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)
Thomas R. Phillips, 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: 9/30/2010
| Item 1: | Report(s) to Shareholders. |
2010
LORD ABBETT
ANNUAL
REPORT 
Lord Abbett
Municipal Income Fund
Municipal Income Trust
| | |
National Tax Free Fund California Tax Free Fund Connecticut Tax Free Fund Hawaii Tax Free Fund Missouri Tax Free Fund New Jersey Tax Free Fund | | New York Tax Free Fund Intermediate Tax Free Fund Short Duration Tax Free Fund Georgia Tax Free Trust High Yield Municipal Bond Fund Pennsylvania Tax Free Trust |
For the fiscal year ended September 30, 2010
Lord Abbett Municipal Income Fund and
Lord Abbett Municipal Income Trust
Annual Report
For the fiscal year ended September 30, 2010
From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.
Dear Shareholders: We are pleased to provide you with this overview of the performance of the Lord Abbett Municipal Income Fund and Lord Abbett Municipal Income Trust for the fiscal year ended September 30, 2010. On this page and the following pages, we discuss the major factors that influenced performance. For detailed and more timely information about the Funds, please visit our Website at www.lordabbett.com, where you also can access the quarterly commentaries of the Funds’ portfolio managers.
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,
Robert S. Dow
Chairman
Municipal Bond Market Review
Both the municipal and Treasury market yield curves maintained their steep slopes, as the Federal Reserve kept the Fed funds rate near 0%, which has anchored the front end of both yield curves at very low interest rate levels. Treasury yields fluctuated considerably throughout the year. During the year, securities with lower credit ratings and longer maturities outperformed those with the highest credit ratings and shorter maturities.
Municipal bond issuance for the calendar year-to-date period ended September 30, 2010 increased by 2.2% over the prior year-to-date period from $286.9 billion to $293.2 billion. Although inflows into municipal bond funds remain lower than last year’s levels, demand continued to support the municipal bond market, as high-quality municipals remain an attractive alternative to Treasuries.
Issuance of Build America Bonds (BABs) had a significant effect on the municipal bond market. BABs allow
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municipalities to issue taxable bonds that can offer investors higher yields than comparably rated corporate bonds. The issuing municipality receives a federal subsidy of 35% of the interest it pays on the BABs. Municipalities have been rushing to issue BABs before the program expires at the end of 2010. Even if the program is extended, it is likely that the interest subsidy will be reduced, thus making BAB issuance less economic. Issuance of BABs has been diverting supply that otherwise would have occurred primarily in the long end of the tax-exempt bond market. As of September 2010, about 33% of municipal issuance consisted of taxable bonds. The combination of increased demand for and reduced supply of tax-exempt bonds created an attractive environment for the asset class.
In April 2010, Moody’s Investor Services reformulated its rating system into a global rating system, adjusting its municipal debt ratings to accommodate a range of sectors. This represented the agency’s attempt to assess municipal debt on a scale comparable to corporate securities, taking into account the relatively low historical default rate of municipal bonds. The agency’s actions have resulted in the assignment of higher ratings for some sectors, while some lower-rated states have been upgraded to expand the universe of prospective buyers for their debt.
The national unemployment rate remained at 9.6%, as of September 2010, versus 9.8% a year earlier. Since September 2009, 29 states posted decreases in their unemployment rates, 16 states posted increases, and five states registered no change. State net tax-supported debt increased by 10.3% between 2008 and 2009. The finances of many states have been under considerable pressure as the recession reduced revenues. Although concerns remain that municipalities will be unable to meet their longer-term obligations, states have endeavored to find ways to decrease spending in order to close their budget gaps, leaving median state debt to account for only 2.22% of gross state products. Pension funding levels also suffered throughout the year, as asset values declined and state revenues remained low. However, tax revenue has trended positively over the past three quarters, as states have struggled to balance their budgets.
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The table below shows each Fund’s performance relative to its benchmark for the year ended September 30, 2010.
Table 1: Fund Performance
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares
@ NAV
9/30/10
12-Mo. Return | | | Lipper
Funds
Average1 | | | BC Muni
Bond Index2 | | | BC Muni
Bond Index:
7 Yr (6-8)3 | | | BC HY
Muni Bond
Index4 | | | BC Muni
Bond Index:
1 Year (1-2)5 | |
National Tax Free Fund | | | 7.34 | % | | | 5.45 | % | | | 5.81 | % | | | — | | | | — | | | | — | |
California Tax Free Fund | | | 5.52 | | | | 5.65 | | | | 5.81 | | | | — | | | | — | | | | — | |
Connecticut Tax Free Fund | | | 5.13 | | | | 4.97 | | | | 5.81 | | | | — | | | | — | | | | — | |
Hawaii Tax Free Fund | | | 5.93 | | | | 5.15 | | | | 5.81 | | | | — | | | | — | | | | — | |
Missouri Tax Free Fund | | | 5.36 | | | | 5.15 | | | | 5.81 | | | | — | | | | — | | | | — | |
New Jersey Tax Free Fund | | | 6.13 | | | | 5.44 | | | | 5.81 | | | | — | | | | — | | | | — | |
New York Tax Free Fund | | | 6.37 | | | | 5.75 | | | | 5.81 | | | | — | | | | — | | | | — | |
Intermediate Tax Free Fund | | | 6.22 | | | | 4.98 | | | | — | | | | 6.48 | % | | | — | | | | — | |
Short Duration Tax Free Fund | | | 3.24 | | | | 2.21 | | | | — | | | | — | | | | — | | | | 1.77 | % |
Georgia Tax Free Trust | | | 6.36 | | | | 4.62 | | | | 5.81 | | | | — | | | | — | | | | — | |
HY Municipal Bond Fund | | | 8.88 | | | | 8.67 | | | | — | | | | — | | | | 12.13 | % | | | — | |
Pennsylvania Tax Free Trust | | | 7.43 | | | | 5.63 | | | | 5.81 | | | | — | | | | — | | | | — | |
National Tax Free Fund
The National Tax Free Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index,2 during the 12-month period ended September 30, 2010. The portfolio’s relative overweight and security selection within the ‘BBB’ rated and high-yield categories was the largest driver of performance, as lower-rated bonds outperformed higher-rated ones as investors were more willing to embrace credit risk. Also, the municipal bond yield curve remained steep allowing bonds with longer maturities to generally outperform those with shorter maturities. The Fund’s exposure to maturities of 25 years and longer provided the strongest return among the maturity ranges. Two of the better performing sectors in the portfolio were health care and education, both sectors where the Fund is overweight. The Fund’s holdings of tobacco and local government obligation bonds underperformed the broader portfolio.
California Tax Free Fund
The Fund underperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. Underperformance was primarily due to a combination of factors such as its weightings in insured, tobacco, and short pre-refunded bonds. In addition, the Fund’s holdings in credits rated ‘A’ and above modestly detracted from performance, as lower-rated holdings provided stronger returns. The Fund did, however, benefit from its yield curve positioning, particularly from its weighting in bonds with maturities of 21 years and longer. The Fund’s sector overweights to special tax district and private higher education bonds also added positively to performance.
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General Obligation (GO) debt issued by the State of California was rated ‘A1’ by Moody’s and ‘A-’ by Standard & Poor’s, as of September 30, 2010. The outlook for California’s ratings remains designated as “stable” (according to Moody’s) and “negative” (according to S&P). These ratings are based on weak economic performance trends, a severe fiscal imbalance, weak revenues, reliance on deficit borrowing, and a contentious state political environment. Despite these shortfalls, the state maintains a relatively well-funded pension fund, with an average funding ratio of 83%, as of fiscal year 2008. In addition, the state remains a well-diversified and wealthy economy, accounting for 13% of U.S. gross domestic product.
The state’s economy boasts a well-educated work force, access to venture capital, and growing biotechnology and alternative energy industries. However, California’s seasonally adjusted unemployment rate, at 12.4% (as of September 2010), is the sixth highest in the nation; the national rate is 9.6%. According to Moody’s 2010 State Debt Medians Report, California has the largest total net tax supported debt of the 50 states. Net tax-supported debt per capita for California is $2,362 (in 2010), or 5.6% of 2008 personal income.
Connecticut Tax Free Fund
The Fund underperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. The Fund’s holdings in pre-refunded bonds had a negative impact on performance, as pre-refunded bonds, which typically have short maturities and are of the highest credit quality, underperformed most other holdings. Even so, they provided positive absolute returns. Also, the Fund’s strategy to increase its holdings in longer maturity bonds had a negative impact upon performance. However, the Fund benefited from its yield curve positioning in bonds 20 years and longer. Another positive contributor was the Fund’s overweight to bonds rated ‘BBB’ and lower, which outperformed higher-quality bonds.
GO debt issued by the State of Connecticut was rated ‘Aa2’ by Moody’s and ‘AA’ by Standard & Poor’s, as of September 30, 2010. These ratings are based on high income and wealth levels, revenue adjustment flexibility, as well as legislative dedication to make debt payments and fiscal monitoring. Despite these strengths, the state’s economy is still challenged by above average debt levels, as well as low pension funding ratios.
Connecticut is, according to recent data, the most affluent of the 50 states, with per capita income ahead of the national average by 40%. Due to the state’s high-wealth status, income tax performance typically fluctuates, leading to the need for frequent revenue and spending adjustments in order to balance the state’s budget. To address revenue
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volatility, the state was forced to tap into reserves, as well as resort to debt financing. Connecticut’s budget reserve fund at the end of fiscal year 2009 matched its 2008 level at $1.4 billion.
Connecticut’s seasonally adjusted unemployment rate increased, from 8.6% in September 2009 to 9.1% in September 2010. The state continues to experience job losses in the areas of financial services, construction, and other services. Connecticut’s net tax-supported debt per capita ranks first in the nation, according to Moody’s 2010 State Debt Medians Report. While the national median net tax-supported debt is $936 per capita, the state’s debt equals $4,859 per capita. Yet, when viewed within the context of the state’s high income levels, its debt ratios are relatively manageable.
Hawaii Tax Free Fund
The Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. Strategic allocations to maturities longer than 15 years were beneficial to the Fund’s performance, with maturities over 26 years performing best overall. As was the case with the general market, longer-maturity bonds outperformed shorter-maturity bonds. Holdings within lower investment-grade credits performed stronger than higher-quality holdings, and this overweight helped the Fund. In addition, two of the better performing sectors included local GO bonds and special tax district bonds, which contributed to performance. Holdings in state GO and prefunded bonds modestly detracted from performance.
GO debt issued by the State of Hawaii for 2010 was rated ‘Aa1’ by Moody’s and ‘AA’ by Standard & Poor’s. These strong ratings are based on the state’s history of fiscal conservatism, aggressive budget solutions and monitoring practices, a sizeable tax base, as well as strong financial and economic indicators relative to other states during the current challenging economic environment. Areas to continue to monitor are the state’s growing although manageable debt burden, its low revenue growth, and its low-funded retirement system.
Throughout fiscal year 2009, revenue performance declined and underperformed last year’s expectations. The weakened revenue performance was attributed to a decline in real estate and tourism, along with national economic contraction. With revenue growth remaining low, 2010 estimates were revised lower, while 2011 forecasts have been raised.
The state’s sizeable tax base has declined throughout the year due to weak economic conditions and an elevated unemployment level, albeit lower than the national average. The state’s seasonally adjusted unemployment rate decreased, from 7.0% a year ago to 6.3%, as of September 30, 2010, according to the U.S Bureau of Labor Statistics.
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According to Moody’s 2010 State Debt Medians Report, Hawaii ranks third highest in the nation, with net tax-supported debt per capita of $3,996. The national median net tax-supported debt is $936 per capita. As a percentage of 2008 personal income, Hawaii’s debt level in 2010 is the nation’s highest at 9.9% an increase from 9.4% reported last year.
Missouri Tax Free Fund
The Fund underperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. The Fund’s modest weighting in shorter maturity bonds slightly detracted from performance as longer maturity bonds outperformed shorter maturity bonds. Although most sectors had positive performance, insured and lease appropriation bonds were among two of the sectors detracting from performance while holdings in sales tax and senior living bonds led to positive results during the year. The Fund’s overweight to bonds rated ‘BBB’ and lower had a positive impact, as lower-quality bonds outperformed higher-quality bonds.
GO debt issued by the State of Missouri was rated ‘Aaa’ by Moody’s and ‘AAA’ by Standard & Poor’s, as of September 30, 2010. These high ratings are based on Missouri’s strong budget reserves, solid financial management, and moderate debt burden. Despite strong ratings, economic recovery is slightly impeded by challenges in increasing taxpayer revenue, as well as the state’s vulnerability to job losses in the manufacturing sector.
Fiscal 2010 tax collection for individual taxes, sales taxes, and corporate income taxes declined 9.1%, 4.5%, and 19.6%, respectively, during the challenging economic environment. Despite declines in the state’s three highest revenue sources, the budget reserve fund remains fully funded, as state officials practice conservative fiscal policies.
The unemployment rate decreased slightly, from 9.7% in September 2009 to 9.3% in September 2010. Missouri’s net tax-supported per capita debt level for 2010 is low, at $780, or 2.2% of 2008 personal income, versus a national median of $936, or 2.5%.
New Jersey Tax Free Fund
The Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. The Fund’s overweight to lower-quality credit, selected due to its attractive long-term total return characteristics, was a contributing factor. In addition, the Fund’s holdings of longer-dated bonds benefited performance, with strongest returns coming from maturities longer than 26 years. In terms of sector allocation, the Fund was overweight in the health care and senior living sectors, which also aided performance. The Fund was overweight in tobacco bonds, which had a negative impact upon performance. In addition the
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Fund’s holdings in water and sewer as well as higher public education bonds modestly detracted from performance.
GO debt issued by the State of New Jersey was rated ‘Aa2’ by Moody’s and ‘AA’ by Standard & Poor’s, as of September 2010. These ratings are based on New Jersey’s diverse economy, high wealth levels, and ongoing improvement in balancing resources to needs. The state continues to face challenges, including weakening revenues, an above-average debt burden, and a large unfunded pension liability.
New Jersey ended fiscal year 2010 with a budget gap of $11 billion. The budget gap increased, from 18.8% of the state’s general fund last year to approximately 40% in fiscal year 2010. Revenues have decreased due to underperformance in corporate business tax, transfer inheritance tax, and sales tax receipts. To mitigate the drop in revenues, the state has eliminated pension contribution, reduced education, hospital, and municipal aid, as well as converted homeowner rebates to a tax credit.
The state’s seasonally adjusted unemployment rate decreased, from 9.8% in September 2009 to 9.4% in September 2010, slightly lower than the national rate of 9.6%. The financial, manufacturing, and construction sectors experienced significant job losses, while the public sector, leisure and hospitality sector, and education and health services sectors increased employment during the state’s fiscal year.
In 2008, New Jersey’s per capita personal income, at $50,919, ranked second among the 50 states. New Jersey’s net tax-supported debt burden per capita is high, at $3,669, compared with the national median of $936, according to Moody’s 2010 State Debt Medians Report. As a percentage of 2008 personal income, New Jersey’s 2010 debt ranks fourth among the states, at 7.2%. The funded ratio for New Jersey state pensions remains low, at 62%, as of June 2009.
New York Tax Free Fund
The Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. As the interest rates declined across all maturities, longer bonds generally outperformed those with shorter maturities. The Fund’s weighting in bonds with maturities of 20 years and longer had a positive impact on performance. The Fund also benefited from its overweight to lower-rated credits, as its holdings of securities rate ‘BBB’ and those below outperformed higher-rated bonds. While returns in all sectors were positive, the performance of the Fund’s weighting in toll roads and insured bonds trailed the returns in other sectors.
GO debt issued by the State of New York was rated ‘Aa2’ by Moody’s and ‘AA’ by Standard & Poor’s, as of September 30, 2010. These ratings are based on the state’s diversified, mature, affluent economy, as well as its comprehensive financial planning process, history of closing annual budget gaps, and ample
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budget reserves. Dependence on income taxes, high tax-supported debt burden, and polarized state politics are among some of the challenges the state continues to face. In addition, general reliance on the New York City-based financials services industry continues to hamper the state’s economic growth owing to the cyclical nature of this unstable sector.
New York reported unaudited net assets of $28.1 billion for fiscal year 2010 (ended March 31, 2010), resulting from $131.3 billion in total assets offset by $103.2 billion in total liabilities. The general fund reported a deficit of $594 million for 2010, increasing the accumulated fund deficit to $3.5 billion.
As of September 2010, New York’s seasonally adjusted unemployment rate stood at 8.3%, down 0.5% from the previous year. The finance and insurance sectors account for 8.2% of the increase in state employment in 2008 while the manufacturing sector continues to experience job losses. Although personal income declined last year, New York’s per capita personal income ranked fifth highest among the 50 states at $46,957 in 2009. New York’s net tax supported debt burden per capita was high at $3,135, compared with the national median of $936, ranking fifth in the nation, according to Moody’s 2010 State Debt Medians Report.
Intermediate Tax Free Fund
The Intermediate Tax Free Fund underperformed its benchmark, the Barclays Capital Municipal Bond Index: 7 Year (6-8)3, during the 12-month period ended September 30, 2010. The primary driver of underperformance was the Fund’s exposure to short maturity bonds and a modest allocation to variable rate demand notes (VRDNs), which are traditional money market securities. Conversely, the Fund’s holdings of bonds with maturities in the longer end of the intermediate range contributed positively to performance. The Fund also benefited from its overweight in lower-rated credits, which provided stronger returns than higher-grade bonds. The performance of water and sewer as well as insured bonds trailed that of the broader portfolio, while the Fund’s overweights in health care and industrial development issues contributed positively to performance.
Short Duration Tax Free Fund
The Short Duration Tax Free Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index: 1 Year (1-2)5, during the 12-month period ended September 30, 2010. The Fund’s barbell posture remained in place, utilizing a blend of money market securities and bonds in the three to five year range. Money market securities on balance had low yields while providing price stability to the Fund. The longer maturities outperformed, more than offsetting the underperformance in the money market holdings, allowing the Fund to outperform the benchmark’s more
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bulleted structure. The Fund’s overweight to securities with ‘A’ and ‘BBB’ credit ratings contributed positively to performance during the period. Among the better performing sectors in the portfolio were industrial development revenue bonds and health care, where the Fund has overweights, while its exposure to insured and state government obligation bonds slightly detracted from performance.
Georgia Tax Free Trust
The Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. The Fund benefited from its yield curve positioning, in particular the Fund’s weighting in bonds 16 years and longer, as longer maturities outperformed as interest rates were declining. In addition, the portfolio’s overweight to bonds rated ‘BBB’ and lower added to performance, as lower rated bonds outperformed higher quality bonds. Sector allocation was also an important contributor, as the Fund’s overweight to industrial development revenue or corporate-backed bonds and health care benefited the Fund’s performance. The Fund’s overweight to higher education and insured bonds underperformed other sectors.
GO debt issued by the State of Georgia was rated ‘Aaa’ by Moody’s and ‘AAA’ by Standard & Poor’s, as of September 30, 2010. These strong ratings are based on a history of conservative fiscal management, a diversified economy, well-funded pensions, moderate debt burden, and modest budget reserves. Georgia’s seasonally adjusted unemployment rate was 10.0% in September 2010, compared with 10.1% a year ago. Georgia’s relatively late fall into recession caused the state to experience significant employment losses in construction and manufacturing during the year. Similar to last year, the state’s education and health care sectors continue to grow despite national economic woes.
Georgia’s budget reserves continue to decline as a result of 2009 revenue shortfall of $349 million. In fiscal 2009, the state’s general fund revenues were $680.7 million, or 10.5% below budget. In addition to drawing down reserves to help balance its budget, Georgia has been cutting spending and utilizing stimulus package funds provided by the American Recovery and Reinvestment Act (ARRA).
Despite budget constraints, Georgia continues to maintain one of the strongest pension funds, with a funding ratio of 89.4% for the Employees Retirement System of Georgia and a 91.9% funding ratio for the Teachers Retirement System of Georgia as of June 30, 2008.
High Yield Municipal Bond Fund
The High Yield Municipal Bond Fund underperformed its benchmark, the Barclays Capital High Yield Municipal Bond Index 4, during the 12-month period ended September 30, 2010. The Fund’s overweight
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to ‘BBB’ rated bonds, versus below investment-grade bonds, was the main driver of relative underperformance for the year because lower-rated bonds had stronger returns as investors’ demand for lower-quality bonds increased. The portfolio benefited from its positioning along the yield curve by having significant weightings in longer maturities, which outperformed shorter ones. Although all sectors posted strongly positive returns for the year, holdings in the tobacco and toll roads sectors detracted from performance, while holdings in the airline and charter school sectors had positive impacts upon performance.
Pennsylvania Tax Free Trust
The Fund outperformed its benchmark, the Barclays Capital Municipal Bond Index2, during the 12-month period ended September 30, 2010. As was the case with the general market, longer-maturity bonds outperformed shorter-maturity bonds. Strategic weightings in maturities longer than 20 years and bonds rated ‘BBB’ and lower were beneficial to the Fund’s performance, as lower-quality bonds outperformed higher-rated ones. Sector allocation was another important contributor, as overweights to higher education and charter schools boosted Fund performance. The Fund’s overweight in health care and insured bonds underperformed other sectors somewhat, even though it provided positive absolute returns.
GO debt issued by the Commonwealth of Pennsylvania was rated ‘Aa1’ by Moody’s and ‘AA’ by Standard & Poor’s, as of September 30, 2010. These ratings are based on the state’s diverse yet stable economic base, strong wealth levels, and moderate debt profile. Moody’s rating outlook for the state remains negative, however, due to continued liquidity issues, a poor outlook for rebuilding the balances, and low revenues.
As of September 30, 2010, Pennsylvania’s seasonally adjusted unemployment rate was 9.0%, slightly lower than the national unemployment rate of 9.6%. Revenues declined significantly in fiscal 2009 (ended June 30, 2009), causing a large deficit. The general fund revenues finished the year at $3.25 billion, about 10% less than in 2008. Pennsylvania ended fiscal 2009 with an unappropriated balance of negative $2.8 billion.
Pennsylvania’s State Employees’ Retirement Fund (SERS) and Public School Employees’ Retirement Fund (PSERS) are both well funded, with funding ratios of 84% for SERS (as of December 31, 2009) and 86% for PSERS (as of December 31, 2008).
The state’s net-tax supported debt level is moderate, with a burden per capita of $938, compared with the national median of $936, according to Moody’s 2010 State Debt Medians Report.
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Each Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.
1 The Lipper Funds Average: Peer averages are based on universes of funds with similar investment objectives. Peer group averages include reinvested dividends and capital gains, if any, and exclude sales charges.
2 The Barclays Capital Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year. To be included in this index, bonds must have a minimum credit rating of Baa, have an outstanding par value of at least $3 million, and be issued as part of a transaction of at least $50 million. This index includes both zero coupon bonds and bonds subject to the alternative minimum tax.
3 The Barclays Capital Municipal Bond Index: 7 Year (6-8) is an unmanaged index comprised of investment grade municipal bonds with maturities of six to eight years. It is weighted according to the total market value of each bond in the Index.
4 The Barclays Capital High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.
5 The Barclays Capital Municipal Bond Index 1 Year (1-2) is a broad-based, total-return index comprised of bonds that are all investment grade, fixed-rate securities with maturities between 1-2 years.
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 a Fund 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 several classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.
During certain periods shown, expense waivers and reimbursements were in place. Without such expense reimbursements, the Funds’ returns would have been lower.
The views of the Funds’ management and the portfolio holdings described above are as of September 30, 2010; these views and portfolio holdings may have changed subsequent to this date, and they do not guarantee the future performance of the markets or the Funds. Information provided in this report should not be considered a recommendation to purchase or sell securities.
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 the Funds, please see the Funds’ 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.
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National Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 4.97% | | | | 3.04% | | | | 4.52% | | | | – | |
Class B5 | | | 2.48% | | | | 2.59% | | | | 4.21% | | | | – | |
Class C6 | | | 6.69% | | | | 2.86% | | | | 4.10% | | | | – | |
Class F7 | | | 7.43% | | | | – | | | | – | | | | 4.36% | |
Class I8 | | | – | | | | – | | | | – | | | | 3.31% | * |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | | | | | |
| Class A | | | Class B | | | Class C | | | Class F | | | Class I | |
| | 4.56% | | | | 3.77% | | | | 3.85% | | | | 4.68% | | | | 4.79% | |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc.
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, 2010, is calculated using the SEC required uniform method to compute such return.
5 Performance reflects the deduction of a CDSC of 4% for 1 year, 1% for 5 years and 0% for 10 years. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.) All returns for periods greater than 8 years reflect this conversion.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on July 26, 2010. Performance is at net asset value.
* Because Class I shares have existed for less than one year, average annual returns are not provided.
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California Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index and the Lipper California 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 3.19% | | | | 2.64% | | | | 4.21% | | | | – | |
Class C5 | | | 4.88% | | | | 2.45% | | | | 3.80% | | | | – | |
Class F6 | | | 5.62% | | | | – | | | | – | | | | 3.83% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | |
| Class A | | | Class C | | | Class F | |
| | 4.31% | | | | 3.62% | | | | 4.38% | |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
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, 2010, 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 is at net asset value.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
13
Connecticut Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index and the Lipper Connecticut 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 class. 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 1.73% | | | | 3.09% | | | | 4.61% | | | | – | |
Class F5 | | | 5.13% | | | | – | | | | – | | | | 4.33% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | |
| | | Class A | | | Class F | | | | |
| | | | 3.83% | | | | 3.94% | | | | | |
1 Reflects the deduction of the maximum initial sales charge of 3.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 3.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2010, is calculated using the SEC required uniform method to compute such return.
5 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
14
Hawaii Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index and the Lipper Other States 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 class. 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 2.39% | | | | 3.37% | | | | 4.36% | | | | – | |
Class F5 | | | 6.03% | | | | – | | | | – | | | | 4.89% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | |
| | | | Class A | | | Class F | | | | |
| | | | | | 3.59% | | | | 3.69% | | | | | |
1 Reflects the deduction of the maximum initial sales charge of 3.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index and the average are composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 3.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2010, is calculated using the SEC required uniform method to compute such return.
5 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
15
Missouri Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index and the Lipper Other States 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 class. 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 1.95% | | | | 2.79% | | | | 4.36% | | | | – | |
Class F5 | | | 5.47% | | | | – | | | | – | | | | 4.04% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | |
| | | Class A | | | Class F | | | | |
| | | | 4.08% | | | | 4.17% | | | | | |
1 Reflects the deduction of the maximum initial sales charge of 3.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index and the average are composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 3.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2010, is calculated using the SEC required uniform method to compute such return.
5 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
16
New Jersey Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital 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 class. 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 3.74% | | | | 2.55% | | | | 4.05% | | | | – | |
Class F5 | | | 6.23% | | | | – | | | | – | | | | 3.71% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | |
| | | | Class A | | | Class F | | | | |
| | | | | | 4.14% | | | | 4.21% | | | | | |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
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, 2010, is calculated using the SEC required uniform method to compute such return.
5 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
17
New York Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 3.96% | | | | 3.42% | | | | 4.79% | | | | – | |
Class C5 | | | 5.74% | | | | 3.22% | | | | 4.37% | | | | – | |
Class F6 | | | 6.57% | | | | – | | | | – | | | | 4.83% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | |
| Class A | | Class C | | | Class F | |
| 3.93% | | | 3.25% | | | | 4.03% | |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
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, 2010, 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 is at net asset value.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
18
Intermediate Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index: 7 Year (6-8) 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, 2010
| | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | Life of Class | |
Class A3 | | | 3.80% | | | | 4.81% | | | | 3.91% | |
Class B4 | | | 1.38% | | | | 4.34% | | | | 3.47% | |
Class C5 | | | 5.44% | | | | 4.54% | | | | 3.48% | |
Class F6 | | | 6.33% | | | | – | | | | 6.69% | |
Class P7 | | | 5.99% | | | | 5.09% | | | | 4.04% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | | | | | |
| Class A | | | Class B | | | Class C | | | Class F | | | Class P | |
| | 2.94% | | | | 2.17% | | | | 2.19% | | | | 3.04% | | | | 2.73% | |
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, 2010, is calculated using the SEC required uniform method to compute such return. The Class A share inception date is June 30, 2003.
4 Class B shares were first offered on June 30, 2003. Performance reflects the deduction of a CDSC of 4% for 1 year, 1% for 5 years and 0% for the life of the Class. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.)
5 Class C shares were first offered on June 30, 2003. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance is at net asset value.
6 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
7 Class P shares were first offered on June 30, 2003. Performance is at net asset value.
19
Short Duration Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index: 1 Year (1-2) 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, 2010
| | | | | | | | |
| | | 1 Year | | | Life of Class | |
Class A4 | | | 0.91% | | | | 3.77% | |
Class C5 | | | 2.42% | | | | 4.27% | |
Class F6 | | | 3.34% | | | | 5.23% | |
Class I7 | | | 3.43% | | | | 5.36% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | |
| Class A | | Class C | | | Class F | | | Class I | |
| 1.60% | | | 0.81% | | | | 1.72% | | | | 1.81% | |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc.
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, 2010, 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 is at net asset value.
6 Class F shares commenced operations on December 12, 2008. Performance for the Class began December 31, 2008. Performance is at net asset value.
7 Class I shares commenced operations on December 12, 2008. Performance for the Class began December 31, 2008. Performance is at net asset value.
20
Georgia Tax Free Trust
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index and the Lipper Georgia 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 class. 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 2.96% | | | | 3.30% | | | | 5.00% | | | | – | |
Class F5 | | | 6.45% | | | | – | | | | – | | | | 5.03% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | |
| | | | Class A | | | Class F | | | | |
| | | | | | 4.04% | | | | 4.12% | | | | | |
1 Reflects the deduction of the maximum initial sales charge of 3.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 3.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2010, is calculated using the SEC required uniform method to compute such return.
5 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
21
High Yield Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital 85% High Yield/15% Municipal Bond Index, the Barclays Capital High Yield Municipal Bond Index, and the Lipper High Yield Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2010
| | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | Life of Class | |
Class A4 | | | 6.47% | | | | -0.02% | | | | 0.78% | |
Class B5 | | | 3.97% | | | | -0.27% | | | | 0.75% | |
Class C6 | | | 7.99% | | | | -0.11% | | | | 0.88% | |
Class F7 | | | 8.98% | | | | – | | | | -1.62% | |
Class I8 | | | – | | | | – | | | | 3.05% | * |
Class P9 | | | 8.67% | | | | 0.34% | | | | 1.29% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Class A | | Class B | | | Class C | | | Class F | | | Class I | | | Class P | |
| 5.44% | | | 4.70% | | | | 4.70% | | | | 5.53% | | | | 5.66% | | | | 5.27% | |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the average or the unmanaged indexes does not reflect any fees or expenses. The performance of the average or the indexes is not necessarily representative of the Fund’s performance. Indexes and average are calculated from December 31, 2004 to September 30, 2010.
3 Source: Lipper Inc.
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, 2010, is calculated using SEC required uniform method to compute such return. The Class A inception date is December 30, 2004.
5 Class B shares were first offered on December 30, 2004. Performance reflects the deduction of a CDSC of 4% for 1 year, 1% for five years and for the life of the Class. Class B shares automatically convert to Class A shares after approximately 8 years. (There is no initial sales charge for automatic conversions.)
6 Class C shares were first offered on December 30, 2004. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance is at net asset value.
7 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
8 Class I shares commenced operations and performance for the Class began on July 26, 2010. Performance is at net asset value.
9 Class P shares were first offered on December 30, 2004. Performance is at net asset value.
* Because Class I shares have existed for less than one year, average annual returns are not provided.
22
Pennsylvania Tax Free Trust
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Barclays Capital Municipal Bond Index and the Lipper Pennsylvania 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 class. 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, 2010
| | | | | | | | | | | | | | | | |
| | | 1 Year | | | 5 Years | | | 10 Years | | | Life of Class | |
Class A4 | | | 3.91% | | | | 3.19% | | | | 4.70% | | | | – | |
Class F5 | | | 7.53% | | | | – | | | | – | | | | 4.85% | |
Standardized Yield for the Period Ended September 30, 2010
| | | | | | | | | | | | | | |
| | | | Class A | | | Class F | | | | |
| | | | | | 4.21% | | | | 4.29% | | | | | |
1 Reflects the deduction of the maximum initial sales charge of 3.25%.
2 Performance for the average or the unmanaged index does not reflect any fees or expenses. The performance of the average or the index is not necessarily representative of the Fund’s performance. The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
3 Source: Lipper Inc.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 3.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2010, is calculated using the SEC required uniform method to compute such return.
5 Class F shares commenced operations and performance for the Class began on September 28, 2007. Performance is at net asset value.
23
Expense Example
As a shareholder of the 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 the 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, 2010 through September 30, 2010).
Actual Expenses
For each class of the Fund, the first line of the table on the following page 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 the Period 4/1/10 – 9/30/10” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of the Fund, the second line of the table on the following page 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 the 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.
24
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,061.60 | | | $ | 4.44 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.74 | | | $ | 4.36 | |
Class B | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,058.20 | | | $ | 8.62 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,016.72 | | | $ | 8.44 | |
Class C | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,058.80 | | | $ | 8.10 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,017.22 | | | $ | 7.94 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,062.10 | | | $ | 3.93 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.25 | | | $ | 3.85 | |
Class I | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,033.10 | | | $ | 1.19 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,007.23 | | | $ | 1.16 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.86% for Class A, 1.67% for Class B, 1.57% for Class C, 0.76% for Class F and 0.64% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period for Classes A, B, C, and F) and 67/365 (to reflect the period from July 26, 2010, commencement of operations, to September 30, 2010 for Class I). |
Portfolio Holdings Presented by Credit Rating
September 30, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 12.02% | | | | | BB | | | 2.13% | |
AA+ | | | 9.51% | | | | | BB- | | | 1.85% | |
AA | | | 5.30% | | | | | B+ | | | 0.12% | |
AA- | | | 7.04% | | | | | B | | | 0.63% | |
A+ | | | 7.94% | | | | | B- | | | 0.42% | |
A | | | 10.45% | | | | | CCC+ | | | 0.94% | |
A- | | | 5.36% | | | | | CCC | | | 0.42% | |
BBB+ | | | 2.92% | | | | | Caa3 | | | 0.13% | |
BBB | | | 10.36% | | | | | NR | | | 10.26% | |
BBB- | | | 9.43% | | | | | Money Market Mutual Funds | | | 0.00% | ** |
BB+ | | | 2.77% | | | | | Total | | | 100.00% | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
25
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,059.90 | | | $ | 4.34 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.84 | | | $ | 4.26 | |
Class C | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,056.20 | | | $ | 7.99 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,017.32 | | | $ | 7.84 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,060.40 | | | $ | 3.82 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.36 | | | $ | 3.75 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.84% for Class A, 1.55% for Class C and 0.74% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 12.92% | | | | | BBB | | | 8.22% | |
AA+ | | | 3.33% | | | | | BBB- | | | 3.40% | |
AA | | | 15.52% | | | | | BB+ | | | 0.72% | |
AA- | | | 5.90% | | | | | BB | | | 0.94% | |
A+ | | | 12.32% | | | | | B+ | | | 0.20% | |
A | | | 19.20% | | | | | NR | | | 8.93% | |
A- | | | 4.90% | | | | | Money Market Mutual Fund | | | 0.00% | ** |
BBB+ | | | 3.50% | | | | | Total | | | 100.00% | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
26
Connecticut 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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,044.30 | | | $ | 4.61 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.58 | | | $ | 4.56 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,043.90 | | | $ | 4.05 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.09 | | | $ | 4.00 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.90% for Class A and 0.79% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s | | %* | | | | | S&P or Moody’s | | %* | |
AAA | | | 21.95% | | | | | BBB | | | 2.26% | |
Aa1 | | | 0.51% | | | | | BBB- | | | 6.17% | |
AA | | | 20.22% | | | | | B+ | | | 0.21% | |
Aa3 | | | 8.33% | | | | | CCC+ | | | 1.03% | |
A+ | | | 6.19% | | | | | NR | | | 8.93% | |
A | | | 10.30% | | | | | Money Market Mutual Fund | | | 0.00% | ** |
A- | | | 10.28% | | | | | Total | | | 100.00% | |
Baa1 | | | 3.62% | | | | | | | | | |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
27
Hawaii 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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,047.20 | | | $ | 4.41 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.75 | | | $ | 4.36 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,047.70 | | | $ | 3.90 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.25 | | | $ | 3.85 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.86% for Class A and 0.76% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s | | %* | | | | | S&P or Moody’s | | %* | |
AAA | | | 30.62% | | | | | BBB | | | 2.25% | |
AA+ | | | 19.25% | | | | | BBB- | | | 3.65% | |
AA | | | 11.31% | | | | | B+ | | | 0.19% | |
Aa3 | | | 2.96% | | | | | B | | | 0.68% | |
A+ | | | 5.51% | | | | | CCC+ | | | 0.63% | |
A | | | 4.96% | | | | | NR | | | 4.53% | |
A3 | | | 10.20% | | | | | Total | | | 100.00% | |
Baa1 | | | 3.26% | | | | | | | | | |
| * | | Represents percent of total investments. |
28
Missouri 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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,043.80 | | | $ | 4.35 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.81 | | | $ | 4.31 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,044.40 | | | $ | 3.79 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.34 | | | $ | 3.75 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.85% for Class A and 0.74% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 29.03% | | | | | BBB+ | | | 3.57% | |
AA+ | | | 5.74% | | | | | BBB | | | 4.92% | |
AA | | | 7.15% | | | | | BBB- | | | 2.48% | |
AA- | | | 11.27% | | | | | B+ | | | 0.19% | |
A+ | | | 3.79% | | | | | CCC+ | | | 0.57% | |
A | | | 8.07% | | | | | NR | | | 9.84% | |
A- | | | 13.38% | | | | | Total | | | 100.00% | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
29
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,055.30 | | | $ | 4.33 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.86 | | | $ | 4.26 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,053.50 | | | $ | 3.76 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.41 | | | $ | 3.70 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.84% for Class A and 0.73% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 10.28% | | | | | Ba2 | | | 1.39% | |
AA+ | | | 3.23% | | | | | BB- | | | 1.40% | |
AA | | | 13.30% | | | | | B+ | | | 0.12% | |
AA- | | | 18.44% | | | | | B | | | 0.74% | |
A+ | | | 9.72% | | | | | B3 | | | 0.20% | |
A | | | 5.77% | | | | | CCC+ | | | 0.66% | |
A- | | | 6.22% | | | | | NR | | | 9.75% | |
BBB+ | | | 3.83% | | | | | Money Market Mutual Fund | | | 0.00% | ** |
BBB | | | 5.93% | | | | | Total | | | 100.00% | |
BBB- | | | 9.02% | | | | | | | | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
30
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,051.40 | | | $ | 4.42 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.75 | | | $ | 4.36 | |
Class C | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,048.80 | | | $ | 7.96 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,017.31 | | | $ | 7.84 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,052.90 | | | $ | 3.91 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.28 | | | $ | 3.85 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.86% for Class A, 1.55% for Class C and 0.76% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 10.45% | | | | | BB+ | | | 2.69% | |
AA+ | | | 9.17% | | | | | BB | | | 0.57% | |
AA | | | 10.73% | | | | | BB- | | | 0.58% | |
AA- | | | 19.57% | | | | | B+ | | | 0.10% | |
A+ | | | 9.08% | | | | | B- | | | 0.93% | |
A | | | 6.06% | | | | | CCC+ | | | 0.73% | |
A- | | | 11.47% | | | | | NR | | | 5.39% | |
BBB+ | | | 1.53% | | | | | Money Market Mutual Fund | | | 0.00% | ** |
BBB | | | 4.52% | | | | | Total | | | 100.00% | |
BBB- | | | 6.43% | | | | | | | | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
31
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,053.80 | | | $ | 3.24 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.89 | | | $ | 3.19 | |
Class B | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,049.70 | | | $ | 7.40 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,017.87 | | | $ | 7.28 | |
Class C | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,051.00 | | | $ | 7.04 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,018.14 | | | $ | 6.93 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,055.40 | | | $ | 2.73 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,022.40 | | | $ | 2.69 | |
Class P | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,052.70 | | | $ | 4.43 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.73 | | | $ | 4.36 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.63% for Class A, 1.44% for Class B, 1.37% for Class C, 0.53% for Class F and 0.86% for Class P) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 19.04% | | | | | BB | | | 0.91% | |
AA+ | | | 7.70% | | | | | BB- | | | 1.01% | |
AA | | | 11.03% | | | | | B+ | | | 0.10% | |
AA- | | | 13.52% | | | | | B- | | | 0.13% | |
A+ | | | 10.82% | | | | | B | | | 0.54% | |
A | | | 9.27% | | | | | CCC | | | 0.23% | |
A- | | | 5.99% | | | | | CCC+ | | | 0.50% | |
BBB+ | | | 2.54% | | | | | Caa2 | | | 0.12% | |
BBB | | | 6.27% | | | | | NR | | | 3.47% | |
BBB- | | | 4.99% | | | | | Money Market Mutual Fund | | | 0.05% | |
BB+ | | | 1.77% | | | | | Total | | | 100.00% | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
32
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,023.20 | | | $ | 2.89 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,022.20 | | | $ | 2.89 | |
Class C | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,019.10 | | | $ | 6.93 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,018.19 | | | $ | 6.93 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,023.70 | | | $ | 2.38 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,022.71 | | | $ | 2.38 | |
Class I | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,024.10 | | | $ | 1.88 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,023.20 | | | $ | 1.88 | |
| † | | For each class of the Fund, net expenses (including interest expenses) are equal to the annualized expense ratio for such class (0.57% for Class A, 1.37% for Class C, 0.47% for Class F and 0.37% 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 8.69% | | | | | BB+ | | | 1.01% | |
AA+ | | | 9.41% | | | | | BB | | | 0.16% | |
AA | | | 12.64% | | | | | BB- | | | 0.42% | |
AA- | | | 15.53% | | | | | B+ | | | 0.23% | |
A+ | | | 13.30% | | | | | B- | | | 0.44% | |
A | | | 10.49% | | | | | CCC | | | 0.22% | |
A- | | | 9.26% | | | | | NR | | | 4.69% | |
BBB+ | | | 5.70% | | | | | Money Market Mutual Fund | | | 0.06% | |
BBB | | | 6.42% | | | | | Total | | | 100.00% | |
BBB- | | | 1.33% | | | | | | | | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
33
Georgia Tax Free Trust
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,052.80 | | | $ | 4.48 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.71 | | | $ | 4.41 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,053.20 | | | $ | 3.96 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.21 | | | $ | 3.90 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.87% for Class A and 0.77% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 16.29% | | | | | BBB | | | 6.39% | |
AA+ | | | 10.77% | | | | | BBB- | | | 3.88% | |
AA | | | 11.62% | | | | | Ba3 | | | 2.00% | |
AA- | | | 3.32% | | | | | B+ | | | 0.18% | |
A+ | | | 11.59% | | | | | CCC+ | | | 1.13% | |
A | | | 15.68% | | | | | NR | | | 6.06% | |
A- | | | 10.41% | | | | | Total | | | 100.00% | |
BBB+ | | | 0.68% | | | | | | | | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
34
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,060.40 | | | $ | 4.70 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.51 | | | $ | 4.61 | |
Class B | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,056.50 | | | $ | 8.61 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,016.70 | | | $ | 8.44 | |
Class C | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,056.50 | | | $ | 8.56 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,016.75 | | | $ | 8.39 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,061.80 | | | $ | 4.19 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.01 | | | $ | 4.10 | |
Class I | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,030.50 | | | $ | 1.34 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,006.99 | | | $ | 1.31 | |
Class P | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,059.40 | | | $ | 5.83 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,019.43 | | | $ | 5.72 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.91% for Class A, 1.67% for Class B, 1.66% for Class C, 0.81% for Class F, 0.72% for Class I and 1.13% for Class P) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period for Classes A, B, C, F and P) and 67/365 (to reflect period from July 26, 2010, commencement of operations, to September 30, 2010 for Class I). |
35
Portfolio Holdings Presented by Credit Rating
September 30, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 4.19% | | | | | BB- | | | 4.11% | |
AA+ | | | 4.94% | | | | | B+ | | | 0.96% | |
AA | | | 5.18% | | | | | B | | | 1.69% | |
AA- | | | 5.77% | | | | | B- | | | 2.21% | |
A+ | | | 1.96% | | | | | CCC+ | | | 2.92% | |
A | | | 2.85% | | | | | CCC | | | 0.74% | |
A- | | | 2.39% | | | | | Caa3 | | | 0.26% | |
BBB+ | | | 3.60% | | | | | CC | | | 0.16% | |
BBB | | | 11.66% | | | | | NR | | | 29.71% | |
BBB- | | | 7.04% | | | | | Money Market Mutual Funds | | | 0.00% | ** |
BB+ | | | 5.33% | | | | | Total | | | 100.00% | |
BB | | | 2.33% | | | | | | | | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01%. |
36
Pennsylvania Tax Free Trust
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. 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† | |
| | | 4/1/10 | | | 9/30/10 | | | 4/1/10 -
9/30/10 | |
Class A | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,057.20 | | | $ | 4.44 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,020.76 | | | $ | 4.36 | |
Class F | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,059.90 | | | $ | 3.87 | |
Hypothetical (5% Return Before Expenses) | | $ | 1,000.00 | | | $ | 1,021.29 | | | $ | 3.80 | |
| † | | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.86% for Class A and 0.75% for Class F) 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, 2010
| | | | | | | | | | | | |
| Credit Rating: | | | | | | | Credit Rating: | | | |
| S&P or Moody’s(a) | | %* | | | | | S&P or Moody’s(a) | | %* | |
AAA | | | 15.07% | | | | | BBB- | | | 12.74% | |
Aa1 | | | 1.16% | | | | | BB | | | 1.59% | |
AA | | | 6.27% | | | | | BB- | | | 0.83% | |
AA- | | | 7.75% | | | | | B+ | | | 0.24% | |
A+ | | | 3.39% | | | | | CCC+ | | | 2.48% | |
A | | | 11.94% | | | | | NR | | | 10.34% | |
A- | | | 12.57% | | | | | Money Market Mutual Fund | | | 0.00% | ** |
BBB+ | | | 10.07% | | | | | Total | | | 100.00% | |
BBB | | | 3.56% | | | | | | | | | |
| (a) | | Certain investments have been rated by Fitch IBCA. |
| * | | Represents percent of total investments. |
| ** | | Amount is less than 0.01% |
37
Schedule of Investments
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 107.68% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 5.39% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 5.50% | | | | 11/1/2016 | | | | BB | | | $ | 2,500 | | | $ | 2,634,175 | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.50% | | | | 5/1/2017 | | | | BB | | | | 1,500 | | | | 1,651,080 | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.875% | | | | 5/1/2030 | | | | BB | | | | 4,000 | | | | 4,373,560 | |
| Allegheny Cnty PA Indl Dev Auth Resdl Res Inc Pj | | | 5.10% | | | | 9/1/2026 | | | | BBB- | (c) | | | 980 | | | | 918,015 | |
| Alliance Arpt Auth Inc TX Spl Facs Amer Airlines Inc Pj AMT | | | 5.25% | | | | 12/1/2029 | | | | CCC+ | | | | 6,800 | | | | 5,073,140 | |
| Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT | | | 5.375% | | | | 11/1/2035 | | | | BB- | | | | 1,100 | | | | 970,024 | |
| Brazos River TX Hrbr Nav Dist Dow Chemical Co Pj Ser A-3 AMT | | | 5.125% | | | | 5/15/2033 | | | | BBB- | | | | 5,730 | | | | 5,547,098 | |
| Brazos River TX Hrbr Nav Dist Dow Chemical Co Pj Ser A-4 AMT | | | 5.95% | | | | 5/15/2033 | | | | BBB- | | | | 3,235 | | | | 3,361,909 | |
| Denver CO City & Cnty Spl Facs United Airlines Pj A AMT | | | 5.25% | | | | 10/1/2032 | | | | B | | | | 1,000 | | | | 847,570 | |
| Escambia Cnty FL Envr Impt Intl Paper Co Pjs Ser A AMT | | | 5.00% | | | | 8/1/2026 | | | | BBB | | | | 500 | | | | 500,125 | |
| IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(h) | | | 6.00% | | | | 3/1/2037 | | | | NR | | | | 1,550 | | | | 391,732 | |
| IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A†(i) | | | 6.25% | | | | 10/1/2037 | | | | NR | | | | 2,000 | | | | 500,000 | |
| IN St Fin Auth Impt US Steel Corp | | | 6.00% | | | | 12/1/2026 | | | | BB | | | | 1,000 | | | | 1,068,580 | |
| LA Loc Govt Envr Facs Cmnty Dev Auth Westlake Chemical Corp Pjs | | | 6.75% | | | | 11/1/2032 | | | | BB+ | | | | 5,000 | | | | 5,275,050 | |
| Long Beach CA Bd Fin Auth Natural Gas Ser A | | | 5.25% | | | | 11/15/2020 | | | | A | | | | 1,505 | | | | 1,593,298 | |
| New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT | | | 5.00% | | | | 5/15/2020 | | | | B- | | | | 1,745 | | | | 1,596,134 | |
| New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT | | | 5.125% | | | | 5/15/2030 | | | | B- | | | | 2,650 | | | | 2,277,993 | |
| Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj | | | 6.00% | | | | 10/1/2024 | | | | BB | | | | 2,200 | | | | 2,200,506 | |
| NJ Econ Dev Auth Glimcher Pptys LP Pj AMT | | | 6.00% | | | | 11/1/2028 | | | | NR | | | | 1,480 | | | | 1,400,391 | |
See Notes to Financial Statements.
38
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ Econ Dev Auth Kapkowski Rd Landfill Pj | | | 6.50% | | | | 4/1/2028 | | | | Ba2 | | | $ | 2,325 | | | $ | 2,649,128 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 5.50% | | | | 4/1/2028 | | | | B3 | | | | 1,215 | | | | 987,491 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.25% | | | | 9/15/2029 | | | | B | | | | 1,500 | | | | 1,456,230 | |
| Onondaga Cnty NY Indl Dev Agy Bristol-Myers Squibb Co Pj AMT | | | 5.75% | | | | 3/1/2024 | | | | A+ | | | | 2,000 | | | | 2,342,180 | |
| Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser A | | | 6.45% | | | | 11/1/2030 | | | | B+ | | | | 400 | | | | 409,788 | |
| Richmond Cnty GA Dev Auth Intl Paper Co Pj Ser A AMT | | | 5.00% | | | | 8/1/2030 | | | | BBB | | | | 1,500 | | | | 1,468,500 | |
| Rockdale Cnty GA Dev Auth Visy Paper Pj Ser A AMT | | | 6.125% | | | | 1/1/2034 | | | | NR | | | | 1,000 | | | | 981,070 | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Ser C Rmkt | | | 5.20% | | | | 5/1/2028 | | | | Caa3 | | | | 3,000 | | | | 1,320,360 | |
| Selma AL Indl Dev Brd Rev Gulf Opportunity Zone Ser A | | | 6.25% | | | | 11/1/2033 | | | | BBB | | | | 2,500 | | | | 2,742,775 | |
| Seminole Indian Tribe FL Spl Oblig Ser A† | | | 5.75% | | | | 10/1/2022 | | | | BBB | | | | 1,000 | | | | 1,021,890 | |
| Seneca NY Nation Indians Cap Impts Auth Ser A† | | | 5.00% | | | | 12/1/2023 | | | | BB | | | | 1,000 | | | | 839,650 | |
| Seneca NY Nation Indians Cap Impts Auth Ser A† | | | 5.25% | | | | 12/1/2016 | | | | BB | | | | 500 | | | | 469,385 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 2,500 | | | | 2,334,875 | |
| Warren Cnty MS Gulf Opportunity Zone Intl Paper Co A | | | 4.80% | | | | 8/1/2030 | | | | BBB | | | | 2,250 | | | | 2,250,383 | |
| West Pace Cooperative Dist AL Rev | | | 9.125% | | | | 5/1/2039 | | | | NR | | | | 5,000 | | | | 4,796,550 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 68,250,635 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 7.83% | | | | | | | | | | | | | | | | | | | | |
| Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj | | | 6.50% | | | | 11/1/2029 | | | | BBB- | | | | 2,500 | | | | 2,634,575 | |
| CA Edl Facs Auth Rev Univ La Verne Ser A | | | 5.00% | | | | 6/1/2035 | | | | Baa2 | | | | 1,000 | | | | 961,570 | |
| CA Muni Fin Auth Rev Biola Univ | | | 5.80% | | | | 10/1/2028 | | | | Baa1 | | | | 1,000 | | | | 1,070,720 | |
| CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus | | | 6.00% | | | | 5/15/2023 | | | | Baa2 | | | | 5,000 | | | | 5,536,250 | |
| Clifton TX Higher Ed Fin Corp Uplift Ed Ser A | | | 5.70% | | | | 12/1/2025 | | | | BBB- | | | | 2,000 | | | | 2,087,600 | |
| Clifton TX Higher Ed Fin Corp Uplift Ed Ser A | | | 6.00% | | | | 12/1/2030 | | | | BBB- | | | | 1,000 | | | | 1,057,570 | |
See Notes to Financial Statements.
39
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| FL St Brd of Governors Univ Sys | | | 5.50% | | | | 7/1/2020 | | | | AA | | | $ | 2,075 | | | $ | 2,447,276 | |
| Grand Traverse Academy MI Pub Sch Academy Ref | | | 5.00% | | | | 11/1/2036 | | | | BBB- | | | | 1,840 | | | | 1,495,405 | |
| Grand Vly MI St Univ Rev (NPFGC)(FGIC) | | | 5.50% | | | | 2/1/2018 | | | | A+ | | | | 1,150 | | | | 1,272,038 | |
| Hale Ctr TX Ed Facs Corp Wayland Baptist(d) | | | 5.00% | | | | 3/1/2035 | | | | A- | | | | 7,350 | | | | 7,278,043 | |
| Hammond IN Loc Pub Impt Bd Bk Ser A | | | 6.75% | | | | 8/15/2035 | | | | BBB- | | | | 1,000 | | | | 1,021,840 | |
| Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B | | | 6.00% | | | | 9/1/2036 | | | | NR | | | | 3,000 | | | | 2,788,260 | |
| Hillsborough Cnty FL Indl Dev Auth Terrace Cmnty Middle Sch Pj Ser A | | | 5.125% | | | | 5/15/2037 | | | | BBB- | | | | 1,070 | | | | 899,014 | |
| IL Fin Auth Rev IL Inst Tech | | | 7.125% | | | | 2/1/2034 | | | | Baa2 | | | | 1,000 | | | | 1,122,140 | |
| IL Fin Auth Rev Northwestern Mem Hosp Ser A(b) | | | 5.75% | | | | 8/15/2030 | | | | AA+ | | | | 2,500 | | | | 2,773,975 | |
| IL Fin Auth Rev Univ of Chicago Ser B | | | 5.75% | | | | 7/1/2033 | | | | Aa1 | | | | 4,300 | | | | 4,988,602 | |
| IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A | | | 6.625% | | | | 10/1/2029 | | | | BBB- | | | | 750 | | | | 790,177 | |
| IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A | | | 7.00% | | | | 10/1/2039 | | | | BBB- | | | | 1,250 | | | | 1,322,525 | |
| Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A | | | 5.25% | | | | 6/15/2027 | | | | BB | | | | 1,500 | | | | 1,345,755 | |
| Louisville & Jefferson Cnty KY Metro Govt Bellarmine Univ Ser A | | | 6.00% | | | | 5/1/2038 | | | | Baa2 | | | | 2,500 | | | | 2,590,525 | |
| MA St Dev Fin Agy Wheelock College Ser C | | | 5.25% | | | | 10/1/2037 | | | | BBB | | | | 5,000 | | | | 5,026,100 | |
| Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj | | | 7.00% | | | | 6/15/2030 | | | | Ba3 | | | | 3,000 | | | | 3,040,440 | |
| Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj | | | 7.00% | | | | 6/15/2039 | | | | Ba3 | | | | 2,000 | | | | 2,015,060 | |
| MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies | | | 5.875% | | | | 12/1/2028 | | | | Baa3 | | | | 2,365 | | | | 2,429,754 | |
| MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies | | | 6.125% | | | | 12/1/2033 | | | | Baa3 | | | | 3,080 | | | | 3,173,478 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj | | | 8.75% | | | | 9/1/2039 | | | | BBB- | | | | 2,250 | | | | 2,547,000 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy | | | 6.625% | | | | 6/1/2030 | | | | BBB- | | | | 2,000 | | | | 2,069,660 | |
| MO St Hlth & Edl Facs Auth Washington Univ Ser B | | | 4.50% | | | | 1/15/2041 | | | | AAA | | | | 4,000 | | | | 4,082,680 | |
| NC Cap Facs Fin Agy Meredith College | | | 6.00% | | | | 6/1/2031 | | | | BBB | | | | 1,975 | | | | 2,091,466 | |
See Notes to Financial Statements.
40
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| NC Cap Facs Fin Agy Wake Forest Univ(b) | | | 5.00% | | | | 1/1/2038 | | | | AA | | | $ | 10,540 | | | $ | 11,381,408 | |
| NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech Ser A | | | 6.25% | | | | 7/1/2029 | | | | A1 | | | | 5,000 | | | | 5,742,050 | |
| OH St Higher Edl Fac Rev Commn Ashland Univ Pj | | | 6.25% | | | | 9/1/2024 | | | | Ba1 | | | | 4,115 | | | | 4,304,825 | |
| Pinellas Cnty FL Edl Facs Auth Eckerd College Pj (ACA) | | | 5.25% | | | | 10/1/2029 | | | | NR | | | | 2,375 | | | | 2,278,551 | |
| Plymouth MI Edl Ctr Charter Sch | | | 5.375% | | | | 11/1/2035 | | | | BBB- | | | | 405 | | | | 345,003 | |
| TX Tech Univ Rev Fing 12th Ser | | | 5.00% | | | | 2/15/2021 | | | | AA | | | | 1,000 | | | | 1,159,720 | |
| WV Univ Rev Univ Sys Pj Ser A (AMBAC) | | | Zero Coupon | | | | 4/1/2024 | | | | Aa3 | | | | 2,880 | | | | 1,631,002 | |
| WV Univ Rev Univ Sys Pj Ser A (AMBAC) | | | Zero Coupon | | | | 4/1/2026 | | | | Aa3 | | | | 800 | | | | 408,304 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 99,210,361 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 10.01% | | | | | | | | | | | | | | | | | | | | |
| Bessemer AL Sch Warrants (AMBAC) | | | 5.60% | | | | 2/1/2030 | | | | NR | | | | 2,000 | | | | 2,025,220 | |
| CA St (AMBAC) | | | 4.50% | | | | 8/1/2028 | | | | A1 | | | | 5,000 | | | | 4,957,350 | |
| CA St (CIFG) | | | 4.50% | | | | 8/1/2028 | | | | A1 | | | | 5,000 | | | | 4,957,350 | |
| CA St Var Purp | | | 6.00% | | | | 11/1/2039 | | | | A1 | | | | 4,080 | | | | 4,557,360 | |
| CA St Var Purp | | | 6.50% | | | | 4/1/2033 | | | | A1 | | | | 10,000 | | | | 11,768,700 | |
| Delaware Vly PA Regl Fin Auth Ser C (AMBAC) | | | 7.75% | | | | 7/1/2027 | | | | A2 | | | | 500 | | | | 691,785 | |
| El Paso Cnty TX Hosp Dist Ser A (AG)(b) | | | 5.00% | | | | 8/15/2037 | | | | AAA | | | | 7,500 | | | | 7,787,325 | |
| FL St Brd of Ed Cap Outlay 2007 Ser E(b) | | | 4.75% | | | | 6/1/2038 | | | | AAA | | | | 10,000 | | | | 10,464,300 | |
| Foothill-De Anza CA Cmnty College Dist Cap Apprec (NPFGC) | | | Zero Coupon | | | | 8/1/2030 | | | | Aaa | | | | 4,505 | | | | 1,650,587 | |
| Fort Bend TX Indpt Sch Dist Sch Bldg PSF GTD(b) | | | 5.00% | | | | 8/15/2028 | | | | AAA | | | | 4,000 | | | | 4,459,400 | |
| Fort Bend TX Indpt Sch Dist Sch Bldg PSF GTD(b) | | | 5.00% | | | | 8/15/2029 | | | | AAA | | | | 5,000 | | | | 5,574,250 | |
| Huntington Beach CA Union High Sch Dist Cap Apprec 2004 Election (NPFGC)(FGIC) | | | Zero Coupon | | | | 8/1/2033 | | | | Aa2 | | | | 5,000 | | | | 1,300,800 | |
| Lake Cnty IL Forest Preservation Dist Ltd Tax Land Acq Ser A | | | 5.00% | | | | 12/15/2027 | | | | AAA | | | | 6,210 | | | | 6,921,914 | |
See Notes to Financial Statements.
41
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Los Angeles CA Cmnty College Dist 2001 Election Ser E-1 | | | 5.00% | | | | 8/1/2033 | | | | Aa1 | | | $ | 3,500 | | | $ | 3,711,190 | |
| Los Angeles CA Cmnty College Dist 2003 Election Ser F-1 | | | 5.00% | | | | 8/1/2028 | | | | Aa1 | | | | 2,000 | | | | 2,173,680 | |
| Los Angeles CA Cmnty College Dist 2008 Election Ser C | | | 5.25% | | | | 8/1/2039 | | | | Aa1 | | | | 5,000 | | | | 5,401,950 | |
| Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b) | | | 5.00% | | | | 7/1/2028 | | | | AAA | | | | 7,000 | | | | 7,529,480 | |
| Maricopa Cnty AZ Elem Sch Dist No 33 Buckeye Sch Impt Pj of 2005 Ser C | | | 5.70% | | | | 7/1/2025 | | | | A1 | | | | 2,385 | | | | 2,594,475 | |
| MI Muni Bd Auth Rev Loc Govt Ln Pg Ser A (AMBAC) | | | 4.25% | | | | 5/1/2029 | | | | NR | | | | 1,000 | | | | 861,940 | |
| New York City NY Ser E | | | 5.00% | | | | 8/1/2019 | | | | AA | | | | 5,000 | | | | 5,742,200 | |
| New York City NY Ser E-1 | | | 6.25% | | | | 10/15/2028 | | | | AA | | | | 5,000 | | | | 6,056,300 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2025 | | | | AAA | | | | 1,980 | | | | 2,212,380 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2026 | | | | AAA | | | | 2,870 | | | | 3,206,834 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2027 | | | | AAA | | | | 1,150 | | | | 1,284,968 | |
| Piedmont CA Unif Sch Dist Elec 2006 Ser C(b) | | | 5.00% | | | | 8/1/2032 | | | | AA | | | | 1,910 | | | | 2,020,006 | |
| Piedmont CA Unif Sch Dist Elec 2006 Ser C(b) | | | 5.00% | | | | 8/1/2033 | | | | AA | | | | 2,145 | | | | 2,280,106 | |
| Piedmont CA Unif Sch Dist Elec 2006 Ser C(b) | | | 5.00% | | | | 8/1/2034 | | | | AA | | | | 2,395 | | | | 2,536,732 | |
| Port of Houston Auth Ser A AMT | | | 6.25% | | | | 10/1/2029 | | | | AAA | | | | 1,000 | | | | 1,192,900 | |
| Puerto Rico Comwlth Pub Impt Ser C | | | 6.00% | | | | 7/1/2039 | | | | A3 | | | | 2,500 | | | | 2,713,725 | |
| Richland Cnty SC Broad River Swr Sys Ser D | | | 5.375% | | | | 3/1/2030 | | | | AA+ | | | | 1,140 | | | | 1,213,006 | |
| Richland Cnty SC Broad River Swr Sys Ser D | | | 5.375% | | | | 3/1/2031 | | | | AA+ | | | | 1,195 | | | | 1,266,067 | |
| Richland Cnty SC Broad River Swr Sys Ser D | | | 5.375% | | | | 3/1/2032 | | | | AA+ | | | | 1,255 | | | | 1,328,141 | |
| Richland Cnty SC Broad River Swr Sys Ser D | | | 5.375% | | | | 3/1/2033 | | | | AA+ | | | | 1,320 | | | | 1,394,078 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 1,035 | | | | 1,169,560 | |
| WI St Rev Ser A | | | 5.00% | | | | 5/1/2019 | | | | AA- | | | | 1,500 | | | | 1,771,215 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 126,777,274 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
42
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care 20.80% | | | | | | | | | | | | | | | | | | | | |
| Abag Fin Auth For Nonprofit Corp CA O’Connor Woods Oblig COP (ACA) | | | 6.20% | | | | 11/1/2029 | | | | BBB- | (c) | | $ | 1,000 | | | $ | 1,000,250 | |
| Alachua Cnty FL Indl Dev Rev North FL Ret Vlg | | | 5.875% | | | | 11/15/2036 | | | | NR | | | | 2,500 | | | | 2,281,350 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2017 | | | | BB- | | | | 3,000 | | | | 2,853,180 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2028 | | | | BB- | | | | 5,000 | | | | 3,986,300 | |
| AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj | | | 5.20% | | | | 10/1/2037 | | | | NR | | | | 2,000 | | | | 1,625,720 | |
| AZ Hlth Facs Auth Rev Banner Hlth Ser B | | | 1.167% | # | | | 1/1/2037 | | | | A+ | | | | 10,000 | | | | 6,631,500 | |
| AZ Hlth Facs Auth Rev Hlthcare Pooled Fin C (NPFGC)(FGIC) | | | 5.50% | | | | 6/1/2014 | | | | NR | | | | 1,130 | | | | 1,218,129 | |
| AZ Univ Med Ctr Corp | | | 6.25% | | | | 7/1/2029 | | | | BBB+ | | | | 895 | | | | 977,975 | |
| AZ Univ Med Ctr Corp | | | 6.50% | | | | 7/1/2039 | | | | BBB+ | | | | 3,025 | | | | 3,338,269 | |
| Brevard Cnty FL Hlth Facs Auth Hlth First Inc Pj | | | 7.00% | | | | 4/1/2033 | | | | A- | | | | 1,000 | | | | 1,142,920 | |
| Butler Cnty PA Hosp Auth Butler Hlth Sys Pj | | | 7.125% | | | | 7/1/2029 | | | | Baa1 | | | | 1,500 | | | | 1,739,415 | |
| Butler Cnty PA Hosp Auth Butler Hlth Sys Pj | | | 7.25% | | | | 7/1/2039 | | | | Baa1 | | | | 2,600 | | | | 3,009,812 | |
| CA Hlth Facs Fing Auth Catholic Hlthcare West Ser A | | | 6.00% | | | | 7/1/2039 | | | | A | | | | 4,250 | | | | 4,597,565 | |
| CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C | | | 6.25% | | | | 10/1/2024 | | | | AA | | | | 2,000 | | | | 2,308,080 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.50% | | | | 2/1/2039 | | | | Baa2 | | | | 5,000 | | | | 4,957,050 | |
| CA Statewide Cmntys Dev Auth Front Porch Cmntys & Svcs Ser A† | | | 5.125% | | | | 4/1/2037 | | | | BBB | | | | 2,000 | | | | 1,820,920 | |
| CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A | | | 5.00% | | | | 7/15/2022 | | | | NR | | | | 1,000 | | | | 955,320 | |
| CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A | | | 5.125% | | | | 7/15/2031 | | | | NR | | | | 2,250 | | | | 1,988,528 | |
| Cass Cnty ND Hlth Facs Rev Essentia Hlth Ser A Rmkt (AG)(b) | | | 5.125% | | | | 2/15/2037 | | | | AAA | | | | 10,000 | | | | 10,364,250 | |
| CT St Dev Auth Hlth Facs Alzheimers Res Ctr Inc Pj | | | 5.40% | | | | 8/15/2021 | | | | NR | | | | 880 | | | | 834,874 | |
| CT St Hlth & Edl Facs Auth Ascension Hlth Sr Ctr(b) | | | 5.00% | | | | 11/15/2040 | | | | Aa1 | | | | 6,540 | | | | 6,868,897 | |
See Notes to Financial Statements.
43
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Delaware Cnty IN Hosp Auth Cardinal Hlth Sys Oblig Corp | | | 5.00% | | | | 8/1/2024 | | | | Baa3 | | | $ | 2,000 | | | $ | 1,935,880 | |
| Delaware Cnty IN Hosp Auth Cardinal Hlth Sys Oblig Corp | | | 5.25% | | | | 8/1/2036 | | | | Baa3 | | | | 4,500 | | | | 4,227,570 | |
| Denver CO Hlth & Hosp Auth Ser A | | | 4.75% | | | | 12/1/2036 | | | | BBB | | | | 2,950 | | | | 2,576,589 | |
| Fairfax Cnty VA Indl Dev Auth Hlthcare Inova Hlth Sys Ser A(b) | | | 5.50% | | | | 5/15/2035 | | | | AA+ | | | | 5,000 | | | | 5,496,875 | |
| Flint MI Hosp Bldg Auth Rent Hurley Med Ctr | | | 7.00% | | | | 7/1/2030 | | | | Ba1 | | | | 1,510 | | | | 1,573,601 | |
| Flint MI Hosp Bldg Auth Rent Hurley Med Ctr | | | 7.50% | | | | 7/1/2039 | | | | Ba1 | | | | 3,000 | | | | 3,158,250 | |
| Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A | | | 5.50% | | | | 8/1/2028 | | | | A2 | | | | 3,300 | | | | 3,524,334 | |
| Grant Cnty NM Dept Hlth Ft Bayard Pj | | | 5.00% | | | | 7/1/2033 | | | | Aa1 | | | | 2,800 | | | | 2,899,708 | |
| Harris Cnty TX Hlth Facs Dev Corp Mem Hermann Hlthcare Sys Ser B | | | 7.125% | | | | 12/1/2031 | | | | A | | | | 3,000 | | | | 3,446,250 | |
| HFDC Cent TX Inc Ret Fac Ser A | | | 5.75% | | | | 11/1/2036 | | | | NR | | | | 2,700 | | | | 2,292,192 | |
| Hillsborough Cnty FL Indl Dev Auth Tampa Gen Hosp Pj(b) | | | 5.25% | | | | 10/1/2041 | | | | A3 | | | | 5,000 | | | | 5,069,200 | |
| Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A | | | 5.25% | | | | 4/1/2027 | | | | NR | | | | 1,525 | | | | 1,282,113 | |
| Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A | | | 5.25% | | | | 4/1/2033 | | | | NR | | | | 2,000 | | | | 1,608,320 | |
| Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj | | | 5.50% | | | | 1/1/2028 | | | | NR | | | | 1,500 | | | | 1,344,240 | |
| Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj | | | 5.50% | | | | 1/1/2043 | | | | NR | | | | 1,350 | | | | 1,099,319 | |
| ID Hlth Facs Auth Rev St. Luke’s Regl Med Ctr Rmkt (AGM) | | | 5.00% | | | | 7/1/2035 | | | | AAA | | | | 2,800 | | | | 2,884,700 | |
| IL Fin Auth Rev Friendship Vlg Schaumburg | | | 7.125% | | | | 2/15/2039 | | | | BB- | (c) | | | 1,500 | | | | 1,553,115 | |
| IL Fin Auth Rev Friendship Vlg Schaumburg | | | 7.25% | | | | 2/15/2045 | | | | BB- | (c) | | | 1,500 | | | | 1,569,240 | |
| IL Fin Auth Rev Monarch Landing Inc Fac Ser A | | | 7.00% | | | | 12/1/2027 | | | | NR | | | | 916 | | | | 119,090 | |
| IL Fin Auth Rev Monarch Landing Inc Fac Ser A | | | 7.00% | | | | 12/1/2037 | | | | NR | | | | 1,374 | | | | 178,635 | |
| IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A | | | 7.25% | | | | 11/1/2030 | | | | A- | | | | 3,000 | | | | 3,500,070 | |
| IN Hlth & Edl Facs Fing Auth Cmnty Fndtn Northwest | | | 5.50% | | | | 3/1/2037 | | | | BBB | | | | 2,000 | | | | 2,005,980 | |
See Notes to Financial Statements.
44
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Johnston NC Mem Hosp Auth (AGM)(FHA)(b) | | | 5.25% | | | | 10/1/2024 | | | | AAA | | | $ | 5,000 | | | $ | 5,376,000 | |
| Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A | | | 6.00% | | | | 7/1/2035 | | | | BB+ | | | | 1,475 | | | | 1,437,756 | |
| Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A | | | 6.25% | | | | 7/1/2040 | | | | BB+ | | | | 2,000 | | | | 1,986,400 | |
| Kerrville TX Hlth Facs Dev Corp Sid Peterson Mem Hosp Pj | | | 5.375% | | | | 8/15/2035 | | | | BBB- | | | | 4,000 | | | | 3,693,360 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A | | | 8.00% | | | | 5/15/2021 | | | | NR | | | | 1,000 | | | | 1,076,970 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A | | | 8.00% | | | | 5/15/2029 | | | | NR | | | | 2,820 | | | | 2,982,235 | |
| KY Econ Dev Fin Auth Norton Hlthcare Inc Ser B (NPFGC) | | | Zero Coupon | | | | 10/1/2025 | | | | A | | | | 3,690 | | | | 1,650,574 | |
| KY Econ Dev Fin Auth Owensboro Med Hlth Sys Ser A | | | 6.375% | | | | 6/1/2040 | | | | Baa2 | | | | 5,000 | | | | 5,389,950 | |
| Lexington VA Indl Dev Auth Resdl Care Fac Mtg Kendal at Lexington Ser A | | | 5.375% | | | | 1/1/2028 | | | | NR | | | | 1,500 | | | | 1,378,845 | |
| Lexington VA Indl Dev Auth Resdl Care Fac Mtg Kendal at Lexington Ser A | | | 5.50% | | | | 1/1/2037 | | | | NR | | | | 1,500 | | | | 1,308,750 | |
| Louisville & Jefferson Cnty KY Metro Govt Norton Hlthcare Inc(b) | | | 5.00% | | | | 10/1/2030 | | | | A- | | | | 10,000 | | | | 10,051,300 | |
| MA Dev Fin Agy Ser B1 | | | 7.25% | | | | 6/1/2016 | | | | NR | | | | 3,000 | | | | 3,015,180 | |
| Manhattan KS Hlthcare Fac Meadowlark Hills Ret Ser A | | | 5.00% | | | | 5/15/2029 | | | | NR | | | | 4,050 | | | | 3,334,729 | |
| Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare (AGM)(b) | | | 5.00% | | | | 8/1/2045 | | | | AAA | | | | 16,080 | | | | 16,274,970 | |
| Minneapolis & St. Paul MN Hsg & Redev Auth Hlthpartners Oblig Grp Pj | | | 5.875% | | | | 12/1/2029 | | | | A3 | | | | 2,100 | | | | 2,135,112 | |
| MO St Hlth & Edl Facs Sr Living Facs Lutheran Sr(d) | | | 5.375% | | | | 2/1/2035 | | | | A- | (c) | | | 1,200 | | | | 1,199,088 | |
| MO St Hlth & Edl Facs Sr Living Facs Lutheran Sr(d) | | | 5.50% | | | | 2/1/2042 | | | | A- | (c) | | | 1,500 | | | | 1,502,040 | |
| Montgomery Cnty PA Indl Dev Auth New Regl Med Ctr (FHA) | | | 5.375% | | | | 8/1/2038 | | | | AA | | | | 3,000 | | | | 3,182,850 | |
| Nassau Cnty NY Indl Dev Agy Amsterdam At Harborside Ser A | | | 5.875% | | | | 1/1/2018 | | | | NR | | | | 2,150 | | | | 2,237,741 | |
| NC Med Care Commn First Mtg UTD Methodist C | | | 5.50% | | | | 10/1/2032 | | | | NR | | | | 1,500 | | | | 1,430,160 | |
See Notes to Financial Statements.
45
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ Econ Dev Auth First Mtg Seashore Gardens Pj | | | 5.30% | | | | 11/1/2026 | | | | NR | | | $ | 1,440 | | | $ | 1,273,104 | |
| NJ Econ Dev Auth First Mtg Seashore Gardens Pj | | | 5.375% | | | | 11/1/2036 | | | | NR | | | | 1,000 | | | | 846,300 | |
| NJ Hlthcare Facs Fing Auth Holy Name Med Ctr | | | 5.00% | | | | 7/1/2025 | | | | Baa2 | | | | 7,500 | | | | 7,522,350 | |
| NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys | | | 6.625% | | | | 7/1/2038 | | | | BBB- | | | | 5,500 | | | | 5,803,600 | |
| NM St Hosp Equip Ln Council Presbyterian Hlthcare(b) | | | 5.00% | | | | 8/1/2039 | | | | AA- | | | | 9,100 | | | | 9,454,309 | |
| North Cent TX Hlth Fac Dev Corp Children’s Med Ctr Dallas Pj(b) | | | 5.75% | | | | 8/15/2039 | | | | Aa3 | | | | 10,000 | | | | 10,926,750 | |
| NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr | | | 6.125% | | | | 12/1/2029 | | | | Ba1 | | | | 3,250 | | | | 3,360,207 | |
| Orange Cnty FL Hlth Facs Auth Hosp Orlando Regl Hlthcare Ser B | | | 4.75% | | | | 11/15/2036 | | | | A | | | | 1,000 | | | | 960,900 | |
| Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser A | | | 5.00% | | | | 7/1/2034 | | | | BBB | | | | 1,000 | | | | 886,900 | |
| Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee | | | 5.75% | | | | 7/1/2037 | | | | NR | | | | 1,000 | | | | 864,720 | |
| Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee | | | 5.75% | | | | 7/1/2045 | | | | NR | | | | 1,100 | | | | 930,127 | |
| St. Paul MN Hsg & Redev Auth Hltheast Pj | | | 6.00% | | | | 11/15/2030 | | | | BB+ | | | | 4,000 | | | | 4,011,880 | |
| Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Wellmont Hlth Sys Pj Ser C | | | 5.25% | | | | 9/1/2036 | | | | BBB+ | | | | 2,000 | | | | 1,925,940 | |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Buckner Ret Svcs Inc Pj | | | 5.25% | | | | 11/15/2037 | | | | A- | | | | 3,000 | | | | 2,911,230 | |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Christus Hlth Ser A (AG) | | | 6.25% | | | | 7/1/2028 | | | | AAA | | | | 1,500 | | | | 1,720,050 | |
| Torrance CA Hosp Rev Torrance Mem Med Ctr Ser A | | | 5.00% | | | | 9/1/2040 | | | | A+ | | | | 5,000 | | | | 5,003,650 | |
| Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A | | | 7.25% | | | | 11/1/2045 | | | | NR | | | | 3,000 | | | | 3,091,500 | |
| Vigo Cnty IN Hosp Auth Rev Union Hosp Inc† | | | 5.75% | | | | 9/1/2042 | | | | NR | | | | 3,000 | | | | 2,865,120 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp | | | 5.00% | | | | 11/15/2030 | | | | Aa1 | | | | 5 | | | | 5,246 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b) | | | 5.00% | | | | 11/15/2030 | | | | Aa1 | | | | 1,170 | | | | 1,227,078 | |
See Notes to Financial Statements.
46
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b) | | | 5.00% | | | | 11/15/2033 | | | | Aa1 | | | $ | 7,000 | | | $ | 7,325,010 | |
| WV St Hosp Fin Auth Thomas Hlth Sys | | | 6.25% | | | | 10/1/2023 | | | | NR | | | | 2,000 | | | | 2,038,960 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 263,444,516 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 1.25% | | | | | | | | | | | | | | | | | | | | |
| Dakota Cnty MN Cmnty Dev Agy Sing Fam Mtg Bkd Securities Pg Ser B AMT (FHLMC/GNMA/FNMA) | | | 5.15% | | | | 12/1/2038 | | | | AA- | | | | 362 | | | | 364,804 | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A(b) | | | 5.125% | | | | 1/1/2036 | | | | BBB- | (c) | | | 4,300 | | | | 3,976,253 | |
| ID Hsg & Fin Assoc Sing Fam Mtg Sr Ser F AMT (FHA)(VA) | | | 7.45% | | | | 7/1/2015 | | | | Aaa | | | | 15 | | | | 15,002 | |
| LA Hsg Fin Agy Multi Fam Hsg Ser B | | | 8.00% | | | | 9/1/2039 | | | | BBB- | | | | 1,490 | | | | 1,574,826 | |
| LA Pub Facs Auth Rev Susla Facs Inc Pj Ser A† | | | 5.75% | | | | 7/1/2039 | | | | NR | | | | 2,195 | | | | 1,592,824 | |
| LA St Citizens Ppty Ins Corp Ser B (AMBAC) | | | 5.00% | | | | 6/1/2016 | | | | A- | | | | 2,700 | | | | 2,936,385 | |
| Los Angeles CA Hsg Auth Mtg Ppty Acq Ser A | | | 6.25% | | | | 6/1/2034 | | | | A | | | | 4,220 | | | | 4,441,212 | |
| Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B | | | 6.125% | | | | 1/1/2025 | | | | NR | | | | 1,250 | | | | 225,512 | |
| Minneapolis & St. Paul MN Hsg Fin Brd Mtg Bkd City Living A4 AMT (FHLMC/GNMA/FNMA) | | | 5.00% | | | | 11/1/2038 | | | | AAA | | | | 743 | | | | 750,383 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 15,877,201 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 3.87% | | | | | | | | | | | | | | | | | | | | |
| CA St Pub Wrks Brd Regents Univ Ser E(b) | | | 5.00% | | | | 4/1/2034 | | | | Aa2 | | | | 1,590 | | | | 1,661,033 | |
| CA St Pub Wrks Brd Var Cap Pj Sub Ser I-1 | | | 5.375% | | | | 11/1/2022 | | | | A2 | | | | 5,000 | | | | 5,345,800 | |
| Denver CO Convtn Ctr Hotel Auth Sr (XLCA) | | | 5.00% | | | | 12/1/2035 | | | | BBB- | | | | 2,960 | | | | 2,681,020 | |
| Goodyear AZ Pub Impt Corp | | | 6.00% | | | | 7/1/2031 | | | | AA- | | | | 2,350 | | | | 2,599,053 | |
| Gulf Coast Wst Disp Auth TX Swr & Solid Wst Disp Anheuser Busch Pj AMT | | | 5.90% | | | | 4/1/2036 | | | | BBB+ | | | | 1,505 | | | | 1,519,899 | |
| Hudson Yards NY Infrastr Corp Ser A | | | 5.00% | | | | 2/15/2047 | | | | A | | | | 5,000 | | | | 4,983,050 | |
| McLennan Cnty TX Pub Fac Corp | | | 6.625% | | | | 6/1/2035 | | | | AA- | | | | 2,500 | | | | 2,757,975 | |
| MO St Dev Fin Brd Infrastr Branson Landing Pj Ser A | | | 5.625% | | | | 12/1/2028 | | | | A | | | | 3,000 | | | | 3,068,760 | |
See Notes to Financial Statements.
47
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | | | | | |
| New Hanover Cnty NC Ltd Oblig Pjs | | | 5.00% | | | | 12/1/2019 | | | | Aa1 | | | $ | 2,500 | | | $ | 2,939,175 | |
| New York City NY Indl Dev Agy Yankee Stadium Pilot (FGIC) | | | 5.00% | | | | 3/1/2046 | | | | BBB- | | | | 2,810 | | | | 2,800,615 | |
| PA St Indl Dev Auth Econ Dev | | | 5.50% | | | | 7/1/2023 | | | | A1 | | | | 3,000 | | | | 3,360,330 | |
| Philadelphia PA Muni Auth Rev Lease | | | 6.00% | | | | 4/1/2023 | | | | A1 | | | | 870 | | | | 945,246 | |
| Philadelphia PA Muni Auth Rev Lease | | | 6.10% | | | | 4/1/2024 | | | | A1 | | | | 1,000 | | | | 1,096,330 | |
| Philadelphia PA Muni Auth Rev Lease | | | 6.375% | | | | 4/1/2029 | | | | A1 | | | | 1,000 | | | | 1,087,680 | |
| Richmond CA Jt Pwrs Fing Auth Lease Civic Ctr Pj (AG) | | | 5.75% | | | | 8/1/2029 | | | | AAA | | | | 1,000 | | | | 1,117,130 | |
| San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A | | | 5.25% | | | | 9/1/2035 | | | | A2 | | | | 5,000 | | | | 5,069,150 | |
| San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A | | | 5.25% | | | | 3/1/2040 | | | | A2 | | | | 5,000 | | | | 5,042,000 | |
| VA Pub Sch Auth Sch Fing 1997 Resolution Ser B | | | 5.25% | | | | 8/1/2020 | | | | AA+ | | | | 800 | | | | 959,176 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 49,033,422 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 8.58% | | | | | | | | | | | | | | | | | | | | |
| AL St Indl Dev Auth Solid Wst Pine City Fiber Co Rmkt AMT | | | 6.45% | | | | 12/1/2023 | | | | B | | | | 1,760 | | | | 1,742,453 | |
| AL St Indl Dev Auth Solid Wst Pine City Fiber Co Rmkt AMT | | | 6.45% | | | | 12/1/2023 | | | | B | | | | 3,715 | | | | 3,677,961 | |
| Austin TX Convtn Entrprse Inc 2nd Tier Ser B† | | | 5.75% | | | | 1/1/2034 | | | | BB | | | | 2,750 | | | | 2,624,407 | |
| Austin TX Convtn Entrprse Inc 2nd Tier Ser B† | | | 6.00% | | | | 1/1/2018 | | | | BB | | | | 1,125 | | | | 1,140,041 | |
| Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj | | | 7.50% | | | | 2/1/2030 | | | | NR | | | | 3,500 | | | | 2,463,930 | |
| Baltimore MD Cnvtn Ctr Sr Ser A (XLCA) | | | 5.00% | | | | 9/1/2032 | | | | Baa3 | | | | 2,000 | | | | 1,875,900 | |
| Baltimore MD Cnvtn Ctr Sr Ser A (XLCA) | | | 5.25% | | | | 9/1/2039 | | | | Baa3 | | | | 1,000 | | | | 959,780 | |
| Baltimore MD Cnvtn Ctr Sub Ser B | | | 5.875% | | | | 9/1/2039 | | | | Ba1 | | | | 2,500 | | | | 2,474,100 | |
| Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A | | | 6.75% | | | | 8/1/2028 | | | | NR | | | | 1,455 | | | | 1,460,936 | |
| Bellevue WA Convtn Ctr Auth (NPFGC) | | | Zero Coupon | | | | 2/1/2024 | | | | A | | | | 1,400 | | | | 803,670 | |
| Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj | | | 6.25% | | | | 7/15/2040 | | | | BBB- | | | | 4,000 | | | | 4,351,360 | |
| Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj | | | 6.375% | | | | 7/15/2043 | | | | BBB- | | | | 3,000 | | | | 3,283,230 | |
See Notes to Financial Statements.
48
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| CA Muni Fin Auth High Tech High Chula Vista B† | | | 6.125% | | | | 7/1/2038 | | | | BB+ | (c) | | $ | 750 | | | $ | 729,930 | |
| CA Muni Fin Auth High Tech High Media Arts A† | | | 6.00% | | | | 7/1/2038 | | | | BB+ | (c) | | | 500 | | | | 459,620 | |
| CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A | | | 5.15% | | | | 7/1/2030 | | | | NR | | | | 1,000 | | | | 818,320 | |
| CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A | | | 5.25% | | | | 7/1/2042 | | | | NR | | | | 1,500 | | | | 1,178,040 | |
| CA Statewide Cmntys Dev Auth Windrush Sch | | | 5.50% | | | | 7/1/2037 | | | | NR | | | | 1,000 | | | | 848,260 | |
| Chester Cnty PA Indl Dev Auth Avon Grove Charter Sch Pj A | | | 6.25% | | | | 12/15/2027 | | | | BB+ | | | | 2,325 | | | | 2,281,569 | |
| CO Edl & Cultural Facs Auth Charter Sch Cmnty Leadership | | | 6.25% | | | | 7/1/2028 | | | | NR | | | | 1,000 | | | | 999,880 | |
| CO Edl & Cultural Facs Auth Charter Sch Flagstaff Ser A | | | 6.75% | | | | 8/1/2028 | | | | NR | | | | 1,215 | | | | 1,233,990 | |
| CO Edl & Cultural Facs Auth Charter Sch North East Academy† | | | 5.75% | | | | 5/15/2037 | | | | NR | | | | 830 | | | | 676,533 | |
| CO Edl & Cultural Facs Auth New Vision Charter Pj Sch† | | | 6.75% | | | | 4/1/2040 | | | | NR | | | | 925 | | | | 889,619 | |
| Columbus Cnty NC Indl Facs & Pollutn Ctrl Fing Auth Intl Paper | | | 5.70% | | | | 5/1/2034 | | | | BBB | | | | 2,000 | | | | 2,079,160 | |
| Doctor Charles Drew Academy MI COP | | | 5.70% | | | | 11/1/2036 | | | | NR | | | | 1,535 | | | | 1,105,461 | |
| Farmington NM Pollutn Ctrl Rev Pub Svc Ser F AMT | | | 6.25% | | | | 6/1/2040 | | | | Baa3 | | | | 3,200 | | | | 3,290,720 | |
| International Falls MN Pollutn Ctrl Boise Cascade Corp Pj | | | 5.65% | | | | 12/1/2022 | | | | B | | | | 1,000 | | | | 965,830 | |
| LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A Rmkt | | | 6.50% | | | | 8/1/2029 | | | | BB+ | | | | 1,000 | | | | 1,055,590 | |
| La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life | | | 6.25% | | | | 2/15/2026 | | | | NR | | | | 1,465 | | | | 1,357,235 | |
| Maverick Cnty TX Pub Fac Corp Ser A-1 | | | 6.375% | | | | 2/1/2029 | | | | NR | | | | 2,580 | | | | 2,293,078 | |
| MD St Econ Dev Corp CNX Marine Terminals Inc | | | 5.75% | | | | 9/1/2025 | | | | BB | | | | 1,000 | | | | 1,034,280 | |
| MD St Hlth & Higher Edl Facs Auth Washington Christian Academy | | | 5.50% | | | | 7/1/2038 | | | | NR | | | | 2,200 | | | | 976,624 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig David Ellis West Pj | | | 5.875% | | | | 6/1/2037 | | | | NR | | | | 1,400 | | | | 1,222,914 | |
See Notes to Financial Statements.
49
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (NPFGC)(FGIC) | | | 1.919% | | | | 4/1/2014 | | | | Aa3 | | | $ | 4,800 | | | $ | 4,573,872 | |
| Miami-Dade Cnty FL Spl Oblig Sub Ser A (NPFGC) | | | Zero Coupon | | | | 10/1/2024 | | | | A | | | | 3,000 | | | | 1,313,760 | |
| Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B | | | 6.25% | | | | 1/1/2037 | | | | NR | | | | 1,700 | | | | 306,170 | |
| Milwaukee WI Redev Auth Academy of Learning Ser A | | | 5.50% | | | | 8/1/2022 | | | | NR | | | | 300 | | | | 269,082 | |
| Milwaukee WI Redev Auth Academy of Learning Ser A | | | 5.65% | | | | 8/1/2037 | | | | NR | | | | 250 | | | | 204,225 | |
| Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj | | | 8.00% | | | | 5/1/2025 | | | | BBB+ | | | | 6,500 | | | | 7,564,635 | |
| NY Liberty Dev Corp 2nd Priority Bk Amer | | | 5.625% | | | | 7/15/2047 | | | | A | | | | 2,850 | | | | 2,969,956 | |
| NY Liberty Dev Corp 2nd Priority Bk Amer | | | 6.375% | | | | 7/15/2049 | | | | BBB- | | | | 5,000 | | | | 5,362,900 | |
| Otero Cnty NM Jail Pj Rev | | | 5.75% | | | | 4/1/2018 | | | | NR | | | | 825 | | | | 758,456 | |
| Otero Cnty NM Jail Pj Rev | | | 6.00% | | | | 4/1/2028 | | | | NR | | | | 1,400 | | | | 1,167,474 | |
| Philadelphia PA Auth Indl Dev Please Touch Museum Pj | | | 5.25% | | | | 9/1/2036 | | | | BBB- | | | | 5,000 | | | | 4,379,450 | |
| Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A | | | 5.50% | | | | 7/1/2026 | | | | BBB | (c) | | | 4,500 | | | | 4,356,945 | |
| Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A | | | 5.625% | | | | 7/1/2038 | | | | BBB | (c) | | | 2,000 | | | | 1,925,160 | |
| Provo UT Charter Sch Rev Freedom Academy Fndtn | | | 5.50% | | | | 6/15/2037 | | | | NR | | | | 985 | | | | 802,391 | |
| San Antonio TX Convtn Hotel Fin Corp Empowerment Zone Ser A AMT (AMBAC) | | | 5.00% | | | | 7/15/2039 | | | | BBB | | | | 5,000 | | | | 4,526,950 | |
| St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A | | | 5.00% | | | | 6/15/2020 | | | | NR | | | | 700 | | | | 627,613 | |
| St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A | | | 5.25% | | | | 6/15/2025 | | | | NR | | | | 575 | | | | 489,130 | |
| St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A | | | 5.35% | | | | 6/15/2032 | | | | NR | | | | 1,000 | | | | 805,780 | |
| Sweetwater Cnty WY Solid Wst Disp FMC Corp Pj AMT | | | 5.60% | | | | 12/1/2035 | | | | BBB+ | | | | 5,000 | | | | 5,070,550 | |
| Tampa FL Sports Auth Rev Tampa Bay Arena Pj (NPFGC) | | | 6.00% | | | | 10/1/2015 | | | | Baa1 | | | | 450 | | | | 473,490 | |
See Notes to Financial Statements.
50
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A | | | 5.375% | | | | 2/15/2037 | | | | BBB | | | $ | 1,230 | | | $ | 1,172,498 | |
| TX St Pub Fin Auth Charter Sch Uplift Ed Ser A | | | 5.875% | | | | 12/1/2036 | | | | BBB- | | | | 1,145 | | | | 1,155,866 | |
| UT St Charter Sch Fin Auth Noah Webster Academy Ser A | | | 6.50% | | | | 6/15/2038 | | | | NR | | | | 1,000 | | | | 868,330 | |
| VA St Hsg Dev Auth Ser A-5 AMT | | | 4.70% | | | | 7/1/2017 | | | | AAA | | | | 2,000 | | | | 2,090,280 | |
| Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA | | | 5.875% | | | | 12/1/2027 | | | | NR | | | | 1,000 | | | | 889,460 | |
| Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA | | | 6.125% | | | | 12/1/2042 | | | | NR | | | | 650 | | | | 573,833 | |
| West Vly City UT Charter Sch Monticello Academy† | | | 6.375% | | | | 6/1/2037 | | | | NR | | | | 1,775 | | | | 1,631,651 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 108,684,328 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 2.14% | | | | | | | | | | | | | | | | | | | | |
| Adrian MI City Sch Dist (AGM) | | | 5.00% | | | | 5/1/2034 | | | | AAA | | | | 1,500 | | | | 1,717,425 | |
| CO Hlth Facs Auth Rev Portercare Adventist Hlth | | | 6.625% | | | | 11/15/2026 | | | | NR | | | | 2,000 | | | | 2,154,980 | |
| IL Fin Auth Rev Northwestern Mem Hosp Ser A | | | 5.25% | | | | 8/15/2034 | | | | NR | | | | 5,400 | | | | 6,269,292 | |
| MI St COP ETM (AMBAC) | | | Zero Coupon | | | | 6/1/2022 | | | | A1 | | | | 2,000 | | | | 1,364,120 | |
| Milledgeville-Baldwin Cnty GA Dev Auth College & St Univ Fndtn | | | 6.00% | | | | 9/1/2033 | | | | AAA | | | | 3,000 | | | | 3,622,560 | |
| RI St Hlth & Edl Bldg Corp Hosp Fing Lifespan Oblig Grp | | | 6.50% | | | | 8/15/2032 | | | | A- | | | | 1,000 | | | | 1,106,460 | |
| SC Jobs Econ Dev Auth Impt Palmetto Hlth Alliance A | | | 7.375% | | | | 12/15/2021 | | | | NR | | | | 2,000 | | | | 2,066,840 | |
| SC Jobs Econ Dev Auth Palmetto Hlth Ser C | | | 6.375% | | | | 8/1/2034 | | | | BBB+ | | | | 1,780 | | | | 2,045,024 | |
| Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Hosp Wellmont Hlth | | | 6.25% | | | | 9/1/2022 | | | | NR | | | | 1,250 | | | | 1,387,588 | |
| Tyler TX Hlth Facs Dev Corp Mother Frances Hosp Regl Hlth | | | 6.00% | | | | 7/1/2027 | | | | Baa1 | | | | 1,500 | | | | 1,628,130 | |
| WA St Higher Ed Facs Auth Gonzaga Univ Pj (NPFGC) | | | 5.125% | | | | 4/1/2034 | | | | A | | | | 1,000 | | | | 1,167,740 | |
| WV St Ser D (FGIC) | | | 6.50% | | | | 11/1/2026 | | | | Aa1 | | | | 2,000 | | | | 2,621,660 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 27,151,819 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
51
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Special Tax 3.12% | | | | | | | | | | | | | | | | | | | | |
| Altoona IA Tax Alloc Annual Appropriation | | | 6.00% | | | | 6/1/2034 | | | | BBB+ | | | $ | 1,000 | | | $ | 1,074,720 | |
| Anaheim CA Cmnty Facs Dist No 08-1 Platinum Triangle | | | 6.25% | | | | 9/1/2040 | | | | NR | | | | 1,800 | | | | 1,814,400 | |
| Annawan IL Tax Incr Rev Patriot Renewable Fuels LLC Pj | | | 5.625% | | | | 1/1/2018 | | | | NR | | | | 1,000 | | | | 849,510 | |
| Apple Vly CA Redev Agy Veda Pj Area | | | 4.75% | | | | 6/1/2037 | | | | BBB+ | | | | 1,000 | | | | 884,230 | |
| Aurora IL Tax Incr Rev East River Area No 6 Ser A | | | 6.75% | | | | 12/30/2027 | | | | NR | | | | 1,000 | | | | 1,016,890 | |
| Baltimore MD Spl Oblig Ser A | | | 7.00% | | | | 9/1/2038 | | | | NR | | | | 1,500 | | | | 1,555,035 | |
| Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A | | | 5.50% | | | | 4/1/2022 | | | | NR | | | | 965 | | | | 828,086 | |
| Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A | | | 5.50% | | | | 4/1/2027 | | | | NR | | | | 1,430 | | | | 1,161,904 | |
| Clark Cnty NV Impt Dist Spl Loc Impt 128 Summerlin Ser A | | | 5.05% | | | | 2/1/2031 | | | | NR | | | | 1,035 | | | | 746,214 | |
| Crosscreek Cmnty Dev Dist FL Ser A | | | 5.60% | | | | 5/1/2039 | | | | NR | | | | 740 | | | | 269,937 | |
| Gramercy Farms Cmnty Dev Dist FL Ser A-1 | | | 5.25% | | | | 5/1/2039 | | | | NR | | | | 2,445 | | | | 1,122,084 | |
| Houston Cnty AL Cooperative Dist Rev Country Crossing Pj | | | 10.00% | | | | 5/1/2039 | | | | NR | | | | 5,000 | | | | 4,052,450 | |
| Houston Cnty AL Cooperative Dist Rev Country Crossing Pj | | | 10.50% | | | | 5/27/2011 | | | | NR | | | | 1,600 | | | | 1,596,752 | |
| Lakeside Landings Cmnty Dev Dist FL Ser A(i) | | | 5.50% | | | | 5/1/2038 | | | | NR | | | | 675 | | | | 273,105 | |
| Mesquite NV Redev Agy Tax Alloc | | | 6.625% | | | | 6/1/2017 | | | | A- | | | | 1,605 | | | | 1,685,009 | |
| Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A | | | 5.45% | | | | 7/1/2036 | | | | NR | | | | 2,083 | | | | 1,492,990 | |
| New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC) | | | 5.00% | | | | 1/1/2031 | | | | BB+ | | | | 2,000 | | | | 1,930,720 | |
| Norco CA Redev Agy Tax Alloc Redev Pj Area No 1 | | | 6.00% | | | | 3/1/2036 | | | | A | | | | 1,180 | | | | 1,210,173 | |
| Riverside Cnty CA Redev Agy Hsg Ser A | | | 6.00% | | | | 10/1/2039 | | | | A2 | | | | 1,500 | | | | 1,545,420 | |
| Riverside Cnty CA Redev Agy Intst 215 Corridor Ser E | | | 6.00% | | | | 10/1/2025 | | | | A- | | | | 1,395 | | | | 1,458,961 | |
| Riverside Cnty CA Redev Agy Intst 215 Corridor Ser E | | | 6.50% | | | | 10/1/2040 | | | | A- | | | | 2,000 | | | | 2,117,440 | |
| San Diego CA Redev Agy Tax Alloc North Pk Redev Pj Sub Ser A | | | 7.00% | | | | 11/1/2039 | | | | A- | | | | 2,500 | | | | 2,759,275 | |
See Notes to Financial Statements.
52
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | | | | | |
| Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A† | | | 6.50% | | | | 6/15/2020 | | | | Ba3 | | | $ | 2,000 | | | $ | 2,017,800 | |
| Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj | | | 5.70% | | | | 4/1/2022 | | | | NR | | | | 1,000 | | | | 884,090 | |
| Vlg Cmnty Dev FL Dist No 8 Phase III | | | 6.125% | | | | 5/1/2040 | | | | NR | | | | 5,000 | | | | 5,151,150 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 39,498,345 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 7.35% | | | | | | | | | | | | | | | | | | | | |
| CA St Econ Recovery Ser A | | | 5.00% | | | | 7/1/2018 | | | | Aa3 | | | | 3,000 | | | | 3,568,800 | |
| CA St Econ Recovery Ser A | | | 5.00% | | | | 7/1/2020 | | | | Aa3 | | | | 2,040 | | | | 2,389,126 | |
| CA St Econ Recovery Ser A | | | 5.00% | | | | 7/1/2022 | | | | Aa3 | | | | 4,000 | | | | 4,409,840 | |
| Dallas TX Area Rapid Transit Sr Lien(b) | �� | | 5.00% | | | | 12/1/2022 | | | | AA+ | | | | 9,645 | | | | 11,019,626 | |
| Dallas TX Area Rapid Transit Sr Lien(b) | | | 5.00% | | | | 12/1/2023 | | | | AA+ | | | | 6,135 | | | | 7,009,373 | |
| Dallas TX Area Rapid Transit Sr Lien(b) | | | 5.00% | | | | 12/1/2028 | | | | AA+ | | | | 7,160 | | | | 8,180,458 | |
| FL Hurricane Catastrophe Fd Fin Corp Ser A | | | 5.00% | | | | 7/1/2014 | | | | AA- | | | | 3,000 | | | | 3,260,430 | |
| FL Hurricane Catastrophe Fd Fin Corp Ser A | | | 5.00% | | | | 7/1/2016 | | | | AA- | | | | 7,000 | | | | 7,678,580 | |
| Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1 | | | 5.00% | | | | 7/1/2021 | | | | A1 | | | | 3,050 | | | | 3,413,956 | |
| Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1 | | | 5.00% | | | | 7/1/2022 | | | | A1 | | | | 1,000 | | | | 1,108,030 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser B-1 | | | 5.00% | | | | 3/15/2028 | | | | AAA | | | | 5,000 | | | | 5,598,450 | |
| Orange Cnty FL Tourist Dev Ser A (NPFGC) | | | 5.00% | | | | 10/1/2021 | | | | A+ | | | | 5,000 | | | | 5,454,950 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 6.00% | | | | 8/1/2042 | | | | A+ | | | | 5,000 | | | | 5,525,450 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 5.00% | | | | 8/1/2035 | | | | A+ | | | | 13,345 | | | | 13,869,192 | |
| Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A | | | 6.625% | | | | 9/1/2029 | | | | A1 | | | | 500 | | | | 556,650 | |
| Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A | | | 7.00% | | | | 9/1/2036 | | | | A1 | | | | 500 | | | | 568,055 | |
| Southwestern IL Dev Auth Rev Loc Govt Pg Collinsville Ltd | | | 5.35% | | | | 3/1/2031 | | | | NR | | | | 500 | | | | 390,485 | |
| Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A† | | | 6.75% | | | | 6/15/2028 | | | | Ba3 | | | | 2,500 | | | | 2,436,800 | |
| Uptown TX Dev Auth Infrastr Impt Facs | | | 5.25% | | | | 9/1/2024 | | | | BBB+ | | | | 1,000 | | | | 1,026,420 | |
| UT Transit Auth Sales Tax Rev Ser A(b) | | | 5.00% | | | | 6/15/2028 | | | | AAA | | | | 5,002 | | | | 5,570,251 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 93,034,922 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
53
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tobacco 4.56% | | | | | | | | | | | | | | | | | | | | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.125% | | | | 6/1/2024 | | | | BBB | | | $ | 3,635 | | | $ | 3,121,774 | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.375% | | | | 6/1/2024 | | | | BBB | | | | 2,975 | | | | 2,620,737 | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.75% | | | | 6/1/2034 | | | | BBB | | | | 6,440 | | | | 4,927,824 | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.875% | | | | 6/1/2030 | | | | BBB | | | | 6,500 | | | | 5,251,545 | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 6.50% | | | | 6/1/2047 | | | | BBB | | | | 5,000 | | | | 4,017,200 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.00% | | | | 6/1/2033 | | | | BBB | | | | 2,000 | | | | 1,575,180 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.125% | | | | 6/1/2047 | | | | BBB | | | | 8,650 | | | | 5,922,482 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.75% | | | | 6/1/2047 | | | | BBB | | | | 8,500 | | | | 6,440,535 | |
| IA Tob Sttlmnt Auth Cap Apprec Asset Bkd Ser B | | | 5.60% | | | | 6/1/2034 | | | | BBB | | | | 4,750 | | | | 4,058,923 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 4.625% | | | | 6/1/2021 | | | | BB | (c) | | | 5,780 | | | | 4,737,750 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 5.00% | | | | 6/1/2021 | | | | BB | (c) | | | 2,865 | | | | 2,427,887 | |
| NJ Tob Sttlmnt Fing Corp Ser 1A | | | 4.625% | | | | 6/1/2026 | | | | BBB | | | | 1,500 | | | | 1,285,545 | |
| NJ Tob Sttlmnt Fing Corp Ser 1A | | | 5.00% | | | | 6/1/2041 | | | | BBB | | | | 4,305 | | | | 2,981,428 | |
| VA Tob Sttlmnt Fing Corp Sr Ser B1 | | | 5.00% | | | | 6/1/2047 | | | | BBB | | | | 12,275 | | | | 8,358,047 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 57,726,857 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 16.09% | | | | | | | | | | | | | | | | | | | | |
| Alliance Arpt Auth Inc TX Spl Facs FedEx Corp Pj AMT | | | 4.85% | | | | 4/1/2021 | | | | BBB | | | | 3,000 | | | | 3,043,260 | |
| Cent Puget Sound WA Regl Transn Auth Sales Tax (NPFGC)(FGIC) | | | 5.25% | | | | 2/1/2021 | | | | AAA | | | | 1,750 | | | | 2,141,335 | |
| Chicago IL O’Hare Intl Arpt Delta Airlines Inc Term | | | 6.45% | | | | 5/1/2018 | | | | NR | | | | 2,335 | | | | 2,332,081 | |
| Chicago IL O’Hare Intl Arpt Ser A (AGM) | | | 5.00% | | | | 1/1/2033 | | | | AAA | | | | 4,250 | | | | 4,427,735 | |
| Clark Cnty NV Passenger Fac Las Vegas McCarran Intl Arpt Ser A (AGM)(b) | | | 5.25% | | | | 7/1/2039 | | | | AAA | | | | 11,500 | | | | 11,868,287 | |
| Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT | | | 9.00% | | | | 6/1/2035 | | | | CCC+ | | | | 3,825 | | | | 4,149,092 | |
See Notes to Financial Statements.
54
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| Cleveland OH Arpt Spl Rev Continental Airlines Inc Pj AMT | | | 5.375% | | | | 9/15/2027 | | | | B3 | | | $ | 1,015 | | | $ | 883,649 | |
| Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT | | | 9.00% | | | | 5/1/2029 | | | | CCC+ | | | | 2,000 | | | | 2,096,860 | |
| Delaware River Port Auth PA & NJ Ser D | | | 5.00% | | | | 1/1/2040 | | | | A- | | | | 4,000 | | | | 4,186,520 | |
| FL St Dept of Transn Tpk Auth Rev Ser A | | | 4.50% | | | | 7/1/2037 | | | | AA- | | | | 4,000 | | | | 4,023,160 | |
| FL St Dept of Transn Tpk Auth Rev Ser A (NPFGC) | | | 4.50% | | | | 7/1/2034 | | | | AA- | | | | 5,000 | | | | 5,048,900 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2035 | | | | BBB- | | | | 10,000 | | | | 1,774,600 | |
| Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT | | | 6.375% | | | | 11/15/2026 | | | | NR | | | | 3,750 | | | | 3,663,113 | |
| Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT | | | 6.50% | | | | 11/15/2036 | | | | NR | | | | 655 | | | | 638,887 | |
| HI St Arpts Sys Rev Ser A | | | 5.00% | | | | 7/1/2034 | | | | A2 | | | | 5,000 | | | | 5,211,050 | |
| HI St Hwy Rev | | | 5.00% | | | | 1/1/2019 | | | | AA+ | | | | 1,000 | | | | 1,192,450 | |
| KY St Tpk Auth Econ Revitalization Pjs Ser A | | | 5.00% | | | | 7/1/2027 | | | | AA+ | | | | 5,000 | | | | 5,560,200 | |
| Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Ser A(b) | | | 5.00% | | | | 5/15/2035 | | | | AA | | | | 10,000 | | | | 10,485,400 | |
| MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC) | | | 5.50% | | | | 1/1/2019 | | | | NR | | | | 1,495 | | | | 1,408,798 | |
| MD St Econ Dev Corp Term Pj Ser B | | | 5.75% | | | | 6/1/2035 | | | | Baa3 | | | | 5,500 | | | | 5,731,165 | |
| Metro Atlanta GA Rapid Transit Auth 3rd Ser(b) | | | 5.00% | | | | 7/1/2039 | | | | AA+ | | | | 12,340 | | | | 13,265,192 | |
| Metro Transn Auth NY Ser 2008 C | | | 6.50% | | | | 11/15/2028 | | | | A | | | | 7,500 | | | | 9,017,850 | |
| Metro WA DC Arpts Auth Ser A AMT(b) | | | 5.00% | | | | 10/1/2022 | | | | AA- | | | | 3,250 | | | | 3,482,993 | |
| Metro WA DC Arpts Auth Ser A AMT(b) | | | 5.375% | | | | 10/1/2028 | | | | AA- | | | | 2,500 | | | | 2,679,225 | |
| Miami-Dade Cnty FL Aviation Miami Intl Arpt Ser A | | | 5.375% | | | | 10/1/2035 | | | | A2 | | | | 11,975 | | | | 12,574,468 | |
| Miami-Dade Cnty FL Aviation Miami Intl Arpt Ser A AMT (XLCA) | | | 5.00% | | | | 10/1/2037 | | | | A2 | | | | 1,500 | | | | 1,469,520 | |
| NJ St Tpk Auth Rev Ser H | | | 5.00% | | | | 1/1/2036 | | | | A+ | | | | 10,750 | | | | 11,420,048 | |
| North TX Twy Auth Rev Sys 1st Tier Ser A | | | 6.00% | | | | 1/1/2025 | | | | A2 | | | | 5,000 | | | | 5,636,150 | |
See Notes to Financial Statements.
55
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| North TX Twy Auth Rev Toll 2nd Tier Ser F | | | 5.75% | | | | 1/1/2033 | | | | A3 | | | $ | 5,705 | | | $ | 6,097,390 | |
| NY St Thwy Auth Hwy & Bridge Tr Fd Ser B | | | 5.00% | | | | 4/1/2022 | | | | AA | | | | 5,000 | | | | 5,616,200 | |
| NY St Thwy Auth Hwy & Bridge Tr Fd Ser B | | | 5.00% | | | | 4/1/2025 | | | | AA | | | | 5,000 | | | | 5,603,800 | |
| Orlando & Orange Cnty FL Expwy Auth Ser A | | | 5.00% | | | | 7/1/2030 | | | | A1 | | | | 1,500 | | | | 1,598,715 | |
| PA Econ Dev Fing Auth US Airways Group Ser B | | | 8.00% | | | | 5/1/2029 | | | | CCC+ | | | | 1,500 | | | | 1,568,145 | |
| PA Tpk Commn Sub Ser B | | | 5.25% | | | | 6/1/2039 | | | | A- | | | | 5,000 | | | | 5,262,400 | |
| Regl Transn Dist CO Denver Transn Partners | | | 6.00% | | | | 1/15/2034 | | | | Baa3 | | | | 1,800 | | | | 1,920,492 | |
| Regl Transn Dist CO Denver Transn Partners | | | 6.00% | | | | 1/15/2041 | | | | Baa3 | | | | 20,465 | | | | 21,577,273 | |
| Santa Rosa FL Bay Bridge Auth Rev Cap Apprec | | | Zero Coupon | | | | 7/1/2017 | | | | Caa3 | | | | 1,200 | | | | 421,452 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1 | | | 6.25% | | | | 7/1/2029 | | | | A | | | | 2,020 | | | | 2,190,852 | |
| TX Private Activity Bd Surface Transn Corp Sr Lien Infrastr | | | 7.00% | | | | 6/30/2040 | | | | Baa3 | | | | 5,000 | | | | 5,460,450 | |
| TX Private Activity Bd Surface Transn Corp Sr Lien Nt Mobility | | | 6.875% | | | | 12/31/2039 | | | | Baa2 | | | | 6,500 | | | | 7,071,155 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 203,800,312 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 16.69% | | | | | | | | | | | | | | | | | | | | |
| Amer Muni Pwr OH Inc Prairie St Enrg Campus Pj A | | | 5.25% | | | | 2/15/2027 | | | | A1 | | | | 5,000 | | | | 5,424,750 | |
| AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b) | | | 5.00% | | | | 1/1/2032 | | | | Aa1 | | | | 17,710 | | | | 19,397,055 | |
| Brazos River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser C AMT | | | 5.75% | | | | 5/1/2036 | | | | CCC | | | | 4,170 | | | | 3,962,709 | |
| CA Pollutn Ctrl Fing Auth Republic Svcs Inc Pj Ser C AMT | | | 5.25% | | | | 6/1/2023 | | | | BBB | | | | 3,245 | | | | 3,451,447 | |
| Cape Fear Pub Util Auth NC Wtr & Swr Sys | | | 5.00% | | | | 8/1/2026 | | | | AA | | | | 5,000 | | | | 5,618,250 | |
| Cent Plains NE Enrg Pj No 1 | | | 0.699% | # | | | 12/1/2017 | | | | BB+ | | | | 5,000 | | | | 4,016,600 | |
| Chula Vista CA Rev San Diego Gas Ser E Rmkt | | | 5.875% | | | | 1/1/2034 | | | | Aa3 | | | | 2,125 | | | | 2,462,833 | |
| Effingham Cnty GA Dev Auth Solid Wst Disp Fort James Pj AMT | | | 5.625% | | | | 7/1/2018 | | | | BB- | | | | 5,030 | | | | 4,972,155 | |
See Notes to Financial Statements.
56
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| FL Muni Pwr Agy Rev Pwr Ser A | | | 6.25% | | | | 10/1/2031 | | | | A1 | | | $ | 2,000 | | | $ | 2,351,820 | |
| FL St Wtr Pollutn Ctrl Fing Corp Rev Ser A | | | 5.00% | | | | 1/15/2029 | | | | AAA | | | | 1,000 | | | | 1,091,910 | |
| Gulf Coast Wst Disp Auth TX Wst Mgmt of TX Ser A AMT | | | 5.20% | | | | 5/1/2028 | | | | BBB | | | | 2,800 | | | | 2,861,376 | |
| HI St Dept Bdgt & Fin Hawaiian Elec Co & Subs | | | 6.50% | | | | 7/1/2039 | | | | Baa1 | | | | 1,600 | | | | 1,804,320 | |
| Houston TX Util Sys Rev 1st Lien Ser A | | | 5.125% | | | | 11/15/2032 | | | | NR | | | | 4,000 | | | | 4,398,320 | |
| Lewis Cnty WA Pub Util Dist No 1 Ser A (AGM) | | | 5.00% | | | | 12/1/2027 | | | | Aa3 | | | | 4,975 | | | | 5,482,699 | |
| Long Island NY Pwr Auth Ser A | | | 5.70% | | | | 4/1/2030 | | | | A- | | | | 4,510 | | | | 5,112,761 | |
| Long Island NY Pwr Auth Ser A | | | 6.25% | | | | 4/1/2033 | | | | A- | | | | 1,000 | | | | 1,173,180 | |
| Los Angeles CA Dept of Wtr & Pwr Sys Sub Ser A2 (AMBAC) | | | 5.00% | | | | 7/1/2028 | | | | AA- | | | | 4,925 | | | | 5,377,164 | |
| Louisville & Jefferson Cnty KY Metro Swr Dist Ser B | | | 5.00% | | | | 5/15/2021 | | | | AA- | | | | 5,000 | | | | 5,830,900 | |
| M-S-R Enrg Auth CA Ser C | | | 7.00% | | | | 11/1/2034 | | | | A | | | | 10,000 | | | | 12,296,400 | |
| MA St Dev Fin Agy Dominion Enrg Brayton Point AMT | | | 5.00% | | | | 2/1/2036 | | | | A- | | | | 2,200 | | | | 2,126,278 | |
| Main St Natural Gas Inc GA Gas Pj Ser A | | | 5.00% | | | | 3/15/2022 | | | | Aa3 | | | | 5,000 | | | | 5,386,350 | |
| Main St Natural Gas Inc GA Gas Pj Ser B | | | 5.00% | | | | 3/15/2021 | | | | A | | | | 2,500 | | | | 2,567,500 | |
| Maricopa Cnty AZ Pollutn Ctrl Corp El Paso Elec Co Pj Ser A | | | 7.25% | | | | 2/1/2040 | | | | BBB | | | | 3,500 | | | | 4,084,920 | |
| MD St Econ Dev Corp Potomac Rmkt | | | 6.20% | | | | 9/1/2022 | | | | A | | | | 5,700 | | | | 6,748,287 | |
| MI St Strategic Fd Ltd Coll Detroit Fd Pollutn Ser BB (AMBAC) | | | 7.00% | | | | 5/1/2021 | | | | A2 | | | | 500 | | | | 625,320 | |
| Midlothian TX Wtr Dist Cap Apprec (AGM) | | | Zero Coupon | | | | 9/1/2022 | | | | AAA | | | | 2,000 | | | | 1,285,080 | |
| Muni Elec Auth GA Ser B | | | 5.00% | | | | 1/1/2020 | | | | A | | | | 3,550 | | | | 4,081,932 | |
| NC Eastern Muni Pwr Agy Ser A (AG) | | | 5.25% | | | | 1/1/2019 | | | | AAA | | | | 5,000 | | | | 5,833,050 | |
| NC Muni Pwr Agy No 1 Catawaba Ser A | | | 5.25% | | | | 1/1/2020 | | | | A | | | | 2,000 | | | | 2,297,780 | |
| NE St Muni Enrg Agy Ser A (BHAC) | | | 5.375% | | | | 4/1/2039 | | | | AA+ | | | | 2,085 | | | | 2,310,201 | |
| NY St Envr Facs Corp Ser B | | | 4.75% | | | | 6/15/2032 | | | | AA+ | | | | 5,000 | | | | 5,351,400 | |
| OH St Air Quality Dev Auth First Enrg Generation Ser A | | | 5.70% | | | | 8/1/2020 | | | | Baa2 | | | | 3,250 | | | | 3,597,457 | |
See Notes to Financial Statements.
57
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| OH St Air Quality Dev Auth OH Vly Elec Corp Ser E | | | 5.625% | | | | 10/1/2019 | | | | BBB- | | | $ | 4,500 | | | $ | 4,926,600 | |
| OH St Wtr Dev Auth Pollutn Ctrl First Enrg Ser A | | | 5.875% | | | | 6/1/2033 | | | | Baa1 | | | | 1,875 | | | | 2,090,400 | |
| OK St Muni Pwr Auth Ser A | | | 5.875% | | | | 1/1/2028 | | | | A | | | | 1,000 | | | | 1,132,880 | |
| Orlando FL Utils Commn Ser B | | | 5.00% | | | | 10/1/2033 | | | | Aa1 | | | | 2,500 | | | | 2,685,875 | |
| PA Econ Dev Fing Auth Philadelphia BioSolids Fac | | | 6.25% | | | | 1/1/2032 | | | | Baa3 | | | | 1,500 | | | | 1,634,925 | |
| Palm Beach Cnty FL Solid Wst Auth Impt Ser B | | | 5.50% | | | | 10/1/2028 | | | | AA | | | | 3,000 | | | | 3,324,570 | |
| Philadelphia PA Gas Wrks Rev 9th Ser | | | 5.25% | | | | 8/1/2040 | | | | BBB+ | | | | 2,000 | | | | 2,025,880 | |
| Phoenix AZ Civic Impt Corp Jr Lien Ser A(b) | | | 5.00% | | | | 7/1/2039 | | | | AAA | | | | 6,250 | | | | 6,664,500 | |
| Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT | | | 6.55% | | | | 12/1/2037 | | | | NR | | | | 3,000 | | | | 3,063,090 | |
| Pinal Cnty AZ Elec Dist No 4 | | | 6.00% | | | | 12/1/2028 | | | | BBB+ | | | | 740 | | | | 781,906 | |
| SA Enrg Acq Pub Fac Corp Gas Supply Rev | | | 5.50% | | | | 8/1/2021 | | | | A | | | | 5,000 | | | | 5,419,850 | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser B AMT | | | 5.75% | | | | 5/1/2030 | | | | CCC | | | | 1,375 | | | | 1,309,688 | |
| Sabine River Auth TX Pollutn Ctrl TXU Enrg Co Pj Ser A | | | 5.80% | | | | 7/1/2022 | | | | CCC | | | | 1,000 | | | | 490,190 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2023 | | | | AAA | | | | 3,650 | | | | 4,104,077 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2024 | | | | AAA | | | | 2,920 | | | | 3,283,263 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2025 | | | | AAA | | | | 2,920 | | | | 3,283,263 | |
| Salt Verde AZ Financial Corp Gas Rev Sr | | | 5.00% | | | | 12/1/2037 | | | | A | | | | 3,750 | | | | 3,583,575 | |
| Southern CA Pub Pwr Auth Pj No 1 Ser A | | | 1.782% | # | | | 11/1/2038 | | | | A | | | | 5,000 | | | | 3,638,750 | |
| TN Enrg Acq Corp Jr Ser B | | | 5.625% | | | | 9/1/2026 | | | | BBB | (c) | | | 3,000 | | | | 3,017,070 | |
| TN Enrg Acq Corp Jr Ser C | | | 5.00% | | | | 2/1/2027 | | | | A | | | | 3,000 | | | | 3,019,800 | |
| TX Muni Gas Acq & Supply Corp I Sr Lien Ser A | | | 5.25% | | | | 12/15/2026 | | | | A | | | | 1,250 | | | | 1,277,338 | |
| TX Muni Gas Acq & Supply Corp I Sr Lien Ser D | | | 6.25% | | | | 12/15/2026 | | | | A | | | | 6,345 | | | | 7,271,243 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 211,410,937 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $1,305,220,039) | | | | | | | | | | | | | | | | 1,363,900,929 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
58
Schedule of Investments (concluded)
NATIONAL TAX FREE FUND September 30, 2010
| | | | | | | | |
| Investments | | Shares (000) | | | Value | |
| SHORT-TERM INVESTMENTS 0.68% | | | | | | | | |
| | |
| Money Market Mutual Funds 0.00% | | | | | | | | |
| Dreyfus Municipal Cash Management Plus | | | - | (e) | | $ | 826 | |
| SSgA Tax Free Money Market Fund | | | 5 | | | | 4,500 | |
| | | | | | | | |
| Total Money Market Mutual Funds (cost $5,326) | | | | | | | 5,326 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | |
| Variable Rate Demand Notes 0.68% | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Education 0.09% | | | | | | | | | | | | | | | | | | | | | | | | |
| NH Hlth & Ed Facs Auth Univ NH Ser B-2 Rmkt | | | 0.30% | | | | 10/1/2010 | | | | 7/1/2033 | | | | Aa3 | | | $ | 1,120 | | | | 1,120,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| General Obligation 0.28% | | | | | | | | | | | | | | | | | | | | | | | | |
| New York City NY Sub Ser A-4 | | | 0.31% | | | | 10/1/2010 | | | | 8/1/2022 | | | | Aaa | | | | 1,500 | | | | 1,500,000 | |
| New York City NY 2008 Sub Ser J-3 | | | 1.70% | | | | 10/1/2010 | | | | 8/1/2023 | | | | AAA | | | | 2,000 | | | | 2,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 3,500,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Other Revenue 0.31% | | | | | | | | | | | | | | | | | | | | | | | | |
| CA Infrastr & Econ Dev Bk Los Angeles Cnty Museum Ser A | | | 1.85% | | | | 10/1/2010 | | | | 9/1/2037 | | | | AAA | | | | 4,000 | | | | 4,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Variable Rate Demand Notes (cost $8,620,000) | | | | | | | | | | | | 8,620,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Short-Term Investments (cost $8,625,326) | | | | | | | | | | | | 8,625,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 108.36% (cost $1,313,845,365) | | | | | | | | 1,372,526,255 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (8.36%) | | | | | | | | (105,840,379 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | | | | | $ | 1,266,685,876 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 698 | | | Short | | $ | (93,335,688) | | | $ | 270,065 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 83 | | | Short | | | (11,726,344) | | | | 156,561 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (105,062,032) | | | $ | 426,626 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
59
Schedule of Investments
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 104.32% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 2.93% | | | | | | | | | | | | | | | | | | | | |
| Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A (FGIC) | | | 5.00% | | | | 6/1/2035 | | | | A2 | | | $ | 2,620 | | | $ | 2,529,820 | |
| Long Beach CA Bd Fin Auth Natural Gas Ser A | | | 5.25% | | | | 11/15/2020 | | | | A | | | | 1,505 | | | | 1,593,298 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 2,250 | | | | 2,101,387 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 6,224,505 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 6.36% | | | | | | | | | | | | | | | | | | | | |
| Abag Fin Auth For Nonprofit Corp CA Sch of Mech Arts | | | 5.25% | | | | 10/1/2026 | | | | A3 | | | | 500 | | | | 512,430 | |
| CA Edl Facs Auth Rev CA Lutheran Univ | | | 5.25% | | | | 10/1/2021 | | | | Baa1 | | | | 1,500 | | | | 1,597,575 | |
| CA Edl Facs Auth Rev College & Univ Fing Pg | | | 5.00% | | | | 2/1/2037 | | | | Ba1 | | | | 1,000 | | | | 756,060 | |
| CA Edl Facs Auth Rev Univ La Verne Ser A | | | 5.00% | | | | 6/1/2035 | | | | Baa2 | | | | 1,000 | | | | 961,570 | |
| CA Edl Facs Auth Rev Univ Sthn CA Ser A | | | 5.00% | | | | 10/1/2039 | | | | AA+ | | | | 1,000 | | | | 1,083,450 | |
| CA Infrastr & Econ Dev Bk Pepperdine Univ | | | 5.00% | | | | 11/1/2028 | | | | Aa3 | | | | 1,000 | | | | 1,094,540 | |
| CA Muni Fin Auth Ed Rev Amer Heritage Ed Fndtn Pj A | | | 5.25% | | | | 6/1/2036 | | | | BBB- | | | | 1,000 | | | | 899,940 | |
| CA Muni Fin Auth Rev Biola Univ | | | 5.80% | | | | 10/1/2028 | | | | Baa1 | | | | 1,085 | | | | 1,161,731 | |
| Ceres Unif Sch Dist Cap Apprec Election 2008 Ser A | | | Zero Coupon | | | | 8/1/2046 | | | | A+ | | | | 8,000 | | | | 657,200 | |
| San Bernardino Cmnty College Dist CA Election 2002 Ser A | | | 5.75% | | | | 8/1/2020 | | | | Aa2 | | | | 750 | | | | 908,535 | |
| San Ysidro CA Sch Dist Cap Apprec Election 1997 Ser D (NPFGC)(FGIC) | | | Zero Coupon | | | | 8/1/2028 | | | | A | | | | 1,000 | | | | 359,710 | |
| Univ of CA Ser O(b) | | | 5.75% | | | | 5/15/2031 | | | | AA | | | | 3,000 | | | | 3,509,730 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 13,502,471 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 16.52% | | | | | | | | | | | | | | | | | | | | |
| Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A | | | 6.125% | | | | 8/1/2029 | | | | A1 | | | | 1,000 | | | | 1,104,910 | |
| Barstow CA Unif Sch Dist Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2026 | | | | A1 | | | | 1,475 | | | | 1,505,798 | |
See Notes to Financial Statements.
60
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Berkeley CA Measure I-Animal Shelter Pj (AG) | | | 4.625% | | | | 9/1/2037 | | | | AAA | | | $ | 1,025 | | | $ | 1,036,306 | |
| CA St (CIFG) | | | 4.50% | | | | 8/1/2028 | | | | A1 | | | | 1,400 | | | | 1,388,058 | |
| CA St Var Purp | | | 5.25% | | | | 10/1/2029 | | | | A1 | | | | 1,500 | | | | 1,598,400 | |
| CA St Var Purp | | | 6.50% | | | | 4/1/2033 | | | | A1 | | | | 2,500 | | | | 2,942,175 | |
| Los Angeles CA Cmnty College Dist 2003 Election Ser F-1 | | | 5.00% | | | | 8/1/2033 | | | | Aa1 | | | | 1,000 | | | | 1,060,340 | |
| Los Angeles CA Cmnty College Dist 2008 Election Ser C | | | 5.25% | | | | 8/1/2039 | | | | Aa1 | | | | 2,500 | | | | 2,700,975 | |
| Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b) | | | 5.00% | | | | 7/1/2028 | | | | AAA | | | | 3,000 | | | | 3,226,920 | |
| Los Angeles CA Unif Sch Dist Ser A-1 (NPFGC) | | | 4.50% | | | | 1/1/2028 | | | | Aa2 | | | | 1,000 | | | | 1,013,870 | |
| Los Angeles CA Unif Sch Dist Ser I | | | 5.00% | | | | 7/1/2029 | | | | Aa2 | | | | 2,225 | | | | 2,413,235 | |
| Montebello CA Unif Sch Dist Election 2004 (AGM) | | | 5.00% | | | | 8/1/2028 | | | | AAA | | | | 1,335 | | | | 1,441,520 | |
| Oxnard CA Union High Sch Dist Ser A (NPFGC) | | | 6.00% | | | | 2/1/2020 | | | | A+ | | | | 650 | | | | 733,096 | |
| Piedmont CA Unif Sch Dist Elec 2006 Ser C(b) | | | 5.00% | | | | 8/1/2032 | | | | AA | | | | 1,910 | | | | 2,020,006 | |
| Piedmont CA Unif Sch Dist Elec 2006 Ser C(b) | | | 5.00% | | | | 8/1/2033 | | | | AA | | | | 2,145 | | | | 2,280,106 | |
| Piedmont CA Unif Sch Dist Elec 2006 Ser C(b) | | | 5.00% | | | | 8/1/2034 | | | | AA | | | | 2,400 | | | | 2,541,732 | |
| Pittsburg CA Redev Agy Los Medanos Cmnty Dev Pj (AMBAC) | | | Zero Coupon | | | | 8/1/2026 | | | | A+ | | | | 3,500 | | | | 1,309,700 | |
| Pomona CA Unif Sch Dist Ser A (NPFGC) | | | 6.15% | | | | 8/1/2030 | | | | A | | | | 825 | | | | 922,433 | |
| Pomona CA Unif Sch Dist Ser A (NPFGC) | | | 6.55% | | | | 8/1/2029 | | | | A | | | | 950 | | | | 1,119,356 | |
| Puerto Rico Comwlth Pub Impt Ser C | | | 6.00% | | | | 7/1/2039 | | | | A3 | | | | 1,000 | | | | 1,085,490 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 390 | | | | 440,704 | |
| West Contra Costa CA Unif Sch Dist Election of 2005 Ser B | | | 6.00% | | | | 8/1/2027 | | | | Aa3 | | | | 1,000 | | | | 1,165,230 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 35,050,360 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 11.16% | | | | | | | | | | | | | | | | | | | | |
| CA Hlth Facs Fing Auth Catholic Hlthcare West Ser A | | | 6.00% | | | | 7/1/2039 | | | | A | | | | 2,000 | | | | 2,163,560 | |
See Notes to Financial Statements.
61
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| CA Hlth Facs Fing Auth Catholic Hlthcare West Ser G | | | 5.50% | | | | 7/1/2025 | | | | A | | | $ | 2,500 | | | $ | 2,643,250 | |
| CA Hlth Facs Fing Auth Mtg Ins CA NV Methodist | | | 5.00% | | | | 7/1/2036 | | | | A- | | | | 1,000 | | | | 958,040 | |
| CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C | | | 6.25% | | | | 10/1/2024 | | | | AA | | | | 1,000 | | | | 1,154,040 | |
| CA Infrastr & Econ Dev Bk Kaiser Hosp Ser B | | | 5.50% | | | | 8/1/2031 | | | | A | | | | 1,225 | | | | 1,256,385 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.25% | | | | 2/1/2037 | | | | Baa2 | | | | 1,000 | | | | 962,670 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.50% | | | | 2/1/2039 | | | | Baa2 | | | | 1,000 | | | | 991,410 | |
| CA Sierra View Loc Hlthcare Dist | | | 5.25% | | | | 7/1/2032 | | | | A | (c) | | | 1,000 | | | | 1,016,360 | |
| CA Statewide Cmntys Dev Auth Amer Baptist Homes West | | | 6.25% | | | | 10/1/2039 | | | | BBB- | | | | 1,500 | | | | 1,535,160 | |
| CA Statewide Cmntys Dev Auth CA Statewide Inland Regl Ctr Pj | | | 5.00% | | | | 12/1/2017 | | | | Baa1 | | | | 1,000 | | | | 1,039,540 | |
| CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser A | | | 5.25% | | | | 7/1/2035 | | | | BBB | | | | 1,675 | | | | 1,511,972 | |
| CA Statewide Cmntys Dev Auth Front Porch Cmntys & Svcs Ser A† | | | 5.125% | | | | 4/1/2037 | | | | BBB | | | | 2,000 | | | | 1,820,920 | |
| CA Statewide Cmntys Dev Auth Sr Living Sthn CA | | | 7.00% | | | | 11/15/2029 | | | | BBB | | | | 1,000 | | | | 1,101,770 | |
| CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A | | | 5.125% | | | | 7/15/2031 | | | | NR | | | | 1,500 | | | | 1,325,685 | |
| Northern Inyo Cnty CA Loc Hosp Dist | | | 6.00% | | | | 12/1/2021 | | | | BBB- | | | | 1,000 | | | | 1,047,940 | |
| Northern Inyo Cnty CA Loc Hosp Dist | | | 6.375% | | | | 12/1/2025 | | | | BBB- | | | | 835 | | | | 871,381 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 1,030 | | | | 1,097,805 | |
| Torrance CA Hosp Rev Torrance Mem Med Ctr Ser A | | | 5.00% | | | | 9/1/2040 | | | | A+ | | | | 1,000 | | | | 1,000,730 | |
| Torrance CA Hosp Rev Torrance Mem Med Ctr Ser A | | | 5.50% | | | | 6/1/2031 | | | | A+ | | | | 170 | | | | 172,754 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 23,671,372 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 0.99% | | | | | | | | | | | | | | | | | | | | |
| Los Angeles CA Hsg Auth Mtg Ppty Acq Ser A | | | 6.25% | | | | 6/1/2034 | | | | A | | | | 2,000 | | | | 2,104,840 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
62
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations 13.35% | | | | | | | | | | | | | | | | | | | | |
| CA Infrastr & Econ Dev Bk King City Jt Union High Sch | | | 5.75% | | | | 8/15/2029 | | | | A- | | | $ | 750 | | | $ | 799,673 | |
| CA St Pub Wrks Brd Dept Forestry & Fire Ser E | | | 5.00% | | | | 11/1/2024 | | | | A2 | | | | 1,550 | | | | 1,587,959 | |
| CA St Pub Wrks Brd Regents Univ Ser E(b) | | | 5.00% | | | | 4/1/2034 | | | | Aa2 | | | | 1,500 | | | | 1,567,013 | |
| CA St Pub Wrks Brd Var Cap Pj Sub Ser I-1 | | | 5.375% | | | | 11/1/2022 | | | | A2 | | | | 1,000 | | | | 1,069,160 | |
| CA St Pub Wrks Brd Var Cap Pj Sub Ser I-1 | | | 6.375% | | | | 11/1/2034 | | | | A2 | | | | 2,000 | | | | 2,204,660 | |
| Los Angeles CA Convtn & Exhibit Ctr Auth Ser A | | | 5.00% | | | | 8/15/2020 | | | | A+ | | | | 1,000 | | | | 1,121,980 | |
| Los Angeles CA Muni Impt Corp Cap Equip Ser A | | | 5.00% | | | | 9/1/2025 | | | | A+ | | | | 2,000 | | | | 2,110,740 | |
| Palm Springs CA Fing Auth Convtn Ctr Pj Ser A (NPFGC) | | | 5.50% | | | | 11/1/2035 | | | | A | | | | 1,000 | | | | 1,030,090 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 6.50% | | | | 10/1/2037 | | | | NR | | | | 1,000 | | | | 969,120 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 1,000 | | | | 1,125,410 | |
| Richmond CA Jt Pwrs Fing Auth Lease Civic Ctr Pj (AG) | | | 5.75% | | | | 8/1/2029 | | | | AAA | | | | 1,000 | | | | 1,117,130 | |
| Rowland CA Wtr Dist Recycled Wtr Pj COP | | | 6.50% | | | | 12/1/2035 | | | | AA- | | | | 1,500 | | | | 1,745,055 | |
| San Buenaventura CA Ser C COP (AMBAC) | | | 5.25% | | | | 2/1/2031 | | | | NR | | | | 2,575 | | | | 2,604,509 | |
| San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A | | | 5.25% | | | | 9/1/2035 | | | | A2 | | | | 1,220 | | | | 1,236,873 | |
| San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A | | | 5.25% | | | | 3/1/2040 | | | | A2 | | | | 2,000 | | | | 2,016,800 | |
| San Mateo Cnty CA Jt Pwrs Fing Auth Youth Svcs Campus Ser A | | | 5.00% | | | | 7/15/2024 | | | | AA+ | | | | 1,410 | | | | 1,538,803 | |
| San Mateo Cnty CA Jt Pwrs Fing Auth Youth Svcs Campus Ser A | | | 5.00% | | | | 7/15/2036 | | | | AA+ | | | | 1,000 | | | | 1,029,130 | |
| Santa Ana CA Unif Sch Dist Cap Apprec Fing Pj COP (AGM) | | | Zero Coupon | | | | 4/1/2019 | | | | AAA | | | | 2,295 | | | | 1,525,441 | |
| Turlock CA Hlth Fac Rev Emanuel Med Ctr Ser B | | | 5.50% | | | | 10/15/2037 | | | | BBB | | | | 2,000 | | | | 1,918,580 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 28,318,126 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
63
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue 3.35% | | | | | | | | | | | | | | | | | | | | |
| CA Muni Fin Auth High Tech High Chula Vista B† | | | 6.00% | | | | 7/1/2028 | | | | BB+ | (c) | | $ | 850 | | | $ | 838,958 | |
| CA Muni Fin Auth OCEAA Pj Ser A | | | 6.75% | | | | 10/1/2028 | | | | NR | | | | 1,445 | | | | 1,439,032 | |
| CA Pollutn Ctl Fing Auth Amern Wtr Cap Corp Pj† | | | 5.25% | | | | 8/1/2040 | | | | BBB+ | | | | 1,000 | | | | 1,019,920 | |
| CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A | | | 5.15% | | | | 7/1/2030 | | | | NR | | | | 500 | | | | 409,160 | |
| CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A | | | 5.25% | | | | 7/1/2042 | | | | NR | | | | 1,225 | | | | 962,066 | |
| CA Statewide Cmntys Dev Auth Windrush Sch | | | 5.50% | | | | 7/1/2037 | | | | NR | | | | 1,250 | | | | 1,060,325 | |
| Fontana CA Pub Fin Auth Tax North Fontana Redev Pj Ser A (AMBAC) | | | 5.50% | | | | 9/1/2032 | | | | A+ | | | | 1,000 | | | | 1,004,420 | |
| Oakland CA Jt Pwrs Fing Auth | | | 5.50% | | | | 9/2/2024 | | | | A- | | | | 375 | | | | 380,858 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 7,114,739 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 0.44% | | | | | | | | | | | | | | | | | | | | |
| CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus | | | 5.00% | | | | 5/15/2038 | | | | Baa2 | | | | 1,000 | | | | 940,150 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 14.77% | | | | | | | | | | | | | | | | | | | | |
| Anaheim CA Cmnty Facs Dist No 08-1 Platinum Triangle | | | 6.25% | | | | 9/1/2040 | | | | NR | | | | 1,000 | | | | 1,008,000 | |
| Apple Vly CA Redev Agy Veda Pj Area | | | 4.75% | | | | 6/1/2037 | | | | BBB+ | | | | 1,500 | | | | 1,326,345 | |
| Carpinteria CA Santn Dist Spl Assmnt Ltd Ser 2007-1-A | | | 6.90% | | | | 9/2/2039 | | | | NR | | | | 490 | | | | 505,097 | |
| Chula Vista CA Cmnty Facs Dist No 07-1 Otay Ranch Vlg Eleven | | | 5.125% | | | | 9/1/2036 | | | | NR | | | | 1,000 | | | | 920,060 | |
| Dana Point CA Cmnty Facs Dist No 2006-1 | | | 5.625% | | | | 9/1/2033 | | | | NR | | | | 545 | | | | 505,646 | |
| Dana Point CA Cmnty Facs Dist No 2006-1 | | | 5.625% | | | | 9/1/2037 | | | | NR | | | | 935 | | | | 850,270 | |
| Folsom CA Redev Agy Tax Alloc Cent Folsom Redev Pj | | | 5.50% | | | | 8/1/2036 | | | | A | | | | 1,000 | | | | 995,820 | |
| Glendale CA Redev Agy Tax Alloc Cent Glendale Redev Pj | | | 5.50% | | | | 12/1/2024 | | | | A- | | | | 2,000 | | | | 2,058,680 | |
| Inglewood CA Redev Agy Tax Alloc Sub Lien Ser A-1 (AMBAC) | | | 5.00% | | | | 5/1/2033 | | | | BBB+ | | | | 1,535 | | | | 1,351,629 | |
| Jurupa CA Cmnty Svcs Dist Spl Tax Cmnty Facs Dist 18 Eastvale Ser A | | | 5.00% | | | | 9/1/2036 | | | | NR | | | | 1,710 | | | | 1,454,765 | |
| Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas | | | 6.875% | | | | 8/1/2034 | | | | A | | | | 1,000 | | | | 1,130,820 | |
See Notes to Financial Statements.
64
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | | | | | |
| Los Angeles Cnty CA Pub Wrks Fing Auth Los Angeles Regl Pk Open Space (AGM) | | | 5.25% | | | | 10/1/2018 | | | | AAA | | | $ | 1,000 | | | $ | 1,214,980 | |
| Norco CA Redev Agy Tax Alloc Redev Pj Area No 1 | | | 6.00% | | | | 3/1/2036 | | | | A | | | | 1,120 | | | | 1,148,638 | |
| Orange CA Cmnty Facs Dist No 06-1 Del Rio Pub Imports | | | 6.00% | | | | 10/1/2040 | | | | NR | | | | 1,000 | | | | 1,013,480 | |
| Redding CA Redev Agy Shastec Redev Pj | | | 5.00% | | | | 9/1/2029 | | | | A- | | | | 600 | | | | 584,226 | |
| Riverside Cnty CA Redev Agy Desert Cmnty Pj Area D | | | 6.00% | | | | 10/1/2037 | | | | A | | | | 5,000 | | | | 5,105,350 | |
| Riverside Cnty CA Redev Agy Hsg Ser A | | | 6.00% | | | | 10/1/2039 | | | | A2 | | | | 1,000 | | | | 1,030,280 | |
| Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E | | | 6.50% | | | | 10/1/2040 | | | | A- | | | | 1,205 | | | | 1,275,758 | |
| RNR Sch Fing Auth CA Spl Tax Cmnty Facs Dist No 92-1 Ser A (AMBAC) | | | 5.625% | | | | 9/1/2030 | | | | A+ | (c) | | | 2,000 | | | | 2,011,160 | |
| San Diego CA Redev Agy Tax Alloc Naval Training Ctr Ser A | | | 5.75% | | | | 9/1/2040 | | | | A- | | | | 1,000 | | | | 1,015,560 | |
| San Diego CA Redev Agy Tax Alloc North Pk Redev Pj Sub Ser A | | | 7.00% | | | | 11/1/2039 | | | | A- | | | | 1,000 | | | | 1,103,710 | |
| San Diego CA Spl Tax Cmnty Facs Dist No 4 Ser A | | | 6.00% | | | | 9/1/2037 | | | | NR | | | | 1,000 | | | | 1,007,750 | |
| San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D | | | 6.625% | | | | 8/1/2039 | | | | BBB | | | | 1,500 | | | | 1,610,055 | |
| South Orange Cnty CA Pub Fing Auth Ladera Ranch Ser A (AMBAC) | | | 4.625% | | | | 8/15/2026 | | | | BBB+ | | | | 310 | | | | 293,775 | |
| Westside CA Union Sch Dist Cmnty Facs Dist No 2005-3 | | | 5.00% | | | | 9/1/2036 | | | | NR | | | | 1,000 | | | | 827,240 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 31,349,094 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 5.54% | | | | | | | | | | | | | | | | | | | | |
| CA St Econ Recovery Ser A | | | 5.00% | | | | 7/1/2018 | | | | Aa3 | | | | 1,000 | | | | 1,189,600 | |
| CA St Econ Recovery Ser A | | | 5.00% | | | | 7/1/2022 | | | | Aa3 | | | | 1,000 | | | | 1,102,460 | |
| Los Angeles Cnty CA Metro Transn Auth Prop A-1st Tier Sr Ser B | | | 5.00% | | | | 7/1/2031 | | | | AAA | | | | 1,635 | | | | 1,784,864 | |
| Los Angeles Cnty CA Metro Transn Auth Prop C 2nd Sr Ser A (AGM) | | | 4.50% | | | | 7/1/2030 | | | | AAA | | | | 1,000 | | | | 1,028,460 | |
| Los Angeles Cnty CA Metro Transn Auth Ser A (AG) | | | 5.00% | | | | 7/1/2022 | | | | AAA | | | | 2,000 | | | | 2,298,160 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 5.00% | | | | 8/1/2035 | | | | A+ | | | | 1,500 | | | | 1,558,920 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 6.00% | | | | 8/1/2039 | | | | A+ | | | | 1,500 | | | | 1,676,925 | |
See Notes to Financial Statements.
65
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A | | | 6.625% | | | | 9/1/2029 | | | | A1 | | | $ | 500 | | | $ | 556,650 | |
| Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A | | | 7.00% | | | | 9/1/2036 | | | | A1 | | | | 500 | | | | 568,055 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 11,764,094 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tobacco 3.11% | | | | | | | | | | | | | | | | | | | | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.00% | | | | 6/1/2033 | | | | BBB | | | | 1,000 | | | | 787,590 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.125% | | | | 6/1/2047 | | | | BBB | | | | 2,200 | | | | 1,506,296 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.75% | | | | 6/1/2047 | | | | BBB | | | | 1,245 | | | | 943,349 | |
| Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A | | | 5.00% | | | | 6/1/2045 | | | | A2 | | | | 1,000 | | | | 942,010 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 4.625% | | | | 6/1/2021 | | | | BB | (c) | | | 955 | | | | 782,794 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 5.00% | | | | 6/1/2021 | | | | BB | (c) | | | 1,555 | | | | 1,317,754 | |
| Silicon Vly CA Tob Securitization Auth Cap Apprec Turbo Santa Clara A | | | Zero Coupon | | | | 6/1/2036 | | | | BBB | (c) | | | 3,500 | | | | 311,885 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 6,591,678 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 6.34% | | | | | | | | | | | | | | | | | | | | |
| Bay Area Toll Auth CA San Francisco Bay Area F-1 | | | 5.00% | | | | 4/1/2034 | | | | AA | | | | 2,000 | | | | 2,116,380 | |
| Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Ser A(b) | | | 5.00% | | | | 5/15/2035 | | | | AA | | | | 10,000 | | | | 10,485,400 | |
| Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT | | | 5.30% | | | | 7/1/2013 | | | | NR | | | | 130 | | | | 126,192 | |
| Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT | | | 6.00% | | | | 7/1/2018 | | | | NR | | | | 250 | | | | 240,278 | |
| Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT | | | 6.40% | | | | 7/1/2023 | | | | NR | | | | 300 | | | | 268,650 | |
| Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT | | | 6.50% | | | | 7/1/2027 | | | | NR | | | | 250 | | | | 218,605 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 13,455,505 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
66
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities 19.46% | | | | | | | | | | | | | | | | | | | | |
| Adelanto CA Pub Util Auth Util Sys Pj Ser A | | | 6.625% | | | | 7/1/2031 | | | | NR | | | $ | 1,000 | | | $ | 1,062,150 | |
| Burbank CA Wtr & Pwr Elec Sys Rev Ser A | | | 5.00% | | | | 6/1/2023 | | | | AA- | | | | 2,000 | | | | 2,286,200 | |
| CA Eastern Muni Wtr Dist Ser H | | | 5.00% | | | | 7/1/2033 | | | | AA | | | | 2,500 | | | | 2,666,550 | |
| CA Pollutn Ctrl Fing Auth Republic Svcs Inc Pj Ser C AMT | | | 5.25% | | | | 6/1/2023 | | | | BBB | | | | 810 | | | | 861,532 | |
| CA Pollutn Ctrl Fing Auth San Jose Wtr Co Pj | | | 5.10% | | | | 6/1/2040 | | | | A | | | | 2,000 | | | | 2,061,400 | |
| CA Pollutn Ctrl Fing Auth Solid Wst Mgmt Inc Pj Ser A2 AMT | | | 5.40% | | | | 4/1/2025 | | | | BBB | | | | 1,000 | | | | 1,034,980 | |
| CA Pollutn Ctrl Fing Auth Solid Wst Mgmt Inc Pj Ser B AMT | | | 5.00% | | | | 7/1/2027 | | | | BBB | | | | 1,000 | | | | 1,006,370 | |
| CA St Dept of Wtr Res Cent Vly Pj Ser AE | | | 5.00% | | | | 12/1/2026 | | | | AAA | | | | 2,000 | | | | 2,257,120 | |
| Chino Basin Desalter Auth Ser A (AG) | | | 5.00% | | | | 6/1/2027 | | | | AAA | | | | 2,000 | | | | 2,160,780 | |
| Chula Vista CA Rev San Diego Gas Ser E Rmkt | | | 5.875% | | | | 1/1/2034 | | | | Aa3 | | | | 1,000 | | | | 1,158,980 | |
| Lathrop CA Fing Auth Rev Wtr Supply Pj | | | 6.00% | | | | 6/1/2035 | | | | NR | | | | 1,075 | | | | 1,085,954 | |
| Long Beach CA Bd Fin Auth Natural Gas Ser A | | | 5.50% | | | | 11/15/2037 | | | | A | | | | 1,000 | | | | 1,016,950 | |
| M-S-R Enrg Auth CA Ser C | | | 7.00% | | | | 11/1/2034 | | | | A | | | | 2,000 | | | | 2,459,280 | |
| Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A | | | 5.50% | | | | 7/1/2022 | | | | A1 | | | | 1,985 | | | | 2,291,266 | |
| Northern CA Pwr Agy Rev Hydroelectronic No 1-C (AG) | | | 5.00% | | | | 7/1/2024 | | | | AAA | | | | 1,760 | | | | 1,920,072 | |
| Riverside CA Elec Rev Issue D (AGM) | | | 5.00% | | | | 10/1/2027 | | | | AAA | | | | 1,000 | | | | 1,090,650 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2023 | | | | AAA | | | | 1,920 | | | | 2,158,857 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2024 | | | | AAA | | | | 1,540 | | | | 1,731,584 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2025 | | | | AAA | | | | 1,540 | | | | 1,731,584 | |
| Sacramento CA Regl Cnty Santn Dist Ser A (NPFGC)(FGIC) | | | 5.25% | | | | 12/1/2023 | | | | AA | | | | 1,500 | | | | 1,844,340 | |
| San Diego CA Pub Facs Fing Auth Sr Ser A | | | 5.25% | | | | 5/15/2039 | | | | Aa3 | | | | 1,500 | | | | 1,626,285 | |
| Sthn CA Pub Pwr Auth Pj No 1 Ser A | | | 5.00% | | | | 11/1/2033 | | | | A | | | | 2,000 | | | | 1,941,300 | |
| Sthn CA Pub Pwr Auth Sub Sthn Transmission Ser A | | | 5.00% | | | | 7/1/2020 | | | | AA- | | | | 1,500 | | | | 1,749,645 | |
| Walnut CA Energy Ctr Auth Ser A | | | 5.00% | | | | 1/1/2035 | | | | A+ | | | | 2,000 | | | | 2,079,380 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 41,283,209 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $212,933,328) | | | | | | | | | | | | | | | | 221,370,143 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
67
Schedule of Investments (concluded)
CALIFORNIA TAX FREE FUND September 30, 2010
| | | | | | | | |
| Investments | | Shares (000) | | | Value | |
| SHORT-TERM INVESTMENTS 0.47% | | | | | | | | |
| | |
| Money Market Mutual Fund 0.00% | | | | | | | | |
Dreyfus General CA Municipal Money
Market Fund Class A (cost $26) | | | - | (e) | | $ | 26 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | | |
| Variable Rate Demand Note 0.47% | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Education | | | | | | | | | | | | | | | | | | | | | | | | |
| CA Infrastr & Econ Dev Bk CA Academy Ser B (cost $1,000,000) | | | 1.85% | | | | 10/1/2010 | | | | 9/1/2038 | | | | AAA | | | $ | 1,000 | | | | 1,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Short-Term Investments (cost $1,000,026) | | | | | | | | | | | | | | | | 1,000,026 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 104.79% (cost $213,933,354) | | | | | | | | | | | | 222,370,169 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (4.79%) | | | | | | | | | | | | (10,160,775 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | | | | | $ | 212,209,394 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 138 | | | Short | | $ | (18,453,188) | | | $ | 52,871 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 48 | | | Short | | | (6,781,500) | | | | 91,354 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (25,234,688) | | | $ | 144,225 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
68
Schedule of Investments
CONNECTICUT TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 106.83% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 2.94% | | | | | | | | | | | | | | | | | | | | |
| New Haven CT Solid Wst Auth | | | 5.375% | | | | 6/1/2028 | | | | A | | | $ | 1,500 | | | $ | 1,632,705 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 2,000 | | | | 1,867,900 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 3,500,605 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 30.89% | | | | | | | | | | | | | | | | | | | | |
| CT St Higher Ed Supplement Ln Auth Chesla Ln Pg Ser A | | | 5.05% | | | | 11/15/2027 | | | | Aa3 | | | | 800 | | | | 846,656 | |
| CT St Higher Ed Supplement Ln Auth Sr Fam Ed Ln Pg Ser A AMT (NPFGC) | | | 4.80% | | | | 11/15/2022 | | | | Aa2 | | | | 1,815 | | | | 1,846,690 | |
| CT St Hlth & Edl Facs Auth Chase Collegiate Sch Ser A (RADIAN) | | | 4.00% | | | | 7/1/2019 | | | | NR | | | | 100 | | | | 97,679 | |
| CT St Hlth & Edl Facs Auth Chase Collegiate Sch Ser A (RADIAN) | | | 5.00% | | | | 7/1/2027 | | | | NR | | | | 100 | | | | 100,789 | |
| CT St Hlth & Edl Facs Auth CT College Ser G (NPFGC) | | | 4.50% | | | | 7/1/2037 | | | | A | | | | 620 | | | | 635,872 | |
| CT St Hlth & Edl Facs Auth Fairfield Univ Ser M | | | 5.00% | | | | 7/1/2026 | | | | A- | | | | 425 | | | | 454,482 | |
| CT St Hlth & Edl Facs Auth Fairfield Univ Ser N | | | 5.00% | | | | 7/1/2026 | | | | A- | | | | 2,000 | | | | 2,138,740 | |
| CT St Hlth & Edl Facs Auth Fairfield Univ Ser N | | | 5.00% | | | | 7/1/2029 | | | | A- | | | | 2,000 | | | | 2,115,500 | |
| CT St Hlth & Edl Facs Auth Loomis Chaffee Sch Ser F (AMBAC) | | | 4.00% | | | | 7/1/2022 | | | | A2 | | | | 95 | | | | 104,536 | |
| CT St Hlth & Edl Facs Auth Norwich Free Academy Ser A (AMBAC) | | | 5.00% | | | | 7/1/2034 | | | | A1 | | | | 1,250 | | | | 1,290,737 | |
| CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser H (AMBAC) | | | 5.00% | | | | 7/1/2036 | | | | A- | | | | 1,015 | | | | 1,053,347 | |
| CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC) | | | 5.00% | | | | 7/1/2026 | | | | A | | | | 3,000 | | | | 3,197,400 | |
| CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC) | | | 5.00% | | | | 7/1/2027 | | | | A | | | | 1,000 | | | | 1,065,800 | |
| CT St Hlth & Edl Facs Auth Renbrook Sch Ser A (AMBAC) | | | 5.00% | | | | 7/1/2030 | | | | NR | | | | 465 | | | | 463,233 | |
| CT St Hlth & Edl Facs Auth Renbrook Sch Ser A (AMBAC) | | | 5.00% | | | | 7/1/2037 | | | | NR | | | | 700 | | | | 679,847 | |
| CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)(b) | | | 5.00% | | | | 7/1/2028 | | | | AAA | | | | 4,050 | | | | 4,408,891 | |
See Notes to Financial Statements.
69
Schedule of Investments (continued)
CONNECTICUT TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)(b) | | | 5.00% | | | | 7/1/2033 | | | | AAA | | | $ | 1,500 | | | $ | 1,632,922 | |
| CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)(b) | | | 5.00% | | | | 7/1/2038 | | | | AAA | | | | 4,610 | | | | 5,018,515 | |
| CT St Hlth & Edl Facs Auth Trinity College Ser J (NPFGC) | | | 4.25% | | | | 7/1/2031 | | | | A1 | | | | 1,000 | | | | 1,013,410 | |
| CT St Hlth & Edl Facs Auth Univ Hartford Ser E (RADIAN) | | | 5.25% | | | | 7/1/2032 | | | | BBB- | | | | 2,900 | | | | 2,919,314 | |
| CT St Hlth & Edl Facs Auth Wesleyan Univ | | | 5.00% | | | | 7/1/2039 | | | | AA | | | | 4,250 | | | | 4,618,390 | |
| CT St Hlth & Edl Facs Auth Yale Univ Ser Z-1 | | | 5.00% | | | | 7/1/2042 | | | | AAA | | | | 1,000 | | | | 1,067,670 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 36,770,420 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 20.37% | | | | | | | | | | | | | | | | | | | | |
| CT St Regl Sch Dist No 5 | | | 5.00% | | | | 8/15/2019 | | | | Aa1 | | | | 555 | | | | 652,292 | |
| CT St Ser A | | | 5.00% | | | | 2/15/2027 | | | | AA | | | | 1,000 | | | | 1,137,380 | |
| CT St Ser A | | | 5.00% | | | | 4/15/2028 | | | | AA | | | | 2,555 | | | | 2,878,693 | |
| CT St Ser B | | | 4.75% | | | | 5/1/2024 | | | | AA | | | | 2,000 | | | | 2,196,640 | |
| CT St Ser B | | | 5.00% | | | | 5/1/2025 | | | | AA | | | | 2,500 | | | | 2,787,350 | |
| CT St Ser B (AMBAC) | | | 5.25% | | | | 6/1/2019 | | | | AA | | | | 1,370 | | | | 1,677,085 | |
| Hartford CT Ser A (AG) | | | 5.00% | | | | 8/15/2028 | | | | AAA | | | | 1,740 | | | | 1,935,907 | |
| Hartford CT Ser A (AMBAC) | | | 5.00% | | | | 8/15/2024 | | | | Aa3 | | | | 1,470 | | | | 1,628,922 | |
| Hartford CT Ser A (AMBAC) | | | 5.00% | | | | 8/15/2026 | | | | Aa3 | | | | 1,000 | | | | 1,101,000 | |
| New Haven CT (AMBAC) | | | 5.00% | | | | 11/1/2020 | | | | A1 | | | | 2,000 | | | | 2,225,200 | |
| New Haven CT Ser A (AG) | | | 4.75% | | | | 3/1/2028 | | | | AAA | | | | 1,145 | | | | 1,227,589 | |
| Northern Mariana Islands Comwlth Ser A | | | 5.00% | | | | 6/1/2030 | | | | NR | | | | 2,470 | | | | 2,115,678 | |
| Puerto Rico Comwlth Cap Apprec Pub Impt | | | Zero Coupon | | | | 7/1/2018 | | | | A3 | | | | 2,035 | | | | 1,397,027 | |
| Puerto Rico Comwlth Ser A | | | 5.375% | | | | 7/1/2033 | | | | A3 | | | | 1,000 | | | | 1,025,680 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 235 | | | | 265,552 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 24,251,995 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 16.36% | | | | | | | | | | | | | | | | | | | | |
| CT St Dev Auth Hlth Facs Alzheimers Res Ctr Inc Pj | | | 5.50% | | | | 8/15/2027 | | | | NR | | | | 1,380 | | | | 1,230,698 | |
| CT St Hlth & Edl Facs Auth Ascension Hlth Sr Ctr(b) | | | 5.00% | | | | 11/15/2040 | | | | AA | | | | 6,535 | | | | 6,863,897 | |
See Notes to Financial Statements.
70
Schedule of Investments (continued)
CONNECTICUT TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| CT St Hlth & Edl Facs Auth Bridgeport Hosp Ser A (NPFGC) | | | 6.625% | | | | 7/1/2018 | | | | A | | | $ | 1,250 | | | $ | 1,255,250 | |
| CT St Hlth & Edl Facs Auth Hosp for Spl Care Ser C (RADIAN) | | | 5.25% | | | | 7/1/2037 | | | | BBB- | | | | 1,345 | | | | 1,278,221 | |
| CT St Hlth & Edl Facs Auth Stamford Hosp Ser I | | | 5.00% | | | | 7/1/2030 | | | | A | | | | 3,000 | | | | 3,129,060 | |
| CT St Hlth & Edl Facs Auth Yale New Haven Hosp Ser J-1 (AMBAC) | | | 5.00% | | | | 7/1/2024 | | | | Aa3 | | | | 1,715 | | | | 1,826,492 | |
| CT St Hlth & Edl Facs Auth Yale New Haven Hosp Ser J-1 (AMBAC) | | | 5.00% | | | | 7/1/2031 | | | | Aa3 | | | | 3,000 | | | | 3,122,640 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 720 | | | | 767,397 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 19,473,655 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 1.27% | | | | | | | | | | | | | | | | | | | | |
| CT St Hsg Fin Auth Hsg Mtg Fin Ser F Rmkt AMT (AMBAC) | | | 4.90% | | | | 11/15/2035 | | | | AAA | | | | 1,000 | | | | 1,001,030 | |
| CT St Hsg Fin Auth Spl Oblig Grp Home Mtg (AMBAC) | | | 5.85% | | | | 6/15/2030 | | | | NR | | | | 500 | | | | 510,425 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 1,511,455 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 0.84% | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 6.25% | | | | 10/1/2024 | | | | NR | | | | 1,000 | | | | 1,004,480 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 1.58% | | | | | | | | | | | | | | | | | | | | |
| CT St Hlth & Edl Facs Auth Child Care Facs Pg Ser F (AG) | | | 5.00% | | | | 7/1/2031 | | | | AAA | | | | 1,750 | | | | 1,884,383 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 1.86% | | | | | | | | | | | | | | | | | | | | |
| New Haven CT Ser A ETM (AMBAC) | | | 5.00% | | | | 11/1/2021 | | | | A1 | | | | 30 | | | | 37,051 | |
| New Haven CT Ser C ETM (NPFGC) | | | 5.00% | | | | 11/1/2021 | | | | A | | | | 10 | | | | 11,872 | |
| Puerto Rico Elec Pwr Auth Ser II | | | 5.25% | | | | 7/1/2031 | | | | A3 | | | | 1,000 | | | | 1,093,330 | |
| Waterbury CT Ser A (AGM) | | | 5.125% | | | | 4/1/2022 | | | | AAA | | | | 1,000 | | | | 1,069,600 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 2,211,853 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 1.43% | | | | | | | | | | | | | | | | | | | | |
| CT St Spl Tax Oblig Transn Infrastr Ser A (AMBAC) | | | 5.00% | | | | 8/1/2023 | | | | AA | | | | 1,500 | | | | 1,703,580 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
71
Schedule of Investments (continued)
CONNECTICUT TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue 12.01% | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.25% | | | | 8/1/2027 | | | | A+ | | | $ | 1,000 | | | $ | 1,075,920 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A (AGM)(b) | | | 5.00% | | | | 8/1/2040 | | | | AAA | | | | 6,320 | | | | 6,544,392 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 6.00% | | | | 8/1/2039 | | | | A+ | | | | 2,000 | | | | 2,235,900 | |
| Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC) | | | 5.00% | | | | 10/1/2025 | | | | A | | | | 1,500 | | | | 1,568,610 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A | | | 5.00% | | | | 10/1/2029 | | | | BBB | | | | 1,300 | | | | 1,333,930 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B | | | 5.25% | | | | 10/1/2029 | | | | Baa2 | | | | 1,000 | | | | 1,037,780 | |
| Virgin Islands Pub Fin Auth Rev Sr Lien Cap Pjs Ser A-1 | | | 5.00% | | | | 10/1/2039 | | | | BBB | | | | 500 | | | | 502,155 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 14,298,687 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 1.10% | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT | | | 6.25% | | | | 6/1/2026 | | | | CCC+ | | | | 1,500 | | | | 1,307,580 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 16.18% | | | | | | | | | | | | | | | | | | | | |
| CT St Dev Auth Lt & Pwr B AMT | | | 5.95% | | | | 9/1/2028 | | | | Baa1 | | | | 2,550 | | | | 2,576,622 | |
| CT St Dev Auth Solid Wst Disp PSEG Pwr LLC Pj Ser A AMT | | | 5.75% | | | | 11/1/2037 | | | | Baa1 | | | | 2,010 | | | | 2,025,477 | |
| CT St Dev Auth Wtr Fac Aquarion Wtr Co of CT Pj AMT (XLCA) | | | 4.70% | | | | 7/1/2036 | | | | NR | | | | 2,000 | | | | 1,746,140 | |
| CT St Dev Auth Wtr Fac Aquarion Wtr Co of CT Pj AMT (XLCA) | | | 5.00% | | | | 7/1/2038 | | | | NR | | | | 3,700 | | | | 3,408,440 | |
| CT St Dev Auth Wtr Fac Wtr Co of CT Pj Ser A AMT (NPFGC)(FGIC) | | | 5.00% | | | | 10/1/2040 | | | | A | | | | 500 | | | | 499,970 | |
| CT St Muni Elec Enrg Cooperative Ser A (AMBAC) | | | 5.00% | | | | 1/1/2022 | | | | Aa3 | | | | 1,650 | | | | 1,860,425 | |
| Naugatuck CT Incineration Facs Pj Ser A AMT COP (AMBAC) | | | 5.00% | | | | 6/15/2022 | | | | Aa3 | | | | 200 | | | | 202,546 | |
| Puerto Rico Elec Pwr Auth Libor Ser UU | | | 1.057% | # | | | 7/1/2031 | | | | A3 | | | | 1,000 | | | | 709,370 | |
| Puerto Rico Elec Pwr Auth Ser TT | | | 5.00% | | | | 7/1/2037 | | | | A3 | | | | 1,500 | | | | 1,520,430 | |
| Puerto Rico Elec Pwr Auth Ser WW | | | 5.00% | | | | 7/1/2028 | | | | A3 | | | | 1,500 | | | | 1,572,435 | |
| South Cent CT Regl Wtr Auth 22nd Ser (AGM) | | | 5.00% | | | | 8/1/2038 | | | | AAA | | | | 2,000 | | | | 2,126,180 | |
| Virgin Islands Wtr & Pwr Auth Ser A | | | 5.00% | | | | 7/1/2031 | | | | BBB- | | | | 1,000 | | | | 1,015,350 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 19,263,385 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $123,551,044) | | | | | | | | | | | | | | | | | | | 127,182,078 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
72
Schedule of Investments (concluded)
CONNECTICUT TAX FREE FUND September 30, 2010
| | | | | | | | |
| Investments | | Shares
(000) | | | Value | |
| SHORT-TERM INVESTMENT 0.00% | |
|
| Money Market Mutual Fund | |
| Dreyfus CT Municipal Cash Management (cost $6) | | | - | (e) | | $ | 6 | |
| | | | | | | | |
| Total Investments in Securities 106.83% (cost $123,551,050) | | | | 127,182,084 | |
| | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (6.83%) | | | | (8,128,019 | ) |
| | | | | | | | |
| Net Assets 100.00% | | | | | | $ | 119,054,065 | |
| | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 88 | | | Short | | $ | (11,767,250) | | | $ | 34,280 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 30 | | | Short | | | (4,238,438) | | | | 84,097 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (16,005,688) | | | $ | 118,377 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
73
Schedule of Investments
HAWAII TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 104.76% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 2.29% | | | | | | | | | | | | | | | | | | | | |
| HI St Dept Transn Spl Fac Rev Continental Airlines Inc AMT | | | 7.00% | | | | 6/1/2020 | | | | B | | | $ | 940 | | | $ | 939,915 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 2,250 | | | | 2,101,388 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 3,041,303 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 7.26% | | | | | | | | | | | | | | | | | | | | |
| HI St Dept Bdgt & Fin Chaminade Univ Honolulu (RADIAN) | | | 4.75% | | | | 1/1/2036 | | | | NR | | | | 1,000 | | | | 978,340 | |
| HI St Dept Bdgt & Fin Chaminade Univ Honolulu (RADIAN) | | | 5.00% | | | | 1/1/2026 | | | | NR | | | | 150 | | | | 152,825 | |
| HI St Dept Bdgt & Fin Mid Pacific Inst (RADIAN) | | | 4.625% | | | | 1/1/2036 | | | | NR | | | | 1,000 | | | | 994,770 | |
| HI St Dept Bdgt & Fin Mid Pacific Inst (RADIAN) | | | 5.00% | | | | 1/1/2026 | | | | NR | | | | 1,000 | | | | 1,028,210 | |
| Univ of HI Rev Ser A | | | 5.25% | | | | 10/1/2034 | | | | Aa2 | | | | 1,000 | | | | 1,095,180 | |
| Univ of HI Rev Ser A | | | 6.00% | | | | 10/1/2038 | | | | Aa2 | | | | 1,750 | | | | 2,009,227 | |
| Univ of HI Rev Ser A (NPFGC) | | | 4.125% | | | | 10/1/2026 | | | | Aa2 | | | | 1,670 | | | | 1,713,220 | |
| Univ of HI Rev Ser A CR (MBIA)(AGM) | | | 5.00% | | | | 7/15/2024 | | | | AAA | | | | 1,500 | | | | 1,668,090 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 9,639,862 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 29.93% | | | | | | | | | | | | | | | | | | | | |
| HI Cnty HI Build America Bds Recovery Z Ser A | | | 5.00% | | | | 3/1/2030 | | | | Aa2 | | | | 500 | | | | 559,650 | |
| HI Cnty HI Ser A | | | 5.00% | | | | 7/15/2020 | | | | Aa2 | | | | 1,150 | | | | 1,340,532 | |
| HI Cnty HI Ser A (AGM) | | | 5.00% | | | | 7/15/2023 | | | | AAA | | | | 1,000 | | | | 1,086,580 | |
| HI Cnty HI Ser A (NPFGC)(FGIC) | | | 5.60% | | | | 5/1/2013 | | | | Aa2 | | | | 1,780 | | | | 1,996,591 | |
| HI St Ser CA (NPFGC)(FGIC) | | | 8.00% | | | | 1/1/2013 | | | | Aa1 | | | | 1,000 | | | | 1,159,920 | |
| HI St Ser DE (NPFGC) | | | 5.00% | | | | 10/1/2024 | | | | Aa1 | | | | 1,000 | | | | 1,106,370 | |
| HI St Ser DI (AGM) | | | 5.00% | | | | 3/1/2020 | | | | AAA | | | | 2,000 | | | | 2,255,620 | |
| HI St Ser DK | | | 5.00% | | | | 5/1/2025 | | | | Aa1 | | | | 3,500 | | | | 3,943,170 | |
| HI St Ser DK | | | 5.00% | | | | 5/1/2026 | | | | Aa1 | | | | 2,500 | | | | 2,805,775 | |
| HI St Ser DK | | | 5.00% | | | | 5/1/2027 | | | | Aa1 | | | | 2,500 | | | | 2,791,525 | |
| HI St Unref Bal Ser BZ | | | 6.00% | | | | 10/1/2012 | | | | Aa1 | | | | 60 | | | | 66,485 | |
| Honolulu HI City & Cnty Ser A | | | 5.00% | | | | 4/1/2026 | | | | Aa1 | | | | 1,000 | | | | 1,148,900 | |
| Honolulu HI City & Cnty Ser A | | | 5.25% | | | | 4/1/2031 | | | | Aa1 | | | | 5,000 | | | | 5,673,150 | |
| Honolulu HI City & Cnty Ser A (AGM) | | | 5.00% | | | | 7/1/2022 | | | | AAA | | | | 1,525 | | | | 1,744,783 | |
See Notes to Financial Statements.
74
Schedule of Investments (continued)
HAWAII TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Honolulu HI City & Cnty Ser A (AGM) | | | 5.00% | | | | 7/1/2028 | | | | AAA | | | $ | 3,295 | | | $ | 3,620,381 | |
| Honolulu HI City & Cnty Ser B (FSA) | | | 5.25% | | | | 7/1/2017 | | | | AAA | | | | 1,500 | | | | 1,816,395 | |
| Honolulu HI City & Cnty Ser D (NPFGC) | | | 5.00% | | | | 7/1/2023 | | | | Aa1 | | | | 2,000 | | | | 2,199,520 | |
| Kauai Cnty HI Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2029 | | | | AA | | | | 1,000 | | | | 1,073,320 | |
| Maui Cnty HI (NPFGC) | | | 5.00% | | | | 3/1/2025 | | | | Aa1 | | | | 1,000 | | | | 1,088,400 | |
| Maui Cnty HI Ser A (NPFGC) | | | 5.00% | | | | 7/1/2023 | | | | Aa1 | | | | 1,040 | | | | 1,156,979 | |
| Northern Mariana Islands Comwlth Ser A | | | 5.00% | | | | 6/1/2030 | | | | NR | | | | 990 | | | | 847,985 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 235 | | | | 265,552 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 39,747,583 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 5.81% | | | | | | | | | | | | | | | | | | | | |
| HI Pacific Hlth Spl Purp Rev Ser A | | | 5.50% | | | | 7/1/2040 | | | | A3 | | | | 3,500 | | | | 3,507,525 | |
| HI St Dept Bdgt & Fin Kahala Nui Pj Ser A | | | 7.875% | | | | 11/15/2023 | | | | NR | | | | 500 | | | | 543,735 | |
| HI St Dept Bdgt & Fin Kahala Nui Pj Ser A | | | 8.00% | | | | 11/15/2033 | | | | NR | | | | 700 | | | | 754,915 | |
| HI St Dept Bdgt & Fin Spl Purp Linked Ctfs | | | 6.40% | | | | 7/1/2013 | | | | A3 | | | | 955 | | | | 958,753 | |
| Kuakini HI Hlth Sys Spl Purp Ser A | | | 6.30% | | | | 7/1/2022 | | | | BBB- | | | | 1,000 | | | | 1,014,310 | |
| Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp Auxilio Mutuo Oblig Grp Ser A (NPFGC) | | | 6.25% | | | | 7/1/2024 | | | | A | | | | 150 | | | | 150,579 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 740 | | | | 788,714 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 7,718,531 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 1.66% | | | | | | | | | | | | | | | | | | | | |
| HI St Hsg Fin & Dev Corp Rent Hsg Sys Ser B Rmkt (AGM) | | | 6.50% | | | | 7/1/2033 | | | | Aa3 | | | | 2,000 | | | | 2,202,660 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 3.05% | | | | | | | | | | | | | | | | | | | | |
| HI St Dept Hawaiian Home Lands Kapolei Office Fac Ser A (AGM) | | | 5.00% | | | | 11/1/2031 | | | | Aa3 | | | | 1,805 | | | | 1,919,401 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 6.25% | | | | 10/1/2024 | | | | NR | | | | 1,000 | | | | 1,004,480 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 1,000 | | | | 1,125,410 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,049,291 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 3.50% | | | | | | | | | | | | | | | | | | | | |
| Honolulu HI City & Cnty Wtr ETM TCRS (FGIC) | | | 6.00% | | | | 12/1/2015 | | | | Aa2 | | | | 1,000 | | | | 1,236,990 | |
See Notes to Financial Statements.
75
Schedule of Investments (continued)
HAWAII TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Pre-Refunded (continued) | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Comwlth Hwy & Transn Auth Ser Y | | | 5.50% | | | | 7/1/2036 | | | | Aaa | | | $ | 1,000 | | | $ | 1,228,410 | |
| Univ of HI Univ Sys Rev Ser A (FGIC) | | | 5.50% | | | | 7/15/2029 | | | | Aa2 | | | | 2,000 | | | | 2,177,500 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,642,900 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 4.36% | | | | | | | | | | | | | | | | | | | | |
| HI St Dept Hawaiian Home Lands Rev | | | 5.875% | | | | 4/1/2034 | | | | A1 | | | | 3,000 | | | | 3,203,280 | |
| Puerto Rico Comwlth Infrastr Fing Auth Ser B | | | 5.00% | | | | 7/1/2046 | | | | A3 | | | | 1,000 | | | | 1,000,910 | |
| Puerto Rico Comwlth Infrastr Fing Auth Ser C (AMBAC) | | | 5.50% | | | | 7/1/2028 | | | | A3 | | | | 1,475 | | | | 1,593,575 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 5,797,765 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 12.23% | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.25% | | | | 8/1/2027 | | | | A+ | | | | 1,500 | | | | 1,613,880 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 6.50% | | | | 8/1/2044 | | | | A+ | | | | 2,500 | | | | 2,852,750 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A (AGM)(b) | | | 5.00% | | | | 8/1/2040 | | | | AAA | | | | 6,870 | | | | 7,113,919 | |
| Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC) | | | 4.25% | | | | 10/1/2029 | | | | A | | | | 500 | | | | 490,410 | |
| Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC) | | | 5.00% | | | | 10/1/2025 | | | | A | | | | 1,000 | | | | 1,045,740 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A | | | 5.00% | | | | 10/1/2029 | | | | BBB | | | | 1,300 | | | | 1,333,930 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B | | | 5.25% | | | | 10/1/2029 | | | | Baa2 | | | | 1,000 | | | | 1,037,780 | |
| Virgin Islands Pub Fin Auth Rev Sr Lien Cap Pjs Ser A-1 | | | 5.00% | | | | 10/1/2039 | | | | BBB | | | | 750 | | | | 753,233 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 16,241,642 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 15.04% | | | | | | | | | | | | | | | | | | | | |
| HI St Arpts Sys Rev Ser A | | | 5.00% | | | | 7/1/2034 | | | | A2 | | | | 5,000 | | | | 5,211,050 | |
| HI St Hrbr Sys Rev Ser A AMT (AGM) | | | 5.00% | | | | 1/1/2031 | | | | AAA | | | | 2,000 | | | | 2,016,340 | |
| HI St Hrbr Sys Rev Ser A AMT (AGM) | | | 5.25% | | | | 1/1/2027 | | | | AAA | | | | 1,450 | | | | 1,526,400 | |
| HI St Hwy Rev | | | 5.00% | | | | 1/1/2019 | | | | AA+ | | | | 1,000 | | | | 1,192,450 | |
| HI St Hwy Rev | | | 5.50% | | | | 7/1/2018 | | | | AA+ | | | | 2,000 | | | | 2,457,640 | |
| HI St Hwy Rev Ser A (AGM) | | | 5.00% | | | | 7/1/2023 | | | | AAA | | | | 2,000 | | | | 2,194,840 | |
| Puerto Rico Comwlth Hwy & Transn Auth (AG)(AGM) | | | 5.50% | | | | 7/1/2025 | | | | AAA | | | | 2,000 | | | | 2,373,380 | |
See Notes to Financial Statements.
76
Schedule of Investments (continued)
HAWAII TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Comwlth Hwy & Transn Auth Ser CC (AGM) | | | 5.25% | | | | 7/1/2033 | | | | AAA | | | $ | 1,000 | | | $ | 1,136,890 | |
| Puerto Rico Comwlth Hwy & Transn Auth Ser M | | | 5.00% | | | | 7/1/2046 | | | | A3 | | | | 1,000 | | | | 993,330 | |
| Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT | | | 6.25% | | | | 6/1/2026 | | | | CCC+ | | | | 1,000 | | | | 871,720 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 19,974,040 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 19.63% | | | | | | | | | | | | | | | | | | | | |
| HI St Dept Bdgt & Fin Elec Co & Subs Ser A AMT (FGIC) | | | 4.80% | | | | 1/1/2025 | | | | Baa1 | | | | 1,000 | | | | 1,005,260 | |
| HI St Dept Bdgt & Fin Hawaiian Elec Co Ser A AMT (FGIC) | | | 4.65% | | | | 3/1/2037 | | | | Baa1 | | | | 1,000 | | | | 957,430 | |
| HI St Dept Bdgt & Fin Hawaiian Elec Co Ser B AMT (FGIC) | | | 4.60% | | | | 5/1/2026 | | | | Baa1 | | | | 1,500 | | | | 1,483,515 | |
| Honolulu HI City & Cnty Brd Wtr Supply Ser B AMT (NPFGC) | | | 5.25% | | | | 7/1/2021 | | | | AA | | | | 1,335 | | | | 1,451,105 | |
| Honolulu HI City & Cnty Wst Wtr 2nd Bd Resolution Jr Ser A (AGM)(b) | | | 5.00% | | | | 7/1/2032 | | | | AAA | | | | 10,000 | | | | 10,721,400 | |
| Kauai Cnty HI Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2028 | | | | AA | | | | 1,000 | | | | 1,077,480 | |
| Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A | | | 6.00% | | | | 7/1/2038 | | | | Baa1 | | | | 1,000 | | | | 1,084,790 | |
| Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A (AG) | | | 5.00% | | | | 7/1/2028 | | | | AAA | | | | 1,000 | | | | 1,071,430 | |
| Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A (AG) | | | 5.125% | | | | 7/1/2047 | | | | AAA | | | | 1,000 | | | | 1,032,470 | |
| Puerto Rico Elec Pwr Auth Libor Ser UU | | | 1.057% | # | | | 7/1/2031 | | | | A3 | | | | 1,000 | | | | 709,370 | |
| Puerto Rico Elec Pwr Auth Ser TT | | | 5.00% | | | | 7/1/2032 | | | | A3 | | | | 1,000 | | | | 1,022,880 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.25% | | | | 7/1/2040 | | | | A3 | | | | 1,000 | | | | 1,047,290 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.75% | | | | 7/1/2036 | | | | A3 | | | | 2,000 | | | | 2,228,620 | |
| Virgin Islands Wtr & Pwr Auth Ser A | | | 5.00% | | | | 7/1/2027 | | | | BBB- | | | | 555 | | | | 572,566 | |
| Virgin Islands Wtr & Pwr Auth Ser A | | | 5.00% | | | | 7/1/2031 | | | | BBB- | | | | 600 | | | | 609,210 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 26,074,816 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Investments in Municipal Bonds 104.76% (cost $132,075,939) | | | | | | | | 139,130,393 | |
| | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (4.76%) | | | | | | | | (6,324,526 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | $ | 132,805,867 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
77
Schedule of Investments (concluded)
HAWAII TAX FREE FUND September 30, 2010
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 77 | | | Short | | $ | (10,296,344) | | | $ | 30,915 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 17 | | | Short | | | (2,401,781) | | | | 33,761 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (12,698,125) | | | $ | 64,676 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
78
Schedule of Investments
MISSOURI TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 103.58% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 2.95% | | | | | | | | | | | | | | | | | | | | |
| MO St Dev Fin Brd Solid Wst Disp Procter & Gamble Paper Prods AMT | | | 5.20% | | | | 3/15/2029 | | | | AA- | | | $ | 1,150 | | | $ | 1,273,073 | |
| MO St Envr Impt & Enrg Res Auth KC Pwr & Lt Co Pj AMT | | | 4.90% | | | | 5/1/2038 | | | | BBB | | | | 1,500 | | | | 1,596,720 | |
| St. Louis MO Indl Dev Auth Anheuser Busch Pj AMT | | | 4.875% | | | | 3/1/2032 | | | | BBB+ | | | | 1,000 | | | | 991,430 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 1,500 | | | | 1,400,925 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 5,262,148 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 3.55% | | | | | | | | | | | | | | | | | | | | |
| Curators Univ MO Sys Facs Rev Ser A | | | 5.00% | | | | 11/1/2017 | | | | Aa1 | | | | 400 | | | | 474,992 | |
| Curators Univ MO Sys Facs Rev Ser A | | | 5.00% | | | | 11/1/2023 | | | | Aa1 | | | | 2,000 | | | | 2,266,780 | |
| Lincoln Univ MO Aux Sys (AG) | | | 5.00% | | | | 6/1/2027 | | | | AAA | | | | 500 | | | | 549,145 | |
| Lincoln Univ MO Aux Sys (AG) | | | 5.125% | | | | 6/1/2037 | | | | AAA | | | | 1,250 | | | | 1,308,325 | |
| MO St Hlth & Edl Facs Auth Washington Univ Ser A | | | 5.25% | | | | 3/15/2018 | | | | AAA | | | | 375 | | | | 458,906 | |
| MO St Hlth & Edl Facs Auth Washington Univ Ser B | | | 4.50% | | | | 1/15/2041 | | | | AAA | | | | 1,250 | | | | 1,275,838 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 6,333,986 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 4.90% | | | | | | | | | | | | | | | | | | | | |
| Northern Mariana Islands Comwlth Ser B | | | 5.00% | | | | 10/1/2033 | | | | NR | | | | 2,500 | | | | 2,076,375 | |
| Puerto Rico Comwlth Pub Impt Ser A (IBC)(NPFGC) | | | 5.50% | | | | 7/1/2029 | | | | A | | | | 1,000 | | | | 1,072,940 | |
| St. Louis Cnty MO Lindbergh Sch Dist No R-8 Cap Apprec ETM (NPFGC) | | | Zero Coupon | | | | 3/1/2018 | | | | NR | | | | 65 | | | | 54,673 | |
| St. Louis Cnty MO Lindbergh Sch Dist No R-8 Unref Bal Cap Apprec (NPFGC) | | | Zero Coupon | | | | 3/1/2018 | | | | Aa1 | | | | 2,015 | | | | 1,630,457 | |
| St. Louis Cnty MO Pkwy C-2 Sch Dist Ser A | | | 5.00% | | | | 3/1/2024 | | | | AAA | | | | 3,320 | | | | 3,580,255 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 300 | | | | 339,003 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 8,753,703 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 18.22% | | | | | | | | | | | | | | | | | | | | |
| Boone Cnty MO Boone Hosp Ctr Rev | | | 5.75% | | | | 8/1/2028 | | | | A3 | | | | 1,500 | | | | 1,598,955 | |
| Cape Girardeau Cnty MO Indl Dev Auth St. Francis Med Ctr | | | 5.75% | | | | 6/1/2039 | | | | A+ | | | | 1,000 | | | | 1,057,140 | |
See Notes to Financial Statements.
79
Schedule of Investments (continued)
MISSOURI TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Cape Girardeau Cnty MO Indl Dev Auth Unref Bal Southeast MO Hosp | | | 5.75% | | | | 6/1/2032 | | | | BBB+ | (c) | | $ | 260 | | | $ | 261,279 | |
| Cass Cnty MO Hosp Rev | | | 5.625% | | | | 5/1/2038 | | | | BBB- | (c) | | | 1,500 | | | | 1,426,470 | |
| Hannibal MO Indl Dev Auth Hlth Facs | | | 5.00% | | | | 3/1/2022 | | | | BBB+ | | | | 835 | | | | 849,988 | |
| Joplin MO Indl Dev Auth Freeman Hlth Sys Pj | | | 5.75% | | | | 2/15/2035 | | | | BBB+ | | | | 2,500 | | | | 2,531,625 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A | | | 8.00% | | | | 5/15/2029 | | | | NR | | | | 1,000 | | | | 1,057,530 | |
| MO St Hlth & Edl Facs Auth BJC Hlth Sys | | | 5.25% | | | | 5/15/2032 | | | | AA | | | | 4,000 | | | | 4,139,480 | |
| MO St Hlth & Edl Facs Auth Children’s Mercy Hosp | | | 5.25% | | | | 5/15/2029 | | | | A+ | | | | 1,000 | | | | 1,040,690 | |
| MO St Hlth & Edl Facs Auth Cox Hlth | | | 5.50% | | | | 11/15/2039 | | | | A2 | | | | 2,000 | | | | 2,056,500 | |
| MO St Hlth & Edl Facs Auth Sr Living Facs Lutheran Ser A | | | 5.375% | | | | 2/1/2035 | | | | A- | (c) | | | 3,680 | | | | 3,677,203 | |
| MO St Hlth & Edl Facs Auth SSM Hlthcare Ser A | | | 5.00% | | | | 6/1/2028 | | | | AA- | | | | 2,000 | | | | 2,094,380 | |
| MO St Hlth & Edl Facs Auth SSM Hlthcare Ser B | | | 4.75% | | | | 6/1/2034 | | | | AA- | | | | 2,370 | | | | 2,431,739 | |
| MO St Hlth & Edl Facs Auth SSM Hlthcare Ser B | | | 5.00% | | | | 6/1/2034 | | | | AA- | | | | 2,000 | | | | 2,089,460 | |
| MO St Hlth & Edl Facs Auth St. Luke’s Hlth Ser 2005A (AGM) | | | 5.50% | | | | 11/15/2028 | | | | AAA | | | | 1,850 | | | | 2,059,494 | |
| MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Ser A | | | 5.00% | | | | 11/15/2040 | | | | A+ | | | | 1,000 | | | | 1,023,070 | |
| St. Genevieve Cnty MO Hosp Rev Ser B | | | 5.00% | | | | 3/1/2032 | | | | NR | | | | 1,510 | | | | 1,192,855 | |
| St. Louis Cnty MO Indl Dev Auth St. Andrew’s Res for Srs Ser A | | | 6.375% | | | | 12/1/2041 | | | | NR | | | | 1,000 | | | | 936,620 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 960 | | | | 1,023,197 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 32,547,675 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 3.01% | | | | | | | | | | | | | | | | | | | | |
| Kansas City MO Indl Dev Auth Multi Fam Hsg Grand Blvd Ser A (GNMA) | | | 5.30% | | | | 11/20/2049 | | | | Aaa | | | | 1,000 | | | | 1,061,580 | |
| MO St Hsg Dev Commn Rev Multi Fam Hsg Ashley Pk 2 AMT (FHA) | | | 4.875% | | | | 7/1/2037 | | | | AA | | | | 1,500 | | | | 1,444,560 | |
| MO St Hsg Dev Commn Rev Multi Fam Hsg Meadow Ridge 1 AMT (FHA) | | | 4.875% | | | | 7/1/2030 | | | | AA | | | | 530 | | | | 529,629 | |
| MO St Hsg Dev Commn Rev Multi Fam Hsg Metro Vlg 5 AMT (FHA) | | | 4.75% | | | | 7/1/2021 | | | | AA | | | | 615 | | | | 620,184 | |
See Notes to Financial Statements.
80
Schedule of Investments (continued)
MISSOURI TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Housing (continued) | | | | | | | | | | | | | | | | | | | | |
| MO St Hsg Dev Commn Sing Fam Mtg Hmownrship Ln Pg A-1 AMT (GNMA/FNMA) | | | 5.90% | | | | 9/1/2035 | | | | AAA | | | $ | 375 | | | $ | 393,630 | |
| MO St Hsg Dev Commn Sing Fam Mtg Hmownrship Ln Pg A-1 AMT (GNMA/FNMA/FHLMC) | | | 5.70% | | | | 9/1/2038 | | | | AAA | | | | 1,235 | | | | 1,322,339 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 5,371,922 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 14.71% | | | | | | | | | | | | | | | | | | | | |
| Cape Girardeau Cnty MO Bldg Corp Jackson R-II Sch Dist HS Pj (NPFGC) | | | 5.25% | | | | 3/1/2026 | | | | A | | | | 1,000 | | | | 1,096,830 | |
| Grandview MO COP (NPFGC)(FGIC) | | | 5.00% | | | | 1/1/2027 | | | | A1 | | | | 1,700 | | | | 1,737,791 | |
| Jackson Cnty MO Pub Bldg Corp Cap Impts Pj | | | 5.00% | | | | 12/1/2029 | | | | Aa3 | | | | 1,500 | | | | 1,594,605 | |
| Jackson Cnty MO Pub Bldg Corp Cap Impts Pj Ser A (NPFGC) | | | 5.00% | | | | 12/1/2018 | | | | Aa3 | | | | 1,385 | | | | 1,561,144 | |
| Jackson Cnty MO Pub Bldg Corp Cap Impts Pj Ser B | | | 5.00% | | | | 12/1/2031 | | | | Aa3 | | | | 1,000 | | | | 1,044,600 | |
| Jackson Cnty MO Spl Oblig Harry S. Truman Sports Complex (AMBAC) | | | 5.00% | | | | 12/1/2021 | | | | Aa3 | | | | 2,000 | | | | 2,183,260 | |
| Jackson Cnty MO Spl Oblig Harry S. Truman Sports Complex (AMBAC) | | | 5.00% | | | | 12/1/2024 | | | | Aa3 | | | | 2,000 | | | | 2,153,260 | |
| Kansas City MO Metro Jr College Dist Lease COP | | | 5.00% | | | | 7/1/2028 | | | | Aa2 | | | | 3,500 | | | | 3,766,840 | |
| Kansas City MO Spl Fac Rev MCI Overhaul Base Pj Ser G AMT | | | 4.50% | | | | 9/1/2026 | | | | AA- | | | | 585 | | | | 551,918 | |
| MO St Dev Fin Brd Cultural Facs Nelson Gallery Fndtn Ser A (NPFGC) | | | 5.00% | | | | 12/1/2030 | | | | AA- | | | | 3,300 | | | | 3,359,565 | |
| MO St Dev Fin Brd Infrastr Branson Landing Pj Ser A | | | 5.00% | | | | 6/1/2035 | | | | A | | | | 1,220 | | | | 1,197,869 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 1,000 | | | | 1,125,410 | |
| Puerto Rico Pub Bldgs Auth Rev Unref Bal Govt Facs I GTD | | | 5.25% | | | | 7/1/2033 | | | | A3 | | | | 2,465 | | | | 2,509,124 | |
| Springfield MO Spl Oblig Heers Garage Pj Ser B | | | 4.50% | | | | 11/1/2027 | | | | Aa3 | | | | 500 | | | | 517,435 | |
| St. Louis MO Muni Fin Corp (AGM) | | | 5.00% | | | | 2/15/2023 | | | | AAA | | | | 1,675 | | | | 1,878,278 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 26,277,929 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 8.05% | | | | | | | | | | | | | | | | | | | | |
| Kansas City MO Indl Dev Auth Derrick Thomas Ser A† | | | 5.875% | | | | 1/1/2037 | | | | NR | | | | 1,850 | | | | 1,613,274 | |
See Notes to Financial Statements.
81
Schedule of Investments (continued)
MISSOURI TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Kansas City MO Spl Oblig East Vlg Pj Ser B (AG) | | | 5.00% | | | | 4/15/2024 | | | | AAA | | | $ | 1,000 | | | $ | 1,121,690 | |
| Kansas City MO Spl Oblig East Vlg Pj Ser B (AG) | | | 5.00% | | | | 4/15/2025 | | | | AAA | | | | 1,860 | | | | 2,071,854 | |
| MO St Brd of Pub Bldgs Spl Ser A | | | 5.00% | | | | 10/15/2027 | | | | AA+ | | | | 1,000 | | | | 1,062,240 | |
| MO St Dev Fin Brd Cultural Facs Ser B | | | 5.00% | | | | 6/1/2037 | | | | AAA | | | | 3,000 | | | | 3,189,840 | |
| MO St Dev Fin Brd Infrastr Independence Crackerneck Creek | | | 5.00% | | | | 3/1/2028 | | | | A | | | | 1,000 | | | | 1,023,230 | |
| MO St Dev Fin Brd Midwest Resh Instl Pj | | | 4.50% | | | | 11/1/2027 | | | | Baa2 | | | | 1,000 | | | | 941,910 | |
| MO St Dev Fin Brd Midwest Resh Instl Pj | | | 5.00% | | | | 11/1/2022 | | | | Baa2 | | | | 1,000 | | | | 1,029,360 | |
| St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A | | | 5.25% | | | | 6/15/2025 | | | | NR | | | | 575 | | | | 489,130 | |
| St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A | | | 5.35% | | | | 6/15/2032 | | | | NR | | | | 1,000 | | | | 805,780 | |
| St. Louis MO Indl Dev Auth Rev Convtn Ctr Hotel (AMBAC) | | | Zero Coupon | | | | 7/15/2020 | | | | NR | | | | 2,000 | | | | 1,027,400 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 14,375,708 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 0.83% | | | | | | | | | | | | | | | | | | | | |
| Cape Girardeau Cnty MO Indl Dev Auth Southeast MO Hosp | | | 5.75% | | | | 6/1/2032 | | | | NR | | | | 1,340 | | | | 1,450,483 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs I GTD | | | 5.25% | | | | 7/1/2033 | | | | NR | | | | 35 | | | | 40,389 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 1,490,872 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 3.00% | | | | | | | | | | | | | | | | | | | | |
| Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A | | | 5.50% | | | | 4/1/2027 | | | | NR | | | | 1,375 | | | | 1,117,215 | |
| Howard Bend MO Levee Dist Impt | | | 4.40% | | | | 3/1/2026 | | | | BBB | | | | 1,000 | | | | 1,001,620 | |
| Kansas City MO Tax Incr Maincor Pj Ser A | | | 5.25% | | | | 3/1/2018 | | | | NR | | | | 500 | | | | 484,480 | |
| Osage Beach MO Tax Incr Prewitts Pt Pj | | | 5.00% | | | | 5/1/2023 | | | | NR | | | | 1,000 | | | | 855,500 | |
| Riverside Quindaro Bend Levee Dist MO Ser L 385 Pj (RADIAN) | | | 5.00% | | | | 3/1/2017 | | | | BBB | | | | 795 | | | | 818,214 | |
| Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj | | | 5.75% | | | | 4/1/2027 | | | | NR | | | | 1,300 | | | | 1,073,917 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 5,350,946 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
82
Schedule of Investments (continued)
MISSOURI TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue 20.19% | | | | | | | | | | | | | | | | | | | | |
| Bi-State Dev Agy of the MO-IL Metro Dist Metrolink Cross Cnty Extension (AG)(b) | | | 5.00% | | | | 10/1/2039 | | | | AAA | | | $ | 11,000 | | | $ | 11,479,490 | |
| Bi-State Dev Agy of the MO-IL Metro Dist St. Clair Cnty Metrolink Pj (AGM) | | | 5.25% | | | | 7/1/2024 | | | | AAA | | | | 2,330 | | | | 2,667,314 | |
| Puerto Rico Comwlth Pub Impt Ser B (FGIC) | | | 5.50% | | | | 7/1/2013 | | | | A3 | | | | 1,000 | | | | 1,088,610 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.25% | | | | 8/1/2027 | | | | A+ | | | | 2,000 | | | | 2,151,840 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A (AGM)(b) | | | 5.00% | | | | 8/1/2040 | | | | AAA | | | | 9,070 | | | | 9,392,030 | |
| Puerto Rico Sales Tax Fing Corp Cap Apprec Ser A (AMBAC) | | | Zero Coupon | | | | 8/1/2047 | | | | Aa2 | | | | 15,000 | | | | 1,635,450 | |
| St. Louis MO Muni Fin Corp (AMBAC) | | | 5.00% | | | | 2/15/2037 | | | | NR | | | | 4,000 | | | | 3,925,040 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A | | | 5.00% | | | | 10/1/2029 | | | | BBB | | | | 1,625 | | | | 1,667,413 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B | | | 5.25% | | | | 10/1/2029 | | | | Baa2 | | | | 1,250 | | | | 1,297,225 | |
| Virgin Islands Pub Fin Auth Rev Sr Lien Cap Pjs Ser A-1 | | | 5.00% | | | | 10/1/2039 | | | | BBB | | | | 750 | | | | 753,233 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 36,057,645 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 5.66% | | | | | | | | | | | | | | | | | | | | |
| MO St Hwys & Transn Commn 1st Lien Ser B | | | 5.00% | | | | 5/1/2022 | | | | AAA | | | | 1,500 | | | | 1,703,925 | |
| MO St Hwys & Transn Commn 2nd Lien | | | 5.25% | | | | 5/1/2021 | | | | AAA | | | | 3,500 | | | | 4,086,880 | |
| Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT | | | 6.25% | | | | 6/1/2026 | | | | CCC+ | | | | 1,215 | | | | 1,059,140 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A (AGM) | | | 5.00% | | | | 7/1/2025 | | | | AAA | | | | 2,000 | | | | 2,172,340 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1 | | | 6.25% | | | | 7/1/2029 | | | | A | | | | 1,000 | | | | 1,084,580 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 10,106,865 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 18.51% | | | | | | | | | | | | | | | | | | | | |
| Carroll Cnty MO Pub Wtr Supply Dist No 1 | | | 6.00% | | | | 3/1/2039 | | | | A | | | | 1,000 | | | | 1,101,470 | |
| Kansas City MO Santn Swr Sys Rev Ser A | | | 5.25% | | | | 1/1/2034 | | | | AA | | | | 1,000 | | | | 1,093,550 | |
| Kansas City MO Wtr Rev Ser A | | | 5.25% | | | | 12/1/2032 | | | | AA+ | | | | 1,000 | | | | 1,105,990 | |
| Metro St. Louis MO Swr Dist Ser A | | | 5.75% | | | | 5/1/2038 | | | | AA+ | | | | 1,760 | | | | 1,996,174 | |
See Notes to Financial Statements.
83
Schedule of Investments (concluded)
MISSOURI TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Metro St. Louis MO Swr Dist Ser A (NPFGC) | | | 5.00% | | | | 5/1/2034 | | | | AA+ | | | $ | 2,000 | | | $ | 2,082,120 | |
| MO Jt Muni Elec Util Commn Iatan 2 Pj Ser A | | | 6.00% | | | | 1/1/2039 | | | | A3 | | | | 2,000 | | | | 2,161,560 | |
| MO Jt Muni Elec Util Commn Iatan 2 Pj Ser A (AMBAC) | | | 5.00% | | | | 1/1/2034 | | | | A3 | | | | 1,000 | | | | 1,023,510 | |
| MO Jt Muni Elec Util Commn Plum Point Pj (NPFGC) | | | 5.00% | | | | 1/1/2034 | | | | A | | | | 5,000 | | | | 4,918,600 | |
| MO Jt Muni Elec Util Commn Ser A (AMBAC) | | | 5.00% | | | | 1/1/2023 | | | | A3 | | | | 3,000 | | | | 3,201,570 | |
| MO St Envr Impt & Enrg Res Auth Amer Wtr Co Pj AMT (AMBAC) | | | 4.60% | | | | 12/1/2036 | | | | Baa1 | | | | 1,000 | | | | 886,000 | |
| MO St Envr Impt & Enrg Res Auth Union Elec Co Pj AMT | | | 5.45% | | | | 10/1/2028 | | | | A3 | | | | 2,475 | | | | 2,475,025 | |
| MO St Envr Impt & Enrg Res Auth Unref Bal St Revolving B | | | 7.20% | | | | 7/1/2016 | | | | Aaa | | | | 900 | | | | 903,978 | |
| Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A | | | 6.00% | | | | 7/1/2038 | | | | Baa1 | | | | 1,000 | | | | 1,084,790 | |
| Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A (AG) | | | 5.125% | | | | 7/1/2047 | | | | AAA | | | | 1,000 | | | | 1,032,470 | |
| Puerto Rico Elec Pwr Auth Libor Ser UU | | | 1.057% | # | | | 7/1/2031 | | | | A3 | | | | 1,000 | | | | 709,370 | |
| Puerto Rico Elec Pwr Auth Ser RR (XLCA) | | | 5.00% | | | | 7/1/2025 | | | | A3 | | | | 1,000 | | | | 1,050,650 | |
| Puerto Rico Elec Pwr Auth Ser TT | | | 5.00% | | | | 7/1/2032 | | | | A3 | | | | 2,500 | | | | 2,557,200 | |
| Puerto Rico Elec Pwr Auth Ser WW | | | 5.00% | | | | 7/1/2028 | | | | A3 | | | | 1,500 | | | | 1,572,435 | |
| St. Joseph MO Indl Dev Auth Swr Sys Impts Pj | | | 5.00% | | | | 4/1/2027 | | | | A | | | | 1,325 | | | | 1,371,719 | |
| Virgin Islands Wtr & Pwr Auth Ser A | | | 5.00% | | | | 7/1/2031 | | | | BBB- | | | | 730 | | | | 741,206 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 33,069,387 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Investments in Municipal Bonds 103.58% (cost $179,201,113) | | | | | | | | 184,998,786 | |
| | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (3.58%) | | | | | | | | | | | | (6,388,817 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | $ | 178,609,969 | |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 146 | | | Short | | $ | (19,522,938) | | | $ | 57,761 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 21 | | | Short | | | (2,966,906) | | | | 41,374 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (22,489,844) | | | $ | 99,135 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
84
Schedule of Investments
NEW JERSEY TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 102.02% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 7.68% | | | | | | | | | | | | | | | | | | | | |
| Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT | | | 5.375% | | | | 11/1/2035 | | | | BB- | | | $ | 1,100 | | | $ | 970,024 | |
| NJ Econ Dev Auth Amer Wtr Co Inc Ser B AMT (NPFGC)(FGIC) | | | 5.375% | | | | 5/1/2032 | | | | NR | | | | 5,000 | | | | 4,933,800 | |
| NJ Econ Dev Auth Glimcher Pptys LP Pj AMT | | | 6.00% | | | | 11/1/2028 | | | | NR | | | | 1,085 | | | | 1,026,638 | |
| NJ Econ Dev Auth Kapkowski Rd Landfill Pj | | | 6.50% | | | | 4/1/2028 | | | | Ba2 | | | | 675 | | | | 769,102 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 5.50% | | | | 4/1/2028 | | | | B3 | | | | 320 | | | | 260,080 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.25% | | | | 9/15/2029 | | | | B | | | | 1,000 | | | | 970,820 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 1,000 | | | | 933,950 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 9,864,414 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 12.28% | | | | | | | | | | | | | | | | | | | | |
| NJ St Edl Facs Auth College of NJ Ser D (AGM) | | | 5.00% | | | | 7/1/2028 | | | | AAA | | | | 3,000 | | | | 3,300,480 | |
| NJ St Edl Facs Auth Georgian Court Univ Ser D | | | 5.25% | | | | 7/1/2037 | | | | BBB+ | | | | 750 | | | | 769,612 | |
| NJ St Edl Facs Auth Montclair St Univ Ser J | | | 5.00% | | | | 7/1/2029 | | | | A1 | | | | 2,000 | | | | 2,134,620 | |
| NJ St Edl Facs Auth Rowan Univ Ser B (AG) | | | 5.00% | | | | 7/1/2027 | | | | AAA | | | | 1,725 | | | | 1,886,770 | |
| NJ St Edl Facs Auth Seton Hall Univ Ser E | | | 6.00% | | | | 7/1/2028 | | | | A | | | | 2,400 | | | | 2,752,800 | |
| NJ St Edl Facs Auth Stevens Inst Tech Ser A | | | 5.00% | | | | 7/1/2034 | | | | BBB+ | | | | 1,000 | | | | 1,014,200 | |
| NJ St Edl Facs Auth Univ Med & Dentistry Ser B | | | 7.50% | | | | 12/1/2032 | | | | Baa1 | | | | 1,000 | | | | 1,180,760 | |
| Rutgers St Univ NJ Ser F | | | 5.00% | | | | 5/1/2031 | | | | AA | | | | 2,500 | | | | 2,734,900 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 15,774,142 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 11.62% | | | | | | | | | | | | | | | | | | | | |
| Essex Cnty NJ Impt Auth Pj Cons GTD (AMBAC) | | | 5.25% | | | | 12/15/2018 | | | | Aa2 | | | | 2,000 | | | | 2,351,680 | |
| Gloucester Cnty NJ Impt Auth Cnty Ln Cnty Cap Pg GTD | | | 5.00% | | | | 4/1/2028 | | | | AA+ | | | | 2,500 | | | | 2,794,025 | |
| Irvington Twp NJ Gen Impt | | | 5.00% | | | | 1/1/2021 | | | | Aa3 | | | | 1,410 | | | | 1,612,913 | |
| Millburn Twp NJ Brd Ed | | | 5.35% | | | | 7/15/2018 | | | | Aaa | | | | 1,050 | | | | 1,295,353 | |
| Newark NJ Hsg Auth Rev South Ward Police Fac (AG) | | | 6.75% | | | | 12/1/2038 | | | | Aa3 | | | | 750 | | | | 873,593 | |
See Notes to Financial Statements.
85
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ St Equip Lease Purchase Ser A COP | | | 5.25% | | | | 6/15/2029 | | | | AA- | | | $ | 1,000 | | | $ | 1,093,280 | |
| Northern Mariana Islands Comwlth Ser B | | | 5.00% | | | | 10/1/2033 | | | | NR | | | | 2,500 | | | | 2,076,375 | |
| Paterson NJ (AGM) | | | 5.00% | | | | 6/15/2020 | | | | Aa3 | | | | 900 | | | | 982,062 | |
| Pohatcong Twp NJ Sch Dist (AGM) | | | 5.25% | | | | 7/15/2026 | | | | AAA | | | | 1,335 | | | | 1,689,216 | |
| Rahway NJ (AGM) | | | 4.125% | | | | 12/15/2026 | | | | Aa3 | | | | 5 | | | | 5,301 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 140 | | | | 158,201 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 14,931,999 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 22.45% | | | | | | | | | | | | | | | | | | | | |
| Burlington Cnty NJ Bridge Commn The Evergreens Pj | | | 5.625% | | | | 1/1/2038 | | | | NR | | | | 1,000 | | | | 892,340 | |
| Camden Cnty NJ Impt Auth Cooper Hlth Sys Oblig Grp A | | | 5.00% | | | | 2/15/2035 | | | | BBB | | | | 760 | | | | 702,574 | |
| NJ Econ Dev Auth First Mtg Seashore Gardens Pj | | | 5.30% | | | | 11/1/2026 | | | | NR | | | | 500 | | | | 442,050 | |
| NJ Econ Dev Auth First Mtg Seashore Gardens Pj | | | 5.375% | | | | 11/1/2036 | | | | NR | | | | 1,000 | | | | 846,300 | |
| NJ Econ Dev Auth Seabrook Vlg Inc Fac | | | 5.25% | | | | 11/15/2036 | | | | NR | | | | 1,500 | | | | 1,337,985 | |
| NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A | | | 5.00% | | | | 7/1/2027 | | | | A1 | | | | 2,000 | | | | 2,099,260 | |
| NJ Hlthcare Facs Fing Auth Atlanticare Regl Med Ctr | | | 5.00% | | | | 7/1/2037 | | | | A+ | | | | 1,000 | | | | 1,024,630 | |
| NJ Hlthcare Facs Fing Auth Chilton Mem Hosp | | | 5.75% | | | | 7/1/2039 | | | | BBB+ | | | | 2,000 | | | | 2,056,060 | |
| NJ Hlthcare Facs Fing Auth Holy Name Hosp | | | 5.00% | | | | 7/1/2036 | | | | Baa2 | | | | 1,700 | | | | 1,561,671 | |
| NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A | | | 5.00% | | | | 10/1/2028 | | | | AA- | | | | 5,000 | | | | 5,282,950 | |
| NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A | | | 5.75% | | | | 10/1/2031 | | | | AA- | | | | 1,250 | | | | 1,404,763 | |
| NJ Hlthcare Facs Fing Auth Hunterdon Med Ctr Ser A | | | 5.25% | | | | 7/1/2025 | | | | A- | | | | 600 | | | | 618,822 | |
| NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys | | | 6.625% | | | | 7/1/2038 | | | | BBB- | | | | 2,000 | | | | 2,110,400 | |
| NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp Oblig | | | 5.25% | | | | 7/1/2021 | | | | Baa2 | | | | 1,000 | | | | 1,045,820 | |
| NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Grp Ser A | | | 4.75% | | | | 7/1/2024 | | | | BBB- | | | | 1,000 | | | | 939,290 | |
| NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Grp Ser A | | | 5.25% | | | | 7/1/2030 | | | | BBB- | | | | 1,000 | | | | 939,110 | |
See Notes to Financial Statements.
86
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ Hlthcare Facs Fing Aauth Virtua Hlth | | | 5.75% | | | | 7/1/2033 | | | | A | | | $ | 2,500 | | | $ | 2,701,025 | |
| Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp Auxilio Mutuo Oblig Grp Ser A (NPFGC) | | | 6.25% | | | | 7/1/2024 | | | | A | | | | 1,000 | | | | 1,003,860 | |
| Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A | | | 6.125% | | | | 11/15/2025 | | | | Aa1 | | | | 415 | | | | 421,225 | |
| Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A | | | 6.125% | | | | 11/15/2030 | | | | Aa1 | | | | 1,000 | | | | 1,014,990 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 375 | | | | 399,686 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 28,844,811 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 2.96% | | | | | | | | | | | | | | | | | | | | |
| NJ Econ Dev Auth Cranes Mill Pj Ser A | | | 5.00% | | | | 6/1/2015 | | | | BBB- | (c) | | | 610 | | | | 632,759 | |
| NJ Econ Dev Auth MSU Student Hsg Pj | | | 5.75% | | | | 6/1/2031 | | | | Baa3 | | | | 1,500 | | | | 1,568,025 | |
| NJ Econ Dev Auth MSU Student Hsg Pj | | | 5.875% | | | | 6/1/2042 | | | | Baa3 | | | | 1,520 | | | | 1,599,344 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 3,800,128 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 4.34% | | | | | | | | | | | | | | | | | | | | |
| Morris-Union Jt Commn NJ COP (RADIAN) | | | 5.00% | | | | 5/1/2027 | | | | Baa3 | | | | 1,000 | | | | 1,013,410 | |
| NJ Econ Dev Auth Sch Facs Constr Ser AA | | | 5.50% | | | | 12/15/2029 | | | | AA- | | | | 1,250 | | | | 1,412,925 | |
| NJ Econ Dev Auth Sch Facs Constr Ser Y | | | 5.00% | | | | 9/1/2033 | | | | AA- | | | | 1,000 | | | | 1,058,130 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 6.50% | | | | 10/1/2037 | | | | NR | | | | 1,000 | | | | 969,120 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 1,000 | | | | 1,125,410 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 5,578,995 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 3.86% | | | | | | | | | | | | | | | | | | | | |
| Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B | | | 6.25% | | | | 1/1/2037 | | | | NR | | | | 1,300 | | | | 234,130 | |
| NJ Econ Dev Auth Kapkowski Rd Landfill Pj | | | 5.75% | | | | 10/1/2021 | | | | Ba2 | | | | 1,000 | | | | 1,051,580 | |
| NJ Envr Infrastr Tr Ser C | | | 5.00% | | | | 9/1/2021 | | | | AAA | | | | 3,000 | | | | 3,673,410 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,959,120 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 0.81% | | | | | | | | | | | | | | | | | | | | |
| North Bergen Twp NJ Brd Ed COP (AGM) | | | 6.125% | | | | 12/15/2022 | | | | Aa3 | | | | 1,000 | | | | 1,021,510 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs I GTD | | | 5.25% | | | | 7/1/2033 | | | | NR | | | | 20 | | | | 23,080 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 1,044,590 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
87
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Special Tax 0.52% | | | | | | | | | | | | | | | | | | | | |
| NJ Econ Dev Auth Newark Downtown Dist Mgmt Corp | | | 5.125% | | | | 6/15/2037 | | | | Baa3 | | | $ | 700 | | | $ | 669,081 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 5.87% | | | | | | | | | | | | | | | | | | | | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.75% | | | | 6/15/2029 | | | | BBB | | | | 1,000 | | | | 995,370 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.75% | | | | 8/1/2037 | | | | A+ | | | | 1,000 | | | | 1,089,360 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 5.00% | | | | 8/1/2035 | | | | A+ | | | | 2,500 | | | | 2,598,200 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 6.00% | | | | 8/1/2039 | | | | A+ | | | | 1,500 | | | | 1,676,925 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A | | | 5.00% | | | | 10/1/2029 | | | | BBB | | | | 650 | | | | 666,965 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B | | | 5.25% | | | | 10/1/2029 | | | | Baa2 | | | | 500 | | | | 518,890 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 7,545,710 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tobacco 2.45% | | | | | | | | | | | | | | | | | | | | |
| NJ Tob Sttlmnt Fing Corp Cap Apprec Bds Ser 1C | | | Zero Coupon | | | | 6/1/2041 | | | | BB- | | | | 20,000 | | | | 865,600 | |
| NJ Tob Sttlmnt Fing Corp Ser 1A | | | 4.625% | | | | 6/1/2026 | | | | BBB | | | | 1,025 | | | | 878,456 | |
| NJ Tob Sttlmnt Fing Corp Ser 1A | | | 4.75% | | | | 6/1/2034 | | | | BBB | | | | 1,000 | | | | 707,710 | |
| NJ Tob Sttlmnt Fing Corp Ser 1A | | | 5.00% | | | | 6/1/2041 | | | | BBB | | | | 1,000 | | | | 692,550 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 3,144,316 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 21.40% | | | | | | | | | | | | | | | | | | | | |
| Hudson Cnty NJ Impt Auth Harrison Pkg Fac Pj Ser C GTD (AG) | | | 5.125% | | | | 1/1/2031 | | | | AAA | | | | 1,500 | | | | 1,637,160 | |
| NJ St Tpk Auth Rev Ser H | | | 5.00% | | | | 1/1/2036 | | | | A+ | | | | 2,000 | | | | 2,124,660 | |
| NJ St Transn Tr Fd Auth Cap Apprec Transn Sys Ser A | | | Zero Coupon | | | | 12/15/2038 | | | | AA- | | | | 5,000 | | | | 1,019,550 | |
| NJ St Transn Tr Fd Auth TCRS Ser A (AMBAC) | | | 5.25% | | | | 12/15/2022 | | | | AA- | | | | 1,500 | | | | 1,726,440 | |
| NJ St Transn Tr Fd Auth Transn Sys Ser A (AMBAC) | | | 4.75% | | | | 12/15/2037 | | | | AA- | | | | 2,000 | | | | 2,047,600 | |
| NJ St Transn Tr Fd Auth Transn Sys Ser A (NPFGC) | | | 5.25% | | | | 12/15/2021 | | | | AA- | | | | 4,000 | | | | 4,631,480 | |
| Port Auth NY & NJ Cons 152nd AMT | | | 5.75% | | | | 11/1/2030 | | | | Aa2 | | | | 1,000 | | | | 1,111,250 | |
| Port Auth NY & NJ Cons 156th Ser(b) | | | 4.75% | | | | 11/1/2036 | | | | Aa2 | | | | 10,625 | | | | 11,230,751 | |
See Notes to Financial Statements.
88
Schedule of Investments (concluded)
NEW JERSEY TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Comwlth Hwy & Transn Auth Ser AA (NPFGC) | | | 5.50% | | | | 7/1/2020 | | | | A | | | $ | 1,000 | | | $ | 1,104,650 | |
| Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT | | | 6.25% | | | | 6/1/2026 | | | | CCC+ | | | | 1,000 | | | | 871,720 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 27,505,261 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 5.78% | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Elec Pwr Auth Ser WW | | | 5.00% | | | | 7/1/2028 | | | | A3 | | | | 1,000 | | | | 1,048,290 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.25% | | | | 7/1/2040 | | | | A3 | | | | 1,000 | | | | 1,047,290 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.75% | | | | 7/1/2036 | | | | A3 | | | | 2,000 | | | | 2,228,620 | |
| Salem Cnty NJ Utils Auth Pollutn Ctrl Atlantic City Elec Ser A | | | 4.875% | | | | 6/1/2029 | | | | A3 | | | | 2,000 | | | | 2,086,720 | |
| Virgin Islands Wtr & Pwr Auth Ser A | | | 5.00% | | | | 7/1/2031 | | | | BBB- | | | | 1,000 | | | | 1,015,350 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 7,426,270 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $127,826,357) | | | | | | | | | | | | | | | | | | | 131,088,837 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares
(000) | | | | |
| SHORT-TERM INVESTMENT 0.00% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Money Market Mutual Fund | | | | | | | | | | | | | | | | | | | | |
| Dreyfus NJ Municipal Cash Management (cost $5) | | | | | | | | | | | | — | (e) | | | 5 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 102.02% (cost $127,826,362) | | | | | | | | | | | | 131,088,842 | |
| | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (2.02%) | | | | | | | | | | | | (2,591,429 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | $ | 128,497,413 | |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 100 | | | Short | | $ | (13,371,875) | | | $ | 56,135 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 10 | | | Short | | | (1,412,813) | | | | 17,907 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (14,784,688) | | | $ | 74,042 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
89
Schedule of Investments
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 107.47% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 6.16% | | | | | | | | | | | | | | | | | | | | |
| Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase II Pj Ser B (ACA) | | | 5.10% | | | | 8/1/2036 | | | | NR | | | $ | 500 | | | $ | 372,000 | |
| Chautauqua Cnty NY Indl Dev Agy Dunkirk Pwr Pj Rmkt | | | 5.875% | | | | 4/1/2042 | | | | Baa3 | | | | 1,000 | | | | 1,047,030 | |
| Essex Cnty NY Indl Dev Agy Intl Paper Co Pjs Ser A AMT | | | 4.60% | | | | 12/1/2030 | | | | BBB | | | | 1,400 | | | | 1,387,218 | |
| Liberty NY Dev Corp Rev Goldman Sachs Headquarters | | | 5.25% | | | | 10/1/2035 | | | | A1 | | | | 5,000 | | | | 5,272,900 | |
| New York City NY Indl Dev Agy British Airways Plc Pj AMT | | | 5.25% | | | | 12/1/2032 | | | | BB- | | | | 2,245 | | | | 1,810,053 | |
| New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT | | | 5.125% | | | | 5/15/2030 | | | | B- | | | | 3,350 | | | | 2,879,727 | |
| Seneca NY Nation Indians Cap Impts Auth Ser A† | | | 5.00% | | | | 12/1/2023 | | | | BB | | | | 1,000 | | | | 839,650 | |
| Seneca NY Nation Indians Cap Impts Auth Ser A† | | | 5.25% | | | | 12/1/2016 | | | | BB | | | | 1,000 | | | | 938,770 | |
| TSASC Inc NY Ser 1 | | | 5.00% | | | | 6/1/2026 | | | | BBB | | | | 1,750 | | | | 1,658,825 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 1,665 | | | | 1,555,027 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 17,761,200 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 17.78% | | | | | | | | | | | | | | | | | | | | |
| Albany NY Indl Dev Agy Civic Fac Albany College Pharmacy Pj Ser A | | | 5.625% | | | | 12/1/2034 | | | | BBB- | | | | 700 | | | | 706,776 | |
| Albany NY Indl Dev Agy Civic Fac Albany Law Sch Univ Ser A | | | 5.00% | | | | 7/1/2031 | | | | BBB | | | | 1,000 | | | | 1,023,460 | |
| Cattaraugus Cnty NY Indl Dev Agy St. Bonaventure Univ Pj Ser A | | | 5.00% | | | | 5/1/2023 | | | | BBB- | | | | 500 | | | | 510,700 | |
| Cattaraugus Cnty NY Indl Dev Agy St. Bonaventure Univ Pj Ser A | | | 5.10% | | | | 5/1/2031 | | | | BBB- | | | | 1,075 | | | | 1,087,427 | |
| City of Troy NY Rensselaer Polytechnic Ser A | | | 5.00% | | | | 9/1/2030 | | | | A | | | | 1,000 | | | | 1,049,350 | |
| Nassau Cnty NY Indl Dev Agy Amsterdam At Harborside Ser A | | | 6.50% | | | | 1/1/2027 | | | | NR | | | | 1,000 | | | | 1,030,070 | |
| New York City NY Indl Dev Agy Polytechnic Univ Pj (ACA) | | | 5.25% | | | | 11/1/2037 | | | | BB+ | | | | 1,820 | | | | 1,798,924 | |
| New York City NY Indl Dev Agy Vaughn College Aeronautics B | | | 5.00% | | | | 12/1/2031 | | | | BB+ | | | | 1,510 | | | | 1,307,509 | |
See Notes to Financial Statements.
90
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| NY St Dorm Auth Lease Rev Cap Apprec Court Facs | | | Zero Coupon | | | | 8/1/2021 | | | | AA+ | | | $ | 3,265 | | | $ | 2,318,117 | |
| NY St Dorm Auth Lease Rev Master Boces Pg Oneida | | | 5.25% | | | | 8/15/2028 | | | | Aa3 | | | | 3,375 | | | | 3,656,981 | |
| NY St Dorm Auth Rev Non St Supp Debt NYU Ser A(b) | | | 5.25% | | | | 7/1/2034 | | | | AA- | | | | 20,000 | | | | 22,136,600 | |
| NY St Dorm Auth Rev Non St Supp Debt NYU Ser C | | | 5.00% | | | | 7/1/2029 | | | | AA- | | | | 5,000 | | | | 5,507,900 | |
| NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech Ser A | | | 6.25% | | | | 7/1/2029 | | | | A1 | | | | 2,750 | | | | 3,158,128 | |
| NY St Dorm Auth Rev Non St Supp Debt Teachers College | | | 5.375% | | | | 3/1/2029 | | | | A1 | | | | 1,000 | | | | 1,097,300 | |
| NY St Dorm Auth Rev Non St Supp Debt Yeshiva Univ | | | 5.00% | | | | 9/1/2034 | | | | AA | | | | 1,500 | | | | 1,612,560 | |
| NY St Dorm Auth Rev St City Univ Cons 5th Gen Res Ser B | | | 5.00% | | | | 7/1/2027 | | | | AA- | | | | 1,500 | | | | 1,632,210 | |
| Seneca Cnty NY Indl Dev Agy NY Chiropractic College | | | 5.00% | | | | 10/1/2027 | | | | BBB | | | | 500 | | | | 511,235 | |
| Yonkers NY Indl Dev Agy Civic Ctr Sarah Lawrence College Pj Ser A | | | 6.00% | | | �� | 6/1/2029 | | | | A | | | | 1,000 | | | | 1,109,510 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 51,254,757 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 10.98% | | | | | | | | | | | | | | | | | | | | |
| New York City NY Sub Ser I-1(b) | | | 5.00% | | | | 4/1/2025 | | | | AA | | | | 10,000 | | | | 10,933,150 | |
| Northern Mariana Islands Comwlth Ser B | | | 5.00% | | | | 10/1/2033 | | | | NR | | | | 4,000 | | | | 3,322,200 | |
| NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C (AGM) | | | 5.00% | | | | 10/1/2032 | | | | AAA | | | | 1,425 | | | | 1,514,704 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2025 | | | | AAA | | | | 3,290 | | | | 3,680,150 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2026 | | | | AAA | | | | 4,790 | | | | 5,358,030 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2027 | | | | AAA | | | | 1,920 | | | | 2,147,686 | |
| Puerto Rico Comwlth Pub Impt | | | 5.25% | | | | 7/1/2018 | | | | A3 | | | | 2,000 | | | | 2,195,560 | |
| Puerto Rico Comwlth Pub Impt Ser C | | | 6.00% | | | | 7/1/2039 | | | | A3 | | | | 1,000 | | | | 1,085,490 | |
| Syracuse NY Indl Dev Agy Syracuse City Sch Dist Ser A (AGM) | | | 5.00% | | | | 5/1/2027 | | | | AAA | | | | 1,000 | | | | 1,106,710 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 280 | | | | 316,403 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 31,660,083 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
91
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care 14.01% | | | | | | | | | | | | | | | | | | | | |
| Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser A | | | 5.25% | | | | 11/15/2027 | | | | BBB+ | | | $ | 1,500 | | | $ | 1,524,825 | |
| Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser E | | | 5.50% | | | | 11/15/2027 | | | | BBB+ | | | | 1,000 | | | | 1,031,370 | |
| Cortland Cnty NY Indl Dev Agy Cortland Mem Hosp Pj (RADIAN) | | | 5.625% | | | | 7/1/2024 | | | | NR | | | | 1,750 | | | | 1,800,120 | |
| East Rochester NY Hsg Auth Rev Sr Living Woodland Vlg Pj | | | 5.50% | | | | 8/1/2033 | | | | NR | | | | 1,700 | | | | 1,504,551 | |
| Genesee Cnty NY Indl Dev Agy Utd Mem Med Ctr Pj | | | 5.00% | | | | 12/1/2032 | | | | NR | | | | 1,000 | | | | 866,130 | |
| Madison Cnty NY Indl Dev Agy Civic Fac Oneida Hlth Sys Inc Pj | | | 5.25% | | | | 2/1/2027 | | | | BBB- | | | | 750 | | | | 709,815 | |
| Madison Cnty NY Indl Dev Agy Civic Fac Oneida Hlth Sys Inc Pj | | | 5.50% | | | | 2/1/2032 | | | | BBB- | | | | 750 | | | | 711,188 | |
| New York City NY Hlth & Hosp Corp Hlth Sys Ser A | | | 5.50% | | | | 2/15/2023 | | | | Aa3 | | | | 1,000 | | | | 1,109,580 | |
| New York City NY Indl Dev Agy Coll Mtg Eger Hrbr Pj A (GNMA) | | | 5.875% | | | | 5/20/2044 | | | | AA+ | | | | 415 | | | | 447,606 | |
| NY St Dorm Auth Rev Catholic Hlth Long Island Oblig Grp | | | 5.00% | | | | 7/1/2027 | | | | A3 | | | | 1,250 | | | | 1,262,200 | |
| NY St Dorm Auth Rev Lenox Hill Hosp Oblig Grp | | | 5.375% | | | | 7/1/2020 | | | | Baa3 | | | | 2,000 | | | | 2,021,800 | |
| NY St Dorm Auth Rev Lenox Hill Hosp Oblig Grp | | | 5.50% | | | | 7/1/2030 | | | | Baa3 | | | | 1,500 | | | | 1,501,095 | |
| NY St Dorm Auth Rev Mental Hlth Svcs Ser B (NPFGC)(IBC) | | | 6.00% | | | | 8/15/2012 | | | | AA- | | | | 1,460 | | | | 1,592,539 | |
| NY St Dorm Auth Rev Non St Supp Debt Mount Sinai Hosp Ser A | | | 5.00% | | | | 7/1/2026 | | | | A2 | | | | 5,525 | | | | 5,902,302 | |
| NY St Dorm Auth Rev Non St Supp Debt Mount Sinai Sch Med | | | 5.125% | | | | 7/1/2039 | | | | A- | | | | 3,000 | | | | 3,103,350 | |
| NY St Dorm Auth Rev Non St Supp Debt Muni Hlth Facs Lease Sub 2-4 | | | 5.00% | | | | 1/15/2028 | | | | AA- | | | | 1,000 | | | | 1,062,540 | |
| NY St Dorm Auth Rev Non St Supp Debt North Shore L I Jewish Ser A | | | 5.25% | | | | 5/1/2030 | | | | A- | | | | 2,520 | | | | 2,622,186 | |
| NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A | | | 5.00% | | | | 7/1/2020 | | | | BBB | | | | 3,435 | | | | 3,620,181 | |
| NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A | | | 5.00% | | | | 7/1/2036 | | | | BBB | | | | 2,265 | | | | 2,281,580 | |
| NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr | | | 6.125% | | | | 12/1/2029 | | | | Ba1 | | | | 2,000 | | | | 2,067,820 | |
See Notes to Financial Statements.
92
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| NY St Dorm Auth Rev Utd Cerebral Palsy Aff No 1-A (AMBAC) | | | 5.75% | | | | 7/1/2018 | | | | NR | | | $ | 1,000 | | | $ | 1,009,950 | |
| Suffolk Cnty NY Indl Dev Agy Eastern Long Island Hosp Assoc† | | | 5.375% | | | | 1/1/2027 | | | | NR | | | | 1,230 | | | | 1,032,487 | |
| Suffolk Cnty NY Indl Dev Agy Eastern Long Island Hosp Assoc† | | | 5.50% | | | | 1/1/2037 | | | | NR | | | | 1,000 | | | | 787,010 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 755 | | | | 804,702 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 40,376,927 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 1.51% | | | | | | | | | | | | | | | | | | | | |
| Canton NY Cap Res Corp Grasse River Suny Canton Pj Ser A | | | 5.00% | | | | 5/1/2040 | | | | AAA | | | | 1,000 | | | | 1,038,510 | |
| NY St Mtg Agy Hmownr Mtg Rev Ser 143 AMT | | | 4.875% | | | | 10/1/2030 | | | | Aa1 | | | | 2,255 | | | | 2,275,205 | |
| NY St Mtg Agy Hmownr Mtg Rev Ser 156 | | | 5.20% | | | | 10/1/2028 | | | | Aa1 | | | | 1,000 | | | | 1,054,080 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,367,795 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 9.36% | | | | | | | | | | | | | | | | | | | | |
| Hudson Yards NY Infrastr Corp Ser A | | | 5.00% | | | | 2/15/2047 | | | | A | | | | 2,500 | | | | 2,491,525 | |
| New York City NY Edl Constr Fd Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 4/1/2031 | | | | AA- | | | | 5,000 | | | | 5,336,250 | |
| New York City NY Indl Dev Agy NY Stock Exchange Pj Ser A | | | 4.75% | | | | 5/1/2029 | | | | AA- | | | | 2,500 | | | | 2,627,450 | |
| New York City NY Indl Dev Agy USTA Natl Tennis (AGM) | | | 5.00% | | | | 11/15/2023 | | | | AAA | | | | 1,830 | | | | 2,044,458 | |
| New York City NY Indl Dev Agy Yankee Stadium Pilot (FGIC) | | | 5.00% | | | | 3/1/2046 | | | | BBB- | | | | 1,000 | | | | 996,660 | |
| New York City NY Transnl Fin Auth Fiscal 2008 Ser S1 | | | 5.00% | | | | 1/15/2028 | | | | AA- | | | | 5,000 | | | | 5,441,050 | |
| NY St Urban Dev Corp Rev St Facs | | | 5.70% | | | | 4/1/2020 | | | | AA- | | | | 4,150 | | | | 4,829,480 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 6.50% | | | | 10/1/2037 | | | | NR | | | | 1,000 | | | | 969,120 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 2,000 | | | | 2,250,820 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 26,986,813 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 10.93% | | | | | | | | | | | | | | | | | | | | |
| Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj | | | 6.25% | | | | 7/15/2040 | | | | BBB- | | | | 3,000 | | | | 3,263,520 | |
See Notes to Financial Statements.
93
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj | | | 6.50% | | | | 7/15/2030 | | | | BBB- | | | $ | 1,500 | | | $ | 1,678,500 | |
| Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase I Pj Ser A (ACA) | | | 5.20% | | | | 8/1/2030 | | | | NR | | | | 750 | | | | 589,538 | |
| Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase I Pj Ser A (ACA) | | | 5.20% | | | | 8/1/2036 | | | | NR | | | | 1,000 | | | | 755,520 | |
| New York City NY Indl Dev Agy Liberty IAC/Interactive Corp | | | 5.00% | | | | 9/1/2035 | | | | BB+ | | | | 1,315 | | | | 1,239,927 | |
| New York City NY Tr Cultural Res Carnegie Hall Ser A | | | 5.00% | | | | 12/1/2039 | | | | A+ | | | | 2,000 | | | | 2,098,740 | |
| New York City NY Tr Cultural Res Lincoln Ctr Ser C | | | 5.75% | | | | 12/1/2018 | | | | A+ | | | | 2,500 | | | | 2,980,025 | |
| New York City NY Tr Cultural Res Museum Modern Art Ser 1A | | | 5.00% | | | | 4/1/2031 | | | | Aa2 | | | | 4,500 | | | | 4,943,835 | |
| NY Liberty Dev Corp 2nd Priority Bk Amer | | | 5.625% | | | | 7/15/2047 | | | | A | | | | 2,850 | | | | 2,969,956 | |
| NY Liberty Dev Corp 2nd Priority Bk Amer | | | 6.375% | | | | 7/15/2049 | | | | BBB- | | | | 3,100 | | | | 3,324,998 | |
| NY St Envr Facs Corp Utd Wtr New Rochelle Ser A | | | 4.875% | | | | 9/1/2040 | | | | A- | | | | 2,500 | | | | 2,554,100 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser B | | | 5.00% | | | | 3/15/2032 | | | | AAA | | | | 2,250 | | | | 2,435,062 | |
| Ulster Cnty NY Indl Dev Agy Ser A | | | 6.00% | | | | 9/15/2027 | | | | NR | | | | 3,000 | | | | 2,674,860 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 31,508,581 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 0.67% | | | | | | | | | | | | | | | | | | | | |
| New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC) | | | 5.00% | | | | 1/1/2031 | | | | BB+ | | | | 2,000 | | | | 1,930,720 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 9.32% | | | | | | | | | | | | | | | | | | | | |
| New York City NY Transnl Fin Auth Fiscal 2009 Ser S1 | | | 5.375% | | | | 7/15/2024 | | | | AA- | | | | 5,000 | | | | 5,710,000 | |
| New York City NY Transnl Fin Auth Future Tax Secd Ser A | | | 5.00% | | | | 5/1/2034 | | | | AAA | | | | 5,000 | | | | 5,439,150 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2028 | | | | AAA | | | | 4,160 | | | | 4,663,942 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1 | | | 5.00% | | | | 12/15/2028 | | | | AAA | | | | 2,625 | | | | 2,942,993 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.75% | | | | 8/1/2037 | | | | A+ | | | | 3,000 | | | | 3,268,080 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 6.00% | | | | 8/1/2042 | | | | A+ | | | | 2,500 | | | | 2,762,725 | |
See Notes to Financial Statements.
94
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 5.00% | | | | 8/1/2035 | | | | A+ | | | $ | 2,000 | | | $ | 2,078,560 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 26,865,450 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tobacco 1.45% | | | | | | | | | | | | | | | | | | | | |
| Suffolk Cnty NY Tob Asset Securitization Corp Turbo Ser B | | | 6.00% | | | | 6/1/2048 | | | | BBB+ | (c) | | | 2,350 | | | | 2,169,849 | |
| TSASC Inc NY Ser 1 | | | 5.125% | | | | 6/1/2042 | | | | BBB | | | | 2,445 | | | | 1,998,641 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,168,490 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 11.46% | | | | | | | | | | | | | | | | | | | | |
| Metro Transn Auth NY Ser A | | | 5.00% | | | | 11/15/2031 | | | | A | | | | 5,000 | | | | 5,249,150 | |
| Metro Transn Auth NY Ser B | | | 5.00% | | | | 11/15/2034 | | | | AA | | | | 2,000 | | | | 2,152,960 | |
| New York City NY Indl Dev Agy 1990 Amer Airlines Inc Pj AMT | | | 5.40% | | | | 7/1/2019 | | | | CCC+ | | | | 2,635 | | | | 2,252,767 | |
| New York City NY Indl Dev Agy Terminal One Grp Assoc Pj AMT | | | 5.50% | | | | 1/1/2021 | | | | A3 | | | | 1,250 | | | | 1,317,800 | |
| New York City NY Indl Dev Agy Terminal One Grp Assoc Pj AMT | | | 5.50% | | | | 1/1/2024 | | | | A3 | | | | 2,000 | | | | 2,083,740 | |
| NY St Thwy Auth Gen Rev Ser H (NPFGC)(FGIC) | | | 5.00% | | | | 1/1/2030 | | | | A+ | | | | 5,000 | | | | 5,399,300 | |
| NY St Thwy Auth Hwy & Bridge Tr Fd Ser B | | | 5.00% | | | | 4/1/2028 | | | | AA | | | | 2,000 | | | | 2,206,040 | |
| Puerto Rico Comwlth Hwy & Transn Auth Sub PR St Infrastr Bk | | | 5.00% | | | | 7/1/2028 | | | | A3 | | | | 1,000 | | | | 1,001,230 | |
| Triborough NY Bridge & Tunnel Auth Gen Purp | | | 4.75% | | | | 11/15/2030 | | | | Aa2 | | | | 5,455 | | | | 5,835,486 | |
| Triborough NY Bridge & Tunnel Auth Ser C | | | 5.00% | | | | 11/15/2029 | | | | Aa2 | | | | 5,000 | | | | 5,544,100 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 33,042,573 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 13.84% | | | | | | | | | | | | | | | | | | | | |
| Long Island NY Pwr Auth Ser A | | | 5.50% | | | | 4/1/2024 | | | | A- | | | | 2,190 | | | | 2,493,731 | |
| New York City NY Muni Wtr Fin Auth Ser CC | | | 5.00% | | | | 6/15/2029 | | | | AA+ | | | | 1,545 | | | | 1,705,541 | |
| New York City NY Muni Wtr Fin Auth Ser CC(b) | | | 5.00% | | | | 6/15/2029 | | | | AA+ | | | | 3,500 | | | | 3,858,785 | |
| New York City NY Muni Wtr Fin Auth Ser CC(b) | | | 5.125% | | | | 6/15/2030 | | | | AA+ | | | | 6,500 | | | | 7,166,315 | |
| New York City NY Muni Wtr Fin Auth Ser DD | | | 5.00% | | | | 6/15/2032 | | | | AA+ | | | | 1,000 | | | | 1,082,130 | |
See Notes to Financial Statements.
95
Schedule of Investments (concluded)
NEW YORK TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| NY St Enrg Resh & Dev Auth Reg Lnkd Savrs & RIBs Brooklyn AMT | | | 6.952% | | | | 7/1/2026 | | | | A3 | | | $ | 8,000 | | | $ | 8,001,520 | |
| NY St Envr Facs Corp Ser A | | | 5.00% | | | | 6/15/2029 | | | | AA+ | | | | 2,795 | | | | 3,153,710 | |
| NY St Envr Facs Corp Ser B | | | 4.75% | | | | 6/15/2032 | | | | AA+ | | | | 5,000 | | | | 5,351,400 | |
| NY St Envr Facs Corp Wst Mgmt Pj Ser A AMT | | | 4.55% | | | | 5/1/2012 | | | | BBB | | | | 1,500 | | | | 1,517,340 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.75% | | | | 7/1/2036 | | | | A3 | | | | 5,000 | | | | 5,571,550 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 39,902,022 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $294,846,764) | | | | | | | | | | | | | | | | | | | 309,825,411 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares
(000) | | | | |
| SHORT-TERM INVESTMENT 0.00% | | | | | | | | | |
| | |
| Money Market Mutual Fund | | | | | | | | | |
| Dreyfus NY Municipal Cash Management (cost $230) | | | | - | (e) | | | 230 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 107.47% (cost $294,846,994) | | | | | | | | | | | | 309,825,641 | |
| | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (7.47%) | | | | | | | | | | | | (21,538,811 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | $ | 288,286,830 | |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 240 | | | Short | | $ | (32,092,500) | | | $ | 136,851 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 28 | | | Short | | | (3,955,875) | | | | 53,290 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (36,048,375) | | | $ | 190,141 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
96
Schedule of Investments
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 95.15% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 2.99% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 5.50% | | | | 11/1/2016 | | | | BB | | | $ | 1,500 | | | $ | 1,580,505 | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.50% | | | | 5/1/2017 | | | | BB | | | | 3,315 | | | | 3,648,887 | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.75% | | | | 11/1/2024 | | | | BB | | | | 3,800 | | | | 4,169,930 | |
| Babylon NY Indl Dev Agy Res Rev Covanta Babylon Ser A | | | 5.00% | | | | 1/1/2019 | | | | AA | | | | 4,000 | | | | 4,480,720 | |
| Chicago IL O’Hare Intl Arpt Ser B (AGM) | | | 5.00% | | | | 1/1/2020 | | | | AAA | | | | 3,500 | | | | 3,859,835 | |
| DeSoto Parish LA Envr Fac Intl Paper Co Ser A AMT | | | 4.75% | | | | 3/1/2019 | | | | BBB | | | | 6,480 | | | | 6,590,419 | |
| IN St Fin Auth Impt US Steel Corp | | | 6.00% | | | | 12/1/2026 | | | | BB | | | | 1,000 | | | | 1,068,580 | |
| Jay ME Solid Wst Disp Rev Intl Paper Co Pj Ser A AMT | | | 4.90% | | | | 11/1/2017 | | | | BBB | | | | 2,890 | | | | 3,008,808 | |
| Long Beach CA Bd Fin Auth Natural Gas Ser A | | | 5.25% | | | | 11/15/2020 | | | | A | | | | 500 | | | | 529,335 | |
| MD St Indl Dev Fing Auth Synagro Baltimore Ser A AMT | | | 5.25% | | | | 12/1/2013 | | | | BBB+ | (c) | | | 750 | | | | 777,495 | |
| MD St Indl Dev Fing Auth Synagro Baltimore Ser A AMT | | | 5.375% | | | | 12/1/2014 | | | | BBB+ | (c) | | | 1,000 | | | | 1,042,000 | |
| MI St Strategic Fd Ltd Pollutn Ctrl Gen Motors Corp(i) | | | 6.20% | | | | 9/1/2020 | | | | NR | | | | 400 | | | | 128,000 | |
| Mission TX Econ Dev Corp Wst Mgmt Inc Pj AMT | | | 6.00% | | | | 8/1/2020 | | | | BBB | | | | 2,000 | | | | 2,205,640 | |
| New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT | | | 5.00% | | | | 5/15/2020 | | | | B- | | | | 3,000 | | | | 2,744,070 | |
| Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj | | | 6.00% | | | | 10/1/2024 | | | | BB | | | | 1,000 | | | | 1,000,230 | |
| NH St Business Fin Auth Pub Svc Ser D Rmkt TCRS AMT (AMBAC) | | | 6.00% | | | | 5/1/2021 | | | | A3 | | | | 1,000 | | | | 1,013,250 | |
| NH St Business Fin Auth UTD Illuminating Ser A AMT | | | 4.50% | | | | 7/1/2027 | | | | BBB | | | | 5,000 | | | | 5,167,750 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.25% | | | | 9/15/2029 | | | | B | | | | 3,000 | | | | 2,912,460 | |
| OH St Wtr Dev Auth Solid Wst Allied Wst NA Inc Pj Ser A AMT | | | 5.15% | | | | 7/15/2015 | | | | BBB | | | | 250 | | | | 253,798 | |
| Port of Corpus Christi Auth of Nueces Cnty TX Union Pacific | | | 5.65% | | | | 12/1/2022 | | | | NR | | | | 2,400 | | | | 2,451,240 | |
See Notes to Financial Statements.
97
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | | | | | | | |
| Rockport IN Pollutn Ctrl Rev MI Pwr Co Pj Ser A | | | 6.25% | | | | 6/1/2025 | | | | BBB | | | $ | 2,500 | | | $ | 2,816,375 | |
| San Jose CA Arpt Rev Ser A AMT (AMBAC) | | | 5.50% | | | | 3/1/2018 | | | | A | | | | 500 | | | | 566,815 | |
| Seminole Indian Tribe FL Spl Oblig Ser A† | | | 5.75% | | | | 10/1/2022 | | | | BBB | | | | 150 | | | | 153,284 | |
| Seneca NY Nation Indians Cap Impts Auth Ser A† | | | 5.25% | | | | 12/1/2016 | | | | BB | | | | 250 | | | | 234,693 | |
| Tulsa OK Arpts Impt Tr Rev Ser A Rmkt AMT | | | 7.75% | | | | 6/1/2035 | | | | Caa2 | | | | 2,500 | | | | 2,507,500 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 1,000 | | | | 933,950 | |
| West Pace Cooperative Dist AL Rev | | | 9.125% | | | | 5/1/2039 | | | | NR | | | | 5,000 | | | | 4,796,550 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 60,642,119 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 6.20% | | | | | | | | | | | | | | | | | | | | |
| Adams Cnty PA Indl Dev Auth Gettysburg College | | | 5.00% | | | | 8/15/2020 | | | | A | | | | 1,760 | | | | 2,008,442 | |
| Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser A | | | 5.00% | | | | 11/15/2015 | | | | BBB+ | | | | 250 | | | | 271,300 | |
| Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ | | | 5.00% | | | | 3/1/2015 | | | | A2 | | | | 1,100 | | | | 1,238,479 | |
| Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 3/1/2013 | | | | A | | | | 150 | | | | 162,320 | |
| Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj | | | 5.00% | | | | 7/1/2021 | | | | A1 | | | | 610 | | | | 653,499 | |
| AZ St Univ Brd Regents COP (NPFGC) | | | 5.00% | | | | 7/1/2022 | | | | AA- | | | | 3,465 | | | | 3,761,431 | |
| AZ St Univ Enrg Mgmt LLC Tempe Campus II | | | 5.00% | | | | 7/1/2019 | | | | AA- | | | | 2,090 | | | | 2,378,127 | |
| Bulloch Cnty GA Dev Auth GA Sthn Univ Hsg Fndtn Four (AG) | | | 5.25% | | | | 7/1/2018 | | | | Aa3 | | | | 500 | | | | 593,475 | |
| CA Muni Fin Auth Rev Biola Univ | | | 5.625% | | | | 10/1/2023 | | | | Baa1 | | | | 1,015 | | | | 1,097,631 | |
| CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus | | | 6.00% | | | | 5/15/2023 | | | | Baa2 | | | | 2,000 | | | | 2,214,500 | |
| CA Statewide Cmntys Dev Auth Thomas Jefferson Sch Law Ser A | | | 7.25% | | | | 10/1/2032 | | | | BB+ | | | | 1,000 | | | | 1,055,060 | |
| Carrollton TX Fmrs Branch Indpt Sch Dist Sch Bldg PSF GTD | | | 4.50% | | | | 2/15/2019 | | | | AAA | | | | 500 | | | | 558,150 | |
| Clifton TX Higher Ed Fin Corp Uplift Ed Ser A | | | 5.70% | | | | 12/1/2025 | | | | BBB- | | | | 5,110 | | | | 5,333,818 | |
| CT St Hlth & Edl Facs Auth Fairfield Univ Facs Ser M | | | 5.00% | | | | 7/1/2016 | | | | A- | | | | 1,000 | | | | 1,133,420 | |
See Notes to Financial Statements.
98
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC) | | | 5.00% | | | | 7/1/2019 | | | | A | | | $ | 500 | | | $ | 555,105 | |
| Cuyahoga OH Cmnty College Dist Ser C | | | 5.00% | | | | 8/1/2020 | | | | Aa2 | | | | 1,800 | | | | 2,089,206 | |
| Harris Cnty TX Cultural Ed Facs Fin Corp Baylor College Medicine Ser D | | | 5.00% | | | | 11/15/2019 | | | | A- | | | | 1,910 | | | | 2,024,810 | |
| IL Edl Facs Auth Rev Northwestern Univ | | | 5.50% | | | | 12/1/2013 | | | | AAA | | | | 300 | | | | 325,647 | |
| IL Fin Auth Rev DePaul Univ | | | 5.00% | | | | 10/1/2013 | | | | A- | | | | 1,225 | | | | 1,328,500 | |
| IL Fin Auth Rev Inst Tech | | | 6.50% | | | | 2/1/2023 | | | | Baa2 | | | | 2,000 | | | | 2,251,300 | |
| IL Fin Auth Rev Inst Tech Ser A | | | 5.00% | | | | 4/1/2016 | | | | Baa2 | | | | 2,000 | | | | 2,143,460 | |
| IL Fin Auth Rev Northwestern Mem Hosp Ser A(b) | | | 5.75% | | | | 8/15/2030 | | | | AA+ | | | | 2,500 | | | | 2,773,975 | |
| IL Fin Auth Rev Univ of Chicago Ser B | | | 5.50% | | | | 7/1/2021 | | | | Aa1 | | | | 5,000 | | | | 5,952,400 | |
| MA St Hlth & Edl Facs Auth Harvard Univ Ser A | | | 5.25% | | | | 11/15/2019 | | | | AAA | | | | 2,850 | | | | 3,485,322 | |
| Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj | | | 6.25% | | | | 6/15/2020 | | | | Ba3 | | | | 2,830 | | | | 2,799,351 | |
| MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies | | | 5.00% | | | | 12/1/2016 | | | | Baa3 | | | | 1,235 | | | | 1,302,554 | |
| MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies | | | 5.25% | | | | 12/1/2018 | | | | Baa3 | | | | 1,120 | | | | 1,179,774 | |
| Miami-Dade Cnty FL Edl Facs Auth Univ of Miami Ser A | | | 5.25% | | | | 4/1/2016 | | | | A- | | | | 1,000 | | | | 1,127,100 | |
| MO St Hlth & Edl Facs Auth Washington Univ Ser A | | | 5.25% | | | | 3/15/2018 | | | | AAA | | | | 625 | | | | 764,844 | |
| NC Cap Facs Fin Agy Meredith College | | | 5.375% | | | | 6/1/2021 | | | | BBB | | | | 500 | | | | 538,435 | |
| NH Hlth & Ed Facs Auth Univ Sys Ser A | | | 5.50% | | | | 7/1/2020 | | | | Aa3 | | | | 1,890 | | | | 2,257,189 | |
| NJ St Edl Facs Auth Univ Med & Dentistry Ser B | | | 6.50% | | | | 12/1/2019 | | | | Baa1 | | | | 5,595 | | | | 6,700,068 | |
| NJ St Higher Ed Assist Auth Ser 1A | | | 5.00% | | | | 12/1/2018 | | | | AA | | | | 3,985 | | | | 4,376,088 | |
| NJ St Higher Ed Assist Auth Ser A | | | 5.00% | | | | 6/1/2018 | | | | AA | | | | 3,055 | | | | 3,343,117 | |
| NY St Dorm Auth Rev Non St Supp Debt St Montefiore Med Ctr (NPFGC)(FGIC)(FHA) | | | 5.00% | | | | 2/1/2022 | | | | A | | | | 2,500 | | | | 2,651,150 | |
| OH St Higher Edl Fac Rev Case Western Reserve Ser C | | | 5.00% | | | | 12/1/2015 | | | | AA- | | | | 3,065 | | | | 3,521,317 | |
| OH St Higher Edl Fac Rev Commn Ashland Univ Pj | | | 6.25% | | | | 9/1/2024 | | | | Ba1 | | | | 4,115 | | | | 4,304,825 | |
| PA St Higher Edl Facs Auth Edinboro Univ | | | 5.00% | | | | 7/1/2018 | | | | BBB- | | | | 250 | | | | 262,240 | |
| PA St Higher Edl Facs Auth Ser AG | | | 5.25% | | | | 6/15/2018 | | | | Aa2 | | | | 1,000 | | | | 1,196,780 | |
See Notes to Financial Statements.
99
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| PA St Higher Edl Facs Auth Ser AH | | | 5.00% | | | | 6/15/2019 | | | | Aa2 | | | $ | 2,455 | | | $ | 2,863,389 | |
| PA St Higher Edl Facs Auth Univ of PA Ser A | | | 5.00% | | | | 9/1/2019 | | | | AA+ | | | | 3,450 | | | | 4,165,323 | |
| Pierce Cnty WA Sch Dist No 416 White River (AGM) | | | 5.00% | | | | 12/1/2015 | | | | Aa1 | | | | 250 | | | | 290,820 | |
| RI St Hlth & Edl Bldg Corp Pub Sch Fing Pg Ser A (AGM) | | | 5.00% | | | | 5/15/2018 | | | | Aa3 | | | | 1,855 | | | | 2,104,368 | |
| Troy NY Indl Dev Auth Civic Fac Rensselaer Polytechnic Ser E | | | 4.05% | | | | 4/1/2037 | | | | A | | | | 2,500 | | | | 2,563,575 | |
| TX St Univ Sys Fing Rev | | | 5.25% | | | | 3/15/2019 | | | | Aa2 | | | | 5,000 | | | | 5,958,600 | |
| TX Tech Univ Rev Fing 12th Ser | | | 5.00% | | | | 2/15/2020 | | | | AA | | | | 1,475 | | | | 1,727,343 | |
| Univ of AR Rev Fac Fayetteville Campus (AMBAC) | | | 5.00% | | | | 11/1/2014 | | | | Aa2 | | | | 350 | | | | 403,155 | |
| Univ of CO Entrprse Sys Ser A | | | 5.00% | | | | 6/1/2018 | | | | Aa2 | | | | 1,250 | | | | 1,469,325 | |
| Univ of MN Spl Purp Rev St Supp Stadium Debt | | | 5.00% | | | | 8/1/2018 | | | | AA+ | | | | 1,000 | | | | 1,153,380 | |
| Univ of North TX Rev Fing Sys | | | 4.00% | | | | 4/15/2019 | | | | Aa2 | | | | 2,735 | | | | 3,054,995 | |
| Univ of North TX Rev Fing Sys | | | 4.00% | | | | 4/15/2020 | | | | Aa2 | | | | 4,680 | | | | 5,208,887 | |
| Univ of Pittsburgh PA Cap Pj Ser B | | | 5.00% | | | | 9/15/2019 | | | | Aa1 | | | | 2,000 | | | | 2,391,940 | |
| Univ of TX Rev Ser A | | | 5.25% | | | | 8/15/2019 | | | | AAA | | | | 5,000 | | | | 6,067,100 | |
| Univ of Western MI Rev (AG) | | | 5.25% | | | | 11/15/2020 | | | | AAA | | | | 3,980 | | | | 4,470,973 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 125,607,382 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 15.36% | | | | | | | | | | | | | | | | | | | | |
| AL St Pub Sch & College Auth Cap Impt | | | 5.00% | | | | 12/1/2022 | | | | Aa1 | | | | 500 | | | | 566,355 | |
| Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A | | | 6.25% | | | | 8/1/2019 | | | | A1 | | | | 875 | | | | 1,027,189 | |
| Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A | | | 6.50% | | | | 8/1/2020 | | | | A1 | | | | 730 | | | | 865,685 | |
| Atlantic Cnty NJ | | | 5.00% | | | | 2/1/2018 | | | | AA | | | | 885 | | | | 1,055,672 | |
| Bexar Cnty TX Ltd Tax Pass Thru | | | 5.25% | | | | 6/15/2020 | | | | Aaa | | | | 3,190 | | | | 3,582,179 | |
| Birmingham AL Cap Impt Ser A (AMBAC) | | | 5.00% | | | | 12/1/2018 | | | | AA | | | | 1,000 | | | | 1,139,940 | |
| Boone McHenry & DeKalb Cntys IL Cmnty Unit Sch Dist No 100 Ser A (NPFGC) | | | 5.00% | | | | 1/1/2018 | | | | Aa3 | | | | 2,500 | | | | 2,745,575 | |
| Brevard Cnty FL Sch Brd COP Ser B (NPFGC)(FGIC) | | | 5.00% | | | | 7/1/2019 | | | | Aa3 | | | | 3,500 | | | | 3,731,980 | |
| Broward Cnty FL Pks & Land Preservation Pj | | | 5.00% | | | | 1/1/2019 | | | | Aaa | | | | 2,040 | | | | 2,243,082 | |
| CA St | | | 5.00% | | | | 8/1/2018 | | | | A1 | | | | 3,000 | | | | 3,381,720 | |
See Notes to Financial Statements.
100
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| CA St (AGM) | | | 5.00% | | | | 8/1/2016 | | | | AAA | | | $ | 2,000 | | | $ | 2,303,280 | |
| CA St Var Purp | | | 5.25% | | | | 10/1/2020 | | | | A1 | | | | 10,000 | | | | 11,439,200 | |
| Chandler AZ | | | 4.00% | | | | 7/1/2020 | | | | AAA | | | | 3,375 | | | | 3,679,459 | |
| Chesterfield Cnty SC Sch Dist (AGM) | | | 5.375% | | | | 3/1/2018 | | | | AAA | | | | 2,050 | | | | 2,191,901 | |
| Chicago IL Pjs Ser A (AGM) | | | 5.00% | | | | 1/1/2027 | | | | AAA | | | | 17,525 | | | | 19,078,416 | |
| Chicago IL Pk Dist Ser F | | | 5.50% | | | | 1/1/2022 | | | | AA+ | | | | 1,750 | | | | 2,046,292 | |
| Cleveland OH Var Purp Ser A (AG) | | | 5.25% | | | | 12/1/2020 | | | | AAA | | | | 1,415 | | | | 1,613,977 | |
| Cook Cnty IL Cmnty Consolidated Sch Dist No 64 (AGM) | | | 5.50% | | | | 12/1/2016 | | | | Aa2 | | | | 1,580 | | | | 1,866,612 | |
| Cook Cnty IL Ser A | | | 5.00% | | | | 11/15/2019 | | | | AA | | | | 1,405 | | | | 1,620,260 | |
| Crawford Cent Sch Dist PA Ser C | | | 5.00% | | | | 2/1/2019 | | | | Aa3 | | | | 1,775 | | | | 2,040,824 | |
| DE Vly Regl Financial Auth Ser B (AMBAC) | | | 5.60% | | | | 7/1/2017 | | | | A2 | | | | 3,140 | | | | 3,546,693 | |
| Desert Sands CA Unif Sch Dist Election 2001 | | | 5.75% | | | | 8/1/2019 | | | | Aa2 | | | | 675 | | | | 824,594 | |
| Detroit MI Dist St Aid | | | 5.00% | | | | 11/1/2018 | | | | AA- | | | | 3,320 | | | | 3,709,536 | |
| Dist of Columbia Ser E (BHAC) | | | 5.00% | | | | 6/1/2021 | | | | AA+ | | | | 3,500 | | | | 3,970,365 | |
| FL St Brd of Ed Lottery Rev Ser B (AMBAC) | | | 5.00% | | | | 7/1/2016 | | | | AAA | | | | 1,000 | | | | 1,162,450 | |
| Fontana CA Unif Sch Dist Ser A (AGM) | | | 5.25% | | | | 8/1/2025 | | | | AAA | | | | 3,125 | | | | 3,380,531 | |
| Foothill-De Anza CA Cmnty College Dist Ser A (AMBAC) | | | 5.00% | | | | 8/1/2017 | | | | Aaa | | | | 500 | | | | 565,005 | |
| Fresno CA Unif Sch Dist Ser B (NPFGC) | | | 5.25% | | | | 2/1/2024 | | | | A+ | | | | 3,285 | | | | 3,550,231 | |
| Garland TX Indpt Sch Dist Sch Bldg Ser A | | | 5.00% | | | | 2/15/2020 | | | | Aaa | | | | 2,000 | | | | 2,376,740 | |
| Gloucester Cnty NJ Impt Auth Cnty Ln Cnty Cap Pg GTD | | | 5.00% | | | | 4/1/2017 | | | | AA+ | | | | 1,000 | | | | 1,180,380 | |
| Hemet CA Unif Sch Dist 2002 Election Ser C (NPFGC) | | | 5.00% | | | | 8/1/2011 | | | | A | | | | 200 | | | | 206,952 | |
| HI St Arpts Sys Rev Ser B AMT | | | 5.00% | | | | 7/1/2017 | | | | A2 | | | | 10,000 | | | | 11,102,100 | |
| HI St Ser DR ETM | | | 5.00% | | | | 6/1/2018 | | | | Aa2 | | | | 1,840 | | | | 2,232,877 | |
| HI St Unref Bal Ser DR | | | 5.00% | | | | 6/1/2018 | | | | Aa1 | | | | 3,160 | | | | 3,799,900 | |
| Hoffman Estates Vlg IL Ser A | | | 5.25% | | | | 12/1/2020 | | | | AA+ | | | | 1,205 | | | | 1,412,176 | |
| Houston TX Pub Impt Ser A | | | 5.00% | | | | 3/1/2022 | | | | AA | | | | 7,285 | | | | 8,395,234 | |
| Houston TX Pub Impt Ser A (AMBAC) | | | 5.00% | | | | 3/1/2018 | | | | AA | | | | 2,500 | | | | 2,872,700 | |
| IL St 1st Ser (NPFGC) | | | 5.375% | | | | 4/1/2016 | | | | A+ | | | | 4,465 | | | | 5,026,831 | |
| IL St 1st Ser (NPFGC) | | | 5.50% | | | | 8/1/2016 | | | | A+ | | | | 2,255 | | | | 2,561,748 | |
| Iron Cnty UT Sch Dist Sch Bldg UT Sch Bd Pg | | | 5.00% | | | | 1/15/2021 | | | | Aaa | | | | 1,210 | | | | 1,347,250 | |
| Jackson MS Pub Sch Dist (AGM) | | | 5.00% | | | | 10/1/2018 | | | | Aa3 | | | | 2,655 | | | | 2,867,188 | |
| Jersey City NJ Pub Impt Ser A (NPFGC) | | | 5.25% | | | | 9/1/2015 | | | | Aa3 | | | | 250 | | | | 275,328 | |
See Notes to Financial Statements.
101
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Kane Cnty IL Sch Dist No 131 Aurora East Side Ser C (AG) | | | 5.00% | | | | 6/1/2019 | | | | AAA | | | $ | 2,730 | | | $ | 3,051,075 | |
| Kane McHenry Cook & De Kalb Cntys IL Unit Sch Dist No 300 (AG)(AMBAC) | | | 5.00% | | | | 1/1/2022 | | | | AAA | | | | 13,325 | | | | 14,552,899 | |
| Kane McHenry Cook & De Kalb Cntys IL Unit Sch Dist No 300 (AG)(AMBAC) | | | 5.00% | | | | 1/1/2023 | | | | AAA | | | | 14,540 | | | | 15,803,090 | |
| King Cnty WA Sch Dist No 414 Lake Washington | | | 5.00% | | | | 12/1/2019 | | | | AA+ | | | | 2,500 | | | | 2,970,625 | |
| King Cnty WA Sch Dist No 414 Lake Washington (AGM) | | | 5.00% | | | | 12/1/2016 | | | | AAA | | | | 4,125 | | | | 4,882,845 | |
| KY St Ppty & Bldgs Commn Pj No 89 (AGM) | | | 5.00% | | | | 11/1/2014 | | | | AAA | | | | 2,000 | | | | 2,277,200 | |
| Lancaster CA Sch Dist (AG) | | | 5.00% | | | | 8/1/2017 | | | | AAA | | | | 1,125 | | | | 1,274,704 | |
| Las Vegas-Clark Cnty NV Library Dist Medium Term | | | 5.00% | | | | 1/1/2019 | | | | AA | | | | 3,500 | | | | 3,963,785 | |
| Lexington-Fayette Urban Cnty KY Govt Ser A | | | 4.00% | | | | 2/1/2018 | | | | AA+ | | | | 1,165 | | | | 1,313,631 | |
| Los Angeles CA Unif Sch Dist Ser A (NPFGC) | | | 5.00% | | | | 7/1/2018 | | | | Aa2 | | | | 500 | | | | 569,580 | |
| MA St Ser C (AGM) | | | 5.50% | | | | 12/1/2017 | | | | AAA | | | | 1,600 | | | | 1,977,600 | |
| Maricopa Cnty AZ Sch Dist No 6 Washington Elem Sch Impt Pj of 2001 Ser B (AGM) | | | 5.00% | | | | 7/1/2017 | | | | AAA | | | | 400 | | | | 462,724 | |
| Maricopa Cnty AZ Unif Sch Dist No 41-Gilbert Sch Impt Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 7/1/2018 | | | | Aa2 | | | | 2,400 | | | | 2,701,920 | |
| MD St Loc Facs Ln 2nd Ser A | | | 5.00% | | | | 8/1/2015 | | | | AAA | | | | 1,450 | | | | 1,710,376 | |
| Mecklenburg Cnty NC COP Ser A | | | 5.00% | | | | 2/1/2020 | | | | AA+ | | | | 3,565 | | | | 4,140,641 | |
| Memphis TN Gen Impt (NPFGC) | | | 5.00% | | | | 10/1/2018 | | | | AA | | | | 3,295 | | | | 3,695,046 | |
| Metro Govt Nashville & Davidson Cnty TN | | | 5.00% | | | | 1/1/2018 | | | | Aa1 | | | | 8,325 | | | | 9,907,416 | |
| Metro Govt Nashville & Davidson Cnty TN | | | 5.00% | | | | 5/15/2020 | | | | Aa1 | | | | 5,225 | | | | 6,026,619 | |
| Miami-Dade Cnty FL Bldg Better Cmntys Pg Ser B | | | 5.25% | | | | 7/1/2019 | | | | Aa2 | | | | 3,225 | | | | 3,744,418 | |
| Middlesex Cnty NJ Impt Auth Cnty Open Space Tr Fd GTD | | | 5.00% | | | | 9/15/2014 | | | | AAA | | | | 1,005 | | | | 1,161,780 | |
| Mobile AL Ser B | | | 5.00% | | | | 2/15/2018 | | | | Aa2 | | | | 1,000 | | | | 1,173,710 | |
| MS Dev Bk Spl Oblig Harrison Cnty Pj Ser D (AG) | | | 5.00% | | | | 10/1/2020 | | | | AAA | | | | 1,495 | | | | 1,705,018 | |
| MS Dev Bk Spl Oblig Jackson GTD | | | 5.50% | | | | 1/1/2019 | | | | Aa2 | | | | 1,120 | | | | 1,294,675 | |
| NC Infrastr Fin Corp Cap Impt Ser A (AGM) | | | 5.00% | | | | 5/1/2017 | | | | AAA | | | | 2,000 | | | | 2,385,420 | |
| New York City NY Ser G | | | 5.00% | | | | 8/1/2015 | | | | AA | | | | 1,000 | | | | 1,161,200 | |
| New York City NY Ser H-1 | | | 5.00% | | | | 3/1/2015 | | | | AA | | | | 1,665 | | | | 1,918,663 | |
See Notes to Financial Statements.
102
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| New York City NY Ser I | | | 5.00% | | | | 8/1/2015 | | | | AA | | | $ | 2,500 | | | $ | 2,841,775 | |
| NJ Econ Dev Auth Sch Facs Constr DD-1 | | | 5.00% | | | | 12/15/2018 | | | | AA- | | | | 9,680 | | | | 11,160,362 | |
| NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C (AGM) | | | 5.00% | | | | 10/1/2020 | | | | AAA | | | | 475 | | | | 540,270 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2025 | | | | AAA | | | | 1,320 | | | | 1,478,559 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2026 | | | | AAA | | | | 1,920 | | | | 2,150,632 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2027 | | | | AAA | | | | 770 | | | | 862,493 | |
| Oak Ridge TN | | | 4.00% | | | | 6/1/2018 | | | | AA | | | | 2,120 | | | | 2,379,509 | |
| Octorara PA Area Sch Dist Ser B (FSA) | | | 5.00% | | | | 6/1/2019 | | | | AAA | | | | 2,890 | | | | 3,368,353 | |
| Onondaga Cnty NY Ser A | | | 5.00% | | | | 3/1/2020 | | | | AA+ | | | | 1,150 | | | | 1,373,445 | |
| Otsego MI Pub Sch Dist (AGM) | | | 4.00% | | | | 5/1/2021 | | | | AAA | | | | 2,245 | | | | 2,327,706 | |
| Philadelphia PA (CIFG) | | | 4.50% | | | | 8/1/2012 | | | | A1 | | | | 250 | | | | 259,163 | |
| Philadelphia PA Ser A (AGM) | | | 5.00% | | | | 12/15/2015 | | | | AAA | | | | 1,315 | | | | 1,480,992 | |
| Phoenix AZ Ser B | | | 5.00% | | | | 7/1/2019 | | | | AAA | | | | 500 | | | | 585,515 | |
| Phoenix AZ Var Purp Ser A | | | 5.00% | | | | 7/1/2016 | | | | AAA | | | | 2,525 | | | | 3,001,518 | |
| Plainfield Vlg IL Ser A (NPFGC) | | | 5.00% | | | | 12/15/2019 | | | | AA | | | | 1,940 | | | | 2,152,585 | |
| Pocono Mountain PA Sch Dist Nts Ser A (AGM) | | | 5.00% | | | | 9/1/2021 | | | | Aa3 | | | | 1,440 | | | | 1,591,646 | |
| Puerto Rico Comwlth (FGIC) | | | 5.50% | | | | 7/1/2012 | | | | A3 | | | | 1,500 | | | | 1,591,095 | |
| Puerto Rico Comwlth Pub Impt Ser A (AGM) | | | 5.00% | | | | 7/1/2018 | | | | AAA | | | | 3,000 | | | | 3,242,580 | |
| Puerto Rico Comwlth Pub Impt Ser A (XLCA) | | | 5.50% | | | | 7/1/2017 | | | | A3 | | | | 2,705 | | | | 3,006,526 | |
| San Bernardino Cmnty College Dist CA Election 2002 Ser A | | | 6.00% | | | | 8/1/2021 | | | | Aa2 | | | | 750 | | | | 909,877 | |
| San Jose CA Unif Sch Dist Election of 2002 Ser C (NPFGC)(FGIC) | | | 4.50% | | | | 8/1/2023 | | | | AA | | | | 2,825 | | | | 3,024,756 | |
| Shelby Cnty TN | | | 5.00% | | | | 4/1/2019 | | | | AA+ | | | | 1,500 | | | | 1,817,130 | |
| Suffolk Cnty NY Pub Impt Ser B | | | 5.00% | | | | 11/1/2019 | | | | AA | | | | 2,450 | | | | 2,964,867 | |
| Territory of Guam Ser A | | | 5.75% | | | | 11/15/2014 | | | | B+ | | | | 2,000 | | | | 2,109,200 | |
| Three Rivers MI Cmnty Schs (AGM) | | | 5.00% | | | | 5/1/2017 | | | | AAA | | | | 500 | | | | 582,895 | |
| Virgin Islands Pub Fin Auth Sr Lien Ser B | | | 5.00% | | | | 10/1/2019 | | | | BBB | | | | 3,000 | | | | 3,312,810 | |
| WA St Var Purp Ser 2010A | | | 5.00% | | | | 8/1/2022 | | | | AA+ | | | | 2,850 | | | | 3,305,601 | |
| WA St Var Purp Ser A | | | 5.00% | | | | 7/1/2016 | | | | AA+ | | | | 3,100 | | | | 3,673,810 | |
| WA St Var Purp Ser D (AMBAC) | | | 5.00% | | | | 1/1/2017 | | | | AA+ | | | | 3,000 | | | | 3,353,910 | |
See Notes to Financial Statements.
103
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Washoe Cnty NV Sch Dist Ser B (NPFGC) | | | 5.00% | | | | 6/1/2014 | | | | AA | | | $ | 300 | | | $ | 338,121 | |
| WI St Ser 1 (AMBAC) | | | 5.00% | | | | 5/1/2015 | | | | AA | | | | 4,000 | | | | 4,658,720 | |
| WI St Ser 1 (NPFGC) | | | 5.50% | | | | 5/1/2014 | | | | AA | | | | 1,000 | | | | 1,157,140 | |
| Williamson Cnty TX (NPFGC) | | | 5.25% | | | | 2/15/2018 | | | | AAA | | | | 500 | | | | 594,625 | |
| Worcester MA Muni Purp Ln Ser A (AGM) | | | 5.25% | | | | 10/1/2019 | | | | AAA | | | | 1,000 | | | | 1,130,690 | |
| Worcester MA Muni Purp Ln Ser A (AGM) | | | 5.25% | | | | 10/1/2020 | | | | AAA | | | | 1,195 | | | | 1,339,296 | |
| Yavapai Cnty AZ Unif Sch Dist No 22 Humboldt Sch Impt Pj of 2006 Ser B (AG) | | | 5.00% | | | | 7/1/2018 | | | | Aa3 | | | | 1,070 | | | | 1,235,133 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 311,316,372 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 20.20% | | | | | | | | | | | | | | | | | | | | |
| Alachua Cnty FL Indl Dev Rev North FL Ret Vlg | | | 5.625% | | | | 11/15/2022 | | | | NR | | | | 2,000 | | | | 1,956,960 | |
| Alachua Cnty FL Indl Dev Rev North FL Ret Vlg | | | 5.75% | | | | 11/15/2026 | | | | NR | | | | 3,000 | | | | 2,864,910 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2017 | | | | BB- | | | | 3,250 | | | | 3,090,945 | |
| Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser A | | | 5.00% | | | | 9/1/2014 | | | | Aa3 | | | | 750 | | | | 849,203 | |
| AZ Univ Med Ctr Corp | | | 6.00% | | | | 7/1/2024 | | | | BBB+ | | | | 1,000 | | | | 1,105,030 | |
| Blount Cnty TN Hlth & Edl Facs Brd Asbury Inc Ser A | | | 5.125% | | | | 4/1/2023 | | | | NR | | | | 5,200 | | | | 4,566,432 | |
| CA Hlth Facs Fing Auth Catholic Hlthcare West Ser K | | | 5.125% | | | | 7/1/2022 | | | | A | | | | 2,000 | | | | 2,095,260 | |
| CA Hlth Facs Fing Auth Episcopal Home Ser B | | | 5.50% | | | | 2/1/2024 | | | | A- | | | | 2,000 | | | | 2,110,240 | |
| CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C | | | 6.00% | | | | 10/1/2020 | | | | AA | | | | 1,000 | | | | 1,174,440 | |
| CA Hlth Facs Fing Auth Scripps Hlth Ser A | | | 5.50% | | | | 10/1/2020 | | | | AA- | | | | 2,000 | | | | 2,278,160 | |
| CA Hlth Facs Fing Auth Standford Hosp & Clinics Ser A | | | 5.00% | | | | 11/15/2023 | | | | Aa3 | | | | 3,000 | | | | 3,094,800 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.00% | | | | 2/1/2016 | | | | Baa2 | | | | 2,000 | | | | 2,094,920 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.00% | | | | 2/1/2017 | | | | Baa2 | | | | 2,245 | | | | 2,329,794 | |
| CA Statewide Cmntys Dev Auth CA Statewide Inland Regl Ctr Pj | | | 5.00% | | | | 12/1/2017 | | | | Baa1 | | | | 250 | | | | 259,885 | |
| CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A | | | 5.00% | | | | 4/1/2019 | | | | A+ | | | | 6,000 | | | | 6,778,200 | |
See Notes to Financial Statements.
104
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| CA Statewide Cmntys Dev Auth Sr Living Sthn CA | | | 6.25% | | | | 11/15/2019 | | | | BBB | | | $ | 1,600 | | | $ | 1,754,640 | |
| CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A | | | 4.80% | | | | 7/15/2017 | | | | NR | | | | 200 | | | | 196,358 | |
| Charlotte-Mecklenburg Hosp Auth NC Carolina Hlthcare Ser A | | | 5.25% | | | | 1/15/2023 | | | | AA- | | | | 2,895 | | | | 3,280,672 | |
| Charlotte-Mecklenburg Hosp Auth NC Carolina Ser A | | | 5.00% | | | | 1/15/2019 | | | | AA- | | | | 4,455 | | | | 4,985,546 | |
| CO Hlth Facs Auth Rev Amer Baptist Ser A | | | 7.00% | | | | 8/1/2019 | | | | NR | | | | 1,500 | | | | 1,586,685 | |
| CO Hlth Facs Auth Rev Sisters Leavenworth Ser B | | | 5.00% | | | | 1/1/2019 | | | | AA | | | | 8,500 | | | | 9,502,065 | |
| CO Hlth Facs Auth Rev Sisters Leavenworth Ser B | | | 5.00% | | | | 1/1/2020 | | | | AA | | | | 1,925 | | | | 2,151,168 | |
| CO Hlth Facs Auth Rev Sisters Leavenworth Ser B | | | 5.00% | | | | 1/1/2021 | | | | AA | | | | 6,535 | | | | 7,242,871 | |
| Coffee Cnty GA Hosp Auth Rev Coffee Regl Med Ctr Inc Pj | | | 5.00% | | | | 12/1/2019 | | | | BBB- | | | | 550 | | | | 565,109 | |
| CT St Hlth & Edl Facs Auth Quinnipiac Univ Hlth & Ed K1 (NPFGC) | | | 5.00% | | | | 7/1/2014 | | | | A | | | | 1,500 | | | | 1,671,615 | |
| Delaware Cnty PA Auth Hosp Rev Crozer Keystone Oblig Grp Ser A | | | 5.00% | | | | 12/15/2019 | | | | BBB- | | | | 1,000 | | | | 994,830 | |
| Doylestown PA Hosp Auth Hosp Ser A (AG) | | | 5.00% | | | | 7/1/2022 | | | | AAA | | | | 1,000 | | | | 1,040,260 | |
| Eden Twp CA Hlthcare Dist COP | | | 5.375% | | | | 6/1/2023 | | | | BBB | (c) | | | 3,085 | | | | 3,132,386 | |
| Fairfax Cnty VA Indl Dev Auth Hlthcare Inova Hlth Sys Ser A(b) | | | 5.50% | | | | 5/15/2035 | | | | AA+ | | | | 1,000 | | | | 1,099,375 | |
| Flint MI Hosp Bldg Auth Rent Hurley Med Ctr | | | 6.00% | | | | 7/1/2020 | | | | Ba1 | | | | 5,465 | | | | 5,530,307 | |
| Florence Cnty SC Hosp Rev McLeod Regl Med Ctr Ser A | | | 5.00% | | | | 11/1/2018 | | | | A+ | | | | 1,845 | | | | 2,080,957 | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B | | | 5.50% | | | | 1/1/2018 | | | | BBB- | (c) | | | 3,535 | | | | 3,686,722 | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B | | | 5.65% | | | | 1/1/2019 | | | | BBB- | (c) | | | 2,000 | | | | 2,090,860 | |
| Geisinger Auth PA Hlth Sys Ser A | | | 5.50% | | | | 8/15/2023 | | | | AA | | | | 16,260 | | | | 19,273,954 | |
| Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A | | | 4.75% | | | | 8/1/2019 | | | | A2 | | | | 3,840 | | | | 4,076,659 | |
| Harris Cnty TX Hlth Facs Dev Corp Mem Hermann Hlthcare Sys Ser A | | | 5.25% | | | | 12/1/2014 | | | | A | | | | 1,415 | | | | 1,574,145 | |
See Notes to Financial Statements.
105
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| HI St Dept Bdgt & Fin Ser C2 | | | 6.40% | | | | 11/15/2014 | | | | NR | | | $ | 1,100 | | | $ | 1,120,779 | |
| HI St Dept Bdgt & Fin Spl Purp Linked Ctfs | | | 6.40% | | | | 7/1/2013 | | | | A3 | | | | 160 | | | | 160,629 | |
| Highlands Cnty FL Hlth Facs Auth Hosp Adventist Hlth Ser C | | | 5.00% | | | | 11/15/2027 | | | | AA- | | | | 7,500 | | | | 7,655,475 | |
| Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A | | | 5.25% | | | | 4/1/2027 | | | | NR | | | | 2,000 | | | | 1,681,460 | |
| IA Fin Auth Hlth Facs Rev Ser A Rmkt (AG) | | | 5.00% | | | | 8/15/2018 | | | | Aa3 | | | | 2,070 | | | | 2,365,720 | |
| IA Fin Auth Hlthcare Facs Genesis Hlth Sys | | | 5.00% | | | | 7/1/2019 | | | | A1 | | | | 4,075 | | | | 4,448,188 | |
| IL Fin Auth Rev Edward Hosp Ser A Rmkt (AMBAC) | | | 6.00% | | | | 2/1/2028 | | | | A+ | | | | 1,400 | | | | 1,490,146 | |
| IL Fin Auth Rev Hosp Sisters Svcs Inc Ser A | | | 5.00% | | | | 3/15/2027 | | | | AA | | | | 1,000 | | | | 1,054,550 | |
| IL Fin Auth Rev Provena Hlth Ser A | | | 5.75% | | | | 5/1/2018 | | | | BBB+ | | | | 1,000 | | | | 1,073,450 | |
| IL Fin Auth Rev Provena Hlth Ser A | | | 5.75% | | | | 5/1/2019 | | | | BBB+ | | | | 3,000 | | | | 3,200,400 | |
| IL Fin Auth Rev Provena Hlth Ser A | | | 6.00% | | | | 5/1/2020 | | | | BBB+ | | | | 4,000 | | | | 4,336,000 | |
| IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A | | | 6.00% | | | | 11/1/2019 | | | | A- | | | | 1,000 | | | | 1,111,990 | |
| IL Fin Auth Rev Sedgebrook Inc Fac Ser A(i) | | | 5.50% | | | | 11/15/2013 | | | | NR | | | | 250 | | | | 75,000 | |
| IL Fin Auth Rev The Carle Fndtn Ser A (AG) | | | 5.50% | | | | 2/15/2016 | | | | AAA | | | | 2,000 | | | | 2,264,880 | |
| IL Fin Auth Rev The Carle Fndtn Ser A (AG) | | | 5.50% | | | | 2/15/2017 | | | | AAA | | | | 2,000 | | | | 2,268,920 | |
| IL Hlth Facs Auth Rev Loyola Univ Hlth Sys Ser A | | | 5.75% | | | | 7/1/2011 | | | | Baa3 | | | | 55 | | | | 55,774 | |
| IN Bd Bk Rev Spl Pg Hendricks Regl Hlth Ser A | | | 5.00% | | | | 2/1/2019 | | | | AA | | | | 1,765 | | | | 2,035,839 | |
| IN Hlth & Edl Facs Fing Auth St. Francis Ser E Rmkt (AGM) | | | 5.25% | | | | 11/1/2022 | | | | Aa3 | | | | 1,000 | | | | 1,102,210 | |
| IN Hlth Fac Fing Auth Rev Ascension Hlth Ser A2 Rmkt | | | 3.75% | | | | 11/15/2036 | | | | Aa1 | | | | 4,600 | | | | 4,752,122 | |
| IN Hlth Fac Fing Auth Rev Ascension Hlth Ser A3 Rmkt | | | 5.00% | | | | 11/1/2027 | | | | Aa2 | | | | 1,000 | | | | 1,034,040 | |
| Iron River MI Hosp Fin Auth Iron Cnty Cmnty Hosps | | | 6.00% | | | | 5/15/2020 | | | | NR | | | | 875 | | | | 870,520 | |
| Kalamazoo MI Hosp Fin Auth Bronson Hosp Ser A Rmkt (AGM) | | | 5.25% | | | | 5/15/2014 | | | | AAA | | | | 2,000 | | | | 2,193,080 | |
| Kenai Peninsula AK Cent Kenai Peninsula Hosp Svc Area (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2016 | | | | A1 | | | | 2,585 | | | | 2,743,254 | |
| Kent Hosp Fin Auth MI Rev Met Hosp Pj Ser A | | | 5.50% | | | | 7/1/2020 | | | | BB+ | | | | 3,275 | | | | 3,267,369 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 50-C-3 | | | 6.50% | | | | 5/15/2015 | | | | NR | | | | 1,000 | | | | 1,012,320 | |
See Notes to Financial Statements.
106
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 65-C-2 | | | 7.00% | | | | 11/15/2015 | | | | NR | | | $ | 4,700 | | | $ | 4,767,868 | |
| KS St Dev Fin Auth Hosp Rev Adventist Hlth | | | 5.25% | | | | 11/15/2019 | | | | AA- | | | | 1,580 | | | | 1,838,251 | |
| KS St Dev Fin Auth Hosp Rev Adventist Sunbelt Ser D | | | 5.00% | | | | 11/15/2020 | | | | AA- | | | | 1,775 | | | | 2,013,702 | |
| LA Pub Facs Auth Rev Christus Hlth Ser A | | | 5.25% | | | | 7/1/2020 | | | | A+ | | | | 3,200 | | | | 3,453,152 | |
| Lufkin TX Hlth Facs Dev Corp Mem Hlth Sys of East TX | | | 6.00% | | | | 2/15/2024 | | | | BBB | | | | 7,500 | | | | 7,850,325 | |
| MA Dev Fin Agy Ser B1 | | | 7.25% | | | | 6/1/2016 | | | | NR | | | | 5,000 | | | | 5,025,300 | |
| Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM) | | | 4.00% | | | | 8/1/2022 | | | | AAA | | | | 1,000 | | | | 996,220 | |
| Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM) | | | 4.00% | | | | 8/1/2023 | | | | AAA | | | | 1,635 | | | | 1,621,969 | |
| Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM) | | | 5.00% | | | | 8/1/2017 | | | | AAA | | | | 2,630 | | | | 2,943,627 | |
| Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM) | | | 5.00% | | | | 8/1/2021 | | | | AAA | | | | 2,115 | | | | 2,301,416 | |
| MD St Hlth & Higher Edl Facs Auth Univ MD Med Sys | | | 5.00% | | | | 7/1/2020 | | | | A | | | | 4,905 | | | | 5,301,030 | |
| MD St Hlth & Higher Edl Facs Auth Univ MD Med Sys | | | 5.00% | | | | 7/1/2021 | | | | A | | | | 5,550 | | | | 5,955,594 | |
| ME Hlth & Higher Edl Facs Auth Ser A (NPFGC) | | | 5.375% | | | | 7/1/2018 | | | | Aa3 | | | | 2,700 | | | | 2,928,069 | |
| ME Hlth & Higher Edl Facs Auth Ser B | | | 4.50% | | | | 7/1/2018 | | | | Aa3 | | | | 2,640 | | | | 2,909,650 | |
| ME Hlth & Higher Edl Facs Auth Ser B | | | 4.50% | | | | 7/1/2019 | | | | Aa3 | | | | 5,505 | | | | 6,020,213 | |
| MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG) | | | 5.50% | | | | 2/15/2025 | | | | AAA | | | | 4,500 | | | | 5,000,220 | |
| Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA) | | | 5.00% | | | | 8/1/2018 | | | | AA | | | | 1,605 | | | | 1,814,115 | |
| Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA) | | | 5.00% | | | | 8/1/2019 | | | | AA | | | | 1,790 | | | | 2,019,729 | |
| Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA) | | | 5.00% | | | | 8/1/2020 | | | | AA | | | | 1,000 | | | | 1,107,930 | |
| MS Hosp Equip & Facs Auth North MS Hlth Svcs Ser 1 | | | 5.00% | | | | 10/1/2017 | | | | AA | | | | 2,500 | | | | 2,860,550 | |
| NC Med Care Commn Univ Hlth Sys Ser E-1 | | | 5.75% | | | | 12/1/2036 | | | | A+ | | | | 3,490 | | | | 3,815,303 | |
| NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A | | | 5.125% | | | | 7/1/2019 | | | | A1 | | | | 1,500 | | | | 1,692,090 | |
See Notes to Financial Statements.
107
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A | | | 5.00% | | | | 10/1/2015 | | | | AA- | | | $ | 1,500 | | | $ | 1,667,415 | |
| NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A | | | 5.00% | | | | 10/1/2016 | | | | AA- | | | | 2,000 | | | | 2,252,800 | |
| NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys | | | 6.00% | | | | 7/1/2018 | | | | BBB- | | | | 3,000 | | | | 3,220,140 | |
| NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp Oblig | | | 5.25% | | | | 7/1/2021 | | | | Baa2 | | | | 2,045 | | | | 2,138,702 | |
| NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Ser B | | | 5.25% | | | | 7/1/2023 | | | | BBB- | | | | 10,000 | | | | 9,880,400 | |
| NJ Hlthcare Facs Fing Auth Virtua Hlth (AG) | | | 5.50% | | | | 7/1/2020 | | | | AAA | | | | 5,455 | | | | 6,164,750 | |
| Northampton Cnty PA Gen Purp Auth St. Luke’s Hosp Pj Ser A | | | 5.00% | | | | 8/15/2019 | | | | A3 | | | | 2,000 | | | | 2,112,940 | |
| NY St Dorm Auth Rev Good Samaritan Hosp Med Ctr Ser A (NPFGC) | | | 5.75% | | | | 7/1/2014 | | | | A | | | | 1,500 | | | | 1,512,090 | |
| NY St Dorm Auth Rev Lenox Hill Hosp Oblig Grp | | | 5.375% | | | | 7/1/2020 | | | | Baa3 | | | | 1,000 | | | | 1,010,900 | |
| NY St Dorm Auth Rev Non St Supp Debt North Shore L I Jewish Ser E | | | 5.00% | | | | 5/1/2019 | | | | A- | | | | 4,000 | | | | 4,366,600 | |
| NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A | | | 5.00% | | | | 7/1/2020 | | | | BBB | | | | 2,000 | | | | 2,107,820 | |
| NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr | | | 6.50% | | | | 12/1/2021 | | | | Ba1 | | | | 1,000 | | | | 1,093,070 | |
| OH St Higher Edl Fac Commn Hosp Cleveland Clinic Hlth Pj Ser A | | | 5.00% | | | | 1/1/2015 | | | | Aa2 | | | | 1,000 | | | | 1,127,390 | |
| OH St Hosp Fac Rev Cleveland Clinic Hlth Ser B | | | 5.00% | | | | 1/1/2022 | | | | Aa2 | | | | 3,000 | | | | 3,342,240 | |
| Orange Cnty FL Hlth Facs Auth Orlando Hlth Inc | | | 5.25% | | | | 10/1/2020 | | | | A | | | | 5,000 | | | | 5,362,600 | |
| PA St Higher Edl Facs Auth Univ of Pittsburgh Med Ctr Ser E | | | 5.00% | | | | 5/15/2020 | | | | Aa3 | | | | 8,000 | | | | 9,161,680 | |
| Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hosp Sys Ser A | | | 6.625% | | | | 11/15/2023 | | | | BBB | | | | 2,000 | | | | 2,001,360 | |
| Roanoke VA Econ Dev Auth Carilion Clinic Oblig(d) | | | 5.00% | | | | 7/1/2025 | | | | A+ | | | | 20,000 | | | | 20,810,600 | |
| SC Jobs Econ Dev Auth Tuomey (CIFG) | | | 5.00% | | | | 11/1/2011 | | | | BBB | | | | 250 | | | | 254,435 | |
| SC Jobs Econ Dev Auth Tuomey (CIFG) | | | 5.00% | | | | 11/1/2019 | | | | BBB | | | | 3,620 | | | | 3,583,474 | |
| SC Jobs Econ Dev Auth Tuomey Hlthcare Sys (AMBAC) | | | 5.00% | | | | 11/1/2018 | | | | NR | | | | 2,400 | | | | 2,308,896 | |
See Notes to Financial Statements.
108
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Scottsdale AZ Indl Dev Auth Scottsdale Hlthcare A | | | 5.00% | | | | 9/1/2017 | | | | A- | | | $ | 2,000 | | | $ | 2,192,840 | |
| Shelby Cnty TN Hlth Edl & Hsg Facs Brd Baptist Mem Hlth Ser 2004A | | | 5.00% | | | | 9/1/2017 | | | | AA | | | | 4,000 | | | | 4,487,560 | |
| South Broward FL Hosp Dist Rev Hosp (NPFGC) | | | 5.00% | | | | 5/1/2019 | | | | AA- | | | | 5,130 | | | | 5,594,983 | |
| South Broward FL Hosp Dist Rev Hosp (NPFGC) | | | 5.00% | | | | 5/1/2022 | | | | AA- | | | | 2,710 | | | | 2,902,762 | |
| St. Paul MN Hsg & Redev Auth Hosp Rev Hltheast Pj | | | 5.00% | | | | 11/15/2017 | | | | BB+ | | | | 2,900 | | | | 2,929,783 | |
| Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Wellmont Hlth Sys Pj Ser C | | | 5.00% | | | | 9/1/2022 | | | | BBB+ | | | | 3,300 | | | | 3,335,145 | |
| Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A | | | 5.375% | | | | 8/1/2015 | | | | NR | | | | 2,325 | | | | 2,345,925 | |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Buckner Ret Svcs Inc Pj | | | 5.00% | | | | 11/15/2011 | | | | A- | | | | 250 | | | | 258,840 | |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Christus Hlth Ser A (AG) | | | 5.75% | | | | 7/1/2018 | | | | AAA | | | | 3,500 | | | | 3,877,685 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.375% | | | | 12/1/2024 | | | | BBB- | | | | 1,000 | | | | 1,091,670 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.50% | | | | 12/1/2019 | | | | BBB- | | | | 1,000 | | | | 1,148,710 | |
| Thomasville GA Hosp Auth Rev Antic Ctfs John D Archbold | | | 4.75% | | | | 11/1/2025 | | | | A | | | | 6,150 | | | | 6,348,706 | |
| Univ of AL Ser A | | | 5.00% | | | | 9/1/2016 | | | | A+ | | | | 2,320 | | | | 2,565,386 | |
| Univ of AL Ser A | | | 5.25% | | | | 9/1/2017 | | | | A+ | | | | 1,180 | | | | 1,326,450 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b) | | | 5.00% | | | | 11/15/2030 | | | | Aa1 | | | | 1,170 | | | | 1,227,078 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b) | | | 5.00% | | | | 11/15/2033 | | | | Aa1 | | | | 7,000 | | | | 7,325,010 | |
| WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser B | | | 4.75% | | | | 8/15/2025 | | | | A3 | | | | 2,000 | | | | 2,113,920 | |
| WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth | | | 5.00% | | | | 4/1/2019 | | | | AA- | | | | 1,110 | | | | 1,232,222 | |
| WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth | | | 5.00% | | | | 4/1/2020 | | | | AA- | | | | 1,500 | | | | 1,652,430 | |
| WI St Hlth & Edl Facs Auth Ministry Hlth Rmkt (AGM) | | | 5.00% | | | | 8/1/2016 | | | | AAA | | | | 2,230 | | | | 2,482,927 | |
| WI St Hlth & Edl Facs Auth Ministry Hlthcare Ser A | | | 5.00% | | | | 8/15/2018 | | | | A+ | | | | 6,665 | | | | 7,414,413 | |
See Notes to Financial Statements.
109
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-1 | | | 6.40% | | | | 9/15/2015 | | | | NR | | | $ | 2,000 | | | $ | 2,010,240 | |
| WI St Hlth & Edl Facs Auth Synergy Hlth Inc | | | 6.00% | | | | 11/15/2023 | | | | AA- | | | | 3,490 | | | | 3,671,445 | |
| WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare | | | 5.25% | | | | 8/15/2017 | | | | BBB+ | | | | 8,160 | | | | 8,692,195 | |
| WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare | | | 5.25% | | | | 8/15/2018 | | | | BBB+ | | | | 2,000 | | | | 2,119,720 | |
| WV St Hosp Fin Auth Thomas Hlth Sys | | | 6.00% | | | | 10/1/2020 | | | | NR | | | | 1,600 | | | | 1,626,352 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 409,231,500 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 0.57% | | | | | | | | | | | | | | | | | | | | |
| Athens GA Hsg Auth Rev Univ GA East Campus | | | 4.00% | | | | 12/1/2019 | | | | Aa2 | | | | 2,045 | | | | 2,259,316 | |
| Athens GA Hsg Auth Rev Univ GA East Campus ETM | | | 4.00% | | | | 12/1/2019 | | | | Aa2 | | | | 240 | | | | 272,868 | |
| East Rochester NY Hsg Auth Rev St. John’s Hlthcare Ser A (GNMA) | | | 5.00% | | | | 4/20/2027 | | | | AAA | | | | 2,500 | | | | 2,683,650 | |
| Garza Cnty TX Pub Fac Corp | | | 5.50% | | | | 10/1/2018 | | | | BBB | | | | 1,000 | | | | 995,530 | |
| Kansas City MO Indl Dev Auth Multi Fam Hsg Grand Blvd Lofts Pj Ser B | | | 5.00% | | | | 1/1/2012 | | | | NR | | | | 1,835 | | | | 1,822,797 | |
| LA St Citizens Ppty Ins Corp Ser B (AMBAC) | | | 5.00% | | | | 6/1/2016 | | | | A- | | | | 300 | | | | 326,265 | |
| NJ Econ Dev Auth MSU Student Hsg Pj | | | 5.00% | | | | 6/1/2018 | | | | Baa3 | | | | 1,390 | | | | 1,470,481 | |
| NJ Econ Dev Auth MSU Student Hsg Pj | | | 5.25% | | | | 6/1/2019 | | | | Baa3 | | | | 1,610 | | | | 1,713,491 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 11,544,398 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 7.72% | | | | | | | | | | | | | | | | | | | | |
| Arkansas KS Pub Bldg Commn South Cent Regl Med Ctr | | | 6.25% | | | | 9/1/2024 | | | | A3 | | | | 2,335 | | | | 2,540,830 | |
| Atlanta GA Downtown Dev Auth Rev Underground Atlanta Pj Ser A (AG) | | | 5.00% | | | | 7/1/2016 | | | | AAA | | | | 4,500 | | | | 5,036,490 | |
| AZ Sch Facs Brd Ctfs Ser A-3 (NPFGC)(FGIC) | | | 5.00% | | | | 9/1/2019 | | | | Aa3 | | | | 4,850 | | | | 5,188,724 | |
| Broward Cnty FL Sch Brd COP (NPFGC) | | | 5.00% | | | | 7/1/2021 | | | | Aa3 | | | | 2,930 | | | | 3,025,870 | |
| CA St Pub Wrks Brd Dept Gen Svcs Bldgs 8 & 9 Ser A | | | 5.00% | | | | 4/1/2020 | | | | A2 | | | | 4,085 | | | | 4,367,478 | |
| CA St Pub Wrks Brd Dept Hlth Svcs Richmond Lab Ser B (XLCA) | | | 5.00% | | | | 11/1/2017 | | | | A2 | | | | 315 | | | | 341,498 | |
See Notes to Financial Statements.
110
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | | | | | |
| CA St Pub Wrks Brd Var Cap Pj Ser G-1 | | | 5.25% | | | | 10/1/2019 | | | | A2 | | | $ | 11,370 | | | $ | 12,524,396 | |
| CA St Pub Wrks Brd Var Cap Pj Sub Ser A-1 | | | 5.00% | | | | 3/1/2018 | | | | A2 | | | | 7,490 | | | | 8,161,029 | |
| Cleveland OH Cleveland Stadium Pj Ser A COP | | | 4.75% | | | | 11/15/2020 | | | | A | | | | 3,000 | | | | 3,250,410 | |
| Cleveland OH Cleveland Stadium Pj Ser A COP | | | 5.00% | | | | 11/15/2019 | | | | A | | | | 2,450 | | | | 2,730,451 | |
| Essex Cnty NJ Impt Auth Pj Cons (AMBAC) | | | 5.25% | | | | 12/15/2020 | | | | Aa2 | | | | 15,000 | | | | 17,722,050 | |
| FL Dept of Children & Fam Svcs FL Civil Commitment Ctr COP (NPFGC) | | | 5.00% | | | | 10/1/2022 | | | | AA+ | | | | 2,870 | | | | 3,092,741 | |
| Fulton Cnty GA Facs Corp Pub Purp Pj COP | | | 5.00% | | | | 11/1/2016 | | | | AA- | | | | 2,200 | | | | 2,513,368 | |
| Goodyear AZ Pub Impt Corp | | | 6.375% | | | | 7/1/2019 | | | | AA- | | | | 500 | | | | 603,465 | |
| Greenville Cnty SC Sch Dist Bldg Equity Sooner | | | 5.50% | | | | 12/1/2017 | | | | AA | | | | 3,000 | | | | 3,634,350 | |
| Gwinnett Cnty GA Dev Auth Pub Schs Pj COP (NPFGC) | | | 5.25% | | | | 1/1/2020 | | | | AA+ | | | | 5,000 | | | | 6,086,400 | |
| IN Fin Auth Lease Rev Ser A1 | | | 5.00% | | | | 11/1/2015 | | | | AA+ | | | | 1,000 | | | | 1,135,220 | |
| KY St Ppty & Bldgs Commn | | | 5.75% | | | | 11/1/2019 | | | | Aa2 | | | | 3,425 | | | | 4,114,761 | |
| KY St Ppty & Bldgs Commn Pj No 93 (AG) | | | 5.00% | | | | 2/1/2015 | | | | AAA | | | | 1,315 | | | | 1,502,743 | |
| KY St Ppty & Bldgs Commn Pj No 93 (AG) | | | 5.25% | | | | 2/1/2020 | | | | AAA | | | | 2,000 | | | | 2,317,980 | |
| Mecklenburg Cnty NC Pub Facs Annual Apprec Ltd Ser O | | | 5.00% | | | | 3/1/2020 | | | | AA+ | | | | 2,525 | | | | 2,998,715 | |
| Miami-Dade Cnty FL Sch Brd Ctfs Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 5/1/2022 | | | | A1 | | | | 13,050 | | | | 13,751,046 | |
| Montgomery Cnty VA Indl Dev Auth Pub Pjs | | | 5.00% | | | | 2/1/2018 | | | | AA- | | | | 1,000 | | | | 1,168,480 | |
| New York City NY Indl Dev Agy USTA Natl Tennis (AGM) | | | 5.00% | | | | 11/15/2018 | | | | AAA | | | | 400 | | | | 458,216 | |
| New York City NY Transnl Fin Auth Fiscal 2009 Ser S-4 | | | 5.125% | | | | 1/15/2024 | | | | AA- | | | | 2,350 | | | | 2,660,153 | |
| NJ Econ Dev Auth Sch Facs Constr Ser AA | | | 5.25% | | | | 12/15/2020 | | | | AA- | | | | 8,125 | | | | 9,313,687 | |
| NJ Econ Dev Auth Transn Pj Sublease Ser A | | | 5.00% | | | | 5/1/2018 | | | | AA- | | | | 1,425 | | | | 1,633,364 | |
| NJ Sports & Exposition Auth Ser B | | | 5.00% | | | | 9/1/2018 | | | | AA- | | | | 5,000 | | | | 5,748,350 | |
| North Charleston SC Convtn Ctr COP | | | 5.00% | | | | 10/1/2016 | | | | AA- | | | | 2,010 | | | | 2,302,314 | |
| North Charleston SC Convtn Ctr COP | | | 5.00% | | | | 10/1/2017 | | | | AA- | | | | 2,535 | | | | 2,918,013 | |
| Northwest Allen IN Sch Bldg Corp First Mtg (AGM) | | | 5.00% | | | | 7/15/2020 | | | | AAA | | | | 3,140 | | | | 3,487,001 | |
See Notes to Financial Statements.
111
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | | | | | |
| NY St Dorm Auth Rev St Mental Hlth Svcs Facs Impt Ser A (AGM) | | | 5.00% | | | | 2/15/2016 | | | | AAA | | | $ | 2,775 | | | $ | 3,196,162 | |
| PA St Indl Dev Auth Econ Dev | | | 5.00% | | | | 7/1/2013 | | | | A1 | | | | 2,000 | | | | 2,178,080 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 5.60% | | | | 10/1/2014 | | | | NR | | | | 170 | | | | 174,449 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 7.00% | | | | 7/1/2021 | | | | A3 | | | | 5,000 | | | | 5,569,000 | |
| VA College Bldg Auth Pub Higher Ed Fing Pg Ser A | | | 5.00% | | | | 9/1/2016 | | | | Aa1 | | | | 5,475 | | | | 6,489,408 | |
| WI St Rev Ser A | | | 5.25% | | | | 5/1/2020 | | | | AA- | | | | 2,175 | | | | 2,585,857 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 156,522,549 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 6.21% | | | | | | | | | | | | | | | | | | | | |
| AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT | | | 6.45% | | | | 12/1/2023 | | | | B | | | | 7,000 | | | | 6,930,210 | |
| Austin TX Convtn Entrprse Inc 2nd Tier Ser B† | | | 6.00% | | | | 1/1/2017 | | | | BB | | | | 1,935 | | | | 1,976,099 | |
| Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj | | | 7.50% | | | | 2/1/2030 | | | | NR | | | | 1,200 | | | | 844,776 | |
| Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A | | | 6.00% | | | | 8/1/2018 | | | | NR | | | | 1,900 | | | | 1,897,454 | |
| Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj | | | 5.75% | | | | 7/15/2018 | | | | BBB- | | | | 1,400 | | | | 1,500,380 | |
| Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj | | | 5.75% | | | | 7/15/2019 | | | | BBB- | | | | 2,715 | | | | 2,899,783 | |
| CA St Pub Wrks Brd Dept Corrections & Rehab F (NPFGC)(FGIC) | | | 5.25% | | | | 11/1/2017 | | | | A | | | | 250 | | | | 279,018 | |
| City of Intl Falls MN Boise Cascade Corp Pj | | | 5.65% | | | | 12/1/2022 | | | | B | | | | 1,000 | | | | 965,830 | |
| Cumberland Vly PA Sch Dist (AGM) | | | 5.00% | | | | 11/15/2019 | | | | Aa3 | | | | 3,000 | | | | 3,306,180 | |
| Dallas TX Civic Ctr (AG) | | | 5.00% | | | | 8/15/2021 | | | | AAA | | | | 3,800 | | | | 4,270,934 | |
| Dallas TX Convtn Ctr Hotel Dev Corp Ser A | | | 5.25% | | | | 1/1/2020 | | | | A+ | | | | 4,000 | | | | 4,457,640 | |
| Dallas TX Convtn Ctr Hotel Dev Corp Ser A | | | 5.25% | | | | 1/1/2022 | | | | A+ | | | | 6,405 | | | | 7,037,302 | |
| Farmington NM Pollutn Ctrl Pub Svc NM San Juan Ser B | | | 4.75% | | | | 6/1/2040 | | | | Baa3 | | | | 10,000 | | | | 10,211,100 | |
| FL St Dept of Envr Protn FL Forever Ser B (NPFGC) | | | 5.00% | | | | 7/1/2012 | | | | AA- | | | | 300 | | | | 321,765 | |
| Garza Cnty TX Pub Fac Corp | | | 5.25% | | | | 10/1/2017 | | | | BBB | | | | 1,000 | | | | 997,680 | |
| Garza Cnty TX Pub Fac Corp | | | 5.50% | | | | 10/1/2019 | | | | BBB | | | | 1,600 | | | | 1,576,624 | |
See Notes to Financial Statements.
112
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Houston TX Util Sys Rev 1st Lien Ser A (NPFGC) | | | 5.25% | | | | 5/15/2017 | | | | AA | | | $ | 2,400 | | | $ | 2,880,720 | |
| LA Loc Govt Westlake Chem Corp Ser A Rmkt(d) | | | 6.50% | | | | 8/1/2029 | | | | BB+ | | | | 6,605 | | | | 6,972,172 | |
| LA Pub Facs Auth Rev Cleco Pwr LLC Pj | | | 7.00% | | | | 12/1/2038 | | | | BBB | | | | 3,500 | | | | 3,714,200 | |
| Manatee Cnty FL Transn Rev (AMBAC) | | | 5.00% | | | | 10/1/2019 | | | | Aa2 | | | | 2,030 | | | | 2,211,847 | |
| MD St Econ Dev Corp Cnx Marine Terminals Inc | | | 5.75% | | | | 9/1/2025 | | | | BB | | | | 1,500 | | | | 1,551,420 | |
| MD St Hlth & Higher Edl Facs Auth Washington Christian Academy | | | 5.25% | | | | 7/1/2018 | | | | NR | | | | 250 | | | | 111,975 | |
| MI St (NPFGC)(IBC) | | | 5.50% | | | | 12/1/2013 | | | | Aa2 | | | | 100 | | | | 112,942 | |
| Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (NPFGC)(FGIC) | | | 1.919% | # | | | 4/1/2014 | | | | Aa3 | | | | 200 | | | | 190,578 | |
| Minneapolis MN Rev National Marrow Donor Pg | | | 4.875% | | | | 8/1/2025 | | | | BBB | | | | 5,000 | | | | 5,018,050 | |
| Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj | | | 7.50% | | | | 5/1/2019 | | | | BBB+ | | | | 3,225 | | | | 3,720,554 | |
| Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj | | | 8.00% | | | | 5/1/2025 | | | | BBB+ | | | | 2,000 | | | | 2,327,580 | |
| Navajo Cnty AZ Pollutn Ctrl Corp Ser C | | | 5.50% | | | | 6/1/2034 | | | | Baa2 | | | | 10,000 | | | | 10,895,200 | |
| New York City NY Tr Cultural Res Lincoln Ctr Ser C | | | 5.75% | | | | 12/1/2018 | | | | A+ | | | | 2,500 | | | | 2,980,025 | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.625% | | | | 6/15/2019 | | | | BBB | | | | 3,000 | | | | 3,000,660 | |
| NM Fin Auth Rev Sub Lien Pub Pj Revolving Fd Ser C (NPFGC) | | | 5.00% | | | | 6/15/2015 | | | | AA- | | | | 2,145 | | | | 2,461,988 | |
| OH St Air Quality Dev Auth First Enrg Nuclear Ser A | | | 5.75% | | | | 6/1/2033 | | | | Baa2 | | | | 3,000 | | | | 3,325,620 | |
| OH St Air Quality Dev Auth Pollutn Ctrl First Enrg Ser B | | | 5.25% | | | | 3/1/2023 | | | | Baa1 | | | | 2,000 | | | | 2,032,480 | |
| Philadelphia PA Auth Indl Dev First Philadelphia Charter Ser A | | | 5.30% | | | | 8/15/2017 | | | | BBB- | | | | 195 | | | | 201,667 | |
| Pub Gas Partners Inc GA Ser A | | | 5.00% | | | | 10/1/2019 | | | | A+ | | | | 8,450 | | | | 9,385,837 | |
| Puerto Rico Comwlth Govt Dev Bk Rmkt GTD (NPFGC) | | | 4.75% | | | | 12/1/2015 | | | | A | | | | 5,000 | | | | 5,208,800 | |
| Seminole Tribe FL Spl Oblig Ser A† | | | 5.50% | | | | 10/1/2024 | | | | BBB | | | | 2,400 | | | | 2,385,192 | |
| VA St Hsg Dev Auth Ser A-5 AMT | | | 4.70% | | | | 7/1/2017 | | | | AAA | | | | 2,315 | | | | 2,419,499 | |
| Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA | | | 5.00% | | | | 12/1/2012 | | | | NR | | | | 250 | | | | 246,280 | |
See Notes to Financial Statements.
113
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Western Generation Agy OR Wauna Cogeneration Pj B AMT | | | 5.00% | | | | 1/1/2012 | | | | NR | | | $ | 2,980 | �� | | $ | 2,989,417 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 125,817,478 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 0.35% | | | | | | | | | | | | | | | | | | | | |
| IL St Toll Hwy Auth Ser A-1 (AGM) | | | 5.00% | | | | 1/1/2026 | | | | AAA | | | | 5,000 | | | | 5,989,150 | |
| Milledgeville-Baldwin Cnty GA Dev Auth College & St Univ Fndtn | | | 5.50% | | | | 9/1/2024 | | | | AAA | | | | 1,000 | | | | 1,188,350 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 7,177,500 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 1.60% | | | | | | | | | | | | | | | | | | | | |
| Atlanta GA Tax Alloc Beltline Pj Ser B Rmkt | | | 6.75% | | | | 1/1/2020 | | | | NR | | | | 3,000 | | | | 3,144,210 | |
| Glendale CA Redev Agy Tax Alloc Cent Glendale Redev Pj | | | 5.50% | | | | 12/1/2024 | | | | A- | | | | 6,000 | | | | 6,176,040 | |
| Goodyear AZ Pub Impt Corp Ser A (NPFGC) | | | 5.00% | | | | 7/1/2022 | | | | AA- | | | | 500 | | | | 533,510 | |
| Houston Cnty AL Cooperative Dist Rev Country Crossing Pj | | | 10.00% | | | | 5/1/2039 | | | | NR | | | | 5,000 | | | | 4,052,450 | |
| Houston Cnty AL Cooperative Dist Rev Country Crossing Pj | | | 10.50% | | | | 5/27/2011 | | | | NR | | | | 1,600 | | | | 1,596,752 | |
| Kansas City MO Tax Incr Maincor Pj Ser A | | | 5.25% | | | | 3/1/2018 | | | | NR | | | | 120 | | | | 116,275 | |
| Mesquite NV Redev Agy Tax Alloc | | | 7.00% | | | | 6/1/2019 | | | | A- | | | | 1,700 | | | | 1,784,966 | |
| Miami-Dade Cnty FL Entitlement GTD (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2014 | | | | Aa3 | | | | 1,000 | | | | 1,106,340 | |
| Orange Cnty FL Tourist Dev (AMBAC) | | | 5.00% | | | | 10/1/2013 | | | | A+ | | | | 1,265 | | | | 1,395,497 | |
| Sparks NV Loc Impt Dist Ltd Oblig Dist No 3 | | | 6.50% | | | | 9/1/2020 | | | | NR | | | | 470 | | | | 470,249 | |
| Sparks NV Redev Agy Tax Redev Area No 1 | | | 4.50% | | | | 1/15/2018 | | | | A- | | | | 1,210 | | | | 1,219,644 | |
| Sparks NV Redev Agy Tax Redev Area No 1 | | | 4.75% | | | | 1/15/2019 | | | | A- | | | | 1,540 | | | | 1,560,944 | |
| Sparks NV Redev Agy Tax Redev Area No 1 | | | 5.375% | | | | 1/15/2020 | | | | A- | | | | 1,675 | | | | 1,755,249 | |
| Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A† | | | 6.50% | | | | 6/15/2020 | | | | Ba3 | | | | 6,815 | | | | 6,875,654 | |
| Tempe AZ Pier Twn Lake Impt Dist | | | 5.00% | | | | 1/1/2018 | | | | Aa2 | | | | 500 | | | | 576,205 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 32,363,985 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 4.40% | | | | | | | | | | | | | | | | | | | | |
| AL St Pub Sch & College Auth Cap Impt | | | 5.00% | | | | 12/1/2016 | | | | Aa1 | | | | 3,500 | | | | 4,172,245 | |
| Bay Area Govt Assoc CA Infrastr Fing Auth St Acceleration Nts (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2017 | | | | A | | | | 500 | | | | 536,025 | |
| CA St Econ Recovery Ser A (NPFGC)(FGIC) | | | 5.25% | | | | 7/1/2014 | | | | Aa3 | | | | 200 | | | | 230,398 | |
| Dallas TX Area Rapid Transit Sr Lien(b) | | | 5.00% | | | | 12/1/2022 | | | | AA+ | | | | 635 | | | | 725,462 | |
See Notes to Financial Statements.
114
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Dallas TX Area Rapid Transit Sr Lien(b) | | | 5.00% | | | | 12/1/2023 | | | | AA+ | | | $ | 390 | | | $ | 445,559 | |
| Dallas TX Area Rapid Transit Sr Lien(b) | | | 5.00% | | | | 12/1/2024 | | | | AA+ | | | | 515 | | | | 588,367 | |
| Dallas TX Area Rapid Transit Sr Lien(b) | | | 5.00% | | | | 12/1/2028 | | | | AA+ | | | | 460 | | | | 525,532 | |
| Denver CO City & Cnty Excise Ser A (AG) | | | 6.00% | | | | 9/1/2023 | | | | AAA | | | | 3,000 | | | | 3,594,900 | |
| FL Hurricane Catastrophe Fd Fin Corp Ser A | | | 5.00% | | | | 7/1/2014 | | | | AA- | | | | 5,000 | | | | 5,434,050 | |
| FL Hurricane Catastrophe Fd Fin Corp Ser A | | | 5.00% | | | | 7/1/2016 | | | | AA- | | | | 5,000 | | | | 5,484,700 | |
| FL St Dept of Envr Protn FL Forever Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 7/1/2014 | | | | AA- | | | | 4,000 | | | | 4,448,120 | |
| IL St Build IL | | | 5.00% | | | | 6/15/2019 | | | | AAA | | | | 5,000 | | | | 5,764,250 | |
| Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1 | | | 5.00% | | | | 7/1/2022 | | | | A1 | | | | 3,245 | | | | 3,595,557 | |
| MI St Trunk Line (NPFGC)(FGIC) | | | 5.00% | | | | 11/1/2012 | | | | AA+ | | | | 350 | | | | 378,714 | |
| Nassau Cnty NY Interim Fin Auth Sales Tax Secd Ser A | | | 5.00% | | | | 11/15/2021 | | | | AAA | | | | 1,000 | | | | 1,182,380 | |
| New York City NY Transnl Fin Auth Fiscal 2009 Ser S1 | | | 5.00% | | | | 7/15/2016 | | | | AA- | | | | 3,055 | | | | 3,587,273 | |
| New York City NY Transnl Fin Auth Sub Future Tax Secd Ser B | | | 5.00% | | | | 11/1/2016 | | | | AAA | | | | 5,000 | | | | 5,944,900 | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.50% | | | | 6/15/2024 | | | | BBB | | | | 5,325 | | | | 5,327,929 | |
| NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C (AG) | | | 5.00% | | | | 10/1/2017 | | | | AAA | | | | 5,000 | | | | 5,765,800 | |
| NY St Loc Govt Assistance Svcs Corp Ser C | | | 5.00% | | | | 4/1/2016 | | | | AAA | | | | 5,000 | | | | 5,915,850 | |
| Orange Cnty FL Tourist Dev Ser A (NPFGC) | | | 5.00% | | | | 10/1/2018 | | | | A+ | | | | 1,680 | | | | 1,885,918 | |
| Orlando FL Cmnty Redev Agy Tax Alloc Downtown Dist Ser A | | | 5.25% | | | | 9/1/2021 | | | | A1 | | | | 6,415 | | | | 6,901,000 | |
| PA Intergovtl Cooperation Auth PA Fdg Pg | | | 5.00% | | | | 6/15/2018 | | | | AA | | | | 1,600 | | | | 1,905,488 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.25% | | | | 8/1/2019 | | | | A+ | | | | 3,895 | | | | 4,462,424 | |
| Regl Transit Auth LA Sales Tax (AGM)(d) | | | 5.00% | | | | 12/1/2018 | | | | AAA | | | | 1,000 | | | | 1,141,370 | |
| Regl Transit Auth LA Sales Tax (AGM)(d) | | | 5.00% | | | | 12/1/2019 | | | | AAA | | | | 1,000 | | | | 1,137,580 | |
| TX St Transn Commn 1st Tier | | | 5.00% | | | | 4/1/2017 | | | | AAA | | | | 2,365 | | | | 2,823,337 | |
| Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC) | | | 5.00% | | | | 10/1/2018 | | | | A | | | | 1,000 | | | | 1,092,830 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Diago Ser A | | | 6.75% | | | | 10/1/2019 | | | | BBB | | | | 2,500 | | | | 2,944,325 | |
See Notes to Financial Statements.
115
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Volusia Cnty FL Sales Tax Rev Sub Lien Sales Tax (AGM) | | | 5.00% | | | | 10/1/2015 | | | | Aa3 | | | $ | 1,000 | | | $ | 1,122,560 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 89,064,843 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tobacco 1.22% | | | | | | | | | | | | | | | | | | | | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.125% | | | | 6/1/2024 | | | | BBB | | | | 11,025 | | | | 9,468,380 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.00% | | | | 6/1/2014 | | | | BBB | | | | 2,500 | | | | 2,636,300 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 4.625% | | | | 6/1/2021 | | | | BB | (c) | | | 3,230 | | | | 2,647,566 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 5.00% | | | | 6/1/2021 | | | | BB | (c) | | | 955 | | | | 809,296 | |
| MI Tob Sttlmnt Fin Auth Sr Ser A | | | 5.25% | | | | 6/1/2022 | | | | BBB | | | | 5,000 | | | | 4,648,700 | |
| NY Tob Sttlmnt Fing Corp Asset Bkd Ser A1 | | | 5.50% | | | | 6/1/2019 | | | | AA- | | | | 1,000 | | | | 1,107,320 | |
| SC Tob Sttlmnt Rev Mgmt Auth | | | 5.00% | | | | 6/1/2018 | | | | BBB | | | | 3,480 | | | | 3,483,967 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 24,801,529 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 9.87% | | | | | | | | | | | | | | | | | | | | |
| Alliance Arpt Auth Inc TX Spl Facs FedEx Corp Pj AMT | | | 4.85% | | | | 4/1/2021 | | | | BBB | | | | 3,000 | | | | 3,043,260 | |
| Camino Real Regl Mobility Auth TX St Spur 601 | | | 5.25% | | | | 8/15/2018 | | | | A1 | | | | 500 | | | | 554,615 | |
| Cent TX Regl Mobility Auth Sr Lien | | | 5.75% | | | | 1/1/2019 | | | | BBB- | | | | 750 | | | | 818,198 | |
| Cent TX Regl Mobility Auth Sr Lien | | | 5.75% | | | | 1/1/2020 | | | | BBB- | | | | 1,000 | | | | 1,084,900 | |
| Chicago IL O’Hare Intl Arpt Delta Airlines Inc Term | | | 6.45% | | | | 5/1/2018 | | | | NR | | | | 1,790 | | | | 1,787,762 | |
| Chicago IL Transit Auth Cap Grant Federal Transit Admin Section 5307-A (AG) | | | 5.25% | | | | 6/1/2022 | | | | AAA | | | | 2,800 | | | | 3,094,756 | |
| Clark Cnty NV Arpt Rev Sys Sub Lien Ser A (AMBAC) | | | 5.00% | | | | 7/1/2016 | | | | Aa3 | | | | 250 | | | | 280,935 | |
| Clark Cnty NV Arpt Rev Sys Sub Lien Ser C (AGM) | | | 5.00% | | | | 7/1/2022 | | | | AAA | | | | 3,905 | | | | 4,262,620 | |
| Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT | | | 9.00% | | | | 6/1/2035 | | | | CCC+ | | | | 3,300 | | | | 3,579,609 | |
| Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT | | | 9.00% | | | | 5/1/2029 | | | | CCC+ | | | | 6,325 | | | | 6,631,320 | |
| E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC) | | | Zero Coupon | | | | 9/1/2018 | | | | A | | | | 10,900 | | | | 7,197,161 | |
See Notes to Financial Statements.
116
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| E-470 Pub Hwy Auth CO Rev Ser D2 (NPFGC) | | | 5.00% | | | | 9/1/2039 | | | | A | | | $ | 2,000 | | | $ | 2,128,240 | |
| FL St Dept of Transn Tpk Auth Rev Ser A | | | 5.00% | | | | 7/1/2019 | | | | AA- | | | | 10,000 | | | | 11,762,300 | |
| FL St Dept of Transn Tpk Auth Rev Ser A | | | 5.00% | | | | 7/1/2020 | | | | AA- | | | | 500 | | | | 568,280 | |
| Foothill Eastern Transn Corridor Agy Conv Cap Apprec | | | 5.80% | | | | 1/15/2020 | | | | BBB- | | | | 7,000 | | | | 7,192,150 | |
| Foothill Eastern Transn Corridor Agy Conv Cap Apprec (NPFGC)(IBC) | | | 5.80% | | | | 1/15/2020 | | | | A | | | | 3,495 | | | | 3,590,938 | |
| GA St Rd & Twy Auth Rev Fed Hwy Grant Antic Bds Ser A | | | 5.00% | | | | 6/1/2019 | | | | Aa2 | | | | 3,575 | | | | 4,291,287 | |
| HI St Hwy Rev | | | 5.00% | | | | 1/1/2016 | | | | AA+ | | | | 1,150 | | | | 1,344,454 | |
| IL Regl Transn Auth Ser A (NPFGC)(FGIC) | | | 5.50% | | | | 7/1/2021 | | | | AA | | | | 1,000 | | | | 1,168,900 | |
| Jacksonville FL Transn Rev (NPFGC) | | | 5.00% | | | | 10/1/2016 | | | | Aa2 | | | | 1,370 | | | | 1,569,239 | |
| KY St Tpk Auth Econ Revitalization Pjs Ser A | | | 5.00% | | | | 7/1/2019 | | | | AA+ | | | | 4,040 | | | | 4,684,865 | |
| KY St Tpk Auth Econ Revitalization Pjs Ser A | | | 5.00% | | | | 7/1/2022 | | | | AA+ | | | | 1,415 | | | | 1,613,553 | |
| MA Bay Transn Auth Sr Ser B | | | 5.25% | | | | 7/1/2019 | | | | AAA | | | | 5,000 | | | | 6,148,150 | |
| MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC) | | | 5.50% | | | | 1/1/2022 | | | | NR | | | | 1,500 | | | | 1,386,015 | |
| MD St Econ Dev Corp Term Pj Ser B | | | 5.125% | | | | 6/1/2020 | | | | Baa3 | | | | 1,000 | | | | 1,027,150 | |
| MD St Econ Dev Corp Transn Facs Pj Ser A | | | 5.125% | | | | 6/1/2020 | | | | Baa3 | | | | 2,590 | | | | 2,660,318 | |
| Metro Transn Auth NY Ser B | | | 5.00% | | | | 11/15/2019 | | | | AA | | | | 1,375 | | | | 1,616,739 | |
| Metro Transn Auth NY Ser B | | | 5.00% | | | | 11/15/2021 | | | | A | | | | 500 | | | | 554,135 | |
| Metro WA DC Arpts Auth Ser A AMT | | | 5.50% | | | | 10/1/2014 | | | | AA- | | | | 3,000 | | | | 3,429,120 | |
| MI St Grant Antic Bds (AGM) | | | 5.25% | | | | 9/15/2018 | | | | AAA | | | | 500 | | | | 570,380 | |
| MI St Trunk Line (AGM) | | | 5.25% | | | | 11/1/2016 | | | | AAA | | | | 3,000 | | | | 3,543,570 | |
| Minneapolis-St. Paul MI Metro Arpt Commn Ser B | | | 5.00% | | | | 1/1/2020 | | | | AA- | | | | 1,690 | | | | 1,954,992 | |
| Minneapolis-St. Paul MI Metro Arpt Commn Ser B | | | 5.00% | | | | 1/1/2021 | | | | AA- | | | | 2,175 | | | | 2,476,564 | |
| MO St Hwys & Transn Commn 2nd Lien | | | 5.25% | | | | 5/1/2021 | | | | AAA | | | | 2,500 | | | | 2,919,200 | |
| Montgomery Cnty TX Pass Thru(d) | | | 4.00% | | | | 3/1/2019 | | | | AA | | | | 2,435 | | | | 2,696,689 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.625% | | | | 9/15/2012 | | | | B | | | | 250 | | | | 254,455 | |
| NJ Econ Dev Auth Transn Pj Sublease Ser A | | | 5.00% | | | | 5/1/2019 | | | | AA- | | | | 3,000 | | | | 3,418,860 | |
| NJ St Transn Tr Fd Auth Grant Antic Bds Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 6/15/2017 | | | | Aa3 | | | | 300 | | | | 338,208 | |
See Notes to Financial Statements.
117
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)(FGIC) | | | 5.50% | | | | 12/15/2020 | | | | AA- | | | $ | 1,000 | | | $ | 1,191,000 | |
| North TX Twy Auth Rev Sys 1st Tier Ser A | | | 5.00% | | | | 1/1/2012 | | | | A2 | | | | 500 | | | | 521,640 | |
| North TX Twy Auth Rev Sys 1st Tier Ser A | | | 6.25% | | | | 1/1/2024 | | | | A2 | | | | 5,000 | | | | 5,847,700 | |
| North TX Twy Auth Rev Sys 1st Tier Ser H | | | 5.00% | | | | 1/1/2043 | | | | A2 | | | | 3,000 | | | | 3,028,710 | |
| NY St Twy Auth Gen Rev Ser H (NPFGC) | | | 5.00% | | | | 1/1/2021 | | | | A+ | | | | 3,975 | | | | 4,488,649 | |
| OH St Major New St Infrastr Ser 2008-1 | | | 5.50% | | | | 6/15/2020 | | | | Aa1 | | | | 4,500 | | | | 5,397,615 | |
| OH St Major New St Infrastr Ser 2008-1 | | | 5.75% | | | | 6/15/2019 | | | | Aa1 | | | | 1,000 | | | | 1,230,100 | |
| Oklahoma City OK Arpt Tr Jr Lien 29th Ser B (AMBAC) | | | 5.00% | | | | 7/1/2017 | | | | A+ | | | | 350 | | | | 392,861 | |
| PA St Tpk Commn Ser A (AGM) | | | 5.25% | | | | 7/15/2019 | | | | AAA | | | | 1,270 | | | | 1,501,927 | |
| PA St Tpk Commn Ser B | | | 5.00% | | | | 12/1/2017 | | | | Aa3 | | | | 13,940 | | | | 16,399,713 | |
| PA St Tpk Commn Sub Ser A (AG) | | | 5.00% | | | | 6/1/2017 | | | | AAA | | | | 3,500 | | | | 4,049,570 | |
| PA St Tpk Commn Sub Ser A (AG) | | | 5.00% | | | | 6/1/2018 | | | | AAA | | | | 2,500 | | | | 2,887,725 | |
| Regl Transn Dist CO Denver Trans Partners | | | 5.00% | | | | 7/15/2021 | | | | Baa3 | | | | 3,460 | | | | 3,623,312 | |
| Regl Transn Dist CO Denver Trans Partners | | | 5.00% | | | | 1/15/2022 | | | | Baa3 | | | | 2,800 | | | | 2,898,364 | |
| Regl Transn Dist CO Denver Trans Partners | | | 5.125% | | | | 1/15/2023 | | | | Baa3 | | | | 2,835 | | | | 2,939,640 | |
| Regl Transn Dist CO Denver Trans Partners | | | 5.125% | | | | 7/15/2023 | | | | Baa3 | | | | 5,670 | | | | 5,879,280 | |
| RI St Econ Dev Corp Grant Antic Dept Transn Ser A (AG) | | | 5.25% | | | | 6/15/2020 | | | | AAA | | | | 6,495 | | | | 7,627,533 | |
| RI St Econ Dev Corp Ser C (AG) | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 1,985 | | | | 2,178,875 | |
| San Francisco CA City & Cnty Arpts Commn 2nd Ser A-4 AMT | | | 6.50% | | | | 5/1/2019 | | | | A1 | | | | 2,500 | | | | 2,674,825 | |
| San Mateo Cnty CA Transn Auth Dist Ser A (NPFGC) | | | 4.50% | | | | 6/1/2022 | | | | AA | | | | 3,330 | | | | 3,546,916 | |
| SC Transn Infrastr Bk Ser A (XLCA) | | | 5.00% | | | | 10/1/2023 | | | | Aa3 | | | | 5,000 | | | | 5,501,250 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A (AGM) | | | 5.00% | | | | 7/1/2017 | | | | AAA | | | | 1,650 | | | | 1,904,298 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1 | | | 5.125% | | | | 7/1/2016 | | | | A | | | | 1,920 | | | | 2,032,704 | |
| Triborough NY Bridge & Tunnel Auth Sub Ser D | | | 5.00% | | | | 11/15/2014 | | | | Aa3 | | | | 1,000 | | | | 1,152,410 | |
| TX St Transn Commn 1st Tier | | | 5.00% | | | | 8/15/2042 | | | | BBB+ | | | | 1,500 | | | | 1,518,585 | |
| WI St Transn Rev Ser A | | | 5.00% | | | | 7/1/2019 | | | | AA+ | | | | 2,000 | | | | 2,354,380 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 200,013,469 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
118
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities 18.46% | | | | | | | | | | | | | | | | | | | | |
| Amer Muni Pwr OH Inc Hydroelec Pjs Ser C | | | 5.00% | | | | 2/15/2017 | | | | A | | | $ | 1,550 | | | $ | 1,714,068 | |
| AZ Salt River Pj Agric Impt & Pwr Dist Rev Ser A | | | 5.00% | | | | 1/1/2021 | | | | Aa1 | | | | 1,000 | | | | 1,167,230 | |
| Brazos River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser C AMT | | | 5.75% | | | | 5/1/2036 | | | | CCC | | | | 3,350 | | | | 3,183,471 | |
| Brownsville TX Util Sys Rev (AGM)(AMBAC) | | | 5.00% | | | | 9/1/2020 | | | | AAA | | | | 4,800 | | | | 5,306,256 | |
| CA St Dept of Wtr Res Pwr Ser K | | | 5.00% | | | | 5/1/2019 | | | | AA- | | | | 14,805 | | | | 17,581,826 | |
| CA St Dept of Wtr Res Pwr Supply Ser K | | | 5.00% | | | | 5/1/2018 | | | | AA- | | | | 4,050 | | | | 4,793,539 | |
| Cape Coral FL Wtr & Swr Rev Bd Antic Nts | | | 6.00% | | | | 10/1/2011 | | | | NR | | | | 7,500 | | | | 7,697,625 | |
| Cape Fear Pub Util Auth NC Wtr & Swr Sys | | | 5.00% | | | | 8/1/2018 | | | | AA | | | | 1,000 | | | | 1,201,770 | |
| Chicago IL Wst Wtr Transmission Rev Ser A (BHAC) | | | 5.50% | | | | 1/1/2020 | | | | AA+ | | | | 1,250 | | | | 1,459,888 | |
| Chicago IL Wtr Rev 2nd Lien (AGM) | | | 5.00% | | | | 11/1/2013 | | | | AAA | | | | 1,000 | | | | 1,113,310 | |
| Dist of Columbia Wtr & Swr Auth Sub Lien Ser A (AG) | | | 5.00% | | | | 10/1/2018 | | | | AAA | | | | 1,000 | | | | 1,183,200 | |
| Effingham Cnty GA Dev Auth Solid Wst Disp Fort James Pj AMT | | | 5.625% | | | | 7/1/2018 | | | | BB- | | | | 8,000 | | | | 7,908,000 | |
| Enrg Northwest WA Elec Rev Columbia Generating Ser C | | | 5.00% | | | | 7/1/2024 | | | | Aaa | | | | 1,000 | | | | 1,132,000 | |
| Enrg Northwest WA Elec Rev Pj 3 Ser D | | | 5.00% | | | | 7/1/2016 | | | | Aaa | | | | 2,500 | | | | 2,959,725 | |
| FL Muni Pwr Agy Rev Pwr Ser A | | | 5.00% | | | | 10/1/2016 | | | | A1 | | | | 2,170 | | | | 2,466,118 | |
| FL Muni Pwr Agy Rev Pwr Ser A | | | 5.25% | | | | 10/1/2022 | | | | A1 | | | | 3,115 | | | | 3,506,711 | |
| FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1 | | | 6.00% | | | | 6/1/2016 | | | | A+ | | | | 12,600 | | | | 14,223,636 | |
| FL St Muni Pwr Agy Rev St. Lucie Pj Ser A | | | 5.00% | | | | 10/1/2021 | | | | A2 | | | | 3,650 | | | | 3,986,676 | |
| Fulton Cnty GA Wtr & Swr Rev (NPFGC)(FGIC) | | | 5.00% | | | | 1/1/2018 | | | | Aa2 | | | | 3,000 | | | | 3,278,820 | |
| Grand River Dam Auth OK Rev Ser A (BHAC) | | | 5.00% | | | | 6/1/2016 | | | | AA+ | | | | 1,000 | | | | 1,162,550 | |
| Hamilton Cnty OH Swr Sys Rev Metro Swr Dist Ser A (NPFGC) | | | 5.00% | | | | 12/1/2018 | | | | AA+ | | | | 3,410 | | | | 3,708,136 | |
| Hampton Rds Santn Dist VA | | | 5.00% | | | | 4/1/2022 | | | | AAA | | | | 5,000 | | | | 5,749,400 | |
| HI St Ser DG (AMBAC) | | | 5.00% | | | | 7/1/2015 | | | | Aa1 | | | | 240 | | | | 280,678 | |
| IA Fin Auth Rev Revolving Fd | | | 5.25% | | | | 8/1/2020 | | | | AAA | | | | 2,500 | | | | 2,981,700 | |
| IL Fin Auth Rev Peoples Gas Lt & Coke Co AMT (AMBAC) | | | 4.875% | | | | 11/1/2038 | | | | A1 | | | | 7,500 | | | | 7,786,950 | |
| IL Fin Auth Rev Revolving Fd Master Tr | | | 5.25% | | | | 9/1/2016 | | | | AAA | | | | 5,000 | | | | 5,773,900 | |
| IN Fin Auth Pwr & Lt Co Ser C | | | 4.90% | | | | 1/1/2016 | | | | A3 | | | | 5,000 | | | | 5,439,450 | |
| IN Muni Pwr Agy Ser B (NPFGC) | | | 5.25% | | | | 1/1/2020 | | | | A+ | | | | 3,875 | | | | 4,164,307 | |
See Notes to Financial Statements.
119
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Indianapolis IN Gas Util Rev Ser C (AG) | | | 5.00% | | | | 6/1/2017 | | | | AAA | | | $ | 3,140 | | | $ | 3,624,690 | |
| Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser 2007 L (NPFGC) | | | 5.00% | | | | 7/1/2019 | | | | AA- | | | | 500 | | | | 565,655 | |
| Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser A (NPFGC) | | | 5.50% | | | | 7/1/2019 | | | | AA- | | | | 2,580 | | | | 3,079,049 | |
| Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser A (NPFGC) | | | 5.50% | | | | 1/1/2020 | | | | AA- | | | | 3,920 | | | | 4,677,540 | |
| Intermountain Pwr Agy UT Ser A | | | 5.25% | | | | 7/1/2020 | | | | A+ | | | | 1,000 | | | | 1,097,690 | |
| LA St Citizens Ppty Ins Corp Ser B (AMBAC) | | | 5.00% | | | | 6/1/2021 | | | | A- | | | | 3,500 | | | | 3,637,690 | |
| LA Pub Facs Auth Rev Enrg Gulf Sts Ser B(d) | | | 2.875% | | | | 11/1/2015 | | | | A3 | | | | 2,500 | | | | 2,502,900 | |
| Lansing MI Swr Disp Sys Rev (NPFGC)(FGIC) | | | 5.00% | | | | 5/1/2014 | | | | Aa2 | | | | 150 | | | | 169,367 | |
| Long Island NY Pwr Auth Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 12/1/2019 | | | | A | | | | 3,000 | | | | 3,351,210 | |
| Los Angeles CA Solid Wst Ser A | | | 5.00% | | | | 2/1/2020 | | | | AA | | | | 2,000 | | | | 2,327,780 | |
| Louisville & Jefferson Cnty KY Metro Swr Dist Ser A | | | 5.00% | | | | 5/15/2019 | | | | AA- | | | | 4,705 | | | | 5,539,291 | |
| Lower CO River Auth TX Rev | | | 5.50% | | | | 5/15/2014 | | | | A1 | | | | 1,000 | | | | 1,151,890 | |
| Lower CO River Auth TX Rev | | | 5.50% | | | | 5/15/2015 | | | | A1 | | | | 1,200 | | | | 1,407,216 | |
| M-S-R Pub Pwr Agy CA Sub Lien Ser M | | | 0.30% | # | | | 7/1/2022 | | | | AAA | | | | 1,000 | | | | 1,000,000 | |
| MA St Dev Fin Agy Dominion Enrg Brayton 1 | | | 5.75% | | | | 12/1/2042 | | | | A- | | | | 1,000 | | | | 1,091,770 | |
| MA St Wtr Res Auth Ser B | | | 4.00% | | | | 8/1/2016 | | | | AA+ | | | | 1,170 | | | | 1,324,101 | |
| Main St Natural Gas Inc GA Gas Pj Ser B | | | 5.00% | | | | 3/15/2021 | | | | A | | | | 2,500 | | | | 2,567,500 | |
| MD St Econ Dev Corp Potomac Rmkt | | | 6.20% | | | | 9/1/2022 | | | | A | | | | 1,650 | | | | 1,953,451 | |
| Metro Govt Nashville & Davidson Cnty TN Wtr & Swr Ser A (AGM) | | | 5.25% | | | | 1/1/2019 | | | | AAA | | | | 500 | | | | 603,855 | |
| Miami-Dade Cnty FL Wtr & Swr Sys Ser B (AGM) | | | 5.25% | | | | 10/1/2018 | | | | AAA | | | | 3,000 | | | | 3,591,690 | |
| MN St Muni Pwr Agy Elec | | | 5.25% | | | | 10/1/2022 | | | | A3 | | | | 250 | | | | 278,063 | |
| MS Business Fin Corp Sys Enrg Res Inc Pj | | | 5.90% | | | | 5/1/2022 | | | | BBB | | | | 2,500 | | | | 2,508,800 | |
| Muni Elec Auth GA Pj One Sub Ser A | | | 5.00% | | | | 1/1/2014 | | | | A | | | | 1,145 | | | | 1,268,523 | |
| Muni Elec Auth GA Ser B | | | 5.00% | | | | 1/1/2020 | | | | A | | | | 6,190 | | | | 7,117,510 | |
| NC Eastern Muni Pwr Agy Ser B | | | 5.00% | | | | 1/1/2020 | | | | A- | | | | 1,000 | | | | 1,136,390 | |
| NC Muni Pwr Agy No 1 Catawaba Ser A | | | 5.25% | | | | 1/1/2015 | | | | A | | | | 3,000 | | | | 3,461,610 | |
| NE Pub Pwr Dist Rev Ser B (AGM) | | | 5.00% | | | | 1/1/2018 | | | | AAA | | | | 3,000 | | | | 3,486,600 | |
| NJ Envr Infrastr Tr Ser A | | | 5.00% | | | | 9/1/2016 | | | | AAA | | | | 2,515 | | | | 3,007,512 | |
| Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A | | | 5.00% | | | | 7/1/2017 | | | | A1 | | | | 1,000 | | | | 1,158,150 | |
See Notes to Financial Statements.
120
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A | | | 5.00% | | | | 7/1/2018 | | | | A1 | | | $ | 600 | | | $ | 696,228 | |
| Northwest IL Subn Muni Jt Action Wtr Agy | | | 5.00% | | | | 5/1/2018 | | | | Aa2 | | | | 500 | | | | 589,895 | |
| NY St Enrg Resh & Dev Auth Rochester Gas & Elec Corp C (NPFGC) | | | 5.00% | | | | 8/1/2032 | | | | A | | | | 5,000 | | | | 5,322,050 | |
| NY St Envr Facs Corp Revolving Fds Pooled Fing Pg Ser A | | | 4.375% | | | | 10/15/2014 | | | | AAA | | | | 1,000 | | | | 1,058,270 | |
| OH St Air Quality Dev Auth First Enrg Generation Ser A | | | 5.70% | | | | 8/1/2020 | | | | Baa2 | | | | 3,250 | | | | 3,597,457 | |
| OH St Air Quality Dev Auth OH Vly Elec Corp Ser E | | | 5.625% | | | | 10/1/2019 | | | | BBB- | | | | 11,500 | | | | 12,590,200 | |
| OH St Wtr Dev Auth Pollutn Ctrl First Enrg Ser A | | | 5.875% | | | | 6/1/2033 | | | | Baa1 | | | | 3,125 | | | | 3,484,000 | |
| Onslow NC Wtr & Swr Auth Ser A (NPFGC) | | | 5.00% | | | | 6/1/2019 | | | | A | | | | 500 | | | | 566,100 | |
| PA Econ Dev Fing Auth Elec Utils Corp Rmkt | | | 4.00% | | | | 10/1/2023 | | | | A- | | | | 20,000 | | | | 20,065,400 | |
| PA Econ Dev Fing Auth Philadelphia BioSolids Fac | | | 5.25% | | | | 1/1/2016 | | | | BBB+ | (c) | | | 2,225 | | | | 2,298,803 | |
| PA Econ Dev Fing Auth Philadelphia BioSolids Fac | | | 5.50% | | | | 1/1/2018 | | | | BBB+ | (c) | | | 1,030 | | | | 1,065,926 | |
| Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A | | | 5.00% | | | | 8/1/2016 | | | | BBB+ | | | | 1,000 | | | | 1,107,760 | |
| Philadelphia PA Sch Dist Ser B (AMBAC) | | | 5.00% | | | | 4/1/2013 | | | | Aa2 | | | | 260 | | | | 281,817 | |
| Philadelphia PA Wtr & Wstwtr Ser A (AGM) | | | 5.00% | | | | 6/15/2019 | | | | AAA | | | | 2,500 | | | | 2,894,550 | |
| Phoenix AZ Civic Impt Corp Sr Lien | | | 5.50% | | | | 7/1/2019 | | | | AAA | | | | 1,675 | | | | 2,016,063 | |
| Piedmont SC Muni Pwr Agy A3 | | | 5.25% | | | | 1/1/2019 | | | | A- | | | | 2,000 | | | | 2,279,600 | |
| Piedmont SC Muni Pwr Agy Ser A-3 | | | 5.00% | | | | 1/1/2019 | | | | A- | | | | 1,150 | | | | 1,304,169 | |
| Pima Cnty AZ Indl Dev Auth Tucson Elec Pwr Co San Juan Ser A | | | 4.95% | | | | 10/1/2020 | | | | BBB- | | | | 10,200 | | | | 10,896,150 | |
| Pima Cnty AZ Swr Rev (AGM) | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 200 | | | | 225,354 | |
| Pinal Cnty AZ Elec Dist No 4 | | | 6.00% | | | | 12/1/2023 | | | | BBB+ | | | | 525 | | | | 569,646 | |
| Portland OR Swr Sys Rev 1st Lien Ser A (AGM) | | | 5.00% | | | | 6/15/2014 | | | | AAA | | | | 1,000 | | | | 1,149,030 | |
| Pub Pwr Generation Agy NE Whelan Enrg Ctr Unit 2-A | | | 5.00% | | | | 1/1/2015 | | | | A2 | | | | 2,475 | | | | 2,766,703 | |
| Puerto Rico Elec Pwr Auth Ser WW | | | 5.25% | | | | 7/1/2014 | | | | A3 | | | | 1,500 | | | | 1,673,010 | |
| Puerto Rico Elec Pwr Auth Ser ZZ | | | 5.25% | | | | 7/1/2019 | | | | A3 | | | | 2,000 | | | | 2,297,160 | |
See Notes to Financial Statements.
121
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A | | | 5.50% | | | | 5/1/2022 | | | | CCC | | | $ | 1,620 | | | $ | 1,575,823 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2023 | | | | AAA | | | | 780 | | | | 877,036 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2024 | | | | AAA | | | | 620 | | | | 697,131 | |
| Sacramento CA Muni Util Dist Ser U (AGM)(b) | | | 5.00% | | | | 8/15/2025 | | | | AAA | | | | 620 | | | | 697,131 | |
| San Antonio TX Elec & Gas Ser A | | | 5.00% | | | | 2/1/2018 | | | | Aa1 | | | | 1,000 | | | | 1,190,610 | |
| San Antonio TX Elec & Gas Ser A | | | 5.25% | | | | 2/1/2020 | | | | Aa1 | | | | 5,000 | | | | 5,981,500 | |
| San Antonio TX Elec & Gas Sys | | | 5.00% | | | | 2/1/2018 | | | | Aa1 | | | | 2,740 | | | | 3,268,409 | |
| San Diego CA Pub Facs Fing Auth Sr Ser B | | | 5.00% | | | | 5/15/2020 | | | | Aa3 | | | | 5,000 | | | | 5,844,700 | |
| SC St Pub Svc Auth Santee Cooper Ser A (NPFGC) | | | 5.00% | | | | 1/1/2016 | | | | Aa2 | | | | 4,295 | | | | 5,040,097 | |
| Snohomish Cnty WA Pub Util Dist No 1 (AGM) | | | 5.00% | | | | 12/1/2020 | | | | AAA | | | | 5,000 | | | | 5,537,150 | |
| TN Enrg Acq Corp Ser A | | | 5.25% | | | | 9/1/2019 | | | | BB+ | | | | 5,000 | | | | 5,272,450 | |
| TN Enrg Acq Corp Ser A | | | 5.25% | | | | 9/1/2020 | | | | BB+ | | | | 2,630 | | | | 2,766,813 | |
| TN Enrg Acq Corp Ser A | | | 5.25% | | | | 9/1/2021 | | | | BB+ | | | | 3,025 | | | | 3,178,761 | |
| TN Enrg Acq Corp Ser C | | | 5.00% | | | | 2/1/2017 | | | | A | | | | 5,000 | | | | 5,233,900 | |
| TN Enrg Acq Corp Ser C | | | 5.00% | | | | 2/1/2018 | | | | A | | | | 1,055 | | | | 1,100,903 | |
| TN Enrg Acq Corp Ser C | | | 5.00% | | | | 2/1/2021 | | | | A | | | | 4,845 | | | | 5,042,967 | |
| TN Enrg Acq Corp Ser C | | | 5.00% | | | | 2/1/2022 | | | | A | | | | 5,000 | | | | 5,201,550 | |
| Tuscon AZ Wtr Rev (NPFGC)(FGIC) | | | 5.50% | | | | 7/1/2018 | | | | Aa2 | | | | 4,100 | | | | 4,466,212 | |
| TX Muni Gas Acq & Supply Corp I Sr Lien Ser A | | | 5.25% | | | | 12/15/2021 | | | | A | | | | 4,685 | | | | 4,923,654 | |
| TX Muni Gas Acq & Supply Corp I Sr Lien Ser A | | | 5.25% | | | | 12/15/2023 | | | | A | | | | 2,925 | | | | 3,040,742 | |
| TX Muni Pwr Agy Rev Sub Lien Transmission | | | 4.00% | | | | 9/1/2017 | | | | A+ | | | | 2,000 | | | | 2,194,480 | |
| TX Muni Pwr Agy Rev Sub Lien Transmission | | | 4.00% | | | | 9/1/2018 | | | | A+ | | | | 2,675 | | | | 2,917,034 | |
| VA Res Auth Sub-Clean Wtr St Revolving Fd | | | 5.00% | | | | 10/1/2017 | | | | AAA | | | | 2,000 | | | | 2,417,060 | |
| VA Res Auth Sub-Clean Wtr St Revolving Fd | | | 5.00% | | | | 10/1/2018 | | | | AAA | | | | 2,150 | | | | 2,567,186 | |
| Vernon CA Elec Sys Rev Ser A | | | 5.125% | | | | 8/1/2021 | | | | A- | | | | 10,000 | | | | 10,652,700 | |
| Vernon CA Elec Sys Rev Ser A | | | 5.50% | | | | 8/1/2015 | | | | A- | | | | 1,000 | | | | 1,146,710 | |
| Western Generation Agy OR Wauna Cogeneration Pj B AMT | | | 5.00% | | | | 1/1/2016 | | | | NR | | | | 1,510 | | | | 1,509,879 | |
See Notes to Financial Statements.
122
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | | | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount (000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
| WI Pub Pwr Inc Sys Ser A (AGM) | | | | | | | 5.00% | | | | 7/1/2016 | | | | AAA | | | $ | 2,795 | | | $ | 3,242,452 | |
| WV Econ Dev Auth Pollutn Ctrl Ser D | | | | | | | 4.85% | | | | 5/1/2019 | | | | BBB | | | | 1,000 | | | | 1,067,080 | |
| Yuma AZ Muni Ppty Corp Util Sys Sr Lien (XLCA) | | | | | | | 5.00% | | | | 7/1/2015 | | | | A+ | | | | 2,220 | | | | 2,507,823 | |
| Yuma AZ Muni Ppty Corp Util Sys Sr Lien (XLCA) | | | | | | | 5.00% | | | | 7/1/2024 | | | | A+ | | | | 500 | | | | 543,710 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 374,097,427 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $1,821,554,496) | | | | | | | | | | | | 1,928,200,551 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | Shares (000) | | | | |
| SHORT-TERM INVESTMENTS 6.05% | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Money Market Mutual Fund 0.05% | | | | | | | | | | | | | | | | | | | | | |
| Dreyfus Municipal Cash Management Plus (cost $1,000,842) | | | | | | | | | | | | | | | | 1,001 | | | | 1,000,842 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | | | | Principal
Amount
(000) | | | | |
| Variable Rate Demand Notes 6.00% | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 0.22% | | | | | | | | | | | | | | | | | | | | | |
| St. Paul MN Hsg & Redev Auth MN Pub Radio Pj | | | 2.50% | | | | 10/1/2010 | | | | 5/1/2022 | | | | A1 | | | $ | 4,345 | | | | 4,345,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Education 2.23% | | | | | | | | | | | | | | | | | | | | | | | | |
| Abag Fin Auth for Nonprofit Corp Branson Sch | | | 2.95% | | | | 10/7/2010 | | | | 7/1/2038 | | | | A- | | | | 3,200 | | | | 3,200,000 | |
| Athens-Clarke Cnty GA Unif Govt Dev Auth Univ GA Athletic Assoc Pj | | | 0.31% | | | | 10/1/2010 | | | | 8/1/2033 | | | | A+ | (c) | | | 3,000 | | | | 3,000,000 | |
| Athens-Clarke Cnty GA Unif Govt Dev Auth Univ GA Athletic Assoc Ser B | | | 0.31% | | | | 10/1/2010 | | | | 7/1/2035 | | | | A+ | (c) | | | 5,700 | | | | 5,700,000 | |
| CA Infrastr & Econ Dev Bk CA Infrastr Academy Ser B | | | 1.85% | | | | 10/1/2010 | | | | 9/1/2038 | | | | AAA | | | | 5,600 | | | | 5,600,000 | |
| CA Infrastr & Econ Dev Bk Sage Hill Sch Pj | | | 2.35% | | | | 10/7/2010 | | | | 6/1/2038 | | | | A- | | | | 19,500 | | | | 19,500,000 | |
| Cerro Gordo Cnty IA Private Newman Catholic Sch Sys Pj | | | 1.75% | | | | 10/1/2010 | | | | 5/1/2032 | | | | A1 | | | | 1,800 | | | | 1,800,000 | |
See Notes to Financial Statements.
123
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
| MA St Dev Fin Agy Solomon Schechter Day Sch | | | 2.37% | | | | 10/7/2010 | | | | 11/1/2037 | | | | A1 | | | $ | 6,375 | | | $ | 6,375,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 45,175,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 1.48% | | | | | | | | | | | | | | | | | | | | | |
| New York City NY 2008 Sub Ser J-3 | | | 1.70% | | | | 10/1/2010 | | | | 8/1/2023 | | | | AAA | | | | 25,000 | | | | 25,000,000 | |
| New York City NY Sub Ser A-4 | | | 0.31% | | | | 10/1/2010 | | | | 8/1/2022 | | | | Aaa | | | | 5,000 | | | | 5,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 30,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 0.07% | | | | | | | | | | | | | | | | | | | | | |
| Multnomah Cnty OR Hosp Facs Auth Holladay Park Paza Pj | | | 2.25% | | | | 10/1/2010 | | | | 11/15/2033 | | | | A1 | | | | 1,300 | | | | 1,300,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 0.64% | | | | | | | | | | | | | | | | | | | | | |
| Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt D-3-A GTD | | | 0.66% | | | | 10/1/2010 | | | | 6/1/2034 | | | | AA+ | | | | 1,000 | | | | 1,000,000 | |
| Sevier Cnty TN Pub Bldg Auth Loc Govt Pub Impt VI-K-1 | | | 0.66% | | | | 10/1/2010 | | | | 6/1/2034 | | | | AA+ | | | | 12,025 | | | | 12,025,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 13,025,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 1.30% | | | | | | | | | | | | | | | | | | | | | |
| CA Infrastr & Econ Dev Los Angeles Cnty Museum of Art | | | 1.85% | | | | 10/1/2010 | | | | 9/1/2037 | | | | AAA | | | | 13,195 | | | | 13,195,000 | |
| CO Edl & Cultural Facs Auth National Jewish Federation Bd Pg A-7 | | | 0.30% | | | | 10/1/2010 | | | | 7/1/2029 | | | | Aa3 | | | | 4,200 | | | | 4,200,000 | |
| West Side Calhoun Cnty TX Nav Dist BP Chemicals Inc Pj AMT | | | 0.33% | | | | 10/1/2010 | | | | 10/1/2030 | | | | A | | | | 3,000 | | | | 3,000,000 | |
| Whiting IN Envr Facs BP Prods North America Pj AMT | | | 0.33% | | | | 10/1/2010 | | | | 7/1/2040 | | | | A2 | | | | 6,000 | | | | 6,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 26,395,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
124
Schedule of Investments (concluded)
INTERMEDIATE TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities 0.06% | | | | | | | | | | | | | | | | | | | | | |
| Gainsville FL Utils Sys Rev Ser A | | | 0.38% | | | | 10/1/2010 | | | | 10/1/2026 | | | | AA | | | $ | 1,230 | | | $ | 1,230,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Variable Rate Demand Notes (cost $121,470,000) | | | | | | | | | | | | 121,470,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Short-Term Investments (cost $122,470,842) | | | | | | | | | | | | 122,470,842 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 101.20% (cost $1,944,025,338) | | | | | | | | 2,050,671,393 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (1.20%) | | | | | | | | | | | | (24,254,198 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | | | | | $ | 2,026,417,195 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 290 | | | Short | | $ | (38,778,438) | | | $ | 112,082 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 26 | | | Short | | | (3,673,312) | | | | 50,609 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (42,451,750) | | | $ | 162,691 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
125
Schedule of Investments
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 75.44% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 3.94% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt USX Pj | | | 4.75% | | | | 12/1/2032 | | | | BBB+ | | | $ | 2,225 | | | $ | 2,316,403 | |
| Babylon NY Indl Dev Agy Res Rev Covanta Babylon Ser A | | | 5.00% | | | | 1/1/2013 | | | | AA | | | | 2,010 | | | | 2,159,665 | |
| Burke Cnty GA Dev Auth Pollutn Ctrl Vogtle Pj 5th Rmkt | | | 2.30% | | | | 10/1/2032 | | | | A | | | | 15,000 | | | | 15,278,100 | |
| Charles City Cnty VA Econ Dev Auth Wst Mgmt Ser A Rmkt | | | 1.80% | | | | 2/1/2029 | | | | BBB | | | | 4,250 | | | | 4,250,085 | |
| Coconino Cnty AZ Pollutn Ctrl Corp Ser A | | | 5.50% | | | | 6/1/2034 | | | | Baa2 | | | | 2,000 | | | | 2,179,040 | |
| Escambia Cnty FL Solid Wst Gulf Pwr Co Pj 1st Ser | | | 2.00% | | | | 4/1/2039 | | | | A | | | | 4,000 | | | | 4,034,760 | |
| Farmington NM Pollutn Ctrl Rev Sthn CA Edison Ser A | | | 2.875% | | | | 4/1/2029 | | | | A1 | | | | 7,500 | | | | 7,741,200 | |
| FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1 | | | 5.00% | | | | 6/1/2012 | | | | A+ | | | | 11,260 | | | | 11,750,711 | |
| FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-3 | | | 2.02% | # | | | 6/1/2013 | | | | A+ | | | | 10,000 | | | | 9,912,600 | |
| Gloucester Cnty NJ Impt Auth Wst Mgmt Inc Pj Ser A | | | 2.625% | | | | 12/1/2029 | | | | BBB | | | | 4,000 | | | | 4,067,880 | |
| IN Port Commn Port Rev Cargill Inc Pj | | | 4.10% | | | | 5/1/2012 | | | | A | | | | 4,100 | | | | 4,252,315 | |
| PA Econ Dev Fing Auth Wst Mgt Inc Pj | | | 2.75% | | | | 9/1/2013 | | | | BBB | | | | 4,250 | | | | 4,361,307 | |
| Rockport IN Pollutn Ctrl Rev MI Pwr Co Pj Ser A | | | 6.25% | | | | 6/1/2025 | | | | BBB | | | | 1,000 | | | | 1,126,550 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 73,430,616 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 2.84% | | | | | | | | | | | | | | | | | | | | |
| Delaware Cnty PA Auth Univ Rev Villanova Univ | | | 4.00% | | | | 12/1/2014 | | | | A1 | | | | 700 | | | | 762,846 | |
| Delaware Cnty PA Auth Univ Rev Villanova Univ | | | 5.00% | | | | 12/1/2013 | | | | A1 | | | | 550 | | | | 608,922 | |
| Grand Traverse Academy MI St Aid Antic Nts | | | 4.00% | | | | 3/10/2011 | | | | NR | | | | 2,400 | | | | 2,398,536 | |
| IL Edl Facs Auth Rev Univ of Chicago Ser B-2 | | | 1.875% | | | | 7/1/2036 | | | | Aa1 | | | | 5,250 | | | | 5,339,302 | |
| MA St Dev Fin Agy Boston Univ Ser V-2 | | | 2.875% | | | | 10/1/2014 | | | | A | | | | 1,595 | | | | 1,627,921 | |
| MA St Hlth & Edl Facs Auth Univ MA Ser A Rmkt | | | 2.20% | | | | 11/1/2030 | | | | A+ | | | | 3,600 | | | | 3,656,916 | |
| ND St Brd of Higher Ed Univ Hsg & Aux Facs | | | 4.00% | | | | 4/1/2012 | | | | Aa3 | | | | 1,000 | | | | 1,031,880 | |
See Notes to Financial Statements.
126
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| New York City NY Tr Cultural Res Julliard Sch(b) | | | 2.10% | | | | 4/1/2036 | | | | AA | | | $ | 14,000 | | | $ | 14,333,690 | |
| NJ St Edl Facs Auth Univ Med & Dentistry Ser B | | | 5.50% | | | | 12/1/2013 | | | | Baa1 | | | | 1,000 | | | | 1,108,750 | |
| NY St Dorm Auth Rev Non St Supp Debt St. Lawrence | | | 5.00% | | | | 7/1/2014 | | | | A2 | | | | 4,000 | | | | 4,454,560 | |
| NY St Dorm Auth Rev St City Univ Sys Cons 5th Gen Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 7/1/2015 | | | | AA- | | | | 1,565 | | | | 1,786,870 | |
| NY St Dorm Auth Rev St Univ Edl Facs Ser A | | | 5.50% | | | | 5/15/2013 | | | | AA- | | | | 4,795 | | | | 5,171,743 | |
| NY St Dorm Auth Rev St. John’s Univ Ser A (NPFGC) | | | 5.00% | | | | 7/1/2014 | | | | A | | | | 2,000 | | | | 2,242,700 | |
| SC Edl Facs Auth Furman Univ | | | 4.00% | | | | 10/1/2015 | | | | A1 | | | | 1,000 | | | | 1,092,520 | |
| Troy NY Indl Dev Auth Civic Fac Rensselaer Polytechnic Ser E | | | 4.05% | | | | 4/1/2037 | | | | A | | | | 100 | | | | 102,543 | |
| Univ of TX Perm Univ Fd Ser A | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 1,400 | | | | 1,606,094 | |
| Univ of TX Rev Fing Sys Ser D | | | 4.00% | | | | 8/15/2014 | | | | AAA | | | | 1,000 | | | | 1,115,350 | |
| Wayne St Univ MI Rev Ser A | | | 5.00% | | | | 11/15/2015 | | | | Aa2 | | | | 3,975 | | | | 4,564,055 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 53,005,198 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 11.75% | | | | | | | | | | | | | | | | | | | | |
| AK Muni Bd Bk Auth Ser A1 | | | 3.00% | | | | 3/1/2014 | | | | Aa2 | | | | 1,000 | | | | 1,053,700 | |
| Allegheny Cnty PA Ser C 55 (NPFGC) | | | 5.375% | | | | 11/1/2013 | | | | A+ | | | | 7,210 | | | | 8,054,940 | |
| Bedford Pk Vlg IL (AG) | | | 5.00% | | | | 12/1/2013 | | | | AAA | | | | 1,275 | | | | 1,409,092 | |
| Boston MA Ser A | | | 5.00% | | | | 4/1/2014 | | | | Aaa | | | | 1,500 | | | | 1,711,320 | |
| Centennial Auth NC Rev (AG) | | | 5.00% | | | | 9/1/2014 | | | | Aa2 | | | | 3,460 | | | | 3,899,420 | |
| Chicago IL Brd of Ed Dedicated Revs Ser F | | | 5.00% | | | | 12/1/2014 | | | | Aa2 | | | | 2,255 | | | | 2,583,531 | |
| Clark Cnty NV Sch Dist Ser A (AGM) | | | 5.50% | | | | 6/15/2016 | | | | AAA | | | | 7,370 | | | | 8,264,349 | |
| Cook Cnty IL Sch Dist No 99-Cicero Ser C (AGM) | | | 5.00% | | | | 12/1/2014 | | | | Aa3 | | | | 1,690 | | | | 1,898,343 | |
| Cook Cnty IL Ser A (AMBAC) | | | 5.00% | | | | 11/15/2014 | | | | AA | | | | 1,000 | | | | 1,122,620 | |
| Crawford Cent Sch Dist PA (AG) | | | 3.50% | | | | 2/15/2012 | | | | Aa3 | | | | 250 | | | | 258,773 | |
| CT St Ser D | | | 5.00% | | | | 11/1/2014 | | | | AA | | | | 500 | | | | 578,525 | |
| Cumberland Cnty NC Impt Pjs Ser B 1 COP | | | 4.00% | | | | 12/1/2014 | | | | AA | | | | 3,500 | | | | 3,821,615 | |
| Detroit MI Dist St Aid | | | 5.00% | | | | 11/1/2015 | | | | AA- | | | | 6,775 | | | | 7,604,531 | |
| Dist of Columbia Ser E ETM (BHAC) | | | 5.00% | | | | 6/1/2014 | | | | AA+ | | | | 1,500 | | | | 1,721,235 | |
| Douglas Cnty WA Sch Dist No 206 Eastmont (NPFGC) | | | 5.00% | | | | 12/1/2014 | | | | Aa1 | | | | 1,000 | | | | 1,151,820 | |
See Notes to Financial Statements.
127
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Eagle Mountain & Saginaw TX Indpt Sch Dist Cap Apprec Ser A PSF GTD | | | 5.25% | | | | 8/15/2023 | | | | AAA | | | $ | 1,695 | | | $ | 1,917,723 | |
| El Paso TX (AGM) | | | 5.75% | | | | 8/15/2012 | | | | AAA | | | | 500 | | | | 545,525 | |
| Fairfax Cnty VA Pub Impt Ser A | | | 5.25% | | | | 4/1/2013 | | | | AAA | | | | 1,500 | | | | 1,674,030 | |
| FL St Brd of Ed Pub Ed Ser C GTD | | | 5.00% | | | | 6/1/2014 | | | | AAA | | | | 250 | | | | 284,740 | |
| Frisco TX Ctfs Oblig Ser A (AGM) | | | 5.00% | | | | 2/15/2012 | | | | AAA | | | | 500 | | | | 529,000 | |
| Gilroy CA Unif Sch Dist Bd Antic Nts | | | 5.00% | | | | 4/1/2013 | | | | NR | | | | 4,000 | | | | 4,330,520 | |
| Harris Cnty TX Ctfs Oblig | | | 5.50% | | | | 8/15/2020 | | | | AAA | | | | 1,000 | | | | 1,092,890 | |
| Hartford CT | | | 5.625% | | | | 2/1/2013 | | | | Aa3 | | | | 590 | | | | 657,826 | |
| Hartford CT (AG) | | | 4.00% | | | | 11/15/2012 | | | | AAA | | | | 1,255 | | | | 1,341,080 | |
| Hartford CT (AG) | | | 4.00% | | | | 11/15/2013 | | | | AAA | | | | 1,320 | | | | 1,442,694 | |
| Hawaii Cnty HI Ser A (AMBAC) | | | 5.00% | | | | 7/15/2014 | | | | Aa2 | | | | 1,750 | | | | 1,998,343 | |
| HI St Ser DG (AMBAC) | | | 5.00% | | | | 7/1/2012 | | | | Aa1 | | | | 50 | | | | 53,845 | |
| HI St Ser DQ ETM | | | 5.00% | | | | 6/1/2014 | | | | Aa2 | | | | 1,640 | | | | 1,881,884 | |
| HI St Unref Bal Ser DQ | | | 5.00% | | | | 6/1/2014 | | | | Aa1 | | | | 1,860 | | | | 2,125,664 | |
| Honolulu HI City & Cnty Ser B (NPFGC) | | | 5.00% | | | | 7/1/2014 | | | | Aa1 | | | | 2,475 | | | | 2,825,633 | |
| IL St | | | 3.00% | | | | 6/14/2011 | | | | NR | | | | 15,000 | | | | 15,166,200 | |
| IL St | | | 5.00% | | | | 1/1/2013 | | | | A+ | | | | 2,555 | | | | 2,728,306 | |
| IL St | | | 5.00% | | | | 1/1/2013 | | | | A+ | | | | 5,000 | | | | 5,339,150 | |
| IL St 1st Ser (AGM) | | | 5.50% | | | | 5/1/2016 | | | | AAA | | | | 7,000 | | | | 7,949,340 | |
| Kane Cook & DuPage Cntys IL Sch Dist No U-46 Elgin | | | 4.00% | | | | 1/1/2015 | | | | AA- | | | | 9,450 | | | | 10,363,531 | |
| Kankakee Cnty IL Sch Dist No 111 (NPFGC)(FGIC) | | | 3.75% | | | | 1/1/2013 | | | | A | | | | 2,200 | | | | 2,281,862 | |
| King Cnty WA Ltd Tax Ser B | | | 4.50% | | | | 1/1/2013 | | | | AAA | | | | 80 | | | | 86,797 | |
| Los Angeles CA Unif Sch Dist Election 2005 Ser C (AMBAC) | | | 5.00% | | | | 7/1/2012 | | | | Aa2 | | | | 1,065 | | | | 1,143,033 | |
| Madison Cnty IL Cmnty Unit Sch Dist No 2 Triad (NPFGC) | | | 5.25% | | | | 1/1/2015 | | | | A+ | | | | 2,035 | | | | 2,325,598 | |
| Madison Cnty IL Cmnty Unit Sch Dist No 7-Edwardsville Ser A (AGM) | | | 5.00% | | | | 12/1/2013 | | | | AAA | | | | 500 | | | | 554,545 | |
| Maricopa Cnty AZ Unif Sch Dist No 11 Peoria (AGM) | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 500 | | | | 569,255 | |
| Mecklenburg Cnty NC COP Ser A | | | 5.00% | | | | 2/1/2012 | | | | AA+ | | | | 250 | | | | 263,543 | |
| Metro Transn Auth NY Ser B (NPFGC) | | | 5.50% | | | | 1/1/2013 | | | | AA- | | | | 75 | | | | 82,137 | |
| MN St Hwy & Var Purp | | | 5.00% | | | | 8/1/2014 | | | | AAA | | | | 1,200 | | | | 1,383,456 | |
| MS Dev Bk Spl Oblig Jackson GTD | | | 5.00% | | | | 1/1/2012 | | | | Aa2 | | | | 75 | | | | 79,230 | |
| New York City NY Ser C | | | 5.00% | | | | 8/1/2013 | | | | AA | | | | 2,050 | | | | 2,284,294 | |
See Notes to Financial Statements.
128
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| New York City NY Ser K (AGM) | | | 5.00% | | | | 8/1/2013 | | | | AAA | | | $ | 1,500 | | | $ | 1,673,655 | |
| OH St Common Sch Ser C | | | 5.00% | | | | 9/15/2014 | | | | AA+ | | | | 8,525 | | | | 9,808,439 | |
| OH St Infrastr Impt | | | 5.35% | | | | 8/1/2014 | | | | AA+ | | | | 1,000 | | | | 1,159,450 | |
| OH St Mental Hlth Cap Facs Ser II-A (AMBAC) | | | 5.00% | | | | 8/1/2012 | | | | AA | | | | 500 | | | | 535,925 | |
| PA St 2nd Ser | | | 5.00% | | | | 4/15/2013 | | | | Aa1 | | | | 5,000 | | | | 5,536,400 | |
| PA St 2nd Ser | | | 5.00% | | | | 2/15/2015 | | | | Aa1 | | | | 11,400 | | | | 13,256,262 | |
| Portsmouth VA Nts Ser C | | | 3.00% | | | | 7/15/2014 | | | | Aa2 | | | | 10,000 | | | | 10,512,700 | |
| Puerto Rico Comwlth Pub Impt Ser A (FGIC) | | | 5.50% | | | | 7/1/2014 | | | | A3 | | | | 4,025 | | | | 4,409,548 | |
| Puerto Rico Pub Fin Corp Comwlth Approp Ser A (FGIC) | | | 5.25% | | | | 8/1/2031 | | | | Baa1 | | | | 7,500 | | | | 7,733,625 | |
| RI St & Providence Plantation Cap Dev Ln Ser A | | | 5.00% | | | | 7/15/2012 | | | | AA | | | | 475 | | | | 511,019 | |
| Socorro TX Indpt Sch Dist Ser A PSF GTD | | | 5.00% | | | | 8/15/2014 | | | | AAA | | | | 1,000 | | | | 1,153,170 | |
| Territory of Guam Ser A | | | 5.75% | | | | 11/15/2014 | | | | B+ | | | | 4,015 | | | | 4,234,219 | |
| Virgin Islands Pub Fin Auth Sr Lien Ser B | | | 5.00% | | | | 10/1/2014 | | | | BBB | | | | 2,750 | | | | 3,010,562 | |
| Waterbury CT (AG) | | | 4.00% | | | | 9/1/2013 | | | | AAA | | | | 1,700 | | | | 1,843,633 | |
| Waterbury CT (AG) | | | 4.00% | | | | 9/1/2014 | | | | AAA | | | | 1,700 | | | | 1,866,719 | |
| WI St Ser 1 (AMBAC) | | | 5.00% | | | | 5/1/2015 | | | | AA | | | | 20,510 | | | | 23,887,587 | |
| Woonsocket RI Bd Antic Nts | | | 6.25% | | | | 3/10/2011 | | | | NR | | | | 7,500 | | | | 7,552,575 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 219,120,976 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 12.78% | | | | | | | | | | | | | | | | | | | | |
| AL Hlthcare Auth For Baptist Ser A | | | 6.00% | | | | 11/15/2036 | | | | A3 | | | | 2,000 | | | | 2,099,100 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2012 | | | | BB- | | | | 5,815 | | | | 5,826,223 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2013 | | | | BB- | | | | 2,000 | | | | 1,994,780 | |
| Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser A | | | 5.00% | | | | 9/1/2014 | | | | Aa3 | | | | 9,440 | | | | 10,688,629 | |
| Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser F | | | 1.32% | # | | | 5/15/2038 | | | | Aa3 | | | | 4,000 | | | | 4,010,440 | |
| AZ Hlth Facs Auth Rev Banner Hlth Ser D | | | 5.00% | | | | 1/1/2014 | | | | A+ | | | | 2,000 | | | | 2,189,180 | |
| Birmingham-Baptist AL Med Ctr Spl Care Facs Fing Auth Baptist Hlth Sys Ser A | | | 5.30% | | | | 11/15/2012 | | | | Baa2 | | | | 2,150 | | | | 2,226,282 | |
| CA Hlth Facs Fing Auth Adventist Hlth Sys West Ser C | | | 5.00% | | | | 3/1/2014 | | | | A | | | | 2,000 | | | | 2,188,240 | |
See Notes to Financial Statements.
129
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| CA Hlth Facs Fing Auth Catholic Hlthcare West Ser F | | | 5.00% | | | | 7/1/2027 | | | | A | | | $ | 3,500 | | | $ | 3,851,120 | |
| CA Hlth Facs Fing Auth Sutter Hlth Ser A | | | 5.00% | | | | 8/15/2014 | | | | Aa3 | | | | 1,205 | | | | 1,344,840 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.00% | | | | 2/1/2012 | | | | Baa2 | | | | 1,095 | | | | 1,131,069 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.00% | | | | 2/1/2013 | | | | Baa2 | | | | 1,160 | | | | 1,219,624 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.00% | | | | 2/1/2014 | | | | Baa2 | | | | 1,220 | | | | 1,274,522 | |
| CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser G | | | 5.25% | | | | 7/1/2012 | | | | BBB | | | | 1,200 | | | | 1,247,424 | |
| CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser G | | | 5.25% | | | | 7/1/2013 | | | | BBB | | | | 1,075 | | | | 1,130,846 | |
| CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A | | | 5.00% | | | | 4/1/2013 | | | | A+ | | | | 13,150 | | | | 14,385,311 | |
| CA Statewide Cmntys Dev Auth Kaiser Permanente Ser C | | | 3.85% | | | | 11/1/2029 | | | | A+ | | | | 2,025 | | | | 2,105,878 | |
| CA Statewide Cmntys Dev Auth Sr Living Sthn CA | | | 5.25% | | | | 11/15/2014 | | | | BBB | | | | 1,270 | | | | 1,339,926 | |
| Charlotte-Mecklenburg NC Hosp Auth Carolinas Hlthcare Ser A (IBC)(NPFGC) | | | 5.00% | | | | 1/15/2015 | | | | Aa3 | | | | 2,275 | | | | 2,575,391 | |
| Clackamas Cnty OR Hosp Fac Auth Legacy Hlth Sys Ser C | | | 5.00% | | | | 7/15/2037 | | | | A+ | | | | 2,000 | | | | 2,193,500 | |
| CO Hlth Facs Auth Rev Catholic Hlth Ser B | | | 5.00% | | | | 7/1/2039 | | | | AA | | | | 7,000 | | | | 7,548,030 | |
| CO Hlth Facs Auth Rev Catholic Hlth Ser B | | | 5.00% | | | | 7/1/2039 | | | | AA | | | | 5,000 | | | | 5,667,700 | |
| CO Hlth Facs Auth Rev Evangelical Lutheran Ser B | | | 5.00% | | | | 6/1/2039 | | | | A- | | | | 3,000 | | | | 3,259,560 | |
| CO Hlth Facs Auth Rev Total Longterm Care Natl Ser A(d) | | | 4.25% | | | | 11/15/2015 | | | | BBB- | (c) | | | 1,440 | | | | 1,436,011 | |
| CT St Hlth & Edl Facs Auth Stamford Hosp Ser I | | | 4.00% | | | | 7/1/2012 | | | | A | | | | 1,240 | | | | 1,302,409 | |
| CT St Hlth & Edl Facs Auth Stamford Hosp Ser I | | | 5.00% | | | | 7/1/2013 | | | | A | | | | 1,915 | | | | 2,092,540 | |
| CT St Hlth & Edl Facs Auth Stamford Hosp Ser I | | | 5.00% | | | | 7/1/2014 | | | | A | | | | 2,050 | | | | 2,271,994 | |
| CT St Hlth & Edl Facs Auth Stamford Hosp Ser I | | | 5.00% | | | | 7/1/2015 | | | | A | | | | 1,980 | | | | 2,207,344 | |
| Escambia Cnty FL Hlth Facs Auth Ascension Hlth Credit Ser A | | | 5.25% | | | | 11/15/2014 | | | | Aa1 | | | | 12,625 | | | | 14,370,154 | |
See Notes to Financial Statements.
130
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B | | | 5.00% | | | | 1/1/2012 | | | | BBB- | (c) | | $ | 2,640 | | | $ | 2,704,601 | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B | | | 5.00% | | | | 1/1/2014 | | | | BBB- | (c) | | | 2,965 | | | | 3,082,384 | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B | | | 5.00% | | | | 1/1/2015 | | | | BBB- | (c) | | | 2,950 | | | | 3,056,819 | |
| Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys | | | 5.00% | | | | 6/1/2013 | | | | AA | | | | 4,250 | | | | 4,688,430 | |
| Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys | | | 5.00% | | | | 6/1/2014 | | | | AA | | | | 3,500 | | | | 3,964,835 | |
| Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys Ser B | | | 5.25% | | | | 12/1/2013 | | | | AA | | | | 3,000 | | | | 3,316,050 | |
| HFDC Cent TX Inc Ret Fac Ser A | | | 5.25% | | | | 11/1/2014 | | | | NR | | | | 1,195 | | | | 1,196,255 | |
| HI St Dept Bdgt & Fin Ser C2 | | | 6.40% | | | | 11/15/2014 | | | | NR | | | | 1,100 | | | | 1,120,779 | |
| IA Fin Auth Hlthcare Facs Genesis Hlth Sys | | | 5.00% | | | | 7/1/2014 | | | | A1 | | | | 1,065 | | | | 1,169,019 | |
| IL Fin Auth Rev Advocate Hlthcare Ser A-3 | | | 3.875% | | | | 11/1/2030 | | | | AA | | | | 1,000 | | | | 1,039,780 | |
| IL Fin Auth Rev Provena Hlth Ser A | | | 5.00% | | | | 5/1/2012 | | | | BBB+ | | | | 2,000 | | | | 2,076,900 | |
| IL Fin Auth Rev Provena Hlth Ser A | | | 5.25% | | | | 5/1/2015 | | | | BBB+ | | | | 2,000 | | | | 2,144,900 | |
| IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A | | | 5.00% | | | | 11/1/2014 | | | | A- | | | | 100 | | | | 108,771 | |
| IL Fin Auth Rev The Carle Fndtn Ser A (AG) | | | 5.00% | | | | 2/15/2012 | | | | AAA | | | | 500 | | | | 517,770 | |
| IL Hlth Facs Auth Rev Advocate Hlthcare Network Ser A | | | 4.375% | | | | 11/15/2022 | | | | AA | | | | 3,915 | | | | 4,176,796 | |
| IN Hlth Fac Fing Auth Rev Ascension Hlth Ser A2 Rmkt | | | 3.75% | | | | 11/15/2036 | | | | Aa1 | | | | 400 | | | | 413,228 | |
| IN Hlth Fac Fing Auth Rev Ascension Hlth Sub Credit A-6 | | | 5.00% | | | | 10/1/2027 | | | | Aa2 | | | | 10,900 | | | | 12,083,522 | |
| Kent MI Hosp Fin Auth Rev Spectrum Hlth Ser A | | | 4.25% | | | | 1/15/2047 | | | | AA | | | | 10,000 | | | | 10,916,500 | |
| King Cnty WA Pub Hosp Dist No 2 Evergreen Hlthcare (NPFGC) | | | 5.00% | | | | 12/1/2012 | | | | Aa2 | | | | 2,000 | | | | 2,158,100 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 50-C-3 | | | 6.50% | | | | 5/15/2015 | | | | NR | | | | 1,000 | | | | 1,012,320 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 65-C-2 | | | 7.00% | | | | 11/15/2015 | | | | NR | | | | 4,700 | | | | 4,767,868 | |
| KS St Dev Fin Auth Rev Adventist Hlth | | | 4.00% | | | | 11/15/2012 | | | | AA- | | | | 1,000 | | | | 1,059,910 | |
| Kuakini HI Hlth Sys Spl Purp Ser A | | | 5.50% | | | | 7/1/2012 | | | | BBB- | | | | 1,115 | | | | 1,124,767 | |
| LA Pub Facs Auth Rev Christus Hlth Ser A | | | 5.00% | | | | 7/1/2014 | | | | A+ | | | | 3,000 | | | | 3,249,270 | |
See Notes to Financial Statements.
131
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Lancaster Cnty PA Hosp Auth Rev Brethren Vlg Pj Ser A | | | 5.20% | | | | 7/1/2012 | | | | NR | | | $ | 1,750 | | | $ | 1,768,428 | |
| Lee Cnty FL Indl Dev Auth Shell PT/Alliance Cmnty Pj | | | 5.00% | | | | 11/15/2012 | | | | BB | | | | 3,000 | | | | 3,033,960 | |
| Lexington Cnty SC Hlth Svcs Dist Inc | | | 5.50% | | | | 5/1/2032 | | | | A+ | | | | 400 | | | | 465,000 | |
| MA Dev Fin Agy Ser B2 | | | 6.25% | | | | 6/1/2014 | | | | NR | | | | 5,305 | | | | 5,311,684 | |
| MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG) | | | 5.00% | | | | 2/15/2015 | | | | AAA | | | | 1,335 | | | | 1,488,418 | |
| MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG) | | | 5.00% | | | | 2/15/2016 | | | | AAA | | | | 565 | | | | 633,032 | |
| MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Inc Ser A | | | 5.00% | | | | 11/15/2013 | | | | A+ | | | | 2,130 | | | | 2,346,174 | |
| MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Inc Ser A | | | 5.00% | | | | 11/15/2014 | | | | A+ | | | | 2,140 | | | | 2,381,371 | |
| MS St Med Ctr Ed Bldg Corp Univ MS Med Ctr Facs | | | 4.00% | | | | 6/1/2014 | | | | Aa2 | | | | 1,000 | | | | 1,074,870 | |
| NC Med Care Commn Univ Hlth Sys Ser E-1 | | | 5.75% | | | | 12/1/2036 | | | | A+ | | | | 1,000 | | | | 1,093,210 | |
| Newport Beach CA Rev Hoag Mem Hosp Presb Ser D | | | 5.00% | | | | 12/1/2038 | | | | AA | | | | 3,000 | | | | 3,237,510 | |
| NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt Ser D (NPFGC)(FGIC) | | | 5.00% | | | | 8/15/2015 | | | | AA- | | | | 4,670 | | | | 5,370,220 | |
| NY St Dorm Auth Rev North Shore Univ Hosp (NPFGC) | | | 5.50% | | | | 11/1/2012 | | | | A | | | | 2,035 | | | | 2,175,842 | |
| OH St Hosp Fac Rev Cleveland Clinic Hlth Ser B | | | 5.00% | | | | 1/1/2012 | | | | Aa2 | | | | 1,000 | | | | 1,051,280 | |
| OR St Facs Auth Rev Legacy Hlth Sys Ser A | | | 5.00% | | | | 3/15/2013 | | | | A+ | | | | 1,000 | | | | 1,074,940 | |
| OR St Facs Auth Rev Legacy Hlth Sys Ser A | | | 5.00% | | | | 3/15/2014 | | | | A+ | | | | 400 | | | | 436,116 | |
| PA St Higher Edl Facs Auth Univ of Pittsburgh Med Ctr Ser E | | | 5.00% | | | | 5/15/2014 | | | | Aa3 | | | | 3,965 | | | | 4,450,950 | |
| Palm Beach Cnty FL Hlth Facs Auth Bethesda Hlthcare Sys Pj Ser A (AGM) | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 2,420 | | | | 2,635,477 | |
| SC Jobs Econ Dev Auth Tuomey (CIFG) | | | 5.00% | | | | 11/1/2013 | | | | BBB | | | | 1,685 | | | | 1,728,305 | |
| SC Jobs Econ Dev Auth Tuomey (CIFG) | | | 5.00% | | | | 11/1/2014 | | | | BBB | | | | 1,035 | | | | 1,059,830 | |
| SD St Hlth & Edl Facs Auth Regl Hlth | | | 5.00% | | | | 9/1/2014 | | | | A1 | | | | 1,000 | | | | 1,123,770 | |
| Shelby Cnty TN Hlth Edl & Hsg Facs Brd Baptist Mem Hlth Ser 2004A | | | 5.00% | | | | 9/1/2014 | | | | AA | | | | 1,500 | | | | 1,670,025 | |
| WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser B | | | 4.75% | | | | 8/15/2025 | | | | A3 | | | | 3,000 | | | | 3,170,880 | |
See Notes to Financial Statements.
132
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth | | | 4.00% | | | | 4/1/2012 | | | | AA- | | | $ | 1,000 | | | $ | 1,038,930 | |
| WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth | | | 4.00% | | | | 4/1/2013 | | | | AA- | | | | 1,500 | | | | 1,583,355 | |
| WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth | | | 4.00% | | | | 4/1/2014 | | | | AA- | | | | 1,300 | | | | 1,381,315 | |
| WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-2 | | | 5.40% | | | | 9/15/2014 | | | | NR | | | | 3,750 | | | | 3,765,600 | |
| WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare | | | 5.00% | | | | 8/15/2013 | | | | BBB+ | | | | 5,000 | | | | 5,293,200 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 238,171,333 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 0.17% | | | | | | | | | | | | | | | | | | | | |
| CA Hsg Fin Agy Rev Belovida Apts Pj Ser A | | | 2.375% | | | | 8/1/2014 | | | | Aa1 | | | | 3,220 | | | | 3,227,181 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 11.93% | | | | | | | | | | | | | | | | | | | | |
| Anaheim CA Pub Fing Auth Pub Impts Pj Sub Ser C (AGM) | | | 6.00% | | | | 9/1/2014 | | | | AAA | | | | 1,500 | | | | 1,746,405 | |
| Atlanta GA Downtown Dev Auth Rev Underground Atlanta Pj Ser A (AG) | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 3,500 | | | | 3,856,405 | |
| CA St Pub Wrks Brd Var Cap Pj Ser G-1 | | | 5.00% | | | | 10/1/2013 | | | | A2 | | | | 3,945 | | | | 4,310,741 | |
| CA St Pub Wrks Brd Var Cap Pj Ser G-1 | | | 5.00% | | | | 10/1/2014 | | | | A2 | | | | 14,175 | | | | 15,631,339 | |
| Cleveland OH Cleveland Stadium Pj Ser A COP | | | 5.00% | | | | 11/15/2014 | | | | A | | | | 5,320 | | | | 5,891,262 | |
| Decatur Twp IN Multi Sch Bldg Corp 1st Mtg ETM (FGIC) | | | 4.00% | | | | 7/15/2013 | | | | AA+ | | | | 1,670 | | | | 1,823,256 | |
| Delaware Vly PA Regl Fin Auth | | | 5.50% | | | | 7/1/2012 | | | | AA- | | | | 6,000 | | | | 6,375,000 | |
| Fulton Cnty GA Facs Corp Pub Purp Pj COP | | | 5.00% | | | | 11/1/2012 | | | | AA- | | | | 1,250 | | | | 1,339,725 | |
| Golden Empire CA Schs Fing Auth Kern High Sch Dist Pjs | | | 4.00% | | | | 5/1/2012 | | | | NR | | | | 7,500 | | | | 7,822,425 | |
| Greenville Cnty SC Sch Dist Bldg Equity Sooner | | | 5.00% | | | | 12/1/2013 | | | | AA | | | | 1,700 | | | | 1,908,998 | |
| Indianapolis IN Loc Pub Impt Bd Bk Ser 2005 E (AMBAC) | | | 5.00% | | | | 1/1/2014 | | | | Aa2 | | | | 4,205 | | | | 4,728,186 | |
| Indianapolis IN Loc Pub Impt Bd Bk Ser A (AGM) | | | 6.50% | | | | 1/1/2013 | | | | AAA | | | | 2,500 | | | | 2,724,300 | |
| KY St Ppty & Bldgs Commn Pj No 82 (AGM) | | | 5.25% | | | | 10/1/2014 | | | | AAA | | | | 5,500 | | | | 6,300,250 | |
See Notes to Financial Statements.
133
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | | | | | |
| KY St Ppty & Bldgs Commn Pj No 83 (AMBAC) | | | 5.00% | | | | 10/1/2015 | | | | Aa2 | | | $ | 6,085 | | | $ | 6,988,197 | |
| KY St Ppty & Bldgs Commn Pj No 88 (NPFGC)(FGIC) | | | 5.00% | | | | 11/1/2014 | | | | Aa2 | | | | 2,815 | | | | 3,199,191 | |
| LA Loc Govt Envr Facs & Cmnty Dev Auth LCTCS Facs Corp Pj Ser A | | | 4.00% | | | | 10/1/2013 | | | | A+ | | | | 1,500 | | | | 1,598,760 | |
| Lee Cnty FL Sch Brd Ser A COP | | | 4.00% | | | | 8/1/2013 | | | | Aa3 | | | | 4,425 | | | | 4,664,083 | |
| Los Angeles CA Unif Sch Dist Multiple Pptys Ser A COP | | | 4.00% | | | | 12/1/2013 | | | | A+ | | | | 4,055 | | | | 4,333,822 | |
| Los Angeles CA Unif Sch Dist Multiple Pptys Ser A COP | | | 4.00% | | | | 12/1/2014 | | | | A+ | | | | 6,360 | | | | 6,854,108 | |
| Maricopa Cnty AZ Pub Fin Corp Ser B (AMBAC) | | | 5.00% | | | | 7/1/2014 | | | | AA+ | | | | 3,000 | | | | 3,365,190 | |
| MI Muni Bd Auth Rev Loc Govt Ln Pg Sch Pg Ser C | | | 5.00% | | | | 5/1/2013 | | | | A+ | | | | 1,495 | | | | 1,599,874 | |
| MI Muni Bd Auth Rev Loc Govt Ln Pg Ser C | | | 5.00% | | | | 5/1/2013 | | | | AA- | | | | 1,650 | | | | 1,786,010 | |
| MI Muni Bd Auth Rev Loc Govt Ln Pg Ser C | | | 5.00% | | | | 5/1/2014 | | | | Aa2 | | | | 4,050 | | | | 4,511,254 | |
| MI St Bldg Auth Rev Facs Pg Ser I | | | 5.00% | | | | 10/15/2014 | | | | Aa3 | | | | 2,000 | | | | 2,242,600 | |
| MI St Bldg Auth Rev Facs Pg Ser I | | | 5.00% | | | | 10/15/2015 | | | | A+ | | | | 75 | | | | 85,173 | |
| MI St Bldg Auth Rev Facs Pg Ser I (AMBAC) | | | 5.00% | | | | 10/15/2029 | | | | Aa3 | | | | 5,000 | | | | 5,195,600 | |
| Miami-Dade Cnty FL Spl Oblig Cap Asset Acq Ser A-1 (AMBAC) | | | 5.00% | | | | 4/1/2013 | | | | Aa3 | | | | 5,860 | | | | 6,374,215 | |
| MN St 911 Rev Pub Safety Commn | | | 5.00% | | | | 6/1/2013 | | | | AA+ | | | | 2,465 | | | | 2,722,050 | |
| New York City NY Transnl Fin Auth Ser S-2 (AGM) | | | 5.00% | | | | 1/15/2014 | | | | AAA | | | | 3,000 | | | | 3,356,040 | |
| NJ Econ Dev Auth Sch Facs Constr Ser J-5 Rmkt (AGM) | | | 5.00% | | | | 9/1/2029 | | | | AAA | | | | 5,000 | | | | 5,593,200 | |
| NJ Econ Dev Auth Sch Facs Constr Ser O | | | 5.25% | | | | 3/1/2014 | | | | AA- | | | | 2,625 | | | | 2,942,231 | |
| NJ Econ Dev Auth Sch Facs Constr Ser T-3 Rmkt (AGM) | | | 5.00% | | | | 9/1/2020 | | | | AAA | | | | 1,830 | | | | 2,024,346 | |
| NJ Econ Dev Auth Sch Facs Constr Ser W ETM | | | 5.00% | | | | 9/1/2012 | | | | AA- | | | | 350 | | | | 379,971 | |
| NJ St Edl Facs Auth Higher Ed Cap Impt Ser A (AGM) | | | 5.00% | | | | 9/1/2014 | | | | AAA | | | | 2,975 | | | | 3,345,625 | |
| NJ St Equip Lease Purchase Ser A COP | | | 5.00% | | | | 6/15/2012 | | | | AA- | | | | 6,150 | | | | 6,566,539 | |
| NJ St Equip Lease Purchase Ser A COP | | | 5.00% | | | | 6/15/2015 | | | | AA- | | | | 3,150 | | | | 3,451,833 | |
See Notes to Financial Statements.
134
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | | | | | |
| NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC) | | | 5.50% | | | | 12/15/2016 | | | | AA- | | | $ | 1,225 | | | $ | 1,451,625 | |
| NJ St Transn Tr Fd Auth Unref Bal Transn Sys Ser C (AGM) | | | 5.75% | | | | 12/15/2014 | | | | AAA | | | | 2,910 | | | | 3,386,367 | |
| NY St Dorm Auth Rev Cons Svc Contract Ser A | | | 4.00% | | | | 7/1/2014 | | | | AA- | | | | 1,425 | | | | 1,567,144 | |
| NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt | | | 5.00% | | | | 2/15/2014 | | | | AA- | | | | 7,075 | | | | 7,943,032 | |
| NY St Dorm Auth Rev Ser B | | | 5.25% | | | | 11/15/2023 | | | | AA- | | | | 14,500 | | | | 15,464,685 | |
| OH St Bldg Auth Facs Adult Correction Ser C (NPFGC) | | | 5.00% | | | | 10/1/2013 | | | | AA | | | | 425 | | | | 474,938 | |
| Palm Beach Cnty FL Sch Dist COP (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2012 | | | | AA- | | | | 5,890 | | | | 6,302,064 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser J GTD (AMBAC) | | | 5.00% | | | | 7/1/2036 | | | | A3 | | | | 4,945 | | | | 5,159,910 | |
| Puerto Rico Pub Bldgs Auth Rev Ser M GTD | | | 5.75% | | | | 7/1/2016 | | | | A3 | | | | 4,145 | | | | 4,641,861 | |
| Puerto Rico Pub Fin Corp Comwlth Approp Ser A | | | 5.75% | | | | 8/1/2027 | | | | Baa1 | | | | 7,500 | | | | 7,781,925 | |
| Salt Lake Cnty UT Muni Bldg Auth Ser A | | | 4.00% | | | | 12/1/2014 | | | | AA+ | | | | 1,000 | | | | 1,112,730 | |
| Santa Clara Cnty CA Fing Auth Multi Facs Pj | | | 5.00% | | | | 11/15/2014 | | | | AA | | | | 2,670 | | | | 3,051,516 | |
| Scago SC Edl Facs Corp for Pickens Sch Dist Pickens Cnty Pj (AGM) | | | 5.00% | | | | 12/1/2013 | | | | AAA | | | | 1,000 | | | | 1,104,850 | |
| Southwest Allen IN Multi Sch Bldg Corp 1st Mtg Ser A (NPFGC) | | | 5.00% | | | | 1/15/2014 | | | | Aa2 | | | | 2,705 | | | | 3,022,324 | |
| Toledo OH City Svcs Spl Assmt Nts Spl Oblig | | | 4.00% | | | | 12/1/2011 | | | | NR | | | | 5,315 | | | | 5,380,215 | |
| VA Biotechnology Resh Partnership Auth Cons Laboratories Pj | | | 4.00% | | | | 9/1/2014 | | | | AA+ | | | | 3,270 | | | | 3,620,936 | |
| Weber UT Muni Bldg Auth | | | 4.00% | | | | 12/15/2013 | | | | AA- | | | | 1,770 | | | | 1,888,608 | |
| WV St Sch Bldg Auth Cap Impt (NPFGC) | | | 5.25% | | | | 1/1/2012 | | | | AAA | | | | 1,305 | | | | 1,371,438 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 222,364,372 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 7.29% | | | | | | | | | | | | | | | | | | | | |
| CA Statewide Cmntys Dev Auth Prop 1A Receivables Pg | | | 5.00% | | | | 6/15/2013 | | | | A1 | | | | 5,000 | | | | 5,467,250 | |
| Dallas TX Civic Ctr (AG) | | | 5.00% | | | | 8/15/2014 | | | | AAA | | | | 300 | | | | 332,331 | |
| FL St Brd of Ed Lottery Rev Ser A (AMBAC) | | | 5.00% | | | | 7/1/2015 | | | | AAA | | | | 3,200 | | | | 3,678,752 | |
| FL St Brd of Ed Lottery Rev Ser B | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 5,000 | | | | 5,649,450 | |
See Notes to Financial Statements.
135
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| FL St Brd of Ed Lottery Rev Ser B (AMBAC) | | | 5.00% | | | | 7/1/2013 | | | | AAA | | | $ | 2,615 | | | $ | 2,896,112 | |
| Gulf Coast Indl Dev Auth TX Amoco Oil Co Pj | | | 2.50% | # | | | 6/1/2025 | | | | A | | | | 6,065 | | | | 6,032,006 | |
| Hamilton Cnty OH Convtn Facs Auth 1st Lien (NPFGC)(FGIC) | | | 5.00% | | | | 12/1/2013 | | | | A+ | | | | 1,635 | | | | 1,815,504 | |
| IL Fin Auth Prairie Pwr Ser A Rmkt | | | 3.00% | | | | 7/1/2042 | | | | A | | | | 15,000 | | | | 15,229,650 | |
| IN Bd Bk Rev Common Sch Fd Adv Pur Fdg Ser B (NPFGC) | | | 4.75% | | | | 2/1/2014 | | | | A | | | | 4,000 | | | | 4,290,000 | |
| LA St Offshore Terminal Auth Loop LLC Pj Ser B-1A Rmkt(d) | | | 1.60% | | | | 10/1/2037 | | | | A | | | | 4,000 | | | | 4,000,760 | |
| Maricopa Cnty AZ Pollutn Ctrl Corp Pub Svc Co Ser A | | | 4.00% | | | | 6/1/2043 | | | | Baa3 | | | | 10,000 | | | | 10,178,300 | |
| MI St Strategic Fd Ltd Solid Wst Oblig Wst Mgmt | | | 2.80% | | | | 12/1/2013 | | | | BBB | | | | 3,000 | | | | 3,089,730 | |
| Minneapolis MN Rev National Marrow Donor Pg | | | 4.00% | | | | 8/1/2014 | | | | BBB | | | | 4,060 | | | | 4,292,719 | |
| Minneapolis MN Rev National Marrow Donor Pg | | | 4.00% | | | | 8/1/2015 | | | | BBB | | | | 4,535 | | | | 4,753,678 | |
| Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj | | | 7.00% | | | | 5/1/2013 | | | | BBB+ | | | | 5,000 | | | | 5,437,000 | |
| MS Business Fin Corp Wst Mgmt Inc Pj | | | 1.75% | # | | | 3/1/2029 | | | | BBB | | | | 1,000 | | | | 999,640 | |
| Navajo Cnty AZ Pollutn Ctrl Corp Ser C | | | 5.50% | | | | 6/1/2034 | | | | Baa2 | | | | 5,000 | | | | 5,447,600 | |
| New York City NY Tr Cultural Res Lincoln Ctr Ser C | | | 5.75% | | | | 12/1/2016 | | | | A+ | | | | 75 | | | | 88,777 | |
| NJ Econ Dev Auth Cigarette Tax (FGIC) | | | 5.00% | | | | 6/15/2013 | | | | BBB | | | | 75 | | | | 78,061 | |
| OH St Air Quality Dev Auth Envr Impt USX Pj | | | 5.00% | | | | 11/1/2015 | | | | BBB+ | | | | 1,000 | | | | 1,029,490 | |
| OH St Air Quality Dev Auth First Enrg Nuclear Ser A | | | 5.75% | | | | 6/1/2033 | | | | Baa2 | | | | 1,500 | | | | 1,662,810 | |
| OH St Air Quality Dev Auth Pollutn Ctrl First Enrg Ser B | | | 5.25% | | | | 3/1/2023 | | | | Baa1 | | | | 500 | | | | 508,120 | |
| PA Econ Dev Fing Auth PPL Enrg Supply LLC Pj | | | 3.00% | | | | 12/1/2038 | | | | BBB | | | | 3,000 | | | | 3,010,860 | |
| PA Econ Dev Fing Auth PPL Enrg Supply LLC Pj Ser C Rmkt | | | 3.00% | | | | 12/1/2037 | | | | BBB | | | | 12,000 | | | | 12,043,440 | |
| Pub Gas Partners Inc GA Ser A | | | 5.00% | | | | 10/1/2014 | | | | A+ | | | | 3,000 | | | | 3,292,620 | |
| Puerto Rico Comwlth Govt Dev Bk Rmkt GTD (NPFGC) | | | 4.75% | | | | 12/1/2015 | | | | A | | | | 10,000 | | | | 10,417,600 | |
| WA St Econ Dev Fin Auth Wst Mgmt Rmkt | | | 1.75% | | | | 6/1/2020 | | | | BBB | | | | 3,000 | | | | 3,000,780 | |
See Notes to Financial Statements.
136
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Whiting IN Envr Facs BP Prods North Amer Inc | | | 2.80% | | | | 6/1/2044 | | | | A2 | | | $ | 17,005 | | | $ | 17,193,926 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 135,916,966 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 0.01% | | | | | | | | | | | | | | | | | | | | |
| Weslaco TX Hlth Facs Dev Corp Knapp Med Ctr Pj | | | 6.25% | | | | 6/1/2032 | | | | NR | | | | 100 | | | | 108,979 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 0.72% | | | | | | | | | | | | | | | | | | | | |
| Denver CO Urban Renewal Auth Stapleton Sr Sub Ser B-1 | | | 4.00% | | | | 12/1/2014 | | | | Aa3 | | | | 5,045 | | | | 5,497,940 | |
| Miami-Dade Cnty FL Entitlement GTD (NPFGC)(FGIC) | | | 5.00% | | | | 8/1/2014 | | | | Aa3 | | | | 5,665 | | | | 6,267,416 | |
| PA Intergovernmental Cooperative Auth Philadelphia Fdg Pg | | | 5.00% | | | | 6/15/2012 | | | | AA | | | | 1,500 | | | | 1,611,090 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 13,376,446 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 3.80% | | | | | | | | | | | | | | | | | | | | |
| AL St Pub Sch & College Auth Cap Impt & Econ Dev (NPFGC)(FGIC) | | | 5.00% | | | | 12/1/2014 | | | | Aa1 | | | | 3,540 | | | | 3,974,004 | |
| AL St Pub Sch & College Auth Ser A | | | 5.00% | | | | 5/1/2015 | | | | Aa1 | | | | 2,800 | | | | 3,250,296 | |
| CA St Econ Recovery Ser A | | | 5.25% | | | | 7/1/2013 | | | | Aa3 | | | | 1,915 | | | | 2,142,617 | |
| CA St Econ Recovery Ser A (NPFGC)(FGIC) | | | 5.25% | | | | 7/1/2014 | | | | Aa3 | | | | 1,610 | | | | 1,854,704 | |
| CA St Econ Recovery Ser A ETM | | | 5.25% | | | | 7/1/2014 | | | | AAA | | | | 1,130 | | | | 1,315,297 | |
| CA St Econ Recovery Unrefunded Bal Ser A | | | 5.25% | | | | 7/1/2014 | | | | Aa3 | | | | 3,870 | | | | 4,458,201 | |
| Des Moines IA Indpt Cmnty Sch Dist | | | 5.00% | | | | 6/1/2015 | | | | A+ | | | | 2,810 | | | | 3,190,924 | |
| FL Hurricane Catastrophe Fd Fin Corp Ser A | | | 5.00% | | | | 7/1/2013 | | | | AA- | | | | 10,050 | | | | 10,735,510 | |
| FL Hurricane Catastrophe Fd Fin Corp Ser A | | | 5.25% | | | | 7/1/2012 | | | | AA- | | | | 2,000 | | | | 2,135,720 | |
| IL St Sales Tax Rev | | | 5.25% | | | | 6/15/2012 | | | | AAA | | | | 200 | | | | 213,718 | |
| MA St Spl Oblig Rev Fed Hwy Grant Antic Ser A (AGM) | | | 5.00% | | | | 12/15/2014 | | | | Aa2 | | | | 7,000 | | | | 8,053,780 | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.375% | | | | 6/15/2014 | | | | BBB | | | | 2,560 | | | | 2,715,725 | |
| NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C | | | 4.00% | | | | 10/1/2012 | | | | A+ | | | | 2,940 | | | | 3,097,143 | |
| NY St Dorm Auth Rev St Pers Income Tax Ser A | | | 5.00% | | | | 3/15/2014 | | | | AAA | | | | 250 | | | | 282,865 | |
See Notes to Financial Statements.
137
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| NY St Loc Govt Assistance Corp Sr Lien Ser A | | | 5.00% | | | | 4/1/2015 | | | | AAA | | | $ | 2,475 | | | $ | 2,888,350 | |
| Orlando FL Cmnty Redev Agy Tax Alloc Downtown Dist Ser B | | | 5.00% | | | | 9/1/2014 | | | | A1 | | | | 3,775 | | | | 4,174,395 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.00% | | | | 8/1/2039 | | | | A+ | | | | 5,000 | | | | 5,191,950 | |
| Regl Transit Auth LA Sales Tax (AGM)(d) | | | 3.00% | | | | 12/1/2013 | | | | AAA | | | | 750 | | | | 785,010 | |
| Regl Transit Auth LA Sales Tax (AGM)(d) | | | 4.00% | | | | 12/1/2014 | | | | AAA | | | | 1,000 | | | | 1,088,950 | |
| Tallahassee FL Blueprint 2000 Intergovernmental Agy (NPFGC) | | | 5.00% | | | | 10/1/2013 | | | | Aa2 | | | | 2,100 | | | | 2,292,129 | |
| Volusia Cnty FL Sch Brd (NPFGC) | | | 5.00% | | | | 10/1/2013 | | | | A+ | | | | 4,150 | | | | 4,416,139 | |
| WV Sch Bldg Auth | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 2,290 | | | | 2,577,647 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 70,835,074 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tobacco 0.31% | | | | | | | | | | | | | | | | | | | | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Ser A-1 | | | 5.00% | | | | 6/1/2014 | | | | BBB | | | | 5,500 | | | | 5,772,800 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 5.96% | | | | | | | | | | | | | | | | | | | | |
| Clark Cnty NV Arpt Rev Sys Jr Sub Lien Nts Ser E-2 | | | 5.00% | | | | 7/1/2012 | | | | A1 | | | | 4,500 | | | | 4,782,870 | |
| CT St Spl Tax Oblig Transn Infrastr Ser B | | | 5.00% | | | | 12/1/2014 | | | | AA | | | | 10,000 | | | | 11,584,200 | |
| Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Jt Ser A | | | 4.00% | | | | 11/1/2014 | | | | A+ | | | | 2,500 | | | | 2,740,800 | |
| Delaware River PA Jt Toll Bridge Commn Ser A (NPFGC) | | | 5.50% | | | | 7/1/2014 | | | | A | | | | 2,455 | | | | 2,781,957 | |
| Denver CO City & County Arpt Rev Ser E (NPFGC) | | | 6.00% | | | | 11/15/2013 | | | | A+ | | | | 4,100 | | | | 4,653,336 | |
| DuPage Cnty IL Transn Rev (AGM) | | | 5.00% | | | | 1/1/2012 | | | | AAA | | | | 75 | | | | 78,722 | |
| E-470 Pub Hwy Auth CO Rev Ser C2 (NPFGC) | | | 5.00% | | | | 9/1/2039 | | | | A | | | | 3,450 | | | | 3,671,214 | |
| E-470 Pub Hwy Auth CO Rev Ser D2 (NPFGC) | | | 5.00% | | | | 9/1/2039 | | | | A | | | | 6,550 | | | | 6,969,986 | |
| FL St Dept of Transn Tpk Auth Rev Ser A | | | 5.00% | | | | 7/1/2012 | | | | AA- | | | | 75 | | | | 80,577 | |
| GA St Rd & Twy Auth Rev Fed Hwy Grant Antic Bds (NPFGC) | | | 5.00% | | | | 6/1/2014 | | | | Aa2 | | | | 1,000 | | | | 1,143,600 | |
| LA St Offshore Terminal Auth Loop LLC Pj Ser B-1 | | | 1.875% | | | | 10/1/2040 | | | | A | | | | 3,750 | | | | 3,757,050 | |
| MA Bay Transn Auth Sr Ser C | | | 5.25% | | | | 7/1/2013 | | | | AAA | | | | 75 | | | | 84,088 | |
See Notes to Financial Statements.
138
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| Metro Transn Auth NY Ser B | | | 5.00% | | | | 11/15/2014 | | | | AA | | | $ | 1,000 | | | $ | 1,151,540 | |
| Metro Transn Auth NY Ser B Mand Tend | | | 5.00% | | | | 11/15/2023 | | | | A | | | | 4,600 | | | | 4,961,238 | |
| Metro Transn Auth NY Ser B Mand Tend | | | 5.00% | | | | 11/15/2027 | | | | A | | | | 6,000 | | | | 6,630,120 | |
| NJ St Transn Tr Fd Auth Grant Antic Bds Ser A (NPFGC)(FGIC) | | | 5.00% | | | | 6/15/2015 | | | | Aa3 | | | | 2,950 | | | | 3,353,088 | |
| NJ St Transn Tr Fd Auth Transn Sys Ser A (NPFGC) | | | 5.25% | | | | 12/15/2014 | | | | AA- | | | | 5,000 | | | | 5,717,700 | |
| North TX Twy Auth Rev Sys 1st Tier Ser H | | | 5.00% | | | | 1/1/2042 | | | | A2 | | | | 2,000 | | | | 2,145,260 | |
| North TX Twy Auth Rev Sys 1st Tier Ser L-1 | | | 5.50% | | | | 1/1/2038 | | | | A2 | | | | 6,000 | | | | 6,072,240 | |
| North TX Twy Auth Rev Sys 1st Tier Ser L-2 | | | 6.00% | | | | 1/1/2038 | | | | A2 | | | | 1,900 | | | | 2,075,161 | |
| OH St Major New St Infrastr Ser 2008-1 | | | 5.50% | | | | 6/15/2014 | | | | Aa1 | | | | 1,460 | | | | 1,691,921 | |
| PA St Tpk Commn Ser C | | | 1.17% | # | | | 12/1/2013 | | | | Aa3 | | | | 6,570 | | | | 6,587,936 | |
| PA St Tpk Commn Ser T (NPFGC)(FGIC) | | | 5.50% | | | | 12/1/2013 | | | | Aa3 | | | | 825 | | | | 934,238 | |
| PA St Tpk Commn Sub Ser B | | | 5.00% | | | | 6/1/2014 | | | | A- | | | | 3,250 | | | | 3,604,087 | |
| Puerto Rico Comwlth Hwy & Transn Auth Ser E (AGM) | | | 5.50% | | | | 7/1/2014 | | | | AAA | | | | 5,000 | | | | 5,562,300 | |
| SC Transn Infrastr Bk Ser B (AMBAC) | | | 5.25% | | | | 10/1/2012 | | | | Aa3 | | | | 3,465 | | | | 3,752,110 | |
| South Jersey NJ Transn Auth Ser A-1 | | | 4.00% | | | | 11/1/2013 | | | | A- | | | | 4,000 | | | | 4,266,760 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-2 | | | 4.25% | | | | 7/1/2012 | | | | A | | | | 1,390 | | | | 1,413,616 | |
| Tulsa OK Apts Impt Tr Rev Amer Airlines Corp | | | 7.35% | | | | 12/1/2011 | | | | B- | | | | 8,100 | | | | 8,132,967 | |
| TX St Transn Commn 1st Tier | | | 5.00% | | | | 4/1/2013 | | | | AAA | | | | 210 | | | | 232,075 | |
| TX St Transn Commn 1st Tier | | | 5.00% | | | | 8/15/2042 | | | | BBB+ | | | | 500 | | | | 506,195 | |
| WI St Transn Rev Ser B (AMBAC) | | | 5.00% | | | | 7/1/2013 | | | | AA+ | | | | 75 | | | | 83,495 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 111,202,447 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 13.94% | | | | | | | | | | | | | | | | | | | | |
| Austin TX Elec Util Sys Rev (AGM) | | | 5.00% | | | | 5/15/2014 | | | | AAA | | | | 1,875 | | | | 2,119,650 | |
| Buncombe Cnty NC Metro Sewerage Dist Ser B | | | 4.00% | | | | 7/1/2013 | | | | AA | | | | 2,850 | | | | 3,085,239 | |
| Butler Cnty OH Swr Sys Rev (AGM) | | | 5.00% | | | | 12/1/2013 | | | | Aa3 | | | | 1,225 | | | | 1,354,238 | |
| CA Infrastr & Econ Dev Bk Pacific Gas & Elec Ser E | | | 2.25% | | | | 11/1/2026 | | | | A3 | | | | 4,000 | | | | 4,039,960 | |
| Cape Coral FL Wtr & Swr Rev Bd Antic Nts | | | 6.00% | | | | 10/1/2011 | | | | NR | | | | 6,500 | | | | 6,671,275 | |
| Cent Plains NE Enrg Pj No 1 Ser A | | | 5.00% | | | | 12/1/2014 | | | | BB+ | | | | 3,050 | | | | 3,276,676 | |
See Notes to Financial Statements.
139
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Chelan Cnty WA Pub Util Dist No 1 Sys Nts Sub Ser A | | | 5.00% | | | | 7/1/2013 | | | | AA | | | $ | 1,000 | | | $ | 1,101,500 | |
| Chicago IL Wtr Rev 2nd Lien (AGM) | | | 5.00% | | | | 11/1/2013 | | | | AAA | | | | 2,500 | | | | 2,783,275 | |
| Cowlitz Cnty WA Pub Util Dist No 1 Dist Sys (NPFGC)(FGIC) | | | 5.00% | | | | 9/1/2013 | | | | A1 | | | | 2,225 | | | | 2,440,246 | |
| Delaware Cnty PA Indl Dev Auth PECO Enrg Co Pj Ser A | | | 4.00% | | | | 12/1/2012 | | | | A1 | | | | 10,000 | | | | 10,550,000 | |
| Enrg Northwest WA Elec Rev Pj 1 Ser A (NPFGC) | | | 5.25% | | | | 7/1/2013 | | | | Aaa | | | | 180 | | | | 201,811 | |
| FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1 | | | 5.50% | | | | 6/1/2014 | | | | A+ | | | | 5,000 | | | | 5,442,200 | |
| FL St Dept of Envr Protn FL Forever Ser A (NPFGC) | | | 5.00% | | | | 7/1/2014 | | | | AA- | | | | 5,180 | | | | 5,891,369 | |
| GA Muni Elec Auth Pwr Rev Unref Bal 2005 Ser Y (AMBAC) | | �� | 6.40% | | | | 1/1/2013 | | | | A+ | | | | 75 | | | | 79,508 | |
| Hillsborough Cnty FL Indl Dev Auth Tampa Elec Co Pj | | | 5.10% | | | | 10/1/2013 | | | | Baa1 | | | | 5,000 | | | | 5,320,950 | |
| Hillsborough Cnty FL Indl Dev Auth Tampa Elec Ser B Rmkt | | | 5.15% | | | | 9/1/2025 | | | | Baa1 | | | | 2,100 | | | | 2,298,240 | |
| IL Fin Auth Gas Supply Peoples Gas Light & Coke | | | 2.125% | | | | 3/1/2030 | | | | A1 | | | | 12,750 | | | | 12,715,702 | |
| IL Fin Auth Gas Supply Peoples Gas Light & Coke Ser B(d) | | | 2.625% | | | | 2/1/2033 | | | | A1 | | | | 4,000 | | | | 4,021,520 | |
| IL Muni Elec Agy Pwr Supply Ser C (NPFGC)(FGIC) | | | 5.00% | | | | 2/1/2014 | | | | A+ | | | | 1,000 | | | | 1,106,470 | |
| Indianapolis IN Util Dist Ser B (NPFGC)(FGIC) | | | 4.00% | | | | 6/1/2014 | | | | AA- | | | | 3,535 | | | | 3,860,043 | |
| Intermountain Pwr Agy UT Ser A | | | 5.00% | | | | 7/1/2012 | | | | A+ | | | | 3,015 | | | | 3,231,025 | |
| Intermountain Pwr Agy UT Ser A | | | 5.50% | | | | 7/1/2014 | | | | A+ | | | | 3,900 | | | | 4,347,096 | |
| Jacksonville FL Elec Sys Rev Ser C | | | 5.00% | | | | 10/1/2013 | | | | Aa3 | | | | 3,750 | | | | 4,182,375 | |
| Jacksonville FL St. John’s River Pwr Pk Sys Issue 2-17th Ser | | | 5.25% | | | | 10/1/2013 | | | | Aa2 | | | | 50 | | | | 52,289 | |
| Kissimmee FL Util Auth Elec Sys (AGM) | | | 5.25% | | | | 10/1/2014 | | | | Aa3 | | | | 1,000 | | | | 1,129,750 | |
| Long Island NY Pwr Auth Ser 2010A | | | 5.00% | | | | 5/1/2014 | | | | A- | | | | 2,500 | | | | 2,818,100 | |
| Los Alamos Cnty NM Inc Util Ser A (AGM) | | | 5.00% | | | | 7/1/2014 | | | | AAA | | | | 4,410 | | | | 4,822,555 | |
| Louisa VA Indl Dev Auth Pollutn Ctrl VA Elec & Pwr Co Pj Ser C | | | 5.00% | | | | 11/1/2035 | | | | A- | | | | 3,000 | | | | 3,137,850 | |
| Louisville & Jefferson Cnty KY Metro Swr Dist Ser A | | | 5.00% | | | | 5/15/2013 | | | | AA- | | | | 4,925 | | | | 5,412,624 | |
See Notes to Financial Statements.
140
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Louisville & Jefferson Cnty KY Metro Swr Dist Ser B | | | 4.00% | | | | 5/15/2013 | | | | AA- | | | $ | 5,000 | | | $ | 5,360,100 | |
| Louisville & Jefferson Cnty KY Metro Swr Dist Ser B | | | 5.00% | | | | 5/15/2014 | | | | AA- | | | | 9,505 | | | | 10,737,989 | |
| M-S-R Pub Pwr Agy San Juan CA Sub Lien Ser M | | | 0.30% | # | | | 7/1/2022 | | | | AAA | | | | 1,800 | | | | 1,800,000 | |
| Maricopa Cnty AZ Pollutn Ctrl Corp Pub Svc Co Ser B | | | 5.50% | | | | 5/1/2029 | | | | Baa2 | | | | 2,500 | | | | 2,624,775 | |
| MI Muni Bd Auth Rev Clean Wtr Rev Fd | | | 5.50% | | | | 10/1/2013 | | | | AAA | | | | 340 | | | | 386,560 | |
| Mobile AL Brd of Wtr & Swr Commnrs (NPFGC)(FGIC) | | | 5.25% | | | | 1/1/2012 | | | | AA- | | | | 1,000 | | | | 1,059,480 | |
| Morehouse Parish LA Pollutn Ctrl Intl Paper Co Pj Ser A | | | 5.25% | | | | 11/15/2013 | | | | BBB | | | | 2,855 | | | | 3,143,469 | |
| NC Eastern Muni Pwr Agy Ser B | | | 5.00% | | | | 1/1/2015 | | | | A- | | | | 1,000 | | | | 1,131,760 | |
| NC Eastern Muni Pwr Agy Ser F | | | 5.375% | | | | 1/1/2013 | | | | A- | | | | 50 | | | | 54,667 | |
| NC Eastern Muni Pwr Agy Ser F | | | 5.50% | | | | 1/1/2014 | | | | A- | | | | 5,000 | | | | 5,640,050 | |
| OH St Air Quality Dev Auth Columbus Sthn Pwr Ser A | | | 3.875% | | | | 12/1/2038 | | | | A3 | | | | 3,500 | | | | 3,693,410 | |
| OH St Air Quality Dev Auth Pollutn Ctrl First Enrg | | | 2.25% | | | | 12/1/2023 | | | | Baa2 | | | | 12,000 | | | | 12,027,600 | |
| OH St Air Quality Dev Auth Pollutn Ctrl First Enrg Ser D | | | 4.75% | | | | 8/1/2029 | | | | Baa1 | | | | 12,500 | | | | 12,963,500 | |
| OH St Air Quality Dev Auth Pwr Co Ser A | | | 3.25% | | | | 6/1/2041 | | | | Baa1 | | | | 4,000 | | | | 4,017,720 | |
| Orlando FL Wst Wtr Sys Rev Ser A (AMBAC) | | | 5.25% | | | | 10/1/2013 | | | | AA | | | | 7,290 | | | | 7,791,042 | |
| PA Econ Dev Fing Auth Exelon Generation Ser A | | | 5.00% | | | | 12/1/2042 | | | | A3 | | | | 2,500 | | | | 2,639,125 | |
| PA Econ Dev Fing Auth Philadelphia BioSolids Fac | | | 5.00% | | | | 1/1/2014 | | | | BBB+ | (c) | | | 1,000 | | | | 1,031,570 | |
| Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A | | | 5.00% | | | | 8/1/2014 | | | | BBB+ | | | | 3,000 | | | | 3,333,030 | |
| Pub Pwr Generation Agy NE Whelan Enrg Ctr Unit 2-A | | | 5.00% | | | | 1/1/2013 | | | | A2 | | | | 2,260 | | | | 2,428,280 | |
| Puerto Rico Elec Pwr Auth Ser WW | | | 5.25% | | | | 7/1/2014 | | | | A3 | | | | 1,500 | | | | 1,673,010 | |
| Riverside CA Swr Rev | | | 4.00% | | | | 8/1/2013 | | | | AA | | | | 1,750 | | | | 1,875,458 | |
| SA Enrg Acq Pub Fac Corp TX Gas Supply Rev | | | 5.00% | | | | 8/1/2012 | | | | A | | | | 10,000 | | | | 10,380,600 | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A | | | 5.50% | | | | 5/1/2022 | | | | CCC | | | | 4,120 | | | | 4,007,648 | |
See Notes to Financial Statements.
141
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Salt River AZ Pj Agric Impt & Pwr Dist Ser B | | | 4.00% | | | | 1/1/2015 | | | | Aa1 | | | $ | 2,550 | | | $ | 2,848,681 | |
| SC St Pub Svc Auth Santee Cooper Ser E | | | 5.00% | | | | 1/1/2014 | | | | Aa2 | | | | 1,000 | | | | 1,129,200 | |
| Seattle WA Muni Lt & Pwr Rev | | | 5.00% | | | | 4/1/2013 | | | | Aa2 | | | | 1,000 | | | | 1,103,560 | |
| Sthn CA Pub Pwr Auth Pj No 1 Ser A | | | 5.00% | | | | 11/1/2012 | | | | A | | | | 1,000 | | | | 1,049,330 | |
| Sthn MN Muni Pwr Agy Ser A (AMBAC) | | | 5.25% | | | | 1/1/2015 | | | | A+ | | | | 5,000 | | | | 5,764,900 | |
| TN Enrg Acq Corp Ser A | | | 5.00% | | | | 9/1/2012 | | | | BB+ | | | | 1,500 | | | | 1,590,075 | |
| TN Enrg Acq Corp Ser A | | | 5.00% | | | | 9/1/2013 | | | | BB+ | | | | 3,615 | | | | 3,900,440 | |
| TN Enrg Acq Corp Ser C | | | 5.00% | | | | 2/1/2013 | | | | A | | | | 5,965 | | | | 6,360,479 | |
| Truckee Meadows NV Wtr Auth | | | 5.00% | | | | 7/1/2014 | | | | Aa2 | | | | 10,420 | | | | 11,700,514 | |
| Vernon CA Elec Sys Rev Ser A | | | 3.75% | | | | 8/1/2013 | | | | A- | | | | 8,850 | | | | 9,423,391 | |
| Vernon CA Elec Sys Rev Ser A | | | 5.25% | | | | 8/1/2014 | | | | A- | | | | 1,000 | | | | 1,123,310 | |
| WI Pub Pwr Inc Sys Ser A (NPFGC) | | | 5.25% | | | | 7/1/2013 | | | | A+ | | | | 4,000 | | | | 4,429,400 | |
| York Cnty VA Econ Dev Auth Elec & Pwr Ser A | | | 4.05% | | | | 5/1/2033 | | | | A- | | | | 2,000 | | | | 2,147,100 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 259,864,759 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $1,374,945,789) | | | | | | | | | | | | | | | | 1,406,397,147 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| WARRANT 0.00% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation | | | | | | | | | | | | | | | | | | | | |
| Mobile AL (AMBAC) (cost $50,201) | | | 4.10% | | | | 2/15/2011 | | | | Aa2 | | | | 50 | | | | 50,674 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Long-Term Investments (cost $1,374,995,990) | | | | | | | | | | | | | | | | 1,406,447,821 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| SHORT-TERM INVESTMENTS 23.77% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Municipal Bonds 0.84% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 0.57% | | | | | | | | | | | | | | | | | | | | |
| MA St Dev Fin Agy | | | 2.75% | | | | 10/5/2010 | | | | NR | | | | 10,650 | | | | 10,650,000 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 0.27% | | | | | | | | | | | | | | | | | | | | |
| CA St Pollutn Ctrl Fing Auth | | | 0.30% | | | | 10/7/2010 | | | | NR | | | | 5,000 | | | | 5,000,000 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $15,650,000) | | | | | | | | | | | | | | | | | | | 15,650,000 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares
(000) | | | | |
| Money Market Mutual Fund 0.05% | | | | | | | | | | | | | | | | | |
| Dreyfus Municipal Cash Management Plus (cost $1,001,015) | | | | | | | | 1,001 | | | | 1,001,015 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
142
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Variable Rate Demand Notes 22.88% | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Corporate-Backed 1.32% | | | | | | | | | | | | | | | | | | | | | | | | |
| Metro Govt Nashville & Davidson Cnty TN Indl Dev Brd Ser A | | | 1.23% | | | | 10/7/2010 | | | | 1/1/2014 | | | | NR | | | $ | 1,945 | | | $ | 1,945,000 | |
| MS Business Fin Corp 600 Concourse Pj | | | 1.08% | | | | 10/7/2010 | | | | 8/1/2031 | | | | BBB | | | | 10,270 | | | | 10,270,000 | |
| MS Business Fin Corp Grand Alliance LLC Pj | | | 1.08% | | | | 10/7/2010 | | | | 1/1/2033 | | | | BBB | | | | 12,430 | | | | 12,430,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 24,645,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Education 4.31% | | | | | | | | | | | | | | | | | | | | | | | | |
| Abag Fin Auth for Nonprofit Corp Branson Sch | | | 2.95% | | | | 10/7/2010 | | | | 7/1/2038 | | | | A- | | | | 6,000 | | | | 6,000,000 | |
| Abag Fin Auth for Nonprofit Corp CA La Jolla Country Day Sch Ser A | | | 2.95% | | | | 10/7/2010 | | | | 9/1/2036 | | | | A- | | | | 12,815 | | | | 12,815,000 | |
| Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA Athletic Assoc Pj | | | 0.31% | �� | | | 10/1/2010 | | | | 8/1/2033 | | | | A+ | (c) | | | 2,715 | | | | 2,715,000 | |
| Birmingham AL Edl Bldg Auth Miles College Pj Ser A | | | 1.13% | | | | 10/7/2010 | | | | 2/1/2029 | | | | Baa1 | | | | 1,820 | | | | 1,820,000 | |
| CA Infrastr & Econ Dev Bk CA Academy Ser B | | | 1.85% | | | | 10/1/2010 | | | | 9/1/2038 | | | | AAA | | | | 2,000 | | | | 2,000,000 | |
| CA Infrastr & Econ Dev Bk Westside Waldorf Sch Pj | | | 1.77% | | | | 10/7/2010 | | | | 10/1/2028 | | | | BBB- | (c) | | | 3,000 | | | | 3,000,000 | |
| Dougherty Cnty GA Dev Auth Deerfield Windsor Sch Pj | | | 1.13% | | | | 10/7/2010 | | | | 3/1/2021 | | | | Baa1 | | | | 3,500 | | | | 3,500,000 | |
| Latrobe PA Indl Dev Auth Rev Greensburg Diocese | | | 3.50% | | | | 10/7/2010 | | | | 6/1/2033 | | | | A1 | | | | 4,485 | | | | 4,485,000 | |
| Los Angeles CA Windward Sch Ser A COP | | | 2.95% | | | | 10/7/2010 | | | | 7/1/2037 | | | | A- | | | | 11,325 | | | | 11,325,000 | |
| MA St Dev Fin Agy Meadowbrook Sch Issue | | | 2.42% | | | | 10/7/2010 | | | | 8/1/2030 | | | | A1 | | | | 3,650 | | | | 3,650,000 | |
| MA St Dev Fin Agy Worcester Academy Issue | | | 2.35% | | | | 10/7/2010 | | | | 10/1/2030 | | | | A1 | | | | 5,800 | | | | 5,800,000 | |
| Metro Govt Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Fisk Univ Pj | | | 1.13% | | | | 10/7/2010 | | | | 12/1/2020 | | | | Baa1 | | | | 4,735 | | | | 4,735,000 | |
See Notes to Financial Statements.
143
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
| Metro Govt Nashville & Davidson Cnty TN Indl Dev Brd Donelson Christian Academy | | | 1.13% | | | | 10/7/2010 | | | | 3/1/2023 | | | | Baa1 | | | $ | 3,555 | | | $ | 3,555,000 | |
| MN St Higher Ed Facs Auth Clg St Scholastica Ser 6-A | | | 1.50% | | | | 10/1/2010 | | | | 12/1/2034 | | | | A1 | | | | 3,900 | | | | 3,900,000 | |
| NE Edl Fin Auth Rev Creighton Univ Pj Ser B | | | 0.38% | | | | 10/1/2010 | | | | 12/15/2012 | | | | A3 | | | | 4,000 | | | | 4,000,000 | |
| NH Hlth & Ed Facs Auth Univ NH Ser B-1 | | | 0.30% | | | | 10/1/2010 | | | | 7/1/2033 | | | | Aa3 | | | | 4,800 | | | | 4,800,000 | |
| NH Hlth & Ed Facs Auth Univ NH Ser B-2 Rmkt | | | 0.30% | | | | 10/1/2010 | | | | 7/1/2033 | | | | Aa3 | | | | 2,130 | | | | 2,130,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 80,230,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| General Obligation 2.93% | | | | | | | | | | | | | | | | | | | | | | | | |
| CA St Ser B Sub Ser B-5 | | | 1.00% | | | | 10/6/2010 | | | | 5/1/2040 | | | | Aa3 | | | | 36,355 | | | | 36,355,000 | |
| IL St Ser B | | | 2.75% | | | | 10/6/2010 | | | | 10/1/2033 | | | | Aa3 | | | | 10,250 | | | | 10,250,000 | |
| New York City NY 2008 Sub Ser J-3 | | | 1.70% | | | | 10/1/2010 | | | | 8/1/2023 | | | | AAA | | | | 5,000 | | | | 5,000,000 | |
| New York City NY Sub Ser A-4 | | | 0.31% | | | | 10/1/2010 | | | | 8/1/2022 | | | | Aaa | | | | 3,050 | | | | 3,050,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 54,655,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Health Care 3.52% | | | | | | | | | | | | | | | | | | | | | | | | |
| CA Statewide Cmntys Dev Auth Elder Care Alliance | | | 2.80% | | | | 10/6/2010 | | | | 11/1/2030 | | | | A- | | | | 12,560 | | | | 12,560,000 | |
| Harris Cnty TX Hlth Facs Dev Corp St. Luke’s Episcopal Hosp Ser B | | | 0.30% | | | | 10/1/2010 | | | | 2/15/2031 | | | | AA- | | | | 1,520 | | | | 1,520,000 | |
| LA Pub Facs Auth Rev Blood Ctr Pj | | | 1.13% | | | | 10/7/2010 | | | | 10/1/2030 | | | | Baa1 | | | | 3,265 | | | | 3,265,000 | |
| Marion Cnty OH Hlthcare Fac Church Homes Inc Pj | | | 2.80% | | | | 10/6/2010 | | | | 9/1/2027 | | | | A- | | | | 16,265 | | | | 16,265,000 | |
| MO St Hlth & Edl Facs Auth St. Joseph & St. Pius Ser A | | | 3.00% | | | | 10/7/2010 | | | | 12/1/2029 | | | | A- | | | | 5,360 | | | | 5,360,000 | |
| Mobile AL Second Med Clinic Brd Bridge Inc Pj | | | 1.28% | | | | 10/7/2010 | | | | 3/1/2016 | | | | NR | | | | 765 | | | | 765,000 | |
| NH St Business Fin Auth Cottage Hosp Issue | | | 2.42% | | | | 10/7/2010 | | | | 7/1/2035 | | | | A1 | | | | 6,965 | | | | 6,965,000 | |
See Notes to Financial Statements.
144
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | | | | | |
| WI St Hlth & Edl Facs Auth Lutheran Home | | | 1.02% | | | | 10/7/2010 | | | | 12/1/2025 | | | | A3 | | | $ | 4,540 | | | $ | 4,540,000 | |
| WI St Hlth & Edl Facs Auth Oakwood Vlg | | | 1.02% | | | | 10/7/2010 | | | | 3/1/2035 | | | | A3 | | | | 12,880 | | | | 12,880,000 | |
| WI St Hlth & Edl Facs Auth Pooled Ln Fing Pg Ser E | | | 2.00% | | | | 10/6/2010 | | | | 2/1/2022 | | | | A3 | | | | 1,565 | | | | 1,565,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 65,685,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Lease Obligations 5.96% | | | | | | | | | | | | | | | | | | | | | | | | |
| Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt A-4-A | | | 0.76% | | | | 10/1/2010 | | | | 6/1/2032 | | | | Aa1 | | | | 18,425 | | | | 18,425,000 | |
| Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt D-3-A GTD | | | 0.66% | | | | 10/1/2010 | | | | 6/1/2034 | | | | AA+ | | | | 40,470 | | | | 40,470,000 | |
| Los Angeles CA Loyola High Sch Ser A COP | | | 2.95% | | | | 10/7/2010 | | | | 12/1/2035 | | | | A- | | | | 15,670 | | | | 15,670,000 | |
| Sevier Cnty TN Pub Bldg Auth Loc Govt Pub Impt VI-B-1 | | | 0.66% | | | | 10/1/2010 | | | | 6/1/2024 | | | | Aaa | | | | 7,185 | | | | 7,185,000 | |
| Sevier Cnty TN Pub Bldg Auth Loc Govt Pub Impt VI-K-1 | | | 0.66% | | | | 10/1/2010 | | | | 6/1/2034 | | | | AA+ | | | | 29,400 | | | | 29,400,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 111,150,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 3.06% | | | | | | | | | | | | | | | | | | | | | |
| CA Infrastr & Econ Dev Bk Sthn CA Pub Radio Pj | | | 2.50% | | | | 10/1/2010 | | | | 9/1/2025 | | | | Aaa | | | | 3,100 | | | | 3,100,000 | |
| Clark Cnty NV Econ Dev Rev Oppty Vlg Fdtn Pj | | | 2.42% | | | | 10/7/2010 | | | | 1/1/2037 | | | | A1 | | | | 18,800 | | | | 18,800,000 | |
| CO Edl & Cultural Facs Auth National Jewish Fed Bd Pg A-7 | | | 0.30% | | | | 10/1/2010 | | | | 7/1/2029 | | | | Aa3 | | | | 1,465 | | | | 1,465,000 | |
| LA Loc Govt Envr Facs & Cmnty Dev Auth Montan LLC Pj | | | 1.08% | | | | 10/7/2010 | | | | 7/1/2033 | | | | Baa1 | | | | 9,250 | | | | 9,250,000 | |
| LA Pub Facs Auth Rev Cenikor Fndtn Pj | | | 1.13% | | | | 10/7/2010 | | | | 4/1/2021 | | | | Baa1 | | | | 2,380 | | | | 2,380,000 | |
| Lafayette LA Econ Dev Auth Stirling Lafayette LLC Pj | | | 1.08% | | | | 10/7/2010 | | | | 2/1/2038 | | | | Baa1 | | | | 12,000 | | | | 12,000,000 | |
| WI St Hlth & Edl Facs Auth Maranatha Baptist | | | 2.00% | | | | 10/7/2010 | | | | 8/1/2026 | | | | BB+ | | | | 9,950 | | | | 9,950,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 56,945,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
145
Schedule of Investments (concluded)
SHORT DURATION TAX FREE FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation 0.51% | | | | | | | | | | | | | | | | | | | | | |
| Valdez AK Marine Term Rev BP Pipeline Inc Pj Ser A | | | 0.33% | | | | 10/1/2010 | | | | 6/1/2037 | | | | AA | | | $ | 9,500 | | | $ | 9,500,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 1.27% | | | | | | | | | | | | | | | | | | | | | |
| Franklin TN Pub Bldg Auth Loc Govt Pub Impt 101-A-1 | | | 0.66% | | | | 10/1/2010 | | | | 6/1/2037 | | | | Aaa | | | | 19,550 | | | | 19,550,000 | |
| Gainesville FL Utils Sys Rev Ser C | | | 0.40% | | | | 10/1/2010 | | | | 10/1/2026 | | | | AA | | | | 3,185 | | | | 3,185,000 | |
| New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser F-1 | | | 0.30% | | | | 10/1/2010 | | | | 6/15/2033 | | | | AAA | | | | 1,000 | | | | 1,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | | | | | 23,735,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Variable Rate Demand Notes (cost $426,545,000) | | | | | | | | 426,545,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Short-Term Investments (cost $443,196,015) | | | | | | | | 443,196,015 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 99.21% (cost $1,818,192,005) | | | | | | | | 1,849,643,836 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities 0.79% | | | | | | | | 14,766,590 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | $ | 1,864,410,426 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
146
Schedule of Investments
GEORGIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 106.31% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 6.13% | | | | | | | | | | | | | | | | | | | | |
| Albany-Dougherty GA Payroll Dev Auth Procter & Gamble Paper Prods AMT | | | 5.20% | | | | 5/15/2028 | | | | AA- | | | $ | 1,035 | | | $ | 1,104,169 | |
| Brunswick & Glynn Cnty GA Dev Auth Pacific Corp Pj AMT | | | 5.55% | | | | 3/1/2026 | | | | Ba3 | | | | 1,000 | | | | 945,500 | |
| Cartersville GA Dev Auth Swr & Wst Wtr Facs Anhesuser-Busch Pj AMT | | | 5.50% | | | | 3/1/2044 | | | | BBB+ | | | | 1,000 | | | | 1,005,300 | |
| Fulton Cnty GA Dev Auth Loc Dist Cooling Fac Sr Maxon Atlantic Station A AMT | | | 5.125% | | | | 3/1/2026 | | | | BBB | | | | 1,500 | | | | 1,550,130 | |
| Richmond Cnty GA Dev Auth Intl Paper Co Pj Ser A AMT | | | 5.00% | | | | 8/1/2030 | | | | BBB | | | | 1,000 | | | | 979,000 | |
| Savannah GA Econ Dev Auth Recovery Zone Fac Ser A | | | 6.25% | | | | 11/1/2033 | | | | Baa3 | | | | 1,000 | | | | 1,100,960 | |
| Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT | | | 4.70% | | | | 7/1/2022 | | | | Baa3 | | | | 2,000 | | | | 1,867,900 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 8,552,959 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 20.79% | | | | | | | | | | | | | | | | | | | | |
| Americus-Sumter GA Payroll Dev Auth GSW Fndtn Student Hsg Pj (CIFG) | | | 5.00% | | | | 6/1/2036 | | | | A2 | | | | 1,980 | | | | 2,026,847 | |
| Athens GA Hsg Auth Student Hsg (AMBAC) | | | 5.00% | | | | 12/1/2027 | | | | Aa2 | | | | 215 | | | | 235,180 | |
| Athens GA Hsg Auth Student Hsg (AMBAC) | | | 5.00% | | | | 12/1/2027 | | | | Aa2 | | | | 1,785 | | | | 1,818,469 | |
| Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA Cent Precint LLC | | | 5.00% | | | | 6/15/2031 | | | | Aa2 | | | | 2,500 | | | | 2,717,500 | |
| Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA O’Malleys Bldg LLC Pj | | | 5.00% | | | | 6/15/2028 | | | | Aa2 | | | | 2,000 | | | | 2,234,240 | |
| Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj | | | 4.75% | | | | 7/1/2027 | | | | A1 | | | | 3,080 | | | | 3,176,527 | |
| Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj | | | 5.25% | | | | 7/1/2027 | | | | A1 | | | | 2,000 | | | | 2,126,840 | |
| Bulloch Cnty GA Dev Auth GA Sthn Univ Hsg Fndtn Four (AG) | | | 5.25% | | | | 7/1/2028 | | | | Aa3 | | | | 2,465 | | | | 2,746,256 | |
| Carrollton GA Payroll Dev Auth Univ of West GA Evergreen Complex | | | 5.25% | | | | 7/1/2029 | | | | A2 | | | | 1,175 | | | | 1,256,522 | |
| Dahlonega GA Downtown Dev Auth North GA Pkg & Rec Ctr LLC A (CIFG) | | | 5.00% | | | | 7/1/2032 | | | | A+ | | | | 1,000 | | | | 1,042,290 | |
| Fulton Cnty GA Dev Auth Rev GA Tech Fndtn Inc Ser A | | | 5.00% | | | | 11/1/2028 | | | | AA+ | | | | 1,000 | | | | 1,127,310 | |
See Notes to Financial Statements.
147
Schedule of Investments (continued)
GEORGIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| Fulton Cnty GA Dev Auth Rev GA Tech Fndtn Sac II Pj Ser A | | | 5.125% | | | | 11/1/2021 | | | | AA+ | | | $ | 750 | | | $ | 780,360 | |
| Fulton Cnty GA Dev Auth Rev Tuff Morehouse Pj Ser A (AMBAC) | | | 5.50% | | | | 2/1/2022 | | | | A2 | | | | 1,000 | | | | 1,036,750 | |
| GA Private Colleges & Univs Auth Spelman College | | | 5.25% | | | | 6/1/2021 | | | | A1 | | | | 1,340 | | | | 1,440,513 | |
| Marietta GA Dev Auth Rev Student Hsg SPSU Student Hsg I | | | 5.125% | | | | 9/15/2023 | | | | A2 | | | | 1,000 | | | | 1,021,630 | |
| Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj | | | 7.00% | | | | 6/15/2030 | | | | Ba3 | | | | 2,000 | | | | 2,026,960 | |
| Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty LLC (AMBAC) | | | 5.00% | | | | 6/1/2023 | | | | A3 | | | | 1,115 | | | | 1,197,131 | |
| Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty LLC (AMBAC) | | | 5.00% | | | | 6/1/2034 | | | | A3 | | | | 1,000 | | | | 1,027,180 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 29,038,505 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 4.02% | | | | | | | | | | | | | | | | | | | | |
| Atlanta GA (AG) | | | 5.25% | | | | 12/1/2023 | | | | AAA | | | | 1,265 | | | | 1,470,436 | |
| Northern Mariana Islands Comwlth Ser A | | | 5.00% | | | | 6/1/2030 | | | | NR | | | | 2,470 | | | | 2,115,679 | |
| Paulding Cnty GA Sch Dist | | | 4.75% | | | | 2/1/2027 | | | | AA+ | | | | 1,000 | | | | 1,069,130 | |
| Puerto Rico Comwlth Unref Bal Pub Impt Ser A | | | 5.125% | | | | 7/1/2031 | | | | A3 | | | | 665 | | | | 667,507 | |
| Puerto Rico Comwlth Unref Bal Pub Impt Ser A | | | 5.25% | | | | 7/1/2030 | | | | A3 | | | | 30 | | | | 31,079 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 235 | | | | 265,552 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 5,619,383 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 22.34% | | | | | | | | | | | | | | | | | | | | |
| Coffee Cnty GA Hosp Auth Rev Coffee Regl Med Ctr Inc Pj | | | 5.00% | | | | 12/1/2026 | | | | BBB- | | | | 1,010 | | | | 981,589 | |
| Coffee Cnty GA Hosp Auth Rev Coffee Regl Med Ctr Inc Pj | | | 5.25% | | | | 12/1/2022 | | | | BBB- | | | | 1,000 | | | | 1,023,890 | |
| DeKalb Cnty GA Hosp Auth Rev DeKalb Med Ctr Inc Pj | | | 6.00% | | | | 9/1/2030 | | | | BBB | (c) | | | 1,000 | | | | 1,039,280 | |
| Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A | | | 5.00% | | | | 7/1/2027 | | | | NR | | | | 1,500 | | | | 1,128,105 | |
| Gainesville & Hall Cnty GA Hosp Auth Northeast GA Hlthcare Ser A | | | 5.00% | | | | 2/15/2030 | | | | A- | | | | 2,000 | | | | 2,004,320 | |
| Gainesville & Hall Cnty GA Hosp Auth Northeast GA Hlthcare Ser B GTD | | | 5.125% | | | | 2/15/2040 | | | | A+ | | | | 1,000 | | | | 1,023,460 | |
See Notes to Financial Statements.
148
Schedule of Investments (continued)
GEORGIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A | | | 5.50% | | | | 8/1/2028 | | | | A2 | | | $ | 1,840 | | | $ | 1,965,083 | |
| Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj | | | 5.00% | | | | 10/1/2038 | | | | A2 | | | | 1,500 | | | | 1,508,775 | |
| Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj | | | 5.25% | | | | 10/1/2035 | | | | A2 | | | | 1,420 | | | | 1,451,638 | |
| Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr(b) | | | 4.625% | | | | 8/1/2029 | | | | AA | | | | 5,500 | | | | 5,635,025 | |
| Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr(b) | | | 5.00% | | | | 8/1/2032 | | | | AA | | | | 1,500 | | | | 1,536,825 | |
| Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr(b) | | | 5.00% | | | | 8/1/2035 | | | | AA | | | | 3,000 | | | | 3,073,650 | |
| Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare (AGM)(b) | | | 5.00% | | | | 8/1/2045 | | | | AAA | | | | 3,000 | | | | 3,036,375 | |
| Med Ctr Hosp Auth GA Rev Spring Hrbr Green Isl Pj | | | 5.25% | | | | 7/1/2037 | | | | NR | | | | 1,300 | | | | 1,092,182 | |
| Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A | | | 6.50% | | | | 11/15/2020 | | | | Aa1 | | | | 410 | | | | 415,670 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 735 | | | | 783,385 | |
| Thomasville GA Hosp Auth Rev Antic Ctfs John D Archbold | | | 5.125% | | | | 11/1/2030 | | | | A | | | | 2,500 | | | | 2,546,200 | |
| Wayne Cnty GA Hosp Auth Rev GTD (XLCA) | | | 5.00% | | | | 3/1/2023 | | | | NR | | | | 1,000 | | | | 951,960 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 31,197,412 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 7.04% | | | | | | | | | | | | | | | | | | | | |
| Albany-Dougherty GA Inner City Auth Albany St Univ Student Hsg Ser A (XLCA) | | | 5.00% | | | | 7/1/2031 | | | | NR | | | | 1,000 | | | | 928,010 | |
| DeKalb Newton & Gwinnett Cntys GA Joint Dev Auth Rev GGC Fndtn LLC Pj | | | 6.00% | | | | 7/1/2034 | | | | A+ | | | �� | 1,500 | | | | 1,691,010 | |
| East Point GA Hsg Auth Multi Fam Hsg Laurel Ridge WA Rd Apts AMT (FNMA) | | | 5.00% | | | | 10/1/2032 | | | | AAA | | | | 3,475 | | | | 3,528,411 | |
| GA St Hsg & Fin Auth Rev Sing Fam Mtg Ser B AMT | | | 5.05% | | | | 12/1/2031 | | | | AAA | | | | 1,000 | | | | 1,011,230 | |
| Richmond Cnty GA Dev Auth ASU Jaguar Student Hsg LLC Ser A | | | 5.25% | | | | 2/1/2030 | | | | A2 | | | | 2,000 | | | | 1,995,040 | |
| Tift Cnty GA Dev Auth Student Hsg 2nd ABAC LLC Pj (CIFG) | | | 5.00% | | | | 8/1/2037 | | | | A3 | | | | 665 | | | | 679,430 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 9,833,131 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
149
Schedule of Investments (continued)
GEORGIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations 5.99% | | | | | | | | | | | | | | | | | | | | |
| Atlanta GA Dev Auth Rev Tuff ATDC Pj Ser A | | | 5.00% | | | | 1/1/2035 | | | | A3 | | | $ | 1,275 | | | $ | 1,294,839 | |
| Atlanta GA Dev Auth Rev Tuff ATDC Pj Ser C | | | 4.625% | | | | 1/1/2035 | | | | A3 | | | | 1,170 | | | | 1,171,486 | |
| GA Muni Assoc Inc Ctfs City Court Atlanta Pj (AMBAC) | | | 5.25% | | | | 12/1/2026 | | | | NR | | | | 750 | | | | 763,695 | |
| GA Sch Brds Assoc Inc DeKalb Cnty Pub Schs Pj COP (NPFGC) | | | 5.00% | | | | 12/1/2023 | | | | A | | | | 1,000 | | | | 1,036,680 | |
| GA St Higher Ed Facs Auth USG Real Estate Fndtn I LLC Pj (AG) | | | 5.25% | | | | 6/15/2019 | | | | AAA | | | | 1,735 | | | | 2,003,942 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 6.50% | | | | 10/1/2037 | | | | NR | | | | 1,000 | | | | 969,120 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 1,000 | | | | 1,125,410 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 8,365,172 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 0.81% | | | | | | | | | | | | | | | | | | | | |
| Cobb-Marietta GA Coliseum & Exhibit Hall Auth Rev (NPFGC) | | | 5.625% | | | | 10/1/2026 | | | | A | | | | 1,000 | | | | 1,133,340 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 3.46% | | | | | | | | | | | | | | | | | | | | |
| Athens-Clarke Cnty GA Unif Govt Dev Auth Catholic Hlth East Issue | | | 5.50% | | | | 11/15/2032 | | | | A1 | | | | 1,000 | | | | 1,105,310 | |
| Puerto Rico Comwlth Pub Impt Ser A | | | 5.25% | | | | 7/1/2030 | | | | AAA | | | | 620 | | | | 753,083 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser D | | | 5.25% | | | | 7/1/2036 | | | | A3 | | | | 915 | | | | 987,981 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser D | | | 5.375% | | | | 7/1/2033 | | | | A3 | | | | 1,185 | | | | 1,282,075 | |
| Savannah GA Econ Dev Auth Sub Ser C Rmkt ETM | | | Zero Coupon | | | | 12/1/2021 | | | | Aaa | | | | 1,000 | | | | 701,770 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,830,219 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 1.62% | | | | | | | | | | | | | | | | | | | | |
| Atlanta GA Dev Auth Rev Opportunity Pj (AMBAC) | | | 5.00% | | | | 12/1/2018 | | | | A1 | | | | 1,105 | | | | 1,212,008 | |
| Atlanta GA Tax Alloc Beltline Pj Ser B | | | 7.375% | | | | 1/1/2031 | | | | NR | | | | 1,000 | | | | 1,045,920 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 2,257,928 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
150
Schedule of Investments (continued)
GEORGIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tax Revenue 7.21% | | | | | | | | | | | | | | | | | | | | |
| Metro Atlanta GA Rapid Transit Auth Ser A (NPFGC)(FGIC) | | | 5.25% | | | | 7/1/2028 | | | | AA+ | | | $ | 1,500 | | | $ | 1,842,390 | |
| Metro Atlanta GA Rapid Transit Auth Ser N (NPFGC)(IBC) | | | 6.25% | | | | 7/1/2018 | | | | AAA | | | | 465 | | | | 542,818 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.25% | | | | 8/1/2027 | | | | A+ | | | | 2,000 | | | | 2,151,840 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser C | | | 5.00% | | | | 8/1/2035 | | | | A+ | | | | 1,000 | | | | 1,039,280 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A | | | 5.00% | | | | 10/1/2029 | | | | BBB | | | | 1,625 | | | | 1,667,412 | |
| Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B | | | 5.25% | | | | 10/1/2029 | | | | Baa2 | | | | 1,250 | | | | 1,297,225 | |
| Virgin Islands Pub Fin Auth Rev Sr Lien Cap Pjs Ser A-1 | | | 5.00% | | | | 10/1/2024 | | | | BBB | | | | 500 | | | | 529,305 | |
| Virgin Islands Pub Fin Auth Rev Sr Lien Cap Pjs Ser A-1 | | | 5.00% | | | | 10/1/2039 | | | | BBB | | | | 1,000 | | | | 1,004,310 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 10,074,580 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 12.76% | | | | | | | | | | | | | | | | | | | | |
| Atlanta GA Arpt Facs Rev Ser A AMT (AGM) | | | 5.125% | | | | 1/1/2030 | | | | AAA | | | | 100 | | | | 102,294 | |
| Augusta GA Arpt Rev Gen Passenger Fac Charge A | | | 5.15% | | | | 1/1/2035 | | | | Baa2 | | | | 1,020 | | | | 936,666 | |
| Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT | | | 9.00% | | | | 6/1/2035 | | | | CCC+ | | | | 750 | | | | 813,548 | |
| College Pk GA Business & Indl Dev Auth Rev Civic Ctr Pj (AMBAC) | | | 5.25% | | | | 9/1/2026 | | | | AA- | | | | 1,000 | | | | 1,072,740 | |
| Metro Atlanta GA Rapid Transit Auth 3rd Indenture Ser B (AGM) | | | 5.00% | | | | 7/1/2029 | | | | AAA | | | | 2,000 | | | | 2,166,120 | |
| Metro Atlanta GA Rapid Transit Auth 3rd Ser(b) | | | 5.00% | | | | 7/1/2039 | | | | AA+ | | | | 10,000 | | | | 10,749,750 | |
| Puerto Rico Comwlth Hwy & Transn Auth Ser AA (NPFGC) | | | 5.50% | | | | 7/1/2020 | | | | A | | | | 1,000 | | | | 1,104,650 | |
| Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT | | | 6.25% | | | | 6/1/2026 | | | | CCC+ | | | | 1,000 | | | | 871,720 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 17,817,488 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 14.14% | | | | | | | | | | | | | | | | | | | | |
| Atlanta GA Wtr & Wst Wtr Rev Ser A | | | 6.00% | | | | 11/1/2022 | | | | A1 | | | | 1,000 | | | | 1,201,480 | |
| Augusta GA Wtr & Swr Rev (AGM) | | | 5.00% | | | | 10/1/2024 | | | | AAA | | | | 2,000 | | | | 2,249,240 | |
| Cherokee Cnty GA Wtr & Swr Auth Ser 2006 (AGM) | | | 5.00% | | | | 8/1/2031 | | | | AAA | | | | 3,000 | | | | 3,256,260 | |
See Notes to Financial Statements.
151
Schedule of Investments (concluded)
GEORGIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Cobb Cnty GA Dev Auth Solid Wst Disp GA Wst Mgt Pj Ser A AMT | | | 5.00% | | | | 4/1/2033 | | | | BBB | | | $ | 500 | | | $ | 490,075 | |
| Forsyth Cnty GA Wtr & Swr Auth (AGM) | | | 5.00% | | | | 4/1/2019 | | | | AAA | | | | 500 | | | | 565,490 | |
| Main St Natural Gas Inc GA Gas Pj Ser B | | | 5.00% | | | | 3/15/2019 | | | | A | | | | 1,000 | | | | 1,036,910 | |
| Main St Natural Gas Inc GA Gas Pj Ser B | | | 5.00% | | | | 3/15/2021 | | | | A | | | | 1,000 | | | | 1,027,000 | |
| Muni Elec Auth GA Gen Resolution Pjs Sub Ser A | | | 5.25% | | | | 1/1/2021 | | | | A | | | | 1,000 | | | | 1,179,640 | |
| Muni Elec Auth GA Ser B | | | 5.00% | | | | 1/1/2020 | | | | A | | | | 1,700 | | | | 1,954,728 | |
| Puerto Rico Elec Pwr Auth Libor Ser UU | | | 1.057% | # | | | 7/1/2031 | | | | A3 | | | | 1,000 | | | | 709,370 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.25% | | | | 7/1/2040 | | | | A3 | | | | 1,000 | | | | 1,047,290 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.75% | | | | 7/1/2036 | | | | A3 | | | | 2,000 | | | | 2,228,620 | |
| Villa Rica GA Pub Facs Auth Rev Wtr & Swr Pj GTD (AG) | | | 5.00% | | | | 3/1/2035 | | | | AAA | | | | 1,000 | | | | 1,045,060 | |
| Walton Cnty GA Wtr & Swr Auth Walton Hard Labor Creek Pj GTD (AGM) | | | 5.00% | | | | 2/1/2033 | | | | AAA | | | | 1,650 | | | | 1,753,752 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 19,744,915 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Investments in Municipal Bonds 106.31% (cost $142,439,569) | | | | | | | | 148,465,032 | |
| | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (6.31%) | | | | | | | | | | | | (8,811,065 | ) |
| | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | $ | 139,653,967 | |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 104 | | | Short | | $ | (13,906,750) | | | $ | 40,513 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 10 | | | Short | | | (1,412,813) | | | | 17,907 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (15,319,563) | | | $ | 58,420 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
152
Schedule of Investments
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 107.76% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 10.72% | | | | | | | | | | | | | | | | | | | | |
| Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA) | | | 5.50% | | | | 6/1/2025 | | | | NR | | | $ | 1,000 | | | $ | 920,490 | |
| Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA) | | | 5.50% | | | | 6/1/2036 | | | | NR | | | | 3,210 | | | | 2,682,693 | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.75% | | | | 11/1/2024 | | | | BB | | | | 11,025 | | | | 12,098,284 | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.875% | | | | 5/1/2030 | | | | BB | | | | 8,050 | | | | 8,801,789 | |
| Alliance Arpt Auth Inc TX Spl Facs Amer Airlines Inc Pj AMT | | | 5.25% | | | | 12/1/2029 | | | | CCC+ | | | | 29,000 | | | | 21,635,450 | |
| Brazos River Auth TX Pollutn Ctrl TXU Co Ser A Rmkt AMT | | | 7.70% | | | | 4/1/2033 | | | | CCC | | | | 2,000 | | | | 1,001,280 | |
| Brazos River Auth TX Pollutn Ctrl TXU Co Ser D-1 Rmkt AMT† | | | 8.25% | | | | 5/1/2033 | | | | Caa3 | | | | 2,000 | | | | 1,001,220 | |
| Brazos River TX Hrbr Nav Dist Dow Chemical Co Pj Ser A-3 AMT | | | 5.125% | | | | 5/15/2033 | | | | BBB- | | | | 7,730 | | | | 7,483,258 | |
| Brazos River TX Hrbr Nav Dist Dow Chemical Co Pj Ser A-4 AMT | | | 5.95% | | | | 5/15/2033 | | | | BBB- | | | | 5,000 | | | | 5,196,150 | |
| Brazos TX Hrbr Indl Dev Corp Dow Chemical Co Pj AMT | | | 5.90% | | | | 5/1/2038 | | | | BBB- | | | | 1,580 | | | | 1,644,417 | |
| Calhoun Cnty AR Solid Wst GA Pacific Corp Pj AMT | | | 6.375% | | | | 11/1/2026 | | | | Ba3 | | | | 2,075 | | | | 2,085,831 | |
| Courtland AL Indl Dev Brd Solid Wst Disp Intl Paper Co Pjs A AMT | | | 5.20% | | | | 6/1/2025 | | | | BBB | | | | 9,545 | | | | 9,654,386 | |
| CT St Res Recovery Auth Rev Amer Fuel Co Pj Ser A AMT | | | 6.45% | | | | 11/15/2022 | | | | BB+ | | | | 3,580 | | | | 3,584,117 | |
| Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Amer Airlines Inc AMT | | | 5.50% | | | | 11/1/2030 | | | | CCC+ | | | | 8,850 | | | | 6,801,579 | |
| Denver CO City & Cnty Spl Facs United Airlines Pj A AMT | | | 5.25% | | | | 10/1/2032 | | | | B | | | | 1,000 | | | | 847,570 | |
| Houston TX Arpt Sys Rev Spl Facs Continental Airlines Ser C AMT | | | 6.125% | | | | 7/15/2027 | | | | B3 | | | | 3,120 | | | | 2,952,487 | |
| IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(h) | | | 5.875% | | | | 3/1/2027 | | | | NR | | | | 1,500 | | | | 382,035 | |
| IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(h) | | | 6.00% | | | | 3/1/2037 | | | | NR | | | | 1,450 | | | | 366,459 | |
| IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A†(i) | | | 6.125% | | | | 10/1/2027 | | | | NR | | | | 1,475 | | | | 368,750 | |
See Notes to Financial Statements.
153
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | | | | | | | |
| IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A†(i) | | | 6.25% | | | | 10/1/2037 | | | | NR | | | $ | 6,525 | | | $ | 1,631,250 | |
| IN St Fin Auth Impt US Steel Corp | | | 6.00% | | | | 12/1/2026 | | | | BB | | | | 3,000 | | | | 3,205,740 | |
| Jay ME Solid Wst Disp Rev Intl Paper Co Pj Ser A AMT | | | 4.90% | | | | 11/1/2017 | | | | BBB | | | | 2,890 | | | | 3,008,808 | |
| LA Loc Govt Envr Facs Cmnty Dev Auth Westlake Chemical Corp Pjs | | | 6.75% | | | | 11/1/2032 | | | | BB+ | | | | 13,500 | | | | 14,242,635 | |
| MI St Strategic Fd Ltd Pollutn Ctrl Gen Motors Corp(i) | | | 6.20% | | | | 9/1/2020 | | | | NR | | | | 5,000 | | | | 1,600,000 | |
| New York City NY Indl Dev Agy Amer Airlines JFK Intl Arpt AMT | | | 7.625% | | | | 8/1/2025 | | | | B- | | | | 19,515 | | | | 20,532,512 | |
| New York City NY Indl Dev Agy Amer Airlines JFK Intl Arpt AMT | | | 8.00% | | | | 8/1/2028 | | | | B- | | | | 2,000 | | | | 2,143,960 | |
| New York City NY Indl Dev Agy British Airways Plc Pj AMT | | | 5.25% | | | | 12/1/2032 | | | | BB- | | | | 3,830 | | | | 3,087,976 | |
| New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT | | | 5.00% | | | | 5/15/2020 | | | | B- | | | | 2,900 | | | | 2,652,601 | |
| New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT | | | 5.125% | | | | 5/15/2030 | | | | B- | | | | 1,000 | | | | 859,620 | |
| Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj | | | 6.00% | | | | 10/1/2024 | | | | BB | | | | 5,000 | | | | 5,001,150 | |
| NH St Business Fin Auth Pub Svc Ser D Rmkt TCRS AMT (AMBAC) | | | 6.00% | | | | 5/1/2021 | | | | A3 | | | | 1,000 | | | | 1,013,250 | |
| NJ Econ Dev Auth Glimcher Pptys LP Pj AMT | | | 6.00% | | | | 11/1/2028 | | | | NR | | | | 6,190 | | | | 5,857,040 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 5.50% | | | | 4/1/2028 | | | | B3 | | | | 5,935 | | | | 4,823,671 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.25% | | | | 9/15/2019 | | | | B | | | | 5,625 | | | | 5,567,962 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.25% | | | | 9/15/2029 | | | | B | | | | 6,080 | | | | 5,902,586 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.40% | | | | 9/15/2023 | | | | B | | | | 4,490 | | | | 4,481,963 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 7.20% | | | | 11/15/2030 | | | | B | | | | 755 | | | | 760,021 | |
| OR St Econ Dev Rev GA Pacific Corp Pj Ser 183 AMT | | | 5.70% | | | | 12/1/2025 | | | | Ba3 | | | | 2,435 | | | | 2,358,030 | |
| OR St Econ Dev Rev GA Pacific Corp Ser CLVII AMT | | | 6.35% | | | | 8/1/2025 | | | | BB- | | | | 2,325 | | | | 2,325,279 | |
See Notes to Financial Statements.
154
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Corporate-Backed (continued) | | | | | | | | | | | | | | | | | | | | |
| Port of Bay City Auth TX Matagorda Hoechst Celanese Corp Pj AMT | | | 6.50% | | | | 5/1/2026 | | | | B+ | | | $ | 3,510 | | | $ | 3,521,583 | |
| Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser A | | | 6.45% | | | | 11/1/2030 | | | | B+ | | | | 6,700 | | | | 6,863,949 | |
| Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser B AMT | | | 6.70% | | | | 11/1/2030 | | | | B+ | | | | 1,500 | | | | 1,513,125 | |
| Richmond Cnty GA Dev Auth Intl Paper Co Pj Ser A AMT | | | 5.00% | | | | 8/1/2030 | | | | BBB | | | | 3,000 | | | | 2,937,000 | |
| Rockdale Cnty GA Dev Auth Visy Paper Pj Ser A AMT | | | 6.125% | | | | 1/1/2034 | | | | NR | | | | 2,500 | | | | 2,452,675 | |
| Rumford ME Solid Wst Disp Boise Cascade Corp Pj AMT | | | 6.875% | | | | 10/1/2026 | | | | B2 | | | | 1,500 | | | | 1,507,005 | |
| Selma AL Indl Dev Brd Rev Gulf Opportunity Zone Ser A | | | 6.25% | | | | 11/1/2033 | | | | BBB | | | | 5,000 | | | | 5,485,550 | |
| West Pace Cooperative Dist AL Rev | | | 9.125% | | | | 5/1/2039 | | | | NR | | | | 14,050 | | | | 13,478,305 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 218,323,491 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 5.28% | | | | | | | | | | | | | | | | | | | | |
| Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj | | | 6.50% | | | | 11/1/2029 | | | | BBB- | | | | 2,500 | | | | 2,634,575 | |
| CA Statewide Cmntys Dev Auth Thomas Jefferson Sch Law Ser A | | | 7.25% | | | | 10/1/2032 | | | | BB+ | | | | 3,500 | | | | 3,692,710 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2047 | | | | A+ | | | | 8,000 | | | | 610,000 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2048 | | | | A+ | | | | 8,000 | | | | 566,000 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2049 | | | | A+ | | | | 9,000 | | | | 591,390 | |
| Charyl Stockwell Academy MI COP | | | 5.90% | | | | 10/1/2035 | | | | NR | | | | 3,000 | | | | 2,520,510 | |
| Hammond Loc Pub Impt Bd Bk Ser A | | | 6.50% | | | | 8/15/2030 | | | | BBB- | | | | 1,600 | | | | 1,635,168 | |
| Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B | | | 6.00% | | | | 9/1/2036 | | | | NR | | | | 12,725 | | | | 11,826,869 | |
| IA Higher Ed Ln Auth Rev Private College Grand View | | | 5.00% | | | | 10/1/2031 | | | | NR | | | | 1,500 | | | | 1,460,070 | |
| IL Fin Auth Rev IL Inst Tech | | | 7.125% | | | | 2/1/2034 | | | | Baa2 | | | | 2,500 | | | | 2,805,350 | |
| IL Fin Auth Rev IL Inst Tech Ser A | | | 5.00% | | | | 4/1/2025 | | | | Baa2 | | | | 2,500 | | | | 2,515,475 | |
| IL Fin Auth Rev IL Inst Tech Ser A | | | 5.00% | | | | 4/1/2026 | | | | Baa2 | | | | 2,000 | | | | 1,906,660 | |
| IL Fin Auth Rev IL Inst Tech Ser A | | | 5.00% | | | | 4/1/2031 | | | | Baa2 | | | | 5,000 | | | | 4,660,100 | |
| IL Fin Auth Rev IL Inst Tech Ser A | | | 5.00% | | | | 4/1/2036 | | | | Baa2 | | | | 5,000 | | | | 4,489,250 | |
See Notes to Financial Statements.
155
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| IL Fin Auth Rev Northwestern Mem Hosp Ser A(b) | | | 5.75% | | | | 8/15/2030 | | | | AA+ | | | $ | 5,000 | | | $ | 5,547,950 | |
| IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A | | | 6.625% | | | | 10/1/2029 | | | | BBB- | | | | 750 | | | | 790,178 | |
| IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A | | | 7.00% | | | | 10/1/2039 | | | | BBB- | | | | 1,250 | | | | 1,322,525 | |
| Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A | | | 5.25% | | | | 6/15/2027 | | | | BB | | | | 3,500 | | | | 3,140,095 | |
| MA St Dev Fin Agy Boston Architectural College (ACA) | | | 5.00% | | | | 1/1/2037 | | | | NR | | | | 2,710 | | | | 2,141,306 | |
| Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj | | | 7.00% | | | | 6/15/2030 | | | | Ba3 | | | | 5,000 | | | | 5,067,400 | |
| Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj | | | 7.00% | | | | 6/15/2039 | | | | Ba3 | | | | 3,000 | | | | 3,022,590 | |
| MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies | | | 5.875% | | | | 12/1/2028 | | | | Baa3 | | | | 2,360 | | | | 2,424,617 | |
| MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies | | | 6.125% | | | | 12/1/2033 | | | | Baa3 | | | | 3,075 | | | | 3,168,326 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj | | | 8.75% | | | | 9/1/2039 | | | | BBB- | | | | 2,250 | | | | 2,547,000 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Dr Joseph F Pollack | | | 8.00% | | | | 4/1/2040 | | | | BB+ | | | | 1,020 | | | | 1,069,684 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy | | | 6.625% | | | | 6/1/2030 | | | | BBB- | | | | 1,955 | | | | 2,023,093 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy | | | 7.00% | | | | 12/1/2039 | | | | BBB- | | | | 3,000 | | | | 3,154,290 | |
| New York City NY Indl Dev Agy Polytechnic Univ Pj (ACA) | | | 5.25% | | | | 11/1/2037 | | | | BB+ | | | | 2,000 | | | | 1,976,840 | |
| New York City NY Indl Dev Agy Vaughn College Aeronautics B | | | 5.00% | | | | 12/1/2031 | | | | BB+ | | | | 1,510 | | | | 1,307,509 | |
| New York City NY Indl Dev Agy Vaughn College Aeronautics B | | | 5.25% | | | | 12/1/2036 | | | | BB+ | | | | 3,640 | | | | 3,199,160 | |
| NJ St Edl Facs Auth Univ Med & Dentistry Ser B | | | 7.125% | | | | 12/1/2023 | | | | Baa1 | | | | 4,000 | | | | 4,799,600 | |
| NJ St Edl Facs Auth Univ Med & Dentistry Ser B | | | 7.50% | | | | 12/1/2032 | | | | Baa1 | | | | 2,000 | | | | 2,361,520 | |
| OH St Higher Edl Fac Rev Commn Ashland Univ Pj | | | 6.25% | | | | 9/1/2024 | | | | Ba1 | | | | 7,020 | | | | 7,343,833 | |
| TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A | | | 5.00% | | | | 2/15/2018 | | | | BBB | | | | 1,000 | | | | 1,008,510 | |
See Notes to Financial Statements.
156
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| Univ of CA Ser O(b) | | | 5.75% | | | | 5/15/2031 | | | | AA | | | $ | 7,000 | | | $ | 8,189,370 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 107,519,523 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 5.85% | | | | | | | | | | | | | | | | | | | | |
| Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A | | | 6.125% | | | | 8/1/2029 | | | | A1 | | | | 1,500 | | | | 1,657,365 | |
| CA St Var Purp | | | 6.50% | | | | 4/1/2033 | | | | A1 | | | | 15,000 | | | | 17,653,050 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2037 | | | | A+ | | | | 4,150 | | | | 644,163 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2041 | | | | A+ | | | | 6,500 | | | | 773,110 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2042 | | | | A+ | | | | 6,900 | | | | 762,381 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2043 | | | | A+ | | | | 6,900 | | | | 708,147 | |
| Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A | | | Zero Coupon | | | | 8/1/2044 | | | | A+ | | | | 7,200 | | | | 686,232 | |
| Huntington Beach CA Union High Sch Dist Cap Apprec 2004 Election (NPFGC)(FGIC) | | | Zero Coupon | | | | 8/1/2033 | | | | Aa2 | | | | 5,000 | | | | 1,300,800 | |
| Los Angeles CA Cmnty College Dist 2001 Election Ser A (NPFGC)(FGIC)(b) | | | 5.00% | | | | 8/1/2032 | | | | Aa1 | | | | 10,580 | | | | 11,197,396 | |
| Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b) | | | 5.00% | | | | 7/1/2032 | | | | AAA | | | | 10,000 | | | | 10,547,150 | |
| Los Angeles CA Unif Sch Dist Ser D(b) | | | 5.00% | | | | 1/1/2034 | | | | AA- | | | | 10,460 | | | | 11,023,899 | |
| Los Angeles CA Unif Sch Dist Ser F(b) | | | 5.00% | | | | 7/1/2029 | | | | AA- | | | | 2,000 | | | | 2,107,820 | |
| Maverick Cnty TX Ctfs Oblig | | | 8.75% | | | | 3/1/2034 | | | | NR | | | | 2,500 | | | | 2,603,950 | |
| Maverick Cnty TX Ctfs Oblig | | | 8.75% | | | | 3/1/2034 | | | | NR | | | | 5,500 | | | | 5,728,690 | |
| New York City NY Ser H-1(b) | | | 5.125% | | | | 3/1/2026 | | | | AA | | | | 10,000 | | | | 11,272,000 | |
| New York City NY Sub Ser J-1(b) | | | 5.00% | | | | 5/15/2029 | | | | AA | | | | 9,000 | | | | 9,829,800 | |
| New York City NY Sub Ser J-1(b) | | | 5.00% | | | | 5/15/2031 | | | | AA | | | | 7,000 | | | | 7,645,400 | |
| New York City NY Sub Ser J-1(b) | | | 5.00% | | | | 5/15/2036 | | | | AA | | | | 1,000 | | | | 1,092,200 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2025 | | | | AAA | | | | 3,730 | | | | 4,170,274 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2026 | | | | AAA | | | | 5,420 | | | | 6,059,756 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2027 | | | | AAA | | | | 2,160 | | | | 2,414,958 | |
| Puerto Rico Comwlth Pub Impt Ser C | | | 6.00% | | | | 7/1/2039 | | | | A3 | | | | 2,500 | | | | 2,713,725 | |
See Notes to Financial Statements.
157
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| General Obligation (continued) | | | | | | | | | | | | | | | | | | | | |
| Territory of Guam Ser A | | | 6.75% | | | | 11/15/2029 | | | | B+ | | | $ | 3,690 | | | $ | 4,201,139 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 2,175 | | | | 2,457,771 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 119,251,176 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 29.31% | | | | | | | | | | | | | | | | | | | | |
| Alachua Cnty FL Indl Dev Rev North FL Ret Vlg | | | 5.875% | | | | 11/15/2036 | | | | NR | | | | 5,000 | | | | 4,562,700 | |
| Alachua Cnty FL Indl Dev Rev North FL Ret Vlg | | | 5.875% | | | | 11/15/2042 | | | | NR | | | | 1,500 | | | | 1,333,845 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2028 | | | | BB- | | | | 15,365 | | | | 12,249,900 | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.375% | | | | 11/15/2040 | | | | BB- | | | | 10,425 | | | | 7,961,885 | |
| Alton IL Hosp Fac Rev St. Anthony’s Hlth Ctr | | | 6.00% | | | | 9/1/2014 | | | | NR | | | | 1,620 | | | | 1,625,249 | |
| Arkansas KS Pub Bldg Commn South Cent Regl Med Ctr | | | 6.75% | | | | 9/1/2038 | | | | A3 | | | | 6,360 | | | | 6,955,614 | |
| AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj | | | 5.20% | | | | 10/1/2037 | | | | NR | | | | 9,700 | | | | 7,884,742 | |
| AZ Univ Med Ctr Corp | | | 6.25% | | | | 7/1/2029 | | | | BBB+ | | | | 250 | | | | 273,178 | |
| AZ Univ Med Ctr Corp | | | 6.50% | | | | 7/1/2039 | | | | BBB+ | | | | 625 | | | | 689,725 | |
| Bexar Cnty TX Hlth Facs Dev Corp Army Ret Residence Pj | | | 5.875% | | | | 7/1/2030 | | | | BBB | | | | 2,100 | | | | 2,171,358 | |
| Bremer Cnty IA Ret Bartels Lutheran Ser A | | | 5.00% | | | | 11/15/2017 | | | | NR | | | | 1,140 | | | | 1,129,193 | |
| Bucks Cnty PA Indl Dev Auth Ret Cmnty Ann’s Choice Inc Fac Ser A | | | 6.125% | | | | 1/1/2025 | | | | NR | | | | 3,500 | | | | 3,516,380 | |
| CA Muni Fin Auth Cmnty Hosps Cent CA COP | | | 5.375% | | | | 2/1/2029 | | | | Baa2 | | | | 1,000 | | | | 1,006,920 | |
| CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser A | | | 5.25% | | | | 7/1/2030 | | | | BBB | | | | 3,020 | | | | 2,802,560 | |
| CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser A | | | 5.25% | | | | 7/1/2035 | | | | BBB | | | | 7,710 | | | | 6,959,586 | |
| CA Statewide Cmntys Dev Auth Sr Living Sthn CA | | | 7.00% | | | | 11/15/2029 | | | | BBB | | | | 1,000 | | | | 1,101,770 | |
| CA Statewide Cmntys Dev Auth Sr Living Sthn CA | | | 7.25% | | | | 11/15/2041 | | | | BBB | | | | 2,500 | | | | 2,777,850 | |
| CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A | | | 5.00% | | | | 7/15/2022 | | | | NR | | | | 2,270 | | | | 2,168,576 | |
| CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A | | | 5.125% | | | | 7/15/2031 | | | | NR | | | | 2,600 | | | | 2,297,854 | |
See Notes to Financial Statements.
158
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Cass Cnty ND Hlth Facs Rev Essentia Hlth Ser A Rmkt (AG)(b) | | | 5.125% | | | | 2/15/2037 | | | | AAA | | | $ | 10,000 | | | $ | 10,364,250 | |
| CO Hlth Facs Auth Rev Amer Baptist Ser A | | | 7.75% | | | | 8/1/2029 | | | | NR | | | | 5,770 | | | | 6,251,737 | |
| CO Hlth Facs Auth Rev Amer Baptist Ser A | | | 7.75% | | | | 8/1/2039 | | | | NR | | | | 5,045 | | | | 5,417,170 | |
| CO Hlth Facs Auth Rev Christian Living Cmntys Pj A | | | 5.75% | | | | 1/1/2026 | | | | NR | | | | 1,500 | | | | 1,449,660 | |
| CO Hlth Facs Auth Rev Christian Living Cmntys Pj A | | | 5.75% | | | | 1/1/2037 | | | | NR | | | | 2,055 | | | | 1,869,105 | |
| CO Hlth Facs Auth Rev Hlth & Resdl Care Facs Volunteers of America Care A | | | 5.30% | | | | 7/1/2037 | | | | NR | | | | 1,500 | | | | 1,229,040 | |
| CO Hlth Facs Auth Rev Total Longterm Care National Ser A(d) | | | 6.25% | | | | 11/15/2040 | | | | BBB- | (c) | | | 1,250 | | | | 1,263,425 | |
| Cottage Grove MN Sr Hsg Rev PHS/Cottage Grove Inc Pj B | | | 6.00% | | | | 12/1/2046 | | | | NR | | | | 2,325 | | | | 2,216,283 | |
| CT St Hlth & Edl Facs Auth Hosp for Spl Care Ser C (RADIAN) | | | 5.25% | | | | 7/1/2022 | | | | BBB- | | | | 1,215 | | | | 1,233,492 | |
| Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Eliza Jennings Sr Care Ser A | | | 6.00% | | | | 5/15/2037 | | | | NR | | | | 4,300 | | | | 4,029,186 | |
| Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Eliza Jennings Sr Care Ser A | | | 6.00% | | | | 5/15/2042 | | | | NR | | | | 2,500 | | | | 2,355,225 | |
| Director St NV Dept Business & Industry Las Ventanas Ret Pj A(i) | | | 7.00% | | | | 11/15/2034 | | | | NR | | | | 6,000 | | | | 3,393,720 | |
| Director St NV Dept Business & Industry Las Ventanas Ret Pj B(i) | | | 6.00% | | | | 11/15/2014 | | | | NR | | | | 4,105 | | | | 2,684,957 | |
| Director St NV Dept Business & Industry Las Ventanas Ret Pj B(i) | | | 6.75% | | | | 11/15/2023 | | | | NR | | | | 4,700 | | | | 2,779,768 | |
| East Rochester NY Hsg Auth Rev Sr Living Woodland Vlg Pj | | | 5.50% | | | | 8/1/2033 | | | | NR | | | | 1,700 | | | | 1,504,551 | |
| Fairfax Cnty VA Indl Dev Auth Hlthcare Inova Hlth Sys Ser A(b) | | | 5.50% | | | | 5/15/2035 | | | | AA+ | | | | 5,000 | | �� | | 5,496,875 | |
| Flint MI Hosp Bldg Auth Rent Hurley Med Ctr | | | 7.00% | | | | 7/1/2030 | | | | Ba1 | | | | 4,225 | | | | 4,402,957 | |
| Flint MI Hosp Bldg Auth Rent Hurley Med Ctr | | | 7.375% | | | | 7/1/2035 | | | | Ba1 | | | | 2,620 | | | | 2,759,960 | |
| Flint MI Hosp Bldg Auth Rent Hurley Med Ctr | | | 7.50% | | | | 7/1/2039 | | | | Ba1 | | | | 800 | | | | 842,200 | |
| Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A | | | 5.125% | | | | 7/1/2042 | | | | NR | | | | 8,000 | | | | 5,336,160 | |
| Fulton Cnty PA Indl Dev Auth Hosp Fulton Cnty Med Ctr Pj | | | 5.875% | | | | 7/1/2031 | | | | NR | | | | 1,500 | | | | 1,376,325 | |
See Notes to Financial Statements.
159
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B | | | 6.00% | | | | 1/1/2023 | | | | BBB- | (c) | | $ | 3,385 | | | $ | 3,545,923 | |
| Harris Cnty TX Cultural Ed Facs Fin Corp Childrens Hosp Pj(b) | | | 5.00% | | | | 10/1/2024 | | | | AA | | | | 6,000 | | | | 6,362,310 | |
| Harris Cnty TX Cultural Ed Facs Fin Corp Childrens Hosp Pj(b) | | | 5.25% | | | | 10/1/2029 | | | | AA | | | | 4,000 | | | | 4,241,540 | |
| HFDC Cent TX Inc Ret Fac Ser A | | | 5.625% | | | | 11/1/2026 | | | | NR | | | | 1,850 | | | | 1,655,991 | |
| HFDC Cent TX Inc Ret Fac Ser A | | | 5.75% | | | | 11/1/2036 | | | | NR | | | | 5,500 | | | | 4,669,280 | |
| Hillsborough Cnty FL Indl Dev Auth Tampa Gen Hosp Pj(b) | | | 5.25% | | | | 10/1/2041 | | | | A3 | | | | 5,000 | | | | 5,069,200 | |
| Hillsdale MI Hosp Fin Auth Hosp Hillsdale Cmnty Hlth Ctr | | | 5.75% | | | | 5/15/2018 | | | | BB+ | | | | 2,360 | | | | 2,458,813 | |
| Holmes Cnty FL Hosp Corp Doctors Mem Hosp | | | 5.75% | | | | 11/1/2026 | | | | NR | | | | 6,395 | | | | 6,011,620 | |
| Holmes Cnty FL Hosp Corp Doctors Mem Hosp | | | 6.00% | | | | 11/1/2038 | | | | NR | | | | 7,115 | | | | 6,496,422 | |
| Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A | | | 5.25% | | | | 4/1/2027 | | | | NR | | | | 6,700 | | | | 5,632,891 | |
| Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A | | | 5.25% | | | | 4/1/2033 | | | | NR | | | | 2,990 | | | | 2,404,438 | |
| Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser B | | | 5.25% | | | | 4/1/2037 | | | | NR | | | | 3,870 | | | | 3,024,250 | |
| Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj | | | 5.50% | | | | 1/1/2028 | | | | NR | | | | 4,500 | | | | 4,032,720 | |
| IA Fin Auth Hlth Facs Rev Ser A Remk (AG)(b) | | | 5.25% | | | | 8/15/2029 | | | | Aa3 | | | | 3,000 | | | | 3,280,965 | |
| IA Fin Auth Hlth Facs Rev Ser A Remk (AG)(b) | | | 5.625% | | | | 8/15/2037 | | | | Aa3 | | | | 7,000 | | | | 7,655,585 | |
| IA Fin Auth Sr Hsg Rev Bethany Life Cmntys Pj Ser A | | | 5.55% | | | | 11/1/2041 | | | | NR | | | | 1,000 | | | | 883,450 | |
| IL Fin Auth Rev Clare Oaks Pj Ser A | | | 6.00% | | | | 11/15/2027 | | | | NR | | | | 8,000 | | | | 6,612,240 | |
| IL Fin Auth Rev Clare Wtr Twr Cap Apprec Ser B | | | Zero Coupon | | | | 5/15/2050 | | | | NR | | | | 4,800 | | | | 51,600 | |
| IL Fin Auth Rev Clare Wtr Twr Ser A-2 | | | 5.20% | | | | 5/15/2015 | | | | NR | | | | 700 | | | | 657,034 | |
| IL Fin Auth Rev Clare Wtr Twr Ser A-3 | | | 5.30% | | | | 5/15/2016 | | | | NR | | | | 700 | | | | 641,242 | |
| IL Fin Auth Rev Clare Wtr Twr Ser A-6 | | | 6.00% | | | | 5/15/2028 | | | | NR | | | | 2,800 | | | | 2,080,204 | |
| IL Fin Auth Rev Clare Wtr Twr Ser A-7 | | | 6.125% | | | | 5/15/2041 | | | | NR | | | | 3,500 | | | | 2,363,445 | |
| IL Fin Auth Rev Clare Wtr Twr Ser A-10 | | | 5.125% | | | | 5/15/2018 | | | | NR | | | | 3,500 | | | | 3,004,155 | |
| IL Fin Auth Rev Friendship Vlg Schaumburg | | | 7.125% | | | | 2/15/2039 | | | | BB- | (c) | | | 1,500 | | | | 1,553,115 | |
See Notes to Financial Statements.
160
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| IL Fin Auth Rev Friendship Vlg Schaumburg | | | 7.25% | | | | 2/15/2045 | | | | BB- | (c) | | $ | 3,500 | | | $ | 3,661,560 | |
| IL Fin Auth Rev Friendship Vlg Schaumburg Ser A | | | 5.375% | | | | 2/15/2025 | | | | BB- | (c) | | | 4,000 | | | | 3,721,240 | |
| IL Fin Auth Rev Friendship Vlg Schaumburg Ser A | | | 5.625% | | | | 2/15/2037 | | | | BB- | (c) | | | 10,975 | | | | 9,720,009 | |
| IL Fin Auth Rev Kewanee Hosp Pj | | | 5.10% | | | | 8/15/2031 | | | | NR | | | | 1,150 | | | | 961,688 | |
| IL Fin Auth Rev Landing at Plymouth Place Pj Ser A | | | 6.00% | | | | 5/15/2025 | | | | NR | | | | 3,000 | | | | 2,800,680 | |
| IL Fin Auth Rev Montgomery Place Pj Ser A | | | 5.50% | | | | 5/15/2026 | | | | NR | | | | 2,400 | | | | 2,210,784 | |
| IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A | | | 7.25% | | | | 11/1/2030 | | | | A- | | | | 3,000 | | | | 3,500,070 | |
| IL Fin Auth Rev Smith Vlg Pj Ser A | | | 5.25% | | | | 11/15/2016 | | | | NR | | | | 4,290 | | | | 4,223,805 | |
| IL Fin Auth Rev Three Crowns Pk Plaza Ser A | | | 5.875% | | | | 2/15/2038 | | | | NR | | | | 4,500 | | | | 4,291,020 | |
| Iron River MI Hosp Fin Auth Iron Cnty Cmnty Hosps | | | 6.50% | | | | 5/15/2033 | | | | NR | | | | 3,000 | | | | 2,866,620 | |
| Johnson TN Hlth & Edl Facs Brd 1st Mtg Mtn Sts Hlth Ser A | | | 5.50% | | | | 7/1/2036 | | | | BBB+ | | | | 2,800 | | | | 2,836,820 | |
| Johnston NC Mem Hosp Auth (AGM)(FHA)(b) | | | 5.25% | | | | 10/1/2036 | | | | AAA | | | | 7,000 | | | | 7,526,400 | |
| Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A | | | 5.75% | | | | 7/1/2025 | | | | BB+ | | | | 8,825 | | | | 8,694,919 | |
| Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A | | | 6.00% | | | | 7/1/2035 | | | | BB+ | | | | 4,350 | | | | 4,240,162 | |
| Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A | | | 6.25% | | | | 7/1/2040 | | | | BB+ | | | | 1,940 | | | | 1,926,808 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A | | | 8.00% | | | | 5/15/2021 | | | | NR | | | | 1,000 | | | | 1,076,970 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A | | | 8.00% | | | | 5/15/2029 | | | | NR | | | | 2,820 | | | | 2,982,235 | |
| Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A | | | 8.25% | | | | 5/15/2039 | | | | NR | | | | 6,695 | | | | 7,147,046 | |
| Kuakini HI Hlth Sys Spl Fac Ser A | | | 6.375% | | | | 7/1/2032 | | | | BBB- | | | | 5,930 | | | | 5,972,281 | |
| KY Econ Dev Fin Auth Owensboro Med Hlth Sys Ser A | | | 6.375% | | | | 6/1/2040 | | | | Baa2 | | | | 7,500 | | | | 8,084,925 | |
| LA Pub Facs Auth Hosp Rev Lake Charles Mem Hosp† | | | 6.375% | | | | 12/1/2034 | | | | NR | | | | 1,340 | | | | 1,286,534 | |
See Notes to Financial Statements.
161
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Lexington VA Indl Dev Auth Resdl Care Fac Mtg Kendal at Lexington Ser A | | | 5.50% | | | | 1/1/2037 | | | | NR | | | $ | 3,050 | | | $ | 2,661,125 | |
| Louisville & Jefferson Cnty KY Metro Govt Norton Hlthcare Inc(b) | | | 5.25% | | | | 10/1/2036 | | | | A- | | | | 8,250 | | | | 8,296,200 | |
| Lubbock TX Hlth Facs Dev Corp 1st Mtg Carillon Pj A | | | 6.30% | | | | 7/1/2019 | | | | NR | | | | 4,010 | | | | 4,011,684 | |
| MA Dev Fin Agy Groves Lincoln Ser A | | | 7.50% | | | | 6/1/2029 | | | | NR | | | | 4,000 | | | | 4,269,320 | |
| MA Dev Fin Agy Groves Lincoln Ser A | | | 7.75% | | | | 6/1/2039 | | | | NR | | | | 2,000 | | | | 2,144,120 | |
| MA St Hlth & Edl Facs Auth Emerson Hosp Ser E (RADIAN) | | | 5.00% | | | | 8/15/2025 | | | | NR | | | | 6,840 | | | | 6,357,438 | |
| Mesquite TX Hlth Facs Dev Corp Ret Fac Christian Care | | | 5.50% | | | | 2/15/2025 | | | | BBB- | | | | 3,250 | | | | 3,125,005 | |
| Mesquite TX Hlth Facs Dev Corp Ret Fac Christian Care | | | 5.625% | | | | 2/15/2035 | | | | BBB- | | | | 1,650 | | | | 1,566,114 | |
| MI St Hosp Fin Auth Rev Presbyterian Vlg | | | 5.25% | | | | 11/15/2025 | | | | BB+ | (c) | | | 3,800 | | | | 3,417,872 | |
| MI St Hosp Fin Auth Rev Presbyterian Vlg | | | 5.50% | | | | 11/15/2035 | | | | BB+ | (c) | | | 1,750 | | | | 1,538,565 | |
| Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care | | | 6.125% | | | | 2/1/2028 | | | | NR | | | | 3,900 | | | | 3,600,441 | |
| Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care | | | 6.25% | | | | 2/1/2035 | | | | NR | | | | 4,510 | | | | 4,039,787 | |
| NC Med Care Commn(d) | | | 5.875% | | | | 1/1/2031 | | | | NR | | | | 1,365 | | | | 1,360,864 | |
| NC Med Care Commn(d) | | | 6.00% | | | | 1/1/2039 | | | | NR | | | | 1,520 | | | | 1,515,729 | |
| NH Hlth & Ed Facs Auth Havenwood Heritage Heights A | | | 5.35% | | | | 1/1/2026 | | | | NR | | | | 2,415 | | | | 2,310,503 | |
| NH Hlth & Ed Facs Auth Havenwood Heritage Heights A | | | 5.40% | | | | 1/1/2030 | | | | NR | | | | 2,250 | | | | 2,092,073 | |
| NJ Econ Dev Auth First Mtg Seashore Gardens Pj | | | 5.30% | | | | 11/1/2026 | | | | NR | | | | 1,250 | | | | 1,105,125 | |
| NJ Econ Dev Auth First Mtg Seashore Gardens Pj | | | 5.375% | | | | 11/1/2036 | | | | NR | | | | 3,155 | | | | 2,670,077 | |
| NJ Hlthcare Facs Fing Auth Holy Name Hosp | | | 5.25% | | | | 7/1/2030 | | | | Baa2 | | | | 11,635 | | | | 11,313,641 | |
| NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys | | | 6.625% | | | | 7/1/2038 | | | | BBB- | | | | 9,000 | | | | 9,496,800 | |
| NM St Hosp Equip Ln Council Presbyterian Hlthcare(b) | | | 5.00% | | | | 8/1/2039 | | | | AA- | | | | 9,100 | | | | 9,454,309 | |
| North Cent TX Hlth Fac Dev Corp Children’s Med Ctr Dallas Pj(b) | | | 5.75% | | | | 8/15/2039 | | | | Aa3 | | | | 10,000 | | | | 10,926,750 | |
| NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr | | | 6.125% | | | | 12/1/2029 | | | | Ba1 | | | | 4,250 | | | | 4,394,117 | |
See Notes to Financial Statements.
162
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| OH St Hosp Fac Rev Cleveland Clinic Hlth B(b) | | | 5.50% | | | | 1/1/2034 | | | | Aa2 | | | $ | 13,500 | | | $ | 14,733,698 | |
| Oklahoma Cnty OK Fin Auth Rev Ret Fac Concordia Ser A | | | 6.00% | | | | 11/15/2038 | | | | NR | | | | 1,500 | | | | 1,405,425 | |
| Orange Cnty FL Hlth Facs Auth 1st Mtg Orlando Lutheran Tower | | | 5.50% | | | | 7/1/2038 | | | | NR | | | | 5,050 | | | | 4,480,865 | |
| Orange Cnty FL Hlth Facs Auth Hlthcare Orlando Lutheran | | | 5.375% | | | | 7/1/2020 | | | | NR | | | | 1,100 | | | | 1,068,661 | |
| Orange Cnty FL Hlth Facs Auth Hlthcare Orlando Lutheran | | | 5.70% | | | | 7/1/2026 | | | | NR | | | | 2,920 | | | | 2,757,473 | |
| Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser A | | | 5.00% | | | | 7/1/2034 | | | | BBB | | | | 7,275 | | | | 6,452,197 | |
| Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser B | | | 5.50% | | | | 7/1/2026 | | | | BBB | | | | 3,000 | | | | 2,937,900 | |
| Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hosp Sys Ser A | | | 6.625% | | | | 11/15/2023 | | | | BBB | | | | 5,000 | | | | 5,003,400 | |
| RI St Hlth & Edl Bldg Corp Hosp Fing St. Joseph Hlth Svcs | | | 5.50% | | | | 10/1/2029 | | | | Ba3 | | | | 15,270 | | | | 12,827,411 | |
| Rochester MN Hlthcare Samaritan Bethany Ser A | | | 6.875% | | | | 12/1/2029 | | | | NR | | | | 1,945 | | | | 2,070,394 | |
| Rochester MN Hlthcare Samaritan Bethany Ser A | | | 7.375% | | | | 12/1/2041 | | | | NR | | | | 6,000 | | | | 6,374,280 | |
| Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee | | | 5.75% | | | | 7/1/2037 | | | | NR | | | | 2,565 | | | | 2,218,007 | |
| Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee | | | 5.75% | | | | 7/1/2045 | | | | NR | | | | 6,435 | | | | 5,441,243 | |
| Sayre OK Mem Hosp Auth | | | 6.00% | | | | 7/1/2037 | | | | NR | | | | 4,000 | | | | 3,408,360 | |
| SC Jobs Econ Dev Auth First Mtg Wesley Commons | | | 5.125% | | | | 10/1/2026 | | | | NR | | | | 1,400 | | | | 1,200,374 | |
| SC Jobs Econ Dev Auth Hampton Regl Med | | | 5.25% | | | | 11/1/2028 | | | | NR | | | | 12,000 | | | | 10,722,720 | |
| St. Joseph Cnty IN Econ Dev Rev Holy Cross Vlg Notre Dame Pj A | | | 5.70% | | | | 5/15/2028 | | | | NR | | | | 265 | | | | 249,548 | |
| St. Joseph Cnty IN Econ Dev Rev Holy Cross Vlg Notre Dame Pj A | | | 6.00% | | | | 5/15/2026 | | | | NR | | | | 250 | | | | 246,498 | |
| St. Joseph Cnty IN Econ Dev Rev Holy Cross Vlg Notre Dame Pj A | | | 6.00% | | | | 5/15/2038 | | | | NR | | | | 475 | | | | 447,564 | |
| St. Paul MN Hsg & Redev Auth Hltheast Pj | | | 6.00% | | | | 11/15/2030 | | | | BB+ | | | | 9,090 | | | | 9,116,997 | |
| St. Paul MN Port Auth Lease Rev Healtheast Midway Campus 03 A | | | 5.75% | | | | 5/1/2025 | | | | BB | | | | 1,520 | | | | 1,513,996 | |
See Notes to Financial Statements.
163
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Wellmont Hlth Sys Pj Ser C | | | 5.25% | | | | 9/1/2036 | | | | BBB+ | | | $ | 9,080 | | | $ | 8,743,768 | |
| Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A | | | 5.375% | | | | 8/1/2015 | | | | NR | | | | 2,330 | | | | 2,350,970 | |
| Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A | | | 6.00% | | | | 8/1/2025 | | | | NR | | | | 3,000 | | | | 2,780,340 | |
| Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A | | | 6.00% | | | | 8/1/2035 | | | | NR | | | | 3,000 | | | | 2,632,860 | |
| Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A | | | 6.875% | | | | 11/1/2023 | | | | NR | | | | 1,300 | | | | 1,333,878 | |
| Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A | | | 7.125% | | | | 11/1/2030 | | | | NR | | | | 2,000 | | | | 2,092,260 | |
| Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A | | | 7.25% | | | | 11/1/2045 | | | | NR | | | | 3,500 | | | | 3,606,750 | |
| Upper IL River Vly Dev Auth Pleasant View Luther Home | | | 7.25% | | | | 11/15/2040 | | | | NR | | | | 1,200 | | | | 1,195,500 | |
| Upper IL River Vly Dev Auth Pleasant View Luther Home | | | 7.375% | | | | 11/15/2045 | | | | NR | | | | 1,550 | | | | 1,554,743 | |
| Vigo Cnty IN Hosp Auth Rev Union Hosp Inc† | | | 5.70% | | | | 9/1/2037 | | | | NR | | | | 9,250 | | | | 8,821,910 | |
| Vigo Cnty IN Hosp Auth Rev Union Hosp Inc† | | | 5.75% | | | | 9/1/2042 | | | | NR | | | | 2,000 | | | | 1,910,080 | |
| Western IL Econ Dev Auth Carthage Mem Hosp Pj Ser B | | | 7.00% | | | | 6/1/2033 | | | | NR | | | | 2,890 | | | | 2,946,442 | |
| Westmoreland Cnty PA Indl Dev Auth Ret Cmnty Redstone Ser A | | | 5.75% | | | | 1/1/2026 | | | | NR | | | | 900 | | | | 808,722 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b) | | | 5.00% | | | | 11/15/2030 | | | | Aa1 | | | | 1,170 | | | | 1,227,078 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp | | | 5.00% | | | | 11/15/2030 | | | | Aa1 | | | | 5 | | | | 5,246 | |
| WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b) | | | 5.00% | | | | 11/15/2033 | | | | Aa1 | | | | 7,000 | | | | 7,325,010 | |
| WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser A | | | 5.625% | | | | 4/15/2039 | | | | A3 | | | | 5,000 | | | | 5,249,950 | |
| WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser A | | | 7.25% | | | | 9/15/2029 | | | | NR | | | | 1,000 | | | | 1,064,860 | |
| WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser A | | | 7.625% | | | | 9/15/2039 | | | | NR | | | | 2,000 | | | | 2,159,140 | |
| WI St Hlth & Edl Facs Auth Wheaton Hlthcare Ser B | | | 5.125% | | | | 8/15/2030 | | | | BBB+ | | | | 21,150 | | | | 20,545,533 | |
See Notes to Financial Statements.
164
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Wilson Cnty KS Hosp Rev | | | 5.60% | | | | 9/1/2036 | | | | NR | | | $ | 3,530 | | | $ | 3,023,057 | |
| WV St Hosp Fin Auth Thomas Hlth Sys | | | 6.50% | | | | 10/1/2028 | | | | NR | | | | 7,425 | | | | 7,549,591 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 597,118,298 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Housing 3.03% | | | | | | | | | | | | | | | | | | | | |
| El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A | | | 6.375% | | | | 12/1/2029 | | | | B3 | | | | 3,280 | | | | 2,584,673 | |
| El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A | | | 6.45% | | | | 12/1/2019 | | | | B3 | | | | 1,460 | | | | 1,304,408 | |
| Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A(b) | | | 5.125% | | | | 1/1/2036 | | | | BBB- | (c) | | | 10,700 | | | | 9,894,397 | |
| Harrisonburg VA Redev & Hsg Auth Multi Fam Hsg Brooke Ridge Apts Pj Ser E AMT | | | 6.475% | | | | 12/1/2038 | | | | NR | | | | 12,100 | | | | 10,068,410 | |
| LA Hsg Fin Agy Multi Fam Hsg La Chateau Ser A | | | 6.875% | | | | 9/1/2029 | | | | A- | | | | 1,805 | | | | 1,858,662 | |
| LA Hsg Fin Agy Multi Fam Hsg Ser B | | | 8.00% | | | | 9/1/2039 | | | | BBB- | | | | 3,470 | | | | 3,667,547 | |
| LA Pub Facs Auth Rev Susla Facs Inc Pj Ser A† | | | 5.75% | | | | 7/1/2039 | | | | NR | | | | 5,100 | | | | 3,700,866 | |
| LA St Gas & Fuels Tax Rev Ser A (NPFGC)(FGIC)(b) | | | 5.00% | | | | 5/1/2041 | | | | Aa1 | | | | 13,500 | | | | 14,059,508 | |
| Metro Govt Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Multi Fam Hsg Prestige A(i) | | | 7.50% | | | | 12/20/2040 | | | | NR | | | | 3,930 | | | | 2,428,897 | |
| Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B | | | 6.125% | | | | 1/1/2025 | | | | NR | | | | 2,790 | | | | 503,344 | |
| MuniMae TE Bd Subs LLC†(j) | | | 5.30% | | | | 11/29/2049 | | | | Baa2 | | | | 2,000 | | | | 1,440,060 | |
| MuniMae TE Bd Subs LLC†(j) | | | 5.90% | | | | 11/29/2049 | | | | Ba1 | | | | 2,000 | | | | 1,100,020 | |
| St. Paul MN Hsg & Redev Auth Carondelet Vlg Pj A | | | 6.00% | | | | 8/1/2035 | | | | NR | | | | 4,000 | | | | 4,050,880 | |
| St. Paul MN Hsg & Redev Auth Carondelet Vlg Pj A | | | 6.00% | | | | 8/1/2042 | | | | NR | | | | 4,615 | | | | 4,640,152 | |
| Stillwater MN Multi Fam Rev Hsg Orleans Homes LP Pj AMT | | | 5.50% | | | | 2/1/2042 | | | | NR | | | | 500 | | | | 426,355 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 61,728,179 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 2.06% | | | | | | | | | | | | | | | | | | | | |
| CA St Pub Wrks Brd Regents Univ Ser E(b) | | | 5.00% | | | | 4/1/2034 | | | | Aa2 | | | | 7,495 | | | | 7,830,062 | |
| Charlotte NC COP Ser E(b) | | | 5.00% | | | | 6/1/2034 | | | | AA+ | | | | 3,000 | | | | 3,180,735 | |
| Charlotte NC COP Ser E(b) | | | 5.00% | | | | 6/1/2039 | | | | AA+ | | | | 8,500 | | | | 9,012,083 | |
See Notes to Financial Statements.
165
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Lease Obligations (continued) | | | | | | | | | | | | | | | | | | | | |
| Denver CO Convtn Ctr Hotel Auth Sr (XLCA) | | | 5.00% | | | | 12/1/2035 | | | | BBB- | | | $ | 3,300 | | | $ | 2,988,975 | |
| Jurupa CA Pub Fing Auth Rev Sub Lien Ser B | | | 6.125% | | | | 9/1/2040 | | | | NR | | | | 2,575 | | | | 2,592,175 | |
| McLennan Cnty TX Pub Fac Corp | | | 6.625% | | | | 6/1/2035 | | | | AA- | | | | 5,000 | | | | 5,515,950 | |
| Philadelphia PA Muni Auth Rev Lease | | | 6.10% | | | | 4/1/2024 | | | | A1 | | | | 1,780 | | | | 1,951,467 | |
| Philadelphia PA Muni Auth Rev Lease | | | 6.375% | | | | 4/1/2029 | | | | A1 | | | | 2,000 | | | | 2,175,360 | |
| Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD | | | 6.50% | | | | 7/1/2030 | | | | A3 | | | | 6,000 | | | | 6,752,460 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 41,999,267 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Other Revenue 12.61% | | | | | | | | | | | | | | | | | | | | |
| AK Indl Dev & Export Auth Sports Facs Rev Anchorage Sportsplex Pj Ser A(i) | | | 6.15% | | | | 8/1/2031 | | | | NR | | | | 3,285 | | | | 1,314,000 | |
| AL St Indl Dev Auth Solid Wst Pine City Fiber Co Rmkt AMT | | | 6.45% | | | | 12/1/2023 | | | | B | | | | 8,000 | | | | 7,920,240 | |
| Austin TX Convtn Entrprse Inc 2nd Tier Ser B† | | | 5.75% | | | | 1/1/2034 | | | | BB | | | | 2,750 | | | | 2,624,407 | |
| Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj | | | 7.50% | | | | 2/1/2030 | | | | NR | | | | 8,300 | | | | 5,843,034 | |
| Baltimore MD Cnvtn Ctr Sr Ser A (XLCA) | | | 5.00% | | | | 9/1/2032 | | | | Baa3 | | | | 2,000 | | | | 1,875,900 | |
| Baltimore MD Cnvtn Ctr Sr Ser A (XLCA) | | | 5.25% | | | | 9/1/2039 | | | | Baa3 | | | | 2,975 | | | | 2,855,345 | |
| Baltimore MD Cnvtn Ctr Sub Ser B | | | 5.875% | | | | 9/1/2039 | | | | Ba1 | | | | 10,845 | | | | 10,732,646 | |
| Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A | | | 6.75% | | | | 8/1/2028 | | | | NR | | | | 3,450 | | | | 3,464,076 | |
| Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A | | | 7.00% | | | | 8/1/2038 | | | | NR | | | | 3,000 | | | | 3,066,510 | |
| Beauregard Parish LA Rev Boise Cascade Corp Pj | | | 6.80% | | | | 2/1/2027 | | | | B2 | | | | 6,250 | | | | 6,360,687 | |
| CA Muni Fin Auth High Tech High Chula Vista B† | | | 6.125% | | | | 7/1/2038 | | | | BB+ | (c) | | | 1,250 | | | | 1,216,550 | |
| CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A | | | 5.15% | | | | 7/1/2030 | | | | NR | | | | 2,340 | | | | 1,914,869 | |
| CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A | | | 5.25% | | | | 7/1/2042 | | | | NR | | | | 1,500 | | | | 1,178,040 | |
| CA Statewide Cmntys Dev Auth Windrush Sch | | | 5.50% | | | | 7/1/2037 | | | | NR | | | | 7,225 | | | | 6,128,678 | |
| Charyl Stockwell Academy MI COP | | | 5.75% | | | | 10/1/2025 | | | | NR | | | | 4,130 | | | | 3,634,483 | |
| Chester Cnty PA Indl Dev Auth Renaissance Academy Pj A | | | 5.625% | | | | 10/1/2015 | | | | NR | | | | 1,870 | | | | 1,812,011 | |
See Notes to Financial Statements.
166
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| CO Edl & Cultural Facs Auth Charter Sch Cmnty Leadership | | | 6.50% | | | | 7/1/2038 | | | | NR | | | $ | 1,065 | | | $ | 1,051,389 | |
| CO Edl & Cultural Facs Auth New Vision Charter Pj Sch† | | | 6.75% | | | | 4/1/2040 | | | | NR | | | | 930 | | | | 894,428 | |
| Conner Creek Academy East MI Pub Sch | | | 5.25% | | | | 11/1/2036 | | | | BB+ | | | | 1,000 | | | | 770,020 | |
| Denver CO Convtn Ctr Hotel Auth Sr (XLCA) | | | 5.125% | | | | 12/1/2026 | | | | BBB- | | | | 3,390 | | | | 3,279,452 | |
| Detroit MI Cmnty High Sch Pub Sch Academy | | | 5.65% | | | | 11/1/2025 | | | | BB+ | | | | 1,000 | | | | 892,550 | |
| Detroit MI Cmnty High Sch Pub Sch Academy | | | 5.75% | | | | 11/1/2030 | | | | BB+ | | | | 1,255 | | | | 1,098,125 | |
| Doctor Charles Drew Academy MI COP | | | 5.70% | | | | 11/1/2036 | | | | NR | | | | 1,640 | | | | 1,181,079 | |
| FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A | | | 6.00% | | | | 5/15/2036 | | | | BB- | | | | 2,000 | | | | 1,644,940 | |
| FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A | | | 6.125% | | | | 5/15/2037 | | | | BB- | | | | 1,855 | | | | 1,562,671 | |
| Gainesville GA Redev Auth Edl Riverside Military Academy | | | 5.125% | | | | 3/1/2037 | | | | BBB- | (c) | | | 5,500 | | | | 3,968,030 | |
| IA Fin Auth Child Svcs | | | 5.375% | | | | 6/1/2026 | | | | NR | | | | 1,795 | | | | 1,608,033 | |
| IAH TX Pub Fac Corp Pj Rev | | | 6.00% | | | | 5/1/2016 | | | | NR | | | | 850 | | | | 822,273 | |
| IAH TX Pub Fac Corp Pj Rev | | | 6.00% | | | | 5/1/2021 | | | | NR | | | | 2,000 | | | | 1,820,200 | |
| IAH TX Pub Fac Corp Pj Rev | | | 6.125% | | | | 5/1/2026 | | | | NR | | | | 1,635 | | | | 1,452,321 | |
| International Falls MN Pollutn Ctrl Boise Cascade Corp Pj | | | 5.65% | | | | 12/1/2022 | | | | B | | | | 1,085 | | | | 1,047,926 | |
| Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A† | | | 6.125% | | | | 8/1/2026 | | | | NR | | | | 1,550 | | | | 1,544,405 | |
| Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A† | | | 6.25% | | | | 8/1/2036 | | | | NR | | | | 2,815 | | | | 2,663,384 | |
| Kansas City MO Indl Dev Auth Derrick Thomas Ser A† | | | 5.875% | | | | 1/1/2037 | | | | NR | | | | 6,570 | | | | 5,729,303 | |
| LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A Rmkt | | | 6.50% | | | | 8/1/2029 | | | | BB+ | | | | 6,500 | | | | 6,861,335 | |
| La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life | | | 6.25% | | | | 2/15/2026 | | | | NR | | | | 1,000 | | | | 926,440 | |
| La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life | | | 6.375% | | | | 2/15/2037 | | | | NR | | | | 1,220 | | | | 1,117,788 | |
| La Vernia TX Higher Ed Fin Corp Ser A | | | 7.125% | | | | 2/15/2038 | | | | BBB | | | | 6,515 | | | | 6,996,719 | |
| Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A | | | 5.375% | | | | 6/15/2037 | | | | BB | | | | 3,500 | | | | 2,953,265 | |
| Lombard IL Pub Facs Corp 1st Tier Ser A-1 | | | 7.125% | | | | 1/1/2036 | | | | NR | | | | 8,500 | | | | 7,571,800 | |
See Notes to Financial Statements.
167
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Madison Cnty FL Rev 1st Mtg Twin Oaks Pj Ser A | | | 6.00% | | | | 7/1/2025 | | | | NR | | | $ | 1,130 | | | $ | 1,053,092 | |
| Maverick Cnty TX Pub Fac Corp Ser A-1 | | | 6.25% | | | | 2/1/2024 | | | | NR | | | | 4,730 | | | | 4,295,833 | |
| Maverick Cnty TX Pub Fac Corp Ser A-1 | | | 6.375% | | | | 2/1/2029 | | | | NR | | | | 1,560 | | | | 1,386,512 | |
| MD St Econ Dev Corp CNX Marine Terminals Inc | | | 5.75% | | | | 9/1/2025 | | | | BB | | | | 1,500 | | | | 1,551,420 | |
| MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A | | | 5.00% | | | | 12/1/2031 | | | | NR | | | | 12,200 | | | | 9,349,348 | |
| MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser B | | | 5.25% | | | | 12/1/2031 | | | | NR | | | | 1,000 | | | | 764,820 | |
| MD St Hlth & Higher Edl Facs Auth Washington Christian Academy | | | 5.25% | | | | 7/1/2018 | | | | NR | | | | 250 | | | | 111,975 | |
| MD St Hlth & Higher Edl Facs Auth Washington Christian Academy | | | 5.50% | | | | 7/1/2038 | | | | NR | | | | 2,300 | | | | 1,021,016 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj† | | | 6.50% | | | | 9/1/2037 | | | | BBB- | | | | 5,000 | | | | 5,023,050 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Crescent | | | 7.00% | | | | 10/1/2036 | | | | NR | | | | 733 | | | | 694,051 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig David Ellis West Pj | | | 5.875% | | | | 6/1/2037 | | | | NR | | | | 3,390 | | | | 2,961,199 | |
| MI Pub Edl Facs Auth Rev Ltd Oblig Old Redford Pj Ser A | | | 5.875% | | | | 12/1/2030 | | | | BBB- | | | | 3,720 | | | | 3,472,322 | |
| Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B | | | 6.25% | | | | 1/1/2037 | | | | NR | | | | 5,755 | | | | 1,036,476 | |
| Milwaukee WI Redev Auth Academy of Learning Ser A | | | 5.65% | | | | 8/1/2037 | | | | NR | | | | 3,340 | | | | 2,728,446 | |
| Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj | | | 8.00% | | | | 5/1/2025 | | | | BBB+ | | | | 10,250 | | | | 11,928,847 | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.625% | | | | 6/15/2019 | | | | BBB | | | | 4,150 | | | | 4,150,913 | |
| NY Liberty Dev Corp 2nd Priority Bk Amer | | | 6.375% | | | | 7/15/2049 | | | | BBB- | | | | 5,000 | | | | 5,362,900 | |
| Otero Cnty NM Jail Pj Rev | | | 5.75% | | | | 4/1/2018 | | | | NR | | | | 1,925 | | | | 1,769,730 | |
| Otero Cnty NM Jail Pj Rev | | | 6.00% | | | | 4/1/2023 | | | | NR | | | | 1,350 | | | | 1,182,668 | |
| Otero Cnty NM Jail Pj Rev | | | 6.00% | | | | 4/1/2028 | | | | NR | | | | 1,900 | | | | 1,584,429 | |
| Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A(i) | | | 6.75% | | | | 7/1/2022 | | | | NR | | | | 1,460 | | | | 657,000 | |
| Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A(i) | | | 7.00% | | | | 7/1/2036 | | | | NR | | | | 5,000 | | | | 2,250,000 | |
| Palm Beach Cnty FL Rev G Star Sch of Arts Ser A | | | 6.75% | | | | 5/15/2035 | | | | BB | | | | 2,455 | | | | 2,325,523 | |
See Notes to Financial Statements.
168
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A | | | 5.50% | | | | 7/1/2026 | | | | BBB | (c) | | $ | 5,000 | | | $ | 4,841,050 | |
| Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A | | | 5.625% | | | | 7/1/2038 | | | | BBB | (c) | | | 11,410 | | | | 10,983,038 | |
| Pima Cnty AZ Indl Dev Auth Horizon Cmnty Learning Ctr | | | 5.25% | | | | 6/1/2035 | | | | BBB | | | | 10,000 | | | | 8,806,900 | |
| Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj | | | 5.875% | | | | 6/1/2022 | | | | BBB- | | | | 250 | | | | 248,748 | |
| Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj | | | 6.00% | | | | 6/1/2036 | | | | BBB- | | | | 1,800 | | | | 1,709,658 | |
| Plymouth MI Edl Ctr Charter Sch | | | 5.375% | | | | 11/1/2030 | | | | BBB- | | | | 1,500 | | | | 1,313,730 | |
| Provo UT Charter Sch Rev Freedom Academy Fndtn | | | 5.50% | | | | 6/15/2037 | | | | NR | | | | 3,935 | | | | 3,205,490 | |
| Red River Auth TX Pollutn Ctrl Celanese Pj Ser A | | | 6.45% | | | | 11/1/2030 | | | | B+ | | | | 2,495 | | | | 2,555,803 | |
| San Antonio TX Convtn Hotel Fin Corp Empowerment Zone Ser A AMT (AMBAC) | | | 5.00% | | | | 7/15/2039 | | | | BBB | | | | 5,000 | | | | 4,526,950 | |
| San Luis AZ Fac Dev Corp Rev Sr Lien Pj Regl Detention Ctr | | | 7.00% | | | | 5/1/2020 | | | | NR | | | | 1,000 | | | | 989,650 | |
| San Luis AZ Fac Dev Corp Rev Sr Lien Pj Regl Detention Ctr | | | 7.25% | | | | 5/1/2027 | | | | NR | | | | 1,200 | | | | 1,133,784 | |
| Selma AL Indl Dev Brd Gulf Opportunity Zone Intl Paper | | | 5.80% | | | | 5/1/2034 | | | | BBB | | | | 2,500 | | | | 2,666,250 | |
| Spanish Fork UT Charter Sch Rev Amer Leadership Academy† | | | 5.55% | | | | 11/15/2021 | | | | NR | | | | 1,095 | | | | 1,033,341 | |
| Spanish Fork UT Charter Sch Rev Amer Leadership Academy† | | | 5.55% | | | | 11/15/2026 | | | | NR | | | | 800 | | | | 720,304 | |
| Spanish Fork UT Charter Sch Rev Amer Leadership Academy† | | | 5.70% | | | | 11/15/2036 | | | | NR | | | | 1,750 | | | | 1,512,350 | |
| Star Intl Academy MI COP | | | 6.125% | | | | 3/1/2037 | | | | BBB | | | | 1,445 | | | | 1,347,694 | |
| Summit Academy MI Pub Sch | | | 6.375% | | | | 11/1/2035 | | | | BB+ | | | | 3,795 | | | | 3,462,254 | |
| Sweetwater Cnty WY Solid Wst Disp FMC Corp Pj AMT | | | 5.60% | | | | 12/1/2035 | | | | BBB+ | | | | 3,500 | | | | 3,549,385 | |
| Two Rivers MT Auth Inc Pj Sr Lien(i) | | | 7.375% | | | | 11/1/2027 | | | | NR | | | | 2,615 | | | | 470,700 | |
| TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A | | | 5.375% | | | | 2/15/2037 | | | | BBB | | | | 2,870 | | | | 2,735,827 | |
| TX St Pub Fin Auth Kipp Inc Ed Ser A (ACA) | | | 5.00% | | | | 2/15/2036 | | | | BBB | | | | 4,850 | | | | 4,488,966 | |
| UT St Charter Sch Fin Auth Noah Webster Academy Ser A | | | 6.50% | | | | 6/15/2038 | | | | NR | | | | 500 | | | | 434,165 | |
See Notes to Financial Statements.
169
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue (continued) | | | | | | | | | | | | | | | | | | | | |
| Utah Cnty UT Charter Sch Rev Lakeview Academy Ser A | | | 5.625% | | | | 7/15/2037 | | | | NR | | | $ | 1,000 | | | $ | 844,080 | |
| Utah Cnty UT Charter Sch Rev Lakeview Academy Ser A† | | | 5.875% | | | | 6/15/2037 | | | | NR | | | | 1,750 | | | | 1,504,003 | |
| West Vly City UT Charter Sch Monticello Academy† | | | 6.375% | | | | 6/1/2037 | | | | NR | | | | 4,140 | | | | 3,805,654 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 256,950,696 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Special Tax 7.42% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Redev Auth Pittsburgh Mills Pj | | | 5.60% | | | | 7/1/2023 | | | | NR | | | | 500 | | | | 464,225 | |
| Altoona IA Tax Alloc Annual Appropriation | | | 5.75% | | | | 6/1/2031 | | | | BBB+ | | | | 1,000 | | | | 1,063,480 | |
| Amelia Walk Cmnty Dev Dist FL Ser A | | | 5.50% | | | | 5/1/2037 | | | | NR | | | | 980 | | | | 590,450 | |
| Anaheim CA Cmnty Facs Dist No 08-1 Platinum Triangle | | | 6.25% | | | | 9/1/2040 | | | | NR | | | | 3,200 | | | | 3,225,600 | |
| Anne Arundel Cnty MD Spl Oblig National Business Pk North Pj | | | 5.625% | | | | 7/1/2025 | | | | NR | | | | 1,000 | | | | 1,017,530 | |
| Anne Arundel Cnty MD Spl Oblig National Business Pk North Pj | | | 6.10% | | | | 7/1/2040 | | | | NR | | | | 2,250 | | | | 2,291,063 | |
| Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A 1 | | | 5.50% | | | | 5/1/2036 | | | | NR | | | | 2,780 | | | | 1,414,992 | |
| Arborwood Cmnty Dev Dist FL Master Infrastr Pjs Ser A | | | 5.35% | | | | 5/1/2036 | | | | NR | | | | 6,665 | | | | 4,066,983 | |
| Atlanta GA Tax Alloc Beltline Pj Ser B | | | 7.375% | | | | 1/1/2031 | | | | NR | | | | 1,310 | | | | 1,370,155 | |
| Atlanta GA Tax Alloc Beltline Pj Ser B Rmkt | | | 7.375% | | | | 1/1/2031 | | | | NR | | | | 4,000 | | | | 4,209,560 | |
| Atlanta GA Tax Alloc Eastside Pj Ser A AMT | | | 5.625% | | | | 1/1/2016 | | | | A- | | | | 1,135 | | | | 1,207,776 | |
| Atlanta GA Tax Alloc Princeton Lakes Pj | | | 5.50% | | | | 1/1/2031 | | | | NR | | | | 1,045 | | | | 951,117 | |
| Aurora IL Tax Incr Rev East River Area No 6 Ser A | | | 6.75% | | | | 12/30/2027 | | | | NR | | | | 1,650 | | | | 1,677,869 | |
| Aurora IL Tax Incr Rev River City No 3 Ser B | | | 6.50% | | | | 12/30/2023 | | | | NR | | | | 3,000 | | | | 3,045,420 | |
| Baltimore MD Spl Oblig Ser A | | | 7.00% | | | | 9/1/2038 | | | | NR | | | | 7,000 | | | | 7,256,830 | |
| Branson MO Indl Dev Auth Tax Rev Branson Landing Retail Pj | | | 5.50% | | | | 6/1/2029 | | | | NR | | | | 6,220 | | | | 5,221,628 | |
| Cap Reg Cmnty Dev Dist FL Cap Impt Ser A | | | 7.00% | | | | 5/1/2039 | | | | NR | | | | 4,570 | | | | 4,569,909 | |
| Crosscreek Cmnty Dev Dist FL Ser A | | | 5.60% | | | | 5/1/2039 | | | | NR | | | | 1,730 | | | | 631,069 | |
See Notes to Financial Statements.
170
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | | | | | |
| Dardenne Twn Square Transn Dev Dist MO Ser A | | | 5.00% | | | | 5/1/2036 | | | | NR | | | $ | 3,110 | | | $ | 1,547,816 | |
| Durbin Crossing Cmnty Dev Dist FL Ser A | | | 5.50% | | | | 5/1/2037 | | | | NR | | | | 5,800 | | | | 4,232,376 | |
| FL Cypress Creek Hillsborough Cnty Cmnty Dev Dist | | | 5.35% | | | | 5/1/2037 | | | | NR | | | | 6,700 | | | | 3,353,484 | |
| Frederick Cnty MD Urbana Cmnty Dev Auth Ser B | | | 5.50% | | | | 7/1/2040 | | | | NR | | | | 7,500 | | | | 7,555,575 | |
| Grandview MO Indl Dev Auth Tax Inc Grandview Crossing Pj 1 | | | 5.75% | | | | 12/1/2028 | | | | NR | | | | 1,000 | | | | 390,000 | |
| Henderson NV Loc Impt Dists No T18 | | | 5.25% | | | | 9/1/2026 | | | | NR | | | | 8,145 | | | | 4,043,015 | |
| Henderson NV Loc Impt Dists No T18 | | | 5.30% | | | | 9/1/2035 | | | | NR | | | | 2,500 | | | | 1,229,100 | |
| Houston Cnty AL Cooperative Dist Rev Country Crossing Pj | | | 10.00% | | | | 5/1/2039 | | | | NR | | | | 11,325 | | | | 9,178,799 | |
| Houston Cnty AL Cooperative Dist Rev Country Crossing Pj | | | 10.50% | | | | 5/27/2011 | | | | NR | | | | 3,800 | | | | 3,792,286 | |
| IA Fin Auth Child Svcs | | | 5.50% | | | | 6/1/2031 | | | | NR | | | | 4,260 | | | | 3,649,798 | |
| Inglewood CA Redev Agy Tax Alloc Sub Lien Ser A-1 (AMBAC) | | | 5.00% | | | | 5/1/2033 | | | | BBB+ | | | | 12,000 | | | | 10,566,480 | |
| Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas | | | 6.875% | | | | 8/1/2034 | | | | A | | | | 1,000 | | | | 1,130,820 | |
| Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas | | | 6.875% | | | | 8/1/2039 | | | | A | | | | 1,000 | | | | 1,117,970 | |
| Magnolia FL West Cmnty Dev Dist | | | 5.35% | | | | 5/1/2037 | | | | NR | | | | 3,830 | | | | 2,428,833 | |
| Mariposa NM East Pub Impt Dist | | | 5.75% | | | | 9/1/2021 | | | | NR | | | | 350 | | | | 306,789 | |
| Mariposa NM East Pub Impt Dist | | | 6.00% | | | | 9/1/2032 | | | | NR | | | | 1,000 | | | | 802,500 | |
| Mediterranea Cmnty Dev Dist FL Spl Assmnt Ser A | | | 5.60% | | | | 5/1/2037 | | | | NR | | | | 1,435 | | | | 645,750 | |
| Mesquite NV Redev Agy Tax Alloc | | | 7.125% | | | | 6/1/2021 | | | | A- | | | | 1,000 | | | | 1,046,320 | |
| Mesquite NV Redev Agy Tax Alloc | | | 7.375% | | | | 6/1/2024 | | | | A- | | | | 1,655 | | | | 1,734,589 | |
| Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A | | | 5.45% | | | | 7/1/2036 | | | | NR | | | | 5,454 | | | | 3,909,154 | |
| Norco CA Redev Agy Tax Alloc Redev Pj Area No 1 | | | 5.875% | | | | 3/1/2032 | | | | A | | | | 2,000 | | | | 2,051,420 | |
| Orange CA Cmnty Facs Dist No 06-1 Del Rio Pub Imports | | | 6.00% | | | | 10/1/2040 | | | | NR | | | | 3,000 | | | | 3,040,440 | |
| Orange Grove LA Cmnty Dev Dist | | | 5.30% | | | | 11/1/2021 | | | | NR | | | | 1,760 | | | | 1,315,371 | |
| Panther Trace II FL Cmnty Dev Dist Spl Assmnt Ser A | | | 5.60% | | | | 5/1/2035 | | | | NR | | | | 1,730 | | | | 1,458,338 | |
See Notes to Financial Statements.
171
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Special Tax (continued) | | | | | | | | | | | | | | | | | | | | |
| Riverside Cnty CA Pub Fing Auth Jurupa Vy Desert & Inst 215 (NPFGC) | | | 4.75% | | | | 10/1/2035 | | | | A | | | $ | 9,000 | | | $ | 7,835,850 | |
| Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E | | | 6.00% | | | | 10/1/2025 | | | | A- | | | | 1,500 | | | | 1,568,775 | |
| Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E | | | 6.50% | | | | 10/1/2040 | | | | A- | | | | 2,000 | | | | 2,117,440 | |
| Shingle Creek FL Cmnty Dev Dist(i) | | | 6.10% | | | | 5/1/2025 | | | | NR | | | | 4,990 | | | | 1,983,525 | |
| Sparks NV Loc Impt Dist Ltd Oblig Dist No 3 | | | 6.75% | | | | 9/1/2027 | | | | NR | | | | 1,000 | | | | 983,120 | |
| Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj | | | 5.70% | | | | 4/1/2022 | | | | NR | | | | 1,485 | | | | 1,312,874 | |
| Tern Bay Cmnty Dev Dist FL Ser A(i) | | | 5.375% | | | | 5/1/2037 | | | | NR | | | | 13,145 | | | | 4,206,400 | |
| Tracy CA Cmnty Facs Dist No 1 NEI Phase II | | | 5.70% | | | | 9/1/2026 | | | | NR | | | | 920 | | | | 873,834 | |
| Vlg Cmnty Dev FL Dist No 8 Phase II | | | 6.125% | | | | 5/1/2039 | | | | NR | | | | 5,735 | | | | 5,908,369 | |
| Vlg Cmnty Dev FL Dist No 8 Phase III | | | 6.125% | | | | 5/1/2040 | | | | NR | | | | 2,000 | | | | 2,060,460 | |
| Westside CA Union Sch Dist Cmnty Facs Dist No 2005-3 | | | 5.00% | | | | 9/1/2036 | | | | NR | | | | 2,860 | | | | 2,365,906 | |
| Whispering Spring LA Dev Dist Spl Assmnt | | | 5.20% | | | | 10/1/2021 | | | | NR | | | | 2,290 | | | | 1,633,434 | |
| Whiting IN Redev Dist Standard Ave Pj | | | 5.35% | | | | 1/15/2027 | | | | NR | | | | 3,860 | | | | 3,552,281 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 151,204,947 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 4.06% | | | | | | | | | | | | | | | | | | | | |
| Cooperative Dist of Fort Spanish AL Rev Pub Impt | | | 9.00% | | | | 2/1/2029 | | | | NR | | | | 3,430 | | | | 4,001,026 | |
| Metro Atlanta GA Rapid Transit Auth 3rd Ser(b) | | | 5.00% | | | | 7/1/2039 | | | | AA+ | | | | 18,000 | | | | 19,352,700 | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.50% | | | | 6/15/2024 | | | | BBB | | | | 7,185 | | | | 7,188,952 | |
| NJ Econ Dev Auth Cigarette Tax | | | 5.75% | | | | 6/15/2029 | | | | BBB | | | | 9,115 | | | | 9,072,798 | |
| NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b) | | | 5.00% | | | | 12/15/2028 | | | | AAA | | | | 6,000 | | | | 6,726,840 | |
| Southwestern IL Dev Auth Rev Loc Govt Pg Collinsville Ltd | | | 5.35% | | | | 3/1/2031 | | | | NR | | | | 1,000 | | | | 780,970 | |
| Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A† | | | 6.75% | | | | 6/15/2028 | | | | Ba3 | | | | 17,000 | | | | 16,570,240 | |
| Uptown TX Dev Auth Infrastr Impt Facs | | | 5.50% | | | | 9/1/2029 | | | | BBB+ | | | | 1,000 | | | | 1,030,390 | |
| UT Transit Auth Sales Tax Rev Ser A(b) | | | 5.00% | | | | 6/15/2028 | | | | AAA | | | | 16,237 | | | | 18,081,035 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 82,804,951 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
172
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Tobacco 4.00% | | | | | | | | | | | | | | | | | | | | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.875% | | | | 6/1/2030 | | | | BBB | | | $ | 4,190 | | | $ | 3,385,227 | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 5.875% | | | | 6/1/2047 | | | | BBB | | | | 14,195 | | | | 10,404,935 | |
| Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2 | | | 6.50% | | | | 6/1/2047 | | | | BBB | | | | 1,800 | | | | 1,446,192 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.125% | | | | 6/1/2047 | | | | BBB | | | | 29,995 | | | | 20,536,976 | |
| Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1 | | | 5.75% | | | | 6/1/2047 | | | | BBB | | | | 12,280 | | | | 9,304,679 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 4.625% | | | | 6/1/2021 | | | | BB | (c) | | | 5,835 | | | | 4,782,833 | |
| Inland Empire Tob Securitization Auth CA Ser A | | | 5.00% | | | | 6/1/2021 | | | | BB | (c) | | | 2,865 | | | | 2,427,887 | |
| MI Tob Sttlmnt Fin Auth Sr Ser A | | | 5.25% | | | | 6/1/2022 | | | | BBB | | | | 5,000 | | | | 4,648,700 | |
| MI Tob Sttlmnt Fin Auth Sr Ser A | | | 6.00% | | | | 6/1/2048 | | | | BBB | | | | 5,000 | | | | 3,852,300 | |
| NJ Tob Sttlmnt Fing Corp Ser 1A | | | 5.00% | | | | 6/1/2041 | | | | BBB | | | | 18,220 | | | | 12,618,261 | |
| VA Tob Sttlmnt Fing Corp Sr Ser B1 | | | 5.00% | | | | 6/1/2047 | | | | BBB | | | | 12,000 | | | | 8,170,800 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 81,578,790 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 11.71% | | | | | | | | | | | | | | | | | | | | |
| Augusta GA Arpt Rev Gen Arpt Passenger B AMT | | | 5.35% | | | | 1/1/2028 | | | | Baa2 | | | | 350 | | | | 344,169 | |
| Augusta GA Arpt Rev Gen Ser C AMT | | | 5.45% | | | | 1/1/2031 | | | | Baa2 | | | | 2,410 | | | | 2,343,605 | |
| Bay Area Toll Auth CA San Francisco Bay Area F-1(b) | | | 5.00% | | | | 4/1/2034 | | | | AA | | | | 12,000 | | | | 12,817,500 | |
| Chicago IL O’Hare Intl Arpt Delta Airlines Inc Term | | | 6.45% | | | | 5/1/2018 | | | | NR | | | | 2,345 | | | | 2,342,069 | |
| Clark Cnty NV Passenger Fac Las Vegas McCarran Intl Arpt Ser A (AGM)(b) | | | 5.25% | | | | 7/1/2039 | | | | AAA | | | | 11,500 | | | | 11,868,288 | |
| Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT | | | 9.00% | | | | 6/1/2035 | | | | CCC+ | | | | 7,640 | | | | 8,287,337 | |
| Cleveland OH Arpt Spl Rev Continental Airlines Inc Pj AMT | | | 5.375% | | | | 9/15/2027 | | | | B3 | | | | 12,485 | | | | 10,869,316 | |
| Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT | | | 9.00% | | | | 5/1/2029 | | | | CCC+ | | | | 7,500 | | | | 7,863,225 | |
| Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 3 Rmkt AMT | | | 9.125% | | | | 5/1/2029 | | | | CCC+ | | | | 16,500 | | | | 17,237,220 | |
| Director St NV Dept Business & Industry Las Vegas Monorail Pj 2nd Tier(i) | | | 7.25% | | | | 1/1/2023 | | | | NR | | | | 5,000 | | | | 25,000 | |
See Notes to Financial Statements.
173
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| Director St NV Dept Business & Industry Las Vegas Monorail Pj 2nd Tier(i) | | | 7.375% | | | | 1/1/2030 | | | | NR | | | $ | 5,000 | | | $ | 25,000 | |
| E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser A (NPFGC) | | | Zero Coupon | | | | 9/1/2034 | | | | A | | | | 5,885 | | | | 1,367,203 | |
| E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC) | | | Zero Coupon | | | | 9/1/2031 | | | | A | | | | 25,000 | | | | 7,046,750 | |
| E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC) | | | Zero Coupon | | | | 9/1/2037 | | | | A | | | | 9,925 | | | | 1,904,905 | |
| Foothill Eastern Transn Corridor Agy CA | | | 5.75% | | | | 1/15/2040 | | | | BBB- | | | | 2,030 | | | | 1,982,051 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2030 | | | | BBB- | | | | 35,000 | | | | 9,204,300 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2033 | | | | BBB- | | | | 5,000 | | | | 1,061,250 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2034 | | | | BBB- | | | | 25,535 | | | | 4,898,890 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2035 | | | | BBB- | | | | 3,445 | | | | 611,350 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2037 | | | | BBB- | | | | 4,985 | | | | 759,465 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | Zero Coupon | | | | 1/15/2038 | | | | BBB- | | | | 1,000 | | | | 140,710 | |
| Foothill Eastern Transn Corridor Agy CA Cap Apprec | | | 5.875% | | | | 1/15/2026 | | | | BBB- | | | | 2,000 | | | | 2,064,240 | |
| Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT | | | 6.375% | | | | 11/15/2026 | | | | NR | | | | 5,060 | | | | 4,942,760 | |
| Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT | | | 6.50% | | | | 11/15/2036 | | | | NR | | | | 5,000 | | | | 4,877,000 | |
| MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC) | | | 5.50% | | | | 1/1/2016 | | | | NR | | | | 1,830 | | | | 1,792,723 | |
| MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC) | | | 5.50% | | | | 1/1/2022 | | | | NR | | | | 10,000 | | | | 9,240,100 | |
| Metro WA DC Arpts Auth Ser A AMT(b) | | | 5.00% | | | | 10/1/2022 | | | | AA- | | | | 3,250 | | | | 3,482,992 | |
| Metro WA DC Arpts Auth Ser A AMT(b) | | | 5.25% | | | | 10/1/2027 | | | | AA- | | | | 4,540 | | | | 4,865,473 | |
| Metro WA DC Arpts Auth Ser A AMT(b) | | | 5.375% | | | | 10/1/2028 | | | | AA- | | | | 2,500 | | | | 2,679,225 | |
| NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT | | | 6.625% | | | | 9/15/2012 | | | | B | | | | 2,760 | | | | 2,809,183 | |
See Notes to Financial Statements.
174
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Transportation (continued) | | | | | | | | | | | | | | | | | | | | |
| North TX Twy Auth Rev 1st Tier Ser A | | | 6.00% | | | | 1/1/2028 | | | | A2 | | | $ | 5,000 | | | $ | 5,661,900 | |
| North TX Twy Auth Rev 1st Tier Ser A | | | 6.25% | | | | 1/1/2039 | | | | A2 | | | | 5,000 | | | | 5,534,750 | |
| North TX Twy Auth Rev Toll 2nd Tier Ser F | | | 5.75% | | | | 1/1/2038 | | | | A3 | | | | 3,500 | | | | 3,701,005 | |
| PA Econ Dev Fing Auth US Airways Grp Ser B | | | 8.00% | | | | 5/1/2029 | | | | CCC+ | | | | 2,500 | | | | 2,613,575 | |
| Phoenix AZ Civic Impt Corp Sr Lien Ser A(b) | | | 5.00% | | | | 7/1/2038 | | | | AA- | | | | 16,400 | | | | 16,994,828 | |
| Phoenix AZ Indl Dev Auth Amer West Airlines Inc Pj AMT | | | 6.25% | | | | 6/1/2019 | | | | Caa3 | | | | 1,955 | | | | 1,665,484 | |
| Phoenix AZ Indl Dev Auth Amer West Airlines Inc Pj AMT | | | 6.30% | | | | 4/1/2023 | | | | Caa3 | | | | 3,685 | | | | 3,144,079 | |
| Port Auth NY & NJ Cons 160th(b) | | | 4.00% | | | | 9/15/2031 | | | | AA- | | | | 25,000 | | | | 25,305,250 | |
| Santa Rosa FL Bay Bridge Auth Rev | | | 6.25% | | | | 7/1/2028 | | | | CC | | | | 4,860 | | | | 2,443,316 | |
| Santa Rosa FL Bay Bridge Auth Rev Cap Apprec | | | Zero Coupon | | | | 7/1/2017 | | | | CC | | | | 2,800 | | | | 983,388 | |
| St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1 | | | 6.25% | | | | 7/1/2029 | | | | A | | | | 4,025 | | | | 4,365,435 | |
| St. Paul MN Port Auth Lease Rev Healtheast Midway Campus 03 A | | | 5.875% | | | | 5/1/2030 | | | | BB | | | | 1,000 | | | | 982,280 | |
| Susquehanna Area PA Regl Arpt Auth Ser A AMT | | | 6.50% | | | | 1/1/2038 | | | | Baa3 | | | | 7,835 | | | | 7,964,904 | |
| TX Private Activity Bd Surface Transn Corp Sr Lien Infrastr | | | 7.00% | | | | 6/30/2040 | | | | Baa3 | | | | 5,000 | | | | 5,460,450 | |
| TX Private Activity Bd Surface Transn Corp Sr Lien Nt Mobility | | | 6.875% | | | | 12/31/2039 | | | | Baa2 | | | | 8,500 | | | | 9,246,895 | |
| TX Private Activity Bd Surface Transn Corp Sr Lien Nt Mobility | | | 7.50% | | | | 12/31/2031 | | | | Baa2 | | | | 2,500 | | | | 2,877,650 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 238,698,488 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 11.71% | | | | | | | | | | | | | | | | | | | | |
| Adelanto CA Pub Util Auth Util Sys Pj Ser A | | | 6.625% | | | | 7/1/2031 | | | | NR | | | | 11,000 | | | | 11,683,650 | |
| Atlanta GA Wtr & Wst Wtr Rev Ser A | | | 6.00% | | | | 11/1/2028 | | | | A1 | | | | 3,000 | | | | 3,450,180 | |
| Atlanta GA Wtr & Wst Wtr Rev Ser A | | | 6.00% | | | | 11/1/2029 | | | | A1 | | | | 4,500 | | | | 5,149,485 | |
| AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b) | | | 5.00% | | | | 1/1/2032 | | | | Aa1 | | | | 17,700 | | | | 19,386,102 | |
| Brazos River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser C AMT | | | 5.75% | | | | 5/1/2036 | | | | CCC | | | | 2,465 | | | | 2,342,465 | |
| Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj AMT | | | 5.00% | | | | 3/1/2041 | | | | CCC | | | | 6,000 | | | | 2,402,220 | |
See Notes to Financial Statements.
175
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj Ser A AMT | | | 6.75% | | | | 4/1/2038 | | | | CCC | | | $ | 1,790 | | | $ | 1,384,923 | |
| Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj Ser B AMT | | | 6.30% | | | | 7/1/2032 | | | | CCC | | | | 2,000 | | | | 881,140 | |
| Chula Vista CA Rev San Diego Gas Ser E Rmkt | | | 5.875% | | | | 1/1/2034 | | | | Aa3 | | | | 2,125 | | | | 2,462,833 | |
| Clark Cnty NV Indl Dev Rev Pwr Co Pj Ser C | | | 5.50% | | | | 10/1/2030 | | | | BB+ | | | | 4,215 | | | | 4,215,295 | |
| CT St Dev Auth Solid Wst Disp PSEG Pwr LLC Pj Ser A AMT | | | 5.75% | | | | 11/1/2037 | | | | Baa1 | | | | 2,250 | | | | 2,267,325 | |
| Detroit MI Wtr Supply Sys 2nd Lien Ser B Rmkt (AGM) | | | 7.00% | | | | 7/1/2036 | | | | AAA | | | | 4,535 | | | | 5,303,410 | |
| FL Muni Pwr Agy Rev Pwr Ser A | | | 6.25% | | | | 10/1/2031 | | | | A1 | | | | 2,000 | | | | 2,351,820 | |
| HI St Dept Bdgt & Fin Hawaiian Elec Co & Subs | | | 6.50% | | | | 7/1/2039 | | | | Baa1 | | | | 4,400 | | | | 4,961,880 | |
| IA Fin Auth Child Svcs | | | 5.55% | | | | 6/1/2036 | | | | NR | | | | 5,960 | | | | 4,954,548 | |
| IN Muni Pwr Agy Ser B | | | 5.75% | | | | 1/1/2034 | | | | A+ | | | | 2,000 | | | | 2,129,600 | |
| Lathrop CA Fing Auth Rev Wtr Supply Pj | | | 5.90% | | | | 6/1/2027 | | | | NR | | | | 4,440 | | | | 4,500,695 | |
| Lathrop CA Fing Auth Rev Wtr Supply Pj | | | 6.00% | | | | 6/1/2035 | | | | NR | | | | 5,140 | | | | 5,192,377 | |
| Little River Cnty AR Rev GA Pacific Corp Pj AMT | | | 5.60% | | | | 10/1/2026 | | | | Ba3 | | | | 1,345 | | | | 1,295,517 | |
| MSR Enrg Auth CA Ser C | | | 6.50% | | | | 11/1/2039 | | | | A | | | | 6,250 | | | | 7,355,500 | |
| MSR Enrg Auth CA Ser C | | | 7.00% | | | | 11/1/2034 | | | | A | | | | 12,370 | | | | 15,210,647 | |
| Maricopa Cnty AZ Pollutn Ctrl Corp El Paso Elec Co Pj Ser A | | | 7.25% | | | | 2/1/2040 | | | | BBB | | | | 3,500 | | | | 4,084,920 | |
| Moraine OH Solid Wst Disp Gen Motors Corp Pj AMT(i) | | | 6.75% | | | | 7/1/2014 | | | | NR | | | | 525 | | | | 168,000 | |
| New York City NY Muni Wtr Fin Auth Ser CC(b) | | | 5.00% | | | | 6/15/2029 | | | | AA+ | | | | 11,000 | | | | 12,127,610 | |
| New York City NY Muni Wtr Fin Auth Ser CC(b) | | | 5.125% | | | | 6/15/2030 | | | | AA+ | | | | 1,000 | | | | 1,102,509 | |
| Niagara Cnty NY Indl Dev Agy Ser B AMT | | | 5.55% | | | | 11/15/2024 | | | | Baa2 | | | | 750 | | | | 771,555 | |
| OH St Air Quality Dev Auth OH Vly Elec Corp Ser E | | | 5.625% | | | | 10/1/2019 | | | | BBB- | | | | 12,550 | | | | 13,739,740 | |
| OH St Pollutn Ctrl Rev Gen Motors Corp Pj(i) | | | 5.625% | | | | 3/1/2015 | | | | NR | | | | 2,965 | | | | 948,800 | |
| Owen Cnty KY Wtrwks Sys Rev Amer Wtr Co Ser B | | | 5.625% | | | | 9/1/2039 | | | | BBB+ | | | | 2,500 | | | | 2,642,350 | |
| PA Econ Dev Fing Auth Philadelphia BioSolids Fac | | | 6.25% | | | | 1/1/2032 | | | | Baa3 | | | | 1,500 | | | | 1,634,925 | |
See Notes to Financial Statements.
176
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Padre Dam CA Muni Wtr Dist Pj Ser A(b) | | | 5.25% | | | | 10/1/2034 | | | | AA- | | | $ | 11,600 | | | $ | 12,332,830 | |
| Phoenix AZ Civic Impt Corp Jr Lien Ser A(b) | | | 5.00% | | | | 7/1/2039 | | | | AAA | | | | 8,750 | | | | 9,330,300 | |
| Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT | | | 5.60% | | | | 12/1/2022 | | | | NR | | | | 2,000 | | | | 1,877,300 | |
| Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT | | | 5.75% | | | | 12/1/2032 | | | | NR | | | | 5,000 | | | | 4,623,000 | |
| Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT | | | 6.55% | | | | 12/1/2037 | | | | NR | | | | 7,000 | | | | 7,147,210 | |
| Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT | | | 7.50% | | | | 12/1/2038 | | | | NR | | | | 2,235 | | | | 2,390,511 | |
| Pinal Cnty AZ Elec Dist No 4 | | | 6.00% | | | | 12/1/2038 | | | | BBB+ | | | | 1,150 | | | | 1,195,701 | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A | | | 5.50% | | | | 5/1/2022 | | | | CCC | | | | 1,620 | | | | 1,575,823 | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A AMT | | | 6.45% | | | | 6/1/2021 | | | | CCC | | | | 2,000 | | | | 1,000,420 | |
| Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser B AMT | | | 5.75% | | | | 5/1/2030 | | | | CCC | | | | 6,040 | | | | 5,753,100 | |
| Salt Verde AZ Financial Corp Gas Rev Sr | | | 5.00% | | | | 12/1/2037 | | | | A | | | | 2,500 | | | | 2,389,050 | |
| San Antonio TX Elec & Gas Ser A(b) | | | 5.25% | | | | 2/1/2029 | | | | AA | | | | 19,375 | | | | 21,845,600 | |
| San Antonio TX Elec & Gas Ser A(b) | | | 5.25% | | | | 2/1/2031 | | | | AA | | | | 6,270 | | | | 7,069,518 | |
| TN Enrg Acq Corp Jr Ser B | | | 5.625% | | | | 9/1/2026 | | | | BBB | (c) | | | 4,781 | | | | 4,808,204 | |
| TN Enrg Acq Corp Ser A | | | 5.25% | | | | 9/1/2026 | | | | BB+ | | | | 6,775 | | | | 6,996,610 | |
| Western Generation Agy OR Wauna Cogeneration Pj B AMT | | | 5.00% | | | | 1/1/2016 | | | | NR | | | | 1,500 | | | | 1,499,880 | |
| Western Generation Agy OR Wauna Cogeneration Pj Sub Lien C | | | 5.00% | | | | 1/1/2021 | | | | NR | | | | 635 | | | | 607,466 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 238,544,544 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $2,219,887,604) | | | | | | | | | | | | | | | | 2,195,722,350 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares
(000) | | | | |
| SHORT-TERM INVESTMENTS 0.52% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Money Market Mutual Funds 0.00% | | | | | | | | | | | | | | | | | | | | |
| Dreyfus Municipal Cash Management Plus | | | | | | | | | | | | | | | - | (e) | | | 611 | |
| SSgA Tax Free Money Market Fund | | | | | | | | | | | | | | | 3 | | | | 2,890 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Money Market Mutual Funds (cost $3,501) | | | | | | | | | | | | | | | | 3,501 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
177
Schedule of Investments (concluded)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate# | | | Interest
Rate
Reset
Date(f) | | | Final
Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Variable Rate Demand Notes 0.52% | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Corporate-Backed 0.06% | | | | | | | | | | | | | | | | | | | | | | | | |
| St. Paul MN Hsg & Redev Auth MN Pub Radio Pj | | | 2.50% | | | | 10/1/2010 | | | | 5/1/2022 | | | | A1 | | | $ | 1,320 | | | $ | 1,320,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Education 0.23% | | | | | | | | | | | | | | | | | | | | | | | | |
| Dist of Columbia Rev The Amer Univ | | | 0.32% | | | | 10/1/2010 | | | | 10/1/2038 | | | | Aa3 | | | | 4,600 | | | | 4,600,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Lease Obligations 0.23% | | | | | | | | | | | | | | | | | | | | | | | | |
| Clarksville TN Pub Bldg Auth Rev Fing TN Bd Fd | | | 0.32% | | | | 10/1/2010 | | | | 11/1/2035 | | | | Aa3 | | | | 4,695 | | | | 4,695,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Variable Rate Demand Notes (cost $10,615,000) | | | | | | | | | | | | 10,615,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Short-Term Investments (cost $10,618,501) | | | | | | | | | | | | | | | | 10,618,501 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 108.28% (cost $2,230,506,105) | | | | | | | | | | | | 2,206,340,851 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets(g) (8.28%) | | | | | | | | | | | | (168,724,354 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | | | | | $ | 2,037,616,497 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 2,212 | | | Short | | $ | (295,785,875) | | | $ | 857,047 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 261 | | | Short | | | (36,874,406) | | | | 498,147 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (332,660,281) | | | $ | 1,355,194 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
178
Schedule of Investments
PENNSYLVANIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| MUNICIPAL BONDS 98.25% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Corporate-Backed 1.12% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Indl Dev Auth Envr Impt | | | 6.875% | | | | 5/1/2030 | | | | BB | | | $ | 1,000 | | | $ | 1,093,390 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Education 24.55% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ | | | 5.00% | | | | 3/1/2028 | | | | A2 | | | | 1,515 | | | | 1,617,232 | |
| Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ | | | 5.00% | | | | 3/1/2033 | | | | A2 | | | | 1,000 | | | | 1,036,250 | |
| Allegheny Cnty PA Higher Ed Bldg Auth Robert Morris Univ Ser A | | | 5.50% | | | | 10/15/2030 | | | | Baa3 | | | | 1,000 | | | | 1,028,710 | |
| Delaware Cnty PA Auth Univ Rev Villanova Univ | | | 5.00% | | | | 12/1/2027 | | | | A1 | | | | 1,000 | | | | 1,093,630 | |
| Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B | | | 6.00% | | | | 9/1/2036 | | | | NR | | | | 1,000 | | | | 929,420 | |
| Montgomery Cnty PA Higher Ed & Hlth Auth Arcadia Univ | | | 5.25% | | | | 4/1/2030 | | | | BBB+ | | | | 1,530 | | | | 1,589,073 | |
| New Wilmington PA Muni Auth Rev Westminster College Pj GG4 (RADIAN) | | | 5.125% | | | | 5/1/2033 | | | | NR | | | | 1,000 | | | | 956,790 | |
| PA St Higher Edl Facs Auth Assoc Indpt Colleges & Univ FF2 (RADIAN) | | | 5.00% | | | | 12/15/2024 | | | | BBB+ | | | | 1,580 | | | | 1,626,958 | |
| PA St Higher Edl Facs Auth Assoc Indpt Colleges & Univ GG5 (RADIAN) | | | 5.125% | | | | 5/1/2032 | | | | BBB- | | | | 1,020 | | | | 981,954 | |
| PA St Higher Edl Facs Auth Edinboro Univ | | | 5.75% | | | | 7/1/2028 | | | | BBB- | | | | 1,000 | | | | 1,030,090 | |
| PA St Higher Edl Facs Auth Edinboro Univ Fndtn | | | 5.80% | | | | 7/1/2030 | | | | BBB- | | | | 1,000 | | | | 1,028,140 | |
| PA St Higher Edl Facs Auth Moravian College Pj (RADIAN) | | | 5.375% | | | | 7/1/2031 | | | | NR | | | | 1,000 | | | | 1,005,270 | |
| PA St Higher Edl Facs Auth Philadelphia Univ | | | 5.00% | | | | 6/1/2030 | | | | BBB | | | | 1,530 | | | | 1,488,828 | |
| PA St Higher Edl Facs Auth Univ of the Arts (RADIAN) | | | 5.625% | | | | 3/15/2025 | | | | NR | | | | 1,000 | | | | 1,002,990 | |
| PA St Pub Sch Bldg Auth Cap Apprec Butler Cnty D-II (AMBAC) | | | Zero Coupon | | | | 7/15/2014 | | | | NR | | | | 295 | | | | 262,438 | |
| PA St Pub Sch Bldg Auth Cap Apprec Butler Cnty D-II (AMBAC) | | | Zero Coupon | | | | 7/15/2015 | | | | NR | | | | 295 | | | | 249,936 | |
| PA St Pub Sch Bldg Auth Cap Apprec Butler Cnty D-II (AMBAC) | | | Zero Coupon | | | | 7/15/2016 | | | | NR | | | | 295 | | | | 238,145 | |
See Notes to Financial Statements.
179
Schedule of Investments (continued)
PENNSYLVANIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Education (continued) | | | | | | | | | | | | | | | | | | | | |
| PA St Pub Sch Bldg Auth Jefferson Cnty Dubois Tech Sch (NPFGC)(FGIC) | | | 5.00% | | | | 2/1/2029 | | | | A | | | $ | 1,000 | | | $ | 1,046,980 | |
| PA St Univ Ser A | | | 5.00% | | | | 8/15/2029 | | | | Aa1 | | | | 1,000 | | | | 1,109,570 | |
| Philadelphia PA Auth Indl Dev Mast Charter Sch | | | 6.00% | | | | 8/1/2035 | | | | BBB+ | | | | 510 | | | | 528,324 | |
| Snyder Cnty PA Higher Ed Auth Susquehanna Univ Pj | | | 5.00% | | | | 1/1/2029 | | | | A2 | | | | 1,300 | | | | 1,391,078 | |
| Washington Cnty PA Indl Dev Auth Washington Jefferson College | | | 5.00% | | | | 11/1/2036 | | | | A- | | | | 1,700 | | | | 1,754,774 | |
| Wilkes-Barre PA Fin Auth Wilkes Univ Pj | | | 5.00% | | | | 3/1/2037 | | | | BBB | | | | 1,000 | | | | 975,050 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 23,971,630 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| General Obligation 14.58% | | | | | | | | | | | | | | | | | | | | |
| Delaware Vly PA Regl Fin Auth Ser C (AMBAC) | | | 7.75% | | | | 7/1/2027 | | | | A2 | | | | 1,000 | | | | 1,383,570 | |
| Downingtown PA Area Sch Dist Ser AA | | | 5.00% | | | | 11/1/2029 | | | | Aaa | | | | 1,000 | | | | 1,118,090 | |
| Northern Mariana Islands Comwlth Ser B | | | 5.00% | | | | 10/1/2033 | | | | NR | | | | 1,690 | | | | 1,403,630 | |
| PA Centennial Sch Dist Bucks Cnty Ser A | | | 5.00% | | | | 12/15/2034 | | | | AA | | | | 1,500 | | | | 1,653,555 | |
| PA Centennial Sch Dist Bucks Cnty Ser B (AGM) | | | 5.25% | | | | 12/15/2027 | | | | AAA | | | | 1,180 | | | | 1,340,350 | |
| Philadelphia PA Ser A (AG) | | | 5.25% | | | | 8/1/2022 | | | | AAA | | | | 1,000 | | | | 1,122,110 | |
| Philadelphia PA Ser A (AGM) | | | 5.25% | | | | 12/15/2027 | | | | AAA | | | | 2,500 | | | | 2,730,975 | |
| Reading PA (FSA) | | | 5.00% | | | | 11/1/2029 | | | | Aa3 | | | | 1,500 | | | | 1,565,535 | |
| Territory of Guam Ser A | | | 7.00% | | | | 11/15/2039 | | | | B+ | | | | 200 | | | | 226,002 | |
| West Mifflin PA Area Sch Dist (AGM) | | | 5.375% | | | | 4/1/2028 | | | | AAA | | | | 1,500 | | | | 1,697,880 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 14,241,697 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Health Care 21.03% | | | | | | | | | | | | | | | | | | | | |
| Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A | | | 5.00% | | | | 11/15/2028 | | | | BB- | | | | 1,000 | | | | 797,260 | |
| Allegheny Cnty PA Hosp Dev Auth OH Vly Gen Hosp Pj A | | | 5.125% | | | | 4/1/2035 | | | | Ba2 | | | | 500 | | | | 432,175 | |
| Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr | | | 5.625% | | | | 8/15/2039 | | | | Aa3 | | | | 1,500 | | | | 1,622,100 | |
| Bucks Cnty PA Indl Dev Auth Lutheran Cmnty Telford Ctr | | | 5.75% | | | | 1/1/2037 | | | | NR | | | | 1,000 | | | | 847,510 | |
| Butler Cnty PA Hosp Auth Butler Hlth Sys Pj | | | 7.25% | | | | 7/1/2039 | | | | Baa1 | | | | 1,000 | | | | 1,157,620 | |
| Cumberland Cnty PA Muni Auth Diakon Lutheran | | | 6.125% | | | | 1/1/2029 | | | | BBB+ | (c) | | | 1,000 | | | | 1,066,080 | |
See Notes to Financial Statements.
180
Schedule of Investments (continued)
PENNSYLVANIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Health Care (continued) | | | | | | | | | | | | | | | | | | | | |
| Cumberland Cnty PA Muni Auth Diakon Lutheran Ministries Pj | | | 5.00% | | | | 1/1/2036 | | | | BBB+ | (c) | | $ | 500 | | | $ | 471,195 | |
| Delaware Cnty PA Auth Hosp Rev Crozer Chester Med Ctr (ACA)(CBI) | | | 5.375% | | | | 12/1/2018 | | | | BBB- | | | | 1,000 | | | | 1,000,370 | |
| Franklin Cnty PA Indl Dev Auth Chambersburg Hosp Pj | | | 5.375% | | | | 7/1/2042 | | | | A2 | | | | 1,000 | | | | 1,029,330 | |
| Lancaster Cnty PA Hosp Auth Rev Brethren Vlg Pj Ser A | | | 6.25% | | | | 7/1/2026 | | | | NR | | | | 1,000 | | | | 1,004,240 | |
| Lehigh Cnty PA Gen Purp Auth Good Shepherd Grp Ser A | | | 5.625% | | | | 11/1/2034 | | | | A | | | | 1,000 | | | | 1,023,100 | |
| Lehigh Cnty PA Gen Purp Hosp Lehigh Vly Hlth Network Ser A (AGM) | | | 5.00% | | | | 7/1/2025 | | | | AAA | | | | 1,000 | | | | 1,046,940 | |
| Monroe Cnty PA Hosp Auth Rev Pocono Med Ctr | | | 5.125% | | | | 1/1/2037 | | | | A- | | | | 1,000 | | | | 1,001,240 | |
| Montgomery Cnty PA Indl Dev Auth New Regl Med Ctr (FHA) | | | 5.375% | | | | 8/1/2038 | | | | AA | | | | 2,000 | | | | 2,121,900 | |
| Northampton Cnty PA Gen Purp Auth St. Luke’s Hosp Pj Ser A | | | 5.25% | | | | 8/15/2023 | | | | A3 | | | | 1,250 | | | | 1,313,112 | |
| PA Econ Dev Fing Auth Albert Einstein Hlthcare Ser A | | | 6.25% | | | | 10/15/2023 | | | | Baa1 | | | | 1,000 | | | | 1,086,120 | |
| Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser A | | | 5.50% | | | | 7/1/2030 | | | | BBB | | | | 1,000 | | | | 955,860 | |
| Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp Auxilio Mutuo Oblig Grp Ser A (NPFGC) | | | 6.25% | | | | 7/1/2024 | | | | A | | | | 850 | | | | 853,281 | |
| Southcentral PA Gen Auth Rev Wellspan Hlth Oblig Grp Ser A | | | 6.00% | | | | 6/1/2029 | | | | Aa3 | | | | 1,000 | | | | 1,131,260 | |
| Territory of Guam Oblig Rev Section 30 Ser A | | | 5.75% | | | | 12/1/2034 | | | | BBB- | | | | 535 | | | | 570,219 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 20,530,912 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Lease Obligations 3.18% | | | | | | | | | | | | | | | | | | | | |
| Philadelphia PA Muni Auth Rev Lease | | | 6.375% | | | | 4/1/2029 | | | | A1 | | | | 1,000 | | | | 1,087,680 | |
| Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A | | | 5.60% | | | | 10/1/2014 | | | | NR | | | | 505 | | | | 518,216 | |
| York PA Gen Auth Rev York City Recreation Corp (AMBAC) | | | 5.50% | | | | 5/1/2018 | | | | NR | | | | 1,475 | | | | 1,502,243 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 3,108,139 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
181
Schedule of Investments (continued)
PENNSYLVANIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Other Revenue 4.47% | | | | | | | | | | | | | | | | | | | | |
| Philadelphia PA Auth Indl Dev First Philadelphia Charter Ser A | | | 5.85% | | | | 8/15/2037 | | | | BBB- | | | $ | 1,000 | | | $ | 970,940 | |
| Philadelphia PA Auth Indl Dev Please Touch Museum Pj | | | 5.25% | | | | 9/1/2036 | | | | BBB- | | | | 1,000 | | | | 875,890 | |
| Philadelphia PA Auth Indl Dev Russell Byers Charter Sch Ser A | | | 5.25% | | | | 5/1/2037 | | | | BBB- | | | | 1,500 | | | | 1,279,245 | |
| Philadelphia PA Auth Indl Dev Ser A | | | 5.50% | | | | 9/15/2037 | | | | BBB- | | | | 1,370 | | | | 1,236,863 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 4,362,938 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Pre-Refunded 3.30% | | | | | | | | | | | | | | | | | | | | |
| Philadelphia PA Gas Wrks Rev 12th Ser B ETM (NPFGC) | | | 7.00% | | | | 5/15/2020 | | | | A | | | | 1,715 | | | | 2,071,103 | |
| Philadelphia PA Sch Dist Ser D (FGIC) | | | 5.25% | | | | 6/1/2034 | | | | Aa2 | | | | 1,000 | | | | 1,156,460 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 3,227,563 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Tax Revenue 6.64% | | | | | | | | | | | | | | | | | | | | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A | | | 5.25% | | | | 8/1/2027 | | | | A+ | | | | 1,000 | | | | 1,075,920 | |
| Puerto Rico Sales Tax Fing Corp 1st Sub Ser A (AGM)(b) | | | 5.00% | | | | 8/1/2040 | | | | AAA | | | | 5,220 | | | | 5,405,336 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 6,481,256 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Transportation 8.37% | | | | | | | | | | | | | | | | | | | | |
| Delaware River Port Auth PA & NJ Ser D | | | 5.00% | | | | 1/1/2040 | | | | A- | | | | 1,000 | | | | 1,046,630 | |
| PA Econ Dev Fing Auth US Airways Group Ser A | | | 7.50% | | | | 5/1/2020 | | | | CCC+ | | | | 1,500 | | | | 1,510,035 | |
| PA St Tpk Commn Oil 2003 Tpk Ser C Rmkt (NPFGC) | | | 5.00% | | | | 12/1/2029 | | | | AA | | | | 1,000 | | | | 1,080,520 | |
| PA St Tpk Commn Sub Ser B-1 | | | 5.625% | | | | 6/1/2029 | | | | A- | | | | 3,310 | | | | 3,663,806 | |
| Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT | | | 6.25% | | | | 6/1/2026 | | | | CCC+ | | | | 1,000 | | | | 871,720 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 8,172,711 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Utilities 11.01% | | | | | | | | | | | | | | | | | | | | |
| Delaware Cnty PA Indl Dev Auth Wtr Facs Aqua PA Inc Pj Ser B AMT (NPFGC)(FGIC) | | | 5.00% | | | | 11/1/2036 | | | | AA- | | | | 1,000 | | | | 1,016,070 | |
| PA Econ Dev Fing Auth Allegheny Enrg Supply Co | | | 7.00% | | | | 7/15/2039 | | | | BBB- | | | | 1,000 | | | | 1,128,470 | |
| PA Econ Dev Fing Auth Aqua PA Inc Ser A | | | 5.00% | | | | 10/1/2039 | | | | AA- | | | | 2,000 | | | | 2,103,460 | |
| PA Econ Dev Fing Auth Philadelphia BioSolids Fac | | | 6.25% | | | | 1/1/2032 | | | | Baa3 | | | | 1,000 | | | | 1,089,950 | |
See Notes to Financial Statements.
182
Schedule of Investments (concluded)
PENNSYLVANIA TAX FREE TRUST September 30, 2010
| | | | | | | | | | | | | | | | | | | | |
| Investments | | Interest
Rate | | | Maturity
Date | | | Credit
Rating:
S&P or
Moody’s(a) | | | Principal
Amount
(000) | | | Value | |
| Utilities (continued) | | | | | | | | | | | | | | | | | | | | |
| Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A | | | 5.25% | | | | 8/1/2017 | | | | BBB+ | | | $ | 1,000 | | | $ | 1,120,800 | |
| Philadelphia PA Gas Wrks Rev 9th Ser | | | 5.25% | | | | 8/1/2040 | | | | BBB+ | | | | 1,000 | | | | 1,012,940 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.25% | | | | 7/1/2040 | | | | A3 | | | | 1,000 | | | | 1,047,290 | |
| Puerto Rico Elec Pwr Auth Ser XX | | | 5.75% | | | | 7/1/2036 | | | | A3 | | | | 2,000 | | | | 2,228,620 | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | | | | 10,747,600 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Municipal Bonds (cost $91,950,900) | | | | | | | | | | | | | | | | | | | 95,937,836 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | Shares
(000) | | | | |
| SHORT-TERM INVESTMENT 0.00% | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Money Market Mutual Fund | | | | | | | | | | | | | | | | | | | | |
| Dreyfus PA Municipal Money Market Fund (cost $91) | | | | | | | | | | | | - | (e) | | | 91 | |
| | | | | | | | | | | | | | | | | | | | |
| Total Investments in Securities 98.25% (cost $91,950,991) | | | | | | | | | | | | 95,937,927 | |
| | | | | | | | | | | | | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities(g) 1.75% | | | | | | | | | | | | | | | | 1,707,169 | |
| | | | | | | | | | | | | | | | | | | | |
| Net Assets 100.00% | | | | | | | | | | | | | | | | | | $ | 97,645,096 | |
| | | | | | | | | | | | | | | | | | | | |
Open Futures Contracts at September 30, 2010:
| | | | | | | | | | | | | | | | |
| Type | | Expiration | | Contracts | | | Position | | Market
Value | | | Unrealized
Appreciation | |
| U.S. 30-Year Treasury Bond | | December 2010 | | | 33 | | | Short | | $ | (4,412,719) | | | $ | 12,822 | |
| Ultra Long U.S. Treasury Bond | | December 2010 | | | 11 | | | Short | | | (1,554,094) | | | | 19,529 | |
| | | | | | | | | | | | | | | | |
| Totals | | | | | | | | | | $ | (5,966,813) | | | $ | 32,351 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
183
Schedule of Investments
September 30, 2010
| | |
| AMT | | Income from this security may be subject to Alternative Minimum Tax. |
| COP | | Certificates of Participation. |
| CR | | Custodial Receipt. |
| ETM | | Escrow to Maturity. |
| GTD | | Guaranteed. |
| NR | | Not Rated. |
Pre-Refunded Bonds A second bond has been issued in order to pay off the first bond issue. Proceeds from the sale of the |
| | second bond are held in an “escrow fund” consisting of U.S. Government debt until the first bond issue reaches maturity. |
| PSF | | Permanent School Fund. |
| RIBs | | Residual Interest Bonds. The interest rate is subject to change periodically and inversely to the prevailing market rate. The interest rate shown is the rate in effect at September 30, 2010. |
| TCRS | | Transferable Custodial Receipts. |
| † | | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid. |
| # | | Variable rate security. The interest rate represents the rate at September 30, 2010. |
| (a) | | Unaudited. |
| (b) | | Municipal Bonds Held in Trust. Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) for details of Municipal Bonds Held in Trust. |
| (c) | | This investment has been rated by Fitch IBCA. |
| (d) | | Securities purchased on a when-issued basis (See Note 2(g)). |
| (e) | | Amount represents less than 1,000 shares. |
| (f) | | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount. |
| (g) | | Liabilities in Excess of Cash and Other Assets includes Trust Certificates (See Note 2(h)) and net unrealized appreciation (depreciation) on futures contracts. |
| (h) | | Fund received partial interest payment from issuer. |
| (i) | | Defaulted security. |
| (j) | | Effective Maturity Date. Average life of sinking fund due to mandatory or expected principal payments prior to maturity. The interest represents the rate at September 30, 2010. The date shown represents the next interest reset date. |
| | |
Insured or guaranteed by the indicated municipal bond insurance corporation or Federal agency: |
| ACA | | American Capital Access Holding Ltd. |
| AMBAC | | AMBAC Assurance Corporation |
| AG | | Assured Guaranty |
| AGM | | Assured Guaranty Municipal Corporation |
| BHAC | | Berkshire Hathaway Assurance Corporation |
| CBI | | Certified Bond Insurance |
| CIFG | | CIFG Guaranty |
| FHLMC | | Federal Home Loan Mortgage Corporation |
| FHA | | Federal Housing Administration |
| FNMA | | Federal National Mortgage Association |
| FGIC | | Financial Guaranty Insurance Company |
| FSA | | Financial Security Assurance, Inc. |
| GNMA | | Government National Mortgage Association |
| IBC | | Insurance Bond Certificate |
| MBIA | | Municipal Bond Investors Assurance |
| NPFGC | | National Public Finance Guarantee Corporation |
| RADIAN | | Radian Asset Assurance, Inc. |
| VA | | Department of Veterans Affairs |
| XLCA | | XL Capital Assurance, Inc. |
See Notes to Financial Statements.
184
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185
Statements of Assets and Liabilities
September 30, 2010
| | | | | | | | |
| | | National | | | California | |
ASSETS: | | | | | | | | |
Investments in securities, at cost | | $ | 1,313,845,365 | | | $ | 213,933,354 | |
Investments in securities, at value | | $ | 1,372,526,255 | | | $ | 222,370,169 | |
Cash | | | 2,222,086 | | | | 605,134 | |
Deposits with broker for futures collateral | | | 2,035,500 | | | | 513,000 | |
Receivables: | | | | | | | | |
Interest | | | 21,095,238 | | | | 3,370,900 | |
Investment securities sold | | | 24,789,942 | | | | – | |
Capital shares sold | | | 9,549,788 | | | | 1,271,076 | |
Prepaid expenses and other assets | | | 79,394 | | | | 13,163 | |
Total assets | | | 1,432,298,203 | | | | 228,143,442 | |
LIABILITIES: | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | 30,944,669 | | | | – | |
Trust certificates (See Note 2(h)) | | | 125,392,226 | | | | 14,475,000 | |
Capital shares reacquired | | | 2,405,992 | | | | 240,831 | |
Management fee | | | 453,384 | | | | 77,854 | |
12b-1 distribution fees | | | 434,634 | | | | 71,674 | |
Interest expense and fees (See Note 2(h)) | | | 316,686 | | | | 66,470 | |
Directors’ fees | | | 358,376 | | | | 137,818 | |
Fund administration | | | 41,229 | | | | 6,920 | |
Variation margin | | | 56,503 | | | | 16,098 | |
Distributions payable | | | 4,994,741 | | | | 771,463 | |
Accrued expenses and other liabilities | | | 213,887 | | | | 69,920 | |
Total liabilities | | | 165,612,327 | | | | 15,934,048 | |
NET ASSETS | | $ | 1,266,685,876 | | | $ | 212,209,394 | |
COMPOSITION OF NET ASSETS: | | | | | | | | |
Paid-in capital | | $ | 1,249,281,478 | | | $ | 213,438,939 | |
Undistributed (distributions in excess of) net investment income | | | 769,488 | | | | (493,928 | ) |
Accumulated net realized loss on investments and futures contracts | | | (42,472,606 | ) | | | (9,316,657 | ) |
Net unrealized appreciation on investments and futures contracts | | | 59,107,516 | | | | 8,581,040 | |
Net Assets | | $ | 1,266,685,876 | | | $ | 212,209,394 | |
Net assets by class: | | | | | | | | |
Class A Shares | | $ | 1,007,122,777 | | | $ | 166,246,608 | |
Class B Shares | | $ | 16,143,136 | | | | – | |
Class C Shares | | $ | 181,209,352 | | | $ | 33,279,792 | |
Class F Shares | | $ | 62,200,239 | | | $ | 12,682,994 | |
Class I Shares | | $ | 10,372 | | | | – | |
Outstanding shares by class*: | | | | | | | | |
Class A Shares | | | 92,891,783 | | | | 16,231,104 | |
Class B Shares | | | 1,481,470 | | | | – | |
Class C Shares | | | 16,693,185 | | | | 3,247,529 | |
Class F Shares | | | 5,740,786 | | | | 1,238,362 | |
Class I Shares | | | 957 | | | | – | |
Net asset value, offering and redemption price per share
(Net assets divided by outstanding shares): | | | | | | | | |
Class A Shares–Net asset value | | | $10.84 | | | | $10.24 | |
Class A Shares–Maximum offering price
(Net asset value plus sales charge of 2.25%)** | | | $11.09 | | | | $10.48 | |
Class B Shares–Net asset value | | | $10.90 | | | | – | |
Class C Shares–Net asset value | | | $10.86 | | | | $10.25 | |
Class F Shares–Net asset value | | | $10.83 | | | | $10.24 | |
Class I Shares–Net asset value | | | $10.84 | | | | – | |
| * | Lord Abbett Municipal Income Fund, Inc. has 1,345,000,000 authorized shares of capital stock (par value $.001) of which 1,205,000,000 are issued and allocated as follows: 465,000,000 to National, 140,000,000 to each of California, New Jersey and New York, 120,000,000 to Missouri and 100,000,000 to each of Connecticut and Hawaii. Lord Abbett Municipal Income Trust has an unlimited number of shares of beneficial interest authorized. | |
| ** | The maximum sales charge on Class A purchases of Connecticut, Hawaii and Missouri is 3.25%. | |
See Notes to Financial Statements.
186
| | | | | | | | | | | | | | |
| | Connecticut | | | | Hawaii | | | | Missouri | | | | New Jersey | |
| | | | | | | | | | | | | | |
| | $123,551,050 | | | $ | 132,075,939 | | | $ | 179,201,113 | | | $ | 127,826,362 | |
| | $127,182,084 | | | $ | 139,130,393 | | | $ | 184,998,786 | | | $ | 131,088,842 | |
| | 2,045,487 | | | | 498,750 | | | | 1,034,370 | | | | 813,530 | |
| | 325,000 | | | | 252,000 | | | | 438,500 | | | | 285,000 | |
| | | | | | | | | | | | | | |
| | 1,664,441 | | | | 1,979,723 | | | | 2,679,390 | | | | 2,052,422 | |
| | – | | | | 20,305 | | | | 1,090,000 | | | | – | |
| | 243,539 | | | | 352,994 | | | | 562,547 | | | | 734,579 | |
| | 11,319 | | | | 10,209 | | | | 11,778 | | | | 9,235 | |
| | 131,471,870 | | | | 142,244,374 | | | | 190,815,371 | | | | 134,983,608 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | – | | | | – | | | | – | | | | – | |
| | 11,505,000 | | | | 8,435,000 | | | | 10,035,000 | | | | 5,310,000 | |
| | 338,079 | | | | 409,211 | | | | 1,327,433 | | | | 497,341 | |
| | 44,502 | | | | 50,082 | | | | 68,891 | | | | 47,475 | |
| | 39,185 | | | | 35,674 | | | | 36,522 | | | | 36,443 | |
| | 27,770 | | | | 18,230 | | | | 28,676 | | | | 19,724 | |
| | 28,516 | | | | 23,592 | | | | 36,322 | | | | 41,545 | |
| | 3,956 | | | | 4,452 | | | | 6,124 | | | | 4,220 | |
| | 10,173 | | | | 7,469 | | | | 12,389 | | | | 7,799 | |
| | 363,665 | | | | 398,232 | | | | 586,974 | | | | 464,032 | |
| | 56,959 | | | | 56,565 | | | | 67,071 | | | | 57,616 | |
| | 12,417,805 | | | | 9,438,507 | | | | 12,205,402 | | | | 6,486,195 | |
| | $119,054,065 | | | $ | 132,805,867 | | | $ | 178,609,969 | | | $ | 128,497,413 | |
| | | | | | | | | | | | | | |
| | $120,218,004 | | | $ | 128,966,161 | | | $ | 176,331,238 | | | $ | 132,884,861 | |
| | (69,032 | ) | | | (55,475 | ) | | | (76,498 | ) | | | (295,694 | ) |
| | (4,844,318 | ) | | | (3,223,949 | ) | | | (3,541,579 | ) | | | (7,428,276 | ) |
| | 3,749,411 | | | | 7,119,130 | | | | 5,896,808 | | | | 3,336,522 | |
| | $119,054,065 | | | $ | 132,805,867 | | | $ | 178,609,969 | | | $ | 128,497,413 | |
| | | | | | | | | | | | | | |
| | $111,887,558 | | | $ | 128,797,269 | | | $ | 176,311,622 | | | $ | 125,721,997 | |
| | – | | | | – | | | | – | | | | – | |
| | – | | | | – | | | | – | | | | – | |
| | $7,166,507 | | | $ | 4,008,598 | | | $ | 2,298,347 | | | $ | 2,775,416 | |
| | – | | | | – | | | | – | | | | – | |
| | | | | | | | | | | | | | |
| | 10,899,305 | | | | 25,642,387 | | | | 34,301,915 | | | | 25,943,070 | |
| | – | | | | – | | | | – | | | | – | |
| | – | | | | – | | | | – | | | | – | |
| | 699,872 | | | | 798,153 | | | | 446,821 | | | | 572,265 | |
| | – | | | | – | | | | – | | | | – | |
| | | | | | | | | | | | | | |
| | $10.27 | | | | $5.02 | | | | $5.14 | | | | $4.85 | |
|
$10.61 |
| | | $5.19 | | | | $5.31 | | | | $4.96 | |
| | – | | | | – | | | | – | | | | – | |
| | – | | | | – | | | | – | | | | – | |
| | $10.24 | | | | $5.02 | | | | $5.14 | | | | $4.85 | |
| | – | | | | – | | | | – | | | | – | |
See Notes to Financial Statements.
187
Statements of Assets and Liabilities (concluded)
September 30, 2010
| | | | | | | | |
| | | New York | | | Intermediate | |
ASSETS: | | | | | | | | |
Investments in securities, at cost | | $ | 294,846,994 | | | $ | 1,944,025,338 | |
Investments in securities, at value | | $ | 309,825,641 | | | $ | 2,050,671,393 | |
Cash | | | 1,037,470 | | | | 1,977,418 | |
Deposits with broker for futures collateral | | | 698,000 | | | | 816,000 | |
Receivables: | | | | | | | | |
Interest | | | 4,509,593 | | | | 26,379,268 | |
Investment securities sold | | | – | | | | 2,356,236 | |
Capital shares sold | | | 1,509,954 | | | | 26,730,162 | |
From advisor (See Note 3) | | | – | | | | 154,194 | |
Prepaid expenses and other assets | | | 13,413 | | | | 149,064 | |
Total assets | | | 317,594,071 | | | | 2,109,233,735 | |
LIABILITIES: | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | – | | | | 61,652,851 | |
Trust certificates (See Note 2(h)) | | | 27,070,000 | | | | 9,820,000 | |
Capital shares reacquired | | | 698,310 | | | | 4,175,623 | |
Management fee | | | 105,987 | | | | 638,740 | |
12b-1 distribution fees | | | 112,853 | | | | 652,685 | |
Interest expense and fees (See Note 2(h)) | | | 73,893 | | | | 30,584 | |
Directors’/Trustees’ fees | | | 123,208 | | | | 50,992 | |
Fund administration | | | 9,421 | | | | 63,877 | |
Variation margin | | | 19,345 | | | | 22,159 | |
Distributions payable | | | 1,020,689 | | | | 5,472,096 | |
Accrued expenses and other liabilities | | | 73,535 | | | | 236,933 | |
Total liabilities | | | 29,307,241 | | | | 82,816,540 | |
NET ASSETS | | $ | 288,286,830 | | | $ | 2,026,417,195 | |
COMPOSITION OF NET ASSETS: | | | | | | | | |
Paid-in capital | | $ | 285,601,837 | | | $ | 1,924,878,238 | |
Undistributed (distributions in excess of) net investment income | | | (818,353 | ) | | | 665,410 | |
Accumulated net realized loss on investments and futures contracts | | | (11,665,442 | ) | | | (5,935,199 | ) |
Net unrealized appreciation (depreciation) on investments and futures contracts | | | 15,168,788 | | | | 106,808,746 | |
Net Assets | | $ | 288,286,830 | | | $ | 2,026,417,195 | |
Net assets by class: | | | | | | | | |
Class A Shares | | $ | 238,258,920 | | | $ | 1,320,284,687 | |
Class B Shares | | | – | | | $ | 7,724,891 | |
Class C Shares | | $ | 42,397,010 | | | $ | 391,137,867 | |
Class F Shares | | $ | 7,630,900 | | | $ | 307,256,380 | |
Class I Shares | | | – | | | | – | |
Class P Shares | | | – | | | $ | 13,370 | |
Outstanding shares by class*: | | | | | | | | |
Class A Shares | | | 21,738,007 | | | | 125,488,742 | |
Class B Shares | | | – | | | | 734,889 | |
Class C Shares | | | 3,873,326 | | | | 37,222,266 | |
Class F Shares | | | 695,677 | | | | 29,206,561 | |
Class I Shares | | | – | | | | – | |
Class P Shares | | | – | | | | 1,271 | |
Net asset value, offering and redemption price per share
(Net assets divided by outstanding shares): | | | | | | | | |
Class A Shares–Net asset value | | | $10.96 | | | | $10.52 | |
Class A Shares–Maximum offering price
(Net asset value plus sales charge of 2.25%)** | | | $11.21 | | | | $10.76 | |
Class B Shares–Net asset value | | | – | | | | $10.51 | |
Class C Shares–Net asset value | | | $10.95 | | | | $10.51 | |
Class F Shares–Net asset value | | | $10.97 | | | | $10.52 | |
Class I Shares–Net asset value | | | – | | | | – | |
Class P Shares–Net asset value | | | – | | | | $10.52 | |
| * | | Lord Abbett Municipal Income Fund, Inc. has 1,345,000,000 authorized shares of capital stock (par value $.001) of which 1,205,000,000 are issued and allocated as follows: 465,000,000 to National, 140,000,000 to each of California, New Jersey and New York, 120,000,000 to Missouri and 100,000,000 to each of Connecticut and Hawaii. Lord Abbett Municipal Income Trust has an unlimited number of shares of beneficial interest authorized. | |
| ** | | The maximum sales charge on Class A purchases of Georgia and Pennsylvania is 3.25%. | |
See Notes to Financial Statements.
188
| | | | | | | | | | | | | | |
| Short Duration | | | Georgia | | | High Yield | | | Pennsylvania | |
| | | | | | | | | | | | | | |
| $ | 1,818,192,005 | | | $ | 142,439,569 | | | $ | 2,230,506,105 | | | $ | 91,950,991 | |
| $ | 1,849,643,836 | | | $ | 148,465,032 | | | $ | 2,206,340,851 | | | $ | 95,937,927 | |
| | 2,657,121 | | | | 852,320 | | | | 6,753,979 | | | | 1,646,269 | |
| | – | | | | 295,000 | | | | 6,443,500 | | | | 121,000 | |
| | | | | | | | | | | | | | |
| | 18,408,969 | | | | 1,936,879 | | | | 38,609,624 | | | | 1,405,844 | |
| | 13,451,436 | | | | – | | | | 1,582,690 | | | | 1,682,383 | |
| | 18,097,529 | | | | 726,196 | | | | 16,048,636 | | | | 282,124 | |
| | 225,269 | | | | – | | | | – | | | | – | |
| | 73,484 | | | | 11,266 | | | | 84,413 | | | | 11,158 | |
| | 1,902,557,644 | | | | 152,286,693 | | | | 2,275,863,693 | | | | 101,086,705 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | 17,719,972 | | | | – | | | | 15,334,659 | | | | – | |
| | 7,000,000 | | | | 11,500,000 | | | | 206,857,226 | | | | 2,610,000 | |
| | 8,947,164 | | | | 443,117 | | | | 4,466,798 | | | | 329,537 | |
| | 605,537 | | | | 52,219 | | | | 783,786 | | | | 37,218 | |
| | 596,164 | | | | 48,655 | | | | 656,311 | | | | 43,749 | |
| | 14,073 | | | | 17,571 | | | | 527,593 | | | | 4,494 | |
| | 32,677 | | | | 14,137 | | | | 102,314 | | | | 23,275 | |
| | 60,554 | | | | 4,642 | | | | 66,061 | | | | 3,308 | |
| | – | | | | 8,054 | | | | 178,795 | | | | 3,781 | |
| | 2,935,318 | | | | 482,705 | | | | 8,929,610 | | | | 329,465 | |
| | 235,759 | | | | 61,626 | | | | 344,043 | | | | 56,782 | |
| | 38,147,218 | | | | 12,632,726 | | | | 238,247,196 | | | | 3,441,609 | |
| $ | 1,864,410,426 | | | $ | 139,653,967 | | | $ | 2,037,616,497 | | | $ | 97,645,096 | |
| | | | | | | | | | | | | | |
| $ | 1,833,143,685 | | | $ | 138,167,045 | | | $ | 2,326,556,533 | | | $ | 94,750,403 | |
| | 111,769 | | | | 64,855 | | | | 620,609 | | | | (64,455 | ) |
| | (296,859 | ) | | | (4,661,816 | ) | | | (266,750,585 | ) | | | (1,060,139 | ) |
| | 31,451,831 | | | | 6,083,883 | | | | (22,810,060 | ) | | | 4,019,287 | |
| $ | 1,864,410,426 | | | $ | 139,653,967 | | | $ | 2,037,616,497 | | | $ | 97,645,096 | |
| | | | | | | | | | | | | | |
| $ | 1,326,510,612 | | | $ | 131,626,958 | | | $ | 1,236,637,457 | | | $ | 96,001,140 | |
| | – | | | | – | | | $ | 10,688 | | | | – | |
| $ | 251,389,518 | | | | – | | | $ | 585,366,320 | | | | – | |
| $ | 284,288,799 | | | $ | 8,027,009 | | | $ | 215,478,997 | | | $ | 1,643,956 | |
| $ | 2,221,497 | | | | – | | | $ | 112,085 | | | | – | |
| | – | | | | – | | | $ | 10,950 | | | | – | |
| | | | | | | | | | | | | | |
| | 83,939,323 | | | | 23,647,037 | | | | 104,724,535 | | | | 18,600,222 | |
| | – | | | | – | | | | 904 | | | | – | |
| | 15,906,686 | | | | – | | | | 49,555,076 | | | | – | |
| | 17,988,452 | | | | 1,436,666 | | | | 18,236,181 | | | | 318,769 | |
| | 140,598 | | | | – | | | | 9,489 | | | | – | |
| | – | | | | – | | | | 926.565 | | | | – | |
| | | |
| | | | | | | | | | | | | | |
| | $15.80 | | | | $5.57 | | | | $11.81 | | | | $5.16 | |
| | | |
| | $16.16 | | | | $5.76 | | | | $12.08 | | | | $5.33 | |
| | – | | | | – | | | | $11.82 | | | | – | |
| | $15.80 | | | | – | | | | $11.81 | | | | – | |
| | $15.80 | | | | $5.59 | | | | $11.82 | | | | $5.16 | |
| | $15.80 | | | | – | | | | $11.81 | | | | – | |
| | – | | | | – | | | | $11.82 | | | | – | |
See Notes to Financial Statements.
189
Statements of Operations
For the Year Ended September 30, 2010
| | | | | | | | |
| | | National | | | California | |
Investment income: | | | | | | | | |
Interest and other | | $ | 67,559,906 | | | $ | 11,092,010 | |
Dividends | | | 1,973 | | | | – | |
Total investment income | | | 67,561,879 | | | | 11,092,010 | |
Expenses: | | | | | | | | |
Management fee | | | 5,022,525 | | | | 895,337 | |
12b-1 distribution plan-Class A | | | 1,839,099 | | | | 320,017 | |
12b-1 distribution plan-Class B | | | 171,133 | | | | – | |
12b-1 distribution plan-Class C | | | 1,373,967 | | | | 279,094 | |
12b-1 distribution plan-Class F | | | 41,731 | | | | 8,219 | |
Interest expense and fees (See Note 2(h)) | | | 1,038,527 | | | | 115,308 | |
Shareholder servicing | | | 516,856 | | | | 75,835 | |
Professional | | | 71,166 | | | | 43,725 | |
Reports to shareholders | | | 57,282 | | | | 7,449 | |
Fund administration | | | 452,253 | | | | 79,586 | |
Custody | | | 20,013 | | | | 5,194 | |
Directors’ fees | | | 42,367 | | | | 7,507 | |
Registration | | | 136,085 | | | | 35,402 | |
Other | | | 76,930 | | | | 6,733 | |
Gross expenses | | | 10,859,934 | | | | 1,879,406 | |
Expense reductions (See Note 7) | | | (1,102 | ) | | | (193 | ) |
Net expenses | | | 10,858,832 | | | | 1,879,213 | |
Net investment income | | | 56,703,047 | | | | 9,212,797 | |
Net realized and unrealized gain (loss): | | | | | | | | |
Net realized gain (loss) on investments and futures contracts | | | (922,444 | ) | | | (1,527,348 | ) |
Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 26,620,469 | | | | 3,212,633 | |
Net realized and unrealized gain | | | 25,698,025 | | | | 1,685,285 | |
Net Increase in Net Assets Resulting From Operations | | $ | 82,401,072 | | | $ | 10,898,082 | |
See Notes to Financial Statements.
190
| | | | | | | | | | | | | | |
| Connecticut | | | Hawaii | | | Missouri | | | New Jersey | |
| | | | | | | | | | | | | | |
| $ | 6,056,077 | | | $ | 6,286,631 | | | $ | 9,074,033 | | | $ | 6,739,627 | |
| | – | | | | – | | | | – | | | | – | |
| | 6,056,077 | | | | 6,286,631 | | | | 9,074,033 | | | | 6,739,627 | |
| | | | | | | | | | | | | | |
| | 541,763 | | | | 588,452 | | | | 799,350 | | | | 566,464 | |
| | 227,010 | | | | 254,152 | | | | 352,222 | | | | 248,989 | |
| | – | | | | – | | | | – | | | | – | |
| | – | | | | – | | | | – | | | | – | |
| | 6,887 | | | | 3,691 | | | | 1,522 | | | | 1,386 | |
| | 84,333 | | | | 73,520 | | | | 66,768 | | | | 29,333 | |
| | 48,170 | | | | 45,713 | | | | 80,590 | | | | 57,471 | |
| | 40,347 | | | | 40,070 | | | | 40,934 | | | | 38,654 | |
| | 6,883 | | | | 7,321 | | | | 12,273 | | | | 6,060 | |
| | 48,157 | | | | 52,307 | | | | 71,053 | | | | 50,353 | |
| | 4,141 | | | | 5,315 | | | | 5,297 | | | | 4,358 | |
| | 4,648 | | | | 5,017 | | | | 6,758 | | | | 4,819 | |
| | 25,011 | | | | 25,789 | | | | 32,484 | | | | 25,214 | |
| | 9,941 | | | | 10,700 | | | | 13,846 | | | | 4,749 | |
| | 1,047,291 | | | | 1,112,047 | | | | 1,483,097 | | | | 1,037,850 | |
| | (114 | ) | | | (125 | ) | | | (172 | ) | | | (119 | ) |
| | 1,047,177 | | | | 1,111,922 | | | | 1,482,925 | | | | 1,037,731 | |
| | 5,008,900 | | | | 5,174,709 | | | | 7,591,108 | | | | 5,701,896 | |
| | | | | | | | | | | | | | |
| | (1,619,522 | ) | | | 100,249 | | | | (2,030,557 | ) | | | (1,921,821 | ) |
|
2,514,062 |
| | | 2,460,612 | | | | 4,055,941 | | | | 3,604,482 | |
| | 894,540 | | | | 2,560,861 | | | | 2,025,384 | | | | 1,682,661 | |
| $ | 5,903,440 | | | $ | 7,735,570 | | | $ | 9,616,492 | | | $ | 7,384,557 | |
See Notes to Financial Statements.
191
Statements of Operations (concluded)
For the Year Ended September 30, 2010
| | | | | | | | |
| | | New York | | | Intermediate | |
Investment income: | | | | | | | | |
Interest and other | | $ | 14,654,397 | | | $ | 62,890,529 | |
Dividends | | | 702 | | | | 1,507 | |
Total investment income | | | 14,655,099 | | | | 62,892,036 | |
Expenses: | | | | | | | | |
Management fee | | | 1,221,019 | | | | 5,714,382 | |
12b-1 distribution plan-Class A | | | 453,519 | | | | 1,967,852 | |
12b-1 distribution plan-Class B | | | – | | | | 72,123 | |
12b-1 distribution plan-Class C | | | 348,013 | | | | 2,513,149 | |
12b-1 distribution plan-Class F | | | 5,368 | | | | 173,373 | |
12b-1 distribution plan-Class P | | | – | | | | 57 | |
Interest expense and fees (See Note 2(h)) | | | 210,543 | | | | 69,963 | |
Shareholder servicing | | | 113,487 | | | | 484,127 | |
Professional | | | 44,180 | | | | 49,980 | |
Reports to shareholders | | | 12,888 | | | | 75,278 | |
Fund administration | | | 108,535 | | | | 571,441 | |
Custody | | | 6,647 | | | | 22,505 | |
Directors’/Trustees’ fees | | | 10,338 | | | | 50,935 | |
Registration | | | 36,910 | | | | 230,133 | |
Other | | | 8,318 | | | | 56,758 | |
Gross expenses | | | 2,579,765 | | | | 12,052,056 | |
Expense reductions (See Note 7) | | | (259 | ) | | | (1,483 | ) |
Management fee waived (See Note 3) | | | – | | | | (1,135,995 | ) |
Net expenses | | | 2,579,506 | | | | 10,914,578 | |
Net investment income | | | 12,075,593 | | | | 51,977,458 | |
Net realized and unrealized gain (loss): | | | | | | | | |
Net realized gain (loss) on investments and futures contracts | | | (4,198,191 | ) | | | (4,503,634 | ) |
Net change in unrealized appreciation/depreciation on investments
and futures contracts | | | 8,877,188 | | | | 47,909,249 | |
Net realized and unrealized gain | | | 4,678,997 | | | | 43,405,615 | |
Net Increase in Net Assets Resulting From Operations | | $ | 16,754,590 | | | $ | 95,383,073 | |
See Notes to Financial Statements.
192
| | | | | | | | | | | | | | |
| Short Duration | | | Georgia | | | High Yield | | | Pennsylvania | |
| | | | | | | | | | | | | | |
| $ | 36,849,193 | | | $ | 7,056,676 | | | $ | 119,512,057 | | | $ | 5,101,698 | |
| | 2,022 | | | | – | | | | 4,233 | | | | – | |
| | 36,851,215 | | | | 7,056,676 | | | | 119,516,290 | | | | 5,101,698 | |
| | | | | | | | | | | | | | |
| | 5,968,660 | | | | 618,272 | | | | 8,418,438 | | | | 436,846 | |
| | 2,156,825 | | | | 260,974 | | | | 2,161,965 | | | | 191,869 | |
| | – | | | | – | | | | 101 | | | | – | |
| | 2,024,914 | | | | – | | | | 4,897,266 | | | | – | |
| | 208,348 | | | | 6,907 | | | | 160,480 | | | | 1,143 | |
| | – | | | | – | | | | 46 | | | | – | |
| | 28,266 | | | | 80,925 | | | | 1,825,024 | | | | 14,334 | |
| | 378,320 | | | | 62,299 | | | | 886,076 | | | | 50,705 | |
| | 60,058 | | | | 38,590 | | | | 111,879 | | | | 38,051 | |
| | 87,668 | | | | 10,009 | | | | 109,321 | | | | 8,307 | |
| | 596,866 | | | | 54,957 | | | | 703,905 | | | | 38,831 | |
| | 24,712 | | | | 4,955 | | | | 28,573 | | | | 3,632 | |
| | 50,394 | | | | 5,213 | | | | 63,150 | | | | 3,702 | |
| | 287,564 | | | | 27,371 | | | | 247,179 | | | | 24,649 | |
| | 61,723 | | | | 10,920 | | | | 83,156 | | | | 8,153 | |
| | 11,934,318 | | | | 1,181,392 | | | | 19,696,559 | | | | 820,222 | |
| | (1,514 | ) | | | (132 | ) | | | (1,727 | ) | | | (93 | ) |
| | (2,255,100 | ) | | | – | | | | – | | | | – | |
| | 9,677,704 | | | | 1,181,260 | | | | 19,694,832 | | | | 820,129 | |
| | 27,173,511 | | | | 5,875,416 | | | | 99,821,458 | | | | 4,281,569 | |
| | | | | | | | | | | | | | |
| | (296,245 | ) | | | (403,309 | ) | | | (49,677,740 | ) | | | 265,810 | |
|
22,530,140 |
| | | 3,278,852 | | | | 101,888,693 | | | | 2,537,690 | |
| | 22,233,895 | | | | 2,875,543 | | | | 52,210,953 | | | | 2,803,500 | |
| $ | 49,407,406 | | | $ | 8,750,959 | | | $ | 152,032,411 | | | $ | 7,085,069 | |
See Notes to Financial Statements.
193
Statements of Changes in Net Assets
| | | | | | | | |
| | | National | |
| INCREASE (DECREASE) IN NET ASSETS | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
Operations: | | | | | | | | |
Net investment income | | $ | 56,703,047 | | | $ | 47,567,982 | |
Net realized loss on investments and futures contracts | | | (922,444 | ) | | | (30,088,584 | ) |
Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 26,620,469 | | | | 123,455,920 | |
Net increase in net assets resulting from operations | | | 82,401,072 | | | | 140,935,318 | |
Distributions to shareholders from: | | | | | | | | |
Net investment income | | | | | | | | |
Class A | | | (46,362,662 | ) | | | (40,520,796 | ) |
Class B | | | (726,626 | ) | | | (764,822 | ) |
Class C | | | (6,591,845 | ) | | | (4,550,689 | ) |
Class F | | | (2,135,718 | ) | | | (796,151 | ) |
Class I | | | (95 | ) | | | – | |
Total distributions to shareholders | | | (55,816,946 | ) | | | (46,632,458 | ) |
Capital share transactions (Net of share conversions) (See Note 11): | | | | | |
Net proceeds from sales of shares | | | 337,382,127 | | | | 319,576,158 | |
Reinvestment of distributions | | | 42,078,706 | | | | 31,401,261 | |
Cost of shares reacquired | | | (210,277,956 | ) | | | (215,201,981 | ) |
Net increase (decrease) in net assets
resulting from capital share transactions | | | 169,182,877 | | | | 135,775,438 | |
Net increase (decrease) in net assets | | | 195,767,003 | | | | 230,078,298 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | $ | 1,070,918,873 | | | $ | 840,840,575 | |
End of year | | $ | 1,266,685,876 | | | $ | 1,070,918,873 | |
Undistributed (distributions in excess of) net investment income | | $ | 769,488 | | | $ | (502,361 | ) |
See Notes to Financial Statements.
194
| | | | | | | | | | | | | | |
| California | | | Connecticut | |
For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
| | | | | | | | | | | | | | |
| $ | 9,212,797 | | | $ | 7,825,849 | | | $ | 5,008,900 | | | $ | 5,244,033 | |
| | (1,527,348 | ) | | | (5,125,601 | ) | | | (1,619,522 | ) | | | (1,539,692 | ) |
|
3,212,633 |
| | | 20,129,988 | | | | 2,514,062 | | | | 11,950,874 | |
| | 10,898,082 | | | | 22,830,236 | | | | 5,903,440 | | | | 15,655,215 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | (7,512,748 | ) | | | (6,913,354 | ) | | | (4,461,351 | ) | | | (5,028,340 | ) |
| | – | | | | – | | | | – | | | | – | |
| | (1,224,490 | ) | | | (928,561 | ) | | | – | | | | – | |
| | (392,917 | ) | | | (145,527 | ) | | | (277,229 | ) | | | (122,079 | ) |
| | – | | | | – | | | | – | | | | – | |
| | (9,130,155 | ) | | | (7,987,442 | ) | | | (4,738,580 | ) | | | (5,150,419 | ) |
| | | | | | | | | | | | | | |
| | 48,246,198 | | | | 51,777,224 | | | | 20,522,953 | | | | 21,624,214 | |
| | 6,594,880 | | | | 5,121,440 | | | | 3,155,145 | | | | 3,275,760 | |
| | (39,641,133 | ) | | | (39,743,263 | ) | | | (29,024,858 | ) | | | (40,758,215 | ) |
|
15,199,945 |
| | | 17,155,401 | | | | (5,346,760 | ) | | | (15,858,241 | ) |
| | 16,967,872 | | | | 31,998,195 | | | | (4,181,900 | ) | | | (5,353,445 | ) |
| | | | | | | | | | | | | | |
| $ | 195,241,522 | | | $ | 163,243,327 | | | $ | 123,235,965 | | | $ | 128,589,410 | |
| $ | 212,209,394 | | | $ | 195,241,522 | | | $ | 119,054,065 | | | $ | 123,235,965 | |
| $ | (493,928 | ) | | $ | (599,807 | ) | | $ | (69,032 | ) | | $ | (337,690 | ) |
| | | | | | | | | | | | | | |
See Notes to Financial Statements.
195
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | | Hawaii | |
| INCREASE (DECREASE) IN NET ASSETS | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
Operations: | | | | | | | | |
Net investment income | | $ | 5,174,709 | | | $ | 4,848,708 | |
Net realized gain (loss) on investments and futures contracts | | | 100,249 | | | | (972,378 | ) |
Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 2,460,612 | | | | 11,276,879 | |
Net increase in net assets resulting from operations | | | 7,735,570 | | | | 15,153,209 | |
Distributions to shareholders from: | | | | | | | | |
Net investment income | | | | | | | | |
Class A | | | (4,765,019 | ) | | | (4,814,323 | ) |
Class F | | | (141,683 | ) | | | (63,791 | ) |
Total distributions to shareholders | | | (4,906,702 | ) | | | (4,878,114 | ) |
Capital share transactions (See Note 11): | | | | | | | | |
Net proceeds from sales of shares | | | 20,193,457 | | | | 23,857,618 | |
Reinvestment of distributions | | | 3,613,078 | | | | 3,260,949 | |
Cost of shares reacquired | | | (24,190,374 | ) | | | (22,199,499 | ) |
Net increase (decrease) in net assets
resulting from capital share transactions | | | (383,839 | ) | | | 4,919,068 | |
Net increase (decrease) in net assets | | | 2,445,029 | | | | 15,194,163 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | $ | 130,360,838 | | | $ | 115,166,675 | |
End of year | | $ | 132,805,867 | | | $ | 130,360,838 | |
Distributions in excess of net investment income | | $ | (55,475 | ) | | $ | (333,497 | ) |
See Notes to Financial Statements.
196
| | | | | | | | | | | | | | |
| Missouri | | | New Jersey | |
For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
| | | | | | | | | | | | | | |
| $ | 7,591,108 | | | $ | 6,809,026 | | | $ | 5,701,896 | | | $ | 5,569,227 | |
| | (2,030,557 | ) | | | (934,873 | ) | | | (1,921,821 | ) | | | (3,471,023 | ) |
|
4,055,941 |
| | | 15,227,219 | | | | 3,604,482 | | | | 12,909,435 | |
| | 9,616,492 | | | | 21,101,372 | | | | 7,384,557 | | | | 15,007,639 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | (7,125,484 | ) | | | (6,822,983 | ) | | | (5,603,976 | ) | | | (5,504,244 | ) |
| | (62,757 | ) | | | (17,442 | ) | | | (63,710 | ) | | | (24,708 | ) |
| | (7,188,241 | ) | | | (6,840,425 | ) | | | (5,667,686 | ) | | | (5,528,952 | ) |
| | | | | | | | | | | | | | |
| | 29,578,403 | | | | 26,814,334 | | | | 12,571,365 | | | | 19,267,520 | |
| | 6,638,427 | | | | 5,892,401 | | | | 4,184,204 | | | | 3,541,640 | |
| | (32,584,060 | ) | | | (24,103,013 | ) | | | (19,721,180 | ) | | | (17,293,676 | ) |
|
3,632,770 |
| | | 8,603,722 | | | | (2,965,611 | ) | | | 5,515,484 | |
| | 6,061,021 | | | | 22,864,669 | | | | (1,248,740 | ) | | | 14,994,171 | |
| | | | | | | | | | | | | | |
| $ | 172,548,948 | | | $ | 149,684,279 | | | $ | 129,746,153 | | | $ | 114,751,982 | |
| $ | 178,609,969 | | | $ | 172,548,948 | | | $ | 128,497,413 | | | $ | 129,746,153 | |
| $ | (76,498 | ) | | $ | (461,320 | ) | | $ | (295,694 | ) | | $ | (338,726 | ) |
See Notes to Financial Statements.
197
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | | New York | |
| INCREASE IN NET ASSETS | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
Operations: | | | | | | | | |
Net investment income | | $ | 12,075,593 | | | $ | 11,657,707 | |
Net realized loss on investments and futures contracts | | | (4,198,191 | ) | | | (5,999,809 | ) |
Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 8,877,188 | | | | 31,563,563 | |
Net increase in net assets resulting from operations | | | 16,754,590 | | | | 37,221,461 | |
Distributions to shareholders from: | | | | | | | | |
Net investment income | | | | | | | | |
Class A | | | (10,256,225 | ) | | | (10,096,525 | ) |
Class B | | | – | | | | – | |
Class C | | | (1,502,128 | ) | | | (1,353,603 | ) |
Class F | | | (248,163 | ) | | | (72,062 | ) |
Class I | | | – | | | | – | |
Class P | | | – | | | | – | |
Total distributions to shareholders | | | (12,006,516 | ) | | | (11,522,190 | ) |
Capital share transactions (Net of share conversions) (See Note 11): | | | | | |
Net proceeds from sales of shares | | | 51,041,947 | | | | 38,088,512 | |
Reinvestment of distributions | | | 8,315,058 | | | | 6,706,659 | |
Cost of shares reacquired | | | (47,966,880 | ) | | | (50,674,441 | ) |
Net increase (decrease) in net assets
resulting from capital share transactions | | | 11,390,125 | | | | (5,879,270 | ) |
Net increase in net assets | | | 16,138,199 | | | | 19,820,001 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | $ | 272,148,631 | | | $ | 252,328,630 | |
End of year | | $ | 288,286,830 | | | $ | 272,148,631 | |
Undistributed (distributions in excess of) net investment income | | $ | (818,353 | ) | | $ | (859,550 | ) |
| * | | For the period December 12, 2008 (commencement of investment operations) to September 30, 2009. | |
See Notes to Financial Statements.
198
| | | | | | | | | | | | | | |
| Intermediate | | | Short Duration | |
For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | | | For the
Year Ended
September 30, 2010 | | | For the Period
December 12, 2008
to September 30, 2009* | |
| | | | | | | | | | | | | | |
| $ | 51,977,458 | | | $ | 26,084,067 | | | $ | 27,173,511 | | | $ | 4,947,181 | |
| | (4,503,634 | ) | | | (564,741 | ) | | | (296,245 | ) | | | – | |
|
47,909,249 |
| | | 71,877,518 | | | | 22,530,140 | | | | 8,921,691 | |
| | 95,383,073 | | | | 97,396,844 | | | | 49,407,406 | | | | 13,868,872 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | (36,638,320 | ) | | | (20,982,436 | ) | | | (20,597,104 | ) | | | (3,677,199 | ) |
| | (212,010 | ) | | | (134,977 | ) | | | – | | | | – | |
| | (7,863,735 | ) | | | (3,188,658 | ) | | | (2,286,086 | ) | | | (558,944 | ) |
| | (6,656,253 | ) | | | (1,778,492 | ) | | | (4,226,029 | ) | | | (696,190 | ) |
| | – | | | | – | | | | (31,686 | ) | | | (14,830 | ) |
| | (449 | ) | | | (435 | ) | | | – | | | | – | |
| | (51,370,767 | ) | | | (26,084,998 | ) | | | (27,140,905 | ) | | | (4,947,163 | ) |
| | | | | | | | | | | | | | |
| | 1,294,401,155 | | | | 912,002,268 | | | | 1,617,023,721 | | | | 882,089,897 | |
| | 32,503,678 | | | | 15,229,127 | | | | 15,688,753 | | | | 2,277,818 | |
| | (433,315,244 | ) | | | (295,966,280 | ) | | | (631,886,427 | ) | | | (51,971,546 | ) |
|
893,589,589 |
| | | 631,265,115 | | | | 1,000,826,047 | | | | 832,396,169 | |
| | 937,601,895 | | | | 702,576,961 | | | | 1,023,092,548 | | | | 841,317,878 | |
| | | | | | | | | | | | | | |
| $ | 1,088,815,300 | | | $ | 386,238,339 | | | $ | 841,317,878 | | | $ | – | |
| $ | 2,026,417,195 | | | $ | 1,088,815,300 | | | $ | 1,864,410,426 | | | $ | 841,317,878 | |
| $ | 665,410 | | | $ | (5,000 | ) | | $ | 111,769 | | | $ | 51,946 | |
See Notes to Financial Statements.
199
Statements of Changes in Net Assets (concluded)
| | | | | | | | |
| | | Georgia | |
| INCREASE IN NET ASSETS | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
Operations: | | | | | | | | |
Net investment income | | $ | 5,875,416 | | | $ | 5,433,007 | |
Net realized gain (loss) on investments and futures contracts | | | (403,309 | ) | | | (2,541,856 | ) |
Net change in unrealized appreciation/depreciation on investments and futures contracts | | | 3,278,852 | | | | 14,577,455 | |
Net increase in net assets resulting from operations | | | 8,750,959 | | | | 17,468,606 | |
Distributions to shareholders from: | | | | | | | | |
Net investment income | | | | | | | | |
Class A | | | (5,447,015 | ) | | | (5,276,669 | ) |
Class B | | | – | | | | – | |
Class C | | | – | | | | – | |
Class F | | | (295,072 | ) | | | (135,444 | ) |
Class I | | | – | | | | – | |
Class P | | | – | | | | – | |
Total distributions to shareholders | | | (5,742,087 | ) | | | (5,412,113 | ) |
Capital share transactions (See Note 11): | | | | | | | | |
Net proceeds from sales of shares | | | 31,090,203 | | | | 29,162,560 | |
Reinvestment of distributions | | | 5,004,058 | | | | 4,214,153 | |
Cost of shares reacquired | | | (29,536,571 | ) | | | (39,634,219 | ) |
Net increase (decrease) in net assets
resulting from capital share transactions | | | 6,557,690 | | | | (6,257,506 | ) |
Net increase in net assets | | | 9,566,562 | | | | 5,798,987 | |
NET ASSETS: | | | | | | | | |
Beginning of year | | $ | 130,087,405 | | | $ | 124,288,418 | |
End of year | | $ | 139,653,967 | | | $ | 130,087,405 | |
Undistributed (distributions in excess of) net investment income | | $ | 64,855 | | | $ | (84,643 | ) |
See Notes to Financial Statements.
200
| | | | | | | | | | | | | | |
| High Yield | | | Pennsylvania | |
For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | | | For the
Year Ended
September 30, 2010 | | | For the
Year Ended
September 30, 2009 | |
| | | | | | | | | | | | | | |
| $ | 99,821,458 | | | $ | 65,818,689 | | | $ | 4,281,569 | | | $ | 4,068,804 | |
| | (49,677,740 | ) | | | (116,922,838 | ) | | | 265,810 | | | | (1,152,401 | ) |
|
101,888,693 |
| | | 124,885,305 | | | | 2,537,690 | | | | 8,350,002 | |
| | 152,032,411 | | | | 73,781,156 | | | | 7,085,069 | | | | 11,266,405 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | (62,203,493 | ) | | | (43,828,188 | ) | | | (4,051,366 | ) | | | (4,078,231 | ) |
| | (507 | ) | | | (560 | ) | | | – | | | | – | |
| | (26,001,995 | ) | | | (21,416,626 | ) | | | – | | | | – | |
| | (9,390,859 | ) | | | (2,811,714 | ) | | | (48,799 | ) | | | (8,767 | ) |
| | (788 | ) | | | – | | | | – | | | | – | |
| | (576 | ) | | | (610 | ) | | | – | | | | – | |
| | (97,598,218 | ) | | | (68,057,698 | ) | | | (4,100,165 | ) | | | (4,086,998 | ) |
| | | | | | | | | | | | | | |
| | 904,630,848 | | | | 759,223,871 | | | | 16,078,433 | | | | 11,948,577 | |
| | 68,720,738 | | | | 41,071,979 | | | | 2,911,982 | | | | 2,500,029 | |
| | (534,438,631 | ) | | | (354,365,850 | ) | | | (19,495,808 | ) | | | (13,380,287 | ) |
|
438,912,955 |
| | | 445,930,000 | | | | (505,393 | ) | | | 1,068,319 | |
| | 493,347,148 | | | | 451,653,458 | | | | 2,479,511 | | | | 8,247,726 | |
| | | | | | | | | | | | | | |
| $ | 1,544,269,349 | | | $ | 1,092,615,891 | | | $ | 95,165,585 | | | $ | 86,917,859 | |
| $ | 2,037,616,497 | | | $ | 1,544,269,349 | | | $ | 97,645,096 | | | $ | 95,165,585 | |
| $ | 620,609 | | | $ | (1,872,177 | ) | | $ | (64,455 | ) | | $ | (233,629 | ) |
See Notes to Financial Statements.
201
Statement of Cash Flows
September 30, 2010
| | | | |
| INCREASE IN CASH | | High Yield | |
Cash flows used for operating activities: | | | | |
Net increase in net assets resulting from operations | | $ | 152,032,411 | |
Adjustments to reconcile net increase in net assets from
operations to net cash used for operating activities: | | | | |
Purchases of long-term portfolio investments | | | (1,148,286,496 | ) |
Proceeds from disposition of long-term portfolio investments and futures | | | 678,484,943 | |
Sales of short-term portfolio investments, net | | | 2,451,797 | |
Net accretion of discount on investments | | | (2,599,089 | ) |
Net change in unrealized appreciation/depreciation on investments | | | (95,548,838 | ) |
Net realized loss on investments and futures contracts | | | 49,677,740 | |
Decrease in deposits with broker for futures collateral | | | 46,100 | |
Increase in interest receivable | | | (8,878,180 | ) |
Decrease in receivable for investment securities sold | | | 66,201,038 | |
Decrease in prepaid expenses and other assets | | | 17,685 | |
Decrease in variation margin | | | 685,810 | |
Decrease in payable for investment securities purchased | | | (59,961,038 | ) |
Increase in management fee payable | | | 266,517 | |
Increase in interest expense and fees payable | | | 67,885 | |
Increase in 12b-1 distribution fees payable | | | 540,303 | |
Increase in fund administration fees payable | | | 23,335 | |
Increase in Trustees’ fee payable | | | 31,603 | |
Increase in accrued expenses and other liabilities | | | 108,904 | |
Net cash used for operating activities | | | (364,637,570 | ) |
Cash flows provided by financing activities*: | | | | |
Proceeds from sales of shares | | | 913,045,737 | |
Payment on cost of shares reacquired | | | (532,495,494 | ) |
Cash distribution paid | | | (26,317,647 | ) |
Proceeds from trust certificates | | | 23,035,000 | |
Repayment of trust certificates | | | (7,750,000 | ) |
Net cash provided by financing activities | | | 369,517,596 | |
Net increase in cash | | | 4,880,026 | |
Cash at beginning of year | | | 1,873,953 | |
Cash at end of year | | $ | 6,753,979 | |
| * | | Non cash financing activities not included herein consist of reinvestment of distributions of $68,720,738. | |
See Notes to Financial Statements.
202
Financial Highlights
NATIONAL TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.62 | | | | $ 9.71 | | | | $11.12 | | | | $11.52 | | | | $11.55 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .54 | | | | .52 | | | | .51 | | | | .49 | | | | .46 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .21 | | | | .90 | | | | (1.41 | ) | | | (.40 | ) | | | (.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .75 | | | | 1.42 | | | | (.90 | ) | | | .09 | | | | .44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.53 | ) | | | (.51 | ) | | | (.51 | ) | | | (.49 | ) | | | (.47 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.84 | | | | $10.62 | | | | $ 9.71 | | | | $11.12 | | | | $11.52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 7.34 | % | | | 15.40 | % | | | (8.41 | )% | | | .79 | % | | | 3.94 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .86 | % | | | .92 | % | | | 1.05 | % | | | 1.18 | % | | | 1.20 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .77 | % | | | .77 | % | | | .79 | % | | | .77 | % | | | .92 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .86 | % | | | .92 | % | | | 1.06 | % | | | 1.27 | % | | | 1.20 | % |
| | | | | |
Net investment income | | | 5.12 | % | | | 5.49 | % | | | 4.77 | % | | | 4.34 | % | | | 4.04 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $1,007,123 | | | | $889,665 | | | | $740,198 | | | | $525,513 | | | | $499,778 | |
| | | | | |
Portfolio turnover rate | | | 63.31 | % | | | 45.22 | % | | | 88.15 | % | | | 49.43 | % | | | 72.24 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
203
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class B Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.68 | | | | $ 9.75 | | | | $11.16 | | | | $11.56 | | | | $11.58 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .46 | | | | .45 | | | | .42 | | | | .41 | | | | .39 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .21 | | | | .91 | | | | (1.41 | ) | | | (.40 | ) | | | (.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .67 | | | | 1.36 | | | | (.99 | ) | | | .01 | | | | .37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.45 | ) | | | (.43 | ) | | | (.42 | ) | | | (.41 | ) | | | (.39 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.90 | | | | $10.68 | | | | $ 9.75 | | | | $11.16 | | | | $11.56 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 6.48 | % | | | 14.48 | % | | | (9.08 | )% | | | .08 | % | | | 3.32 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | 1.66 | % | | | 1.72 | % | | | 1.85 | % | | | 1.90 | % | | | 1.86 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | 1.57 | % | | | 1.57 | % | | | 1.58 | % | | | 1.49 | % | | | 1.58 | % |
| | | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | 1.66 | % | | | 1.72 | % | | | 1.86 | % | | | 1.99 | % | | | 1.86 | % |
| | | | | |
Net investment income | | | 4.33 | % | | | 4.70 | % | | | 3.94 | % | | | 3.61 | % | | | 3.39 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $16,143 | | | | $18,540 | | | | $18,032 | | | | $23,502 | | | | $27,871 | |
| | | | | |
Portfolio turnover rate | | | 63.31 | % | | | 45.22 | % | | | 88.15 | % | | | 49.43 | % | | | 72.24 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
204
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class C Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.63 | | | | $ 9.73 | | | | $11.15 | | | | $11.54 | | | | $11.57 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .46 | | | | .46 | | | | .44 | | | | .42 | | | | .39 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .23 | | | | .89 | | | | (1.41 | ) | | | (.39 | ) | | | (.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .69 | | | | 1.35 | | | | (.97 | ) | | | .03 | | | | .37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.46 | ) | | | (.45 | ) | | | (.45 | ) | | | (.42 | ) | | | (.40 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.86 | | | | $10.63 | | | | $ 9.73 | | | | $11.15 | | | | $11.54 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 6.69 | % | | | 14.58 | % | | | (9.01 | )% | | | .23 | % | | | 3.26 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | 1.56 | % | | | 1.59 | % | | | 1.67 | % | | | 1.82 | % | | | 1.86 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | 1.47 | % | | | 1.45 | % | | | 1.41 | % | | | 1.41 | % | | | 1.58 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | 1.56 | % | | | 1.59 | % | | | 1.68 | % | | | 1.91 | % | | | 1.86 | % |
| | | | | |
Net investment income | | | 4.40 | % | | | 4.78 | % | | | 4.13 | % | | | 3.70 | % | | | 3.39 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $181,209 | | | | $133,922 | | | | $80,301 | | | | $51,244 | | | | $44,450 | |
| | | | | |
Portfolio turnover rate | | | 63.31 | % | | | 45.22 | % | | | 88.15 | % | | | 49.43 | % | | | 72.24 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
205
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a) to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.61 | | | | $ 9.71 | | | | $11.12 | | | | $11.12 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .55 | | | | .53 | | | | .52 | | | | — | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .21 | | | | .89 | | | | (1.41 | ) | | | — | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .76 | | | | 1.42 | | | | (.89 | ) | | | — | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.54 | ) | | | (.52 | ) | | | (.52 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $10.83 | | | | $10.61 | | | | $ 9.71 | | | | $11.12 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 7.43 | % | | | 15.44 | % | | | (8.32 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .76 | % | | | .81 | % | | | .95 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense,
including expense reductions and
expenses reimbursed(g) | | | .66 | % | | | .67 | % | | | .69 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .76 | % | | | .81 | % | | | .97 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 5.18 | % | | | 5.45 | % | | | 5.00 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $62,200 | | | | $28,791 | | | | $2,310 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 63.31 | % | | | 45.22 | % | | | 88.15 | % | | | 49.43 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
206
Financial Highlights (concluded)
NATIONAL TAX FREE FUND
| | | | |
| | | Class I Shares | |
| | | 7/26/2010(a)
to
9/30/2010 | |
Per Share Operating Performance | | | | |
Net asset value, beginning of period | | | $10.59 | |
| | | | |
| |
Investment operations: | | | | |
| |
Net investment income(b) | | | .10 | |
| |
Net realized and unrealized gain | | | .25 | |
| | | | |
| |
Total from investment operations | | | .35 | |
| | | | |
| |
Distributions to shareholders from: | | | | |
| |
Net investment income | | | (.10 | ) |
| | | | |
Net asset value, end of period | | | $10.84 | |
| | | | |
| |
Total Return(c) | | | 3.31 | %(d) |
| |
Ratios to Average Net Assets: | | | | |
| |
Expenses, excluding interest expense and including expense reductions(f) | | | .55 | %(e) |
| |
Expenses, excluding expense reductions | | | .64 | %(e) |
| |
Net investment income | | | 5.21 | %(e) |
| |
| Supplemental Data: | | | |
Net assets, end of period (000) | | | $10 | |
| |
Portfolio turnover rate | | | 63.31 | % |
| (a) | | Commencement of investment operations was 7/26/2010 and SEC effective date was 4/30/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
207
Financial Highlights
CALIFORNIA TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.17 | | | | $ 9.38 | | | | $10.57 | | | | $10.91 | | | | $10.96 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .47 | | | | .45 | | | | .45 | | | | .44 | | | | .41 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .07 | | | | .80 | | | | (1.18 | ) | | | (.34 | ) | | | (.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .54 | | | | 1.25 | | | | (.73 | ) | | | .10 | | | | .38 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.47 | ) | | | (.46 | ) | | | (.46 | ) | | | (.44 | ) | | | (.43 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.24 | | | | $10.17 | | | | $ 9.38 | | | | $10.57 | | | | $10.91 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.52 | % | | | 13.92 | % | | | (7.16 | )% | | | .87 | % | | | 3.52 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .84 | % | | | .91 | % | | | 1.18 | % | | | 1.29 | % | | | 1.07 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .78 | % | | | .78 | % | | | .80 | % | | | .87 | % | | | .93 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .84 | % | | | .91 | % | | | 1.18 | % | | | 1.30 | % | | | 1.07 | % |
| | | | | |
Net investment income | | | 4.74 | % | | | 4.87 | % | | | 4.41 | % | | | 4.03 | % | | | 3.79 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $166,247 | | | | $159,768 | | | | $144,165 | | | | $147,893 | | | | $160,416 | |
| | | | | |
Portfolio turnover rate | | | 47.68 | % | | | 34.04 | % | | | 49.17 | % | | | 50.77 | % | | | 47.86 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
208
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class C Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.17 | | | | $ 9.39 | | | | $10.58 | | | | $10.92 | | | | $10.97 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .40 | | | | .38 | | | | .39 | | | | .37 | | | | .34 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .08 | | | | .80 | | | | (1.18 | ) | | | (.34 | ) | | | (.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .48 | | | | 1.18 | | | | (.79 | ) | | | .03 | | | | .31 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.40 | ) | | | (.40 | ) | | | (.40 | ) | | | (.37 | ) | | | (.36 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.25 | | | | $10.17 | | | | $ 9.39 | | | | $10.58 | | | | $10.92 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 4.88 | % | | | 13.13 | % | | | (7.73 | )% | | | .23 | % | | | 2.87 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | 1.55 | % | | | 1.60 | % | | | 1.79 | % | | | 1.92 | % | | | 1.72 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | 1.49 | % | | | 1.48 | % | | | 1.41 | % | | | 1.50 | % | | | 1.58 | % |
| | | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | 1.55 | % | | | 1.60 | % | | | 1.79 | % | | | 1.92 | % | | | 1.72 | % |
| | | | | |
Net investment income | | | 4.02 | % | | | 4.14 | % | | | 3.79 | % | | | 3.40 | % | | | 3.14 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $33,280 | | | | $28,896 | | | | $18,793 | | | | $15,245 | | | | $15,052 | |
| | | | | |
Portfolio turnover rate | | | 47.68 | % | | | 34.04 | % | | | 49.17 | % | | | 50.77 | % | | | 47.86 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
209
Financial Highlights (concluded)
CALIFORNIA TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.17 | | | | $ 9.38 | | | | $10.57 | | | | $10.57 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .48 | | | | .46 | | | | .45 | | | | — | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .07 | | | | .80 | | | | (1.17 | ) | | | — | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .55 | | | | 1.26 | | | | (.72 | ) | | | — | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.48 | ) | | | (.47 | ) | | | (.47 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $10.24 | | | | $10.17 | | | | $ 9.38 | | | | $10.57 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 5.62 | % | | | 14.06 | % | | | (7.07 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .74 | % | | | .79 | % | | | 1.05 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense, including expense reductions and
expenses reimbursed(g) | | | .68 | % | | | .67 | % | | | .67 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .74 | % | | | .79 | % | | | 1.07 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.81 | % | | | 4.84 | % | | | 4.48 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $12,683 | | | | $6,578 | | | | $285 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 47.68 | % | | | 34.04 | % | | | 49.17 | % | | | 50.77 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
210
Financial Highlights
CONNECTICUT TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.16 | | | | $ 9.26 | | | | $10.26 | | | | $10.51 | | | | $10.56 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .42 | | | | .42 | | | | .42 | | | | .44 | | | | .45 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .09 | | | | .89 | | | | (.99 | ) | | | (.24 | ) | | | (.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .51 | | | | 1.31 | | | | (.57 | ) | | | .20 | | | | .41 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.40 | ) | | | (.41 | ) | | | (.43 | ) | | | (.45 | ) | | | (.46 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.27 | | | | $10.16 | | | | $ 9.26 | | | | $10.26 | | | | $10.51 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.13 | % | | | 14.60 | %�� | | | (5.77 | )% | | | 1.93 | % | | | 3.96 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .88 | % | | | .89 | % | | | .78 | % | | | .91 | % | | | .76 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .81 | % | | | .79 | % | | | .64 | % | | | .59 | % | | | .52 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .88 | % | | | .90 | % | | | .94 | % | | | 1.20 | % | | | 1.20 | % |
| | | | | |
Net investment income | | | 4.16 | % | | | 4.46 | % | | | 4.22 | % | | | 4.20 | % | | | 4.34 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $111,888 | | | | $117,583 | | | | $128,252 | | | | $136,324 | | | | $96,530 | |
| | | | | |
Portfolio turnover rate | | | 23.79 | % | | | 9.44 | % | | | 34.10 | % | | | 9.97 | % | | | 31.96 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
211
Financial Highlights (concluded)
CONNECTICUT TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.14 | | | | $ 9.24 | | | | $10.26 | | | | $10.26 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .43 | | | | .42 | | | | .44 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .07 | | | | .90 | | | | (1.02 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .50 | | | | 1.32 | | | | (.58 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.40 | ) | | | (.42 | ) | | | (.44 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $10.24 | | | | $10.14 | | | | $ 9.24 | | | | $10.26 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 5.13 | % | | | 14.65 | % | | | (5.77 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .78 | % | | | .80 | % | | | .62 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense,
including expense reductions and
expenses reimbursed(g) | | | .71 | % | | | .71 | % | | | .49 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .78 | % | | | .80 | % | | | .83 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.26 | % | | | 4.37 | % | | | 4.43 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $7,167 | | | | $5,653 | | | | $337 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 23.79 | % | | | 9.44 | % | | | 34.10 | % | | | 9.97 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction tender option bond trusts. |
See Notes to Financial Statements.
212
Financial Highlights
HAWAII TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $4.92 | | | | $4.53 | | | | $4.92 | | | | $5.01 | | | | $5.04 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .19 | | | | .19 | | | | .20 | | | | .20 | | | | .20 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .09 | | | | .39 | | | | (.39 | ) | | | (.09 | ) | | | (.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .28 | | | | .58 | | | | (.19 | ) | | | .11 | | | | .18 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.18 | ) | | | (.19 | ) | | | (.20 | ) | | | (.20 | ) | | | (.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $5.02 | | | | $4.92 | | | | $4.53 | | | | $4.92 | | | | $5.01 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.93 | % | | | 13.15 | % | | | (3.99 | )% | | | 2.31 | % | | | 3.60 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .85 | % | | | .90 | % | | | .83 | % | | | .95 | % | | | .90 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .80 | % | | | .79 | % | | | .66 | % | | | .65 | % | | | .71 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .85 | % | | | .91 | % | | | .97 | % | | | 1.19 | % | | | 1.14 | % |
| | | | | |
Net investment income | | | 3.95 | % | | | 4.08 | % | | | 4.03 | % | | | 4.02 | % | | | 4.01 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $128,797 | | | | $127,322 | | | | $115,157 | | | | $103,989 | | | | $91,357 | |
| | | | | |
Portfolio turnover rate | | | 26.23 | % | | | 17.45 | % | | | 20.85 | % | | | 10.01 | % | | | 38.26 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
213
Financial Highlights (concluded)
HAWAII TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a) to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $4.92 | | | | $4.53 | | | | $4.92 | | | | $4.92 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .20 | | | | .19 | | | | .20 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .09 | | | | .39 | | | | (.38 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .29 | | | | .58 | | | | (.18 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.19 | ) | | | (.19 | ) | | | (.21 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $5.02 | | | | $4.92 | | | | $4.53 | | | | $4.92 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 6.03 | % | | | 13.28 | % | | | (3.89 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .75 | % | | | .81 | % | | | .66 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense,
including expense reductions and
expenses reimbursed(g) | | | .70 | % | | | .70 | % | | | .50 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .75 | % | | | .81 | % | | | .80 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.05 | % | | | 4.05 | % | | | 4.06 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $4,009 | | | | $3,039 | | | | $10 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 26.23 | % | | | 17.45 | % | | | 20.85 | % | | | 10.01 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
214
Financial Highlights
MISSOURI TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $5.08 | | | | $4.66 | | | | $5.20 | | | | $5.33 | | | | $5.35 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .22 | | | | .21 | | | | .21 | | | | .21 | | | | .22 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .04 | | | | .42 | | | | (.53 | ) | | | (.12 | ) | | | (.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .26 | | | | .63 | | | | (.32 | ) | | | .09 | | | | .20 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.20 | ) | | | (.21 | ) | | | (.22 | ) | | | (.22 | ) | | | (.21 | ) |
| | | | | |
Net realized gain | | | – | | | | – | | | | – | | | | – | | | | (.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total distributions | | | (.20 | ) | | | (.21 | ) | | | (.22 | ) | | | (.22 | ) | | | (.22 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $5.14 | | | | $5.08 | | | | $4.66 | | | | $5.20 | | | | $5.33 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.36 | % | | | 13.93 | % | | | (6.45 | )% | | | 1.64 | % | | | 3.92 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .84 | % | | | .81 | % | | | .88 | % | | | 1.12 | % | | | .78 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed | | | .80 | %(c) | | | .80 | % | | | .76 | %(c) | | | .77 | %(c) | | | .57 | %(c) |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .84 | % | | | .81 | % | | | .93 | % | | | 1.24 | % | | | 1.16 | % |
| | | | | |
Net investment income | | | 4.27 | % | | | 4.40 | % | | | 4.17 | % | | | 4.06 | % | | | 4.14 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $176,312 | | | | $171,963 | | | | $149,609 | | | | $158,977 | | | | $159,530 | |
| | | | | |
Portfolio turnover rate | | | 22.76 | % | | | 15.78 | % | | | 28.12 | % | | | 21.48 | % | | | 27.30 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
215
Financial Highlights (concluded)
MISSOURI TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $5.08 | | | | $4.66 | | | | $5.20 | | | | $5.20 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .22 | | | | .21 | | | | .22 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .05 | | | | .42 | | | | (.54 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .27 | | | | .63 | | | | (.32 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.21 | ) | | | (.21 | ) | | | (.22 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $5.14 | | | | $5.08 | | | | $4.66 | | | | $5.20 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 5.47 | % | | | 14.05 | % | | | (6.36 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .74 | % | | | .70 | % | | | .75 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense,
including expense reductions and
expenses reimbursed | | | .70 | %(g) | | | .70 | % | | | .63 | %(g) | | | .00 | %(e)(f)(g) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .74 | % | | | .70 | % | | | .81 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.39 | % | | | 4.39 | % | | | 4.34 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $2,298 | | | | $586 | | | | $75 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 22.76 | % | | | 15.78 | % | | | 28.12 | % | | | 21.48 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
216
Financial Highlights
NEW JERSEY TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $4.78 | | | | $4.43 | | | | $5.00 | | | | $5.17 | | | | $5.20 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .21 | | | | .21 | | | | .21 | | | | .21 | | | | .21 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .07 | | | | .35 | | | | (.56 | ) | | | (.17 | ) | | | (.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .28 | | | | .56 | | | | (.35 | ) | | | .04 | | | | .18 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.21 | ) | | | (.21 | ) | | | (.22 | ) | | | (.21 | ) | | | (.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $4.85 | | | | $4.78 | | | | $4.43 | | | | $5.00 | | | | $5.17 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 6.13 | % | | | 13.13 | % | | | (7.36 | )% | | | .78 | % | | | 3.51 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .83 | % | | | .81 | % | | | .90 | % | | | 1.14 | % | | | 1.10 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed | | | .80 | %(c) | | | .81 | % | | | .82 | %(c) | | | .81 | %(c) | | | .86 | %(c) |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .83 | % | | | .81 | % | | | .90 | % | | | 1.21 | % | | | 1.22 | % |
| | | | | |
Net investment income | | | 4.53 | % | | | 4.78 | % | | | 4.34 | % | | | 4.11 | % | | | 4.03 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $125,722 | | | | $128,778 | | | | $114,704 | | | | $129,106 | | | | $130,742 | |
| | | | | |
Portfolio turnover rate | | | 32.22 | % | | | 20.68 | % | | | 32.16 | % | | | 37.64 | % | | | 28.99 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
217
Financial Highlights (concluded)
NEW JERSEY TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $4.78 | | | | $4.43 | | | | $5.00 | | | | $5.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .22 | | | | .21 | | | | .21 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .07 | | | | .35 | | | | (.56 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .29 | | | | .56 | | | | (.35 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.22 | ) | | | (.21 | ) | | | (.22 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $4.85 | | | | $4.78 | | | | $4.43 | | | | $5.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 6.23 | % | | | 13.26 | % | | | (7.27 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .72 | % | | | .70 | % | | | .74 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed | | | .70 | %(g) | | | .70 | % | | | .66 | %(g) | | | .00 | %(e)(f)(g) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .72 | % | | | .70 | % | | | .77 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.61 | % | | | 4.73 | % | | | 4.41 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $2,775 | | | | $969 | | | | $48 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 32.22 | % | | | 20.68 | % | | | 32.16 | % | | | 37.64 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
218
Financial Highlights
NEW YORK TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.78 | | | | $ 9.71 | | | | $10.96 | | | | $11.27 | | | | $11.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .49 | | | | .48 | | | | .46 | | | | .47 | | | | .48 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .17 | | | | 1.06 | | | | (1.24 | ) | | | (.31 | ) | | | (.05 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .66 | | | | 1.54 | | | | (.78 | ) | | | .16 | | | | .43 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.48 | ) | | | (.47 | ) | | | (.47 | ) | | | (.47 | ) | | | (.48 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.96 | | | | $10.78 | | | | $ 9.71 | | | | $10.96 | | | | $11.27 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 6.37 | % | | | 16.49 | % | | | (7.37 | )% | | | 1.47 | % | | | 3.92 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .85 | % | | | .87 | % | | | .99 | % | | | 1.01 | % | | | .80 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .77 | % | | | .78 | % | | | .78 | % | | | .70 | % | | | .62 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .85 | % | | | .87 | % | | | 1.00 | % | | | 1.16 | % | | | 1.11 | % |
| | | | | |
Net investment income | | | 4.55 | % | | | 4.90 | % | | | 4.36 | % | | | 4.20 | % | | | 4.27 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $238,259 | | | | $231,452 | | | | $221,057 | | | | $243,416 | | | | $233,101 | |
| | | | | |
Portfolio turnover rate | | | 30.34 | % | | | 22.34 | % | | | 44.67 | % | | | 25.38 | % | | | 69.19 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction tender option bond trusts. |
See Notes to Financial Statements.
219
Financial Highlights (continued)
NEW YORK TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class C Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.76 | | | | $ 9.70 | | | | $10.96 | | | | $11.27 | | | | $11.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .41 | | | | .41 | | | | .40 | | | | .39 | | | | .40 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .19 | | | | 1.06 | | | | (1.25 | ) | | | (.30 | ) | | | (.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .60 | | | | 1.47 | | | | (.85 | ) | | | .09 | | | | .36 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.41 | ) | | | (.41 | ) | | | (.41 | ) | | | (.40 | ) | | | (.41 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.95 | | | | $10.76 | | | | $ 9.70 | | | | $10.96 | | | | $11.27 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.74 | % | | | 15.69 | % | | | (8.02 | )% | | | .84 | % | | | 3.25 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | 1.54 | % | | | 1.55 | % | | | 1.63 | % | | | 1.67 | % | | | 1.46 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | 1.46 | % | | | 1.46 | % | | | 1.41 | % | | | 1.36 | % | | | 1.28 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | 1.54 | % | | | 1.55 | % | | | 1.63 | % | | | 1.81 | % | | | 1.77 | % |
| | | | | |
Net investment income | | | 3.85 | % | | | 4.21 | % | | | 3.72 | % | | | 3.53 | % | | | 3.61 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $42,397 | | | | $37,554 | | | | $31,262 | | | | $25,423 | | | | $16,622 | |
| | | | | |
Portfolio turnover rate | | | 30.34 | % | | | 22.34 | % | | | 44.67 | % | | | 25.38 | % | | | 69.19 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction tender option bond trusts. |
See Notes to Financial Statements.
220
Financial Highlights (concluded)
NEW YORK TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.78 | | | | $ 9.72 | | | | $10.96 | | | | $10.96 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .50 | | | | .48 | | | | .48 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .18 | | | | 1.06 | | | | (1.24 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .68 | | | | 1.54 | | | | (.76 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.49 | ) | | | (.48 | ) | | | (.48 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $10.97 | | | | $10.78 | | | | $ 9.72 | | | | $10.96 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 6.57 | % | | | 16.51 | % | | | (7.18 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .75 | % | | | .77 | % | | | .82 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense,
including expense reductions and
expenses reimbursed(g) | | | .67 | % | | | .68 | % | | | .61 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions
and expenses reimbursed | | | .75 | % | | | .77 | % | | | .83 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.64 | % | | | 4.81 | % | | | 4.43 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $7,631 | | | | $3,143 | | | | $9 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 30.34 | % | | | 22.34 | % | | | 44.67 | % | | | 25.38 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
221
Financial Highlights
INTERMEDIATE TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.28 | | | | $ 9.42 | | | | $9.75 | | | | $9.81 | | | | $9.80 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .39 | | | | .38 | | | | .37 | | | | .36 | | | | .32 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .23 | | | | .86 | | | | (.32 | ) | | | (.06 | ) | | | .03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .62 | | | | 1.24 | | | | .05 | | | | .30 | | | | .35 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.38 | ) | | | (.38 | ) | | | (.38 | ) | | | (.36 | ) | | | (.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.52 | | | | $10.28 | | | | $9.42 | | | | $9.75 | | | | $9.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 6.22 | % | | | 13.50 | % | | | .43 | % | | | 3.11 | % | | | 3.67 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .63 | % | | | .44 | % | | | .27 | % | | | .27 | % | | | .27 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions, management fee waived and
expenses reimbursed(c) | | | .63 | % | | | .44 | % | | | .24 | % | | | .25 | % | | | .25 | % |
| | | | | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .71 | % | | | .72 | % | | | .79 | % | | | 1.37 | % | | | 1.66 | % |
| | | | | |
Net investment income | | | 3.76 | % | | | 3.89 | % | | | 3.80 | % | | | 3.68 | % | | | 3.34 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $1,320,285 | | | | $798,344 | | | | $338,400 | | | | $17,046 | | | | $7,234 | |
| | | | | |
Portfolio turnover rate | | | 30.23 | % | | | 15.70 | % | | | 29.73 | % | | | 30.70 | % | | | 100.82 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
222
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class B Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.27 | | | | $ 9.41 | | | | $9.74 | | | | $9.80 | | | | $9.79 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .31 | | | | .30 | | | | .31 | | | | .29 | | | | .26 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .23 | | | | .87 | | | | (.33 | ) | | | (.06 | ) | | | .02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .54 | | | | 1.17 | | | | (.02 | ) | | | .23 | | | | .28 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.30 | ) | | | (.31 | ) | | | (.31 | ) | | | (.29 | ) | | | (.27 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.51 | | | | $10.27 | | | | $9.41 | | | | $9.74 | | | | $9.80 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.38 | % | | | 12.65 | % | | | (.29 | )% | | | 2.35 | % | | | 2.92 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | 1.43 | % | | | 1.24 | % | | | 1.02 | % | | | 1.02 | % | | | 1.02 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(c) | | | 1.43 | % | | | 1.23 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % |
| | | | | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.51 | % | | | 1.52 | % | | | 1.67 | % | | | 2.12 | % | | | 2.32 | % |
| | | | | |
Net investment income | | | 2.98 | % | | | 3.10 | % | | | 3.15 | % | | | 2.95 | % | | | 2.67 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $7,725 | | | | $6,315 | | | | $1,966 | | | | $802 | | | | $848 | |
| | | | | |
Portfolio turnover rate | | | 30.23 | % | | | 15.70 | % | | | 29.73 | % | | | 30.70 | % | | | 100.82 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
223
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class C Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.27 | | | | $ 9.41 | | | | $9.74 | | | | $9.80 | | | | $9.79 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .31 | | | | .31 | | | | .30 | | | | .29 | | | | .25 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .24 | | | | .87 | | | | (.32 | ) | | | (.06 | ) | | | .03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .55 | | | | 1.18 | | | | (.02 | ) | | | .23 | | | | .28 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.31 | ) | | | (.32 | ) | | | (.31 | ) | | | (.29 | ) | | | (.27 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.51 | | | | $10.27 | | | | $9.41 | | | | $9.74 | | | | $9.80 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.44 | % | | | 12.76 | % | | | (.31 | )% | | | 2.35 | % | | | 2.90 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions
and including management fee waived and expenses reimbursed | | | 1.37 | % | | | 1.10 | % | | | 1.02 | % | | | 1.02 | % | | | 1.02 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions, management fee waived and
expenses reimbursed(c) | | | 1.37 | % | | | 1.09 | % | | | 0.98 | % | | | 1.00 | % | | | 1.00 | % |
| | | | | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.46 | % | | | 1.47 | % | | | 1.45 | % | | | 2.02 | % | | | 2.31 | % |
| | | | | |
Net investment income | | | 3.01 | % | | | 3.22 | % | | | 3.11 | % | | | 2.95 | % | | | 2.59 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $391,138 | | | | $180,270 | | | | $44,402 | | | | $4,249 | | | | $2,784 | |
| | | | | |
Portfolio turnover rate | | | 30.23 | % | | | 15.70 | % | | | 29.73 | % | | | 30.70 | % | | | 100.82 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
224
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $10.28 | | | | $ 9.42 | | | | $9.75 | | | | $9.75 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .40 | | | | .38 | | | | .39 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .23 | | | | .87 | | | | (.33 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .63 | | | | 1.25 | | | | .06 | | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.39 | ) | | | (.39 | ) | | | (.39 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $10.52 | | | | $10.28 | | | | $9.42 | | | | $9.75 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 6.33 | % | | | 13.61 | % | | | .57 | % | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .53 | % | | | .40 | % | | | .13 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense, including expense reductions, management fee waived and
expenses reimbursed(g) | | | .53 | % | | | .39 | % | | | .10 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .61 | % | | | .64 | % | | | .67 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 3.86 | % | | | 3.90 | % | | | 3.97 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $307,256 | | | | $103,873 | | | | $1,460 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 30.23 | % | | | 15.70 | % | | | 29.73 | % | | | 30.70 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
225
Financial Highlights (concluded)
INTERMEDIATE TAX FREE FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class P Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $10.28 | | | | $ 9.42 | | | | $9.75 | | | | $9.81 | | | | $9.80 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .36 | | | | .36 | | | | .36 | | | | .34 | | | | .31 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .24 | | | | .86 | | | | (.33 | ) | | | (.06 | ) | | | .02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .60 | | | | 1.22 | | | | .03 | | | | .28 | | | | .33 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.36 | ) | | | (.36 | ) | | | (.36 | ) | | | (.34 | ) | | | (.32 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $10.52 | | | | $10.28 | | | | $9.42 | | | | $9.75 | | | | $9.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 5.99 | % | | | 13.27 | % | | | .29 | % | | | 2.91 | % | | | 3.46 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .86 | % | | | .65 | % | | | .46 | % | | | .47 | % | | | .47 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions, management fee waived and
expenses reimbursed(c) | | | .86 | % | | | .64 | % | | | .43 | % | | | .45 | % | | | .45 | % |
| | | | | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .94 | % | | | .96 | % | | | 1.13 | % | | | 1.57 | % | | | 1.77 | % |
| | | | | |
Net investment income | | | 3.56 | % | | | 3.73 | % | | | 3.73 | % | | | 3.49 | % | | | 3.15 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $13 | | | | $13 | | | | $11 | | | | $11 | | | | $11 | |
| | | | | |
Portfolio turnover rate | | | 30.23 | % | | | 15.70 | % | | | 29.73 | % | | | 30.70 | % | | | 100.82 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
226
Financial Highlights
SHORT DURATION TAX FREE FUND
| | | | | | | | |
| | | Class A Shares | |
| | | Year Ended
9/30/2010 | | | 12/12/2008(a)
to
9/30/2009 | |
Per Share Operating Performance | | | | | | | | |
Net asset value, beginning of period | | | $15.60 | | | | $15.00 | |
| | | | | | | | |
| | |
Investment operations: | | | | | | | | |
| | |
Net investment income(b) | | | .30 | | | | .33 | |
| | |
Net realized and unrealized gain | | | .20 | | | | .68 | |
| | | | | | | | |
| | |
Total from investment operations | | | .50 | | | | 1.01 | |
| | | | | | | | |
| | |
Distributions to shareholders from: | | | | | | | | |
| | |
Net investment income | | | (.30 | ) | | | (.41 | ) |
| | | | | | | | |
Net asset value, end of period | | | $15.80 | | | | $15.60 | |
| | | | | | | | |
| | |
Total Return(c) | | | 3.24 | % | | | 6.82 | %(d) |
| | |
Ratios to Average Net Assets: | | | | | | | | |
| | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .55 | % | | | .44 | %(e) |
| | |
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | .55 | %(f) | | | .44 | %(e) |
| | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .70 | % | | | .75 | %(e) |
| | |
Net investment income | | | 1.91 | % | | | 2.68 | %(e) |
| | |
| Supplemental Data: | | | | | | |
Net assets, end of period (000) | | | $1,326,511 | | | | $609,072 | |
| | |
Portfolio turnover rate | | | 36.21 | % | | | 64.00 | % |
| (a) | | Commencement of investment operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first became available to the public was 1/2/2009. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (f) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
227
Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
| | | | | | | | |
| | | Class C Shares | |
| | | Year Ended
9/30/2010 | | | 12/12/2008(a)
to
9/30/2009 | |
Per Share Operating Performance | | | | | | | | |
Net asset value, beginning of period | | | $15.60 | | | | $15.00 | |
| | | | | | | | |
| | |
Investment operations: | | | | | | | | |
| | |
Net investment income(b) | | | .18 | | | | .23 | |
| | |
Net realized and unrealized gain | | | .19 | | | | .68 | |
| | | | | | | | |
| | |
Total from investment operations | | | .37 | | | | .91 | |
| | | | | | | | |
| | |
Distributions to shareholders from: | | | | | | | | |
| | |
Net investment income | | | (.17 | ) | | | (.31 | ) |
| | | | | | | | |
Net asset value, end of period | | | $15.80 | | | | $15.60 | |
| | | | | | | | |
| | |
Total Return(c) | | | 2.42 | % | | | 6.10 | %(d) |
| | |
Ratios to Average Net Assets: | | | | | | | | |
| | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | 1.35 | % | | | 1.23 | %(e) |
| | |
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | 1.35 | %(f) | | | 1.23 | %(e) |
| | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | 1.50 | % | | | 1.51 | %(e) |
| | |
Net investment income | | | 1.12 | % | | | 1.88 | %(e) |
| | |
| Supplemental Data: | | | | | | |
Net assets, end of period (000) | | | $251,390 | | | | $128,116 | |
| | |
Portfolio turnover rate | | | 36.21 | % | | | 64.00 | % |
| (a) | | Commencement of investment operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first became available to the public was 1/2/2009. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (f) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
228
Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
| | | | | | | | |
| | | Class F Shares | |
| | | Year Ended
9/30/2010 | | | 12/12/2008(a)
to
9/30/2009 | |
| | | |
Per Share Operating Performance | | | | | | | | |
Net asset value, beginning of period | | | $15.60 | | | | $15.00 | |
| | | | | | | | |
| | |
Investment operations: | | | | | | | | |
| | |
Net investment income(b) | | | .32 | | | | .36 | |
| | |
Net realized and unrealized gain | | | .20 | | | | .66 | |
| | | | | | | | |
| | |
Total from investment operations | | | .52 | | | | 1.02 | |
| | | | | | | | |
| | |
Distributions to shareholders from: | | | | | | | | |
| | |
Net investment income | | | (.32 | ) | | | (.42 | ) |
| | | | | | | | |
Net asset value, end of period | | | $15.80 | | | | $15.60 | |
| | | | | | | | |
| | |
Total Return(c) | | | 3.34 | % | | | 6.90 | %(d) |
| | | | | | | | |
| | |
Ratios to Average Net Assets: | | | | | | | | |
| | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .45 | % | | | .34 | %(e) |
| | |
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | .45 | %(f) | | | .34 | %(e) |
| | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .61 | % | | | .64 | %(e) |
| | |
Net investment income | | | 2.02 | % | | | 2.88 | %(e) |
| | |
| Supplemental Data: | | | | | | |
Net assets, end of period (000) | | | $284,289 | | | | $100,723 | |
| | |
Portfolio turnover rate | | | 36.21 | % | | | 64.00 | % |
| (a) | | Commencement of investment operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first became available to the public was 1/2/2009. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
229
Financial Highlights (concluded)
SHORT DURATION TAX FREE FUND
| | | | | | | | |
| | | Class I Shares | |
| | | Year Ended
9/30/2010 | | | 12/12/2008(a)
to
9/30/2009 | |
| | | |
Per Share Operating Performance | | | | | | | | |
Net asset value, beginning of period | | | $15.60 | | | | $15.00 | |
| | | | | | | | |
| | |
Investment operations: | | | | | | | | |
| | |
Net investment income(b) | | | .33 | | | | .34 | |
| | |
Net realized and unrealized gain | | | .20 | | | | .70 | |
| | | | | | | | |
| | |
Total from investment operations | | | .53 | | | | 1.04 | |
| | | | | | | | |
| | |
Distributions to shareholders from: | | | | | | | | |
| | |
Net investment income | | | (.33 | ) | | | (.44 | ) |
| | | | | | | | |
Net asset value, end of period | | | $15.80 | | | | $15.60 | |
| | | | | | | | |
| | |
Total Return(c) | | | 3.43 | % | | | 7.04 | %(d) |
| | | | | | | | |
| | |
Ratios to Average Net Assets: | | | | | | | | |
| | |
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed | | | .35 | % | | | .25 | %(e) |
| | |
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed | | | .34 | %(f) | | | .25 | %(e) |
| | |
Expenses, excluding expense reductions, management fee waived and expenses reimbursed | | | .50 | % | | | .57 | %(e) |
| | |
Net investment income | | | 2.11 | % | | | 2.71 | %(e) |
| | |
| Supplemental Data: | | | | | | |
Net assets, end of period (000) | | | $2,221 | | | | $3,407 | |
| | |
Portfolio turnover rate | | | 36.21 | % | | | 64.00 | % |
| (a) | | Commencement of investment operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first became available to the public was 1/2/2009. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
230
Financial Highlights
GEORGIA TAX FREE TRUST
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $5.46 | | | | $4.93 | | | | $5.51 | | | | $5.64 | | | | $5.66 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .23 | | | | .23 | | | | .23 | | | | .23 | | | | .22 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .11 | | | | .53 | | | | (.58 | ) | | | (.13 | ) | | | (.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .34 | | | | .76 | | | | (.35 | ) | | | .10 | | | | .21 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.23 | ) | | | (.23 | ) | | | (.23 | ) | | | (.23 | ) | | | (.23 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $5.57 | | | | $5.46 | | | | $4.93 | | | | $5.51 | | | | $5.64 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 6.36 | % | | | 15.91 | % | | | (6.62 | )% | | | 1.76 | % | | | 3.77 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .86 | % | | | .95 | % | | | .88 | % | | | .88 | % | | | .63 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .81 | % | | | .82 | % | | | .69 | % | | | .60 | % | | | .44 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .86 | % | | | .95 | % | | | 1.00 | % | | | 1.13 | % | | | 1.08 | % |
| | | | | |
Net investment income | | | 4.27 | % | | | 4.59 | % | | | 4.19 | % | | | 4.04 | % | | | 3.99 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $131,627 | | | | $124,746 | | | | $124,126 | | | | $133,599 | | | | $118,819 | |
| | | | | |
Portfolio turnover rate | | | 23.24 | % | | | 18.16 | % | | | 37.84 | % | | | 13.29 | % | | | 36.93 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
231
Financial Highlights (concluded)
GEORGIA TAX FREE TRUST
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to 9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $5.48 | | | | $4.93 | | | | $5.51 | | | | $5.51 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .24 | | | | .23 | | | | .23 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .10 | | | | .55 | | | | (.58 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .34 | | | | .78 | | | | (.35 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.23 | ) | | | (.23 | ) | | | (.23 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $5.59 | | | | $5.48 | | | | $4.93 | | | | $5.51 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 6.45 | % | | | 16.47 | % | | | (6.53 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .76 | % | | | .85 | % | | | .81 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g) | | | .71 | % | | | .72 | % | | | .63 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .76 | % | | | .85 | % | | | .89 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.37 | % | | | 4.52 | % | | | 4.39 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $8,027 | | | | $5,342 | | | | $163 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 23.24 | % | | | 18.16 | % | | | 37.84 | % | | | 13.29 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
232
Financial Highlights
HIGH YIELD MUNICIPAL BOND FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.49 | | | | $11.89 | | | | $15.03 | | | | $15.81 | | | | $15.41 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .67 | | | | .72 | | | | .75 | | | | .75 | | | | .82 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .31 | | | | (.37 | )(b) | | | (3.13 | ) | | | (.77 | ) | | | .37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .98 | | | | .35 | | | | (2.38 | ) | | | (.02 | ) | | | 1.19 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.66 | ) | | | (.75 | ) | | | (.76 | ) | | | (.76 | ) | | | (.79 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $11.81 | | | | $11.49 | | | | $11.89 | | | | $15.03 | | | | $15.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(c) | | | 8.88 | % | | | 4.14 | % | | | (16.33 | )% | | | (.23 | )% | | | 7.97 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .91 | % | | | 1.03 | % | | | 1.27 | % | | | 1.31 | % | | | .49 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d) | | | .80 | % | | | .84 | % | | | .79 | % | | | .67 | % | | | .16 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .91 | % | | | 1.03 | % | | | 1.30 | % | | | 1.52 | % | | | 1.34 | % |
| | | | | |
Net investment income | | | 5.88 | % | | | 7.13 | % | | | 5.50 | % | | | 4.75 | % | | | 5.28 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $1,236,637 | | | | $976,708 | | | | $695,723 | | | | $959,170 | | | | $731,726 | |
| | | | | |
Portfolio turnover rate | | | 37.68 | % | | | 32.88 | % | | | 47.95 | % | | | 24.92 | % | | | 62.27 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (c) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (d) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
233
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class B Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.51 | | | | $11.91 | | | | $15.03 | | | | $15.81 | | | | $15.41 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .59 | | | | .66 | | | | .70 | | | | .68 | | | | .77 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .30 | | | | (.39 | )(b) | | | (3.14 | ) | | | (.78 | ) | | | .37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .89 | | | | .27 | | | | (2.44 | ) | | | (.10 | ) | | | 1.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.58 | ) | | | (.67 | ) | | | (.68 | ) | | | (.68 | ) | | | (.74 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $11.82 | | | | $11.51 | | | | $11.91 | | | | $15.03 | | | | $15.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(c) | | | 7.97 | % | | | 3.46 | % | | | (16.70 | )% | | | (.74 | )% | | | 7.62 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | 1.68 | % | | | 1.78 | % | | | 1.74 | % | | | 1.77 | % | | | .80 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d) | | | 1.57 | % | | | 1.60 | % | | | 1.26 | % | | | 1.13 | % | | | .47 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | 1.68 | % | | | 1.81 | % | | | 2.07 | % | | | 2.24 | % | | | 1.96 | % |
| | | | | |
Net investment income | | | 5.15 | % | | | 6.52 | % | | | 5.10 | % | | | 4.29 | % | | | 4.99 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $11 | | | | $10 | | | | $10 | | | | $11 | | | | $11 | |
| | | | | |
Portfolio turnover rate | | | 37.68 | % | | | 32.88 | % | | | 47.95 | % | | | 24.92 | % | | | 62.27 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (c) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (d) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
234
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class C Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.50 | | | | $11.89 | | | | $15.03 | | | | $15.81 | | | | $15.41 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .59 | | | | .66 | | | | .68 | | | | .67 | | | | .76 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .30 | | | | (.37 | )(b) | | | (3.14 | ) | | | (.77 | ) | | | .38 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .89 | | | | .29 | | | | (2.46 | ) | | | (.10 | ) | | | 1.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.58 | ) | | | (.68 | ) | | | (.68 | ) | | | (.68 | ) | | | (.74 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $11.81 | | | | $11.50 | | | | $11.89 | | | | $15.03 | | | | $15.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(c) | | | 7.99 | % | | | 3.57 | % | | | (16.77 | )% | | | (.74 | )% | | | 7.62 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | 1.65 | % | | | 1.66 | % | | | 1.78 | % | | | 1.81 | % | | | .88 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d) | | | 1.55 | % | | | 1.48 | % | | | 1.30 | % | | | 1.17 | % | | | .54 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | 1.65 | % | | | 1.67 | % | | | 1.93 | % | | | 2.17 | % | | | 1.98 | % |
| | | | | |
Net investment income | | | 5.14 | % | | | 6.55 | % | | | 5.00 | % | | | 4.25 | % | | | 4.98 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $585,366 | | | | $455,042 | | | | $392,360 | | | | $538,419 | | | | $349,911 | |
| | | | | |
Portfolio turnover rate | | | 37.68 | % | | | 32.88 | % | | | 47.95 | % | | | 24.92 | % | | | 62.27 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (c) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (d) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
235
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to
9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $11.50 | | | | $11.90 | | | | $15.03 | | | | $15.03 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .69 | | | | .70 | | | | .76 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .30 | | | | (.34 | )(d) | | | (3.13 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .99 | | | | .36 | | | | (2.37 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.67 | ) | | | (.76 | ) | | | (.76 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $11.82 | | | | $11.50 | | | | $11.90 | | | | $15.03 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(e) | | | 8.98 | % | | | 4.25 | % | | | (16.19 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | .81 | % | | | .91 | % | | | 1.20 | % | | | .00 | %(f)(g) |
| | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(h) | | | .71 | % | | | .73 | % | | | .72 | % | | | .00 | %(f)(g) |
| | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .81 | % | | | .91 | % | | | 1.20 | % | | | .00 | %(f)(g) |
| | | | |
Net investment income | | | 5.97 | % | | | 6.83 | % | | | 5.90 | % | | | .00 | %(f)(g) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $215,479 | | | | $112,500 | | | | $4,513 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 37.68 | % | | | 32.88 | % | | | 47.95 | % | | | 24.92 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (e) | | Total return assumes the reinvestment of all distributions. |
| (g) | | Amount is less than .01%. |
| (h) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
236
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| | | | |
| | | Class I Shares | |
| | | 7/26/2010(a)
to
9/30/2010 | |
Per Share Operating Performance | | | | |
Net asset value, beginning of period | | | $11.58 | |
| | | | |
| |
Investment operations: | | | | |
| |
Net investment income(b) | | | .12 | |
| |
Net realized and unrealized gain | | | .23 | |
| | | | |
| |
Total from investment operations | | | .35 | |
| | | | |
| |
Distributions to shareholders from: | | | | |
| |
Net investment income | | | (.12 | ) |
| | | | |
Net asset value, end of period | | | $11.81 | |
| | | | |
| |
Total Return(c) | | | 3.05 | %(d) |
| |
Ratios to Average Net Assets: | | | | |
| |
Expenses, excluding interest expense and including expense reductions(f) | | | .62 | %(e) |
| |
Expenses, excluding expense reductions | | | .72 | %(e) |
| |
Net investment income | | | 5.75 | %(e) |
| |
| Supplemental Data: | | | |
Net assets, end of period (000) | | | $112 | |
| |
Portfolio turnover rate | | | 37.68 | % |
| (a) | | Commencement of investment operations was 7/26/2010 and the SEC effective date was 4/30/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
237
Financial Highlights (concluded)
HIGH YIELD MUNICIPAL BOND FUND
| | | | | | | | | | | | | | | | | | | | |
| | | Class P Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $11.50 | | | | $11.90 | | | | $15.04 | | | | $15.82 | | | | $15.42 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .66 | | | | .71 | | | | .74 | | | | .75 | | | | .83 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .30 | | | | (.39 | )(b) | | | (3.13 | ) | | | (.77 | ) | | | .36 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .96 | | | | .32 | | | | (2.39 | ) | | | (.02 | ) | | | 1.19 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.64 | ) | | | (.72 | ) | | | (.75 | ) | | | (.76 | ) | | | (.79 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $11.82 | | | | $11.50 | | | | $11.90 | | | | $15.04 | | | | $15.82 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(c) | | | 8.67 | % | | | 3.87 | % | | | (16.34 | )% | | | (.25 | )% | | | 7.94 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions and including expenses reimbursed | | | 1.12 | % | | | 1.26 | % | | | 1.35 | % | | | 1.32 | % | | | .47 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d) | | | 1.02 | % | | | 1.08 | % | | | .87 | % | | | .66 | % | | | .13 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | 1.12 | % | | | 1.26 | % | | | 1.51 | % | | | 1.73 | % | | | 1.45 | % |
| | | | | |
Net investment income | | | 5.71 | % | | | 7.04 | % | | | 5.46 | % | | | 4.77 | % | | | 5.41 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $11 | | | | $10 | | | | $10 | | | | $12 | | | | $12 | |
| | | | | |
Portfolio turnover rate | | | 37.68 | % | | | 32.88 | % | | | 47.95 | % | | | 24.92 | % | | | 62.27 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statement of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
| (c) | | Total return assumes the reinvestment of all distributions. |
| (d) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
238
Financial Highlights
PENNSYLVANIA TAX FREE TRUST
| | | | | | | | | | | | | | | | | | | | |
| | | Class A Shares | |
| | | Year Ended 9/30 | |
| | | 2010 | | | 2009 | | | 2008 | | | 2007 | | | 2006 | |
Per Share Operating Performance | | | | | | | | | | | | | | | | | | | | |
Net asset value, beginning of year | | | $5.01 | | | | $4.62 | | | | $5.13 | | | | $5.24 | | | | $5.30 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income(a) | | | .22 | | | | .22 | | | | .22 | | | | .22 | | | | .22 | |
| | | | | |
Net realized and unrealized gain (loss) | | | .14 | | | | .39 | | | | (.51 | ) | | | (.11 | ) | | | (.06 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .36 | | | | .61 | | | | (.29 | ) | | | .11 | | | | .16 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | | (.21 | ) | | | (.22 | ) | | | (.22 | ) | | | (.22 | ) | | | (.22 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | | $5.16 | | | | $5.01 | | | | $4.62 | | | | $5.13 | | | | $5.24 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(b) | | | 7.43 | % | | | 13.69 | % | | | (5.90 | )% | | | 2.10 | % | | | 3.10 | % |
| | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .85 | % | | | .91 | % | | | 1.02 | % | | | 1.11 | % | | | .86 | % |
| | | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(c) | | | .83 | % | | | .84 | % | | | .84 | % | | | .77 | % | | | .67 | % |
| | | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .85 | % | | | .91 | % | | | 1.02 | % | | | 1.24 | % | | | 1.12 | % |
| | | | | |
Net investment income | | | 4.41 | % | | | 4.72 | % | | | 4.35 | % | | | 4.23 | % | | | 4.19 | % |
| | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | | $96,001 | | | | $94,782 | | | | $86,908 | | | | $94,138 | | | | $93,770 | |
| | | | | |
Portfolio turnover rate | | | 47.07 | % | | | 19.15 | % | | | 44.84 | % | | | 32.18 | % | | | 42.20 | % |
| (a) | | Calculated using average shares outstanding during the year. |
| (b) | | Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
| (c) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
239
Financial Highlights (concluded)
PENNSYLVANIA TAX FREE TRUST
| | | | | | | | | | | | | | | | |
| | | Class F Shares | |
| | | Year Ended 9/30 | | | 9/28/2007(a)
to
9/30/2007 | |
| | | 2010 | | | 2009 | | | 2008 | | |
Per Share Operating Performance | | | | | | | | | | | | | | | | |
Net asset value, beginning of period | | | $5.01 | | | | $4.62 | | | | $5.13 | | | | $5.13 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment operations: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income(b) | | | .23 | | | | .22 | | | | .23 | | | | – | (c) |
| | | | |
Net realized and unrealized gain (loss) | | | .14 | | | | .40 | | | | (.52 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Total from investment operations | | | .37 | | | | .62 | | | | (.29 | ) | | | – | (c) |
| | | | | | | | | | | | | | | | |
| | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
| | | | |
Net investment income | | | (.22 | ) | | | (.23 | ) | | | (.22 | ) | | | – | |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | | $5.16 | | | | $5.01 | | | | $4.62 | | | | $5.13 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(d) | | | 7.53 | % | | | 13.83 | % | | | (5.81 | )% | | | .00 | % |
| | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | |
| | | | |
Expenses, excluding expense reductions
and including expenses reimbursed | | | .75 | % | | | .80 | % | | | .80 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g) | | | .73 | % | | | .73 | % | | | .61 | % | | | .00 | %(e)(f) |
| | | | |
Expenses, excluding expense reductions and expenses reimbursed | | | .75 | % | | | .80 | % | | | .83 | % | | | .00 | %(e)(f) |
| | | | |
Net investment income | | | 4.51 | % | | | 4.67 | % | | | 4.57 | % | | | .00 | %(e)(f) |
| | | | |
| Supplemental Data: | | | | | | | | | | | | |
Net assets, end of period (000) | | | $1,644 | | | | $384 | | | | $9 | | | | $10 | |
| | | | |
Portfolio turnover rate | | | 47.07 | % | | | 19.15 | % | | | 44.84 | % | | | 32.18 | % |
| (a) | | Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007. |
| (b) | | Calculated using average shares outstanding during the period. |
| (c) | | Amount is less than $.01. |
| (d) | | Total return assumes the reinvestment of all distributions. |
| (f) | | Amount is less than .01%. |
| (g) | | Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
See Notes to Financial Statements.
240
Notes to Financial Statements
1. ORGANIZATION
Lord Abbett Municipal Income Fund, Inc. (the “Company”) and Lord Abbett Municipal Income Trust (the “Trust”) are registered under the Investment Company Act of 1940, as amended (the “Act”), as open-end management investment companies. The Company was organized as a Maryland corporation on December 27, 1983. The Trust was organized as a Massachusetts business trust on September 11, 1991 and was reorganized as a Delaware statutory trust on July 22, 2002.
The Company consists of the following seven portfolios (separately, a “Fund” and collectively, the “Funds”) and their respective classes:
| | | | |
| Funds | | Classes | |
Lord Abbett National Tax-Free Income Fund (“National”) | | | A,B,C,F,I and P | |
Lord Abbett California Tax-Free Income Fund (“California”) | | | A,C,F and P | |
Lord Abbett Connecticut Tax-Free Income Fund (“Connecticut”) | | | A,F and P | |
Lord Abbett Hawaii Tax-Free Income Fund (“Hawaii”) | | | A,F and P | |
Lord Abbett Missouri Tax-Free Income Fund (“Missouri”) | | | A,F and P | |
Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”) | | | A,F and P | |
Lord Abbett New York Tax-Free Income Fund (“New York”) | | | A,C,F and P | |
The Trust consists of the following five portfolios (separately, a “Fund” and collectively, the “Funds”) and their respective classes:
| | | | |
| Funds | | Classes | |
Lord Abbett Intermediate Tax-Free Fund (“Intermediate”) | | | A,B,C,F and P | |
Lord Abbett Short Duration Tax Free Fund (“Short Duration”) | | | A,B,C,F and I | |
Georgia Series (“Georgia”) | | | A,F and P | |
Lord Abbett High Yield Municipal Bond Fund (“High Yield”) | | | A,B,C,F,I and P | |
Pennsylvania Series (“Pennsylvania”) | | | A,F and P | |
Each Fund is non-diversified as defined in the Act, except for National, Intermediate and Short Duration. As of the date of this report, Short Duration has not issued Class B shares and only Intermediate and High Yield have issued Class P shares. The Funds’ Class P shares are closed to substantially all investors, with certain exceptions as set forth in each Fund’s prospectus. On March 31, 2010, each of the Funds of the Company and Trust no longer made Class B shares available for purchase. Effective July 26, 2010, Class I shares of National and High Yield commenced investment operations.
The investment objective of each Fund (except for High Yield) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. Each Fund (except for National, Intermediate, Short Duration and High Yield) 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. The investment objective of High Yield is to seek a high level of income exempt from federal income tax. New York also seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I and P shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain
241
Notes to Financial Statements (continued)
exceptions); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
2. SIGNIFICANT ACCOUNTING POLICIES
| (a) | | Investment Valuation–Securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors/Trustees. 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 current 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 in the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (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 the Funds’ U.S. federal tax returns remains open for the fiscal years ended September 30, 2007 through September 30, 2010. The statutes of limitations on the Company’s and Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
| (e) | | Expenses–Expenses incurred by the Company and Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Company and Trust on a pro |
242
Notes to Financial Statements (continued)
| | rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F and P shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan. |
| (f) | | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. As of September 30, 2010, each Fund, except Short Duration, had open futures contracts. |
| (g) | | When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis, with delivery and payment normally taking place approximately one month after the purchase date. |
| (h) | | Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statement 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 each 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. |
243
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, 2010, as well as the average trust certificates outstanding for the fiscal year then ended:
| | | | | | | | | | | | | | | | |
| Fund | | Liability for Trust Certificates | | | Interest Rate or Range of Interest Rates | | | Underlying Municipal Bonds Transferred to TOBs | | | Average
Trust Certificates
Outstanding | |
National | | $ | 125,392,226 | | | | .27% -.37% | | | $ | 267,876,052 | | | $ | 116,844,890 | |
California | | | 14,475,000 | | | | .27% -.31% | | | | 31,252,932 | | | | 13,828,000 | |
Connecticut | | | 11,505,000 | | | | .27% -.37% | | | | 24,468,617 | | | | 8,935,000 | |
Hawaii | | | 8,435,000 | | | | .29% -.37% | | | | 17,835,319 | | | | 7,061,000 | |
Missouri | | | 10,035,000 | | | | .29% | | | | 20,871,520 | | | | 7,121,000 | |
New Jersey | | | 5,310,000 | | | | .27% | | | | 11,230,751 | | | | 3,186,000 | |
New York | | | 27,070,000 | | | | .27% -.28% | | | | 59,944,658 | | | | 25,070,000 | |
Intermediate | | | 9,820,000 | | | | .27% -.31% | | | | 21,473,340 | | | | 8,186,000 | |
Short Duration | | | 7,000,000 | | | | .27% | | | | 14,333,690 | | | | 4,200,000 | |
Georgia | | | 11,500,000 | | | | .27% -.31% | | | | 24,031,625 | | | | 11,300,000 | |
High Yield | | | 206,857,226 | | | | .27% -.37% | | | | 442,403,529 | | | | 205,483,226 | |
Pennsylvania | | | 2,610,000 | | | | .29% | | | | 5,405,336 | | | | 1,566,000 | |
Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share.
While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to the secured borrowings for TOB transactions.
| (i) | | Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or |
244
Notes to Financial Statements (continued)
| | liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below: |
| | • | | Level 1 - unadjusted quoted prices in active markets for identical investments; |
| | • | | 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). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of September 30, 2010 in valuing each Fund’s investments carried at value:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | National | | | California | |
| Investment Type* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | — | | | $ | 1,363,900,929 | | | $ | — | | | $ | 1,363,900,929 | | | $ | — | | | $ | 221,370,143 | | | $ | — | | | $ | 221,370,143 | |
Money Market
Mutual Funds | | | 5,326 | | | | — | | | | — | | | | 5,326 | | | | 26 | | | | — | | | | — | | | | 26 | |
Variable Rate Demand Notes | | | — | | | | 8,620,000 | | | | — | | | | 8,620,000 | | | | — | | | | 1,000,000 | | | | — | | | | 1,000,000 | |
Total | | $ | 5,326 | | | $ | 1,372,520,929 | | | $ | — | | | $ | 1,372,526,255 | | | $ | 26 | | | $ | 222,370,143 | | | $ | — | | | $ | 222,370,169 | |
Other Financial
Instruments | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | $ | 426,626 | | | $ | — | | | $ | — | | | $ | 426,626 | | | $ | 144,225 | | | $ | — | | | $ | — | | | $ | 144,225 | |
Liabilities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total | | $ | 426,626 | | | $ | — | | | $ | — | | | $ | 426,626 | | | $ | 144,225 | | | $ | — | | | $ | — | | | $ | 144,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Connecticut | | | Hawaii | |
| Investment Type* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | — | | | $ | 127,182,078 | | | $ | — | | | $ | 127,182,078 | | | $ | — | | | $ | 139,130,393 | | | $ | — | | | $ | 139,130,393 | |
Money Market
Mutual Fund | | | 6 | | | | — | | | | — | | | | 6 | | | | — | | | | — | | | | — | | | | — | |
Total | | $ | 6 | | | $ | 127,182,078 | | | $ | — | | | $ | 127,182,084 | | | $ | — | | | $ | 139,130,393 | | | $ | — | | | $ | 139,130,393 | |
Other Financial
Instruments | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | $ | 118,377 | | | $ | — | | | $ | — | | | $ | 118,377 | | | $ | 64,676 | | | $ | — | | | $ | — | | | $ | 64,676 | |
Liabilities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total | | $ | 118,377 | | | $ | — | | | $ | — | | | $ | 118,377 | | | $ | 64,676 | | | $ | — | | | $ | — | | | $ | 64,676 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
245
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Missouri | | | New Jersey | |
| Investment Type* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | — | | | $ | 184,998,786 | | | $ | — | | | $ | 184,998,786 | | | $ | — | | | $ | 131,088,837 | | | $ | — | | | $ | 131,088,837 | |
Money Market Mutual Fund | | | — | | | | — | | | | — | | | | — | | | | 5 | | | | — | | | | — | | | | 5 | |
Total | | $ | — | | | $ | 184,998,786 | | | $ | — | | | $ | 184,998,786 | | | $ | 5 | | | $ | 131,088,837 | | | $ | — | | | $ | 131,088,842 | |
Other Financial
Instruments | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | $ | 99,135 | | | $ | — | | | $ | — | | | $ | 99,135 | | | $ | 74,042 | | | $ | — | | | $ | — | | | $ | 74,042 | |
Liabilities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total | | $ | 99,135 | | | $ | — | | | $ | — | | | $ | 99,135 | | | $ | 74,042 | | | $ | — | | | $ | — | | | $ | 74,042 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | New York | | | Intermediate | |
| Investment Type* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | — | | | $ | 309,825,411 | | | $ | — | | | $ | 309,825,411 | | | $ | — | | | $ | 1,928,200,551 | | | $ | — | | | $ | 1,928,200,551 | |
Money Market Mutual Fund | | | 230 | | | | — | | | | — | | | | 230 | | | | 1,000,842 | | | | — | | | | — | | | | 1,000,842 | |
Variable Rate Demand Notes | | | — | | | | — | | | | — | | | | — | | | | — | | | | 121,470,000 | | | | — | | | | 121,470,000 | |
Total | | $ | 230 | | | $ | 309,825,411 | | | $ | — | | | $ | 309,825,641 | | | $ | 1,000,842 | | | $ | 2,049,670,551 | | | $ | — | | | $ | 2,050,671,393 | |
Other Financial
Instruments | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | $ | 190,141 | | | $ | — | | | $ | — | | | $ | 190,141 | | | $ | 162,691 | | | $ | — | | | $ | — | | | $ | 162,691 | |
Liabilities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total | | $ | 190,141 | | | $ | — | | | $ | — | | | $ | 190,141 | | | $ | 162,691 | | | $ | — | | | $ | — | | | $ | 162,691 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Short Duration | | | Georgia | |
| Investment Type* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | – | | | $ | 1,422,047,147 | | | $ | – | | | $ | 1,422,047,147 | | | $ | – | | | $ | 148,465,032 | | | $ | – | | | $ | 148,465,032 | |
Money Market Mutual Fund | | | 1,001,015 | | | | – | | | | – | | | | 1,001,015 | | | | – | | | | – | | | | – | | | | – | |
Variable Rate Demand Notes | | | – | | | | 426,545,000 | | | | – | | | | 426,545,000 | | | | – | | | | – | | | | – | | | | – | |
Warrant | | | – | | | | 50,674 | | | | – | | | | 50,674 | | | | – | | | | – | | | | – | | | | – | |
Total | | $ | 1,001,015 | | | $ | 1,848,642,821 | | | $ | – | | | $ | 1,849,643,836 | | | $ | – | | | $ | 148,465,032 | | | $ | – | | | $ | 148,465,032 | |
Other Financial
Instruments | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | 58,420 | | | $ | – | | | $ | – | | | $ | 58,420 | |
Liabilities | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
Total | | $ | – | | | $ | – | | | $ | – | | | $ | – | | | $ | 58,420 | | | $ | – | | | $ | – | | | $ | 58,420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
246
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Yield | | | Pennsylvania | |
| Investment Type* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Municipal Bonds | | $ | – | | | $ | 2,195,722,350 | | | $ | – | | | $ | 2,195,722,350 | | | $ | – | | | $ | 95,937,836 | | | $ | – | | | $ | 95,937,836 | |
Money Market
Mutual Funds | | | 3,501 | | | | – | | | | – | | | | 3,501 | | | | 91 | | | | – | | | | – | | | | 91 | |
Variable Rate Demand Notes | | | – | | | | 10,615,000 | | | | – | | | | 10,615,000 | | | | – | | | | – | | | | – | | | | – | |
Total | | $ | 3,501 | | | $ | 2,206,337,350 | | | $ | – | | | $ | 2,206,340,851 | | | $ | 91 | | | $ | 95,937,836 | | | $ | – | | | $ | 95,937,927 | |
Other Financial
Instruments | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | $ | 1,355,194 | | | $ | – | | | $ | – | | | $ | 1,355,194 | | | $ | 32,351 | | | $ | – | | | $ | – | | | $ | 32,351 | |
Liabilities | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | |
Total | | $ | 1,355,194 | | | $ | – | | | $ | – | | | $ | 1,355,194 | | | $ | 32,351 | | | $ | – | | | $ | – | | | $ | 32,351 | |
| * | | See Schedule of Investments for values in each industry. |
| (j) | | Disclosures about Derivative Instruments and Hedging Activities–Each Fund, except Short Duration, entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2010 (as described in note 2(f)) to hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default. |
| | | As of September 30, 2010, the Funds had interest rate futures contracts with cumulative 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 loss and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on investments and futures contracts and Net change in unrealized appreciation/depreciation on investments and futures contracts, respectively. |
The following is a summary of U.S. Treasury futures contracts as of and for the fiscal year ended September 30, 2010:
| | | | | | | | | | | | | | | | |
| | | Unrealized
Appreciation as of
September 30, 2010 | | | Net Realized Loss | | | Net Change in
Unrealized
Appreciation/
Depreciation | | | Average
Number of
Contracts* | |
National | | $ | 426,626 | | | $ | (16,440,706 | ) | | $ | 2,380,802 | | | | 891 | |
California | | | 144,225 | | | | (3,896,356 | ) | | | 455,095 | | | | 168 | |
Connecticut | | | 118,377 | | | | (2,704,051 | ) | | | 469,660 | | | | 119 | |
Hawaii | | | 64,676 | | | | (1,917,032 | ) | | | 368,807 | | | | 94 | |
Missouri | | | 99,135 | | | | (3,337,144 | ) | | | 381,894 | | | | 157 | |
New Jersey | | | 74,042 | | | | (2,381,373 | ) | | | 406,202 | | | | 121 | |
New York | �� | | 190,141 | | | | (5,769,419 | ) | | | 756,249 | | | | 304 | |
Intermediate | | | 162,691 | | | | (6,122,065 | ) | | | 860,121 | | | | 321 | |
Georgia | | | 58,420 | | | | (2,292,185 | ) | | | 405,048 | | | | 121 | |
High Yield | | | 1,355,194 | | | | (48,916,053 | ) | | | 6,339,855 | | | | 2,345 | |
Pennsylvania | | | 32,351 | | | | (916,744 | ) | | | 130,322 | | | | 40 | |
| * | | Calculated based on the number of contracts for the fiscal year ended September 30, 2010. |
247
Notes to Financial Statements (continued)
3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Management Fee
The Company and Trust each have a management agreement with Lord, Abbett & Co. LLC (“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 is based on each Fund’s average daily net assets at the following annual rate, for all Funds, other than Intermediate, Short Duration and High Yield:
| | | | |
First $1 billion | | | .45% | |
Next $1 billion | | | .40% | |
Over $2 billion | | | .35% | |
The management fee for Intermediate and Short Duration is based on each Fund’s average daily net assets at the following annual rate:
| | | | |
First $2 billion | | | .40% | |
Next $3 billion | | | .375% | |
Over $5 billion | | | .35% | |
The management fee for 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, 2010, the effective management fee, net of waivers, was at the following annualized rate of each Fund’s average daily net assets:
| | | | |
| | | Effective Management Fee | |
National | | | 0.44% | |
California | | | 0.45% | |
Connecticut | | | 0.45% | |
Hawaii | | | 0.45% | |
Missouri | | | 0.45% | |
New Jersey | | | 0.45% | |
New York | | | 0.45% | |
Intermediate | | | 0.32% | |
Short Duration | | | 0.25% | |
Georgia | | | 0.45% | |
High Yield | | | 0.48% | |
Pennsylvania | | | 0.45% | |
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.
248
Notes to Financial Statements (continued)
Effective October 1, 2009, Lord Abbett voluntarily agreed to waive all or a portion of its management fee for Intermediate and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest expense, do not exceed an annual rate of .43%.
Effective February 1, 2010, Lord Abbett voluntarily agreed to waive all or a portion of its management fee for Short Duration and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees and interest expense, do not exceed an annualized rate of .37%.
For the period October 1, 2009 through January 31, 2010, Lord Abbett contractually agreed to waive all or a portion of its management fee for Short Duration and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that each class’ total net annual operating expenses, excluding 12b-1 fees and interest expense, did not exceed an annualized rate of .30%.
Lord Abbett may discontinue voluntary waivers or reimbursements or change the level of such waivers or reimbursements at any time.
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, B, C, F and P shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The fees are accrued daily at annual rates based upon each Fund’s average daily net assets as follows:
| | | | | | | | | | | | | | | | | | | | |
| Fees | | Class A | | | Class B | | | Class C(1) | | | Class F | | | Class P | |
Service | | | .15% | | | | .25% | | | | .25% | | | | – | | | | .25% | |
Distribution | | | .05% | | | | .75% | | | | .75% | | | | .10% | | | | .20% | |
| (1) | | The Rule 12b-1 fee each 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% of each Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of a Fund will bear Rule 12b-1 fees at the same rate. |
Class I shares do not have a distribution plan.
Commissions
Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended September 30, 2010:
| | | | | | | | |
| | | Distributor
Commissions | | | Dealers’
Concessions | |
National | | $ | 408,883 | | | $ | 1,951,322 | |
California | | | 44,801 | | | | 213,387 | |
Connecticut | | | 26,955 | | | | 123,557 | |
Hawaii | | | 42,733 | | | | 194,891 | |
Missouri | | | 97,022 | | | | 452,032 | |
New Jersey | | | 19,564 | | | | 93,729 | |
New York | | | 39,513 | | | | 195,008 | |
Intermediate | | | 328,862 | | | | 2,010,695 | |
249
Notes to Financial Statements (continued)
| | | | | | | | |
| | | Distributor
Commissions | | | Dealers’
Concessions | |
Short Duration | | $ | 177,896 | | | $ | 973,509 | |
Georgia | | | 62,683 | | | | 305,560 | |
High Yield | | | 696,815 | | | | 3,351,272 | |
Pennsylvania | | | 34,044 | | | | 158,345 | |
Distributor received the following amount of CDSCs for the fiscal year ended September 30, 2010:
| | | | | | | | |
| | | Class A | | | Class C | |
National | | $ | 18,328 | | | $ | 40,921 | |
California | | | 11,287 | | | | 6,929 | |
Connecticut | | | 10,452 | | | | 36 | |
Hawaii | | | 3,382 | | | | – | |
Missouri | | | 3,174 | | | | – | |
New Jersey | | | 2,981 | | | | – | |
New York | | | 5,896 | | | | 3,105 | |
Intermediate | | | 241,340 | | | | 97,660 | |
Short Duration | | | 666,724 | | | | 198,251 | |
Georgia | | | 4,795 | | | | – | |
High Yield | | | 239,562 | | | | 134,104 | |
Pennsylvania | | | 820 | | | | – | |
Two Directors/Trustees and certain of the Company’s and Trust’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, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the fiscal years ended September 30, 2010 and 2009 were as follows:
| | | | | | | | | | | | | | | | |
| | | National | | | California | |
| | | 9/30/2010 | | | 9/30/2009 | | | 9/30/2010 | | | 9/30/2009 | |
Distributions paid from: | | | | | | | | | | | | | | | | |
Tax exempt income | | $ | 54,875,745 | | | $ | 46,632,458 | | | $ | 9,028,752 | | | $ | 7,987,442 | |
Ordinary income | | | 941,201 | | | | – | | | | 101,403 | | | | – | |
Total distributions paid | | $ | 55,816,946 | | | $ | 46,632,458 | | | $ | 9,130,155 | | | $ | 7,987,442 | |
250
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | | Connecticut | | | Hawaii | |
| | | 9/30/2010 | | | 9/30/2009 | | | 9/30/2010 | | | 9/30/2009 | |
Distributions paid from: | | | | | | | | | | | | | | | | |
Tax exempt income | | $ | 4,738,580 | | | $ | 5,150,419 | | | $ | 4,906,702 | | | $ | 4,878,114 | |
Total distributions paid | | $ | 4,738,580 | | | $ | 5,150,419 | | | $ | 4,906,702 | | | $ | 4,878,114 | |
| | |
| | | Missouri | | | New Jersey | |
| | | 9/30/2010 | | | 9/30/2009 | | | 9/30/2010 | | | 9/30/2009 | |
Distributions paid from: | | | | | | | | | | | | | | | | |
Tax exempt income | | $ | 7,188,241 | | | $ | 6,840,425 | | | $ | 5,667,686 | | | $ | 5,528,952 | |
Total distributions paid | | $ | 7,188,241 | | | $ | 6,840,425 | | | $ | 5,667,686 | | | $ | 5,528,952 | |
| | |
| | | New York | | | Intermediate | |
| | | 9/30/2010 | | | 9/30/2009 | | | 9/30/2010 | | | 9/30/2009 | |
Distributions paid from: | | | | | | | | | | | | | | | | |
Tax exempt income | | $ | 12,006,516 | | | $ | 11,522,190 | | | $ | 51,370,767 | | | $ | 26,084,998 | |
Total distributions paid | | $ | 12,006,516 | | | $ | 11,522,190 | | | $ | 51,370,767 | | | $ | 26,084,998 | |
| | |
| | | Short Duration | | | Georgia | |
| | | 9/30/2010 | | | Period Ended 9/30/2009* | | | 9/30/2010 | | | 9/30/2009 | |
Distributions paid from: | | | | | | | | | | | | | | | | |
Tax exempt income | | $ | 27,140,905 | | | $ | 4,947,163 | | | $ | 5,742,087 | | | $ | 5,412,113 | |
Total distributions paid | | $ | 27,140,905 | | | $ | 4,947,163 | | | $ | 5,742,087 | | | $ | 5,412,113 | |
| * | | For the period December 12, 2008 (commencement of investment operations) to September 30, 2009. |
| | | | | | | | | | | | | | | | |
| | | High Yield | | | Pennsylvania | |
| | | 9/30/2010 | | | 9/30/2009 | | | 9/30/2010 | | | 9/30/2009 | |
Distributions paid from: | | | | | | | | | | | | | | | | |
Tax exempt income | | $ | 96,945,720 | | | $ | 68,057,698 | | | $ | 4,100,165 | | | $ | 4,080,972 | |
Ordinary income | | | 652,498 | | | | – | | | | – | | | | – | |
Net long-term capital gains | | | – | | | | – | | | | – | | | | 6,026 | |
Total distributions paid | | $ | 97,598,218 | | | $ | 68,057,698 | | | $ | 4,100,165 | | | $ | 4,086,998 | |
As of September 30, 2010, the components of accumulated gains/(losses) on a tax-basis were as follows:
| | | | | | | | |
| | | National | | | California | |
Capital loss carryforwards* | | $ | (40,712,998 | ) | | $ | (7,802,128 | ) |
Temporary differences | | | (750,253 | ) | | | (1,814,440 | ) |
Unrealized gains – net | | | 58,867,649 | | | | 8,387,023 | |
Total accumulated gains/losses – net | | $ | 17,404,398 | | | $ | (1,229,545 | ) |
| | | | | | | | |
| | | Connecticut | | | Hawaii | |
Capital loss carryforwards* | | $ | (3,911,686 | ) | | $ | (3,013,645 | ) |
Temporary differences | | | (905,927 | ) | | | (222,970 | ) |
Unrealized gains – net | | | 3,653,674 | | | | 7,076,321 | |
Total accumulated gains/losses – net | | $ | (1,163,939 | ) | | $ | 3,839,706 | |
251
Notes to Financial Statements (continued)
| | | | | | | | |
| | | Missouri | | | New Jersey | |
Capital loss carryforwards* | | $ | (1,480,414 | ) | | $ | (5,629,372 | ) |
Temporary differences | | | (1,939,172 | ) | | | (2,116,441 | ) |
Unrealized gains – net | | | 5,698,317 | | | | 3,358,365 | |
Total accumulated gains/losses – net | | $ | 2,278,731 | | | $ | (4,387,448 | ) |
| | | | | | | | |
| | | New York | | | Intermediate | |
Capital loss carryforwards* | | $ | (7,748,889 | ) | | $ | (1,142,272 | ) |
Temporary differences | | | (4,669,390 | ) | | | (4,747,598 | ) |
Unrealized gains – net | | | 15,103,272 | | | | 107,428,827 | |
Total accumulated gains – net | | $ | 2,684,993 | | | $ | 101,538,957 | |
| | | | | | | | |
| | | Short Duration | | | Georgia | |
Undistributed ordinary income – net | | $ | 69,812 | | | $ | – | |
Total undistributed earnings | | $ | 69,812 | | | $ | – | |
Capital loss carryforwards* | | | – | | | | (4,406,487 | ) |
Temporary differences | | | (320,386 | ) | | | (197,125 | ) |
Unrealized gains – net | | | 31,517,315 | | | | 6,090,534 | |
Total accumulated gains – net | | $ | 31,266,741 | | | $ | 1,486,922 | |
| | | | | | | | |
| | | High Yield | | | Pennsylvania | |
Capital loss carryforwards* | | $ | (218,360,248 | ) | | $ | (1,027,797 | ) |
Temporary differences | | | (50,005,698 | ) | | | (73,474 | ) |
Unrealized gains/losses – net | | | (20,574,090 | ) | | | 3,995,964 | |
Total accumulated gains/losses – net | | $ | (288,940,036 | ) | | $ | 2,894,693 | |
| * | | As of September 30, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2011 | | | 2012 | | | 2013 | | | 2014 | | | 2015 | | | 2016 | | | 2017 | | | 2018 | | | Total | |
National | | $ | 1,807,613 | | | $ | 4,214,676 | | | $ | 112,599 | | | $ | 1,000,976 | | | $ | 1,179,825 | | | $ | 1,176,030 | | | $ | 15,486,010 | | | $ | 15,735,269 | | | $ | 40,712,998 | |
California | | | 34,990 | | | | 777,657 | | | | — | | | | — | | | | 429,137 | | | | 3,345 | | | | 1,405,669 | | | | 5,151,330 | | | | 7,802,128 | |
Connecticut | | | — | | | | 457,625 | | | | — | | | | 99,211 | | | | 349,983 | | | | 215,644 | | | | 203,652 | | | | 2,585,571 | | | | 3,911,686 | |
Hawaii | | | — | | | | 1,593,681 | | | | — | | | | — | | | | 49,609 | | | | — | | | | 395,254 | | | | 975,101 | | | | 3,013,645 | |
Missouri | | | — | | | | — | | | | — | | | | — | | | | 207,596 | | | | — | | | | — | | | | 1,272,818 | | | | 1,480,414 | |
New Jersey | | | — | | | | 1,373,781 | | | | — | | | | 87,412 | | | | — | | | | — | | | | — | | | | 4,168,179 | | | | 5,629,372 | |
New York | | | — | | | | — | | | | — | | | | 562,562 | | | | — | | | | — | | | | 1,280,143 | | | | 5,906,184 | | | | 7,748,889 | |
Intermediate | | | — | | | | 26,684 | | | | 63,298 | | | | 16,132 | | | | 140,520 | | | | 25,504 | | | | — | | | | 870,134 | | | | 1,142,272 | |
Georgia | | | — | | | | — | | | | — | | | | — | | | | 567,621 | | | | 236,404 | | | | — | | | | 3,602,462 | | | | 4,406,487 | |
High Yield | | | — | | | | — | | | | — | | | | 1,759,893 | | | | 9,152,078 | | | | 16,838,530 | | | | 112,613,733 | | | | 77,996,014 | | | | 218,360,248 | |
Pennsylvania | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,027,797 | | | | 1,027,797 | |
Certain losses incurred after October 31 (“Post-October Losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. The following Funds incurred and will elect to defer net capital losses during fiscal 2010 as follows:
| | | | |
| | | Post-October Losses | |
National | | $ | 331,147 | |
California | | | 1,238,251 | |
Connecticut | | | 818,435 | |
Hawaii | | | 145,638 | |
Missouri | | | 1,797,518 | |
New Jersey | | | 1,724,861 | |
New York | | | 3,726,423 | |
Intermediate | | | 4,616,752 | |
252
Notes to Financial Statements (continued)
| | | | |
| | | Post-October Losses | |
Short Duration | | $ | 287,709 | |
Georgia | | | 172,839 | |
High Yield | | | 47,021,250 | |
As of September 30, 2010, the aggregate unrealized security gains and losses 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) | |
National | | $ | 1,188,266,380 | | | $ | 86,859,570 | | | $ | (27,991,921 | ) | | $ | 58,867,649 | |
California | | | 199,508,146 | | | | 11,743,146 | | | | (3,356,123 | ) | | | 8,387,023 | |
Connecticut | | | 112,023,410 | | | | 5,033,151 | | | | (1,379,477 | ) | | | 3,653,674 | |
Hawaii | | | 123,619,072 | | | | 7,605,274 | | | | (528,953 | ) | | | 7,076,321 | |
Missouri | | | 169,265,469 | | | | 8,225,092 | | | | (2,526,775 | ) | | | 5,698,317 | |
New Jersey | | | 122,420,477 | | | | 8,772,090 | | | | (5,413,725 | ) | | | 3,358,365 | |
New York | | | 267,652,369 | | | | 19,046,810 | | | | (3,943,538 | ) | | | 15,103,272 | |
Intermediate | | | 1,933,422,566 | | | | 110,537,496 | | | | (3,108,669 | ) | | | 107,428,827 | |
Short Duration | | | 1,811,126,521 | | | | 32,173,370 | | | | (656,055 | ) | | | 31,517,315 | |
Georgia | | | 130,874,498 | | | | 7,278,662 | | | | (1,188,128 | ) | | | 6,090,534 | |
High Yield | | | 2,020,057,715 | | | | 125,514,528 | | | | (146,088,618 | ) | | | (20,574,090 | ) |
Pennsylvania | | | 89,331,963 | | | | 5,352,596 | | | | (1,356,632 | ) | | | 3,995,964 | |
The difference between book-basis and tax-basis unrealized gains/(losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts and other temporary adjustments.
Permanent items identified during the fiscal year ended September 30, 2010 have been reclassified among the components of net assets based on their tax basis treatment as follows:
| | | | | | | | | | | | |
| | | Undistributed/
(Distributions in Excess of) Net Investment Income | | | Accumulated Net Realized Loss | | | Paid-in Capital | |
National | | $ | 385,748 | | | $ | 471,746 | | | $ | (857,494 | ) |
California | | | 23,237 | | | | (23,237 | ) | | | – | |
Connecticut | | | (1,662 | ) | | | 6,934 | | | | (5,272 | ) |
Hawaii | | | 10,015 | | | | (4,173 | ) | | | (5,842 | ) |
Missouri | | | (18,045 | ) | | | 26,064 | | | | (8,019 | ) |
New Jersey | | | 8,822 | | | | (8,822 | ) | | | – | |
New York | | | (27,880 | ) | | | 27,880 | | | | – | |
Intermediate | | | 63,719 | | | | (38,696 | ) | | | (25,023 | ) |
Short Duration | | | 27,217 | | | | (614 | ) | | | (26,603 | ) |
Georgia | | | 16,169 | | | | (10,000 | ) | | | (6,169 | ) |
High Yield | | | 269,546 | | | | (240,616 | ) | | | (28,930 | ) |
Pennsylvania | | | (12,230 | ) | | | 16,568 | | | | (4,338 | ) |
The permanent differences are attributable to the tax treatment of accretion on market discount, certain expenses and the expiration of capital loss carryforwards.
253
Notes to Financial Statements (continued)
5. PORTFOLIO SECURITIES TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended September 30, 2010 were as follows:
| | | | | | | | |
| | | Purchases | | | Sales | |
National | | $ | 964,469,063 | | | $ | 783,775,428 | |
California | | | 115,607,387 | | | | 100,144,847 | |
Connecticut | | | 30,305,667 | | | | 31,985,334 | |
Hawaii | | | 40,010,568 | | | | 35,477,520 | |
Missouri | | | 53,559,061 | | | | 41,516,859 | |
New Jersey | | | 41,231,746 | | | | 41,556,848 | |
New York | | | 104,957,133 | | | | 89,390,356 | |
Intermediate | | | 1,256,394,914 | | | | 424,296,528 | |
Short Duration | | | 1,331,750,774 | | | | 393,233,672 | |
Georgia | | | 44,536,112 | | | | 33,899,790 | |
High Yield | | | 1,148,286,496 | | | | 727,320,996 | |
Pennsylvania | | | 46,073,663 | | | | 45,690,074 | |
There were no purchases or sales of U.S. Government securities for the fiscal year ended September 30, 2010.
6. DIRECTORS’/TRUSTEES’ REMUNERATION
The Company’s and Trust’s officers and the two Directors/Trustees who are associated with Lord Abbett do not receive any compensation from the Company or Trust for serving in such capacities. Outside Directors’/Trustees’ 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 outside Directors/Trustees under which outside Directors/Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors’/Trustees’ 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’/Trustees’ fees on the Statements of Operations and in Directors’/Trustees’ 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.
7. EXPENSE REDUCTIONS
The Company and Trust have entered into an arrangement with each Fund’s 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.
8. LINE OF CREDIT
High Yield, Short Duration and certain other funds managed by Lord Abbett have available an unsecured revolving credit facility (“Facility”) from State Street Bank and Trust Company (“SSB”), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. Accordingly, effective December 4, 2009, the amount available under the Facility remains $200,000,000 and the annual fee to maintain the Facility (of which each participating fund pays its pro rata share based on the net assets of each participating fund) was changed from .125% of the amount available under the Facility to .15%. This amount is
254
Notes to Financial Statements (continued)
included in Other expenses on the Funds’ Statements of Operations. In connection with the renewal, the Funds paid an upfront commitment fee of .05% on December 4, 2009, which is included in Prepaid expenses and other assets on the Statements of Assets and Liabilities, and is amortized through Other expenses on the Statements of Operations over the annual period. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of September 30, 2010, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during for the fiscal year ended September 30, 2010.
9. CUSTODIAN AND ACCOUNTING AGENT
SSB is the Company’s and Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.
10. INVESTMENT RISKS
Each Fund’s performance and the 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 inverse floaters than for shorter-term bonds. As a result, each Fund, to the extent it invests in long-term bonds and inverse floaters, is subject to such greater market risk.
Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, derivatives risk, extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, and taxability risk. Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.
There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Yield invests a significant portion of its assets in such bonds. The National Fund may invest up to 35% and all other Funds may invest up to 20% in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to the Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.
Each Fund (except National, Intermediate and Short Duration) 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 Fund other than National, Intermediate, Short Duration and High Yield focuses on a particular state or territory, each Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in
255
Notes to Financial Statements (continued)
foreign economies or significant world events may harm the performance of any of the Funds (including National, Intermediate, Short Duration and High Yield), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.
Each Fund (except High Yield) may invest up to 20% of its net assets in private activity bonds (sometimes called “AMT paper”). High Yield may invest up to 100% of its net assets in AMT paper. The credit quality of such bonds usually is directly related to the credit standing of the private user of the facilities.
Each Fund may invest no more than 20% of its net assets in TOB Residuals, except High Yield, which may invest up to 100% in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security (“specific fixed-rate security”). Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, inverse floaters and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the 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.
11. SUMMARY OF CAPITAL TRANSACTIONS
Transactions in shares of capital stock or shares of beneficial interest were as follows:
| | | | | | | | | | | | | | | | |
| National | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 21,235,201 | | | $ | 223,844,836 | | | | 23,157,461 | | | $ | 217,590,447 | |
Converted from Class B* | | | 268,052 | | | | 2,819,680 | | | | 390,479 | | | | 3,690,226 | |
Reinvestment of distributions | | | 3,540,613 | | | | 37,287,828 | | | | 3,071,956 | | | | 28,956,674 | |
Shares reacquired | | | (15,911,806 | ) | | | (167,227,479 | ) | | | (19,092,419 | ) | | | (178,341,158 | ) |
Increase | | | 9,132,060 | | | $ | 96,724,865 | | | | 7,527,477 | | | $ | 71,896,189 | |
| | | | |
| Class B Shares | | | | | | | | | | | | |
Shares sold | | | 255,241 | | | $ | 2,679,663 | | | | 647,795 | | | $ | 6,134,869 | |
Reinvestment of distributions | | | 51,910 | | | | 548,897 | | | | 49,393 | | | | 467,821 | |
Shares reacquired | | | (295,533 | ) | | | (3,107,215 | ) | | | (420,660 | ) | | | (3,989,298 | ) |
Converted to Class A* | | | (266,732 | ) | | | (2,819,680 | ) | | | (388,516 | ) | | | (3,690,226 | ) |
Decrease | | | (255,114 | ) | | $ | (2,698,335 | ) | | | (111,988 | ) | | $ | (1,076,834 | ) |
256
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| National | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class C Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 6,142,749 | | | $ | 64,775,823 | | | | 6,932,638 | | | $ | 66,039,404 | |
Reinvestment of distributions | | | 332,014 | | | | 3,503,280 | | | | 191,370 | | | | 1,815,991 | |
Shares reacquired | | | (2,374,291 | ) | | | (24,977,085 | ) | | | (2,785,738 | ) | | | (25,995,776 | ) |
Increase | | | 4,100,472 | | | $ | 43,302,018 | | | | 4,338,270 | | | $ | 41,859,619 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 4,378,492 | | | $ | 46,071,765 | | | | 3,160,213 | | | $ | 29,811,438 | |
Reinvestment of distributions | | | 69,845 | | | | 738,606 | | | | 16,750 | | | | 160,775 | |
Shares reacquired | | | (1,420,273 | ) | | | (14,966,177 | ) | | | (702,231 | ) | | | (6,875,749 | ) |
Increase | | | 3,028,064 | | | $ | 31,844,194 | | | | 2,474,732 | | | $ | 23,096,464 | |
| | | | | | | | |
| | | Period Ended
September 30, 2010† | |
| Class I Shares | | Shares | | | Amount | |
Shares sold | | | 948 | | | $ | 10,040 | |
Reinvestment of distributions | | | 9 | | | | 95 | |
Increase | | | 957 | | | $ | 10,135 | |
| | | | | | | | | | | | | | | | |
| California | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 3,110,445 | | | $ | 31,129,510 | | | | 3,566,189 | | | $ | 32,780,250 | |
Reinvestment of distributions | | | 565,121 | | | | 5,637,608 | | | | 500,369 | | | | 4,580,769 | |
Shares reacquired | | | (3,157,325 | ) | | | (31,605,448 | ) | | | (3,726,025 | ) | | | (33,739,137 | ) |
Increase | | | 518,241 | | | $ | 5,161,670 | | | | 340,533 | | | $ | 3,621,882 | |
| | | | |
| Class C Shares | | | | | | | | | | | | |
Shares sold | | | 855,674 | | | $ | 8,542,699 | | | | 1,346,856 | | | $ | 12,507,679 | |
Reinvestment of distributions | | | 85,771 | | | | 856,096 | | | | 57,701 | | | | 530,324 | |
Shares reacquired | | | (534,095 | ) | | | (5,324,873 | ) | | | (565,735 | ) | | | (5,179,687 | ) |
Increase | | | 407,350 | | | $ | 4,073,922 | | | | 838,822 | | | $ | 7,858,316 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 853,766 | | | $ | 8,573,989 | | | | 702,198 | | | $ | 6,489,295 | |
Reinvestment of distributions | | | 10,107 | | | | 101,176 | | | | 1,119 | | | | 10,347 | |
Shares reacquired | | | (272,481 | ) | | | (2,710,812 | ) | | | (86,785 | ) | | | (824,439 | ) |
Increase | | | 591,392 | | | $ | 5,964,353 | | | | 616,532 | | | $ | 5,675,203 | |
| | | | | | | | | | | | | | | | |
| Connecticut | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 1,599,118 | | | $ | 16,092,137 | | | | 1,765,258 | | | $ | 16,399,919 | |
Reinvestment of distributions | | | 306,620 | | | | 3,086,392 | | | | 351,724 | | | | 3,258,512 | |
Shares reacquired | | | (2,574,267 | ) | | | (25,938,995 | ) | | | (4,406,645 | ) | | | (40,323,314 | ) |
Decrease | | | (668,529 | ) | | $ | (6,760,466 | ) | | | (2,289,663 | ) | | $ | (20,664,883 | ) |
257
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| Connecticut | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class F Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 441,912 | | | $ | 4,430,816 | | | | 564,725 | | | $ | 5,224,295 | |
Reinvestment of distributions | | | 6,829 | | | | 68,753 | | | | 1,835 | | | | 17,248 | |
Shares reacquired | | | (306,308 | ) | | | (3,085,863 | ) | | | (45,613 | ) | | | (434,901 | ) |
Increase | | | 142,433 | | | $ | 1,413,706 | | | | 520,947 | | | $ | 4,806,642 | |
| | |
| Hawaii | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 3,827,501 | | | $ | 18,707,768 | | | | 4,500,010 | | | $ | 20,599,105 | |
Reinvestment of distributions | | | 733,009 | | | | 3,595,813 | | | | 712,175 | | | | 3,260,523 | |
Shares reacquired | | | (4,793,794 | ) | | | (23,567,766 | ) | | | (4,764,703 | ) | | | (21,747,211 | ) |
Increase (decrease) | | | (233,284 | ) | | $ | (1,264,185 | ) | | | 447,482 | | | $ | 2,112,417 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 302,775 | | | $ | 1,485,689 | | | | 712,293 | | | $ | 3,258,513 | |
Reinvestment of distributions | | | 3,495 | | | | 17,265 | | | | 93 | | | | 426 | |
Shares reacquired | | | (125,647 | ) | | | (622,608 | ) | | | (96,972 | ) | | | (452,288 | ) |
Increase | | | 180,623 | | | $ | 880,346 | | | | 615,414 | | | $ | 2,806,651 | |
| | | | | | | | | | | | | | | | |
| Missouri | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 5,512,037 | | | $ | 27,770,389 | | | | 5,626,960 | | | $ | 26,162,439 | |
Reinvestment of distributions | | | 1,311,071 | | | | 6,607,894 | | | | 1,264,443 | | | | 5,888,868 | |
Shares reacquired | | | (6,387,017 | ) | | | (32,417,053 | ) | | | (5,129,779 | ) | | | (23,901,927 | ) |
Increase | | | 436,091 | | | $ | 1,961,230 | | | | 1,761,624 | | | $ | 8,149,380 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 358,457 | | | $ | 1,808,014 | | | | 140,624 | | | $ | 651,895 | |
Reinvestment of distributions | | | 6,033 | | | | 30,533 | | | | 749 | | | | 3,533 | |
Shares reacquired | | | (33,135 | ) | | | (167,007 | ) | | | (41,956 | ) | | | (201,086 | ) |
Increase | | | 331,355 | | | $ | 1,671,540 | | | | 99,417 | | | $ | 454,342 | |
| | | | | | | | | | | | | | | | |
| New Jersey | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 2,149,782 | | | $ | 10,207,473 | | | | 4,249,135 | | | $ | 18,353,863 | |
Reinvestment of distributions | | | 878,593 | | | | 4,158,086 | | | | 822,628 | | | | 3,541,186 | |
Shares reacquired | | | (4,041,804 | ) | | | (19,100,163 | ) | | | (4,027,786 | ) | | | (17,189,603 | ) |
Increase (decrease) | | | (1,013,429 | ) | | $ | (4,734,604 | ) | | | 1,043,977 | | | $ | 4,705,446 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 495,420 | | | $ | 2,363,892 | | | | 214,759 | | | $ | 913,657 | |
Reinvestment of distributions | | | 5,483 | | | | 26,118 | | | | 106 | | | | 454 | |
Shares reacquired | | | (131,315 | ) | | | (621,017 | ) | | | (23,015 | ) | | | (104,073 | ) |
Increase | | | 369,588 | | | $ | 1,768,993 | | | | 191,850 | | | $ | 810,038 | |
258
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| New York | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 3,113,795 | | | $ | 33,397,182 | | | | 2,674,973 | | | $ | 25,797,930 | |
Reinvestment of distributions | | | 692,090 | | | | 7,399,779 | | | | 629,197 | | | | 6,070,602 | |
Shares reacquired | | | (3,544,899 | ) | | | (37,809,622 | ) | | | (4,601,147 | ) | | | (43,205,779 | ) |
Increase (decrease) | | | 260,986 | | | $ | 2,987,339 | | | | (1,296,977 | ) | | $ | (11,337,247 | ) |
| | | | |
| Class C Shares | | | | | | | | | | | | |
Shares sold | | | 1,066,555 | | | $ | 11,379,204 | | | | 953,934 | | | $ | 9,246,459 | |
Reinvestment of distributions | | | 74,554 | | | | 796,259 | | | | 65,722 | | | | 635,248 | |
Shares reacquired | | | (757,153 | ) | | | (8,085,801 | ) | | | (753,089 | ) | | | (7,228,211 | ) |
Increase | | | 383,956 | | | $ | 4,089,662 | | | | 266,567 | | | $ | 2,653,496 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 586,905 | | | $ | 6,265,561 | | | | 314,514 | | | $ | 3,044,123 | |
Reinvestment of distributions | | | 11,039 | | | | 119,020 | | | | 82 | | | | 809 | |
Shares reacquired | | | (193,741 | ) | | | (2,071,457 | ) | | | (24,075 | ) | | | (240,451 | ) |
Increase | | | 404,203 | | | $ | 4,313,124 | | | | 290,521 | | | $ | 2,804,481 | |
| | | | | | | | | | | | | | | | |
| Intermediate | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 78,135,453 | | | $ | 803,639,988 | | | | 66,706,908 | | | $ | 646,411,514 | |
Converted from Class B* | | | 29,352 | | | | 301,127 | | | | 28,876 | | | | 267,448 | |
Reinvestment of distributions | | | 2,443,521 | | | | 25,093,619 | | | | 1,352,449 | | | | 13,218,996 | |
Shares reacquired | | | (32,792,408 | ) | | | (335,909,095 | ) | | | (26,336,246 | ) | | | (254,397,711 | ) |
Increase | | | 47,815,918 | | | $ | 493,125,639 | | | | 41,751,987 | | | $ | 405,500,247 | |
| | | | |
| Class B Shares | | | | | | | | | | | | |
Shares sold | | | 267,161 | | | $ | 2,723,113 | | | | 517,482 | | | $ | 4,992,352 | |
Reinvestment of distributions | | | 13,189 | | | | 135,224 | | | | 8,161 | | | | 79,995 | |
Shares reacquired | | | (131,062 | ) | | | (1,342,093 | ) | | | (90,607 | ) | | | (897,535 | ) |
Converted to Class A* | | | (29,378 | ) | | | (301,127 | ) | | | (28,905 | ) | | | (267,448 | ) |
Increase | | | 119,910 | | | $ | 1,215,117 | | | | 406,131 | | | $ | 3,907,364 | |
| | | | |
| Class C Shares | | | | | | | | | | | | |
Shares sold | | | 23,263,855 | | | $ | 238,966,887 | | | | 14,891,117 | | | $ | 144,975,365 | |
Reinvestment of distributions | | | 419,674 | | | | 4,310,802 | | | | 147,194 | | | | 1,444,843 | |
Shares reacquired | | | (4,022,405 | ) | | | (41,213,101 | ) | | | (2,195,936 | ) | | | (21,321,863 | ) |
Increase | | | 19,661,124 | | | $ | 202,064,588 | | | | 12,842,375 | | | $ | 125,098,345 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 24,155,356 | | | $ | 249,071,167 | | | | 11,877,313 | | | $ | 115,623,037 | |
Reinvestment of distributions | | | 287,251 | | | | 2,963,585 | | | | 48,907 | | | | 484,860 | |
Shares reacquired | | | (5,344,090 | ) | | | (54,850,955 | ) | | | (1,973,165 | ) | | | (19,349,171 | ) |
Increase | | | 19,098,517 | | | $ | 197,183,797 | | | | 9,953,055 | | | $ | 96,758,726 | |
259
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| Intermediate | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class P Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Reinvestment of distributions | | | 44 | | | $ | 448 | | | | 44 | | | $ | 433 | |
Increase | | | 44 | | | $ | 448 | | | | 44 | | | $ | 433 | |
| | |
| Short Duration | | Year Ended
September 30, 2010 | | | Period Ended
September 30, 2009†† | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 71,961,667 | | | $ | 1,125,197,733 | | | | 41,040,571 | | | $ | 633,480,788 | |
Reinvestment of distributions | | | 814,851 | | | | 12,777,127 | | | | 126,913 | | | | 1,963,540 | |
Shares reacquired | | | (27,886,434 | ) | | | (436,625,587 | ) | | | (2,118,245 | ) | | | (32,774,911 | ) |
Increase | | | 44,890,084 | | | $ | 701,349,273 | | | | 39,049,239 | | | $ | 602,669,417 | |
| | | | |
| Class C Shares | | | | | | | | | | | | |
Shares sold | | | 10,868,156 | | | $ | 170,008,985 | | | | 8,452,035 | | | $ | 130,419,770 | |
Reinvestment of distributions | | | 72,976 | | | | 1,144,662 | | | | 14,723 | | | | 227,932 | |
Shares reacquired | | | (3,247,957 | ) | | | (50,910,605 | ) | | | (253,247 | ) | | | (3,922,534 | ) |
Increase | | | 7,693,175 | | | $ | 120,243,042 | | | | 8,213,511 | | | $ | 126,725,168 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 20,366,006 | | | $ | 318,836,715 | | | | 7,413,121 | | | $ | 114,387,782 | |
Reinvestment of distributions | | | 110,667 | | | | 1,737,795 | | | | 4,587 | | | | 71,169 | |
Shares reacquired | | | (8,945,443 | ) | | | (140,154,287 | ) | | | (960,486 | ) | | | (14,835,510 | ) |
Increase | | | 11,531,230 | | | $ | 180,420,223 | | | | 6,457,222 | | | $ | 99,623,441 | |
| | | | |
| Class I Shares | | | | | | | | | | | | |
Shares sold | | | 190,275 | | | $ | 2,980,288 | | | | 245,771 | | | $ | 3,801,557 | |
Reinvestment of distributions | | | 1,862 | | | | 29,169 | | | | 978 | | | | 15,177 | |
Shares reacquired | | | (269,949 | ) | | | (4,195,948 | ) | | | (28,339 | ) | | | (438,591 | ) |
Increase (decrease) | | | (77,812 | ) | | $ | (1,186,491 | ) | | | 218,410 | | | $ | 3,378,143 | |
| | | | | | | | | | | | | | | | |
| Georgia | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 5,109,661 | | | $ | 27,636,437 | | | | 4,773,516 | | | $ | 23,724,452 | |
Reinvestment of distributions | | | 898,699 | | | | 4,882,340 | | | | 842,110 | | | | 4,170,413 | |
Shares reacquired | | | (5,219,959 | ) | | | (28,467,560 | ) | | | (7,930,738 | ) | | | (38,740,599 | ) |
Increase (decrease) | | | 788,401 | | | $ | 4,051,217 | | | | (2,315,112 | ) | | $ | (10,845,734 | ) |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 635,022 | | | $ | 3,453,766 | | | | 1,105,422 | | | $ | 5,438,108 | |
Reinvestment of distributions | | | 22,286 | | | | 121,718 | | | | 8,643 | | | | 43,740 | |
Shares reacquired | | | (195,638 | ) | | | (1,069,011 | ) | | | (172,088 | ) | | | (893,620 | ) |
Increase | | | 461,670 | | | $ | 2,506,473 | | | | 941,977 | | | $ | 4,588,228 | |
260
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| High Yield | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 49,032,325 | | | $ | 561,763,735 | | | | 47,939,592 | | | $ | 494,437,621 | |
Reinvestment of distributions | | | 4,329,512 | | | | 49,646,395 | | | | 2,998,772 | | | | 30,103,453 | |
Shares reacquired | | | (33,638,482 | ) | | | (384,155,980 | ) | | | (24,437,507 | ) | | | (244,096,286 | ) |
Increase | | | 19,723,355 | | | $ | 227,254,150 | | | | 26,500,857 | | | $ | 280,444,788 | |
| | | | |
| Class B Shares | | | | | | | | | | | | |
Reinvestment of distributions | | | 47 | | | $ | 546 | | | | 56.040 | | | $ | 560 | |
Shares reacquired | | | – | | | | – | | | | (8.000 | ) | | | (83 | ) |
Increase | | | 47 | | | $ | 546 | | | | 48.040 | | | $ | 477 | |
| | | | |
| Class C Shares | | | | | | | | | | | | |
Shares sold | | | 17,136,723 | | | $ | 196,322,008 | | | | 15,478,952 | | | $ | 160,511,592 | |
Reinvestment of distributions | | | 1,457,897 | | | | 16,720,036 | | | | 1,065,562 | | | | 10,697,327 | |
Shares reacquired | | | (8,625,445 | ) | | | (98,750,374 | ) | | | (9,943,939 | ) | | | (100,166,990 | ) |
Increase | | | 9,969,175 | | | $ | 114,291,670 | | | | 6,600,575 | | | $ | 71,041,929 | |
| | | | |
| Class F Shares | | | | | | | | | | | | |
Shares sold | | | 12,750,462 | | | $ | 146,435,065 | | | | 10,379,446 | | | $ | 104,274,658 | |
Reinvestment of distributions | | | 203,669 | | | | 2,352,688 | | | | 26,674 | | | | 270,032 | |
Shares reacquired | | | (4,502,095 | ) | | | (51,532,277 | ) | | | (1,001,211 | ) | | | (10,102,491 | ) |
Increase | | | 8,452,036 | | | $ | 97,255,476 | | | | 9,404,909 | | | $ | 94,442,199 | |
| | | | | | | | |
| | | Period Ended
September 30, 2010† | |
| | |
| Class I Shares | | Shares | | | Amount | |
Shares sold | | | 9,451 | | | $ | 110,040 | |
Reinvestment of distributions | | | 38 | | | | 455 | |
Increase | | | 9,489 | | | $ | 110,495 | |
| | | | | | | | | | | | | | | | |
| | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| | | | |
| Class P Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Reinvestment of distributions | | | 53.565 | | | $ | 618 | | | | 61 | | | $ | 607 | |
Increase | | | 53.565 | | | $ | 618 | | | | 61 | | | $ | 607 | |
| | |
| Pennsylvania | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| | | | |
| Class A Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 2,918,617 | | | $ | 14,563,708 | | | | 2,483,114 | | | $ | 11,555,353 | |
Reinvestment of distributions | | | 573,772 | | | | 2,875,886 | | | | 542,106 | | | | 2,497,509 | |
Shares reacquired | | | (3,805,714 | ) | | | (19,148,952 | ) | | | (2,910,502 | ) | | | (13,328,797 | ) |
Increase (decrease) | | | (313,325 | ) | | $ | (1,709,358 | ) | | | 114,718 | | | $ | 724,065 | |
261
Notes to Financial Statements (concluded)
| | | | | | | | | | | | | | | | |
| Pennsylvania | | Year Ended
September 30, 2010 | | | Year Ended
September 30, 2009 | |
| | | | |
| Class F Shares | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold | | | 304,406 | | | $ | 1,514,725 | | | | 84,892.000 | | | $ | 393,224 | |
Reinvestment of distributions | | | 7,160 | | | | 36,096 | | | | 531.226 | | | | 2,520 | |
Shares reacquired | | | (69,414 | ) | | | (346,856 | ) | | | (10,840.000 | ) | | | (51,490 | ) |
Increase | | | 242,152 | | | $ | 1,203,965 | | | | 74,583.226 | | | $ | 344,254 | |
| * | | Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. |
| † | | For the period July 26, 2010 (commencement of investment operations) to September 30, 2010. |
| †† | | For the period December 12, 2008 (commencement of investment operations) to September 30, 2009. |
12. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2009, Financial Accounting Standards Board issued amended guidance for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements issued for fiscal years beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Funds’ financial statement disclosures, if any, is currently being assessed.
13. SUBSEQUENT EVENTS
Lord Abbett AMT Free Municipal Bond Fund, a series of the Company, commenced investment operations for Classes A, C, F and I on October 26, 2010, which is also the SEC effective date. Each share class first became available to the public on November 1, 2010.
As of the close of business on November 19, 2010, National acquired the net assets of Connecticut, Hawaii, Missouri, Georgia and Pennsylvania, (collectively, the “Acquired Funds”) pursuant to a plan of reorganization approved by each Acquired Fund’s shareholders on November 5, 2010. The acquisition was accomplished by a tax-free exchange. The total net assets of National immediately before the transfer were $1,190,394,762. Total net assets of the Acquired Funds immediately before the transfer were $590,280,917. Total net assets of National immediately after the transfer were $1,780,675,679.
As of the close of business on November 19, 2010, Intermediate, Short Duration and High Yield were redomesticated from series of the Trust into corresponding newly organized series of the Company pursuant to a plan of redomestication approved by their shareholders on November 5, 2010. Each series maintains the same name, investment objective, policies and strategies that are identical to those of its respective predecessor Trust structure.
262
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of Lord Abbett Municipal Income Fund, Inc.:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Municipal Income Fund, Inc. (the “Funds”) comprising Lord Abbett National Tax-Free Income Fund, Lord Abbett California Tax-Free Income Fund, Lord Abbett Connecticut Tax-Free Income Fund, Lord Abbett Hawaii Tax-Free Income Fund, Lord Abbett Missouri Tax-Free Income Fund, Lord Abbett New Jersey Tax-Free Income Fund, and Lord Abbett New York Tax-Free Income Fund as of September 30, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the portfolios constituting the Lord Abbett Municipal Income Fund, Inc. as of September 30, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, New York
November 24, 2010
263
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of Lord Abbett Municipal Income Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Municipal Income Trust (the “Funds”) comprising Lord Abbett Intermediate Tax-Free Fund, Lord Abbett Short Duration Tax Free Fund, Georgia Series, Lord Abbett High Yield Municipal Bond Fund, and Pennsylvania Series as of September 30, 2010, and the related statements of operations and cash flows (High Yield Municipal Bond Fund only) for the year then ended, the statements of changes in net assets, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the portfolios constituting the Lord Abbett Municipal Income Trust as of September 30, 2010, the results of their operations and cash flows (High Yield Municipal Bond Fund only) for the year then ended, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, New York
November 24, 2010
264
Basic Information About Management
The Company’s Board of Directors and the Trust’s Board of Trustees (the “Board”) is responsible for the management of the business and affairs of the Company and the Trust in accordance with the laws of the State of Maryland and Delaware, respectively. Each Board appoints officers who are responsible for the day-to-day operations of the Company and the Trust and who execute policies authorized by the Board. Each Board also approves an investment adviser to the Company and the Trust and continues to monitor the cost and quality of the services provided by the investment adviser, and annually considers whether to renew the contract with the adviser. Generally, each Director and Trustee holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s and the Trust’s organizational documents.
Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Company’s and the Trust’s investment adviser.
Interested Directors and Trustees
The following Directors and Trustees are associated with Lord Abbett and are “interested persons” of the Company and the Trust as defined in the Act. Mr. Dow and Ms. Foster are officers, directors, or trustees of each of the 14 Lord Abbett-sponsored funds, which consist of 54 portfolios or series.
| | | | |
Name, Address and Year of Birth | | Current Position and
Length of Service with the
Company and the Trust | | Principal Occupation and
Other Directorships During
Past Five Years |
| | |
Robert S. Dow Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1945) | | Director since 1989, Trustee since 1991 and Chairman since 1996 | | Principal Occupation: Senior Partner of Lord Abbett (since 2007) and was formerly Managing Partner (1996 - 2007) and Chief Investment Officer (1995 - 2007), joined Lord Abbett in 1972. Other Directorships: None. |
| | |
Daria L. Foster Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1954) | | Director/Trustee since 2006 | | Principal Occupation: Managing Partner of Lord Abbett (since 2007), and was formerly Director of Marketing and Client Service, joined Lord Abbett in 1990. Other Directorships: None. |
265
Basic Information About Management (continued)
Independent Directors and Trustees
The following Independent Directors and Trustees also are directors or trustees of each of the 14 Lord Abbett-sponsored funds, which consist of 54 portfolios or series.
| | | | |
Name, Address and Year of Birth | | Current Position and
Length of Service with the
Company and the Trust | | Principal Occupation and
Other Directorships During
Past Five Years |
| | |
E. Thayer Bigelow Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1941) | | Director/Trustee since 1994 | | Principal Occupation: Managing General Partner, Bigelow Media, LLC (since 2000); Senior Adviser, Time Warner Inc. (1998 - 2000). Other Directorships: Currently serves as director of Crane Co. (since 1984) and Huttig Building Products Inc. (since 1998). Previously served as a director of R.H. Donnelley Inc. (2009 - 2010) and Adelphia Communications Inc. (2003 - 2007). |
| | |
William H.T. Bush Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1938) | | Director/Trustee since 1998 | | Principal Occupation: Co-founder and Chairman of the Board of the financial advisory firm of Bush–O’Donnell & Company (since 1986). Other Directorships: Currently serves as director of WellPoint, Inc., a health benefits company (since 2002). Previously served as a director of Engineered Support Systems, Inc. |
| | |
Robert B. Calhoun, Jr. Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1942) | | Director/Trustee since 1998 | | Principal Occupation: Senior Advisor of Monitor Clipper Partners, a private equity investment fund (since 1997); President of Clipper Asset Management Corp. (1991 - 2009). Other Directorships: Previously served as a director of Avondale, Inc. (1991 - 2005) and Interstate Bakeries Corp. (1991 - 2008). |
| | |
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946) | | Director/Trustee since 2004 | | Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of WellPoint, Inc., a health benefits company (since 1994) and Lend Lease Corporation Limited (since 2005). Previously served as a director of Resources Connection, Inc., a consulting firm (2004 - 2007). |
266
Basic Information About Management (continued)
| | | | |
Name, Address and Year of Birth | | Current Position and
Length of Service with the
Company and the Trust | | Principal Occupation and
Other Directorships During
Past Five Years |
| | |
Franklin W. Hobbs Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947) | | Director/Trustee since 2000 | | Principal Occupation: Advisor of One Equity Partners, a private equity firm (since 2004). Other Directorships: Currently serves as a director and Chairman of the Board of GMAC Inc., a financial services firm (since 2009) and as a director of Molson Coors Brewing Company (since 2002). |
| | |
Thomas J. Neff Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1937) | | Director since 1982 and Trustee since 1991 | | Principal Occupation: Chairman of Spencer Stuart (U.S.), an executive search consulting firm (since 1996). Other Directorships: Currently serves as director of Ace, Ltd. (since 1997). Previously served as a director of Hewitt Associates, Inc. (2004 - 2010). |
| | |
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947) | | Director/Trustee since 2006 | | Principal Occupation: CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (since 1990). Other Directorships: Currently serves as director of Crane Co. (since 1998). Previously served as a director of Viacell Inc. (2003 - 2007). |
Officers
None of the officers listed below have received compensation from the Company or the Trust. All of the officers of the Company or the Trust also may be officers of the other Lord Abbett-sponsored 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” column indicate each officer’s position(s) and title(s) with Lord Abbett.
| | | | | | |
Name and Year of Birth | | Current Position with
the Company and the
Trust | | Length of Service of Current
Position | | Principal Occupation During Past Five Years |
| | | |
Robert S. Dow (1945) | | Chief Executive Officer and Chairman | | Elected in 1996 | | Senior Partner of Lord Abbett (since 2007), Chief Executive Officer (since 1996) and was formerly Managing Partner (1996 - 2007) and Chief Investment Officer (1995 - 2007), joined Lord Abbett in 1972. |
267
Basic Information About Management (continued)
| | | | | | |
Name and Year of Birth | | Current Position with
the Company and the
Trust | | Length of Service of Current
Position | | Principal Occupation During Past Five Years |
| | | |
Daria L. Foster (1954) | | President | | Elected in 2006 | | Managing Partner of Lord Abbett (since 2007), and was formerly Director of Marketing and Client Service, joined Lord Abbett in 1990. |
| | | |
Robert I. Gerber (1954) | | Executive Vice President | | Elected in 2006 | | Partner and Chief Investment Officer (since 2007), joined Lord Abbett in 1997 as Director of Taxable Fixed Income Management. |
| | | |
Daniel S. Solender (1965) | | Executive Vice President | | Elected in 2006 | | Partner and Director, joined Lord Abbett in 2006 and was formerly a Vice President and Portfolio Manager at Nuveen Investments (2003 - 2006). |
| | | |
James W. Bernaiche (1956) | | Chief Compliance Officer | | Elected in 2004 | | Partner and Chief Compliance Officer, joined Lord Abbett in 2001. |
| | | |
Joan A. Binstock (1954) | | Chief Financial Officer and Vice President | | Elected in 1999 | | Partner and Chief Operations Officer, joined Lord Abbett in 1999. |
| | | |
John K. Forst (1960) | | Vice President and Assistant Secretary | | Elected in 2005 | | Deputy General Counsel, joined Lord Abbett in 2004. |
| | | |
Lawrence H. Kaplan (1957) | | Vice President and Secretary | | Elected in 1997 | | Partner and General Counsel, joined Lord Abbett in 1997. |
| | | |
A. Edward Oberhaus, III (1959) | | Vice President | | Elected in 1996 | | Partner and Director, joined Lord Abbett in 1983. |
| | | |
Thomas R. Phillips (1960) | | Vice President and Assistant Secretary | | Elected in 2008 | | Deputy General Counsel, joined Lord Abbett in 2006 and was formerly an attorney at Morgan, Lewis & Bockius LLP (2005 - 2006). |
| | | |
Peter Scott Smith (1966) | | Vice President | | Elected in 2000 | | Portfolio Manager, joined Lord Abbett in 1992. |
268
Basic Information About Management (concluded)
| | | | | | |
Name and Year of Birth | | Current Position with
the Company and the
Trust | | Length of Service of Current
Position | | Principal Occupation During Past Five Years |
| | | |
Lawrence B. Stoller (1963) | | Vice President and Assistant Secretary | | Elected in 2007 | | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2007 and was formerly an Executive Vice President and the General Counsel at Cohen & Steers Capital Management, Inc. (1999 - - 2007). |
| | | |
Daniel T. Vande Velde (1967) | | Vice President | | Elected in 2008 | | Portfolio Manager, joined Lord Abbett in 2007 and was formerly a Portfolio Manager at McDonnell Investment Management (1997 - 2007). |
| | | |
Bernard J. Grzelak (1971) | | Treasurer | | Elected in 2003 | | Partner and Director of Fund Administration, joined Lord Abbett in 2003. |
Please call 888-522-2388 for a copy of the statement of additional information (“SAI”), which contains further information about the Company’s Directors and the Trust’s Trustees. It is available free upon request.
269
Householding
The Company and Trust have adopted a policy that allows them 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 the 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 its complete schedule of portfolio holdings with the SEC for its 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 (i) 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); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.
Tax Information
100% of the income distributions paid by each Fund, other than National, California and High Yield, during the fiscal year ended September 30, 2010 is tax-exempt dividend income.
The following percentages reflect the portion of the income distributions paid by the below mentioned funds during the fiscal year ended September 30, 2010 that is tax-exempt dividend income:
| | | | |
| | | | |
National | | | 98.31 | % |
California | | | 98.89 | % |
High Yield | | | 99.33 | % |
270
Lord Abbett Municipal Income Fund, Inc.
Lord Abbett National Tax-Free Income Fund
Lord Abbett California Tax-Free Income Fund
Lord Abbett Connecticut Tax-Free Income Fund
Lord Abbett Hawaii Tax-Free Income Fund
Lord Abbett Missouri Tax-Free Income Fund
Lord Abbett New Jersey Tax-Free Income Fund
Lord Abbett New York Tax-Free Income Fund
Lord Abbett Municipal Income Trust
Lord Abbett Intermediate Tax-Free Fund
Lord Abbett Short Duration Tax Free Fund
Georgia Series
Lord Abbett High Yield Municipal Bond Fund
Pennsylvania Series
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.
LATFI-2-0910
(11/10)
| | (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, 2010 (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. The Registrant will provide a copy of the Code of Ethics to any person without charge, upon request. To obtain a copy, please call Lord Abbett at 888-522-2388. |
| Item 3: | Audit Committee Financial Expert. |
| | | The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: E. Thayer Bigelow, Robert B. Calhoun Jr., Franklin W. Hobbs, and James L.L. Tullis. Each of these persons is independent within the meaning of the Form N-CSR. |
| Item 4: | Principal Accountant Fees and Services. |
| | | In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended September 30, 2010 and 2009 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: |
| | | 2010 | | 2009 |
Audit Fees {a} | | $231,500 | | $228,000 |
Audit-Related Fees | | - 0 - | | - 0 - |
| | |
Total audit and audit-related fees | | 231,500 | | 228,000 |
| | |
| | |
Tax Fees {b} | | 38,426 | | 50,803 |
All Other Fees | | - 0 - | | - 0 - |
| | |
| | |
Total Fees | | $269,926 | | $278,803 |
| | |
{a} Consists of fees for audits of the Registrant’s annual financial statements.
{b} Fees for the fiscal year ended September 30, 2010 and 2009 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, 2010 and 2009 were:
| | | | |
| | | Fiscal year ended: |
| | | 2010 | | 2009 |
All Other Fees {a} | | $171,360 | | $237,324 |
{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 (“SAS 70 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, 2010 and 2009 were:
| | | | | | | | |
| | | Fiscal year ended: | |
| | | 2010 | | | 2009 | |
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. |
| Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
| Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
| Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
| Item 10: | Submission of Matters to a Vote of Security Holders. |
| 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) | Amendments to Code of Ethics – Not applicable. |
| | (a)(2) | Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. |
| | (b) | Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | |
| | | | LORD ABBETT MUNICIPAL INCOME FUND, INC. |
| | | |
| | | | By: | | /s/ Robert S. Dow |
| | | | | | Robert S. Dow |
| | | | | | Chief Executive Officer and Chairman |
| | | |
| Date: November 24, 2010 | | | | | | |
| | | |
| | | | By: | | /s/ Joan A. Binstock |
| | | | | | Joan A. Binstock |
| | | | | | Chief Financial Officer and Vice President |
| | | |
| Date: November 24, 2010 | | | | | | |
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/ Robert S. Dow |
| | | | | | Robert S. Dow |
| | | | | | Chief Executive Officer and Chairman |
| | | |
| Date: November 24, 2010 | | | | | | |
| | | |
| | | | By: | | /s/ Joan A. Binstock |
| | | | | | Joan A. Binstock |
| | | | | | Chief Financial Officer and Vice President |
| | | |
| Date: November 24, 2010 | | | | | | |
