UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03942
LORD ABBETT MUNICIPAL INCOME FUND, INC.
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302
(Address of principal executive offices) (Zip code)
John T. Fitzgerald, Esq., Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (888) 522-2388
Date of fiscal year end: 9/30
Date of reporting period: 9/30/2019
| Item 1: | Report(s) to Shareholders. |
LORD ABBETT
ANNUAL REPORT
Lord Abbett Municipal Income Fund
Short Duration Tax Free Fund
Intermediate Tax Free Fund
National Tax Free Fund
High Yield Municipal Bond Fund
Short Duration High Yield Municipal Bond Fund
California Tax Free Fund
New Jersey Tax Free Fund
New York Tax Free Fund
For the fiscal year ended September 30, 2019
Important Information on Paperless Delivery
Beginning in January 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, investment advisor or bank. Instead, the reports will be made available on Lord Abbett’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with a Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing into your Lord Abbett online account at lordabbett.com and selecting “Log In.” For further information, you may also contact the Funds at (800) 821-5129. Shareholders who hold accounts through a financial intermediary should contact them directly.
You may elect to receive all future reports in paper free of charge by contacting a Fund at (800) 821-5129. Your election to receive reports in paper will apply to all funds held with Lord Abbett. If your fund shares are held through a financial intermediary please contact them directly. Your election applies to all funds held with that intermediary.
Table of Contents
Lord Abbett Municipal Income Funds
Annual Report
For the fiscal year ended September 30, 2019
From left to right: James L.L. Tullis, Chairman of the Lord Abbett Funds and Douglas B. Sieg Director, President, and Chief Executive Officer of the Lord Abbett Funds.
Dear Shareholders: We are pleased to provide you with an overview of performance for the Municipal Income Funds for the fiscal year ended September 30, 2019. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Funds, please visit our website at www.lordabbett.com, where you also can access quarterly commentaries that provide updates on each Fund’s performance and other portfolio related information.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
Best regards,
Douglas B. Sieg
Director, President, and Chief Executive Officer
Municipal Bond Market Review
The unemployment rate declined to 3.5%, as of September 30, 2019. Total nonfarm payroll increased by 136,000 in September 2019, compared with an average monthly gain of 223,000 over the previous 12 months. Real gross domestic product (GDP) increased 2.0% in the second quarter of 2019, lower than the 3.1% increase in the first quarter.
Municipal bond issuance for the calendar year-to-date period ended
September 30, 2019 totaled approximately $276 billion, a 9.1% increase in issuance compared with the same period of the prior year, partially due to a 29% increase in refunding issuance over the same period. Municipal yields decreased across the curve during the 12-month period ended on September 30, 2019. Longer and lower quality bonds outperformed their shorter term and higher quality counterparts during the 12-month period ended on September 30, 2019.
1
With many individuals facing higher tax bills due to the cap on the deduction for state and local taxes, there has been tremendous demand for the tax-exempt interest of municipal bonds, leading to a record amount of money flowing into municipal bond mutual funds. According to Lipper, year-to-date inflows, as of September 25, 2019, totaled $68.4 billion.
Credit quality fundamentals through the first three quarters of 2019 remained strong, partly due to states experiencing budget surpluses due to higher-than-expected tax collections. Rating agencies announced more upgrades than downgrades, according to data from Standard & Poor’s, Moody’s and Fitch.
| Class A Shares at NAV 12-Mo. Returns as of 9/30/19 |
Lipper Funds Average1 |
Bloomberg Barclays Muni Bond Index2 |
Bloomberg Barclays 1-15 Yr. Muni Bond Index3 |
Bloomberg Barclays High Yield Muni Bond Index4 |
Bloomberg Barclays Muni Bond Short 1-5 Yr. Index5 |
50% Bloomberg BC Muni 1-8 Years/50% Bloomberg BC HY Muni 1-8 Years6 | ||||||||
| Short Duration Tax Free Fund | 4.15% | 2.90% | – | – | – | 3.93% | – | |||||||
| Intermediate Tax Free Fund | 8.27% | 7.05% | – | 7.40% | – | – | – | |||||||
| National Tax Free Fund | 9.70% | 8.20% | 8.55% | – | – | – | – | |||||||
| High Yield Municipal Bond Fund | 9.94% | 8.43% | – | – | 10.01% | – | – | |||||||
| Short Duration High Yield Municipal Bond Fund | 6.59% | 8.43% | – | – | – | – | 6.14% | |||||||
| California Tax Free Fund | 9.34% | 8.29% | 8.55% | – | – | – | – | |||||||
| New Jersey Tax Free Fund | 9.00% | 8.05% | 8.55% | – | – | – | – | |||||||
| New York Tax Free Fund | 8.98% | 8.16% | 8.55% | – | – | – | – |
Short Duration Tax Free Fund
The Short Duration Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Short 1-5 Year Index,5 during the 12-month period ended September 30, 2019. Relative to the benchmark, the Fund’s overweight allocation to ‘BBB’ rated
bonds contributed to performance, while security selection in ‘AAA’ and ‘AA’ rated credits detracted. With regard to sectors, hospital and local general obligation (GO) bonds were among the strongest contributors to relative returns, while housing bonds and variable rate demand notes detracted.
2
Intermediate Tax Free Fund
The Intermediate Tax Free Fund outperformed its benchmark, the Bloomberg Barclays 1-15 Year Municipal Bond Index,3 during the 12-month period ended September 30, 2019. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. Security selection in bonds rated ‘BBB’ and lower led to a negative impact on relative performance. With regard to sectors, power bonds were among the strongest contributors to relative returns, while industrial development bonds detracted.
National Tax Free Fund
The National Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2019. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. The Fund’s overweight allocation to non-investment grade bonds detracted from performance. Relative to the benchmark, an underweight allocation to housing bonds contributed to performance while security selection and an underweight in the transportation sector detracted.
High Yield Municipal Bond Fund
The High Yield Municipal Bond Fund underperformed its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index,4 during the 12-month period ended September 30, 2019. As yields across the tax- free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. Security selection in bonds rated ‘BBB’ and lower detracted from relative performance. With regard to sectors, pre-refunded bonds contributed while special tax bonds led to a negative impact on relative performance.
Short Duration High Yield Municipal Bond Fund
The Short Duration High Yield Municipal Bond Fund outperformed its benchmark, a 50%/50% blend consisting of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays Municipal High Yield 1-8 Year Index,6 during the 12-month period ended September 30, 2019. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. Security selection within ‘AA’ rated bonds led to a negative impact on relative performance. With regard to revenue sectors, housing credits detracted while transportation bonds were among the strongest contributors to relative returns.
3
California Tax Free Fund
The California Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2019. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. The Fund’s overweight allocation to non-investment grade bonds contributed to relative performance. With regard to sectors, housing and industrial development bonds were among the strongest contributors to relative returns, while transportation bonds detracted.
New Jersey Tax Free Fund
The New Jersey Tax Free Fund slightly outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2019. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. The Fund’s exposure to bonds rated ‘BBB’
contributed to relative performance. With regard to sectors, an underweight to pre-refunded bonds and an overweight to government lease bonds led to a negative impact on relative performance.
New York Tax Free Fund
The New York Tax Free Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index,2 during the 12-month period ended September 30, 2019. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning relative to the benchmark led to a positive impact on relative performance. The Fund’s allocation to non-investment grade bonds led to a negative impact on relative performance. With regard to sectors, housing bonds were among the strongest contributors to relative returns, while transportation bonds detracted.
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.
4
1 Lipper Funds Average: Lipper, Inc. is a nationally recognized organization that reports on mutual fund total return performance, calculates fund rankings and is a global leader in benchmarking and classifying mutual funds. Peer averages are based on universes of funds with similar investment objectives. Peer group averages include reinvested dividends and capital gains, if any, and exclude sales charges.
2 Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
3 Bloomberg Barclays 1-15 Year Municipal Bond Index is the 1-15 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
4 Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of non-investment grade, unrated or below Ba1 bonds.
5 Bloomberg Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least
two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.
6 Bloomberg Barclays 1-8 Year Municipal Bond Index is the 1-8 year component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The Bloomberg Barclays 1-8 Year High Yield Municipal Bond Index is the 1-8 year component of the High Yield Municipal Bond Index. The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of non-investment grade, unrated or below Ba1 bonds.
Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.
Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.
Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.
5
During certain periods shown, expense waivers and reimbursements were in place. Without such waivers and expense reimbursements, the Funds’ returns would have been lower.
The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of September 30, 2019. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolio is actively managed and may change significantly, the Funds may no longer
own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.
A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund’s prospectus.
Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.
6
Short Duration Tax Free Fund
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Short 1-5 Year Index and the Lipper Short Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A4 | 1.77% | 0.80% | 1.37% | - | ||||
| Class C5 | 2.52% | 0.64% | 0.94% | - | ||||
| Class F6 | 4.25% | 1.36% | 1.70% | - | ||||
| Class F37 | 4.44% | - | - | 2.34% | ||||
| Class I6 | 4.35% | 1.46% | 1.79% | - |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 1.15% | 0.57% | 1.28% | 1.41% | 1.38% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for period shown ended September 30, 2019, is calculated using the SEC required uniform method to compute
such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
7
Intermediate Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays 1-15 Year Municipal Bond Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A3 | 5.87% | 2.83% | 3.67% | - | ||||
| Class C4 | 6.62% | 2.66% | 3.23% | - | ||||
| Class F5 | 8.38% | 3.40% | 4.01% | - | ||||
| Class F36 | 8.62% | - | - | 4.82% | ||||
| Class I7 | 8.48% | 3.48% | - | 4.50% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 1.39% | 0.82% | 1.53% | 1.67% | 1.63% |
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, 2019, is calculated using the SEC required uniform method to compute such return.
4 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
5 Performance is at net asset value.
6 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
7 Class I shares commenced operations and performance for the class began on January 31, 2011. Performance is at net asset value.
8
National Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper General Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A4 | 7.19% | 3.86% | 4.86% | - | ||||
| Class C5 | 8.01% | 3.70% | 4.43% | - | ||||
| Class F6 | 9.80% | 4.43% | 5.19% | - | ||||
| Class F37 | 9.95% | - | - | 6.01% | ||||
| Class I8 | 9.91% | 4.53% | - | 5.32% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 1.68% | 1.10% | 1.82% | 1.97% | 1.92% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2019, is calculated using the SEC required uniform method to compute such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
8 Class I shares commenced operations and performance for the class began on July 26, 2010. Performance is at net asset value.
9
High Yield Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays High Yield Municipal Bond Index, 85% Bloomberg Barclays High Yield Municipal Bond Index/15% Bloomberg Barclays Municipal Bond Index and the Lipper High Yield Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A4 | 7.50% | 5.42% | 5.66% | - | ||||
| Class C5 | 8.34% | 5.27% | 5.22% | - | ||||
| Class F6 | 10.13% | 6.02% | 5.99% | - | ||||
| Class F37 | 10.28% | - | - | 7.79% | ||||
| Class I8 | 10.25% | 6.10% | - | 5.97% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 2.63% | 2.07% | 2.79% | 2.93% | 2.89% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
4 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for
periods shown ended September 30, 2019, is calculated using SEC required uniform method to compute such return.
5 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
8 Class I shares commenced operations and performance for the class began on July 26, 2010. Performance is at net asset value.
10
Short Duration High Yield Municipal Bond Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the 50% Bloomberg Barclays Municipal Bond 1-8 Year Index/50% Bloomberg Barclays High Yield Municipal 1-8 Year Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | Life of Class | |||
| Class A3 | 4.18% | 3.12% | ||
| Class C4 | 4.90% | 2.94% | ||
| Class F5 | 6.70% | 3.77% | ||
| Class F36 | 6.86% | 4.85% | ||
| Class I5 | 6.80% | 3.89% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 2.04% | 1.43% | 2.19% | 2.33% | 2.28% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 Class A shares commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2019, is calculated using SEC required uniform method to compute such return.
4 Class C shares commenced operations on June 1, 2015 and performance for the Class began on June 15, 2015. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
5 Class F and Class I commenced operations on June 1, 2015 and performance for each class began on June 15, 2015. Performance is at net asset value.
6 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
11
California Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper California Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A5 | 6.86% | 3.82% | 4.71% | - | ||||
| Class C6 | 7.68% | 3.64% | 4.27% | - | ||||
| Class F7 | 9.55% | 4.39% | 5.04% | - | ||||
| Class F38 | 9.59% | - | - | 5.70% | ||||
| Class I9 | 9.56% | 4.47% | - | 6.33% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 1.50% | 0.91% | 1.63% | 1.75% | 1.73% |
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 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2019, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Performance is at net asset value.
8 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
9 Class I shares commenced operations and performance for the class began on January 31, 2011. Performance is at net asset value.
12
New Jersey Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper New Jersey Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other class will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A5 | 6.61% | 3.66% | 4.21% | - | ||||
| Class F6 | 9.10% | 4.22% | 4.54% | - | ||||
| Class F37 | 9.22% | - | - | 5.90% | ||||
| Class I8 | 9.20% | 4.37% | - | 5.62% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class F | Class F3 | Class I | |||
| 1.41% | 1.54% | 1.68% | 1.64% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25%
applicable to Class A shares, with all dividends and distributions reinvested for periods shown ended September 30, 2019, is calculated using the SEC required uniform method to compute such return.
6 Performance is at net asset value.
7 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
8 Class I shares commenced operations and performance for the class began on January 31, 2011. Performance is at net asset value.
13
New York Tax Free Fund
Investment Comparison
Below is a comparison of a $10,000 investment in Class A shares to the same investment in the Bloomberg Barclays Municipal Bond Index and the Lipper New York Municipal Debt Funds Average, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.
Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended September 30, 2019
| 1 Year | 5 Years | 10 Years | Life of Class | |||||
| Class A5 | 6.48% | 3.24% | 4.06% | - | ||||
| Class C6 | 7.33% | 3.06% | 3.64% | - | ||||
| Class F7 | 9.08% | 3.81% | 4.41% | - | ||||
| Class F38 | 9.32% | - | - | 4.95% | ||||
| Class I9 | 9.29% | 3.93% | - | 5.26% |
Standardized Yield for the Period Ended September 30, 2019
| Class A | Class C | Class F | Class F3 | Class I | ||||
| 1.33% | 0.74% | 1.46% | 1.59% | 1.56% |
1 Reflects the deduction of the maximum initial sales charge of 2.25%.
2 Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.
3 The Index is composed of municipal bonds from many states while the Fund is a single-state municipal bond portfolio.
4 Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.
5 Total return, which is the percent change in value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions
reinvested for periods shown ended September 30, 2019, is calculated using the SEC required uniform method to compute such return.
6 The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.
7 Performance is at net asset value.
8 Class F3 shares commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.
9 Class I shares commenced operations and performance for the class began on January 30, 2011. Performance is at net asset value.
14
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2019 through September 30, 2019).
Actual Expenses
For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 4/1/19 – 9/30/19” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each class of each Fund, the second line of the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
15
Short Duration Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,019.50 | $3.29 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.81 | $3.29 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,016.40 | $6.37 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.75 | $6.38 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,020.00 | $2.79 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.31 | $2.79 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,020.70 | $2.13 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.96 | $2.13 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,020.50 | $2.28 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.81 | $2.28 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.55% for Class F, 0.42% for Class F3, and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 10.62 | % |
| AA+ | 5.94 | % |
| AA | 5.78 | % |
| AA- | 7.31 | % |
| A+ | 13.69 | % |
| A | 12.51 | % |
| A- | 9.98 | % |
| BBB+ | 12.92 | % |
| BBB | 3.60 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BBB- | 5.87 | % |
| BB+ | 0.78 | % |
| BB | 0.17 | % |
| BB- | 2.65 | % |
| B+ | 0.33 | % |
| B- | 0.33 | % |
| CC | 0.14 | % |
| NR | 7.38 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
16
Intermediate Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,039.30 | $3.63 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.51 | $3.60 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,037.10 | $6.74 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.45 | $6.68 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,039.80 | $3.12 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.01 | $3.09 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,041.40 | $2.41 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.71 | $2.38 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,040.30 | $2.61 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.51 | $2.59 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.71% for Class A, 1.32% for Class C, 0.61% for Class F, 0.47% for Class F3, and 0.51% 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, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 3.59 | % |
| AA+ | 7.01 | % |
| AA | 9.85 | % |
| AA- | 11.08 | % |
| A+ | 13.90 | % |
| A | 8.60 | % |
| A- | 9.67 | % |
| BBB+ | 9.66 | % |
| BBB | 4.36 | % |
| BBB- | 6.80 | % |
| BB+ | 1.16 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BB | 1.68 | % |
| BB- | 2.55 | % |
| B+ | 1.03 | % |
| B | 0.13 | % |
| B- | 1.45 | % |
| CC | 0.31 | % |
| C | 0.08 | % |
| D | 0.18 | % |
| NR | 6.91 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
17
National Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,049.30 | $3.96 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.21 | $3.90 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,046.90 | $7.13 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.10 | $7.03 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,049.80 | $3.44 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.71 | $3.40 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,051.50 | $2.67 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.46 | $2.64 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,051.30 | $2.93 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.21 | $2.89 |
| † | For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.77% for Class A, 1.39% for Class C, 0.67% for Class F, 0.52% for Class F3, and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 2.37 | % |
| AA+ | 5.62 | % |
| AA | 10.25 | % |
| AA- | 9.26 | % |
| A+ | 8.56 | % |
| A | 12.31 | % |
| A- | 11.12 | % |
| BBB+ | 11.55 | % |
| BBB | 8.26 | % |
| BBB- | 8.42 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BB+ | 0.57 | % |
| BB | 0.70 | % |
| BB- | 2.20 | % |
| B+ | 0.83 | % |
| B | 0.40 | % |
| B- | 0.79 | % |
| CCC+ | 0.04 | % |
| CC | 0.31 | % |
| NR | 6.44 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
18
High Yield Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,059.70 | $4.03 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.16 | $3.95 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,057.20 | $7.22 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $7.08 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,060.10 | $3.51 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.66 | $3.45 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,060.90 | $2.84 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.31 | $2.79 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,060.70 | $3.00 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.16 | $2.94 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.78% for Class A, 1.40% for Class C, 0.68% for Class F, 0.55% for Class F3, and 0.58% 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, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 1.35 | % |
| AA+ | 0.47 | % |
| AA | 1.37 | % |
| AA- | 1.13 | % |
| A+ | 0.71 | % |
| A | 4.01 | % |
| A- | 5.28 | % |
| BBB+ | 9.35 | % |
| BBB | 6.27 | % |
| BBB- | 6.47 | % |
| BB+ | 4.96 | % |
| BB | 4.38 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BB- | 7.23 | % |
| B+ | 3.31 | % |
| B | 2.76 | % |
| B- | 3.99 | % |
| CCC+ | 0.46 | % |
| CCC | 0.38 | % |
| CC | 1.86 | % |
| C | 0.12 | % |
| D | 0.87 | % |
| NR | 33.27 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
19
Short Duration High Yield Municipal Bond Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,035.40 | $2.81 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.31 | $2.79 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,032.70 | $6.17 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,019.00 | $6.12 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,035.90 | $2.30 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.81 | $2.28 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,037.40 | $1.53 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.56 | $1.52 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,037.10 | $1.79 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,023.31 | $1.78 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.55% for Class A, 1.21% for Class C, 0.45% for Class F, 0.30% for Class F3, and 0.35% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 1.72 | % |
| AA+ | 0.77 | % |
| AA | 2.52 | % |
| AA- | 1.75 | % |
| A+ | 1.97 | % |
| A | 0.61 | % |
| A- | 7.23 | % |
| BBB+ | 9.23 | % |
| BBB | 8.55 | % |
| BBB- | 12.92 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BB+ | 5.83 | % |
| BB | 3.98 | % |
| BB- | 9.56 | % |
| B+ | 3.33 | % |
| B | 1.95 | % |
| B- | 3.59 | % |
| CC | 1.75 | % |
| C | 0.44 | % |
| NR | 22.30 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
20
California Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,051.90 | $4.01 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.16 | $3.95 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,048.70 | $7.19 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $7.08 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,052.40 | $3.50 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.66 | $3.45 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,053.10 | $2.88 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.26 | $2.84 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,053.00 | $2.99 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.16 | $2.94 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.78% for Class A, 1.40% for Class C, 0.68% for Class F, 0.56% for Class F3, and 0.58% 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, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 2.43 | % |
| AA+ | 5.92 | % |
| AA | 17.47 | % |
| AA- | 16.34 | % |
| A+ | 6.77 | % |
| A | 7.43 | % |
| A- | 11.86 | % |
| BBB+ | 11.60 | % |
| BBB | 4.38 | % |
| BBB- | 2.64 | % |
| BB+ | 0.98 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BB | 0.51 | % |
| BB- | 1.34 | % |
| B+ | 0.12 | % |
| B | 0.24 | % |
| B- | 0.25 | % |
| CCC+ | 0.10 | % |
| CCC | 0.39 | % |
| CC | 0.50 | % |
| D | 0.15 | % |
| NR | 8.58 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
21
New Jersey Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,045.10 | $4.20 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,020.96 | $4.15 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,045.60 | $3.69 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.46 | $3.65 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,048.20 | $2.98 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.16 | $2.94 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,048.20 | $3.18 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.96 | $3.14 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 0.72% for Class F, 0.58% for Class F3, and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 5.55 | % |
| AA+ | 3.13 | % |
| AA | 12.81 | % |
| AA- | 14.23 | % |
| A+ | 13.52 | % |
| A | 4.07 | % |
| A- | 2.95 | % |
| BBB+ | 26.27 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BBB | 7.24 | % |
| BBB- | 1.94 | % |
| BB+ | 0.71 | % |
| BB | 2.77 | % |
| BB- | 0.34 | % |
| CC | 0.81 | % |
| NR | 3.66 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
22
New York Tax Free Fund
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value |
Ending Account Value |
Expenses Paid During Period† |
|||||
| 4/1/19 | 9/30/19 | 4/1/19 - 9/30/19 |
|||||
| Class A | |||||||
| Actual | $1,000.00 | $1,043.10 | $4.05 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.11 | $4.00 | ||||
| Class C | |||||||
| Actual | $1,000.00 | $1,040.00 | $7.16 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,018.05 | $7.08 | ||||
| Class F | |||||||
| Actual | $1,000.00 | $1,043.60 | $3.53 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,021.61 | $3.50 | ||||
| Class F3 | |||||||
| Actual | $1,000.00 | $1,045.20 | $2.87 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.26 | $2.84 | ||||
| Class I | |||||||
| Actual | $1,000.00 | $1,045.10 | $3.02 | ||||
| Hypothetical (5% Return Before Expenses) | $1,000.00 | $1,022.11 | $2.99 |
| † | For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.79% for Class A, 1.40% for Class C, 0.69% for Class F, 0.56% for Class F3, and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period). |
Portfolio Holdings Presented by Credit Rating
September 30, 2019
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| AAA | 6.95 | % |
| AA+ | 19.94 | % |
| AA | 12.40 | % |
| AA- | 9.07 | % |
| A+ | 8.40 | % |
| A | 3.20 | % |
| A- | 10.97 | % |
| BBB+ | 4.19 | % |
| BBB | 4.95 | % |
| Credit Rating: | ||
| S&P or Moody’s(a) | %* | |
| BBB- | 10.90 | % |
| BB+ | 0.60 | % |
| BB | 0.26 | % |
| BB- | 0.83 | % |
| B+ | 0.42 | % |
| B- | 0.46 | % |
| CC | 0.86 | % |
| NR | 5.60 | % |
| Total | 100.00 | % |
| (a) | Certain investments have been rated by Fitch IBCA. | |
| * | Represents percent of total investments. |
23
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 87.51% | ||||||||||||||
| Corporate-Backed 8.48% | ||||||||||||||
| CA Poll Ctr–Republic Svcs† | 1.35% | #(b) | 8/1/2024 | BBB+ | $ | 4,000 | $ | 3,999,520 | ||||||
| Downtown Doral CDD† | 3.875% | 12/15/2023 | NR | 250 | 253,505 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 3.125% | 12/1/2022 | B+ | 2,250 | 2,282,850 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.00% | 12/1/2019 | B+ | 1,705 | 1,712,775 | |||||||||
| LA St John Parish–Marathon Oil(c) | 2.10% | #(b) | 6/1/2037 | BBB | 8,000 | 8,040,240 | ||||||||
| Matagorda Co Nav Dist–AEP TX Central | 2.60% | 11/1/2029 | A- | 1,400 | 1,442,728 | |||||||||
| Mobile IDB–AL Power | 2.90% | #(b) | 7/15/2034 | A1 | 20,000 | 20,872,400 | ||||||||
| Montgomery Co IDA–Peco Generation | 2.50% | #(b) | 10/1/2030 | BBB+ | 11,875 | 11,940,075 | ||||||||
| Montgomery Co IDA–Peco Generation | 2.55% | #(b) | 6/1/2029 | BBB+ | 5,000 | 5,037,500 | ||||||||
| Nez Perce Co Poll Ctl–Potlatch | 2.75% | 10/1/2024 | BBB- | 11,310 | 11,777,216 | |||||||||
| NH Bus Fin Auth- United Illuminating | 2.80% | #(b) | 10/1/2033 | A- | 5,000 | 5,231,950 | ||||||||
| Niagara Area Dev Corp–Covanta† | 3.50% | 11/1/2024 | B1 | 750 | 784,867 | |||||||||
| OH Air Dev Auth–AEP(c) | 2.40% | #(b) | 12/1/2038 | Baa1 | 3,000 | 3,020,880 | ||||||||
| OR Bus Dev Comn–Intel Corp | 2.40% | #(b) | 12/1/2040 | A+ | 10,500 | 10,833,060 | ||||||||
| Selma IDB–Intl Paper(c) | 2.00% | #(b) | 11/1/2033 | BBB | 2,625 | 2,631,011 | ||||||||
| St Charles Parish–Valero Energy | 4.00% | #(b) | 12/1/2040 | BBB | 8,500 | 8,963,675 | ||||||||
| Tuscaloosa IDA–Hunt Refining Proj† | 4.50% | 5/1/2032 | NR | 6,475 | 7,244,036 | |||||||||
| Valdez Marine Term–BP | 5.00% | 1/1/2021 | A1 | 10,000 | 10,433,200 | |||||||||
| Warren Co–Intl Paper | 2.90% | #(b) | 9/1/2032 | BBB | 4,250 | 4,416,685 | ||||||||
| WI PFA–American Dream† | 5.00% | 12/1/2027 | NR | 2,000 | 2,261,360 | |||||||||
| Total | 123,179,533 | |||||||||||||
| Education 3.00% | ||||||||||||||
| CA Muni Fin Auth- William Jessup U | 5.00% | 8/1/2020 | NR | 400 | 409,624 | |||||||||
| CA Muni Fin Auth- William Jessup U | 5.00% | 8/1/2022 | NR | 750 | 806,227 | |||||||||
| CA State Univ Sys | 5.00% | 11/1/2020 | Aa2 | 5,000 | 5,212,700 | |||||||||
| Cap Trust Ed Facs–Renaissance Charter Advantage Academy of Hillsborough, Inc.† | 4.00% | 6/15/2029 | NR | 1,415 | 1,464,596 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2019 | BB- | 1,210 | 1,215,602 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB- | 1,000 | 1,084,070 | |||||||||
| Curators Univ Sys | 5.00% | 11/1/2019 | AA+ | 5,000 | 5,014,800 | |||||||||
| Higher Ed Facs Fin Auth FL–Saint Leo U | 5.00% | 3/1/2021 | BBB- | 365 | 380,596 | |||||||||
| Higher Ed Facs Fin Auth FL–Saint Leo U | 5.00% | 3/1/2022 | BBB- | 355 | 380,326 | |||||||||
| Higher Ed Facs Fin Auth FL–Saint Leo U | 5.00% | 3/1/2023 | BBB- | 410 | 450,020 | |||||||||
| Higher Ed Facs Fin Auth FL–Saint Leo U | 5.00% | 3/1/2024 | BBB- | 640 | 718,208 | |||||||||
| Higher Ed Facs Fin Auth FL–Saint Leo U | 5.00% | 3/1/2025 | BBB- | 675 | 773,260 | |||||||||
| 24 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Multnomah Co Hsp Facs–Mirabella | 5.00% | 10/1/2019 | NR | $ | 225 | $ | 225,000 | |||||||
| Multnomah Co Hsp Facs–Mirabella | 5.00% | 10/1/2024 | NR | 1,535 | 1,718,049 | |||||||||
| NY Dorm–Mt Sinai Sch Med | 5.00% | 7/1/2021 | A- | 2,000 | 2,128,100 | |||||||||
| OH Hgr Ed Facs–Dayton Univ (AMBAC) | 2.963% | #(b) | 12/1/2022 | A+ | 2,000 | 2,036,020 | ||||||||
| OH HI Ed–Case Western Univ | 1.882% (1 Mo. LIBOR * .70 + .42% | )# | 10/1/2044 | AA- | 8,000 | 7,996,480 | ||||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2021 | A3 | 445 | 473,845 | |||||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2022 | A3 | 1,000 | 1,098,370 | |||||||||
| Univ of North Carolina–Chapel Hill | 1.75% (1 Mo. LIBOR * .67 + .35% | )# | 12/1/2041 | AAA | 10,000 | 10,004,200 | ||||||||
| Total | 43,590,093 | |||||||||||||
| Energy 0.57% | ||||||||||||||
| PEFA Gas | 5.00% | #(b) | 9/1/2049 | A3 | 7,000 | 8,281,560 | ||||||||
| General Obligation 18.43% | ||||||||||||||
| CA State GO | 2.157% (1 Mo. LIBOR * .70 + .70% | )# | 12/1/2028 | AA- | 8,000 | 8,023,600 | ||||||||
| CA State GO | 2.217% (1 Mo. LIBOR * .70 + .76% | )# | 12/1/2031 | AA- | 2,000 | 2,013,020 | ||||||||
| CA State GO | 5.00% | 9/1/2020 | AA- | 10,000 | 10,344,200 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2020 | BB- | 3,000 | 3,064,080 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2021 | BB- | 3,400 | 3,533,960 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2021 | BB- | 4,750 | 4,937,150 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB- | 3,555 | 3,745,868 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB- | 4,000 | 4,214,760 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB- | 3,670 | 3,978,537 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2023 | BB- | 3,330 | 3,685,178 | |||||||||
| Chicago GO | 5.00% | 1/1/2021 | BBB+ | 6,355 | 6,639,196 | |||||||||
| Chicago GO | 5.25% | 1/1/2023 | BBB+ | 1,235 | 1,341,753 | |||||||||
| Chicago GO | 5.25% | 1/1/2027 | BBB+ | 1,665 | 1,887,977 | |||||||||
| Chicago Met Water Reclmtn Dist | 5.00% | 12/1/2022 | AA+ | 5,000 | 5,553,000 | |||||||||
| Cook Co GO | 5.25% | 11/15/2033 | AA- | 6,525 | 6,765,838 | |||||||||
| CT State GO | 5.00% | 8/15/2021 | A1 | 5,000 | 5,334,750 | |||||||||
| CT State GO | 5.00% | 6/15/2022 | A1 | 3,250 | 3,559,205 | |||||||||
| CT State GO | 5.00% | 11/1/2022 | A1 | 7,700 | 8,256,864 | |||||||||
| CT State GO | 5.00% | 4/15/2025 | A1 | 7,000 | 8,252,300 | |||||||||
| CT State GO | 5.00% | 10/15/2026 | A1 | 5,000 | 6,098,150 | |||||||||
| CT State GO | 5.00% | 9/15/2030 | A1 | 1,725 | 1,890,065 | |||||||||
| Fall River GO | 3.50% | 2/7/2020 | NR | 20,000 | 20,157,800 | |||||||||
| Hammond Local Pub Imp | 3.10% | 12/31/2019 | NR | 3,290 | 3,298,620 | |||||||||
| See Notes to Financial Statements. | 25 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| HI State GO | 5.00% | 11/1/2021 | AA+ | $ | 5,000 | $ | 5,385,150 | |||||||
| IL State GO | 5.00% | 8/1/2020 | BBB- | 14,430 | 14,771,125 | |||||||||
| IL State GO | 5.00% | 2/1/2021 | BBB- | 3,000 | 3,111,870 | |||||||||
| IL State GO | 5.00% | 11/1/2023 | BBB- | 10,000 | 10,950,200 | |||||||||
| IL State GO | 5.00% | 11/1/2026 | BBB- | 5,240 | 5,947,033 | |||||||||
| IL State GO | 5.25% | 2/1/2030 | BBB- | 3,000 | 3,303,420 | |||||||||
| IL State GO | 5.25% | 2/1/2032 | BBB- | 10,000 | 10,962,200 | |||||||||
| Katy TX ISD | 1.638% (1 Mo. LIBOR * .67 + .28% | )# | 8/15/2036 | AAA | 17,370 | 17,360,620 | ||||||||
| New Caney ISD | 3.00% | #(b) | 2/15/2050 | Aaa | 5,000 | 5,138,650 | ||||||||
| NJ EDA–Motor Vehicle Surcharge | 4.00% | 7/1/2022 | BBB+ | 3,500 | 3,691,905 | |||||||||
| NYC GO | 5.00% | 8/1/2021 | Aa1 | 7,410 | 7,909,804 | |||||||||
| NYC GO | 5.00% | 10/1/2033 | Aa1 | 3,190 | 3,521,154 | |||||||||
| PA State GO | 5.00% | 7/15/2029 | Aa3 | 10,000 | 12,970,100 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2025 | A | 2,140 | 2,520,278 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2026 | A | 1,000 | 1,208,480 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2027 | A | 1,250 | 1,540,775 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2028 | A | 2,000 | 2,511,920 | |||||||||
| Philadelphia Sch Dist (The) | 5.00% | 9/1/2020 | A2 | 2,500 | 2,579,325 | |||||||||
| Philadelphia Sch Dist (The) | 5.00% | 9/1/2021 | A2 | 930 | 990,264 | |||||||||
| Philadelphia Sch Dist (The) | 5.00% | 9/1/2022 | A2 | 550 | 603,350 | |||||||||
| Philadelphia Sch Dist (The) | 5.00% | 9/1/2023 | A2 | 500 | 563,390 | |||||||||
| Prince Georges Co GO | 4.00% | 8/1/2031 | AAA | 7,690 | 8,392,174 | |||||||||
| Rangely CO Hosp Dist | 4.50% | 11/1/2021 | Baa3 | 4,415 | 4,526,788 | |||||||||
| Scranton Sch Dist | 2.271% (1 Mo. LIBOR * .68 + .85% | )# | 4/1/2031 | A2 | 5,590 | 5,596,428 | ||||||||
| West Fargo GO | 2.15% | 5/1/2021 | NR | 5,000 | 5,002,800 | |||||||||
| Total | 267,635,074 | |||||||||||||
| Health Care 14.78% | ||||||||||||||
| AK IDA–Yukon Koskokwim Hlth | 3.50% | 12/1/2020 | NR | 1,000 | 1,002,230 | |||||||||
| Allegheny Co Hosp Auth–UPMC | 5.00% | 7/15/2029 | A+ | 4,000 | 5,134,000 | |||||||||
| Allegheny County Health Network | 5.00% | 4/1/2026 | A | 2,500 | 3,008,000 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2021 | Ba3 | 980 | 1,004,676 | |||||||||
| CA Hlth–St Joseph Hlth | 5.00% | #(b) | 7/1/2043 | AA- | 5,000 | 5,006,450 | ||||||||
| CA Stwde–Viamonte | 3.00% | 7/1/2026 | AA- | 4,500 | 4,589,190 | |||||||||
| CA Stwde–Viamonte | 3.00% | 7/1/2027 | AA- | 2,250 | 2,291,220 | |||||||||
| City of Atlantic Beach Fl–Fleet Landing | 3.00% | 11/15/2023 | BBB | (d) | 2,800 | 2,817,920 | ||||||||
| CO Hlth Fac Auth–CommonSpirit | 5.00% | #(b) | 8/1/2049 | BBB+ | 7,000 | 8,310,610 | ||||||||
| 26 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CO Hlth Facs–Christian Living | 4.00% | 1/1/2021 | NR | $ | 350 | $ | 359,009 | |||||||
| Cuyahoga Co Hsp–Metrohealth | 5.00% | 2/15/2025 | Baa3 | 1,500 | 1,707,720 | |||||||||
| DC Hsp–Childrens Ntl Hsp | 5.00% | 7/15/2021 | A1 | 1,215 | 1,293,647 | |||||||||
| Duluth EDA–St Lukes Hsp | 4.75% | 6/15/2022 | NR | 2,100 | 2,149,014 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2026 | Baa2 | 1,345 | 1,621,989 | |||||||||
| Franklin Co IDA–Menno-Haven | 5.00% | 12/1/2023 | NR | 500 | 548,295 | |||||||||
| Greeneville Hlth–Ballad Hlth | 5.00% | 7/1/2021 | A- | 1,750 | 1,851,762 | |||||||||
| Greeneville Hlth–Ballad Hlth | 5.00% | 7/1/2022 | A- | 2,000 | 2,176,380 | |||||||||
| Greeneville Hlth–Ballad Hlth | 5.00% | 7/1/2023 | A- | 1,500 | 1,676,625 | |||||||||
| ID HFA–Madison Mem Hosp | 4.00% | 9/1/2020 | BB+ | 1,565 | 1,589,758 | |||||||||
| IL Fin Auth–Northwestern Mem Hlth | 5.00% | #(b) | 7/15/2057 | AA+ | 4,000 | 4,438,320 | ||||||||
| IL Fin Auth–Plymouth Place | 5.00% | 5/15/2025 | BB+ | (d) | 1,225 | 1,361,502 | ||||||||
| IL Fin Auth–Presence Health | 5.00% | 2/15/2021 | AA+ | 5,095 | 5,346,387 | |||||||||
| IL Fin Auth–Presence Health | 5.00% | 2/15/2022 | AA+ | 4,000 | 4,346,240 | |||||||||
| IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2020 | A+ | 500 | 519,915 | |||||||||
| IL Fin Auth–Rush Univ Med | 5.00% | 11/15/2021 | A+ | 695 | 746,937 | |||||||||
| Kanabec Co Hlth–Firstlight Hlth | 2.75% | 12/1/2019 | NR | 2,600 | 2,600,988 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 5.00% | 5/15/2022 | BB | (d) | 805 | 857,172 | ||||||||
| Lancaster Co Hosp Auth–Bretheren Village | 5.00% | 7/1/2025 | BB+ | (d) | 650 | 722,118 | ||||||||
| Lee Memorial Hlth System | 5.00% | 4/1/2025 | A+ | 2,625 | 3,093,064 | |||||||||
| Lenexa KS Hlth Facs–Lakeview Village | 5.00% | 5/15/2022 | BB+ | (d) | 1,720 | 1,839,162 | ||||||||
| Lenexa KS Hlth Facs–Lakeview Village | 5.00% | 5/15/2025 | BB+ | (d) | 990 | 1,125,095 | ||||||||
| MA DFA–Beth Israel Lahey Hlth | 4.00% | 7/1/2021 | A | 700 | 731,668 | |||||||||
| MA DFA–Beth Israel Lahey Hlth | 4.00% | 7/1/2022 | A | 500 | 535,050 | |||||||||
| MA DFA–Beth Israel Lahey Hlth | 5.00% | 7/1/2023 | A | 600 | 678,108 | |||||||||
| MA DFA–Partners Hlth | 2.08% (MUNIPSA * 1 + .50% | )# | 7/1/2038 | AA- | 5,000 | 5,002,500 | ||||||||
| MA DFA–Wellforce Hlth | 5.00% | 7/1/2022 | BBB+ | 1,225 | 1,333,033 | |||||||||
| MA DFA–Wellforce Hlth | 5.00% | 7/1/2024 | BBB+ | 2,030 | 2,326,197 | |||||||||
| MA DFA–Wellforce Hlth | 5.00% | 7/1/2025 | BBB+ | 800 | 938,128 | |||||||||
| Maricopa Co IDA–Banner Health | 2.15% (MUNIPSA * 1 + .57% | )# | 1/1/2035 | AA- | 5,000 | 5,012,800 | ||||||||
| Maricopa CO IDA–Honor Health | 5.00% | 9/1/2021 | A2 | 750 | 800,655 | |||||||||
| Maricopa CO IDA–Honor Health | 5.00% | 9/1/2022 | A2 | 750 | 824,325 | |||||||||
| MD Hlth & Hi Ed–Western MD Hlth Sys | 5.00% | 7/1/2020 | BBB | 3,000 | 3,075,390 | |||||||||
| MI Fin Auth–Trinity Health | 5.00% | 12/1/2026 | AA- | 2,250 | 2,787,547 | |||||||||
| Monroeville Pa Fin Auth–UPMC Hlth | 3.00% | 2/15/2023 | A+ | 2,510 | 2,622,875 | |||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.00% | 1/15/2020 | Ba1 | 1,235 | 1,244,719 | |||||||||
| See Notes to Financial Statements. | 27 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.00% | 1/15/2021 | Ba1 | $ | 2,000 | $ | 2,070,480 | |||||||
| Montgomery Co IDA–Jefferson Hlth | 5.00% | 9/1/2026 | A | 1,150 | 1,397,066 | |||||||||
| Montgomery Co IDA–Jefferson Hlth | 5.00% | 9/1/2027 | A | 1,500 | 1,850,235 | |||||||||
| Montgomery Co IDA–Jefferson Hlth | 5.00% | 9/1/2028 | A | 1,850 | 2,318,198 | |||||||||
| Montgomery Co IDA–Jefferson Hlth | 5.00% | 9/1/2029 | A | 1,000 | 1,275,790 | |||||||||
| Montgomery Co IDA–Whitemarsh | 4.00% | 1/1/2023 | NR | 2,000 | 2,051,500 | |||||||||
| MS Equip Facs–MS Baptist Hlth | 2.88% (MUNIPSA * 1 + 1.30% | )# | 8/15/2036 | BBB+ | 7,000 | 7,016,870 | ||||||||
| MS Hosp–Baptist Memorial Health | 1.80% | #(b) | 9/1/2022 | NR | 2,885 | 2,885,346 | ||||||||
| Muskingum Co Hsp Facs–Genesis Hlthcare | 5.00% | 2/15/2020 | BB+ | 1,305 | 1,318,181 | |||||||||
| NC Hsg Fin Agency | 4.00% | 1/1/2050 | AA+ | 2,500 | 2,759,575 | |||||||||
| NC Med–Southminster | 5.00% | 10/1/2023 | NR | 750 | 823,905 | |||||||||
| NC Med Care Comm–Wake Forest Baptist | 2.20% | #(b) | 12/1/2048 | A | 15,000 | 15,174,900 | ||||||||
| NJ Hlth–Hackensack Meridian Hlth | 5.00% | 7/1/2026 | AA- | 3,900 | 4,783,896 | |||||||||
| NJ Hlth–Univ Hosp (AGM) | 5.00% | 7/1/2021 | AA | 900 | 950,895 | |||||||||
| Northampton Co–St. Lukes Univ Hlth | 2.502% (1 Mo. LIBOR * .70 + 1.04% | )# | 8/15/2048 | A- | 8,000 | 8,017,120 | ||||||||
| NY Dorm–Montefiore Ob Group | 5.00% | 8/1/2024 | BBB | 1,500 | 1,734,525 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 4.00% | 12/1/2019 | BBB- | 1,500 | 1,505,085 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 4.00% | 12/1/2020 | BBB- | 1,000 | 1,023,850 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 4.00% | 12/1/2021 | BBB- | 1,700 | 1,775,004 | |||||||||
| OK DFA–OU Med | 5.00% | 8/15/2025 | Baa3 | 550 | 642,494 | |||||||||
| OK DFA–OU Med | 5.00% | 8/15/2026 | Baa3 | 800 | 954,848 | |||||||||
| Owensboro Health | 5.00% | 6/1/2025 | Baa3 | 1,400 | 1,607,578 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2021 | BBB | 500 | 531,275 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2027 | BBB- | 5,000 | 5,956,400 | |||||||||
| Pinellas Co IDA–Patel Foundation | 5.00% | 7/1/2029 | NR | 1,250 | 1,499,338 | |||||||||
| Sartell Hlth Care–Country Manor | 4.00% | 9/1/2020 | NR | 500 | 511,435 | |||||||||
| SE Port Auth–Memorial Hlth | 5.00% | 12/1/2022 | BB- | (d) | 3,070 | 3,197,466 | ||||||||
| South Miami Hlth Fac–Baptist Hlth | 5.00% | 8/15/2022 | A1 | 1,000 | 1,100,290 | |||||||||
| South Miami Hlth Fac–Baptist Hlth | 5.00% | 8/15/2023 | A1 | 1,350 | 1,530,698 | |||||||||
| Southcentral PA Auth–Wellspan Hlth | 2.18% (MUNIPSA * 1 + 0.60% | )# | 6/1/2049 | Aa3 | 9,000 | 9,000,990 | ||||||||
| St Paul Hsg–HlthEast Care Sys | 5.00% | 11/15/2019 | NR | 1,230 | 1,235,363 | |||||||||
| St Paul Hsg–HlthEast Care Sys | 5.00% | 11/15/2020 | NR | 1,255 | 1,306,129 | |||||||||
| Tarrant Co Cultural–Buckner | 3.875% | 11/15/2022 | NR | 550 | 550,358 | |||||||||
| Tempe IDA–ASU Mirabella† | 4.00% | 10/1/2023 | NR | 2,060 | 2,082,722 | |||||||||
| Tulsa Co Industrial Auth–Montereau | 5.00% | 11/15/2026 | BBB- | (d) | 500 | 587,220 | ||||||||
| 28 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| WA Hlth–Fred Hutchinson Cancer Ctr | 2.471% (1 Mo. LIBOR * .67 + 1.10% | )# | 1/1/2042 | A+ | $ | 4,000 | $ | 4,027,640 | ||||||
| WA Hlth Fac Auth–CommonSpirit | 5.00% | #(b) | 8/1/2049 | BBB+ | 8,000 | 9,492,640 | ||||||||
| WA St Hsg–Transforming Age(c) | 2.375% | 1/1/2026 | BB | (d) | 1,275 | 1,276,390 | ||||||||
| WI Hlth & Ed–American Baptist | 3.50% | 8/1/2022 | NR | 455 | 460,551 | |||||||||
| WI Hlth & Ed–Tomah Hosp | 2.65% | 11/1/2020 | NR | 3,375 | 3,376,552 | |||||||||
| Total | 214,709,188 | |||||||||||||
| Housing 3.57% | ||||||||||||||
| CT State Hsg Fin Auth | 4.00% | 5/15/2049 | AAA | 5,605 | 6,227,716 | |||||||||
| MD State Hsg Dev Admn | 4.00% | 9/1/2049 | Aa2 | 5,000 | 5,472,500 | |||||||||
| MI State Hsg Dev Auth | 4.25% | 12/1/2049 | AA+ | 6,000 | 6,606,300 | |||||||||
| MN State Hsg Fin Agy (GNMA) | 4.25% | 7/1/2049 | AA+ | 4,925 | 5,423,804 | |||||||||
| MO State Hsg Dev Cmmn (GNMA) | 4.25% | 5/1/2047 | AA+ | 5,160 | 5,677,238 | |||||||||
| NC State Hsg Fin Agy (GNMA) | 4.00% | 1/1/2050 | AA+ | 5,000 | 5,455,600 | |||||||||
| ND State Hsg Fin Agy | 4.00% | 1/1/2050 | Aa1 | 5,000 | 5,564,150 | |||||||||
| OH State Fin Agy | 4.50% | 3/1/2050 | Aaa | 5,000 | 5,595,700 | |||||||||
| Phoenix IDA–ASU Std Hsg | 5.00% | 7/1/2023 | Baa3 | 100 | 110,968 | |||||||||
| Phoenix IDA–ASU Std Hsg | 5.00% | 7/1/2026 | Baa3 | 175 | 206,642 | |||||||||
| SC State Hsg Fin Auth | 4.00% | 1/1/2050 | Aaa | 5,000 | 5,516,300 | |||||||||
| Total | 51,856,918 | |||||||||||||
| Lease Obligations 4.55% | ||||||||||||||
| CA Pub Wks–Lease Rev | 5.00% | 10/1/2026 | A+ | 1,500 | 1,860,360 | |||||||||
| CA Pub Wks–Lease Rev | 5.00% | 10/1/2027 | A+ | 3,300 | 4,180,869 | |||||||||
| Comm of PA COPS | 5.00% | 7/1/2023 | A2 | 500 | 561,390 | |||||||||
| Comm of PA COPS | 5.00% | 7/1/2025 | A2 | 500 | 590,520 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2021 | BBB+ | 4,490 | 4,742,967 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2022 | BBB+ | 2,310 | 2,488,424 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2022 | BBB+ | 515 | 559,414 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2022 | Baa1 | 900 | 977,616 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 11/1/2022 | BBB+ | 3,275 | 3,593,657 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2023 | BBB+ | 3,565 | 3,937,828 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2025 | BBB+ | 5,205 | 5,709,104 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2025 | Baa1 | 1,250 | 1,443,750 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2026 | BBB+ | 4,000 | 4,699,920 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2021 | A+ | 4,500 | 4,760,595 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2023 | BBB+ | 1,250 | 1,411,988 | |||||||||
| See Notes to Financial Statements. | 29 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2024 | BBB+ | $ | 7,000 | $ | 8,064,210 | |||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2025 | BBB+ | 12,500 | 14,622,125 | |||||||||
| Twin Rivers USD COP (AGM) | 3.20% | #(b) | 6/1/2041 | AA | 1,910 | 1,912,884 | ||||||||
| Total | 66,117,621 | |||||||||||||
| Other Revenue 2.21% | ||||||||||||||
| CA Infra–Paul Getty Trust | 1.866% (3 Mo. LIBOR * .70 + .37% | )# | 4/1/2038 | AAA | 7,500 | 7,506,975 | ||||||||
| CA St Infra–LA Co Museum of Art | 2.088% (1 Mo. LIBOR * .70 + .65% | )# | 12/1/2050 | A3 | 4,000 | 4,011,240 | ||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 5.25% | 8/15/2026 | NR | 1,605 | 1,793,395 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 5.25% | 8/15/2028 | NR | 1,920 | 2,131,200 | |||||||||
| Indianapolis Local Pub Impt Bd Bk | 5.00% | 6/1/2022 | A1 | 4,040 | 4,271,775 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2025 | A3 | 4,850 | 5,633,566 | |||||||||
| Phoenix IDA–Basis Schs† | 3.00% | 7/1/2020 | BB | 375 | 376,065 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2022 | A3 | 5,800 | 6,380,058 | |||||||||
| Total | 32,104,274 | |||||||||||||
| Special Tax 1.34% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2022 | Ba3 | 810 | 862,796 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2023 | Ba3 | 250 | 271,990 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2028 | NR | 5,000 | 5,642,500 | (e) | ||||||||
| Brea Redev Agy | 5.00% | 8/1/2020 | AA- | 2,100 | 2,168,733 | |||||||||
| CT Spl Tax–Trans Infra | 5.00% | 10/1/2022 | A+ | 3,400 | 3,752,682 | |||||||||
| CT Spl Tax–Trans Infra | 5.00% | 1/1/2026 | A+ | 5,000 | 6,019,950 | |||||||||
| Peninsula Town Center† | 4.00% | 9/1/2023 | NR | 225 | 234,434 | |||||||||
| Village CDD #12† | 3.25% | 5/1/2023 | NR | 500 | 511,160 | |||||||||
| Total | 19,464,245 | |||||||||||||
| Tax Revenue 1.10% | ||||||||||||||
| IL State Sales Tax | 5.00% | 6/15/2024 | BBB | 7,245 | 8,085,637 | |||||||||
| Jefferson Co–Sch Warrant | 5.00% | 9/15/2023 | AA | 2,000 | 2,268,300 | |||||||||
| MD Dept Trans | 4.00% | 9/1/2026 | AAA | 4,750 | 5,570,040 | |||||||||
| Total | 15,923,977 | |||||||||||||
| Tobacco 2.90% | ||||||||||||||
| Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 4,720 | 4,720,047 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2022 | A1 | 2,250 | 2,448,090 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2023 | A1 | 1,125 | 1,258,909 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2024 | A1 | 5,000 | 5,744,050 | |||||||||
| 30 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Railsplitter Tobacco Settlement Auth | 5.25% | 6/1/2021 | A | $ | 16,010 | $ | 16,972,201 | |||||||
| Suffolk Tobacco Asset Sec Corp | 5.375% | 6/1/2028 | NR | 4,000 | 4,001,440 | |||||||||
| Tobacco Settlement Fin Corp NJ | 3.20% | 6/1/2027 | BBB+ | 5,260 | 5,379,875 | |||||||||
| TSASC | 5.00% | 6/1/2021 | A | 1,500 | 1,587,330 | |||||||||
| Total | 42,111,942 | |||||||||||||
| Transportation 8.55% | ||||||||||||||
| Bay Area Toll Auth | 2.173% (3 Mo. LIBOR * .70 + .55% | )# | 4/1/2045 | AA | 10,800 | 10,820,520 | ||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2029 | AA- | 1,200 | 1,428,996 | |||||||||
| Central TX Mobility Auth | 4.00% | 1/1/2022 | BBB+ | 5,000 | 5,193,650 | |||||||||
| Central TX Mobility Auth | 5.00% | #(b) | 1/1/2045 | A- | 5,000 | 5,124,350 | ||||||||
| Chesapeake Bay Bridge Dist | 5.00% | 11/1/2023 | BBB | 9,000 | 10,210,230 | |||||||||
| Chicago Trans Auth | 5.00% | 6/1/2025 | NR | 2,000 | 2,335,980 | |||||||||
| Cleveland Arpt (AGM) | 5.00% | 1/1/2022 | AA | 455 | 491,541 | |||||||||
| Denver City & Co Arpt | 2.322% (1 Mo. LIBOR * .70 + .86% | )# | 11/15/2031 | A+ | 2,550 | 2,551,249 | ||||||||
| E470 Pub Hwy Auth | 1.791% (1 Mo. LIBOR * .67 + .42% | )# | 9/1/2039 | A | 6,000 | 6,000,240 | ||||||||
| E470 Pub Hwy Auth | 2.421% (1 Mo. LIBOR * .67 + 1.05% | )# | 9/1/2039 | A | 2,000 | 2,018,040 | ||||||||
| Grand Parkway Trans Corp | 5.00% | 2/1/2023 | A+ | (d) | 10,030 | 11,154,062 | ||||||||
| Illinois St Toll Hwy Auth | 5.00% | 1/1/2024 | AA- | 7,215 | 8,254,826 | |||||||||
| LA Offshore Term Auth–LOOP | 2.00% | #(b) | 10/1/2040 | BBB+ | 2,000 | 2,019,340 | ||||||||
| MD EDC–CNX Marine Terminals | 5.75% | 9/1/2025 | BB- | 3,500 | 3,591,910 | |||||||||
| MTA NY | 5.00% | 5/15/2021 | NR | 15,000 | 15,836,550 | |||||||||
| NC Tpk Auth–Triangle Exprs (AGM) | 5.00% | 1/1/2028 | AA | 1,500 | 1,830,420 | |||||||||
| NJ Tpk Auth | 2.212% (1 Mo. LIBOR * .70 + .75% | )# | 1/1/2030 | NR | 2,500 | 2,517,025 | ||||||||
| NJ Tpk Auth | 5.00% | 1/1/2020 | A+ | 5,000 | 5,045,250 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2027 | A2 | 3,200 | 3,976,928 | |||||||||
| NJ Trans Trust Fund | 2.78% (MUNIPSA * 1 + 1.20% | )# | 6/15/2034 | BBB+ | 10,030 | 10,092,788 | ||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2023 | A+ | 7,210 | 8,057,608 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2025 | A1 | 150 | 180,717 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2026 | A1 | 400 | 495,564 | |||||||||
| Port Auth NY & NJ–JFK IAT | 5.00% | 12/1/2020 | BBB+ | 3,050 | 3,123,840 | |||||||||
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | 5.50% | 11/15/2021 | A+ | 1,650 | 1,796,636 | |||||||||
| Total | 124,148,260 | |||||||||||||
| See Notes to Financial Statements. | 31 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities 18.03% | ||||||||||||||
| American Muni Pwr–Hydroelec Proj | 2.25% | #(b) | 2/15/2048 | A | $ | 6,500 | $ | 6,544,590 | ||||||
| American Muni Pwr- Prairie St TCRS (BAM) | 5.25% | 2/15/2030 | AA | 2,500 | 2,722,975 | |||||||||
| CA Dept Wtr Res Wtr–Central Valley | 5.00% | 12/1/2019 | NR | 205 | 206,296 | |||||||||
| Central Plains–Goldman Sachs | 5.00% | 9/1/2027 | BBB+ | 1,305 | 1,569,197 | |||||||||
| Chicago Wastewater | 5.00% | 1/1/2021 | A | 1,000 | 1,042,180 | |||||||||
| Chicago Wastewater | 5.00% | 1/1/2022 | A | 2,000 | 2,145,860 | |||||||||
| Chicago Water | 5.00% | 11/1/2022 | A | 1,000 | 1,099,200 | |||||||||
| Chicago Water | 5.00% | 11/1/2022 | A | 5,680 | 6,243,456 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2028 | AA | 2,500 | 3,053,475 | |||||||||
| City of Rockport Poll Ctl–IN MI Pwr | 3.05% | 6/1/2025 | A- | 3,500 | 3,718,855 | |||||||||
| Detroit Water | 5.00% | 7/1/2021 | AA- | 420 | 446,149 | |||||||||
| Detroit Water | 5.00% | 7/1/2022 | AA- | 500 | 548,050 | |||||||||
| Escambia Co PCR–Gulf Power | 2.60% | 6/1/2023 | A2 | 3,000 | 3,101,010 | |||||||||
| Farmington Poll Ctl–NM Pub Svc | 1.875% | #(b) | 4/1/2033 | BBB+ | 4,000 | 4,012,320 | ||||||||
| Floyd CO Dev–GA Power | 2.35% | #(b) | 7/1/2022 | Baa1 | 1,500 | 1,513,035 | ||||||||
| Guam Pwr Auth (AGM) | 5.00% | 10/1/2019 | AA | 1,000 | 1,000,000 | |||||||||
| IL Fin Auth–Peoples Gas | 1.875% | #(b) | 2/1/2033 | Aa3 | 6,500 | 6,508,190 | ||||||||
| KY Muni Pwr–Prairie State Proj | 3.45% | #(b) | 9/1/2042 | Baa1 | 1,700 | 1,754,366 | ||||||||
| KY PCR–KY Util Comp | 1.55% | #(b) | 9/1/2042 | A1 | 11,250 | 11,192,513 | ||||||||
| KY Public Energy Auth–BP | 4.00% | #(b) | 1/1/2049 | A1 | 9,275 | 10,254,811 | ||||||||
| KY Public Energy Auth–Morgan Stanley | 4.00% | #(b) | 4/1/2048 | A3 | 15,435 | 16,783,402 | ||||||||
| Lehigh Co IDA–PPL Elec Util | 1.80% | #(b) | 2/15/2027 | A1 | 10,660 | 10,740,376 | ||||||||
| Long Island Power Auth | 2.212% (1 Mo. LIBOR * .70 + .75% | )# | 5/1/2033 | A | 10,000 | 10,050,400 | ||||||||
| Long Island Power Auth | 5.00% | 9/1/2026 | A | 500 | 617,335 | |||||||||
| Long Island Power Auth | 5.00% | 9/1/2027 | A | 500 | 629,330 | |||||||||
| Louisa VA IDA–VA Elec & Pwr CO | 1.90% | #(b) | 11/1/2035 | A2 | 5,000 | 5,065,400 | ||||||||
| Louisville/Jeff Co Poll Ctrl–Louisville | 1.85% | #(b) | 10/1/2033 | A1 | 5,000 | 5,031,000 | ||||||||
| Main St Nat Gas–RBC | 4.00% | #(b) | 4/1/2048 | Aa2 | 8,000 | 8,655,840 | ||||||||
| Maricopa Co Poll Ctl–NM Pub Svc | 2.40% | #(b) | 6/1/2043 | BBB+ | 7,500 | 7,536,900 | ||||||||
| Mason Cnty Poll Ctrl–Appalachian Power | 2.75% | 10/1/2022 | A- | 27,500 | 28,421,250 | |||||||||
| MEAG–Proj 1 | 5.00% | 1/1/2021 | A2 | 7,000 | 7,303,240 | |||||||||
| Monroe Co PCR–Gulf Power | 2.00% | #(b) | 9/1/2037 | A2 | 6,000 | 6,016,860 | ||||||||
| Northern CA Gas–Goldman Sachs | 4.00% | #(b) | 7/1/2049 | A3 | 5,000 | 5,438,600 | ||||||||
| NY Elec Sys–LIPA | 1.65% | #(b) | 9/1/2049 | A | 4,000 | 3,995,840 | ||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2020 | A | 2,000 | 2,061,060 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2023 | A | 850 | 961,996 | |||||||||
| 32 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2024 | A | $ | 800 | $ | 929,120 | |||||||||
| PR Aqueduct & Swr Auth | 5.00% | 7/1/2022 | Ca | 2,000 | 2,100,000 | |||||||||||
| PR Elec Pwr Auth(f) | 5.25% | 7/1/2018 | NR | 2,000 | 1,560,000 | |||||||||||
| Rockport IN Wtr Pollution Ctl | 1.35% | #(b) | 7/1/2025 | A- | 2,000 | 1,986,280 | ||||||||||
| Rockport IN Wtr Pollution Ctl | 1.35% | #(b) | 7/1/2025 | A- | 2,150 | 2,135,251 | ||||||||||
| SA Energy Acquisition Pub Fac–Goldman Sachs | 5.50% | 8/1/2021 | A3 | 4,350 | 4,641,581 | |||||||||||
| San Antonio Elec & Gas | 2.75% | #(b) | 2/1/2048 | Aa2 | 8,000 | 8,297,040 | ||||||||||
| San Antonio Water System | 2.625% | #(b) | 5/1/2049 | AA | 5,000 | 5,234,750 | ||||||||||
| SE AL Gas Dist–Goldman Sachs | 4.00% | #(b) | 4/1/2049 | A3 | 14,250 | 15,428,332 | ||||||||||
| TEAC–Goldman Sachs | 4.00% | #(b) | 5/1/2048 | A3 | 6,000 | 6,418,020 | ||||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2019 | A3 | 1,000 | 1,006,800 | |||||||||||
| Wise Co IDA–VA Elec & Pwr Co | 2.15% | #(b) | 10/1/2040 | A2 | 13,430 | 13,505,208 | ||||||||||
| WV EDA–Appalachian Pwr | 2.55% | #(b) | 3/1/2040 | A- | 2,000 | 2,083,020 | ||||||||||
| WV EDA–Appalachian Pwr | 2.625% | #(b) | 12/1/2042 | A- | 3,000 | 3,086,670 | ||||||||||
| York Co VA IDA–VA Elec & Pwr CO | 1.90% | #(b) | 5/1/2033 | A2 | 5,500 | 5,561,160 | ||||||||||
| Total | 261,958,589 | |||||||||||||||
| Total Municipal Bonds (cost $1,245,678,531) | 1,271,081,274 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 12.24% | ||||||||||||||||
| Variable Rate Demand Notes 12.24% | ||||||||||||||||
| Corporate-Backed 0.07% | ||||||||||||||||
| PSL North America | 2.63% | 10/3/2019 | 11/1/2032 | BBB- | 1,000 | 1,000,000 | ||||||||||
| Education 0.26% | ||||||||||||||||
| Met Govt Nashville H & E–Fisk Univ | 1.70% | 10/3/2019 | 12/1/2020 | NR | 3,835 | 3,835,000 | ||||||||||
| General Obligation 0.75% | ||||||||||||||||
| NYC GO | 1.77% | 10/1/2019 | 3/1/2034 | Aa1 | 10,900 | 10,900,000 | ||||||||||
| Health Care 4.70% | ||||||||||||||||
| AR DFA–Baptist Mem Hlth | 2.03% | 10/3/2019 | 9/1/2044 | BBB+ | 15,000 | 15,000,000 | ||||||||||
| NJ Hlth–Christian Hlth Care Ctr | 1.87% | 10/3/2019 | 7/1/2038 | BBB+ | 6,045 | 6,045,000 | ||||||||||
| NM Hsp–Presbyterian Hlthcare | 1.77% | 10/1/2019 | 8/1/2034 | AA | 855 | 855,000 | ||||||||||
| OH Hsp–Cleveland Clinic | 1.75% | 10/1/2019 | 1/1/2052 | AA | 20,455 | 20,455,000 | ||||||||||
| See Notes to Financial Statements. | 33 |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| Investments | Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | ||||||||||
| Health Care (continued) | ||||||||||||||||
| WV United Health Sys | 1.77% | 10/3/2019 | 6/1/2033 | A | $ | 26,005 | $ | 26,005,000 | ||||||||
| Total | 68,360,000 | |||||||||||||||
| Housing 0.70% | ||||||||||||||||
| IN Hsg & Cmnty Dev–SF Mtge | ||||||||||||||||
| Rev (GNMA) | 1.85% | 10/1/2019 | 7/1/2047 | Aaa | 10,200 | 10,200,000 | ||||||||||
| Lease Obligations 0.31% | ||||||||||||||||
| Montgomery Co Pub Bldg Auth | 1.63% | 10/3/2019 | 11/1/2027 | Aa2 | 4,465 | 4,465,000 | ||||||||||
| Money Market Securities 0.82% | ||||||||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 11/1/2022 | AAA | 11,875 | 11,875,000 | ||||||||||
| Other Revenue 0.32% | ||||||||||||||||
| WI Hlth & Ed–Maranatha Baptist | 2.08% | 10/3/2019 | 8/1/2026 | BBB+ | 4,675 | 4,675,000 | ||||||||||
| Special Tax 0.34% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2042 | AAA | 4,900 | 4,900,000 | ||||||||||
| Tax Revenue 2.61% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2045 | AAA | 1,000 | 1,000,000 | ||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 2/1/2045 | AAA | 505 | 505,000 | ||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 11/1/2044 | AAA | 6,100 | 6,100,000 | ||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 5/1/2034 | AAA | 27,815 | 27,815,000 | ||||||||||
| NYC TFA–Future Tax | 1.82% | 10/1/2019 | 11/1/2022 | AAA | 2,500 | 2,500,000 | ||||||||||
| Total | 37,920,000 | |||||||||||||||
| Utilities 1.36% | ||||||||||||||||
| NYC Muni Wtr | 1.78% | 10/1/2019 | 6/15/2049 | AA+ | 2,100 | 2,100,000 | ||||||||||
| NYC Wtr & Swr | 1.76% | 10/1/2019 | 6/15/2045 | AAA | 17,620 | 17,620,000 | ||||||||||
| Total | 19,720,000 | |||||||||||||||
| Total Short-Term Investments (cost $177,850,000) | 177,850,000 | |||||||||||||||
| Total Investments in Securities 99.75% (cost $1,423,528,531) | 1,448,931,274 | |||||||||||||||
| Cash and Other Assets in Excess of Liabilities 0.25% | 3,592,317 | |||||||||||||||
| Net Assets 100.00% | $ | 1,452,523,591 | ||||||||||||||
| 34 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION TAX FREE FUND September 30, 2019
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| BAM | Insured by–Build America Mutual. | |
| COP | Certificates of Participation. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| GNMA | Insured by–Government National Mortgage Association. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipt. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $30,293,490, which represents 2.09% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (c) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (f) | Defaulted (non-income producing security). | |
| (g) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Special Tax | $ | – | $ | 13,821,745 | $ | 5,642,500 | $ | 19,464,245 | ||||||||
| Remaining Industries | – | 1,251,617,029 | – | 1,251,617,029 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 177,850,000 | – | 177,850,000 | ||||||||||||
| Total | $ | – | $ | 1,443,288,774 | $ | 5,642,500 | $ | 1,448,931,274 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| See Notes to Financial Statements. | 35 |
Schedule of Investments (concluded)
SHORT DURATION TAX FREE FUND September 30, 2019
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2018 | $ | – | ||
| Accrued Discounts (Premiums) | (3,036 | ) | ||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | 599,436 | |||
| Purchases | 5,046,100 | |||
| Sales | – | |||
| Transfers into Level 3 | – | |||
| Transfers out of Level 3 | – | |||
| Balance as of September 30, 2019 | $ | 5,642,500 | ||
| Change in unrealized appreciation/depreciation for year ended September 30, 2019, related to Level 3 investments held at September 30, 2019 | $ | 599,436 | ||
| 36 | See Notes to Financial Statements. |
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 98.39% | ||||||||||||||
| Corporate-Backed 8.09% | ||||||||||||||
| AL IDA–Office Max Rmkt AMT | 6.45% | #(b) | 12/1/2023 | B1 | $ | 2,300 | $ | 2,334,684 | ||||||
| Arista Met District | 5.00% | 12/1/2038 | NR | 1,240 | 1,337,464 | |||||||||
| Build NYC Res Corp–Pratt Paper AMT† | 4.50% | 1/1/2025 | NR | 3,600 | 3,975,048 | |||||||||
| Build NYC Res Corp–Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 550 | 607,228 | |||||||||
| CA MFA–Waste Mgmt AMT(c) | 2.40% | #(b) | 10/1/2044 | A- | 6,250 | 6,300,500 | ||||||||
| CA Poll Ctl–Waste Mgmt AMT | 3.00% | 11/1/2025 | A- | 9,850 | 10,565,208 | |||||||||
| Chandler AZ IDA–Intel Corp AMT | 2.70% | #(b) | 12/1/2037 | A+ | 7,250 | 7,517,017 | ||||||||
| Citizens Property Insurance Corp | 5.00% | 6/1/2022 | A+ | 12,500 | 13,478,375 | |||||||||
| Downtown Doral CDD† | 4.25% | 12/15/2028 | NR | 250 | 259,505 | |||||||||
| Downtown Doral CDD† | 4.75% | 12/15/2038 | NR | 625 | 674,894 | |||||||||
| Gloucester Co Poll Ctl–Logan AMT | 5.00% | 12/1/2024 | BBB- | 1,750 | 1,907,465 | |||||||||
| Greater Orlando Aviation–Jet Blue AMT | 5.00% | 11/15/2026 | NR | 2,980 | 3,233,896 | |||||||||
| Houston Arpt–United Airlines AMT | 5.00% | 7/15/2028 | BB | 2,525 | 3,031,944 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 3.125% | 12/1/2022 | B+ | 2,250 | 2,282,850 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.25% | 12/1/2025 | B+ | 10,000 | 10,915,100 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co† | 5.875% | 12/1/2026 | B+ | 3,365 | 3,537,793 | |||||||||
| IN Fin Auth–US Steel | 6.00% | 12/1/2019 | B | 3,700 | 3,724,383 | |||||||||
| Indianapolis Local Pub Impt–IND Arpt AMT | 5.00% | 1/1/2026 | A1 | 9,425 | 10,979,842 | |||||||||
| Indianapolis Local Pub Impt–IND Arpt AMT | 5.00% | 1/1/2027 | A1 | 8,300 | 9,643,272 | |||||||||
| LA Citizens Property Insurance Corp (AGM) | 5.00% | 6/1/2022 | AA | 2,000 | 2,185,400 | |||||||||
| LA Env Facs–Westlake Chem | 3.50% | 11/1/2032 | BBB | 8,850 | 9,425,604 | |||||||||
| LA Env Facs–Westlake Chem | 6.50% | 8/1/2029 | BBB | 6,780 | 7,065,167 | |||||||||
| LA St John Parish–Marathon Oil(c) | 2.20% | #(b) | 6/1/2037 | BBB | 7,500 | 7,561,875 | ||||||||
| Love Field Arpt–Southwest Airlines AMT | 5.00% | 11/1/2028 | A3 | 1,800 | 1,963,512 | |||||||||
| Martin Co IDA–Indiantown Cogen AMT† | 4.20% | 12/15/2025 | BBB+ | 6,000 | 6,087,780 | |||||||||
| Matagorda Co Nav Dist–AEP TX Central | 2.60% | 11/1/2029 | A- | 2,800 | 2,885,456 | |||||||||
| Matagorda Co Nav Dist–AEP TX Central | 4.00% | 6/1/2030 | A- | 8,000 | 8,567,120 | |||||||||
| MD EDC–Chesapeake Bay Hyatt(d) | 5.00% | 12/1/2016 | NR | 2,570 | 1,628,738 | |||||||||
| Met Govt Nashville & Davidson Cnty | 4.00% | 7/1/2034 | AA | 10,000 | 11,588,800 | |||||||||
| Mission Econ Dev Corp–Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 10,000 | 10,864,400 | |||||||||
| Nez Perce Co Poll Ctl–Potlatch | 2.75% | 10/1/2024 | BBB- | 10,500 | 10,933,755 | |||||||||
| NH National Fin Auth–Covanta AMT† | 4.00% | 11/1/2027 | B1 | 2,975 | 3,152,191 | |||||||||
| Niagara Area Dev Corp–Covanta† | 3.50% | 11/1/2024 | B1 | 4,650 | 4,866,179 | |||||||||
| Niagara Area Dev Corp–Covanta AMT† | 4.75% | 11/1/2042 | B1 | 5,500 | 5,828,460 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.125% | 9/15/2023 | BB | 6,775 | 7,292,678 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.25% | 9/15/2029 | BB | 13,820 | 15,156,670 | |||||||||
| See Notes to Financial Statements. | 37 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal
(000) | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2030 | A- | (e) | $ | 2,000 | $ | 2,342,280 | ||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2033 | A- | (e) | 2,000 | 2,316,420 | ||||||||
| NY Energy RDA–NYSEGC | 3.50% | 10/1/2029 | A- | 8,200 | 9,418,192 | |||||||||
| NY Trans Dev Corp–American Airlines AMT | 5.00% | 8/1/2026 | BB- | 12,750 | 13,405,095 | |||||||||
| NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 3,100 | 3,246,754 | |||||||||
| NYC IDA–TRIPS AMT | 5.00% | 7/1/2022 | BBB+ | 2,330 | 2,536,135 | |||||||||
| NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB+ | 3,500 | 3,781,645 | |||||||||
| OH Air Dev Auth–AEP AMT(c) | 2.60% | #(b) | 6/1/2041 | Baa1 | 3,250 | 3,265,438 | ||||||||
| OH Air Quality–Pratt Paper AMT† | 3.75% | 1/15/2028 | NR | 1,800 | 1,953,360 | |||||||||
| OH Air Quality–Pratt Paper AMT† | 4.25% | 1/15/2038 | NR | 3,750 | 4,060,013 | |||||||||
| OK DFA–Waste Mgmt | 2.375% | #(b) | 12/1/2021 | A- | 1,665 | 1,693,105 | ||||||||
| PA Dev Fin Auth–Covanta AMT† | 3.25% | 8/1/2039 | B | 1,035 | 1,035,424 | |||||||||
| PA EDA–Procter & Gamble AMT | 5.375% | 3/1/2031 | AA- | 1,325 | 1,731,656 | |||||||||
| Richland Co Env Impt–Intl Paper AMT | 3.875% | 4/1/2023 | BBB | 6,715 | 7,122,600 | |||||||||
| Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 7,710 | 8,340,447 | |||||||||
| Selma IDB–Intl Paper(c) | 2.00% | #(b) | 11/1/2033 | BBB | 1,000 | 1,002,290 | ||||||||
| St Charles Parish–Valero Energy | 4.00% | #(b) | 12/1/2040 | BBB | 13,400 | 14,130,970 | ||||||||
| Tulsa Mun Arpt–American Airlines AMT | 5.00% | #(b) | 6/1/2035 | BB- | 5,000 | 5,646,050 | ||||||||
| Tuscaloosa IDA–Hunt Refining† | 5.25% | 5/1/2044 | NR | 6,950 | 8,018,215 | |||||||||
| VA Small Bus Fing–Covanta AMT† | 5.00% | #(b) | 1/1/2048 | B | 440 | 469,660 | ||||||||
| Valdez Marine Term–BP | 5.00% | 1/1/2021 | A1 | 10,000 | 10,433,200 | |||||||||
| Valparaiso Facs–Pratt Paper AMT | 5.875% | 1/1/2024 | NR | 930 | 1,016,471 | |||||||||
| Valparaiso Facs–Pratt Paper AMT | 6.75% | 1/1/2034 | NR | 5,000 | 5,835,900 | |||||||||
| Warren Co–Intl Paper | 2.90% | #(b) | 9/1/2032 | BBB | 7,500 | 7,794,150 | ||||||||
| West Pace Coop Dist(d) | 9.125% | 5/1/2039 | NR | 4,900 | 2,842,000 | (f) | ||||||||
| Whiting Env Facs–BP AMT | 5.00% | #(b) | 11/1/2045 | A1 | 6,855 | 7,530,217 | ||||||||
| Whiting Env Facs–BP Rmkt | 5.25% | 1/1/2021 | A1 | 5,000 | 5,231,950 | |||||||||
| WI PFA–American Dream† | 5.00% | 12/1/2027 | NR | 7,000 | 7,914,760 | |||||||||
| WI PFA–American Dream† | 6.75% | 12/1/2042 | NR | 5,000 | 5,934,000 | |||||||||
| WI PFA–TRIPS AMT | 5.25% | 7/1/2028 | BBB+ | 3,750 | 4,089,338 | |||||||||
| WI Pub Fin Auth–Celanese AMT | 4.30% | 11/1/2030 | BBB | 2,125 | 2,265,271 | |||||||||
| WI Pub Fin Auth–Celanese AMT | 5.00% | 12/1/2025 | BBB | 6,500 | 7,503,015 | |||||||||
| Total | 377,266,274 | |||||||||||||
| Education 4.65% | ||||||||||||||
| CA Fin Auth–Biola Univ | 5.00% | 10/1/2028 | Baa1 | 420 | 475,209 | |||||||||
| CA Fin Auth–Biola Univ | 5.00% | 10/1/2030 | Baa1 | 430 | 483,234 | |||||||||
| CA State Univ Sys | 5.00% | 11/1/2024 | Aa2 | 5,000 | 5,402,350 | |||||||||
| 38 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| CA State Univ Sys | 5.00% | 11/1/2026 | Aa2 | $ | 2,750 | $ | 3,374,333 | |||||||
| Cap Trust Ed Facs–Renaissance Charter† | 5.00% | 6/15/2039 | NR | 2,160 | 2,284,481 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB- | 3,000 | 3,437,820 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2036 | BB- | 9,000 | 10,258,020 | |||||||||
| Cleveland State Univ | 5.00% | 6/1/2024 | A+ | 1,775 | 1,908,001 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 5.125% | 8/15/2030 | NR | 3,500 | 3,836,210 | |||||||||
| CT Hlth & Ed–Quinnipiac Univ | 5.00% | 7/1/2033 | A- | 8,230 | 9,558,569 | |||||||||
| Cuyahoga CCD | 5.00% | 8/1/2020 | Aa2 | 1,800 | 1,821,924 | |||||||||
| Frederick Co Ed Fac–Mount St Mary’s Univ† | 5.00% | 9/1/2027 | BB+ | 2,000 | 2,295,620 | |||||||||
| Frederick Co Ed Fac–Mount St Mary’s Univ† | 5.00% | 9/1/2032 | BB+ | 2,400 | 2,768,736 | |||||||||
| Fulton Co Dev–GA Tech Athletic Assoc | 5.00% | 10/1/2022 | A2 | 7,480 | 8,276,844 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2020 | Baa3 | 1,000 | 1,001,240 | |||||||||
| IL Fin Auth–Loyola Univ Chicago | 5.00% | 7/1/2025 | A+ | 8,620 | 9,377,267 | |||||||||
| IL Fin Auth–Noble Chtr Sch | 5.00% | 9/1/2025 | BBB | 1,500 | 1,636,755 | |||||||||
| IL Fin Auth–Univ Chicago | 5.00% | 10/1/2030 | Aa2 | 8,000 | 9,293,920 | |||||||||
| MA DFA–Emerson Clg | 5.00% | 1/1/2026 | BBB+ | 5,135 | 5,954,135 | |||||||||
| MA DFA–Emerson Clg | 5.00% | 1/1/2027 | BBB+ | 2,700 | 3,122,280 | |||||||||
| MA DFA–Emerson Clg | 5.00% | 1/1/2028 | BBB+ | 1,810 | 2,084,993 | |||||||||
| MA DFA–Emmanuel College | 5.00% | 10/1/2032 | Baa2 | 5,000 | 5,850,400 | |||||||||
| Marietta Dev Auth–Life Univ† | 5.00% | 11/1/2037 | Ba3 | 1,500 | 1,700,010 | |||||||||
| NC Cap Facs–High Point Univ | 5.00% | 5/1/2032 | A- | 2,500 | 2,630,450 | |||||||||
| Nova Southeastern Univ | 5.00% | 4/1/2037 | A- | 5,000 | 5,956,050 | |||||||||
| Nova Southeastern Univ | 5.00% | 4/1/2038 | A- | 2,500 | 2,969,225 | |||||||||
| NV Dept of Bus & Ind–Somerset Academy† | 4.50% | 12/15/2029 | BB | 750 | 814,980 | |||||||||
| NV Dept of Bus & Ind–Somerset Academy† | 5.00% | 12/15/2038 | BB | 1,000 | 1,092,260 | |||||||||
| NY Dorm–Mt Sinai Sch Med | 5.00% | 7/1/2026 | A- | 5,000 | 5,972,150 | |||||||||
| NY Dorm–Mt Sinai Sch Med | 5.00% | 7/1/2027 | A- | 10,000 | 11,913,600 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2021 | BBB- | 1,845 | 1,943,191 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2023 | BBB- | 980 | 1,092,671 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2026 | BBB- | 980 | 1,085,497 | |||||||||
| NY Dorm–SUNY | 5.00% | 7/1/2026 | Aa3 | 2,000 | 2,403,540 | |||||||||
| NY Dorm–SUNY | 5.00% | 7/1/2027 | Aa3 | 500 | 600,255 | |||||||||
| NY Dorm–SUNY | 5.00% | 7/1/2027 | Aa3 | 4,880 | 5,852,486 | |||||||||
| NY Dorm–SUNY | 5.00% | 7/1/2028 | Aa3 | 4,110 | 4,920,451 | |||||||||
| NY Dorm–SUNY | 5.00% | 7/1/2029 | Aa3 | 2,750 | 3,284,518 | |||||||||
| Pima IDA–American Leadership Acad† | 4.75% | 6/15/2037 | NR | 4,500 | 4,638,960 | |||||||||
| Private Clgs & Univs Auth–SCAD | 5.00% | 4/1/2029 | A3 | 1,500 | 1,726,905 | |||||||||
| See Notes to Financial Statements. | 39 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Private Clgs & Univs Auth–SCAD | 5.00% | 4/1/2031 | A3 | $ | 1,360 | $ | 1,560,722 | |||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2024 | A3 | 1,000 | 1,160,900 | |||||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2025 | A3 | 2,630 | 3,130,252 | |||||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2026 | A3 | 1,000 | 1,200,430 | |||||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2027 | A3 | 1,600 | 1,914,032 | |||||||||
| Univ of Connecticut | 5.00% | 11/1/2032 | A+ | 3,740 | 4,649,082 | |||||||||
| Univ of Houston | 5.00% | 2/15/2029 | AA | 10,280 | 12,421,530 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2033 | AA | 4,905 | 5,572,031 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2034 | AA | 5,100 | 5,753,412 | |||||||||
| Univ of North Carolina–Wilmington | 5.00% | 6/1/2023 | A1 | 2,435 | 2,748,019 | |||||||||
| Univ of North Carolina–Wilmington | 5.00% | 6/1/2024 | A1 | 2,560 | 2,968,422 | |||||||||
| VA Clg Bldg Auth | 4.00% | 9/1/2035 | AA+ | 8,795 | 10,158,225 | |||||||||
| Wayne State Univ | 4.00% | 11/15/2034 | Aa3 | 3,900 | 4,311,099 | |||||||||
| Western MI Univ (AGC) | 5.25% | 11/15/2020 | AA | 3,980 | 3,993,492 | |||||||||
| Total | 216,641,188 | |||||||||||||
| Energy 0.25% | ||||||||||||||
| PEFA Gas | 5.00% | #(b) | 9/1/2049 | A3 | 10,000 | 11,830,800 | ||||||||
| Financial Services 0.61% | ||||||||||||||
| Berks Co IDA–Tower Hlth | 4.00% | 11/1/2031 | A | 2,280 | 2,534,220 | |||||||||
| Berks Co IDA–Tower Hlth | 5.00% | 11/1/2030 | A | 1,315 | 1,606,601 | |||||||||
| MA Ed Fin Auth AMT | 3.625% | 7/1/2034 | AA | 15,000 | 16,207,800 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.75% | 12/1/2030 | Aaa | 2,350 | 2,570,336 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 4.00% | 12/1/2032 | Aaa | 2,690 | 2,975,006 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 4.00% | 12/1/2034 | Aaa | 2,400 | 2,645,976 | |||||||||
| Total | 28,539,939 | |||||||||||||
| General Obligation 16.36% | ||||||||||||||
| Bellwood GO | 5.875% | 12/1/2027 | A | 5,000 | 5,620,900 | |||||||||
| Bellwood GO | 6.15% | 12/1/2032 | A | 3,770 | 4,277,744 | |||||||||
| Birdville ISD GTD | 4.00% | 2/15/2038 | AAA | 3,235 | 3,683,824 | |||||||||
| CA State GO | 2.217% (1 Mo. LIBOR * .70 + .76% | )# | 12/1/2031 | AA- | 5,000 | 5,032,550 | ||||||||
| CA State GO | 3.00% | 10/1/2033 | AA- | 3,750 | 4,011,600 | |||||||||
| CA State GO | 4.00% | 8/1/2031 | AA- | 5,000 | 5,753,900 | |||||||||
| CA State GO | 5.00% | 10/1/2027 | AA- | 10,000 | 11,280,500 | |||||||||
| CA State GO | 5.00% | 9/1/2030 | AA- | 10,000 | 12,008,900 | |||||||||
| CA State GO | 5.00% | 4/1/2032 | AA- | 13,850 | 18,962,035 | |||||||||
| 40 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| CA State GO | 5.25% | 3/1/2022 | AA- | $ | 6,320 | $ | 6,427,124 | |||||||
| Chabot/Las Positas CCD | 5.00% | 8/1/2023 | AA | 3,000 | 3,444,840 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2027 | BB- | 4,500 | 4,880,385 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2029 | BB- | 3,000 | 3,550,980 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB- | 3,100 | 3,650,343 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB- | 1,500 | 1,757,670 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB- | 3,100 | 3,178,399 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2032 | BB- | 1,200 | 1,402,224 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB- | 900 | 1,048,914 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB- | 475 | 551,736 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2035 | BB- | 450 | 521,118 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB- | 7,500 | 8,492,625 | |||||||||
| Chicago Brd Ed† | 6.75% | 12/1/2030 | BB- | 5,000 | 6,494,700 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 2,860 | 3,444,098 | |||||||||
| Chicago Brd Ed (NPFGC)(FGIC) | Zero Coupon | 12/1/2026 | Baa2 | 1,510 | 1,240,480 | |||||||||
| Chicago GO | 5.00% | 1/1/2022 | BBB+ | 7,770 | 8,205,508 | |||||||||
| Chicago GO | 5.00% | 1/1/2024 | BBB+ | 15,000 | 16,524,900 | |||||||||
| Chicago GO | 5.00% | 1/1/2025 | BBB+ | 7,000 | 7,857,220 | |||||||||
| Chicago GO | 5.00% | 1/1/2031 | BBB+ | 2,210 | 2,487,311 | |||||||||
| Chicago GO | 5.00% | 1/1/2034 | BBB+ | 7,625 | 8,242,472 | |||||||||
| Chicago GO | 5.125% | 1/1/2027 | BBB+ | 3,100 | 3,496,211 | |||||||||
| Chicago GO | 5.25% | 1/1/2028 | BBB+ | 3,845 | 4,347,888 | |||||||||
| Chicago GO | 5.50% | 1/1/2037 | BBB+ | 1,000 | 1,118,300 | |||||||||
| Chicago GO | 5.50% | 1/1/2049 | BBB+ | 3,750 | 4,390,200 | |||||||||
| Chicago GO | 5.625% | 1/1/2030 | BBB+ | 1,835 | 2,195,174 | |||||||||
| Chicago GO | 6.00% | 1/1/2038 | BBB+ | 17,835 | 21,305,156 | |||||||||
| Chicago Met Water Reclmtn Dist | 5.00% | 12/1/2027 | AA+ | 4,600 | 5,613,610 | |||||||||
| Chicago Met Water Reclmtn Dist | 5.00% | 12/1/2028 | AA+ | 6,715 | 8,162,485 | |||||||||
| Clackamas Co Sch Dist–North Clackamas | 5.00% | 6/15/2025 | AA+ | 1,450 | 1,695,311 | |||||||||
| Clark Co GO | 4.00% | 6/1/2037 | AA+ | 6,890 | 7,933,008 | |||||||||
| Clark Co GO | 5.00% | 11/1/2027 | AA+ | 10,775 | 12,834,210 | |||||||||
| Clark Co Sch Dist (AGM) | 3.00% | 6/15/2037 | AA | 12,195 | 12,575,972 | |||||||||
| Cook Co GO | 5.00% | 11/15/2020 | AA- | 5,000 | 5,194,000 | |||||||||
| Cook Co GO | 5.00% | 11/15/2021 | AA- | 5,000 | 5,352,450 | |||||||||
| Cook Co GO | 5.00% | 11/15/2025 | AA- | 6,000 | 6,558,540 | |||||||||
| Cook Co GO | 5.25% | 11/15/2023 | AA- | 10,510 | 11,273,026 | |||||||||
| CT State GO | 4.00% | 4/15/2037 | A1 | 1,825 | 2,072,288 | |||||||||
| See Notes to Financial Statements. | 41 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| CT State GO | 4.00% | 6/15/2037 | A1 | $ | 775 | $ | 873,123 | |||||||
| CT State GO | 4.00% | 4/15/2038 | A1 | 7,460 | 8,443,079 | |||||||||
| CT State GO | 5.00% | 10/15/2028 | A1 | 12,500 | 15,155,625 | |||||||||
| CT State GO | 5.00% | 6/15/2032 | A1 | 2,000 | 2,468,580 | |||||||||
| CT State GO | 5.00% | 6/15/2034 | A1 | 1,100 | 1,349,722 | |||||||||
| CT State GO | 5.00% | 6/15/2035 | A1 | 1,125 | 1,376,471 | |||||||||
| CT State GO | 5.00% | 4/15/2036 | A1 | 1,150 | 1,424,816 | |||||||||
| Deforest Sch Dist | 3.00% | 4/1/2038 | AA+ | 4,000 | 4,096,320 | |||||||||
| Eaton Area Pk & Rec Dist | 5.50% | 12/1/2030 | NR | 240 | 257,897 | |||||||||
| Fresno USD (NPFGC)(FGIC) | 5.25% | 2/1/2024 | A+ | 3,285 | 3,816,644 | |||||||||
| Geneva USD | 5.00% | 1/1/2028 | AA+ | 1,125 | 1,366,841 | |||||||||
| Geneva USD | 5.00% | 1/1/2029 | AA+ | 2,200 | 2,665,366 | |||||||||
| Geneva USD | 5.00% | 1/1/2030 | AA+ | 1,400 | 1,687,224 | |||||||||
| HI State GO | 5.00% | 8/1/2026 | AA+ | 7,590 | 8,892,064 | |||||||||
| Hinsdale GO | 4.00% | 1/15/2037 | AAA | 6,065 | 6,829,675 | |||||||||
| Hinsdale GO | 4.00% | 1/15/2038 | AAA | 6,300 | 7,070,931 | |||||||||
| Hinsdale GO | 4.00% | 1/15/2039 | AAA | 6,550 | 7,335,345 | |||||||||
| Houston GO | 5.00% | 3/1/2024 | AA | 2,000 | 2,302,760 | |||||||||
| Howard Co GO | 3.00% | 8/15/2036 | AAA | 1,910 | 1,994,995 | |||||||||
| Howard Co GO | 3.00% | 8/15/2037 | AAA | 2,255 | 2,335,233 | |||||||||
| Howard Co GO | 3.00% | 8/15/2038 | AAA | 1,500 | 1,549,290 | |||||||||
| IL State GO | 5.00% | 7/1/2022 | BBB- | 6,500 | 6,969,820 | |||||||||
| IL State GO | 5.00% | 8/1/2023 | BBB- | 5,350 | 5,853,756 | |||||||||
| IL State GO | 5.00% | 8/1/2024 | BBB- | 14,565 | 15,503,714 | |||||||||
| IL State GO | 5.00% | 11/1/2026 | BBB- | 10,000 | 11,349,300 | |||||||||
| IL State GO | 5.00% | 1/1/2027 | BBB- | 12,010 | 13,523,500 | |||||||||
| IL State GO | 5.00% | 11/1/2027 | BBB- | 5,000 | 5,693,350 | |||||||||
| IL State GO | 5.00% | 2/1/2028 | BBB- | 13,620 | 15,561,259 | |||||||||
| IL State GO | 5.00% | 11/1/2028 | BBB- | 11,280 | 12,890,671 | |||||||||
| IL State GO | 5.00% | 2/1/2029 | BBB- | 5,440 | 6,208,672 | |||||||||
| IL State GO | 5.00% | 11/1/2029 | BBB- | 2,800 | 3,175,872 | |||||||||
| IL State GO | 5.00% | 10/1/2032 | BBB- | 8,300 | 9,551,142 | |||||||||
| IL State GO | 5.00% | 10/1/2033 | BBB- | 5,000 | 5,741,700 | |||||||||
| IL State GO | 5.25% | 7/1/2030 | BBB- | 5,430 | 5,903,550 | |||||||||
| IL State GO | 5.25% | 2/1/2034 | BBB- | 3,295 | 3,601,929 | |||||||||
| IL State GO | 5.50% | 7/1/2038 | BBB- | 5,000 | 5,441,700 | |||||||||
| IL State GO | 6.00% | 5/1/2026 | BBB- | 6,000 | 7,199,580 | |||||||||
| 42 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| LA State GO | 5.00% | 5/1/2028 | AA- | $ | 11,180 | $ | 13,300,175 | |||||||
| LA State GO | 5.00% | 3/1/2031 | AA- | 5,000 | 6,393,800 | |||||||||
| Lake Cnty IL Sch Dist #113(c) | 4.00% | 1/1/2032 | Aaa | 4,130 | 4,786,505 | |||||||||
| Lake Co GO | 3.50% | 11/30/2031 | AAA | 1,825 | 1,941,691 | |||||||||
| Lane Co Sch Dist #4J | 4.00% | 6/15/2034 | Aa1 | 9,000 | 9,898,110 | |||||||||
| Lubbock GO | 5.00% | 2/15/2026 | AA+ | 11,810 | 13,993,197 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2022 | AA | 2,250 | 2,480,963 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2023 | AA | 2,500 | 2,820,025 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2024 | AA | 4,000 | 4,613,840 | |||||||||
| MI Strategic Fund–I-75 AMT (AGM) | 4.25% | 12/31/2038 | AA | 2,500 | 2,790,325 | |||||||||
| Miami-Dade Co GO | 5.00% | 7/1/2038 | AA | 4,830 | 6,073,725 | |||||||||
| Nassau Co GO (AGM) | 5.00% | 1/1/2026 | AA | 10,000 | 12,106,200 | |||||||||
| NJ State GO | 5.00% | 6/1/2027 | A- | 3,650 | 4,512,933 | |||||||||
| NJ State GO | 5.00% | 6/1/2029 | A- | 5,000 | 6,129,650 | |||||||||
| NV State GO | 5.00% | 11/1/2026 | AA | 7,500 | 8,975,850 | |||||||||
| NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2023 | AA | 2,500 | 2,874,675 | |||||||||
| NYC GO | 5.00% | 10/1/2021 | Aa1 | 6,000 | 6,441,240 | |||||||||
| NYC GO | 5.00% | 8/1/2022 | Aa1 | 10,010 | 10,700,089 | |||||||||
| NYC GO | 5.00% | 8/1/2025 | Aa1 | 12,000 | 13,648,440 | |||||||||
| NYC GO | 5.00% | 8/1/2026 | Aa1 | 5,235 | 5,672,018 | |||||||||
| NYC GO | 5.00% | 8/1/2032 | Aa1 | 1,750 | 2,235,450 | |||||||||
| PA State GO | 4.00% | 3/1/2038 | Aa3 | 8,020 | 8,986,651 | |||||||||
| PA State GO | 5.00% | 1/15/2028 | Aa3 | 10,000 | 12,320,700 | |||||||||
| Peralta CCD | 5.00% | 8/1/2021 | AA- | 3,000 | 3,209,700 | |||||||||
| Perris UHSD (AGM) | 4.00% | 9/1/2037 | AA | 2,000 | 2,338,220 | |||||||||
| Perris UHSD (AGM) | 4.00% | 9/1/2039 | AA | 5,050 | 5,863,100 | |||||||||
| Perris UHSD (AGM) | 4.00% | 9/1/2040 | AA | 1,935 | 2,235,273 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2030 | A | 2,750 | 3,526,600 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2031 | A | 2,500 | 3,182,375 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2032 | A | 1,750 | 2,214,538 | |||||||||
| Philadelphia GO | 5.00% | 2/1/2033 | A | 2,500 | 3,153,725 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2026 | A2 | 500 | 603,075 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2027 | A2 | 600 | 734,154 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2028 | A2 | 500 | 622,365 | |||||||||
| Philadelphia Sch Dist (AGM) | 5.00% | 6/1/2030 | AA | 5,000 | 6,016,150 | |||||||||
| Philadelphia Sch Dist (AGM) | 5.00% | 6/1/2031 | AA | 5,000 | 5,975,650 | |||||||||
| PR Comwlth GO (AGM) | 5.00% | 7/1/2035 | AA | 2,115 | 2,222,992 | |||||||||
| See Notes to Financial Statements. | 43 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| PR Comwlth GO (AGM) | 5.25% | 7/1/2024 | AA | $ | 855 | $ | 900,939 | |||||||
| PR Comwlth GO TCRS (AMBAC) | 4.50% | 7/1/2023 | Ca | 1,285 | 1,293,635 | |||||||||
| PR Pub Bldg Auth GTD (AMBAC) | 10.00% | #(b) | 7/1/2035 | Ca | 4,245 | 4,509,803 | ||||||||
| Reedy Creek Impt Dist GO | 4.00% | 6/1/2031 | AA- | 2,240 | 2,572,886 | |||||||||
| RI State GO | 5.00% | 8/1/2029 | AA | 7,500 | 9,391,125 | |||||||||
| Romeoville GO | 4.00% | 12/30/2036 | Aa2 | 4,725 | 5,341,518 | |||||||||
| Romeoville GO | 4.00% | 12/30/2037 | Aa2 | 3,800 | 4,280,016 | |||||||||
| Stamford GO | 3.00% | 6/1/2037 | AAA | 3,025 | 3,156,013 | |||||||||
| Stamford GO | 3.00% | 6/1/2038 | AAA | 3,025 | 3,143,489 | |||||||||
| Stamford GO | 3.00% | 6/1/2039 | AAA | 3,025 | 3,130,451 | |||||||||
| VT EDA–Casella Waste AMT† | 4.625% | #(b) | 4/1/2036 | B | 750 | 854,753 | ||||||||
| WA State GO | 5.00% | 8/1/2022 | Aaa | 14,245 | 15,208,247 | |||||||||
| Wake Co Ltd Ob | 4.00% | 12/1/2031 | AA+ | 5,000 | 5,738,700 | |||||||||
| Total | 762,730,089 | |||||||||||||
| Health Care 14.14% | ||||||||||||||
| AL PFA–AL Proton Therapy† | 6.85% | 10/1/2047 | NR | 2,160 | 2,394,446 | |||||||||
| Alachua Co Hlth–East Ridge Ret Vlg | 5.00% | 11/15/2024 | B- | (e) | 4,000 | 3,748,560 | ||||||||
| Alachua Co Hlth–East Ridge Ret Vlg | 5.625% | 11/15/2029 | B- | (e) | 1,000 | 914,950 | ||||||||
| Allegheny Co Hosp Auth–UPMC | 4.00% | 7/15/2038 | A+ | 3,750 | 4,221,562 | |||||||||
| Allegheny County Health Network | 5.00% | 4/1/2030 | A | 4,750 | 5,872,662 | |||||||||
| Allegheny County Health Network | 5.00% | 4/1/2031 | A | 6,000 | 7,375,620 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2031 | Ba3 | 7,000 | 7,728,700 | |||||||||
| AR DFA–Baptist Mem Hlth | 3.13% (MUNIPSA * 1 + 1.55% | )# | 9/1/2044 | BBB+ | 12,000 | 12,177,000 | ||||||||
| Atlantic Bch Hlth–Fleet Landing | 5.00% | 11/15/2028 | BBB | (e) | 2,020 | 2,244,139 | ||||||||
| AZ Hlth Facs–Phoenix Childrens Hsp | 5.00% | 2/1/2030 | A1 | 6,000 | 6,466,800 | |||||||||
| Blaine Sr Hsg & Hlthcare–Crest View | 5.125% | 7/1/2025 | NR | 3,450 | 3,507,201 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2022 | BBB+ | 1,540 | 1,703,533 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2023 | BBB+ | 1,000 | 1,101,940 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2024 | BBB+ | 2,000 | 2,205,800 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2025 | BBB+ | 4,880 | 5,384,836 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2026 | BBB+ | 3,705 | 4,091,357 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2029 | BBB+ | 1,300 | 1,436,786 | |||||||||
| CA Hlth–Lucile Packard Childrens Hsp | 5.00% | 8/15/2031 | A+ | 1,150 | 1,400,183 | |||||||||
| CA Hlth–Lucile Packard Childrens Hsp | 5.00% | 8/15/2032 | A+ | 1,250 | 1,515,975 | |||||||||
| CA Hlth–Sutter Hlth | 5.00% | 11/15/2032 | AA- | 2,000 | 2,530,880 | |||||||||
| CA Hlth–Sutter Hlth | 5.00% | 11/15/2033 | AA- | 2,450 | 3,093,884 | |||||||||
| 44 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CA Hlth–Sutter Hlth | 5.00% | 11/15/2034 | AA- | $ | 3,350 | $ | 4,218,253 | |||||||
| CA Hlth Facs–Cedars-Sinai Med Ctr | 5.00% | 11/15/2026 | Aa3 | 5,000 | 6,143,750 | |||||||||
| CA Muni Fin–Cmnty Med Ctrs | 5.00% | 2/1/2030 | A- | 3,305 | 3,877,756 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.00% | 12/1/2033 | BB- | 1,000 | 1,176,990 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2029 | BB- | 5,000 | 5,739,150 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2034 | BB- | 4,500 | 5,087,295 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.25% | 12/1/2038 | BB- | 1,500 | 1,781,955 | |||||||||
| CA Stwde–So Cal Presbyterian† | 6.25% | 11/15/2019 | A- | (e) | 360 | 362,164 | ||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2023 | BBB+ | 3,000 | 3,324,330 | |||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2024 | BBB+ | 3,730 | 4,238,287 | |||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2025 | BBB+ | 1,250 | 1,418,050 | |||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2027 | BBB+ | 1,000 | 1,132,370 | |||||||||
| City of Oroville- Oroville Hsp | 5.25% | 4/1/2034 | BB+ | 2,300 | 2,814,487 | |||||||||
| Clarke Co Hsp–Piedmont Hlth | 5.00% | 7/1/2029 | AA- | 7,090 | 8,604,920 | |||||||||
| Clarke Co Hsp–Piedmont Hlth | 5.00% | 7/1/2030 | AA- | 4,500 | 5,442,120 | |||||||||
| CO Hlth Fac Auth–CommonSpirit | 4.00% | 8/1/2037 | BBB+ | 2,250 | 2,475,090 | |||||||||
| CO Hlth Fac Auth–CommonSpirit | 4.00% | 8/1/2038 | BBB+ | 2,750 | 3,016,530 | |||||||||
| CO Hlth Fac Auth–CommonSpirit | 4.00% | 8/1/2039 | BBB+ | 2,500 | 2,735,425 | |||||||||
| CO Hlth Facs–Christian Living Cmnty | 5.125% | 1/1/2030 | NR | 600 | 634,050 | |||||||||
| CO Hlth Facs–Christian Living Nghbrhds | 5.00% | 1/1/2031 | NR | 1,400 | 1,562,330 | |||||||||
| CO Hlth Facs–Valley View Hosp | 2.80% | #(b) | 5/15/2042 | A- | 2,445 | 2,526,932 | ||||||||
| CO Hlth Facs Auth–Commonspirit | 5.00% | 8/1/2031 | BBB+ | 3,000 | 3,731,070 | |||||||||
| CT Hlth & Ed Fac Auth–Nuvance Hlt | 4.00% | 7/1/2034 | A- | 1,750 | 1,980,650 | |||||||||
| CT Hlth & Ed Fac Auth–Nuvance Hlt | 4.00% | 7/1/2035 | A- | 2,500 | 2,820,475 | |||||||||
| CT Hlth & Ed Fac Auth–Nuvance Hlt | 5.00% | 7/1/2028 | A- | 5,000 | 6,287,150 | |||||||||
| CT Hlth & Ed Fac Auth–Nuvance Hlt | 5.00% | 7/1/2029 | A- | 5,250 | 6,707,137 | |||||||||
| Cumberland Co Mun Auth–Asbury | 5.25% | 1/1/2032 | NR | 1,200 | 1,251,276 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.00% | 2/15/2037 | NR | 5,000 | 5,719,500 | |||||||||
| DC Hsp–Childrens Ntl Hsp | 5.00% | 7/15/2026 | A1 | 1,700 | 2,048,704 | |||||||||
| Decatur Hsp–Wise Hlth | 5.00% | 9/1/2034 | BBB- | 4,825 | 5,363,615 | |||||||||
| Decatur Hsp–Wise Hlth | 5.25% | 9/1/2029 | BBB- | 800 | 909,448 | |||||||||
| Duluth EDA–St Lukes Hsp | 5.75% | 6/15/2032 | NR | 4,250 | 4,645,165 | |||||||||
| Eden Twp Hlthcare Dist COP | 5.375% | 6/1/2023 | NR | 2,530 | 2,599,777 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2029 | Baa2 | 900 | 1,087,731 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2031 | Baa2 | 1,500 | 1,798,665 | |||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2033 | Baa2 | 1,000 | 1,190,490 | |||||||||
| Fairfax Co EDA–Vinson Hall | 4.50% | 12/1/2032 | BBB+ | (e) | 2,500 | 2,682,150 | ||||||||
| See Notes to Financial Statements. | 45 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Franklin Co IDA–Menno-Haven | 5.00% | 12/1/2031 | NR | $ | 1,000 | $ | 1,122,190 | |||||||
| Franklin Co IDA–Menno-Haven | 5.00% | 12/1/2033 | NR | 1,000 | 1,117,400 | |||||||||
| Franklin Co IDA–Menno-Haven | 5.00% | 12/1/2038 | NR | 1,000 | 1,105,510 | |||||||||
| Franklin Hlth–Proton Therapy† | 6.50% | 6/1/2027 | NR | 5,000 | 5,281,300 | |||||||||
| Glendale IDA–Beatitudes | 5.00% | 11/15/2036 | NR | 1,500 | 1,625,955 | |||||||||
| Greeneville Hlth–Ballad Hlth | 5.00% | 7/1/2035 | A- | 3,300 | 3,976,401 | |||||||||
| Greeneville Hlth–Ballad Hlth | 5.00% | 7/1/2036 | A- | 3,000 | 3,597,750 | |||||||||
| Greeneville Hlth–Ballad Hlth | 5.00% | 7/1/2037 | A- | 12,000 | 14,309,640 | |||||||||
| Guadalupe Co–Seguin City Hospital | 5.25% | 12/1/2035 | BB | 3,000 | 3,365,640 | |||||||||
| Hanover Co EDA–Covenant Woods | 4.50% | 7/1/2030 | NR | 2,790 | 2,895,713 | |||||||||
| Harris Co Cultural Ed–Brazos | 4.00% | 1/1/2023 | BBB- | (e) | 960 | 1,011,677 | ||||||||
| Harris Co Cultural Ed–Brazos | 5.00% | 1/1/2033 | BBB- | (e) | 545 | 579,853 | ||||||||
| Harris Co Cultural Ed–Brazos | 6.375% | 1/1/2033 | BBB- | (e) | 1,385 | 1,564,274 | ||||||||
| HI Dept Budget–Kahala Nui | 5.00% | 11/15/2027 | A | (e) | 1,500 | 1,676,130 | ||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.25% | #(b) | 12/1/2050 | B+ | 8,095 | 8,782,751 | ||||||||
| IL Fin Auth–Ascension Health | 4.00% | 2/15/2033 | AA+ | 5,000 | 5,612,550 | |||||||||
| IL Fin Auth–Centegra Hlth | 5.00% | 9/1/2034 | AA+ | 1,015 | 1,165,169 | |||||||||
| IL Fin Auth–Northwestern Mem Hlth | 5.00% | 7/15/2029 | AA+ | 1,000 | 1,252,850 | |||||||||
| IL Fin Auth–Plymouth Place | 5.00% | 5/15/2030 | BB+ | (e) | 1,690 | 1,847,998 | ||||||||
| IL Fin Auth–Silver Cross Hsp | 5.00% | 8/15/2035 | Baa1 | 4,500 | 5,127,975 | |||||||||
| Karnes Co Hsp Dist | 5.00% | 2/1/2024 | A | (e) | 1,710 | 1,816,037 | ||||||||
| Karnes Co Hsp Dist | 5.00% | 2/1/2034 | A | (e) | 1,000 | 1,088,150 | ||||||||
| Kirkwood IDA–Aberdeen Heights | 5.25% | 5/15/2037 | BB | (e) | 2,000 | 2,282,480 | ||||||||
| KY EDA–Masonic Homes | 5.375% | 11/15/2032 | NR | 2,385 | 2,520,301 | |||||||||
| KY EDFA–Owensboro Hlth | 5.00% | 6/1/2029 | Baa3 | 4,235 | 4,989,465 | |||||||||
| KY EDFA–Owensboro Hlth | 5.00% | 6/1/2032 | Baa3 | 6,000 | 6,992,280 | |||||||||
| Lee Memorial Hlth System | 5.00% | 4/1/2036 | A+ | 4,535 | 5,576,145 | |||||||||
| MA DFA–Beth Israel Lahey Hlth | 5.00% | 7/1/2034 | A | 1,000 | 1,244,410 | |||||||||
| MA DFA–Beth Israel Lahey Hlth | 5.00% | 7/1/2036 | A | 2,000 | 2,466,200 | |||||||||
| MA DFA–Atrius Hlth | 5.00% | 6/1/2039 | BBB | 1,250 | 1,511,150 | |||||||||
| MA DFA–Partners Hlthcare Sys | 5.00% | 7/1/2030 | AA- | 9,660 | 12,177,782 | |||||||||
| MA DFA–Wellforce Hlth | 4.00% | 7/1/2035 | BBB+ | 2,000 | 2,220,260 | |||||||||
| MA DFA–Wellforce Hlth | 4.00% | 7/1/2037 | BBB+ | 3,930 | 4,334,476 | |||||||||
| MA DFA–Wellforce Hlth | 5.00% | 7/1/2038 | BBB+ | 1,000 | 1,206,240 | |||||||||
| MA DFA–Wellforce Hlth | 5.00% | 7/1/2039 | BBB+ | 2,250 | 2,707,718 | |||||||||
| Maricopa Cnty AZ IDA–Banner Health | 5.00% | 1/1/2028 | AA- | 5,000 | 6,334,950 | |||||||||
| Maricopa CO IDA–Honor Health | 5.00% | 9/1/2033 | A2 | 500 | 616,130 | |||||||||
| 46 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Maricopa CO IDA–Honor Health | 5.00% | 9/1/2034 | A2 | $ | 1,000 | $ | 1,226,680 | |||||||
| Maricopa CO IDA–Honor Health | 5.00% | 9/1/2035 | A2 | 1,000 | 1,220,490 | |||||||||
| Maricopa CO IDA–Honor Health | 5.00% | 9/1/2036 | A2 | 1,800 | 2,187,990 | |||||||||
| MD Hlth & Hi Ed–Mercy Med Ctr | 5.00% | 7/1/2031 | BBB | 1,100 | 1,187,417 | |||||||||
| MD Hlth & Hi Ed–Western MD Hlth Sys | 5.00% | 7/1/2024 | BBB | 5,000 | 5,739,400 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 6.00% | 7/1/2026 | Ba3 | 7,755 | 8,232,243 | |||||||||
| Meadville Med Center | 6.00% | 6/1/2036 | NR | 3,830 | 4,465,895 | |||||||||
| Met Nash/Davidson Hlth–Vanderbilt Med | 5.00% | 7/1/2031 | A3 | 1,300 | 1,548,495 | |||||||||
| MI Fin Auth–Crittenton Hospital | 5.00% | 6/1/2022 | NR | 2,960 | 3,244,160 | |||||||||
| MI Fin Auth–Crittenton Hospital | 5.00% | 6/1/2027 | NR | 7,250 | 7,946,000 | |||||||||
| MI Fin Auth–Trinity Health | 5.00% | 12/1/2035 | AA- | 5,000 | 6,122,750 | |||||||||
| Miami Beach Hlth–Mt Sinai Med Ctr | 5.00% | 11/15/2030 | Baa1 | 1,500 | 1,719,885 | |||||||||
| MN Agric & Econ Dev–Essential Hlth Rmkt (AGC) | 5.50% | 2/15/2025 | AA | 4,500 | 4,567,635 | |||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.00% | 1/15/2024 | Ba1 | 4,000 | 4,454,600 | |||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.25% | 1/15/2026 | Ba1 | 2,000 | 2,299,460 | |||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.25% | 1/15/2028 | Ba1 | 3,000 | 3,437,820 | |||||||||
| Montgomery Co IDA–Jefferson Hlth | 4.00% | 9/1/2036 | A | 1,350 | 1,510,421 | |||||||||
| Montgomery Co IDA–Jefferson Hlth | 4.00% | 9/1/2038 | A | 1,200 | 1,333,308 | |||||||||
| Montgomery Co IDA–Jefferson Hlth | 4.00% | 9/1/2039 | A | 2,600 | 2,874,404 | |||||||||
| Montgomery Co IDA–Whitemarsh | 4.00% | 1/1/2023 | NR | 4,000 | 4,103,000 | |||||||||
| Montgomery Co IDA–Whitemarsh | 5.00% | 1/1/2030 | NR | 2,000 | 2,077,380 | |||||||||
| Moon IDC–Baptist Homes Soc | 5.00% | 7/1/2020 | NR | 335 | 339,824 | |||||||||
| Moon IDC–Baptist Homes Soc | 5.125% | 7/1/2025 | NR | 4,600 | 4,946,196 | |||||||||
| Multnomah Co Hsp–Mirabella | 5.125% | 10/1/2034 | NR | 4,000 | 4,368,440 | |||||||||
| Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2033 | BB+ | 10,500 | 11,353,335 | |||||||||
| Nassau Co LEAC–Winthrop Univ Hsp | 5.00% | 7/1/2027 | A3 | 3,000 | 3,261,960 | |||||||||
| NC Med–Lutheran Svcs | 4.75% | 3/1/2032 | NR | 2,550 | 2,678,648 | |||||||||
| NC Med–Southminster | 5.00% | 10/1/2031 | NR | 1,750 | 1,950,130 | |||||||||
| New Hope Cult Ed Facs–Carillon | 5.00% | 7/1/2036 | NR | 1,250 | 1,300,688 | |||||||||
| New Hope Cult Ed Facs–Crestview | 5.00% | 11/15/2031 | BB+ | (e) | 850 | 939,548 | ||||||||
| New Hope Ed Facs–Childrens Hlth | 5.00% | 8/15/2026 | Aa2 | 2,000 | 2,456,300 | |||||||||
| New Hope Ed Facs–Childrens Hlth | 5.00% | 8/15/2028 | Aa2 | 3,170 | 3,950,993 | |||||||||
| NJ Hlth–Hackensack Meridian Hlth | 5.00% | 7/1/2028 | AA- | 5,500 | 6,891,445 | |||||||||
| NJ Hlth–St Josephs Hlth | 5.00% | 7/1/2028 | BBB- | 1,300 | 1,533,740 | |||||||||
| NJ Hlth–St Josephs Hlth | 5.00% | 7/1/2029 | BBB- | 1,605 | 1,888,459 | |||||||||
| NJ Hlth–St Josephs Hlth | 5.00% | 7/1/2030 | BBB- | 1,100 | 1,289,706 | |||||||||
| See Notes to Financial Statements. | 47 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| NJ Hlth–St Josephs Hlth | 5.00% | 7/1/2031 | BBB- | $ | 1,110 | $ | 1,296,946 | |||||||
| NJ Hlth–St Peters Univ Hsp | 5.25% | 7/1/2021 | BB+ | 1,070 | 1,072,408 | |||||||||
| NJ Hlth–St Peters Univ Hsp | 6.00% | 7/1/2026 | BB+ | 5,500 | 5,841,440 | |||||||||
| NJ Hlth–Univ Hosp (AGM) | 5.00% | 7/1/2028 | AA | 2,000 | 2,330,660 | |||||||||
| NM Hsp–Haverland | 5.00% | 7/1/2032 | BBB- | (e) | 1,000 | 1,061,320 | ||||||||
| Norfolk EDA–Sentara Hlth | 5.00% | #(b) | 11/1/2048 | AA | 5,500 | 7,001,610 | ||||||||
| NY Dorm–Catholic Hlth | 4.00% | 7/1/2037 | BBB+ | 1,100 | 1,231,549 | |||||||||
| NY Dorm–Catholic Hlth | 4.00% | 7/1/2039 | BBB+ | 1,000 | 1,113,480 | |||||||||
| NY Dorm–Catholic Hlth | 4.00% | 7/1/2040 | BBB+ | 850 | 944,112 | |||||||||
| NY Dorm–Catholic Hlth | 5.00% | 7/1/2036 | BBB+ | 1,625 | 2,018,218 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2036 | BBB | 1,650 | 1,842,572 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2037 | BBB | 650 | 723,710 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2038 | BBB | 900 | 998,703 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2033 | BBB | 900 | 1,105,002 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2034 | BBB | 500 | 612,080 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2035 | BBB | 900 | 1,098,621 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 5.00% | 12/1/2026 | BBB- | 1,500 | 1,800,750 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 5.00% | 12/1/2027 | BBB- | 1,300 | 1,569,906 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 5.00% | 12/1/2028 | BBB- | 2,000 | 2,409,940 | |||||||||
| NYC Hlth & Hsp Corp | 5.00% | 2/15/2023 | Aa2 | 4,000 | 4,498,240 | |||||||||
| OH Hosp Fac–Premier Hlt | 4.00% | 11/15/2039 | Baa1 | 6,000 | 6,618,780 | |||||||||
| OK DFA–OU Med | 5.00% | 8/15/2033 | Baa3 | 5,045 | 6,076,198 | |||||||||
| OK DFA–OU Med | 5.00% | 8/15/2038 | Baa3 | 2,380 | 2,822,989 | |||||||||
| OK DFA–OU Med | 5.25% | 8/15/2043 | Baa3 | 5,105 | 6,112,165 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2039 | BB+ | 440 | 530,495 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | 2,980 | 3,444,433 | |||||||||
| Palomar Hlth Care Dist COPS | 5.25% | 11/1/2021 | Ba1 | 2,370 | 2,437,758 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2029 | BBB- | 1,915 | 2,267,800 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2030 | BBB- | 4,775 | 5,639,657 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2032 | BBB- | 4,055 | 4,762,111 | |||||||||
| Pinellas Co IDA–Patel Foundation | 5.00% | 7/1/2039 | NR | 850 | 991,933 | |||||||||
| Roanoke EDA–Carilion Clinic | 5.00% | 7/1/2025 | AA- | 10,000 | 10,275,600 | |||||||||
| San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 10,050 | 11,349,364 | |||||||||
| Sartell Hlth Care–Country Manor | 5.25% | 9/1/2030 | NR | 1,000 | 1,075,920 | |||||||||
| SE Port Auth–Memorial Hlth | 5.50% | 12/1/2029 | BB- | (e) | 750 | 854,640 | ||||||||
| South Miami Hlth Fac–Baptist Hlth | 5.00% | 8/15/2026 | A1 | 3,000 | 3,658,200 | |||||||||
| South Miami Hlth Fac–Baptist Hlth | 5.00% | 8/15/2027 | A1 | 3,620 | 4,491,370 | |||||||||
| 48 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| South Miami Hlth Fac–Baptist Hlth | 5.00% | 8/15/2028 | NR | $ | 2,625 | $ | 3,276,105 | |||||||
| St Paul Hsg–HlthEast Care Sys | 5.00% | 11/15/2023 | NR | 3,735 | 4,281,020 | |||||||||
| St Paul Hsg–HlthEast Care Sys | 5.00% | 11/15/2024 | NR | 4,500 | 5,300,010 | |||||||||
| Tarrant Co Cultural–Buckner | 3.875% | 11/15/2022 | NR | 1,790 | 1,791,164 | |||||||||
| Tempe IDA–ASU Mirabella† | 4.00% | 10/1/2023 | NR | 4,115 | 4,160,388 | |||||||||
| Tulsa Co Industrial Auth–Montereau | 5.25% | 11/15/2037 | BBB- | (e) | 1,250 | 1,437,600 | ||||||||
| Tyler Hlth–Mother Frances Hsp | 5.50% | 7/1/2027 | NR | 3,975 | 4,250,229 | |||||||||
| Univ of CA | 5.00% | 5/15/2034 | AA- | 12,250 | 15,291,430 | |||||||||
| VA Clg Bldg Auth | 4.00% | 2/1/2034 | AA+ | 19,965 | 23,306,742 | |||||||||
| WA Hlth–Fred Hutchinson Cancer Ctr | 2.471% (1 Mo. LIBOR * .67 + 1.10% | )# | 1/1/2042 | A+ | 4,000 | 4,027,640 | ||||||||
| WA Hsg–Rockwood† | 6.00% | 1/1/2024 | NR | 1,080 | 1,155,146 | |||||||||
| WA Hsg–Transforming Age(c) | 2.375% | 1/1/2026 | BB | (e) | 1,800 | 1,801,962 | ||||||||
| Westchester Co LDC–Kendal Hudson | 5.00% | 1/1/2028 | BBB | (e) | 1,350 | 1,454,153 | ||||||||
| WI Hlth & Ed–American Baptist | 5.00% | 8/1/2032 | NR | 1,375 | 1,505,928 | |||||||||
| WI Hlth & Ed–American Baptist | 5.00% | 8/1/2037 | NR | 1,500 | 1,624,560 | |||||||||
| WI Hlth & Ed–Ascension Hlth | 5.00% | 11/15/2033 | AA+ | 2,000 | 2,008,260 | |||||||||
| WI Hlth & Ed–Aurora Hlth | 5.00% | 7/15/2026 | Aa3 | 5,575 | 5,940,999 | |||||||||
| Wood Co Hsp Facs–Wood Co Hsp | 5.00% | 12/1/2027 | Ba2 | 3,450 | 3,696,813 | |||||||||
| Wood Co Hsp Facs–Wood Co Hsp | 5.00% | 12/1/2032 | Ba2 | 2,275 | 2,415,891 | |||||||||
| Woodbury Hsg–St Therese | 5.00% | 12/1/2029 | NR | 1,000 | 1,082,040 | |||||||||
| Woodbury Hsg–St Therese | 5.00% | 12/1/2034 | NR | 1,000 | 1,067,330 | |||||||||
| WV Hsp–Herbert Thomas Hlth | 6.00% | 10/1/2020 | NR | 760 | 478,800 | |||||||||
| WV Hsp–WV United Health Sys | 4.00% | 6/1/2030 | A | 5,500 | 6,136,900 | |||||||||
| Total | 659,475,586 | |||||||||||||
| Housing 0.90% | ||||||||||||||
| Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2032 | NR | 500 | 568,815 | |||||||||
| CA Com Hsg Agency–Verdant† | 5.00% | 8/1/2049 | NR | 400 | 449,524 | |||||||||
| CA HFA–MFH | 4.25% | 1/15/2035 | BBB+ | 2,997 | 3,569,026 | |||||||||
| CA Muni Fin–Park Wstrn Apts (GNMA) | 2.65% | 8/1/2036 | Aaa | 4,500 | 4,633,965 | |||||||||
| CA State GO | 5.00% | 11/1/2031 | AA | (e) | 10,000 | 12,585,400 | ||||||||
| CA Stwde–CHF-Irvine LLC | 5.00% | 5/15/2026 | Baa1 | 1,000 | 1,210,100 | |||||||||
| CA Stwde–CHF-Irvine LLC | 5.00% | 5/15/2027 | Baa1 | 750 | 905,625 | |||||||||
| CA Stwde–Lancer Student Hsg† | 5.00% | 6/1/2034 | NR | 380 | 452,466 | |||||||||
| CA Stwde–Lancer Student Hsg† | 5.00% | 6/1/2039 | NR | 650 | 761,306 | |||||||||
| MI Strategic Fd–Evangelical Homes | 5.25% | 6/1/2032 | BB+ | (e) | 1,500 | 1,586,910 | ||||||||
| MO State Hsg Dev Cmmn (GNMA) | 4.25% | 5/1/2047 | AA+ | 2,455 | 2,701,089 | |||||||||
| See Notes to Financial Statements. | 49 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| NJ EDA–Rowan Univ Pptys | 5.00% | 1/1/2030 | BBB- | $ | 2,500 | $ | 2,769,125 | |||||||
| NJ Hsg and Mtg Fin Auth AMT | 3.80% | 10/1/2032 | AA | 3,160 | 3,434,636 | |||||||||
| NYC IDA–Yankee Stadium (FGIC) | 2.631% (CPI Based | )# | 3/1/2021 | Baa1 | 3,850 | 3,879,375 | ||||||||
| Phoenix IDA–ASU Std Hsg | 5.00% | 7/1/2032 | Baa3 | 1,080 | 1,296,670 | |||||||||
| WA Hsg–Emerald Heights | 5.00% | 7/1/2022 | A- | (e) | 1,000 | 1,088,470 | ||||||||
| Total | 41,892,502 | |||||||||||||
| Lease Obligations 6.54% | ||||||||||||||
| Broward Co Sch Brd COP | 5.00% | 7/1/2021 | Aa3 | 5,000 | 5,317,550 | |||||||||
| CA Pub Wks–Dept Hsps | 5.00% | 6/1/2023 | A+ | 3,000 | 3,398,280 | |||||||||
| CA Pub Wks–Lease Rev | 5.00% | 10/1/2029 | A+ | 19,195 | 24,200,096 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2021 | A+ | 3,250 | 3,430,733 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 11/1/2021 | A+ | 1,000 | 1,076,810 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2022 | A+ | 4,200 | 4,583,964 | |||||||||
| Cuyahoga Co COP–Conv Hotel Proj | 5.00% | 12/1/2023 | AA- | 5,640 | 6,405,799 | |||||||||
| Dallas Civic Ctr (AGC) | 5.00% | 8/15/2021 | AA | 3,800 | 3,811,020 | |||||||||
| Dallas Conv Ctr Hotel Dev Corp | 5.25% | 1/1/2022 | A | 6,405 | 6,423,382 | |||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2024 | AA | 5,930 | 6,276,253 | |||||||||
| Houston Co Coop Dist–Country Crossing(d) | Zero Coupon | 6/7/2013 | NR | 1,768 | 247,520 | (f) | ||||||||
| Hudson Yards | 5.00% | 2/15/2029 | Aa2 | 3,500 | 4,381,475 | |||||||||
| IL Sports Facs Auth (AGM) | 5.00% | 6/15/2027 | AA | 3,000 | 3,393,480 | |||||||||
| IN Fin Auth–Stadium | 5.25% | 2/1/2029 | AA+ | 2,500 | 3,033,950 | |||||||||
| Kansas City IDA–Downtown Redev Dist | 5.00% | 9/1/2022 | AA- | 7,470 | 7,967,278 | |||||||||
| LA PFA–Hurricane Recovery | 5.00% | 6/1/2023 | A1 | 3,200 | 3,596,704 | |||||||||
| Los Angeles Co COP–Disney Concert Hall | 5.00% | 9/1/2022 | AA+ | 1,250 | 1,390,163 | |||||||||
| MI St Bldg Auth | 5.00% | 4/15/2036 | Aa2 | 3,000 | 3,828,060 | |||||||||
| MI Strategic Fd–Cadillac Place | 5.25% | 10/15/2023 | Aa2 | 3,865 | 4,164,460 | |||||||||
| MI Strategic Fd–Cadillac Place | 5.25% | 10/15/2024 | Aa2 | 6,915 | 7,452,226 | |||||||||
| Miami Dade Co Sch Dist GO | 4.00% | 3/15/2034 | Aa2 | 4,535 | 5,090,764 | |||||||||
| NJ EDA–Bldgs | 5.00% | 6/15/2036 | BBB+ | 1,320 | 1,528,006 | |||||||||
| NJ EDA–Motor Vehicle Surcharge Sub Rev | 5.00% | 7/1/2033 | BBB+ | 8,450 | 9,793,043 | |||||||||
| NJ EDA–Sch Facs | 3.18% (MUNIPSA * 1 + 1.60% | )# | 3/1/2028 | BBB+ | 5,000 | 5,019,500 | ||||||||
| NJ EDA–Sch Facs | 4.00% | 6/15/2030 | BBB+ | 7,500 | 7,972,275 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2025 | BBB+ | 5,085 | 5,873,175 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2029 | BBB+ | 7,500 | 8,185,800 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2034 | A- | (e) | 3,000 | 3,463,740 | ||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2035 | A- | (e) | 1,000 | 1,151,640 | ||||||||
| 50 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2035 | BBB+ | $ | 4,925 | $ | 5,539,936 | |||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2042 | A- | (e) | 1,400 | 1,582,616 | ||||||||
| NJ EDA–Sch Facs | 5.25% | 9/1/2023 | BBB+ | 6,545 | 6,877,551 | |||||||||
| NJ EDA–Sch Facs | 5.25% | 9/1/2025 | BBB+ | 5,550 | 5,836,824 | |||||||||
| NJ EDA–Sch Facs | 5.25% | 6/15/2032 | BBB+ | 2,865 | 3,286,642 | |||||||||
| NJ EDA–Sch Facs | 5.50% | 6/15/2029 | BBB+ | 3,500 | 4,216,415 | |||||||||
| NJ EDA–State House Proj | 5.00% | 6/15/2033 | BBB+ | 7,215 | 8,526,831 | |||||||||
| NJ EDA–State House Proj | 5.00% | 6/15/2034 | BBB+ | 13,645 | 16,079,268 | |||||||||
| NJ Trans Trust Fund | 4.00% | 12/15/2031 | BBB+ | 5,000 | 5,447,750 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 3,000 | 3,524,970 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A+ | 2,400 | 2,810,280 | |||||||||
| NJ Trans Trust Fund(c) | 5.00% | 6/15/2031 | BBB+ | 6,500 | 7,746,245 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2033 | BBB+ | 25,000 | 29,552,000 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2043 | BBB+ | 4,580 | 5,372,477 | |||||||||
| NJ Trans Trust Fund (NPFGC)(FGIC) | 5.50% | 12/15/2020 | BBB+ | 1,000 | 1,045,640 | |||||||||
| NY UDC–Svc Contract | 5.00% | 1/1/2022 | AA | 3,705 | 3,739,938 | |||||||||
| NYC TFA | 5.00% | 7/15/2035 | AA | 10,000 | 11,919,500 | |||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2028 | AA | 1,500 | 1,775,340 | |||||||||
| Oakland/Alameda Co Coliseum Auth–Oakland Coliseum | 5.00% | 2/1/2021 | Aa3 | 8,750 | 9,200,538 | |||||||||
| Philadelphia Redev Auth | 5.00% | 4/15/2022 | A | 5,195 | 5,632,315 | |||||||||
| Philadelphia Redev Auth | 5.00% | 4/15/2028 | A | 4,380 | 5,130,776 | |||||||||
| San Diego Conv Ctr Fing Auth | 5.00% | 4/15/2021 | AA- | 3,750 | 3,976,313 | |||||||||
| San Jose Fing Auth–Civic Ctr | 5.00% | 6/1/2023 | AA | 1,000 | 1,140,870 | |||||||||
| South Florida Wtr Mgt Dist | 5.00% | 10/1/2027 | AA | 2,000 | 2,437,000 | |||||||||
| Total | 304,855,181 | |||||||||||||
| Other Revenue 3.67% | ||||||||||||||
| Apache Co Poll Ctl–Tucson Elec | 4.50% | 3/1/2030 | A- | 11,300 | 11,921,048 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr | 5.00% | 7/15/2042 | Baa3 | 7,600 | 8,745,852 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr (AGM) | 4.00% | 7/15/2029 | AA | 1,500 | 1,721,775 | |||||||||
| CA Infra & Econ Dev–Broad Museum | 5.00% | 6/1/2021 | Aa1 | 5,425 | 5,779,307 | |||||||||
| CA Infra & Econ Dev–Gladstone Instn | 5.25% | 10/1/2026 | A- | 10,250 | 11,027,155 | |||||||||
| CA Sch Fin Auth–Aspire† | 5.00% | 8/1/2036 | BBB | 1,600 | 1,806,688 | |||||||||
| Chester Co IDA–Collegium Chtr Sch | 5.25% | 10/15/2032 | BB | 6,410 | 6,730,372 | |||||||||
| Cleveland Arpt | 5.00% | 1/1/2028 | A | 2,500 | 2,703,000 | |||||||||
| Cleveland Arpt | 5.00% | 1/1/2029 | A | 2,500 | 2,703,000 | |||||||||
| Cleveland Co Port Auth–Playhouse Sq | 5.00% | 12/1/2033 | BB+ | 2,000 | 2,323,560 | |||||||||
| See Notes to Financial Statements. | 51 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Cleveland Co Port Auth–Playhouse Sq | 5.25% | 12/1/2038 | BB+ | $ | 1,650 | $ | 1,918,174 | |||||||
| Clifton Higher Ed–Idea Pub Schs | 3.75% | 8/15/2022 | BBB+ | 1,720 | 1,770,465 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 6.00% | 8/15/2038 | NR | 13,970 | 15,681,884 | |||||||||
| Clifton Higher Ed–Uplift Education | 5.70% | 12/1/2025 | BBB- | 4,190 | 4,360,072 | |||||||||
| CT State Revolving Fund | 4.00% | 2/1/2038 | AAA | 3,000 | 3,451,560 | |||||||||
| DC Rev–Friendship Pub Chtr Sch | 5.00% | 6/1/2032 | BBB | 3,000 | 3,237,600 | |||||||||
| FL DFC–Renaissance Chtr Sch | 7.00% | 6/15/2026 | B+ | (e) | 3,000 | 3,219,870 | ||||||||
| FL DFC–Renaissance Chtr Sch | 7.50% | 6/15/2033 | B+ | (e) | 3,000 | 3,222,270 | ||||||||
| Florence Twn IDA–Legacy Trad Sch | 5.75% | 7/1/2033 | Ba1 | 3,000 | 3,251,400 | |||||||||
| HI Dept Budget–Hawaiian Electric AMT | 3.25% | 1/1/2025 | Baa2 | 5,000 | 5,235,950 | |||||||||
| Houston Hi Ed–Cosmos Fndtn | 4.00% | 2/15/2022 | BBB | 380 | 390,792 | |||||||||
| Houston Hi Ed–Cosmos Fndtn | 5.00% | 2/15/2032 | BBB | 2,250 | 2,376,315 | |||||||||
| Indianapolis Local Pub Impt Bd Bk | 5.00% | 6/1/2024 | A1 | 4,000 | 4,226,760 | |||||||||
| KS DFA–Revolving Fund | 5.00% | 5/1/2031 | AAA | 5,465 | 7,136,743 | |||||||||
| Lower AL Gas Dist–Goldman Sachs | 5.00% | 9/1/2027 | A3 | 5,000 | 6,020,300 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2037 | A3 | 6,250 | 8,321,562 | |||||||||
| Maricopa Co IDA–Paradise Schools† | 5.00% | 7/1/2036 | BB+ | 2,500 | 2,745,550 | |||||||||
| MD EDC–Chesapeake Bay Hyatt(d) | 5.00% | 12/1/2016 | NR | 700 | 443,625 | |||||||||
| Michigan St Strategic FD Escrow(g) | Zero Coupon | – | (h) | NR | 400 | 40 | (i) | |||||||
| MSR Energy Auth–Citi | 6.125% | 11/1/2029 | BBB+ | 3,785 | 4,844,384 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2027 | BBB+ | 6,900 | 7,549,773 | |||||||||
| NYC Cultural–Whitney Museum | 5.00% | 7/1/2021 | A+ | 5,000 | 5,226,750 | |||||||||
| PA IDA–Economic Dev | 5.00% | 7/1/2020 | A+ | 2,000 | 2,054,360 | |||||||||
| Phoenix IDA–Basis Schs† | 5.00% | 7/1/2035 | BB | 2,350 | 2,552,335 | |||||||||
| SA Energy Acquisition Pub Fac–Goldman Sachs | 5.50% | 8/1/2023 | A3 | 9,365 | 10,596,872 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2023 | A3 | 5,400 | 5,941,512 | |||||||||
| Total | 171,238,675 | |||||||||||||
| Special Tax 2.05% | ||||||||||||||
| Allentown Neighborhood Impt | 5.00% | 5/1/2031 | Baa3 | 5,500 | 5,842,650 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2032 | Ba3 | 1,250 | 1,444,013 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2033 | Ba3 | 1,000 | 1,169,250 | |||||||||
| Allentown Neighborhood Impt† | 5.375% | 5/1/2042 | NR | 5,500 | 6,176,115 | |||||||||
| CA Reassmt Dist 12/1 Irvine | 4.00% | 9/2/2022 | A+ | 1,500 | 1,618,200 | |||||||||
| Connecticut Special Transportation Fund: Debt Service | 4.00% | 9/1/2034 | A+ | 8,075 | 8,954,852 | |||||||||
| CT Spl Tax–Trans Infra | 5.00% | 10/1/2030 | A+ | 9,000 | 11,282,400 | |||||||||
| 52 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| CT Spl Tax–Trans Infra | 5.00% | 1/1/2032 | A+ | $ | 14,375 | $ | 17,630,219 | |||||||
| Emeryville Redev Agy (AGM) | 5.00% | 9/1/2024 | AA | 1,950 | 2,303,360 | |||||||||
| Emeryville Redev Agy (AGM) | 5.00% | 9/1/2025 | AA | 2,650 | 3,126,019 | |||||||||
| Houston Co Coop Dist–Country Crossing(d) | 10.00% | 5/1/2039 | NR | 5,000 | 550,000 | (f) | ||||||||
| Miami World Ctr CDD | 4.75% | 11/1/2027 | NR | 750 | 815,265 | |||||||||
| Orange Co CFD–Esencia | 5.00% | 8/15/2033 | NR | 1,370 | 1,575,226 | |||||||||
| Orange Co CFD–Esencia | 5.00% | 8/15/2035 | NR | 975 | 1,115,858 | |||||||||
| Peninsula Town Center† | 4.50% | 9/1/2028 | NR | 545 | 603,876 | |||||||||
| Peninsula Town Center† | 5.00% | 9/1/2037 | NR | 875 | 984,261 | |||||||||
| Pittsburg Redev Agy (AGM) | 5.00% | 8/1/2021 | AA | 1,875 | 2,006,419 | |||||||||
| Pittsburg Redev Agy–Los Medanos (AGM) | 5.00% | 9/1/2025 | AA | 3,500 | 4,183,375 | |||||||||
| Plaza Met Dist #1† | 4.50% | 12/1/2030 | NR | 4,300 | 4,465,464 | |||||||||
| Sparks Tourism Impt Dist | 6.50% | 6/15/2020 | Ba2 | 1,100 | 1,125,971 | |||||||||
| St Louis IDA–Ballpark Vlg | 4.375% | 11/15/2035 | NR | 3,955 | 4,301,181 | |||||||||
| Village CDD #12 | 3.25% | 5/1/2026 | NR | 3,930 | 4,063,738 | |||||||||
| Village CDD #12† | 3.80% | 5/1/2028 | NR | 2,250 | 2,385,742 | |||||||||
| Village CDD #12† | 4.00% | 5/1/2033 | NR | 1,995 | 2,133,992 | |||||||||
| Village CDD #9 | 5.00% | 5/1/2022 | NR | 585 | 609,096 | |||||||||
| Village CDD #9 | 5.25% | 5/1/2031 | NR | 1,660 | 1,760,380 | |||||||||
| Village CDD #9 | 5.75% | 5/1/2021 | NR | 925 | 957,135 | |||||||||
| Village CDD #9 | 6.75% | 5/1/2031 | NR | 2,230 | 2,391,051 | |||||||||
| Total | 95,575,108 | |||||||||||||
| Tax Revenue 4.87% | ||||||||||||||
| Bay Area Rapid Transit Dist | 5.00% | 7/1/2026 | AA+ | 1,000 | 1,218,370 | |||||||||
| Cook Co Sales Tax | 4.00% | 11/15/2034 | AA | 3,750 | 4,179,825 | |||||||||
| Dallas Area Rapid Trans | 5.00% | 12/1/2026 | AA+ | 7,245 | 8,554,316 | |||||||||
| El Paso Dev Corp–Downtown Ballpark | 6.25% | 8/15/2023 | AA- | 5,000 | 5,870,650 | |||||||||
| Gtr Wenatchee Regl Events Ctr | 5.00% | 9/1/2027 | NR | 1,000 | 1,033,610 | |||||||||
| Gtr Wenatchee Regl Events Ctr | 5.25% | 9/1/2032 | NR | 1,000 | 1,030,140 | |||||||||
| Jacksonville Sales Tax | 5.00% | 10/1/2021 | A+ | 2,500 | 2,677,675 | |||||||||
| Jefferson Co–Sch Warrant | 5.00% | 9/15/2026 | AA | 2,400 | 2,921,712 | |||||||||
| MA Sch Bldg Auth–Sales Tax | 5.00% | 1/15/2029 | AA+ | 6,385 | 7,591,573 | |||||||||
| MA Sch Bldg Auth–Sales Tax | 5.00% | 8/15/2030 | AA+ | 5,665 | 6,236,485 | |||||||||
| Martin Hsp Dist | 7.00% | 4/1/2031 | BBB | (e) | 3,250 | 3,442,043 | ||||||||
| MBTA–Sales Tax | 5.00% | 7/1/2036 | AA | 4,145 | 5,081,729 | |||||||||
| Met Atlanta Rapid Trans Auth | 3.00% | 7/1/2037 | AA+ | 4,765 | 4,956,219 | |||||||||
| Met Atlanta Rapid Trans Auth | 3.00% | 7/1/2038 | AA+ | 5,430 | 5,630,530 | |||||||||
| See Notes to Financial Statements. | 53 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Met Atlanta Rapid Trans Auth | 5.00% | 7/1/2025 | AA+ | $ | 5,950 | $ | 6,752,536 | |||||||
| Met Atlanta Rapid Trans Auth | 5.00% | 7/1/2032 | AA+ | 5,000 | 6,065,700 | |||||||||
| Met Govt Nashville–Cnty Conv Ctr | 5.00% | 7/1/2022 | A+ | 3,245 | 3,332,453 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2022 | BBB | 5,020 | 5,446,750 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2028 | BBB | 10,090 | 10,808,610 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.25% | 6/15/2050 | BBB | 5,000 | 5,073,200 | |||||||||
| Miami Dade Co–Transit Rev | 5.00% | 7/1/2032 | AA | 7,500 | 9,699,675 | |||||||||
| MTA NY–Dedicated Tax | 5.00% | 11/15/2027 | AA | 5,700 | 6,358,920 | |||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2024 | BBB+ | 3,000 | 3,237,210 | |||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2028 | BBB+ | 6,650 | 7,133,255 | |||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2029 | BBB+ | 500 | 535,445 | |||||||||
| NY Dorm–PIT | 4.00% | 2/15/2034 | AA+ | 5,000 | 5,713,550 | |||||||||
| NY Dorm–PIT | 5.00% | 3/15/2024 | AA+ | 15,585 | 16,435,318 | |||||||||
| NY Dorm–Sales Tax | 5.00% | 3/15/2028 | AA+ | 11,645 | 14,048,877 | |||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2024 | AA | 10,000 | 10,659,700 | |||||||||
| Phoenix Excise Tax | 5.00% | 7/1/2026 | AAA | 13,000 | 15,670,850 | |||||||||
| Polk Co Trans Rev | 5.00% | 12/1/2021 | A1 | 2,825 | 2,942,746 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 268 | 234,200 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 2,534 | 2,019,725 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 1,616 | 1,201,367 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 5,670 | 3,908,161 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 2,346 | 1,479,786 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 6,882 | 1,833,571 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 5,606 | 1,093,675 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 10,223 | 10,401,698 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 5,550 | 5,942,607 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 81 | 82,823 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 268 | 276,994 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 1,967 | 2,045,680 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 1,092 | 1,135,778 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 4,974 | 5,256,125 | |||||||||
| Total | 227,251,862 | |||||||||||||
| Tobacco 3.38% | ||||||||||||||
| Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 25,760 | 25,760,258 | |||||||||
| Buckeye Tobacco | 5.75% | 6/1/2034 | B- | 6,360 | 6,369,413 | |||||||||
| Buckeye Tobacco | 5.875% | 6/1/2030 | B- | 19,090 | 19,135,625 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2027 | BBB+ | 4,000 | 4,818,200 | |||||||||
| 54 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Golden St Tobacco | 5.00% | 6/1/2028 | BBB | $ | 1,000 | $ | 1,198,720 | |||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 3,100 | 3,180,910 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 6,875 | 7,054,437 | |||||||||
| MI Tob Settlement | 5.125% | 6/1/2022 | B- | 3,915 | 3,921,421 | |||||||||
| MI Tob Settlement | 5.25% | 6/1/2022 | B- | 5,260 | 5,268,521 | |||||||||
| MI Tob Settlement | 6.00% | 6/1/2034 | B- | 2,485 | 2,500,829 | |||||||||
| Nthrn AK Tobacco | 4.625% | 6/1/2023 | A2 | 425 | 425,676 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2032 | A1 | 3,350 | 4,126,229 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2033 | A1 | 5,000 | 6,143,600 | |||||||||
| Railsplitter Tobacco Settlement Auth | 5.00% | 6/1/2027 | A | 3,325 | 4,007,224 | |||||||||
| RI Tob Settlement | 5.00% | 6/1/2027 | BBB+ | 2,500 | 2,890,950 | |||||||||
| RI Tob Settlement | 5.00% | 6/1/2028 | BBB | 2,000 | 2,306,480 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2023 | A | 1,000 | 1,111,490 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2024 | A | 1,000 | 1,109,210 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2025 | A | 1,040 | 1,151,582 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 5.375% | 6/1/2028 | NR | 12,020 | 12,024,327 | |||||||||
| Tobacco Settlement Auth WA | 5.00% | 6/1/2021 | A | 6,880 | 7,274,086 | |||||||||
| Tobacco Settlement Auth WA | 5.00% | 6/1/2023 | A | 6,250 | 7,005,500 | |||||||||
| Tobacco Settlement Fin Corp LA | 5.00% | 5/15/2022 | A | 5,000 | 5,438,350 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BBB+ | 1,140 | 1,290,457 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BBB | 8,300 | 9,157,805 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.25% | 6/1/2046 | BBB+ | 5,100 | 5,893,764 | |||||||||
| TSASC | 5.00% | 6/1/2029 | A- | 5,775 | 6,961,531 | |||||||||
| Total | 157,526,595 | |||||||||||||
| Transportation 21.07% | ||||||||||||||
| AK Intl Airports Sys | 5.00% | 10/1/2024 | A1 | 750 | 879,360 | |||||||||
| AK Intl Airports Sys | 5.00% | 10/1/2027 | A1 | 1,000 | 1,197,960 | |||||||||
| AK Intl Airports Sys | 5.00% | 10/1/2028 | A1 | 2,000 | 2,389,580 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2026 | AA | 1,250 | 1,494,125 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2027 | AA | 2,000 | 2,434,380 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2028 | AA | 2,000 | 2,426,160 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2029 | AA | 3,500 | 4,230,940 | |||||||||
| Alameda Corridor Trsp Auth | 5.00% | 10/1/2026 | A- | 4,075 | 4,649,697 | |||||||||
| Atlanta Arpt | 5.50% | 1/1/2021 | Aa3 | 3,000 | 3,158,010 | |||||||||
| Atlanta Arpt–PFC | 5.00% | 1/1/2029 | AA- | 2,500 | 2,860,300 | |||||||||
| Atlanta Arpt–PFC AMT | 4.00% | 7/1/2034 | AA- | 14,365 | 16,445,627 | |||||||||
| Atlanta Arpt AMT | 4.00% | 7/1/2039 | AA- | 2,250 | 2,532,060 | |||||||||
| See Notes to Financial Statements. | 55 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2029 | AA- | $ | 5,800 | $ | 6,906,814 | |||||||
| Broward Co Arpt Sys AMT | 5.00% | 10/1/2033 | A+ | 6,130 | 7,180,314 | |||||||||
| CA Muni Fin Auth–LINXS APM Proj AMT | 5.00% | 12/31/2036 | BBB+ | (e) | 3,215 | 3,883,013 | ||||||||
| CA Muni Fin Auth–LINXS APM Proj AMT | 5.00% | 12/31/2037 | BBB+ | (e) | 7,000 | 8,419,460 | ||||||||
| CA Muni Fin Auth–LINXS APM Proj AMT | 5.00% | 12/31/2047 | BBB+ | (e) | 9,000 | 10,633,680 | ||||||||
| CA Sacramento Arpt AMT | 5.00% | 7/1/2036 | A+ | 5,645 | 6,904,061 | |||||||||
| Central FL Expressway Auth | 4.00% | 7/1/2037 | A+ | 7,380 | 8,182,870 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2030 | A- | 800 | 935,344 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2031 | A- | 1,675 | 1,950,236 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2032 | A- | 2,000 | 2,321,040 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2033 | BBB+ | 3,010 | 3,297,726 | |||||||||
| Central TX Mobility Auth | 5.75% | 1/1/2020 | A- | 1,000 | 1,009,990 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2025 | BBB+ | 2,250 | 2,598,615 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2026 | BBB+ | 2,500 | 2,883,575 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2027 | BBB+ | 3,300 | 3,799,026 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2028 | BBB+ | 3,705 | 4,259,268 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2033 | BBB+ | 7,650 | 8,692,695 | |||||||||
| Chicago Midway Arpt | 4.00% | 1/1/2034 | A | 2,175 | 2,394,457 | |||||||||
| Chicago Midway Arpt | 5.00% | 1/1/2026 | A | 6,075 | 6,939,776 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2023 | A | 3,000 | 3,317,040 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2026 | A | 4,605 | 5,209,775 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2030 | A | 5,000 | 5,615,200 | |||||||||
| Chicago Midway Arpt AMT | 5.00% | 1/1/2031 | A | 2,000 | 2,341,400 | |||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2022 | A | 3,230 | 3,380,615 | |||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2031 | A | 6,500 | 7,564,375 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2021 | A | 11,740 | 12,247,051 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2024 | A | 5,000 | 5,385,350 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2029 | A | 7,000 | 8,095,500 | |||||||||
| Cleveland Arpt (AGM) | 5.00% | 1/1/2027 | AA | 2,175 | 2,553,211 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2027 | A | 1,835 | 2,019,528 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2028 | A+ | 7,500 | 8,599,350 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2029 | A1 | 1,000 | 1,251,630 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2030 | A1 | 1,920 | 2,393,530 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2032 | A1 | 2,025 | 2,506,646 | |||||||||
| Denver Arpt–United Airlines AMT | 5.00% | 10/1/2032 | BB | 3,750 | 4,109,025 | |||||||||
| Denver City & Co Arpt AMT | 5.00% | 12/1/2031 | A | 15,000 | 18,590,400 | |||||||||
| Denver City & Co Arpt AMT | 5.00% | 12/1/2035 | A | 5,000 | 6,126,150 | |||||||||
| 56 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| E-470 Hwy Auth | 5.00% | 9/1/2020 | A | $ | 900 | $ | 928,638 | |||||||
| GA Atlanta Arpt AMT | 4.00% | 7/1/2038 | AA- | 5,200 | 5,866,588 | |||||||||
| Greater Orlando Aviation AMT | 5.00% | 10/1/2029 | A1 | 3,000 | 3,680,910 | |||||||||
| Hampton Roads Trans Commn | 5.00% | 7/1/2032 | NR | 1,180 | 1,487,886 | |||||||||
| Hampton Roads Trans Commn | 5.00% | 7/1/2033 | NR | 1,000 | 1,258,080 | |||||||||
| Harris Co Toll Rd | 5.00% | 8/15/2029 | Aa2 | 2,500 | 3,163,800 | |||||||||
| Harris Co Toll Rd | 5.00% | 8/15/2030 | Aa2 | 1,000 | 1,255,550 | |||||||||
| Harris Co Toll Rd | 5.00% | 8/15/2031 | Aa2 | 3,000 | 3,751,110 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2031 | AA- | 1,275 | 1,581,548 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2033 | AA- | 3,300 | 4,063,653 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2034 | AA- | 2,000 | 2,455,840 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2036 | AA- | 5,000 | 6,106,300 | |||||||||
| Houston Arpt–Continental Airlines AMT | 4.75% | 7/1/2024 | BB | 8,000 | 8,699,440 | |||||||||
| Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2030 | BB | 2,500 | 2,821,100 | |||||||||
| Houston Arpt AMT | 5.00% | 7/1/2021 | A+ | 5,000 | 5,299,650 | |||||||||
| Houston Arpt AMT | 5.00% | 7/1/2034 | A1 | 4,850 | 5,933,732 | |||||||||
| IL State GO | 5.00% | 11/1/2027 | BBB- | 10,240 | 11,727,360 | |||||||||
| IL Toll Hwy Auth | 5.00% | 1/1/2027 | AA- | 1,000 | 1,141,460 | |||||||||
| IL Toll Hwy Auth | 5.00% | 1/1/2028 | AA- | 2,535 | 2,889,114 | |||||||||
| Kansas City Dev Auth Arpt–Terminal Modernization AMT | 5.00% | 3/1/2038 | A | 6,205 | 7,534,545 | |||||||||
| Kansas City IDA–Kansas City Intl Airport AMT | 5.00% | 3/1/2038 | A | 13,500 | 16,392,645 | |||||||||
| Kansas City IDA–Kansas City Intl Airport AMT | 5.00% | 3/1/2039 | A | 5,000 | 6,056,900 | |||||||||
| KY Tpk Auth | 5.00% | 7/1/2026 | Aa3 | 5,215 | 5,738,430 | |||||||||
| Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2027 | AA- | 2,000 | 2,408,780 | |||||||||
| Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2032 | AA- | 5,870 | 6,979,019 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2035 | NR | 11,410 | 14,273,568 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2036 | NR | 10,640 | 13,272,549 | |||||||||
| Louisville Regl Airport AMT | 5.00% | 7/1/2022 | A+ | 1,625 | 1,770,129 | |||||||||
| Louisville Regl Airport AMT | 5.00% | 7/1/2023 | A+ | 2,250 | 2,519,280 | |||||||||
| MA Port Auth AMT | 5.00% | 7/1/2031 | AA | 7,500 | 9,535,875 | |||||||||
| MD EDC–CNX Marine Terminals | 5.75% | 9/1/2025 | BB- | 4,500 | 4,618,170 | |||||||||
| MD EDC–Maryland Port | 5.125% | 6/1/2020 | NR | 310 | 317,765 | |||||||||
| MD EDC–Maryland Port | 5.125% | 6/1/2020 | NR | 820 | 840,541 | |||||||||
| MD EDC–Ports America Chesapeake AMT | 5.00% | 6/1/2044 | Baa3 | 125 | 150,225 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2031 | AA- | 5,000 | 5,994,600 | |||||||||
| Miami Dade Co Aviation–MIA | 5.00% | 10/1/2025 | A | 3,690 | 4,336,193 | |||||||||
| See Notes to Financial Statements. | 57 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2021 | A | $ | 1,500 | $ | 1,602,300 | |||||||
| Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2022 | A | 1,550 | 1,704,070 | |||||||||
| Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2027 | A | 5,145 | 5,951,685 | |||||||||
| Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2028 | A | 3,500 | 4,041,485 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2022 | A | 1,750 | 1,910,247 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2023 | A | 2,000 | 2,188,800 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2023 | A | 2,500 | 2,806,950 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2024 | A | 3,500 | 3,834,390 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2028 | A+ | 3,500 | 4,005,995 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2029 | AA- | 5,000 | 6,179,800 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2030 | AA- | 5,000 | 6,154,900 | |||||||||
| MTA NY | 5.00% | 11/15/2021 | A1 | 1,500 | 1,612,755 | |||||||||
| MTA NY | 5.00% | 11/1/2023 | A1 | 5,640 | 6,246,131 | |||||||||
| MTA NY | 5.00% | 11/15/2028 | A1 | 13,690 | 17,336,468 | |||||||||
| MTA NY | 5.00% | 11/15/2029 | A1 | 5,000 | 6,298,350 | |||||||||
| MTA NY | 5.00% | 11/15/2033 | A1 | 4,025 | 4,975,343 | |||||||||
| MTA NY | 5.25% | 11/15/2028 | A1 | 6,355 | 7,702,324 | |||||||||
| NC Tpk Auth–Triangle Exprs | 5.00% | 1/1/2032 | BBB | 1,000 | 1,187,580 | |||||||||
| NC Tpk Auth–Triangle Exprs (AGM) | 4.00% | 1/1/2037 | AA | 12,895 | 14,486,888 | |||||||||
| NC Tpk Auth–Triangle Exprs (AGM) | 4.00% | 1/1/2038 | AA | 9,000 | 10,073,880 | |||||||||
| NC Tpk Auth–Triangle Exprs (AGM) | 5.00% | 1/1/2031 | AA | 1,000 | 1,206,510 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2023 | A3 | 3,000 | 3,325,410 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2027 | A3 | 3,185 | 3,606,025 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2030 | A3 | 365 | 454,783 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2031 | A3 | 300 | 372,027 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2032 | A3 | 775 | 957,249 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2034 | A3 | 865 | 1,061,632 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.125% | 1/1/2034 | BBB | 5,000 | 5,641,700 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2029 | A+ | 5,000 | 5,811,250 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2031 | A+ | 5,000 | 5,870,900 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2031 | A+ | 5,000 | 5,999,450 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2033 | NR | 2,100 | 2,558,304 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2034 | NR | 1,500 | 1,853,535 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2028 | A+ | 6,275 | 7,418,368 | |||||||||
| NJ Trans Trust Fund CR (AGM) | 5.00% | 6/15/2024 | AA | 10,165 | 11,044,374 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2023 | A+ | 5,000 | 5,582,250 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2025 | A+ | 5,000 | 5,745,000 | |||||||||
| 58 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| North TX Twy Auth | 5.00% | 1/1/2031 | A | $ | 8,085 | $ | 9,194,181 | |||||||
| North TX Twy Auth | 5.00% | 1/1/2035 | A+ | 1,500 | 2,060,265 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2035 | A+ | 3,500 | 4,239,165 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2036 | A+ | 5,000 | 5,900,100 | |||||||||
| NV State Highway Rev | 5.00% | 12/1/2030 | AA+ | 10,000 | 12,445,100 | |||||||||
| NY Trans Dev Corp–Delta AMT | 4.00% | 1/1/2036 | Baa3 | 10,010 | 10,945,034 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2031 | Baa3 | 3,500 | 4,228,840 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2033 | Baa3 | 11,000 | 13,203,740 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2034 | Baa3 | 3,450 | 4,132,065 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2036 | Baa3 | 7,400 | 8,833,306 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 4.00% | 7/1/2032 | Baa3 | 3,000 | 3,198,960 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 4.00% | 7/1/2033 | Baa3 | 3,500 | 3,726,905 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 5.00% | 7/1/2034 | Baa3 | 2,250 | 2,529,202 | |||||||||
| NY Trans Dev Corp–TOGA AMT | 5.00% | 1/1/2023 | Baa1 | 750 | 824,010 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2024 | A1 | 1,960 | 2,255,568 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2026 | A1 | 5,115 | 6,074,727 | |||||||||
| Orlando & Orange Co Expwy Auth | 5.00% | 7/1/2030 | A+ | 10,000 | 11,208,400 | |||||||||
| Orlando Arpt Rev AMT(c) | 5.00% | 10/1/2030 | AA- | 15,000 | 19,077,300 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2022 | A+ | 3,500 | 3,895,150 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2032 | A1 | 1,500 | 1,923,990 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2033 | A1 | 1,300 | 1,660,464 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2034 | A1 | 1,200 | 1,523,664 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2035 | A1 | 1,800 | 2,278,440 | |||||||||
| Phoenix Arpt | 5.00% | 7/1/2036 | AA- | 4,045 | 4,949,341 | |||||||||
| Phoenix Arpt AMT | 5.00% | 7/1/2022 | AA- | 1,500 | 1,642,020 | |||||||||
| Phoenix Civic Impt Corp AR | 5.00% | 7/1/2036 | A+ | 5,000 | 6,097,700 | |||||||||
| Port Auth NY & NJ | 5.00% | 12/1/2023 | AA- | 5,300 | 6,109,787 | |||||||||
| Port Auth NY & NJ | 5.00% | 12/1/2025 | AA- | 10,000 | 11,523,500 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2026 | AA- | 5,605 | 6,806,095 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2027 | AA- | 4,750 | 5,759,802 | |||||||||
| Port Auth NY & NJ–JFK IAT | 5.00% | 12/1/2020 | BBB+ | 4,095 | 4,194,140 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2026 | AA- | 11,385 | 13,901,654 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2028 | AA- | 4,000 | 5,059,920 | |||||||||
| Port Oakland AMT | 5.00% | 5/1/2022 | A+ | 11,000 | 11,985,600 | |||||||||
| Port of Portland–Portland Intl Arpt AMT | 5.00% | 7/1/2037 | AA- | 2,420 | 3,003,656 | |||||||||
| Port of Portland–Portland Intl Arpt AMT | 5.00% | 7/1/2038 | AA- | 3,250 | 4,022,135 | |||||||||
| Port of Portland–Portland Intl Arpt AMT | 5.00% | 7/1/2039 | AA- | 3,330 | 4,111,085 | |||||||||
| See Notes to Financial Statements. | 59 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Port Seattle AMT | 5.00% | 5/1/2033 | A+ | $ | 4,045 | $ | 4,867,348 | |||||||
| Port Seattle AMT | 5.00% | 4/1/2038 | A+ | 10,000 | 12,185,700 | |||||||||
| Port Seattle AMT | 5.00% | 4/1/2039 | A+ | 7,225 | 8,749,041 | |||||||||
| PR Hwy & Trans Auth(d) | 5.00% | 7/1/2033 | C | 1,215 | 499,669 | |||||||||
| PR Hwy & Trans Auth(d) | 5.50% | 7/1/2023 | C | 4,305 | 1,770,431 | |||||||||
| PR Hwy & Trans Auth(d) | 5.50% | 7/1/2024 | C | 3,000 | 1,233,750 | |||||||||
| PR Hwy & Trans Auth (AGM) | 5.25% | 7/1/2032 | AA | 1,000 | 1,132,750 | |||||||||
| Sacramento Co Arpt AMT | 5.00% | 7/1/2027 | A+ | 5,950 | 7,417,984 | |||||||||
| Sacramento Co Arpt AMT | 5.00% | 7/1/2034 | A+ | 4,000 | 4,918,840 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2029 | A+ | 3,000 | 3,751,260 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2030 | A+ | 2,275 | 2,773,111 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2031 | A+ | 3,000 | 3,642,600 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2032 | A+ | 3,000 | 3,628,800 | |||||||||
| Salt Lake City Arpt AMT | 5.00% | 7/1/2034 | A+ | 14,645 | 17,956,674 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2026 | A+ | 10,000 | 10,920,000 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2028 | A+ | 7,550 | 8,226,480 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2037 | A+ | 15,565 | 19,259,664 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2034 | A- | 7,500 | 8,631,075 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2026 | A | 1,200 | 1,396,740 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2027 | A | 2,260 | 2,622,075 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2028 | A | 1,655 | 1,913,974 | |||||||||
| San Jose Arpt AMT | 5.00% | 3/1/2035 | A | 1,500 | 1,804,455 | |||||||||
| South Jersey Trans Auth | 5.00% | 11/1/2021 | BBB+ | 5,305 | 5,659,268 | |||||||||
| Southeastern PA Transp Auth–Garvee | 5.00% | 6/1/2023 | AA- | 2,500 | 2,653,000 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2029 | AA- | 5,650 | 7,095,439 | |||||||||
| Triborough Brdg & Tunl Auth (NPFGC)(FGIC) | 5.50% | 11/15/2021 | A+ | 2,595 | 2,825,618 | |||||||||
| VA Small Bus Fing–Elizabeth River AMT | 5.25% | 1/1/2032 | BBB | 10,500 | 11,475,345 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2026 | A | 1,590 | 1,891,337 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2027 | A | 2,000 | 2,370,800 | |||||||||
| Total | 982,654,255 | |||||||||||||
| Utilities 11.81% | ||||||||||||||
| Albuquerque Bernalillo Co Wtr Util | 5.00% | 7/1/2024 | AA+ | 2,645 | 3,088,699 | |||||||||
| Albuquerque Bernalillo Co Wtr Util | 5.00% | 7/1/2025 | AA+ | 4,000 | 4,674,760 | |||||||||
| CA Dept Wtr Res Wtr–Central Valley | 5.00% | 12/1/2021 | NR | 45 | 48,742 | |||||||||
| CA Poll Ctl–Poseidon Res† | 5.00% | 7/1/2039 | Baa3 | 5,000 | 6,062,950 | |||||||||
| CA Poll Ctl–Poseidon Res AMT† | 5.00% | 7/1/2037 | Baa3 | 5,570 | 5,986,692 | |||||||||
| Central Plains–Goldman Sachs | 5.00% | 9/1/2027 | A3 | 7,500 | 8,138,100 | |||||||||
| 60 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Central Plains–Goldman Sachs | 5.00% | 9/1/2035 | BBB+ | $ | 2,250 | $ | 2,948,197 | |||||||
| Central Plains–Goldman Sachs | 5.00% | #(b) | 3/1/2050 | A3 | 10,000 | 11,186,700 | ||||||||
| Chicago Wastewater | 5.00% | 1/1/2029 | A | 4,335 | 5,148,506 | |||||||||
| Chicago Wastewater | 5.00% | 1/1/2030 | A | 6,500 | 7,693,660 | |||||||||
| Chicago Water | 5.00% | 11/1/2025 | A | 2,625 | 3,092,434 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2034 | AA | 6,275 | 7,485,259 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2035 | AA | 5,000 | 5,949,100 | |||||||||
| Chicago Water (AGM) | 5.25% | 11/1/2030 | AA | 5,510 | 6,778,733 | |||||||||
| Detroit Sewer | 5.00% | 7/1/2034 | A | 2,200 | 2,561,790 | |||||||||
| Detroit Sewer | 5.00% | 7/1/2035 | A | 1,835 | 2,132,527 | |||||||||
| Farmington Poll Ctl–AZ Pub Svc | 4.70% | 5/1/2024 | A2 | 5,265 | 5,434,006 | |||||||||
| Guam Waterworks Auth | 5.00% | 7/1/2029 | A- | 1,000 | 1,122,580 | |||||||||
| Guam Waterworks Auth | 5.00% | 7/1/2036 | A- | 1,000 | 1,146,640 | |||||||||
| HI Dept Budget–Hawaiian Electric | 3.20% | 7/1/2039 | Baa2 | 11,120 | 11,410,677 | |||||||||
| HI Dept Budget–Hawaiian Electric AMT | 3.10% | 5/1/2026 | Baa2 | 7,000 | 7,326,970 | |||||||||
| Houston Util Sys | 5.00% | 5/15/2022 | AA | 3,000 | 3,284,940 | |||||||||
| Houston Util Sys | 5.00% | 11/15/2023 | AA | 4,000 | 4,587,520 | |||||||||
| Houston Util Sys | 5.00% | 11/15/2026 | AA | 5,355 | 6,312,367 | |||||||||
| Imperial Irrigation Dist | 5.00% | 11/1/2032 | AA- | 2,000 | 2,438,160 | |||||||||
| IN Muni Pwr | 5.00% | 1/1/2033 | A+ | 5,210 | 6,465,714 | |||||||||
| IN Muni Pwr | 5.00% | 1/1/2034 | A+ | 4,000 | 4,949,640 | |||||||||
| KY Muni Pwr–Prairie State Proj | 3.45% | #(b) | 9/1/2042 | Baa1 | 5,935 | 6,124,801 | ||||||||
| KY Public Energy Auth–BP | 4.00% | #(b) | 1/1/2049 | A1 | 13,875 | 15,340,755 | ||||||||
| KY Public Energy Auth–Morgan Stanley | 4.00% | #(b) | 4/1/2048 | A3 | 15,875 | 17,261,840 | ||||||||
| Long Beach Nat Gas–ML | 2.876% (3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A2 | 4,000 | 4,058,400 | ||||||||
| Long Island Power Auth | 5.00% | 9/1/2034 | A | 2,250 | 2,762,617 | |||||||||
| Los Angeles USD | 5.00% | 7/1/2023 | Aa3 | 10,000 | 11,368,500 | |||||||||
| Lower AL Gas Dist–Goldman Sachs | 5.00% | 9/1/2031 | A3 | 4,005 | 5,087,551 | |||||||||
| Lower Colo Riv Auth–Transmn Contract | 5.00% | 5/15/2036 | A | 5,055 | 6,355,753 | |||||||||
| Main St Nat Gas–ML | 5.00% | 3/15/2021 | A2 | 2,500 | 2,615,300 | |||||||||
| Maricopa Cnty Poll Cntrl–El Paso Elec | 3.60% | 2/1/2040 | BBB | 5,085 | 5,370,930 | |||||||||
| Maricopa Cnty Poll Cntrl–El Paso Elec | 3.60% | 4/1/2040 | BBB | 3,000 | 3,169,950 | |||||||||
| MEAG–Gen Resolution Projs | 5.00% | 1/1/2020 | A2 | 6,200 | 6,253,630 | |||||||||
| MEAG–Proj 1 | 5.00% | 1/1/2021 | A2 | 4,185 | 4,366,294 | |||||||||
| MI Strat Fund–Detroit Edison | 1.45% | #(b) | 8/1/2029 | Aa3 | 3,500 | 3,480,295 | ||||||||
| MI Strat Fund–Detroit Edison | 1.45% | #(b) | 9/1/2030 | Aa3 | 1,000 | 994,370 | ||||||||
| See Notes to Financial Statements. | 61 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Miami-Dade Co Wtr & Swr | 4.00% | 10/1/2035 | AA- | $ | 5,000 | $ | 5,680,850 | |||||||
| MO Joint Muni Elec Util Commn | 5.00% | 1/1/2023 | A2 | 2,000 | 2,228,160 | |||||||||
| MO Joint Muni Elec Util Commn | 5.00% | 1/1/2025 | A2 | 1,500 | 1,718,145 | |||||||||
| Modesto Irrigation Dist | 5.00% | 7/1/2023 | A+ | 1,780 | 2,039,079 | |||||||||
| Modesto Irrigation Dist | 5.00% | 7/1/2024 | A+ | 3,720 | 4,248,166 | |||||||||
| Modesto Irrigation Dist | 5.00% | 7/1/2025 | A+ | 8,410 | 9,587,484 | |||||||||
| New Orleans Sewer | 5.00% | 6/1/2021 | A | 400 | 422,912 | |||||||||
| North Sumter Co Util Dep Dist | 5.00% | 10/1/2032 | A- | 8,000 | 8,672,960 | |||||||||
| Northern CA Gas–Goldman Sachs | 4.00% | #(b) | 7/1/2049 | A3 | 7,500 | 8,157,900 | ||||||||
| Northern CA Pwr–Hydroelec #1 | 5.00% | 7/1/2026 | A+ | 3,600 | 3,967,524 | |||||||||
| NYC Muni Water | 4.00% | 6/15/2037 | AA+ | 3,630 | 4,204,738 | |||||||||
| Omaha Pub Pwr Dist | 5.00% | 2/1/2029 | AA | 5,000 | 6,069,900 | |||||||||
| PA Econ Dev–PPL Electric Utility Rmkt | 4.00% | 10/1/2023 | A1 | 5,000 | 5,135,700 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2026 | A | 1,000 | 1,185,920 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2027 | A | 1,000 | 1,184,570 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2028 | A | 1,250 | 1,543,213 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2029 | A | 1,700 | 2,090,660 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2030 | A | 1,425 | 1,744,129 | |||||||||
| Philadelphia Water & Wastewater | 5.00% | 11/1/2029 | A+ | 3,185 | 3,986,410 | |||||||||
| Phoenix Civic Impt Corp–Water Sys | 5.00% | 7/1/2027 | AAA | 5,010 | 5,857,892 | |||||||||
| Piedmont Muni Pwr Agy | 5.00% | 1/1/2022 | A- | 4,750 | 4,957,670 | |||||||||
| Piedmont Muni Pwr Agy | 5.00% | 1/1/2024 | A- | 7,920 | 8,261,510 | |||||||||
| Pima Co IDA–Tucson Elec | 4.95% | 10/1/2020 | A- | 10,640 | 10,985,906 | |||||||||
| PR Aqueduct & Swr Auth | 5.00% | 7/1/2022 | Ca | 4,690 | 4,924,500 | |||||||||
| PR Aqueduct & Swr Auth | 5.25% | 7/1/2042 | Ca | 3,625 | 3,801,719 | |||||||||
| PR Elec Pwr Auth(d) | 5.00% | 7/1/2037 | D | (e) | 1,035 | 828,000 | ||||||||
| PR Elec Pwr Auth(d) | 5.00% | 7/1/2042 | D | (e) | 2,390 | 1,912,000 | ||||||||
| PR Elec Pwr Auth(d) | 5.50% | 7/1/2038 | D | (e) | 2,350 | 1,888,813 | ||||||||
| PR Elec Pwr Auth(d) | 7.00% | 7/1/2033 | D | (e) | 4,000 | 3,300,000 | ||||||||
| PR Elec Pwr Auth(d) | 7.00% | 7/1/2040 | D | (e) | 725 | 598,125 | ||||||||
| PR Elec Pwr Auth (AGM) | 2.074% (3 Mo. LIBOR * .67 +.52% | )# | 7/1/2029 | AA | 5,720 | 5,662,800 | ||||||||
| Riverside Elec | 5.00% | 10/1/2037 | AA- | 4,000 | 5,118,600 | |||||||||
| Riverside Elec | 5.00% | 10/1/2038 | AA- | 5,000 | 6,367,600 | |||||||||
| SA Energy Acquisition Pub Fac–Goldman Sachs | 5.50% | 8/1/2021 | A3 | 2,360 | 2,518,191 | |||||||||
| Salt Verde Fin Corp–Citi | 5.00% | 12/1/2037 | A3 | 7,165 | 9,665,585 | |||||||||
| Salt Verde Fin Corp–Citi | 5.25% | 12/1/2026 | A3 | 7,500 | 9,134,025 | |||||||||
| 62 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Salt Verde Fin Corp–Citi | 5.50% | 12/1/2029 | A3 | $ | 5,100 | $ | 6,649,584 | |||||||||
| San Antonio Elec & Gas | 5.00% | 2/1/2029 | Aa1 | 7,340 | 9,007,281 | |||||||||||
| San Antonio Elec & Gas | 5.00% | 2/1/2030 | Aa1 | 10,000 | 12,209,200 | |||||||||||
| SE AL Gas Dist–Goldman Sachs | 4.00% | #(b) | 4/1/2049 | A3 | 14,250 | 15,428,332 | ||||||||||
| Seminole Co Wtr & Swr | 5.00% | 10/1/2024 | AA+ | 4,000 | 4,713,200 | |||||||||||
| Stockton PFA–Wastewater (BAM) | 5.00% | 9/1/2024 | AA | 1,000 | 1,174,930 | |||||||||||
| TEAC–Goldman Sachs | 5.25% | 9/1/2021 | A3 | 3,000 | 3,196,770 | |||||||||||
| TEAC–Goldman Sachs | 5.25% | 9/1/2024 | A3 | 8,940 | 10,301,294 | |||||||||||
| Texas Water Dev Brd(c) | 3.00% | 10/15/2033 | AAA | 4,000 | 4,252,840 | |||||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2024 | A3 | 23,000 | 25,291,030 | |||||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2028 | A3 | 2,000 | 2,190,200 | |||||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2029 | A3 | 2,225 | 2,433,371 | |||||||||||
| TX Muni Gas Acq & Supply–ML | 5.25% | 12/15/2021 | A2 | 4,710 | 5,064,757 | |||||||||||
| TX Muni Gas Acq & Supply–ML | 5.25% | 12/15/2023 | A2 | 2,925 | 3,328,445 | |||||||||||
| TX Muni Gas Acq & Supply–ML | 6.25% | 12/15/2026 | A2 | 24,785 | 28,925,582 | |||||||||||
| Utility Debt Sec Auth–Lipa | 5.00% | 6/15/2028 | AAA | 5,915 | 7,305,202 | |||||||||||
| Western MN Muni Pwr Agy | 5.00% | 1/1/2023 | Aa3 | 1,500 | 1,675,695 | |||||||||||
| WV EDA–Morgantown Energy AMT | 2.875% | 12/15/2026 | Baa3 | 3,050 | 3,083,611 | |||||||||||
| WV EDA–Wheeling Pwr AMT | 3.00% | #(b) | 6/1/2037 | A- | 9,400 | 9,690,742 | ||||||||||
| Wyandotte CO Unified Govt Utility Sys | 5.00% | 9/1/2021 | A | 3,105 | 3,316,544 | |||||||||||
| Total | 550,957,015 | |||||||||||||||
| Total Municipal Bonds (cost $4,328,959,547) | 4,588,435,069 | |||||||||||||||
| Interest
Rate# | Interest
Rate Reset Date(g) | Final
Maturity Date |
||||||||||||||
| SHORT-TERM INVESTMENTS 1.42% | ||||||||||||||||
| Variable Rate Demand Notes 1.42% | ||||||||||||||||
| General Obligation 0.04% | ||||||||||||||||
| NYC GO | 1.77% | 10/1/2019 | 3/1/2034 | Aa1 | 2,000 | 2,000,000 | ||||||||||
| Health Care 0.06% | ||||||||||||||||
| NM Hsp–Presbyterian Hlthcare | 1.77% | 10/1/2019 | 8/1/2034 | AA | 2,000 | 2,000,000 | ||||||||||
| OH Hsp–Cleveland Clinic | 1.75% | 10/1/2019 | 1/1/2052 | AA | 1,000 | 1,000,000 | ||||||||||
| Total | 3,000,000 | |||||||||||||||
| See Notes to Financial Statements. | 63 |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| Investments | Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | ||||||||||
| Housing 0.03% | ||||||||||||||||
| IN Hsg & Cmnty Dev–SF Mtge Rev (GNMA) | 1.85% | 10/1/2019 | 7/1/2047 | Aaa | $ | 1,525 | $ | 1,525,000 | ||||||||
| Special Tax 0.20% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2042 | AAA | 9,200 | 9,200,000 | ||||||||||
| Tax Revenue 0.32% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2045 | AAA | 2,200 | 2,200,000 | ||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 2/1/2045 | AAA | 4,775 | 4,775,000 | ||||||||||
| NYC TFA–Future Tax | 1.82% | 10/1/2019 | 11/1/2022 | AAA | 7,730 | 7,730,000 | ||||||||||
| Total | 14,705,000 | |||||||||||||||
| Utilities 0.77% | ||||||||||||||||
| Appling Co Dev–GA Power | 1.82% | 10/1/2019 | 9/1/2041 | A- | 1,750 | 1,750,000 | ||||||||||
| NYC Muni Water | 1.82% | 10/1/2019 | 8/1/2031 | AAA | 16,900 | 16,900,000 | ||||||||||
| NYC Muni Wtr | 1.78% | 10/1/2019 | 6/15/2049 | AA+ | 10,900 | 10,900,000 | ||||||||||
| NYC Wtr & Swr | 1.76% | 10/1/2019 | 6/15/2045 | AAA | 6,200 | 6,200,000 | ||||||||||
| Total | 35,750,000 | |||||||||||||||
| Total Short-Term Investments (cost $66,180,000) | 66,180,000 | |||||||||||||||
| Total Investments in Securities 99.81% (cost $4,395,139,547) | 4,654,615,069 | |||||||||||||||
| Cash and Other Assets in Excess of Liabilities 0.19% | 9,032,275 | |||||||||||||||
| Net Assets 100.00% | $ | 4,663,647,344 | ||||||||||||||
| AGC | Insured by–Assured Guarantee Corporation. | |
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COP | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| GNMA | Insured by–Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipt. |
| 64 | See Notes to Financial Statements. |
Schedule of Investments (continued)
INTERMEDIATE TAX FREE FUND September 30, 2019
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $154,456,619, which represents 3.31% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (c) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (d) | Defaulted (non-income producing security). | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (f) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (g) | Stub Rights issued in connection with a plan of reorganization. | |
| (h) | Security is perpetual in nature and has no stated maturity. | |
| (i) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security fair valued by the Pricing Committee. | |
| (j) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 374,424,274 | $ | 2,842,000 | $ | 377,266,274 | ||||||||
| Lease Obligations | – | 304,607,661 | 247,520 | 304,855,181 | ||||||||||||
| Other Revenue | – | 171,238,635 | 40 | 171,238,675 | ||||||||||||
| Special Tax | – | 95,025,108 | 550,000 | 95,575,108 | ||||||||||||
| Remaining Industries | – | 3,639,499,831 | – | 3,639,499,831 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 66,180,000 | – | 66,180,000 | ||||||||||||
| Total | $ | – | $ | 4,650,975,509 | $ | 3,639,560 | $ | 4,654,615,069 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| See Notes to Financial Statements. | 65 |
Schedule of Investments (concluded)
INTERMEDIATE TAX FREE FUND September 30, 2019
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2018 | $ | 3,639,560 | ||
| Accrued Discounts (Premiums) | – | |||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | – | |||
| Purchases | – | |||
| Sales | – | |||
| Transfers into Level 3 | – | |||
| Transfers out of Level 3 | – | |||
| Balance as of September 30, 2019 | $ | 3,639,560 | ||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2019, related to Level 3 investments held at September 30, 2019 | $ | – | ||
| 66 | See Notes to Financial Statements. |
Schedule of Investments
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 99.70% | ||||||||||||||
| Corporate-Backed 5.39% | ||||||||||||||
| Brooklyn Arena LDC–Barclays Ctr | Zero Coupon | 7/15/2035 | Baa3 | $ | 740 | $ | 453,183 | |||||||
| CA Poll Ctl–Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | 8,750 | 9,353,750 | |||||||||
| CA Poll Ctl–Waste Mgmt AMT | 4.30% | 7/1/2040 | A- | 2,575 | 2,915,879 | |||||||||
| Chandler AZ IDA–Intel Corp AMT | 2.70% | #(b) | 12/1/2037 | A+ | 4,000 | 4,147,320 | ||||||||
| Columbus Co Ind Facs–Intl Paper | 5.70% | 5/1/2034 | BBB | 2,165 | 2,216,787 | |||||||||
| Courtland IDB–Intl Paper | 6.25% | 11/1/2033 | Baa2 | 770 | 773,026 | |||||||||
| Gloucester Co Poll Ctl–Logan AMT | 5.00% | 12/1/2024 | BBB- | 1,000 | 1,089,980 | |||||||||
| Houston Arpt–United Airlines AMT | 5.00% | 7/15/2028 | BB | 2,400 | 2,881,848 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 3.125% | 12/1/2022 | B+ | 2,250 | 2,282,850 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.25% | 12/1/2025 | B+ | 3,000 | 3,274,530 | |||||||||
| IL State GO | 5.00% | 12/1/2036 | Baa3 | 6,700 | 7,574,618 | |||||||||
| LA Env Facs–Westlake Chem | 3.50% | 11/1/2032 | BBB | 14,420 | 15,357,877 | |||||||||
| LA Env Facs–Westlake Chem | 6.50% | 11/1/2035 | BBB | 500 | 525,960 | |||||||||
| Love Field Arpt–Southwest Airlines AMT | 5.00% | 11/1/2028 | A3 | 2,775 | 3,027,081 | |||||||||
| Matagorda Co Nav Dist–AEP TX Central | 2.60% | 11/1/2029 | A- | 2,100 | 2,164,092 | |||||||||
| MD EDC–AFCO AMT | 4.00% | 7/1/2039 | BBB | 4,625 | 5,124,685 | |||||||||
| MD EDC–Chesapeake Bay Hyatt(c) | 5.00% | 12/1/2016 | NR | 855 | 541,856 | |||||||||
| Mission Econ Dev Corp–Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 3,750 | 4,074,150 | |||||||||
| National Fin Auth NH–Covanta† | 4.625% | 11/1/2042 | B1 | 1,500 | 1,582,995 | |||||||||
| NH National Fin Auth–Covanta AMT† | 4.875% | 11/1/2042 | B1 | 5,000 | 5,320,600 | |||||||||
| Niagara Area Dev Corp–Covanta AMT† | 4.75% | 11/1/2042 | B1 | 5,000 | 5,298,600 | |||||||||
| NY Energy RDA–NYSEGC | 3.50% | 10/1/2029 | A- | 800 | 918,848 | |||||||||
| NY Liberty Dev Corp–3 WTC† | 5.00% | 11/15/2044 | NR | 500 | 553,115 | |||||||||
| NY Liberty Dev Corp–BofA Tower(d) | 2.80% | 9/15/2069 | NR | 11,000 | 11,195,470 | |||||||||
| NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 5,765 | 6,037,915 | |||||||||
| NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB+ | 5,980 | 6,461,211 | |||||||||
| OH Air Dev Auth–OVEC | 3.25% | 9/1/2029 | BB+ | 3,450 | 3,571,440 | |||||||||
| OH Air Quality–AMG Vanadium AMT† | 5.00% | 7/1/2049 | B | 3,630 | 4,013,001 | |||||||||
| OH Air Quality–Pratt Paper AMT† | 4.50% | 1/15/2048 | NR | 2,000 | 2,169,640 | |||||||||
| PA Dev Fin Auth–Covanta AMT† | 3.25% | 8/1/2039 | B | 5,535 | 5,537,269 | |||||||||
| PA Econ Dev–US Airways | 7.50% | 5/1/2020 | BB- | 1,500 | 1,544,955 | |||||||||
| PA Econ Dev–US Airways | 8.00% | 5/1/2029 | BB- | 1,475 | 1,527,348 | |||||||||
| Phenix City IDB–Meadwestvaco | 3.625% | 5/15/2030 | BBB | 3,050 | 3,099,562 | |||||||||
| Richland Co Env Impt–Intl Paper AMT | 3.875% | 4/1/2023 | BBB | 6,625 | 7,027,137 | |||||||||
| Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 5,145 | 5,565,707 | |||||||||
| Selma IDB–Intl Paper | 6.25% | 11/1/2033 | BBB | 3,230 | 3,242,694 | |||||||||
| See Notes to Financial Statements. | 67 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Tuscaloosa IDA–Hunt Refining† | 5.25% | 5/1/2044 | NR | $ | 3,300 | $ | 3,807,210 | |||||||
| VA Small Bus Fing–Covanta AMT† | 5.00% | #(b) | 1/1/2048 | B | 910 | 971,343 | ||||||||
| Valparaiso Facs–Pratt Paper AMT | 7.00% | 1/1/2044 | NR | 2,000 | 2,349,280 | |||||||||
| Warren Co–Intl Paper | 5.80% | 5/1/2034 | BBB | 100 | 102,450 | |||||||||
| West Pace Coop Dist(c) | 9.125% | 5/1/2039 | NR | 4,900 | 2,842,000 | (e) | ||||||||
| WI PFA–American Dream† | 5.00% | 12/1/2027 | NR | 5,000 | 5,653,400 | |||||||||
| WI Pub Fin Auth–Celanese | 4.05% | 11/1/2030 | BBB | 500 | 525,635 | |||||||||
| Total | 158,698,297 | |||||||||||||
| Education 4.28% | ||||||||||||||
| AZ IDA–Equitable School Fund | 4.00% | 11/1/2049 | A | 1,345 | 1,477,308 | |||||||||
| Build NYC Res Corp–CUNY | 5.00% | 6/1/2034 | Aa2 | 325 | 374,995 | |||||||||
| Build NYC Res Corp–NY Law | 4.00% | 7/1/2045 | BBB- | 2,445 | 2,548,032 | |||||||||
| CA Ed Facs–Stanford Univ | 5.00% | 5/1/2045 | AAA | 5,505 | 8,317,174 | |||||||||
| CA Sch Fin Auth–Green Dot Schs† | 5.00% | 8/1/2045 | NR | 1,500 | 1,680,630 | |||||||||
| Cap Trust Ed Facs–Advantage Charter Scho | 5.00% | 12/15/2049 | Baa3 | 1,000 | 1,086,480 | |||||||||
| Cap Trust Ed Facs–Advantage Charter Scho | 5.00% | 12/15/2054 | Baa3 | 700 | 756,203 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2044 | BB- | 1,750 | 1,966,598 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB- | 3,500 | 3,924,515 | |||||||||
| Davie Edu Facs–Nova Southeastern Univ | 6.00% | 4/1/2042 | A- | 3,040 | 3,415,166 | |||||||||
| Detroit Sch Dist | 5.00% | 5/1/2029 | Aa1 | 4,000 | 4,342,120 | |||||||||
| Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 870 | 899,632 | |||||||||
| FL HI Ed–Nova Southeastern Univ | 5.00% | 4/1/2033 | A- | 1,475 | 1,712,726 | |||||||||
| FL HI Ed–Nova Southeastern Univ | 5.00% | 4/1/2036 | A- | 2,000 | 2,302,560 | |||||||||
| FL HI Ed–Nova Southeastern Univ | 6.375% | 4/1/2031 | A- | 475 | 504,203 | |||||||||
| FL Hi Ed–Saint Leo Univ | 5.00% | 3/1/2049 | BBB- | 1,640 | 1,871,453 | |||||||||
| Fulton Co Dev–Tuff/Atlanta Hsg | 5.00% | 9/1/2032 | A+ | 775 | 823,104 | |||||||||
| Hempstead Town LDC–Adelphi Univ | 5.00% | 10/1/2034 | A- | 175 | 201,824 | |||||||||
| Hlth & Ed Facs of Nashville Co-Lipscomb U | 5.25% | 10/1/2058 | BBB | 4,000 | 4,839,160 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2020 | Baa3 | 2,000 | 2,002,480 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2021 | Baa3 | 500 | 500,580 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2031 | Baa3 | 2,250 | 2,257,155 | |||||||||
| IL Fin Auth–Univ Chicago | 4.00% | 10/1/2049 | Aa2 | 6,000 | 6,314,760 | |||||||||
| MA DFA–Suffolk Univ | 5.00% | 7/1/2032 | Baa2 | 2,500 | 2,976,650 | |||||||||
| MA DFA–Suffolk Univ | 5.00% | 7/1/2033 | Baa2 | 1,250 | 1,484,200 | |||||||||
| MA DFA–Suffolk Univ | 5.00% | 7/1/2034 | Baa2 | 1,000 | 1,184,330 | |||||||||
| Miami Dade Cnty Ed Facs–Univ of Miami FL | 5.00% | 4/1/2053 | A- | 5,000 | 5,946,800 | |||||||||
| NY Dorm–Mt Sinai Sch Med | 5.00% | 7/1/2040 | A- | 5,000 | 5,751,750 | |||||||||
| 68 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| NY Dorm–NYU | 5.00% | 7/1/2030 | Aa2 | $ | 2,155 | $ | 2,424,612 | |||||||
| NY Dorm–NYU | 5.00% | 7/1/2031 | Aa2 | 4,215 | 4,791,612 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2029 | BBB- | 245 | 269,623 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2029 | NR | 10 | 11,335 | |||||||||
| NY Dorm–SUNY | 5.00% | 7/1/2035 | Aa2 | 2,100 | 2,233,035 | |||||||||
| NY Dorm–Touro Clg | 5.00% | 1/1/2047 | BBB- | (f) | 6,500 | 7,405,450 | ||||||||
| NY Dorm–Touro Clg | 5.50% | 1/1/2039 | BBB- | (f) | 2,450 | 2,732,289 | ||||||||
| NYC IDA–Yankee Stadium (AGC) | Zero Coupon | 3/1/2030 | AA | 8,000 | 6,310,640 | |||||||||
| PA Hi Ed–St Josephs Univ | 5.00% | 11/1/2030 | A- | 905 | 935,164 | |||||||||
| Univ of CT | 5.25% | 11/15/2047 | Aa3 | 8,000 | 9,844,560 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2038 | AA | 4,965 | 5,535,479 | |||||||||
| Univ of North Carolina–Wilmington | 5.00% | 6/1/2037 | A1 | 7,055 | 8,208,210 | |||||||||
| WI PFA–Wingate Univ | 5.25% | 10/1/2038 | BBB | 2,220 | 2,606,191 | |||||||||
| WI PFA–Wingate Univ | 5.25% | 10/1/2043 | BBB | 1,000 | 1,162,330 | |||||||||
| Total | 125,933,118 | |||||||||||||
| Financial Services 0.76% | ||||||||||||||
| Berks Co IDA–Tower Hlth | 5.00% | 11/1/2047 | A | 5,850 | 6,785,532 | |||||||||
| Berks Co IDA–Tower Hlth | 5.00% | 11/1/2050 | A | 6,500 | 7,503,535 | |||||||||
| MA Ed Fin Auth AMT | 4.125% | 7/1/2046 | BBB | 5,000 | 5,375,550 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.75% | 12/1/2031 | Aaa | 2,500 | 2,719,075 | |||||||||
| Total | 22,383,692 | |||||||||||||
| General Obligation 15.07% | ||||||||||||||
| Atlantic City Brd Ed (AGM) | 6.00% | 4/1/2034 | AA | 550 | 585,503 | |||||||||
| Beaverton Sch Dist | 5.00% | 6/15/2036 | AA+ | 8,000 | 9,844,400 | |||||||||
| Bellwood GO | 6.15% | 12/1/2032 | A | 2,765 | 3,137,390 | |||||||||
| CA State GO | 4.00% | 9/1/2037 | AA- | 5,000 | 5,628,450 | |||||||||
| CA State GO | 5.00% | 4/1/2032 | AA- | 2,450 | 3,354,295 | |||||||||
| CA State GO | 5.00% | 2/1/2033 | AA- | 10,000 | 10,834,800 | |||||||||
| CA State GO | 5.00% | 8/1/2038 | AA- | 3,700 | 4,457,279 | |||||||||
| CA State GO | 5.25% | 8/1/2032 | AA- | 7,500 | 9,049,200 | |||||||||
| CA State GO | 5.375% | 11/1/2035 | AA- | 400 | 416,864 | |||||||||
| CA State GO | 5.50% | 3/1/2040 | AA- | 10,225 | 10,393,406 | |||||||||
| CA State GO | 5.60% | 3/1/2036 | AA- | 7,330 | 7,455,270 | |||||||||
| Carlsbad USD | 3.125% | 8/1/2048 | Aa1 | 2,000 | 2,045,320 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2029 | BB- | 2,000 | 2,367,320 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB- | 2,070 | 2,437,487 | |||||||||
| See Notes to Financial Statements. | 69 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB- | $ | 1,000 | $ | 1,171,780 | |||||||
| Chicago Brd Ed | 5.00% | 12/1/2032 | BB- | 1,250 | 1,474,475 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB- | 1,750 | 2,058,385 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2042 | BB- | 575 | 607,873 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB- | 1,500 | 1,698,525 | |||||||||
| Chicago Brd Ed | 6.50% | 12/1/2046 | BB- | 1,100 | 1,333,904 | |||||||||
| Chicago Brd Ed† | 7.00% | 12/1/2046 | BB- | 1,200 | 1,529,328 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 1,850 | 2,227,825 | |||||||||
| Chicago GO | 5.00% | 1/1/2026 | BBB+ | 5,175 | 5,911,299 | |||||||||
| Chicago GO | 5.00% | 1/1/2033 | BBB+ | 2,340 | 2,448,436 | |||||||||
| Chicago GO | 5.00% | 1/1/2034 | BBB+ | 4,150 | 4,338,700 | |||||||||
| Chicago GO | 5.00% | 1/1/2034 | BBB+ | 5,500 | 5,945,390 | |||||||||
| Chicago GO | 5.00% | 1/1/2040 | BBB+ | 5,000 | 5,111,800 | |||||||||
| Chicago GO | 5.50% | 1/1/2034 | BBB+ | 2,400 | 2,700,840 | |||||||||
| Chicago GO | 5.50% | 1/1/2035 | BBB+ | 230 | 258,345 | |||||||||
| Chicago GO | 5.50% | 1/1/2037 | BBB+ | 2,745 | 3,069,733 | |||||||||
| Chicago GO | 5.50% | 1/1/2042 | BBB+ | 250 | 277,725 | |||||||||
| Chicago GO | 5.50% | 1/1/2042 | BBB+ | 5,000 | 5,554,500 | |||||||||
| Chicago GO | 5.50% | 1/1/2049 | BBB+ | 10,625 | 12,438,900 | |||||||||
| Chicago GO | 5.625% | 1/1/2030 | BBB+ | 275 | 328,977 | |||||||||
| Chicago GO | 6.00% | 1/1/2038 | BBB+ | 19,330 | 23,091,038 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2052 | A | 9,375 | 10,826,062 | |||||||||
| Cook Co GO | 5.00% | 11/15/2030 | AA- | 1,000 | 1,181,830 | |||||||||
| Cook Co GO | 5.00% | 11/15/2031 | AA- | 2,150 | 2,529,561 | |||||||||
| Cook Co GO | 5.00% | 11/15/2034 | AA- | 500 | 583,115 | |||||||||
| Cook Co GO | 5.00% | 11/15/2035 | AA- | 1,000 | 1,162,900 | |||||||||
| Cook Co GO | 5.25% | 11/15/2024 | AA- | 1,500 | 1,608,450 | |||||||||
| Cook Co GO TCRS (BAM) | 5.00% | 11/15/2024 | AA | 10,000 | 11,032,200 | |||||||||
| CT State GO | 4.00% | 6/15/2037 | A1 | 975 | 1,098,445 | |||||||||
| CT State GO(g) | 5.00% | 12/1/2022 | A | 10,000 | 10,702,700 | |||||||||
| CT State GO(g) | 5.00% | 12/1/2023 | A | 10,000 | 10,702,700 | |||||||||
| CT State GO | 5.00% | 6/15/2032 | A1 | 1,250 | 1,542,863 | |||||||||
| CT State GO | 5.00% | 6/15/2033 | A1 | 1,250 | 1,539,175 | |||||||||
| CT State GO | 5.00% | 4/15/2036 | A1 | 1,150 | 1,424,816 | |||||||||
| CT State GO | 5.00% | 6/15/2038 | A1 | 1,000 | 1,212,900 | |||||||||
| CT State GO | 5.00% | 4/15/2039 | A1 | 1,650 | 2,025,821 | |||||||||
| Delaware Co IDA–Covanta | 5.00% | 7/1/2043 | BB- | 500 | 510,000 | |||||||||
| 70 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Essex Co Impt Auth–Covanta AMT† | 5.25% | 7/1/2045 | BB- | $ | 4,000 | $ | 4,058,360 | |||||||
| Hamilton Co Sch Dist GO | 4.00% | 1/15/2055 | Aa2 | 7,000 | 7,655,410 | |||||||||
| HI State GO(g) | 5.00% | 8/15/2030 | AA+ | 10,000 | 10,787,950 | |||||||||
| Hillsborough Co | 3.25% | 8/1/2048 | AAA | 7,690 | 8,040,203 | |||||||||
| Howard Co MD | 3.00% | 8/15/2039 | AAA | 1,915 | 1,970,171 | |||||||||
| Howard Co MD | 3.00% | 8/15/2040 | AAA | 1,560 | 1,598,657 | |||||||||
| Hudson Co Impt Auth–Solid Waste GTD | 5.75% | 1/1/2035 | Aa2 | 225 | 227,412 | |||||||||
| IL State GO | 4.00% | 6/1/2034 | BBB- | 3,200 | 3,308,416 | |||||||||
| IL State GO | 5.00% | 6/1/2027 | BBB- | 2,000 | 2,264,820 | |||||||||
| IL State GO | 5.00% | 11/1/2028 | BBB- | 10,795 | 12,336,418 | |||||||||
| IL State GO | 5.00% | 3/1/2030 | BBB- | 6,500 | 6,842,160 | |||||||||
| IL State GO | 5.00% | 1/1/2033 | BBB- | 4,075 | 4,261,798 | |||||||||
| IL State GO | 5.00% | 1/1/2035 | BBB- | 6,200 | 6,860,362 | |||||||||
| IL State GO | 5.00% | 5/1/2038 | BBB- | 4,515 | 5,119,107 | |||||||||
| IL State GO | 5.00% | 1/1/2041 | BBB- | 3,580 | 3,923,966 | |||||||||
| IL State GO | 5.50% | 7/1/2033 | BBB- | 9,470 | 10,330,444 | |||||||||
| IL State GO | 5.50% | 7/1/2038 | BBB- | 5,345 | 5,817,177 | |||||||||
| IL State GO | 6.00% | 5/1/2026 | BBB- | 1,000 | 1,199,930 | |||||||||
| Irvine USD–Spl Tax (BAM) | 5.00% | 9/1/2056 | AA | 500 | 593,755 | |||||||||
| Kendall Kane & WIll Co CUSD #308 | 5.00% | 2/1/2029 | A2 | 1,000 | 1,041,730 | |||||||||
| King Co Pub Hsp–Snoqualmie Vly Hsp | 5.00% | 12/1/2038 | NR | 5,000 | 5,225,500 | |||||||||
| Luzerne Co GO (AGM) | 5.00% | 11/15/2029 | AA | 4,215 | 4,968,473 | |||||||||
| MA State GO | 3.00% | 4/1/2041 | Aa1 | 7,000 | 7,127,050 | |||||||||
| MA State GO | 4.00% | 5/1/2048 | Aa1 | 1,000 | 1,114,800 | |||||||||
| MI Strategic Fund–I-75 AMT (AGM) | 4.25% | 12/31/2038 | AA | 2,500 | 2,790,325 | |||||||||
| Middletown CSD | 5.25% | 12/1/2040 | AA | 2,500 | 2,778,500 | |||||||||
| Midlothian Water Dist (AGM) | Zero Coupon | 9/1/2022 | AA | 2,000 | 1,868,200 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2029 | BBB+ | 8,055 | 6,116,000 | |||||||||
| NJ Trans Trust Fund (NPFGC)(FGIC) | Zero Coupon | 12/15/2030 | BBB+ | 6,910 | 5,133,923 | |||||||||
| NYC GO | 5.00% | 8/1/2027 | Aa1 | 6,575 | 7,457,102 | |||||||||
| NYS Mtg | 2.95% | 10/1/2049 | Aa1 | 10,000 | 10,011,200 | |||||||||
| PA State GO | 4.00% | 9/15/2030 | Aa3 | 10,000 | 11,337,200 | |||||||||
| PA State GO | 4.00% | 3/1/2037 | Aa3 | 4,255 | 4,782,875 | |||||||||
| Perris UHSD (AGM) | 3.00% | 9/1/2044 | AA | 2,750 | 2,805,522 | |||||||||
| Philadelphia GO | 5.00% | 8/1/2036 | A | 8,990 | 10,857,852 | |||||||||
| Philadelphia GO | 5.00% | 8/1/2037 | A | 3,250 | 3,912,382 | |||||||||
| Philadelphia GO | 5.25% | 7/15/2031 | A | 2,000 | 2,277,720 | |||||||||
| See Notes to Financial Statements. | 71 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Philadelphia GO | 5.25% | 7/15/2032 | A | $ | 3,000 | $ | 3,412,980 | |||||||
| Philadelphia GO | 5.25% | 7/15/2033 | A | 1,000 | 1,136,260 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2037 | A2 | 1,200 | 1,401,708 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2038 | A2 | 1,000 | 1,165,810 | |||||||||
| Pittsburgh GO (BAM) | 5.00% | 9/1/2029 | AA | 1,100 | 1,280,576 | |||||||||
| Pittsburgh GO (BAM) | 5.00% | 9/1/2030 | AA | 1,585 | 1,834,416 | |||||||||
| Pittsburgh GO (BAM) | 5.00% | 9/1/2032 | AA | 1,160 | 1,337,573 | |||||||||
| PR Comwlth GO(c) | 4.75% | 7/1/2018 | NR | 370 | 260,850 | (e) | ||||||||
| PR Comwlth GO(c) | 5.50% | 7/1/2027 | Ca | 1,040 | 683,800 | |||||||||
| PR Comwlth GO(c) | 5.50% | 7/1/2039 | Ca | 3,000 | 1,972,500 | |||||||||
| PR Pub Bldg Auth GTD (AGC) | 5.00% | 7/1/2036 | AA | 155 | 158,320 | |||||||||
| San Diego USD | 3.25% | 7/1/2048 | Aa2 | 3,815 | 3,973,742 | |||||||||
| San Francisco Arpt AMT | 5.25% | 5/1/2042 | A+ | 4,000 | 4,816,160 | |||||||||
| St Pub SBA–Philadelphia Sch Dist | 5.00% | 4/1/2029 | A2 | 465 | 501,433 | |||||||||
| St Pub SBA–Philadelphia Sch Dist | 5.00% | 4/1/2031 | A2 | 185 | 198,938 | |||||||||
| Stockton USD (AGM) | 5.00% | 7/1/2028 | AA | 750 | 821,438 | |||||||||
| Sweetwater UHSD (BAM) | 5.00% | 8/1/2027 | AA | 500 | 578,340 | |||||||||
| Tuscaloosa Co Brd of Ed | 5.00% | 8/1/2046 | AA- | 5,000 | 5,866,800 | |||||||||
| Union Co Util Auth–Covanta GTD AMT | 4.75% | 12/1/2031 | AA+ | 4,000 | 4,267,480 | |||||||||
| Wilkes Barre PA School District (BAM) | 5.00% | 4/15/2059 | AA | 2,500 | 2,977,825 | |||||||||
| Yosemite CCD | 5.00% | 8/1/2029 | Aa2 | 500 | 601,285 | |||||||||
| Total | 443,319,404 | |||||||||||||
| Health Care 15.63% | ||||||||||||||
| Abag Fin Auth–Sharp Hlthcare | 5.00% | 8/1/2027 | AA | 300 | 324,756 | |||||||||
| Abag Fin Auth–Sharp Hlthcare | 5.00% | 8/1/2028 | AA | 345 | 372,807 | |||||||||
| AL PFA–AL Proton Therapy† | 6.85% | 10/1/2047 | NR | 2,160 | 2,394,446 | |||||||||
| Allegheny Co Hsp–Allegheny Hlth | 4.00% | 4/1/2044 | A | 10,645 | 11,471,584 | |||||||||
| Allegheny County Health Network | 4.00% | 4/1/2037 | A | 3,120 | 3,443,731 | |||||||||
| Allen Co Hsp–Catholic Hlth Ptnrs | 5.00% | 5/1/2033 | A+ | 7,065 | 7,625,184 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2041 | Ba3 | 3,000 | 3,204,780 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2046 | Ba3 | 2,615 | 2,785,916 | |||||||||
| Berks Co IDA–Tower Hlth | 4.00% | 11/1/2047 | A | 2,220 | 2,378,774 | |||||||||
| CA Hlth–Sutter Hlth | 4.00% | 11/15/2042 | AA- | 2,000 | 2,212,520 | |||||||||
| CA Hlth–Sutter Hlth | 5.25% | 8/15/2031 | AA- | 5,245 | 5,623,269 | |||||||||
| CA Muni Fin–Cmnty Med Ctrs | 5.00% | 2/1/2047 | A- | 6,940 | 8,153,459 | |||||||||
| CA Stwde–Eskaton Pptys | 5.25% | 11/15/2034 | BBB | 1,875 | 2,047,331 | |||||||||
| CA Stwde–Huntington Memorial Hosp | 4.00% | 7/1/2048 | A- | 4,500 | 4,851,945 | |||||||||
| 72 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CA Stwde–John Muir Hlth | 4.00% | 12/1/2057 | A+ | $ | 2,500 | $ | 2,625,250 | |||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BB- | 6,875 | 7,688,450 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.50% | 12/1/2058 | BB- | 3,375 | 3,975,480 | |||||||||
| CA Stwde–So Cal Presbyterian† | 6.625% | 11/15/2024 | A- | (f) | 110 | 110,710 | ||||||||
| Cass Co–Essentia Hlth Rmkt (AGC) | 5.125% | 2/15/2037 | AA | 5,000 | 5,059,850 | |||||||||
| Cnty of Lucas OH–ProMedica Hlth | 5.25% | 11/15/2048 | Baa1 | 7,350 | 8,820,882 | |||||||||
| CO Hlth–CommonSpirit | 4.00% | 8/1/2049 | BBB+ | 5,000 | 5,376,950 | |||||||||
| CO Hlth Facs–Boulder Cmnty Hsp | 5.00% | 10/1/2032 | A2 | 280 | 303,461 | |||||||||
| CO Hlth Facs–Catholic Hlth | 5.25% | 2/1/2031 | BBB+ | 750 | 788,228 | |||||||||
| CT Hlth & Ed–Connecticut State Univ | 3.125% | 11/1/2038 | A1 | 2,270 | 2,326,478 | |||||||||
| CT Hlth & Ed–Hartford Hlthcare | 5.00% | 7/1/2032 | A | 640 | 675,814 | |||||||||
| CT Hlth & Ed–Yale New Haven Hsp | 5.00% | 7/1/2028 | AA- | 500 | 582,260 | |||||||||
| CT Hlth–Nuvance | 4.00% | 7/1/2041 | A- | 2,500 | 2,765,325 | |||||||||
| CT Hlth–Nuvance | 4.00% | 7/1/2049 | A- | 6,375 | 6,970,616 | |||||||||
| Cumberland Co Mun Auth–Asbury | 5.25% | 1/1/2021 | NR | 140 | 141,340 | |||||||||
| Cumberland Co Mun Auth–Asbury | 5.40% | 1/1/2022 | NR | 150 | 151,467 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.50% | 2/15/2052 | NR | 8,925 | 10,428,505 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.50% | 2/15/2057 | NR | 5,250 | 6,115,515 | |||||||||
| Dekalb CO Hsp–Children’s Healthcare | 5.00% | 11/15/2029 | AA+ | 530 | 532,321 | |||||||||
| Denver Hlth & Hsp Auth | 2.53% (3 Mo. LIBOR * .67 + 1.10% | )# | 12/1/2033 | BBB | 4,640 | 4,639,675 | ||||||||
| Denver Hlth & Hsp Auth | 5.25% | 12/1/2045 | BBB | 700 | 774,907 | |||||||||
| Duluth Econ Dev Auth–Essentia Health | 5.25% | 2/15/2053 | A- | 1,370 | 1,633,465 | |||||||||
| Duluth Econ Dev Auth- Essentia Health | 5.25% | 2/15/2058 | A- | 17,000 | 20,157,240 | |||||||||
| Fairview Health Services | 5.00% | 11/15/2049 | A+ | 5,400 | 6,481,134 | |||||||||
| Flint Hsp Bldg Auth–Hurley Med Ctr | 7.00% | 7/1/2030 | Ba1 | 1,510 | 1,562,865 | |||||||||
| Franklin Co Hlth–OPRS Cmntys | 6.125% | 7/1/2040 | BBB | (f) | 4,880 | 5,400,110 | ||||||||
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | 5.50% | 8/15/2054 | AA- | 5,225 | 6,138,382 | |||||||||
| Greenville Hlth Sys | 5.00% | 5/1/2034 | A | 3,970 | 4,480,820 | |||||||||
| Guadalupe Co–Seguin City Hospital | 5.00% | 12/1/2045 | BB | 2,000 | 2,150,540 | |||||||||
| IL Fin Auth–Centegra Hlth | 5.00% | 9/1/2034 | AA+ | 235 | 269,768 | |||||||||
| IN Fin Auth–Major Hsp | 5.00% | 10/1/2029 | Baa3 | 1,500 | 1,670,565 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2021 | NR | 415 | 431,799 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2029 | NR | 3,820 | 3,974,634 | |||||||||
| LA PFA–Ochsner Clinic | 6.25% | 5/15/2031 | A3 | 8,090 | 8,725,469 | |||||||||
| La Verne COP–Brethren Hillcrest Homes | 5.00% | 5/15/2036 | BBB- | (f) | 1,350 | 1,437,021 | ||||||||
| Lee Memorial Hlth System | 4.00% | 4/1/2049 | A+ | 5,500 | 6,009,190 | |||||||||
| See Notes to Financial Statements. | 73 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| MA DFA–Atrius Hlth | 4.00% | 6/1/2049 | BBB | $ | 1,500 | $ | 1,610,460 | |||||||
| MA DFA–Atrius Hlth | 5.00% | 6/1/2039 | BBB | 2,000 | 2,417,840 | |||||||||
| MA DFA–Boston Med Ctr | 5.00% | 7/1/2031 | BBB | 1,900 | 2,226,477 | |||||||||
| MA DFA–CareGroup | 5.00% | 7/1/2048 | A | 4,000 | 4,744,120 | |||||||||
| MA DFA–Partners Hlth | 4.00% | 7/1/2041 | AA- | 5,000 | 5,598,850 | |||||||||
| MA DFA–Wellforce Hlth | 4.00% | 7/1/2035 | BBB+ | 2,000 | 2,220,260 | |||||||||
| MA DFA–Wellforce Hlth | 4.00% | 7/1/2044 | BBB+ | 3,565 | 3,864,923 | |||||||||
| MA DFA–Wellforce Hlth | 5.00% | 7/1/2039 | BBB+ | 2,685 | 3,231,210 | |||||||||
| Martin Co Hlth–Cleveland Clinic | 4.00% | 1/1/2046 | AA | 10,000 | 11,163,900 | |||||||||
| Martin Co Hlth–Martin Mem Med | 5.50% | 11/15/2032 | A+ | 930 | 1,009,952 | |||||||||
| Martin Hsp Dist | 7.25% | 4/1/2036 | BBB | (f) | 3,250 | 3,444,578 | ||||||||
| MD Hlth & HI Ed–Adventist | 5.50% | 1/1/2046 | Baa3 | 10,000 | 11,754,400 | |||||||||
| MD Hlth & HI Ed–Doctors Cmnty Hospital | 5.00% | 7/1/2038 | Baa3 | 7,080 | 8,063,058 | |||||||||
| MD Hlth & HI Ed–Mercy Med Ctr | 5.00% | 7/1/2036 | BBB | 1,320 | 1,527,715 | |||||||||
| MD Hlth & HI Ed–Mercy Med Ctr | 5.00% | 7/1/2038 | BBB | 2,250 | 2,591,303 | |||||||||
| MD Hlth & Hi Ed–Mercy Med Ctr | 6.25% | 7/1/2031 | BBB | 11,635 | 12,531,477 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 6.00% | 7/1/2026 | Ba3 | 620 | 658,155 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 6.75% | 7/1/2036 | Ba3 | 400 | 431,624 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 7.50% | 7/1/2032 | Ba3 | 11,150 | 12,227,982 | |||||||||
| Meadville Med Center | 6.00% | 6/1/2046 | NR | 950 | 1,095,854 | |||||||||
| Meadville Med Center | 6.00% | 6/1/2051 | NR | 1,115 | 1,276,987 | |||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.125% | 2/15/2042 | BB+ | (f) | 1,000 | 984,890 | ||||||||
| MI Fin Auth–Henry Ford Hlth | 4.00% | 11/15/2050 | A | 7,420 | 8,185,225 | |||||||||
| MI Fin Auth–Henry Ford Hlth | 5.00% | 11/15/2048 | A | 3,800 | 4,625,664 | |||||||||
| MO Hlth Ed–Mosaic Hlth | 4.00% | 2/15/2054 | A1 | 4,450 | 4,864,161 | |||||||||
| Montgomery Co Hgr Ed–Thomas Jeff U | 4.00% | 9/1/2049 | A | 2,875 | 3,116,011 | |||||||||
| Montgomery Co Hgr Ed–Thomas Jeff U | 4.00% | 9/1/2049 | A | 3,960 | 4,298,263 | |||||||||
| Montgomery Co Hosp–Premier | 4.00% | 11/15/2042 | Baa1 | 4,440 | 4,856,206 | |||||||||
| Montgomery Co Hosp–Premier | 4.00% | 11/15/2045 | Baa1 | 2,500 | 2,724,800 | |||||||||
| Montgomery Co IDA–ACTS Retirement | 5.00% | 11/15/2024 | A- | (f) | 3,150 | 3,418,160 | ||||||||
| Montgomery Co IDA–ACTS Retirement | 5.00% | 11/15/2025 | A- | (f) | 1,300 | 1,409,174 | ||||||||
| Montgomery Co IDA–Jefferson Hlth | 5.00% | 10/1/2027 | AA | 4,500 | 4,851,360 | |||||||||
| Montgomery Co IDA–Whitemarsh | 5.375% | 1/1/2050 | NR | 1,070 | 1,108,691 | |||||||||
| MT St Fac Fin Auth–Kalispell Med Ctr | 5.00% | 7/1/2043 | BBB | 4,000 | 4,618,920 | |||||||||
| MT St Fac Fin Auth–Kalispell Med Ctr | 5.00% | 7/1/2048 | BBB | 5,760 | 6,617,664 | |||||||||
| Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2044 | BB+ | 2,650 | 2,840,721 | |||||||||
| Nassau Co LEAC–Catholic Hlth LI | 5.00% | 7/1/2034 | A- | 1,100 | 1,228,612 | |||||||||
| 74 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2029 | A- | $ | 1,000 | $ | 1,138,530 | |||||||
| Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2030 | A- | 580 | 656,670 | |||||||||
| Nassau Co LEAC–Catholic Hlth Svcs | 5.00% | 7/1/2031 | A- | 1,620 | 1,823,278 | |||||||||
| NC HFA | 2.625% | 7/1/2039 | AA+ | 3,500 | 3,449,565 | |||||||||
| NC HFA | 2.85% | 1/1/2043 | AA+ | 3,000 | 2,961,780 | |||||||||
| NC Med Care Comm–Novant Hlth | 4.00% | 11/1/2052 | AA- | 8,000 | 8,906,880 | |||||||||
| NJ Hlth–Univ Hosp (AGM) | 5.00% | 7/1/2029 | AA | 135 | 156,950 | |||||||||
| NM Hsp–Haverland | 5.00% | 7/1/2049 | BBB- | (f) | 3,375 | 3,816,821 | ||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2036 | BBB | 1,450 | 1,619,230 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2038 | BBB | 1,650 | 1,830,956 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2033 | BBB | 1,000 | 1,227,780 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2034 | BBB | 1,010 | 1,236,402 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2035 | BBB | 1,000 | 1,220,690 | |||||||||
| NY Dorm–Orange Reg Med Ctr† | 5.00% | 12/1/2031 | BBB- | 1,300 | 1,549,041 | |||||||||
| NY Dorm–Orange Reg Med Ctr† | 5.00% | 12/1/2036 | BBB- | 1,000 | 1,173,960 | |||||||||
| NY Dorm–Orange Reg Med Ctr† | 5.00% | 12/1/2040 | BBB- | 1,300 | 1,466,725 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 5.00% | 12/1/2037 | BBB- | 1,000 | 1,170,240 | |||||||||
| NYC Hlth & Hsp Corp | 5.00% | 2/15/2025 | Aa2 | 2,400 | 2,432,400 | |||||||||
| NYC Hlth & Hsp Corp | 5.00% | 2/15/2030 | Aa2 | 5,640 | 5,711,684 | |||||||||
| OK DFA–OU Med | 5.50% | 8/15/2057 | Baa3 | 7,090 | 8,439,723 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2039 | BB+ | 1,000 | 1,205,670 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2049 | BB+ | 750 | 884,565 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2054 | BB+ | 1,000 | 1,174,680 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | 4,025 | 4,652,296 | |||||||||
| Pell City Spl Care Facs–Noland Hlth | 5.00% | 12/1/2031 | A | 4,845 | 5,167,338 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2031 | BBB- | 1,000 | 1,178,050 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2032 | BBB- | 1,000 | 1,174,380 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2033 | BBB- | 2,950 | 3,454,833 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.625% | 7/1/2036 | BBB- | 250 | 272,945 | |||||||||
| Pulaski Co Pub Facs–Baptist Hlth | 5.00% | 12/1/2039 | A | 5,750 | 6,438,505 | |||||||||
| Rockville Eco Dev–Ingleside at King Farm | 5.00% | 11/1/2042 | BB | (f) | 875 | 972,388 | ||||||||
| Rockville Eco Dev–Ingleside at King Farm | 5.00% | 11/1/2047 | BB | (f) | 800 | 882,416 | ||||||||
| San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 950 | 1,072,826 | |||||||||
| Tempe IDA–ASU Mirabella† | 6.125% | 10/1/2047 | NR | 1,150 | 1,317,544 | |||||||||
| UCal Med Ctr | 5.25% | 5/15/2038 | AA- | 660 | 743,180 | |||||||||
| Upland COP–San Antonio Cmnty Hsp COP | 6.375% | 1/1/2032 | BBB+ | 5,000 | 5,321,850 | |||||||||
| VT Ed & Hlth–Univ of VT Med Ctr | 5.00% | 12/1/2035 | A | 4,500 | 5,327,685 | |||||||||
| See Notes to Financial Statements. | 75 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| WA Hlth Care–Overlake Hsp | 5.00% | 7/1/2038 | A | $ | 4,000 | $ | 4,523,520 | |||||||
| Westchester CO Hlth Care | 6.00% | 11/1/2030 | Baa2 | 110 | 115,525 | |||||||||
| Westchester CO Hlth Care | 6.125% | 11/1/2037 | Baa2 | 30 | 31,508 | |||||||||
| WI Hlth & Ed–Marshfield Hlth Sys | 4.00% | 2/15/2050 | NR | 7,780 | 8,180,203 | |||||||||
| WI Hlth & Ed–Sauk-Prarie Mem Hsp | 5.375% | 2/1/2048 | B1 | 840 | 865,586 | |||||||||
| WV Hsp–Herbert Thomas Hlth | 6.25% | 10/1/2023 | NR | 2,000 | 1,260,000 | |||||||||
| Total | 459,913,433 | |||||||||||||
| Housing 2.55% | ||||||||||||||
| Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2042 | NR | 300 | 340,002 | |||||||||
| CA HFA–MFH | 4.25% | 1/15/2035 | BBB+ | 5,994 | 7,138,052 | |||||||||
| CA Muni Fin–Caritas Affordable Hsg | 5.25% | 8/15/2039 | NR | 650 | 736,236 | |||||||||
| CA Muni Fin–Park Wstrn Apts (FNMA) | 2.65% | 8/1/2036 | Aaa | 4,500 | 4,633,965 | |||||||||
| CA Muni Fin–UC Berkeley Hsg | 5.00% | 6/1/2050 | Baa3 | 1,410 | 1,575,830 | |||||||||
| Fed Home Loan Mtg Corp | 4.60% | 12/15/2044 | AA+ | 5,500 | 5,982,625 | |||||||||
| LA HFA–GMF-LA Chateau | 8.00% | 9/1/2039 | CCC+ | 1,315 | 1,265,622 | |||||||||
| LA Pub Facs Auth–Provident LSU | 5.00% | 7/1/2059 | A3 | 2,500 | 2,909,650 | |||||||||
| Los Angeles Hsg | 6.25% | 6/1/2034 | A | 4,220 | 4,234,390 | |||||||||
| MA DFA–Newbridge† | 5.00% | 10/1/2057 | BB+ | (f) | 3,500 | 3,849,615 | ||||||||
| MA ST Hsg Fin Agncy | 3.60% | 12/1/2059 | AA | 5,845 | 6,057,232 | |||||||||
| MI HDA | 3.60% | 10/1/2060 | AA | 6,330 | 6,483,503 | |||||||||
| MN HFA (GNMA) | 2.75% | 7/1/2044 | AA+ | 6,750 | 6,626,677 | |||||||||
| NYC HDC | 3.45% | 5/1/2059 | AA+ | 10,000 | 10,302,200 | |||||||||
| NYC Multi-Family Hsg | 3.00% | 11/1/2044 | AA+ | 2,000 | 2,006,980 | |||||||||
| NYC Multi-Family Hsg | 3.05% | 5/1/2050 | AA+ | 6,000 | 6,007,080 | |||||||||
| Phoenix IDA–ASU Std Hsg | 5.00% | 7/1/2037 | Baa3 | 1,000 | 1,183,860 | |||||||||
| Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2034 | BBB- | 1,000 | 1,090,610 | |||||||||
| Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2039 | BBB- | 1,500 | 1,622,805 | |||||||||
| Toledo/Lucas Port Auth–Univ Toledo | 5.00% | 7/1/2046 | BBB- | 1,000 | 1,075,180 | |||||||||
| Total | 75,122,114 | |||||||||||||
| Lease Obligations 7.98% | ||||||||||||||
| CA Pub Wks–Judicial Council | 5.00% | 12/1/2028 | A+ | 5,600 | 6,039,600 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 10/1/2028 | A+ | 535 | 573,820 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2033 | A+ | 8,500 | 9,228,875 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.125% | 10/1/2031 | A+ | 2,500 | 2,687,525 | |||||||||
| Delano Earlimart Irrigation Dist COP | 5.00% | 2/1/2028 | AA- | 475 | 480,415 | |||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2026 | AA | 6,430 | 7,243,331 | |||||||||
| 76 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.25% | 5/1/2028 | AA | $ | 7,000 | $ | 7,425,740 | |||||||
| Essex Co Impt Auth–Newark | 6.25% | 11/1/2030 | Baa2 | 250 | 263,010 | |||||||||
| Houston Co Coop Dist–Country Crossing(c) | 12.50% | 6/7/2013 | NR | 1,768 | 247,520 | (e) | ||||||||
| IL Sports Facs Auth (AGM) | 5.00% | 6/15/2027 | AA | 3,500 | 3,959,060 | |||||||||
| IL Sports Facs Auth (AGM) | 5.00% | 6/15/2028 | AA | 865 | 977,009 | |||||||||
| IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2035 | BBB+ | 6,500 | 7,168,525 | |||||||||
| IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2040 | BBB+ | 3,000 | 3,286,830 | |||||||||
| IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2044 | BBB+ | 3,145 | 3,434,686 | |||||||||
| IN Fin Auth–Stadium | 5.25% | 2/1/2032 | AA+ | 5,000 | 6,030,450 | |||||||||
| KY Bond Dev Corp–Lexington Conv | 4.00% | 9/1/2048 | A+ | 4,645 | 5,081,955 | |||||||||
| Los Angeles USD COP | 5.00% | 10/1/2025 | A | 1,000 | 1,104,040 | |||||||||
| MI Fin Auth–Wayne Co Criminal Justice | 4.00% | 11/1/2048 | Aa3 | 3,500 | 3,875,305 | |||||||||
| MI St Bldg Auth | 4.00% | 4/15/2054 | Aa2 | 6,500 | 7,189,195 | |||||||||
| NJ Ed Facs–Higher Ed | 4.00% | 9/1/2029 | BBB+ | 5,445 | 5,820,378 | |||||||||
| NJ EDA–Bldgs | 5.00% | 6/15/2036 | BBB+ | 1,250 | 1,446,975 | |||||||||
| NJ EDA–Bldgs | 5.00% | 6/15/2047 | BBB+ | 6,050 | 6,848,116 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB | 7,500 | 8,457,900 | |||||||||
| NJ EDA–Sch Facs | 3.18% (MUNIPSA * 1 + 1.60% | )# | 3/1/2028 | BBB+ | 5,565 | 5,586,703 | ||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2028 | BBB+ | 3,845 | 4,201,778 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2042 | A- | (f) | 4,800 | 5,426,112 | ||||||||
| NJ EDA–Sch Facs | 5.50% | 6/15/2031 | BBB+ | 1,350 | 1,614,532 | |||||||||
| NJ EDA–State House | 5.00% | 6/15/2043 | BBB+ | 4,500 | 5,157,990 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2028 | BBB+ | 10,000 | 7,846,100 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2031 | BBB+ | 1,935 | 1,364,252 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2037 | BBB+ | 2,650 | 1,462,561 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | BBB+ | 6,615 | 3,499,732 | |||||||||
| NJ Trans Trust Fund(d) | 4.00% | 6/15/2050 | BBB+ | 20,000 | 20,758,400 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2023 | BBB+ | 4,425 | 4,998,436 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 3,000 | 3,524,970 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A+ | 2,400 | 2,810,280 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2035 | BBB+ | 4,200 | 4,924,164 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2036 | BBB+ | 3,500 | 4,088,560 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2042 | BBB+ | 2,215 | 2,354,966 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2046 | BBB+ | 10,000 | 11,428,700 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2043 | BBB+ | 6,330 | 7,425,280 | |||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2030 | AA | 10,000 | 10,994,500 | |||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2031 | AA | 6,000 | 6,591,540 | |||||||||
| See Notes to Financial Statements. | 77 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2035 | AA | $ | 545 | $ | 667,587 | |||||||
| PA COPS | 5.00% | 7/1/2043 | A2 | 125 | 149,218 | |||||||||
| Sacramento City Fing Auth (AMBAC) | 5.25% | 12/1/2023 | Aa3 | 3,150 | 3,677,121 | |||||||||
| VA Clg Bldg Auth | 3.00% | 2/1/2036 | AA+ | 5,000 | 5,236,550 | |||||||||
| VA Clg Bldg Auth | 3.00% | 2/1/2039 | AA+ | 9,675 | 10,036,748 | |||||||||
| Total | 234,697,040 | |||||||||||||
| Other Revenue 4.93% | ||||||||||||||
| Apache Co Poll Ctl–Tucson Elec | 4.50% | 3/1/2030 | A- | 8,400 | 8,861,664 | |||||||||
| Arlington Hi Ed Fin Corp–Arlington Classics | 7.65% | 8/15/2040 | NR | 5,905 | 6,218,437 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr | 5.00% | 7/15/2030 | Baa3 | 2,340 | 2,781,488 | |||||||||
| CA Infra & Econ Dev–Acad Motion Pict | 5.00% | 11/1/2041 | Aa2 | 2,500 | 2,817,525 | |||||||||
| CA Infra & Econ Dev–Gladstone Inst | 5.25% | 10/1/2034 | A- | 8,100 | 8,685,873 | |||||||||
| CA Sch Fin Auth–Green Dot Charter† | 5.00% | 8/1/2048 | BBB- | 1,650 | 1,936,622 | |||||||||
| City of Miami Beach–Parking Revs (BAM) | 5.00% | 9/1/2040 | AA | 2,000 | 2,345,820 | |||||||||
| Cleveland Arpt | 5.00% | 1/1/2030 | A | 2,555 | 2,762,466 | |||||||||
| Clifton Higher Ed–IDEA Pub Schs | 5.00% | 8/15/2042 | BBB+ | 275 | 292,207 | |||||||||
| Clifton Higher Ed–IDEA Pub Schs | 6.00% | 8/15/2043 | BBB+ | 1,000 | 1,131,450 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 6.125% | 8/15/2048 | NR | 7,825 | 8,769,321 | |||||||||
| DC Rev–Friendship Pub Chtr Sch | 5.00% | 6/1/2032 | BBB | 500 | 539,600 | |||||||||
| DC Rev–Friendship Pub Chtr Sch | 5.00% | 6/1/2041 | BBB | 1,935 | 2,196,070 | |||||||||
| DC Rev–KIPP Chtr Sch | 6.00% | 7/1/2043 | NR | 1,000 | 1,171,730 | |||||||||
| DC Rev–KIPP Chtr Sch | 6.00% | 7/1/2048 | NR | 1,000 | 1,171,730 | |||||||||
| Denver Conv Ctr | 5.00% | 12/1/2034 | Baa2 | 1,000 | 1,156,140 | |||||||||
| FL DFC–Renaissance Chtr Sch | 7.625% | 6/15/2041 | B+ | (f) | 5,500 | 5,887,475 | ||||||||
| Grand River Hosp Dist (AGM) | 5.25% | 12/1/2034 | AA | 1,000 | 1,256,870 | |||||||||
| Grand River Hosp Dist (AGM) | 5.25% | 12/1/2035 | AA | 1,000 | 1,253,330 | |||||||||
| Grand River Hosp Dist (AGM) | 5.25% | 12/1/2037 | AA | 1,000 | 1,245,190 | |||||||||
| Houston Hi Ed–Cosmos Fndtn | 5.00% | 2/15/2032 | BBB | 100 | 105,614 | |||||||||
| Houston HI Ed–Cosmos Fndtn | 5.00% | 2/15/2042 | BBB | 725 | 759,481 | |||||||||
| Houston HI Ed–Cosmos Fndtn | 6.875% | 5/15/2041 | BBB | 125 | 135,728 | |||||||||
| IL Fin Auth–Noble Chrter Schs | 6.125% | 9/1/2039 | BBB | 6,000 | 6,702,720 | |||||||||
| IN Fin Auth–Drexel Foundation | 7.00% | 10/1/2039 | B | 1,250 | 1,252,025 | |||||||||
| Indianapolis Local Pub Impt Bd Bk | 5.00% | 2/1/2031 | AA- | 7,120 | 8,139,370 | |||||||||
| Long Beach Nat Gas–ML | 2.896% (3 Mo. LIBOR * .67 + 1.45% | )# | 11/15/2027 | A2 | 9,000 | 9,129,690 | ||||||||
| Lower AL Gas Dist–Goldman Sachs | 5.00% | 9/1/2046 | A3 | 6,500 | 9,115,275 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2037 | A3 | 2,990 | 3,981,035 | |||||||||
| 78 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2043 | A3 | $ | 2,100 | $ | 2,496,102 | |||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2049 | A3 | 8,150 | 11,262,729 | |||||||||
| Met Boston Trans Pkg Corp | 5.25% | 7/1/2033 | A+ | 11,000 | 11,729,520 | |||||||||
| MI Pub Ed–Bradford Admy | 8.75% | 9/1/2039 | NR | 2,250 | 1,788,503 | (e) | ||||||||
| Middlesex Co Impt Auth–Heldrich Ctr(c) | 6.125% | 1/1/2025 | NR | 1,250 | 18,750 | |||||||||
| Middlesex Co Impt Auth–Heldrich Ctr(c) | 6.25% | 1/1/2037 | NR | 1,700 | 25,500 | |||||||||
| NJ EDA–Team Academy | 6.00% | 10/1/2043 | BBB | 3,500 | 3,957,135 | |||||||||
| NYC Cultural–Whitney Museum | 5.25% | 7/1/2026 | A+ | 500 | 524,125 | |||||||||
| San Antonio Hotel & Conv Ctr AMT (AMBAC) | 5.00% | 7/15/2039 | A | 7,000 | 7,005,110 | |||||||||
| Selma IDB–Intl Paper | 5.80% | 5/1/2034 | BBB | 150 | 153,675 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2031 | A3 | 3,995 | 4,355,189 | |||||||||
| Total | 145,118,284 | |||||||||||||
| Special Tax 2.37% | ||||||||||||||
| Allentown Neighborhood Impt | 5.00% | 5/1/2027 | Baa3 | 250 | 266,990 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2032 | Ba3 | 1,845 | 2,131,363 | |||||||||
| Allentown Neighborhood Impt | 5.00% | 5/1/2035 | Baa3 | 4,800 | 5,076,672 | |||||||||
| CT Spl Tax–Trans Infra | 5.00% | 8/1/2034 | A+ | 3,600 | 4,216,680 | |||||||||
| CT Spl Tax–Trans Infra | 5.00% | 1/1/2037 | A+ | 7,000 | 8,461,110 | |||||||||
| CT Spl Tax–Trans Infra | 5.00% | 1/1/2038 | A+ | 4,250 | 5,116,830 | |||||||||
| Gramercy Farms CDD~ | Zero Coupon | 5/1/2039 | NR | 4,115 | 1,975,200 | |||||||||
| Gramercy Farms Cmnty Dev Dist(c) | 5.25% | 5/1/2039 | NR | 1,340 | 13 | |||||||||
| Houston Co Coop Dist–Country Crossing(c) | 10.00% | 5/1/2039 | NR | 5,000 | 550,000 | (e) | ||||||||
| Inland Valley Redev Agy | 5.25% | 9/1/2037 | A- | 4,875 | 5,603,081 | |||||||||
| Irvine CFD–Great Park | 5.00% | 9/1/2044 | NR | 500 | 554,995 | |||||||||
| NJ EDA–Kapkowski Rd Landfill | 6.50% | 4/1/2028 | Ba2 | 2,325 | 2,765,146 | |||||||||
| NYC IDA–Yankee Stadium (NPFGC)(FGIC) | 2.671% (CPI Based | )# | 3/1/2024 | Baa1 | 5,000 | 5,098,750 | ||||||||
| Orange Co CFD–Esencia | 5.25% | 8/15/2045 | NR | 490 | 560,820 | |||||||||
| PA COPS | 4.00% | 7/1/2046 | A2 | 2,375 | 2,626,964 | |||||||||
| Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2030 | AA | 1,500 | 1,753,020 | |||||||||
| Rancho Cucamonga Redev Agy (AGM) | 5.00% | 9/1/2031 | AA | 1,400 | 1,629,768 | |||||||||
| Riverside RDA–Housing~ | Zero Coupon | 10/1/2041 | A | 11,195 | 14,552,940 | |||||||||
| San Francisco Redev–Mission Bay South | 7.00% | 8/1/2033 | BBB+ | 1,000 | 1,077,560 | |||||||||
| San Francisco Redev–Mission Bay South | 7.00% | 8/1/2041 | BBB+ | 1,400 | 1,508,584 | |||||||||
| San Jose Spl Tax–Conv Ctr | 5.50% | 5/1/2024 | A+ | 660 | 702,286 | |||||||||
| Sparks Tourism Impt Dist | 6.50% | 6/15/2020 | Ba2 | 320 | 327,555 | |||||||||
| Sparks Tourism Impt Dist | 6.75% | 6/15/2028 | Ba2 | 2,500 | 2,559,075 | |||||||||
| See Notes to Financial Statements. | 79 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Stone Canyon CID(c) | 5.70% | 4/1/2022 | NR | $ | 1,000 | $ | 260,000 | |||||||
| Stone Canyon CID(c) | 5.75% | 4/1/2027 | NR | 1,300 | 338,000 | |||||||||
| Total | 69,713,402 | |||||||||||||
| Tax Revenue 5.17% | ||||||||||||||
| Casino Reinv Dev Auth | 5.25% | 11/1/2039 | BBB+ | 3,300 | 3,592,215 | |||||||||
| Casino Reinv Dev Auth | 5.25% | 11/1/2044 | BBB+ | 1,950 | 2,120,937 | |||||||||
| Chicago Brd Ed–CIT | 5.00% | 4/1/2042 | A | (f) | 1,800 | 2,030,724 | ||||||||
| Chicago Brd Ed–CIT | 5.00% | 4/1/2046 | A | (f) | 2,050 | 2,301,904 | ||||||||
| Cook Co Sales Tax | 4.00% | 11/15/2034 | AA | 3,750 | 4,179,825 | |||||||||
| Hudson Yards | 5.75% | 2/15/2047 | Aa2 | 355 | 375,210 | |||||||||
| Las Vegas Convention Auth Ctr | 5.00% | 7/1/2043 | Aa3 | 9,500 | 11,440,470 | |||||||||
| MA Sch Bldg Auth–Sales Tax | 4.00% | 2/15/2043 | AA | 1,000 | 1,118,340 | |||||||||
| MA Sch Bldg Auth–Sales Tax(g) | 5.00% | 2/1/2028 | AA+ | 20,000 | 21,452,800 | |||||||||
| Met Atlanta Rapid Trans Auth | 3.00% | 7/1/2040 | AA+ | 6,140 | 6,334,024 | |||||||||
| Met Atlanta Rapid Trans Auth | 3.25% | 7/1/2039 | AA+ | 2,330 | 2,435,642 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 6/15/2057 | BBB | 3,565 | 3,964,743 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.50% | 6/15/2053 | BBB | 4,415 | 4,935,838 | |||||||||
| Met Pier & Expo Auth–McCormick Place (AGM) | Zero Coupon | 6/15/2045 | AA | 3,145 | 1,299,671 | |||||||||
| Met Pier & Expo Auth–McCormick Place (AGM) | Zero Coupon | 6/15/2046 | AA | 1,595 | 633,949 | |||||||||
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2030 | BBB | 10,480 | 7,649,876 | |||||||||
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2036 | BBB | 20,000 | 11,517,200 | |||||||||
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2037 | BBB | 15,000 | 8,249,100 | |||||||||
| Met Pier & Expo Auth–McCormick Place TCRS (BAM) | 5.00% | 6/15/2053 | AA | 915 | 1,039,257 | |||||||||
| NY Conv Ctr Dev Corp | 5.00% | 11/15/2040 | Aa3 | 2,750 | 3,252,177 | |||||||||
| NY UDC–PIT | 5.00% | 3/15/2033 | AA+ | 750 | 839,273 | |||||||||
| NYC TFA–Future Tax | 4.00% | 5/1/2037 | AAA | 3,000 | 3,389,910 | |||||||||
| NYC TFA–Future Tax | 4.00% | 8/1/2042 | Aa1 | 1,000 | 1,117,620 | |||||||||
| NYC TFA–Future Tax | 4.00% | 5/1/2044 | AAA | 1,000 | 1,123,320 | |||||||||
| NYC TFA–Future Tax | 5.00% | 2/1/2036 | AAA | 1,000 | 1,139,880 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 128 | 111,857 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 244 | 194,480 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 238 | 176,934 | |||||||||
| 80 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | $ | 1,940 | $ | 1,337,184 | |||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 2,345 | 1,479,156 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 3,291 | 876,821 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 2,798 | 545,862 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 3,000 | 3,044,940 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 3,303 | 3,360,736 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 253 | 270,897 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 39 | 39,878 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 129 | 133,329 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 940 | 977,600 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 522 | 542,927 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 8,740 | 9,235,733 | |||||||||
| Reno Cap Impt (AGM) | 4.00% | 6/1/2043 | AA | 4,725 | 5,138,910 | |||||||||
| Reno Cap Impt (AGM) | 4.00% | 6/1/2046 | AA | 6,800 | 7,371,540 | |||||||||
| San Jose Spl Tax–Conv Ctr | 5.50% | 5/1/2026 | A+ | 275 | 292,262 | |||||||||
| San Jose Spl Tax–Conv Ctr | 6.125% | 5/1/2031 | A+ | 4,190 | 4,494,445 | |||||||||
| San Jose Spl Tax–Conv Ctr | 6.50% | 5/1/2036 | A+ | 530 | 571,605 | |||||||||
| Sonoma Marin Area Rail | 5.00% | 3/1/2028 | AA | 510 | 556,237 | |||||||||
| Yorba Linda Redev Agy | 6.00% | 9/1/2026 | NR | 1,145 | 1,250,729 | |||||||||
| Yorba Linda Redev Agy | 6.50% | 9/1/2032 | NR | 2,250 | 2,478,555 | |||||||||
| Total | 152,016,522 | |||||||||||||
| Tobacco 3.17% | ||||||||||||||
| Buckeye Tobacco | Zero Coupon | 6/1/2047 | NR | 20,000 | 1,215,200 | |||||||||
| Buckeye Tobacco | Zero Coupon | 6/1/2052 | NR | 1,000 | 43,260 | |||||||||
| Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 10,035 | 10,035,100 | |||||||||
| Buckeye Tobacco | 5.75% | 6/1/2034 | B- | 3,835 | 3,840,676 | |||||||||
| Buckeye Tobacco | 5.875% | 6/1/2047 | B- | 5,000 | 5,022,000 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2029 | BBB | 2,500 | 2,983,100 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2030 | A+ | 500 | 565,465 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 5,000 | 5,130,500 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 8,130 | 8,342,193 | |||||||||
| Golden St Tobacco | 5.25% | 6/1/2047 | NR | 4,375 | 4,507,169 | |||||||||
| MI Tob Settlement | 5.125% | 6/1/2022 | B- | 555 | 555,910 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2035 | A1 | 1,245 | 1,515,750 | |||||||||
| PA Tob Settlement (AGM) | 4.00% | 6/1/2039 | AA | 15,000 | 16,647,450 | |||||||||
| Railsplitter Tobacco Settlement Auth | 5.00% | 6/1/2027 | A | 3,325 | 4,007,224 | |||||||||
| Railsplitter Tobacco Settlement Auth | 6.00% | 6/1/2028 | NR | 5,625 | 6,055,763 | |||||||||
| See Notes to Financial Statements. | 81 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| Suffolk Tobacco Asset Sec Corp | 5.375% | 6/1/2028 | NR | $ | 5,895 | $ | 5,897,122 | |||||||
| Tobacco Settlement Auth IA | 5.50% | 6/1/2042 | B+ | 205 | 205,043 | |||||||||
| Tobacco Settlement Auth WA | 5.25% | 6/1/2032 | A- | 2,000 | 2,109,160 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BBB | 3,760 | 4,148,596 | |||||||||
| Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 3,855 | 3,867,259 | |||||||||
| TSASC | 5.00% | 6/1/2035 | A- | 1,390 | 1,636,391 | |||||||||
| TSASC | 5.00% | 6/1/2036 | A- | 620 | 728,097 | |||||||||
| TSASC | 5.00% | 6/1/2048 | NR | 4,200 | 4,178,916 | |||||||||
| Total | 93,237,344 | |||||||||||||
| Transportation 20.63% | ||||||||||||||
| AL Port Auth (AGM) | 5.00% | 10/1/2036 | AA | 750 | 892,740 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2034 | AA | 2,000 | 2,377,860 | |||||||||
| AL Port Auth AMT (AGM) | 5.00% | 10/1/2035 | AA | 2,000 | 2,374,980 | |||||||||
| Atlanta Arpt | 5.25% | 1/1/2030 | Aa3 | 635 | 664,585 | |||||||||
| Atlanta Arpt–PFC | 5.00% | 1/1/2028 | AA- | 2,000 | 2,291,800 | |||||||||
| Atlanta Arpt–PFC | 5.00% | 1/1/2031 | AA- | 4,000 | 4,549,920 | |||||||||
| Atlanta Arpt AMT | 4.00% | 7/1/2039 | AA- | 2,250 | 2,532,060 | |||||||||
| Atlanta Arpt AMT | 4.00% | 7/1/2040 | AA- | 4,000 | 4,490,240 | |||||||||
| Bay Area Toll Auth | 3.00% | 4/1/2054 | AA- | 7,500 | 7,576,800 | |||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2049 | AA- | 4,860 | 5,366,461 | |||||||||
| CA Muni Fin Auth–LINXS AMT | 4.00% | 12/31/2047 | BBB+ | (f) | 10,250 | 11,090,910 | ||||||||
| CA Muni Fin Auth–LINXS AMT | 5.00% | 12/31/2038 | BBB+ | (f) | 5,000 | 5,996,000 | ||||||||
| CA Muni Fin Auth–LINXS AMT (AGM) | 4.00% | 12/31/2047 | A2 | 3,630 | 3,957,063 | |||||||||
| CA Muni Fin Auth–LINXS APM Proj AMT | 5.00% | 12/31/2047 | BBB+ | (f) | 3,500 | 4,135,320 | ||||||||
| Canaveral FL Port Auth AMT | 5.00% | 6/1/2045 | A2 | 4,075 | 4,799,005 | |||||||||
| Central TX Mobility Auth | 5.00% | 1/1/2045 | A- | 4,500 | 5,101,020 | |||||||||
| Central TX Mobility Auth | 6.00% | 1/1/2041 | A- | 10,000 | 10,569,100 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2033 | BBB+ | 5,750 | 6,533,725 | |||||||||
| Central TX Tpk | 5.00% | 8/15/2037 | BBB+ | 1,000 | 1,127,660 | |||||||||
| Charlotte Arpt | 5.00% | 7/1/2033 | AA- | 575 | 608,097 | |||||||||
| Chicago Midway Arpt | 4.00% | 1/1/2034 | A | 1,000 | 1,100,900 | |||||||||
| Chicago O’Hare Arpt | 4.00% | 1/1/2044 | A | 13,500 | 15,025,095 | |||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2035 | A | 1,040 | 1,048,809 | |||||||||
| Chicago O’Hare Arpt | 5.00% | 1/1/2048 | A | 1,000 | 1,212,650 | |||||||||
| Chicago O’Hare Arpt | 5.625% | 1/1/2035 | A | 280 | 294,196 | |||||||||
| Chicago O’Hare Arpt–TRIPS AMT | 5.00% | 7/1/2048 | BBB+ | 2,500 | 2,924,550 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2053 | A | 10,000 | 11,853,600 | |||||||||
| 82 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Cleveland Arpt (AGM) | 5.00% | 1/1/2031 | AA | $ | 900 | $ | 1,046,394 | |||||||
| CT Airport Auth–Ground Trans Proj AMT | 4.00% | 7/1/2049 | A- | 3,600 | 3,936,348 | |||||||||
| CT Airport Auth–Ground Trans Proj AMT | 5.00% | 7/1/2049 | A- | 3,425 | 4,131,029 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2029 | A+ | 470 | 539,198 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2034 | A+ | 8,000 | 9,102,240 | |||||||||
| Denver City & Co Arpt | 4.00% | 12/1/2043 | A | 5,000 | 5,625,950 | |||||||||
| Denver City & Co Arpt AMT | 4.00% | 12/1/2048 | A | 2,605 | 2,835,412 | |||||||||
| DFW Arpt | 5.00% | 11/1/2030 | A+ | 850 | 964,657 | |||||||||
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2032 | A | 4,200 | 3,013,962 | |||||||||
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2037 | A | 7,720 | 3,778,786 | |||||||||
| Eagle Co Arpt AMT | 5.00% | 5/1/2033 | Baa2 | 2,430 | 2,875,395 | |||||||||
| Eagle Co Arpt AMT | 5.00% | 5/1/2037 | Baa2 | 1,000 | 1,171,360 | |||||||||
| Eagle Co Arpt AMT | 5.00% | 5/1/2041 | Baa2 | 3,000 | 3,484,440 | |||||||||
| FL Tpk Auth–Dept Trans | 5.00% | 7/1/2034 | AA | 500 | 529,940 | |||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | A- | 5,000 | 3,384,850 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 3.50% | 1/15/2053 | A- | 9,000 | 9,426,150 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 5.75% | 1/15/2046 | A- | 875 | 1,016,627 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | A- | 9,000 | 10,590,570 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2053 | A- | 8,000 | 9,401,680 | |||||||||
| Greater Orlando Aviation AMT(d) | 4.00% | 10/1/2044 | AA- | 7,500 | 8,330,475 | |||||||||
| Greater Orlando Aviation AMT | 4.00% | 10/1/2052 | A1 | 7,500 | 8,120,475 | |||||||||
| Hampton Roads Trans Commn | 5.50% | 7/1/2057 | NR | 7,500 | 9,348,225 | |||||||||
| Harris Co Toll Rd (The) | 4.00% | 8/15/2048 | Aa2 | 500 | 559,950 | |||||||||
| HI Airport Sys | 5.00% | 7/1/2034 | AA- | 3,000 | 3,072,000 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2041 | AA- | 5,000 | 5,719,600 | |||||||||
| HI Airport Sys AMT | 5.00% | 7/1/2048 | AA- | 11,905 | 14,222,427 | |||||||||
| Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2035 | BB | 4,000 | 4,482,680 | |||||||||
| Houston Arpt–Continental Airlines AMT | 6.625% | 7/15/2038 | BB | 2,500 | 2,684,375 | |||||||||
| Kansas City IDA–Kansas City Intl Airport AMT | 5.00% | 3/1/2054 | A | 13,835 | 16,400,286 | |||||||||
| Lee Co Arpt AMT | 5.375% | 10/1/2032 | A | 3,695 | 3,927,489 | |||||||||
| Los Angeles Dept Arpts–LAX | 5.00% | 5/15/2035 | AA- | 710 | 726,231 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2041 | AA | 4,000 | 4,580,480 | |||||||||
| MA Port Auth AMT | 4.00% | 7/1/2046 | AA | 5,465 | 5,905,260 | |||||||||
| MA Port Auth AMT | 5.00% | 7/1/2040 | AA | 1,500 | 1,734,285 | |||||||||
| MA Port Auth AMT | 5.00% | 7/1/2045 | AA | 3,315 | 3,811,786 | |||||||||
| MD EDC–Ports America Chesapeake AMT | 5.00% | 6/1/2044 | Baa3 | 375 | 450,675 | |||||||||
| MD EDC–Ports America Chesapeake AMT | 5.00% | 6/1/2049 | Baa3 | 750 | 896,445 | |||||||||
| MD Trans–Baltimore Intl Arpt AMT | 3.00% | 6/1/2036 | A+ | 7,310 | 7,513,145 | |||||||||
| See Notes to Financial Statements. | 83 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Met DC Arpt | 5.00% | 10/1/2035 | AA- | $ | 255 | $ | 263,905 | |||||||
| Met DC Arpt AMT | 5.00% | 10/1/2027 | AA- | 3,250 | 3,774,777 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2028 | AA- | 2,000 | 2,261,220 | |||||||||
| Met DC Arpt AMT | 5.00% | 10/1/2035 | AA- | 4,525 | 5,375,293 | |||||||||
| Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2029 | A- | 500 | 572,425 | |||||||||
| Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2030 | A- | 550 | 627,880 | |||||||||
| Miami Dade Co–Rickenbacker Cswy | 5.00% | 10/1/2032 | A- | 1,160 | 1,318,804 | |||||||||
| Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2028 | A | 4,435 | 5,121,139 | |||||||||
| Miami Dade Co Aviation–MIA AMT | 5.00% | 10/1/2029 | A | 2,500 | 2,879,025 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2027 | A | 160 | 183,189 | |||||||||
| Miami Dade Co Expwy Auth | 5.00% | 7/1/2028 | A | 515 | 588,882 | |||||||||
| Mid Bay Bridge Auth | 7.25% | 10/1/2034 | AAA | (f) | 5,900 | 6,573,721 | ||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2027 | A+ | 575 | 659,916 | |||||||||
| Minneapolis / St Paul Met Arpts | 5.00% | 1/1/2031 | A+ | 2,000 | 2,272,320 | |||||||||
| MTA NY | 4.00% | 11/15/2046 | A1 | 4,000 | 4,403,080 | |||||||||
| MTA NY | 5.00% | 11/15/2030 | A1 | 5,095 | 5,610,971 | |||||||||
| NC Tpk Auth–Triangle Exprs | 5.00% | 1/1/2032 | BBB | 1,350 | 1,603,233 | |||||||||
| NC Tpk Auth–Triangle Exprs (AGM) | 4.00% | 1/1/2037 | AA | 14,255 | 16,014,780 | |||||||||
| NC Tpk Auth–Triangle Exprs (AGM) | 4.00% | 1/1/2038 | AA | 1,000 | 1,119,320 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2025 | A3 | 2,750 | 3,132,635 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2026 | A3 | 1,000 | 1,135,430 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2043 | NR | 5,555 | 6,204,935 | |||||||||
| NJ Trans Trust Fund | 6.00% | 6/15/2035 | BBB+ | 5,305 | 5,661,337 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2031 | A | 250 | 284,298 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2040 | A+ | 4,350 | 4,821,192 | |||||||||
| North TX Twy Auth | 5.00% | 1/1/2048 | A | 5,000 | 5,959,300 | |||||||||
| NY Trans Dev Corp–Delta AMT | 4.00% | 1/1/2036 | Baa3 | 3,100 | 3,389,571 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2033 | Baa3 | 5,000 | 6,001,700 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2034 | Baa3 | 2,700 | 3,233,790 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2036 | Baa3 | 2,250 | 2,685,802 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 5.00% | 7/1/2046 | Baa3 | 4,850 | 5,371,957 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | 14,210 | 15,861,486 | |||||||||
| NY Twy Auth (AGM) | 4.00% | 1/1/2051 | AA | 2,725 | 2,960,140 | |||||||||
| OK St Turnpike Auth | 4.00% | 1/1/2048 | AA- | 5,750 | 6,358,752 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2038 | A3 | 3,425 | 3,764,486 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2049 | A3 | 3,500 | 3,840,550 | |||||||||
| PA Tpk Commn | 5.00% | 6/1/2029 | A3 | 9,000 | 10,611,360 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2039 | A+ | 750 | 859,358 | |||||||||
| 84 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| PA Tpk Commn | 5.00% | 12/1/2044 | A3 | $ | 2,500 | $ | 3,030,475 | |||||||
| Philadelphia Airport AMT | 5.00% | 7/1/2042 | A | 4,440 | 5,236,181 | |||||||||
| Port Auth NY & NJ | 4.00% | 9/1/2043 | AA- | 2,000 | 2,275,880 | |||||||||
| Port Auth NY & NJ | 5.25% | 10/15/2055 | AA- | 3,675 | 4,379,277 | |||||||||
| Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2042 | AA | 1,875 | 1,972,256 | |||||||||
| Port Oakland AMT | 5.00% | 5/1/2028 | A+ | 2,350 | 2,474,667 | |||||||||
| Port of Portland–Portland Intl Arpt AMT | 5.00% | 7/1/2039 | AA- | 2,000 | 2,247,180 | |||||||||
| PR Hwy & Trans Auth(c) | 4.00% | 7/1/2017 | NR | 240 | 98,100 | |||||||||
| PR Hwy & Trans Auth (AGM) | 5.25% | 7/1/2032 | AA | 2,000 | 2,265,500 | |||||||||
| PR Hwy & Trans Auth (AGM) | 5.50% | 7/1/2025 | AA | 2,000 | 2,231,380 | |||||||||
| Regional Trans Dist COP | 5.375% | 6/1/2031 | AA- | 5,685 | 5,823,714 | |||||||||
| Sacramento Co Arpt | 5.00% | 7/1/2041 | A | 8,000 | 9,468,240 | |||||||||
| San Antonio Arpt (AGM) | 5.00% | 7/1/2026 | AA | 495 | 508,152 | |||||||||
| San Antonio Arpt AMT | 5.00% | 7/1/2045 | A+ | 8,435 | 9,640,361 | |||||||||
| San Francisco Arpt AMT | 4.00% | 5/1/2049 | A+ | 1,500 | 1,658,265 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2025 | A+ | 5,000 | 5,284,650 | |||||||||
| San Francisco Arpt AMT | 5.25% | 5/1/2033 | A+ | 7,000 | 7,873,180 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2050 | A- | 11,250 | 12,723,862 | |||||||||
| San Jose Arpt | 5.00% | 3/1/2047 | A | 750 | 895,943 | |||||||||
| San Jose Arpt AMT | 5.00% | 3/1/2047 | A | 2,800 | 3,294,452 | |||||||||
| San Jose Arpt AMT | 6.25% | 3/1/2034 | A | 5,000 | 5,331,650 | |||||||||
| SC St Port Auth AMT(d) | 5.00% | 7/1/2044 | A+ | 5,000 | 6,039,950 | |||||||||
| South Carolina Ports AMT | 5.25% | 7/1/2055 | A+ | 5,115 | 5,868,235 | |||||||||
| TX Surface Trans Corp–NTE Seg 3C AMT | 5.00% | 6/30/2058 | Baa3 | 24,750 | 28,927,305 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2040 | Baa3 | 2,150 | 922,350 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2042 | Baa3 | 2,500 | 957,975 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2046 | Baa3 | 1,000 | 308,820 | |||||||||
| TX Trans Comm–Hwy 249 | 5.00% | 8/1/2057 | Baa3 | 2,625 | 3,083,325 | |||||||||
| VA Small Bus Fing–95 Express Lanes AMT | 5.00% | 7/1/2034 | BBB | 1,525 | 1,633,702 | |||||||||
| VA Small Bus Fing–Elizabeth River AMT | 5.25% | 1/1/2032 | BBB | 6,100 | 6,666,629 | |||||||||
| VA Small Bus Fing–Elizabeth River AMT | 6.00% | 1/1/2037 | BBB | 1,230 | 1,363,504 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2039 | A | 1,700 | 1,920,031 | |||||||||
| Wayne Co Arpt AMT | 5.00% | 12/1/2042 | A2 | 1,200 | 1,419,888 | |||||||||
| WV Parkways Auth | 4.00% | 6/1/2047 | AA- | 5,235 | 5,804,254 | |||||||||
| Total | 606,827,715 | |||||||||||||
| Utilities 11.77% | ||||||||||||||
| Adelanto Util Sys (AGM) | 5.00% | 7/1/2039 | AA | 1,500 | 1,831,095 | |||||||||
| Baltimore Wastewater | 5.00% | 7/1/2039 | AA- | 4,750 | 5,502,637 | |||||||||
| See Notes to Financial Statements. | 85 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Baltimore Water | 4.00% | 7/1/2049 | AA- | $ | 5,850 | $ | 6,554,925 | |||||||
| Baltimore Water | 5.00% | 7/1/2032 | A+ | 2,435 | 2,846,174 | |||||||||
| Baltimore Water | 5.00% | 7/1/2046 | A+ | 10,000 | 11,802,800 | |||||||||
| Burke Co Dev–Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | 2,020 | 2,164,188 | |||||||||
| CA Poll Ctl–Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 2,750 | 3,304,318 | |||||||||
| Campbell Co Solid Wste–Basin Elec | 3.625% | 7/15/2039 | A | 11,270 | 12,077,721 | |||||||||
| Casitas Muni Water Dist (BAM) | 5.25% | 9/1/2047 | AA | 500 | 615,340 | |||||||||
| Central Plains–Goldman Sachs | 5.00% | 9/1/2032 | A3 | 5,525 | 5,995,067 | |||||||||
| Central Plains–Goldman Sachs | 5.00% | 9/1/2042 | BBB+ | 11,040 | 15,130,872 | |||||||||
| Central Plains–Goldman Sachs | 5.25% | 9/1/2037 | A3 | 9,025 | 9,864,505 | |||||||||
| Chicago Water | 5.00% | 11/1/2029 | A | 4,560 | 5,496,806 | |||||||||
| Chicago Water | 5.00% | 11/1/2036 | A | 1,775 | 2,092,477 | |||||||||
| Chicago Water | 5.00% | 11/1/2039 | A | 3,455 | 3,855,918 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2036 | AA | 3,000 | 3,560,670 | |||||||||
| Chicago Water (AGM) | 5.00% | 11/1/2037 | AA | 2,500 | 2,957,050 | |||||||||
| Chula Vista IDR–San Diego G & E Rmkt | 5.875% | 1/1/2034 | A | 2,125 | 2,133,266 | |||||||||
| CO Public Auth–ML | 6.50% | 11/15/2038 | A2 | 4,270 | 6,521,486 | |||||||||
| Compton Water | 6.00% | 8/1/2039 | NR | 5,500 | 5,516,335 | |||||||||
| DE EDA–NRG Energy | 5.375% | 10/1/2045 | Baa3 | 9,000 | 9,302,760 | |||||||||
| Detroit Sewer | 5.00% | 7/1/2034 | A | 1,980 | 2,305,611 | |||||||||
| El Dorado Irrigation Dist (AGM) | 5.00% | 3/1/2034 | AA | 4,000 | 4,609,440 | |||||||||
| GA Muni Elec Auth–MEAG | 5.00% | 1/1/2048 | BBB+ | 2,000 | 2,304,120 | |||||||||
| GA Muni Elec Auth–MEAG | 5.00% | 1/1/2059 | BBB+ | 2,000 | 2,263,080 | |||||||||
| Gainesville Utility | 5.25% | 10/1/2034 | AA- | 150 | 155,639 | |||||||||
| HI Dept Budget–Hawaiian Electric | 3.20% | 7/1/2039 | Baa2 | 11,115 | 11,405,546 | |||||||||
| HI Dept Budget–Hawaiian Electric AMT | 3.10% | 5/1/2026 | Baa2 | 6,235 | 6,526,237 | |||||||||
| Jefferson Co Sewer | Zero Coupon | 10/1/2039 | BBB | 350 | 338,632 | |||||||||
| Jefferson Co Sewer | 6.50% | 10/1/2053 | BBB | 2,000 | 2,410,620 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2026 | AA | 1,000 | 800,620 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2027 | AA | 4,875 | 3,659,809 | |||||||||
| Jefferson Co Sewer (AGM) | 5.50% | 10/1/2053 | AA | 3,555 | 4,098,382 | |||||||||
| KY Muni Pwr–Prairie State Proj | 4.00% | 9/1/2045 | Baa1 | 8,605 | 9,237,898 | |||||||||
| KY Muni Pwr Auth (NPFGC)(FGIC) | 5.00% | 9/1/2035 | Baa1 | 5,000 | 5,839,050 | |||||||||
| KY Muni Pwr Auth (NPFGC)(FGIC) | 5.00% | 9/1/2036 | Baa1 | 5,000 | 5,809,650 | |||||||||
| Lansing Brd Wtr & Light | 5.00% | 7/1/2030 | AA- | 4,735 | 5,010,908 | |||||||||
| Long Beach Nat Gas–ML | 5.50% | 11/15/2037 | A2 | 7,220 | 10,230,596 | |||||||||
| Louisville/Jeff CO Met Swr Dist | 3.25% | 5/15/2046 | Aa3 | 2,450 | 2,485,207 | |||||||||
| Louisville/Jeff Co Met Swr Dist | 5.00% | 5/15/2028 | AA | 9,710 | 10,435,628 | |||||||||
| 86 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Lower Colo Riv Auth–Transmn Contract | 5.00% | 5/15/2040 | A | $ | 2,970 | $ | 3,440,210 | |||||||
| Maricopa Cnty Poll Cntrl–El Paso Elec | 3.60% | 2/1/2040 | BBB | 5,085 | 5,370,930 | |||||||||
| Maricopa Cnty Poll Cntrl–El Paso Elec | 3.60% | 4/1/2040 | BBB | 3,260 | 3,444,679 | |||||||||
| New Orleans Water | 5.00% | 12/1/2034 | A- | 1,000 | 1,138,730 | |||||||||
| Norfolk Water | 5.25% | 11/1/2028 | AA+ | 1,000 | 1,229,130 | |||||||||
| North Sumter Co Util Dep Dist | 5.375% | 10/1/2030 | AA- | 5,240 | 5,449,286 | |||||||||
| NY Env Facs–Clean Wtr & Drinking | 5.125% | 6/15/2038 | AAA | 520 | 520,343 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 500 | 574,920 | |||||||||
| Omaha Pub Pwr Dist | 5.25% | 2/1/2042 | A+ | 4,000 | 4,677,120 | |||||||||
| Paducah Electric (AGM) | 5.00% | 10/1/2033 | AA | 1,000 | 1,180,800 | |||||||||
| Paducah Electric (AGM) | 5.00% | 10/1/2034 | AA | 1,000 | 1,174,260 | |||||||||
| Paducah Electric (AGM) | 5.00% | 10/1/2035 | AA | 1,000 | 1,168,070 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2029 | A | 2,000 | 2,358,060 | |||||||||
| Philadelphia Gas Works | 5.00% | 8/1/2030 | A | 1,500 | 1,762,965 | |||||||||
| Philadelphia Water & Wastewater | 5.00% | 7/1/2030 | A+ | 3,355 | 3,966,382 | |||||||||
| Philadelphia Water & Wastewater | 5.25% | 10/1/2052 | A+ | 6,610 | 7,991,358 | |||||||||
| Pima CO IDA–Tucson Elec | 4.00% | 9/1/2029 | A- | 5,040 | 5,348,700 | |||||||||
| PR Aqueduct & Swr Auth | 5.25% | 7/1/2042 | Ca | 3,240 | 3,397,950 | |||||||||
| PR Aqueduct & Swr Auth | 5.75% | 7/1/2037 | Ca | 3,080 | 3,268,650 | |||||||||
| PR Elec Pwr Auth(c) | 2.254% (3 Mo. LIBOR * .67 + .70% | )# | 7/1/2031 | NR | 4,000 | 2,920,000 | ||||||||
| PR Elec Pwr Auth(c) | 5.00% | 7/1/2028 | NR | 270 | 216,000 | |||||||||
| PR Elec Pwr Auth(c) | 5.25% | 7/1/2028 | NR | 880 | 706,200 | |||||||||
| PR Elec Pwr Auth (AGC) | 4.25% | 7/1/2027 | AA | 280 | 280,624 | |||||||||
| Salt Verde Fin Corp–Citi | 5.00% | 12/1/2032 | A3 | 3,465 | 4,506,440 | |||||||||
| Salt Verde Fin Corp–Citi | 5.00% | 12/1/2037 | A3 | 14,045 | 18,946,705 | |||||||||
| Salt Verde Fin Corp–Citi | 5.25% | 12/1/2027 | A3 | 3,685 | 4,567,963 | |||||||||
| Southern CA Pub Pwr Auth–Goldman Sachs | 2.98% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A3 | 3,090 | 2,977,431 | ||||||||
| Southern CA Pub Pwr Auth–Goldman Sachs | 5.00% | 11/1/2033 | A3 | 1,490 | 1,941,872 | |||||||||
| TEAC–Goldman Sachs | 5.625% | 9/1/2026 | BBB | (f) | 3,000 | 3,665,580 | ||||||||
| Texas Water Dev Brd | 4.00% | 10/15/2037 | AAA | 7,760 | 8,901,030 | |||||||||
| Trimble Env Facs–Louisville Gas & Elec | 3.75% | 6/1/2033 | A1 | 12,500 | 13,484,875 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2025 | A3 | 950 | 1,043,585 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2028 | A3 | 4,445 | 4,867,719 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2029 | A3 | 9,965 | 10,898,222 | |||||||||
| Total | 346,439,872 | |||||||||||||
| Total Municipal Bonds (cost $2,738,273,575) | 2,933,420,237 | |||||||||||||
| See Notes to Financial Statements. | 87 |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| Investments | Interest Rate# | Interest Rate Reset Date(h) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 1.30% | ||||||||||||||||
| Variable Rate Demand Notes 1.30% | ||||||||||||||||
| General Obligation 0.03% | ||||||||||||||||
| NYC GO | 1.77% | 10/1/2019 | 3/1/2034 | Aa1 | $ | 1,000 | $ | 1,000,000 | ||||||||
| Housing 0.09% | ||||||||||||||||
| IN Hsg & Cmnty Dev–SF Mtge Rev (GNMA) | 1.85% | 10/1/2019 | 7/1/2047 | Aaa | 2,500 | 2,500,000 | ||||||||||
| Money Market Securities 0.17% | ||||||||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 11/1/2022 | AAA | 5,140 | 5,140,000 | ||||||||||
| Special Tax 0.10% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2042 | AAA | 2,920 | 2,920,000 | ||||||||||
| Tax Revenue 0.13% | ||||||||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 5/1/2034 | AAA | 1,000 | 1,000,000 | ||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 11/1/2044 | AAA | 1,070 | 1,070,000 | ||||||||||
| NYC TFA–Future Tax | 1.82% | 10/1/2019 | 11/1/2022 | AAA | 1,850 | 1,850,000 | ||||||||||
| Total | 3,920,000 | |||||||||||||||
| Utilities 0.78% | ||||||||||||||||
| NYC Muni Water | 1.78% | 10/1/2019 | 6/15/2049 | AA+ | 15,705 | 15,705,000 | ||||||||||
| NYC Muni Water | 1.82% | 10/1/2019 | 8/1/2031 | AAA | 2,200 | 2,200,000 | ||||||||||
| NYC Wtr & Swr | 1.76% | 10/1/2019 | 6/15/2045 | AAA | 4,940 | 4,940,000 | ||||||||||
| Total | 22,845,000 | |||||||||||||||
| Total Short-Term Investments (cost $38,325,000) | 38,325,000 | |||||||||||||||
| Total Investments in Securities 101.00% (cost $2,776,598,575) | 2,971,745,237 | |||||||||||||||
| Liabilities in Excess of Cash and Other Assets(i) (1.00%) | (29,545,102 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 2,942,200,135 | ||||||||||||||
| 88 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NATIONAL TAX FREE FUND September 30, 2019
| AGC | Insured by–Assured Guarantee Corporation. | |
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COP | Certificates of Participation. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| TCRS | Transferable Custodial Receipt. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $79,983,455, which represents 2.72% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| ~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (c) | Defaulted (non-income producing security). | |
| (d) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (e) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (f) | This investment has been rated by Fitch IBCA. | |
| (g) | 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) to Financial Statements for details of Municipal Bonds Held in Trust. | |
| (h) | 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. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (i) | Liabilities in Excess of Cash and Other Assets include net unrealized appreciation on futures contracts as follows: |
Open Futures Contracts at September 30, 2019:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation |
|||||||
| U.S. Long Bond | December 2019 | 249 | Short | $(41,061,204 | ) | $(40,415,813 | ) | $645,391 |
| See Notes to Financial Statements. | 89 |
Schedule of Investments (concluded)
NATIONAL TAX FREE FUND September 30, 2019
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 155,856,297 | $ | 2,842,000 | $ | 158,698,297 | ||||||||
| General Obligation | – | 443,058,554 | 260,850 | 443,319,404 | ||||||||||||
| Lease Obligations | – | 234,449,520 | 247,520 | 234,697,040 | ||||||||||||
| Other Revenue | – | 143,329,781 | 1,788,503 | 145,118,284 | ||||||||||||
| Special Tax | – | 69,163,402 | 550,000 | 69,713,402 | ||||||||||||
| Remaining Industries | – | 1,881,873,810 | – | 1,881,873,810 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 38,325,000 | – | 38,325,000 | ||||||||||||
| Total | $ | – | $ | 2,966,056,364 | $ | 5,688,873 | $ | 2,971,745,237 | ||||||||
| Liabilities | ||||||||||||||||
| Trust Certificates(3) | $ | – | $ | (25,000,000 | ) | $ | – | $ | (25,000,000 | ) | ||||||
| Total | $ | – | $ | (25,000,000 | ) | $ | – | $ | (25,000,000 | ) | ||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 645,391 | $ | – | $ | – | $ | 645,391 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 645,391 | $ | – | $ | – | $ | 645,391 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Refer to Note 2(h) for a description of Municipal Bonds held in the Trust. |
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2018 | $ | 4,929,227 | ||
| Accrued Discounts (Premiums) | – | |||
| Realized Gain (Loss) | – | |||
| Change in Unrealized Appreciation (Depreciation) | (32,064 | ) | ||
| Purchases | 329,432 | |||
| Sales | – | |||
| Transfers into Level 3 | 1,751,985 | |||
| Transfers out of Level 3 | (1,289,707 | ) | ||
| Balance as of September 30, 2019 | $ | 5,688,873 | ||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2019, related to Level 3 investments held at September 30, 2019 | $ | (32,064 | ) | |
| 90 | See Notes to Financial Statements. |
Schedule of Investments
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 99.04% | ||||||||||||||
| Corporate-Backed 11.32% | ||||||||||||||
| Allegheny Co IDA–US Steel | 6.55% | 12/1/2027 | B | $ | 1,115 | $ | 1,172,121 | |||||||
| Allegheny Co IDA–US Steel | 6.875% | 5/1/2030 | B | 6,050 | 6,062,100 | |||||||||
| AR DFA- Big River Steel AMT† | 4.50% | 9/1/2049 | B | 36,000 | 38,742,480 | |||||||||
| Arista Met District | 5.125% | 12/1/2048 | NR | 3,500 | 3,760,715 | |||||||||
| Beauregard Parish–Office Max | 6.80% | 2/1/2027 | B1 | 5,000 | 5,075,400 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr | Zero Coupon | 7/15/2044 | Baa3 | 2,000 | 853,800 | |||||||||
| Build NYC Res Corp–Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 1,450 | 1,600,873 | |||||||||
| CA Poll Ctl–Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | 9,000 | 9,621,000 | |||||||||
| Cleveland Arpt–Continental Airlines AMT | 5.375% | 9/15/2027 | BB | 15,240 | 15,284,501 | |||||||||
| Downtown Doral CDD† | 4.75% | 12/15/2038 | NR | 625 | 674,894 | |||||||||
| Downtown Doral CDD† | 5.00% | 12/15/2048 | NR | 1,500 | 1,617,945 | |||||||||
| FL DFC–Waste Pro AMT† | 5.00% | 5/1/2029 | NR | 3,300 | 3,645,411 | |||||||||
| Fort Bend IDC–NRG Energy | 4.75% | 11/1/2042 | Baa3 | 3,565 | 3,765,282 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.25% | 12/1/2025 | B+ | 24,910 | 27,189,514 | |||||||||
| MD EDC–Chesapeake Bay Hyatt(b) | 5.00% | 12/1/2016 | NR | 3,430 | 2,173,763 | |||||||||
| Mission Econ Dev Corp–Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 10,000 | 10,864,400 | |||||||||
| NH National Fin Auth–Covanta AMT† | 4.875% | 11/1/2042 | B1 | 12,000 | 12,769,440 | |||||||||
| Niagara Area Dev Corp–Covanta AMT† | 4.75% | 11/1/2042 | B1 | 10,500 | 11,127,060 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.125% | 9/15/2023 | BB | 5,125 | 5,516,601 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.25% | 9/15/2029 | BB | 9,460 | 10,374,971 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.50% | 4/1/2028 | BB | 5,965 | 5,981,105 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.50% | 6/1/2033 | BB | 1,885 | 2,111,728 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.625% | 11/15/2030 | BB | 2,600 | 2,998,866 | |||||||||
| NY Liberty Dev Corp–3 WTC† | 5.00% | 11/15/2044 | NR | 35,725 | 39,520,067 | |||||||||
| NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB+ | 6,135 | 6,628,683 | |||||||||
| OH Air Dev Auth–OVEC | 3.25% | 9/1/2029 | BB+ | 8,500 | 8,799,200 | |||||||||
| OH Air Quality–AMG Vanadium AMT† | 5.00% | 7/1/2049 | B | 28,870 | 31,916,074 | |||||||||
| OH Air Quality–Pratt Paper AMT† | 4.25% | 1/15/2038 | NR | 1,250 | 1,353,338 | |||||||||
| OH Air Quality–Pratt Paper AMT† | 4.50% | 1/15/2048 | NR | 13,500 | 14,645,070 | |||||||||
| PA Dev Fin Auth–Covanta AMT† | 3.25% | 8/1/2039 | B | 6,980 | 6,982,862 | |||||||||
| PA Econ Dev–Natl Gypsum AMT | 5.50% | 11/1/2044 | NR | 1,000 | 1,069,740 | |||||||||
| PA Econ Dev–US Airways | 8.00% | 5/1/2029 | BB- | 2,460 | 2,547,305 | |||||||||
| Port Seattle IDC–Delta Airlines AMT | 5.00% | 4/1/2030 | BBB- | 1,000 | 1,097,080 | |||||||||
| Rumford Solid Waste–Office Max AMT | 6.875% | 10/1/2026 | B1 | 1,500 | 1,522,620 | |||||||||
| Tuscaloosa IDA–Hunt Refining† | 5.25% | 5/1/2044 | NR | 32,515 | 37,512,555 | |||||||||
| VA Small Bus Fing–Covanta AMT† | 5.00% | #(c) | 1/1/2048 | B | 3,150 | 3,362,341 | ||||||||
| See Notes to Financial Statements. | 91 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Valparaiso Facs–Pratt Paper AMT | 5.875% | 1/1/2024 | NR | $ | 925 | $ | 1,011,007 | |||||||
| Valparaiso Facs–Pratt Paper AMT | 7.00% | 1/1/2044 | NR | 4,000 | 4,698,560 | |||||||||
| West Pace Coop Dist(b) | 9.125% | 5/1/2039 | NR | 13,770 | 7,986,600 | (d) | ||||||||
| WI PFA–American Dream† | 6.75% | 12/1/2042 | NR | 1,000 | 1,186,800 | |||||||||
| WI PFA–Natl Gypsum AMT | 5.25% | 4/1/2030 | NR | 2,500 | 2,765,650 | |||||||||
| WI PFA–TRIPS AMT | 5.00% | 7/1/2042 | BBB+ | 8,000 | 8,550,640 | |||||||||
| WI Pub Fin Auth–Celanese AMT | 4.30% | 11/1/2030 | BBB | 3,255 | 3,469,863 | |||||||||
| WI Pub Fin Auth–Celanese AMT | 5.00% | 12/1/2025 | BBB | 1,950 | 2,250,904 | |||||||||
| Total | 371,860,929 | |||||||||||||
| Education 5.61% | ||||||||||||||
| AZ Edu Fac–Odyssey Prep† | 5.00% | 7/1/2049 | BB- | 2,000 | 2,102,040 | |||||||||
| AZ Edu Fac–Odyssey Prep† | 5.00% | 7/1/2054 | BB- | 5,000 | 5,238,300 | |||||||||
| AZ IDA–Academy of Math & Science Proj† | 5.625% | 7/1/2048 | BB | 2,235 | 2,433,513 | |||||||||
| AZ IDA–Academy of Math & Science Proj† | 5.75% | 7/1/2053 | BB | 3,000 | 3,274,020 | |||||||||
| AZ IDA–American Charter Sch† | 5.00% | 7/1/2022 | BB+ | 1,880 | 1,943,882 | |||||||||
| AZ IDA–Equitable School Fund | 4.00% | 11/1/2049 | A | 1,345 | 1,477,308 | |||||||||
| CA Muni Fin–Julian Chtr Sch† | 5.625% | 3/1/2045 | B+ | 11,500 | 11,974,835 | |||||||||
| CA Muni Fin–William Jessup U | 5.00% | 8/1/2039 | NR | 2,000 | 2,299,680 | |||||||||
| CA Muni Fin–William Jessup U | 5.00% | 8/1/2048 | NR | 6,350 | 7,192,645 | |||||||||
| Cap Trust Ed Facs–Advantage Charter Scho | 5.00% | 12/15/2049 | Baa3 | 1,000 | 1,086,480 | |||||||||
| Cap Trust Ed Facs–Advantage Charter Scho | 5.00% | 12/15/2054 | Baa3 | 705 | 761,604 | |||||||||
| Cap Trust Ed Facs–Renaissance Charter† | 5.00% | 6/15/2039 | NR | 1,950 | 2,062,379 | |||||||||
| Cap Trust Ed Facs–Renaissance Charter† | 5.00% | 6/15/2049 | NR | 9,815 | 10,315,761 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2044 | BB- | 1,000 | 1,123,770 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB- | 2,500 | 2,803,225 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 5.75% | 8/15/2045 | NR | 6,500 | 7,142,980 | |||||||||
| Columbus-Franklin Co Fin–Ohio Dominican U | 6.50% | 3/1/2048 | NR | 2,000 | 2,154,800 | |||||||||
| Columbus-Franklin Co Fin–Ohio Dominican U | 6.50% | 3/1/2053 | NR | 3,000 | 3,216,420 | |||||||||
| CT Hlth & Ed–Connecticut State Univ | 3.00% | 11/1/2035 | A1 | 3,100 | 3,181,189 | |||||||||
| Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 1,340 | 1,385,640 | |||||||||
| FL HI Ed–Jacksonville Univ† | 5.00% | 6/1/2048 | NR | 3,200 | 3,530,752 | |||||||||
| FL HI Ed–Jacksonville Univ† | 5.00% | 6/1/2053 | NR | 3,250 | 3,555,533 | |||||||||
| FL Hi Ed–Saint Leo Univ | 5.00% | 3/1/2039 | BBB- | 2,250 | 2,602,733 | |||||||||
| FL Hi Ed–Saint Leo Univ | 5.00% | 3/1/2049 | BBB- | 4,480 | 5,112,262 | |||||||||
| Frederick Co Ed Fac–Mount St Mary’s Univ† | 5.00% | 9/1/2037 | BB+ | 1,500 | 1,705,335 | |||||||||
| Frederick Co Ed Fac–Mount St Mary’s Univ† | 5.00% | 9/1/2045 | BB+ | 9,645 | 10,799,892 | |||||||||
| Glenville Clg | 5.00% | 6/1/2037 | NR | 1,500 | 1,578,855 | |||||||||
| 92 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Glenville Clg | 5.25% | 6/1/2047 | NR | $ | 4,050 | $ | 4,277,043 | |||||||
| Hlth & Ed Facs of Nashville Co-Lipscomb U | 5.25% | 10/1/2058 | BBB | 3,400 | 4,113,286 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2021 | Baa3 | 4,325 | 4,330,017 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2023 | Baa3 | 4,000 | 4,003,960 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2025 | Baa3 | 2,500 | 2,502,150 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2031 | Baa3 | 4,450 | 4,464,151 | |||||||||
| Marietta Dev Auth–Life Univ† | 5.00% | 11/1/2037 | Ba3 | 5,250 | 5,950,035 | |||||||||
| Marietta Dev Auth–Life Univ† | 5.00% | 11/1/2047 | Ba3 | 5,500 | 6,137,670 | |||||||||
| NV Dept of Bus & Ind–Somerset† | 5.00% | 12/15/2048 | BB | 1,500 | 1,619,190 | |||||||||
| NY Dorm–Yeshiva Univ | 5.00% | 11/1/2031 | B3 | 1,505 | 1,583,290 | |||||||||
| Phoenix IDA–Basis Schs† | 5.00% | 7/1/2045 | BB | 2,500 | 2,673,425 | |||||||||
| Phoenix IDA–Basis Schs† | 5.00% | 7/1/2047 | BB | 1,325 | 1,442,819 | |||||||||
| Phoenix IDA–Basis Schs† | 5.00% | 7/1/2051 | BB | 3,080 | 3,343,063 | |||||||||
| Phoenix IDA–Legacy Tradtl Schs† | 5.00% | 7/1/2035 | Ba1 | 2,060 | 2,225,068 | |||||||||
| Pima IDA–American Leadership Acad† | 5.00% | 6/15/2047 | NR | 8,300 | 8,561,699 | |||||||||
| Pima IDA–American Leadership Acad† | 5.00% | 6/15/2052 | NR | 4,565 | 4,703,000 | |||||||||
| Tuscarawas Co Eco Dev–Ashland Univ | 6.00% | 3/1/2045 | NR | 5,000 | 5,344,200 | |||||||||
| Univ of Illinois (AGM) | 4.00% | 4/1/2037 | AA | 5,745 | 6,424,633 | |||||||||
| WI PFA–MN Clg of Osteopatic Med† | 5.50% | 12/1/2048 | CC | 2,700 | 2,669,301 | |||||||||
| WI PFA–Wingate Univ | 5.25% | 10/1/2043 | BBB | 2,000 | 2,324,660 | |||||||||
| WI PFA–Wingate Univ | 5.25% | 10/1/2048 | BBB | 3,000 | 3,472,080 | |||||||||
| Total | 184,220,573 | |||||||||||||
| Financial Services 0.19% | ||||||||||||||
| MA Ed Fin Auth AMT | 4.125% | 7/1/2046 | BBB | 5,915 | 6,359,276 | |||||||||
| General Obligation 9.21% | ||||||||||||||
| Allan Hancock CCD | 3.25% | 8/1/2044 | AA | 2,415 | 2,496,313 | |||||||||
| American Samoa GO | 6.625% | 9/1/2035 | Ba3 | 2,000 | 2,143,360 | |||||||||
| American Samoa GO† | 7.125% | 9/1/2038 | Ba3 | 4,520 | 5,047,258 | |||||||||
| Bellwood GO | 5.875% | 12/1/2027 | A | 3,000 | 3,372,540 | |||||||||
| Bellwood GO | 6.15% | 12/1/2032 | A | 2,770 | 3,143,064 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2029 | BB- | 5,000 | 5,918,300 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2030 | BB- | 5,170 | 6,087,830 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB- | 2,500 | 2,929,450 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2031 | BB- | 4,040 | 4,142,172 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2032 | BB- | 2,000 | 2,337,040 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2033 | BB- | 1,500 | 1,748,190 | |||||||||
| See Notes to Financial Statements. | 93 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Chicago Brd Ed | 5.00% | 12/1/2034 | BB- | $ | 700 | $ | 813,085 | |||||||
| Chicago Brd Ed | 5.00% | 12/1/2035 | BB- | 750 | 868,530 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2042 | BB- | 10,850 | 11,470,294 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2046 | BB- | 6,000 | 6,794,100 | |||||||||
| Chicago Brd Ed | 5.25% | 12/1/2035 | BB- | 7,160 | 7,954,259 | |||||||||
| Chicago Brd Ed | 5.25% | 12/1/2039 | BB- | 7,860 | 8,674,610 | |||||||||
| Chicago Brd Ed | 5.25% | 12/1/2041 | BB- | 16,315 | 17,055,048 | |||||||||
| Chicago Brd Ed | 5.50% | 12/1/2039 | BB- | 5,975 | 6,283,669 | |||||||||
| Chicago Brd Ed | 6.50% | 12/1/2046 | BB- | 4,900 | 5,941,936 | |||||||||
| Chicago Brd Ed† | 6.75% | 12/1/2030 | BB- | 1,000 | 1,298,940 | |||||||||
| Chicago Brd Ed | 7.00% | 12/1/2044 | BB- | 2,180 | 2,650,291 | |||||||||
| Chicago Brd Ed† | 7.00% | 12/1/2046 | BB- | 6,560 | 8,360,326 | |||||||||
| Chicago GO | 5.00% | 1/1/2034 | BBB+ | 760 | 761,999 | |||||||||
| Chicago GO | 5.00% | 1/1/2038 | BBB+ | 3,800 | 4,202,762 | |||||||||
| Chicago GO | 5.25% | 1/1/2028 | BBB+ | 2,630 | 2,914,198 | |||||||||
| Chicago GO | 5.25% | 1/1/2032 | BBB+ | 3,050 | 3,345,027 | |||||||||
| Chicago GO | 5.50% | 1/1/2033 | BBB+ | 3,305 | 3,728,172 | |||||||||
| Chicago GO | 5.50% | 1/1/2037 | BBB+ | 1,000 | 1,118,300 | |||||||||
| Chicago GO | 5.50% | 1/1/2042 | BBB+ | 250 | 277,725 | |||||||||
| Chicago GO | 5.50% | 1/1/2049 | BBB+ | 17,175 | 20,107,116 | |||||||||
| Chicago GO | 6.00% | 1/1/2038 | BBB+ | 17,835 | 21,305,156 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2052 | A | 5,000 | 5,773,900 | |||||||||
| CIC Met Dist 14 | 5.875% | 12/1/2046 | NR | 6,500 | 7,112,300 | |||||||||
| Eaton Area Pk & Rec Dist | 5.25% | 12/1/2034 | NR | 1,250 | 1,324,538 | |||||||||
| Eaton Area Pk & Rec Dist | 5.50% | 12/1/2030 | NR | 710 | 762,945 | |||||||||
| Essex Co Impt Auth–Covanta AMT† | 5.25% | 7/1/2045 | BB- | 5,000 | 5,072,950 | |||||||||
| IL State GO | 3.50% | 6/1/2029 | BBB- | 3,880 | 3,917,364 | |||||||||
| IL State GO | 4.00% | 1/1/2026 | BBB- | 2,790 | 2,864,800 | |||||||||
| IL State GO | 4.00% | 6/1/2037 | BBB- | 7,040 | 7,227,053 | |||||||||
| IL State GO | 4.50% | 11/1/2039 | BBB- | 1,100 | 1,161,380 | |||||||||
| IL State GO | 5.00% | 11/1/2028 | BBB- | 2,000 | 2,285,580 | |||||||||
| IL State GO | 5.00% | 5/1/2039 | BBB- | 5,000 | 5,392,750 | |||||||||
| IL State GO | 6.00% | 5/1/2026 | BBB- | 10,000 | 11,999,300 | |||||||||
| ME Fin Auth–Casella Waste AMT† | 4.375% | #(c) | 8/1/2035 | B | 1,250 | 1,372,825 | ||||||||
| MI Strategic Fund–I-75 AMT (AGM) | 4.25% | 12/31/2038 | AA | 2,000 | 2,232,260 | |||||||||
| New Haven GO | 5.50% | 8/1/2033 | BBB+ | 1,000 | 1,214,840 | |||||||||
| New Haven GO | 5.50% | 8/1/2035 | BBB+ | 660 | 797,260 | |||||||||
| 94 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| New Haven GO | 5.50% | 8/1/2037 | BBB+ | $ | 1,280 | $ | 1,536,806 | |||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2029 | BBB+ | 8,730 | 6,628,514 | |||||||||
| PR Comwlth GO(b) | 4.00% | 7/1/2020 | Ca | 1,175 | 754,938 | |||||||||
| PR Comwlth GO(b) | 5.00% | 7/1/2020 | Ca | 11,695 | 7,645,606 | |||||||||
| PR Comwlth GO(b) | 5.00% | 7/1/2023 | Ca | 2,710 | 2,018,950 | |||||||||
| PR Comwlth GO(b) | 5.625% | 7/1/2032 | Ca | 4,775 | 3,426,063 | |||||||||
| PR Comwlth GO TCRS (AMBAC) | 4.50% | 7/1/2023 | Ca | 1,775 | 1,786,928 | |||||||||
| Scranton GO† | 5.00% | 9/1/2028 | BB+ | 500 | 579,895 | |||||||||
| Scranton GO† | 5.00% | 9/1/2029 | BB+ | 1,000 | 1,155,940 | |||||||||
| Scranton GO | 5.00% | 11/15/2032 | BB+ | 5,830 | 6,359,947 | |||||||||
| WI PFA–American Dream† | 7.00% | 12/1/2050 | NR | 29,050 | 34,887,597 | |||||||||
| Total | 302,584,289 | |||||||||||||
| Health Care 25.09% | ||||||||||||||
| AL PFA–AL Proton Therapy† | 6.85% | 10/1/2047 | NR | 6,500 | 7,205,510 | |||||||||
| Alachua Co Hlth–East Ridge Ret Vlg | 6.25% | 11/15/2044 | B- | (e) | 2,750 | 2,405,288 | ||||||||
| Alachua Co Hlth–East Ridge Ret Vlg | 6.375% | 11/15/2049 | B- | (e) | 1,000 | 876,900 | ||||||||
| Allegheny Co Hsp–Allegheny Hlth | 4.00% | 4/1/2044 | A | 3,750 | 4,041,188 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2041 | Ba3 | 4,000 | 4,273,040 | |||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2046 | Ba3 | 3,300 | 3,515,688 | |||||||||
| Antelope Valley Hlth | 5.25% | 3/1/2036 | Ba3 | 1,000 | 1,104,390 | |||||||||
| Atlanta Dev Auth–Georgia Proton Ctr | 6.75% | 1/1/2035 | NR | 1,500 | 1,611,495 | |||||||||
| Atlanta Dev Auth–Georgia Proton Ctr | 7.00% | 1/1/2040 | NR | 13,000 | 13,987,610 | |||||||||
| Berks Co IDA–Tower Hlth | 4.00% | 11/1/2047 | A | 5,000 | 5,357,600 | |||||||||
| Blaine Sr Hsg & Hlthcare–Crest View | 6.125% | 7/1/2050 | NR | 5,000 | 5,124,500 | |||||||||
| Botetourt Co RCF–Glebe | 6.00% | 7/1/2044 | NR | 6,485 | 7,203,019 | |||||||||
| CA Stwde–Daughters of Charity | 5.50% | 7/1/2039 | CC | 5,350 | 5,349,625 | |||||||||
| CA Stwde–Daughters of Charity | 5.75% | 7/1/2024 | CC | 1,310 | 1,306,738 | |||||||||
| CA Stwde–Daughters of Charity | 5.75% | 7/1/2035 | CC | 2,620 | 2,619,712 | |||||||||
| CA Stwde–Eskaton Pptys | 5.25% | 11/15/2034 | BBB | 1,640 | 1,790,732 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.00% | 12/1/2041 | BB- | 3,425 | 3,857,406 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2044 | BB- | 1,305 | 1,451,082 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.25% | 12/1/2056 | BB- | 21,000 | 23,782,290 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BB- | 12,775 | 14,286,538 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.50% | 12/1/2058 | BB- | 17,750 | 20,908,080 | |||||||||
| CA Stwde–So Cal Presbyterian† | 7.00% | 11/15/2029 | A- | (e) | 1,000 | 1,006,840 | ||||||||
| CA Stwde–So Cal Presbyterian† | 7.25% | 11/15/2041 | A- | (e) | 2,500 | 2,517,850 | ||||||||
| CA Stwde–Terraces San Joaquin | 5.625% | 10/1/2032 | A- | (e) | 1,000 | 1,110,500 | ||||||||
| See Notes to Financial Statements. | 95 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CA Stwde–Terraces San Joaquin | 6.00% | 10/1/2042 | A- | (e) | $ | 2,570 | $ | 2,863,648 | ||||||
| CA Stwde–Terraces San Joaquin | 6.00% | 10/1/2047 | A- | (e) | 1,000 | 1,112,720 | ||||||||
| Calcasieu Parish Hsp–Lake Charles Mem | 5.00% | 12/1/2039 | BB+ | 6,800 | 8,021,212 | |||||||||
| Chester Co Hlth & Ed–Immaculata Univ | 5.00% | 11/1/2037 | BB | (e) | 4,000 | 4,342,760 | ||||||||
| Chester Co Hlth & Ed–Immaculata Univ | 5.00% | 11/1/2046 | BB | (e) | 4,000 | 4,276,600 | ||||||||
| City of Wayzata–Folkestone Sr Living | 5.00% | 8/1/2049 | NR | 400 | 440,540 | |||||||||
| City of Wayzata–Folkestone Sr Living | 5.00% | 8/1/2054 | NR | 1,000 | 1,098,980 | |||||||||
| Cnty of Lucas OH–ProMedica Hlth | 5.25% | 11/15/2048 | Baa1 | 8,650 | 10,381,038 | |||||||||
| CO Hlth–Christian Living(f) | 4.00% | 1/1/2038 | NR | 550 | 585,866 | |||||||||
| CO Hlth–CommonSpirit | 4.00% | 8/1/2049 | BBB+ | 10,000 | 10,753,900 | |||||||||
| CO Hlth Facs–Christian Living(f) | 5.00% | 1/1/2038 | NR | 1,600 | 1,832,752 | |||||||||
| CO Hlth Facs–Christian Living Cmnty | 5.25% | 1/1/2037 | NR | 1,000 | 1,053,180 | |||||||||
| CO Hlth Facs–Fraiser Meadows | 5.25% | 5/15/2037 | BB+ | (e) | 750 | 864,158 | ||||||||
| CO Hlth Facs–Fraiser Meadows | 5.25% | 5/15/2047 | BB+ | (e) | 2,250 | 2,540,138 | ||||||||
| CT Hlth & Ed–Church Home† | 5.00% | 9/1/2046 | BB | (e) | 1,000 | 1,091,380 | ||||||||
| CT Hlth & Ed–Church Home† | 5.00% | 9/1/2053 | BB | (e) | 1,500 | 1,630,350 | ||||||||
| CT Hlth–Nuvance | 4.00% | 7/1/2041 | A- | 2,500 | 2,765,325 | |||||||||
| CT Hlth–Nuvance | 4.00% | 7/1/2049 | A- | 3,375 | 3,690,326 | |||||||||
| Cumberland Co Mun Auth–Asbury | 5.25% | 1/1/2041 | NR | 2,000 | 2,067,880 | |||||||||
| Cumberland Co Mun Auth–Asbury | 5.40% | 1/1/2022 | NR | 335 | 338,276 | |||||||||
| Cumberland Co Mun Auth–Asbury | 6.00% | 1/1/2040 | NR | 2,000 | 2,017,120 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.00% | 2/15/2057 | NR | 5,650 | 6,320,542 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.50% | 2/15/2052 | NR | 8,075 | 9,435,314 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.50% | 2/15/2057 | NR | 4,900 | 5,707,814 | |||||||||
| Decatur Hsp–Wise Hlth | 5.25% | 9/1/2044 | BBB- | 5,720 | 6,304,984 | |||||||||
| Denver Hlth & Hsp Auth | 5.25% | 12/1/2045 | BBB | 3,700 | 4,095,937 | |||||||||
| Duluth Econ Dev Auth- Essentia Health | 5.25% | 2/15/2058 | A- | 13,000 | 15,414,360 | |||||||||
| Fairfax Co EDA–Vinson Hall | 5.00% | 12/1/2032 | BBB+ | (e) | 1,000 | 1,100,740 | ||||||||
| Fairfax Co EDA–Vinson Hall | 5.00% | 12/1/2042 | BBB+ | (e) | 2,800 | 3,039,260 | ||||||||
| Flint Hsp Bldg Auth–Hurley Med Ctr | 7.00% | 7/1/2030 | Ba1 | 4,225 | 4,372,917 | |||||||||
| Flint Hsp Bldg Auth–Hurley Med Ctr | 7.375% | 7/1/2035 | Ba1 | 2,670 | 2,769,911 | |||||||||
| Flint Hsp Bldg Auth–Hurley Med Ctr | 7.50% | 7/1/2039 | Ba1 | 800 | 829,328 | |||||||||
| Floyd Co Dev Auth–Spires Berry College | 6.25% | 12/1/2048 | NR | 2,500 | 2,609,275 | |||||||||
| Floyd Co Dev Auth–Spires Berry College | 6.50% | 12/1/2053 | NR | 3,500 | 3,684,030 | |||||||||
| Franklin Hlth–Proton Therapy† | 7.50% | 6/1/2047 | NR | 10,000 | 11,169,500 | |||||||||
| Fulton Co Med Ctr | 5.00% | 7/1/2046 | NR | 4,000 | 4,254,680 | |||||||||
| Fulton Co Med Ctr | 5.00% | 7/1/2051 | NR | 5,000 | 5,303,750 | |||||||||
| 96 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Gainesville & Hall Co Hsp–NE GA Hlth GTD | 5.50% | 8/15/2054 | AA- | $ | 3,600 | $ | 4,229,316 | |||||||
| Gaithersburg Eco Dev–Asbury | 6.00% | 1/1/2023 | BBB | (e) | 4,385 | 4,432,007 | ||||||||
| Glendale IDA–Beatitudes | 5.00% | 11/15/2036 | NR | 1,500 | 1,625,955 | |||||||||
| Glendale IDA–Beatitudes | 5.00% | 11/15/2040 | NR | 4,000 | 4,306,560 | |||||||||
| Glendale IDA–Beatitudes | 5.00% | 11/15/2045 | NR | 1,300 | 1,391,169 | |||||||||
| Glendale IDA–Beatitudes | 5.00% | 11/15/2053 | NR | 6,770 | 7,250,670 | |||||||||
| Guadalupe Co–Seguin City Hospital | 5.00% | 12/1/2040 | BB | 4,880 | 5,264,837 | |||||||||
| Guadalupe Co–Seguin City Hospital | 5.00% | 12/1/2045 | BB | 910 | 978,496 | |||||||||
| Hanover Co EDA–Covenant Woods | 5.00% | 7/1/2042 | NR | 2,000 | 2,076,760 | |||||||||
| Hanover Co EDA–Covenant Woods | 5.00% | 7/1/2047 | NR | 1,985 | 2,058,028 | |||||||||
| Hanover Co EDA–Covenant Woods | 5.00% | 7/1/2051 | NR | 1,000 | 1,084,940 | |||||||||
| Harris Co Cultural Ed–Brazos | 5.125% | 1/1/2048 | BBB- | (e) | 1,655 | 1,748,243 | ||||||||
| Harris Co Cultural Ed–Brazos | 7.00% | 1/1/2043 | BBB- | (e) | 3,000 | 3,527,220 | ||||||||
| Holmes Co Hsp–Doctors Mem Hsp | 5.75% | 11/1/2026 | NR | 3,760 | 3,762,218 | |||||||||
| Holmes Co Hsp–Doctors Mem Hsp | 6.00% | 11/1/2038 | NR | 7,115 | 7,118,059 | |||||||||
| Howard Co Retmt Cmnty–Vantage House | 5.00% | 4/1/2044 | NR | 2,955 | 3,190,454 | |||||||||
| Howard Co Retmt Cmnty–Vantage House | 5.00% | 4/1/2046 | NR | 7,000 | 7,548,310 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.25% | #(c) | 12/1/2050 | B+ | 11,470 | 12,444,491 | ||||||||
| IL Fin Auth–Clare Oaks~ | Zero Coupon | 11/15/2052 | NR | 2,845 | 56,898 | |||||||||
| IL Fin Auth–Clare Oaks | Zero Coupon | 11/15/2052 | NR | 569 | 57,148 | |||||||||
| IL Fin Auth–Clare Oaks~ | 4.00% | 11/15/2052 | NR | 569 | 113,090 | |||||||||
| IL Fin Auth–Clare Oaks | 4.00% | #(c) | 11/15/2052 | NR | 4,550 | 2,731,024 | (d) | |||||||
| IL Fin Auth–Clare Oaks | 7.00% | 11/15/2027 | NR | 735 | 727,650 | |||||||||
| IL Fin Auth–Friendship Vlg Shaumburg | 7.25% | 2/15/2045 | NR | 3,500 | 3,575,355 | |||||||||
| IL Fin Auth–Landing / Plymouth Place | 6.00% | 5/15/2043 | BB+ | (e) | 2,165 | 2,342,075 | ||||||||
| IL Fin Auth–Plymouth Place | 5.25% | 5/15/2050 | BB+ | (e) | 3,150 | 3,365,870 | ||||||||
| King Co Pub Hsp–Snoqualmie Vly Hsp | 6.25% | 12/1/2045 | NR | 3,500 | 3,718,785 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 5.25% | 5/15/2042 | BB | (e) | 1,750 | 1,974,403 | ||||||||
| Kirkwood IDA–Aberdeen Hts | 5.25% | 5/15/2050 | BB | (e) | 7,250 | 8,102,092 | ||||||||
| Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2021 | NR | 410 | 426,597 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2029 | NR | 2,820 | 2,934,154 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 8.25% | 5/15/2039 | NR | 6,695 | 6,976,257 | |||||||||
| KY EDA–Masonic Homes | 5.375% | 11/15/2032 | NR | 3,000 | 3,170,190 | |||||||||
| LA Env Facs–St James Place | 6.25% | 11/15/2045 | NR | 6,100 | 6,848,714 | |||||||||
| LA PFA–Lake Charles Mem Hsp† | 6.375% | 12/1/2034 | NR | 5,840 | 6,004,454 | |||||||||
| Lancaster Co Hosp Auth–Bretheren Village | 5.125% | 7/1/2037 | BB+ | (e) | 1,000 | 1,095,170 | ||||||||
| Lancaster Co Hosp Auth–Bretheren Village | 5.25% | 7/1/2041 | BB+ | (e) | 1,000 | 1,099,980 | ||||||||
| See Notes to Financial Statements. | 97 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Licking Co Hlth–Kendal Granville | 6.00% | 7/1/2050 | NR | $ | 6,000 | $ | 6,262,500 | |||||||
| MA DFA–Atrius Hlth | 4.00% | 6/1/2049 | BBB | 10,000 | 10,736,400 | |||||||||
| MA DFA–Boston Medical Center | 4.00% | 7/1/2047 | NR | 4,130 | 4,407,082 | |||||||||
| MA DFA–Newbridge† | 4.125% | 10/1/2042 | BB+ | (e) | 2,500 | 2,631,350 | ||||||||
| MA DFA–Wellforce Hlth | 4.00% | 7/1/2044 | BBB+ | 3,400 | 3,686,042 | |||||||||
| Magnolia West CDD | 5.35% | 5/1/2037 | NR | 255 | 272,774 | (d) | ||||||||
| Martin Hsp Dist | 7.25% | 4/1/2036 | BBB | (e) | 3,450 | 3,656,552 | ||||||||
| MD Hlth & Hi Ed–Doctors Cmnty Hospital | 5.00% | 7/1/2038 | Baa3 | 7,275 | 8,285,134 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 6.00% | 7/1/2026 | Ba3 | 225 | 238,847 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 6.75% | 7/1/2036 | Ba3 | 245 | 264,370 | |||||||||
| Meadville Med Center | 6.00% | 6/1/2046 | NR | 2,225 | 2,566,604 | |||||||||
| Meadville Med Center | 6.00% | 6/1/2051 | NR | 2,600 | 2,977,728 | |||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.00% | 2/15/2026 | BB+ | (e) | 2,125 | 2,183,161 | ||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.00% | 2/15/2030 | BB+ | (e) | 905 | 917,751 | ||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.00% | 2/15/2035 | BB+ | (e) | 2,600 | 2,602,652 | ||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.00% | 2/15/2036 | BB+ | (e) | 1,250 | 1,247,163 | ||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.125% | 2/15/2042 | BB+ | (e) | 3,955 | 3,895,240 | ||||||||
| MI Fin Auth–Henry Ford Hlth | 4.00% | 11/15/2050 | A | 3,630 | 4,004,362 | |||||||||
| MO Hlth Ed–Mosaic Hlth | 4.00% | 2/15/2054 | A1 | 4,000 | 4,372,280 | |||||||||
| Montgomery Co Hgr Ed–Thomas Jeff U | 4.00% | 9/1/2049 | A | 5,375 | 5,825,586 | |||||||||
| Montgomery Co Hosp–Premier | 4.00% | 11/15/2042 | Baa1 | 4,440 | 4,856,206 | |||||||||
| Montgomery Co Hosp–Premier | 4.00% | 11/15/2045 | Baa1 | 2,500 | 2,724,800 | |||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.25% | 1/15/2045 | Ba1 | 7,000 | 7,836,430 | |||||||||
| Moon IDC–Baptist Homes Soc | 6.00% | 7/1/2045 | NR | 9,250 | 10,052,345 | |||||||||
| Multnomah Co Hsp Facs–Mirabella | 5.40% | 10/1/2044 | NR | 3,250 | 3,552,673 | |||||||||
| Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2033 | BB+ | 2,765 | 2,989,712 | |||||||||
| Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2044 | BB+ | 10,690 | 11,459,359 | |||||||||
| NC Med Care Comm–Novant Hlth | 4.00% | 11/1/2052 | AA- | 8,000 | 8,906,880 | |||||||||
| New Hope–Carillon | 5.00% | 7/1/2046 | NR | 5,200 | 5,325,164 | |||||||||
| New Hope Cult Ed Facs–Carillon | 5.00% | 7/1/2036 | NR | 3,600 | 3,745,980 | |||||||||
| New Hope Cultural–Wesleyan Homes | 5.50% | 1/1/2049 | NR | 2,630 | 2,843,319 | |||||||||
| New Hope Ed Facs–Legacy Midtown Project | 5.50% | 7/1/2054 | NR | 4,750 | 5,028,777 | |||||||||
| NJ EDA–Bancroft Neurohealth | 5.00% | 6/1/2036 | NR | 1,500 | 1,636,365 | |||||||||
| NM Hsp–Gerald Champion Hsp | 5.50% | 7/1/2042 | A- | 5,625 | 6,088,837 | |||||||||
| NM Hsp–Haverland | 5.00% | 7/1/2049 | BBB- | (e) | 3,375 | 3,816,821 | ||||||||
| Norfolk Redev & Hsg Auth–Harbor’s Edge | 5.00% | 1/1/2049 | NR | 2,500 | 2,719,375 | |||||||||
| Norfolk Redev & Hsg Auth–Harbor’s Edge | 5.25% | 1/1/2054 | NR | 3,300 | 3,614,853 | |||||||||
| 98 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Oconee Co IDA–Presby Village | 6.25% | 12/1/2048 | NR | $ | 2,000 | $ | 2,128,880 | |||||||
| Oconee Co IDA–Presby Village | 6.375% | 12/1/2053 | NR | 3,000 | 3,193,350 | |||||||||
| OK DFA–OU Med | 5.50% | 8/15/2052 | Baa3 | 6,450 | 7,716,651 | |||||||||
| OK DFA–OU Med | 5.50% | 8/15/2057 | Baa3 | 11,290 | 13,439,277 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2039 | BB+ | 2,060 | 2,483,680 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2049 | BB+ | 2,550 | 3,007,521 | |||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2054 | BB+ | 12,545 | 14,736,361 | |||||||||
| Palm Beach Co Hlth–Baptist(f) | 4.00% | 8/15/2049 | AA- | 6,600 | 7,208,454 | |||||||||
| Palm Beach Co Hlth–Sinai Residences | 7.50% | 6/1/2049 | NR | 2,325 | 2,619,647 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.625% | 7/1/2036 | BBB- | 6,250 | 6,823,625 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.625% | 7/1/2042 | BBB- | 9,375 | 10,177,781 | |||||||||
| Philadelphia IDA–Gtr Philadelphia Hlth | 6.50% | 6/1/2045 | NR | 2,485 | 2,635,268 | |||||||||
| Philadelphia IDA–Gtr Philadelphia Hlth | 6.625% | 6/1/2050 | NR | 3,415 | 3,633,594 | |||||||||
| Philadelphia IDA–Wesley | 5.00% | 7/1/2037 | BB | (e) | 2,500 | 2,810,150 | ||||||||
| Philadelphia IDA–Wesley | 5.00% | 7/1/2042 | BB | (e) | 3,355 | 3,727,405 | ||||||||
| Philadelphia IDA–Wesley | 5.00% | 7/1/2049 | BB | (e) | 4,000 | 4,418,160 | ||||||||
| Pinellas Co IDA–Patel Foundation | 5.00% | 7/1/2039 | NR | 3,720 | 4,341,166 | |||||||||
| Red River Hlth–Methodist Ret Cmnty | 7.75% | 11/15/2044 | NR | 1,500 | 1,778,565 | |||||||||
| Red River Hlth–Methodist Ret Cmnty | 8.00% | 11/15/2049 | NR | 1,000 | 1,194,690 | |||||||||
| RI Hlth & Ed–Care New England | 5.00% | 9/1/2036 | BB- | 7,000 | 7,947,520 | |||||||||
| Rochester Hlth Care–Samaritan Bethany | 6.875% | 12/1/2029 | NR | 1,945 | 1,962,349 | |||||||||
| Rochester Hlth Care–Samaritan Bethany | 7.375% | 12/1/2041 | NR | 6,000 | 6,057,960 | |||||||||
| Rockville Eco Dev–Ingleside at King Farm | 5.00% | 11/1/2042 | BB | (e) | 1,625 | 1,805,863 | ||||||||
| Rockville Eco Dev–Ingleside at King Farm | 5.00% | 11/1/2047 | BB | (e) | 1,450 | 1,599,379 | ||||||||
| Salem Hsp Fac–Capital Manor | 5.625% | 5/15/2032 | BBB | (e) | 1,000 | 1,085,890 | ||||||||
| Salem Hsp Fac–Capital Manor | 6.00% | 5/15/2047 | BBB | (e) | 1,600 | 1,735,152 | ||||||||
| San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 10,000 | 11,292,900 | |||||||||
| SC Jobs EDA–Hampton Regl Med | 5.00% | 11/1/2042 | NR | 3,815 | 4,197,339 | |||||||||
| SC Jobs EDA–Hampton Regl Med | 5.00% | 11/1/2046 | NR | 6,070 | 6,669,352 | |||||||||
| SE Port Auth–Memorial Hlth | 5.50% | 12/1/2043 | BB- | (e) | 1,100 | 1,194,655 | ||||||||
| SE Port Auth–Memorial Hlth | 6.00% | 12/1/2042 | BB- | (e) | 1,660 | 1,797,481 | ||||||||
| Tarrant Co Cultural–Buckingham Sr Lvg(b) | 5.50% | 11/15/2045 | D | 3,650 | 2,555,000 | |||||||||
| Tarrant Co Cultural–Buckner | 6.75% | 11/15/2047 | NR | 3,500 | 4,034,695 | |||||||||
| Tarrant Co Cultural–Buckner | 6.75% | 11/15/2052 | NR | 3,000 | 3,447,840 | |||||||||
| Tempe IDA–ASU Mirabella† | 6.00% | 10/1/2037 | NR | 1,200 | 1,386,864 | |||||||||
| Tempe IDA–ASU Mirabella† | 6.125% | 10/1/2052 | NR | 1,400 | 1,598,814 | |||||||||
| Town of Hamden–Whitney Center(f) | 5.00% | 1/1/2050 | NR | 5,500 | 5,924,985 | |||||||||
| See Notes to Financial Statements. | 99 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Tulsa Co Industrial Auth–Montereau | 5.25% | 11/15/2045 | BBB- | (e) | $ | 2,750 | $ | 3,124,385 | ||||||
| Upper IL River Vy–Pleasant View | 7.25% | 11/15/2040 | NR | 1,200 | 1,230,132 | |||||||||
| Upper IL River Vy–Pleasant View | 7.375% | 11/15/2045 | NR | 1,550 | 1,590,316 | |||||||||
| Upper San Juan Hlth | 6.00% | 6/1/2041 | NR | 2,225 | 2,349,823 | |||||||||
| Upper San Juan Hlth | 6.125% | 6/1/2046 | NR | 3,015 | 3,178,021 | |||||||||
| Vigo Co Hsp–Union Hsp | 8.00% | 9/1/2041 | NR | 2,955 | 3,321,390 | |||||||||
| WA Hsg–Herons Key† | 7.00% | 7/1/2045 | NR | 1,370 | 1,479,025 | |||||||||
| WA Hsg–Herons Key† | 7.00% | 7/1/2050 | NR | 2,000 | 2,154,040 | |||||||||
| WA Hsg–Mirabella† | 6.50% | 10/1/2032 | NR | 1,965 | 2,110,508 | |||||||||
| WA Hsg–Mirabella† | 6.75% | 10/1/2047 | NR | 3,000 | 3,230,850 | |||||||||
| WA Hsg–Rockwood† | 6.00% | 1/1/2024 | NR | 1,080 | 1,155,146 | |||||||||
| WA Hsg–Transforming Age†(f) | 5.00% | 1/1/2055 | BB | (e) | 3,000 | 3,255,150 | ||||||||
| Ward Co Hlth Facs–Trinity Hlth | 5.00% | 6/1/2053 | BBB- | 8,750 | 9,853,375 | |||||||||
| WI Hlth & Ed–American Baptist | 5.00% | 8/1/2032 | NR | 1,400 | 1,533,308 | |||||||||
| WI Hlth & Ed–American Baptist | 5.00% | 8/1/2039 | NR | 1,625 | 1,753,895 | |||||||||
| WI Hlth & Ed–Sauk-Prarie Mem Hsp | 5.375% | 2/1/2048 | B1 | 4,000 | 4,121,840 | |||||||||
| WI PFA–Bancroft Neurohealth† | 4.625% | 6/1/2036 | NR | 3,480 | 3,603,888 | |||||||||
| WI PFA–Bancroft Neurohealth† | 5.125% | 6/1/2048 | NR | 4,900 | 5,246,038 | |||||||||
| WI PFA–Delray Beach Radiation Ctr† | 6.85% | 11/1/2046 | NR | 5,335 | 5,980,695 | |||||||||
| WI PFA–Las Ventanas Retirement | Zero Coupon | 10/1/2042 | NR | 2,961 | 60,997 | |||||||||
| WI PFA–Las Ventanas Retirement | Zero Coupon | 10/1/2042 | NR | 1,556 | 798,899 | |||||||||
| WI PFA–Las Ventanas Retirement | 7.00% | 10/1/2042 | NR | 6,895 | 7,033,107 | |||||||||
| WI PFA–Mary’s Woods† | 5.25% | 5/15/2052 | BB | (e) | 2,300 | 2,569,031 | ||||||||
| WI PFA–Rose Villa† | 5.75% | 11/15/2044 | NR | 2,035 | 2,213,999 | |||||||||
| Wilson Co Hsp | 5.60% | 9/1/2036 | NR | 3,530 | 3,533,954 | |||||||||
| Woodbury Hsg–St Therese | 5.125% | 12/1/2044 | NR | 2,500 | 2,641,850 | |||||||||
| Woodbury Hsg–St Therese | 5.25% | 12/1/2049 | NR | 2,000 | 2,120,280 | |||||||||
| WV Hsp–Herbert Thomas Hlth | 6.50% | 10/1/2028 | NR | 5,000 | 3,150,000 | |||||||||
| WV Hsp–Herbert Thomas Hlth | 6.50% | 10/1/2038 | NR | 2,000 | 1,260,000 | |||||||||
| Total | 824,485,430 | |||||||||||||
| Housing 3.57% | ||||||||||||||
| CA Com Hsg Agency–Verdant† | 5.00% | 8/1/2049 | NR | 17,200 | 19,329,532 | |||||||||
| CA HFA–MFH | 4.25% | 1/15/2035 | BBB+ | 3,546 | 4,223,347 | |||||||||
| LA Pub Facs Auth–Provident LSU | 5.00% | 7/1/2059 | A3 | 2,500 | 2,909,650 | |||||||||
| MI HDA | 3.60% | 10/1/2060 | AA | 6,330 | 6,483,503 | |||||||||
| Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2042 | NR | 700 | 793,338 | |||||||||
| Alachua Co Hlth–Oak Hammock | 8.00% | 10/1/2046 | NR | 1,000 | 1,130,300 | |||||||||
| 100 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| AZ IDA–NCCU Prop Student Hsg (BAM) | 5.00% | 6/1/2058 | AA | $ | 2,500 | $ | 2,922,825 | |||||||
| CA Cmnty Hsg–Annadel Apts† | 5.00% | 4/1/2049 | NR | 19,000 | 21,204,570 | |||||||||
| CA Muni Fin–Caritas Affordable Hsg | 5.25% | 8/15/2039 | NR | 550 | 622,968 | |||||||||
| CA Stwde–College of the Arts Student Hsg† | 5.25% | 7/1/2049 | BB+ | 1,500 | 1,735,260 | |||||||||
| CA Stwde–College of the Arts Student Hsg† | 5.25% | 7/1/2052 | BB+ | 1,100 | 1,267,574 | |||||||||
| Ca Stwde–Lancer Student Hsg† | 5.00% | 6/1/2051 | NR | 945 | 1,091,343 | |||||||||
| IL Fin Auth–Three Crowns Park | 5.25% | 2/15/2047 | NR | 2,750 | 2,974,345 | |||||||||
| LA HFA–GMF-LA Chateau | 8.00% | 9/1/2039 | CCC+ | 3,060 | 2,945,097 | |||||||||
| MA DFA–Newbridge† | 5.00% | 10/1/2057 | BB+ | (e) | 6,700 | 7,369,263 | ||||||||
| MA ST Hsg Fin Agncy | 3.60% | 12/1/2059 | AA | 5,845 | 6,057,232 | |||||||||
| MI Strategic Fd–Evangelical Homes | 5.25% | 6/1/2032 | BB+ | (e) | 1,500 | 1,586,910 | ||||||||
| MI Strategic Fd–Evangelical Homes | 5.50% | 6/1/2047 | BB+ | (e) | 5,425 | 5,719,632 | ||||||||
| NYC HDC | 3.45% | 5/1/2059 | AA+ | 5,000 | 5,151,100 | |||||||||
| Roanoke Co EDA–Richfield Living | 5.25% | 9/1/2049 | NR | 15,000 | 15,586,950 | |||||||||
| Roanoke Co EDA–Richfield Living | 5.375% | 9/1/2054 | NR | 6,000 | 6,293,520 | |||||||||
| Total | 117,398,259 | |||||||||||||
| Lease Obligations 4.50% | ||||||||||||||
| Aviation Station North Met Dist | 5.00% | 12/1/2039 | NR | 750 | 804,802 | |||||||||
| Aviation Station North Met Dist | 5.00% | 12/1/2048 | NR | 1,850 | 1,967,919 | |||||||||
| CA Pub Wks–State Prisons | 5.75% | 10/1/2031 | A+ | 1,500 | 1,630,935 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2034 | A+ | 5,000 | 5,424,900 | |||||||||
| Houston Co Coop Dist–Country Crossing(b) | 12.50% | 5/15/2020 | NR | 4,199 | 587,860 | (d) | ||||||||
| IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2035 | BBB+ | 2,155 | 2,376,642 | |||||||||
| IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2040 | BBB+ | 2,320 | 2,541,815 | |||||||||
| IN Fin Auth–OH River Brdgs AMT | 5.00% | 7/1/2044 | BBB+ | 8,000 | 8,736,880 | |||||||||
| NJ EDA–Bldgs | 5.00% | 6/15/2047 | BBB+ | 5,450 | 6,168,964 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.375% | 1/1/2043 | BBB | 1,175 | 1,320,864 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB | 5,000 | 5,638,600 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2042 | A- | (e) | 2,000 | 2,260,880 | ||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2043 | BBB+ | 5,000 | 5,731,100 | |||||||||
| NJ EDA–Sch Facs | 5.50% | 6/15/2029 | BBB+ | 3,550 | 4,276,649 | |||||||||
| NJ EDA–State House | 5.00% | 6/15/2043 | BBB+ | 3,800 | 4,355,636 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2034 | BBB+ | 13,325 | 8,362,104 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | BBB+ | 6,990 | 3,698,129 | |||||||||
| NJ Trans Trust Fund(f) | 4.00% | 6/15/2050 | BBB+ | 39,000 | 40,478,880 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2035 | BBB+ | 3,250 | 3,810,365 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2046 | BBB+ | 15,170 | 17,337,338 | |||||||||
| See Notes to Financial Statements. | 101 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2043 | BBB+ | $ | 15,420 | $ | 18,088,123 | |||||||
| PA COPS | 5.00% | 7/1/2043 | A2 | 1,200 | 1,432,488 | |||||||||
| PR Pub Fin Corp(b) | 5.50% | 8/1/2031 | C | 12,250 | 741,003 | |||||||||
| Total | 147,772,876 | |||||||||||||
| Other Revenue 6.08% | ||||||||||||||
| Apache Co Poll Ctl–Tucson Elec | 4.50% | 3/1/2030 | A- | 5,120 | 5,401,395 | |||||||||
| Arlington HI Ed Fin Corp–Arlington Classics | 5.00% | 8/15/2045 | BBB- | 2,250 | 2,512,530 | |||||||||
| Arlington Hi Ed Fin Corp–Newman Intl Acad | 5.50% | 8/15/2046 | NR | 5,000 | 5,307,550 | |||||||||
| CA Sch Fin Auth–KIPP LA | 5.125% | 7/1/2044 | BBB | 2,390 | 2,648,383 | |||||||||
| Chester Co IDA–Collegium Charter Sch | 5.125% | 10/15/2037 | BB | 1,000 | 1,088,820 | |||||||||
| Chester Co IDA–Collegium Charter Sch | 5.25% | 10/15/2047 | BB | 2,500 | 2,701,550 | |||||||||
| Chester Co IDA–Collegium Charter Sch | 5.375% | 10/15/2042 | BB | 5,000 | 5,216,450 | |||||||||
| Cleveland Co Port Auth–Playhouse Sq | 5.50% | 12/1/2043 | BB+ | 1,350 | 1,579,662 | |||||||||
| Cleveland Co Port Auth–Playhouse Sq | 5.50% | 12/1/2053 | BB+ | 9,075 | 10,541,066 | |||||||||
| Clifton Higher Ed–IDEA Pub Schs | 6.00% | 8/15/2043 | BBB+ | 1,000 | 1,131,450 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 6.125% | 8/15/2048 | NR | 20,025 | 22,441,617 | |||||||||
| FL DFC–FL Charter Foundation† | 5.00% | 7/15/2046 | NR | 4,000 | 4,108,520 | |||||||||
| FL DFC–Palm Bay Admy† | Zero Coupon | 5/15/2037 | NR | 940 | 9,400 | |||||||||
| FL DFC–Palm Bay Admy† | Zero Coupon | 5/15/2037 | NR | 1,220 | 804,029 | |||||||||
| FL DFC–Palm Bay Admy† | 6.375% | 5/15/2037 | NR | 2,620 | 2,465,499 | (d) | ||||||||
| FL DFC–Renaissance Chtr Sch† | 6.125% | 6/15/2046 | NR | 5,000 | 5,491,950 | |||||||||
| FL DFC–Renaissance Chtr Sch | 7.50% | 6/15/2033 | B+ | (e) | 6,000 | 6,444,540 | ||||||||
| Florence Twn IDA–Legacy Trad Sch | 6.00% | 7/1/2043 | Ba1 | 3,250 | 3,537,592 | |||||||||
| Gainesville & Hall Co Dev Auth–Riverside | 5.00% | 3/1/2047 | BBB- | (e) | 1,680 | 1,856,333 | ||||||||
| Gainesville & Hall Co Dev Auth–Riverside | 5.125% | 3/1/2052 | BBB- | (e) | 1,250 | 1,382,400 | ||||||||
| IN Fin Auth–Drexel Foundation | 7.00% | 10/1/2039 | B | 1,250 | 1,252,025 | |||||||||
| Jefferson Parish Econ Dev Dist–Kenner† | 5.50% | 6/15/2038 | NR | 3,200 | 3,420,960 | |||||||||
| Jefferson Parish Econ Dev Dist–Kenner† | 5.625% | 6/15/2048 | NR | 4,350 | 4,656,892 | |||||||||
| Kansas City RDA–Loews Hotel† | 5.00% | 2/1/2040 | NR | 3,000 | 3,313,470 | |||||||||
| Kansas City RDA–Loews Hotel† | 5.00% | 2/1/2050 | NR | 6,450 | 7,012,182 | |||||||||
| Lower AL Gas Dist–Goldman Sachs | 5.00% | 9/1/2046 | A3 | 15,260 | 21,399,861 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2043 | A3 | 1,900 | 2,258,378 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2049 | A3 | 22,085 | 30,519,924 | |||||||||
| Maricopa Co IDA–Paradise Schools† | 5.00% | 7/1/2047 | BB+ | 4,000 | 4,317,640 | |||||||||
| MD EDC–Chesapeake Bay Hyatt(b) | 5.00% | 12/1/2031 | NR | 10,700 | 6,781,125 | |||||||||
| MD EDC–Chesapeake Bay Hyatt(b) | 5.25% | 12/1/2031 | NR | 3,000 | 1,901,250 | |||||||||
| MI Pub Ed–Bradford Admy† | 6.50% | 9/1/2037 | NR | 5,070 | 3,894,774 | (d) | ||||||||
| 102 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| MI Pub Ed–Bradford Admy | 8.75% | 9/1/2039 | NR | $ | 2,250 | $ | 1,788,502 | (d) | ||||||
| MI Pub Ed–Crescent Admy | 7.00% | 10/1/2036 | NR | 640 | 640,749 | |||||||||
| Michigan St Strategic FD Escrow(g) | Zero Coupon | – | (h) | NR | 5,000 | 500 | (i) | |||||||
| Middlesex Co Impt Auth–Heldrich Ctr(b) | 6.125% | 1/1/2025 | NR | 2,790 | 41,850 | |||||||||
| Middlesex Co Impt Auth–Heldrich Ctr(b) | 6.25% | 1/1/2037 | NR | 5,755 | 86,325 | |||||||||
| NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2036 | BBB | 3,165 | 3,174,400 | |||||||||
| Ohio St Pollution Ctl Rev Escrow(b) | 5.625% | 5/15/2020 | NR | 2,965 | 297 | (i) | ||||||||
| Overland Pk Dev–Conv Ctr (AMBAC) | 5.125% | 1/1/2032 | BB | 7,000 | 7,011,620 | |||||||||
| Phoenix IDA–Basis Schs† | 5.00% | 7/1/2046 | BB | 2,000 | 2,137,660 | |||||||||
| Plymouth Ed Ctr Charter Sch | 5.375% | 11/1/2030 | CC | 1,425 | 1,003,528 | |||||||||
| UT Charter Sch Fin Auth–Freedom Academy† | 5.375% | 6/15/2048 | NR | 5,150 | 5,395,809 | |||||||||
| Yonkers EDC–Charter Sch Ed Excellence | 6.00% | 10/15/2030 | BB | 1,050 | 1,083,842 | |||||||||
| Total | 199,764,299 | |||||||||||||
| Special Tax 4.48% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.375% | 5/1/2042 | NR | 5,500 | 6,176,115 | |||||||||
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | 5.125% | 7/1/2036 | NR | 1,030 | 1,067,863 | |||||||||
| Anne Arundel Co Spl Tax–Vlgs Two Rivers | 5.25% | 7/1/2044 | NR | 2,150 | 2,226,519 | |||||||||
| Arborwood CDD | 6.90% | 5/1/2025 | NR | 355 | 393,113 | (d) | ||||||||
| Arborwood CDD | 6.90% | 5/1/2036 | NR | 60 | 64,841 | (d) | ||||||||
| Arborwood CDD | 6.90% | 5/1/2036 | NR | 705 | 768,521 | |||||||||
| Broadway Station Met District | 5.125% | 12/1/2048 | NR | 1,500 | 1,589,025 | |||||||||
| Celebration Pointe CDD† | 5.00% | 5/1/2048 | NR | 3,100 | 3,286,341 | |||||||||
| Compton Redev Agy | 6.00% | 8/1/2042 | NR | 4,750 | 4,893,972 | |||||||||
| DIBC Dist No. 1 | 6.00% | 12/1/2048 | NR | 2,300 | 2,416,817 | |||||||||
| Fremont CFD–Pacific Commons | 5.00% | 9/1/2045 | NR | 3,000 | 3,388,260 | |||||||||
| Grandview IDA–Grandview Crossing(b) | 5.75% | 12/1/2028 | NR | 1,000 | 180,000 | |||||||||
| Houston Co Coop Dist–Country Crossing(b) | 10.00% | 5/1/2039 | NR | 11,325 | 1,245,750 | (d) | ||||||||
| Inland Valley Redev Agy | 5.25% | 9/1/2037 | A- | 3,375 | 3,879,056 | |||||||||
| Miami World Ctr CDD | 5.25% | 11/1/2049 | NR | 2,000 | 2,197,160 | |||||||||
| North Las Vegas Special Improv Dist–Vall | 4.50% | 6/1/2039 | NR | 500 | 530,030 | |||||||||
| North Las Vegas Special Improv Dist–Vall | 4.625% | 6/1/2043 | NR | 500 | 530,455 | |||||||||
| North Las Vegas Special Improv Dist–Vall | 4.625% | 6/1/2049 | NR | 765 | 806,050 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2037 | NR | 750 | 815,190 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2046 | NR | 2,850 | 3,075,606 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 5.00% | 8/1/2046 | NR | 5,000 | 5,291,650 | |||||||||
| NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2031 | BBB | 6,110 | 6,127,841 | |||||||||
| Orange Co CFD–Esencia | 5.25% | 8/15/2045 | NR | 1,950 | 2,231,834 | |||||||||
| See Notes to Financial Statements. | 103 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| PA COPS | 4.00% | 7/1/2046 | A2 | $ | 3,175 | $ | 3,511,836 | |||||||
| Peninsula Town Center† | 5.00% | 9/1/2037 | NR | 875 | 984,261 | |||||||||
| Peninsula Town Center† | 5.00% | 9/1/2045 | NR | 2,250 | 2,494,013 | |||||||||
| Plaza Met Dist #1† | 5.00% | 12/1/2040 | NR | 2,500 | 2,621,300 | |||||||||
| Prairie Ctr Met Dist #3† | 5.00% | 12/15/2041 | NR | 3,475 | 3,679,260 | |||||||||
| Prince George CO† | 5.00% | 7/1/2046 | NR | 5,000 | 5,348,500 | |||||||||
| Prince George CO Spec Ob–Westphalia Proj† | 5.125% | 7/1/2039 | NR | 1,100 | 1,222,727 | |||||||||
| Prince George CO Spec Ob–Westphalia Proj† | 5.25% | 7/1/2048 | NR | 3,000 | 3,332,400 | |||||||||
| River Islands PFA–CFD 2003 | 5.50% | 9/1/2045 | NR | 2,925 | 3,182,839 | |||||||||
| River Islands PFA–CFD 2003 | 5.50% | 9/1/2045 | NR | 6,505 | 7,078,416 | |||||||||
| San Mateo CFD–Bay Meadows | 5.00% | 9/1/2042 | NR | 2,000 | 2,135,560 | |||||||||
| San Mateo CFD–Bay Meadows | 5.50% | 9/1/2044 | NR | 1,500 | 1,623,465 | |||||||||
| Scranton RDA GTD | 5.00% | 11/15/2028 | BB+ | 5,000 | 5,170,400 | |||||||||
| Southlands Met Dist #1 | 5.00% | 12/1/2047 | Ba1 | 2,000 | 2,246,000 | |||||||||
| Sparks Tourism Impt Dist | 6.75% | 6/15/2028 | Ba2 | 5,500 | 5,629,965 | |||||||||
| St Louis IDA–Ballpark Vlg | 4.75% | 11/15/2047 | NR | 4,875 | 5,320,087 | |||||||||
| Stone Canyon CID(b) | 5.70% | 4/1/2022 | NR | 1,485 | 386,100 | |||||||||
| Tern Bay CDD(b) | 5.375% | 5/1/2037 | NR | 420 | 420,193 | |||||||||
| Velocity Met District | 5.375% | 12/1/2039 | NR | 6,320 | 6,749,886 | |||||||||
| Velocity Met District | 5.50% | 12/1/2048 | NR | 12,680 | 13,537,041 | |||||||||
| Village CDD #10 | 6.00% | 5/1/2044 | NR | 895 | 1,016,102 | |||||||||
| Village CDD #12† | 4.25% | 5/1/2043 | NR | 7,495 | 8,003,611 | |||||||||
| Village CDD #12† | 4.375% | 5/1/2050 | NR | 2,995 | 3,206,058 | |||||||||
| West Villages Unit #7 | 4.75% | 5/1/2039 | NR | 1,750 | 1,816,815 | |||||||||
| West Villages Unit #7 | 5.00% | 5/1/2050 | NR | 3,090 | 3,218,822 | |||||||||
| Total | 147,117,666 | |||||||||||||
| Tax Revenue 5.45% | ||||||||||||||
| American Samoa GO† | 6.50% | 9/1/2028 | Ba3 | 2,750 | 3,078,735 | |||||||||
| Coop Dist Ft Spanish–Hwy 181 | 9.00% | 2/1/2029 | NR | 765 | 878,656 | |||||||||
| Gtr Wenatchee Regl Events Ctr | 5.50% | 9/1/2042 | NR | 3,150 | 3,244,531 | |||||||||
| Met Pier & Expo Auth–McCormick Place | Zero Coupon | 12/15/2054 | BBB | 21,595 | 5,603,255 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 6/15/2050 | BBB | 8,035 | 8,138,812 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 6/15/2052 | BBB | 2,830 | 2,970,368 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 6/15/2053 | BBB | 6,035 | 6,579,357 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 6/15/2057 | BBB | 10,000 | 11,121,300 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.25% | 6/15/2050 | BBB | 5,000 | 5,073,200 | |||||||||
| 104 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Met Pier & Expo Auth–McCormick Place | 5.50% | 6/15/2053 | BBB | $ | 9,150 | $ | 10,229,425 | |||||||
| Met Pier & Expo Auth–McCormick Place (AGM) | Zero Coupon | 12/15/2052 | AA | 5,250 | 1,606,500 | |||||||||
| Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC) | Zero Coupon | 12/15/2036 | BBB | 20,000 | 11,517,200 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 898 | 784,744 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 1,714 | 1,366,144 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 1,671 | 1,242,255 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 3,596 | 2,478,615 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 5,283 | 3,332,358 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 33,226 | 8,852,403 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 18,942 | 3,695,395 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 14,127 | 14,373,940 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 1,774 | 1,899,493 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 279 | 285,278 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 1,105 | 1,142,084 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 19,345 | 20,118,800 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 3,659 | 3,805,689 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 38,857 | 41,060,969 | |||||||||
| Reno NV–ReTRAC-Reno Trans† | Zero Coupon | 7/1/2058 | NR | 18,500 | 1,736,040 | |||||||||
| Virgin ISlands PFA–Matching Fund | 5.00% | 10/1/2029 | Caa2 | 2,960 | 2,972,965 | |||||||||
| Total | 179,188,511 | |||||||||||||
| Tobacco 8.82% | ||||||||||||||
| Buckeye Tobacco | Zero Coupon | 6/1/2047 | NR | 91,300 | 5,547,388 | |||||||||
| Buckeye Tobacco | Zero Coupon | 6/1/2052 | NR | 100,000 | 4,326,000 | |||||||||
| Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 39,155 | 39,155,392 | |||||||||
| Buckeye Tobacco | 5.75% | 6/1/2034 | B- | 11,155 | 11,171,509 | |||||||||
| Buckeye Tobacco | 5.875% | 6/1/2030 | B- | 11,000 | 11,026,290 | |||||||||
| Buckeye Tobacco | 5.875% | 6/1/2047 | B- | 21,565 | 21,659,886 | |||||||||
| CA Statewide Fin Auth–Tobacco Settlement | Zero Coupon | 6/1/2046 | NR | 22,650 | 4,389,117 | |||||||||
| Golden St Tobacco | Zero Coupon | 6/1/2047 | CCC+ | 25,000 | 4,246,500 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 18,275 | 18,751,978 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 24,380 | 25,016,318 | |||||||||
| Golden St Tobacco | 5.25% | 6/1/2047 | NR | 14,175 | 14,603,227 | |||||||||
| Golden St Tobacco | 5.30% | 6/1/2037 | B+ | 5,000 | 5,203,800 | |||||||||
| Inland Empire Tobacco† | Zero Coupon | 6/1/2057 | CCC | 47,000 | 2,047,790 | |||||||||
| See Notes to Financial Statements. | 105 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tobacco (continued) | ||||||||||||||
| LA Co Tobacco | Zero Coupon | 6/1/2046 | NR | $ | 10,000 | $ | 1,729,700 | |||||||
| MI Tob Settlement | Zero Coupon | 6/1/2058 | NR | 50,000 | 1,738,500 | |||||||||
| MI Tob Settlement | 5.125% | 6/1/2022 | B- | 2,060 | 2,063,378 | |||||||||
| MI Tob Settlement | 5.25% | 6/1/2022 | B- | 3,220 | 3,225,216 | |||||||||
| MI Tob Settlement | 6.00% | 6/1/2034 | B- | 5,000 | 5,031,850 | |||||||||
| Monroe Tobacco | Zero Coupon | 6/1/2061 | NR | 22,900 | 766,234 | |||||||||
| Nassau Co Tobacco | 5.00% | 6/1/2035 | B- | 3,170 | 3,148,729 | |||||||||
| Nassau Co Tobacco | 5.25% | 6/1/2026 | B- | 4,000 | 3,999,800 | |||||||||
| Nthrn AK Tobacco | 5.00% | 6/1/2032 | B3 | 5,025 | 5,033,040 | |||||||||
| Nthrn AK Tobacco | 5.00% | 6/1/2046 | B3 | 2,640 | 2,644,198 | |||||||||
| Nthrn CA Tobacco | Zero Coupon | 6/1/2045 | CCC | 27,500 | 3,425,675 | |||||||||
| Nthrn CA Tobacco | 5.50% | 6/1/2045 | B- | 5,280 | 5,303,971 | |||||||||
| RI Tob Settlement | Zero Coupon | 6/1/2052 | CCC+ | 25,885 | 3,497,581 | |||||||||
| Rockland Tobacco† | Zero Coupon | 8/15/2060 | NR | 41,035 | 1,865,451 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2056 | NR | 20,000 | 1,474,200 | |||||||||
| Sthrn CA Tobacco | Zero Coupon | 6/1/2046 | CCC | 10,000 | 1,225,400 | |||||||||
| Sthrn CA Tobacco | Zero Coupon | 6/1/2046 | CCC | 15,000 | 2,197,800 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 6.625% | 6/1/2044 | NR | 5,200 | 5,488,132 | |||||||||
| Tobacco Settlement Auth IA | 5.375% | 6/1/2038 | B+ | 6,220 | 6,221,368 | |||||||||
| Tobacco Settlement Auth IA | 5.50% | 6/1/2042 | B+ | 2,880 | 2,880,605 | |||||||||
| Tobacco Settlement Fin Corp DC | Zero Coupon | 6/15/2055 | NR | 20,000 | 950,200 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BBB | 7,440 | 8,208,924 | |||||||||
| Tobacco Settlement Fin Corp VA | Zero Coupon | 6/1/2047 | CCC | 7,500 | 794,925 | |||||||||
| Tobacco Settlement Fin Corp VA | Zero Coupon | 6/1/2047 | CCC+ | 39,410 | 4,584,171 | |||||||||
| Tobacco Settlement Fin Corp VA | 5.00% | 6/1/2047 | B- | 13,230 | 13,272,072 | |||||||||
| TSASC | 5.00% | 6/1/2036 | A- | 280 | 328,818 | |||||||||
| TSASC | 5.00% | 6/1/2045 | B+ | 2,040 | 2,036,940 | |||||||||
| TSASC | 5.00% | 6/1/2048 | NR | 29,670 | 29,521,057 | |||||||||
| Total | 289,803,130 | |||||||||||||
| Transportation 6.97% | ||||||||||||||
| Bay Area Toll Auth | 3.00% | 4/1/2054 | AA- | 7,500 | 7,576,800 | |||||||||
| Broward Co Arpt AMT | 5.125% | 10/1/2038 | A+ | 2,835 | 3,152,605 | |||||||||
| CA Muni Fin Auth–LINXS AMT | 4.00% | 12/31/2047 | BBB+ | (e) | 9,200 | 9,954,768 | ||||||||
| Chicago O’Hare Arpt | 4.00% | 1/1/2044 | A | 10,000 | 11,129,700 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2031 | A | 2,985 | 3,194,487 | |||||||||
| Chicago O’Hare Arpt AMT | 5.00% | 1/1/2053 | A | 6,535 | 7,746,328 | |||||||||
| CT Airport Auth–Ground Trans Proj AMT | 4.00% | 7/1/2049 | A- | 2,850 | 3,116,275 | |||||||||
| 106 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Denver City & Co Arpt AMT | 5.50% | 11/15/2025 | A | $ | 3,410 | $ | 3,950,758 | |||||||
| E470 Pub Hwy Auth | Zero Coupon | 9/1/2037 | A | 5,000 | 2,995,050 | |||||||||
| E470 Pub Hwy Auth (NPFGC)(FGIC) | Zero Coupon | 9/1/2031 | A | 25,000 | 18,571,250 | |||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | A- | 4,500 | 3,046,365 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 3.50% | #(c) | 1/15/2053 | A- | 16,980 | 17,784,003 | ||||||||
| Foothill / Eastern Corridor Toll Rd | 5.75% | 1/15/2046 | A- | 1,000 | 1,161,860 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | A- | 5,000 | 5,883,650 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2053 | A- | 6,915 | 8,126,577 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.50% | 1/15/2043 | BBB+ | 2,000 | 2,372,660 | |||||||||
| Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2035 | BB | 3,000 | 3,362,010 | |||||||||
| IL State GO | 5.00% | 11/1/2027 | BBB- | 4,500 | 5,153,625 | |||||||||
| Kansas City IDA–Kansas City Intl Airport AMT | 5.00% | 3/1/2054 | A | 6,665 | 7,900,824 | |||||||||
| MD EDC–Ports America Chesapeake AMT | 5.00% | 6/1/2044 | Baa3 | 250 | 300,450 | |||||||||
| MD EDC–Ports America Chesapeake AMT | 5.00% | 6/1/2049 | Baa3 | 750 | 896,445 | |||||||||
| MI Strategic Fund–I-75 AMT (AGM) | 4.50% | 6/30/2048 | AA | 3,000 | 3,364,200 | |||||||||
| Mid Bay Bridge Auth | 7.25% | 10/1/2034 | AAA | (e) | 5,900 | 6,573,721 | ||||||||
| NJ Trans Trust Fund | 6.00% | 6/15/2035 | BBB+ | 2,700 | 2,881,359 | |||||||||
| North TX Twy Auth | 4.25% | 1/1/2049 | A | 5,525 | 6,204,078 | |||||||||
| NY Trans Dev Corp–Delta AMT | 4.00% | 1/1/2036 | Baa3 | 4,130 | 4,515,783 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | 10,000 | 11,162,200 | |||||||||
| OH St Trpk | Zero Coupon | 2/15/2043 | Aa3 | 7,730 | 3,891,282 | |||||||||
| PA Tpk Commn | 4.00% | 12/1/2049 | A3 | 3,500 | 3,840,550 | |||||||||
| PA Tpk Commn | 5.00% | 12/1/2044 | A3 | 4,500 | 5,454,855 | |||||||||
| PR Hwy & Trans Auth(b) | 5.00% | 7/1/2020 | C | 6,035 | 2,481,894 | |||||||||
| PR Hwy & Trans Auth(b) | 5.00% | 7/1/2022 | C | 1,545 | 635,381 | |||||||||
| PR Hwy & Trans Auth(b) | 5.00% | 7/1/2028 | C | 1,015 | 139,563 | |||||||||
| Reno NV–ReTRAC-Reno Trans† | Zero Coupon | 7/1/2058 | NR | 33,500 | 4,803,230 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2049 | BBB+ | 5,000 | 5,656,700 | |||||||||
| South Carolina Ports AMT | 5.25% | 7/1/2055 | A+ | 5,000 | 5,736,300 | |||||||||
| TX Surface Trans Corp–NTE Seg 3C AMT | 5.00% | 6/30/2058 | Baa3 | 24,250 | 28,342,915 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2036 | Baa3 | 1,050 | 567,221 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2040 | Baa3 | 1,100 | 471,900 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2047 | Baa3 | 1,000 | 293,140 | |||||||||
| TX Trans Comm–Hwy 249 | Zero Coupon | 8/1/2048 | Baa3 | 1,000 | 278,190 | |||||||||
| TX Trans Comm–Hwy 249 | 5.00% | 8/1/2057 | Baa3 | 2,375 | 2,789,675 | |||||||||
| VA Small Bus Fing–Elizabeth River AMT | 6.00% | 1/1/2037 | BBB | 1,230 | 1,363,504 | |||||||||
| Total | 228,824,131 | |||||||||||||
| See Notes to Financial Statements. | 107 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities 7.75% | ||||||||||||||
| Burke Co Dev–Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | $ | 4,705 | $ | 5,040,843 | |||||||
| Burke Co Dev–Oglethorpe Power | 4.125% | 11/1/2045 | BBB+ | 14,290 | 15,310,020 | |||||||||
| CA Poll Ctl–Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 2,250 | 2,703,532 | |||||||||
| Campbell Co Solid Wste–Basin Elec | 3.625% | 7/15/2039 | A | 11,875 | 12,726,081 | |||||||||
| Central Plains–Goldman Sachs | 5.00% | 9/1/2042 | BBB+ | 3,860 | 5,290,323 | |||||||||
| Charlotte Co IDA–Babcock Ranch AMT† | 5.00% | 10/1/2034 | NR | 1,000 | 1,108,220 | |||||||||
| Charlotte Co IDA–Babcock Ranch AMT† | 5.00% | 10/1/2049 | NR | 5,500 | 6,008,420 | |||||||||
| CO Public Auth–ML | 6.50% | 11/15/2038 | A2 | 5,255 | 8,025,856 | |||||||||
| Compton Water | 6.00% | 8/1/2039 | NR | 3,710 | 3,721,019 | |||||||||
| Detroit Water | 5.25% | 7/1/2041 | AA- | 5,000 | 5,301,400 | |||||||||
| GA Muni Elec Auth–MEAG | 5.00% | 1/1/2048 | BBB+ | 2,000 | 2,304,120 | |||||||||
| GA Muni Elec Auth–MEAG | 5.00% | 1/1/2059 | BBB+ | 2,000 | 2,263,080 | |||||||||
| Guam Waterworks Auth | 5.50% | 7/1/2043 | A- | 2,535 | 2,788,424 | |||||||||
| HI Dept Budget–Hawaiian Electric | 3.20% | 7/1/2039 | Baa2 | 15,515 | 15,920,562 | |||||||||
| Jefferson Co Sewer | Zero Coupon | 10/1/2039 | BBB | 5,000 | 4,837,600 | |||||||||
| Jefferson Co Sewer | Zero Coupon | 10/1/2046 | BBB | 5,445 | 5,246,639 | |||||||||
| Jefferson Co Sewer | 6.00% | 10/1/2042 | BBB | 7,175 | 8,541,479 | |||||||||
| Jefferson Co Sewer | 6.50% | 10/1/2053 | BBB | 20,050 | 24,166,465 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2028 | AA | 4,035 | 2,833,538 | |||||||||
| Jefferson Co Sewer (AGM) | Zero Coupon | 10/1/2042 | AA | 5,000 | 4,862,000 | |||||||||
| Jefferson Co Sewer (AGM) | 5.00% | 10/1/2044 | AA | 5,070 | 5,726,920 | |||||||||
| KY Muni Pwr–Prairie State Proj | 4.00% | 9/1/2045 | Baa1 | 5,710 | 6,129,970 | |||||||||
| Long Beach Nat Gas–ML | 5.50% | 11/15/2037 | A2 | 8,345 | 11,824,698 | |||||||||
| Maricopa Cnty Poll Cntrl–El Paso Elec | 3.60% | 2/1/2040 | BBB | 5,080 | 5,365,648 | |||||||||
| Maricopa Cnty Poll Cntrl–El Paso Elec | 3.60% | 4/1/2040 | BBB | 3,000 | 3,169,950 | |||||||||
| Moraine Ohio Solid Waste Disp Escrow AMT(b) | 6.75% | 12/31/2025 | NR | 525 | 53 | (i) | ||||||||
| PR Aqueduct & Swr Auth | 4.25% | 7/1/2025 | Ca | 4,255 | 4,361,375 | |||||||||
| PR Aqueduct & Swr Auth | 5.00% | 7/1/2033 | Ca | 5,445 | 5,683,219 | |||||||||
| PR Aqueduct & Swr Auth | 5.125% | 7/1/2037 | Ca | 3,495 | 3,656,644 | |||||||||
| PR Aqueduct & Swr Auth | 5.25% | 7/1/2042 | Ca | 10,845 | 11,373,694 | |||||||||
| PR Aqueduct & Swr Auth | 6.00% | 7/1/2038 | Ca | 5,040 | 5,109,300 | |||||||||
| PR Aqueduct & Swr Auth | 6.00% | 7/1/2047 | Ca | 2,520 | 2,680,650 | |||||||||
| PR Elec Pwr Auth(b) | 5.00% | 7/1/2042 | D | 4,975 | 3,980,000 | |||||||||
| PR Elec Pwr Auth(b) | 5.05% | 7/1/2042 | D | 3,425 | 2,740,000 | |||||||||
| PR Elec Pwr Auth(b) | 5.25% | 7/1/2024 | D | 2,000 | 1,605,000 | |||||||||
| PR Elec Pwr Auth(b) | 5.25% | 7/1/2040 | D | 17,690 | 14,196,225 | |||||||||
| PR Elec Pwr Auth(b) | 5.50% | 7/1/2038 | D | 1,530 | 1,229,738 | |||||||||
| 108 | See Notes to Financial Statements. |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| PR Elec Pwr Auth(b) | 5.75% | 7/1/2036 | D | $ | 3,040 | $ | 2,447,200 | |||||||
| Salt Verde Fin Corp–Citi | 5.00% | 12/1/2037 | A3 | 12,670 | 17,091,830 | |||||||||
| Texas Water Dev Brd | 4.00% | 10/15/2037 | AAA | 6,350 | 7,283,704 | |||||||||
| Total | 254,655,439 | |||||||||||||
| Total Municipal Bonds (cost $3,059,523,408) | 3,254,034,808 | |||||||||||||
| Interest Rate# | Interest Rate Reset Date(j) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 1.24% | ||||||||||||||||
| Variable Rate Demand Notes 1.24% | ||||||||||||||||
| General Obligation 0.31% | ||||||||||||||||
| CA State GO | 1.48% | 10/1/2019 | 5/1/2034 | AA+ | 10,260 | 10,260,000 | ||||||||||
| Special Tax 0.07% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2042 | AAA | 2,500 | 2,500,000 | ||||||||||
| Tax Revenue 0.42% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2045 | AAA | 10,225 | 10,225,000 | ||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 5/1/2034 | AAA | 3,550 | 3,550,000 | ||||||||||
| Total | 13,775,000 | |||||||||||||||
| Utilities 0.44% | ||||||||||||||||
| NYC Muni Water | 1.82% | 10/1/2019 | 8/1/2031 | AAA | 9,165 | 9,165,000 | ||||||||||
| NYC Wtr & Swr | 1.76% | 10/1/2019 | 6/15/2045 | AAA | 5,200 | 5,200,000 | ||||||||||
| Total | 14,365,000 | |||||||||||||||
| Total Short-Term Investments (cost $40,900,000) | 40,900,000 | |||||||||||||||
| Total Investments in Securities 100.28% (cost $3,100,423,408) | 3,294,934,808 | |||||||||||||||
| Liabilities in Excess of Cash and Other Assets(k) (0.28%) | (9,257,302 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 3,285,677,506 | ||||||||||||||
| See Notes to Financial Statements. | 109 |
Schedule of Investments (continued)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| COP | Certificates of Participation. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| GTD | Guaranteed. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| TCRS | Transferable Custodial Receipts. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $663,701,242, which represents 20.20% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| ~ | Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate. | |
| (a) | Unaudited. | |
| (b) | Defaulted (non-income producing security). | |
| (c) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (d) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (e) | This investment has been rated by Fitch IBCA. | |
| (f) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (g) | Stub Rights issued in connection with a plan of reorganization. | |
| (h) | Security is perpetual in nature and has no stated maturity. | |
| (i) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security fair valued by the Pricing Committee. | |
| (j) | 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. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (k) | Liabilities in Excess of Cash and Other Assets include net unrealized appreciation on futures contracts as follows: |
Open Futures Contracts at September 30, 2019:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | |||||||||||
| U.S. Long Bond | December 2019 | 448 | Short | $ | (73,877,185 | ) | $ | (72,716,000 | ) | $1,161,185 | |||||||
| 110 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| Corporate-Backed | $ | – | $ | 363,874,329 | $ | 7,986,600 | $ | 371,860,929 | ||||||||
| Health Care | – | 821,481,632 | 3,003,798 | 824,485,430 | ||||||||||||
| Lease Obligations | – | 147,185,016 | 587,860 | 147,772,876 | ||||||||||||
| Other Revenue | – | 191,614,727 | 8,149,572 | 199,764,299 | ||||||||||||
| Special Tax | – | 145,413,962 | 1,703,704 | 147,117,666 | ||||||||||||
| Utilities | – | 254,655,386 | 53 | 254,655,439 | ||||||||||||
| Remaining Industries | – | 1,308,378,169 | – | 1,308,378,169 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 40,900,000 | – | 40,900,000 | ||||||||||||
| Total | $ | – | $ | 3,273,503,221 | $ | 21,431,587 | $ | 3,294,934,808 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 1,161,185 | $ | – | $ | – | $ | 1,161,185 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 1,161,185 | $ | – | $ | – | $ | 1,161,185 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | |||
| Balance as of October 1, 2018 | $ | 28,339,570 | ||
| Accrued Discounts (Premiums) | 7,217 | |||
| Realized Gain (Loss) | (185,279 | ) | ||
| Change in Unrealized Appreciation (Depreciation) | (635,321 | ) | ||
| Purchases | – | |||
| Sales | (320,000 | ) | ||
| Transfers into Level 3 | 12,653,825 | |||
| Transfers out of Level 3 | (18,428,425 | ) | ||
| Balance as of September 30, 2019 | $ | 21,431,587 | ||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2019, related to Level 3 investments held at September 30, 2019 | $ | (635,321 | ) | |
| See Notes to Financial Statements. | 111 |
Schedule of Investments
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 99.07% | ||||||||||||||
| Corporate-Backed 19.77% | ||||||||||||||
| AL IDA–Office Max Rmkt AMT | 6.45% | #(b) | 12/1/2023 | B1 | $ | 675 | $ | 685,179 | ||||||
| AL IDA–Office Max Rmkt AMT | 6.45% | #(b) | 12/1/2023 | B1 | 970 | 984,628 | ||||||||
| Allegheny Co IDA–US Steel | 6.55% | 12/1/2027 | B | 1,000 | 1,051,230 | |||||||||
| Allegheny Co IDA–US Steel | 6.75% | 11/1/2024 | B | 720 | 722,383 | |||||||||
| Arista Met District | 4.375% | 12/1/2028 | NR | 500 | 535,855 | |||||||||
| Bucks Cnty IDA- Waste Mgmt AMT | 2.75% | #(b) | 12/1/2022 | A- | 1,000 | 1,030,860 | ||||||||
| Build NYC Res Corp–Pratt Paper AMT† | 3.75% | 1/1/2020 | NR | 110 | 110,507 | |||||||||
| Build NYC Res Corp–Pratt Paper AMT† | 4.50% | 1/1/2025 | NR | 250 | 276,045 | |||||||||
| CA MFA–Waste Mgmt AMT(c) | 2.40% | #(b) | 10/1/2044 | A- | 1,500 | 1,512,120 | ||||||||
| Downtown Doral CDD† | 3.875% | 12/15/2023 | NR | 250 | 253,505 | |||||||||
| Downtown Doral CDD† | 4.25% | 12/15/2028 | NR | 250 | 259,505 | |||||||||
| FL DFC–Waste Pro AMT† | 5.00% | 5/1/2029 | NR | 700 | 773,269 | |||||||||
| Greater Orlando Aviation–Jet Blue AMT | 5.00% | 11/15/2026 | NR | 100 | 108,520 | |||||||||
| Houston Arpt–Continental Airlines AMT | 5.00% | 7/15/2020 | BB | 1,000 | 1,021,280 | |||||||||
| Houston Arpt–Continental Airlines AMT | 5.00% | 7/1/2029 | BB | 250 | 280,287 | |||||||||
| Houston Arpt–United Airlines AMT | 5.00% | 7/15/2028 | BB | 1,000 | 1,200,770 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 3.125% | 12/1/2022 | B+ | 750 | 760,950 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.00% | 12/1/2019 | B+ | 3,400 | 3,415,504 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co | 5.25% | 12/1/2025 | B+ | 4,035 | 4,404,243 | |||||||||
| IA Fin Auth–Iowa Fertilizer Co† | 5.875% | 12/1/2027 | B+ | 200 | 210,258 | |||||||||
| IN Fin Auth–US Steel | 6.00% | 12/1/2019 | B | 1,020 | 1,026,722 | |||||||||
| IN Fin Auth–US Steel | 6.00% | 12/1/2026 | B | 560 | 570,304 | |||||||||
| Int Falls MN–Office Max | 5.50% | 4/1/2023 | B1 | 1,010 | 1,025,231 | |||||||||
| LA Env Facs–Westlake Chem | 3.50% | 11/1/2032 | BBB | 3,620 | 3,855,445 | |||||||||
| LA Env Facs–Westlake Chem | 6.50% | 8/1/2029 | BBB | 170 | 177,150 | |||||||||
| LA Env Facs–Westlake Chem | 6.50% | 11/1/2035 | BBB | 810 | 852,055 | |||||||||
| LA St John Parish–Marathon Oil(c) | 2.20% | #(b) | 6/1/2037 | BBB | 750 | 756,187 | ||||||||
| Love Field Arpt–Southwest Airlines AMT | 5.00% | 11/1/2022 | A3 | 285 | 314,267 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2029 | A3 | 1,250 | 1,551,337 | |||||||||
| Main St Nat Gas–RBC | 2.15% (MUNIPSA * 1 + .57% | )# | 8/1/2048 | Aa2 | 1,325 | 1,314,917 | ||||||||
| Matagorda Co Nav Dist–AEP TX Central | 2.60% | 11/1/2029 | A- | 725 | 747,127 | |||||||||
| MI Strategic Fd–Waste Mgmt AMT | 2.85% | #(b) | 8/1/2027 | A- | 1,000 | 1,022,760 | ||||||||
| Mission Econ Dev Corp–Natgasoline AMT† | 4.625% | 10/1/2031 | BB- | 1,250 | 1,358,050 | |||||||||
| Montgomery Co IDA–Peco Generation AMT | 2.70% | #(b) | 10/1/2034 | BBB+ | 1,500 | 1,508,955 | ||||||||
| Nez Perce Co Poll Ctl–Potlatch | 2.75% | 10/1/2024 | BBB- | 2,835 | 2,952,114 | |||||||||
| NH Bus Fin Auth- United Illuminating | 2.80% | #(b) | 10/1/2033 | A- | 1,000 | 1,046,390 | ||||||||
| 112 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| NH Fin Auth–Casella Waste AMT† | 2.95% | #(b) | 4/1/2029 | B | $ | 2,300 | $ | 2,300,000 | ||||||
| NH National Fin Auth–Covanta AMT† | 4.00% | 11/1/2027 | B1 | 1,025 | 1,086,049 | |||||||||
| Niagara Area Dev Corp–Covanta† | 3.50% | 11/1/2024 | B1 | 1,100 | 1,151,139 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.125% | 9/15/2023 | BB | 500 | 538,205 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.25% | 9/15/2029 | BB | 750 | 822,540 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.50% | 4/1/2028 | BB | 115 | 115,311 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.625% | 11/15/2030 | BB | 2,200 | 2,537,502 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.25% | 1/1/2025 | BBB | 160 | 183,600 | |||||||||
| NY Env Facs–Casella Waste AMT† | 3.125% | #(b) | 12/1/2044 | B | 1,000 | 1,028,200 | ||||||||
| NY Liberty Dev Corp–3 WTC† | 5.15% | 11/15/2034 | NR | 100 | 112,402 | |||||||||
| NY Trans Dev Corp–American Airlines AMT | 5.00% | 8/1/2026 | BB- | 6,540 | 6,876,025 | |||||||||
| NYC IDA–TRIPS AMT | 5.00% | 7/1/2022 | BBB+ | 1,000 | 1,088,470 | |||||||||
| OH Air Dev Auth–AEP AMT(c) | 2.60% | #(b) | 6/1/2041 | Baa1 | 500 | 502,375 | ||||||||
| OH Air Dev Auth–OVEC | 2.875% | 2/1/2026 | BB+ | 700 | 709,044 | |||||||||
| OH Air Dev Auth–OVEC | 3.25% | 9/1/2029 | BB+ | 750 | 776,400 | |||||||||
| OH Air Quality–Pratt Paper AMT† | 3.75% | 1/15/2028 | NR | 450 | 488,340 | |||||||||
| OH St Wtr Dev Auth–US Steel | 6.60% | 5/1/2029 | B | 150 | 157,125 | |||||||||
| Overland Pk Dev–Conv Ctr (AMBAC) | 5.125% | 1/1/2022 | BB | 140 | 140,241 | |||||||||
| PA Econ Dev Facs–Waste Mgmt AMT | 2.15% | #(b) | 7/1/2041 | A- | 1,000 | 1,013,070 | ||||||||
| Port Seattle IDC–Delta Airlines AMT | 5.00% | 4/1/2030 | BBB- | 1,100 | 1,206,788 | |||||||||
| Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 3,235 | 3,499,526 | |||||||||
| St Charles Parish–Valero Energy | 4.00% | #(b) | 12/1/2040 | BBB | 710 | 748,730 | ||||||||
| Tulsa Mun Arpt–American Airlines AMT | 5.00% | #(b) | 6/1/2035 | BB- | 400 | 451,684 | ||||||||
| Tuscaloosa IDA–Hunt Refining Proj† | 4.50% | 5/1/2032 | NR | 4,275 | 4,782,742 | |||||||||
| Warren Co–Intl Paper | 2.90% | #(b) | 9/1/2032 | BBB | 750 | 779,415 | ||||||||
| Whiting Env Facs–BP AMT | 5.00% | #(b) | 12/1/2044 | A1 | 500 | 593,990 | ||||||||
| Whiting Env Facs–BP AMT | 5.00% | #(b) | 11/1/2045 | A1 | 1,170 | 1,285,245 | ||||||||
| WI PFA–American Dream† | 5.00% | 12/1/2027 | NR | 2,000 | 2,261,360 | |||||||||
| WI PFA–TRIPS AMT | 5.00% | 7/1/2022 | BBB+ | 425 | 445,910 | |||||||||
| WI Pub Fin Auth–Celanese AMT | 5.00% | 1/1/2024 | BBB | 500 | 555,170 | |||||||||
| WI Pub Fin Auth–Celanese AMT | 5.00% | 12/1/2025 | BBB | 2,490 | 2,874,232 | |||||||||
| WI Pub Fin Auth Solid–Waste Mgmt AMT | 2.00% | #(b) | 7/1/2029 | A- | 1,500 | 1,510,020 | ||||||||
| Total | 82,296,759 | |||||||||||||
| Education 5.63% | ||||||||||||||
| AZ Edu Fac–Odyssey Prep† | 4.00% | 7/1/2029 | BB- | 500 | 514,760 | |||||||||
| AZ IDA–Academy of Math & Science Proj† | 5.00% | 7/1/2029 | BB | 750 | 822,427 | |||||||||
| CA Muni Fin–Julian Chtr Sch† | 5.00% | 3/1/2025 | B+ | 250 | 257,710 | |||||||||
| See Notes to Financial Statements. | 113 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| CA Muni Fin Auth- William Jessup U | 5.00% | 8/1/2024 | NR | $ | 735 | $ | 822,362 | |||||||
| Cap Trust Ed Facs–Advantage Charter Scho | 4.00% | 12/15/2024 | Baa3 | 500 | 529,460 | |||||||||
| Cap Trust Ed Facs–Advantage Charter Scho | 5.00% | 12/15/2029 | Baa3 | 400 | 449,072 | |||||||||
| Cap Trust Ed Facs–Renaissance CharterAdvantage Academy of Hillsborough, Inc.† | 4.00% | 6/15/2029 | NR | 1,000 | 1,035,050 | |||||||||
| Chester Co Hlth & Ed–Immaculata Univ | 5.00% | 11/1/2022 | BB | (d) | 630 | 668,323 | ||||||||
| Chicago Brd Ed | 5.00% | 12/1/2019 | BB- | 550 | 552,546 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB- | 1,500 | 1,626,105 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 4.625% | 8/15/2025 | NR | 100 | 108,402 | |||||||||
| FL HI Ed–Jacksonville Univ† | 4.50% | 6/1/2033 | NR | 500 | 546,450 | |||||||||
| Frederick Co Ed Fac–Mount St Mary’s Univ† | 5.00% | 9/1/2027 | BB+ | 2,250 | 2,582,572 | |||||||||
| Glenville Clg | 3.25% | 6/1/2022 | NR | 545 | 543,191 | |||||||||
| Glenville Clg | 4.00% | 6/1/2027 | NR | 900 | 919,422 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2021 | Baa3 | 150 | 150,174 | |||||||||
| IL Fin Auth–IL Inst of Tech | 5.00% | 4/1/2031 | Baa3 | 390 | 391,240 | |||||||||
| MA DFA–Emerson Clg | 5.00% | 1/1/2024 | BBB+ | 500 | 567,200 | |||||||||
| Marietta Dev Auth–Life Univ† | 5.00% | 11/1/2027 | Ba3 | 1,000 | 1,178,430 | |||||||||
| Multnomah Co Hsp Facs–Mirabella | 5.00% | 10/1/2024 | NR | 200 | 223,850 | |||||||||
| NY Dorm–Pace Univ | 4.00% | 5/1/2022 | BBB- | 245 | 259,617 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2021 | BBB- | 530 | 558,207 | |||||||||
| NY Dorm–Yeshiva Univ | 4.00% | 11/1/2025 | B3 | 95 | 98,911 | |||||||||
| NY Dorm–Yeshiva Univ | 4.00% | 11/1/2026 | B3 | 145 | 150,819 | |||||||||
| NY Dorm–Yeshiva Univ | 5.00% | 11/1/2021 | B3 | 685 | 728,395 | |||||||||
| NY Dorm–Yeshiva Univ | 5.00% | 9/1/2027 | BBB- | 1,595 | 1,598,972 | |||||||||
| NY Dorm–Yeshiva Univ | 5.00% | 9/1/2028 | BBB- | 595 | 596,410 | |||||||||
| NYC IDA–Yankee Stadium (FGIC) | 2.701% (CPI Based | )# | 3/1/2027 | Baa1 | 1,610 | 1,636,420 | ||||||||
| OH Hgr Ed Facs–Dayton Univ (AMBAC) | 2.963% (CPI Based | )# | 12/1/2022 | A+ | 1,865 | 1,898,589 | ||||||||
| Pima IDA–American Leadership Acad† | 4.00% | 6/15/2022 | NR | 1,405 | 1,432,046 | |||||||||
| Total | 23,447,132 | |||||||||||||
| Financial Services 1.34% | ||||||||||||||
| MA Ed Fin Auth AMT | 5.00% | 7/1/2025 | AA | 2,000 | 2,350,080 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.35% | 12/1/2029 | Aaa | 3,000 | 3,208,380 | |||||||||
| Total | 5,558,460 | |||||||||||||
| General Obligation 12.43% | ||||||||||||||
| Atlantic City GO (BAM) | 5.00% | 3/1/2022 | AA | 245 | 264,046 | |||||||||
| 114 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Chicago Brd Ed | Zero Coupon | 12/1/2025 | BB- | $ | 1,000 | $ | 839,010 | |||||||
| Chicago Brd Ed | 4.00% | 12/1/2020 | BB- | 1,000 | 1,021,360 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB- | 1,175 | 1,238,086 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2022 | BB- | 1,290 | 1,359,260 | |||||||||
| Chicago Brd Ed | 4.00% | 12/1/2027 | BB- | 1,250 | 1,355,662 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2022 | BB- | 1,830 | 1,983,848 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2023 | BB- | 1,670 | 1,848,122 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2024 | BB- | 2,000 | 2,247,560 | |||||||||
| Chicago Brd Ed | 5.00% | 12/1/2027 | BB- | 1,500 | 1,756,800 | |||||||||
| Chicago Brd Ed | 7.00% | 12/1/2026 | BB- | 100 | 126,188 | |||||||||
| Chicago Brd Ed (AGM) | 5.00% | 12/1/2027 | AA | 1,000 | 1,204,230 | |||||||||
| Chicago Brd Ed (NPFGC)(FGIC) | Zero Coupon | 12/1/2026 | Baa2 | 1,175 | 965,274 | |||||||||
| Chicago Brd Ed (NPFGC)(FGIC) | 5.00% | 12/1/2019 | Baa2 | 450 | 452,205 | |||||||||
| Chicago GO | 4.00% | 1/1/2022 | BBB+ | 205 | 216,888 | |||||||||
| Chicago GO | 4.50% | 1/1/2020 | BBB+ | 700 | 704,039 | |||||||||
| Chicago GO | 5.00% | 12/1/2019 | BBB+ | 625 | 627,894 | |||||||||
| Chicago GO | 5.00% | 1/1/2021 | BBB+ | 325 | 327,853 | |||||||||
| Chicago GO | 5.00% | 1/1/2024 | BBB+ | 1,415 | 1,495,330 | |||||||||
| Chicago GO | 5.00% | 1/1/2024 | BBB+ | 2,830 | 3,117,698 | |||||||||
| Chicago GO | 5.25% | 1/1/2022 | BBB+ | 1,330 | 1,411,782 | |||||||||
| Cook Co GO | 5.00% | 11/15/2022 | AA- | 335 | 368,326 | |||||||||
| IL State GO | 5.00% | 1/1/2020 | BBB- | 1,010 | 1,017,363 | |||||||||
| IL State GO | 5.00% | 2/1/2020 | BBB- | 1,175 | 1,186,315 | |||||||||
| IL State GO | 5.00% | 4/1/2020 | BBB- | 565 | 573,063 | |||||||||
| IL State GO | 5.00% | 7/1/2020 | BBB- | 790 | 806,874 | |||||||||
| IL State GO | 5.00% | 7/1/2021 | BBB- | 835 | 875,715 | |||||||||
| IL State GO | 5.00% | 11/1/2021 | BBB- | 3,300 | 3,489,057 | |||||||||
| IL State GO | 5.00% | 11/1/2025 | BBB- | 2,000 | 2,261,540 | |||||||||
| IL State GO | 5.00% | 12/1/2026 | Baa3 | 3,000 | 3,450,090 | |||||||||
| IL State GO | 5.00% | 11/1/2028 | BBB- | 4,405 | 5,033,990 | |||||||||
| New Haven GO | 5.00% | 8/1/2025 | BBB+ | 580 | 672,087 | |||||||||
| Philadelphia Sch Dist | 5.00% | 9/1/2025 | A2 | 200 | 236,936 | |||||||||
| PR Comwlth GO(e) | 4.00% | 7/1/2021 | Ca | 860 | 547,175 | |||||||||
| PR Comwlth GO(e) | 5.50% | 7/1/2017 | NR | 110 | 79,063 | (f) | ||||||||
| PR Comwlth GO(e) | 5.50% | 7/1/2019 | NR | 265 | 190,469 | (f) | ||||||||
| PR Comwlth GO(e) | 8.00% | 7/1/2035 | Ca | 2,000 | 1,207,500 | |||||||||
| PR Comwlth GO (AGC) | 1.04% (CPI Based | )# | 7/1/2020 | AA | 325 | 324,694 | ||||||||
| See Notes to Financial Statements. | 115 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| PR Comwlth GO (NPFGC)(FGIC) | 5.50% | 7/1/2020 | Baa2 | $ | 230 | $ | 234,722 | |||||||
| PR Comwlth GO TCRS (AMBAC) | 4.50% | 7/1/2023 | Ca | 670 | 674,502 | |||||||||
| PR Elec Pwr Auth (NPFGC)(FGIC) | 5.25% | 7/1/2023 | Baa2 | 1,690 | 1,793,529 | |||||||||
| PR Pub Bldg Auth (NPFGC)(FGIC) GTD | 6.00% | 7/1/2023 | Baa2 | 1,500 | 1,631,085 | |||||||||
| PR Pub Bldg Auth GTD(e) | 5.50% | 7/1/2023 | Ca | 55 | 46,338 | |||||||||
| PR Pub Bldg Auth GTD(e) | 5.50% | 7/1/2027 | Ca | 245 | 212,844 | |||||||||
| VT EDA–Casella Waste AMT† | 4.625% | #(b) | 4/1/2036 | B | 250 | 284,917 | ||||||||
| Total | 51,761,329 | |||||||||||||
| Health Care 19.55% | ||||||||||||||
| Antelope Valley Hlth | 5.00% | 3/1/2021 | Ba3 | 105 | 107,644 | |||||||||
| Atlanta Dev Auth–Georgia Proton Ctr | 6.00% | 1/1/2023 | NR | 2,000 | 2,044,060 | |||||||||
| AZ St Hlth Facs- Banner Health | 2.364% (3 Mo. LIBOR * .67 + .81% | )# | 1/1/2037 | AA- | 3,325 | 3,258,866 | ||||||||
| Blaine Sr Hsg & Hlthcare–Crest View | 5.125% | 7/1/2025 | NR | 275 | 279,560 | |||||||||
| CA Stwde–Daughters of Charity | 5.50% | 7/1/2022 | CC | 105 | 104,742 | |||||||||
| CA Stwde–Daughters of Charity | 5.75% | 7/1/2024 | CC | 655 | 653,369 | |||||||||
| CA Stwde–Loma Linda Univ Med† | 5.00% | 12/1/2031 | BB- | 1,000 | 1,151,030 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.00% | 12/1/2025 | BB- | 1,000 | 1,154,430 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.00% | 12/1/2026 | BB- | 1,070 | 1,257,967 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.00% | 12/1/2028 | BB- | 275 | 330,594 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2029 | BB- | 1,000 | 1,147,830 | |||||||||
| Calcasieu Parish Hsp Rev- Lake Charles Mem | 5.00% | 12/1/2028 | BB+ | 1,600 | 1,932,848 | |||||||||
| City of Atlantic Beach Fl–Fleet Landing | 3.00% | 11/15/2023 | BBB | (d) | 1,000 | 1,006,400 | ||||||||
| City of Oroville- Oroville Hsp | 5.00% | 4/1/2026 | BB+ | 1,255 | 1,457,996 | |||||||||
| City of Oroville- Oroville Hsp | 5.00% | 4/1/2029 | BB+ | 900 | 1,091,844 | |||||||||
| CO Hlt Facs–Christian Living(c) | 4.00% | 1/1/2027 | NR | 200 | 222,290 | |||||||||
| CO Hlt Facs–Christian Living(c) | 4.00% | 1/1/2028 | NR | 245 | 274,554 | |||||||||
| CO Hlth Facs–Fraiser Meadows | 5.00% | 5/15/2021 | BB+ | (d) | 810 | 849,447 | ||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.00% | 2/15/2023 | Baa3 | 1,500 | 1,634,865 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.00% | 2/15/2028 | NR | 500 | 589,765 | |||||||||
| Cuyahoga Co Hsp–Metrohealth | 5.00% | 2/15/2030 | NR | 1,900 | 2,215,286 | |||||||||
| Denver Hlth & Hsp Auth | 2.53% (3 Mo. LIBOR * .67 + 1.10% | )# | 12/1/2033 | BBB | 295 | 294,979 | ||||||||
| Dev Auth of Floyd Cnty–Spires at Berry | 5.50% | 12/1/2028 | NR | 1,000 | 1,039,490 | |||||||||
| Franklin Co IDA–Menno-Haven | 5.00% | 12/1/2026 | NR | 500 | 569,195 | |||||||||
| Gaithersburg Eco Dev–Asbury | 6.00% | 1/1/2023 | BBB | (d) | 500 | 505,360 | ||||||||
| Glendale IDA–Beatitudes | 4.00% | 11/15/2027 | NR | 160 | 167,331 | |||||||||
| 116 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Glendale IDA–Beatitudes | 5.00% | 11/15/2023 | NR | $ | 1,715 | $ | 1,846,935 | |||||||
| Guadalupe Co–Seguin City Hospital | 4.00% | 12/1/2026 | BB | 350 | 371,101 | |||||||||
| Guadalupe Co–Seguin City Hospital | 5.00% | 12/1/2022 | BB | 250 | 266,590 | |||||||||
| Guadalupe Co–Seguin City Hospital | 5.00% | 12/1/2023 | BB | 1,280 | 1,387,571 | |||||||||
| Hanover Co EDA–Covenant Woods | 3.625% | 7/1/2028 | NR | 575 | 594,837 | |||||||||
| Howard Co Retmt Cmnty–Vantage House | 5.00% | 4/1/2021 | NR | 170 | 174,522 | |||||||||
| Howard Co Retmt Cmnty–Vantage House | 5.00% | 4/1/2021 | NR | 320 | 328,464 | |||||||||
| ID HFA–Madison Mem Hosp | 5.00% | 9/1/2023 | BB+ | 1,795 | 1,977,372 | |||||||||
| ID HFA–Madison Mem Hosp | 5.00% | 9/1/2029 | BB+ | 710 | 816,216 | |||||||||
| IL Fin Auth–Plymouth Place | 5.00% | 5/15/2025 | BB+ | (d) | 125 | 138,929 | ||||||||
| IL Fin Auth–Three Crowns Park | 3.25% | 2/15/2022 | NR | 380 | 383,139 | |||||||||
| Kanabec Co Hlth–Firstlight Hlth | 2.75% | 12/1/2019 | NR | 1,400 | 1,400,532 | |||||||||
| King Co Pub Hsp–Snoqualmie Vly Hsp | 5.00% | 12/1/2025 | NR | 100 | 104,177 | |||||||||
| Kirkwood IDA–Aberdeen Hts | 5.00% | 5/15/2022 | BB | (d) | 800 | 851,848 | ||||||||
| Kirkwood IDA–Aberdeen Hts | 5.25% | 5/15/2028 | BB | (d) | 1,135 | 1,329,675 | ||||||||
| Kirkwood IDA–Aberdeen Hts | 8.00% | 5/15/2021 | NR | 185 | 192,489 | |||||||||
| Lancaster Co Hosp Auth–Bretheren Village | 5.00% | 7/1/2023 | BB+ | (d) | 700 | 755,944 | ||||||||
| Lenexa KS Hlth Facs–Lakeview Village | 5.00% | 5/15/2024 | BB+ | (d) | 1,895 | 2,113,569 | ||||||||
| MA Hlth & Edu Facs–Trinity Hlth | 2.266% (3 Mo. LIBOR * .67 + .82% | )# | 11/15/2032 | AA- | 1,860 | 1,853,434 | ||||||||
| MD Hlth & HI Ed–Adventist | 5.00% | 1/1/2021 | Baa3 | 600 | 624,894 | |||||||||
| ME Hlth & Hi Ed–MaineGeneral Hlth | 7.50% | 7/1/2032 | Ba3 | 475 | 520,923 | |||||||||
| Mesquite Hlth–Christian Care Ctrs | 5.00% | 2/15/2026 | BB+ | (d) | 1,000 | 1,027,370 | ||||||||
| Montgomery Co IDA–Einstein Hlthcare | 5.00% | 1/15/2022 | Ba1 | 250 | 265,583 | |||||||||
| Montgomery Co IDA–Trinity Health | 2.276% (3 Mo. LIBOR * .67 + .83% | )# | 11/15/2034 | AA- | 1,835 | 1,840,340 | ||||||||
| Montgomery Co IDA–Whitemarsh | 4.00% | 1/1/2023 | NR | 2,000 | 2,051,500 | |||||||||
| Muskingum Co Hsp–Genesis Hlthcare | 4.00% | 2/15/2023 | BB+ | 1,500 | 1,586,430 | |||||||||
| Muskingum Co Hsp–Genesis Hlthcare | 5.00% | 2/15/2021 | BB+ | 275 | 285,244 | |||||||||
| New Hope Cult Ed Facs–Carillon | 3.00% | 7/1/2020 | NR | 585 | 583,742 | |||||||||
| New Hope Cult Ed Facs–Carillon | 4.00% | 7/1/2028 | NR | 2,620 | 2,650,811 | |||||||||
| NJ EDA–Lions Gate | 4.00% | 1/1/2020 | NR | 325 | 325,660 | |||||||||
| NJ EDA–Lions Gate | 4.375% | 1/1/2024 | NR | 700 | 716,373 | |||||||||
| NJ Hlth–St Peters Univ Hsp | 5.00% | 7/1/2021 | BB+ | 225 | 234,185 | |||||||||
| NJ Hlth–St Peters Univ Hsp | 5.75% | 7/1/2037 | BB+ | 160 | 160,549 | |||||||||
| Norfolk Redev & Hsg Auth–Harbor’s Edge | 4.00% | 1/1/2025 | NR | 2,000 | 2,000,660 | |||||||||
| NY Dorm–Orange Reg Med Ctr† | 5.00% | 12/1/2022 | BBB- | 200 | 218,864 | |||||||||
| NY Dorm–Orange Reg Med Ctr† | 5.00% | 12/1/2022 | BBB- | 500 | 547,000 | |||||||||
| See Notes to Financial Statements. | 117 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Oconee CO IDA–Westminster Pres Vlg Proj | 5.50% | 12/1/2028 | NR | $ | 2,000 | $ | 2,036,120 | |||||||
| OK DFA–OU Med | 5.00% | 8/15/2022 | Baa3 | 235 | 255,107 | |||||||||
| OK DFA–OU Med | 5.00% | 8/15/2023 | Baa3 | 340 | 378,712 | |||||||||
| OU MedOK DFA OK DFA–OU Med | 5.00% | 8/15/2024 | Baa3 | 1,400 | 1,597,988 | |||||||||
| Palm Beach Co Hlth–Sinai Residences | 6.75% | 6/1/2024 | NR | 330 | 369,168 | |||||||||
| Palomar Health | 5.00% | 11/1/2031 | BBB | 750 | 878,437 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2023 | BBB- | 1,000 | 1,103,950 | |||||||||
| Philadelphia Hsps–Temple Univ Hlth | 5.00% | 7/1/2029 | BBB- | 2,185 | 2,587,543 | |||||||||
| Philadelphia IDA–Wesley | 5.00% | 7/1/2032 | BB | (d) | 500 | 569,760 | ||||||||
| Pinellas Co IDA–Patel Foundation | 5.00% | 7/1/2029 | NR | 1,450 | 1,739,231 | |||||||||
| Rochester Hlth & Hsg–Homestead | 5.00% | 12/1/2025 | NR | 700 | 756,518 | |||||||||
| San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2026 | BB | 775 | 875,200 | |||||||||
| San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2031 | BB | 500 | 562,825 | |||||||||
| SC Jobs EDA–Hampton Regl Med | 5.00% | 11/1/2021 | NR | 670 | 706,140 | |||||||||
| SC Jobs EDA–Hampton Regl Med | 5.00% | 11/1/2022 | NR | 700 | 753,683 | |||||||||
| SC Jobs EDA–Hampton Regl Med | 5.00% | 11/1/2023 | NR | 740 | 809,412 | |||||||||
| SE Port Auth–Memorial Hlth | 5.00% | 12/1/2022 | BB- | (d) | 325 | 338,494 | ||||||||
| SE Port Auth–Memorial Hlth | 5.00% | 12/1/2023 | BB- | (d) | 100 | 108,855 | ||||||||
| Tarrant Co Cultural–Buckingham(e) | 4.50% | 11/15/2021 | D | 695 | 486,500 | |||||||||
| Tarrant Co Cultural–Buckner | 3.875% | 11/15/2022 | NR | 410 | 410,266 | |||||||||
| Tempe IDA–ASU Mirabella† | 4.00% | 10/1/2023 | NR | 1,575 | 1,592,372 | |||||||||
| Tulsa Co Industrial Auth–Montereau | 5.00% | 11/15/2023 | BBB- | (d) | 230 | 257,053 | ||||||||
| WA Hlth Fac Auth–CommonSpirit | 5.00% | #(b) | 8/1/2049 | BBB+ | 2,000 | 2,373,160 | ||||||||
| WA Hsg–Transforming Age(c) | 2.375% | 1/1/2026 | BB | (d) | 425 | 425,463 | ||||||||
| WI Hlth & Ed–American Baptist | 3.50% | 8/1/2022 | NR | 685 | 693,357 | |||||||||
| WI Hlth & Ed–American Baptist | 4.375% | 8/1/2027 | NR | 225 | 238,777 | |||||||||
| WI PFA–Bancroft Neuro† | 4.00% | 6/1/2020 | NR | 635 | 640,296 | |||||||||
| Total | 81,413,601 | |||||||||||||
| Housing 2.50% | ||||||||||||||
| CA Stwde–College of the Arts Student Hsg† | 5.00% | 7/1/2024 | BB+ | 500 | 546,225 | |||||||||
| Ca Stwde–Lancer Student Hsg† | 3.00% | 6/1/2029 | NR | 750 | 773,093 | |||||||||
| MA DFA–Newbridge† | 3.50% | 10/1/2022 | BB+ | (d) | 600 | 625,698 | ||||||||
| Montgomery Co Hsg | 4.00% | 7/1/2048 | Aa2 | 835 | 892,907 | |||||||||
| NC State Hsg Fin Agy | 4.00% | 7/1/2047 | AA+ | 820 | 875,760 | |||||||||
| NJ Hsg and Mtg Fin Auth | 4.50% | 10/1/2048 | AA | 1,320 | 1,461,319 | |||||||||
| NYC IDA–Yankee Stadium (FGIC) | 2.631% (CPI Based | )# | 3/1/2021 | Baa1 | 630 | 634,807 | ||||||||
| PA Hsg Fin Auth AMT | 4.00% | 4/1/2039 | AA+ | 830 | 872,977 | |||||||||
| 118 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| Phoenix IDA–ASU Std Hsg | 5.00% | 7/1/2026 | Baa3 | $ | 640 | $ | 755,718 | |||||||
| Roanoke Co EDA–Richfield Living | 4.25% | 9/1/2024 | NR | 1,555 | 1,585,525 | |||||||||
| Roanoke Co EDA–Richfield Living | 4.75% | 9/1/2029 | NR | 1,335 | 1,399,294 | |||||||||
| Total | 10,423,323 | |||||||||||||
| Lease Obligations 4.67% | ||||||||||||||
| Aviation Station | 4.00% | 12/1/2029 | NR | 500 | 516,340 | |||||||||
| KY Ppty & Bldgs Commn–Proj #112 | 5.00% | 11/1/2024 | A1 | 1,000 | 1,162,930 | |||||||||
| NJ EDA–Sch Facs | 2.83% (MUNIPSA * 1 + 1.25% | )# | 9/1/2025 | BBB+ | 2,030 | 2,029,107 | ||||||||
| NJ EDA–Sch Facs | 3.13% (MUNIPSA * 1 + 1.55% | )# | 9/1/2027 | BBB+ | 385 | 386,351 | ||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2023 | BBB+ | 2,005 | 2,214,683 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2023 | BBB+ | 3,415 | 3,800,861 | |||||||||
| NJ EDA–Sch Facs | 5.50% | 9/1/2021 | BBB+ | 320 | 337,235 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2023 | BBB+ | 1,000 | 1,129,590 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2026 | BBB+ | 3,300 | 3,913,404 | |||||||||
| NJ Trans Trust Fund(c) | 5.00% | 6/15/2029 | BBB+ | 3,000 | 3,615,840 | |||||||||
| PA COPS | 5.00% | 7/1/2024 | A2 | 300 | 346,140 | |||||||||
| Total | 19,452,481 | |||||||||||||
| Other Revenue 5.99% | ||||||||||||||
| Arlington Hi Ed Fin Corp–Newman Intl Acad | 4.375% | 8/15/2026 | NR | 240 | 250,538 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr | 5.00% | 7/15/2030 | Baa3 | 2,000 | 2,377,340 | |||||||||
| CA Sch Fin Auth–Green Dot Charter† | 5.00% | 8/1/2025 | BBB- | 150 | 175,251 | |||||||||
| CA Sch Fin Auth–Green Dot Charter† | 5.00% | 8/1/2026 | BBB- | 150 | 178,784 | |||||||||
| CA Sch Fin Auth–Green Dot Charter† | 5.00% | 8/1/2027 | BBB- | 160 | 194,566 | |||||||||
| Chester Co IDA–Collegium Charter Sch | 3.70% | 10/15/2022 | BB | 1,000 | 1,009,280 | |||||||||
| Cleveland Co Port Auth–Playhouse Sq | 5.00% | 12/1/2028 | BB+ | 1,450 | 1,623,246 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 5.25% | 8/15/2026 | NR | 1,600 | 1,787,808 | |||||||||
| Clifton Higher Ed–Intl Ldrshp Sch | 5.25% | 8/15/2028 | NR | 1,915 | 2,125,650 | |||||||||
| FL Charter Foundation† | 4.00% | 7/15/2026 | NR | 750 | 768,712 | |||||||||
| FL DFC–Renaissance Chtr Sch† | 5.00% | 6/15/2025 | NR | 135 | 142,344 | |||||||||
| FL DFC–Renaissance Chtr Sch | 7.00% | 6/15/2026 | B+ | (d) | 1,610 | 1,727,997 | ||||||||
| FL DFC–Renaissance Chtr Sch | 7.625% | 6/15/2041 | B+ | (d) | 250 | 267,613 | ||||||||
| Florence Twn IDA–Legacy Trad Sch | 5.00% | 7/1/2023 | Ba1 | 165 | 172,864 | |||||||||
| Houston Hi Ed–Cosmos Fndtn | 4.00% | 2/15/2022 | BBB | 385 | 395,934 | |||||||||
| Houston Hi Ed–Cosmos Fndtn | 5.875% | 5/15/2021 | BBB | 285 | 297,965 | |||||||||
| Jefferson Parish Econ Dev Dist–Kenner† | 4.80% | 6/15/2029 | NR | 2,000 | 2,137,740 | |||||||||
| Lowndes Co Poll Ctl–Weyerhaeuser | 6.80% | 4/1/2022 | BBB | 2,270 | 2,504,922 | |||||||||
| Main St Nat Gas–Macquarie | 5.00% | 5/15/2026 | A3 | 1,000 | 1,183,910 | |||||||||
| Main St Nat Gas–Ml | 5.00% | 3/15/2022 | A2 | 1,050 | 1,130,808 | |||||||||
| See Notes to Financial Statements. | 119 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Other Revenue (continued) | ||||||||||||||
| Maricopa Co IDA–Paradise Schools† | 2.875% | 7/1/2021 | BB+ | $ | 260 | $ | 260,489 | |||||||
| MD EDC–Chesapeake Bay Hyatt(e) | 5.00% | 12/1/2031 | NR | 1,500 | 950,625 | |||||||||
| Patriots Energy Group–RBC | 4.00% | #(b) | 10/1/2048 | Aa2 | 2,000 | 2,178,600 | ||||||||
| Phoenix IDA–Basis Schs† | 3.00% | 7/1/2020 | BB | 60 | 60,170 | |||||||||
| Phoenix IDA–Legacy Tradtl Schs† | 3.00% | 7/1/2020 | Ba1 | 95 | 95,081 | |||||||||
| Salt Verde Fin Corp–Citi | 5.25% | 12/1/2023 | A3 | 235 | 266,624 | |||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2027 | A3 | 250 | 274,138 | |||||||||
| UT Charter Sch Fin Auth–Freedom Academy† | 3.625% | 6/15/2021 | NR | 240 | 240,050 | |||||||||
| Yonkers EDC–Charter Sch Ed Excellence | 6.00% | 10/15/2030 | BB | 165 | 170,318 | |||||||||
| Total | 24,949,367 | |||||||||||||
| Special Tax 3.08% | ||||||||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2022 | Ba3 | 1,550 | 1,651,029 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2023 | Ba3 | 250 | 271,990 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2027 | Ba3 | 1,250 | 1,457,050 | |||||||||
| Allentown Neighborhood Impt† | 5.00% | 5/1/2028 | NR | 2,000 | 2,257,000 | (f) | ||||||||
| Celebration Pointe CDD† | 4.00% | 5/1/2022 | NR | 270 | 275,441 | |||||||||
| North Las Vegas Special Improv Dist–Vall | 3.50% | 6/1/2023 | NR | 110 | 113,009 | |||||||||
| North Las Vegas Special Improv Dist–Vall | 3.50% | 6/1/2024 | NR | 120 | 123,380 | |||||||||
| North Las Vegas Special Improv Dist–Vall | 3.75% | 6/1/2025 | NR | 150 | 156,293 | |||||||||
| Nthrn Palm Bch Co Impt Dist | 3.25% | 8/1/2022 | NR | 580 | 587,499 | |||||||||
| NYC IDA–Yankee Stadium (FGIC) | 2.691% (CPI Based | )# | 3/1/2026 | Baa1 | 1,200 | 1,221,672 | ||||||||
| NYC IDA–Yankee Stadium (FGIC) | 2.681% (CPI Based | )# | 3/1/2025 | Baa1 | 925 | 942,371 | ||||||||
| Peninsula Town Center† | 4.00% | 9/1/2023 | NR | 220 | 229,225 | |||||||||
| Peninsula Town Center† | 4.50% | 9/1/2028 | NR | 680 | 753,460 | |||||||||
| Scranton RDA GTD | 5.00% | 11/15/2021 | BB+ | 440 | 453,442 | |||||||||
| Scranton RDA GTD | 5.00% | 11/15/2028 | BB+ | 255 | 263,690 | |||||||||
| Southlands Met Dist #1 | 3.00% | 12/1/2022 | Ba1 | 155 | 156,950 | |||||||||
| Sparks Tourism Impt Dist | 6.75% | 6/15/2028 | Ba2 | 150 | 153,545 | |||||||||
| Village CDD #12 | 2.875% | 5/1/2021 | NR | 335 | 338,209 | |||||||||
| Village CDD #12† | 3.25% | 5/1/2023 | NR | 500 | 511,160 | |||||||||
| West Villages Unit #7 | 4.00% | 5/1/2024 | NR | 400 | 405,636 | |||||||||
| West Villages Unit #7 | 4.25% | 5/1/2029 | NR | 500 | 517,180 | |||||||||
| Total | 12,839,231 | |||||||||||||
| Tax Revenue 3.02% | ||||||||||||||
| American Samoa GO† | 6.50% | 9/1/2028 | Ba3 | 1,000 | 1,119,540 | |||||||||
| Casino Reinv Dev Auth | 5.00% | 11/1/2020 | BBB+ | 520 | 535,579 | |||||||||
| Casino Reinv Dev Auth | 5.00% | 11/1/2022 | BBB+ | 350 | 375,655 | |||||||||
| Gtr Wenatchee Regl Events Ctr | 4.125% | 9/1/2021 | NR | 485 | 494,700 | |||||||||
| 120 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2020 | BBB | $ | 840 | $ | 870,794 | |||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2022 | BBB | 1,110 | 1,114,063 | |||||||||
| Met Pier & Expo Auth–McCormick Place | 5.00% | 12/15/2022 | BBB | 1,275 | 1,383,388 | |||||||||
| Met Pier & Expo Auth–McCormick Place (NPFGC) (FGIC) | 5.50% | 12/15/2023 | BBB | 425 | 459,208 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 809 | 706,969 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 2,986 | 2,379,991 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 3,184 | 2,367,049 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 479 | 330,160 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 48 | 30,277 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 67 | 17,851 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 55 | 10,730 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 27 | 27,472 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 223 | 238,775 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 1 | 1,023 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 3 | 3,101 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 19 | 19,760 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 11 | 11,441 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 49 | 51,779 | |||||||||
| Total | 12,549,305 | |||||||||||||
| Tobacco 6.38% | ||||||||||||||
| Buckeye Tobacco | 5.125% | 6/1/2024 | B- | 8,290 | 8,290,083 | |||||||||
| Buckeye Tobacco | 5.375% | 6/1/2024 | B- | 3,100 | 3,100,248 | |||||||||
| CA Co Tobacco Sec–LA Co | 5.45% | 6/1/2028 | B2 | 1,000 | 1,017,810 | |||||||||
| Golden St Tobacco | 3.50% | 6/1/2036 | BBB | 3,045 | 3,101,241 | |||||||||
| MI Tob Settlement | 5.125% | 6/1/2022 | B- | 1,095 | 1,096,796 | |||||||||
| MI Tob Settlement | 5.25% | 6/1/2022 | B- | 30 | 30,048 | |||||||||
| Nassau Co Tobacco | 5.25% | 6/1/2026 | B- | 1,540 | 1,539,923 | |||||||||
| PA Tob Settlement | 5.00% | 6/1/2023 | A1 | 760 | 850,463 | |||||||||
| SD Edu Enhancement Fding Corp | 5.00% | 6/1/2024 | A | 775 | 859,638 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 5.375% | 6/1/2028 | NR | 2,010 | 2,010,723 | |||||||||
| TSASC | 5.00% | 6/1/2022 | BB+ | 4,400 | 4,651,284 | |||||||||
| Total | 26,548,257 | |||||||||||||
| Transportation 4.85% | ||||||||||||||
| Houston Arpt–Continental Airlines AMT | 4.50% | 7/1/2020 | BB | 1,600 | 1,632,960 | |||||||||
| Houston Arpt–Continental Airlines AMT | 4.75% | 7/1/2024 | BB | 1,405 | 1,527,839 | |||||||||
| Houston Arpt–United Airlines AMT | 5.00% | 7/15/2028 | BB | 1,000 | 1,200,770 | |||||||||
| IL State GO | 5.00% | 11/1/2027 | BBB- | 2,630 | 3,012,008 | |||||||||
| See Notes to Financial Statements. | 121 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| MD EDC–CNX Marine Terminals | 5.75% | 9/1/2025 | BB- | $ | 3,475 | $ | 3,566,254 | |||||||
| MD EDC–Maryland Port | 5.125% | 6/1/2020 | NR | 185 | 189,634 | |||||||||
| NJ EDA–Port Newark AMT | 5.00% | 10/1/2021 | Ba1 | 1,250 | 1,327,175 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2024 | Baa3 | 5,015 | 5,642,978 | |||||||||
| PR Hwy & Trans Auth(e) | 5.50% | 7/1/2024 | C | 45 | 18,506 | |||||||||
| PR Hwy & Trans Auth (AGC) | 4.00% | 7/1/2020 | AA | 225 | 227,979 | |||||||||
| PR Hwy & Trans Auth (AMBAC) | 2.768% (CPI Based | )# | 7/1/2028 | C | 1,980 | 1,836,450 | ||||||||
| Total | 20,182,553 | |||||||||||||
| Utilities 9.86% | ||||||||||||||
| Burke Co Dev–Oglethorpe Power | 3.00% | #(b) | 11/1/2045 | A- | 1,535 | 1,571,487 | ||||||||
| Charlotte County IDA–Babcock Ranch AMT† | 5.00% | 10/1/2029 | NR | 1,000 | 1,105,660 | |||||||||
| City of Rockport Poll Ctl–IN MI Pwr | 3.05% | 6/1/2025 | A- | 1,000 | 1,062,530 | |||||||||
| DE EDA–NRG Energy | 6.00% | 10/1/2040 | Baa3 | 2,600 | 2,725,970 | |||||||||
| HI Dept Budget–Hawaiian Electric AMT | 3.10% | 5/1/2026 | Baa2 | 3,525 | 3,689,653 | |||||||||
| Jefferson Co Sewer | 5.00% | 10/1/2021 | BBB | 1,300 | 1,383,954 | |||||||||
| KY Muni Pwr–Prairie State Proj | 3.45% | #(b) | 9/1/2042 | Baa1 | 850 | 877,183 | ||||||||
| KY Public Energy Auth–BP | 4.00% | #(b) | 1/1/2049 | A1 | 2,220 | 2,454,521 | ||||||||
| Northern CA Gas–Goldman Sachs | 4.00% | #(b) | 7/1/2049 | A3 | 1,050 | 1,142,106 | ||||||||
| Northern CA Gas–Morgan Stanley | 2.274% (3 Mo. LIBOR * .67 + .72% | )# | 7/1/2027 | A3 | 1,000 | 982,910 | ||||||||
| PR Aqueduct & Swr Auth | 4.25% | 7/1/2025 | Ca | 1,210 | 1,240,250 | |||||||||
| PR Aqueduct & Swr Auth | 4.50% | 7/1/2027 | Ca | 515 | 527,875 | |||||||||
| PR Aqueduct & Swr Auth | 5.00% | 7/1/2022 | Ca | 2,035 | 2,136,750 | |||||||||
| PR Elec Pwr Auth(e) | 4.10% | 7/1/2019 | NR | 240 | 183,300 | |||||||||
| PR Elec Pwr Auth(e) | 4.25% | 7/1/2020 | D | (d) | 970 | 768,725 | ||||||||
| PR Elec Pwr Auth(e) | 5.00% | 7/1/2018 | NR | 50 | 38,938 | |||||||||
| PR Elec Pwr Auth(e) | 5.25% | 7/1/2027 | D | (d) | 2,630 | 2,110,575 | ||||||||
| PR Elec Pwr Auth (AGM) | 5.00% | 7/1/2024 | AA | 145 | 148,993 | |||||||||
| PR Elec Pwr Auth (NPFGC)(FGIC) | 5.00% | 7/1/2021 | Baa2 | 100 | 101,226 | |||||||||
| SE AL Gas Dist–Goldman Sachs | 4.00% | #(b) | 4/1/2049 | A3 | 1,530 | 1,656,516 | ||||||||
| TEAC–Goldman Sachs | 4.00% | #(b) | 11/1/2049 | A3 | 6,305 | 6,979,824 | ||||||||
| TX Muni Gas Acq & Supply–Macquarie | 5.00% | 12/15/2029 | A3 | 1,800 | 1,968,570 | |||||||||
| WV EDA–Appalachian Pwr | 2.625% | #(b) | 12/1/2042 | A- | 750 | 771,667 | ||||||||
| WV EDA–Morgantown Energy AMT | 2.875% | 12/15/2026 | Baa3 | 2,725 | 2,755,029 | |||||||||
| WV EDA–Wheeling Pwr AMT | 3.00% | #(b) | 6/1/2037 | A- | 2,600 | 2,680,418 | ||||||||
| Total | 41,064,630 | |||||||||||||
| Total Municipal Bonds (cost $399,273,239) | 412,486,428 | |||||||||||||
| 122 | See Notes to Financial Statements. |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||||
| SHORT-TERM INVESTMENTS 1.61% | ||||||||||||||||
| Municipal Bond 0.24% | ||||||||||||||||
| Health Care 0.24% | ||||||||||||||||
| Montgomery Co IDA–Einstein Hlthcare (cost $1,008,136) | 5.00% | 1/15/2020 | Ba1 | $ | 1,000 | $ | 1,007,870 | |||||||||
| Interest Rate# | Interest Rate Reset Date(g) | Final Maturity Date | ||||||||||||||
| Variable Rate Demand Notes 1.37% | ||||||||||||||||
| Health Care 0.05% | ||||||||||||||||
| Methodist Le Bonheur (AGM) | 1.75% | 10/1/2019 | 6/1/2042 | AA | 200 | 200,000 | ||||||||||
| Special Tax 0.12% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2042 | AAA | 500 | 500,000 | ||||||||||
| Tax Revenue 0.12% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 2/1/2045 | AAA | 500 | 500,000 | ||||||||||
| Utilities 1.08% | ||||||||||||||||
| NYC Muni Wtr | 1.78% | 10/1/2019 | 6/15/2049 | AA+ | 1,500 | 1,500,000 | ||||||||||
| NYC Wtr & Swr | 1.76% | 10/1/2019 | 6/15/2045 | AAA | 3,000 | 3,000,000 | ||||||||||
| Total | 4,500,000 | |||||||||||||||
| Total Variable Rate Demand Notes (cost $5,700,000) | 5,700,000 | |||||||||||||||
| Total Short-Term Investments (cost $6,708,136) | 6,707,870 | |||||||||||||||
| Total Investments in Securities 100.68% (cost $405,981,375) | 419,194,298 | |||||||||||||||
| Liabilities in Excess of Cash and Other Assets(h) (0.68%) | (2,818,131 | ) | ||||||||||||||
| Net Assets 100.00% | $ | 416,376,167 | ||||||||||||||
| See Notes to Financial Statements. | 123 |
Schedule of Investments (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
| AGC | Insured by–Assured Guarantee Corporation. | |
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| GTD | Guaranteed. | |
| LIBOR | London Interbank Offered Rate. | |
| MUNIPSA | SIFMA Municipal Swap Index Yield. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. | |
| TCRS | Transferable Custodial Receipt. |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $47,828,044, which represents 11.49% of net assets. | |
| (a) | Unaudited. | |
| (b) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (c) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | Defaulted (non-income producing security). | |
| (f) | Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (g) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (h) | Liabilities in Excess of Cash and Other Assets include net unrealized appreciation on futures contracts as follows: |
Open Futures Contracts at September 30, 2019:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||||
| U.S. 2-Year Treasury Note | December 2019 | 48 | Short | $ | (10,368,289 | ) | $ | (10,344,000 | ) | $ | 24,289 | |||||||||
| U.S. 10-Year Treasury Note | December 2019 | 34 | Short | (4,472,001 | ) | (4,430,625 | ) | 41,376 | ||||||||||||
| Total Unrealized Appreciation on Open Futures Contracts | $ | 65,665 | ||||||||||||||||||
| 124 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND September 30, 2019
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | ||||||||||||||||
| General Obligation | $ | – | $ | 51,491,797 | $ | 269,532 | $ | 51,761,329 | ||||||||
| Special Tax | – | 10,582,231 | 2,257,000 | 12,839,231 | ||||||||||||
| Remaining Industries | – | 347,885,868 | – | 347,885,868 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Municipal Bond | – | 1,007,870 | – | 1,007,870 | ||||||||||||
| Variable Rate Demand Notes | – | 5,700,000 | – | 5,700,000 | ||||||||||||
| Total | $ | – | $ | 416,667,766 | $ | 2,526,532 | $ | 419,194,298 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 65,665 | $ | – | $ | – | $ | 65,665 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 65,665 | $ | – | $ | – | $ | 65,665 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
| Investment Type | Municipal Bonds | ||||
| Balance as of October 1, 2018 | $ | 256,724 | |||
| Accrued Discounts (Premiums) | (1,248 | ) | |||
| Realized Gain (Loss) | – | ||||
| Change in Unrealized Appreciation (Depreciation) | 287,427 | ||||
| Purchases | 2,018,440 | ||||
| Sales | – | ||||
| Transfers into Level 3 | 221,913 | ||||
| Transfers out of Level 3 | (256,724 | ) | |||
| Balance as of September 30, 2019 | $ | 2,526,532 | |||
| Change in unrealized appreciation/depreciation for the year ended September 30, 2019, related to Level 3 investments held at September 30, 2019 | $ | 287,427 | |||
| See Notes to Financial Statements. | 125 |
Schedule of Investments
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 97.38% | ||||||||||||||
| Corporate-Backed 2.19% | ||||||||||||||
| CA MFA–Waste Mgmt(b) | 2.40% | #(c) | 10/1/2044 | A- | $ | 4,250 | $ | 4,284,340 | ||||||
| CA Poll Ctl–Poseidon Res AMT† | 5.00% | 11/21/2045 | Baa3 | 2,410 | 2,576,290 | |||||||||
| CA Poll Ctl–Waste Mgmt AMT | 4.30% | 7/1/2040 | A- | 110 | 124,562 | |||||||||
| Long Beach Nat Gas–ML | 5.00% | 11/15/2029 | A2 | 900 | 1,133,793 | |||||||||
| San Francisco Arpt–SFO Fuel AMT | 5.00% | 1/1/2038 | A1 | 1,315 | 1,610,007 | |||||||||
| Total | 9,728,992 | |||||||||||||
| Education 8.47% | ||||||||||||||
| CA Dev Auth–Culinary Institute | 5.00% | 7/1/2036 | Baa2 | 400 | 465,920 | |||||||||
| CA Dev Auth–Culinary Institute | 5.00% | 7/1/2041 | Baa2 | 380 | 438,102 | |||||||||
| CA Dev Auth–Culinary Institute | 5.00% | 7/1/2046 | Baa2 | 880 | 1,010,715 | |||||||||
| CA Ed Fac Auth–Loyola Marymount Univ | 5.00% | 10/1/2048 | A2 | 1,000 | 1,221,830 | |||||||||
| CA Ed Facs–ArtCenter College of Design | 5.00% | 12/1/2044 | Baa1 | 1,500 | 1,802,730 | |||||||||
| CA Ed Facs–Chapman Univ | 4.00% | 4/1/2047 | A2 | 1,800 | 1,961,946 | |||||||||
| CA Ed Facs–Chapman Univ | 5.00% | 4/1/2040 | A2 | 1,000 | 1,164,920 | |||||||||
| CA Ed Facs–Loyola Marymount Univ (NPFGC)(FGIC) | Zero Coupon | 10/1/2029 | A2 | 550 | 443,944 | |||||||||
| CA Ed Facs–Loyola Marymount Univ (NPFGC)(FGIC) | Zero Coupon | 10/1/2033 | A2 | 1,670 | 1,179,772 | |||||||||
| CA Ed Facs–Santa Clara Univ | 5.00% | 4/1/2039 | Aa3 | 1,000 | 1,162,110 | |||||||||
| CA Ed Facs–Stanford Univ | 5.00% | 5/1/2049 | AAA | 3,000 | 4,653,630 | |||||||||
| CA Ed Facs–Univ of San Francisco | 5.00% | 10/1/2037 | A2 | 1,000 | 1,244,450 | |||||||||
| CA Ed Facs–Univ of San Francisco | 5.00% | 10/1/2053 | A2 | 2,000 | 2,401,260 | |||||||||
| CA Fin Auth–Biola Univ | 5.00% | 10/1/2029 | Baa1 | 330 | 372,263 | |||||||||
| CA Fin Auth–Univ of San Diego | 5.00% | 10/1/2029 | A1 | 2,225 | 2,455,109 | |||||||||
| CA Infra & Econ Dev–UCSF | 5.00% | 5/15/2047 | AA | 1,470 | 1,792,856 | |||||||||
| CA MFA–Univ of La Verne | 5.00% | 6/1/2043 | A3 | 1,035 | 1,223,494 | |||||||||
| CA Muni Fin–Biola Univ | 5.00% | 10/1/2032 | Baa1 | 400 | 483,032 | |||||||||
| CA Muni Fin–Emerson Clg | 5.00% | 1/1/2042 | BBB+ | 3,090 | 3,661,372 | |||||||||
| CA Muni Fin–Julian Chtr Sch† | 5.625% | 3/1/2045 | B+ | 500 | 520,645 | |||||||||
| CA Sch Fin Auth–Green Dot Schs† | 5.00% | 8/1/2045 | NR | 500 | 560,210 | |||||||||
| CA Sch Fin Auth–KIPP LA† | 5.00% | 7/1/2045 | BBB | 540 | 605,734 | |||||||||
| Ripon USD (BAM) | 5.50% | 8/1/2043 | AA | 1,000 | 1,205,810 | |||||||||
| Univ of CA | 5.25% | 5/15/2047 | AA | 2,000 | 2,460,440 | |||||||||
| Univ of CA | 5.25% | 5/15/2058 | AA | 2,500 | 3,097,275 | |||||||||
| Total | 37,589,569 | |||||||||||||
| 126 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation 21.33% | ||||||||||||||
| Albany CA USD | 4.00% | 8/1/2046 | Aa3 | $ | 1,000 | $ | 1,098,400 | |||||||
| Allan Hancock CCD | 3.25% | 8/1/2044 | AA | 1,000 | 1,033,670 | |||||||||
| Banning Unified Sch Dist (AGM) | 5.25% | 8/1/2042 | AA | 1,115 | 1,366,767 | |||||||||
| Beverly Hills USD | 3.00% | 8/1/2044 | Aaa | 2,040 | 2,104,097 | |||||||||
| CA Emery USD | 3.00% | 8/1/2045 | Aa3 | 2,750 | 2,772,962 | |||||||||
| CA Lake Elsinore GO (BAM) | 4.00% | 8/1/2044 | AA | 1,000 | 1,112,480 | |||||||||
| CA St GO | 3.00% | 10/1/2033 | AA- | 1,250 | 1,337,200 | |||||||||
| CA State GO | 4.00% | 9/1/2035 | AA- | 1,145 | 1,296,495 | |||||||||
| CA State GO | 5.00% | 2/1/2032 | AA- | 2,000 | 2,167,920 | |||||||||
| CA State GO | 5.00% | 4/1/2032 | AA- | 2,200 | 3,012,020 | |||||||||
| CA State GO | 5.00% | 2/1/2033 | AA- | 1,000 | 1,083,480 | |||||||||
| CA State GO | 5.00% | 8/1/2038 | AA- | 1,565 | 1,885,309 | |||||||||
| CA State GO | 5.00% | 11/1/2047 | AA | (d) | 2,060 | 2,517,835 | ||||||||
| CA State GO | 5.25% | 10/1/2029 | AA- | 20 | 20,064 | |||||||||
| CA State GO | 5.25% | 8/1/2032 | AA- | 2,500 | 3,016,400 | |||||||||
| CA State GO | 5.25% | 10/1/2032 | AA- | 4,000 | 4,308,240 | |||||||||
| CA State GO | 5.25% | 4/1/2035 | AA- | 3,000 | 3,285,660 | |||||||||
| CA State GO | 5.25% | 10/1/2039 | Aa3 | 500 | 606,445 | |||||||||
| CA State GO | 5.50% | 3/1/2040 | AA- | 2,000 | 2,032,940 | |||||||||
| Carlsbad USD | 3.125% | 8/1/2048 | Aa1 | 1,000 | 1,022,660 | |||||||||
| Centinela UHSD (BAM) | 4.00% | 8/1/2052 | AA | 1,615 | 1,758,105 | |||||||||
| Centinela UHSD (BAM) | 5.00% | 8/1/2052 | AA | 2,000 | 2,417,760 | |||||||||
| Cupertino USD | 2.50% | 8/1/2033 | Aa1 | 740 | 755,126 | |||||||||
| Grossmont UHSD | 5.00% | 8/1/2043 | Aa2 | 1,250 | 1,417,287 | |||||||||
| Grossmont UHSD (AGM) | Zero Coupon | 6/1/2040 | AA | 2,000 | 814,420 | |||||||||
| Huntington Beach City SD | 4.00% | 8/1/2048 | Aa1 | 1,000 | 1,112,720 | |||||||||
| Imperial Unified Sch Dist (BAM) | 5.25% | 8/1/2043 | AA | 2,000 | 2,469,080 | |||||||||
| Irvine Unified School District | 4.00% | 9/1/2042 | Aa1 | 1,915 | 2,182,908 | |||||||||
| Irvine Unified School District | 5.50% | 9/1/2035 | Aa1 | 1,060 | 1,402,624 | |||||||||
| Irvine USD–Spl Tax (BAM) | 5.00% | 9/1/2038 | AA | 1,000 | 1,149,640 | |||||||||
| Irvine USD–Spl Tax (BAM) | 5.00% | 9/1/2056 | AA | 1,000 | 1,187,510 | |||||||||
| Long Beach USD | 3.00% | 8/1/2037 | Aa2 | 2,420 | 2,544,920 | |||||||||
| Marin Healthcare Dist | 4.00% | 8/1/2040 | Aa2 | 1,000 | 1,094,380 | |||||||||
| New Haven USD | 4.00% | 8/1/2047 | NR | 2,415 | 2,681,495 | |||||||||
| Newport Mesa USD | Zero Coupon | 8/1/2041 | Aaa | 1,325 | 635,165 | |||||||||
| Newport-Mesa USD | Zero Coupon | 8/1/2045 | Aaa | 2,000 | 800,120 | |||||||||
| North Orange CCD | 2.75% | 8/1/2036 | AA+ | 2,000 | 2,049,040 | |||||||||
| Oceanside USD | 4.00% | 8/1/2048 | Aa3 | 2,030 | 2,251,595 | |||||||||
| See Notes to Financial Statements. | 127 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Orange USD | 4.00% | 8/1/2047 | AA | $ | 1,000 | $ | 1,122,990 | |||||||
| Perris UHSD (AGM) | 3.00% | 9/1/2044 | AA | 1,000 | 1,020,190 | |||||||||
| Pleasanton CA USD | 3.00% | 8/1/2042 | Aa2 | 1,000 | 1,018,960 | |||||||||
| PR Comwlth GO(e) | 6.00% | 7/1/2039 | Ca | 2,000 | 1,477,500 | |||||||||
| San Benito HSD | Zero Coupon | 8/1/2041 | Aa3 | 1,640 | 740,772 | |||||||||
| San Benito HSD | Zero Coupon | 8/1/2042 | Aa3 | 1,795 | 774,166 | |||||||||
| San Benito HSD | Zero Coupon | 8/1/2043 | Aa3 | 2,600 | 1,071,512 | |||||||||
| San Diego USD | 3.25% | 7/1/2048 | Aa2 | 1,000 | 1,041,610 | |||||||||
| San Francisco Arpt AMT | 5.25% | 5/1/2042 | A+ | 1,000 | 1,204,040 | |||||||||
| San Francisco CCD | 5.00% | 6/15/2028 | Aa3 | 1,000 | 1,199,600 | |||||||||
| San Gorgonio Mem Hlthcare Dist | 5.00% | 8/1/2032 | Baa3 | 1,000 | 1,120,190 | |||||||||
| San Leandro Unified Sch Dist (BAM) | 5.25% | 8/1/2046 | AA | 1,750 | 2,149,262 | |||||||||
| San Rafael Elem Sch Dist | 4.00% | 8/1/2047 | Aa2 | 1,000 | 1,110,350 | |||||||||
| San Rafael HSD | 4.50% | 8/1/2042 | AA | 1,150 | 1,350,457 | |||||||||
| Santa Ana USD | 3.25% | 8/1/2042 | Aa3 | 500 | 524,415 | |||||||||
| Santa Barbara Unified Sch Dist | 4.00% | 8/1/2036 | Aa1 | 750 | 859,530 | |||||||||
| Santa Barbara USD | 4.00% | 8/1/2044 | Aa1 | 1,000 | 1,135,610 | |||||||||
| Santa Clara USD | 3.25% | 7/1/2044 | Aaa | 2,500 | 2,577,475 | |||||||||
| Santa Rita USD | 2.50% | 8/1/2031 | AA- | 1,235 | 1,261,861 | |||||||||
| Simi Valley USD | 4.00% | 8/1/2048 | Aa2 | 600 | 668,658 | |||||||||
| Simi Valley GO | 4.00% | 8/1/2046 | Aa2 | 1,065 | 1,190,191 | |||||||||
| Southwestern Community College Dist | Zero Coupon | 8/1/2041 | Aa2 | 1,100 | 608,366 | |||||||||
| Sweetwater UHSD (BAM) | 5.00% | 8/1/2027 | AA | 1,000 | 1,156,680 | |||||||||
| West Contra Costa USD | 4.00% | 8/1/2043 | AA- | 1,000 | 1,128,400 | |||||||||
| West Contra Costa USD | 6.00% | 8/1/2027 | AA- | 1,000 | 1,358,180 | |||||||||
| Total | 94,675,904 | |||||||||||||
| Health Care 14.67% | ||||||||||||||
| Abag Fin Auth–Eskaton Pptys | 5.00% | 11/15/2035 | BBB | 1,000 | 1,102,090 | |||||||||
| Abag Fin Auth–Sharp Hlthcare | 5.00% | 8/1/2043 | AA | 1,000 | 1,115,520 | |||||||||
| Adventist Health System–West | 5.00% | 3/1/2048 | A | 2,750 | 3,293,620 | |||||||||
| Antelope Valley Hlth | 5.25% | 3/1/2036 | Ba3 | 1,000 | 1,104,390 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 11/15/2029 | BBB+ | 1,000 | 1,105,220 | |||||||||
| CA Hlth–Childrens Hsp Los Angeles | 5.00% | 8/15/2047 | BBB+ | 1,000 | 1,173,390 | |||||||||
| CA Hlth–Childrens Hsp Orange Co | 4.00% | 11/1/2035 | AA- | 480 | 563,347 | |||||||||
| CA Hlth–Childrens Hsp Orange Co | 5.00% | 11/1/2033 | AA- | 1,300 | 1,694,238 | |||||||||
| CA Hlth–Childrens Hsp Orange Co | 5.00% | 11/1/2034 | AA- | 1,200 | 1,561,068 | |||||||||
| CA Hlth–Childrens Hsp Orange Co | 5.25% | 11/1/2035 | AA- | 2,000 | 2,162,140 | |||||||||
| 128 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| CA Hlth–City of Hope | 4.00% | 11/15/2045 | A+ | $ | 4,595 | $ | 5,192,580 | |||||||
| CA Hlth–Providence St. Joes Hlth | 4.00% | 10/1/2047 | AA- | 2,115 | 2,303,996 | |||||||||
| CA Hlth–Rady Childrens Hsp | 5.50% | 8/15/2033 | Aa3 | 2,000 | 2,152,660 | |||||||||
| CA Hlth–Sutter Hlth | 4.00% | 11/15/2042 | AA- | 1,715 | 1,897,236 | |||||||||
| CA Hlth Facs–Kaiser Permanente | 5.00% | 11/1/2047 | AA- | 1,000 | 1,529,840 | |||||||||
| CA Hlth Facs–Lucile Packard Hosp | 5.00% | 11/15/2056 | A+ | 1,500 | 1,810,995 | |||||||||
| CA Muni Fin–Caritas Affordable Hsg | 4.00% | 8/15/2037 | BBB | 1,000 | 1,069,600 | |||||||||
| CA Muni Fin–Channing House | 5.00% | 5/15/2047 | AA- | 2,000 | 2,366,100 | |||||||||
| CA Muni Fin–Cmnty Med Ctrs | 4.00% | 2/1/2042 | A- | 1,120 | 1,219,658 | |||||||||
| CA Muni Fin–Cmnty Med Ctrs | 5.00% | 2/1/2040 | A- | 500 | 575,815 | |||||||||
| CA Muni Fin–Cmnty Med Ctrs | 5.00% | 2/1/2047 | A- | 1,000 | 1,174,850 | |||||||||
| CA Statewide–Beverly | 5.00% | 2/1/2035 | BBB- | 1,250 | 1,397,425 | |||||||||
| CA Stwde–Adventist Health West | 3.00% | 3/1/2039 | A | 2,000 | 2,031,600 | |||||||||
| CA Stwde–American Baptist | 5.00% | 10/1/2045 | A- | (d) | 1,000 | 1,125,830 | ||||||||
| CA Stwde–Daughters of Charity | 5.50% | 7/1/2039 | CC | 460 | 459,968 | |||||||||
| CA Stwde–Henry Mayo Mem Hsp (AGM) | 5.25% | 10/1/2043 | AA | 775 | 879,106 | |||||||||
| CA Stwde–Huntington Memorial Hosp | 4.00% | 7/1/2048 | A- | 1,000 | 1,078,210 | |||||||||
| CA Stwde–John Muir Hlth | 4.00% | 12/1/2057 | A+ | 1,000 | 1,050,100 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.25% | 12/1/2034 | BB- | 2,100 | 2,374,071 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr | 5.50% | 12/1/2054 | BB- | 1,010 | 1,129,503 | |||||||||
| CA Stwde–Loma Linda Univ Med Ctr† | 5.50% | 12/1/2058 | BB- | 1,125 | 1,325,160 | |||||||||
| CA Stwde–So Cal Presbyterian† | 7.00% | 11/15/2029 | A- | (d) | 1,000 | 1,006,840 | ||||||||
| Eisenhower Med Ctr | 5.00% | 7/1/2032 | Baa2 | 1,000 | 1,193,010 | |||||||||
| La Verne COP–Brethren Hillcrest Homes | 5.00% | 5/15/2029 | BBB- | (d) | 635 | 682,962 | ||||||||
| Oroville–Oroville Hsp | 5.25% | 4/1/2049 | BB+ | 2,500 | 2,948,550 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2036 | BBB | 1,250 | 1,444,812 | |||||||||
| Palomar Hlth | 5.00% | 11/1/2039 | BBB | 1,650 | 1,889,646 | |||||||||
| Palomar Hlth (AGM) | 5.00% | 11/1/2047 | AA | 610 | 722,087 | |||||||||
| San Buenaventura–Cmnty Mem Hlth | 8.00% | 12/1/2031 | BB | 2,000 | 2,251,300 | |||||||||
| Sierra Joint CCD | 4.00% | 8/1/2053 | Aa1 | 1,500 | 1,675,395 | |||||||||
| Washingtown Twnshp Health Care Dist | 5.00% | 7/1/2032 | Baa1 | 1,000 | 1,228,760 | |||||||||
| Whittier Hlth Fac–Presbyterian Intercmnty Hsp | 5.75% | 6/1/2029 | A | 1,000 | 1,071,870 | |||||||||
| Total | 65,134,558 | |||||||||||||
| Housing 3.32% | ||||||||||||||
| CA Cmnty Hsg–Annadel Apts† | 5.00% | 4/1/2049 | NR | 1,000 | 1,116,030 | |||||||||
| CA Com Hsg Agency–Verdant† | 5.00% | 8/1/2049 | NR | 1,400 | 1,573,334 | |||||||||
| See Notes to Financial Statements. | 129 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Housing (continued) | ||||||||||||||
| CA HFA–MFH | 4.25% | 1/15/2035 | BBB+ | $ | 2,997 | $ | 3,569,026 | |||||||
| CA Muni Fin–Biola Univ | 5.00% | 10/1/2034 | Baa1 | 1,000 | 1,201,820 | |||||||||
| CA Muni Fin–Caritas Affordable Hsg | 5.00% | 8/15/2030 | NR | 1,050 | 1,195,436 | |||||||||
| CA Muni Fin–UC Berkeley Hsg | 5.00% | 6/1/2050 | Baa3 | 500 | 558,805 | |||||||||
| CA Stwde–CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 1,100 | 1,297,329 | |||||||||
| CA Stwde–CHF-Irvine LLC | 5.125% | 5/15/2031 | Baa1 | 1,500 | 1,600,290 | |||||||||
| CA Stwde–College of the Arts Student Hsg† | 5.25% | 7/1/2049 | BB+ | 500 | 578,420 | |||||||||
| Ca Stwde–Lancer Student Hsg† | 5.00% | 6/1/2051 | NR | 500 | 577,430 | |||||||||
| ESRF / Natl Charter School Loans | 5.00% | 11/1/2044 | A | 700 | 857,416 | |||||||||
| ESRF / Natl Charter School Loans | 5.00% | 11/1/2049 | A | 500 | 608,810 | |||||||||
| Total | 14,734,146 | |||||||||||||
| Lease Obligations 2.17% | ||||||||||||||
| CA Pub Wks–Judicial Council | 5.00% | 12/1/2028 | A+ | 1,000 | 1,078,500 | |||||||||
| CA Pub Wks–State Prisons | 5.75% | 10/1/2031 | A+ | 2,000 | 2,174,580 | |||||||||
| CA Pub Wks–Various Cap Proj | 5.00% | 4/1/2037 | A+ | 1,000 | 1,083,950 | |||||||||
| San Bernardino COPs (AGM) | 5.00% | 10/1/2031 | AA | 860 | 1,096,216 | |||||||||
| Santa Barbara COPs AMT | 5.00% | 12/1/2036 | AA | 3,395 | 4,220,732 | |||||||||
| Total | 9,653,978 | |||||||||||||
| Other Revenue 2.45% | ||||||||||||||
| CA Infra & Econ Dev–Acad Motion Pict | 5.00% | 11/1/2041 | Aa2 | 1,010 | 1,138,280 | |||||||||
| CA Infra & Econ Dev–Gladstone Inst | 5.25% | 10/1/2034 | A- | 2,000 | 2,144,660 | |||||||||
| CA Muni Fin–American Heritage | 5.00% | 6/1/2036 | BBB- | 1,000 | 1,154,440 | |||||||||
| CA Muni Fin–Oceaa | 6.75% | 10/1/2028 | NR | 1,000 | 1,001,460 | |||||||||
| CA Sch Fin Auth–Aspire† | 5.00% | 8/1/2046 | BBB | 1,000 | 1,115,980 | |||||||||
| CA Sch Fin Auth–Green Dot Charter† | 5.00% | 8/1/2038 | BBB- | 1,000 | 1,188,100 | |||||||||
| CA Sch Fin Auth–KIPP LA | 5.00% | 7/1/2034 | BBB | 600 | 671,580 | |||||||||
| MSR Energy Auth–Citi | 6.125% | 11/1/2029 | BBB+ | 1,925 | 2,467,869 | |||||||||
| Total | 10,882,369 | |||||||||||||
| Pre-Refunded 0.18% | ||||||||||||||
| MSR Energy Auth–Citi | 6.50% | 11/1/2039 | BBB+ | 500 | 786,805 | |||||||||
| Special Tax 4.09% | ||||||||||||||
| Brentwood Infra Fin Auth | 5.00% | 9/2/2036 | NR | 500 | 572,410 | |||||||||
| CA Reassmt Dist 15/2 Irvine | 5.00% | 9/2/2028 | NR | 1,000 | 1,171,700 | |||||||||
| Inland Valley Redev Agy | 5.25% | 9/1/2037 | A- | 1,325 | 1,522,889 | |||||||||
| Irvine CFD–Great Park | 5.00% | 9/1/2044 | NR | 500 | 554,995 | |||||||||
| 130 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Special Tax (continued) | ||||||||||||||
| Irvine USD–Spl Tax | 5.00% | 3/1/2057 | NR | $ | 1,000 | $ | 1,151,340 | |||||||
| Lake Elsinore PFA | 5.00% | 9/1/2035 | NR | 920 | 1,053,860 | |||||||||
| Orange Co CFD–Esencia | 5.25% | 8/15/2045 | NR | 975 | 1,115,917 | |||||||||
| Poway USD PFA (BAM) | 5.00% | 9/1/2035 | AA+ | 1,780 | 2,120,692 | |||||||||
| River Islands PFA–CFD 2003 | 5.50% | 9/1/2045 | NR | 500 | 544,075 | |||||||||
| Roseville CFD–Westpark | 5.00% | 9/1/2031 | NR | 1,000 | 1,157,090 | |||||||||
| San Clemente Cmnty Facs | 5.00% | 9/1/2040 | NR | 985 | 1,116,675 | |||||||||
| San Diego Redev Agy–No Pk Redev | 7.00% | 11/1/2039 | A | 1,000 | 1,004,660 | |||||||||
| San Francisco Redev–Mission Bay North | 6.75% | 8/1/2041 | A- | 1,000 | 1,074,820 | |||||||||
| San Mateo CFD–Bay Meadows | 5.50% | 9/1/2044 | NR | 500 | 541,155 | |||||||||
| Temecula Vly USD Fin Auth (BAM) | 5.00% | 9/1/2035 | AA | 1,505 | 1,776,592 | |||||||||
| Union City Redev Agy–Tax Alloc | 6.875% | 12/1/2033 | A+ | 1,510 | 1,696,968 | |||||||||
| Total | 18,175,838 | |||||||||||||
| Tax Revenue 3.49% | ||||||||||||||
| Anaheim PFA Lease Rev (BAM) | 5.00% | 9/1/2035 | AA | 2,000 | 2,469,180 | |||||||||
| City of Sacramento–TOT Revs | 5.00% | 6/1/2048 | A1 | 1,000 | 1,205,220 | |||||||||
| Invine Reassessment District No. 19 | 4.00% | 9/2/2039 | A | 1,000 | 1,148,530 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 24 | 20,973 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 46 | 36,664 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 352 | 261,684 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 157 | 108,215 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 134 | 84,523 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 616 | 164,121 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 501 | 97,740 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 3,221 | 3,269,251 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 244 | 248,265 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 47 | 50,325 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 7 | 7,158 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 88 | 90,953 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 296 | 307,840 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 98 | 101,929 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 1,000 | 1,056,720 | |||||||||
| Sacramento Tourism Infra Dist–Conv Centr | 4.00% | 6/1/2039 | A2 | 800 | 904,112 | |||||||||
| San Jose Spl Tax–Conv Ctr | 6.125% | 5/1/2031 | A+ | 1,000 | 1,072,660 | |||||||||
| Sonoma Marin Area Rail Rmkt | 5.00% | 3/1/2029 | AA | 1,500 | 1,633,740 | |||||||||
| Tustin CFD 06–1-Tust Leg/Colum Vil | 5.00% | 9/1/2037 | A- | 1,000 | 1,170,710 | |||||||||
| Total | 15,510,513 | |||||||||||||
| See Notes to Financial Statements. | 131 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tobacco 4.47% | ||||||||||||||
| CA Statewide Fin Auth–Tobacco | ||||||||||||||
| Settlement | Zero Coupon | 6/1/2046 | NR | $ | 5,000 | $ | 968,900 | |||||||
| Golden St Tobacco | Zero Coupon | 6/1/2047 | CCC+ | 2,700 | 458,622 | |||||||||
| Golden St Tobacco | 3.50% | 6/1/2036 | BBB | 1,740 | 1,772,138 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2029 | BBB | 1,000 | 1,193,240 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2034 | BBB | 1,050 | 1,248,807 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 3,760 | 3,858,136 | |||||||||
| Golden St Tobacco | 5.00% | 6/1/2047 | NR | 1,250 | 1,282,625 | |||||||||
| Golden St Tobacco | 5.25% | 6/1/2047 | NR | 1,250 | 1,287,762 | |||||||||
| Inland Empire Tobacco† | Zero Coupon | 6/1/2057 | CCC | 3,000 | 130,710 | |||||||||
| LA Cnty Tobacco | 5.70% | 6/1/2046 | B2 | 1,070 | 1,078,207 | |||||||||
| LA Co Tobacco | Zero Coupon | 6/1/2046 | NR | 2,140 | 370,156 | |||||||||
| Nthrn CA Tobacco | Zero Coupon | 6/1/2045 | CCC | 7,500 | 934,275 | |||||||||
| Nthrn CA Tobacco | 5.50% | 6/1/2045 | B- | 1,115 | 1,120,062 | |||||||||
| San Diego Tobacco Settlement | 4.00% | 6/1/2032 | BBB | 940 | 1,008,253 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2041 | NR | 5,000 | 1,486,050 | |||||||||
| Silicon Valley Tobacco | Zero Coupon | 6/1/2056 | NR | 2,000 | 147,420 | |||||||||
| Sthrn CA Tobacco | Zero Coupon | 6/1/2046 | CCC | 2,500 | 306,350 | |||||||||
| Sthrn CA Tobacco | Zero Coupon | 6/1/2046 | CCC | 2,500 | 366,300 | |||||||||
| Sthrn CA Tobacco | 5.00% | 6/1/2037 | BB+ | 805 | 809,331 | |||||||||
| Total | 19,827,344 | |||||||||||||
| Transportation 19.99% | ||||||||||||||
| Alameda Corridor Trsp Auth | 5.00% | 10/1/2036 | BBB+ | 1,500 | 1,763,220 | |||||||||
| Alameda Corridor Trsp Auth (AGM) | 4.00% | 10/1/2037 | AA | 1,500 | 1,653,180 | |||||||||
| Alameda Corridor Trsp Auth (AGM) | 5.00% | 10/1/2029 | AA | 1,425 | 1,620,595 | |||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2038 | AA- | 2,000 | 2,242,980 | |||||||||
| Bay Area Toll Auth | 3.00% | 4/1/2054 | AA- | 3,000 | 3,030,720 | |||||||||
| Bay Area Toll Auth | 4.00% | 4/1/2042 | AA- | 1,635 | 1,819,526 | |||||||||
| CA Muni Fin Auth–LINXS AMT | 4.00% | 12/31/2047 | BBB+ | (d) | 5,440 | 5,886,298 | ||||||||
| CA Muni Fin Auth–LINXS AMT | 5.00% | 12/31/2031 | BBB+ | (d) | 1,000 | 1,229,050 | ||||||||
| CA Muni Fin Auth–LINXS AMT | 5.00% | 12/31/2035 | BBB+ | (d) | 1,000 | 1,212,110 | ||||||||
| CA Muni Fin Auth–LINXS AMT | 5.00% | 12/31/2043 | BBB+ | (d) | 2,700 | 3,204,684 | ||||||||
| CA Muni Fin Auth–LINXS APM Proj AMT | 5.00% | 12/31/2037 | BBB+ | (d) | 2,000 | 2,405,560 | ||||||||
| CA Muni Fin Auth–LINXS APM Proj AMT | 5.00% | 12/31/2047 | BBB+ | (d) | 2,005 | 2,368,948 | ||||||||
| Foothill / Eastern Corridor Toll Rd | Zero Coupon | 1/15/2033 | A- | 1,500 | 1,015,455 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 3.50% | #(c) | 1/15/2053 | A- | 3,500 | 3,665,725 | ||||||||
| Foothill / Eastern Corridor Toll Rd | 3.95% | #(c) | 1/15/2053 | A- | 2,555 | 2,727,948 | ||||||||
| 132 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Foothill / Eastern Corridor Toll Rd | 5.50% | #(c) | 1/15/2053 | A- | $ | 250 | $ | 278,565 | ||||||
| Foothill / Eastern Corridor Toll Rd | 5.75% | 1/15/2046 | A- | 1,835 | 2,132,013 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2049 | A- | 4,285 | 5,042,288 | |||||||||
| Foothill / Eastern Corridor Toll Rd | 6.00% | 1/15/2053 | A- | 3,060 | 3,596,143 | |||||||||
| Long Beach Harbor AMT | 5.00% | 5/15/2028 | AA | 1,000 | 1,180,230 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 4.00% | 5/15/2044 | AA- | 1,250 | 1,395,375 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2043 | NR | 1,000 | 1,225,570 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2041 | AA | 1,000 | 1,145,120 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2046 | AA- | 1,000 | 1,159,970 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.00% | 5/15/2047 | AA- | 2,000 | 2,360,120 | |||||||||
| Los Angeles Dept Arpts–LAX AMT | 5.25% | 5/15/2048 | AA- | 2,000 | 2,440,460 | |||||||||
| Los Angeles Harbor AMT | 5.00% | 8/1/2036 | AA | 1,000 | 1,150,020 | |||||||||
| Port Oakland AMT | 5.125% | 5/1/2031 | A+ | 1,250 | 1,317,850 | |||||||||
| Riverside Co Trsp Commn | Zero Coupon | 6/1/2028 | BBB | 1,000 | 806,850 | |||||||||
| Riverside Co Trsp Commn | 5.75% | 6/1/2048 | BBB | 1,500 | 1,663,725 | |||||||||
| Sacramento Co Arpt | 5.00% | 7/1/2041 | A | 1,130 | 1,337,389 | |||||||||
| San Diego Arpt AMT | 5.00% | 7/1/2027 | A+ | 1,000 | 1,131,350 | |||||||||
| San Diego Arpt AMT | 5.00% | 7/1/2047 | NR | 2,000 | 2,371,520 | |||||||||
| San Francisco Arpt AMT | 4.00% | 5/1/2049 | A+ | 1,000 | 1,105,510 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2027 | A+ | 1,430 | 1,509,794 | |||||||||
| San Francisco Arpt AMT | 5.00% | 5/1/2040 | A+ | 1,500 | 1,696,800 | |||||||||
| San Francisco Port AMT | 5.00% | 3/1/2030 | A1 | 1,415 | 1,596,601 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2029 | A- | 1,185 | 1,382,030 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.00% | 1/15/2050 | A- | 4,585 | 5,185,681 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2044 | BBB+ | 2,100 | 2,384,571 | |||||||||
| San Joaquin Hills Trsp Corridor | 5.25% | 1/15/2049 | BBB+ | 930 | 1,052,146 | |||||||||
| San Joaquin Hills Trsp Corridor (NPFGC)(FGIC) | Zero Coupon | 1/15/2036 | Baa2 | 1,200 | 721,476 | |||||||||
| San Jose Arpt AMT | 5.00% | 3/1/2047 | A | 2,490 | 2,929,709 | |||||||||
| San Jose Arpt AMT | 6.25% | 3/1/2034 | A | 1,500 | 1,599,495 | |||||||||
| Total | 88,744,370 | |||||||||||||
| Utilities 10.56% | ||||||||||||||
| Adelanto Util Sys (AGM) | 5.00% | 7/1/2039 | AA | 1,335 | 1,629,675 | |||||||||
| CA Poll Ctl–Poseidon Res† | 5.00% | 11/21/2045 | Baa3 | 2,500 | 3,003,925 | |||||||||
| Casitas Muni Water Dist (BAM) | 5.25% | 9/1/2047 | AA | 1,525 | 1,876,787 | |||||||||
| Chula Vista IDR–San Diego G & E Rmkt | 5.875% | 1/1/2034 | A | 1,000 | 1,003,890 | |||||||||
| El Dorado Irrigation Dist (AGM) | 5.25% | 3/1/2039 | AA | 750 | 869,692 | |||||||||
| See Notes to Financial Statements. | 133 |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Utilities (continued) | ||||||||||||||
| Guam Pwr Auth (AGM) | 5.00% | 10/1/2034 | AA | $ | 705 | $ | 806,167 | |||||||
| Guam Waterworks Auth | 5.50% | 7/1/2043 | A- | 525 | 577,484 | |||||||||
| Long Beach Nat Gas–ML | 2.876% (3 Mo. LIBOR * .67 + 1.43% | )# | 11/15/2026 | A2 | 1,000 | 1,014,600 | ||||||||
| Long Beach Nat Gas–ML | 5.25% | 11/15/2020 | A2 | 1,505 | 1,566,073 | |||||||||
| Long Beach Nat Gas–ML | 5.50% | 11/15/2037 | A2 | 1,255 | 1,778,310 | |||||||||
| Los Angeles DWAP–Pwr Sys | 5.25% | 7/1/2037 | AA | 1,500 | 1,858,995 | |||||||||
| Los Angeles DWAP–Pwr Sys | 5.25% | 7/1/2049 | AA | 1,000 | 1,262,250 | |||||||||
| Los Angeles Wastewater | 5.00% | 6/1/2044 | AA+ | 1,000 | 1,171,430 | |||||||||
| MSR Energy Auth–Citi | 6.50% | 11/1/2039 | BBB+ | 2,305 | 3,627,171 | |||||||||
| MSR Energy Auth–Citi | 6.50% | 11/1/2039 | BBB+ | 1,050 | 1,652,290 | |||||||||
| MSR Energy Auth–Citi | 7.00% | 11/1/2034 | BBB+ | 2,500 | 3,839,075 | |||||||||
| Northern CA Gas–Goldman Sachs | 4.00% | #(c) | 7/1/2049 | A3 | 1,000 | 1,087,720 | ||||||||
| Northern CA Gas–Morgan Stanley | 2.274% (3 Mo. LIBOR * .67 + .72% | )# | 7/1/2027 | A3 | 2,050 | 2,014,965 | ||||||||
| PR Aqueduct & Swr Auth | 5.25% | 7/1/2042 | Ca | 255 | 267,431 | |||||||||
| PR Elec Pwr Auth(e) | 5.25% | 7/1/2033 | D | (d) | 115 | 92,288 | ||||||||
| PR Elec Pwr Auth(e) | 5.25% | 7/1/2024 | D | (d) | 255 | 204,638 | ||||||||
| PR Elec Pwr Auth(e) | 7.00% | 7/1/2040 | D | (d) | 450 | 371,250 | ||||||||
| San Diego Water | 5.00% | 8/1/2043 | Aa3 | 1,000 | 1,242,720 | |||||||||
| San Francisco City & Co PUC Wastewater | 4.00% | 10/1/2043 | AA | 1,250 | 1,411,850 | |||||||||
| Santa Maria Wtr & Wastewtr | 5.00% | 2/1/2027 | AA- | 1,000 | 1,086,370 | |||||||||
| Silicon Valley Clean Wtr | 4.00% | 8/1/2046 | AA | 1,500 | 1,676,895 | |||||||||
| Southern CA Pub Pwr Auth–Apex | 5.00% | 7/1/2038 | AA | 1,000 | 1,156,770 | |||||||||
| Southern CA Pub Pwr Auth–Goldman Sachs | 2.98% (3 Mo. LIBOR * .67 + 1.47% | )# | 11/1/2038 | A3 | 770 | 741,949 | ||||||||
| Southern CA Pub Pwr Auth–Goldman Sachs | 5.00% | 11/1/2033 | A3 | 4,140 | 5,395,538 | |||||||||
| Stockton PFA–Wastewater (BAM) | 5.00% | 9/1/2029 | AA | 1,000 | 1,171,920 | |||||||||
| Valley Co Wtr Dist | 4.50% | 1/1/2048 | NR | 1,245 | 1,424,131 | |||||||||
| Total | 46,884,249 | |||||||||||||
| Total Municipal Bonds (cost $402,646,266) | 432,328,635 | |||||||||||||
| 134 | See Notes to Financial Statements. |
Schedule of Investments (continued)
CALIFORNIA TAX FREE FUND September 30, 2019
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | ||||||||||
| SHORT-TERM INVESTMENT 2.42% | ||||||||||||||||
| Variable Rate Demand Notes 2.42% | ||||||||||||||||
| General Obligation | ||||||||||||||||
| CA State GO (cost $10,745,000) | 1.48% | 10/1/2019 | 5/1/2034 | AA+ | $ | 10,745 | $ | 10,745,000 | ||||||||
| Total Investments in Securities 99.80% (cost $413,391,266) | 443,073,635 | |||||||||||||||
| Cash and Other Assets in Excess Liabilities(g) 0.20% | 874,384 | |||||||||||||||
| Net Assets 100.00% | $ | 443,948,019 | ||||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| COP | Certificates of Participation. | |
| BAM | Insured by–Build America Mutual. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| LIBOR | London Interbank Offered Rate. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. | |
| NR | Not Rated. |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $15,878,808, which represents 3.58% of net assets. | |
| (a) | Unaudited. | |
| (b) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (c) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (d) | This investment has been rated by Fitch IBCA. | |
| (e) | Defaulted (non-income producing security). | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (g) | Cash and Other Assets in Excess of Liabilities include net unrealized appreciation on open futures contracts. |
Open Futures Contracts at September 30, 2019:
| Type | Expiration | Contracts | Position | Notional Amount |
Notional Value |
Unrealized Appreciation |
|||||||
| U.S. Long Bond | December 2019 | 47 | Short | $(7,750,508 | ) | $(7,628,687 | ) | $121,821 |
| See Notes to Financial Statements. | 135 |
Schedule of Investments (concluded)
CALIFORNIA TAX FREE FUND September 30, 2019
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 432,328,635 | $ | – | $ | 432,328,635 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Variable Rate Demand Notes | – | 10,745,000 | – | 10,745,000 | ||||||||||||
| Total | $ | – | $ | 443,073,635 | $ | – | $ | 443,073,635 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 121,821 | $ | – | $ | – | $ | 121,821 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 121,821 | $ | – | $ | – | $ | 121,821 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. |
| 136 | See Notes to Financial Statements. |
Schedule of Investments
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 97.02% | ||||||||||||||
| Corporate-Backed 3.78% | ||||||||||||||
| Gloucester Co Poll Ctl–Logan AMT | 5.00% | 12/1/2024 | BBB- | $ | 250 | $ | 272,495 | |||||||
| NJ EDA–Continental Airlines AMT | 5.25% | 9/15/2029 | BB | 1,675 | 1,837,006 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.50% | 4/1/2028 | BB | 320 | 320,864 | |||||||||
| NJ EDA–Continental Airlines AMT | 5.50% | 6/1/2033 | BB | 350 | 392,098 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.00% | 7/1/2023 | BBB | 70 | 78,549 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.00% | 1/1/2028 | BBB | 100 | 113,121 | |||||||||
| NJ EDA–Goethals Brdg AMT (AGM) | 5.00% | 1/1/2031 | AA | 205 | 230,252 | |||||||||
| Salem Co Poll Ctl–Chambers AMT | 5.00% | 12/1/2023 | BBB | 1,300 | 1,406,301 | |||||||||
| Total | 4,650,686 | |||||||||||||
| Education 7.55% | ||||||||||||||
| Gloucester Co Impt Auth–Rowan Univ GTD | 5.00% | 7/1/2044 | Aa2 | 370 | 461,782 | |||||||||
| NJ Ed Facs–Kean Univ (AGM) | 5.00% | 7/1/2027 | AA | 325 | 383,055 | |||||||||
| NJ Ed Facs–NJ City Univ (AGM) | 5.00% | 7/1/2030 | AA | 840 | 1,012,301 | |||||||||
| NJ Ed Facs–Princeton Univ | 5.00% | 7/1/2025 | AAA | 420 | 492,782 | |||||||||
| NJ Ed Facs–Rider Univ | 5.00% | 7/1/2047 | Baa2 | 500 | 564,900 | |||||||||
| NJ Ed Facs–Seton Hall Univ | 4.00% | 7/1/2046 | A- | 335 | 362,634 | |||||||||
| NJ Ed Facs–Stockton Univ | 5.00% | 7/1/2034 | A- | 325 | 384,446 | |||||||||
| NJ Ed Facs–Stockton Univ | 5.00% | 7/1/2041 | Baa1 | 800 | 929,864 | |||||||||
| NJ Ed Facs–William Paterson Univ (BAM) | 5.00% | 7/1/2027 | AA | 500 | 604,720 | |||||||||
| NJ EDA–Montclair St Univ (AGM) | 5.00% | 6/1/2042 | AA | 500 | 586,180 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 3.25% | 12/1/2039 | Aa1 | 650 | 664,677 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 4.125% | 12/1/2024 | Aaa | 540 | 569,300 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 5.00% | 12/1/2021 | Aaa | 1,000 | 1,071,830 | |||||||||
| NJ Higher Ed Assistance Auth AMT | 5.00% | 12/1/2022 | Aaa | 750 | 826,087 | |||||||||
| Rutgers State Univ | 5.00% | 5/1/2028 | Aa3 | 300 | 379,824 | |||||||||
| Total | 9,294,382 | |||||||||||||
| Financial Services 0.20% | ||||||||||||||
| NJ Higher Ed Assistance Auth AMT | 5.00% | 12/1/2028 | Aaa | 200 | 245,878 | |||||||||
| General Obligation 8.92% | ||||||||||||||
| Atlantic City GO (AGM) | 5.00% | 3/1/2037 | AA | 500 | 590,965 | |||||||||
| Atlantic City GO (BAM) | 5.00% | 3/1/2042 | AA | 750 | 877,402 | |||||||||
| Bergen Cnty GO | 3.00% | 7/15/2038 | Aaa | 1,000 | 1,040,170 | |||||||||
| Bergen Cnty GO | 3.00% | 7/15/2040 | Aaa | 445 | 460,922 | |||||||||
| Cumberland Co Impt Auth (BAM) | 4.00% | 10/1/2048 | AA | 750 | 823,567 | |||||||||
| See Notes to Financial Statements. | 137 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| Essex Co Impt Auth–Covanta AMT† | 5.25% | 7/1/2045 | BB- | $ | 400 | $ | 405,836 | |||||||
| Gloucester Co Impt Auth–Rowan Univ GTD | 4.00% | 7/1/2048 | Aa2 | 500 | 565,095 | |||||||||
| Hudson Co Impt Auth–Solid Waste GTD | 5.75% | 1/1/2035 | Aa2 | 1,340 | 1,354,365 | |||||||||
| Jersey City GO | 5.00% | 11/1/2033 | AA- | 135 | 165,173 | |||||||||
| Mercer Cnty GO | 4.00% | 3/15/2040 | AA+ | 190 | 219,724 | |||||||||
| Mercer Cnty GO | 4.00% | 4/1/2031 | AA+ | 200 | 239,282 | |||||||||
| New Brunswick GO (BAM) | 4.00% | 2/15/2027 | AA | 650 | 743,957 | |||||||||
| Newark Hsg Auth–Port Newark | 4.00% | 1/1/2037 | AA- | 510 | 574,031 | |||||||||
| NJ State GO | 5.00% | 6/1/2027 | A- | 185 | 218,849 | |||||||||
| NJ State GO | 5.00% | 6/1/2027 | A- | 680 | 840,766 | |||||||||
| PR Comwlth GO(b) | 5.375% | 7/1/2030 | Ca | 1,000 | 713,750 | |||||||||
| PR Comwlth GO(b) | 5.625% | 7/1/2032 | Ca | 100 | 71,750 | |||||||||
| Union Co Util Auth–Covanta GTD AMT | 4.75% | 12/1/2031 | AA+ | 1,000 | 1,066,870 | |||||||||
| Total | 10,972,474 | |||||||||||||
| Health Care 10.47% | ||||||||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2030 | BBB+ | 500 | 563,160 | |||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.00% | 2/15/2032 | BBB+ | 500 | 560,620 | |||||||||
| Camden Co Impt Auth–Cooper Hlth | 5.75% | 2/15/2042 | BBB+ | 425 | 474,950 | |||||||||
| NJ EDA–Bancroft Neurohealth | 5.00% | 6/1/2036 | NR | 220 | 240,000 | |||||||||
| NJ EDA–Lions Gate | 5.25% | 1/1/2044 | NR | 245 | 255,185 | |||||||||
| NJ Hlth–AHS Hsp Corp | 5.00% | 7/1/2030 | AA- | 105 | 128,515 | |||||||||
| NJ Hlth–AHS Hsp Corp | 5.00% | 7/1/2031 | AA- | 125 | 152,050 | |||||||||
| NJ Hlth–Hackensack Meridian Hlth | 5.00% | 7/1/2027 | AA- | 300 | 376,002 | |||||||||
| NJ Hlth–Hackensack Meridian Hlth | 5.00% | 7/1/2029 | AA- | 620 | 774,473 | |||||||||
| NJ Hlth–Hackensack Meridian Hlth | 5.00% | 7/1/2031 | AA- | 640 | 791,053 | |||||||||
| NJ Hlth–Hackensack Meridian Hlth | 5.00% | 7/1/2033 | AA- | 260 | 318,830 | |||||||||
| NJ Hlth–Hunterdon Med Ctr | 5.00% | 7/1/2034 | A- | 500 | 562,285 | |||||||||
| NJ Hlth–Inspira Hlth | 4.00% | 7/1/2047 | A2 | 195 | 215,456 | |||||||||
| NJ Hlth–Inspira Hlth | 5.00% | 7/1/2034 | A2 | 250 | 296,593 | |||||||||
| NJ Hlth–Inspira Hlth | 5.00% | 7/1/2035 | A2 | 100 | 120,481 | |||||||||
| NJ Hlth–Inspira Hlth | 5.00% | 7/1/2042 | A2 | 545 | 647,378 | |||||||||
| NJ Hlth–Princeton Hlth | 5.00% | 7/1/2039 | AA | 1,000 | 1,186,390 | |||||||||
| NJ Hlth–Robert Wood Hsp | 5.25% | 7/1/2028 | AA- | 500 | 566,305 | |||||||||
| NJ Hlth–RWJ Barnabas | 5.00% | 7/1/2033 | AA- | 1,065 | 1,285,018 | |||||||||
| NJ Hlth–RWJ Barnabas | 5.00% | 7/1/2043 | AA- | 825 | 976,057 | |||||||||
| NJ Hlth–St Josephs Hlth | 5.00% | 7/1/2027 | BBB- | 100 | 118,216 | |||||||||
| NJ Hlth–St Josephs Hlth | 5.00% | 7/1/2041 | BBB- | 750 | 856,177 | |||||||||
| 138 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| NJ Hlth–Trinitas Hsp | 5.00% | 7/1/2030 | BBB | $ | 245 | $ | 288,598 | |||||||
| NJ Hlth–Univ Hosp (AGM) | 5.00% | 7/1/2046 | AA | 1,000 | 1,133,820 | |||||||||
| Total | 12,887,612 | |||||||||||||
| Housing 1.06% | ||||||||||||||
| NJ EDA–Rowan Univ Pptys | 5.00% | 1/1/2035 | BBB- | 1,000 | 1,094,350 | |||||||||
| NJ Hsg and Mtg Fin Auth AMT | 3.80% | 10/1/2032 | AA | 190 | 206,513 | |||||||||
| Total | 1,300,863 | |||||||||||||
| Lease Obligations 21.09% | ||||||||||||||
| Essex Co Impt Auth–Newark | 6.25% | 11/1/2030 | Baa2 | 750 | 789,030 | |||||||||
| Gloucester Co Impt Auth–Rowan Univ (AGM) | 5.00% | 11/1/2029 | AA | 250 | 304,820 | |||||||||
| Gloucester Co Impt Auth–Rowan Univ (AGM) | 5.00% | 11/1/2030 | AA | 290 | 352,234 | |||||||||
| NJ Ed Facs–Higher Ed Cap Impt | 5.00% | 9/1/2024 | BBB+ | 125 | 142,766 | |||||||||
| NJ Ed Facs–Higher Ed Cap Impt | 5.00% | 9/1/2026 | BBB+ | 235 | 266,377 | |||||||||
| NJ Ed Facs–Higher Ed Cap Impt | 5.00% | 9/1/2033 | BBB+ | 1,045 | 1,163,764 | |||||||||
| NJ Ed Facs–Higher Ed Cap Impt | 5.00% | 9/1/2036 | BBB+ | 530 | 604,958 | |||||||||
| NJ Ed Facs–Higher Ed Cap Impt | 5.50% | 9/1/2033 | BBB+ | 410 | 484,341 | |||||||||
| NJ EDA–Bldgs | 5.00% | 6/15/2047 | BBB+ | 540 | 611,237 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.375% | 1/1/2043 | BBB | 1,450 | 1,630,003 | |||||||||
| NJ EDA–Goethals Brdg AMT | 5.625% | 1/1/2052 | BBB | 210 | 236,821 | |||||||||
| NJ EDA–Motor Vehicle Surcharge Sub Rev | 5.00% | 7/1/2033 | BBB+ | 565 | 654,801 | |||||||||
| NJ EDA–Sch Facs | 4.00% | 6/15/2030 | BBB+ | 615 | 653,727 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2024 | BBB+ | 190 | 215,914 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2026 | BBB+ | 1,260 | 1,380,040 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2026 | BBB+ | 145 | 166,398 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 11/1/2027 | BBB+ | 180 | 216,016 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2028 | BBB+ | 255 | 278,662 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2029 | A- | (c) | 500 | 589,405 | ||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2030 | BBB+ | 130 | 145,438 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2031 | BBB+ | 565 | 629,975 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2034 | BBB+ | 240 | 265,579 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2035 | BBB+ | 725 | 778,657 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2035 | BBB+ | 640 | 735,859 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 6/15/2042 | A- | (c) | 435 | 491,741 | ||||||||
| NJ EDA–Sch Facs | 5.25% | 9/1/2026 | BBB+ | 405 | 425,813 | |||||||||
| NJ EDA–State House Proj | 5.00% | 6/15/2035 | BBB+ | 750 | 880,530 | |||||||||
| NJ EDA–Transit Proj | 5.00% | 11/1/2025 | BBB+ | 520 | 606,741 | |||||||||
| See Notes to Financial Statements. | 139 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NJ Hlth–Hsp Asset Trans | 5.00% | 10/1/2038 | BBB+ | $ | 520 | $ | 597,631 | |||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2031 | BBB+ | 1,675 | 1,180,942 | |||||||||
| NJ Trans Trust Fund | Zero Coupon | 12/15/2038 | BBB+ | 1,000 | 529,060 | |||||||||
| NJ Trans Trust Fund | 4.00% | 12/15/2031 | BBB+ | 905 | 986,043 | |||||||||
| NJ Trans Trust Fund(d) | 4.00% | 6/15/2050 | BBB+ | 1,000 | 1,037,920 | |||||||||
| NJ Trans Trust Fund | 4.25% | 12/15/2038 | BBB+ | 295 | 318,703 | |||||||||
| NJ Trans Trust Fund | 4.50% | 6/15/2049 | BBB+ | 260 | 284,102 | |||||||||
| NJ Trans Trust Fund | 4.75% | 6/15/2038 | BBB+ | 935 | 1,020,777 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2030 | A+ | 545 | 640,370 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2031 | A+ | 400 | 468,380 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2036 | BBB+ | 270 | 293,690 | |||||||||
| NJ Trans Trust Fund | 5.00% | 12/15/2036 | BBB+ | 530 | 619,125 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2038 | BBB+ | 1,230 | 1,354,808 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2041 | BBB+ | 205 | 231,529 | |||||||||
| NJ Trans Trust Fund | 5.25% | 6/15/2043 | BBB+ | 500 | 586,515 | |||||||||
| PR Infra Fin Auth–Mepsi Campus(b) | 6.50% | 10/1/2037 | NR | 500 | 101,250 | |||||||||
| Total | 25,952,492 | |||||||||||||
| Other Revenue 0.63% | ||||||||||||||
| Middlesex Co Impt Auth–Heldrich Ctr(b) | 6.25% | 1/1/2037 | NR | 1,300 | 19,500 | |||||||||
| NJ EDA–Bancroft Neuro | 5.00% | 6/1/2041 | NR | 350 | 377,709 | |||||||||
| NJ EDA–Sch Facs | 5.00% | 3/1/2027 | BBB+ | 345 | 377,489 | |||||||||
| Total | 774,698 | |||||||||||||
| Special Tax 0.65% | ||||||||||||||
| NJ EDA–Kapkowski Rd Landfill | 6.50% | 4/1/2028 | Ba2 | 675 | 802,784 | |||||||||
| Tax Revenue 4.66% | ||||||||||||||
| Casino Reinv Dev Auth | 5.25% | 11/1/2039 | BBB+ | 525 | 571,489 | |||||||||
| Casino Reinv Dev Auth (AGM) | 5.00% | 11/1/2032 | AA | 500 | 559,990 | |||||||||
| Garden St Preservation Trust (AGM) | 5.75% | 11/1/2028 | AA | 1,205 | 1,535,483 | |||||||||
| NJ EDA–Cigarette Tax | 4.25% | 6/15/2027 | BBB+ | 550 | 579,282 | |||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2024 | BBB+ | 845 | 911,814 | |||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2025 | BBB+ | 330 | 355,357 | |||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2029 | BBB+ | 120 | 128,507 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 10 | 8,739 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 18 | 14,347 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 18 | 13,382 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 176 | 121,312 | |||||||||
| 140 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | $ | 333 | $ | 210,046 | |||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 490 | 130,551 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 417 | 81,353 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 96 | 97,678 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 49 | 52,466 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 3 | 3,067 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 9 | 9,302 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 116 | 120,640 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 39 | 40,563 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 176 | 185,983 | |||||||||
| Total | 5,731,351 | |||||||||||||
| Tobacco 4.06% | ||||||||||||||
| NJ EDA–Cigarette Tax | 5.00% | 6/15/2026 | BBB+ | 1,025 | 1,102,131 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BBB+ | 125 | 141,498 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.00% | 6/1/2046 | BBB | 2,350 | 2,592,872 | |||||||||
| Tobacco Settlement Fin Corp NJ | 5.25% | 6/1/2046 | BBB+ | 1,000 | 1,155,640 | |||||||||
| Total | 4,992,141 | |||||||||||||
| Transportation 26.66% | ||||||||||||||
| Delaware River & Bay Auth | 5.00% | 1/1/2042 | A1 | 1,025 | 1,114,985 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2022 | A | 1,115 | 1,200,933 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2024 | A | 360 | 397,422 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2028 | A+ | 525 | 601,955 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2034 | A+ | 505 | 574,579 | |||||||||
| Delaware River Port Auth | 5.00% | 1/1/2040 | A+ | 500 | 621,045 | |||||||||
| Delaware River Toll Brdg Commn | 3.00% | 7/1/2049 | A1 | 1,000 | 1,014,990 | |||||||||
| Delaware River Toll Brdg Commn | 4.00% | 1/1/2044 | A1 | 800 | 900,176 | |||||||||
| Delaware River Toll Brdg Commn | 4.00% | 7/1/2047 | A1 | 1,155 | 1,269,333 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2029 | A1 | 300 | 360,534 | |||||||||
| Delaware River Toll Brdg Commn | 5.00% | 7/1/2030 | A1 | 280 | 349,056 | |||||||||
| NJ EDA–Port Newark AMT | 5.00% | 10/1/2047 | Ba1 | 750 | 860,243 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2043 | NR | 1,000 | 1,117,000 | |||||||||
| NJ Tpk Auth | 4.00% | 1/1/2048 | A+ | 1,000 | 1,118,810 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2027 | A2 | 100 | 124,279 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2030 | NR | 510 | 628,585 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2030 | A+ | 585 | 736,538 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2033 | A+ | 560 | 694,490 | |||||||||
| See Notes to Financial Statements. | 141 |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NJ Tpk Auth | 5.00% | 1/1/2033 | A+ | $ | 1,285 | $ | 1,486,038 | |||||||
| NJ Tpk Auth | 5.00% | 1/1/2034 | A+ | 510 | 595,282 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2034 | A+ | 615 | 746,801 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2035 | A+ | 500 | 592,180 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2037 | NR | 305 | 372,521 | |||||||||
| NJ Tpk Auth | 5.00% | 1/1/2040 | A+ | 100 | 121,389 | |||||||||
| NJ Tpk Auth (AGM) | 5.25% | 1/1/2028 | AA | 810 | 1,051,348 | |||||||||
| NJ Trans Trust Fund | 5.00% | 6/15/2028 | A+ | 1,000 | 1,182,210 | |||||||||
| NJ Trans Trust Fund | 6.00% | 6/15/2035 | BBB+ | 2,025 | 2,161,019 | |||||||||
| Port Auth NY & NJ | 4.00% | 9/1/2043 | AA- | 850 | 967,249 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2026 | AA- | 530 | 643,574 | |||||||||
| Port Auth NY & NJ | 5.00% | 5/1/2027 | AA- | 500 | 599,180 | |||||||||
| Port Auth NY & NJ | 5.00% | 11/15/2033 | AA- | 500 | 627,070 | |||||||||
| Port Auth NY & NJ | 5.00% | 10/15/2035 | AA- | 500 | 614,660 | |||||||||
| Port Auth NY & NJ | 5.00% | 7/15/2038 | AA- | 400 | 498,784 | |||||||||
| Port Auth NY & NJ | 5.00% | 11/15/2047 | AA- | 565 | 685,904 | |||||||||
| Port Auth NY & NJ–JFK IAT | 6.00% | 12/1/2036 | BBB+ | 160 | 168,862 | |||||||||
| Port Auth NY & NJ–JFK IAT | 6.00% | 12/1/2042 | BBB+ | 80 | 84,162 | |||||||||
| Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2042 | AA | 455 | 478,601 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 9/1/2043 | AA- | 850 | 963,653 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2029 | AA- | 320 | 402,755 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2032 | AA- | 400 | 496,124 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2032 | AA- | 500 | 602,625 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2033 | AA- | 350 | 432,912 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2036 | AA- | 1,190 | 1,370,356 | |||||||||
| South Jersey Port Corp AMT | 5.00% | 1/1/2048 | Baa1 | 500 | 576,140 | |||||||||
| South Jersey Trans Auth | 5.00% | 11/1/2039 | BBB+ | 530 | 594,729 | |||||||||
| Total | 32,801,081 | |||||||||||||
| Utilities 7.29% | ||||||||||||||
| Guam Pwr Auth (AGM) | 5.00% | 10/1/2034 | AA | 400 | 457,400 | |||||||||
| Guam Waterworks Auth | 5.00% | 7/1/2036 | A- | 100 | 114,664 | |||||||||
| NJ EDA–Middlesex Water AMT | 4.00% | 8/1/2059 | A+ | 500 | 543,845 | |||||||||
| NJ EDA–Nat Gas | 3.50% | 4/1/2042 | Aa3 | 1,285 | 1,328,292 | |||||||||
| NJ EDA–Nat Gas AMT | 3.00% | 8/1/2041 | Aa3 | 500 | 489,500 | |||||||||
| NJ EDA–UMM Energy AMT | 4.75% | 6/15/2032 | Baa2 | 1,000 | 1,059,310 | |||||||||
| NJ Infra Bank–NJ–Am Wtr Co AMT | 4.00% | 9/1/2036 | AAA | 335 | 373,156 | |||||||||
| NJ Infra Bank–NJ–Am Wtr Co AMT | 4.00% | 9/1/2047 | AAA | 1,500 | 1,635,405 | |||||||||
| 142 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW JERSEY TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| NJ Tpk Auth | 5.00% | 1/1/2031 | A+ | $ | 500 | $ | 625,925 | |||||||||
| Passaic Valley Swr (NPFGC)(FGIC) | 2.50% | 12/1/2032 | A2 | 910 | 910,009 | |||||||||||
| PR Aqueduct & Swr Auth | 6.00% | 7/1/2044 | Ca | 190 | 192,613 | |||||||||||
| PR Elec Pwr Auth(b) | 5.00% | 7/1/2037 | D | (c) | 110 | 88,000 | ||||||||||
| PR Elec Pwr Auth(b) | 5.75% | 7/1/2036 | D | (c) | 75 | 60,375 | ||||||||||
| PR Elec Pwr Auth(b) | 7.00% | 7/1/2040 | D | (c) | 100 | 82,500 | ||||||||||
| Salem Co Poll Ctl–Atlantic City Elec | 4.875% | 6/1/2029 | A | 1,000 | 1,013,870 | |||||||||||
| Total | 8,974,864 | |||||||||||||||
| Total Municipal Bonds (cost $113,684,664) | 119,381,306 | |||||||||||||||
| Interest | ||||||||||||||||
| Rate | Final | |||||||||||||||
| Interest | Reset | Maturity | ||||||||||||||
| Rate# | Date(e) | Date | ||||||||||||||
| SHORT-TERM INVESTMENT 1.30% | ||||||||||||||||
| Variable Rate Demand Notes 1.30% | ||||||||||||||||
| Health Care | ||||||||||||||||
| NJ Hlth–Virtua Hlth (cost $1,595,000) | 0.70% | 10/1/2019 | 7/1/2043 | AA+ | 1,595 | 1,595,000 | ||||||||||
| Total Investments in Securities 98.32% (cost $115,279,664) | 120,976,306 | |||||||||||||||
| Cash and Other Assets in Excess of Liabilities(f) 1.68% | 2,069,045 | |||||||||||||||
| Net Assets 100.00% | $ | 123,045,351 | ||||||||||||||
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMT | Insured by–Income from the security may be subject to Alternative Minimum Tax. | |
| BAM | Insured by–Build America Mutual. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| GTD | Guaranteed. | |
| NR | Not Rated. | |
| NPFGC | Insured by–National Public Finance Guarantee Corporation. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $405,836, which represents 0.33% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| (a) | Unaudited. | |
| (b) | Defaulted (non-income producing security). | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (e) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (f) | Cash and Other Assets in Excess of Liabilities include net unrealized appreciation on futures contracts as follows: |
| See Notes to Financial Statements. | 143 |
Schedule of Investments (concluded)
NEW JERSEY TAX FREE FUND September 30, 2019
Open Futures Contracts at September 30, 2019:
| Type | Expiration | Contracts | Position | Notional Amount |
Notional Value |
Unrealized Appreciation |
|||||||
| U.S. Long Bond | December 2019 | 11 | Short | $(1,802,324 | ) | $(1,785,438 | ) | $16,886 |
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 119,381,306 | $ | – | $ | 119,381,306 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Variable Rate Demand Notes | – | 1,595,000 | – | 1,595,000 | ||||||||||||
| Total | $ | – | $ | 120,976,306 | $ | – | $ | 120,976,306 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 16,886 | $ | – | $ | – | $ | 16,886 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 16,886 | $ | – | $ | – | $ | 16,886 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. |
| 144 | See Notes to Financial Statements. |
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| MUNICIPAL BONDS 97.33% | ||||||||||||||
| Corporate-Backed 8.05% | ||||||||||||||
| Brooklyn Arena LDC–Barclays Ctr | Zero Coupon | 7/15/2047 | Baa3 | $ | 250 | $ | 93,983 | |||||||
| Build NYC Res Corp–Pratt Paper AMT† | 4.50% | 1/1/2025 | NR | 250 | 276,045 | |||||||||
| Build NYC Res Corp–Pratt Paper AMT† | 5.00% | 1/1/2035 | NR | 250 | 276,013 | |||||||||
| Liberty Dev Corp–Goldman Sachs | 5.25% | 10/1/2035 | A3 | 5,530 | 7,597,003 | |||||||||
| Liberty Dev Corp–Goldman Sachs | 5.50% | 10/1/2037 | A3 | 2,785 | 3,997,199 | |||||||||
| Niagara Area Dev Corp–Covanta AMT† | 4.75% | 11/1/2042 | B1 | 1,750 | 1,854,510 | |||||||||
| NY Liberty Dev Corp–3 WTC† | 5.00% | 11/15/2044 | NR | 6,655 | 7,361,961 | |||||||||
| NY Liberty Dev Corp–3 WTC† | 7.25% | 11/15/2044 | NR | 600 | 716,694 | |||||||||
| NY Liberty Dev Corp–7 WTC | 5.00% | 9/15/2040 | Aaa | 1,015 | 1,104,939 | |||||||||
| NY Liberty Dev Corp–BoA Tower | 5.625% | 7/15/2047 | AA | 2,685 | 2,719,636 | |||||||||
| NY Liberty Dev Corp–BofA Tower(b) | 2.80% | 9/15/2069 | Baa2 | 1,500 | 1,526,655 | |||||||||
| NY Trans Dev Corp–American Airlines AMT | 5.00% | 8/1/2031 | BB- | 3,500 | 3,673,740 | |||||||||
| NYC Cap Res–Arthur Mgmt | 7.00% | 8/1/2025 | NR | 935 | 979,263 | |||||||||
| NYC IDA–TRIPS AMT | 5.00% | 7/1/2028 | BBB+ | 1,825 | 1,971,858 | |||||||||
| NYC IDA–Yankee Stadium (FGIC) | 4.50% | 3/1/2039 | Baa1 | 1,605 | 1,607,728 | |||||||||
| Westchester Co–Miriam Osborn Memorial | 5.00% | 7/1/2034 | A- | (c) | 200 | 235,426 | ||||||||
| Total | 35,992,653 | |||||||||||||
| Education 10.20% | ||||||||||||||
| Buffalo & Erie IDC–Buffalo State College | 5.75% | 10/1/2026 | A+ | 1,350 | 1,446,835 | |||||||||
| Build NYC Res Corp–Manhattan Clg | 5.00% | 8/1/2033 | A- | 1,125 | 1,360,912 | |||||||||
| Build NYC Res Corp–NY Law | 5.00% | 7/1/2041 | BBB- | 1,000 | 1,119,720 | |||||||||
| Build NYC Res Corp–Packer Collegiate | 5.00% | 6/1/2040 | A2 | 1,000 | 1,152,480 | |||||||||
| Dutchess Co LDC–Anderson Ctr | 6.00% | 10/1/2030 | BB+ | 775 | 801,396 | |||||||||
| Dutchess Co LDC–Culinary Institute | 5.00% | 7/1/2033 | Baa2 | 390 | 457,817 | |||||||||
| Dutchess Co LDC–Culinary Institute | 5.00% | 7/1/2041 | Baa2 | 200 | 230,446 | |||||||||
| Dutchess Co LDC–Culinary Institute | 5.00% | 7/1/2046 | Baa2 | 275 | 315,849 | |||||||||
| Dutchess Co LDC–Vassar College | 5.00% | 7/1/2034 | Aa3 | 250 | 305,580 | |||||||||
| Hempstead Town LDC–Adelphi Univ | 4.00% | 2/1/2039 | A- | 2,110 | 2,389,364 | |||||||||
| Hempstead Town LDC–Hofstra Univ | 5.00% | 7/1/2042 | A | 545 | 648,228 | |||||||||
| Hempstead Town LDC–Molloy Clg | 5.00% | 7/1/2034 | BBB | 825 | 977,072 | |||||||||
| Hempstead Town LDC–Molloy Clg | 5.00% | 7/1/2037 | BBB | 630 | 740,156 | |||||||||
| Hempstead Town LDC–Molloy Clg | 5.00% | 7/1/2039 | BBB | 555 | 649,184 | |||||||||
| Monroe Co IDA–Univ of Rochester | 5.00% | 7/1/2031 | AA- | 350 | 440,699 | |||||||||
| New Rochelle LDC–Iona Clg | 5.00% | 7/1/2028 | BBB | 205 | 235,883 | |||||||||
| New Rochelle LDC–Iona Clg | 5.00% | 7/1/2029 | BBB | 250 | 287,570 | |||||||||
| See Notes to Financial Statements. | 145 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| New Rochelle LDC–Iona Clg | 5.00% | 7/1/2030 | BBB | $ | 220 | $ | 252,798 | |||||||
| New Rochelle LDC–Iona Clg | 5.00% | 7/1/2031 | BBB | 200 | 229,592 | |||||||||
| NY Dorm–Barnard Clg | 5.00% | 7/1/2028 | A1 | 500 | 595,550 | |||||||||
| NY Dorm–Fordham Univ | 5.00% | 7/1/2035 | A | 550 | 657,899 | |||||||||
| NY Dorm–Long Island Univ | 5.00% | 9/1/2026 | BBB+ | 1,000 | 1,090,320 | |||||||||
| NY Dorm–Mt Sinai Sch Med | 5.00% | 7/1/2040 | A- | 2,000 | 2,300,700 | |||||||||
| NY Dorm–NYU | 4.00% | 7/1/2045 | Aa2 | 1,000 | 1,144,040 | |||||||||
| NY Dorm–NYU | 5.00% | 7/1/2028 | Aa2 | 1,000 | 1,279,030 | |||||||||
| NY Dorm–NYU | 5.00% | 7/1/2029 | Aa2 | 1,000 | 1,274,250 | |||||||||
| NY Dorm–NYU | 5.00% | 7/1/2042 | Aa2 | 1,500 | 1,899,000 | |||||||||
| NY Dorm–Pace Univ | 4.00% | 5/1/2022 | NR | 25 | 26,859 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2023 | NR | 20 | 22,746 | |||||||||
| NY Dorm–Pace Univ | 5.00% | 5/1/2023 | BBB- | 905 | 1,009,048 | |||||||||
| NY Dorm–PIT | 5.00% | 2/15/2041 | AA+ | 3,000 | 3,628,110 | |||||||||
| NY Dorm–Pratt Institute | 5.00% | 7/1/2034 | A2 | 1,035 | 1,181,980 | |||||||||
| NY Dorm–Pratt Institute | 5.00% | 7/1/2039 | A2 | 1,010 | 1,185,720 | |||||||||
| NY Dorm–St Johns Univ | 5.00% | 7/1/2027 | A- | 250 | 298,295 | |||||||||
| NY Dorm–SUNY Empire Commons | 5.00% | 5/1/2030 | A | 350 | 423,766 | |||||||||
| NY Dorm–SUNY Empire Commons | 5.00% | 5/1/2032 | A | 250 | 300,268 | |||||||||
| NY Dorm–The New School | 5.00% | 7/1/2028 | A- | 780 | 962,871 | |||||||||
| NY Dorm–Touro Clg | 5.00% | 1/1/2047 | BBB- | (c) | 1,500 | 1,708,950 | ||||||||
| NY Dorm–Touro Clg | 5.25% | 1/1/2034 | BBB- | (c) | 1,225 | 1,363,903 | ||||||||
| Onondaga CDC–Upstate Prop Dev | 5.50% | 12/1/2031 | A+ | 1,000 | 1,089,700 | |||||||||
| Rochester Institute of Technology(b) | 4.00% | 7/1/2044 | A1 | 1,150 | 1,297,798 | |||||||||
| St Lawrence IDA–Clarkson Univ | 6.00% | 9/1/2034 | Baa1 | 1,625 | 1,748,354 | |||||||||
| Troy Cap Res Corp–RPI | 5.00% | 8/1/2032 | A3 | 1,380 | 1,622,977 | |||||||||
| Univ of Rochester | 4.00% | 7/1/2043 | AA- | 1,000 | 1,110,450 | |||||||||
| Westchester Co–Miriam Osborn Memorial | 5.00% | 7/1/2042 | A- | (c) | 450 | 521,712 | ||||||||
| Westchester Co–Sarah Lawrence College | 4.00% | 6/1/2033 | BBB | 1,700 | 1,844,857 | |||||||||
| Total | 45,630,734 | |||||||||||||
| General Obligation 7.03% | ||||||||||||||
| City of Syracuse | 4.00% | 5/15/2034 | A1 | 725 | 819,047 | |||||||||
| Erie CO GO | 5.00% | 9/15/2028 | AA- | 275 | 331,331 | |||||||||
| Jefferson Co–Samaritan Med Ctr | 5.00% | 11/1/2037 | BBB- | 2,000 | 2,340,100 | |||||||||
| NY Dorm–Sch Dist (AGM) | 5.00% | 10/1/2027 | AA | 1,000 | 1,174,070 | |||||||||
| NYC GO | 5.00% | 8/1/2026 | Aa1 | 1,000 | 1,236,500 | |||||||||
| 146 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| General Obligation (continued) | ||||||||||||||
| NYC GO | 5.00% | 8/1/2026 | Aa1 | $ | 1,750 | $ | 2,106,737 | |||||||
| NYC GO | 5.00% | 8/1/2027 | Aa1 | 1,410 | 1,551,183 | |||||||||
| NYC GO | 5.00% | 8/1/2027 | Aa1 | 1,700 | 2,016,659 | |||||||||
| NYC GO | 5.00% | 8/1/2029 | Aa1 | 3,000 | 3,675,780 | |||||||||
| NYC GO | 5.00% | 10/1/2034 | Aa1 | 1,500 | 1,654,215 | |||||||||
| NYC GO | 5.00% | 10/1/2039 | Aa1 | 1,000 | 1,217,620 | |||||||||
| NYC GO | 5.00% | 8/1/2043 | Aa1 | 1,250 | 1,555,475 | |||||||||
| NYC GO | 5.00% | 12/1/2044 | Aa1 | 2,500 | 3,071,150 | |||||||||
| NYC GO | 5.00% | 4/1/2045 | Aa1 | 1,380 | 1,673,857 | |||||||||
| NYS Mtg | 2.95% | 10/1/2049 | Aa1 | 2,000 | 2,002,240 | |||||||||
| PR Comwlth GO(e) | 5.00% | 7/1/2027 | Ca | 65 | 48,588 | |||||||||
| PR Comwlth GO(e) | 5.125% | 7/1/2028 | Ca | 155 | 115,087 | |||||||||
| PR Comwlth GO(e) | 5.375% | 7/1/2030 | Ca | 4,185 | 2,987,044 | |||||||||
| PR Comwlth GO(e) | 5.50% | 7/1/2027 | Ca | 60 | 39,450 | |||||||||
| PR Comwlth GO(e) | 6.125% | 7/1/2033 | Ca | 170 | 122,400 | |||||||||
| Suffolk Co GO (AGM) | 5.00% | 2/1/2025 | AA | 1,460 | 1,708,828 | |||||||||
| Total | 31,447,361 | |||||||||||||
| Health Care 9.06% | ||||||||||||||
| Buffalo & Erie IDC–Catholic Hlth | 5.00% | 7/1/2025 | BBB+ | 300 | 355,758 | |||||||||
| Buffalo & Erie IDC–Orchard Park | 5.00% | 11/15/2037 | BBB- | (c) | 1,000 | 1,127,700 | ||||||||
| Dutchess Co Dev Corp–Nuvance Hlt | 4.00% | 7/1/2044 | A- | 1,250 | 1,397,125 | |||||||||
| Dutchess Co Dev Corp–Nuvance Hlt | 4.00% | 7/1/2049 | A- | 2,000 | 2,220,980 | |||||||||
| Dutchess Co LDC–Health Quest | 5.00% | 7/1/2034 | A- | 500 | 583,135 | |||||||||
| Dutchess Co LDC–Health Quest | 5.00% | 7/1/2035 | A- | 1,500 | 1,777,575 | |||||||||
| Genesee Co IDA–United Mem Med Ctr | 5.00% | 12/1/2032 | NR | 1,100 | 1,101,826 | |||||||||
| Monroe Co IDA–Rochester General Hospital | 5.00% | 12/1/2034 | NR | 250 | 297,123 | |||||||||
| Nassau Co LEAC–Catholic Hlth LI | 5.00% | 7/1/2027 | A- | 625 | 715,263 | |||||||||
| Nassau Co LEAC–Catholic Hlth LI | 5.00% | 7/1/2028 | A- | 2,045 | 2,331,913 | |||||||||
| Nassau Co LEAC–Catholic Hlth LI | 5.00% | 7/1/2033 | A- | 600 | 671,550 | |||||||||
| Nassau Co LEAC–Winthrop Univ Hsp | 5.00% | 7/1/2032 | A3 | 2,000 | 2,160,180 | |||||||||
| NY Dorm–Catholic Hlth | 4.00% | 7/1/2045 | BBB+ | 2,875 | 3,165,231 | |||||||||
| NY Dorm–Catholic Hlth | 5.00% | 7/1/2032 | BBB+ | 500 | 542,560 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2036 | BBB | 375 | 418,766 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2037 | BBB | 1,670 | 1,859,378 | |||||||||
| NY Dorm–Montefiore | 4.00% | 8/1/2038 | BBB | 345 | 382,836 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2033 | BBB | 200 | 245,556 | |||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2034 | BBB | 325 | 397,852 | |||||||||
| See Notes to Financial Statements. | 147 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| NY Dorm–Montefiore | 5.00% | 8/1/2035 | BBB | $ | 525 | $ | 640,862 | |||||||
| NY Dorm–Mt Sinai Hsp | 5.00% | 7/1/2026 | A- | 2,025 | 2,079,878 | |||||||||
| NY Dorm–North Shore LI Jewish | 5.00% | 5/1/2028 | A- | 1,000 | 1,186,100 | |||||||||
| NY Dorm–NYU Hsps Ctr | 5.00% | 7/1/2032 | A- | 810 | 972,332 | |||||||||
| NY Dorm–NYU Hsps Ctr | 5.00% | 7/1/2033 | A- | 760 | 910,586 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 5.00% | 12/1/2026 | BBB- | 1,000 | 1,163,740 | |||||||||
| NY Dorm–Orange Regl Med Ctr† | 5.00% | 12/1/2029 | BBB- | 1,900 | 2,281,444 | |||||||||
| NYC Hlth & Hsp Corp | 5.00% | 2/15/2025 | Aa2 | 1,000 | 1,013,500 | |||||||||
| Southhold LDC–Peconic Landing | 5.00% | 12/1/2045 | BBB- | (c) | 1,000 | 1,059,580 | ||||||||
| Tompkins Co Dev Corp–Kendal Ithaca | 5.00% | 7/1/2044 | BBB | 920 | 1,004,925 | |||||||||
| Westchester CO Hlth Care | 5.00% | 11/1/2033 | Baa2 | 1,000 | 1,152,280 | |||||||||
| Westchester CO Hlth Care | 5.00% | 11/1/2034 | Baa2 | 985 | 1,132,455 | |||||||||
| Westchester Co Hlth Care | 5.00% | 11/1/2046 | Baa2 | 2,240 | 2,525,488 | |||||||||
| Westchester CO Hlth Care | 6.00% | 11/1/2030 | Baa2 | 110 | 115,525 | |||||||||
| Westchester CO Hlth Care | 6.125% | 11/1/2037 | Baa2 | 40 | 42,011 | |||||||||
| Westchester CO Hlth Care | 6.125% | 11/1/2037 | Baa2 | 145 | 152,275 | |||||||||
| Westchester Co LDC–Kendal Hudson | 5.00% | 1/1/2034 | BBB | (c) | 1,250 | 1,337,600 | ||||||||
| Total | 40,522,888 | |||||||||||||
| Housing 0.94% | ||||||||||||||
| NYC Hsg–8 Spruce St | 4.50% | 2/15/2048 | NR | 1,000 | 1,055,120 | |||||||||
| NYC Multi-Family Hsg | 3.05% | 5/1/2050 | AA+ | 2,000 | 2,002,360 | |||||||||
| Westchester Co–SUNY Purchase Hsg | 5.00% | 6/1/2047 | BBB | 1,000 | 1,164,220 | |||||||||
| Total | 4,221,700 | |||||||||||||
| Lease Obligations 5.40% | ||||||||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2027 | AA | 1,750 | 2,140,775 | |||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.00% | 5/1/2028 | AA | 1,050 | 1,281,220 | |||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.25% | 5/1/2030 | AA | 2,575 | 2,729,963 | |||||||||
| Erie Co IDA–Buffalo Sch Dist | 5.25% | 5/1/2032 | AA | 1,000 | 1,057,750 | |||||||||
| Hudson Yards | 5.00% | 2/15/2031 | Aa2 | 2,000 | 2,478,800 | |||||||||
| Hudson Yards | 5.00% | 2/15/2033 | Aa2 | 1,065 | 1,309,066 | |||||||||
| Hudson Yards | 5.00% | 2/15/2042 | Aa2 | 1,035 | 1,244,650 | |||||||||
| NY Dorm–Court Facs | Zero Coupon | 8/1/2021 | AA | 2,265 | 2,208,647 | |||||||||
| NY Dorm–Master BOCES | 5.50% | 8/15/2026 | Aa2 | 1,560 | 1,676,969 | |||||||||
| NY Dorm–PIT | 5.00% | 2/15/2039 | AA+ | 1,000 | 1,201,680 | |||||||||
| NY Liberty Dev Corp–4 WTC | 5.00% | 11/15/2031 | A+ | 1,000 | 1,078,810 | |||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2025 | AA | 1,510 | 1,664,110 | |||||||||
| 148 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2027 | AA | $ | 1,425 | $ | 1,517,967 | |||||||
| NYC TFA–Bldg Aid | 5.00% | 7/15/2035 | AA | 2,005 | 2,455,985 | |||||||||
| PR Infra Fin Auth–Mepsi Campus(e) | 6.50% | 10/1/2037 | NR | 500 | 101,250 | |||||||||
| Total | 24,147,642 | |||||||||||||
| Other 0.68% | ||||||||||||||
| Build NYC Res Corp–Childrens Aid Soc | 4.00% | 7/1/2044 | A+ | 1,340 | 1,511,238 | |||||||||
| Build NYC Res Corp–Childrens Aid Soc | 4.00% | 7/1/2049 | A+ | 1,355 | 1,524,497 | |||||||||
| Total | 3,035,735 | |||||||||||||
| Other Revenue 2.61% | ||||||||||||||
| Brooklyn Arena LDC–Barclays Ctr | 5.00% | 7/15/2030 | Baa3 | 2,500 | 2,971,675 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr | 5.00% | 7/15/2042 | Baa3 | 3,000 | 3,452,310 | |||||||||
| Brooklyn Arena LDC–Barclays Ctr | 6.00% | 7/15/2030 | AA+ | 5 | 5,068 | |||||||||
| Build NYC Res Corp–YMCA | 5.00% | 8/1/2040 | A- | 500 | 572,880 | |||||||||
| Build NYC Res Corp–YMCA | 5.00% | 8/1/2042 | A- | 1,370 | 1,470,503 | |||||||||
| NY Dorm–NYSARC Inc | 5.125% | 7/1/2030 | Aa2 | 2,000 | 2,056,200 | |||||||||
| Yonkers EDC–Charter Sch Ed Excellence | 6.25% | 10/15/2040 | BB | 1,100 | 1,133,000 | |||||||||
| Total | 11,661,636 | |||||||||||||
| Special Tax 1.38% | ||||||||||||||
| NYC IDA–Queens Stadium (AMBAC) | 5.00% | 1/1/2031 | BBB | 2,075 | 2,081,059 | |||||||||
| NYC IDA–Yankee Stadium (FGIC) | 2.691% (CPI Based) | # | 3/1/2026 | Baa1 | 3,450 | 3,512,307 | ||||||||
| NYC IDA–Yankee Stadium (AGC) | Zero Coupon | 3/1/2043 | AA | 375 | 179,996 | |||||||||
| NYC IDA–Yankee Stadium (AGC) | Zero Coupon | 3/1/2044 | AA | 635 | 292,627 | |||||||||
| NYC IDA–Yankee Stadium (AGC) | Zero Coupon | 3/1/2047 | AA | 295 | 120,048 | |||||||||
| Total | 6,186,037 | |||||||||||||
| Tax Revenue 14.20% | ||||||||||||||
| Hudson Yards | 5.75% | 2/15/2047 | Aa2 | 1,030 | 1,088,638 | |||||||||
| MTA NY–Dedicated Tax | 5.00% | 11/15/2034 | AA | 1,000 | 1,243,670 | |||||||||
| MTA NY–Dedicated Tax | 5.25% | 11/15/2031 | AA | 1,080 | 1,353,229 | |||||||||
| NY Dorm–PIT | 4.00% | 3/15/2048 | Aa1 | 1,900 | 2,135,011 | |||||||||
| NY Dorm–PIT | 5.00% | 3/15/2027 | AA+ | 1,250 | 1,485,650 | |||||||||
| NY Dorm–PIT | 5.00% | 3/15/2032 | Aa1 | 3,000 | 3,847,290 | |||||||||
| NY Dorm–PIT | 5.00% | 2/15/2034 | AA+ | 1,250 | 1,459,813 | |||||||||
| NY Dorm–PIT | 5.00% | 3/15/2036 | AA+ | 2,000 | 2,360,440 | |||||||||
| NY Dorm–PIT | 5.00% | 2/15/2042 | AA+ | 2,055 | 2,480,734 | |||||||||
| NY Dorm–PIT | 5.00% | 3/15/2045 | Aa1 | 2,000 | 2,448,440 | |||||||||
| See Notes to Financial Statements. | 149 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| NY Dorm–Sales Tax | 5.00% | 3/15/2026 | AA+ | $ | 1,000 | $ | 1,193,330 | |||||||
| NY Dorm–Sales Tax | 5.00% | 3/15/2043 | AA+ | 2,025 | 2,424,998 | |||||||||
| NY St Dorm Auth–PIT | 4.00% | 3/15/2049 | Aa1 | 1,500 | 1,687,260 | |||||||||
| NY UDC–PIT | 4.00% | 3/15/2047 | AA+ | 1,650 | 1,848,033 | |||||||||
| NY UDC–PIT | 5.00% | 3/15/2033 | AA+ | 2,010 | 2,249,250 | |||||||||
| NY UDC–PIT | 5.00% | 3/15/2036 | AA+ | 1,500 | 1,714,560 | |||||||||
| NY UDC–PIT | 5.00% | 3/15/2040 | AA+ | 1,000 | 1,213,720 | |||||||||
| NYC TFA–Future Tax | 4.00% | 8/1/2039 | AAA | 1,000 | 1,138,370 | |||||||||
| NYC TFA–Future Tax | 4.00% | 11/1/2042 | AAA | 1,500 | 1,706,775 | |||||||||
| NYC TFA–Future Tax | 4.00% | 5/1/2043 | AAA | 2,000 | 2,249,540 | |||||||||
| NYC TFA–Future Tax | 5.00% | 2/1/2027 | AAA | 1,500 | 1,572,690 | |||||||||
| NYC TFA–Future Tax | 5.00% | 11/1/2030 | AAA | 2,075 | 2,571,298 | |||||||||
| NYC TFA–Future Tax | 5.00% | 11/1/2032 | AAA | 1,535 | 1,887,436 | |||||||||
| NYC TFA–Future Tax | 5.00% | 5/1/2034 | AAA | 125 | 125,358 | |||||||||
| NYC TFA–Future Tax | 5.00% | 5/1/2035 | AAA | 1,230 | 1,500,649 | |||||||||
| NYC TFA–Future Tax | 5.00% | 8/1/2040 | Aa1 | 2,530 | 3,060,693 | |||||||||
| NYC TFA–Future Tax | 5.00% | 8/1/2041 | Aa1 | 2,975 | 3,591,688 | |||||||||
| NYC TFA–Future Tax | 5.00% | 8/1/2042 | AAA | 2,700 | 3,309,363 | |||||||||
| NYC TFA–Future Tax | 5.00% | 2/1/2043 | AAA | 2,510 | 2,991,242 | |||||||||
| NYC TFA–Future Tax | 5.00% | 5/1/2043 | AAA | 1,400 | 1,676,262 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2024 | NR | 68 | 59,424 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2027 | NR | 120 | 95,646 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2029 | NR | 124 | 92,184 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2031 | NR | 471 | 324,646 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2033 | NR | 299 | 188,600 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2046 | NR | 1,389 | 370,071 | |||||||||
| PR Corp Sales Tax | Zero Coupon | 7/1/2051 | NR | 2,136 | 416,712 | |||||||||
| PR Corp Sales Tax | 4.329% | 7/1/2040 | NR | 443 | 450,744 | |||||||||
| PR Corp Sales Tax | 4.50% | 7/1/2034 | NR | 86 | 92,084 | |||||||||
| PR Corp Sales Tax | 4.536% | 7/1/2053 | NR | 13 | 13,293 | |||||||||
| PR Corp Sales Tax | 4.55% | 7/1/2040 | NR | 126 | 130,229 | |||||||||
| PR Corp Sales Tax | 4.75% | 7/1/2053 | NR | 597 | 620,880 | |||||||||
| PR Corp Sales Tax | 4.784% | 7/1/2058 | NR | 178 | 185,136 | |||||||||
| PR Corp Sales Tax | 5.00% | 7/1/2058 | NR | 822 | 868,624 | |||||||||
| Total | 63,523,703 | |||||||||||||
| 150 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Tobacco 3.28% | ||||||||||||||
| Erie Co Tobacco | Zero Coupon | 6/1/2055 | NR | $ | 8,000 | $ | 499,520 | |||||||
| Monroe Tobacco | Zero Coupon | 6/1/2061 | NR | 10,000 | 334,600 | |||||||||
| Nassau CO Tobacco | 5.125% | 6/1/2046 | B- | 2,030 | 2,029,919 | |||||||||
| Rockland Tobacco† | Zero Coupon | 8/15/2060 | NR | 10,575 | 480,740 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 5.00% | 6/1/2032 | A- | 1,335 | 1,412,310 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 5.25% | 6/1/2037 | A- | 1,175 | 1,247,732 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 6.00% | 6/1/2048 | NR | 1,350 | 1,352,335 | |||||||||
| Suffolk Tobacco Asset Sec Corp | 6.625% | 6/1/2044 | NR | 750 | 791,558 | |||||||||
| TSASC | 5.00% | 6/1/2034 | A- | 1,000 | 1,180,470 | |||||||||
| TSASC | 5.00% | 6/1/2035 | A- | 300 | 353,178 | |||||||||
| TSASC | 5.00% | 6/1/2036 | A- | 100 | 117,435 | |||||||||
| TSASC | 5.00% | 6/1/2041 | BBB+ | 300 | 335,340 | |||||||||
| TSASC | 5.00% | 6/1/2048 | NR | 2,700 | 2,686,446 | |||||||||
| Westchester Tobacco Asset Sec Corp | 5.125% | 6/1/2051 | BB+ | 1,750 | 1,842,137 | |||||||||
| Total | 14,663,720 | |||||||||||||
| Transportation 24.91% | ||||||||||||||
| Buffalo & Erie PBA–Peace Bridge | 5.00% | 1/1/2034 | A+ | 600 | 722,712 | |||||||||
| MTA NY | 5.00% | 11/15/2023 | A1 | 2,455 | 2,722,030 | |||||||||
| MTA NY | 5.00% | 11/15/2027 | A1 | 350 | 410,967 | |||||||||
| MTA NY | 5.00% | 11/15/2028 | A1 | 705 | 852,712 | |||||||||
| MTA NY | 5.00% | 11/15/2028 | A1 | 710 | 909,283 | |||||||||
| MTA NY | 5.00% | 11/15/2028 | A1 | 2,415 | 3,058,259 | |||||||||
| MTA NY | 5.00% | 11/15/2029 | A1 | 1,090 | 1,373,040 | |||||||||
| MTA NY | 5.00% | 11/15/2029 | A1 | 1,500 | 1,789,170 | |||||||||
| MTA NY | 5.00% | 11/15/2030 | A1 | 1,500 | 1,824,405 | |||||||||
| MTA NY | 5.00% | 11/15/2033 | A1 | 1,360 | 1,681,110 | |||||||||
| MTA NY | 5.00% | 11/15/2033 | A1 | 1,500 | 1,734,240 | |||||||||
| MTA NY | 5.00% | 11/15/2041 | A1 | 1,000 | 1,172,840 | |||||||||
| MTA NY | 5.25% | 11/15/2028 | A1 | 3,740 | 4,532,917 | |||||||||
| MTA NY | 5.25% | 11/15/2029 | A1 | 1,000 | 1,167,120 | |||||||||
| MTA NY (AGM) | 4.00% | 11/15/2048 | AA | 1,500 | 1,682,475 | |||||||||
| MTA NY (AGM) | 4.00% | 11/15/2049 | AA | 2,965 | 3,306,153 | |||||||||
| MTA NY–Dedicated Tax | 5.00% | 11/15/2033 | AA | 1,500 | 1,873,455 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2027 | A3 | 1,000 | 1,132,190 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2036 | A3 | 850 | 1,036,226 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2038 | A3 | 725 | 877,301 | |||||||||
| Niagara Frontier Trsp–Buffalo Intl Arpt AMT | 5.00% | 4/1/2039 | A3 | 350 | 422,513 | |||||||||
| See Notes to Financial Statements. | 151 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| NY Bridge Auth | 4.00% | 1/1/2027 | Aa3 | $ | 1,000 | $ | 1,059,420 | |||||||
| NY Trans Dev Corp–Delta AMT | 4.00% | 1/1/2036 | Baa3 | 3,435 | 3,755,863 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2033 | Baa3 | 3,680 | 4,417,251 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2034 | Baa3 | 1,600 | 1,916,320 | |||||||||
| NY Trans Dev Corp–Delta AMT | 5.00% | 1/1/2036 | Baa3 | 2,295 | 2,739,519 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 4.00% | 7/1/2046 | Baa3 | 2,000 | 2,087,260 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 5.00% | 7/1/2046 | Baa3 | 3,950 | 4,375,099 | |||||||||
| NY Trans Dev Corp–LaGuardia Airport AMT | 5.25% | 1/1/2050 | Baa3 | 8,330 | 9,298,113 | |||||||||
| NY Trans Dev Corp–TOGA AMT | 5.00% | 1/1/2023 | Baa1 | 1,500 | 1,648,020 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2032 | A1 | 150 | 188,771 | |||||||||
| NY Twy Auth | 5.00% | 1/1/2036 | A1 | 1,760 | 1,997,970 | |||||||||
| Port Auth NY & NJ | 5.00% | 11/15/2042 | AA- | 1,250 | 1,528,375 | |||||||||
| Port Auth NY & NJ–JFK IAT | 5.00% | 12/1/2020 | BBB+ | 115 | 117,784 | |||||||||
| Port Auth NY & NJ–JFK IAT | 5.50% | 12/1/2031 | BBB+ | 295 | 309,780 | |||||||||
| Port Auth NY & NJ–JFK IAT | 6.00% | 12/1/2036 | BBB+ | 875 | 923,466 | |||||||||
| Port Auth NY & NJ–JFK IAT | 6.00% | 12/1/2042 | BBB+ | 1,190 | 1,251,904 | |||||||||
| Port Auth NY & NJ–JFK IAT CR (AGM) | 5.50% | 12/1/2031 | AA | 225 | 235,645 | |||||||||
| Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2036 | AA | 400 | 421,224 | |||||||||
| Port Auth NY & NJ–JFK IAT CR (AGM) | 6.00% | 12/1/2042 | AA | 1,615 | 1,698,770 | |||||||||
| Port Auth NY & NJ AMT | 4.00% | 9/1/2043 | AA- | 3,650 | 4,138,041 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2024 | AA- | 1,250 | 1,339,400 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2027 | AA- | 1,450 | 1,802,915 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2028 | AA- | 1,000 | 1,264,980 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2031 | AA- | 3,415 | 4,230,878 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 11/15/2032 | AA- | 2,850 | 3,434,962 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2033 | AA- | 2,820 | 3,488,030 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/1/2033 | AA- | 1,525 | 1,650,340 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2033 | AA- | 1,000 | 1,215,930 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2034 | AA- | 1,000 | 1,233,210 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 4/1/2036 | AA- | 1,050 | 1,252,030 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 10/15/2041 | AA- | 1,250 | 1,328,850 | |||||||||
| Port Auth NY & NJ AMT | 5.00% | 9/15/2048 | AA- | 365 | 436,879 | |||||||||
| Triborough Brdg & Tunl Auth | 4.00% | 11/15/2044 | AA- | 2,145 | 2,434,489 | |||||||||
| Triborough Brdg & Tunl Auth | 4.00% | 11/15/2048 | AA- | 2,015 | 2,250,795 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2023 | A+ | 1,525 | 1,728,237 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2027 | AA- | 500 | 604,760 | |||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2028 | AA- | 600 | 725,712 | |||||||||
| 152 | See Notes to Financial Statements. |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2038 | AA- | $ | 1,000 | $ | 1,218,080 | |||||||
| Triborough Brdg & Tunl Auth | 5.00% | 11/15/2047 | AA- | 1,135 | 1,364,974 | |||||||||
| Total | 111,395,164 | |||||||||||||
| Utilities 9.59% | ||||||||||||||
| Buffalo Muni Wtr Fin Auth (AGM) | 5.00% | 7/1/2043 | AA | 600 | 711,522 | |||||||||
| Buffalo Muni Wtr Fin Auth (AGM) | 5.00% | 7/1/2048 | AA | 1,750 | 2,064,370 | |||||||||
| Guam Pwr Auth | 5.00% | 10/1/2020 | BBB | 500 | 514,185 | |||||||||
| Guam Pwr Auth | 5.00% | 10/1/2021 | BBB | 500 | 528,140 | |||||||||
| Guam Waterworks Auth | 5.00% | 7/1/2036 | A- | 400 | 458,656 | |||||||||
| Long Island Power Auth | 5.00% | 9/1/2025 | A | 1,000 | 1,106,550 | |||||||||
| Long Island Power Auth | 5.00% | 9/1/2034 | A | 2,000 | 2,317,320 | |||||||||
| Long Island Power Auth | 5.00% | 9/1/2039 | A | 1,000 | 1,150,100 | |||||||||
| Long Island Power Auth | 5.00% | 9/1/2047 | A | 1,030 | 1,234,764 | |||||||||
| Long Island Power Auth (AGC) | 5.25% | 9/1/2029 | AA | 2,000 | 2,625,560 | |||||||||
| NY Elec Sys–LIPA | 4.00% | 9/1/2038 | A | 1,500 | 1,700,010 | |||||||||
| NY Elec Sys–LIPA | 4.00% | 9/1/2039 | A | 1,000 | 1,129,860 | |||||||||
| NY Env Facs–Clean Wtr & Drinking | 5.00% | 6/15/2029 | AAA | 2,000 | 2,001,280 | |||||||||
| NYC Muni Water | 4.00% | 6/15/2049 | AA+ | 2,985 | 3,342,573 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 1,550 | 1,736,481 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2035 | AA+ | 1,675 | 1,927,255 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 1,750 | 2,012,220 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2036 | AA+ | 2,250 | 2,587,140 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2040 | AA+ | 1,250 | 1,540,400 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2046 | AA+ | 2,565 | 3,078,231 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2048 | AA+ | 1,675 | 2,025,661 | |||||||||
| NYC Muni Water | 5.00% | 6/15/2049 | AA+ | 1,990 | 2,487,997 | |||||||||
| NYC Muni Water | 5.25% | 6/15/2037 | AA+ | 1,500 | 1,857,180 | |||||||||
| NYC Muni Water | 5.25% | 6/15/2047 | AA+ | 1,000 | 1,219,900 | |||||||||
| PR Aqueduct & Swr Auth | 6.00% | 7/1/2044 | Ca | 490 | 496,738 | |||||||||
| PR Elec Pwr Auth(e) | 5.75% | 7/1/2036 | D | (c) | 1,250 | 1,006,250 | ||||||||
| Total | 42,860,343 | |||||||||||||
| Total Municipal Bonds (cost $413,075,706) | 435,289,316 | |||||||||||||
| See Notes to Financial Statements. | 153 |
Schedule of Investments (continued)
NEW YORK TAX FREE FUND September 30, 2019
| Investments | Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | Credit Rating: S&P or Moody’s(a) | Principal Amount (000) | Fair Value | ||||||||||
| SHORT-TERM INVESTMENTS 1.71% | ||||||||||||||||
| Variable Rate Demand Notes 1.71% | ||||||||||||||||
| General Obligation 0.02% | ||||||||||||||||
| NYC GO | 1.77% | #(d) | 3/1/2034 | Aa1 | $ | 100 | $ | 100,000 | ||||||||
| Special Tax 0.11% | ||||||||||||||||
| NYC TFA–Future Tax | 1.75% | 10/1/2019 | 8/1/2042 | AAA | 500 | 500,000 | ||||||||||
| Tax Revenue 0.87% | ||||||||||||||||
| NYC TFA–Future Tax | 1.77% | 10/1/2019 | 11/1/2044 | AAA | 2,560 | 2,560,000 | ||||||||||
| NYC TFA–Future Tax | 1.82% | 10/1/2019 | 11/1/2022 | AAA | 1,300 | 1,300,000 | ||||||||||
| Total | 3,860,000 | |||||||||||||||
| Utilities 0.71% | ||||||||||||||||
| NYC Muni Water | 1.82% | 10/1/2019 | 8/1/2031 | AAA | 1,185 | 1,185,000 | ||||||||||
| NYC Muni Wtr | 1.78% | 10/1/2019 | 6/15/2049 | AA+ | 600 | 600,000 | ||||||||||
| NYC Wtr & Swr | 1.76% | #(d) | 6/15/2045 | AAA | 1,400 | 1,400,000 | ||||||||||
| Total | 3,185,000 | |||||||||||||||
| Total Short-Term Investments (cost $7,645,000) | 7,645,000 | |||||||||||||||
| Total Investments in Securities 99.04% (cost $420,720,706) | 442,934,316 | |||||||||||||||
| Cash and Other Assets in Excess Liabilities(g) 0.96% | 4,309,821 | |||||||||||||||
| Net Assets 100.00% | $ | 447,244,137 | ||||||||||||||
| AGC | Insured by–Assured Guarantee Corporation. | |
| AGM | Insured by–Assured Guaranty Municipal Corporation. | |
| AMBAC | Insured by–AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by–Financial Guaranty Insurance Company. | |
| NR | Not Rated. |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2019, the total value of Rule 144A securities was $14,411,147, which represents 3.22% of net assets. | |
| # | Variable rate security. The interest rate represents the rate in effect at September 30, 2019. | |
| (a) | Unaudited. | |
| (b) | Securities purchased on a when-issued basis (See Note 2(g)). | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Variable Rate is Fixed to Float: Rate remains fixed until designated future date. | |
| (e) | Defaulted (non-income producing security). | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. | |
| (g) | Cash and Other Assets in Excess Liabilities include net unrealized appreciation on futures contracts as follows: |
| 154 | See Notes to Financial Statements. |
Schedule of Investments (concluded)
NEW YORK TAX FREE FUND September 30, 2019
Open Futures Contracts at September 30, 2019:
| Type | Expiration | Contracts | Position | Notional Amount | Notional Value | Unrealized Appreciation | ||||||||||||
| U.S. Long Bond | December 2019 | 51 | Short | $(8,340,283 | ) | $(8,277,938 | ) | $62,345 | ||||||||||
The following is a summary of the inputs used as of September 30, 2019 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 435,289,316 | $ | – | $ | 435,289,316 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 7,645,000 | – | 7,645,000 | ||||||||||||
| Total | $ | – | $ | 442,934,316 | $ | – | $ | 442,934,316 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts | ||||||||||||||||
| Assets | $ | 62,345 | $ | – | $ | – | $ | 62,345 | ||||||||
| Liabilities | – | – | – | – | ||||||||||||
| Total | $ | 62,345 | $ | – | $ | – | $ | 62,345 | ||||||||
| (1) | Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. |
| See Notes to Financial Statements. | 155 |
Statements of Assets and Liabilities
September 30, 2019
| Short Duration | Intermediate | |||||||
| ASSETS: | ||||||||
| Investments in securities, at cost | $ | 1,423,528,531 | $ | 4,395,139,547 | ||||
| Investments in securities, at fair value | $ | 1,448,931,274 | $ | 4,654,615,069 | ||||
| Cash | 1,041,351 | 1,178,893 | ||||||
| Deposits with brokers for futures collateral | – | – | ||||||
| Receivables: | ||||||||
| Interest | 12,928,728 | 54,538,980 | ||||||
| Capital shares sold | 9,091,247 | 21,402,737 | ||||||
| Investment securities sold | 111,806 | 5,815,797 | ||||||
| From advisor (See Note 3) | 18,950 | – | ||||||
| Variation margin for futures contracts | – | – | ||||||
| Prepaid expenses and other assets | 54,548 | 134,115 | ||||||
| Total assets | 1,472,177,904 | 4,737,685,591 | ||||||
| LIABILITIES: | ||||||||
| Payables: | ||||||||
| Investment securities purchased | 14,900,000 | 55,437,006 | ||||||
| Trust certificates (See Note 2(h)) | – | – | ||||||
| Capital shares reacquired | 1,334,066 | 4,746,922 | ||||||
| Management fee | 403,101 | 1,467,279 | ||||||
| 12b-1 distribution plan | 246,205 | 991,909 | ||||||
| Directors’ fees | 321,967 | 627,143 | ||||||
| Fund administration | 47,424 | 152,126 | ||||||
| Interest expense and fees (See Note 2(h)) | – | – | ||||||
| Distributions payable | 2,198,085 | 10,009,941 | ||||||
| Accrued expenses | 203,465 | 605,921 | ||||||
| Total liabilities | 19,654,313 | 74,038,247 | ||||||
| Commitments and contingent liabilities | ||||||||
| Net Assets | $ | 1,452,523,591 | $ | 4,663,647,344 | ||||
| COMPOSITION OF NET ASSETS: | ||||||||
| Paid-in capital | $ | 1,446,149,720 | $ | 4,442,946,459 | ||||
| Total distributable earnings (loss) | 6,373,871 | 220,700,885 | ||||||
| Net Assets | $ | 1,452,523,591 | $ | 4,663,647,344 | ||||
| 156 | See Notes to Financial Statements. |
| Short Duration | ||||||||||||||||||||||
| National | High Yield | High Yield | California | New Jersey | New York | |||||||||||||||||
| $ | 2,776,598,575 | $ | 3,100,423,408 | $ | 405,981,375 | $ | 413,391,266 | $ | 115,279,664 | $ | 420,720,706 | |||||||||||
| $ | 2,971,745,237 | $ | 3,294,934,808 | $ | 419,194,298 | $ | 443,073,635 | $ | 120,976,306 | $ | 442,934,316 | |||||||||||
| 1,273,712 | 1,111,177 | 1,026,076 | 1,215,396 | 556,237 | 555,502 | |||||||||||||||||
| 747,000 | 1,344,000 | 74,920 | 141,000 | 33,000 | 153,000 | |||||||||||||||||
| 33,692,478 | 41,665,845 | 4,917,586 | 4,816,752 | 1,375,208 | 4,809,260 | |||||||||||||||||
| 19,773,225 | 22,910,746 | 2,256,389 | 2,644,725 | 476,455 | 3,087,797 | |||||||||||||||||
| 3,320,178 | 3,345,000 | 1,175,330 | 1,586,295 | 1,135,000 | 50,000 | |||||||||||||||||
| – | – | 94,083 | – | 4,100 | – | |||||||||||||||||
| 8,441 | 14,647 | 5,638 | 1,668 | 405 | 1,859 | |||||||||||||||||
| 139,261 | 124,179 | 49,899 | 20,572 | 15,716 | 20,295 | |||||||||||||||||
| 3,030,699,532 | 3,365,450,402 | 428,794,219 | 453,500,043 | 124,572,427 | 451,612,029 | |||||||||||||||||
| 49,497,650 | 62,281,722 | 10,591,369 | 6,950,897 | 1,038,200 | 2,786,540 | |||||||||||||||||
| 25,000,000 | – | – | – | – | – | |||||||||||||||||
| 3,874,813 | 4,931,430 | 541,507 | 1,216,315 | 74,260 | 271,462 | |||||||||||||||||
| 956,225 | 1,187,137 | 135,599 | 158,456 | 44,849 | 161,732 | |||||||||||||||||
| 635,412 | 566,005 | 53,188 | 91,531 | 24,847 | 111,599 | |||||||||||||||||
| 545,059 | 372,789 | 19,072 | 105,254 | 34,075 | 109,674 | |||||||||||||||||
| 95,193 | 106,385 | 13,560 | 14,085 | 3,986 | 14,376 | |||||||||||||||||
| 232,063 | – | – | – | – | – | |||||||||||||||||
| 7,110,504 | 9,715,522 | 970,262 | 940,788 | 258,142 | 833,114 | |||||||||||||||||
| 552,478 | 611,906 | 93,495 | 74,698 | 48,717 | 79,395 | |||||||||||||||||
| 88,499,397 | 79,772,896 | 12,418,052 | 9,552,024 | 1,527,076 | 4,367,892 | |||||||||||||||||
| $ | 2,942,200,135 | $ | 3,285,677,506 | $ | 416,376,167 | $ | 443,948,019 | $ | 123,045,351 | $ | 447,244,137 | |||||||||||
| $ | 2,764,331,183 | $ | 3,193,258,772 | $ | 405,107,142 | $ | 415,031,323 | $ | 118,014,910 | $ | 427,810,216 | |||||||||||
| 177,868,952 | 92,418,734 | 11,269,025 | 28,916,696 | 5,030,441 | 19,433,921 | |||||||||||||||||
| $ | 2,942,200,135 | $ | 3,285,677,506 | $ | 416,376,167 | $ | 443,948,019 | $ | 123,045,351 | $ | 447,244,137 | |||||||||||
| See Notes to Financial Statements. | 157 |
Statements of Assets and Liabilities (concluded)
September 30, 2019
| Short Duration | Intermediate | |||||||
| Net assets by class: | ||||||||
| Class A Shares | $ | 632,983,107 | $ | 1,704,883,221 | ||||
| Class C Shares | $ | 86,434,748 | $ | 390,734,961 | ||||
| Class F Shares | $ | 577,257,512 | $ | 1,871,641,492 | ||||
| Class F3 Shares | $ | 46,898,969 | $ | 43,659,078 | ||||
| Class I Shares | $ | 108,949,255 | $ | 652,728,592 | ||||
| Outstanding shares by class*: | ||||||||
| Class A Shares | 40,114,737 | 152,603,488 | ||||||
| Class C Shares | 5,477,596 | 35,018,348 | ||||||
| Class F Shares | 36,581,047 | 167,575,453 | ||||||
| Class F3 Shares | 2,970,557 | 3,905,722 | ||||||
| Class I Shares | 6,902,548 | 58,415,531 | ||||||
| Net asset value, offering and redemption price per share (Net assets divided by outstanding shares): | ||||||||
| Class A Shares-Net asset value | $15.78 | $11.17 | ||||||
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $16.14 | $11.43 | ||||||
| Class C Shares-Net asset value | $15.78 | $11.16 | ||||||
| Class F Shares-Net asset value | $15.78 | $11.17 | ||||||
| Class F3 Shares-Net asset value | $15.79 | $11.18 | ||||||
| Class I Shares-Net asset value | $15.78 | $11.17 | ||||||
| * | Lord Abbett Municipal Income Fund, Inc. has 10,857,501,500 authorized shares of capital stock (par value $.001), which are designated as follows: 1,950,001,500 to Short Duration, 2,445,000,000 to Intermediate, 200,000,000 to AMT Free (which merged with and into National on March 22, 2019 (please see Note 15 for more information)), 1,175,000,000 to National, 1,987,500,000 to High Yield, 1,950,000,000 to Short Duration High Yield and 450,000,000 to each of California, New Jersey and New York (As of September 30, 2019). |
| 158 | See Notes to Financial Statements. |
| Short Duration | ||||||||||||||||||||||
| National | High Yield | High Yield | California | New Jersey | New York | |||||||||||||||||
| $ | 2,011,534,992 | $ | 1,728,665,445 | $ | 176,214,254 | $ | 289,148,105 | $ | 99,027,448 | $ | 332,822,486 | |||||||||||
| $ | 165,263,362 | $ | 346,924,552 | $ | 12,302,870 | $ | 42,957,422 | – | $ | 45,212,932 | ||||||||||||
| $ | 594,319,521 | $ | 895,690,556 | $ | 156,307,978 | $ | 73,686,980 | $ | 20,893,226 | $ | 55,301,157 | |||||||||||
| $ | 59,941,608 | $ | 32,101,288 | $ | 6,545,568 | $ | 8,373,482 | $ | 531,358 | $ | 1,233,799 | |||||||||||
| $ | 111,140,652 | $ | 282,295,665 | $ | 65,005,497 | $ | 29,782,030 | $ | 2,593,319 | $ | 12,673,763 | |||||||||||
| 170,411,319 | 137,177,344 | 11,263,737 | 25,327,890 | 19,004,159 | 28,280,124 | |||||||||||||||||
| 13,985,779 | 27,521,720 | 786,263 | 3,761,309 | – | 3,847,157 | |||||||||||||||||
| 50,388,089 | 71,021,689 | 9,991,674 | 6,454,639 | 4,009,754 | 4,694,808 | |||||||||||||||||
| 5,080,520 | 2,552,193 | 418,304 | 733,717 | 101,834 | 104,775 | |||||||||||||||||
| 9,420,010 | 22,439,813 | 4,154,561 | 2,610,624 | 497,144 | 1,076,191 | |||||||||||||||||
| $11.80 | $12.60 | $15.64 | $11.42 | $5.21 | $11.77 | |||||||||||||||||
| $12.07 | $12.89 | $16.00 | $11.68 | $5.33 | $12.04 | |||||||||||||||||
| $11.82 | $12.61 | $15.65 | $11.42 | – | $11.75 | |||||||||||||||||
| $11.79 | $12.61 | $15.64 | $11.42 | $5.21 | $11.78 | |||||||||||||||||
| $11.80 | $12.58 | $15.65 | $11.41 | $5.22 | $11.78 | |||||||||||||||||
| $11.80 | $12.58 | $15.65 | $11.41 | $5.22 | $11.78 | |||||||||||||||||
| See Notes to Financial Statements. | 159 |
For the Year Ended September 30, 2019
| Short Duration | Intermediate | |||||||
| Investment income: | ||||||||
| Interest and other | $ | 34,053,263 | $ | 144,732,116 | ||||
| Interest earned from Interfund Lending (See Note 11) | – | 1,344 | ||||||
| Total investment income | 34,053,263 | 144,733,460 | ||||||
| Expenses: | ||||||||
| Management fee | 4,674,785 | 16,302,275 | ||||||
| 12b-1 distribution plan-Class A | 1,218,839 | 3,045,335 | ||||||
| 12b-1 distribution plan-Class C | 816,724 | 3,294,096 | ||||||
| 12b-1 distribution plan-Class F | 531,545 | 1,688,111 | ||||||
| Interest expense and fees (See Note 2(h)) | – | 25,390 | ||||||
| Shareholder servicing | 592,060 | 2,209,088 | ||||||
| Fund administration | 549,975 | 1,685,576 | ||||||
| Registration | 213,342 | 255,437 | ||||||
| Professional | 82,561 | 252,037 | ||||||
| Reports to shareholders | 57,251 | 185,326 | ||||||
| Directors’ fees | 50,536 | 140,767 | ||||||
| Custody | 14,221 | 40,881 | ||||||
| Other | 147,088 | 258,798 | ||||||
| Gross expenses | 8,948,927 | 29,383,117 | ||||||
| Expense reductions (See Note 9) | (48,240 | ) | (149,123 | ) | ||||
| Fees waived and expenses reimbursed (See Note 3) | (155,263 | ) | – | |||||
| Net expenses | 8,745,424 | 29,233,994 | ||||||
| Net investment income | 25,307,839 | 115,499,466 | ||||||
| Net realized and unrealized gain (loss): | ||||||||
| Net realized gain (loss) on investments | 885,389 | (10,589,888 | ) | |||||
| Net realized loss on futures contracts | – | (1,799,934 | ) | |||||
| Net change in unrealized appreciation/depreciation on investments | 29,809,083 | 230,220,416 | ||||||
| Net change in unrealized appreciation/depreciation on futures contracts | – | – | ||||||
| Net realized and unrealized gain | 30,694,472 | 217,830,594 | ||||||
| Net Increase in Net Assets Resulting From Operations | $ | 56,002,311 | $ | 333,330,060 | ||||
| 160 | See Notes to Financial Statements. |
| Short Duration | ||||||||||||||||||||||
| National | High Yield | High Yield | California | New Jersey | New York | |||||||||||||||||
| $ | 93,408,563 | $ | 123,108,357 | $ | 11,957,269 | $ | 12,892,049 | $ | 3,720,756 | $ | 12,237,966 | |||||||||||
| – | – | – | – | – | – | |||||||||||||||||
| 93,408,563 | 123,108,357 | 11,957,269 | 12,892,049 | 3,720,756 | 12,237,966 | |||||||||||||||||
| 9,632,132 | 11,599,613 | 1,350,488 | 1,533,029 | 477,391 | 1,660,356 | |||||||||||||||||
| 3,306,587 | 2,721,373 | 287,183 | 444,202 | 176,317 | 544,249 | |||||||||||||||||
| 1,169,737 | 2,653,242 | 90,105 | 279,233 | – | 321,587 | |||||||||||||||||
| 420,404 | 655,057 | 129,355 | 55,528 | 15,828 | 45,223 | |||||||||||||||||
| 593,938 | 92,534 | – | – | – | – | |||||||||||||||||
| 1,247,756 | 1,207,654 | 226,526 | 127,932 | 45,513 | 158,219 | |||||||||||||||||
| 929,984 | 1,009,961 | 135,049 | 136,269 | 42,435 | 147,587 | |||||||||||||||||
| 268,292 | 237,692 | 115,007 | 74,048 | 57,128 | 72,468 | |||||||||||||||||
| 174,351 | 426,120 | 50,773 | 41,304 | 40,384 | 48,090 | |||||||||||||||||
| 104,545 | 111,708 | 17,158 | 15,259 | 7,849 | 16,792 | |||||||||||||||||
| 85,857 | 88,388 | 11,538 | 12,064 | 3,763 | 13,313 | |||||||||||||||||
| 25,120 | 25,711 | 8,325 | 6,497 | 4,647 | 8,333 | |||||||||||||||||
| 337,662 | 220,614 | 60,334 | 61,753 | 23,750 | 63,499 | |||||||||||||||||
| 18,296,365 | 21,049,667 | 2,481,841 | 2,787,118 | 895,005 | 3,099,716 | |||||||||||||||||
| (81,268 | ) | (88,605 | ) | (11,790 | ) | (11,865 | ) | (3,780 | ) | (13,058 | ) | |||||||||||
| – | – | (784,538 | ) | – | (41,429 | ) | – | |||||||||||||||
| 18,215,097 | 20,961,062 | 1,685,513 | 2,775,253 | 849,796 | 3,086,658 | |||||||||||||||||
| 75,193,466 | 102,147,295 | 10,271,756 | 10,116,796 | 2,870,960 | 9,151,308 | |||||||||||||||||
| (2,283,902 | ) | (16,530,605 | ) | 125,331 | (240,491 | ) | (436,056 | ) | (1,554,172 | ) | ||||||||||||
| (4,479,758 | ) | (9,358,678 | ) | (637,449 | ) | (1,144,415 | ) | (196,653 | ) | (858,633 | ) | |||||||||||
| 147,647,669 | 171,342,976 | 12,399,041 | 21,735,799 | 6,999,110 | 24,674,270 | |||||||||||||||||
| 535,538 | 518,314 | 14,898 | 121,821 | 2,424 | (16,105 | ) | ||||||||||||||||
| 141,419,547 | 145,972,007 | 11,901,821 | 20,472,714 | 6,368,825 | 22,245,360 | |||||||||||||||||
| $ | 216,613,013 | $ | 248,119,302 | $ | 22,173,577 | $ | 30,589,510 | $ | 9,239,785 | $ | 31,396,668 | |||||||||||
| See Notes to Financial Statements. | 161 |
Statements of Changes in Net Assets
| Short Duration | ||||||||
| For the | For the | |||||||
| Year Ended | Year Ended | |||||||
| INCREASE (DECREASE) IN NET ASSETS | September 30, 2019 | September 30, 2018 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 25,307,839 | $ | 20,108,649 | ||||
| Net realized gain (loss) on investments and futures contracts | 885,389 | (8,094,792 | ) | |||||
| Net change in unrealized appreciation/depreciation on investments and futures contracts | 29,809,083 | (13,040,891 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 56,002,311 | (1,027,034 | ) | |||||
| Distributions to shareholders:(1) | ||||||||
| Class A | (11,102,652 | ) | (9,605,897 | ) | ||||
| Class B | – | – | ||||||
| Class C | (1,223,586 | ) | (938,411 | ) | ||||
| Class F | (10,200,546 | ) | (8,092,579 | ) | ||||
| Class F3 | (627,080 | ) | (233,196 | ) | ||||
| Class I | (2,062,813 | ) | (1,201,020 | ) | ||||
| Class T | – | (106 | ) | |||||
| Total distributions to shareholders | (25,216,677 | ) | (20,071,209 | ) | ||||
| Capital share transactions (Net of share conversions) (See Note 14): | ||||||||
| Net proceeds from sales of shares | 633,289,014 | 561,558,316 | ||||||
| Net proceeds from reorganizations (See Note 15) | – | – | ||||||
| Reinvestment of distributions | 14,833,442 | 11,562,159 | ||||||
| Cost of shares reacquired | (580,503,220 | ) | (803,306,228 | ) | ||||
| Net increase (decrease) in net assets resulting from capital share transactions | 67,619,236 | (230,185,753 | ) | |||||
| Net increase (decrease) in net assets | 98,404,870 | (251,283,996 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of year | $ | 1,354,118,721 | $ | 1,605,402,717 | ||||
| End of year | $ | 1,452,523,591 | $ | 1,354,118,721 | ||||
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| 162 | See Notes to Financial Statements. |
| Intermediate | National | |||||||||||||
| For the | For the | For the | For the | |||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||
| September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||
| $ | 115,499,466 | $ | 109,517,925 | $ | 75,193,466 | $ | 66,062,363 | |||||||
| (12,389,822 | ) | (14,308,835 | ) | (6,763,660 | ) | 3,666,016 | ||||||||
| 230,220,416 | (89,742,337 | ) | 148,183,207 | (48,784,217 | ) | |||||||||
| 333,330,060 | 5,466,753 | 216,613,013 | 20,944,162 | |||||||||||
| (41,310,609 | ) | (39,655,549 | ) | (53,305,962 | ) | (48,683,027 | ) | |||||||
| – | (3,018 | ) | – | (4,433 | ) | |||||||||
| (8,588,040 | ) | (9,390,724 | ) | (3,716,398 | ) | (3,971,879 | ) | |||||||
| (47,407,280 | ) | (44,868,051 | ) | (13,855,561 | ) | (10,317,066 | ) | |||||||
| (876,817 | ) | (569,663 | ) | (1,134,009 | ) | (670,025 | ) | |||||||
| (16,460,316 | ) | (13,599,387 | ) | (2,498,383 | ) | (1,632,706 | ) | |||||||
| – | (204 | ) | – | – | ||||||||||
| (114,643,062 | ) | (108,086,596 | ) | (74,510,313 | ) | (65,279,136 | ) | |||||||
| 1,483,143,895 | 1,304,640,436 | 1,014,397,694 | 404,201,012 | |||||||||||
| – | – | 201,497,691 | – | |||||||||||
| 82,576,652 | 76,238,092 | 63,602,976 | 56,368,934 | |||||||||||
| (1,283,567,951 | ) | (1,505,458,002 | ) | (463,562,176 | ) | (467,482,957 | ) | |||||||
| 282,152,596 | (124,579,474 | ) | 815,936,185 | (6,913,011 | ) | |||||||||
| 500,839,594 | (227,199,317 | ) | 958,038,885 | (51,247,985 | ) | |||||||||
| $ | 4,162,807,750 | $ | 4,390,007,067 | $ | 1,984,161,250 | $ | 2,035,409,235 | |||||||
| $ | 4,663,647,344 | $ | 4,162,807,750 | $ | 2,942,200,135 | $ | 1,984,161,250 | |||||||
| See Notes to Financial Statements. | 163 |
Statements of Changes in Net Assets (continued)
| High Yield | ||||||||
| For the | For the | |||||||
| Year Ended | Year Ended | |||||||
| INCREASE (DECREASE) IN NET ASSETS | September 30, 2019 | September 30, 2018 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 102,147,295 | $ | 85,123,448 | ||||
| Net realized gain (loss) on investments and futures contracts | (25,889,283 | ) | (12,146,987 | ) | ||||
| Net change in unrealized appreciation/depreciation on investments and futures contracts | 171,861,290 | 23,117,992 | ||||||
| Net increase in net assets resulting from operations | 248,119,302 | 96,094,453 | ||||||
| Distributions to shareholders:(1) | ||||||||
| Class A | (54,378,652 | ) | (46,372,740 | ) | ||||
| Class C | (10,825,891 | ) | (11,674,662 | ) | ||||
| Class F | (26,687,299 | ) | (20,010,480 | ) | ||||
| Class F3 | (765,103 | ) | (464,184 | ) | ||||
| Class I | (7,092,945 | ) | (3,960,291 | ) | ||||
| Class T | – | (333 | ) | |||||
| Total distributions to shareholders | (99,749,890 | ) | (82,482,690 | ) | ||||
| Capital share transactions (Net of share conversions) (See Note 14): | ||||||||
| Net proceeds from sales of shares | 1,450,425,923 | 601,913,158 | ||||||
| Reinvestment of distributions | 83,997,743 | 68,725,921 | ||||||
| Cost of shares reacquired | (563,600,452 | ) | (688,187,684 | ) | ||||
| Net increase (decrease) in net assets resulting from capital share transactions | 970,823,214 | (17,548,605 | ) | |||||
| Net increase (decrease) in net assets | 1,119,192,626 | (3,936,842 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of year | $ | 2,166,484,880 | $ | 2,170,421,722 | ||||
| End of year | $ | 3,285,677,506 | $ | 2,166,484,880 | ||||
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| 164 | See Notes to Financial Statements. |
| Short Duration High Yield | California | |||||||||||||
| For the | For the | For the | For the | |||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||
| September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||
| $ | 10,271,756 | $ | 6,937,247 | $ | 10,116,796 | $ | 9,292,769 | |||||||
| (512,118 | ) | (2,475,363 | ) | (1,384,906 | ) | 1,669,850 | ||||||||
| 12,413,939 | (244,121 | ) | 21,857,620 | (7,534,201 | ) | |||||||||
| 22,173,577 | 4,217,763 | 30,589,510 | 3,428,418 | |||||||||||
| (4,125,381 | ) | (2,857,095 | ) | (6,597,653 | ) | (6,061,320 | ) | |||||||
| (233,121 | ) | (181,800 | ) | (812,708 | ) | (982,612 | ) | |||||||
| (3,836,530 | ) | (2,723,455 | ) | (1,694,056 | ) | (1,596,140 | ) | |||||||
| (165,778 | ) | (88,273 | ) | (185,869 | ) | (97,582 | ) | |||||||
| (1,494,292 | ) | (742,670 | ) | (713,640 | ) | (444,831 | ) | |||||||
| – | – | – | – | |||||||||||
| (9,855,102 | ) | (6,593,293 | ) | (10,003,926 | ) | (9,182,485 | ) | |||||||
| 247,090,432 | 153,832,011 | 186,394,154 | 70,594,849 | |||||||||||
| 9,585,584 | 6,504,730 | 8,582,675 | 7,898,316 | |||||||||||
| (126,733,086 | ) | (94,570,957 | ) | (70,874,978 | ) | (83,423,286 | ) | |||||||
| 129,942,930 | 65,765,784 | 124,101,851 | (4,930,121 | ) | ||||||||||
| 142,261,405 | 63,390,254 | 144,687,435 | (10,684,188 | ) | ||||||||||
| $ | 274,114,762 | $ | 210,724,508 | $ | 299,260,584 | $ | 309,944,772 | |||||||
| $ | 416,376,167 | $ | 274,114,762 | $ | 443,948,019 | $ | 299,260,584 | |||||||
| See Notes to Financial Statements. | 165 |
Statements of Changes in Net Assets (concluded)
| New Jersey | ||||||||
| For the | For the | |||||||
| Year Ended | Year Ended | |||||||
| INCREASE (DECREASE) IN NET ASSETS | September 30, 2019 | September 30, 2018 | ||||||
| Operations: | ||||||||
| Net investment income | $ | 2,870,960 | $ | 2,615,407 | ||||
| Net realized gain (loss) on investments and futures contracts | (632,709 | ) | 1,365,504 | |||||
| Net change in unrealized appreciation/depreciation on investments and futures contracts | 7,001,534 | (2,424,033 | ) | |||||
| Net increase in net assets resulting from operations | 9,239,785 | 1,556,878 | ||||||
| Distributions to shareholders:(1) | ||||||||
| Class A | (2,370,095 | ) | (2,188,429 | ) | ||||
| Class C | – | – | ||||||
| Class F | (438,770 | ) | (370,252 | ) | ||||
| Class F3 | (6,158 | ) | (3,575 | ) | ||||
| Class I | (53,885 | ) | (33,722 | ) | ||||
| Total distributions to shareholders | (2,868,908 | ) | (2,595,978 | ) | ||||
| Capital share transactions (Net of share conversions) (See Note 14): | ||||||||
| Net proceeds from sales of shares | 38,600,980 | 22,512,530 | ||||||
| Reinvestment of distributions | 2,368,422 | 2,104,213 | ||||||
| Cost of shares reacquired | (19,994,576 | ) | (28,743,319 | ) | ||||
| Net increase (decrease) in net assets resulting from capital share transactions | 20,974,826 | (4,126,576 | ) | |||||
| Net increase (decrease) in net assets | 27,345,703 | (5,165,676 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of year | $ | 95,699,648 | $ | 100,865,324 | ||||
| End of year | $ | 123,045,351 | $ | 95,699,648 | ||||
| (1) | Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions. |
| 166 | See Notes to Financial Statements. |
| New York | |||||||
| For the | For the | ||||||
| Year Ended | Year Ended | ||||||
| September 30, 2019 | September 30, 2018 | ||||||
| $ | 9,151,308 | $ | 8,731,409 | ||||
| (2,412,805 | ) | 994,600 | |||||
| 24,658,165 | (9,011,603 | ) | |||||
| 31,396,668 | 714,406 | ||||||
| (6,935,314 | ) | (6,461,211 | ) | ||||
| (767,665 | ) | (896,394 | ) | ||||
| (1,196,262 | ) | (1,131,071 | ) | ||||
| (26,421 | ) | (22,087 | ) | ||||
| (304,385 | ) | (185,897 | ) | ||||
| (9,230,047 | ) | (8,696,660 | ) | ||||
| 146,348,476 | 50,935,807 | ||||||
| 7,234,463 | 6,618,290 | ||||||
| (70,726,564 | ) | (77,224,892 | ) | ||||
| 82,856,375 | (19,670,795 | ) | |||||
| 105,022,996 | (27,653,049 | ) | |||||
| $ | 342,221,141 | $ | 369,874,190 | ||||
| $ | 447,244,137 | $ | 342,221,141 | ||||
| See Notes to Financial Statements. | 167 |
SHORT DURATION TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: |
|||||||||||||||||||||||
| Net asset value, beginning of period |
Net investment income(a) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Net investment income |
Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2019 | $15.43 | $0.29 | $ 0.34 | $ 0.63 | $(0.28 | ) | $15.78 | |||||||||||||||||
| 9/30/2018 | 15.64 | 0.21 | (0.20 | ) | 0.01 | (0.22 | ) | 15.43 | ||||||||||||||||
| 9/30/2017 | 15.76 | 0.17 | (0.12 | ) | 0.05 | (0.17 | ) | 15.64 | ||||||||||||||||
| 9/30/2016 | 15.74 | 0.17 | 0.02 | 0.19 | (0.17 | ) | 15.76 | |||||||||||||||||
| 9/30/2015 | 15.80 | 0.16 | (0.06 | ) | 0.10 | (0.16 | ) | 15.74 | ||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2019 | 15.43 | 0.19 | 0.35 | 0.54 | (0.19 | ) | 15.78 | |||||||||||||||||
| 9/30/2018 | 15.64 | 0.12 | (0.21 | ) | (0.09 | ) | (0.12 | ) | 15.43 | |||||||||||||||
| 9/30/2017 | 15.77 | 0.07 | (0.13 | ) | (0.06 | ) | (0.07 | ) | 15.64 | |||||||||||||||
| 9/30/2016 | 15.74 | 0.07 | 0.03 | 0.10 | (0.07 | ) | 15.77 | |||||||||||||||||
| 9/30/2015 | 15.80 | 0.06 | (0.06 | ) | – | (0.06 | ) | 15.74 | ||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2019 | 15.43 | 0.30 | 0.35 | 0.65 | (0.30 | ) | 15.78 | |||||||||||||||||
| 9/30/2018 | 15.64 | 0.23 | (0.21 | ) | 0.02 | (0.23 | ) | 15.43 | ||||||||||||||||
| 9/30/2017 | 15.77 | 0.18 | (0.13 | ) | 0.05 | (0.18 | ) | 15.64 | ||||||||||||||||
| 9/30/2016 | 15.74 | 0.19 | 0.02 | 0.21 | (0.18 | ) | 15.77 | |||||||||||||||||
| 9/30/2015 | 15.80 | 0.18 | (0.07 | ) | 0.11 | (0.17 | ) | 15.74 | ||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2019 | 15.43 | 0.32 | 0.36 | 0.68 | (0.32 | ) | 15.79 | |||||||||||||||||
| 9/30/2018 | 15.65 | 0.25 | (0.22 | ) | 0.03 | (0.25 | ) | 15.43 | ||||||||||||||||
| 4/4/2017 to 9/30/2017(d) | 15.56 | 0.10 | 0.09 | 0.19 | (0.10 | ) | 15.65 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2019 | 15.43 | 0.32 | 0.35 | 0.67 | (0.32 | ) | 15.78 | |||||||||||||||||
| 9/30/2018 | 15.65 | 0.25 | (0.22 | ) | 0.03 | (0.25 | ) | 15.43 | ||||||||||||||||
| 9/30/2017 | 15.77 | 0.20 | (0.12 | ) | 0.08 | (0.20 | ) | 15.65 | ||||||||||||||||
| 9/30/2016 | 15.74 | 0.20 | 0.03 | 0.23 | (0.20 | ) | 15.77 | |||||||||||||||||
| 9/30/2015 | 15.80 | 0.19 | (0.06 | ) | 0.13 | (0.19 | ) | 15.74 | ||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 168 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return(b) (%) |
Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%) |
Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%) |
Total expenses (%) |
Net investment income (%) |
Net assets, end of period (000) |
Portfolio turnover rate (%) | ||||||||||||||||||||
| 4.15 | 0.65 | 0.65 | 0.66 | 1.83 | $ 632,983 | 33 | ||||||||||||||||||||
| 0.04 | 0.65 | 0.65 | 0.68 | 1.38 | 621,383 | 55 | ||||||||||||||||||||
| 0.26 | 0.65 | 0.65 | 0.71 | 1.08 | 777,769 | 23 | ||||||||||||||||||||
| 1.27 | 0.65 | 0.65 | 0.71 | 1.08 | 1,060,240 | 23 | ||||||||||||||||||||
| 0.63 | 0.65 | 0.65 | 0.70 | 1.02 | 1,056,101 | 26 | ||||||||||||||||||||
| 3.52 | 1.26 | 1.26 | 1.28 | 1.22 | 86,435 | 33 | ||||||||||||||||||||
| (0.57 | ) | 1.26 | 1.26 | 1.29 | 0.77 | 106,989 | 55 | |||||||||||||||||||
| (0.36 | ) | 1.27 | 1.27 | 1.33 | 0.47 | 138,173 | 23 | |||||||||||||||||||
| 0.65 | 1.27 | 1.27 | 1.33 | 0.47 | 180,900 | 23 | ||||||||||||||||||||
| 0.01 | 1.27 | 1.27 | 1.33 | 0.39 | 200,818 | 26 | ||||||||||||||||||||
| 4.25 | 0.55 | 0.55 | 0.56 | 1.92 | 577,258 | 33 | ||||||||||||||||||||
| 0.14 | 0.55 | 0.55 | 0.58 | 1.48 | 507,085 | 55 | ||||||||||||||||||||
| 0.35 | 0.55 | 0.55 | 0.61 | 1.18 | 641,013 | 23 | ||||||||||||||||||||
| 1.37 | 0.55 | 0.55 | 0.61 | 1.18 | 803,775 | 23 | ||||||||||||||||||||
| 0.73 | 0.55 | 0.55 | 0.60 | 1.11 | 724,280 | 26 | ||||||||||||||||||||
| 4.44 | 0.42 | 0.42 | 0.43 | 2.04 | 46,899 | 33 | ||||||||||||||||||||
| 0.19 | 0.43 | 0.43 | 0.44 | 1.63 | 19,703 | 55 | ||||||||||||||||||||
| 1.23 | (e) | 0.43 | (f) | 0.43 | (f) | 0.49 | (f) | 1.30 | (f) | 947 | 23 | |||||||||||||||
| 4.35 | 0.45 | 0.45 | 0.46 | 2.02 | 108,949 | 33 | ||||||||||||||||||||
| 0.17 | 0.45 | 0.45 | 0.47 | 1.60 | 98,960 | 55 | ||||||||||||||||||||
| 0.52 | 0.45 | 0.45 | 0.51 | 1.28 | 47,491 | 23 | ||||||||||||||||||||
| 1.47 | 0.45 | 0.45 | 0.51 | 1.27 | 67,127 | 23 | ||||||||||||||||||||
| 0.83 | 0.45 | 0.45 | 0.50 | 1.20 | 44,295 | 26 | ||||||||||||||||||||
| See Notes to Financial Statements. | 169 |
Financial Highlights (continued)
INTERMEDIATE TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||||||
| Net asset value, beginning of period |
Net invest- ment income(a) |
Net realized and unrealized gain (loss) |
Total from invest- ment opera- tions |
Net investment income |
Net realized gain |
Total distri- butions | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 9/30/2019 | $10.60 | $0.30 | $ 0.57 | $ 0.87 | $(0.30 | ) | $ – | $(0.30 | ) | |||||||||||||||||||
| 9/30/2018 | 10.85 | 0.27 | (0.25 | ) | 0.02 | (0.27 | ) | – | (0.27 | ) | ||||||||||||||||||
| 9/30/2017 | 11.10 | 0.27 | (0.26 | ) | 0.01 | (0.26 | ) | – | (d) | (0.26 | ) | |||||||||||||||||
| 9/30/2016 | 10.80 | 0.29 | 0.30 | 0.59 | (0.28 | ) | (0.01 | ) | (0.29 | ) | ||||||||||||||||||
| 9/30/2015 | 10.83 | 0.31 | (0.04 | ) | 0.27 | (0.30 | ) | – | (0.30 | ) | ||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 9/30/2019 | 10.59 | 0.23 | 0.57 | 0.80 | (0.23 | ) | – | (0.23 | ) | |||||||||||||||||||
| 9/30/2018 | 10.84 | 0.21 | (0.26 | ) | (0.05 | ) | (0.20 | ) | – | (0.20 | ) | |||||||||||||||||
| 9/30/2017 | 11.09 | 0.20 | (0.26 | ) | (0.06 | ) | (0.19 | ) | – | (d) | (0.19 | ) | ||||||||||||||||
| 9/30/2016 | 10.79 | 0.22 | 0.30 | 0.52 | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||||||||||
| 9/30/2015 | 10.82 | 0.24 | (0.04 | ) | 0.20 | (0.23 | ) | – | (0.23 | ) | ||||||||||||||||||
| Class F | ||||||||||||||||||||||||||||
| 9/30/2019 | 10.60 | 0.31 | 0.57 | 0.88 | (0.31 | ) | – | (0.31 | ) | |||||||||||||||||||
| 9/30/2018 | 10.85 | 0.28 | (0.25 | ) | 0.03 | (0.28 | ) | – | (0.28 | ) | ||||||||||||||||||
| 9/30/2017 | 11.10 | 0.27 | (0.25 | ) | 0.02 | (0.27 | ) | – | (d) | (0.27 | ) | |||||||||||||||||
| 9/30/2016 | 10.80 | 0.30 | 0.30 | 0.60 | (0.29 | ) | (0.01 | ) | (0.30 | ) | ||||||||||||||||||
| 9/30/2015 | 10.83 | 0.32 | (0.04 | ) | 0.28 | (0.31 | ) | – | (0.31 | ) | ||||||||||||||||||
| Class F3 | ||||||||||||||||||||||||||||
| 9/30/2019 | 10.60 | 0.32 | 0.58 | 0.90 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
| 9/30/2018 | 10.86 | 0.30 | (0.26 | ) | 0.04 | (0.30 | ) | – | (0.30 | ) | ||||||||||||||||||
| 4/4/2017 to 9/30/2017(e) | 10.66 | 0.13 | 0.21 | 0.34 | (0.14 | ) | – | (d) | (0.14 | ) | ||||||||||||||||||
| Class I | ||||||||||||||||||||||||||||
| 9/30/2019 | 10.60 | 0.32 | 0.57 | 0.89 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
| 9/30/2018 | 10.85 | 0.30 | (0.26 | ) | 0.04 | (0.29 | ) | – | (0.29 | ) | ||||||||||||||||||
| 9/30/2017 | 11.10 | 0.29 | (0.26 | ) | 0.03 | (0.28 | ) | – | (d) | (0.28 | ) | |||||||||||||||||
| 9/30/2016 | 10.80 | 0.31 | 0.30 | 0.61 | (0.30 | ) | (0.01 | ) | (0.31 | ) | ||||||||||||||||||
| 9/30/2015 | 10.84 | 0.33 | (0.05 | ) | 0.28 | (0.32 | ) | – | (0.32 | ) | ||||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Amount less than $0.01. |
| (e) | Commenced on April 4, 2017. |
| (f) | Not annualized. |
| (g) | Annualized. |
| 170 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||||||
| Net asset value, end of period |
Total return(b) (%) |
Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%) |
Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%) |
Total expenses (%) |
Net investment income (%) |
Net assets, end of period (000) |
Portfolio turnover rate (%) | |||||||||||||||||||||||
| $11.17 | 8.27 | 0.70 | 0.70 | 0.71 | 2.73 | $1,704,883 | 19 | |||||||||||||||||||||||
| 10.60 | 0.20 | 0.70 | 0.70 | 0.70 | 2.57 | 1,496,393 | 23 | |||||||||||||||||||||||
| 10.85 | 0.18 | 0.70 | 0.70 | 0.70 | 2.46 | 1,650,235 | 23 | |||||||||||||||||||||||
| 11.10 | 5.53 | 0.70 | 0.70 | 0.70 | 2.62 | 2,000,225 | 8 | |||||||||||||||||||||||
| 10.80 | 2.52 | 0.71 | 0.71 | 0.71 | 2.84 | 1,592,318 | 12 | |||||||||||||||||||||||
| 11.16 | 7.62 | 1.31 | 1.31 | 1.32 | 2.13 | 390,735 | 19 | |||||||||||||||||||||||
| 10.59 | (0.42 | ) | 1.32 | 1.32 | 1.32 | 1.95 | 432,891 | 23 | ||||||||||||||||||||||
| 10.84 | (0.45 | ) | 1.33 | 1.33 | 1.33 | 1.84 | 540,427 | 23 | ||||||||||||||||||||||
| 11.09 | 4.87 | 1.33 | 1.33 | 1.33 | 2.00 | 657,981 | 8 | |||||||||||||||||||||||
| 10.79 | 1.89 | 1.33 | 1.33 | 1.33 | 2.22 | 564,502 | 12 | |||||||||||||||||||||||
| 11.17 | 8.38 | 0.60 | 0.60 | 0.61 | 2.83 | 1,871,641 | 19 | |||||||||||||||||||||||
| 10.60 | 0.30 | 0.60 | 0.60 | 0.60 | 2.66 | 1,680,364 | 23 | |||||||||||||||||||||||
| 10.85 | 0.28 | 0.60 | 0.60 | 0.60 | 2.55 | 1,861,797 | 23 | |||||||||||||||||||||||
| 11.10 | 5.63 | 0.60 | 0.60 | 0.60 | 2.72 | 1,983,052 | 8 | |||||||||||||||||||||||
| 10.80 | 2.62 | 0.61 | 0.61 | 0.61 | 2.94 | 1,447,425 | 12 | |||||||||||||||||||||||
| 11.18 | 8.62 | 0.46 | 0.46 | 0.47 | 2.94 | 43,659 | 19 | |||||||||||||||||||||||
| 10.60 | 0.34 | 0.46 | 0.46 | 0.46 | 2.80 | 24,227 | 23 | |||||||||||||||||||||||
| 10.86 | 3.16 | (f) | 0.46 | (g) | 0.46 | (g) | 0.46 | (g) | 2.52 | (g) | 441 | 23 | ||||||||||||||||||
| 11.17 | 8.48 | 0.50 | 0.50 | 0.51 | 2.92 | 652,729 | 19 | |||||||||||||||||||||||
| 10.60 | 0.40 | 0.50 | 0.50 | 0.50 | 2.77 | 528,933 | 23 | |||||||||||||||||||||||
| 10.85 | 0.38 | 0.50 | 0.50 | 0.50 | 2.66 | 336,447 | 23 | |||||||||||||||||||||||
| 11.10 | 5.74 | 0.50 | 0.50 | 0.50 | 2.79 | 316,391 | 8 | |||||||||||||||||||||||
| 10.80 | 2.63 | 0.51 | 0.51 | 0.51 | 3.02 | 164,325 | 12 | |||||||||||||||||||||||
| See Notes to Financial Statements. | 171 |
Financial Highlights (continued)
NATIONAL TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2019 | $11.11 | $0.37 | $0.69 | $1.06 | $(0.37 | ) | $11.80 | |||||||||||||||||
| 9/30/2018 | 11.36 | 0.37 | (0.25 | ) | 0.12 | (0.37 | ) | 11.11 | ||||||||||||||||
| 9/30/2017 | 11.69 | 0.38 | (0.34 | ) | 0.04 | (0.37 | ) | 11.36 | ||||||||||||||||
| 9/30/2016 | 11.24 | 0.41 | 0.44 | 0.85 | (0.40 | ) | 11.69 | |||||||||||||||||
| 9/30/2015 | 11.29 | 0.41 | (0.06 | ) | 0.35 | (0.40 | ) | 11.24 | ||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2019 | 11.13 | 0.30 | 0.69 | 0.99 | (0.30 | ) | 11.82 | |||||||||||||||||
| 9/30/2018 | 11.37 | 0.30 | (0.24 | ) | 0.06 | (0.30 | ) | 11.13 | ||||||||||||||||
| 9/30/2017 | 11.70 | 0.31 | (0.34 | ) | (0.03 | ) | (0.30 | ) | 11.37 | |||||||||||||||
| 9/30/2016 | 11.26 | 0.33 | 0.44 | 0.77 | (0.33 | ) | 11.70 | |||||||||||||||||
| 9/30/2015 | 11.30 | 0.34 | (0.05 | ) | 0.29 | (0.33 | ) | 11.26 | ||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2019 | 11.10 | 0.38 | 0.69 | 1.07 | (0.38 | ) | 11.79 | |||||||||||||||||
| 9/30/2018 | 11.35 | 0.38 | (0.25 | ) | 0.13 | (0.38 | ) | 11.10 | ||||||||||||||||
| 9/30/2017 | 11.68 | 0.39 | (0.34 | ) | 0.05 | (0.38 | ) | 11.35 | ||||||||||||||||
| 9/30/2016 | 11.23 | 0.41 | 0.45 | 0.86 | (0.41 | ) | 11.68 | |||||||||||||||||
| 9/30/2015 | 11.28 | 0.42 | (0.06 | ) | 0.36 | (0.41 | ) | 11.23 | ||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2019 | 11.11 | 0.39 | 0.70 | 1.09 | (0.40 | ) | 11.80 | |||||||||||||||||
| 9/30/2018 | 11.35 | 0.39 | (0.24 | ) | 0.15 | (0.39 | ) | 11.11 | ||||||||||||||||
| 4/4/2017 to 9/30/2017(d) | 11.11 | 0.19 | 0.24 | 0.43 | (0.19 | ) | 11.35 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2019 | 11.11 | 0.39 | 0.69 | 1.08 | (0.39 | ) | 11.80 | |||||||||||||||||
| 9/30/2018 | 11.35 | 0.39 | (0.24 | ) | 0.15 | (0.39 | ) | 11.11 | ||||||||||||||||
| 9/30/2017 | 11.68 | 0.39 | (0.33 | ) | 0.06 | (0.39 | ) | 11.35 | ||||||||||||||||
| 9/30/2016 | 11.24 | 0.42 | 0.44 | 0.86 | (0.42 | ) | 11.68 | |||||||||||||||||
| 9/30/2015 | 11.29 | 0.43 | (0.06 | ) | 0.37 | (0.42 | ) | 11.24 | ||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 172 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||
| Total return(b) (%) |
Total expenses (includes interest expense)(c) (%) |
Total expenses (excludes interest expense)(c) (%) |
Net investment income (%) |
Net assets, end of period (000) |
Portfolio turnover Rate (%) | |||||||||||||||||
| 9.70 | 0.77 | 0.75 | 3.25 | $2,011,535 | 11 | |||||||||||||||||
| 1.03 | 0.77 | 0.74 | 3.28 | 1,484,381 | 32 | |||||||||||||||||
| 0.43 | 0.76 | 0.74 | 3.34 | 1,496,723 | 31 | |||||||||||||||||
| 7.68 | 0.77 | 0.74 | 3.52 | 1,591,375 | 16 | |||||||||||||||||
| 3.16 | 0.77 | 0.75 | 3.61 | 1,404,309 | 29 | |||||||||||||||||
| 9.01 | 1.39 | 1.37 | 2.63 | 165,263 | 11 | |||||||||||||||||
| 0.49 | 1.39 | 1.36 | 2.66 | 131,631 | 32 | |||||||||||||||||
| (0.19 | ) | 1.39 | 1.37 | 2.72 | 164,380 | 31 | ||||||||||||||||
| 6.91 | 1.39 | 1.37 | 2.90 | 198,789 | 16 | |||||||||||||||||
| 2.61 | 1.40 | 1.38 | 2.98 | 172,774 | 29 | |||||||||||||||||
| 9.80 | 0.67 | 0.65 | 3.32 | 594,320 | 11 | |||||||||||||||||
| 1.12 | 0.67 | 0.64 | 3.37 | 299,777 | 32 | |||||||||||||||||
| 0.53 | 0.66 | 0.64 | 3.43 | 333,595 | 31 | |||||||||||||||||
| 7.78 | 0.67 | 0.64 | 3.59 | 318,012 | 16 | |||||||||||||||||
| 3.25 | 0.67 | 0.65 | 3.70 | 186,722 | 29 | |||||||||||||||||
| 9.95 | 0.53 | 0.50 | 3.42 | 59,942 | 11 | |||||||||||||||||
| 1.34 | 0.53 | 0.50 | 3.50 | 21,499 | 32 | |||||||||||||||||
| 3.80 | (e) | 0.52 | (f) | 0.50 | (f) | 3.50 | (f) | 16,732 | 31 | |||||||||||||
| 9.91 | 0.57 | 0.55 | 3.40 | 111,141 | 11 | |||||||||||||||||
| 1.31 | 0.57 | 0.54 | 3.48 | 46,873 | 32 | |||||||||||||||||
| 0.63 | 0.56 | 0.54 | 3.49 | 23,240 | 31 | |||||||||||||||||
| 7.77 | 0.57 | 0.54 | 3.60 | 9,658 | 16 | |||||||||||||||||
| 3.34 | 0.57 | 0.55 | 3.77 | 2,442 | 29 | |||||||||||||||||
| See Notes to Financial Statements. | 173 |
Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: |
|||||||||||||||||||||||
| Net asset value, beginning of period |
Net investment income(a) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Net investment income |
Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2019 | $11.93 | $0.50 | $ 0.66 | $1.16 | $(0.49 | ) | $12.60 | |||||||||||||||||
| 9/30/2018 | 11.84 | 0.48 | 0.08 | 0.56 | (0.47 | ) | 11.93 | |||||||||||||||||
| 9/30/2017 | 12.17 | 0.50 | (0.34 | ) | 0.16 | (0.49 | ) | 11.84 | ||||||||||||||||
| 9/30/2016 | 11.54 | 0.56 | 0.60 | 1.16 | (0.53 | ) | 12.17 | |||||||||||||||||
| 9/30/2015 | 11.69 | 0.56 | (0.17 | ) | 0.39 | (0.54 | ) | 11.54 | ||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2019 | 11.93 | 0.42 | 0.67 | 1.09 | (0.41 | ) | 12.61 | |||||||||||||||||
| 9/30/2018 | 11.84 | 0.41 | 0.08 | 0.49 | (0.40 | ) | 11.93 | |||||||||||||||||
| 9/30/2017 | 12.17 | 0.43 | (0.35 | ) | 0.08 | (0.41 | ) | 11.84 | ||||||||||||||||
| 9/30/2016 | 11.55 | 0.49 | 0.59 | 1.08 | (0.46 | ) | 12.17 | |||||||||||||||||
| 9/30/2015 | 11.69 | 0.49 | (0.17 | ) | 0.32 | (0.46 | ) | 11.55 | ||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2019 | 11.93 | 0.51 | 0.67 | 1.18 | (0.50 | ) | 12.61 | |||||||||||||||||
| 9/30/2018 | 11.85 | 0.49 | 0.07 | 0.56 | (0.48 | ) | 11.93 | |||||||||||||||||
| 9/30/2017 | 12.18 | 0.52 | (0.35 | ) | 0.17 | (0.50 | ) | 11.85 | ||||||||||||||||
| 9/30/2016 | 11.55 | 0.57 | 0.60 | 1.17 | (0.54 | ) | 12.18 | |||||||||||||||||
| 9/30/2015 | 11.69 | 0.58 | (0.17 | ) | 0.41 | (0.55 | ) | 11.55 | ||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2019 | 11.90 | 0.52 | 0.67 | 1.19 | (0.51 | ) | 12.58 | |||||||||||||||||
| 9/30/2018 | 11.82 | 0.51 | 0.06 | 0.57 | (0.49 | ) | 11.90 | |||||||||||||||||
| 4/4/2017 to 9/30/2017(d) | 11.79 | 0.24 | 0.03 | 0.27 | (0.24 | ) | 11.82 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2019 | 11.90 | 0.51 | 0.68 | 1.19 | (0.51 | ) | 12.58 | |||||||||||||||||
| 9/30/2018 | 11.82 | 0.50 | 0.07 | 0.57 | (0.49 | ) | 11.90 | |||||||||||||||||
| 9/30/2017 | 12.15 | 0.52 | (0.35 | ) | 0.17 | (0.50 | ) | 11.82 | ||||||||||||||||
| 9/30/2016 | 11.53 | 0.57 | 0.60 | 1.17 | (0.55 | ) | 12.15 | |||||||||||||||||
| 9/30/2015 | 11.67 | 0.58 | (0.16 | ) | 0.42 | (0.56 | ) | 11.53 | ||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 174 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return(b) (%) |
Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%) |
Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%) |
Total expenses (%) |
Net investment income (%) |
Net assets, end of period (000) |
Portfolio turnover rate (%) | ||||||||||||||||||||
| 9.94 | 0.79 | 0.79 | 0.79 | 4.09 | $1,728,665 | 11 | ||||||||||||||||||||
| 4.83 | 0.82 | 0.81 | 0.82 | 4.09 | 1,217,482 | 30 | ||||||||||||||||||||
| 1.41 | 0.80 | 0.79 | 0.80 | 4.31 | 1,182,782 | 30 | ||||||||||||||||||||
| 10.28 | 0.80 | 0.79 | 0.80 | 4.71 | 1,273,114 | 16 | ||||||||||||||||||||
| 3.36 | 0.84 | 0.83 | 0.87 | 4.82 | 1,141,428 | 31 | ||||||||||||||||||||
| 9.34 | 1.42 | 1.42 | 1.42 | 3.48 | 346,925 | 11 | ||||||||||||||||||||
| 4.18 | 1.44 | 1.43 | 1.44 | 3.48 | 309,743 | 30 | ||||||||||||||||||||
| 0.79 | 1.43 | 1.42 | 1.43 | 3.70 | 380,228 | 30 | ||||||||||||||||||||
| 9.51 | 1.42 | 1.41 | 1.42 | 4.09 | 441,499 | 16 | ||||||||||||||||||||
| 2.81 | 1.47 | 1.46 | 1.50 | 4.20 | 397,615 | 31 | ||||||||||||||||||||
| 10.13 | 0.69 | 0.69 | 0.69 | 4.16 | 895,691 | 11 | ||||||||||||||||||||
| 4.84 | 0.72 | 0.71 | 0.72 | 4.18 | 517,484 | 30 | ||||||||||||||||||||
| 1.51 | 0.70 | 0.69 | 0.70 | 4.39 | 540,945 | 30 | ||||||||||||||||||||
| 10.39 | 0.70 | 0.69 | 0.70 | 4.80 | 490,913 | 16 | ||||||||||||||||||||
| 3.55 | 0.74 | 0.73 | 0.77 | 4.92 | 404,172 | 31 | ||||||||||||||||||||
| 10.28 | 0.55 | 0.55 | 0.55 | 4.24 | 32,101 | 11 | ||||||||||||||||||||
| 4.98 | 0.58 | 0.57 | 0.58 | 4.30 | 13,249 | 30 | ||||||||||||||||||||
| 4.11 | (e) | 0.56 | (f) | 0.56 | (f) | 0.56 | (f) | 4.09 | (f) | 1,750 | 30 | |||||||||||||||
| 10.25 | 0.59 | 0.59 | 0.59 | 4.22 | 282,296 | 11 | ||||||||||||||||||||
| 4.94 | 0.62 | 0.61 | 0.62 | 4.27 | 108,526 | 30 | ||||||||||||||||||||
| 1.57 | 0.60 | 0.59 | 0.60 | 4.42 | 64,707 | 30 | ||||||||||||||||||||
| 10.41 | 0.60 | 0.58 | 0.60 | 4.82 | 68,122 | 16 | ||||||||||||||||||||
| 3.64 | 0.64 | 0.63 | 0.67 | 4.99 | 11,061 | 31 | ||||||||||||||||||||
| See Notes to Financial Statements. | 175 |
Financial Highlights (continued)
SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||||||
| Distributions to | ||||||||||||||||||||||||||||
| Investment Operations: | shareholders from: | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net invest- ment income(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 9/30/2019 | $15.10 | $0.46 | $0.52 | $0.98 | $(0.44 | ) | $– | $(0.44 | ) | |||||||||||||||||||
| 9/30/2018 | 15.26 | 0.43 | (0.18 | ) | 0.25 | (0.41 | ) | – | (c) | (0.41 | ) | |||||||||||||||||
| 9/30/2017 | 15.52 | 0.43 | (0.29 | ) | 0.14 | (0.40 | ) | – | (0.40 | ) | ||||||||||||||||||
| 9/30/2016 | 15.04 | 0.42 | 0.46 | 0.88 | (0.40 | ) | – | (0.40 | ) | |||||||||||||||||||
| 6/1/2015 to 9/30/2015(d) | 15.00 | 0.13 | 0.03 | 0.16 | (0.12 | ) | – | (0.12 | ) | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 9/30/2019 | 15.11 | 0.36 | 0.52 | 0.88 | (0.34 | ) | – | (0.34 | ) | |||||||||||||||||||
| 9/30/2018 | 15.26 | 0.33 | (0.17 | ) | 0.16 | (0.31 | ) | – | (c) | (0.31 | ) | |||||||||||||||||
| 9/30/2017 | 15.52 | 0.32 | (0.29 | ) | 0.03 | (0.29 | ) | – | (0.29 | ) | ||||||||||||||||||
| 9/30/2016 | 15.04 | 0.30 | 0.46 | 0.76 | (0.28 | ) | – | (0.28 | ) | |||||||||||||||||||
| 6/1/2015 to 9/30/2015(d) | 15.00 | 0.10 | 0.02 | 0.12 | (0.08 | ) | – | (0.08 | ) | |||||||||||||||||||
| Class F | ||||||||||||||||||||||||||||
| 9/30/2019 | 15.10 | 0.47 | 0.53 | 1.00 | (0.46 | ) | – | (0.46 | ) | |||||||||||||||||||
| 9/30/2018 | 15.26 | 0.44 | (0.18 | ) | 0.26 | (0.42 | ) | – | (c) | (0.42 | ) | |||||||||||||||||
| 9/30/2017 | 15.51 | 0.45 | (0.28 | ) | 0.17 | (0.42 | ) | – | (0.42 | ) | ||||||||||||||||||
| 9/30/2016 | 15.04 | 0.43 | 0.46 | 0.89 | (0.42 | ) | – | (0.42 | ) | |||||||||||||||||||
| 6/1/2015 to 9/30/2015(d) | 15.00 | 0.14 | 0.02 | 0.16 | (0.12 | ) | – | (0.12 | ) | |||||||||||||||||||
| Class F3 | ||||||||||||||||||||||||||||
| 9/30/2019 | 15.11 | 0.50 | 0.52 | 1.02 | (0.48 | ) | – | (0.48 | ) | |||||||||||||||||||
| 9/30/2018 | 15.27 | 0.46 | (0.18 | ) | 0.28 | (0.44 | ) | – | (c) | (0.44 | ) | |||||||||||||||||
| 4/4/2017 to 9/30/2017(g) | 14.99 | 0.23 | 0.27 | 0.50 | (0.22 | ) | – | (0.22 | ) | |||||||||||||||||||
| Class I | ||||||||||||||||||||||||||||
| 9/30/2019 | 15.11 | 0.49 | 0.52 | 1.01 | (0.47 | ) | – | (0.47 | ) | |||||||||||||||||||
| 9/30/2018 | 15.26 | 0.46 | (0.17 | ) | 0.29 | (0.44 | ) | – | (c) | (0.44 | ) | |||||||||||||||||
| 9/30/2017 | 15.52 | 0.46 | (0.29 | ) | 0.17 | (0.43 | ) | – | (0.43 | ) | ||||||||||||||||||
| 9/30/2016 | 15.04 | 0.43 | 0.48 | 0.91 | (0.43 | ) | – | (0.43 | ) | |||||||||||||||||||
| 6/1/2015 to 9/30/2015(d) | 15.00 | 0.15 | 0.02 | 0.17 | (0.13 | ) | – | (0.13 | ) | |||||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Amount less than $0.01. |
| (d) | Commenced on June 1, 2015. |
| (e) | Not annualized. |
| (f) | Annualized. |
| (g) | Commenced on April 4, 2017. |
| 176 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Net asset value, end of period | Total return(b) (%) | Total expenses after waivers and/or reim- bursements (%) | Total expenses (%) | Net investment income (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| $15.64 | 6.59 | 0.55 | 0.78 | 2.99 | $176,214 | 29 | ||||||||||||||||||||
| 15.10 | 1.59 | 0.55 | 0.78 | 2.83 | 121,804 | 29 | ||||||||||||||||||||
| 15.26 | 1.06 | 0.55 | 0.81 | 2.86 | 90,165 | 17 | ||||||||||||||||||||
| 15.52 | 5.93 | 0.55 | 0.92 | 2.74 | 54,470 | 12 | ||||||||||||||||||||
| 15.04 | 1.06 | (e) | 0.55 | (f) | 1.69 | (f) | 2.69 | (f) | 12,019 | 1 | ||||||||||||||||
| 15.65 | 5.90 | 1.21 | 1.44 | 2.34 | 12,303 | 29 | ||||||||||||||||||||
| 15.11 | 0.98 | 1.22 | 1.45 | 2.17 | 8,851 | 29 | ||||||||||||||||||||
| 15.26 | 0.32 | 1.29 | 1.56 | 2.14 | 8,782 | 17 | ||||||||||||||||||||
| 15.52 | 5.11 | 1.31 | 1.68 | 1.94 | 8,661 | 12 | ||||||||||||||||||||
| 15.04 | 0.78 | (e) | 1.35 | (f) | 2.42 | (f) | 1.98 | (f) | 852 | 1 | ||||||||||||||||
| 15.64 | 6.70 | 0.45 | 0.68 | 3.08 | 156,308 | 29 | ||||||||||||||||||||
| 15.10 | 1.69 | 0.45 | 0.68 | 2.93 | 109,580 | 29 | ||||||||||||||||||||
| 15.26 | 1.16 | 0.45 | 0.71 | 2.96 | 87,848 | 17 | ||||||||||||||||||||
| 15.51 | 6.03 | 0.45 | 0.82 | 2.81 | 41,758 | 12 | ||||||||||||||||||||
| 15.04 | 1.09 | (e) | 0.45 | (f) | 1.59 | (f) | 2.76 | (f) | 9,072 | 1 | ||||||||||||||||
| 15.65 | 6.86 | 0.30 | 0.53 | 3.24 | 6,546 | 29 | ||||||||||||||||||||
| 15.11 | 1.91 | 0.29 | 0.53 | 3.06 | 3,812 | 29 | ||||||||||||||||||||
| 15.27 | 3.33 | (e) | 0.29 | (f) | 0.56 | (f) | 3.02 | (f) | 221 | 17 | ||||||||||||||||
| 15.65 | 6.80 | 0.35 | 0.59 | 3.18 | 65,005 | 29 | ||||||||||||||||||||
| 15.11 | 1.86 | 0.35 | 0.58 | 3.03 | 30,068 | 29 | ||||||||||||||||||||
| 15.26 | 1.26 | 0.35 | 0.61 | 3.06 | 23,707 | 17 | ||||||||||||||||||||
| 15.52 | 6.13 | 0.35 | 0.74 | 2.80 | 6,837 | 12 | ||||||||||||||||||||
| 15.04 | 1.12 | (e) | 0.35 | (f) | 1.45 | (f) | 2.97 | (f) | 619 | 1 | ||||||||||||||||
| See Notes to Financial Statements. | 177 |
Financial Highlights (continued)
CALIFORNIA TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2019 | $10.76 | $0.33 | $0.66 | $0.99 | $(0.33 | ) | $11.42 | |||||||||||||||||
| 9/30/2018 | 10.96 | 0.33 | (0.20 | ) | 0.13 | (0.33 | ) | 10.76 | ||||||||||||||||
| 9/30/2017 | 11.32 | 0.34 | (0.36 | ) | (0.02 | ) | (0.34 | ) | 10.96 | |||||||||||||||
| 9/30/2016 | 10.85 | 0.37 | 0.46 | 0.83 | (0.36 | ) | 11.32 | |||||||||||||||||
| 9/30/2015 | 10.84 | 0.37 | 0.01 | 0.38 | (0.37 | ) | 10.85 | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 9/30/2019 | 10.76 | 0.26 | 0.66 | 0.92 | (0.26 | ) | 11.42 | |||||||||||||||||
| 9/30/2018 | 10.96 | 0.27 | (0.21 | ) | 0.06 | (0.26 | ) | 10.76 | ||||||||||||||||
| 9/30/2017 | 11.33 | 0.27 | (0.37 | ) | (0.10 | ) | (0.27 | ) | 10.96 | |||||||||||||||
| 9/30/2016 | 10.85 | 0.30 | 0.47 | 0.77 | (0.29 | ) | 11.33 | |||||||||||||||||
| 9/30/2015 | 10.84 | 0.31 | – | (d) | 0.31 | (0.30 | ) | 10.85 | ||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2019 | 10.75 | 0.34 | 0.67 | 1.01 | (0.34 | ) | 11.42 | |||||||||||||||||
| 9/30/2018 | 10.96 | 0.34 | (0.21 | ) | 0.13 | (0.34 | ) | 10.75 | ||||||||||||||||
| 9/30/2017 | 11.32 | 0.35 | (0.36 | ) | (0.01 | ) | (0.35 | ) | 10.96 | |||||||||||||||
| 9/30/2016 | 10.85 | 0.38 | 0.47 | 0.85 | (0.38 | ) | 11.32 | |||||||||||||||||
| 9/30/2015 | 10.84 | 0.38 | 0.01 | 0.39 | (0.38 | ) | 10.85 | |||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2019 | 10.75 | 0.35 | 0.66 | 1.01 | (0.35 | ) | 11.41 | |||||||||||||||||
| 9/30/2018 | 10.95 | 0.36 | (0.21 | ) | 0.15 | (0.35 | ) | 10.75 | ||||||||||||||||
| 4/4/2017 to 9/30/2017(e) | 10.77 | 0.18 | 0.17 | 0.35 | (0.17 | ) | 10.95 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2019 | 10.75 | 0.35 | 0.66 | 1.01 | (0.35 | ) | 11.41 | |||||||||||||||||
| 9/30/2018 | 10.95 | 0.36 | (0.21 | ) | 0.15 | (0.35 | ) | 10.75 | ||||||||||||||||
| 9/30/2017 | 11.32 | 0.36 | (0.37 | ) | (0.01 | ) | (0.36 | ) | 10.95 | |||||||||||||||
| 9/30/2016 | 10.84 | 0.39 | 0.48 | 0.87 | (0.39 | ) | 11.32 | |||||||||||||||||
| 9/30/2015 | 10.84 | 0.39 | – | (d) | 0.39 | (0.39 | ) | 10.84 | ||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Amount less than $0.01. |
| (e) | Commenced on April 4, 2017. |
| (f) | Not annualized. |
| (g) | Annualized. |
| 178 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return(b) (%) | Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%) | Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%) | Total expenses (%) | Net investment income (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| 9.34 | 0.79 | 0.79 | 0.79 | 3.00 | $289,148 | 15 | ||||||||||||||||||||
| 1.20 | 0.79 | 0.79 | 0.79 | 3.07 | 197,080 | 28 | ||||||||||||||||||||
| (0.12 | ) | 0.79 | 0.78 | 0.79 | 3.15 | 204,019 | 27 | |||||||||||||||||||
| 7.80 | 0.79 | 0.78 | 0.79 | 3.30 | 234,470 | 8 | ||||||||||||||||||||
| 3.54 | 0.82 | 0.81 | 0.82 | 3.44 | 185,379 | 15 | ||||||||||||||||||||
| 8.68 | 1.40 | 1.40 | 1.40 | 2.39 | 42,957 | 15 | ||||||||||||||||||||
| 0.58 | 1.41 | 1.41 | 1.41 | 2.45 | 33,793 | 28 | ||||||||||||||||||||
| (0.85 | ) | 1.43 | 1.43 | 1.43 | 2.51 | 45,450 | 27 | |||||||||||||||||||
| 7.21 | 1.42 | 1.41 | 1.42 | 2.66 | 54,658 | 8 | ||||||||||||||||||||
| 2.89 | 1.45 | 1.45 | 1.45 | 2.80 | 39,790 | 15 | ||||||||||||||||||||
| 9.55 | 0.69 | 0.69 | 0.69 | 3.08 | 73,687 | 15 | ||||||||||||||||||||
| 1.21 | 0.69 | 0.69 | 0.69 | 3.17 | 49,601 | 28 | ||||||||||||||||||||
| (0.02 | ) | 0.69 | 0.68 | 0.69 | 3.23 | 53,111 | 27 | |||||||||||||||||||
| 7.90 | 0.69 | 0.68 | 0.69 | 3.39 | 53,059 | 8 | ||||||||||||||||||||
| 3.64 | 0.72 | 0.71 | 0.72 | 3.52 | 36,482 | 15 | ||||||||||||||||||||
| 9.59 | 0.56 | 0.56 | 0.56 | 3.19 | 8,373 | 15 | ||||||||||||||||||||
| 1.42 | 0.56 | 0.56 | 0.56 | 3.28 | 3,949 | 28 | ||||||||||||||||||||
| 3.30 | (f) | 0.56 | (g) | 0.52 | (g) | 0.56 | (g) | 3.39 | (g) | 2,243 | 27 | |||||||||||||||
| 9.56 | 0.58 | 0.58 | 0.58 | 3.18 | 29,782 | 15 | ||||||||||||||||||||
| 1.40 | 0.59 | 0.59 | 0.59 | 3.27 | 14,836 | 28 | ||||||||||||||||||||
| (0.01 | ) | 0.59 | 0.58 | 0.59 | 3.34 | 5,121 | 27 | |||||||||||||||||||
| 8.10 | 0.58 | 0.58 | 0.58 | 3.47 | 4,802 | 8 | ||||||||||||||||||||
| 3.63 | 0.61 | 0.61 | 0.61 | 3.61 | 2,309 | 15 | ||||||||||||||||||||
| See Notes to Financial Statements. | 179 |
Financial Highlights (continued)
NEW JERSEY TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||
| Investment Operations: | Distributions to shareholders from: | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income(a) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net asset value, end of period | |||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 9/30/2019 | $4.91 | $0.14 | $0.30 | $0.44 | $(0.14 | ) | $5.21 | |||||||||||||||||
| 9/30/2018 | 4.96 | 0.14 | (0.05 | ) | 0.09 | (0.14 | ) | 4.91 | ||||||||||||||||
| 9/30/2017 | 5.11 | 0.14 | (0.15 | ) | (0.01 | ) | (0.14 | ) | 4.96 | |||||||||||||||
| 9/30/2016 | 4.86 | 0.16 | 0.25 | 0.41 | (0.16 | ) | 5.11 | |||||||||||||||||
| 9/30/2015 | 4.94 | 0.17 | (0.08 | ) | 0.09 | (0.17 | ) | 4.86 | ||||||||||||||||
| Class F | ||||||||||||||||||||||||
| 9/30/2019 | 4.91 | 0.14 | 0.30 | 0.44 | (0.14 | ) | 5.21 | |||||||||||||||||
| 9/30/2018 | 4.96 | 0.14 | (0.05 | ) | 0.09 | (0.14 | ) | 4.91 | ||||||||||||||||
| 9/30/2017 | 5.11 | 0.15 | (0.15 | ) | – | (0.15 | ) | 4.96 | ||||||||||||||||
| 9/30/2016 | 4.86 | 0.16 | 0.25 | 0.41 | (0.16 | ) | 5.11 | |||||||||||||||||
| 9/30/2015 | 4.94 | 0.17 | (0.08 | ) | 0.09 | (0.17 | ) | 4.86 | ||||||||||||||||
| Class F3 | ||||||||||||||||||||||||
| 9/30/2019 | 4.92 | 0.14 | 0.31 | 0.45 | (0.15 | ) | 5.22 | |||||||||||||||||
| 9/30/2018 | 4.97 | 0.15 | (0.05 | ) | 0.10 | (0.15 | ) | 4.92 | ||||||||||||||||
| 4/4/2017 to 9/30/2017(d) | 4.87 | 0.07 | 0.10 | 0.17 | (0.07 | ) | 4.97 | |||||||||||||||||
| Class I | ||||||||||||||||||||||||
| 9/30/2019 | 4.92 | 0.14 | 0.31 | 0.45 | (0.15 | ) | 5.22 | |||||||||||||||||
| 9/30/2018 | 4.97 | 0.15 | (0.05 | ) | 0.10 | (0.15 | ) | 4.92 | ||||||||||||||||
| 9/30/2017 | 5.11 | 0.15 | (0.14 | ) | 0.01 | (0.15 | ) | 4.97 | ||||||||||||||||
| 9/30/2016 | 4.86 | 0.17 | 0.25 | 0.42 | (0.17 | ) | 5.11 | |||||||||||||||||
| 9/30/2015 | 4.94 | 0.18 | (0.08 | ) | 0.10 | (0.18 | ) | 4.86 | ||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Commenced on April 4, 2017. |
| (e) | Not annualized. |
| (f) | Annualized. |
| 180 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Total return(b) (%) | Total expenses after waivers and/or reim- bursements (includes interest expense)(c) (%) | Total expenses after waivers and/or reim- bursements (excludes interest expense)(c) (%) | Total expenses (%) | Net investment income (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| 9.00 | 0.82 | 0.82 | 0.86 | 2.69 | $99,027 | 4 | ||||||||||||||||||||
| 1.75 | 0.82 | 0.82 | 0.88 | 2.77 | 79,108 | 20 | ||||||||||||||||||||
| (0.08 | ) | 0.82 | 0.82 | 0.86 | 2.93 | 89,916 | 24 | |||||||||||||||||||
| 8.53 | 0.83 | 0.83 | 0.86 | 3.21 | 98,152 | 13 | ||||||||||||||||||||
| 1.74 | 0.86 | 0.86 | 0.86 | 3.39 | 90,126 | 17 | ||||||||||||||||||||
| 9.10 | 0.72 | 0.72 | 0.76 | 2.77 | 20,893 | 4 | ||||||||||||||||||||
| 1.85 | 0.72 | 0.72 | 0.78 | 2.86 | 15,243 | 20 | ||||||||||||||||||||
| 0.02 | 0.72 | 0.72 | 0.75 | 3.01 | 10,605 | 24 | ||||||||||||||||||||
| 8.63 | 0.73 | 0.73 | 0.76 | 3.28 | 9,602 | 13 | ||||||||||||||||||||
| 1.84 | 0.76 | 0.76 | 0.76 | 3.49 | 6,197 | 17 | ||||||||||||||||||||
| 9.22 | 0.58 | 0.58 | 0.63 | 2.79 | 531 | 4 | ||||||||||||||||||||
| 1.99 | 0.58 | 0.58 | 0.64 | 2.99 | 139 | 20 | ||||||||||||||||||||
| 3.55 | (e) | 0.58 | (f) | 0.58 | (f) | 0.64 | (f) | 3.01 | (f) | 10 | 24 | |||||||||||||||
| 9.20 | 0.62 | 0.62 | 0.66 | 2.86 | 2,593 | 4 | ||||||||||||||||||||
| 1.95 | 0.62 | 0.62 | 0.68 | 2.97 | 1,209 | 20 | ||||||||||||||||||||
| 0.30 | 0.62 | 0.62 | 0.65 | 3.10 | 334 | 24 | ||||||||||||||||||||
| 8.76 | 0.62 | 0.62 | 0.65 | 3.28 | 129 | 13 | ||||||||||||||||||||
| 2.00 | 0.62 | 0.62 | 0.62 | 3.65 | 13 | 17 | ||||||||||||||||||||
| See Notes to Financial Statements. | 181 |
Financial Highlights (concluded)
NEW YORK TAX FREE FUND
| Per Share Operating Performance: | ||||||||||||||||||||||||||||
| Distributions to | ||||||||||||||||||||||||||||
| Investment Operations: | shareholders from: | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net invest- ment income(a) | Net realized and unrealized gain (loss) | Total from invest- ment opera- tions | Net investment income | Net realized gain | Total distri- butions | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 9/30/2019 | $11.08 | $0.29 | $0.69 | $0.98 | $(0.29 | ) | $– | (d) | $(0.29 | ) | ||||||||||||||||||
| 9/30/2018 | 11.32 | 0.28 | (0.24 | ) | 0.04 | (0.28 | ) | – | (0.28 | ) | ||||||||||||||||||
| 9/30/2017 | 11.65 | 0.29 | (0.33 | ) | (0.04 | ) | (0.29 | ) | – | (0.29 | ) | |||||||||||||||||
| 9/30/2016 | 11.19 | 0.32 | 0.46 | 0.78 | (0.32 | ) | – | (0.32 | ) | |||||||||||||||||||
| 9/30/2015 | 11.23 | 0.35 | (0.04 | ) | 0.31 | (0.35 | ) | – | (0.35 | ) | ||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 9/30/2019 | 11.06 | 0.22 | 0.69 | 0.91 | (0.22 | ) | – | (d) | (0.22 | ) | ||||||||||||||||||
| 9/30/2018 | 11.31 | 0.21 | (0.25 | ) | (0.04 | ) | (0.21 | ) | – | (0.21 | ) | |||||||||||||||||
| 9/30/2017 | 11.63 | 0.22 | (0.32 | ) | (0.10 | ) | (0.22 | ) | – | (0.22 | ) | |||||||||||||||||
| 9/30/2016 | 11.18 | 0.25 | 0.45 | 0.70 | (0.25 | ) | – | (0.25 | ) | |||||||||||||||||||
| 9/30/2015 | 11.21 | 0.28 | (0.03 | ) | 0.25 | (0.28 | ) | – | (0.28 | ) | ||||||||||||||||||
| Class F | ||||||||||||||||||||||||||||
| 9/30/2019 | 11.09 | 0.30 | 0.69 | 0.99 | (0.30 | ) | – | (d) | (0.30 | ) | ||||||||||||||||||
| 9/30/2018 | 11.33 | 0.29 | (0.24 | ) | 0.05 | (0.29 | ) | – | (0.29 | ) | ||||||||||||||||||
| 9/30/2017 | 11.66 | 0.30 | (0.33 | ) | (0.03 | ) | (0.30 | ) | – | (0.30 | ) | |||||||||||||||||
| 9/30/2016 | 11.20 | 0.33 | 0.46 | 0.79 | (0.33 | ) | – | (0.33 | ) | |||||||||||||||||||
| 9/30/2015 | 11.24 | 0.36 | (0.04 | ) | 0.32 | (0.36 | ) | – | (0.36 | ) | ||||||||||||||||||
| Class F3 | ||||||||||||||||||||||||||||
| 9/30/2019 | 11.08 | 0.31 | 0.70 | 1.01 | (0.31 | ) | – | (d) | (0.31 | ) | ||||||||||||||||||
| 9/30/2018 | 11.33 | 0.30 | (0.25 | ) | 0.05 | (0.30 | ) | – | (0.30 | ) | ||||||||||||||||||
| 4/4/2017 to 9/30/2017(e) | 11.18 | 0.15 | 0.15 | 0.30 | (0.15 | ) | – | (0.15 | ) | |||||||||||||||||||
| Class I | ||||||||||||||||||||||||||||
| 9/30/2019 | 11.08 | 0.31 | 0.70 | 1.01 | (0.31 | ) | – | (d) | (0.31 | ) | ||||||||||||||||||
| 9/30/2018 | 11.33 | 0.30 | (0.25 | ) | 0.05 | (0.30 | ) | – | (0.30 | ) | ||||||||||||||||||
| 9/30/2017 | 11.66 | 0.31 | (0.33 | ) | (0.02 | ) | (0.31 | ) | – | (0.31 | ) | |||||||||||||||||
| 9/30/2016 | 11.20 | 0.34 | 0.46 | 0.80 | (0.34 | ) | – | (0.34 | ) | |||||||||||||||||||
| 9/30/2015 | 11.23 | 0.38 | (0.04 | ) | 0.34 | (0.37 | ) | – | (0.37 | ) | ||||||||||||||||||
| (a) | Calculated using average shares outstanding during the period. |
| (b) | Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions. |
| (c) | Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
| (d) | Amount less than $0.01. |
| (e) | Commenced on April 4, 2017. |
| (f) | Not annualized. |
| (g) | Annualized. |
| 182 | See Notes to Financial Statements. |
| Ratios to Average Net Assets: | Supplemental Data: | |||||||||||||||||||||||||
| Net asset value, end of period | Total return(b) (%) | Total expenses (includes interest expense)(c) (%) | Total expenses (excludes interest expense)(c) (%) | Net investment income (%) | Net assets, end of period (000) | Portfolio turnover rate (%) | ||||||||||||||||||||
| $11.77 | 8.98 | 0.79 | 0.79 | 2.52 | $332,822 | 7 | ||||||||||||||||||||
| 11.08 | 0.36 | 0.79 | 0.79 | 2.51 | 249,147 | 19 | ||||||||||||||||||||
| 11.32 | (0.31 | ) | 0.78 | 0.78 | 2.57 | 269,490 | 19 | |||||||||||||||||||
| 11.65 | 7.05 | 0.78 | 0.78 | 2.80 | 315,511 | 20 | ||||||||||||||||||||
| 11.19 | 2.80 | 0.79 | 0.79 | 3.15 | 283,229 | 10 | ||||||||||||||||||||
| 11.75 | 8.33 | 1.40 | 1.40 | 1.92 | 45,213 | 7 | ||||||||||||||||||||
| 11.06 | (0.36 | ) | 1.41 | 1.41 | 1.89 | 39,551 | 19 | |||||||||||||||||||
| 11.31 | (0.95 | ) | 1.42 | 1.42 | 1.95 | 53,453 | 19 | |||||||||||||||||||
| 11.63 | 6.37 | 1.43 | 1.43 | 2.15 | 67,239 | 20 | ||||||||||||||||||||
| 11.18 | 2.23 | 1.44 | 1.43 | 2.50 | 55,562 | 10 | ||||||||||||||||||||
| 11.78 | 9.08 | 0.69 | 0.69 | 2.62 | 55,301 | 7 | ||||||||||||||||||||
| 11.09 | 0.46 | 0.69 | 0.69 | 2.60 | 44,093 | 19 | ||||||||||||||||||||
| 11.33 | (0.21 | ) | 0.68 | 0.68 | 2.67 | 44,826 | 19 | |||||||||||||||||||
| 11.66 | 7.14 | 0.68 | 0.68 | 2.87 | 43,186 | 20 | ||||||||||||||||||||
| 11.20 | 2.90 | 0.69 | 0.69 | 3.24 | 27,788 | 10 | ||||||||||||||||||||
| 11.78 | 9.32 | 0.56 | 0.56 | 2.74 | 1,234 | 7 | ||||||||||||||||||||
| 11.08 | 0.49 | 0.55 | 0.55 | 2.73 | 896 | 19 | ||||||||||||||||||||
| 11.33 | 2.67 | (f) | 0.56 | (g) | 0.56 | (g) | 2.70 | (g) | 10 | 19 | ||||||||||||||||
| 11.78 | 9.29 | 0.59 | 0.59 | 2.72 | 12,674 | 7 | ||||||||||||||||||||
| 11.08 | 0.47 | 0.59 | 0.59 | 2.71 | 8,534 | 19 | ||||||||||||||||||||
| 11.33 | (0.11 | ) | 0.58 | 0.58 | 2.75 | 2,095 | 19 | |||||||||||||||||||
| 11.66 | 7.25 | 0.58 | 0.58 | 2.96 | 1,652 | 20 | ||||||||||||||||||||
| 11.20 | 3.10 | 0.60 | 0.59 | 3.34 | 1,104 | 10 | ||||||||||||||||||||
| See Notes to Financial Statements. | 183 |
| 1. | ORGANIZATION |
Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.
The Company currently consists of the following eight funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:
| Funds | Classes |
| Lord Abbett Short Duration Tax Free Fund (“Short Duration”) | A,C,F,F3 and I |
| Lord Abbett Intermediate Tax Free Fund (“Intermediate”) | A,C,F,F3 and I |
| Lord Abbett National Tax-Free Income Fund (“National”) | A,C,F,F3 and I |
| Lord Abbett High Yield Municipal Bond Fund (“High Yield”) | A,C,F,F3 and I |
| Lord Abbett Short Duration High Yield Municipal Bond Fund (“Short Duration High Yield”) | A,C,F,F3 and I |
| Lord Abbett California Tax-Free Income Fund (“California”) | A,C,F,F3 and I |
| Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”) | A,F,F3 and I |
| Lord Abbett New York Tax-Free Income Fund (“New York”) | A,C,F,F3 and I |
Short Duration, Intermediate and National are diversified as defined in the Act. High Yield, Short Duration High Yield, California, New Jersey and New York are non-diversified as defined in the Act.
On March 22, 2019, National acquired the net assets of Lord Abbett AMT Free Municipal Bond Fund (“AMT Free”), which was another fund of the Company. Refer to Note 15 for additional information.
The investment objective of each Fund (except for High Yield and Short Duration High Yield) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Yield and Short Duration High Yield is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3 and I shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert into Class A shares on the 25th day of the month (or, if the 25th is not a business day, the next business day thereafter) following the tenth anniversary of the month on which the purchase order was accepted.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
184
Notes to Financial Statements (continued)
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. | |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. | |
| Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. | |
| (b) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (c) | Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (d) | Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
| Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2016 through September 30, 2019. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
185
Notes to Financial Statements (continued)
| (e) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Each share class bears its class-specific share of expenses. |
| (f) | Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
| (g) | When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis, with delivery and payment normally taking place approximately one month after the purchase date. |
| (h) | Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors. |
| 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, 2019, as well as the average trust certificates for the fiscal year ended September 30, 2019: |
186
Notes to Financial Statements (continued)
| Fund | Liability for Trust Certificates | Interest Rate or Range of Interest Rates | Underlying Municipal Bonds Transferred to TOBs | Average Trust Certificates Outstanding | ||||||||||||
| Short Duration | $ | – | – | $ | – | $ | – | |||||||||
| Intermediate | – | – | – | 1,000,000 | ||||||||||||
| National | 25,000,000 | 1.61% – 1.64% | 53,646,150 | 26,000,000 | ||||||||||||
| High Yield | – | – | – | 3,350,000 | ||||||||||||
| Short Duration High Yield | – | – | – | – | ||||||||||||
| California | – | – | – | – | ||||||||||||
| New Jersey | – | – | – | – | ||||||||||||
| New York | – | – | – | – | ||||||||||||
| Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. As of September 30, 2019, the carrying value of each Fund’s Liability for Trust Certificates approximates its fair value. | |
| While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to TOB transactions, accounted for as secured borrowings. | |
| (i) | Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |
| • | 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). |
187
Notes to Financial Statements (continued)
| A summary of inputs used in valuing each Fund’s investments and other financial instruments as of September 30, 2019 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments. | |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| 3. | MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES |
Management Fees
The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.
The management fee for each of National, California, New Jersey and New York is based on the Fund’s average daily net assets at the following annual rate:
| First $1 billion | .45% |
| Next $1 billion | .40% |
| Over $2 billion | .35% |
The management fee for Short Duration is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .34% |
| Next $3 billion | .32% |
| Over $5 billion | .29% |
The management fee for Short Duration High Yield is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .40% |
| Next $1 billion | .375% |
| Over $3 billion | .35% |
The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rate:
| First $2 billion | .40% |
| Next $3 billion | .375% |
| Next $5 billion | .35% |
| Over $10 billion | .32% |
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, 2019, the effective management fee, net of waivers, was the following annualized rate of each Fund’s average daily net assets:
188
Notes to Financial Statements (continued)
| Net Effective Management Fee | ||
| Short Duration | .33% | |
| Intermediate | .39% | |
| National | .41% | |
| High Yield | .46% | |
| Short Duration High Yield | .17% | |
| California | .45% | |
| New Jersey | .41% | |
| New York | .45% |
In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets.
For the period ended January 31, 2019, Lord Abbett had contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to the following annual rates:
| Classes | ||||
| Fund | A, C, F and I | F3 | ||
| Short Duration | .45% | .43% | ||
| High Yield | .62% | .58% | ||
| Short Duration High Yield | .35% | .29% | ||
| California | .61% | .58% | ||
| New Jersey | .62% | .58% | ||
For the period February 1, 2019 through January 31, 2020, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to the following annual rate:
| Classes | ||||
| Fund | A, C, F and I | F3 | ||
| Short Duration | .45% | .42% | ||
| Short Duration High Yield | .35% | .30% | ||
| New Jersey | .62% | .58% | ||
All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.
12b-1 Distribution Plan
Each Fund has adopted a distribution plan with respect to Class A, C and F shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:
| Fees | Class A | Class C(1) | Class F(2) | |||
| Service | .15% | .25% | – | |||
| Distribution | .05% | .75% | .10% |
| (1) | The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of each Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of a Fund will bear Rule 12b-1 fees at the same rate. |
| (2) | The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus. |
Class F3 and I shares do not have a distribution plan.
189
Notes to Financial Statements (continued)
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, 2019:
| Distributor Commissions | Dealers’ Concessions | |||||||
| Short Duration | $ | 26,712 | $ | 153,579 | ||||
| Intermediate | 147,420 | 843,672 | ||||||
| National | 271,884 | 1,595,223 | ||||||
| High Yield | 214,124 | 1,247,878 | ||||||
| Short Duration High Yield | 19,743 | 99,108 | ||||||
| California | 27,079 | 157,538 | ||||||
| New Jersey | 9,454 | 52,001 | ||||||
| New York | 21,694 | 120,493 | ||||||
Distributor received the following amount of CDSCs for the fiscal year ended September 30, 2019:
| Class A | Class C | |||||||
| Short Duration | $ | 21,156 | $ | 12,132 | ||||
| Intermediate | 73,817 | 15,285 | ||||||
| National | 43,517 | 6,727 | ||||||
| High Yield | 81,167 | 22,209 | ||||||
| Short Duration High Yield | 8,960 | 2,439 | ||||||
| California | 13,522 | 667 | ||||||
| New Jersey | 156 | – | ||||||
| New York | 163 | 1,765 | ||||||
One Director and certain of the Fund’s officers have an interest in Lord Abbett.
| 4. | DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the fiscal year ended September 30, 2019 and fiscal year ended September 30, 2018 were as follows:
| Short Duration | Intermediate | |||||||||||||||
| Year Ended 9/30/2019 | Year Ended 9/30/2018 | Year Ended 9/30/2019 | Year Ended 9/30/2018 | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Tax-exempt income | $ | 25,179,148 | $ | 20,071,209 | $ | 112,709,907 | $ | 106,198,887 | ||||||||
| Ordinary income | 37,529 | – | 1,933,155 | 1,887,709 | ||||||||||||
| Net long-term capital gains | – | – | – | – | ||||||||||||
| Total distributions paid | $ | 25,216,677 | $ | 20,071,209 | $ | 114,643,062 | $ | 108,086,596 | ||||||||
190
Notes to Financial Statements (continued)
| National | High Yield | |||||||||||||||
| Year
Ended 9/30/2019 | Year
Ended 9/30/2018 | Year
Ended 9/30/2019 | Year
Ended 9/30/2018 | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Tax-exempt income | $ | 74,182,370 | $ | 64,727,803 | $ | 97,984,704 | $ | 80,608,517 | ||||||||
| Ordinary income | 327,943 | 551,333 | 1,765,186 | 1,874,173 | ||||||||||||
| Total distributions paid | $ | 74,510,313 | $ | 65,279,136 | $ | 99,749,890 | $ | 82,482,690 | ||||||||
| Short Duration High Yield | California | |||||||||||||||
| Year
Ended 9/30/2019 | Year
Ended 9/30/2018 | Year
Ended 9/30/2019 | Year
Ended 9/30/2018 | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Tax-exempt income | $ | 9,521,608 | $ | 6,470,385 | $ | 9,924,467 | $ | 9,111,146 | ||||||||
| Ordinary income | 333,494 | 88,644 | 79,459 | 71,339 | ||||||||||||
| Net long-term capital gains | – | 34,264 | – | – | ||||||||||||
| Total distributions paid | $ | 9,855,102 | $ | 6,593,293 | $ | 10,003,926 | $ | 9,182,485 | ||||||||
| New Jersey | New York | |||||||||||||||
| Year
Ended 9/30/2019 | Year
Ended 9/30/2018 | Year
Ended 9/30/2019 | Year
Ended 9/30/2018 | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Tax-exempt income | $ | 2,868,908 | $ | 2,461,378 | $ | 9,119,671 | $ | 8,647,092 | ||||||||
| Ordinary income | – | 134,600 | – | 49,568 | ||||||||||||
| Net long-term capital gains | – | – | 110,376 | – | ||||||||||||
| Total distributions paid | $ | 2,868,908 | $ | 2,595,978 | $ | 9,230,047 | $ | 8,696,660 | ||||||||
| As of September 30, 2019, the components of accumulated gains on a tax-basis were as follows: | ||||||||||||||||
| Short Duration | Intermediate | National | ||||||||||||||
| Undistributed tax-exempt income – net | $ | 932,679 | $ | 10,610,337 | $ | 5,781,203 | ||||||||||
| Total undistributed earnings | 932,679 | 10,610,337 | 5,781,203 | |||||||||||||
| Capital loss carryforwards* | (19,761,868 | ) | (52,269,111 | ) | (25,793,195 | ) | ||||||||||
| Temporary differences | (321,967 | ) | (627,144 | ) | (545,057 | ) | ||||||||||
| Unrealized gains (losses) - net | 25,525,027 | 262,986,803 | 198,426,001 | |||||||||||||
| Total accumulated gains (losses) – net | $ | 6,373,871 | $ | 220,700,885 | $ | 177,868,952 | ||||||||||
| High Yield | Short
Duration High Yield | California | ||||||||||||||
| Undistributed tax-exempt income – net | $ | 15,506,736 | $ | 596,602 | $ | 73,159 | ||||||||||
| Total undistributed earnings | 15,506,736 | 596,602 | 73,159 | |||||||||||||
| Capital loss carryforwards* | (128,785,297 | ) | (3,015,129 | ) | (1,209,441 | ) | ||||||||||
| Temporary differences | (372,789 | ) | (19,072 | ) | (105,255 | ) | ||||||||||
| Unrealized gains – net | 206,070,084 | 13,706,624 | 30,158,233 | |||||||||||||
| Total accumulated gains (losses) – net | $ | 92,418,734 | $ | 11,269,025 | $ | 28,916,696 | ||||||||||
| New Jersey | New York | |||||||||||||||
| Capital loss carryforwards* | $ | (630,452 | ) | $ | (2,400,424 | ) | ||||||||||
| Temporary differences | (38,173 | ) | (558,005 | ) | ||||||||||||
| Unrealized gains (losses) – net | 5,699,066 | 22,392,350 | ||||||||||||||
| Total accumulated gains (losses) – net | $ | 5,030,441 | $ | 19,433,921 | ||||||||||||
| * | The capital losses will carry forward indefinitely. |
191
Notes to Financial Statements (continued)
As of September 30, 2019, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:
| Tax Cost | Gross Unrealized Gain | Gross Unrealized Loss | Net Unrealized Gain/(Loss) | |||||||||||||
| Short Duration | $ | 1,423,406,247 | $ | 27,067,522 | $ | (1,542,495 | ) | $ | 25,525,027 | |||||||
| Intermediate | 4,391,628,266 | 275,348,318 | (12,361,515 | ) | 262,986,803 | |||||||||||
| National | 2,748,964,627 | 215,676,232 | (17,250,231 | ) | 198,426,001 | |||||||||||
| High Yield | 3,090,025,904 | 268,064,087 | (61,994,003 | ) | 206,070,084 | |||||||||||
| Short Duration High Yield | 405,553,339 | 14,151,169 | (444,545 | ) | 13,706,624 | |||||||||||
| California | 413,037,223 | 30,341,404 | (183,171 | ) | 30,158,233 | |||||||||||
| New Jersey | 115,294,126 | 7,700,858 | (2,001,792 | ) | 5,699,066 | |||||||||||
| New York | 420,604,311 | 24,134,858 | (1,742,508 | ) | 22,392,350 | |||||||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, futures and wash sales.
Permanent items identified during the fiscal year ended September 30, 2019 have been reclassified among the components of net assets based on their tax basis treatment as follows:
| Total Distributable Earnings (Loss) | Paid-in Capital | |||||||
| National | $ | 148,972 | $ | (148,972 | ) | |||
| High Yield | 36,257,876 | (36,257,876 | ) | |||||
| California | 502,921 | (502,921 | ) | |||||
| New Jersey | 1,290,500 | (1,290,500 | ) | |||||
The permanent differences are attributable to the expiration of capital loss carryforwards and the tax treatment of certain expenses.
| 5. | PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended September 30, 2019 were as follows:
| Purchases | Sales | |||||||
| Short Duration | $ | 538,681,649 | $ | 402,067,034 | ||||
| Intermediate | 1,101,408,036 | 768,508,967 | ||||||
| National | 859,062,421 | 244,410,466 | ||||||
| High Yield | 1,256,433,186 | 279,866,093 | ||||||
| Short Duration High Yield | 230,694,220 | 96,965,826 | ||||||
| California | 167,572,658 | 51,589,494 | ||||||
| New Jersey | 25,044,177 | 4,500,190 | ||||||
| New York | 104,710,179 | $ | 25,945,482 | |||||
There were no purchases or sales of U.S. Government securities for the fiscal year ended September 30, 2019.
| 6. | DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Each Fund, except Short Duration entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2019 (as described in note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.
192
Notes to Financial Statements (continued)
As of September 30, 2019, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain (loss) on futures contracts and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.
The following is a summary of U.S. Treasury futures contracts as of and during the fiscal year ended September 30, 2019:
| Net Change | ||||||||||||||||
| Net Unrealized | in Unrealized | Average | ||||||||||||||
| Appreciation as of | Net | Appreciation | Number of | |||||||||||||
| September 30, 2019 | Realized Loss | (Depreciation) | Contracts* | |||||||||||||
| Short Duration | $ | – | $ | – | $ | – | – | |||||||||
| Intermediate | – | (1,799,934 | ) | – | 43 | |||||||||||
| National | 645,391 | (4,479,758 | ) | 535,538 | 155 | |||||||||||
| High Yield | 1,161,185 | (9,358,676 | ) | 518,319 | 335 | |||||||||||
| Short Duration High Yield | 65,665 | (637,449 | ) | 14,898 | 96 | |||||||||||
| California | 121,821 | (1,144,415 | ) | 121,821 | 33 | |||||||||||
| New Jersey | 16,886 | (196,653 | ) | 2,424 | 7 | |||||||||||
| New York | 62,345 | (858,633 | ) | (16,105 | ) | 35 | ||||||||||
| * | Calculated based on the number of contracts for the fiscal year ended September 30, 2019. |
| 7. | DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES |
The Financial Accounting Standards Board (“FASB”) requires disclosure to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and to disclose such amounts subject to an enforceable master netting agreement or similar agreement, by a counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between a Fund and the applicable counterparty. As of September 30, 2019, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.
| 8. | DIRECTORS’ REMUNERATION |
The Company’s officers and the one Director who are associated with Lord Abbett do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each Fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the
193
Notes to Financial Statements (continued)
Statements of Operations and in Directors’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
| 9. | EXPENSE REDUCTIONS |
The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.
| 10. | LINE OF CREDIT |
For the period ended December 20, 2018, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.06 billion (the “Syndicated Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.
For the period December 21, 2018 through August 7, 2019, the Participating Funds entered into a Syndicated Facility with various lenders for $1.1 billion whereas SSB participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.
Effective August 8, 2019, the Participating Funds entered into a Syndicated Facility with various lenders for $1.17 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.
For the period ended August 7, 2019, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund net assets.
Effective August 8, 2019, the Participating Funds entered into a Bilateral Facility with SSB for $330 million ($250 million committed and $80 million uncommitted). Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.
The Facilities are to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions.
For the fiscal year ended September 30, 2019, the Funds did not utilize the Facilities.
| 11. | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.
194
Notes to Financial Statements (continued)
During the fiscal year ended September 30, 2019, the following Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:
| Average | Average | Interest | ||||
| Fund | Loan | Interest Rate | Income* | |||
| Intermediate | $22,000,000 | 2.23% | $1,344 |
| * | Included in the Statement of Operations |
| 12. | CUSTODIAN AND ACCOUNTING AGENT |
SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.
| 13. | INVESTMENT RISKS |
Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund’s investments may gain value; however, because Short Duration and Short Duration High Yield typically invest in shorter term bonds, those Funds are subject to the risk that they will underperform funds invested in longer-term bonds during such periods.
Additional risks that could reduce each Fund’s performance or increase volatility include call risk credit risk, defaulted bonds risk (High Yield and Short Duration High Yield only), derivatives risk, distressed debt risk (High Yield and Short Duration High Yield only), extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, taxability risk and zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds risk (all Funds except Short Duration, Intermediate, and Short Duration High Yield). Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.
There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Yield and Short Duration High Yield, and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.
Each of High Yield, Short Duration High Yield, California, New Jersey and New York is non-diversified, which means that it may invest a greater portion of its assets in a single issuer than a diversified fund. Thus, it may be exposed to greater risk.
Because each of California, New Jersey, and New York focuses on a particular state or territory, the Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic
195
Notes to Financial Statements (continued)
or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, National, High Yield, and Short Duration High Yield), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.
Each Fund may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.
High Yield, Short Duration High Yield and, to a lesser extent, other Funds may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.
Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.
These factors can affect each Fund’s performance.
| 14. | SUMMARY OF CAPITAL TRANSACTIONS |
Transactions in shares of capital stock were as follows:
| Year Ended | Year Ended | |||||||||||||||
| Short Duration | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 13,435,188 | $ | 209,502,216 | 12,605,112 | $ | 195,643,614 | ||||||||||
| Converted from Class C ** | 821,030 | 12,931,687 | 67,497 | 1,042,928 | ||||||||||||
| Reinvestment of distributions | 504,028 | 7,874,047 | 425,260 | 6,586,559 | ||||||||||||
| Shares reacquired | (14,928,991 | ) | (232,297,004 | ) | (22,535,343 | ) | (349,521,480 | ) | ||||||||
| Decrease | (168,745 | ) | $ | (1,989,054 | ) | (9,437,474 | ) | $ | (146,248,379 | ) | ||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 1,302,980 | $ | 20,230,172 | 706,842 | $ | 10,970,037 | ||||||||||
| Reinvestment of distributions | 51,225 | 799,922 | 39,583 | 612,927 | ||||||||||||
| Shares reacquired | (1,991,189 | ) | (30,980,830 | ) | (2,576,057 | ) | (39,936,569 | ) | ||||||||
| Converted to Class A ** | (821,030 | ) | (12,931,687 | ) | (67,497 | ) | (1,042,928 | ) | ||||||||
| Decrease | (1,458,014 | ) | $ | (22,882,423 | ) | (1,897,129 | ) | $ | (29,396,533 | ) | ||||||
196
Notes to Financial Statements (continued)
| Year Ended | Year Ended | |||||||||||||||
| Short Duration | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 18,877,745 | $ | 294,345,308 | 15,223,825 | $ | 236,076,550 | ||||||||||
| Reinvestment of distributions | 227,739 | 3,559,146 | 192,332 | 2,979,060 | ||||||||||||
| Shares reacquired | (15,395,668 | ) | (239,611,343 | ) | (23,520,310 | ) | (365,133,844 | ) | ||||||||
| Increase (decrease) | 3,709,816 | $ | 58,293,111 | (8,104,153 | ) | $ | (126,078,234 | ) | ||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 2,352,844 | $ | 36,859,048 | 1,490,436 | $ | 23,205,747 | ||||||||||
| Reinvestment of distributions | 40,192 | 629,485 | 15,128 | 234,309 | ||||||||||||
| Shares reacquired | (699,089 | ) | (10,945,629 | ) | (289,464 | ) | (4,486,626 | ) | ||||||||
| Increase | 1,693,947 | $ | 26,542,904 | 1,216,100 | $ | 18,953,430 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 4,629,635 | $ | 72,352,270 | 6,155,503 | $ | 95,662,368 | ||||||||||
| Reinvestment of distributions | 126,078 | 1,970,842 | 74,210 | 1,149,208 | ||||||||||||
| Shares reacquired | (4,266,733 | ) | (66,668,414 | ) | (2,851,343 | ) | (44,217,697 | ) | ||||||||
| Increase | 488,980 | $ | 7,654,698 | 3,378,370 | $ | 52,593,879 | ||||||||||
| Class T Shares(a) | ||||||||||||||||
| Reinvestment of distributions | – | $ | – | 6 | $ | 96 | ||||||||||
| Shares reacquired | – | – | (646 | ) | (10,012 | ) | ||||||||||
| Decrease | – | $ | – | (640 | ) | $ | (9,916 | ) | ||||||||
| Year Ended | Year Ended | |||||||||||||||
| Intermediate | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 38,966,393 | $ | 424,089,621 | 23,730,557 | $ | 254,416,030 | ||||||||||
| Converted from Class B * | – | – | 44,982 | 483,320 | ||||||||||||
| Converted from Class C ** | 2,500,099 | 27,458,328 | 1,073,154 | 11,421,200 | ||||||||||||
| Reinvestment of distributions | 3,160,415 | 34,405,211 | 3,098,994 | 33,112,754 | ||||||||||||
| Shares reacquired | (33,209,420 | ) | (356,342,508 | ) | (38,822,350 | ) | (415,625,920 | ) | ||||||||
| Increase (decrease) | 11,417,487 | $ | 129,610,652 | (10,874,663 | ) | $ | (116,192,616 | ) | ||||||||
| Class B Shares | ||||||||||||||||
| Shares sold | – | $ | – | 19 | $ | 202 | ||||||||||
| Reinvestment of distributions | – | – | 181 | 1,952 | ||||||||||||
| Shares reacquired | – | – | (15,156 | ) | (161,813 | ) | ||||||||||
| Converted to Class A * | – | – | (45,029 | ) | (483,320 | ) | ||||||||||
| Decrease | – | $ | – | (59,985 | ) | $ | (642,979 | ) | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 4,090,422 | $ | 44,567,281 | 3,244,500 | $ | 34,812,139 | ||||||||||
| Reinvestment of distributions | 532,694 | 5,782,313 | 600,673 | 6,410,495 | ||||||||||||
| Shares reacquired | (7,997,286 | ) | (86,235,332 | ) | (11,736,299 | ) | (125,390,072 | ) | ||||||||
| Converted to Class A** | (2,502,892 | ) | (27,458,328 | ) | (1,074,401 | ) | (11,421,200 | ) | ||||||||
| Decrease | (5,877,062 | ) | $ | (63,344,066 | ) | (8,965,527 | ) | $ | (95,588,638 | ) | ||||||
197
Notes to Financial Statements (continued)
| Year Ended | Year Ended | |||||||||||||||
| Intermediate | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 66,182,420 | $ | 716,741,371 | 60,098,686 | $ | 643,928,491 | ||||||||||
| Reinvestment of distributions | 2,663,464 | 29,012,369 | 2,387,847 | 25,506,824 | ||||||||||||
| Shares reacquired | (59,860,316 | ) | (641,803,899 | ) | (75,495,830 | ) | (810,409,682 | ) | ||||||||
| Increase (decrease) | 8,985,568 | $ | 103,949,841 | (13,009,297 | ) | $ | (140,974,367 | ) | ||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 2,363,010 | $ | 25,919,003 | 2,672,481 | $ | 28,828,591 | ||||||||||
| Reinvestment of distributions | 80,440 | 879,019 | 53,558 | 571,937 | ||||||||||||
| Shares reacquired | (822,427 | ) | (8,896,912 | ) | (481,976 | ) | (5,150,584 | ) | ||||||||
| Increase | 1,621,023 | $ | 17,901,110 | 2,244,063 | $ | 24,249,944 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 25,035,471 | $ | 271,826,619 | 31,767,054 | $ | 342,171,663 | ||||||||||
| Reinvestment of distributions | 1,146,891 | 12,497,740 | 995,743 | 10,633,942 | ||||||||||||
| Shares reacquired | (17,664,455 | ) | (190,289,300 | ) | (13,862,164 | ) | (148,226,533 | ) | ||||||||
| Increase | 8,517,907 | $ | 94,035,059 | 18,900,633 | $ | 204,579,072 | ||||||||||
| Class T Shares(a) | ||||||||||||||||
| Reinvestment of distributions | – | $ | – | 18 | $ | 188 | ||||||||||
| Shares reacquired | – | – | (944 | ) | (10,078 | ) | ||||||||||
| Decrease | – | $ | – | (926 | ) | $ | (9,890 | ) | ||||||||
| Year Ended | Year Ended | |||||||||||||||
| National | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 44,200,806 | $ | 509,394,736 | 18,058,021 | $ | 203,551,734 | ||||||||||
| Converted from Class B* | – | – | 40,521 | 458,370 | ||||||||||||
| Converted from Class C** | 1,036,218 | 11,919,309 | 1,610,243 | 18,019,908 | ||||||||||||
| Reinvestment of distributions | 4,136,501 | 47,293,762 | 3,828,613 | 43,009,064 | ||||||||||||
| Shares reacquired | (23,688,320 | ) | (268,691,161 | ) | (21,761,815 | ) | (244,731,729 | ) | ||||||||
| Shares issued in reorganization (See Note 15) | 11,159,800 | 126,998,522 | – | – | ||||||||||||
| Increase | 36,845,005 | $ | 426,915,168 | 1,775,583 | $ | 20,307,347 | ||||||||||
| Class B Shares | ||||||||||||||||
| Shares sold | – | $ | – | 40 | $ | 475 | ||||||||||
| Reinvestment of distributions | – | – | 279 | 3,171 | ||||||||||||
| Shares reacquired | – | – | (24,739 | ) | (280,442 | ) | ||||||||||
| Converted to Class A* | – | – | (40,311 | ) | (458,370 | ) | ||||||||||
| Decrease | – | $ | – | (64,731 | ) | $ | (735,166 | ) | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 3,557,708 | $ | 41,022,677 | 1,332,946 | $ | 15,053,423 | ||||||||||
| Reinvestment of distributions | 245,844 | 2,812,082 | 270,888 | 3,047,283 | ||||||||||||
| Shares reacquired | (2,583,705 | ) | (29,278,409 | ) | (2,622,664 | ) | (29,537,687 | ) | ||||||||
| Converted to Class A** | (1,035,226 | ) | (11,919,309 | ) | (1,607,505 | ) | (18,019,908 | ) | ||||||||
| Shares issued in reorganization (See Note 15) | 1,969,571 | 22,433,415 | – | – | ||||||||||||
| Increase (decrease) | 2,154,192 | $ | 25,070,456 | (2,626,335 | ) | $ | (29,456,889 | ) | ||||||||
198
Notes to Financial Statements (continued)
| Year Ended | Year Ended | |||||||||||||||
| National | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class F Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 31,689,010 | $ | 362,269,974 | 11,213,249 | $ | 126,070,353 | ||||||||||
| Reinvestment of distributions | 869,565 | 9,954,915 | 726,276 | 8,153,999 | ||||||||||||
| Shares reacquired | (11,951,223 | ) | (135,941,923 | ) | (14,339,949 | ) | (161,342,616 | ) | ||||||||
| Shares issued in reorganization (See Note 15) | 2,785,313 | 31,669,013 | – | – | ||||||||||||
| Increase (decrease) | 23,392,665 | $ | 267,951,979 | (2,400,424 | ) | $ | (27,118,264 | ) | ||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 3,214,602 | $ | 37,191,285 | 859,231 | $ | 9,664,675 | ||||||||||
| Reinvestment of distributions | 99,001 | 1,138,404 | 59,803 | 671,325 | ||||||||||||
| Shares reacquired | (648,637 | ) | (7,365,343 | ) | (457,622 | ) | (5,145,638 | ) | ||||||||
| Shares issued in reorganization (See Note 15) | 480,185 | 5,459,706 | – | – | ||||||||||||
| Increase | 3,145,151 | $ | 36,424,052 | 461,412 | $ | 5,190,362 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 5,632,267 | $ | 64,519,022 | 4,400,287 | $ | 49,860,352 | ||||||||||
| Reinvestment of distributions | 209,125 | 2,403,813 | 132,261 | 1,484,092 | ||||||||||||
| Shares reacquired | (1,954,573 | ) | (22,285,340 | ) | (2,360,435 | ) | (26,444,845 | ) | ||||||||
| Shares issued in reorganization (See Note 15) | 1,313,723 | 14,937,035 | – | – | ||||||||||||
| Increase | 5,200,542 | $ | 59,574,530 | 2,172,113 | $ | 24,899,599 | ||||||||||
| Year Ended | Year Ended | |||||||||||||||
| High Yield | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 48,957,842 | $ | 598,530,269 | 20,541,465 | $ | 243,040,645 | ||||||||||
| Converted from Class C** | 2,637,284 | 32,479,802 | 3,648,326 | 43,273,458 | ||||||||||||
| Reinvestment of distributions | 3,947,772 | 47,953,943 | 3,439,548 | 40,690,784 | ||||||||||||
| Shares reacquired | (20,454,075 | ) | (246,244,649 | ) | (25,432,008 | ) | (300,276,328 | ) | ||||||||
| Increase | 35,088,823 | $ | 432,719,365 | 2,197,331 | $ | 26,728,559 | ||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 8,064,233 | $ | 98,390,984 | 3,205,856 | $ | 37,938,537 | ||||||||||
| Reinvestment of distributions | 739,892 | 8,969,382 | 826,613 | 9,772,619 | ||||||||||||
| Shares reacquired | (4,611,686 | ) | (55,721,964 | ) | (6,524,523 | ) | (77,099,193 | ) | ||||||||
| Converted to Class A** | (2,635,316 | ) | (32,479,802 | ) | (3,645,603 | ) | (43,273,458 | ) | ||||||||
| Increase (decrease) | 1,557,123 | $ | 19,158,600 | (6,137,657 | ) | $ | (72,661,495 | ) | ||||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 41,715,700 | $ | 508,006,295 | 16,324,698 | $ | 193,493,068 | ||||||||||
| Reinvestment of distributions | 1,603,746 | 19,535,824 | 1,190,365 | 14,088,083 | ||||||||||||
| Shares reacquired | (15,656,428 | ) | (188,848,126 | ) | (19,806,295 | ) | (233,777,959 | ) | ||||||||
| Increase (decrease) | 27,663,018 | $ | 338,693,993 | (2,291,232 | ) | $ | (26,196,808 | ) | ||||||||
199
Notes to Financial Statements (continued)
| Year Ended | Year Ended | |||||||||||||||
| High Yield | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class F3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 1,746,338 | $ | 21,423,260 | 1,305,456 | $ | 15,380,921 | ||||||||||
| Reinvestment of distributions | 62,963 | 767,122 | 39,461 | 466,038 | ||||||||||||
| Shares reacquired | (370,202 | ) | (4,451,027 | ) | (379,890 | ) | (4,479,890 | ) | ||||||||
| Increase | 1,439,099 | $ | 17,739,355 | 965,027 | $ | 11,367,069 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 18,375,481 | $ | 224,075,115 | 9,503,716 | $ | 112,059,987 | ||||||||||
| Reinvestment of distributions | 555,068 | 6,771,472 | 313,884 | 3,708,090 | ||||||||||||
| Shares reacquired | (5,607,143 | ) | (68,334,686 | ) | (6,176,066 | ) | (72,543,787 | ) | ||||||||
| Increase | 13,323,406 | $ | 162,511,901 | 3,641,534 | $ | 43,224,290 | ||||||||||
| Class T Shares(a) | ||||||||||||||||
| Reinvestment of distributions | – | $ | – | 26 | $ | 307 | ||||||||||
| Shares reacquired | – | – | (879 | ) | (10,527 | ) | ||||||||||
| Decrease | – | $ | – | (853 | ) | $ | (10,220 | ) | ||||||||
| Year Ended | Year Ended | |||||||||||||||
| Short Duration High Yield | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 5,798,755 | $ | 88,781,986 | 4,295,936 | $ | 65,055,937 | ||||||||||
| Converted from Class C** | 4,789 | 74,728 | 6,271 | 94,694 | ||||||||||||
| Reinvestment of distributions | 260,035 | 3,990,296 | 187,086 | 2,831,799 | ||||||||||||
| Shares reacquired | (2,863,974 | ) | (43,665,310 | ) | (2,332,705 | ) | (35,295,076 | ) | ||||||||
| Increase | 3,199,605 | $ | 49,181,700 | 2,156,588 | $ | 32,687,354 | ||||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 415,288 | $ | 6,339,612 | 245,188 | $ | 3,716,310 | ||||||||||
| Reinvestment of distributions | 15,027 | 230,629 | 11,853 | 179,441 | ||||||||||||
| Shares reacquired | (225,116 | ) | (3,429,434 | ) | (240,221 | ) | (3,635,781 | ) | ||||||||
| Converted to Class A** | (4,789 | ) | (74,728 | ) | (6,271 | ) | (94,694 | ) | ||||||||
| Increase | 200,410 | $ | 3,066,079 | 10,549 | $ | 165,276 | ||||||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 6,168,021 | $ | 94,432,698 | 4,122,480 | $ | 62,433,303 | ||||||||||
| Reinvestment of distributions | 247,610 | 3,799,192 | 177,883 | 2,692,625 | ||||||||||||
| Shares reacquired | (3,678,979 | ) | (56,140,894 | ) | (2,801,179 | ) | (42,436,437 | ) | ||||||||
| Increase | 2,736,652 | $ | 42,090,996 | 1,499,184 | $ | 22,689,491 | ||||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 279,867 | $ | 4,273,438 | 305,473 | $ | 4,641,619 | ||||||||||
| Reinvestment of distributions | 10,664 | 163,765 | 5,860 | 88,723 | ||||||||||||
| Shares reacquired | (124,518 | ) | (1,903,723 | ) | (73,542 | ) | (1,114,532 | ) | ||||||||
| Increase | 166,013 | $ | 2,533,480 | 237,791 | $ | 3,615,810 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 3,474,712 | $ | 53,262,698 | 1,187,541 | $ | 17,984,842 | ||||||||||
| Reinvestment of distributions | 91,058 | 1,401,702 | 47,039 | 712,142 | ||||||||||||
| Shares reacquired | (1,401,555 | ) | (21,593,725 | ) | (797,317 | ) | (12,089,131 | ) | ||||||||
| Increase | 2,164,215 | $ | 33,070,675 | 437,263 | $ | 6,607,853 | ||||||||||
200
Notes to Financial Statements (continued)
| Year Ended | Year Ended | |||||||||||||||
| California | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 9,978,832 | $ | 111,448,358 | 2,741,903 | $ | 29,901,688 | ||||||||||
| Converted from Class C** | 270,049 | 2,961,590 | 370,533 | 4,017,166 | ||||||||||||
| Reinvestment of distributions | 528,355 | 5,831,767 | 497,111 | 5,399,979 | ||||||||||||
| Shares reacquired | (3,773,434 | ) | (41,562,384 | ) | (3,907,833 | ) | (42,519,355 | ) | ||||||||
| Increase (decrease) | 7,003,802 | $ | 78,679,331 | (298,286 | ) | $ | (3,200,522 | ) | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 1,491,464 | $ | 16,696,791 | 380,185 | $ | 4,147,300 | ||||||||||
| Reinvestment of distributions | 60,338 | 665,533 | 71,859 | 780,940 | ||||||||||||
| Shares reacquired | (661,213 | ) | (7,231,545 | ) | (1,087,781 | ) | (11,834,257 | ) | ||||||||
| Converted to Class A** | (269,985 | ) | (2,961,590 | ) | (370,497 | ) | (4,017,166 | ) | ||||||||
| Increase (decrease) | 620,604 | $ | 7,169,189 | (1,006,234 | ) | $ | (10,923,183 | ) | ||||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 3,224,764 | $ | 35,692,511 | 1,898,925 | $ | 20,674,814 | ||||||||||
| Reinvestment of distributions | 107,239 | 1,185,235 | 108,098 | 1,174,023 | ||||||||||||
| Shares reacquired | (1,489,378 | ) | (16,147,507 | ) | (2,242,993 | ) | (24,442,629 | ) | ||||||||
| Increase (decrease) | 1,842,625 | $ | 20,730,239 | (235,970 | ) | $ | (2,593,792 | ) | ||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 456,030 | $ | 5,030,506 | 207,738 | $ | 2,252,714 | ||||||||||
| Reinvestment of distributions | 16,858 | 186,487 | 9,016 | 97,832 | ||||||||||||
| Shares reacquired | (106,491 | ) | (1,174,421 | ) | (54,262 | ) | (587,656 | ) | ||||||||
| Increase | 366,397 | $ | 4,042,572 | 162,492 | $ | 1,762,890 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 1,597,779 | $ | 17,525,988 | 1,244,021 | $ | 13,618,333 | ||||||||||
| Reinvestment of distributions | 64,587 | 713,653 | 41,076 | 445,542 | ||||||||||||
| Shares reacquired | (432,291 | ) | (4,759,121 | ) | (372,344 | ) | (4,039,389 | ) | ||||||||
| Increase | 1,230,075 | $ | 13,480,520 | 912,753 | $ | 10,024,486 | ||||||||||
| Year Ended | Year Ended | |||||||||||||||
| New Jersey | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 5,227,362 | $ | 26,346,363 | 1,706,553 | $ | 8,439,792 | ||||||||||
| Reinvestment of distributions | 386,294 | 1,952,481 | 357,069 | 1,757,620 | ||||||||||||
| Shares reacquired | (2,721,623 | ) | (13,704,666 | ) | (4,075,874 | ) | (20,169,191 | ) | ||||||||
| Increase (decrease) | 2,892,033 | $ | 14,594,178 | (2,012,252 | ) | $ | (9,971,779 | ) | ||||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 2,007,976 | $ | 10,191,453 | 2,551,605 | $ | 12,633,256 | ||||||||||
| Reinvestment of distributions | 74,694 | 378,216 | 63,979 | 315,031 | ||||||||||||
| Shares reacquired | (1,177,739 | ) | (5,833,933 | ) | (1,647,436 | ) | (8,121,397 | ) | ||||||||
| Increase | 904,931 | $ | 4,735,736 | 968,148 | $ | 4,826,890 | ||||||||||
201
Notes to Financial Statements (continued)
| Year Ended | Year Ended | |||||||||||||||
| New Jersey | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class F3 Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 90,900 | $ | 465,896 | 48,383 | $ | 239,117 | ||||||||||
| Reinvestment of distributions | 1,211 | 6,217 | 727 | 3,582 | ||||||||||||
| Shares reacquired | (18,550 | ) | (92,466 | ) | (22,923 | ) | (112,837 | ) | ||||||||
| Increase | 73,561 | $ | 379,647 | 26,187 | $ | 129,862 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 317,791 | $ | 1,597,268 | 242,417 | $ | 1,200,365 | ||||||||||
| Reinvestment of distributions | 6,227 | 31,508 | 5,682 | 27,980 | ||||||||||||
| Shares reacquired | (72,879 | ) | (363,511 | ) | (69,225 | ) | (339,894 | ) | ||||||||
| Increase | 251,139 | $ | 1,265,265 | 178,874 | $ | 888,451 | ||||||||||
| Year Ended | Year Ended | |||||||||||||||
| New York | September 30, 2019 | September 30, 2018 | ||||||||||||||
| Class A Shares | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold | 9,013,392 | $ | 103,748,064 | 1,891,423 | $ | 21,176,454 | ||||||||||
| Converted from Class C** | 251,444 | 2,882,178 | 532,230 | 5,925,916 | ||||||||||||
| Reinvestment of distributions | 498,571 | 5,695,795 | 458,313 | 5,113,920 | ||||||||||||
| Shares reacquired | (3,977,862 | ) | (45,041,381 | ) | (4,187,262 | ) | (46,797,380 | ) | ||||||||
| Increase (decrease) | 5,785,545 | $ | 67,284,656 | (1,305,296 | ) | $ | (14,581,090 | ) | ||||||||
| Class C Shares | ||||||||||||||||
| Shares sold | 1,172,556 | $ | 13,505,156 | 265,687 | $ | 2,978,057 | ||||||||||
| Reinvestment of distributions | 48,589 | 553,337 | 57,846 | 644,685 | ||||||||||||
| Shares reacquired | (698,004 | ) | (7,848,968 | ) | (942,045 | ) | (10,509,302 | ) | ||||||||
| Converted to Class A** | (251,871 | ) | (2,882,178 | ) | (532,770 | ) | (5,925,916 | ) | ||||||||
| Increase (decrease) | 271,270 | $ | 3,327,347 | (1,151,282 | ) | $ | (12,812,476 | ) | ||||||||
| Class F Shares | ||||||||||||||||
| Shares sold | 1,840,064 | $ | 21,170,374 | 1,587,936 | $ | 17,789,646 | ||||||||||
| Reinvestment of distributions | 57,700 | 658,711 | 58,358 | 651,853 | ||||||||||||
| Shares reacquired | (1,180,389 | ) | (13,289,862 | ) | (1,624,130 | ) | (18,210,712 | ) | ||||||||
| Increase | 717,375 | $ | 8,539,223 | 22,164 | $ | 230,787 | ||||||||||
| Class F3 Shares | ||||||||||||||||
| Shares sold | 50,739 | $ | 580,678 | 97,050 | $ | 1,092,581 | ||||||||||
| Reinvestment of distributions | 2,315 | 26,458 | 1,987 | 22,179 | ||||||||||||
| Shares reacquired | (29,155 | ) | (326,421 | ) | (19,069 | ) | (212,805 | ) | ||||||||
| Increase | 23,899 | $ | 280,715 | 79,968 | $ | 901,955 | ||||||||||
| Class I Shares | ||||||||||||||||
| Shares sold | 649,106 | $ | 7,344,204 | 702,514 | $ | 7,899,069 | ||||||||||
| Reinvestment of distributions | 26,232 | 300,162 | 16,639 | 185,653 | ||||||||||||
| Shares reacquired | (369,166 | ) | (4,219,932 | ) | (134,037 | ) | (1,494,693 | ) | ||||||||
| Increase | 306,172 | $ | 3,424,434 | 585,116 | $ | 6,590,029 | ||||||||||
| * | Automatic conversion of Class B shares occurred on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. Class B shares were closed on April 25, 2018. |
| ** | Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the tenth anniversary of the day on which the purchase order was accepted. |
| (a) | Closed on July 24, 2018. |
202
Notes to Financial Statements (concluded)
| 15. | REORGANIZATION |
As of the close of business on March 22, 2019, National acquired the net assets of AMT Free, pursuant to a plan of reorganization. The reorganization permitted AMT Free shareholders to pursue a substantially similar investment goal, but as part of a larger fund with a lower expense ratio. The acquisition was accomplished by a tax-free exchange whereby holders of shares of AMT Free outstanding on March 22, 2019 received shares valued at $201,497,691 of National. AMT Free’s net assets at the date of acquisition, including $8,144,374 of net unrealized appreciation, $298,718 of undistributed net investment income and $(6,500,530) of accumulated net realized losses, were combined with those of National. The cost basis of securities received from AMT Free was carried forward.
The total net assets of AMT Free immediately before the transfer were $201,497,691. Total net assets of National immediately before the transfer were $2,150,472,746. Total net assets of National immediately after the transfer were $2,351,970,437.
The following table illustrates share conversion ratios and dollar amounts of the reorganization on March 22, 2019:
| Class | AMT Free Shares | Conversion Ratio | National Shares | National Amount | |||||||||||
| A | 7,879,445 | 1.416318 | 11,159,800 | $ | 126,998,522 | ||||||||||
| C | 1,392,195 | 1.414723 | 1,969,571 | 22,433,415 | |||||||||||
| F | 1,964,920 | 1.417520 | 2,785,313 | 31,669,013 | |||||||||||
| F3 | 338,368 | 1.419120 | 480,185 | 5,459,706 | |||||||||||
| I | 926,207 | 1.418391 | 1,313,723 | 14,937,035 | |||||||||||
Had the acquisition been completed on October 1, 2018, the beginning of National’s 2019 fiscal year, the Fund’s condensed pro-forma results of operations for the year ended September 30, 2019 would be as follows:
| Net investment income: | $ | 78,147,462 | ||
| Net realized and unrealized gain: | $ | 146,027,374 | ||
| Net increase in net assets resulting from operations: | $ | 224,174,836 |
The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed. Revenue and earnings of AMT Free’s portfolio holdings have been included in National’s Statement of Operations since the date of acquisition.
203
Report of Independent Registered Public Accounting Firm
To the shareholders and the Board of Directors of Lord Abbett Municipal Income Fund, Inc.
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Lord Abbett Municipal Income Fund, Inc. (the “Company”) comprising the Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax-Free Income Fund, Lord Abbett High Yield Municipal Bond Fund, Lord Abbett Short Duration High Yield Municipal Bond Fund, Lord Abbett California Tax-Free Income Fund, Lord Abbett New Jersey Tax-Free Income Fund, and Lord Abbett New York Tax-Free Income Fund, including the schedules of investments as of September 30, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Lord Abbett Municipal Fund Income, Inc. as of September 30, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
New York, New York
November 22, 2019
We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.
204
Supplemental Proxy Information (unaudited)
A joint special meeting of shareholders of each Fund was held on August 26, 2019. The joint special meeting was held for the purpose of electing members of each Fund’s Board of Directors. Shareholders elected the following ten (10) Directors at the joint special meeting:
| • | Eric C. Fast |
| • | Evelyn E. Guernsey |
| • | Julie A. Hill |
| • | Kathleen M. Lutito |
| • | James M. McTaggart |
| • | Charles O. Prince |
| • | Karla M. Rabusch |
| • | Mark A. Schmid |
| • | Douglas B. Sieg |
| • | James L.L. Tullis |
The results of the proxy solicitation on the preceding matter were as follows:
Lord Abbett Municipal Income Fund, Inc.
| Nominee Votes | Votes For | Votes Withheld | ||||||
| Eric C. Fast | 973,679,143.113 | 20,522,553.694 | ||||||
| Evelyn E. Guernsey | 976,208,792.661 | 17,992,904.146 | ||||||
| Julie A. Hill | 975,804,501.254 | 18,397,195.553 | ||||||
| Kathleen M. Lutito | 976,718,880.074 | 17,482,816.733 | ||||||
| James M. McTaggart | 973,881,947.629 | 20,319,749.178 | ||||||
| Charles O. Prince | 973,207,132.866 | 20,994,563.941 | ||||||
| Karla M. Rabusch | 975,379,456.661 | 18,822,240.146 | ||||||
| Mark A. Schmid | 974,653,804.113 | 19,547,892.694 | ||||||
| Douglas B. Sieg | 974,626,386.986 | 19,575,309.821 | ||||||
| James L.L. Tullis | 971,856,814.418 | 22,344,882.389 | ||||||
205
Basic Information About Management
The Board is responsible for the management of the business and affairs of the Company in accordance with the laws of the State of Maryland. The Board elects officers who are responsible for the day-to-day operations of each Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to each Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Company’s organizational documents.
Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Funds.
Interested Directors
Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Company as defined in the Act. Mr. Sieg is director/trustee of each of the 11 investment companies in the Lord Abbett Family of Funds, which consist of 58 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.
| Name, Address and Year of Birth | Current Position and Length of Service with the Company | Principal Occupation and Other Directorships During the Past Five Years | ||
| Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 | Director since 2016; President and Chief Executive Officer since 2018 | Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. | ||
| (1969) | Other Directorships: None. |
Independent Directors
The following Independent Directors also are directors/trustees of each of the 11 investment companies in the Lord Abbett Family of Funds, which consist of 58 investment portfolios.
| Name,
Address and Year of Birth | Current Position and Length of Service with the Company | Principal
Occupation and Other Directorships During the Past Five Years | ||
| Eric C. Fast Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street | Director since 2014 | Principal Occupation: Chief Executive Officer of Crane Co., an industrial products company (2001 – 2014). | ||
| Jersey City, NJ 07302 (1949) | Other Directorships: Currently serves as director of Automatic Data
Processing, Inc. (since 2007) and Regions Financial Corporation (since 2010). Previously served as a director of Crane Co. (1999 – 2014). | |||
| Evelyn E. Guernsey | Director since 2011 | Principal Occupation: None. | ||
| Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955) |
Other Directorships: None. |
206
Basic Information About Management (continued)
| Name, Address and Year of Birth |
Current Position and Length of Service with the Company |
Principal Occupation and Other Directorships During the Past Five Years | ||
| Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946) |
Director since 2004 | Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998).
Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994). | ||
| Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963) |
Director since 2017 | Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006).
Other Directorships: None. | ||
| James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947) |
Director since 2012 | Principal Occupation: Independent management advisor and consultant (since 2012).
Other Directorships: Blyth, Inc., a home products company (2004 – 2015). | ||
| Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950) |
Director since 2019 | Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc.
Other Directorships: Currently serves as director of Johnson & Johnson (2006 – Present). Previously served as director of Xerox Corporation (2008 – 2018). | ||
| Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959) |
Director since 2017 | Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003 – 2017); President of Wells Fargo Funds (2003 – 2016).
Other Directorships: None. | ||
| Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959) |
Director since 2016 | Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009).
Other Directorships: None. | ||
| James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947) |
Director since 2006; Chairman since 2017 |
Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990 – 2016).
Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine, Inc. (since 2018), and electroCore, Inc. (since 2018). |
207
Basic Information About Management (continued)
Officers
None of the officers listed below have received compensation from the Company. All of the officers of the Company also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).
| Name and
Year of Birth |
Current Position with the Company |
Length of Service of Current Position |
Principal Occupation During the Past Five Years | |||
| Douglas B. Sieg (1969) |
President and Chief Executive Officer |
Elected as President and Chief Executive Officer in 2018 | Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. | |||
| Jackson C. Chan (1964) |
AML Compliance Officer |
Elected in 2018 | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014. | |||
| Pamela P. Chen (1978) |
Vice President, Assistant Secretary and Privacy Officer |
Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019 | Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005 – 2017). | |||
| John T. Fitzgerald (1975) |
Vice President and Assistant Secretary |
Elected in 2018 | Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005 – 2018). | |||
| Vito A. Fronda (1969) |
Treasurer | Elected in 2018 | Partner and Director of Fund Treasury and Tax, joined Lord Abbett in 2003. | |||
| Bernard J. Grzelak (1971) |
Chief Financial Officer and Vice President |
Elected in 2017 | Partner and Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003. | |||
| Linda Y. Kim (1980) |
Vice President and Assistant Secretary |
Elected in 2016 | Counsel, joined Lord Abbett in 2015 and was formerly an Associate at Stroock & Stroock & Lavan LLP (2007 – 2015). | |||
| Joseph M. McGill (1962) |
Chief Compliance Officer |
Elected in 2014 | Partner and Chief Compliance Officer, joined Lord Abbett in 2014. |
208
Basic Information About Management (concluded)
| Name and Year of Birth | Current Position with the Company | Length of Service of Current Position | Principal Occupation During the Past Five Years | |||
| Amanda S. Ryan (1978) | Vice President and Assistant Secretary | Elected in 2018 | Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012 – 2016). | |||
| Lawrence B. Stoller (1963) | Vice President, Secretary and Chief Legal Officer | Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019 | Partner and General Counsel, joined Lord Abbett in 2007. |
Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Company’s Directors. It is available free upon request.
209
Householding
The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.
Proxy Voting Policies, Procedures and Records
A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an attachment to Form N-PORT. 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.
Tax Information
The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended September 30, 2019 that is tax-exempt dividend income.
| ||||
| Short Duration | 99% | |||
| Intermediate | 98% | |||
| National | 99% | |||
| High Yield | 98% | |||
| Short Duration High Yield | 97% | |||
| California | 99% | |||
| New Jersey | 100% | |||
| New York | 100% | |||
Additionally, of the distributions paid by New York to the shareholders during the fiscal year ended September 30, 2019, $110,376 represent long-term capital gains. | ||||
210
This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund
shares are distributed by |
Lord Abbett Municipal Income Fund, Inc.
Lord Abbett Short Duration Tax Free Fund Lord Abbett Intermediate Tax Free Fund Lord Abbett National Tax-Free Income Fund Lord Abbett High Yield Municipal Bond Fund Lord Abbett Short Duration High Yield Municipal Bond Fund Lord Abbett California Tax-Free Income Fund Lord Abbett New Jersey Tax-Free Income Fund Lord Abbett New York Tax-Free Income Fund |
LATFI-2 (11/19) |
| Item 2: | Code of Ethics. |
| (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, 2019 (the “Period”). | |
| (b) | Not applicable. | |
| (c) | The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period. | |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period. | |
| (e) | Not applicable. | |
| (f) | See Item 12(a)(1) concerning the filing of the Code of Ethics. |
| Item 3: | Audit Committee Financial Expert. |
| The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR. |
| Item 4: | Principal Accountant Fees and Services. |
| 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, 2019 and 2018 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: | ||
| 2019 | 2018 | |
| Audit Fees {a} | $333,600 | $361,100 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | $333,600 | $361,100 |
| Tax Fees {b} | $36,726 | $58,016 |
| All Other Fees | - 0 - | - 0 - |
| Total Fees | $370,326 | $419,116 |
________
{a} Consists of fees for audits of the Registrant’s annual financial statements.
{b} Fees for the fiscal year ended September 30, 2019 and 2018 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, 2019 and 2018 were:
| Fiscal year ended: | ||
| 2019 | 2018 | |
| All Other Fees {a} | $215,383 | $200,339 |
________
{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).
The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended September 30, 2019 and 2018 were:
| Fiscal year ended: | ||
| 2019 | 2018 | |
| All Other Fees | $ - 0 - | $ - 0- |
________
(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.
| Item 5: | Audit Committee of Listed Registrants. |
| Not applicable. | |
| Item 6: | Investments. |
| Not applicable. | |
| Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
| Not applicable. | |
| Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
| Not applicable. | |
| Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
| Not applicable. | |
| Item 10: | Submission of Matters to a Vote of Security Holders. |
| Not applicable. | |
| Item 11: | Controls and Procedures. |
| (a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to |
| ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities. | ||
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| Item 12: | Exhibits. |
| (a)(1) | The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH. | |
| (a)(2) | Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT. | |
| (b) | Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| LORD ABBETT MUNICIPAL INCOME FUND, INC. | |||
| By: | /s/ Douglas B. Sieg | ||
| Douglas B. Sieg | |||
| President and Chief Executive Officer | |||
Date: November 22, 2019
| By: | /s/ Bernard J. Grzelak | ||
| Bernard J. Grzelak | |||
| Chief Financial Officer and Vice President |
Date: November 22, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Douglas B. Sieg | ||
| Douglas B. Sieg | |||
| President and Chief Executive Officer |
Date: November 22, 2019
| By: | /s/ Bernard J. Grzelak | ||
| Bernard J. Grzelak | |||
| Chief Financial Officer and Vice President |
Date: November 22, 2019