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)
John T. Fitzgerald, 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: 9/30/2018
| Item 1: | Report(s) to Shareholders. |
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, 2018
Table of Contents
Lord Abbett Municipal Income Fund
Annual Report
For the fiscal year ended September 30, 2018
From left to right: James L.L. Tullis, Chairman of the Lord Abbett Funds and Douglas B. Sieg Director, President, and Chief Executive Officer 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, 2018. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett.com, where you also can access quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
Best regards,
Douglas B. Sieg
Director, President and Chief Executive Officer
Municipal Bond Market Review
The unemployment rate declined to 3.7%, as of September 30, 2018. Total nonfarm payroll increased by 134,000 in September 2018, compared with an average monthly gain of 201,000 over the previous 12 months. Real gross domestic product increased 4.2% in the second quarter of 2018, higher than the 2.2% increase in the first quarter.
Municipal bond issuance for the calendar year-to-date period ended September 30, 2018 totaled approximately
$249 billion, a 15.1% decrease in issuance compared with the prior calendar year-to-date period. Refunding issuance decreased approximately 51% over the same period. Municipal and treasury yields have increased across the curve during the 12-month period ended on September 30, 2018.
Despite the recent credit issues faced by a few large municipalities, municipal bond defaults have remained exceedingly rare over the long-term; from 1970 to 2016, the 10-year cumulative default rate on municipal credits has been 0.15%.
1
While there are pockets of distress in the municipal bond market, the general trend
has been one of improving credit fundamentals.
| | | Class A
Shares
at NAV
12-Mo.
Returns as of
9/30/18 | | 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 | | 0.04% | | 0.27% | | – | | – | | – | | 0.00% | | – |
| Intermediate Tax Free Fund | | 0.20% | | – | | – | | 0.02% | | – | | – | | – |
| AMT Free Municipal Bond Fund | | 1.12% | | 0.54% | | 0.35% | | – | | – | | – | | – |
| National Tax Free Fund | | 1.03% | | 0.54% | | 0.35% | | – | | – | | – | | – |
| High Yield Municipal Bond Fund | | 4.83% | | 2.84% | | – | | – | | 6.35% | | – | | – |
| Short Duration High Yield Municipal Bond Fund | | 1.59% | | – | | – | | – | | – | | – | | 2.53% |
| California Tax Free Fund | | 1.20% | | 0.72% | | 0.35% | | – | | – | | – | | – |
| New Jersey Tax Free Fund | | 1.75% | | 1.30% | | 0.35% | | – | | – | | – | | – |
| New York Tax Free Fund | | 0.36% | | 0.36% | | 0.35% | | – | | – | | – | | – |
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, 2018. Bonds with maturities of 3 years and lower contributed most to the portfolio’s total return, while those with maturities greater than 7 years did not contribute as much. In
terms of credit qualities, the Fund’s allocation to ‘BBB’ rated bonds contributed to overall performance, while ‘AA’ rated credits detracted. With regard to sectors, health care bonds were among the strongest contributors to absolute returns, while prepaid gas bonds detracted the most.
Intermediate Tax Free Fund
The Intermediate Tax Free Fund outperformed its benchmark, the Bloomberg
2
Barclays 1-15 Year Municipal Bond Index,3 during the 12-month period ended September 30, 2018. The Fund’s exposure to bonds within the 16- to 19-year maturity range contributed most to performance, while bonds within the 7-8 year range detracted the most. The Fund’s exposure to bonds rated ‘A’ and lower contributed most to the portfolio’s total return. Bonds in the ‘AA’ credit quality range detracted as lower rated bonds outperformed. With regard to sectors, tobacco bonds were among the strongest contributors to absolute returns, while state general obligation credits 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, 2018. The Fund’s exposure to bonds with maturities of 16 years and longer contributed most to performance, while bonds with maturities of less than six years did not contribute as much. The Fund’s exposure to bonds within the lower tiers of the investment grade range contributed most to performance, while ‘AAA’ rated credits did not contribute as much. With regard to sectors, health care bonds were among the strongest contributors to overall performance, while dedicated tax bonds detracted the most.
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, 2018. The Fund’s exposure to bonds with maturities of 16 years and greater contributed most to performance, while bonds with maturities of less than 5 years detracted. The Fund’s allocation to ‘A’ and ‘BBB’ rated bonds meaningfully contributed to performance, while bonds in the ‘AAA’ credit quality range did not contribute as much. Health care bonds were among the strongest contributors to absolute returns, while dedicated tax bonds detracted the most.
High Yield Municipal Bond Fund
The High Yield Municipal Bond Fund underperformed its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index,4 during the 12-month period ended September 30, 2018. The Fund’s exposure to bonds with maturities of 6 years and lower did not contribute as much to performance while bonds with maturities greater than 16 years had a positive impact on performance. The Fund’s allocation to bonds in the higher quality tiers did not contribute as much to performance while those rated ‘BBB’ and lower had a positive impact on performance. With regard to sectors, prepaid gas bonds detracted while sales tax bonds were among the strongest contributors to absolute returns.
3
Short Duration High Yield Municipal Bond Fund
The Short Duration High Yield Municipal Bond Fund underperformed its benchmark, the 50% Bloomberg Barclays Municipal 1-8 Year Index/ 50% Bloomberg Barclays High Yield Municipal 1-8 Year Index,6 during the 12-month period ended September 30, 2018. Bonds within the 25-30 year range detracted while bonds with maturities in the range of 5-7 years contributed most to the portfolio’s total return. ‘AAA’ rated bonds detracted, as lower rated bonds outperformed, while the Fund’s allocation to ‘BBB’, ‘BB’, and ‘B’ rated bonds contributed most to performance. With regard to revenue sectors, prepaid gas credits detracted the most while tobacco bonds were among the strongest contributors to absolute returns.
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, 2018. The Fund’s exposure to bonds with maturities of 16 years and longer contributed most to performance, while bonds with maturities lower than 6 years did not contribute as much. The Fund’s allocation to ‘AA’, ‘A’, and ‘BBB’ rated bonds contributed most to performance, while ‘AAA’ rated credits did not contribute as much. With regard to sectors, tobacco bonds were among the strongest contributors to absolute returns,
while transportation bonds detracted.
General obligation debt issued by the State of California has maintained its ‘AA-’ rating from Fitch, as of the most recent update. At the time of the most recent rating upgrade, August 2016, Fitch cited positive credit developments for the state as well as numerous institutional improvements as reasons for the rating increase.
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, 2018. The Fund’s exposure to bonds with maturities of 16 years and longer contributed most to performance, while bonds with maturities of 8 years and lower did not contribute as much. The Fund’s exposure to the lower tiers of the investment grade range of ‘A’ and ‘BBB’ contributed most to performance while the ‘AAA’ range detracted. With regard to sectors, government lease bonds were among the strongest contributors to absolute returns, while private higher education bonds detracted the most.
General obligation debt issued by the State of New Jersey, with a rating of A3, was affirmed by Moody’s Investor Service, in late August 2018. The rating is based on the state’s large, diverse, and wealthy economy, which is offset by significant long-term liabilities and historic pension underfunding.
4
New York Tax Free Fund
The New York Tax Free Fund slightly outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2018. The Fund’s exposure to bonds within the 16- to 19-year maturity range contributed most to performance, while bonds with maturities of 7 years and lower detracted. The Fund’s allocation to ‘BBB’ rated bonds contributed most to overall performance while ‘AAA’ and ‘AA’ rated credits detracted. With
regard to sectors, sales tax bonds were among the strongest contributors to absolute returns, while dedicated tax bonds detracted the most.
General obligation debt issued by the State of New York is rated ‘AA+’ by both S&P and Fitch, as of the most recent update.
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 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 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 Bloomberg Barclays 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a
security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
4 Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.
5 Bloomberg Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
6 Bloomberg Barclays 1-8 Year Municipal Bond Index is the 1-8 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index
5
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 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, 2018. 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, 2018
| | | 1 Year | | 5 Years | | Life of Class |
| Class A4 | | -2.21% | | 0.35% | | 1.56% |
| Class C5 | | -1.56% | | 0.18% | | 1.11% |
| Class F6 | | 0.14% | | 0.90% | | 1.90% |
| Class F37 | | 0.19% | | – | | 0.95% |
| Class I6 | | 0.17% | | 1.00% | | 2.00% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 1.59% | | 1.03% | | 1.73% | | 1.83% | | 1.82% |
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, 2018, 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 each class began December 31, 2008. Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. 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, 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, 2018
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A3 | | -2.05% | | 2.60% | | 4.16% | | – |
| Class C4 | | -1.39% | | 2.43% | | 3.71% | | – |
| Class F5 | | 0.30% | | 3.17% | | 4.50% | | – |
| Class F36 | | 0.34% | | – | | – | | 2.35% |
| Class I7 | | 0.40% | | 3.27% | | – | | 4.00% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 2.25% | | 1.70% | | 2.40% | | 2.54% | | 2.50% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2018, is calculated using the SEC required uniform method to compute such return.
4 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.
5 Performance is at net asset value.
6 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
7 Class I shares commenced operations and performance for the class began on January 31, 2011. Performance is at net asset value.
8
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, 2018
| | | 1 Year | | 5 Years | | Life of Class |
| Class A4 | | -1.16% | | 3.82% | | 3.98% |
| Class C5 | | -0.55% | | 3.63% | | 3.56% |
| Class F6 | | 1.22% | | 4.40% | | 4.38% |
| Class F37 | | 1.29% | | – | | 3.40% |
| Class I6 | | 1.32% | | 4.51% | | 4.50% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 2.67% | | 2.11% | | 2.81% | | 2.97% | | 2.93% |
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, 2018, 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 each class began October 29, 2010. Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. 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, 2018
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A4 | | -1.24% | | 4.09% | | 5.39% | | – |
| Class C5 | | -0.49% | | 3.92% | | 4.95% | | – |
| Class F6 | | 1.12% | | 4.66% | | 5.72% | | – |
| Class F37 | | 1.34% | | – | | – | | 3.45% |
| Class I8 | | 1.31% | | 4.75% | | – | | 4.77% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 2.62% | | 2.06% | | 2.78% | | 2.91% | | 2.88% |
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, 2018, is calculated using the 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 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. 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, 2018
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A4 | | 2.49% | | 5.92% | | 5.09% | | – |
| Class C5 | | 3.18% | | 5.73% | | 4.65% | | – |
| Class F6 | | 4.84% | | 6.49% | | 5.41% | | – |
| Class F37 | | 4.98% | | – | | – | | 6.14% |
| Class I8 | | 4.94% | | 6.52% | | – | | 5.46% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 3.33% | | 2.79% | | 3.51% | | 3.64% | | 3.61% |
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, 2018, 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 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
8 Class I shares commenced operations and performance for the class began on July 26, 2010. Performance is at net asset value.
11
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, 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, 2018
| | | 1 Year | | Life of Class |
| Class A3 | | -0.69% | | 2.09% |
| Class C4 | | -0.01% | | 2.06% |
| Class F5 | | 1.69% | | 2.90% |
| Class F36 | | 1.91% | | 3.53% |
| Class I5 | | 1.86% | | 3.02% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 2.63% | | 2.05% | | 2.79% | | 2.94% | | 2.88% |
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 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, 2018, is calculated using SEC required uniform method to compute such return.
4 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.
5 Class F and Class I commenced operations on June 1, 2015 and performance for each class began on June 15, 2015. Performance is at net asset value.
6 Class F3 shares commenced operations and performance for the class began on April 4, 2017. 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, 2018
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | -1.05% | | 4.19% | | 5.13% | | – |
| Class C6 | | -0.40% | | 4.00% | | 4.69% | | – |
| Class F7 | | 1.21% | | 4.74% | | 5.47% | | – |
| Class F38 | | 1.42% | | – | | – | | 3.18% |
| Class I9 | | 1.40% | | 4.87% | | – | | 5.92% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 2.26% | | 1.71% | | 2.42% | | 2.53% | | 2.51% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2018, 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 Performance is at net asset value.
8 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
9 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, 2018
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | -0.46% | | 3.80% | | 4.60% | | – |
| Class F6 | | 1.85% | | 4.38% | | 4.93% | | – |
| Class F37 | | 1.99% | | – | | – | | 3.73% |
| Class I8 | | 1.95% | | 4.55% | | – | | 5.16% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class F | | Class F3 | | Class I |
| 2.39% | | 2.54% | | 2.67% | | 2.64% |
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, 2018, is calculated using the SEC required uniform method to compute such return.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. 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.
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, 2018
| | | 1 Year | | 5 Years | | 10 Years | | Life of Class |
| Class A5 | | -1.90% | | 3.39% | | 4.76% | | – |
| Class C6 | | -1.33% | | 3.18% | | 4.32% | | – |
| Class F7 | | 0.46% | | 3.95% | | 5.10% | | – |
| Class F38 | | 0.49% | | – | | – | | 2.12% |
| Class I9 | | 0.47% | | 4.04% | | – | | 4.75% |
Standardized Yield for the Period Ended September 30, 2018
| Class A | | Class C | | Class F | | Class F3 | | Class I |
| 2.31% | | 1.75% | | 2.47% | | 2.60% | | 2.57% |
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, 2018, 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 Performance is at net asset value.
8 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
9 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, 2018 through September 30, 2018).
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 4/1/18 – 9/30/18” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
16
Short Duration Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $ 1,000.00 | | $ 1,005.90 | | $ 3.27 | |
| Hypothetical (5% Return Before Expenses) | | $ 1,000.00 | | $ 1,021.81 | | $ 3.29 | |
| Class C | | | | | | | |
| Actual | | $ 1,000.00 | | $ 1,002.80 | | $ 6.33 | |
| Hypothetical (5% Return Before Expenses) | | $ 1,000.00 | | $ 1,018.75 | | $ 6.38 | |
| Class F | | | | | | | |
| Actual | | $ 1,000.00 | | $ 1,006.40 | | $ 2.77 | |
| Hypothetical (5% Return Before Expenses) | | $ 1,000.00 | | $ 1,022.31 | | $ 2.79 | |
| Class F3 | | | | | | | |
| Actual | | $ 1,000.00 | | $ 1,006.30 | | $ 2.16 | |
| Hypothetical (5% Return Before Expenses) | | $ 1,000.00 | | $ 1,022.90 | | $ 2.18 | |
| Class I | | | | | | | |
| Actual | | $ 1,000.00 | | $ 1,006.90 | | $ 2.26 | |
| Hypothetical (5% Return Before Expenses) | | $ 1,000.00 | | $ 1,022.81 | | $ 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, 0.43% for Class F3, and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 9.14 | % |
| AA+ | 4.47 | % |
| AA | 8.94 | % |
| AA- | 10.69 | % |
| A+ | 12.39 | % |
| A | 11.89 | % |
| A- | 15.08 | % |
| BBB+ | 9.24 | % |
| BBB | 3.65 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BBB- | 4.15 | % |
| BB+ | 0.30 | % |
| BB | 0.19 | % |
| BB- | 0.11 | % |
| B+ | 1.58 | % |
| B | 0.14 | % |
| B- | 0.34 | % |
| NR | 7.70 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
17
Intermediate Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,010.20 | | $3.53 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.56 | | $3.55 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,007.00 | | $6.64 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.45 | | $6.68 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,010.70 | | $3.02 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.06 | | $3.04 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,010.40 | | $2.32 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.80 | | $2.33 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,011.20 | | $2.52 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.56 | | $2.54 | |
| † | 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, 1.32% for Class C, 0.60% for Class F, 0.46% for Class F3, and 0.50% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 3.76 | % |
| AA+ | 5.82 | % |
| AA | 11.17 | % |
| AA- | 11.74 | % |
| A+ | 12.66 | % |
| A | 7.58 | % |
| A- | 10.80 | % |
| BBB+ | 8.89 | % |
| BBB | 3.54 | % |
| BBB- | 8.01 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BB+ | 1.90 | % |
| BB | 1.70 | % |
| BB- | 1.53 | % |
| B+ | 1.30 | % |
| B | 0.65 | % |
| B- | 1.91 | % |
| C | 0.81 | % |
| NR | 6.23 | % |
| 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
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,012.10 | | $3.03 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.06 | | $3.04 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,008.40 | | $6.14 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.95 | | $6.17 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,012.60 | | $2.52 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.56 | | $2.54 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,012.70 | | $1.82 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,023.30 | | $1.83 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,013.20 | | $2.02 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,023.06 | | $2.03 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.60% for Class A, 1.22% for Class C, 0.50% for Class F, 0.36% for Class F3, and 0.40% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 2.81 | % |
| AA+ | 4.10 | % |
| AA | 14.58 | % |
| AA- | 10.34 | % |
| A+ | 8.09 | % |
| A | 7.93 | % |
| A- | 12.00 | % |
| BBB+ | 11.02 | % |
| BBB | 6.13 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BBB- | 7.66 | % |
| BB+ | 0.45 | % |
| BB | 1.05 | % |
| BB- | 1.87 | % |
| B+ | 1.99 | % |
| B- | 1.56 | % |
| C | 1.28 | % |
| NR | 7.14 | % |
| Total | 100.00 | % |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
19
National Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,009.20 | | $3.88 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.21 | | $3.90 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,007.00 | | $7.04 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.05 | | $7.08 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,009.70 | | $3.38 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.71 | | $3.40 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,011.30 | | $2.67 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.40 | | $2.69 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,011.10 | | $2.87 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.21 | | $2.89 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.77% for Class A, 1.40% for Class C, 0.67% for Class F, 0.53% for Class F3, and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 1.44 | % |
| AA+ | 2.57 | % |
| AA | 12.98 | % |
| AA- | 10.19 | % |
| A+ | 9.33 | % |
| A | 8.61 | % |
| A- | 11.23 | % |
| BBB+ | 10.93 | % |
| BBB | 8.24 | % |
| BBB- | 10.78 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BB+ | 0.63 | % |
| BB | 1.07 | % |
| BB- | 2.14 | % |
| B+ | 1.13 | % |
| B | 0.24 | % |
| B- | 1.03 | % |
| CCC+ | 0.06 | % |
| C | 0.80 | % |
| NR | 6.60 | % |
| 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
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,034.40 | | $4.23 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,020.91 | | $4.20 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,030.30 | | $7.38 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.80 | | $7.33 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,034.00 | | $3.72 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.41 | | $3.70 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,034.80 | | $3.01 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.10 | | $2.99 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,034.50 | | $3.21 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.91 | | $3.19 | |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.83% for Class A, 1.45% for Class C, 0.73% for Class F, 0.59% for Class F3, and 0.63% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 0.96 | % |
| AA | 0.95 | % |
| AA- | 0.44 | % |
| A+ | 0.73 | % |
| A | 2.55 | % |
| A- | 3.41 | % |
| BBB+ | 6.96 | % |
| BBB | 3.28 | % |
| BBB- | 9.27 | % |
| BB+ | 7.36 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BB | 5.02 | % |
| BB- | 4.82 | % |
| B+ | 6.07 | % |
| B | 2.53 | % |
| B- | 5.00 | % |
| CCC+ | 0.70 | % |
| CCC | 0.35 | % |
| C | 5.35 | % |
| NR | 34.25 | % |
| 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
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,012.30 | | $2.77 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.31 | | $2.79 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,009.70 | | $6.05 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,019.05 | | $6.07 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,012.80 | | $2.27 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.81 | | $2.28 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,014.30 | | $1.46 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,023.60 | | $1.47 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,014.00 | | $1.77 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,023.31 | | $1.78 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.55% for Class A, 1.20% for Class C, 0.45% for Class F, 0.29% for Class F3, and 0.35% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 0.74 | % |
| AA+ | 0.77 | % |
| AA | 3.41 | % |
| AA- | 0.83 | % |
| A+ | 2.38 | % |
| A | 1.71 | % |
| A- | 10.26 | % |
| BBB+ | 8.57 | % |
| BBB | 8.24 | % |
| BBB- | 16.01 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BB+ | 7.45 | % |
| BB | 4.82 | % |
| BB- | 5.61 | % |
| B+ | 4.63 | % |
| B | 3.92 | % |
| B- | 4.49 | % |
| C | 2.44 | % |
| NR | 13.72 | % |
| 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
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,008.80 | | $3.98 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.11 | | $4.00 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,004.80 | | $7.04 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.05 | | $7.08 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,008.40 | | $3.47 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.61 | | $3.50 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,009.00 | | $2.77 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.31 | | $2.79 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,009.80 | | $2.97 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.11 | | $2.99 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.79% for Class A, 1.40% for Class C, 0.69% for Class F, 0.55% for Class F3, and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 183 /365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 0.41 | % |
| AA+ | 2.66 | % |
| AA | 20.04 | % |
| AA- | 16.40 | % |
| A+ | 8.25 | % |
| A | 4.92 | % |
| A- | 14.00 | % |
| BBB+ | 12.45 | % |
| BBB | 4.14 | % |
| BBB- | 2.31 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BB+ | 0.27 | % |
| BB | 0.76 | % |
| BB- | 1.88 | % |
| B- | 0.38 | % |
| B | 0.36 | % |
| CCC+ | 0.16 | % |
| CCC | 0.25 | % |
| C | 1.13 | % |
| NR | 9.23 | % |
| 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
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,015.90 | | $4.14 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,020.96 | | $4.15 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,016.40 | | $3.64 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.46 | | $3.65 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,017.00 | | $2.93 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.20 | | $2.94 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,016.90 | | $3.13 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.96 | | $3.14 | |
| † | 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, 0.58% for Class F3, and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 4.49 | % |
| AA+ | 2.24 | % |
| AA | 10.70 | % |
| AA- | 13.59 | % |
| A+ | 12.20 | % |
| A | 3.67 | % |
| A- | 6.49 | % |
| BBB+ | 27.88 | % |
| | | |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BBB | 3.09 | % |
| BBB- | 7.86 | % |
| BB+ | 0.84 | % |
| BB | 3.21 | % |
| BB- | 0.43 | % |
| C | 1.55 | % |
| NR | 1.76 | % |
| 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
Account
Value | | Ending
Account
Value | | Expenses
Paid During
Period† | |
| | | 4/1/18 | | 9/30/18 | | 4/1/18 -
9/30/18 | |
| Class A | | | | | | | |
| Actual | | $1,000.00 | | $1,009.00 | | $3.98 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.11 | | $4.00 | |
| Class C | | | | | | | |
| Actual | | $1,000.00 | | $1,005.00 | | $7.09 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.00 | | $7.13 | |
| Class F | | | | | | | |
| Actual | | $1,000.00 | | $1,009.50 | | $3.48 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,021.61 | | $3.50 | |
| Class F3 | | | | | | | |
| Actual | | $1,000.00 | | $1,009.30 | | $2.77 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.30 | | $2.79 | |
| Class I | | | | | | | |
| Actual | | $1,000.00 | | $1,009.10 | | $2.97 | |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,022.11 | | $2.99 | |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.79% for Class A, 1.41% for Class C, 0.69% for Class F, 0.55% for Class F3, and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2018
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| AAA | 13.95 | % |
| AA+ | 6.74 | % |
| AA | 12.75 | % |
| AA- | 10.05 | % |
| A+ | 8.28 | % |
| A | 2.07 | % |
| A- | 12.88 | % |
| BBB+ | 2.51 | % |
| BBB | 6.57 | % |
| Credit Rating: | | |
| S&P or Moody’s(a) | %* |
| BBB- | 12.70 | % |
| BB+ | 1.12 | % |
| BB- | 1.07 | % |
| B+ | 0.52 | % |
| B- | 0.58 | % |
| C | 1.84 | % |
| NR | 6.37 | % |
| 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, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 82.43% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 6.02% | | | | | | | | | | | | | | |
| Burke Co Dev–Oglethorpe Power | | 2.40% | #(c) | 1/1/2040 | | BBB+ | | $ | 3,005 | | | $ | 2,986,609 | |
| CA Poll Ctl–Waste Mgmt | | 1.55% | | 2/1/2019 | | A- | | | 3,475 | | | | 3,470,031 | |
| Downtown Doral CDD† | | 3.875% | | 12/15/2023 | | NR | | | 250 | | | | 249,290 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B | | | 1,925 | | | | 1,966,638 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 8,980 | | | | 9,668,766 | |
| Montgomery Co IDA–Peco Generation | | 2.50% | #(c) | 10/1/2030 | | BBB | | | 11,875 | | | | 11,854,219 | |
| Montgomery Co IDA–Peco Generation | | 2.55% | #(c) | 6/1/2029 | | BBB | | | 5,000 | | | | 4,990,200 | |
| Nez Perce CO Poll Ctl–Potlatch | | 2.75% | | 10/1/2024 | | BBB- | | | 925 | | | | 909,700 | |
| NH Bus Fin Auth–United Illuminating(d) | | 2.80% | #(c) | 10/1/2033 | | A- | | | 5,000 | | | | 5,000,000 | |
| Niagara Area Dev Corp–Covanta† | | 3.50% | | 11/1/2024 | | B1 | | | 750 | | | | 750,623 | |
| NJ EDA–Sch Facs | | 5.00% | | 11/1/2024 | | BBB+ | | | 5,000 | | | | 5,519,750 | |
| OR Bus Dev Comn–Intel Corp | | 2.40% | #(c) | 12/1/2040 | | A+ | | | 10,500 | | | | 10,456,740 | |
| St Charles Parish–Valero Energy | | 4.00% | #(c) | 12/1/2040 | | BBB | | | 8,500 | | | | 8,913,100 | |
| Valdez Marine Term–BP | | 5.00% | | 1/1/2021 | | A1 | | | 10,000 | | | | 10,574,100 | |
| Warren Co–Intl Paper | | 2.90% | #(c) | 9/1/2032 | | BBB | | | 4,250 | | | | 4,248,002 | |
| Total | | | | | | | | | | | | | 81,557,768 | |
| | | | | | | | | | | | | | | |
| Education 4.06% | | | | | | | | | | | | | | |
| CA State Univ Sys | | 5.00% | | 11/1/2020 | | Aa2 | | | 5,000 | | | | 5,332,650 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2019 | | B+ | | | 1,210 | | | | 1,232,687 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2022 | | B+ | | | 1,000 | | | | 1,042,240 | |
| Cleveland State Univ | | 5.00% | | 6/1/2019 | | A+ | | | 1,265 | | | | 1,289,870 | |
| Curators Univ Sys | | 5.00% | | 11/1/2019 | | AA+ | | | 5,000 | | | | 5,163,850 | |
| IA HI Ed–Wartburg Clg | | 2.50% | | 10/1/2020 | | BB- | (e) | | 1,875 | | | | 1,830,300 | |
| IL Fin Auth–Noble Chtr Sch | | 4.00% | | 9/1/2019 | | BBB | | | 875 | | | | 886,218 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.00% | | 10/1/2019 | | NR | | | 225 | | | | 228,022 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.00% | | 10/1/2024 | | NR | | | 1,535 | | | | 1,666,365 | |
| NY Dorm–Mt Sinai Sch Med | | 4.00% | | 7/1/2020 | | A- | | | 3,000 | | | | 3,094,080 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2021 | | A- | | | 2,000 | | | | 2,146,760 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2018 | | BBB- | | | 1,000 | | | | 1,004,060 | |
| PA Hi Ed–PA State Univ Sys | | 5.00% | | 6/15/2020 | | Aa3 | | | 3,710 | | | | 3,888,933 | |
| Texas A&M Univ | | 5.00% | | 5/15/2023 | | AAA | | | 11,355 | | | | 12,728,047 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2021 | | A3 | | | 445 | | | | 477,854 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2022 | | A3 | | | 1,000 | | | | 1,094,580 | |
| Univ of NC–Chapel Hill | 1.816%
(1 Mo. LIBOR * .67 + 0.40% | )# | 12/1/2041 | | AAA | | | 11,875 | | | | 11,889,844 | |
| Total | | | | | | | | | | | | | 54,996,360 | |
| 26 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| General Obligation 15.13% | | | | | | | | | | | | | | |
| CA State GO | 2.177%
(1 Mo. LIBOR * .70 + 0.70% | )# | 12/1/2028 | | AA- | | $ | 8,000 | | | $ | 8,053,680 | |
| CA State GO | 2.24%
(1 Mo. LIBOR * .70 + 0.76% | )# | 12/1/2031 | | AA- | | | 2,000 | | | | 2,018,660 | |
| CA State GO | | 5.00% | | 9/1/2020 | | AA- | | | 10,000 | | | | 10,599,200 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2020 | | B+ | | | 3,000 | | | | 3,022,170 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2021 | | B+ | | | 4,750 | | | | 4,782,110 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2021 | | B+ | | | 3,400 | | | | 3,422,984 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2022 | | B+ | | | 4,000 | | | | 4,016,600 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2022 | | B+ | | | 3,555 | | | | 3,569,753 | |
| Chicago GO | | 5.00% | | 1/1/2021 | | BBB+ | | | 6,355 | | | | 6,613,458 | |
| Chicago GO | | 5.25% | | 1/1/2023 | | BBB+ | | | 1,235 | | | | 1,319,536 | |
| Chicago GO | | 5.25% | | 1/1/2027 | | BBB+ | | | 1,665 | | | | 1,791,324 | |
| Chicago Met Water Reclmtn Dist | | 5.00% | | 12/1/2022 | | AA+ | | | 5,000 | | | | 5,503,700 | |
| CT State GO | | 5.00% | | 8/15/2021 | | A1 | | | 5,000 | | | | 5,345,350 | |
| CT State GO | | 5.00% | | 6/15/2022 | | A1 | | | 3,250 | | | | 3,519,945 | |
| CT State GO | | 5.00% | | 11/1/2022 | | A1 | | | 7,700 | | | | 8,262,408 | |
| HI State GO | | 5.00% | | 11/1/2021 | | AA+ | | | 5,000 | | | | 5,436,500 | |
| IL State GO | | 5.00% | | 8/1/2020 | | BBB- | | | 16,290 | | | | 16,856,566 | |
| IL State GO | | 5.00% | | 2/1/2021 | | BBB- | | | 3,000 | | | | 3,105,870 | |
| IL State GO | | 5.00% | | 11/1/2023 | | BBB- | | | 10,000 | | | | 10,530,500 | |
| IL State GO | | 5.00% | | 11/1/2026 | | BBB- | | | 5,240 | | | | 5,531,920 | |
| New Caney ISD | | 3.00% | #(c) | 2/15/2050 | | Aaa | | | 5,000 | | | | 5,095,150 | |
| NJ EDA–Motor Vehicle Surcharge Sub Rev | | 4.00% | | 7/1/2022 | | BBB+ | | | 3,500 | | | | 3,631,880 | |
| NYC GO | | 5.00% | | 8/1/2019 | | AA | | | 14,885 | | | | 15,264,270 | |
| NYC GO | | 5.00% | | 8/1/2019 | | AA | | | 5,585 | | | | 5,727,306 | |
| NYC GO | | 5.00% | | 8/1/2021 | | AA | | | 7,410 | | | | 7,993,093 | |
| NYC GO | | 5.00% | | 8/1/2022 | | AA | | | 3,200 | | | | 3,526,080 | |
| PA State GO | | 5.00% | | 8/15/2020 | | Aa3 | | | 10,000 | | | | 10,521,100 | |
| Philadelphia Sch Dist (The) | | 5.00% | | 9/1/2020 | | A2 | | | 2,500 | | | | 2,626,100 | |
| Philadelphia Sch Dist (The) | | 5.00% | | 9/1/2021 | | A2 | | | 930 | | | | 998,997 | |
| Philadelphia Sch Dist (The) | | 5.00% | | 9/1/2022 | | A2 | | | 550 | | | | 599,021 | |
| Philadelphia Sch Dist (The) | | 5.00% | | 9/1/2023 | | A2 | | | 500 | | | | 550,645 | |
| Rangely CO Hosp Dist | | 4.50% | | 11/1/2021 | | Baa3 | | | 5,755 | | | | 5,920,226 | |
| Scranton Sch Dist | | 2.287% | #(c) | 4/1/2031 | | A2 | | | 5,825 | | | | 5,839,329 | |
| WA State GO | | 5.00% | | 8/1/2020 | | AA+ | | | 3,000 | | | | 3,160,350 | |
| West Fargo GO | | 2.15% | | 5/1/2021 | | NR | | | 5,000 | | | | 4,988,750 | |
| WI State GO | | 5.00% | | 5/1/2020 | | Aa1 | | | 7,110 | | | | 7,444,668 | |
| | See Notes to Financial Statements. | 27 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| WI State GO | | 5.00% | | 11/1/2022 | | Aa1 | | $ | 5,000 | | | $ | 5,557,900 | |
| WV St GO | | 2.00% | | 6/1/2021 | | Aa2 | | | 2,105 | | | | 2,101,169 | |
| Total | | | | | | | | | | | | | 204,848,268 | |
| | | | | | | | | | | | | | | |
| Health Care 13.58% | | | | | | | | | | | | | | |
| AK IDA–Yukon Koskokwim Hlth | | 3.50% | | 12/1/2020 | | NR | | | 1,000 | | | | 1,009,420 | |
| Allegheny County Health Network | | 5.00% | | 4/1/2026 | | A | | | 2,500 | | | | 2,822,725 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2021 | | Ba3 | | | 1,430 | | | | 1,490,990 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | 3.41%
(MUNIPSA * 1 + 1.85% | )# | 2/1/2048 | | A- | | | 11,500 | | | | 11,628,340 | |
| CA Hlth–St Joseph Hlth | | 5.00% | #(c) | 7/1/2043 | | AA- | | | 5,000 | | | | 5,145,700 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2023 | | AA- | | | 2,000 | | | | 2,279,040 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2025 | | AA- | | | 3,100 | | | | 3,640,020 | |
| CA Stwde–Viamonte | | 3.00% | | 7/1/2026 | | AA- | | | 4,500 | | | | 4,545,810 | |
| CA Stwde–Viamonte | | 3.00% | | 7/1/2027 | | AA- | | | 2,250 | | | | 2,268,968 | |
| CO Hlth Facs–Christian Living Nghbrhds | | 4.00% | | 1/1/2021 | | NR | | | 350 | | | | 358,460 | |
| CT Hlth & Ed–Yale New Haven Hsp | 1.966%
(1 Mo. LIBOR * .67 + 0.55% | )# | 7/1/2049 | | AA- | | | 10,000 | | | | 10,001,000 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.00% | | 2/15/2025 | | Baa3 | | | 1,500 | | | | 1,633,665 | |
| DC Hsp–Childrens Ntl Hsp | | 5.00% | | 7/15/2021 | | A1 | | | 1,215 | | | | 1,304,363 | |
| Duluth EDA–St Lukes Hsp | | 4.75% | | 6/15/2022 | | NR | | | 2,735 | | | | 2,761,666 | |
| Eisenhower Med Ctr | | 5.00% | | 7/1/2026 | | Baa2 | | | 1,345 | | | | 1,520,724 | |
| Fairfax Co IDA–Inova Hlth | | 5.00% | | 5/15/2022 | | AA+ | | | 8,160 | | | | 8,962,454 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2023 | | NR | | | 500 | | | | 533,910 | |
| Greeneville Hlth–Ballad Hlth | | 5.00% | | 7/1/2021 | | A- | | | 1,750 | | | | 1,871,660 | |
| Greeneville Hlth–Ballad Hlth | | 5.00% | | 7/1/2022 | | A- | | | 2,000 | | | | 2,179,220 | |
| Greeneville Hlth–Ballad Hlth | | 5.00% | | 7/1/2023 | | A- | | | 1,500 | | | | 1,660,440 | |
| IL Fin Auth–Northwestern Mem Hlth | | 5.00% | #(c) | 7/15/2057 | | AA+ | | | 4,000 | | | | 4,413,280 | |
| IL Fin Auth–Plymouth Place | | 5.00% | | 5/15/2025 | | BB+ | (e) | | 1,225 | | | | 1,318,443 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2021 | | AA+ | | | 5,095 | | | | 5,429,792 | |
| IL Fin Auth–Presence Health | | 5.00% | | 2/15/2022 | | AA+ | | | 4,000 | | | | 4,356,280 | |
| IL Fin Auth–Rush Univ Med | | 5.00% | | 11/15/2020 | | A+ | | | 500 | | | | 528,610 | |
| IL Fin Auth–Rush Univ Med | | 5.00% | | 11/15/2021 | | A+ | | | 695 | | | | 750,941 | |
| Kanabec Co Hlth–Firstlight Hlth | | 2.75% | | 12/1/2019 | | NR | | | 2,600 | | | | 2,594,618 | |
| Karnes Co Hsp Dist | | 4.00% | | 2/1/2019 | | A | (e) | | 530 | | | | 532,157 | |
| Kirkwood IDA–Aberdeen Hts | | 5.00% | | 5/15/2022 | | BB | (e) | | 805 | | | | 854,121 | |
| Lancaster Co Hosp Auth–Bretheren Village | | 5.00% | | 7/1/2025 | | BB+ | (e) | | 650 | | | | 713,843 | |
| Lenexa KS Hlth Facs–Lakeview Village | | 5.00% | | 5/15/2022 | | BB+ | (e) | | 1,720 | | | | 1,832,230 | |
| 28 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
| Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Lenexa KS Hlth Facs–Lakeview Village | | 5.00% | | 5/15/2025 | | BB+ | (e) | $ | 990 | | | $ | 1,078,249 | |
| MA DFA–Partners Hlth | | 2.06%
(MUNIPSA * 1 + 0.50% | )# | 7/1/2038 | | AA- | | | 5,000 | | | | 5,025,100 | |
| MD Hlth & Hi Ed–Western MD Hlth Sys | | 5.00% | | 7/1/2020 | | BBB | | | 3,000 | | | | 3,136,770 | |
| MI Fin Auth–Henry Ford Hlth | | 5.00% | | 11/15/2022 | | A | | | 1,770 | | | | 1,939,230 | |
| MI Fin Auth–Trinity Health | | 5.00% | | 12/1/2026 | | AA- | | | 2,250 | | | | 2,626,807 | |
| Monroeville Pa Fin Auth–UPMC Hlth | | 3.00% | | 2/15/2023 | | A+ | | | 2,510 | | | | 2,558,769 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2020 | | Baa3 | | | 1,235 | | | | 1,267,616 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2021 | | Baa3 | | | 2,000 | | | | 2,087,200 | |
| Morgan Co Hosp–USDA Replacement Proj | | 2.75% | | 9/1/2019 | | NR | | | 2,030 | | | | 2,029,675 | |
| MS Equip Facs–MS Baptist Hlth | | 2.86%
(MUNIPSA * 1 + 1.30% | )# | 8/15/2036 | | BBB+ | | | 7,000 | | | | 7,058,590 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | 5.00% | | 2/15/2019 | | BB+ | | | 1,450 | | | | 1,460,919 | |
| Muskingum Co Hsp Facs–Genesis Hlthcare | | 5.00% | | 2/15/2020 | | BB+ | | | 1,305 | | | | 1,338,473 | |
| NC Med–Southminster | | 5.00% | | 10/1/2023 | | NR | | | 750 | | | | 813,330 | |
| New Hope Ed Facs–Childrens Hlth | | 5.00% | | 8/15/2023 | | Aa2 | | | 1,000 | | | | 1,121,230 | |
| NH Hlth & Ed–Hillside Village† | | 3.50% | | 7/1/2022 | | NR | | | 400 | | | | 400,544 | |
| NJ Hlth–Hackensack Meridian Hlth | | 5.00% | | 7/1/2026 | | AA- | | | 3,900 | | | | 4,537,923 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2021 | | AA | | | 900 | | | | 957,375 | |
| Northampton Co–St. Lukes Univ Hlth | | 2.52% | #(c) | 8/15/2048 | | A- | | | 8,000 | | | | 8,018,240 | |
| NY Dorm–Montefiore Ob Group | | 5.00% | | 8/1/2024 | | BBB | | | 1,500 | | | | 1,675,470 | |
| NY Dorm–Orange Regl Med Ctr† | | 4.00% | | 12/1/2019 | | BBB- | | | 1,500 | | | | 1,522,155 | |
| NY Dorm–Orange Regl Med Ctr† | | 4.00% | | 12/1/2020 | | BBB- | | | 1,000 | | | | 1,026,060 | |
| NY Dorm–Orange Regl Med Ctr† | | 4.00% | | 12/1/2021 | | BBB- | | | 1,200 | | | | 1,242,540 | |
| OH Hsp–Cleveland Clinic | | 5.00% | | 1/1/2021 | | AA | | | 3,440 | | | | 3,659,300 | |
| OK DFA–OU Med | | 5.00% | | 8/15/2025 | | Baa3 | | | 550 | | | | 614,191 | |
| OK DFA–OU Med | | 5.00% | | 8/15/2026 | | Baa3 | | | 800 | | | | 899,448 | |
| Owensboro Health | | 5.00% | | 6/1/2025 | | Baa3 | | | 1,400 | | | | 1,528,142 | |
| Palomar Hlth | | 5.00% | | 11/1/2021 | | BBB | | | 500 | | | | 531,480 | |
| Rockville Eco Dev–Ingleside at King Farm | | 2.50% | | 11/1/2024 | | BB | (e) | | 1,400 | | | | 1,375,108 | |
| San Buenaventura–Cmnty Mem Hlth | | 5.75% | | 12/1/2018 | | BB | | | 1,800 | | | | 1,809,432 | |
| Sartell Hlth Care–Country Manor | | 4.00% | | 9/1/2020 | | NR | | | 980 | | | | 1,005,990 | |
| SE Port Auth–Memorial Hlth | | 5.00% | | 12/1/2022 | | BB- | (e) | | 3,750 | | | | 3,872,025 | |
| South Central Reg Med Ctr | | 1.70% | | 3/1/2020 | | NR | | | 7,500 | | | | 7,404,750 | |
| South Miami Hlth Fac–Baptist Hlth | | 5.00% | | 8/15/2022 | | A1 | | | 1,000 | | | | 1,098,220 | |
| South Miami Hlth Fac–Baptist Hlth | | 5.00% | | 8/15/2023 | | A1 | | | 1,350 | | | | 1,508,382 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2019 | | NR | | | 1,230 | | | | 1,270,479 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2020 | | NR | | | 1,255 | | | | 1,330,300 | |
| | See Notes to Financial Statements. | 29 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) | |
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Tarrant Co Cultural–Buckner | | 3.875% | | 11/15/2022 | | NR | | $ | 550 | | | $ | 547,602 | |
| Tempe IDA–ASU Mirabella† | | 4.00% | | 10/1/2023 | | NR | | | 2,060 | | | | 2,068,240 | |
| Tulsa Co Industrial Auth–Montereau | | 5.00% | | 11/15/2026 | | BBB- | (e) | | 500 | | | | 554,455 | |
| WA Hlth–Fred Hutchinson Cancer Ctr | | 2.594%
(1 Mo. LIBOR * .67 + 1.10% | )# | 1/1/2042 | | A+ | | | 4,000 | | | | 4,044,600 | |
| WI Hlth & Ed–American Baptist | | 3.50% | | 8/1/2022 | | NR | | | 500 | | | | 499,095 | |
| WI Hlth & Ed–Tomah Hosp | | 2.65% | | 11/1/2020 | | NR | | | 3,375 | | | | 3,350,632 | |
| WI PFA–Mary’s Woods† | | 3.00% | | 11/15/2022 | | BB | (e) | | 1,100 | | | | 1,100,594 | |
| Total | | | | | | | | | | | | | 183,937,620 | |
| | | | | | | | | | | | | | | |
| Housing 0.10% | | | | | | | | | | | | | | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2022 | | Baa1 | | | 1,000 | | | | 1,086,330 | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2023 | | Baa3 | | | 100 | | | | 109,246 | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2026 | | Baa3 | | | 175 | | | | 196,072 | |
| Total | | | | | | | | | | | | | 1,391,648 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 5.21% | | | | | | | | | | | | | | |
| Buncombe Co Ltd Oblig | | 5.00% | | 6/1/2020 | | AA+ | | | 750 | | | | 787,125 | |
| CA Pub Wks–Dept of Correction | | 5.00% | | 1/1/2020 | | A+ | | | 5,000 | | | | 5,201,400 | |
| CA Pub Wks–Lease Rev | | 5.00% | | 10/1/2026 | | A+ | | | 1,500 | | | | 1,778,655 | |
| CA Pub Wks–Lease Rev | | 5.00% | | 10/1/2027 | | A+ | | | 3,300 | | | | 3,961,023 | |
| Comm of PA COPS | | 5.00% | | 7/1/2023 | | A2 | | | 500 | | | | 550,195 | |
| Comm of PA COPS | | 5.00% | | 7/1/2025 | | A2 | | | 500 | | | | 558,705 | |
| KY Ppty & Bldgs Commn–Proj #112 | | 5.00% | | 11/1/2021 | | A1 | | | 5,000 | | | | 5,379,100 | |
| KY Ppty & Bldgs Commn–Proj #84 (NPFGC)(FGIC) | | 5.00% | | 8/1/2020 | | A1 | | | 5,000 | | | | 5,239,550 | |
| Los Angeles Co Pub Wks | | 5.00% | | 8/1/2019 | | AA | | | 1,000 | | | | 1,027,670 | |
| New Jersey Transp Tr Fnd Auth | | 5.00% | | 6/15/2019 | | BBB+ | | | 1,250 | | | | 1,273,438 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2021 | | BBB+ | | | 4,490 | | | | 4,746,424 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2022 | | BBB+ | | | 2,310 | | | | 2,467,311 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2022 | | Baa1 | | | 900 | | | | 965,214 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2022 | | BBB+ | | | 515 | | | | 552,317 | |
| NJ EDA–Sch Facs | | 5.00% | | 11/1/2022 | | BBB+ | | | 3,275 | | | | 3,535,166 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2023 | | BBB+ | | | 3,565 | | | | 3,853,016 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2025 | | BBB+ | | | 5,205 | | | | 5,596,572 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2025 | | Baa1 | | | 1,250 | | | | 1,379,163 | |
| NJ EDA–Sch Facs (AMBAC) | | 5.50% | | 12/15/2019 | | BBB+ | | | 5,565 | | | | 5,771,461 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2019 | | BBB+ | | | 7,460 | | | | 7,599,875 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2021 | | A+ | | | 4,500 | | | | 4,767,840 | |
| 30 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) | |
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| South Florida Wtr Mgt Dist COP | | 5.00% | | 10/1/2022 | | AA | | $ | 1,500 | | | $ | 1,653,825 | |
| Twin Rivers USD COP (AGM) | | 3.20% | #(c) | 6/1/2041 | | AA | | | 1,910 | | | | 1,912,005 | |
| Total | | | | | | | | | | | | | 70,557,050 | |
| | | | | | | | | | | | | | | |
| Other Revenue 2.80% | | | | | | | | | | | | | | |
| Black Belt Energy–RBC | | 4.00% | #(c) | 8/1/2047 | | Aa2 | | | 2,125 | | | | 2,225,853 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2022 | | BBB- | | | 1,250 | | | | 1,361,225 | |
| CA Infra & Econ Dev–Segerstrom Center | | 5.00% | | 7/1/2023 | | A- | | | 5,725 | | | | 6,440,911 | |
| CA Infra–Paul Getty Trust | 1.995%
(3 Mo. LIBOR * .70 + 0.37% | )# | 4/1/2038 | | AAA | | | 7,500 | | | | 7,515,825 | |
| CA St Infra–LA Co Museum of Art | 2.22%
(1 Mo. LIBOR * .70 + 0.65% | )# | 12/1/2050 | | A3 | | | 4,000 | | | | 4,009,440 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 6/1/2022 | | A1 | | | 4,040 | | | | 4,322,315 | |
| Miami Dade Co IDA–Waste Mgmt | | 1.75% | #(c) | 9/1/2027 | | A- | | | 4,900 | | | | 4,875,010 | |
| Phoenix IDA–Basis Schs† | | 3.00% | | 7/1/2020 | | BB | | | 740 | | | | 731,904 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2022 | | A3 | | | 5,800 | | | | 6,357,844 | |
| Total | | | | | | | | | | | | | 37,840,327 | |
| | | | | | | | | | | | | | | |
| Special Tax 1.16% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2022 | | Ba1 | | | 1,050 | | | | 1,109,062 | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2023 | | Ba1 | | | 250 | | | | 266,063 | |
| Brea Redev Agy | | 5.00% | | 8/1/2019 | | AA- | | | 2,000 | | | | 2,054,660 | |
| Brea Redev Agy | | 5.00% | | 8/1/2020 | | AA- | | | 2,100 | | | | 2,222,388 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 1/1/2026 | | AA | | | 5,000 | | | | 5,643,300 | |
| Peninsula Town Center† | | 4.00% | | 9/1/2023 | | NR | | | 225 | | | | 230,535 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2022 | | AA | | | 3,370 | | | | 3,724,625 | |
| Village CDD #12† | | 3.25% | | 5/1/2023 | | NR | | | 500 | | | | 501,850 | |
| Total | | | | | | | | | | | | | 15,752,483 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 2.19% | | | | | | | | | | | | | | |
| FL Dept Env Protn–Florida Forever | | 5.00% | | 7/1/2022 | | AA- | | | 3,410 | | | | 3,751,512 | |
| IL State Sales Tax | | 5.00% | | 6/15/2024 | | AA- | | | 7,245 | | | | 7,975,079 | |
| Jefferson Co–Sch Warrant | | 5.00% | | 9/15/2023 | | AA | | | 2,000 | | | | 2,230,560 | |
| MD Dept Trans | | 4.00% | | 9/1/2026 | | AAA | | | 4,750 | | | | 5,247,847 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2021 | | AAA | | | 5,260 | | | | 5,717,567 | |
| Phoenix Civic Impt Corp–Light Rail Proj | | 5.00% | | 7/1/2019 | | AA | | | 4,670 | | | | 4,776,756 | |
| Total | | | | | | | | | | | | | 29,699,321 | |
| | See Notes to Financial Statements. | 31 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Tobacco 3.71% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | $ | 4,780 | | | $ | 4,739,657 | |
| Golden St Tobacco | | 5.00% | | 6/1/2020 | | A+ | | | 5,300 | | | | 5,570,406 | |
| Inland Empire Tobacco | | 4.625% | | 6/1/2021 | | NR | | | 1,545 | | | | 1,545,355 | |
| PA Tob Settlement | | 5.00% | | 6/1/2022 | | A1 | | | 2,250 | | | | 2,434,207 | |
| PA Tob Settlement | | 5.00% | | 6/1/2023 | | A1 | | | 1,125 | | | | 1,239,188 | |
| Railsplitter Tobacco Settlement Auth | | 5.25% | | 6/1/2021 | | A | | | 16,010 | | | | 17,158,717 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 4,000 | | | | 3,963,480 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2019 | | A | | | 4,990 | | | | 5,094,441 | |
| Tobacco Settlement Fin Corp NJ | | 3.20% | | 6/1/2027 | | BBB+ | | | 6,825 | | | | 6,814,558 | |
| TSASC | | 5.00% | | 6/1/2021 | | A | | | 1,500 | | | | 1,600,005 | |
| Total | | | | | | | | | | | | | 50,160,014 | |
| | | | | | | | | | | | | | | |
| Transportation 10.21% | | | | | | | | | | | | | | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2026 | | AA- | | | 5,000 | | | | 5,603,100 | |
| Bay Area Toll Auth | | 2.186%
(3 Mo. LIBOR * .70 + 0.55% | )# | 4/1/2045 | | AA | | | 10,800 | | | | 10,865,988 | |
| Bay Area Toll Auth | | 2.26%
(MUNIPSA * 1 + 0.70% | )# | 4/1/2047 | | AA | | | 8,000 | | | | 8,020,960 | |
| Bay Area Toll Auth | | 4.00% | | 4/1/2029 | | AA- | | | 1,200 | | | | 1,317,744 | |
| Central TX Mobility Auth | | 5.00% | #(c) | 1/1/2045 | | BBB+ | | | 5,000 | | | | 5,232,350 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2021 | | A | | | 1,500 | | | | 1,589,850 | |
| Chicago Trans Auth | | 5.00% | | 6/1/2025 | | NR | | | 2,000 | | | | 2,227,120 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2022 | | AA | | | 455 | | | | 494,253 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2023 | | AA | | | 1,000 | | | | 1,104,780 | |
| Denver City & Co Arpt | | 2.34%
(1 Mo. LIBOR * .70 + 0.86% | )# | 11/15/2031 | | A+ | | | 2,890 | | | | 2,895,202 | |
| E470 Pub Hwy Auth | | 2.544%
(1 Mo. LIBOR * .67 + 1.05% | )# | 9/1/2039 | | A | | | 2,000 | | | | 2,017,780 | |
| E470 Pub Hwy Auth | | 5.00% | | 9/1/2019 | | A | | | 1,000 | | | | 1,027,570 | |
| Grand Parkway Trans Corp | | 5.00% | | 2/1/2023 | | A- | (e) | | 10,000 | | | | 11,002,500 | |
| Harris Co Toll Rd | | 5.00% | | 8/15/2021 | | Aa2 | | | 1,500 | | | | 1,618,740 | |
| IL Reg Trans Dist | | 5.00% | | 7/1/2024 | | AA | (e) | | 2,000 | | | | 2,237,640 | |
| IL Toll Hwy Auth | | 5.00% | | 12/1/2019 | | AA- | | | 7,500 | | | | 7,751,175 | |
| Illinois St Toll Hwy Auth | | 5.00% | | 1/1/2024 | | AA- | | | 7,215 | | | | 8,104,177 | |
| LA Offshore Term Auth–LOOP | | 2.00% | #(c) | 10/1/2040 | | BBB+ | | | 2,000 | | | | 1,966,680 | |
| MTA NY | | 5.00% | | 5/15/2021 | | NR | | | 15,000 | | | | 16,060,200 | |
| NC Tpk Auth–Triangle Exprs (AGM) | | 5.00% | | 1/1/2028 | | AA | | | 1,500 | | | | 1,716,495 | |
| NH Turnpike Sys | | 5.00% | | 10/1/2021 | | A+ | | | 5,000 | | | | 5,403,950 | |
| NJ Tpk Auth | | 2.23%
(1 Mo. LIBOR * .70 + 0.75% | )# | 1/1/2030 | | NR | | | 2,500 | | | | 2,523,175 | |
| 32 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| NJ Tpk Auth | | 5.00% | | 1/1/2020 | | A+ | | $ | 5,000 | | | $ | 5,189,400 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2027 | | A2 | | | 3,200 | | | | 3,740,768 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2023 | | A+ | | | 7,210 | | | | 7,867,552 | |
| North TX Twy Auth | | 5.00% | | 1/1/2020 | | A+ | | | 2,500 | | | | 2,591,225 | |
| North TX Twy Auth | | 5.00% | | 1/1/2023 | | A+ | | | 4,050 | | | | 4,477,801 | |
| Port Auth NY & NJ–JFK IAT | | 5.00% | | 12/1/2020 | | Baa1 | | | 4,465 | | | | 4,610,693 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2021 | | AA- | | | 5,000 | | | | 5,457,650 | |
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | | 5.50% | | 11/15/2021 | | A+ | | | 1,650 | | | | 1,817,442 | |
| Wayne Co Arpt | | 5.00% | | 12/1/2022 | | A2 | | | 1,500 | | | | 1,647,990 | |
| Total | | | | | | | | | | | | | 138,181,950 | |
| | | | | | | | | | | | | | | |
| Utilities 18.26% | | | | | | | | | | | | | | |
| American Muni Pwr–Hydroelec Proj | | 2.25% | #(c) | 2/15/2048 | | A | | | 6,500 | | | | 6,430,320 | |
| CA Dept Wtr Res Wtr–Central Valley | | 1.93%
(MUNIPSA * 1 + 1.37% | )# | 12/1/2035 | | AAA | | | 8,500 | | | | 8,544,710 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2019 | | NR | | | 205 | | | | 212,638 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2027 | | BBB+ | | | 1,305 | | | | 1,476,164 | |
| Chicago Wastewater | | 5.00% | | 1/1/2021 | | A | | | 1,000 | | | | 1,054,260 | |
| Chicago Wastewater | | 5.00% | | 1/1/2022 | | A | | | 2,000 | | | | 2,150,400 | |
| Chicago Water | | 5.00% | | 11/1/2021 | | A | | | 1,125 | | | | 1,205,449 | |
| Chicago Water | | 5.00% | | 11/1/2022 | | A | | | 1,000 | | | | 1,090,300 | |
| Chicago Water | | 5.00% | | 11/1/2022 | | A | | | 5,680 | | | | 6,192,904 | |
| Chicago Water (AGM) | | 5.00% | | 11/1/2028 | | AA | | | 2,500 | | | | 2,837,350 | |
| City of Rockport Poll Ctl–IN MI Pwr | | 3.05% | | 6/1/2025 | | A- | | | 3,500 | | | | 3,491,530 | |
| CO Public Auth–ML | | 5.75% | | 11/15/2018 | | A- | | | 1,660 | | | | 1,667,005 | |
| Detroit Water | | 5.00% | | 7/1/2021 | | AA- | | | 420 | | | | 449,312 | |
| Detroit Water | | 5.00% | | 7/1/2022 | | AA- | | | 500 | | | | 545,555 | |
| Dev–GA Power | | 2.35% | #(c) | 7/1/2022 | | Baa1 | | | 1,500 | | | | 1,497,435 | |
| Escambia Co PCR–Gulf Power | | 2.60% | | 6/1/2023 | | A2 | | | 3,000 | | | | 2,977,770 | |
| Farmington Poll Ctl–NM Pub Svc | | 1.875% | #(c) | 4/1/2033 | | BBB+ | | | 4,000 | | | | 3,910,120 | |
| Guam Pwr Auth (AGM) | | 5.00% | | 10/1/2019 | | AA | | | 1,000 | | | | 1,027,670 | |
| Houston Util Sys | | 5.00% | | 5/15/2020 | | AA | | | 5,000 | | | | 5,234,450 | |
| IL Fin Auth–Peoples Gas | | 1.875% | #(c) | 2/1/2033 | | Aa3 | | | 6,500 | | | | 6,441,435 | |
| JEA Elec Sys | | 5.00% | | 10/1/2020 | | A+ | | | 635 | | | | 669,684 | |
| KY Muni Pwr–Prairie State Proj | | 3.45% | #(c) | 9/1/2042 | | A- | | | 1,700 | | | | 1,681,317 | |
| KY Pub Energy Auth–Peak Energy | | 4.00% | #(c) | 4/1/2048 | | A3 | | | 15,435 | | | | 16,203,817 | |
| Lehigh Co IDA–PPL Elec Util | | 1.80% | #(c) | 2/15/2027 | | A1 | | | 10,660 | | | | 10,279,118 | |
| Lehigh Co IDA–PPL Elec Util | | 1.80% | #(c) | 9/1/2029 | | A1 | | | 3,000 | | | | 2,891,670 | |
| | See Notes to Financial Statements. | 33 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Long Island Power Auth | | 2.36%
(1 Mo. USD-LIBOR-BBA | )# | 5/1/2033 | | A- | | $ | 10,000 | | | $ | 10,000,100 | |
| Long Island Power Auth | | 5.00% | | 9/1/2026 | | A- | | | 500 | | | | 581,440 | |
| Long Island Power Auth | | 5.00% | | 9/1/2027 | | A- | | | 500 | | | | 585,800 | |
| Louisa IDA–VA Elec & Pwr Co | | 1.85% | #(c) | 11/1/2035 | | A2 | | | 7,750 | | | | 7,735,120 | |
| Main St Nat Gas–RBC | | 4.00% | #(c) | 4/1/2048 | | Aa2 | | | 8,000 | | | | 8,418,880 | |
| Maricopa Co Poll Ctl–NM Pub Svc | | 2.40% | #(c) | 6/1/2043 | | BBB+ | | | 7,500 | | | | 7,492,575 | |
| Mason Cnty Poll Ctrl–Appalachian Power(d) | | 2.75% | | 10/1/2022 | | A- | | | 27,500 | | | | 27,510,450 | |
| MEAG–Proj 1 | | 5.00% | | 1/1/2021 | | A | | | 7,000 | | | | 7,394,030 | |
| MI Strat Fund–Detroit Edison | | 1.45% | #(c) | 9/1/2030 | | Aa3 | | | 2,000 | | | | 1,918,980 | |
| Monroe Co PCR–Gulf Power | | 2.00% | #(c) | 9/1/2037 | | A2 | | | 6,000 | | | | 5,916,360 | |
| PEAK Energy–BP | | 4.00% | #(c) | 1/1/2049 | | A1 | | | 9,275 | | | | 9,794,029 | |
| Peninsula Ports Auth–Dominion | | 1.55% | #(c) | 10/1/2033 | | BBB | | | 3,000 | | | | 2,990,550 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2020 | | A | | | 2,000 | | | | 2,099,140 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2022 | | A | | | 750 | | | | 819,780 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2023 | | A | | | 850 | | | | 943,645 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2024 | | A | | | 800 | | | | 898,160 | |
| Philadelphia Water & Wastewater | | 5.00% | | 11/1/2023 | | A1 | | | 900 | | | | 1,011,735 | |
| Portland Sewer Sys | | 5.00% | | 10/1/2022 | | Aa1 | | | 5,000 | | | | 5,545,050 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2018 | | NR | | | 2,000 | | | | 1,310,000 | |
| SA Energy Acquisition Pub Fac–Goldman Sachs | | 5.50% | | 8/1/2021 | | A3 | | | 4,350 | | | | 4,713,008 | |
| SE AL Gas Dist–Goldman Sachs | | 4.00% | #(c) | 4/1/2049 | | A3 | | | 14,250 | | | | 14,974,612 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2020 | | AA | | | 1,000 | | | | 1,058,560 | |
| TEAC–Goldman Sachs | | 4.00% | #(c) | 5/1/2048 | | A3 | | | 8,850 | | | | 9,272,322 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2018 | | A3 | | | 3,000 | | | | 3,017,430 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2019 | | A3 | | | 1,000 | | | | 1,032,180 | |
| Wise Co IDA–VA Elec & Pwr Co | | 2.15% | #(c) | 10/1/2040 | | A2 | | | 13,430 | | | | 13,387,427 | |
| WV EDA–Appalachian Pwr | | 2.625% | #(c) | 12/1/2042 | | A- | | | 3,000 | | | | 2,988,000 | |
| York Co EDA–VA Elec & Pwr Co | | 1.875% | #(c) | 5/1/2033 | | A2 | | | 3,750 | | | | 3,743,400 | |
| Total | | | | | | | | | | | | | 247,315,146 | |
| Total Municipal Bonds (cost $1,120,628,568) | | | | | | | | | | | | | 1,116,237,955 | |
| 34 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
| Investments | | | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS 19.55% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Municipal Bond Fund 0.74% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| General Obligation 0.74% | | | | | | | | | | | | | | | | |
New Brunswick GO
(cost $10,079,827) | | | | 3.00% | | 5/30/2019 | | NR | | $ | 10,000 | | | $ | 10,064,100 | |
| | | | | | | | | | | | | | | | | |
|
|
Interest
Rate# |
| Interest
Rate
Reset
Date(g) |
|
Final
Maturity
Date |
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 18.81% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 3.33% | | | | | | | | | | | | | | | | |
| Columbia IDB–Alabama Pwr | | 1.67% | | 10/1/2018 | | 12/1/2037 | | A1 | | | 25,050 | | | | 25,050,000 | |
| St James Parish–Nucor Steel | | 1.70% | | 10/3/2018 | | 11/1/2040 | | A- | | | 20,000 | | | | 20,000,000 | |
| Total | | | | | | | | | | | | | | | 45,050,000 | |
| | | | | | | | | | | | | | | | | |
| Education 0.32% | | | | | | | | | | | | | | | | |
| Met Govt Nashville H & E–Fisk Univ | | 1.85% | | 10/4/2018 | | 12/1/2020 | | NR | | | 4,335 | | | | 4,335,000 | |
| | | | | | | | | | | | | | | | | |
| Health Care 6.42% | | | | | | | | | | | | | | | | |
| AR DFA–Baptist Mem Hlth | | 2.13% | | 10/4/2018 | | 9/1/2044 | | BBB+ | | | 15,000 | | | | 15,000,000 | |
| Methodist Le Bonheur Health | | 1.63% | | 10/1/2018 | | 6/1/2042 | | AA | | | 2,800 | | | | 2,800,000 | |
| NJ Hlth–Christian Hlth Care Ctr | | 1.85% | | 10/4/2018 | | 7/1/2038 | | BBB+ | | | 6,545 | | | | 6,545,000 | |
| NM Hsp–Presbyterian Hlthcare | | 1.69% | | 10/1/2018 | | 8/1/2034 | | AA | | | 2,800 | | | | 2,800,000 | |
| NYC Muni Water | | 1.63% | | 10/1/2018 | | 6/15/2045 | | AAA | | | 10,015 | | | | 10,015,000 | |
| OH Hosp–Univ Hosp Hlth Sys | | 1.81% | | 10/4/2018 | | 1/15/2033 | | A | | | 29,720 | | | | 29,720,000 | |
| WV United Health Sys | | 1.82% | | 10/4/2018 | | 6/1/2033 | | A | | | 20,000 | | | | 20,000,000 | |
| Total | | | | | | | | | | | | | | | 86,880,000 | |
| | | | | | | | | | | | | | | | | |
| Housing 0.62% | | | | | | | | | | | | | | | | |
| IN Hsg & Cmnty Dev–SF Mtge Rev (GNMA) | 1.88% | | 10/1/2018 | | 7/1/2047 | | Aaa | | | 8,400 | | | | 8,400,000 | |
| | | | | | | | | | | | | | | | |
| Money Market Securities 1.10% | | | | | | | | | | | | | | | | |
| NYC TFA | | 1.72% | | 10/1/2018 | | 11/1/2022 | | AAA | | | 14,900 | | | | 14,900,000 | |
| | | | | | | | | | | | | | | | | |
| Other Revenue 0.87% | | | | | | | | | | | | | | | | |
| Pima Co IDA–Clark Co Detention† | | 1.76% | | 10/4/2018 | | 9/1/2033 | | AA | | | 6,500 | | | | 6,500,000 | |
| WI Hlth & Ed–Maranatha Baptist | | 2.31% | | 10/4/2018 | | 8/1/2026 | | BBB+ | | | 5,300 | | | | 5,300,000 | |
| Total | | | | | | | | | | | | | | | 11,800,000 | |
| | See Notes to Financial Statements. | 35 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate# |
| Interest
Rate
Reset
Date(g) |
|
Final
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) | |
| Fair
Value |
|
| | | | | | | | | | | | | | | | | |
| Tax Revenue 1.49% | | | | | | | | | | | | | | | | |
| NYC TFA | | 1.67% | | 10/1/2018 | | 8/1/2045 | | AAA | | $ | 10,300 | | | $ | 10,300,000 | |
| NYC TFA–Future Tax | | 1.73% | | 10/1/2018 | | 11/1/2022 | | AAA | | | 9,930 | | | | 9,930,000 | |
| Total | | | | | | | | | | | | | | | 20,230,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 4.66% | | | | | | | | | | | | | | | | |
| Appling Co Dev–GA Power | | 1.94% | | 10/1/2018 | | 9/1/2041 | | A- | | | 28,250 | | | | 28,250,000 | |
| Gainesville Utilities | | 1.58% | | 10/3/2018 | | 10/1/2038 | | AA- | | | 18,900 | | | | 18,900,000 | |
| NYC Muni Water | | 1.73% | | 10/1/2018 | | 8/1/2031 | | AAA | | | 15,945 | | | | 15,945,000 | |
| Total | | | | | | | | | | | | | | | 63,095,000 | |
| Total Variable Rate Demand Notes (cost $254,690,000) | | | | | | | | | | | 254,690,000 | |
| Total Short-Term Investments (cost $264,769,827) | | | | | | | | | | | | | 264,754,100 | |
| Total Investments in Securities 101.98% (cost $1,385,398,395) | | | | | | | | | | | 1,380,992,055 | |
| Liabilities in Excess of Cash and Other Assets (1.98%) | | | | | | | | | | | (26,873,334 | ) |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 1,354,118,721 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
| 36 | See Notes to Financial Statements. | |
Schedule of Investments (concluded)
SHORT DURATION TAX FREE FUND September 30, 2018
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | – | | | $ | 1,116,237,955 | | | $ | – | | | $ | 1,116,237,955 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bond | | | – | | | | 10,064,100 | | | | – | | | | 10,064,100 | |
| Variable Rate Demand Notes | | | – | | | | 254,690,000 | | | | – | | | | 254,690,000 | |
| Total | | $ | – | | | $ | 1,380,992,055 | | | $ | – | | | $ | 1,380,992,055 | |
| | (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, 2018. |
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, 2017 | | $ | 2,501,100 | |
| Accrued Discounts (Premiums) | | | – | |
| Realized Gain (Loss) | | | – | |
| Change in Unrealized Appreciation (Depreciation) | | | – | |
| Purchases | | | – | |
| Sales | | | – | |
| Transfers into Level 3 | | | – | |
| Transfers out of Level 3 | | | (2,501,100 | ) |
| Balance as of September 30, 2018 | | $ | – | |
| Change in unrealized appreciation/depreciation for year ended September 30, 2018 related to Level 3 investments held at September 30, 2018 | | $ | – | |
| | See Notes to Financial Statements. | 37 |
Schedule of Investments
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 97.92% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 7.43% | | | | | | | | | | | | | | |
| AL IDA–Office Max Rmkt AMT | | 6.45% | #(c) | 12/1/2023 | | B3 | | $ | 2,300 | | | $ | 2,299,747 | |
| Arista Met District | | 5.00% | | 12/1/2038 | | NR | | | 1,240 | | | | 1,258,178 | |
| Babylon IDA–Covanta | | 5.00% | | 1/1/2019 | | AA | | | 4,000 | | | | 4,030,360 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 4.50% | | 1/1/2025 | | NR | | | 3,600 | | | | 3,894,732 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 5.00% | | 1/1/2035 | | NR | | | 550 | | | | 584,793 | |
| Burke Co Dev–Oglethorpe Power | | 2.40% | #(c) | 1/1/2040 | | BBB+ | | | 4,000 | | | | 3,975,520 | |
| CA Poll Ctl–Waste Mgmt AMT | | 3.00% | | 11/1/2025 | | A- | | | 9,850 | | | | 9,824,882 | |
| Chandler AZ IDR–Intel Corp AMT | | 2.70% | #(c) | 12/1/2037 | | A+ | | | 7,250 | | | | 7,217,085 | |
| Citizens Property Insurance Corp | | 5.00% | | 6/1/2022 | | A+ | | | 12,500 | | | | 13,547,750 | |
| Downtown Doral CDD† | | 4.25% | | 12/15/2028 | | NR | | | 250 | | | | 246,325 | |
| Downtown Doral CDD† | | 4.75% | | 12/15/2038 | | NR | | | 625 | | | | 613,019 | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | | 1,750 | | | | 1,870,295 | |
| Greater Orlando Aviation–Jet Blue AMT | | 5.00% | | 11/15/2026 | | NR | | | 2,980 | | | | 3,172,955 | |
| Houston Arpt–United Airlines AMT | | 5.00% | | 7/15/2028 | | BB | | | 2,400 | | | | 2,679,144 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B | | | 10,000 | | | | 10,654,200 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.50% | | 12/1/2022 | | B | | | 15 | | | | 15,057 | |
| IA Fin Auth–Iowa Fertilizer Co† | | 5.875% | | 12/1/2026 | | B | | | 3,365 | | | | 3,535,807 | |
| IN Fin Auth–US Steel | | 6.00% | | 12/1/2019 | | B | | | 3,195 | | | | 3,277,048 | |
| Indianapolis Local Pub Impt–IND Arpt AMT | | 5.00% | | 1/1/2026 | | A1 | | | 9,425 | | | | 10,468,442 | |
| Indianapolis Local Pub Impt–IND Arpt AMT | | 5.00% | | 1/1/2027 | | A1 | | | 8,300 | | | | 9,174,156 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2026 | | BB- | | | 12,750 | | | | 13,344,660 | |
| LA Citizens Property Insurance Corp (AGM) | | 5.00% | | 6/1/2022 | | AA | | | 2,000 | | | | 2,187,900 | |
| LA Env Facs–Westlake Chem | | 3.50% | | 11/1/2032 | | BBB | | | 8,850 | | | | 8,581,137 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 6,780 | | | | 7,300,026 | |
| Love Field Arpt–Southwest Airlines AMT | | 5.00% | | 11/1/2028 | | A3 | | | 1,800 | | | | 1,931,526 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2022 | | NR | | | 1,500 | | | | 1,517,475 | |
| Martin Co IDA–Indiantown Cogen AMT† | | 4.20% | | 12/15/2025 | | BBB+ | | | 6,000 | | | | 6,105,420 | |
| Matagorda Co Nav Dist–AEP TX Central | | 4.00% | | 6/1/2030 | | A- | | | 8,000 | | | | 8,264,720 | |
| MD EDC–Chesapeake Bay Hyatt(f) | | 5.00% | | 12/1/2016 | | NR | | | 2,570 | | | | 1,692,988 | |
| National Finance Authority–Covanta AMT† | | 4.00% | | 11/1/2027 | | B1 | | | 2,975 | | | | 2,977,410 | |
| Nez Perce CO Poll Ctl–Potlatch | | 2.75% | | 10/1/2024 | | BBB- | | | 10,500 | | | | 10,326,330 | |
| Niagara Area Dev Corp–Covanta† | | 3.50% | | 11/1/2024 | | B1 | | | 4,650 | | | | 4,653,859 | |
| NJ EDA–Continental Airlines AMT | | 4.875% | | 9/15/2019 | | BB | | | 850 | | | | 866,541 | |
| NJ EDA–Continental Airlines AMT | | 5.125% | | 9/15/2023 | | BB | | | 6,775 | | | | 7,267,949 | |
| NJ EDA–Continental Airlines AMT | | 5.25% | | 9/15/2029 | | BB | | | 13,820 | | | | 14,931,681 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2030 | | A- | (e) | | 2,000 | | | | 2,201,220 | |
| 38 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2033 | | A- | (e) | $ | 2,000 | | | $ | 2,177,860 | |
| NY Energy RDA–NYSEGC | | 3.50% | | 10/1/2029 | | A- | | | 8,200 | | | | 8,133,416 | |
| NY Trans Dev Corp–American Airlines AMT | | 5.00% | | 8/1/2021 | | BB- | | | 4,960 | | | | 5,246,440 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 3,415 | | | | 3,497,336 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2022 | | BBB | | | 2,330 | | | | 2,529,215 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 3,500 | | | | 3,710,490 | |
| OH Air Quality–Pratt Paper AMT† | | 3.75% | | 1/15/2028 | | NR | | | 1,800 | | | | 1,804,140 | |
| OH Air Quality–Pratt Paper AMT† | | 4.25% | | 1/15/2038 | | NR | | | 3,750 | | | | 3,787,088 | |
| OK DFA–Waste Mgmt | | 2.375% | #(c) | 12/1/2021 | | A- | | | 1,665 | | | | 1,651,164 | |
| Richland Co Env Impt–Intl Paper AMT | | 3.875% | | 4/1/2023 | | BBB | | | 6,715 | | | | 7,084,929 | |
| Rockdale Co Dev Auth–Pratt Paper AMT† | | 4.00% | | 1/1/2038 | | NR | | | 1,200 | | | | 1,191,972 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 7,710 | | | | 8,206,678 | |
| St Charles Parish–Valero Energy | | 4.00% | #(c) | 12/1/2040 | | BBB | | | 13,400 | | | | 14,051,240 | |
| Tulsa Mun Arpt–American Airlines AMT | | 5.00% | #(c) | 6/1/2035 | | BB- | | | 5,000 | | | | 5,322,800 | |
| VA Small Bus Fing–Covanta AMT† | | 5.00% | #(c) | 1/1/2048 | | B | | | 440 | | | | 450,604 | |
| Valdez Marine Term–BP | | 5.00% | | 1/1/2021 | | A1 | | | 10,000 | | | | 10,574,100 | |
| Valparaiso Facs–Pratt Paper AMT | | 5.875% | | 1/1/2024 | | NR | | | 1,105 | | | | 1,216,174 | |
| Valparaiso Facs–Pratt Paper AMT | | 6.75% | | 1/1/2034 | | NR | | | 5,000 | | | | 5,767,250 | |
| Warren Co–Intl Paper | | 2.90% | #(c) | 9/1/2032 | | BBB | | | 7,500 | | | | 7,496,475 | |
| West Pace Coop Dist(f) | | 9.125% | | 5/1/2039 | | NR | | | 4,900 | | | | 2,842,000 | (i) |
| Whiting Env Facs–BP AMT | | 5.00% | #(c) | 11/1/2045 | | A1 | | | 6,855 | | | | 7,510,201 | |
| Whiting Env Facs–BP Rmkt | | 5.25% | | 1/1/2021 | | A1 | | | 5,000 | | | | 5,314,250 | |
| WI PFA–TRIPS AMT | | 5.25% | | 7/1/2028 | | BBB | | | 3,750 | | | | 4,015,125 | |
| WI Pub Fin Auth–Celanese AMT† | | 4.30% | | 11/1/2030 | | BBB- | | | 2,125 | | | | 2,180,271 | |
| WI Pub Fin Auth–Celanese AMT† | | 5.00% | | 12/1/2025 | | BBB- | | | 6,500 | | | | 7,274,215 | |
| Total | | | | | | | | | | | | | 309,525,770 | |
| | | | | | | | | | | | | | | |
| Education 5.20% | | | | | | | | | | | | | | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2028 | | Baa1 | | | 420 | | | | 463,634 | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2030 | | Baa1 | | | 430 | | | | 472,144 | |
| CA State Univ Sys | | 5.00% | | 11/1/2024 | | Aa2 | | | 5,000 | | | | 5,450,600 | |
| CA State Univ Sys | | 5.00% | | 11/1/2026 | | Aa2 | | | 2,750 | | | | 3,256,220 | |
| Carnegie Mellon Univ | | 5.00% | | 8/1/2028 | | AA | | | 2,000 | | | | 2,366,100 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2034 | | B+ | | | 3,000 | | | | 3,093,240 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2036 | | B+ | | | 9,000 | | | | 9,239,040 | |
| Clemson Univ | | 5.00% | | 5/1/2027 | | Aa2 | | | 5,700 | | | | 6,639,873 | |
| Cleveland State Univ | | 5.00% | | 6/1/2024 | | A+ | | | 1,775 | | | | 1,918,686 | |
| | See Notes to Financial Statements. | 39 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Education (continued) | | | | | | | | | | | | | | |
| Clifton Higher Ed–Intl Ldrshp Sch | | 5.125% | | 8/15/2030 | | NR | | $ | 3,500 | | | $ | 3,539,165 | |
| CT Hlth & Ed–Quinnipiac Univ | | 5.00% | | 7/1/2033 | | A- | | | 8,230 | | | | 9,074,974 | |
| Cuyahoga CCD | | 5.00% | | 8/1/2020 | | Aa2 | | | 1,800 | | | | 1,868,580 | |
| Frederick Co Ed Fac–Mount St Mary’s Univ† | | 5.00% | | 9/1/2032 | | BB+ | | | 2,400 | | | | 2,580,624 | |
| Frederick Co Ed Fac–Mount St Mary’s Univ† | | 5.00% | | 9/1/2037 | | BB+ | | | 1,000 | | | | 1,060,460 | |
| Fulton Co Dev–GA Tech Athletic Assoc | | 5.00% | | 10/1/2022 | | A2 | | | 7,480 | | | | 8,172,274 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2020 | | Baa3 | | | 1,000 | | | | 1,000,730 | |
| IL Fin Auth–IL Inst of Tech | | 6.50% | | 2/1/2023 | | Baa3 | | | 2,000 | | | | 2,020,620 | |
| IL Fin Auth–Loyola Univ Chicago | | 5.00% | | 7/1/2025 | | A1 | | | 8,620 | | | | 9,321,754 | |
| IL Fin Auth–Noble Chtr Sch | | 5.00% | | 9/1/2025 | | BBB | | | 1,500 | | | | 1,615,500 | |
| IL Fin Auth–Roosevelt Univ | | 6.50% | | 4/1/2039 | | Ba3 | | | 2,000 | | | | 2,086,200 | |
| IL Fin Auth–Univ Chicago | | 5.00% | | 10/1/2030 | | Aa2 | | | 8,000 | | | | 8,965,440 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2021 | | BBB | | | 2,855 | | | | 3,041,689 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2026 | | BBB+ | | | 5,135 | | | | 5,678,899 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2027 | | BBB+ | | | 2,700 | | | | 2,977,911 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2028 | | BBB+ | | | 1,810 | | | | 1,986,620 | |
| MA DFA–Emmanuel College | | 5.00% | | 10/1/2032 | | Baa2 | | | 5,000 | | | | 5,468,150 | |
| MA Hlth & Ed–Harvard Univ | | 5.25% | | 11/15/2019 | | NR | | | 695 | | | | 697,877 | |
| NC Cap Facs–High Point Univ | | 5.00% | | 5/1/2032 | | A- | | | 2,500 | | | | 2,655,200 | |
| NH Hlth & Ed–Univ Sys of NH | | 5.50% | | 7/1/2020 | | AA- | | | 1,890 | | | | 1,940,614 | |
| NJ Ed Facs–Montclair State Univ | | 5.00% | | 7/1/2027 | | A2 | | | 3,560 | | | | 4,099,233 | |
| Nova Southeastern Univ | | 5.00% | | 4/1/2037 | | A- | | | 5,000 | | | | 5,482,950 | |
| Nova Southeastern Univ | | 5.00% | | 4/1/2038 | | A- | | | 2,500 | | | | 2,733,125 | |
| NV Dept of Bus & Ind–Somerset Academy† | | 4.50% | | 12/15/2029 | | BB | | | 750 | | | | 755,468 | |
| NV Dept of Bus & Ind–Somerset Academy† | | 5.00% | | 12/15/2038 | | BB | | | 1,000 | | | | 1,016,250 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2026 | | A- | | | 5,000 | | | | 5,661,950 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2027 | | A- | | | 10,000 | | | | 11,297,700 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2026 | | Aa2 | | | 1,600 | | | | 1,882,544 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2021 | | BBB- | | | 1,845 | | | | 1,963,357 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | BBB- | | | 980 | | | | 1,076,932 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2026 | | BBB- | | | 980 | | | | 1,064,153 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2026 | | Aa3 | | | 2,000 | | | | 2,297,880 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2027 | | Aa3 | | | 4,880 | | | | 5,567,885 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2027 | | Aa3 | | | 500 | | | | 572,475 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2028 | | Aa3 | | | 4,110 | | | | 4,664,932 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2029 | | Aa3 | | | 2,750 | | | | 3,128,565 | |
| Pima IDA–American Leadership Acad† | | 4.75% | | 6/15/2037 | | NR | | | 4,500 | | | | 4,502,745 | |
| 40 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Education (continued) | | | | | | | | | | | | | | |
| Private Clgs & Univs Auth–SCAD | | 5.00% | | 4/1/2029 | | Baa1 | | $ | 1,500 | | | $ | 1,639,860 | |
| Private Clgs & Univs Auth–SCAD | | 5.00% | | 4/1/2031 | | Baa1 | | | 1,360 | | | | 1,478,932 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2024 | | A3 | | | 1,000 | | | | 1,127,300 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2025 | | A3 | | | 2,630 | | | | 2,996,122 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2026 | | A3 | | | 1,000 | | | | 1,142,710 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2027 | | A3 | | | 1,600 | | | | 1,818,128 | |
| Univ of CA | | 5.00% | #(c) | 5/15/2048 | | AA | | | 10,000 | | | | 11,317,200 | |
| Univ of Houston | | 5.00% | | 2/15/2029 | | AA | | | 10,280 | | | | 11,783,553 | |
| Univ of NC–Chapel Hill | | 1.816%
(1 Mo. LIBOR * .67 + 0.40% | )# | 12/1/2041 | | AAA | | | 7,125 | | | | 7,133,906 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2023 | | A1 | | | 2,435 | | | | 2,709,278 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2024 | | A1 | | | 2,560 | | | | 2,884,429 | |
| Western MI Univ (AGC) | | 5.25% | | 11/15/2020 | | AA | | | 3,980 | | | | 3,996,039 | |
| Total | | | | | | | | | | | | | 216,448,419 | |
| | | | | | | | | | | | | | | |
| Financial Services 0.63% | | | | | | | | | | | | | | |
| Berks Co IDA–Tower Hlth | | 4.00% | | 11/1/2031 | | A | | | 2,280 | | | | 2,326,991 | |
| Berks Co IDA–Tower Hlth | | 5.00% | | 11/1/2030 | | A | | | 1,315 | | | | 1,474,878 | |
| MA Ed Fin Auth AMT | | 3.625% | | 7/1/2034 | | AA | | | 15,000 | | | | 14,830,650 | |
| NJ Higher Ed Assistance Auth AMT | | 3.75% | | 12/1/2030 | | Aaa | | | 2,350 | | | | 2,313,786 | |
| NJ Higher Ed Assistance Auth AMT | | 4.00% | | 12/1/2032 | | Aaa | | | 2,690 | | | | 2,722,199 | |
| NJ Higher Ed Assistance Auth AMT | | 4.00% | | 12/1/2034 | | Aaa | | | 2,400 | | | | 2,424,864 | |
| Total | | | | | | | | | | | | | 26,093,368 | |
| | | | | | | | | | | | | | | |
| General Obligation 17.56% | | | | | | | | | | | | | | |
| Bellwood GO | | 5.875% | | 12/1/2027 | | A | | | 5,000 | | | | 5,577,200 | |
| Bellwood GO | | 6.15% | | 12/1/2032 | | A | | | 3,770 | | | | 4,237,706 | |
| CA State GO | | 2.24%
(1 Mo. LIBOR * .70 + 0.76% | )# | 12/1/2031 | | AA- | | | 5,000 | | | | 5,046,650 | |
| CA State GO | | 5.00% | | 9/1/2021 | | AA- | | | 15,500 | | | | 16,869,425 | |
| CA State GO | | 5.00% | | 2/1/2022 | | AA- | | | 20,000 | | | | 21,991,200 | |
| CA State GO | | 5.00% | | 3/1/2025 | | AA- | | | 7,000 | | | | 8,143,590 | |
| CA State GO | | 5.00% | | 10/1/2027 | | AA- | | | 10,000 | | | | 11,165,400 | |
| CA State GO | | 5.00% | | 11/1/2027 | | Aa3 | | | 5,000 | | | | 6,014,250 | |
| CA State GO | | 5.00% | | 9/1/2030 | | AA- | | | 10,000 | | | | 11,495,900 | |
| CA State GO | | 5.25% | | 3/1/2022 | | AA- | | | 6,320 | | | | 6,638,402 | |
| CA State GO | | 5.25% | | 9/1/2024 | | AA- | | | 10,000 | | | | 10,974,900 | |
| Carmel IN–Bond Bank | | 5.00% | | 7/15/2027 | | AA | | | 2,305 | | | | 2,676,704 | |
| Chabot/Las Positas CCD | | 5.00% | | 8/1/2023 | | AA | | | 3,000 | | | | 3,410,880 | |
| | See Notes to Financial Statements. | 41 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Chicago Brd Ed | | 5.00% | | 12/1/2022 | | B+ | | $ | 13,200 | | | $ | 13,222,440 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2029 | | B+ | | | 3,000 | | | | 3,136,050 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2030 | | B+ | | | 3,100 | | | | 3,232,835 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 3,100 | | | | 3,125,699 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 1,500 | | | | 1,559,310 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2032 | | B+ | | | 1,200 | | | | 1,245,456 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2033 | | B+ | | | 900 | | | | 930,384 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2034 | | B+ | | | 475 | | | | 489,093 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2035 | | B+ | | | 450 | | | | 462,245 | |
| Chicago Brd Ed† | | 6.75% | | 12/1/2030 | | B+ | | | 5,000 | | | | 6,024,600 | |
| Chicago GO | | 5.00% | | 1/1/2022 | | BBB+ | | | 7,770 | | | | 8,187,871 | |
| Chicago GO | | 5.00% | | 1/1/2024 | | BBB+ | | | 15,000 | | | | 16,106,400 | |
| Chicago GO | | 5.00% | | 1/1/2025 | | BBB+ | | | 7,000 | | | | 7,559,790 | |
| Chicago GO | | 5.00% | | 1/1/2031 | | BBB+ | | | 2,210 | | | | 2,343,440 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 7,625 | | | | 7,916,351 | |
| Chicago GO | | 5.125% | | 1/1/2027 | | BBB+ | | | 3,100 | | | | 3,313,869 | |
| Chicago GO | | 5.25% | | 1/1/2028 | | BBB+ | | | 3,845 | | | | 4,136,720 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 1,000 | | | | 1,065,060 | |
| Chicago GO | | 5.625% | | 1/1/2030 | | BBB+ | | | 1,835 | | | | 2,061,788 | |
| Chicago GO | | 6.00% | | 1/1/2038 | | BBB+ | | | 17,835 | | | | 20,104,860 | |
| Chicago Met Water Reclmtn Dist | | 5.00% | | 12/1/2027 | | AA+ | | | 4,600 | | | | 5,290,368 | |
| Chicago Met Water Reclmtn Dist | | 5.00% | | 12/1/2028 | | AA+ | | | 6,715 | | | | 7,675,581 | |
| Clackamas Co Sch Dist–North Clackamas | | 5.00% | | 6/15/2025 | | AA+ | | | 1,450 | | | | 1,650,593 | |
| Clark Co GO | | 5.00% | | 11/1/2027 | | AA+ | | | 10,775 | | | | 12,294,598 | |
| Clark CO Sch Dist | | 5.00% | | 6/15/2027 | | A+ | | | 6,500 | | | | 7,345,195 | |
| Cook Co GO | | 5.00% | | 11/15/2020 | | AA- | | | 5,000 | | | | 5,304,300 | |
| Cook Co GO | | 5.00% | | 11/15/2021 | | AA- | | | 5,000 | | | | 5,421,300 | |
| Cook Co GO | | 5.00% | | 11/15/2025 | | AA- | | | 6,000 | | | | 6,527,100 | |
| Cook CO GO | | 5.25% | | 11/15/2023 | | AA- | | | 10,510 | | | | 11,398,200 | |
| CT State GO | | 4.00% | | 6/15/2037 | | A1 | | | 775 | | | | 773,954 | |
| CT State GO | | 5.00% | | 10/15/2024 | | A1 | | | 7,500 | | | | 8,221,950 | |
| CT State GO | | 5.00% | | 10/15/2028 | | A1 | | | 12,500 | | | | 13,961,125 | |
| CT State GO | | 5.00% | | 6/15/2032 | | A1 | | | 1,000 | | | | 1,112,010 | |
| CT State GO | | 5.00% | | 6/15/2034 | | A1 | | | 1,100 | | | | 1,212,794 | |
| CT State GO | | 5.00% | | 6/15/2035 | | A1 | | | 1,125 | | | | 1,235,554 | |
| Eaton Area Pk & Rec Dist | | 5.50% | | 12/1/2030 | | NR | | | 240 | | | | 255,850 | |
| Fresno USD (NPFGC)(FGIC) | | 5.25% | | 2/1/2024 | | A+ | | | 3,285 | | | | 3,763,132 | |
| 42 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Geneva USD | | 5.00% | | 1/1/2028 | | AA+ | | $ | 1,125 | | | $ | 1,289,149 | |
| Geneva USD | | 5.00% | | 1/1/2029 | | AA+ | | | 2,200 | | | | 2,508,902 | |
| Geneva USD | | 5.00% | | 1/1/2030 | | AA+ | | | 1,400 | | | | 1,591,114 | |
| HI State GO | | 5.00% | | 8/1/2026 | | AA+ | | | 7,590 | | | | 8,626,566 | |
| HI State GO | | 5.00% | | 10/1/2026 | | AA+ | | | 5,500 | | | | 6,473,610 | |
| Honolulu GO | | 5.00% | | 10/1/2029 | | Aa1 | | | 10,000 | | | | 11,450,700 | |
| Houston GO | | 5.00% | | 3/1/2023 | | AA | | | 4,000 | | | | 4,450,760 | |
| Houston GO | | 5.00% | | 3/1/2024 | | AA | | | 2,000 | | | | 2,262,480 | |
| IL State GO | | 5.00% | | 7/1/2022 | | BBB- | | | 6,500 | | | | 6,809,010 | |
| IL State GO | | 5.00% | | 8/1/2023 | | BBB- | | | 5,350 | | | | 5,625,792 | |
| IL State GO | | 5.00% | | 8/1/2024 | | BBB- | | | 14,565 | | | | 15,139,735 | |
| IL State GO | | 5.00% | | 11/1/2026 | | BBB- | | | 10,000 | | | | 10,557,100 | |
| IL State GO | | 5.00% | | 1/1/2027 | | BBB- | | | 12,010 | | | | 12,650,253 | |
| IL State GO | | 5.00% | | 11/1/2027 | | BBB- | | | 5,000 | | | | 5,275,050 | |
| IL State GO | | 5.00% | | 2/1/2028 | | BBB- | | | 13,620 | | | | 14,349,079 | |
| IL State GO | | 5.00% | | 11/1/2028 | | BBB- | | | 21,280 | | | | 22,438,483 | |
| IL State GO | | 5.00% | | 2/1/2029 | | BBB- | | | 5,440 | | | | 5,703,949 | |
| IL State GO | | 5.00% | | 11/1/2029 | | BBB- | | | 2,800 | | | | 2,924,712 | |
| IL State GO | | 5.00% | | 10/1/2032 | | BBB- | | | 8,300 | | | | 8,685,618 | |
| IL State GO | | 5.00% | | 10/1/2033 | | BBB- | | | 5,000 | | | | 5,228,200 | |
| IL State GO | | 5.25% | | 7/1/2030 | | BBB- | | | 5,430 | | | | 5,715,672 | |
| IL State GO | | 5.25% | | 2/1/2034 | | BBB- | | | 3,295 | | | | 3,452,106 | |
| IL State GO | | 5.50% | | 7/1/2038 | | BBB- | | | 5,000 | | | | 5,272,400 | |
| IL State GO | | 6.00% | | 5/1/2026 | | BBB- | | | 6,000 | | | | 6,719,520 | |
| LA State GO | | 5.00% | | 5/1/2028 | | AA- | | | 11,180 | | | | 12,655,760 | |
| Los Angeles CCD | | 5.00% | | 8/1/2024 | | AA+ | | | 7,250 | | | | 8,423,847 | |
| Lubbock GO | | 5.00% | | 2/15/2026 | | AA+ | | | 11,810 | | | | 13,456,078 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2022 | | AA | | | 2,250 | | | | 2,462,355 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2023 | | AA | | | 2,500 | | | | 2,766,825 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2024 | | AA | | | 4,000 | | | | 4,455,920 | |
| MA State GO | | 5.00% | | 8/1/2024 | | Aa1 | | | 5,000 | | | | 5,723,750 | |
| MA State GO | | 5.00% | | 9/1/2024 | | Aa1 | | | 1,505 | | | | 1,657,411 | |
| Nassau Co GO | | 5.00% | | 1/1/2025 | | A+ | | | 6,515 | | | | 7,394,916 | |
| Nassau Co GO (AGM) | | 5.00% | | 1/1/2026 | | AA | | | 10,000 | | | | 11,547,000 | |
| NJ State GO | | 5.00% | | 6/1/2027 | | A- | | | 3,650 | | | | 4,173,227 | |
| NJ State GO | | 5.00% | | 6/1/2029 | | A- | | | 5,000 | | | | 5,583,850 | |
| NV State GO | | 5.00% | | 11/1/2026 | | AA | | | 7,500 | | | | 8,596,725 | |
| | See Notes to Financial Statements. | 43 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2021 | | AA | | $ | 1,500 | | | $ | 1,626,180 | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2023 | | AA | | | 2,500 | | | | 2,819,450 | |
| NYC GO | | 5.00% | | 10/1/2021 | | AA | | | 6,000 | | | | 6,497,400 | |
| NYC GO | | 5.00% | | 8/1/2022 | | AA | | | 10,010 | | | | 10,789,078 | |
| NYC GO | | 5.00% | | 8/1/2025 | | AA | | | 12,000 | | | | 13,391,400 | |
| NYC GO | | 5.00% | | 8/1/2026 | | AA | | | 5,235 | | | | 5,680,237 | |
| PA State GO | | 4.00% | | 3/1/2038 | | Aa3 | | | 8,020 | | | | 8,120,330 | |
| PA State GO | | 5.00% | | 1/15/2028 | | Aa3 | | | 10,000 | | | | 11,410,000 | |
| Peralta CCD | | 5.00% | | 8/1/2021 | | AA- | | | 3,000 | | | | 3,253,290 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2026 | | A2 | | | 500 | | | | 565,830 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2027 | | A2 | | | 600 | | | | 682,668 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2028 | | A2 | | | 500 | | | | 572,725 | |
| Philadelphia Sch Dist (AGM) | | 5.00% | | 6/1/2030 | | AA | | | 5,000 | | | | 5,581,000 | |
| Philadelphia Sch Dist (AGM) | | 5.00% | | 6/1/2031 | | AA | | | 5,000 | | | | 5,558,350 | |
| Port Oakland AMT | | 5.00% | | 11/1/2025 | | A | | | 2,875 | | | | 3,282,589 | |
| PR Comwlth GO (AGM) | | 5.25% | | 7/1/2024 | | AA | | | 855 | | | | 916,902 | |
| PR Comwlth GO (AMBAC) | | 5.50% | | 7/1/2019 | | Ca | | | 550 | | | | 561,083 | |
| PR Comwlth GO TCRS (AMBAC) | | 4.50% | | 7/1/2023 | | Ca | | | 1,620 | | | | 1,621,037 | |
| PR Pub Bldg Auth GTD (AMBAC) | | 10.00% | #(c) | 7/1/2035 | | Ca | | | 4,245 | | | | 4,503,011 | |
| Reedy Creek Impt Dist GO | | 4.00% | | 6/1/2031 | | AA- | | | 2,240 | | | | 2,358,966 | |
| RI State GO | | 5.00% | | 8/1/2022 | | AA | | | 6,480 | | | | 7,137,850 | |
| RI State GO | | 5.00% | | 8/1/2029 | | AA | | | 7,500 | | | | 8,769,900 | |
| San Francisco Co USD | | 5.00% | | 6/15/2027 | | Aa2 | | | 5,000 | | | | 5,694,550 | |
| TX State GO | | 5.00% | | 10/1/2026 | | AAA | | | 10,000 | | | | 11,309,500 | |
| VT EDA–Casella Waste AMT† | | 4.625% | #(c) | 4/1/2036 | | B- | | | 750 | | | | 741,202 | |
| WA State GO | | 5.00% | | 8/1/2022 | | AA+ | | | 14,245 | | | | 15,370,070 | |
| WA State GO | | 5.00% | | 1/1/2024 | | AA+ | | | 5,000 | | | | 5,176,800 | |
| WA State GO | | 5.00% | | 7/1/2031 | | AA+ | | | 3,500 | | | | 3,927,700 | |
| Wake Co Ltd Ob | | 4.00% | | 12/1/2031 | | AA+ | | | 5,000 | | | | 5,300,000 | |
| Total | | | | | | | | | | | | | 731,226,794 | |
| | | | | | | | | | | | | | | |
| Health Care 14.24% | | | | | | | | | | | | | | |
| AL PFA–AL Proton Therapy† | | 6.85% | | 10/1/2047 | | NR | | | 2,160 | | | | 2,076,084 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 5.00% | | 11/15/2024 | | BB- | (e) | | 4,000 | | | | 4,103,600 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 5.625% | | 11/15/2029 | | BB- | (e) | | 1,000 | | | | 1,036,270 | |
| Allegheny County Health Network | | 5.00% | | 4/1/2030 | | A | | | 4,750 | | | | 5,333,727 | |
| Allegheny County Health Network | | 5.00% | | 4/1/2031 | | A | | | 6,000 | | | | 6,696,180 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2031 | | Ba3 | | | 7,000 | | | | 7,510,020 | |
| 44 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| AR DFA–Baptist Mem Hlth | | 3.11%
(MUNIPSA * 1 + 1.55% | )# | 9/1/2044 | | BBB+ | | $ | 12,000 | | | $ | 12,245,400 | |
| Atlantic Bch Hlth–Fleet Landing | | 5.00% | | 11/15/2028 | | BBB | (e) | | 2,020 | | | | 2,168,652 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | 3.41%
(MUNIPSA * 1 + 1.85% | )# | 2/1/2048 | | A- | | | 14,500 | | | | 14,661,820 | |
| AZ Hlth Facs–Phoenix Childrens Hsp | | 5.00% | | 2/1/2030 | | A- | | | 6,000 | | | | 6,420,720 | |
| Banner Health | | 5.00% | | 1/1/2028 | | AA- | | | 5,000 | | | | 5,886,050 | |
| Blaine Sr Hsg & Hlthcare–Crest View | | 5.125% | | 7/1/2025 | | NR | | | 3,450 | | | | 3,377,584 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2022 | | BBB+ | | | 1,540 | | | | 1,693,584 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2023 | | BBB+ | | | 1,000 | | | | 1,098,900 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2024 | | BBB+ | | | 2,000 | | | | 2,187,940 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2025 | | BBB+ | | | 4,880 | | | | 5,322,616 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2026 | | BBB+ | | | 3,705 | | | | 4,030,484 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2029 | | BBB+ | | | 1,300 | | | | 1,404,195 | |
| CA Hlth–Lucile Packard Childrens Hsp | | 5.00% | | 8/15/2031 | | A+ | | | 1,150 | | | | 1,324,030 | |
| CA Hlth–Lucile Packard Childrens Hsp | | 5.00% | | 8/15/2032 | | A+ | | | 1,250 | | | | 1,431,575 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2032 | | AA- | | | 2,000 | | | | 2,322,200 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2033 | | AA- | | | 2,450 | | | | 2,829,872 | |
| CA Hlth–Sutter Hlth | | 5.00% | | 11/15/2034 | | AA- | | | 3,350 | | | | 3,855,012 | |
| CA Hlth Facs–Cedars-Sinai Med Ctr | | 5.00% | | 11/15/2026 | | Aa3 | | | 5,000 | | | | 5,856,700 | |
| CA Muni Fin–Cmnty Med Ctrs | | 5.00% | | 2/1/2030 | | A- | | | 3,305 | | | | 3,667,327 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.00% | | 12/1/2033 | | BB- | | | 1,000 | | | | 1,098,800 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2029 | | BB- | | | 5,000 | | | | 5,513,150 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2034 | | BB- | | | 4,500 | | | | 4,901,760 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.25% | | 12/1/2038 | | BB- | | | 1,500 | | | | 1,647,720 | |
| CA Stwde–So Cal Presbyterian† | | 6.25% | | 11/15/2019 | | BBB+ | (e) | | 700 | | | | 719,782 | |
| Camden CO Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2023 | | BBB+ | | | 3,000 | | | | 3,288,990 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2024 | | BBB+ | | | 3,730 | | | | 4,140,263 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2025 | | BBB+ | | | 1,250 | | | | 1,373,738 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2027 | | BBB+ | | | 1,000 | | | | 1,087,090 | |
| Church Home of Hartford† | | 3.25% | | 9/1/2021 | | BB | (e) | | 130 | | | | 130,027 | |
| Clarke Co Hsp–Piedmont Hlth | | 5.00% | | 7/1/2029 | | AA- | | | 7,090 | | | | 8,073,950 | |
| Clarke Co Hsp–Piedmont Hlth | | 5.00% | | 7/1/2030 | | AA- | | | 4,500 | | | | 5,097,870 | |
| CO Hlth Facs–American Baptist | | 7.00% | | 8/1/2019 | | NR | | | 470 | | | | 481,186 | |
| CO Hlth Facs–Christian Living Cmnty | | 5.125% | | 1/1/2030 | | NR | | | 600 | | | | 618,114 | |
| CO Hlth Facs–Christian Living Nghbrhds | | 5.00% | | 1/1/2031 | | NR | | | 1,400 | | | | 1,467,480 | |
| CO Hlth Facs–Valley View Hosp | | 2.80% | #(c) | 5/15/2042 | | A- | | | 2,510 | | | | 2,510,929 | |
| Comanche Co Hsp Auth | | 5.00% | | 7/1/2022 | | BB+ | | | 2,435 | | | | 2,565,613 | |
| Cumberland Co Mun Auth–Asbury | | 5.25% | | 1/1/2032 | | NR | | | 1,200 | | | | 1,229,736 | |
| | See Notes to Financial Statements. | 45 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Cuyahoga Co Hsp–Metrohealth | | 5.00% | | 2/15/2037 | | NR | | $ | 5,000 | | | $ | 5,283,200 | |
| DC Hsp–Childrens Ntl Hsp | | 5.00% | | 7/15/2026 | | A1 | | | 1,700 | | | | 1,949,713 | |
| Decatur Hsp–Wise Hlth | | 5.00% | | 9/1/2034 | | BBB- | | | 4,825 | | | | 5,113,197 | |
| Decatur Hsp–Wise Hlth | | 5.25% | | 9/1/2029 | | BBB- | | | 800 | | | | 868,840 | |
| Duluth EDA–St Lukes Hsp | | 5.75% | | 6/15/2032 | | NR | | | 4,250 | | | | 4,586,812 | |
| Eden Twp Hlthcare Dist COP | | 5.375% | | 6/1/2023 | | NR | | | 3,085 | | | | 3,215,897 | |
| Eisenhower Med Ctr | | 5.00% | | 7/1/2029 | | Baa2 | | | 900 | | | | 1,011,015 | |
| Eisenhower Med Ctr | | 5.00% | | 7/1/2031 | | Baa2 | | | 1,500 | | | | 1,671,795 | |
| Eisenhower Med Ctr | | 5.00% | | 7/1/2033 | | Baa2 | | | 1,000 | | | | 1,107,370 | |
| Fairfax Co EDA–Vinson Hall | | 4.50% | | 12/1/2032 | | BBB+ | (e) | | 2,500 | | | | 2,582,425 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2031 | | NR | | | 1,000 | | | | 1,047,850 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2033 | | NR | | | 1,000 | | | | 1,041,190 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2038 | | NR | | | 1,000 | | | | 1,032,120 | |
| Franklin Hlth–Proton Therapy† | | 6.50% | | 6/1/2027 | | NR | | | 5,000 | | | | 5,038,950 | |
| Gaithersburg Econ Dev–Asbury | | 5.65% | | 1/1/2019 | | BBB | (e) | | 2,000 | | | | 2,019,580 | |
| Glendale IDA–Beatitudes | | 5.00% | | 11/15/2036 | | NR | | | 1,500 | | | | 1,528,530 | |
| Greeneville Hlth–Ballad Hlth | | 5.00% | | 7/1/2035 | | A- | | | 3,300 | | | | 3,673,923 | |
| Greeneville Hlth–Ballad Hlth | | 5.00% | | 7/1/2036 | | A- | | | 3,000 | | | | 3,326,910 | |
| Greeneville Hlth–Ballad Hlth | | 5.00% | | 7/1/2037 | | A- | | | 12,000 | | | | 13,245,480 | |
| Guadalupe Co–Seguin City Hospital | | 5.25% | | 12/1/2035 | | BB | | | 3,000 | | | | 3,160,710 | |
| Hanover Co EDA–Covenant Woods | | 4.50% | | 7/1/2030 | | NR | | | 2,790 | | | | 2,836,007 | |
| Harris Co Cultural Ed–Brazos | | 6.375% | | 1/1/2033 | | BBB- | (e) | | 1,385 | | | | 1,538,486 | |
| Harris Co Cultural Ed–Brazos | | 4.00% | | 1/1/2023 | | BBB- | (e) | | 985 | | | | 1,008,936 | |
| Harris Co Cultural Ed–Brazos | | 5.00% | | 1/1/2033 | | BBB- | (e) | | 545 | | | | 564,124 | |
| HI Dept Budget–Kahala Nui | | 5.00% | | 11/15/2027 | | A- | (e) | | 1,500 | | | | 1,652,070 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | #(c) | 12/1/2050 | | B | | | 8,095 | | | | 8,620,285 | |
| IL Fin Auth–Ascension Health | | 4.00% | | 2/15/2033 | | AA+ | | | 5,000 | | | | 5,161,500 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2034 | | BB+ | | | 1,015 | | | | 1,119,606 | |
| IL Fin Auth–Northwestern Mem Hlth | | 5.00% | | 7/15/2027 | | AA+ | | | 1,500 | | | | 1,754,115 | |
| IL Fin Auth–Northwestern Mem Hlth | | 5.00% | | 7/15/2028 | | AA+ | | | 1,800 | | | | 2,113,722 | |
| IL Fin Auth–Northwestern Mem Hlth | | 5.00% | | 7/15/2029 | | AA+ | | | 1,000 | | | | 1,165,410 | |
| IL Fin Auth–Northwestern Mem Hlth | | 5.00% | | 7/15/2030 | | AA+ | | | 1,000 | | | | 1,159,250 | |
| IL Fin Auth–Northwestern Mem Hsp(b) | | 5.75% | | 8/15/2030 | | AA+ | | | 2,500 | | | | 2,578,975 | |
| IL Fin Auth–Plymouth Place | | 5.00% | | 5/15/2030 | | BB+ | (e) | | 1,690 | | | | 1,752,513 | |
| IL Fin Auth–Silver Cross Hsp | | 5.00% | | 8/15/2035 | | Baa1 | | | 4,500 | | | | 4,843,305 | |
| Karnes Co Hsp Dist | | 5.00% | | 2/1/2024 | | A | (e) | | 1,710 | | | | 1,798,903 | |
| Karnes Co Hsp Dist | | 5.00% | | 2/1/2034 | | A | (e) | | 1,000 | | | | 1,042,650 | |
| 46 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Kirkwood IDA–Aberdeen Heights | | 5.25% | | 5/15/2037 | | BB | (e) | $ | 2,000 | | | $ | 2,114,880 | |
| KY EDA–Masonic Homes | | 5.375% | | 11/15/2032 | | NR | | | 2,385 | | | | 2,497,238 | |
| KY EDFA–Owensboro Hlth | | 5.00% | | 6/1/2029 | | Baa3 | | | 4,235 | | | | 4,649,606 | |
| KY EDFA–Owensboro Hlth | | 5.00% | | 6/1/2032 | | Baa3 | | | 6,000 | | | | 6,517,740 | |
| MA DFA–CareGroup | | 5.00% | | 7/1/2026 | | A- | | | 5,985 | | | | 6,811,169 | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | 5.00% | | 7/1/2031 | | BBB | | | 1,100 | | | | 1,161,776 | |
| MD Hlth & Hi Ed–Western MD Hlth Sys | | 5.00% | | 7/1/2024 | | BBB | | | 5,000 | | | | 5,571,550 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.00% | | 7/1/2026 | | Ba3 | | | 7,755 | | | | 8,125,379 | |
| Meadville Med Center | | 6.00% | | 6/1/2036 | | NR | | | 3,830 | | | | 4,096,185 | |
| MI Fin Auth–Crittenton Hospital | | 5.00% | | 6/1/2022 | | NR | | | 2,960 | | | | 3,252,330 | |
| MI Fin Auth–Crittenton Hospital | | 5.00% | | 6/1/2027 | | NR | | | 7,250 | | | | 7,966,010 | |
| MI Fin Auth–Trinity Health | | 5.00% | | 12/1/2035 | | AA- | | | 5,000 | | | | 5,650,350 | |
| Miami Beach Hlth–Mt Sinai Med Ctr | | 5.00% | | 11/15/2030 | | Baa1 | | | 1,500 | | | | 1,615,215 | |
| MN Agric & Econ Dev–Essential Hlth Rmkt (AGC) | | 5.50% | | 2/15/2025 | | AA | | | 4,500 | | | | 4,706,595 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.00% | | 1/15/2024 | | Baa3 | | | 4,000 | | | | 4,317,120 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.25% | | 1/15/2026 | | Baa3 | | | 2,000 | | | | 2,191,120 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.25% | | 1/15/2028 | | Baa3 | | | 3,000 | | | | 3,260,250 | |
| Montgomery Co IDA–Whitemarsh | | 5.00% | | 1/1/2030 | | NR | | | 2,000 | | | | 2,013,720 | |
| Moon IDC–Baptist Homes Soc | | 5.00% | | 7/1/2020 | | NR | | | 655 | | | | 669,803 | |
| Moon IDC–Baptist Homes Soc | | 5.125% | | 7/1/2025 | | NR | | | 4,600 | | | | 4,811,692 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.125% | | 10/1/2034 | | NR | | | 4,000 | | | | 4,177,120 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2033 | | BB+ | | | 10,500 | | | | 10,933,755 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | 5.00% | | 7/1/2027 | | Baa2 | | | 3,000 | | | | 3,212,130 | |
| NC Med–Lutheran Svcs | | 4.75% | | 3/1/2032 | | NR | | | 2,550 | | | | 2,638,357 | |
| NC Med–Southminster | | 5.00% | | 10/1/2031 | | NR | | | 1,750 | | | | 1,880,795 | |
| New Hope Cult Ed Facs–Carillon | | 5.00% | | 7/1/2036 | | NR | | | 1,250 | | | | 1,278,913 | |
| New Hope Cult Ed Facs–Crestview | | 5.00% | | 11/15/2031 | | BB+ | (e) | | 850 | | | | 904,757 | |
| New Hope Ed Facs–Childrens Hlth | | 5.00% | | 8/15/2026 | | Aa2 | | | 2,000 | | | | 2,334,900 | |
| New Hope Ed Facs–Childrens Hlth | | 5.00% | | 8/15/2028 | | Aa2 | | | 3,170 | | | | 3,684,523 | |
| NH Hlth & Ed–Hillside Village† | | 3.50% | | 7/1/2022 | | NR | | | 1,200 | | | | 1,201,632 | |
| NJ Hlth–AHS Hsp Corp | | 5.125% | | 7/1/2019 | | AA- | | | 70 | | | | 70,173 | |
| NJ Hlth–Hackensack Meridian Hlth | | 5.00% | | 7/1/2028 | | AA- | | | 5,500 | | | | 6,446,770 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2028 | | BBB- | | | 1,300 | | | | 1,425,710 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2029 | | BBB- | | | 1,605 | | | | 1,752,243 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2030 | | BBB- | | | 1,100 | | | | 1,197,042 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2031 | | BBB- | | | 1,110 | | | | 1,203,251 | |
| | See Notes to Financial Statements. | 47 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| NJ Hlth–St Peters Univ Hsp | | 5.25% | | 7/1/2021 | | BB+ | | $ | 1,570 | | | $ | 1,572,292 | |
| NJ Hlth–St Peters Univ Hsp | | 6.00% | | 7/1/2026 | | BB+ | | | 5,500 | | | | 5,815,370 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2028 | | AA | | | 2,000 | | | | 2,245,200 | |
| NM Hsp–Haverland | | 5.00% | | 7/1/2032 | | BBB | (e) | | 1,000 | | | | 1,043,620 | |
| Norfolk EDA–Sentara Hlth | | 5.00% | #(c) | 11/1/2048 | | AA | | | 5,500 | | | | 6,497,920 | |
| NY Dorm–Mem Sloan Kettering | | 5.00% | | 7/1/2027 | | AA- | | | 3,600 | | | | 4,312,440 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2036 | | BBB | | | 1,650 | | | | 1,653,927 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2037 | | BBB | | | 650 | | | | 646,568 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2038 | | BBB | | | 900 | | | | 891,441 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2033 | | BBB | | | 900 | | | | 1,007,460 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2034 | | BBB | | | 500 | | | | 557,500 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2035 | | BBB | | | 900 | | | | 999,558 | |
| NY Dorm–Orange Regl Med | | 6.50% | | 12/1/2021 | | Baa3 | | | 825 | | | | 831,270 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2026 | | BBB- | | | 1,500 | | | | 1,698,330 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2027 | | BBB- | | | 1,300 | | | | 1,459,055 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2028 | | BBB- | | | 2,000 | | | | 2,235,120 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2023 | | Aa3 | | | 4,000 | | | | 4,465,840 | |
| OH Hsp–Cleveland Clinic | | 5.00% | | 1/1/2029 | | Aa2 | | | 3,545 | | | | 4,129,251 | |
| OK DFA–OU Med | | 5.00% | | 8/15/2033 | | Baa3 | | | 5,045 | | | | 5,609,384 | |
| OK DFA–OU Med | | 5.00% | | 8/15/2038 | | Baa3 | | | 2,380 | | | | 2,594,700 | |
| OK DFA–OU Med | | 5.25% | | 8/15/2043 | | Baa3 | | | 5,000 | | | | 5,479,650 | |
| Palomar Hlth | | 5.00% | | 11/1/2036 | | BBB | | | 2,980 | | | | 3,215,956 | |
| Palomar Hlth Care Dist COP | | 5.25% | | 11/1/2021 | | Ba1 | | | 2,370 | | | | 2,460,250 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2029 | | BBB- | | | 1,915 | | | | 2,103,991 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2030 | | BBB- | | | 2,045 | | | | 2,238,805 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2032 | | BBB- | | | 4,055 | | | | 4,407,744 | |
| Roanoke EDA–Carilion Clinic | | 5.00% | | 7/1/2025 | | AA- | | | 10,000 | | | | 10,512,300 | |
| Rockville Eco Dev–Ingleside at King Farm | | 2.50% | | 11/1/2024 | | BB | (e) | | 2,000 | | | | 1,964,440 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB | | | 10,050 | | | | 11,529,159 | |
| Sartell Hlth Care–Country Manor | | 5.25% | | 9/1/2030 | | NR | | | 1,000 | | | | 1,076,350 | |
| SE Port Auth–Memorial Hlth | | 5.50% | | 12/1/2029 | | BB- | (e) | | 750 | | | | 813,863 | |
| South Miami Hlth Fac–Baptist Hlth | | 5.00% | | 8/15/2026 | | A1 | | | 3,000 | | | | 3,479,220 | |
| South Miami Hlth Fac–Baptist Hlth | | 5.00% | | 8/15/2027 | | A1 | | | 3,620 | | | | 4,232,251 | |
| South Miami Hlth Fac–Baptist Hlth | | 5.00% | | 8/15/2028 | | NR | | | 2,625 | | | | 3,035,524 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2023 | | NR | | | 3,735 | | | | 4,213,528 | |
| St Paul Hsg–HlthEast Care Sys | | 5.00% | | 11/15/2024 | | NR | | | 4,500 | | | | 5,153,805 | |
| Tarrant Co Cultural–Buckner | | 3.875% | | 11/15/2022 | | NR | | | 1,790 | | | | 1,782,196 | |
| 48 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Tempe IDA–ASU Mirabella† | | 4.00% | | 10/1/2023 | | NR | | $ | 4,115 | | | $ | 4,131,460 | |
| Tulsa Co Industrial Auth–Montereau | | 5.25% | | 11/15/2037 | | BBB- | (e) | | 1,250 | | | | 1,368,863 | |
| Tyler Hlth–Mother Frances Hsp | | 5.50% | | 7/1/2027 | | NR | | | 3,975 | | | | 4,316,055 | |
| Univ of CA | | 5.00% | | 5/15/2033 | | AA- | | | 11,500 | | | | 13,348,855 | |
| Univ of CA | | 5.00% | | 5/15/2034 | | AA- | | | 12,250 | | | | 14,148,627 | |
| Vanderbilt Univ Med Ctr | | 5.00% | | 7/1/2031 | | A3 | | | 1,300 | | | | 1,455,584 | |
| WA Hlth–Fred Hutchinson Cancer Ctr | | 2.594%
(1 Mo. LIBOR * .67 + 1.10% | )# | 1/1/2042 | | A+ | | | 4,000 | | | | 4,044,600 | |
| WA Hsg–Rockwood† | | 6.00% | | 1/1/2024 | | NR | | | 1,265 | | | | 1,349,388 | |
| WA State GO | | 5.00% | | 8/1/2028 | | AA+ | | | 10,395 | | | | 12,244,063 | |
| Westchester Co LDC–Kendal Hudson | | 5.00% | | 1/1/2028 | | BBB | (e) | | 1,350 | | | | 1,450,724 | |
| WI Hlth & Ed–American Baptist | | 5.00% | | 8/1/2032 | | NR | | | 1,375 | | | | 1,415,466 | |
| WI Hlth & Ed–American Baptist | | 5.00% | | 8/1/2037 | | NR | | | 1,500 | | | | 1,527,780 | |
| WI Hlth & Ed–Ascension Hlth | | 5.00% | | 11/15/2033 | | AA+ | | | 2,000 | | | | 2,060,420 | |
| WI Hlth & Ed–Aurora Hlth | | 5.00% | | 7/15/2026 | | Aa3 | | | 5,575 | | | | 6,016,428 | |
| WI PFA–Mary’s Woods† | | 3.00% | | 11/15/2022 | | BB | (e) | | 1,100 | | | | 1,100,594 | |
| WI PFA–MD Proton† | | 6.125% | | 1/1/2033 | | NR | | | 2,500 | | | | 2,553,675 | |
| WI PFA–MD Proton† | | 6.25% | | 1/1/2038 | | NR | | | 3,750 | | | | 3,831,375 | |
| Wood Co Hsp Facs–Wood Co Hsp | | 5.00% | | 12/1/2027 | | Ba1 | | | 3,450 | | | | 3,618,705 | |
| Wood Co Hsp Facs–Wood Co Hsp | | 5.00% | | 12/1/2032 | | Ba1 | | | 2,275 | | | | 2,359,585 | |
| Woodbury Hsg–St Therese | | 5.00% | | 12/1/2029 | | NR | | | 1,000 | | | | 1,046,860 | |
| Woodbury Hsg–St Therese | | 5.00% | | 12/1/2034 | | NR | | | 1,000 | | | | 1,033,660 | |
| WV Hsp–Herbert Thomas Hlth | | 6.00% | | 10/1/2020 | | NR | | | 760 | | | | 699,512 | |
| WV Hsp–WV United Health Sys | | 4.00% | | 6/1/2030 | | A | | | 5,500 | | | | 5,675,780 | |
| Total | | | | | | | | | | | | | 592,807,240 | |
| | | | | | | | | | | | | | | |
| Housing 0.79% | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2032 | | NR | | | 500 | | | | 573,330 | |
| CA State GO | | 5.00% | | 11/1/2031 | | NR | | | 10,000 | | | | 11,796,900 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2024 | | Baa1 | | | 1,000 | | | | 1,120,250 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2025 | | Baa1 | | | 1,000 | | | | 1,134,000 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2026 | | Baa1 | | | 1,000 | | | | 1,145,550 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2027 | | Baa1 | | | 750 | | | | 854,760 | |
| MI Strategic Fd–Evangelical Homes | | 5.25% | | 6/1/2032 | | BB+ | (e) | | 1,500 | | | | 1,545,180 | |
| NJ EDA–Montclair St Std Hsg | | 5.25% | | 6/1/2019 | | Baa3 | | | 1,610 | | | | 1,640,526 | |
| NJ EDA–Rowan Univ Pptys | | 5.00% | | 1/1/2030 | | BBB- | | | 2,500 | | | | 2,688,325 | |
| NJ Hsg and Mtg Fin Auth AMT | | 3.80% | | 10/1/2032 | | AA | | | 3,300 | | | | 3,254,163 | |
| NYC IDA–Yankee Stadium (FGIC) | | 3.77% (CPI Based | )# | 3/1/2021 | | Baa1 | | | 3,850 | | | | 3,874,293 | |
| | See Notes to Financial Statements. | 49 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Housing (continued) | | | | | | | | | | | | | | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2032 | | Baa3 | | $ | 1,080 | | | $ | 1,200,496 | |
| WA Hsg–Emerald Heights | | 4.00% | | 7/1/2019 | | A- | (e) | | 1,130 | | | | 1,147,074 | |
| WA Hsg–Emerald Heights | | 5.00% | | 7/1/2022 | | A- | (e) | | 1,000 | | | | 1,087,740 | |
| Total | | | | | | | | | | | | | 33,062,587 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 6.10% | | | | | | | | | | | | | | |
| Broward Co Sch Brd COP | | 5.00% | | 7/1/2021 | | Aa3 | | | 5,000 | | | | 5,375,250 | |
| CA Pub Wks–Dept Hsps | | 5.00% | | 6/1/2023 | | A+ | | | 3,000 | | | | 3,387,360 | |
| CA Pub Wks–Lease Rev | | 5.00% | | 10/1/2029 | | A+ | | | 19,195 | | | | 22,767,957 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2021 | | A+ | | | 3,250 | | | | 3,500,380 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 11/1/2021 | | A+ | | | 1,000 | | | | 1,092,630 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2022 | | A+ | | | 4,200 | | | | 4,634,028 | |
| Cuyahoga Co COP–Conv Hotel Proj | | 5.00% | | 12/1/2023 | | AA- | | | 5,640 | | | | 6,289,954 | |
| Dallas Civic Ctr (AGC) | | 5.00% | | 8/15/2021 | | AA | | | 3,800 | | | | 3,895,038 | |
| Dallas Conv Ctr Hotel Dev Corp | | 5.25% | | 1/1/2022 | | A | | | 6,405 | | | | 6,451,116 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2024 | | AA | | | 5,930 | | | | 6,355,003 | |
| Houston Co Coop Dist–Country Crossing(f) | | 10.00% | | 6/7/2013 | | NR | | | 1,768 | | | | 247,520(i) | |
| Hudson Yards | | 5.00% | | 2/15/2029 | | Aa3 | | | 3,500 | | | | 4,076,520 | |
| IL Sports Facs Auth (AGM) | | 5.00% | | 6/15/2027 | | AA | | | 3,000 | | | | 3,248,400 | |
| IN Fin Auth–Stadium | | 5.25% | | 2/1/2029 | | AA+ | | | 2,500 | | | | 2,879,975 | |
| Kansas City IDA–Downtown Redev Dist | | 5.00% | | 9/1/2022 | | AA- | | | 7,470 | | | | 8,019,867 | |
| KY Ppty & Bldgs Commn–Proj #112 | | 5.00% | | 11/1/2026 | | A1 | | | 10,000 | | | | 11,364,000 | |
| LA PFA–Hurricane Recovery | | 5.00% | | 6/1/2023 | | A1 | | | 3,200 | | | | 3,566,432 | |
| LA PFA–Hurricane Recovery | | 5.00% | | 6/1/2024 | | A1 | | | 6,840 | | | | 7,741,512 | |
| Los Angeles Co COP–Disney Concert Hall | | 5.00% | | 9/1/2022 | | AA | | | 1,250 | | | | 1,397,988 | |
| MI Strategic Fd–Cadillac Place | | 5.25% | | 10/15/2023 | | Aa2 | | | 3,865 | | | | 4,209,333 | |
| MI Strategic Fd–Cadillac Place | | 5.25% | | 10/15/2024 | | Aa2 | | | 6,915 | | | | 7,531,057 | |
| Miami Dade Co Sch Dist GO | | 4.00% | | 3/15/2034 | | AA- | | | 4,535 | | | | 4,706,332 | |
| NJ EDA–Bldgs | | 5.00% | | 6/15/2036 | | BBB+ | | | 1,120 | | | | 1,209,936 | |
| NJ EDA–Motor Vehicle Surcharge Sub Rev | | 5.00% | | 7/1/2033 | | BBB+ | | | 8,450 | | | | 9,211,260 | |
| NJ EDA–Sch Facs | | 3.16%
(MUNIPSA * 1 + 1.60% | )# | 3/1/2028 | | BBB+ | | | 5,000 | | | | 4,950,450 | |
| NJ EDA–Sch Facs | | 4.00% | | 6/15/2030 | | BBB+ | | | 7,500 | | | | 7,514,850 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2025 | | BBB+ | | | 3,390 | | | | 3,694,558 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2025 | | BBB+ | | | 5,085 | | | | 5,610,433 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2026 | | BBB+ | | | 8,255 | | | | 8,844,324 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2029 | | BBB+ | | | 7,500 | | | | 7,962,525 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2034 | | A- | (e) | | 3,000 | | | | 3,257,520 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2035 | | A- | (e) | | 1,000 | | | | 1,081,230 | |
| 50 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2035 | | BBB+ | | $ | 4,925 | | | $ | 5,247,538 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2042 | | A- | (e) | | 1,400 | | | | 1,486,100 | |
| NJ EDA–Sch Facs | | 5.25% | | 12/15/2020 | | BBB+ | | | 8,125 | | | | 8,282,787 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2023 | | BBB+ | | | 6,545 | | | | 6,904,059 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2025 | | BBB+ | | | 5,550 | | | | 5,835,881 | |
| NJ EDA–Sch Facs | | 5.25% | | 6/15/2032 | | BBB+ | | | 2,865 | | | | 3,138,779 | |
| NJ EDA–Sch Facs | | 5.50% | | 6/15/2029 | | BBB+ | | | 3,500 | | | | 3,987,165 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2030 | | A+ | | | 3,000 | | | | 3,307,770 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2031 | | A+ | | | 2,400 | | | | 2,634,312 | |
| NJ Trans Trust Fund (NPFGC)(FGIC) | | 5.50% | | 12/15/2020 | | BBB+ | | | 1,000 | | | | 1,066,310 | |
| NY UDC–Svc Contract | | 5.00% | | 1/1/2022 | | AA | | | 3,705 | | | | 3,835,083 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2026 | | AA | | | 1,750 | | | | 1,996,418 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2028 | | AA | | | 1,500 | | | | 1,698,180 | |
| Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | | 5.00% | | 2/1/2021 | | Aa3 | | | 8,750 | | | | 9,373,612 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2022 | | A | | | 5,195 | | | | 5,584,417 | |
| Philadelphia Redev Auth | | 5.00% | | 4/15/2028 | | A | | | 4,380 | | | | 4,792,946 | |
| San Diego Conv Ctr Fing Auth | | 5.00% | | 4/15/2021 | | AA- | | | 3,750 | | | | 4,029,713 | |
| San Jose Fing Auth–Civic Ctr | | 5.00% | | 6/1/2022 | | AA | | | 1,000 | | | | 1,111,070 | |
| San Jose Fing Auth–Civic Ctr | | 5.00% | | 6/1/2023 | | AA | | | 1,000 | | | | 1,137,710 | |
| South Florida Wtr Mgt Dist | | 5.00% | | 10/1/2027 | | AA | | | 2,000 | | | | 2,304,460 | |
| Total | | | | | | | | | | | | | 253,829,048 | |
| | | | | | | | | | | | | | | |
| Other Revenue 3.59% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A- | | | 11,300 | | | | 11,951,332 | |
| Baker Correctional Dev | | 8.50% | | 2/1/2030 | | NR | | | 1,169 | | | | 971,392 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2026 | | BBB- | | | 5,420 | | | | 6,151,375 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2027 | | BBB- | | | 8,250 | | | | 9,361,523 | |
| Brooklyn Arena LDC–Barclays Ctr (AGM) | | 4.00% | | 7/15/2029 | | AA | | | 1,500 | | | | 1,577,745 | |
| CA Infra & Econ Dev–Broad Museum | | 5.00% | | 6/1/2021 | | Aa1 | | | 5,425 | | | | 5,874,407 | |
| CA Infra & Econ Dev–Gladstone Instn | | 5.25% | | 10/1/2026 | | A- | | | 10,250 | | | | 11,086,912 | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2036 | | BBB | | | 1,600 | | | | 1,704,560 | |
| Chester Co IDA–Collegium Chtr Sch | | 5.25% | | 10/15/2032 | | BB+ | | | 6,410 | | | | 6,633,324 | |
| Clarksville Nat Gas Aquis Corp–ML | | 5.00% | | 12/15/2021 | | A3 | | | 2,380 | | | | 2,560,428 | |
| Cleveland Arpt | | 5.00% | | 1/1/2028 | | A | | | 2,500 | | | | 2,676,700 | |
| Cleveland Arpt | | 5.00% | | 1/1/2029 | | A | | | 2,500 | | | | 2,675,100 | |
| Cleveland Co Port Auth–Playhouse Sq | | 5.00% | | 12/1/2033 | | BB+ | | | 2,000 | | | | 2,158,640 | |
| Cleveland Co Port Auth–Playhouse Sq | | 5.25% | | 12/1/2038 | | BB+ | | | 1,650 | | | | 1,783,518 | |
| | See Notes to Financial Statements. | 51 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| Clifton Higher Ed–IDEA Pub Schs | | 3.75% | | 8/15/2022 | | BBB+ | | $ | 2,255 | | | $ | 2,306,752 | |
| Clifton Higher Ed–IDEA Pub Schs | | 5.00% | | 8/15/2032 | | BBB+ | | | 915 | | | | 966,945 | |
| Clifton Higher Ed–Uplift Education | | 5.70% | | 12/1/2025 | | BBB- | | | 4,660 | | | | 4,915,508 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2032 | | BBB | | | 3,000 | | | | 3,171,630 | |
| FL DFC–Renaissance Chtr Sch | | 7.50% | | 6/15/2033 | | BB | (e) | | 3,000 | | | | 3,262,200 | |
| Florence Twn IDA–Legacy Trad Sch | | 5.75% | | 7/1/2033 | | Ba1 | | | 3,000 | | | | 3,186,090 | |
| HI Dept Budget–Hawaiian Electric AMT | | 3.25% | | 1/1/2025 | | Baa2 | | | 5,000 | | | | 5,011,100 | |
| Houston HI Ed–Cosmos Fndtn | | 4.00% | | 2/15/2022 | | BBB | | | 495 | | | | 506,949 | |
| Houston Hi Ed–Cosmos Fndtn | | 5.00% | | 2/15/2032 | | BBB | | | 2,250 | | | | 2,346,120 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 6/1/2024 | | A1 | | | 4,000 | | | | 4,272,040 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2027 | | A3 | | | 5,000 | | | | 5,697,200 | |
| Maricopa Co IDA–Paradise Schools† | | 5.00% | | 7/1/2036 | | BB+ | | | 2,500 | | | | 2,592,425 | |
| MD EDC–Chesapeake Bay Hyatt(f) | | 5.00% | | 12/1/2016 | | NR | | | 700 | | | | 461,125 | |
| Michigan St Strategic FD Escrow(j) | | Zero Coupon | | – | (k) | NR | | | 400 | | | | 40 | (l) |
| MSR Energy Auth–Citi | | 6.125% | | 11/1/2029 | | BBB+ | | | 3,835 | | | | 4,717,203 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2027 | | BBB+ | | | 6,900 | | | | 7,354,572 | |
| NY Dorm–PIT | | 5.25% | | 2/15/2023 | | Aa1 | | | 350 | | | | 354,284 | |
| NYC Cultural–Whitney Museum | | 5.00% | | 7/1/2021 | | A+ | | | 5,000 | | | | 5,329,000 | |
| PA IDA–Economic Dev | | 5.00% | | 7/1/2020 | | A+ | | | 2,000 | | | | 2,098,920 | |
| Philadelphia Gas Works | | 5.00% | | 10/1/2028 | | A | | | 2,000 | | | | 2,277,960 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2035 | | BB | | | 2,350 | | | | 2,407,951 | |
| Rangely Co Hosp Dist | | 6.00% | | 11/1/2026 | | Baa3 | | | 2,400 | | | | 2,602,176 | |
| SA Energy Acquisition Pub Fac–Goldman Sachs | | 5.50% | | 8/1/2023 | | A3 | | | 9,365 | | | | 10,504,159 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2023 | | A3 | | | 5,400 | | | | 5,910,354 | |
| Total | | | | | | | | | | | | | 149,419,659 | |
| | | | | | | | | | | | | | | |
| Special Tax 1.90% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2031 | | Baa3 | | | 5,500 | | | | 5,730,065 | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2032 | | Ba1 | | | 1,250 | | | | 1,349,413 | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2033 | | Ba1 | | | 1,000 | | | | 1,083,050 | |
| Atlanta Tax Alloc–Beltline Rmkt | | 6.75% | | 1/1/2020 | | A2 | | | 900 | | | | 910,989 | |
| CA Reassmt Dist 12/1 Irvine | | 4.00% | | 9/2/2022 | | A+ | | | 1,500 | | | | 1,604,265 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 1/1/2032 | | AA | | | 14,375 | | | | 16,065,212 | |
| Emeryville Redev Agy (AGM) | | 5.00% | | 9/1/2024 | | AA | | | 1,950 | | | | 2,246,517 | |
| Emeryville Redev Agy (AGM) | | 5.00% | | 9/1/2025 | | AA | | | 2,650 | | | | 3,045,035 | |
| Houston Co Coop Dist–Country Crossing(f) | | 10.00% | | 5/1/2039 | | NR | | | 5,000 | | | | 550,000 | (i) |
| Miami World Ctr CDD | | 4.75% | | 11/1/2027 | | NR | | | 750 | | | | 774,983 | |
| 52 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| Orange Co CFD | | 5.00% | | 8/15/2033 | | NR | | $ | 1,400 | | | $ | 1,534,344 | |
| Orange Co CFD | | 5.00% | | 8/15/2035 | | NR | | | 1,000 | | | | 1,090,210 | |
| Orlando Redev TIF | | 5.25% | | 9/1/2021 | | A | | | 4,930 | | | | 5,063,849 | |
| Peninsula Town Center† | | 4.50% | | 9/1/2028 | | NR | | | 545 | | | | 573,051 | |
| Peninsula Town Center† | | 5.00% | | 9/1/2037 | | NR | | | 875 | | | | 925,899 | |
| Pittsburg Redev Agy | | 5.00% | | 8/1/2020 | | A | | | 1,680 | | | | 1,773,223 | |
| Pittsburg Redev Agy (AGM) | | 5.00% | | 8/1/2021 | | AA | | | 1,875 | | | | 2,031,150 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2024 | | AA | | | 2,930 | | | | 3,342,427 | |
| Pittsburg Redev Agy–Los Medanos (AGM) | | 5.00% | | 9/1/2025 | | AA | | | 3,500 | | | | 4,047,540 | |
| Plaza Met Dist #1† | | 4.50% | | 12/1/2030 | | NR | | | 4,300 | | | | 4,332,250 | |
| Sparks Tourism Impt Dist† | | 6.50% | | 6/15/2020 | | Ba3 | | | 2,150 | | | | 2,151,849 | |
| St Louis IDA–Ballpark Vlg | | 4.375% | | 11/15/2035 | | NR | | | 3,955 | | | | 4,021,128 | |
| Village CDD #12 | | 3.25% | | 5/1/2026 | | NR | | | 3,975 | | | | 3,911,877 | |
| Village CDD #12† | | 3.80% | | 5/1/2028 | | NR | | | 2,250 | | | | 2,263,298 | |
| Village CDD #12† | | 4.00% | | 5/1/2033 | | NR | | | 2,000 | | | | 2,009,440 | |
| Village CDD #9 | | 5.00% | | 5/1/2022 | | NR | | | 775 | | | | 803,210 | |
| Village CDD #9 | | 5.25% | | 5/1/2031 | | NR | | | 1,680 | | | | 1,785,067 | |
| Village CDD #9 | | 5.75% | | 5/1/2021 | | NR | | | 1,375 | | | | 1,431,678 | |
| Village CDD #9 | | 6.75% | | 5/1/2031 | | NR | | | 2,285 | | | | 2,508,724 | |
| Total | | | | | | | | | | | | | 78,959,743 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 5.57% | | | | | | | | | | | | | | |
| Bay Area Rapid Transit Dist | | 5.00% | | 7/1/2026 | | AA+ | | | 1,000 | | | | 1,176,700 | |
| Cook Co Sales Tax | | 4.00% | | 11/15/2034 | | AAA | | | 3,750 | | | | 3,842,137 | |
| Dallas Area Rapid Trans | | 5.00% | | 12/1/2026 | | AA+ | | | 7,245 | | | | 8,269,008 | |
| El Paso Dev Corp–Downtown Ballpark | | 6.25% | | 8/15/2023 | | AA- | | | 5,000 | | | | 5,812,100 | |
| FL Dept Env Protn–Florida Forever | | 5.00% | | 7/1/2023 | | AA- | | | 5,000 | | | | 5,608,450 | |
| Gtr Wenatchee Regl Events Ctr | | 5.00% | | 9/1/2027 | | NR | | | 1,000 | | | | 1,020,600 | |
| Gtr Wenatchee Regl Events Ctr | | 5.25% | | 9/1/2032 | | NR | | | 1,000 | | | | 1,017,620 | |
| Jacksonville Sales Tax | | 5.00% | | 10/1/2021 | | A+ | | | 2,500 | | | | 2,700,450 | |
| Jefferson Co–Sch Warrant | | 5.00% | | 9/15/2026 | | AA | | | 2,400 | | | | 2,755,632 | |
| Kansas Dept Trans | | 5.00% | | 9/1/2026 | | AAA | | | 5,000 | | | | 5,799,400 | |
| LA Gas & Fuel Tax | | 5.00% | | 5/1/2028 | | AA | | | 2,000 | | | | 2,345,340 | |
| LA Gas & Fuels Tax | | 5.00% | | 5/1/2027 | | AA | | | 750 | | | | 883,830 | |
| MA Sch Bldg Auth–Sales Tax | | 5.00% | | 1/15/2029 | | AA+ | | | 6,385 | | | | 7,348,050 | |
| MA Sch Bldg Auth–Sales Tax | | 5.00% | | 8/15/2030 | | AA+ | | | 5,665 | | | | 6,192,865 | |
| Martin Hsp Dist | | 7.00% | | 4/1/2031 | | BBB | (e) | | 3,250 | | | | 3,468,368 | |
| Met Atlanta Rapid Trans Auth | | 5.00% | | 7/1/2025 | | AA+ | | | 5,950 | | | | 6,674,055 | |
| | See Notes to Financial Statements. | 53 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| Met Atlanta Rapid Trans Auth | | 5.00% | | 7/1/2032 | | AA+ | | $ | 5,000 | | | $ | 5,734,850 | |
| Met Govt Nashville–Cnty Conv Ctr | | 5.00% | | 7/1/2022 | | A1 | | | 3,245 | | | | 3,387,261 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2022 | | BB+ | | | 5,020 | | | | 5,360,256 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2028 | | BB+ | | | 10,070 | | | | 10,536,342 | |
| Met Pier & Expo Auth–McCormick Place | | 5.25% | | 6/15/2050 | | BB+ | | | 5,000 | | | | 5,085,900 | |
| MTA NY–Dedicated Tax | | 5.00% | | 11/15/2027 | | AA | | | 5,700 | | | | 6,282,540 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2024 | | BBB+ | | | 3,000 | | | | 3,209,760 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2028 | | BBB+ | | | 6,650 | | | | 7,035,899 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2029 | | BBB+ | | | 500 | | | | 527,410 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2023 | | AAA | | | 10,000 | | | | 10,932,900 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2024 | | AAA | | | 15,585 | | | | 16,652,105 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2028 | | AAA | | | 11,645 | | | | 13,412,012 | |
| NY UDC–PIT | | 5.00% | | 3/15/2026 | | AAA | | | 15,000 | | | | 16,973,850 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2024 | | AA | | | 10,000 | | | | 10,763,600 | |
| Orange Co Tourist Tax | | 5.00% | | 10/1/2029 | | AA- | | | 10,000 | | | | 11,954,900 | |
| Phoenix Excise Tax | | 5.00% | | 7/1/2026 | | AA+ | | | 13,000 | | | | 15,005,900 | |
| Polk Co Trans Rev | | 5.00% | | 12/1/2021 | | A1 | | | 2,825 | | | | 2,993,653 | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2040 | | Ca | | | 2,000 | | | | 1,685,000 | |
| PR Corp Sales Tax(f) | | 5.25% | | 8/1/2027 | | Ca | | | 1,650 | | | | 812,625 | |
| PR Corp Sales Tax(f) | | 5.25% | | 8/1/2041 | | Ca | | | 5,470 | | | | 2,693,975 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2023 | | Ca | | | 9,465 | | | | 4,661,512 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2028 | | Ca | | | 8,630 | | | | 4,250,275 | |
| WI Trsp | | 5.00% | | 7/1/2026 | | AA+ | | | 6,000 | | | | 6,941,940 | |
| Total | | | | | | | | | | | | | 231,809,070 | |
| | | | | | | | | | | | | | | |
| Tobacco 4.30% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 30,980 | | | | 30,718,529 | |
| Buckeye Tobacco | | 5.75% | | 6/1/2034 | | B- | | | 6,360 | | | | 6,360,000 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2030 | | B- | | | 25,090 | | | | 25,214,697 | |
| Golden St Tobacco | | 5.00% | | 6/1/2027 | | BBB+ | | | 4,000 | | | | 4,566,880 | |
| Golden St Tobacco | | 5.00% | | 6/1/2028 | | BBB | | | 1,000 | | | | 1,133,600 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 6,875 | | | | 7,043,163 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 3,100 | | | | 3,175,826 | |
| Golden St Tobacco | | 5.25% | | 6/1/2047 | | NR | | | 6,875 | | | | 7,133,912 | |
| Inland Empire Tobacco | | 4.625% | | 6/1/2021 | | NR | | | 4,215 | | | | 4,215,969 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 2,395 | | | | 2,395,862 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 4,475 | | | | 4,469,496 | |
| MI Tob Settlement | | 5.25% | | 6/1/2022 | | B- | | | 6,010 | | | | 6,009,940 | |
| 54 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| MI Tob Settlement | | 6.00% | | 6/1/2034 | | B- | | $ | 2,485 | | | $ | 2,497,649 | |
| Nthrn AK Tobacco | | 4.625% | | 6/1/2023 | | A3 | | | 540 | | | | 540,130 | |
| PA Tob Settlement | | 5.00% | | 6/1/2032 | | A1 | | | 2,000 | | | | 2,252,820 | |
| PA Tob Settlement | | 5.00% | | 6/1/2033 | | A1 | | | 5,000 | | | | 5,610,250 | |
| Railsplitter Tobacco Settlement Auth | | 5.00% | | 6/1/2027 | | A | | | 3,325 | | | | 3,755,288 | |
| RI Tob Settlement | | 5.00% | | 6/1/2027 | | BBB+ | | | 2,500 | | | | 2,779,125 | |
| RI Tob Settlement | | 5.00% | | 6/1/2028 | | BBB | | | 2,000 | | | | 2,206,840 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2023 | | A | | | 1,000 | | | | 1,102,890 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2024 | | A | | | 1,000 | | | | 1,097,360 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2025 | | A | | | 1,040 | | | | 1,135,545 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 12,020 | | | | 11,910,257 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2021 | | A | | | 6,880 | | | | 7,375,566 | |
| Tobacco Settlement Auth WA | | 5.00% | | 6/1/2023 | | A | | | 6,250 | | | | 6,954,000 | |
| Tobacco Settlement Fin Corp LA | | 5.00% | | 5/15/2022 | | A | | | 5,000 | | | | 5,435,300 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB+ | | | 1,140 | | | | 1,225,842 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB | | | 8,300 | | | | 8,768,452 | |
| Tobacco Settlement Fin Corp NJ | | 5.25% | | 6/1/2046 | | BBB+ | | | 5,100 | | | | 5,606,532 | |
| TSASC | | 5.00% | | 6/1/2029 | | A- | | | 5,775 | | | | 6,426,478 | |
| Total | | | | | | | | | | | | | 179,118,198 | |
| | | | | | | | | | | | | | | |
| Transportation 18.88% | | | | | | | | | | | | | | |
| AK Intl Airports Sys | | 5.00% | | 10/1/2024 | | A1 | | | 750 | | | | 849,360 | |
| AK Intl Airports Sys | | 5.00% | | 10/1/2027 | | A1 | | | 1,000 | | | | 1,141,650 | |
| AK Intl Airports Sys | | 5.00% | | 10/1/2028 | | A1 | | | 2,000 | | | | 2,276,480 | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2026 | | AA | | | 1,250 | | | | 1,406,713 | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2027 | | AA | | | 2,000 | | | | 2,264,480 | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2028 | | AA | | | 2,000 | | | | 2,256,180 | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2029 | | AA | | | 3,500 | | | | 3,928,050 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2024 | | A- | | | 5,000 | | | | 5,649,000 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2026 | | A- | | | 4,075 | | | | 4,587,513 | |
| Atlanta Arpt | | 5.50% | | 1/1/2021 | | Aa3 | | | 3,000 | | | | 3,227,460 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2029 | | AA- | | | 2,500 | | | | 2,789,825 | |
| Bay Area Toll Auth | 2.186%
(3 Mo. LIBOR * .70 + 0.55% | )# | 4/1/2045 | | AA | | | 7,200 | | | | 7,243,992 | |
| Bay Area Toll Auth | 2.26%
(MUNIPSA * 1 + 0.70% | )# | 4/1/2047 | | AA | | | 6,000 | | | | 6,015,720 | |
| Bay Area Toll Auth | | 4.00% | | 4/1/2029 | | AA- | | | 5,800 | | | | 6,369,096 | |
| CA Muni Fin Auth–LINXS APM Proj AMT | | 5.00% | | 12/31/2036 | | BBB+ | (e) | | 3,215 | | | | 3,562,477 | |
| CA Muni Fin Auth–LINXS APM Proj AMT | | 5.00% | | 12/31/2037 | | BBB+ | (e) | | 4,500 | | | | 4,963,095 | |
| | See Notes to Financial Statements. | 55 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| CA Muni Fin Auth–LINXS APM Proj AMT | | 5.00% | | 12/31/2038 | | BBB+ | (e) | $ | 7,000 | | | $ | 7,696,290 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2030 | | BBB+ | | | 800 | | | | 892,896 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2031 | | BBB+ | | | 1,675 | | | | 1,864,108 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2032 | | BBB+ | | | 2,000 | | | | 2,216,820 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2033 | | BBB | | | 3,010 | | | | 3,223,409 | |
| Central TX Mobility Auth | | 5.75% | | 1/1/2020 | | BBB+ | | | 1,000 | | | | 1,044,790 | |
| Central TX Tpk | | 5.00% | | 8/15/2025 | | BBB+ | | | 2,250 | | | | 2,505,825 | |
| Central TX Tpk | | 5.00% | | 8/15/2026 | | BBB+ | | | 2,500 | | | | 2,768,575 | |
| Central TX Tpk | | 5.00% | | 8/15/2027 | | BBB+ | | | 3,300 | | | | 3,628,416 | |
| Central TX Tpk | | 5.00% | | 8/15/2028 | | BBB+ | | | 3,705 | | | | 4,055,011 | |
| Central TX Tpk | | 5.00% | | 8/15/2033 | | BBB+ | | | 7,650 | | | | 8,270,644 | |
| Chicago Midway Arpt | | 5.00% | | 1/1/2026 | | A | | | 6,075 | | | | 6,710,263 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2023 | | A | | | 3,000 | | | | 3,264,930 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2026 | | A | | | 4,605 | | | | 5,039,482 | |
| Chicago Midway Arpt AMT | | 5.00% | | 1/1/2031 | | A | | | 2,000 | | | | 2,198,520 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2022 | | A | | | 3,230 | | | | 3,435,202 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2031 | | A | | | 6,500 | | | | 7,134,270 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2021 | | A | | | 11,740 | | | | 12,395,562 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2024 | | A | | | 5,000 | | | | 5,363,100 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2024 | | A | | | 6,410 | | | | 7,123,241 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2029 | | A | | | 7,000 | | | | 7,641,690 | |
| Clark Co Arpt–McCarran Arpt (AGM) | | 5.00% | | 7/1/2022 | | AA | | | 3,905 | | | | 3,992,823 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2025 | | AA | | | 1,200 | | | | 1,360,596 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2026 | | AA | | | 2,000 | | | | 2,234,700 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2027 | | AA | | | 2,175 | | | | 2,417,099 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2027 | | A- | | | 1,835 | | | | 1,981,763 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2028 | | A | | | 7,500 | | | | 8,365,575 | |
| Delaware River Toll Brdg Commn | | 5.00% | | 7/1/2029 | | A1 | | | 1,000 | | | | 1,167,910 | |
| Delaware River Toll Brdg Commn | | 5.00% | | 7/1/2030 | | A1 | | | 1,920 | | | | 2,234,285 | |
| Delaware River Toll Brdg Commn | | 5.00% | | 7/1/2032 | | A1 | | | 2,025 | | | | 2,337,842 | |
| Denver Arpt–United Airlines AMT | | 5.00% | | 10/1/2032 | | BB | | | 3,750 | | | | 3,995,213 | |
| Denver City & Co Arpt AMT | | 5.00% | | 12/1/2031 | | A | | | 15,000 | | | | 17,088,750 | |
| Denver City & Co Arpt AMT | | 5.00% | | 12/1/2035 | | A | | | 5,000 | | | | 5,613,850 | |
| E–470 Hwy Auth | | 5.00% | | 9/1/2020 | | A | | | 900 | | | | 948,348 | |
| FL Expwy Auth | | 5.00% | | 7/1/2028 | | A+ | | | 3,500 | | | | 4,040,680 | |
| Foothill / Eastern Corridor Toll Rd | | 5.00% | #(c) | 1/15/2053 | | A- | | | 12,000 | | | | 12,267,600 | |
| Greater Orlando Aviation AMT | | 5.00% | | 10/1/2029 | | A1 | | | 3,000 | | | | 3,424,320 | |
| 56 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Hampton Roads Trans Commn | | 5.00% | | 7/1/2032 | | NR | | $ | 1,180 | | | $ | 1,378,641 | |
| Hampton Roads Trans Commn | | 5.00% | | 7/1/2033 | | NR | | | 1,000 | | | | 1,163,930 | |
| Harris Co Toll Rd | | 5.00% | | 8/15/2029 | | Aa2 | | | 2,500 | | | | 2,927,950 | |
| Harris Co Toll Rd | | 5.00% | | 8/15/2030 | | Aa2 | | | 1,000 | | | | 1,166,710 | |
| Harris Co Toll Rd | | 5.00% | | 8/15/2031 | | Aa2 | | | 3,000 | | | | 3,481,500 | |
| HI Airport Sys AMT | | 5.00% | | 7/1/2031 | | AA- | | | 1,275 | | | | 1,458,919 | |
| HI Airport Sys AMT | | 5.00% | | 7/1/2033 | | AA- | | | 3,300 | | | | 3,743,586 | |
| HI Airport Sys AMT | | 5.00% | | 7/1/2034 | | AA- | | | 2,000 | | | | 2,259,960 | |
| HI Arpts Sys AMT | | 5.00% | | 7/1/2022 | | AA- | | | 5,130 | | | | 5,488,023 | |
| Houston Arpt–Continental Airlines AMT | | 4.75% | | 7/1/2024 | | BB | | | 8,000 | | | | 8,546,480 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2020 | | BB | | | 1,310 | | | | 1,364,706 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2030 | | BB | | | 2,500 | | | | 2,699,550 | |
| Houston Arpt AMT | | 5.00% | | 7/1/2021 | | A+ | | | 5,000 | | | | 5,361,400 | |
| IL State GO | | 5.00% | | 11/1/2027 | | BBB- | | | 5,000 | | | | 5,279,900 | |
| IL Toll Hwy Auth | | 5.00% | | 1/1/2027 | | AA- | | | 1,000 | | | | 1,116,450 | |
| IL Toll Hwy Auth | | 5.00% | | 1/1/2028 | | AA- | | | 2,535 | | | | 2,820,999 | |
| KY Tpk Auth | | 5.00% | | 7/1/2026 | | Aa3 | | | 5,215 | | | | 5,749,172 | |
| Los Angeles Dept Arpts–LAX | | 5.00% | | 5/15/2027 | | AA- | | | 2,000 | | | | 2,309,840 | |
| Los Angeles Dept Arpts–LAX | | 5.00% | | 5/15/2032 | | AA- | | | 5,870 | | | | 6,656,580 | |
| Louisville Regl Airport AMT | | 5.00% | | 7/1/2021 | | A+ | | | 1,250 | | | | 1,336,200 | |
| Louisville Regl Airport AMT | | 5.00% | | 7/1/2022 | | A+ | | | 1,625 | | | | 1,768,780 | |
| Louisville Regl Airport AMT | | 5.00% | | 7/1/2023 | | A+ | | | 2,250 | | | | 2,485,373 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 4.152%
(Auction Rate Based | )# | 1/1/2031 | | NR | | | 14,000 | | | | 14,000,000 | |
| MD EDC–Maryland Port | | 5.125% | | 6/1/2020 | | NR | | | 1,510 | | | | 1,569,630 | |
| MD EDC–Maryland Port | | 5.125% | | 6/1/2020 | | NR | | | 590 | | | | 613,299 | |
| Miami Dade Co Aviation–MIA | | 5.00% | | 10/1/2025 | | A | | | 3,690 | | | | 4,189,810 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2021 | | A | | | 1,500 | | | | 1,611,690 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2022 | | A | | | 1,550 | | | | 1,694,057 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2027 | | A | | | 5,145 | | | | 5,756,843 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2028 | | A | | | 3,500 | | | | 3,914,190 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2022 | | A+ | | | 1,750 | | | | 1,923,933 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2023 | | A+ | | | 2,000 | | | | 2,191,240 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2023 | | A+ | | | 2,500 | | | | 2,801,825 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2024 | | A+ | | | 3,500 | | | | 3,821,510 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2028 | | A+ | | | 3,500 | | | | 3,894,870 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2029 | | AA- | | | 5,000 | | | | 5,820,850 | |
| | See Notes to Financial Statements. | 57 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2030 | | AA- | | $ | 5,000 | | | $ | 5,796,850 | |
| MTA NY | | 5.00% | | 11/15/2021 | | A1 | | | 1,500 | | | | 1,627,335 | |
| MTA NY | | 5.00% | | 11/1/2023 | | A1 | | | 5,640 | | | | 6,218,213 | |
| MTA NY | | 5.00% | | 11/15/2028 | | A1 | | | 13,690 | | | | 15,987,593 | |
| MTA NY | | 5.00% | | 11/15/2029 | | A1 | | | 5,000 | | | | 5,798,350 | |
| MTA NY | | 5.00% | | 11/15/2033 | | A1 | | | 4,025 | | | | 4,584,918 | |
| MTA NY | | 5.25% | | 11/15/2028 | | A1 | | | 6,355 | | | | 7,349,049 | |
| NC Tpk Auth–Triangle Exprs | | 5.00% | | 1/1/2032 | | BBB | | | 1,000 | | | | 1,118,760 | |
| NC Tpk Auth–Triangle Exprs (AGM) | | 5.00% | | 1/1/2031 | | AA | | | 1,000 | | | | 1,135,730 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2023 | | Baa1 | | | 3,000 | | | | 3,305,070 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2027 | | Baa1 | | | 3,185 | | | | 3,498,850 | |
| NJ EDA–Goethals Brdg AMT | | 5.125% | | 1/1/2034 | | BBB- | | | 5,000 | | | | 5,376,200 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2028 | | A+ | | | 7,000 | | | | 8,246,700 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2029 | | A+ | | | 5,000 | | | | 5,611,050 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2031 | | A+ | | | 5,000 | | | | 5,660,700 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2031 | | A+ | | | 5,000 | | | | 5,595,800 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2033 | | NR | | | 2,100 | | | | 2,388,309 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2034 | | NR | | | 1,500 | | | | 1,715,865 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2028 | | A+ | | | 6,275 | | | | 6,972,529 | |
| NJ Trans Trust Fund | | 5.75% | | 6/15/2020 | | BBB+ | | | 7,645 | | | | 7,950,876 | |
| NJ Trans Trust Fund CR (AGM) | | 5.00% | | 6/15/2024 | | AA | | | 10,165 | | | | 10,927,375 | |
| North TX Twy Auth | | 5.00% | | 1/1/2023 | | A+ | | | 5,000 | | | | 5,528,150 | |
| North TX Twy Auth | | 5.00% | | 1/1/2025 | | A+ | | | 5,000 | | | | 5,603,100 | |
| North TX Twy Auth | | 5.00% | | 1/1/2031 | | A | | | 8,085 | | | | 8,889,053 | |
| North TX Twy Auth | | 5.00% | | 1/1/2035 | | A+ | | | 3,500 | | | | 3,921,015 | |
| North TX Twy Auth | | 5.00% | | 1/1/2035 | | A+ | | | 1,500 | | | | 1,776,945 | |
| NV State Highway Rev | | 5.00% | | 12/1/2030 | | AAA | | | 10,000 | | | | 11,639,900 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2023 | | AAA | | | 8,500 | | | | 9,496,540 | |
| NY Trans Dev Corp–Delta AMT | | 4.00% | | 1/1/2036 | | Baa3 | | | 10,010 | | | | 9,960,150 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2031 | | Baa3 | | | 3,500 | | | | 3,893,960 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2033 | | Baa3 | | | 11,000 | | | | 12,137,840 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2034 | | Baa3 | | | 3,450 | | | | 3,792,654 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2036 | | Baa3 | | | 2,250 | | | | 2,455,065 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 4.00% | | 7/1/2032 | | Baa3 | | | 3,000 | | | | 3,046,080 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 4.00% | | 7/1/2033 | | Baa3 | | | 3,500 | | | | 3,544,695 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2034 | | Baa3 | | | 2,250 | | | | 2,408,490 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2023 | | Baa1 | | | 750 | | | | 814,980 | |
| 58 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| NY Twy Auth | | 5.00% | | 1/1/2024 | | A | | $ | 1,960 | | | $ | 2,214,937 | |
| NY Twy Auth | | 5.00% | | 1/1/2026 | | A | | | 5,115 | | | | 5,802,661 | |
| NY Twy Auth | | 5.00% | | 1/1/2028 | | A- | | | 2,470 | | | | 2,824,099 | |
| NY Twy Auth | | 5.00% | | 1/1/2029 | | A- | | | 1,000 | | | | 1,137,030 | |
| Orlando & Orange Co Expwy Auth | | 5.00% | | 7/1/2030 | | A+ | | | 10,000 | | | | 11,046,100 | |
| PA Tpk Commn | | 5.00% | | 12/1/2022 | | A+ | | | 3,500 | | | | 3,871,630 | |
| PA Tpk Commn–Registration Fee (AGM) | | 5.25% | | 7/15/2019 | | AA | | | 1,270 | | | | 1,303,299 | |
| Phoenix Arpt | | 5.00% | | 7/1/2023 | | A+ | | | 7,000 | | | | 7,356,160 | |
| Phoenix Arpt AMT | | 5.00% | | 7/1/2022 | | AA- | | | 1,500 | | | | 1,633,845 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2023 | | AA- | | | 5,300 | | | | 6,031,612 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2025 | | AA- | | | 10,000 | | | | 11,302,100 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2026 | | AA- | | | 5,605 | | | | 6,515,700 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2027 | | AA- | | | 4,750 | | | | 5,501,830 | |
| Port Auth NY & NJ–JFK IAT | | 5.00% | | 12/1/2020 | | Baa1 | | | 6,000 | | | | 6,195,780 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/1/2022 | | AA- | | | 5,810 | | | | 6,389,489 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2026 | | AA- | | | 11,385 | | | | 13,168,233 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2028 | | AA- | | | 4,000 | | | | 4,643,440 | |
| Port Oakland AMT | | 5.00% | | 5/1/2022 | | A+ | | | 11,000 | | | | 11,967,560 | |
| PR Hwy & Trans Auth(f) | | 5.00% | | 7/1/2033 | | C | | | 1,215 | | | | 297,675 | |
| PR Hwy & Trans Auth(f) | | 5.50% | | 7/1/2023 | | C | | | 4,305 | | | | 1,054,725 | |
| PR Hwy & Trans Auth(f) | | 5.50% | | 7/1/2024 | | C | | | 3,000 | | | | 735,000 | |
| PR Hwy & Trans Auth (AGM) | | 5.25% | | 7/1/2032 | | AA | | | 1,000 | | | | 1,134,670 | |
| Sacramento Co Arpt AMT | | 5.00% | | 7/1/2027 | | A+ | | | 5,950 | | | | 6,939,009 | |
| Sacramento Co Arpt AMT | | 5.00% | | 7/1/2034 | | A+ | | | 4,000 | | | | 4,569,800 | |
| Salt Lake City Arpt AMT | | 5.00% | | 7/1/2030 | | A+ | | | 2,275 | | | | 2,579,600 | |
| Salt Lake City Arpt AMT | | 5.00% | | 7/1/2031 | | A+ | | | 3,000 | | | | 3,389,490 | |
| Salt Lake City Arpt AMT | | 5.00% | | 7/1/2032 | | A+ | | | 3,000 | | | | 3,379,740 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2026 | | A+ | | | 10,000 | | | | 10,904,700 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2028 | | A+ | | | 7,550 | | | | 8,206,019 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2034 | | A- | | | 7,500 | | | | 8,195,850 | |
| San Jose Arpt | | 5.00% | | 3/1/2026 | | A | | | 1,200 | | | | 1,363,368 | |
| San Jose Arpt | | 5.00% | | 3/1/2027 | | A | | | 2,260 | | | | 2,561,529 | |
| San Jose Arpt | | 5.00% | | 3/1/2028 | | A | | | 1,655 | | | | 1,872,202 | |
| San Jose Arpt AMT | | 5.00% | | 3/1/2035 | | A | | | 1,500 | | | | 1,685,970 | |
| South Jersey Trans Auth | | 5.00% | | 11/1/2021 | | BBB+ | | | 5,305 | | | | 5,699,055 | |
| Southeastern PA Transp Auth–GARVEE | | 5.00% | | 6/1/2023 | | AA- | | | 2,500 | | | | 2,689,500 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2022 | | A+ | | | 4,715 | | | | 5,230,161 | |
| | See Notes to Financial Statements. | 59 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2023 | | AA- | | $ | 5,525 | | | $ | 6,130,927 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2023 | | A+ | | | 2,000 | | | | 2,244,660 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2029 | | AA- | | | 5,650 | | | | 6,586,487 | |
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | | 5.50% | | 11/15/2021 | | A+ | | | 2,595 | | | | 2,858,341 | |
| VA Small Bus Fing–Elizabeth River AMT | | 5.25% | | 1/1/2032 | | BBB | | | 10,500 | | | | 11,234,685 | |
| WA St GARVEE–520 Corridor | | 5.00% | | 9/1/2021 | | AA | | | 10,000 | | | | 10,791,800 | |
| Wayne CO Arpt AMT | | 5.00% | | 12/1/2026 | | A | | | 1,590 | | | | 1,794,665 | |
| Wayne CO Arpt AMT | | 5.00% | | 12/1/2027 | | A | | | 2,000 | | | | 2,242,360 | |
| Total | | | | | | | | | | | | | 785,896,117 | |
| | | | | | | | | | | | | | | |
| Utilities 11.73% | | | | | | | | | | | | | | |
| Albuquerque Bernalillo Co Wtr Util | | 5.00% | | 7/1/2024 | | AA | | | 2,645 | | | | 3,005,963 | |
| Albuquerque Bernalillo Co Wtr Util | | 5.00% | | 7/1/2025 | | AA | | | 4,000 | | | | 4,513,840 | |
| CA Dept Wtr Res Wtr–Central Valley | | 1.93%
(MUNIPSA * 1 + 1.37% | )# | 12/1/2035 | | AAA | | | 4,245 | | | | 4,267,329 | |
| CA Dept Wtr Res Wtr–Central Valley | | 5.00% | | 12/1/2021 | | NR | | | 45 | | | | 49,248 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2027 | | A3 | | | 7,500 | | | | 8,110,350 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2035 | | BBB+ | | | 2,250 | | | | 2,599,830 | |
| Chicago Wastewater | | 5.00% | | 1/1/2029 | | A | | | 4,335 | | | | 4,774,266 | |
| Chicago Wastewater | | 5.00% | | 1/1/2030 | | A | | | 6,500 | | | | 7,129,395 | |
| Chicago Water | | 5.00% | | 11/1/2024 | | A | | | 8,690 | | | | 9,705,513 | |
| Chicago Water | | 5.00% | | 11/1/2025 | | A | | | 2,625 | | | | 2,939,816 | |
| Chicago Water (AGM) | | 5.00% | | 11/1/2034 | | AA | | | 6,275 | | | | 6,945,045 | |
| Chicago Water (AGM) | | 5.00% | | 11/1/2035 | | AA | | | 5,000 | | | | 5,513,500 | |
| Chicago Water (AGM) | | 5.25% | | 11/1/2030 | | AA | | | 5,510 | | | | 6,328,345 | |
| Detroit Sewer | | 5.00% | | 7/1/2034 | | A | | | 2,200 | | | | 2,389,794 | |
| Detroit Sewer | | 5.00% | | 7/1/2035 | | A | | | 1,835 | | | | 1,987,580 | |
| Farmington Poll Ctl–AZ Pub Svc | | 4.70% | | 5/1/2024 | | A2 | | | 5,265 | | | | 5,530,777 | |
| FL Muni Pwr Agy–St Lucie | | 5.00% | | 10/1/2021 | | A2 | | | 3,650 | | | | 3,758,296 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2029 | | A- | | | 1,000 | | | | 1,084,470 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2036 | | A- | | | 1,000 | | | | 1,087,520 | |
| HI Dept Budget–Hawaiian Electric AMT | | 3.10% | | 5/1/2026 | | Baa2 | | | 7,000 | | | | 6,883,590 | |
| Houston Util Sys | | 5.00% | | 5/15/2022 | | AA | | | 3,000 | | | | 3,288,450 | |
| Houston Util Sys | | 5.00% | | 11/15/2022 | | AA | | | 5,000 | | | | 5,533,800 | |
| Houston Util Sys | | 5.00% | | 11/15/2023 | | AA | | | 4,000 | | | | 4,506,320 | |
| Houston Util Sys | | 5.00% | | 11/15/2026 | | AA | | | 5,355 | | | | 6,093,829 | |
| IL Fin Auth–Clean Wtr Init | | 5.00% | | 1/1/2027 | | NR | | | 1,365 | | | | 1,601,186 | |
| Imperial Irrigation Dist | | 5.00% | | 11/1/2032 | | AA- | | | 2,000 | | | | 2,303,020 | |
| 60 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Utilities (continued) | | | | | | | | | | | | | | |
| IN Muni Pwr | | 5.00% | | 1/1/2033 | | A+ | | $ | 5,210 | | | $ | 5,982,278 | |
| IN Muni Pwr | | 5.00% | | 1/1/2034 | | A+ | | | 4,000 | | | | 4,575,640 | |
| JEA St Johns Riv Pwr Pk Sys | | 5.00% | | 10/1/2022 | | Aa2 | | | 1,625 | | | | 1,672,889 | |
| KY Muni Pwr–Prairie State Proj | | 3.45% | #(c) | 9/1/2042 | | A- | | | 5,935 | | | | 5,869,774 | |
| KY Pub Energy Auth–Peak Energy | | 4.00% | #(c) | 4/1/2048 | | A3 | | | 15,875 | | | | 16,665,734 | |
| Long Beach Nat Gas–ML | 2.98%
(3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | | A- | | | 4,000 | | | | 4,037,920 | |
| Long Island Power Auth | | 5.00% | | 9/1/2027 | | A- | | | 6,000 | | | | 6,963,360 | |
| Long Island Power Auth | | 5.00% | | 9/1/2034 | | A- | | | 2,250 | | | | 2,560,005 | |
| Los Angeles USD | | 5.00% | | 7/1/2023 | | Aa2 | | | 10,000 | | | | 11,366,500 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2022 | | A1 | | | 5,005 | | | | 5,359,704 | |
| Main St Nat Gas–ML | | 5.00% | | 3/15/2021 | | A- | | | 2,500 | | | | 2,650,825 | |
| MD EDC–Potomac Elec Rmkt | | 6.20% | | 9/1/2022 | | A | | | 1,650 | | | | 1,677,819 | |
| MEAG–Gen Resolution Projs | | 5.00% | | 1/1/2020 | | A | | | 6,200 | | | | 6,410,676 | |
| MEAG–Proj 1 | | 5.00% | | 1/1/2021 | | A | | | 4,185 | | | | 4,420,574 | |
| MI Strat Fund–Detroit Edison | | 1.45% | #(c) | 8/1/2029 | | Aa3 | | | 3,500 | | | | 3,358,215 | |
| MI Strat Fund–Detroit Edison | | 1.45% | #(c) | 9/1/2030 | | Aa3 | | | 1,000 | | | | 959,490 | |
| MO Joint Muni Elec Util Commn | | 5.00% | | 1/1/2023 | | A2 | | | 2,000 | | | | 2,216,380 | |
| MO Joint Muni Elec Util Commn | | 5.00% | | 1/1/2025 | | A2 | | | 1,500 | | | | 1,667,670 | |
| Modesto Irrigation Dist | | 5.00% | | 7/1/2023 | | A+ | | | 1,780 | | | | 2,013,732 | |
| Modesto Irrigation Dist | | 5.00% | | 7/1/2024 | | A+ | | | 3,720 | | | | 4,199,508 | |
| Modesto Irrigation Dist | | 5.00% | | 7/1/2025 | | A+ | | | 8,410 | | | | 9,477,818 | |
| New Orleans Sewer | | 5.00% | | 6/1/2021 | | A | | | 400 | | | | 427,204 | |
| North Sumter Co Util Dep Dist | | 5.00% | | 10/1/2032 | | A- | | | 8,000 | | | | 8,483,840 | |
| Northern CA Pwr–Hydroelec #1 | | 5.00% | | 7/1/2026 | | A+ | | | 3,600 | | | | 3,971,484 | |
| OH Wtr Dev Auth | | 5.00% | | 6/1/2023 | | AAA | | | 5,500 | | | | 6,178,920 | |
| Omaha Pub Pwr Dist | | 5.00% | | 2/1/2029 | | AA | | | 5,000 | | | | 5,760,000 | |
| PA Econ Dev–PPL Electric Utility Rmkt | | 4.00% | | 10/1/2023 | | A1 | | | 5,000 | | | | 5,175,900 | |
| PEAK Energy–BP | | 4.00% | #(c) | 1/1/2049 | | A1 | | | 13,875 | | | | 14,651,445 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2026 | | A | | | 1,000 | | | | 1,133,880 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2027 | | A | | | 1,000 | | | | 1,129,900 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2028 | | A | | | 1,250 | | | | 1,433,225 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2029 | | A | | | 1,700 | | | | 1,940,720 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2030 | | A | | | 1,425 | | | | 1,622,078 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2022 | | A+ | | | 3,090 | | | | 3,391,275 | |
| Philadelphia Water & Wastewater | | 5.00% | | 11/1/2029 | | A+ | | | 2,200 | | | | 2,549,316 | |
| Phoenix Civic Impt Corp–Water Sys | | 5.00% | | 7/1/2027 | | AAA | | | 5,010 | | | | 5,676,430 | |
| | See Notes to Financial Statements. | 61 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments |
|
Interest
Rate |
|
Maturity
Date |
| Credit
Rating:
S&P or
Moody’s(a) |
|
Principal
Amount
(000) |
|
|
Fair
Value |
|
| | | | | | | | | | | | | | | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Piedmont Muni Pwr Agy | | 5.00% | | 1/1/2022 | | A- | | $ | 4,750 | | | $ | 5,010,965 | |
| Piedmont Muni Pwr Agy | | 5.00% | | 1/1/2024 | | A- | | | 7,920 | | | | 8,347,997 | |
| Pima Co IDA–Tucson Elec | | 4.95% | | 10/1/2020 | | A- | | | 10,640 | | | | 11,219,348 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Ca | | | 3,625 | | | | 3,412,031 | |
| PR Elec Pwr Auth(f) | | 5.00% | | 7/1/2037 | | Ca | | | 1,035 | | | | 680,513 | |
| PR Elec Pwr Auth(f) | | 5.00% | | 7/1/2042 | | Ca | | | 2,390 | | | | 1,571,425 | |
| PR Elec Pwr Auth(f) | | 5.50% | | 7/1/2038 | | Ca | | | 2,350 | | | | 1,545,125 | |
| PR Elec Pwr Auth(f) | | 7.00% | | 7/1/2033 | | Ca | | | 4,000 | | | | 2,640,000 | |
| PR Elec Pwr Auth(f) | | 7.00% | | 7/1/2040 | | Ca | | | 725 | | | | 478,500 | |
| PR Elec Pwr Auth (AGM) | | 2.086%
(3 Mo. LIBOR * .67 +.52% | )# | 7/1/2029 | | AA | | | 5,720 | | | | 5,376,800 | |
| SA Energy Acquisition Pub Fac–Goldman Sachs | | 5.50% | | 8/1/2021 | | A3 | | | 2,360 | | | | 2,556,942 | |
| Salt River Agric Imp & Pwr Dist | | 5.00% | | 12/1/2023 | | Aa1 | | | 8,980 | | | | 9,749,855 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2037 | | BBB+ | | | 7,165 | | | | 8,316,774 | |
| Salt Verde Fin Corp–Citi | | 5.50% | | 12/1/2029 | | BBB+ | | | 5,000 | | | | 5,968,400 | |
| San Antonio Elec & Gas | | 5.00% | | 2/1/2029 | | Aa1 | | | 7,340 | | | | 8,501,702 | |
| SE AL Gas Dist–Goldman Sachs | | 4.00% | #(c) | 4/1/2049 | | A3 | | | 14,250 | | | | 14,974,612 | |
| Seminole Co Wtr & Swr | | 5.00% | | 10/1/2024 | | AA | | | 4,000 | | | | 4,587,320 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2024 | | AA | | | 1,000 | | | | 1,149,670 | |
| TEAC–Goldman Sachs | | 4.00% | #(c) | 5/1/2048 | | A3 | | | 5,650 | | | | 5,919,618 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2021 | | A3 | | | 3,000 | | | | 3,231,270 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2024 | | A3 | | | 8,940 | | | | 10,048,113 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2024 | | A3 | | | 23,000 | | | | 25,097,140 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2028 | | A3 | | | 2,000 | | | | 2,158,400 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2029 | | A3 | | | 2,225 | | | | 2,394,834 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2021 | | A- | | | 4,710 | | | | 5,107,618 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2023 | | A- | | | 2,925 | | | | 3,275,620 | |
| TX Muni Gas Acq & Supply–ML | | 6.25% | | 12/15/2026 | | A- | | | 26,660 | | | | 30,674,729 | |
| Utility Debt Sec Auth–Lipa | | 5.00% | | 6/15/2028 | | AAA | | | 5,915 | | | | 6,917,947 | |
| Western MN Muni Pwr Agy | | 5.00% | | 1/1/2023 | | Aa3 | | | 1,500 | | | | 1,665,510 | |
| WV EDA–Morgantown Energy AMT | | 2.875% | | 12/15/2026 | | Baa3 | | | 3,425 | | | | 3,290,535 | |
| WV EDA–Wheeling Pwr AMT | | 3.00% | #(c) | 6/1/2037 | | A- | | | 9,400 | | | | 9,372,176 | |
| Wyandotte CO Unified Govt Utility Sys | | 5.00% | | 9/1/2021 | | A+ | | | 3,105 | | | | 3,347,190 | |
| Total | | | | | | | | | | | | | 488,151,879 | |
| Total Municipal Bonds (cost $4,047,092,786) | | | | | | | | | | | 4,076,347,892 | |
| 62 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2018
Investments | | Interest
Rate# | | Interest
Rate
Reset
Date(g) | | Final
Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS 0.64% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.64% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Corporate-Backed 0.01% | | | | | | | | | | | | | | | | |
| Columbia IDB–Alabama Pwr | | 1.67% | | 10/1/2018 | | 12/1/2037 | | A1 | | $ | 400 | | | $ | 400,000 | |
| | | | | | | | | | | | | | | | | |
| Health Care 0.22% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | 1.63% | | 10/1/2018 | | 6/15/2045 | | AAA | | | 9,200 | | | | 9,200,000 | |
| | | | | | | | | | | | | | | | | |
| Money Market Securities 0.02% | | | | | | | | | | | | | | | | |
| NYC TFA | | 1.72% | | 10/1/2018 | | 11/1/2022 | | AAA | | | 800 | | | | 800,000 | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 0.05% | | | | | | | | | | | | | | | | |
| NYC TFA | | 1.67% | | 10/1/2018 | | 8/1/2045 | | AAA | | | 100 | | | | 100,000 | |
| NYC TFA–Future Tax | | 1.73% | | 10/1/2018 | | 11/1/2022 | | AAA | | | 2,100 | | | | 2,100,000 | |
| Total | | | | | | | | | | | | | | | 2,200,000 | |
| | | | | | | | | | | | | | | | | |
| Transportation 0.02% | | | | | | | | | | | | | | | | |
| Triborough Brdg & Tunl Auth | | 1.64% | | 10/1/2018 | | 1/1/2032 | | Aa1 | | | 800 | | | | 800,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.32% | | | | | | | | | | | | | | | | |
| Appling Co Dev–GA Power | | 1.94% | | 10/1/2018 | | 9/1/2041 | | A- | | | 1,500 | | | | 1,500,000 | |
| NYC Muni Water | | 1.68% | | 10/1/2018 | | 6/15/2049 | | AA+ | | | 7,300 | | | | 7,300,000 | |
| NYC Muni Water | | 1.73% | | 10/1/2018 | | 8/1/2031 | | AAA | | | 4,325 | | | | 4,325,000 | |
| Total | | | | | | | | | | | | | | | 13,125,000 | |
| Total Short-Term Investments (cost $26,525,000) | | | | | | | | | | | | | 26,525,000 | |
| Total Investments in Securities 98.56% (cost $4,073,617,786) | | | | | | | | | | | 4,102,872,892 | |
| Cash and Other Assets in Excess of Liabilities 1.44% | | | | | | | | | | | 59,934,858 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 4,162,807,750 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
| | See Notes to Financial Statements. | 63 |
Schedule of Investments (concluded)
INTERMEDIATE TAX FREE FUND September 30, 2018
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Corporate-Backed | | $ | – | | | $ | 306,683,770 | | | $ | 2,842,000 | | | $ | 309,525,770 | |
| Lease Obligations | | | – | | | | 253,581,528 | | | | 247,520 | | | | 253,829,048 | |
| Other Revenue | | | – | | | | 149,419,619 | | | | 40 | | | | 149,419,659 | |
| Special Tax | | | – | | | | 78,409,743 | | | | 550,000 | | | | 78,959,743 | |
| Remaining Industries | | | – | | | | 3,284,613,672 | | | | – | | | | 3,284,613,672 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes | | | – | | | | 26,525,000 | | | | – | | | | 26,525,000 | |
| Total | | $ | – | | | $ | 4,099,233,332 | | | $ | 3,639,560 | | | $ | 4,102,872,892 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | – | | | $ | (1,250,000 | ) | | $ | – | | | $ | (1,250,000 | ) |
| Total | | $ | – | | | $ | (1,250,000 | ) | | $ | – | | | $ | (1,250,000 | ) |
| | (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| | (2) | See Schedule of Investments for fair values in each industry. 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. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| | (3) | There were no Level 1/Level 2 transfers during the fiscal year ended September 30, 2018. |
| | (4) | 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, 2017 | | $ | 5,586,201 | |
| Accrued Discounts (Premiums) | | | – | |
| Realized Gain (Loss) | | | – | |
| Change in Unrealized Appreciation (Depreciation) | | | – | |
| Purchases | | | – | |
| Sales | | | – | |
| Transfers into Level 3 | | | – | |
| Transfers out of Level 3 | | | (1,946,641 | ) |
| Balance as of September 30, 2018 | | $ | 3,639,560 | |
| Change in unrealized appreciation/depreciation for year ended September 30, 2018 related to Level 3 investments held at September 30, 2018 | | $ | – | |
| 64 | See Notes to Financial Statements. | |
Schedule of Investments
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 100.33% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 4.18% | | | | | | | | | | | | | | |
| Courtland IDB–Intl Paper | | 6.25% | | 11/1/2033 | | Baa2 | | $ | 770 | | | $ | 804,796 | |
| LA Env Facs–Westlake Chem | | 3.50% | | 11/1/2032 | | BBB | | | 1,315 | | | | 1,275,050 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 11/1/2035 | | BBB | | | 500 | | | | 540,925 | |
| Love Field Arpt–Southwest Airlines | | 5.25% | | 11/1/2040 | | A3 | | | 330 | | | | 347,319 | |
| National Fin Auth NH–Covanta† | | 4.625% | | 11/1/2042 | | B1 | | | 1,000 | | | | 999,240 | |
| NY Energy RDA–NYSEGC | | 3.50% | | 10/1/2029 | | A- | | | 800 | | | | 793,504 | |
| NY Liberty Dev Corp–3 WTC† | | 5.00% | | 11/15/2044 | | NR | | | 500 | | | | 520,270 | |
| NY Liberty Dev Corp–3 WTC† | | 7.25% | | 11/15/2044 | | NR | | | 100 | | | | 117,956 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 100 | | | | 102,411 | |
| Phenix City IDB–Meadwestvaco | | 3.625% | | 5/15/2030 | | BBB | | | 1,300 | | | | 1,282,359 | |
| Warren Co–Intl Paper | | 5.80% | | 5/1/2034 | | BBB | | | 100 | | | | 105,672 | |
| WI Pub Fin Auth–Celanese† | | 4.05% | | 11/1/2030 | | BBB- | | | 500 | | | | 503,235 | |
| Total | | | | | | | | | | | | | 7,392,737 | |
| | | | | | | | | | | | | | | |
| Education 5.98% | | | | | | | | | | | | | | |
| Build NYC Res Corp–CUNY | | 5.00% | | 6/1/2034 | | Aa2 | | | 325 | | | | 358,436 | |
| CA Sch Fin Auth–Green Dot Schs† | | 5.00% | | 8/1/2045 | | NR | | | 250 | | | | 262,665 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2044 | | B+ | | | 250 | | | | 254,585 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2046 | | B+ | | | 500 | | | | 508,425 | |
| DE EDA–DE State Univ (AGM) | | 5.00% | | 10/1/2031 | | AA | | | 410 | | | | 454,940 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 100 | | | | 102,527 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2033 | | A- | | | 475 | | | | 521,958 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2035 | | A- | | | 250 | | | | 272,990 | |
| FL HI Ed–Nova Southeastern Univ | | 6.375% | | 4/1/2031 | | A- | | | 475 | | | | 514,249 | |
| Fulton Co Dev–Tuff/Atlanta Hsg | | 5.00% | | 9/1/2032 | | A+ | | | 775 | | | | 826,630 | |
| Hempstead Town LDC–Adelphi Univ | | 5.00% | | 10/1/2034 | | A- | | | 175 | | | | 192,768 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2020 | | Baa3 | | | 100 | | | | 100,073 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2021 | | Baa3 | | | 500 | | | | 500,315 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 500 | | | | 492,700 | |
| IL Fin Auth–Univ Chicago | | 4.00% | | 10/1/2049 | | Aa2 | | | 1,000 | | | | 1,000,410 | |
| MA DFA–Suffolk Univ | | 5.00% | | 7/1/2032 | | Baa2 | | | 500 | | | | 554,475 | |
| MA DFA–Suffolk Univ | | 5.00% | | 7/1/2033 | | Baa2 | | | 150 | | | | 165,749 | |
| MA DFA–Suffolk Univ | | 5.00% | | 7/1/2034 | | Baa2 | | | 100 | | | | 110,105 | |
| NY Dorm–Cornell Univ | | 5.00% | | 7/1/2034 | | Aa1 | | | 250 | | | | 255,508 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2029 | | BBB- | | | 245 | | | | 263,860 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2029 | | NR | | | 10 | | | | 11,237 | |
| | See Notes to Financial Statements. | 65 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Education (continued) | | | | | | | | | | | | | | |
| PA Hi Ed–St Josephs Univ | | 5.00% | | 11/1/2030 | | A- | | $ | 905 | | | $ | 948,693 | |
| Univ of CT | | 5.25% | | 11/15/2047 | | AA- | | | 1,000 | | | | 1,117,260 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2037 | | A1 | | | 715 | | | | 791,205 | |
| Total | | | | | | | | | | | | | 10,581,763 | |
| | | | | | | | | | | | | | | |
| General Obligation 16.46% | | | | | | | | | | | | | | |
| Atlantic City Brd Ed (AGM) | | 6.00% | | 4/1/2034 | | AA | | | 550 | | | | 596,321 | |
| Beaverton Sch Dist | | 5.00% | | 6/15/2036 | | AA+ | | | 900 | | | | 1,025,100 | |
| CA State GO | | 5.00% | | 8/1/2038 | | AA- | | | 400 | | | | 453,652 | |
| CA State GO | | 5.375% | | 11/1/2035 | | AA- | | | 400 | | | | 428,556 | |
| CA State GO | | 5.50% | | 3/1/2040 | | AA- | | | 975 | | | | 1,021,897 | |
| CA State GO | | 6.50% | | 4/1/2033 | | AA- | | | 135 | | | | 138,032 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2042 | | B+ | | | 575 | | | | 577,317 | |
| Chicago Brd Ed | | 6.50% | | 12/1/2046 | | B+ | | | 100 | | | | 113,531 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 500 | | | | 519,105 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 1,000 | | | | 1,026,120 | |
| Chicago GO | | 5.25% | | 1/1/2027 | | BBB+ | | | 255 | | | | 255,411 | |
| Chicago GO | | 5.50% | | 1/1/2035 | | BBB+ | | | 230 | | | | 245,872 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 985 | | | | 1,049,084 | |
| Chicago GO | | 5.625% | | 1/1/2030 | | BBB+ | | | 275 | | | | 308,987 | |
| Chicago GO | | 6.00% | | 1/1/2038 | | BBB+ | | | 1,500 | | | | 1,690,905 | |
| Cook Co GO | | 5.25% | | 11/15/2024 | | AA- | | | 1,500 | | | | 1,618,320 | |
| CT State GO | | 4.00% | | 6/15/2037 | | A1 | | | 200 | | | | 199,730 | |
| CT State GO | | 5.00% | | 6/15/2032 | | A1 | | | 250 | | | | 278,003 | |
| Delaware Co IDA–Covanta | | 5.00% | | 7/1/2043 | | BB- | | | 500 | | | | 504,625 | |
| Hamilton Co Sch Dist GO | | 4.00% | | 1/15/2055 | | Aa2 | | | 500 | | | | 489,650 | |
| Hudson Co Impt Auth–Solid Waste GTD | | 5.75% | | 1/1/2035 | | Aa3 | | | 225 | | | | 234,794 | |
| IL State GO | | 4.00% | | 6/1/2034 | | BBB- | | | 560 | | | | 525,739 | |
| IL State GO | | 5.00% | | 11/1/2028 | | BBB- | | | 1,500 | | | | 1,581,660 | |
| IL State GO | | 5.00% | | 1/1/2033 | | BBB- | | | 575 | | | | 587,391 | |
| IL State GO | | 5.50% | | 7/1/2033 | | BBB- | | | 450 | | | | 479,295 | |
| IL State GO | | 6.00% | | 5/1/2026 | | BBB- | | | 1,000 | | | | 1,119,920 | |
| Irvine USD–Spl Tax (BAM) | | 5.00% | | 9/1/2056 | | AA | | | 500 | | | | 551,755 | |
| Kendall Kane & WIll Co CUSD #308 | | 5.00% | | 2/1/2029 | | Aa3 | | | 1,000 | | | | 1,052,270 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2029 | | AA | | | 925 | | | | 1,032,096 | |
| MA State GO | | 4.00% | | 5/1/2048 | | Aa1 | | | 1,000 | | | | 1,011,100 | |
| Middletown CSD | | 5.25% | | 12/1/2040 | | AA | | | 250 | | | | 275,043 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 575 | | | | 640,286 | |
| 66 | See Notes to Financial Statements. |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| PA State GO | | 4.00% | | 3/1/2038 | | Aa3 | | $ | 1,000 | | | $ | 1,012,510 | |
| Philadelphia GO | | 5.25% | | 7/15/2031 | | A | | | 600 | | | | 662,730 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2037 | | A2 | | | 400 | | | | 434,236 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2030 | | AA | | | 370 | | | | 411,514 | |
| PR Comwlth GO(f) | | 4.75% | | 7/1/2018 | | NR | | | 370 | | | | 218,300 | |
| PR Comwlth GO(f) | | 5.50% | | 7/1/2027 | | Ca | | | 1,040 | | | | 603,200 | |
| PR Pub Bldg Auth GTD (AGC) | | 5.00% | | 7/1/2036 | | AA | | | 155 | | | | 159,886 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2029 | | A2 | | | 465 | | | | 490,752 | |
| St Pub SBA–Philadelphia Sch Dist | | 5.00% | | 4/1/2031 | | A2 | | | 185 | | | | 194,059 | |
| Stockton USD (AGM) | | 5.00% | | 7/1/2028 | | AA | | | 750 | | | | 821,715 | |
| Sweetwater UHSD (BAM) | | 5.00% | | 8/1/2027 | | AA | | | 500 | | | | 566,830 | |
| WI PFA–Boynton | | 5.00% | | 7/1/2044 | | NR | | | 600 | | | | 663,306 | |
| Yosemite CCD | | Zero Coupon | | 8/1/2042 | | Aa2 | | | 1,000 | | | | 683,590 | |
| Yosemite CCD | | 5.00% | | 8/1/2029 | | Aa2 | | | 500 | | | | 582,465 | |
| Total | | | | | | | | | | | | | 29,136,660 | |
| | | | | | | | | | | | | | | |
| Health Care 18.31% | | | | | | | | | | | | | | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2027 | | AA | | | 300 | | | | 324,813 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2028 | | AA | | | 345 | | | | 374,115 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2046 | | Ba3 | | | 515 | | | | 535,008 | |
| Athens Clarke Co Dev–Catholic Hlth E | | 6.25% | | 11/15/2032 | | AA- | | | 615 | | | | 630,682 | |
| CA Hlth–Sutter Hlth | | 5.25% | | 8/15/2031 | | AA- | | | 745 | | | | 808,481 | |
| CA Stwde–Eskaton Pptys | | 5.25% | | 11/15/2034 | | BBB | | | 500 | | | | 537,050 | |
| CA Stwde–Huntington Memorial Hosp | | 4.00% | | 7/1/2048 | | A- | | | 500 | | | | 503,595 | |
| CA Stwde–John Muir Hlth | | 4.00% | | 12/1/2057 | | A+ | | | 250 | | | | 250,623 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB- | | | 750 | | | | 805,792 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.50% | | 12/1/2058 | | BB- | | | 375 | | | | 404,711 | |
| CA Stwde–So Cal Presbyterian† | | 6.625% | | 11/15/2024 | | BBB+ | (e) | | 110 | | | | 115,037 | |
| CO Hlth Facs–Boulder Cmnty Hsp | | 5.00% | | 10/1/2032 | | A | | | 280 | | | | 300,619 | |
| CO Hlth Facs–Catholic Hlth | | 5.25% | | 2/1/2031 | | BBB+ | | | 750 | | | | 784,747 | |
| CO Hlth Facs–Catholic Hlth | | 6.125% | | 10/1/2028 | | BBB+ | | | 165 | | | | 165,487 | |
| CT Hlth & Ed–Hartford Hlthcare | | 5.00% | | 7/1/2032 | | A | | | 640 | | | | 675,738 | |
| CT Hlth & Ed–Yale New Haven Hsp | | 5.00% | | 7/1/2028 | | AA- | | | 500 | | | | 560,540 | |
| Cumberland Co Mun Auth–Asbury | | 5.25% | | 1/1/2021 | | NR | | | 140 | | | | 144,571 | |
| Cumberland Co Mun Auth–Asbury | | 5.40% | | 1/1/2022 | | NR | | | 150 | | | | 154,928 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.25% | | 1/1/2024 | | BBB+ | (e) | | 15 | | | | 15,149 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.50% | | 2/15/2052 | | NR | | | 850 | | | | 921,017 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.50% | | 2/15/2057 | | NR | | | 500 | | | | 539,950 | |
| | See Notes to Financial Statements. | 67 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| DeKalb Co Hsp–Children’s Hlthcare | | 5.00% | | 11/15/2029 | | AA+ | | $ | 530 | | | $ | 546,843 | |
| Fairview Health Services(d) | | 5.00% | | 11/15/2049 | | A+ | | | 600 | | | | 658,308 | |
| Franklin Co Hlth–OPRS Cmntys | | 6.125% | | 7/1/2040 | | BBB | (e) | | 480 | | | | 518,256 | |
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | | 5.50% | | 8/15/2054 | | AA- | | | 400 | | | | 452,124 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2045 | | BB | | | 500 | | | | 501,160 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2034 | | BB+ | | | 235 | | | | 259,219 | |
| IL Fin Auth–Memorial Hlth Sys | | 5.50% | | 4/1/2034 | | AA- | | | 795 | | | | 808,459 | |
| MA DFA–CareGroup | | 5.00% | | 7/1/2048 | | A- | | | 1,000 | | | | 1,078,330 | |
| MA Hlth & Ed–Catholic Hlth E | | 6.25% | | 11/15/2032 | | AA- | | | 770 | | | | 790,459 | |
| Martin Co Hlth–Martin Mem Med | | 5.50% | | 11/15/2032 | | A- | | | 930 | | | | 1,005,925 | |
| Martin Hsp Dist | | 7.25% | | 4/1/2036 | | BBB | (e) | | 250 | | | | 266,983 | |
| Mayo Clinic(d) | | 4.00% | | 11/15/2048 | | AA | | | 1,550 | | | | 1,568,445 | |
| MD Hlth & HI Ed–Adventist | | 5.50% | | 1/1/2046 | | Baa3 | | | 1,000 | | | | 1,097,800 | |
| MD Hlth & HI Ed–Doctors Cmnty Hospital | | 5.00% | | 7/1/2038 | | Baa3 | | | 1,000 | | | | 1,069,330 | |
| MD Hlth & Hi Ed–Mercy Med Ctr | | 6.25% | | 7/1/2031 | | BBB | | | 445 | | | | 482,349 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.00% | | 7/1/2026 | | Ba3 | | | 620 | | | | 649,611 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.75% | | 7/1/2036 | | Ba3 | | | 400 | | | | 428,856 | |
| Meadville Med Center | | 6.00% | | 6/1/2046 | | NR | | | 160 | | | | 169,547 | |
| Meadville Med Center | | 6.00% | | 6/1/2051 | | NR | | | 185 | | | | 195,438 | |
| Montgomery Co Hlth–Catholic Hlth | | 6.25% | | 11/15/2034 | | AA- | | | 20 | | | | 20,501 | |
| Montgomery Co IDA–Jefferson Hlth | | 5.00% | | 10/1/2027 | | AA | | | 1,000 | | | | 1,076,960 | |
| Montgomery Co IDA–Whitemarsh | | 5.375% | | 1/1/2050 | | NR | | | 1,070 | | | | 1,074,687 | |
| MT St Fac Fin Auth–Kalispell Med Ctr | | 5.00% | | 7/1/2043 | | NR | | | 400 | | | | 426,672 | |
| MT St Fac Fin Auth–Kalispell Med Ctr | | 5.00% | | 7/1/2048 | | NR | | | 580 | | | | 616,285 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2044 | | BB+ | | | 150 | | | | 154,376 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2034 | | A- | | | 1,100 | | | | 1,183,985 | |
| New Hope Ed Facs–Legacy Midtown Project | | 5.50% | | 7/1/2054 | | NR | | | 250 | | | | 244,998 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2029 | | AA | | | 135 | | | | 150,850 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2036 | | BBB | | | 175 | | | | 175,417 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2037 | | BBB | | | 95 | | | | 94,498 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2038 | | BBB | | | 90 | | | | 89,144 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2033 | | BBB | | | 100 | | | | 111,940 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2035 | | BBB | | | 100 | | | | 111,062 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2037 | | BBB- | | | 1,000 | | | | 1,081,690 | |
| OK DFA–OU Med | | 5.50% | | 8/15/2057 | | Baa3 | | | 800 | | | | 883,280 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2032 | | BBB- | | | 150 | | | | 163,049 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.625% | | 7/1/2036 | | BBB- | | | 250 | | | | 269,220 | |
| 68 | See Notes to Financial Statements. |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Rockville Eco Dev–Ingleside at King Farm | | 5.00% | | 11/1/2042 | | BB | (e) | $ | 125 | | | $ | 133,845 | |
| Rockville Eco Dev–Ingleside at King Farm | | 5.00% | | 11/1/2047 | | BB | (e) | | 125 | | | | 133,356 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB | | | 950 | | | | 1,089,821 | |
| Westchester CO Hlth Care | | 6.00% | | 11/1/2030 | | Baa2 | | | 110 | | | | 117,455 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | Baa2 | | | 30 | | | | 32,039 | |
| WI Hlth & Ed–Sauk-Prairie Mem Hsp | | 5.375% | | 2/1/2048 | | B1 | | | 840 | | | | 870,248 | |
| Total | | | | | | | | | | | | | 32,405,473 | |
| | | | | | | | | | | | | | | |
| Housing 1.03% | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2042 | | NR | | | 300 | | | | 342,333 | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.25% | | 8/15/2039 | | BBB+ | | | 100 | | | | 108,987 | |
| Fed Home Loan Mtg Corp | | 4.60% | | 12/15/2044 | | AA+ | | | 500 | | | | 520,355 | |
| IL Fin Auth–CHF–UIC | | 5.00% | | 2/15/2047 | | BBB- | | | 200 | | | | 213,876 | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2042 | | Baa3 | | | 250 | | | | 270,210 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2039 | | BBB- | | | 350 | | | | 360,574 | |
| Total | | | | | | | | | | | | | 1,816,335 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 6.10% | | | | | | | | | | | | | | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 10/1/2028 | | A+ | | | 535 | | | | 581,465 | |
| CA Pub Wks–Various Cap Proj | | 6.625% | | 11/1/2034 | | A+ | | | 25 | | | | 25,010 | |
| Delano Earlimart Irrigation Dist COP | | 5.00% | | 2/1/2028 | | AA- | | | 475 | | | | 491,948 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2026 | | AA | | | 1,155 | | | | 1,287,155 | |
| Essex Co Impt Auth–Newark | | 6.25% | | 11/1/2030 | | Baa3 | | | 250 | | | | 260,402 | |
| IL Sports Facs Auth (AGM) | | 5.00% | | 6/15/2028 | | AA | | | 865 | | | | 933,361 | |
| IN Fin Auth–Stadium | | 5.25% | | 2/1/2032 | | AA+ | | | 500 | | | | 573,650 | |
| Los Angeles USD COP | | 5.00% | | 10/1/2025 | | A+ | | | 1,000 | | | | 1,106,180 | |
| NJ EDA–Bldgs | | 5.00% | | 6/15/2036 | | BBB+ | | | 1,000 | | | | 1,080,300 | |
| NJ EDA–Bldgs | | 5.00% | | 6/15/2047 | | BBB+ | | | 575 | | | | 608,873 | |
| NJ EDA–Sch Facs | | 3.16%
(MUNIPSA * 1 + 1.60% | )# | 3/1/2028 | | BBB+ | | | 500 | | | | 495,045 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2042 | | A- | (e) | | 300 | | | | 318,450 | |
| NJ EDA–Sch Facs | | 5.50% | | 6/15/2031 | | BBB+ | | | 1,350 | | | | 1,531,737 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2031 | | BBB+ | | | 1,660 | | | | 928,421 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2037 | | BBB+ | | | 265 | | | | 106,379 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2035 | | AA | | | 300 | | | | 340,077 | |
| PA COPS | | 5.00% | | 7/1/2043 | | A2 | | | 125 | | | | 135,659 | |
| Total | | | | | | | | | | | | | 10,804,112 | |
| | | | | | | | | | | | | | | |
| Other Revenue 3.77% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A- | | | 235 | | | | 248,545 | |
| | See Notes to Financial Statements. | 69 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| Arlington Hi Ed Fin Corp–Arlington Classics | | 7.65% | | 8/15/2040 | | BBB- | | $ | 155 | | | $ | 165,921 | |
| CA Sch Fin Auth–Green Dot Charter†,(d) | | 5.00% | | 8/1/2048 | | BBB- | | | 250 | | | | 268,108 | |
| Cleveland Arpt | | 5.00% | | 1/1/2030 | | A | | | 555 | | | | 591,558 | |
| Clifton Higher Ed–IDEA Pub Schs | | 5.00% | | 8/15/2042 | | BBB+ | | | 275 | | | | 287,160 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2032 | | BBB | | | 500 | | | | 528,605 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2041 | | BBB | | | 435 | | | | 465,820 | |
| Grand River Hosp Dist (AGM) | | 5.25% | | 12/1/2034 | | AA | | | 100 | | | | 114,578 | |
| Grand River Hosp Dist (AGM) | | 5.25% | | 12/1/2035 | | AA | | | 100 | | | | 114,119 | |
| Grand River Hosp Dist (AGM) | | 5.25% | | 12/1/2037 | | AA | | | 100 | | | | 113,117 | |
| Houston HI Ed–Cosmos Fndtn | | 5.00% | | 2/15/2032 | | BBB | | | 100 | | | | 104,272 | |
| Houston HI Ed–Cosmos Fndtn | | 5.00% | | 2/15/2042 | | BBB | | | 625 | | | | 645,287 | |
| Houston HI Ed–Cosmos Fndtn | | 6.875% | | 5/15/2041 | | BBB | | | 125 | | | | 139,961 | |
| IL Fin Auth–Noble Chrter Schs | | 6.125% | | 9/1/2039 | | BBB | | | 900 | | | | 982,422 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 2/1/2031 | | Aa3 | | | 475 | | | | 526,148 | |
| La Vernia Hi Ed–Life Schools of Dallas | | 7.25% | | 8/15/2031 | | BBB- | | | 250 | | | | 261,048 | |
| NYC Cultural–Whitney Museum | | 5.25% | | 7/1/2026 | | A+ | | | 500 | | | | 531,765 | |
| Selma IDB–Intl Paper | | 5.80% | | 5/1/2034 | | BBB | | | 150 | | | | 158,508 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2031 | | A3 | | | 395 | | | | 423,539 | |
| Total | | | | | | | | | | | | | 6,670,481 | |
| | | | | | | | | | | | | | | |
| Special Tax 3.26% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2027 | | Baa3 | | | 250 | | | | 263,542 | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2035 | | Baa3 | | | 500 | | | | 517,185 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 1/1/2037 | | AA | | | 700 | | | | 766,654 | |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 1,500 | | | | 1,657,200 | |
| NYC IDA–Yankee Stadium (NPFGC)(FGIC) | | 3.81%
(CPI Based | )# | 3/1/2024 | | Baa1 | | | 500 | | | | 500,500 | |
| Orange Co CFD | | 5.25% | | 8/15/2045 | | NR | | | 500 | | | | 547,245 | |
| PA COPS | | 4.00% | | 7/1/2046 | | A2 | | | 250 | | | | 244,650 | |
| Rancho Cucamonga Redev Agy (AGM) | | 5.00% | | 9/1/2030 | | AA | | | 500 | | | | 564,790 | |
| San Jose Spl Tax–Conv Ctr | | 5.50% | | 5/1/2024 | | A | | | 660 | | | | 715,031 | |
| Total | | | | | | | | | | | | | 5,776,797 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 4.80% | | | | | | | | | | | | | | |
| Cook Co Sales Tax | | 4.00% | | 11/15/2034 | | AAA | | | 750 | | | | 768,428 | |
| Hudson Yards | | 5.75% | | 2/15/2047 | | AA- | | | 355 | | | | 382,392 | |
| Met Pier & Expo Auth–McCormick Place | | 5.50% | | 6/15/2053 | | BB+ | | | 265 | | | | 285,691 | |
| Met Pier & Expo Auth–McCormick Place (AGM) | | Zero Coupon | | 6/15/2046 | | AA | | | 1,595 | | | | 440,395 | |
| 70 | See Notes to Financial Statements. |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| Met Pier & Expo Auth–McCormick Place TCRS (BAM) | | 5.00% | | 6/15/2053 | | AA | | $ | 915 | | | $ | 981,182 | |
| NY Conv Ctr Dev Corp | | 5.00% | | 11/15/2040 | | Aa3 | | | 250 | | | | 275,428 | |
| NY UDC–PIT | | 5.00% | | 3/15/2033 | | AAA | | | 750 | | | | 825,877 | |
| NYC TFA–Future Tax | | 4.00% | | 5/1/2037 | | AAA | | | 300 | | | | 308,784 | |
| NYC TFA–Future Tax | | 4.00% | | 8/1/2042 | | Aa1 | | | 1,000 | | | | 1,018,600 | |
| NYC TFA–Future Tax | | 5.00% | | 2/1/2036 | | AAA | | | 1,000 | | | | 1,099,880 | |
| PR Corp Sales Tax(f) | | 5.25% | | 8/1/2027 | | Ca | | | 575 | | | | 283,188 | |
| PR Corp Sales Tax(f) | | 5.75% | | 8/1/2037 | | Ca | | | 220 | | | | 108,350 | |
| San Jose Spl Tax–Conv Ctr | | 5.50% | | 5/1/2026 | | A | | | 275 | | | | 296,274 | |
| San Jose Spl Tax–Conv Ctr | | 6.50% | | 5/1/2036 | | A | | | 530 | | | | 586,434 | |
| Sonoma Marin Area Rail Rmkt | | 5.00% | | 3/1/2028 | | AA | | | 510 | | | | 562,193 | |
| Yorba Linda Redev Agy | | 6.50% | | 9/1/2032 | | NR | | | 250 | | | | 282,445 | |
| Total | | | | | | | | | | | | | 8,505,541 | |
| | | | | | | | | | | | | | | |
| Tobacco 5.14% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | Zero Coupon | | 6/1/2047 | | NR | | | 2,000 | | | | 166,700 | |
| Buckeye Tobacco | | Zero Coupon | | 6/1/2052 | | NR | | | 1,000 | | | | 42,960 | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 480 | | | | 475,949 | |
| Buckeye Tobacco | | 5.75% | | 6/1/2034 | | B- | | | 1,000 | | | | 1,000,000 | |
| Golden St Tobacco | | 5.00% | | 6/1/2030 | | A+ | | | 500 | | | | 550,750 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 1,000 | | | | 1,024,460 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 625 | | | | 640,287 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 635 | | | | 634,219 | |
| PA Tob Settlement | | 5.00% | | 6/1/2035 | | A1 | | | 1,245 | | | | 1,383,992 | |
| Railsplitter Tobacco Settlement Auth | | 5.00% | | 6/1/2027 | | A | | | 350 | | | | 395,294 | |
| Tobacco Settlement Auth IA | | 5.50% | | 6/1/2042 | | B+ | | | 205 | | | | 207,044 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB | | | 585 | | | | 618,017 | |
| Tobacco Settlement Fin Corp NJ | | 5.25% | | 6/1/2046 | | BBB+ | | | 425 | | | | 467,211 | |
| Tobacco Settlement Fin Corp VA | | 5.00% | | 6/1/2047 | | B- | | | 660 | | | | 659,987 | |
| TSASC | | 5.00% | | 6/1/2035 | | A- | | | 250 | | | | 272,535 | |
| TSASC | | 5.00% | | 6/1/2036 | | A- | | | 50 | | | | 54,353 | |
| TSASC | | 5.00% | | 6/1/2048 | | NR | | | 500 | | | | 507,340 | |
| Total | | | | | | | | | | | | | 9,101,098 | |
| | | | | | | | | | | | | | | |
| Transportation 15.05% | | | | | | | | | | | | | | |
| AL Port Auth (AGM) | | 5.00% | | 10/1/2036 | | AA | | | 750 | | | | 828,877 | |
| Atlanta Arpt | | 5.25% | | 1/1/2030 | | Aa3 | | | 635 | | | | 674,484 | |
| | See Notes to Financial Statements. | 71 |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2028 | | AA- | | $ | 1,000 | | | $ | 1,117,490 | |
| Central TX Tpk | | 5.00% | | 8/15/2033 | | BBB+ | | | 1,200 | | | | 1,297,356 | |
| Central TX Tpk | | 5.00% | | 8/15/2037 | | BBB+ | | | 1,000 | | | | 1,069,610 | |
| Charlotte Arpt | | 5.00% | | 7/1/2033 | | AA- | | | 575 | | | | 617,038 | |
| Chicago O’Hare Arpt | | 5.00% | | 1/1/2035 | | A | | | 1,040 | | | | 1,070,909 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2029 | | A | | | 470 | | | | 523,514 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2034 | | A | | | 800 | | | | 884,064 | |
| DFW Arpt | | 5.00% | | 11/1/2028 | | A+ | | | 750 | | | | 827,617 | |
| DFW Arpt | | 5.00% | | 11/1/2030 | | A+ | | | 850 | | | | 934,158 | |
| FL Tpk Auth–Dept Trans | | 5.00% | | 7/1/2034 | | AA | | | 500 | | | | 534,760 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | A- | | | 500 | | | | 274,185 | |
| Foothill / Eastern Corridor Toll Rd | | 5.75% | | 1/15/2046 | | A- | | | 875 | | | | 989,030 | |
| Hampton Roads Trans Commn | | 5.50% | | 7/1/2057 | | NR | | | 1,500 | | | | 1,757,160 | |
| Harris Co Toll Rd (The) | | 4.00% | | 8/15/2048 | | Aa2 | | | 500 | | | | 504,655 | |
| Los Angeles Dept Arpts–LAX | | 5.00% | | 5/15/2035 | | AA- | | | 710 | | | | 743,761 | |
| Met DC Arpt | | 5.00% | | 10/1/2035 | | AA- | | | 255 | | | | 268,161 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2029 | | A- | | | 500 | | | | 556,545 | |
| Miami Dade Co Aviation–MIA | | 5.00% | | 10/1/2034 | | A | | | 400 | | | | 443,844 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2027 | | A+ | | | 160 | | | | 179,643 | |
| Miami Dade Co Expwy Auth | | 5.00% | | 7/1/2028 | | A+ | | | 515 | | | | 576,481 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2027 | | A+ | | | 575 | | | | 641,959 | |
| NC Tpk Auth–Triangle Exprs | | 5.00% | | 1/1/2032 | | BBB | | | 350 | | | | 391,566 | |
| NJ Trans Trust Fund | | 5.75% | | 12/15/2031 | | BBB+ | | | 350 | | | | 352,713 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | BBB+ | | | 805 | | | | 869,601 | |
| North TX Twy Auth | | 5.00% | | 1/1/2031 | | A | | | 250 | | | | 274,863 | |
| PA Tpk Commn | | 5.00% | | 12/1/2039 | | A+ | | | 750 | | | | 819,682 | |
| Port Auth NY & NJ | | 5.25% | | 10/15/2055 | | AA- | | | 350 | | | | 394,646 | |
| PR Hwy & Trans Auth(f) | | 4.00% | | 7/1/2017 | | CC | | | 240 | | | | 58,200 | |
| Regional Trans Dist COP | | 5.375% | | 6/1/2031 | | Aa3 | | | 485 | | | | 508,299 | |
| Sacramento Co Arpt | | 5.00% | | 7/1/2041 | | A | | | 1,000 | | | | 1,118,230 | |
| San Antonio Arpt (AGM) | | 5.00% | | 7/1/2026 | | AA | | | 495 | | | | 517,919 | |
| San Diego Arpt | | 5.00% | | 7/1/2040 | | A | | | 945 | | | | 990,247 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2050 | | A- | | | 1,250 | | | | 1,346,875 | |
| San Jose Arpt | | 5.00% | | 3/1/2047 | | A | | | 750 | | | | 838,312 | |
| Wayne Co Arpt | | 5.00% | | 12/1/2047 | | NR | | | 315 | | | | 348,113 | |
| WV Parkways Auth | | 4.00% | | 6/1/2047 | | AA- | | | 500 | | | | 504,375 | |
| Total | | | | | | | | | | | | | 26,648,942 | |
| 72 | See Notes to Financial Statements. |
Schedule of Investments (continued)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Utilities 16.25% | | | | | | | | | | | | | | |
| Baltimore Wastewater | | 5.00% | | 7/1/2039 | | AA- | | $ | 500 | | | $ | 552,660 | |
| Burke Co Dev–Oglethorpe Power | | 3.00% | #(c) | 11/1/2045 | | A- | | | 1,000 | | | | 990,350 | |
| Casitas Muni Water Dist (BAM) | | 5.25% | | 9/1/2047 | | AA | | | 500 | | | | 573,500 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2032 | | A3 | | | 525 | | | | 567,724 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2042 | | BBB+ | | | 750 | | | | 867,285 | |
| Chicago Water | | 5.00% | | 11/1/2039 | | A | | | 855 | | | | 907,352 | |
| Detroit Sewer | | 5.00% | | 7/1/2034 | | A | | | 385 | | | | 418,214 | |
| El Dorado Irrigation Dist (AGM) | | 5.00% | | 3/1/2034 | | AA | | | 400 | | | | 446,680 | |
| Gainesville Utility | | 5.25% | | 10/1/2034 | | AA- | | | 150 | | | | 158,771 | |
| Jefferson Co Sewer | | Zero Coupon | | 10/1/2039 | | BBB- | | | 350 | | | | 301,070 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2026 | | AA | | | 1,000 | | | | 740,250 | |
| Jefferson Co Sewer (AGM) | | 5.50% | | 10/1/2053 | | AA | | | 1,340 | | | | 1,474,027 | |
| KY Muni Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 9/1/2036 | | A- | | | 1,000 | | | | 1,084,170 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | A- | | | 1,395 | | | | 1,754,547 | |
| Los Angeles USD | | 5.00% | | 7/1/2023 | | Aa2 | | | 500 | | | | 568,325 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2040 | | A | | | 320 | | | | 349,117 | |
| Maricopa Co Poll Ctl–So Cal Edison Rmkt | | 5.00% | | 6/1/2035 | | A1 | | | 555 | | | | 577,733 | |
| Norfolk Water | | 5.25% | | 11/1/2028 | | AA+ | | | 1,500 | | | | 1,767,195 | |
| North Sumter Co Util Dep Dist | | 5.375% | | 10/1/2030 | | A | | | 240 | | | | 254,182 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.125% | | 6/15/2038 | | AAA | | | 520 | | | | 530,681 | |
| NYC Muni Water | | 5.00% | | 6/15/2036 | | AA+ | | | 500 | | | | 555,360 | |
| Omaha Pub Pwr Dist | | 5.25% | | 2/1/2042 | | A+ | | | 500 | | | | 561,645 | |
| Paducah Electric (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 1,000 | | | | 1,094,360 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2029 | | A | | | 250 | | | | 280,662 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2028 | | A+ | | | 280 | | | | 317,621 | |
| Philadelphia Water & Wastewater | | 5.25% | | 10/1/2052 | | A+ | | | 450 | | | | 507,739 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Ca | | | 240 | | | | 225,900 | |
| PR Aqueduct & Swr Auth | | 5.75% | | 7/1/2037 | | Ca | | | 250 | | | | 237,813 | |
| PR Elec Pwr Auth(f) | | 5.00% | | 7/1/2028 | | Ca | | | 270 | | | | 177,525 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2028 | | Ca | | | 880 | | | | 578,600 | |
| PR Elec Pwr Auth (AGC) | | 4.25% | | 7/1/2027 | | AA | | | 280 | | | | 280,162 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2032 | | BBB+ | | | 200 | | | | 232,054 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2037 | | BBB+ | | | 2,340 | | | | 2,716,155 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 5.00% | | 11/1/2033 | | A3 | | | 1,180 | | | | 1,379,939 | |
| Texas Water Dev Brd(d) | | 4.00% | | 10/15/2037 | | AAA | | | 1,410 | | | | 1,458,250 | |
| Trimble Env Facs–Louisville Gas & Elec | | 3.75% | | 6/1/2033 | | A1 | | | 1,250 | | | | 1,242,975 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2025 | | A3 | | | 950 | | | | 1,033,467 | |
| | See Notes to Financial Statements. | 73 |
Schedule of Investments (concluded)
AMT FREE MUNICIPAL BOND FUND September 30, 2018
| 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% | | 12/15/2028 | | A3 | | $ | 925 | | | $ | 998,260 | |
| Total | | | | | | | | | | | | | 28,762,320 | |
| Total Investments in Municipal Bonds 100.33% (cost $174,634,445) | | | | | | | | | | | 177,602,259 | |
| Liabilities in Excess of Cash and Other Assets (0.33%) | | | | | | | | | | | (585,615 | ) |
| Net Assets 100.00% | | | | | | | | | | | | $ | 177,016,644 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | – | | | $ | 177,602,259 | | | $ | – | | | $ | 177,602,259 | |
| Total | | $ | – | | | $ | 177,602,259 | | | $ | – | | | $ | 177,602,259 | |
| | (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, 2018. |
| 74 | See Notes to Financial Statements. |
Schedule of Investments
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 100.13% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 6.10% | | | | | | | | | | | | | | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 11/21/2045 | | Baa3 | | $ | 8,750 | | | $ | 9,023,525 | |
| CA Poll Ctl–Waste Mgmt AMT | | 4.30% | | 7/1/2040 | | A- | | | 2,575 | | | | 2,672,618 | |
| Chandler AZ IDR–Intel Corp AMT | | 2.70% | #(c) | 12/1/2037 | | A+ | | | 7,250 | | | | 7,217,085 | |
| Columbus Co Ind Facs–Intl Paper | | 5.70% | | 5/1/2034 | | BBB | | | 2,165 | | | | 2,284,465 | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | | 1,000 | | | | 1,068,740 | |
| Houston Arpt–United Airlines AMT | | 5.00% | | 7/15/2028 | | BB | | | 2,400 | | | | 2,679,144 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B | | | 3,000 | | | | 3,196,260 | |
| IL Fin Auth–Leafs Hockey Club(f) | | 6.00% | | 3/1/2037 | | NR | | | 1,550 | | | | 372,000 | |
| IL State GO | | 5.00% | | 12/1/2036 | | Baa3 | | | 6,700 | | | | 6,948,905 | |
| LA Env Facs–Westlake Chem | | 3.50% | | 11/1/2032 | | BBB | | | 11,800 | | | | 11,441,516 | |
| Love Field Arpt–Southwest Airlines AMT | | 5.00% | | 11/1/2028 | | A3 | | | 2,775 | | | | 2,977,769 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2019 | | NR | | | 1,495 | | | | 1,504,747 | |
| MD EDC–Chesapeake Bay Hyatt(f) | | 5.00% | | 12/1/2016 | | NR | | | 855 | | | | 563,231 | |
| National Fin Auth NH–Covanta AMT† | | 4.875% | | 11/1/2042 | | B1 | | | 5,000 | | | | 5,009,100 | |
| Niagara Area Dev Corp–Covanta AMT† | | 4.75% | | 11/1/2042 | | B1 | | | 5,000 | | | | 5,003,850 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 7/1/2022 | | BBB- | | | 1,650 | | | | 1,793,534 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 1/1/2024 | | BBB- | | | 1,500 | | | | 1,663,800 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 6,255 | | | | 6,405,808 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 5,980 | | | | 6,339,637 | |
| OH Air Quality–Pratt Paper AMT† | | 4.50% | | 1/15/2048 | | NR | | | 2,000 | | | | 2,044,080 | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75% | | 3/1/2024 | | A+ | | | 5,100 | | | | 5,881,218 | |
| PA Econ Dev–US Airways | | 7.50% | | 5/1/2020 | | BB- | | | 1,500 | | | | 1,604,595 | |
| PA Econ Dev–US Airways | | 8.00% | | 5/1/2029 | | BB- | | | 1,475 | | | | 1,585,817 | |
| Phenix City IDB–Meadwestvaco | | 3.625% | | 5/15/2030 | | BBB | | | 1,750 | | | | 1,726,253 | |
| Richland Co Env Impt–Intl Paper AMT | | 3.875% | | 4/1/2023 | | BBB | | | 6,625 | | | | 6,989,971 | |
| Rockdale Co Dev Auth–Pratt Paper AMT† | | 4.00% | | 1/1/2038 | | NR | | | 800 | | | | 794,648 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 5,145 | | | | 5,476,441 | |
| Selma IDB–Intl Paper | | 6.25% | | 11/1/2033 | | BBB | | | 3,230 | | | | 3,375,964 | |
| Syracuse IDA–Carousel Ctr AMT | | 5.00% | | 1/1/2034 | | Baa1 | | | 7,500 | | | | 8,020,950 | |
| VA Small Bus Fing–Covanta AMT† | | 5.00% | #(c) | 1/1/2048 | | B | | | 210 | | | | 215,061 | |
| Valparaiso Facs–Pratt Paper AMT | | 7.00% | | 1/1/2044 | | NR | | | 2,000 | | | | 2,321,320 | |
| West Pace Coop Dist(f) | | 9.125% | | 5/1/2039 | | NR | | | 4,900 | | | | 2,842,000 | (i) |
| Total | | | | | | | | | | | | | 121,044,052 | |
| | See Notes to Financial Statements. | 75 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Education 4.63% | | | | | | | | | | | | | | |
| Build NYC Res Corp–NY Law | | 4.00% | | 7/1/2045 | | BBB- | | $ | 2,445 | | | $ | 2,266,588 | |
| CA Ed Facs–Stanford Univ | | 5.00% | | 5/1/2045 | | AAA | | | 5,505 | | | | 6,948,246 | |
| CA Fin Auth–Emerson Clg | | 6.00% | | 1/1/2042 | | BBB+ | | | 1,875 | | | | 2,115,919 | |
| CA Sch Fin Auth–Green Dot Schs† | | 5.00% | | 8/1/2045 | | NR | | | 1,250 | | | | 1,313,325 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2044 | | B+ | | | 1,500 | | | | 1,527,510 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2046 | | B+ | | | 3,000 | | | | 3,050,550 | |
| Davie Edu Facs–Nova Southeastern Univ | | 6.00% | | 4/1/2042 | | A- | | | 3,040 | | | | 3,393,917 | |
| Detroit Sch Dist | | 5.00% | | 5/1/2029 | | Aa1 | | | 4,000 | | | | 4,316,160 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 825 | | | | 845,848 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2033 | | A- | | | 1,000 | | | | 1,098,860 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2035 | | A- | | | 1,250 | | | | 1,364,950 | |
| FL HI Ed–Nova Southeastern Univ | | 5.00% | | 4/1/2036 | | A- | | | 2,000 | | | | 2,177,060 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2019 | | Baa3 | | | 1,050 | | | | 1,050,903 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2020 | | Baa3 | | | 1,900 | | | | 1,901,387 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 1,750 | | | | 1,724,450 | |
| IL Fin Auth–IL Inst of Tech | | 6.25% | | 2/1/2019 | | Baa3 | | | 590 | | | | 596,868 | |
| IL Fin Auth–IL Inst of Tech | | 7.125% | | 2/1/2034 | | Baa3 | | | 1,000 | | | | 1,007,240 | |
| IL Fin Auth–Univ Chicago | | 4.00% | | 10/1/2049 | | Aa2 | | | 5,000 | | | | 5,002,050 | |
| MA DFA–Suffolk Univ | | 5.00% | | 7/1/2032 | | Baa2 | | | 2,000 | | | | 2,217,900 | |
| MA DFA–Suffolk Univ | | 5.00% | | 7/1/2033 | | Baa2 | | | 1,100 | | | | 1,215,489 | |
| MA DFA–Suffolk Univ | | 5.00% | | 7/1/2034 | | Baa2 | | | 900 | | | | 990,945 | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2035 | | A1 | | | 2,400 | | | | 2,681,784 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2040 | | A- | | | 5,000 | | | | 5,469,000 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2030 | | Aa2 | | | 2,155 | | | | 2,389,572 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2031 | | Aa2 | | | 4,215 | | | | 4,667,859 | |
| NY Dorm–SUNY | | 5.00% | | 7/1/2035 | | Aa2 | | | 2,100 | | | | 2,245,992 | |
| NY Dorm–Touro Clg | | 5.00% | | 1/1/2047 | | BBB- | (e) | | 5,000 | | | | 5,327,250 | |
| NY Dorm–Touro Clg | | 5.50% | | 1/1/2039 | | BBB- | (e) | | 2,450 | | | | 2,669,667 | |
| NYC IDA–Yankee Stadium (AG) | | Zero Coupon | | 3/1/2030 | | AA | | | 8,000 | | | | 5,377,840 | |
| Univ of CT | | 5.25% | | 11/15/2047 | | AA- | | | 7,000 | | | | 7,820,820 | |
| Univ of North Carolina–Wilmington | | 5.00% | | 6/1/2037 | | A1 | | | 6,340 | | | | 7,015,717 | |
| Total | | | | | | | | | | | | | 91,791,666 | |
| | | | | | | | | | | | | | | |
| Financial Services 0.37% | | | | | | | | | | | | | | |
| MA Ed Fin Auth AMT | | 4.125% | | 7/1/2046 | | BBB | | | 5,000 | | | | 4,906,450 | |
| NJ Higher Ed Assistance Auth AMT | | 3.75% | | 12/1/2031 | | Aaa | | | 2,500 | | | | 2,479,375 | |
| Total | | | | | | | | | | | | | 7,385,825 | |
| 76 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| General Obligation 17.65% | | | | | | | | | | | | |
| Atlantic City GO (BAM) | | 5.00% | | 3/1/2032 | | AA | | $ | 300 | | | $ | 333,468 | |
| Beaverton Sch Dist | | 5.00% | | 6/15/2036 | | AA+ | | | 7,100 | | | | 8,086,900 | |
| Bellwood GO | | 6.15% | | 12/1/2032 | | A | | | 2,765 | | | | 3,108,026 | |
| CA State GO | | 4.00% | | 9/1/2037 | | AA- | | | 5,000 | | | | 5,270,450 | |
| CA State GO | | 5.00% | | 2/1/2033 | | AA- | | | 10,000 | | | | 10,857,200 | |
| CA State GO | | 5.00% | | 8/1/2038 | | AA- | | | 3,300 | | | | 3,742,629 | |
| CA State GO | | 5.25% | | 9/1/2024 | | AA- | | | 5,000 | | | | 5,487,450 | |
| CA State GO | | 5.25% | | 8/1/2032 | | AA- | | | 7,500 | | | | 8,695,500 | |
| CA State GO | | 5.50% | | 3/1/2040 | | AA- | | | 9,250 | | | | 9,694,925 | |
| CA State GO | | 5.60% | | 3/1/2036 | | AA- | | | 7,330 | | | | 7,705,369 | |
| CA State GO | | 6.50% | | 4/1/2033 | | AA- | | | 6,145 | | | | 6,283,017 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2029 | | B+ | | | 2,000 | | | | 2,090,700 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2030 | | B+ | | | 2,070 | | | | 2,158,700 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 1,000 | | | | 1,039,540 | |
| Chicago Brd Ed | | 6.50% | | 12/1/2046 | | B+ | | | 1,000 | | | | 1,135,310 | |
| Chicago Brd Ed† | | 7.00% | | 12/1/2046 | | B+ | | | 1,200 | | | | 1,431,120 | |
| Chicago GO | | 5.00% | | 1/1/2026 | | BBB+ | | | 4,950 | | | | 5,365,354 | |
| Chicago GO | | 5.00% | | 1/1/2033 | | BBB+ | | | 2,340 | | | | 2,403,999 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 3,150 | | | | 3,232,278 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 5,000 | | | | 5,191,050 | |
| Chicago GO | | 5.00% | | 1/1/2040 | | BBB+ | | | 5,000 | | | | 5,066,400 | |
| Chicago GO | | 5.50% | | 1/1/2034 | | BBB+ | | | 2,400 | | | | 2,571,072 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 1,000 | | | | 1,065,060 | |
| Chicago GO | | 5.50% | | 1/1/2042 | | BBB+ | | | 250 | | | | 265,280 | |
| Chicago GO | | 5.50% | | 1/1/2042 | | BBB+ | | | 5,000 | | | | 5,305,600 | |
| Chicago GO | | 6.00% | | 1/1/2038 | | BBB+ | | | 17,830 | | | | 20,099,224 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2052 | | A | | | 9,375 | | | | 10,047,937 | |
| Cook Co GO | | 5.00% | | 11/15/2030 | | AA- | | | 1,000 | | | | 1,116,410 | |
| Cook Co GO | | 5.00% | | 11/15/2031 | | AA- | | | 2,150 | | | | 2,393,810 | |
| Cook Co GO | | 5.00% | | 11/15/2034 | | AA- | | | 500 | | | | 551,845 | |
| Cook Co GO | | 5.00% | | 11/15/2035 | | AA- | | | 1,000 | | | | 1,100,730 | |
| Cook Co GO TCRS (BAM) | | 5.00% | | 11/15/2024 | | AA | | | 10,000 | | | | 10,902,900 | |
| CT State GO | | 5.00% | | 6/15/2033 | | A1 | | | 1,250 | | | | 1,384,625 | |
| CT State GO | | 5.00% | | 6/15/2038 | | A1 | | | 1,000 | | | | 1,085,570 | |
| CT State GO | | 4.00% | | 4/15/2037 | | A1 | | | 2,000 | | | | 1,999,980 | |
| CT State GO | | 4.00% | | 6/15/2037 | | A1 | | | 775 | | | | 773,954 | |
| CT State GO(b) | | 5.00% | | 12/1/2022 | | AA | | | 10,000 | | | | 10,549,750 | |
| | See Notes to Financial Statements. | 77 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| CT State GO(b) | | 5.00% | | 12/1/2023 | | AA | | $ | 10,000 | | | $ | 10,549,750 | |
| CT State GO | | 5.00% | | 6/15/2032 | | A1 | | | 1,000 | | | | 1,112,010 | |
| Essex Co Impt Auth–Covanta AMT† | | 5.25% | | 7/1/2045 | | BB- | | | 4,000 | | | | 4,027,520 | |
| Hamilton Co Sch Dist GO | | 4.00% | | 1/15/2055 | | Aa2 | | | 6,500 | | | | 6,365,450 | |
| HI State GO(b) | | 5.00% | | 8/15/2030 | | AA | | | 10,000 | | | | 10,865,900 | |
| IL State GO | | 4.00% | | 6/1/2034 | | BBB- | | | 2,250 | | | | 2,112,345 | |
| IL State GO | | 5.00% | | 6/1/2027 | | BBB- | | | 2,000 | | | | 2,107,820 | |
| IL State GO | | 5.00% | | 11/1/2028 | | BBB- | | | 7,795 | | | | 8,219,360 | |
| IL State GO | | 5.00% | | 3/1/2030 | | BBB- | | | 6,500 | | | | 6,663,540 | |
| IL State GO | | 5.00% | | 1/1/2033 | | BBB- | | | 3,500 | | | | 3,575,425 | |
| IL State GO | | 5.00% | | 1/1/2035 | | BBB- | | | 6,200 | | | | 6,401,066 | |
| IL State GO | | 5.00% | | 1/1/2041 | | BBB- | | | 3,580 | | | | 3,660,514 | |
| IL State GO | | 5.50% | | 7/1/2033 | | BBB- | | | 9,020 | | | | 9,607,202 | |
| IL State GO | | 5.50% | | 7/1/2038 | | BBB- | | | 5,345 | | | | 5,636,196 | |
| King Co Pub Hsp–Snoqualmie Vly Hsp | | 5.00% | | 12/1/2038 | | NR | | | 5,000 | | | | 4,708,900 | |
| Luzerne Co GO (AGM) | | 5.00% | | 11/15/2029 | | AA | | | 3,290 | | | | 3,670,916 | |
| Middletown CSD | | 5.25% | | 12/1/2040 | | AA | | | 2,250 | | | | 2,475,383 | |
| Midlothian Water Dist (AGM) | | Zero Coupon | | 9/1/2022 | | AA | | | 2,000 | | | | 1,786,580 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2029 | | BBB+ | | | 7,660 | | | | 4,782,138 | |
| NJ Trans Trust Fund (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2030 | | BBB+ | | | 6,910 | | | | 4,151,113 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 6,000 | | | | 6,681,240 | |
| PA State GO | | 4.00% | | 9/15/2030 | | Aa3 | | | 10,000 | | | | 10,500,300 | |
| PA State GO | | 4.00% | | 3/1/2037 | | Aa3 | | | 4,215 | | | | 4,277,761 | |
| PA State GO | | 4.00% | | 3/1/2038 | | Aa3 | | | 4,500 | | | | 4,556,295 | |
| Philadelphia GO | | 5.00% | | 8/1/2036 | | A | | | 8,400 | | | | 9,282,420 | |
| Philadelphia GO | | 5.00% | | 8/1/2037 | | A | | | 3,150 | | | | 3,465,914 | |
| Philadelphia GO | | 5.25% | | 7/15/2031 | | A | | | 1,400 | | | | 1,546,370 | |
| Philadelphia GO | | 5.25% | | 7/15/2032 | | A | | | 3,000 | | | | 3,305,970 | |
| Philadelphia GO | | 5.25% | | 7/15/2033 | | A | | | 1,000 | | | | 1,099,940 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2037 | | A2 | | | 800 | | | | 868,472 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2038 | | A2 | | | 1,000 | | | | 1,083,460 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2029 | | AA | | | 1,100 | | | | 1,225,312 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2030 | | AA | | | 1,215 | | | | 1,351,323 | |
| Pittsburgh GO (BAM) | | 5.00% | | 9/1/2032 | | AA | | | 1,160 | | | | 1,293,481 | |
| PR Comwlth GO(f) | | 5.50% | | 7/1/2039 | | Ca | | | 3,000 | | | | 1,740,000 | |
| San Francisco Arpt AMT | | 5.25% | | 5/1/2042 | | A+ | | | 4,000 | | | | 4,518,040 | |
| Sweetwater UHSD (BAM) | | 5.00% | | 8/1/2026 | | AA | | | 5,000 | | | | 5,691,550 | |
| 78 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Tuscaloosa Co Brd of Ed | | 5.00% | | 8/1/2046 | | AA | | $ | 5,000 | | | $ | 5,538,450 | |
| Union Co Util Auth–Covanta GTD AMT | | 4.75% | | 12/1/2031 | | AA+ | | | 4,000 | | | | 4,243,200 | |
| WI PFA–Boynton | | 5.00% | | 7/1/2044 | | NR | | | 5,400 | | | | 5,969,754 | |
| Total | | | | | | | | | | | | | 350,311,512 | |
| | | | | | | | | | | | | | | |
| Health Care 15.32% | | | | | | | | | | | | | | |
| AL PFA–AL Proton Therapy† | | 6.85% | | 10/1/2047 | | NR | | | 2,160 | | | | 2,076,084 | |
| Alleghany Co Hsp–Allegheny Hlth | | 4.00% | | 4/1/2044 | | A | | | 7,500 | | | | 7,312,500 | |
| Allen Co Hsp–Catholic Hlth Ptnrs | | 5.00% | | 5/1/2033 | | A+ | | | 7,065 | | | | 7,593,391 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2041 | | Ba3 | | | 3,000 | | | | 3,126,210 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2046 | | Ba3 | | | 2,100 | | | | 2,181,585 | |
| CA Hlth–Sutter Hlth | | 4.00% | | 11/15/2042 | | AA- | | | 2,000 | | | | 2,033,600 | |
| CA Hlth–Sutter Hlth | | 5.25% | | 8/15/2031 | | AA- | | | 4,500 | | | | 4,883,445 | |
| CA Muni Fin–Cmnty Med Ctrs | | 5.00% | | 2/1/2047 | | A- | | | 2,500 | | | | 2,721,700 | |
| CA Statewide–Beverly | | 5.00% | | 2/1/2045 | | BBB- | | | 5,000 | | | | 5,345,300 | |
| CA Stwde–Eskaton Pptys | | 5.25% | | 11/15/2034 | | BBB | | | 1,375 | | | | 1,476,887 | |
| CA Stwde–Huntington Memorial Hosp | | 4.00% | | 7/1/2048 | | A- | | | 4,000 | | | | 4,028,760 | |
| CA Stwde–John Muir Hlth | | 4.00% | | 12/1/2057 | | A+ | | | 2,250 | | | | 2,255,602 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB- | | | 6,875 | | | | 7,386,431 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.50% | | 12/1/2058 | | BB- | | | 6,750 | | | | 7,284,802 | |
| Cass Co–Essentia Hlth Rmkt (AG) | | 5.125% | | 2/15/2037 | | AA | | | 5,000 | | | | 5,173,400 | |
| Cumberland Co Mun Auth–Diakon Lutheran | | 6.125% | | 1/1/2029 | | BBB+ | (e) | | 100 | | | | 100,831 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.50% | | 2/15/2052 | | NR | | | 8,075 | | | | 8,749,666 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.50% | | 2/15/2057 | | NR | | | 4,750 | | | | 5,129,525 | |
| Denver Hlth & Hsp Auth | | 2.655%
(3 Mo. LIBOR * .67 + 1.10% | )# | 12/1/2033 | | BBB | | | 4,745 | | | | 4,531,855 | |
| Denver Hlth & Hsp Auth | | 5.25% | | 12/1/2045 | | BBB | | | 700 | | | | 741,090 | |
| Fairview Health Services(d) | | 5.00% | | 11/15/2049 | | A+ | | | 5,400 | | | | 5,924,772 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.00% | | 7/1/2030 | | Ba1 | | | 1,510 | | | | 1,596,855 | |
| Franklin Co Hlth–OPRS Cmntys | | 6.125% | | 7/1/2040 | | BBB | (e) | | 4,400 | | | | 4,750,680 | |
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | | 5.50% | | 8/15/2054 | | AA- | | | 4,825 | | | | 5,453,746 | |
| Greenville Hlth Sys | | 5.00% | | 5/1/2034 | | A1 | | | 3,970 | | | | 4,332,461 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2045 | | BB | | | 1,500 | | | | 1,503,480 | |
| IL Fin Auth–Northwestern Mem Hsp(b) | | 5.75% | | 1/1/2026 | | AA+ | | | 2,500 | | | | 2,578,975 | |
| IN Fin Auth–Major Hsp | | 5.00% | | 10/1/2029 | | Baa2 | | | 1,500 | | | | 1,613,010 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2021 | | NR | | | 595 | | | | 637,638 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2029 | | NR | | | 3,820 | | | | 4,172,357 | |
| LA PFA–Ochsner Clinic | | 6.25% | | 5/15/2031 | | A3 | | | 8,090 | | | | 8,941,068 | |
| | See Notes to Financial Statements. | 79 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| La Verne COP–Brethren Hillcrest Homes | | 5.00% | | 5/15/2036 | | BBB- | (e) | $ | 1,350 | | | $ | 1,407,172 | |
| MA DFA–Boston Med Ctr | | 5.00% | | 7/1/2031 | | BBB | | | 1,900 | | | | 2,097,258 | |
| MA DFA–CareGroup | | 5.00% | | 7/1/2048 | | A- | | | 4,000 | | | | 4,313,320 | |
| MA DFA–Partners Hlth | | 4.00% | | 7/1/2041 | | AA- | | | 5,000 | | | | 5,030,550 | |
| Martin Hsp Dist | | 7.25% | | 4/1/2036 | | BBB | (e) | | 3,000 | | | | 3,203,790 | |
| Mayo Clinic(d) | | 4.00% | | 11/15/2048 | | AA | | | 13,950 | | | | 14,116,005 | |
| MD Hlth & HI Ed–Adventist | | 5.50% | | 1/1/2046 | | Baa3 | | | 9,000 | | | | 9,880,200 | |
| MD Hlth & HI Ed–Doctors Cmnty Hospital | | 5.00% | | 7/1/2038 | | Baa3 | | | 4,275 | | | | 4,571,386 | |
| MD Hlth & HI Ed–Mercy Med Ctr | | 5.00% | | 7/1/2036 | | BBB | | | 1,320 | | | | 1,424,452 | |
| MD Hlth & HI Ed–Mercy Med Ctr | | 5.00% | | 7/1/2038 | | BBB | | | 2,250 | | | | 2,410,875 | |
| MD Hlth & HI Ed–Mercy Med Ctr | | 6.25% | | 7/1/2031 | | BBB | | | 11,190 | | | | 12,129,177 | |
| ME Hlth & HI Ed–MaineGeneral Hlth | | 7.50% | | 7/1/2032 | | Ba3 | | | 11,150 | | | | 12,267,676 | |
| Meadville Med Center | | 6.00% | | 6/1/2046 | | NR | | | 790 | | | | 837,139 | |
| Meadville Med Center | | 6.00% | | 6/1/2051 | | NR | | | 930 | | | | 982,471 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.125% | | 2/15/2042 | | BB+ | (e) | | 1,000 | | | | 1,028,500 | |
| Montgomery Co IDA–ACTS Retirement | | 5.00% | | 11/15/2024 | | A- | (e) | | 3,150 | | | | 3,391,353 | |
| Montgomery Co IDA–ACTS Retirement | | 5.00% | | 11/15/2025 | | A- | (e) | | 1,300 | | | | 1,394,965 | |
| Montgomery Co IDA–Jefferson Hlth | | 5.00% | | 10/1/2027 | | AA | | | 3,500 | | | | 3,769,360 | |
| MT St Fac Fin Auth–Kalispell Med Ctr | | 5.00% | | 7/1/2043 | | Baa2 | | | 3,600 | | | | 3,840,048 | |
| MT St Fac Fin Auth–Kalispell Med Ctr | | 5.00% | | 7/1/2048 | | Baa2 | | | 5,180 | | | | 5,504,061 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2044 | | BB+ | | | 2,500 | | | | 2,572,925 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | 5.00% | | 7/1/2029 | | A- | | | 1,000 | | | | 1,095,410 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | 5.00% | | 7/1/2030 | | A- | | | 580 | | | | 633,111 | |
| Nassau Co LEAC–Catholic Hlth Svcs | | 5.00% | | 7/1/2031 | | A- | | | 1,620 | | | | 1,761,248 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2036 | | BBB | | | 1,650 | | | | 1,653,927 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2037 | | BBB | | | 650 | | | | 646,568 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2038 | | BBB | | | 900 | | | | 891,441 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2033 | | BBB | | | 900 | | | | 1,007,460 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2034 | | BBB | | | 500 | | | | 557,500 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2035 | | BBB | | | 900 | | | | 999,558 | |
| NY Dorm–Orange Reg Med Ctr† | | 5.00% | | 12/1/2031 | | BBB- | | | 1,300 | | | | 1,435,382 | |
| NY Dorm–Orange Reg Med Ctr† | | 5.00% | | 12/1/2036 | | BBB- | | | 1,000 | | | | 1,086,290 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2040 | | BBB- | | | 1,300 | | | | 1,391,806 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2025 | | Aa3 | | | 2,400 | | | | 2,492,424 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2030 | | Aa3 | | | 5,640 | | | | 5,837,795 | |
| OK DFA–OU Med | | 5.50% | | 8/15/2052 | | Baa3 | | | 2,700 | | | | 2,992,572 | |
| OK DFA–OU Med | | 5.50% | | 8/15/2057 | | Baa3 | | | 3,600 | | | | 3,974,760 | |
| 80 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Palomar Hlth | | 5.00% | | 11/1/2036 | | BBB | | $ | 4,025 | | | $ | 4,343,699 | |
| Pell City Spl Care Facs–Noland Hlth | | 5.00% | | 12/1/2031 | | A | | | 4,845 | | | | 5,182,115 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2032 | | BBB- | | | 850 | | | | 923,942 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2033 | | BBB- | | | 2,950 | | | | 3,195,204 | |
| Pulaski Co Pub Facs–Baptist Hlth | | 5.00% | | 12/1/2039 | | A+ | | | 5,750 | | | | 6,210,977 | |
| Rockville Eco Dev–Ingleside at King Farm | | 5.00% | | 11/1/2042 | | BB | (e) | | 750 | | | | 803,070 | |
| Rockville Eco Dev–Ingleside at King Farm | | 5.00% | | 11/1/2047 | | BB | (e) | | 675 | | | | 720,124 | |
| Tarrant Co Cultural–Christus Hlth (AG) | | 6.25% | | 7/1/2028 | | AA | | | 1,500 | | | | 1,516,395 | |
| Tempe IDA–ASU Mirabella† | | 6.125% | | 10/1/2047 | | NR | | | 1,150 | | | | 1,254,132 | |
| UCal Med Ctr | | 5.25% | | 5/15/2038 | | AA- | | | 660 | | | | 735,346 | |
| Upland COP–San Antonio Cmnty Hsp COP | | 6.375% | | 1/1/2032 | | BBB+ | | | 5,000 | | | | 5,489,750 | |
| VT Ed & Hlth–Univ of VT Med Ctr | | 5.00% | | 12/1/2035 | | A | | | 4,500 | | | | 4,975,605 | |
| WA Hlth Care–Overlake Hsp | | 5.00% | | 7/1/2038 | | A | | | 4,000 | | | | 4,314,040 | |
| Ward Co Hlth Facs–Trinity Hlth | | 5.00% | | 6/1/2048 | | BBB- | | | 2,110 | | | | 2,253,206 | |
| WI Hlth & Ed–Marshfield Hlth Sys | | 4.00% | | 2/15/2050 | | NR | | | 7,780 | | | | 7,444,371 | |
| WI PFA–MD Proton† | | 6.125% | | 1/1/2033 | | NR | | | 1,500 | | | | 1,532,205 | |
| WI PFA–MD Proton† | | 6.375% | | 1/1/2048 | | NR | | | 1,000 | | | | 1,021,930 | |
| WV Hsp–Herbert Thomas Hlth | | 6.25% | | 10/1/2023 | | NR | | | 2,000 | | | | 1,800,360 | |
| Total | | | | | | | | | | | | | 303,984,112 | |
| | | | | | | | | | | | | | | |
| Housing 1.10% | | | | | | | | | | | | | | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.25% | | 8/15/2039 | | BBB+ | | | 550 | | | | 599,429 | |
| CA Muni Fin–UC Berkeley Hsg | | 5.00% | | 6/1/2050 | | Baa3 | | | 1,410 | | | | 1,505,288 | |
| Fed Home Loan Mtg Corp | | 4.60% | | 12/15/2044 | | AA+ | | | 5,000 | | | | 5,203,550 | |
| HI Hsg Fin & Dev–Rent Hsg Sys Rmkt (AGM) | | 6.50% | | 7/1/2033 | | A1 | | | 2,000 | | | | 2,042,980 | |
| IL Fin Auth–CHF–UIC | | 5.00% | | 2/15/2047 | | BBB- | | | 900 | | | | 962,442 | |
| IL Fin Auth–CHF–UIC | | 5.00% | | 2/15/2050 | | BBB- | | | 1,500 | | | | 1,598,310 | |
| LA HFA–GMF-LA Chateau | | 8.00% | | 9/1/2039 | | CCC+ | | | 1,345 | | | | 1,289,707 | (i) |
| Los Angeles Hsg | | 6.25% | | 6/1/2034 | | A- | | | 4,220 | | | | 4,303,387 | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2037 | | Baa3 | | | 1,000 | | | | 1,087,580 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2034 | | BBB- | | | 1,000 | | | | 1,038,340 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2039 | | BBB- | | | 1,150 | | | | 1,184,741 | |
| Toledo/Lucas Port Auth–Univ Toledo | | 5.00% | | 7/1/2046 | | BBB- | | | 1,000 | | | | 1,027,040 | |
| Total | | | | | | | | | | | | | 21,842,794 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 6.46% | | | | | | | | | | | | | | |
| CA Pub Wks–Judicial Council | | 5.00% | | 12/1/2028 | | A+ | | | 5,600 | | | | 6,108,816 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2033 | | A+ | | | 8,500 | | | | 9,237,120 | |
| | See Notes to Financial Statements. | 81 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Lease Obligations (continued) | | | | | | | | | | | | | | |
| CA Pub Wks–Various Cap Proj | | 5.125% | | 10/1/2031 | | A+ | | $ | 2,500 | | | $ | 2,713,250 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2026 | | AA | | | 5,275 | | | | 5,878,566 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.25% | | 5/1/2028 | | AA | | | 7,000 | | | | 7,554,610 | |
| Houston Co Coop Dist–Country Crossing(f) | | 12.50% | | 6/7/2013 | | NR | | | 1,768 | | | | 247,520 | (i) |
| IL Sports Facs Auth (AGM) | | 5.00% | | 6/15/2027 | | AA | | | 3,500 | | | | 3,789,800 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2035 | | BBB+ | | | 6,500 | | | | 6,928,545 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2040 | | BBB+ | | | 3,000 | | | | 3,181,620 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2044 | | BBB+ | | | 3,145 | | | | 3,325,554 | |
| IN Fin Auth–Stadium | | 5.25% | | 2/1/2032 | | AA+ | | | 4,500 | | | | 5,162,850 | |
| KY Ppty & Bldgs Commn–Proj #112 | | 5.00% | | 11/1/2026 | | A1 | | | 5,000 | | | | 5,682,000 | |
| NJ Ed Facs–Higher Ed | | 4.00% | | 9/1/2029 | | BBB+ | | | 5,445 | | | | 5,490,575 | |
| NJ EDA–Bldgs | | 5.00% | | 6/15/2047 | | BBB+ | | | 5,475 | | | | 5,797,532 | |
| NJ EDA–Goethals Brdg AMT | | 5.625% | | 1/1/2052 | | BBB- | | | 7,500 | | | | 8,182,350 | |
| NJ EDA–Sch Facs | 3.16% (MUNIPSA * 1 + 1.60% | )# | 3/1/2028 | | BBB+ | | | 4,625 | | | | 4,579,166 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2028 | | BBB+ | | | 3,845 | | | | 4,090,196 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2042 | | A- | (e) | | 4,500 | | | | 4,776,750 | |
| NJ Trans Trust Fund | | 5.00% | | 12/15/2023 | | BBB+ | | | 4,425 | | | | 4,843,738 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2030 | | A+ | | | 3,000 | | | | 3,307,770 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2031 | | A+ | | | 2,400 | | | | 2,634,312 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2042 | | BBB+ | | | 2,215 | | | | 2,288,095 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2030 | | AA | | | 10,000 | | | | 10,935,300 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2031 | | AA | | | 6,000 | | | | 6,558,900 | |
| PA COPS | | 5.00% | | 7/1/2043 | | A2 | | | 1,175 | | | | 1,275,192 | |
| Sacramento City Fing Auth (AMBAC) | | 5.25% | | 12/1/2023 | | Aa3 | | | 3,150 | | | | 3,616,452 | |
| Total | | | | | | | | | | | | | 128,186,579 | |
| | | | | | | | | | | | | | | |
| Other Revenue 5.73% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A- | | | 8,165 | | | | 8,635,631 | |
| Arlington Hi Ed Fin Corp–Arlington Classics | | 7.65% | | 8/15/2040 | | BBB- | | | 5,750 | | | | 6,155,145 | |
| Baker Correctional Dev | | 8.50% | | 2/1/2030 | | NR | | | 3,400 | | | | 2,825,264 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2030 | | BBB- | | | 2,340 | | | | 2,595,785 | |
| CA Infra & Econ Dev–Acad Motion Pict | | 5.00% | | 11/1/2041 | | Aa2 | | | 2,500 | | | | 2,758,725 | |
| CA Infra & Econ Dev–Gladstone Inst | | 5.25% | | 10/1/2034 | | A- | | | 8,100 | | | | 8,722,404 | |
| CA Sch Fin Auth–Green Dot Charter†(d) | | 5.00% | | 8/1/2048 | | Baa3 | | | 1,400 | | | | 1,501,402 | |
| City of Miami Beach–Parking Revs (BAM) | | 5.00% | | 9/1/2040 | | AA | | | 2,000 | | | | 2,204,700 | |
| Cleveland Arpt | | 5.00% | | 1/1/2030 | | A | | | 2,000 | | | | 2,131,740 | |
| Clifton Higher Ed–IDEA Pub Schs | | 6.00% | | 8/15/2043 | | BBB+ | | | 1,000 | | | | 1,101,110 | |
| DC Rev–Friendship Pub Chtr Sch | | 5.00% | | 6/1/2041 | | BBB | | | 1,500 | | | | 1,606,275 | |
| 82 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| DC Rev–KIPP Chtr Sch | | 6.00% | | 7/1/2043 | | BBB+ | | $ | 1,000 | | | $ | 1,168,400 | |
| DC Rev–KIPP Chtr Sch | | 6.00% | | 7/1/2048 | | BBB+ | | | 1,000 | | | | 1,168,400 | |
| Denver Conv Ctr | | 5.00% | | 12/1/2034 | | Baa2 | | | 1,000 | | | | 1,105,670 | |
| FL DFC–Renaissance Chtr Sch | | 7.625% | | 6/15/2041 | | BB | (e) | | 5,500 | | | | 5,967,280 | |
| Grand River Hosp Dist (AGM) | | 5.25% | | 12/1/2034 | | AA | | | 900 | | | | 1,031,202 | |
| Grand River Hosp Dist (AGM) | | 5.25% | | 12/1/2035 | | AA | | | 900 | | | | 1,027,071 | |
| Grand River Hosp Dist (AGM) | | 5.25% | | 12/1/2037 | | AA | | | 900 | | | | 1,018,053 | |
| HI Dept Budget–Hawaiian Electric AMT | | 3.25% | | 1/1/2025 | | Baa2 | | | 3,250 | | | | 3,257,215 | |
| IL Fin Auth–Noble Chrter Schs | | 6.125% | | 9/1/2039 | | BBB | | | 5,100 | | | | 5,567,058 | |
| IN Fin Auth–Drexel Foundation | | 7.00% | | 10/1/2039 | | B | | | 1,250 | | | | 1,259,762 | |
| Indianapolis Local Pub Impt Bd Bk | | 5.00% | | 2/1/2031 | | Aa3 | | | 6,645 | | | | 7,360,534 | |
| Long Beach Nat Gas–ML | | 3.00%
(3 Mo. LIBOR * .67 + 1.45% | )# | 11/15/2027 | | A- | | | 9,000 | | | | 9,062,910 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2046 | | A3 | | | 5,000 | | | | 5,845,350 | |
| Met Boston Trans Pkg Corp | | 5.25% | | 7/1/2033 | | A+ | | | 11,000 | | | | 11,828,300 | |
| MI Pub Ed–Bradford Admy | | 8.75% | | 9/1/2039 | | NR | | | 2,250 | | | | 1,751,985 | |
| Middlesex Co Impt Auth–Heldrich Ctr(f) | | 6.125% | | 1/1/2025 | | NR | | | 1,250 | | | | 13,125 | |
| Middlesex Co Impt Auth–Heldrich Ctr(f) | | 6.25% | | 1/1/2037 | | NR | | | 1,700 | | | | 17,850 | |
| NJ EDA–Team Academy | | 6.00% | | 10/1/2043 | | BBB | | | 3,500 | | | | 3,801,035 | |
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | | 5.00% | | 7/15/2039 | | A3 | | | 7,000 | | | | 7,000,070 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2031 | | A3 | | | 3,995 | | | | 4,283,639 | |
| Total | | | | | | | | | | | | | 113,773,090 | |
| | | | | | | | | | | | | | | |
| Special Tax 3.20% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2032 | | Ba1 | | | 1,845 | | | | 1,991,733 | |
| Allentown Neighborhood Impt | | 5.00% | | 5/1/2035 | | Baa3 | | | 4,300 | | | | 4,447,791 | |
| Aurora TIF–East River | | 6.75% | | 12/30/2027 | | NR | | | 700 | | | | 703,850 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 8/1/2034 | | AA | | | 3,600 | | | | 3,918,528 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 1/1/2037 | | AA | | | 6,300 | | | | 6,899,886 | |
| CT Spl Tax–Trans Infra | | 5.00% | | 1/1/2038 | | AA | | | 4,500 | | | | 4,913,820 | |
| Gramercy Farms CDD~ | | Zero Coupon | | 5/1/2039 | | NR | | | 4,545 | | | | 2,181,600 | |
| Gramercy Farms Cmnty Dev Dist(f) | | 5.25% | | 5/1/2039 | | NR | | | 1,340 | | | | 13 | |
| Houston Co Coop Dist–Country Crossing(f) | | 10.00% | | 5/1/2039 | | NR | | | 5,000 | | | | 550,000 | (i) |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 3,375 | | | | 3,728,700 | |
| Irvine CFD–Great Park | | 5.00% | | 9/1/2044 | | NR | | | 500 | | | | 536,700 | |
| Millsboro Spl Oblig–Plantation Lakes | | 5.45% | | 7/1/2036 | | NR | | | 1,936 | | | | 1,721,685 | |
| NJ EDA–Kapkowski Rd Landfill | | 6.50% | | 4/1/2028 | | Ba2 | | | 2,325 | | | | 2,680,190 | |
| | See Notes to Financial Statements. | 83 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| NYC IDA–Yankee Stadium (NPFGC)(FGIC) | | 3.81%
(CPI Based | )# | 3/1/2024 | | Baa1 | | $ | 4,500 | | | $ | 4,504,500 | |
| PA COPS | | 4.00% | | 7/1/2046 | | A2 | | | 2,375 | | | | 2,324,175 | |
| Rancho Cucamonga Redev Agy (AGM) | | 5.00% | | 9/1/2030 | | AA | | | 1,000 | | | | 1,129,580 | |
| Rancho Cucamonga Redev Agy (AGM) | | 5.00% | | 9/1/2031 | | AA | | | 1,400 | | | | 1,575,700 | |
| Riverside RDA–Housing~ | | Zero Coupon | | 10/1/2041 | | A | | | 11,195 | | | | 13,190,733 | |
| San Francisco Redev–Mission Bay South | | 7.00% | | 8/1/2033 | | BBB+ | | | 1,000 | | | | 1,119,350 | |
| San Francisco Redev–Mission Bay South | | 7.00% | | 8/1/2041 | | BBB+ | | | 1,400 | | | | 1,567,090 | |
| Sparks Tourism Impt Dist† | | 6.50% | | 6/15/2020 | | Ba3 | | | 625 | | | | 625,537 | |
| Sparks Tourism Impt Dist† | | 6.75% | | 6/15/2028 | | Ba3 | | | 2,500 | | | | 2,502,000 | |
| Stone Canyon CID(f) | | 5.70% | | 4/1/2022 | | NR | | | 1,000 | | | | 280,000 | |
| Stone Canyon CID(f) | | 5.75% | | 4/1/2027 | | NR | | | 1,300 | | | | 364,000 | |
| Total | | | | | | | | | | | | | 63,457,161 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 4.19% | | | | | | | | | | | | | | |
| Casino Reinv Dev Auth | | 5.25% | | 11/1/2039 | | BBB+ | | | 3,300 | | | | 3,520,605 | |
| Casino Reinv Dev Auth | | 5.25% | | 11/1/2044 | | BBB+ | | | 1,950 | | | | 2,074,936 | |
| Chicago Brd Ed–CIT | | 5.00% | | 4/1/2042 | | A | (e) | | 1,800 | | | | 1,924,578 | |
| Chicago Brd Ed–CIT | | 5.00% | | 4/1/2046 | | A | (e) | | 2,050 | | | | 2,185,792 | |
| Cook Co Sales Tax | | 4.00% | | 11/15/2034 | | AAA | | | 3,000 | | | | 3,073,710 | |
| MA Sch Bldg Auth–Sales Tax(b) | | 5.00% | | 2/1/2028 | | AA+ | | | 20,000 | | | | 21,550,000 | |
| Met Pier & Expo Auth–McCormick Place | | 5.50% | | 6/15/2053 | | BB+ | | | 4,150 | | | | 4,474,032 | |
| Met Pier & Expo Auth–McCormick Place (AGM) | | Zero Coupon | | 6/15/2045 | | AA | | | 3,145 | | | | 912,019 | |
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2030 | | Baa2 | | | 10,000 | | | | 5,830,600 | |
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2036 | | Baa2 | | | 20,000 | | | | 8,464,400 | |
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2037 | | Baa2 | | | 15,000 | | | | 5,987,700 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2023 | | BBB+ | | | 2,065 | | | | 2,215,373 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2025 | | BBB+ | | | 1,000 | | | | 1,066,660 | |
| NY Conv Ctr Dev Corp | | 5.00% | | 11/15/2040 | | Aa3 | | | 2,500 | | | | 2,754,275 | |
| NYC TFA–Future Tax | | 4.00% | | 5/1/2037 | | AAA | | | 2,700 | | | | 2,779,056 | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2043 | | Ca | | | 5,130 | | | | 2,526,525 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2040 | | Ca | | | 5,580 | | | | 2,748,150 | |
| PR Corp Sales Tax(f) | | 6.125% | | 8/1/2029 | | Ca | | | 2,000 | | | | 985,000 | |
| San Jose Spl Tax–Conv Ctr | | 6.125% | | 5/1/2031 | | A | | | 4,190 | | | | 4,596,975 | |
| Yorba Linda Redev Agy | | 6.00% | | 9/1/2026 | | NR | | | 1,145 | | | | 1,277,442 | |
| 84 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Tax Revenue (continued) | | | | | | | | | | | | |
| Yorba Linda Redev Agy | | 6.50% | | 9/1/2032 | | NR | | $ | 2,000 | | | $ | 2,259,560 | |
| Total | | | | | | | | | | | | | 83,207,388 | |
| | | | | | | | | | | | | | | |
| Tobacco 4.30% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | Zero Coupon | | 6/1/2047 | | NR | | | 18,000 | | | | 1,500,300 | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 9,560 | | | | 9,479,314 | |
| Buckeye Tobacco | | 5.75% | | 6/1/2034 | | B- | | | 2,835 | | | | 2,835,000 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2047 | | B- | | | 5,000 | | | | 5,000,000 | |
| Golden St Tobacco | | 5.00% | | 6/1/2029 | | BBB | | | 2,500 | | | | 2,821,900 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 4,375 | | | | 4,482,013 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 7,130 | | | | 7,304,400 | |
| Golden St Tobacco | | 5.25% | | 6/1/2047 | | NR | | | 4,375 | | | | 4,539,762 | |
| PA Tob Settlement (AGM) | | 4.00% | | 6/1/2039 | | AA | | | 15,000 | | | | 15,035,250 | |
| Railsplitter Tobacco Settlement Auth | | 5.00% | | 6/1/2027 | | A | | | 3,325 | | | | 3,755,288 | |
| Railsplitter Tobacco Settlement Auth | | 6.00% | | 6/1/2028 | | NR | | | 5,625 | | | | 6,181,031 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 5,895 | | | | 5,841,179 | |
| Tobacco Settlement Auth WA | | 5.25% | | 6/1/2032 | | A- | | | 2,000 | | | | 2,126,980 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB | | | 3,175 | | | | 3,354,197 | |
| Tobacco Settlement Fin Corp NJ | | 5.25% | | 6/1/2046 | | BBB+ | | | 1,975 | | | | 2,171,157 | |
| Tobacco Settlement Fin Corp VA | | 5.00% | | 6/1/2047 | | B- | | | 3,195 | | | | 3,194,936 | |
| TSASC | | 5.00% | | 6/1/2035 | | A- | | | 1,140 | | | | 1,242,760 | |
| TSASC | | 5.00% | | 6/1/2036 | | A- | | | 570 | | | | 619,624 | |
| TSASC | | 5.00% | | 6/1/2048 | | NR | | | 3,700 | | | | 3,754,316 | |
| Total | | | | | | | | | | | | | 85,239,407 | |
| | | | | | | | | | | | | | | |
| Transportation 18.55% | | | | | | | | | | | | | | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 2,000 | | | | 2,213,560 | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2035 | | AA | | | 2,000 | | | | 2,207,100 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2028 | | AA- | | | 1,000 | | | | 1,117,490 | |
| Atlanta Arpt–PFC | | 5.00% | | 1/1/2031 | | AA- | | | 4,000 | | | | 4,451,280 | |
| CA Muni Fin Auth–LINXS AMT | | 4.00% | | 12/31/2047 | | BBB+ | (e) | | 10,250 | | | | 10,110,190 | |
| Central TX Mobility Auth | | 5.00% | | 1/1/2045 | | BBB+ | | | 4,500 | | | | 4,891,005 | |
| Central TX Mobility Auth | | 6.00% | | 1/1/2041 | | BBB+ | | | 10,000 | | | | 10,830,600 | |
| Central TX Tpk | | 5.00% | | 8/15/2033 | | BBB+ | | | 4,550 | | | | 4,919,141 | |
| Chicago O’Hare Arpt | | 5.625% | | 1/1/2035 | | A | | | 280 | | | | 297,478 | |
| Chicago O’Hare Arpt–TRIPS AMT | | 5.00% | | 7/1/2048 | | BBB | | | 2,500 | | | | 2,689,550 | |
| Cleveland Arpt (AGM) | | 5.00% | | 1/1/2031 | | AA | | | 900 | | | | 987,291 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2034 | | A | | | 7,200 | | | | 7,956,576 | |
| | See Notes to Financial Statements. | 85 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | |
| Denver City & Co Arpt | | 4.00% | | 12/1/2043 | | A | | $ | 5,000 | | | $ | 5,028,900 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2032 | | A | | | 4,200 | | | | 2,480,814 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2037 | | A | | | 7,720 | | | | 3,296,363 | |
| Eagle Co Arpt AMT | | 5.00% | | 5/1/2033 | | Baa2 | | | 2,430 | | | | 2,675,381 | |
| Eagle Co Arpt AMT | | 5.00% | | 5/1/2037 | | Baa2 | | | 1,000 | | | | 1,084,850 | |
| Eagle Co Arpt AMT | | 5.00% | | 5/1/2041 | | Baa2 | | | 1,000 | | | | 1,080,290 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | A- | | | 4,500 | | | | 2,467,665 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2049 | | A- | | | 9,000 | | | | 10,386,360 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2053 | | A- | | | 8,000 | | | | 9,215,360 | |
| Greater Orlando Aviation AMT | | 4.00% | | 10/1/2052 | | A1 | | | 7,500 | | | | 7,229,775 | |
| Hampton Roads Trans Commn | | 5.50% | | 7/1/2057 | | NR | | | 6,000 | | | | 7,028,640 | |
| HI Arpt | | 5.00% | | 7/1/2034 | | AA- | | | 3,000 | | | | 3,143,100 | |
| HI Arpt Sys AMT | | 5.00% | | 7/1/2048 | | AA- | | | 5,000 | | | | 5,510,350 | |
| HI Arpts AMT | | 5.00% | | 7/1/2041 | | AA- | | | 5,000 | | | | 5,469,000 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2035 | | BB | | | 4,000 | | | | 4,264,800 | |
| Houston Arpt–Continental Airlines AMT | | 6.625% | | 7/15/2038 | | BB | | | 2,500 | | | | 2,707,575 | |
| Lee Co Arpt AMT | | 5.375% | | 10/1/2032 | | A | | | 3,695 | | | | 3,953,354 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2041 | | AA | | | 4,000 | | | | 4,371,400 | |
| MA Port Auth AMT | | 4.00% | | 7/1/2046 | | AA | | | 5,465 | | | | 5,490,084 | |
| MA Port Auth AMT | | 5.00% | | 7/1/2040 | | AA | | | 1,500 | | | | 1,635,975 | |
| MA Port Auth AMT | | 5.00% | | 7/1/2045 | | AA | | | 3,315 | | | | 3,594,786 | |
| Met DC Arpt AMT | | 5.00% | | 10/1/2027 | | AA- | | | 3,250 | | | | 3,617,543 | |
| Met DC Arpt AMT | | 5.00% | | 10/1/2028 | | AA- | | | 2,000 | | | | 2,187,260 | |
| Met DC Arpt AMT | | 5.00% | | 10/1/2035 | | AA- | | | 4,525 | | | | 5,028,225 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2030 | | A- | | | 550 | | | | 610,924 | |
| Miami Dade Co–Rickenbacker Cswy | | 5.00% | | 10/1/2032 | | A- | | | 1,160 | | | | 1,283,122 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2028 | | A | | | 4,435 | | | | 4,959,838 | |
| Miami Dade Co Aviation–MIA AMT | | 5.00% | | 10/1/2029 | | A | | | 2,500 | | | | 2,787,100 | |
| Mid Bay Bridge Auth | | 7.25% | | 10/1/2034 | | AAA | (e) | | 5,900 | | | | 6,750,426 | |
| Minneapolis / St Paul Met Arpts | | 5.00% | | 1/1/2031 | | A+ | | | 2,000 | | | | 2,209,140 | |
| MTA NY | | 4.00% | | 11/15/2046 | | A1 | | | 4,000 | | | | 4,015,720 | |
| MTA NY | | 5.00% | | 11/15/2030 | | A1 | | | 5,095 | | | | 5,538,469 | |
| NC Tpk Auth–Triangle Exprs | | 5.00% | | 1/1/2032 | | BBB | | | 1,000 | | | | 1,118,760 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2025 | | Baa1 | | | 2,750 | | | | 3,051,840 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2026 | | Baa1 | | | 1,000 | | | | 1,102,800 | |
| NJ Tpk Auth | | 4.00% | | 1/1/2043 | | NR | | | 5,555 | | | | 5,666,767 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | BBB+ | | | 4,500 | | | | 4,861,125 | |
| 86 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| 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% | | 1/1/2040 | | A+ | | $ | 4,350 | | | $ | 4,670,943 | |
| NY Trans Dev Corp–Delta AMT | | 4.00% | | 1/1/2036 | | Baa3 | | | 3,100 | | | | 3,084,562 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2033 | | Baa3 | | | 5,000 | | | | 5,517,200 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2034 | | Baa3 | | | 2,700 | | | | 2,968,164 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2036 | | Baa3 | | | 2,250 | | | | 2,455,065 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2046 | | Baa3 | | | 5,150 | | | | 5,433,404 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.25% | | 1/1/2050 | | Baa3 | | | 14,210 | | | | 15,143,171 | |
| PA Tpk Commn | | 4.00% | | 12/1/2038 | | A3 | | | 3,425 | | | | 3,378,146 | |
| PA Tpk Commn | | 5.00% | | 6/1/2029 | | A3 | | | 9,000 | | | | 9,999,000 | |
| Philadelphia Airport AMT | | 5.00% | | 7/1/2042 | | A | | | 4,440 | | | | 4,833,118 | |
| Port Auth NY & NJ | | 5.25% | | 10/15/2055 | | AA- | | | 3,325 | | | | 3,749,137 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2042 | | AA | | | 1,875 | | | | 2,013,150 | |
| Port Oakland AMT | | 5.00% | | 5/1/2028 | | A+ | | | 2,350 | | | | 2,477,793 | |
| Port of Portland–Portland Intl Arpt AMT | | 5.00% | | 7/1/2039 | | AA- | | | 2,000 | | | | 2,159,180 | |
| PR Hwy & Trans Auth (AG)(AGM) | | 5.50% | | 7/1/2025 | | AA | | | 2,000 | | | | 2,239,440 | |
| PR Hwy & Trans Auth (AGM) | | 5.25% | | 7/1/2032 | | AA | | | 2,000 | | | | 2,269,340 | |
| Regional Trans Dist COP | | 5.375% | | 6/1/2031 | | Aa3 | | | 5,200 | | | | 5,449,808 | |
| Sacramento Co Arpt | | 5.00% | | 7/1/2041 | | A | | | 7,000 | | | | 7,827,610 | |
| San Antonio Arpt AMT | | 5.00% | | 7/1/2045 | | A+ | | | 8,435 | | | | 9,099,678 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2025 | | A+ | | | 5,000 | | | | 5,344,050 | |
| San Francisco Arpt AMT | | 5.25% | | 5/1/2033 | | A+ | | | 7,000 | | | | 7,722,820 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2050 | | A- | | | 10,000 | | | | 10,775,000 | |
| San Jose Arpt AMT | | 5.00% | | 3/1/2047 | | A | | | 2,800 | | | | 3,071,656 | |
| San Jose Arpt AMT | | 6.25% | | 3/1/2034 | | A | | | 5,000 | | | | 5,483,300 | |
| South Carolina Ports AMT | | 5.25% | | 7/1/2055 | | A+ | | | 5,000 | | | | 5,461,850 | |
| South Jersey Port Corp AMT | | 5.00% | | 1/1/2042 | | Baa1 | | | 1,500 | | | | 1,607,715 | |
| St Louis Arpt–Lambert Intl Arpt | | 6.25% | | 7/1/2029 | | A2 | | | 3,020 | | | | 3,110,721 | |
| VA Small Bus Fing–95 Express Lanes AMT | | 5.00% | | 7/1/2034 | | BBB | | | 1,525 | | | | 1,609,287 | |
| VA Small Bus Fing–95 Express Lanes AMT | | 5.00% | | 1/1/2040 | | BBB | | | 4,880 | | | | 5,122,487 | |
| VA Small Bus Fing–Elizabeth River AMT | | 5.25% | | 1/1/2032 | | BBB | | | 6,100 | | | | 6,526,817 | |
| VA Small Bus Fing–Elizabeth River AMT | | 6.00% | | 1/1/2037 | | BBB | | | 1,230 | | | | 1,350,183 | |
| VA Small Bus Fing–I-66 AMT | | 5.00% | | 12/31/2052 | | Baa3 | | | 7,250 | | | | 7,741,477 | |
| Wayne Co Arpt AMT | | 5.00% | | 12/1/2039 | | A | | | 1,700 | | | | 1,842,171 | |
| Wayne Co Arpt AMT | | 5.00% | | 12/1/2042 | | A2 | | | 1,200 | | | | 1,308,552 | |
| Wayne Co Arpt AMT | | 5.00% | | 12/1/2047 | | A2 | | | 1,000 | | | | 1,086,430 | |
| WV Parkways Auth | | 4.00% | | 6/1/2047 | | AA- | | | 4,500 | | | | 4,539,375 | |
| Total | | | | | | | | | | | | | 368,046,942 | |
| | See Notes to Financial Statements. | 87 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Utilities 12.53% | | | | | | | | | | | | | | |
| Adelanto Util Sys (AGM) | | 5.00% | | 7/1/2039 | | AA | | $ | 1,500 | | | $ | 1,689,870 | |
| Baltimore Wastewater | | 5.00% | | 7/1/2039 | | AA- | | | 4,250 | | | | 4,697,610 | |
| Baltimore Water | | 5.00% | | 7/1/2032 | | AA- | | | 2,435 | | | | 2,716,316 | |
| Baltimore Water | | 5.00% | | 7/1/2046 | | AA- | | | 10,000 | | | | 11,134,200 | |
| Burke Co Dev–Oglethorpe Power | | 3.00% | #(c) | 11/1/2045 | | A- | | | 5,000 | | | | 4,951,750 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2032 | | A3 | | | 5,000 | | | | 5,406,900 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2042 | | BBB+ | | | 11,040 | | | | 12,766,435 | |
| Central Plains–Goldman Sachs | | 5.25% | | 9/1/2037 | | A3 | | | 9,025 | | | | 9,842,575 | |
| Chicago Wastewater | | 5.00% | | 1/1/2047 | | A | | | 1,325 | | | | 1,405,746 | |
| Chicago Water | | 5.00% | | 11/1/2029 | | A | | | 4,560 | | | | 5,095,572 | |
| Chicago Water | | 5.00% | | 11/1/2036 | | A | | | 1,775 | | | | 1,940,075 | |
| Chicago Water | | 5.00% | | 11/1/2039 | | A | | | 2,600 | | | | 2,759,198 | |
| Chicago Water (AGM) | | 5.00% | | 11/1/2036 | | AA | | | 3,000 | | | | 3,298,380 | |
| Chicago Water (AGM) | | 5.00% | | 11/1/2037 | | AA | | | 2,500 | | | | 2,740,575 | |
| Chula Vista IDR–San Diego G & E Rmkt | | 5.875% | | 1/1/2034 | | Aa3 | | | 2,125 | | | | 2,180,123 | |
| CO Public Auth–ML | | 6.50% | | 11/15/2038 | | A- | | | 4,270 | | | | 5,742,723 | |
| Compton Water | | 6.00% | | 8/1/2039 | | NR | | | 5,500 | | | | 5,609,450 | |
| DE EDA–NRG Energy | | 5.375% | | 10/1/2045 | | Baa3 | | | 9,000 | | | | 9,386,100 | |
| Detroit Sewer | | 5.00% | | 7/1/2034 | | A | | | 1,595 | | | | 1,732,601 | |
| El Dorado Irrigation Dist (AGM) | | 5.00% | | 3/1/2034 | | AA | | | 3,600 | | | | 4,020,120 | |
| Jefferson Co Sewer | | 6.50% | | 10/1/2053 | | BBB- | | | 2,000 | | | | 2,340,680 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2027 | | AA | | | 4,875 | | | | 3,380,910 | |
| Jefferson Co Sewer (AGM) | | 5.50% | | 10/1/2053 | | AA | | | 2,215 | | | | 2,436,544 | |
| KY Muni Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 9/1/2035 | | A- | | | 5,000 | | | | 5,438,700 | |
| KY Muni Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 9/1/2036 | | A- | | | 4,000 | | | | 4,336,680 | |
| Lansing Brd Wtr & Light | | 5.00% | | 7/1/2030 | | AA- | | | 4,735 | | | | 5,065,456 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | A- | | | 5,825 | | | | 7,326,335 | |
| Louisville/Jeff Co Met Swr Dist | | 5.00% | | 5/15/2028 | | AA | | | 9,710 | | | | 10,476,313 | |
| Lower Colo Riv Auth–Transmn Contract | | 5.00% | | 5/15/2040 | | A | | | 2,625 | | | | 2,863,849 | |
| Maricopa Co Poll Ctl–El Paso Elec | | 7.25% | | 2/1/2040 | | Baa1 | | | 3,500 | | | | 3,561,950 | |
| New Orleans Water | | 5.00% | | 12/1/2034 | | A- | | | 1,000 | | | | 1,099,340 | |
| North Sumter Co Util Dep Dist | | 5.375% | | 10/1/2030 | | A | | | 5,000 | | | | 5,295,450 | |
| Omaha Pub Pwr Dist | | 5.25% | | 2/1/2042 | | A+ | | | 3,500 | | | | 3,931,515 | |
| Paducah Electric (AGM) | | 5.00% | | 10/1/2033 | | AA | | | 1,000 | | | | 1,097,990 | |
| Paducah Electric (AGM) | | 5.00% | | 10/1/2035 | | AA | | | 1,000 | | | | 1,090,730 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2029 | | A | | | 1,750 | | | | 1,964,638 | |
| Philadelphia Gas Works | | 5.00% | | 8/1/2030 | | A | | | 1,500 | | | | 1,680,045 | |
| 88 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Utilities (continued) | | | | | | | | | | | | | | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2028 | | A+ | | $ | 2,520 | | | $ | 2,858,587 | |
| Philadelphia Water & Wastewater | | 5.00% | | 7/1/2030 | | A+ | | | 3,355 | | | | 3,779,407 | |
| Philadelphia Water & Wastewater | | 5.25% | | 10/1/2052 | | A+ | | | 5,550 | | | | 6,262,120 | |
| Pima CO IDA–Tucson Elec | | 4.00% | | 9/1/2029 | | A- | | | 5,040 | | | | 5,238,324 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Ca | | | 3,000 | | | | 2,823,750 | |
| PR Aqueduct & Swr Auth | | 5.75% | | 7/1/2037 | | Ca | | | 2,750 | | | | 2,615,937 | |
| PR Elec Pwr Auth(f) | | 2.266%
(3 Mo. LIBOR * .67 + .70% | )# | 7/1/2031 | | Ca | | | 4,000 | | | | 2,460,000 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2032 | | BBB+ | | | 3,145 | | | | 3,649,049 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2037 | | BBB+ | | | 11,705 | | | | 13,586,579 | |
| Salt Verde Fin Corp–Citi | | 5.25% | | 12/1/2027 | | BBB+ | | | 3,685 | | | | 4,258,570 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 3.04%
(3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | | A3 | | | 3,000 | | | | 2,825,010 | |
| TEAC–Goldman Sachs | | 5.625% | | 9/1/2026 | | BBB | (e) | | 3,000 | | | | 3,399,570 | |
| Texas Water Dev Brd(d) | | 4.00% | | 10/15/2037 | | AAA | | | 6,350 | | | | 6,567,297 | |
| Trimble Env Facs–Louisville Gas & Elec | | 3.75% | | 6/1/2033 | | A1 | | | 11,250 | | | | 11,186,775 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2028 | | A3 | | | 3,520 | | | | 3,798,784 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2029 | | A3 | | | 9,965 | | | | 10,725,628 | |
| Total | | | | | | | | | | | | | 248,538,831 | |
| Total Municipal Bonds (cost $1,947,454,740) | | | | | | | | | | | | | 1,986,809,359 | |
| | See Notes to Financial Statements. | 89 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate# | | Interest
Rate
Reset
Date(g) | | Final
Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENT 0.03% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.03% |
| | | | | | | | | | | | | | | | | |
| Utilities | | | | | | | | | | | | | | | | |
Appling Co Dev–GA Power
(cost $500,000) | | 1.94% | | 10/1/2018 | | 9/1/2041 | | A- | | $ | 500 | | | $ | 500,000 | |
| Total Investments in Securities 100.16% (cost $1,947,954,740) | | | | | | | | | | | 1,987,309,359 | |
| Liabilities in Excess of Cash and Other Assets(h) (0.16%) | | | | | | | | | | | (3,148,109 | ) |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 1,984,161,250 | |
Open Futures Contracts at September 30, 2018:
| Type | | Expiration | | Contracts | | Position | | Notional
Amount | | | Notional
Value | | | Unrealized
Appreciation | |
| U.S. Long Bond | | December 2018 | | 100 | | Short | | | $(14,159,853 | ) | | | $(14,050,000 | ) | | | $109,853 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report
| 90 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
NATIONAL TAX FREE FUND September 30, 2018
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Corporate-Backed | | $ | – | | | $ | 118,202,052 | | | $ | 2,842,000 | | | $ | 121,044,052 | |
| Housing | | | – | | | | 20,553,087 | | | | 1,289,707 | | | | 21,842,794 | |
| Lease Obligations | | | – | | | | 127,939,059 | | | | 247,520 | | | | 128,186,579 | |
| Special Tax | | | – | | | | 62,907,161 | | | | 550,000 | | | | 63,457,161 | |
| Remaining Industries | | | – | | | | 1,652,278,773 | | | | – | | | | 1,652,278,773 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes | | | – | | | | 500,000 | | | | – | | | | 500,000 | |
| Total | | $ | – | | | $ | 1,982,380,132 | | | $ | 4,929,227 | | | $ | 1,987,309,359 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | – | | | $ | (26,250,000 | ) | | $ | – | | | $ | (26,250,000 | ) |
| Total | | $ | – | | | $ | (26,250,000 | ) | | $ | – | | | $ | (26,250,000 | ) |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 109,853 | | | $ | – | | | $ | – | | | $ | 109,853 | |
| Liabilities | | | – | | | | – | | | | – | | | | – | |
| Total | | $ | 109,853 | | | $ | – | | | $ | – | | | $ | 109,853 | |
| | (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. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| | (3) | There were no Level 1/Level 2 transfers during the fiscal year ended September 30, 2018. |
| | (4) | 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, 2017 | | $ | 17,719,035 | |
| Accrued Discounts (Premiums) | | | 108 | |
| Realized Gain (Loss) | | | 90 | |
| Change in Unrealized Appreciation (Depreciation) | | | (116,248 | ) |
| Purchases | | | – | |
| Sales | | | (20,000 | ) |
| Transfers into Level 3 | | | 1,425,756 | |
| Transfers out of Level 3 | | | (14,079,514 | ) |
| Balance as of September 30, 2018 | | $ | 4,929,227 | |
| Change in unrealized appreciation/depreciation for year ended September 30, 2018, related to Level 3 investments held at September 30, 2018 | | $ | (116,248 | ) |
| | See Notes to Financial Statements. | 91 |
Schedule of Investments
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| MUNICIPAL BONDS 98.79% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 11.17% | | | | | | | | | | | | | | |
| Allegheny Co IDA–US Steel | | 6.875% | | 5/1/2030 | | B | | $ | 6,050 | | | $ | 6,129,436 | |
| Arista Met District | | 5.125% | | 12/1/2048 | | NR | | | 3,500 | | | | 3,549,875 | |
| Beauregard Parish–Office Max | | 6.80% | | 2/1/2027 | | B3 | | | 5,000 | | | | 5,015,150 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 5.00% | | 1/1/2035 | | NR | | | 1,450 | | | | 1,541,727 | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 11/21/2045 | | Baa3 | | | 9,000 | | | | 9,281,340 | |
| Cleveland Arpt–Continental Airlines AMT | | 5.375% | | 9/15/2027 | | BB | | | 15,240 | | | | 15,284,196 | |
| Downtown Doral CDD† | | 4.75% | | 12/15/2038 | | NR | | | 625 | | | | 613,019 | |
| Downtown Doral CDD† | | 5.00% | | 12/15/2048 | | NR | | | 1,500 | | | | 1,497,570 | |
| Fort Bend IDC–NRG Energy | | 4.75% | | 11/1/2042 | | Baa3 | | | 3,480 | | | | 3,560,144 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B | | | 24,910 | | | | 26,539,612 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.50% | | 12/1/2022 | | B | | | 30 | | | | 30,115 | |
| IL Fin Auth–Leafs Hockey Club(f) | | 5.875% | | 3/1/2027 | | NR | | | 1,500 | | | | 360,000 | |
| IL Fin Auth–Leafs Hockey Club(f) | | 6.00% | | 3/1/2037 | | NR | | | 1,450 | | | | 348,000 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.50% | | 1/1/2022 | | NR | | | 10,015 | | | | 10,131,675 | |
| MD EDC–Chesapeake Bay Hyatt(f) | | 5.00% | | 12/1/2016 | | NR | | | 3,430 | | | | 2,259,512 | |
| National Fin Auth NH–Covanta AMT† | | 4.875% | | 11/1/2042 | | B1 | | | 12,000 | | | | 12,021,840 | |
| Niagara Area Dev Corp–Covanta AMT† | | 4.75% | | 11/1/2042 | | B1 | | | 8,500 | | | | 8,506,545 | |
| NJ EDA–Continental Airlines AMT | | 5.125% | | 9/15/2023 | | BB | | | 5,125 | | | | 5,497,895 | |
| NJ EDA–Continental Airlines AMT | | 5.25% | | 9/15/2029 | | BB | | | 9,460 | | | | 10,220,962 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 4/1/2028 | | BB | | | 5,965 | | | | 5,975,021 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 6/1/2033 | | BB | | | 1,885 | | | | 2,069,542 | |
| NJ EDA–Continental Airlines AMT | | 5.625% | | 11/15/2030 | | BB | | | 2,600 | | | | 2,919,722 | |
| NY Liberty Dev Corp–3 WTC† | | 5.00% | | 11/15/2044 | | NR | | | 42,725 | | | | 44,457,071 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 6,135 | | | | 6,503,959 | |
| OH Air Quality–Pratt Paper AMT† | | 4.25% | | 1/15/2038 | | NR | | | 1,250 | | | | 1,262,363 | |
| OH Air Quality–Pratt Paper AMT† | | 4.50% | | 1/15/2048 | | NR | | | 10,500 | | | | 10,731,420 | |
| PA Econ Dev–Natl Gypsum AMT | | 5.50% | | 11/1/2044 | | NR | | | 1,000 | | | | 1,045,610 | |
| PA Econ Dev–US Airways | | 8.00% | | 5/1/2029 | | BB- | | | 2,460 | | | | 2,644,820 | |
| Port Seattle IDC–Delta Airlines AMT | | 5.00% | | 4/1/2030 | | BBB- | | | 1,000 | | | | 1,078,750 | |
| Rockdale Co Dev Auth–Pratt Paper AMT† | | 4.00% | | 1/1/2038 | | NR | | | 2,250 | | | | 2,234,948 | |
| Rumford Solid Waste–Office Max AMT | | 6.875% | | 10/1/2026 | | B3 | | | 1,500 | | | | 1,499,835 | |
| Tulsa Mun Arpt–American Airlines AMT | | 5.00% | #(c) | 6/1/2035 | | BB- | | | 7,000 | | | | 7,451,920 | |
| VA Small Bus Fing–Covanta AMT† | | 5.00% | #(c) | 1/1/2048 | | B | | | 1,650 | | | | 1,689,765 | |
| Valparaiso Facs–Pratt Paper AMT | | 5.875% | | 1/1/2024 | | NR | | | 1,100 | | | | 1,210,671 | |
| Valparaiso Facs–Pratt Paper AMT | | 7.00% | | 1/1/2044 | | NR | | | 4,000 | | | | 4,642,640 | |
| West Pace Coop Dist(f) | | 9.125% | | 5/1/2039 | | NR | | | 13,770 | | | | 7,986,600 | (i) |
| | |
| 92 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| WI PFA–Natl Gypsum AMT | | 5.25% | | 4/1/2030 | | NR | | $ | 2,500 | | | $ | 2,643,600 | |
| WI PFA–TRIPS AMT | | 5.00% | | 7/1/2042 | | BBB | | | 6,000 | | | | 6,283,080 | |
| WI Pub Fin Auth–Celanese AMT† | | 4.30% | | 11/1/2030 | | BBB- | | | 3,125 | | | | 3,206,281 | |
| WI Pub Fin Auth–Celanese AMT† | | 5.00% | | 12/1/2025 | | BBB- | | | 1,950 | | | | 2,182,265 | |
| Total | | | | | | | | | | | | | 242,108,496 | |
| | | | | | | | | | | | | | | |
| Education 4.02% | | | | | | | | | | | | | | |
| AZ IDA–American Charter Sch† | | 5.00% | | 7/1/2022 | | BB+ | | | 1,880 | | | | 1,930,215 | |
| CA Muni Fin–Julian Chtr Sch† | | 5.625% | | 3/1/2045 | | B+ | | | 5,000 | | | | 4,948,850 | |
| Clifton Higher Ed–Intl Ldrshp Sch | | 5.75% | | 8/15/2045 | | NR | | | 4,500 | | | | 4,599,405 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 1,420 | | | | 1,455,883 | |
| FL HI Ed–Jacksonville Univ† | | 5.00% | | 6/1/2048 | | NR | | | 3,200 | | | | 3,341,920 | |
| FL HI Ed–Jacksonville Univ† | | 5.00% | | 6/1/2053 | | NR | | | 3,250 | | | | 3,368,267 | |
| Frederick Co Ed Fac–Mount St Mary’s Univ† | | 5.00% | | 9/1/2037 | | BB+ | | | 2,000 | | | | 2,120,920 | |
| Frederick Co Ed Fac–Mount St Mary’s Univ† | | 5.00% | | 9/1/2045 | | BB+ | | | 7,545 | | | | 7,932,360 | |
| Glenville Clg | | 5.00% | | 6/1/2037 | | NR | | | 1,500 | | | | 1,466,085 | |
| Glenville Clg | | 5.25% | | 6/1/2047 | | NR | | | 4,000 | | | | 3,941,400 | |
| IA HI Ed–Wartburg Clg | | 5.00% | | 10/1/2037 | | BB- | (e) | | 1,545 | | | | 1,539,376 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2021 | | Baa3 | | | 4,325 | | | | 4,327,725 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2023 | | Baa3 | | | 4,000 | | | | 4,001,560 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2025 | | Baa3 | | | 2,500 | | | | 2,500,575 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 4,450 | | | | 4,385,030 | |
| IL Fin Auth–IL Inst of Tech | | 7.125% | | 2/1/2034 | | Baa3 | | | 3,090 | | | | 3,112,372 | |
| Marietta Dev Auth–Life Univ† | | 5.00% | | 11/1/2037 | | Ba3 | | | 3,750 | | | | 3,959,925 | |
| Marietta Dev Auth–Life Univ† | | 5.00% | | 11/1/2047 | | Ba3 | | | 3,000 | | | | 3,142,590 | |
| NV Dept of Bus & Ind–Somerset† | | 5.00% | | 12/15/2048 | | BB | | | 1,500 | | | | 1,514,340 | |
| NY Dorm–Yeshiva Univ | | 5.00% | | 11/1/2031 | | B3 | | | 1,475 | | | | 1,527,687 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2045 | | BB | | | 2,500 | | | | 2,538,425 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2047 | | BB | | | 1,000 | | | | 1,017,650 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2051 | | BB | | | 2,580 | | | | 2,607,142 | |
| Phoenix IDA–Legacy Tradtl Schs† | | 5.00% | | 7/1/2035 | | Ba1 | | | 2,060 | | | | 2,110,800 | |
| Pima IDA–American Leadership Acad† | | 5.00% | | 6/15/2047 | | NR | | | 4,150 | | | | 4,169,173 | |
| Pima IDA–American Leadership Acad† | | 5.00% | | 6/15/2052 | | NR | | | 4,565 | | | | 4,570,752 | |
| Tuscarawas Co Eco Dev–Ashland Univ | | 6.00% | | 3/1/2045 | | NR | | | 5,000 | | | | 5,042,000 | |
| Total | | | | | | | | | | | | | 87,172,427 | |
| | | | | | | | | | | | | | | |
| Financial Services 0.23% | | | | | | | | | | | | | | |
| MA Ed Fin Auth AMT | | 4.125% | | 7/1/2046 | | BBB | | | 5,000 | | | | 4,906,450 | |
| | | |
| | See Notes to Financial Statements. | 93 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| General Obligation 10.47% | | | | | | | | | | | | | | |
| Arkansas City Bldg–So Cent Reg Med | | 6.75% | | 9/1/2038 | | B2 | | $ | 6,360 | | | $ | 6,473,272 | |
| Atlantic City GO (BAM) | | 5.00% | | 3/1/2032 | | AA | | | 300 | | | | 333,468 | |
| Bellwood GO | | 5.875% | | 12/1/2027 | | A | | | 3,000 | | | | 3,346,320 | |
| Bellwood GO | | 6.15% | | 12/1/2032 | | A | | | 2,770 | | | | 3,113,646 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2029 | | B+ | | | 5,000 | | | | 5,226,750 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2030 | | B+ | | | 5,170 | | | | 5,391,534 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 3,200 | | | | 3,226,528 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2031 | | B+ | | | 2,500 | | | | 2,598,850 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2032 | | B+ | | | 2,000 | | | | 2,075,760 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2033 | | B+ | | | 1,500 | | | | 1,550,640 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2034 | | B+ | | | 700 | | | | 720,769 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2035 | | B+ | | | 750 | | | | 770,408 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2042 | | B+ | | | 10,570 | | | | 10,612,597 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2035 | | B+ | | | 6,950 | | | | 7,159,542 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2039 | | B+ | | | 7,540 | | | | 7,718,698 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2041 | | B+ | | | 16,235 | | | | 16,493,624 | |
| Chicago Brd Ed | | 5.50% | | 12/1/2039 | | B+ | | | 5,725 | | | | 5,861,198 | |
| Chicago Brd Ed | | 6.50% | | 12/1/2046 | | B+ | | | 4,900 | | | | 5,563,019 | |
| Chicago Brd Ed† | | 6.75% | | 12/1/2030 | | B+ | | | 1,000 | | | | 1,204,920 | |
| Chicago Brd Ed | | 7.00% | | 12/1/2044 | | B+ | | | 2,180 | | | | 2,524,876 | |
| Chicago Brd Ed† | | 7.00% | | 12/1/2046 | | B+ | | | 6,560 | | | | 7,823,456 | |
| Chicago GO | | 5.00% | | 1/1/2034 | | BBB+ | | | 3,615 | | | | 3,630,725 | |
| Chicago GO | | 5.00% | | 1/1/2038 | | BBB+ | | | 3,800 | | | | 3,947,098 | |
| Chicago GO | | 5.25% | | 1/1/2028 | | BBB+ | | | 2,630 | | | | 2,805,842 | |
| Chicago GO | | 5.25% | | 1/1/2032 | | BBB+ | | | 3,000 | | | | 3,162,660 | |
| Chicago GO | | 5.50% | | 1/1/2033 | | BBB+ | | | 3,305 | | | | 3,549,967 | |
| Chicago GO | | 5.50% | | 1/1/2037 | | BBB+ | | | 1,000 | | | | 1,065,060 | |
| Chicago GO | | 5.50% | | 1/1/2042 | | BBB+ | | | 250 | | | | 265,280 | |
| Chicago GO | | 6.00% | | 1/1/2038 | | BBB+ | | | 17,835 | | | | 20,104,860 | |
| CIC Met Dist 14 | | 5.875% | | 12/1/2046 | | NR | | | 2,750 | | | | 2,886,895 | |
| Eaton Area Pk & Rec Dist | | 5.25% | | 12/1/2034 | | NR | | | 1,250 | | | | 1,307,850 | |
| Eaton Area Pk & Rec Dist | | 5.50% | | 12/1/2030 | | NR | | | 710 | | | | 756,888 | |
| Essex Co Impt Auth–Covanta AMT† | | 5.25% | | 7/1/2045 | | BB- | | | 5,000 | | | | 5,034,400 | |
| IL State GO | | 3.50% | | 6/1/2029 | | BBB- | | | 3,880 | | | | 3,575,769 | |
| IL State GO | | 4.00% | | 1/1/2026 | | BBB- | | | 2,790 | | | | 2,770,805 | |
| IL State GO | | 4.00% | | 6/1/2037 | | BBB- | | | 7,000 | | | | 6,387,010 | |
| IL State GO | | 4.50% | | 11/1/2039 | | BBB- | | | 1,100 | | | | 1,077,945 | |
| | |
| 94 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| IL State GO | | 6.00% | | 5/1/2026 | | BBB- | | $ | 10,000 | | | $ | 11,199,200 | |
| ME Fin Auth–Casella Waste AMT† | | 4.375% | #(c) | 8/1/2035 | | B3 | | | 1,250 | | | | 1,248,838 | |
| New Haven GO | | 5.50% | | 8/1/2033 | | BBB+ | | | 1,000 | | | | 1,111,420 | |
| New Haven GO | | 5.50% | | 8/1/2035 | | BBB+ | | | 660 | | | | 727,921 | |
| New Haven GO | | 5.50% | | 8/1/2037 | | BBB+ | | | 1,280 | | | | 1,398,784 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2029 | | BBB+ | | | 7,665 | | | | 4,785,259 | |
| PR Comwlth GO(f) | | 4.00% | | 7/1/2020 | | Ca | | | 1,175 | | | | 681,500 | |
| PR Comwlth GO(f) | | 5.00% | | 7/1/2020 | | Ca | | | 11,695 | | | | 6,783,100 | |
| PR Comwlth GO(f) | | 5.00% | | 7/1/2023 | | Ca | | | 2,710 | | | | 1,605,675 | |
| PR Comwlth GO(f) | | 5.50% | | 7/1/2026 | | Ca | | | 5,000 | | | | 2,900,000 | |
| PR Comwlth GO(f) | | 5.625% | | 7/1/2032 | | Ca | | | 4,775 | | | | 2,769,500 | |
| PR Comwlth GO TCRS (AMBAC) | | 4.50% | | 7/1/2023 | | Ca | | | 2,235 | | | | 2,236,430 | |
| Scranton GO† | | 5.00% | | 9/1/2028 | | BB+ | | | 500 | | | | 533,685 | |
| Scranton GO† | | 5.00% | | 9/1/2029 | | BB+ | | | 1,000 | | | | 1,061,230 | |
| Scranton GO | | 5.00% | | 11/15/2032 | | BB+ | | | 5,830 | | | | 6,132,519 | |
| WI PFA–American Dream† | | 7.00% | | 12/1/2050 | | NR | | | 17,000 | | | | 19,487,100 | |
| Total | | | | | | | | | | | | | 226,781,090 | |
| | | | | | | | | | | | | | | |
| Health Care 28.62% | | | | | | | | | | | | | | |
| AL PFA–AL Proton Therapy† | | 6.85% | | 10/1/2047 | | NR | | | 6,500 | | | | 6,247,475 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 6.25% | | 11/15/2044 | | BB- | (e) | | 2,750 | | | | 2,880,433 | |
| Alachua Co Hlth–East Ridge Ret Vlg | | 6.375% | | 11/15/2049 | | BB- | (e) | | 1,000 | | | | 1,051,750 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2041 | | Ba3 | | | 4,000 | | | | 4,168,280 | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2046 | | Ba3 | | | 3,300 | | | | 3,428,205 | |
| Antelope Valley Hlth | | 5.25% | | 3/1/2036 | | Ba3 | | | 1,000 | | | | 1,072,850 | |
| Atlanta Dev Auth–Georgia Proton Ctr | | 7.00% | | 1/1/2040 | | NR | | | 13,000 | | | | 12,731,030 | |
| Blaine Sr Hsg & Hlthcare–Crest View | | 6.125% | | 7/1/2050 | | NR | | | 5,000 | | | | 4,826,750 | |
| Botetourt Co RCF–Glebe | | 6.00% | | 7/1/2044 | | NR | | | 6,485 | | | | 6,996,083 | |
| CA Stwde–Daughters of Charity | | 5.50% | | 7/1/2039 | | CC | | | 5,350 | | | | 4,527,277 | |
| CA Stwde–Daughters of Charity | | 5.75% | | 7/1/2024 | | CC | | | 1,310 | | | | 1,112,347 | |
| CA Stwde–Daughters of Charity | | 5.75% | | 7/1/2035 | | CC | | | 2,620 | | | | 2,218,485 | |
| CA Stwde–Eskaton Pptys | | 5.25% | | 11/15/2034 | | BBB | | | 1,640 | | | | 1,761,524 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.25% | | 12/1/2056 | | BB- | | | 21,000 | | | | 22,388,310 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB- | | | 11,120 | | | | 11,947,217 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.50% | | 12/1/2058 | | BB- | | | 6,750 | | | | 7,284,802 | |
| CA Stwde–So Cal Presbyterian† | | 7.00% | | 11/15/2029 | | BBB+ | (e) | | 1,000 | | | | 1,049,790 | |
| CA Stwde–So Cal Presbyterian† | | 7.25% | | 11/15/2041 | | BBB+ | (e) | | 2,500 | | | | 2,631,625 | |
| CA Stwde–Terraces San Joaquin | | 5.625% | | 10/1/2032 | | NR | | | 1,000 | | | | 1,063,660 | |
| | | |
| | See Notes to Financial Statements. | 95 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| CA Stwde–Terraces San Joaquin | | 6.00% | | 10/1/2042 | | NR | | $ | 2,570 | | | $ | 2,759,126 | |
| CA Stwde–Terraces San Joaquin | | 6.00% | | 10/1/2047 | | NR | | | 1,000 | | | | 1,071,300 | |
| Chester Co Hlth & Ed–Immaculata Univ | | 5.00% | | 11/1/2037 | | BB | (e) | | 4,000 | | | | 4,067,000 | |
| Chester Co Hlth & Ed–Immaculata Univ | | 5.00% | | 11/1/2046 | | BB | (e) | | 4,000 | | | | 4,028,880 | |
| CO Hlth Facs–American Baptist | | 7.75% | | 8/1/2029 | | NR | | | 5,770 | | | | 6,042,171 | |
| CO Hlth Facs–American Baptist | | 7.75% | | 8/1/2039 | | NR | | | 5,045 | | | | 5,282,973 | |
| CO Hlth Facs–Christian Living Cmnty | | 5.25% | | 1/1/2037 | | NR | | | 1,000 | | | | 1,027,830 | |
| CO Hlth Facs–Fraiser Meadows | | 5.25% | | 5/15/2037 | | BB+ | (e) | | 750 | | | | 810,368 | |
| CO Hlth Facs–Fraiser Meadows | | 5.25% | | 5/15/2047 | | BB+ | (e) | | 2,250 | | | | 2,414,228 | |
| CT Hlth & Ed–Church Home† | | 5.00% | | 9/1/2046 | | BB | (e) | | 1,000 | | | | 1,031,600 | |
| CT Hlth & Ed–Church Home† | | 5.00% | | 9/1/2053 | | BB | (e) | | 1,500 | | | | 1,540,365 | |
| Cumberland Co Mun Auth–Asbury | | 5.25% | | 1/1/2041 | | NR | | | 2,000 | | | | 2,044,700 | |
| Cumberland Co Mun Auth–Asbury | | 5.40% | | 1/1/2022 | | NR | | | 335 | | | | 346,005 | |
| Cumberland Co Mun Auth–Asbury | | 6.00% | | 1/1/2040 | | NR | | | 2,000 | | | | 2,057,660 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.50% | | 2/15/2052 | | NR | | | 8,075 | | | | 8,749,666 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.50% | | 2/15/2057 | | NR | | | 4,900 | | | | 5,291,510 | |
| DC Rev–Ingleside at Rock Creek | | 5.00% | | 7/1/2052 | | NR | | | 1,800 | | | | 1,857,798 | |
| Decatur Hsp–Wise Hlth | | 5.25% | | 9/1/2044 | | BBB- | | | 5,720 | | | | 6,055,993 | |
| Denver Hlth & Hsp Auth | | 5.25% | | 12/1/2045 | | BBB | | | 3,700 | | | | 3,917,190 | |
| Fairfax Co EDA–Vinson Hall | | 5.00% | | 12/1/2032 | | BBB+ | (e) | | 1,000 | | | | 1,063,450 | |
| Fairfax Co EDA–Vinson Hall | | 5.00% | | 12/1/2042 | | BBB+ | (e) | | 2,800 | | | | 2,946,664 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.00% | | 7/1/2030 | | Ba1 | | | 4,225 | | | | 4,468,022 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.375% | | 7/1/2035 | | Ba1 | | | 2,620 | | | | 2,786,291 | |
| Flint Hsp Bldg Auth–Hurley Med Ctr | | 7.50% | | 7/1/2039 | | Ba1 | | | 800 | | | | 849,376 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2048 | | NR | | | 1,000 | | | | 1,023,960 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2053 | | NR | | | 1,900 | | | | 1,934,751 | |
| Franklin Hlth–Proton Therapy† | | 7.50% | | 6/1/2047 | | NR | | | 10,000 | | | | 10,511,400 | |
| Fulton Co Med Ctr | | 5.00% | | 7/1/2046 | | NR | | | 4,000 | | | | 3,964,120 | |
| Fulton Co Med Ctr | | 5.00% | | 7/1/2051 | | NR | | | 5,000 | | | | 4,790,050 | |
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | | 5.50% | | 8/15/2054 | | AA- | | | 3,600 | | | | 4,069,116 | |
| Gaithersburg Eco Dev–Asbury | | 6.00% | | 1/1/2023 | | BBB | (e) | | 4,385 | | | | 4,589,823 | |
| Glendale IDA–Beatitudes | | 5.00% | | 11/15/2036 | | NR | | | 1,500 | | | | 1,528,530 | |
| Glendale IDA–Beatitudes | | 5.00% | | 11/15/2040 | | NR | | | 4,000 | | | | 4,040,640 | |
| Glendale IDA–Beatitudes | | 5.00% | | 11/15/2045 | | NR | | | 5,000 | | | | 5,032,500 | |
| Glendale IDA–Beatitudes(d) | | 5.00% | | 11/15/2053 | | NR | | | 6,370 | | | | 6,389,747 | |
| Guadalupe CO–Seguin City Hospital | | 5.00% | | 12/1/2040 | | BB | | | 4,880 | | | | 4,911,769 | |
| Hanover Co EDA–Covenant Woods | | 5.00% | | 7/1/2038 | | NR | | | 250 | | | | 261,888 | |
| | |
| 96 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| 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% | | 7/1/2042 | | NR | | $ | 2,000 | | | $ | 2,049,240 | |
| Hanover Co EDA–Covenant Woods | | 5.00% | | 7/1/2047 | | NR | | | 1,985 | | | | 2,030,417 | |
| Hanover Co EDA–Covenant Woods | | 5.00% | | 7/1/2048 | | NR | | | 1,400 | | | | 1,456,224 | |
| Hanover Co EDA–Covenant Woods | | 5.00% | | 7/1/2051 | | NR | | | 1,000 | | | | 1,037,960 | |
| Harris Co Cultural Ed–Brazos | | 5.125% | | 1/1/2048 | | BBB- | (e) | | 1,535 | | | | 1,582,984 | |
| Harris Co Cultural Ed–Brazos | | 7.00% | | 1/1/2043 | | BBB- | (e) | | 3,000 | | | | 3,567,300 | |
| Holmes Co Hsp–Doctors Mem Hsp | | 5.75% | | 11/1/2026 | | NR | | | 3,760 | | | | 3,667,466 | |
| Holmes Co Hsp–Doctors Mem Hsp | | 6.00% | | 11/1/2038 | | NR | | | 7,115 | | | | 6,613,464 | (i) |
| Howard Co Retmt Cmnty–Vantage House | | 5.00% | | 4/1/2044 | | NR | | | 2,955 | | | | 2,995,838 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.00% | | 4/1/2046 | | NR | | | 7,000 | | | | 7,087,010 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | #(c) | 12/1/2050 | | B | | | 11,470 | | | | 12,214,288 | |
| IL Fin Auth–Clare Oaks~ | | Zero Coupon | | 11/15/2052 | | NR | | | 2,845 | | | | 89,188 | |
| IL Fin Auth–Clare Oaks~ | | Zero Coupon | | 11/15/2052 | | NR | | | 569 | | | | 169,044 | |
| IL Fin Auth–Clare Oaks | | Zero Coupon | | 11/15/2052 | | NR | | | 569 | | | | 99,076 | |
| IL Fin Auth–Clare Oaks | | 4.00% | #(c) | 11/15/2052 | | NR | | | 4,550 | | | | 3,586,815 | |
| IL Fin Auth–Clare Oaks | | 7.00% | | 11/15/2027 | | NR | | | 790 | | | | 789,961 | |
| IL Fin Auth–Friendship Vlg Shaumburg | | 7.25% | | 2/15/2045 | | NR | | | 3,500 | | | | 3,738,000 | |
| IL Fin Auth–Landing / Plymouth Place | | 6.00% | | 5/15/2043 | | BB+ | (e) | | 2,165 | | | | 2,361,495 | |
| IL Fin Auth–Northwestern Mem Hsp†(b) | | 5.75% | | 8/15/2030 | | AA | | | 5,000 | | | | 5,157,950 | |
| IL Fin Auth–Plymouth Place | | 5.25% | | 5/15/2050 | | BB+ | (e) | | 3,150 | | | | 3,231,207 | |
| King Co Pub Hsp–Snoqualmie Vly Hsp | | 6.25% | | 12/1/2045 | | NR | | | 3,500 | | | | 3,472,490 | |
| Kirkwood IDA–Aberdeen Heights | | 5.25% | | 5/15/2042 | | BB | (e) | | 1,750 | | | | 1,844,098 | |
| Kirkwood IDA–Aberdeen Heights | | 5.25% | | 5/15/2050 | | BB | (e) | | 5,000 | | | | 5,239,750 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2021 | | NR | | | 595 | | | | 637,638 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2029 | | NR | | | 2,820 | | | | 3,080,117 | |
| Kirkwood IDA–Aberdeen Hts | | 8.25% | | 5/15/2039 | | NR | | | 6,695 | | | | 7,339,059 | |
| KY EDA–Masonic Homes | | 5.375% | | 11/15/2032 | | NR | | | 3,000 | | | | 3,141,180 | |
| LA Env Facs–St James Place | | 6.25% | | 11/15/2045 | | NR | | | 6,100 | | | | 6,685,417 | |
| LA PFA–Lake Charles Mem Hsp† | | 6.375% | | 12/1/2034 | | NR | | | 5,840 | | | | 6,068,519 | |
| Lancaster Co Hosp Auth–Bretheren Village | | 5.125% | | 7/1/2037 | | BB+ | (e) | | 1,000 | | | | 1,080,750 | |
| Lancaster Co Hosp Auth–Bretheren Village | | 5.25% | | 7/1/2041 | | BB+ | (e) | | 1,000 | | | | 1,086,820 | |
| Licking Co Hlth–Kendal Granville | | 6.00% | | 7/1/2050 | | NR | | | 6,000 | | | | 6,297,480 | |
| MA DFA–Boston Medical Center | | 4.00% | | 7/1/2047 | | NR | | | 4,130 | | | | 3,952,740 | |
| Magnolia West CDD | | 5.35% | | 5/1/2037 | | NR | | | 285 | | | | 280,702 | |
| Martin Hsp Dist | | 7.25% | | 4/1/2036 | | BBB | (e) | | 3,450 | | | | 3,684,358 | |
| MD Hlth & HI Ed–Doctors Cmnty Hospital | | 5.00% | | 7/1/2038 | | Baa3 | | | 7,275 | | | | 7,779,376 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.00% | | 7/1/2026 | | Ba3 | | | 225 | | | | 235,746 | |
| | | |
| | See Notes to Financial Statements. | 97 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 6.75% | | 7/1/2036 | | Ba3 | | $ | 245 | | | $ | 262,674 | |
| Meadville Med Center | | 6.00% | | 6/1/2046 | | NR | | | 2,225 | | | | 2,357,766 | |
| Meadville Med Center | | 6.00% | | 6/1/2051 | | NR | | | 2,600 | | | | 2,746,692 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.125% | | 2/15/2042 | | BB+ | (e) | | 1,000 | | | | 1,028,500 | |
| Montgomery Co IDA–Einstein Hlthcare | | 5.25% | | 1/15/2045 | | Baa3 | | | 7,000 | | | | 7,378,210 | |
| Moon IDC–Baptist Homes Soc | | 6.00% | | 7/1/2045 | | NR | | | 9,250 | | | | 9,795,102 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.40% | | 10/1/2044 | | NR | | | 3,250 | | | | 3,437,232 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2033 | | BB+ | | | 2,765 | | | | 2,879,222 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2044 | | BB+ | | | 10,690 | | | | 11,001,827 | |
| New Hope–Carillon | | 5.00% | | 7/1/2046 | | NR | | | 2,000 | | | | 2,026,780 | |
| New Hope Cult Ed Facs–Carillon | | 5.00% | | 7/1/2036 | | NR | | | 3,000 | | | | 3,069,390 | |
| New Hope Cultural–Wesleyan Homes | | 5.50% | | 1/1/2049 | | NR | | | 2,630 | | | | 2,770,179 | |
| New Hope Ed Facs–Legacy Midtown Project | | 5.50% | | 7/1/2054 | | NR | | | 4,750 | | | | 4,654,952 | |
| NM Hsp–Gerald Champion Hsp | | 5.50% | | 7/1/2042 | | A- | | | 5,625 | | | | 5,986,012 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2036 | | BBB | | | 1,650 | | | | 1,653,927 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2037 | | BBB | | | 650 | | | | 646,568 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2038 | | BBB | | | 900 | | | | 891,441 | |
| OH Hsp–Cleveland Clinic†(b) | | 5.50% | | 1/1/2034 | | AA | | | 13,500 | | | | 13,621,365 | |
| OK DFA–OU Med | | 5.50% | | 8/15/2052 | | Baa3 | | | 2,700 | | | | 2,992,572 | |
| OK DFA–OU Med | | 5.50% | | 8/15/2057 | | Baa3 | | | 8,600 | | | | 9,495,260 | |
| Palm Beach Co Hlth–Sinai Residences | | 7.50% | | 6/1/2049 | | NR | | | 2,325 | | | | 2,648,384 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.625% | | 7/1/2036 | | BBB- | | | 6,250 | | | | 6,730,500 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.625% | | 7/1/2042 | | BBB- | | | 9,375 | | | | 10,034,344 | |
| Philadelphia IDA–Gtr Philadelphia Hlth | | 6.50% | | 6/1/2045 | | NR | | | 2,485 | | | | 2,563,153 | |
| Philadelphia IDA–Gtr Philadelphia Hlth | | 6.625% | | 6/1/2050 | | NR | | | 3,660 | | | | 3,789,820 | |
| Philadelphia IDA–Wesley | | 5.00% | | 7/1/2042 | | BB | (e) | | 1,355 | | | | 1,405,433 | |
| Philadelphia IDA–Wesley | | 5.00% | | 7/1/2049 | | BB | (e) | | 4,000 | | | | 4,143,040 | |
| Red River Hlth–Methodist Ret Cmnty | | 7.75% | | 11/15/2044 | | NR | | | 1,500 | | | | 1,703,205 | |
| Red River Hlth–Methodist Ret Cmnty | | 8.00% | | 11/15/2049 | | NR | | | 1,000 | | | | 1,145,630 | |
| RI Hlth & Ed–Care New England | | 5.00% | | 9/1/2036 | | BB- | | | 7,000 | | | | 7,277,900 | |
| Rochester Hlth Care–Samaritan Bethany | | 6.875% | | 12/1/2029 | | NR | | | 1,945 | | | | 2,052,092 | |
| Rochester Hlth Care–Samaritan Bethany | | 7.375% | | 12/1/2041 | | NR | | | 6,000 | | | | 6,364,620 | |
| Rockville Eco Dev–Ingleside at King Farm | | 5.00% | | 11/1/2042 | | BB | (e) | | 1,625 | | | | 1,739,985 | |
| Rockville Eco Dev–Ingleside at King Farm | | 5.00% | | 11/1/2047 | | BB | (e) | | 1,450 | | | | 1,546,933 | |
| Salem Hsp Fac–Capital Manor | | 5.625% | | 5/15/2032 | | BBB | (e) | | 1,000 | | | | 1,078,310 | |
| Salem Hsp Fac–Capital Manor | | 6.00% | | 5/15/2047 | | BBB | (e) | | 1,600 | | | | 1,733,104 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB | | | 10,000 | | | | 11,471,800 | |
| | |
| 98 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| SC Jobs EDA–Hampton Regl Med | | 5.00% | | 11/1/2042 | | NR | | $ | 3,815 | | | $ | 3,912,855 | |
| SC Jobs EDA–Hampton Regl Med | | 5.00% | | 11/1/2046 | | NR | | | 6,070 | | | | 6,207,607 | |
| SE Port Auth–Memorial Hlth | | 5.50% | | 12/1/2043 | | BB- | (e) | | 1,100 | | | | 1,162,205 | |
| SE Port Auth–Memorial Hlth | | 6.00% | | 12/1/2042 | | BB- | (e) | | 1,660 | | | | 1,770,988 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | 5.50% | | 1/1/2037 | | NR | | | 1,380 | | | | 1,370,450 | |
| Tarrant Co Cultural–Buckingham Sr Lvg | | 5.50% | | 11/15/2045 | | CC | (e) | | 3,650 | | | | 3,086,987 | |
| Tarrant Co Cultural–Buckner | | 6.75% | | 11/15/2047 | | NR | | | 2,500 | | | | 2,749,850 | |
| Tarrant Co Cultural–Buckner | | 6.75% | | 11/15/2052 | | NR | | | 3,000 | | | | 3,288,930 | |
| Tempe IDA–ASU Mirabella† | | 6.00% | | 10/1/2037 | | NR | | | 1,200 | | | | 1,302,384 | |
| Tempe IDA–ASU Mirabella† | | 6.125% | | 10/1/2052 | | NR | | | 1,400 | | | | 1,521,450 | |
| Tulsa Co Industrial Auth–Montereau | | 5.25% | | 11/15/2045 | | BBB- | (e) | | 2,750 | | | | 2,997,143 | |
| Upper IL River Vy–Pleasant View | | 7.25% | | 11/15/2040 | | NR | | | 1,200 | | | | 1,239,192 | |
| Upper IL River Vy–Pleasant View | | 7.375% | | 11/15/2045 | | NR | | | 1,550 | | | | 1,603,196 | |
| Upper San Juan Hlth | | 6.00% | | 6/1/2041 | | NR | | | 2,225 | | | | 2,152,599 | |
| Upper San Juan Hlth | | 6.125% | | 6/1/2046 | | NR | | | 3,015 | | | | 2,900,249 | (i) |
| Vigo Co Hsp–Union Hsp | | 8.00% | | 9/1/2041 | | NR | | | 2,955 | | | | 3,434,271 | |
| WA Hsg–Herons Key† | | 7.00% | | 7/1/2045 | | NR | | | 1,370 | | | | 1,473,202 | |
| WA Hsg–Herons Key† | | 7.00% | | 7/1/2050 | | NR | | | 2,000 | | | | 2,144,860 | |
| WA Hsg–Mirabella† | | 6.50% | | 10/1/2032 | | NR | | | 1,970 | | | | 2,107,467 | |
| WA Hsg–Mirabella† | | 6.75% | | 10/1/2047 | | NR | | | 3,000 | | | | 3,230,790 | |
| WA Hsg–Rockwood† | | 6.00% | | 1/1/2024 | | NR | | | 1,260 | | | | 1,344,055 | |
| Ward Co Hlth Facs–Trinity Hlth | | 5.00% | | 6/1/2053 | | BBB- | | | 8,750 | | | | 9,258,025 | |
| WI Hlth & Ed–American Baptist | | 5.00% | | 8/1/2032 | | NR | | | 1,375 | | | | 1,415,466 | |
| WI Hlth & Ed–American Baptist | | 5.00% | | 8/1/2039 | | NR | | | 1,500 | | | | 1,524,525 | |
| WI Hlth & Ed–Sauk-Prairie Mem Hsp | | 5.375% | | 2/1/2048 | | B1 | | | 4,000 | | | | 4,144,040 | |
| WI PFA–Bancroft Neurohealth† | | 5.125% | | 6/1/2048 | | NR | | | 4,900 | | | | 4,981,928 | |
| WI PFA–Delray Beach Radiation Ctr† | | 6.85% | | 11/1/2046 | | NR | | | 5,335 | | | | 5,437,165 | |
| WI PFA–Las Ventanas Retirement | | Zero Coupon | | 10/1/2042 | | NR | | | 1,967 | | | | 987,618 | |
| 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 | | | | 6,904,446 | |
| WI PFA–Mary’s Woods† | | 5.25% | | 5/15/2047 | | BB | (e) | | 1,000 | | | | 1,076,480 | |
| WI PFA–Mary’s Woods† | | 5.25% | | 5/15/2052 | | BB | (e) | | 2,300 | | | | 2,467,877 | |
| WI PFA–MD Proton† | | 6.125% | | 1/1/2033 | | NR | | | 1,000 | | | | 1,021,470 | |
| WI PFA–MD Proton† | | 6.25% | | 1/1/2038 | | NR | | | 2,750 | | | | 2,809,675 | |
| WI PFA–MD Proton† | | 6.375% | | 1/1/2048 | | NR | | | 4,000 | | | | 4,087,720 | |
| WI PFA–Rose Villa† | | 5.75% | | 11/15/2044 | | NR | | | 2,035 | | | | 2,165,159 | |
| Wilson Co Hsp | | 5.60% | | 9/1/2036 | | NR | | | 3,530 | | | | 3,530,106 | |
| | | |
| | See Notes to Financial Statements. | 99 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Woodbury Hsg–St Therese | | 5.25% | | 12/1/2049 | | NR | | $ | 2,000 | | | $ | 2,072,220 | |
| Woodbury Hsg–St Therese | | 5.125% | | 12/1/2044 | | NR | | | 2,500 | | | | 2,580,425 | |
| WV Hsp–Herbert Thomas Hlth | | 6.50% | | 10/1/2028 | | NR | | | 5,000 | | | | 4,300,550 | |
| WV Hsp–Herbert Thomas Hlth | | 6.50% | | 10/1/2038 | | NR | | | 2,000 | | | | 1,660,100 | |
| Total | | | | | | | | | | | | | 619,988,166 | |
| | | | | | | | | | | | | | | |
| Housing 0.99% | | | | | | | | | | | | | | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2042 | | NR | | | 700 | | | | 798,777 | |
| Alachua Co Hlth–Oak Hammock | | 8.00% | | 10/1/2046 | | NR | | | 1,000 | | | | 1,137,170 | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.25% | | 8/15/2039 | | BBB+ | | | 550 | | | | 599,429 | |
| IL Fin Auth–Three Crowns Park | | 5.25% | | 2/15/2047 | | NR | | | 2,750 | | | | 2,888,462 | |
| LA HFA–GMF-LA Chateau | | 8.00% | | 9/1/2039 | | CCC+ | | | 3,120 | | | | 2,991,737 | (i) |
| MA DFA–Newbridge† | | 5.00% | | 10/1/2047 | | BB+ | (e) | | 1,000 | | | | 1,057,890 | |
| MA DFA–Newbridge† | | 5.00% | | 10/1/2057 | | BB+ | (e) | | 5,000 | | | | 5,251,250 | |
| MI Strategic Fd–Evangelical Homes | | 5.25% | | 6/1/2032 | | BB+ | (e) | | 1,500 | | | | 1,545,180 | |
| MI Strategic Fd–Evangelical Homes | | 5.50% | | 6/1/2047 | | BB+ | (e) | | 4,000 | | | | 4,123,920 | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2042 | | Baa3 | | | 1,000 | | | | 1,080,840 | |
| Total | | | | | | | | | | | | | 21,474,655 | |
| | | | | | | | | | | | | | | |
| Lease Obligations 2.21% | | | | | | | | | | | | | | |
| CA Pub Wks–State Prisons | | 5.75% | | 10/1/2031 | | A+ | | | 1,500 | | | | 1,655,010 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2034 | | A+ | | | 5,000 | | | | 5,426,600 | |
| Houston Co Coop Dist–Country Crossing(f) | | 12.50% | | 5/15/2020 | | NR | | | 4,199 | | | | 587,860 | (i) |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2035 | | BBB+ | | | 2,155 | | | | 2,297,079 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2040 | | BBB+ | | | 2,320 | | | | 2,460,453 | |
| IN Fin Auth–OH River Brdgs AMT | | 5.00% | | 7/1/2044 | | BBB+ | | | 8,000 | | | | 8,459,280 | |
| NJ EDA–Bldgs | | 5.00% | | 6/15/2047 | | BBB+ | | | 5,450 | | | | 5,771,059 | |
| NJ EDA–Goethals Brdg AMT | | 5.375% | | 1/1/2043 | | BBB- | | | 1,175 | | | | 1,270,927 | |
| NJ EDA–Goethals Brdg AMT | | 5.625% | | 1/1/2052 | | BBB- | | | 5,000 | | | | 5,454,900 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2042 | | A- | (e) | | 2,000 | | | | 2,123,000 | |
| NJ EDA–Sch Facs | | 5.50% | | 6/15/2029 | | BBB+ | | | 3,550 | | | | 4,044,124 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2034 | | BBB+ | | | 13,000 | | | | 6,202,170 | |
| PA COPS | | 5.00% | | 7/1/2043 | | A2 | | | 1,200 | | | | 1,302,324 | |
| PR Pub Fin Corp(f) | | 5.50% | | 8/1/2031 | | C | | | 12,250 | | | | 750,313 | |
| Total | | | | | | | | | | | | | 47,805,099 | |
| | | | | | | | | | | | | | | |
| Other Revenue 6.59% | | | | | | | | | | | | | | |
| Apache Co Poll Ctl–Tucson Elec | | 4.50% | | 3/1/2030 | | A- | | | 5,120 | | | | 5,415,117 | |
| Arlington HI Ed Fin Corp–Arlington Classics | | 5.00% | | 8/15/2045 | | BBB- | | | 2,250 | | | | 2,367,900 | |
| | |
| 100 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| Arlington Hi Ed Fin Corp–Newman Intl Acad | | 5.50% | | 8/15/2046 | | NR | | $ | 5,000 | | | $ | 5,082,600 | |
| Baker Correctional Dev | | 8.50% | | 2/1/2030 | | NR | | | 8,163 | | | | 6,783,126 | |
| CA Sch Fin Auth–KIPP LA | | 5.125% | | 7/1/2044 | | BBB | | | 2,390 | | | | 2,563,466 | |
| Chester Co IDA–Collegium Charter Sch | | 5.125% | | 10/15/2037 | | BB+ | | | 1,000 | | | | 1,023,230 | |
| Chester Co IDA–Collegium Charter Sch | | 5.25% | | 10/15/2047 | | NR | | | 2,500 | | | | 2,556,900 | |
| Chester Co IDA–Collegium Chtr Sch | | 5.375% | | 10/15/2042 | | BB+ | | | 5,000 | | | | 5,128,200 | |
| Cleveland Co Port Auth–Playhouse Sq | | 5.50% | | 12/1/2043 | | BB+ | | | 1,350 | | | | 1,478,682 | |
| Cleveland Co Port Auth–Playhouse Sq | | 5.50% | | 12/1/2053 | | BB+ | | | 7,575 | | | | 8,251,447 | |
| Clifton Higher Ed–IDEA Pub Schs | | 6.00% | | 8/15/2043 | | BBB+ | | | 1,000 | | | | 1,101,110 | |
| FL DFC–FL Charter Foundation† | | 5.00% | | 7/15/2046 | | NR | | | 4,000 | | | | 3,815,000 | |
| FL DFC–Palm Bay Admy† | | Zero Coupon | | 5/15/2037 | | NR | | | 1,220 | | | | 804,029 | |
| FL DFC–Palm Bay Admy† | | Zero Coupon | | 5/15/2037 | | NR | | | 940 | | | | 9,400 | |
| FL DFC–Palm Bay Admy† | | 6.375% | | 5/15/2037 | | NR | | | 2,620 | | | | 2,512,475 | |
| FL DFC–Renaissance Chtr Sch† | | 6.125% | | 6/15/2046 | | NR | | | 5,000 | | | | 5,152,950 | |
| FL DFC–Renaissance Chtr Sch | | 7.50% | | 6/15/2033 | | BB | (e) | | 6,000 | | | | 6,524,400 | |
| Florence Twn IDA–Legacy Trad Sch | | 6.00% | | 7/1/2043 | | Ba1 | | | 3,250 | | | | 3,407,918 | |
| Gainesville & Hall Co Dev Auth–Riverside | | 5.00% | | 3/1/2047 | | BBB- | (e) | | 1,680 | | | | 1,740,614 | |
| Gainesville & Hall Co Dev Auth–Riverside | | 5.125% | | 3/1/2052 | | BBB- | (e) | | 1,250 | | | | 1,301,463 | |
| IN Fin Auth–Drexel Foundation | | 7.00% | | 10/1/2039 | | B | | | 1,250 | | | | 1,259,763 | |
| Kansas City RDA–Loews Hotel† | | 5.00% | | 2/1/2040 | | NR | | | 1,500 | | | | 1,543,350 | |
| Kansas City RDA–Loews Hotel† | | 5.00% | | 2/1/2050 | | NR | | | 6,450 | | | | 6,526,174 | |
| Lower AL Gas Dist–Goldman Sachs | | 5.00% | | 9/1/2046 | | A3 | | | 15,250 | | | | 17,828,317 | |
| Maricopa Co IDA–Paradise Schools† | | 5.00% | | 7/1/2047 | | BB+ | | | 4,000 | | | | 4,100,400 | |
| MD EDC–Chesapeake Bay Hyatt(f) | | 5.00% | | 12/1/2031 | | NR | | | 11,200 | | | | 7,378,000 | |
| MD EDC–Chesapeake Bay Hyatt(f) | | 5.25% | | 12/1/2031 | | NR | | | 3,000 | | | | 1,976,250 | |
| MI Pub Ed–Bradford Admy† | | 6.50% | | 9/1/2037 | | NR | | | 5,225 | | | | 3,905,217 | |
| MI Pub Ed–Bradford Admy | | 8.75% | | 9/1/2039 | | NR | | | 2,250 | | | | 1,751,985 | |
| MI Pub Ed–Crescent Admy | | 7.00% | | 10/1/2036 | | NR | | | 640 | | | | 640,307 | |
| Michigan St Strategic FD Escrow(j) | | Zero Coupon | | – | (k) | NR | | | 5,000 | | | | 500 | (l) |
| Middlesex Co Impt Auth–Heldrich Ctr(f) | | 6.125% | | 1/1/2025 | | NR | | | 2,790 | | | | 29,295 | |
| Middlesex Co Impt Auth–Heldrich Ctr(f) | | 6.25% | | 1/1/2037 | | NR | | | 5,755 | | | | 60,428 | |
| Mission Econ Dev Corp–Natgasoline AMT† | | 5.75% | | 10/1/2031 | | BB- | | | 9,000 | | | | 9,277,560 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2036 | | BBB | | | 3,165 | | | | 3,172,533 | |
| Ohio St Pollution Ctl Rev Escrow(f) | | 5.625% | | 5/15/2020 | | NR | | | 2,965 | | | | 297 | (l) |
| Overland Pk Dev–Conv Ctr (AMBAC) | | 5.125% | | 1/1/2032 | | BB+ | | | 7,000 | | | | 7,009,940 | |
| Phoenix IDA–Basis Schs† | | 5.00% | | 7/1/2046 | | BB | | | 2,000 | | | | 2,029,580 | |
| Plymouth Ed Ctr Charter Sch | | 5.375% | | 11/1/2030 | | B- | | | 1,425 | | | | 889,175 | (l) |
| | | |
| | See Notes to Financial Statements. | 101 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| UT Charter Sch Fin Auth–Freedom Academy† | | 5.375% | | 6/15/2048 | | NR | | $ | 5,150 | | | $ | 5,169,055 | |
| Yonkers EDC–Charter Sch Ed Excellence | | 6.00% | | 10/15/2030 | | BB+ | | | 1,120 | | | | 1,156,277 | |
| Total | | | | | | | | | | | | | 142,724,430 | |
| |
| Special Tax 5.68% | | | | | | | | | | | | | | |
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | | 5.125% | | 7/1/2036 | | NR | | | 1,030 | | | | 1,036,788 | |
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | | 5.25% | | 7/1/2044 | | NR | | | 2,150 | | | | 2,161,545 | |
| Arborwood CDD | | 6.90% | | 5/1/2025 | | NR | | | 485 | | | | 545,353 | |
| Arborwood CDD | | 6.90% | | 5/1/2036 | | NR | | | 725 | | | | 803,213 | |
| Arborwood CDD | | 6.90% | | 5/1/2036 | | NR | | | 65 | | | | 71,277 | |
| Aurora TIF–East River | | 6.50% | | 12/30/2023 | | NR | | | 1,610 | | | | 1,619,000 | |
| Aurora TIF–East River | | 6.75% | | 12/30/2027 | | NR | | | 1,140 | | | | 1,146,270 | |
| Celebration Pointe CDD† | | 5.00% | | 5/1/2048 | | NR | | | 3,100 | | | | 3,200,285 | |
| Compton Redev Agy | | 6.00% | | 8/1/2042 | | NR | | | 4,750 | | | | 4,993,057 | |
| Durbin Crossing CDD | | – | | – | | NR | | | – | | | | 90,085 | (l) |
| Fremont CFD–Pacific Commons | | 5.00% | | 9/1/2045 | | NR | | | 3,000 | | | | 3,237,810 | |
| Grandview IDA–Grandview Crossing(f) | | 5.75% | | 12/1/2028 | | NR | | | 1,000 | | | | 150,000 | |
| Hesperia Pub Fin Auth (XLCA) | | 5.00% | | 9/1/2031 | | NR | | | 6,615 | | | | 6,621,086 | |
| Houston Co Coop Dist–Country Crossing(f) | | 10.00% | | 5/1/2039 | | NR | | | 11,325 | | | | 1,245,750 | (i) |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 3,375 | | | | 3,728,700 | |
| Miami World Ctr CDD | | 5.25% | | 11/1/2049 | | NR | | | 2,000 | | | | 2,095,800 | |
| Millsboro Spl Oblig–Plantation Lakes | | 5.45% | | 7/1/2036 | | NR | | | 5,065 | | | | 4,504,304 | |
| Nthrn Palm Bch Co Impt Dist | | 5.00% | | 8/1/2037 | | NR | | | 750 | | | | 784,823 | |
| Nthrn Palm Bch Co Impt Dist | | 5.00% | | 8/1/2046 | | NR | | | 5,000 | | | | 5,144,750 | |
| Nthrn Palm Bch Co Impt Dist | | 5.00% | | 8/1/2046 | | NR | | | 2,850 | | | | 2,963,259 | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2031 | | BBB | | | 6,110 | | | | 6,124,725 | |
| Orange Co CFD | | 5.25% | | 8/15/2045 | | NR | | | 2,000 | | | | 2,188,980 | |
| Orange Grove CDD(f) | | 5.30% | | 11/1/2021 | | NR | | | 1,705 | | | | 289,850 | |
| PA COPS | | 4.00% | | 7/1/2046 | | A2 | | | 3,175 | | | | 3,107,055 | |
| Peninsula Town Center† | | 5.00% | | 9/1/2037 | | NR | | | 875 | | | | 925,899 | |
| Peninsula Town Center† | | 5.00% | | 9/1/2045 | | NR | | | 2,250 | | | | 2,357,032 | |
| Plaza Met Dist #1† | | 5.00% | | 12/1/2040 | | NR | | | 2,500 | | | | 2,564,975 | |
| Prairie Ctr Met Dist #3† | | 5.00% | | 12/15/2041 | | NR | | | 3,475 | | | | 3,526,117 | |
| Prince Georges CO† | | 5.00% | | 7/1/2046 | | NR | | | 5,000 | | | | 4,867,900 | |
| River Islands PFA–CFD 2003 | | 5.50% | | 9/1/2045 | | NR | | | 6,505 | | | | 6,927,305 | |
| River Islands PFA–CFD 2003 | | 5.50% | | 9/1/2045 | | NR | | | 2,925 | | | | 3,114,891 | |
| San Francisco Redev–Hunters Point | | 5.00% | | 8/1/2039 | | NR | | | 2,240 | | | | 2,408,381 | |
| San Francisco Redev–Hunters Point | | 5.00% | | 8/1/2044 | | NR | | | 2,500 | | | | 2,681,125 | |
| | |
| 102 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| San Mateo CFD–Bay Meadows | | 5.00% | | 9/1/2042 | | NR | | $ | 2,000 | | | $ | 2,114,780 | |
| San Mateo CFD–Bay Meadows | | 5.50% | | 9/1/2044 | | NR | | | 1,500 | | | | 1,619,040 | |
| Scranton RDA GTD | | 5.00% | | 11/15/2028 | | BB+ | | | 5,000 | | | | 5,033,800 | (i) |
| Southlands Met Dist #1 | | 5.00% | | 12/1/2047 | | Ba1 | | | 2,000 | | | | 2,098,820 | |
| Sparks Tourism Impt Dist† | | 6.75% | | 6/15/2028 | | Ba3 | | | 5,500 | | | | 5,504,400 | |
| St Louis IDA–Ballpark Vlg | | 4.75% | | 11/15/2047 | | NR | | | 4,875 | | | | 4,970,209 | |
| Stone Canyon CID(f) | | 5.70% | | 4/1/2022 | | NR | | | 1,485 | | | | 415,800 | |
| Tern Bay CDD(f) | | 5.375% | | 5/1/2037 | | NR | | | 430 | | | | 425,253 | |
| Village CDD #10 | | 6.00% | | 5/1/2044 | | NR | | | 895 | | | | 1,018,537 | |
| Village CDD #12† | | 4.25% | | 5/1/2043 | | NR | | | 7,500 | | | | 7,549,725 | |
| Village CDD #12† | | 4.375% | | 5/1/2050 | | NR | | | 5,000 | | | | 5,034,900 | |
| Total | | | | | | | | | | | | | 123,012,654 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 5.46% | | | | | | | | | | | | | | |
| Coop Dist Ft Spanish–Hwy 181 | | 9.00% | | 2/1/2029 | | NR | | | 1,090 | | | | 1,214,402 | |
| Gtr Wenatchee Regl Events Ctr | | 5.50% | | 9/1/2042 | | NR | | | 3,150 | | | | 3,204,085 | |
| Met Pier & Expo Auth–McCormick Place | | Zero Coupon | | 12/15/2054 | | BB+ | | | 21,595 | | | | 3,399,269 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 6/15/2050 | | BB+ | | | 7,655 | | | | 7,776,791 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 6/15/2052 | | BB+ | | | 2,830 | | | | 2,904,769 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 6/15/2053 | | BB+ | | | 6,035 | | | | 6,320,576 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 6/15/2057 | | BB+ | | | 14,000 | | | | 14,813,820 | |
| Met Pier & Expo Auth–McCormick Place | | 5.25% | | 6/15/2050 | | BB+ | | | 5,000 | | | | 5,085,900 | |
| Met Pier & Expo Auth–McCormick Place | | 5.50% | | 6/15/2053 | | BB+ | | | 9,150 | | | | 9,864,432 | |
| Met Pier & Expo Auth–McCormick Place (AGM) | | Zero Coupon | | 6/15/2047 | | AA | | | 5,000 | | | | 1,314,200 | |
| Met Pier & Expo Auth–McCormick Place (AGM) | | Zero Coupon | | 12/15/2052 | | AA | | | 5,250 | | | | 1,050,473 | |
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | | Zero Coupon | | 12/15/2036 | | Baa2 | | | 20,000 | | | | 8,464,400 | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2024 | | Ca | | | 5,080 | | | | 2,501,900 | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2043 | | Ca | | | 2,725 | | | | 1,342,063 | |
| PR Corp Sales Tax(f) | | 5.25% | | 8/1/2041 | | Ca | | | 23,720 | | | | 11,682,100 | |
| PR Corp Sales Tax(f) | | 5.375% | | 8/1/2039 | | Ca | | | 9,380 | | | | 4,619,650 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2028 | | Ca | | | 5,060 | | | | 2,492,050 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2040 | | Ca | | | 7,000 | | | | 3,447,500 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2042 | | Ca | | | 5,350 | | | | 2,634,875 | |
| PR Corp Sales Tax(f) | | 5.75% | | 8/1/2037 | | Ca | | | 4,395 | | | | 2,164,537 | |
| | | |
| | See Notes to Financial Statements. | 103 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| PR Corp Sales Tax(f) | | 6.125% | | 8/1/2029 | | Ca | | $ | 3,030 | | | $ | 1,492,275 | |
| PR Corp. Sales Tax(f) | | 5.25% | | 8/1/2040 | | Ca | | | 19,080 | | | | 16,074,900 | |
| Reno NV–ReTRAC-Reno Trans† | | Zero Coupon | | 7/1/2058 | | NR | | | 18,500 | | | | 1,461,685 | |
| Virgin ISlands PFA–Matching Fund | | 5.00% | | 10/1/2029 | | Caa2 | | | 2,960 | | | | 2,982,200 | |
| Total | | | | | | | | | | | | | 118,308,852 | |
| |
| Tobacco 10.68% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | Zero Coupon | | 6/1/2047 | | NR | | | 91,300 | | | | 7,609,855 | |
| Buckeye Tobacco | | Zero Coupon | | 6/1/2052 | | NR | | | 100,000 | | | | 4,296,000 | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 26,280 | | | | 26,058,197 | |
| Buckeye Tobacco | | 5.75% | | 6/1/2034 | | B- | | | 8,810 | | | | 8,810,000 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2030 | | B- | | | 11,000 | | | | 11,054,670 | |
| Buckeye Tobacco | | 5.875% | | 6/1/2047 | | B- | | | 18,475 | | | | 18,475,000 | |
| CA Statewide Fin Auth–Tobacco Settlement | | Zero Coupon | | 6/1/2046 | | NR | | | 22,650 | | | | 4,105,313 | |
| Golden St Tobacco | | Zero Coupon | | 6/1/2047 | | CCC+ | | | 25,000 | | | | 4,380,000 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 11,875 | | | | 12,165,462 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 6,510 | | | | 6,669,235 | |
| Golden St Tobacco | | 5.25% | | 6/1/2047 | | NR | | | 11,875 | | | | 12,322,212 | |
| Golden St Tobacco | | 5.30% | | 6/1/2037 | | B+ | | | 5,000 | | | | 5,229,100 | |
| Inland Empire Tobacco† | | Zero Coupon | | 6/1/2057 | | NR | | | 47,000 | | | | 2,204,300 | |
| Inland Empire Tobacco | | 4.625% | | 6/1/2021 | | NR | | | 3,250 | | | | 3,250,748 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 3,840 | | | | 3,841,382 | |
| MI Tob Settlement | | Zero Coupon | | 6/1/2058 | | NR | | | 50,000 | | | | 1,521,500 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 2,355 | | | | 2,352,103 | |
| MI Tob Settlement | | 5.25% | | 6/1/2022 | | B- | | | 3,680 | | | | 3,679,963 | |
| MI Tob Settlement | | 6.00% | | 6/1/2034 | | B- | | | 5,000 | | | | 5,025,450 | |
| Monroe Tobacco | | Zero Coupon | | 6/1/2061 | | NR | | | 22,900 | | | | 694,099 | |
| Nthrn AK Tobacco | | 5.00% | | 6/1/2032 | | B3 | | | 5,025 | | | | 5,025,502 | |
| Nthrn CA Tobacco | | 5.50% | | 6/1/2045 | | B- | | | 5,280 | | | | 5,304,130 | |
| RI Tob Settlement | | Zero Coupon | | 6/1/2052 | | CCC+ | | | 25,885 | | | | 3,271,087 | |
| Rockland Tobacco† | | Zero Coupon | | 8/15/2060 | | NR | | | 41,035 | | | | 1,508,036 | |
| Silicon Valley Tobacco | | Zero Coupon | | 6/1/2056 | | NR | | | 20,000 | | | | 1,258,400 | |
| Sthrn CA Tobacco | | Zero Coupon | | 6/1/2046 | | CCC | | | 15,000 | | | | 2,515,350 | |
| Sthrn CA Tobacco | | Zero Coupon | | 6/1/2046 | | CCC | | | 10,000 | | | | 1,275,900 | |
| Suffolk Tobacco Asset Sec Corp | | 6.625% | | 6/1/2044 | | NR | | | 5,200 | | | | 5,448,560 | |
| Tobacco Settlement Auth IA | | 5.375% | | 6/1/2038 | | B+ | | | 6,085 | | | | 6,145,667 | |
| Tobacco Settlement Auth IA | | 5.50% | | 6/1/2042 | | B+ | | | 2,880 | | | | 2,908,714 | |
| | |
| 104 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| Tobacco Settlement Fin Corp DC | | Zero Coupon | | 6/15/2055 | | NR | | $ | 20,000 | | | $ | 959,000 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB | | | 10,440 | | | | 11,029,234 | |
| Tobacco Settlement Fin Corp NJ | | 5.25% | | 6/1/2046 | | BBB+ | | | 6,500 | | | | 7,145,580 | |
| Tobacco Settlement Fin Corp VA | | Zero Coupon | | 6/1/2047 | | CCC+ | | | 39,410 | | | | 4,391,456 | |
| Tobacco Settlement Fin Corp VA | | Zero Coupon | | 6/1/2047 | | CCC | | | 7,500 | | | | 719,325 | |
| Tobacco Settlement Fin Corp VA | | 5.00% | | 6/1/2047 | | B- | | | 11,450 | | | | 11,449,771 | |
| TSASC | | 5.00% | | 6/1/2036 | | A- | | | 280 | | | | 304,377 | |
| TSASC | | 5.00% | | 6/1/2048 | | NR | | | 16,670 | | | | 16,914,716 | |
| Total | | | | | | | | | | | | | 231,319,394 | |
| | | | | | | | | | | | | | | |
| Transportation 5.54% | | | | | | | | | | | | | | |
| Broward Co Arpt AMT | | 5.125% | | 10/1/2038 | | A+ | | | 2,835 | | | | 3,092,021 | |
| CA Muni Fin Auth–LINXS AMT | | 4.00% | | 12/31/2047 | | BBB+ | (e) | | 8,250 | | | | 8,137,470 | |
| CA Muni Fin Auth–LINXS AMT | | 5.00% | | 6/1/2048 | | BBB+ | (e) | | 1,150 | | | | 1,258,744 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2031 | | A | | | 2,985 | | | | 3,168,279 | |
| Chicago O’Hare Arpt AMT | | 5.00% | | 1/1/2052 | | A | | | 5,000 | | | | 5,358,900 | |
| Denver City & Co Arpt AMT | | 5.50% | | 11/15/2025 | | A | | | 3,410 | | | | 3,867,042 | |
| E470 Pub Hwy Auth | | Zero Coupon | | 9/1/2037 | | A | | | 5,000 | | | | 2,372,750 | |
| E470 Pub Hwy Auth (NPFGC)(FGIC) | | Zero Coupon | | 9/1/2031 | | A | | | 25,000 | | | | 15,394,750 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | A- | | | 4,500 | | | | 2,467,665 | |
| Foothill / Eastern Corridor Toll Rd | | 5.75% | | 1/15/2046 | | A- | | | 1,000 | | | | 1,130,320 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2049 | | A- | | | 5,000 | | | | 5,770,200 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2053 | | A- | | | 6,915 | | | | 7,965,527 | |
| Foothill / Eastern Corridor Toll Rd | | 6.50% | | 1/15/2043 | | BBB+ | | | 2,000 | | | | 2,322,740 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2035 | | BB | | | 3,000 | | | | 3,198,600 | |
| Mid Bay Bridge Auth | | 7.25% | | 10/1/2034 | | AAA | (e) | | 5,900 | | | | 6,750,426 | |
| NJ Tpk Auth | | 4.00% | | 1/1/2043 | | NR | | | 5,000 | | | | 5,100,600 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | BBB+ | | | 2,700 | | | | 2,916,675 | |
| NY Trans Dev Corp–Delta AMT | | 4.00% | | 1/1/2036 | | Baa3 | | | 3,100 | | | | 3,084,562 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.25% | | 1/1/2050 | | Baa3 | | | 10,000 | | | | 10,656,700 | |
| PR Hwy & Trans Auth(f) | | 5.00% | | 7/1/2020 | | C | | | 6,035 | | | | 1,478,575 | |
| PR Hwy & Trans Auth(f) | | 5.00% | | 7/1/2022 | | C | | | 1,545 | | | | 378,525 | |
| PR Hwy & Trans Auth(f) | | 5.00% | | 7/1/2028 | | C | | | 1,015 | | | | 144,638 | |
| Reno NV–ReTRAC-Reno Trans† | | Zero Coupon | | 7/1/2058 | | NR | | | 30,000 | | | | 3,219,300 | |
| San Joaquin Hills Trsp Corridor | | 5.25% | | 1/15/2044 | | BBB+ | | | 3,270 | | | | 3,551,776 | |
| San Joaquin Hills Trsp Corridor | | 5.25% | | 1/15/2049 | | BBB+ | | | 5,000 | | | | 5,416,250 | |
| South Carolina Ports AMT | | 5.25% | | 7/1/2055 | | A+ | | | 5,000 | | | | 5,461,850 | |
| South Jersey Port Corp AMT | | 5.00% | | 1/1/2042 | | Baa1 | | | 1,500 | | | | 1,607,715 | |
| | | |
| | See Notes to Financial Statements. | 105 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| South Jersey Port Corp AMT | | 5.00% | | 1/1/2048 | | Baa1 | | $ | 1,000 | | | $ | 1,067,040 | |
| VA Small Bus Fing–Elizabeth River AMT | | 6.00% | | 1/1/2037 | | BBB | | | 1,230 | | | | 1,350,183 | |
| VA Small Bus Fing–I-66 AMT | | 5.00% | | 12/31/2052 | | Baa3 | | | 2,250 | | | | 2,402,527 | |
| Total | | | | | | | | | | | | | 120,092,350 | |
| |
| Utilities 7.13% | | | | | | | | | | | | | | |
| Burke Co Dev–Oglethorpe Power | | 4.125% | | 11/1/2045 | | BBB+ | | | 3,425 | | | | 3,329,545 | |
| Burke Co Dev–Oglethorpe Power | | 4.125% | | 11/1/2045 | | BBB+ | | | 3,300 | | | | 3,208,029 | |
| Central Plains–Goldman Sachs | | 5.00% | | 9/1/2042 | | BBB+ | | | 5,220 | | | | 6,036,304 | |
| CO Public Auth–ML | | 6.50% | | 11/15/2038 | | A- | | | 5,255 | | | | 7,067,449 | |
| Compton Water | | 6.00% | | 8/1/2039 | | NR | | | 3,710 | | | | 3,783,829 | |
| Detroit Water | | 5.25% | | 7/1/2041 | | AA- | | | 5,000 | | | | 5,321,550 | |
| Guam Waterworks Auth | | 5.50% | | 7/1/2043 | | A- | | | 2,535 | | | | 2,728,395 | |
| Jefferson Co Sewer | | Zero Coupon | | 10/1/2039 | | BBB- | | | 5,000 | | | | 4,301,000 | |
| Jefferson Co Sewer | | Zero Coupon | | 10/1/2046 | | BBB- | | | 5,445 | | | | 4,665,439 | |
| Jefferson Co Sewer | | 6.00% | | 10/1/2042 | | BBB- | | | 6,075 | | | | 6,932,790 | |
| Jefferson Co Sewer | | 6.50% | | 10/1/2053 | | BBB- | | | 20,050 | | | | 23,465,317 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2028 | | AA | | | 4,035 | | | | 2,615,326 | |
| Jefferson Co Sewer (AGM) | | Zero Coupon | | 10/1/2042 | | AA | | | 5,000 | | | | 4,356,150 | |
| Jefferson Co Sewer (AGM) | | 5.00% | | 10/1/2044 | | AA | | | 5,070 | | | | 5,474,383 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | A- | | | 8,345 | | | | 10,495,840 | |
| Maricopa Co Poll Ctl–El Paso Elec | | 7.25% | | 2/1/2040 | | Baa1 | | | 3,500 | | | | 3,561,950 | |
| Moraine Ohio Solid Waste Disp Escrow AMT(f) | | 6.75% | | 12/31/2025 | | NR | | | 525 | | | | 53 | (l) |
| PR Aqueduct & Swr Auth | | 5.125% | | 7/1/2037 | | Ca | | | 2,775 | | | | 2,611,969 | |
| PR Aqueduct & Swr Auth | | 5.25% | | 7/1/2042 | | Ca | | | 7,395 | | | | 6,960,544 | |
| PR Aqueduct & Swr Auth | | 6.00% | | 7/1/2038 | | Ca | | | 5,000 | | | | 4,831,250 | |
| PR Elec Pwr Auth(f) | | 5.00% | | 7/1/2042 | | Ca | | | 4,975 | | | | 3,271,062 | |
| PR Elec Pwr Auth(f) | | 5.05% | | 7/1/2042 | | Ca | | | 3,425 | | | | 2,251,938 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2024 | | Ca | | | 2,000 | | | | 1,315,000 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2040 | | Ca | | | 17,690 | | | | 11,631,175 | |
| PR Elec Pwr Auth(f) | | 5.50% | | 7/1/2038 | | Ca | | | 1,530 | | | | 1,005,975 | |
| PR Elec Pwr Auth(f) | | 5.75% | | 7/1/2036 | | Ca | | | 3,040 | | | | 1,998,800 | |
| Salt Verde Fin Corp–Citi | | 5.00% | | 12/1/2037 | | BBB+ | | | 12,670 | | | | 14,706,702 | |
| Texas Water Dev Brd(d) | | 4.00% | | 10/15/2037 | | AAA | | | 6,350 | | | | 6,567,297 | |
| Total | | | | | | | | | | | | | 154,495,061 | |
| Total Municipal Bonds (cost $2,117,020,700) | | | | | | | | | | | | | 2,140,189,124 | |
| | |
| 106 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate# | | Interest
Rate
Reset
Date(g) | | Final
Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS 0.35% |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.35% |
| | | | | | | | | | | | | | | | | |
| Housing 0.33% | | | | | | | | | | | | | | | | |
| IN Hsg & Cmnty Dev–SF Mtge Rev (GNMA) | | 1.88% | | 10/1/2018 | | 7/1/2047 | | Aaa | | $ | 7,125 | | | $ | 7,125,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.02% | | | | | | | | | | | | | | | | |
| Appling Co Dev–GA Power | | 1.94% | | 10/1/2018 | | 9/1/2041 | | A- | | | 300 | | | | 300,000 | |
| NYC Muni Water | | 1.73% | | 10/1/2018 | | 8/1/2031 | | AAA | | | 200 | | | | 200,000 | |
| Total | | | | | | | | | | | | | | | 500,000 | |
| Total Short-Term Investments (cost $7,625,000) | | | | | | | | | | 7,625,000 | |
| Total Investments in Securities 99.14% (cost $2,124,645,700) | | | | | | | | | | 2,147,814,124 | |
| Cash and Other Assets in Excess of Liabilities(h) 0.86% | | | | | | | | | | 18,670,756 | |
| Net Assets 100.00% | | | | | | | | | $ | 2,166,484,880 | |
Open Futures Contracts at September 30, 2018:
| | | | | | | | | Notional | | Notional | | Unrealized |
| Type | | Expiration | | Contracts | | Position | | Amount | | Value | | Appreciation |
| U.S. Long Bond | | December 2018 | | 174 | | Short | | $(25,089,866) | | $(24,447,000) | | $642,866 |
Note: See Footnotes to Schedule of Investments on page 144 of this report
| | See Notes to Financial Statements. | 107 |
Schedule of Investments (concluded)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s financial instruments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Corporate-Backed | | $ | – | | | $ | 234,121,896 | | | $ | 7,986,600 | | | $ | 242,108,496 | |
| Health Care | | | – | | | | 610,474,453 | | | | 9,513,713 | | | | 619,988,166 | |
| Housing | | | – | | | | 18,482,918 | | | | 2,991,737 | | | | 21,474,655 | |
| Lease Obligations | | | – | | | | 47,217,239 | | | | 587,860 | | | | 47,805,099 | |
| Other Revenue | | | – | | | | 141,834,458 | | | | 889,972 | | | | 142,724,430 | |
| Special Tax | | | – | | | | 116,643,019 | | | | 6,369,635 | | | | 123,012,654 | |
| Utilities | | | – | | | | 154,495,008 | | | | 53 | | | | 154,495,061 | |
| Remaining Industries | | | – | | | | 788,580,563 | | | | – | | | | 788,580,563 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes | | | – | | | | 7,625,000 | | | | – | | | | 7,625,000 | |
| Total | | $ | – | | | $ | 2,119,474,554 | | | $ | 28,339,570 | | | $ | 2,147,814,124 | |
| Liabilities | | | | | | | | | | | | | | | | |
| Trust Certificates(4) | | $ | – | | | $ | (9,250,000 | ) | | $ | – | | | $ | (9,250,000 | ) |
| Total | | $ | – | | | $ | (9,250,000 | ) | | $ | – | | | $ | (9,250,000 | ) |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 642,866 | | | $ | – | | | $ | – | | | $ | 642,866 | |
| Liabilities | | | – | | | | – | | | | – | | | | – | |
| Total | | $ | 642,866 | | | $ | – | | | $ | – | | | $ | 642,866 | |
| | (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. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| | (3) | There were no Level 1/Level 2 transfers during the fiscal year ended September 30, 2018. |
| | (4) | Refer to Note 2(h) for a description of Municipal Bonds held in the 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, 2017 | | $ | 31,397,747 | |
| Accrued Discounts (Premiums) | | | (42,988 | ) |
| Realized Gain (Loss) | | | (1,907,268 | ) |
| Change in Unrealized Appreciation (Depreciation) | | | 920,077 | |
| Purchases | | | – | |
| Sales | | | (442,462 | ) |
| Transfers into Level 3 | | | 16,436,802 | |
| Transfers out of Level 3 | | | (18,022,338 | ) |
| Balance as of September 30, 2018 | | $ | 28,339,570 | |
| Change in unrealized appreciation/depreciation for year ended September 30, 2018 related to Level 3 investments held at September 30, 2018 | | $ | (923,373 | ) |
| | |
| 108 | See Notes to Financial Statements. |
Schedule of Investments
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| MUNICIPAL BONDS 97.18% | | | | | | | | | | | | | | |
| |
| Corporate-Backed 17.31% | | | | | | | | | | | | | | |
| AL IDA–Office Max Rmkt AMT | | 6.45% | #(c) | 12/1/2023 | | B3 | | $ | 590 | | | $ | 589,935 | |
| AL IDA–Office Max Rmkt AMT | | 6.45% | #(c) | 12/1/2023 | | B3 | | | 275 | | | | 274,970 | |
| Arista Met District | | 4.375% | | 12/1/2028 | | NR | | | 500 | | | | 502,875 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 4.50% | | 1/1/2025 | | NR | | | 250 | | | | 270,467 | |
| Downtown Doral CDD† | | 3.875% | | 12/15/2023 | | NR | | | 250 | | | | 249,290 | |
| Downtown Doral CDD† | | 4.25% | | 12/15/2028 | | NR | | | 250 | | | | 246,325 | |
| Greater Orlando Aviation–Jet Blue AMT | | 5.00% | | 11/15/2026 | | NR | | | 100 | | | | 106,475 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2020 | | BB | | | 1,000 | | | | 1,041,760 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/1/2029 | | BB | | | 250 | | | | 268,548 | |
| Houston Arpt–United Airlines AMT | | 5.00% | | 7/15/2028 | | BB | | | 1,000 | | | | 1,116,310 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.00% | | 12/1/2019 | | B | | | 5,990 | | | | 6,119,564 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.25% | | 12/1/2025 | | B | | | 1,885 | | | | 2,008,317 | |
| IA Fin Auth–Iowa Fertilizer Co | | 5.50% | | 12/1/2022 | | B | | | 265 | | | | 266,012 | |
| IA Fin Auth–Iowa Fertilizer Co† | | 5.875% | | 12/1/2027 | | B | | | 200 | | | | 212,036 | |
| IN Fin Auth–US Steel | | 6.00% | | 12/1/2019 | | B | | | 245 | | | | 251,292 | |
| IN Fin Auth–US Steel | | 6.00% | | 12/1/2026 | | B | | | 560 | | | | 571,570 | |
| Int Falls MN–Office Max | | 5.50% | | 4/1/2023 | | B3 | | | 795 | | | | 794,499 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2026 | | BB- | | | 4,040 | | | | 4,228,426 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 8/1/2029 | | BBB | | | 170 | | | | 183,039 | |
| LA Env Facs–Westlake Chem | | 6.50% | | 11/1/2035 | | BBB | | | 600 | | | | 649,110 | |
| Love Field Arpt–Southwest Airlines AMT | | 5.00% | | 11/1/2022 | | A3 | | | 285 | | | | 312,819 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.00% | | 1/1/2027 | | NR | | | 250 | | | | 254,660 | |
| MI Strategic Fd–Waste Mgmt | | 2.85% | #(c) | 8/1/2027 | | A- | | | 1,000 | | | | 1,005,950 | |
| Montgomery Co IDA–Peco Generation AMT | | 2.70% | #(c) | 10/1/2034 | | BBB | | | 1,500 | | | | 1,497,375 | |
| National Finance Authority–Covanta AMT† | | 4.00% | | 11/1/2027 | | B1 | | | 1,025 | | | | 1,025,830 | |
| Nez Perce CO Poll Ctl–Potlatch | | 2.75% | | 10/1/2024 | | BBB- | | | 2,835 | | | | 2,788,109 | |
| NH Bus Fin Auth- United Illuminating(d) | | 2.80% | #(c) | 10/1/2033 | | A- | | | 1,000 | | | | 1,000,000 | |
| Niagara Area Dev Corp–Covanta† | | 3.50% | | 11/1/2024 | | B1 | | | 1,100 | | | | 1,100,913 | |
| NJ EDA–Continental Airlines AMT | | 4.875% | | 9/15/2019 | | BB | | | 625 | | | | 637,162 | |
| NJ EDA–Continental Airlines AMT | | 5.125% | | 9/15/2023 | | BB | | | 500 | | | | 536,380 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 4/1/2028 | | BB | | | 105 | | | | 105,176 | |
| NJ EDA–Goethals Brdg AMT | | 5.25% | | 1/1/2025 | | BBB- | | | 160 | | | | 178,586 | |
| NY Liberty Dev Corp–3 WTC† | | 5.15% | | 11/15/2034 | | NR | | | 100 | | | | 108,899 | |
| NY Trans Dev Corp–American Airlines AMT | | 5.00% | | 8/1/2021 | | BB- | | | 1,250 | | | | 1,322,187 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2022 | | BBB | | | 1,000 | | | | 1,085,500 | |
| OH Air Quality–Pratt Paper AMT† | | 3.75% | | 1/15/2028 | | NR | | | 450 | | | | 451,035 | |
| | | |
| | See Notes to Financial Statements. | 109 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75% | | 3/1/2024 | | A+ | | $ | 780 | | | $ | 899,480 | |
| Overland Pk Dev–Conv Ctr (AMBAC) | | 5.125% | | 1/1/2022 | | BB+ | | | 175 | | | | 175,254 | |
| Port Seattle IDC–Delta Airlines AMT | | 5.00% | | 4/1/2030 | | BBB- | | | 1,100 | | | | 1,186,625 | |
| Richland Co Env Impt–Intl Paper AMT | | 3.875% | | 4/1/2023 | | BBB | | | 1,720 | | | | 1,814,755 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 3,235 | | | | 3,443,399 | |
| St Charles Parish–Valero Energy | | 4.00% | #(c) | 12/1/2040 | | BBB | | | 710 | | | | 744,506 | |
| Tulsa Mun Arpt–American Airlines AMT | | 5.00% | #(c) | 6/1/2035 | | BB- | | | 400 | | | | 425,824 | |
| Warren Co–Intl Paper | | 2.90% | #(c) | 9/1/2032 | | BBB | | | 750 | | | | 749,647 | |
| Whiting Env Facs–BP AMT | | 5.00% | #(c) | 11/1/2045 | | A1 | | | 1,170 | | | | 1,281,829 | |
| WI PFA–TrIPS AMT | | 5.00% | | 7/1/2022 | | BBB | | | 550 | | | | 586,426 | |
| WI Pub Fin Auth–Celanese AMT† | | 5.00% | | 1/1/2024 | | BBB- | | | 500 | | | | 548,195 | |
| WI Pub Fin Auth–Celanese AMT† | | 5.00% | | 12/1/2025 | | BBB- | | | 2,000 | | | | 2,238,220 | |
| Total | | | | | | | | | | | | | 47,455,561 | |
| |
| Education 5.62% | | | | | | | | | | | | | | |
| AZ IDA–American Charter Sch† | | 4.00% | | 7/1/2019 | | BB+ | | | 1,030 | | | | 1,030,474 | |
| Chester Co Hlth & Ed–Immaculata Univ | | 5.00% | | 11/1/2022 | | BB | (e) | | 630 | | | | 660,738 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2028 | | B+ | | | 1,495 | | | | 1,495,987 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2019 | | NR | | | 85 | | | | 87,907 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2019 | | B+ | | | 550 | | | | 560,312 | |
| Chicago Brd Ed | | 5.00% | | 12/1/2022 | | B+ | | | 1,500 | | | | 1,563,360 | |
| Clifton Higher Ed–Intl Ldrshp Sch | | 4.625% | | 8/15/2025 | | NR | | | 100 | | | | 101,021 | |
| FL HI Ed–Nova Southeastern Univ | | 6.00% | | 4/1/2026 | | A- | | | 480 | | | | 516,557 | |
| Frederick Co Ed Fac–Mount St Mary’s Univ† | | 5.00% | | 9/1/2027 | | BB+ | | | 1,250 | | | | 1,369,787 | |
| Glenville Clg | | 3.25% | | 6/1/2022 | | NR | | | 500 | | | | 494,535 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2021 | | Baa3 | | | 150 | | | | 150,094 | |
| IL Fin Auth–IL Inst of Tech | | 5.00% | | 4/1/2031 | | Baa3 | | | 390 | | | | 384,306 | |
| IL Fin Auth–IL Inst of Tech | | 6.25% | | 2/1/2019 | | Baa3 | | | 55 | | | | 55,640 | |
| IL Fin Auth–IL Inst of Tech | | 7.125% | | 2/1/2034 | | Baa3 | | | 100 | | | | 100,724 | |
| IL Fin Auth–IL Wesleyan Univ | | 5.00% | | 9/1/2022 | | A- | | | 560 | | | | 607,522 | |
| IL Fin Auth–Roosevelt Univ | | 6.50% | | 4/1/2039 | | Ba3 | | | 2,000 | | | | 2,086,200 | |
| MA DFA–Emerson Clg | | 5.00% | | 1/1/2024 | | BBB+ | | | 500 | | | | 550,235 | |
| Marietta Dev Auth–Life Univ† | | 5.00% | | 11/1/2027 | | Ba3 | | | 1,000 | | | | 1,096,230 | |
| Multnomah Co Hsp Facs–Mirabella | | 5.00% | | 10/1/2024 | | NR | | | 200 | | | | 217,116 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2018 | | BBB- | | | 100 | | | | 100,406 | |
| NY Dorm–Pace Univ | | 4.00% | | 5/1/2022 | | BBB- | | | 245 | | | | 257,164 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2021 | | BBB- | | | 530 | | | | 563,999 | |
| NY Dorm–Yeshiva Univ | | 4.00% | | 11/1/2025 | | B3 | | | 95 | | | | 94,477 | |
| | |
| 110 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| 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 | | $ | 145 | | | $ | 140,417 | |
| NY Dorm–Yeshiva Univ | | 5.00% | | 11/1/2021 | | B3 | | | 190 | | | | 197,741 | |
| Pima IDA–American Leadership Acad† | | 4.00% | | 6/15/2022 | | NR | | | 910 | | | | 916,506 | |
| Total | | | | | | | | | | | | | 15,399,455 | |
| |
| Financial Services 1.54% | | | | | | | | | | | | | | |
| MA Ed Fin Auth AMT | | 5.00% | | 7/1/2025 | | AA | | | 2,000 | | | | 2,253,000 | |
| NJ Higher Ed Assistance Auth AMT | | 3.35% | | 12/1/2029 | | Aaa | | | 2,000 | | | | 1,972,400 | |
| Total | | | | | | | | | | | | | 4,225,400 | |
| |
| General Obligation 13.24% | | | | | | | | | | | | | | |
| Atlantic City GO (BAM) | | 5.00% | | 3/1/2021 | | AA | | | 600 | | | | 634,044 | |
| Atlantic City GO (BAM) | | 5.00% | | 3/1/2022 | | AA | | | 245 | | | | 263,586 | |
| Chicago Brd Ed | | 4.25% | | 12/1/2018 | | NR | | | 95 | | | | 95,369 | |
| Chicago Brd Ed | | 4.25% | | 12/1/2018 | | B+ | | | 280 | | | | 280,459 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2020 | | B+ | | | 1,000 | | | | 1,007,390 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2022 | | B+ | | | 1,290 | | | | 1,295,353 | |
| Chicago Brd Ed | | 4.00% | | 12/1/2022 | | B+ | | | 1,175 | | | | 1,179,876 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2023 | | B+ | | | 1,170 | | | | 1,172,246 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2024 | | B+ | | | 345 | | | | 345,587 | |
| Chicago Brd Ed | | 5.25% | | 12/1/2026 | | B+ | | | 1,185 | | | | 1,186,647 | |
| Chicago Brd Ed | | 7.00% | | 12/1/2026 | | B+ | | | 100 | | | | 118,178 | |
| Chicago Brd Ed (NPFGC) (FGIC) | | 5.00% | | 12/1/2019 | | Baa2 | | | 425 | | | | 433,313 | |
| Chicago GO | | 5.00% | | 12/1/2019 | | BBB+ | | | 625 | | | | 639,025 | |
| Chicago GO | | 5.00% | | 1/1/2021 | | BBB+ | | | 325 | | | | 332,160 | |
| Chicago GO | | 4.00% | | 1/1/2022 | | BBB+ | | | 205 | | | | 208,175 | |
| Chicago GO | | 4.50% | | 1/1/2020 | | BBB+ | | | 700 | | | | 712,299 | |
| Chicago GO | | 5.00% | | 1/1/2024 | | BBB+ | | | 1,415 | | | | 1,479,538 | |
| Chicago GO | | 5.00% | | 1/1/2024 | | BBB+ | | | 2,025 | | | | 2,174,364 | |
| Chicago GO | | 5.25% | | 1/1/2022 | | BBB+ | | | 820 | | | | 870,110 | |
| Cook Co GO | | 5.00% | | 11/15/2022 | | AA- | | | 335 | | | | 370,071 | |
| Cook Co GO | | 5.25% | | 11/15/2022 | | AA- | | | 620 | | | | 657,343 | |
| Cook Co GO | | 5.25% | | 11/15/2024 | | AA- | | | 400 | | | | 431,552 | |
| Eaton Area Pk & Rec Dist | | 5.00% | | 12/1/2018 | | NR | | | 100 | | | | 100,398 | |
| IL State GO | | 5.00% | | 8/1/2019 | | BBB- | | | 350 | | | | 356,731 | |
| IL State GO | | 5.00% | | 1/1/2020 | | BBB- | | | 1,010 | | | | 1,035,502 | |
| IL State GO | | 5.00% | | 2/1/2020 | | BBB- | | | 1,175 | | | | 1,206,466 | |
| IL State GO | | 5.00% | | 4/1/2020 | | BBB- | | | 780 | | | | 803,369 | |
| | | |
| | See Notes to Financial Statements. | 111 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| 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% | | 4/1/2020 | | BBB- | | $ | 565 | | | $ | 581,927 | |
| IL State GO | | 5.00% | | 7/1/2020 | | BBB- | | | 790 | | | | 817,350 | |
| IL State GO | | 5.00% | | 3/1/2021 | | BBB- | | | 1,040 | | | | 1,078,470 | |
| IL State GO | | 5.00% | | 7/1/2021 | | BBB- | | | 835 | | | | 869,051 | |
| IL State GO | | 5.00% | | 8/1/2021 | | BBB- | | | 1,580 | | | | 1,645,870 | |
| IL State GO | | 5.00% | | 11/1/2021 | | BBB- | | | 3,000 | | | | 3,132,030 | |
| IL State GO | | 5.00% | | 2/1/2022 | | BBB- | | | 885 | | | | 923,798 | |
| IL State GO | | 5.25% | | 1/1/2020 | | BBB- | | | 465 | | | | 478,155 | |
| New Haven GO | | 5.00% | | 8/1/2025 | | BBB+ | | | 580 | | | | 626,934 | |
| New Haven GO (AGM) | | 5.00% | | 8/15/2020 | | AA | | | 1,275 | | | | 1,345,291 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2020 | | A2 | | | 535 | | | | 561,985 | |
| Philadelphia Sch Dist | | 5.00% | | 9/1/2025 | | A2 | | | 200 | | | | 224,538 | |
| PR Comwlth GO(f) | | 4.00% | | 7/1/2021 | | Ca | | | 310 | | | | 179,800 | |
| PR Comwlth GO(f) | | 5.50% | | 7/1/2017 | | NR | | | 110 | | | | 64,900 | |
| PR Comwlth GO(f) | | 5.50% | | 7/1/2019 | | Ca | | | 265 | | | | 157,013 | |
| PR Comwlth GO(f) | | 8.00% | | 7/1/2035 | | Ca | | | 2,000 | | | | 1,162,500 | |
| PR Comwlth GO (AGM) | | 5.50% | | 7/1/2019 | | AA | | | 260 | | | | 265,785 | |
| PR Comwlth GO (NPFGC)(FGIC) | | 5.50% | | 7/1/2020 | | Baa2 | | | 230 | | | | 239,906 | |
| PR Comwlth GO TCRS (AMBAC) | | 4.50% | | 7/1/2023 | | Ca | | | 660 | | | | 660,422 | |
| PR Elec Pwr Auth (NPFGC)(FGIC) | | 5.25% | | 7/1/2023 | | Baa2 | | | 1,380 | | | | 1,469,465 | |
| PR Pub Bldg Auth GTD(f) | | 5.50% | | 7/1/2023 | | Ca | | | 55 | | | | 32,313 | |
| PR Pub Bldg Auth GTD(f) | | 5.50% | | 7/1/2027 | | Ca | | | 245 | | | | 147,613 | |
| VT EDA–Casella Waste AMT† | | 4.625% | #(c) | 4/1/2036 | | B- | | | 250 | | | | 247,068 | |
| Total | | | | | | | | | | | | | 36,301,335 | |
| |
| Health Care 17.90% | | | | | | | | | | | | | | |
| Antelope Valley Hlth | | 5.00% | | 3/1/2021 | | Ba3 | | | 155 | | | | 161,611 | |
| Atlanta Dev Auth–Georgia Proton Ctr | | 6.00% | | 1/1/2023 | | NR | | | 1,000 | | | | 987,390 | |
| Blaine Sr Hsg & Hlthcare–Crest View | | 5.125% | | 7/1/2025 | | NR | | | 275 | | | | 269,228 | |
| CA Stwde–Daughters of Charity | | 5.50% | | 7/1/2022 | | CC | | | 105 | | | | 89,257 | |
| CA Stwde–Daughters of Charity | | 5.75% | | 7/1/2024 | | CC | | | 655 | | | | 556,174 | |
| CA Stwde–Eskaton Pptys | | 5.00% | | 11/15/2021 | | BBB | | | 775 | | | | 836,403 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.00% | | 12/1/2025 | | BB- | | | 1,000 | | | | 1,101,600 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.00% | | 12/1/2026 | | BB- | | | 820 | | | | 910,339 | |
| CA Stwde–Viamonte | | 3.00% | | 7/1/2026 | | AA- | | | 500 | | | | 505,090 | |
| CA Stwde–Viamonte | | 3.00% | | 7/1/2027 | | AA- | | | 250 | | | | 252,108 | |
| Church Home of Hartford† | | 3.25% | | 9/1/2021 | | BB | (e) | | 100 | | | | 100,021 | |
| CO Hlth Facs–Christian Living | | 4.00% | | 1/1/2020 | | NR | | | 250 | | | | 253,983 | |
| | |
| 112 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| CO Hlth Facs–Fraiser Meadows | | 5.00% | | 5/15/2021 | | BB+ | (e) | $ | 810 | | | $ | 855,733 | |
| CO Hlth Facs–Valley View Hosp | | 2.80% | #(c) | 5/15/2042 | | A- | | | 625 | | | | 625,231 | |
| Cuyahoga Co Hsp–Metrohealth | | 5.00% | | 2/15/2023 | | Baa3 | | | 1,500 | | | | 1,609,860 | |
| Denver Hlth & Hsp Auth | 2.655%
(3 Mo. LIBOR* .67 + 1.10% | )# | 12/1/2033 | | BBB | | | 300 | | | | 286,524 | |
| Franklin Co IDA–Menno-Haven | | 5.00% | | 12/1/2026 | | NR | | | 500 | | | | 534,865 | |
| Friendsview Retirement Community | | 4.00% | | 11/15/2026 | | NR | | | 500 | | | | 511,360 | |
| Gaithersburg Eco Dev–Asbury | | 6.00% | | 1/1/2023 | | BBB | (e) | | 500 | | | | 523,355 | |
| Glendale IDA–Beatitudes | | 5.00% | | 11/15/2023 | | NR | | | 1,715 | | | | 1,827,933 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2022 | | BB | | | 250 | | | | 261,833 | |
| Guadalupe Co–Seguin City Hospital | | 5.00% | | 12/1/2023 | | BB | | | 1,280 | | | | 1,347,046 | |
| Hanover Co EDA–Covenant Woods | | 3.625% | | 7/1/2028 | | NR | | | 575 | | | | 563,626 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.00% | | 4/1/2021 | | NR | | | 468 | | | | 481,586 | |
| Howard Co Retmt Cmnty–Vantage House | | 5.00% | | 4/1/2021 | | NR | | | 250 | | | | 257,285 | |
| ID HFA–Madison Mem Hosp | | 5.00% | | 9/1/2021 | | BB+ | | | 1,000 | | | | 1,051,670 | |
| IL Fin Auth–Centegra Hlth | | 5.00% | | 9/1/2021 | | BB+ | | | 100 | | | | 107,742 | |
| IL Fin Auth–Plymouth Place | | 5.00% | | 5/15/2025 | | BB+ | (e) | | 125 | | | | 134,535 | |
| IL Fin Auth–Three Crowns Park | | 3.25% | | 2/15/2022 | | NR | | | 495 | | | | 494,832 | |
| Kanabec Co Hlth–Firstlight Hlth | | 2.75% | | 12/1/2019 | | NR | | | 1,400 | | | | 1,397,102 | |
| King Co Pub Hsp–Snoqualmie Vly Hsp | | 5.00% | | 12/1/2025 | | NR | | | 100 | | | | 98,986 | |
| Kirkwood IDA–Aberdeen Hts | | 5.00% | | 5/15/2022 | | BB | (e) | | 800 | | | | 848,816 | |
| Kirkwood IDA–Aberdeen Hts | | 8.00% | | 5/15/2021 | | NR | | | 265 | | | | 283,990 | |
| Lancaster Co Hosp Auth–Bretheren Village | | 5.00% | | 7/1/2023 | | BB+ | (e) | | 700 | | | | 760,837 | |
| Lenexa KS Hlth Facs–Lakeview Village | | 5.00% | | 5/15/2024 | | BB+ | (e) | | 1,895 | | | | 2,050,845 | |
| MA DFA–UMass Mem Hlth | | 5.00% | | 7/1/2023 | | BBB+ | | | 785 | | | | 867,857 | |
| MA DFA–UMass Mem Hlth | | 5.00% | | 7/1/2025 | | A- | (e) | | 200 | | | | 226,348 | |
| MD Hlth & HI Ed–Adventist | | 5.00% | | 1/1/2021 | | Baa3 | | | 600 | | | | 631,884 | |
| ME Hlth & Hi Ed–MaineGeneral Hlth | | 7.50% | | 7/1/2032 | | Ba3 | | | 475 | | | | 522,614 | |
| Mesquite Hlth–Christian Care Ctrs | | 5.00% | | 2/15/2020 | | BB+ | (e) | | 200 | | | | 204,806 | |
| Montgomery Co IDA–Einstein Hlth | | 5.00% | | 1/15/2022 | | Baa3 | | | 250 | | | | 264,480 | |
| Morgan Co Hosp–USDA Replacement Proj | | 2.75% | | 9/1/2019 | | NR | | | 1,220 | | | | 1,219,805 | |
| Muskingum Co Hsp–Genesis Hlthcare | | 5.00% | | 2/15/2021 | | BB+ | | | 275 | | | | 286,517 | |
| NC Med–Southminster | | 5.00% | | 10/1/2021 | | NR | | | 365 | | | | 388,258 | |
| New Hope–Carillon | | 3.00% | | 7/1/2020 | | NR | | | 585 | | | | 581,630 | |
| New Hope Cult Ed Facs–Crestview | | 4.00% | | 11/15/2021 | | BB+ | (e) | | 615 | | | | 629,157 | |
| NH Hlth & Ed–Hillside Village† | | 3.50% | | 7/1/2022 | | NR | | | 400 | | | | 400,544 | |
| NJ EDA–Lions Gate | | 4.00% | | 1/1/2020 | | NR | | | 325 | | | | 327,506 | |
| | | |
| | See Notes to Financial Statements. | 113 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| NJ EDA–Lions Gate | | 4.375% | | 1/1/2024 | | NR | | $ | 700 | | | $ | 710,871 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2024 | | BBB- | | | 540 | | | | 592,115 | |
| NJ Hlth–St Peters Univ Hsp | | 5.00% | | 7/1/2021 | | BB+ | | | 225 | | | | 232,205 | |
| NJ Hlth–St Peters Univ Hsp | | 5.75% | | 7/1/2037 | | BB+ | | | 160 | | | | 160,349 | |
| NJ Hlth–St Peters Univ Hsp | | 6.00% | | 7/1/2026 | | BB+ | | | 80 | | | | 84,587 | |
| NY Dorm–Montefiore Ob Group | | 5.00% | | 8/1/2026 | | BBB | | | 1,000 | | | | 1,131,900 | |
| NY Dorm–Orange Reg Med Ctr† | | 5.00% | | 12/1/2022 | | BBB- | | | 500 | | | | 542,725 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2022 | | BBB- | | | 200 | | | | 217,090 | |
| OU MedOK DFA | | 5.00% | | 8/15/2024 | | Baa3 | | | 900 | | | | 995,670 | |
| Palm Beach Co Hlth–Sinai Residences | | 6.75% | | 6/1/2024 | | NR | | | 330 | | | | 372,860 | |
| Philadelphia Hsps–Temple Univ Hlth | | 5.00% | | 7/1/2023 | | BBB- | | | 1,000 | | | | 1,082,310 | |
| Price William Co IDA–Westminster | | 4.00% | | 1/1/2021 | | BBB | (e) | | 930 | | | | 958,625 | |
| RI Hlth & Ed–Care New England | | 5.00% | | 9/1/2020 | | BB- | | | 1,000 | | | | 1,030,690 | |
| Rochester Hlth & Hsg–Homestead | | 5.00% | | 12/1/2025 | | NR | | | 700 | | | | 757,232 | |
| Rockville Eco Dev–Ingleside at King Farm | | 2.50% | | 11/1/2024 | | BB | (e) | | 600 | | | | 589,332 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2026 | | BB | | | 775 | | | | 889,064 | |
| SC Jobs EDA–Hampton Regl Med | | 5.00% | | 11/1/2021 | | NR | | | 670 | | | | 705,095 | |
| SC Jobs EDA–Hampton Regl Med | | 5.00% | | 11/1/2022 | | NR | | | 700 | | | | 743,141 | |
| SC Jobs EDA–Hampton Regl Med | | 5.00% | | 11/1/2023 | | NR | | | 740 | | | | 788,751 | |
| SE Port Auth–Memorial Hlth | | 5.00% | | 12/1/2022 | | BB- | (e) | | 400 | | | | 413,016 | |
| St Paul Hsg–Healtheast | | 5.25% | | 11/15/2028 | | NR | | | 650 | | | | 692,354 | |
| Tarrant Co Cultural–Buckingham Sr Lvg | | 4.50% | | 11/15/2021 | | CC | (e) | | 855 | | | | 727,682 | |
| Tarrant Co Cultural–Buckner | | 3.875% | | 11/15/2022 | | NR | | | 410 | | | | 408,212 | |
| Tempe IDA–ASU Mirabella† | | 4.00% | | 10/1/2023 | | NR | | | 1,575 | | | | 1,581,300 | |
| Tulsa Co Industrial Auth–Montereau | | 5.00% | | 11/15/2023 | | BBB- | (e) | | 230 | | | | 251,103 | |
| WA HFC–Lea Hill Proj† | | 3.20% | | 7/1/2021 | | NR | | | 395 | | | | 393,444 | |
| WI Hlth & Ed–American Baptist | | 3.50% | | 8/1/2022 | | NR | | | 750 | | | | 748,642 | |
| WI Hlth & Ed–Tomah Hosp | | 2.65% | | 11/1/2020 | | NR | | | 1,125 | | | | 1,116,877 | |
| WI PFA–Bancroft Neurohealth† | | 4.00% | | 6/1/2020 | | NR | | | 635 | | | | 646,246 | |
| Total | | | | | | | | | | | | | 49,053,690 | |
| |
| Housing 2.34% | | | | | | | | | | | | | | |
| MA DFA–Newbridge† | | 3.50% | | 10/1/2022 | | BB+ | (e) | | 600 | | | | 612,810 | |
| Montgomery Co Hsg | | 4.00% | | 7/1/2048 | | Aa2 | | | 940 | | | | 979,800 | |
| NC Hsg Fin Agy | | 4.00% | | 7/1/2047 | | Aa1 | | | 960 | | | | 1,001,654 | |
| NJ Hsg and Mtg Fin Auth | | 4.50% | | 10/1/2048 | | AA | | | 1,475 | | | | 1,573,486 | |
| NYC IDA–Yankee Stadium (FGIC) | 3.77% (CPI Based | )# | 3/1/2021 | | Baa1 | | | 480 | | | | 483,029 | |
| PA Hsg Fin Auth AMT | | 4.00% | | 4/1/2039 | | AA+ | | | 1,010 | | | | 1,044,320 | |
| | |
| 114 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Housing (continued) | | | | | | | | | | | | | | |
| Phoenix IDA–ASU Std Hsg | | 5.00% | | 7/1/2026 | | Baa3 | | $ | 640 | | | $ | 717,062 | |
| Total | | | | | | | | | | | | | 6,412,161 | |
| |
| Lease Obligations 2.89% | | | | | | | | | | | | | | |
| Comm of PA COPS | | 5.00% | | 7/1/2024 | | A2 | | | 300 | | | | 333,621 | |
| KY Ppty & Bldgs Commn–Proj #112 | | 5.00% | | 11/1/2024 | | A1 | | | 1,000 | | | | 1,118,050 | |
| NJ EDA–Sch Facs | | 5.00% | | 12/15/2019 | | BBB+ | | | 700 | | | | 721,847 | |
| NJ EDA–Sch Facs | | 5.00% | | 9/1/2020 | | BBB+ | | | 405 | | | | 424,185 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2023 | | BBB+ | | | 1,470 | | | | 1,588,761 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2023 | | BBB+ | | | 3,135 | | | | 3,400,817 | |
| NJ EDA–Sch Facs | | 5.50% | | 9/1/2021 | | BBB+ | | | 320 | | | | 340,640 | |
| Total | | | | | | | | | | | | | 7,927,921 | |
| |
| Other Revenue 4.92% | | | | | | | | | | | | | | |
| Arlington Hi Ed Fin Corp–Newman Intl Acad | | 4.375% | | 8/15/2026 | | NR | | | 250 | | | | 246,958 | |
| CA Muni Fin–Northbay Hlthcare | | 5.00% | | 11/1/2023 | | BBB- | | | 450 | | | | 491,440 | |
| CA Sch Fin Auth–Green Dot Charter† | | 5.00% | | 8/1/2025 | | BBB- | | | 150 | | | | 165,905 | |
| CA Sch Fin Auth–Green Dot Charter† | | 5.00% | | 8/1/2026 | | BBB- | | | 150 | | | | 166,977 | |
| CA Sch Fin Auth–Green Dot Charter† | | 5.00% | | 8/1/2027 | | BBB- | | | 160 | | | | 179,074 | |
| Central Plains–Goldman Sachs | | 5.25% | | 12/1/2021 | | A3 | | | 620 | | | | 672,520 | |
| Chester Co IDA–Collegium Charter Sch | | 3.70% | | 10/15/2022 | | NR | | | 1,000 | | | | 1,002,860 | |
| Cleveland Co Port Auth–Playhouse Sq | | 5.00% | | 12/1/2028 | | BB+ | | | 1,450 | | | | 1,557,981 | |
| FL Charter Foundation† | | 4.00% | | 7/15/2026 | | NR | | | 850 | | | | 827,747 | |
| FL DFC–Renaissance Chtr Sch† | | 5.00% | | 6/15/2025 | | NR | | | 140 | | | | 143,352 | |
| FL DFC–Renaissance Chtr Sch | | 7.625% | | 6/15/2041 | | BB | (e) | | 250 | | | | 271,240 | |
| Florence Twn IDA–Legacy Trad Sch | | 5.00% | | 7/1/2023 | | Ba1 | | | 200 | | | | 208,220 | |
| Houston HI Ed–Cosmos Fndtn | | 4.00% | | 2/15/2022 | | BBB | | | 500 | | | | 512,070 | |
| Houston Hi Ed–Cosmos Fndtn | | 5.875% | | 5/15/2021 | | BBB | | | 415 | | | | 437,559 | |
| Lowndes Co Poll Ctl–Weyerhaeuser | | 6.80% | | 4/1/2022 | | BBB | | | 2,270 | | | | 2,564,033 | |
| Main St Nat Gas–Ml | | 5.00% | | 3/15/2022 | | A- | | | 1,050 | | | | 1,132,687 | |
| Maricopa Co IDA–Paradise Schools† | | 2.875% | | 7/1/2021 | | BB+ | | | 380 | | | | 376,667 | |
| Phoenix IDA–Basis Schs† | | 3.00% | | 7/1/2020 | | BB | | | 115 | | | | 113,742 | |
| Phoenix IDA–Legacy Tradtl Schs† | | 3.00% | | 7/1/2020 | | Ba1 | | | 180 | | | | 178,241 | |
| Plymouth Ed Ctr Charter Sch | | 5.125% | | 11/1/2018 | | B- | | | 365 | | | | 363,974 | |
| PR Elec Pwr Auth(f) | | 5.00% | | 7/1/2018 | | NR | | | 50 | | | | 32,750 | |
| Salt Verde AZ Fin Corp Gas Rev Sr | | 5.25% | | 12/1/2023 | | BBB+ | | | 235 | | | | 262,373 | |
| TEAC–Goldman Sachs | | 5.25% | | 9/1/2023 | | A3 | | | 425 | | | | 473,102 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2027 | | A3 | | | 250 | | | | 270,623 | |
| | | |
| | See Notes to Financial Statements. | 115 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2026 | | A3 | | $ | 350 | | | $ | 379,883 | |
| UT Charter Sch Fin Auth–Freedom Academy† | | 3.625% | | 6/15/2021 | | NR | | | 285 | | | | 281,700 | |
| Yonkers EDC–Charter Sch Ed Excellence | | 6.00% | | 10/15/2030 | | BB+ | | | 175 | | | | 180,668 | |
| Total | | | | | | | | | | | | | 13,494,346 | |
| |
| Special Tax 2.67% | | | | | | | | | | | | | | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2022 | | Ba1 | | | 1,005 | | | | 1,061,531 | |
| Allentown Neighborhood Impt† | | 5.00% | | 5/1/2023 | | Ba1 | | | 250 | | | | 266,063 | |
| Celebration Pointe CDD† | | 4.00% | | 5/1/2022 | | NR | | | 350 | | | | 355,068 | |
| Nthrn Palm Bch Co Impt Dist | | 3.25% | | 8/1/2022 | | NR | | | 765 | | | | 766,545 | |
| NYC IDA–Yankee Stadium (FGIC) | | 3.83% (CPI Based | )# | 3/1/2026 | | Baa1 | | | 300 | | | | 295,650 | |
| Peninsula Town Center† | | 4.00% | | 9/1/2023 | | NR | | | 220 | | | | 225,412 | |
| Peninsula Town Center† | | 4.50% | | 9/1/2028 | | NR | | | 680 | | | | 715,000 | |
| Plaza Met Dist #1† | | 5.00% | | 12/1/2018 | | NR | | | 1,500 | | | | 1,506,270 | |
| Scranton RDA GTD | | 5.00% | | 11/15/2021 | | BB+ | | | 500 | | | | 512,585 | |
| Scranton RDA GTD | | 5.00% | | 11/15/2028 | | BB+ | | | 255 | | | | 256,724 | (i) |
| Southlands Met Dist #1 | | 3.00% | | 12/1/2022 | | Ba1 | | | 200 | | | | 198,292 | |
| Sparks Tourism Impt Dist† | | 6.75% | | 6/15/2028 | | Ba3 | | | 150 | | | | 150,120 | |
| Village CDD #12 | | 2.875% | | 5/1/2021 | | NR | | | 495 | | | | 497,732 | |
| Village CDD #12† | | 3.25% | | 5/1/2023 | | NR | | | 500 | | | | 501,850 | |
| Total | | | | | | | | | | | | | 7,308,842 | |
| |
| Tax Revenue 2.01% | | | | | | | | | | | | | | |
| Casino Reinv Dev Auth | | 5.00% | | 11/1/2020 | | BBB+ | | | 520 | | | | 545,756 | |
| Casino Reinv Dev Auth | | 5.00% | | 11/1/2022 | | BBB+ | | | 350 | | | | 377,804 | |
| Gtr Wenatchee Regl Events Ctr | | 4.125% | | 9/1/2021 | | NR | | | 485 | | | | 491,436 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2020 | | BB+ | | | 580 | | | | 607,939 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2022 | | BB+ | | | 1,095 | | | | 1,169,219 | |
| Met Pier & Expo Auth–McCormick Place | | 5.00% | | 12/15/2022 | | BB+ | | | 1,110 | | | | 1,113,274 | |
| Met Pier & Expo Auth–McCormick Place (NPFGC) (FGIC) | | 5.50% | | 12/15/2023 | | Baa2 | | | 490 | | | | 533,399 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2021 | | BBB+ | | | 500 | | | | 530,435 | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2022 | | Ca | | | 100 | | | | 84,250 | |
| PR Corp Sales Tax(f) | | 5.50% | | 8/1/2023 | | Ca | | | 125 | | | | 61,563 | |
| Total | | | | | | | | | | | | | 5,515,075 | |
| |
| Tobacco 8.62% | | | | | | | | | | | | | | |
| Buckeye Tobacco | | 5.125% | | 6/1/2024 | | B- | | | 4,930 | | | | 4,888,391 | |
| Buckeye Tobacco | | 5.375% | | 6/1/2024 | | B- | | | 2,625 | | | | 2,624,895 | |
| | |
| 116 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Tobacco (continued) | | | | | | | | | | | | | | |
| CA Co Tobacco Sec–LA Co | | 5.45% | | 6/1/2028 | | B2 | | $ | 1,000 | | | $ | 1,004,160 | |
| Golden St Tobacco | | 3.50% | | 6/1/2036 | | BBB | | | 1,500 | | | | 1,502,055 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 230 | | | | 230,083 | |
| Inland Empire Tobacco | | 5.75% | | 6/1/2026 | | NR | | | 515 | | | | 539,519 | |
| MI Tob Settlement | | 5.125% | | 6/1/2022 | | B- | | | 1,235 | | | | 1,233,481 | |
| MI Tob Settlement | | 5.25% | | 6/1/2022 | | B- | | | 35 | | | | 35,000 | |
| Nassau Co Tobacco | | 5.25% | | 6/1/2026 | | B- | | | 475 | | | | 475,062 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2022 | | BBB+ | | | 985 | | | | 1,061,396 | |
| PA Tob Settlement | | 5.00% | | 6/1/2023 | | A1 | | | 760 | | | | 837,140 | |
| SD Edu Enhancement Fding Corp | | 5.00% | | 6/1/2024 | | A | | | 775 | | | | 850,454 | |
| Suffolk Tobacco Asset Sec Corp | | 5.375% | | 6/1/2028 | | NR | | | 2,010 | | | | 1,991,649 | |
| Tobacco Settlement Fin Corp NJ | | 3.20% | | 6/1/2027 | | BBB+ | | | 3,175 | | | | 3,170,142 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2027 | | A | | | 200 | | | | 229,654 | |
| TSASC | | 5.00% | | 6/1/2022 | | BB+ | | | 1,250 | | | | 1,338,325 | |
| Westchester Tobacco Asset Sec Corp | | 5.00% | | 6/1/2022 | | A | | | 1,500 | | | | 1,628,820 | |
| Total | | | | | | | | | | | | | 23,640,226 | |
| | | | | | | | | | | | | | | |
| Transportation 5.64% | | | | | | | | | | | | | | |
| AL Port Auth AMT (AGM) | | 5.00% | | 10/1/2023 | | AA | | | 520 | | | | 568,688 | |
| Chicago GO | | 4.00% | | 1/1/2019 | | BBB+ | | | 180 | | | | 180,918 | |
| Chicago Water | | 5.00% | | 11/1/2020 | | A | | | 305 | | | | 320,866 | |
| Foothill / Eastern Corridor Toll Rd | | 5.50% | #(c) | 1/15/2053 | | A- | | | 500 | | | | 557,100 | |
| Houston Arpt–Continental Airlines AMT | | 4.75% | | 7/1/2024 | | BB | | | 1,405 | | | | 1,500,975 | |
| Houston Arpt–Continental Airlines AMT | | 4.50% | | 7/1/2020 | | BB | | | 450 | | | | 462,861 | |
| Houston Arpt–Continental Airlines AMT | | 5.00% | | 7/15/2020 | | BB | | | 2,000 | | | | 2,083,520 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | 4.152%
(Auction Rate Based | )# | 1/1/2031 | | NR | | | 1,000 | | | | 1,000,000 | |
| MA Port Auth–Delta Airlines AMT (AMBAC) | | 5.20% | | 1/1/2020 | | NR | | | 35 | | | | 35,293 | |
| MD EDC–CNX Consol Energy | | 5.75% | | 9/1/2025 | | BB- | | | 1,435 | | | | 1,488,827 | |
| MD EDC–Maryland Port | | 5.125% | | 6/1/2020 | | NR | | | 355 | | | | 369,019 | |
| NJ EDA–Port Newark AMT | | 5.00% | | 10/1/2021 | | Ba1 | | | 1,000 | | | | 1,063,420 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2024 | | Baa3 | | | 5,000 | | | | 5,497,250 | |
| PR Hwy & Trans Auth(f) | | 5.50% | | 7/1/2024 | | C | | | 45 | | | | 11,025 | |
| PR Hwy & Trans Auth (AGC) | | 4.00% | | 7/1/2020 | | AA | | | 225 | | | | 230,067 | |
| PR Hwy & Trans Auth (AGC) | | 5.25% | | 7/1/2019 | | AA | | | 75 | | | | 76,531 | |
| Total | | | | | | | | | | | | | 15,446,360 | |
| | | |
| | See Notes to Financial Statements. | 117 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | |
| Utilities 12.48% | | | | | | | | | | | | | | |
| Burke Co Dev–Oglethorpe Power | | 3.00% | #(c) | 11/1/2045 | | A- | | $ | 1,535 | | | $ | 1,520,187 | |
| Chicago Wastewater | | 5.00% | | 1/1/2023 | | A | | | 370 | | | | 403,607 | |
| City of Rockport Poll Ctl–IN MI Pwr | | 3.05% | | 6/1/2025 | | A- | | | 1,000 | | | | 997,580 | |
| CO Public Auth–ML | | 6.125% | | 11/15/2023 | | A- | | | 1,855 | | | | 2,114,904 | |
| Detroit Sewer | | 5.00% | | 7/1/2022 | | A+ | | | 235 | | | | 255,969 | |
| Farmington Poll Ctl–NM Pub Svc | | 2.125% | #(c) | 6/1/2040 | | BBB+ | | | 500 | | | | 489,170 | |
| HI Dept Budget–Hawaiian Electric AMT | | 3.10% | | 5/1/2026 | | Baa2 | | | 2,495 | | | | 2,453,508 | |
| Jefferson Co Sewer | | 5.00% | | 10/1/2021 | | BBB- | | | 1,300 | | | | 1,380,899 | |
| KY Muni Pwr–Prairie State Proj | | 3.45% | #(c) | 9/1/2042 | | A- | | | 850 | | | | 840,659 | |
| NM Muni Energy Acq Auth–RBC | 2.166%
(1 Mo. LIBOR* .67 + .75% | )# | 11/1/2039 | | Aa2 | | | 750 | | | | 750,653 | |
| Northern CA Gas–Morgan Stanley | 2.286%
(3 Mo. LIBOR* .67 + .72% | )# | 7/1/2027 | | A3 | | | 1,000 | | | | 978,540 | |
| PEAK Energy–BP | | 4.00% | #(c) | 1/1/2049 | | A1 | | | 1,850 | | | | 1,953,526 | |
| PR Aqueduct & Swr Auth | | 4.25% | | 7/1/2025 | | Ca | | | 575 | | | | 544,094 | |
| PR Elec Pwr Auth(f) | | 4.10% | | 7/1/2019 | | Ca | | | 240 | | | | 156,600 | |
| PR Elec Pwr Auth(f) | | 4.25% | | 7/1/2020 | | Ca | | | 320 | | | | 208,800 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2027 | | Ca | | | 2,630 | | | | 1,729,225 | |
| PR Elec Pwr Auth (AGM) | | 5.00% | | 7/1/2024 | | AA | | | 145 | | | | 151,242 | |
| PR Elec Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 7/1/2019 | | Baa2 | | | 645 | | | | 655,636 | |
| PR Elec Pwr Auth (NPFGC)(FGIC) | | 5.00% | | 7/1/2021 | | Baa2 | | | 100 | | | | 100,795 | |
| SE AL Gas Dist–Goldman Sachs | | 4.00% | #(c) | 4/1/2049 | | A3 | | | 1,500 | | | | 1,576,275 | |
| TEAC–Goldman Sachs | | 4.00% | #(c) | 11/1/2049 | | A3 | | | 3,000 | | | | 3,154,800 | |
| TEAC–Goldman Sachs | | 5.00% | | 2/1/2020 | | BBB+ | | | 480 | | | | 496,872 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2021 | | A3 | | | 1,070 | | | | 1,152,486 | |
| TX Muni Gas Acq & Supply–Macquarie | | 5.00% | | 12/15/2029 | | A3 | | | 1,800 | | | | 1,937,394 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2022 | | A- | | | 1,515 | | | | 1,671,893 | |
| TX Muni Gas Acq & Supply–ML | | 5.25% | | 12/15/2025 | | A- | | | 230 | | | | 262,649 | |
| WV EDA–Appalachian Pwr | | 2.625% | #(c) | 12/1/2042 | | A- | | | 750 | | | | 747,000 | |
| WV EDA–Morgantown Energy AMT | | 2.875% | | 12/15/2026 | | Baa3 | | | 3,060 | | | | 2,939,864 | |
| WV EDA–Wheeling Pwr AMT | | 3.00% | #(c) | 6/1/2037 | | A- | | | 2,600 | | | | 2,592,304 | |
| Total | | | | | | | | | | | | | 34,217,131 | |
| Total Investments in Securities 97.18% (cost $265,583,621) | | | | | | | | 266,397,503 | |
| Cash and Other Assets in Excess of Liabilities(h) 2.82% | | | | | | | | 7,717,259 | |
| Net Assets 100.00% | | | | | | | $ | 274,114,762 | |
| | |
| 118 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2018
Open Futures Contracts at September 30, 2018:
| | | | | | | | | Notional | | Notional | | Unrealized |
| Type | | Expiration | | Contracts | | Position | | Amount | | Value | | Appreciation |
| U.S. 5-Year Treasury Note | | December 2018 | | 28 | | Short | | $ (3,171,169) | | $ (3,149,344) | | $21,825 |
| U.S. 2-Year Treasury Note | | December 2018 | | 69 | | Short | | (14,572,899) | | (14,540,672) | | 32,227 |
| Total Unrealized Appreciation on Open Futures Contracts | | | | | | | $54,052 |
|
| | | | | | | | | | | | | |
| | | | | | | | | Notional | | Notional | | Unrealized |
| Type | | Expiration | | Contracts | | Position | | Amount | | Value | | Depreciation |
| U.S. 10-Year Treasury Note | | December 2018 | | 11 | | Short | | $(1,303,309) | | $(1,306,594) | | $(3,285) |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | | | | | | | | | | | | | | | |
| Special Tax | | $ | – | | | $ | 7,052,118 | | | $ | 256,724 | | | $ | 7,308,842 | |
| Remaining Industries | | | – | | | | 259,088,661 | | | | – | | | | 259,088,661 | |
| Total | | $ | – | | | $ | 266,140,779 | | | $ | 256,724 | | | $ | 266,397,503 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 54,052 | | | $ | – | | | $ | – | | | $ | 54,052 | |
| Liabilities | | | (3,285 | ) | | | – | | | | – | | | | (3,285 | ) |
| Total | | $ | 50,767 | | | $ | – | | | $ | – | | | $ | 50,767 | |
| | (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. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| | (3) | There were no Level 1/Level 2 transfers during the fiscal year ended September 30, 2018. |
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, 2017 | | $ | 619,112 | |
| Accrued Discounts (Premiums) | | | (2,191 | ) |
| Realized Gain (Loss) | | | – | |
| Change in Unrealized Appreciation (Depreciation) | | | (1,981 | ) |
| Purchases | | | – | |
| Sales | | | – | |
| Transfers into Level 3 | | | 260,896 | |
| Transfers out of Level 3 | | | (619,112 | ) |
| Balance as of September 30, 2018 | | $ | 256,724 | |
| Change in unrealized appreciation/depreciation for year ended September 30, 2018 related to Level 3 investments held at September 30, 2018 | | $ | (1,981 | ) |
| | | |
| | See Notes to Financial Statements. | 119 |
Schedule of Investments
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 99.00% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 0.35% | | | | | | | | | | | | | | |
| CA Poll Ctl–Poseidon Res AMT† | | 5.00% | | 11/21/2045 | | Baa3 | | $ | 1,020 | | | $ | 1,051,885 | |
| | | | | | | | | | | | | | | |
| Education 6.10% | | | | | | | | | | | | | | |
| CA Dev Auth–Culinary Institute | | 5.00% | | 7/1/2036 | | Baa2 | | | 400 | | | | 437,828 | |
| CA Dev Auth–Culinary Institute | | 5.00% | | 7/1/2041 | | Baa2 | | | 380 | | | | 411,658 | |
| CA Dev Auth–Culinary Institute | | 5.00% | | 7/1/2046 | | Baa2 | | | 455 | | | | 491,318 | |
| CA Ed Facs–ArtCenter College of Design | | 5.00% | | 12/1/2044 | | Baa1 | | | 1,500 | | | | 1,684,155 | |
| CA Ed Facs–Chapman Univ | | 5.00% | | 4/1/2040 | | A2 | | | 1,000 | | | | 1,102,990 | |
| CA Ed Facs–Santa Clara Univ | | 4.00% | | 4/1/2048 | | NR | | | 1,205 | | | | 1,235,667 | |
| CA Ed Facs–Santa Clara Univ | | 5.00% | | 4/1/2039 | | Aa3 | | | 1,000 | | | | 1,119,150 | |
| CA Ed Facs–Univ of Redlands | | 5.00% | | 10/1/2038 | | A3 | | | 1,000 | | | | 1,107,200 | |
| CA Fin Auth–Biola Univ | | 5.00% | | 10/1/2029 | | Baa1 | | | 330 | | | | 363,152 | |
| CA Fin Auth–Univ of San Diego | | 5.00% | | 10/1/2029 | | A1 | | | 2,225 | | | | 2,445,142 | |
| CA MFA–Univ of La Verne | | 5.00% | | 6/1/2043 | | A3 | | | 1,000 | | | | 1,106,500 | |
| CA Muni Fin–Biola Univ | | 5.00% | | 10/1/2032 | | Baa1 | | | 400 | | | | 456,240 | |
| CA Sch Fin Auth–Green Dot Schs† | | 5.00% | | 8/1/2045 | | NR | | | 500 | | | | 525,330 | |
| CA Sch Fin Auth–KIPP LA† | | 5.00% | | 7/1/2045 | | BBB | | | 540 | | | | 577,886 | |
| Ripon USD (BAM) | | 5.50% | | 8/1/2043 | | AA | | | 1,000 | | | | 1,155,330 | |
| Univ of CA | | 5.25% | | 5/15/2047 | | AA | | | 2,000 | | | | 2,309,900 | |
| Univ of CA | | 5.25% | | 5/15/2058 | | AA | | | 1,500 | | | | 1,729,995 | |
| Total | | | | | | | | | | | | | 18,259,441 | |
| | | | | | | | | | | | | | | |
| General Obligation 21.45% | | | | | | | | | | | | | | |
| Albany CA USD | | 4.00% | | 8/1/2046 | | Aa3 | | | 1,000 | | | | 1,029,110 | |
| Banning Unified Sch Dist (AGM) | | 5.25% | | 8/1/2042 | | AA | | | 1,115 | | | | 1,277,567 | |
| CA State GO | | 4.00% | | 9/1/2035 | | AA- | | | 1,145 | | | | 1,216,803 | |
| CA State GO | | 5.00% | | 9/1/2029 | | AA- | | | 485 | | | | 526,123 | |
| CA State GO | | 5.00% | | 2/1/2032 | | AA- | | | 2,000 | | | | 2,172,780 | |
| CA State GO | | 5.00% | | 2/1/2033 | | AA- | | | 1,000 | | | | 1,085,720 | |
| CA State GO | | 5.00% | | 8/1/2038 | | AA- | | | 1,565 | | | | 1,774,913 | |
| CA State GO | | 5.25% | | 10/1/2029 | | AA- | | | 1,500 | | | | 1,550,160 | |
| CA State GO | | 5.25% | | 8/1/2032 | | AA- | | | 2,500 | | | | 2,898,500 | |
| CA State GO | | 5.25% | | 10/1/2032 | | AA- | | | 4,000 | | | | 4,365,360 | |
| CA State GO | | 5.25% | | 4/1/2035 | | AA- | | | 3,000 | | | | 3,288,330 | |
| CA State GO | | 5.25% | | 10/1/2039 | | Aa3 | | | 500 | | | | 574,305 | |
| CA State GO | | 5.50% | | 3/1/2040 | | AA- | | | 2,000 | | | | 2,096,200 | |
| CA State GO | | 6.50% | | 4/1/2033 | | AA- | | | 1,605 | | | | 1,641,048 | |
| 120 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Centinela UHSD (BAM) | | 4.00% | | 8/1/2052 | | AA | | $ | 1,615 | | | $ | 1,632,927 | |
| Grossmont UHSD | | 5.00% | | 8/1/2043 | | Aa2 | | | 1,250 | | | | 1,380,538 | |
| Grossmont UHSD (AGM) | | Zero Coupon | | 6/1/2040 | | AA | | | 2,000 | | | | 744,000 | |
| Imperial Unified Sch Dist (BAM) | | 5.25% | | 8/1/2043 | | AA | | | 2,000 | | | | 2,306,480 | |
| Irvine Unified School District | | 5.50% | | 9/1/2035 | | Aa1 | | | 1,060 | | | | 1,304,171 | |
| Irvine USD–Spl Tax (BAM) | | 5.00% | | 9/1/2056 | | AA | | | 1,000 | | | | 1,103,510 | |
| Irvine USD–Spl Tax (BAM) | | 5.00% | | 9/1/2038 | | AA | | | 1,000 | | | | 1,090,880 | |
| Los Angeles USD | | 5.00% | | 7/1/2029 | | Aa2 | | | 2,225 | | | | 2,275,374 | |
| Los Angeles USD | | 5.00% | | 7/1/2030 | | Aa2 | | | 1,000 | | | | 1,145,120 | |
| Marin Healthcare Dist | | 4.00% | | 8/1/2040 | | Aa2 | | | 1,000 | | | | 1,028,270 | |
| New Haven USD | | 4.00% | | 8/1/2047 | | NR | | | 2,325 | | | | 2,380,567 | |
| New Haven USD (BAM) | | 5.00% | | 8/1/2028 | | AA | | | 1,000 | | | | 1,134,820 | |
| Newport Mesa USD | | Zero Coupon | | 8/1/2041 | | Aaa | | | 1,325 | | | | 534,041 | |
| Newport-Mesa USD | | Zero Coupon | | 8/1/2045 | | Aaa | | | 2,000 | | | | 669,620 | |
| Orange USD | | 4.00% | | 8/1/2047 | | AA | | | 1,000 | | | | 1,017,880 | |
| PR Comwlth GO(f) | | 6.00% | | 7/1/2039 | | Ca | | | 2,000 | | | | 1,185,000 | |
| San Benito HSD | | Zero Coupon | | 8/1/2041 | | Aa3 | | | 1,640 | | | | 640,879 | |
| San Benito HSD | | Zero Coupon | | 8/1/2042 | | Aa3 | | | 1,795 | | | | 669,140 | |
| San Benito HSD | | Zero Coupon | | 8/1/2043 | | Aa3 | | | 2,600 | | | | 924,378 | |
| San Francisco Arpt AMT | | 5.25% | | 5/1/2042 | | A+ | | | 1,000 | | | | 1,129,510 | |
| San Francisco CCD | | 5.00% | | 6/15/2028 | | Aa3 | | | 1,000 | | | | 1,156,040 | |
| San Gorgonio Mem Hlthcare Dist | | 5.00% | | 8/1/2032 | | Baa3 | | | 1,000 | | | | 1,093,340 | |
| San Leandro Unified Sch Dist (BAM) | | 5.25% | | 8/1/2046 | | AA | | | 1,750 | | | | 2,021,092 | |
| San Rafael HSD | | 4.50% | | 8/1/2042 | | AA | | | 1,150 | | | | 1,249,901 | |
| Santa Barbara Unified Sch Dist | | 4.00% | | 8/1/2036 | | Aa2 | | | 750 | | | | 794,033 | |
| Simi Valley GO | | 4.00% | | 8/1/2046 | | Aa3 | | | 1,065 | | | | 1,097,749 | |
| Southwestern Community College Dist | | Zero Coupon | | 8/1/2041 | | Aa2 | | | 1,100 | | | | 426,382 | |
| Stockton USD | | 5.00% | | 8/1/2031 | | A+ | | | 2,000 | | | | 2,286,840 | |
| Sweetwater UHSD (BAM) | | 5.00% | | 8/1/2027 | | AA | | | 1,000 | | | | 1,133,660 | |
| West Contra Costa USD | | 6.00% | | 8/1/2027 | | AA- | | | 1,000 | | | | 1,285,820 | |
| Yosemite CCD | | Zero Coupon | | 8/1/2042 | | Aa2 | | | 2,705 | | | | 1,849,111 | |
| Total | | | | | | | | | | | | | 64,187,992 | |
| | | | | | | | | | | | | | | |
| Health Care 13.90% | | | | | | | | | | | | | | |
| Abag Fin Auth–Episcopal Senior | | 5.00% | | 7/1/2032 | | A- | (e) | | 1,060 | | | | 1,122,975 | |
| Abag Fin Auth–Eskaton Pptys | | 5.00% | | 11/15/2035 | | BBB | | | 1,000 | | | | 1,075,050 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2022 | | AA | | | 110 | | | | 120,318 | |
| Abag Fin Auth–Sharp Hlthcare | | 5.00% | | 8/1/2043 | | AA | | | 1,000 | | | | 1,079,000 | |
| | See Notes to Financial Statements. | 121 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Adventist Health System–West | | 5.00% | | 3/1/2048 | | A | | $ | 2,750 | | | $ | 3,073,648 | |
| Antelope Valley Hlth | | 5.25% | | 3/1/2036 | | Ba3 | | | 1,000 | | | | 1,072,850 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 8/15/2047 | | BBB+ | | | 1,000 | | | | 1,098,280 | |
| CA Hlth–Childrens Hsp Los Angeles | | 5.00% | | 11/15/2029 | | BBB+ | | | 1,000 | | | | 1,080,150 | |
| CA Hlth–Childrens Hsp Orange Co | | 5.25% | | 11/1/2035 | | A+ | | | 2,000 | | | | 2,186,940 | |
| CA Hlth–Dignity Hlth | | 5.50% | | 7/1/2025 | | A | | | 1,200 | | | | 1,203,600 | |
| CA Hlth–Providence St. Joes Hlth | | 4.00% | | 10/1/2047 | | AA- | | | 1,230 | | | | 1,250,221 | |
| CA Hlth–Rady Childrens Hsp | | 5.50% | | 8/15/2033 | | Aa3 | | | 2,000 | | | | 2,177,260 | |
| CA Hlth–Sutter Hlth | | 4.00% | | 11/15/2042 | | AA- | | | 1,000 | | | | 1,016,800 | |
| CA Hlth Auth–Cedars-Sinai Med Ctr | | 5.00% | | 8/15/2034 | | Aa3 | | | 1,000 | | | | 1,148,290 | |
| CA Hlth Facs–Kaiser Permanente | | 5.00% | | 11/1/2047 | | AA- | | | 1,000 | | | | 1,246,890 | |
| CA Muni Fin–Channing House Pjt | | 5.00% | | 5/15/2047 | | AA- | | | 2,000 | | | | 2,254,540 | |
| CA Muni Fin–Cmnty Med Ctrs | | 5.00% | | 2/1/2040 | | A- | | | 500 | | | | 540,465 | |
| CA Muni Fin–Senior Cartias Pjt | | 4.00% | | 8/15/2037 | | BBB | | | 1,000 | | | | 1,002,190 | |
| CA Statewide–Beverly | | 5.00% | | 2/1/2035 | | BBB- | | | 1,250 | | | | 1,361,400 | |
| CA Stwde–American Baptist | | 5.00% | | 10/1/2045 | | BBB+ | (e) | | 1,000 | | | | 1,070,590 | |
| CA Stwde–Daughters of Charity | | 5.50% | | 7/1/2039 | | CC | | | 460 | | | | 389,261 | |
| CA Stwde–Henry Mayo Mem Hsp (AGM) | | 5.25% | | 10/1/2043 | | AA | | | 775 | | | | 846,478 | |
| CA Stwde–Huntington Memorial Hosp | | 4.00% | | 7/1/2048 | | A- | | | 1,000 | | | | 1,007,190 | |
| CA Stwde–John Muir Hlth | | 4.00% | | 12/1/2057 | | A+ | | | 1,000 | | | | 1,002,490 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.25% | | 12/1/2034 | | BB- | | | 2,050 | | | | 2,233,024 | |
| CA Stwde–Loma Linda Univ Med Ctr | | 5.50% | | 12/1/2054 | | BB- | | | 1,010 | | | | 1,085,134 | |
| CA Stwde–Loma Linda Univ Med Ctr† | | 5.50% | | 12/1/2058 | | BB- | | | 1,125 | | | | 1,214,134 | |
| CA Stwde–So Cal Presbyterian† | | 7.00% | | 11/15/2029 | | BBB+ | (e) | | 1,000 | | | | 1,049,790 | |
| La Verne COP–Brethren Hillcrest Homes | | 5.00% | | 5/15/2029 | | BBB- | (e) | | 635 | | | | 668,039 | |
| Palomar Hlth | | 5.00% | | 11/1/2039 | | BBB | | | 1,450 | | | | 1,551,297 | |
| San Buenaventura–Cmnty Mem Hlth | | 8.00% | | 12/1/2031 | | BB | | | 2,000 | | | | 2,257,580 | |
| Univ of CA | | 4.00% | | 5/15/2047 | | AA- | | | 1,000 | | | | 1,027,140 | |
| Whittier Hlth Fac–Presbyterian Intercmnty Hsp | | 5.75% | | 6/1/2029 | | A | | | 1,000 | | | | 1,091,060 | |
| Total | | | | | | | | | | | | | 41,604,074 | |
| | | | | | | | | | | | | | | |
| Housing 1.94% | | | | | | | | | | | | | | |
| CA Muni Fin–Caritas Affordable Hsg | | 5.00% | | 8/15/2030 | | BBB+ | | | 1,000 | | | | 1,098,960 | |
| CA Muni Fin–UC Berkeley Hsg | | 5.00% | | 6/1/2050 | | Baa3 | | | 500 | | | | 533,790 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2035 | | Baa1 | | | 1,000 | | | | 1,107,280 | |
| CA Stwde–CHF-Irvine LLC | | 5.00% | | 5/15/2040 | | Baa1 | | | 1,355 | | | | 1,482,262 | |
| CA Stwde–CHF-Irvine LLC | | 5.125% | | 5/15/2031 | | Baa1 | | | 1,500 | | | | 1,582,005 | |
| Total | | | | | | | | | | | | | 5,804,297 | |
| 122 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Lease Obligations 3.66% | | | | | | | | | | | | | | |
| CA Pub Wks–Judicial Council | | 5.00% | | 12/1/2028 | | A+ | | $ | 1,000 | | | $ | 1,090,860 | |
| CA Pub Wks–Lease Rev | | 5.00% | | 10/1/2029 | | A+ | | | 1,000 | | | | 1,186,140 | |
| CA Pub Wks–State Prisons | | 5.75% | | 10/1/2031 | | A+ | | | 2,000 | | | | 2,206,680 | |
| CA Pub Wks–Various Cap Proj | | 5.00% | | 4/1/2037 | | A+ | | | 1,000 | | | | 1,082,170 | |
| San Mateo Jt Pwrs Fin Auth | | 5.25% | | 7/15/2026 | | AA+ | | | 3,000 | | | | 3,122,700 | |
| Santa Ana USD COP (AGM) | | Zero Coupon | | 4/1/2019 | | AA | | | 2,295 | | | | 2,273,519 | |
| Total | | | | | | | | | | | | | 10,962,069 | |
| | | | | | | | | | | | | | | |
| Other Revenue 3.61% | | | | | | | | | | | | | | |
| CA Infra & Econ Dev–Acad Motion Pict | | 5.00% | | 11/1/2041 | | Aa2 | | | 1,010 | | | | 1,114,525 | |
| CA Infra & Econ Dev–Gladstone Inst | | 5.25% | | 10/1/2034 | | A- | | | 2,000 | | | | 2,153,680 | |
| CA Infra & Econ Dev–Walt Disney Museum | | 4.00% | | 2/1/2035 | | A+ | | | 1,000 | | | | 1,041,240 | |
| CA Muni Fin–American Heritage | | 5.00% | | 6/1/2036 | | BBB- | | | 1,000 | | | | 1,067,430 | |
| CA Muni Fin–Oceaa | | 6.75% | | 10/1/2028 | | NR | | | 1,090 | | | | 1,090,817 | |
| CA Sch Fin Auth–Aspire† | | 5.00% | | 8/1/2046 | | BBB | | | 1,000 | | | | 1,053,090 | |
| CA Sch Fin Auth–Green Dot Charter†(d) | | 5.00% | | 8/1/2038 | | Baa3 | | | 1,000 | | | | 1,082,930 | |
| CA Sch Fin Auth–KIPP LA | | 5.00% | | 7/1/2034 | | BBB | | | 600 | | | | 649,380 | |
| MSR Energy Auth–Citi | | 6.125% | | 11/1/2029 | | BBB+ | | | 1,250 | | | | 1,537,550 | |
| Total | | | | | | | | | | | | | 10,790,642 | |
| | | | | | | | | | | | | | | |
| Special Tax 6.93% | | | | | | | | | | | | | | |
| Brentwood Infra Fin Auth | | 5.00% | | 9/2/2036 | | NR | | | 500 | | | | 547,305 | |
| CA Reassmt Dist 15/2 Irvine | | 5.00% | | 9/2/2028 | | NR | | | 1,000 | | | | 1,125,390 | |
| CA Reassmt Dist 17/1 Orange | | 5.00% | | 9/2/2029 | | A | | | 400 | | | | 478,024 | |
| Inland Valley Redev Agy | | 5.25% | | 9/1/2037 | | A- | | | 1,325 | | | | 1,463,860 | |
| Irvine CFD–Great Park | | 5.00% | | 9/1/2044 | | NR | | | 500 | | | | 536,700 | |
| Irvine USD–Spl Tax | | 5.00% | | 3/1/2057 | | NR | | | 1,000 | | | | 1,088,410 | |
| Lake Elsinore PFA | | 5.00% | | 9/1/2035 | | NR | | | 920 | | | | 1,002,303 | |
| Orange Co CFD | | 5.25% | | 8/15/2045 | | NR | | | 1,000 | | | | 1,094,490 | |
| Poway USD PFA (BAM) | | 5.00% | | 9/1/2035 | | AA | | | 1,790 | | | | 1,989,549 | |
| River Islands PFA–CFD 2003 | | 5.50% | | 9/1/2045 | | NR | | | 500 | | | | 532,460 | |
| Roseville CFD–Westpark | | 5.00% | | 9/1/2031 | | NR | | | 1,000 | | | | 1,095,240 | |
| San Clemente Cmnty Facs | | 5.00% | | 9/1/2040 | | NR | | | 985 | | | | 1,061,830 | |
| San Diego Redev Agy–No Pk Redev | | 7.00% | | 11/1/2039 | | A | | | 1,000 | | | | 1,055,930 | |
| San Francisco Redev–Mission Bay North | | 6.75% | | 8/1/2041 | | A- | | | 1,000 | | | | 1,113,660 | |
| San Francisco Redev–Mission Bay South | | 6.625% | | 8/1/2039 | | BBB+ | | | 1,500 | | | | 1,560,885 | |
| San Mateo CFD–Bay Meadows | | 5.50% | | 9/1/2044 | | NR | | | 500 | | | | 539,680 | |
| Santa Cruz Redev Agy–Live Oak | | 6.625% | | 9/1/2029 | | NR | | | 500 | | | | 521,760 | |
| | See Notes to Financial Statements. | 123 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Special Tax (continued) | | | | | | | | | | | | | | |
| Santa Cruz Redev Agy–Live Oak | | 7.00% | | 9/1/2036 | | NR | | $ | 500 | | | $ | 523,450 | |
| Temecula Vly USD Fin Auth (BAM) | | 5.00% | | 9/1/2035 | | AA | | | 1,505 | | | | 1,667,359 | |
| Union City Redev Agy–Tax Alloc | | 6.875% | | 12/1/2033 | | A+ | | | 1,510 | | | | 1,741,574 | |
| Total | | | | | | | | | | | | | 20,739,859 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 1.71% | | | | | | | | | | | | | | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2024 | | Ca | | | 1,000 | | | | 492,500 | |
| PR Corp Sales Tax(f) | | 5.25% | | 8/1/2041 | | Ca | | | 1,525 | | | | 751,063 | |
| San Jose Spl Tax–Conv Ctr | | 6.125% | | 5/1/2031 | | A | | | 1,000 | | | | 1,097,130 | |
| Sonoma Marin Area Rail Rmkt | | 5.00% | | 3/1/2029 | | AA | | | 1,500 | | | | 1,651,410 | |
| Tustin CFD 06–1-Tust Leg/Colum Vil | | 5.00% | | 9/1/2037 | | BBB+ | | | 1,000 | | | | 1,108,210 | |
| Total | | | | | | | | | | | | | 5,100,313 | |
| | | | | | | | | | | | | | | |
| Tobacco 4.64% | | | | | | | | | | | | | | |
| CA Statewide Fin Auth–Tobacco Settlement | | Zero Coupon | | 6/1/2046 | | NR | | | 5,000 | | | | 906,250 | |
| Golden St Tobacco | | Zero Coupon | | 6/1/2047 | | CCC+ | | | 2,700 | | | | 473,040 | |
| Golden St Tobacco | | 5.00% | | 6/1/2029 | | BBB | | | 1,000 | | | | 1,128,760 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 1,250 | | | | 1,280,575 | |
| Golden St Tobacco | | 5.00% | | 6/1/2047 | | NR | | | 1,260 | | | | 1,290,819 | |
| Golden St Tobacco | | 5.25% | | 6/1/2047 | | NR | | | 1,250 | | | | 1,297,075 | |
| Inland Empire Tobacco† | | Zero Coupon | | 6/1/2057 | | NR | | | 3,000 | | | | 140,700 | |
| Inland Empire Tobacco | | 5.00% | | 6/1/2021 | | NR | | | 820 | | | | 820,295 | |
| LA Cnty Tobacco | | 5.70% | | 6/1/2046 | | B2 | | | 1,070 | | | | 1,072,119 | |
| LA Co Tobacco | | Zero Coupon | | 6/1/2046 | | NR | | | 2,140 | | | | 307,283 | |
| Nthrn CA Tobacco | | 5.50% | | 6/1/2045 | | B- | | | 1,115 | | | | 1,120,095 | |
| San Diego Tobacco Settlement | | 4.00% | | 6/1/2032 | | BBB | | | 980 | | | | 1,003,589 | |
| Silicon Valley Tobacco | | Zero Coupon | | 6/1/2041 | | NR | | | 5,000 | | | | 1,362,350 | |
| Silicon Valley Tobacco | | Zero Coupon | | 6/1/2056 | | NR | | | 2,000 | | | | 125,840 | |
| Sthrn CA Tobacco | | Zero Coupon | | 6/1/2046 | | CCC | | | 2,500 | | | | 419,225 | |
| Sthrn CA Tobacco | | Zero Coupon | | 6/1/2046 | | CCC | | | 2,500 | | | | 318,975 | |
| Sthrn CA Tobacco | | 5.00% | | 6/1/2037 | | BB+ | | | 805 | | | | 808,679 | |
| Total | | | | | | | | | | | | | 13,875,669 | |
| | | | | | | | | | | | | | | |
| Transportation 21.94% | | | | | | | | | | | | | | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2036 | | BBB+ | | | 1,500 | | | | 1,640,445 | |
| Alameda Corridor Trsp Auth | | 5.00% | | 10/1/2037 | | BBB+ | | | 1,000 | | | | 1,089,280 | |
| Alameda Corridor Trsp Auth (AGM) | | 5.00% | | 10/1/2029 | | AA | | | 1,425 | | | | 1,597,069 | |
| Bay Area Toll Auth | | 4.00% | | 4/1/2038 | | AA- | | | 2,000 | | | | 2,068,480 | |
| 124 | See Notes to Financial Statements. | |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| Bay Area Toll Auth | | 5.00% | | 4/1/2056 | | AA | | $ | 2,000 | | | $ | 2,220,420 | |
| CA Muni Fin Auth–LINXS AMT | | 4.00% | | 12/31/2047 | | BBB+ | (e) | | 3,385 | | | | 3,338,829 | |
| CA Muni Fin Auth–LINXS AMT | | 5.00% | | 12/31/2043 | | BBB+ | (e) | | 3,600 | | | | 3,936,600 | |
| CA Muni Fin Auth–LINXS AMT | | 5.00% | | 12/31/2047 | | BBB+ | (e) | | 1,000 | | | | 1,090,100 | |
| CA Muni Fin Auth–LINXS AMT | | 5.00% | | 6/1/2048 | | BBB+ | (e) | | 575 | | | | 629,372 | |
| Foothill / Eastern Corridor Toll Rd | | Zero Coupon | | 1/15/2033 | | A- | | | 1,500 | | | | 822,555 | |
| Foothill / Eastern Corridor Toll Rd | | 3.95% | #(c) | 1/15/2053 | | A- | | | 2,470 | | | | 2,406,422 | |
| Foothill / Eastern Corridor Toll Rd | | 5.50% | #(c) | 1/15/2053 | | A- | | | 250 | | | | 278,550 | |
| Foothill / Eastern Corridor Toll Rd | | 5.75% | | 1/15/2046 | | A- | | | 1,835 | | | | 2,074,137 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2049 | | A- | | | 4,285 | | | | 4,945,061 | |
| Foothill / Eastern Corridor Toll Rd | | 6.00% | | 1/15/2053 | | A- | | | 3,060 | | | | 3,524,875 | |
| Long Beach Harbor AMT | | 5.00% | | 5/15/2028 | | AA | | | 1,000 | | | | 1,137,890 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2041 | | AA | | | 1,000 | | | | 1,092,850 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2045 | | AA | | | 1,195 | | | | 1,303,004 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.00% | | 5/15/2046 | | AA- | | | 1,000 | | | | 1,093,230 | |
| Los Angeles Dept Arpts–LAX AMT | | 5.25% | | 5/15/2048 | | AA- | | | 2,000 | | | | 2,280,180 | |
| Los Angeles Harbor AMT | | 5.00% | | 8/1/2036 | | AA | | | 1,000 | | | | 1,110,170 | |
| Port Oakland AMT | | 5.125% | | 5/1/2031 | | A+ | | | 1,250 | | | | 1,317,050 | |
| Riverside Co Trsp Commn | | Zero Coupon | | 6/1/2028 | | BBB | | | 1,000 | | | | 693,070 | |
| Riverside Co Trsp Commn | | 5.75% | | 6/1/2048 | | BBB | | | 1,500 | | | | 1,648,050 | |
| Sacramento Co Arpt | | 5.00% | | 7/1/2041 | | A | | | 1,130 | | | | 1,263,600 | |
| San Diego Arpt AMT | | 5.00% | | 7/1/2047 | | NR | | | 2,000 | | | | 2,198,940 | |
| San Diego Arpt AMT | | 5.00% | | 7/1/2027 | | A+ | | | 1,000 | | | | 1,102,260 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2027 | | A+ | | | 1,430 | | | | 1,525,424 | |
| San Francisco Arpt AMT | | 5.00% | | 5/1/2040 | | A+ | | | 1,500 | | | | 1,640,955 | |
| San Francisco Muni Trans Agy | | 4.00% | | 3/1/2042 | | AA | | | 1,125 | | | | 1,154,914 | |
| San Francisco Port AMT | | 5.00% | | 3/1/2030 | | A1 | | | 1,415 | | | | 1,543,595 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2029 | | A- | | | 1,000 | | | | 1,109,530 | |
| San Joaquin Hills Trsp Corridor | | 5.00% | | 1/15/2050 | | A- | | | 4,585 | | | | 4,940,337 | |
| San Joaquin Hills Trsp Corridor | | 5.25% | | 1/15/2049 | | BBB+ | | | 930 | | | | 1,007,423 | |
| San Joaquin Hills Trsp Corridor (NPFGC)(FGIC) | | Zero Coupon | | 1/15/2036 | | Baa2 | | | 1,200 | | | | 587,964 | |
| San Jose Arpt AMT | | 5.00% | | 3/1/2047 | | A | | | 2,380 | | | | 2,610,908 | |
| San Jose Arpt AMT | | 6.25% | | 3/1/2034 | | A | | | 1,500 | | | | 1,644,990 | |
| Total | | | | | | | | | | | | | 65,668,529 | |
| | See Notes to Financial Statements. | 125 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Utilities 12.77% | | | | | | | | | | | | | | |
| Adelanto Util Sys (AGM) | | 5.00% | | 7/1/2039 | | AA | | $ | 500 | | | $ | 563,290 | |
| Casitas Muni Water Dist (BAM) | | 5.25% | | 9/1/2047 | | AA | | | 1,500 | | | | 1,720,500 | |
| Chula Vista IDR–San Diego G & E Rmkt | | 5.875% | | 1/1/2034 | | Aa3 | | | 1,000 | | | | 1,025,940 | |
| El Dorado Irrigation Dist (AGM) | | 5.25% | | 3/1/2039 | | AA | | | 750 | | | | 841,695 | |
| Guam Pwr Auth (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 705 | | | | 767,329 | |
| Guam Waterworks Auth | | 5.50% | | 7/1/2043 | | A- | | | 525 | | | | 565,052 | |
| Long Beach Nat Gas–ML | | 2.98%
(3 Mo. LIBOR* .67 + 1.43% | )# | 11/15/2026 | | A- | | | 1,000 | | | | 1,009,480 | |
| Long Beach Nat Gas–ML | | 5.25% | | 11/15/2020 | | A- | | | 1,505 | | | | 1,592,440 | |
| Long Beach Nat Gas–ML | | 5.50% | | 11/15/2037 | | A- | | | 2,140 | | | | 2,691,564 | |
| Los Angeles DWAP–Pwr Sys | | 5.25% | | 7/1/2037 | | AA | | | 1,500 | | | | 1,748,475 | |
| Los Angeles DWAP–Wtr Sys | | 5.00% | | 7/1/2032 | | AA+ | | | 1,000 | | | | 1,171,410 | |
| Los Angeles Wastewater | | 4.00% | | 6/1/2042 | | NR | | | 1,500 | | | | 1,552,170 | |
| Los Angeles Wastewater | | 5.00% | | 6/1/2044 | | AA+ | | | 1,000 | | | | 1,125,090 | |
| MSR Energy Auth–Citi | | 6.50% | | 11/1/2039 | | BBB+ | | | 2,305 | | | | 3,160,846 | |
| MSR Energy Auth–Citi | | 6.50% | | 11/1/2039 | | BBB+ | | | 1,000 | | | | 1,371,300 | |
| MSR Energy Auth–Citi | | 7.00% | | 11/1/2034 | | BBB+ | | | 2,500 | | | | 3,493,050 | |
| Northern CA Gas–Morgan Stanley | | 2.286%
(3 Mo. LIBOR* .67 + .72% | )# | 7/1/2027 | | A3 | | | 2,050 | | | | 2,006,007 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2024 | | Ca | | | 255 | | | | 167,663 | |
| PR Elec Pwr Auth(f) | | 5.25% | | 7/1/2033 | | Ca | | | 115 | | | | 75,613 | |
| PR Elec Pwr Auth(f) | | 7.00% | | 7/1/2040 | | Ca | | | 450 | | | | 297,000 | |
| Riverside Elec (AGM) | | 5.00% | | 10/1/2027 | | AA | | | 1,000 | | | | 1,015,320 | |
| Santa Maria Wtr & Wastewtr | | 5.00% | | 2/1/2027 | | AA- | | | 1,000 | | | | 1,086,730 | |
| Silicon Valley Clean Wtr | | 4.00% | | 8/1/2046 | | AA | | | 1,500 | | | | 1,551,945 | |
| Southern CA Pub Pwr Auth–Apex | | 5.00% | | 7/1/2038 | | AA | | | 1,000 | | | | 1,120,510 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 3.04%
(3 Mo. LIBOR* .67 + 1.47% | )# | 11/1/2038 | | A3 | | | 470 | | | | 442,585 | |
| Southern CA Pub Pwr Auth–Goldman Sachs | | 5.00% | | 11/1/2033 | | A3 | | | 3,110 | | | | 3,636,958 | |
| Stockton PFA–Wastewater (BAM) | | 5.00% | | 9/1/2029 | | AA | | | 1,000 | | | | 1,125,500 | |
| Valley Co Wtr Dist | | 4.50% | | 1/1/2048 | | NR | | | 1,225 | | | | 1,295,719 | |
| Total | | | | | | | | | | | | | 38,221,181 | |
| Total Municipal Bonds (cost $288,319,381) | | | | | | | | | 296,265,951 | |
| 126 | See Notes to Financial Statements. | |
Schedule of Investments (concluded)
CALIFORNIA TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate# | | Interest
Rate
Reset
Date(g) | | Final
Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENT 0.40% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.40% | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| General Obligation | | | | | | | | | | | | | | | | |
CA State GO
(cost $1,200,000) | | 1.20% | | 10/1/2018 | | 5/1/2034 | | AA+ | | $ | 1,200 | | | $ | 1,200,000 | |
| Total Investments in Securities 99.40% (cost $289,519,381) | | | | | | | | | | | | | 297,465,951 | |
| Cash and Other Assets in Excess of Liabilities 0.60% | | | | | | | 1,794,633 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 299,260,584 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | – | | | | $296,265,951 | | | $ | – | | | | $296,265,951 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes | | | – | | | | 1,200,000 | | | | – | | | | 1,200,000 | |
| Total | | $ | – | | | | $297,465,951 | | | $ | – | | | | $297,465,951 | |
| | (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, 2018. |
| | See Notes to Financial Statements. | 127 |
Schedule of Investments
NEW JERSEY TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 97.30% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 4.48% | | | | | | | | | | | | | | |
| Gloucester Co Poll Ctl–Logan AMT | | 5.00% | | 12/1/2024 | | BBB- | | $ | 250 | | | $ | 267,185 | |
| NJ EDA–Continental Airlines AMT | | 5.25% | | 9/15/2029 | | BB | | | 1,425 | | | | 1,539,627 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 4/1/2028 | | BB | | | 320 | | | | 320,538 | |
| NJ EDA–Continental Airlines AMT | | 5.50% | | 6/1/2033 | | BB | | | 350 | | | | 384,265 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 7/1/2023 | | BBB- | | | 70 | | | | 77,224 | |
| NJ EDA–Goethals Brdg AMT | | 5.00% | | 1/1/2028 | | BBB- | | | 100 | | | | 108,929 | |
| NJ EDA–Goethals Brdg AMT (AGM) | | 5.00% | | 1/1/2031 | | AA | | | 190 | | | | 207,349 | |
| Salem Co Poll Ctl–Chambers AMT | | 5.00% | | 12/1/2023 | | BBB- | | | 1,300 | | | | 1,383,746 | |
| Total | | | | | | | | | | | | | 4,288,863 | |
| | | | | | | | | | | | | | | |
| Education 8.50% | | | | | | | | | | | | | | |
| NJ Ed Facs–Kean Univ (AGM) | | 5.00% | | 7/1/2027 | | AA | | | 325 | | | | 367,390 | |
| NJ Ed Facs–NJ City Univ (AGM) | | 5.00% | | 7/1/2030 | | AA | | | 435 | | | | 493,116 | |
| NJ Ed Facs–Princeton Univ | | 5.00% | | 7/1/2025 | | AAA | | | 420 | | | | 480,950 | |
| NJ Ed Facs–Rider Univ | | 5.00% | | 7/1/2047 | | Baa2 | | | 500 | | | | 529,375 | |
| NJ Ed Facs–Stockton Univ | | 5.00% | | 7/1/2041 | | Baa1 | | | 800 | | | | 852,792 | |
| NJ Ed Facs–William Paterson Univ (BAM) | | 5.00% | | 7/1/2027 | | AA | | | 500 | | | | 573,485 | |
| NJ Ed Facs–William Patterson Univ | | 5.00% | | 7/1/2024 | | A2 | | | 295 | | | | 330,385 | |
| NJ EDA–Montclair St Univ (AGM) | | 5.00% | | 6/1/2042 | | AA | | | 500 | | | | 541,995 | |
| NJ Higher Ed Assistance Auth AMT | | 4.125% | | 12/1/2024 | | Aaa | | | 610 | | | | 625,341 | |
| NJ Higher Ed Assistance Auth AMT | | 5.00% | | 12/1/2021 | | Aaa | | | 1,000 | | | | 1,073,040 | |
| NJ Higher Ed Assistance Auth AMT | | 5.00% | | 12/1/2022 | | Aaa | | | 750 | | | | 815,940 | |
| Rutgers State Univ | | 5.00% | | 5/1/2028 | | Aa3 | | | 300 | | | | 355,950 | |
| Rutgers State Univ | | 5.00% | | 5/1/2034 | | Aa3 | | | 500 | | | | 564,810 | |
| Seton Hall Univ | | 5.00% | | 7/1/2034 | | A- | | | 325 | | | | 361,543 | |
| Seton Hall Univ | | 5.00% | | 7/1/2036 | | A- | | | 150 | | | | 165,788 | |
| Total | | | | | | | | | | | | | 8,131,900 | |
| | | | | | | | | | | | | | | |
| Financial Services 0.24% | | | | | | | | | | | | | | |
| NJ Higher Ed Assistance Auth AMT | | 5.00% | | 12/1/2028 | | Aaa | | | 200 | | | | 225,282 | |
| | | | | | | | | | | | | | | |
| General Obligation 7.48% | | | | | | | | | | | | | | |
| Atlantic City GO (AGM) | | 5.00% | | 3/1/2037 | | AA | | | 500 | | | | 546,990 | |
| Atlantic City GO (BAM) | | 5.00% | | 3/1/2042 | | AA | | | 500 | | | | 540,975 | |
| Essex Co Impt Auth–Covanta AMT† | | 5.25% | | 7/1/2045 | | BB- | | | 400 | | | | 402,752 | |
| Hudson Co Impt Auth–Solid Waste GTD | | 5.75% | | 1/1/2035 | | Aa3 | | | 1,340 | | | | 1,398,330 | |
| Jersey City GO | | 5.00% | | 11/1/2033 | | AA- | | | 115 | | | | 131,881 | |
| 128 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| Jersey City GO | | 5.00% | | 11/1/2037 | | AA- | | $ | 100 | | | $ | 112,908 | |
| New Jersey St Various Purp | | 5.00% | | 6/1/2027 | | A- | | | 185 | | | | 209,098 | |
| Newark Hsg Auth–Port Newark | | 4.00% | | 1/1/2037 | | AA- | | | 500 | | | | 514,870 | |
| NJ Ed Facs–Seton Hall Univ | | 5.00% | | 7/1/2042 | | A- | | | 400 | | | | 440,736 | |
| NJ State GO | | 5.00% | | 6/1/2023 | | A- | | | 350 | | | | 386,820 | |
| NJ State GO | | 5.00% | | 6/1/2027 | | A- | | | 680 | | | | 777,478 | |
| PR Comwlth GO(f) | | 5.375% | | 7/1/2030 | | Ca | | | 1,000 | | | | 580,000 | |
| PR Comwlth GO(f) | | 5.625% | | 7/1/2032 | | Ca | | | 100 | | | | 58,000 | |
| Union Co Util Auth–Covanta GTD AMT | | 4.75% | | 12/1/2031 | | AA+ | | | 1,000 | | | | 1,060,800 | |
| Total | | | | | | | | | | | | | 7,161,638 | |
| | | | | | | | | | | | | | | |
| Health Care 11.93% | | | | | | | | | | | | | | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2030 | | BBB+ | | | 500 | | | | 537,415 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.00% | | 2/15/2032 | | BBB+ | | | 500 | | | | 533,880 | |
| Camden Co Impt Auth–Cooper Hlth | | 5.75% | | 2/15/2042 | | BBB+ | | | 425 | | | | 457,878 | |
| NJ EDA–Lions Gate | | 5.25% | | 1/1/2044 | | NR | | | 245 | | | | 252,446 | |
| NJ Hlth–AHS Hsp Corp | | 5.00% | | 7/1/2030 | | AA- | | | 105 | | | | 120,321 | |
| NJ Hlth–AHS Hsp Corp | | 5.00% | | 7/1/2031 | | AA- | | | 100 | | | | 114,120 | |
| NJ Hlth–Hackensack Meridian Hlth | | 5.00% | | 7/1/2027 | | AA- | | | 300 | | | | 352,659 | |
| NJ Hlth–Hackensack Meridian Hlth | | 5.00% | | 7/1/2029 | | AA- | | | 620 | | | | 723,056 | |
| NJ Hlth–Hackensack Meridian Hlth | | 5.00% | | 7/1/2031 | | AA- | | | 605 | | | | 699,979 | |
| NJ Hlth–Hackensack Meridian Hlth | | 5.00% | | 7/1/2033 | | AA- | | | 250 | | | | 287,377 | |
| NJ Hlth–Hunterdon Med Ctr | | 5.00% | | 7/1/2034 | | A- | | | 500 | | | | 542,505 | |
| NJ Hlth–Inspira Hlth | | 5.00% | | 7/1/2034 | | A2 | | | 250 | | | | 277,030 | |
| NJ Hlth–Inspira Hlth | | 5.00% | | 7/1/2042 | | A2 | | | 500 | | | | 551,705 | |
| NJ Hlth–Princeton Hlth | | 5.00% | | 7/1/2039 | | AA | | | 1,000 | | | | 1,113,880 | |
| NJ Hlth–Robert Wood Hsp | | 5.25% | | 7/1/2028 | | A+ | | | 500 | | | | 557,375 | |
| NJ Hlth–RWJ Barnabas | | 5.00% | | 7/1/2033 | | A+ | | | 1,000 | | | | 1,127,720 | |
| NJ Hlth–RWJ Barnabas | | 5.00% | | 7/1/2043 | | A+ | | | 825 | | | | 916,575 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2027 | | BBB- | | | 100 | | | | 110,311 | |
| NJ Hlth–St Josephs Hlth | | 5.00% | | 7/1/2041 | | BBB- | | | 750 | | | | 790,807 | |
| NJ Hlth–Trinitas Hsp | | 5.00% | | 7/1/2030 | | BBB | | | 245 | | | | 270,086 | |
| NJ Hlth–Univ Hosp (AGM) | | 5.00% | | 7/1/2046 | | AA | | | 1,000 | | | | 1,083,150 | |
| Total | | | | | | | | | | | | | 11,420,275 | |
| | | | | | | | | | | | | | | |
| Housing 1.31% | | | | | | | | | | | | | | |
| NJ EDA–Rowan Univ Pptys | | 5.00% | | 1/1/2035 | | BBB- | | | 1,000 | | | | 1,058,700 | |
| NJ Hsg and Mtg Fin Auth AMT | | 3.80% | | 10/1/2032 | | AA | | | 200 | | | | 197,222 | |
| Total | | | | | | | | | | | | | 1,255,922 | |
| | See Notes to Financial Statements. | 129 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Lease Obligations 21.19% | | | | | | | | | | | | | | |
| Essex Co Impt Auth–Newark | | 6.25% | | 11/1/2030 | | Baa3 | | $ | 750 | | | $ | 781,207 | |
| Gloucester Co Impt Auth–Rowan Univ (AGM) | | 5.00% | | 11/1/2029 | | AA | | | 250 | | | | 284,100 | |
| Gloucester Co Impt Auth–Rowan Univ (AGM) | | 5.00% | | 11/1/2030 | | AA | | | 250 | | | | 283,145 | |
| NJ Ed Facs–Higher Ed Cap Impt | | 5.00% | | 9/1/2024 | | BBB+ | | | 125 | | | | 137,174 | |
| NJ Ed Facs–Higher Ed Cap Impt | | 5.00% | | 9/1/2026 | | BBB+ | | | 210 | | | | 228,092 | |
| NJ Ed Facs–Higher Ed Cap Impt | | 5.00% | | 9/1/2033 | | BBB+ | | | 1,035 | | | | 1,101,892 | |
| NJ Ed Facs–Higher Ed Cap Impt | | 5.00% | | 9/1/2036 | | BBB+ | | | 500 | | | | 535,365 | |
| NJ Ed Facs–Higher Ed Cap Impt | | 5.50% | | 9/1/2033 | | BBB+ | | | 410 | | | | 460,815 | |
| NJ EDA–Bldgs | | 5.00% | | 6/15/2047 | | BBB+ | | | 500 | | | | 529,455 | |
| NJ EDA–Goethals Brdg AMT | | 5.375% | | 1/1/2043 | | BBB- | | | 1,450 | | | | 1,568,378 | |
| NJ EDA–Goethals Brdg AMT | | 5.625% | | 1/1/2052 | | BBB- | | | 210 | | | | 229,106 | |
| NJ EDA–Motor Vehicle Surcharge Sub Rev | | 5.00% | | 7/1/2033 | | BBB+ | | | 500 | | | | 545,045 | |
| NJ EDA–Sch Facs | | 4.00% | | 6/15/2030 | | BBB+ | | | 500 | | | | 500,990 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2023 | | BBB+ | | | 110 | | | | 118,887 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2024 | | BBB+ | | | 190 | | | | 207,794 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2025 | | BBB+ | | | 195 | | | | 209,670 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2026 | | BBB+ | | | 1,260 | | | | 1,349,951 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2026 | | BBB+ | | | 125 | | | | 137,443 | |
| NJ EDA–Sch Facs | | 5.00% | | 11/1/2027 | | BBB+ | | | 90 | | | | 100,347 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2028 | | BBB+ | | | 240 | | | | 255,305 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2029 | | A- | (e) | | 500 | | | | 554,240 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2030 | | BBB+ | | | 130 | | | | 139,231 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2031 | | BBB+ | | | 525 | | | | 560,605 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2034 | | BBB+ | | | 205 | | | | 217,280 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2035 | | BBB+ | | | 725 | | | | 755,537 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2035 | | BBB+ | | | 570 | | | | 614,038 | |
| NJ EDA–Sch Facs | | 5.00% | | 6/15/2042 | | A- | (e) | | 300 | | | | 318,450 | |
| NJ EDA–Sch Facs | | 5.25% | | 9/1/2026 | | BBB+ | | | 405 | | | | 425,380 | |
| NJ EDA–Transit Proj | | 5.00% | | 11/1/2025 | | BBB+ | | | 500 | | | | 555,265 | |
| NJ Hlth–Hsp Asset Trans | | 5.00% | | 10/1/2038 | | BBB+ | | | 500 | | | | 537,960 | |
| NJ Hlth–Hsp Asset Trans | | 5.75% | | 10/1/2031 | | BBB+ | | | 1,130 | | | | 1,170,951 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2031 | | BBB+ | | | 1,500 | | | | 838,935 | |
| NJ Trans Trust Fund | | Zero Coupon | | 12/15/2038 | | BBB+ | | | 1,000 | | | | 379,790 | |
| NJ Trans Trust Fund | | 4.75% | | 6/15/2038 | | BBB+ | | | 735 | | | | 759,659 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2030 | | A+ | | | 500 | | | | 551,295 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2031 | | A+ | | | 400 | | | | 439,052 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2036 | | BBB+ | | | 270 | | | | 282,752 | |
| 130 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2018
| 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 | | 5.00% | | 6/15/2038 | | BBB+ | | $ | 1,230 | | | $ | 1,290,811 | |
| NJ Trans Trust Fund | | 5.25% | | 6/15/2041 | | BBB+ | | | 205 | | | | 220,297 | |
| PR Infra Fin Auth–Mepsi Campus(f) | | 6.50% | | 10/1/2037 | | NR | | | 500 | | | | 101,250 | |
| Total | | | | | | | | | | | | | 20,276,939 | |
| | | | | | | | | | | | | | | |
| Other Revenue 0.76% | | | | | | | | | | | | | | |
| Middlesex Co Impt Auth–Heldrich Ctr(f) | | 6.25% | | 1/1/2037 | | NR | | | 1,300 | | | | 13,650 | |
| NJ EDA–Bancroft Neuro | | 5.00% | | 6/1/2041 | | NR | | | 350 | | | | 359,846 | |
| NJ EDA–Sch Facs | | 5.00% | | 3/1/2027 | | BBB+ | | | 330 | | | | 351,740 | |
| Total | | | | | | | | | | | | | 725,236 | |
| | | | | | | | | | | | | | | |
| Special Tax 0.81% | | | | | | | | | | | | | | |
| NJ EDA–Kapkowski Rd Landfill | | 6.50% | | 4/1/2028 | | Ba2 | | | 675 | | | | 778,120 | |
| | | | | | | | | | | | | | | |
| Tax Revenue 5.15% | | | | | | | | | | | | | | |
| Casino Reinv Dev Auth | | 5.25% | | 11/1/2039 | | BBB+ | | | 515 | | | | 549,428 | |
| Casino Reinv Dev Auth (AGM) | | 5.00% | | 11/1/2032 | | AA | | | 500 | | | | 533,685 | |
| Garden St Preservation Trust (AGM) | | 5.75% | | 11/1/2028 | | AA | | | 1,205 | | | | 1,408,850 | |
| NJ EDA–Cigarette Tax | | 4.25% | | 6/15/2027 | | BBB+ | | | 550 | | | | 565,147 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2024 | | BBB+ | | | 845 | | | | 904,082 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2025 | | BBB+ | | | 330 | | | | 351,998 | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2029 | | BBB+ | | | 120 | | | | 126,578 | |
| PR Corp Sales Tax(f) | | 5.00% | | 8/1/2035 | | Ca | | | 1,000 | | | | 492,500 | |
| Total | | | | | | | | | | | | | 4,932,268 | |
| | | | | | | | | | | | | | | |
| Tobacco 4.64% | | | | | | | | | | | | | | |
| NJ EDA–Cigarette Tax | | 5.00% | | 6/15/2026 | | BBB+ | | | 1,025 | | | | 1,090,005 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB+ | | | 125 | | | | 134,413 | |
| Tobacco Settlement Fin Corp NJ | | 5.00% | | 6/1/2046 | | BBB | | | 2,000 | | | | 2,112,880 | |
| Tobacco Settlement Fin Corp NJ | | 5.25% | | 6/1/2046 | | BBB+ | | | 1,000 | | | | 1,099,320 | |
| Total | | | | | | | | | | | | | 4,436,618 | |
| | | | | | | | | | | | | | | |
| Transportation 25.41% | | | | | | | | | | | | | | |
| DE River Jt Toll Brdg Commn | | 5.00% | | 7/1/2029 | | A1 | | | 300 | | | | 341,694 | |
| Delaware River & Bay Auth | | 5.00% | | 1/1/2042 | | A1 | | | 1,025 | | | | 1,102,316 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2022 | | A- | | | 1,115 | | | | 1,203,910 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2024 | | A- | | | 360 | | | | 393,455 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2028 | | A | | | 525 | | | | 585,590 | |
| Delaware River Port Auth | | 5.00% | | 1/1/2034 | | A | | | 505 | | | | 558,065 | |
| Delaware River Toll Brdg Commn | | 5.00% | | 7/1/2030 | | A1 | | | 250 | | | | 290,923 | |
| | See Notes to Financial Statements. | 131 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| NJ EDA–Port Newark AMT | | 5.00% | | 10/1/2047 | | Ba1 | | $ | 750 | | | $ | 793,418 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2027 | | A2 | | | 100 | | | | 116,899 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2030 | | NR | | | 510 | | | | 587,632 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2030 | | A+ | | | 500 | | | | 582,405 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2033 | | A+ | | | 1,285 | | | | 1,424,705 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2033 | | A+ | | | 540 | | | | 620,509 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2034 | | A+ | | | 510 | | | | 565,850 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2034 | | A+ | | | 535 | | | | 606,369 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2035 | | A+ | | | 500 | | | | 558,465 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2037 | | NR | | | 300 | | | | 338,814 | |
| NJ Tpk Auth | | 5.00% | | 1/1/2040 | | A+ | | | 100 | | | | 112,177 | |
| NJ Tpk Auth (AGM) | | 5.25% | | 1/1/2028 | | AA | | | 810 | | | | 973,580 | |
| NJ Trans Trust Fund | | 5.00% | | 6/15/2028 | | A+ | | | 1,000 | | | | 1,111,160 | |
| NJ Trans Trust Fund | | 6.00% | | 6/15/2035 | | BBB+ | | | 2,025 | | | | 2,187,506 | |
| Port Auth NY & NJ | | 4.00% | | 9/1/2043 | | AA- | | | 850 | | | | 871,692 | |
| Port Auth NY & NJ | | 5.00% | | 12/1/2025 | | AA- | | | 865 | | | | 957,927 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2026 | | AA- | | | 530 | | | | 616,115 | |
| Port Auth NY & NJ | | 5.00% | | 5/1/2027 | | AA- | | | 500 | | | | 574,425 | |
| Port Auth NY & NJ | | 5.00% | | 11/15/2033 | | AA- | | | 500 | | | | 578,385 | |
| Port Auth NY & NJ | | 5.00% | | 10/15/2035 | | AA- | | | 500 | | | | 569,960 | |
| Port Auth NY & NJ | | 5.00% | | 7/15/2038 | | AA- | | | 400 | | | | 457,896 | |
| Port Auth NY & NJ | | 5.00% | | 11/15/2047 | | AA- | | | 550 | | | | 620,323 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2036 | | Baa1 | | | 160 | | | | 173,411 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2042 | | Baa1 | | | 80 | | | | 86,564 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2042 | | AA | | | 455 | | | | 488,524 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2029 | | AA- | | | 100 | | | | 115,286 | |
| Port Auth NY & NJ AMT | | 5.00% | | 11/15/2032 | | AA- | | | 500 | | | | 564,270 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2033 | | AA- | | | 350 | | | | 396,151 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2036 | | AA- | | | 1,000 | | | | 1,098,650 | |
| South Jersey Port Corp AMT | | 5.00% | | 1/1/2048 | | Baa1 | | | 500 | | | | 533,520 | |
| South Jersey Trans Auth | | 5.00% | | 11/1/2039 | | BBB+ | | | 515 | | | | 554,047 | |
| Total | | | | | | | | | | | | | 24,312,588 | |
| | | | | | | | | | | | | | | |
| Utilities 5.40% | | | | | | | | | | | | | | |
| Guam Pwr Auth (AGM) | | 5.00% | | 10/1/2034 | | AA | | | 400 | | | | 435,364 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2036 | | A- | | | 100 | | | | 108,752 | |
| NJ EDA–UMM Energy AMT | | 4.75% | | 6/15/2032 | | Baa3 | | | 1,000 | | | | 1,027,250 | |
| NJ Infra Bank–NJ–Am Wtr Co AMT | | 4.00% | | 9/1/2047 | | AAA | | | 1,000 | | | | 1,005,940 | |
| 132 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Utilities (continued) | | | | | | | | | | | | | | |
| NJ Tpk Auth | | 5.00% | | 1/1/2031 | | A+ | | $ | 500 | | | $ | 579,770 | |
| Passaic Valley Swr (NPFGC)(FGIC) | | 2.50% | | 12/1/2032 | | A3 | | | 745 | | | | 648,619 | |
| PR Aqueduct & Swr Auth | | 6.00% | | 7/1/2044 | | Ca | | | 150 | | | | 144,937 | |
| PR Elec Pwr Auth(f) | | 5.00% | | 7/1/2037 | | Ca | | | 110 | | | | 72,325 | |
| PR Elec Pwr Auth(f) | | 5.75% | | 7/1/2036 | | Ca | | | 75 | | | | 49,313 | |
| PR Elec Pwr Auth(f) | | 7.00% | | 7/1/2040 | | Ca | | | 100 | | | | 66,000 | |
| Salem Co Poll Ctl–Atlantic City Elec | | 4.875% | | 6/1/2029 | | A | | | 1,000 | | | | 1,031,990 | |
| Total | | | | | | | | | | | | | 5,170,260 | |
| Total Municipal Bonds (cost $94,418,377) | | | | | | | | | | | | | 93,115,909 | |
| | | Interest
Rate# | | Interest
Rate
Reset
Date(g) | | Final
Maturity
Date | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS 1.10% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 1.10% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Health Care | | | | | | | | | | | | | | | | |
| NJ Hlth–Virtua Hlth | | 1.40% | | 10/1/2018 | | 7/1/2043 | | AA+ | | | 950 | | | | 950,000 | |
| NJ Hlth–Virtua Hlth | | 1.50% | | 10/1/2018 | | 7/1/2043 | | AA+ | | | 100 | | | | 100,000 | |
| Total | | | | | | | | | | | | | | | 1,050,000 | |
| Total Short-Term Investments (cost $1,050,000) | | | | | | | | | | | 1,050,000 | |
| Total Investments in Securities 98.40% (cost $95,468,377) | | | | | | | | | | | 94,165,909 | |
| Cash and Other Assets in Excess of Liabilities(h) 1.60% | | | | | | | | | | | 1,533,739 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 95,699,648 | |
Open Futures Contracts at September 30, 2018:
| Type | | Expiration | | Contracts | | Position | | Notional
Amount | | | Notional
Value | | | Unrealized
Appreciation | |
| U.S. Long Bond | | December 2018 | | 4 | | Short | | | $(576,462) | | | | $(562,000) | | | | $14,462 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
| | See Notes to Financial Statements. | 133 |
Schedule of Investments (concluded)
NEW JERSEY TAX FREE FUND September 30, 2018
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | – | | | $ | 93,115,909 | | | $ | – | | | $ | 93,115,909 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes | | | – | | | | 1,050,000 | | | | – | | | | 1,050,000 | |
| Total | | $ | – | | | $ | 94,165,909 | | | $ | – | | | $ | 94,165,909 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 14,462 | | | $ | – | | | $ | – | | | $ | 14,462 | |
| Liabilities | | | – | | | | – | | | | – | | | | – | |
| Total | | $ | 14,462 | | | $ | – | | | $ | – | | | $ | 14,462 | |
| | (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, 2018. |
| 134 | See Notes to Financial Statements. |
Schedule of Investments
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| MUNICIPAL BONDS 98.49% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Corporate-Backed 9.29% | | | | | | | | | | | | | | |
| Build NYC Res Corp–Pratt Paper AMT† | | 4.50% | | 1/1/2025 | | NR | | $ | 250 | | | $ | 270,468 | |
| Build NYC Res Corp–Pratt Paper AMT† | | 5.00% | | 1/1/2035 | | NR | | | 250 | | | | 265,815 | |
| JFK IAT–American Airlines AMT | | 5.00% | | 8/1/2031 | | BB- | | | 3,500 | | | | 3,636,325 | |
| Liberty Dev Corp–Goldman Sachs | | 5.25% | | 10/1/2035 | | A3 | | | 5,485 | | | | 6,675,245 | |
| Liberty Dev Corp–Goldman Sachs | | 5.50% | | 10/1/2037 | | A3 | | | 2,225 | | | | 2,781,962 | |
| Niagara Area Dev Corp–Covanta AMT† | | 4.75% | | 11/1/2042 | | B1 | | | 1,750 | | | | 1,751,347 | |
| NY Liberty Dev Corp–3 WTC† | | 5.00% | | 11/15/2044 | | NR | | | 5,975 | | | | 6,217,226 | |
| NY Liberty Dev Corp–3 WTC† | | 7.25% | | 11/15/2044 | | NR | | | 500 | | | | 589,780 | |
| NY Liberty Dev Corp–7 WTC | | 5.00% | | 9/15/2040 | | Aaa | | | 1,015 | | | | 1,099,824 | |
| NY Liberty Dev Corp–BoA Tower | | 5.625% | | 7/15/2047 | | AA | | | 2,685 | | | | 2,804,375 | |
| NYC Cap Res–Arthur Mgmt | | 7.00% | | 8/1/2025 | | NR | | | 1,030 | | | | 1,054,833 | |
| NYC IDA–TRIPS AMT | | 5.00% | | 7/1/2028 | | BBB | | | 1,825 | | | | 1,934,755 | |
| NYC IDA–Yankee Stadium (FGIC) | | 4.50% | | 3/1/2039 | | Baa1 | | | 1,525 | | | | 1,525,961 | |
| Onondaga Co IDA–Bristol Meyers AMT | | 5.75% | | 3/1/2024 | | A+ | | | 1,025 | | | | 1,182,010 | |
| Total | | | | | | | | | | | | | 31,789,926 | |
| | | | | | | | | | | | | | | |
| Education 11.21% | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Buffalo State College | | 5.75% | | 10/1/2026 | | A+ | | | 1,350 | | | | 1,469,272 | |
| Build NYC Res Corp–Manhattan Clg | | 5.00% | | 8/1/2033 | | A- | | | 1,125 | | | | 1,267,661 | |
| Build NYC Res Corp–NY Law | | 5.00% | | 7/1/2041 | | BBB- | | | 1,000 | | | | 1,053,950 | |
| Build NYC Res Corp–Packer Collegiate | | 5.00% | | 6/1/2040 | | A2 | | | 1,000 | | | | 1,089,660 | |
| Dutchess Co LDC–Anderson Ctr | | 6.00% | | 10/1/2030 | | BB+ | | | 825 | | | | 845,848 | |
| Dutchess Co LDC–Culinary Institute | | 5.00% | | 7/1/2033 | | Baa2 | | | 200 | | | | 220,908 | |
| Dutchess Co LDC–Culinary Institute | | 5.00% | | 7/1/2041 | | Baa2 | | | 200 | | | | 216,662 | |
| Dutchess Co LDC–Culinary Institute | | 5.00% | | 7/1/2046 | | Baa2 | | | 275 | | | | 296,951 | |
| Dutchess Co LDC–Vassar College | | 5.00% | | 7/1/2034 | | Aa3 | | | 250 | | | | 285,315 | |
| Hempstead Town LDC–Hofstra Univ | | 5.00% | | 7/1/2042 | | A | | | 500 | | | | 554,475 | |
| Hempstead Town LDC–Molloy Clg | | 5.00% | | 7/1/2034 | | BBB | | | 825 | | | | 904,480 | |
| Hempstead Town LDC–Molloy Clg | | 5.00% | | 7/1/2037 | | BBB | | | 630 | | | | 683,336 | |
| Hempstead Town LDC–Molloy Clg | | 5.00% | | 7/1/2039 | | BBB | | | 500 | | | | 540,400 | |
| Monroe Co IDA–Univ of Rochester | | 5.00% | | 7/1/2031 | | AA- | | | 350 | | | | 407,291 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2028 | | BBB | | | 205 | | | | 224,487 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2029 | | BBB | | | 250 | | | | 272,508 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2030 | | BBB | | | 220 | | | | 239,254 | |
| New Rochelle LDC–Iona Clg | | 5.00% | | 7/1/2031 | | BBB | | | 200 | | | | 216,880 | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2028 | | A1 | | | 500 | | | | 570,150 | |
| | See Notes to Financial Statements. | 135 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Education (continued) | | | | | | | | | | | | | | |
| NY Dorm–Barnard Clg | | 5.00% | | 7/1/2029 | | A1 | | $ | 1,600 | | | $ | 1,822,368 | |
| NY Dorm–Cornell Univ | | 5.00% | | 7/1/2040 | | Aa1 | | | 1,000 | | | | 1,044,720 | |
| NY Dorm–Fordham Univ | | 5.00% | | 7/1/2035 | | A | | | 550 | | | | 617,430 | |
| NY Dorm–Long Island Univ | | 5.00% | | 9/1/2026 | | BBB | | | 1,000 | | | | 1,072,550 | |
| NY Dorm–Mt Sinai Sch Med | | 5.00% | | 7/1/2040 | | A- | | | 2,000 | | | | 2,187,600 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2028 | | Aa2 | | | 1,000 | | | | 1,185,790 | |
| NY Dorm–NYU | | 5.00% | | 7/1/2029 | | Aa2 | | | 1,000 | | | | 1,177,240 | |
| NY Dorm–Pace Univ | | 4.00% | | 5/1/2022 | | NR | | | 25 | | | | 26,755 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | NR | | | 20 | | | | 22,567 | |
| NY Dorm–Pace Univ | | 5.00% | | 5/1/2023 | | BBB- | | | 880 | | | | 967,041 | |
| NY Dorm–Pratt Institute | | 5.00% | | 7/1/2034 | | A3 | | | 1,035 | | | | 1,134,319 | |
| NY Dorm–Pratt Institute | | 5.00% | | 7/1/2039 | | A3 | | | 1,010 | | | | 1,115,585 | |
| NY Dorm–St Johns Univ | | 5.00% | | 7/1/2027 | | A- | | | 250 | | | | 284,745 | |
| NY Dorm–St Johns Univ | | 5.00% | | 7/1/2037 | | A- | | | 1,000 | | | | 1,103,940 | |
| NY Dorm–SUNY Empire Commons | | 5.00% | | 5/1/2030 | | A | | | 350 | | | | 395,367 | |
| NY Dorm–SUNY Empire Commons | | 5.00% | | 5/1/2032 | | A | | | 250 | | | | 280,608 | |
| NY Dorm–The New School | | 5.00% | | 7/1/2028 | | A- | | | 780 | | | | 894,418 | |
| NY Dorm–Touro Clg | | 5.00% | | 1/1/2047 | | BBB- | (e) | | 1,500 | | | | 1,598,175 | |
| NY Dorm–Touro Clg | | 5.25% | | 1/1/2034 | | BBB- | (e) | | 1,175 | | | | 1,274,781 | |
| NY St Dorm Auth–PIT | | 5.00% | | 2/15/2041 | | AAA | | | 3,000 | | | | 3,369,660 | |
| Onondaga CDC–Upstate Prop Dev | | 5.50% | | 12/1/2031 | | A+ | | | 1,000 | | | | 1,092,590 | |
| St Lawrence IDA–Clarkson Univ | | 6.00% | | 9/1/2034 | | A3 | | | 1,625 | | | | 1,781,910 | |
| Troy Cap Res Corp–RPI | | 5.00% | | 8/1/2032 | | A3 | | | 1,380 | | | | 1,539,197 | |
| Univ of Rochester | | 4.00% | | 7/1/2043 | | AA- | | | 1,000 | | | | 1,022,950 | |
| Total | | | | | | | | | | | | | 38,371,794 | |
| |
| General Obligation 6.42% | | | | | | | | | | | | | | |
| Erie CO GO | | 5.00% | | 9/15/2028 | | AA- | | | 275 | | | | 312,793 | |
| Jefferson Co–Samaritan Med Ctr | | 5.00% | | 11/1/2037 | | BBB- | | | 2,000 | | | | 2,157,280 | |
| NY Dorm–Sch Dist (AGM) | | 5.00% | | 10/1/2027 | | AA | | | 1,000 | | | | 1,125,970 | |
| NYC GO | | 5.00% | | 8/1/2026 | | AA | | | 1,750 | | | | 2,015,965 | |
| NYC GO | | 5.00% | | 8/1/2026 | | AA | | | 1,000 | | | | 1,167,470 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 1,700 | | | | 1,940,941 | |
| NYC GO | | 5.00% | | 8/1/2027 | | AA | | | 1,410 | | | | 1,541,736 | |
| NYC GO | | 5.00% | | 8/1/2029 | | AA | | | 3,000 | | | | 3,477,090 | |
| NYC GO | | 5.00% | | 10/1/2034 | | AA | | | 1,500 | | | | 1,634,640 | |
| NYC GO | | 5.00% | | 10/1/2039 | | AA | | | 1,000 | | | | 1,128,920 | |
| NYC GO | | 5.00% | | 4/1/2045 | | AA | | | 1,000 | | | | 1,126,340 | |
| 136 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| General Obligation (continued) | | | | | | | | | | | | | | |
| PR Comwlth GO(f) | | 5.00% | | 7/1/2027 | | Ca | | $ | 65 | | | $ | 38,513 | |
| PR Comwlth GO(f) | | 5.125% | | 7/1/2028 | | Ca | | | 155 | | | | 91,838 | |
| PR Comwlth GO(f) | | 5.375% | | 7/1/2030 | | Ca | | | 4,185 | | | | 2,427,300 | |
| PR Comwlth GO(f) | | 5.50% | | 7/1/2027 | | Ca | | | 60 | | | | 34,800 | |
| PR Comwlth GO(f) | | 6.125% | | 7/1/2033 | | Ca | | | 170 | | | | 98,600 | |
| Suffolk Co GO (AGM) | | 5.00% | | 2/1/2025 | | AA | | | 1,460 | | | | 1,662,356 | |
| Total | | | | | | | | | | | | | 21,982,552 | |
| |
| Health Care 9.85% | | | | | | | | | | | | | | |
| Buffalo & Erie IDC–Catholic Hlth | | 5.00% | | 7/1/2025 | | BBB+ | | | 300 | | | | 340,308 | |
| Buffalo & Erie IDC–Orchard Park | | 5.00% | | 11/15/2037 | | BBB- | (e) | | 1,000 | | | | 1,062,650 | |
| Dutchess Co LDC–Health Quest | | 5.00% | | 7/1/2034 | | A- | | | 500 | | | | 546,330 | |
| Dutchess Co LDC–Health Quest | | 5.00% | | 7/1/2035 | | A- | | | 1,500 | | | | 1,663,260 | |
| Genesee Co IDA–United Mem Med Ctr | | 5.00% | | 12/1/2032 | | NR | | | 1,100 | | | | 1,100,165 | |
| Monroe Co IDA–Rochester General Hospital | | 5.00% | | 12/1/2034 | | NR | | | 250 | | | | 278,295 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2027 | | A- | | | 625 | | | | 690,513 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2028 | | A- | | | 2,045 | | | | 2,251,402 | |
| Nassau Co LEAC–Catholic Hlth LI | | 5.00% | | 7/1/2033 | | A- | | | 375 | | | | 405,049 | |
| Nassau Co LEAC–Winthrop Univ Hsp | | 5.00% | | 7/1/2032 | | Baa2 | | | 2,000 | | | | 2,120,280 | |
| NY Dorm–Catholic Hlth | | 5.00% | | 7/1/2032 | | BBB+ | | | 500 | | | | 522,345 | |
| NY Dorm–Mem Sloan Kettering | | 5.00% | | 7/1/2042 | | AA- | | | 700 | | | | 788,046 | |
| NY Dorm–Miriam Osborn Mem Home | | 5.00% | | 7/1/2042 | | A- | (e) | | 750 | | | | 761,857 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2036 | | BBB | | | 375 | | | | 375,893 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2037 | | BBB | | | 1,650 | | | | 1,641,288 | |
| NY Dorm–Montefiore | | 4.00% | | 8/1/2038 | | BBB | | | 210 | | | | 208,003 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2033 | | BBB | | | 200 | | | | 223,880 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2034 | | BBB | | | 125 | | | | 139,375 | |
| NY Dorm–Montefiore | | 5.00% | | 8/1/2035 | | BBB | | | 200 | | | | 222,124 | |
| NY Dorm–Mt Sinai Hsp | | 5.00% | | 7/1/2026 | | A- | | | 2,025 | | | | 2,119,810 | |
| NY Dorm–North Shore LI Jewish | | 5.00% | | 5/1/2028 | | A- | | | 1,000 | | | | 1,126,240 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2032 | | A- | | | 790 | | | | 890,314 | |
| NY Dorm–NYU Hsps Ctr | | 5.00% | | 7/1/2033 | | A- | | | 760 | | | | 852,621 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2026 | | BBB- | | | 1,000 | | | | 1,111,010 | |
| NY Dorm–Orange Regl Med Ctr† | | 5.00% | | 12/1/2029 | | BBB- | | | 1,900 | | | | 2,112,819 | |
| NYC Hlth & Hsp Corp | | 5.00% | | 2/15/2025 | | Aa3 | | | 1,000 | | | | 1,038,510 | |
| Southhold LDC–Peconic Landing | | 5.00% | | 12/1/2045 | | BBB- | (e) | | 1,000 | | | | 1,032,570 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | 5.375% | | 1/1/2027 | | NR | | | 825 | | | | 823,564 | |
| Suffolk Co IDA–Eastern LI Hsp Assn† | | 5.50% | | 1/1/2037 | | NR | | | 1,000 | | | | 993,080 | |
| | See Notes to Financial Statements. | 137 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Health Care (continued) | | | | | | | | | | | | | | |
| Tompkins Co Dev Corp–Kendal Ithaca | | 5.00% | | 7/1/2044 | | BBB | | $ | 920 | | | $ | 975,007 | |
| Westchester CO Hlth Care | | 5.00% | | 11/1/2033 | | Baa2 | | | 1,000 | | | | 1,081,590 | |
| Westchester CO Hlth Care | | 5.00% | | 11/1/2034 | | Baa2 | | | 900 | | | | 969,363 | |
| Westchester Co Hlth Care | | 5.00% | | 11/1/2046 | | Baa2 | | | 1,500 | | | | 1,578,420 | |
| Westchester CO Hlth Care | | 6.00% | | 11/1/2030 | | Baa2 | | | 110 | | | | 117,455 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | Baa2 | | | 40 | | | | 42,719 | |
| Westchester CO Hlth Care | | 6.125% | | 11/1/2037 | | Baa2 | | | 145 | | | | 154,857 | |
| Westchester Co LDC–Kendal Hudson | | 5.00% | | 1/1/2034 | | BBB | (e) | | 1,250 | | | | 1,327,400 | |
| Total | | | | | | | | | | | | | 33,688,412 | |
| |
| Housing 0.62% | | | | | | | | | | | | | | |
| NYC Hsg–8 Spruce St | | 4.50% | | 2/15/2048 | | NR | | | 1,000 | | | | 1,026,650 | |
| Westchester Co–SUNY Purchase Hsg | | 5.00% | | 6/1/2047 | | BBB | | | 1,000 | | | | 1,086,290 | |
| Total | | | | | | | | | | | | | 2,112,940 | |
| |
| Lease Obligations 6.83% | | | | | | | | | | | | | | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2027 | | AA | | | 1,750 | | | | 2,038,435 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.00% | | 5/1/2028 | | AA | | | 1,050 | | | | 1,216,404 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.25% | | 5/1/2030 | | AA | | | 2,575 | | | | 2,777,652 | |
| Erie Co IDA–Buffalo Sch Dist | | 5.25% | | 5/1/2032 | | AA | | | 1,000 | | | | 1,073,220 | |
| Hudson Yards | | 5.00% | | 2/15/2031 | | Aa3 | | | 2,000 | | | | 2,306,840 | |
| Hudson Yards | | 5.00% | | 2/15/2033 | | Aa3 | | | 1,060 | | | | 1,210,785 | |
| Hudson Yards | | 5.00% | | 2/15/2042 | | Aa3 | | | 1,035 | | | | 1,156,302 | |
| NY Dorm–Court Facs | | Zero Coupon | | 8/1/2021 | | AA+ | | | 2,265 | | | | 2,126,586 | |
| NY Dorm–Master BOCES | | 5.50% | | 8/15/2026 | | Aa2 | | | 1,560 | | | | 1,703,255 | |
| NY Dorm–PIT | | 5.00% | | 2/15/2039 | | AAA | | | 1,000 | | | | 1,120,300 | |
| NY Liberty Dev Corp–4 WTC | | 5.00% | | 11/15/2031 | | A+ | | | 1,000 | | | | 1,076,420 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2025 | | AA | | | 1,510 | | | | 1,663,310 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2027 | | AA | | | 1,425 | | | | 1,531,006 | |
| NYC TFA–Bldg Aid | | 5.00% | | 7/15/2035 | | AA | | | 2,005 | | | | 2,272,848 | |
| PR Infra Fin Auth–Mepsi Campus(f) | | 6.50% | | 10/1/2037 | | NR | | | 500 | | | | 101,250 | |
| Total | | | | | | | | | | | | | 23,374,613 | |
| |
| Other Revenue 3.64% | | | | | | | | | | | | | | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2030 | | BBB- | | | 2,500 | | | | 2,773,275 | |
| Brooklyn Arena LDC–Barclays Ctr | | 5.00% | | 7/15/2042 | | BBB- | | | 3,000 | | | | 3,203,100 | |
| Brooklyn Arena LDC–Barclays Ctr | | 6.00% | | 7/15/2030 | | AA+ | | | 5 | | | | 5,263 | |
| Build NYC Res Corp–YMCA | | 5.00% | | 8/1/2040 | | A- | | | 500 | | | | 539,205 | |
| Build NYC Res Corp–YMCA | | 5.00% | | 8/1/2042 | | A- | | | 1,370 | | | | 1,440,993 | |
| 138 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Other Revenue (continued) | | | | | | | | | | | | | | |
| NY Dorm–NYSARC Inc | | 5.125% | | 7/1/2030 | | Aa2 | | $ | 2,000 | | | $ | 2,100,720 | |
| Utility Debt Sec Auth–LIPA | | 5.00% | | 12/15/2037 | | AAA | | | 1,115 | | | | 1,252,301 | |
| Yonkers EDC–Charter Sch Ed Excellence | | 6.25% | | 10/15/2040 | | BB+ | | | 1,100 | | | | 1,135,299 | |
| Total | | | | | | | | | | | | | 12,450,156 | |
| |
| Special Tax 0.70% | | | | | | | | | | | | | | |
| NYC IDA–Queens Stadium (AMBAC) | | 5.00% | | 1/1/2031 | | BBB | | | 2,075 | | | | 2,080,001 | |
| NYC IDA–Yankee Stadium (FGIC) | | 3.83% (CPI Based | )# | 3/1/2026 | | Baa1 | | | 315 | | | | 310,432 | |
| Total | | | | | | | | | | | | | 2,390,433 | |
| |
| Tax Revenue 14.66% | | | | | | | | | | | | | | |
| Hudson Yards | | 5.75% | | 2/15/2047 | | AA- | | | 1,030 | | | | 1,109,475 | |
| MTA NY–Dedicated Tax | | 5.00% | | 11/15/2034 | | AA | | | 1,000 | | | | 1,150,750 | |
| MTA NY–Dedicated Tax | | 5.25% | | 11/15/2031 | | AA | | | 1,040 | | | | 1,218,932 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2027 | | AAA | | | 1,250 | | | | 1,428,737 | |
| NY Dorm–PIT | | 5.00% | | 2/15/2034 | | AAA | | | 1,250 | | | | 1,395,462 | |
| NY Dorm–PIT | | 5.00% | | 3/15/2036 | | AAA | | | 2,000 | | | | 2,236,000 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2026 | | AAA | | | 1,000 | | | | 1,151,980 | |
| NY Dorm–Sales Tax | | 5.00% | | 3/15/2043 | | AAA | | | 2,025 | | | | 2,269,154 | |
| NY St Dorm Auth–PIT | | 5.00% | | 2/15/2042 | | AAA | | | 2,055 | | | | 2,306,532 | |
| NY UDC–PIT | | 4.00% | | 3/15/2047 | | NR | | | 1,650 | | | | 1,677,324 | |
| NY UDC–PIT | | 5.00% | | 12/15/2028 | | AAA | | | 3,500 | | | | 3,523,100 | |
| NY UDC–PIT | | 5.00% | | 3/15/2033 | | AAA | | | 2,010 | | | | 2,213,352 | |
| NY UDC–PIT | | 5.00% | | 3/15/2035 | | AAA | | | 1,000 | | | | 1,124,850 | |
| NY UDC–PIT | | 5.00% | | 3/15/2036 | | AAA | | | 1,500 | | | | 1,660,980 | |
| NY UDC–PIT | | 5.00% | | 3/15/2040 | | NR | | | 1,000 | | | | 1,124,230 | |
| NYC TFA | | 4.00% | | 5/1/2043 | | AAA | | | 1,000 | | | | 1,019,130 | |
| NYC TFA–Future Tax | | 4.00% | | 8/1/2039 | | AAA | | | 1,000 | | | | 1,026,160 | |
| NYC TFA–Future Tax | | 5.00% | | 2/1/2027 | | AAA | | | 1,500 | | | | 1,595,220 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2030 | | AAA | | | 2,000 | | | | 2,307,120 | |
| NYC TFA–Future Tax | | 5.00% | | 11/1/2032 | | AAA | | | 1,500 | | | | 1,720,545 | |
| NYC TFA–Future Tax | | 5.00% | | 5/1/2034 | | AAA | | | 125 | | | | 127,050 | |
| NYC TFA–Future Tax | | 5.00% | | 5/1/2035 | | AAA | | | 1,230 | | | | 1,396,923 | |
| NYC TFA–Future Tax | | 5.00% | | 8/1/2037 | | AAA | | | 1,800 | | | | 1,999,638 | |
| NYC TFA–Future Tax | | 5.00% | | 8/1/2040 | | Aa1 | | | 2,530 | | | | 2,844,656 | |
| NYC TFA–Future Tax | | 5.00% | | 8/1/2041 | | Aa1 | | | 1,500 | | | | 1,684,125 | |
| NYC TFA–Future Tax | | 5.00% | | 8/1/2042 | | AAA | | | 2,290 | | | | 2,593,906 | |
| NYC TFA–Future Tax | | 5.00% | | 2/1/2043 | | AAA | | | 2,460 | | | | 2,743,343 | |
| | See Notes to Financial Statements. | 139 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Tax Revenue (continued) | | | | | | | | | | | | | | |
| NYC TFA–Future Tax | | 5.00% | | 5/1/2043 | | AAA | | $ | 1,125 | | | $ | 1,257,953 | |
| PR Corp Sales Tax(f) | | 5.75% | | 8/1/2037 | | Ca | | | 4,600 | | | | 2,265,500 | |
| Total | | | | | | | | | | | | | 50,172,127 | |
| | | | | | | | | | | | | | | |
| Tobacco 4.15% | | | | | | | | | | | | | | |
| Erie Co Tobacco | | Zero Coupon | | 6/1/2055 | | NR | | | 8,000 | | | | 424,640 | |
| Monroe Tobacco | | Zero Coupon | | 6/1/2061 | | NR | | | 10,000 | | | | 303,100 | |
| Nassau CO Tobacco | | 5.125% | | 6/1/2046 | | B- | | | 2,030 | | | | 1,973,566 | |
| Rockland Tobacco† | | Zero Coupon | | 8/15/2060 | | NR | | | 10,450 | | | | 384,038 | |
| Suffolk Tobacco Asset Sec Corp | | 5.00% | | 6/1/2032 | | A- | | | 1,335 | | | | 1,424,071 | |
| Suffolk Tobacco Asset Sec Corp | | 5.25% | | 6/1/2037 | | A- | | | 1,175 | | | | 1,263,924 | |
| Suffolk Tobacco Asset Sec Corp | | 6.00% | | 6/1/2048 | | NR | | | 1,350 | | | | 1,350,635 | |
| Suffolk Tobacco Asset Sec Corp | | 6.625% | | 6/1/2044 | | NR | | | 750 | | | | 785,850 | |
| TSASC | | 5.00% | | 6/1/2034 | | A- | | | 1,000 | | | | 1,093,240 | |
| TSASC | | 5.00% | | 6/1/2035 | | A- | | | 200 | | | | 218,028 | |
| TSASC | | 5.00% | | 6/1/2036 | | A- | | | 100 | | | | 108,706 | |
| TSASC | | 5.00% | | 6/1/2041 | | BBB+ | | | 300 | | | | 321,087 | |
| TSASC | | 5.00% | | 6/1/2048 | | NR | | | 2,700 | | | | 2,739,636 | |
| Westchester Tobacco Asset Sec Corp | | 5.125% | | 6/1/2051 | | BB+ | | | 1,750 | | | | 1,807,347 | |
| Total | | | | | | | | | | | | | 14,197,868 | |
| | | | | | | | | | | | | | | |
| Transportation 23.86% | | | | | | | | | | | | | | |
| Buffalo & Erie PBA–Peace Bridge | | 5.00% | | 1/1/2034 | | A+ | | | 600 | | | | 680,508 | |
| Buffalo & Erie PBA–Peace Bridge | | 5.00% | | 1/1/2036 | | A+ | | | 695 | | | | 782,334 | |
| MTA NY | | 5.00% | | 11/15/2023 | | A1 | | | 2,455 | | | | 2,708,945 | |
| MTA NY | | 5.00% | | 11/15/2023 | | A1 | | | 1,000 | | | | 1,113,020 | |
| MTA NY | | 5.00% | | 11/15/2027 | | A1 | | | 350 | | | | 402,126 | |
| MTA NY | | 5.00% | | 11/15/2028 | | A1 | | | 705 | | | | 821,713 | |
| MTA NY | | 5.00% | | 11/15/2028 | | A1 | | | 675 | | | | 793,341 | |
| MTA NY | | 5.00% | | 11/15/2028 | | A1 | | | 2,025 | | | | 2,364,856 | |
| MTA NY | | 5.00% | | 11/15/2029 | | A1 | | | 1,500 | | | | 1,692,000 | |
| MTA NY | | 5.00% | | 11/15/2033 | | A1 | | | 1,000 | | | | 1,139,110 | |
| MTA NY | | 5.00% | | 11/15/2041 | | A1 | | | 1,000 | | | | 1,098,820 | |
| MTA NY | | 5.25% | | 11/15/2028 | | A1 | | | 3,740 | | | | 4,325,011 | |
| MTA NY | | 5.25% | | 11/15/2029 | | A1 | | | 1,000 | | | | 1,151,590 | |
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | | 5.00% | | 4/1/2027 | | Baa1 | | | 1,000 | | | | 1,098,540 | |
| NY Bridge Auth | | 4.00% | | 1/1/2027 | | Aa3 | | | 1,000 | | | | 1,047,430 | |
| NY Trans Dev Corp–Delta AMT | | 4.00% | | 1/1/2036 | | Baa3 | | | 3,410 | | | | 3,393,018 | |
| 140 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Transportation (continued) | | | | | | | | | | | | | | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2033 | | Baa3 | | $ | 3,680 | | | $ | 4,060,659 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2034 | | Baa3 | | | 1,500 | | | | 1,648,980 | |
| NY Trans Dev Corp–Delta AMT | | 5.00% | | 1/1/2036 | | Baa3 | | | 2,295 | | | | 2,504,166 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.00% | | 7/1/2046 | | Baa3 | | | 3,950 | | | | 4,167,368 | |
| NY Trans Dev Corp–LaGuardia Airport AMT | | 5.25% | | 1/1/2050 | | Baa3 | | | 8,300 | | | | 8,845,061 | |
| NY Trans Dev Corp–TOGA AMT | | 5.00% | | 1/1/2023 | | Baa1 | | | 1,500 | | | | 1,629,960 | |
| NY Twy Auth | | 5.00% | | 1/1/2032 | | A | | | 150 | | | | 173,015 | |
| NY Twy Auth | | 5.00% | | 1/1/2032 | | A | | | 1,750 | | | | 1,952,177 | |
| NY Twy Auth | | 5.00% | | 1/1/2036 | | A | | | 1,760 | | | | 1,931,442 | |
| Port Auth NY & NJ | | 4.00% | | 12/1/2022 | | AA- | | | 1,560 | | | | 1,665,097 | |
| Port Auth NY & NJ | | 5.00% | | 11/15/2042 | | AA- | | | 1,250 | | | | 1,414,025 | |
| Port Auth NY & NJ–JFK IAT | | 5.00% | | 12/1/2020 | | Baa1 | | | 170 | | | | 175,547 | |
| Port Auth NY & NJ–JFK IAT | | 5.50% | | 12/1/2031 | | Baa1 | | | 295 | | | | 315,712 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2036 | | Baa1 | | | 875 | | | | 948,343 | |
| Port Auth NY & NJ–JFK IAT | | 6.00% | | 12/1/2042 | | Baa1 | | | 1,190 | | | | 1,287,639 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 5.50% | | 12/1/2031 | | AA | | | $225 | | | | 239,713 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2036 | | AA | | | 400 | | | | 430,436 | |
| Port Auth NY & NJ–JFK IAT CR (AGM) | | 6.00% | | 12/1/2042 | | AA | | | 1,615 | | | | 1,733,993 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2024 | | AA- | | | 1,615 | | | | 1,710,463 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2024 | | AA- | | | 1,250 | | | | 1,340,812 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2027 | | AA- | | | 1,000 | | | | 1,154,510 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2028 | | AA- | | | 1,000 | | | | 1,160,860 | |
| Port Auth NY & NJ AMT | | 5.00% | | 11/15/2032 | | AA- | | | 1,850 | | | | 2,087,799 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2033 | | AA- | | | 2,395 | | | | 2,710,805 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/1/2033 | | AA- | | | 1,525 | | | | 1,636,035 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2033 | | AA- | | | 1,000 | | | | 1,124,770 | |
| Port Auth NY & NJ AMT | | 5.00% | | 4/1/2036 | | AA- | | | 1,000 | | | | 1,111,950 | |
| Port Auth NY & NJ AMT | | 5.00% | | 10/15/2041 | | AA- | | | 1,250 | | | | 1,331,375 | |
| Port Auth NY & NJ AMT | | 5.00% | | 9/15/2048 | | AA- | | | 365 | | | | 401,942 | |
| Triborough Brdg & Tunl Auth | | 4.00% | | 11/15/2048 | | AA- | | | 2,000 | | | | 2,031,900 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2023 | | A+ | | | 1,525 | | | | 1,711,553 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2027 | | AA- | | | 500 | | | | 582,775 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2028 | | AA- | | | 600 | | | | 699,330 | |
| Triborough Brdg & Tunl Auth | | 5.00% | | 11/15/2038 | | AA- | | | 1,000 | | | | 1,129,800 | |
| Total | | | | | | | | | | | | | 81,662,374 | |
| | See Notes to Financial Statements. | 141 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2018
| Investments | | Interest
Rate | | Maturity
Date | | Credit
Rating:
S&P or
Moody’s(a) | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | | | | | | | |
| Utilities 7.26% | | | | | | | | | | | | | | |
| Guam Pwr Auth | | 5.00% | | 10/1/2020 | | BBB | | $ | 500 | | | $ | 522,910 | |
| Guam Pwr Auth | | 5.00% | | 10/1/2021 | | BBB | | | 500 | | | | 532,305 | |
| Guam Waterworks Auth | | 5.00% | | 7/1/2036 | | A- | | | 400 | | | | 435,008 | |
| Long Island Power Auth | | 5.00% | | 9/1/2025 | | A- | | | 1,000 | | | | 1,093,030 | |
| Long Island Power Auth | | 5.00% | | 9/1/2034 | | A- | | | 2,000 | | | | 2,206,120 | |
| Long Island Power Auth | | 5.00% | | 9/1/2039 | | A- | | | 1,000 | | | | 1,098,520 | |
| Long Island Power Auth | | 5.00% | | 9/1/2047 | | A- | | | 510 | | | | 567,304 | |
| NY Env Facs–Clean Wtr & Drinking | | 5.00% | | 6/15/2029 | | AAA | | | 2,000 | | | | 2,041,180 | |
| NYC Muni Water | | 5.00% | | 6/15/2035 | | AA+ | | | 1,675 | | | | 1,863,253 | |
| NYC Muni Water | | 5.00% | | 6/15/2035 | | AA+ | | | 1,550 | | | | 1,706,395 | |
| NYC Muni Water | | 5.00% | | 6/15/2036 | | AA+ | | | 1,750 | | | | 1,940,838 | |
| NYC Muni Water | | 5.00% | | 6/15/2036 | | AA+ | | | 2,250 | | | | 2,499,120 | |
| NYC Muni Water | | 5.00% | | 6/15/2040 | | AA+ | | | 1,250 | | | | 1,418,475 | |
| NYC Muni Water | | 5.00% | | 6/15/2046 | | AA+ | | | 1,500 | | | | 1,679,415 | |
| NYC Muni Water | | 5.00% | | 6/15/2048 | | AA+ | | | 1,000 | | | | 1,123,800 | |
| NYC Muni Water | | 5.25% | | 6/15/2037 | | AA+ | | | 1,500 | | | | 1,728,420 | |
| NYC Muni Water | | 5.25% | | 6/15/2047 | | AA+ | | | 1,000 | | | | 1,140,630 | |
| PR Aqueduct & Swr Auth | | 6.00% | | 7/1/2044 | | Ca | | | 445 | | | | 429,981 | |
| PR Elec Pwr Auth(f) | | 5.75% | | 7/1/2036 | | Ca | | | 1,250 | | | | 821,875 | |
| Total | | | | | | | | | | | | | 24,848,579 | |
| Total Municipal Bonds (cost $339,502,434) | | | | | | | | | | | | | 337,041,774 | |
| | | Interest
Rate# | | Interest
Rate
Reset
Date(g) | | Final
Maturity
Date | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS 0.35% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes 0.35% | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Tax Revenue 0.06% | | | | | | | | | | | | | | | | |
| NYC TFA–Future Tax | | 1.73% | | 10/1/2018 | | 11/1/2022 | | AAA | | | 200 | | | | 200,000 | |
| | | | | | | | | | | | | | | | | |
| Utilities 0.29% | | | | | | | | | | | | | | | | |
| NYC Muni Water | | 1.73% | | 10/1/2018 | | 8/1/2031 | | AAA | | | 1,000 | | | | 1,000,000 | |
| Total Short-Term Investments (cost $1,200,000) | | | | | | | | | | | 1,200,000 | |
| Total Investments in Securities 98.84% (cost $340,702,434) | | | | | | | | | 338,241,774 | |
| Cash and Other Assets in Excess of Liabilities(h) 1.16% | | | | | | | | | 3,979,367 | |
| Net Assets 100.00% | | | | | | | | | | | | | | $ | 342,221,141 | |
| 142 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
NEW YORK TAX FREE FUND September 30, 2018
Open Futures Contracts at September 30, 2018:
| Type | | Expiration | | Contracts | | Position | | Notional
Amount | | | Notional
Value | | | Unrealized
Appreciation | |
| U.S. Long Bond | | December 2018 | | 24 | | Short | | | $(3,450,450) | | | | $(3,372,000) | | | | $78,450 | |
Note: See Footnotes to Schedule of Investments on page 144 of this report.
The following is a summary of the inputs used as of September 30, 2018 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2)(3) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | – | | | $ | 337,041,774 | | | $ | – | | | $ | 337,041,774 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Variable Rate Demand Notes | | | – | | | | 1,200,000 | | | | – | | | | 1,200,000 | |
| Total | | $ | – | | | $ | 338,241,774 | | | $ | – | | | $ | 338,241,774 | |
| | | | | | | | | | | | | | | | | |
| Other Financial Instruments | | | | | | | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | | | | | | | |
| Assets | | $ | 78,450 | | | $ | – | | | $ | – | | | $ | 78,450 | |
| Liabilities | | | – | | | | – | | | | – | | | | – | |
| Total | | $ | 78,450 | | | $ | – | | | $ | – | | | $ | 78,450 | |
| | (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, 2018. |
| | See Notes to Financial Statements. | 143 |
Footnotes to Schedules of Investments
September 30, 2018
| AMT | | Income from this security may be subject to Alternative Minimum Tax. |
| Auction Rate Based | | Rates reset based on auctions, typically every 7,14, 28 or 35 days. |
| COP | | Certificates of Participation. |
| CPI | | Consumer Price Index: Rate fluctuate based on CPI. |
| GTD | | Guaranteed. |
| LIBOR | | London Interbank Offered Rate |
| MUNIPSA | | SIFMA Municipal Swap Index Yield |
| NR | | Not Rated. |
| TCRS | | Transferable Custodial Receipts. |
| * | | Non-income producing security. |
| # | | Variable rate security. The interest rate shown is the rate in effect at September 30, 2018. |
| † | | 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. |
| ~ | | 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) | | Variable rate is fixed to float: Rate remains fixed until designated future date. |
| (d) | | Securities purchased on a when-issued basis (See Note 2(g)). |
| (e) | | This investment has been rated by Fitch IBCA. |
| (f) | | Defaulted security (non-income producing security). |
| (g) | | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap index. |
| (h) | | Cash and Other Assets in Excess of Liabilities (Liabilities in Excess of Cash and Other Assets) include net unrealized appreciation (depreciation) on open futures contracts. |
| (i) | | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| (j) | | Stub Rights issued in connection with a plan of reorganization. |
| (k) | | Security is perpetual and has no stated maturity date. |
| (l) | | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security fair valued by the Pricing Committee. |
| | | |
| Insured or guaranteed by the indicated municipal bond insurance corporation or Federal agency: |
| AMBAC | | AMBAC Assurance Corporation |
| AGC | | Assured Guaranty Corporation |
| AGM | | Assured Guaranty Municipal Corporation |
| BAM | | Build America Mutual |
| FGIC | | Financial Guaranty Insurance Company |
| GNMA | | Government National Mortgage Association |
| NPFGC | | National Public Finance Guarantee Corporation |
| SIFMA | | Securities Industry and Financial Markets Association |
| XLCA | | XL Capital Assurance, Inc. |
| 144 | See Notes to Financial Statements. |
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145
Statements of Assets and Liabilities
September 30, 2018
| | | Short Duration | | | Intermediate | | | AMT Free | |
| ASSETS: | | | | | | | | | | | | |
| Investments in securities, at cost | | $ | 1,385,398,395 | | | $ | 4,073,617,786 | | | $ | 174,634,445 | |
| Investments in securities, at fair value | | $ | 1,380,992,055 | | | $ | 4,102,872,892 | | | $ | 177,602,259 | |
| Cash | | | 1,137,893 | | | | 1,175,714 | | | | 111,980 | |
| Deposits with brokers for futures collateral | | | – | | | | – | | | | – | |
| Receivables: | | | | | | | | | | | | |
| Interest | | | 11,978,374 | | | | 50,973,778 | | | | 2,274,186 | |
| Investment securities sold | | | 1,080,000 | | | | 25,834,225 | | | | 2,331,034 | |
| Capital shares sold | | | 4,322,514 | | | | 14,875,803 | | | | 859,548 | |
| From advisor (See Note 3) | | | 7,251 | | | | – | | | | 40,802 | |
| Variation margin for futures contracts | | | – | | | | – | | | | – | |
| Prepaid expenses and other assets | | | 45,313 | | | | 105,636 | | | | 39,819 | |
| Total assets | | | 1,399,563,400 | | | | 4,195,838,048 | | | | 183,259,628 | |
| LIABILITIES: | | | | | | | | | | | | |
| Payables: | | | | | | | | | | | | |
| Investment securities purchased | | | 38,933,893 | | | | 12,444,283 | | | | 4,049,845 | |
| Trust certificates (See Note 2(h)) | | | – | | | | 1,250,000 | | | | – | |
| Capital shares reacquired | | | 3,402,810 | | | | 6,496,390 | | | | 1,509,424 | |
| Management fee | | | 379,213 | | | | 1,329,061 | | | | 76,372 | |
| 12b-1 distribution plan | | | 264,005 | | | | 1,014,531 | | | | 34,272 | |
| To bank | | | – | | | | – | | | | – | |
| Directors’ fees | | | 292,586 | | | | 538,175 | | | | 22,528 | |
| Fund administration | | | 44,613 | | | | 137,383 | | | | 6,110 | |
| Interest expense and fees (See Note 2(h)) | | | – | | | | 3,602 | | | | – | |
| Variation margin on futures contracts | | | – | | | | – | | | | – | |
| Distributions payable | | | 1,940,277 | | | | 9,353,108 | | | | 488,573 | |
| Accrued expenses | | | 187,282 | | | | 463,765 | | | | 55,860 | |
| Total liabilities | | | 45,444,679 | | | | 33,030,298 | | | | 6,242,984 | |
| Net Assets | | $ | 1,354,118,721 | | | $ | 4,162,807,750 | | | $ | 177,016,644 | |
| COMPOSITION OF NET ASSETS: | | | | | | | | | | | | |
| Paid-in capital | | $ | 1,378,530,484 | | | $ | 4,160,793,863 | | | $ | 179,408,794 | |
| Total distributable earnings (loss) | | | (24,411,763 | ) | | | 2,013,887 | | | | (2,392,150 | ) |
| Net Assets | | $ | 1,354,118,721 | | | $ | 4,162,807,750 | | | $ | 177,016,644 | |
| 146 | See Notes to Financial Statements. |
| National | | | High Yield | | | Short Duration
High Yield | | | California | | | New Jersey | | | New York | |
| | |
| $ | 1,947,954,740 | | | $ | 2,124,645,700 | | | $ | 265,583,621 | | | $ | 289,519,381 | | | $ | 95,468,377 | | | $ | 340,702,434 | |
| $ | 1,987,309,359 | | | $ | 2,147,814,124 | | | $ | 266,397,503 | | | $ | 297,465,951 | | | $ | 94,165,909 | | | $ | 338,241,774 | |
| | – | | | | 1,255,825 | | | | 564,370 | | | | 480,397 | | | | 498,832 | | | | 371,670 | |
| | 230,000 | | | | 400,200 | | | | 62,330 | | | | – | | | | 9,200 | | | | 55,200 | |
| |
| | 25,064,570 | | | | 30,291,688 | | | | 3,431,566 | | | | 3,658,430 | | | | 1,199,993 | | | | 4,177,494 | |
| | 34,877,115 | | | | 17,518,656 | | | | 915,404 | | | | 351,014 | | | | – | | | | 121,044 | |
| | 7,099,396 | | | | 10,297,976 | | | | 5,790,329 | | | | 854,688 | | | | 241,888 | | | | 1,134,591 | |
| | – | | | | – | | | | 54,638 | | | | – | | | | 3,779 | | | | – | |
| | 15,639 | | | | 27,234 | | | | – | | | | – | | | | 626 | | | | 3,757 | |
| | 56,464 | | | | 58,571 | | | | 32,680 | | | | 20,315 | | | | 15,704 | | | | 20,192 | |
| | 2,054,652,543 | | | | 2,207,664,274 | | | | 277,248,820 | | | | 302,830,795 | | | | 96,135,931 | | | | 344,125,722 | |
| |
| | 30,981,683 | | | | 17,094,374 | | | | 1,510,952 | | | | 1,345,936 | | | | – | | | | – | |
| | 26,250,000 | | | | 9,250,000 | | | | – | | | | – | | | | – | | | | – | |
| | 3,040,922 | | | | 5,792,219 | | | | 775,204 | | | | 1,083,949 | | | | 75,476 | | | | 757,910 | |
| | 696,038 | | | | 836,532 | | | | 89,370 | | | | 111,573 | | | | 35,361 | | | | 127,379 | |
| | 544,781 | | | | 463,113 | | | | 45,463 | | | | 79,422 | | | | 24,794 | | | | 104,927 | |
| | 2,517,400 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| | 469,403 | | | | 315,020 | | | | 10,519 | | | | 99,313 | | | | 32,275 | | | | 102,856 | |
| | 65,500 | | | | 71,324 | | | | 8,937 | | | | 9,918 | | | | 3,143 | | | | 11,323 | |
| | 221,890 | | | | 42,217 | | | | – | | | | – | | | | – | | | | – | |
| | – | | | | – | | | | 627 | | | | – | | | | – | | | | – | |
| | 5,459,219 | | | | 6,931,192 | | | | 634,846 | | | | 770,233 | | | | 221,273 | | | | 727,626 | |
| | 244,457 | | | | 383,403 | | | | 58,140 | | | | 69,867 | | | | 43,961 | | | | 72,560 | |
| | 70,491,293 | | | | 41,179,394 | | | | 3,134,058 | | | | 3,570,211 | | | | 436,283 | | | | 1,904,581 | |
| $ | 1,984,161,250 | | | $ | 2,166,484,880 | | | $ | 274,114,762 | | | $ | 299,260,584 | | | $ | 95,699,648 | | | $ | 342,221,141 | |
| |
| $ | 1,950,486,532 | | | $ | 2,258,693,434 | | | $ | 275,164,212 | | | $ | 291,432,393 | | | $ | 98,330,584 | | | $ | 344,953,841 | |
| | 33,674,718 | | | | (92,208,554 | ) | | | (1,049,450 | ) | | | 7,828,191 | | | | (2,630,936 | ) | | | (2,732,700 | ) |
| $ | 1,984,161,250 | | | $ | 2,166,484,880 | | | $ | 274,114,762 | | | $ | 299,260,584 | | | $ | 95,699,648 | | | $ | 342,221,141 | |
| | See Notes to Financial Statements. | 147 |
Statements of Assets and Liabilities (concluded)
September 30, 2018
| | | Short Duration | | | Intermediate | | | AMT Free | |
| |
| Net assets by class: | | | | | | | | | | | | |
| Class A Shares | | $ | 621,382,953 | | | $ | 1,496,393,378 | | | $ | 118,600,981 | |
| Class C Shares | | $ | 106,988,540 | | | $ | 432,890,782 | | | $ | 22,338,126 | |
| Class F Shares | | $ | 507,084,503 | | | $ | 1,680,363,913 | | | $ | 27,695,319 | |
| Class F3 Shares | | $ | 19,702,789 | | | $ | 24,227,067 | | | $ | 3,109,442 | |
| Class I Shares | | $ | 98,959,936 | | | $ | 528,932,610 | | | $ | 5,272,776 | |
| Outstanding shares by class*: | | | | | | | | | | | | |
| Class A Shares | | | 40,283,482 | | | | 141,186,001 | | | | 7,532,181 | |
| Class C Shares | | | 6,935,610 | | | | 40,895,410 | | | | 1,419,015 | |
| Class F Shares | | | 32,871,231 | | | | 158,589,885 | | | | 1,758,948 | |
| Class F3 Shares | | | 1,276,610 | | | | 2,284,699 | | | | 197,264 | |
| Class I Shares | | | 6,413,568 | | | | 49,897,624 | | | | 334,669 | |
| Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | | | | | | | | | | | | |
| Class A Shares-Net asset value | | | $15.43 | | | | $10.60 | | | | $15.75 | |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | | | $15.79 | | | | $10.84 | | | | $16.11 | |
| Class C Shares-Net asset value | | | $15.43 | | | | $10.59 | | | | $15.74 | |
| Class F Shares-Net asset value | | | $15.43 | | | | $10.60 | | | | $15.75 | |
| Class F3 Shares-Net asset value | | | $15.43 | | | | $10.60 | | | | $15.76 | |
| Class I Shares-Net asset value | | | $15.43 | | | | $10.60 | | | | $15.76 | |
| * | Lord Abbett Municipal Income Fund, Inc. has 7,305,001,000 authorized shares of capital stock (par value $.001), which are designated as follows: 1,300,001,000 to Short Duration, 1,630,000,000 to Intermediate, 200,000,000 to AMT Free, 650,000,000 to National, 1,325,000,000 to High Yield, 1,300,000,000 to Short Duration High Yield and 300,000,000 to each of California, New Jersey and New York (As of September 30, 2018). |
| 148 | See Notes to Financial Statements. |
| National | | | High Yield | | | Short Duration
High Yield | | | California | | | New Jersey | | | New York | |
| | | | | | | | | | | | | | | | | |
| $ | 1,484,380,972 | | | $ | 1,217,482,265 | | | $ | 121,804,267 | | | $ | 197,080,482 | | | $ | 79,108,068 | | | $ | 249,146,801 | |
| $ | 131,630,764 | | | $ | 309,743,214 | | | $ | 8,850,669 | | | $ | 33,792,950 | | | | – | | | $ | 39,550,504 | |
| $ | 299,777,158 | | | $ | 517,484,347 | | | $ | 109,579,992 | | | $ | 49,601,470 | | | $ | 15,243,464 | | | $ | 44,093,435 | |
| $ | 21,498,932 | | | $ | 13,248,674 | | | $ | 3,811,670 | | | $ | 3,949,465 | | | $ | 138,974 | | | $ | 896,269 | |
| $ | 46,873,424 | | | $ | 108,526,380 | | | $ | 30,068,164 | | | $ | 14,836,217 | | | $ | 1,209,142 | | | $ | 8,534,132 | |
| |
| | 133,566,314 | | | | 102,088,521 | | | | 8,064,132 | | | | 18,324,088 | | | | 16,112,126 | | | | 22,494,579 | |
| | 11,831,587 | | | | 25,964,597 | | | | 585,853 | | | | 3,140,705 | | | | – | | | | 3,575,887 | |
| | 26,995,424 | | | | 43,358,671 | | | | 7,255,022 | | | | 4,612,014 | | | | 3,104,823 | | | | 3,977,433 | |
| | 1,935,369 | | | | 1,113,094 | | | | 252,291 | | | | 367,320 | | | | 28,273 | | | | 80,876 | |
| | 4,219,468 | | | | 9,116,407 | | | | 1,990,346 | | | | 1,380,549 | | | | 246,005 | | | | 770,019 | |
| |
| | $11.11 | | | | $11.93 | | | | $15.10 | | | | $10.76 | | | | $4.91 | | | | $11.08 | |
| |
| | $11.37 | | | | $12.20 | | | | $15.45 | | | | $11.01 | | | | $5.02 | | | | $11.34 | |
| | $11.13 | | | | $11.93 | | | | $15.11 | | | | $10.76 | | | | – | | | | $11.06 | |
| | $11.10 | | | | $11.93 | | | | $15.10 | | | | $10.75 | | | | $4.91 | | | | $11.09 | |
| | $11.11 | | | | $11.90 | | | | $15.11 | | | | $10.75 | | | | $4.92 | | | | $11.08 | |
| | $11.11 | | | | $11.90 | | | | $15.11 | | | | $10.75 | | | | $4.92 | | | | $11.08 | |
| | See Notes to Financial Statements. | 149 |
Statements of Operations
For the Year Ended September 30, 2018
| | | Short Duration | | | Intermediate | | | AMT Free | |
| Investment income: | | | | | | | | | | | | |
| Interest and other | | $ | 29,603,098 | | | $ | 139,794,358 | | | $ | 7,459,380 | |
| Total investment income | | | 29,603,098 | | | | 139,794,358 | | | | 7,459,380 | |
| Expenses: | | | | | | | | | | | | |
| Management fee | | | 5,272,082 | | | | 16,566,151 | | | | 992,840 | |
| 12b-1 distribution plan-Class A | | | 1,395,438 | | | | 3,133,731 | | | | 252,161 | |
| 12b-1 distribution plan-Class B | | | – | | | | 1,867 | | | | – | |
| 12b-1 distribution plan-Class C | | | 992,532 | | | | 4,027,720 | | | | 196,383 | |
| 12b-1 distribution plan-Class F | | | 548,512 | | | | 1,708,468 | | | | 41,354 | |
| 12b-1 distribution plan-Class T | | | 21 | | | | 21 | | | | – | |
| Interest expense and fees (See Note 2(h)) | | | – | | | | 24,941 | | | | – | |
| Shareholder servicing | | | 602,686 | | | | 2,228,293 | | | | 104,735 | |
| Fund administration | | | 583,182 | | | | 1,713,723 | | | | 79,427 | |
| Registration | | | 208,662 | | | �� | 292,731 | | | | 80,696 | |
| Professional | | | 82,917 | | | | 133,112 | | | | 44,843 | |
| Reports to shareholders | | | 47,919 | | | | 213,017 | | | | 11,528 | |
| Directors’ fees | | | 44,707 | | | | 134,775 | | | | 6,058 | |
| Custody | | | 18,920 | | | | 42,596 | | | | 4,573 | |
| Other | | | 86,833 | | | | 132,212 | | | | 24,357 | |
| Gross expenses | | | 9,884,411 | | | | 30,353,358 | | | | 1,838,955 | |
| Expense reductions (See Note 9) | | | (25,655 | ) | | | (76,925 | ) | | | (3,489 | ) |
| Fees waived and expenses reimbursed (See Note 3) | | | (364,307 | ) | | | – | | | | (552,501 | ) |
| Net expenses | | | 9,494,449 | | | | 30,276,433 | | | | 1,282,965 | |
| Net investment income | | | 20,108,649 | | | | 109,517,925 | | | | 6,176,415 | |
| Net realized and unrealized gain (loss): | | | | | | | | | | | | |
| Net realized gain (loss) on investments | | | (7,795,422 | ) | | | (14,308,835 | ) | | | (867,207 | ) |
| Net realized gain (loss) on futures contracts | | | (299,370 | ) | | | – | | | | – | |
| Net change in unrealized appreciation/depreciation on investments | | | (13,270,732 | ) | | | (89,742,337 | ) | | | (3,364,125 | ) |
| Net change in unrealized appreciation/depreciation on futures contracts | | | 229,841 | | | | – | | | | – | |
| Net realized and unrealized gain (loss) | | | (21,135,683 | ) | | | (104,051,172 | ) | | | (4,231,332 | ) |
| Net Increase (Decrease) in Net Assets Resulting From Operations | | $ | (1,027,034 | ) | | $ | 5,466,753 | | | $ | 1,945,083 | |
| 150 | See Notes to Financial Statements. |
| National | | | High Yield | | | Short Duration
High Yield | | | California | | | New Jersey | | | New York | |
| | |
| $ | 82,068,815 | | | $ | 103,984,402 | | | $ | 8,167,584 | | | $ | 11,887,178 | | | $ | 3,371,065 | | | $ | 11,787,001 | |
| | 82,068,815 | | | | 103,984,402 | | | | 8,167,584 | | | | 11,887,178 | | | | 3,371,065 | | | | 11,787,001 | |
| |
| | 8,600,031 | | | | 9,974,877 | | | | 964,850 | | | | 1,386,421 | | | | 423,240 | | | | 1,610,781 | |
| | 2,998,976 | | | | 2,340,355 | | | | 211,976 | | | | 399,143 | | | | 159,568 | | | | 516,696 | |
| | 1,874 | | | | – | | | | – | | | | – | | | | – | | | | – | |
| | 1,242,190 | | | | 2,859,448 | | | | 78,031 | | | | 333,951 | | | | – | | | | 392,318 | |
| | 309,296 | | | | 493,344 | | | | 97,582 | | | | 50,968 | | | | 13,008 | | | | 43,619 | |
| | – | | | | 21 | | | | – | | | | – | | | | – | | | | – | |
| | 524,390 | | | | 184,376 | | | | – | | | | – | | | | – | | | | – | |
| | 1,016,420 | | | | 1,071,538 | | | | 141,951 | | | | 130,183 | | | | 45,689 | | | | 163,444 | |
| | 811,476 | | | | 847,488 | | | | 96,485 | | | | 123,238 | | | | 37,621 | | | | 143,181 | |
| | 144,995 | | | | 187,872 | | | | 100,312 | | | | 72,136 | | | | 60,336 | | | | 72,780 | |
| | 125,643 | | | | 634,856 | | | | 47,301 | | | | 43,440 | | | | 39,458 | | | | 44,025 | |
| | 93,111 | | | | 100,904 | | | | 19,318 | | | | 15,114 | | | | 8,182 | | | | 18,193 | |
| | 61,426 | | | | 63,799 | | | | 7,070 | | | | 9,338 | | | | 2,855 | | | | 10,895 | |
| | 21,859 | | | | 26,992 | | | | 7,466 | | | | 5,359 | | | | 4,572 | | | | 7,104 | |
| | 91,187 | | | | 113,485 | | | | 23,316 | | | | 30,637 | | | | 14,229 | | | | 38,993 | |
| | 16,042,874 | | | | 18,899,355 | | | | 1,795,658 | | | | 2,599,928 | | | | 808,758 | | | | 3,062,029 | |
| | (36,422 | ) | | | (38,401 | ) | | | (4,462 | ) | | | (5,519 | ) | | | (1,694 | ) | | | (6,437 | ) |
| | – | | | | – | | | | (560,859 | ) | | | – | | | | (51,406 | ) | | | – | |
| | 16,006,452 | | | | 18,860,954 | | | | 1,230,337 | | | | 2,594,409 | | | | 755,658 | | | | 3,055,592 | |
| | 66,062,363 | | | | 85,123,448 | | | | 6,937,247 | | | | 9,292,769 | | | | 2,615,407 | | | | 8,731,409 | |
| |
| | 3,897,992 | | | | (11,857,007 | ) | | | (2,668,840 | ) | | | 1,667,368 | | | | 1,341,024 | | | | 894,187 | |
| | (231,976 | ) | | | (289,980 | ) | | | 193,477 | | | | 2,482 | | | | 24,480 | | | | 100,413 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (48,840,654 | ) | | | 22,734,587 | | | | (201,305 | ) | | | (7,534,201 | ) | | | (2,433,499 | ) | | | (9,055,078 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 56,437 | | | | 383,405 | | | | (42,816 | ) | | | – | | | | 9,466 | | | | 43,475 | |
| | (45,118,201 | ) | | | 10,971,005 | | | | (2,719,484 | ) | | | (5,864,351 | ) | | | (1,058,529 | ) | | | (8,017,003 | ) |
|
| $ | 20,944,162 | | | $ | 96,094,453 | | | $ | 4,217,763 | | | $ | 3,428,418 | | | $ | 1,556,878 | | | $ | 714,406 | |
| | See Notes to Financial Statements. | 151 |
Statements of Changes in Net Assets
| | Short Duration |
| DECREASE IN NET ASSETS | For the
Year Ended
September 30, 2018 | | For the
Year Ended
September 30, 2017 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 20,108,649 | | | $ | 19,162,548 | |
| Net realized loss on investments and futures contracts | | | (8,094,792 | ) | | | (6,109,913 | ) |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | (13,040,891 | ) | | | (13,706,530 | ) |
| Net increase (decrease) in net assets resulting from operations | | | (1,027,034 | ) | | | (653,895 | ) |
| Distributions to shareholders(1): | | | | | | | | |
| Class A | | | (9,605,897 | ) | | | (9,578,779 | ) |
| Class B | | | – | | | | – | |
| Class C | | | (938,411 | ) | | | (743,049 | ) |
| Class F | | | (8,092,579 | ) | | | (8,044,902 | ) |
| Class F3 | | | (233,196 | ) | | | (3,468 | ) |
| Class I | | | (1,201,020 | ) | | | (801,939 | ) |
| Class P | | | – | | | | – | |
| Class T | | | (106 | ) | | | (18 | ) |
| Total distributions to shareholders | | | (20,071,209 | ) | | | (19,172,155 | ) |
| Capital share transactions (Net of share conversions) (See Note 14): | | | | |
| Net proceeds from sales of shares | | | 561,558,316 | | | | 569,345,545 | |
| Reinvestment of distributions | | | 11,562,159 | | | | 10,441,208 | |
| Cost of shares reacquired | | | (803,306,228 | ) | | | (1,066,600,104 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (230,185,753 | ) | | | (486,813,351 | ) |
| Net decrease in net assets | | | (251,283,996 | ) | | | (506,639,401 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 1,605,402,717 | | | $ | 2,112,042,118 | |
| End of year | | $ | 1,354,118,721 | | | $ | 1,605,402,717 | |
| Undistributed net investment income | | $ | – | (2) | | $ | 613,529 | |
| | |
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| | |
| (2) | The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
| 152 | See Notes to Financial Statements. | |
| Intermediate | | | AMT Free | |
For the
Year Ended
September 30, 2018 | | | For the
Year Ended
September 30, 2017 | | | For the
Year Ended
September 30, 2018 | | | For the
Year Ended
September 30, 2017 | |
| | | | | | | | |
| | $ | 109,517,925 | | | | $ | 107,236,040 | | | | $ | 6,176,415 | | | | $ | 6,541,721 | |
| | | (14,308,835 | ) | | | | (26,010,073 | ) | | | | (867,207 | ) | | | | (556,347 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | (89,742,337 | ) | | | | (99,190,327 | ) | | | | (3,364,125 | ) | | | | (7,454,041 | ) |
| | | 5,466,753 | | | | | (17,964,360 | ) | | | | 1,945,083 | | | | | (1,468,667 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | (39,655,549 | ) | | | | (42,531,827 | ) | | | | (3,935,319 | ) | | | | (4,080,025 | ) |
| | | (3,018 | ) | | | | (22,986 | ) | | | | – | | | | | – | |
| | | (9,390,724 | ) | | | | (10,691,636 | ) | | | | (592,796 | ) | | | | (635,379 | ) |
| | | (44,868,051 | ) | | | | (45,100,244 | ) | | | | (1,326,996 | ) | | | | (1,692,624 | ) |
| | | (569,663 | ) | | | | (5,867 | ) | | | | (100,940 | ) | | | | (18,709 | ) |
| | | (13,599,387 | ) | | | | (8,660,233 | ) | | | | (146,187 | ) | | | | (31,215 | ) |
| | | – | | | | | (362 | ) | | | | – | | | | | – | |
| | | (204 | ) | | | | (38 | ) | | | | – | | | | | – | |
| | | (108,086,596 | ) | | | | (107,013,193 | ) | | | | (6,102,238 | ) | | | | (6,457,952 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | 1,304,640,436 | | | | | 1,385,813,399 | | | | | 45,161,760 | | | | | 68,187,517 | |
| | | 76,238,092 | | | | | 74,247,298 | | | | | 5,170,839 | | | | | 5,173,547 | |
| | | (1,505,458,002 | ) | | | | (1,904,802,189 | ) | | | | (77,147,848 | ) | | | | (110,411,393 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | (124,579,474 | ) | | | | (444,741,492 | ) | | | | (26,815,249 | ) | | | | (37,050,329 | ) |
| | | (227,199,317 | ) | | | | (569,719,045 | ) | | | | (30,972,404 | ) | | | | (44,976,948 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | $ | 4,390,007,067 | | | | $ | 4,959,726,112 | | | | $ | 207,989,048 | | | | $ | 252,965,996 | |
| | $ | 4,162,807,750 | | | | $ | 4,390,007,067 | | | | $ | 177,016,644 | | | | $ | 207,989,048 | |
| | $ | – | (2) | | | $ | 11,784,301 | | | | $ | – | (2) | | | $ | 538,622 | |
| | See Notes to Financial Statements. | 153 |
Statements of Changes in Net Assets (continued)
| | National |
| INCREASE (DECREASE) IN NET ASSETS | For the
Year Ended
September 30, 2018 | | For the
Year Ended
September 30, 2017 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 66,062,363 | | | $ | 65,986,505 | |
| Net realized gain (loss) on investments and futures contracts | | | 3,666,016 | | | | (379,665 | ) |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | (48,784,217 | ) | | | (61,913,311 | ) |
| Net increase in net assets resulting from operations | | | 20,944,162 | | | | 3,693,529 | |
| Distributions to shareholders(1): | | | | | | | | |
| Class A | | | (48,683,027 | ) | | | (49,106,645 | ) |
| Class B | | | (4,433 | ) | | | (45,457 | ) |
| Class C | | | (3,971,879 | ) | | | (4,722,055 | ) |
| Class F | | | (10,317,066 | ) | | | (10,695,906 | ) |
| Class F3 | | | (670,025 | ) | | | (7,280 | ) |
| Class I | | | (1,632,706 | ) | | | (494,695 | ) |
| Class P | | | – | | | | – | |
| Class T | | | – | | | | – | |
| Total distributions to shareholders | | | (65,279,136 | ) | | | (65,072,038 | ) |
| Capital share transactions (Net of share conversions) (See Note 14): | | | | |
| Net proceeds from sales of shares | | | 404,201,012 | | | | 426,343,420 | |
| Reinvestment of distributions | | | 56,368,934 | | | | 55,291,788 | |
| Cost of shares reacquired | | | (467,482,957 | ) | | | (505,373,209 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | | | (6,913,011 | ) | | | (23,738,001 | ) |
| Net increase (decrease) in net assets | | | (51,247,985 | ) | | | (85,116,510 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 2,035,409,235 | | | $ | 2,120,525,745 | |
| End of year | | $ | 1,984,161,250 | | | $ | 2,035,409,235 | |
| Undistributed net investment income | | $ | – | (2) | | $ | 7,088,560 | |
| | |
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| | |
| (2) | The SEC eliminated the requirement to disclose undistributed net investment income in 2018. |
| 154 | See Notes to Financial Statements. | |
| High Yield | | | Short Duration High Yield | |
For the
Year Ended
September 30, 2018 | | | For the
Year Ended
September 30, 2017 | | | For the
Year Ended
September 30, 2018 | | | For the
Year Ended
September 30, 2017 | |
| | | | | | | | | | | | | | | | | | | |
| | $ | 85,123,448 | | | | $ | 88,757,960 | | | | $ | 6,937,247 | | | | $ | 4,682,844 | |
| | | (12,146,987 | ) | | | | 14,678,076 | | | | | (2,475,363 | ) | | | | (215,071 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | 23,117,992 | | | | | (78,397,517 | ) | | | | (244,121 | ) | | | | (414,286 | ) |
| | | 96,094,453 | | | | | 25,038,519 | | | | | 4,217,763 | | | | | 4,053,487 | |
| | | | | | | | | | | | | | | | | | | |
| | | (46,372,740 | ) | | | | (47,931,441 | ) | | | | (2,857,095 | ) | | | | (1,849,250 | ) |
| | | – | | | | | – | | | | | – | | | | | – | |
| | | (11,674,662 | ) | | | | (14,018,179 | ) | | | | (181,800 | ) | | | | (169,772 | ) |
| | | (20,010,480 | ) | | | | (20,748,171 | ) | | | | (2,723,455 | ) | | | | (1,877,459 | ) |
| | | (464,184 | ) | | | | (18,366 | ) | | | | (88,273 | ) | | | | (1,753 | ) |
| | | (3,960,291 | ) | | | | (2,558,989 | ) | | | | (742,670 | ) | | | | (462,689 | ) |
| | | – | | | | | (575 | ) | | | | – | | | | | – | |
| | | (333 | ) | | | | (62 | ) | | | | – | | | | | – | |
| | | (82,482,690 | ) | | | | (85,275,783 | ) | | | | (6,593,293 | ) | | | | (4,360,923 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | 601,913,158 | | | | | 673,191,149 | | | | | 153,832,011 | | | | | 172,890,905 | |
| | | 68,725,921 | | | | | 67,859,450 | | | | | 6,504,730 | | | | | 4,287,689 | |
| | | (688,187,684 | ) | | | | (784,054,998 | ) | | | | (94,570,957 | ) | | | | (77,872,902 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | (17,548,605 | ) | | | | (43,004,399 | ) | | | | 65,765,784 | | | | | 99,305,692 | |
| | | (3,936,842 | ) | | | | (103,241,663 | ) | | | | 63,390,254 | | | | | 98,998,256 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | $ | 2,170,421,722 | | | | $ | 2,273,663,385 | | | | $ | 210,724,508 | | | | $ | 111,726,252 | |
| | $ | 2,166,484,880 | | | | $ | 2,170,421,722 | | | | $ | 274,114,762 | | | | $ | 210,724,508 | |
| | $ | – | (2) | | | $ | 23,735,334 | | | | $ | – | (2) | | | $ | 473,875 | |
| | See Notes to Financial Statements. | 155 |
Statements of Changes in Net Assets (concluded)
| | California |
| DECREASE IN NET ASSETS | For the
Year Ended
September 30, 2018 | | For the
Year Ended
September 30, 2017 | |
| Operations: | | | | | | | | |
| Net investment income | | $ | 9,292,769 | | | $ | 9,517,734 | |
| Net realized gain on investments and futures contracts | | | 1,669,850 | | | | 2,456,943 | |
| Net change in unrealized appreciation/depreciation on investments and futures contracts | | | (7,534,201 | ) | | | (14,469,130 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 3,428,418 | | | | (2,494,453 | ) |
| Distributions to shareholders(1): | | | | | | | | |
| Class A | | | (6,061,320 | ) | | | (6,439,726 | ) |
| Class C | | | (982,612 | ) | | | (1,209,435 | ) |
| Class F | | | (1,596,140 | ) | | | (1,590,506 | ) |
| Class F3 | | | (97,582 | ) | | | (1,126 | ) |
| Class I | | | (444,831 | ) | | | (152,461 | ) |
| Total distributions to shareholders | | | (9,182,485 | ) | | | (9,393,254 | ) |
| Capital share transactions (Net of share conversions) (See Note 14): | | | | |
| Net proceeds from sales of shares | | | 70,594,849 | | | | 78,299,416 | |
| Reinvestment of distributions | | | 7,898,316 | | | | 7,898,666 | |
| Cost of shares reacquired | | | (83,423,286 | ) | | | (111,353,440 | ) |
| Net decrease in net assets resulting from capital share transactions | | | (4,930,121 | ) | | | (25,155,358 | ) |
| Net decrease in net assets | | | (10,684,188 | ) | | | (37,043,065 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of year | | $ | 309,944,772 | | | $ | 346,987,837 | |
| End of year | | $ | 299,260,584 | | | $ | 309,944,772 | |
| Undistributed (distributions in excess of) net investment income | | $ | – | (2) | | $ | 277,419 | |
| | |
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| | |
| (2) | The SEC eliminated the requirement to disclose undistributed (distributions in excess of) net investment income in 2018. |
| 156 | See Notes to Financial Statements. |
| New Jersey | | New York | |
For the
Year Ended
September 30, 2018 | | | For the
Year Ended
September 30, 2017 | | | For the
Year Ended
September 30, 2018 | | | For the
Year Ended
September 30, 2017 | |
| | | | | | | | | | | |
| | $ | 2,615,407 | | | | $ | 2,913,276 | | | | $ | 8,731,409 | | | | $ | 9,394,652 | |
| | | 1,365,504 | | | | | 740,449 | | | | | 994,600 | | | | | 5,441,777 | |
| | | | | | | | | | | | | | | | | | | |
| | | (2,424,033 | ) | | | | (4,053,738 | ) | | | | (9,011,603 | ) | | | | (18,267,395 | ) |
| | | 1,556,878 | | | | | (400,013 | ) | | | | 714,406 | | | | | (3,430,966 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | (2,188,429 | ) | | | | (2,585,701 | ) | | | | (6,461,211 | ) | | | | (7,033,823 | ) |
| | | – | | | | | – | | | | | (896,394 | ) | | | | (1,143,763 | ) |
| | | (370,252 | ) | | | | (283,734 | ) | | | | (1,131,071 | ) | | | | (1,113,838 | ) |
| | | (3,575 | ) | | | | (148 | ) | | | | (22,087 | ) | | | | (133 | ) |
| | | (33,722 | ) | | | | (7,306 | ) | | | | (185,897 | ) | | | | (47,119 | ) |
| | | (2,595,978 | ) | | | | (2,876,889 | ) | | | | (8,696,660 | ) | | | | (9,338,676 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | 22,512,530 | | | | | 15,071,007 | | | | | 50,935,807 | | | | | 65,995,400 | |
| | | 2,104,213 | | | | | 2,279,036 | | | | | 6,618,290 | | | | | 7,113,817 | |
| | | (28,743,319 | ) | | | | (21,090,867 | ) | | | | (77,224,892 | ) | | | | (118,053,999 | ) |
| | | | | | | | | | | | | | | | | | | |
| | | (4,126,576 | ) | | | | (3,740,824 | ) | | | | (19,670,795 | ) | | | | (44,944,782 | ) |
| | | (5,165,676 | ) | | | | (7,017,726 | ) | | | | (27,653,049 | ) | | | | (57,714,424 | ) |
| | | | | | | | | | | | | | | | | | | |
| $ | 100,865,324 | | | | $ | 107,883,050 | | | | $ | 369,874,190 | | | | $ | 427,588,614 | |
| $ | 95,699,648 | | | | $ | 100,865,324 | | | | $ | 342,221,141 | | | | $ | 369,874,190 | |
| | | | | | | | | | | | | | | | | | | |
| | $ | – | (2) | | | $ | (33,231 | ) | | | $ | – | (2) | | | $ | (408,685 | ) |
| | See Notes to Financial Statements. | 157 |
Financial Highlights
SHORT DURATION TAX FREE FUND
| | | | | Per Share Operating Performance: |
| | | | | |
| | | | | Investment Operations: | | Distributions to
shareholders from: |
| | | | | | | | | Total | | | | | | |
| | | | | | | Net | | from | | | | | | |
| | | Net asset | | Net | | realized | | invest- | | | | | | |
| | | value, | | invest- | | and | | ment | | Net | | Net | | Total |
| | | beginning | | ment | | unrealized | | opera- | | investment | | realized | | distri- |
| | | of period | | income(a) | | gain (loss) | | tions | | income | | gain | | butions |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $15.64 | | | | $0.21 | | | | $(0.20 | ) | | | $0.01 | | | | $(0.22 | ) | | | $ – | | | | $(0.22 | ) |
| 9/30/2017 | | | 15.76 | | | | 0.17 | | | | (0.12 | ) | | | 0.05 | | | | (0.17 | ) | | | – | | | | (0.17 | ) |
| 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 | ) |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.64 | | | | 0.12 | | | | (0.21 | ) | | | (0.09 | ) | | | (0.12 | ) | | | – | | | | (0.12 | ) |
| 9/30/2017 | | | 15.77 | | | | 0.07 | | | | (0.13 | ) | | | (0.06 | ) | | | (0.07 | ) | | | – | | | | (0.07 | ) |
| 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 | ) |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.64 | | | | 0.23 | | | | (0.21 | ) | | | 0.02 | | | | (0.23 | ) | | | – | | | | (0.23 | ) |
| 9/30/2017 | | | 15.77 | | | | 0.18 | | | | (0.13 | ) | | | 0.05 | | | | (0.18 | ) | | | – | | | | (0.18 | ) |
| 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 | ) |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.65 | | | | 0.25 | | | | (0.22 | ) | | | 0.03 | | | | (0.25 | ) | | | – | | | | (0.25 | ) |
| 4/4/2017 to 9/30/2017(d) | | | 15.56 | | | | 0.10 | | | | 0.09 | | | | 0.19 | | | | (0.10 | ) | | | – | | | | (0.10 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.65 | | | | 0.25 | | | | (0.22 | ) | | | 0.03 | | | | (0.25 | ) | | | – | | | | (0.25 | ) |
| 9/30/2017 | | | 15.77 | | | | 0.20 | | | | (0.12 | ) | | | 0.08 | | | | (0.20 | ) | | | – | | | | (0.20 | ) |
| 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 | ) |
| (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) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 158 | See Notes to Financial Statements. |
| | | | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | | | Total | | Total | | | | | | | | |
| | | | | expenses | | expenses | | | | | | | | |
| | | | | after | | after | | | | | | | | |
| | | | | waivers | | waivers | | | | | | | | |
| | | | | and/or reim- | | and/or reim- | | | | | | | | |
| Net | | | | bursements | | bursements | | | | | | Net | | |
| asset | | | | (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| value, | | Total | | interest | | interest | | Total | | investment | | end of | | turnover |
| end of | | return(b) | | expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| period | | (%) | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| | | | | | | | | | | | | | | |
| $15.43 | | | | 0.04 | | | | 0.65 | | | | 0.65 | | | | 0.68 | | | | 1.38 | | | | $ 621,383 | | | | 55 | |
| | 15.64 | | | | 0.26 | | | | 0.65 | | | | 0.65 | | | | 0.71 | | | | 1.08 | | | | 777,769 | | | | 23 | |
| | 15.76 | | | | 1.27 | | | | 0.65 | | | | 0.65 | | | | 0.71 | | | | 1.08 | | | | 1,060,240 | | | | 23 | |
| | 15.74 | | | | 0.63 | | | | 0.65 | | | | 0.65 | | | | 0.70 | | | | 1.02 | | | | 1,056,101 | | | | 26 | |
| | 15.80 | | | | 1.85 | | | | 0.64 | | | | 0.64 | | | | 0.70 | | | | 1.19 | | | | 1,231,268 | | | | 28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.43 | | | | (0.57 | ) | | | 1.26 | | | | 1.26 | | | | 1.29 | | | | 0.77 | | | | 106,989 | | | | 55 | |
| | 15.64 | | | | (0.36 | ) | | | 1.27 | | | | 1.27 | | | | 1.33 | | | | 0.47 | | | | 138,173 | | | | 23 | |
| | 15.77 | | | | 0.65 | | | | 1.27 | | | | 1.27 | | | | 1.33 | | | | 0.47 | | | | 180,900 | | | | 23 | |
| | 15.74 | | | | 0.01 | | | | 1.27 | | | | 1.27 | | | | 1.33 | | | | 0.39 | | | | 200,818 | | | | 26 | |
| | 15.80 | | | | 1.20 | | | | 1.28 | | | | 1.28 | | | | 1.34 | | | | 0.55 | | | | 237,782 | | | | 28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.43 | | | | 0.14 | | | | 0.55 | | | | 0.55 | | | | 0.58 | | | | 1.48 | | | | 507,085 | | | | 55 | |
| | 15.64 | | | | 0.35 | | | | 0.55 | | | | 0.55 | | | | 0.61 | | | | 1.18 | | | | 641,013 | | | | 23 | |
| | 15.77 | | | | 1.37 | | | | 0.55 | | | | 0.55 | | | | 0.61 | | | | 1.18 | | | | 803,775 | | | | 23 | |
| | 15.74 | | | | 0.73 | | | | 0.55 | | | | 0.55 | | | | 0.60 | | | | 1.11 | | | | 724,280 | | | | 26 | |
| | 15.80 | | | | 1.95 | | | | 0.54 | | | | 0.54 | | | | 0.60 | | | | 1.29 | | | | 775,914 | | | | 28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.43 | | | | 0.19 | | | | 0.43 | | | | 0.43 | | | | 0.44 | | | | 1.63 | | | | 19,703 | | | | 55 | |
| | 15.65 | | | | 1.23 | (e) | | | 0.43 | (f) | | | 0.43 | (f) | | | 0.49 | (f) | | | 1.30 | (f) | | | 947 | | | | 23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.43 | | | | 0.17 | | | | 0.45 | | | | 0.45 | | | | 0.47 | | | | 1.60 | | | | 98,960 | | | | 55 | |
| | 15.65 | | | | 0.52 | | | | 0.45 | | | | 0.45 | | | | 0.51 | | | | 1.28 | | | | 47,491 | | | | 23 | |
| | 15.77 | | | | 1.47 | | | | 0.45 | | | | 0.45 | | | | 0.51 | | | | 1.27 | | | | 67,127 | | | | 23 | |
| | 15.74 | | | | 0.83 | | | | 0.45 | | | | 0.45 | | | | 0.50 | | | | 1.20 | | | | 44,295 | | | | 26 | |
| | 15.80 | | | | 2.04 | | | | 0.44 | | | | 0.44 | | | | 0.50 | | | | 1.38 | | | | 82,953 | | | | 28 | |
| | See Notes to Financial Statements. | 159 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | | | Per Share Operating Performance: |
| | | | | |
| | | | | | | | | | | Distributions to |
| | | | | Investment Operations: | | shareholders from: |
| | | | | | | | | Total | | | | | | |
| | | | | | | Net | | from | | | | | | |
| | | Net asset | | Net | | realized | | invest- | | | | | | |
| | | value, | | invest- | | and | | ment | | Net | | Net | | Total |
| | | beginning | | ment | | unrealized | | opera- | | investment | | realized | | distri- |
| | | of period | | income(a) | | gain (loss) | | tions | | income | | gain | | butions |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $10.85 | | | | $0.27 | | | | $(0.25 | ) | | | $0.02 | | | | $(0.27 | ) | | | $ – | | | | $(0.27 | ) |
| 9/30/2017 | | | 11.10 | | | | 0.27 | | | | (0.26 | ) | | | 0.01 | | | | (0.26 | ) | | | – | (d) | | | (0.26 | ) |
| 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 | ) |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.84 | | | | 0.21 | | | | (0.26 | ) | | | (0.05 | ) | | | (0.20 | ) | | | – | | | | (0.20 | ) |
| 9/30/2017 | | | 11.09 | | | | 0.20 | | | | (0.26 | ) | | | (0.06 | ) | | | (0.19 | ) | | | – | (d) | | | (0.19 | ) |
| 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 | ) |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.85 | | | | 0.28 | | | | (0.25 | ) | | | 0.03 | | | | (0.28 | ) | | | – | | | | (0.28 | ) |
| 9/30/2017 | | | 11.10 | | | | 0.27 | | | | (0.25 | ) | | | 0.02 | | | | (0.27 | ) | | | – | (d) | | | (0.27 | ) |
| 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 | ) |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.86 | | | | 0.30 | | | | (0.26 | ) | | | 0.04 | | | | (0.30 | ) | | | – | | | | (0.30 | ) |
| 4/4/2017 to 9/30/2017(e) | | | 10.66 | | | | 0.13 | | | | 0.21 | | | | 0.34 | | | | (0.14 | ) | | | – | (d) | | | (0.14 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.85 | | | | 0.30 | | | | (0.26 | ) | | | 0.04 | | | | (0.29 | ) | | | – | | | | (0.29 | ) |
| 9/30/2017 | | | 11.10 | | | | 0.29 | | | | (0.26 | ) | | | 0.03 | | | | (0.28 | ) | | | – | (d) | | | (0.28 | ) |
| 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 | ) |
| (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) | Amount less than $0.01. |
| (e) | Commenced on April 4, 2017. |
| (f) | Not annualized. |
| (g) | Annualized. |
| 160 | See Notes to Financial Statements. |
| | | | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | | | Total | | Total | | | | | | | | |
| | | | | expenses | | expenses | | | | | | | | |
| | | | | after | | after | | | | | | | | |
| | | | | waivers | | waivers | | | | | | | | |
| | | | | and/or reim- | | and/or reim- | | | | | | | | |
| Net | | | | bursements | | bursements | | | | | | Net | | |
| asset | | | | (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| value, | | Total | | interest | | interest | | Total | | investment | | end of | | turnover |
| end of | | return(b) | | expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| period | | (%) | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| | | | | | | | | | | | | | | |
| $10.60 | | | | 0.20 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 2.57 | | | | $1,496,393 | | | | 23 | |
| | 10.85 | | | | 0.18 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 2.46 | | | | 1,650,235 | | | | 23 | |
| | 11.10 | | | | 5.53 | | | | 0.70 | | | | 0.70 | | | | 0.70 | | | | 2.62 | | | | 2,000,225 | | | | 8 | |
| | 10.80 | | | | 2.52 | | | | 0.71 | | | | 0.71 | | | | 0.71 | | | | 2.84 | | | | 1,592,318 | | | | 12 | |
| | 10.83 | | | | 7.09 | | | | 0.70 | | | | 0.70 | | | | 0.71 | | | | 3.04 | | | | 1,485,143 | | | | 19 | |
| |
| | 10.59 | | | | (0.42 | ) | | | 1.32 | | | | 1.32 | | | | 1.32 | | | | 1.95 | | | | 432,891 | | | | 23 | |
| | 10.84 | | | | (0.45 | ) | | | 1.33 | | | | 1.33 | | | | 1.33 | | | | 1.84 | | | | 540,427 | | | | 23 | |
| | 11.09 | | | | 4.87 | | | | 1.33 | | | | 1.33 | | | | 1.33 | | | | 2.00 | | | | 657,981 | | | | 8 | |
| | 10.79 | | | | 1.89 | | | | 1.33 | | | | 1.33 | | | | 1.33 | | | | 2.22 | | | | 564,502 | | | | 12 | |
| | 10.82 | | | | 6.42 | | | | 1.34 | | | | 1.34 | | | | 1.35 | | | | 2.40 | | | | 559,156 | | | | 19 | |
| |
| | 10.60 | | | | 0.30 | | | | 0.60 | | | | 0.60 | | | | 0.60 | | | | 2.66 | | | | 1,680,364 | | | | 23 | |
| | 10.85 | | | | 0.28 | | | | 0.60 | | | | 0.60 | | | | 0.60 | | | | 2.55 | | | | 1,861,797 | | | | 23 | |
| | 11.10 | | | | 5.63 | | | | 0.60 | | | | 0.60 | | | | 0.60 | | | | 2.72 | | | | 1,983,052 | | | | 8 | |
| | 10.80 | | | | 2.62 | | | | 0.61 | | | | 0.61 | | | | 0.61 | | | | 2.94 | | | | 1,447,425 | | | | 12 | |
| | 10.83 | | | | 7.20 | | | | 0.60 | | | | 0.60 | | | | 0.60 | | | | 3.13 | | | | 1,092,546 | | | | 19 | |
| |
| | 10.60 | | | | 0.34 | | | | 0.46 | | | | 0.46 | | | | 0.46 | | | | 2.80 | | | | 24,227 | | | | 23 | |
| | 10.86 | | | | 3.16 | (f) | | | 0.46 | (g) | | | 0.46 | (g) | | | 0.46 | (g) | | | 2.52 | (g) | | | 441 | | | | 23 | |
| |
| | 10.60 | | | | 0.40 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 2.77 | | | | 528,933 | | | | 23 | |
| | 10.85 | | | | 0.38 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 2.66 | | | | 336,447 | | | | 23 | |
| | 11.10 | | | | 5.74 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 2.79 | | | | 316,391 | | | | 8 | |
| | 10.80 | | | | 2.63 | | | | 0.51 | | | | 0.51 | | | | 0.51 | | | | 3.02 | | | | 164,325 | | | | 12 | |
| | 10.84 | | | | 7.41 | | | | 0.50 | | | | 0.50 | | | | 0.50 | | | | 3.23 | | | | 68,985 | | | | 19 | |
| | See Notes to Financial Statements. | 161 |
Financial Highlights (continued)
AMT FREE MUNICIPAL BOND FUND
| | | | | Per Share Operating Performance: | | |
| | | | | | | | | |
| | | | | | | | | | | Distributions | | |
| | | | | | | | | | | to | | |
| | | | | | | | | | | shareholders | | |
| | | | | Investment Operations: | | from: | | |
| | | Net asset | | | | Net | | | | | | Net asset |
| | | value, | | Net | | realized and | | Total from | | Net | | value, |
| | | beginning of | | investment | | unrealized | | investment | | investment | | end of |
| | | period | | income(a) | | gain (loss) | | operations | | income | | period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $16.07 | | | | $0.50 | | | | $(0.32 | ) | | | $0.18 | | | | $(0.50 | ) | | | $15.75 | |
| 9/30/2017 | | | 16.54 | | | | 0.49 | | | | (0.47 | ) | | | 0.02 | | | | (0.49 | ) | | | 16.07 | |
| 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 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 16.07 | | | | 0.40 | | | | (0.33 | ) | | | 0.07 | | | | (0.40 | ) | | | 15.74 | |
| 9/30/2017 | | | 16.53 | | | | 0.39 | | | | (0.47 | ) | | | (0.08 | ) | | | (0.38 | ) | | | 16.07 | |
| 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 | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 16.07 | | | | 0.52 | | | | (0.33 | ) | | | 0.19 | | | | (0.51 | ) | | | 15.75 | |
| 9/30/2017 | | | 16.53 | | | | 0.51 | | | | (0.47 | ) | | | 0.04 | | | | (0.50 | ) | | | 16.07 | |
| 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 | |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 16.09 | | | | 0.54 | | | | (0.34 | ) | | | 0.20 | | | | (0.53 | ) | | | 15.76 | |
| 4/4/2017 to 9/30/2017(d) | | | 15.73 | | | | 0.25 | | | | 0.36 | | | | 0.61 | | | | (0.25 | ) | | | 16.09 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 16.08 | | | | 0.54 | | | | (0.33 | ) | | | 0.21 | | | | (0.53 | ) | | | 15.76 | |
| 9/30/2017 | | | 16.54 | | | | 0.52 | | | | (0.46 | ) | | | 0.06 | | | | (0.52 | ) | | | 16.08 | |
| 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 | |
| (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) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 162 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | | | | | | | | | | | |
| | | Total | | Total | | | | | | | | |
| | | expenses | | expenses | | | | | | | | |
| | | after | | after | | | | | | | | |
| | | waivers | | waivers | | | | | | | | |
| | | and/or reim- | | and/or reim- | | | | | | | | |
| | | bursements | | bursements | | | | | | Net | | |
| | | (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| Total | | interest | | interest | | Total | | investment | | end of | | turnover |
| return(b) | | expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| | | | | | | | | | | | | |
| | 1.12 | | | | 0.60 | | | | 0.60 | | | | 0.88 | | | | 3.16 | | | | $118,601 | | | | 35 | |
| | 0.17 | | | | 0.60 | | | | 0.60 | | | | 0.88 | | | | 3.09 | | | | 131,608 | | | | 28 | |
| | 7.76 | | | | 0.60 | | | | 0.60 | | | | 0.87 | | | | 3.20 | | | | 151,250 | | | | 9 | |
| | 3.04 | | | | 0.60 | | | | 0.60 | | | | 0.89 | | | | 3.38 | | | | 107,977 | | | | 21 | |
| | 9.76 | | | | 0.60 | | | | 0.60 | | | | 0.90 | | | | 3.83 | | | | 92,711 | | | | 51 | |
| |
| | 0.43 | | | | 1.23 | | | | 1.23 | | | | 1.51 | | | | 2.53 | | | | 22,338 | | | | 35 | |
| | (0.40 | ) | | | 1.24 | | | | 1.24 | | | | 1.52 | | | | 2.46 | | | | 25,039 | | | | 28 | |
| | 7.03 | | | | 1.23 | | | | 1.23 | | | | 1.51 | | | | 2.58 | | | | 28,731 | | | | 9 | |
| | 2.46 | | | | 1.24 | | | | 1.24 | | | | 1.53 | | | | 2.75 | | | | 21,349 | | | | 21 | |
| | 8.97 | | | | 1.27 | | | | 1.27 | | | | 1.56 | | | | 3.15 | | | | 20,596 | | | | 51 | |
| |
| | 1.22 | | | | 0.50 | | | | 0.50 | | | | 0.78 | | | | 3.25 | | | | 27,695 | | | | 35 | |
| | 0.33 | | | | 0.50 | | | | 0.50 | | | | 0.78 | | | | 3.19 | | | | 47,880 | | | | 28 | |
| | 7.80 | | | | 0.50 | | | | 0.50 | | | | 0.77 | | | | 3.25 | | | | 72,030 | | | | 9 | |
| | 3.14 | | | | 0.50 | | | | 0.50 | | | | 0.79 | | | | 3.47 | | | | 27,849 | | | | 21 | |
| | 9.87 | | | | 0.50 | | | | 0.50 | | | | 0.80 | | | | 3.91 | | | | 24,429 | | | | 51 | |
| |
| | 1.29 | | | | 0.36 | | | | 0.36 | | | | 0.64 | | | | 3.38 | | | | 3,109 | | | | 35 | |
| | 3.77 | (e) | | | 0.36 | (f) | | | 0.36 | (f) | | | 0.65 | (f) | | | 3.15 | (f) | | | 2,171 | | | | 28 | |
| |
| | 1.32 | | | | 0.40 | | | | 0.40 | | | | 0.68 | | | | 3.37 | | | | 5,273 | | | | 35 | |
| | 0.37 | | | | 0.40 | | | | 0.40 | | | | 0.68 | | | | 3.27 | | | | 1,292 | | | | 28 | |
| | 7.98 | | | | 0.40 | | | | 0.40 | | | | 0.68 | | | | 3.41 | | | | 955 | | | | 9 | |
| | 3.24 | | | | 0.40 | | | | 0.40 | | | | 0.70 | | | | 3.55 | | | | 732 | | | | 21 | |
| | 9.97 | | | | 0.40 | | | | 0.40 | | | | 0.69 | | | | 4.00 | | | | 169 | | | | 51 | |
| | See Notes to Financial Statements. | 163 |
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | | | Per Share Operating Performance: | | |
| | | | | | | | | | | Distributions | | |
| | | | | | | | | | | to | | |
| | | | | | | | | | | shareholders | | |
| | | | | Investment Operations: | | from: | | |
| | | Net asset | | | | Net | | | | | | Net asset |
| | | value, | | Net | | realized and | | Total from | | Net | | value, |
| | | beginning of | | investment | | unrealized | | investment | | investment | | end of |
| | | period | | income(a) | | gain (loss) | | operations | | income | | period |
| Class A | | | | | | | | | | | | |
| 9/30/2018 | | | $11.36 | | | | $0.37 | | | | $(0.25 | ) | | | $ 0.12 | | | | $(0.37 | ) | | | $11.11 | |
| 9/30/2017 | | | 11.69 | | | | 0.38 | | | | (0.34 | ) | | | 0.04 | | | | (0.37 | ) | | | 11.36 | |
| 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 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.37 | | | | 0.30 | | | | (0.24 | ) | | | 0.06 | | | | (0.30 | ) | | | 11.13 | |
| 9/30/2017 | | | 11.70 | | | | 0.31 | | | | (0.34 | ) | | | (0.03 | ) | | | (0.30 | ) | | | 11.37 | |
| 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 | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.35 | | | | 0.38 | | | | (0.25 | ) | | | 0.13 | | | | (0.38 | ) | | | 11.10 | |
| 9/30/2017 | | | 11.68 | | | | 0.39 | | | | (0.34 | ) | | | 0.05 | | | | (0.38 | ) | | | 11.35 | |
| 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 | |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.35 | | | | 0.39 | | | | (0.24 | ) | | | 0.15 | | | | (0.39 | ) | | | 11.11 | |
| 4/4/2017 to 9/30/2017(d) | | | 11.11 | | | | 0.19 | | | | 0.24 | | | | 0.43 | | | | (0.19 | ) | | | 11.35 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.35 | | | | 0.39 | | | | (0.24 | ) | | | 0.15 | | | | (0.39 | ) | | | 11.11 | |
| 9/30/2017 | | | 11.68 | | | | 0.39 | | | | (0.33 | ) | | | 0.06 | | | | (0.39 | ) | | | 11.35 | |
| 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 | |
| (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) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 164 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | Total | | Total | | | | | | |
| | | expenses | | expenses | | | | Net | | |
| | | (includes | | (excludes | | Net | | assets, | | Portfolio |
| Total | | interest | | interest | | investment | | end of | | turnover |
| return(b) | | expense)(c) | | expense)(c) | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| |
| | 1.03 | | | | 0.77 | | | | 0.74 | | | | 3.28 | | | | $1,484,381 | | | | 32 | |
| | 0.43 | | | | 0.76 | | | | 0.74 | | | | 3.34 | | | | 1,496,723 | | | | 31 | |
| | 7.68 | | | | 0.77 | | | | 0.74 | | | | 3.52 | | | | 1,591,375 | | | | 16 | |
| | 3.16 | | | | 0.77 | | | | 0.75 | | | | 3.61 | | | | 1,404,309 | | | | 29 | |
| | 10.87 | | | | 0.78 | | | | 0.75 | | | | 4.09 | | | | 1,423,250 | | | | 45 | |
| |
| | 0.49 | | | | 1.39 | | | | 1.36 | | | | 2.66 | | | | 131,631 | | | | 32 | |
| | (0.19 | ) | | | 1.39 | | | | 1.37 | | | | 2.72 | | | | 164,380 | | | | 31 | |
| | 6.91 | | | | 1.39 | | | | 1.37 | | | | 2.90 | | | | 198,789 | | | | 16 | |
| | 2.61 | | | | 1.40 | | | | 1.38 | | | | 2.98 | | | | 172,774 | | | | 29 | |
| | 10.17 | | | | 1.41 | | | | 1.39 | | | | 3.46 | | | | 174,469 | | | | 45 | |
| |
| | 1.12 | | | | 0.67 | | | | 0.64 | | | | 3.37 | | | | 299,777 | | | | 32 | |
| | 0.53 | | | | 0.66 | | | | 0.64 | | | | 3.43 | | | | 333,595 | | | | 31 | |
| | 7.78 | | | | 0.67 | | | | 0.64 | | | | 3.59 | | | | 318,012 | | | | 16 | |
| | 3.25 | | | | 0.67 | | | | 0.65 | | | | 3.70 | | | | 186,722 | | | | 29 | |
| | 10.98 | | | | 0.67 | | | | 0.65 | | | | 4.15 | | | | 151,265 | | | | 45 | |
| |
| | 1.34 | | | | 0.53 | | | | 0.50 | | | | 3.50 | | | | 21,499 | | | | 32 | |
| | 3.80 | (e) | | | 0.52 | (f) | | | 0.50 | (f) | | | 3.50 | (f) | | | 16,732 | | | | 31 | |
| |
| | 1.31 | | | | 0.57 | | | | 0.54 | | | | 3.48 | | | | 46,873 | | | | 32 | |
| | 0.63 | | | | 0.56 | | | | 0.54 | | | | 3.49 | | | | 23,240 | | | | 31 | |
| | 7.77 | | | | 0.57 | | | | 0.54 | | | | 3.60 | | | | 9,658 | | | | 16 | |
| | 3.34 | | | | 0.57 | | | | 0.55 | | | | 3.77 | | | | 2,442 | | | | 29 | |
| | 11.07 | | | | 0.57 | | | | 0.55 | | | | 4.14 | | | | 1,679 | | | | 45 | |
| | See Notes to Financial Statements. | 165 |
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | | | Per Share Operating Performance: | | |
| | | | | | | |
| | | | | | | | | | | Distributions | | |
| | | | | | | | | | | to | | |
| | | | | | | | | | | shareholders | | |
| | | | | Investment Operations: | | from: | | |
| | | Net asset | | | | Net | | | | | | Net asset |
| | | value, | | Net | | realized and | | Total from | | Net | | value, |
| | | beginning of | | investment | | unrealized | | investment | | investment | | end of |
| | | period | | income(a) | | gain (loss) | | operations | | income | | period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $11.84 | | | | $0.48 | | | | $ 0.08 | | | | $0.56 | | | | $(0.47 | ) | | | $11.93 | |
| 9/30/2017 | | | 12.17 | | | | 0.50 | | | | (0.34 | ) | | | 0.16 | | | | (0.49 | ) | | | 11.84 | |
| 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 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.84 | | | | 0.41 | | | | 0.08 | | | | 0.49 | | | | (0.40 | ) | | | 11.93 | |
| 9/30/2017 | | | 12.17 | | | | 0.43 | | | | (0.35 | ) | | | 0.08 | | | | (0.41 | ) | | | 11.84 | |
| 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 | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.85 | | | | 0.49 | | | | 0.07 | | | | 0.56 | | | | (0.48 | ) | | | 11.93 | |
| 9/30/2017 | | | 12.18 | | | | 0.52 | | | | (0.35 | ) | | | 0.17 | | | | (0.50 | ) | | | 11.85 | |
| 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 | |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.82 | | | | 0.51 | | | | 0.06 | | | | 0.57 | | | | (0.49 | ) | | | 11.90 | |
| 4/4/2017 to 9/30/2017(d) | | | 11.79 | | | | 0.24 | | | | 0.03 | | | | 0.27 | | | | (0.24 | ) | | | 11.82 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.82 | | | | 0.50 | | | | 0.07 | | | | 0.57 | | | | (0.49 | ) | | | 11.90 | |
| 9/30/2017 | | | 12.15 | | | | 0.52 | | | | (0.35 | ) | | | 0.17 | | | | (0.50 | ) | | | 11.82 | |
| 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 | |
| (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) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 166 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | Total | | Total | | | | | | | | |
| | | expenses | | expenses | | | | | | | | |
| | | after | | after | | | | | | | | |
| | | waivers | | waivers | | | | | | | | |
| | | and/or reim- | | and/or reim- | | | | | | | | |
| | | bursements | | bursements | | | | | | Net | | |
| | | (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| Total | | interest | | interest | | Total | | investment | | end of | | turnover |
| return(b) | | expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| | | |
| | 4.83 | | | | 0.82 | | | | 0.81 | | | | 0.82 | | | | 4.09 | | | | $1,217,482 | | | | 30 | |
| | 1.41 | | | | 0.80 | | | | 0.79 | | | | 0.80 | | | | 4.31 | | | | 1,182,782 | | | | 30 | |
| | 10.28 | | | | 0.80 | | | | 0.79 | | | | 0.80 | | | | 4.71 | | | | 1,273,114 | | | | 16 | |
| | 3.36 | | | | 0.84 | | | | 0.83 | | | | 0.87 | | | | 4.82 | | | | 1,141,428 | | | | 31 | |
| | 12.54 | | | | 0.91 | | | | 0.90 | | | | 0.91 | | | | 5.12 | | | | 1,160,471 | | | | 33 | |
| |
| | 4.18 | | | | 1.44 | | | | 1.43 | | | | 1.44 | | | | 3.48 | | | | 309,743 | | | | 30 | |
| | 0.79 | | | | 1.43 | | | | 1.42 | | | | 1.43 | | | | 3.70 | | | | 380,228 | | | | 30 | |
| | 9.51 | | | | 1.42 | | | | 1.41 | | | | 1.42 | | | | 4.09 | | | | 441,499 | | | | 16 | |
| | 2.81 | | | | 1.47 | | | | 1.46 | | | | 1.50 | | | | 4.20 | | | | 397,615 | | | | 31 | |
| | 11.74 | | | | 1.54 | | | | 1.53 | | | | 1.54 | | | | 4.50 | | | | 408,459 | | | | 33 | |
| |
| | 4.84 | | | | 0.72 | | | | 0.71 | | | | 0.72 | | | | 4.18 | | | | 517,484 | | | | 30 | |
| | 1.51 | | | | 0.70 | | | | 0.69 | | | | 0.70 | | | | 4.39 | | | | 540,945 | | | | 30 | |
| | 10.39 | | | | 0.70 | | | | 0.69 | | | | 0.70 | | | | 4.80 | | | | 490,913 | | | | 16 | |
| | 3.55 | | | | 0.74 | | | | 0.73 | | | | 0.77 | | | | 4.92 | | | | 404,172 | | | | 31 | |
| | 12.54 | | | | 0.81 | | | | 0.80 | | | | 0.81 | | | | 5.17 | | | | 393,166 | | | | 33 | |
| |
| | 4.98 | | | | 0.58 | | | | 0.57 | | | | 0.58 | | | | 4.30 | | | | 13,249 | | | | 30 | |
| | 4.11 | (e) | | | 0.56 | (f) | | | 0.56 | (f) | | | 0.56 | (f) | | | 4.09 | (f) | | | 1,750 | | | | 30 | |
| |
| | 4.94 | | | | 0.62 | | | | 0.61 | | | | 0.62 | | | | 4.27 | | | | 108,526 | | | | 30 | |
| | 1.57 | | | | 0.60 | | | | 0.59 | | | | 0.60 | | | | 4.42 | | | | 64,707 | | | | 30 | |
| | 10.41 | | | | 0.60 | | | | 0.58 | | | | 0.60 | | | | 4.82 | | | | 68,122 | | | | 16 | |
| | 3.64 | | | | 0.64 | | | | 0.63 | | | | 0.67 | | | | 4.99 | | | | 11,061 | | | | 31 | |
| | 12.44 | | | | 0.72 | | | | 0.71 | | | | 0.72 | | | | 5.49 | | | | 25,841 | | | | 33 | |
| | See Notes to Financial Statements. | 167 |
Financial Highlights (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND
| | | | | Per Share Operating Performance: |
| | | | | | | | | | | Distributions to |
| | | | | Investment Operations: | | shareholders from: |
| | | | | | | | | Total | | | | | | |
| | | | | | | Net | | from | | | | | | |
| | | Net asset | | Net | | realized | | invest- | | | | | | |
| | | value, | | invest- | | and | | ment | | Net | | Net | | Total |
| | | beginning | | ment | | unrealized | | opera- | | investment | | realized | | distri- |
| | | of period | | income(a) | | gain (loss) | | tions | | income | | gain | | butions |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $15.26 | | | | $0.43 | | | | $(0.18 | ) | | | $0.25 | | | | $(0.41 | ) | | | $– | (c) | | | $(0.41 | ) |
| 9/30/2017 | | | 15.52 | | | | 0.43 | | | | (0.29 | ) | | | 0.14 | | | | (0.40 | ) | | | – | | | | (0.40 | ) |
| 9/30/2016 | | | 15.04 | | | | 0.42 | | | | 0.46 | | | | 0.88 | | | | (0.40 | ) | | | – | | | | (0.40 | ) |
| 6/1/2015 to 9/30/2015(d) | | | 15.00 | | | | 0.13 | | | | 0.03 | | | | 0.16 | | | | (0.12 | ) | | | – | | | | (0.12 | ) |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.26 | | | | 0.33 | | | | (0.17 | ) | | | 0.16 | | | | (0.31 | ) | | | – | (c) | | | (0.31 | ) |
| 9/30/2017 | | | 15.52 | | | | 0.32 | | | | (0.29 | ) | | | 0.03 | | | | (0.29 | ) | | | – | | | | (0.29 | ) |
| 9/30/2016 | | | 15.04 | | | | 0.30 | | | | 0.46 | | | | 0.76 | | | | (0.28 | ) | | | – | | | | (0.28 | ) |
| 6/1/2015 to 9/30/2015(d) | | | 15.00 | | | | 0.10 | | | | 0.02 | | | | 0.12 | | | | (0.08 | ) | | | – | | | | (0.08 | ) |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.26 | | | | 0.44 | | | | (0.18 | ) | | | 0.26 | | | | (0.42 | ) | | | – | (c) | | | (0.42 | ) |
| 9/30/2017 | | | 15.51 | | | | 0.45 | | | | (0.28 | ) | | | 0.17 | | | | (0.42 | ) | | | – | | | | (0.42 | ) |
| 9/30/2016 | | | 15.04 | | | | 0.43 | | | | 0.46 | | | | 0.89 | | | | (0.42 | ) | | | – | | | | (0.42 | ) |
| 6/1/2015 to 9/30/2015(d) | | | 15.00 | | | | 0.14 | | | | 0.02 | | | | 0.16 | | | | (0.12 | ) | | | – | | | | (0.12 | ) |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.27 | | | | 0.46 | | | | (0.18 | ) | | | 0.28 | | | | (0.44 | ) | | | – | (c) | | | (0.44 | ) |
| 4/4/2017 to 9/30/2017(g) | | | 14.99 | | | | 0.23 | | | | 0.27 | | | | 0.50 | | | | (0.22 | ) | | | – | | | | (0.22 | ) |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 15.26 | | | | 0.46 | | | | (0.17 | ) | | | 0.29 | | | | (0.44 | ) | | | – | (c) | | | (0.44 | ) |
| 9/30/2017 | | | 15.52 | | | | 0.46 | | | | (0.29 | ) | | | 0.17 | | | | (0.43 | ) | | | – | | | | (0.43 | ) |
| 9/30/2016 | | | 15.04 | | | | 0.43 | | | | 0.48 | | | | 0.91 | | | | (0.43 | ) | | | – | | | | (0.43 | ) |
| 6/1/2015 to 9/30/2015(d) | | | 15.00 | | | | 0.15 | | | | 0.02 | | | | 0.17 | | | | (0.13 | ) | | | – | | | | (0.13 | ) |
| (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) | Amount less than $0.01. |
| (d) | Commenced on June 1, 2015. |
| (e) | Not annualized. |
| (f) | Annualized. |
| (g) | Commenced on April 4, 2017. |
| 168 | See Notes to Financial Statements. |
| | | | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | | | | | |
| | | | | Total | | | | | | | | |
| | | | | expenses | | | | | | | | |
| Net | | | | after | | | | | | Net | | |
| asset | | | | waivers | | | | Net | | assets, | | Portfolio |
| value, | | Total | | and/or reim- | | Total | | investment | | end of | | turnover |
| end of | | return(b) | | bursements | | expenses | | income | | period | | rate |
| period | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| |
| $15.10 | | | | 1.59 | | | | 0.55 | | | | 0.78 | | | | 2.83 | | | | $121,804 | | | | 29 | |
| | 15.26 | | | | 1.06 | | | | 0.55 | | | | 0.81 | | | | 2.86 | | | | 90,165 | | | | 17 | |
| | 15.52 | | | | 5.93 | | | | 0.55 | | | | 0.92 | | | | 2.74 | | | | 54,470 | | | | 12 | |
| | 15.04 | | | | 1.06 | (e) | | | 0.55 | (f) | | | 1.69 | (f) | | | 2.69 | (f) | | | 12,019 | | | | 1 | |
| |
| | 15.11 | | | | 0.98 | | | | 1.22 | | | | 1.45 | | | | 2.17 | | | | 8,851 | | | | 29 | |
| | 15.26 | | | | 0.32 | | | | 1.29 | | | | 1.56 | | | | 2.14 | | | | 8,782 | | | | 17 | |
| | 15.52 | | | | 5.11 | | | | 1.31 | | | | 1.68 | | | | 1.94 | | | | 8,661 | | | | 12 | |
| | 15.04 | | | | 0.78 | (e) | | | 1.35 | (f) | | | 2.42 | (f) | | | 1.98 | (f) | | | 852 | | | | 1 | |
| |
| | 15.10 | | | | 1.69 | | | | 0.45 | | | | 0.68 | | | | 2.93 | | | | 109,580 | | | | 29 | |
| | 15.26 | | | | 1.16 | | | | 0.45 | | | | 0.71 | | | | 2.96 | | | | 87,848 | | | | 17 | |
| | 15.51 | | | | 6.03 | | | | 0.45 | | | | 0.82 | | | | 2.81 | | | | 41,758 | | | | 12 | |
| | 15.04 | | | | 1.09 | (e) | | | 0.45 | (f) | | | 1.59 | (f) | | | 2.76 | (f) | | | 9,072 | | | | 1 | |
| |
| | 15.11 | | | | 1.91 | | | | 0.29 | | | | 0.53 | | | | 3.06 | | | | 3,812 | | | | 29 | |
| | 15.27 | | | | 3.33 | (e) | | | 0.29 | (f) | | | 0.56 | (f) | | | 3.02 | (f) | | | 221 | | | | 17 | |
| |
| | 15.11 | | | | 1.86 | | | | 0.35 | | | | 0.58 | | | | 3.03 | | | | 30,068 | | | | 29 | |
| | 15.26 | | | | 1.26 | | | | 0.35 | | | | 0.61 | | | | 3.06 | | | | 23,707 | | | | 17 | |
| | 15.52 | | | | 6.13 | | | | 0.35 | | | | 0.74 | | | | 2.80 | | | | 6,837 | | | | 12 | |
| | 15.04 | | | | 1.12 | (e) | | | 0.35 | (f) | | | 1.45 | (f) | | | 2.97 | (f) | | | 619 | | | | 1 | |
| | See Notes to Financial Statements. | 169 |
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| | | | | Per Share Operating Performance: | | |
| | | | | | | |
| | | | | | | | | | | Distributions | | |
| | | | | | | | | | | to | | |
| | | | | | | | | | | shareholders | | |
| | | | | Investment Operations: | | from: | | |
| | | Net asset | | | | Net | | | | | | Net asset |
| | | value, | | Net | | realized and | | Total from | | Net | | value, |
| | | beginning of | | investment | | unrealized | | investment | | investment | | end of |
| | | period | | income(a) | | gain (loss) | | operations | | income | | period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $10.96 | | | | $0.33 | | | | $(0.20 | ) | | | $ 0.13 | | | | $(0.33 | ) | | | $10.76 | |
| 9/30/2017 | | | 11.32 | | | | 0.34 | | | | (0.36 | ) | | | (0.02 | ) | | | (0.34 | ) | | | 10.96 | |
| 9/30/2016 | | | 10.85 | | | | 0.37 | | | | 0.46 | | | | 0.83 | | | | (0.36 | ) | | | 11.32 | |
| 9/30/2015 | | | 10.84 | | | | 0.37 | | | | 0.01 | | | | 0.38 | | | | (0.37 | ) | | | 10.85 | |
| 9/30/2014 | | | 10.10 | | | | 0.38 | | | | 0.74 | | | | 1.12 | | | | (0.38 | ) | | | 10.84 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.96 | | | | 0.27 | | | | (0.21 | ) | | | 0.06 | | | | (0.26 | ) | | | 10.76 | |
| 9/30/2017 | | | 11.33 | | | | 0.27 | | | | (0.37 | ) | | | (0.10 | ) | | | (0.27 | ) | | | 10.96 | |
| 9/30/2016 | | | 10.85 | | | | 0.30 | | | | 0.47 | | | | 0.77 | | | | (0.29 | ) | | | 11.33 | |
| 9/30/2015 | | | 10.84 | | | | 0.31 | | | | – | (d) | | | 0.31 | | | | (0.30 | ) | | | 10.85 | |
| 9/30/2014 | | | 10.10 | | | | 0.32 | | | | 0.73 | | | | 1.05 | | | | (0.31 | ) | | | 10.84 | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.96 | | | | 0.34 | | | | (0.21 | ) | | | 0.13 | | | | (0.34 | ) | | | 10.75 | |
| 9/30/2017 | | | 11.32 | | | | 0.35 | | | | (0.36 | ) | | | (0.01 | ) | | | (0.35 | ) | | | 10.96 | |
| 9/30/2016 | | | 10.85 | | | | 0.38 | | | | 0.47 | | | | 0.85 | | | | (0.38 | ) | | | 11.32 | |
| 9/30/2015 | | | 10.84 | | | | 0.38 | | | | 0.01 | | | | 0.39 | | | | (0.38 | ) | | | 10.85 | |
| 9/30/2014 | | | 10.10 | | | | 0.39 | | | | 0.74 | | | | 1.13 | | | | (0.39 | ) | | | 10.84 | |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.95 | | | | 0.36 | | | | (0.21 | ) | | | 0.15 | �� | | | (0.35 | ) | | | 10.75 | |
| 4/4/2017 to 9/30/2017(e) | | | 10.77 | | | | 0.18 | | | | 0.17 | | | | 0.35 | | | | (0.17 | ) | | | 10.95 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 10.95 | | | | 0.36 | | | | (0.21 | ) | | | 0.15 | | | | (0.35 | ) | | | 10.75 | |
| 9/30/2017 | | | 11.32 | | | | 0.36 | | | | (0.37 | ) | | | (0.01 | ) | | | (0.36 | ) | | | 10.95 | |
| 9/30/2016 | | | 10.84 | | | | 0.39 | | | | 0.48 | | | | 0.87 | | | | (0.39 | ) | | | 11.32 | |
| 9/30/2015 | | | 10.84 | | | | 0.39 | | | | – | (d) | | | 0.39 | | | | (0.39 | ) | | | 10.84 | |
| 9/30/2014 | | | 10.09 | | | | 0.41 | | | | 0.74 | | | | 1.15 | | | | (0.40 | ) | | | 10.84 | |
| (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) | Amount less than $0.01. |
| (e) | Commenced on April 4, 2017. |
| (f) | Not annualized. |
| (g) | Annualized. |
| 170 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: | | |
| | | Total | | Total | | | | | | | | |
| | | expenses | | expenses | | | | | | | | |
| | | after | | after | | | | | | | | |
| | | waivers | | waivers | | | | | | | | |
| | | and/or reim- | | and/or reim- | | | | | | | | |
| | | bursements | | bursements | | | | | | Net | | |
| | | (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| Total | | interest | | interest | | Total | | investment | | end of | | turnover |
| return(b) | | expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| |
| | 1.20 | | | | 0.79 | | | | 0.79 | | | | 0.79 | | | | 3.07 | | | | $197,080 | | | | 28 | |
| | (0.12 | ) | | | 0.79 | | | | 0.78 | | | | 0.79 | | | | 3.15 | | | | 204,019 | | | | 27 | |
| | 7.80 | | | | 0.79 | | | | 0.78 | | | | 0.79 | | | | 3.30 | | | | 234,470 | | | | 8 | |
| | 3.54 | | | | 0.82 | | | | 0.81 | | | | 0.82 | | | | 3.44 | | | | 185,379 | | | | 15 | |
| | 11.29 | | | | 0.86 | | | | 0.86 | | | | 0.86 | | | | 3.69 | | | | 170,131 | | | | 21 | |
| |
| | 0.58 | | | | 1.41 | | | | 1.41 | | | | 1.41 | | | | 2.45 | | | | 33,793 | | | | 28 | |
| | (0.85 | ) | | | 1.43 | | | | 1.43 | | | | 1.43 | | | | 2.51 | | | | 45,450 | | | | 27 | |
| | 7.21 | | | | 1.42 | | | | 1.41 | | | | 1.42 | | | | 2.66 | | | | 54,658 | | | | 8 | |
| | 2.89 | | | | 1.45 | | | | 1.45 | | | | 1.45 | | | | 2.80 | | | | 39,790 | | | | 15 | |
| | 10.58 | | | | 1.50 | | | | 1.50 | | | | 1.50 | | | | 3.05 | | | | 36,122 | | | | 21 | |
| |
| | 1.21 | | | | 0.69 | | | | 0.69 | | | | 0.69 | | | | 3.17 | | | | 49,601 | | | | 28 | |
| | (0.02 | ) | | | 0.69 | | | | 0.68 | | | | 0.69 | | | | 3.23 | | | | 53,111 | | | | 27 | |
| | 7.90 | | | | 0.69 | | | | 0.68 | | | | 0.69 | | | | 3.39 | | | | 53,059 | | | | 8 | |
| | 3.64 | | | | 0.72 | | | | 0.71 | | | | 0.72 | | | | 3.52 | | | | 36,482 | | | | 15 | |
| | 11.39 | | | | 0.76 | | | | 0.76 | | | | 0.76 | | | | 3.78 | | | | 24,810 | | | | 21 | |
| |
| | 1.42 | | | | 0.56 | | | | 0.56 | | | | 0.56 | | | | 3.28 | | | | 3,949 | | | | 28 | |
| | 3.30 | (f) | | | 0.56 | (g) | | | 0.52 | (g) | | | 0.56 | (g) | | | 3.39 | (g) | | | 2,243 | | | | 27 | |
| |
| | 1.40 | | | | 0.59 | | | | 0.59 | | | | 0.59 | | | | 3.27 | | | | 14,836 | | | | 28 | |
| | (0.01 | ) | | | 0.59 | | | | 0.58 | | | | 0.59 | | | | 3.34 | | | | 5,121 | | | | 27 | |
| | 8.10 | | | | 0.58 | | | | 0.58 | | | | 0.58 | | | | 3.47 | | | | 4,802 | | | | 8 | |
| | 3.63 | | | | 0.61 | | | | 0.61 | | | | 0.61 | | | | 3.61 | | | | 2,309 | | | | 15 | |
| | 11.65 | | | | 0.66 | | | | 0.65 | | | | 0.66 | | | | 3.90 | | | | 22 | | | | 21 | |
| | See Notes to Financial Statements. | 171 |
Financial Highlights (continued)
NEW JERSEY TAX FREE FUND
| | | | | Per Share Operating Performance: | | |
| | | | | | | | | |
| | | | | | | | | | | Distributions | | |
| | | | | | | | | | | to | | |
| | | | | | | | | | | shareholders | | |
| | | | | Investment Operations: | | from: | | |
| | | Net asset | | | | Net | | | | | | Net asset |
| | | value, | | Net | | realized and | | Total from | | Net | | value, |
| | | beginning of | | investment | | unrealized | | investment | | investment | | end of |
| | | period | | income(a) | | gain (loss) | | operations | | income | | period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $4.96 | | | | $0.14 | | | | $(0.05 | ) | | | $0.09 | | | | $(0.14 | ) | | | $4.91 | |
| 9/30/2017 | | | 5.11 | | | | 0.14 | | | | (0.15 | ) | | | (0.01 | ) | | | (0.14 | ) | | | 4.96 | |
| 9/30/2016 | | | 4.86 | | | | 0.16 | | | | 0.25 | | | | 0.41 | | | | (0.16 | ) | | | 5.11 | |
| 9/30/2015 | | | 4.94 | | | | 0.17 | | | | (0.08 | ) | | | 0.09 | | | | (0.17 | ) | | | 4.86 | |
| 9/30/2014 | | | 4.66 | | | | 0.17 | | | | 0.28 | | | | 0.45 | | | | (0.17 | ) | | | 4.94 | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 4.96 | | | | 0.14 | | | | (0.05 | ) | | | 0.09 | | | | (0.14 | ) | | | 4.91 | |
| 9/30/2017 | | | 5.11 | | | | 0.15 | | | | (0.15 | ) | | | – | | | | (0.15 | ) | | | 4.96 | |
| 9/30/2016 | | | 4.86 | | | | 0.16 | | | | 0.25 | | | | 0.41 | | | | (0.16 | ) | | | 5.11 | |
| 9/30/2015 | | | 4.94 | | | | 0.17 | | | | (0.08 | ) | | | 0.09 | | | | (0.17 | ) | | | 4.86 | |
| 9/30/2014 | | | 4.66 | | | | 0.18 | | | | 0.28 | | | | 0.46 | | | | (0.18 | ) | | | 4.94 | |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 4.97 | | | | 0.15 | | | | (0.05 | ) | | | 0.10 | | | | (0.15 | ) | | | 4.92 | |
| 4/4/2017 to 9/30/2017(d) | | | 4.87 | | | | 0.07 | | | | 0.10 | | | | 0.17 | | | | (0.07 | ) | | | 4.97 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 4.97 | | | | 0.15 | | | | (0.05 | ) | | | 0.10 | | | | (0.15 | ) | | | 4.92 | |
| 9/30/2017 | | | 5.11 | | | | 0.15 | | | | (0.14 | ) | | | 0.01 | | | | (0.15 | ) | | | 4.97 | |
| 9/30/2016 | | | 4.86 | | | | 0.17 | | | | 0.25 | | | | 0.42 | | | | (0.17 | ) | | | 5.11 | |
| 9/30/2015 | | | 4.94 | | | | 0.18 | | | | (0.08 | ) | | | 0.10 | | | | (0.18 | ) | | | 4.86 | |
| 9/30/2014 | | | 4.66 | | | | 0.19 | | | | 0.27 | | | | 0.46 | | | | (0.18 | ) | | | 4.94 | |
| (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. |
| (d) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 172 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | Total | | Total | | | | | | | | |
| | | expenses | | expenses | | | | | | | | |
| | | after | | after | | | | | | | | |
| | | waivers | | waivers | | | | | | | | |
| | | and/or reim- | | and/or reim- | | | | | | | | |
| | | bursements | | bursements | | | | | | Net | | |
| | | (includes | | (excludes | | | | Net | | assets, | | Portfolio |
| Total | | interest | | interest | | Total | | investment | | end of | | turnover |
| return(b) | | expense)(c) | | expense)(c) | | expenses | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| |
| | 1.75 | | | | 0.82 | | | | 0.82 | | | | 0.88 | | | | 2.77 | | | | $79,108 | | | | 20 | |
| | (0.08 | ) | | | 0.82 | | | | 0.82 | | | | 0.86 | | | | 2.93 | | | | 89,916 | | | | 24 | |
| | 8.53 | | | | 0.83 | | | | 0.83 | | | | 0.86 | | | | 3.21 | | | | 98,152 | | | | 13 | |
| | 1.74 | | | | 0.86 | | | | 0.86 | | | | 0.86 | | | | 3.39 | | | | 90,126 | | | | 17 | |
| | 9.87 | | | | 0.85 | | | | 0.85 | | | | 0.85 | | | | 3.63 | | | | 92,713 | | | | 19 | |
| |
| | 1.85 | | | | 0.72 | | | | 0.72 | | | | 0.78 | | | | 2.86 | | | | 15,243 | | | | 20 | |
| | 0.02 | | | | 0.72 | | | | 0.72 | | | | 0.75 | | | | 3.01 | | | | 10,605 | | | | 24 | |
| | 8.63 | | | | 0.73 | | | | 0.73 | | | | 0.76 | | | | 3.28 | | | | 9,602 | | | | 13 | |
| | 1.84 | | | | 0.76 | | | | 0.76 | | | | 0.76 | | | | 3.49 | | | | 6,197 | | | | 17 | |
| | 9.97 | | | | 0.74 | | | | 0.74 | | | | 0.74 | | | | 3.69 | | | | 6,838 | | | | 19 | |
| |
| | 1.99 | | | | 0.58 | | | | 0.58 | | | | 0.64 | | | | 2.99 | | | | 139 | | | | 20 | |
| | 3.55 | (e) | | | 0.58 | (f) | | | 0.58 | (f) | | | 0.64 | (f) | | | 3.01 | (f) | | | 10 | | | | 24 | |
| |
| | 1.95 | | | | 0.62 | | | | 0.62 | | | | 0.68 | | | | 2.97 | | | | 1,209 | | | | 20 | |
| | 0.30 | | | | 0.62 | | | | 0.62 | | | | 0.65 | | | | 3.10 | | | | 334 | | | | 24 | |
| | 8.76 | | | | 0.62 | | | | 0.62 | | | | 0.65 | | | | 3.28 | | | | 129 | | | | 13 | |
| | 2.00 | | | | 0.62 | | | | 0.62 | | | | 0.62 | | | | 3.65 | | | | 13 | | | | 17 | |
| | 10.13 | | | | 0.62 | | | | 0.62 | | | | 0.62 | | | | 3.87 | | | | 13 | | | | 19 | |
| | See Notes to Financial Statements. | 173 |
Financial Highlights (concluded)
NEW YORK TAX FREE FUND
| | | | | Per Share Operating Performance: | | |
| | | | | | | | | | | Distributions | | |
| | | | | | | | | | | to | | |
| | | | | | | | | | | shareholders | | |
| | | | | Investment Operations: | | from: | | |
| | | Net asset | | | | Net | | | | | | Net asset |
| | | value, | | Net | | realized and | | Total from | | Net | | value, |
| | | beginning of | | investment | | unrealized | | investment | | investment | | end of |
| | | period | | income(a) | | gain (loss) | | operations | | income | | period |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | $11.32 | | | | $0.28 | | | | $(0.24 | ) | | | $0.04 | | | | $(0.28 | ) | | | $11.08 | |
| 9/30/2017 | | | 11.65 | | | | 0.29 | | | | (0.33 | ) | | | (0.04 | ) | | | (0.29 | ) | | | 11.32 | |
| 9/30/2016 | | | 11.19 | | | | 0.32 | | | | 0.46 | | | | 0.78 | | | | (0.32 | ) | | | 11.65 | |
| 9/30/2015 | | | 11.23 | | | | 0.35 | | | | (0.04 | ) | | | 0.31 | | | | (0.35 | ) | | | 11.19 | |
| 9/30/2014 | | | 10.59 | | | | 0.38 | | | | 0.63 | | | | 1.01 | | | | (0.37 | ) | | | 11.23 | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.31 | | | | 0.21 | | | | (0.25 | ) | | | (0.04 | ) | | | (0.21 | ) | | | 11.06 | |
| 9/30/2017 | | | 11.63 | | | | 0.22 | | | | (0.32 | ) | | | (0.10 | ) | | | (0.22 | ) | | | 11.31 | |
| 9/30/2016 | | | 11.18 | | | | 0.25 | | | | 0.45 | | | | 0.70 | | | | (0.25 | ) | | | 11.63 | |
| 9/30/2015 | | | 11.21 | | | | 0.28 | | | | (0.03 | ) | | | 0.25 | | | | (0.28 | ) | | | 11.18 | |
| 9/30/2014 | | | 10.58 | | | | 0.31 | | | | 0.62 | | | | 0.93 | | | | (0.30 | ) | | | 11.21 | |
| Class F | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.33 | | | | 0.29 | | | | (0.24 | ) | | | 0.05 | | | | (0.29 | ) | | | 11.09 | |
| 9/30/2017 | | | 11.66 | | | | 0.30 | | | | (0.33 | ) | | | (0.03 | ) | | | (0.30 | ) | | | 11.33 | |
| 9/30/2016 | | | 11.20 | | | | 0.33 | | | | 0.46 | | | | 0.79 | | | | (0.33 | ) | | | 11.66 | |
| 9/30/2015 | | | 11.24 | | | | 0.36 | | | | (0.04 | ) | | | 0.32 | | | | (0.36 | ) | | | 11.20 | |
| 9/30/2014 | | | 10.60 | | | | 0.39 | | | | 0.63 | | | | 1.02 | | | | (0.38 | ) | | | 11.24 | |
| Class F3 | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.33 | | | | 0.30 | | | | (0.25 | ) | | | 0.05 | | | | (0.30 | ) | | | 11.08 | |
| 4/4/2017 to 9/30/2017(d) | | | 11.18 | | | | 0.15 | | | | 0.15 | | | | 0.30 | | | | (0.15 | ) | | | 11.33 | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | |
| 9/30/2018 | | | 11.33 | | | | 0.30 | | | | (0.25 | ) | | | 0.05 | | | | (0.30 | ) | | | 11.08 | |
| 9/30/2017 | | | 11.66 | | | | 0.31 | | | | (0.33 | ) | | | (0.02 | ) | | | (0.31 | ) | | | 11.33 | |
| 9/30/2016 | | | 11.20 | | | | 0.34 | | | | 0.46 | | | | 0.80 | | | | (0.34 | ) | | | 11.66 | |
| 9/30/2015 | | | 11.23 | | | | 0.38 | | | | (0.04 | ) | | | 0.34 | | | | (0.37 | ) | | | 11.20 | |
| 9/30/2014 | | | 10.60 | | | | 0.40 | | | | 0.63 | | | | 1.03 | | | | (0.40 | ) | | | 11.23 | |
| (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) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 174 | See Notes to Financial Statements. |
| | | Ratios to Average Net Assets: | | Supplemental Data: |
| | | | | |
| | | Total | | Total | | | | | | |
| | | expenses | | expenses | | | | Net | | |
| | | (includes | | (excludes | | Net | | assets, | | Portfolio |
| Total | | interest | | interest | | investment | | end of | | turnover |
| return(b) | | expense)(c) | | expense)(c) | | income | | period | | rate |
| (%) | | (%) | | (%) | | (%) | | (000) | | (%) |
| |
| | 0.36 | | | | 0.79 | | | | 0.79 | | | | 2.51 | | | | $249,147 | | | | 19 | |
| | (0.31 | ) | | | 0.78 | | | | 0.78 | | | | 2.57 | | | | 269,490 | | | | 19 | |
| | 7.05 | | | | 0.78 | | | | 0.78 | | | | 2.80 | | | | 315,511 | | | | 20 | |
| | 2.80 | | | | 0.79 | | | | 0.79 | | | | 3.15 | | | | 283,229 | | | | 10 | |
| | 9.73 | | | | 0.79 | | | | 0.78 | | | | 3.46 | | | | 244,081 | | | | 20 | |
| |
| | (0.36 | ) | | | 1.41 | | | | 1.41 | | | | 1.89 | | | | 39,551 | | | | 19 | |
| | (0.95 | ) | | | 1.42 | | | | 1.42 | | | | 1.95 | | | | 53,453 | | | | 19 | |
| | 6.37 | | | | 1.43 | | | | 1.43 | | | | 2.15 | | | | 67,239 | | | | 20 | |
| | 2.23 | | | | 1.44 | | | | 1.43 | | | | 2.50 | | | | 55,562 | | | | 10 | |
| | 8.95 | | | | 1.43 | | | | 1.42 | | | | 2.82 | | | | 49,678 | | | | 20 | |
| |
| | 0.46 | | | | 0.69 | | | | 0.69 | | | | 2.60 | | | | 44,093 | | | | 19 | |
| | (0.21 | ) | | | 0.68 | | | | 0.68 | | | | 2.67 | | | | 44,826 | | | | 19 | |
| | 7.14 | | | | 0.68 | | | | 0.68 | | | | 2.87 | | | | 43,186 | | | | 20 | |
| | 2.90 | | | | 0.69 | | | | 0.69 | | | | 3.24 | | | | 27,788 | | | | 10 | |
| | 9.83 | | | | 0.69 | | | | 0.68 | | | | 3.54 | | | | 20,978 | | | | 20 | |
| |
| | 0.49 | | | | 0.55 | | | | 0.55 | | | | 2.73 | | | | 896 | | | | 19 | |
| | 2.67 | (e) | | | 0.56 | (f) | | | 0.56 | (f) | | | 2.70 | (f) | | | 10 | | | | 19 | |
| |
| | 0.47 | | | | 0.59 | | | | 0.59 | | | | 2.71 | | | | 8,534 | | | | 19 | |
| | (0.11 | ) | | | 0.58 | | | | 0.58 | | | | 2.75 | | | | 2,095 | | | | 19 | |
| | 7.25 | | | | 0.58 | | | | 0.58 | | | | 2.96 | | | | 1,652 | | | | 20 | |
| | 3.10 | | | | 0.60 | | | | 0.59 | | | | 3.34 | | | | 1,104 | | | | 10 | |
| | 9.85 | | | | 0.59 | | | | 0.58 | | | | 3.66 | | | | 644 | | | | 20 | |
| | See Notes to Financial Statements. | 175 |
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 active share classes:
| Funds | | Classes |
| Lord Abbett Short Duration Tax Free Fund (“Short Duration”) | | A,C,F,F3 and I |
| Lord Abbett Intermediate Tax Free Fund (“Intermediate”) | | A,C,F,F3 and I |
| Lord Abbett AMT Free Municipal Bond Fund (“AMT Free”) | | A,C,F,F3 and I |
| Lord Abbett National Tax Free Income Fund (“National”) | | A,C,F,F3 and I |
| Lord Abbett High Yield Municipal Bond Fund (“High Yield”) | | A,C,F,F3 and I |
| Lord Abbett Short Duration High Yield Municipal Bond Fund (“Short Duration High Yield”) | | A,C,F,F3 and I |
| Lord Abbett California Tax Free Income Fund (“California”) | | A,C,F,F3 and I |
| Lord Abbett New Jersey Tax Free Income Fund (“New Jersey”) | | A,F,F3 and I |
| Lord Abbett New York Tax Free Income Fund (“New York”) | | A,C,F,F3 and I |
Short Duration, Intermediate, 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. The Funds no longer issue Class T shares for purchase.
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 C, F, F3 and I shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Effective April 30, 2018, Class C shares will convert automatically into Class A shares on the 25th day of the month (or, if the 25th is not a business day, the next business day thereafter) following the tenth anniversary of the month on which the purchase order was accepted. On April 25, 2018, the funds’ remaining Class B shares converted to Class A shares.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered an investment
176
Notes to Financial Statements (continued)
company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
| 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 may employ 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 |
177
Notes to Financial Statements (continued)
| | returns remains open for the fiscal years ended September 30, 2015 through September 30, 2018. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
| | |
| (e) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. 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. |
178
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, 2018, as well as the average trust certificates for the fiscal year ended September 30, 2018: |
| Fund | | Liability for
Trust Certificates | | | Interest Rate
or Range of
Interest Rates | | | Underlying
Municipal Bonds
Transferred
to TOBs | | | Average
Trust
Certificates
Outstanding | |
| Short Duration | | $ | – | | | | – | | | $ | – | | | $ | – | |
| Intermediate | | | 1,250,000 | | | | 1.59% | | | | 2,578,975 | | | | 1,250,000 | |
| AMT Free | | | – | | | | – | | | | – | | | | – | |
| National | | | 26,250,000 | | | | 1.59% - 1.62% | | | | 56,094,375 | | | | 26,250,000 | |
| High Yield | | | 9,250,000 | | | | 1.59% | | | | 18,779,315 | | | | 9,250,000 | |
| Short Duration High Yield | | | – | | | | – | | | | – | | | | – | |
| California | | | – | | | | – | | | | – | | | | – | |
| New Jersey | | | – | | | | – | | | | – | | | | – | |
| New York | | | – | | | | – | | | | – | | | | – | |
| | 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, 2018, 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 TOB transactions accounted for as secured borrowings. |
| | |
| (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: |
179
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, 2018 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 Short Duration is based on the Fund’s average daily net assets at the following annual rate:
| Effective February 1, 2018 | | | Prior to February 1, 2018 | |
| First $2 billion | .34% | | First $2 billion | .40% |
| Next $3 billion | .32% | | Next $1 billion | .375% |
| Over $5 billion | .29% | | Over $3 billion | .35% |
The management fee for 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% |
180
Notes to Financial Statements (continued)
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% |
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, 2018, 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 | | .22% |
| National | | .42% |
| High Yield | | .47% |
| Short Duration High Yield | | .17% |
| California | | .45% |
| New Jersey | | .40% |
| 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, 2018 and continuing through January 31, 2019, for each Fund, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to the following annual rates:
| | | Classes |
| Fund | | A, C, F and I | | F3 |
| Short Duration | | .45% | | .43% |
| AMT Free | | .40% | | .36% |
| High Yield | | .62% | | .58% |
| Short Duration High Yield | | .35% | | .29% |
| California | | .61% | | .58% |
| New Jersey | | .62% | | .58% |
181
Notes to Financial Statements (continued)
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P and T 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(1) | | Class C(2) | | Class F(3) | | Class T(4) |
| Service | | .15% | | .25% | | .25% | | – | | .25% |
| Distribution | | .05% | | .75% | | .75% | | .10% | | – |
| (1) | Class B closed on April 25, 2018. |
| (2) | 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. |
| (3) | The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus. |
| (4) | Class T closed on July 24, 2018. |
Class F3 and 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, 2018:
| | | Distributor
Commissions | | | Dealers’
Concessions | |
| Short Duration | | $ | 12,820 | | | $ | 69,392 | |
| Intermediate | | | 79,913 | | | | 472,328 | |
| AMT Free | | | 9,144 | | | | 52,040 | |
| National | | | 102,246 | | | | 619,497 | |
| High Yield | | | 78,351 | | | | 466,022 | |
| Short Duration High Yield | | | 14,051 | | | | 77,018 | |
| California | | | 10,409 | | | | 59,465 | |
| New Jersey | | | 2,465 | | | | 16,673 | |
| New York | | | 6,963 | | | | 40,535 | |
Distributor received the following amount of CDSCs for the fiscal year ended September 30, 2018:
| | | Class A | | | Class C | |
| Short Duration | | $ | 19,461 | | | $ | 10,327 | |
| Intermediate | | | 31,855 | | | | 23,112 | |
| AMT Free | | | 7,992 | | | | 4,382 | |
| National | | | 11,601 | | | | 8,374 | |
| High Yield | | | 56,452 | | | | 21,694 | |
| Short Duration High Yield | | | 48,103 | | | | 3,412 | |
| California | | | 14,044 | | | | 2,786 | |
| New Jersey | | | 907 | | | | – | |
| New York | | | 3,441 | | | | 2,386 | |
One Director and certain of the Fund’s 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,
182
Notes to Financial Statements (continued)
if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the fiscal year ended September 30, 2018 and fiscal year ended September 30, 2017 were as follows:
| | | | | | Short Duration | | | | | | Intermediate | |
| | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 20,071,209 | | | $ | 18,961,956 | | | $ | 106,198,887 | | | $ | 103,796,839 | |
| Ordinary income | | | – | | | | 210,199 | | | | 1,887,709 | | | | 1,591,000 | |
| Net long-term capital gains | | | – | | | | – | | | | – | | | | 1,625,354 | |
| Total distributions paid | | $ | 20,071,209 | | | $ | 19,172,155 | | | $ | 108,086,596 | | | $ | 107,013,193 | |
| | | | | | | | | | | | | |
| | | | | | AMT Free | | | | | | National | |
| | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 6,102,238 | | | $ | 6,373,880 | | | $ | 64,727,803 | | | $ | 64,495,283 | |
| Ordinary income | | | – | | | | 84,072 | | | | 551,333 | | | | 576,755 | |
| Total distributions paid | | $ | 6,102,238 | | | $ | 6,457,952 | | | $ | 65,279,136 | | | $ | 65,072,038 | |
| | | | | | | | | | | | | | | | | |
| | | | | | High Yield | | | | | | Short Duration
High Yield | |
| | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 80,608,517 | | | $ | 81,557,199 | | | $ | 6,470,385 | | | $ | 4,297,392 | |
| Ordinary income | | | 1,874,173 | | | | 3,718,584 | | | | 88,644 | | | | 63,531 | |
| Net long-term capital gains | | | – | | | | – | | | | 34,264 | | | | – | |
| Total distributions paid | | $ | 82,482,690 | | | $ | 85,275,783 | | | $ | 6,593,293 | | | $ | 4,360,923 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | California | | | | | | | New Jersey | |
| | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 9,111,146 | | | $ | 9,287,751 | | | $ | 2,461,378 | | | $ | 2,876,889 | |
| Ordinary income | | | 71,339 | | | | 105,503 | | | | 134,600 | | | | – | |
| Total distributions paid | | $ | 9,182,485 | | | $ | 9,393,254 | | | $ | 2,595,978 | | | $ | 2,876,889 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | New York | | | | | | | | | |
| | | Year Ended
9/30/2018 | | | Year Ended
9/30/2017 | | | | | | | | | |
| Distributions paid from: | | | | | | | | | | | | | | | | |
| Tax-exempt income | | $ | 8,647,092 | | | $ | 9,250,331 | | | | | | | | | |
| Ordinary income | | | 49,568 | | | | 88,345 | | | | | | | | | |
| Total distributions paid | | $ | 8,696,660 | | | $ | 9,338,676 | | | | | | | | | |
183
Notes to Financial Statements (continued)
As of September 30, 2018, the components of accumulated gains on a tax-basis were as follows:
| | | Short Duration | | | Intermediate | | | AMT Free | |
| Undistributed tax-exempt income – net | | $ | 857,111 | | | $ | 8,227,551 | | | $ | 294,284 | |
| Total undistributed earnings | | | 857,111 | | | | 8,227,551 | | | | 294,284 | |
| Capital loss carryforwards | | | (20,649,840 | ) | | | (40,298,763 | ) | | | (5,952,586 | ) |
| Temporary differences | | | (292,586 | ) | | | (538,176 | ) | | | (22,528 | ) |
| Unrealized gains (losses) – net | | | (4,326,448 | ) | | | 34,623,275 | | | | 3,288,680 | |
| Total accumulated gains (losses) – net | | $ | (24,411,763 | ) | | $ | 2,013,887 | | | $ | (2,392,150 | ) |
| | | | | | | | | | | | | |
| | | National | | | High Yield | | | Short Duration
High Yield | |
| Undistributed tax-exempt income – net | | $ | 5,167,468 | | | $ | 13,604,465 | | | $ | 211,829 | |
| Total undistributed earnings | | | 5,167,468 | | | | 13,604,465 | | | | 211,829 | |
| Capital loss carryforwards | | | (13,260,901 | ) | | | (140,765,591 | ) | | | – | |
| Temporary differences | | | (469,401 | ) | | | (315,020 | ) | | | (2,532,478 | ) |
| Unrealized gains – net | | | 42,237,552 | | | | 35,267,592 | | | | 1,271,199 | |
| Total accumulated gains (losses) – net | | $ | 33,674,718 | | | $ | (92,208,554 | ) | | $ | (1,049,450 | ) |
| | | | | | | | | | | | | |
| | | California | | | New Jersey | | | New York | |
| Undistributed long-term capital gains – net | | $ | – | | | $ | – | | | $ | 110,376 | |
| Total undistributed earnings | | | – | | | | – | | | | 110,376 | |
| Capital loss carryforwards | | | (502,921 | ) | | | (1,290,500 | ) | | | – | |
| Temporary differences | | | (129,658 | ) | | | (38,863 | ) | | | (557,511 | ) |
| Unrealized gains (losses) – net | | | 8,460,770 | | | | (1,301,573 | ) | | | (2,285,565 | ) |
| Total accumulated gains (losses) – net | | $ | 7,828,191 | | | $ | (2,630,936 | ) | | $ | (2,732,700 | ) |
As of September 30, 2018, the capital loss carryforwards, along with the related expiration dates, were as follows:
| | | 2019 | | | Indefinite | | | Total | |
| Short Duration | | $ | – | | | $ | 20,649,840 | | | $ | 20,649,840 | |
| Intermediate | | | – | | | | 40,298,763 | | | | 40,298,763 | |
| AMT Free | | | – | | | | 5,952,586 | | | | 5,952,586 | |
| National | | | – | | | | 13,260,901 | | | | 13,260,901 | |
| High Yield | | | 36,257,876 | | | | 104,507,715 | | | | 140,765,591 | |
| California | | | 502,921 | | | | – | | | | 502,921 | |
| New Jersey | | | 1,290,500 | | | | – | | | | 1,290,500 | |
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.
At each Fund’s election, certain losses incurred within the taxable year (Qualified Late-Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. Short Duration High Yield incurred and will elect to defer post-October capital losses of $2,521,959 during fiscal 2018.
184
Notes to Financial Statements (continued)
As of September 30, 2018, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:
| | | Tax Cost | | Gross
Unrealized
Gain | | | Gross
Unrealized
Loss | | | Net
Unrealized
Gain/(Loss) | |
| Short Duration | | $ | 1,385,318,503 | | | $ | 3,148,692 | | | $ | (7,475,140 | ) | | | $ (4,326,448 | ) |
| Intermediate | | | 4,066,999,617 | | | | 83,619,947 | | | | (48,996,672 | ) | | | 34,623,275 | |
| AMT Free | | | 174,313,579 | | | | 4,966,053 | | | | (1,677,373 | ) | | | 3,288,680 | |
| National | | | 1,918,931,660 | | | | 76,454,023 | | | | (34,216,471 | ) | | | 42,237,552 | |
| High Yield | | | 2,103,939,403 | | | | 123,857,319 | | | | (88,589,727 | ) | | | 35,267,592 | |
| Short Duration High Yield | | | 265,177,071 | | | | 2,719,436 | | | | (1,448,237 | ) | | | 1,271,199 | |
| California | | | 289,005,181 | | | | 10,680,543 | | | | (2,219,773 | ) | | | 8,460,770 | |
| New Jersey | | | 95,481,944 | | | | 1,903,730 | | | | (3,205,303 | ) | | | (1,301,573 | ) |
| New York | | | 340,605,789 | | | | 5,497,942 | | | | (7,783,507 | ) | | | (2,285,565 | ) |
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, futures and wash sales.
Permanent items identified during the fiscal year ended September 30, 2018 have been reclassified among the components of net assets based on their tax basis treatment as follows:
| | | Total
Distributable
Earnings (Loss) | | | Paid-in
Capital | |
| National | | $ | 11,663,983 | | | | $(11,663,983 | ) |
| High Yield | | | 77,996,014 | | | | (77,996,014 | ) |
| California | | | 5,053,609 | | | | (5,053,609 | ) |
| New Jersey | | | 2,449,462 | | | | (2,449,462 | ) |
The permanent differences are attributable to 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, 2018 were as follows:
| | | Purchases | | | Sales | |
| Short Duration | | $ | 617,057,150 | | | $ | 715,917,484 | |
| Intermediate | | | 955,311,062 | | | | 1,045,255,580 | |
| AMT Free | | | 68,837,013 | | | | 91,981,183 | |
| National | | | 641,112,833 | | | | 650,382,918 | |
| High Yield | | | 636,607,089 | | | | 658,013,275 | |
| Short Duration High Yield | | | 134,907,084 | | | | 69,432,432 | |
| California | | | 84,972,950 | | | | 85,318,456 | |
| New Jersey | | | 18,625,412 | | | | 22,930,470 | |
| New York | | | 68,162,776 | | | | 84,956,656 | |
185
Notes to Financial Statements (continued)
Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended September 30, 2018, the following Fund engaged in cross-trades:
| Fund | | Purchases | | | Sales | | | Realized
Gain/(Loss) | |
| Short Duration High Yield | | | $787,200 | | | | $– | | | | $– | |
There were no purchases or sales of U.S. Government securities for the fiscal year ended September 30, 2018.
| 6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Each Fund, except Intermediate and AMT Free, entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2018 (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, 2018, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain (loss) on futures contracts 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, 2018:
| | | Unrealized
Appreciation as of
September 30, 2018 | | | Unrealized
Depreciation as of
September 30, 2018 | | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) | | | Average
Number of
Contracts* | |
| Short Duration | | $ | – | | | $ | – | | | $ | (299,370 | ) | | | $ 229,841 | | | | 22 | |
| National | | | 109,853 | | | | – | | | | (231,976 | ) | | | 56,437 | | | | 28 | |
| High Yield | | | 642,866 | | | | – | | | | (289,980 | ) | | | 383,405 | | | | 76 | |
| Short Duration | | | | | | | | | | | | | | | | | | | | |
| High Yield | | | 54,052 | | | | 3,285 | | | | 193,477 | | | | (42,816 | ) | | | 68 | |
| California | | | – | | | | – | | | | 2,482 | | | | – | | | | – | |
| New Jersey | | | 14,462 | | | | – | | | | 24,480 | | | | 9,466 | | | | 5 | |
| New York | | | 78,450 | | | | – | | | | 100,413 | | | | 43,475 | | | | 19 | |
| * | Calculated based on the number of contracts for the fiscal year ended September 30, 2018. |
186
Notes to Financial Statements (continued)
| 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 a Fund and the applicable counterparty. As of September 30, 2018, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.
| 8. | DIRECTORS’ REMUNERATION |
The Company’s officers and the one Director who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds 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.
During the period ended August 8, 2018, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a syndicated line of credit facility with various lenders for $600 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. During the period ended August 8, 2018, the Funds did not utilize the Facility.
Effective August 9, 2018, the Participating Funds entered into an amended syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas SSB participates as a lender and as agent for the lenders. Under the Syndicated Facility, the Participating Funds are
187
Notes to Financial Statements (continued)
subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings. Also effective August 9, 2018, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility,” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund assets. The Facilities are to be used for temporary or emergency purposes to satisfy redemption requests and manage liquidity. For the period from August 9, 2018 through September 30, 2018, the Funds did not utilize the Facilities.
| 11. | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.
During the fiscal year ended September 30, 2018, the Funds did not participate as a borrower or lender in the Interfund Lending Program.
| 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 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 funds invested in longer-term bonds during such periods.
Additional risks that could reduce each Fund’s performance or increase volatility include call risk credit risk, defaulted bonds risk (High Yield and Short Duration High Yield only), derivatives risk, distressed debt risk (High Yield and Short Duration High Yield only), extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, taxability risk and zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds risk (all Funds except Short Duration, Intermediate, and Short Duration High Yield). 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, and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers,
188
Notes to Financial Statements (continued)
particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.
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, the Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, 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 may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.
High Yield, Short Duration High Yield and, to a lesser extent, other Funds may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
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.
189
Notes to Financial Statements (continued)
| 14. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of capital stock were as follows:
| Short Duration | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 12,605,112 | | | $ | 195,643,614 | | | | 11,354,019 | | | $ | 176,555,696 | |
| Converted from Class C** | | | 67,497 | | | | 1,042,928 | | | | – | | | | – | |
| Reinvestment of distributions | | | 425,260 | | | | 6,586,559 | | | | 414,866 | | | | 6,467,905 | |
| Shares reacquired | | | (22,535,343 | ) | | | (349,521,480 | ) | | | (29,302,480 | ) | | | (455,673,149 | ) |
| Decrease | | | (9,437,474 | ) | | $ | (146,248,379 | ) | | | (17,533,595 | ) | | $ | (272,649,548 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 706,842 | | | $ | 10,970,037 | | | | 1,000,516 | | | $ | 15,560,921 | |
| Reinvestment of distributions | | | 39,583 | | | | 612,927 | | | | 30,315 | | | | 472,726 | |
| Shares reacquired | | | (2,576,057 | ) | | | (39,936,569 | ) | | | (3,672,806 | ) | | | (57,185,903 | ) |
| Converted to Class A** | | | (67,497 | ) | | | (1,042,928 | ) | | | – | | | | – | |
| Decrease | | | (1,897,129 | ) | | $ | (29,396,533 | ) | | | (2,641,975 | ) | | $ | (41,152,256 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 15,223,825 | | | $ | 236,076,550 | | | | 21,963,562 | | | $ | 341,734,555 | |
| Reinvestment of distributions | | | 192,332 | | | | 2,979,060 | | | | 179,389 | | | | 2,797,711 | |
| Shares reacquired | | | (23,520,310 | ) | | | (365,133,844 | ) | | | (32,150,160 | ) | | | (499,427,829 | ) |
| Decrease | | | (8,104,153 | ) | | $ | (126,078,234 | ) | | | (10,007,209 | ) | | $ | (154,895,563 | ) |
| | | | | | | | | | | | | | | | | |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,490,436 | | | $ | 23,205,747 | | | | 75,017 | | | $ | 1,174,695 | |
| Reinvestment of distributions | | | 15,128 | | | | 234,309 | | | | 221 | | | | 3,467 | |
| Shares reacquired | | | (289,464 | ) | | | (4,486,626 | ) | | | (14,728 | ) | | | (230,217 | ) |
| Increase | | | 1,216,100 | | | $ | 18,953,430 | | | | 60,510 | | | $ | 947,945 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 6,155,503 | | | $ | 95,662,368 | | | | 2,203,969 | | | $ | 34,309,678 | |
| Reinvestment of distributions | | | 74,210 | | | | 1,149,208 | | | | 44,861 | | | | 699,381 | |
| Shares reacquired | | | (2,851,343 | ) | | | (44,217,697 | ) | | | (3,470,628 | ) | | | (54,083,006 | ) |
| Increase (decrease) | | | 3,378,370 | | | $ | 52,593,879 | | | | (1,221,798 | ) | | $ | (19,073,947 | ) |
| | | | | | | | | | | | | | | | | |
| Class T Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | – | | | $ | – | | | | 639 | | | $ | 10,000 | |
| Reinvestment of distributions | | | 6 | | | | 96 | | | | 1 | | | | 18 | |
| Shares reacquired | | | (646 | ) | | | (10,012 | ) | | | – | | | | – | |
| Increase (decrease) | | | (640 | ) | | $ | (9,916 | ) | | | 640 | | | $ | 10,018 | |
190
Notes to Financial Statements (continued)
| Intermediate | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 23,730,557 | | | $ | 254,416,030 | | | | 31,546,233 | | | $ | 338,459,227 | |
| Converted from Class B * | | | 44,982 | | | | 483,320 | | | | 103,761 | | | | 1,110,813 | |
| Converted from Class C** | | | 1,073,154 | | | | 11,421,200 | | | | – | | | | – | |
| Reinvestment of distributions | | | 3,098,994 | | | | 33,112,754 | | | | 3,272,404 | | | | 35,112,577 | |
| Shares reacquired | | | (38,822,350 | ) | | | (415,625,920 | ) | | | (63,053,971 | ) | | | (673,120,847 | ) |
| Decrease | | | (10,874,663 | ) | | $ | (116,192,616 | ) | | | (28,131,573 | ) | | $ | (298,438,230 | ) |
| | | | | | | | | | | | | | | | | |
| Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 19 | | | $ | 202 | | | | 385 | | | $ | 4,112 | |
| Reinvestment of distributions | | | 181 | | | | 1,952 | | | | 1,404 | | | | 15,002 | |
| Shares reacquired | | | (15,156 | ) | | | (161,813 | ) | | | (23,737 | ) | | | (254,510 | ) |
| Converted to Class A * | | | (45,029 | ) | | | (483,320 | ) | | | (103,858 | ) | | | (1,110,813 | ) |
| Decrease | | | (59,985 | ) | | $ | (642,979 | ) | | | (125,806 | ) | | $ | (1,346,209 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,244,500 | | | $ | 34,812,139 | | | | 5,085,180 | | | $ | 54,528,610 | |
| Reinvestment of distributions | | | 600,673 | | | | 6,410,495 | | | | 662,343 | | | | 7,095,108 | |
| Shares reacquired | | | (11,736,299 | ) | | | (125,390,072 | ) | | | (15,236,867 | ) | | | (162,955,291 | ) |
| Converted to Class A** | | | (1,074,401 | ) | | | (11,421,200 | ) | | | – | | | | – | |
| Decrease | | | (8,965,527 | ) | | $ | (95,588,638 | ) | | | (9,489,344 | ) | | $ | (101,331,573 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 60,098,686 | | | $ | 643,928,491 | | | | 80,572,968 | | | $ | 863,301,142 | |
| Reinvestment of distributions | | | 2,387,847 | | | | 25,506,824 | | | | 2,338,572 | | | | 25,105,930 | |
| Shares reacquired | | | (75,495,830 | ) | | | (810,409,682 | ) | | | (89,998,119 | ) | | | (959,892,480 | ) |
| Decrease | | | (13,009,297 | ) | | $ | (140,974,367 | ) | | | (7,086,579 | ) | | $ | (71,485,408 | ) |
| | | | | | | | | | | | | | | | | |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,672,481 | | | $ | 28,828,591 | | | | 176,119 | | | $ | 1,908,386 | |
| Reinvestment of distributions | | | 53,558 | | | | 571,937 | | | | 541 | | | | 5,869 | |
| Shares reacquired | | | (481,976 | ) | | | (5,150,584 | ) | | | (136,024 | ) | | | (1,475,934 | ) |
| Increase | | | 2,244,063 | | | $ | 24,249,944 | | | | 40,636 | | | $ | 438,321 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 31,767,054 | | | $ | 342,171,663 | | | | 11,864,588 | | | $ | 127,601,922 | |
| Reinvestment of distributions | | | 995,743 | | | | 10,633,942 | | | | 644,296 | | | | 6,912,439 | |
| Shares reacquired | | | (13,862,164 | ) | | | (148,226,533 | ) | | | (10,010,405 | ) | | | (107,086,419 | ) |
| Increase | | | 18,900,633 | | | $ | 204,579,072 | | | | 2,498,479 | | | $ | 27,427,942 | |
| | | | | | | | | | | | | | | | | |
| Class P Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | – | | | $ | – | | | | 31 | | | $ | 335 | |
| Shares reacquired | | | – | | | | – | | | | (1,540 | ) | | | (16,708 | ) |
| Increase (decrease) | | | – | | | $ | – | | | | (1,509 | ) | | $ | (16,373 | ) |
| | | | | | | | | | | | | | | | | |
| Class T Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | – | | | $ | – | | | | 922 | | | $ | 10,000 | |
| Reinvestment of distributions | | | 18 | | | | 188 | | | | 4 | | | | 38 | |
| Shares reacquired | | | (944 | ) | | | (10,078 | ) | | | – | | | | – | |
| Increase (decrease) | | | (926 | ) | | $ | (9,890 | ) | | | 926 | | | $ | 10,038 | |
191
Notes to Financial Statements (continued)
| AMT Free | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,239,975 | | | $ | 19,760,758 | | | | 2,039,955 | | | $ | 32,247,610 | |
| Converted from Class C** | | | 12,067 | | | | 190,904 | | | | – | | | | – | |
| Reinvestment of distributions | | | 213,371 | | | | 3,387,546 | | | | 218,262 | | | | 3,464,115 | |
| Shares reacquired | | | (2,121,360 | ) | | | (33,723,620 | ) | | | (3,217,309 | ) | | | (50,829,234 | ) |
| Decrease | | | (655,947 | ) | | $ | (10,384,412 | ) | | | (959,092 | ) | | $ | (15,117,509 | ) |
| |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 154,712 | | | $ | 2,459,410 | | | | 278,641 | | | $ | 4,406,579 | |
| Reinvestment of distributions | | | 25,986 | | | | 412,430 | | | | 28,019 | | | | 444,339 | |
| Shares reacquired | | | (307,807 | ) | | | (4,888,136 | ) | | | (486,444 | ) | | | (7,698,521 | ) |
| Converted to Class A** | | | (12,075 | ) | | | (190,904 | ) | | | – | | | | – | |
| Decrease | | | (139,184 | ) | | $ | (2,207,200 | ) | | | (179,784 | ) | | $ | (2,847,603 | ) |
| |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 913,833 | | | $ | 14,557,944 | | | | 1,777,872 | | | $ | 28,153,792 | |
| Reinvestment of distributions | | | 70,748 | | | | 1,123,315 | | | | 76,596 | | | | 1,215,532 | |
| Shares reacquired | | | (2,204,800 | ) | | | (34,980,932 | ) | | | (3,231,851 | ) | | | (50,985,227 | ) |
| Decrease | | | (1,220,219 | ) | | $ | (19,299,673 | ) | | | (1,377,383 | ) | | $ | (21,615,903 | ) |
| |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 202,649 | | | $ | 3,248,368 | | | | 169,069 | | | $ | 2,713,036 | |
| Reinvestment of distributions | | | 6,371 | | | | 101,255 | | | | 1,163 | | | | 18,718 | |
| Shares reacquired | | | (146,668 | ) | | | (2,349,720 | ) | | | (35,320 | ) | | | (567,104 | ) |
| Increase | | | 62,352 | | | $ | 999,903 | | | | 134,912 | | | $ | 2,164,650 | |
| |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 321,010 | | | $ | 5,135,280 | | | | 41,948 | | | $ | 666,500 | |
| Reinvestment of distributions | | | 9,217 | | | | 146,293 | | | | 1,940 | | | | 30,843 | |
| Shares reacquired | | | (75,894 | ) | | | (1,205,440 | ) | | | (21,259 | ) | | | (331,307 | ) |
| Increase | | | 254,333 | | | $ | 4,076,133 | | | | 22,629 | | | $ | 366,036 | |
| | | | | | | | | | | | | | | | | |
| National | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | | Amount | |
| Shares sold | | | 18,058,021 | | | $ | 203,551,734 | | | | 18,043,193 | | | $ | 202,644,334 | |
| Converted from Class B * | | | 40,521 | | | | 458,370 | | | | 143,699 | | | | 1,613,899 | |
| Converted from Class C** | | | 1,610,243 | | | | 18,019,908 | | | | – | | | | – | |
| Reinvestment of distributions | | | 3,828,613 | | | | 43,009,064 | | | | 3,854,182 | | | | 43,226,196 | |
| Shares reacquired | | | (21,761,815 | ) | | | (244,731,729 | ) | | | (26,431,483 | ) | | | (295,775,808 | ) |
| Increase (decrease) | | | 1,775,583 | | | $ | 20,307,347 | | | | (4,390,409 | ) | | $ | (48,291,379 | ) |
| |
| Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 40 | | | $ | 475 | | | | 672 | | | $ | 7,610 | |
| Reinvestment of distributions | | | 278.66 | | | | 3,171 | | | | 3,191 | | | | 35,884 | |
| Shares reacquired | | | (24,739 | ) | | | (280,442 | ) | | | (25,303 | ) | | | (285,020 | ) |
| Converted to Class A * | | | (40,311 | ) | | | (458,370 | ) | | | (143,011 | ) | | | (1,613,899 | ) |
| Decrease | | | (64,731.34 | ) | | $ | (735,166 | ) | | | (164,451 | ) | | $ | (1,855,425 | ) |
192
Notes to Financial Statements (continued)
| National | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class C Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,332,946 | | | $ | 15,053,423 | | | | 1,929,103 | | | $ | 21,671,561 | |
| Reinvestment of distributions | | | 270,888 | | | | 3,047,283 | | | | 301,820 | | | | 3,388,243 | |
| Shares reacquired | | | (2,622,664 | ) | | | (29,537,687 | ) | | | (4,765,364 | ) | | | (53,398,742 | ) |
| Converted to Class A** | | | (1,607,505 | ) | | | (18,019,908 | ) | | | – | | | | – | |
| Decrease | | | (2,626,335 | ) | | $ | (29,456,889 | ) | | | (2,534,441 | ) | | $ | (28,338,938 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 11,213,249 | | | $ | 126,070,353 | | | | 15,068,516 | | | $ | 168,582,161 | |
| Reinvestment of distributions | | | 726,276 | | | | 8,153,999 | | | | 739,287 | | | | 8,289,348 | |
| Shares reacquired | | | (14,339,949 | ) | | | (161,342,616 | ) | | | (13,645,849 | ) | | | (152,610,259 | ) |
| Increase (decrease) | | | (2,400,424 | ) | | $ | (27,118,264 | ) | | | 2,161,954 | | | $ | 24,261,250 | |
| | | | | | | | | | | | | | | | | |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 859,231 | | | $ | 9,664,675 | | | | 1,475,769 | | | $ | 16,811,953 | |
| Reinvestment of distributions | | | 59,803 | | | | 671,325 | | | | 783 | | | | 8,884 | |
| Shares reacquired | | | (457,622 | ) | | | (5,145,638 | ) | | | (2,595 | ) | | | (29,520 | ) |
| Increase | | | 461,412 | | | $ | 5,190,362 | | | | 1,473,957 | | | $ | 16,791,317 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 4,400,287 | | | $ | 49,860,352 | | | | 1,484,965 | | | $ | 16,625,801 | |
| Reinvestment of distributions | | | 132,261 | | | | 1,484,092 | | | | 30,570 | | | | 343,233 | |
| Shares reacquired | | | (2,360,435 | ) | | | (26,444,845 | ) | | | (295,199 | ) | | | (3,273,860 | ) |
| Increase | | | 2,172,113 | | | $ | 24,899,599 | | | | 1,220,336 | | | $ | 13,695,174 | |
| | | | | | | | | | | | | | | | | |
| High Yield | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 20,541,465 | | | $ | 243,040,645 | | | | 24,842,036 | | | $ | 289,731,693 | |
| Converted from Class C** | | | 3,648,326 | | | | 43,273,458 | | | | – | | | | – | |
| Reinvestment of distributions | | | 3,439,548 | | | | 40,690,784 | | | | 3,415,819 | | | | 39,936,303 | |
| Shares reacquired | | | (25,432,008 | ) | | | (300,276,328 | ) | | | (33,016,501 | ) | | | (384,777,564 | ) |
| Increase (decrease) | | | 2,197,331 | | | $ | 26,728,559 | | | | (4,758,646 | ) | | $ | (55,109,568 | ) |
| | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,205,856 | | | $ | 37,938,537 | | | | 3,734,803 | | | $ | 43,641,510 | |
| Reinvestment of distributions | | | 826,613 | | | | 9,772,619 | | | | 947,495 | | | | 11,071,453 | |
| Shares reacquired | | | (6,524,523 | ) | | | (77,099,193 | ) | | | (8,859,617 | ) | | | (103,303,255 | ) |
| Converted to Class A** | | | (3,645,603 | ) | | | (43,273,458 | ) | | | – | | | | – | |
| Decrease | | | (6,137,657 | ) | | $ | (72,661,495 | ) | | | (4,177,319 | ) | | $ | (48,590,292 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 16,324,698 | | | $ | 193,493,068 | | | | 20,130,294 | | | $ | 234,389,005 | |
| Reinvestment of distributions | | | 1,190,365 | | | | 14,088,083 | | | | 1,271,054 | | | | 14,874,849 | |
| Shares reacquired | | | (19,806,295 | ) | | | (233,777,959 | ) | | | (16,072,572 | ) | | | (187,345,847 | ) |
| Increase (decrease) | | | (2,291,232 | ) | | $ | (26,196,808 | ) | | | 5,328,776 | | | $ | 61,918,007 | |
193
Notes to Financial Statements (continued)
| High Yield | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class F3 Shares(a) | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,305,456 | | | $ | 15,380,921 | | | | 148,865 | | | $ | 1,746,224 | |
| Reinvestment of distributions | | | 39,461 | | | | 466,038 | | | | 1,555 | | | | 18,377 | |
| Shares reacquired | | | (379,890 | ) | | | (4,479,890 | ) | | | (2,353 | ) | | | (27,787 | ) |
| Increase | | | 965,027 | | | $ | 11,367,069 | | | | 148,067 | | | $ | 1,736,814 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 9,503,716 | | | $ | 112,059,987 | | | | 8,887,188 | | | $ | 103,672,717 | |
| Reinvestment of distributions | | | 313,884 | | | | 3,708,090 | | | | 167,402 | | | | 1,957,874 | |
| Shares reacquired | | | (6,176,066 | ) | | | (72,543,787 | ) | | | (9,188,117 | ) | | | (108,585,354 | ) |
| Increase (decrease) | | | 3,641,534 | | | $ | 43,224,290 | | | | (133,527 | ) | | $ | (2,954,763 | ) |
| | | | | | | | | | | | | | | | | |
| Class P Shares | | | | | | | | | | | | | | | | |
| Reinvestment of distributions | | | – | | | $ | – | | | | 46 | | | $ | 533 | |
| Shares reacquired | | | – | | | | – | | | | (1,282 | ) | | | (15,191 | ) |
| Increase (decrease) | | | – | | | $ | – | | | | (1,236 | ) | | $ | (14,658 | ) |
| | | | | |
| Class T Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | – | | | $ | – | | | | 848 | | | $ | 10,000 | |
| Reinvestment of distributions | | | 26 | | | | 307 | | | | 5 | | | | 61 | |
| Shares reacquired | | | (879 | ) | | | (10,527 | ) | | | – | | | | – | |
| Increase (decrease) | | | (853 | ) | | $ | (10,220 | ) | | | 853 | | | $ | 10,061 | |
| | | | | | | | | | | | | | | | | |
| Short Duration High Yield | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 4,295,936 | | | $ | 65,055,937 | | | | 4,418,062 | | | $ | 66,648,600 | |
| Converted from Class C** | | | 6,271 | | | | 94,694 | | | | – | | | | – | |
| Reinvestment of distributions | | | 187,086 | | | | 2,831,799 | | | | 120,782 | | | | 1,824,006 | |
| Shares reacquired | | | (2,332,705 | ) | | | (35,295,076 | ) | | | (2,141,966 | ) | | | (32,116,794 | ) |
| Increase | | | 2,156,588 | | | $ | 32,687,354 | | | | 2,396,878 | | | $ | 36,355,812 | |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 245,188 | | | $ | 3,716,310 | | | | 311,017 | | | $ | 4,695,620 | |
| Reinvestment of distributions | | | 11,853 | | | | 179,441 | | | | 11,051 | | | | 166,718 | |
| Shares reacquired | | | (240,221 | ) | | | (3,635,781 | ) | | | (304,891 | ) | | | (4,576,322 | ) |
| Converted to Class A** | | | (6,271 | ) | | | (94,694 | ) | | | – | | | | – | |
| Increase | | | 10,549 | | | $ | 165,276 | | | | 17,177 | | | $ | 286,016 | |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 4,122,480 | | | $ | 62,433,303 | | | | 5,169,447 | | | $ | 77,466,517 | |
| Reinvestment of distributions | | | 177,883 | | | | 2,692,625 | | | | 123,134 | | | | 1,860,354 | |
| Shares reacquired | | | (2,801,179 | ) | | | (42,436,437 | ) | | �� | (2,228,283 | ) | | | (33,500,214 | ) |
| Increase | | | 1,499,184 | | | $ | 22,689,491 | | | | 3,064,298 | | | $ | 45,826,657 | |
| | | | | | | | | | | | | | | | | |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 305,473 | | | $ | 4,641,619 | | | | 14,439 | | | $ | 219,056 | |
| Reinvestment of distributions | | | 5,860 | | | | 88,723 | | | | 115 | | | | 1,753 | |
| Shares reacquired | | | (73,542 | ) | | | (1,114,532 | ) | | | (54 | ) | | | (828 | ) |
| Increase | | | 237,791 | | | $ | 3,615,810 | | | | 14,500 | | | $ | 219,981 | |
194
Notes to Financial Statements (continued)
| Short Duration High Yield | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class I Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,187,541 | | | $ | 17,984,842 | | | | 1,594,572 | | | $ | 23,861,112 | |
| Reinvestment of distributions | | | 47,039 | | | | 712,142 | | | | 28,781 | | | | 434,858 | |
| Shares reacquired | | | (797,317 | ) | | | (12,089,131 | ) | | | (510,794 | ) | | | (7,678,744 | ) |
| Increase | | | 437,263 | | | $ | 6,607,853 | | | | 1,112,559 | | | $ | 16,617,226 | |
| | | | | | | | | | | | | | | | | |
| California | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 2,741,903 | | | $ | 29,901,688 | | | | 3,426,475 | | | $ | 37,309,417 | |
| Converted from Class C** | | | 370,533 | | | | 4,017,166 | | | | – | | | | – | |
| Reinvestment of distributions | | | 497,111 | | | | 5,399,979 | | | | 522,268 | | | | 5,670,163 | |
| Shares reacquired | | | (3,907,833 | ) | | | (42,519,355 | ) | | | (6,035,771 | ) | | | (65,270,248 | ) |
| Decrease | | | (298,286 | ) | | $ | (3,200,522 | ) | | | (2,087,028 | ) | | $ | (22,290,668 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 380,185 | | | $ | 4,147,300 | | | | 548,523 | | | $ | 5,975,399 | |
| Reinvestment of distributions | | | 71,859 | | | | 780,940 | | | | 88,736 | | | | 963,412 | |
| Shares reacquired | | | (1,087,781 | ) | | | (11,834,257 | ) | | | (1,316,075 | ) | | | (14,288,306 | ) |
| Converted to Class A** | | | (370,497 | ) | | | (4,017,166 | ) | | | – | | | | – | |
| Decrease | | | (1,006,234 | ) | | $ | (10,923,183 | ) | | | (678,816 | ) | | $ | (7,349,495 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,898,925 | | | $ | 20,674,814 | | | | 2,847,233 | | | $ | 30,847,223 | |
| Reinvestment of distributions | | | 108,098 | | | | 1,174,023 | | | | 102,378 | | | | 1,112,463 | |
| Shares reacquired | | | (2,242,993 | ) | | | (24,442,629 | ) | | | (2,787,941 | ) | | | (30,191,361 | ) |
| Increase (decrease) | | | (235,970 | ) | | $ | (2,593,792 | ) | | | 161,670 | | | $ | 1,768,325 | |
| | | | | | | | | | | | | | | | | |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 207,738 | | | $ | 2,252,714 | | | | 206,093 | | | $ | 2,265,757 | |
| Reinvestment of distributions | | | 9,016 | | | | 97,832 | | | | 122 | | | | 1,331 | |
| Shares reacquired | | | (54,262 | ) | | | (587,656 | ) | | | (1,387 | ) | | | (15,148 | ) |
| Increase | | | 162,492 | | | $ | 1,762,890 | | | | 204,828 | | | $ | 2,251,940 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,244,021 | | | $ | 13,618,333 | | | | 172,403 | | | $ | 1,901,620 | |
| Reinvestment of distributions | | | 41,076 | | | | 445,542 | | | | 13,944 | | | | 151,297 | |
| Shares reacquired | | | (372,344 | ) | | | (4,039,389 | ) | | | (142,897 | ) | | | (1,588,377 | ) |
| Increase | | | 912,753 | | | $ | 10,024,486 | | | | 43,450 | | | $ | 464,540 | |
195
Notes to Financial Statements (continued)
| New Jersey | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,706,553 | | | $ | 8,439,792 | | | | 2,027,948 | | | $ | 9,930,052 | |
| Reinvestment of distributions | | | 357,069 | | | | 1,757,620 | | | | 422,211 | | | | 2,070,081 | |
| Shares reacquired | | | (4,075,874 | ) | | | (20,169,191 | ) | | | (3,542,190 | ) | | | (17,244,838 | ) |
| Decrease | | | (2,012,252 | ) | | $ | (9,971,779 | ) | | | (1,092,031 | ) | | $ | (5,244,705 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,551,605 | | | $ | 12,633,256 | | | | 966,606 | | | $ | 4,718,814 | |
| Reinvestment of distributions | | | 63,979 | | | | 315,031 | | | | 41,645 | | | | 204,398 | |
| Shares reacquired | | | (1,647,436 | ) | | | (8,121,397 | ) | | | (750,618 | ) | | | (3,649,998 | ) |
| Increase | | | 968,148 | | | $ | 4,826,890 | | | | 257,633 | | | $ | 1,273,214 | |
| | | | | | | | | | | | | | | | | |
| Class F3 Shares(a) | | | | | | | | | | | | | | | | |
| Shares sold | | | 48,383 | | | $ | 239,117 | | | | 2,057 | | | $ | 10,017 | |
| Reinvestment of distributions | | | 727 | | | | 3,582 | | | | 30 | | | | 149 | |
| Shares reacquired | | | (22,923 | ) | | | (112,837 | ) | | | (1 | ) | | | (5 | ) |
| Increase | | | 26,187 | | | $ | 129,862 | | | | 2,086 | | | $ | 10,161 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 242,417 | | | $ | 1,200,365 | | | | 81,877 | | | $ | 412,124 | |
| Reinvestment of distributions | | | 5,682 | | | | 27,980 | | | | 900 | | | | 4,408 | |
| Shares reacquired | | | (69,225 | ) | | | (339,894 | ) | | | (40,924 | ) | | | (196,026 | ) |
| Increase | | | 178,874 | | | $ | 888,451 | | | | 41,853 | | | $ | 220,506 | |
| | | | | | | | | | | | | | | | | |
| New York | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 1,891,423 | | | $ | 21,176,454 | | | | 3,286,957 | | | $ | 37,021,168 | |
| Converted from Class C** | | | 532,230 | | | | 5,925,916 | | | | – | | | | – | |
| Reinvestment of distributions | | | 458,313 | | | | 5,113,920 | | | | 495,880 | | | | 5,575,203 | |
| Shares reacquired | | | (4,187,262 | ) | | | (46,797,380 | ) | | | (7,064,417 | ) | | | (79,240,732 | ) |
| Decrease | | | (1,305,296 | ) | | $ | (14,581,090 | ) | | | (3,281,580 | ) | | $ | (36,644,361 | ) |
| | | | | | | | | | | | | | | | | |
| Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 265,687 | | | $ | 2,978,057 | | | | 580,246 | | | $ | 6,542,059 | |
| Reinvestment of distributions | | | 57,846 | | | | 644,685 | | | | 67,781 | | | | 761,082 | |
| Shares reacquired | | | (942,045 | ) | | | (10,509,302 | ) | | | (1,699,940 | ) | | | (19,100,855 | ) |
| Converted to Class A** | | | (532,770 | ) | | | (5,925,916 | ) | | | – | | | | – | |
| Decrease | | | (1,151,282 | ) | | $ | (12,812,476 | ) | | | (1,051,913 | ) | | $ | (11,797,714 | ) |
| | | | | | | | | | | | | | | | | |
| Class F Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,587,936 | | | $ | 17,789,646 | | | | 1,934,989 | | | $ | 21,783,022 | |
| Reinvestment of distributions | | | 58,358 | | | | 651,853 | | | | 64,895 | | | | 730,270 | |
| Shares reacquired | | | (1,624,130 | ) | | | (18,210,712 | ) | | | (1,747,919 | ) | | | (19,516,419 | ) |
| Increase | | | 22,164 | | | $ | 230,787 | | | | 251,965 | | | $ | 2,996,873 | |
196
Notes to Financial Statements (concluded)
| New York | | Year Ended
September 30, 2018 | | | Year Ended
September 30, 2017 | |
| Class F3 Shares(a) | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold | | | 97,050 | | | $ | 1,092,581 | | | | 895.50 | | | $ | 10,017 | |
| Reinvestment of distributions | | | 1,987 | | | | 22,179 | | | | 12 | | | | 133 | |
| Shares reacquired | | | (19,069 | ) | | | (212,805 | ) | | | – | | | | (5 | ) |
| Increase | | | 79,968 | | | $ | 901,955 | | | | 907.50 | | | $ | 10,145 | |
| | | | | | | | | | | | | | | | | |
| Class I Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 702,514 | | | $ | 7,899,069 | | | | 56,740 | | | $ | 639,134 | |
| Reinvestment of distributions | | | 16,639 | | | | 185,653 | | | | 4,184 | | | | 47,129 | |
| Shares reacquired | | | (134,037 | ) | | | (1,494,693 | ) | | | (17,717 | ) | | | (195,988 | ) |
| Increase | | | 585,116 | | | $ | 6,590,029 | | | | 43,207 | | | $ | 490,275 | |
| * | Automatic conversion of Class B shares occurred on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. Class B shares were closed on April 25, 2018. |
| ** | Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the tenth anniversary of the day on which the purchase order was accepted. |
| (a) | Commenced on April 4, 2017. |
| (b) | Commenced on July 28, 2017. |
197
Report of Independent Registered Public Accounting Firm
To the shareholders and the Board of Directors of Lord Abbett Municipal Income Fund, Inc.:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Lord Abbett Municipal Income Fund, Inc. (the “Company”) comprising the Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett AMT Free Municipal Bond Fund, Lord Abbett National Tax Free Income Fund, Lord Abbett High Yield Municipal Bond Fund, Lord Abbett Short Duration High Yield Municipal Bond Fund, Lord Abbett California Tax Free Income Fund, Lord Abbett New Jersey Tax Free Income Fund, and Lord Abbett New York Tax Free Income Fund, including the schedule of investments as of September 30, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights 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, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, 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.
DELOITTE & TOUCHE LLP
New York, New York
November 20, 2018
We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.
198
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
Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 61 portfolios or series. Mr. Sieg is an officer of the Lord Abbett Family of Funds.
Name, Address and
Year of Birth | | Current Position and
Length of Service
with the Company | | Principal Occupation and Other Directorships
During the Past Five Years |
| | | | | |
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969) | | Director since 2016; President and Chief Executive Officer since 2018 | | Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, 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 61 portfolios or series.
Name, Address and
Year of Birth | | Current Position and
Length of Service
with the Company | | Principal Occupation and Other Directorships
During the Past Five Years |
| | | | | |
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. |
199
Basic Information About Management (continued)
Name, Address and
Year of Birth | | Current Position and
Length of Service
with the Company | | Principal Occupation and Other Directorships
During the Past Five Years |
| | | | | |
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). |
| | | | | |
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963) | | Director since 2017 | | Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None |
| | | | | |
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: Blyth, Inc., a home products company (2004–2015). |
| | | | | |
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959) | | Director since 2017 | | Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003 – 2017); President of Wells Fargo Funds (2003 – 2016). Other Directorships: None. |
| | | | | |
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; Chairman since 2017 | | 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). |
200
Basic Information About Management (continued)
Officers
None of the officers listed below have received compensation from the Company. All of the officers of the Company also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).
Name and
Year of Birth | | Current Position
with the Company | | Length of Service
of Current
Position | | Principal Occupation
During the Past Five
Years |
| | | | | | | |
Douglas B. Sieg (1969) | | President and Chief Executive Officer | | Elected as President in 2018 and Chief Executive Officer in 2018 | | Managing Partner of Lord Abbett, joined Lord Abbett in 1994. |
| | | | | | | |
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. |
| | | | | | | |
Pamela P. Chen (1978) | | Vice President and Assistant Secretary | | Elected in 2018 | | Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017). |
| | | | | | | |
John T. Fitzgerald (1975) | | Vice President and Assistant Secretary | | Elected in 2018 | | Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018). |
| | | | | | | |
Bernard J. Grzelak (1971) | | Chief Financial Officer and Vice President | | Elected in 2017 | | Partner and Chief Operations Officer, and was formerly Director of Fund Administration, joined Lord Abbett in 2003. |
| | | | | | | |
Philip B. Herman (1977) | | Vice President | | Elected in 2010 | | Partner and 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. |
201
Basic Information About Management (concluded)
Name and
Year of Birth | | Current Position
with the Company | | Length of Service
of Current
Position | | Principal Occupation
During the Past Five
Years |
| | | | | | | |
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. |
| | | | | | | |
Amanda S. Ryan (1978) | | Vice President and Assistant Secretary | | Elected in 2018 | | Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016). |
| | | | | | | |
Gregory M. Shuman (1986) | | Vice President | | Elected in 2017 | | Portfolio Manager, joined Lord Abbett in 2010. |
| | | | | | | |
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. |
| | | | | | | |
Jackson C. Chan (1964) | | AML Compliance Officer | | Elected in 2018 | | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014 and was formerly Director at UBS Global Asset Management (2005–2014). |
| | | | | | | |
Vito Fronda (1969) | | Treasurer | | Elected in 2018 | | Partner and Director of Taxation, 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.
202
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, 2018 that is tax-exempt dividend income.
| Short Duration | 100% |
| Intermediate | 98% |
| AMT Free | 100% |
| National | 99% |
| High Yield | 98% |
| Short Duration High Yield | 99% |
| California | 99% |
| New Jersey | 95% |
| New York | 99% |
Additionally, of the distributions paid by Short Duration High Yield to the shareholders during the fiscal year ended September 30, 2018, $34,264 represent long-term capital gains.
203
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
(11/18) |
| (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, 2018 (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: Evelyn E. Guernsey, Karla M. Rabusch 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. |
| | |
| | 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, 2018 and 2017 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: |
| | 2018 | 2017 |
| Audit Fees {a} | $361,100 | $361,100 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | $361,100 | $361,100 |
| | | |
| Tax Fees {b} | $58,016 | $57,747 |
| All Other Fees | - 0 - | - 0 - |
| | | |
| Total Fees | $419,116 | $418,847 |
{a} Consists of fees for audits of the Registrant’s annual financial statements.
{b} Fees for the fiscal year ended September 30, 2018 and 2017 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, 2018 and 2017 were:
| | Fiscal year ended: |
| | 2018 | 2017 |
| All Other Fees {a} | $200,339 | $201,416 |
{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, 2018 and 2017 were:
| | Fiscal year ended: |
| | 2018 | 2017 |
| 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/ Douglas B. Sieg | |
| | | Douglas B. Sieg | |
| | | President and Chief Executive Officer | |
| | | | |
| Date: November 20, 2018 | | | |
| | | | |
| | By: | /s/ Bernard J. Grzelak | |
| | | Bernard J. Grzelak | |
| | | Chief Financial Officer and Vice President | |
| | | | |
| Date: November 20, 2018 | | | |
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/ Douglas B. Sieg | |
| | | Douglas B. Sieg | |
| | | President and Chief Executive Officer | |
| | | | |
| Date: November 20, 2018 | | | |
| | | | |
| | By: | /s/ Bernard J. Grzelak | |
| | | Bernard J. Grzelak | |
| | | Chief Financial Officer and Vice President | |
| | | | |
| Date: November 20, 2018 | | | |
