AGM) | | Zero Coupon | | 6/15/2047 | | AA | | | 5,000 | | | | 1,387,650 | |
| Met Pier & Expo Auth–Mccormick Place (AGM) | | Zero Coupon | | 12/15/2052 | | AA | | | 5,250 | | | | 1,137,675 | |
| Met Pier & Expo Auth–Mccormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2036 | | AA- | | | 20,000 | | | | 8,691,000 | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2024 | | CC | | | 5,080 | | | | 2,673,350 | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2043 | | CC | | | 2,725 | | | | 1,423,813 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2041 | | CC | | | 23,720 | | | | 12,512,300 | |
| PR Corp Sales Tax | | 5.375% | | 8/1/2039 | | CC | | | 9,380 | | | | 4,947,950 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2028 | | CC | | | 5,060 | | | | 2,681,800 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2040 | | CC | | | 7,000 | | | | 3,710,000 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2042 | | CC | | | 5,350 | | | | 2,835,500 | |
| PR Corp Sales Tax | | 5.75% | | 8/1/2037 | | CC | | | 4,395 | | | | 2,340,337 | |
| PR Corp Sales Tax | | 6.125% | | 8/1/2029 | | CC | | | 3,030 | | | | 1,632,412 | |
| PR Corp. Sales Tax | | 5.25% | | 8/1/2040 | | Caa3 | | | 17,080 | | | | 12,810,000 | |
| Total | | | | | | | | | | | | | 74,693,371 | |
| | | | | | | | | | | | | | | |
| Tobacco 10.77% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | Zero Coupon | | 6/1/2047 | | NR | | | 20,000 | | | | 1,439,800 | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 24,480 | | | | 23,895,907 | |
| Buckeye Tobacco | | 5.75% | | 6/1/2034 | | B- | | | 9,810 | | | | 9,544,247 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2030 | | B- | | | 11,000 | | | | 10,953,030 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2047 | | B- | | | 13,475 | | | | 13,220,322 | |
| Buckeye Tobacco | | 6.25% | | 6/1/2037 | | B- | | | 8,450 | | | | 8,675,361 | |
| Buckeye Tobacco | | 6.50% | | 6/1/2047 | | B- | | | 3,590 | | | | 3,661,118 | |
| CA Statewide Fin Auth–Tobacco Settlement | | Zero Coupon | | 6/1/2046 | | NR | | | 20,000 | | | | 3,223,400 | |
| Golden St Tobacco | | Zero Coupon | | 6/1/2047 | | CCC+ | | | 25,000 | | | | 2,710,750 | |
| Golden St Tobacco | | 4.50% | | 6/1/2027 | | B | | | 15,195 | | | | 15,443,894 | |
| | See Notes to Financial Statements. | 111 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| Golden St Tobacco | | 5.00% | | 6/1/2033 | | B- | | $ | 12,605 | | | $ | 12,712,773 | |
| Golden St Tobacco | | 5.125% | | 6/1/2047 | | B- | | | 4,500 | | | | 4,500,135 | |
| Golden St Tobacco | | 5.30% | | 6/1/2037 | | B- | | | 5,000 | | | | 5,149,650 | |
| Golden St Tobacco | | 5.75% | | 6/1/2047 | | B- | | | 6,500 | | | | 6,596,590 | |
| Inland Empire Tobacco | | 4.625% | | 6/1/2021 | | NR | | | 4,030 | | | | 4,055,832 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 4,745 | | | | 4,776,697 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 1,080 | | | | 1,079,957 | |
| MI Tob Settlement | | 5.25% | | 6/1/2022 | | B- | | | 4,030 | | | | 4,033,063 | |
| MI Tob Settlement | | 6.00% | | 6/1/2034 | | B- | | | 5,000 | | | | 5,035,650 | |
| Nassau CO Tobacco | | 5.125% | | 6/1/2046 | | B- | | | 5,000 | | | | 4,935,800 | |
| Nthrn AK Tobacco | | 5.00% | | 6/1/2032 | | B3 | | | 5,000 | | | | 5,000,250 | |
| Nthrn CA Tobacco | | 5.50% | | 6/1/2045 | | B- | | | 5,280 | | | | 5,280,053 | |
| RI Tob Settlement | | Zero Coupon | | 6/1/2052 | | CCC+ | | | 30,000 | | | | 3,108,900 | |
| Sthrn CA Tobacco | | 5.00% | | 6/1/2037 | | BB+ | | | 10,120 | | | | 10,120,607 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 2,175 | | | | 2,264,914 | |
| Tobacco Settlement Auth IA | | 5.375% | | 6/1/2038 | | B+ | | | 6,085 | | | | 6,092,484 | |
| Tobacco Settlement Auth IA | | 5.50% | | 6/1/2042 | | B+ | | | 2,545 | | | | 2,548,054 | |
| Tobacco Settlement Fin Corp NJ | | 4.625% | | 6/1/2026 | | B+ | | | 4,885 | | | | 4,929,307 | |
| Tobacco Settlement Fin Corp NJ | | 4.75% | | 6/1/2034 | | B- | | | 2,670 | | | | 2,561,892 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2029 | | B | | | 12,590 | | | | 12,693,616 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2041 | | B- | | | 13,420 | | | | 12,958,084 | |
| Tobacco Settlement Fin Corp VA | | 5.00% | | 6/1/2047 | | B- | | | 13,425 | | | | 13,176,235 | |
| TSASC | | 5.00% | | 6/1/2034 | | B | | | 1,935 | | | | 1,939,818 | |
| TSASC | | 5.125% | | 6/1/2042 | | B- | | | 16,675 | | | | 16,497,745 | |
| Total | | | | | | | | | | | | | 244,815,935 | |
| | | | | | | | | | | | | | | |
| Transportation 6.14% | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2036 | | BBB+ | | | 2,000 | | | | 2,419,880 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2037 | | BBB+ | | | 1,500 | | | | 1,813,440 | |
| Broward Co Arpt AMT | | 5.125% | | 10/1/2038 | | A+ | | | 2,835 | | | | 3,229,519 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2026 | | A | | | 4,000 | | | | 4,739,680 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2031 | | A | | | 2,985 | | | | 3,324,365 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2046 | | A | | | 1,000 | | | | 1,134,830 | |
| Denver City & Co Arpt AMT | | 5.50% | | 11/15/2025 | | A | | | 3,410 | | | | 4,187,241 | |
| DFW Arpt AMT | | 5.00% | | 11/1/2028 | | A+ | | | 5,000 | | | | 5,753,900 | |
| E470 Pub Hwy Auth | | Zero Coupon | | 9/1/2037 | | A3 | | | 5,000 | | | | 2,596,050 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2031 | | AA- | | | 25,000 | | | | 16,444,750 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | BBB- | | | 4,500 | | | | 2,489,535 | |
| 112 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Foothill / Eastern Corridor Toll Rd | | 5.75% | | 1/15/2046 | | BBB- | | $ | 1,000 | | | $ | 1,196,610 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2049 | | BBB- | | | 5,000 | | | | 6,039,300 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2053 | | BBB- | | | 3,250 | | | | 3,918,427 | |
| Foothill / Eastern Corridor Toll Rd | | 6.50% | | 1/15/2043 | | BB+ | | | 2,000 | | | | 2,406,640 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2035 | | BB- | | | 3,000 | | | | 3,347,010 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 1.484% | # | 1/1/2031 | | NR | | | 5,000 | | | | 4,382,940 | |
| Mid Bay Bridge Auth | | 7.25% | | 10/1/2034 | | AAA | (c) | | 5,900 | | | | 7,640,087 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | A- | | | 2,700 | | | | 3,220,290 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2046 | | Baa3 | | | 1,150 | | | | 1,303,237 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.25% | | 1/1/2050 | | Baa3 | | | 11,850 | | | | 13,599,297 | |
| NY Twy Auth | | 5.25% | | 1/1/2056 | | A- | | | 1,850 | | | | 2,250,266 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 12/31/2034 | | BBB | | | 5,000 | | | | 5,884,900 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 12/31/2038 | | BBB | | | 2,500 | | | | 2,921,650 | |
| PR Hwy & Trans Auth | | 5.00% | | 7/1/2020 | | CC | | | 6,035 | | | | 1,603,439 | |
| PR Hwy & Trans Auth | | 5.00% | | 7/1/2022 | | CC | | | 1,545 | | | | 413,287 | |
| PR Hwy & Trans Auth(e) | | 5.00% | | 7/1/2028 | | Ca | | | 1,015 | | | | 271,513 | |
| PR Hwy & Trans Auth | | 5.00% | | 7/1/2030 | | CC | | | 4,890 | | | | 1,308,075 | |
| PR Hwy & Trans Auth (AMBAC) | | 5.25% | | 7/1/2038 | | CC | | | 4,000 | | | | 4,271,960 | |
| San Joaquin Hills Trsp Corridor | | 5.25% | | 1/15/2044 | | BB+ | | | 3,270 | | | | 3,839,667 | |
| San Joaquin Hills Trsp Corridor | | 5.25% | | 1/15/2049 | | BB+ | | | 5,000 | | | | 5,842,950 | |
| South Carolina Ports AMT | | 5.25% | | 7/1/2055 | | A+ | | | 5,000 | | | | 5,755,200 | |
| Susquehanna Area Regl Arpt AMT | | 6.50% | | 1/1/2038 | | Baa3 | | | 7,870 | | | | 8,261,139 | |
| VA Small Bus Fing–Elizabeth River AMT | | 6.00% | | 1/1/2037 | | BBB | | | 1,500 | | | | 1,809,270 | |
| Total | | | | | | | | | | | | | 139,620,344 | |
| | | | | | | | | | | | | | | |
| Utilities 9.03% | | | | | | | | | | | | | | |
| Adelanto Util Sys | | 6.625% | | 7/1/2031 | | NR | | | 11,000 | | | | 12,433,960 | |
| Arborwood CDD | | 5.50% | | 5/1/2036 | | NR | | | 520 | | | | 521,518 | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 7/1/2037 | | Baa3 | | | 2,500 | | | | 2,822,125 | |
| Chicago Water | | 5.00% | | 11/1/2028 | | A | | | 500 | | | | 600,815 | |
| Chicago Water | | 5.00% | | 11/1/2029 | | A | | | 875 | | | | 1,047,156 | |
| Chicago Water | | 5.00% | | 11/1/2030 | | A | | | 500 | | | | 597,405 | |
| Compton Water | | 6.00% | | 8/1/2039 | | NR | | | 3,710 | | | | 3,940,539 | |
| DE EDA–NRG Energy | | 5.375% | | 10/1/2045 | | Baa3 | | | 2,195 | | | | 2,400,847 | |
| Detroit Water | | 5.25% | | 7/1/2041 | | A- | | | 5,000 | | | | 5,549,250 | |
| Guam Waterworks Auth | | 5.50% | | 7/1/2043 | | A- | | | 2,535 | | | | 2,963,136 | |
| IN Fin Auth–Ohio Vly Elec | | 5.00% | | 6/1/2039 | | BBB- | | | 3,000 | | | | 3,181,500 | |
| IN Muni Pwr | | 5.25% | | 1/1/2034 | | A+ | | | 2,345 | | | | 2,823,169 | |
| | See Notes to Financial Statements. | 113 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Jefferson Co Sewer | | Zero Coupon | | 10/1/2039 | | BBB- | | $ | 5,000 | | | $ | 3,988,800 | |
| Jefferson Co Sewer | | Zero Coupon | | 10/1/2046 | | BBB- | | | 5,445 | | | | 4,311,188 | |
| Jefferson Co Sewer | | 6.00% | | 10/1/2042 | | BBB- | | | 6,025 | | | | 7,315,314 | |
| Jefferson Co Sewer | | 6.50% | | 10/1/2053 | | BBB- | | | 19,945 | | | | 25,078,444 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2028 | | AA | | | 4,035 | | | | 2,504,807 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2042 | | AA | | | 5,000 | | | | 4,159,300 | |
| Jefferson Co Sewer (AGM) | | 5.00% | | 10/1/2044 | | AA | | | 5,000 | | | | 5,814,350 | |
| Lathrop Fin Auth | | 5.90% | | 6/1/2027 | | NR | | | 2,375 | | | | 2,395,116 | |
| Lathrop Fin Auth | | 6.00% | | 6/1/2035 | | NR | | | 3,255 | | | | 3,282,863 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | BBB+ | | | 5,795 | | | | 7,904,959 | |
| Maricopa Co Poll Ctl–El Paso Elec | | 7.25% | | 2/1/2040 | | Baa1 | | | 3,500 | | | | 3,973,900 | |
| Moraine Ohio Solid Waste Disp Escrow AMT(e) | | 6.75% | | 12/31/2025 | | NR | | | 525 | | | | 53 | |
| MSR Energy Auth–Citi | | 6.50% | | 11/1/2039 | | BBB+ | | | 5,850 | | | | 8,576,334 | |
| OH Air Quality–Firstenergy | | 4.375% | # | 6/1/2033 | | Baa2 | | | 5,090 | | | | 5,124,256 | |
| OH Wtr Dev Auth–Firstenergy | | 4.375% | # | 6/1/2033 | | Baa2 | | | 1,090 | | | | 1,097,336 | |
| OH Wtr Dev Auth–Firstenergy | | 4.375% | # | 6/1/2033 | | Baa2 | | | 1,000 | | | | 1,006,730 | |
| Padre Dam Municipal Water Auth COP | | 5.25% | | 10/1/2034 | | AA | | | 5,600 | | | | 6,263,880 | |
| PR Aqueduct & Swr Auth | | 5.00% | | 7/1/2017 | | Caa3 | | | 8,460 | | | | 6,749,811 | |
| PR Aqueduct & Swr Auth | | 5.00% | | 7/1/2019 | | Caa3 | | | 1,255 | | | | 992,705 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Caa3 | | | 15,395 | | | | 11,661,712 | |
| PR Aqueduct & Swr Auth | | 5.75% | | 7/1/2037 | | Caa3 | | | 4,865 | | | | 3,733,888 | |
| PR Aqueduct & Swr Auth | | 6.00% | | 7/1/2038 | | Caa3 | | | 2,675 | | | | 2,066,438 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2029 | | Caa3 | | | 1,500 | | | | 1,012,500 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2042 | | Caa3 | | | 1,400 | | | | 945,000 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2040 | | Caa3 | | | 15,785 | | | | 10,654,875 | |
| PR Elec Pwr Auth | | 5.50% | | 7/1/2038 | | Caa3 | | | 1,500 | | | | 1,017,825 | |
| San Antonio Elec & Gas†(b) | | 5.25% | | 2/1/2029 | | AA | | | 19,375 | | | | 21,279,837 | |
| San Antonio Elec & Gas†(b) | | 5.25% | | 2/1/2031 | | AA | | | 6,270 | | | | 6,886,430 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2029 | | A3 | | | 5,000 | | | | 5,728,500 | |
| WV EDA–Morgantown Energy AMT | | 2.875% | | 12/15/2026 | | Baa3 | | | 1,000 | | | | 1,003,060 | |
| Total | | | | | | | | | | | | | 205,411,631 | |
| Total Municipal Bonds (cost $2,184,475,185) | | | | | | | | | | | | | 2,263,582,798 | |
| 114 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate# | | Interest
Rate
Reset
Date(f) | | Final
Maturity
Date | | Credit
Rating:
Principal
S&P or
Moody’s(a) | | Amount
(000) | | | Fair
Value | |
| SHORT-TERM INVESTMENTS 0.19% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.19% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 0.12% | | | | | | | | | | | | | | | | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 12/1/2039 | | A2 | | $ | 700 | | | $ | 700,000 | |
| Port Arthur Nav Dist–Motiva | | 0.93% | | 10/3/2016 | | 4/1/2040 | | A2 | | | 2,100 | | | | 2,100,000 | |
| Total | | | | | | | | | | | | | | | 2,800,000 | |
| | | | | | | | | | | | | | | | | |
| Money Market Securities 0.02% | | | | | | | | | | | | | | | | |
| NYC GO (AGM) | | 0.96% | | 10/3/2016 | | 11/1/2026 | | AA | | | 550 | | | | 550,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.05% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | 0.96% | | 10/3/2016 | | 6/15/2032 | | AA+ | | | 1,100 | | | | 1,100,000 | |
| Total Short-Term Investments (cost $4,450,000) | | | | | | | | | | | 4,450,000 | |
| Total Investments in Securities 99.75% (cost $2,188,925,185) | | | | | | | | | | | 2,268,032,798 | |
| Cash and Other Assets in Excess of Liabilities(i) 0.25% | | | | | | | | | | | 5,630,587 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 2,273,663,385 | |
Open Futures Contracts at September 30, 2016:
| | | | | | | | | | | | | Unrealized | |
| Type | | Expiration | | Contracts | | | Position | | Fair Value | | | Depreciation | |
| U.S. 10-Year Treasury Note | | December 2016 | | | 118 | | | Short | | $ | (15,472,750 | ) | | $ | (16,798 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
| | See Notes to Financial Statements. | 115 |
Schedule of Investments (concluded)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
The following is a summary of the inputs used as of September 30, 2016 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 | | | | | | | | | | | | | | | | |
| Corporate-Backed | | $ | – | | | $ | 274,990,903 | | | $ | 9,115,602 | (4) | | $ | 284,106,505 | |
| General Obligation | | | – | | | | 176,406,664 | | | | 6,039,647 | (4) | | | 182,446,311 | |
| Health Care | | | – | | | | 642,245,756 | | | | 189,186 | (4) | | | 642,434,942 | |
| Lease Obligations | | | – | | | | 38,853,443 | | | | 587,860 | (4) | | | 39,441,303 | |
| Other Revenue | | | – | | | | 186,075,712 | | | | 797 | (5) | | | 186,076,509 | |
| Special Tax | | | – | | | | 140,842,907 | | | | 4,337,850 | (4) | | | 145,180,757 | |
| Utilities | | | – | | | | 205,411,578 | | | | 53 | (5) | | | 205,411,631 | |
| Remaining Industries | | | – | | | | 578,484,840 | | | | – | | | | 578,484,840 | |
| Variable Rate Demand Notes | | | – | | | | 4,450,000 | | | | – | | | | 4,450,000 | |
| Total | | $ | – | | | $ | 2,247,761,803 | | | $ | 20,270,995 | | | $ | 2,268,032,798 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(6) | | $ | – | | | $ | (25,570,000 | ) | | $ | – | | | $ | (25,570,000 | ) |
| Total | | $ | – | | | $ | (25,570,000 | ) | | $ | – | | | $ | (25,570,000 | ) |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| Liabilities | | | (16,798 | ) | | | – | | | | – | | | | (16,798 | ) |
| Total | | $ | (16,798 | ) | | $ | – | | | $ | – | | | $ | (16,798 | ) |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| (4) | Includes securities valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| (5) | Level 3 securities (Michigan St Strategic FD Escrow (Other Revenue), Ohio St Pollution Ctl Rev Escrow (Other Revenue) and Moraine Ohio Solid Waste Disp Escrow (Utilities)) fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Financial Statements. |
| (6) | 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, 2015 | | $ | 850 | |
| Accrued discounts/premiums | | | 5,767 | |
| Realized gain (loss) | | | – | |
| Change in unrealized appreciation/depreciation | | | (859,958 | ) |
| Purchases | | | – | |
| Sales | | | – | |
| Net transfers in or out of Level 3 | | | 21,124,336 | |
| Balance as of September 30, 2016 | | $ | 20,270,995 | |
| 116 | See Notes to Financial Statements. |
Schedule of Investments
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 98.34% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 18.26% | | | | | | | | | | | | | | |
| AL IDA–Office Max Rmkt AMT | | 6.45% | # | 12/1/2023 | | B3 | | $ | 440 | | | $ | 440,730 | |
| AL IDA–Office Max Rmkt AMT | | 6.45% | # | 12/1/2023 | | B3 | | | 30 | | | | 30,050 | |
| Allegheny Co IDA–US Steel | | 5.50% | | 11/1/2016 | | B | | | 390 | | | | 390,608 | |
| Allegheny Co IDA–US Steel | | 6.50% | | 5/1/2017 | | B | | | 235 | | | | 237,761 | |
| Austin Convention (XLCA) | | 5.25% | | 1/1/2020 | | BBB- | | | 90 | | | | 90,749 | |
| Austin Convention (XLCA) | | 5.25% | | 1/1/2024 | | BBB- | | | 85 | | | | 85,690 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2021 | | Ba1 | | | 120 | | | | 120,383 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 4.50% | | 1/1/2025 | | NR | | | 250 | | | | 283,625 | |
| CA Poll Ctl–Waste Mgmt AMT | | 3.125% | # | 11/1/2040 | | A- | | | 250 | | | | 265,752 | |
| Chelan Co Dev Corp–Alcoa | | 5.85% | | 12/1/2031 | | BBB- | | | 160 | | | | 160,517 | |
| Citizens Property Insurance Corp | | 5.00% | | 6/1/2020 | | A+ | | | 50 | | | | 56,910 | |
| Denver Intl Arpt Rev–United Airlines AMT | | 5.25% | | 10/1/2032 | | BB- | | | 250 | | | | 257,480 | |
| Greater Orlando Aviation–Jet Blue AMT | | 5.00% | | 11/15/2026 | | NR | | | 100 | | | | 108,137 | |
| Gulf Coast IDA–CITGO AMT | | 4.875% | | 5/1/2025 | | B+ | | | 100 | | | | 106,647 | |
| Gulf Coast Waste Disp–US Steel | | 5.75% | | 9/1/2017 | | B | | | 200 | | | | 201,998 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/1/2029 | | BB- | | | 250 | | | | 283,072 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B+ | | | 2,275 | | | | 2,359,471 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B+ | | | 780 | | | | 841,113 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.50% | | 12/1/2022 | | B+ | | | 65 | | | | 67,290 | |
| IN Fin Auth–US Steel | | 6.00% | | 12/1/2019 | | B | | | 130 | | | | 131,403 | |
| Int Falls MN–Office Max | | 5.50% | | 4/1/2023 | | B3 | | | 100 | | | | 100,344 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2026 | | BB- | | | 3,340 | | | | 3,704,962 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 455 | | | | 540,686 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 11/1/2035 | | BBB | | | 100 | | | | 118,937 | |
| LA Env Facs–Westlake Chem | | 6.75% | | 11/1/2032 | | BBB | | | 140 | | | | 148,547 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.00% | | 1/1/2027 | | NR | | | 165 | | | | 165,368 | |
| Middlesex CO Impt Auth–Heldrich Ctr | | 5.00% | | 1/1/2020 | | Caa1 | | | 85 | | | | 82,937 | |
| Montgomery Co IDA–Peco Generation | | 2.60% | # | 3/1/2034 | | BBB | | | 200 | | | | 204,864 | |
| Nez Perce CO Poll Ctl–Potlatch | | 2.75% | | 10/1/2024 | | Ba1 | | | 1,000 | | | | 1,000,000 | |
| Niagara Area Dev Corp–Covanta† | | 4.00% | | 11/1/2024 | | Ba2 | | | 1,100 | | | | 1,117,094 | |
| NJ EDA–Continental Airlines AMT | | 4.875% | | 9/15/2019 | | BB- | | | 735 | | | | 779,938 | |
| NJ EDA–Continental Airlines AMT | | 5.125% | | 9/15/2023 | | BB- | | | 115 | | | | 128,435 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 4/1/2028 | | BB- | | | 105 | | | | 105,353 | |
| NJ EDA–Goethals Brdg AMT | | 5.25% | | 1/1/2025 | | BBB- | | | 160 | | | | 189,779 | |
| NY Energy–NY State Elec & Gas AMT | | 2.375% | # | 7/1/2026 | | AA- | | | 240 | | | | 248,465 | |
| NY Liberty Dev Corp–3 WTC† | | 5.15% | | 11/15/2034 | | NR | | | 100 | | | | 117,896 | |
| | See Notes to Financial Statements. | 117 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2022 | | BBB | | $ | 165 | | | $ | 188,245 | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75% | | 3/1/2024 | | A+ | | | 280 | | | | 353,696 | |
| Overland Pk Dev–Conv Ctr (AMBAC) | | 5.125% | | 1/1/2022 | | BB+ | | | 210 | | | | 211,481 | |
| Red River–AEP Texas North (NPFGC) (FGIC) | | 4.45% | | 6/1/2020 | | AA- | | | 100 | | | | 108,482 | |
| Richland Co Env Impt–Intl Paper AMT | | 3.875% | | 4/1/2023 | | BBB | | | 210 | | | | 229,830 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 750 | | | | 859,432 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | 4.75% | | 7/15/2036 | | A3 | | | 40 | | | | 40,116 | |
| St Charles Parish–Valero Energy | | 4.00% | # | 12/1/2040 | | BBB | | | 195 | | | | 217,189 | |
| Tulsa Mun Arpt–American Airlines AMT | | 5.00% | # | 6/1/2035 | | BB- | | | 400 | | | | 467,880 | |
| Washington Co Wastewtr–Cargill AMT | | 2.375% | # | 9/1/2030 | | A | | | 100 | | | | 103,037 | |
| Whiting Env Facs–BP Rmkt | | 5.25% | | 1/1/2021 | | A2 | | | 150 | | | | 173,282 | |
| WI PFA–TrIPS AMT | | 5.00% | | 7/1/2022 | | BBB | | | 710 | | | | 788,938 | |
| WI PFA–Waste Mgmt AMT | | 2.00% | # | 7/1/2029 | | A- | | | 800 | | | | 811,048 | |
| WI Pub Fin Auth–Celanese AMT | | 5.00% | | 1/1/2024 | | BBB- | | | 500 | | | | 579,055 | |
| Total | | | | | | | | | | | | | 20,404,702 | |
| | | | | | | | | | | | | | | |
| Education 3.94% | | | | | | | | | | | | | | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2018 | | Baa1 | | | 100 | | | | 103,634 | |
| Clifton Higher Ed–Intl Ldrshp Sch | | 4.625% | | 8/15/2025 | | NR | | | 100 | | | | 107,950 | |
| FL HI Ed–Nova Southeastern Univ | | 6.00% | | 4/1/2026 | | A- | | | 155 | | | | 182,147 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2017 | | Baa3 | | | 75 | | | | 75,395 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2021 | | Baa3 | | | 150 | | | | 150,424 | |
| IL Fin Auth–IL Inst of Tech | | 7.125% | | 2/1/2034 | | Baa3 | | | 100 | | | | 105,763 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2022 | | A- | | | 560 | | | | 651,437 | |
| MA DFA–Emerson College | | 5.00% | | 1/1/2030 | | BBB+ | | | 10 | | | | 11,076 | |
| MA DFA–Emerson College | | 5.50% | | 1/1/2030 | | BBB+ | | | 290 | | | | 325,748 | |
| Marietta Dev Auth–Life Univ | | 7.00% | | 6/15/2039 | | Ba3 | | | 250 | | | | 262,192 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.00% | | 10/1/2024 | | NR | | | 100 | | | | 117,844 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2023 | | BBB | | | 275 | | | | 328,292 | |
| NY Dorm–Long Island Univ | | 3.00% | | 9/1/2019 | | BBB | | | 175 | | | | 184,018 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2018 | | Ba1 | | | 100 | | | | 106,777 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2019 | | BB+ | | | 50 | | | | 54,017 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2021 | | NR | | | 10 | | | | 11,647 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2021 | | BB+ | | | 290 | | | | 329,460 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2024 | | BB+ | | | 170 | | | | 200,000 | |
| NY Dorm–Yeshiva Univ | | 3.75% | | 9/1/2018 | | NR | | | 15 | | | | 15,803 | |
| NY Dorm–Yeshiva Univ | | 3.75% | | 9/1/2018 | | B3 | | | 135 | | | | 139,753 | |
| NY Dorm–Yeshiva Univ | | 4.00% | | 11/1/2025 | | B3 | | | 95 | | | | 96,657 | |
| 118 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Education (continued) | | | | | | | | | | | | | | |
| NY Dorm–Yeshiva Univ | | 4.00% | | 11/1/2026 | | B3 | | $ | 95 | | | $ | 96,173 | |
| NY Dorm–Yeshiva Univ | | 5.00% | | 11/1/2022 | | NR | | | 20 | | | | 23,696 | |
| NY Dorm–Yeshiva Univ | | 5.00% | | 11/1/2022 | | B3 | | | 30 | | | | 31,476 | |
| NY Dorm–Yeshiva Univ | | 5.00% | | 9/1/2028 | | B3 | | | 10 | | | | 10,579 | |
| Olmos Park Hi Ed–Univ Incarnate Word | | 5.00% | | 12/1/2021 | | A3 | | | 285 | | | | 331,843 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2021 | | A- | | | 200 | | | | 233,864 | |
| VA Clg Bldg Auth–Marymount Univ† | | 5.00% | | 7/1/2022 | | BB+ | | | 100 | | | | 112,148 | |
| Total | | | | | | | | | | | | | 4,399,813 | |
| | | | | | | | | | | | | | | |
| General Obligation 13.94% | | | | | | | | | | | | | | |
| Arkansas City Bldg–So Cent Reg Med | | 6.25% | | 9/1/2024 | | Caa1 | | | 15 | | | | 14,779 | |
| Chicago Brd Ed | | 1.67% | # | 3/1/2036 | | B+ | | | 800 | | | | 752,920 | |
| Chicago Brd Ed | | 4.25% | | 12/1/2018 | | B+ | | | 40 | | | | 38,805 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2017 | | B+ | | | 55 | | | | 54,487 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2019 | | B+ | | | 225 | | | | 220,176 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2026 | | B+ | | | 295 | | | | 282,436 | |
| Chicago Brd Ed | | 9.00% | # | 3/1/2026 | | B+ | | | 475 | | | | 479,037 | |
| Chicago Brd Ed (AMBAC) | | 5.00% | | 12/1/2017 | | B+ | | | 200 | | | | 203,632 | |
| Chicago Brd Ed (NPFGC) (FGIC) | | 5.00% | | 12/1/2019 | | AA- | | | 145 | | | | 155,884 | |
| Chicago GO | | 5.00% | | 12/1/2019 | | BBB+ | | | 150 | | | | 157,209 | |
| Chicago GO | | 5.00% | | 1/1/2021 | | BBB+ | | | 250 | | | | 261,845 | |
| Chicago GO | | 4.00% | | 1/1/2022 | | BBB+ | | | 125 | | | | 127,064 | |
| Chicago GO | | 4.50% | | 1/1/2020 | | BBB+ | | | 400 | | | | 411,512 | |
| Chicago GO | | 5.25% | | 1/1/2022 | | BBB+ | | | 765 | | | | 826,628 | |
| Chicago GO (AMBAC) | | 5.00% | | 12/1/2017 | | BBB+ | | | 100 | | | | 100,431 | |
| Cook Co GO | | 5.00% | | 11/15/2018 | | AA- | | | 285 | | | | 306,452 | |
| Cook Co GO | | 5.00% | | 11/15/2018 | | AA- | | | 200 | | | | 215,054 | |
| Cook Co GO | | 5.00% | | 11/15/2022 | | AA- | | | 175 | | | | 204,288 | |
| Cook Co GO | | 5.25% | | 11/15/2022 | | AA- | | | 310 | | | | 351,140 | |
| Eaton Area Pk & Rec Dist | | 5.00% | | 12/1/2018 | | NR | | | 100 | | | | 104,803 | |
| Guam GO | | 5.00% | | 11/15/2023 | | BB- | | | 10 | | | | 10,457 | |
| Guam GO | | 6.00% | | 11/15/2019 | | BB- | | | 165 | | | | 174,372 | |
| Guam GO | | 6.75% | | 11/15/2029 | | NR | | | 50 | | | | 58,835 | |
| IL State GO | | 5.00% | | 8/1/2017 | | BBB+ | | | 140 | | | | 144,150 | |
| IL State GO | | 4.00% | | 2/1/2018 | | BBB+ | | | 100 | | | | 102,833 | |
| IL State GO | | 4.00% | | 7/1/2018 | | BBB+ | | | 150 | | | | 155,517 | |
| IL State GO | | 4.25% | | 4/1/2017 | | BBB+ | | | 50 | | | | 50,751 | |
| IL State GO | | 5.00% | | 6/1/2017 | | BBB+ | | | 75 | | | | 76,844 | |
| | See Notes to Financial Statements. | 119 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| IL State GO | | 5.00% | | 1/1/2018 | | BBB+ | | $ | 245 | | | $ | 254,526 | |
| IL State GO | | 5.00% | | 8/1/2019 | | BBB+ | | | 295 | | | | 317,727 | |
| IL State GO | | 5.00% | | 1/1/2020 | | BBB+ | | | 705 | | | | 764,523 | |
| IL State GO | | 5.00% | | 4/1/2020 | | BBB+ | | | 165 | | | | 179,853 | |
| IL State GO | | 5.00% | | 4/1/2020 | | BBB+ | | | 510 | | | | 555,910 | |
| IL State GO | | 5.00% | | 7/1/2020 | | BBB+ | | | 280 | | | | 306,715 | |
| IL State GO | | 5.00% | | 3/1/2021 | | BBB+ | | | 600 | | | | 664,044 | |
| IL State GO | | 5.00% | | 7/1/2021 | | BBB+ | | | 320 | | | | 355,680 | |
| IL State GO | | 5.00% | | 8/1/2021 | | BBB+ | | | 310 | | | | 344,990 | |
| IL State GO | | 5.00% | | 2/1/2022 | | BBB+ | | | 685 | | | | 766,556 | |
| IL State GO | | 5.25% | | 1/1/2020 | | BBB+ | | | 465 | | | | 507,868 | |
| IL State GO (AGM) | | 5.00% | | 1/1/2019 | | AA | | | 50 | | | | 53,472 | |
| Luzerne CO GO (AGM) | | 3.80% | | 12/15/2017 | | AA | | | 100 | | | | 102,303 | |
| Luzerne CO GO (AGM) | | 4.30% | | 12/15/2021 | | AA | | | 85 | | | | 88,558 | |
| NJ State Bldg Auth | | 4.00% | | 6/15/2021 | | A- | | | 250 | | | | 265,252 | |
| NYC GO | | 5.00% | | 10/15/2016 | | AA | | | 40 | | | | 40,047 | |
| Oakland USD | | 5.00% | | 8/1/2020 | | AA- | | | 150 | | | | 172,626 | |
| Philadelphia Sch Dist | | 2.25% | | 9/1/2017 | | A2 | | | 125 | | | | 126,121 | |
| Philadelphia Sch Dist | | 4.00% | | 9/1/2017 | | A2 | | | 95 | | | | 97,345 | |
| Philadelphia Sch Dist | | 4.00% | | 9/1/2018 | | A2 | | | 300 | | | | 315,078 | |
| Philadelphia Sch Dist | | 4.50% | | 9/1/2017 | | A2 | | | 155 | | | | 159,520 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2019 | | A2 | | | 100 | | | | 107,925 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2020 | | A2 | | | 215 | | | | 236,306 | |
| Philadelphia Sch Dist | | 5.25% | | 9/1/2027 | | AA+ | | | 250 | | | | 263,332 | |
| Philadelphia Sch Dist | | 6.00% | | 9/1/2038 | | A2 | | | 870 | | | | 909,394 | |
| PR Comwlth GO(e) | | 4.00% | | 7/1/2021 | | Caa3 | | | 300 | | | | 181,125 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2022 | | Caa3 | | | 55 | | | | 33,825 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2017 | | Caa3 | | | 110 | | | | 68,805 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2019 | | Caa3 | | | 265 | | | | 166,046 | |
| PR Comwlth GO (AG) | | 5.00% | | 7/1/2017 | | AA | | | 65 | | | | 66,693 | |
| PR Comwlth GO (AGM) | | 3.875% | | 7/1/2019 | | AA | | | 35 | | | | 35,072 | |
| PR Comwlth GO (AGM) | | 5.50% | | 7/1/2019 | | AA | | | 140 | | | | 147,020 | |
| PR Comwlth GO (AGM) (XLCA) | | 5.50% | | 7/1/2017 | | AA | | | 100 | | | | 102,971 | |
| PR Comwlth GO TCRS (AMBAC) | | 4.50% | | 7/1/2023 | | Caa3 | | | 520 | | | | 520,021 | |
| PR Pub Bldg Auth GTD | | 5.50% | | 7/1/2019 | | Caa3 | | | 35 | | | | 21,139 | |
| PR Pub Bldg Auth GTD | | 5.50% | | 7/1/2023 | | Caa3 | | | 55 | | | | 33,275 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2018 | | A2 | | | 190 | | | | 198,949 | |
| Total | | | | | | | | | | | | | 15,572,953 | |
| 120 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care 22.53% | | | | | | | | | | | | | | |
| Alachua Co IDA–No FL Retirement Vlg | | 5.625% | | 11/15/2022 | | NR | | $ | 195 | | | $ | 200,372 | |
| Alachua Co IDA–No FL Retirement Vlg | | 5.75% | | 11/15/2026 | | NR | | | 150 | | | | 153,756 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2021 | | Ba3 | | | 250 | | | | 278,900 | |
| Ashland Med Ctr–Kings Daughters | | 5.00% | | 2/1/2022 | | BBB | | | 560 | | | | 644,101 | |
| AZ Hlth Facs–Beatitudes | | 5.10% | | 10/1/2022 | | NR | | | 150 | | | | 150,313 | |
| Blaine Sr Hsg & Hlthcare–Crest View | | 5.125% | | 7/1/2025 | | NR | | | 100 | | | | 106,777 | |
| Buffalo & Erie IDC–Catholic Hlth | | 5.00% | | 7/1/2020 | | BBB+ | | | 100 | | | | 113,733 | |
| CA Muni Fin–Northbay Hlthcare | | 4.00% | | 11/1/2022 | | NR | | | 760 | | | | 855,296 | |
| CA Statewide–Beverly | | 4.00% | | 2/1/2021 | | BBB- | | | 550 | | | | 592,240 | |
| CA Stwde–American Baptist | | 5.00% | | 10/1/2020 | | BBB+ | (c) | | 165 | | | | 187,828 | |
| CA Stwde–Daughters of Charity | | 5.50% | | 7/1/2022 | | CCC | | | 60 | | | | 60,430 | |
| CA Stwde–Daughters of Charity | | 5.75% | | 7/1/2024 | | CCC | | | 800 | | | | 803,208 | |
| CA Stwde–Eskaton Pptys | | 5.00% | | 11/15/2021 | | BBB | | | 775 | | | | 900,093 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.00% | | 12/1/2025 | | BB | | | 1,000 | | | | 1,216,200 | |
| Camden CO Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2023 | | BBB+ | | | 80 | | | | 95,267 | |
| Church Home of Hartford† | | 2.875% | | 9/1/2020 | | BB | (c) | | 200 | | | | 201,758 | |
| Church Home of Hartford† | | 3.25% | | 9/1/2021 | | BB | (c) | | 200 | | | | 203,250 | |
| CO Hlth Facs–Christian Living(d) | | 4.00% | | 1/1/2020 | | NR | | | 250 | | | | 266,152 | |
| Collier Co IDA–Arlington of Naples† | | 5.25% | | 5/15/2022 | | NR | | | 100 | | | | 100,417 | |
| Comanche Co Hsp Auth | | 5.00% | | 7/1/2022 | | BB+ | | | 100 | | | | 110,468 | |
| Cumberland Co Mun Auth–Asbury | | 5.00% | | 1/1/2020 | | NR | | | 25 | | | | 27,456 | |
| Dauphin Co Gen Auth–Pinnacle Hlth | | 5.25% | | 6/1/2017 | | NR | | | 20 | | | | 20,571 | |
| Dauphin Co Gen Auth–Pinnacle Hlth | | 5.25% | | 6/1/2017 | | A+ | | | 5 | | | | 5,139 | |
| Delaware Co Hsp–Crozer-Keystone | | 5.00% | | 12/15/2019 | | BB | | | 50 | | | | 50,403 | |
| Delaware Co Hsp–Crozer-Keystone | | 5.00% | | 12/15/2026 | | BB | | | 100 | | | | 100,805 | |
| Denver Hlth & Hsp Auth | | 1.664% | # | 12/1/2033 | | BBB | | | 300 | | | | 280,947 | |
| Fairfax Co IDA–Inova Hlth | | 5.25% | | 8/15/2019 | | AA+ | | | 75 | | | | 81,070 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.375% | | 7/1/2035 | | Ba1 | | | 45 | | | | 51,109 | |
| Friendsview Retirement Community | | 4.00% | | 11/15/2026 | | NR | | | 500 | | | | 529,045 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2022 | | BB | | | 250 | | | | 282,702 | |
| Harris Co Cultural Ed–Brazos | | 4.00% | | 1/1/2023 | | BB+ | (c) | | 80 | | | | 87,519 | |
| Harris Co Cultural Ed–Brazos | | 5.00% | | 1/1/2023 | | BB+ | (c) | | 65 | | | | 74,858 | |
| ID HFA–Madison Mem Hosp | | 5.00% | | 9/1/2021 | | BB+ | | | 1,000 | | | | 1,133,490 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2019 | | BBB | | | 100 | | | | 109,524 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2021 | | BBB | | | 100 | | | | 115,671 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | 5.00% | # | 2/15/2037 | | BB- | (c) | | 55 | | | | 55,048 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | 5.375% | | 2/15/2025 | | BB- | (c) | | 100 | | | | 100,128 | |
| | See Notes to Financial Statements. | 121 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| IL Fin Auth–Plymouth Place | | 5.00% | | 5/15/2025 | | BB+ | (c) | $ | 125 | | | $ | 144,049 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2020 | | BBB- | | | 1,000 | | | | 1,098,740 | |
| IL Fin Auth–Provena Hlth | | 6.25% | | 5/1/2022 | | BBB- | | | 100 | | | | 118,068 | |
| IL Fin Auth–Provena Hlth | | 7.75% | | 8/15/2034 | | BBB- | | | 100 | | | | 119,021 | |
| IL Fin Auth–Smith Vlg | | 5.25% | | 11/15/2016 | | NR | | | 10 | | | | 10,010 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | 5.50% | | 7/1/2020 | | BB | | | 30 | | | | 30,094 | |
| Kent Hsp Fin Auth–Metropolitan Hsp | | 6.00% | | 7/1/2035 | | BB | | | 460 | | | | 461,481 | |
| King Co Pub Hsp–Snoqualmie Vly Hsp | | 5.00% | | 12/1/2025 | | NR | | | 100 | | | | 102,258 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2021 | | NR | | | 370 | | | | 407,918 | |
| LA Verne COP–Brethren Hillcrest Homes | | 5.00% | | 5/15/2022 | | BBB- | (c) | | 55 | | | | 63,652 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2022 | | BBB | | | 340 | | | | 400,279 | |
| MA Hlth & Ed–Boston Med Ctr | | 4.75% | | 7/1/2023 | | BBB | | | 200 | | | | 213,324 | |
| MD Hlth & HI Ed–Doctors Cmnty Hsp | | 5.00% | | 7/1/2020 | | Baa3 | | | 15 | | | | 15,455 | |
| MD Hlth & HI Ed–Doctors Cmnty Hsp | | 5.00% | | 7/1/2027 | | Baa3 | | | 245 | | | | 252,433 | |
| MD Hlth & HI Ed–Doctors Cmnty Hsp | | 5.75% | | 7/1/2038 | | Baa3 | | | 90 | | | | 101,335 | |
| ME Hlth & HI Ed–MaineGeneral Hlth | | 5.00% | | 7/1/2019 | | Ba2 | | | 75 | | | | 79,910 | |
| ME Hlth & HI Ed–MaineGeneral Hlth | | 5.25% | | 7/1/2021 | | Ba2 | | | 70 | | | | 77,134 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 7.50% | | 7/1/2032 | | Ba2 | | | 140 | | | | 167,355 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.00% | | 2/15/2020 | | BBB- | (c) | | 200 | | | | 221,746 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | 5.00% | | 11/15/2022 | | Baa1 | | | 500 | | | | 598,590 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | 5.00% | | 11/15/2022 | | Baa1 | | | 150 | | | | 179,769 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | 5.00% | | 11/15/2023 | | Baa1 | | | 90 | | | | 107,168 | |
| Montgomery Co IDA–Whitemarsh | | 3.00% | | 1/1/2017 | | NR | | | 360 | | | | 360,306 | |
| Moon IDC–Baptist Homes Soc | | 5.00% | | 7/1/2020 | | NR | | | 80 | | | | 85,498 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2021 | | BB+ | | | 275 | | | | 301,323 | |
| New Hope–Carillon | | 3.00% | | 7/1/2020 | | NR | | | 565 | | | | 567,175 | |
| New Hope Cult Ed Facs–Crestview | | 4.00% | | 11/15/2021 | | BB+ | (c) | | 615 | | | | 661,955 | |
| New Hope Cultural–Wesleyan Homes | | 4.00% | | 1/1/2018 | | NR | | | 100 | | | | 101,730 | |
| NJ EDA–Lions Gate | | 4.00% | | 1/1/2020 | | NR | | | 325 | | | | 339,859 | |
| NJ EDA–Lions Gate | | 4.375% | | 1/1/2024 | | NR | | | 200 | | | | 214,300 | |
| NJ Hlth–Barnabas Hlth | | 4.00% | | 7/1/2018 | | A- | | | 85 | | | | 89,565 | |
| NJ Hlth–St Josephs Hlth | | 6.625% | | 7/1/2038 | | BBB- | | | 255 | | | | 280,454 | |
| NJ Hlth–St Peters Univ Hsp | | 5.00% | | 7/1/2021 | | BB+ | | | 200 | | | | 220,982 | |
| NJ Hlth–St Peters Univ Hsp | | 5.75% | | 7/1/2037 | | BB+ | | | 95 | | | | 100,786 | |
| NJ Hlth–St Peters Univ Hsp | | 6.00% | | 7/1/2026 | | BB+ | | | 80 | | | | 89,586 | |
| NJ Hlth–Trinitas Hsp | | 5.25% | | 7/1/2023 | | BBB | | | 110 | | | | 113,431 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2021 | | AA | | | 100 | | | | 115,950 | |
| 122 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2022 | | Ba1 | | $ | 200 | | | $ | 231,320 | |
| Onondaga CDC–St Josephs Hsp | | 5.125% | | 7/1/2031 | | NR | | | 100 | | | | 111,375 | |
| Palm Beach Co Hlth–Sinai Residences | | 6.75% | | 6/1/2024 | | NR | | | 100 | | | | 118,239 | |
| Palm Beach Co Hlth–Sinai Residences | | 7.25% | | 6/1/2034 | | NR | | | 20 | | | | 24,319 | |
| Palomar Hlth Care Dist COP | | 5.50% | | 11/1/2019 | | Ba1 | | | 55 | | | | 59,192 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2022 | | BBB- | | | 180 | | | | 183,148 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.50% | | 7/1/2026 | | BBB- | | | 35 | | | | 35,721 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.50% | | 7/1/2030 | | BBB- | | | 145 | | | | 147,611 | |
| Philadelphia Hsps–Temple Univ Hlth | | 6.25% | | 7/1/2023 | | BBB- | | | 15 | | | | 15,448 | |
| Red River Hlth–Methodist Ret Cmnty | | 6.125% | | 11/15/2020 | | NR | | | 15 | | | | 15,040 | |
| RI Hlth & Ed–Care New England | | 5.00% | | 9/1/2020 | | BB | | | 1,000 | | | | 1,089,730 | |
| Rochester Hlth & Hsg–Homestead | | 5.00% | | 12/1/2025 | | NR | | | 700 | | | | 801,675 | |
| Saint Paul MN Hsg & Redev Auth | | 5.00% | | 11/15/2025 | | BBB- | | | 100 | | | | 112,709 | |
| Saint Paul MN Hsg & Redev Auth | | 5.00% | | 11/15/2026 | | BBB- | | | 100 | | | | 112,286 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB+ | | | 75 | | | | 94,833 | |
| SE Port Auth–Memorial Hlth | | 5.00% | | 12/1/2022 | | BB | (c) | | 400 | | | | 436,904 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2019 | | BBB- | | | 100 | | | | 110,663 | |
| St. Louis Ind Dev Auth–Nazareth | | 3.85% | | 8/15/2020 | | NR | | | 100 | | | | 100,132 | |
| St. Louis Ind Dev Auth–Nazareth | | 4.15% | | 8/15/2021 | | NR | | | 100 | | | | 100,131 | |
| Tarrant Co Cultural–Buckingham Sr Lvg | | 3.875% | | 11/15/2020 | | BB | (c) | | 100 | | | | 101,223 | |
| Tyler Hlth–Mother Frances Hsp | | 5.125% | | 7/1/2022 | | A3 | | | 125 | | | | 142,210 | |
| Tyler Hlth–Mother Frances Hsp | | 5.25% | | 7/1/2023 | | A3 | | | 50 | | | | 56,393 | |
| UMass Mem Hlth | | 5.00% | | 7/1/2021 | | BBB+ | | | 180 | | | | 202,261 | |
| UMass Mem Hlth | | 5.00% | | 7/1/2022 | | BBB+ | | | 140 | | | | 157,314 | |
| UMass Mem Hlth | | 5.125% | | 7/1/2026 | | BBB+ | | | 125 | | | | 142,574 | |
| WA HFC–Lea Hill Proj† | | 3.20% | | 7/1/2021 | | NR | | | 500 | | | | 500,605 | |
| WA Hsg–Herons Key† | | 4.375% | | 1/1/2021 | | NR | | | 100 | | | | 101,664 | |
| Westchester Co Hlth Care | | 5.00% | | 11/1/2022 | | BBB | | | 175 | | | | 205,086 | |
| WI Hlth & Ed–Aurora Hlth | | 5.00% | | 8/15/2019 | | A2 | | | 50 | | | | 54,927 | |
| WI PFA–Bancroft Neurohealth† | | 4.00% | | 6/1/2020 | | NR | | | 635 | | | | 653,923 | |
| Total | | | | | | | | | | | | | 25,177,389 | |
| | | | | | | | | | | | | | | |
| Housing 0.49% | | | | | | | | | | | | | | |
| CA Muni Fin–UC Berkeley Hsg | | 4.00% | | 6/1/2019 | | Baa3 | | | 75 | | | | 79,781 | |
| NJ Eda–Montclair St Std Hsg | | 5.00% | | 6/1/2021 | | Baa3 | | | 95 | | | | 104,187 | |
| NJ Eda–Montclair St Std Hsg | | 5.25% | | 6/1/2020 | | Baa3 | | | 50 | | | | 56,075 | |
| NYC IDA–Yankee Stadium (FGIC) | | 1.655% | # | 3/1/2021 | | Baa1 | | | 315 | | | | 311,853 | |
| Total | | | | | | | | | | | | | 551,896 | |
| | See Notes to Financial Statements. | 123 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Lease Obligations 1.37% | | | | | | | | | | | | | | |
| CA Pub Wks–Dept of Correction (AMBAC) | | 5.00% | | 12/1/2019 | | A1 | | $ | 245 | | | $ | 262,498 | |
| Essex Co Impt Auth–Newark | | 6.25% | | 11/1/2030 | | Ba1 | | | 15 | | | | 16,535 | |
| Essex Co Impt Auth–Newark (AGM) | | 5.00% | | 11/1/2020 | | A2 | | | 50 | | | | 55,066 | |
| MI Fin Auth–Detroit Sch Dist | | 5.50% | | 6/1/2021 | | B | | | 60 | | | | 63,518 | |
| NJ Bldg Auth | | 5.00% | | 12/15/2018 | | A- | | | 150 | | | | 160,849 | |
| NJ EDA–Sch Facs | | 5.00% | | 9/1/2020 | | A- | | | 240 | | | | 265,488 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2023 | | A- | | | 255 | | | | 292,202 | |
| NJ EDA–Sch Facs | | 5.50% | | 9/1/2021 | | A- | | | 155 | | | | 176,083 | |
| NJ EDA–Transit Proj | | 5.00% | | 5/1/2019 | | A- | | | 220 | | | | 236,808 | |
| Total | | | | | | | | | | | | | 1,529,047 | |
| | | | | | | | | | | | | | | |
| Other Revenue 7.20% | | | | | | | | | | | | | | |
| Arlington Hi Ed Fin Corp–Newman Intl Acad | | 4.375% | | 8/15/2026 | | NR | | | 250 | | | | 255,722 | |
| Austin Convention† | | 5.75% | | 1/1/2034 | | BB | | | 100 | | | | 100,962 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2019 | | Ba1 | | | 45 | | | | 45,145 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2024 | | Ba1 | | | 25 | | | | 25,063 | |
| Baltimore Conv Ctr–Hilton Hotel (XLCA) | | 5.25% | | 9/1/2025 | | Ba1 | | | 200 | | | | 200,478 | |
| CA Sch Fin Auth–Ocean Charter† | | 6.00% | | 1/1/2019 | | NR | | | 500 | | | | 500,515 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2019 | | A3 | | | 325 | | | | 359,174 | |
| Central Plains–Goldman Sachs | | 5.25% | | 12/1/2021 | | A3 | | | 360 | | | | 424,966 | |
| Cleveland Arpt | | 5.00% | | 1/1/2029 | | A- | | | 285 | | | | 327,317 | |
| DC Rev–Friendship Pub Chtr Sch | | 2.45% | | 6/1/2017 | | BBB | | | 45 | | | | 45,166 | |
| FL Charter Foundation† | | 4.00% | | 7/15/2026 | | NR | | | 1,000 | | | | 999,950 | |
| FL DFC–Renaissance Chtr Sch† | | 5.00% | | 6/15/2025 | | NR | | | 150 | | | | 160,461 | |
| Houston HI Ed–Cosmos Fndtn | | 4.00% | | 2/15/2022 | | BBB | | | 710 | | | | 747,900 | |
| Houston HI Ed–Cosmos Fndtn | | 6.50% | | 5/15/2031 | | BBB | | | 750 | | | | 904,185 | |
| Main St Nat Gas–Ml | | 5.00% | | 3/15/2022 | | BBB+ | | | 520 | | | | 601,250 | |
| Main St Nat Gas–ML | | 5.125% | | 9/15/2017 | | BBB+ | | | 105 | | | | 108,899 | |
| MI Fin Auth–Student Loan AMT | | 5.00% | | 11/1/2020 | | Aa3 | | | 80 | | | | 89,207 | |
| Mohave Co IDA–Mohave Prison | | 7.50% | | 5/1/2019 | | BBB+ | | | 495 | | | | 497,396 | |
| Phoenix IDA–Basis Schs† | | 3.00% | | 7/1/2020 | | BB | | | 200 | | | | 203,258 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2018 | | Caa3 | | | 50 | | | | 33,752 | |
| Sa Energy Acquisition–Goldman Sachs | | 5.25% | | 8/1/2017 | | A3 | | | 50 | | | | 51,735 | |
| Salt Verde Fin Corp–Citi | | 5.25% | | 12/1/2020 | | BBB+ | | | 120 | | | | 137,123 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2022 | | A3 | | | 630 | | | | 753,971 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2022 | | A3 | | | 100 | | | | 119,387 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2020 | | BBB+ | | | 120 | | | | 137,068 | |
| 124 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Other Revenue (continued) | | | | | | | | | | | | |
| Yonkers EDC–Charter Sch Ed Excellence | | 6.00% | | 10/15/2030 | | BB | | $ | 200 | | | $ | 213,362 | |
| Total | | | | | | | | | | | | | 8,043,412 | |
| | | | | | | | | | | | | | | |
| Special Tax 1.79% | | | | | | | | | | | | | | |
| Anne Arundel Co–Natl Business Pk | | 6.10% | | 7/1/2040 | | NR | | | 100 | | | | 105,492 | |
| CA Reassmt Dist 15/2 Irvine | | 5.00% | | 9/2/2021 | | NR | | | 140 | | | | 161,595 | |
| Fremont CFD–Pacific Commons | | 5.00% | | 9/1/2021 | | NR | | | 100 | | | | 115,365 | |
| Lake Elsinore PFA | | 5.00% | | 9/1/2023 | | NR | | | 100 | | | | 119,045 | |
| NJ EDA–Kapkowski Rd Landfill | | 5.75% | | 10/1/2021 | | Ba2 | | | 15 | | | | 16,553 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2017 | | BBB | | | 105 | | | | 106,124 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2025 | | BBB | | | 60 | | | | 60,559 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2026 | | BBB | | | 35 | | | | 35,321 | |
| NYC IDA–Yankee Stadium (FGIC) | | 1.535% | # | 3/1/2017 | | Baa1 | | | 160 | | | | 159,990 | |
| San Clemente Cmnty Facs | | 5.00% | | 9/1/2024 | | NR | | | 100 | | | | 122,161 | |
| San Francisco Redev–Mission Bay South | | 5.00% | | 8/1/2026 | | NR | | | 30 | | | | 34,994 | |
| Scranton RDA GTD | | 5.00% | | 11/15/2021 | | BB | | | 500 | | | | 535,045 | |
| Scranton RDA GTD | | 5.00% | | 11/15/2028 | | BB | | | 255 | | | | 273,482 | |
| Sparks Tourism Impt Dist† | | 6.75% | | 6/15/2028 | | B1 | | | 150 | | | | 158,092 | |
| Total | | | | | | | | | | | | | 2,003,818 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 3.58% | | | | | | | | | | | | | | |
| Casino Reinv Dev Auth | | 5.00% | | 11/1/2020 | | BBB+ | | | 125 | | | | 134,464 | |
| Casino Reinv Dev Auth | | 5.00% | | 11/1/2022 | | BBB+ | | | 125 | | | | 136,531 | |
| Garden St Preservation Trust TCRS (BAM) | | 5.00% | | 11/1/2021 | | AA | | | 300 | | | | 351,414 | |
| Gtr Wenatchee Regl Events Ctr | | 4.125% | | 9/1/2021 | | NR | | | 460 | | | | 481,505 | |
| Jefferson Co–Sch Warrant | | 4.75% | | 1/1/2025 | | A- | | | 45 | | | | 45,356 | |
| Jefferson CO–Sch Warrant TCRS (AMBAC) | | 4.75% | | 1/1/2025 | | A- | | | 150 | | | | 150,966 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2022 | | BBB | | | 110 | | | | 112,493 | |
| Met Pier & Expo Auth–Mccormick Place | | 5.00% | | 12/15/2022 | | BBB | | | 500 | | | | 576,260 | |
| Met Pier & Expo Auth–Mccormick Place (NPFGC) (FGIC) | | Zero Coupon | | 6/15/2018 | | BBB | | | 285 | | | | 275,780 | |
| Met Pier & Expo Auth–McCormick Place (NPFGC) (FGIC) | | 5.50% | | 12/15/2023 | | AA- | | | 150 | | | | 174,872 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2017 | | BBB+ | | | 100 | | | | 102,597 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2021 | | BBB+ | | | 500 | | | | 562,580 | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2022 | | Caa3 | | | 100 | | | | 75,000 | |
| PR Corp Sales Tax | | 5.50% | | 8/1/2023 | | CC | | | 125 | | | | 66,250 | |
| PR Sales Tax Fing Cor | | 5.00% | | 8/1/2021 | | Caa3 | | | 1,000 | | | | 750,000 | |
| Total | | | | | | | | | | | | | 3,996,068 | |
| | See Notes to Financial Statements. | 125 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Tobacco 6.80% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | $ | 1,815 | | | $ | 1,771,694 | |
| Buckeye Tobacco | | 5.375% | | 6/1/2024 | | B- | | | 995 | | | | 984,791 | |
| Golden St Tobacco | | 4.50% | | 6/1/2027 | | B | | | 700 | | | | 711,466 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 275 | | | | 276,837 | |
| Inland Empire Tobacco | | 5.75% | | 6/1/2026 | | NR | | | 65 | | | | 69,415 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 620 | | | | 619,975 | |
| Nassau Co Tobacco | | 5.25% | | 6/1/2026 | | B- | | | 125 | | | | 125,910 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2022 | | BBB+ | | | 400 | | | | 455,488 | |
| Nthrn AK Tobacco | | 4.625% | | 6/1/2023 | | Ba1 | | | 15 | | | | 15,104 | |
| Nthrn AK Tobacco | | 5.00% | | 6/1/2032 | | B3 | | | 10 | | | | 10,001 | |
| Nthrn CA Tobacco | | 4.75% | | 6/1/2023 | | B+ | | | 65 | | | | 65,419 | |
| Railsplitter Tobacco Settlement Auth | | 5.25% | | 6/1/2020 | | A | | | 10 | | | | 11,417 | |
| Railsplitter Tobacco Settlement Auth | | 5.50% | | 6/1/2023 | | A | | | 30 | | | | 35,169 | |
| Sthrn CA Tobacco | | 4.75% | | 6/1/2025 | | BBB | | | 35 | | | | 35,019 | |
| Suffolk Tobacco Asset Sec Corp | | 5.00% | | 6/1/2023 | | A | | | 60 | | | | 69,128 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 510 | | | | 531,083 | |
| Tobacco Settlement Fin Corp NJ | | 4.50% | | 6/1/2023 | | Baa3 | | | 1,005 | | | | 1,022,980 | |
| Tobacco Settlement Fin Corp NJ | | 4.625% | | 6/1/2026 | | B+ | | | 525 | | | | 529,762 | |
| TSASC | | 4.75% | | 6/1/2022 | | BBB- | | | 20 | | | | 20,027 | |
| TSASC | | 5.00% | | 6/1/2026 | | BB- | | | 240 | | | | 240,329 | |
| Total | | | | | | | | | | | | | 7,601,014 | |
| | | | | | | | | | | | | | | |
| Transportation 7.66% | | | | | | | | | | | | | | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2018 | | BBB | | | 250 | | | | 262,372 | |
| Chicago GO | | 4.00% | | 1/1/2019 | | BBB+ | | | 180 | | | | 182,225 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2021 | | A | | | 300 | | | | 341,766 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2021 | | A | | | 150 | | | | 171,546 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2023 | | A | | | 110 | | | | 128,179 | |
| Chicago O’Hare Arpt AMT | | 5.25% | | 1/1/2019 | | A | | | 65 | | | | 70,616 | |
| Chicago Water | | 5.00% | | 11/1/2020 | | A | | | 190 | | | | 214,006 | |
| Cleveland Arpt (AG) | | 4.00% | | 1/1/2020 | | AA | | | 60 | | | | 63,425 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2022 | | A- | | | 175 | | | | 202,020 | |
| E–470 Hwy Auth | | 5.00% | | 9/1/2020 | | A3 | | | 100 | | | | 113,635 | |
| E–470 Hwy Auth (NPFGC) | | 5.25% | | 9/1/2018 | | AA- | | | 40 | | | | 43,248 | |
| Foothill / Eastern Corridor Toll Rd | | 5.00% | # | 1/15/2053 | | BBB- | | | 60 | | | | 61,726 | |
| Foothill / Eastern Corridor Toll Rd | | 5.50% | # | 1/15/2053 | | BBB- | | | 500 | | | | 597,130 | |
| Houston Arpt–Continental Airlines AMT | | 4.50% | | 7/1/2020 | | BB- | | | 450 | | | | 490,239 | |
| Indianapolis Local Pub Impt–Ind Arpt AMT | | 5.00% | | 1/1/2023 | | A1 | | | 275 | | | | 329,216 | |
| 126 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Love Field Arpt–Southwest Airlines AMT | | 5.00% | | 11/1/2021 | | Baa1 | | $ | 90 | | | $ | 102,564 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.20% | | 1/1/2020 | | NR | | | 35 | | | | 35,081 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2017 | | NR | | | 25 | | | | 25,089 | |
| MD EDC–Maryland Port | | 5.125% | | 6/1/2020 | | Baa3 | | | 555 | | | | 627,350 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2021 | | Baa1 | | | 35 | | | | 39,127 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2021 | | Baa1 | | | 300 | | | | 344,424 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 12/31/2018 | | BBB | | | 250 | | | | 270,805 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 6/30/2019 | | BBB | | | 330 | | | | 362,617 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 6/30/2021 | | BBB | | | 80 | | | | 92,278 | |
| PA Econ Dev–Rapid Bridge AMT | | 5.00% | | 12/31/2025 | | BBB | | | 510 | | | | 624,480 | |
| Philadelphia Airport AMT | | 5.00% | | 6/15/2022 | | A | | | 195 | | | | 222,304 | |
| Philadelphia Airport AMT | | 5.25% | | 6/15/2022 | | A | | | 175 | | | | 196,282 | |
| Port Auth NY & NJ–JFK IAT | | 5.00% | | 12/1/2020 | | Baa1 | | | 430 | | | | 485,509 | |
| Port of Seattle AMT | | 5.00% | | 8/1/2023 | | A+ | | | 60 | | | | 71,628 | |
| PR Hwy & Trans Auth | | 5.50% | | 7/1/2024 | | CC | | | 45 | | | | 12,037 | |
| PR Hwy & Trans Auth (AGC) | | 5.25% | | 7/1/2019 | | AA | | | 25 | | | | 26,467 | |
| PR Hwy & Trans Auth (AGM) | | 5.50% | | 7/1/2017 | | AA | | | 35 | | | | 36,040 | |
| Regional Trans Dist–Denver Trans | | 5.375% | | 7/15/2025 | | Baa3 | | | 110 | | | | 123,911 | |
| Regional Trans Dist–Denver Trans | | 6.00% | | 1/15/2026 | | Baa3 | | | 300 | | | | 347,358 | |
| RI Dep Trans–Garvee | | 5.00% | | 6/15/2019 | | AA- | | | 500 | | | | 549,380 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2022 | | A+ | | | 280 | | | | 325,976 | |
| South Jersey Trans Auth | | 4.00% | | 11/1/2019 | | BBB+ | | | 105 | | | | 111,678 | |
| South Jersey Trans Auth | | 5.00% | | 11/1/2027 | | BBB+ | | | 110 | | | | 118,862 | |
| Wayne Co Arpt AMT (AGM) | | 4.00% | | 12/1/2020 | | AA | | | 120 | | | | 130,321 | |
| Total | | | | | | | | | | | | | 8,552,917 | |
| | | | | | | | | | | | | | | |
| Utilities 10.78% | | | | | | | | | | | | | | |
| Beaver CO IDA–Firstenergy | | 3.50% | # | 12/1/2035 | | Ba2 | | | 610 | | | | 536,745 | |
| Beaver Co IDA–FirstEnergy | | 4.00% | # | 1/1/2035 | | Ba2 | | | 100 | | | | 86,679 | |
| Beaver Co IDA–Firstenergy | | 4.375% | # | 1/1/2035 | | Baa2 | | | 275 | | | | 276,851 | |
| Burke CO Dev–Vogtle Proj | | 2.35% | # | 10/1/2032 | | A- | | | 175 | | | | 179,716 | |
| Chicago Wastewater CR (AGM) | | 5.00% | | 1/1/2022 | | AA | | | 150 | | | | 173,647 | |
| Chicago Water (AGM) | | 4.25% | | 11/1/2018 | | AA | | | 370 | | | | 393,103 | |
| CO Public Auth–ML | | 6.125% | | 11/15/2023 | | BBB+ | | | 630 | | | | 781,628 | |
| Detroit Sewer | | 5.00% | | 7/1/2022 | | A- | | | 140 | | | | 164,319 | |
| Detroit Sewer (AGM) | | 5.25% | | 7/1/2020 | | AA | | | 75 | | | | 85,422 | |
| Detroit Sewer Rmkt | | 6.50% | | 7/1/2024 | | A3 | | | 100 | | | | 112,961 | |
| Detroit Water | | 5.00% | | 7/1/2019 | | A- | | | 80 | | | | 87,620 | |
| | See Notes to Financial Statements. | 127 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Detroit Water | | 5.25% | | 7/1/2025 | | A- | | $ | 75 | | | $ | 85,383 | |
| Floyd Co Dev–GA Power | | 2.35% | # | 7/1/2022 | | A3 | | | 125 | | | | 128,113 | |
| HI Dept Budget–Hawaiian Electric | | 6.50% | | 7/1/2039 | | Baa2 | | | 135 | | | | 151,917 | |
| Jefferson CO Sewer | | 5.00% | | 10/1/2018 | | BBB- | | | 250 | | | | 265,157 | |
| Main St Nat Gas–ML | | 5.00% | | 3/15/2019 | | BBB+ | | | 180 | | | | 195,518 | |
| NC Eastern Muni Pwr | | 6.00% | | 1/1/2022 | | AAA | (c) | | 100 | | | | 124,761 | |
| OH Air Quality–Firstenergy | | 3.00% | | 5/15/2019 | | Ba2 | | | 1,495 | | | | 1,358,761 | |
| OH Air Quality–Firstenergy | | 3.75% | # | 12/1/2023 | | Ba2 | | | 65 | | | | 62,721 | |
| OH Air Quality–FirstEnergy | | 5.625% | | 6/1/2018 | | Baa2 | | | 300 | | | | 307,476 | |
| OH Air Quality–Ohio Vly Elec | | 5.625% | | 10/1/2019 | | BBB- | | | 130 | | | | 142,180 | |
| OH Wtr Dev Auth–FirstEnergy | | 3.75% | # | 7/1/2033 | | Ba2 | | | 200 | | | | 177,112 | |
| OH Wtr Dev Auth–Firstenergy | | 4.375% | # | 6/1/2033 | | Baa2 | | | 575 | | | | 578,870 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2021 | | A | | | 200 | | | | 233,456 | |
| Pima Co IDA–Tucson Elec | | 4.95% | | 10/1/2020 | | A3 | | | 75 | | | | 83,931 | |
| PR Aqueduct & Swr Auth | | 4.00% | | 7/1/2022 | | Caa3 | | | 85 | | | | 65,450 | |
| PR Aqueduct & Swr Auth | | 5.00% | | 7/1/2017 | | Caa3 | | | 185 | | | | 147,602 | |
| PR Aqueduct & Swr Auth | | 5.00% | | 7/1/2019 | | Caa3 | | | 945 | | | | 747,495 | |
| PR Aqueduct & Swr Auth | | 6.125% | | 7/1/2024 | | Caa3 | | | 115 | | | | 92,000 | |
| PR Elec Pwr Auth | | 4.10% | | 7/1/2019 | | Caa3 | | | 240 | | | | 162,084 | |
| PR Elec Pwr Auth | | 4.25% | | 7/1/2020 | | Caa3 | | | 300 | | | | 202,674 | |
| PR Elec Pwr Auth (AGM) | | 5.00% | | 7/1/2023 | | AA | | | 30 | | | | 30,434 | |
| PR Elec Pwr Auth (AGM) | | 5.00% | | 7/1/2024 | | AA | | | 145 | | | | 147,043 | |
| PR Elec Pwr Auth (NPFGC) | | 5.00% | | 7/1/2021 | | AA- | | | 100 | | | | 101,408 | |
| PR Elec Pwr Auth (NPFGC)(FGIC) | | 4.00% | | 7/1/2018 | | AA- | | | 315 | | | | 324,614 | |
| PR Elec Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 7/1/2019 | | AA- | | | 350 | | | | 372,533 | |
| Roseville Nat Gas–ML | | 5.00% | | 2/15/2018 | | BBB+ | | | 60 | | | | 63,010 | |
| Southern CA Waterworks TCRS (FGIC) | | 5.75% | | 7/1/2021 | | AAA | | | 65 | | | | 75,759 | |
| TEAC–Goldman Sachs | | 5.00% | | 2/1/2020 | | A3 | | | 340 | | | | 379,120 | |
| TEAC–Goldman Sachs | | 5.00% | | 2/1/2022 | | A3 | | | 715 | | | | 833,375 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2018 | | A3 | | | 30 | | | | 32,329 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2021 | | A3 | | | 315 | | | | 368,871 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2021 | | A3 | | | 220 | | | | 258,456 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2028 | | A3 | | | 25 | | | | 28,782 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2018 | | BBB+ | | | 405 | | | | 439,308 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2022 | | BBB+ | | | 205 | | | | 243,366 | |
| Wise Co IDA–VA Elec & Pwr Co | | 2.15% | # | 10/1/2040 | | A2 | | | 150 | | | | 154,260 | |
| Total | | | | | | | | | | | | | 12,044,020 | |
| Total Municipal Bonds (cost $108,333,422) | | | | | | | | | | | | | 109,877,049 | |
| 128 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
| Investments | | Interest
Rate# | | Interest
Rate
Reset
Date(f) | | Final
Maturity
Date | | Credit
Rating:
Principal
S&P or
Moody’s(a) | | Amount
(000) | | | Fair
Value | |
| SHORT-TERM INVESTMENT 0.45% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Variable Rate Demand Note 0.45% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Utilities | | | | | | | | | | | | | | |
NYC Muni Water
(cost $500,000) | | 0.96% | | 10/3/2016 | | 6/15/2032 | | AA+ | | $ | 500 | | | $ | 500,000 | |
| Total Investments in Securities 98.79% (cost $108,833,422) | | | | | | | | | 110,377,049 | |
| Cash and Other Assets in Excess of Liabiities(i) 1.21% | | | | | | | | | | | 1,349,203 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 111,726,252 | |
Open Futures Contracts at September 30, 2016:
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Depreciation | |
| U.S. 2-Year Treasury Note | | December 2016 | | 43 | | Short | | $ | (9,394,156 | ) | | $ | (3,747 | ) |
| U.S. 5-Year Treasury Note | | December 2016 | | 26 | | Short | | | (3,159,407 | ) | | | (15,685 | ) |
| U.S. 10-Year Treasury Note | | December 2016 | | 8 | | Short | | | (1,049,000 | ) | | | (1,139 | ) |
| Totals | | | | | | | | $ | (13,602,563 | ) | | $ | (20,571 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
The following is a summary of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Health Care | | $ | – | | | $ | 25,102,531 | | | $ | 74,858 | (4) | | $ | 25,177,389 | |
| Remaining Industries | | | – | | | | 84,699,660 | | | | – | | | | 84,699,660 | |
| Variable Rate Demand Note | | | – | | | | 500,000 | | | | – | | | | 500,000 | |
| Total | | $ | – | | | $ | 110,302,191 | | | $ | 74,858 | | | $ | 110,377,049 | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | – | | | $ | – | | | $ | – | | | $ | – | |
| Liabilities | | | (20,571 | ) | | | – | | | | – | | | | (20,571 | ) |
| Total | | $ | (20,571 | ) | | $ | – | | | $ | – | | | $ | (20,571 | ) |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| (4) | Includes securities valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| | See Notes to Financial Statements. | 129 |
Schedule of Investments (concluded)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2016
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, 2015 | | $ | – | |
| Accrued discounts/premiums | | | (442 | ) |
| Realized gain (loss) | | | – | |
| Change in unrealized appreciation/depreciation | | | 4,521 | |
| Purchases | | | 54,836 | |
| Sales | | | – | |
| Net transfers in or out of Level 3 | | | 15,943 | |
| Balance as of September 30, 2016 | | $ | 74,858 | |
| 130 | See Notes to Financial Statements. |
Schedule of Investments
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 99.80% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 1.12% | | | | | | | | | | | | | | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 11/21/2045 | | Baa3 | | $ | 1,020 | | | $ | 1,146,796 | |
| CA Poll Ctl–Waste Mgmt AMT | | 3.25% | # | 12/1/2027 | | A- | | | 1,500 | | | | 1,612,650 | |
| CA Poll Ctl–Waste Mgmt AMT | | 4.30% | | 7/1/2040 | | A- | | | 1,000 | | | | 1,113,890 | |
| Total | | | | | | | | | | | | | 3,873,336 | |
| | | | | | | | | | | | | | | |
| Education 8.28% | | | | | | | | | | | | | | |
| CA Dev Auth–Culinary Institute | | 5.00% | | 7/1/2036 | | Baa2 | | | 400 | | | | 481,348 | |
| CA Dev Auth–Culinary Institute | | 5.00% | | 7/1/2041 | | Baa2 | | | 380 | | | | 451,885 | |
| CA Dev Auth–Culinary Institute | | 5.00% | | 7/1/2046 | | Baa2 | | | 425 | | | | 503,799 | |
| CA Ed–Stanford Univ | | 5.00% | | 6/1/2046 | | AAA | | | 1,500 | | | | 2,196,945 | |
| CA Ed Facs–Chapman Univ | | 5.00% | | 4/1/2040 | | A2 | | | 1,000 | | | | 1,169,310 | |
| CA Ed Facs–Clg & Univ Fin Prog | | 5.00% | | 2/1/2037 | | Ba1 | | | 1,000 | | | | 1,000,950 | |
| CA Ed Facs–Occidental Clg | | 5.00% | | 10/1/2036 | | Aa3 | | | 1,125 | | | | 1,361,239 | |
| CA Ed Facs–Santa Clara Univ | | 5.00% | | 4/1/2039 | | Aa3 | | | 1,000 | | | | 1,182,600 | |
| CA Ed Facs–Univ of Redlands | | 5.00% | | 10/1/2038 | | A3 | | | 1,000 | | | | 1,183,120 | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2029 | | Baa1 | | | 330 | | | | 384,902 | |
| CA Fin Auth–Biola Univ | | 5.80% | | 10/1/2028 | | Baa1 | | | 1,085 | | | | 1,171,550 | |
| CA Fin Auth–Emerson Clg | | 5.75% | | 1/1/2033 | | BBB+ | | | 1,250 | | | | 1,482,687 | |
| CA Fin Auth–Univ of San Diego | | 5.00% | | 10/1/2029 | | A1 | | | 2,225 | | | | 2,690,715 | |
| CA Infra & Econ Dev–Pepperdine Univ | | 5.00% | | 11/1/2028 | | Aa3 | | | 1,000 | | | | 1,123,950 | |
| CA Sch Fin Auth–Green Dot Schs† | | 5.00% | | 8/1/2045 | | NR | | | 500 | | | | 546,550 | |
| CA Sch Fin Auth–KIPP LA† | | 5.00% | | 7/1/2045 | | BBB- | | | 540 | | | | 612,241 | |
| CA State Univ Sys | | 5.00% | | 11/1/2041 | | Aa2 | | | 500 | | | | 612,500 | |
| CA Stwde–Windrush Sch(e) | | 5.50% | | 7/1/2037 | | NR | | | 1,250 | | | | 13 | |
| Regents Univ of CA | | 5.00% | | 5/15/2051 | | AA- | | | 1,000 | | | | 1,211,440 | |
| Ripon USD (BAM) | | 5.50% | | 8/1/2043 | | AA | | | 1,000 | | | | 1,232,590 | |
| Tustin USD | | 6.00% | | 8/1/2036 | | Aa1 | | | 1,500 | | | | 1,849,020 | |
| Univ California | | 5.00% | | 5/15/2037 | | AA- | | | 1,435 | | | | 1,706,846 | |
| Univ California | | 5.00% | | 5/15/2040 | | AA- | | | 1,000 | | | | 1,202,020 | |
| Univ of California(b) | | 5.75% | | 5/15/2031 | | AA | | | 3,000 | | | | 3,372,810 | |
| Total | | | | | | | | | | | | | 28,731,030 | |
| | | | | | | | | | | | | | | |
| General Obligation 18.70% | | | | | | | | | | | | | | |
| CA State GO | | 3.00% | | 9/1/2033 | | AA- | | | 1,000 | | | | 1,022,410 | |
| CA State GO | | 5.00% | | 9/1/2021 | | AA- | | | 1,000 | | | | 1,187,320 | |
| CA State GO | | 5.00% | | 9/1/2029 | | AA- | | | 485 | | | | 576,102 | |
| CA State GO | | 5.00% | | 2/1/2032 | | AA- | | | 2,000 | | | | 2,374,780 | |
| | See Notes to Financial Statements. | 131 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| CA State GO | | 5.00% | | 2/1/2033 | | AA- | | $ | 1,000 | | | $ | 1,185,120 | |
| CA State GO | | 5.00% | | 9/1/2037 | | AA- | | | 1,500 | | | | 1,843,470 | |
| CA State GO | | 5.00% | | 9/1/2045 | | AA- | | | 500 | | | | 614,985 | |
| CA State GO | | 5.25% | | 10/1/2029 | | AA- | | | 1,500 | | | | 1,690,575 | |
| CA State GO | | 5.25% | | 8/1/2032 | | AA- | | | 2,500 | | | | 3,158,675 | |
| CA State GO | | 5.25% | | 10/1/2032 | | AA- | | | 4,000 | | | | 4,786,480 | |
| CA State GO | | 5.25% | | 4/1/2035 | | AA- | | | 3,000 | | | | 3,624,030 | |
| CA State GO | | 5.50% | | 3/1/2040 | | AA- | | | 2,000 | | | | 2,283,940 | |
| CA State GO | | 6.50% | | 4/1/2033 | | AA- | | | 3,500 | | | | 3,989,720 | |
| Chabot/Las Positas CCD | | 5.00% | | 8/1/2022 | | Aa2 | | | 1,000 | | | | 1,219,350 | |
| Grossmont UHSD | | 5.00% | | 8/1/2043 | | Aa3 | | | 1,250 | | | | 1,483,625 | |
| Grossmont UHSD (AGM) | | Zero Coupon | | 6/1/2040 | | AA | | | 2,000 | | | | 681,860 | |
| Irvine USD–Spl Tax (BAM) | | 5.00% | | 9/1/2038 | | AA | | | 1,000 | | | | 1,190,120 | |
| LA Comm Clg(d) | | 5.00% | | 8/1/2036 | | AA+ | | | 1,000 | | | | 1,237,340 | |
| Los Angeles CCD | | 4.00% | | 8/1/2029 | | AA+ | | | 1,225 | | | | 1,437,697 | |
| Los Angeles CCD | | 5.00% | | 8/1/2029 | | AA+ | | | 1,000 | | | | 1,255,720 | |
| Los Angeles USD | | 5.00% | | 7/1/2029 | | Aa2 | | | 2,225 | | | | 2,462,919 | |
| Los Angeles USD | | 5.00% | | 7/1/2030 | | Aa2 | | | 1,000 | | | | 1,242,420 | |
| Marin Healthcare Dist | | 4.00% | | 8/1/2040 | | Aa2 | | | 1,000 | | | | 1,105,550 | |
| New Haven USD (BAM) | | 5.00% | | 8/1/2028 | | AA | | | 1,000 | | | | 1,237,420 | |
| Oakland USD | | 6.125% | | 8/1/2029 | | AA- | | | 1,000 | | | | 1,145,570 | |
| Palm Springs USD | | 4.00% | | 8/1/2033 | | Aa3 | | | 1,035 | | | | 1,172,334 | |
| Pasadena USD | | 4.125% | | 5/1/2037 | | Aa2 | | | 1,000 | | | | 1,084,560 | |
| Piedmont USD | | 5.00% | | 8/1/2034 | | AA+ | | | 1,200 | | | | 1,326,852 | |
| Pomona USD (BAM) | | 5.00% | | 8/1/2039 | | AA | | | 1,000 | | | | 1,165,000 | |
| PR Comwlth GO(e) | | 6.00% | | 7/1/2039 | | Caa3 | | | 2,000 | | | | 1,260,000 | |
| PR Comwlth GO(e) | | 8.00% | | 7/1/2035 | | Caa3 | | | 1,000 | | | | 656,250 | |
| San Diego USD | | 5.00% | | 7/1/2027 | | Aa2 | | | 1,000 | | | | 1,227,830 | |
| San Francisco CCD | | 5.00% | | 6/15/2028 | | Aa3 | | | 1,000 | | | | 1,255,540 | |
| San Gorgonio Mem Hlthcare Dist | | 5.00% | | 8/1/2032 | | A3 | | | 1,000 | | | | 1,195,410 | |
| Santa Monica Malibu GO(d) | | 4.00% | | 7/1/2029 | | Aa1 | | | 500 | | | | 587,945 | |
| Stockton USD | | 5.00% | | 8/1/2031 | | A+ | | | 2,000 | | | | 2,446,940 | |
| Stockton USD (AGM) | | 5.00% | | 7/1/2025 | | AA | | | 1,060 | | | | 1,254,923 | |
| Sweetwater UHSD (BAM) | | 5.00% | | 8/1/2027 | | AA | | | 1,000 | | | | 1,248,200 | |
| Victor Valley UHSD (AGM) | | 4.00% | | 8/1/2037 | | AA | | | 1,250 | | | | 1,395,063 | |
| West Contra Costa USD | | 6.00% | | 8/1/2027 | | AA- | | | 1,000 | | | | 1,410,090 | |
| Yosemite CCD | | Zero Coupon | | 8/1/2042 | | Aa2 | | | 2,805 | | | | 2,160,383 | |
| Total | | | | | | | | | | | | | 64,884,518 | |
| 132 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care 15.53% | | | | | | | | | | | | | | |
| Abag Fin Auth–Episcopal Senior | | 5.00% | | 7/1/2032 | | BBB+ | (c) | $ | 1,060 | | | $ | 1,201,425 | |
| Abag Fin Auth–Eskaton Pptys | | 5.00% | | 11/15/2035 | | BBB | | | 1,000 | | | | 1,127,870 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2022 | | AA- | | | 110 | | | | 131,801 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2043 | | AA- | | | 1,000 | | | | 1,173,680 | |
| Antelope Valley Hlth | | 5.25% | | 3/1/2036 | | Ba3 | | | 1,000 | | | | 1,139,190 | |
| CA Hlth–Catholic Hlthcare W | | 5.50% | | 7/1/2025 | | A | | | 1,250 | | | | 1,352,600 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2029 | | BBB+ | | | 1,000 | | | | 1,134,770 | |
| CA Hlth–Childrens Hsp Orange Co | | 5.25% | | 11/1/2035 | | A- | | | 2,000 | | | | 2,317,240 | |
| CA Hlth–Lucile Packard Childrens Hsp | | 5.00% | | 8/15/2055 | | AA- | | | 1,400 | | | | 1,667,736 | |
| CA Hlth–Providence Hlth | | 4.00% | | 10/1/2036 | | AA- | | | 1,000 | | | | 1,110,380 | |
| CA Hlth–Providence Hlth | | 5.00% | | 10/1/2038 | | AA- | | | 1,000 | | | | 1,191,190 | |
| CA Hlth–Providence Hlth | | 6.25% | | 10/1/2024 | | AA- | | | 1,025 | | | | 1,133,927 | |
| CA Hlth–Rady Childrens Hsp | | 5.50% | | 8/15/2033 | | Aa3 | | | 2,000 | | | | 2,361,300 | |
| CA Hlth–Stanford Hsp | | 5.00% | | 8/15/2054 | | AA- | | | 1,000 | | | | 1,193,190 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2041 | | AA- | | | 1,000 | | | | 1,206,170 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 8/15/2043 | | AA- | | | 500 | | | | 599,665 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2046 | | AA- | | | 2,000 | | | | 2,424,320 | |
| CA Hlth–Sutter Hlth | | 5.50% | | 8/15/2026 | | AA- | | | 2,000 | | | | 2,344,160 | |
| CA Muni Fin–Cmnty Med Ctrs | | 5.00% | | 2/1/2040 | | A- | | | 500 | | | | 572,745 | |
| CA Muni Fin–Cmnty Med Ctrs | | 5.00% | | 2/1/2046 | | A- | | | 1,000 | | | | 1,140,750 | |
| CA Muni Fin–Northbay Hlthcare | | 5.00% | | 11/1/2027 | | NR | | | 1,000 | | | | 1,228,520 | |
| CA Muni Fin–NorthBay Hlthcare | | 5.00% | | 11/1/2040 | | BBB- | | | 1,200 | | | | 1,376,460 | |
| CA Statewide–Beverly | | 5.00% | | 2/1/2035 | | BBB- | | | 1,250 | | | | 1,450,875 | |
| CA Stwde–American Baptist | | 5.00% | | 10/1/2045 | | BBB+ | (c) | | 1,000 | | | | 1,153,150 | |
| CA Stwde–Cottage Hlth | | 5.00% | | 11/1/2043 | | A+ | | | 750 | | | | 885,075 | |
| CA Stwde–Daughters of Charity | | 5.50% | | 7/1/2039 | | CCC | | | 460 | | | | 460,014 | |
| CA Stwde–Henry Mayo Mem Hsp (AGM) | | 5.25% | | 10/1/2043 | | AA | | | 775 | | | | 907,835 | |
| CA Stwde–Kaiser Permanente | | 5.00% | | 4/1/2042 | | AA- | | | 1,000 | | | | 1,150,720 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2034 | | BB | | | 2,000 | | | | 2,339,100 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB | | | 1,000 | | | | 1,166,250 | |
| CA Stwde–So Cal Presbyterian† | | 7.00% | | 11/15/2029 | | BBB- | | | 1,000 | | | | 1,164,220 | |
| John Muir Health | | 5.00% | | 8/15/2051 | | A+ | | | 1,000 | | | | 1,196,010 | |
| Kaweah Delta Hlth Care Dist | | 5.00% | | 6/1/2040 | | A3 | | | 1,500 | | | | 1,747,035 | |
| La Verne COP–Brethren Hillcrest Homes | | 5.00% | | 5/15/2029 | | BBB- | (c) | | 635 | | | | 713,543 | |
| Palomar Hlth(d) | | 5.00% | | 8/1/2034 | | A | | | 475 | | | | 575,439 | |
| Palomar Hlth Care Dist COP | | 5.50% | | 11/1/2019 | | Ba1 | | | 520 | | | | 559,629 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2031 | | BB+ | | | 2,000 | | | | 2,502,480 | |
| | See Notes to Financial Statements. | 133 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| UCal Med Ctr | | 4.50% | | 5/15/2036 | | AA- | | $ | 1,855 | | | $ | 2,159,850 | |
| Upland COP–San Antonio Cmnty Hsp | | 6.00% | | 1/1/2026 | | A- | | | 2,000 | | | | 2,308,540 | |
| Whittier Hlth Fac–Presbyterian | | | | | | | | | | | | | | |
| Intercmnty Hsp | | 5.00% | | 6/1/2044 | | A | | | 1,000 | | | | 1,148,390 | |
| Whittier Hlth Fac–Presbyterian | | | | | | | | | | | | | | |
| Intercmnty Hsp | | 5.75% | | 6/1/2029 | | A | | | 1,000 | | | | 1,179,540 | |
| Total | | | | | | | | | | | | | 53,896,784 | |
| | | | | | | | | | | | | | | |
| Housing 2.28% | | | | | | | | | | | | | | |
| CA Muni Fin–Azusa Pacific Univ | | 5.00% | | 4/1/2041 | | Baa3 | | | 1,000 | | | | 1,148,900 | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.00% | | 8/15/2030 | | BBB | | | 1,000 | | | | 1,161,890 | |
| CA Muni Fin–UC Berkeley Hsg | | 5.00% | | 6/1/2050 | | Baa3 | | | 500 | | | | 567,960 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2035 | | Baa1 | | | 1,000 | | | | 1,207,640 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2040 | | Baa1 | | | 750 | | | | 900,773 | |
| CA Stwde–CHF-Irvine LLC | | 5.125% | | 5/15/2031 | | Baa1 | | | 1,500 | | | | 1,749,375 | |
| Los Angeles Regl Fin Auth–MonteCedro Prk | | 5.00% | | 11/15/2044 | | AA- | | | 1,000 | | | | 1,162,990 | |
| Total | | | | | | | | | | | | | 7,899,528 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 5.62% | | | | | | | | | | | | | | |
| CA Pub Wks–Judicial Council | | 5.00% | | 12/1/2028 | | A+ | | | 1,000 | | | | 1,182,270 | |
| CA Pub Wks–State Prisons | | 5.75% | | 10/1/2031 | | A+ | | | 2,000 | | | | 2,437,220 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2037 | | A+ | | | 1,000 | | | | 1,163,690 | |
| CA Pub Wks–Various Cap Proj | | 5.375% | | 11/1/2022 | | A+ | | | 1,000 | | | | 1,131,380 | |
| CA Pub Wks–Various Cap Proj | | 6.375% | | 11/1/2034 | | A+ | | | 2,000 | | | | 2,318,480 | |
| Los Angeles Co Pub Wks | | 5.00% | | 12/1/2039 | | AA | | | 1,000 | | | | 1,201,350 | |
| Los Angeles Mun Impt Corp | | 5.00% | | 11/1/2036 | | A+ | | | 1,500 | | | | 1,830,555 | |
| San Diego PFA–Master Lease | | 5.25% | | 9/1/2035 | | AA- | | | 1,220 | | | | 1,388,421 | |
| San Jose Fing Auth–Civic Ctr | | 5.00% | | 6/1/2027 | | AA | | | 1,000 | | | | 1,223,020 | |
| San Mateo Jt Pwrs Fin Auth | | 5.25% | | 7/15/2026 | | AA+ | | | 3,000 | | | | 3,390,360 | |
| Santa Ana USD COP (AGM) | | Zero Coupon | | 4/1/2019 | | AA | | | 2,295 | | | | 2,216,121 | |
| Total | | | | | | | | | | | | | 19,482,867 | |
| | | | | | | | | | | | | | | |
| Other Revenue 3.31% | | | | | | | | | | | | | | |
| CA Fin Auth–High Tech† | | 6.00% | | 7/1/2028 | | BB | (c) | | 850 | | | | 881,263 | |
| CA Fin Auth–OCEAA | | 6.75% | | 10/1/2028 | | NR | | | 1,250 | | | | 1,301,963 | |
| CA Infra & Econ Dev–Acad Motion Pict | | 5.00% | | 11/1/2041 | | Aa2 | | | 1,010 | | | | 1,203,748 | |
| CA Infra & Econ Dev–Gladstone Inst | | 5.25% | | 10/1/2034 | | A- | | | 2,000 | | | | 2,325,740 | |
| CA Infra & Econ Dev–Walt Disney Museum | | 4.00% | | 2/1/2035 | | A+ | | | 1,000 | | | | 1,099,550 | |
| CA Muni Fin–American Heritage | | 5.00% | | 6/1/2036 | | BBB- | | | 1,000 | | | | 1,152,950 | |
| 134 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2046 | | BBB | | $ | 1,000 | | | $ | 1,135,710 | |
| CA Sch Fin Auth–KIPP LA | | 5.00% | | 7/1/2034 | | BBB- | | | 600 | | | | 686,310 | |
| Long Beach Nat Gas–ML | | 5.00% | | 11/15/2035 | | BBB+ | | | 1,335 | | | | 1,707,625 | |
| Total | | | | | | | | | | | | | 11,494,859 | |
| | | | | | | | | | | | | | | |
| Special Tax 10.09% | | | | | | | | | | | | | | |
| Brentwood Infra Fin Auth | | 5.00% | | 9/2/2036 | | NR | | | 500 | | | | 584,100 | |
| CA Reassmt Dist 15/2 Irvine | | 5.00% | | 9/2/2028 | | NR | | | 1,000 | | | | 1,191,480 | |
| Inglewood Redev Agy (AMBAC) | | 5.00% | | 5/1/2033 | | BBB+ | | | 1,535 | | | | 1,566,283 | |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 1,250 | | | | 1,480,125 | |
| Irvine CFD–Great Park | | 5.00% | | 9/1/2044 | | NR | | | 500 | | | | 563,525 | |
| Lake Elsinore PFA | | 5.00% | | 9/1/2035 | | NR | | | 1,000 | | | | 1,174,040 | |
| Lancaster Redev Agy | | 6.875% | | 8/1/2034 | | BBB | | | 1,000 | | | | 1,150,660 | |
| Norco Redev Agy–Proj #1 | | 6.00% | | 3/1/2036 | | A+ | | | 1,120 | | | | 1,292,760 | |
| Orange Co CFD | | 5.25% | | 8/15/2045 | | NR | | | 1,000 | | | | 1,186,730 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2029 | | AA | | | 1,050 | | | | 1,282,134 | |
| Poway USD PFA | | 5.00% | | 9/15/2024 | | BBB | | | 280 | | | | 339,464 | |
| Poway USD PFA (BAM) | | 5.00% | | 9/1/2035 | | AA | | | 1,500 | | | | 1,785,825 | |
| Riverside Co Redev Agy–Tax Alloc | | 6.00% | | 10/1/2037 | | A | | | 2,000 | | | | 2,371,440 | |
| Riverside RDA–Desert Com and I-215 (BAM) | | 5.00% | | 10/1/2028 | | AA | | | 1,000 | | | | 1,231,820 | |
| Roseville CFD–Westpark | | 5.00% | | 9/1/2031 | | NR | | | 1,000 | | | | 1,197,580 | |
| Sacramento Co CFD | | 5.00% | | 9/1/2040 | | NR | | | 1,000 | | | | 1,177,770 | |
| San Clemente Cmnty Facs | | 5.00% | | 9/1/2040 | | NR | | | 1,000 | | | | 1,151,880 | |
| San Diego Redev Agy–No Pk Redev | | 7.00% | | 11/1/2039 | | A | | | 1,000 | | | | 1,146,640 | |
| San Francisco Redev–Mission Bay North | | 5.00% | | 8/1/2035 | | A | | | 500 | | | | 612,155 | |
| San Francisco Redev–Mission Bay North | | 6.75% | | 8/1/2033 | | A- | | | 500 | | | | 621,550 | |
| San Francisco Redev–Mission Bay North | | 6.75% | | 8/1/2041 | | A- | | | 1,000 | | | | 1,243,100 | |
| San Francisco Redev–Mission Bay South | | 6.625% | | 8/1/2039 | | BBB+ | | | 1,500 | | | | 1,736,925 | |
| San Francisco Redev–Mission Bay South (NPFGC) | | 5.00% | | 8/1/2043 | | AA- | | | 1,100 | | | | 1,327,502 | |
| San Jose Redev Agy (AG) | | 4.50% | | 8/1/2035 | | AA | | | 150 | | | | 150,306 | |
| San Mateo CFD–Bay Meadows | | 5.50% | | 9/1/2044 | | NR | | | 500 | | | | 560,850 | |
| Santa Cruz Redev Agy–Live Oak | | 6.625% | | 9/1/2029 | | A+ | | | 500 | | | | 581,905 | |
| Santa Cruz Redev Agy–Live Oak | | 7.00% | | 9/1/2036 | | A+ | | | 500 | | | | 587,270 | |
| Saugus USD PFA | | 5.00% | | 9/1/2041 | | NR | | | 1,000 | | | | 1,180,790 | |
| Temecula Vly USD Fin Auth (BAM) | | 5.00% | | 9/1/2035 | | AA | | | 1,505 | | | | 1,764,944 | |
| Tustin CFD | | 5.00% | | 9/1/2040 | | NR | | | 750 | | | | 863,910 | |
| | See Notes to Financial Statements. | 135 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| Union City Redev Agy–Tax Alloc | | 6.875% | | 12/1/2033 | | A+ | | $ | 1,500 | | | $ | 1,919,970 | |
| Total | | | | | | | | | | | | | 35,025,433 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 1.82% | | | | | | | | | | | | | | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2024 | | CC | | | 1,000 | | | | 526,250 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2041 | | CC | | | 2,100 | | | | 1,107,750 | |
| San Joaquin Co Trsp Auth | | 5.75% | | 3/1/2028 | | AA | | | 450 | | | | 535,680 | |
| San Jose Spl Tax–Conv Ctr | | 6.125% | | 5/1/2031 | | A2 | | | 1,000 | | | | 1,195,800 | |
| Sonoma Marin Area Rail Rmkt | | 5.00% | | 3/1/2029 | | AA | | | 1,500 | | | | 1,778,445 | |
| Tustin CFD | | 5.00% | | 9/1/2037 | | BBB+ | | | 1,000 | | | | 1,173,180 | |
| Total | | | | | | | | | | | | | 6,317,105 | |
| | | | | | | | | | | | | | | |
| Tobacco 4.87% | | | | | | | | | | | | | | |
| CA Statewide Fin Auth–Tobacco | | | | | | | | | | | | | | |
| Settlement | | Zero Coupon | | 6/1/2046 | | NR | | | 5,000 | | | | 805,850 | |
| Golden St Tobacco | | Zero Coupon | | 6/1/2047 | | CCC+ | | | 2,500 | | | | 271,075 | |
| Golden St Tobacco | | 4.50% | | 6/1/2027 | | B | | | 1,510 | | | | 1,534,734 | |
| Golden St Tobacco | | 5.00% | | 6/1/2033 | | B- | | | 1,070 | | | | 1,079,149 | |
| Golden St Tobacco | | 5.00% | | 6/1/2035 | | A+ | | | 1,000 | | | | 1,205,560 | |
| Golden St Tobacco | | 5.00% | | 6/1/2045 | | A+ | | | 2,000 | | | | 2,385,220 | |
| Golden St Tobacco | | 5.125% | | 6/1/2047 | | B- | | | 2,000 | | | | 2,000,060 | |
| Golden St Tobacco | | 5.75% | | 6/1/2047 | | B- | | | 2,000 | | | | 2,029,720 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 1,010 | | | | 1,016,747 | |
| LA Cnty Tobacco | | 5.70% | | 6/1/2046 | | B2 | | | 1,070 | | | | 1,089,645 | |
| Nthrn CA Tobacco | | 5.50% | | 6/1/2045 | | B- | | | 1,000 | | | | 1,000,010 | |
| Silicon Valley Tobacco | | Zero Coupon | | 6/1/2041 | | NR | | | 5,000 | | | | 1,183,650 | |
| Sthrn CA Tobacco | | 5.00% | | 6/1/2037 | | BB+ | | | 1,305 | | | | 1,305,078 | |
| Total | | | | | | | | | | | | | 16,906,498 | |
| | | | | | | | | | | | | | | |
| Transportation 15.74% | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2036 | | BBB+ | | | 1,500 | | | | 1,814,910 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2037 | | BBB+ | | | 2,000 | | | | 2,417,920 | |
| Alameda Corridor Trsp Auth (AGM) | | 4.00% | | 10/1/2037 | | AA | | | 1,000 | | | | 1,102,100 | |
| Alameda Corridor Trsp Auth (AGM) | | 5.00% | | 10/1/2029 | | AA | | | 1,425 | | | | 1,725,290 | |
| Bay Area Toll Auth | | 5.00% | | 10/1/2033 | | AA- | | | 2,905 | | | | 3,290,000 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | BBB- | | | 1,500 | | | | 829,845 | |
| Foothill / Eastern Corridor Toll Rd | | 5.50% | # | 1/15/2053 | | BBB- | | | 250 | | | | 298,565 | |
| Foothill / Eastern Corridor Toll Rd | | 5.75% | | 1/15/2046 | | BBB- | | | 1,835 | | | | 2,195,779 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2049 | | BBB- | | | 3,235 | | | | 3,907,427 | |
| 136 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2053 | | BBB- | | $ | 2,900 | | | $ | 3,496,443 | |
| Long Beach Harbor AMT | | 5.00% | | 5/15/2028 | | AA | | | 1,000 | | | | 1,232,650 | |
| Los Angeles Dept Arpts–LAX | | 5.00% | | 5/15/2035 | | AA | | | 2,000 | | | | 2,277,740 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2021 | | AA | | | 1,325 | | | | 1,541,121 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2041 | | AA | | | 1,000 | | | | 1,186,620 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2042 | | AA- | | | 500 | | | | 598,170 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2045 | | AA | | | 1,000 | | | | 1,175,640 | |
| Los Angeles Harbor AMT | | 5.00% | | 8/1/2036 | | AA | | | 1,000 | | | | 1,182,040 | |
| Port Oakland AMT | | 5.125% | | 5/1/2031 | | A+ | | | 1,250 | | | | 1,428,075 | |
| Riverside Co Trsp Commn | | 5.75% | | 6/1/2048 | | BBB- | | | 1,500 | | | | 1,764,945 | |
| San Diego Arpt AMT | | 5.00% | | 7/1/2027 | | A+ | | | 1,000 | | | | 1,188,230 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2027 | | A+ | | | 1,430 | | | | 1,659,286 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2040 | | A+ | | | 1,500 | | | | 1,731,480 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2046 | | A+ | | | 4,000 | | | | 4,679,400 | |
| San Francisco Port Commn AMT | | 5.00% | | 3/1/2030 | | A1 | | | 1,415 | | | | 1,637,226 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2029 | | BBB- | | | 1,000 | | | | 1,195,760 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2034 | | BBB- | | | 180 | | | | 211,541 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2044 | | BBB- | | | 1,000 | | | | 1,160,700 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2050 | | BBB- | | | 4,585 | | | | 5,299,802 | |
| San Jose Arpt | | 5.00% | | 3/1/2029 | | A2 | | | 500 | | | | 608,140 | |
| San Jose Arpt AMT | | 6.25% | | 3/1/2034 | | A2 | | | 1,500 | | | | 1,768,905 | |
| Total | | | | | | | | | | | | | 54,605,750 | |
| | | | | | | | | | | | | | | |
| Utilities 12.44% | | | | | | | | | | | | | | |
| Adelanto Util Sys | | 6.625% | | 7/1/2031 | | NR | | | 1,000 | | | | 1,130,360 | |
| Burbank Water & Pwr Elec | | 5.00% | | 6/1/2023 | | AA- | | | 1,000 | | | | 1,132,040 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2026 | | AAA | | | 65 | | | | 69,324 | |
| Chula Vista IDR–San Diego G & E Rmkt | | 5.875% | | 1/1/2034 | | Aa2 | | | 1,000 | | | | 1,121,250 | |
| Dublin San Ramon Svcs Dist Wtr | | 5.25% | | 8/1/2029 | | AA- | | | 1,250 | | | | 1,451,125 | |
| El Dorado Irrigation Dist (AGM) | | 5.25% | | 3/1/2039 | | AA | | | 750 | | | | 899,850 | |
| Guam Pwr Auth (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 705 | | | | 823,052 | |
| Guam Waterworks Auth | | 5.50% | | 7/1/2043 | | A- | | | 525 | | | | 613,667 | |
| Imperial Irrigation Dist | | 5.00% | | 11/1/2038 | | AA- | | | 800 | | | | 975,400 | |
| Imperial Irrigation Dist | | 5.00% | | 11/1/2046 | | AA- | | | 1,000 | | | | 1,220,370 | |
| Irvine Ranch Water Dist(d) | | 5.25% | | 2/1/2041 | | AAA | | | 1,000 | | | | 1,257,550 | |
| Lathrop Fin Auth | | 6.00% | | 6/1/2035 | | NR | | | 1,135 | | | | 1,144,716 | |
| Long Beach Nat Gas–ML | | 1.977% | # | 11/15/2026 | | BBB+ | | | 1,000 | | | | 952,260 | |
| Long Beach Nat Gas–ML | | 5.25% | | 11/15/2020 | | BBB+ | | | 1,505 | | | | 1,722,051 | |
| | See Notes to Financial Statements. | 137 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | BBB+ | | $ | 1,940 | | | $ | 2,646,354 | |
| Los Angeles DEWAP–Pwr Sys | | 5.00% | | 7/1/2026 | | Aa2 | | | 1,000 | | | | 1,212,580 | |
| Los Angeles DWAP–Pwr Sys | | 5.00% | | 7/1/2046 | | Aa2 | | | 1,000 | | | | 1,213,340 | |
| Los Angeles Wastewater | | 5.00% | | 6/1/2044 | | AA+ | | | 1,000 | | | | 1,212,530 | |
| MSR Energy Auth–Citi | | 6.50% | | 11/1/2039 | | BBB+ | | | 1,545 | | | | 2,265,032 | |
| MSR Energy Auth–Citi | | 7.00% | | 11/1/2034 | | BBB+ | | | 1,000 | | | | 1,490,050 | |
| Nor Cal Trans Agcy–CA-OR Proj | | 5.00% | | 5/1/2039 | | Aa3 | | | 500 | | | | 607,245 | |
| Northern CA Gas–Morgan Stanley | | 1.153% | # | 7/1/2027 | | A3 | | | 2,000 | | | | 1,885,900 | |
| Northern CA Pwr–Geothermal #3 | | 5.50% | | 7/1/2022 | | A1 | | | 1,985 | | | | 2,211,985 | |
| PR Aqueduct & Swr Auth | | 5.75% | | 7/1/2037 | | Caa3 | | | 1,000 | | | | 767,500 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2024 | | Caa3 | | | 255 | | | | 172,125 | |
| PR Elec Pwr Auth | | 5.25% | | 7/1/2033 | | Caa3 | | | 115 | | | | 77,625 | |
| PR Elec Pwr Auth | | 7.00% | | 7/1/2040 | | Caa3 | | | 450 | | | | 306,450 | |
| Riverside Elec (AGM) | | 5.00% | | 10/1/2027 | | AA | | | 1,000 | | | | 1,077,960 | |
| Rowland Water Dist COP | | 6.50% | | 12/1/2035 | | A+ | | | 1,500 | | | | 1,680,270 | |
| Sacramento Co Santn Dist (NPFGC) | | 5.25% | | 12/1/2023 | | AA | | | 1,500 | | | | 1,905,915 | |
| Santa Maria Wtr & Wastewtr | | 5.00% | | 2/1/2027 | | A+ | | | 1,000 | | | | 1,196,480 | |
| Southern CA Pub Pwr Auth–Apex | | 5.00% | | 7/1/2038 | | AA- | | | 1,000 | | | | 1,212,480 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 5.00% | | 11/1/2033 | | A3 | | | 2,435 | | | | 3,085,632 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2029 | | AA | | | 1,000 | | | | 1,211,020 | |
| Turlock Irrigation Dist(d) | | 5.00% | | 1/1/2041 | | A+ | | | 1,000 | | | | 1,220,520 | |
| Total | | | | | | | | | | | | | 43,172,008 | |
| Total Investments in Municipal Bonds 99.80% (cost $316,329,859) | | | | | | | | | 346,289,716 | |
| Cash and Other Assets in Excess of Liabiities(i) 0.20% | | | | | | | | 698,121 | |
| Net Assets 100.00% | | | | | | | | | | | | $ | 346,987,837 | |
| 138 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
CALIFORNIA TAX FREE FUND September 30, 2016
Open Futures Contracts at September 30, 2016:
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Appreciation | |
| Long U.S. Treasury Bond | | December 2016 | | 4 | | Short | | $ | (672,625 | ) | | $ | 8,399 | |
| | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Depreciation | |
| U.S. 10-Year Treasury Note | | December 2016 | | 33 | | Short | | $ | (4,327,125 | ) | | $ | (18,355 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
The following is a summary of the inputs used as of September 30, 2016 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 | | $ | – | | | $ | 346,289,716 | | | $ | – | | | $ | 346,289,716 | |
| Total | | $ | – | | | $ | 346,289,716 | | | $ | – | | | $ | 346,289,716 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | – | | | $ | (1,500,000 | ) | | $ | – | | | $ | (1,500,000 | ) |
| Total | | $ | – | | | $ | (1,500,000 | ) | | $ | – | | | $ | (1,500,000 | ) |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 8,399 | | | $ | – | | | $ | – | | | $ | 8,399 | |
| Liabilities | | | (18,355 | ) | | | – | | | | – | | | | (18,355 | ) |
| Total | | $ | (9,956 | ) | | $ | – | | | $ | – | | | $ | (9,956 | ) |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| (4) | Refer to Note 2(h) for a description of Municipal Bonds held in Trust. |
| | See Notes to Financial Statements. | 139 |
Schedule of Investments
NEW JERSEY TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| MUNICIPAL BONDS 97.76% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 3.68% | | | | | | | | | | | | | | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | $ | 250 | | | $ | 287,485 | |
| NJ EDA–Continental Airlines AMT | | 5.25% | | 9/15/2029 | | BB- | | | 1,050 | | | | 1,173,721 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 4/1/2028 | | BB- | | | 320 | | | | 321,075 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 6/1/2033 | | BB- | | | 350 | | | | 395,966 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 7/1/2023 | | BBB- | | | 70 | | | | 81,544 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 1/1/2028 | | BBB- | | | 100 | | | | 115,099 | |
| NJ EDA–Goethals Brdg AMT (AGM) | | 5.00% | | 1/1/2031 | | AA | | | 85 | | | | 100,345 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 1,300 | | | | 1,489,683 | |
| Total | | | | | | | | | | | | | 3,964,918 | |
| | | | | | | | | | | | | | | |
| Education 14.89% | | | | | | | | | | | | | | |
| NJ Ed Facs–Clg of NJ | | 5.00% | | 7/1/2038 | | A | | | 500 | | | | 562,530 | |
| NJ Ed Facs–Kean Univ | | 5.25% | | 9/1/2029 | | A2 | | | 530 | | | | 588,692 | |
| NJ Ed Facs–Kean Univ (AGM) | | 5.00% | | 7/1/2027 | | AA | | | 75 | | | | 92,212 | |
| NJ Ed Facs–Montclair State Univ | | 5.00% | | 7/1/2034 | | A1 | | | 745 | | | | 877,007 | |
| NJ Ed Facs–NJ City Univ (AGM) | | 5.00% | | 7/1/2030 | | AA | | | 835 | | | | 1,021,698 | |
| NJ Ed Facs–NJ City Univ (AGM) | | 5.00% | | 7/1/2034 | | AA | | | 500 | | | | 594,110 | |
| NJ Ed Facs–Princeton Univ | | 5.00% | | 7/1/2023 | | AAA | | | 500 | | | | 625,205 | |
| NJ Ed Facs–Princeton Univ | | 5.00% | | 7/1/2024 | | AAA | | | 250 | | | | 319,155 | |
| NJ Ed Facs–Princeton Univ | | 5.00% | | 7/1/2025 | | AAA | | | 725 | | | | 929,863 | |
| NJ Ed Facs–Princeton Univ | | 5.00% | | 7/1/2028 | | AAA | | | 500 | | | | 650,635 | |
| NJ Ed Facs–Rowan Univ | | 5.00% | | 7/1/2022 | | A | | | 460 | | | | 533,830 | |
| NJ Ed Facs–Seton Hall Univ | | 5.00% | | 7/1/2038 | | A- | | | 1,000 | | | | 1,136,840 | |
| NJ Ed Facs–Stockton Univ | | 5.00% | | 7/1/2041 | | Baa1 | | | 800 | | | | 918,912 | |
| NJ Ed Facs–William Paterson Univ (BAM) | | 5.00% | | 7/1/2027 | | AA | | | 500 | | | | 628,095 | |
| NJ Ed Facs–William Patterson Univ | | 5.00% | | 7/1/2024 | | A2 | | | 295 | | | | 358,623 | |
| NJ EDA–Rutgers State Univ | | 5.00% | | 6/15/2038 | | Aa3 | | | 525 | | | | 624,661 | |
| NJ Higher Ed Assistance Auth AMT | | 4.125% | | 12/1/2024 | | AA | | | 995 | | | | 1,074,889 | |
| NJ Higher Ed Assistance Auth AMT | | 5.00% | | 12/1/2021 | | AA | | | 1,000 | | | | 1,128,450 | |
| NJ Higher Ed Assistance Auth AMT | | 5.00% | | 12/1/2022 | | AA | | | 750 | | | | 857,715 | |
| Rutgers State Univ | | 5.00% | | 5/1/2023 | | Aa3 | | | 250 | | | | 307,200 | |
| Rutgers State Univ | | 5.00% | | 5/1/2023 | | Aa3 | | | 500 | | | | 614,400 | |
| Rutgers State Univ | | 5.00% | | 5/1/2031 | | Aa3 | | | 350 | | | | 435,536 | |
| Rutgers State Univ | | 5.00% | | 5/1/2034 | | Aa3 | | | 500 | | | | 614,425 | |
| Seton Hall Univ | | 5.00% | | 7/1/2034 | | A- | | | 325 | | | | 388,934 | |
| Seton Hall Univ | | 5.00% | | 7/1/2036 | | A- | | | 150 | | | | 178,516 | |
| Total | | | | | | | | | | | | | 16,062,133 | |
| 140 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| General Obligation 7.00% | | | | | | | | | | | | | | |
| Bayonne GO (AGM) | | 5.00% | | 7/15/2023 | | AA | | $ | 500 | | | $ | 604,485 | |
| Bayonne GO (BAM) | | 5.00% | | 7/1/2039 | | AA | | | 500 | | | | 585,270 | |
| Essex Co Impt Auth–Covanta AMT† | | 5.25% | | 7/1/2045 | | Ba2 | | | 400 | | | | 419,020 | |
| Hudson Co GO | | 5.00% | | 5/1/2035 | | AA | | | 500 | | | | 604,400 | |
| Hudson Co Impt Auth–Solid Waste GTD | | 5.75% | | 1/1/2035 | | Aa3 | | | 1,840 | | | | 2,108,162 | |
| Monroe Twp Brd Ed | | 5.00% | | 8/1/2025 | | AA- | | | 400 | | | | 482,412 | |
| New Brunswick Pkg Auth (BAM) | | 5.00% | | 9/1/2039 | | AA | | | 150 | | | | 178,800 | |
| NJ State GO | | 5.00% | | 6/1/2023 | | A | | | 350 | | | | 417,525 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2027 | | Caa3 | | | 50 | | | | 30,375 | |
| PR Comwlth GO(e) | | 5.375% | | 7/1/2030 | | Caa3 | | | 1,000 | | | | 617,500 | |
| PR Comwlth GO(e) | | 5.375% | | 7/1/2033 | | Caa3 | | | 120 | | | | 74,100 | |
| PR Comwlth GO(e) | | 5.625% | | 7/1/2032 | | Caa3 | | | 100 | | | | 61,875 | |
| Rahway GO (AGM) | | 4.125% | | 12/15/2026 | | A1 | | | 5 | | | | 5,034 | |
| Union Co Imp–City of Linden (AGM) | | 4.00% | | 11/1/2025 | | AA | | | 250 | | | | 289,495 | |
| Union Co Util Auth–Covanta GTD AMT | | 4.75% | | 12/1/2031 | | AA+ | | | 1,000 | | | | 1,074,570 | |
| Total | | | | | | | | | | | | | 7,553,023 | |
| | | | | | | | | | | | | | | |
| Health Care 16.46% | | | | | | | | | | | | | | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2030 | | BBB+ | | | 500 | | | | 580,635 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2032 | | BBB+ | | | 500 | | | | 575,210 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.75% | | 2/15/2042 | | BBB+ | | | 425 | | | | 498,385 | |
| NJ EDA–Lions Gate | | 5.25% | | 1/1/2044 | | NR | | | 245 | | | | 266,477 | |
| NJ EDA–Seashore Gardens | | 5.375% | | 11/1/2036 | | NR | | | 1,000 | | | | 892,890 | |
| NJ Hlth–AHS Hsp Corp(d) | | 5.00% | | 7/1/2030 | | AA- | | | 100 | | | | 123,571 | |
| NJ Hlth–AHS Hsp Corp(d) | | 5.00% | | 7/1/2031 | | AA- | | | 100 | | | | 123,061 | |
| NJ Hlth–AHS Hsp Corp | | 6.00% | | 7/1/2037 | | AA- | | | 650 | | | | 792,623 | |
| NJ Hlth–Barnabas Hlth | | 4.00% | | 7/1/2026 | | A- | | | 90 | | | | 98,230 | |
| NJ Hlth–Barnabas Hlth | | 5.00% | | 7/1/2023 | | A- | | | 650 | | | | 760,975 | |
| NJ Hlth–Barnabas Hlth | | 5.625% | | 7/1/2032 | | A- | | | 935 | | | | 1,130,780 | |
| NJ Hlth–Barnabas Hlth | | 5.625% | | 7/1/2037 | | A- | | | 1,150 | | | | 1,390,798 | |
| NJ Hlth–Catholic Hlth E | | 4.75% | | 11/15/2029 | | AA- | | | 640 | | | | 719,622 | |
| NJ Hlth–Hunterdon Med Ctr | | 5.00% | | 7/1/2034 | | A- | | | 500 | | | | 577,920 | |
| NJ Hlth–Inspira Hlth | | 5.00% | | 7/1/2034 | | A2 | | | 250 | | | | 298,705 | |
| NJ Hlth–Princeton Hlth | | 5.00% | | 7/1/2039 | | Baa2 | | | 1,000 | | | | 1,207,190 | |
| NJ Hlth–Robert Wood Hsp | | 5.00% | | 7/1/2039 | | A | | | 500 | | | | 579,055 | |
| NJ Hlth–Robert Wood Hsp | | 5.25% | | 7/1/2028 | | A | | | 500 | | | | 591,230 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2027 | | BBB- | | | 100 | | | | 122,847 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2041 | | BBB- | | | 1,250 | | | | 1,457,425 | |
| | See Notes to Financial Statements. | 141 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| NJ Hlth–St Josephs Hlth | | 6.625% | | 7/1/2038 | | BBB- | | $ | 1,160 | | | $ | 1,275,791 | |
| NJ Hlth–Trinitas Hsp(d) | | 5.00% | | 7/1/2030 | | BBB | | | 245 | | | | 291,116 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2046 | | AA | | | 1,000 | | | | 1,166,080 | |
| NJ Hlth–Virtua Hlth | | 5.75% | | 7/1/2033 | | AA- | | | 2,000 | | | | 2,241,540 | |
| Total | | | | | | | | | | | | | 17,762,156 | |
| | | | | | | | | | | | | | | |
| Housing 2.29% | | | | | | | | | | | | | | |
| NJ EDA–Montclair St Std Hsg | | 5.875% | | 6/1/2042 | | Baa3 | | | 1,185 | | | | 1,316,831 | |
| NJ EDA–Rowan Univ Pptys | | 5.00% | | 1/1/2035 | | BBB- | | | 1,000 | | | | 1,150,500 | |
| Total | | | | | | | | | | | | | 2,467,331 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 16.59% | | | | | | | | | | | | | | |
| Essex Co Impt Auth–Newark | | 6.25% | | 11/1/2030 | | Ba1 | | | 1,250 | | | | 1,377,875 | |
| NJ Ed Facs–Higher Ed Cap Impt | | 5.00% | | 9/1/2033 | | A- | | | 1,000 | | | | 1,093,390 | |
| NJ EDA–Goethals Brdg AMT | | 5.375% | | 1/1/2043 | | BBB- | | | 2,050 | | | | 2,390,710 | |
| NJ EDA–Goethals Brdg AMT | | 5.625% | | 1/1/2052 | | BBB- | | | 210 | | | | 246,813 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2026 | | A- | | | 350 | | | | 393,764 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2028 | | A- | | | 110 | | | | 122,393 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2034 | | A- | | | 200 | | | | 224,372 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2035 | | A- | | | 725 | | | | 788,590 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2026 | | A- | | | 405 | | | | 447,970 | |
| NJ EDA–Sch Facs | | 5.50% | | 12/15/2029 | | A- | | | 1,275 | | | | 1,383,745 | |
| NJ Hlth–Hsp Asset Trans | | 5.00% | | 10/1/2028 | | NR | | | 305 | | | | 329,281 | |
| NJ Hlth–Hsp Asset Trans | | 5.00% | | 10/1/2028 | | A- | | | 1,045 | | | | 1,102,475 | |
| NJ Hlth–Hsp Asset Trans | | 5.75% | | 10/1/2031 | | A- | | | 1,630 | | | | 1,795,999 | |
| NJ State COP–Equip Lease COP | | 5.25% | | 6/15/2029 | | A- | | | 1,000 | | | | 1,068,490 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2031 | | A- | | | 1,500 | | | | 844,095 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2038 | | A- | | | 1,000 | | | | 387,290 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2022 | | A- | | | 1,000 | | | | 1,142,160 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2038 | | A- | | | 1,115 | | | | 1,224,537 | |
| NJ Trans Trust Fund | | 5.25% | | 6/15/2041 | | A- | | | 100 | | | | 112,776 | |
| NJ Trans Trust Fund TCRS (AMBAC) | | 5.25% | | 12/15/2022 | | A- | | | 1,000 | | | | 1,171,900 | |
| PR Infra Fin Auth–Mepsi Campus | | 6.50% | | 10/1/2037 | | NR | | | 500 | | | | 248,750 | |
| Total | | | | | | | | | | | | | 17,897,375 | |
| | | | | | | | | | | | | | | |
| Other Revenue 0.39% | | | | | | | | | | | | | | |
| Middlesex Co Impt Auth–Heldrich Ctr(e) | | 6.25% | | 1/1/2037 | | NR | | | 1,300 | | | | 52,000 | |
| NJ EDA–Bancroft Neuro | | 5.00% | | 6/1/2041 | | NR | | | 350 | | | | 367,479 | |
| Total | | | | | | | | | | | | | 419,479 | |
| 142 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Special Tax 0.79% | | | | | | | | | | | | | | |
| NJ EDA–Kapkowski Rd Landfill | | 6.50% | | 4/1/2028 | | Ba2 | | $ | 675 | | | $ | 854,577 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 5.75% | | | | | | | | | | | | | | |
| Casino Reinv Dev Auth | | 5.25% | | 11/1/2039 | | BBB+ | | | 450 | | | | 477,621 | |
| Casino Reinv Dev Auth (AGM) | | 5.00% | | 11/1/2032 | | AA | | | 500 | | | | 552,330 | |
| Garden St Preservation Trust (AGM) | | 5.75% | | 11/1/2028 | | AA | | | 1,205 | | | | 1,554,691 | |
| NJ EDA–Cigarette Tax | | 4.25% | | 6/15/2027 | | BBB+ | | | 550 | | | | 582,175 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2024 | | BBB+ | | | 1,295 | | | | 1,465,059 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2025 | | BBB+ | | | 330 | | | | 371,471 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2029 | | BBB+ | | | 120 | | | | 132,605 | |
| PR Corp Sales Tax | | 5.00% | | 8/1/2035 | | CC | | | 1,000 | | | | 526,250 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2027 | | CC | | | 1,020 | | | | 538,050 | |
| Total | | | | | | | | | | | | | 6,200,252 | |
| | | | | | | | | | | | | | | |
| Tobacco 6.19% | | | | | | | | | | | | | | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2026 | | BBB+ | | | 1,525 | | | | 1,708,076 | |
| Tobacco Settlement Fin Corp NJ | | 4.50% | | 6/1/2023 | | Baa3 | | | 925 | | | | 941,548 | |
| Tobacco Settlement Fin Corp NJ | | 4.625% | | 6/1/2026 | | B+ | | | 750 | | | | 756,803 | |
| Tobacco Settlement Fin Corp NJ | | 4.75% | | 6/1/2034 | | B- | | | 3,415 | | | | 3,276,727 | |
| Total | | | | | | | | | | | | | 6,683,154 | |
| | | | | | | | | | | | | | | |
| Transportation 20.33% | | | | | | | | | | | | | | |
| DE River Jt Toll Brdg Commn | | 5.00% | | 7/1/2029 | | A1 | | | 300 | | | | 366,975 | |
| Delaware River & Bay Auth | | 5.00% | | 1/1/2042 | | A1 | | | 1,025 | | | | 1,174,055 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2022 | | A- | | | 1,115 | | | | 1,287,156 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2024 | | A- | | | 350 | | | | 406,606 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2028 | | A | | | 500 | | | | 607,745 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2034 | | A | | | 505 | | | | 600,617 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2023 | | A+ | | | 360 | | | | 437,400 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2028 | | A+ | | | 535 | | | | 640,128 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2033 | | A+ | | | 1,285 | | | | 1,548,836 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2034 | | A+ | | | 500 | | | | 599,535 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2035 | | A+ | | | 500 | | | | 605,745 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2038 | | A+ | | | 750 | | | | 878,498 | |
| NJ Tpk Auth (AGM) | | 5.25% | | 1/1/2028 | | AA | | | 810 | | | | 1,070,893 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | A- | | | 2,025 | | | | 2,415,217 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2025 | | AA- | | | 1,010 | | | | 1,240,431 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2026 | | AA- | | | 500 | | | | 642,370 | |
| Port Auth NY & NJ | | 5.00% | | 5/1/2027 | | AA- | | | 500 | | | | 633,375 | |
| | See Notes to Financial Statements. | 143 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2016
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Port Auth NY & NJ | | 5.00% | | 9/1/2030 | | AA- | | $ | 1,000 | | | $ | 1,244,810 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2038 | | AA- | | | 795 | | | | 961,505 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2041 | | AA- | | | 850 | | | | 1,033,030 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2036 | | Baa1 | | | 145 | | | | 169,654 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2042 | | Baa1 | | | 50 | | | | 58,098 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2042 | | AA | | | 400 | | | | 469,596 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2036 | | AA- | | | 1,000 | | | | 1,181,610 | |
| Port Auth NY & NJ AMT | | 5.75% | | 11/1/2030 | | AA- | | | 1,000 | | | | 1,071,460 | |
| South Jersey Trans Auth | | 5.00% | | 11/1/2039 | | BBB+ | | | 515 | | | | 586,369 | |
| Total | | | | | | | | | | | | | 21,931,714 | |
| | | | | | | | | | | | | | | |
| Utilities 3.40% | | | | | | | | | | | | | | |
| Guam Pwr Auth (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 400 | | | | 466,980 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2036 | | A- | | | 100 | | | | 116,778 | |
| NJ EDA–UMM Energy AMT | | 4.75% | | 6/15/2032 | | Baa3 | | | 1,000 | | | | 1,077,360 | |
| Passaic Valley Swr (NPFGC) | | 2.50% | | 12/1/2032 | | A3 | | | 525 | | | | 490,933 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2024 | | Caa3 | | | 295 | | | | 230,100 | |
| PR Elec Pwr Auth | | 5.00% | | 7/1/2037 | | Caa3 | | | 110 | | | | 74,250 | |
| PR Elec Pwr Auth | | 5.75% | | 7/1/2036 | | Caa3 | | | 75 | | | | 50,981 | |
| PR Elec Pwr Auth | | 7.00% | | 7/1/2040 | | Caa3 | | | 100 | | | | 68,100 | |
| Salem Co Poll Ctl–Atlantic City Elec | | 4.875% | | 6/1/2029 | | A | | | 1,000 | | | | 1,093,170 | |
| Total | | | | | | | | | | | | | 3,668,652 | |
| Total Investments in Municipal Bonds 97.76% (cost $100,278,060) | | | | | | | | | 105,464,764 | |
| Cash and Other Assets in Excess of Liabilities(i) 2.24% | | | | | | | | | 2,418,286 | |
| Net Assets 100.00% | | | | | | | | | | | | $ | 107,883,050 | |
| 144 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
NEW JERSEY TAX FREE FUND September 30, 2016
Open Futures Contracts at September 30, 2016:
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Appreciation | |
| Long U.S. Treasury Bond | | December 2016 | | 2 | | Short | | $ | (336,313 | ) | | $ | 4,200 | |
| | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Unrealized
Depreciation | |
| U.S. 10-Year Treasury Note | | December 2016 | | 8 | | Short | | $ | (1,049,000 | ) | | $ | (1,139 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
The following is a summary of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | – | | | $ | 105,464,764 | | | $ | – | | | $ | 105,464,764 | |
| Total | | $ | – | | | $ | 105,464,764 | | | $ | – | | | $ | 105,464,764 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 4,200 | | | $ | – | | | $ | – | | | $ | 4,200 | |
| Liabilities | | | (1,139 | ) | | | – | | | | – | | | | (1,139 | ) |
| Total | | $ | 3,061 | | | $ | – | | | $ | – | | | $ | 3,061 | |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| | See Notes to Financial Statements. | 145 |
Schedule of Investments
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| MUNICIPAL BONDS 98.54% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 7.63% | | | | | | | | | | | | | | |
| Build NYC Res Corp–Pratt Paper AMT† | | 4.50% | | 1/1/2025 | | NR | | $ | 250 | | | $ | 283,625 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 5.00% | | 1/1/2035 | | NR | | | 250 | | | | 284,098 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2031 | | BB- | | | 3,500 | | | | 3,826,760 | |
| Liberty Dev Corp–Goldman Sachs | | 5.25% | | 10/1/2035 | | A3 | | | 2,885 | | | | 3,834,425 | |
| Niagara Area Dev Corp–Covanta† | | 4.00% | | 11/1/2024 | | Ba2 | | | 750 | | | | 761,655 | |
| Niagara Area Dev Corp–Covanta AMT† | | 5.25% | | 11/1/2042 | | Ba2 | | | 900 | | | | 915,075 | |
| NY Liberty Dev Corp–3 WTC† | | 5.00% | | 11/15/2044 | | NR | | | 5,975 | | | | 6,889,952 | |
| NY Liberty Dev Corp–3 WTC† | | 7.25% | | 11/15/2044 | | NR | | | 500 | | | | 655,335 | |
| NY Liberty Dev Corp–7 WTC | | 5.00% | | 9/15/2040 | | Aaa | | | 1,015 | | | | 1,192,503 | |
| NY Liberty Dev Corp–BoA Tower | | 5.625% | | 7/15/2047 | | AA | | | 2,640 | | | | 3,007,910 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 1,210 | | | | 1,301,839 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 1,800 | | | | 2,011,554 | |
| NYC IDA–Yankee Stadium (FGIC) | | 4.50% | | 3/1/2039 | | Baa1 | | | 1,360 | | | | 1,361,686 | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75% | | 3/1/2024 | | A+ | | | 1,000 | | | | 1,263,200 | |
| Syracuse IDA–Carousel Ctr AMT (XLCA) | | 5.00% | | 1/1/2036 | | Baa1 | | | 5,000 | | | | 5,018,450 | |
| Total | | | | | | | | | | | | | 32,608,067 | |
| | | | | | | | | | | | | | | |
| Education 13.74% | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Buffalo State College | | 5.75% | | 10/1/2026 | | A+ | | | 1,350 | | | | 1,615,693 | |
| Build NYC Res Corp–CUNY | | 5.00% | | 6/1/2027 | | Aa2 | | | 400 | | | | 496,640 | |
| Build NYC Res Corp–CUNY | | 5.00% | | 6/1/2029 | | Aa2 | | | 500 | | | | 614,740 | |
| Build NYC Res Corp–CUNY | | 5.00% | | 6/1/2031 | | Aa2 | | | 1,120 | | | | 1,369,838 | |
| Build NYC Res Corp–Fieldston Sch | | 5.00% | | 6/1/2023 | | A- | | | 125 | | | | 151,376 | |
| Build NYC Res Corp–NY Law | | 5.00% | | 7/1/2041 | | BBB | | | 1,000 | | | | 1,162,050 | |
| Build NYC Res Corp–Packer Collegiate | | 5.00% | | 6/1/2040 | | A3 | | | 1,000 | | | | 1,159,690 | |
| Cattaraugus Co IDA–St Bonaventure Univ | | 5.00% | | 5/1/2034 | | BBB- | | | 300 | | | | 339,498 | |
| Cattaraugus Co IDA–St Bonaventure Univ | | 5.00% | | 5/1/2039 | | BBB- | | | 350 | | | | 389,820 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 915 | | | | 966,652 | |
| Dutchess Co LDC–Culinary Institute | | 5.00% | | 7/1/2033 | | Baa2 | | | 200 | | | | 239,154 | |
| Dutchess Co LDC–Culinary Institute | | 5.00% | | 7/1/2041 | | Baa2 | | | 200 | | | | 235,590 | |
| Dutchess Co LDC–Culinary Institute | | 5.00% | | 7/1/2046 | | Baa2 | | | 275 | | | | 322,660 | |
| Monroe Co IDC–Monroe Cmnty Clg (AGM) | | 5.00% | | 1/15/2038 | | AA | | | 1,000 | | | | 1,158,880 | |
| Monroe Co IDC–Univ of Rochester | | 5.00% | | 7/1/2036 | | AA- | | | 1,000 | | | | 1,146,180 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2028 | | BBB | | | 205 | | | | 246,426 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2029 | | BBB | | | 250 | | | | 298,133 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2030 | | BBB | | | 220 | | | | 261,217 | |
| 146 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2031 | | BBB | | $ | 200 | | | $ | 236,442 | |
| Niagara Area Dev Corp–Niagara Univ | | 5.00% | | 5/1/2035 | | BBB+ | | | 500 | | | | 572,470 | |
| Niagara Area Dev Corp–Niagara Univ | | 5.00% | | 5/1/2042 | | BBB+ | | | 1,200 | | | | 1,363,140 | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2028 | | A1 | | | 500 | | | | 622,880 | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2029 | | A1 | | | 1,600 | | | | 1,978,720 | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2043 | | A1 | | | 1,000 | | | | 1,191,660 | |
| NY Dorm–Columbia Univ | | 5.00% | | 10/1/2026 | | AAA | | | 1,800 | | | | 2,386,314 | |
| NY Dorm–Cornell Univ | | 5.00% | | 7/1/2040 | | Aa1 | | | 1,000 | | | | 1,135,760 | |
| NY Dorm–Fordham Univ | | 5.00% | | 7/1/2035 | | A | | | 500 | | | | 611,795 | |
| NY Dorm–Fordham Univ | | 5.00% | | 7/1/2041 | | A | | | 1,100 | | | | 1,322,662 | |
| NY Dorm–Fordham Univ | | 5.25% | | 7/1/2031 | | A | | | 2,275 | | | | 2,659,247 | |
| NY Dorm–Long Island Univ | | 5.00% | | 9/1/2026 | | BBB | | | 1,000 | | | | 1,155,450 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2040 | | A- | | | 2,000 | | | | 2,327,120 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2034 | | AA- | | | 1,500 | | | | 1,861,875 | |
| NY Dorm–NYU | | 5.25% | | 7/1/2034 | | AA- | | | 5,500 | | | | 6,103,020 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | NR | | | 15 | | | | 18,305 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | BB+ | | | 555 | | | | 649,972 | |
| NY Dorm–Pratt Institute | | 5.00% | | 7/1/2034 | | A3 | | | 1,035 | | | | 1,232,043 | |
| NY Dorm–Pratt Institute | | 5.00% | | 7/1/2039 | | A3 | | | 1,010 | | | | 1,212,515 | |
| NY Dorm–St Johns Univ | | 5.00% | | 7/1/2027 | | A- | | | 250 | | | | 308,050 | |
| NY Dorm–St Johns Univ | | 5.00% | | 7/1/2037 | | A- | | | 1,000 | | | | 1,175,380 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2028 | | Aa3 | | | 1,000 | | | | 1,242,130 | |
| NY Dorm–SUNY Empire Commons | | 5.00% | | 5/1/2030 | | A | | | 350 | | | | 430,098 | |
| NY Dorm–SUNY Empire Commons | | 5.00% | | 5/1/2031 | | A | | | 100 | | | | 122,596 | |
| NY Dorm–SUNY Empire Commons | | 5.00% | | 5/1/2032 | | A | | | 250 | | | | 305,290 | |
| NY Dorm–Teachers Clg | | 5.375% | | 3/1/2029 | | A1 | | | 1,025 | | | | 1,126,926 | |
| NY Dorm–Touro Clg | | 5.25% | | 1/1/2034 | | BBB- | (c) | | 1,175 | | | | 1,326,881 | |
| NYC IDA–Polytechnic Univ (ACA) | | 5.25% | | 11/1/2037 | | AA- | | | 4,295 | | | | 4,481,145 | |
| Onondaga CDC–Upstate Prop Dev | | 5.50% | | 12/1/2031 | | A+ | | | 1,000 | | | | 1,195,520 | |
| Onondaga Co Cultural–Syracuse Univ | | 5.00% | | 12/1/2038 | | AA- | | | 1,230 | | | | 1,458,620 | |
| St Lawrence IDA–Clarkson Univ | | 6.00% | | 9/1/2034 | | A3 | | | 1,625 | | | | 1,964,430 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2032 | | A- | | | 1,380 | | | | 1,660,168 | |
| Yonkers IDA–Sarah Lawrence Clg | | 6.00% | | 6/1/2029 | | BBB | | | 1,000 | | | | 1,132,100 | |
| Total | | | | | | | | | | | | | 58,744,961 | |
| | | | | | | | | | | | | | | |
| General Obligation 6.15% | | | | | | | | | | | | | | |
| Erie CO GO | | 5.00% | | 9/15/2028 | | AA- | | | 275 | | | | 341,748 | |
| Nassau Co GO | | 5.00% | | 1/1/2028 | | A+ | | | 1,500 | | | | 1,856,430 | |
| | See Notes to Financial Statements. | 147 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2027 | | AA | | $ | 1,000 | | | $ | 1,246,390 | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2028 | | AA | | | 1,000 | | | | 1,238,800 | |
| NYC GO | | 5.00% | | 8/1/2022 | | AA | | | 2,215 | | | | 2,677,226 | |
| NYC GO | | 5.00% | | 8/1/2024 | | AA | | | 2,000 | | | | 2,516,480 | |
| NYC GO | | 5.00% | | 8/1/2026 | | AA | | | 1,750 | | | | 2,221,222 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 1,500 | | | | 1,866,780 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 1,410 | | | | 1,694,580 | |
| NYC GO | | 5.00% | | 10/1/2034 | | AA | | | 1,500 | | | | 1,787,310 | |
| NYC GO | | 5.00% | | 3/1/2036 | | AA | | | 1,285 | | | | 1,529,613 | |
| NYC GO | | 5.00% | | 3/1/2037 | | AA | | | 1,500 | | | | 1,782,165 | |
| NYC GO | | 5.00% | | 8/1/2037 | | AA | | | 2,000 | | | | 2,427,180 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2027 | | Caa3 | | | 250 | | | | 151,875 | |
| PR Comwlth GO(e) | | 5.00% | | 7/1/2027 | | Caa3 | | | 65 | | | | 39,488 | |
| PR Comwlth GO(e) | | 5.125% | | 7/1/2028 | | Caa3 | | | 155 | | | | 94,744 | |
| PR Comwlth GO(e) | | 5.25% | | 7/1/2026 | | Caa3 | | | 160 | | | | 98,400 | |
| PR Comwlth GO(e) | | 5.375% | | 7/1/2030 | | Caa3 | | | 4,185 | | | | 2,584,237 | |
| PR Comwlth GO(e) | | 5.50% | | 7/1/2027 | | Caa3 | | | 60 | | | | 37,275 | |
| PR Comwlth GO(e) | | 5.625% | | 7/1/2033 | | Caa3 | | | 10 | | | | 6,188 | |
| PR Comwlth GO(e) | | 6.125% | | 7/1/2033 | | Caa3 | | | 170 | | | | 108,162 | |
| Total | | | | | | | | | | | | | 26,306,293 | |
| | | | | | | | | | | | | | | |
| Health Care 10.31% | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Catholic Hlth | | 5.00% | | 7/1/2025 | | BBB+ | | | 300 | | | | 368,850 | |
| Buffalo & Erie IDC–Orchard Park | | 5.00% | | 11/15/2037 | | BBB- | (c) | | 1,000 | | | | 1,151,490 | |
| Build NYC Res Corp–NY Methodist Hsp | | 5.00% | | 7/1/2020 | | Baa1 | | | 750 | | | | 852,412 | |
| Chautauqua CO–Womans Christian Assn | | 8.00% | | 11/15/2030 | | NR | | | 1,000 | | | | 1,003,090 | |
| Dutchess Co LDC–Health Quest | | 5.00% | | 7/1/2034 | | A- | | | 500 | | | | 587,825 | |
| Dutchess Co LDC–Health Quest | | 5.00% | | 7/1/2035 | | A- | | | 1,500 | | | | 1,800,765 | |
| East Rochester Hsg–Woodland Vlg | | 5.50% | | 8/1/2033 | | NR | | | 1,700 | | | | 1,714,790 | |
| Genesee Co IDA–United Mem Med Ctr | | 5.00% | | 12/1/2032 | | NR | | | 1,100 | | | | 1,101,584 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2027 | | BBB+ | | | 625 | | | | 747,413 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2028 | | BBB+ | | | 2,045 | | | | 2,432,732 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2033 | | BBB+ | | | 375 | | | | 436,279 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | 5.00% | | 7/1/2032 | | Baa2 | | | 2,000 | | | | 2,285,220 | |
| NY Dorm–Catholic Hlth | | 5.00% | | 7/1/2032 | | BBB+ | | | 500 | | | | 555,960 | |
| NY Dorm–Miriam Osborn Mem Home | | 5.00% | | 7/1/2042 | | A- | (c) | | 750 | | | | 791,557 | |
| NY Dorm–Mt Sinai Hsp | | 5.00% | | 7/1/2026 | | A- | | | 2,025 | | | | 2,284,078 | |
| NY Dorm–North Shore LI Jewish | | 5.00% | | 5/1/2022 | | A- | | | 1,220 | | | | 1,422,691 | |
| 148 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | |
| NY Dorm–North Shore LI Jewish | | 5.00% | | 5/1/2028 | | A- | | $ | 1,000 | | | $ | 1,228,160 | |
| NY Dorm–North Shore LI Jewish | | 5.25% | | 5/1/2034 | | A- | | | 1,000 | | | | 1,163,660 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2032 | | A- | | | 740 | | | | 904,021 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2033 | | A- | | | 760 | | | | 924,776 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2034 | | A- | | | 1,000 | | | | 1,187,260 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2036 | | A- | | | 1,060 | | | | 1,246,189 | |
| NY Dorm–Orange Regl Med | | 6.125% | | 12/1/2029 | | Ba1 | | | 2,000 | | | | 2,167,840 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2026 | | Ba1 | | | 1,000 | | | | 1,175,590 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2021 | | Aa3 | | | 1,010 | | | | 1,174,458 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2025 | | Aa3 | | | 1,000 | | | | 1,127,620 | |
| NYC Hlth & Hsp Corp | | 5.50% | | 2/15/2023 | | Aa3 | | | 1,090 | | | | 1,161,046 | |
| Southhold LDC–Peconic Landing | | 5.00% | | 12/1/2045 | | BBB- | (c) | | 1,000 | | | | 1,131,340 | |
| Suffolk Co IDA–Catholic Hlth Ll | | 5.00% | | 7/1/2028 | | BBB+ | | | 1,005 | | | | 1,138,203 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | 5.375% | | 1/1/2027 | | NR | | | 925 | | | | 926,508 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | 5.50% | | 1/1/2037 | | NR | | | 1,000 | | | | 1,001,230 | |
| Tompkins Co Dev Corp–Kendal Ithaca | | 5.00% | | 7/1/2044 | | BBB | | | 1,000 | | | | 1,147,580 | |
| Westchester CO Hlth Care | | 5.00% | | 11/1/2033 | | BBB | | | 1,000 | | | | 1,199,990 | |
| Westchester CO Hlth Care | | 5.00% | | 11/1/2034 | | BBB | | | 900 | | | | 1,075,149 | |
| Westchester Co Hlth Care | | 5.00% | | 11/1/2046 | | BBB | | | 1,500 | | | | 1,754,880 | |
| Westchester CO Hlth Care | | 6.00% | | 11/1/2030 | | BBB | | | 110 | | | | 127,450 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | BBB | | | 35 | | | | 40,619 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | BBB | | | 135 | | | | 156,672 | |
| Westchester Co LDC–Kendal Hudson | | 5.00% | | 1/1/2034 | | BBB | (c) | | 1,250 | | | | 1,397,262 | |
| Total | | | | | | | | | | | | | 44,094,239 | |
| | | | | | | | | | | | | | | |
| Housing 0.26% | | | | | | | | | | | | | | |
| NYC Hsg–8 Spruce St | | 4.50% | | 2/15/2048 | | NR | | | 1,000 | | | | 1,095,160 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 6.66% | | | | | | | | | | | | | | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2027 | | AA | | | 1,750 | | | | 2,223,480 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2028 | | AA | | | 1,020 | | | | 1,283,313 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.25% | | 5/1/2030 | | AA | | | 2,575 | | | | 3,025,059 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.25% | | 5/1/2032 | | AA | | | 1,000 | | | | 1,170,900 | |
| Monroe Co IDA–Rochester Schools | | 5.00% | | 5/1/2021 | | AA | | | 2,000 | | | | 2,339,080 | |
| NY Dorm–Court Facs | | Zero Coupon | | 8/1/2021 | | AA+ | | | 2,265 | | | | 2,121,694 | |
| NY Dorm–Master BOCES | | 5.50% | | 8/15/2026 | | Aa2 | | | 1,560 | | | | 1,830,644 | |
| NY Dorm–NY Downtown Hospital | | 5.00% | | 2/15/2022 | | AA | | | 1,000 | | | | 1,160,510 | |
| NY Dorm–SUNY–Third Resolution | | 5.00% | | 5/15/2026 | | AA | | | 2,490 | | | | 2,981,003 | |
| | See Notes to Financial Statements. | 149 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| NY Liberty Dev Corp–4 WTC | | 5.00% | | 11/15/2031 | | A+ | | $ | 1,000 | | | $ | 1,163,540 | |
| NY UDC–PIT | | 5.00% | | 3/15/2035 | | AAA | | | 1,500 | | | | 1,791,825 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2025 | | AA | | | 1,510 | | | | 1,822,781 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2027 | | AA | | | 1,425 | | | | 1,672,779 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2032 | | AA | | | 1,000 | | | | 1,228,140 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2036 | | AA | | | 2,000 | | | | 2,393,180 | |
| PR Infra Fin Auth–Mepsi Campus | | 6.50% | | 10/1/2037 | | NR | | | 500 | | | | 248,750 | |
| Total | | | | | | | | | | | | | 28,456,678 | |
| | | | | | | | | | | | | | | |
| Other Revenue 7.15% | | | | | | | | | | | | | | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2030 | | Baa3 | | | 2,500 | | | | 3,086,275 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2042 | | Baa3 | | | 3,000 | | | | 3,585,780 | |
| Brooklyn Arena LDC–Barclays Ctr | | 6.00% | | 7/15/2030 | | BBB- | | | 5 | | | | 5,799 | |
| Brooklyn Arena LDC–Barclays Ctr | | 6.25% | | 7/15/2040 | | BBB- | | | 6,110 | | | | 7,135,258 | |
| Build NYC Res Corp–YMCA | | 5.00% | | 8/1/2040 | | A- | | | 500 | | | | 577,405 | |
| Build NYC Res Corp–YMCA | | 5.00% | | 8/1/2042 | | A- | | | 1,360 | | | | 1,548,646 | |
| NY Dorm–NYSARC Inc | | 5.125% | | 7/1/2030 | | Aa2 | | | 2,000 | | | | 2,282,200 | |
| NYC Cultural–MOMA | | 4.00% | | 4/1/2025 | | AA | | | 1,000 | | | | 1,198,570 | |
| NYC Cultural–Museum Nat History | | 5.00% | | 7/1/2031 | | AA | | | 1,695 | | | | 2,071,442 | |
| NYC Cultural–Whitney Museum | | 5.00% | | 7/1/2031 | | A | | | 2,000 | | | | 2,270,520 | |
| NYS Muni Bd Bk–Lease | | 5.00% | | 12/1/2022 | | AA | | | 1,520 | | | | 1,848,624 | |
| Utility Debt Sec Auth–LIPA | | 5.00% | | 12/15/2037 | | AAA | | | 2,115 | | | | 2,599,525 | |
| Utility Debt Sec Auth–LIPA | | 5.00% | | 12/15/2041 | | AAA | | | 1,000 | | | | 1,205,270 | |
| Yonkers EDC–Charter Sch Ed Excellence | | 6.25% | | 10/15/2040 | | BB | | | 1,100 | | | | 1,169,344 | |
| Total | | | | | | | | | | | | | 30,584,658 | |
| | | | | | | | | | | | | | | |
| Special Tax 1.88% | | | | | | | | | | | | | | |
| MTA NY–Hudson Rail Yards | | 5.00% | | 11/15/2056 | | A2 | | | 3,000 | | | | 3,468,840 | |
| NY Sales Tax Asset Receivable Corp | | 5.00% | | 10/15/2022 | | AAA | | | 1,000 | | | | 1,226,850 | |
| NY Sales Tax Asset Receivable Corp | | 5.00% | | 10/15/2030 | | AAA | | | 1,000 | | | | 1,257,750 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2031 | | BBB | | | 2,075 | | | | 2,093,654 | |
| Total | | | | | | | | | | | | | 8,047,094 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 15.70% | | | | | | | | | | | | | | |
| Hudson Yards | | 5.75% | | 2/15/2047 | | A | | | 2,650 | | | | 3,120,004 | |
| MTA NY–Dedicated Tax | | 5.00% | | 11/15/2022 | | AA | | | 1,010 | | | | 1,234,149 | |
| MTA NY–Dedicated Tax | | 5.00% | | 11/15/2034 | | AA | | | 1,000 | | | | 1,116,340 | |
| MTA NY–Dedicated Tax | | 5.00% | | 11/15/2046 | | AA | | | 1,910 | | | | 2,330,429 | |
| MTA NY–Dedicated Tax | | 5.25% | | 11/15/2031 | | AA | | | 1,000 | | | | 1,289,810 | |
| 150 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| NY Conv Ctr Dev Corp | | 5.00% | | 11/15/2040 | | Aa3 | | $ | 3,185 | | | $ | 3,838,753 | |
| NY Dorm–PIT | | 5.00% | | 12/15/2023 | | AAA | | | 1,500 | | | | 1,844,310 | |
| NY Dorm–PIT | | 5.00% | | 12/15/2025 | | AAA | | | 1,000 | | | | 1,225,510 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2027 | | AAA | | | 1,250 | | | | 1,569,838 | |
| NY Dorm–PIT | | 5.00% | | 2/15/2034 | | AAA | | | 1,250 | | | | 1,508,513 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2036 | | AAA | | | 2,000 | | | | 2,423,480 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2026 | | AAA | | | 1,000 | | | | 1,274,800 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2030 | | AAA | | | 530 | | | | 653,898 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2038 | | AAA | | | 1,010 | | | | 1,201,082 | |
| NY Twy Auth–PIT | | 5.00% | | 3/15/2023 | | AAA | | | 1,525 | | | | 1,788,063 | |
| NY UDC–PIT | | 5.00% | | 12/15/2025 | | AAA | | | 1,020 | | | | 1,071,938 | |
| NY UDC–PIT | | 5.00% | | 12/15/2028 | | AAA | | | 3,500 | | | | 3,806,285 | |
| NY UDC–PIT | | 5.00% | | 3/15/2033 | | AAA | | | 2,010 | | | | 2,414,593 | |
| NY UDC–PIT | | 5.00% | | 3/15/2035 | | AAA | | | 2,100 | | | | 2,556,939 | |
| NY UDC–PIT | | 5.00% | | 3/15/2036 | | AAA | | | 1,500 | | | | 1,812,105 | |
| NY UDC–PIT | | 5.00% | | 3/15/2042 | | AAA | | | 1,550 | | | | 1,865,719 | |
| NYC TFA–Future Tax | | 4.00% | | 11/1/2022 | | AAA | | | 1,000 | | | | 1,160,320 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2021 | | AAA | | | 2,010 | | | | 2,390,212 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2023 | | AAA | | | 1,000 | | | | 1,223,200 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2023 | | AAA | | | 1,000 | | | | 1,243,870 | |
| NYC TFA–Future Tax | | 5.00% | | 2/1/2027 | | AAA | | | 1,500 | | | | 1,741,425 | |
| NYC TFA–Future Tax | | 5.00% | | 2/1/2030 | | AAA | | | 240 | | | | 295,147 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2032 | | AAA | | | 1,300 | | | | 1,618,214 | |
| NYC TFA–Future Tax | | 5.00% | | 5/1/2034 | | NR | | | 5 | | | | 5,528 | |
| NYC TFA–Future Tax | | 5.00% | | 5/1/2034 | | AAA | | | 2,495 | | | | 2,731,751 | |
| NYC TFA–Future Tax | | 5.00% | | 8/1/2036 | | AAA | | | 5,000 | | | | 6,131,350 | |
| NYC TFA–Future Tax | | 5.00% | | 8/1/2037 | | AAA | | | 1,800 | | | | 2,178,000 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2038 | | AAA | | | 1,540 | | | | 1,867,450 | |
| NYC TFA–Future Tax | | 5.00% | | 5/1/2040 | | AAA | | | 1,500 | | | | 1,816,035 | |
| PR Corp Sales Tax | | 5.25% | | 8/1/2027 | | CC | | | 640 | | | | 337,600 | |
| PR Corp Sales Tax | | 5.75% | | 8/1/2037 | | CC | | | 4,600 | | | | 2,449,500 | |
| Total | | | | | | | | | | | | | 67,136,160 | |
| | | | | | | | | | | | | | | |
| Tobacco 3.21% | | | | | | | | | | | | | | |
| Nassau CO Tobacco | | 5.125% | | 6/1/2046 | | B- | | | 2,030 | | | | 2,003,935 | |
| Suffolk Tobacco Asset Sec Corp | | 5.00% | | 6/1/2032 | | A- | | | 1,335 | | | | 1,480,221 | |
| Suffolk Tobacco Asset Sec Corp | | 5.25% | | 6/1/2037 | | BBB+ | | | 1,145 | | | | 1,274,900 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 1,580 | | | | 1,645,317 | |
| | See Notes to Financial Statements. | 151 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| Suffolk Tobacco Asset Sec Corp | | 6.00% | | 6/1/2048 | | NR | | $ | 2,350 | | | $ | 2,380,762 | |
| TSASC | | 5.00% | | 6/1/2026 | | BB- | | | 1,760 | | | | 1,762,411 | |
| TSASC | | 5.125% | | 6/1/2042 | | B- | | | 3,190 | | | | 3,156,091 | |
| Total | | | | | | | | | | | | | 13,703,637 | |
| | | | | | | | | | | | | | | |
| Transportation 18.35% | | | | | | | | | | | | | | |
| MTA NY | | 5.00% | | 11/15/2023 | | AA- | | | 1,000 | | | | 1,230,090 | |
| MTA NY | | 5.00% | | 11/15/2023 | | AA- | | | 2,455 | | | | 2,990,165 | |
| MTA NY | | 5.00% | | 11/15/2027 | | AA- | | | 350 | | | | 431,004 | |
| MTA NY | | 5.00% | | 11/15/2027 | | AA- | | | 1,750 | | | | 2,179,800 | |
| MTA NY | | 5.00% | | 11/15/2028 | | AA- | | | 705 | | | | 870,273 | |
| MTA NY | | 5.00% | | 11/15/2029 | | A | (c) | | 1,500 | | | | 1,856,175 | |
| MTA NY | | 5.00% | | 11/15/2038 | | AA- | | | 2,500 | | | | 2,985,650 | |
| MTA NY | | 5.00% | | 11/15/2041 | | AA- | | | 1,000 | | | | 1,197,280 | |
| MTA NY | | 5.25% | | 11/15/2028 | | AA- | | | 3,740 | | | | 4,772,801 | |
| MTA NY | | 5.25% | | 11/15/2029 | | AA- | | | 1,000 | | | | 1,239,080 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2027 | | Baa1 | | | 1,000 | | | | 1,149,520 | |
| NY Bridge Auth | | 4.00% | | 1/1/2027 | | AA- | | | 1,000 | | | | 1,130,340 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2046 | | Baa3 | | | 3,950 | | | | 4,476,338 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.25% | | 1/1/2050 | | Baa3 | | | 10,800 | | | | 12,394,296 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2023 | | Baa1 | | | 1,500 | | | | 1,799,655 | |
| NY Twy Auth | | 5.00% | | 1/1/2032 | | A | | | 3,000 | | | | 3,612,150 | |
| NY Twy Auth | | 5.00% | | 1/1/2036 | | A | | | 1,760 | | | | 2,073,878 | |
| NY Twy Auth | | 5.25% | | 1/1/2056 | | A- | | | 1,000 | | | | 1,216,360 | |
| Port Auth NY & NJ | | 4.00% | | 12/1/2022 | | AA- | | | 1,560 | | | | 1,788,930 | |
| Port Auth NY & NJ | | 5.00% | | 9/1/2028 | | AA- | | | 1,025 | | | | 1,278,503 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2038 | | AA- | | | 1,500 | | | | 1,814,160 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2041 | | AA- | | | 2,500 | | | | 3,038,325 | |
| Port Auth NY & NJ–JFK IAT | | 5.00% | | 12/1/2020 | | Baa1 | | | 170 | | | | 191,945 | |
| Port Auth NY & NJ–JFK IAT | | 5.50% | | 12/1/2031 | | Baa1 | | | 245 | | | | 281,875 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2036 | | Baa1 | | | 715 | | | | 836,571 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2042 | | Baa1 | | | 1,100 | | | | 1,278,156 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 5.50% | | 12/1/2031 | | AA | | | 225 | | | | 261,320 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2036 | | AA | | | 400 | | | | 471,536 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2042 | | AA | | | 1,560 | | | | 1,831,424 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2024 | | AA- | | | 1,000 | | | | 1,152,260 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2024 | | AA- | | | 1,250 | | | | 1,458,475 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/1/2033 | | AA- | | | 1,525 | | | | 1,757,425 | |
| 152 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | | | Credit | | | | | | |
| | | | | | | Rating: | | Principal | | | | |
| | | Interest | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate | | Date | | Moody’s(a) | | (000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Port Auth NY & NJ AMT | | 5.00% | | 4/1/2036 | | AA- | | $ | 1,000 | | | $ | 1,207,000 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2041 | | AA- | | | 1,250 | | | | 1,420,188 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2023 | | A+ | | | 2,525 | | | | 3,098,832 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2026 | | A+ | | | 1,500 | | | | 1,840,890 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2027 | | AA- | | | 500 | | | | 631,190 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2028 | | AA- | | | 600 | | | | 751,968 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2036 | | AA- | | | 1,680 | | | | 2,059,344 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2038 | | AA- | | | 1,000 | | | | 1,202,740 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2040 | | AA- | | | 1,000 | | | | 1,217,100 | |
| Total | | | | | | | | | | | | | 78,475,012 | |
| | | | | | | | | | | | | | | |
| Utilities 7.50% | | | | | | | | | | | | | | |
| Guam Pwr Auth | | 5.00% | | 10/1/2020 | | BBB | | | 500 | | | | 562,405 | |
| Guam Pwr Auth | | 5.00% | | 10/1/2021 | | BBB | | | 500 | | | | 575,020 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2036 | | A- | | | 400 | | | | 467,112 | |
| Long Island Power Auth | | 5.00% | | 9/1/2025 | | A- | | | 1,000 | | | | 1,197,080 | |
| Long Island Power Auth | | 5.00% | | 9/1/2034 | | A- | | | 2,000 | | | | 2,380,300 | |
| Long Island Power Auth | | 5.00% | | 5/1/2038 | | A- | | | 1,880 | | | | 2,112,105 | |
| Long Island Power Auth | | 5.00% | | 9/1/2038 | | A- | | | 1,000 | | | | 1,187,930 | |
| Long Island Power Auth | | 5.00% | | 9/1/2039 | | A- | | | 1,000 | | | | 1,186,190 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.00% | | 6/15/2029 | | AAA | | | 2,000 | | | | 2,214,380 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.00% | | 11/15/2029 | | AAA | | | 1,000 | | | | 1,241,090 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.00% | | 6/15/2032 | | AAA | | | 1,000 | | | | 1,243,710 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.00% | | 6/15/2036 | | AAA | | | 1,250 | | | | 1,459,325 | |
| NYC Muni Water | | 5.00% | | 6/15/2034 | | AA+ | | | 1,525 | | | | 1,814,323 | |
| NYC Muni Water | | 5.00% | | 6/15/2035 | | AA+ | | | 1,550 | | | | 1,872,322 | |
| NYC Muni Water | | 5.00% | | 6/15/2035 | | AA+ | | | 1,675 | | | | 2,032,998 | |
| NYC Muni Water | | 5.00% | | 6/15/2036 | | AA+ | | | 2,250 | | | | 2,723,760 | |
| NYC Muni Water | | 5.00% | | 6/15/2036 | | AA+ | | | 1,750 | | | | 2,118,480 | |
| NYC Muni Water | | 5.00% | | 6/15/2046 | | AA+ | | | 1,500 | | | | 1,799,145 | |
| NYC Muni Water | | 5.25% | | 6/15/2037 | | AA+ | | | 1,500 | | | | 1,896,915 | |
| PR Aqueduct & Swr Auth | | 5.00% | | 7/1/2033 | | Caa3 | | | 370 | | | | 278,425 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Caa3 | | | 710 | | | | 537,825 | |
| PR Aqueduct & Swr Auth | | 6.00% | | 7/1/2044 | | Caa3 | | | 420 | | | | 323,400 | |
| PR Elec Pwr Auth | | 5.75% | | 7/1/2036 | | Caa3 | | | 1,250 | | | | 849,688 | |
| Total | | | | | | | | | | | | | 32,073,928 | |
| Total Municipal Bonds (cost $396,428,494) | | | | | | | | | | | | | 421,325,887 | |
| | See Notes to Financial Statements. | 153 |
Schedule of Investments (concluded)
NEW YORK TAX FREE FUND September 30, 2016
| | | | | Interest | | | | Credit | | | | | | |
| | | | | Rate | | Final | | Rating: | | Principal | | | | |
| | | Interest | | Reset | | Maturity | | S&P or | | Amount | | | Fair | |
| Investments | | Rate# | | Date(f) | | Date | | Moody’s(a) | | (000) | | | Value | |
| SHORT-TERM INVESTMENTS 0.07% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.07% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| General Obligation 0.05% | | | | | | | | | | | | | | | | |
| NYC GO | | | | | | | | | | | | | | | | |
| | | 0.86% | | 10/3/2016 | | 6/1/2044 | | AA | | $ | 200 | | | $ | 200,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.02% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | | | | | | | | | | | | | | | |
| | | 0.96% | | 10/3/2016 | | 6/15/2032 | | AA+ | | | 100 | | | | 100,000 | |
| Total Short-Term Investments (cost $300,000) | | | | | | | | | | | | | | | 300,000 | |
| Total Investments in Securities 98.61% (cost $396,728,494) | | | | | | | | | | | | | 421,625,887 | |
| Cash and Other Assets in Excess of Liabilities(i) 1.39% | | | | | | | | | | | | | 5,962,727 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 427,588,614 | |
Open Futures Contracts at September 30, 2016:
| | | | | | | | | | | | Unrealized | |
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Appreciation | |
| Long U.S. Treasury Bond | | December 2016 | | 5 | | Short | | $ | (840,781 | ) | | $ | 10,499 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Unrealized | |
| Type | | Expiration | | Contracts | | Position | | Fair Value | | | Depreciation | |
| U.S. 10-Year Treasury Note | | December 2016 | | 78 | | Short | | $ | (10,227,750 | ) | | $ | (11,104 | ) |
Note: See Footnotes to Schedules of Investments on page 155 of this report.
The following is a summary of the inputs used as of September 30, 2016 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Municipal Bonds | | $ | – | | | $ | 421,325,887 | | | $ | – | | | $ | 421,325,887 | |
| Variable Rate Demand Notes | | | – | | | | 300,000 | | | | – | | | | 300,000 | |
| Total | | $ | – | | | $ | 421,625,887 | | | $ | – | | | $ | 421,625,887 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 10,499 | | | $ | – | | | $ | – | | | $ | 10,499 | |
| Liabilities | | | (11,104 | ) | | | – | | | | – | | | | (11,104 | ) |
| Total | | $ | (605 | ) | | $ | – | | | $ | – | | | $ | (605 | ) |
| (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 1/Level 2 transfers during the fiscal year ended September 30, 2016. |
| 154 | See Notes to Financial Statements. | |
Footnotes to Schedules of Investments
September 30, 2016
| 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 September 30, 2016. |
| TCRS | | Transferable Custodial Receipts. |
| † | | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. |
| # | | Variable rate security. The interest rate shown is the rate in effect at September 30, 2016. |
| ~ | | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. |
| (a) | | Unaudited. |
| (b) | | Municipal Bonds Held in Trust–Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) for details of Municipal Bonds Held in Trust. |
| (c) | | This investment has been rated by Fitch IBCA. |
| (d) | | Securities purchased on a when-issued basis (See Note 2(g)). |
| (e) | | Defaulted (non-income producing security). |
| (f) | | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount. |
| (g) | | Stub Rights issued in connection with a plan of reorganization. |
| (h) | | Security is perpetual and has no stated maturity date. |
| (i) | | 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. |
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 |
| AGC | | Assured Guaranty Corporation |
| 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. | 155 |
Statements of Assets and Liabilities
September 30, 2016
| | | Short Duration | | | Intermediate | | | AMT Free | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities, at cost | | $ | 2,084,796,886 | | | $ | 4,721,955,096 | | | $ | 235,693,021 | |
| Investments in securities, at fair value | | $ | 2,107,137,967 | | | $ | 4,940,357,751 | | | $ | 249,471,492 | |
| Cash | | | 1,278,709 | | | | 1,959,089 | | | | 442,531 | |
| Deposits with brokers for futures collateral | | | – | | | | 402,300 | | | | 47,100 | |
| Receivables: | | | | | | | | | | | | |
| Interest | | | 18,725,653 | | | | 58,246,770 | | | | 3,248,673 | |
| Capital shares sold | | | 6,927,618 | | | | 27,615,441 | | | | 1,642,988 | |
| Investment securities sold | | | 14,195,000 | | | | 7,006,797 | | | | 132,284 | |
| Variation margin | | | – | | | | 126,214 | | | | 16,243 | |
| From advisor (See Note 3) | | | 142,811 | | | | – | | | | 65,920 | |
| Prepaid expenses and other assets | | | 132,276 | | | | 178,849 | | | | 64,115 | |
| Total assets | | | 2,148,540,034 | | | | 5,035,893,211 | | | | 255,131,346 | |
| LIABILITIES: | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | |
| Investment securities purchased | | | 30,843,252 | | | | 54,220,613 | | | | 1,012,901 | |
| Trust certificates (See Note 2(h)) | | | – | | | | 1,250,000 | | | | – | |
| Capital shares reacquired | | | 2,108,092 | | | | 7,483,478 | | | | 311,721 | |
| Management fee | | | 689,331 | | | | 1,557,363 | | | | 102,790 | |
| 12b-1 distribution plan | | | 411,900 | | | | 1,263,573 | | | | 46,194 | |
| Interest expense and fees (See Note 2(h)) | | | – | | | | 1,998 | | | | – | |
| Directors’ fees | | | 283,551 | | | | 447,054 | | | | 17,658 | |
| Fund administration | | | 69,157 | | | | 161,747 | | | | 8,223 | |
| Distributions payable | | | 1,914,350 | | | | 9,271,746 | | | | 607,190 | |
| Accrued expenses | | | 178,283 | | | | 509,527 | | | | 58,673 | |
| Total liabilities | | | 36,497,916 | | | | 76,167,099 | | | | 2,165,350 | |
| Net Assets | | $ | 2,112,042,118 | | | $ | 4,959,726,112 | | | $ | 252,965,996 | |
| COMPOSITION OF NET ASSETS: | | | | | | | | | | | | |
| Paid-in capital | | $ | 2,095,529,588 | | | $ | 4,730,114,829 | | | $ | 243,274,372 | |
| Undistributed (distributions in excess of) net investment income | | | 640,454 | | | | 11,099,735 | | | | 485,417 | |
| Accumulated net realized gain (loss) on investments and futures contracts | | | (6,469,005 | ) | | | 323,778 | | | | (4,579,773 | ) |
| Net unrealized appreciation on investments and futures contracts | | | 22,341,081 | | | | 218,187,770 | | | | 13,785,980 | |
| Net Assets | | $ | 2,112,042,118 | | | $ | 4,959,726,112 | | | $ | 252,965,996 | |
| 156 | See Notes to Financial Statements. | |
| | | | | | | Short Duration | | | | | | | | | | |
| National | | | High Yield | | | High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,971,683,182 | | | $ | 2,188,925,185 | | | $ | 108,833,422 | | | $ | 316,329,859 | | | $ | 100,278,060 | | | $ | 396,728,494 | |
| $ | 2,121,863,974 | | | $ | 2,268,032,798 | | | $ | 110,377,049 | | | $ | 346,289,716 | | | $ | 105,464,764 | | | $ | 421,625,887 | |
| | 1,537,064 | | | | 1,537,705 | | | | 978,698 | | | | 3,603,959 | | | | 1,057,284 | | | | 896,855 | |
| | 178,200 | | | | 159,300 | | | | 55,250 | | | | 59,550 | | | | 18,300 | | | | 124,050 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 27,234,534 | | | | 34,721,931 | | | | 1,299,566 | | | | 4,309,923 | | | | 1,392,731 | | | | 5,162,741 | |
| | 18,347,376 | | | | 11,281,571 | | | | 727,459 | | | | 1,420,355 | | | | 463,598 | | | | 1,429,544 | |
| | 12,300,527 | | | | 19,076,479 | | | | 25,128 | | | | 70,000 | | | | 587,002 | | | | 45,000 | |
| | 56,056 | | | | 50,115 | | | | 12,897 | | | | 19,927 | | | | 4,709 | | | | 40,361 | |
| | – | | | | – | | | | 38,955 | | | | – | | | | 5,456 | | | | – | |
| | 82,030 | | | | 93,736 | | | | 40,174 | | | | 19,410 | | | | 15,657 | | | | 21,405 | |
| | 2,181,599,761 | | | | 2,334,953,635 | | | | 113,555,176 | | | | 355,792,840 | | | | 109,009,501 | | | | 429,345,843 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 7,353,587 | | | | 21,459,641 | | | | 1,256,350 | | | | 5,462,823 | | | | 536,342 | | | | – | |
| | 42,250,000 | | | | 25,570,000 | | | | – | | | | 1,500,000 | | | | – | | | | – | |
| | 3,609,647 | | | | 4,588,792 | | | | 242,922 | | | | 597,371 | | | | 178,089 | | | | 407,005 | |
| | 727,423 | | | | 863,609 | | | | 34,937 | | | | 124,942 | | | | 39,927 | | | | 157,385 | |
| | 618,486 | | | | 572,194 | | | | 20,472 | | | | 100,355 | | | | 28,149 | | | | 133,615 | |
| | 158,182 | | | | 65,418 | | | | – | | | | 6,300 | | | | – | | | | – | |
| | 485,835 | | | | 287,669 | | | | 3,202 | | | | 108,425 | | | | 35,595 | | | | 109,929 | |
| | 69,083 | | | | 74,066 | | | | 3,494 | | | | 11,194 | | | | 3,549 | | | | 13,990 | |
| | 5,559,666 | | | | 7,452,736 | | | | 217,664 | | | | 825,897 | | | | 263,624 | | | | 866,992 | |
| | 242,107 | | | | 356,125 | | | | 49,883 | | | | 67,696 | | | | 41,176 | | | | 68,313 | |
| | 61,074,016 | | | | 61,290,250 | | | | 1,828,924 | | | | 8,805,003 | | | | 1,126,451 | | | | 1,757,229 | |
| $ | 2,120,525,745 | | | $ | 2,273,663,385 | | | $ | 111,726,252 | | | $ | 346,987,837 | | | $ | 107,883,050 | | | $ | 427,588,614 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,992,801,527 | | | $ | 2,509,856,185 | | | $ | 110,092,736 | | | $ | 326,593,932 | | | $ | 108,647,446 | | | $ | 409,569,418 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 6,623,236 | | | | 21,057,688 | | | | 154,018 | | | | 160,451 | | | | (62,457 | ) | | | (431,229 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (29,061,018 | ) | | | (336,341,303 | ) | | | (43,558 | ) | | | (9,716,447 | ) | | | (5,891,704 | ) | | | (6,446,363 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 150,162,000 | | | | 79,090,815 | | | | 1,523,056 | | | | 29,949,901 | | | | 5,189,765 | | | | 24,896,788 | |
| $ | 2,120,525,745 | | | $ | 2,273,663,385 | | | $ | 111,726,252 | | | $ | 346,987,837 | | | $ | 107,883,050 | | | $ | 427,588,614 | |
| | See Notes to Financial Statements. | 157 |
Statements of Assets and Liabilities (concluded)
September 30, 2016
| | | Short Duration | | | Intermediate | | | AMT Free | |
| | | | | | | | | | | | | |
| Net assets by class: | | | | | | | | | | | | |
| Class A Shares | | $ | 1,060,240,102 | | | $ | 2,000,224,793 | | | $ | 151,250,016 | |
| Class B Shares | | | – | | | $ | 2,060,581 | | | | – | |
| Class C Shares | | $ | 180,899,933 | | | $ | 657,981,335 | | | $ | 28,731,107 | |
| Class F Shares | | $ | 803,774,830 | | | $ | 1,983,052,065 | | | $ | 72,030,130 | |
| Class I Shares | | $ | 67,127,253 | | | $ | 316,390,588 | | | $ | 954,743 | |
| Class P Shares | | | – | | | $ | 16,750 | | | | – | |
| Outstanding shares by class*: | | | | | | | | | | | | |
| Class A Shares | | | 67,254,551 | | | | 180,192,237 | | | | 9,147,220 | |
| Class B Shares | | | – | | | | 185,791 | | | | – | |
| Class C Shares | | | 11,474,714 | | | | 59,350,281 | | | | 1,737,983 | |
| Class F Shares | | | 50,982,593 | | | | 178,685,761 | | | | 4,356,550 | |
| Class I Shares | | | 4,256,996 | | | | 28,498,512 | | | | 57,707 | |
| Class P Shares | | | – | | | | 1,509 | | | | – | |
| Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | | | | | | | | | | | | |
| Class A Shares-Net asset value | | | $15.76 | | | | $11.10 | | | | $16.54 | |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | | | $16.12 | | | | $11.36 | | | | $16.92 | |
| Class B Shares-Net asset value | | | – | | | | $11.09 | | | | – | |
| Class C Shares-Net asset value | | | $15.77 | | | | $11.09 | | | | $16.53 | |
| Class F Shares-Net asset value | | | $15.77 | | | | $11.10 | | | | $16.53 | |
| Class I Shares-Net asset value | | | $15.77 | | | | $11.10 | | | | $16.54 | |
| Class P Shares-Net asset value | | | – | | | | $11.10 | | | | – | |
| * | Lord Abbett Municipal Income Fund, Inc. has 5,165,001,000 authorized shares of capital stock (par value $.001), which are designated as follows: 900,001,000 to Short Duration, 1,030,000,000 to Intermediate, 140,000,000 to AMT Free, 550,000,000 to National, 925,000,000 to High Yield, 900,000,000 to Short Duration High Yield and 240,000,000 to each of California, New Jersey and New York. |
| 158 | See Notes to Financial Statements. | |
| | | | | | | Short Duration | | | | | | | | | | |
| National | | | High Yield | | | High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,591,375,037 | | | $ | 1,273,114,409 | | | $ | 54,469,712 | | | $ | 234,469,779 | | | $ | 98,152,089 | | | $ | 315,511,026 | |
| $ | 2,691,396 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| $ | 198,789,496 | | | $ | 441,499,389 | | | $ | 8,661,400 | | | $ | 54,657,720 | | | | – | | | $ | 67,239,330 | |
| $ | 318,012,046 | | | $ | 490,912,629 | | | $ | 41,758,381 | | | $ | 53,058,584 | | | $ | 9,601,752 | | | $ | 43,186,419 | |
| $ | 9,657,770 | | | $ | 68,121,905 | | | $ | 6,836,759 | | | $ | 4,801,754 | | | $ | 129,209 | | | $ | 1,651,839 | |
| | – | | | $ | 15,053 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 136,181,140 | | | | 104,649,836 | | | | 3,510,666 | | | | 20,709,402 | | | | 19,216,409 | | | | 27,081,455 | |
| | 229,182 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| | 16,992,363 | | | | 36,279,573 | | | | 558,127 | | | | 4,825,755 | | | | – | | | | 5,779,083 | |
| | 27,233,894 | | | | 40,321,127 | | | | 2,691,540 | | | | 4,686,314 | | | | 1,879,042 | | | | 3,703,305 | |
| | 827,019 | | | | 5,608,400 | | | | 440,524 | | | | 424,346 | | | | 25,278 | | | | 141,696 | |
| | – | | | | 1,236 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | $11.69 | | | | $12.17 | | | | $15.52 | | | | $11.32 | | | | $5.11 | | | | $11.65 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | $11.96 | | | | $12.45 | | | | $15.88 | | | | $11.58 | | | | $5.23 | | | | $11.92 | |
| | $11.74 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| | $11.70 | | | | $12.17 | | | | $15.52 | | | | $11.33 | | | | – | | | | $11.63 | |
| | $11.68 | | | | $12.18 | | | | $15.51 | | | | $11.32 | | | | $5.11 | | | | $11.66 | |
| | $11.68 | | | | $12.15 | | | | $15.52 | | | | $11.32 | | | | $5.11 | | | | $11.66 | |
| | – | | | | $12.18 | | | | – | | | | – | | | | – | | | | – | |
| | See Notes to Financial Statements. | 159 |
Statements of Operations
For the Year Ended September 30, 2016
| | | Short Duration | | | Intermediate | | | AMT Free | |
| Investment income: | | | | | | | | | |
| Interest and other | | $ | 35,228,331 | | | $ | 145,574,451 | | | $ | 7,866,723 | |
| Total investment income | | | 35,228,331 | | | | 145,574,451 | | | | 7,866,723 | |
| | | | | | | | | | | | | |
| Expenses: | | | | | | | | | | | | |
| Management fee | | | 8,136,758 | | | | 16,908,916 | | | | 1,037,129 | |
| 12b-1 distribution plan-Class A | | | 2,126,538 | | | | 3,608,854 | | | | 262,722 | |
| 12b-1 distribution plan-Class B | | | – | | | | 24,465 | | | | – | |
| 12b-1 distribution plan-Class C | | | 1,570,803 | | | | 5,094,219 | | | | 216,349 | |
| 12b-1 distribution plan-Class F | | | 729,145 | | | | 1,719,330 | | | | 49,183 | |
| 12b-1 distribution plan-Class P | | | – | | | | 74 | | | | – | |
| Interest expense and fees (See Note 2(h)) | | | – | | | | 26,709 | | | | – | |
| Shareholder servicing | | | 712,687 | | | | 2,227,488 | | | | 104,046 | |
| Professional | | | 60,397 | | | | 73,300 | | | | 45,922 | |
| Reports to shareholders | | | 61,317 | | | | 181,132 | | | | 11,196 | |
| Fund administration | | | 814,615 | | | | 1,750,284 | | | | 82,970 | |
| Custody | | | 27,384 | | | | 58,536 | | | | 6,985 | |
| Directors’ fees | | | 75,949 | | | | 163,612 | | | | 7,761 | |
| Registration | | | 287,497 | | | | 355,615 | | | | 78,203 | |
| Offering costs | | | – | | | | – | | | | – | |
| Other | | | 194,788 | | | | 326,017 | | | | 25,712 | |
| Gross expenses | | | 14,797,878 | | | | 32,518,551 | | | | 1,928,178 | |
| Expense reductions (See Note 9) | | | (6,525 | ) | | | (14,405 | ) | | | (698 | ) |
| Fees waived and expenses reimbursed (See Note 3) | | | (1,201,424 | ) | | | – | | | | (569,598 | ) |
| Net expenses | | | 13,589,929 | | | | 32,504,146 | | | | 1,357,882 | |
| Net investment income | | | 21,638,402 | | | | 113,070,305 | | | | 6,508,841 | |
| Net realized and unrealized gain (loss): | | | | | | | | | | | | |
| Net realized gain (loss) on investments | | | 892,243 | | | | 8,451,165 | | | | 523,272 | |
| Net realized loss on futures contracts | | | – | | | | (4,432,335 | ) | | | (453,994 | ) |
| Net change in unrealized appreciation/depreciation on investments | | | 2,256,690 | | | | 110,639,382 | | | | 8,207,308 | |
| Net change in unrealized appreciation/depreciation on futures contracts | | | – | | | | (16,342 | ) | | | 20,157 | |
| Net realized and unrealized gain | | | 3,148,933 | | | | 114,641,870 | | | | 8,296,743 | |
| Net Increase in Net Assets Resulting From Operations | | $ | 24,787,335 | | | $ | 227,712,175 | | | $ | 14,805,584 | |
| 160 | See Notes to Financial Statements. | |
| | | | | | | Short Duration | | | | | | | | | | |
| National | | | High Yield | | | High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | | | | |
| $ | 83,216,888 | | | $ | 114,816,617 | | | $ | 2,021,879 | | | $ | 12,186,600 | | | $ | 4,052,163 | | | $ | 14,445,420 | |
| | 83,216,888 | | | | 114,816,617 | | | | 2,021,879 | | | | 12,186,600 | | | | 4,052,163 | | | | 14,445,420 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 8,241,380 | | | | 9,829,915 | | | | 245,990 | | | | 1,340,886 | | | | 451,477 | | | | 1,813,507 | |
| | 2,998,634 | | | | 2,375,021 | | | | 64,155 | | | | 413,764 | | | | 185,215 | | | | 603,451 | |
| | 29,972 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| | 1,528,664 | | | | 3,439,865 | | | | 42,168 | | | | 385,196 | | | | – | | | | 523,843 | |
| | 243,823 | | | | 441,493 | | | | 23,184 | | | | 41,123 | | | | 7,700 | | | | 37,450 | |
| | – | | | | 64 | | | | – | | | | – | | | | – | | | | – | |
| | 531,866 | | | | 242,734 | | | | – | | | | 12,088 | | | | – | | | | 5,685 | |
| | 988,465 | | | | 1,018,632 | | | | 42,933 | | | | 109,205 | | | | 54,888 | | | | 176,947 | |
| | 57,430 | | | | 81,581 | | | | 43,280 | | | | 45,458 | | | | 40,614 | | | | 45,653 | |
| | 89,762 | | | | 96,444 | | | | 6,017 | | | | 14,322 | | | | 7,083 | | | | 16,872 | |
| | 775,406 | | | | 833,349 | | | | 24,599 | | | | 119,190 | | | | 40,131 | | | | 161,201 | |
| | 27,790 | | | | 30,144 | | | | 4,784 | | | | 7,132 | | | | 4,655 | | | | 13,317 | |
| | 72,569 | | | | 77,900 | | | | 3,583 | | | | 11,158 | | | | 3,766 | | | | 14,991 | |
| | 148,699 | | | | 138,883 | | | | 45,206 | | | | 53,758 | | | | 41,186 | | | | 55,908 | |
| | – | | | | – | | | | 24,574 | | | | – | | | | – | | | | – | |
| | 175,124 | | | | 202,731 | | | | 7,688 | | | | 34,051 | | | | 15,863 | | | | 50,322 | |
| | 15,909,584 | | | | 18,808,756 | | | | 578,161 | | | | 2,587,331 | | | | 852,578 | | | | 3,519,147 | |
| | (6,328 | ) | | | (6,760 | ) | | | (217 | ) | | | (980 | ) | | | (325 | ) | | | (1,309 | ) |
| | – | | | | – | | | | (233,196 | ) | | | – | | | | (22,564 | ) | | | – | |
| | 15,903,256 | | | | 18,801,996 | | | | 344,748 | | | | 2,586,351 | | | | 829,689 | | | | 3,517,838 | |
| | 67,313,632 | | | | 96,014,621 | | | | 1,677,131 | | | | 9,600,249 | | | | 3,222,474 | | | | 10,927,582 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 12,574,606 | | | | (2,924,406 | ) | | | 95,681 | | | | (338,180 | ) | | | 900,923 | | | | 4,899,163 | |
| | (458,709 | ) | | | (1,419,857 | ) | | | (108,494 | ) | | | (56,914 | ) | | | (123,049 | ) | | | (573,304 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 59,474,893 | | | | 108,160,557 | | | | 1,450,491 | | | | 12,426,890 | | | | 4,063,606 | | | | 11,532,730 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 25,161 | | | | 111,562 | | | | (13,691 | ) | | | 43,510 | | | | 11,525 | | | | 73,265 | |
| | 71,615,951 | | | | 103,927,856 | | | | 1,423,987 | | | | 12,075,306 | | | | 4,853,005 | | | | 15,931,854 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 138,929,583 | | | $ | 199,942,477 | | | $ | 3,101,118 | | | $ | 21,675,555 | | | $ | 8,075,479 | | | $ | 26,859,436 | |
| | See Notes to Financial Statements. | 161 |
Statements of Changes in Net Assets
| | | Short Duration |
| | | For the | | | For the | |
| | | Year Ended | | | Year Ended | |
| INCREASE (DECREASE) IN NET ASSETS | | September 30, 2016 | | | September 30, 2015 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 21,638,402 | | | $ | 22,000,129 | |
| Net realized gain on investments and futures contracts | | | 892,243 | | | | 1,267,388 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 2,256,690 | | | | (10,774,170 | ) |
| Net increase in net assets resulting from operations | | | 24,787,335 | | | | 12,493,347 | |
| Distributions to shareholders from: | | | | | | | | |
| Net investment income | | | | | | | | |
| Class A | | | (11,396,929 | ) | | | (11,830,665 | ) |
| Class B | | | – | | | | – | |
| Class C | | | (885,297 | ) | | | (850,859 | ) |
| Class F | | | (8,517,193 | ) | | | (8,511,820 | ) |
| Class I | | | (648,438 | ) | | | (632,114 | ) |
| Class P | | | – | | | | – | |
| Net realized gain | | | | | | | | |
| Class A | | | – | | | | – | |
| Class B | | | – | | | | – | |
| Class C | | | – | | | | – | |
| Class F | | | – | | | | – | |
| Class I | | | – | | | | – | |
| Class P | | | – | | | | – | |
| Total distributions to shareholders | | | (21,447,857 | ) | | | (21,825,458 | ) |
| Capital share transactions (Net of share conversions) (See Note 14): | | | | | | | | |
| Net proceeds from sales of shares | | | 780,553,377 | | | | 816,056,011 | |
| Reinvestment of distributions | | | 11,299,309 | | | | 11,791,294 | |
| Cost of shares reacquired | | | (708,644,664 | ) | | | (1,120,937,715 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 83,208,022 | | | | (293,090,410 | ) |
| Net increase (decrease) in net assets | | | 86,547,500 | | | | (302,422,521 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 2,025,494,618 | | | $ | 2,327,917,139 | |
| End of year | | $ | 2,112,042,118 | | | $ | 2,025,494,618 | |
| Undistributed net investment income | | $ | 640,454 | | | $ | 448,624 | |
| 162 | See Notes to Financial Statements. | |
| Intermediate | | AMT Free |
| For the | | | For the | | | For the | | | For the | |
| Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| September 30, 2016 | | | September 30, 2015 | | | September 30, 2016 | | | September 30, 2015 | |
| | | | | | | | | | | | | | | |
| $ | 113,070,305 | | | $ | 99,648,793 | | | $ | 6,508,841 | | | $ | 5,014,026 | |
| | 4,018,830 | | | | 10,613,999 | | | | 69,278 | | | | 86,760 | |
| | | | | | | | | | | | | | | |
| | 110,623,040 | | | | (29,067,108 | ) | | | 8,227,465 | | | | (825,105 | ) |
| | 227,712,175 | | | | 81,195,684 | | | | 14,805,584 | | | | 4,275,681 | |
| | | | | | | | | | | | | | | |
| | (46,252,743 | ) | | | (43,200,106 | ) | | | (4,130,976 | ) | | | (3,394,776 | ) |
| | (43,913 | ) | | | (69,328 | ) | | | – | | | | – | |
| | (11,901,921 | ) | | | (12,255,169 | ) | | | (656,753 | ) | | | (576,270 | ) |
| | (45,671,888 | ) | | | (37,720,655 | ) | | | (1,579,779 | ) | | | (926,045 | ) |
| | (6,457,319 | ) | | | (3,876,605 | ) | | | (28,911 | ) | | | (12,304 | ) |
| | (383 | ) | | | (400 | ) | | | – | | | | – | |
| | | | | | | | | | | | | | | |
| | (1,203,903 | ) | | | – | | | | – | | | | – | |
| | (1,895 | ) | | | – | | | | – | | | | – | |
| | (415,148 | ) | | | – | | | | – | | | | – | |
| | (1,090,194 | ) | | | – | | | | – | | | | – | |
| | (130,919 | ) | | | – | | | | – | | | | – | |
| | (12 | ) | | | – | | | | – | | | | – | |
| | (113,170,238 | ) | | | (97,122,263 | ) | | | (6,396,419 | ) | | | (4,909,395 | ) |
| | | | | | | | | | | | | | | |
| | 1,904,269,408 | | | | 1,353,285,968 | | | | 126,839,872 | | | | 61,847,056 | |
| | 75,326,784 | | | | 63,849,019 | | | | 4,946,355 | | | | 4,024,302 | |
| | (905,905,286 | ) | | | (839,452,826 | ) | | | (45,136,470 | ) | | | (45,235,650 | ) |
| | | | | | | | | | | | | | | |
| | 1,073,690,906 | | | | 577,682,161 | | | | 86,649,757 | | | | 20,635,708 | |
| | 1,188,232,843 | | | | 561,755,582 | | | | 95,058,922 | | | | 20,001,994 | |
| | | | | | | | | | | | | | | |
| $ | 3,771,493,269 | | | $ | 3,209,737,687 | | | $ | 157,907,074 | | | $ | 137,905,080 | |
| $ | 4,959,726,112 | | | $ | 3,771,493,269 | | | $ | 252,965,996 | | | $ | 157,907,074 | |
| $ | 11,099,735 | | | $ | 8,432,457 | | | $ | 485,417 | | | $ | 374,496 | |
| | See Notes to Financial Statements. | 163 |
Statements of Changes in Net Assets (continued)
| | | National |
| | | For the | | | For the | |
| | | Year Ended | | | Year Ended | |
| INCREASE (DECREASE) IN NET ASSETS | | September 30, 2016 | | | September 30, 2015 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 67,313,632 | | | $ | 63,638,617 | |
| Net realized gain (loss) on investments and futures contracts | | | 12,115,897 | | | | 3,869,901 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 59,500,054 | | | | (13,131,455 | ) |
| Net increase in net assets resulting from operations | | | 138,929,583 | | | | 54,377,063 | |
| Distributions to shareholders from: | | | | | | | | |
| Net investment income | | | | | | | | |
| Class A | | | (52,106,589 | ) | | | (50,979,102 | ) |
| Class B | | | (80,634 | ) | | | (107,359 | ) |
| Class C | | | (5,307,610 | ) | | | (5,227,998 | ) |
| Class F | | | (8,637,612 | ) | | | (6,329,585 | ) |
| Class I | | | (189,433 | ) | | | (76,898 | ) |
| Class P | | | – | | | | – | |
| Total distributions to shareholders | | | (66,321,878 | ) | | | (62,720,942 | ) |
| Capital share transactions (Net of share conversions) (See Note 14): | | | | | | | | |
| Net proceeds from sales of shares | | | 490,886,021 | | | | 281,188,501 | |
| Reinvestment of distributions | | | 55,896,511 | | | | 52,715,085 | |
| Cost of shares reacquired | | | (268,411,618 | ) | | | (311,162,729 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 278,370,914 | | | | 22,740,857 | |
| Net increase (decrease) in net assets | | | 350,978,619 | | | | 14,396,978 | |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 1,769,547,126 | | | $ | 1,755,150,148 | |
| End of year | | $ | 2,120,525,745 | | | $ | 1,769,547,126 | |
| Undistributed net investment income | | $ | 6,623,236 | | | $ | 5,630,674 | |
| * | For the period June 1, 2015 (commencement of operations) to September 30, 2015. |
| 164 | See Notes to Financial Statements. | |
| High Yield | | Short Duration High Yield |
| For the | | | For the | | | For the | | | For the Period | |
| Year Ended | | | Year Ended | | | Year Ended | | | June 1, 2015 to | |
| September 30, 2016 | | | September 30, 2015 | | | September 30, 2016 | | | September 30, 2015* | |
| | | | | | | | | | | | | | | |
| $ | 96,014,621 | | | $ | 95,266,128 | | | $ | 1,677,131 | | | $ | 147,179 | |
| | (4,344,263 | ) | | | (8,247,718 | ) | | | (12,813 | ) | | | (30,649 | ) |
| | | | | | | | | | | | | | | |
| | 108,272,119 | | | | (22,143,286 | ) | | | 1,436,800 | | | | 86,256 | |
| | 199,942,477 | | | | 64,875,124 | | | | 3,101,118 | | | | 202,786 | |
| | | | | | | | | | | | | | | |
| | (53,190,609 | ) | | | (54,087,380 | ) | | | (824,891 | ) | | | (69,626 | ) |
| | – | | | | – | | | | – | | | | – | |
| | (16,168,360 | ) | | | (16,325,327 | ) | | | (78,161 | ) | | | (2,456 | ) |
| | (20,194,456 | ) | | | (19,717,273 | ) | | | (614,575 | ) | | | (59,453 | ) |
| | (1,649,861 | ) | | | (582,550 | ) | | | (50,612 | ) | | | (4,349 | ) |
| | (612 | ) | | | (593 | ) | | | – | | | | – | |
| | (91,203,898 | ) | | | (90,713,123 | ) | | | (1,568,239 | ) | | | (135,884 | ) |
| | | | | | | | | | | | | | | |
| | 636,577,946 | | | | 539,277,999 | | | | 115,380,938 | | | | 22,738,439 | |
| | 71,157,097 | | | | 71,032,687 | | | | 1,518,082 | | | | 133,008 | |
| | (497,100,556 | ) | | | (618,132,774 | ) | | | (29,268,179 | ) | | | (375,817 | ) |
| | | | | | | | | | | | | | | |
| | 210,634,487 | | | | (7,822,088 | ) | | | 87,630,841 | | | | 22,495,630 | |
| | 319,373,066 | | | | (33,660,087 | ) | | | 89,163,720 | | | | 22,562,532 | |
| | | | | | | | | | | | | | | |
| $ | 1,954,290,319 | | | $ | 1,987,950,406 | | | $ | 22,562,532 | | | $ | – | |
| $ | 2,273,663,385 | | | $ | 1,954,290,319 | | | $ | 111,726,252 | | | $ | 22,562,532 | |
| $ | 21,057,688 | | | $ | 16,587,249 | | | $ | 154,018 | | | $ | 20,456 | |
| | See Notes to Financial Statements. | 165 |
Statements of Changes in Net Assets (concluded)
| | | California |
| | | For the | | | For the | |
| | | Year Ended | | | Year Ended | |
| INCREASE (DECREASE) IN NET ASSETS | | September 30, 2016 | | | September 30, 2015 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 9,600,249 | | | $ | 8,515,842 | |
| Net realized gain (loss) on investments and futures contracts | | | (395,094 | ) | | | 1,150,229 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 12,470,400 | | | | (1,410,773 | ) |
| Net increase in net assets resulting from operations | | | 21,675,555 | | | | 8,255,298 | |
| Distributions to shareholders from: | | | | | | | | |
| Net investment income | | | | | | | | |
| Class A | | | (6,751,480 | ) | | | (6,176,770 | ) |
| Class C | | | (1,212,488 | ) | | | (1,068,570 | ) |
| Class F | | | (1,377,229 | ) | | | (1,106,644 | ) |
| Class I | | | (125,349 | ) | | | (53,983 | ) |
| Total distributions to shareholders | | | (9,466,546 | ) | | | (8,405,967 | ) |
| Capital share transactions (Net of share conversions) (See Note 14): | | | | | | | | |
| Net proceeds from sales of shares | | | 119,374,358 | | | | 71,315,672 | |
| Reinvestment of distributions | | | 7,853,769 | | | | 7,017,508 | |
| Cost of shares reacquired | | | (56,409,730 | ) | | | (45,307,131 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | 70,818,397 | | | | 33,026,049 | |
| Net increase (decrease) in net assets | | | 83,027,406 | | | | 32,875,380 | |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 263,960,431 | | | $ | 231,085,051 | |
| End of year | | $ | 346,987,837 | | | $ | 263,960,431 | |
| Undistributed (distributions in excess of) net investment income | | $ | 160,451 | | | $ | 26,491 | |
| 166 | See Notes to Financial Statements. | |
| New Jersey | | New York |
| For the | | | For the | | | For the | | | For the | |
| Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| September 30, 2016 | | | September 30, 2015 | | | September 30, 2016 | | | September 30, 2015 | |
| | | | | | | | | | | | | | | |
| $ | 3,222,474 | | | $ | 3,371,339 | | | $ | 10,927,582 | | | $ | 10,533,609 | |
| | 777,874 | | | | 895,119 | | | | 4,325,859 | | | | 1,629,682 | |
| | | | | | | | | | | | | | | |
| | 4,075,131 | | | | (2,559,562 | ) | | | 11,605,995 | | | | (3,162,505 | ) |
| | 8,075,479 | | | | 1,706,896 | | | | 26,859,436 | | | | 9,000,786 | |
| | | | | | | | | | | | | | | |
| | (2,933,953 | ) | | | (3,111,519 | ) | | | (8,408,287 | ) | | | (8,284,127 | ) |
| | – | | | | – | | | | (1,323,659 | ) | | | (1,305,290 | ) |
| | (249,766 | ) | | | (227,351 | ) | | | (1,070,597 | ) | | | (837,638 | ) |
| | (691 | ) | | | (478 | ) | | | (38,121 | ) | | | (24,347 | ) |
| | (3,184,410 | ) | | | (3,339,348 | ) | | | (10,840,664 | ) | | | (10,451,402 | ) |
| | | | | | | | | | | | | | | |
| | 18,111,706 | | | | 11,301,232 | | | | 109,966,433 | | | | 98,782,412 | |
| | 2,499,174 | | | | 2,656,509 | | | | 8,326,217 | | | | 7,911,780 | |
| | (13,955,188 | ) | | | (15,553,745 | ) | | | (74,406,162 | ) | | | (52,942,140 | ) |
| | | | | | | | | | | | | | | |
| | 6,655,692 | | | | (1,596,004 | ) | | | 43,886,488 | | | | 53,752,052 | |
| | 11,546,761 | | | | (3,228,456 | ) | | | 59,905,260 | | | | 52,301,436 | |
| | | | | | | | | | | | | | | |
| $ | 96,336,289 | | | $ | 99,564,745 | | | $ | 367,683,354 | | | $ | 315,381,918 | |
| $ | 107,883,050 | | | $ | 96,336,289 | | | $ | 427,588,614 | | | $ | 367,683,354 | |
| | | | | | | | | | | | | | | |
| $ | (62,457 | ) | | $ | (99,879 | ) | | $ | (431,229 | ) | | $ | (493,751 | ) |
| | See Notes to Financial Statements. | 167 |
Financial Highlights
SHORT DURATION TAX FREE FUND
| | | | | Per Share Operating Performance: |
| | | | | |
| | | | | Investment Operations: | | Distributions to
shareholders from: |
| | | Net asset
value,
beginning
of period | | Net
invest-
ment
income(a) | | Net
realized
and
unrealized
gain (loss) | | Total
from
invest-
ment
opera-
tions | | Net
investment
income | | Net
realized
gain | | Total
distri-
butions |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | $15.74 | | | | $0.17 | | | | $ 0.02 | | | | $ 0.19 | | | | $(0.17 | ) | | | $ – | | | | $(0.17 | ) |
| 9/30/2015 | | | 15.80 | | | | 0.16 | | | | (0.06 | ) | | | 0.10 | | | | (0.16 | ) | | | – | | | | (0.16 | ) |
| 9/30/2014 | | | 15.71 | | | | 0.19 | | | | 0.10 | | | | 0.29 | | | | (0.19 | ) | | | (0.01 | ) | | | (0.20 | ) |
| 9/30/2013 | | | 15.97 | | | | 0.21 | | | | (0.25 | ) | | | (0.04 | ) | | | (0.21 | ) | | | (0.01 | ) | | | (0.22 | ) |
| 9/30/2012 | | | 15.83 | | | | 0.26 | | | | 0.15 | | | | 0.41 | | | | (0.26 | ) | | | (0.01 | ) | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 15.74 | | | | 0.07 | | | | 0.03 | | | | 0.10 | | | | (0.07 | ) | | | – | | | | (0.07 | ) |
| 9/30/2015 | | | 15.80 | | | | 0.06 | | | | (0.06 | ) | | | – | | | | (0.06 | ) | | | – | | | | (0.06 | ) |
| 9/30/2014 | | | 15.71 | | | | 0.09 | | | | 0.10 | | | | 0.19 | | | | (0.09 | ) | | | (0.01 | ) | | | (0.10 | ) |
| 9/30/2013 | | | 15.97 | | | | 0.11 | | | | (0.26 | ) | | | (0.15 | ) | | | (0.10 | ) | | | (0.01 | ) | | | (0.11 | ) |
| 9/30/2012 | | | 15.83 | | | | 0.16 | | | | 0.15 | | | | 0.31 | | | | (0.16 | ) | | | (0.01 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 15.74 | | | | 0.19 | | | | 0.02 | | | | 0.21 | | | | (0.18 | ) | | | – | | | | (0.18 | ) |
| 9/30/2015 | | | 15.80 | | | | 0.18 | | | | (0.07 | | | | 0.11 | | | | (0.17 | ) | | | – | | | | (0.17 | ) |
| 9/30/2014 | | | 15.71 | | | | 0.20 | | | | 0.10 | | | | 0.30 | | | | (0.20 | ) | | | (0.01 | ) | | | (0.21 | ) |
| 9/30/2013 | | | 15.97 | | | | 0.23 | | | | (0.25 | ) | | | (0.02 | ) | | | (0.23 | ) | | | (0.01 | ) | | | (0.24 | ) |
| 9/30/2012 | | | 15.83 | | | | 0.27 | | | | 0.16 | | | | 0.43 | | | | (0.28 | ) | | | (0.01 | ) | | | (0.29 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 15.74 | | | | 0.20 | | | | 0.03 | | | | 0.23 | | | | (0.20 | ) | | | – | | | | (0.20 | ) |
| 9/30/2015 | | | 15.80 | | | | 0.19 | | | | (0.06 | ) | | | 0.13 | | | | (0.19 | ) | | | – | | | | (0.19 | ) |
| 9/30/2014 | | | 15.71 | | | | 0.22 | | | | 0.10 | | | | 0.32 | | | | (0.22 | ) | | | (0.01 | ) | | | (0.23 | ) |
| 9/30/2013 | | | 15.97 | | | | 0.24 | | | | (0.25 | ) | | | (0.01 | ) | | | (0.24 | ) | | | (0.01 | ) | | | (0.25 | ) |
| 9/30/2012 | | | 15.83 | | | | 0.28 | | | | 0.16 | | | | 0.44 | | | | (0.29 | ) | | | (0.01 | ) | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 168 | See Notes to Financial Statements. |
| | | | | Ratios to Average Net Assets: | | Supplemental Data: |
Net
asset
value,
end of
period | | Total
return
(%)(b) | | Total
expenses
after
waivers
and/or reim-
bursements
(includes
interest
expense)(c)
(%) | | Total
expenses
after
waivers
and/or reim-
bursements
(excludes
interest
expense)(c)
(%) | | Total
expenses
(%) | | Net
investment
income
(%) | | Net
assets,
end of
period
(000) | | Portfolio
turnover
rate
(%) |
| | | | | | | | | | | | | | | |
| $ | 15.76 | | | | 1.27 | | | | 0.65 | | | | 0.65 | | | | 0.71 | | | | 1.08 | | | $ | 1,060,240 | | | | 23.16 | |
| | 15.74 | | | | 0.63 | | | | 0.65 | | | | 0.65 | | | | 0.70 | | | | 1.02 | | | | 1,056,101 | | | | 25.83 | |
| | 15.80 | | | | 1.85 | | | | 0.64 | | | | 0.64 | | | | 0.70 | | | | 1.19 | | | | 1,231,268 | | | | 28.30 | |
| | 15.71 | | | | (0.28 | ) | | | 0.63 | | | | 0.62 | | | | 0.70 | | | | 1.32 | | | | 1,476,264 | | | | 23.80 | |
| | 15.97 | | | | 2.65 | | | | 0.61 | | | | 0.60 | | | | 0.70 | | | | 1.65 | | | | 1,511,237 | | | | 18.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.77 | | | | 0.65 | | | | 1.27 | | | | 1.27 | | | | 1.33 | | | | 0.47 | | | | 180,900 | | | | 23.16 | |
| | 15.74 | | | | 0.01 | | | | 1.27 | | | | 1.27 | | | | 1.33 | | | | 0.39 | | | | 200,818 | | | | 25.83 | |
| | 15.80 | | | | 1.20 | | | | 1.28 | | | | 1.28 | | | | 1.34 | | | | 0.55 | | | | 237,782 | | | | 28.30 | |
| | 15.71 | | | | (0.93 | ) | | | 1.29 | | | | 1.29 | | | | 1.36 | | | | 0.67 | | | | 285,611 | | | | 23.80 | |
| | 15.97 | | | | 1.97 | | | | 1.27 | | | | 1.26 | | | | 1.36 | | | | 1.00 | | | | 298,123 | | | | 18.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.77 | | | | 1.37 | | | | 0.55 | | | | 0.55 | | | | 0.61 | | | | 1.18 | | | | 803,775 | | | | 23.16 | |
| | 15.74 | | | | 0.73 | | | | 0.55 | | | | 0.55 | | | | 0.60 | | | | 1.11 | | | | 724,280 | | | | 25.83 | |
| | 15.80 | | | | 1.95 | | | | 0.54 | | | | 0.54 | | | | 0.60 | | | | 1.29 | | | | 775,914 | | | | 28.30 | |
| | 15.71 | | | | (0.18 | ) | | | 0.53 | | | | 0.52 | | | | 0.60 | | | | 1.42 | | | | 757,444 | | | | 23.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.97 | | | | 2.75 | | | | 0.51 | | | | 0.50 | | | | 0.60 | | | | 1.72 | | | | 704,486 | | | | 18.11 | |
| | 15.77 | | | | 1.47 | | | | 0.45 | | | | 0.45 | | | | 0.51 | | | | 1.27 | | | | 67,127 | | | | 23.16 | |
| | 15.74 | | | | 0.83 | | | | 0.45 | | | | 0.45 | | | | 0.50 | | | | 1.20 | | | | 44,295 | | | | 25.83 | |
| | 15.80 | | | | 2.04 | | | | 0.44 | | | | 0.44 | | | | 0.50 | | | | 1.38 | | | | 82,953 | | | | 28.30 | |
| | 15.71 | | | | (0.08 | ) | | | 0.43 | | | | 0.42 | | | | 0.50 | | | | 1.50 | | | | 67,487 | | | | 23.80 | |
| | 15.97 | | | | 2.83 | | | | 0.41 | | | | 0.40 | | | | 0.50 | | | | 1.77 | | | | 23,111 | | | | 18.11 | |
| | | |
| | See Notes to Financial Statements. | 169 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | | | Per Share Operating Performance: |
| | | | | |
| | | | | Investment Operations: | | Distributions to
shareholders from: |
| | | Net asset
value,
beginning
of period | | Net
invest-
ment
income(a) | | Net
realized
and
unrealized
gain (loss) | | Total
from
invest-
ment
oper-
ations | | Net
investment
income | | Net
realized
gain | | Total
distri-
butions |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | $10.80 | | | | $0.29 | | | | $ 0.30 | | | | $ 0.59 | | | | $(0.28 | ) | | | $(0.01 | ) | | | $(0.29 | ) |
| 9/30/2015 | | | 10.83 | | | | 0.31 | | | | (0.04 | ) | | | 0.27 | | | | (0.30 | ) | | | – | | | | (0.30 | ) |
| 9/30/2014 | | | 10.49 | | | | 0.32 | | | | 0.41 | | | | 0.73 | | | | (0.32 | ) | | | (0.07 | ) | | | (0.39 | ) |
| 9/30/2013 | | | 10.99 | | | | 0.29 | | | | (0.50 | ) | | | (0.21 | ) | | | (0.29 | ) | | | – | | | | (0.29 | ) |
| 9/30/2012 | | | 10.49 | | | | 0.33 | | | | 0.50 | | | | 0.83 | | | | (0.33 | ) | | | – | | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 10.79 | | | | 0.20 | | | | 0.31 | | | | 0.51 | | | | (0.20 | ) | | | (0.01 | ) | | | (0.21 | ) |
| 9/30/2015 | | | 10.83 | | | | 0.22 | | | | (0.05 | ) | | | 0.17 | | | | (0.21 | ) | | | – | | | | (0.21 | ) |
| 9/30/2014 | | | 10.48 | | | | 0.24 | | | | 0.41 | | | | 0.65 | | | | (0.23 | ) | | | (0.07 | ) | | | (0.30 | ) |
| 9/30/2013 | | | 10.98 | | | | 0.20 | | | | (0.50 | ) | | | (0.30 | ) | | | (0.20 | ) | | | – | | | | (0.20 | ) |
| 9/30/2012 | | | 10.48 | | | | 0.25 | | | | 0.50 | | | | 0.75 | | | | (0.25 | ) | | | – | | | | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 10.79 | | | | 0.22 | | | | 0.30 | | | | 0.52 | | | | (0.21 | ) | | | (0.01 | ) | | | (0.22 | ) |
| 9/30/2015 | | | 10.82 | | | | 0.24 | | | | (0.04 | ) | | | 0.20 | | | | (0.23 | ) | | | – | | | | (0.23 | ) |
| 9/30/2014 | | | 10.48 | | | | 0.25 | | | | 0.41 | | | | 0.66 | | | | (0.25 | ) | | | (0.07 | ) | | | (0.32 | ) |
| 9/30/2013 | | | 10.98 | | | | 0.22 | | | | (0.51 | ) | | | (0.29 | ) | | | (0.21 | ) | | | – | | | | (0.21 | ) |
| 9/30/2012 | | | 10.48 | | | | 0.26 | | | | 0.50 | | | | 0.76 | | | | (0.26 | ) | | | – | | | | (0.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 10.80 | | | | 0.30 | | | | 0.30 | | | | 0.60 | | | | (0.29 | ) | | | (0.01 | ) | | | (0.30 | ) |
| 9/30/2015 | | | 10.83 | | | | 0.32 | | | | (0.04 | ) | | | 0.28 | | | | (0.31 | ) | | | – | | | | (0.31 | ) |
| 9/30/2014 | | | 10.49 | | | | 0.33 | | | | 0.41 | | | | 0.74 | | | | (0.33 | ) | | | (0.07 | ) | | | (0.40 | ) |
| 9/30/2013 | | | 10.99 | | | | 0.30 | | | | (0.50 | ) | | | (0.20 | ) | | | (0.30 | ) | | | – | | | | (0.30 | ) |
| 9/30/2012 | | | 10.49 | | | | 0.34 | | | | 0.50 | | | | 0.84 | | | | (0.34 | ) | | | – | | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 10.80 | | | | 0.31 | | | | 0.30 | | | | 0.61 | | | | (0.30 | ) | | | (0.01 | ) | | | (0.31 | ) |
| 9/30/2015 | | | 10.84 | | | | 0.33 | | | | (0.05 | ) | | | 0.28 | | | | (0.32 | ) | | | – | | | | (0.32 | ) |
| 9/30/2014 | | | 10.49 | | | | 0.34 | | | | 0.42 | | | | 0.76 | | | | (0.34 | ) | | | (0.07 | ) | | | (0.41 | ) |
| 9/30/2013 | | | 11.00 | | | | 0.31 | | | | (0.51 | ) | | | (0.20 | ) | | | (0.31 | ) | | | – | | | | (0.31 | ) |
| 9/30/2012 | | | 10.50 | | | | 0.34 | | | | 0.51 | | | | 0.85 | | | | (0.35 | ) | | | – | | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class P | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 10.80 | | | | 0.26 | | | | 0.31 | | | | 0.57 | | | | (0.26 | ) | | | (0.01 | ) | | | (0.27 | ) |
| 9/30/2015 | | | 10.84 | | | | 0.28 | | | | (0.04 | ) | | | 0.24 | | | | (0.28 | ) | | | – | | | | (0.28 | ) |
| 9/30/2014 | | | 10.49 | | | | 0.30 | | | | 0.41 | | | | 0.71 | | | | (0.29 | ) | | | (0.07 | ) | | | (0.36 | ) |
| 9/30/2013 | | | 11.00 | | | | 0.27 | | | | (0.52 | ) | | | (0.25 | ) | | | (0.26 | ) | | | – | | | | (0.26 | ) |
| 9/30/2012 | | | 10.50 | | | | 0.31 | | | | 0.50 | | | | 0.81 | | | | (0.31 | ) | | | – | | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 170 | See Notes to Financial Statements. |
| | | | | Ratios to Average Net Assets: | | Supplemental Data: |
Net
asset
value,
end of
period | | Total
return
(%)(b) | | Total
expenses
after
waivers
and/or reim-
bursements
(includes
interest
expense)(c)
(%) | | Total
expenses
after
waivers
and/or reim-
bursements
(excludes
interest
expense)(c)
(%) | | Total
expenses
(%) | | Net
investment
income
(%) | | Net
assets,
end of
period
(000) | | Portfolio
turnover
rate
(%) |
| | | | | | | | | | | | | | | |
| $ | 11.10 | | | | 5.53 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 2.62 | | | $ | 2,000,225 | | | | 8.25 | |
| | 10.80 | | | | 2.52 | | | | 0.71 | | | | 0.71 | �� | | | 0.71 | | | | 2.84 | | | | 1,592,318 | | | | 12.23 | |
| | 10.83 | | | | 7.09 | | | | 0.70 | | | | 0.70 | | | | 0.71 | | | | 3.04 | | | | 1,485,143 | | | | 18.92 | |
| | 10.49 | | | | (1.99 | ) | | | 0.69 | | | | 0.68 | | | | 0.70 | | | | 2.67 | | | | 1,829,614 | | | | 30.59 | |
| | 10.99 | | | | 8.04 | | | | 0.67 | | | | 0.66 | | | | 0.70 | | | | 3.10 | | | | 2,064,377 | | | | 21.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.09 | | | | 4.70 | | | | 1.51 | | | | 1.51 | | | | 1.51 | | | | 1.86 | | | | 2,061 | | | | 8.25 | |
| | 10.79 | | | | 1.62 | | | | 1.51 | | | | 1.51 | | | | 1.51 | | | | 2.05 | | | | 2,907 | | | | 12.23 | |
| | 10.83 | | | | 6.35 | | | | 1.50 | | | | 1.50 | | | | 1.51 | | | | 2.24 | | | | 3,892 | | | | 18.92 | |
| | 10.48 | | | | (2.78 | ) | | | 1.49 | | | | 1.48 | | | | 1.50 | | | | 1.88 | | | | 4,587 | | | | 30.59 | |
| | 10.98 | | | | 7.19 | | | | 1.47 | | | | 1.46 | | | | 1.50 | | | | 2.34 | | | | 5,933 | | | | 21.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.09 | | | | 4.87 | | | | 1.33 | | | | 1.33 | | | | 1.33 | | | | 2.00 | | | | 657,981 | | | | 8.25 | |
| | 10.79 | | | | 1.89 | | | | 1.33 | | | | 1.33 | | | | 1.33 | | | | 2.22 | | | | 564,502 | | | | 12.23 | |
| | 10.82 | | | | 6.42 | | | | 1.34 | | | | 1.34 | | | | 1.35 | | | | 2.40 | | | | 559,156 | | | | 18.92 | |
| | 10.48 | | | | (2.66 | ) | | | 1.36 | | | | 1.36 | | | | 1.38 | | | | 2.00 | | | | 634,305 | | | | 30.59 | |
| | 10.98 | | | | 7.32 | | | | 1.34 | | | | 1.34 | | | | 1.38 | | | | 2.42 | | | | 699,128 | | | | 21.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.10 | | | | 5.63 | | | | 0.60 | | | | 0.60 | | | | 0.60 | | | | 2.72 | | | | 1,983,052 | | | | 8.25 | |
| | 10.80 | | | | 2.62 | | | | 0.61 | | | | 0.61 | | | | 0.61 | | | | 2.94 | | | | 1,447,425 | | | | 12.23 | |
| | 10.83 | | | | 7.20 | | | | 0.60 | | | | 0.60 | | | | 0.60 | | | | 3.13 | | | | 1,092,546 | | | | 18.92 | |
| | 10.49 | | | | (1.89 | ) | | | 0.59 | | | | 0.58 | | | | 0.60 | | | | 2.77 | | | | 899,590 | | | | 30.59 | |
| | 10.99 | | | | 8.15 | | | | 0.57 | | | | 0.56 | | | | 0.61 | | | | 3.19 | | | | 1,007,950 | | | | 21.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.10 | | | | 5.74 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 2.79 | | | | 316,391 | | | | 8.25 | |
| | 10.80 | | | | 2.63 | | | | 0.51 | | | | 0.51 | | | | 0.51 | | | | 3.02 | | | | 164,325 | | | | 12.23 | |
| | 10.84 | | | | 7.41 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 3.23 | | | | 68,985 | | | | 18.92 | |
| | 10.49 | | | | (1.89 | ) | | | 0.49 | | | | 0.48 | | | | 0.50 | | | | 2.87 | | | | 52,814 | | | | 30.59 | |
| | 11.00 | | | | 8.22 | | | | 0.47 | | | | 0.46 | | | | 0.51 | | | | 3.17 | | | | 37,514 | | | | 21.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.10 | | | | 5.28 | | | | 0.95 | | | | 0.95 | | | | 0.95 | | | | 2.40 | | | | 17 | | | | 8.25 | |
| | 10.80 | | | | 2.19 | | | | 0.95 | | | | 0.95 | | | | 0.95 | | | | 2.60 | | | | 16 | | | | 12.23 | |
| | 10.84 | | | | 6.94 | | | | 0.93 | | | | 0.93 | | | | 0.94 | | | | 2.80 | | | | 16 | | | | 18.92 | |
| | 10.49 | | | | (2.32 | ) | | | 0.92 | | | | 0.92 | | | | 0.94 | | | | 2.44 | | | | 15 | | | | 30.59 | |
| | 11.00 | | | | 7.79 | | | | 0.90 | | | | 0.90 | | | | 0.94 | | | | 2.90 | | | | 15 | | | | 21.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | See Notes to Financial Statements. | 171 |
Financial Highlights (continued)
AMT FREE MUNICIPAL BOND FUND
| | | | | | Per Share Operating Performance: | | | |
| | | | | | | | | | |
| | | | | | Investment Operations: | | Distributions
to
shareholders
from: | | |
| | | Net asset
value,
beginning of
period | | Net
investment
income(a) | | Net
realized and
unrealized
gain (loss) | | Total from
investment
operations | | Net
investment
income | | Net asset
value,
end of
period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | $15.84 | | | | $0.52 | | | | $ 0.69 | | | | $ 1.21 | | | | $(0.51 | ) | | | $16.54 | |
| 9/30/2015 | | | 15.89 | | | | 0.54 | | | | (0.06 | ) | | | 0.48 | | | | (0.53 | ) | | | 15.84 | |
| 9/30/2014 | | | 15.03 | | | | 0.59 | | | | 0.85 | | | | 1.44 | | | | (0.58 | ) | | | 15.89 | |
| 9/30/2013 | | | 16.38 | | | | 0.58 | | | | (1.35 | ) | | | (0.77 | ) | | | (0.58 | ) | | | 15.03 | |
| 9/30/2012 | | | 15.08 | | | | 0.65 | | | | 1.30 | | | | 1.95 | | | | (0.65 | ) | | | 16.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 15.84 | | | | 0.42 | | | | 0.68 | | | | 1.10 | | | | (0.41 | ) | | | 16.53 | |
| 9/30/2015 | | | 15.88 | | | | 0.44 | | | | (0.05 | ) | | | 0.39 | | | | (0.43 | ) | | | 15.84 | |
| 9/30/2014 | | | 15.03 | | | | 0.48 | | | | 0.85 | | | | 1.33 | | | | (0.48 | ) | | | 15.88 | |
| 9/30/2013 | | | 16.38 | | | | 0.46 | | | | (1.35 | ) | | | (0.89 | ) | | | (0.46 | ) | | | 15.03 | |
| 9/30/2012 | | | 15.07 | | | | 0.51 | | | | 1.32 | | | | 1.83 | | | | (0.52 | ) | | | 16.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 15.84 | | | | 0.53 | | | | 0.69 | | | | 1.22 | | | | (0.53 | ) | | | 16.53 | |
| 9/30/2015 | | | 15.89 | | | | 0.55 | | | | (0.06 | ) | | | 0.49 | | | | (0.54 | ) | | | 15.84 | |
| 9/30/2014 | | | 15.03 | | | | 0.60 | | | | 0.85 | | | | 1.45 | | | | (0.59 | ) | | | 15.89 | |
| 9/30/2013 | | | 16.38 | | | | 0.60 | | | | (1.36 | ) | | | (0.76 | ) | | | (0.59 | ) | | | 15.03 | |
| 9/30/2012 | | | 15.09 | | | | 0.65 | | | | 1.30 | | | | 1.95 | | | | (0.66 | ) | | | 16.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 15.85 | | | | 0.56 | | | | 0.68 | | | | 1.24 | | | | (0.55 | ) | | | 16.54 | |
| 9/30/2015 | | | 15.90 | | | | 0.56 | | | | (0.05 | ) | | | 0.51 | | | | (0.56 | ) | | | 15.85 | |
| 9/30/2014 | | | 15.04 | | | | 0.62 | | | | 0.85 | | | | 1.47 | | | | (0.61 | ) | | | 15.90 | |
| 9/30/2013 | | | 16.39 | | | | 0.63 | | | | (1.37 | ) | | | (0.74 | ) | | | (0.61 | ) | | | 15.04 | |
| 9/30/2012 | | | 15.08 | | | | 0.66 | | | | 1.33 | | | | 1.99 | | | | (0.68 | ) | | | 16.39 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 172 | See Notes to Financial Statements. |
| | | | Ratios to Average Net Assets: | | Supplemental Data: |
Total
return(b)
(%) | | Total
expenses
after
waivers
and/or reim-
bursements
(includes
interest
expense)(c)
(%) | | Total
expenses
after
waivers
and/or reim-
bursements
(excludes
interest
expense)(c)
(%) | | Total
expenses
(%) | | Net
investment
income
(%) | | Net
assets,
end of
period
(000) | | Portfolio
turnover
rate
(%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.76 | | | | 0.60 | | | | 0.60 | | | | 0.87 | | | | 3.20 | | | $ | 151,250 | | | | 8.51 | |
| | 3.04 | | | | 0.60 | | | | 0.60 | | | | 0.89 | | | | 3.38 | | | | 107,977 | | | | 20.67 | |
| | 9.76 | | | | 0.60 | | | | 0.60 | | | | 0.90 | | | | 3.83 | | | | 92,711 | | | | 50.67 | |
| | (4.88 | ) | | | 0.58 | | | | 0.58 | | | | 0.87 | | | | 3.62 | | | | 106,852 | | | | 45.96 | |
| | 13.16 | | | | 0.55 | | | | 0.53 | | | | 0.91 | | | | 4.12 | | | | 115,862 | | | | 17.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.03 | | | | 1.23 | | | | 1.23 | | | | 1.51 | | | | 2.58 | | | | 28,731 | | | | 8.51 | |
| | 2.46 | | | | 1.24 | | | | 1.24 | | | | 1.53 | | | | 2.75 | | | | 21,349 | | | | 20.67 | |
| | 8.97 | | | | 1.27 | | | | 1.27 | | | | 1.56 | | | | 3.15 | | | | 20,596 | | | | 50.67 | |
| | (5.53 | ) | | | 1.33 | | | | 1.33 | | | | 1.62 | | | | 2.87 | | | | 19,779 | | | | 45.96 | |
| | 12.29 | | | | 1.32 | | | | 1.30 | | | | 1.66 | | | | 3.22 | | | | 18,242 | | | | 17.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.80 | | | | 0.50 | | | | 0.50 | | | | 0.77 | | | | 3.25 | | | | 72,030 | | | | 8.51 | |
| | 3.14 | | | | 0.50 | | | | 0.50 | | | | 0.79 | | | | 3.47 | | | | 27,849 | | | | 20.67 | |
| | 9.87 | | | | 0.50 | | | | 0.50 | | | | 0.80 | | | | 3.91 | | | | 24,429 | | | | 50.67 | |
| | (4.78 | ) | | | 0.48 | | | | 0.48 | | | | 0.77 | | | | 3.71 | | | | 18,702 | | | | 45.96 | |
| | 13.20 | | | | 0.45 | | | | 0.44 | | | | 0.80 | | | | 4.08 | | | | 32,554 | | | | 17.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.98 | | | | 0.40 | | | | 0.40 | | | | 0.68 | | | | 3.41 | | | | 955 | | | | 8.51 | |
| | 3.24 | | | | 0.40 | | | | 0.40 | | | | 0.70 | | | | 3.55 | | | | 732 | | | | 20.67 | |
| | 9.97 | | | | 0.40 | | | | 0.40 | | | | 0.69 | | | | 4.00 | | | | 169 | | | | 50.67 | |
| | (4.65 | ) | | | 0.37 | | | | 0.37 | | | | 0.67 | | | | 3.80 | | | | 108 | | | | 45.96 | |
| | 13.41 | | | | 0.36 | | | | 0.35 | | | | 0.69 | | | | 4.10 | | | | 8,372 | | | | 17.32 | |
173
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | | | | Per Share Operating Performance: | | | |
| | | | | | Investment operations: | | Distributions
to
shareholders
from: | | |
| | | Net asset
value,
beginning of
period | | Net
investment
income(a) | | Net
realized and
unrealized
gain (loss) | | Total from
investment
operations | | Net
investment
income | | Net asset
value,
end of
period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | $11.24 | | | | $0.41 | | | | $ 0.44 | | | | $ 0.85 | | | | $(0.40 | ) | | | $11.69 | |
| 9/30/2015 | | | 11.29 | | | | 0.41 | | | | (0.06 | ) | | | 0.35 | | | | (0.40 | ) | | | 11.24 | |
| 9/30/2014 | | | 10.60 | | | | 0.45 | | | | 0.68 | | | | 1.13 | | | | (0.44 | ) | | | 11.29 | |
| 9/30/2013 | | | 11.52 | | | | 0.44 | | | | (0.93 | ) | | | (0.49 | ) | | | (0.43 | ) | | | 10.60 | |
| 9/30/2012 | | | 10.53 | | | | 0.50 | | | | 0.98 | | | | 1.48 | | | | (0.49 | ) | | | 11.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class B | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.30 | | | | 0.32 | | | | 0.43 | | | | 0.75 | | | | (0.31 | ) | | | 11.74 | |
| 9/30/2015 | | | 11.35 | | | | 0.32 | | | | (0.06 | ) | | | 0.26 | | | | (0.31 | ) | | | 11.30 | |
| 9/30/2014 | | | 10.65 | | | | 0.36 | | | | 0.69 | | | | 1.05 | | | | (0.35 | ) | | | 11.35 | |
| 9/30/2013 | | | 11.58 | | | | 0.35 | | | | (0.94 | ) | | | (0.59 | ) | | | (0.34 | ) | | | 10.65 | |
| 9/30/2012 | | | 10.58 | | | | 0.42 | | | | 0.99 | | | | 1.41 | | | | (0.41 | ) | | | 11.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.26 | | | | 0.33 | | | | 0.44 | | | | 0.77 | | | | (0.33 | ) | | | 11.70 | |
| 9/30/2015 | | | 11.30 | | | | 0.34 | | | | (0.05 | ) | | | 0.29 | | | | (0.33 | ) | | | 11.26 | |
| 9/30/2014 | | | 10.61 | | | | 0.38 | | | | 0.68 | | | | 1.06 | | | | (0.37 | ) | | | 11.30 | |
| 9/30/2013 | | | 11.53 | | | | 0.37 | | | | (0.93 | ) | | | (0.56 | ) | | | (0.36 | ) | | | 10.61 | |
| 9/30/2012 | | | 10.54 | | | | 0.43 | | | | 0.98 | | | | 1.41 | | | | (0.42 | ) | | | 11.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.23 | | | | 0.41 | | | | 0.45 | | | | 0.86 | | | | (0.41 | ) | | | 11.68 | |
| 9/30/2015 | | | 11.28 | | | | 0.42 | | | | (0.06 | ) | | | 0.36 | | | | (0.41 | ) | | | 11.23 | |
| 9/30/2014 | | | 10.59 | | | | 0.45 | | | | 0.69 | | | | 1.14 | | | | (0.45 | ) | | | 11.28 | |
| 9/30/2013 | | | 11.51 | | | | 0.45 | | | | (0.93 | ) | | | (0.48 | ) | | | (0.44 | ) | | | 10.59 | |
| 9/30/2012 | | | 10.52 | | | | 0.51 | | | | 0.98 | | | | 1.49 | | | | (0.50 | ) | | | 11.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.24 | | | | 0.42 | | | | 0.44 | | | | 0.86 | | | | (0.42 | ) | | | 11.68 | |
| 9/30/2015 | | | 11.29 | | | | 0.43 | | | | (0.06 | ) | | | 0.37 | | | | (0.42 | ) | | | 11.24 | |
| 9/30/2014 | | | 10.60 | | | | 0.45 | | | | 0.70 | | | | 1.15 | | | | (0.46 | ) | | | 11.29 | |
| 9/30/2013 | | | 11.52 | | | | 0.46 | | | | (0.93 | ) | | | (0.47 | ) | | | (0.45 | ) | | | 10.60 | |
| 9/30/2012 | | | 10.53 | | | | 0.51 | | | | 1.00 | | | | 1.51 | | | | (0.52 | ) | | | 11.52 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 174 | See Notes to Financial Statements. |
| | | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | | | | | | | | | |
Total
return(b)
(%) | | Total
expenses
(includes
interest
expense)(c)
(%) | | Total
expenses
(excludes
interest
expense)(c)
(%) | | Net
investment
income
(%) | | Net assets,
end of
period
(000) | | Portfolio
turnover
rate
(%) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 7.68 | | | | 0.77 | | | | 0.74 | | | | 3.52 | | | $ | 1,591,375 | | | | 15.77 | |
| | 3.16 | | | | 0.77 | | | | 0.75 | | | | 3.61 | | | | 1,404,309 | | | | 29.05 | |
| | 10.87 | | | | 0.78 | | | | 0.75 | | | | 4.09 | | | | 1,423,250 | | | | 44.80 | |
| | (4.40 | ) | | | 0.76 | | | | 0.74 | | | | 3.87 | | | | 1,438,697 | | | | 33.78 | |
| | 14.37 | | | | 0.79 | | | | 0.73 | | | | 4.52 | | | | 1,694,729 | | | | 43.81 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 6.71 | | | | 1.57 | | | | 1.55 | | | | 2.74 | | | | 2,691 | | | | 15.77 | |
| | 2.34 | | | | 1.58 | | | | 1.55 | | | | 2.81 | | | | 3,300 | | | | 29.05 | |
| | 10.06 | | | | 1.58 | | | | 1.55 | | | | 3.31 | | | | 4,488 | | | | 44.80 | |
| | (5.21 | ) | | | 1.57 | | | | 1.54 | | | | 3.07 | | | | 5,443 | | | | 33.78 | |
| | 13.52 | | | | 1.60 | | | | 1.53 | | | | 3.77 | | | | 7,762 | | | | 43.81 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 6.91 | | | | 1.39 | | | | 1.37 | | | | 2.90 | | | | 198,789 | | | | 15.77 | |
| | 2.61 | | | | 1.40 | | | | 1.38 | | | | 2.98 | | | | 172,774 | | | | 29.05 | |
| | 10.17 | | | | 1.41 | | | | 1.39 | | | | 3.46 | | | | 174,469 | | | | 44.80 | |
| | (5.02 | ) | | | 1.42 | | | | 1.40 | | | | 3.21 | | | | 177,169 | | | | 33.78 | |
| | 13.64 | | | | 1.43 | | | | 1.37 | | | | 3.87 | | | | 215,692 | | | | 43.81 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 7.78 | | | | 0.67 | | | | 0.64 | | | | 3.59 | | | | 318,012 | | | | 15.77 | |
| | 3.25 | | | | 0.67 | | | | 0.65 | | | | 3.70 | | | | 186,722 | | | | 29.05 | |
| | 10.98 | | | | 0.67 | | | | 0.65 | | | | 4.15 | | | | 151,265 | | | | 44.80 | |
| | (4.31 | ) | | | 0.66 | | | | 0.64 | | | | 3.95 | | | | 103,160 | | | | 33.78 | |
| | 14.48 | | | | 0.69 | | | | 0.63 | | | | 4.58 | | | | 122,943 | | | | 43.81 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 7.77 | | | | 0.57 | | | | 0.54 | | | | 3.60 | | | | 9,658 | | | | 15.77 | |
| | 3.34 | | | | 0.57 | | | | 0.55 | | | | 3.77 | | | | 2,442 | | | | 29.05 | |
| | 11.07 | | | | 0.57 | | | | 0.55 | | | | 4.14 | | | | 1,679 | | | | 44.80 | |
| | (4.23 | ) | | | 0.57 | | | | 0.54 | | | | 4.05 | | | | 719 | | | | 33.78 | |
| | 14.62 | | | | 0.59 | | | | 0.52 | | | | 4.58 | | | | 78 | | | | 43.81 | |
| | | |
| | See Notes to Financial Statements. | 175 |
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | | | | Per Share Operating Performance: | | | |
| | | | | | | | | | |
| | | | | Investment Operations: | | Distributions
to
shareholders
from: | | | |
| | | Net asset
value,
beginning of
period | | Net
investment
income(a) | | Net
realized and
unrealized
gain (loss) | | Total from
investment
operations | | Net
investment
income | | Net asset
value,
end of
period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | $11.54 | | | | $0.56 | | | | $ 0.60 | | | | $ 1.16 | | | | $(0.53 | ) | | | $12.17 | |
| 9/30/2015 | | | 11.69 | | | | 0.56 | | | | (0.17 | ) | | | 0.39 | | | | (0.54 | ) | | | 11.54 | |
| 9/30/2014 | | | 10.91 | | | | 0.58 | | | | 0.75 | | | | 1.33 | | | | (0.55 | ) | | | 11.69 | |
| 9/30/2013 | | | 11.93 | | | | 0.58 | | | | (1.04 | ) | | | (0.46 | ) | | | (0.56 | ) | | | 10.91 | |
| 9/30/2012 | | | 11.06 | | | | 0.63 | | | | 0.85 | | | | 1.48 | | | | (0.61 | ) | | | 11.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.55 | | | | 0.49 | | | | 0.59 | | | | 1.08 | | | | (0.46 | ) | | | 12.17 | |
| 9/30/2015 | | | 11.69 | | | | 0.49 | | | | (0.17 | ) | | | 0.32 | | | | (0.46 | ) | | | 11.55 | |
| 9/30/2014 | | | 10.92 | | | | 0.51 | | | | 0.74 | | | | 1.25 | | | | (0.48 | ) | | | 11.69 | |
| 9/30/2013 | | | 11.93 | | | | 0.50 | | | | (1.03 | ) | | | (0.53 | ) | | | (0.48 | ) | | | 10.92 | |
| 9/30/2012 | | | 11.06 | | | | 0.56 | | | | 0.85 | | | | 1.41 | | | | (0.54 | ) | | | 11.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.55 | | | | 0.57 | | | | 0.60 | | | | 1.17 | | | | (0.54 | ) | | | 12.18 | |
| 9/30/2015 | | | 11.69 | | | | 0.58 | | | | (0.17 | ) | | | 0.41 | | | | (0.55 | ) | | | 11.55 | |
| 9/30/2014 | | | 10.92 | | | | 0.58 | | | | 0.76 | | | | 1.34 | | | | (0.57 | ) | | | 11.69 | |
| 9/30/2013 | | | 11.94 | | | | 0.59 | | | | (1.04 | ) | | | (0.45 | ) | | | (0.57 | ) | | | 10.92 | |
| 9/30/2012 | | | 11.07 | | | | 0.64 | | | | 0.85 | | | | 1.49 | | | | (0.62 | ) | | | 11.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.53 | | | | 0.57 | | | | 0.60 | | | | 1.17 | | | | (0.55 | ) | | | 12.15 | |
| 9/30/2015 | | | 11.67 | | | | 0.58 | | | | (0.16 | ) | | | 0.42 | | | | (0.56 | ) | | | 11.53 | |
| 9/30/2014 | | | 10.92 | | | | 0.61 | | | | 0.71 | | | | 1.32 | | | | (0.57 | ) | | | 11.67 | |
| 9/30/2013 | | | 11.94 | | | | 0.60 | | | | (1.04 | ) | | | (0.44 | ) | | | (0.58 | ) | | | 10.92 | |
| 9/30/2012 | | | 11.06 | | | | 0.66 | | | | 0.85 | | | | 1.51 | | | | (0.63 | ) | | | 11.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Class P | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | | 11.55 | | | | 0.53 | | | | 0.61 | | | | 1.14 | | | | (0.51 | ) | | | 12.18 | |
| 9/30/2015 | | | 11.69 | | | | 0.54 | | | | (0.17 | ) | | | 0.37 | | | | (0.51 | ) | | | 11.55 | |
| 9/30/2014 | | | 10.92 | | | | 0.56 | | | | 0.74 | | | | 1.30 | | | | (0.53 | ) | | | 11.69 | |
| 9/30/2013 | | | 11.94 | | | | 0.56 | | | | (1.04 | ) | | | (0.48 | ) | | | (0.54 | ) | | | 10.92 | |
| 9/30/2012 | | | 11.07 | | | | 0.61 | | | | 0.85 | | | | 1.46 | | | | (0.59 | ) | | | 11.94 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 176 | See Notes to Financial Statements. |
| | | | Ratios to Average Net Assets: | | Supplemental Data: |
Total
return(b)
(%) | | Total
expenses
after
waivers
and/or reim-
bursements
(includes
interest
expense)(c)
(%) | | Total
expenses
after
waivers
and/or reim-
bursements
(excludes
interest
expense)(c)
(%) | | Total
expenses
(%) | | Net
investment
income
(%) | | Net
assets,
end of
period
(000) | | Portfolio
turnover
rate
(%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.28 | | | | 0.80 | | | | 0.79 | | | | 0.80 | | | | 4.71 | | | $ | 1,273,114 | | | | 16.45 | |
| | 3.36 | | | | 0.84 | | | | 0.83 | | | | 0.87 | | | | 4.82 | | | | 1,141,428 | | | | 31.38 | |
| | 12.54 | | | | 0.91 | | | | 0.90 | | | | 0.91 | | | | 5.12 | | | | 1,160,471 | | | | 32.90 | |
| | (4.11 | ) | | | 0.84 | | | | 0.83 | | | | 0.84 | | | | 4.87 | | | | 1,071,511 | | | | 24.47 | |
| | 13.79 | | | | 0.86 | | | | 0.80 | | | | 0.86 | | | | 5.52 | | | | 1,185,644 | | | | 27.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9.51 | | | | 1.42 | | | | 1.41 | | | | 1.42 | | | | 4.09 | | | | 441,499 | | | | 16.45 | |
| | 2.81 | | | | 1.47 | | | | 1.46 | | | | 1.50 | | | | 4.20 | | | | 397,615 | | | | 31.38 | |
| | 11.74 | | | | 1.54 | | | | 1.53 | | | | 1.54 | | | | 4.50 | | | | 408,459 | | | | 32.90 | |
| | (4.64 | ) | | | 1.49 | | | | 1.47 | | | | 1.49 | | | | 4.23 | | | | 407,217 | | | | 24.47 | |
| | 13.08 | | | | 1.49 | | | | 1.44 | | | | 1.49 | | | | 4.91 | | | | 526,880 | | | | 27.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.39 | | | | 0.70 | | | | 0.69 | | | | 0.70 | | | | 4.80 | | | | 490,913 | | | | 16.45 | |
| | 3.55 | | | | 0.74 | | | | 0.73 | | | | 0.77 | | | | 4.92 | | | | 404,172 | | | | 31.38 | |
| | 12.54 | | | | 0.81 | | | | 0.80 | | | | 0.81 | | | | 5.17 | | | | 393,166 | | | | 32.90 | |
| | (4.01 | ) | | | 0.74 | | | | 0.72 | | | | 0.74 | | | | 4.94 | | | | 228,484 | | | | 24.47 | |
| | 13.89 | | | | 0.76 | | | | 0.70 | | | | 0.76 | | | | 5.60 | | | | 258,682 | | | | 27.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.41 | | | | 0.60 | | | | 0.58 | | | | 0.60 | | | | 4.82 | | | | 68,122 | | | | 16.45 | |
| | 3.64 | | | | 0.64 | | | | 0.63 | | | | 0.67 | | | | 4.99 | | | | 11,061 | | | | 31.38 | |
| | 12.44 | | | | 0.72 | | | | 0.71 | | | | 0.72 | | | | 5.49 | | | | 25,841 | | | | 32.90 | |
| | (3.92 | ) | | | 0.64 | | | | 0.62 | | | | 0.64 | | | | 5.04 | | | | 2,255 | | | | 24.47 | |
| | 14.08 | | | | 0.66 | | | | 0.60 | | | | 0.66 | | | | 5.78 | | | | 1,629 | | | | 27.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.04 | | | | 1.05 | | | | 1.03 | | | | 1.05 | | | | 4.50 | | | | 15 | | | | 16.45 | |
| | 3.22 | | | | 1.08 | | | | 1.06 | | | | 1.11 | | | | 4.61 | | | | 14 | | | | 31.38 | |
| | 12.23 | | | | 1.13 | | | | 1.12 | | | | 1.13 | | | | 4.93 | | | | 13 | | | | 32.90 | |
| | (4.29 | ) | | | 1.07 | | | | 1.05 | | | | 1.07 | | | | 4.69 | | | | 12 | | | | 24.47 | |
| | 13.56 | | | | 1.08 | | | | 1.02 | | | | 1.08 | | | | 5.36 | | | | 12 | | | | 27.20 | |
| | | |
| | See Notes to Financial Statements. | 177 |
Financial Highlights (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND
| | | | | Per Share Operating Performance: | | |
| | | | | Investment Operations: | | Distributions
to
shareholders
from: | | |
| | | Net asset
value,
beginning of
period | | Net
investment
income(a) | | Net
realized and
unrealized
gain | | Total from
investment
operations | | Net
investment
income | | Net asset
value,
end of
period |
| Class A | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | $15.04 | | | $0.42 | | | $0.46 | | | $0.88 | | | $(0.40 | ) | | $15.52 | |
| 6/1/2015 to 9/30/2015(c) | | 15.00 | | | 0.13 | | | 0.03 | | | 0.16 | | | (0.12 | ) | | 15.04 | |
| | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 15.04 | | | 0.30 | | | 0.46 | | | 0.76 | | | (0.28 | ) | | 15.52 | |
| 6/1/2015 to 9/30/2015(c) | | 15.00 | | | 0.10 | | | 0.02 | | | 0.12 | | | (0.08 | ) | | 15.04 | |
| | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 15.04 | | | 0.43 | | | 0.46 | | | 0.89 | | | (0.42 | ) | | 15.51 | |
| 6/1/2015 to 9/30/2015(c) | | 15.00 | | | 0.14 | | | 0.02 | | | 0.16 | | | (0.12 | ) | | 15.04 | |
| | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 15.04 | | | 0.43 | | | 0.48 | | | 0.91 | | | (0.43 | ) | | 15.52 | |
| 6/1/2015 to 9/30/2015(c) | | 15.00 | | | 0.15 | | | 0.02 | | | 0.17 | | | (0.13 | ) | | 15.04 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Commencement of operations was 6/1/2015. |
| (d) | Not annualized. |
| (e) | Annualized. |
| | |
| 178 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: |
| |
| | | Total | | | | | | | | |
| | | expenses | | | | | | | | |
| | | after | | | | | | Net | | |
| | | waivers | | | | Net | | assets, | | Portfolio |
| Total | | and/or reim- | | Total | | investment | | end of | | turnover |
| return(b) | | bursements | | expenses | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| |
| | 5.93 | | | | 0.55 | | | | 0.92 | | | | 2.74 | | | $ | 54,470 | | | | 11.77 | |
| | 1.06 | (d) | | | 0.55 | (e) | | | 1.69 | (e) | | | 2.69 | (e) | | | 12,019 | | | | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 5.11 | | | | 1.31 | | | | 1.68 | | | | 1.94 | | | | 8,661 | | | | 11.77 | |
| | 0.78 | (d) | | | 1.35 | (e) | | | 2.42 | (e) | | | 1.98 | (e) | | | 852 | | | | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 6.03 | | | | 0.45 | | | | 0.82 | | | | 2.81 | | | | 41,758 | | | | 11.77 | |
| | 1.09 | (d) | | | 0.45 | (e) | | | 1.59 | (e) | | | 2.76 | (e) | | | 9,072 | | | | 1.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 6.13 | | | | 0.35 | | | | 0.74 | | | | 2.80 | | | | 6,837 | | | | 11.77 | |
| | 1.12 | (d) | | | 0.35 | (e) | | | 1.45 | (e) | | | 2.97 | (e) | | | 619 | | | | 1.06 | |
| | |
| | See Notes to Financial Statements. | 179 |
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| | | | | Per Share Operating Performance: | | | | |
| | | | | Investment Operations: | | Distributions
to
shareholders
from: | | | | |
| | | Net asset
value,
beginning
of period | | Net
invest-
ment
income(a) | | Net
realized
and
unrealized
gain (loss) | | Total
from
invest-
ment
opera-
tions | | Net
investment
income | | Net asset
value,
end of
period | | Total
return(b)
(%) |
| Class A | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | $10.85 | | | $0.37 | | | $0.46 | | | $0.83 | | | $(0.36 | ) | | $11.32 | | | 7.80 | |
| 9/30/2015 | | 10.84 | | | 0.37 | | | 0.01 | (d) | | 0.38 | | | (0.37 | ) | | 10.85 | | | 3.54 | |
| 9/30/2014 | | 10.10 | | | 0.38 | | | 0.74 | | | 1.12 | | | (0.38 | ) | | 10.84 | | | 11.29 | |
| 9/30/2013 | | 10.73 | | | 0.38 | | | (0.64 | ) | | (0.26 | ) | | (0.37 | ) | | 10.10 | | | (2.51 | ) |
| 9/30/2012 | | 9.90 | | | 0.43 | | | 0.83 | | | 1.26 | | | (0.43 | ) | | 10.73 | | | 12.94 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 10.85 | | | 0.30 | | | 0.47 | | | 0.77 | | | (0.29 | ) | | 11.33 | | | 7.21 | |
| 9/30/2015 | | 10.84 | | | 0.31 | | | – | (d)(e) | | 0.31 | | | (0.30 | ) | | 10.85 | | | 2.89 | |
| 9/30/2014 | | 10.10 | | | 0.32 | | | 0.73 | | | 1.05 | | | (0.31 | ) | | 10.84 | | | 10.58 | |
| 9/30/2013 | | 10.73 | | | 0.31 | | | (0.64 | ) | | (0.33 | ) | | (0.30 | ) | | 10.10 | | | (3.15 | ) |
| 9/30/2012 | | 9.90 | | | 0.36 | | | 0.83 | | | 1.19 | | | (0.36 | ) | | 10.73 | | | 12.23 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 10.85 | | | 0.38 | | | 0.47 | | | 0.85 | | | (0.38 | ) | | 11.32 | | | 7.90 | |
| 9/30/2015 | | 10.84 | | | 0.38 | | | 0.01 | (d) | | 0.39 | | | (0.38 | ) | | 10.85 | | | 3.64 | |
| 9/30/2014 | | 10.10 | | | 0.39 | | | 0.74 | | | 1.13 | | | (0.39 | ) | | 10.84 | | | 11.39 | |
| 9/30/2013 | | 10.73 | | | 0.39 | | | (0.64 | ) | | (0.25 | ) | | (0.38 | ) | | 10.10 | | | (2.42 | ) |
| 9/30/2012 | | 9.90 | | | 0.44 | | | 0.83 | | | 1.27 | | | (0.44 | ) | | 10.73 | | | 13.04 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 10.84 | | | 0.39 | | | 0.48 | | | 0.87 | | | (0.39 | ) | | 11.32 | | | 8.10 | |
| 9/30/2015 | | 10.84 | | | 0.39 | | | – | (d)(e) | | 0.39 | | | (0.39 | ) | | 10.84 | | | 3.63 | |
| 9/30/2014 | | 10.09 | | | 0.41 | | | 0.74 | | | 1.15 | | | (0.40 | ) | | 10.84 | | | 11.65 | |
| 9/30/2013 | | 10.73 | | | 0.40 | | | (0.65 | ) | | (0.25 | ) | | (0.39 | ) | | 10.09 | | | (2.40 | ) |
| 9/30/2012 | | 9.90 | | | 0.45 | | | 0.83 | | | 1.28 | | | (0.45 | ) | | 10.73 | | | 13.17 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | 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) | Amount less than $0.01. |
| | |
| 180 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | | Supplemental Data: |
| |
| Total | | Total | | | | | | |
| expenses | | expenses | | | | Net | | |
| (excludes | | (includes | | Net | | assets, | | Portfolio |
| interest | | interest | | investment | | end of | | turnover |
| expense)(c) | | expense)(c) | | income | | period | | rate |
| (%) | | (%) | | (%) | | (000) | | (%) |
| |
| 0.78 | | | 0.79 | | | 3.30 | | | $234,470 | | | 8.17 | |
| 0.81 | | | 0.82 | | | 3.44 | | | 185,379 | | | 15.10 | |
| 0.86 | | | 0.86 | | | 3.69 | | | 170,131 | | | 20.90 | |
| 0.81 | | | 0.81 | | | 3.54 | | | 166,443 | | | 18.05 | |
| 0.79 | | | 0.82 | | | 4.16 | | | 191,127 | | | 28.15 | |
| | | | | | | | | | | | | | |
| 1.41 | | | 1.42 | | | 2.66 | | | 54,658 | | | 8.17 | |
| 1.45 | | | 1.45 | | | 2.80 | | | 39,790 | | | 15.10 | |
| 1.50 | | | 1.50 | | | 3.05 | | | 36,122 | | | 20.90 | |
| 1.47 | | | 1.47 | | | 2.88 | | | 33,741 | | | 18.05 | |
| 1.42 | | | 1.45 | | | 3.51 | | | 38,712 | | | 28.15 | |
| | | | | | | | | | | | | | |
| 0.68 | | | 0.69 | | | 3.39 | | | 53,059 | | | 8.17 | |
| 0.71 | | | 0.72 | | | 3.52 | | | 36,482 | | | 15.10 | |
| 0.76 | | | 0.76 | | | 3.78 | | | 24,810 | | | 20.90 | |
| 0.71 | | | 0.71 | | | 3.63 | | | 21,549 | | | 18.05 | |
| 0.69 | | | 0.72 | | | 4.23 | | | 22,344 | | | 28.15 | |
| | | | | | | | | | | | | | |
| 0.58 | | | 0.58 | | | 3.47 | | | 4,802 | | | 8.17 | |
| 0.61 | | | 0.61 | | | 3.61 | | | 2,309 | | | 15.10 | |
| 0.65 | | | 0.66 | | | 3.90 | | | 22 | | | 20.90 | |
| 0.61 | | | 0.62 | | | 3.77 | | | 12 | | | 18.05 | |
| 0.59 | | | 0.62 | | | 4.39 | | | 13 | | | 28.15 | |
| | |
| | See Notes to Financial Statements. | 181 |
Financial Highlights (continued)
NEW JERSEY TAX FREE FUND
| | | | | Per Share Operating Performance: | | | | | |
| | | | | Investment Operations: | | Distributions
to
shareholders
from: | | | | | |
| | | Net asset
value,
beginning
of period | | Net
invest-
ment
income(a) | | Net
realized
and
unrealized
gain (loss) | | Total
from
invest-
ment
opera-
tions | | Net
investment
income | | Net asset
value,
end of
period | | Total
return(b)
(%) |
| Class A | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | $4.86 | | | $0.16 | | | $ 0.25 | | | $ 0.41 | | | $(0.16 | ) | | $5.11 | | | 8.53 | |
| 9/30/2015 | | 4.94 | | | 0.17 | | | (0.08 | ) | | 0.09 | | | (0.17 | ) | | 4.86 | | | 1.74 | |
| 9/30/2014 | | 4.66 | | | 0.17 | | | 0.28 | | | 0.45 | | | (0.17 | ) | | 4.94 | | | 9.87 | |
| 9/30/2013 | | 5.07 | | | 0.17 | | | (0.41 | ) | | (0.24 | ) | | (0.17 | ) | | 4.66 | | | (4.85 | ) |
| 9/30/2012 | | 4.69 | | | 0.19 | | | 0.38 | | | 0.57 | | | (0.19 | ) | | 5.07 | | | 12.41 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 4.86 | | | 0.16 | | | 0.25 | | | 0.41 | | | (0.16 | ) | | 5.11 | | | 8.63 | |
| 9/30/2015 | | 4.94 | | | 0.17 | | | (0.08 | ) | | 0.09 | | | (0.17 | ) | | 4.86 | | | 1.84 | |
| 9/30/2014 | | 4.66 | | | 0.18 | | | 0.28 | | | 0.46 | | | (0.18 | ) | | 4.94 | | | 9.97 | |
| 9/30/2013 | | 5.07 | | | 0.18 | | | (0.41 | ) | | (0.23 | ) | | (0.18 | ) | | 4.66 | | | (4.76 | ) |
| 9/30/2012 | | 4.69 | | | 0.20 | | | 0.38 | | | 0.58 | | | (0.20 | ) | | 5.07 | | | 12.51 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 4.86 | | | 0.17 | | | 0.25 | | | 0.42 | | | (0.17 | ) | | 5.11 | | | 8.76 | |
| 9/30/2015 | | 4.94 | | | 0.18 | | | (0.08 | ) | | 0.10 | | | (0.18 | ) | | 4.86 | | | 2.00 | |
| 9/30/2014 | | 4.66 | | | 0.19 | | | 0.27 | | | 0.46 | | | (0.18 | ) | | 4.94 | | | 10.13 | |
| 9/30/2013 | | 5.07 | | | 0.18 | | | (0.41 | ) | | (0.23 | ) | | (0.18 | ) | | 4.66 | | | (4.63 | ) |
| 9/30/2012 | | 4.69 | | | 0.21 | | | 0.37 | | | 0.58 | | | (0.20 | ) | | 5.07 | | | 12.43 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 182 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | | | | | | |
| Total | | Total | | | | | | | | |
| expenses | | expenses | | | | | | | | |
| after | | after | | | | | | | | |
| waivers | | waivers | | | | | | | | |
| and/or reim- | | and/or reim- | | | | | | | | |
| bursements | | bursements | | | | | | Net | | |
| (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| interest | | interest | | Total | | investment | | end of | | turnover |
| expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| | | | | | | | | | | | | | | | | |
| 0.83 | | | 0.83 | | | 0.86 | | | 3.21 | | | $ 98,152 | | | 12.92 | |
| 0.86 | | | 0.86 | | | 0.86 | | | 3.39 | | | 90,126 | | | 16.50 | |
| 0.85 | | | 0.85 | | | 0.85 | | | 3.63 | | | 92,713 | | | 19.20 | |
| 0.82 | | | 0.82 | | | 0.82 | | | 3.47 | | | 121,722 | | | 18.17 | |
| 0.83 | | | 0.82 | | | 0.83 | | | 3.96 | | | 136,085 | | | 31.06 | |
| | | | | | | | | | | | | | | | | |
| 0.73 | | | 0.73 | | | 0.76 | | | 3.28 | | | 9,602 | | | 12.92 | |
| 0.76 | | | 0.76 | | | 0.76 | | | 3.49 | | | 6,197 | | | 16.50 | |
| 0.74 | | | 0.74 | | | 0.74 | | | 3.69 | | | 6,838 | | | 19.20 | |
| 0.72 | | | 0.72 | | | 0.72 | | | 3.55 | | | 4,782 | | | 18.17 | |
| 0.73 | | | 0.72 | | | 0.73 | | | 3.98 | | | 7,400 | | | 31.06 | |
| | | | | | | | | | | | | | | | | |
| 0.62 | | | 0.62 | | | 0.65 | | | 3.28 | | | 129 | | | 12.92 | |
| 0.62 | | | 0.62 | | | 0.62 | | | 3.65 | | | 13 | | | 16.50 | |
| 0.62 | | | 0.62 | | | 0.62 | | | 3.87 | | | 13 | | | 19.20 | |
| 0.61 | | | 0.61 | | | 0.61 | | | 3.70 | | | 12 | | | 18.17 | |
| 0.61 | | | 0.60 | | | 0.61 | | | 4.18 | | | 12 | | | 31.06 | |
| | |
| | See Notes to Financial Statements. | 183 |
Financial Highlights (concluded)
NEW YORK TAX FREE FUND
| | | | | Per Share Operating Performance: | | | | | |
| | | | | Investment Operations: | | Distributions
to
shareholders
from: | | | | | |
| | | Net asset
value,
beginning
of period | | Net
invest-
ment
income(a) | | Net
realized
and
unrealized
gain (loss) | | Total
from
invest-
ment
opera-
tions | | Net
investment
income | | Net asset
value,
end of
period | | Total
return(b)
(%) |
| Class A | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | $11.19 | | | $0.32 | | | $ 0.46 | | | $ 0.78 | | | $(0.32 | ) | | $11.65 | | | 7.05 | |
| 9/30/2015 | | 11.23 | | | 0.35 | | | (0.04 | ) | | 0.31 | | | (0.35 | ) | | 11.19 | | | 2.80 | |
| 9/30/2014 | | 10.59 | | | 0.38 | | | 0.63 | | | 1.01 | | | (0.37 | ) | | 11.23 | | | 9.73 | |
| 9/30/2013 | | 11.38 | | | 0.37 | | | (0.79 | ) | | (0.42 | ) | | (0.37 | ) | | 10.59 | | | (3.80 | ) |
| 9/30/2012 | | 10.66 | | | 0.43 | | | 0.73 | | | 1.16 | | | (0.44 | ) | | 11.38 | | | 11.05 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 11.18 | | | 0.25 | | | 0.45 | | | 0.70 | | | (0.25 | ) | | 11.63 | | | 6.37 | |
| 9/30/2015 | | 11.21 | | | 0.28 | | | (0.03 | ) | | 0.25 | | | (0.28 | ) | | 11.18 | | | 2.23 | |
| 9/30/2014 | | 10.58 | | | 0.31 | | | 0.62 | | | 0.93 | | | (0.30 | ) | | 11.21 | | | 8.95 | |
| 9/30/2013 | | 11.37 | | | 0.30 | | | (0.79 | ) | | (0.49 | ) | | (0.30 | ) | | 10.58 | | | (4.43 | ) |
| 9/30/2012 | | 10.65 | | | 0.36 | | | 0.72 | | | 1.08 | | | (0.36 | ) | | 11.37 | | | 10.36 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class F | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 11.20 | | | 0.33 | | | 0.46 | | | 0.79 | | | (0.33 | ) | | 11.66 | | | 7.14 | |
| 9/30/2015 | | 11.24 | | | 0.36 | | | (0.04 | ) | | 0.32 | | | (0.36 | ) | | 11.20 | | | 2.90 | |
| 9/30/2014 | | 10.60 | | | 0.39 | | | 0.63 | | | 1.02 | | | (0.38 | ) | | 11.24 | | | 9.83 | |
| 9/30/2013 | | 11.39 | | | 0.38 | | | (0.79 | ) | | (0.41 | ) | | (0.38 | ) | | 10.60 | | | (3.70 | ) |
| 9/30/2012 | | 10.67 | | | 0.44 | | | 0.73 | | | 1.17 | | | (0.45 | ) | | 11.39 | | | 11.15 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2016 | | 11.20 | | | 0.34 | | | 0.46 | | | 0.80 | | | (0.34 | ) | | 11.66 | | | 7.25 | |
| 9/30/2015 | | 11.23 | | | 0.38 | | | (0.04 | ) | | 0.34 | | | (0.37 | ) | | 11.20 | | | 3.10 | |
| 9/30/2014 | | 10.60 | | | 0.40 | | | 0.63 | | | 1.03 | | | (0.40 | ) | | 11.23 | | | 9.85 | |
| 9/30/2013 | | 11.39 | | | 0.39 | | | (0.79 | ) | | (0.40 | ) | | (0.39 | ) | | 10.60 | | | (3.60 | ) |
| 9/30/2012 | | 10.67 | | | 0.41 | | | 0.77 | | | 1.18 | | | (0.46 | ) | | 11.39 | | | 11.30 | |
| | |
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| | |
| 184 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | | Supplemental Data: |
| |
| Total | | Total | | | | | | |
| expenses | | expenses | | | | Net | | |
| (includes | | (excludes | | Net | | assets, | | Portfolio |
| interest | | interest | | investment | | end of | | turnover |
| expense)(c) | | expense)(c) | | income | | period | | rate |
| (%) | | (%) | | (%) | | (000) | | (%) |
| | | | | | | | | | | | | | |
| 0.78 | | | 0.78 | | | 2.80 | | | $315,511 | | | 19.60 | |
| 0.79 | | | 0.79 | | | 3.15 | | | 283,229 | | | 9.56 | |
| 0.79 | | | 0.78 | | | 3.46 | | | 244,081 | | | 20.47 | |
| 0.78 | | | 0.78 | | | 3.33 | | | 262,089 | | | 16.89 | |
| 0.84 | | | 0.78 | | | 3.95 | | | 285,447 | | | 18.34 | |
| | | | | | | | | | | | | | |
| 1.43 | | | 1.43 | | | 2.15 | | | 67,239 | | | 19.60 | |
| 1.44 | | | 1.43 | | | 2.50 | | | 55,562 | | | 9.56 | |
| 1.43 | | | 1.42 | | | 2.82 | | | 49,678 | | | 20.47 | |
| 1.44 | | | 1.43 | | | 2.67 | | | 45,152 | | | 16.89 | |
| 1.47 | | | 1.42 | | | 3.31 | | | 50,407 | | | 18.34 | |
| | | | | | | | | | | | | | |
| 0.68 | | | 0.68 | | | 2.87 | | | 43,186 | | | 19.60 | |
| 0.69 | | | 0.69 | | | 3.24 | | | 27,788 | | | 9.56 | |
| 0.69 | | | 0.68 | | | 3.54 | | | 20,978 | | | 20.47 | |
| 0.68 | | | 0.68 | | | 3.42 | | | 16,844 | | | 16.89 | |
| 0.74 | | | 0.68 | | | 3.99 | | | 16,491 | | | 18.34 | |
| | | | | | | | | | | | | | |
| 0.58 | | | 0.58 | | | 2.96 | | | 1,652 | | | 19.60 | |
| 0.60 | | | 0.59 | | | 3.34 | | | 1,104 | | | 9.56 | |
| 0.59 | | | 0.58 | | | 3.66 | | | 644 | | | 20.47 | |
| 0.59 | | | 0.58 | | | 3.54 | | | 587 | | | 16.89 | |
| 0.64 | | | 0.58 | | | 3.68 | | | 265 | | | 18.34 | |
185
Notes to Financial Statements
Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.
The Company currently consists of the following nine funds (separately, a “Fund” and collectively, the “Funds”) and their respective share 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 Short Duration High Yield Municipal Bond Fund (“Short Duration High Yield”) | A,C,F and I |
| 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, Short Duration 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 and Short Duration 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 and Short Duration 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. These Funds are considered investment companies under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
186
Notes to Financial Statements (continued)
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| | Securities are valued 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 the 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, 2013 through September 30, 2016. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
187
Notes to Financial Statements (continued)
| (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. Each share class bears its class-specific share of expenses. |
| | |
| (f) | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by 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. |
188
Notes to Financial Statements (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 September 30, 2016, as well as the average trust certificates for the fiscal year ended September 30, 2016: |
| | | | | | | | 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 | | | 1,250,000 | | .87% | | | | 2,834,513 | | | | 2,168,000 |
| AMT Free | | | – | | – | | | | – | | | | – |
| National | | | 42,250,000 | | .87% – 1.05% | | | | 98,770,693 | | | | 54,419,000 |
| High Yield | | | 25,570,000 | | .87% | | | | 56,538,712 | | | | 31,688,000 |
| Short Duration High Yield | | | – | | – | | | | – | | | | – |
| California | | | 1,500,000 | | .87% | | | | 3,372,810 | | | | 1,500,000 |
| New Jersey | | | – | | – | | | | – | | | | – |
| New York | | | – | | – | | | | – | | | | 806,000 |
| | Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. As of September 30, 2016, 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 classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |
189
Notes to Financial Statements (continued)
| | • | Level 1 – | unadjusted quoted prices in active markets for identical investments; |
| | | |
| | • | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and |
| | | |
| | • | Level 3 – | significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
| | A summary of inputs used in valuing each Fund’s investments and other financial instruments as of September 30, 2016 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments. |
| | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| 3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
Management Fees
The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.
The management fee for each of National, California, New Jersey and New York is based on the 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 each of Short Duration and Short Duration High Yield is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .40% |
| Next $1 billion | .375% |
| Over $3 billion | .35% |
The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .40% |
| Next $3 billion | .375% |
| Next $5 billion | .35% |
| Over $10 billion | .32% |
The management fee for AMT Free is based on the Fund’s average daily net assets at the following annual rate:
| First $500 million | .50% |
| Next $1 billion | .45% |
| Over $1.5 billion | .40% |
190
Notes to Financial Statements (continued)
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 fiscal year ended September 30, 2016, 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 | .34% |
| Intermediate | .39% |
| AMT Free | .23% |
| National | .42% |
| High Yield | .47% |
| Short Duration High Yield | .02% |
| California | .45% |
| New Jersey | .43% |
| 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 fiscal year ended September 30, 2016 and continuing through January 31, 2017, Lord Abbett has contractually agreed to waive its fees and reimburse expenses for Short Duration, AMT Free, High Yield and Short Duration High Yield to limit the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of .45%, .40%, .62% and .35% respectively. These agreements may be terminated only upon the approval of the Board.
Effective February 1, 2016 and continuing through January 31, 2017, Lord Abbett has contractually agreed to waive its fees and reimburse expenses for California and New Jersey to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of .61% and .62%, respectively. These agreements may be terminated only upon the approval of the Board.
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, 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(2) | 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. |
| (2) | The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus. |
191
Notes to Financial Statements (continued)
Class I shares do not have a distribution plan.
Commissions
Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended September 30, 2016:
| | | Distributor | | Dealers’ |
| | | Commissions | | Concessions |
| Short Duration | | $ 25,124 | | $ 146,098 |
| Intermediate | | 201,155 | | 1,168,466 |
| AMT Free | | 16,348 | | 93,418 |
| National | | 163,015 | | 965,623 |
| High Yield | | 136,721 | | 824,523 |
| Short Duration High Yield | | 22,637 | | 130,751 |
| California | | 21,184 | | 133,750 |
| New Jersey | | 6,479 | | 38,670 |
| New York | | 29,894 | | 179,189 |
Distributor received the following amount of CDSCs for the fiscal year ended September 30, 2016:
| | | Class A | | Class C |
| Short Duration | | $ 94,695 | | $ 16,986 |
| Intermediate | | 113,459 | | 52,160 |
| AMT Free | | 382 | | 264 |
| National | | 31,705 | | 11,224 |
| High Yield | | 61,027 | | 33,692 |
| Short Duration High Yield | | – | | – |
| California | | 6,967 | | 8,884 |
| New Jersey | | 2,440 | | – |
| New York | | 847 | | 5,643 |
Two Directors and certain of the Funds’ officers have an interest in Lord Abbett.
| 4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from 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.
192
Notes to Financial Statements (continued)
The tax character of distributions paid during the fiscal years ended September 30, 2016 and 2015 was as follows:
| | | | | | Short Duration | | | | | | Intermediate |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended |
| | | 9/30/2016 | | | 9/30/2015 | | | 9/30/2016 | | | 9/30/2015 |
| Distributions paid from: | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 21,447,857 | | | $ | 21,825,458 | | | $ | 110,328,167 | | | $ | 95,760,121 |
| Ordinary income | | | – | | | | – | | | | – | | | | 1,362,142 |
| Net long-term capital gains | | | – | | | | – | | | | 2,842,071 | | | | – |
| Total distributions paid | | $ | 21,447,857 | | | $ | 21,825,458 | | | $ | 113,170,238 | | | $ | 97,122,263 |
| | | | | | | | | | | | | | | | |
| | | | | | | | AMT Free | | | | | | | | National |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended |
| | | | 9/30/2016 | | | | 9/30/2015 | | | | 9/30/2016 | | | | 9/30/2015 |
| Distributions paid from: | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 6,396,419 | | | $ | 4,909,395 | | | $ | 66,321,878 | | | $ | 62,720,942 |
| Total distributions paid | | $ | 6,396,419 | | | $ | 4,909,395 | | | $ | 66,321,878 | | | $ | 62,720,942 |
| | | | | | | | | | | | | | | | |
| | | | | | | | High Yield | | | | Short Duration High Yield |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended |
| | | | 9/30/2016 | | | | 9/30/2015 | | | | 9/30/2016 | | | | 9/30/2015* |
| Distributions paid from: | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 90,049,472 | | | $ | 89,458,261 | | | $ | 1,560,286 | | | $ | 135,884 |
| Ordinary income | | | 1,154,426 | | | | 1,254,862 | | | | 7,953 | | | | – |
| Total distributions paid | | $ | 91,203,898 | | | $ | 90,713,123 | | | $ | 1,568,239 | | | $ | 135,884 |
| | | | | | | | | | | | | | | | |
| | | | | | | | California | | | | | | | New Jersey |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended |
| | | | 9/30/2016 | | | | 9/30/2015 | | | | 9/30/2016 | | | | 9/30/2015 |
| Distributions paid from: | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 9,466,546 | | | $ | 8,405,967 | | | $ | 3,184,410 | | | $ | 3,339,348 |
| Total distributions paid | | $ | 9,466,546 | | | $ | 8,405,967 | | | $ | 3,184,410 | | | $ | 3,339,348 |
193
Notes to Financial Statements (continued)
| | | | | New York | | | | |
| | | Year Ended | | Year Ended | | | | |
| | | 9/30/2016 | | 9/30/2015 | | | | |
| Distributions paid from: | | | | | | | | |
| Tax-exempt income | | $10,840,664 | | $10,344,522 | | | | |
| Ordinary income | | – | | 106,880 | | | | |
| Total distributions paid | | $10,840,664 | | $10,451,402 | | | | |
| * | For the period June 1, 2015 (commencement of operations) to September 30, 2015. |
As of September 30, 2016, the components of accumulated gains (losses) on a tax-basis were as follows:
| | | Short Duration | | Intermediate | | AMT Free | |
| Undistributed tax-exempt income – net | | $ | 580,009 | | $ | 4,078,726 | | $ | 170,419 | |
| Undistributed long-term capital gains | | | – | | | 110,010 | | | – | |
| Total undistributed earnings | | | 580,009 | | | 4,188,736 | | | 170,419 | |
| Capital loss carryforwards* | | | (6,469,005 | ) | | – | | | (4,572,105 | ) |
| Temporary differences | | | (283,551 | ) | | (447,055 | ) | | (17,658 | ) |
| Unrealized gains – net | | | 22,685,077 | | | 225,869,602 | | | 14,110,968 | |
| Total accumulated gains – net | | $ | 16,512,530 | | $ | 229,611,283 | | $ | 9,691,624 | |
| | | | | | | | | | | |
| | | | | | | | | Short Duration | |
| | | | National | | | High Yield | | | High Yield | |
| Undistributed tax-exempt income – net | | $ | 3,891,700 | | $ | 6,980,342 | | $ | 45,408 | |
| Total undistributed earnings | | | 3,891,700 | | | 6,980,342 | | | 45,408 | |
| Capital loss carryforwards* | | | (28,518,432 | ) | | (333,750,242 | ) | | (45,625 | ) |
| Temporary differences | | | (485,833 | ) | | (287,669 | ) | | (3,202 | ) |
| Unrealized gains – net | | | 152,836,783 | | | 90,864,769 | | | 1,636,935 | |
| Total accumulated gains (losses) – net | | $ | 127,724,218 | | $ | (236,192,800 | ) | $ | 1,633,516 | |
| | | | | | | | | | | |
| | | | California | | New Jersey | | | New York | |
| Capital loss carryforwards* | | $ | (9,074,136 | ) | $ | (5,884,999 | ) | $ | (6,446,410 | ) |
| Temporary differences | | | (346,411 | ) | | (206,735 | ) | | (726,872 | ) |
| Unrealized gains – net | | | 29,814,452 | | | 5,327,338 | | | 25,192,478 | |
| Total accumulated gains (losses) – net | | $ | 20,393,905 | | $ | (764,396 | ) | $ | 18,019,196 | |
| * | As of September 30, 2016, the capital loss carryforwards, along with the related expiration dates, were as follows: |
| | | 2017 | | 2018 | | 2019 | | Indefinite | | Total |
| Short Duration | | $ | – | | $ | – | | $ | – | | $ | 6,469,005 | | $ | 6,469,005 |
| AMT Free | | | – | | | – | | | – | | | 4,572,105 | | | 4,572,105 |
| National | | | – | | | 11,663,983 | | | – | | | 16,854,449 | | | 28,518,432 |
| High Yield | | | 112,613,733 | | | 77,996,014 | | | 36,257,876 | | | 106,882,619 | | | 333,750,242 |
| Short Duration High Yield | | | – | | | – | | | – | | | 45,625 | | | 45,625 |
| California | | | 1,405,669 | | | 5,151,330 | | | 502,921 | | | 2,014,216 | | | 9,074,136 |
| New Jersey | | | – | | | 4,168,179 | | | 1,290,500 | | | 426,320 | | | 5,884,999 |
| New York | | | – | | | 4,177,607 | | | 2,268,803 | | | – | | | 6,446,410 |
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.
194
Notes to Financial Statements (continued)
As of September 30, 2016, 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 | | $ | 2,084,452,890 | | | $ | 25,718,058 | | | $ | (3,032,981 | ) | | $ | 22,685,077 | |
| Intermediate | | | 4,713,238,149 | | | | 272,231,771 | | | | (46,362,169 | ) | | | 225,869,602 | |
| AMT Free | | | 235,360,524 | | | | 16,244,776 | | | | (2,133,808 | ) | | | 14,110,968 | |
| National | | | 1,926,777,191 | | | | 183,917,643 | | | | (31,080,860 | ) | | | 152,836,783 | |
| High Yield | | | 2,151,598,029 | | | | 212,880,844 | | | | (122,016,075 | ) | | | 90,864,769 | |
| Short Duration High Yield | | | 108,740,114 | | | | 2,035,958 | | | | (399,023 | ) | | | 1,636,935 | |
| California | | | 314,975,264 | | | | 31,106,444 | | | | (1,291,992 | ) | | | 29,814,452 | |
| New Jersey | | | 100,137,426 | | | | 8,333,208 | | | | (3,005,870 | ) | | | 5,327,338 | |
| New York | | | 396,433,409 | | | | 28,904,553 | | | | (3,712,075 | ) | | | 25,192,478 | |
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, and wash sales.
Permanent items identified during the fiscal year ended September 30, 2016 have been reclassified among the components of net assets based on their tax basis treatment as follows:
| | | Undistributed | | | | | | | |
| | | (Distributions | | | | | | | |
| | | in Excess of) | | | Accumulated | | | | |
| | | Net Investment | | | Net Realized | | | | |
| | | Income | | | Gain (Loss) | | | Paid-in Capital | |
| Short Duration | | $ | 1,285 | | | $ | (1,285 | ) | | $ | – | |
| Intermediate | | | (74,860 | ) | | | 74,860 | | | | – | |
| AMT Free | | | (1,501 | ) | | | 1,501 | | | | – | |
| National | | | 808 | | | | (808 | ) | | | – | |
| High Yield | | | (340,284 | ) | | | 17,178,814 | | | | (16,838,530 | ) |
| Short Duration High Yield | | | 24,670 | | | | (96 | ) | | | (24,574 | ) |
| California | | | 257 | | | | 3,088 | | | | (3,345 | ) |
| New Jersey | | | (642 | ) | | | 642 | | | | – | |
| New York | | | (24,396 | ) | | | 24,396 | | | | – | |
The permanent differences are attributable to the tax treatment of accretion on market discount, the tax treatment of certain expenses and the expiration of capital loss carryforwards.
| 5. | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended September 30, 2016 were as follows:
| | | Purchases | | | Sales | |
| Short Duration | | $ | 588,028,419 | | | $ | 420,046,509 | |
| Intermediate | | | 1,472,669,362 | | | | 353,091,089 | |
| AMT Free | | | 103,813,856 | | | | 17,379,171 | |
| National | | | 558,808,898 | | | | 310,005,307 | |
| High Yield | | | 543,287,124 | | | | 343,327,421 | |
| Short Duration High Yield | | | 94,477,645 | | | | 7,151,976 | |
| California | | | 97,001,580 | | | | 24,265,938 | |
| New Jersey | | | 18,830,985 | | | | 12,725,723 | |
| New York | | | 122,552,795 | | | | 78,238,722 | |
195
Notes to Financial Statements (continued)
There were no purchases or sales of U.S. Government securities for the fiscal year ended September 30, 2016.
| 6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Each Fund, except Short Duration, entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2016 (as described in note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.
As of September 30, 2016, 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 (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.
The following is a summary of U.S. Treasury futures contracts as of and during the fiscal year ended September 30, 2016:
| | | Net Unrealized | | | | Net Change in | | |
| | | Appreciation | | | | Unrealized | | Average |
| | | (Depreciation) as of | | Net Realized | | Appreciation | | Number of |
| | | September 30, 2016 | | Loss | | (Depreciation) | | Contracts* |
| Short Duration | | | $ – | | $ | – | | | $ – | | – |
| Intermediate | | | (214,885) | | | (4,432,335) | | | (16,342) | | 360 |
| AMT Free | | | 7,509 | | | (453,994) | | | 20,157 | | 24 |
| National | | | (18,792) | | | (458,709) | | | 25,161 | | 67 |
| High Yield | | | (16,798) | | | (1,419,857) | | | 111,562 | | 109 |
| Short Duration High Yield | | | (20,571) | | | (108,494) | | | (13,691) | | 41 |
| California | | | (9,956) | | | (56,914) | | | 43,510 | | 20 |
| New Jersey | | | 3,061 | | | (123,049) | | | 11,525 | | 9 |
| New York | | | (605) | | | (573,304) | | | 73,265 | | 47 |
| * | Calculated based on the number of contracts for the fiscal year ended September 30, 2016. |
| 7. | DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES |
The Financial Accounting Standards Board (“FASB”) requires disclosure to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and to disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a Fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between
196
Notes to Financial Statements (continued)
a Fund and the applicable counterparty. As of September 30, 2016, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.
| 8. | DIRECTORS’ REMUNERATION |
The Company’s officers and the two Directors who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statements of Operations and in Directors’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.
The Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. 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. The Facility will continue through August 28, 2017.
During the fiscal year ended September 30, 2016, the Funds did not utilize the Facility.
| 11. | INTERFUND LENDING PROGRAM |
On July 26, 2016, the U.S. Securities and Exchange Commission issued an exemptive order (“SEC exemptive order”) which permits certain registered open-end management investment companies managed by Lord Abbett, including the Funds, to participate in a joint lending and borrowing program. The SEC exemptive order allows the funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.
The Funds did not borrow money from or lend money to any other Lord Abbett Fund from July 26, 2016 through September 30, 2016.
| 12. | CUSTODIAN AND ACCOUNTING AGENT |
SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.
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
197
Notes to Financial Statements (continued)
value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund’s investments may gain value; however, because Short Duration and Short Duration High Yield typically invest in shorter term bonds, those Funds are subject to the risk that they will underperform during such periods.
Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, derivatives risk, extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, and taxability risk. Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.
There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Yield and Short Duration High Yield invest 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 and Short Duration 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, Short Duration 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, High Yield, and Short Duration 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, High Yield, and Short Duration 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 and Short Duration 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 and Short Duration 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”).
198
Notes to Financial Statements (continued)
Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.
Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.
These factors can affect each Fund’s performance.
| 14. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of capital stock were as follows:
| | | Year Ended | | | Year Ended | |
| Short Duration | | September 30, 2016 | | | September 30, 2015 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 18,683,718 | | | $ | 294,530,442 | | | | 18,447,550 | | | $ | 291,091,756 | |
| Reinvestment of distributions | | | 472,006 | | | | 7,446,742 | | | | 496,221 | | | | 7,823,720 | |
| Shares reacquired | | | (19,006,895 | ) | | | (299,683,458 | ) | | | (29,747,561 | ) | | | (469,041,954 | ) |
| Increase (decrease) | | | 148,829 | | | $ | 2,293,726 | | | | (10,803,790 | ) | | $ | (170,126,478 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,020,411 | | | $ | 31,822,665 | | | | 1,830,051 | | | $ | 28,876,266 | |
| Reinvestment of distributions | | | 34,262 | | | | 540,540 | | | | 32,878 | | | | 518,370 | |
| Shares reacquired | | | (3,339,647 | ) | | | (52,664,280 | ) | | | (4,148,449 | ) | | | (65,434,352 | ) |
| Decrease | | | (1,284,974 | ) | | $ | (20,301,075 | ) | | | (2,285,520 | ) | | $ | (36,039,716 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 25,569,266 | | | $ | 403,364,322 | | | | 28,262,816 | | | $ | 446,107,300 | |
| Reinvestment of distributions | | | 172,196 | | | | 2,716,680 | | | | 184,382 | | | | 2,907,874 | |
| Shares reacquired | | | (20,776,662 | ) | | | (327,635,609 | ) | | | (31,523,188 | ) | | | (497,426,874 | ) |
| Increase (decrease) | | | 4,964,800 | | | $ | 78,445,393 | | | | (3,075,990 | ) | | $ | (48,411,700 | ) |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,220,945 | | | $ | 50,835,948 | | | | 3,163,818 | | | $ | 49,980,689 | |
| Reinvestment of distributions | | | 37,723 | | | | 595,347 | | | | 34,328 | | | | 541,330 | |
| Shares reacquired | | | (1,815,514 | ) | | | (28,661,317 | ) | | | (5,633,139 | ) | | | (89,034,535 | ) |
| Increase (decrease) | | | 1,443,154 | | | $ | 22,769,978 | | | | (2,434,993 | ) | | $ | (38,512,516 | ) |
199
Notes to Financial Statements (continued)
| | | Year Ended | | | Year Ended | |
| Intermediate | | September 30, 2016 | | | September 30, 2015 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 60,065,141 | | | $ | 660,423,783 | | | | 39,968,760 | | | $ | 434,357,159 | |
| Converted from Class B* | | | 23,979 | | | | 266,274 | | | | 5,363 | | | | 58,210 | |
| Reinvestment of distributions | | | 3,482,674 | | | | 38,337,561 | | | | 3,156,341 | | | | 34,237,814 | |
| Shares reacquired | | | (30,822,023 | ) | | | (338,871,345 | ) | | | (32,764,801 | ) | | | (355,764,157 | ) |
| Increase | | | 32,749,771 | | | $ | 360,156,273 | | | | 10,365,663 | | | $ | 112,889,026 | |
| | | | | | | | | | | | | | | | | |
| Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,846 | | | $ | 42,119 | | | | 2,459 | | | $ | 26,740 | |
| Reinvestment of distributions | | | 2,683 | | | | 29,456 | | | | 4,136 | | | | 44,854 | |
| Shares reacquired | | | (66,143 | ) | | | (723,122 | ) | | | (91,340 | ) | | | (988,081 | ) |
| Converted to Class A* | | | (24,001 | ) | | | (266,274 | ) | | | (5,368 | ) | | | (58,210 | ) |
| Decrease | | | (83,615 | ) | | $ | (917,821 | ) | | | (90,113 | ) | | $ | (974,697 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 14,158,268 | | | $ | 155,498,835 | | | | 9,258,848 | | | $ | 100,579,140 | |
| Reinvestment of distributions | | | 723,661 | | | | 7,951,112 | | | | 732,097 | | | | 7,934,175 | |
| Shares reacquired | | | (7,868,716 | ) | | | (86,425,318 | ) | | | (9,326,598 | ) | | | (101,034,731 | ) |
| Increase | | | 7,013,213 | | | $ | 77,024,629 | | | | 664,347 | | | $ | 7,478,584 | |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 81,962,275 | | | $ | 901,510,666 | | | | 63,754,421 | | | $ | 693,058,033 | |
| Reinvestment of distributions | | | 2,162,779 | | | | 23,811,774 | | | | 1,742,822 | | | | 18,900,077 | |
| Shares reacquired | | | (39,495,532 | ) | | | (434,293,676 | ) | | | (32,296,895 | ) | | | (349,958,391 | ) |
| Increase | | | 44,629,522 | | | $ | 491,028,764 | | | | 33,200,348 | | | $ | 361,999,719 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 16,956,814 | | | $ | 186,794,005 | | | | 11,512,572 | | | $ | 125,264,896 | |
| Reinvestment of distributions | | | 471,309 | | | | 5,196,486 | | | | 252,237 | | | | 2,731,699 | |
| Shares reacquired | | | (4,143,525 | ) | | | (45,591,825 | ) | | | (2,917,417 | ) | | | (31,707,466 | ) |
| Increase | | | 13,284,598 | | | $ | 146,398,666 | | | | 8,847,392 | | | $ | 96,289,129 | |
| | | | | | | | | | | | | | | | | |
| Class P Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | 36 | | | $ | 395 | | | | 37 | | | $ | 400 | |
| Increase | | | 36 | | | $ | 395 | | | | 37 | | | $ | 400 | |
| | | | | | | | | | | | | | | | | |
| | | | Year Ended | | | | Year Ended | |
| AMT Free | | | September 30, 2016 | | | | September 30, 2015 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 3,659,217 | | | $ | 59,487,077 | | | | 2,456,842 | | | $ | 39,313,390 | |
| Reinvestment of distributions | | | 217,627 | | | | 3,547,860 | | | | 185,919 | | | | 2,966,517 | |
| Shares reacquired | | | (1,544,244 | ) | | | (25,181,173 | ) | | | (1,663,174 | ) | | | (26,555,098 | ) |
| Increase | | | 2,332,600 | | | $ | 37,853,764 | | | | 979,587 | | | $ | 15,724,809 | |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 593,073 | | | $ | 9,590,040 | | | | 294,275 | | | $ | 4,707,553 | |
| Reinvestment of distributions | | | 29,133 | | | | 474,920 | | | | 24,607 | | | | 392,626 | |
| Shares reacquired | | | (231,918 | ) | | | (3,764,625 | ) | | | (267,759 | ) | | | (4,270,374 | ) |
| Increase | | | 390,288 | | | $ | 6,300,335 | | | | 51,123 | | | $ | 829,805 | |
200
Notes to Financial Statements (continued)
| | | Year Ended | | | Year Ended | |
| AMT Free | | September 30, 2016 | | | September 30, 2015 | |
| Class F Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 3,533,718 | | | $ | 57,541,027 | | | | 1,080,362 | | | $ | 17,246,161 | |
| Reinvestment of distributions | | | 54,789 | | | | 894,642 | | | | 40,903 | | | | 652,803 | |
| Shares reacquired | | | (989,654 | ) | | | (16,127,188 | ) | | | (901,202 | ) | | | (14,383,253 | ) |
| Increase | | | 2,598,853 | | | $ | 42,308,481 | | | | 220,063 | | | $ | 3,515,711 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 13,667 | | | $ | 221,728 | | | | 36,427 | | | $ | 579,952 | |
| Reinvestment of distributions | | | 1,774 | | | | 28,933 | | | | 777 | | | | 12,356 | |
| Shares reacquired | | | (3,875 | ) | | | (63,484 | ) | | | (1,701 | ) | | | (26,925 | ) |
| Increase | | | 11,566 | | | $ | 187,177 | | | | 35,503 | | | $ | 565,383 | |
| | | | | | | | | | | | | | | | | |
| | | | Year Ended | | | | Year Ended | |
| National | | | September 30, 2016 | | | | September 30, 2015 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 22,499,637 | | | $ | 259,876,003 | | | | 13,973,472 | | | $ | 158,583,004 | |
| Converted from Class B* | | | 42,049 | | | | 483,900 | | | | 33,142 | | | | 375,597 | |
| Reinvestment of distributions | | | 3,962,997 | | | | 45,720,090 | | | | 3,941,982 | | | | 44,662,604 | |
| Shares reacquired | | | (15,228,582 | ) | | | (175,745,341 | ) | | | (19,107,126 | ) | | | (216,249,943 | ) |
| Increase (decrease) | | | 11,276,101 | | | $ | 130,334,652 | | | | (1,158,530 | ) | | $ | (12,628,738 | ) |
| | | | | | | | | | | | | | | | | |
| Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 11,677 | | | $ | 133,366 | | | | 4,737 | | | $ | 54,454 | |
| Reinvestment of distributions | | | 5,595 | | | | 64,775 | | | | 7,512 | | | | 85,568 | |
| Shares reacquired | | | (38,310 | ) | | | (440,979 | ) | | | (82,736 | ) | | | (942,293 | ) |
| Converted to Class A* | | | (41,841 | ) | | | (483,900 | ) | | | (32,979 | ) | | | (375,597 | ) |
| Decrease | | | (62,879 | ) | | $ | (726,738 | ) | | | (103,466 | ) | | $ | (1,177,868 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,610,750 | | | $ | 41,681,722 | | | | 2,430,302 | | | $ | 27,658,115 | |
| Reinvestment of distributions | | | 313,530 | | | | 3,622,088 | | | | 308,293 | | | | 3,496,792 | |
| Shares reacquired | | | (2,282,019 | ) | | | (26,315,948 | ) | | | (2,824,653 | ) | | | (31,979,325 | ) |
| Increase (decrease) | | | 1,642,261 | | | $ | 18,987,862 | | | | (86,058 | ) | | $ | (824,418 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 14,994,551 | | | $ | 173,144,978 | | | | 8,138,051 | | | $ | 92,239,936 | |
| Reinvestment of distributions | | | 549,584 | | | | 6,350,204 | | | | 392,181 | | | | 4,438,394 | |
| Shares reacquired | | | (4,930,510 | ) | | | (56,866,170 | ) | | | (5,318,395 | ) | | | (60,062,988 | ) |
| Increase | | | 10,613,625 | | | $ | 122,629,012 | | | | 3,211,837 | | | $ | 36,615,342 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,387,426 | | | $ | 16,049,952 | | | | 235,050 | | | $ | 2,652,992 | |
| Reinvestment of distributions | | | 12,014 | | | | 139,354 | | | | 2,804 | | | | 31,727 | |
| Shares reacquired | | | (789,651 | ) | | | (9,043,180 | ) | | | (169,311 | ) | | | (1,928,180 | ) |
| Increase | | | 609,789 | | | $ | 7,146,126 | | | | 68,543 | | | $ | 756,539 | |
201
Notes to Financial Statements (continued)
| | | Year Ended | | | Year Ended | |
| High Yield | | September 30, 2016 | | | September 30, 2015 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 25,867,714 | | | $ | 307,648,130 | | | | 25,380,668 | | | $ | 297,713,753 | |
| Reinvestment of distributions | | | 3,689,924 | | | | 43,810,301 | | | | 3,850,270 | | | | 44,992,603 | |
| Shares reacquired | | | (23,779,666 | ) | | | (281,702,825 | ) | | | (29,670,153 | ) | | | (346,676,686 | ) |
| Increase (decrease) | | | 5,777,972 | | | $ | 69,755,606 | | | | (439,215 | ) | | $ | (3,970,330 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 6,207,841 | | | $ | 73,631,845 | | | | 5,321,794 | | | $ | 62,489,574 | |
| Reinvestment of distributions | | | 1,044,968 | | | | 12,411,809 | | | | 1,054,650 | | | | 12,326,350 | |
| Shares reacquired | | | (5,403,969 | ) | | | (64,062,807 | ) | | | (6,889,752 | ) | | | (80,585,541 | ) |
| Increase (decrease) | | | 1,848,840 | | | $ | 21,980,847 | | | | (513,308 | ) | | $ | (5,769,617 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 15,135,723 | | | $ | 179,635,826 | | | | 14,544,756 | | | $ | 170,564,871 | |
| Reinvestment of distributions | | | 1,127,857 | | | | 13,412,963 | | | | 1,129,035 | | | | 13,205,624 | |
| Shares reacquired | | | (10,925,100 | ) | | | (129,453,720 | ) | | | (14,311,799 | ) | | | (167,233,987 | ) |
| Increase | | | 5,338,480 | | | $ | 63,595,069 | | | | 1,361,992 | | | $ | 16,536,508 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 6,360,976 | | | $ | 75,662,145 | | | | 725,639 | | | $ | 8,509,801 | |
| Reinvestment of distributions | | | 127,826 | | | | 1,521,414 | | | | 43,496 | | | | 507,519 | |
| Shares reacquired | | | (1,839,698 | ) | | | (21,881,204 | ) | | | (2,023,900 | ) | | | (23,636,560 | ) |
| Increase (decrease) | | | 4,649,104 | | | $ | 55,302,355 | | | | (1,254,765 | ) | | $ | (14,619,240 | ) |
| | | | | | | | | | | | | | | | | |
| Class P Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | 51 | | | $ | 610 | | | | 51 | | | $ | 591 | |
| Increase | | | 51 | | | $ | 610 | | | | 51 | | | $ | 591 | |
| | | | | | | | | | | | | | | | | |
| | | | Year Ended | | | | Year Ended | |
| Short Duration High Yield | | | September 30, 2016 | | | | September 30, 2015† | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 3,627,104 | | | $ | 55,739,259 | | | | 817,201 | | | $ | 12,254,305 | |
| Reinvestment of distributions | | | 51,197 | | | | 788,849 | | | | 4,537 | | | | 68,061 | |
| Shares reacquired | | | (966,896 | ) | | | (14,907,405 | ) | | | (22,477 | ) | | | (336,923 | ) |
| Increase | | | 2,711,405 | | | $ | 41,620,703 | | | | 799,261 | | | $ | 11,985,443 | |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 542,040 | | | $ | 8,334,162 | | | | 56,543 | | | $ | 848,265 | |
| Reinvestment of distributions | | | 5,005 | | | | 77,243 | | | | 153 | | | | 2,291 | |
| Shares reacquired | | | (45,552 | ) | | | (701,190 | ) | | | (62 | ) | | | (926 | ) |
| Increase | | | 501,493 | | | $ | 7,710,215 | | | | 56,634 | | | $ | 849,630 | |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,923,951 | | | $ | 45,030,084 | | | | 601,813 | | | $ | 9,019,997 | |
| Reinvestment of distributions | | | 39,551 | | | | 609,567 | | | | 4,003 | | | | 60,051 | |
| Shares reacquired | | | (875,297 | ) | | | (13,535,916 | ) | | | (2,481 | ) | | | (37,212 | ) |
| Increase | | | 2,088,205 | | | $ | 32,103,735 | | | | 603,335 | | | $ | 9,042,836 | |
202
Notes to Financial Statements (continued)
| | | Year Ended | | | Year Ended | |
| Short Duration High Yield | | September 30, 2016 | | | September 30, 2015† | |
| Class I Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 404,575 | | | $ | 6,277,433 | | | | 41,038 | | | $ | 615,872 | |
| Reinvestment of distributions | | | 2,741 | | | | 42,423 | | | | 174 | | | | 2,605 | |
| Shares reacquired | | | (7,954 | ) | | | (123,668 | ) | | | (50 | ) | | | (756 | ) |
| Increase | | | 399,362 | | | $ | 6,196,188 | | | | 41,162 | | | $ | 617,721 | |
| | | | | | | | | | | | | | | | | |
| | | | Year Ended | | | | Year Ended | |
| California | | | September 30, 2016 | | | | September 30, 2015 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 6,035,716 | | | $ | 67,420,680 | | | | 3,407,400 | | | $ | 37,246,295 | |
| Reinvestment of distributions | | | 529,892 | | | | 5,915,708 | | | | 496,516 | | | | 5,411,796 | |
| Shares reacquired | | | (2,944,236 | ) | | | (32,806,511 | ) | | | (2,512,274 | ) | | | (27,372,888 | ) |
| Increase | | | 3,621,372 | | | $ | 40,529,877 | | | | 1,391,642 | | | $ | 15,285,203 | |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,973,187 | | | $ | 22,071,230 | | | | 801,014 | | | $ | 8,759,512 | |
| Reinvestment of distributions | | | 83,570 | | | | 933,905 | | | | 71,121 | | | | 775,384 | |
| Shares reacquired | | | (897,503 | ) | | | (10,003,172 | ) | | | (537,077 | ) | | | (5,834,705 | ) |
| Increase | | | 1,159,254 | | | $ | 13,001,963 | | | | 335,058 | | | $ | 3,700,191 | |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,465,207 | | | $ | 27,642,688 | | | | 2,120,450 | | | $ | 23,070,740 | |
| Reinvestment of distributions | | | 78,662 | | | | 878,407 | | | | 71,231 | | | | 776,102 | |
| Shares reacquired | | | (1,220,494 | ) | | | (13,583,977 | ) | | | (1,117,859 | ) | | | (12,098,813 | ) |
| Increase | | | 1,323,375 | | | $ | 14,937,118 | | | | 1,073,822 | | | $ | 11,748,029 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 201,548 | | | $ | 2,239,760 | | | | 206,064 | | | $ | 2,239,125 | |
| Reinvestment of distributions | | | 11,237 | | | | 125,749 | | | | 4,985 | | | | 54,226 | |
| Shares reacquired | | | (1,423 | ) | | | (16,070 | ) | | | (66 | ) | | | (725 | ) |
| Increase | | | 211,362 | | | $ | 2,349,439 | | | | 210,983 | | | $ | 2,292,626 | |
| | | | | | | | | | | | | | | | | |
| | | | Year Ended | | | | Year Ended | |
| New Jersey | | | September 30, 2016 | | | | September 30, 2015 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 2,654,117 | | | $ | 13,369,763 | | | | 1,855,373 | | | $ | 9,203,401 | |
| Reinvestment of distributions | | | 461,825 | | | | 2,316,415 | | | | 503,099 | | | | 2,480,389 | |
| Shares reacquired | | | (2,450,129 | ) | | | (12,196,362 | ) | | | (2,592,714 | ) | | | (12,754,244 | ) |
| Increase (decrease) | | | 665,813 | | | $ | 3,489,816 | | | | (234,242 | ) | | $ | (1,070,454 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 917,723 | | | $ | 4,627,046 | | | | 422,237 | | | $ | 2,097,831 | |
| Reinvestment of distributions | | | 36,211 | | | | 182,060 | | | | 35,597 | | | | 175,644 | |
| Shares reacquired | | | (349,694 | ) | | | (1,758,826 | ) | | | (567,710 | ) | | | (2,799,501 | ) |
| Increase (decrease) | | | 604,240 | | | $ | 3,050,280 | | | | (109,876 | ) | | $ | (526,026 | ) |
203
Notes to Financial Statements (concluded)
| | | Year Ended | | | Year Ended | |
| New Jersey | | September 30, 2016 | | | September 30, 2015 | |
| Class I Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 22,408 | | | $ | 114,897 | | | | – | | | $ | – | |
| Reinvestment of distributions | | | 139 | | | | 699 | | | | 96 | | | | 476 | |
| Increase | | | 22,547 | | | $ | 115,596 | | | | 96 | | | $ | 476 | |
| | | | | | | | | | | | | | | | | |
| | | | Year Ended | | | | Year Ended | |
| New York | | | September 30, 2016 | | | | September 30, 2015 | |
| Class A Shares | | | Shares | | | | Amount | | | | Shares | | | | Amount | |
| Shares sold | | | 6,113,875 | | | $ | 69,957,396 | | | | 6,333,711 | | | $ | 71,312,362 | |
| Reinvestment of distributions | | | 587,946 | | | | 6,751,840 | | | | 582,542 | | | | 6,551,138 | |
| Shares reacquired | | | (4,928,022 | ) | | | (56,477,002 | ) | | | (3,345,978 | ) | | | (37,604,107 | ) |
| Increase | | | 1,773,799 | | | $ | 20,232,234 | | | | 3,570,275 | | | $ | 40,259,393 | |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,519,198 | | | $ | 17,409,052 | | | | 1,289,672 | | | $ | 14,496,898 | |
| Reinvestment of distributions | | | 71,267 | | | | 817,743 | | | | 70,922 | | | | 796,634 | |
| Shares reacquired | | | (782,761 | ) | | | (8,981,041 | ) | | | (819,407 | ) | | | (9,217,620 | ) |
| Increase | | | 807,704 | | | $ | 9,245,754 | | | | 541,187 | | | $ | 6,075,912 | |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,880,956 | | | $ | 21,519,312 | | | | 1,110,874 | | | $ | 12,534,643 | |
| Reinvestment of distributions | | | 62,369 | | | | 718,408 | | | | 47,923 | | | | 539,620 | |
| Shares reacquired | | | (720,640 | ) | | | (8,325,218 | ) | | | (544,778 | ) | | | (6,117,449 | ) |
| Increase | | | 1,222,685 | | | $ | 13,912,502 | | | | 614,019 | | | $ | 6,956,814 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 94,812 | | | $ | 1,080,673 | | | | 39,364 | | | $ | 438,509 | |
| Reinvestment of distributions | | | 3,318 | | | | 38,226 | | | | 2,169 | | | | 24,388 | |
| Shares reacquired | | | (55,056 | ) | | | (622,901 | ) | | | (264 | ) | | | (2,964 | ) |
| Increase | | | 43,074 | | | $ | 495,998 | | | | 41,269 | | | $ | 459,933 | |
| * | 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. |
| † | For the period June 1, 2015 (commencement of operations) to September 30, 2015. |
204
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Lord Abbett Municipal Income Fund, Inc. and the Shareholders of Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett AMT Free Municipal Bond Fund, Lord Abbett National Tax Free Income Fund, Lord Abbett High Yield Municipal Bond Fund, Lord Abbett California Tax Free Income Fund, Lord Abbett New Jersey Tax Free Income Fund, Lord Abbett New York Tax Free Income Fund, and Lord Abbett Short Duration High Yield Municipal Bond Fund:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Municipal Income Fund, Inc. (the “Company”) comprising 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, and Lord Abbett Short Duration High Yield Municipal Bond Fund (collectively, the “Funds”), as of September 30, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the periods presented, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds constituting the Lord Abbett Municipal Income Fund, Inc. as of September 30, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the periods presented, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, New York
November 22, 2016
205
Basic Information About Management
The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. The Board elects officers who are responsible for the day-to-day operations of each Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to each Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.
Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Funds.
Interested Directors
Ms. Foster and Mr. Sieg are affiliated with Lord Abbett and are “interested persons” of the Company as defined in the Act. Ms. Foster and Mr. Sieg are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 59 portfolios or series. Ms. Foster is an officer of the Lord Abbett Family of Funds.
| | | Current Position and | | |
| Name, Address and | | Length of Service | | Principal Occupation and Other Directorships |
| Year of Birth | | with the Company | | During the Past Five Years |
Daria L. Foster
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1954) | | Director and President since 2006; Chief Executive Officer since 2012 | | Principal Occupation: Managing Partner of Lord Abbett, joined Lord Abbett in 1990. Other Directorships: None. |
| | | | | |
Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969) | | Director since 2016 | | Principal Occupation: Partner (since 2001) and Head of Client Services (since 2013), formerly Director of Marketing and Relationship Management, joined Lord Abbett in 1994. Other Directorships: None. |
Independent Directors
The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 59 portfolios or series.
| | | Current Position and | | |
| Name, Address and | | Length of Service | | Principal Occupation and Other Directorships |
| Year of Birth | | with the Company | | During the Past Five Years |
E. Thayer Bigelow
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1941) | | Director since 1994; Chairman since 2013 | | Principal Occupation: Managing General Partner, Bigelow Media, LLC (since 2000); Senior Adviser, Time Warner Inc. (1998 – 2000). Other Directorships: Currently serves as director of Crane Co. (since 1984) and Huttig Building Products Inc. (since 1998). Previously served as a director of R.H. Donnelley Inc. (2009 – 2010). |
206
Basic Information About Management (continued)
| | | Current Position and | | |
| Name, Address and | | Length of Service | | Principal Occupation and Other Directorships |
| Year of Birth | | with the Company | | During the Past Five Years |
Robert B. Calhoun, Jr.
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1942) | | Director since 1998 | | Principal Occupation: Senior Advisor of Monitor Clipper Partners, a private equity investment fund (since 1997); President of Clipper Asset Management Corp. (1991 – 2009). Other Directorships: None. |
| | | | | |
Eric C. Fast
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1949) | | Director since 2014 | | Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001 – 2014). Other Directorships: Currently serves as director of Automatic Data Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999 – 2014). |
| | | | | |
Evelyn E. Guernsey
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1955) | | Director since 2011 | | Principal Occupation: CEO, Americas of J.P. Morgan Asset Management (2004 – 2010). Other Directorships: None. |
| | | | | |
Julie A. Hill
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1946) | | Director since 2004 | | Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994). |
| | | | | |
Franklin W. Hobbs
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1947) | | Director since 2000 | | Principal Occupation: Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as director and Chairman of the Board of Ally Financial Inc., a financial services firm (since 2009), and as director of Molson Coors Brewing Company (since 2002). |
| | | | | |
James M. McTaggart
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1947) | | Director since 2012 | | Principal Occupation: Independent management advisor and consultant (since 2012); Vice President, CRA International, Inc. (doing business as Charles River Associates), a global management consulting firm (2009 – 2012); Founder and Chairman of Marakon Associates, Inc., a strategy consulting firm (1978 – 2009); and Officer and Director of Trinsum Group, a holding company (2007 – 2009). Other Directorships: Currently serves as director of Blyth, Inc., a home products company (since 2004). |
207
Basic Information About Management (continued)
| | | Current Position and | | |
| Name, Address and | | Length of Service | | Principal Occupation and Other Directorships |
| Year of Birth | | with the Company | | During the Past Five Years |
Mark A. Schmid
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1959) | | Director since 2016 | | Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None. |
| | | | | |
James L.L. Tullis
Lord, Abbett & Co. LLC
c/o Legal Dept.
90 Hudson Street
Jersey City, NJ 07302
(1947) | | Director since 2006 | | Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990); CEO of Tullis Health Investors Inc. (since 2012). Other Directorships: Currently serves as director of Crane Co. (since 1998). |
Officers
None of the officers listed below have received compensation from the Company. All of the officers of the Company also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).
| | | | | Length of Service | | Principal Occupation |
| Name and | | Current Position | | of Current | | During the Past Five |
| Year of Birth | | with the Company | | Position | | Years |
Daria L. Foster
(1954) | | President and Chief Executive Officer | | Elected as President in 2006 and Chief Executive Officer in 2012 | | Managing Partner of Lord Abbett, joined Lord Abbett in 1990. |
| | | | | | | |
Robert A. Lee
(1969) | | Executive Vice President | | Elected in 2016 | | Partner and Chief Investment Officer, and was formerly Deputy Chief Investment Officer and Director of Taxable Fixed Income, joined Lord Abbett in 1997. |
| | | | | | | |
Daniel S. Solender
(1965) | | Executive Vice President | | Elected in 2006 | | Partner and Director, joined Lord Abbett in 2006. |
| | | | | | | |
John W. Ashbrook
(1964) | | Vice President and Assistant Secretary | | Elected in 2014 | | Assistant General Counsel, joined Lord Abbett in 2008. |
| | | | | | | |
Joan A. Binstock
(1954) | | Chief Financial Officer and Vice President | | Elected in 1999 | | Partner and Chief Financial Officer, and was formerly Chief Operations Officer, joined Lord Abbett in 1999. |
208
Basic Information About Management (concluded)
| | | | | Length of Service | | Principal Occupation |
| Name and | | Current Position | | of Current | | During the Past Five |
| Year of Birth | | with the Company | | Position | | Years |
Brooke A. Fapohunda
(1975 ) | | Vice President and Assistant Secretary | | Elected in 2014 | | Deputy General Counsel, joined Lord Abbett in 2006. |
| | | | | | | |
John K. Forst
(1960) | | Vice President and Assistant Secretary | | Elected in 2005 | | Partner and Deputy General Counsel, joined Lord Abbett in 2004. |
| | | | | | | |
Philip B. Herman
(1977) | | Vice President | | Elected in 2010 | | Portfolio Manager, joined Lord Abbett in 2007. |
| | | | | | | |
Lawrence H. Kaplan
(1957) | | Vice President and Secretary | | Elected in 1997 | | Partner and General Counsel, joined Lord Abbett in 1997. |
| | | | | | | |
Linda Y. Kim
(1980) | | Vice President and Assistant Secretary | | Elected in 2016 | | Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007 – 2015). |
| | | | | | | |
Joseph M. McGill
(1962) | | Chief Compliance Officer | | Elected in 2014 | | Partner and Chief Compliance Officer, joined Lord Abbett in 2014 and was formerly Managing Director and the Chief Compliance Officer at UBS Global Asset Management (2003 – 2013). |
| | | | | | | |
A. Edward Oberhaus, III
(1959) | | Vice President | | Elected in 1996 | | Partner and Director, joined Lord Abbett in 1983. |
| | | | | | | |
Lawrence B. Stoller
(1963) | | Vice President and Assistant Secretary | | Elected in 2007 | | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007. |
| | | | | | | |
Daniel T. Vande Velde
(1967) | | Vice President | | Elected in 2008 | | Partner and Portfolio Manager, joined Lord Abbett in 2007. |
| | | | | | | |
Scott S. Wallner
(1955) | | AML Compliance Officer | | Elected in 2011 | | Assistant General Counsel, joined Lord Abbett in 2004. |
| | | | | | | |
Bernard J. Grzelak
(1971) | | Treasurer | | Elected in 2003 | | Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003. |
Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. It is available free upon request.
209
Householding
The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).
| Tax Information | |
| | | |
| The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended September 30, 2016 that is tax-exempt dividend income. |
| | | |
| | Short Duration | 100 | % | |
| | Intermediate | 100 | % | |
| | AMT Free | 100 | % | |
| | National | 100 | % | |
| | High Yield | 99 | % | |
| | Short Duration High Yield | 99 | % | |
| | California | 100 | % | |
| | New Jersey | 100 | % | |
| | New York | 100 | % | |
| | | | | |
| Additionally, of the distributions paid by Intermediate to the shareholders during the fiscal year ended September 30, 2016, $2,842,071 represents long-term capital gains. |
210
 This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. | | Lord Abbett Municipal Income Fund, Inc. Lord Abbett Short Duration Tax Free Fund Lord Abbett Intermediate Tax Free Fund Lord Abbett AMT Free Municipal Bond Fund Lord Abbett National Tax-Free Income Fund Lord Abbett High Yield Municipal Bond Fund Lord Abbett Short Duration High Yield Municipal Bond Fund Lord Abbett California Tax-Free Income Fund Lord Abbett New Jersey Tax-Free Income Fund Lord Abbett New York Tax-Free Income Fund | | LATFI-2 (11/16) |
| (a) | In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended September 30, 2016 (the “Period”). |
| (c) | The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period. |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period. |
| (f) | See Item 12(a)(1) concerning the filing of the Code of Ethics. |
| Item 3: | | Audit Committee Financial Expert. |
The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: E. Thayer Bigelow, Robert B. Calhoun, Evelyn E. Guernsey, and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.
| Item 4: | | Principal Accountant Fees and Services. |
In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended September 30, 2016 and 2015 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:
| | | Fiscal year ended: |
| | | 2016 | | 2015 |
| Audit Fees {a} | | $375,400 | | $359,000 |
| Audit-Related Fees | | - 0 - | | - 0 - |
| Total audit and audit-related fees | | $375,400 | | $359,000 |
| | | | | |
| Tax Fees {b} | | $57,470 | | $57,004 |
| All Other Fees | | - 0 - | | - 0 - |
| | | | | |
| Total Fees | | $432,870 | | $416,004 |
{a} Consists of fees for audits of the Registrant’s annual financial statements.
{b} Fees for the fiscal year ended September 30, 2016 and 2015 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.
(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:
| · | any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and |
| · | any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence. |
The Audit Committee has delegated pre-approval authority to its Chairman, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).
(f) Not applicable.
(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.
The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended September 30, 2016 and 2015 were:
| | | Fiscal year ended: |
| | | 2016 | | 2015 |
| All Other Fees {a} | | $195,230 | | $185,031 |
{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).
The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended September 30, 2016 and 2015 were:
| | | Fiscal year ended: |
| | | 2016 | | 2015 |
| All Other Fees | | $ - 0 - | | $ - 0 - |
(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.
| Item 5: | Audit Committee of Listed Registrants. |
| | |
| | Not applicable. |
| | |
| Item 6: | Investments. |
| | |
| | Not applicable. |
| | |
| Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
| | |
| | Not applicable. |
| | |
| Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
| | |
| | Not applicable. |
| | |
| Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
| | |
| | Not applicable. |
| | |
| Item 10: | Submission of Matters to a Vote of Security Holders. |
| | |
| | Not applicable. |
| | |
| Item 11: | Controls and Procedures. |
| (a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to |
| | | ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| (a)(1) | The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH. |
| | (a)(2) | Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. |
| (b) | Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LORD ABBETT MUNICIPAL INCOME FUND, INC.
| | By: | /s/Daria L. Foster | |
| | | Daria L. Foster | |
| | | President and Chief Executive Officer |
Date: November 22, 2016
| | By: | /s/Joan A. Binstock | |
| | | Joan A. Binstock | |
| | | Chief Financial Officer and Vice President |
Date: November 22, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | By: | /s/Daria L. Foster | |
| | | Daria L. Foster | |
| | | President and Chief Executive Officer |
Date: November 22, 2016
| | By: | /s/Joan A. Binstock | |
| | | Joan A. Binstock | |
| | | Chief Financial Officer and Vice President |
Date: November 22, 2016
