UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03942
LORD ABBETT MUNICIPAL INCOME FUND, INC.
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302
(Address of principal executive offices) (Zip code)
Thomas R. Phillips, Esq., Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 201-6984
Date of fiscal year end: 9/30
Date of reporting period: 3/31/2013
Item 1: Report(s) to Shareholders.
2 0 1 3
L O R D A B B E T T
S E M I A N N U A L
R E P O R T
Lord Abbett
Municipal Income Fund
Short Duration Tax Free Fund
Intermediate Tax Free Fund
AMT Free Municipal Bond Fund
National Tax Free Income Fund
High Yield Municipal Bond Fund
California Tax Free Income Fund
New Jersey Tax Free Income Fund
New York Tax Free Income Fund
For the six-month period ended March 31, 2013
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Table of Contents |
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1 |
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2 |
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Information
About Your Funds Expenses and Holdings
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13 |
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13 |
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28 |
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52 |
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64 |
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80 |
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97 |
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103 |
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108 |
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116 |
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120 |
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122 |
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128 |
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163 |
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183 |
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For the six-month period ended March 31, 2013 |
Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Municipal Income Fund for the six-month period ended March 31, 2013. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.
Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.
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Daria L. Foster |
Director, President and Chief Executive Officer |
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1
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Expense Example |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2012 through March 31, 2013).
Actual Expenses
For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled Expenses Paid During Period 10/1/12 3/31/13 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 Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
2
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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.
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Beginning
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Ending
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Expenses
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10/1/12 |
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3/31/13 |
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10/1/12 -
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Class A* |
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Actual |
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$1,000.00 |
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$1,005.70 |
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$3.10 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,021.84 |
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$3.13 |
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Class C* |
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Actual |
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$1,000.00 |
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$1,002.30 |
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$6.44 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,018.52 |
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$6.49 |
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Class F* |
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Actual |
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$1,000.00 |
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$1,006.10 |
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$2.60 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,022.34 |
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$2.62 |
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Class I* |
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Actual |
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$1,000.00 |
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$1,006.60 |
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$2.10 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,022.83 |
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$2.12 |
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For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.62% for Class A, 1.29% for Class C, 0.52% for Class F and 0.42% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
* |
The annualized expenses of each class have been updated (0.63% for Class A, 1.30% for Class C, 0.53% for Class F and 0.43% for Class I). Had these updated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been: |
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Actual |
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Hypothetical
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Class A |
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$ |
3.15 |
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$ |
3.18 |
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Class C |
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$ |
6.49 |
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$ |
6.54 |
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Class F |
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$ |
2.65 |
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$ |
2.67 |
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Class I |
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$ |
2.15 |
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$ |
2.17 |
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Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
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Credit Rating: |
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S&P or Moodys (a) |
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%* |
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AAA |
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7.46 |
% |
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AA+ |
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7.47 |
% |
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AA |
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17.22 |
% |
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AA- |
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13.53 |
% |
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A+ |
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14.12 |
% |
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A |
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9.96 |
% |
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A- |
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7.69 |
% |
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BBB+ |
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5.77 |
% |
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BBB |
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6.25 |
% |
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Credit Rating: |
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S&P or Moodys (a) |
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%* |
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BBB- |
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3.50 |
% |
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BB+ |
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0.91 |
% |
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BB |
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0.59 |
% |
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B+ |
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0.36 |
% |
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B2 |
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0.26 |
% |
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CC |
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0.20 |
% |
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NR |
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4.71 |
% |
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Total |
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100.00 |
% |
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(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
3
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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.
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Beginning
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Ending
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Expenses
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10/1/12 |
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3/31/13 |
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10/1/12 -
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Class A* |
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Actual |
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$1,000.00 |
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$1,015.00 |
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$3.42 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,021.55 |
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$3.43 |
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Class B* |
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Actual |
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$1,000.00 |
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$1,011.00 |
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$7.42 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,017.55 |
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$7.44 |
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Class C* |
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Actual |
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$1,000.00 |
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$1,010.60 |
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$6.82 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,018.16 |
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$6.84 |
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Class F* |
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Actual |
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$1,000.00 |
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$1,014.60 |
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$2.91 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,022.05 |
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$2.92 |
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Class I* |
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Actual |
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$1,000.00 |
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$1,015.00 |
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$2.41 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,022.55 |
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$2.42 |
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Class P* |
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Actual |
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$1,000.00 |
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$1,012.90 |
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$4.57 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,020.40 |
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$4.58 |
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For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.68% for Class A, 1.48% for Class B, 1.36% for Class C, 0.58% for Class F, 0.48% for Class I and 0.91% for Class P) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
* |
The annualized expenses of each class have been updated (0.69% for Class A, 1.49% for Class B, 1.37% for Class C, 0.59% for Class F, 0.49% for Class I and 0.94% for Class P). Had these updated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been: |
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Actual |
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Hypothetical
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Class A |
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$ |
3.47 |
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$ |
3.48 |
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Class B |
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$ |
7.47 |
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$ |
7.49 |
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Class C |
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$ |
7.47 |
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$ |
7.50 |
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Class F |
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$ |
2.96 |
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$ |
2.97 |
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Class I |
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$ |
2.46 |
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$ |
2.47 |
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Class P |
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$ |
4.72 |
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$ |
4.74 |
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4
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Intermediate Tax Free Fund (concluded) |
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Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
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Credit
Rating:
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%* |
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AAA |
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8.19 |
% |
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AA+ |
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7.88 |
% |
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AA |
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12.32 |
% |
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AA- |
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12.74 |
% |
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A+ |
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15.32 |
% |
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A |
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9.68 |
% |
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A- |
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8.12 |
% |
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BBB+ |
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4.65 |
% |
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BBB |
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3.79 |
% |
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BBB- |
|
7.12 |
% |
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BB+ |
|
1.22 |
% |
|
BB |
|
1.00 |
% |
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BB- |
|
0.19 |
% |
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B+ |
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0.81 |
% |
|
B |
|
1.51 |
% |
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B- |
|
1.53 |
% |
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CC |
|
0.17 |
% |
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NR |
|
3.76 |
% |
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Money Market Mutual Fund |
|
0.00 |
%** |
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Total |
|
100.00 |
% |
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(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
** |
Amount is less than 0.01%. |
5
|
AMT Free Municipal Bond Fund |
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Beginning
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Ending
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Expenses
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10/1/12 |
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3/31/13 |
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10/1/12 -
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Class A* |
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Actual |
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$1,000.00 |
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$1,021.60 |
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$2.87 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
|
$1,022.10 |
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$2.87 |
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Class C* |
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Actual |
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$1,000.00 |
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$1,018.40 |
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|
$6.64 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,018.37 |
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$6.64 |
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Class F* |
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Actual |
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$1,000.00 |
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$1,022.10 |
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|
$2.37 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,022.61 |
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$2.37 |
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Class I* |
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Actual |
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$1,000.00 |
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$1,023.20 |
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$1.82 |
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Hypothetical (5% Return Before Expenses) |
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$1,000.00 |
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$1,023.13 |
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$1.82 |
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For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.57% for Class A, 1.32% for Class C, 0.47% for Class F and 0.36% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
* |
The annualized expenses of each class have been updated (0.60% for Class A, 1.35% for Class C, 0.50% for Class F and 0.40% for Class I). Had these updated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been: |
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Actual |
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Hypothetical
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Class A |
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$ |
3.02 |
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$ |
3.02 |
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Class C |
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$ |
6.79 |
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$ |
6.79 |
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Class F |
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$ |
2.52 |
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$ |
2.52 |
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Class I |
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$ |
2.02 |
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$ |
2.02 |
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6
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AMT Free Municipal Bond Fund (concluded) |
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Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
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Credit
Rating:
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%* |
|
|
AAA |
|
0.79 |
% |
|
AA+ |
|
1.58 |
% |
|
AA |
|
6.19 |
% |
|
AA- |
|
10.30 |
% |
|
A+ |
|
16.20 |
% |
|
A |
|
14.33 |
% |
|
A- |
|
11.15 |
% |
|
BBB+ |
|
8.26 |
% |
|
BBB |
|
6.98 |
% |
|
BBB- |
|
12.39 |
% |
|
BB+ |
|
3.02 |
% |
|
BB |
|
1.94 |
% |
|
BB- |
|
0.42 |
% |
|
B+ |
|
0.79 |
% |
|
B |
|
0.62 |
% |
|
B- |
|
1.99 |
% |
|
CC |
|
0.04 |
% |
|
NR |
|
3.01 |
% |
|
Total |
|
100.00 |
% |
|
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(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
7
|
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.
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|
Beginning
|
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Ending
|
|
Expenses
|
|
|||
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|
||||||
|
|
10/1/12 |
|
3/31/13 |
|
10/1/12 -
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Class A |
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|
|
Actual |
|
|
$1,000.00 |
|
$1,024.20 |
|
|
$3.78 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.19 |
|
|
$3.78 |
|
|
Class B |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,020.10 |
|
|
$7.81 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,017.19 |
|
|
$7.80 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,020.90 |
|
|
$7.05 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,017.97 |
|
|
$7.04 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,024.70 |
|
|
$3.28 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.70 |
|
|
$3.28 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,025.00 |
|
|
$2.78 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,022.21 |
|
|
$2.77 |
|
|
|
|
|
For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.75% for Class A, 1.55% for Class B, 1.40% for Class C, 0.65% for Class F and 0.55% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
|
|
Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
AAA |
|
2.18 |
% |
|
AA+ |
|
5.29 |
% |
|
AA |
|
10.90 |
% |
|
AA- |
|
9.13 |
% |
|
A+ |
|
16.70 |
% |
|
A |
|
7.59 |
% |
|
A- |
|
9.73 |
% |
|
BBB+ |
|
5.45 |
% |
|
BBB |
|
5.52 |
% |
|
BBB- |
|
9.61 |
% |
|
BB+ |
|
1.67 |
% |
|
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
BB |
|
1.99 |
% |
|
BB- |
|
0.97 |
% |
|
B+ |
|
0.95 |
% |
|
B |
|
2.64 |
% |
|
B- |
|
2.53 |
% |
|
CCC+ |
|
0.24 |
% |
|
CC |
|
0.36 |
% |
|
NR |
|
6.55 |
% |
|
Money Market Mutual Fund |
|
0.00 |
%** |
|
Total |
|
100.00 |
% |
|
|
|
(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
** |
Amount is less than 0.01%. |
8
|
High Yield Municipal Bond Fund |
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
Ending
|
|
Expenses
|
|
|||
|
|
|
|
|
||||||
|
|
10/1/12 |
|
3/31/13 |
|
10/1/12 -
|
|
|||
|
|
|
|
|
||||||
Class A |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,048.00 |
|
|
$4.14 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,020.90 |
|
|
$4.08 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,044.70 |
|
|
$7.39 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,017.70 |
|
|
$7.29 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,047.60 |
|
|
$3.62 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.40 |
|
|
$3.58 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,048.10 |
|
|
$3.11 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.91 |
|
|
$3.07 |
|
|
Class P |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,046.20 |
|
|
$5.25 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,019.81 |
|
|
$5.19 |
|
|
|
|
|
For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.81% for Class A, 1.45% for Class C, 0.71% for Class F, 0.61% for Class I and 1.02% for Class P) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
|
|
Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
AAA |
|
0.57 |
% |
|
AA+ |
|
0.93 |
% |
|
AA |
|
4.57 |
% |
|
AA- |
|
1.28 |
% |
|
A+ |
|
2.36 |
% |
|
A |
|
1.94 |
% |
|
A- |
|
3.87 |
% |
|
BBB+ |
|
4.77 |
% |
|
BBB |
|
6.14 |
% |
|
BBB- |
|
10.50 |
% |
|
BB+ |
|
6.20 |
% |
|
BB |
|
5.00 |
% |
|
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
BB- |
|
1.53 |
% |
|
B+ |
|
2.00 |
% |
|
B |
|
8.83 |
% |
|
B- |
|
9.51 |
% |
|
CCC+ |
|
0.37 |
% |
|
CCC |
|
0.73 |
% |
|
CC |
|
0.98 |
% |
|
C |
|
0.01 |
% |
|
NR |
|
27.91 |
% |
|
Money Market Mutual Fund |
|
0.00 |
%** |
|
Total |
|
100.00 |
% |
|
|
|
(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
** |
Amount is less than 0.01%. |
9
|
California Tax Free Fund |
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
Ending
|
|
Expenses
|
|
|||
|
|
|
|
|
||||||
|
|
10/1/12 |
|
3/31/13 |
|
10/1/12 -
|
|
|||
|
|
|
|
|
||||||
Class A |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,022.10 |
|
|
$4.03 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,020.95 |
|
|
$4.03 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,019.70 |
|
|
$7.35 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,017.67 |
|
|
$7.34 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,022.60 |
|
|
$3.53 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.45 |
|
|
$3.53 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,023.10 |
|
|
$3.05 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.95 |
|
|
$3.05 |
|
|
|
|
|
For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.80% for Class A, 1.46% for Class C, 0.70% for Class F and 0.60% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
|
|
Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
AAA |
|
1.72 |
% |
|
AA+ |
|
1.83 |
% |
|
AA |
|
12.91 |
% |
|
AA- |
|
13.18 |
% |
|
A+ |
|
21.44 |
% |
|
A |
|
19.27 |
% |
|
A- |
|
7.21 |
% |
|
BBB+ |
|
3.92 |
% |
|
BBB |
|
3.64 |
% |
|
BBB- |
|
3.73 |
% |
|
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
BB+ |
|
1.85 |
% |
|
BB |
|
1.27 |
% |
|
BB- |
|
0.33 |
% |
|
B+ |
|
0.16 |
% |
|
B |
|
1.39 |
% |
|
B- |
|
2.09 |
% |
|
NR |
|
4.06 |
% |
|
Money Market Mutual Fund |
|
0.00 |
%** |
|
Total |
|
100.00 |
% |
|
|
|
(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
** |
Amount is less than 0.01%. |
10
|
New Jersey Tax Free Fund |
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
Ending
|
|
Expenses
|
|
|||
|
|
|
|
|
||||||
|
|
10/1/12 |
|
3/31/13 |
|
10/1/12 -
|
|
|||
|
|
|
|
|
||||||
Class A |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,013.00 |
|
|
$4.07 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,020.91 |
|
|
$4.08 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,013.50 |
|
|
$3.51 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.42 |
|
|
$3.53 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,014.10 |
|
|
$2.96 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.92 |
|
|
$2.97 |
|
|
|
|
|
For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.81% for Class A, 0.70% for Class F and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
|
|
Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
AAA |
|
4.21 |
% |
|
AA+ |
|
3.95 |
% |
|
AA |
|
3.34 |
% |
|
AA- |
|
12.12 |
% |
|
A+ |
|
30.73 |
% |
|
A |
|
8.98 |
% |
|
A- |
|
3.19 |
% |
|
BBB+ |
|
11.14 |
% |
|
BBB |
|
1.13 |
% |
|
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
BBB- |
|
7.70 |
% |
|
BB+ |
|
0.66 |
% |
|
BB |
|
1.77 |
% |
|
B+ |
|
2.91 |
% |
|
B |
|
3.43 |
% |
|
NR |
|
4.74 |
% |
|
Money Market Mutual Fund |
|
0.00 |
%** |
|
Total |
|
100.00 |
% |
|
|
|
(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
** |
Amount is less than 0.01%. |
11
|
New York Tax Free Fund |
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
Ending
|
|
Expenses
|
|
|||
|
|
|
|
|
||||||
|
|
10/1/12 |
|
3/31/13 |
|
10/1/12 -
|
|
|||
|
|
|
|
|
||||||
Class A |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,013.80 |
|
|
$3.87 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.07 |
|
|
$3.88 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,009.60 |
|
|
$7.11 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,017.84 |
|
|
$7.14 |
|
|
Class F |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,014.30 |
|
|
$3.36 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,021.57 |
|
|
$3.38 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Actual |
|
|
$1,000.00 |
|
$1,013.90 |
|
|
$2.86 |
|
|
Hypothetical (5% Return Before Expenses) |
|
|
$1,000.00 |
|
$1,022.08 |
|
|
$2.87 |
|
|
|
|
|
For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.77% for Class A, 1.42% for Class C, 0.67% for Class F and 0.57% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period). |
|
|
Portfolio Holdings Presented by Credit Rating |
March 31, 2013 |
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
AAA |
|
12.68 |
% |
|
AA+ |
|
4.50 |
% |
|
AA |
|
10.11 |
% |
|
AA- |
|
24.15 |
% |
|
A+ |
|
7.67 |
% |
|
A |
|
7.03 |
% |
|
A- |
|
9.23 |
% |
|
BBB+ |
|
4.40 |
% |
|
BBB |
|
1.66 |
% |
|
|
|
|
|
|
Credit Rating: |
|
|
|
|
S&P or Moodys (a) |
|
%* |
|
|
BBB- |
|
7.15 |
% |
|
BB+ |
|
2.70 |
% |
|
BB |
|
1.67 |
% |
|
B+ |
|
1.20 |
% |
|
B- |
|
1.54 |
% |
|
NR |
|
4.31 |
% |
|
Money Market Mutual Fund |
|
0.00 |
%** |
|
Total |
|
100.00 |
% |
|
|
|
(a) |
Certain investments have been rated by Fitch IBCA. |
* |
Represents percent of total investments. |
** |
Amount is less than 0.01%. |
12
S
chedule of Investments (unaudited)
S
HORT DURATION TAX FREE FUND
March
31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
MUNICIPAL BONDS 82.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 5.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beaver Co IDAFirstEnergy Rmkt |
|
2.50% |
|
12/1/2041 |
|
BBB- |
|
$ |
10,000 |
|
$ |
10,114,500 |
|
Beaver Co IDAFirstEnergy Rmkt |
|
2.70% |
|
4/1/2035 |
|
BBB- |
|
|
12,000 |
|
|
12,225,360 |
|
Burke Co DevGA Power |
|
1.75% |
|
12/1/2049 |
|
A |
|
|
15,000 |
|
|
15,321,450 |
|
Burke Co DevGA Power Rmkt |
|
2.30% |
|
10/1/2032 |
|
A |
|
|
10,000 |
|
|
10,181,300 |
|
Burke Co DevGA Transmission |
|
1.25% |
|
1/1/2052 |
|
AA- |
|
|
7,250 |
|
|
7,317,715 |
|
CA Poll CtlWaste Mgmt |
|
2.00% |
|
2/1/2019 |
|
BBB |
|
|
4,000 |
|
|
4,071,880 |
|
CA State Fin AuthRep Svcs |
|
0.40% |
|
8/1/2024 |
|
BBB |
|
|
5,000 |
|
|
4,999,900 |
|
Citizens Property Insurance Corp |
|
1.87% |
# |
6/1/2013 |
|
A+ |
|
|
5,000 |
|
|
5,013,450 |
|
Citizens Property Insurance Corp |
|
4.25% |
|
6/1/2017 |
|
A+ |
|
|
2,590 |
|
|
2,909,658 |
|
Citizens Property Insurance Corp |
|
5.00% |
|
6/1/2015 |
|
A+ |
|
|
5,275 |
|
|
5,758,243 |
|
Citizens Property Insurance Corp |
|
5.00% |
|
6/1/2018 |
|
A+ |
|
|
8,000 |
|
|
9,385,440 |
|
Citizens Property Insurance Corp |
|
5.50% |
|
6/1/2017 |
|
A+ |
|
|
3,365 |
|
|
3,950,543 |
|
Coconino Co Poll CtlAZ Pub Svc |
|
5.50% |
|
6/1/2034 |
|
BBB+ |
|
|
2,000 |
|
|
2,102,180 |
|
Farmington Poll CtlSo Cal Edison |
|
2.875% |
|
4/1/2029 |
|
A1 |
|
|
7,500 |
|
|
7,784,550 |
|
Gloucester Co Impt AuthWaste Mgmt |
|
2.125% |
|
12/1/2029 |
|
BBB |
|
|
4,500 |
|
|
4,659,075 |
|
Gulf Coast Waste DispUS Steel |
|
5.75% |
|
9/1/2017 |
|
BB |
|
|
6,850 |
|
|
7,230,860 |
|
Mobile Indl Poll CtlAL Power Co Rmkt |
|
1.65% |
|
6/1/2034 |
|
A |
|
|
3,000 |
|
|
3,068,520 |
|
Navajo Co Poll CtlAZ Pub Svc |
|
1.25% |
|
6/1/2034 |
|
Baa1 |
|
|
6,000 |
|
|
6,013,080 |
|
PA Econ DevWaste Mgmt |
|
2.75% |
|
9/1/2013 |
|
BBB |
|
|
4,250 |
|
|
4,293,095 |
|
Valdez Marine TermBP Rmkt |
|
5.00% |
|
1/1/2018 |
|
A |
|
|
10,000 |
|
|
11,666,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
138,067,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 5.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AZ Brd Regents COPUniv of AZ |
|
4.00% |
|
6/1/2017 |
|
AA- |
|
|
2,050 |
|
|
2,284,048 |
|
AZ Brd Regents COPUniv of AZ |
|
4.00% |
|
6/1/2018 |
|
AA- |
|
|
2,140 |
|
|
2,409,255 |
|
AZ Brd Regents COPUniv of AZ |
|
5.00% |
|
6/1/2017 |
|
AA- |
|
|
5,750 |
|
|
6,639,237 |
|
AZ Brd Regents COPUniv of AZ |
|
5.00% |
|
6/1/2018 |
|
AA- |
|
|
3,215 |
|
|
3,778,750 |
|
CA State Univ Sys |
|
5.00% |
|
11/1/2020 |
|
Aa2 |
|
|
5,000 |
|
|
6,176,450 |
|
Cleveland State Univ |
|
5.00% |
|
6/1/2018 |
|
A+ |
|
|
1,000 |
|
|
1,172,090 |
|
Cleveland State Univ |
|
5.00% |
|
6/1/2019 |
|
A+ |
|
|
1,265 |
|
|
1,497,608 |
|
Harris Co Cultural EdBaylor Clg / Med |
|
1.17% |
# |
11/15/2045 |
|
A- |
|
|
10,000 |
|
|
10,027,100 |
|
Hudson Co BAN |
|
1.00% |
|
12/6/2013 |
|
NR |
|
|
25,000 |
|
|
25,100,000 |
|
IL Ed FacsUniv of Chicago |
|
1.875% |
|
7/1/2036 |
|
Aa1 |
|
|
5,250 |
|
|
5,359,777 |
|
MA DFABoston Univ |
|
2.875% |
|
10/1/2014 |
|
A1 |
|
|
1,595 |
|
|
1,653,521 |
|
MA Hlth & EdAmherst Clg |
|
1.70% |
|
11/1/2038 |
|
Aaa |
|
|
4,850 |
|
|
4,962,132 |
|
NC Cap FacsHigh Point Univ |
|
4.00% |
|
5/1/2016 |
|
BBB+ |
|
|
1,770 |
|
|
1,917,618 |
|
|
|
|
|
See Notes to Financial Statements. |
13 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NC Cap FacsHigh Point Univ |
|
4.00% |
|
5/1/2017 |
|
BBB+ |
|
$ |
2,785 |
|
$ |
3,061,690 |
|
NC Cap FacsHigh Point Univ |
|
5.00% |
|
5/1/2018 |
|
BBB+ |
|
|
1,640 |
|
|
1,900,465 |
|
NJ Ed FacsUniv Med & Dent |
|
5.50% |
|
12/1/2013 |
|
Baa1 |
|
|
1,000 |
|
|
1,029,500 |
|
NY DormCUNY (NPFGC)(FGIC) |
|
5.00% |
|
7/1/2015 |
|
AA- |
|
|
1,565 |
|
|
1,724,192 |
|
NY DormSt Johns Univ ETM (NPFGC) |
|
5.00% |
|
7/1/2014 |
|
A- |
|
|
2,000 |
|
|
2,117,960 |
|
NY DormSt Lawrence Univ |
|
5.00% |
|
7/1/2014 |
|
A2 |
|
|
4,000 |
|
|
4,235,920 |
|
NYC CulturalJulliard Sch (b) |
|
2.10% |
|
4/1/2036 |
|
AA |
|
|
14,000 |
|
|
14,505,820 |
|
PR Indl TouristInter American Univ |
|
4.00% |
|
10/1/2014 |
|
A- |
|
|
500 |
|
|
516,525 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2015 |
|
A- |
|
|
800 |
|
|
858,920 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2016 |
|
A- |
|
|
1,000 |
|
|
1,101,830 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2018 |
|
A- |
|
|
2,500 |
|
|
2,779,650 |
|
SC Ed Facs AuthFurman Univ |
|
4.00% |
|
10/1/2015 |
|
A1 |
|
|
1,000 |
|
|
1,072,440 |
|
Univ California |
|
5.00% |
|
5/15/2020 |
|
Aa1 |
|
|
7,160 |
|
|
8,872,744 |
|
Univ of Delaware (a) |
|
0.70% |
|
11/1/2037 |
|
AA+ |
|
|
8,175 |
|
|
8,172,547 |
|
Univ of North CarolinaChapel Hill |
|
0.886% |
# |
12/1/2041 |
|
Aaa |
|
|
25,000 |
|
|
25,223,250 |
|
Univ of Texas |
|
4.00% |
|
8/15/2014 |
|
AAA |
|
|
1,000 |
|
|
1,050,560 |
|
Univ of Texas |
|
5.00% |
|
7/1/2014 |
|
AAA |
|
|
1,400 |
|
|
1,481,844 |
|
Wayne State Univ |
|
5.00% |
|
11/15/2015 |
|
Aa2 |
|
|
3,975 |
|
|
4,324,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
157,007,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 14.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AK Muni Bond Bank |
|
3.00% |
|
3/1/2014 |
|
Aa2 |
|
|
1,000 |
|
|
1,025,200 |
|
Bedford Park GO (AG) |
|
5.00% |
|
12/1/2013 |
|
AA- |
|
|
1,275 |
|
|
1,307,219 |
|
Boston GO |
|
5.00% |
|
4/1/2014 |
|
Aaa |
|
|
1,500 |
|
|
1,571,340 |
|
CA State GO |
|
5.00% |
|
9/1/2018 |
|
A1 |
|
|
7,500 |
|
|
9,001,800 |
|
CA State GO |
|
5.00% |
|
9/1/2018 |
|
A1 |
|
|
3,750 |
|
|
4,500,900 |
|
CA State GO |
|
5.00% |
|
9/1/2018 |
|
A1 |
|
|
8,050 |
|
|
9,661,932 |
|
CA State GO |
|
5.00% |
|
11/1/2018 |
|
A1 |
|
|
12,150 |
|
|
14,640,871 |
|
Carmel Sch Bld Corp (AGM) |
|
4.75% |
|
7/15/2019 |
|
AA |
|
|
6,105 |
|
|
6,884,853 |
|
Centennial Auth (AG) |
|
5.00% |
|
9/1/2014 |
|
Aa2 |
|
|
3,460 |
|
|
3,639,885 |
|
Chicago Brd Ed |
|
5.00% |
|
12/1/2014 |
|
A+ |
|
|
2,255 |
|
|
2,429,695 |
|
Chicago GO |
|
5.25% |
|
1/1/2022 |
|
Aa3 |
|
|
5,135 |
|
|
5,879,113 |
|
Chicago GO (AGM) |
|
5.00% |
|
1/1/2017 |
|
AA- |
|
|
9,000 |
|
|
9,695,880 |
|
Clark Co Sch Dist Ltd Tax |
|
5.00% |
|
6/15/2016 |
|
AA- |
|
|
7,500 |
|
|
8,503,350 |
|
Cook Co GO |
|
5.00% |
|
11/15/2017 |
|
AA |
|
|
5,010 |
|
|
5,842,812 |
|
Cook Co GO (AMBAC) |
|
5.00% |
|
11/15/2014 |
|
AA |
|
|
1,000 |
|
|
1,060,220 |
|
Cook Co Sch Dist #99Cicero (AGM) |
|
5.00% |
|
12/1/2014 |
|
Aa3 |
|
|
1,690 |
|
|
1,788,088 |
|
CT State GO (SIFMA) |
|
1.04% |
# |
5/15/2018 |
|
AA |
|
|
4,000 |
|
|
4,094,960 |
|
|
|
|
14 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumberland Co COP |
|
4.00% |
|
12/1/2014 |
|
AA |
|
$ |
3,500 |
|
$ |
3,693,970 |
|
DC GO ETM (BHAC) |
|
5.00% |
|
6/1/2014 |
|
AA+ |
|
|
1,500 |
|
|
1,582,920 |
|
DetroitState Aid GO |
|
5.00% |
|
11/1/2015 |
|
AA |
|
|
6,775 |
|
|
7,352,569 |
|
Douglas Co Sch Dist #206Eastmont
|
|
5.00% |
|
12/1/2014 |
|
Aa1 |
|
|
1,000 |
|
|
1,069,160 |
|
Douglas Co SD |
|
4.00% |
|
11/15/2018 |
|
Aa1 |
|
|
5,085 |
|
|
5,882,989 |
|
FL Brd Ed GTD |
|
5.00% |
|
6/1/2014 |
|
AAA |
|
|
250 |
|
|
263,790 |
|
FL St Dept Trans |
|
5.00% |
|
7/1/2020 |
|
AAA |
|
|
9,330 |
|
|
11,527,495 |
|
Frederick Co GO |
|
4.00% |
|
8/1/2018 |
|
AA+ |
|
|
6,820 |
|
|
7,886,580 |
|
Guam GO |
|
5.75% |
|
11/15/2014 |
|
B+ |
|
|
1,740 |
|
|
1,788,685 |
|
Harris Co |
|
5.00% |
|
10/1/2019 |
|
AAA |
|
|
4,600 |
|
|
5,637,438 |
|
Hawaii Co GO (AMBAC) |
|
5.00% |
|
7/15/2014 |
|
Aa2 |
|
|
1,750 |
|
|
1,855,963 |
|
Honolulu City & Co GO (NPFGC) |
|
5.00% |
|
7/1/2014 |
|
Aa1 |
|
|
2,475 |
|
|
2,620,976 |
|
Houston GO |
|
5.00% |
|
3/1/2018 |
|
AA |
|
|
7,365 |
|
|
8,788,949 |
|
IL State GO |
|
3.00% |
|
1/1/2018 |
|
A2 |
|
|
10,000 |
|
|
10,478,100 |
|
IL State GO |
|
5.00% |
|
8/1/2016 |
|
A2 |
|
|
7,000 |
|
|
7,843,150 |
|
IL State GO |
|
5.00% |
|
10/1/2017 |
|
A2 |
|
|
4,575 |
|
|
4,675,147 |
|
IL State GO (AGM) |
|
5.50% |
|
5/1/2016 |
|
AA- |
|
|
7,000 |
|
|
7,897,680 |
|
Kane Cook & Du Page Co Sch Dist #46 |
|
4.00% |
|
1/1/2015 |
|
AA- |
|
|
9,450 |
|
|
9,881,865 |
|
Kansas City MO GO |
|
4.00% |
|
2/1/2018 |
|
AA |
|
|
9,000 |
|
|
10,246,500 |
|
Katy ISD PSF GTD |
|
0.786% |
# |
8/15/2036 |
|
AAA |
|
|
20,000 |
|
|
20,181,600 |
|
Madison Co CUSD #2Triad (NPFGC) |
|
5.25% |
|
1/1/2015 |
|
A+ |
|
|
2,035 |
|
|
2,132,354 |
|
Maricopa Co Sch Dist #11Peoria
USD
|
|
5.00% |
|
7/1/2014 |
|
Aa2 |
|
|
70 |
|
|
73,956 |
|
Miami Dade Co GO |
|
4.25% |
|
10/1/2017 |
|
Aa2 |
|
|
6,320 |
|
|
7,214,533 |
|
MN State GO |
|
5.00% |
|
8/1/2014 |
|
AA+ |
|
|
1,200 |
|
|
1,275,504 |
|
MS Dev BankMarshall Co |
|
5.00% |
|
1/1/2018 |
|
AA- |
|
|
2,225 |
|
|
2,618,269 |
|
Newark BAN |
|
2.00% |
|
12/11/2013 |
|
NR |
|
|
3,360 |
|
|
3,374,683 |
|
NYC GO |
|
5.00% |
|
8/1/2018 |
|
AA |
|
|
10,000 |
|
|
11,955,400 |
|
OH State GO |
|
5.00% |
|
9/15/2018 |
|
AA+ |
|
|
6,200 |
|
|
7,482,966 |
|
OH State GO |
|
5.00% |
|
9/15/2014 |
|
AA+ |
|
|
8,525 |
|
|
9,109,389 |
|
OH State GO |
|
5.00% |
|
9/15/2020 |
|
AA+ |
|
|
10,080 |
|
|
12,517,848 |
|
OH State GO |
|
5.35% |
|
8/1/2014 |
|
AA+ |
|
|
1,000 |
|
|
1,067,560 |
|
PA State GO |
|
5.00% |
|
2/15/2015 |
|
AA |
|
|
11,400 |
|
|
12,369,798 |
|
Pittsburgh PA Sch District |
|
4.00% |
|
9/1/2018 |
|
A1 |
|
|
7,090 |
|
|
7,921,728 |
|
Portsmouth GO |
|
3.00% |
|
7/15/2014 |
|
Aa2 |
|
|
7,500 |
|
|
7,558,350 |
|
PR Comwlth GO (FGIC) |
|
5.50% |
|
7/1/2014 |
|
Baa3 |
|
|
4,025 |
|
|
4,199,685 |
|
Ramsey Co |
|
5.00% |
|
2/1/2016 |
|
AAA |
|
|
4,785 |
|
|
5,385,948 |
|
|
|
|
|
See Notes to Financial Statements. |
15 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rangely CO Hosp Dist |
|
4.50% |
|
11/1/2021 |
|
Baa1 |
|
$ |
5,500 |
|
$ |
6,115,340 |
|
RI State GO |
|
5.00% |
|
8/1/2017 |
|
AA |
|
|
5,000 |
|
|
5,849,600 |
|
RI State GO |
|
5.00% |
|
8/1/2018 |
|
AA |
|
|
5,000 |
|
|
5,960,600 |
|
Rockland Co GO |
|
3.75% |
|
6/28/2013 |
|
NR |
|
|
6,000 |
|
|
6,032,640 |
|
San Francisco City & Co GO |
|
5.00% |
|
6/15/2018 |
|
Aa1 |
|
|
8,725 |
|
|
10,493,906 |
|
Shelby Co GO |
|
4.75% |
|
3/1/2018 |
|
AA+ |
|
|
5,525 |
|
|
6,532,926 |
|
Socorro ISD PSF GTD |
|
5.00% |
|
8/15/2014 |
|
AAA |
|
|
1,000 |
|
|
1,064,480 |
|
Virgin Islands PFATobacco & Liq Tax |
|
5.00% |
|
10/1/2014 |
|
BBB |
|
|
2,750 |
|
|
2,919,125 |
|
Waterbury GO (AG) |
|
4.00% |
|
9/1/2014 |
|
AA- |
|
|
1,700 |
|
|
1,777,894 |
|
Williamson Co GO |
|
4.00% |
|
2/15/2018 |
|
AAA |
|
|
3,000 |
|
|
3,437,220 |
|
Williamson Co GO |
|
4.00% |
|
2/15/2019 |
|
AAA |
|
|
5,000 |
|
|
5,772,350 |
|
Woonsocket GO |
|
7.125% |
|
6/15/2016 |
|
B2 |
|
|
3,365 |
|
|
3,442,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
378,340,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 12.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Abag Fin AuthEpiscopal Senior |
|
2.50% |
|
7/1/2019 |
|
BBB |
|
|
2,625 |
|
|
2,626,523 |
|
Alachua Co HlthBonita Springs |
|
7.125% |
|
11/15/2016 |
|
NR |
|
|
10,000 |
|
|
10,246,900 |
|
Allegheny Co HspUniv Pitt Med |
|
1.17% |
# |
5/15/2038 |
|
Aa3 |
|
|
4,000 |
|
|
4,002,320 |
|
Allegheny Co HspUniv Pitt Med |
|
5.00% |
|
9/1/2014 |
|
Aa3 |
|
|
9,440 |
|
|
10,064,267 |
|
Allegheny Co HspWest Penn Hlth |
|
5.00% |
|
11/15/2013 |
|
CC |
|
|
2,000 |
|
|
1,853,760 |
|
Allegheny Co HspWest Penn Hlth |
|
5.00% |
|
11/15/2017 |
|
CC |
|
|
4,000 |
|
|
3,467,200 |
|
AZ Hlth FacsPhoenix Childrens Hsp |
|
1.97% |
# |
2/1/2048 |
|
BBB+ |
|
|
11,500 |
|
|
11,707,345 |
|
CA Fin AuthCmnty Hsps COP |
|
5.00% |
|
2/1/2014 |
|
BBB |
|
|
1,220 |
|
|
1,257,332 |
|
CA HlthAdventist Hlth W |
|
5.00% |
|
3/1/2014 |
|
A |
|
|
2,000 |
|
|
2,079,820 |
|
CA HlthCatholic Hlthcare W |
|
5.00% |
|
7/1/2027 |
|
A |
|
|
3,500 |
|
|
3,694,355 |
|
CA HlthChildrens Hsp Los Angeles |
|
1.92% |
# |
7/1/2042 |
|
BBB+ |
|
|
9,250 |
|
|
9,276,270 |
|
CA HlthCity of Hope |
|
5.00% |
|
11/15/2017 |
|
A+ |
|
|
1,050 |
|
|
1,233,309 |
|
CA HlthPackard Childrens Hsp |
|
1.45% |
|
8/15/2023 |
|
AA |
|
|
3,500 |
|
|
3,540,425 |
|
CA HlthSutter Hlth |
|
5.00% |
|
8/15/2014 |
|
AA- |
|
|
1,205 |
|
|
1,279,264 |
|
CA StwdeDaughters of Charity |
|
5.25% |
|
7/1/2013 |
|
BBB |
|
|
1,075 |
|
|
1,087,072 |
|
CA StwdeSo Cal Presbyterian |
|
5.25% |
|
11/15/2014 |
|
BBB- |
|
|
555 |
|
|
582,090 |
|
CA StwdeTerraces San Joaquin |
|
4.00% |
|
10/1/2018 |
|
NR |
|
|
6,000 |
|
|
6,021,900 |
|
Carmel RevBarrington of Carmel |
|
5.25% |
|
11/15/2018 |
|
NR |
|
|
1,750 |
|
|
1,762,268 |
|
Charlotte Meck HspCarolinas Hlth
|
|
5.00% |
|
1/15/2015 |
|
AA- |
|
|
2,275 |
|
|
2,449,311 |
|
Clackamas Co HspLegacy Hlth Sys |
|
5.00% |
|
7/15/2037 |
|
A+ |
|
|
2,000 |
|
|
2,094,620 |
|
CO Hlth FacsCatholic Hlth |
|
5.00% |
|
7/1/2039 |
|
AA- |
|
|
5,500 |
|
|
5,903,535 |
|
CO Hlth FacsEvangelical Lutheran |
|
5.00% |
|
6/1/2039 |
|
A- |
|
|
4,900 |
|
|
5,184,396 |
|
|
|
|
16 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CO Hlth FacsTotal Longterm Care |
|
4.25% |
|
11/15/2015 |
|
BBB- |
(c) |
$ |
900 |
|
$ |
941,265 |
|
CT Hlth & EdLawrence Mem Hsp |
|
5.00% |
|
7/1/2018 |
|
A+ |
|
|
2,705 |
|
|
3,127,467 |
|
CT Hlth & EdLawrence Mem Hsp |
|
5.00% |
|
7/1/2019 |
|
A+ |
|
|
2,835 |
|
|
3,299,288 |
|
CT Hlth & EdStamford Hsp |
|
5.00% |
|
7/1/2014 |
|
A- |
|
|
2,050 |
|
|
2,155,063 |
|
CT Hlth & EdStamford Hsp |
|
5.00% |
|
7/1/2015 |
|
A- |
|
|
1,980 |
|
|
2,148,399 |
|
Duluth EDASt Lukes Hsp |
|
4.75% |
|
6/15/2022 |
|
NR |
|
|
5,000 |
|
|
5,223,300 |
|
Gaithersburg Econ DevAsbury |
|
5.00% |
|
1/1/2014 |
|
BBB |
(c) |
|
2,965 |
|
|
3,043,484 |
|
Gaithersburg Econ DevAsbury |
|
5.00% |
|
1/1/2015 |
|
BBB |
(c) |
|
2,950 |
|
|
3,113,931 |
|
Harris Co Cultural EdMethodist Hsp |
|
5.00% |
|
6/1/2014 |
|
AA |
|
|
3,500 |
|
|
3,688,825 |
|
Harris Co Cultural EdMethodist Hsp |
|
5.25% |
|
12/1/2013 |
|
AA |
|
|
3,000 |
|
|
3,097,980 |
|
HFDC Cent TXLegacy/Willow Bend |
|
5.25% |
|
11/1/2014 |
|
NR |
|
|
1,195 |
|
|
1,227,169 |
|
IA Fin AuthGenesis Hlth Sys |
|
5.00% |
|
7/1/2014 |
|
A1 |
|
|
1,065 |
|
|
1,120,263 |
|
IL Fin AuthProvena Hlth |
|
5.25% |
|
5/1/2015 |
|
BBB+ |
|
|
2,000 |
|
|
2,140,080 |
|
IL HlthAdvocate Hlth |
|
4.375% |
|
11/15/2022 |
|
AA |
|
|
3,105 |
|
|
3,244,135 |
|
IN Hlth FacsAscension Hlth |
|
1.60% |
|
11/15/2036 |
|
AA+ |
|
|
11,500 |
|
|
11,745,410 |
|
Jackson Co Hospital Fin Auth |
|
4.00% |
|
6/1/2014 |
|
A- |
|
|
3,680 |
|
|
3,813,621 |
|
Jackson Co Hospital Fin Auth |
|
4.00% |
|
6/1/2015 |
|
A- |
|
|
3,600 |
|
|
3,818,340 |
|
Jackson Co Hospital Fin Auth |
|
4.00% |
|
6/1/2016 |
|
A- |
|
|
2,855 |
|
|
3,064,443 |
|
Kaweah Delta Hlth Care Dist |
|
5.00% |
|
6/1/2017 |
|
A3 |
|
|
2,000 |
|
|
2,280,440 |
|
Kent Hsp Fin AuthSpectrum Hlth |
|
4.25% |
|
1/15/2047 |
|
AA |
|
|
10,000 |
|
|
10,272,800 |
|
LA PFAChristus Hlth |
|
5.00% |
|
7/1/2014 |
|
A+ |
|
|
3,000 |
|
|
3,141,870 |
|
MA DFABoston Med Ctr |
|
5.00% |
|
7/1/2017 |
|
BBB+ |
|
|
2,000 |
|
|
2,267,360 |
|
MA DFABoston Med Ctr |
|
5.00% |
|
7/1/2018 |
|
BBB+ |
|
|
5,090 |
|
|
5,893,202 |
|
MA DFAGroves in Lincoln |
|
6.25% |
|
6/1/2014 |
|
NR |
|
|
3,240 |
|
|
1,847,383 |
|
Med Ctr Ed Bldg CorpUniv MS Med Ctr |
|
4.00% |
|
6/1/2014 |
|
Aa2 |
|
|
1,000 |
|
|
1,037,140 |
|
MI HspAscension Hlth (b) |
|
1.87% |
|
11/1/2027 |
|
AA |
|
|
20,000 |
|
|
20,028,400 |
|
MN Agric & Econ DevEssentia
Hlth
|
|
5.00% |
|
2/15/2015 |
|
AA- |
|
|
1,335 |
|
|
1,431,948 |
|
MO Hlth & EdSt Lukes Hlth Sys |
|
5.00% |
|
11/15/2014 |
|
A+ |
|
|
2,140 |
|
|
2,272,273 |
|
NC MedWake Forest Baptist Hsp |
|
0.86% |
# |
12/1/2033 |
|
AA- |
|
|
5,000 |
|
|
5,008,050 |
|
NJ HlthBarnabas Hlth |
|
5.00% |
|
7/1/2019 |
|
BBB+ |
|
|
10,000 |
|
|
11,765,400 |
|
NJ HlthSt Peters Univ Hsp |
|
5.00% |
|
7/1/2016 |
|
BB+ |
|
|
3,160 |
|
|
3,397,442 |
|
NJ HlthSt Peters Univ Hsp |
|
5.00% |
|
7/1/2017 |
|
BB+ |
|
|
3,850 |
|
|
4,178,559 |
|
NY DormMental Hlth (NPFGC)(FGIC) |
|
5.00% |
|
8/15/2015 |
|
AA- |
|
|
4,670 |
|
|
5,065,409 |
|
Oklahoma Co Fin AuthEpworth Villa |
|
5.00% |
|
4/1/2023 |
|
NR |
|
|
2,150 |
|
|
2,301,016 |
|
Onondaga CDCSt Josephs Hsp |
|
5.00% |
|
7/1/2017 |
|
BB+ |
|
|
5,000 |
|
|
5,374,850 |
|
OR Facs AuthLegacy Hlth |
|
5.00% |
|
5/1/2017 |
|
A+ |
|
|
4,040 |
|
|
4,605,842 |
|
|
|
|
|
See Notes to Financial Statements. |
17 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Hi EdUniv Pittsburgh Med Ctr |
|
5.00% |
|
5/15/2014 |
|
Aa3 |
|
$ |
3,965 |
|
$ |
4,172,568 |
|
Palm Beach Co HlthBethesda
|
|
5.00% |
|
7/1/2014 |
|
AA- |
|
|
2,420 |
|
|
2,518,784 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.00% |
|
7/1/2017 |
|
BBB- |
|
|
1,500 |
|
|
1,626,750 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.00% |
|
7/1/2018 |
|
BBB- |
|
|
8,385 |
|
|
9,146,023 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.00% |
|
7/1/2015 |
|
BBB- |
|
|
1,500 |
|
|
1,584,675 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.00% |
|
7/1/2016 |
|
BBB- |
|
|
1,500 |
|
|
1,609,320 |
|
PR Indl TouristHsp Auxilio Mutuo |
|
5.00% |
|
7/1/2016 |
|
A- |
|
|
3,385 |
|
|
3,683,455 |
|
PR Indl TouristHsp Auxilio Mutuo |
|
5.00% |
|
7/1/2017 |
|
A- |
|
|
2,555 |
|
|
2,798,747 |
|
Rochester Hlth CareMayo Clinic |
|
4.00% |
|
11/15/2038 |
|
AA |
|
|
5,500 |
|
|
6,346,945 |
|
San BuenaventuraCmnty Mem Hlth |
|
5.00% |
|
12/1/2016 |
|
BB |
|
|
1,750 |
|
|
1,931,790 |
|
San BuenaventuraCmnty Mem Hlth |
|
5.25% |
|
12/1/2017 |
|
BB |
|
|
1,750 |
|
|
1,970,290 |
|
San BuenaventuraCmnty Mem Hlth |
|
5.75% |
|
12/1/2018 |
|
BB |
|
|
1,800 |
|
|
2,087,370 |
|
Sartell Hlth CareCountry Manor |
|
4.00% |
|
9/1/2020 |
|
NR |
|
|
2,300 |
|
|
2,308,740 |
|
SC Jobs EDATuomey Hsp (CIFG) |
|
5.00% |
|
11/1/2013 |
|
BBB- |
|
|
1,685 |
|
|
1,726,299 |
|
SC Jobs EDATuomey Hsp (CIFG) |
|
5.00% |
|
11/1/2014 |
|
BBB- |
|
|
1,035 |
|
|
1,098,280 |
|
SD Hlth & Ed FacsRapid City Regl Hsp |
|
5.00% |
|
9/1/2014 |
|
A1 |
|
|
1,000 |
|
|
1,059,250 |
|
SE Port AuthMemorial Hlth |
|
5.00% |
|
12/1/2022 |
|
NR |
|
|
3,400 |
|
|
3,633,512 |
|
Shelby Co Hlth Ed HsgBaptist Mem Hlth |
|
5.00% |
|
9/1/2014 |
|
AA |
|
|
1,500 |
|
|
1,590,405 |
|
Travis Co HlthLonghorn Vlg |
|
5.50% |
|
1/1/2017 |
|
NR |
|
|
4,095 |
|
|
4,095,860 |
|
Westchester Co Medical |
|
5.00% |
|
11/1/2015 |
|
A3 |
|
|
3,215 |
|
|
3,506,150 |
|
WI Hlth & EdAurora Hlth |
|
4.75% |
|
8/15/2025 |
|
A3 |
|
|
3,000 |
|
|
3,149,340 |
|
WI Hlth & EdAurora Hlth |
|
5.125% |
|
8/15/2027 |
|
A3 |
|
|
9,000 |
|
|
10,013,670 |
|
WI Hlth & EdFroedtert & Cmnty Hlth |
|
4.00% |
|
4/1/2014 |
|
AA- |
|
|
1,300 |
|
|
1,338,623 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.00% |
|
8/15/2013 |
|
A- |
|
|
5,000 |
|
|
5,083,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
321,676,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing 0.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA StwdeAmerican Baptist |
|
2.40% |
|
10/1/2020 |
|
BBB |
|
|
1,250 |
|
|
1,248,300 |
|
Minneapolis MFHRiverside Plaza |
|
6.00% |
|
11/1/2013 |
|
NR |
|
|
3,380 |
|
|
3,387,030 |
|
WA HsgEmerald Heights |
|
3.00% |
|
7/1/2016 |
|
A- |
(c) |
|
1,020 |
|
|
1,059,046 |
|
WA HsgEmerald Heights |
|
4.00% |
|
7/1/2018 |
|
A- |
(c) |
|
1,000 |
|
|
1,087,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
6,781,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 11.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Anaheim Pub Fin Auth (AGM) |
|
6.00% |
|
9/1/2014 |
|
AA- |
|
|
1,500 |
|
|
1,614,750 |
|
Atlanta Dtown DevUndg Atlanta (AG) |
|
5.00% |
|
7/1/2014 |
|
Aa2 |
|
|
3,500 |
|
|
3,636,255 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2018 |
|
A2 |
|
|
2,000 |
|
|
2,387,380 |
|
|
|
|
18 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
10/1/2014 |
|
A2 |
|
$ |
14,175 |
|
$ |
15,130,111 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2018 |
|
A2 |
|
|
2,800 |
|
|
3,294,956 |
|
Cleveland COPCleveland Stadium |
|
5.00% |
|
11/15/2014 |
|
A |
|
|
5,320 |
|
|
5,589,086 |
|
Cleveland COPCleveland Stadium |
|
5.00% |
|
11/15/2015 |
|
A |
|
|
5,420 |
|
|
5,975,550 |
|
Erie Co IDASch Facs |
|
5.00% |
|
5/1/2018 |
|
AA- |
|
|
3,000 |
|
|
3,561,540 |
|
Golden Empire SchsKern HSD |
|
0.57% |
# |
5/1/2013 |
|
NR |
|
|
20,000 |
|
|
20,001,800 |
|
IN Office Bldg CommnNew Castle
Corr
|
|
5.25% |
|
7/1/2016 |
|
Aa1 |
|
|
1,785 |
|
|
2,008,250 |
|
Indianapolis Local Pub Impt Bd Bk
|
|
5.00% |
|
1/1/2014 |
|
Aa2 |
|
|
4,205 |
|
|
4,352,806 |
|
KY Ppty & Bldgs CommnProj #82 (AGM) |
|
5.25% |
|
10/1/2014 |
|
AA- |
|
|
5,500 |
|
|
5,896,220 |
|
KY Ppty & Bldgs CommnProj
#83
|
|
5.00% |
|
10/1/2015 |
|
Aa3 |
|
|
6,085 |
|
|
6,727,698 |
|
KY Ppty & Bldgs CommnProj
#88
|
|
5.00% |
|
11/1/2014 |
|
Aa3 |
|
|
2,815 |
|
|
3,017,990 |
|
Los Angeles Co Cap Asset Corp |
|
5.00% |
|
6/1/2015 |
|
AA- |
|
|
4,595 |
|
|
4,978,682 |
|
Los Angeles Co Cap Asset Corp |
|
5.00% |
|
12/1/2015 |
|
AA- |
|
|
4,195 |
|
|
4,607,746 |
|
Los Angeles Co Pub Wks |
|
5.00% |
|
8/1/2019 |
|
AA- |
|
|
1,000 |
|
|
1,195,170 |
|
Los Angeles Mun Impt Corp |
|
5.00% |
|
3/1/2018 |
|
A+ |
|
|
5,000 |
|
|
5,789,550 |
|
Los Angeles Mun Impt Corp |
|
5.00% |
|
3/1/2019 |
|
A+ |
|
|
9,500 |
|
|
11,110,155 |
|
Los Angeles USD COP |
|
4.00% |
|
12/1/2014 |
|
A+ |
|
|
6,360 |
|
|
6,719,022 |
|
Los Angeles USD COP |
|
5.00% |
|
10/1/2017 |
|
A+ |
|
|
3,000 |
|
|
3,477,360 |
|
Los Angeles USD COP |
|
5.00% |
|
10/1/2018 |
|
A+ |
|
|
3,000 |
|
|
3,527,550 |
|
MA State GO |
|
0.78% |
# |
2/1/2015 |
|
AA+ |
|
|
2,500 |
|
|
2,517,225 |
|
Maricopa Co PFC (AMBAC) |
|
5.00% |
|
7/1/2014 |
|
AA+ |
|
|
3,000 |
|
|
3,173,820 |
|
MI Bldg Auth |
|
5.00% |
|
10/15/2014 |
|
Aa3 |
|
|
2,000 |
|
|
2,142,100 |
|
MI Fin AuthDetroit Sch Dist |
|
5.00% |
|
6/1/2016 |
|
A+ |
|
|
11,500 |
|
|
12,402,405 |
|
MI Mun Bd AuthLoc Govt Ln Prog |
|
5.00% |
|
5/1/2014 |
|
Aa2 |
|
|
4,050 |
|
|
4,252,864 |
|
Miami Dade Co Entlmt GTD (NPFGC)(FGIC) |
5.00% |
|
8/1/2014 |
|
Aa3 |
|
|
5,665 |
|
|
5,989,435 |
|
|
MN State Gen Fund |
|
5.00% |
|
3/1/2018 |
|
AA |
|
|
8,000 |
|
|
9,508,640 |
|
NJ Ed FacsHigher Ed Cap Impt (AGM) |
|
5.00% |
|
9/1/2014 |
|
AA- |
|
|
2,975 |
|
|
3,162,990 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2019 |
|
A+ |
|
|
16,500 |
|
|
19,621,140 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2017 |
|
A+ |
|
|
20,000 |
|
|
23,077,400 |
|
NJ EDASch Facs |
|
5.25% |
|
3/1/2014 |
|
A+ |
|
|
2,625 |
|
|
2,744,621 |
|
NJ EDASch Facs Rmkt (AGM) |
|
5.00% |
|
9/1/2029 |
|
AA- |
|
|
5,000 |
|
|
5,552,600 |
|
NJ EDASch Facs Rmkt (AGM) |
|
5.00% |
|
9/1/2020 |
|
AA- |
|
|
1,830 |
|
|
1,951,549 |
|
NJ State COPEquip Lease COP |
|
5.00% |
|
6/15/2015 |
|
A+ |
|
|
3,150 |
|
|
3,323,281 |
|
NJ Trans Trust Fund (AGM) |
|
5.75% |
|
12/15/2014 |
|
AA- |
|
|
2,910 |
|
|
3,173,471 |
|
|
|
|
|
See Notes to Financial Statements. |
19 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ Trans Trust Fund (NPFGC) |
|
5.50% |
|
12/15/2016 |
|
A+ |
|
$ |
1,225 |
|
$ |
1,433,005 |
|
NY DormCons Svc Contract |
|
4.00% |
|
7/1/2014 |
|
AA- |
|
|
1,425 |
|
|
1,487,700 |
|
NY DormMental Hlth |
|
5.00% |
|
2/15/2014 |
|
AA- |
|
|
7,075 |
|
|
7,359,415 |
|
NY Twy Auth |
|
5.00% |
|
4/1/2018 |
|
AA- |
|
|
7,500 |
|
|
8,929,725 |
|
NYC TFABldg Aid (AGM) |
|
5.00% |
|
1/15/2014 |
|
AA- |
|
|
3,000 |
|
|
3,111,690 |
|
Palm Beach Co Sch Brd COP |
|
5.00% |
|
8/1/2032 |
|
Aa3 |
|
|
2,500 |
|
|
2,820,325 |
|
Philadelphia Redev Auth |
|
5.00% |
|
4/15/2017 |
|
A2 |
|
|
1,135 |
|
|
1,283,242 |
|
Philadelphia Redev Auth |
|
5.00% |
|
4/15/2018 |
|
A2 |
|
|
1,670 |
|
|
1,919,966 |
|
PR Pub Bldg Auth GTD |
|
5.75% |
|
7/1/2016 |
|
BBB- |
|
|
4,145 |
|
|
4,458,776 |
|
Sacramento USD Rmkt COP (AGM) |
|
3.12% |
# |
3/1/2040 |
|
A3 |
|
|
3,530 |
|
|
3,538,013 |
|
Salt Lake Co Mun Bldg Auth |
|
4.00% |
|
12/1/2014 |
|
AA+ |
|
|
1,000 |
|
|
1,061,600 |
|
San Diego Conv Ctr Fing Auth |
|
4.00% |
|
4/15/2016 |
|
A+ |
|
|
1,665 |
|
|
1,803,978 |
|
San Diego Conv Ctr Fing Auth |
|
4.00% |
|
4/15/2017 |
|
A+ |
|
|
1,250 |
|
|
1,374,438 |
|
San Diego Conv Ctr Fing Auth |
|
4.00% |
|
4/15/2018 |
|
A+ |
|
|
2,100 |
|
|
2,330,979 |
|
San Francisco City & Co COP |
|
5.00% |
|
9/1/2017 |
|
AA- |
|
|
12,640 |
|
|
14,638,510 |
|
Santa Clara Co Fin Auth |
|
5.00% |
|
11/15/2014 |
|
AA |
|
|
2,670 |
|
|
2,858,262 |
|
Scago Ed Facs CorpPickens Sch Dist (AGM) |
5.00% |
|
12/1/2013 |
|
AA- |
|
|
1,000 |
|
|
1,030,400 |
|
|
SW Allen Multi Sch Bldg Corp (NPFGC) |
|
5.00% |
|
1/15/2014 |
|
Aa2 |
|
|
2,705 |
|
|
2,800,676 |
|
VA Biotech Research PtnrsCons Labs |
|
4.00% |
|
9/1/2014 |
|
AA+ |
|
|
3,270 |
|
|
3,440,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
294,874,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Other Revenue 5.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Austin Convention |
|
6.00% |
|
1/1/2015 |
|
Ba2 |
|
|
1,580 |
|
|
1,671,514 |
|
CA StwdeProp 1A |
|
5.00% |
|
6/15/2013 |
|
A1 |
|
|
5,000 |
|
|
5,047,750 |
|
Farmington Poll CtlEl Paso Elec |
|
1.875% |
|
6/1/2032 |
|
BBB |
|
|
5,000 |
|
|
5,012,850 |
|
FL Brd EdLottery Rev |
|
5.00% |
|
7/1/2014 |
|
AAA |
|
|
5,000 |
|
|
5,287,150 |
|
FL Brd EdLottery Rev (AMBAC) |
|
5.00% |
|
7/1/2015 |
|
AAA |
|
|
3,200 |
|
|
3,525,504 |
|
Florence Twn IDALegacy Trad Sch |
|
4.00% |
|
7/1/2018 |
|
BB |
|
|
500 |
|
|
496,005 |
|
IL Fin AuthPrairie Power Rmkt |
|
3.00% |
|
7/1/2042 |
|
A |
|
|
10,000 |
|
|
10,201,200 |
|
IN Bd BkCommon School Fund (NPFGC) |
|
4.75% |
|
2/1/2014 |
|
Baa2 |
|
|
4,000 |
|
|
4,046,120 |
|
Indianapolis Local Pub Impt Bd Bk |
|
5.00% |
|
6/1/2022 |
|
A1 |
|
|
4,040 |
|
|
4,768,250 |
|
Maricopa Co Poll CtlNM Pub Svc |
|
4.00% |
|
6/1/2043 |
|
BBB- |
|
|
10,000 |
|
|
10,356,200 |
|
MI Fin AuthDetroit Sch Dist |
|
5.00% |
|
6/1/2015 |
|
A+ |
|
|
1,700 |
|
|
1,822,638 |
|
MI Fin AuthDetroit Sch Dist |
|
5.00% |
|
6/1/2016 |
|
A+ |
|
|
1,600 |
|
|
1,759,200 |
|
MI Strategic FdWaste Mgmt |
|
2.80% |
|
12/1/2013 |
|
BBB |
|
|
3,000 |
|
|
3,046,470 |
|
Minneapolis National Marrow Donor Prog |
|
4.00% |
|
8/1/2014 |
|
BBB |
|
|
4,060 |
|
|
4,201,329 |
|
Minneapolis National Marrow Donor Prog |
|
4.00% |
|
8/1/2015 |
|
BBB |
|
|
4,535 |
|
|
4,758,394 |
|
Mohave Co IDAMohave Prison |
|
7.00% |
|
5/1/2013 |
|
BBB+ |
|
|
5,000 |
|
|
5,023,000 |
|
|
|
|
20 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Other Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ EDADow Chem |
|
0.40% |
|
12/1/2021 |
|
BBB |
|
$ |
6,710 |
|
$ |
6,710,000 |
|
NYC CulturalWhitney Museum |
|
5.00% |
|
7/1/2017 |
|
A |
|
|
6,175 |
|
|
7,140,276 |
|
PA Econ DevPPL Energy Supply |
|
3.00% |
|
12/1/2038 |
|
BBB |
|
|
3,000 |
|
|
3,119,940 |
|
PA Econ DevPPL Energy Supply Rmkt |
|
3.00% |
|
12/1/2037 |
|
BBB |
|
|
12,000 |
|
|
12,479,760 |
|
PA IDAEconomic Dev |
|
5.00% |
|
7/1/2018 |
|
A1 |
|
|
2,595 |
|
|
3,062,853 |
|
PR Comwlth Govt Dev Bank Rmkt GTD
|
|
4.75% |
|
12/1/2015 |
|
BBB- |
|
|
10,000 |
|
|
10,144,000 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2018 |
|
BBB+ |
|
|
10,040 |
|
|
10,810,168 |
|
Public Gas Partners Inc |
|
5.00% |
|
10/1/2014 |
|
A+ |
|
|
3,000 |
|
|
3,199,350 |
|
Wise Co IDAVA Elec & Pwr CO |
|
2.375% |
|
11/1/2040 |
|
A- |
|
|
10,000 |
|
|
10,271,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
137,961,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 0.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Reassmt Dist 12/1 Irvine |
|
4.00% |
|
9/2/2018 |
|
BBB+ |
|
|
1,250 |
|
|
1,395,337 |
|
CA Reassmt Dist 12/1 Irvine |
|
4.00% |
|
9/2/2017 |
|
BBB+ |
|
|
2,000 |
|
|
2,219,080 |
|
Denver Urban RenewalStapleton |
|
4.00% |
|
12/1/2014 |
|
Aa3 |
|
|
5,045 |
|
|
5,285,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
8,899,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 3.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Akron PIT |
|
3.00% |
|
12/1/2014 |
|
AA+ |
|
|
1,465 |
|
|
1,526,501 |
|
Akron PIT |
|
4.00% |
|
12/1/2015 |
|
AA+ |
|
|
3,190 |
|
|
3,460,863 |
|
Akron PIT |
|
4.00% |
|
12/1/2016 |
|
AA+ |
|
|
4,090 |
|
|
4,536,219 |
|
AL Pub Sch & Clg Auth |
|
5.00% |
|
5/1/2015 |
|
Aa1 |
|
|
2,800 |
|
|
3,066,224 |
|
CA State Economic Recovery |
|
5.25% |
|
7/1/2014 |
|
Aa3 |
|
|
3,870 |
|
|
4,108,237 |
|
CA State Economic Recovery
|
|
5.25% |
|
7/1/2014 |
|
Aa3 |
|
|
1,610 |
|
|
1,709,112 |
|
CA State Economic Recovery ETM |
|
5.25% |
|
7/1/2014 |
|
Aaa |
|
|
1,130 |
|
|
1,200,150 |
|
Contra Costa TrspSales Tax |
|
0.506% |
# |
3/1/2034 |
|
AA+ |
|
|
14,500 |
|
|
14,555,825 |
|
Des Moines ISD |
|
5.00% |
|
6/1/2015 |
|
A+ |
|
|
2,810 |
|
|
3,094,906 |
|
IL StateUnemployment Insurance
|
|
5.00% |
|
12/15/2018 |
|
AA |
|
|
5,000 |
|
|
5,675,700 |
|
MA Spl ObligFed Hwy GANs (AGM) |
|
5.00% |
|
12/15/2014 |
|
AAA |
|
|
7,000 |
|
|
7,551,180 |
|
MTA NYDedicated Tax |
|
4.00% |
|
11/15/2018 |
|
AA |
|
|
4,490 |
|
|
5,176,117 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2016 |
|
BBB+ |
|
|
1,880 |
|
|
2,096,050 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2018 |
|
BBB+ |
|
|
8,500 |
|
|
9,867,140 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2017 |
|
BBB+ |
|
|
3,000 |
|
|
3,425,790 |
|
NJ EDACigarette Tax ETM |
|
5.375% |
|
6/15/2014 |
|
Aaa |
|
|
2,560 |
|
|
2,717,747 |
|
NY LGAC |
|
5.00% |
|
4/1/2015 |
|
AAA |
|
|
2,475 |
|
|
2,702,502 |
|
NY UDCPIT |
|
5.00% |
|
3/15/2017 |
|
AAA |
|
|
10,000 |
|
|
11,672,300 |
|
|
|
|
|
See Notes to Financial Statements. |
21 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Tax Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC TFAFuture Tax |
|
5.00% |
|
11/1/2016 |
|
AAA |
|
$ |
5,500 |
|
$ |
6,351,070 |
|
Orlando Redev TIF |
|
5.00% |
|
9/1/2014 |
|
A |
|
|
2,000 |
|
|
2,088,460 |
|
Volusia Co Sch Brd (NPFGC) |
|
5.00% |
|
10/1/2013 |
|
BBB+ |
|
|
4,150 |
|
|
4,187,557 |
|
WV Sch Bldg AuthLottery |
|
5.00% |
|
7/1/2014 |
|
AAA |
|
|
2,290 |
|
|
2,417,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
103,187,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 1.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco |
|
5.00% |
|
6/1/2014 |
|
A1 |
|
|
5,500 |
|
|
5,744,750 |
|
Railsplitter Tobacco Settlement Auth |
|
5.00% |
|
6/1/2015 |
|
A |
|
|
8,085 |
|
|
8,736,570 |
|
Railsplitter Tobacco Settlement Auth |
|
5.25% |
|
6/1/2021 |
|
A |
|
|
5,020 |
|
|
6,062,102 |
|
Tobacco Settlement Fin Corp |
|
4.50% |
|
6/1/2023 |
|
B1 |
|
|
7,500 |
|
|
7,499,625 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2018 |
|
A3 |
|
|
5,000 |
|
|
5,591,650 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2017 |
|
AA- |
|
|
5,850 |
|
|
6,837,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
40,472,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 8.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alameda Corridor Trsp Auth |
|
5.00% |
|
10/1/2019 |
|
A- |
|
|
1,000 |
|
|
1,198,700 |
|
Bay Area Toll Auth |
|
0.82% |
# |
4/1/2047 |
|
AA |
|
|
8,000 |
|
|
8,009,120 |
|
Bay Area Toll Auth Rmkt |
|
1.006% |
# |
4/1/2045 |
|
AA |
|
|
15,000 |
|
|
15,151,500 |
|
Chicago Midway Arpt |
|
5.00% |
|
1/1/2034 |
|
A- |
|
|
2,725 |
|
|
2,911,526 |
|
CT Spl TaxTrans Infra |
|
5.00% |
|
12/1/2014 |
|
AA |
|
|
10,000 |
|
|
10,774,700 |
|
Delaware River Jt Toll Brdg Commn
|
|
5.50% |
|
7/1/2014 |
|
A2 |
|
|
2,455 |
|
|
2,609,616 |
|
DFW Arpt |
|
4.00% |
|
11/1/2014 |
|
A+ |
|
|
2,500 |
|
|
2,635,700 |
|
E470 Pub Hwy Auth (NPFGC) |
|
5.00% |
|
9/1/2039 |
|
Baa2 |
|
|
3,450 |
|
|
3,503,613 |
|
E470 Pub Hwy Auth (NPFGC) |
|
5.00% |
|
9/1/2039 |
|
Baa2 |
|
|
6,550 |
|
|
6,651,787 |
|
Fairfax Co EDASilver Line Phase I |
|
5.00% |
|
4/1/2017 |
|
AA |
|
|
2,000 |
|
|
2,305,700 |
|
GA Rd & Twy Auth (NPFGC) |
|
5.00% |
|
6/1/2014 |
|
AA- |
|
|
1,000 |
|
|
1,050,590 |
|
Harris Co Toll Rd |
|
0.76% |
# |
8/15/2021 |
|
Aa3 |
|
|
4,000 |
|
|
4,005,960 |
|
Houston Arpt |
|
5.00% |
|
7/1/2017 |
|
A |
|
|
1,500 |
|
|
1,738,530 |
|
Illinois St Toll Hwy Auth Toll
Highway
|
|
5.00% |
|
1/1/2018 |
|
AA- |
|
|
5,205 |
|
|
5,741,896 |
|
LA Offshore Term AuthLOOP LLC |
|
2.10% |
|
10/1/2040 |
|
A- |
|
|
3,500 |
|
|
3,549,140 |
|
MBTA |
|
5.25% |
|
7/1/2013 |
|
AAA |
|
|
75 |
|
|
75,927 |
|
MD Dept Trans |
|
5.00% |
|
6/1/2020 |
|
AAA |
|
|
5,175 |
|
|
6,456,071 |
|
MTA NY |
|
0.976% |
# |
11/1/2030 |
|
A |
|
|
7,500 |
|
|
7,520,775 |
|
MTA NY |
|
5.00% |
|
11/15/2018 |
|
A |
|
|
3,235 |
|
|
3,873,492 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2014 |
|
AA |
|
|
1,000 |
|
|
1,074,720 |
|
NC State GARVEE |
|
4.00% |
|
3/1/2023 |
|
AA |
|
|
10,000 |
|
|
11,181,100 |
|
|
|
22 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2020 |
|
A+ |
|
$ |
5,000 |
|
$ |
6,050,650 |
|
NJ Trans Trust Fund (NPFGC) |
|
5.25% |
|
12/15/2014 |
|
A+ |
|
|
5,000 |
|
|
5,410,400 |
|
NJ Trans Trust Fund (NPFGC)(FGIC) |
|
5.00% |
|
6/15/2015 |
|
A1 |
|
|
2,950 |
|
|
3,235,295 |
|
NJ Trans Trust Fund (NPFGC)(FGIC) |
|
5.25% |
|
12/15/2018 |
|
A+ |
|
|
5,000 |
|
|
5,564,600 |
|
NY Twy Auth |
|
5.00% |
|
1/1/2016 |
|
A+ |
|
|
500 |
|
|
557,175 |
|
NY Twy Auth |
|
5.00% |
|
1/1/2018 |
|
A+ |
|
|
1,250 |
|
|
1,460,225 |
|
NY Twy AuthHwy & Brdg |
|
5.00% |
|
4/1/2018 |
|
AA |
|
|
3,405 |
|
|
4,054,095 |
|
OH Infrastructure |
|
5.50% |
|
6/15/2014 |
|
AA |
|
|
1,460 |
|
|
1,549,586 |
|
Orlando & Orange Co Expwy Auth |
|
5.00% |
|
7/1/2018 |
|
A |
|
|
4,000 |
|
|
4,750,120 |
|
PA Tpk Commn |
|
0.67% |
# |
12/1/2016 |
|
Aa3 |
|
|
10,000 |
|
|
10,012,400 |
|
PA Tpk Commn |
|
0.80% |
# |
12/1/2018 |
|
Aa3 |
|
|
5,500 |
|
|
5,504,070 |
|
PA Tpk Commn |
|
5.00% |
|
6/1/2014 |
|
A- |
|
|
3,250 |
|
|
3,422,217 |
|
PA Tpk Commn (NPFGC)(FGIC) |
|
5.50% |
|
12/1/2013 |
|
Aa3 |
|
|
825 |
|
|
853,875 |
|
PR Hwy & Trans Auth (AGM) |
|
5.50% |
|
7/1/2014 |
|
AA- |
|
|
5,000 |
|
|
5,232,850 |
|
South Jersey Trans Auth |
|
4.00% |
|
11/1/2013 |
|
A- |
|
|
4,000 |
|
|
4,069,880 |
|
Southeastern PA Transp Auth |
|
5.00% |
|
6/1/2017 |
|
A+ |
|
|
1,225 |
|
|
1,405,847 |
|
Southeastern PA Transp Auth |
|
5.00% |
|
6/1/2018 |
|
A+ |
|
|
1,280 |
|
|
1,496,806 |
|
Tri Co Met Trsp Dist |
|
3.00% |
|
11/1/2018 |
|
Aa3 |
|
|
8,400 |
|
|
9,006,816 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2018 |
|
AA- |
|
|
3,750 |
|
|
4,548,975 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2019 |
|
AA- |
|
|
5,000 |
|
|
6,144,300 |
|
Triborough Brdg & Tunl Auth (NPFGC) |
|
5.50% |
|
11/15/2021 |
|
A+ |
|
|
6,345 |
|
|
8,083,022 |
|
WA St GARVEE520 Corridor |
|
5.00% |
|
9/1/2017 |
|
AA |
|
|
16,930 |
|
|
19,917,129 |
|
WI Trans (AMBAC) |
|
5.00% |
|
7/1/2013 |
|
AA+ |
|
|
20 |
|
|
20,235 |
|
WI Trans ETM (AMBAC) |
|
5.00% |
|
7/1/2013 |
|
Aa2 |
|
|
55 |
|
|
55,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
214,426,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 14.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amr Muni PwrFremont Energy |
|
5.00% |
|
2/15/2016 |
|
A1 |
|
|
675 |
|
|
753,341 |
|
Amr Muni PwrFremont Energy |
|
5.00% |
|
2/15/2017 |
|
A1 |
|
|
1,000 |
|
|
1,149,690 |
|
Amr Muni PwrFremont Energy |
|
5.00% |
|
2/15/2018 |
|
A1 |
|
|
2,900 |
|
|
3,401,381 |
|
Austin Elec Utility Sys (AGM) |
|
5.00% |
|
5/15/2014 |
|
AA- |
|
|
1,875 |
|
|
1,971,637 |
|
Burke Co DevGA Power |
|
1.40% |
|
11/1/2048 |
|
A |
|
|
4,000 |
|
|
4,036,280 |
|
Butler Co Sewer Sys (AGM) |
|
5.00% |
|
12/1/2013 |
|
Aa3 |
|
|
1,225 |
|
|
1,256,532 |
|
CA Dept Wtr Res Pwr |
|
5.00% |
|
5/1/2020 |
|
AA- |
|
|
3,780 |
|
|
4,659,493 |
|
Central PlainsGoldman Sachs |
|
5.00% |
|
12/1/2014 |
|
B2 |
|
|
3,050 |
|
|
3,254,106 |
|
Detroit Sewer |
|
5.00% |
|
7/1/2014 |
|
A+ |
|
|
1,000 |
|
|
1,041,320 |
|
Detroit Sewer |
|
5.00% |
|
7/1/2015 |
|
A+ |
|
|
1,000 |
|
|
1,079,020 |
|
Detroit Sewer |
|
5.00% |
|
7/1/2017 |
|
A+ |
|
|
1,000 |
|
|
1,124,070 |
|
|
|
|
|
See Notes to Financial Statements. |
23 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
East Bay MUD Wastewater |
|
0.44% |
# |
6/1/2038 |
|
AAA |
|
$ |
5,500 |
|
$ |
5,500,110 |
|
Energy NorthwestProj 1 (NPFGC) |
|
5.25% |
|
7/1/2013 |
|
Aa1 |
|
|
180 |
|
|
182,234 |
|
Escambia Co Solid WasteGulf Pwr |
|
1.35% |
|
4/1/2039 |
|
A |
|
|
7,500 |
|
|
7,527,150 |
|
FL Dept Env ProtnFlorida
Forever
|
|
5.00% |
|
7/1/2014 |
|
AA- |
|
|
5,180 |
|
|
5,481,476 |
|
Floyd Co DevGA Power Rmkt |
|
0.85% |
|
7/1/2022 |
|
A |
|
|
5,000 |
|
|
5,014,300 |
|
Guam Pwr Auth (AGM) |
|
5.00% |
|
10/1/2019 |
|
AA- |
|
|
1,000 |
|
|
1,170,570 |
|
Houston Util Sys (SIFMA) |
|
0.87% |
# |
5/15/2034 |
|
AA |
|
|
23,000 |
|
|
23,139,840 |
|
IL Fin AuthPeoples Gas |
|
2.125% |
|
3/1/2030 |
|
A1 |
|
|
12,750 |
|
|
12,988,425 |
|
IL Fin AuthPeoples Gas |
|
2.625% |
|
2/1/2033 |
|
A1 |
|
|
4,000 |
|
|
4,148,240 |
|
IL MEAG (NPFGC)(FGIC) |
|
5.00% |
|
2/1/2014 |
|
A+ |
|
|
1,000 |
|
|
1,037,120 |
|
IN Fin AuthIndianapolis Pwr & Light |
|
4.90% |
|
1/1/2016 |
|
A3 |
|
|
10,000 |
|
|
10,902,100 |
|
Indianapolis Util Dist (NPFGC)(FGIC) |
|
4.00% |
|
6/1/2014 |
|
AA- |
|
|
3,535 |
|
|
3,675,092 |
|
Intermountain Pwr Agy |
|
5.50% |
|
7/1/2014 |
|
A+ |
|
|
3,900 |
|
|
3,950,388 |
|
Kissimmee Util Auth (AGM) |
|
5.25% |
|
10/1/2014 |
|
A1 |
|
|
1,000 |
|
|
1,071,260 |
|
Lakeland Energy |
|
0.87% |
# |
10/1/2017 |
|
AA |
|
|
17,000 |
|
|
17,094,010 |
|
Long Island Power Auth |
|
4.00% |
|
5/1/2018 |
|
A- |
|
|
3,940 |
|
|
4,434,194 |
|
Long Island Power Auth |
|
5.00% |
|
5/1/2014 |
|
A- |
|
|
2,790 |
|
|
2,926,933 |
|
Los Alamos Co Util Sys (AGM) |
|
5.00% |
|
7/1/2014 |
|
AA- |
|
|
4,410 |
|
|
4,450,660 |
|
Los Angeles Wastewater |
|
5.00% |
|
6/1/2018 |
|
AA |
|
|
3,000 |
|
|
3,603,780 |
|
Louisville/Jeff Co
MetLouisville
|
|
1.15% |
|
6/1/2033 |
|
A2 |
|
|
3,750 |
|
|
3,751,500 |
|
Louisville/Jeff Co
MetLouisville
|
|
1.60% |
|
6/1/2033 |
|
A- |
|
|
4,000 |
|
|
4,074,560 |
|
Louisville/Jeff Co Met Swr Dist |
|
4.00% |
|
5/15/2013 |
|
AA |
|
|
5,000 |
|
|
5,021,850 |
|
Louisville/Jeff Co Met Swr Dist |
|
5.00% |
|
5/15/2014 |
|
AA |
|
|
9,505 |
|
|
9,979,585 |
|
Louisville/Jeff Co Poll
CtlLouisville
|
|
1.65% |
|
10/1/2033 |
|
A2 |
|
|
6,000 |
|
|
6,119,340 |
|
MEAGProj 1 |
|
5.00% |
|
1/1/2018 |
|
A |
|
|
3,145 |
|
|
3,689,745 |
|
MEAGProj 1 |
|
5.00% |
|
1/1/2021 |
|
A |
|
|
7,000 |
|
|
8,510,740 |
|
Met Govt Nashville Water & Sewer |
|
5.00% |
|
7/1/2018 |
|
A+ |
|
|
4,415 |
|
|
5,250,362 |
|
Morehouse Parish Poll CtlIntl Paper |
|
5.25% |
|
11/15/2013 |
|
BBB |
|
|
2,855 |
|
|
2,936,025 |
|
MS Bus Fin CorpCoast Elec Pwr Rmkt |
|
0.50% |
|
5/1/2037 |
|
A |
|
|
4,861 |
|
|
4,861,049 |
|
Navajo Co Poll CtlAZ Pub Svc |
|
5.50% |
|
6/1/2034 |
|
BBB+ |
|
|
5,000 |
|
|
5,275,200 |
|
NC Eastern Muni Pwr |
|
5.00% |
|
1/1/2015 |
|
A- |
|
|
1,000 |
|
|
1,075,320 |
|
NC Eastern Muni Pwr |
|
5.50% |
|
1/1/2014 |
|
A- |
|
|
5,000 |
|
|
5,188,550 |
|
NC Muni Pwr Agy #1Catawba Elec |
|
5.00% |
|
1/1/2018 |
|
A |
|
|
15,000 |
|
|
17,605,800 |
|
NY EnergyNY St Elec & Gas Corp |
|
2.25% |
|
12/1/2015 |
|
BBB+ |
|
|
10,000 |
|
|
10,292,700 |
|
|
|
24 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(continued)
|
|
|
|
See Notes to Financial Statements. |
25 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Interest
|
|
Final
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
||
|
||||||||||||||||
Variable Rate Demand Notes 15.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 0.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.90% |
|
4/4/2013 |
|
1/1/2014 |
|
NR |
|
$ |
505 |
|
$ |
505,000 |
|
||
MS Bus Fin CorpGrand
|
|
0.62% |
|
4/4/2013 |
|
1/1/2033 |
|
BBB |
|
|
11,915 |
|
|
11,915,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
12,420,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 1.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Birmingham EdMiles Clg |
|
0.90% |
|
4/4/2013 |
|
2/1/2029 |
|
Baa3 |
|
|
1,385 |
|
|
1,385,000 |
|
|
Met Govt Nashville H &
E
|
|
0.70% |
|
4/4/2013 |
|
12/1/2020 |
|
Baa3 |
|
|
4,735 |
|
|
4,735,000 |
|
|
NH Hlth & EdUniv Sys of NH |
|
0.15% |
|
4/1/2013 |
|
7/1/2033 |
|
A+ |
|
|
33,370 |
|
|
33,370,000 |
|
|
OH Hi EdUniv Dayton |
|
1.37% |
|
4/4/2013 |
|
7/1/2016 |
|
A |
|
|
5,000 |
|
|
5,026,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
44,516,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 4.39% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anaheim City COP (NPFGC) |
|
0.27% |
|
4/1/2013 |
|
7/16/2023 |
|
A |
(c) |
|
11,995 |
|
|
11,995,000 |
|
|
IL State GO |
|
2.00% |
|
4/3/2013 |
|
10/1/2033 |
|
A2 |
|
|
17,900 |
|
|
17,900,000 |
|
|
NYC GO |
|
0.18% |
|
4/1/2013 |
|
8/1/2038 |
|
AAA |
|
|
27,050 |
|
|
27,050,000 |
|
|
NYC GO |
|
0.19% |
|
4/1/2013 |
|
1/1/2036 |
|
BBB |
|
|
32,160 |
|
|
32,160,000 |
|
|
NYC GO |
|
0.22% |
|
4/1/2013 |
|
4/1/2035 |
|
AA |
|
|
27,000 |
|
|
27,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
116,105,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 4.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CO Hlth FacsNorth CO
|
|
0.24% |
|
4/1/2013 |
|
5/15/2030 |
|
AA |
|
|
29,615 |
|
|
29,615,000 |
|
|
CO Hlth FacsNorth CO
|
|
0.24% |
|
4/1/2013 |
|
5/15/2020 |
|
AA |
|
|
13,470 |
|
|
13,470,000 |
|
|
Gulf Shores MedColonial
|
|
0.62% |
|
4/4/2013 |
|
7/1/2034 |
|
Baa3 |
|
|
3,210 |
|
|
3,210,000 |
|
|
MD Hlth & Hi
EdLifeBridge
|
|
0.32% |
|
4/4/2013 |
|
1/1/2038 |
|
AA- |
|
|
13,110 |
|
|
13,110,000 |
|
|
NJ HlthChristian Hlth Care Ctr |
|
0.34% |
|
4/4/2013 |
|
7/1/2038 |
|
A- |
|
|
8,935 |
|
|
8,935,000 |
|
|
OK DFAIntegris Baptist (AG) |
|
0.15% |
|
4/1/2013 |
|
8/15/2035 |
|
AA- |
|
|
37,045 |
|
|
37,045,000 |
|
|
Santa Ana HlthTwn &
Cntry
|
|
0.18% |
|
4/1/2013 |
|
10/1/2020 |
|
A- |
|
|
8,700 |
|
|
8,700,000 |
|
|
WI Hlth & EdPooled Loan Fin |
|
0.87% |
|
4/3/2013 |
|
2/1/2022 |
|
A3 |
|
|
1,225 |
|
|
1,225,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
115,310,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
See Notes to Financial Statements. |
Schedule of Investments (unaudited)(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Interest
|
|
Final
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||||
Housing 0.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northport MFHNorthbrook |
|
0.80% |
|
4/4/2013 |
|
7/1/2018 |
|
BBB |
|
$ |
2,805 |
|
$ |
2,805,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 1.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Glendale COP |
|
0.15% |
|
4/4/2013 |
|
6/1/2030 |
|
AA+ |
|
|
19,100 |
|
|
19,100,000 |
|
Palm Beach Co Sch Brd COP |
|
0.57% |
|
4/1/2013 |
|
8/1/2029 |
|
BBB |
|
|
25,000 |
|
|
25,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
44,100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 0.51% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morton Grove CulturalIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holocaust Mus |
|
0.22% |
|
4/4/2013 |
|
12/1/2041 |
|
A3 |
|
|
4,800 |
|
|
4,800,000 |
|
WI Hlth & EdMaranatha
|
|
0.87% |
|
4/4/2013 |
|
8/1/2026 |
|
BBB+ |
|
|
8,850 |
|
|
8,850,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,650,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 0.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MidCities Co Met District #1 |
|
0.45% |
|
4/4/2013 |
|
12/1/2020 |
|
A+ |
|
|
6,425 |
|
|
6,425,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 1.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando & Orange Co
Expwy
|
|
0.19% |
|
4/4/2013 |
|
7/1/2040 |
|
AA+ |
|
|
31,700 |
|
|
31,700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 0.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vallejo Water |
|
0.25% |
|
4/3/2013 |
|
6/1/2031 |
|
A+ |
|
|
10,140 |
|
|
10,140,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Variable Rate Demand Notes (cost $397,145,001) |
|
|
|
|
|
397,171,900 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Short-Term Investments (cost $422,893,289) |
|
|
|
|
|
422,937,004 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Investments in Securities 98.48% (cost $2,559,789,179) |
|
|
|
|
|
2,605,649,040 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cash and Other Assets in Excess of Liabilities 1.52% |
|
|
|
|
|
40,206,448 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net Assets 100.00% |
|
|
|
|
$ |
2,645,855,488 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
27 |
Schedule of Investments (unaudited)
I
NTERMEDIATE TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
MUNICIPAL BONDS 97.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 5.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AL IDAOffice Max Rmkt AMT |
|
6.45% |
|
12/1/2023 |
|
B2 |
|
$ |
2,300 |
|
$ |
2,309,522 |
|
Allegheny Co IDAUS Steel |
|
5.50% |
|
11/1/2016 |
|
BB |
|
|
1,500 |
|
|
1,566,630 |
|
Allegheny Co IDAUS Steel |
|
6.50% |
|
5/1/2017 |
|
BB |
|
|
3,315 |
|
|
3,582,421 |
|
Allegheny Co IDAUS Steel |
|
6.75% |
|
11/1/2024 |
|
BB |
|
|
3,800 |
|
|
4,220,356 |
|
Alliance ArptFedEx AMT |
|
4.85% |
|
4/1/2021 |
|
Baa1 |
|
|
1,000 |
|
|
1,071,280 |
|
Babylon IDACovanta |
|
5.00% |
|
1/1/2019 |
|
AA |
|
|
4,000 |
|
|
4,436,880 |
|
Beaver Co IDAFirstEnergy Rmkt |
|
2.50% |
|
12/1/2041 |
|
BBB- |
|
|
6,000 |
|
|
6,068,700 |
|
Burke Co DevGA Power |
|
1.75% |
|
12/1/2049 |
|
A |
|
|
15,000 |
|
|
15,321,450 |
|
Charlotte Spl FacsUS Airways AMT |
|
5.60% |
|
7/1/2027 |
|
NR |
|
|
5,000 |
|
|
5,004,650 |
|
Citizens Property Insurance Corp |
|
5.00% |
|
6/1/2018 |
|
A+ |
|
|
10,000 |
|
|
11,731,800 |
|
Citizens Property Insurance Corp |
|
5.25% |
|
6/1/2017 |
|
A+ |
|
|
7,000 |
|
|
8,147,230 |
|
Citizens Property Insurance Corp |
|
6.00% |
|
6/1/2016 |
|
A+ |
|
|
12,600 |
|
|
14,542,542 |
|
Clayton Co SFRDelta Airlines AMT |
|
9.00% |
|
6/1/2035 |
|
B- |
|
|
3,300 |
|
|
3,666,333 |
|
DeSoto Parish Env ImptIntl Paper AMT |
|
4.75% |
|
3/1/2019 |
|
BBB |
|
|
6,480 |
|
|
6,824,930 |
|
Farmington Poll CtlNM Pub Svc |
|
4.75% |
|
6/1/2040 |
|
BBB- |
|
|
10,000 |
|
|
10,838,300 |
|
Greater Orlando AviationJet Blue AMT (a) |
|
5.00% |
|
11/15/2026 |
|
NR |
|
|
2,000 |
|
|
2,098,700 |
|
Gulf Coast IDACITGO AMT |
|
4.875% |
|
5/1/2025 |
|
BB+ |
|
|
4,000 |
|
|
4,105,520 |
|
IN Fin AuthUS Steel |
|
6.00% |
|
12/1/2019 |
|
BB |
|
|
5,000 |
|
|
5,427,200 |
|
Intl Falls Poll CtlOffice Max |
|
5.65% |
|
12/1/2022 |
|
NR |
|
|
1,000 |
|
|
1,001,010 |
|
Jay Solid WasteIntl Paper AMT |
|
4.90% |
|
11/1/2017 |
|
BBB |
|
|
2,890 |
|
|
3,014,877 |
|
LA Citizens Property Insurance
Corp
|
|
5.00% |
|
6/1/2021 |
|
A- |
|
|
3,500 |
|
|
3,847,130 |
|
LA Env FacsWestlake Chem Rmkt |
|
6.50% |
|
8/1/2029 |
|
BBB- |
|
|
6,630 |
|
|
7,910,120 |
|
Love Field ArptSouthwest Airlines AMT |
|
5.00% |
|
11/1/2028 |
|
BBB- |
|
|
1,800 |
|
|
2,010,294 |
|
MA Port AuthDelta Airlines AMT
|
|
5.50% |
|
1/1/2022 |
|
NR |
|
|
1,500 |
|
|
1,503,930 |
|
Martin Co IDAIndiantown Cogen AMT |
|
4.20% |
|
12/15/2025 |
|
Ba1 |
|
|
4,500 |
|
|
4,516,425 |
|
MD EDCChesapeake Bay Hyatt |
|
5.00% |
|
12/1/2016 |
|
NR |
|
|
2,570 |
|
|
2,254,044 |
|
MD IDASynagro-Baltimore AMT |
|
5.25% |
|
12/1/2013 |
|
BBB+ |
(c) |
|
750 |
|
|
763,313 |
|
MD IDASynagro-Baltimore AMT |
|
5.375% |
|
12/1/2014 |
|
BBB+ |
(c) |
|
1,000 |
|
|
1,037,340 |
|
Nez Perce Co Poll CtlPotlatch |
|
6.00% |
|
10/1/2024 |
|
BB+ |
|
|
1,000 |
|
|
1,003,890 |
|
NH Poll CtlUnited Illuminating AMT |
|
4.50% |
|
7/1/2027 |
|
BBB |
|
|
5,000 |
|
|
5,304,650 |
|
Niagara Area Dev CorpCovanta |
|
4.00% |
|
11/1/2024 |
|
Ba2 |
|
|
5,300 |
|
|
5,456,297 |
|
NJ EDAContinental Airlines AMT |
|
4.875% |
|
9/15/2019 |
|
B |
|
|
5,000 |
|
|
5,126,350 |
|
NJ EDAContinental Airlines AMT |
|
5.125% |
|
9/15/2023 |
|
B |
|
|
6,725 |
|
|
6,947,463 |
|
NJ EDAContinental Airlines AMT |
|
5.25% |
|
9/15/2029 |
|
B |
|
|
13,820 |
|
|
14,273,849 |
|
|
|
|
28 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Corporate-Backed (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC Cap ResArthur Mgmt |
|
7.00% |
|
8/1/2025 |
|
NR |
|
$ |
5,000 |
|
$ |
5,418,600 |
|
NYC IDAJetblue AMT |
|
5.00% |
|
5/15/2020 |
|
B- |
|
|
2,730 |
|
|
2,729,809 |
|
NYC IDATRIPS AMT |
|
5.00% |
|
7/1/2028 |
|
BBB- |
|
|
3,500 |
|
|
3,779,265 |
|
PA Econ DevWaste Mgmt |
|
1.75% |
|
12/1/2033 |
|
BBB |
|
|
5,500 |
|
|
5,646,080 |
|
Port Corpus Christi AuthUnion Pacific |
|
5.65% |
|
12/1/2022 |
|
NR |
|
|
2,400 |
|
|
2,426,688 |
|
Seminole Tribe Spl Oblig |
|
5.125% |
|
10/1/2017 |
|
BBB- |
|
|
2,450 |
|
|
2,563,631 |
|
St Charles ParishValero Energy |
|
4.00% |
|
12/1/2040 |
|
BBB |
|
|
6,000 |
|
|
6,593,340 |
|
Valdez Marine TermBP |
|
5.00% |
|
1/1/2021 |
|
A |
|
|
2,800 |
|
|
3,402,028 |
|
Valdez Marine TermBP |
|
5.00% |
|
1/1/2021 |
|
A |
|
|
10,000 |
|
|
12,150,100 |
|
West Pace Coop Dist |
|
9.125% |
|
5/1/2039 |
|
NR |
|
|
4,950 |
|
|
4,831,794 |
|
Whiting Env FacsBP Rmkt |
|
5.25% |
|
1/1/2021 |
|
A |
|
|
6,000 |
|
|
7,397,220 |
|
WI PFATRIPS AMT |
|
5.25% |
|
7/1/2028 |
|
BBB- |
|
|
3,750 |
|
|
4,105,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
237,979,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 4.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adams Co IDAGettysburg Clg |
|
5.00% |
|
8/15/2020 |
|
A |
|
|
1,760 |
|
|
2,059,482 |
|
Arizona State Univ |
|
5.00% |
|
7/1/2019 |
|
AA- |
|
|
2,090 |
|
|
2,428,308 |
|
AZ Brd Regents COPASU (NPFGC) |
|
5.00% |
|
7/1/2022 |
|
AA- |
|
|
3,465 |
|
|
3,920,613 |
|
AZ Brd Regents COPUniv of AZ |
|
5.00% |
|
6/1/2020 |
|
AA- |
|
|
5,000 |
|
|
6,010,800 |
|
AZ Brd Regents COPUniv of AZ |
|
5.00% |
|
6/1/2021 |
|
AA- |
|
|
6,745 |
|
|
8,103,983 |
|
CA Fin AuthBiola Univ |
|
5.625% |
|
10/1/2023 |
|
Baa1 |
|
|
1,015 |
|
|
1,125,797 |
|
CA State Univ Sys |
|
5.00% |
|
11/1/2024 |
|
Aa2 |
|
|
5,000 |
|
|
6,023,800 |
|
CA StwdeThomas Jeff Sch of Law |
|
7.25% |
|
10/1/2032 |
|
BB |
|
|
1,000 |
|
|
1,022,630 |
|
Cleveland State Univ |
|
5.00% |
|
6/1/2024 |
|
A+ |
|
|
1,775 |
|
|
2,076,395 |
|
Cuyahoga CCD |
|
5.00% |
|
8/1/2020 |
|
Aa2 |
|
|
1,800 |
|
|
2,155,680 |
|
DC University RevGeorgetown Univ |
|
5.00% |
|
4/1/2030 |
|
A- |
|
|
5,000 |
|
|
5,825,850 |
|
Fulton Co DevGA Tech Athletic Assoc |
|
5.00% |
|
10/1/2022 |
|
A2 |
|
|
17,480 |
|
|
21,285,046 |
|
Harris Co Cultural EdBaylor Clg / Med |
|
5.00% |
|
11/15/2019 |
|
A- |
|
|
1,910 |
|
|
2,192,145 |
|
Hudson Co BAN |
|
1.00% |
|
12/6/2013 |
|
NR |
|
|
15,000 |
|
|
15,060,000 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2016 |
|
Baa3 |
|
|
2,500 |
|
|
2,644,375 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2020 |
|
Baa3 |
|
|
1,000 |
|
|
1,029,090 |
|
IL Fin AuthIL Inst of Tech |
|
6.50% |
|
2/1/2023 |
|
Baa3 |
|
|
2,000 |
|
|
2,234,360 |
|
IL Fin AuthLoyola Univ Chicago |
|
5.00% |
|
7/1/2025 |
|
A |
|
|
8,620 |
|
|
10,009,975 |
|
IL Fin AuthUniv of Chicago |
|
5.50% |
|
7/1/2021 |
|
Aa1 |
|
|
5,000 |
|
|
6,086,700 |
|
MA Hlth & EdHarvard Univ |
|
5.25% |
|
11/15/2019 |
|
AAA |
|
|
2,850 |
|
|
3,532,803 |
|
Marietta Dev AuthLife Univ |
|
6.25% |
|
6/15/2020 |
|
Ba3 |
|
|
2,500 |
|
|
2,658,950 |
|
MD Hlth & Hi EdWash Christian Admy (e) |
|
5.25% |
|
7/1/2018 |
|
NR |
|
|
250 |
|
|
90,000 |
|
MI Hi EdCreative Studies |
|
5.00% |
|
12/1/2016 |
|
Baa3 |
|
|
1,235 |
|
|
1,370,949 |
|
|
|
|
|
See Notes to Financial Statements. |
29 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
MI Hi EdCreative Studies |
|
5.25% |
|
12/1/2018 |
|
Baa3 |
|
$ |
1,120 |
|
$ |
1,237,499 |
|
MO Hlth & EdWashington Univ |
|
5.25% |
|
3/15/2018 |
|
AAA |
|
|
660 |
|
|
800,111 |
|
NC Cap FacsHigh Point Univ |
|
5.00% |
|
5/1/2032 |
|
BBB+ |
|
|
2,500 |
|
|
2,745,200 |
|
NH Hlth & EdUniv Sys of NH |
|
5.50% |
|
7/1/2020 |
|
Aa3 |
|
|
1,890 |
|
|
2,281,381 |
|
NJ Ed FacsHigher Ed Cap Impt (AGM) |
|
5.00% |
|
9/1/2019 |
|
AA- |
|
|
4,270 |
|
|
4,513,048 |
|
NJ Ed FacsUniv Med & Dent |
|
6.50% |
|
12/1/2019 |
|
Baa1 |
|
|
5,595 |
|
|
6,919,392 |
|
NY DormMontefiore Med Ctr
|
|
5.00% |
|
2/1/2022 |
|
NR |
|
|
2,500 |
|
|
2,653,400 |
|
NY DormPace Univ |
|
4.00% |
|
5/1/2022 |
|
BBB- |
|
|
1,000 |
|
|
1,086,390 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2021 |
|
BBB- |
|
|
1,750 |
|
|
2,056,985 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2023 |
|
BBB- |
|
|
1,000 |
|
|
1,168,070 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2026 |
|
BBB- |
|
|
1,000 |
|
|
1,144,720 |
|
OH Hi EdAshland Univ |
|
6.25% |
|
9/1/2024 |
|
B3 |
|
|
3,900 |
|
|
4,163,796 |
|
PA Hi Ed |
|
5.00% |
|
6/15/2019 |
|
Aa3 |
|
|
2,455 |
|
|
2,892,653 |
|
PA Hi Ed |
|
5.25% |
|
6/15/2018 |
|
Aa3 |
|
|
1,000 |
|
|
1,202,430 |
|
PA Hi EdShippensburg Univ |
|
5.00% |
|
10/1/2030 |
|
BBB- |
|
|
1,000 |
|
|
1,117,710 |
|
PA Hi EdUPenn |
|
5.00% |
|
9/1/2019 |
|
AA+ |
|
|
3,450 |
|
|
4,230,355 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2019 |
|
A- |
|
|
1,000 |
|
|
1,115,970 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2020 |
|
A- |
|
|
1,000 |
|
|
1,102,290 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2022 |
|
A- |
|
|
350 |
|
|
382,337 |
|
RI Hlth & EdPub Sch Fin (AGM) |
|
5.00% |
|
5/15/2018 |
|
Aa3 |
|
|
1,855 |
|
|
2,133,102 |
|
Texas A&M Univ |
|
5.00% |
|
7/1/2021 |
|
AAA |
|
|
7,870 |
|
|
9,866,698 |
|
TX Univ Sys |
|
5.25% |
|
3/15/2019 |
|
Aa2 |
|
|
5,000 |
|
|
5,949,100 |
|
Univ of MinnesotaStadium |
|
5.00% |
|
8/1/2018 |
|
Aa1 |
|
|
1,000 |
|
|
1,137,640 |
|
Univ of North CarolinaChapel Hill |
|
0.886% |
# |
12/1/2041 |
|
Aaa |
|
|
15,000 |
|
|
15,133,950 |
|
Univ of Pittsburgh |
|
5.00% |
|
9/15/2019 |
|
Aa1 |
|
|
2,030 |
|
|
2,457,417 |
|
Univ of Texas |
|
5.25% |
|
8/15/2019 |
|
AAA |
|
|
5,000 |
|
|
6,060,950 |
|
Univ of Toledo |
|
5.00% |
|
6/1/2018 |
|
A+ |
|
|
1,145 |
|
|
1,348,272 |
|
Univ of Toledo |
|
5.00% |
|
6/1/2019 |
|
A+ |
|
|
2,800 |
|
|
3,332,840 |
|
Western MI Univ (AG) |
|
5.25% |
|
11/15/2020 |
|
AA- |
|
|
3,980 |
|
|
4,745,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
203,926,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 18.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchorage GO (NPFGC)(FGIC) |
|
5.00% |
|
10/1/2020 |
|
AA+ |
|
|
5,000 |
|
|
5,679,600 |
|
Arkansas City BldgSo Cent Reg Med |
|
6.25% |
|
9/1/2024 |
|
Baa3 |
|
|
2,335 |
|
|
2,722,680 |
|
Bellwood GO |
|
5.875% |
|
12/1/2027 |
|
NR |
|
|
3,000 |
|
|
2,972,130 |
|
Bellwood GO |
|
6.15% |
|
12/1/2032 |
|
NR |
|
|
2,770 |
|
|
2,732,439 |
|
Bexar Co GO |
|
5.25% |
|
6/15/2020 |
|
Aaa |
|
|
3,190 |
|
|
3,450,751 |
|
|
|
|
30 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Boone McHenry & Dekalb Co
CUSD
|
|
5.00% |
|
1/1/2018 |
|
Aa3 |
|
$ |
2,500 |
|
$ |
2,665,275 |
|
CA State GO |
|
5.00% |
|
8/1/2018 |
|
A1 |
|
|
3,000 |
|
|
3,450,720 |
|
CA State GO |
|
5.00% |
|
2/1/2021 |
|
A1 |
|
|
21,090 |
|
|
25,635,739 |
|
CA State GO |
|
5.00% |
|
9/1/2021 |
|
A1 |
|
|
13,685 |
|
|
16,753,724 |
|
CA State GO |
|
5.00% |
|
9/1/2021 |
|
A1 |
|
|
15,500 |
|
|
18,975,720 |
|
CA State GO |
|
5.00% |
|
2/1/2022 |
|
A1 |
|
|
20,000 |
|
|
24,398,600 |
|
CA State GO |
|
5.25% |
|
10/1/2020 |
|
A1 |
|
|
10,000 |
|
|
12,215,300 |
|
CA State GO |
|
5.25% |
|
3/1/2022 |
|
A1 |
|
|
6,320 |
|
|
7,580,840 |
|
CA State GO |
|
5.25% |
|
9/1/2024 |
|
A1 |
|
|
10,000 |
|
|
12,048,900 |
|
Chabot/Las Positas CCD |
|
5.00% |
|
8/1/2023 |
|
Aa3 |
|
|
3,000 |
|
|
3,666,600 |
|
Chicago GO |
|
5.00% |
|
1/1/2025 |
|
Aa3 |
|
|
7,500 |
|
|
8,516,175 |
|
Chicago Pk Dist |
|
5.50% |
|
1/1/2022 |
|
AA+ |
|
|
1,750 |
|
|
2,070,338 |
|
Cook Co GO |
|
5.00% |
|
11/15/2019 |
|
AA |
|
|
1,405 |
|
|
1,699,839 |
|
Cook Co GO |
|
5.00% |
|
11/15/2019 |
|
AA |
|
|
1,500 |
|
|
1,814,775 |
|
Cook Co GO |
|
5.00% |
|
11/15/2020 |
|
AA |
|
|
5,000 |
|
|
6,074,450 |
|
Cook Co GO |
|
5.00% |
|
11/15/2021 |
|
AA |
|
|
5,000 |
|
|
6,088,950 |
|
Cook Co GO |
|
5.00% |
|
11/15/2021 |
|
AA |
|
|
8,435 |
|
|
9,853,430 |
|
Cook Co GO |
|
5.00% |
|
11/15/2022 |
|
AA |
|
|
2,000 |
|
|
2,442,220 |
|
Cook Co GO |
|
5.00% |
|
11/15/2023 |
|
AA |
|
|
2,000 |
|
|
2,385,380 |
|
CT State GO |
|
5.00% |
|
11/1/2018 |
|
AA |
|
|
9,500 |
|
|
11,481,890 |
|
CT State GO |
|
5.00% |
|
6/1/2021 |
|
AA |
|
|
10,000 |
|
|
12,409,900 |
|
CT State GO |
|
5.00% |
|
5/15/2022 |
|
AA |
|
|
8,615 |
|
|
10,535,025 |
|
Cumberland Valley Sch Dist (AGM) |
|
5.00% |
|
11/15/2019 |
|
Aa3 |
|
|
3,000 |
|
|
3,318,990 |
|
DC GO (BHAC) |
|
5.00% |
|
6/1/2021 |
|
AA+ |
|
|
3,500 |
|
|
4,043,970 |
|
Delaware Vy Regl Fin Auth (AMBAC) |
|
5.60% |
|
7/1/2017 |
|
A2 |
|
|
3,140 |
|
|
3,578,470 |
|
DetroitState Aid GO |
|
4.50% |
|
11/1/2023 |
|
AA |
|
|
13,105 |
|
|
14,215,518 |
|
DetroitState Aid GO |
|
5.00% |
|
11/1/2018 |
|
AA |
|
|
3,320 |
|
|
3,782,941 |
|
Florida St Dept Trans |
|
5.00% |
|
7/1/2021 |
|
AAA |
|
|
7,760 |
|
|
9,667,951 |
|
Frederick Co |
|
4.00% |
|
8/1/2019 |
|
AA+ |
|
|
9,380 |
|
|
10,956,966 |
|
Frederick Co |
|
4.00% |
|
8/1/2020 |
|
AA+ |
|
|
9,720 |
|
|
11,407,489 |
|
Fresno USD (NPFGC) |
|
5.25% |
|
2/1/2024 |
|
A+ |
|
|
3,285 |
|
|
3,864,080 |
|
Garland ISD |
|
5.00% |
|
2/15/2020 |
|
Aaa |
|
|
2,000 |
|
|
2,389,200 |
|
Guam GO |
|
5.75% |
|
11/15/2014 |
|
B+ |
|
|
870 |
|
|
894,343 |
|
Guam GO |
|
6.75% |
|
11/15/2029 |
|
B+ |
|
|
6,475 |
|
|
7,245,331 |
|
Gwinnett Co DevGwinnett Co Pub
|
|
5.25% |
|
1/1/2020 |
|
AA+ |
|
|
5,000 |
|
|
6,119,250 |
|
Harris Co GO |
|
5.00% |
|
8/15/2024 |
|
AA- |
|
|
5,000 |
|
|
5,828,800 |
|
|
|
|
|
See Notes to Financial Statements. |
31 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Co Sch Dist |
|
4.50% |
|
8/1/2022 |
|
AA+ |
|
$ |
5,000 |
|
$ |
6,077,700 |
|
HI State GO |
|
5.00% |
|
11/1/2021 |
|
AA |
|
|
13,000 |
|
|
16,257,540 |
|
HI State GO (AMBAC) |
|
5.00% |
|
7/1/2015 |
|
AA |
|
|
40 |
|
|
44,040 |
|
Houston GO |
|
5.00% |
|
3/1/2018 |
|
AA |
|
|
10,000 |
|
|
11,933,400 |
|
Houston GO (AMBAC) |
|
5.00% |
|
3/1/2018 |
|
AA |
|
|
1,875 |
|
|
2,063,625 |
|
IL State GO |
|
4.00% |
|
1/1/2022 |
|
A2 |
|
|
15,000 |
|
|
15,967,350 |
|
IL State GO |
|
5.00% |
|
10/1/2017 |
|
A2 |
|
|
4,035 |
|
|
4,123,326 |
|
IL State GO |
|
5.00% |
|
8/1/2018 |
|
A2 |
|
|
9,000 |
|
|
10,343,070 |
|
IL State GO |
|
5.00% |
|
8/1/2023 |
|
A2 |
|
|
5,350 |
|
|
6,120,132 |
|
IL State GO (NPFGC) |
|
5.50% |
|
8/1/2016 |
|
A2 |
|
|
2,255 |
|
|
2,563,213 |
|
Kane Cook & De Kalb Co Sch
Dist #30
|
|
5.00% |
|
1/1/2023 |
|
AA- |
|
|
2,700 |
|
|
2,955,960 |
|
Kane Cook & Du Page Co Sch Dist #46 |
|
4.50% |
|
1/1/2024 |
|
AA- |
|
|
5,270 |
|
|
5,956,049 |
|
Kane Sch Dist #131Aurora (AG) |
|
5.00% |
|
6/1/2019 |
|
AA- |
|
|
2,730 |
|
|
3,178,948 |
|
Katy ISD PSF GTD |
|
0.786% |
# |
8/15/2036 |
|
AAA |
|
|
17,500 |
|
|
17,658,900 |
|
King Co Sch Dist #414Lake Washington |
|
5.00% |
|
12/1/2019 |
|
AA+ |
|
|
2,500 |
|
|
3,024,500 |
|
LA State GO |
|
5.00% |
|
9/1/2022 |
|
Aa2 |
|
|
5,120 |
|
|
6,315,827 |
|
Los Angeles GO |
|
5.00% |
|
9/1/2020 |
|
Aa2 |
|
|
6,145 |
|
|
7,599,583 |
|
Los Angeles GO |
|
5.00% |
|
9/1/2021 |
|
Aa2 |
|
|
5,180 |
|
|
6,459,201 |
|
Los Angeles USD (NPFGC) |
|
4.50% |
|
7/1/2025 |
|
Aa2 |
|
|
6,290 |
|
|
6,913,213 |
|
MD State GO |
|
4.50% |
|
8/1/2019 |
|
AAA |
|
|
10,000 |
|
|
12,032,000 |
|
Met Govt Nashville GO |
|
5.00% |
|
1/1/2018 |
|
Aa1 |
|
|
8,325 |
|
|
9,885,355 |
|
Met Govt Nashville GO |
|
5.00% |
|
5/15/2020 |
|
Aa1 |
|
|
4,450 |
|
|
5,125,243 |
|
Met Govt Nashville GO |
|
5.00% |
|
7/1/2022 |
|
Aa1 |
|
|
10,380 |
|
|
13,045,895 |
|
Miami Dade Co GO |
|
5.25% |
|
7/1/2019 |
|
Aa2 |
|
|
3,225 |
|
|
3,875,966 |
|
MN State GO |
|
5.00% |
|
10/1/2017 |
|
AA+ |
|
|
5,000 |
|
|
5,956,950 |
|
MS Dev BankMarshall Co |
|
5.00% |
|
1/1/2020 |
|
AA- |
|
|
1,855 |
|
|
2,248,724 |
|
MS Dev BankMarshall Co |
|
5.00% |
|
1/1/2021 |
|
AA- |
|
|
2,185 |
|
|
2,646,079 |
|
NC State GO |
|
4.00% |
|
5/1/2021 |
|
AAA |
|
|
16,560 |
|
|
19,587,830 |
|
NYC GO |
|
5.00% |
|
8/1/2021 |
|
AA |
|
|
15,000 |
|
|
18,552,600 |
|
NYC GO |
|
5.00% |
|
8/1/2021 |
|
AA |
|
|
15,000 |
|
|
18,552,600 |
|
NYC GO |
|
5.00% |
|
8/1/2022 |
|
AA |
|
|
10,000 |
|
|
12,230,500 |
|
NYC GO |
|
5.00% |
|
8/1/2023 |
|
AA |
|
|
11,850 |
|
|
14,301,765 |
|
OH Infrastructure |
|
5.50% |
|
6/15/2020 |
|
AA |
|
|
4,500 |
|
|
5,372,190 |
|
OH State GO |
|
5.00% |
|
8/1/2020 |
|
AA+ |
|
|
16,870 |
|
|
20,912,895 |
|
OH State GO |
|
5.00% |
|
8/1/2022 |
|
AA+ |
|
|
13,550 |
|
|
16,940,752 |
|
Onondaga Co GO |
|
5.00% |
|
3/1/2020 |
|
AA+ |
|
|
1,150 |
|
|
1,394,249 |
|
|
|
|
32 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Otsego Pub Sch Dist (AGM) |
|
4.00% |
|
5/1/2021 |
|
AA- |
|
$ |
2,245 |
|
$ |
2,411,736 |
|
PA State GO |
|
5.00% |
|
7/1/2019 |
|
AA |
|
|
9,900 |
|
|
12,116,511 |
|
Peralta CCD |
|
5.00% |
|
8/1/2021 |
|
AA- |
|
|
3,000 |
|
|
3,585,510 |
|
Pittsburgh PA Sch District |
|
4.00% |
|
9/1/2019 |
|
A1 |
|
|
5,900 |
|
|
6,595,315 |
|
Pittsburgh PA Sch District |
|
4.00% |
|
9/1/2020 |
|
A1 |
|
|
5,575 |
|
|
6,233,407 |
|
Pocono Mountain Sch Dist (AGM) |
|
5.00% |
|
9/1/2021 |
|
A1 |
|
|
1,440 |
|
|
1,617,307 |
|
PR Comwlth GO |
|
5.375% |
|
7/1/2030 |
|
BBB- |
|
|
10,000 |
|
|
9,971,300 |
|
PR Comwlth GO (XLCA) |
|
5.50% |
|
7/1/2017 |
|
BBB- |
|
|
6,490 |
|
|
7,021,401 |
|
PR Pub Bldg Auth GTD |
|
5.75% |
|
7/1/2022 |
|
BBB- |
|
|
9,305 |
|
|
10,008,365 |
|
RI State GO |
|
5.00% |
|
8/1/2019 |
|
AA |
|
|
16,945 |
|
|
20,466,679 |
|
San Francisco City & Co USD |
|
4.00% |
|
6/15/2021 |
|
Aa2 |
|
|
9,740 |
|
|
11,209,182 |
|
San Jose USD (NPFGC)(FGIC) |
|
4.50% |
|
8/1/2023 |
|
AA |
|
|
2,825 |
|
|
3,094,223 |
|
Shelby Co GO |
|
5.00% |
|
4/1/2019 |
|
AA+ |
|
|
1,200 |
|
|
1,462,212 |
|
WA State GO |
|
5.00% |
|
8/1/2022 |
|
AA+ |
|
|
14,245 |
|
|
17,593,999 |
|
WA State GO |
|
5.00% |
|
1/1/2024 |
|
AA+ |
|
|
5,000 |
|
|
5,921,050 |
|
WI State GO |
|
5.00% |
|
11/1/2020 |
|
AA |
|
|
5,000 |
|
|
6,212,600 |
|
WI State GO (NPFGC) |
|
5.00% |
|
5/1/2019 |
|
AA |
|
|
10,000 |
|
|
10,902,800 |
|
Williamson Co GO |
|
4.00% |
|
2/15/2020 |
|
AAA |
|
|
10,080 |
|
|
11,732,616 |
|
Williamson Co GO |
|
5.00% |
|
2/15/2021 |
|
AAA |
|
|
5,640 |
|
|
6,995,574 |
|
Woonsocket GO |
|
7.125% |
|
6/15/2016 |
|
B2 |
|
|
3,785 |
|
|
3,872,585 |
|
Worcester GO (AGM) |
|
5.25% |
|
10/1/2019 |
|
AA- |
|
|
1,000 |
|
|
1,116,700 |
|
Worcester GO (AGM) |
|
5.25% |
|
10/1/2020 |
|
AA- |
|
|
1,195 |
|
|
1,324,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
787,317,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 14.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Abag Fin AuthEpiscopal Senior |
|
2.15% |
|
7/1/2019 |
|
BBB |
|
|
3,000 |
|
|
3,003,510 |
|
Alachua Co HlthBonita Springs |
|
7.125% |
|
11/15/2016 |
|
NR |
|
|
10,000 |
|
|
10,246,900 |
|
Alachua Co IDANo FL Retirement Vlg |
|
5.625% |
|
11/15/2022 |
|
NR |
|
|
2,000 |
|
|
2,022,920 |
|
Alachua Co IDANo FL Retirement Vlg |
|
5.75% |
|
11/15/2026 |
|
NR |
|
|
6,000 |
|
|
6,047,880 |
|
Albany IDASt Peters Hsp |
|
5.00% |
|
11/15/2015 |
|
A3 |
|
|
200 |
|
|
221,266 |
|
Allegheny Co HspWest Penn Hlth |
|
5.00% |
|
11/15/2017 |
|
CC |
|
|
8,250 |
|
|
7,151,100 |
|
Atlantic Bch HlthFleet Landing (a) |
|
5.00% |
|
11/15/2028 |
|
BBB |
(c) |
|
2,020 |
|
|
2,202,386 |
|
AZ Hlth FacsPhoenix Childrens Hsp |
|
1.97% |
# |
2/1/2048 |
|
BBB+ |
|
|
14,500 |
|
|
14,761,435 |
|
AZ Hlth FacsPhoenix Childrens Hsp |
|
5.00% |
|
2/1/2030 |
|
BBB+ |
|
|
6,000 |
|
|
6,587,280 |
|
Birmingham Baptist Med
CtrBaptist
|
|
5.25% |
|
11/15/2016 |
|
Baa2 |
|
|
2,605 |
|
|
2,825,279 |
|
Blount Co Hlth & EdAsbury |
|
5.125% |
|
4/1/2023 |
|
NR |
|
|
4,875 |
|
|
5,048,306 |
|
CA Fin AuthCmnty Hsps COP |
|
5.00% |
|
2/1/2016 |
|
BBB |
|
|
2,000 |
|
|
2,176,200 |
|
|
|
|
|
See Notes to Financial Statements. |
33 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Fin AuthCmnty Hsps COP |
|
5.00% |
|
2/1/2017 |
|
BBB |
|
$ |
2,245 |
|
$ |
2,491,052 |
|
CA HlthCatholic Hlthcare W |
|
5.125% |
|
7/1/2022 |
|
A |
|
|
1,450 |
|
|
1,560,200 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2022 |
|
BBB+ |
|
|
1,540 |
|
|
1,790,004 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2023 |
|
BBB+ |
|
|
1,000 |
|
|
1,148,850 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2024 |
|
BBB+ |
|
|
2,000 |
|
|
2,285,240 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2025 |
|
BBB+ |
|
|
4,880 |
|
|
5,541,435 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2026 |
|
BBB+ |
|
|
3,705 |
|
|
4,177,943 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2027 |
|
BBB+ |
|
|
4,000 |
|
|
4,482,720 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2029 |
|
BBB+ |
|
|
1,300 |
|
|
1,440,101 |
|
CA HlthCity of Hope |
|
4.00% |
|
11/15/2020 |
|
A+ |
|
|
1,450 |
|
|
1,656,118 |
|
CA HlthCity of Hope |
|
5.00% |
|
11/15/2023 |
|
A+ |
|
|
1,470 |
|
|
1,772,600 |
|
CA HlthEpiscopal Home |
|
5.50% |
|
2/1/2024 |
|
A |
|
|
2,000 |
|
|
2,547,080 |
|
CA HlthScripps Hlth |
|
5.50% |
|
10/1/2020 |
|
AA- |
|
|
2,000 |
|
|
2,359,100 |
|
CA HlthSutter Hlth |
|
5.25% |
|
8/15/2024 |
|
AA- |
|
|
6,920 |
|
|
8,249,332 |
|
CA StwdeSo Cal Presbyterian |
|
6.25% |
|
11/15/2019 |
|
BBB- |
|
|
1,600 |
|
|
1,852,688 |
|
Camden Co Impt AuthCooper Hlth |
|
5.25% |
|
2/15/2027 |
|
BBB |
|
|
12,500 |
|
|
13,143,750 |
|
Carmel RevBarrington of Carmel |
|
5.25% |
|
11/15/2018 |
|
NR |
|
|
1,750 |
|
|
1,762,268 |
|
Charlotte Meck HspCarolinas Hlth |
|
5.00% |
|
1/15/2019 |
|
AA- |
|
|
4,455 |
|
|
5,059,766 |
|
CO Hlth FacsAmerican Baptist |
|
7.00% |
|
8/1/2019 |
|
NR |
|
|
1,500 |
|
|
1,694,700 |
|
CO Hlth FacsChristian Living Cmnty |
|
5.125% |
|
1/1/2030 |
|
NR |
|
|
600 |
|
|
644,316 |
|
CO Hlth FacsSisters Leavenworth |
|
5.00% |
|
1/1/2019 |
|
AA |
|
|
6,000 |
|
|
7,025,340 |
|
CO Hlth FacsSisters Leavenworth |
|
5.00% |
|
1/1/2021 |
|
AA |
|
|
6,555 |
|
|
7,623,465 |
|
Cumberland Co Mun AuthAsbury |
|
5.25% |
|
1/1/2032 |
|
NR |
|
|
1,200 |
|
|
1,252,032 |
|
Delaware Co HspCrozer-Keystone |
|
5.00% |
|
12/15/2019 |
|
BBB- |
|
|
1,000 |
|
|
1,048,390 |
|
Doylestown Hsp Auth (AG) |
|
5.00% |
|
7/1/2022 |
|
AA- |
|
|
1,000 |
|
|
1,051,170 |
|
Duluth EDASt Lukes Hsp |
|
5.75% |
|
6/15/2032 |
|
NR |
|
|
4,250 |
|
|
4,543,845 |
|
Eden Twp Hlthcare Dist COP |
|
5.375% |
|
6/1/2023 |
|
BBB |
(c) |
|
3,085 |
|
|
3,427,805 |
|
Fairfax Co EDAVinson Hall |
|
4.50% |
|
12/1/2032 |
|
NR |
|
|
2,500 |
|
|
2,458,200 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
6.00% |
|
7/1/2020 |
|
Ba1 |
|
|
4,615 |
|
|
4,645,690 |
|
Gaithersburg Econ DevAsbury |
|
5.50% |
|
1/1/2018 |
|
BBB |
(c) |
|
3,535 |
|
|
3,972,845 |
|
Gaithersburg Econ DevAsbury |
|
5.65% |
|
1/1/2019 |
|
BBB |
(c) |
|
2,000 |
|
|
2,286,740 |
|
Glynn Brunswick Mem HspSE GA Hlth |
|
4.75% |
|
8/1/2019 |
|
A2 |
|
|
3,840 |
|
|
4,377,331 |
|
Hanover Co EDACovenant Woods |
|
4.50% |
|
7/1/2030 |
|
NR |
|
|
2,790 |
|
|
2,743,798 |
|
Harris Co Cultural EdBrazos |
|
4.00% |
|
1/1/2023 |
|
NR |
|
|
1,325 |
|
|
1,320,694 |
|
Harris Co Cultural EdBrazos |
|
5.00% |
|
1/1/2033 |
|
NR |
|
|
545 |
|
|
555,066 |
|
HI Dept BudgetKahala Nui |
|
5.00% |
|
11/15/2027 |
|
BBB- |
(c) |
|
1,500 |
|
|
1,656,525 |
|
Howard Co Retmt CmntyVantage House |
|
5.25% |
|
4/1/2027 |
|
NR |
|
|
2,000 |
|
|
2,030,900 |
|
|
|
|
34 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
IA Fin AuthGenesis Hlth Sys |
|
5.00% |
|
7/1/2019 |
|
A1 |
|
$ |
4,075 |
|
$ |
4,739,755 |
|
IL Fin AuthAscension Hlth |
|
5.00% |
|
11/15/2042 |
|
AA+ |
|
|
3,000 |
|
|
3,491,370 |
|
IL Fin AuthHsp Sisters Hlth |
|
5.00% |
|
8/15/2020 |
|
AA- |
|
|
2,695 |
|
|
3,242,085 |
|
IL Fin AuthHsp Sisters Hlth |
|
5.00% |
|
8/15/2021 |
|
AA- |
|
|
5,510 |
|
|
6,650,239 |
|
IL Fin AuthNorthwestern Mem Hsp (b) |
|
5.75% |
|
8/15/2030 |
|
AA+ |
|
|
2,500 |
|
|
2,896,187 |
|
IL Fin AuthProvena Hlth |
|
5.75% |
|
5/1/2018 |
|
BBB+ |
|
|
1,000 |
|
|
1,143,290 |
|
IL Fin AuthProvena Hlth |
|
5.75% |
|
5/1/2019 |
|
BBB+ |
|
|
3,000 |
|
|
3,498,660 |
|
IL Fin AuthProvena Hlth |
|
6.00% |
|
5/1/2020 |
|
BBB+ |
|
|
4,000 |
|
|
4,740,400 |
|
IL Fin AuthRush Univ Med |
|
6.00% |
|
11/1/2019 |
|
A |
|
|
1,000 |
|
|
1,193,210 |
|
IL Fin AuthSisters |
|
5.00% |
|
3/15/2027 |
|
AA- |
|
|
1,000 |
|
|
1,090,710 |
|
IN Bd BkHendricks Regl Hlth |
|
5.00% |
|
2/1/2019 |
|
AA |
|
|
1,765 |
|
|
2,015,189 |
|
Iron River HspIron Co Comnty Hsps |
|
6.00% |
|
5/15/2020 |
|
NR |
|
|
690 |
|
|
744,965 |
|
Jackson Co Hospital Fin Auth Rmkt (AG) |
|
5.00% |
|
6/1/2018 |
|
AA- |
|
|
4,350 |
|
|
4,963,872 |
|
Jackson Co Hospital Fin Auth Rmkt (AG) |
|
5.00% |
|
6/1/2019 |
|
AA- |
|
|
4,400 |
|
|
5,070,472 |
|
Kansas City IDABishop Spencer |
|
6.25% |
|
1/1/2024 |
|
NR |
|
|
895 |
|
|
914,198 |
|
Kansas City IDABishop Spencer |
|
6.50% |
|
1/1/2035 |
|
NR |
|
|
2,500 |
|
|
2,544,850 |
|
Kaweah Delta Hlth Care Dist |
|
5.00% |
|
6/1/2020 |
|
A3 |
|
|
2,000 |
|
|
2,334,480 |
|
Kent Hsp Fin AuthMetropolitan Hsp |
|
5.50% |
|
7/1/2020 |
|
BB+ |
|
|
3,275 |
|
|
3,554,652 |
|
KS DFAAdventist Hlth |
|
5.00% |
|
11/15/2020 |
|
AA- |
|
|
1,775 |
|
|
2,108,292 |
|
KS DFAAdventist Hlth |
|
5.25% |
|
11/15/2019 |
|
AA- |
|
|
1,580 |
|
|
1,915,260 |
|
KY EDAMasonic Homes |
|
5.375% |
|
11/15/2032 |
|
NR |
|
|
2,385 |
|
|
2,463,514 |
|
LA PFAChristus Hlth |
|
5.25% |
|
7/1/2020 |
|
A+ |
|
|
3,200 |
|
|
3,671,840 |
|
Lufkin HlthMem Hlth |
|
6.00% |
|
2/15/2024 |
|
BBB- |
|
|
7,535 |
|
|
8,432,645 |
|
MA DFABoston Med Ctr |
|
5.00% |
|
7/1/2020 |
|
BBB+ |
|
|
5,185 |
|
|
5,961,039 |
|
MA DFABoston Med Ctr |
|
5.00% |
|
7/1/2021 |
|
BBB+ |
|
|
5,705 |
|
|
6,573,187 |
|
MA DFAGroves in Lincoln |
|
7.25% |
|
6/1/2016 |
|
NR |
|
|
5,000 |
|
|
2,369,600 |
|
MD Hlth & EdMercy Med Ctr |
|
5.00% |
|
7/1/2031 |
|
BBB |
|
|
1,100 |
|
|
1,234,849 |
|
MD Hlth & Hi EdUniv MD Med Sys |
|
5.00% |
|
7/1/2020 |
|
A2 |
|
|
4,905 |
|
|
5,818,458 |
|
MD Hlth & Hi EdUniv MD Med Sys |
|
5.00% |
|
7/1/2021 |
|
A2 |
|
|
5,550 |
|
|
6,544,060 |
|
ME Hlth & Hi EdEastern ME Med |
|
5.00% |
|
7/1/2033 |
|
Baa1 |
|
|
3,000 |
|
|
3,319,080 |
|
ME Hlth & Hi EdMaine General Hlth |
|
6.00% |
|
7/1/2026 |
|
Baa3 |
|
|
7,755 |
|
|
9,292,274 |
|
ME Hlth & Hi EdPooled Fing |
|
4.50% |
|
7/1/2018 |
|
A1 |
|
|
2,605 |
|
|
2,958,212 |
|
ME Hlth & Hi EdPooled Fing (NPFGC) |
|
5.375% |
|
7/1/2018 |
|
A1 |
|
|
2,700 |
|
|
2,834,622 |
|
ME Hlth & Hi EdPooled Fing ETM |
|
4.50% |
|
7/1/2018 |
|
NR |
|
|
35 |
|
|
41,322 |
|
Mesquite HlthChristian Care Ctrs |
|
5.50% |
|
2/15/2025 |
|
BBB- |
|
|
3,250 |
|
|
3,386,012 |
|
MI Fin AuthCrittenton Hospital |
|
5.00% |
|
6/1/2019 |
|
A- |
|
|
2,660 |
|
|
3,039,077 |
|
MI Fin AuthCrittenton Hospital |
|
5.00% |
|
6/1/2022 |
|
A- |
|
|
2,960 |
|
|
3,387,631 |
|
|
|
|
|
See Notes to Financial Statements. |
35 |
Schedule of
Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
MI Fin AuthCrittenton Hospital |
|
5.00% |
|
6/1/2027 |
|
A- |
|
$ |
7,250 |
|
$ |
8,138,052 |
|
MI HspAscension Hlth (b) |
|
1.87% |
|
11/1/2027 |
|
AA |
|
|
8,950 |
|
|
8,962,709 |
|
MI HspMcLaren Hlthcare |
|
5.00% |
|
6/1/2018 |
|
Aa3 |
|
|
3,175 |
|
|
3,730,022 |
|
MI HspMcLaren Hlthcare |
|
5.00% |
|
6/1/2019 |
|
Aa3 |
|
|
3,345 |
|
|
3,983,694 |
|
MI HspMcLaren Hlthcare |
|
5.00% |
|
6/1/2020 |
|
Aa3 |
|
|
5,540 |
|
|
6,659,966 |
|
Miami Beach HlthMount Sinai Med Ctr |
|
5.00% |
|
11/15/2029 |
|
Baa2 |
|
|
1,250 |
|
|
1,349,963 |
|
Miami Beach HlthMount Sinai Med Ctr |
|
6.75% |
|
11/15/2021 |
|
Baa2 |
|
|
2,585 |
|
|
2,794,411 |
|
MN Agric & Econ DevEssential
Hlth
|
|
5.50% |
|
2/15/2025 |
|
AA- |
|
|
4,500 |
|
|
5,247,945 |
|
Montgomery Co IDANew Regl Med
|
|
5.00% |
|
8/1/2018 |
|
AA |
|
|
1,605 |
|
|
1,886,180 |
|
Montgomery Co IDANew Regl Med
|
|
5.00% |
|
8/1/2019 |
|
AA |
|
|
1,790 |
|
|
2,099,509 |
|
Montgomery Co IDANew Regl Med
|
|
5.00% |
|
8/1/2020 |
|
AA |
|
|
1,000 |
|
|
1,179,610 |
|
MS HspBaptist Health |
|
5.00% |
|
8/15/2017 |
|
A- |
|
|
2,500 |
|
|
2,861,625 |
|
MS HspBaptist Health |
|
5.00% |
|
8/15/2018 |
|
A- |
|
|
3,000 |
|
|
3,401,340 |
|
MS HspNorth MS Hlth Svcs |
|
5.00% |
|
10/1/2017 |
|
AA |
|
|
2,500 |
|
|
2,859,025 |
|
Nassau Co LEACS Nassau Cmntys Hsp |
|
5.00% |
|
7/1/2027 |
|
A3 |
|
|
1,500 |
|
|
1,647,720 |
|
Nassau Co LEACS Nassau Cmntys Hsp |
|
5.00% |
|
7/1/2031 |
|
A3 |
|
|
2,000 |
|
|
2,154,780 |
|
Nassau Co LEACWinthrop Univ Hsp |
|
5.00% |
|
7/1/2027 |
|
Baa1 |
|
|
3,000 |
|
|
3,377,880 |
|
Nassau Co LEACWinthrop Univ Hsp |
|
5.00% |
|
7/1/2032 |
|
Baa1 |
|
|
4,000 |
|
|
4,426,880 |
|
NC MedLutheran Svcs |
|
4.75% |
|
3/1/2032 |
|
NR |
|
|
2,550 |
|
|
2,575,755 |
|
NJ HlthAHS Hsp Corp |
|
5.125% |
|
7/1/2019 |
|
A1 |
|
|
1,500 |
|
|
1,686,075 |
|
NJ HlthBarnabas Hlth |
|
5.00% |
|
7/1/2019 |
|
BBB+ |
|
|
10,000 |
|
|
11,765,400 |
|
NJ HlthSt Josephs Hlth |
|
6.00% |
|
7/1/2018 |
|
BBB- |
|
|
6,590 |
|
|
7,342,314 |
|
NJ HlthSt Peters Univ Hsp |
|
5.25% |
|
7/1/2021 |
|
BB+ |
|
|
2,045 |
|
|
2,237,557 |
|
NJ HlthSt Peters Univ Hsp |
|
6.00% |
|
7/1/2026 |
|
BB+ |
|
|
5,500 |
|
|
6,378,735 |
|
NJ HlthTrinitas Hsp |
|
5.25% |
|
7/1/2023 |
|
BBB- |
|
|
5,000 |
|
|
5,440,800 |
|
NJ HlthVirtua Hlth (AG) |
|
5.50% |
|
7/1/2020 |
|
AA- |
|
|
5,455 |
|
|
6,450,865 |
|
NM HspHaverland |
|
5.00% |
|
7/1/2032 |
|
BBB- |
(c) |
|
1,000 |
|
|
1,022,210 |
|
Northampton Co GPASt Lukes Hsp |
|
5.00% |
|
8/15/2019 |
|
A3 |
|
|
2,000 |
|
|
2,238,920 |
|
NY DormNorth Shore LI Jewish |
|
5.00% |
|
5/1/2019 |
|
A- |
|
|
4,000 |
|
|
4,743,840 |
|
NY DormNYU Hsps Ctr |
|
5.00% |
|
7/1/2019 |
|
A- |
|
|
2,000 |
|
|
2,355,660 |
|
NY DormOrange Regl Med |
|
6.50% |
|
12/1/2021 |
|
Ba1 |
|
|
1,000 |
|
|
1,158,920 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2021 |
|
Aa3 |
|
|
1,635 |
|
|
1,985,053 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2022 |
|
Aa3 |
|
|
5,000 |
|
|
6,090,550 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2023 |
|
Aa3 |
|
|
4,000 |
|
|
4,889,080 |
|
|
|
|
36 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma Co Fin AuthEpworth Villa |
|
5.00% |
|
4/1/2033 |
|
NR |
|
$ |
1,000 |
|
$ |
1,017,390 |
|
Orange Co HlthOrlando Hlth |
|
5.25% |
|
10/1/2020 |
|
A |
|
|
5,000 |
|
|
5,878,500 |
|
PA Hi EdUniv Pittsburgh Med Ctr |
|
5.00% |
|
5/15/2020 |
|
Aa3 |
|
|
8,000 |
|
|
9,637,440 |
|
Palm Beach Co HlthACTS Retirement |
|
5.00% |
|
11/15/2020 |
|
BBB+ |
|
|
6,300 |
|
|
6,953,814 |
|
Palomar Hlth Care Dist COP |
|
5.25% |
|
11/1/2021 |
|
Baa3 |
|
|
5,000 |
|
|
5,525,300 |
|
Philadelphia HspsTemple Univ Hlth |
|
6.25% |
|
7/1/2023 |
|
BBB- |
|
|
9,500 |
|
|
10,681,040 |
|
Roanoke EDACarilion Clinic |
|
5.00% |
|
7/1/2025 |
|
A+ |
|
|
10,000 |
|
|
11,217,000 |
|
Rochester Hlth CareMayo Clinic |
|
4.50% |
|
11/15/2038 |
|
AA |
|
|
9,500 |
|
|
11,396,865 |
|
San BuenaventuraCmnty Mem Hlth |
|
8.00% |
|
12/1/2026 |
|
BB |
|
|
10,000 |
|
|
13,022,600 |
|
Sartell Hlth CareCountry Manor |
|
5.25% |
|
9/1/2030 |
|
NR |
|
|
1,000 |
|
|
1,026,090 |
|
SC Jobs EDATuomey Hsp (AMBAC) |
|
5.00% |
|
11/1/2018 |
|
NR |
|
|
1,895 |
|
|
1,898,487 |
|
SC Jobs EDATuomey Hsp (CIFG) |
|
5.00% |
|
11/1/2019 |
|
BBB- |
|
|
3,620 |
|
|
3,904,279 |
|
Scottsdale IDAScottsdale Hlthcare |
|
5.00% |
|
9/1/2017 |
|
A2 |
|
|
2,000 |
|
|
2,262,940 |
|
SE Port AuthMemorial Hlth |
|
5.75% |
|
12/1/2032 |
|
NR |
|
|
1,900 |
|
|
2,093,686 |
|
Shelby Co Hlth Ed HsgBaptist Mem Hlth |
|
5.00% |
|
9/1/2017 |
|
AA |
|
|
4,000 |
|
|
4,591,680 |
|
Shelby Co Hlth Ed HsgVlg Germantwn |
|
5.00% |
|
12/1/2032 |
|
NR |
|
|
3,880 |
|
|
3,888,575 |
|
So Broward Hsp DistMemorial
Hlthcare
|
|
5.00% |
|
5/1/2019 |
|
AA- |
|
|
5,130 |
|
|
5,697,481 |
|
So Broward Hsp DistMemorial
Hlthcare
|
|
5.00% |
|
5/1/2022 |
|
AA- |
|
|
2,710 |
|
|
2,956,556 |
|
St Paul Hsg & RedevHealtheast |
|
5.00% |
|
11/15/2017 |
|
BBB- |
|
|
2,900 |
|
|
3,171,208 |
|
Sylacauga HlthCoosa Vy Med Ctr |
|
5.375% |
|
8/1/2015 |
|
NR |
|
|
1,470 |
|
|
1,522,361 |
|
Sylacauga HlthCoosa Vy Med Ctr |
|
6.00% |
|
8/1/2025 |
|
NR |
|
|
3,525 |
|
|
3,563,458 |
|
Tarrant Co CulturalChristus Hlth (AG) |
|
5.75% |
|
7/1/2018 |
|
AA- |
|
|
2,985 |
|
|
3,197,711 |
|
Thomasville Hsp AuthJohn Archbold |
|
4.75% |
|
11/1/2025 |
|
A |
|
|
6,150 |
|
|
6,393,232 |
|
Travis Co HlthLonghorn Vlg |
|
5.50% |
|
1/1/2017 |
|
NR |
|
|
4,255 |
|
|
4,255,894 |
|
Tyler HlthMother Frances Hsp |
|
5.50% |
|
7/1/2027 |
|
Baa1 |
|
|
3,975 |
|
|
4,545,969 |
|
Univ Alabama Birmingham Hsp |
|
5.25% |
|
9/1/2017 |
|
A+ |
|
|
1,180 |
|
|
1,364,894 |
|
Univ Med Ctr Corp |
|
6.00% |
|
7/1/2024 |
|
BBB+ |
|
|
1,000 |
|
|
1,175,220 |
|
Westchester Co Hlth Care |
|
5.00% |
|
11/1/2019 |
|
A3 |
|
|
4,000 |
|
|
4,679,680 |
|
Westchester Co Hlth Care |
|
5.125% |
|
11/1/2020 |
|
A3 |
|
|
5,500 |
|
|
6,511,780 |
|
Westchester Co LDCKendal Hudson (a) |
|
5.00% |
|
1/1/2028 |
|
BBB |
(c) |
|
1,350 |
|
|
1,478,520 |
|
WI Hlth & EdAscension Hlth (b) |
|
5.00% |
|
11/15/2033 |
|
AA+ |
|
|
7,000 |
|
|
7,908,705 |
|
WI Hlth & EdAurora Hlth |
|
5.00% |
|
7/15/2026 |
|
A3 |
|
|
5,575 |
|
|
6,273,938 |
|
WI Hlth & EdFroedtert & Cmnty Hlth |
|
5.00% |
|
4/1/2019 |
|
AA- |
|
|
1,110 |
|
|
1,278,942 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.25% |
|
8/15/2017 |
|
A- |
|
|
8,160 |
|
|
9,313,987 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.25% |
|
8/15/2018 |
|
A- |
|
|
2,000 |
|
|
2,278,540 |
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2027 |
|
Baa2 |
|
|
3,450 |
|
|
3,718,306 |
|
|
|
|
|
See Notes to Financial Statements. |
37 |
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2032 |
|
Baa2 |
|
$ |
2,275 |
|
$ |
2,440,620 |
|
WV HspHerbert Thomas Hlth |
|
6.00% |
|
10/1/2020 |
|
NR |
|
|
1,600 |
|
|
1,686,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
625,685,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing 0.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua Co HlthOak Hammock |
|
8.00% |
|
10/1/2032 |
|
NR |
|
|
500 |
|
|
614,255 |
|
Athens Hsg AuthUGA E Campus Hsg |
|
4.00% |
|
12/1/2019 |
|
Aa2 |
|
|
2,045 |
|
|
2,323,427 |
|
CA StwdeAmerican Baptist |
|
2.10% |
|
10/1/2019 |
|
BBB |
|
|
2,200 |
|
|
2,197,338 |
|
CA StwdeCHF-Irvine LLC |
|
6.00% |
|
5/15/2023 |
|
Baa2 |
|
|
2,000 |
|
|
2,287,660 |
|
MI Strategic FdEvangelical Homes |
|
5.25% |
|
6/1/2032 |
|
BB+ |
(c) |
|
1,500 |
|
|
1,507,470 |
|
Minneapolis MFHRiverside Plaza |
|
6.00% |
|
11/1/2013 |
|
NR |
|
|
3,375 |
|
|
3,382,020 |
|
NJ EDAMontclair St Std Hsg |
|
5.00% |
|
6/1/2018 |
|
Baa3 |
|
|
1,390 |
|
|
1,589,813 |
|
NJ EDAMontclair St Std Hsg |
|
5.25% |
|
6/1/2019 |
|
Baa3 |
|
|
1,610 |
|
|
1,878,307 |
|
PA Hi EdEdinboro Univ |
|
5.00% |
|
7/1/2018 |
|
Baa3 |
|
|
235 |
|
|
264,438 |
|
VA Hsg Dev Auth AMT |
|
4.70% |
|
7/1/2017 |
|
AAA |
|
|
2,315 |
|
|
2,463,993 |
|
WA HsgEmerald Heights |
|
4.00% |
|
7/1/2019 |
|
A- |
(c) |
|
1,130 |
|
|
1,228,762 |
|
WA HsgEmerald Heights |
|
5.00% |
|
7/1/2022 |
|
A- |
(c) |
|
1,000 |
|
|
1,144,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
20,882,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 8.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AZ Sch Brd COP (NPFGC)(FGIC) |
|
5.00% |
|
9/1/2019 |
|
A+ |
|
|
4,850 |
|
|
5,279,370 |
|
Brevard Co Sch Dist COP (NPFGC)(FGIC) |
|
5.00% |
|
7/1/2019 |
|
Aa3 |
|
|
3,500 |
|
|
3,742,725 |
|
Broward Co Sch Brd COP |
|
5.00% |
|
7/1/2021 |
|
Aa3 |
|
|
5,000 |
|
|
6,012,550 |
|
CA Pub WksDept Gen Svcs |
|
5.00% |
|
4/1/2020 |
|
A2 |
|
|
4,085 |
|
|
4,817,032 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
3/1/2018 |
|
A2 |
|
|
7,490 |
|
|
8,792,586 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2019 |
|
A2 |
|
|
1,000 |
|
|
1,209,380 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2020 |
|
A2 |
|
|
1,500 |
|
|
1,825,530 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2021 |
|
A2 |
|
|
3,250 |
|
|
3,892,720 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2021 |
|
A2 |
|
|
1,000 |
|
|
1,211,680 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2022 |
|
A2 |
|
|
4,200 |
|
|
5,041,092 |
|
CA Pub WksVarious Cap Proj |
|
5.25% |
|
10/1/2019 |
|
A2 |
|
|
11,370 |
|
|
13,849,683 |
|
Cleveland COPCleveland Stadium |
|
4.75% |
|
11/15/2020 |
|
A |
|
|
3,000 |
|
|
3,474,450 |
|
Cleveland COPCleveland Stadium |
|
5.00% |
|
11/15/2019 |
|
A |
|
|
2,450 |
|
|
2,881,763 |
|
Dallas Civic Ctr (AG) |
|
5.00% |
|
8/15/2021 |
|
AA- |
|
|
3,800 |
|
|
4,387,290 |
|
Dallas Conv Ctr Hotel Dev Corp |
|
5.25% |
|
1/1/2020 |
|
A+ |
|
|
4,000 |
|
|
4,598,920 |
|
Dallas Conv Ctr Hotel Dev Corp |
|
5.25% |
|
1/1/2022 |
|
A+ |
|
|
6,405 |
|
|
7,213,951 |
|
Erie Co IDABuffalo Sch Dist |
|
5.00% |
|
5/1/2024 |
|
AA- |
|
|
5,930 |
|
|
6,923,156 |
|
Erie Co IDASch Facs |
|
5.00% |
|
5/1/2019 |
|
AA- |
|
|
2,500 |
|
|
2,987,200 |
|
|
|
|
38 |
See Notes to Financial Statements. |
|
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Erie Co IDASch Facs |
|
5.00% |
|
5/1/2020 |
|
AA- |
|
$ |
3,650 |
|
$ |
4,398,651 |
|
FL Dept of Childrens &
Family Svcs
|
|
5.00% |
|
10/1/2022 |
|
AA+ |
|
|
2,870 |
|
|
3,182,773 |
|
Greenville Co Sch Dist |
|
5.50% |
|
12/1/2017 |
|
AA |
|
|
3,000 |
|
|
3,605,670 |
|
Houston Co Coop DistCountry Crossing |
|
12.50% |
|
6/7/2013 |
|
NR |
|
|
1,768 |
|
|
265,200 |
|
IN Fin AuthOH River Brdgs AMT |
|
5.00% |
|
1/1/2019 |
|
BBB |
|
|
6,000 |
|
|
6,659,820 |
|
Kansas City IDADowntown Redev Dist |
|
5.00% |
|
9/1/2022 |
|
AA- |
|
|
7,470 |
|
|
8,736,464 |
|
KY Ppty & Bldgs CommnProj #90 |
|
5.75% |
|
11/1/2019 |
|
Aa3 |
|
|
3,425 |
|
|
4,248,678 |
|
KY Ppty & Bldgs CommnProj #93 (AG) |
|
5.25% |
|
2/1/2020 |
|
AA- |
|
|
2,000 |
|
|
2,410,780 |
|
LA PFAHurricane Recovery (AG) |
|
5.00% |
|
6/1/2020 |
|
AA- |
|
|
5,000 |
|
|
5,490,900 |
|
Los Angeles Co COPSDisney Concert Hall |
|
5.00% |
|
9/1/2021 |
|
AA- |
|
|
1,000 |
|
|
1,170,360 |
|
Los Angeles Co COPSDisney Concert Hall |
|
5.00% |
|
3/1/2022 |
|
AA- |
|
|
1,000 |
|
|
1,161,290 |
|
Los Angeles Co COPSDisney Concert Hall |
|
5.00% |
|
9/1/2022 |
|
AA- |
|
|
1,250 |
|
|
1,455,863 |
|
Los Angeles Co Pub Wks |
|
5.00% |
|
8/1/2023 |
|
AA- |
|
|
1,000 |
|
|
1,198,540 |
|
MD EDCPublic Hlth Lab |
|
5.00% |
|
6/1/2019 |
|
AA+ |
|
|
5,415 |
|
|
6,586,752 |
|
Mecklenburg Co COP |
|
5.00% |
|
2/1/2020 |
|
AA+ |
|
|
3,565 |
|
|
4,247,733 |
|
Mecklenburg Co PFC |
|
5.00% |
|
3/1/2020 |
|
AA+ |
|
|
2,525 |
|
|
3,058,078 |
|
MI Fin AuthDetroit Sch Dist |
|
5.00% |
|
6/1/2016 |
|
A+ |
|
|
11,500 |
|
|
12,402,405 |
|
MI Strategic FdCadillac Place |
|
5.25% |
|
10/15/2023 |
|
A+ |
|
|
3,865 |
|
|
4,553,588 |
|
MI Strategic FdCadillac Place |
|
5.25% |
|
10/15/2024 |
|
A+ |
|
|
6,915 |
|
|
8,072,986 |
|
Miami Dade Co Sch Brd COP
|
|
5.00% |
|
5/1/2022 |
|
A1 |
|
|
11,550 |
|
|
13,138,240 |
|
MN State Gen Fund |
|
5.00% |
|
3/1/2021 |
|
AA |
|
|
4,000 |
|
|
4,963,160 |
|
Montgomery Co IDA |
|
5.00% |
|
2/1/2018 |
|
AA- |
|
|
1,000 |
|
|
1,172,060 |
|
NC Infra Fin Corp (AGM) |
|
5.00% |
|
5/1/2017 |
|
AA+ |
|
|
2,000 |
|
|
2,336,340 |
|
NC State Ltd GO |
|
5.00% |
|
5/1/2018 |
|
AA+ |
|
|
9,560 |
|
|
11,448,578 |
|
NC State Ltd GO |
|
5.00% |
|
5/1/2019 |
|
AA+ |
|
|
8,535 |
|
|
10,369,086 |
|
NJ EDASch Facs |
|
5.00% |
|
9/1/2020 |
|
A+ |
|
|
6,730 |
|
|
8,073,106 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2022 |
|
A+ |
|
|
5,695 |
|
|
6,886,622 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2022 |
|
A+ |
|
|
8,000 |
|
|
9,645,360 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2023 |
|
A+ |
|
|
17,445 |
|
|
21,081,934 |
|
NJ EDASch Facs |
|
5.25% |
|
12/15/2020 |
|
A+ |
|
|
8,125 |
|
|
9,720,100 |
|
NJ EDASch Facs |
|
5.25% |
|
9/1/2023 |
|
A+ |
|
|
10,000 |
|
|
12,010,300 |
|
NJ EDASch Facs |
|
5.25% |
|
9/1/2025 |
|
A+ |
|
|
5,550 |
|
|
6,543,283 |
|
NJ EDATransit Proj |
|
5.00% |
|
5/1/2018 |
|
A+ |
|
|
1,425 |
|
|
1,667,963 |
|
NJ EDATransit Proj |
|
5.00% |
|
5/1/2019 |
|
A+ |
|
|
3,000 |
|
|
3,567,420 |
|
NJ Sports & Expo Auth |
|
5.00% |
|
9/1/2018 |
|
A+ |
|
|
4,950 |
|
|
5,841,495 |
|
NJ Trans Trust Fund (NPFGC)(FGIC) |
|
5.50% |
|
12/15/2020 |
|
A+ |
|
|
1,000 |
|
|
1,248,590 |
|
|
|
|
|
See Notes to Financial Statements. |
39 |
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NW Allen Sch Bldg Corp (AGM) |
|
5.00% |
|
7/15/2020 |
|
AA+ |
|
$ |
3,140 |
|
$ |
3,503,738 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2025 |
|
AAA |
|
|
1,320 |
|
|
1,526,299 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2026 |
|
AAA |
|
|
1,920 |
|
|
2,220,070 |
|
NY UDCSvc Contract |
|
5.00% |
|
1/1/2022 |
|
AA- |
|
|
3,705 |
|
|
4,408,061 |
|
Oakland/Alameda Co Coliseum Auth
|
|
5.00% |
|
2/1/2020 |
|
A1 |
|
|
8,030 |
|
|
9,475,882 |
|
Oakland/Alameda Co Coliseum Auth
|
|
5.00% |
|
2/1/2021 |
|
A1 |
|
|
8,750 |
|
|
10,323,425 |
|
Philadelphia Redev Auth |
|
5.00% |
|
4/15/2019 |
|
A2 |
|
|
2,215 |
|
|
2,570,397 |
|
Philadelphia Redev Auth |
|
5.00% |
|
4/15/2020 |
|
A2 |
|
|
4,525 |
|
|
5,288,594 |
|
Philadelphia Redev Auth |
|
5.00% |
|
4/15/2021 |
|
A2 |
|
|
2,000 |
|
|
2,345,960 |
|
Philadelphia Redev Auth |
|
5.00% |
|
4/15/2022 |
|
A2 |
|
|
5,195 |
|
|
6,106,099 |
|
PR Pub Bldg Auth GTD |
|
7.00% |
|
7/1/2021 |
|
BBB- |
|
|
5,000 |
|
|
5,215,900 |
|
San Diego Conv Ctr Fing Auth |
|
5.00% |
|
4/15/2019 |
|
A+ |
|
|
2,000 |
|
|
2,334,460 |
|
San Diego Conv Ctr Fing Auth |
|
5.00% |
|
4/15/2020 |
|
A+ |
|
|
4,100 |
|
|
4,806,348 |
|
San Diego Conv Ctr Fing Auth |
|
5.00% |
|
4/15/2021 |
|
A+ |
|
|
3,750 |
|
|
4,380,900 |
|
Santa Clara Co Fin Auth |
|
4.00% |
|
2/1/2024 |
|
AA |
|
|
9,810 |
|
|
10,636,885 |
|
WI State GO |
|
5.25% |
|
5/1/2020 |
|
AA- |
|
|
2,175 |
|
|
2,675,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
378,579,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 4.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Co Poll CtlTucson Elec |
|
4.50% |
|
3/1/2030 |
|
BBB- |
|
|
13,300 |
|
|
13,763,638 |
|
Austin Convention |
|
6.00% |
|
1/1/2017 |
|
Ba2 |
|
|
1,935 |
|
|
2,153,558 |
|
Baker Correctional Dev |
|
7.50% |
|
2/1/2030 |
|
NR |
|
|
1,200 |
|
|
1,190,772 |
|
Baytown TwpSt Croix Prep Admy |
|
6.00% |
|
8/1/2018 |
|
BB |
|
|
1,900 |
|
|
1,959,983 |
|
Brooklyn Arena LDCBarclays Ctr |
|
5.75% |
|
7/15/2019 |
|
BBB- |
|
|
2,715 |
|
|
3,202,533 |
|
CA Infra & Econ DevBroad Museum |
|
5.00% |
|
6/1/2021 |
|
Aa1 |
|
|
5,425 |
|
|
6,750,978 |
|
CA Infra & Econ DevGladstone Instn |
|
5.25% |
|
10/1/2026 |
|
A- |
|
|
10,250 |
|
|
11,655,070 |
|
Chester Co IDACollegium Chtr Sch |
|
5.25% |
|
10/15/2032 |
|
BBB- |
|
|
6,410 |
|
|
6,452,883 |
|
Cleveland Arpt |
|
5.00% |
|
1/1/2028 |
|
A- |
|
|
2,500 |
|
|
2,798,250 |
|
Cleveland Arpt |
|
5.00% |
|
1/1/2029 |
|
A- |
|
|
2,500 |
|
|
2,790,225 |
|
Clifton Higher EdIDEA Pub Schs |
|
3.75% |
|
8/15/2022 |
|
BBB |
|
|
3,265 |
|
|
3,449,897 |
|
Clifton Higher EdIDEA Pub Schs |
|
5.00% |
|
8/15/2032 |
|
BBB |
|
|
915 |
|
|
997,048 |
|
Clifton Higher EdUplift Education |
|
5.70% |
|
12/1/2025 |
|
BBB- |
|
|
5,110 |
|
|
5,863,163 |
|
DC RevFriendship Pub Chtr Sch |
|
5.00% |
|
6/1/2032 |
|
BBB |
|
|
3,000 |
|
|
3,164,430 |
|
FL Brd EdLottery Rev |
|
5.00% |
|
7/1/2020 |
|
AAA |
|
|
7,645 |
|
|
9,357,556 |
|
FL Dept Env ProtnFlorida Forever |
|
5.00% |
|
7/1/2018 |
|
AA- |
|
|
14,650 |
|
|
17,364,645 |
|
FL DFCRenaissance Chtr Sch |
|
6.00% |
|
6/15/2032 |
|
NR |
|
|
2,250 |
|
|
2,254,478 |
|
|
|
|
40 |
See Notes to Financial Statements. |
|
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Other Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
FL DFCRenaissance Chtr Sch |
|
7.50% |
|
6/15/2033 |
|
BB- |
(c) |
$ |
4,650 |
|
$ |
5,492,347 |
|
Florence Twn IDALegacy Trad Sch |
|
5.75% |
|
7/1/2033 |
|
BB |
|
|
3,000 |
|
|
2,992,590 |
|
Houston Hi EdCosmos Fndtn |
|
4.00% |
|
2/15/2022 |
|
BBB |
|
|
1,000 |
|
|
1,037,030 |
|
Houston Hi EdCosmos Fndtn |
|
5.00% |
|
2/15/2032 |
|
BBB |
|
|
2,250 |
|
|
2,439,180 |
|
Indianapolis Local Pub Impt Bd Bk |
|
5.00% |
|
6/1/2024 |
|
A1 |
|
|
4,000 |
|
|
4,644,240 |
|
La Vernia Hi EdLife Schools of Dallas |
|
7.00% |
|
8/15/2026 |
|
BBB- |
|
|
4,455 |
|
|
5,246,208 |
|
Maverick Co PFC |
|
6.25% |
|
2/1/2024 |
|
NR |
|
|
1,825 |
|
|
1,490,788 |
|
MD EDCChesapeake Bay Hyatt |
|
5.00% |
|
12/1/2016 |
|
NR |
|
|
700 |
|
|
613,942 |
|
MI Fin AuthDetroit Sch Dist |
|
5.00% |
|
6/1/2019 |
|
A+ |
|
|
1,900 |
|
|
2,190,700 |
|
MI Fin AuthDetroit Sch Dist |
|
5.00% |
|
6/1/2020 |
|
A+ |
|
|
1,400 |
|
|
1,622,166 |
|
MI St Strategic Fd (f) |
|
|
|
|
(g) |
NR |
|
|
400 |
|
|
40 |
|
MinneapolisNtl Marrow Donor |
|
4.875% |
|
8/1/2025 |
|
BBB |
|
|
5,000 |
|
|
5,212,650 |
|
Mohave Co IDAMohave Prison |
|
7.50% |
|
5/1/2019 |
|
BBB+ |
|
|
3,225 |
|
|
4,037,926 |
|
Mohave Co IDAMohave Prison |
|
8.00% |
|
5/1/2025 |
|
BBB+ |
|
|
5,000 |
|
|
6,382,550 |
|
NYC CulturalLincoln Ctr |
|
5.75% |
|
12/1/2018 |
|
A+ |
|
|
2,500 |
|
|
3,024,675 |
|
NYC CulturalWhitney Museum |
|
5.00% |
|
7/1/2021 |
|
A |
|
|
5,000 |
|
|
6,003,550 |
|
PA IDAEconomic Dev |
|
5.00% |
|
7/1/2019 |
|
A1 |
|
|
3,500 |
|
|
4,186,035 |
|
PA IDAEconomic Dev |
|
5.00% |
|
7/1/2020 |
|
A1 |
|
|
2,000 |
|
|
2,416,200 |
|
PR Comwlth Govt Dev Bank Rmkt GTD
|
|
4.75% |
|
12/1/2015 |
|
BBB- |
|
|
5,000 |
|
|
5,072,000 |
|
SC Transp |
|
5.00% |
|
10/1/2019 |
|
A1 |
|
|
5,000 |
|
|
6,169,600 |
|
SC Transp |
|
5.00% |
|
10/1/2020 |
|
A1 |
|
|
13,105 |
|
|
16,302,882 |
|
Seminole Tribe Spl Oblig |
|
5.50% |
|
10/1/2024 |
|
BBB- |
|
|
2,400 |
|
|
2,625,168 |
|
WA Econ Dev Fin AuthWaste Mgmt
|
|
2.00% |
|
6/1/2020 |
|
BBB |
|
|
7,500 |
|
|
7,634,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
192,006,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Refunded 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Met Govt Nashville GO |
|
5.00% |
|
5/15/2020 |
|
NR |
|
|
775 |
|
|
909,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 1.36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2031 |
|
Baa2 |
|
|
5,500 |
|
|
6,038,010 |
|
Atlanta Tax AllocBeltline Rmkt |
|
6.75% |
|
1/1/2020 |
|
A2 |
|
|
2,600 |
|
|
3,278,236 |
|
CA Reassmt Dist 12/1 Irvine |
|
4.00% |
|
9/2/2019 |
|
BBB+ |
|
|
2,000 |
|
|
2,215,480 |
|
CA Reassmt Dist 12/1 Irvine |
|
4.00% |
|
9/2/2020 |
|
BBB+ |
|
|
1,000 |
|
|
1,103,060 |
|
CA Reassmt Dist 12/1 Irvine |
|
4.00% |
|
9/2/2022 |
|
BBB+ |
|
|
1,500 |
|
|
1,650,630 |
|
Glendale Redev Agy |
|
5.50% |
|
12/1/2024 |
|
A |
|
|
6,000 |
|
|
6,280,440 |
|
Houston Co Coop DistCountry Crossing |
|
10.00% |
|
5/1/2039 |
|
NR |
|
|
5,000 |
|
|
1,194,445 |
|
|
|
|
|
See Notes to Financial Statements. |
41 |
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Special Tax (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando Redev TIF |
|
5.25% |
|
9/1/2021 |
|
A |
|
$ |
6,415 |
|
$ |
7,570,470 |
|
Plaza Met Dist #1 |
|
4.50% |
|
12/1/2030 |
|
NR |
|
|
4,300 |
|
|
4,316,512 |
|
Sparks Loc Impt DistsDist #3 |
|
6.50% |
|
9/1/2020 |
|
NR |
|
|
400 |
|
|
414,884 |
|
Sparks Redev AgyRedev Area #1 |
|
4.50% |
|
1/15/2018 |
|
A- |
|
|
1,210 |
|
|
1,263,893 |
|
Sparks Tourism Impt Dist |
|
6.50% |
|
6/15/2020 |
|
B2 |
|
|
6,220 |
|
|
6,528,823 |
|
Village CDD #10 |
|
4.50% |
|
5/1/2023 |
|
NR |
|
|
2,325 |
|
|
2,368,338 |
|
Village CDD #10 |
|
5.00% |
|
5/1/2032 |
|
NR |
|
|
2,000 |
|
|
2,036,900 |
|
Village CDD #9 |
|
5.00% |
|
5/1/2022 |
|
NR |
|
|
1,840 |
|
|
1,968,726 |
|
Village CDD #9 |
|
5.25% |
|
5/1/2031 |
|
NR |
|
|
2,000 |
|
|
2,132,200 |
|
Village CDD #9 |
|
5.75% |
|
5/1/2021 |
|
NR |
|
|
4,060 |
|
|
4,642,854 |
|
Village CDD #9 |
|
6.75% |
|
5/1/2031 |
|
NR |
|
|
2,895 |
|
|
3,379,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
58,383,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 6.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA State Economic Recovery |
|
5.00% |
|
7/1/2018 |
|
Aa3 |
|
|
7,105 |
|
|
8,529,268 |
|
Central Puget Sound RTA |
|
5.00% |
|
2/1/2024 |
|
AAA |
|
|
8,175 |
|
|
9,943,661 |
|
Contra Costa TrspSales Tax |
|
0.506% |
# |
3/1/2034 |
|
AA+ |
|
|
5,000 |
|
|
5,019,250 |
|
Gtr Wenatchee Regl Events Ctr |
|
5.00% |
|
9/1/2027 |
|
NR |
|
|
1,000 |
|
|
1,050,430 |
|
Gtr Wenatchee Regl Events Ctr |
|
5.25% |
|
9/1/2032 |
|
NR |
|
|
1,000 |
|
|
1,052,280 |
|
Guam Ltd ObligSection 30 Landfill |
|
5.375% |
|
12/1/2024 |
|
BBB+ |
|
|
1,000 |
|
|
1,093,100 |
|
Guam Ltd ObligSection 30 Landfill |
|
5.50% |
|
12/1/2019 |
|
BBB+ |
|
|
1,000 |
|
|
1,121,020 |
|
IL Sales Tax |
|
5.00% |
|
6/15/2019 |
|
AAA |
|
|
5,000 |
|
|
6,085,150 |
|
IL Sales Tax |
|
5.00% |
|
6/15/2019 |
|
AAA |
|
|
5,550 |
|
|
6,736,146 |
|
IL StateUnemployment Insurance
|
|
5.00% |
|
12/15/2019 |
|
AA |
|
|
2,500 |
|
|
2,741,775 |
|
Jacksonville Sales Tax |
|
5.00% |
|
10/1/2021 |
|
A1 |
|
|
2,500 |
|
|
3,003,200 |
|
LA Stadium & Expo Dist |
|
5.00% |
|
7/1/2020 |
|
A3 |
|
|
1,000 |
|
|
1,193,910 |
|
LA Stadium & Expo Dist |
|
5.00% |
|
7/1/2021 |
|
A3 |
|
|
1,000 |
|
|
1,195,050 |
|
Martin Co Hospital District |
|
7.00% |
|
4/1/2031 |
|
BBB |
(c) |
|
3,250 |
|
|
3,669,477 |
|
Met Govt NashvilleCnty Conv Ctr |
|
5.00% |
|
7/1/2022 |
|
A1 |
|
|
3,245 |
|
|
3,758,424 |
|
Met Pier & Expo AuthMcCormick Place |
|
5.00% |
|
12/15/2020 |
|
AAA |
|
|
2,500 |
|
|
3,044,650 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2019 |
|
AA |
|
|
11,240 |
|
|
13,693,242 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2020 |
|
AA |
|
|
5,105 |
|
|
6,287,267 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2021 |
|
AA |
|
|
3,145 |
|
|
3,910,839 |
|
Nassau Co Interim Fin Auth |
|
5.00% |
|
11/15/2021 |
|
AAA |
|
|
1,000 |
|
|
1,208,360 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2024 |
|
BBB+ |
|
|
3,000 |
|
|
3,458,280 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2028 |
|
BBB+ |
|
|
14,150 |
|
|
15,865,687 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2029 |
|
BBB+ |
|
|
500 |
|
|
558,115 |
|
|
|
|
42 |
See Notes to Financial Statements. |
|
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Tax Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NY DormPIT |
|
5.00% |
|
12/15/2019 |
|
AAA |
|
$ |
15,000 |
|
$ |
18,506,550 |
|
NY DormPIT |
|
5.00% |
|
3/15/2024 |
|
AAA |
|
|
15,585 |
|
|
18,514,045 |
|
NY DormSch Dist Fin (AG) |
|
5.00% |
|
10/1/2017 |
|
AA- |
|
|
5,000 |
|
|
5,798,000 |
|
NY UDCPIT |
|
5.00% |
|
3/15/2018 |
|
AAA |
|
|
10,000 |
|
|
11,932,400 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2024 |
|
AA- |
|
|
10,000 |
|
|
11,950,500 |
|
NYC TFAFuture Tax |
|
5.00% |
|
11/1/2016 |
|
NR |
|
|
1,395 |
|
|
1,613,541 |
|
NYC TFAFuture Tax |
|
5.00% |
|
5/1/2024 |
|
AAA |
|
|
14,745 |
|
|
17,180,432 |
|
NYC TFAFuture Tax |
|
5.00% |
|
5/1/2025 |
|
AAA |
|
|
9,000 |
|
|
10,453,140 |
|
Oneida Tribe Salex Tax Rev |
|
5.50% |
|
2/1/2021 |
|
AA- |
|
|
2,545 |
|
|
2,906,390 |
|
Orange Co Tourist Dev Tax (NPFGC) |
|
5.00% |
|
10/1/2018 |
|
A+ |
|
|
1,680 |
|
|
1,948,128 |
|
PA Econ DevUnemployment Comp |
|
5.00% |
|
7/1/2021 |
|
Aaa |
|
|
4,000 |
|
|
4,717,120 |
|
PA Econ DevUnemployment Comp |
|
5.00% |
|
7/1/2022 |
|
Aaa |
|
|
15,000 |
|
|
16,879,800 |
|
Polk Co Trans Rev |
|
5.00% |
|
12/1/2021 |
|
A1 |
|
|
2,825 |
|
|
3,254,965 |
|
PR Corp Sales Tax |
|
5.00% |
|
8/1/2022 |
|
AA- |
|
|
1,500 |
|
|
1,758,150 |
|
PR Corp Sales Tax |
|
5.25% |
|
8/1/2019 |
|
A+ |
|
|
3,215 |
|
|
3,704,966 |
|
PR Corp Sales Tax |
|
5.50% |
|
8/1/2023 |
|
A+ |
|
|
15,000 |
|
|
16,635,000 |
|
RI EDCGARVEE (AG) |
|
5.25% |
|
6/15/2020 |
|
AA- |
|
|
6,495 |
|
|
7,757,563 |
|
San Mateo Co Trans Dist (NPFGC) |
|
4.50% |
|
6/1/2022 |
|
AA |
|
|
1,830 |
|
|
1,965,347 |
|
Sonoma Marin Area Rail Rmkt |
|
5.00% |
|
3/1/2019 |
|
AA |
|
|
1,950 |
|
|
2,332,220 |
|
Sonoma Marin Area Rail Rmkt |
|
5.00% |
|
3/1/2020 |
|
AA |
|
|
1,025 |
|
|
1,239,461 |
|
Virgin Islands PFADiageo Rum Tax |
|
6.75% |
|
10/1/2019 |
|
Baa3 |
|
|
2,500 |
|
|
2,882,300 |
|
Virgin Islands PFAGross Tax
Rcpts
|
|
5.00% |
|
10/1/2018 |
|
BBB+ |
|
|
1,000 |
|
|
1,085,600 |
|
Virgin Islands PFATobacco & Liq Tax |
|
5.00% |
|
10/1/2019 |
|
BBB |
|
|
3,000 |
|
|
3,395,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
272,629,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 3.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco |
|
5.125% |
|
6/1/2024 |
|
B- |
|
|
31,490 |
|
|
28,956,000 |
|
Buckeye Tobacco |
|
5.75% |
|
6/1/2034 |
|
B- |
|
|
1,360 |
|
|
1,214,833 |
|
Buckeye Tobacco |
|
5.875% |
|
6/1/2030 |
|
B- |
|
|
9,500 |
|
|
8,607,950 |
|
Golden St Tobacco |
|
4.50% |
|
6/1/2027 |
|
B |
|
|
10,000 |
|
|
9,643,900 |
|
Golden St Tobacco |
|
5.00% |
|
6/1/2014 |
|
A1 |
|
|
2,500 |
|
|
2,612,450 |
|
Golden St Tobacco |
|
5.00% |
|
6/1/2033 |
|
B- |
|
|
10,000 |
|
|
9,245,600 |
|
Inland Empire Tobacco |
|
4.625% |
|
6/1/2021 |
|
B |
(c) |
|
2,900 |
|
|
2,827,674 |
|
Inland Empire Tobacco |
|
5.00% |
|
6/1/2021 |
|
B |
(c) |
|
3,835 |
|
|
3,846,160 |
|
MI Tob Settlement |
|
5.25% |
|
6/1/2022 |
|
B- |
|
|
8,055 |
|
|
7,346,563 |
|
Nthrn AK Tobacco |
|
4.625% |
|
6/1/2023 |
|
Ba1 |
|
|
4,055 |
|
|
4,067,287 |
|
Railsplitter Tobacco Settlement Auth |
|
5.00% |
|
6/1/2017 |
|
A |
|
|
10,095 |
|
|
11,471,150 |
|
|
|
|
|
See Notes to Financial Statements. |
43 |
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Tobacco (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Railsplitter Tobacco Settlement Auth |
|
6.25% |
|
6/1/2024 |
|
A- |
|
$ |
8,500 |
|
$ |
9,503,935 |
|
SD Edu Enhancement Fding Corp |
|
5.00% |
|
6/1/2023 |
|
A |
|
|
1,000 |
|
|
1,220,060 |
|
SD Edu Enhancement Fding Corp |
|
5.00% |
|
6/1/2024 |
|
A- |
|
|
1,000 |
|
|
1,205,140 |
|
SD Edu Enhancement Fding Corp |
|
5.00% |
|
6/1/2025 |
|
A- |
|
|
1,000 |
|
|
1,191,400 |
|
Tobacco Settlement Fin Corp |
|
4.50% |
|
6/1/2023 |
|
B1 |
|
|
17,125 |
|
|
17,124,144 |
|
Tobacco Settlement Fin Corp |
|
4.625% |
|
6/1/2026 |
|
B1 |
|
|
10,000 |
|
|
9,744,400 |
|
Tobacco Settlement Fin Corp |
|
4.75% |
|
6/1/2034 |
|
B2 |
|
|
5,500 |
|
|
4,892,965 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2018 |
|
AA- |
|
|
5,000 |
|
|
5,950,800 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2029 |
|
B2 |
|
|
5,000 |
|
|
4,832,900 |
|
Tobacco Settlement Fin Corp |
|
5.50% |
|
6/1/2019 |
|
AA- |
|
|
1,000 |
|
|
1,008,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
146,513,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 12.78% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alameda Corridor Trsp Auth |
|
5.00% |
|
10/1/2020 |
|
A- |
|
|
1,730 |
|
|
2,084,200 |
|
Alameda Corridor Trsp Auth |
|
5.00% |
|
10/1/2021 |
|
A- |
|
|
1,500 |
|
|
1,816,035 |
|
Atlanta Airport |
|
5.50% |
|
1/1/2021 |
|
A1 |
|
|
3,000 |
|
|
3,757,080 |
|
AZ Transp Brd Hwy |
|
5.00% |
|
7/1/2021 |
|
AA+ |
|
|
10,000 |
|
|
12,441,300 |
|
Bay Area Toll Auth |
|
0.82% |
# |
4/1/2047 |
|
AA |
|
|
6,000 |
|
|
6,006,840 |
|
Central TX Mobility Auth |
|
5.75% |
|
1/1/2019 |
|
BBB- |
|
|
750 |
|
|
883,598 |
|
Central TX Mobility Auth |
|
5.75% |
|
1/1/2020 |
|
BBB- |
|
|
1,000 |
|
|
1,192,990 |
|
Central TX Mobility Auth |
|
5.75% |
|
1/1/2031 |
|
BBB- |
|
|
2,000 |
|
|
2,335,320 |
|
Chicago OHare Arpt |
|
5.00% |
|
1/1/2022 |
|
A2 |
|
|
2,250 |
|
|
2,612,790 |
|
Chicago OHare Arpt (AGM) |
|
5.00% |
|
1/1/2020 |
|
AA- |
|
|
3,500 |
|
|
3,915,835 |
|
Chicago OHare Arpt AMT |
|
5.00% |
|
1/1/2020 |
|
A2 |
|
|
6,320 |
|
|
7,418,985 |
|
Chicago OHare Arpt AMT |
|
5.00% |
|
1/1/2021 |
|
A2 |
|
|
11,740 |
|
|
13,976,470 |
|
Chicago Trans Auth (AG) |
|
5.25% |
|
6/1/2022 |
|
AA- |
|
|
2,800 |
|
|
3,158,988 |
|
Clark Co Arpt (AGM) |
|
5.00% |
|
7/1/2022 |
|
AA- |
|
|
3,905 |
|
|
4,594,389 |
|
CT Spl TaxTrans Infra |
|
5.00% |
|
12/1/2020 |
|
AA |
|
|
4,495 |
|
|
5,552,584 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2022 |
|
AA+ |
|
|
635 |
|
|
742,344 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2023 |
|
AA+ |
|
|
390 |
|
|
455,927 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2024 |
|
AA+ |
|
|
515 |
|
|
602,058 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2028 |
|
AA+ |
|
|
460 |
|
|
537,761 |
|
Delaware River Port Auth |
|
5.00% |
|
1/1/2027 |
|
BBB- |
|
|
1,835 |
|
|
2,102,928 |
|
Denver City & Co Arpt (NPFGC)(FGIC) |
|
5.00% |
|
11/15/2022 |
|
A+ |
|
|
13,625 |
|
|
15,384,805 |
|
E470 Pub Hwy Auth (NPFGC) |
|
Zero Coupon |
|
9/1/2018 |
|
Baa2 |
|
|
10,900 |
|
|
9,377,379 |
|
FL Tpk AuthDept Trans |
|
5.00% |
|
7/1/2019 |
|
AA- |
|
|
10,000 |
|
|
12,232,200 |
|
Foothill / Eastern Corridor Toll Rd |
|
5.80% |
|
1/15/2020 |
|
BBB- |
|
|
7,000 |
|
|
7,220,290 |
|
|
|
|
44 |
See Notes to Financial Statements. |
|
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foothill / Eastern Corridor Toll Rd |
|
|
|
|
|
|
|
|
|
|
|
|
|
(NPFGC)(IBC) |
|
5.80% |
|
1/15/2020 |
|
Baa2 |
|
$ |
3,495 |
|
$ |
3,604,988 |
|
GA Rd & Twy AuthGARVEE |
|
5.00% |
|
6/1/2019 |
|
AA- |
|
|
3,575 |
|
|
4,336,797 |
|
HI Arpts Sys AMT |
|
5.00% |
|
7/1/2017 |
|
A |
|
|
10,000 |
|
|
11,416,100 |
|
Houston Arpt AMT |
|
5.00% |
|
7/1/2021 |
|
A |
|
|
5,000 |
|
|
5,946,400 |
|
KY Tpk Auth |
|
5.00% |
|
7/1/2019 |
|
AA+ |
|
|
4,040 |
|
|
4,795,359 |
|
KY Tpk Auth |
|
5.00% |
|
7/1/2026 |
|
AA+ |
|
|
5,215 |
|
|
6,284,962 |
|
Los Angeles Harbor |
|
5.00% |
|
8/1/2024 |
|
AA |
|
|
1,500 |
|
|
1,797,765 |
|
MBTA |
|
5.25% |
|
7/1/2019 |
|
AAA |
|
|
5,000 |
|
|
6,204,500 |
|
MD EDCCNX Consol Energy |
|
5.75% |
|
9/1/2025 |
|
BB |
|
|
1,500 |
|
|
1,674,090 |
|
MD EDCMaryland Port |
|
5.125% |
|
6/1/2020 |
|
Baa3 |
|
|
1,000 |
|
|
1,132,540 |
|
MD EDCMaryland Port |
|
5.125% |
|
6/1/2020 |
|
Baa3 |
|
|
2,590 |
|
|
2,933,279 |
|
Miami Dade Co Expwy Auth (a) |
|
5.00% |
|
7/1/2022 |
|
A- |
|
|
1,500 |
|
|
1,809,135 |
|
Miami Dade Co Expwy Auth (a) |
|
5.00% |
|
7/1/2023 |
|
A- |
|
|
2,000 |
|
|
2,379,440 |
|
Miami Dade Co Expwy Auth (a) |
|
5.00% |
|
7/1/2024 |
|
A- |
|
|
3,500 |
|
|
4,089,015 |
|
Minneapolis / St Paul Met Arpt |
|
5.00% |
|
1/1/2020 |
|
AA- |
|
|
2,190 |
|
|
2,659,514 |
|
Minneapolis / St Paul Met Arpt (AMBAC) |
|
5.00% |
|
1/1/2024 |
|
AA- |
|
|
10,000 |
|
|
11,332,100 |
|
Montgomery Co |
|
4.00% |
|
3/1/2019 |
|
Aa1 |
|
|
2,435 |
|
|
2,766,282 |
|
MTA NY |
|
5.00% |
|
11/15/2021 |
|
A |
|
|
1,500 |
|
|
1,831,950 |
|
MTA NY |
|
5.00% |
|
11/1/2023 |
|
A |
|
|
5,640 |
|
|
6,775,670 |
|
MTA NY |
|
5.00% |
|
11/15/2023 |
|
A |
|
|
9,250 |
|
|
11,119,240 |
|
MTA NY (a) |
|
5.00% |
|
11/15/2025 |
|
A |
|
|
2,000 |
|
|
2,290,900 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2019 |
|
AA |
|
|
1,375 |
|
|
1,675,107 |
|
NC State GARVEE |
|
4.00% |
|
3/1/2023 |
|
AA |
|
|
10,500 |
|
|
11,740,155 |
|
NC State GARVEE |
|
5.00% |
|
3/1/2018 |
|
AA |
|
|
11,660 |
|
|
13,846,600 |
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2021 |
|
A+ |
|
|
5,000 |
|
|
6,079,100 |
|
NJ Tpk Auth (a) |
|
5.00% |
|
1/1/2023 |
|
A+ |
|
|
3,855 |
|
|
4,680,047 |
|
NJ Tpk Auth (a) |
|
5.00% |
|
1/1/2024 |
|
A+ |
|
|
3,000 |
|
|
3,550,260 |
|
NJ Trans Trust Fund |
|
5.75% |
|
6/15/2020 |
|
A+ |
|
|
7,645 |
|
|
9,587,442 |
|
NJ Trans Trust Fund (NPFGC)(FGIC) |
|
5.25% |
|
12/15/2018 |
|
A+ |
|
|
5,000 |
|
|
5,564,600 |
|
North TX Twy Auth |
|
6.25% |
|
1/1/2024 |
|
A2 |
|
|
5,000 |
|
|
5,985,450 |
|
NY Twy Auth |
|
5.00% |
|
1/1/2019 |
|
A+ |
|
|
1,700 |
|
|
2,019,056 |
|
NY Twy Auth |
|
5.00% |
|
1/1/2020 |
|
A+ |
|
|
1,500 |
|
|
1,815,195 |
|
NY Twy Auth (NPFGC) |
|
5.00% |
|
1/1/2019 |
|
A+ |
|
|
5,060 |
|
|
5,913,521 |
|
OH Infrastructure |
|
5.75% |
|
6/15/2019 |
|
AA |
|
|
1,000 |
|
|
1,216,280 |
|
Orlando & Orange Co Expwy Auth |
|
5.00% |
|
7/1/2019 |
|
A |
|
|
1,500 |
|
|
1,811,805 |
|
Orlando & Orange Co Expwy Auth |
|
5.00% |
|
7/1/2020 |
|
A |
|
|
2,000 |
|
|
2,437,360 |
|
|
|
|
|
See Notes to Financial Statements. |
45 |
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Tpk Commn |
|
0.80% |
# |
12/1/2018 |
|
Aa3 |
|
$ |
5,500 |
|
$ |
5,504,070 |
|
PA Tpk Commn |
|
5.00% |
|
12/1/2017 |
|
Aa3 |
|
|
13,940 |
|
|
16,445,157 |
|
PA Tpk Commn |
|
5.00% |
|
12/1/2022 |
|
Aa3 |
|
|
3,500 |
|
|
4,256,840 |
|
PA Tpk Commn (AG) |
|
5.00% |
|
6/1/2017 |
|
AA- |
|
|
3,500 |
|
|
4,062,940 |
|
PA Tpk Commn (AG) |
|
5.00% |
|
6/1/2018 |
|
AA- |
|
|
2,500 |
|
|
2,943,825 |
|
PA Tpk CommnRegistration Fee (AGM) |
|
5.25% |
|
7/15/2019 |
|
AA- |
|
|
1,270 |
|
|
1,510,055 |
|
Phoenix Airport |
|
5.00% |
|
7/1/2023 |
|
A+ |
|
|
7,000 |
|
|
8,310,820 |
|
Phoenix Airport AMT |
|
5.00% |
|
7/1/2020 |
|
AA- |
|
|
5,000 |
|
|
6,036,750 |
|
Phoenix Airport AMT |
|
5.00% |
|
7/1/2021 |
|
AA- |
|
|
3,050 |
|
|
3,698,277 |
|
Phoenix Airport AMT |
|
5.00% |
|
7/1/2022 |
|
AA- |
|
|
1,500 |
|
|
1,820,175 |
|
Port Auth NY & NJJFK IAT |
|
5.00% |
|
12/1/2020 |
|
BBB- |
|
|
6,000 |
|
|
6,793,740 |
|
Port Oakland AMT |
|
5.00% |
|
5/1/2021 |
|
A+ |
|
|
1,000 |
|
|
1,186,640 |
|
Port Oakland AMT |
|
5.00% |
|
5/1/2022 |
|
A+ |
|
|
11,000 |
|
|
13,034,340 |
|
Port Seattle |
|
5.00% |
|
8/1/2025 |
|
Aa3 |
|
|
10,000 |
|
|
11,976,200 |
|
Port Seattle PFC |
|
5.00% |
|
12/1/2020 |
|
A+ |
|
|
6,500 |
|
|
7,837,570 |
|
Regional Trans DistDenver Trans |
|
5.00% |
|
7/15/2021 |
|
Baa3 |
|
|
3,460 |
|
|
3,985,332 |
|
Regional Trans DistDenver Trans |
|
5.00% |
|
1/15/2022 |
|
Baa3 |
|
|
2,800 |
|
|
3,191,328 |
|
Regional Trans DistDenver Trans |
|
5.125% |
|
1/15/2023 |
|
Baa3 |
|
|
2,835 |
|
|
3,224,416 |
|
Regional Trans DistDenver Trans |
|
5.125% |
|
7/15/2023 |
|
Baa3 |
|
|
5,670 |
|
|
6,448,831 |
|
San Francisco Arpt AMT |
|
5.00% |
|
5/1/2026 |
|
A+ |
|
|
10,000 |
|
|
11,425,100 |
|
San Francisco Arpt AMT |
|
5.00% |
|
5/1/2028 |
|
A+ |
|
|
7,450 |
|
|
8,374,098 |
|
South Jersey Trans Auth |
|
5.00% |
|
11/1/2020 |
|
A- |
|
|
2,000 |
|
|
2,358,300 |
|
South Jersey Trans Auth |
|
5.00% |
|
11/1/2021 |
|
A- |
|
|
5,305 |
|
|
6,273,693 |
|
Southeastern PA Transp Auth |
|
5.00% |
|
6/1/2023 |
|
A+ |
|
|
2,500 |
|
|
2,958,725 |
|
St Louis ArptLambert Intl Airport |
|
5.125% |
|
7/1/2016 |
|
A- |
|
|
1,920 |
|
|
2,155,795 |
|
St Louis ArptLambert Intl
Airport
|
|
5.00% |
|
7/1/2017 |
|
AA- |
|
|
1,650 |
|
|
1,895,388 |
|
Tri Co Met Trsp Dist |
|
3.00% |
|
11/1/2019 |
|
Aa3 |
|
|
15,000 |
|
|
16,203,000 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2020 |
|
AA- |
|
|
7,525 |
|
|
9,328,291 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2022 |
|
A+ |
|
|
4,715 |
|
|
5,816,754 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2023 |
|
A+ |
|
|
2,000 |
|
|
2,462,540 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2023 |
|
AA- |
|
|
5,000 |
|
|
6,178,050 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
1/1/2025 |
|
AA- |
|
|
10,285 |
|
|
12,328,732 |
|
Triborough Brdg & Tunl Auth (NPFGC) |
|
5.50% |
|
11/15/2021 |
|
A+ |
|
|
10,000 |
|
|
12,739,200 |
|
VA Small Bus Fing95 Express
Lanes
|
|
5.00% |
|
7/1/2034 |
|
BBB- |
|
|
3,650 |
|
|
3,793,846 |
|
VA Small Bus FingElizabeth River AMT |
|
5.25% |
|
1/1/2032 |
|
BBB- |
|
|
10,500 |
|
|
11,253,585 |
|
VA Transp BrdCap Proj |
|
5.00% |
|
5/15/2021 |
|
AA+ |
|
|
10,000 |
|
|
12,474,700 |
|
|
|
|
46 |
See Notes to Financial Statements. |
|
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
WA St GARVEE520 Corridor |
|
5.00% |
|
9/1/2021 |
|
AA |
|
$ |
10,000 |
|
$ |
12,337,900 |
|
WI Trans |
|
5.00% |
|
7/1/2019 |
|
AA+ |
|
|
2,000 |
|
|
2,390,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
550,520,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 16.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amr Muni PwrFremont Energy |
|
5.00% |
|
2/15/2020 |
|
A1 |
|
|
2,000 |
|
|
2,381,720 |
|
Amr Muni PwrFremont Energy |
|
5.00% |
|
2/15/2021 |
|
A1 |
|
|
1,300 |
|
|
1,553,292 |
|
Brownsville Utility Sys CR (AGM)(AMBAC) |
|
5.00% |
|
9/1/2020 |
|
AA- |
|
|
4,800 |
|
|
5,267,088 |
|
CA Dept Wtr Res Pwr |
|
5.00% |
|
5/1/2018 |
|
AA- |
|
|
4,050 |
|
|
4,852,305 |
|
CA Dept Wtr Res Pwr |
|
5.00% |
|
5/1/2019 |
|
AA- |
|
|
16,695 |
|
|
20,348,033 |
|
Central PlainsGoldman Sachs |
|
5.00% |
|
9/1/2027 |
|
A- |
|
|
20,000 |
|
|
22,438,400 |
|
Detroit Sewer |
|
5.50% |
|
7/1/2024 |
|
A+ |
|
|
2,500 |
|
|
2,736,775 |
|
East Bay Utility Water District |
|
5.00% |
|
6/1/2021 |
|
AAA |
|
|
13,260 |
|
|
16,661,455 |
|
Energy NorthwestColumbia Station
|
|
5.00% |
|
7/1/2024 |
|
Aa1 |
|
|
11,665 |
|
|
13,118,809 |
|
Farmington Poll CtlAZ Pub Svc |
|
4.70% |
|
5/1/2024 |
|
BBB+ |
|
|
5,265 |
|
|
5,920,703 |
|
FL Muni Pwr Agy |
|
5.25% |
|
10/1/2022 |
|
A2 |
|
|
3,115 |
|
|
3,687,039 |
|
FL Muni Pwr AgySt Lucie |
|
5.00% |
|
10/1/2021 |
|
A2 |
|
|
3,650 |
|
|
4,296,744 |
|
GA Env Loan Acquisition Corp |
|
4.00% |
|
3/15/2021 |
|
Aaa |
|
|
7,335 |
|
|
8,306,741 |
|
Hampton Rds Santn Dist |
|
5.00% |
|
4/1/2022 |
|
AAA |
|
|
5,000 |
|
|
5,815,500 |
|
HI Dept BudgetHawaiian Electric
|
|
4.80% |
|
1/1/2025 |
|
Baa1 |
|
|
15,000 |
|
|
15,372,450 |
|
IA Fin AuthRevolving Fund |
|
5.25% |
|
8/1/2020 |
|
AAA |
|
|
2,500 |
|
|
3,021,000 |
|
IL DFAPeoples Gas AMT (AMBAC) |
|
4.875% |
|
11/1/2038 |
|
A1 |
|
|
7,500 |
|
|
7,724,250 |
|
IN Fin AuthIndianapolis Pwr & Light |
|
4.90% |
|
1/1/2016 |
|
A3 |
|
|
10,000 |
|
|
10,902,100 |
|
IN Fin Auth Waste Wtr |
|
5.00% |
|
10/1/2020 |
|
AA- |
|
|
5,000 |
|
|
5,970,050 |
|
IN Fin Auth Waste Wtr |
|
5.00% |
|
10/1/2020 |
|
AA |
|
|
7,135 |
|
|
8,773,981 |
|
IN Fin Auth Waste Wtr |
|
5.25% |
|
10/1/2026 |
|
AA |
|
|
5,000 |
|
|
5,983,000 |
|
Indianapolis Local Pub Impt Bd Bk
|
|
5.00% |
|
7/1/2019 |
|
A+ |
|
|
340 |
|
|
400,782 |
|
Indianapolis Util Dist (AG) |
|
5.00% |
|
6/1/2017 |
|
AA- |
|
|
3,140 |
|
|
3,588,486 |
|
Intermountain Pwr Agy (a) |
|
5.00% |
|
7/1/2021 |
|
A+ |
|
|
3,000 |
|
|
3,542,550 |
|
Intermountain Pwr Agy (a) |
|
5.00% |
|
7/1/2022 |
|
A+ |
|
|
1,500 |
|
|
1,758,015 |
|
JEA St Johns Riv Pwr Pk Sys |
|
5.00% |
|
10/1/2020 |
|
Aa2 |
|
|
3,000 |
|
|
3,647,430 |
|
JEA St Johns Riv Pwr Pk Sys |
|
5.00% |
|
10/1/2022 |
|
Aa2 |
|
|
1,625 |
|
|
1,943,468 |
|
KS DFADept Hlth & Env |
|
5.00% |
|
3/1/2021 |
|
AAA |
|
|
6,680 |
|
|
8,131,030 |
|
KS Env ImptKansas City Pwr & Lt |
|
2.95% |
|
12/1/2023 |
|
A3 |
|
|
17,500 |
|
|
17,547,425 |
|
KS Env ImptKansas City Pwr & Lt |
|
2.95% |
|
12/1/2023 |
|
A3 |
|
|
12,400 |
|
|
12,433,604 |
|
|
|
|
|
See Notes to Financial Statements. |
47 |
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeland Energy (AGM) |
|
5.00% |
|
10/1/2018 |
|
AA |
|
$ |
3,975 |
|
$ |
4,694,634 |
|
Lakeland Energy (AGM) |
|
5.00% |
|
10/1/2019 |
|
AA |
|
|
8,615 |
|
|
10,233,672 |
|
Long Beach Nat GasML |
|
1.624% |
# |
11/15/2026 |
|
A- |
|
|
4,000 |
|
|
3,544,440 |
|
Long Island Power Auth |
|
5.00% |
|
5/1/2019 |
|
A- |
|
|
1,000 |
|
|
1,182,170 |
|
Long Island Power Auth |
|
5.00% |
|
5/1/2020 |
|
A- |
|
|
2,930 |
|
|
3,488,194 |
|
Long Island Power Auth (NPFGC)(FGIC) |
|
5.00% |
|
12/1/2019 |
|
A- |
|
|
3,000 |
|
|
3,316,080 |
|
Los Angeles DEWAPPwr Sys |
|
5.00% |
|
7/1/2022 |
|
AA- |
|
|
4,250 |
|
|
5,221,763 |
|
Los Angeles DEWAPWtr Sys |
|
5.00% |
|
7/1/2023 |
|
AA |
|
|
3,000 |
|
|
3,701,910 |
|
Los Angeles Solid Waste |
|
5.00% |
|
2/1/2020 |
|
AA |
|
|
2,000 |
|
|
2,399,080 |
|
Louisville/Jeff Co Met Swr Dist |
|
5.00% |
|
5/15/2019 |
|
AA |
|
|
4,705 |
|
|
5,700,672 |
|
Louisville/Jeff Co Poll
CtlLouisville
|
|
1.65% |
|
10/1/2033 |
|
A2 |
|
|
7,000 |
|
|
7,139,230 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2018 |
|
A |
|
|
6,345 |
|
|
7,565,841 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2019 |
|
A |
|
|
5,000 |
|
|
6,038,550 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2020 |
|
A1 |
|
|
3,130 |
|
|
3,833,655 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2020 |
|
A1 |
|
|
3,930 |
|
|
4,813,503 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2021 |
|
A |
|
|
5,225 |
|
|
6,385,159 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2022 |
|
A |
|
|
10,005 |
|
|
11,912,853 |
|
MA DFADominion Energy |
|
5.75% |
|
12/1/2042 |
|
A- |
|
|
1,000 |
|
|
1,219,350 |
|
Main St Nat GasML |
|
5.00% |
|
3/15/2021 |
|
A- |
|
|
2,500 |
|
|
2,841,825 |
|
MD EDCPotomac Elec Rmkt |
|
6.20% |
|
9/1/2022 |
|
A |
|
|
1,650 |
|
|
2,007,786 |
|
MEAGGen Resolution Projects |
|
5.00% |
|
1/1/2020 |
|
A |
|
|
6,190 |
|
|
7,460,002 |
|
MEAGProj 1 |
|
5.00% |
|
1/1/2021 |
|
A |
|
|
4,185 |
|
|
5,088,207 |
|
Met Govt Nashville Water & Sewer |
|
5.00% |
|
7/1/2022 |
|
A+ |
|
|
1,000 |
|
|
1,242,490 |
|
Miami Dade Co Wtr & Swr (AGM) |
|
5.25% |
|
10/1/2018 |
|
Aa2 |
|
|
3,000 |
|
|
3,660,240 |
|
Modesto Irrigation Dist |
|
5.00% |
|
7/1/2022 |
|
A+ |
|
|
1,000 |
|
|
1,219,010 |
|
Modesto Irrigation Dist |
|
5.00% |
|
7/1/2023 |
|
A+ |
|
|
1,800 |
|
|
2,186,262 |
|
Modesto Irrigation Dist |
|
5.00% |
|
7/1/2024 |
|
A+ |
|
|
3,720 |
|
|
4,470,064 |
|
NC Eastern Muni Pwr |
|
5.00% |
|
1/1/2019 |
|
A- |
|
|
2,245 |
|
|
2,693,663 |
|
NC Eastern Muni Pwr |
|
5.00% |
|
1/1/2020 |
|
A- |
|
|
1,000 |
|
|
1,179,250 |
|
NC Muni Pwr Agy #1 Catawba Elec |
|
5.25% |
|
1/1/2017 |
|
A |
|
|
20,000 |
|
|
23,268,400 |
|
NC Muni Pwr Agy #1 Catawba Elec |
|
5.00% |
|
1/1/2019 |
|
A |
|
|
6,500 |
|
|
7,759,375 |
|
NE Public Power |
|
5.00% |
|
1/1/2029 |
|
A1 |
|
|
1,500 |
|
|
1,731,675 |
|
NE Public Power (AGM) |
|
5.00% |
|
1/1/2018 |
|
AA- |
|
|
3,000 |
|
|
3,485,190 |
|
North Sumter Co Util Dep Dist |
|
5.00% |
|
10/1/2032 |
|
BBB- |
|
|
8,000 |
|
|
8,188,240 |
|
North TX Muni Water |
|
5.25% |
|
9/1/2022 |
|
AAA |
|
|
13,000 |
|
|
16,554,330 |
|
Northern CA PwrHydroelec #1 |
|
5.00% |
|
7/1/2026 |
|
A+ |
|
|
3,600 |
|
|
4,209,048 |
|
|
|
|
48 |
See Notes to Financial Statements. |
|
Schedule
of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern CA PwrMorgan Stanley |
|
0.836% |
# |
7/1/2019 |
|
A- |
|
$ |
10,000 |
|
$ |
9,372,500 |
|
Northern CA PwrMorgan Stanley |
|
0.926% |
# |
7/1/2027 |
|
A- |
|
|
4,265 |
|
|
3,653,953 |
|
NY EnergyRochester Gas & Elec (NPFGC) |
|
5.00% |
|
8/1/2032 |
|
BBB+ |
|
|
5,000 |
|
|
5,428,300 |
|
OH Air QualityFirstEnergy |
|
5.70% |
|
8/1/2020 |
|
BBB- |
|
|
4,250 |
|
|
5,079,898 |
|
OH Air QualityFirstEnergy |
|
5.75% |
|
6/1/2033 |
|
BBB- |
|
|
3,000 |
|
|
3,346,770 |
|
OH Air QualityOhio Vly Elec |
|
5.625% |
|
10/1/2019 |
|
BBB- |
|
|
8,000 |
|
|
9,323,200 |
|
Orlando Util Commn |
|
5.00% |
|
10/1/2023 |
|
AA |
|
|
11,000 |
|
|
13,731,960 |
|
PA Econ DevPhiladelphia Biosolids |
|
5.25% |
|
1/1/2016 |
|
Baa3 |
|
|
2,225 |
|
|
2,405,314 |
|
PA Econ DevPhiladelphia Biosolids |
|
5.50% |
|
1/1/2018 |
|
Baa3 |
|
|
1,030 |
|
|
1,160,511 |
|
PA Econ DevPPL Electric Utility Rmkt |
|
4.00% |
|
10/1/2023 |
|
A- |
|
|
17,500 |
|
|
18,923,100 |
|
Philadelphia Gas Works |
|
5.00% |
|
8/1/2016 |
|
BBB+ |
|
|
1,000 |
|
|
1,113,180 |
|
Philadelphia Wastewater |
|
5.00% |
|
11/1/2026 |
|
A1 |
|
|
5,000 |
|
|
5,863,350 |
|
Philadelphia Water & Wastewater (AGM) |
|
5.00% |
|
6/15/2019 |
|
AA- |
|
|
2,500 |
|
|
2,989,950 |
|
Phoenix Wastewater |
|
5.50% |
|
7/1/2019 |
|
AAA |
|
|
1,675 |
|
|
2,043,818 |
|
Piedmont Muni Pwr Agy |
|
5.00% |
|
1/1/2019 |
|
A- |
|
|
1,250 |
|
|
1,485,363 |
|
Piedmont Muni Pwr Agy |
|
5.00% |
|
1/1/2022 |
|
A- |
|
|
4,750 |
|
|
5,640,055 |
|
Piedmont Muni Pwr Agy |
|
5.00% |
|
1/1/2024 |
|
A- |
|
|
7,920 |
|
|
9,179,042 |
|
Piedmont Muni Pwr Agy |
|
5.25% |
|
1/1/2019 |
|
A- |
|
|
2,000 |
|
|
2,343,180 |
|
Pima Co IDATucson Elec |
|
4.00% |
|
9/1/2029 |
|
BBB- |
|
|
2,250 |
|
|
2,244,555 |
|
Pima Co IDATucson Elec |
|
4.95% |
|
10/1/2020 |
|
BBB- |
|
|
10,640 |
|
|
12,115,130 |
|
PR Aqueduct & Swr Auth |
|
5.25% |
|
7/1/2029 |
|
BB+ |
|
|
20,000 |
|
|
19,382,200 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2024 |
|
BBB+ |
|
|
4,900 |
|
|
4,961,985 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2029 |
|
BBB+ |
|
|
8,205 |
|
|
7,903,876 |
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2019 |
|
BBB+ |
|
|
2,000 |
|
|
2,169,000 |
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2026 |
|
BBB+ |
|
|
4,900 |
|
|
4,934,790 |
|
Public Gas Partners Inc |
|
5.00% |
|
10/1/2019 |
|
A+ |
|
|
5,950 |
|
|
6,848,152 |
|
Salt River Imp & Pwr Dist |
|
5.00% |
|
1/1/2021 |
|
Aa1 |
|
|
1,000 |
|
|
1,182,250 |
|
Salt River Proj Agric Imp & Pwr Dist |
|
5.00% |
|
12/1/2023 |
|
Aa1 |
|
|
8,980 |
|
|
11,032,199 |
|
San Diego PFA Swr |
|
5.00% |
|
5/15/2020 |
|
Aa3 |
|
|
5,000 |
|
|
6,048,300 |
|
San Diego PFA Swr |
|
5.50% |
|
5/15/2023 |
|
Aa3 |
|
|
5,000 |
|
|
6,148,200 |
|
San Francisco City & Co Pub Util Sys |
|
5.00% |
|
11/1/2023 |
|
AA- |
|
|
5,450 |
|
|
6,679,847 |
|
SC Renewable Wtr Res |
|
5.00% |
|
1/1/2023 |
|
AA |
|
|
8,515 |
|
|
10,386,767 |
|
Snohomish Co PUD #1 (AGM) |
|
5.00% |
|
12/1/2020 |
|
AA- |
|
|
5,000 |
|
|
5,519,650 |
|
TEACGoldman Sachs |
|
5.00% |
|
2/1/2017 |
|
Baa3 |
|
|
5,000 |
|
|
5,555,800 |
|
TEACGoldman Sachs |
|
5.00% |
|
2/1/2018 |
|
Baa3 |
|
|
1,055 |
|
|
1,186,474 |
|
TEACGoldman Sachs |
|
5.25% |
|
9/1/2019 |
|
A- |
|
|
15,300 |
|
|
17,738,514 |
|
TEACGoldman Sachs |
|
5.25% |
|
9/1/2020 |
|
A- |
|
|
2,670 |
|
|
3,108,895 |
|
|
|
|
|
See Notes to Financial Statements. |
49 |
|
Schedule of Investments (unaudited)(continued) |
INTERMEDIATE TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
||
|
||||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2024 |
|
A3 |
|
$ |
13,000 |
|
$ |
14,489,540 |
|
|
TX Muni Gas Acq & SupplyML |
|
5.25% |
|
12/15/2021 |
|
A- |
|
|
4,685 |
|
|
5,486,697 |
|
|
TX Muni Gas Acq & SupplyML |
|
5.25% |
|
12/15/2023 |
|
A- |
|
|
2,925 |
|
|
3,441,321 |
|
|
TX Muni Gas Acq & SupplyML |
|
5.625% |
|
12/15/2017 |
|
A- |
|
|
7,010 |
|
|
7,807,458 |
|
|
TX Muni Pwr Agy |
|
4.00% |
|
9/1/2017 |
|
A+ |
|
|
2,000 |
|
|
2,218,940 |
|
|
TX Muni Pwr Agy |
|
4.00% |
|
9/1/2018 |
|
A+ |
|
|
2,675 |
|
|
3,000,574 |
|
|
UT Muni PwrPayson Pwr |
|
4.00% |
|
4/1/2017 |
|
A- |
|
|
4,785 |
|
|
5,296,134 |
|
|
VA Res Auth Clean WtrRevolving Fd |
|
5.00% |
|
10/1/2017 |
|
AAA |
|
|
2,000 |
|
|
2,376,920 |
|
|
VA Res Auth Clean WtrRevolving Fd |
|
5.00% |
|
10/1/2018 |
|
AAA |
|
|
2,150 |
|
|
2,536,377 |
|
|
Vernon Elec Sys |
|
5.125% |
|
8/1/2021 |
|
A- |
|
|
11,900 |
|
|
13,405,469 |
|
|
Western Genr AgyWauna Cogen AMT |
|
5.00% |
|
1/1/2016 |
|
NR |
|
|
1,510 |
|
|
1,531,125 |
|
|
Wichita Wtr & Swr |
|
5.00% |
|
10/1/2020 |
|
AA- |
|
|
6,795 |
|
|
8,350,511 |
|
|
Wyandotte Co Unified Govt Utility Sys |
|
5.00% |
|
9/1/2021 |
|
A+ |
|
|
3,105 |
|
|
3,758,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
731,689,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Municipal Bonds (cost $3,993,236,184) |
|
|
|
|
|
|
|
|
|
|
|
4,207,024,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||
SHORT-TERM INVESTMENTS 2.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Mutual Fund 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Municipal Cash Management
Plus
|
|
|
|
|
|
|
|
|
2 |
|
|
1,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
Interest
|
|
Final
|
|
|
|
Principal
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||
Variable Rate Demand Notes 2.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 0.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NE Ed Fin AuthCreighton Univ |
|
0.14% |
|
4/1/2013 |
|
7/1/2035 |
|
Aa1 |
|
$ |
14,550 |
|
|
14,550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 0.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC GO |
|
0.18% |
|
4/1/2013 |
|
8/1/2038 |
|
AAA |
|
|
21,000 |
|
|
21,000,000 |
|
|
NYC GO |
|
0.19% |
|
4/1/2013 |
|
1/1/2036 |
|
BBB |
|
|
10,905 |
|
|
10,905,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
31,905,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded) |
INTERMEDIATE TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Interest
|
|
Final
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
||
|
||||||||||||||||
Health Care 0.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CO Hlth FacsNorth CO Med Ctr |
|
0.24% |
|
4/1/2013 |
|
5/15/2030 |
|
AA |
|
$ |
1,465 |
|
$ |
1,465,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinellas Co Hlth FacsBayfront
|
|
0.17% |
|
4/1/2013 |
|
7/1/2036 |
|
A3 |
|
|
6,800 |
|
|
6,800,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
8,265,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 0.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palm Beach Co Sch Brd COP |
|
0.57% |
|
4/4/2013 |
|
8/1/2029 |
|
BBB |
|
|
15,000 |
|
|
15,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 0.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Valley Water District |
|
0.16% |
|
4/1/2013 |
|
6/1/2036 |
|
AA+ |
|
|
18,900 |
|
|
18,900,000 |
|
|
Las Vegas Valley Water District |
|
0.16% |
|
4/1/2013 |
|
6/1/2036 |
|
AA+ |
|
|
4,000 |
|
|
4,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
22,900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Variable Rate Demand Notes (cost $92,620,000) |
|
|
|
|
|
|
|
|
|
92,620,000 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||
Total Short-Term Investments (cost $92,621,775) |
|
|
|
|
|
|
|
|
|
|
92,621,775 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Investments in Securities 99.83% (cost $4,085,857,959) |
|
|
|
|
|
|
|
|
|
4,299,646,179 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||
Cash and Other Assets in Excess of Liabilities (h) 0.17% |
|
|
|
|
|
|
|
|
|
7,209,392 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||
Net Assets 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
$4,306,855,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Futures Contracts at March 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
Unrealized
|
|
||
|
|||||||||||||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
500 |
|
Short |
|
$ |
(65,992,188 |
) |
$ |
(313,365 |
) |
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
342 |
|
Short |
|
|
(49,408,312 |
) |
|
(721,998 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Totals |
|
|
|
|
|
|
|
$ |
(115,400,500 |
) |
$ |
(1,035,363 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
51 |
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
MUNICIPAL BONDS 97.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 6.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aleutians E BuroughPribilof
Islands
|
|
5.50% |
|
6/1/2025 |
|
NR |
|
$ |
375 |
|
$ |
382,586 |
|
Beaver Co IDAFirstEnergy Rmkt |
|
2.70% |
|
4/1/2035 |
|
BBB- |
|
|
1,500 |
|
|
1,528,170 |
|
CA StwdeSo CA Edison |
|
4.50% |
|
9/1/2029 |
|
A1 |
|
|
200 |
|
|
212,816 |
|
Citizens Property Insurance Corp |
|
5.00% |
|
6/1/2020 |
|
A+ |
|
|
1,000 |
|
|
1,189,650 |
|
Citizens Property Insurance Corp |
|
5.00% |
|
6/1/2021 |
|
A+ |
|
|
1,000 |
|
|
1,191,630 |
|
Fort Bend Co IDCNRG Energy Rmkt |
|
4.75% |
|
5/1/2038 |
|
Baa3 |
|
|
400 |
|
|
410,832 |
|
IN Fin AuthUS Steel |
|
6.00% |
|
12/1/2026 |
|
BB |
|
|
100 |
|
|
106,880 |
|
LA Citizens Property Insurance
Corp
|
|
5.00% |
|
6/1/2021 |
|
A- |
|
|
200 |
|
|
219,836 |
|
LA Env FacsWestlake Chem |
|
6.50% |
|
11/1/2035 |
|
BBB- |
|
|
150 |
|
|
178,730 |
|
LA Env FacsWestlake Chem |
|
6.75% |
|
11/1/2032 |
|
BBB- |
|
|
250 |
|
|
283,293 |
|
LA Env FacsWestlake Chem Rmkt |
|
6.50% |
|
8/1/2029 |
|
BBB- |
|
|
630 |
|
|
751,640 |
|
Love Field ArptSouthwest Airlines |
|
5.25% |
|
11/1/2040 |
|
BBB- |
|
|
1,640 |
|
|
1,787,371 |
|
Nez Perce Co Poll CtlPotlatch |
|
6.00% |
|
10/1/2024 |
|
BB+ |
|
|
120 |
|
|
120,467 |
|
NYC Cap ResArthur Mgmt |
|
7.00% |
|
8/1/2025 |
|
NR |
|
|
150 |
|
|
162,558 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2046 |
|
Ba1 |
|
|
270 |
|
|
274,401 |
|
OH Air QualityOH Power Co (AMBAC) |
|
5.15% |
|
5/1/2026 |
|
Baa1 |
|
|
100 |
|
|
100,129 |
|
PA Econ DevWaste Mgmt |
|
1.75% |
|
12/1/2033 |
|
BBB |
|
|
500 |
|
|
513,280 |
|
Port Corpus Christi AuthCelanese |
|
6.45% |
|
11/1/2030 |
|
B+ |
|
|
425 |
|
|
430,763 |
|
Selma IDBIntl Paper |
|
5.375% |
|
12/1/2035 |
|
BBB |
|
|
500 |
|
|
552,965 |
|
St Charles ParishValero Energy |
|
4.00% |
|
12/1/2040 |
|
BBB |
|
|
500 |
|
|
549,445 |
|
Sthrn CA Tobacco |
|
5.125% |
|
6/1/2046 |
|
B+ |
|
|
160 |
|
|
140,976 |
|
Warren CoIntl Paper |
|
5.80% |
|
5/1/2034 |
|
BBB |
|
|
100 |
|
|
112,307 |
|
Warren CoIntl Paper |
|
6.50% |
|
9/1/2032 |
|
BBB |
|
|
255 |
|
|
292,811 |
|
Whiting Env FacsBP Rmkt |
|
5.25% |
|
1/1/2021 |
|
A |
|
|
1,120 |
|
|
1,380,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
12,874,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 12.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Co Hi EdDuquesne Univ |
|
5.50% |
|
3/1/2029 |
|
A2 |
|
|
130 |
|
|
150,946 |
|
Brevard Co IDRTuff FL Tech |
|
6.50% |
|
11/1/2029 |
|
BBB- |
|
|
200 |
|
|
222,548 |
|
CA Ed FacsSanta Clara Univ |
|
5.50% |
|
4/1/2033 |
|
Aa3 |
|
|
265 |
|
|
297,213 |
|
CA Fin AuthEmerson Clg |
|
6.00% |
|
1/1/2042 |
|
BBB+ |
|
|
250 |
|
|
301,740 |
|
CA Pub WksRegents UCal |
|
5.00% |
|
4/1/2034 |
|
Aa2 |
|
|
170 |
|
|
189,910 |
|
Dutchess Co LDCAnderson Ctr |
|
6.00% |
|
10/1/2030 |
|
BB+ |
|
|
100 |
|
|
107,870 |
|
FL Hi Ed FacsUniv of Tampa |
|
5.00% |
|
4/1/2032 |
|
BBB+ |
|
|
600 |
|
|
653,940 |
|
|
|
52 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
||
|
||||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulton Co DevGA Tech Athletic Assoc |
|
5.75% |
|
10/1/2031 |
|
A2 |
|
$ |
80 |
|
$ |
94,723 |
|
|
Fulton Co DevSpelman Clg |
|
5.00% |
|
6/1/2026 |
|
A1 |
|
|
175 |
|
|
194,672 |
|
|
Fulton Co DevTuff/Atlanta Hsg |
|
5.00% |
|
9/1/2032 |
|
A+ |
|
|
750 |
|
|
819,900 |
|
|
Gainesville RedevRiverside Mil Admy |
|
5.125% |
|
3/1/2027 |
|
BB+ |
(c) |
|
1,000 |
|
|
1,008,580 |
|
|
Gainesville RedevRiverside Mil Admy |
|
5.125% |
|
3/1/2037 |
|
BB+ |
(c) |
|
155 |
|
|
149,913 |
|
|
IL Fin AuthDePaul Univ |
|
6.00% |
|
10/1/2032 |
|
A2 |
|
|
465 |
|
|
544,041 |
|
|
IL Fin AuthDePaul Univ |
|
6.125% |
|
10/1/2040 |
|
A2 |
|
|
55 |
|
|
63,909 |
|
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2020 |
|
Baa3 |
|
|
100 |
|
|
102,909 |
|
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2021 |
|
Baa3 |
|
|
500 |
|
|
513,125 |
|
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2031 |
|
Baa3 |
|
|
500 |
|
|
500,135 |
|
|
IN Fin AuthEarlham Clg |
|
5.00% |
|
10/1/2042 |
|
A1 |
|
|
1,055 |
|
|
1,157,979 |
|
|
LA PFALoyola Univ |
|
5.25% |
|
10/1/2029 |
|
A+ |
|
|
680 |
|
|
791,758 |
|
|
MA DFAMerrimack Clg |
|
5.00% |
|
7/1/2032 |
|
BBB- |
|
|
380 |
|
|
415,557 |
|
|
McAllister Academic VlgAZ State Univ |
|
5.25% |
|
7/1/2030 |
|
AA- |
|
|
105 |
|
|
117,516 |
|
|
MD Hlth & Hi EdLoyola Univ |
|
4.00% |
|
10/1/2027 |
|
A |
|
|
675 |
|
|
734,481 |
|
|
Morgan State Univ |
|
5.00% |
|
7/1/2027 |
|
Aa3 |
|
|
670 |
|
|
786,319 |
|
|
Morgan State Univ |
|
5.00% |
|
7/1/2030 |
|
Aa3 |
|
|
350 |
|
|
406,133 |
|
|
Morgan State Univ |
|
5.00% |
|
7/1/2032 |
|
Aa3 |
|
|
450 |
|
|
518,247 |
|
|
NC Cap FacsHigh Point Univ |
|
5.00% |
|
5/1/2025 |
|
BBB+ |
|
|
1,075 |
|
|
1,215,836 |
|
|
NH Hlth & EdSthrn NH Univ |
|
5.00% |
|
1/1/2019 |
|
BBB |
|
|
800 |
|
|
902,264 |
|
|
NH Hlth & EdSthrn NH Univ |
|
5.00% |
|
1/1/2027 |
|
BBB |
|
|
250 |
|
|
275,650 |
|
|
Niagara Area Dev CorpNiagara Univ |
|
5.00% |
|
5/1/2030 |
|
BBB+ |
|
|
750 |
|
|
837,442 |
|
|
NJ Ed FacsKean Univ |
|
5.00% |
|
9/1/2024 |
|
A2 |
|
|
350 |
|
|
403,319 |
|
|
NJ Ed FacsKean Univ |
|
5.25% |
|
9/1/2029 |
|
A2 |
|
|
160 |
|
|
182,955 |
|
|
NJ Ed FacsNJ Inst of Tech |
|
5.00% |
|
7/1/2031 |
|
A+ |
|
|
500 |
|
|
552,650 |
|
|
NJ Ed FacsRamapo Clg |
|
4.00% |
|
7/1/2027 |
|
A |
|
|
1,000 |
|
|
1,055,340 |
|
|
NJ Ed FacsRowan Univ |
|
5.00% |
|
7/1/2022 |
|
A+ |
|
|
150 |
|
|
174,860 |
|
|
NJ Ed FacsUniv Med & Dent |
|
6.50% |
|
12/1/2020 |
|
Baa1 |
|
|
555 |
|
|
680,302 |
|
|
NY DormCornell Univ |
|
5.00% |
|
7/1/2034 |
|
Aa1 |
|
|
250 |
|
|
290,782 |
|
|
NY DormCulinary Inst of Amr |
|
5.00% |
|
7/1/2042 |
|
Baa2 |
|
|
250 |
|
|
265,768 |
|
|
NY DormNew School |
|
5.50% |
|
7/1/2040 |
|
A- |
|
|
400 |
|
|
449,144 |
|
|
NY DormNew School CR (AGM) |
|
5.00% |
|
7/1/2020 |
|
AA- |
|
|
115 |
|
|
136,959 |
|
|
NY DormPace Univ |
|
5.00% |
|
5/1/2029 |
|
BBB- |
|
|
500 |
|
|
565,030 |
|
|
OH Hi EdUniv Dayton |
|
5.00% |
|
12/1/2023 |
|
A |
|
|
535 |
|
|
641,524 |
|
|
Ohio State Univ |
|
5.00% |
|
12/1/2028 |
|
NR |
|
|
40 |
|
|
48,809 |
|
|
Olmos Park Hi EdUniv Incarnate Word |
|
5.00% |
|
12/1/2021 |
|
A3 |
|
|
1,000 |
|
|
1,191,860 |
|
|
PA Hi EdLa Salle Univ |
|
4.00% |
|
5/1/2032 |
|
BBB |
|
|
1,585 |
|
|
1,642,440 |
|
|
|
|
|
See Notes to Financial Statements. |
53 |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Hi EdSt Josephs Univ |
|
5.00% |
|
11/1/2030 |
|
A- |
|
$ |
600 |
|
$ |
661,956 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2022 |
|
A- |
|
|
450 |
|
|
491,575 |
|
RI Hlth & EdRISD |
|
5.00% |
|
8/15/2035 |
|
A1 |
|
|
1,000 |
|
|
1,111,280 |
|
Troy IDARensselaer Poly |
|
5.00% |
|
9/1/2031 |
|
A- |
|
|
320 |
|
|
359,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
24,981,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 10.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic City Brd Ed (AGM) |
|
6.00% |
|
4/1/2034 |
|
AA- |
|
|
550 |
|
|
654,027 |
|
CA State GO |
|
5.00% |
|
9/1/2036 |
|
A1 |
|
|
1,250 |
|
|
1,389,662 |
|
CA State GO |
|
5.375% |
|
11/1/2035 |
|
A1 |
|
|
400 |
|
|
461,028 |
|
CA State GO |
|
5.50% |
|
3/1/2040 |
|
A1 |
|
|
975 |
|
|
1,141,354 |
|
CA State GO |
|
6.50% |
|
4/1/2033 |
|
A1 |
|
|
300 |
|
|
369,423 |
|
CA State GO (CIFG) |
|
4.50% |
|
8/1/2028 |
|
A1 |
|
|
200 |
|
|
213,830 |
|
Chabot/Las Positas CCD |
|
5.00% |
|
8/1/2022 |
|
Aa3 |
|
|
1,000 |
|
|
1,217,970 |
|
Chicago GO |
|
5.25% |
|
1/1/2027 |
|
Aa3 |
|
|
250 |
|
|
280,213 |
|
Cook Co GO |
|
5.00% |
|
11/15/2024 |
|
AA |
|
|
1,600 |
|
|
1,883,104 |
|
Fraser Pub Sch Dist |
|
5.75% |
|
5/1/2033 |
|
AA- |
|
|
400 |
|
|
464,980 |
|
HI State GO |
|
5.00% |
|
12/1/2028 |
|
AA |
|
|
1,000 |
|
|
1,184,170 |
|
Hudson Co Impt AuthSolid Waste GTD |
|
5.75% |
|
1/1/2035 |
|
Aa3 |
|
|
225 |
|
|
260,876 |
|
IL State GO |
|
5.00% |
|
8/1/2023 |
|
A2 |
|
|
500 |
|
|
571,975 |
|
IL State GO |
|
5.00% |
|
1/1/2034 |
|
A2 |
|
|
770 |
|
|
822,198 |
|
Kendall Kane & WIll Co CUSD #308 |
|
5.00% |
|
2/1/2029 |
|
Aa2 |
|
|
1,000 |
|
|
1,130,380 |
|
Los Alamitos USD |
|
5.50% |
|
8/1/2033 |
|
Aa2 |
|
|
150 |
|
|
173,202 |
|
Los Rios CCD |
|
5.00% |
|
8/1/2029 |
|
AA- |
|
|
110 |
|
|
123,060 |
|
Nassau Co GO Rmkt |
|
5.00% |
|
12/1/2017 |
|
A+ |
|
|
250 |
|
|
294,055 |
|
NYC GO |
|
5.00% |
|
8/1/2022 |
|
AA |
|
|
1,125 |
|
|
1,397,880 |
|
Oakland USD (NPFGC)(FGIC) |
|
5.00% |
|
8/1/2026 |
|
NR |
|
|
125 |
|
|
125,245 |
|
PR Comwlth GO |
|
5.00% |
|
7/1/2031 |
|
BBB- |
|
|
100 |
|
|
95,946 |
|
PR Comwlth GO |
|
5.125% |
|
7/1/2037 |
|
BBB- |
|
|
1,660 |
|
|
1,558,043 |
|
PR Comwlth GO |
|
5.25% |
|
7/1/2030 |
|
BBB- |
|
|
190 |
|
|
187,861 |
|
PR Comwlth GO |
|
5.375% |
|
7/1/2030 |
|
BBB- |
|
|
270 |
|
|
269,225 |
|
PR Comwlth GO |
|
5.50% |
|
7/1/2031 |
|
BBB- |
|
|
270 |
|
|
269,976 |
|
PR Comwlth GO |
|
5.50% |
|
7/1/2032 |
|
BBB- |
|
|
435 |
|
|
434,961 |
|
PR Pub Bldg Auth GTD |
|
6.00% |
|
7/1/2020 |
|
BBB- |
|
|
200 |
|
|
217,974 |
|
PR Pub Bldg Auth GTD |
|
6.25% |
|
7/1/2026 |
|
BBB- |
|
|
315 |
|
|
333,617 |
|
PR Pub Bldg Auth GTD |
|
6.75% |
|
7/1/2036 |
|
BBB- |
|
|
300 |
|
|
318,909 |
|
San Bernardino CCD |
|
6.25% |
|
8/1/2033 |
|
Aa2 |
|
|
150 |
|
|
179,795 |
|
St Pub SBAPhiladelphia Sch Dist |
|
5.00% |
|
4/1/2023 |
|
Aa3 |
|
|
1,500 |
|
|
1,734,960 |
|
|
|
54 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockton USD (AGM) |
|
5.00% |
|
7/1/2028 |
|
AA- |
|
$ |
750 |
|
$ |
826,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
20,586,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 20.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Abag Fin AuthEpiscopal Senior |
|
5.00% |
|
7/1/2042 |
|
BBB |
|
|
200 |
|
|
212,772 |
|
Abag Fin AuthSharp Hlthcare |
|
5.00% |
|
8/1/2027 |
|
A+ |
|
|
300 |
|
|
339,996 |
|
Abag Fin AuthSharp Hlthcare |
|
5.00% |
|
8/1/2028 |
|
A+ |
|
|
250 |
|
|
280,880 |
|
Akron Bath Copley HspAkron Gen |
|
5.00% |
|
1/1/2031 |
|
BBB |
|
|
750 |
|
|
802,552 |
|
Alachua Co IDANo FL Retirement Vlg |
|
5.875% |
|
11/15/2042 |
|
NR |
|
|
250 |
|
|
249,808 |
|
Allegheny Co HspWest Penn Hlth |
|
5.375% |
|
11/15/2040 |
|
CC |
|
|
100 |
|
|
86,754 |
|
Athens Clarke Co DevCatholic Hlth E |
|
6.25% |
|
11/15/2032 |
|
A |
|
|
540 |
|
|
634,419 |
|
AZ Hlth FacsBanner Hlth |
|
5.50% |
|
1/1/2038 |
|
AA- |
|
|
1,015 |
|
|
1,128,284 |
|
AZ Hlth FacsBeatitudes |
|
5.20% |
|
10/1/2037 |
|
NR |
|
|
500 |
|
|
490,495 |
|
AZ Hlth FacsPhoenix Childrens Hsp |
|
5.00% |
|
2/1/2034 |
|
BBB+ |
|
|
700 |
|
|
753,214 |
|
Butler Co Hsp FacsKettering Hlth |
|
5.00% |
|
4/1/2025 |
|
A |
|
|
770 |
|
|
871,139 |
|
Butler Co Hsp FacsKettering Hlth |
|
5.00% |
|
4/1/2026 |
|
A |
|
|
100 |
|
|
112,084 |
|
CA HlthAdventist Hlth W |
|
4.00% |
|
3/1/2033 |
|
A |
|
|
500 |
|
|
498,690 |
|
CA HlthCatholic Hlthcare W |
|
5.50% |
|
7/1/2025 |
|
A |
|
|
85 |
|
|
95,941 |
|
CA HlthCedars Sinai Med Ctr |
|
5.00% |
|
8/15/2034 |
|
A2 |
|
|
265 |
|
|
293,718 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2027 |
|
BBB+ |
|
|
1,000 |
|
|
1,120,680 |
|
CA HlthSutter Hlth |
|
5.25% |
|
8/15/2031 |
|
AA- |
|
|
700 |
|
|
812,938 |
|
CA HlthSutter Hlth |
|
5.50% |
|
8/15/2026 |
|
AA- |
|
|
275 |
|
|
327,940 |
|
CA StwdeCatholic Hlthcare W |
|
5.50% |
|
7/1/2031 |
|
A |
|
|
100 |
|
|
110,899 |
|
CA StwdeCatholic Hlthcare W |
|
5.625% |
|
7/1/2035 |
|
A |
|
|
105 |
|
|
116,984 |
|
CA StwdeEskaton Pptys |
|
5.25% |
|
11/15/2034 |
|
BBB |
|
|
500 |
|
|
535,440 |
|
CA StwdeSo Cal Presbyterian |
|
6.625% |
|
11/15/2024 |
|
BBB- |
|
|
110 |
|
|
127,954 |
|
CA StwdeTerraces San Joaquin |
|
6.00% |
|
10/1/2042 |
|
NR |
|
|
680 |
|
|
734,638 |
|
CO Hlth FacsBoulder Cmnty Hsp |
|
5.00% |
|
10/1/2032 |
|
A |
|
|
280 |
|
|
311,049 |
|
CO Hlth FacsCatholic Hlth |
|
5.25% |
|
2/1/2031 |
|
AA- |
|
|
750 |
|
|
851,070 |
|
CO Hlth FacsCatholic Hlth |
|
6.125% |
|
10/1/2028 |
|
AA- |
|
|
155 |
|
|
185,349 |
|
CT Hlth & EdHartford Hlthcare |
|
5.00% |
|
7/1/2032 |
|
A |
|
|
600 |
|
|
679,548 |
|
CT Hlth & EdStamford Hsp |
|
5.00% |
|
7/1/2034 |
|
A- |
|
|
1,130 |
|
|
1,235,734 |
|
CT Hlth &EdYale New Haven Hsp |
|
5.75% |
|
7/1/2034 |
|
Aa3 |
|
|
250 |
|
|
292,150 |
|
Cumberland Co Mun AuthDiakon Lutheran |
|
5.00% |
|
1/1/2036 |
|
BBB+ |
(c) |
|
100 |
|
|
102,634 |
|
Cumberland Co Mun AuthDiakon Lutheran |
|
6.25% |
|
1/1/2024 |
|
BBB+ |
(c) |
|
130 |
|
|
149,984 |
|
Cumberland Mun AuthAsbury |
|
5.25% |
|
1/1/2021 |
|
NR |
|
|
140 |
|
|
154,420 |
|
Cumberland Mun AuthAsbury |
|
5.40% |
|
1/1/2022 |
|
NR |
|
|
150 |
|
|
162,204 |
|
DeKalb Co HspChildrens Hlthcare |
|
5.00% |
|
11/15/2029 |
|
AA |
|
|
530 |
|
|
584,802 |
|
|
|
|
|
See Notes to Financial Statements. |
55 |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
East Rochester HsgWoodland Vlg |
|
5.50% |
|
8/1/2033 |
|
NR |
|
$ |
160 |
|
$ |
162,493 |
|
Glynn Brunswick Mem HspSE GA Hlth |
|
5.625% |
|
8/1/2034 |
|
A2 |
|
|
165 |
|
|
183,765 |
|
Howard Co Retmt CmntyVantage House |
|
5.25% |
|
4/1/2037 |
|
NR |
|
|
100 |
|
|
96,950 |
|
IL Fin AuthAscension Hlth |
|
5.00% |
|
11/15/2032 |
|
AA+ |
|
|
750 |
|
|
841,987 |
|
IL Fin AuthFriendship Vlg Shaumburg |
|
7.125% |
|
2/15/2039 |
|
BB- |
(c) |
|
210 |
|
|
231,548 |
|
IL Fin AuthMemorial Hlth Sys |
|
5.50% |
|
4/1/2034 |
|
A+ |
|
|
250 |
|
|
273,573 |
|
IL Fin AuthNorthwestern Mem Hsp |
|
5.75% |
|
8/15/2030 |
|
AA+ |
|
|
150 |
|
|
174,117 |
|
IL Fin AuthRush Univ Med |
|
6.125% |
|
11/1/2021 |
|
A |
|
|
70 |
|
|
81,980 |
|
IL Fin AuthRush Univ Med |
|
6.375% |
|
11/1/2027 |
|
A |
|
|
315 |
|
|
376,359 |
|
IL Fin AuthRush Univ Med |
|
6.375% |
|
11/1/2029 |
|
A |
|
|
175 |
|
|
208,229 |
|
IL Fin AuthRush Univ Med |
|
6.375% |
|
11/1/2029 |
|
A |
|
|
35 |
|
|
41,646 |
|
IL Fin AuthRush Univ Med |
|
7.25% |
|
11/1/2030 |
|
A |
|
|
250 |
|
|
315,325 |
|
IL Fin AuthRush Univ Med (NPFGC) |
|
5.25% |
|
11/1/2035 |
|
A |
|
|
305 |
|
|
330,538 |
|
IL Fin AuthUniv of Chicago Med Ctr |
|
5.50% |
|
8/15/2036 |
|
AA- |
|
|
155 |
|
|
175,096 |
|
Johnson City HlthMtn States Hlth |
|
6.00% |
|
7/1/2038 |
|
BBB+ |
|
|
45 |
|
|
52,549 |
|
Lucas Co HspProMedica Hlthcare |
|
5.75% |
|
11/15/2031 |
|
AA |
|
|
300 |
|
|
361,464 |
|
MA Hlth & EdCatholic Hlth E |
|
6.25% |
|
11/15/2032 |
|
A |
|
|
745 |
|
|
874,518 |
|
MA Hlth & EdEmerson Hsp (RADIAN) |
|
5.00% |
|
8/15/2035 |
|
NR |
|
|
380 |
|
|
365,625 |
|
Martin Co HlthMartin Mem Med |
|
5.50% |
|
11/15/2032 |
|
Baa1 |
|
|
750 |
|
|
845,257 |
|
Martin Hsp Dist |
|
7.25% |
|
4/1/2036 |
|
BBB |
(c) |
|
250 |
|
|
281,955 |
|
MD Hlth & EdMercy Med Ctr |
|
5.00% |
|
7/1/2031 |
|
BBB |
|
|
300 |
|
|
336,777 |
|
MD Hlth & EdMercy Med Ctr |
|
6.25% |
|
7/1/2031 |
|
BBB |
|
|
445 |
|
|
537,627 |
|
ME Hlth & Hi EdEastern ME Med |
|
5.00% |
|
7/1/2043 |
|
Baa1 |
|
|
565 |
|
|
606,663 |
|
ME Hlth & Hi EdMaineGeneral Hlth |
|
6.00% |
|
7/1/2026 |
|
Baa3 |
|
|
545 |
|
|
653,035 |
|
ME Hlth & Hi EdMaineGeneral Hlth |
|
6.75% |
|
7/1/2036 |
|
Baa3 |
|
|
375 |
|
|
455,902 |
|
MI Fin AuthTrinity Hlth |
|
5.00% |
|
12/1/2035 |
|
AA |
|
|
500 |
|
|
561,555 |
|
MO Hlth & EdCox Hlth |
|
5.50% |
|
11/15/2033 |
|
A2 |
|
|
100 |
|
|
109,953 |
|
Montgomery Co HlthCatholic Hlth E |
|
6.25% |
|
11/15/2034 |
|
A |
|
|
105 |
|
|
121,803 |
|
Montgomery Co IDAJefferson Hlth |
|
5.00% |
|
10/1/2027 |
|
AA |
|
|
1,000 |
|
|
1,154,080 |
|
Montgomery Co IDAWhitemarsh |
|
6.125% |
|
2/1/2028 |
|
NR |
|
|
350 |
|
|
356,093 |
|
NH Hlth & EdWentworth Douglass Hsp |
|
6.00% |
|
1/1/2034 |
|
A |
|
|
100 |
|
|
116,015 |
|
NJ EDASeashore Gardens |
|
5.375% |
|
11/1/2036 |
|
NR |
|
|
250 |
|
|
240,775 |
|
NJ HlthBarnabas Hlth |
|
5.00% |
|
7/1/2025 |
|
BBB+ |
|
|
250 |
|
|
287,048 |
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2032 |
|
BBB+ |
|
|
575 |
|
|
651,251 |
|
NJ HlthKennedy Hlth Sys |
|
5.00% |
|
7/1/2031 |
|
A3 |
|
|
500 |
|
|
557,100 |
|
NJ HlthSt Josephs Hlth |
|
6.625% |
|
7/1/2038 |
|
BBB- |
|
|
155 |
|
|
178,576 |
|
NM HspGerald Champion Hsp |
|
5.50% |
|
7/1/2042 |
|
BB |
|
|
375 |
|
|
386,752 |
|
|
|
56 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NM HspHaverland |
|
5.00% |
|
7/1/2042 |
|
BBB- |
(c) |
$ |
250 |
|
$ |
250,900 |
|
NY DormNYU Hsps Ctr |
|
5.75% |
|
7/1/2031 |
|
A- |
|
|
250 |
|
|
290,565 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2025 |
|
Aa3 |
|
|
250 |
|
|
285,475 |
|
OH HspCleveland Clinic |
|
5.00% |
|
1/1/2032 |
|
Aa2 |
|
|
525 |
|
|
581,369 |
|
Onondaga CDCSt Josephs Hsp |
|
5.00% |
|
7/1/2042 |
|
BB+ |
|
|
335 |
|
|
344,467 |
|
Pell City Spl Care FacsNoland Hlth |
|
5.00% |
|
12/1/2031 |
|
A- |
|
|
1,190 |
|
|
1,290,829 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.50% |
|
7/1/2026 |
|
BBB- |
|
|
455 |
|
|
490,203 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.50% |
|
7/1/2030 |
|
BBB- |
|
|
755 |
|
|
801,176 |
|
San BuenaventuraCmnty Mem Hlth |
|
8.00% |
|
12/1/2026 |
|
BB |
|
|
950 |
|
|
1,237,147 |
|
Sarasota HlthManatee |
|
5.75% |
|
7/1/2045 |
|
NR |
|
|
55 |
|
|
48,519 |
|
Tulsa IDAMontereau |
|
6.875% |
|
11/1/2023 |
|
NR |
|
|
300 |
|
|
316,836 |
|
Univ CO Hsp Auth |
|
5.00% |
|
11/15/2036 |
|
A+ |
|
|
500 |
|
|
552,600 |
|
Univ Med Ctr Corp |
|
5.00% |
|
7/1/2020 |
|
BBB+ |
|
|
1,420 |
|
|
1,656,913 |
|
Upland COPSan Antonio Cmnty
|
|
6.375% |
|
1/1/2032 |
|
A |
|
|
140 |
|
|
164,595 |
|
WA Hlth CareProvidence Hlth |
|
5.00% |
|
10/1/2042 |
|
AA |
|
|
100 |
|
|
118,354 |
|
Westchester Co Hlth Care |
|
6.00% |
|
11/1/2030 |
|
A3 |
|
|
150 |
|
|
177,617 |
|
Westchester Co Hlth Care |
|
6.125% |
|
11/1/2037 |
|
A3 |
|
|
275 |
|
|
321,877 |
|
WI Hlth & EdAurora Hlth |
|
5.625% |
|
4/15/2039 |
|
A3 |
|
|
145 |
|
|
161,479 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.25% |
|
8/15/2023 |
|
A- |
|
|
350 |
|
|
386,487 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.25% |
|
8/15/2024 |
|
A- |
|
|
430 |
|
|
470,416 |
|
WI HlthSauk-Prairie Mem Hsp |
|
5.375% |
|
2/1/2048 |
|
Ba1 |
|
|
1,000 |
|
|
994,460 |
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2032 |
|
Baa2 |
|
|
280 |
|
|
300,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
40,275,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing 0.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua Co HlthOak Hammock |
|
8.00% |
|
10/1/2042 |
|
NR |
|
|
300 |
|
|
365,241 |
|
Minneapolis MFHRiverside Plaza |
|
6.00% |
|
11/1/2013 |
|
NR |
|
|
170 |
|
|
170,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
535,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 8.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Pub WksDept Gen Svcs |
|
5.00% |
|
4/1/2030 |
|
A2 |
|
|
130 |
|
|
138,584 |
|
CA Pub WksRiverside Campus |
|
6.00% |
|
4/1/2027 |
|
A2 |
|
|
250 |
|
|
303,863 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2022 |
|
A2 |
|
|
250 |
|
|
302,225 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
10/1/2028 |
|
A2 |
|
|
535 |
|
|
595,193 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2034 |
|
A2 |
|
|
500 |
|
|
544,155 |
|
CA Pub WksVarious Cap Proj |
|
5.75% |
|
3/1/2030 |
|
A2 |
|
|
300 |
|
|
349,107 |
|
CA Pub WksVarious Cap Proj |
|
6.625% |
|
11/1/2034 |
|
A2 |
|
|
545 |
|
|
591,805 |
|
|
|
|
|
See Notes to Financial Statements. |
57 |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrollton Payroll DevUWG Athletic |
|
6.25% |
|
6/15/2034 |
|
A1 |
|
$ |
290 |
|
$ |
337,325 |
|
Delano Earlimart Irrigation Dist COP |
|
5.00% |
|
2/1/2028 |
|
AA- |
|
|
475 |
|
|
512,230 |
|
Essex Co Impt AuthNewark |
|
6.25% |
|
11/1/2030 |
|
Baa1 |
|
|
250 |
|
|
288,765 |
|
GA Hi EdUSG Real Estate Fndtn |
|
6.00% |
|
6/15/2028 |
|
A2 |
|
|
125 |
|
|
146,270 |
|
Los Angeles USD |
|
5.00% |
|
10/1/2025 |
|
A+ |
|
|
1,000 |
|
|
1,146,380 |
|
Mclennan Co PFC |
|
6.625% |
|
6/1/2035 |
|
AA- |
|
|
565 |
|
|
606,477 |
|
MI Bldg Auth |
|
5.00% |
|
10/15/2025 |
|
Aa3 |
|
|
400 |
|
|
468,368 |
|
MI Bldg Auth |
|
5.20% |
|
10/15/2031 |
|
Aa3 |
|
|
1,000 |
|
|
1,138,700 |
|
MI Fin AuthDetroit Sch Dist |
|
5.50% |
|
6/1/2021 |
|
A+ |
|
|
650 |
|
|
776,178 |
|
MI Strategic FdCadillac Place |
|
5.25% |
|
10/15/2031 |
|
A+ |
|
|
250 |
|
|
282,030 |
|
NJ EDASch Facs |
|
5.00% |
|
9/1/2022 |
|
A+ |
|
|
425 |
|
|
505,529 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2023 |
|
A+ |
|
|
1,500 |
|
|
1,785,990 |
|
NJ EDASch Facs |
|
5.875% |
|
12/15/2034 |
|
A+ |
|
|
100 |
|
|
118,522 |
|
NJ HlthHsp Asset Trans |
|
5.00% |
|
10/1/2028 |
|
A+ |
|
|
120 |
|
|
134,330 |
|
NJ Trans Trust Fund |
|
5.00% |
|
6/15/2023 |
|
A+ |
|
|
1,000 |
|
|
1,195,220 |
|
North Hudson Sewerage Auth |
|
5.00% |
|
6/1/2024 |
|
A- |
|
|
1,000 |
|
|
1,180,190 |
|
NY Liberty Dev Corp4 WTC |
|
5.00% |
|
11/15/2031 |
|
A+ |
|
|
400 |
|
|
450,624 |
|
Philadelphia Muni Auth |
|
6.375% |
|
4/1/2029 |
|
A2 |
|
|
625 |
|
|
722,906 |
|
Pima Co IDAHQ Metro |
|
6.00% |
|
7/1/2041 |
|
AA |
|
|
600 |
|
|
674,142 |
|
RI EDCGARVEE (AG) |
|
5.25% |
|
6/15/2019 |
|
AA- |
|
|
250 |
|
|
301,355 |
|
San Diego PFAMaster Lease |
|
5.125% |
|
9/1/2030 |
|
A+ |
|
|
1,000 |
|
|
1,108,680 |
|
San Mateo Co Jt Pwrs Fin Auth |
|
5.00% |
|
7/15/2033 |
|
AA+ |
|
|
275 |
|
|
306,941 |
|
VA Transportation |
|
4.75% |
|
5/15/2035 |
|
AA+ |
|
|
500 |
|
|
562,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
17,575,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 6.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Co Poll CtlTucson Elec |
|
4.50% |
|
3/1/2030 |
|
BBB- |
|
|
1,750 |
|
|
1,811,005 |
|
Arlington Hi Ed Fin
CorpArlington
|
|
7.65% |
|
8/15/2040 |
|
BB |
|
|
155 |
|
|
171,596 |
|
Austin Convention |
|
5.75% |
|
1/1/2034 |
|
Ba2 |
|
|
590 |
|
|
621,128 |
|
Austin Convention CR (BHAC)(XLCA) |
|
5.00% |
|
1/1/2034 |
|
AA+ |
|
|
200 |
|
|
209,430 |
|
Baltimore Conv CtrHilton Hotel |
|
5.875% |
|
9/1/2039 |
|
Ba2 |
|
|
250 |
|
|
258,908 |
|
Baltimore Conv CtrHilton Hotel (XLCA) |
|
5.00% |
|
9/1/2032 |
|
BB+ |
|
|
95 |
|
|
97,480 |
|
Baltimore Conv CtrHilton Hotel (XLCA) |
|
5.25% |
|
9/1/2025 |
|
BB+ |
|
|
295 |
|
|
307,021 |
|
Baltimore Conv CtrHilton Hotel (XLCA) |
|
5.25% |
|
9/1/2026 |
|
BB+ |
|
|
100 |
|
|
103,913 |
|
Baytown TwpSt Croix Prep Admy |
|
5.75% |
|
8/1/2042 |
|
BB |
|
|
650 |
|
|
655,870 |
|
Brooklyn Arena LDCBarclays Ctr |
|
6.00% |
|
7/15/2030 |
|
BBB- |
|
|
25 |
|
|
29,910 |
|
Brooklyn Arena LDCBarclays Ctr |
|
6.25% |
|
7/15/2040 |
|
BBB- |
|
|
55 |
|
|
65,894 |
|
|
|
58 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Other Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena LDCBarclays Ctr |
|
6.375% |
|
7/15/2043 |
|
BBB- |
|
$ |
950 |
|
$ |
1,138,964 |
|
Childrens Trust Fund Tob Settlement |
|
5.625% |
|
5/15/2043 |
|
Baa3 |
|
|
890 |
|
|
893,702 |
|
Cleveland Arpt |
|
5.00% |
|
1/1/2029 |
|
A- |
|
|
425 |
|
|
474,338 |
|
Cleveland Arpt |
|
5.00% |
|
1/1/2030 |
|
A- |
|
|
555 |
|
|
617,660 |
|
Clifton Higher EdIDEA Pub Schs |
|
5.00% |
|
8/15/2042 |
|
BBB |
|
|
275 |
|
|
294,077 |
|
DC RevBrookings Institution |
|
5.75% |
|
10/1/2039 |
|
Aa3 |
|
|
125 |
|
|
139,875 |
|
DC RevFriendship Pub Chtr Sch |
|
5.00% |
|
6/1/2032 |
|
BBB |
|
|
500 |
|
|
527,405 |
|
DC RevNatl Pub Radio |
|
5.00% |
|
4/1/2035 |
|
AA- |
|
|
130 |
|
|
142,936 |
|
FL DFCRenaissance Chtr Sch |
|
7.625% |
|
6/15/2041 |
|
BB- |
(c) |
|
500 |
|
|
587,355 |
|
Houston Hi EdCosmos Fndtn |
|
5.875% |
|
5/15/2021 |
|
BBB |
|
|
250 |
|
|
291,645 |
|
La Vernia Hi EdLife Schools of Dallas |
|
7.25% |
|
8/15/2031 |
|
BBB- |
|
|
250 |
|
|
294,040 |
|
MD EDCChesapeake Bay Hyatt |
|
5.00% |
|
12/1/2031 |
|
NR |
|
|
100 |
|
|
71,210 |
|
North TX Edu Fin CorpUplift Education |
|
4.875% |
|
12/1/2032 |
|
BBB- |
|
|
200 |
|
|
215,530 |
|
NYC CulturalWhitney Museum |
|
5.25% |
|
7/1/2026 |
|
A |
|
|
500 |
|
|
577,955 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2036 |
|
Ba1 |
|
|
885 |
|
|
906,160 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2039 |
|
Ba1 |
|
|
240 |
|
|
244,325 |
|
NYC IDAUnited Jewish Appeal |
|
5.00% |
|
7/1/2034 |
|
Aa1 |
|
|
420 |
|
|
479,312 |
|
Philadelphia IDAPlease Touch Museum |
|
5.25% |
|
9/1/2036 |
|
BBB- |
|
|
150 |
|
|
146,439 |
|
TX PFACosmos Fndtn |
|
5.375% |
|
2/15/2037 |
|
BBB |
|
|
500 |
|
|
521,505 |
|
Yonkers EDCCharter Sch Ed Excellence |
|
6.25% |
|
10/15/2040 |
|
BB |
|
|
350 |
|
|
368,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
13,265,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 1.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2027 |
|
Baa2 |
|
|
250 |
|
|
278,530 |
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2032 |
|
Baa2 |
|
|
325 |
|
|
355,482 |
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2035 |
|
Baa2 |
|
|
300 |
|
|
323,349 |
|
Frederick CoUrbana Redev |
|
5.00% |
|
7/1/2030 |
|
A- |
|
|
100 |
|
|
111,758 |
|
Hesperia Pub Fin Auth (XLCA) |
|
5.00% |
|
9/1/2031 |
|
Ba1 |
|
|
315 |
|
|
313,113 |
|
Hesperia Pub Fin Auth (XLCA) |
|
5.00% |
|
9/1/2037 |
|
Ba1 |
|
|
175 |
|
|
167,848 |
|
Lancaster Redev |
|
6.00% |
|
8/1/2024 |
|
BBB |
|
|
250 |
|
|
272,875 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2018 |
|
Ba1 |
|
|
200 |
|
|
212,818 |
|
San Jose Spl TaxConv Ctr |
|
5.50% |
|
5/1/2024 |
|
A2 |
|
|
460 |
|
|
542,303 |
|
Village CDD #10 |
|
4.50% |
|
5/1/2023 |
|
NR |
|
|
865 |
|
|
881,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
3,459,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 4.65% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AZ Sports & Tourism AuthStadium |
|
5.00% |
|
7/1/2028 |
|
A1 |
|
|
1,000 |
|
|
1,120,060 |
|
AZ Sports & Tourism AuthStadium |
|
5.00% |
|
7/1/2031 |
|
A1 |
|
|
250 |
|
|
276,473 |
|
DC Deed Tax |
|
5.00% |
|
6/1/2023 |
|
A1 |
|
|
110 |
|
|
127,366 |
|
|
|
|
|
See Notes to Financial Statements. |
59 |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Tax Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hudson Yards |
|
5.75% |
|
2/15/2047 |
|
A |
|
$ |
900 |
|
$ |
1,048,923 |
|
IL Sales Tax |
|
4.75% |
|
6/15/2034 |
|
AAA |
|
|
205 |
|
|
221,058 |
|
IL Sales Tax (NPFGC)(FGIC) |
|
6.00% |
|
6/15/2024 |
|
AAA |
|
|
125 |
|
|
166,348 |
|
LA Stadium & Expo Dist |
|
5.00% |
|
7/1/2022 |
|
A3 |
|
|
250 |
|
|
296,978 |
|
MTA NYDedicated Tax |
|
5.50% |
|
11/15/2039 |
|
AA |
|
|
200 |
|
|
230,914 |
|
NJ EDACigarette Tax |
|
4.25% |
|
6/15/2027 |
|
BBB+ |
|
|
1,000 |
|
|
1,060,130 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2023 |
|
BBB+ |
|
|
205 |
|
|
238,097 |
|
NJ EDACigarette Tax |
|
5.75% |
|
6/15/2029 |
|
Aaa |
|
|
550 |
|
|
586,360 |
|
PR Corp Sales Tax |
|
5.25% |
|
8/1/2027 |
|
A+ |
|
|
315 |
|
|
337,894 |
|
PR Corp Sales Tax |
|
5.375% |
|
8/1/2039 |
|
A+ |
|
|
235 |
|
|
240,163 |
|
PR Corp Sales Tax |
|
5.50% |
|
8/1/2042 |
|
A+ |
|
|
1,000 |
|
|
1,029,130 |
|
Regional Trsp Auth (NPFGC)(FGIC) |
|
5.50% |
|
7/1/2022 |
|
AA |
|
|
160 |
|
|
198,202 |
|
San Jose Spl TaxConv Ctr |
|
5.50% |
|
5/1/2026 |
|
A2 |
|
|
175 |
|
|
202,368 |
|
San Jose Spl TaxConv Ctr |
|
6.50% |
|
5/1/2036 |
|
A2 |
|
|
530 |
|
|
638,125 |
|
Sonoma Marin Area Rail Rmkt |
|
5.00% |
|
3/1/2028 |
|
AA |
|
|
510 |
|
|
590,090 |
|
Virgin Islands PFAMatching Fund |
|
5.00% |
|
10/1/2025 |
|
Baa2 |
|
|
215 |
|
|
238,942 |
|
Virgin Islands PFAMatching Fund |
|
5.25% |
|
10/1/2029 |
|
Baa2 |
|
|
180 |
|
|
200,732 |
|
Yorba Linda Redev Agy |
|
6.50% |
|
9/1/2032 |
|
A- |
|
|
250 |
|
|
299,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
9,347,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 4.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco |
|
5.125% |
|
6/1/2024 |
|
B- |
|
|
1,350 |
|
|
1,241,365 |
|
Golden St Tobacco |
|
5.75% |
|
6/1/2047 |
|
B- |
|
|
1,000 |
|
|
960,970 |
|
Golden St Tobacco (AMBAC) |
|
5.00% |
|
6/1/2029 |
|
A2 |
|
|
250 |
|
|
251,627 |
|
Golden St Tobacco (AMBAC) |
|
5.00% |
|
6/1/2030 |
|
A2 |
|
|
375 |
|
|
377,539 |
|
Golden St Tobacco (FGIC) |
|
5.00% |
|
6/1/2035 |
|
A2 |
|
|
690 |
|
|
724,114 |
|
Golden St Tobacco (FGIC) |
|
5.00% |
|
6/1/2038 |
|
A2 |
|
|
375 |
|
|
391,447 |
|
MI Tob Settlement |
|
5.125% |
|
6/1/2022 |
|
B- |
|
|
850 |
|
|
797,521 |
|
Nthrn CA Tobacco |
|
4.75% |
|
6/1/2023 |
|
B+ |
|
|
205 |
|
|
205,113 |
|
Nthrn CA Tobacco |
|
5.50% |
|
6/1/2045 |
|
B- |
|
|
1,000 |
|
|
899,020 |
|
Railsplitter Tobacco Settlement Auth |
|
6.00% |
|
6/1/2028 |
|
A- |
|
|
910 |
|
|
1,104,813 |
|
SD Edu Enhancement Fding Corp |
|
5.00% |
|
6/1/2026 |
|
A- |
|
|
250 |
|
|
295,425 |
|
Tobacco Settlement Auth IA |
|
5.625% |
|
6/1/2046 |
|
B+ |
|
|
100 |
|
|
98,004 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2019 |
|
Baa1 |
|
|
75 |
|
|
83,526 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2029 |
|
B2 |
|
|
115 |
|
|
111,157 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2047 |
|
B2 |
|
|
920 |
|
|
779,939 |
|
TSASC |
|
5.00% |
|
6/1/2026 |
|
B+ |
|
|
680 |
|
|
671,568 |
|
TSASC |
|
5.00% |
|
6/1/2034 |
|
B |
|
|
360 |
|
|
326,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
9,319,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation 9.50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Airport |
|
5.00% |
|
1/1/2025 |
|
A1 |
|
$ |
520 |
|
$ |
605,426 |
|
Atlanta Airport |
|
5.25% |
|
1/1/2030 |
|
A1 |
|
|
450 |
|
|
517,806 |
|
Bay Area Toll Auth |
|
5.00% |
|
10/1/2033 |
|
A+ |
|
|
200 |
|
|
225,096 |
|
Charlotte Airport |
|
5.00% |
|
7/1/2033 |
|
Aa3 |
|
|
630 |
|
|
709,632 |
|
Chesapeake Trsp Sys |
|
5.00% |
|
7/15/2021 |
|
BBB |
|
|
400 |
|
|
453,252 |
|
Chicago OHare Arpt |
|
5.00% |
|
1/1/2035 |
|
A2 |
|
|
575 |
|
|
636,209 |
|
Chicago OHare Arpt |
|
5.50% |
|
1/1/2031 |
|
A2 |
|
|
90 |
|
|
102,571 |
|
Chicago OHare Arpt (AMBAC) |
|
5.00% |
|
1/1/2022 |
|
A2 |
|
|
350 |
|
|
381,524 |
|
Chicago OHare Arpt (NPFGC) |
|
5.00% |
|
1/1/2030 |
|
A2 |
|
|
100 |
|
|
104,605 |
|
Chicago OHare Arpt (XLCA) |
|
5.25% |
|
1/1/2034 |
|
A2 |
|
|
200 |
|
|
204,578 |
|
Denver City & Co Arpt |
|
5.00% |
|
11/15/2023 |
|
A+ |
|
|
500 |
|
|
621,715 |
|
FL Tpk AuthDept Trans |
|
5.00% |
|
7/1/2034 |
|
AA- |
|
|
500 |
|
|
575,690 |
|
Foothill / Eastern Corridor Toll Rd |
|
5.75% |
|
1/15/2040 |
|
BBB- |
|
|
500 |
|
|
500,385 |
|
Foothill / Eastern Corridor Toll
Rd
|
|
Zero Coupon |
|
1/15/2030 |
|
Baa2 |
|
|
350 |
|
|
129,154 |
|
Foothill / Eastern Corridor Toll
Rd
|
|
Zero Coupon |
|
1/15/2031 |
|
Baa2 |
|
|
255 |
|
|
88,500 |
|
HI Arpt |
|
5.25% |
|
7/1/2020 |
|
A |
|
|
100 |
|
|
121,138 |
|
Los Angeles Dept ArptsLAX |
|
5.00% |
|
5/15/2035 |
|
AA- |
|
|
645 |
|
|
712,731 |
|
MA Dept Trans Met Hwy Sys |
|
5.00% |
|
1/1/2032 |
|
A+ |
|
|
440 |
|
|
487,120 |
|
Met DC Airport |
|
5.00% |
|
10/1/2030 |
|
AA- |
|
|
400 |
|
|
459,704 |
|
Met DC Airport |
|
5.00% |
|
10/1/2035 |
|
AA- |
|
|
205 |
|
|
235,149 |
|
Miami Dade Co AviationMIA |
|
5.375% |
|
10/1/2035 |
|
A |
|
|
175 |
|
|
199,061 |
|
Miami Dade Co AviationMIA |
|
5.50% |
|
10/1/2029 |
|
A |
|
|
490 |
|
|
575,985 |
|
MTA NY |
|
5.00% |
|
11/15/2021 |
|
A |
|
|
130 |
|
|
155,697 |
|
MTA NY |
|
5.00% |
|
11/15/2033 |
|
A |
|
|
105 |
|
|
116,424 |
|
MTA NYDedicated Tax |
|
5.25% |
|
11/15/2029 |
|
AA |
|
|
525 |
|
|
611,137 |
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2028 |
|
A+ |
|
|
900 |
|
|
1,031,409 |
|
NJ Trans Trust Fund |
|
5.75% |
|
12/15/2031 |
|
A+ |
|
|
350 |
|
|
408,849 |
|
NJ Trans Trust Fund |
|
6.00% |
|
6/15/2035 |
|
A+ |
|
|
150 |
|
|
182,489 |
|
NJ Trans Trust Fund (AGM) |
|
5.25% |
|
12/15/2021 |
|
AA- |
|
|
200 |
|
|
250,210 |
|
NJ Trans Trust Fund (NPFGC) |
|
5.50% |
|
12/15/2021 |
|
A+ |
|
|
100 |
|
|
125,546 |
|
North TX Twy Auth |
|
5.75% |
|
1/1/2033 |
|
A3 |
|
|
200 |
|
|
221,902 |
|
North TX Twy Auth |
|
5.75% |
|
1/1/2038 |
|
A3 |
|
|
40 |
|
|
43,919 |
|
North TX Twy Auth |
|
6.00% |
|
1/1/2043 |
|
A2 |
|
|
775 |
|
|
900,255 |
|
Orlando & Orange Co Expwy Auth |
|
5.00% |
|
7/1/2030 |
|
A |
|
|
555 |
|
|
621,400 |
|
PA Tpk Commn |
|
5.00% |
|
12/1/2022 |
|
A- |
|
|
1,000 |
|
|
1,184,130 |
|
PA Tpk Commn |
|
5.00% |
|
12/1/2032 |
|
A- |
|
|
500 |
|
|
548,155 |
|
|
|
|
|
See Notes to Financial Statements. |
61 |
|
Schedule of Investments (unaudited)(continued) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Tpk Commn |
|
5.50% |
|
6/1/2033 |
|
A- |
|
$ |
185 |
|
$ |
209,031 |
|
Port Seattle PFC |
|
5.00% |
|
12/1/2021 |
|
A+ |
|
|
225 |
|
|
269,363 |
|
PR Hwy & Trans Auth |
|
5.50% |
|
7/1/2021 |
|
BBB |
|
|
550 |
|
|
586,712 |
|
PR Hwy & Trans Auth (AGM) |
|
5.50% |
|
7/1/2022 |
|
AA- |
|
|
165 |
|
|
186,958 |
|
Regional Trans DistDenver Trans |
|
5.375% |
|
1/15/2025 |
|
Baa3 |
|
|
85 |
|
|
97,278 |
|
Regional Trans DistDenver Trans |
|
5.375% |
|
7/15/2025 |
|
Baa3 |
|
|
525 |
|
|
600,836 |
|
Regional Trans DistDenver Trans |
|
6.00% |
|
1/15/2026 |
|
Baa3 |
|
|
120 |
|
|
143,044 |
|
Regional Trans DistDenver Trans |
|
6.00% |
|
1/15/2034 |
|
Baa3 |
|
|
185 |
|
|
213,853 |
|
Regional Trans Dist COP |
|
5.375% |
|
6/1/2031 |
|
Aa3 |
|
|
485 |
|
|
545,732 |
|
San Antonio Arpt (AGM) |
|
5.00% |
|
7/1/2026 |
|
AA- |
|
|
495 |
|
|
567,686 |
|
San Francisco Arpt |
|
5.25% |
|
5/1/2032 |
|
A+ |
|
|
220 |
|
|
250,323 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2022 |
|
A+ |
|
|
300 |
|
|
370,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
19,089,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 12.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adelanto Util Sys |
|
6.00% |
|
7/1/2024 |
|
NR |
|
|
200 |
|
|
224,478 |
|
Adelanto Util Sys |
|
6.625% |
|
7/1/2031 |
|
NR |
|
|
100 |
|
|
110,588 |
|
Amr Muni PwrFremont Energy |
|
5.00% |
|
2/15/2025 |
|
A1 |
|
|
1,000 |
|
|
1,158,880 |
|
CA Dept Wtr Res Pwr |
|
5.00% |
|
5/1/2021 |
|
AA- |
|
|
300 |
|
|
367,320 |
|
Central PlainsGoldman Sachs |
|
5.00% |
|
9/1/2032 |
|
A- |
|
|
1,000 |
|
|
1,114,270 |
|
Chicago Water (AGM) |
|
5.00% |
|
11/1/2025 |
|
AA- |
|
|
100 |
|
|
115,244 |
|
Colorado Springs Utilities |
|
5.25% |
|
11/15/2033 |
|
AA |
|
|
150 |
|
|
180,402 |
|
Detroit Sewer (NPFGC)(FGIC) |
|
5.50% |
|
7/1/2029 |
|
A |
|
|
980 |
|
|
1,156,890 |
|
Detroit Water (AGM) |
|
4.625% |
|
7/1/2032 |
|
AA- |
|
|
130 |
|
|
133,879 |
|
Detroit Water (NPFGC) |
|
5.00% |
|
7/1/2034 |
|
A+ |
|
|
385 |
|
|
386,556 |
|
Detroit Water (NPFGC)(FGIC) |
|
4.50% |
|
7/1/2031 |
|
A+ |
|
|
150 |
|
|
153,138 |
|
Detroit Water Rmkt (AGM) |
|
6.25% |
|
7/1/2036 |
|
AA- |
|
|
55 |
|
|
62,785 |
|
FL Muni Pwr Agy |
|
5.00% |
|
10/1/2026 |
|
A2 |
|
|
700 |
|
|
819,973 |
|
FL Muni Pwr Agy |
|
5.25% |
|
10/1/2019 |
|
A2 |
|
|
150 |
|
|
183,128 |
|
Gainesville Utility |
|
5.25% |
|
10/1/2034 |
|
AA |
|
|
150 |
|
|
174,249 |
|
IL DFAPeoples Gas (AMBAC) |
|
5.00% |
|
2/1/2033 |
|
A1 |
|
|
190 |
|
|
190,382 |
|
IN Fin AuthOhio Vly Elec |
|
5.00% |
|
6/1/2032 |
|
BBB- |
|
|
500 |
|
|
539,205 |
|
Long Island Power Auth |
|
5.00% |
|
9/1/2026 |
|
A- |
|
|
510 |
|
|
591,717 |
|
Lower Colo Riv Auth |
|
5.00% |
|
5/15/2030 |
|
A |
|
|
100 |
|
|
111,439 |
|
Maricopa Co Poll CtlEl Paso Elec |
|
4.50% |
|
8/1/2042 |
|
BBB |
|
|
1,000 |
|
|
1,030,700 |
|
Maricopa Co Poll CtlSo Cal Edison Rmkt |
|
5.00% |
|
6/1/2035 |
|
A1 |
|
|
1,035 |
|
|
1,137,351 |
|
North Sumter Co Util Dep Dist |
|
5.375% |
|
10/1/2030 |
|
BBB+ |
|
|
200 |
|
|
220,376 |
|
NY Env FacsClean Wtr & Drinking |
|
5.125% |
|
6/15/2038 |
|
AAA |
|
|
500 |
|
|
578,350 |
|
|
|
|
62 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
AMT FREE MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC Muni Water |
|
5.25% |
|
6/15/2032 |
|
AA+ |
|
$ |
100 |
|
$ |
115,700 |
|
OH Air QualityOhio Vly Elec |
|
5.625% |
|
10/1/2019 |
|
BBB- |
|
|
390 |
|
|
454,506 |
|
PA Econ DevPhiladelphia Biosolids |
|
6.25% |
|
1/1/2032 |
|
Baa3 |
|
|
80 |
|
|
92,227 |
|
Palm Beach Co Solid Waste |
|
5.25% |
|
10/1/2021 |
|
AA+ |
|
|
100 |
|
|
120,920 |
|
Philadelphia Gas Works (AMBAC) |
|
5.00% |
|
10/1/2026 |
|
BBB+ |
|
|
275 |
|
|
294,261 |
|
Philadelphia Gas Works (AMBAC) |
|
5.00% |
|
10/1/2028 |
|
BBB+ |
|
|
180 |
|
|
191,446 |
|
Pima Co IDATucson Elec |
|
4.00% |
|
9/1/2029 |
|
BBB- |
|
|
600 |
|
|
598,548 |
|
Pima Co IDATucson Elec |
|
4.95% |
|
10/1/2020 |
|
BBB- |
|
|
320 |
|
|
364,365 |
|
PR Aqueduct & Swr Auth |
|
6.125% |
|
7/1/2024 |
|
BB+ |
|
|
540 |
|
|
573,091 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2028 |
|
BBB+ |
|
|
120 |
|
|
116,502 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2029 |
|
BBB+ |
|
|
750 |
|
|
722,475 |
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2027 |
|
BBB+ |
|
|
430 |
|
|
430,219 |
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2027 |
|
BBB+ |
|
|
785 |
|
|
785,400 |
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2028 |
|
BBB+ |
|
|
850 |
|
|
847,280 |
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2033 |
|
BBB+ |
|
|
425 |
|
|
417,686 |
|
PR Elec Pwr Auth (NPFGC)(FGIC) |
|
5.25% |
|
7/1/2032 |
|
BBB+ |
|
|
520 |
|
|
513,755 |
|
Rowland Water Dist COP |
|
6.50% |
|
12/1/2035 |
|
AA- |
|
|
100 |
|
|
117,638 |
|
SA Energy Acq CorpGoldman Sachs |
|
5.50% |
|
8/1/2020 |
|
A- |
|
|
125 |
|
|
145,236 |
|
Salt Verde Fin CorpCiti |
|
5.25% |
|
12/1/2026 |
|
A- |
|
|
705 |
|
|
831,294 |
|
TEACGoldman Sachs |
|
5.00% |
|
2/1/2024 |
|
Baa3 |
|
|
225 |
|
|
254,106 |
|
TEACGoldman Sachs |
|
5.00% |
|
2/1/2025 |
|
Baa3 |
|
|
315 |
|
|
357,157 |
|
TEACGoldman Sachs |
|
5.00% |
|
2/1/2027 |
|
Baa3 |
|
|
1,445 |
|
|
1,618,501 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2029 |
|
A3 |
|
|
1,000 |
|
|
1,072,200 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2032 |
|
A3 |
|
|
1,000 |
|
|
1,057,420 |
|
TX Muni Gas Acq & SupplyML |
|
5.25% |
|
12/15/2022 |
|
A- |
|
|
800 |
|
|
940,904 |
|
TX Muni Gas Acq & SupplyML |
|
6.25% |
|
12/15/2026 |
|
A- |
|
|
1,000 |
|
|
1,294,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
25,068,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total
Investments in Securities 97.71%
|
|
|
|
|
196,379,070 |
|
|||||||
|
|
|
|
|
|||||||||
Cash and Other Assets in Excess of Liabilities (h) 2.29% |
|
|
|
|
4,601,048 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
Net Assets 100.00% |
|
|
|
|
|
|
|
|
|
|
$ |
200,980,118 |
|
|
|
|
|
|
Open Futures Contracts at March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
|
Unrealized
|
|
|||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
55 |
|
Short |
|
$ |
(7,259,140 |
) |
|
|
$ |
(34,470 |
) |
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
17 |
|
Short |
|
|
(2,455,969 |
) |
|
|
|
(27,701 |
) |
|
|
|
|
|
|
|
|
|
|
||||||
Totals |
|
|
|
|
|
|
|
$ |
(9,715,109 |
) |
|
|
$ |
(62,171 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
63 |
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
MUNICIPAL BONDS 101.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 5.44% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AL IDAOffice Max Rmkt AMT |
|
6.45% |
|
12/1/2023 |
|
B2 |
|
$ |
2,915 |
|
$ |
2,927,068 |
|
Citizens Property Insurance Corp |
|
5.00% |
|
6/1/2021 |
|
A+ |
|
|
7,000 |
|
|
8,341,410 |
|
Clayton Co SFRDelta Airlines AMT |
|
9.00% |
|
6/1/2035 |
|
B- |
|
|
3,575 |
|
|
3,971,861 |
|
Cleveland ArptContinental Airlines AMT |
|
5.375% |
|
9/15/2027 |
|
B |
|
|
1,015 |
|
|
1,017,548 |
|
Columbus Co Ind FacsIntl Paper |
|
5.70% |
|
5/1/2034 |
|
BBB |
|
|
2,000 |
|
|
2,233,820 |
|
Fort Bend Co IDCNRG Energy |
|
4.75% |
|
11/1/2042 |
|
Baa3 |
|
|
1,875 |
|
|
1,906,706 |
|
Fort Bend Co IDCNRG Energy Rmkt |
|
4.75% |
|
5/1/2038 |
|
Baa3 |
|
|
2,875 |
|
|
2,952,855 |
|
Gloucester Co Impt
AuthWaste Mgmt
|
|
2.50% |
|
12/1/2029 |
|
BBB |
|
|
1,125 |
|
|
1,173,386 |
|
Greater Orlando AviationJet Blue AMT (a) |
|
5.00% |
|
11/15/2036 |
|
NR |
|
|
3,330 |
|
|
3,428,468 |
|
Greater Orlando AviationJet Blue AMT |
|
6.375% |
|
11/15/2026 |
|
NR |
|
|
3,750 |
|
|
3,794,025 |
|
Greater Orlando AviationJet Blue AMT |
|
6.50% |
|
11/15/2036 |
|
NR |
|
|
655 |
|
|
662,781 |
|
Gulf Coast Waste
DispWaste Mgmt
|
|
5.20% |
|
5/1/2028 |
|
BBB |
|
|
3,195 |
|
|
3,441,015 |
|
IA Fin AuthAlcoa |
|
4.75% |
|
8/1/2042 |
|
BBB- |
|
|
6,055 |
|
|
6,090,906 |
|
IL Fin AuthLeafs Hockey Club (e) |
|
6.00% |
|
3/1/2037 |
|
NR |
|
|
1,550 |
|
|
527,000 |
|
IL Fin AuthUnited Sports/ Barrington (e) |
|
6.25% |
|
10/1/2037 |
|
NR |
|
|
2,000 |
|
|
360,000 |
|
LA Citizens
Property Insurance Corp
|
|
5.00% |
|
6/1/2021 |
|
A- |
|
|
3,380 |
|
|
3,715,228 |
|
LA Env FacsWestlake Chem |
|
6.75% |
|
11/1/2032 |
|
BBB- |
|
|
11,000 |
|
|
12,464,870 |
|
Love Field ArptSouthwest Airlines |
|
5.25% |
|
11/1/2040 |
|
BBB- |
|
|
745 |
|
|
811,946 |
|
Love Field ArptSouthwest Airlines AMT |
|
5.00% |
|
11/1/2028 |
|
BBB- |
|
|
1,425 |
|
|
1,591,483 |
|
MA DFAWaste Mgmt AMT |
|
2.125% |
|
12/1/2029 |
|
BBB |
|
|
1,500 |
|
|
1,546,605 |
|
MA Port AuthDelta
Airlines AMT
|
|
5.50% |
|
1/1/2019 |
|
NR |
|
|
1,495 |
|
|
1,505,839 |
|
MD EDCChesapeake Bay Hyatt |
|
5.00% |
|
12/1/2016 |
|
NR |
|
|
855 |
|
|
749,886 |
|
NJ EDAContinental Airlines AMT |
|
5.125% |
|
9/15/2023 |
|
B |
|
|
650 |
|
|
671,502 |
|
NJ EDAContinental Airlines AMT |
|
5.25% |
|
9/15/2029 |
|
B |
|
|
1,250 |
|
|
1,291,050 |
|
NJ EDAContinental Airlines AMT |
|
5.50% |
|
4/1/2028 |
|
B |
|
|
1,215 |
|
|
1,217,722 |
|
NJ EDAContinental Airlines AMT |
|
5.75% |
|
9/15/2027 |
|
B |
|
|
5,000 |
|
|
5,139,200 |
|
NJ EDAGlimcher Pptys AMT |
|
6.00% |
|
11/1/2028 |
|
NR |
|
|
1,480 |
|
|
1,480,015 |
|
NYC Cap ResArthur Mgmt |
|
7.00% |
|
8/1/2025 |
|
NR |
|
|
9,150 |
|
|
9,916,038 |
|
NYC IDAJetblue AMT |
|
5.00% |
|
5/15/2020 |
|
B- |
|
|
1,585 |
|
|
1,584,889 |
|
NYC IDATRIPS AMT |
|
5.00% |
|
7/1/2028 |
|
BBB- |
|
|
2,000 |
|
|
2,159,580 |
|
Onondaga Co IDABristol Meyers AMT |
|
5.75% |
|
3/1/2024 |
|
A+ |
|
|
2,000 |
|
|
2,568,760 |
|
PA Econ DevUS Airways |
|
7.50% |
|
5/1/2020 |
|
CCC+ |
|
|
1,500 |
|
|
1,686,915 |
|
|
|
|
64 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Corporate-Backed (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Econ DevUS Airways |
|
8.00% |
|
5/1/2029 |
|
CCC+ |
|
$ |
1,500 |
|
$ |
1,783,095 |
|
PA Econ DevWaste Mgmt |
|
1.75% |
|
12/1/2033 |
|
BBB |
|
|
1,000 |
|
|
1,026,560 |
|
Port Seattle IDCDelta Airlines AMT |
|
5.00% |
|
4/1/2030 |
|
B- |
|
|
3,000 |
|
|
3,046,950 |
|
PR Ports AuthAmerican Airlines AMT (e) |
|
6.25% |
|
6/1/2026 |
|
NR |
|
|
5,715 |
|
|
6,265,697 |
|
Selma IDBIntl Paper |
|
6.25% |
|
11/1/2033 |
|
BBB |
|
|
2,500 |
|
|
2,839,425 |
|
St Charles ParishValero Energy |
|
4.00% |
|
12/1/2040 |
|
BBB |
|
|
1,750 |
|
|
1,923,058 |
|
Warren CoIntl Paper |
|
5.375% |
|
12/1/2035 |
|
BBB |
|
|
1,750 |
|
|
1,935,377 |
|
West Pace Coop Dist |
|
9.125% |
|
5/1/2039 |
|
NR |
|
|
4,955 |
|
|
4,836,675 |
|
WI PFATRIPS AMT |
|
5.00% |
|
7/1/2042 |
|
BBB- |
|
|
2,000 |
|
|
2,074,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
118,662,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 6.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Athens Clarke EdUgaref Cent Precinct |
|
5.00% |
|
6/15/2031 |
|
Aa2 |
|
|
2,500 |
|
|
2,869,925 |
|
Athens Clarke EdUgaref OMalleys Bldg |
|
5.00% |
|
6/15/2028 |
|
Aa2 |
|
|
2,000 |
|
|
2,299,080 |
|
Brevard Co IDRTuff FL Tech |
|
6.50% |
|
11/1/2029 |
|
BBB- |
|
|
2,500 |
|
|
2,781,850 |
|
Bulloch Co DevGA So Univ Hsg (AG) |
|
5.25% |
|
7/1/2028 |
|
A1 |
|
|
2,465 |
|
|
2,758,828 |
|
CA Fin AuthBiola Univ |
|
5.80% |
|
10/1/2028 |
|
Baa1 |
|
|
1,000 |
|
|
1,102,630 |
|
CA Fin AuthEmerson Clg |
|
6.00% |
|
1/1/2042 |
|
BBB+ |
|
|
1,875 |
|
|
2,263,050 |
|
CA StwdeWindrush Sch (e) |
|
5.50% |
|
7/1/2037 |
|
NR |
|
|
1,000 |
|
|
10 |
|
CT Hlth & EdQuinnipiac Univ (NPFGC) |
|
5.00% |
|
7/1/2026 |
|
A- |
|
|
3,000 |
|
|
3,354,030 |
|
Detroit Mich City Sch Dist |
|
5.00% |
|
5/1/2029 |
|
Aa2 |
|
|
4,000 |
|
|
4,449,920 |
|
Detroit Mich City Sch Dist |
|
5.00% |
|
5/1/2033 |
|
Aa2 |
|
|
4,385 |
|
|
4,821,001 |
|
Dutchess Co LDCAnderson Ctr |
|
6.00% |
|
10/1/2030 |
|
BB+ |
|
|
1,000 |
|
|
1,078,700 |
|
FL Hi Ed FacsUniv of Tampa |
|
5.25% |
|
4/1/2042 |
|
BBB+ |
|
|
1,500 |
|
|
1,648,800 |
|
Gainesville RedevRiverside Mil Admy |
|
5.125% |
|
3/1/2027 |
|
BB+ |
(c) |
|
4,575 |
|
|
4,614,253 |
|
Gainesville RedevRiverside Mil Admy |
|
5.125% |
|
3/1/2037 |
|
BB+ |
(c) |
|
1,280 |
|
|
1,237,990 |
|
Hale CtrWayland Baptist Univ |
|
5.00% |
|
3/1/2035 |
|
A- |
|
|
6,350 |
|
|
6,902,386 |
|
Harrisburg AuthUniv of Science (e) |
|
6.00% |
|
9/1/2036 |
|
NR |
|
|
4,000 |
|
|
2,911,800 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2019 |
|
Baa3 |
|
|
1,000 |
|
|
1,028,240 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2020 |
|
Baa3 |
|
|
1,900 |
|
|
1,955,271 |
|
IL Fin AuthIL Inst of Tech |
|
6.25% |
|
2/1/2019 |
|
Baa3 |
|
|
2,635 |
|
|
2,906,906 |
|
IL Fin AuthIL Inst of Tech |
|
7.125% |
|
2/1/2034 |
|
Baa3 |
|
|
1,000 |
|
|
1,119,040 |
|
IL Fin AuthUniv of Chicago |
|
5.75% |
|
7/1/2033 |
|
Aa1 |
|
|
4,300 |
|
|
5,115,409 |
|
IN Fin AuthEarlham Clg |
|
5.00% |
|
10/1/2042 |
|
A1 |
|
|
9,490 |
|
|
10,416,319 |
|
LA PFATulane Univ |
|
5.00% |
|
10/1/2037 |
|
A |
|
|
1,525 |
|
|
1,711,050 |
|
Louisville/Jeff Co Met ClgBellarmine |
|
6.00% |
|
5/1/2038 |
|
Baa3 |
|
|
2,500 |
|
|
2,710,900 |
|
MA DFAMerrimack Clg |
|
5.00% |
|
7/1/2032 |
|
BBB- |
|
|
535 |
|
|
585,060 |
|
MA DFAMerrimack Clg |
|
5.25% |
|
7/1/2042 |
|
BBB- |
|
|
1,200 |
|
|
1,315,860 |
|
|
|
|
|
See Notes to Financial Statements. |
65 |
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
MA DFAWheelock Clg |
|
5.25% |
|
10/1/2037 |
|
BBB |
|
$ |
5,000 |
|
$ |
5,235,900 |
|
Marietta Dev AuthLife Univ |
|
7.00% |
|
6/15/2030 |
|
Ba3 |
|
|
5,000 |
|
|
5,397,850 |
|
Marietta Dev AuthLife Univ |
|
7.00% |
|
6/15/2039 |
|
Ba3 |
|
|
2,000 |
|
|
2,149,740 |
|
MD Hlth & Hi EdWash Christian Admy (e) |
|
5.50% |
|
7/1/2038 |
|
NR |
|
|
2,200 |
|
|
792,000 |
|
MI Hi EdCreative Studies |
|
5.875% |
|
12/1/2028 |
|
Baa3 |
|
|
2,365 |
|
|
2,553,940 |
|
NC Cap FacsHigh Point Univ |
|
4.375% |
|
5/1/2034 |
|
BBB+ |
|
|
1,000 |
|
|
1,047,450 |
|
NC Cap FacsHigh Point Univ |
|
5.00% |
|
5/1/2032 |
|
BBB+ |
|
|
1,000 |
|
|
1,098,080 |
|
NC Cap FacsMeredith Clg |
|
6.00% |
|
6/1/2031 |
|
BBB |
|
|
2,000 |
|
|
2,245,160 |
|
NY DormCulinary Inst of Amr |
|
5.00% |
|
7/1/2042 |
|
Baa2 |
|
|
120 |
|
|
127,568 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2027 |
|
BBB- |
|
|
1,050 |
|
|
1,197,116 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2029 |
|
BBB- |
|
|
1,000 |
|
|
1,130,060 |
|
NY DormRochester Inst Tech |
|
6.25% |
|
7/1/2029 |
|
A1 |
|
|
5,000 |
|
|
6,373,100 |
|
NY DormSUNY |
|
5.00% |
|
7/1/2035 |
|
Aa2 |
|
|
2,100 |
|
|
2,373,546 |
|
Olmos Park Hi EdUniv Incarnate Word |
|
5.00% |
|
12/1/2021 |
|
A3 |
|
|
1,780 |
|
|
2,121,511 |
|
Olmos Park Hi EdUniv Incarnate Word |
|
5.00% |
|
12/1/2022 |
|
A3 |
|
|
1,950 |
|
|
2,325,433 |
|
Olmos Park Hi EdUniv Incarnate Word |
|
5.00% |
|
12/1/2023 |
|
A3 |
|
|
1,285 |
|
|
1,510,903 |
|
PA Hi EdDrexel Univ |
|
5.00% |
|
5/1/2031 |
|
A |
|
|
4,645 |
|
|
5,152,141 |
|
PA Hi EdLa Salle Univ |
|
5.00% |
|
5/1/2042 |
|
BBB |
|
|
3,000 |
|
|
3,329,910 |
|
Peach Co DevFort Vy St Univ Fdtn
|
|
5.00% |
|
6/1/2023 |
|
Baa1 |
|
|
1,115 |
|
|
1,222,330 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2021 |
|
A- |
|
|
700 |
|
|
770,098 |
|
PR Indl TouristInter American Univ |
|
5.00% |
|
10/1/2031 |
|
A- |
|
|
500 |
|
|
523,075 |
|
Quad Cities Regl Econ DevAugustana Clg |
|
5.00% |
|
10/1/2023 |
|
Baa1 |
|
|
590 |
|
|
657,939 |
|
Quad Cities Regl Econ DevAugustana Clg |
|
5.00% |
|
10/1/2024 |
|
Baa1 |
|
|
550 |
|
|
609,593 |
|
Quad Cities Regl Econ DevAugustana Clg |
|
5.00% |
|
10/1/2027 |
|
Baa1 |
|
|
900 |
|
|
980,910 |
|
RI Hlth & EdRISD |
|
5.00% |
|
8/15/2035 |
|
A1 |
|
|
1,000 |
|
|
1,111,280 |
|
Univ of Hawaii |
|
6.00% |
|
10/1/2038 |
|
Aa2 |
|
|
1,750 |
|
|
2,099,982 |
|
Univ Sys of MD |
|
3.00% |
|
4/1/2028 |
|
AA+ |
|
|
6,945 |
|
|
7,110,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
135,205,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 13.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bellwood GO |
|
6.15% |
|
12/1/2032 |
|
NR |
|
|
2,765 |
|
|
2,727,507 |
|
CA State GO |
|
5.00% |
|
2/1/2033 |
|
A1 |
|
|
20,035 |
|
|
22,493,495 |
|
CA State GO |
|
5.00% |
|
9/1/2036 |
|
A1 |
|
|
10,900 |
|
|
12,117,857 |
|
CA State GO |
|
5.00% |
|
2/1/2038 |
|
A1 |
|
|
6,000 |
|
|
6,647,880 |
|
CA State GO |
|
5.25% |
|
9/1/2024 |
|
A1 |
|
|
15,000 |
|
|
18,073,350 |
|
CA State GO |
|
5.50% |
|
3/1/2040 |
|
A1 |
|
|
9,250 |
|
|
10,828,235 |
|
CA State GO |
|
5.60% |
|
3/1/2036 |
|
A1 |
|
|
7,330 |
|
|
8,692,280 |
|
|
|
|
66 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA State GO |
|
6.50% |
|
4/1/2033 |
|
A1 |
|
$ |
13,400 |
|
$ |
16,500,894 |
|
Central USD (AG) |
|
5.625% |
|
8/1/2033 |
|
AA- |
|
|
2,360 |
|
|
2,639,471 |
|
Chabot/Las Positas CCD |
|
4.00% |
|
8/1/2022 |
|
Aa3 |
|
|
4,850 |
|
|
5,503,634 |
|
Chabot/Las Positas CCD |
|
5.00% |
|
8/1/2022 |
|
Aa3 |
|
|
1,795 |
|
|
2,186,256 |
|
Cook Co GO |
|
5.00% |
|
11/15/2024 |
|
AA |
|
|
14,400 |
|
|
16,947,936 |
|
CT State GO (b) |
|
5.00% |
|
11/1/2027 |
|
AA |
|
|
10,000 |
|
|
11,826,550 |
|
CT State GO (b) |
|
5.00% |
|
11/1/2028 |
|
AA |
|
|
10,000 |
|
|
11,826,550 |
|
Guam GO |
|
7.00% |
|
11/15/2039 |
|
B+ |
|
|
2,240 |
|
|
2,498,922 |
|
HI St Ser DZ (b) |
|
5.00% |
|
12/1/2027 |
|
AA |
|
|
10,000 |
|
|
11,904,450 |
|
IL State GO |
|
5.00% |
|
8/1/2023 |
|
A2 |
|
|
8,000 |
|
|
9,151,600 |
|
IL State GO |
|
5.00% |
|
3/1/2030 |
|
A2 |
|
|
11,500 |
|
|
12,417,125 |
|
IL State GO |
|
5.00% |
|
3/1/2031 |
|
A2 |
|
|
4,750 |
|
|
5,114,040 |
|
Maricopa Co Elem Sch Dist #33 |
|
5.70% |
|
7/1/2025 |
|
A1 |
|
|
2,385 |
|
|
2,689,040 |
|
Midlothian Water Dist (AGM) |
|
Zero Coupon |
|
9/1/2022 |
|
AA- |
|
|
2,000 |
|
|
1,529,540 |
|
Northern Mariana Islands Comwlth |
|
5.00% |
|
6/1/2030 |
|
NR |
|
|
5,530 |
|
|
4,554,674 |
|
NYC GO |
|
5.00% |
|
8/1/2022 |
|
AA |
|
|
6,375 |
|
|
7,921,320 |
|
NYC GO |
|
5.00% |
|
10/1/2026 |
|
AA |
|
|
26,860 |
|
|
31,677,610 |
|
NYC GO |
|
6.25% |
|
10/15/2028 |
|
AA |
|
|
5,000 |
|
|
6,143,150 |
|
OH State GO |
|
5.00% |
|
2/1/2031 |
|
AA+ |
|
|
5,000 |
|
|
5,807,850 |
|
Philadelphia GO (AGM) |
|
5.25% |
|
12/15/2027 |
|
AA- |
|
|
2,500 |
|
|
2,754,025 |
|
Port Houston Auth AMT |
|
6.25% |
|
10/1/2029 |
|
AAA |
|
|
1,000 |
|
|
1,158,560 |
|
PR Comwlth GO |
|
5.125% |
|
7/1/2037 |
|
BBB- |
|
|
360 |
|
|
337,889 |
|
PR Pub Bldg Auth |
|
5.25% |
|
7/1/2042 |
|
BBB- |
|
|
13,235 |
|
|
12,076,143 |
|
San Bernardino CCD |
|
6.25% |
|
8/1/2033 |
|
Aa2 |
|
|
1,950 |
|
|
2,337,328 |
|
San Francisco Cmnty College Dist (AGM) |
|
5.00% |
|
6/15/2031 |
|
AA- |
|
|
1,735 |
|
|
1,825,047 |
|
St Pub SBAPhiladelphia Sch Dist |
|
5.00% |
|
4/1/2021 |
|
Aa3 |
|
|
2,250 |
|
|
2,632,207 |
|
St Pub SBAPhiladelphia Sch Dist |
|
5.00% |
|
4/1/2022 |
|
Aa3 |
|
|
2,250 |
|
|
2,627,550 |
|
St Pub SBAPhiladelphia Sch Dist |
|
5.00% |
|
4/1/2023 |
|
Aa3 |
|
|
3,250 |
|
|
3,759,080 |
|
Stockton USD (AGM) |
|
5.00% |
|
7/1/2023 |
|
AA- |
|
|
1,300 |
|
|
1,485,913 |
|
Stockton USD (AGM) |
|
5.00% |
|
7/1/2024 |
|
AA- |
|
|
1,335 |
|
|
1,514,491 |
|
Stockton USD (AGM) |
|
5.00% |
|
7/1/2026 |
|
AA- |
|
|
1,110 |
|
|
1,240,481 |
|
Union Co Util AuthCovanta GTD AMT |
|
4.75% |
|
12/1/2031 |
|
AA+ |
|
|
4,000 |
|
|
4,230,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
288,400,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 18.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Abag Fin AuthEpiscopal Senior |
|
5.00% |
|
7/1/2042 |
|
BBB |
|
|
1,800 |
|
|
1,914,948 |
|
Akron Bath Copley HspAkron Gen |
|
5.00% |
|
1/1/2031 |
|
BBB |
|
|
5,250 |
|
|
5,617,867 |
|
Alachua Co HlthBonita Springs |
|
8.125% |
|
11/15/2041 |
|
NR |
|
|
3,000 |
|
|
3,541,200 |
|
|
|
|
|
See Notes to Financial Statements. |
67 |
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua Co HlthBonita Springs |
|
8.125% |
|
11/15/2046 |
|
NR |
|
$ |
5,000 |
|
$ |
5,864,400 |
|
Alachua Co IDANo FL Retirement Vlg |
|
5.875% |
|
11/15/2036 |
|
NR |
|
|
2,500 |
|
|
2,510,325 |
|
Alachua Co IDANo FL Retirement Vlg |
|
5.875% |
|
11/15/2042 |
|
NR |
|
|
3,250 |
|
|
3,247,498 |
|
Allegheny Co HspWest Penn Hlth |
|
5.00% |
|
11/15/2017 |
|
CC |
|
|
3,000 |
|
|
2,600,400 |
|
Allegheny Co HspWest Penn Hlth |
|
5.00% |
|
11/15/2028 |
|
CC |
|
|
6,000 |
|
|
5,205,600 |
|
Allen Co HspCatholic Hlth Ptnrs |
|
5.00% |
|
5/1/2033 |
|
AA- |
|
|
12,000 |
|
|
13,458,600 |
|
AZ Hlth FacsBeatitudes |
|
5.20% |
|
10/1/2037 |
|
NR |
|
|
1,000 |
|
|
980,990 |
|
AZ Hlth FacsPhoenix Childrens Hsp |
|
5.00% |
|
2/1/2034 |
|
BBB+ |
|
|
3,150 |
|
|
3,389,463 |
|
Brevard Co HlthHealth First |
|
7.00% |
|
4/1/2033 |
|
A- |
|
|
1,000 |
|
|
1,219,800 |
|
Butler Hlth Sys Hsp |
|
7.125% |
|
7/1/2029 |
|
Baa1 |
|
|
1,500 |
|
|
1,884,870 |
|
Butler Hlth Sys Hsp |
|
7.25% |
|
7/1/2039 |
|
Baa1 |
|
|
3,600 |
|
|
4,425,948 |
|
CA HlthAdventist Hlth W |
|
4.00% |
|
3/1/2033 |
|
A |
|
|
4,500 |
|
|
4,488,210 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2029 |
|
BBB+ |
|
|
1,350 |
|
|
1,495,490 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2034 |
|
BBB+ |
|
|
500 |
|
|
546,670 |
|
CA HlthCity of Hope |
|
5.00% |
|
11/15/2024 |
|
A+ |
|
|
1,600 |
|
|
1,911,296 |
|
CA HlthCity of Hope |
|
5.00% |
|
11/15/2025 |
|
A+ |
|
|
1,135 |
|
|
1,350,537 |
|
CA HlthCity of Hope |
|
5.00% |
|
11/15/2026 |
|
A+ |
|
|
2,350 |
|
|
2,774,481 |
|
CA HlthProvidence Hlth |
|
6.25% |
|
10/1/2024 |
|
AA |
|
|
2,000 |
|
|
2,414,740 |
|
CA HlthSutter Hlth |
|
5.25% |
|
8/15/2031 |
|
AA- |
|
|
4,500 |
|
|
5,226,030 |
|
CA StwdeEpiscopal Cmntys |
|
5.00% |
|
5/15/2032 |
|
A- |
(c) |
|
650 |
|
|
717,503 |
|
CA StwdeEpiscopal Cmntys |
|
5.00% |
|
5/15/2042 |
|
A- |
(c) |
|
1,500 |
|
|
1,629,105 |
|
CA StwdeEskaton Pptys |
|
5.25% |
|
11/15/2034 |
|
BBB |
|
|
1,375 |
|
|
1,472,460 |
|
Cass CoEssentia Hlth Rmkt (AG) |
|
5.125% |
|
2/15/2037 |
|
AA- |
|
|
5,000 |
|
|
5,450,500 |
|
Chautauqua CoWomans Christian Assn |
|
8.00% |
|
11/15/2030 |
|
NR |
|
|
7,000 |
|
|
7,568,610 |
|
Chautauqua CoWomans Christian Assn |
|
8.00% |
|
11/15/2035 |
|
NR |
|
|
1,625 |
|
|
1,748,744 |
|
CT Hlth & EdStamford Hsp |
|
5.00% |
|
7/1/2034 |
|
A- |
|
|
10,000 |
|
|
10,935,700 |
|
Cumberland Co Mun AuthDiakon
|
|
5.00% |
|
1/1/2036 |
|
BBB+ |
(c) |
|
500 |
|
|
513,170 |
|
Cumberland Co Mun AuthDiakon
|
|
6.125% |
|
1/1/2029 |
|
BBB+ |
(c) |
|
1,000 |
|
|
1,120,000 |
|
Delaware Co Hsp AuthCardinal Hlth |
|
5.00% |
|
8/1/2024 |
|
Baa2 |
|
|
2,000 |
|
|
2,169,980 |
|
Delaware Co Hsp AuthCardinal Hlth |
|
5.25% |
|
8/1/2036 |
|
Baa2 |
|
|
4,500 |
|
|
4,755,285 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
7.00% |
|
7/1/2030 |
|
Ba1 |
|
|
1,510 |
|
|
1,756,236 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
7.50% |
|
7/1/2039 |
|
Ba1 |
|
|
3,000 |
|
|
3,512,430 |
|
Gaithersburg Eco DevAsbury |
|
5.125% |
|
1/1/2036 |
|
BBB |
(c) |
|
4,300 |
|
|
4,386,903 |
|
Glynn Brunswick Mem HspSE GA Hlth |
|
5.50% |
|
8/1/2028 |
|
A2 |
|
|
5,140 |
|
|
5,770,832 |
|
Harris Co HlthMem Hermann Hlth |
|
7.125% |
|
12/1/2031 |
|
A+ |
|
|
3,000 |
|
|
3,981,570 |
|
Howard Co Retmt CmntyVantage House |
|
5.25% |
|
4/1/2033 |
|
NR |
|
|
2,000 |
|
|
1,982,880 |
|
|
|
|
68 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville Redstone Vlg |
|
5.50% |
|
1/1/2028 |
|
NR |
|
$ |
1,500 |
|
$ |
1,508,925 |
|
Huntsville Redstone Vlg |
|
5.50% |
|
1/1/2043 |
|
NR |
|
|
1,350 |
|
|
1,324,674 |
|
IL Fin AuthAscension Hlth |
|
5.00% |
|
11/15/2032 |
|
AA+ |
|
|
6,950 |
|
|
7,802,417 |
|
IL Fin AuthFriendship Vlg Shaumburg |
|
7.125% |
|
2/15/2039 |
|
BB- |
(c) |
|
1,500 |
|
|
1,653,915 |
|
IL Fin AuthFriendship Vlg Shaumburg |
|
7.25% |
|
2/15/2045 |
|
BB- |
(c) |
|
1,500 |
|
|
1,659,135 |
|
IL Fin AuthNorthwestern Mem Hsp |
|
5.00% |
|
8/15/2043 |
|
AA+ |
|
|
2,750 |
|
|
3,046,780 |
|
IL Fin AuthNorthwestern Mem Hsp (b) |
|
5.75% |
|
8/15/2030 |
|
AA+ |
|
|
2,500 |
|
|
2,896,188 |
|
IL Fin AuthRush Univ Med |
|
7.25% |
|
11/1/2030 |
|
A |
|
|
3,000 |
|
|
3,783,900 |
|
IN Fin AuthDeaconess Hlth |
|
5.00% |
|
3/1/2035 |
|
A |
|
|
3,210 |
|
|
3,531,128 |
|
IN Fin AuthNW Cmnty Fndtn |
|
5.00% |
|
3/1/2023 |
|
A- |
|
|
750 |
|
|
874,808 |
|
IN Fin AuthNW Cmnty Fndtn |
|
5.00% |
|
3/1/2024 |
|
A- |
|
|
1,000 |
|
|
1,143,570 |
|
IN Fin AuthNW Cmnty Fndtn |
|
5.00% |
|
3/1/2025 |
|
A- |
|
|
690 |
|
|
779,334 |
|
Johnston Mem Hsp (AGM)(FHA) |
|
5.25% |
|
10/1/2024 |
|
AA- |
|
|
5,000 |
|
|
5,596,950 |
|
Kirkwood IDAAberdeen Hts |
|
8.00% |
|
5/15/2021 |
|
NR |
|
|
1,000 |
|
|
1,159,340 |
|
Kirkwood IDAAberdeen Hts |
|
8.00% |
|
5/15/2029 |
|
NR |
|
|
3,820 |
|
|
4,483,878 |
|
LA PFAOchsner Clinic |
|
6.25% |
|
5/15/2031 |
|
Baa1 |
|
|
8,045 |
|
|
9,627,532 |
|
Laramie Co HspCheyenne Regl Med |
|
5.00% |
|
5/1/2032 |
|
A+ |
|
|
1,000 |
|
|
1,101,770 |
|
Lincoln HspGreat Plains Rgl Med |
|
5.00% |
|
11/1/2023 |
|
A- |
|
|
500 |
|
|
568,240 |
|
Lincoln HspGreat Plains Rgl Med |
|
5.00% |
|
11/1/2024 |
|
A- |
|
|
1,250 |
|
|
1,395,725 |
|
Lincoln HspGreat Plains Rgl Med |
|
5.00% |
|
11/1/2025 |
|
A- |
|
|
1,000 |
|
|
1,107,950 |
|
Lucas Co HspProMedica Hlthcare |
|
5.75% |
|
11/15/2031 |
|
AA |
|
|
3,700 |
|
|
4,458,056 |
|
MA DFAGroves in Lincoln |
|
7.25% |
|
6/1/2016 |
|
NR |
|
|
3,000 |
|
|
1,421,760 |
|
Martin Co HlthMartin Mem Med |
|
5.50% |
|
11/15/2042 |
|
Baa1 |
|
|
4,175 |
|
|
4,640,345 |
|
Martin Hsp Dist |
|
7.25% |
|
4/1/2036 |
|
BBB |
(c) |
|
3,000 |
|
|
3,383,460 |
|
MD Hlth & EdJohns Hopkins Hlth |
|
5.00% |
|
7/1/2032 |
|
AA- |
|
|
2,735 |
|
|
3,145,031 |
|
MD Hlth & EdMercy Med Ctr |
|
6.25% |
|
7/1/2031 |
|
BBB |
|
|
11,190 |
|
|
13,519,198 |
|
ME Hlth & Hi EdEastern ME Med |
|
5.00% |
|
7/1/2043 |
|
Baa1 |
|
|
5,625 |
|
|
6,039,787 |
|
ME Hlth & Hi EdMaineGeneral Hlth |
|
7.50% |
|
7/1/2032 |
|
Baa3 |
|
|
11,150 |
|
|
14,282,481 |
|
MO Hlth & EdLutheran Senior Svcs |
|
5.375% |
|
2/1/2035 |
|
BBB+ |
(c) |
|
3,680 |
|
|
3,766,149 |
|
Monroe Co IDCRochester Hsp |
|
5.00% |
|
12/1/2037 |
|
A- |
|
|
2,000 |
|
|
2,200,960 |
|
Monroe Co IDCRochester Hsp |
|
5.00% |
|
12/1/2042 |
|
A- |
|
|
1,850 |
|
|
2,017,074 |
|
Montgomery Co IDAACTS Retirement |
|
5.00% |
|
11/15/2024 |
|
BBB+ |
|
|
3,150 |
|
|
3,616,641 |
|
Montgomery Co IDAACTS Retirement |
|
5.00% |
|
11/15/2025 |
|
BBB+ |
|
|
1,300 |
|
|
1,479,309 |
|
Montgomery Co IDAJefferson Hlth |
|
5.00% |
|
10/1/2027 |
|
AA |
|
|
3,500 |
|
|
4,039,280 |
|
NC Med Care CommnPennybyrn |
|
6.125% |
|
10/1/2035 |
|
NR |
|
|
9,500 |
|
|
9,629,960 |
|
NJ HlthBarnabas Hlth |
|
4.00% |
|
7/1/2026 |
|
BBB+ |
|
|
1,400 |
|
|
1,483,202 |
|
NJ HlthBarnabas Hlth |
|
5.00% |
|
7/1/2025 |
|
BBB+ |
|
|
1,000 |
|
|
1,148,190 |
|
|
|
|
|
See Notes to Financial Statements. |
69 |
Schedule of Investments
(unaudited)(continued)
NATIONAL TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2032 |
|
BBB+ |
|
$ |
3,900 |
|
$ |
4,417,179 |
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2037 |
|
BBB+ |
|
|
3,675 |
|
|
4,134,595 |
|
NJ HlthSt Josephs Hlth |
|
6.625% |
|
7/1/2038 |
|
BBB- |
|
|
5,500 |
|
|
6,336,550 |
|
NM HspHaverland |
|
5.00% |
|
7/1/2042 |
|
BBB- |
(c) |
|
2,250 |
|
|
2,258,100 |
|
NY DormNYU Hsps Ctr |
|
5.75% |
|
7/1/2031 |
|
A- |
|
|
1,985 |
|
|
2,307,086 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2025 |
|
Aa3 |
|
|
2,400 |
|
|
2,740,560 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2030 |
|
Aa3 |
|
|
5,640 |
|
|
6,342,518 |
|
Orange Co HlthOrlando Lutheran |
|
5.50% |
|
7/1/2032 |
|
NR |
|
|
7,200 |
|
|
7,343,784 |
|
Palomar Hlth Care Dist COP |
|
6.00% |
|
11/1/2030 |
|
Baa3 |
|
|
3,500 |
|
|
3,890,740 |
|
Pell City Spl Care FacsNoland Hlth |
|
5.00% |
|
12/1/2031 |
|
A- |
|
|
10,000 |
|
|
10,847,300 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.625% |
|
7/1/2036 |
|
BBB- |
|
|
3,520 |
|
|
3,897,907 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.625% |
|
7/1/2042 |
|
BBB- |
|
|
4,000 |
|
|
4,400,480 |
|
San BuenaventuraCmnty Mem Hlth |
|
7.50% |
|
12/1/2041 |
|
BB |
|
|
16,750 |
|
|
20,686,250 |
|
Sarasota HlthManatee |
|
5.75% |
|
7/1/2037 |
|
NR |
|
|
1,000 |
|
|
907,840 |
|
Sarasota HlthManatee |
|
5.75% |
|
7/1/2045 |
|
NR |
|
|
1,100 |
|
|
970,376 |
|
SE Port AuthMemorial Hlth |
|
5.75% |
|
12/1/2032 |
|
NR |
|
|
1,900 |
|
|
2,093,686 |
|
SE Port AuthMemorial Hlth |
|
6.00% |
|
12/1/2042 |
|
NR |
|
|
2,250 |
|
|
2,484,068 |
|
Southcentral PA AuthWellspan Hlth |
|
6.00% |
|
6/1/2029 |
|
Aa3 |
|
|
1,000 |
|
|
1,141,660 |
|
Spartanburg Co Regl Hlth |
|
5.00% |
|
4/15/2032 |
|
A1 |
|
|
7,000 |
|
|
7,784,210 |
|
Sullivan Co Hlth & EdWellmont Hlth |
|
5.25% |
|
9/1/2036 |
|
BBB+ |
|
|
2,000 |
|
|
2,125,460 |
|
Tarrant Co CulturalChristus Hlth (AG) |
|
6.25% |
|
7/1/2028 |
|
AA- |
|
|
1,500 |
|
|
1,757,985 |
|
Thomasville Hsp AuthJohn Archbold |
|
5.125% |
|
11/1/2030 |
|
A |
|
|
2,500 |
|
|
2,682,225 |
|
Tulsa IDAMontereau |
|
6.875% |
|
11/1/2023 |
|
NR |
|
|
1,000 |
|
|
1,056,120 |
|
Tulsa IDAMontereau |
|
7.25% |
|
11/1/2045 |
|
NR |
|
|
3,000 |
|
|
3,367,680 |
|
Tyler HlthMother Frances Hsp |
|
5.50% |
|
7/1/2027 |
|
Baa1 |
|
|
3,975 |
|
|
4,545,969 |
|
Univ CO Hsp Auth |
|
5.00% |
|
11/15/2036 |
|
A+ |
|
|
2,250 |
|
|
2,486,700 |
|
Univ Med Ctr Corp |
|
6.25% |
|
7/1/2029 |
|
BBB+ |
|
|
895 |
|
|
1,041,189 |
|
Univ Med Ctr Corp |
|
6.50% |
|
7/1/2039 |
|
BBB+ |
|
|
3,025 |
|
|
3,507,820 |
|
Upland COPSan
Antonio Cmnty
|
|
6.375% |
|
1/1/2032 |
|
A |
|
|
5,000 |
|
|
5,878,400 |
|
WA Hlth CareProvidence Hlth |
|
5.00% |
|
10/1/2042 |
|
AA |
|
|
3,000 |
|
|
3,550,620 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.25% |
|
8/15/2023 |
|
A- |
|
|
6,350 |
|
|
7,011,987 |
|
WI HlthSauk-Prairie Mem Hsp |
|
5.375% |
|
2/1/2048 |
|
Ba1 |
|
|
3,000 |
|
|
2,983,380 |
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2037 |
|
Baa2 |
|
|
1,850 |
|
|
1,945,423 |
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2042 |
|
Baa2 |
|
|
1,000 |
|
|
1,048,360 |
|
WV HspHerbert Thomas Hlth |
|
6.25% |
|
10/1/2023 |
|
NR |
|
|
2,000 |
|
|
2,111,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
412,944,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Housing 1.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA StwdeCHF-Irvine LLC |
|
6.00% |
|
5/15/2023 |
|
Baa2 |
|
$ |
5,000 |
|
$ |
5,719,150 |
|
Dekalb Newton Gwinnett CoGGC Fndtn |
|
6.00% |
|
7/1/2034 |
|
A+ |
|
|
1,500 |
|
|
1,733,175 |
|
East Point
HsgLaurel Ridge Apts AMT
|
|
5.00% |
|
10/1/2032 |
|
AA+ |
|
|
2,475 |
|
|
2,554,868 |
|
HI Hsg Fin &
DevRent Hsg Sys Rmkt
|
|
6.50% |
|
7/1/2033 |
|
A2 |
|
|
2,000 |
|
|
2,228,140 |
|
ID Hsg AMT (FHA)(VA) |
|
7.45% |
|
7/1/2015 |
|
Aaa |
|
|
5 |
|
|
5,015 |
|
LA HFAGMF-LA Chateau |
|
8.00% |
|
9/1/2039 |
|
BB |
|
|
1,450 |
|
|
1,569,524 |
|
Los Angeles Hsg |
|
6.25% |
|
6/1/2034 |
|
A |
|
|
4,220 |
|
|
4,825,232 |
|
MD EDCMorgan State Univ Hsg |
|
5.00% |
|
7/1/2027 |
|
BBB- |
|
|
1,000 |
|
|
1,103,410 |
|
MD EDCMorgan State Univ Hsg |
|
5.00% |
|
7/1/2034 |
|
BBB- |
|
|
825 |
|
|
887,519 |
|
MO HsgHomeownership Ln AMT |
|
5.90% |
|
9/1/2035 |
|
Aaa |
|
|
100 |
|
|
101,661 |
|
PA Hi EdEdinboro Univ |
|
5.75% |
|
7/1/2028 |
|
Baa3 |
|
|
1,000 |
|
|
1,111,950 |
|
PA Hi EdEdinboro Univ |
|
5.80% |
|
7/1/2030 |
|
Baa3 |
|
|
1,000 |
|
|
1,139,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
22,978,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 9.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Pub WksJudicial Council |
|
5.00% |
|
12/1/2028 |
|
A2 |
|
|
5,600 |
|
|
6,240,416 |
|
CA Pub WksJudicial Council Proj |
|
5.00% |
|
3/1/2038 |
|
A2 |
|
|
3,750 |
|
|
4,073,438 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2022 |
|
A2 |
|
|
750 |
|
|
906,675 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2023 |
|
A2 |
|
|
1,000 |
|
|
1,193,880 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2033 |
|
A2 |
|
|
8,500 |
|
|
9,277,665 |
|
CA Pub WksVarious Cap Proj |
|
5.125% |
|
10/1/2031 |
|
A2 |
|
|
2,500 |
|
|
2,821,750 |
|
CA Pub WksVarious Cap Proj |
|
5.375% |
|
11/1/2022 |
|
A2 |
|
|
5,000 |
|
|
6,011,250 |
|
Erie Co IDABuffalo Sch Dist |
|
5.25% |
|
5/1/2028 |
|
AA- |
|
|
7,000 |
|
|
8,024,940 |
|
GA Sch Brd
AssnDekalb Co Pub Schs
|
|
5.00% |
|
12/1/2023 |
|
A1 |
|
|
1,000 |
|
|
1,055,210 |
|
Goodyear Pub Impt |
|
6.00% |
|
7/1/2031 |
|
AA- |
|
|
2,350 |
|
|
2,697,001 |
|
Houston Co Coop DistCountry Crossing |
|
12.50% |
|
6/7/2013 |
|
NR |
|
|
1,768 |
|
|
265,200 |
|
IN Fin AuthOH River Brdgs AMT |
|
5.00% |
|
7/1/2035 |
|
BBB |
|
|
5,000 |
|
|
5,253,350 |
|
IN Fin AuthOH River Brdgs AMT |
|
5.00% |
|
7/1/2040 |
|
BBB |
|
|
1,000 |
|
|
1,033,970 |
|
Indianapolis Local Pub Impt Bd Bk (b) |
|
5.50% |
|
2/1/2033 |
|
AA |
|
|
12,000 |
|
|
14,146,500 |
|
Los Angeles USD |
|
5.00% |
|
10/1/2025 |
|
A+ |
|
|
6,525 |
|
|
7,480,130 |
|
McLennan Co PFC |
|
6.625% |
|
6/1/2035 |
|
AA- |
|
|
7,265 |
|
|
7,798,324 |
|
MI Fin AuthDetroit Sch Dist |
|
5.50% |
|
6/1/2021 |
|
A+ |
|
|
10,000 |
|
|
11,941,200 |
|
Miami Dade Co Spl Oblig (NPFGC)(FGIC) |
|
1.729% |
# |
4/1/2014 |
|
Aa3 |
|
|
3,300 |
|
|
3,322,572 |
|
MN State Gen Fund |
|
5.00% |
|
3/1/2025 |
|
AA |
|
|
7,000 |
|
|
8,470,910 |
|
MO Dev Fin BrdBranson Landing |
|
5.625% |
|
12/1/2028 |
|
A |
|
|
3,000 |
|
|
3,185,730 |
|
|
|
|
|
See Notes to Financial Statements. |
71 |
Schedule of Investments
(unaudited)(continued)
NATIONAL TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2023 |
|
A+ |
|
$ |
13,160 |
|
$ |
15,903,597 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2023 |
|
A+ |
|
|
1,500 |
|
|
1,785,990 |
|
NJ Trans Trust Fund |
|
5.00% |
|
6/15/2023 |
|
A+ |
|
|
8,675 |
|
|
10,368,533 |
|
NJ Trans Trust Fund |
|
5.00% |
|
12/15/2023 |
|
A+ |
|
|
8,675 |
|
|
10,545,156 |
|
North Hudson Sewerage Auth |
|
5.00% |
|
6/1/2024 |
|
A- |
|
|
2,585 |
|
|
3,050,791 |
|
NY Liberty Dev Corp4 WTC |
|
5.00% |
|
11/15/2031 |
|
A+ |
|
|
2,500 |
|
|
2,816,400 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2025 |
|
AAA |
|
|
1,980 |
|
|
2,280,689 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2026 |
|
AAA |
|
|
2,870 |
|
|
3,305,847 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2030 |
|
AA- |
|
|
10,000 |
|
|
11,565,800 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2031 |
|
AA- |
|
|
6,000 |
|
|
6,913,260 |
|
PA IDAEconomic Dev |
|
5.50% |
|
7/1/2023 |
|
A1 |
|
|
2,630 |
|
|
3,057,585 |
|
Philadelphia Muni Auth |
|
6.375% |
|
4/1/2029 |
|
A2 |
|
|
2,000 |
|
|
2,313,300 |
|
PR Pub Bldg Auth GTD |
|
6.50% |
|
7/1/2030 |
|
BBB- |
|
|
9,000 |
|
|
9,542,340 |
|
Sacramento City Fing Auth (AMBAC) |
|
5.25% |
|
12/1/2023 |
|
A |
|
|
3,150 |
|
|
3,685,784 |
|
San Diego PFAMaster Lease |
|
5.25% |
|
9/1/2035 |
|
A+ |
|
|
5,000 |
|
|
5,518,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
197,853,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 6.68% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Co Poll CtlTucson Elec |
|
4.50% |
|
3/1/2030 |
|
BBB- |
|
|
12,000 |
|
|
12,418,320 |
|
Arlington Hi Ed Fin
CorpArlington
|
|
7.65% |
|
8/15/2040 |
|
BB |
|
|
5,750 |
|
|
6,365,652 |
|
Austin Convention |
|
5.75% |
|
1/1/2034 |
|
Ba2 |
|
|
5,000 |
|
|
5,263,800 |
|
Austin Convention CR (BHAC)(XLCA) |
|
5.00% |
|
1/1/2034 |
|
AA+ |
|
|
2,400 |
|
|
2,513,160 |
|
Baker Correctional Dev |
|
7.50% |
|
2/1/2030 |
|
NR |
|
|
3,500 |
|
|
3,473,085 |
|
Baytown TwpSt Croix Prep Admy |
|
5.75% |
|
8/1/2042 |
|
BB |
|
|
1,350 |
|
|
1,362,191 |
|
Baytown TwpSt Croix Prep Admy |
|
6.75% |
|
8/1/2028 |
|
BB |
|
|
1,455 |
|
|
1,527,008 |
|
CA Infra & Econ DevGladstone Inst |
|
5.25% |
|
10/1/2034 |
|
A- |
|
|
8,100 |
|
|
8,890,398 |
|
CA StwdeHuntington Pk |
|
5.15% |
|
7/1/2030 |
|
NR |
|
|
1,000 |
|
|
949,500 |
|
CA StwdeHuntington Pk |
|
5.25% |
|
7/1/2042 |
|
NR |
|
|
1,500 |
|
|
1,384,335 |
|
Chester Co IDACollegium Chtr Sch |
|
5.00% |
|
10/15/2022 |
|
BBB- |
|
|
1,000 |
|
|
1,014,370 |
|
Chester Co IDACollegium Chtr Sch |
|
5.375% |
|
10/15/2042 |
|
BBB- |
|
|
5,000 |
|
|
5,001,750 |
|
Cleveland Arpt |
|
5.00% |
|
1/1/2030 |
|
A- |
|
|
2,000 |
|
|
2,225,800 |
|
Clifton Higher EdIDEA Pub Schs |
|
5.00% |
|
8/15/2032 |
|
BBB |
|
|
915 |
|
|
997,048 |
|
Clifton Higher EdIDEA Pub Schs |
|
5.00% |
|
8/15/2042 |
|
BBB |
|
|
1,235 |
|
|
1,320,672 |
|
Clifton Higher EdUplift Education |
|
5.70% |
|
12/1/2025 |
|
BBB- |
|
|
2,000 |
|
|
2,294,780 |
|
Clifton Higher EdUplift Education |
|
6.00% |
|
12/1/2030 |
|
BBB- |
|
|
1,000 |
|
|
1,152,880 |
|
DC RevFriendship Pub Chtr Sch |
|
5.00% |
|
6/1/2042 |
|
BBB |
|
|
2,000 |
|
|
2,069,600 |
|
Doctor Charles Drew Admy COP |
|
5.70% |
|
11/1/2036 |
|
NR |
|
|
1,535 |
|
|
1,188,305 |
|
|
|
|
72 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Other Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
FL DFCRenaissance Chtr Sch |
|
7.625% |
|
6/15/2041 |
|
BB- |
(c) |
$ |
9,000 |
|
$ |
10,572,390 |
|
Hammond Loc Pub ImptCharter Sch |
|
6.75% |
|
8/15/2035 |
|
BBB- |
|
|
1,000 |
|
|
1,045,130 |
|
IN Fin AuthDrexel Foundation |
|
6.625% |
|
10/1/2029 |
|
BB+ |
|
|
750 |
|
|
812,985 |
|
IN Fin AuthDrexel Foundation |
|
7.00% |
|
10/1/2039 |
|
BB+ |
|
|
1,250 |
|
|
1,386,450 |
|
Kansas City IDADerrick Thomas Sch |
|
5.875% |
|
1/1/2037 |
|
NR |
|
|
1,850 |
|
|
1,612,405 |
|
MA Dev FinBroad Inst |
|
5.25% |
|
4/1/2037 |
|
AA- |
|
|
7,250 |
|
|
8,085,272 |
|
Maverick Co PFC |
|
6.375% |
|
2/1/2029 |
|
NR |
|
|
2,580 |
|
|
2,107,344 |
|
Met Boston Trans Pkg Corp |
|
5.25% |
|
7/1/2033 |
|
A+ |
|
|
11,000 |
|
|
12,656,600 |
|
MI Pub EdBradford Admy |
|
8.75% |
|
9/1/2039 |
|
CCC+ |
|
|
2,250 |
|
|
1,852,402 |
|
MI Pub EdLandmark Admy |
|
6.625% |
|
6/1/2030 |
|
BBB- |
|
|
2,000 |
|
|
2,123,020 |
|
Middlesex Co Impt AuthHeldrich Ctr (e) |
|
6.125% |
|
1/1/2025 |
|
NR |
|
|
1,250 |
|
|
125,000 |
|
Middlesex Co Impt AuthHeldrich Ctr (e) |
|
6.25% |
|
1/1/2037 |
|
NR |
|
|
1,700 |
|
|
170,000 |
|
Milwaukee RedevAdmy of Learning (e) |
|
5.50% |
|
8/1/2022 |
|
NR |
|
|
300 |
|
|
108,000 |
|
Milwaukee RedevAdmy of Learning (e) |
|
5.65% |
|
8/1/2037 |
|
NR |
|
|
250 |
|
|
90,000 |
|
Mohave Co IDAMohave Prison |
|
8.00% |
|
5/1/2025 |
|
BBB+ |
|
|
6,500 |
|
|
8,297,315 |
|
NYC IDAUnited Jewish Appeal |
|
5.00% |
|
7/1/2034 |
|
Aa1 |
|
|
4,685 |
|
|
5,346,616 |
|
Otero Co Jail |
|
5.75% |
|
4/1/2018 |
|
NR |
|
|
825 |
|
|
806,149 |
|
Otero Co Jail |
|
6.00% |
|
4/1/2028 |
|
NR |
|
|
1,400 |
|
|
1,204,588 |
|
Philadelphia IDAPlease Touch Museum |
|
5.25% |
|
9/1/2026 |
|
BBB- |
|
|
1,600 |
|
|
1,605,856 |
|
Philadelphia IDAPlease Touch Museum |
|
5.25% |
|
9/1/2036 |
|
BBB- |
|
|
7,700 |
|
|
7,517,202 |
|
Pima Co IDAAmerican Charter Sch |
|
5.50% |
|
7/1/2026 |
|
BB |
(c) |
|
4,500 |
|
|
4,601,970 |
|
San Antonio Hotel
& Conv Ctr AMT
|
|
5.00% |
|
7/15/2034 |
|
BBB |
|
|
720 |
|
|
724,111 |
|
San Antonio Hotel
& Conv Ctr AMT
|
|
5.00% |
|
7/15/2039 |
|
BBB |
|
|
7,000 |
|
|
7,049,000 |
|
TX PFACosmos Fndtn |
|
5.375% |
|
2/15/2037 |
|
BBB |
|
|
1,230 |
|
|
1,282,902 |
|
TX PFAUplift Education |
|
5.875% |
|
12/1/2036 |
|
BBB- |
|
|
1,145 |
|
|
1,239,955 |
|
West Vy Ch SchMonticello Admy |
|
6.375% |
|
6/1/2037 |
|
NR |
|
|
1,725 |
|
|
1,662,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
145,497,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 2.23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2032 |
|
Baa2 |
|
|
1,250 |
|
|
1,367,238 |
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2035 |
|
Baa2 |
|
|
1,500 |
|
|
1,616,745 |
|
Altoona Urban Renewal |
|
6.00% |
|
6/1/2034 |
|
BBB+ |
|
|
1,000 |
|
|
1,084,610 |
|
Aurora TIFEast River |
|
6.75% |
|
12/30/2027 |
|
NR |
|
|
905 |
|
|
949,074 |
|
Baltimore Spl ObligE Baltimore Resrch |
|
7.00% |
|
9/1/2038 |
|
NR |
|
|
1,500 |
|
|
1,636,155 |
|
Branson Hills CID |
|
5.50% |
|
4/1/2022 |
|
NR |
|
|
965 |
|
|
799,860 |
|
Branson Hills CID |
|
5.50% |
|
4/1/2027 |
|
NR |
|
|
2,805 |
|
|
2,146,582 |
|
|
|
|
|
See Notes to Financial Statements. |
73 |
Schedule of Investments
(unaudited)(continued)
NATIONAL TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Special Tax (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fontana PFANorth
Fontana Redev
|
|
5.50% |
|
9/1/2032 |
|
A+ |
|
$ |
2,000 |
|
$ |
2,004,920 |
|
Gramercy Farms CDD ~ |
|
Zero Coupon |
|
5/1/2039 |
|
NR |
|
|
5,240 |
|
|
786,000 |
|
Gramercy Farms Cmnty Dev Dist |
|
5.25% |
|
5/1/2039 |
|
NR |
|
|
1,340 |
|
|
13 |
|
HI Dept Homelands |
|
5.875% |
|
4/1/2034 |
|
A1 |
|
|
3,000 |
|
|
3,394,380 |
|
Houston Co Coop DistCountry Crossing |
|
10.00% |
|
5/1/2039 |
|
NR |
|
|
5,000 |
|
|
1,194,445 |
|
Lakeside Landings CDD (e) |
|
5.50% |
|
5/1/2038 |
|
NR |
|
|
675 |
|
|
270,000 |
|
Mesquite Redev TIF |
|
6.625% |
|
6/1/2017 |
|
BBB+ |
|
|
1,605 |
|
|
1,660,180 |
|
Millsboro Spl ObligPlantation Lakes |
|
5.45% |
|
7/1/2036 |
|
NR |
|
|
2,079 |
|
|
1,577,961 |
|
NJ EDAKapkowski Rd Landfill |
|
6.50% |
|
4/1/2028 |
|
Ba2 |
|
|
2,325 |
|
|
2,828,107 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2031 |
|
Ba1 |
|
|
2,000 |
|
|
2,069,500 |
|
Riverside Co Redev AgyTax Alloc |
|
6.50% |
|
10/1/2040 |
|
A- |
|
|
2,000 |
|
|
2,229,200 |
|
Riverside Co Redev
AgyTax Alloc
|
|
Zero Coupon |
|
10/1/2041 |
|
A- |
|
|
11,195 |
|
|
7,405,828 |
|
San Diego Redev AgyNo Pk Redev |
|
7.00% |
|
11/1/2039 |
|
A- |
|
|
2,500 |
|
|
2,955,275 |
|
San Francisco RedevMission Bay South |
|
7.00% |
|
8/1/2033 |
|
BBB |
|
|
1,000 |
|
|
1,157,610 |
|
San Francisco RedevMission Bay South |
|
7.00% |
|
8/1/2041 |
|
BBB |
|
|
1,400 |
|
|
1,605,772 |
|
Sparks Tourism Impt Dist |
|
6.50% |
|
6/15/2020 |
|
B2 |
|
|
1,825 |
|
|
1,915,611 |
|
Sparks Tourism Impt Dist |
|
6.75% |
|
6/15/2028 |
|
B2 |
|
|
2,500 |
|
|
2,594,825 |
|
Stone Canyon CID (e) |
|
5.70% |
|
4/1/2022 |
|
NR |
|
|
1,000 |
|
|
520,000 |
|
Stone Canyon CID (e) |
|
5.75% |
|
4/1/2027 |
|
NR |
|
|
1,300 |
|
|
676,000 |
|
Village CDD #10 |
|
4.50% |
|
5/1/2023 |
|
NR |
|
|
2,055 |
|
|
2,093,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
48,539,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 7.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AZ Sports & Tourism AuthStadium |
|
5.00% |
|
7/1/2028 |
|
A1 |
|
|
18,000 |
|
|
20,161,080 |
|
Bi State Met DistMetrolink (AGM) |
|
5.25% |
|
7/1/2024 |
|
AA- |
|
|
2,330 |
|
|
2,814,733 |
|
Guam Ltd ObligSection 30 Landfill |
|
5.75% |
|
12/1/2034 |
|
BBB+ |
|
|
3,690 |
|
|
4,077,745 |
|
LA Stadium & Expo Dist |
|
5.00% |
|
7/1/2022 |
|
A3 |
|
|
1,000 |
|
|
1,187,910 |
|
MA Sch Bldg AuthSales Tax (b) |
|
5.00% |
|
10/15/2032 |
|
AA+ |
|
|
20,000 |
|
|
23,084,700 |
|
Miami Dade Co Spl Oblig |
|
5.00% |
|
10/1/2023 |
|
A+ |
|
|
750 |
|
|
879,900 |
|
Miami Dade Co Transit |
|
5.00% |
|
7/1/2037 |
|
AA |
|
|
5,425 |
|
|
6,094,608 |
|
NJ EDACigarette Tax |
|
4.25% |
|
6/15/2027 |
|
BBB+ |
|
|
4,000 |
|
|
4,240,520 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2023 |
|
BBB+ |
|
|
2,000 |
|
|
2,322,900 |
|
NY DormPIT |
|
5.00% |
|
3/15/2025 |
|
AAA |
|
|
5,510 |
|
|
6,493,149 |
|
NY DormPIT |
|
5.00% |
|
3/15/2026 |
|
AAA |
|
|
2,580 |
|
|
3,016,046 |
|
NY DormPIT |
|
5.00% |
|
3/15/2034 |
|
AAA |
|
|
5,000 |
|
|
5,631,000 |
|
NY UDCPIT |
|
5.00% |
|
3/15/2028 |
|
AAA |
|
|
5,000 |
|
|
5,813,050 |
|
|
|
|
74 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Tax Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC TFAFuture Tax (b) |
|
5.00% |
|
2/1/2027 |
|
AAA |
|
$ |
12,000 |
|
$ |
13,946,940 |
|
NYC TFAFuture Tax (b) |
|
5.00% |
|
2/1/2028 |
|
AAA |
|
|
4,000 |
|
|
4,648,980 |
|
PR Corp Sales Tax |
|
5.50% |
|
8/1/2037 |
|
A+ |
|
|
9,000 |
|
|
9,288,450 |
|
PR Corp Sales Tax |
|
5.50% |
|
8/1/2042 |
|
A+ |
|
|
5,860 |
|
|
6,030,702 |
|
San Joaquin Co Trsp Auth |
|
5.50% |
|
3/1/2041 |
|
AA |
|
|
14,000 |
|
|
16,308,880 |
|
San Jose Spl TaxConv Ctr |
|
6.125% |
|
5/1/2031 |
|
A2 |
|
|
4,190 |
|
|
5,006,799 |
|
Sonoma Marin Area Rail Rmkt |
|
5.00% |
|
3/1/2028 |
|
AA |
|
|
1,500 |
|
|
1,735,560 |
|
Virgin Islands PFAMatching Fund |
|
5.00% |
|
10/1/2029 |
|
BBB |
|
|
5,850 |
|
|
6,407,914 |
|
Virgin Islands PFAMatching Fund |
|
5.25% |
|
10/1/2029 |
|
Baa2 |
|
|
4,500 |
|
|
5,018,310 |
|
Yorba Linda Redev Agy |
|
6.00% |
|
9/1/2026 |
|
A- |
|
|
1,145 |
|
|
1,342,856 |
|
Yorba Linda Redev Agy |
|
6.50% |
|
9/1/2032 |
|
A- |
|
|
2,000 |
|
|
2,393,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
157,946,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 4.66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco |
|
5.125% |
|
6/1/2024 |
|
B- |
|
|
14,000 |
|
|
12,873,420 |
|
Buckeye Tobacco |
|
5.75% |
|
6/1/2034 |
|
B- |
|
|
7,315 |
|
|
6,534,197 |
|
Buckeye Tobacco |
|
5.875% |
|
6/1/2030 |
|
B- |
|
|
5,300 |
|
|
4,802,330 |
|
Golden St Tobacco |
|
5.00% |
|
6/1/2033 |
|
B- |
|
|
7,000 |
|
|
6,471,920 |
|
Golden St Tobacco |
|
5.125% |
|
6/1/2047 |
|
B- |
|
|
10,650 |
|
|
9,413,854 |
|
Golden St Tobacco |
|
5.30% |
|
6/1/2037 |
|
B- |
|
|
8,000 |
|
|
7,356,480 |
|
Inland Empire Tobacco |
|
4.625% |
|
6/1/2021 |
|
B |
(c) |
|
5,185 |
|
|
5,055,686 |
|
SD Edu Enhancement Fding Corp |
|
5.00% |
|
6/1/2026 |
|
A- |
|
|
1,150 |
|
|
1,358,955 |
|
Tobacco Settlement Auth IA |
|
5.60% |
|
6/1/2034 |
|
B+ |
|
|
4,750 |
|
|
4,751,330 |
|
Tobacco Settlement Fin Corp |
|
4.625% |
|
6/1/2026 |
|
B1 |
|
|
10,500 |
|
|
10,231,620 |
|
Tobacco Settlement Fin Corp |
|
4.75% |
|
6/1/2034 |
|
B2 |
|
|
25,755 |
|
|
22,912,421 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2047 |
|
B2 |
|
|
7,580 |
|
|
6,426,021 |
|
TSASC |
|
5.00% |
|
6/1/2026 |
|
B+ |
|
|
3,540 |
|
|
3,496,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
101,684,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 15.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Airport AMT |
|
5.00% |
|
1/1/2032 |
|
A+ |
|
|
1,500 |
|
|
1,650,345 |
|
Atlanta Airport AMT |
|
5.00% |
|
1/1/2033 |
|
A+ |
|
|
1,000 |
|
|
1,094,750 |
|
Central TX Reg Mobility Auth |
|
6.00% |
|
1/1/2041 |
|
BBB- |
|
|
10,000 |
|
|
11,623,500 |
|
Chesapeake Trsp Sys |
|
5.00% |
|
7/15/2023 |
|
BBB |
|
|
1,525 |
|
|
1,706,185 |
|
CT Spl TaxTrans Infra |
|
5.00% |
|
1/1/2022 |
|
AA |
|
|
10,000 |
|
|
12,359,300 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2022 |
|
AA+ |
|
|
9,645 |
|
|
11,276,150 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2023 |
|
AA+ |
|
|
6,135 |
|
|
7,172,543 |
|
Dallas Area Rapid Transit (b) |
|
5.00% |
|
12/1/2028 |
|
AA+ |
|
|
7,160 |
|
|
8,370,890 |
|
Denver City & Co Arpt AMT |
|
5.00% |
|
11/15/2023 |
|
A+ |
|
|
2,000 |
|
|
2,355,720 |
|
|
|
|
|
See Notes to Financial Statements. |
75 |
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2035 |
|
BBB- |
|
$ |
10,000 |
|
$ |
2,720,500 |
|
HI Arpt |
|
5.00% |
|
7/1/2034 |
|
A |
|
|
3,000 |
|
|
3,356,850 |
|
Houston ArptContinental Airlines AMT |
|
6.625% |
|
7/15/2038 |
|
B |
|
|
2,500 |
|
|
2,814,050 |
|
Lee Co Arpt AMT |
|
5.375% |
|
10/1/2032 |
|
A2 |
|
|
3,500 |
|
|
3,894,415 |
|
Los Angeles Dept ArptsLAX |
|
5.00% |
|
5/15/2035 |
|
AA |
|
|
10,000 |
|
|
11,231,900 |
|
Los Angeles Dept ArptsLAX AMT |
|
5.00% |
|
5/15/2021 |
|
AA |
|
|
2,000 |
|
|
2,410,840 |
|
Los Angeles Dept ArptsLAX AMT |
|
5.00% |
|
5/15/2022 |
|
AA |
|
|
2,000 |
|
|
2,410,740 |
|
Los Angeles Dept ArptsLAX AMT |
|
5.00% |
|
5/15/2023 |
|
AA |
|
|
3,605 |
|
|
4,303,144 |
|
Los Angeles Dept ArptsLAX AMT |
|
5.00% |
|
5/15/2024 |
|
AA |
|
|
2,000 |
|
|
2,364,160 |
|
MA Port Auth AMT |
|
5.00% |
|
7/1/2037 |
|
AA- |
|
|
4,150 |
|
|
4,599,777 |
|
Met DC Airport AMT |
|
5.00% |
|
10/1/2024 |
|
AA- |
|
|
10,230 |
|
|
12,151,296 |
|
Miami Dade Co AviationMIA |
|
5.375% |
|
10/1/2035 |
|
A |
|
|
6,975 |
|
|
7,933,993 |
|
MidBay Bridge Auth |
|
7.25% |
|
10/1/2034 |
|
BBB- |
|
|
7,500 |
|
|
9,595,725 |
|
MTA NY |
|
5.00% |
|
11/15/2030 |
|
A |
|
|
5,000 |
|
|
5,717,500 |
|
MTA NY |
|
6.50% |
|
11/15/2028 |
|
A |
|
|
7,500 |
|
|
9,361,275 |
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2028 |
|
A+ |
|
|
8,100 |
|
|
9,282,681 |
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2035 |
|
A+ |
|
|
2,725 |
|
|
3,026,140 |
|
NJ Tpk Auth (a) |
|
5.00% |
|
1/1/2038 |
|
A+ |
|
|
6,000 |
|
|
6,635,340 |
|
NJ Trans Trust Fund |
|
5.25% |
|
6/15/2026 |
|
A+ |
|
|
1,500 |
|
|
1,769,940 |
|
NJ Trans Trust Fund |
|
6.00% |
|
6/15/2035 |
|
A+ |
|
|
4,500 |
|
|
5,474,655 |
|
North Hudson Sewerage Auth |
|
5.00% |
|
6/1/2025 |
|
A- |
|
|
3,225 |
|
|
3,771,960 |
|
North Hudson Sewerage Auth |
|
5.00% |
|
6/1/2026 |
|
A- |
|
|
4,915 |
|
|
5,718,504 |
|
North TX Twy Auth |
|
5.00% |
|
9/1/2028 |
|
AA |
|
|
10,000 |
|
|
11,597,700 |
|
North TX Twy Auth |
|
5.75% |
|
1/1/2033 |
|
A3 |
|
|
5,705 |
|
|
6,329,755 |
|
North TX Twy Auth |
|
6.00% |
|
1/1/2025 |
|
A2 |
|
|
5,000 |
|
|
5,861,200 |
|
OK Tpk Auth (b) |
|
5.00% |
|
1/1/2026 |
|
AA- |
|
|
11,000 |
|
|
13,024,165 |
|
OK Tpk Auth (b) |
|
5.00% |
|
1/1/2027 |
|
AA- |
|
|
5,000 |
|
|
5,920,075 |
|
Orlando & Orange Co Expwy Auth |
|
5.00% |
|
7/1/2030 |
|
A |
|
|
1,500 |
|
|
1,702,335 |
|
PA Tpk Commn |
|
5.00% |
|
12/1/2023 |
|
A- |
|
|
2,145 |
|
|
2,492,640 |
|
PA Tpk Commn |
|
5.00% |
|
12/1/2032 |
|
A- |
|
|
7,000 |
|
|
7,674,170 |
|
PA Tpk Commn |
|
5.625% |
|
6/1/2029 |
|
A- |
|
|
3,310 |
|
|
3,802,627 |
|
PA Tpk Commn (6.00% after 12/1/2015)~ |
|
Zero Coupon |
|
12/1/2034 |
|
A- |
|
|
12,000 |
|
|
11,901,360 |
|
Port Auth NY & NJ AMT |
|
5.00% |
|
10/1/2033 |
|
AA- |
|
|
17,500 |
|
|
19,453,525 |
|
Port Oakland AMT |
|
5.00% |
|
5/1/2028 |
|
A+ |
|
|
2,275 |
|
|
2,525,068 |
|
Port Oakland AMT (NPFGC) |
|
5.00% |
|
11/1/2026 |
|
A |
|
|
2,285 |
|
|
2,471,959 |
|
PR Hwy & Trans Auth (AG)(AGM) |
|
5.50% |
|
7/1/2025 |
|
AA- |
|
|
2,000 |
|
|
2,244,740 |
|
Regional Trans DistDenver Trans |
|
6.00% |
|
1/15/2034 |
|
Baa3 |
|
|
1,800 |
|
|
2,080,728 |
|
|
|
|
76 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Trans Dist COP |
|
5.375% |
|
6/1/2031 |
|
Aa3 |
|
$ |
5,200 |
|
$ |
5,851,144 |
|
San Francisco Arpt AMT |
|
5.00% |
|
5/1/2025 |
|
A+ |
|
|
15,000 |
|
|
17,241,900 |
|
San Jose Arpt AMT |
|
6.25% |
|
3/1/2034 |
|
A2 |
|
|
5,000 |
|
|
5,874,850 |
|
South Jersey Trans Auth |
|
5.00% |
|
11/1/2028 |
|
A- |
|
|
1,750 |
|
|
1,981,805 |
|
St Louis ArptLambert Intl Airport |
|
6.25% |
|
7/1/2029 |
|
A- |
|
|
3,020 |
|
|
3,518,844 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2022 |
|
A+ |
|
|
3,500 |
|
|
4,317,845 |
|
VA Small Bus Fing95 Express Lanes AMT |
|
5.00% |
|
7/1/2034 |
|
BBB- |
|
|
850 |
|
|
883,499 |
|
VA Small Bus Fing95 Express Lanes AMT |
|
5.00% |
|
1/1/2040 |
|
BBB- |
|
|
4,850 |
|
|
4,977,506 |
|
VA Small Bus FingElizabeth River AMT |
|
5.25% |
|
1/1/2032 |
|
BBB- |
|
|
9,100 |
|
|
9,753,107 |
|
VA Small Bus FingElizabeth River AMT |
|
5.50% |
|
1/1/2042 |
|
BBB- |
|
|
1,250 |
|
|
1,345,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
332,982,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 10.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amr Muni PwrPrairie St Energy |
|
5.25% |
|
2/15/2027 |
|
A1 |
|
|
3,000 |
|
|
3,393,360 |
|
Atlanta Wtr & Wastewtr |
|
6.00% |
|
11/1/2028 |
|
A1 |
|
|
3,000 |
|
|
3,706,950 |
|
Atlanta Wtr & Wastewtr |
|
6.00% |
|
11/1/2029 |
|
A1 |
|
|
4,000 |
|
|
4,928,800 |
|
Central PlainsGoldman Sachs |
|
0.692% |
# |
12/1/2017 |
|
B2 |
|
|
5,000 |
|
|
4,631,950 |
|
Central PlainsGoldman Sachs |
|
5.00% |
|
9/1/2032 |
|
A- |
|
|
5,000 |
|
|
5,571,350 |
|
Chula Vista IDRSan Diego G & E Rmkt |
|
5.875% |
|
1/1/2034 |
|
Aa3 |
|
|
2,125 |
|
|
2,541,479 |
|
Compton Water |
|
6.00% |
|
8/1/2039 |
|
NR |
|
|
5,500 |
|
|
5,612,420 |
|
Detroit Sewer |
|
5.00% |
|
7/1/2032 |
|
A+ |
|
|
1,000 |
|
|
1,080,600 |
|
Detroit Water |
|
5.25% |
|
7/1/2041 |
|
A+ |
|
|
4,025 |
|
|
4,328,284 |
|
Detroit Water (NPFGC) |
|
5.00% |
|
7/1/2034 |
|
A+ |
|
|
5,000 |
|
|
5,020,200 |
|
FL Muni Pwr Agy |
|
6.25% |
|
10/1/2031 |
|
A2 |
|
|
4,000 |
|
|
4,819,560 |
|
HI Dept BudgetHawaiian Electric AMT (FGIC) |
|
4.60% |
|
5/1/2026 |
|
Baa1 |
|
|
5,000 |
|
|
5,199,250 |
|
IN Fin AuthOhio Vly Elec |
|
5.00% |
|
6/1/2032 |
|
BBB- |
|
|
2,250 |
|
|
2,426,423 |
|
IN Fin AuthOhio Vly Elec |
|
5.00% |
|
6/1/2039 |
|
BBB- |
|
|
2,000 |
|
|
2,125,220 |
|
Lansing Brd Wtr & Light |
|
5.00% |
|
7/1/2030 |
|
AA- |
|
|
4,735 |
|
|
5,451,784 |
|
Long Beach Nat GasML |
|
5.25% |
|
11/15/2020 |
|
A- |
|
|
1,505 |
|
|
1,748,449 |
|
Long Island Power Auth |
|
5.00% |
|
9/1/2025 |
|
A- |
|
|
1,500 |
|
|
1,756,425 |
|
Long Island Power Auth |
|
5.00% |
|
9/1/2026 |
|
A- |
|
|
6,000 |
|
|
6,961,380 |
|
Long Island Power Auth |
|
6.25% |
|
4/1/2033 |
|
A- |
|
|
1,000 |
|
|
1,214,380 |
|
Los Angeles DEWAPPwr Sys (AMBAC) |
|
5.00% |
|
7/1/2028 |
|
AA- |
|
|
4,925 |
|
|
5,487,090 |
|
Louisville/Jeff Co Met Swr Dist |
|
5.00% |
|
5/15/2028 |
|
AA |
|
|
9,710 |
|
|
11,294,769 |
|
Main St Nat GasJPM |
|
5.00% |
|
3/15/2022 |
|
A |
|
|
5,000 |
|
|
5,809,550 |
|
Main St Nat GasML |
|
5.00% |
|
3/15/2019 |
|
A- |
|
|
1,000 |
|
|
1,132,090 |
|
Main St Nat GasML |
|
5.00% |
|
3/15/2021 |
|
A- |
|
|
3,500 |
|
|
3,978,555 |
|
Maricopa Co Poll CtlEl Paso Elec |
|
4.50% |
|
8/1/2042 |
|
BBB |
|
|
3,000 |
|
|
3,092,100 |
|
|
|
|
|
See Notes to Financial Statements. |
77 |
|
Schedule of Investments (unaudited)(continued) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maricopa Co Poll CtlEl Paso Elec |
|
7.25% |
|
2/1/2040 |
|
BBB |
|
$ |
3,500 |
|
$ |
4,127,655 |
|
Maricopa Co Poll CtlSo Cal Edison Rmkt |
|
5.00% |
|
6/1/2035 |
|
A1 |
|
|
7,900 |
|
|
8,681,231 |
|
Met Atlanta Rapid Trans Auth (AGM) |
|
5.00% |
|
7/1/2034 |
|
AA+ |
|
|
10,000 |
|
|
11,201,700 |
|
Met St Louis Sewer Dist |
|
5.75% |
|
5/1/2038 |
|
AAA |
|
|
1,760 |
|
|
2,029,878 |
|
NJ EDAUMM Energy AMT |
|
5.00% |
|
6/15/2037 |
|
Baa3 |
|
|
1,000 |
|
|
1,069,130 |
|
North Sumter Co Util Dep Dist |
|
5.375% |
|
10/1/2030 |
|
BBB+ |
|
|
5,000 |
|
|
5,509,400 |
|
Northern CA PwrMorgan Stanley |
|
0.926% |
# |
7/1/2027 |
|
A- |
|
|
5,000 |
|
|
4,283,650 |
|
OH Air QualityFirstEnergy |
|
5.70% |
|
8/1/2020 |
|
BBB- |
|
|
3,250 |
|
|
3,884,628 |
|
OH Air QualityOhio Vly Elec |
|
5.625% |
|
10/1/2019 |
|
BBB- |
|
|
4,500 |
|
|
5,244,300 |
|
PA Econ DevAllegheny Energy |
|
7.00% |
|
7/15/2039 |
|
BBB- |
|
|
1,000 |
|
|
1,193,320 |
|
PA Econ DevPhiladelphia Biosolids |
|
6.25% |
|
1/1/2032 |
|
Baa3 |
|
|
2,500 |
|
|
2,882,100 |
|
Palm Beach Co Solid Waste |
|
5.50% |
|
10/1/2028 |
|
AA+ |
|
|
3,000 |
|
|
3,542,070 |
|
Pima Co IDATucson Elec |
|
4.00% |
|
9/1/2029 |
|
BBB- |
|
|
5,150 |
|
|
5,137,537 |
|
Pinal Co Elec Dist #4 |
|
6.00% |
|
12/1/2028 |
|
A- |
|
|
740 |
|
|
838,279 |
|
PR Aqueduct & Swr Auth |
|
5.25% |
|
7/1/2042 |
|
BB+ |
|
|
13,770 |
|
|
12,564,299 |
|
PR Aqueduct & Swr Auth |
|
5.75% |
|
7/1/2037 |
|
BB+ |
|
|
5,000 |
|
|
4,947,900 |
|
PR Elec Pwr Auth |
|
0.906% |
# |
7/1/2031 |
|
BBB+ |
|
|
4,000 |
|
|
2,746,960 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2042 |
|
BBB+ |
|
|
6,775 |
|
|
6,211,049 |
|
SA Energy Acq CorpGoldman Sachs |
|
5.50% |
|
8/1/2021 |
|
A- |
|
|
5,000 |
|
|
5,834,650 |
|
Sabine River AuthTXU |
|
5.80% |
|
7/1/2022 |
|
CC |
|
|
1,000 |
|
|
67,500 |
|
Salt Verde Fin CorpCiti |
|
5.25% |
|
12/1/2027 |
|
A- |
|
|
3,435 |
|
|
4,054,537 |
|
Southern CA Pub Pwr AuthNat Gas |
|
1.67% |
# |
11/1/2038 |
|
Baa1 |
|
|
5,000 |
|
|
3,845,900 |
|
TEACGoldman Sachs |
|
5.625% |
|
9/1/2026 |
|
BBB |
(c) |
|
3,000 |
|
|
3,505,500 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2028 |
|
A3 |
|
|
3,000 |
|
|
3,246,600 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2029 |
|
A3 |
|
|
4,000 |
|
|
4,288,800 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2032 |
|
A3 |
|
|
5,300 |
|
|
5,604,326 |
|
TX Muni Gas Acq & SupplyML |
|
5.25% |
|
12/15/2026 |
|
A- |
|
|
1,250 |
|
|
1,471,450 |
|
TX Muni Gas Acq & SupplyML |
|
6.25% |
|
12/15/2026 |
|
A- |
|
|
13,575 |
|
|
17,575,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
238,901,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Municipal Bonds (cost $2,044,712,939) |
|
|
|
|
|
|
|
|
2,201,596,368 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 0.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Mutual Fund 0.00% |
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Municipal Cash Management
Plus
|
|
|
|
|
|
|
|
(i) |
|
908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(concluded) |
NATIONAL TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Municipal Bonds 0.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Citizens Property Insurance Corp
|
|
5.00% |
|
6/1/2020 |
|
A+ |
|
$ |
5,210 |
|
$ |
6,198,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
Interest
|
|
Final
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Variable Rate Demand Notes 0.43% |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 0.14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC GO |
|
0.22% |
|
4/1/2013 |
|
4/1/2035 |
|
AA |
|
3,000 |
|
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 0.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando & Orange Co Expwy
|
|
0.19% |
|
4/4/2013 |
|
7/1/2040 |
|
AA+ |
|
1,500 |
|
|
1,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 0.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Valley Water District |
|
0.16% |
|
4/1/2013 |
|
6/1/2036 |
|
AA+ |
|
4,750 |
|
|
4,750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Variable Rate Demand Notes (cost $9,250,000) |
|
|
|
|
|
9,250,000 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Short-Term Investments (cost $15,347,966) |
|
|
|
|
|
15,448,984 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Total Investments in Securities 101.71% (cost $2,060,060,905) |
|
|
|
|
|
2,217,045,352 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities in Excess of Cash and Other Assets (h) (1.71%) |
|
|
|
|
|
(37,244,746 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Net Assets 100.00% |
|
|
|
|
|
|
|
|
|
|
|
$ |
2,179,800,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Futures Contracts at March 31, 2013: |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
|
|
Unrealized
|
|
||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
482 |
|
Short |
|
$ |
(63,616,469 |
) |
|
|
$ |
(317,396 |
) |
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
216 |
|
Short |
|
|
(31,205,250 |
) |
|
|
|
(455,999 |
) |
|
|
|
|
|
|
|
|
|
|
||||||
Totals |
|
|
|
|
|
|
|
$ |
(94,821,719 |
) |
|
|
$ |
(773,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
79 |
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
MUNICIPAL BONDS 99.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 10.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
AK IDAAnchorage Sportsplex (e) |
|
6.12% |
|
8/1/2031 |
|
NR |
|
$ |
3,285 |
|
$ |
1,314,000 |
|
AL IDAOffice Max Rmkt AMT |
|
6.45% |
|
12/1/2023 |
|
B2 |
|
|
3,070 |
|
|
3,082,710 |
|
Aleutians E BuroughPribilof
Islands
|
|
5.50% |
|
6/1/2025 |
|
NR |
|
|
1,375 |
|
|
1,402,816 |
|
Aleutians E BuroughPribilof
Islands
|
|
5.50% |
|
6/1/2036 |
|
NR |
|
|
3,210 |
|
|
3,242,132 |
|
Allegheny Co IDAUS Steel |
|
6.875% |
|
5/1/2030 |
|
BB |
|
|
6,050 |
|
|
6,604,603 |
|
Beauregard ParishOffice Max |
|
6.80% |
|
2/1/2027 |
|
B2 |
|
|
6,250 |
|
|
6,275,875 |
|
Brazos River AuthTXU Rmkt AMT |
|
7.70% |
|
4/1/2033 |
|
CC |
|
|
2,000 |
|
|
170,000 |
|
Brazos River AuthTXU Rmkt AMT |
|
8.25% |
|
5/1/2033 |
|
C |
|
|
2,000 |
|
|
180,000 |
|
CA Co Tobacco SecSonoma Co |
|
5.125% |
|
6/1/2038 |
|
B- |
|
|
5,040 |
|
|
4,388,328 |
|
Clayton Co SFRDelta Airlines AMT |
|
9.00% |
|
6/1/2035 |
|
B- |
|
|
7,640 |
|
|
8,488,116 |
|
Cleveland ArptContinental Airlines AMT |
|
5.375% |
|
9/15/2027 |
|
B |
|
|
16,240 |
|
|
16,280,762 |
|
Courtland IDBIntl Paper AMT |
|
5.20% |
|
6/1/2025 |
|
BBB |
|
|
5,545 |
|
|
5,801,733 |
|
DFW ArptAmerican Airlines Rmkt AMT (e) |
|
9.125% |
|
5/1/2029 |
|
NR |
|
|
13,500 |
|
|
14,971,635 |
|
Fort Bend Co IDCNRG Energy |
|
4.75% |
|
11/1/2042 |
|
Baa3 |
|
|
4,645 |
|
|
4,723,547 |
|
Fort Bend Co IDCNRG Energy Rmkt |
|
4.75% |
|
5/1/2038 |
|
Baa3 |
|
|
1,725 |
|
|
1,771,713 |
|
Greater Orlando AviationJet Blue AMT (a) |
|
5.00% |
|
11/15/2036 |
|
NR |
|
|
1,670 |
|
|
1,719,382 |
|
Gulf Coast IDACITGO AMT |
|
4.875% |
|
5/1/2025 |
|
BB+ |
|
|
2,000 |
|
|
2,052,760 |
|
Houston ArptContinental Airlines AMT |
|
5.70% |
|
7/15/2029 |
|
B |
|
|
3,760 |
|
|
3,770,077 |
|
IA Fin AuthAlcoa |
|
4.75% |
|
8/1/2042 |
|
BBB- |
|
|
5,500 |
|
|
5,532,615 |
|
IL Fin AuthLeafs Hockey Club (e) |
|
5.875% |
|
3/1/2027 |
|
NR |
|
|
1,500 |
|
|
510,000 |
|
IL Fin AuthLeafs Hockey Club (e) |
|
6.00% |
|
3/1/2037 |
|
NR |
|
|
1,450 |
|
|
493,000 |
|
IL Fin AuthNavistar Intl |
|
6.50% |
|
10/15/2040 |
|
B3 |
|
|
4,500 |
|
|
4,866,525 |
|
IL Fin AuthUnited Sports/ Barrington (e) |
|
6.125% |
|
10/1/2027 |
|
NR |
|
|
1,475 |
|
|
265,500 |
|
IL Fin AuthUnited Sports/ Barrington (e) |
|
6.25% |
|
10/1/2037 |
|
NR |
|
|
6,525 |
|
|
1,174,500 |
|
Intl Falls Poll CtlOffice Max |
|
5.65% |
|
12/1/2022 |
|
NR |
|
|
1,085 |
|
|
1,086,096 |
|
Love Field ArptSouthwest Airlines |
|
5.25% |
|
11/1/2040 |
|
BBB- |
|
|
6,770 |
|
|
7,378,352 |
|
Love Field ArptSouthwest Airlines AMT |
|
5.00% |
|
11/1/2028 |
|
BBB- |
|
|
5,600 |
|
|
6,254,248 |
|
MA DFACovanta AMT |
|
5.25% |
|
11/1/2042 |
|
Ba2 |
|
|
1,500 |
|
|
1,541,025 |
|
MA Port AuthDelta Airlines AMT
|
|
5.50% |
|
1/1/2016 |
|
NR |
|
|
1,830 |
|
|
1,835,087 |
|
MA Port AuthDelta Airlines AMT
|
|
5.50% |
|
1/1/2022 |
|
NR |
|
|
10,015 |
|
|
10,041,239 |
|
Martin Co IDAIndiantown Cogen AMT |
|
4.20% |
|
12/15/2025 |
|
Ba1 |
|
|
3,000 |
|
|
3,010,950 |
|
MD EDCChesapeake Bay Hyatt |
|
5.00% |
|
12/1/2016 |
|
NR |
|
|
3,430 |
|
|
3,008,316 |
|
|
|
|
80 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Corporate-Backed (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Niagara Area Dev CorpCovanta |
|
4.00% |
|
11/1/2024 |
|
Ba2 |
|
$ |
1,740 |
|
$ |
1,791,313 |
|
Niagara Area Dev CorpCovanta AMT |
|
5.25% |
|
11/1/2042 |
|
Ba2 |
|
|
14,760 |
|
|
15,219,036 |
|
NJ EDAContinental Airlines AMT |
|
4.875% |
|
9/15/2019 |
|
B |
|
|
2,000 |
|
|
2,050,540 |
|
NJ EDAContinental Airlines AMT |
|
5.125% |
|
9/15/2023 |
|
B |
|
|
5,125 |
|
|
5,294,535 |
|
NJ EDAContinental Airlines AMT |
|
5.25% |
|
9/15/2029 |
|
B |
|
|
16,435 |
|
|
16,974,725 |
|
NJ EDAContinental Airlines AMT |
|
5.50% |
|
4/1/2028 |
|
B |
|
|
5,965 |
|
|
5,978,362 |
|
NJ EDAContinental Airlines AMT |
|
7.20% |
|
11/15/2030 |
|
B |
|
|
755 |
|
|
758,224 |
|
NJ EDAGlimcher Pptys AMT |
|
6.00% |
|
11/1/2028 |
|
NR |
|
|
6,190 |
|
|
6,190,062 |
|
NYC IDABritish Airways AMT |
|
5.25% |
|
12/1/2032 |
|
BB |
|
|
2,035 |
|
|
2,040,088 |
|
NYC IDAJetblue AMT |
|
5.00% |
|
5/15/2020 |
|
B- |
|
|
2,640 |
|
|
2,639,815 |
|
NYC IDAJetblue AMT |
|
5.125% |
|
5/15/2030 |
|
B- |
|
|
1,000 |
|
|
993,750 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2046 |
|
Ba1 |
|
|
570 |
|
|
579,291 |
|
NYC IDATRIPS AMT |
|
5.00% |
|
7/1/2028 |
|
BBB- |
|
|
3,500 |
|
|
3,779,265 |
|
PA Econ DevUS Airways |
|
8.00% |
|
5/1/2029 |
|
CCC+ |
|
|
2,500 |
|
|
2,971,825 |
|
Phoenix IDAUS Airways AMT |
|
6.25% |
|
6/1/2019 |
|
Caa2 |
|
|
1,955 |
|
|
1,910,954 |
|
Phoenix IDAUS Airways AMT |
|
6.30% |
|
4/1/2023 |
|
Caa2 |
|
|
3,685 |
|
|
3,509,373 |
|
Port Bay City AuthCelanese AMT |
|
6.50% |
|
5/1/2026 |
|
B+ |
|
|
6,120 |
|
|
6,126,793 |
|
Port Corpus Christi AuthCelanese |
|
6.45% |
|
11/1/2030 |
|
B+ |
|
|
5,100 |
|
|
5,169,156 |
|
Port St Helens Poll CtlOffice Max |
|
5.65% |
|
12/1/2027 |
|
NR |
|
|
1,730 |
|
|
1,731,747 |
|
Rockdale Co DevVisy Paper AMT |
|
6.125% |
|
1/1/2034 |
|
NR |
|
|
6,000 |
|
|
6,260,640 |
|
Rumford Solid WasteOffice Max AMT |
|
6.875% |
|
10/1/2026 |
|
B2 |
|
|
1,500 |
|
|
1,506,210 |
|
Selma IDBIntl Paper |
|
5.375% |
|
12/1/2035 |
|
BBB |
|
|
3,250 |
|
|
3,594,273 |
|
St Charles ParishValero Energy |
|
4.00% |
|
12/1/2040 |
|
BBB |
|
|
1,750 |
|
|
1,923,058 |
|
West Pace Coop Dist |
|
9.125% |
|
5/1/2039 |
|
NR |
|
|
13,915 |
|
|
13,582,710 |
|
WI PFATRIPS AMT |
|
5.00% |
|
7/1/2042 |
|
BBB- |
|
|
2,000 |
|
|
2,074,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
247,888,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 5.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brevard Co IDRTuff FL Tech |
|
6.50% |
|
11/1/2029 |
|
BBB- |
|
|
2,500 |
|
|
2,781,850 |
|
Buffalo & Erie IDCMedaille Clg |
|
5.00% |
|
4/1/2022 |
|
BB+ |
|
|
1,185 |
|
|
1,271,007 |
|
Buffalo & Erie IDCMedaille Clg |
|
5.25% |
|
4/1/2035 |
|
BB+ |
|
|
2,885 |
|
|
2,969,040 |
|
CA StwdeThomas Jeff Sch of Law |
|
7.25% |
|
10/1/2032 |
|
BB |
|
|
3,500 |
|
|
3,579,205 |
|
CA StwdeWindrush Sch (e) |
|
5.50% |
|
7/1/2037 |
|
NR |
|
|
7,225 |
|
|
72 |
|
Dutchess Co LDCAnderson Ctr |
|
6.00% |
|
10/1/2030 |
|
BB+ |
|
|
1,720 |
|
|
1,855,364 |
|
Gainesville RedevRiverside Mil Admy |
|
5.125% |
|
3/1/2027 |
|
BB+ |
(c) |
|
1,375 |
|
|
1,386,798 |
|
Gainesville RedevRiverside Mil Admy |
|
5.125% |
|
3/1/2037 |
|
BB+ |
(c) |
|
8,235 |
|
|
7,964,727 |
|
Harrisburg AuthUniv of Science (e) |
|
6.00% |
|
9/1/2036 |
|
NR |
|
|
12,725 |
|
|
9,263,164 |
|
IA Hi EdCentral Clg |
|
5.00% |
|
10/1/2031 |
|
Baa3 |
|
|
9,250 |
|
|
9,972,795 |
|
|
|
|
|
See Notes to Financial Statements. |
81 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2021 |
|
Baa3 |
|
$ |
4,325 |
|
$ |
4,438,531 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2023 |
|
Baa3 |
|
|
4,000 |
|
|
4,082,400 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2025 |
|
Baa3 |
|
|
2,500 |
|
|
2,537,450 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2026 |
|
Baa3 |
|
|
2,000 |
|
|
2,024,360 |
|
IL Fin AuthIL Inst of Tech |
|
5.00% |
|
4/1/2031 |
|
Baa3 |
|
|
2,700 |
|
|
2,700,729 |
|
IL Fin AuthIL Inst of Tech |
|
7.125% |
|
2/1/2034 |
|
Baa3 |
|
|
2,500 |
|
|
2,797,600 |
|
MA DFABoston Architectural Clg (ACA) |
|
5.00% |
|
1/1/2037 |
|
NR |
|
|
2,710 |
|
|
2,425,721 |
|
MA DFAMerrimack Clg |
|
5.00% |
|
7/1/2032 |
|
BBB- |
|
|
535 |
|
|
585,060 |
|
MA DFAMerrimack Clg |
|
5.25% |
|
7/1/2042 |
|
BBB- |
|
|
1,200 |
|
|
1,315,860 |
|
Marietta Dev AuthLife Univ |
|
7.00% |
|
6/15/2030 |
|
Ba3 |
|
|
5,000 |
|
|
5,397,850 |
|
MD Hlth & Hi EdWash Christian Admy (e) |
|
5.25% |
|
7/1/2018 |
|
NR |
|
|
250 |
|
|
90,000 |
|
MD Hlth & Hi EdWash Christian Admy (e) |
|
5.50% |
|
7/1/2038 |
|
NR |
|
|
2,300 |
|
|
828,000 |
|
NC Cap FacsHigh Point Univ |
|
4.375% |
|
5/1/2034 |
|
BBB+ |
|
|
3,580 |
|
|
3,749,871 |
|
NC Cap FacsHigh Point Univ |
|
5.00% |
|
5/1/2032 |
|
BBB+ |
|
|
1,500 |
|
|
1,647,120 |
|
NH Hlth & EdSthrn NH Univ |
|
5.00% |
|
1/1/2027 |
|
BBB |
|
|
1,250 |
|
|
1,378,250 |
|
NH Hlth & EdSthrn NH Univ |
|
5.00% |
|
1/1/2034 |
|
BBB |
|
|
2,800 |
|
|
3,009,020 |
|
NJ Ed FacsUniv Med & Dent |
|
7.125% |
|
12/1/2023 |
|
Baa1 |
|
|
4,000 |
|
|
5,042,280 |
|
NJ Ed FacsUniv Med & Dent |
|
7.50% |
|
12/1/2032 |
|
Baa1 |
|
|
2,000 |
|
|
2,487,440 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2038 |
|
BBB- |
|
|
750 |
|
|
811,035 |
|
NYC IDAVaughn Clg |
|
5.00% |
|
12/1/2031 |
|
BB+ |
|
|
1,510 |
|
|
1,583,945 |
|
NYC IDAVaughn Clg |
|
5.25% |
|
12/1/2036 |
|
BB+ |
|
|
3,640 |
|
|
3,831,355 |
|
OH Hi EdAshland Univ |
|
6.25% |
|
9/1/2024 |
|
B3 |
|
|
6,655 |
|
|
7,105,144 |
|
PA Hi EdLa Salle Univ |
|
5.00% |
|
5/1/2037 |
|
BBB |
|
|
2,000 |
|
|
2,226,800 |
|
PA Hi EdShippensburg Univ |
|
5.00% |
|
10/1/2035 |
|
BBB- |
|
|
800 |
|
|
879,264 |
|
Quad Cities Econ DevAugustana Clg |
|
4.75% |
|
10/1/2029 |
|
Baa1 |
|
|
845 |
|
|
897,398 |
|
Quad Cities Econ DevAugustana Clg |
|
4.75% |
|
10/1/2032 |
|
Baa1 |
|
|
1,000 |
|
|
1,049,890 |
|
Univ of California (b) |
|
5.75% |
|
5/15/2031 |
|
AA |
|
|
7,000 |
|
|
8,412,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
114,378,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 6.58% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Arkansas City BldgSo Cent Reg Med |
|
6.75% |
|
9/1/2038 |
|
Baa3 |
|
|
6,360 |
|
|
7,379,190 |
|
Bellwood GO |
|
5.875% |
|
12/1/2027 |
|
NR |
|
|
3,000 |
|
|
2,972,130 |
|
Bellwood GO |
|
6.15% |
|
12/1/2032 |
|
NR |
|
|
2,770 |
|
|
2,732,439 |
|
CA State GO |
|
5.00% |
|
2/1/2032 |
|
A1 |
|
|
15,685 |
|
|
17,571,592 |
|
CA State GO |
|
5.00% |
|
9/1/2036 |
|
A1 |
|
|
4,500 |
|
|
5,002,785 |
|
Guam GO |
|
6.75% |
|
11/15/2029 |
|
B+ |
|
|
8,690 |
|
|
9,723,849 |
|
Guam GO |
|
7.00% |
|
11/15/2039 |
|
B+ |
|
|
2,175 |
|
|
2,426,408 |
|
HI St Ser DZ |
|
5.00% |
|
12/1/2027 |
|
AA |
|
|
6,000 |
|
|
7,156,320 |
|
|
|
|
82 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
IL State GO |
|
5.00% |
|
8/1/2025 |
|
A2 |
|
$ |
2,685 |
|
$ |
2,969,261 |
|
IL State GO |
|
5.00% |
|
3/1/2031 |
|
A2 |
|
|
2,250 |
|
|
2,422,440 |
|
IL State GO |
|
5.00% |
|
3/1/2032 |
|
A2 |
|
|
6,000 |
|
|
6,441,180 |
|
IL State GO |
|
5.00% |
|
1/1/2034 |
|
A2 |
|
|
2,275 |
|
|
2,429,222 |
|
Kendall Kane & WIll Co CUSD #308 |
|
5.00% |
|
2/1/2029 |
|
Aa2 |
|
|
19,000 |
|
|
21,477,220 |
|
Maverick Co GO |
|
8.75% |
|
3/1/2034 |
|
NR |
|
|
2,500 |
|
|
2,591,275 |
|
Maverick Co GO |
|
8.75% |
|
3/1/2034 |
|
NR |
|
|
5,500 |
|
|
5,700,805 |
|
NYC GO (b) |
|
5.125% |
|
3/1/2026 |
|
AA |
|
|
10,000 |
|
|
11,752,150 |
|
Oakland USD |
|
6.125% |
|
8/1/2029 |
|
NR |
|
|
1,500 |
|
|
1,662,405 |
|
PR Comwlth GO |
|
5.00% |
|
7/1/2041 |
|
BBB- |
|
|
4,605 |
|
|
4,142,796 |
|
PR Comwlth GO |
|
5.50% |
|
7/1/2039 |
|
BBB- |
|
|
16,000 |
|
|
15,502,080 |
|
PR Pub Bldg Auth |
|
5.25% |
|
7/1/2042 |
|
BBB- |
|
|
12,565 |
|
|
11,464,809 |
|
PR Pub Bldg Auth GTD |
|
5.625% |
|
7/1/2039 |
|
BBB- |
|
|
2,800 |
|
|
2,778,860 |
|
Woonsocket GO |
|
7.125% |
|
6/15/2016 |
|
B2 |
|
|
2,525 |
|
|
2,583,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
148,882,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 27.27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua Co IDANo FL Retirement Vlg |
|
5.875% |
|
11/15/2036 |
|
NR |
|
|
10,000 |
|
|
10,041,300 |
|
Alachua Co IDANo FL Retirement Vlg |
|
5.875% |
|
11/15/2042 |
|
NR |
|
|
4,500 |
|
|
4,496,535 |
|
Allegheny Co HspWest Penn Hlth |
|
5.00% |
|
11/15/2028 |
|
CC |
|
|
15,365 |
|
|
13,330,674 |
|
Allegheny Co HspWest Penn Hlth |
|
5.375% |
|
11/15/2040 |
|
CC |
|
|
9,400 |
|
|
8,154,876 |
|
Atlantic Bch HlthFleet Landing (a) |
|
5.00% |
|
11/15/2037 |
|
BBB |
(c) |
|
1,300 |
|
|
1,365,533 |
|
AZ Hlth FacsBeatitudes |
|
5.20% |
|
10/1/2037 |
|
NR |
|
|
9,710 |
|
|
9,525,413 |
|
AZ Hlth FacsPhoenix Childrens Hsp |
|
5.00% |
|
2/1/2034 |
|
BBB+ |
|
|
3,150 |
|
|
3,389,463 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2029 |
|
BBB+ |
|
|
1,350 |
|
|
1,495,490 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2034 |
|
BBB+ |
|
|
500 |
|
|
546,670 |
|
CA StwdeEskaton Pptys |
|
5.25% |
|
11/15/2034 |
|
BBB |
|
|
1,640 |
|
|
1,756,243 |
|
CA StwdeSo Cal Presbyterian |
|
7.00% |
|
11/15/2029 |
|
BBB- |
|
|
1,000 |
|
|
1,176,650 |
|
CA StwdeSo Cal Presbyterian |
|
7.25% |
|
11/15/2041 |
|
BBB- |
|
|
2,500 |
|
|
2,905,000 |
|
CA StwdeTerraces San Joaquin |
|
5.625% |
|
10/1/2032 |
|
NR |
|
|
1,000 |
|
|
1,062,320 |
|
CA StwdeTerraces San Joaquin |
|
6.00% |
|
10/1/2042 |
|
NR |
|
|
1,070 |
|
|
1,155,975 |
|
CA StwdeTerraces San Joaquin |
|
6.00% |
|
10/1/2047 |
|
NR |
|
|
1,000 |
|
|
1,070,950 |
|
Carmel RevBarrington of Carmel |
|
7.125% |
|
11/15/2047 |
|
NR |
|
|
3,000 |
|
|
3,261,930 |
|
Chesterfield Co EDABrandermill Woods |
|
5.00% |
|
1/1/2032 |
|
NR |
|
|
2,000 |
|
|
2,046,800 |
|
Chesterfield Co EDABrandermill Woods |
|
5.125% |
|
1/1/2043 |
|
NR |
|
|
1,000 |
|
|
1,015,770 |
|
CO Hlth FacsAmerican Baptist |
|
7.75% |
|
8/1/2029 |
|
NR |
|
|
5,770 |
|
|
6,537,525 |
|
CO Hlth FacsAmerican Baptist |
|
7.75% |
|
8/1/2039 |
|
NR |
|
|
5,045 |
|
|
5,635,568 |
|
CO Hlth FacsChristian Living Cmnty |
|
5.25% |
|
1/1/2037 |
|
NR |
|
|
1,000 |
|
|
1,064,070 |
|
|
|
|
|
See Notes to Financial Statements. |
83 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CT Hlth & EdStamford Hsp |
|
5.00% |
|
7/1/2034 |
|
A- |
|
$ |
16,000 |
|
$ |
17,497,120 |
|
Cumberland Co Mun AuthAsbury |
|
5.25% |
|
1/1/2041 |
|
NR |
|
|
2,000 |
|
|
2,046,280 |
|
Cumberland Mun AuthAsbury |
|
5.40% |
|
1/1/2022 |
|
NR |
|
|
585 |
|
|
632,596 |
|
Cumberland Mun AuthAsbury |
|
6.00% |
|
1/1/2040 |
|
NR |
|
|
2,000 |
|
|
2,176,320 |
|
Cuyahoga Co HlthEliza Jennings |
|
6.00% |
|
5/15/2037 |
|
NR |
|
|
4,300 |
|
|
4,451,446 |
|
Cuyahoga Co HlthEliza Jennings |
|
6.00% |
|
5/15/2042 |
|
NR |
|
|
2,500 |
|
|
2,583,375 |
|
Dauphin Co Gen AuthPinnacle Hlth |
|
5.00% |
|
6/1/2042 |
|
A |
|
|
3,600 |
|
|
3,828,204 |
|
Duluth EDASt Lukes Hsp |
|
6.00% |
|
6/15/2039 |
|
NR |
|
|
3,750 |
|
|
4,052,250 |
|
Fairfax Co EDAVinson Hall |
|
5.00% |
|
12/1/2032 |
|
NR |
|
|
1,500 |
|
|
1,539,840 |
|
Fairfax Co EDAVinson Hall |
|
5.00% |
|
12/1/2042 |
|
NR |
|
|
2,800 |
|
|
2,829,820 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
5.25% |
|
7/1/2039 |
|
Ba1 |
|
|
1,250 |
|
|
1,241,088 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
7.00% |
|
7/1/2030 |
|
Ba1 |
|
|
4,225 |
|
|
4,913,971 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
7.375% |
|
7/1/2035 |
|
Ba1 |
|
|
2,620 |
|
|
3,079,260 |
|
Flint Hsp Bldg AuthHurley Med Ctr |
|
7.50% |
|
7/1/2039 |
|
Ba1 |
|
|
800 |
|
|
936,648 |
|
Gaithersburg Eco DevAsbury |
|
5.125% |
|
1/1/2036 |
|
BBB |
(c) |
|
4,700 |
|
|
4,794,987 |
|
Gaithersburg Eco DevAsbury |
|
6.00% |
|
1/1/2023 |
|
BBB |
(c) |
|
3,385 |
|
|
3,845,732 |
|
Hanover Co EDACovenant Woods |
|
5.00% |
|
7/1/2042 |
|
NR |
|
|
2,000 |
|
|
1,990,700 |
|
Hanover Co EDACovenant Woods |
|
5.00% |
|
7/1/2047 |
|
NR |
|
|
1,985 |
|
|
1,943,414 |
|
Harris CoChildrens Med |
|
5.00% |
|
10/1/2024 |
|
AA |
|
|
6,000 |
|
|
6,794,100 |
|
Harris CoChildrens Med |
|
5.25% |
|
10/1/2029 |
|
AA |
|
|
4,000 |
|
|
4,632,280 |
|
Harris Co Cultural EdBrazos |
|
5.00% |
|
1/1/2033 |
|
NR |
|
|
545 |
|
|
555,066 |
|
Harris Co Cultural EdBrazos |
|
5.00% |
|
1/1/2038 |
|
NR |
|
|
510 |
|
|
512,305 |
|
Harris Co Cultural EdBrazos |
|
5.00% |
|
1/1/2043 |
|
NR |
|
|
520 |
|
|
516,771 |
|
Harris Co Cultural EdBrazos |
|
5.125% |
|
1/1/2048 |
|
NR |
|
|
1,535 |
|
|
1,526,235 |
|
HFDC Cent TXLegacy/Willow Bend |
|
5.625% |
|
11/1/2026 |
|
NR |
|
|
1,850 |
|
|
1,900,154 |
|
HFDC Cent TXLegacy/Willow Bend |
|
5.75% |
|
11/1/2036 |
|
NR |
|
|
5,500 |
|
|
5,604,500 |
|
Holmes Co HspDoctors Mem Hsp |
|
5.75% |
|
11/1/2026 |
|
NR |
|
|
5,660 |
|
|
5,686,885 |
|
Holmes Co HspDoctors Mem Hsp |
|
6.00% |
|
11/1/2038 |
|
NR |
|
|
7,115 |
|
|
7,123,609 |
|
Howard Co Retmt CmntyVantage House |
|
5.25% |
|
4/1/2027 |
|
NR |
|
|
1,200 |
|
|
1,218,540 |
|
Howard Co Retmt CmntyVantage House |
|
5.25% |
|
4/1/2033 |
|
NR |
|
|
2,990 |
|
|
2,964,406 |
|
Howard Co Retmt CmntyVantage House |
|
5.25% |
|
4/1/2037 |
|
NR |
|
|
6,270 |
|
|
6,078,765 |
|
Huntsville Redstone Vlg |
|
5.50% |
|
1/1/2028 |
|
NR |
|
|
4,500 |
|
|
4,526,775 |
|
IL Fin AuthClare At Water Tower (e) |
|
Zero Coupon |
|
5/15/2050 |
|
NR |
|
|
4,800 |
|
|
480 |
|
IL Fin AuthClare At Water Tower (e) |
|
5.125% |
|
5/15/2018 |
|
NR |
|
|
3,500 |
|
|
350 |
|
IL Fin AuthClare At Water Tower (e) |
|
5.20% |
|
5/15/2015 |
|
NR |
|
|
700 |
|
|
70 |
|
IL Fin AuthClare At Water Tower (e) |
|
5.30% |
|
5/15/2016 |
|
NR |
|
|
700 |
|
|
70 |
|
IL Fin AuthClare At Water Tower (e) |
|
6.00% |
|
5/15/2028 |
|
NR |
|
|
2,800 |
|
|
280 |
|
IL Fin AuthClare At Water Tower (e) |
|
6.125% |
|
5/15/2041 |
|
NR |
|
|
3,500 |
|
|
350 |
|
|
|
|
84 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
IL Fin AuthClare Oaks |
|
Zero Coupon |
|
11/15/2052 |
|
NR |
|
$ |
2,845 |
|
$ |
130,865 |
|
IL Fin AuthClare Oaks |
|
Zero Coupon |
|
11/15/2052 |
|
NR |
|
|
569 |
|
|
214,784 |
|
IL Fin AuthClare Oaks |
|
Zero Coupon |
|
11/15/2052 |
|
NR |
|
|
569 |
|
|
132,515 |
|
IL Fin AuthClare Oaks |
|
4.00% |
|
11/15/2052 |
|
NR |
|
|
4,550 |
|
|
3,316,384 |
|
IL Fin AuthClare Oaks |
|
7.00% |
|
11/15/2017 |
|
NR |
|
|
520 |
|
|
520,681 |
|
IL Fin AuthClare Oaks |
|
7.00% |
|
11/15/2027 |
|
NR |
|
|
1,040 |
|
|
1,040,000 |
|
IL Fin AuthClare Oaks |
|
7.00% |
|
11/15/2027 |
|
NR |
|
|
830 |
|
|
829,859 |
|
IL Fin AuthFriendship Vlg Shaumburg |
|
5.375% |
|
2/15/2025 |
|
BB- |
(c) |
|
4,000 |
|
|
4,033,240 |
|
IL Fin AuthFriendship Vlg Shaumburg |
|
5.625% |
|
2/15/2037 |
|
BB- |
(c) |
|
9,975 |
|
|
10,038,241 |
|
IL Fin AuthFriendship Vlg Shaumburg |
|
7.25% |
|
2/15/2045 |
|
BB- |
(c) |
|
3,500 |
|
|
3,871,315 |
|
IL Fin AuthLanding / Plymouth Place |
|
6.00% |
|
5/15/2025 |
|
NR |
|
|
3,000 |
|
|
2,834,460 |
|
IL Fin AuthNorthwestern Mem Hsp (b) |
|
5.75% |
|
8/15/2030 |
|
AA+ |
|
|
5,000 |
|
|
5,792,375 |
|
IL Fin AuthRush Univ Med |
|
7.25% |
|
11/1/2030 |
|
A |
|
|
3,000 |
|
|
3,783,900 |
|
IL Fin AuthSmith Vlg |
|
5.25% |
|
11/15/2016 |
|
NR |
|
|
3,005 |
|
|
3,118,889 |
|
IL Fin AuthThree Crowns Pk Plaza |
|
5.875% |
|
2/15/2038 |
|
NR |
|
|
4,500 |
|
|
4,613,310 |
|
Iron River HspIron Co Comnty Hsps |
|
6.50% |
|
5/15/2033 |
|
NR |
|
|
5,000 |
|
|
5,272,300 |
|
Johnston Mem Hsp (AGM)(FHA) |
|
5.25% |
|
10/1/2036 |
|
AA- |
|
|
7,000 |
|
|
7,563,500 |
|
Kent Hsp Fin AuthMetropolitan Hsp |
|
5.75% |
|
7/1/2025 |
|
BB+ |
|
|
3,325 |
|
|
3,584,250 |
|
Kent Hsp Fin AuthMetropolitan Hsp |
|
6.00% |
|
7/1/2035 |
|
BB+ |
|
|
4,575 |
|
|
4,878,734 |
|
Kirkwood IDAAberdeen Hts |
|
8.00% |
|
5/15/2021 |
|
NR |
|
|
1,000 |
|
|
1,159,340 |
|
Kirkwood IDAAberdeen Hts |
|
8.00% |
|
5/15/2029 |
|
NR |
|
|
2,820 |
|
|
3,310,088 |
|
Kirkwood IDAAberdeen Hts |
|
8.25% |
|
5/15/2039 |
|
NR |
|
|
6,695 |
|
|
7,891,798 |
|
KY EDAMasonic Homes |
|
5.375% |
|
11/15/2032 |
|
NR |
|
|
3,000 |
|
|
3,098,760 |
|
LA PFALake Charles Mem Hsp |
|
6.375% |
|
12/1/2034 |
|
NR |
|
|
5,840 |
|
|
6,233,382 |
|
LA PFAOchsner Clinic |
|
6.50% |
|
5/15/2037 |
|
Baa1 |
|
|
8,250 |
|
|
9,985,222 |
|
Lubbock HlthCarillon |
|
6.30% |
|
7/1/2019 |
|
NR |
|
|
4,010 |
|
|
4,252,525 |
|
MA DFABoston Med Ctr |
|
5.00% |
|
7/1/2029 |
|
BBB+ |
|
|
3,000 |
|
|
3,332,610 |
|
MA DFABoston Med Ctr |
|
5.25% |
|
7/1/2026 |
|
BBB+ |
|
|
3,000 |
|
|
3,403,830 |
|
MA DFABoston Med Ctr |
|
5.25% |
|
7/1/2027 |
|
BBB+ |
|
|
4,000 |
|
|
4,565,560 |
|
MA DFAGroves in Lincoln |
|
7.50% |
|
6/1/2029 |
|
NR |
|
|
4,000 |
|
|
1,881,240 |
|
MA DFAGroves in Lincoln |
|
7.75% |
|
6/1/2039 |
|
NR |
|
|
2,000 |
|
|
940,200 |
|
MA Hlth & EdEmerson Hsp (RADIAN) |
|
5.00% |
|
8/15/2025 |
|
NR |
|
|
6,840 |
|
|
6,869,891 |
|
Martin Co HlthMartin Mem Med |
|
5.50% |
|
11/15/2032 |
|
Baa1 |
|
|
2,250 |
|
|
2,535,773 |
|
Martin Co HlthMartin Mem Med |
|
5.50% |
|
11/15/2042 |
|
Baa1 |
|
|
4,125 |
|
|
4,584,772 |
|
Martin Hsp Dist |
|
7.25% |
|
4/1/2036 |
|
BBB |
(c) |
|
3,450 |
|
|
3,890,979 |
|
MD Hlth & EdMercy Med Ctr |
|
5.00% |
|
7/1/2031 |
|
BBB |
|
|
1,100 |
|
|
1,234,849 |
|
ME Hlth & Hi EdEastern ME Med |
|
5.00% |
|
7/1/2043 |
|
Baa1 |
|
|
2,810 |
|
|
3,017,209 |
|
Miami Beach HlthMount Sinai Med Ctr |
|
5.00% |
|
11/15/2029 |
|
Baa2 |
|
|
500 |
|
|
539,985 |
|
|
|
|
|
See Notes to Financial Statements. |
85 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Montgomery Co IDAACTS Retirement |
|
5.00% |
|
11/15/2025 |
|
BBB+ |
|
$ |
1,700 |
|
$ |
1,934,481 |
|
Montgomery Co IDAACTS Retirement |
|
5.00% |
|
11/15/2026 |
|
BBB+ |
|
|
2,725 |
|
|
3,089,360 |
|
Montgomery Co IDAWhitemarsh |
|
6.125% |
|
2/1/2028 |
|
NR |
|
|
3,045 |
|
|
3,098,013 |
|
Montgomery Co IDAWhitemarsh |
|
6.25% |
|
2/1/2035 |
|
NR |
|
|
11,975 |
|
|
12,167,558 |
|
NC MedLutheran Svcs |
|
4.75% |
|
3/1/2032 |
|
NR |
|
|
1,250 |
|
|
1,262,625 |
|
NC MedLutheran Svcs |
|
5.00% |
|
3/1/2037 |
|
NR |
|
|
1,000 |
|
|
1,016,500 |
|
NC MedLutheran Svcs |
|
5.00% |
|
3/1/2042 |
|
NR |
|
|
1,000 |
|
|
1,013,600 |
|
NJ EDASeashore Gardens |
|
5.30% |
|
11/1/2026 |
|
NR |
|
|
1,250 |
|
|
1,256,000 |
|
NJ EDASeashore Gardens |
|
5.375% |
|
11/1/2036 |
|
NR |
|
|
4,705 |
|
|
4,531,385 |
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2032 |
|
BBB+ |
|
|
3,175 |
|
|
3,596,037 |
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2037 |
|
BBB+ |
|
|
3,475 |
|
|
3,909,583 |
|
NJ HlthSomerset Med Ctr |
|
5.50% |
|
7/1/2033 |
|
Ba2 |
|
|
6,130 |
|
|
6,157,156 |
|
NM HspGerald Champion Hsp |
|
5.50% |
|
7/1/2042 |
|
BB |
|
|
2,625 |
|
|
2,707,268 |
|
NM HspHaverland |
|
5.00% |
|
7/1/2032 |
|
BBB- |
(c) |
|
2,800 |
|
|
2,862,188 |
|
NM HspHaverland |
|
5.00% |
|
7/1/2042 |
|
BBB- |
(c) |
|
1,500 |
|
|
1,505,400 |
|
NY DormOrange Regl Med |
|
6.125% |
|
12/1/2029 |
|
Ba1 |
|
|
5,650 |
|
|
6,300,936 |
|
OH HspCleveland Clinic (b) |
|
5.50% |
|
1/1/2034 |
|
AA- |
|
|
13,500 |
|
|
15,140,587 |
|
Oklahoma Co Fin AuthEpworth Villa |
|
5.125% |
|
4/1/2042 |
|
NR |
|
|
3,000 |
|
|
3,020,400 |
|
Onondaga CDCSt Josephs Hsp |
|
4.50% |
|
7/1/2032 |
|
BB+ |
|
|
7,000 |
|
|
6,849,570 |
|
Onondaga CDCSt Josephs Hsp |
|
5.00% |
|
7/1/2042 |
|
BB+ |
|
|
2,665 |
|
|
2,740,313 |
|
Orange Co HlthOrlando Lutheran |
|
5.375% |
|
7/1/2020 |
|
NR |
|
|
1,100 |
|
|
1,122,836 |
|
Orange Co HlthOrlando Lutheran |
|
5.50% |
|
7/1/2038 |
|
NR |
|
|
6,550 |
|
|
6,658,271 |
|
Orange Co HlthOrlando Lutheran |
|
5.70% |
|
7/1/2026 |
|
NR |
|
|
2,920 |
|
|
2,979,393 |
|
Palomar Hlth Care Dist COP |
|
5.50% |
|
11/1/2019 |
|
Baa3 |
|
|
5,000 |
|
|
5,680,300 |
|
Palomar Hlth Care Dist COP |
|
6.00% |
|
11/1/2030 |
|
Baa3 |
|
|
500 |
|
|
555,820 |
|
Palomar Hlth Care Dist COP |
|
6.625% |
|
11/1/2029 |
|
Baa3 |
|
|
5,000 |
|
|
5,724,350 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.50% |
|
7/1/2026 |
|
BBB- |
|
|
1,850 |
|
|
1,993,135 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.625% |
|
7/1/2036 |
|
BBB- |
|
|
6,250 |
|
|
6,921,000 |
|
Philadelphia HspsTemple Univ Hlth |
|
5.625% |
|
7/1/2042 |
|
BBB- |
|
|
2,000 |
|
|
2,200,240 |
|
Princeton HspPrinceton Cmnty Hsp |
|
5.00% |
|
5/1/2022 |
|
BBB |
|
|
285 |
|
|
325,131 |
|
Princeton HspPrinceton Cmnty Hsp |
|
5.00% |
|
5/1/2027 |
|
BBB |
|
|
5,000 |
|
|
5,505,300 |
|
RI Hlth & EdSt Joseph Hlth |
|
5.50% |
|
10/1/2029 |
|
CCC |
|
|
15,270 |
|
|
11,245,744 |
|
Rochester Hlth CareSamaritan Bethany |
|
6.875% |
|
12/1/2029 |
|
NR |
|
|
1,945 |
|
|
2,183,204 |
|
Rochester Hlth CareSamaritan Bethany |
|
7.375% |
|
12/1/2041 |
|
NR |
|
|
6,000 |
|
|
6,740,580 |
|
Salem Hsp FacCapital Manor |
|
5.625% |
|
5/15/2032 |
|
NR |
|
|
1,000 |
|
|
1,059,520 |
|
Salem Hsp FacCapital Manor |
|
6.00% |
|
5/15/2047 |
|
NR |
|
|
1,600 |
|
|
1,718,320 |
|
San BuenaventuraCmnty Mem Hlth |
|
7.50% |
|
12/1/2041 |
|
BB |
|
|
3,100 |
|
|
3,828,500 |
|
|
|
|
86 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
San BuenaventuraCmnty Mem Hlth |
|
8.00% |
|
12/1/2026 |
|
BB |
|
$ |
10,000 |
|
$ |
13,022,600 |
|
Sarasota HlthManatee |
|
5.75% |
|
7/1/2037 |
|
NR |
|
|
2,895 |
|
|
2,628,197 |
|
Sarasota HlthManatee |
|
5.75% |
|
7/1/2045 |
|
NR |
|
|
6,435 |
|
|
5,676,700 |
|
Sartell Hlth CareCountry Manor |
|
5.25% |
|
9/1/2027 |
|
NR |
|
|
1,150 |
|
|
1,202,061 |
|
Sayre Mem Hsp Auth |
|
6.00% |
|
7/1/2037 |
|
NR |
|
|
4,000 |
|
|
2,759,160 |
|
SC Jobs EDAHampton Regl Med |
|
5.25% |
|
11/1/2028 |
|
NR |
|
|
12,000 |
|
|
12,073,200 |
|
SE Port AuthMemorial Hlth |
|
5.75% |
|
12/1/2032 |
|
NR |
|
|
3,800 |
|
|
4,187,372 |
|
SE Port AuthMemorial Hlth |
|
6.00% |
|
12/1/2042 |
|
NR |
|
|
6,750 |
|
|
7,452,202 |
|
Shelby Co Hlth Ed HsgVlg Germantwn |
|
5.00% |
|
12/1/2032 |
|
NR |
|
|
2,100 |
|
|
2,104,641 |
|
Shelby Co Hlth Ed HsgVlg Germantwn |
|
5.25% |
|
12/1/2042 |
|
NR |
|
|
1,800 |
|
|
1,809,360 |
|
St Paul Port AuthHealtheast Midway |
|
5.75% |
|
5/1/2025 |
|
BB+ |
|
|
1,520 |
|
|
1,624,485 |
|
St Paul Port AuthHealtheast Midway |
|
5.875% |
|
5/1/2030 |
|
BB+ |
|
|
1,000 |
|
|
1,060,790 |
|
Sylacauga HlthCoosa Vy Med Ctr |
|
5.375% |
|
8/1/2015 |
|
NR |
|
|
1,475 |
|
|
1,527,540 |
|
Sylacauga HlthCoosa Vy Med Ctr |
|
6.00% |
|
8/1/2025 |
|
NR |
|
|
3,000 |
|
|
3,032,730 |
|
Sylacauga HlthCoosa Vy Med Ctr |
|
6.00% |
|
8/1/2035 |
|
NR |
|
|
3,000 |
|
|
3,015,840 |
|
Tulsa IDAMontereau |
|
6.875% |
|
11/1/2023 |
|
NR |
|
|
1,300 |
|
|
1,372,956 |
|
Tulsa IDAMontereau |
|
7.125% |
|
11/1/2030 |
|
NR |
|
|
2,000 |
|
|
2,278,720 |
|
Univ CO Hsp Auth |
|
5.00% |
|
11/15/2036 |
|
A+ |
|
|
2,250 |
|
|
2,486,700 |
|
Upper IL River VyPleasant View |
|
7.25% |
|
11/15/2040 |
|
NR |
|
|
1,200 |
|
|
1,298,904 |
|
Upper IL River VyPleasant View |
|
7.375% |
|
11/15/2045 |
|
NR |
|
|
1,550 |
|
|
1,677,643 |
|
Vigo Co HspUnion Hsp |
|
5.70% |
|
9/1/2037 |
|
NR |
|
|
9,250 |
|
|
9,666,620 |
|
Vigo Co HspUnion Hsp |
|
5.75% |
|
9/1/2042 |
|
NR |
|
|
2,000 |
|
|
2,085,120 |
|
Vigo Co HspUnion Hsp |
|
8.00% |
|
9/1/2041 |
|
NR |
|
|
2,955 |
|
|
3,637,457 |
|
WA Hlth CareKadlec Regl Med Ctr |
|
5.00% |
|
12/1/2042 |
|
Baa3 |
|
|
2,745 |
|
|
2,858,369 |
|
WA HsgMirabella |
|
6.50% |
|
10/1/2032 |
|
NR |
|
|
2,000 |
|
|
2,065,740 |
|
Westchester Co LDCKendal Hudson (a) |
|
5.00% |
|
1/1/2034 |
|
BBB |
(c) |
|
1,250 |
|
|
1,345,800 |
|
Western IL EDACarthage Mem Hsp |
|
7.00% |
|
6/1/2033 |
|
NR |
|
|
2,890 |
|
|
2,976,527 |
|
WI Hlth & EdWheaton Franciscan Hlth |
|
5.125% |
|
8/15/2030 |
|
A- |
|
|
5,000 |
|
|
5,336,000 |
|
WI HlthSauk-Prairie Mem Hsp |
|
5.375% |
|
2/1/2048 |
|
Ba1 |
|
|
6,000 |
|
|
5,966,760 |
|
WI PFALas Ventanas Retirement |
|
Zero Coupon |
|
10/1/2042 |
|
NR |
|
|
2,961 |
|
|
989,714 |
|
WI PFALas Ventanas Retirement |
|
Zero Coupon |
|
10/1/2042 |
|
NR |
|
|
2,961 |
|
|
30 |
|
WI PFALas Ventanas Retirement |
|
7.00% |
|
10/1/2042 |
|
NR |
|
|
6,895 |
|
|
6,686,288 |
|
Wilson Co Hsp |
|
5.60% |
|
9/1/2036 |
|
NR |
|
|
3,530 |
|
|
3,531,518 |
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2032 |
|
Baa2 |
|
|
1,445 |
|
|
1,550,196 |
|
Wood Co Hsp FacsWood Co Hsp |
|
5.00% |
|
12/1/2037 |
|
Baa2 |
|
|
4,150 |
|
|
4,364,057 |
|
WV HspHerbert Thomas Hlth |
|
6.50% |
|
10/1/2028 |
|
NR |
|
|
7,425 |
|
|
7,816,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
617,126,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
87 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Housing 0.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua Co HlthOak Hammock |
|
8.00% |
|
10/1/2042 |
|
NR |
|
$ |
700 |
|
$ |
852,229 |
|
Alachua Co HlthOak Hammock |
|
8.00% |
|
10/1/2046 |
|
NR |
|
|
1,000 |
|
|
1,207,390 |
|
CA StwdeAmerican Baptist |
|
5.00% |
|
10/1/2043 |
|
BBB |
|
|
2,450 |
|
|
2,588,400 |
|
LA HFAGMF-LA Chateau |
|
8.00% |
|
9/1/2039 |
|
BB |
|
|
3,390 |
|
|
3,669,438 |
|
MD EDCMorgan State Univ Hsg |
|
5.00% |
|
7/1/2027 |
|
BBB- |
|
|
1,000 |
|
|
1,103,410 |
|
MD EDCMorgan State Univ Hsg |
|
5.00% |
|
7/1/2034 |
|
BBB- |
|
|
825 |
|
|
887,519 |
|
Met Govt Nashville H & EPrestige Pt (e) |
|
7.50% |
|
12/20/2040 |
|
NR |
|
|
3,930 |
|
|
2,358,000 |
|
MI Strategic FdEvangelical Homes |
|
5.50% |
|
6/1/2047 |
|
BB+ |
(c) |
|
1,250 |
|
|
1,256,150 |
|
Munimae Te Bd Sub |
|
5.30% |
|
|
(g) |
Ba2 |
|
|
2,000 |
|
|
1,860,980 |
|
Munimae Te Bd Sub |
|
5.90% |
|
|
(g) |
B1 |
|
|
2,000 |
|
|
1,600,920 |
|
Saline EDCEvangelical Homes |
|
5.50% |
|
6/1/2047 |
|
BB+ |
(c) |
|
1,500 |
|
|
1,507,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
18,891,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 1.15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Pub WksState Prisons |
|
5.75% |
|
10/1/2031 |
|
A2 |
|
|
1,500 |
|
|
1,782,525 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2033 |
|
A2 |
|
|
6,500 |
|
|
7,094,685 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2034 |
|
A2 |
|
|
10,000 |
|
|
10,883,100 |
|
Houston Co Coop DistCountry Crossing |
|
12.50% |
|
6/7/2013 |
|
NR |
|
|
4,199 |
|
|
629,850 |
|
IN Fin AuthOH River Brdgs AMT |
|
5.00% |
|
7/1/2035 |
|
BBB |
|
|
2,250 |
|
|
2,364,007 |
|
IN Fin AuthOH River Brdgs AMT |
|
5.00% |
|
7/1/2040 |
|
BBB |
|
|
1,000 |
|
|
1,033,970 |
|
Philadelphia Muni Auth |
|
6.375% |
|
4/1/2029 |
|
A2 |
|
|
2,000 |
|
|
2,313,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
26,101,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 11.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Apache Co Poll CtlTucson Elec |
|
4.50% |
|
3/1/2030 |
|
BBB- |
|
|
9,000 |
|
|
9,313,740 |
|
Baker Correctional Dev |
|
7.50% |
|
2/1/2030 |
|
NR |
|
|
8,400 |
|
|
8,335,404 |
|
Baltimore Conv CtrHilton Hotel |
|
5.875% |
|
9/1/2039 |
|
Ba2 |
|
|
10,845 |
|
|
11,231,407 |
|
Baltimore Conv CtrHilton Hotel (XLCA) |
|
5.00% |
|
9/1/2032 |
|
BB+ |
|
|
2,250 |
|
|
2,308,725 |
|
Baltimore Conv CtrHilton Hotel (XLCA) |
|
5.25% |
|
9/1/2039 |
|
BB+ |
|
|
2,975 |
|
|
3,051,339 |
|
Baytown TwpSt Croix Prep Admy |
|
6.75% |
|
8/1/2028 |
|
BB |
|
|
3,450 |
|
|
3,620,740 |
|
Baytown TwpSt Croix Prep Admy |
|
7.00% |
|
8/1/2038 |
|
BB |
|
|
3,000 |
|
|
3,144,630 |
|
CA Fin AuthHigh Tech |
|
6.125% |
|
7/1/2038 |
|
BB |
(c) |
|
1,250 |
|
|
1,261,275 |
|
CA StwdeHuntington Pk |
|
5.15% |
|
7/1/2030 |
|
NR |
|
|
2,340 |
|
|
2,221,830 |
|
CA StwdeHuntington Pk |
|
5.25% |
|
7/1/2042 |
|
NR |
|
|
1,500 |
|
|
1,384,335 |
|
Charyl Stockwell Admy COP |
|
5.75% |
|
10/1/2025 |
|
NR |
|
|
4,130 |
|
|
3,935,518 |
|
Charyl Stockwell Admy COP |
|
5.90% |
|
10/1/2035 |
|
NR |
|
|
3,000 |
|
|
2,768,820 |
|
Chester Co IDACollegium Chtr Sch |
|
5.00% |
|
10/15/2022 |
|
BBB- |
|
|
1,000 |
|
|
1,014,370 |
|
Chester Co IDACollegium Chtr Sch |
|
5.375% |
|
10/15/2042 |
|
BBB- |
|
|
5,000 |
|
|
5,001,750 |
|
|
|
|
88 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Other Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Clifton Higher EdIDEA Pub Schs |
|
5.00% |
|
8/15/2032 |
|
BBB |
|
$ |
915 |
|
$ |
997,048 |
|
Clifton Higher EdIDEA Pub Schs |
|
5.00% |
|
8/15/2042 |
|
BBB |
|
|
1,240 |
|
|
1,326,019 |
|
Doctor Charles Drew Admy COP |
|
5.70% |
|
11/1/2036 |
|
NR |
|
|
1,800 |
|
|
1,393,452 |
|
Downtown Phoenix Hotel Corp (FGIC) |
|
5.00% |
|
7/1/2036 |
|
BB+ |
|
|
5,000 |
|
|
5,050,650 |
|
FL DFCPalm Bay Admy |
|
6.00% |
|
5/15/2036 |
|
NR |
|
|
2,000 |
|
|
1,832,040 |
|
FL DFCPalm Bay Admy |
|
6.125% |
|
5/15/2037 |
|
NR |
|
|
1,855 |
|
|
1,673,025 |
|
FL DFCRenaissance Chtr Sch |
|
6.125% |
|
6/15/2043 |
|
NR |
|
|
3,000 |
|
|
2,961,060 |
|
FL DFCRenaissance Chtr Sch |
|
7.50% |
|
6/15/2033 |
|
BB- |
(c) |
|
9,350 |
|
|
11,043,752 |
|
Florence Twn IDALegacy Trad Sch |
|
6.00% |
|
7/1/2043 |
|
BB |
|
|
3,250 |
|
|
3,227,217 |
|
IA Fin AuthChildserve |
|
5.375% |
|
6/1/2026 |
|
NR |
|
|
1,795 |
|
|
1,796,759 |
|
IA Fin AuthChildserve |
|
5.50% |
|
6/1/2031 |
|
NR |
|
|
4,260 |
|
|
4,192,394 |
|
IA Fin AuthChildserve |
|
5.55% |
|
6/1/2036 |
|
NR |
|
|
5,960 |
|
|
5,763,558 |
|
IAH Pub Facs |
|
6.00% |
|
5/1/2016 |
|
NR |
|
|
605 |
|
|
437,917 |
|
IAH Pub Facs |
|
6.00% |
|
5/1/2021 |
|
NR |
|
|
2,000 |
|
|
1,442,500 |
|
IAH Pub Facs |
|
6.125% |
|
5/1/2026 |
|
NR |
|
|
1,635 |
|
|
1,178,214 |
|
IN Fin AuthDrexel Foundation |
|
6.625% |
|
10/1/2029 |
|
BB+ |
|
|
750 |
|
|
812,985 |
|
IN Fin AuthDrexel Foundation |
|
7.00% |
|
10/1/2039 |
|
BB+ |
|
|
1,250 |
|
|
1,386,450 |
|
Kansas City IDAAllen Vlg Sch |
|
6.125% |
|
8/1/2026 |
|
NR |
|
|
1,550 |
|
|
1,599,848 |
|
Kansas City IDAAllen Vlg Sch |
|
6.25% |
|
8/1/2036 |
|
NR |
|
|
2,815 |
|
|
2,852,777 |
|
Kansas City IDADerrick Thomas Sch |
|
5.875% |
|
1/1/2037 |
|
NR |
|
|
6,570 |
|
|
5,726,215 |
|
La Vernia Hi EdAmigos/Friends Life |
|
6.25% |
|
2/15/2026 |
|
NR |
|
|
1,000 |
|
|
1,029,190 |
|
La Vernia Hi EdAmigos/Friends Life |
|
6.375% |
|
2/15/2037 |
|
NR |
|
|
1,220 |
|
|
1,235,616 |
|
La Vernia Hi EdCosmos Fndtn |
|
7.125% |
|
2/15/2038 |
|
BBB |
|
|
6,515 |
|
|
7,491,989 |
|
La Vernia Hi EdLife Schools of Dallas |
|
7.25% |
|
8/15/2031 |
|
BBB- |
|
|
4,750 |
|
|
5,586,760 |
|
Lombard PFCConf Ctr & Hotel |
|
7.125% |
|
1/1/2036 |
|
NR |
|
|
8,500 |
|
|
5,279,180 |
|
Maverick Co PFC |
|
6.25% |
|
2/1/2024 |
|
NR |
|
|
4,430 |
|
|
3,618,734 |
|
Maverick Co PFC |
|
6.375% |
|
2/1/2029 |
|
NR |
|
|
1,640 |
|
|
1,339,552 |
|
MD EDCChesapeake Bay Hyatt |
|
5.00% |
|
12/1/2031 |
|
NR |
|
|
15,200 |
|
|
10,823,920 |
|
MD EDCChesapeake Bay Hyatt |
|
5.25% |
|
12/1/2031 |
|
NR |
|
|
3,000 |
|
|
2,133,630 |
|
MI Pub EdBradford Admy |
|
6.50% |
|
9/1/2037 |
|
CCC+ |
|
|
5,000 |
|
|
3,593,750 |
|
MI Pub EdBradford Admy |
|
8.75% |
|
9/1/2039 |
|
CCC+ |
|
|
2,250 |
|
|
1,852,403 |
|
MI Pub EdCrescent Admy |
|
7.00% |
|
10/1/2036 |
|
NR |
|
|
722 |
|
|
726,409 |
|
MI Pub EdLandmark Admy |
|
6.625% |
|
6/1/2030 |
|
BBB- |
|
|
1,955 |
|
|
2,075,252 |
|
MI Pub EdOld Redford |
|
5.875% |
|
12/1/2030 |
|
BB |
|
|
3,720 |
|
|
3,732,797 |
|
MI St Strategic Fd (f) |
|
|
|
|
(g) |
NR |
|
|
5,000 |
|
|
500 |
|
Middlesex Co Impt AuthHeldrich Ctr (e) |
|
6.125% |
|
1/1/2025 |
|
NR |
|
|
2,790 |
|
|
279,000 |
|
Middlesex Co Impt AuthHeldrich Ctr (e) |
|
6.25% |
|
1/1/2037 |
|
NR |
|
|
5,755 |
|
|
575,500 |
|
Milwaukee RedevAdmy of Learning (e) |
|
5.65% |
|
8/1/2037 |
|
NR |
|
|
3,340 |
|
|
1,202,400 |
|
|
|
|
|
See Notes to Financial Statements. |
89 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Other Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mohave Co IDAMohave Prison |
|
8.00% |
|
5/1/2025 |
|
BBB+ |
|
$ |
10,250 |
|
$ |
13,084,227 |
|
North TX Edu Fin CorpUplift Education |
|
4.875% |
|
12/1/2032 |
|
BBB- |
|
|
2,085 |
|
|
2,246,900 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2023 |
|
Ba1 |
|
|
635 |
|
|
669,265 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2036 |
|
Ba1 |
|
|
2,380 |
|
|
2,436,906 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2039 |
|
Ba1 |
|
|
9,600 |
|
|
9,772,992 |
|
Ohio St Pollution Ctl Rev |
|
5.625% |
|
3/1/2015 |
|
NR |
|
|
2,965 |
|
|
297 |
|
Otero Co Jail |
|
5.75% |
|
4/1/2018 |
|
NR |
|
|
1,955 |
|
|
1,910,328 |
|
Otero Co Jail |
|
6.00% |
|
4/1/2023 |
|
NR |
|
|
1,350 |
|
|
1,250,438 |
|
Otero Co Jail |
|
6.00% |
|
4/1/2028 |
|
NR |
|
|
1,925 |
|
|
1,656,309 |
|
Overland Pk DevConv Ctr (AMBAC) |
|
5.125% |
|
1/1/2032 |
|
BB+ |
|
|
5,000 |
|
|
5,083,850 |
|
Palm Bay EdPatriot Charter Sch (e) |
|
6.75% |
|
7/1/2022 |
|
NR |
|
|
1,460 |
|
|
408,800 |
|
Palm Bay EdPatriot Charter Sch (e) |
|
7.00% |
|
7/1/2036 |
|
NR |
|
|
5,000 |
|
|
1,400,000 |
|
Palm Beach CoG Star Sch of Arts |
|
6.75% |
|
5/15/2035 |
|
BB |
|
|
2,455 |
|
|
2,468,159 |
|
Pima Co IDAAmerican Charter Sch |
|
5.50% |
|
7/1/2026 |
|
BB |
(c) |
|
5,000 |
|
|
5,113,300 |
|
Pima Co IDAAmerican Charter Sch |
|
5.625% |
|
7/1/2038 |
|
BB |
(c) |
|
12,270 |
|
|
12,325,215 |
|
Pima Co IDAHorizon Learning Ctr |
|
5.25% |
|
6/1/2035 |
|
BBB |
|
|
10,000 |
|
|
9,921,600 |
|
Plymouth Ed Ctr Charter Sch |
|
5.375% |
|
11/1/2030 |
|
BB+ |
|
|
1,475 |
|
|
1,383,240 |
|
Provo Charter SchFreedom Admy |
|
5.50% |
|
6/15/2037 |
|
NR |
|
|
3,805 |
|
|
3,724,943 |
|
San Antonio Hotel & Conv Ctr
AMT
|
|
5.00% |
|
7/15/2034 |
|
BBB |
|
|
2,575 |
|
|
2,589,703 |
|
San Antonio Hotel & Conv Ctr
AMT
|
|
5.00% |
|
7/15/2039 |
|
BBB |
|
|
7,540 |
|
|
7,592,780 |
|
TX PFACosmos Fndtn |
|
5.375% |
|
2/15/2037 |
|
BBB |
|
|
3,410 |
|
|
3,556,664 |
|
West Vy Ch SchMonticello Admy |
|
6.375% |
|
6/1/2037 |
|
NR |
|
|
4,020 |
|
|
3,873,511 |
|
Yonkers EDCCharter Sch Ed Excellence |
|
6.00% |
|
10/15/2030 |
|
BB |
|
|
1,300 |
|
|
1,371,565 |
|
Yonkers EDCCharter Sch Ed Excellence |
|
6.25% |
|
10/15/2040 |
|
BB |
|
|
750 |
|
|
789,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
262,494,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 6.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2032 |
|
Baa2 |
|
|
1,000 |
|
|
1,093,790 |
|
Allentown Neighborhood Impt |
|
5.00% |
|
5/1/2035 |
|
Baa2 |
|
|
1,200 |
|
|
1,293,396 |
|
Anne Arundel CoNatl Business Pk |
|
5.625% |
|
7/1/2025 |
|
NR |
|
|
1,000 |
|
|
1,087,410 |
|
Anne Arundel CoNatl Business Pk |
|
6.10% |
|
7/1/2040 |
|
NR |
|
|
2,250 |
|
|
2,449,755 |
|
Arborwood CDD |
|
5.10% |
|
5/1/2014 |
|
NR |
|
|
140 |
|
|
125,467 |
|
Arborwood CDD |
|
5.35% |
|
5/1/2036 |
|
NR |
|
|
6,425 |
|
|
4,990,940 |
|
Arborwood CDD (e) |
|
5.50% |
|
5/1/2036 |
|
NR |
|
|
1,235 |
|
|
271,700 |
|
Aurora TIFEast River |
|
6.50% |
|
12/30/2023 |
|
NR |
|
|
2,560 |
|
|
2,684,314 |
|
Aurora TIFEast River |
|
6.75% |
|
12/30/2027 |
|
NR |
|
|
1,490 |
|
|
1,562,563 |
|
Baltimore Spl ObligE Baltimore Resrch |
|
7.00% |
|
9/1/2038 |
|
NR |
|
|
3,500 |
|
|
3,817,695 |
|
|
|
|
90 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Special Tax (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Region CDDSt Joe Company |
|
7.00% |
|
5/1/2039 |
|
NR |
|
$ |
4,395 |
|
$ |
4,359,269 |
|
Compton Redev Agy |
|
6.00% |
|
8/1/2042 |
|
NR |
|
|
4,750 |
|
|
4,824,860 |
|
Corona Norco Sch Dist PFA |
|
5.00% |
|
9/1/2023 |
|
BBB+ |
|
|
790 |
|
|
907,497 |
|
Corona Norco Sch Dist PFA |
|
5.00% |
|
9/1/2026 |
|
BBB+ |
|
|
625 |
|
|
705,025 |
|
Corona Norco Sch Dist PFA |
|
5.00% |
|
9/1/2027 |
|
BBB+ |
|
|
1,250 |
|
|
1,398,487 |
|
Corona Norco Sch Dist PFA |
|
5.00% |
|
9/1/2032 |
|
BBB+ |
|
|
1,190 |
|
|
1,310,725 |
|
Corona Norco Sch Dist PFA |
|
5.00% |
|
9/1/2035 |
|
BBB+ |
|
|
585 |
|
|
636,474 |
|
Cypress Creek CDD |
|
5.35% |
|
5/1/2037 |
|
NR |
|
|
6,100 |
|
|
4,277,381 |
|
Durbin Crossing CDD |
|
5.50% |
|
5/1/2037 |
|
NR |
|
|
5,400 |
|
|
5,045,112 |
|
Grandview IDAGrandview Crossing (e) |
|
5.75% |
|
12/1/2028 |
|
NR |
|
|
1,000 |
|
|
260,000 |
|
Henderson Impt DistsInspirada |
|
5.25% |
|
9/1/2026 |
|
NR |
|
|
8,105 |
|
|
7,016,985 |
|
Henderson Impt DistsInspirada |
|
5.30% |
|
9/1/2035 |
|
NR |
|
|
2,485 |
|
|
1,943,021 |
|
Hesperia Pub Fin Auth (XLCA) |
|
5.00% |
|
9/1/2031 |
|
Ba1 |
|
|
6,615 |
|
|
6,575,376 |
|
Houston Co Coop DistCountry Crossing |
|
10.00% |
|
5/1/2039 |
|
NR |
|
|
11,325 |
|
|
2,705,418 |
|
Inglewood Redev Agy (AMBAC) |
|
5.00% |
|
5/1/2033 |
|
BBB+ |
|
|
12,000 |
|
|
12,122,880 |
|
Lancaster Redev Agy |
|
6.875% |
|
8/1/2034 |
|
BBB |
|
|
1,000 |
|
|
1,130,030 |
|
Lancaster Redev Agy |
|
6.875% |
|
8/1/2039 |
|
BBB |
|
|
1,000 |
|
|
1,123,590 |
|
Magnolia West CDD (e) |
|
5.35% |
|
5/1/2037 |
|
NR |
|
|
3,830 |
|
|
2,100,027 |
|
Mesquite Redev TIF |
|
7.125% |
|
6/1/2021 |
|
BBB+ |
|
|
1,000 |
|
|
1,029,630 |
|
Mesquite Redev TIF |
|
7.375% |
|
6/1/2024 |
|
BBB+ |
|
|
1,655 |
|
|
1,702,978 |
|
Millsboro Spl ObligPlantation Lakes |
|
5.45% |
|
7/1/2036 |
|
NR |
|
|
5,442 |
|
|
4,130,478 |
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2031 |
|
Ba1 |
|
|
2,865 |
|
|
2,964,559 |
|
Orange Grove CDD (e) |
|
5.30% |
|
11/1/2021 |
|
NR |
|
|
1,705 |
|
|
540,485 |
|
Plaza Met Dist #1 |
|
5.00% |
|
12/1/2022 |
|
NR |
|
|
500 |
|
|
550,240 |
|
Plaza Met Dist #1 |
|
5.00% |
|
12/1/2040 |
|
NR |
|
|
2,500 |
|
|
2,588,975 |
|
Poway USD PFA |
|
5.00% |
|
9/15/2024 |
|
BBB |
|
|
500 |
|
|
572,700 |
|
Poway USD PFA |
|
5.00% |
|
9/15/2027 |
|
BBB |
|
|
1,035 |
|
|
1,166,983 |
|
Poway USD PFA |
|
5.00% |
|
9/15/2032 |
|
BBB |
|
|
1,000 |
|
|
1,105,410 |
|
Rancho Cordova CFD |
|
5.00% |
|
9/1/2027 |
|
NR |
|
|
860 |
|
|
894,667 |
|
Rancho Cordova CFD |
|
5.00% |
|
9/1/2032 |
|
NR |
|
|
1,260 |
|
|
1,297,132 |
|
Rancho Cordova CFD |
|
5.00% |
|
9/1/2037 |
|
NR |
|
|
1,250 |
|
|
1,258,338 |
|
Rancho Cucamonga CFDEtiwanda |
|
5.375% |
|
9/1/2036 |
|
NR |
|
|
3,480 |
|
|
3,486,786 |
|
Riverside Co Redev AgyTax Alloc |
|
6.50% |
|
10/1/2040 |
|
A- |
|
|
2,000 |
|
|
2,229,200 |
|
Riverside Co Tax AllocJurupa (NPFGC) |
|
4.75% |
|
10/1/2035 |
|
BBB |
|
|
9,000 |
|
|
8,987,670 |
|
San Francisco RedevMission Bay South |
|
5.00% |
|
8/1/2029 |
|
NR |
|
|
1,300 |
|
|
1,394,029 |
|
San Francisco RedevMission Bay South |
|
5.00% |
|
8/1/2031 |
|
NR |
|
|
1,140 |
|
|
1,212,436 |
|
San Jose Redev Agy (AMBAC) |
|
4.25% |
|
8/1/2036 |
|
BBB |
|
|
2,300 |
|
|
2,060,961 |
|
|
|
|
|
See Notes to Financial Statements. |
91 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Special Tax (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
San Jose Redev Agy (AMBAC) |
|
5.00% |
|
8/1/2022 |
|
BBB |
|
$ |
565 |
|
$ |
586,538 |
|
San Jose Redev Agy (AMBAC) |
|
5.00% |
|
8/1/2023 |
|
BBB |
|
|
100 |
|
|
103,611 |
|
San Jose Redev Agy (NPFGC) |
|
4.90% |
|
8/1/2033 |
|
BBB |
|
|
655 |
|
|
655,321 |
|
San Jose Redev Agy (NPFGC)(FGIC) |
|
5.00% |
|
8/1/2024 |
|
BBB |
|
|
1,010 |
|
|
1,038,391 |
|
San Jose Redev Agy (RADIAN) |
|
4.50% |
|
8/1/2035 |
|
BBB |
|
|
1,100 |
|
|
1,060,873 |
|
San Mateo CFDBay Meadows |
|
5.00% |
|
9/1/2042 |
|
NR |
|
|
2,000 |
|
|
2,016,340 |
|
Sparks Loc Impt Dist |
|
6.75% |
|
9/1/2027 |
|
NR |
|
|
1,000 |
|
|
1,025,810 |
|
Sparks Tourism Impt Dist |
|
6.75% |
|
6/15/2028 |
|
B2 |
|
|
5,500 |
|
|
5,708,615 |
|
Stone Canyon CID (e) |
|
5.70% |
|
4/1/2022 |
|
NR |
|
|
1,485 |
|
|
772,200 |
|
Tern Bay CDD (e) |
|
5.375% |
|
5/1/2037 |
|
NR |
|
|
13,145 |
|
|
3,286,250 |
|
Village CDD #10 |
|
4.50% |
|
5/1/2023 |
|
NR |
|
|
1,575 |
|
|
1,604,358 |
|
Village CDD #10 |
|
5.00% |
|
5/1/2032 |
|
NR |
|
|
1,000 |
|
|
1,018,450 |
|
Village CDD #10 |
|
5.125% |
|
5/1/2043 |
|
NR |
|
|
1,750 |
|
|
1,778,507 |
|
Westside USDCFD |
|
5.00% |
|
9/1/2036 |
|
NR |
|
|
2,810 |
|
|
2,690,294 |
|
Whispering Springs CDD (e) |
|
5.20% |
|
10/1/2021 |
|
NR |
|
|
2,290 |
|
|
504,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
140,842,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 1.32% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Coop Dist Ft SpanishHwy 181 |
|
9.00% |
|
2/1/2029 |
|
NR |
|
|
2,900 |
|
|
3,491,078 |
|
Gtr Wenatchee Regl Events Ctr |
|
5.50% |
|
9/1/2042 |
|
NR |
|
|
3,150 |
|
|
3,322,589 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2025 |
|
AAA |
|
|
3,730 |
|
|
4,300,473 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2026 |
|
AAA |
|
|
5,420 |
|
|
6,248,945 |
|
PR Corp Sales Tax |
|
5.50% |
|
8/1/2037 |
|
A+ |
|
|
7,510 |
|
|
7,750,695 |
|
San Jose Redev Agy (NPFGC) |
|
5.00% |
|
8/1/2026 |
|
BBB |
|
|
260 |
|
|
263,208 |
|
Virgin Islands PFAGross Tax Rcpts |
|
5.00% |
|
10/1/2032 |
|
BBB+ |
|
|
4,000 |
|
|
4,430,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
29,806,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 15.33% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco |
|
5.125% |
|
6/1/2024 |
|
B- |
|
|
50,480 |
|
|
46,417,874 |
|
Buckeye Tobacco |
|
5.75% |
|
6/1/2034 |
|
B- |
|
|
19,795 |
|
|
17,682,082 |
|
Buckeye Tobacco |
|
5.875% |
|
6/1/2030 |
|
B- |
|
|
13,000 |
|
|
11,779,300 |
|
Buckeye Tobacco |
|
5.875% |
|
6/1/2047 |
|
B- |
|
|
10,195 |
|
|
9,183,248 |
|
Buckeye Tobacco |
|
6.25% |
|
6/1/2037 |
|
B- |
|
|
13,370 |
|
|
12,547,076 |
|
CA Co Tobacco SecLA Co |
|
5.45% |
|
6/1/2028 |
|
B2 |
|
|
9,830 |
|
|
9,779,081 |
|
Childrens Trust Fund Tob Settlement |
|
5.50% |
|
5/15/2039 |
|
Baa3 |
|
|
310 |
|
|
313,460 |
|
Golden St Tobacco |
|
4.50% |
|
6/1/2027 |
|
B |
|
|
18,000 |
|
|
17,359,020 |
|
Golden St Tobacco |
|
5.00% |
|
6/1/2033 |
|
B- |
|
|
31,105 |
|
|
28,758,439 |
|
Golden St Tobacco |
|
5.125% |
|
6/1/2047 |
|
B- |
|
|
12,045 |
|
|
10,646,937 |
|
|
|
|
92 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Tobacco (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden St Tobacco |
|
5.30% |
|
6/1/2037 |
|
B- |
|
$ |
7,000 |
|
$ |
6,436,920 |
|
Golden St Tobacco |
|
5.75% |
|
6/1/2047 |
|
B- |
|
|
10,445 |
|
|
10,037,332 |
|
Inland Empire Tobacco |
|
4.625% |
|
6/1/2021 |
|
B |
(c) |
|
5,235 |
|
|
5,104,439 |
|
Inland Empire Tobacco |
|
5.00% |
|
6/1/2021 |
|
B |
(c) |
|
2,575 |
|
|
2,582,493 |
|
MI Tob Settlement |
|
5.125% |
|
6/1/2022 |
|
B- |
|
|
1,230 |
|
|
1,154,060 |
|
MI Tob Settlement |
|
5.25% |
|
6/1/2022 |
|
B- |
|
|
4,925 |
|
|
4,491,846 |
|
MI Tob Settlement |
|
6.00% |
|
6/1/2034 |
|
B- |
|
|
11,000 |
|
|
10,492,680 |
|
MI Tob Settlement |
|
6.00% |
|
6/1/2048 |
|
B- |
|
|
11,600 |
|
|
10,830,804 |
|
Nthrn AK Tobacco |
|
5.00% |
|
6/1/2032 |
|
B2 |
|
|
5,000 |
|
|
4,583,850 |
|
Nthrn AK Tobacco |
|
5.00% |
|
6/1/2046 |
|
B2 |
|
|
6,485 |
|
|
5,794,023 |
|
Nthrn CA Tobacco |
|
5.50% |
|
6/1/2045 |
|
B- |
|
|
5,265 |
|
|
4,733,340 |
|
Sthrn CA Tobacco |
|
5.00% |
|
6/1/2037 |
|
BB+ |
|
|
10,120 |
|
|
9,183,799 |
|
Sthrn CA Tobacco |
|
5.125% |
|
6/1/2046 |
|
B+ |
|
|
3,795 |
|
|
3,343,774 |
|
Suffolk Tobacco Asset Sec Corp |
|
5.375% |
|
6/1/2028 |
|
BB |
(c) |
|
3,000 |
|
|
2,973,690 |
|
Tobacco Settlement Auth IA |
|
5.375% |
|
6/1/2038 |
|
B+ |
|
|
1,000 |
|
|
961,930 |
|
Tobacco Settlement Auth IA |
|
5.60% |
|
6/1/2034 |
|
B+ |
|
|
10,760 |
|
|
10,763,013 |
|
Tobacco Settlement Auth IA |
|
5.625% |
|
6/1/2046 |
|
B+ |
|
|
240 |
|
|
235,210 |
|
Tobacco Settlement Fin Corp |
|
4.50% |
|
6/1/2023 |
|
B1 |
|
|
4,910 |
|
|
4,909,754 |
|
Tobacco Settlement Fin Corp |
|
4.75% |
|
6/1/2034 |
|
B2 |
|
|
3,990 |
|
|
3,549,624 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2029 |
|
B2 |
|
|
19,590 |
|
|
18,935,302 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2041 |
|
B2 |
|
|
40,725 |
|
|
36,853,274 |
|
Tobacco Settlement Fin Corp |
|
5.00% |
|
6/1/2047 |
|
B2 |
|
|
26,050 |
|
|
22,084,148 |
|
TSASC |
|
5.00% |
|
6/1/2034 |
|
B |
|
|
600 |
|
|
544,590 |
|
TSASC |
|
5.125% |
|
6/1/2042 |
|
B- |
|
|
2,095 |
|
|
1,854,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
346,900,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 4.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington Arpt |
|
4.00% |
|
7/1/2028 |
|
Ba1 |
|
|
2,750 |
|
|
2,676,300 |
|
Dardenne Town Sq Trans Dev Dist |
|
5.00% |
|
5/1/2036 |
|
NR |
|
|
3,110 |
|
|
1,531,084 |
|
E470 Pub Hwy Auth |
|
Zero Coupon |
|
9/1/2037 |
|
Baa2 |
|
|
5,000 |
|
|
1,428,000 |
|
E470 Pub Hwy Auth (NPFGC) |
|
Zero Coupon |
|
9/1/2031 |
|
Baa2 |
|
|
25,000 |
|
|
10,420,500 |
|
E470 Pub Hwy Auth (NPFGC) |
|
Zero Coupon |
|
9/1/2034 |
|
Baa2 |
|
|
5,885 |
|
|
2,035,680 |
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2030 |
|
BBB- |
|
|
35,000 |
|
|
12,915,350 |
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2033 |
|
BBB- |
|
|
5,000 |
|
|
1,537,500 |
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2034 |
|
BBB- |
|
|
25,535 |
|
|
7,375,785 |
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2035 |
|
BBB- |
|
|
3,445 |
|
|
937,212 |
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2037 |
|
BBB- |
|
|
4,985 |
|
|
1,196,849 |
|
Foothill / Eastern Corridor Toll Rd |
|
Zero Coupon |
|
1/15/2038 |
|
BBB- |
|
|
1,000 |
|
|
226,110 |
|
|
|
|
|
See Notes to Financial Statements. |
93 |
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Houston ArptContinental |
|
|
|
|
|
|
|
|
|
|
|
|
|
Airlines AMT |
|
6.625% |
|
7/15/2038 |
|
B |
|
$ |
2,500 |
|
$ |
2,814,050 |
|
MidBay Bridge Auth |
|
7.25% |
|
10/1/2034 |
|
BBB- |
|
|
7,500 |
|
|
9,595,725 |
|
NJ Trans Trust Fund |
|
6.00% |
|
6/15/2035 |
|
A+ |
|
|
2,700 |
|
|
3,284,793 |
|
North TX Twy Auth |
|
5.00% |
|
9/1/2028 |
|
AA |
|
|
10,000 |
|
|
11,597,700 |
|
Port New Orleans AMT |
|
5.00% |
|
4/1/2030 |
|
BBB+ |
|
|
250 |
|
|
274,317 |
|
Port New Orleans AMT |
|
5.00% |
|
4/1/2031 |
|
BBB+ |
|
|
1,000 |
|
|
1,089,460 |
|
Port New Orleans AMT |
|
5.00% |
|
4/1/2033 |
|
BBB+ |
|
|
550 |
|
|
594,473 |
|
San Joaquin Hills Trsp Corridor |
|
5.00% |
|
1/1/2033 |
|
BB- |
|
|
230 |
|
|
227,705 |
|
San Joaquin Hills Trsp Corridor
|
|
Zero Coupon |
|
1/15/2022 |
|
Baa2 |
|
|
400 |
|
|
268,272 |
|
San Joaquin Hills Trsp Corridor
|
|
5.25% |
|
1/15/2030 |
|
Baa2 |
|
|
1,170 |
|
|
1,170,000 |
|
San Joaquin Hills Trsp Corridor
|
|
5.375% |
|
1/15/2029 |
|
Baa2 |
|
|
835 |
|
|
835,109 |
|
Susquehanna Area Regl Arpt AMT |
|
6.50% |
|
1/1/2038 |
|
Baa3 |
|
|
7,870 |
|
|
8,787,642 |
|
TX Tpk (AMBAC) |
|
Zero Coupon |
|
8/15/2031 |
|
A- |
|
|
24,500 |
|
|
8,317,260 |
|
VA Small Bus Fing95 Express
Lanes
|
|
5.00% |
|
7/1/2034 |
|
BBB- |
|
|
500 |
|
|
519,705 |
|
VA Small Bus Fing95 Express
Lanes
|
|
5.00% |
|
1/1/2040 |
|
BBB- |
|
|
5,910 |
|
|
6,065,374 |
|
VA Small Bus FingElizabeth River AMT |
|
5.25% |
|
1/1/2032 |
|
BBB- |
|
|
5,000 |
|
|
5,358,850 |
|
VA Small Bus FingElizabeth River AMT |
|
5.50% |
|
1/1/2042 |
|
BBB- |
|
|
2,750 |
|
|
2,960,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
106,041,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 8.88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adelanto Util Sys |
|
6.625% |
|
7/1/2031 |
|
NR |
|
|
11,000 |
|
|
12,164,680 |
|
Arborwood CDD |
|
5.50% |
|
5/1/2036 |
|
NR |
|
|
630 |
|
|
635,758 |
|
Brazos River AuthTXU AMT |
|
5.00% |
|
3/1/2041 |
|
CC |
|
|
6,000 |
|
|
381,600 |
|
Brazos River AuthTXU AMT |
|
6.30% |
|
7/1/2032 |
|
CC |
|
|
2,000 |
|
|
145,000 |
|
Central PlainsGoldman Sachs |
|
5.00% |
|
9/1/2032 |
|
A- |
|
|
14,500 |
|
|
16,156,915 |
|
Compton Water |
|
6.00% |
|
8/1/2039 |
|
NR |
|
|
3,710 |
|
|
3,785,832 |
|
Detroit Sewer |
|
5.00% |
|
7/1/2032 |
|
A+ |
|
|
2,000 |
|
|
2,161,200 |
|
Detroit Water |
|
5.00% |
|
7/1/2036 |
|
A+ |
|
|
3,000 |
|
|
3,137,910 |
|
Detroit Water |
|
5.00% |
|
7/1/2041 |
|
A+ |
|
|
6,550 |
|
|
6,814,227 |
|
Detroit Water |
|
5.25% |
|
7/1/2041 |
|
A+ |
|
|
5,000 |
|
|
5,376,750 |
|
IN Fin AuthOhio Vly Elec |
|
5.00% |
|
6/1/2032 |
|
BBB- |
|
|
2,250 |
|
|
2,426,423 |
|
IN Fin AuthOhio Vly Elec |
|
5.00% |
|
6/1/2039 |
|
BBB- |
|
|
4,575 |
|
|
4,861,441 |
|
Lathrop Fin Auth |
|
5.90% |
|
6/1/2027 |
|
NR |
|
|
4,440 |
|
|
4,474,810 |
|
|
|
|
94 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lathrop Fin Auth |
|
6.00% |
|
6/1/2035 |
|
NR |
|
$ |
5,940 |
|
$ |
5,974,987 |
|
Long Island Power Auth |
|
5.00% |
|
9/1/2026 |
|
A- |
|
|
3,500 |
|
|
4,060,805 |
|
Maricopa Co Poll CtlEl Paso Elec |
|
4.50% |
|
8/1/2042 |
|
BBB |
|
|
3,000 |
|
|
3,092,100 |
|
Maricopa Co Poll CtlEl Paso Elec |
|
7.25% |
|
2/1/2040 |
|
BBB |
|
|
3,500 |
|
|
4,127,655 |
|
Moraine Ohio Solid Waste Disp AMT |
|
6.75% |
|
7/1/2014 |
|
NR |
|
|
525 |
|
|
53 |
|
MSR Energy AuthCiti |
|
6.50% |
|
11/1/2039 |
|
A- |
|
|
5,350 |
|
|
7,287,609 |
|
NJ EDAUMM Energy AMT |
|
4.75% |
|
6/15/2032 |
|
Baa3 |
|
|
730 |
|
|
771,756 |
|
NYC Muni Water (b) |
|
5.00% |
|
6/15/2029 |
|
AA+ |
|
|
11,000 |
|
|
12,613,755 |
|
NYC Muni Water (b) |
|
5.125% |
|
6/15/2030 |
|
AA+ |
|
|
1,000 |
|
|
1,146,705 |
|
PA Econ DevPhiladelphia Biosolids |
|
6.25% |
|
1/1/2032 |
|
Baa3 |
|
|
1,500 |
|
|
1,729,260 |
|
Padre Dam Municipal Water Authority |
|
5.25% |
|
10/1/2034 |
|
AA- |
|
|
5,600 |
|
|
6,216,392 |
|
Pima Co IDAGlobal Water AMT |
|
5.60% |
|
12/1/2022 |
|
NR |
|
|
2,000 |
|
|
2,122,500 |
|
Pima Co IDAGlobal Water AMT |
|
5.75% |
|
12/1/2032 |
|
NR |
|
|
5,000 |
|
|
5,103,850 |
|
Pima Co IDATucson Elec |
|
4.00% |
|
9/1/2029 |
|
BBB- |
|
|
1,000 |
|
|
997,580 |
|
PR Aqueduct & Swr Auth |
|
5.25% |
|
7/1/2042 |
|
BB+ |
|
|
7,050 |
|
|
6,432,702 |
|
PR Aqueduct & Swr Auth |
|
5.75% |
|
7/1/2037 |
|
BB+ |
|
|
6,365 |
|
|
6,298,677 |
|
PR Aqueduct & Swr Auth |
|
6.00% |
|
7/1/2047 |
|
BB+ |
|
|
2,000 |
|
|
2,015,300 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2029 |
|
BBB+ |
|
|
1,500 |
|
|
1,444,950 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2042 |
|
BBB+ |
|
|
3,315 |
|
|
3,039,059 |
|
Sabine River AuthTXU AMT |
|
6.45% |
|
6/1/2021 |
|
CC |
|
|
2,000 |
|
|
145,000 |
|
Salt Verde Fin CorpCiti |
|
5.00% |
|
12/1/2037 |
|
A- |
|
|
6,180 |
|
|
6,924,257 |
|
San Antonio Elec & Gas (b) |
|
5.25% |
|
2/1/2029 |
|
AA |
|
|
19,375 |
|
|
22,482,581 |
|
San Antonio Elec & Gas (b) |
|
5.25% |
|
2/1/2031 |
|
AA |
|
|
6,270 |
|
|
7,275,653 |
|
TEACGoldman Sachs |
|
5.625% |
|
9/1/2026 |
|
BBB |
(c) |
|
4,781 |
|
|
5,586,598 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2028 |
|
A3 |
|
|
5,000 |
|
|
5,411,000 |
|
TX Muni Gas Acq & SupplyMacquarie |
|
5.00% |
|
12/15/2029 |
|
A3 |
|
|
5,000 |
|
|
5,361,000 |
|
TX Muni Gas Acq & SupplyML |
|
6.25% |
|
12/15/2026 |
|
A- |
|
|
7,000 |
|
|
9,062,620 |
|
Western Genr AgyWauna Cogen |
|
5.00% |
|
1/1/2021 |
|
NR |
|
|
255 |
|
|
253,526 |
|
Western Genr AgyWauna Cogen AMT |
|
5.00% |
|
1/1/2016 |
|
NR |
|
|
1,500 |
|
|
1,520,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
201,021,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Municipal Bonds (cost $2,175,518,331) |
|
|
|
|
|
|
|
|
|
|
|
2,260,376,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
SHORT-TERM INVESTMENTS 0.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Mutual Fund 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Municipal Cash Management Plus (cost $797) |
|
|
|
|
(i) |
|
797 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
95 |
|
Schedule of Investments (unaudited)(concluded) |
HIGH YIELD MUNICIPAL BOND FUND March 31, 2013 |
Open Futures Contracts at March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
|
Unrealized
|
|
|||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
521 |
|
Short |
|
$ |
(68,763,859 |
) |
|
$ |
(326,526 |
) |
|
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
219 |
|
Short |
|
|
(31,638,656 |
) |
|
|
(462,332 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||
Totals |
|
|
|
|
|
|
|
$ |
(100,402,515 |
) |
|
$ |
(788,858 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
96 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
MUNICIPAL BONDS 99.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 0.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Co Tobacco SecSonoma Co |
|
5.125% |
|
6/1/2038 |
|
B- |
|
$ |
500 |
|
$ |
435,350 |
|
CA StwdeSo CA Edison |
|
4.50% |
|
9/1/2029 |
|
A1 |
|
|
1,000 |
|
|
1,064,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
1,499,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 5.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Ed FacsClg & Univ Fin Prog |
|
5.00% |
|
2/1/2037 |
|
Ba1 |
|
|
1,000 |
|
|
933,970 |
|
CA Fin AuthBiola Univ |
|
5.80% |
|
10/1/2028 |
|
Baa1 |
|
|
1,085 |
|
|
1,196,354 |
|
CA Fin AuthEmerson Clg |
|
5.75% |
|
1/1/2033 |
|
BBB+ |
|
|
1,250 |
|
|
1,492,437 |
|
CA Fin AuthUniv of San Diego |
|
5.00% |
|
10/1/2029 |
|
A2 |
|
|
2,225 |
|
|
2,538,947 |
|
CA Infra & Econ DevPepperdine Univ |
|
5.00% |
|
11/1/2028 |
|
Aa3 |
|
|
1,000 |
|
|
1,124,910 |
|
CA Pub WksUC Irvine Campus |
|
5.00% |
|
6/1/2027 |
|
Aa2 |
|
|
1,250 |
|
|
1,470,812 |
|
CA State Univ Sys |
|
5.00% |
|
11/1/2037 |
|
Aa2 |
|
|
1,250 |
|
|
1,401,638 |
|
CA StwdeWindrush Sch (e) |
|
5.50% |
|
7/1/2037 |
|
NR |
|
|
1,250 |
|
|
13 |
|
Tustin Unified School District |
|
6.00% |
|
8/1/2036 |
|
AA |
|
|
1,500 |
|
|
1,831,830 |
|
Univ of California (b) |
|
5.75% |
|
5/15/2031 |
|
AA |
|
|
3,000 |
|
|
3,605,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
15,596,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 22.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA State GO |
|
5.00% |
|
9/1/2021 |
|
A1 |
|
|
3,000 |
|
|
3,672,720 |
|
CA State GO |
|
5.00% |
|
2/1/2022 |
|
A1 |
|
|
3,000 |
|
|
3,659,790 |
|
CA State GO |
|
5.00% |
|
9/1/2029 |
|
A1 |
|
|
485 |
|
|
554,297 |
|
CA State GO |
|
5.00% |
|
2/1/2032 |
|
A1 |
|
|
2,000 |
|
|
2,240,560 |
|
CA State GO |
|
5.00% |
|
2/1/2033 |
|
A1 |
|
|
3,000 |
|
|
3,368,130 |
|
CA State GO |
|
5.25% |
|
9/1/2024 |
|
A1 |
|
|
5,000 |
|
|
6,024,450 |
|
CA State GO |
|
5.25% |
|
10/1/2029 |
|
A1 |
|
|
1,500 |
|
|
1,751,730 |
|
CA State GO |
|
5.25% |
|
10/1/2032 |
|
A1 |
|
|
4,000 |
|
|
4,599,280 |
|
CA State GO |
|
5.25% |
|
4/1/2035 |
|
A1 |
|
|
3,000 |
|
|
3,421,980 |
|
CA State GO |
|
5.50% |
|
11/1/2034 |
|
A1 |
|
|
275 |
|
|
324,382 |
|
CA State GO |
|
5.50% |
|
3/1/2040 |
|
A1 |
|
|
2,000 |
|
|
2,341,240 |
|
CA State GO |
|
6.50% |
|
4/1/2033 |
|
A1 |
|
|
3,500 |
|
|
4,309,935 |
|
CA State GO (CIFG) |
|
4.50% |
|
8/1/2028 |
|
A1 |
|
|
1,515 |
|
|
1,619,762 |
|
Chabot/Las Positas CCD |
|
5.00% |
|
8/1/2022 |
|
Aa3 |
|
|
1,000 |
|
|
1,217,970 |
|
Guam GO |
|
7.00% |
|
11/15/2039 |
|
B+ |
|
|
390 |
|
|
435,080 |
|
Kern HSD |
|
5.00% |
|
8/1/2021 |
|
Aa2 |
|
|
1,000 |
|
|
1,233,370 |
|
Los Angeles USD |
|
5.00% |
|
7/1/2029 |
|
Aa2 |
|
|
2,225 |
|
|
2,565,514 |
|
Los Angeles USD (FGIC) |
|
5.00% |
|
7/1/2030 |
|
Aa2 |
|
|
2,000 |
|
|
2,210,100 |
|
|
|
|
|
See Notes to Financial Statements. |
97 |
|
Schedule of Investments (unaudited)(continued) |
CALIFORNIA TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Montebello USD (AGM) |
|
5.00% |
|
8/1/2028 |
|
AA- |
|
$ |
1,335 |
|
$ |
1,484,266 |
|
Mount Diablo USD |
|
5.00% |
|
8/1/2025 |
|
Aa3 |
|
|
2,000 |
|
|
2,373,380 |
|
Oakland USD |
|
6.125% |
|
8/1/2029 |
|
NR |
|
|
1,000 |
|
|
1,108,270 |
|
Piedmont USD |
|
5.00% |
|
8/1/2032 |
|
AA |
|
|
955 |
|
|
1,061,387 |
|
Piedmont USD |
|
5.00% |
|
8/1/2033 |
|
AA |
|
|
1,070 |
|
|
1,185,956 |
|
Piedmont USD |
|
5.00% |
|
8/1/2034 |
|
AA |
|
|
1,200 |
|
|
1,324,968 |
|
PR Comwlth GO |
|
5.50% |
|
7/1/2031 |
|
BBB- |
|
|
3,000 |
|
|
2,999,730 |
|
San Bernardino CCD |
|
5.75% |
|
8/1/2020 |
|
Aa2 |
|
|
750 |
|
|
914,332 |
|
San Bernardino CCD |
|
6.25% |
|
8/1/2033 |
|
Aa2 |
|
|
1,500 |
|
|
1,797,945 |
|
Stockton USD (AGM) |
|
5.00% |
|
7/1/2025 |
|
AA- |
|
|
1,060 |
|
|
1,193,518 |
|
West Contra Costa USD |
|
6.00% |
|
8/1/2027 |
|
Aa3 |
|
|
1,000 |
|
|
1,340,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
62,334,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 13.34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Abag Fin AuthEpiscopal Senior |
|
5.00% |
|
7/1/2032 |
|
BBB |
|
|
1,060 |
|
|
1,159,184 |
|
Abag Fin AuthSharp Hlthcare |
|
5.00% |
|
8/1/2022 |
|
A+ |
|
|
100 |
|
|
119,866 |
|
CA HlthCatholic Hlthcare W |
|
5.50% |
|
7/1/2025 |
|
A |
|
|
2,500 |
|
|
2,821,800 |
|
CA HlthChildrens Hsp Los Angeles |
|
5.00% |
|
11/15/2029 |
|
BBB+ |
|
|
1,000 |
|
|
1,107,770 |
|
CA HlthChildrens Hsp Orange Co |
|
5.25% |
|
11/1/2035 |
|
A- |
|
|
2,000 |
|
|
2,227,560 |
|
CA HlthChinese Hsp Assn |
|
5.00% |
|
6/1/2021 |
|
A |
|
|
875 |
|
|
1,040,533 |
|
CA HlthChinese Hsp Assn |
|
5.00% |
|
6/1/2025 |
|
A |
|
|
750 |
|
|
860,925 |
|
CA HlthCity of Hope |
|
5.00% |
|
11/15/2025 |
|
A+ |
|
|
1,000 |
|
|
1,189,900 |
|
CA HlthMemorial Hlth |
|
5.00% |
|
10/1/2024 |
|
AA- |
|
|
2,110 |
|
|
2,498,536 |
|
CA HlthProvidence Hlth |
|
6.25% |
|
10/1/2024 |
|
AA |
|
|
1,025 |
|
|
1,237,554 |
|
CA HlthRady Childrens Hsp |
|
5.50% |
|
8/15/2033 |
|
A2 |
|
|
2,000 |
|
|
2,252,320 |
|
CA HlthSutter Hlth |
|
5.50% |
|
8/15/2026 |
|
AA- |
|
|
2,000 |
|
|
2,385,020 |
|
CA StwdeEpiscopal Cmntys |
|
5.00% |
|
5/15/2020 |
|
A- |
(c) |
|
605 |
|
|
696,645 |
|
CA StwdeEpiscopal Cmntys |
|
5.00% |
|
5/15/2021 |
|
A- |
(c) |
|
505 |
|
|
582,376 |
|
CA StwdeEpiscopal Cmntys |
|
5.00% |
|
5/15/2024 |
|
A- |
(c) |
|
300 |
|
|
339,861 |
|
CA StwdeSo Cal Presbyterian |
|
7.00% |
|
11/15/2029 |
|
BBB- |
|
|
1,000 |
|
|
1,176,650 |
|
CA StwdeTerraces San Joaquin |
|
6.00% |
|
10/1/2042 |
|
NR |
|
|
500 |
|
|
540,175 |
|
Kaweah Delta Hlth Care Dist |
|
5.00% |
|
6/1/2021 |
|
A3 |
|
|
2,000 |
|
|
2,336,440 |
|
Newport BeachHoag Mem Hsp |
|
5.875% |
|
12/1/2030 |
|
AA |
|
|
500 |
|
|
592,555 |
|
Palomar Hlth Care Dist COP |
|
5.50% |
|
11/1/2019 |
|
Baa3 |
|
|
520 |
|
|
590,751 |
|
PR Indl TouristHsp Auxilio Mutuo |
|
6.00% |
|
7/1/2033 |
|
A- |
|
|
2,000 |
|
|
2,206,020 |
|
San BuenaventuraCmnty Mem Hlth |
|
8.00% |
|
12/1/2031 |
|
BB |
|
|
2,000 |
|
|
2,567,040 |
|
Turlock HlthEmanuel Med Ctr COP |
|
5.50% |
|
10/15/2037 |
|
BBB- |
|
|
2,000 |
|
|
2,155,880 |
|
Upland COPSan Antonio Cmnty Hsp |
|
6.00% |
|
1/1/2026 |
|
A |
|
|
2,000 |
|
|
2,360,280 |
|
|
|
|
98 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
CALIFORNIA TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Whittier Hlth FacPresbyterian
|
|
5.75% |
|
6/1/2029 |
|
A+ |
|
$ |
1,000 |
|
$ |
1,170,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
36,216,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing 0.99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA StwdeCHF-Irvine LLC |
|
5.00% |
|
5/15/2038 |
|
Baa2 |
|
|
1,000 |
|
|
1,030,460 |
|
CA StwdeCHF-Irvine LLC |
|
5.125% |
|
5/15/2031 |
|
Baa2 |
|
|
1,500 |
|
|
1,656,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
2,686,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 9.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Pub WksDept Forestry & Fire |
|
5.00% |
|
11/1/2024 |
|
A2 |
|
|
1,550 |
|
|
1,745,192 |
|
CA Pub WksJudicial Council |
|
5.00% |
|
12/1/2028 |
|
A2 |
|
|
1,000 |
|
|
1,114,360 |
|
CA Pub WksState Prisons |
|
5.75% |
|
10/1/2031 |
|
A2 |
|
|
2,000 |
|
|
2,376,700 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
11/1/2021 |
|
A2 |
|
|
500 |
|
|
605,840 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2026 |
|
A2 |
|
|
3,000 |
|
|
3,394,110 |
|
CA Pub WksVarious Cap Proj |
|
5.00% |
|
4/1/2037 |
|
A2 |
|
|
2,000 |
|
|
2,167,120 |
|
CA Pub WksVarious Cap Proj |
|
5.375% |
|
11/1/2022 |
|
A2 |
|
|
1,000 |
|
|
1,202,250 |
|
CA Pub WksVarious Cap Proj |
|
6.375% |
|
11/1/2034 |
|
A2 |
|
|
2,000 |
|
|
2,467,340 |
|
Long Beach Bd Fin Auth |
|
5.00% |
|
8/1/2023 |
|
A+ |
|
|
1,000 |
|
|
1,180,360 |
|
Los Angeles Co Pub Wks |
|
5.00% |
|
8/1/2021 |
|
AA- |
|
|
750 |
|
|
909,615 |
|
PR Pub Bldg Auth GTD |
|
6.50% |
|
7/1/2030 |
|
BBB- |
|
|
1,000 |
|
|
1,060,260 |
|
Sacramento City Fing Auth (AMBAC) |
|
5.25% |
|
12/1/2023 |
|
A |
|
|
1,500 |
|
|
1,755,135 |
|
San Diego PFAMaster Lease |
|
5.25% |
|
9/1/2035 |
|
A+ |
|
|
1,220 |
|
|
1,346,538 |
|
San Mateo Jt Pwrs Fin Auth |
|
5.25% |
|
7/15/2026 |
|
AA+ |
|
|
3,000 |
|
|
3,429,180 |
|
Santa Ana USD COP (AGM) |
|
Zero Coupon |
|
4/1/2019 |
|
AA- |
|
|
2,295 |
|
|
1,923,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
26,677,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 3.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Fin AuthAmern Heritage Fndtn |
|
5.25% |
|
6/1/2036 |
|
BB- |
|
|
1,000 |
|
|
882,820 |
|
CA Fin AuthHigh Tech |
|
6.00% |
|
7/1/2028 |
|
BB |
(c) |
|
850 |
|
|
868,275 |
|
CA Fin AuthOCEAA |
|
6.75% |
|
10/1/2028 |
|
NR |
|
|
1,445 |
|
|
1,451,546 |
|
CA Infra & Econ DevGladstone Inst |
|
5.25% |
|
10/1/2034 |
|
A- |
|
|
2,000 |
|
|
2,195,160 |
|
CA StwdeHuntington Pk |
|
5.15% |
|
7/1/2030 |
|
NR |
|
|
500 |
|
|
474,750 |
|
CA StwdeHuntington Pk |
|
5.25% |
|
7/1/2042 |
|
NR |
|
|
1,225 |
|
|
1,130,540 |
|
Guam Privilege Tax |
|
5.25% |
|
1/1/2036 |
|
A |
|
|
1,500 |
|
|
1,673,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
8,676,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
99 |
|
Schedule of Investments (unaudited)(continued) |
CALIFORNIA TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Special Tax 7.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corona Norco Sch Dist PFA |
|
5.00% |
|
9/1/2021 |
|
BBB+ |
|
$ |
350 |
|
$ |
402,248 |
|
Dana Point CFD |
|
5.625% |
|
9/1/2033 |
|
NR |
|
|
535 |
|
|
548,755 |
|
Dana Point CFD |
|
5.625% |
|
9/1/2037 |
|
NR |
|
|
915 |
|
|
938,717 |
|
Imperial Beach Redev Agy |
|
5.00% |
|
6/1/2030 |
|
A |
|
|
2,000 |
|
|
2,071,660 |
|
Inglewood Redev Agy (AMBAC) |
|
5.00% |
|
5/1/2033 |
|
BBB+ |
|
|
1,535 |
|
|
1,550,718 |
|
Irvine Pub Facs & Infra Auth |
|
4.50% |
|
9/2/2025 |
|
BBB+ |
|
|
650 |
|
|
671,288 |
|
Lancaster Redev Agy |
|
6.875% |
|
8/1/2034 |
|
BBB |
|
|
1,000 |
|
|
1,130,030 |
|
Norco Redev AgyProj #1 |
|
6.00% |
|
3/1/2036 |
|
A |
|
|
1,120 |
|
|
1,265,006 |
|
Poway USD PFA |
|
5.00% |
|
9/15/2024 |
|
BBB |
|
|
280 |
|
|
320,712 |
|
Riverside Co Redev AgyTax Alloc |
|
6.00% |
|
10/1/2037 |
|
BBB |
|
|
2,000 |
|
|
2,052,100 |
|
San Diego Redev AgyNo Pk Redev |
|
7.00% |
|
11/1/2039 |
|
A- |
|
|
1,000 |
|
|
1,182,110 |
|
San Francisco RedevMission Bay North |
|
6.75% |
|
8/1/2033 |
|
A- |
|
|
500 |
|
|
610,010 |
|
San Francisco RedevMission Bay North |
|
6.75% |
|
8/1/2041 |
|
A- |
|
|
1,000 |
|
|
1,207,840 |
|
San Francisco RedevMission Bay South |
|
6.625% |
|
8/1/2039 |
|
BBB |
|
|
1,500 |
|
|
1,727,145 |
|
San Mateo CFDBay Meadows |
|
5.00% |
|
9/1/2032 |
|
NR |
|
|
600 |
|
|
613,536 |
|
Santa Cruz Redev AgyLive Oak |
|
6.625% |
|
9/1/2029 |
|
A |
|
|
500 |
|
|
585,570 |
|
Santa Cruz Redev AgyLive Oak |
|
7.00% |
|
9/1/2036 |
|
A |
|
|
500 |
|
|
593,070 |
|
Union City Redev AgyTax Alloc |
|
6.875% |
|
12/1/2033 |
|
A |
|
|
1,500 |
|
|
1,877,895 |
|
Westside USDCFD |
|
5.00% |
|
9/1/2036 |
|
NR |
|
|
985 |
|
|
943,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
20,291,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 3.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contra Costa TrspSales Tax |
|
0.506% |
# |
3/1/2034 |
|
AA+ |
|
|
1,000 |
|
|
1,003,850 |
|
Guam Ltd ObligSection 30 Landfill |
|
5.75% |
|
12/1/2034 |
|
BBB+ |
|
|
1,030 |
|
|
1,138,233 |
|
Sacramento Trsp Dist |
|
5.00% |
|
3/1/2020 |
|
A2 |
|
|
500 |
|
|
588,245 |
|
Sacramento Trsp Dist |
|
5.00% |
|
3/1/2023 |
|
A2 |
|
|
500 |
|
|
570,990 |
|
Sacramento Trsp Dist |
|
5.00% |
|
3/1/2024 |
|
A2 |
|
|
500 |
|
|
568,130 |
|
San Diego Co Regl Trsp Commn |
|
5.00% |
|
4/1/2025 |
|
AAA |
|
|
1,895 |
|
|
2,310,308 |
|
San Joaquin Co Trsp Auth |
|
5.75% |
|
3/1/2028 |
|
AA |
|
|
450 |
|
|
545,382 |
|
San Jose Spl TaxConv Ctr |
|
6.125% |
|
5/1/2031 |
|
A2 |
|
|
1,000 |
|
|
1,194,940 |
|
Sonoma Marin Area Rail Rmkt |
|
5.00% |
|
3/1/2029 |
|
AA |
|
|
1,500 |
|
|
1,729,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
9,649,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 7.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Co Tobacco SecLA Co |
|
5.45% |
|
6/1/2028 |
|
B2 |
|
|
1,000 |
|
|
994,820 |
|
Golden St Tobacco |
|
4.50% |
|
6/1/2027 |
|
B |
|
|
1,000 |
|
|
964,390 |
|
Golden St Tobacco |
|
5.00% |
|
6/1/2033 |
|
B- |
|
|
1,070 |
|
|
989,279 |
|
Golden St Tobacco |
|
5.00% |
|
6/1/2045 |
|
A2 |
|
|
3,000 |
|
|
3,130,290 |
|
Golden St Tobacco |
|
5.125% |
|
6/1/2047 |
|
B- |
|
|
3,020 |
|
|
2,669,469 |
|
|
|
|
100 |
See Notes to Financial Statements. |
|
|
Schedule of Investments (unaudited)(continued) |
CALIFORNIA TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Tobacco (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden St Tobacco |
|
5.75% |
|
6/1/2047 |
|
B- |
|
$ |
1,610 |
|
$ |
1,547,162 |
|
Golden St Tobacco (AMBAC) |
|
5.00% |
|
6/1/2029 |
|
A2 |
|
|
350 |
|
|
352,278 |
|
Golden St Tobacco (FGIC) |
|
5.00% |
|
6/1/2035 |
|
A2 |
|
|
4,555 |
|
|
4,780,199 |
|
Inland Empire Tobacco |
|
4.625% |
|
6/1/2021 |
|
B |
(c) |
|
855 |
|
|
833,676 |
|
Inland Empire Tobacco |
|
5.00% |
|
6/1/2021 |
|
B |
(c) |
|
945 |
|
|
947,750 |
|
Sthrn CA Tobacco |
|
5.00% |
|
6/1/2037 |
|
BB+ |
|
|
2,175 |
|
|
1,973,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
19,183,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 8.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alameda Corridor Trsp Auth |
|
5.00% |
|
10/1/2021 |
|
A- |
|
|
800 |
|
|
968,552 |
|
Bay Area Toll Auth |
|
0.82% |
# |
4/1/2047 |
|
AA |
|
|
1,000 |
|
|
1,001,140 |
|
Bay Area Toll Auth |
|
5.00% |
|
10/1/2033 |
|
A+ |
|
|
2,905 |
|
|
3,269,519 |
|
Foothill / Eastern Corridor Toll Rd |
|
5.80% |
|
1/15/2020 |
|
BBB- |
|
|
2,000 |
|
|
2,062,940 |
|
Los Angeles Dept ArptsLAX |
|
5.00% |
|
5/15/2035 |
|
AA |
|
|
5,000 |
|
|
5,615,950 |
|
Los Angeles Dept ArptsLAX AMT |
|
5.00% |
|
5/15/2021 |
|
AA |
|
|
1,325 |
|
|
1,597,182 |
|
Port Oakland AMT |
|
5.00% |
|
5/1/2021 |
|
A+ |
|
|
1,000 |
|
|
1,186,640 |
|
Port Oakland AMT |
|
5.125% |
|
5/1/2031 |
|
A+ |
|
|
1,250 |
|
|
1,370,613 |
|
San Diego Co Regl Arpt Auth AMT |
|
5.00% |
|
7/1/2022 |
|
A+ |
|
|
1,705 |
|
|
2,051,695 |
|
San Francisco Arpt |
|
4.00% |
|
5/1/2023 |
|
A+ |
|
|
1,010 |
|
|
1,151,935 |
|
San Francisco Arpt AMT |
|
5.00% |
|
5/1/2027 |
|
A+ |
|
|
1,430 |
|
|
1,607,577 |
|
San Jose Arpt AMT |
|
6.25% |
|
3/1/2034 |
|
A2 |
|
|
1,500 |
|
|
1,762,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
23,646,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 15.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adelanto Util Sys |
|
6.625% |
|
7/1/2031 |
|
NR |
|
|
1,000 |
|
|
1,105,880 |
|
Burbank Water & Pwr Elec |
|
5.00% |
|
6/1/2023 |
|
AA- |
|
|
2,000 |
|
|
2,324,480 |
|
CA Dept Wtr Res WtrCentral Valley |
|
5.00% |
|
12/1/2026 |
|
AAA |
|
|
2,000 |
|
|
2,343,100 |
|
Chino Basin Desalter Auth (AG) |
|
5.00% |
|
6/1/2027 |
|
AA- |
|
|
2,000 |
|
|
2,279,080 |
|
Chula Vista IDRSan Diego G & E Rmkt |
|
5.875% |
|
1/1/2034 |
|
Aa3 |
|
|
1,000 |
|
|
1,195,990 |
|
Dublin San Ramon Svcs Dist Wtr |
|
5.25% |
|
8/1/2029 |
|
AA- |
|
|
1,250 |
|
|
1,480,288 |
|
El Dorado Irrigation Dist (AGM) |
|
5.00% |
|
3/1/2025 |
|
AA- |
|
|
750 |
|
|
867,780 |
|
Guam Pwr Auth |
|
5.00% |
|
10/1/2034 |
|
BBB |
|
|
675 |
|
|
728,440 |
|
Lathrop Fin Auth |
|
6.00% |
|
6/1/2035 |
|
NR |
|
|
2,075 |
|
|
2,087,222 |
|
Long Beach Nat GasML |
|
1.624% |
# |
11/15/2026 |
|
A- |
|
|
1,000 |
|
|
886,110 |
|
Long Beach Nat GasML |
|
5.25% |
|
11/15/2020 |
|
A- |
|
|
1,505 |
|
|
1,748,449 |
|
Los Angeles DEWAPPwr Sys |
|
5.00% |
|
7/1/2026 |
|
AA- |
|
|
2,000 |
|
|
2,384,860 |
|
Modesto Irrigation Dist |
|
5.00% |
|
7/1/2021 |
|
A+ |
|
|
750 |
|
|
914,475 |
|
MSR Energy AuthCiti |
|
7.00% |
|
11/1/2034 |
|
A- |
|
|
1,000 |
|
|
1,400,070 |
|
Northern CA PwrGeothermal #3 |
|
5.50% |
|
7/1/2022 |
|
A1 |
|
|
1,985 |
|
|
2,298,630 |
|
|
|
|
|
See Notes to Financial Statements. |
101 |
|
Schedule of Investments (unaudited)(concluded) |
CALIFORNIA TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern CA PwrHydroelec #1 (AG) |
|
5.00% |
|
7/1/2024 |
|
AA- |
|
$ |
1,770 |
|
$ |
2,050,279 |
|
||
Northern CA PwrMorgan Stanley |
|
0.926% |
# |
7/1/2027 |
|
A- |
|
|
1,000 |
|
|
856,730 |
|
||
PR Aqueduct & Swr Auth |
|
|
|
5.75% |
|
7/1/2037 |
|
BB+ |
|
|
2,100 |
|
|
2,078,118 |
|
PR Elec Pwr Auth |
|
|
|
5.00% |
|
7/1/2029 |
|
BBB+ |
|
|
750 |
|
|
722,475 |
|
Riverside Elec (AGM) |
|
|
|
5.00% |
|
10/1/2027 |
|
AA- |
|
|
1,000 |
|
|
1,118,340 |
|
Rowland Water Dist COP |
|
|
|
6.50% |
|
12/1/2035 |
|
AA- |
|
|
1,500 |
|
|
1,764,570 |
|
Sacramento Co Santn Dist (FGIC) |
|
5.25% |
|
12/1/2023 |
|
AA |
|
|
1,500 |
|
|
1,887,105 |
|
||
Santa Maria Wtr & Wastewtr |
|
|
|
5.00% |
|
2/1/2027 |
|
A |
|
|
2,000 |
|
|
2,232,480 |
|
Santa Rosa Wastewtr |
|
|
|
5.00% |
|
9/1/2025 |
|
Aa3 |
|
|
2,025 |
|
|
2,420,887 |
|
Southern CA Pub Pwr AuthNat Gas |
|
5.00% |
|
11/1/2033 |
|
Baa1 |
|
|
2,000 |
|
|
2,278,620 |
|
||
Southern CA Pub Pwr AuthSo Transmn |
|
5.00% |
|
7/1/2020 |
|
AA- |
|
|
1,000 |
|
|
1,193,750 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
42,648,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Municipal Bonds (cost $245,651,407) |
|
|
|
|
|
|
|
|
|
|
|
269,105,290 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
SHORT-TERM INVESTMENTS 0.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Mutual Fund 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Dreyfus General CA Municipal (cost $26) |
|
|
|
|
|
|
|
|
|
(i) |
|
26 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
Interest
|
|
Final
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Variable Rate Demand Notes 0.19% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CA Infra & Econ DevLA
|
|
0.10% |
|
4/1/2013 |
|
9/1/2037 |
|
Aa1 |
|
$ |
500 |
|
|
500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Short-Term Investments 0.19 % (cost $500,026) |
|
|
|
|
|
|
|
500,026 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Total Investments in Securities 99.28 % (cost $246,151,433) |
|
|
|
|
|
|
|
269,605,316 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Cash and Other Assets in Excess of Liabilities (h) 0.72% |
|
|
|
|
|
|
|
1,961,791 |
|
||||||
|
|
|
|
|
|
|
|
||||||||
Net Assets 100.00% |
|
|
|
|
|
|
$ |
271,567,107 |
|
||||||
|
|
|
|
|
|
|
|
Open Futures Contracts at March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
|
Unrealized
|
|
|||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
52 |
|
Short |
|
$ |
(6,863,188 |
) |
|
$ |
(32,590 |
) |
|
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
53 |
|
Short |
|
|
(7,656,844 |
) |
|
|
|
(111,889 |
) |
|
|
|
|
|
|
|
|
|
|||||||
Totals |
|
|
|
|
|
|
|
$ |
(14,520,032 |
) |
|
$ |
(144,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
102 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)
N
EW JERSEY TAX FREE FUND
March
31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
MUNICIPAL BONDS 98.38% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 3.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bayonne RedevRoyal Caribbean AMT |
|
5.375% |
|
11/1/2035 |
|
BB |
|
$ |
1,305 |
|
$ |
1,312,738 |
|
NJ EDAContinental Airlines AMT |
|
5.25% |
|
9/15/2029 |
|
B |
|
|
2,000 |
|
|
2,065,680 |
|
NJ EDAContinental Airlines AMT |
|
5.50% |
|
4/1/2028 |
|
B |
|
|
320 |
|
|
320,717 |
|
NJ EDAGlimcher Pptys AMT |
|
6.00% |
|
11/1/2028 |
|
NR |
|
|
1,085 |
|
|
1,085,011 |
|
PR Ports AuthAmerican Airlines AMT (e) |
|
6.25% |
|
6/1/2026 |
|
NR |
|
|
1,000 |
|
|
1,096,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
5,880,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 10.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ Ed FacsClg of NJ (AGM) |
|
5.00% |
|
7/1/2028 |
|
AA- |
|
|
1,000 |
|
|
1,116,390 |
|
NJ Ed FacsKean Univ |
|
5.25% |
|
9/1/2029 |
|
A2 |
|
|
1,750 |
|
|
2,001,073 |
|
NJ Ed FacsMontclair State Univ |
|
5.00% |
|
7/1/2029 |
|
A1 |
|
|
1,000 |
|
|
1,114,320 |
|
NJ Ed FacsRamapo Clg |
|
4.00% |
|
7/1/2024 |
|
A |
|
|
1,035 |
|
|
1,122,333 |
|
NJ Ed FacsRider Univ |
|
5.00% |
|
7/1/2032 |
|
BBB+ |
|
|
500 |
|
|
551,775 |
|
NJ Ed FacsRider Univ |
|
5.00% |
|
7/1/2037 |
|
BBB+ |
|
|
500 |
|
|
537,700 |
|
NJ Ed FacsRowan Univ |
|
5.00% |
|
7/1/2022 |
|
A+ |
|
|
425 |
|
|
495,435 |
|
NJ Ed FacsRowan Univ (AG) |
|
5.00% |
|
7/1/2027 |
|
AA- |
|
|
1,000 |
|
|
1,119,000 |
|
NJ Ed FacsSeton Hall Univ |
|
6.00% |
|
7/1/2028 |
|
A |
|
|
2,450 |
|
|
2,839,869 |
|
NJ Ed FacsUniv Med & Dent |
|
7.50% |
|
12/1/2032 |
|
Baa1 |
|
|
1,000 |
|
|
1,243,720 |
|
NJ Higher Ed Assistance Auth AMT |
|
4.125% |
|
12/1/2024 |
|
AA |
|
|
1,250 |
|
|
1,308,300 |
|
NJ Inst of Tech |
|
5.00% |
|
7/1/2032 |
|
A+ |
|
|
500 |
|
|
578,005 |
|
Rutgers State Univ |
|
5.00% |
|
5/1/2031 |
|
AA |
|
|
1,500 |
|
|
1,713,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
15,741,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 10.56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic City Brd Ed (AGM) |
|
5.00% |
|
4/1/2022 |
|
AA- |
|
|
1,150 |
|
|
1,322,097 |
|
Atlantic City GO (AGM) |
|
4.00% |
|
11/1/2023 |
|
AA- |
|
|
1,000 |
|
|
1,081,830 |
|
Cherry Hill Twp GO |
|
4.50% |
|
8/15/2023 |
|
Aa2 |
|
|
750 |
|
|
902,167 |
|
Guam GO |
|
7.00% |
|
11/15/2039 |
|
B+ |
|
|
140 |
|
|
156,183 |
|
Hudson Co ImptLease Revenue GTD |
|
5.00% |
|
4/1/2023 |
|
Aa3 |
|
|
545 |
|
|
644,506 |
|
Hudson Co Impt AuthSolid Waste GTD |
|
5.75% |
|
1/1/2035 |
|
Aa3 |
|
|
1,840 |
|
|
2,133,388 |
|
Irvington Twp GO |
|
5.00% |
|
1/1/2021 |
|
A1 |
|
|
1,410 |
|
|
1,605,313 |
|
Monroe Twp Brd Ed |
|
5.00% |
|
8/1/2025 |
|
AA- |
|
|
840 |
|
|
1,016,837 |
|
New Brunswick GO |
|
5.00% |
|
10/1/2023 |
|
AA- |
|
|
1,000 |
|
|
1,177,370 |
|
NJ State GO |
|
5.00% |
|
8/15/2020 |
|
AA- |
|
|
1,000 |
|
|
1,232,240 |
|
Northern Mariana Islands Comwlth |
|
5.00% |
|
10/1/2033 |
|
NR |
|
|
1,000 |
|
|
794,130 |
|
Paterson GO (AGM) |
|
5.00% |
|
6/15/2020 |
|
A1 |
|
|
900 |
|
|
1,005,426 |
|
|
|
|
|
See Notes to Financial Statements. |
103 |
Schedule of Investments
(unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
General Obligation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PR Comwlth GO |
|
5.375% |
|
7/1/2030 |
|
BBB- |
|
$ |
1,000 |
|
$ |
997,130 |
|
Rahway GO (AGM) |
|
4.125% |
|
12/15/2026 |
|
A1 |
|
|
5 |
|
|
5,253 |
|
Union Co Util AuthCovanta GTD AMT |
|
4.75% |
|
12/1/2031 |
|
AA+ |
|
|
1,000 |
|
|
1,057,550 |
|
Woodbridge Twp Sewer Utility |
|
4.00% |
|
7/1/2024 |
|
AA- |
|
|
1,020 |
|
|
1,117,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
16,248,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 14.17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington CoEvergreens |
|
5.625% |
|
1/1/2038 |
|
NR |
|
|
1,000 |
|
|
1,031,980 |
|
NJ EDALutheran Social Ministries |
|
5.00% |
|
6/1/2015 |
|
BBB- |
(c) |
|
385 |
|
|
402,545 |
|
NJ EDASeabrook Vlg |
|
5.25% |
|
11/15/2036 |
|
NR |
|
|
1,000 |
|
|
1,028,080 |
|
NJ EDASeashore Gardens |
|
5.375% |
|
11/1/2036 |
|
NR |
|
|
1,000 |
|
|
963,100 |
|
NJ HlthAHS Hsp Corp |
|
5.00% |
|
7/1/2027 |
|
A1 |
|
|
2,000 |
|
|
2,128,680 |
|
NJ HlthAHS Hsp Corp |
|
6.00% |
|
7/1/2037 |
|
A1 |
|
|
650 |
|
|
789,867 |
|
NJ HlthBarnabas Hlth |
|
5.00% |
|
7/1/2023 |
|
BBB+ |
|
|
1,605 |
|
|
1,887,913 |
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2032 |
|
BBB+ |
|
|
925 |
|
|
1,047,664 |
|
NJ HlthBarnabas Hlth |
|
5.625% |
|
7/1/2037 |
|
BBB+ |
|
|
875 |
|
|
984,428 |
|
NJ HlthCatholic Hlth E |
|
4.75% |
|
11/15/2029 |
|
A |
|
|
625 |
|
|
665,625 |
|
NJ HlthChilton Mem Hsp |
|
5.75% |
|
7/1/2039 |
|
BBB+ |
|
|
2,000 |
|
|
2,231,320 |
|
NJ HlthKennedy Hlth Sys |
|
5.00% |
|
7/1/2037 |
|
A3 |
|
|
500 |
|
|
537,090 |
|
NJ HlthKennedy Hlth Sys |
|
5.00% |
|
7/1/2042 |
|
A3 |
|
|
500 |
|
|
531,535 |
|
NJ HlthSt Josephs Hlth |
|
6.625% |
|
7/1/2038 |
|
BBB- |
|
|
2,000 |
|
|
2,304,200 |
|
NJ HlthTrinitas Hsp |
|
5.25% |
|
7/1/2030 |
|
BBB- |
|
|
1,000 |
|
|
1,065,970 |
|
NJ HlthVirtua Hlth |
|
5.75% |
|
7/1/2033 |
|
A+ |
|
|
2,500 |
|
|
2,768,575 |
|
PR Indl TouristAscension Hlth |
|
6.125% |
|
11/15/2025 |
|
AA+ |
|
|
415 |
|
|
416,548 |
|
PR Indl TouristAscension Hlth |
|
6.125% |
|
11/15/2030 |
|
AA+ |
|
|
1,000 |
|
|
1,003,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
21,788,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing 1.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ EDAMontclair St Std Hsg |
|
5.75% |
|
6/1/2031 |
|
Baa3 |
|
|
1,000 |
|
|
1,139,340 |
|
NJ EDAMontclair St Std Hsg |
|
5.875% |
|
6/1/2042 |
|
Baa3 |
|
|
1,000 |
|
|
1,129,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
2,268,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 22.79% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Essex Co Impt AuthNewark |
|
6.25% |
|
11/1/2030 |
|
Baa1 |
|
|
1,250 |
|
|
1,443,825 |
|
Gloucester Co Impt Auth GTD |
|
5.00% |
|
4/1/2028 |
|
AA+ |
|
|
1,750 |
|
|
1,994,790 |
|
Middlesex Co COP |
|
5.00% |
|
10/15/2026 |
|
AA+ |
|
|
1,265 |
|
|
1,510,423 |
|
Newark HsgPolice Fac (AG) |
|
6.75% |
|
12/1/2038 |
|
A3 |
|
|
750 |
|
|
923,722 |
|
|
|
|
104 |
See Notes to Financial Statements. |
|
Schedule of Investments
(unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2022 |
|
A+ |
|
$ |
2,000 |
|
$ |
2,418,480 |
|
NJ EDASch Facs |
|
5.00% |
|
9/1/2033 |
|
A+ |
|
|
1,020 |
|
|
1,120,103 |
|
NJ EDASch Facs |
|
5.00% |
|
3/1/2035 |
|
A+ |
|
|
2,000 |
|
|
2,248,960 |
|
NJ EDASch Facs |
|
5.25% |
|
9/1/2025 |
|
A+ |
|
|
565 |
|
|
666,559 |
|
NJ EDASch Facs |
|
5.25% |
|
9/1/2026 |
|
A+ |
|
|
755 |
|
|
884,845 |
|
NJ EDASch Facs |
|
5.50% |
|
12/15/2029 |
|
A+ |
|
|
1,275 |
|
|
1,477,495 |
|
NJ EDASch Facs (AMBAC) |
|
5.50% |
|
9/1/2024 |
|
A+ |
|
|
1,000 |
|
|
1,266,630 |
|
NJ EDASeeing Eye |
|
5.00% |
|
6/1/2032 |
|
A |
|
|
1,250 |
|
|
1,411,500 |
|
NJ HlthHsp Asset Trans |
|
5.00% |
|
10/1/2028 |
|
A+ |
|
|
3,800 |
|
|
4,253,796 |
|
NJ HlthHsp Asset Trans |
|
5.75% |
|
10/1/2031 |
|
A+ |
|
|
1,400 |
|
|
1,648,234 |
|
NJ State COPEquip Lease COP |
|
5.25% |
|
6/15/2029 |
|
A+ |
|
|
1,000 |
|
|
1,117,990 |
|
NJ Trans Trust Fund |
|
Zero Coupon |
|
12/15/2031 |
|
A+ |
|
|
5,000 |
|
|
2,167,550 |
|
NJ Trans Trust Fund |
|
Zero Coupon |
|
12/15/2038 |
|
A+ |
|
|
5,000 |
|
|
1,430,150 |
|
NJ Trans Trust Fund |
|
5.00% |
|
6/15/2022 |
|
A+ |
|
|
1,500 |
|
|
1,825,710 |
|
NJ Trans Trust Fund TCRS (AMBAC) |
|
5.25% |
|
12/15/2022 |
|
A+ |
|
|
1,620 |
|
|
2,006,289 |
|
North Hudson Sewerage Auth |
|
5.00% |
|
6/1/2028 |
|
A- |
|
|
1,000 |
|
|
1,147,040 |
|
PR Infra Fin AuthMepsi Campus |
|
6.50% |
|
10/1/2037 |
|
NR |
|
|
1,000 |
|
|
1,036,130 |
|
PR Pub Bldg Auth GTD |
|
6.50% |
|
7/1/2030 |
|
BBB- |
|
|
1,000 |
|
|
1,060,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
35,060,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Privilege Tax |
|
5.25% |
|
1/1/2036 |
|
A |
|
|
1,000 |
|
|
1,115,630 |
|
Middlesex Co Impt AuthHeldrich Ctr (e) |
|
6.25% |
|
1/1/2037 |
|
NR |
|
|
1,300 |
|
|
130,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
1,245,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 0.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ EDAKapkowski Rd Landfill |
|
5.75% |
|
10/1/2021 |
|
Ba2 |
|
|
500 |
|
|
547,780 |
|
NJ EDAKapkowski Rd Landfill |
|
6.50% |
|
4/1/2028 |
|
Ba2 |
|
|
675 |
|
|
821,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
1,368,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue 7.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Garden St Preservation Trust (AGM) |
|
5.75% |
|
11/1/2028 |
|
AAA |
|
|
3,155 |
|
|
4,104,529 |
|
Guam Ltd ObligSection 30 Landfill |
|
5.75% |
|
12/1/2034 |
|
BBB+ |
|
|
375 |
|
|
414,405 |
|
NJ EDACigarette Tax |
|
4.25% |
|
6/15/2027 |
|
BBB+ |
|
|
500 |
|
|
530,065 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2024 |
|
BBB+ |
|
|
1,000 |
|
|
1,152,760 |
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2025 |
|
BBB+ |
|
|
140 |
|
|
160,059 |
|
PR Corp Sales Tax |
|
5.00% |
|
8/1/2035 |
|
A+ |
|
|
2,500 |
|
|
2,524,275 |
|
PR Corp Sales Tax |
|
5.25% |
|
8/1/2027 |
|
A+ |
|
|
1,020 |
|
|
1,094,134 |
|
|
|
|
|
See Notes to Financial Statements. |
105 |
Schedule of Investments
(unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Tax Revenue (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands PFAMatching Fund |
|
5.00% |
|
10/1/2029 |
|
BBB |
|
$ |
650 |
|
$ |
711,990 |
|
Virgin Islands PFAMatching Fund |
|
5.25% |
|
10/1/2029 |
|
Baa2 |
|
|
500 |
|
|
557,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
11,249,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 5.71% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NJ EDACigarette Tax |
|
5.00% |
|
6/15/2026 |
|
BBB+ |
|
|
1,520 |
|
|
1,726,112 |
|
Tobacco Settlement Fin Corp |
|
4.50% |
|
6/1/2023 |
|
B1 |
|
|
2,220 |
|
|
2,219,889 |
|
Tobacco Settlement Fin Corp |
|
4.625% |
|
6/1/2026 |
|
B1 |
|
|
2,085 |
|
|
2,031,707 |
|
Tobacco Settlement Fin Corp |
|
4.75% |
|
6/1/2034 |
|
B2 |
|
|
3,155 |
|
|
2,806,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
8,784,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 12.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware River & Bay Auth |
|
5.00% |
|
1/1/2042 |
|
A1 |
|
|
1,000 |
|
|
1,133,490 |
|
Delaware River Jt Toll Brdg Commn |
|
4.00% |
|
7/1/2026 |
|
A2 |
|
|
500 |
|
|
541,350 |
|
Delaware River Jt Toll Brdg Commn |
|
4.00% |
|
7/1/2027 |
|
A2 |
|
|
1,000 |
|
|
1,073,490 |
|
Delaware River Port Auth |
|
5.00% |
|
1/1/2022 |
|
BBB- |
|
|
1,250 |
|
|
1,455,713 |
|
Hudson Co ImptHarrison Pkg GTD (AG) |
|
5.125% |
|
1/1/2031 |
|
AA- |
|
|
1,500 |
|
|
1,660,305 |
|
NJ Tpk Auth (a) |
|
5.00% |
|
1/1/2021 |
|
A+ |
|
|
230 |
|
|
279,639 |
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2028 |
|
A+ |
|
|
1,000 |
|
|
1,146,010 |
|
NJ Tpk Auth |
|
5.00% |
|
1/1/2035 |
|
A+ |
|
|
275 |
|
|
305,390 |
|
NJ Tpk Auth (AGM) |
|
5.25% |
|
1/1/2028 |
|
AA- |
|
|
2,000 |
|
|
2,468,180 |
|
NJ Trans Trust Fund |
|
5.25% |
|
12/15/2020 |
|
A+ |
|
|
1,210 |
|
|
1,490,284 |
|
NJ Trans Trust Fund |
|
6.00% |
|
6/15/2035 |
|
A+ |
|
|
2,000 |
|
|
2,433,180 |
|
Port Auth NY & NJ |
|
4.75% |
|
11/1/2036 |
|
AA- |
|
|
1,000 |
|
|
1,094,220 |
|
Port Auth NY & NJ AMT |
|
5.75% |
|
11/1/2030 |
|
AA- |
|
|
1,000 |
|
|
1,151,480 |
|
South Jersey Port CorpMarine |
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal AMT |
|
4.00% |
|
1/1/2021 |
|
A1 |
|
|
1,000 |
|
|
1,075,780 |
|
South Jersey Trans Auth |
|
5.00% |
|
11/1/2029 |
|
A- |
|
|
1,500 |
|
|
1,690,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
18,999,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 8.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Essex Co Utils Auth Solid Waste (AG) |
|
5.00% |
|
4/1/2020 |
|
Aa2 |
|
|
1,000 |
|
|
1,135,390 |
|
Guam Pwr Auth |
|
5.00% |
|
10/1/2034 |
|
BBB |
|
|
400 |
|
|
431,668 |
|
NJ EDAUMM Energy AMT |
|
4.75% |
|
6/15/2032 |
|
Baa3 |
|
|
1,000 |
|
|
1,057,200 |
|
NJ Env Infra Trust |
|
5.00% |
|
9/1/2021 |
|
AAA |
|
|
1,795 |
|
|
2,268,647 |
|
Passaic Valley Swr Sys (NPFGC)(FGIC) |
|
2.50% |
|
12/1/2032 |
|
A2 |
|
|
525 |
|
|
403,368 |
|
PR Aqueduct & Swr Auth |
|
5.75% |
|
7/1/2037 |
|
BB+ |
|
|
1,000 |
|
|
989,580 |
|
PR Elec Pwr Auth |
|
5.00% |
|
7/1/2028 |
|
BBB+ |
|
|
1,000 |
|
|
970,850 |
|
|
|
|
106 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
|
Fair
|
|
|
|
|||||||||||||
Utilities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PR Elec Pwr Auth |
|
5.25% |
|
7/1/2040 |
|
BBB+ |
|
$ |
1,000 |
|
$ |
956,670 |
|
PR Elec Pwr Auth |
|
5.75% |
|
7/1/2036 |
|
BBB+ |
|
|
1,000 |
|
|
1,021,260 |
|
Salem Co Poll CtlAtlantic City Elec |
|
4.875% |
|
6/1/2029 |
|
A |
|
|
2,210 |
|
|
2,416,922 |
|
Virgin Islands Water & Pwr |
|
5.00% |
|
7/1/2031 |
|
Baa3 |
|
|
1,000 |
|
|
1,036,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
12,688,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Municipal Bonds (cost $141,187,695) |
|
|
|
|
|
|
|
|
|
|
|
151,325,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
SHORT-TERM INVESTMENT 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Mutual Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus NJ Municipal Cash Management (cost $5) |
|
|
|
(i) |
|
5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Investments in Securities 98.38% (cost $141,187,700) |
|
|
|
|
|
151,325,619 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
Cash and Other Assets in Excess of Liabilities (h) 1.62% |
|
|
|
|
|
2,488,230 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
Net Assets 100.00% |
|
|
|
|
|
|
|
|
|
|
$ |
153,813,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Open Futures Contracts at March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
Unrealized
|
|
|||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
32 |
|
Short |
|
$ |
(4,223,500 |
) |
$ |
(20,056 |
) |
|
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
23 |
|
Short |
|
|
(3,322,781 |
) |
|
|
(48,555 |
) |
|
|
|
|
|
|
|
|
|
|
|||||
Totals |
|
|
|
|
|
|
|
$ |
(7,546,281 |
) |
$ |
(68,611 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
107 |
Schedule of Investments (unaudited)
N
EW
YORK TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
MUNICIPAL BONDS 100.30% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate-Backed 6.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Broome Co IDAUniversity Plaza (ACA) |
|
5.10% |
|
8/1/2036 |
|
NR |
|
$ |
500 |
|
$ |
476,375 |
|
Broome Co IDAUniversity Plaza (ACA) |
|
5.20% |
|
8/1/2030 |
|
NR |
|
|
750 |
|
|
736,508 |
|
Broome Co IDAUniversity Plaza (ACA) |
|
5.20% |
|
8/1/2036 |
|
NR |
|
|
1,000 |
|
|
965,860 |
|
Essex Co IDAIntl Paper AMT |
|
4.60% |
|
12/1/2030 |
|
BBB |
|
|
1,400 |
|
|
1,400,266 |
|
Liberty Dev CorpGoldman Sachs |
|
5.25% |
|
10/1/2035 |
|
A- |
|
|
1,750 |
|
|
2,049,530 |
|
Niagara Area Dev CorpCovanta |
|
4.00% |
|
11/1/2024 |
|
Ba2 |
|
|
500 |
|
|
514,745 |
|
Niagara Area Dev CorpCovanta AMT |
|
5.25% |
|
11/1/2042 |
|
Ba2 |
|
|
500 |
|
|
515,550 |
|
NY Liberty Dev Corp7 WTC |
|
5.00% |
|
9/15/2040 |
|
Aaa |
|
|
2,000 |
|
|
2,269,880 |
|
NY Liberty Dev CorpB of A Tower |
|
5.625% |
|
7/15/2047 |
|
AA |
|
|
1,600 |
|
|
1,827,488 |
|
NYC Cap ResArthur Mgmt |
|
7.00% |
|
8/1/2025 |
|
NR |
|
|
1,500 |
|
|
1,625,580 |
|
NYC IDABritish Airways AMT |
|
5.25% |
|
12/1/2032 |
|
BB |
|
|
2,265 |
|
|
2,270,662 |
|
NYC IDAInterActive Corp |
|
5.00% |
|
9/1/2035 |
|
BBB |
|
|
1,315 |
|
|
1,370,717 |
|
NYC IDAJetblue AMT |
|
5.125% |
|
5/15/2030 |
|
B- |
|
|
3,350 |
|
|
3,329,062 |
|
NYC IDATRIPS AMT |
|
5.00% |
|
7/1/2028 |
|
BBB- |
|
|
1,750 |
|
|
1,889,633 |
|
NYC IDAYankee Stadium (FGIC) |
|
4.50% |
|
3/1/2039 |
|
BBB |
|
|
150 |
|
|
153,567 |
|
Syracuse IDACarousel Ctr AMT (XLCA) |
|
5.00% |
|
1/1/2036 |
|
BBB- |
|
|
5,000 |
|
|
5,103,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
26,499,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education 15.13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Buffalo & Erie IDCBuffalo State College |
|
5.75% |
|
10/1/2026 |
|
A+ |
|
|
1,350 |
|
|
1,624,914 |
|
Cattaraugus Co IDASt Bonaventure Univ |
|
5.00% |
|
5/1/2023 |
|
BBB- |
|
|
500 |
|
|
528,425 |
|
Cattaraugus Co IDASt Bonaventure Univ |
|
5.10% |
|
5/1/2031 |
|
BBB- |
|
|
1,075 |
|
|
1,112,991 |
|
Dutchess Co LDCAnderson Ctr |
|
6.00% |
|
10/1/2030 |
|
BB+ |
|
|
1,000 |
|
|
1,078,700 |
|
Hempstead Town LDCAdelphi Univ |
|
5.00% |
|
6/1/2031 |
|
A |
|
|
610 |
|
|
663,149 |
|
Monroe Co IDCUniv of Rochester |
|
5.00% |
|
7/1/2036 |
|
AA- |
|
|
3,500 |
|
|
3,915,520 |
|
Niagara Area Dev CorpNiagara Univ |
|
5.00% |
|
5/1/2035 |
|
BBB+ |
|
|
500 |
|
|
553,375 |
|
Niagara Area Dev CorpNiagara Univ |
|
5.00% |
|
5/1/2042 |
|
BBB+ |
|
|
1,200 |
|
|
1,315,440 |
|
NY DormBrooklyn Law School |
|
5.00% |
|
7/1/2024 |
|
BBB+ |
|
|
1,000 |
|
|
1,170,060 |
|
NY DormBrooklyn Law School |
|
5.00% |
|
7/1/2025 |
|
BBB+ |
|
|
1,000 |
|
|
1,161,250 |
|
NY DormBrooklyn Law School |
|
5.00% |
|
7/1/2027 |
|
BBB+ |
|
|
500 |
|
|
573,230 |
|
NY DormCornell Univ |
|
5.00% |
|
7/1/2040 |
|
Aa1 |
|
|
2,000 |
|
|
2,271,160 |
|
NY DormCulinary Inst of Amr |
|
5.00% |
|
7/1/2028 |
|
Baa2 |
|
|
500 |
|
|
556,685 |
|
NY DormCulinary Inst of Amr |
|
5.00% |
|
7/1/2034 |
|
Baa2 |
|
|
350 |
|
|
380,188 |
|
NY DormCUNY |
|
5.00% |
|
7/1/2027 |
|
AA- |
|
|
1,500 |
|
|
1,699,755 |
|
NY DormFordham University |
|
5.25% |
|
7/1/2031 |
|
A |
|
|
2,275 |
|
|
2,610,494 |
|
NY DormLong Island Univ |
|
5.00% |
|
9/1/2026 |
|
BBB- |
|
|
1,000 |
|
|
1,121,070 |
|
|
|
|
108 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Education (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NY DormNYU |
|
5.25% |
|
7/1/2034 |
|
AA- |
|
$ |
8,000 |
|
$ |
9,395,680 |
|
NY DormPace Univ |
|
4.00% |
|
5/1/2022 |
|
BBB- |
|
|
500 |
|
|
543,195 |
|
NY DormPace Univ |
|
5.00% |
|
5/1/2023 |
|
BBB- |
|
|
500 |
|
|
584,035 |
|
NY DormRochester Inst Tech |
|
4.25% |
|
7/1/2032 |
|
A1 |
|
|
1,500 |
|
|
1,551,930 |
|
NY DormRochester Inst Tech |
|
6.25% |
|
7/1/2029 |
|
A1 |
|
|
2,750 |
|
|
3,505,205 |
|
NY DormRockefeller Univ |
|
5.00% |
|
7/1/2038 |
|
AA+ |
|
|
2,155 |
|
|
2,502,494 |
|
NY DormSUNY |
|
5.00% |
|
7/1/2035 |
|
Aa2 |
|
|
1,750 |
|
|
1,977,955 |
|
NY DormSUNY |
|
5.00% |
|
7/1/2042 |
|
Aa2 |
|
|
1,000 |
|
|
1,124,270 |
|
NY DormTeachers Clg |
|
5.375% |
|
3/1/2029 |
|
A1 |
|
|
1,025 |
|
|
1,138,918 |
|
NY DormYeshiva Univ |
|
5.00% |
|
11/1/2040 |
|
A+ |
|
|
2,475 |
|
|
2,717,203 |
|
NYC IDAPolytechnic Univ (ACA) |
|
5.25% |
|
11/1/2037 |
|
BBB- |
|
|
4,295 |
|
|
4,625,328 |
|
NYC IDAVaughn Clg |
|
5.00% |
|
12/1/2031 |
|
BB+ |
|
|
1,510 |
|
|
1,583,945 |
|
Onondaga CDCUpstate Prop Dev |
|
5.50% |
|
12/1/2031 |
|
A+ |
|
|
1,000 |
|
|
1,135,470 |
|
Onondaga Co CulturalSyracuse Univ |
|
5.00% |
|
12/1/2036 |
|
Aa3 |
|
|
500 |
|
|
563,560 |
|
St Lawrence IDAClarkson Univ |
|
6.00% |
|
9/1/2034 |
|
A3 |
|
|
1,575 |
|
|
1,854,673 |
|
Troy IDARensselaer Poly |
|
5.00% |
|
9/1/2030 |
|
A- |
|
|
1,000 |
|
|
1,117,900 |
|
Yonkers IDASarah Lawrence Clg |
|
6.00% |
|
6/1/2029 |
|
BBB |
|
|
1,000 |
|
|
1,149,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
59,407,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Obligation 8.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam GO |
|
7.00% |
|
11/15/2039 |
|
B+ |
|
|
280 |
|
|
312,365 |
|
Nassau Co GO Rmkt |
|
5.00% |
|
12/1/2017 |
|
A+ |
|
|
2,010 |
|
|
2,364,202 |
|
Northern Mariana Islands Comwlth |
|
5.00% |
|
10/1/2033 |
|
NR |
|
|
2,000 |
|
|
1,588,260 |
|
NYC GO |
|
5.00% |
|
8/1/2019 |
|
AA |
|
|
1,045 |
|
|
1,269,205 |
|
NYC GO |
|
5.00% |
|
8/1/2021 |
|
AA |
|
|
1,070 |
|
|
1,295,064 |
|
NYC GO |
|
5.00% |
|
4/1/2022 |
|
AA |
|
|
2,500 |
|
|
3,096,025 |
|
NYC GO |
|
5.00% |
|
8/1/2022 |
|
AA |
|
|
1,500 |
|
|
1,863,840 |
|
NYC GO |
|
5.00% |
|
8/1/2023 |
|
AA |
|
|
2,405 |
|
|
2,944,995 |
|
NYC GO |
|
5.00% |
|
8/1/2023 |
|
AA |
|
|
1,895 |
|
|
2,249,403 |
|
NYC GO |
|
5.00% |
|
10/1/2024 |
|
AA |
|
|
1,500 |
|
|
1,799,355 |
|
NYC GO |
|
5.00% |
|
8/1/2025 |
|
AA |
|
|
2,500 |
|
|
3,003,225 |
|
NYC GO |
|
5.00% |
|
8/1/2026 |
|
AA |
|
|
1,500 |
|
|
1,785,480 |
|
NYC GO |
|
5.00% |
|
8/1/2027 |
|
AA |
|
|
1,385 |
|
|
1,634,799 |
|
NYC GO |
|
5.00% |
|
10/1/2034 |
|
AA |
|
|
1,500 |
|
|
1,720,890 |
|
PR Comwlth GO |
|
5.375% |
|
7/1/2030 |
|
BBB- |
|
|
3,500 |
|
|
3,489,955 |
|
Yonkers City |
|
5.00% |
|
10/1/2020 |
|
BBB+ |
|
|
2,680 |
|
|
3,143,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
33,560,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
109 |
Schedule of Investments
(unaudited)(continued)
NEW
YORK TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Health Care 10.95% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Albany IDASt Peters Hsp |
|
5.25% |
|
11/15/2027 |
|
A3 |
|
$ |
1,500 |
|
$ |
1,669,065 |
|
Albany IDASt Peters Hsp |
|
5.50% |
|
11/15/2027 |
|
A3 |
|
|
1,000 |
|
|
1,123,050 |
|
Chautauqua CoWomans Christian Assn |
|
8.00% |
|
11/15/2030 |
|
NR |
|
|
1,000 |
|
|
1,081,230 |
|
East Rochester HsgWoodland Vlg |
|
5.50% |
|
8/1/2033 |
|
NR |
|
|
1,700 |
|
|
1,726,486 |
|
Genesee Co IDAUnited Mem Med Ctr |
|
5.00% |
|
12/1/2032 |
|
NR |
|
|
1,000 |
|
|
991,280 |
|
Madison Co IDAOneida Hlth |
|
5.25% |
|
2/1/2027 |
|
BBB- |
|
|
750 |
|
|
768,465 |
|
Madison Co IDAOneida Hlth |
|
5.50% |
|
2/1/2032 |
|
BBB- |
|
|
750 |
|
|
769,425 |
|
Nassau Co LEACS Nassau Cmntys Hsp |
|
5.00% |
|
7/1/2027 |
|
A3 |
|
|
1,000 |
|
|
1,098,480 |
|
Nassau Co LEACWinthrop Univ Hsp |
|
5.00% |
|
7/1/2032 |
|
Baa1 |
|
|
2,000 |
|
|
2,213,440 |
|
NY DormCatholic Hlth |
|
5.00% |
|
7/1/2032 |
|
BBB+ |
|
|
500 |
|
|
543,125 |
|
NY DormMem Sloan Kettering |
|
4.375% |
|
7/1/2034 |
|
AA- |
|
|
2,500 |
|
|
2,692,750 |
|
NY DormMiriam Osborn Mem Home |
|
5.00% |
|
7/1/2042 |
|
A- |
(c) |
|
750 |
|
|
795,293 |
|
NY DormMt Sinai Hsp |
|
5.00% |
|
7/1/2026 |
|
A2 |
|
|
5,550 |
|
|
6,279,270 |
|
NY DormNorth Shore LI Jewish |
|
5.00% |
|
5/1/2022 |
|
A- |
|
|
1,215 |
|
|
1,433,955 |
|
NY DormNorth Shore LI Jewish |
|
5.25% |
|
5/1/2034 |
|
A- |
|
|
1,000 |
|
|
1,151,030 |
|
NY DormNYU Hsps Ctr |
|
5.75% |
|
7/1/2031 |
|
A- |
|
|
1,500 |
|
|
1,743,390 |
|
NY DormOrange Regl Med |
|
6.125% |
|
12/1/2029 |
|
Ba1 |
|
|
2,000 |
|
|
2,230,420 |
|
NY DormUnited Cerebral Palsy (AMBAC) |
|
5.75% |
|
7/1/2018 |
|
NR |
|
|
1,000 |
|
|
1,003,940 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2021 |
|
Aa3 |
|
|
1,000 |
|
|
1,214,100 |
|
NYC Hlth & Hsp Corp |
|
5.00% |
|
2/15/2025 |
|
Aa3 |
|
|
1,550 |
|
|
1,769,945 |
|
NYC Hlth & Hsp Corp |
|
5.50% |
|
2/15/2023 |
|
Aa3 |
|
|
1,090 |
|
|
1,259,473 |
|
Onondaga CDCSt Josephs Hsp |
|
5.00% |
|
7/1/2042 |
|
BB+ |
|
|
1,000 |
|
|
1,028,260 |
|
St Lawrence Co IDRJohn Noble Hsp |
|
6.25% |
|
10/1/2040 |
|
NR |
|
|
1,500 |
|
|
1,611,150 |
|
Suffolk Co IDACatholic Hlth Long Island |
|
5.00% |
|
7/1/2028 |
|
A- |
|
|
1,000 |
|
|
1,108,830 |
|
Suffolk Co IDAEastern LI Hsp Assn |
|
5.375% |
|
1/1/2027 |
|
NR |
|
|
1,105 |
|
|
1,113,652 |
|
Suffolk Co IDAEastern LI Hsp Assn |
|
5.50% |
|
1/1/2037 |
|
NR |
|
|
1,000 |
|
|
1,002,250 |
|
Ulster Co IDAKingston Lvg Ctr |
|
6.00% |
|
9/15/2027 |
|
NR |
|
|
3,000 |
|
|
2,033,310 |
|
Westchester Co Hlth Care |
|
6.00% |
|
11/1/2030 |
|
A3 |
|
|
850 |
|
|
1,006,493 |
|
Westchester Co LDCKendal Hudson (a) |
|
5.00% |
|
1/1/2034 |
|
BBB |
(c) |
|
500 |
|
|
538,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
42,999,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing 0.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NY Mtg AgyHomeowner Mtg AMT |
|
4.875% |
|
10/1/2030 |
|
Aa1 |
|
|
2,255 |
|
|
2,311,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Obligations 12.11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Erie Co IDABuffalo Sch Dist |
|
5.00% |
|
5/1/2023 |
|
AA- |
|
|
1,000 |
|
|
1,173,830 |
|
Erie Co IDABuffalo Sch Dist |
|
5.25% |
|
5/1/2030 |
|
AA- |
|
|
2,575 |
|
|
2,928,444 |
|
|
|
|
110 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Lease Obligations (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Erie Co IDABuffalo Sch Dist |
|
5.25% |
|
5/1/2032 |
|
AA- |
|
$ |
1,000 |
|
$ |
1,129,690 |
|
Monroe Co IDARochester Schools |
|
5.00% |
|
5/1/2021 |
|
AA- |
|
|
4,000 |
|
|
4,831,240 |
|
NY DormCourt Facs |
|
Zero Coupon |
|
8/1/2021 |
|
AA+ |
|
|
3,265 |
|
|
2,791,575 |
|
NY DormMaster BOCES |
|
5.50% |
|
8/15/2026 |
|
Aa3 |
|
|
1,560 |
|
|
1,842,828 |
|
NY DormNY Downtown Hospital |
|
5.00% |
|
2/15/2022 |
|
AA- |
|
|
1,000 |
|
|
1,199,620 |
|
NY DormOneida |
|
5.25% |
|
8/15/2028 |
|
Aa3 |
|
|
3,375 |
|
|
3,898,834 |
|
NY DormState UnivThird Resolution |
|
5.00% |
|
5/15/2026 |
|
AA- |
|
|
2,840 |
|
|
3,357,107 |
|
NY Liberty Dev Corp4 WTC |
|
5.00% |
|
11/15/2031 |
|
A+ |
|
|
1,000 |
|
|
1,126,560 |
|
NY UDC |
|
5.70% |
|
4/1/2020 |
|
AA- |
|
|
4,150 |
|
|
4,972,364 |
|
NYC IDAStock Exchange |
|
4.75% |
|
5/1/2029 |
|
AA- |
|
|
2,500 |
|
|
2,699,525 |
|
NYC IDAUSTA National Tennis Ctr (AGM) |
|
5.00% |
|
11/15/2023 |
|
AA- |
|
|
1,830 |
|
|
2,006,357 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2022 |
|
AA- |
|
|
2,000 |
|
|
2,450,720 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2024 |
|
AA- |
|
|
1,000 |
|
|
1,205,020 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2025 |
|
AA- |
|
|
1,500 |
|
|
1,792,440 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2025 |
|
AA- |
|
|
2,840 |
|
|
3,351,853 |
|
NYC TFABldg Aid |
|
5.00% |
|
7/15/2027 |
|
AA- |
|
|
1,425 |
|
|
1,650,706 |
|
PR Infra Fin AuthMepsi Campus |
|
6.50% |
|
10/1/2037 |
|
NR |
|
|
1,000 |
|
|
1,036,130 |
|
PR Pub Bldg Auth GTD |
|
6.50% |
|
7/1/2030 |
|
BBB- |
|
|
2,000 |
|
|
2,120,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
47,565,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue 6.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena LDCBarclays Ctr |
|
6.25% |
|
7/15/2040 |
|
BBB- |
|
|
3,000 |
|
|
3,594,240 |
|
Brooklyn Arena LDCBarclays Ctr |
|
6.50% |
|
7/15/2030 |
|
BBB- |
|
|
1,550 |
|
|
1,894,487 |
|
Build NYC Res CorpYMCA |
|
5.00% |
|
8/1/2042 |
|
A- |
|
|
1,265 |
|
|
1,396,813 |
|
NY DormNYSARC Inc |
|
5.125% |
|
7/1/2030 |
|
Aa3 |
|
|
2,385 |
|
|
2,655,197 |
|
NY DormSUNY |
|
5.00% |
|
7/1/2037 |
|
Aa2 |
|
|
1,000 |
|
|
1,135,300 |
|
NYC CulturalLincoln Ctr |
|
5.75% |
|
12/1/2018 |
|
A+ |
|
|
1,500 |
|
|
1,814,805 |
|
NYC CulturalMuseum Modern Art |
|
5.00% |
|
4/1/2031 |
|
AA |
|
|
4,500 |
|
|
5,211,810 |
|
NYC CulturalWhitney Museum |
|
5.00% |
|
7/1/2031 |
|
A |
|
|
2,000 |
|
|
2,223,360 |
|
NYC CulturalWildlife Conservation Society |
|
5.00% |
|
8/1/2033 |
|
AA- |
|
|
2,000 |
|
|
2,354,840 |
|
NYS Muni Bd BkLease |
|
5.00% |
|
12/1/2022 |
|
AA- |
|
|
1,410 |
|
|
1,740,828 |
|
Yonkers EDCCharter Sch Ed Excellence |
|
6.25% |
|
10/15/2040 |
|
BB |
|
|
1,100 |
|
|
1,157,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
25,179,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Tax 0.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NYC IDAQueens Stadium (AMBAC) |
|
5.00% |
|
1/1/2031 |
|
Ba1 |
|
|
2,075 |
|
|
2,147,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
111 |
Schedule of Investments
(unaudited)(continued)
NEW
YORK TAX FREE FUND
March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Tax Revenue 12.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Ltd ObligSection 30 Landfill |
|
5.75% |
|
12/1/2034 |
|
BBB+ |
|
$ |
755 |
|
$ |
834,335 |
|
Hudson Yards |
|
5.75% |
|
2/15/2047 |
|
A |
|
|
2,650 |
|
|
3,088,495 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2022 |
|
AA |
|
|
1,000 |
|
|
1,253,290 |
|
MTA NYDedicated Tax |
|
5.00% |
|
11/15/2034 |
|
AA |
|
|
2,125 |
|
|
2,379,618 |
|
NY DormPIT |
|
5.00% |
|
8/15/2021 |
|
AAA |
|
|
1,110 |
|
|
1,381,795 |
|
NY DormPIT |
|
5.00% |
|
12/15/2025 |
|
AAA |
|
|
2,740 |
|
|
3,324,058 |
|
NY Twy AuthPIT |
|
5.00% |
|
3/15/2023 |
|
AAA |
|
|
2,000 |
|
|
2,404,760 |
|
NY Twy AuthPIT |
|
5.00% |
|
3/15/2024 |
|
AAA |
|
|
500 |
|
|
593,970 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2025 |
|
AAA |
|
|
3,290 |
|
|
3,796,084 |
|
NY UDCPIT (b) |
|
5.00% |
|
12/15/2026 |
|
AAA |
|
|
4,790 |
|
|
5,526,821 |
|
NY UDCPIT |
|
5.00% |
|
12/15/2028 |
|
AAA |
|
|
4,785 |
|
|
5,616,537 |
|
NYC TFAFuture Tax |
|
4.00% |
|
11/1/2022 |
|
AAA |
|
|
1,000 |
|
|
1,165,940 |
|
NYC TFAFuture Tax |
|
5.00% |
|
11/1/2021 |
|
AAA |
|
|
575 |
|
|
698,033 |
|
NYC TFAFuture Tax |
|
5.00% |
|
11/1/2021 |
|
AAA |
|
|
1,500 |
|
|
1,870,470 |
|
NYC TFAFuture Tax (a) |
|
5.00% |
|
2/1/2022 |
|
AAA |
|
|
2,000 |
|
|
2,485,120 |
|
NYC TFAFuture Tax |
|
5.00% |
|
11/1/2023 |
|
AAA |
|
|
1,000 |
|
|
1,243,530 |
|
NYC TFAFuture Tax |
|
5.00% |
|
2/1/2027 |
|
AAA |
|
|
1,500 |
|
|
1,748,820 |
|
NYC TFAFuture Tax |
|
5.00% |
|
2/1/2028 |
|
AAA |
|
|
500 |
|
|
579,490 |
|
NYC TFAFuture Tax |
|
5.00% |
|
5/1/2034 |
|
AAA |
|
|
4,380 |
|
|
5,009,713 |
|
PR Corp Sales Tax |
|
5.75% |
|
8/1/2037 |
|
A+ |
|
|
2,000 |
|
|
2,131,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
47,132,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco 3.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suffolk Tobacco Asset Sec Corp |
|
5.00% |
|
6/1/2032 |
|
A- |
|
|
1,335 |
|
|
1,429,078 |
|
Suffolk Tobacco Asset Sec Corp |
|
5.25% |
|
6/1/2037 |
|
BBB+ |
|
|
1,145 |
|
|
1,227,474 |
|
Suffolk Tobacco Asset Sec Corp |
|
5.375% |
|
6/1/2028 |
|
BB |
(c) |
|
2,145 |
|
|
2,126,188 |
|
Suffolk Tobacco Asset Sec Corp |
|
6.00% |
|
6/1/2048 |
|
B+ |
(c) |
|
2,350 |
|
|
2,197,227 |
|
TSASC |
|
5.00% |
|
6/1/2026 |
|
B+ |
|
|
2,250 |
|
|
2,222,100 |
|
TSASC |
|
5.125% |
|
6/1/2042 |
|
B- |
|
|
3,100 |
|
|
2,743,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
11,945,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 14.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
MTA NY |
|
4.00% |
|
11/15/2021 |
|
A |
|
|
1,000 |
|
|
1,143,100 |
|
MTA NY |
|
5.00% |
|
11/15/2021 |
|
A |
|
|
1,025 |
|
|
1,227,612 |
|
MTA NY |
|
5.00% |
|
11/15/2022 |
|
A |
|
|
2,000 |
|
|
2,438,380 |
|
MTA NY (a) |
|
5.00% |
|
11/15/2023 |
|
A |
|
|
1,000 |
|
|
1,213,250 |
|
MTA NY |
|
5.00% |
|
11/15/2023 |
|
A |
|
|
2,445 |
|
|
2,939,086 |
|
MTA NY |
|
5.00% |
|
11/15/2028 |
|
A |
|
|
1,000 |
|
|
1,148,850 |
|
|
|
|
112 |
See Notes to Financial Statements. |
|
Schedule of Investments (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
Interest
|
|
Maturity
|
|
Credit
|
|
Principal
|
|
Fair
|
|
||
|
|||||||||||||
Transportation (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
MTA NY |
|
5.00% |
|
11/15/2031 |
|
A |
|
$ |
2,500 |
|
$ |
2,728,350 |
|
NY Bridge Auth |
|
4.00% |
|
1/1/2027 |
|
AA- |
|
|
3,250 |
|
|
3,513,835 |
|
NY Twy Auth |
|
5.00% |
|
1/1/2028 |
|
A+ |
|
|
2,000 |
|
|
2,308,900 |
|
NY Twy Auth (NPFGC)(FGIC) |
|
5.00% |
|
1/1/2030 |
|
A+ |
|
|
4,000 |
|
|
4,473,120 |
|
NY Twy AuthHwy & Brdg |
|
5.00% |
|
4/1/2028 |
|
AA |
|
|
2,000 |
|
|
2,262,880 |
|
NYC IDATerminal One Group AMT |
|
5.50% |
|
1/1/2021 |
|
A3 |
|
|
1,250 |
|
|
1,363,775 |
|
NYC IDATerminal One Group AMT |
|
5.50% |
|
1/1/2024 |
|
A3 |
|
|
2,000 |
|
|
2,153,140 |
|
Port Auth NY & NJ |
|
4.00% |
|
12/1/2022 |
|
AA- |
|
|
2,060 |
|
|
2,371,616 |
|
Port Auth NY & NJ AMT |
|
5.00% |
|
9/15/2024 |
|
AA- |
|
|
1,000 |
|
|
1,160,450 |
|
Port Auth NY & NJ AMT |
|
5.00% |
|
10/15/2024 |
|
AA- |
|
|
1,250 |
|
|
1,463,650 |
|
Port Auth NY & NJ AMT |
|
5.00% |
|
10/1/2033 |
|
AA- |
|
|
1,525 |
|
|
1,695,236 |
|
Port Auth NY & NJ AMT |
|
5.00% |
|
10/15/2041 |
|
AA- |
|
|
1,250 |
|
|
1,356,537 |
|
Triborough Brdg & Tunl Auth |
|
4.75% |
|
11/15/2030 |
|
AA- |
|
|
5,455 |
|
|
6,096,508 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2020 |
|
AA- |
|
|
2,000 |
|
|
2,479,280 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2022 |
|
A+ |
|
|
1,000 |
|
|
1,233,670 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2023 |
|
A+ |
|
|
2,500 |
|
|
3,078,175 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2023 |
|
AA- |
|
|
1,000 |
|
|
1,257,320 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2024 |
|
AA- |
|
|
1,100 |
|
|
1,367,773 |
|
Triborough Brdg & Tunl Auth |
|
5.00% |
|
11/15/2029 |
|
AA- |
|
|
2,250 |
|
|
2,595,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
55,069,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 10.21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Pwr Auth |
|
5.00% |
|
10/1/2034 |
|
BBB |
|
|
925 |
|
|
998,232 |
|
Long Island Power Auth |
|
5.00% |
|
9/1/2025 |
|
A- |
|
|
1,000 |
|
|
1,170,950 |
|
Long Island Power Auth |
|
5.00% |
|
5/1/2038 |
|
A- |
|
|
1,880 |
|
|
2,043,786 |
|
Long Island Power Auth |
|
5.50% |
|
4/1/2024 |
|
A- |
|
|
2,215 |
|
|
2,604,353 |
|
NY EnergyBrooklyn Union Gas AMT |
|
6.952% |
|
7/1/2026 |
|
A3 |
|
|
8,000 |
|
|
8,023,200 |
|
NY Env FacsClean Wtr & Drinking |
|
4.75% |
|
6/15/2032 |
|
AAA |
|
|
5,000 |
|
|
5,519,250 |
|
NY Env FacsClean Wtr & Drinking |
|
5.00% |
|
6/15/2029 |
|
AAA |
|
|
2,795 |
|
|
3,283,342 |
|
NY Env FacsClean Wtr & Drinking |
|
5.00% |
|
6/15/2036 |
|
AAA |
|
|
1,250 |
|
|
1,431,463 |
|
NYC Muni Water |
|
5.00% |
|
6/15/2029 |
|
AA+ |
|
|
3,295 |
|
|
3,782,561 |
|
NYC Muni Water |
|
5.00% |
|
6/15/2034 |
|
AA+ |
|
|
3,525 |
|
|
4,060,412 |
|
PR Aqueduct & Swr Auth |
|
5.75% |
|
7/1/2037 |
|
BB+ |
|
|
2,600 |
|
|
2,572,908 |
|
PR Elec Pwr Auth |
|
5.75% |
|
7/1/2036 |
|
BBB+ |
|
|
4,500 |
|
|
4,595,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total |
|
|
|
|
|
|
|
|
|
|
|
40,086,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Total Municipal Bonds (cost $368,852,471) |
|
|
|
|
|
|
|
|
|
|
|
393,904,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
113 |
|
Schedule of Investments (unaudited)(concluded) |
NEW YORK TAX FREE FUND March 31, 2013 |
|
|
|
|
|
|
|
|
Investments |
|
Shares
|
|
Fair
|
|
||
SHORT-TERM INVESTMENT 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Mutual Fund |
|
|
|
|
|
|
|
Dreyfus NY Municipal Cash Management (cost $331) |
|
|
|
(i) |
$ |
331 |
|
|
|
|
|
|
|
||
Total Investments in Securities 100.30 % (cost $368,852,802) |
|
|
|
|
|
393,904,993 |
|
|
|
|
|
|
|
||
Liabilities in Excess of Cash and Other Assets (h) (0.30%) |
|
|
|
|
|
(1,191,516 |
) |
|
|
|
|
|
|
||
Net Assets 100.00% |
|
|
|
|
$ |
392,713,477 |
|
|
|
|
|
|
|
Open Futures Contracts at March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type |
|
Expiration |
|
Contracts |
|
Position |
|
Fair Value |
|
Unrealized
|
|
|||||
U.S. 10-Year Treasury Note |
|
June 2013 |
|
|
58 |
|
|
Short |
|
$ |
(7,655,094 |
) |
$ |
(36,350 |
) |
|
U.S. 30-Year Treasury Bond |
|
June 2013 |
|
|
64 |
|
|
Short |
|
|
(9,246,000 |
) |
|
(135,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Totals |
|
|
|
|
|
|
|
|
|
$ |
(16,901,094 |
) |
$ |
(171,461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114 |
See Notes to Financial Statements. |
|
Schedule of Investments |
March 31, 2013 |
|
|
|
|
See Notes to Financial Statements. |
115 |
|
March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
Intermediate |
|
AMT Free |
|
|||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
Investments in securities, at cost |
|
$ |
2,559,789,179 |
|
$ |
4,085,857,959 |
|
$ |
185,521,859 |
|
Investments in securities, at fair value |
|
$ |
2,605,649,040 |
|
$ |
4,299,646,179 |
|
$ |
196,379,070 |
|
Cash |
|
|
42,182,199 |
|
|
32,862,272 |
|
|
1,373,395 |
|
Deposits with brokers for futures collateral |
|
|
|
|
|
1,405,000 |
|
|
103,000 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
21,568,029 |
|
|
49,218,801 |
|
|
2,692,962 |
|
Investment securities sold |
|
|
1,232,506 |
|
|
1,203,644 |
|
|
2,591,455 |
|
Capital shares sold |
|
|
14,188,913 |
|
|
17,168,474 |
|
|
1,532,787 |
|
From advisor (See Note 3) |
|
|
143,176 |
|
|
13,555 |
|
|
45,390 |
|
Variation margin |
|
|
|
|
|
102,405 |
|
|
9,328 |
|
Prepaid expenses and other assets |
|
|
221,763 |
|
|
171,046 |
|
|
36,111 |
|
Total assets |
|
|
2,685,185,626 |
|
|
4,401,791,376 |
|
|
204,763,498 |
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Payables: |
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
|
8,286,763 |
|
|
65,494,014 |
|
|
2,676,044 |
|
Trust certificates (See Note 2(h)) |
|
|
17,000,000 |
|
|
11,815,000 |
|
|
|
|
Capital shares reacquired |
|
|
9,279,373 |
|
|
5,839,932 |
|
|
359,078 |
|
Management fee |
|
|
883,677 |
|
|
1,408,022 |
|
|
85,426 |
|
12b-1 distribution fees |
|
|
735,810 |
|
|
1,284,351 |
|
|
57,664 |
|
Interest expense and fees (See Note 2(h)) |
|
|
36,431 |
|
|
25,538 |
|
|
|
|
Directors fees |
|
|
99,453 |
|
|
138,005 |
|
|
2,969 |
|
Fund administration |
|
|
89,729 |
|
|
145,659 |
|
|
6,834 |
|
Distributions payable |
|
|
2,766,244 |
|
|
8,525,359 |
|
|
553,024 |
|
Accrued expenses and other liabilities |
|
|
152,658 |
|
|
259,925 |
|
|
42,341 |
|
Total liabilities |
|
|
39,330,138 |
|
|
94,935,805 |
|
|
3,783,380 |
|
NET ASSETS |
|
$ |
2,645,855,488 |
|
$ |
4,306,855,571 |
|
$ |
200,980,118 |
|
COMPOSITION OF NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
2,599,556,610 |
|
$ |
4,069,482,500 |
|
$ |
188,454,891 |
|
Undistributed (distributions in excess of) net
|
|
|
310,277 |
|
|
3,684,785 |
|
|
175,591 |
|
Accumulated net realized gain (loss) on
|
|
|
128,740 |
|
|
20,935,429 |
|
|
1,554,596 |
|
Net unrealized appreciation on investments
|
|
|
45,859,861 |
|
|
212,752,857 |
|
|
10,795,040 |
|
Net Assets |
|
$ |
2,645,855,488 |
|
$ |
4,306,855,571 |
|
$ |
200,980,118 |
|
|
|
116 |
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
High Yield |
|
California |
|
New Jersey |
|
New York |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,060,060,905 |
|
$ |
2,181,369,128 |
|
$ |
246,151,433 |
|
$ |
141,187,700 |
|
$ |
368,852,802 |
|
|
|
$ |
2,217,045,352 |
|
$ |
2,266,227,535 |
|
$ |
269,605,316 |
|
$ |
151,325,619 |
|
$ |
393,904,993 |
|
|
|
|
1,481,349 |
|
|
12,435,398 |
|
|
1,688,602 |
|
|
181,297 |
|
|
2,151,982 |
|
|
|
|
1,070,200 |
|
|
1,120,600 |
|
|
189,700 |
|
|
92,700 |
|
|
223,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,226,498 |
|
|
35,758,634 |
|
|
3,749,432 |
|
|
2,113,772 |
|
|
5,230,106 |
|
|
|
|
24,623,204 |
|
|
490,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,253,272 |
|
|
19,098,667 |
|
|
1,167,367 |
|
|
1,075,058 |
|
|
1,592,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,155 |
|
|
94,021 |
|
|
12,308 |
|
|
6,669 |
|
|
14,184 |
|
|
|
|
79,479 |
|
|
136,969 |
|
|
31,362 |
|
|
24,473 |
|
|
33,088 |
|
|
|
|
2,285,867,509 |
|
|
2,335,361,824 |
|
|
276,444,087 |
|
|
154,819,588 |
|
|
403,150,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,362,282 |
|
|
14,337,373 |
|
|
1,422,659 |
|
|
278,519 |
|
|
4,221,995 |
|
|
|
|
62,165,000 |
|
|
41,160,000 |
|
|
1,500,000 |
|
|
|
|
|
4,030,000 |
|
|
|
|
4,691,445 |
|
|
6,949,550 |
|
|
860,075 |
|
|
120,100 |
|
|
699,036 |
|
|
|
|
776,394 |
|
|
891,089 |
|
|
103,197 |
|
|
59,100 |
|
|
149,988 |
|
|
|
|
693,795 |
|
|
685,152 |
|
|
84,608 |
|
|
37,892 |
|
|
134,259 |
|
|
|
|
119,820 |
|
|
60,891 |
|
|
3,865 |
|
|
|
|
|
7,618 |
|
|
|
|
438,072 |
|
|
146,287 |
|
|
116,721 |
|
|
35,758 |
|
|
106,768 |
|
|
|
|
74,171 |
|
|
76,369 |
|
|
9,173 |
|
|
5,253 |
|
|
13,332 |
|
|
|
|
6,571,925 |
|
|
8,237,715 |
|
|
737,388 |
|
|
429,312 |
|
|
1,017,857 |
|
|
|
|
173,999 |
|
|
1,808 |
|
|
39,294 |
|
|
39,805 |
|
|
56,122 |
|
|
|
|
106,066,903 |
|
|
72,546,234 |
|
|
4,876,980 |
|
|
1,005,739 |
|
|
10,436,975 |
|
|
|
$ |
2,179,800,606 |
|
$ |
2,262,815,590 |
|
$ |
271,567,107 |
|
$ |
153,813,849 |
|
$ |
392,713,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,042,537,608 |
|
$ |
2,505,949,509 |
|
$ |
261,486,020 |
|
$ |
151,682,381 |
|
$ |
381,146,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,757,682 |
|
|
7,525,778 |
|
|
(219,201 |
) |
|
(179,232 |
) |
|
(662,999 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,705,736 |
) |
|
(334,729,246 |
) |
|
(13,009,116 |
) |
|
(7,758,608 |
) |
|
(12,651,237 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156,211,052 |
|
|
84,069,549 |
|
|
23,309,404 |
|
|
10,069,308 |
|
|
24,880,730 |
|
|
|
$ |
2,179,800,606 |
|
$ |
2,262,815,590 |
|
$ |
271,567,107 |
|
$ |
153,813,849 |
|
$ |
392,713,477 |
|
|
|
|
|
See Notes to Financial Statements. |
117 |
|
Statements of Assets and Liabilities (unaudited)(concluded) |
March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
Intermediate |
|
AMT Free |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Net assets by class: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
$ |
1,584,559,585 |
|
$ |
2,279,901,916 |
|
$ |
138,738,201 |
|
Class B Shares |
|
|
|
|
$ |
5,507,590 |
|
|
|
|
Class C Shares |
|
$ |
305,015,511 |
|
$ |
769,293,171 |
|
$ |
25,087,058 |
|
Class F Shares |
|
$ |
726,616,031 |
|
$ |
1,207,218,364 |
|
$ |
34,479,545 |
|
Class I Shares |
|
$ |
29,664,361 |
|
$ |
44,919,440 |
|
$ |
2,675,314 |
|
Class P Shares |
|
|
|
|
$ |
15,090 |
|
|
|
|
Outstanding shares by class*: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
|
99,433,505 |
|
|
207,141,498 |
|
|
8,437,343 |
|
Class B Shares |
|
|
|
|
|
500,797 |
|
|
|
|
Class C Shares |
|
|
19,139,538 |
|
|
69,979,303 |
|
|
1,526,126 |
|
Class F Shares |
|
|
45,594,484 |
|
|
109,697,292 |
|
|
2,096,948 |
|
Class I Shares |
|
|
1,861,518 |
|
|
4,080,586 |
|
|
162,601 |
|
Class P Shares |
|
|
|
|
|
1,371 |
|
|
|
|
Net asset value, offering and redemption
price
|
|
|
|
|
|
|
|
|
|
|
Class A Shares-Net asset value |
|
|
$15.94 |
|
|
$11.01 |
|
|
$16.44 |
|
Class A Shares-Maximum offering price
|
|
|
$16.31 |
|
|
$11.26 |
|
|
$16.82 |
|
Class B Shares-Net asset value |
|
|
|
|
|
$11.00 |
|
|
|
|
Class C Shares-Net asset value |
|
|
$15.94 |
|
|
$10.99 |
|
|
$16.44 |
|
Class F Shares-Net asset value |
|
|
$15.94 |
|
|
$11.00 |
|
|
$16.44 |
|
Class I Shares-Net asset value |
|
|
$15.94 |
|
|
$11.01 |
|
|
$16.45 |
|
Class P Shares-Net asset value |
|
|
|
|
|
$11.01 |
|
|
|
|
|
|
* |
Lord Abbett Municipal Income Fund, Inc. has 4,400,001,000 authorized shares of capital stock (par value $.001), of which 4,080,001,000 are designated as of follows: 900,001,000 to Short Duration, 930,000,000 to Intermediate, 140,000,000 to AMT Free, 465,000,000 to National, 925,000,000 to High Yield and 240,000,000 to each of California, New Jersey and New York. |
|
|
118 |
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
High Yield |
|
California |
|
New Jersey |
|
New York |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,786,974,617 |
|
$ |
1,330,121,370 |
|
$ |
203,531,844 |
|
$ |
145,357,474 |
|
$ |
317,095,315 |
|
|
|
$ |
7,228,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
232,165,654 |
|
$ |
548,169,495 |
|
$ |
41,118,862 |
|
|
|
|
$ |
54,304,270 |
|
|
|
$ |
152,717,596 |
|
$ |
381,903,392 |
|
$ |
26,903,507 |
|
$ |
8,443,806 |
|
$ |
20,695,438 |
|
|
|
$ |
713,864 |
|
$ |
2,608,408 |
|
$ |
12,894 |
|
$ |
12,569 |
|
$ |
618,454 |
|
|
|
|
|
|
$ |
12,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
154,319,473 |
|
|
108,888,786 |
|
|
18,874,229 |
|
|
28,810,564 |
|
|
27,938,528 |
|
|
|
|
621,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,026,908 |
|
|
44,861,000 |
|
|
3,811,702 |
|
|
|
|
|
4,791,258 |
|
|
|
|
13,198,721 |
|
|
31,242,073 |
|
|
2,494,926 |
|
|
1,672,556 |
|
|
1,821,896 |
|
|
|
|
61,657 |
|
|
213,437 |
|
|
1,196 |
|
|
2,489 |
|
|
54,466 |
|
|
|
|
|
|
|
1,057.301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$11.58 |
|
|
$12.22 |
|
|
$10.78 |
|
|
$5.05 |
|
|
$11.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$11.85 |
|
|
$12.50 |
|
|
$11.03 |
|
|
$5.17 |
|
|
$11.61 |
|
|
|
|
$11.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$11.59 |
|
|
$12.22 |
|
|
$10.79 |
|
|
|
|
|
$11.33 |
|
|
|
|
$11.57 |
|
|
$12.22 |
|
|
$10.78 |
|
|
$5.05 |
|
|
$11.36 |
|
|
|
|
$11.58 |
|
|
$12.22 |
|
|
$10.78 |
|
|
$5.05 |
|
|
$11.35 |
|
|
|
|
|
|
|
$12.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
119 |
|
For the Six Months Ended March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
Intermediate |
|
AMT Free |
|
||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
Interest and other |
|
$26,636,579 |
|
|
$68,705,385 |
|
$ |
3,918,598 |
|
|
Total investment income |
|
|
26,636,579 |
|
|
68,705,385 |
|
|
3,918,598 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
5,149,495 |
|
|
7,970,069 |
|
|
470,705 |
|
12b-1 distribution plan-Class A |
|
|
1,559,004 |
|
|
2,191,224 |
|
|
123,575 |
|
12b-1 distribution plan-Class B |
|
|
|
|
|
28,726 |
|
|
|
|
12b-1 distribution plan-Class C |
|
|
1,306,639 |
|
|
3,257,711 |
|
|
108,136 |
|
12b-1 distribution plan-Class F |
|
|
362,328 |
|
|
569,328 |
|
|
18,481 |
|
12b-1 distribution plan-Class P |
|
|
|
|
|
34 |
|
|
|
|
Interest expense and fees (See Note 2(h)) |
|
|
55,356 |
|
|
37,296 |
|
|
|
|
Shareholder servicing |
|
|
389,102 |
|
|
892,043 |
|
|
48,551 |
|
Professional |
|
|
29,185 |
|
|
32,756 |
|
|
19,661 |
|
Reports to shareholders |
|
|
38,202 |
|
|
75,483 |
|
|
4,159 |
|
Fund administration |
|
|
522,686 |
|
|
823,547 |
|
|
37,656 |
|
Custody |
|
|
16,860 |
|
|
26,011 |
|
|
4,284 |
|
Directors fees |
|
|
36,298 |
|
|
55,563 |
|
|
2,490 |
|
Registration |
|
|
178,615 |
|
|
173,564 |
|
|
38,546 |
|
Other |
|
|
25,952 |
|
|
37,884 |
|
|
2,297 |
|
Gross expenses |
|
|
9,669,722 |
|
|
16,171,239 |
|
|
878,541 |
|
Expense reductions (See Note 7) |
|
|
(865 |
) |
|
(2,724 |
) |
|
(62 |
) |
Management fee waived (See Note 3) |
|
|
(942,995 |
) |
|
(269,284 |
) |
|
(282,648 |
) |
Net expenses |
|
|
8,725,862 |
|
|
15,899,231 |
|
|
595,831 |
|
Net investment income |
|
|
17,910,717 |
|
|
52,806,154 |
|
|
3,322,767 |
|
Net realized and unrealized gain (loss): |
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) on investments and futures
|
|
|
1,829,186 |
|
|
22,612,925 |
|
|
2,411,052 |
|
Net
change in unrealized appreciation/depreciation
|
|
|
(6,521,418 |
) |
|
(21,126,926 |
) |
|
(2,050,791 |
) |
Net realized and unrealized gain (loss) |
|
|
(4,692,232 |
) |
|
1,485,999 |
|
|
360,261 |
|
Net Increase in Net Assets Resulting From Operations |
|
$13,218,485 |
|
|
$54,292,153 |
|
$ |
3,683,028 |
|
|
|
|
|
120 |
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
High Yield |
|
California |
|
New Jersey |
|
New York |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,916,802 |
|
|
$ 59,427,701 |
|
$ |
5,666,394 |
|
$ |
3,202,081 |
|
$ |
7,710,922 |
|
|
|
|
48,916,802 |
|
|
59,427,701 |
|
|
5,666,394 |
|
|
3,202,081 |
|
|
7,710,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,492,391 |
|
|
5,008,671 |
|
|
593,960 |
|
|
341,479 |
|
|
853,405 |
|
|
|
|
1,762,416 |
|
|
1,268,673 |
|
|
198,416 |
|
|
143,788 |
|
|
306,975 |
|
|
|
|
37,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
967,122 |
|
|
2,288,509 |
|
|
172,933 |
|
|
|
|
|
226,270 |
|
|
|
|
69,994 |
|
|
157,655 |
|
|
12,549 |
|
|
3,984 |
|
|
9,103 |
|
|
|
|
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
237,698 |
|
|
176,325 |
|
|
5,335 |
|
|
|
|
|
13,902 |
|
|
|
|
493,202 |
|
|
479,656 |
|
|
50,567 |
|
|
36,808 |
|
|
78,026 |
|
|
|
|
49,490 |
|
|
186,645 |
|
|
46,130 |
|
|
21,027 |
|
|
23,165 |
|
|
|
|
43,956 |
|
|
46,537 |
|
|
6,533 |
|
|
3,837 |
|
|
6,993 |
|
|
|
|
427,937 |
|
|
426,104 |
|
|
52,796 |
|
|
30,354 |
|
|
75,858 |
|
|
|
|
15,062 |
|
|
14,800 |
|
|
3,082 |
|
|
2,425 |
|
|
3,775 |
|
|
|
|
29,450 |
|
|
28,660 |
|
|
3,617 |
|
|
2,061 |
|
|
5,124 |
|
|
|
|
76,702 |
|
|
101,940 |
|
|
25,421 |
|
|
19,719 |
|
|
27,670 |
|
|
|
|
21,007 |
|
|
20,747 |
|
|
3,497 |
|
|
2,257 |
|
|
4,303 |
|
|
|
|
8,724,110 |
|
|
10,204,951 |
|
|
1,174,836 |
|
|
607,739 |
|
|
1,634,569 |
|
|
|
|
(710 |
) |
|
(704 |
) |
|
(87 |
) |
|
(50 |
) |
|
(126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,723,400 |
|
|
10,204,247 |
|
|
1,174,749 |
|
|
607,689 |
|
|
1,634,443 |
|
|
|
|
40,193,402 |
|
|
49,223,454 |
|
|
4,491,645 |
|
|
2,594,392 |
|
|
6,076,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,601,415 |
|
|
(10,365,852 |
) |
|
1,042,262 |
|
|
700,500 |
|
|
461,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,876,814 |
) |
|
56,007,839 |
|
|
54,363 |
|
|
(1,555,011 |
) |
|
(2,035,384 |
) |
|
|
|
8,724,601 |
|
|
45,641,987 |
|
|
1,096,625 |
|
|
(854,511 |
) |
|
(1,573,575 |
) |
|
|
$ |
48,918,003 |
|
|
$ 94,865,441 |
|
$ |
5,588,270 |
|
$ |
1,739,881 |
|
$ |
4,502,904 |
|
|
|
|
|
|
See Notes to Financial Statements. |
121 |
S tatements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
||||
|
|
||||||
INCREASE IN NET ASSETS |
|
For the
|
|
For the
|
|
||
Operations: |
|
|
|
|
|
|
|
Net investment income |
|
$ |
17,910,717 |
|
$ |
34,443,281 |
|
Net realized gain (loss) on investments and futures contracts |
|
|
1,829,186 |
|
|
(464,551 |
) |
Net
change in unrealized appreciation/depreciation on
|
|
|
(6,521,418 |
) |
|
21,505,754 |
|
Net increase in net assets resulting from operations |
|
|
13,218,485 |
|
|
55,484,484 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
|
(11,023,291 |
) |
|
(22,359,668 |
) |
Class B |
|
|
|
|
|
|
|
Class C |
|
|
(1,136,886 |
) |
|
(2,674,252 |
) |
Class F |
|
|
(5,478,382 |
) |
|
(9,009,268 |
) |
Class I |
|
|
(222,707 |
) |
|
(293,820 |
) |
Class P |
|
|
|
|
|
|
|
Net realized gain |
|
|
|
|
|
|
|
Class A |
|
|
(704,626 |
) |
|
(846,074 |
) |
Class C |
|
|
(136,979 |
) |
|
(171,996 |
) |
Class F |
|
|
(332,734 |
) |
|
(297,799 |
) |
Class I |
|
|
(12,716 |
) |
|
(10,321 |
) |
Total distributions to shareholders |
|
|
(19,048,321 |
) |
|
(35,663,198 |
) |
Capital share transactions (Net of share conversions) (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
|
741,224,992 |
|
|
1,420,928,413 |
|
Reinvestment of distributions |
|
|
11,581,830 |
|
|
21,528,512 |
|
Cost of shares reacquired |
|
|
(638,078,196 |
) |
|
(791,558,177 |
) |
Net increase in net assets resulting
from capital
|
|
|
114,728,626 |
|
|
650,898,748 |
|
Net increase in net assets |
|
|
108,898,790 |
|
|
670,720,034 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
|
$ |
2,536,956,698 |
|
$ |
1,866,236,664 |
|
End of period |
|
$ |
2,645,855,488 |
|
$ |
2,536,956,698 |
|
Undistributed net investment income |
|
$ |
310,277 |
|
$ |
260,826 |
|
|
|
|
122 |
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate |
|
AMT Free |
|
||||||||
For the
|
|
For the
|
|
For the
|
|
For the
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
$ |
52,806,154 |
|
$ |
92,720,748 |
|
$ |
3,322,767 |
|
$ |
4,711,600 |
|
|
22,612,925 |
|
|
10,796,363 |
|
|
2,411,052 |
|
|
(486,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,126,926 |
) |
|
128,879,848 |
|
|
(2,050,791 |
) |
|
9,879,097 |
|
|
54,292,153 |
|
|
232,396,959 |
|
|
3,683,028 |
|
|
14,104,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,702,185 |
) |
|
(52,205,880 |
) |
|
(2,194,125 |
) |
|
(3,547,198 |
) |
|
(52,445 |
) |
|
(142,990 |
) |
|
|
|
|
|
|
|
(7,187,391 |
) |
|
(13,658,169 |
) |
|
(318,032 |
) |
|
(294,085 |
) |
|
(15,531,092 |
) |
|
(24,736,756 |
) |
|
(676,030 |
) |
|
(605,084 |
) |
|
(583,299 |
) |
|
(630,532 |
) |
|
(94,290 |
) |
|
(192,821 |
) |
|
(179 |
) |
|
(409 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(52,056,591 |
) |
|
(91,374,736 |
) |
|
(3,282,477 |
) |
|
(4,639,188 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100,610,026 |
|
|
1,928,294,655 |
|
|
81,318,002 |
|
|
142,271,448 |
|
|
34,580,081 |
|
|
57,708,104 |
|
|
2,513,730 |
|
|
2,972,202 |
|
|
(645,486,810 |
) |
|
(707,729,786 |
) |
|
(58,281,450 |
) |
|
(48,270,525 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
489,703,297 |
|
|
1,278,272,973 |
|
|
25,550,282 |
|
|
96,973,125 |
|
|
491,938,859 |
|
|
1,419,295,196 |
|
|
25,950,833 |
|
|
106,437,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,814,916,712 |
|
$ |
2,395,621,516 |
|
$ |
175,029,285 |
|
$ |
68,591,340 |
|
$ |
4,306,855,571 |
|
$ |
3,814,916,712 |
|
$ |
200,980,118 |
|
$ |
175,029,285 |
|
$ |
3,684,785 |
|
$ |
2,935,222 |
|
$ |
175,591 |
|
$ |
135,301 |
|
|
|
|
|
See Notes to Financial Statements. |
123 |
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
National |
|
||||
|
|
||||||
INCREASE IN NET ASSETS |
|
For the
|
|
For the
|
|
||
Operations: |
|
|
|
|
|
|
|
Net investment income |
|
$ |
40,193,402 |
|
$ |
80,765,348 |
|
Net realized gain (loss) on investments and futures contracts |
|
|
23,601,415 |
|
|
25,163,787 |
|
Net change in unrealized appreciation/depreciation on
|
|
|
(14,876,814 |
) |
|
135,610,284 |
|
Net increase in net assets resulting from operations |
|
|
48,918,003 |
|
|
241,539,419 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
|
(33,099,163 |
) |
|
(67,778,224 |
) |
Class B |
|
|
(111,664 |
) |
|
(316,036 |
) |
Class C |
|
|
(3,540,001 |
) |
|
(6,959,541 |
) |
Class F |
|
|
(2,689,940 |
) |
|
(4,213,750 |
) |
Class I |
|
|
(8,441 |
) |
|
(691 |
) |
Class P |
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(39,449,209 |
) |
|
(79,268,242 |
) |
Capital share transactions (Net of share conversions) (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
|
304,278,445 |
|
|
441,338,756 |
|
Reinvestment of distributions |
|
|
32,011,765 |
|
|
62,190,720 |
|
Cost of shares reacquired |
|
|
(207,162,862 |
) |
|
(273,072,767 |
) |
Net increase in net assets resulting from capital
|
|
|
129,127,348 |
|
|
230,456,709 |
|
Net increase in net assets |
|
|
138,596,142 |
|
|
392,727,886 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
|
$ |
2,041,204,464 |
|
$ |
1,648,476,578 |
|
End of period |
|
$ |
2,179,800,606 |
|
$ |
2,041,204,464 |
|
Undistributed (distributions in excess of)
|
|
$ |
3,757,682 |
|
$ |
3,013,489 |
|
|
|
124 |
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield |
|
California |
|
||||||||
|
|
For the
|
|
For the
|
|
For the
|
|
For the
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
49,223,454 |
|
$ |
89,790,144 |
|
$ |
4,491,645 |
|
$ |
8,865,613 |
|
|
|
|
(10,365,852 |
) |
|
(30,573,526 |
) |
|
1,042,262 |
|
|
(1,270,821 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,007,839 |
|
|
155,073,931 |
|
|
54,363 |
|
|
18,233,732 |
|
|
|
|
94,865,441 |
|
|
214,290,549 |
|
|
5,588,270 |
|
|
25,828,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(29,191,290 |
) |
|
(53,090,674 |
) |
|
(3,420,741 |
) |
|
(6,855,427 |
) |
|
|
|
|
|
|
(513 |
) |
|
|
|
|
|
|
|
|
|
(10,797,699 |
) |
|
(22,299,473 |
) |
|
(563,496 |
) |
|
(1,120,992 |
) |
|
|
|
(7,400,878 |
) |
|
(11,033,831 |
) |
|
(444,549 |
) |
|
(771,882 |
) |
|
|
|
(60,306 |
) |
|
(119,465 |
) |
|
(234 |
) |
|
(515 |
) |
|
|
|
(280 |
) |
|
(593 |
) |
|
|
|
|
|
|
|
|
|
(47,450,453 |
) |
|
(86,544,549 |
) |
|
(4,429,020 |
) |
|
(8,748,816 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
522,787,684 |
|
|
642,846,669 |
|
|
43,385,649 |
|
|
72,999,015 |
|
|
|
|
37,523,826 |
|
|
65,845,017 |
|
|
3,363,711 |
|
|
6,322,161 |
|
|
|
|
(317,770,814 |
) |
|
(411,469,709 |
) |
|
(28,536,880 |
) |
|
(37,267,519 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
242,540,696 |
|
|
297,221,977 |
|
|
18,212,480 |
|
|
42,053,657 |
|
|
|
|
289,955,684 |
|
|
424,967,977 |
|
|
19,371,730 |
|
|
59,133,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,972,859,906 |
|
$ |
1,547,891,929 |
|
$ |
252,195,377 |
|
$ |
193,062,012 |
|
|
|
$ |
2,262,815,590 |
|
$ |
1,972,859,906 |
|
$ |
271,567,107 |
|
$ |
252,195,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,525,778 |
|
$ |
5,752,777 |
|
$ |
(219,201 |
) |
$ |
(281,826 |
) |
|
|
|
|
See Notes to Financial Statements. |
125 |
Statements of Changes in Net Assets (concluded)
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
||||
|
|
||||||
INCREASE IN NET ASSETS |
|
For the
|
|
For the
|
|
||
Operations: |
|
|
|
|
|
|
|
Net investment income |
|
$ |
2,594,392 |
|
$ |
5,195,380 |
|
Net realized gain (loss) on investments and futures contracts |
|
|
700,500 |
|
|
543,709 |
|
Net change in unrealized appreciation/depreciation
|
|
|
(1,555,011 |
) |
|
9,711,729 |
|
Net increase in net assets resulting from operations |
|
|
1,739,881 |
|
|
15,450,818 |
|
Distributions to shareholders from: |
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
Class A |
|
|
(2,432,661 |
) |
|
(4,925,407 |
) |
Class C |
|
|
|
|
|
|
|
Class F |
|
|
(138,319 |
) |
|
(223,034 |
) |
Class I |
|
|
(226 |
) |
|
(487 |
) |
Total distributions to shareholders |
|
|
(2,571,206 |
) |
|
(5,148,928 |
) |
Capital share transactions (Net of share conversions) (See Note 11): |
|
|
|
|
|
|
|
Net proceeds from sales of shares |
|
|
17,983,892 |
|
|
45,630,626 |
|
Reinvestment of distributions |
|
|
1,725,761 |
|
|
3,957,276 |
|
Cost of shares reacquired |
|
|
(8,561,851 |
) |
|
(34,135,448 |
) |
Net increase in net assets resulting from capital
|
|
|
11,147,802 |
|
|
15,452,454 |
|
Net increase in net assets |
|
|
10,316,477 |
|
|
25,754,344 |
|
NET ASSETS: |
|
|
|
|
|
|
|
Beginning of period |
|
$ |
143,497,372 |
|
$ |
117,743,028 |
|
End of period |
|
$ |
153,813,849 |
|
$ |
143,497,372 |
|
Distributions in excess of net investment income |
|
$ |
(179,232 |
) |
$ |
(202,418 |
) |
|
|
126 |
See Notes to Financial Statements. |
|
|
|
|
See Notes to Financial Statements. |
127 |
|
SHORT DURATION TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
|||||||||||||
|
|
|||||||||||||||
|
|
Six Months
|
|
|
|
12/12/2008
(a)
|
|
|||||||||
|
|
|
|
Year Ended 9/30 |
|
|
||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|||||||
|
||||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value, beginning of period |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
$15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.11 |
|
|
.26 |
|
|
.33 |
|
|
.30 |
|
|
.33 |
|
|
||||||||||||||||
Net realized and unrealized
|
|
|
(.02 |
) |
|
.15 |
|
|
.03 |
|
|
.20 |
|
|
.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Total from investment operations |
|
|
.09 |
|
|
.41 |
|
|
.36 |
|
|
.50 |
|
|
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.11 |
) |
|
(.26 |
) |
|
(.33 |
) |
|
(.30 |
) |
|
(.41 |
) |
Net realized gain |
|
|
(.01 |
) |
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total distributions |
|
|
(.12 |
) |
|
(.27 |
) |
|
(.33 |
) |
|
(.30 |
) |
|
(.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net asset value, end of period |
|
|
$15.94 |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Return (c) |
|
|
.57 |
% (d) |
|
2.65 |
% |
|
2.30 |
% |
|
3.24 |
% |
|
6.82 |
% (d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.31 |
% (d) |
|
.61 |
% |
|
.59 |
% |
|
.55 |
% |
|
.44 |
% (e) |
|
||||||||||||||||
Expenses, excluding interest
|
|
|
.31 |
% (d)(f) |
|
.60 |
% (f) |
|
.58 |
% (f) |
|
.55 |
% (f) |
|
.44 |
% (e) |
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.35 |
% (d) |
|
.70 |
% |
|
.70 |
% |
|
.70 |
% |
|
.75 |
% (e) |
Net investment income |
|
|
.71 |
% (d) |
|
1.65 |
% |
|
2.08 |
% |
|
1.91 |
% |
|
2.68 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$1,584,560 |
|
|
$1,511,237 |
|
|
$1,249,341 |
|
|
$1,326,511 |
|
|
$609,072 |
|
Portfolio turnover rate |
|
|
7.75 |
% (d) |
|
18.11 |
% |
|
52.51 |
% |
|
36.21 |
% |
|
64.00 |
% |
|
|
(a) |
Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
128 |
See Notes to Financial Statements. |
|
Financial Highlights (continued) |
SHORT DURATION TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|||||||||||||
|
|
|||||||||||||||
|
|
Six Months
|
|
|
|
12/12/2008
(a)
|
|
|||||||||
|
|
|
|
Year Ended 9/30 |
|
|
||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|||||||
|
||||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value, beginning of period |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
$15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.06 |
|
|
.16 |
|
|
.21 |
|
|
.18 |
|
|
.23 |
|
|
||||||||||||||||
Net realized and unrealized gain (loss) |
|
|
(.02 |
) |
|
.15 |
|
|
.03 |
|
|
.19 |
|
|
.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Total from investment operations |
|
|
.04 |
|
|
.31 |
|
|
.24 |
|
|
.37 |
|
|
.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.06 |
) |
|
(.16 |
) |
|
(.21 |
) |
|
(.17 |
) |
|
(.31 |
) |
Net realized gain |
|
|
(.01 |
) |
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total distributions |
|
|
(.07 |
) |
|
(.17 |
) |
|
(.21 |
) |
|
(.17 |
) |
|
(.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net asset value, end of period |
|
|
$15.94 |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Return (c) |
|
|
.23 |
% (d) |
|
1.97 |
% |
|
1.56 |
% |
|
2.42 |
% |
|
6.10 |
% (d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.64 |
% (d) |
|
1.27 |
% |
|
1.31 |
% |
|
1.35 |
% |
|
1.23 |
% (e) |
|
||||||||||||||||
Expenses, excluding interest
|
|
|
.64 |
% (d)(f) |
|
1.26 |
% (f) |
|
1.31 |
% (f) |
|
1.35 |
% (f) |
|
1.23 |
% (e) |
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.68 |
% (d) |
|
1.36 |
% |
|
1.41 |
% |
|
1.50 |
% |
|
1.51 |
% (e) |
Net investment income |
|
|
.38 |
% (d) |
|
1.00 |
% |
|
1.36 |
% |
|
1.12 |
% |
|
1.88 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$305,016 |
|
|
$298,123 |
|
|
$244,872 |
|
|
$251,390 |
|
|
$128,116 |
|
Portfolio turnover rate |
|
|
7.75 |
% (d) |
|
18.11 |
% |
|
52.51 |
% |
|
36.21 |
% |
|
64.00 |
% |
|
|
(a) |
Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
129 |
|
Financial Highlights (continued) |
SHORT DURATION TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|||||||||||||
|
|
|||||||||||||||
|
|
Six Months
|
|
|
|
12/12/2008
(a)
|
|
|||||||||
|
|
|
|
Year Ended 9/30 |
|
|
||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|||||||
|
||||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value, beginning of period |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
$15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.12 |
|
|
.27 |
|
|
.34 |
|
|
.32 |
|
|
.36 |
|
|
||||||||||||||||
Net realized and unrealized gain (loss) |
|
|
(.02 |
) |
|
.16 |
|
|
.03 |
|
|
.20 |
|
|
.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Total from investment operations |
|
|
.10 |
|
|
.43 |
|
|
.37 |
|
|
.52 |
|
|
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.12 |
) |
|
(.28 |
) |
|
(.34 |
) |
|
(.32 |
) |
|
(.42 |
) |
Net realized gain |
|
|
(.01 |
) |
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total distributions |
|
|
(.13 |
) |
|
(.29 |
) |
|
(.34 |
) |
|
(.32 |
) |
|
(.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net asset value, end of period |
|
|
$15.94 |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Return (c) |
|
|
.61 |
% (d) |
|
2.75 |
% |
|
2.40 |
% |
|
3.34 |
% |
|
6.90 |
% (d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.26 |
% (d) |
|
.51 |
% |
|
.49 |
% |
|
.45 |
% |
|
.34 |
% (e) |
|
||||||||||||||||
Expenses, excluding interest
|
|
|
.26 |
% (d)(f) |
|
.50 |
% (f) |
|
.48 |
% (f) |
|
.45 |
% (f) |
|
.34 |
% (e) |
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.30 |
% (d) |
|
.60 |
% |
|
.60 |
% |
|
.61 |
% |
|
.64 |
% (e) |
Net investment income |
|
|
.76 |
% (d) |
|
1.72 |
% |
|
2.18 |
% |
|
2.02 |
% |
|
2.88 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$726,616 |
|
|
$704,486 |
|
|
$365,694 |
|
|
$284,289 |
|
|
$100,723 |
|
Portfolio turnover rate |
|
|
7.75 |
% (d) |
|
18.11 |
% |
|
52.51 |
% |
|
36.21 |
% |
|
64.00 |
% |
|
|
(a) |
Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
130 |
See Notes to Financial Statements. |
|
Financial Highlights (concluded) |
SHORT DURATION TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|||||||||||||
|
|
|||||||||||||||
|
|
Six Months
|
|
|
|
12/12/2008
(a)
|
|
|||||||||
|
|
|
|
Year Ended 9/30 |
|
|
||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|||||||
|
||||||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net asset value, beginning of period |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
$15.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.13 |
|
|
.28 |
|
|
.35 |
|
|
.33 |
|
|
.34 |
|
|
||||||||||||||||
Net realized and unrealized gain (loss) |
|
|
(.02 |
) |
|
.16 |
|
|
.04 |
|
|
.20 |
|
|
.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Total from investment operations |
|
|
.11 |
|
|
.44 |
|
|
.39 |
|
|
.53 |
|
|
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.13 |
) |
|
(.29 |
) |
|
(.36 |
) |
|
(.33 |
) |
|
(.44 |
) |
Net realized gain |
|
|
(.01 |
) |
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total distributions |
|
|
(.14 |
) |
|
(.30 |
) |
|
(.36 |
) |
|
(.33 |
) |
|
(.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
||||||||||||||||
Net asset value, end of period |
|
|
$15.94 |
|
|
$15.97 |
|
|
$15.83 |
|
|
$15.80 |
|
|
$15.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Return (c) |
|
|
.66 |
% (d) |
|
2.83 |
% |
|
2.48 |
% |
|
3.43 |
% |
|
7.04 |
% (d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.21 |
% (d) |
|
.41 |
% |
|
.39 |
% |
|
.35 |
% |
|
.25 |
% (e) |
|
||||||||||||||||
Expenses, excluding interest
|
|
|
.21 |
% (d)(f) |
|
.40 |
% (f) |
|
.39 |
% (f) |
|
.34 |
% (f) |
|
.25 |
% (e) |
|
||||||||||||||||
Expenses, excluding expense
|
|
|
.25 |
% (d) |
|
.50 |
% |
|
.49 |
% |
|
.50 |
% |
|
.57 |
% (e) |
Net investment income |
|
|
.80 |
% (d) |
|
1.77 |
% |
|
2.22 |
% |
|
2.11 |
% |
|
2.71 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$29,664 |
|
|
$23,111 |
|
|
$6,330 |
|
|
$2,221 |
|
|
$3,407 |
|
Portfolio turnover rate |
|
|
7.75 |
% (d) |
|
18.11 |
% |
|
52.51 |
% |
|
36.21 |
% |
|
64.00 |
% |
|
|
(a) |
Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
131 |
Financial
Highlights
INTERMEDIATE TAX FREE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.99 |
|
|
$10.49 |
|
|
$10.52 |
|
|
$10.28 |
|
|
$9.42 |
|
|
$9.75 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.15 |
|
|
.33 |
|
|
.39 |
|
|
.39 |
|
|
.38 |
|
|
.37 |
|
Net realized and
|
|
|
.01 |
|
|
.50 |
|
|
(.03 |
) |
|
.23 |
|
|
.86 |
|
|
(.32 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total from investment
|
|
|
.16 |
|
|
.83 |
|
|
.36 |
|
|
.62 |
|
|
1.24 |
|
|
.05 |
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.14 |
) |
|
(.33 |
) |
|
(.39 |
) |
|
(.38 |
) |
|
(.38 |
) |
|
(.38 |
) |
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$11.01 |
|
|
$10.99 |
|
|
$10.49 |
|
|
$10.52 |
|
|
$10.28 |
|
|
$9.42 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
1.50 |
% (c) |
|
8.04 |
% |
|
3.55 |
% |
|
6.22 |
% |
|
13.50 |
% |
|
.43 |
% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.34 |
% (c) |
|
.67 |
% |
|
.65 |
% |
|
.63 |
% |
|
.44 |
% |
|
.27 |
% |
|
|||||||||||||||||||
Expenses, excluding
interest
|
|
|
.34% |
(c) |
|
.66 |
% |
|
.64 |
% |
|
.63 |
% |
|
.44 |
% |
|
.24 |
% |
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.34 |
% (c) |
|
.70 |
% |
|
.72 |
% |
|
.71 |
% |
|
.72 |
% |
|
.79 |
% |
Net investment income |
|
|
1.32 |
% (c) |
|
3.10 |
% |
|
3.82 |
% |
|
3.76 |
% |
|
3.89 |
% |
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
|
$2,279,902 |
|
|
$2,064,377 |
|
|
$1,385,337 |
|
|
$1,320,285 |
|
|
$798,344 |
|
|
$338,400 |
|
Portfolio turnover rate |
|
|
10.02 |
% (c) |
|
21.39 |
% |
|
38.81 |
% |
|
30.23 |
% |
|
15.70 |
% |
|
29.73 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
132 |
See Notes to Financial Statements. |
|
Financial
Highlights (continued)
INTERMEDIATE TAX FREE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.98 |
|
|
$10.48 |
|
|
$10.51 |
|
|
$10.27 |
|
|
$9.41 |
|
|
$9.74 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.10 |
|
|
.25 |
|
|
.31 |
|
|
.31 |
|
|
.30 |
|
|
.31 |
|
Net realized and
|
|
|
.02 |
|
|
.50 |
|
|
(.04 |
) |
|
.23 |
|
|
.87 |
|
|
(.33 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment
|
|
|
.12 |
|
|
.75 |
|
|
.27 |
|
|
.54 |
|
|
1.17 |
|
|
(.02 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.10 |
) |
|
(.25 |
) |
|
(.30 |
) |
|
(.30 |
) |
|
(.31 |
) |
|
(.31 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value,
|
|
|
$11.00 |
|
|
$10.98 |
|
|
$10.48 |
|
|
$10.51 |
|
|
$10.27 |
|
|
$9.41 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (b) |
|
|
1.10 |
% (c) |
|
7.19 |
% |
|
2.73 |
% |
|
5.38 |
% |
|
12.65 |
% |
|
(.29 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.74 |
% (c) |
|
1.47 |
% |
|
1.45 |
% |
|
1.43 |
% |
|
1.24 |
% |
|
1.02 |
% |
|
|||||||||||||||||||
Expenses, excluding
interest
|
|
|
.74 |
% (c) |
|
1.46 |
% |
|
1.44 |
% |
|
1.43 |
% |
|
1.23 |
% |
|
1.00 |
% |
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.74 |
% (c) |
|
1.50 |
% |
|
1.52 |
% |
|
1.51 |
% |
|
1.52 |
% |
|
1.67 |
% |
Net investment income |
|
|
.93 |
% (c) |
|
2.34 |
% |
|
3.03 |
% |
|
2.98 |
% |
|
3.10 |
% |
|
3.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$5,508 |
|
|
$5,933 |
|
|
$6,526 |
|
|
$7,725 |
|
|
$6,315 |
|
|
$1,966 |
|
Portfolio turnover rate |
|
|
10.02 |
% (c) |
|
21.39 |
% |
|
38.81 |
% |
|
30.23 |
% |
|
15.70 |
% |
|
29.73 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
133 |
Financial
Highlights (continued)
INTERMEDIATE TAX FREE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.98 |
|
|
$10.48 |
|
|
$10.51 |
|
|
$10.27 |
|
|
$9.41 |
|
|
$9.74 |
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.11 |
|
|
.26 |
|
|
.32 |
|
|
.31 |
|
|
.31 |
|
|
.30 |
|
Net
realized and
|
|
|
.01 |
|
|
.50 |
|
|
(.04 |
) |
|
.24 |
|
|
.87 |
|
|
(.32 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total
from investment
|
|
|
.12 |
|
|
.76 |
|
|
.28 |
|
|
.55 |
|
|
1.18 |
|
|
(.02 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.11 |
) |
|
(.26 |
) |
|
(.31 |
) |
|
(.31 |
) |
|
(.32 |
) |
|
(.31 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
|
$10.99 |
|
|
$10.98 |
|
|
$10.48 |
|
|
$10.51 |
|
|
$10.27 |
|
|
$9.41 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
1.06 |
% (c) |
|
7.32 |
% |
|
2.81 |
% |
|
5.44 |
% |
|
12.76 |
% |
|
(.31 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses,
excluding expense
|
|
|
.68 |
% (c) |
|
1.34 |
% |
|
1.37 |
% |
|
1.37 |
% |
|
1.10 |
% |
|
1.02 |
% |
|
|||||||||||||||||||
Expenses,
excluding interest
|
|
|
.68 |
% (c) |
|
1.34 |
% |
|
1.36 |
% |
|
1.37 |
% |
|
1.09 |
% |
|
.98 |
% |
|
|||||||||||||||||||
Expenses,
excluding expense
|
|
|
.68 |
% (c) |
|
1.38 |
% |
|
1.43 |
% |
|
1.46 |
% |
|
1.47 |
% |
|
1.45 |
% |
Net investment income |
|
|
.99 |
% (c) |
|
2.42 |
% |
|
3.10 |
% |
|
3.01 |
% |
|
3.22 |
% |
|
3.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
|
$769,293 |
|
|
$699,128 |
|
|
$453,450 |
|
|
$391,138 |
|
|
$180,270 |
|
|
$44,402 |
|
Portfolio turnover rate |
|
|
10.02 |
% (c) |
|
21.39 |
% |
|
38.81 |
% |
|
30.23 |
% |
|
15.70 |
% |
|
29.73 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
134 |
See Notes to Financial Statements. |
|
Financial
Highlights (continued)
INTERMEDIATE TAX FREE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.99 |
|
|
$10.49 |
|
|
$10.52 |
|
|
$10.28 |
|
|
$9.42 |
|
|
$9.75 |
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.15 |
|
|
.34 |
|
|
.40 |
|
|
.40 |
|
|
.38 |
|
|
.39 |
|
Net realized and
|
|
|
.01 |
|
|
.50 |
|
|
(.03 |
) |
|
.23 |
|
|
.87 |
|
|
(.33 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total from investment
|
|
|
.16 |
|
|
.84 |
|
|
.37 |
|
|
.63 |
|
|
1.25 |
|
|
.06 |
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.15 |
) |
|
(.34 |
) |
|
(.40 |
) |
|
(.39 |
) |
|
(.39 |
) |
|
(.39 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
|
$11.00 |
|
|
$10.99 |
|
|
$10.49 |
|
|
$10.52 |
|
|
$10.28 |
|
|
$9.42 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
1.46 |
% (c) |
|
8.15 |
% |
|
3.66 |
% |
|
6.33 |
% |
|
13.61 |
% |
|
.57 |
% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.29 |
% (c) |
|
.57 |
% |
|
.55 |
% |
|
.53 |
% |
|
.40 |
% |
|
.13 |
% |
|
|||||||||||||||||||
Expenses, excluding
interest
|
|
|
.29 |
% (c) |
|
.56 |
% |
|
.54 |
% |
|
.53 |
% |
|
.39 |
% |
|
.10 |
% |
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.30 |
% (c) |
|
.61 |
% |
|
.62 |
% |
|
.61 |
% |
|
.64 |
% |
|
.67 |
% |
Net investment income |
|
|
1.38 |
% (c) |
|
3.19 |
% |
|
3.92 |
% |
|
3.86 |
% |
|
3.90 |
% |
|
3.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$1,207,218 |
|
$ |
1,007,950 |
|
$ |
547,652 |
|
$ |
307,256 |
|
$ |
103,873 |
|
$ |
1,460 |
|
Portfolio turnover rate |
|
|
10.02 |
% (c) |
|
21.39 |
% |
|
38.81 |
% |
|
30.23 |
% |
|
15.70 |
% |
|
29.73 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
135 |
Financial
Highlights (continued)
INTERMEDIATE TAX FREE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
||||||||
|
|
|||||||||||
|
|
Six Months
|
|
Year Ended
|
|
1/31/2011
(a)
|
|
|||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$11.00 |
|
|
$10.50 |
|
|
|
$9.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
|
|
|
|
|
|
|
(c) |
|
Net realized and unrealized gain (loss) |
|
|
|
|
|
|
|
|
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
|
|
|
|
|
|
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value on SEC Effective Date, 2/1/2011 |
|
|
|
|
|
|
|
|
|
$9.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.16 |
|
|
.34 |
|
|
|
.27 |
|
|
Net realized and unrealized gain |
|
|
|
|
|
.51 |
|
|
|
.55 |
(d) |
|
|
|
|
|
|
|
|
|
|
|
|||
Total from investment operations |
|
|
.16 |
|
|
.85 |
|
|
|
.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.15 |
) |
|
(.35 |
) |
|
|
(.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||
Net asset value, end of period |
|
|
$11.01 |
|
|
$11.00 |
|
|
|
$10.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Return (e) |
|
|
|
|
|
|
|
|
|
8.26 |
% (f)(g) |
|
Total Return (e) |
|
|
1.50 |
% (f) |
|
8.22 |
% |
|
|
8.35 |
% (f)(h) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses, excluding
expense reductions and including
|
|
|
.24 |
% (f) |
|
.47 |
% |
|
|
.45% |
(i) |
|
|
||||||||||||
Expenses, excluding
interest expense, including
|
|
|
.24 |
% (f) |
|
.46 |
% |
|
|
.44 |
% (i) |
|
|
||||||||||||
Expenses, excluding
expense reductions, management
|
|
|
.24 |
% (f) |
|
.51 |
% |
|
|
.54 |
% (i) |
|
Net investment income |
|
|
1.41 |
% (f) |
|
3.17 |
% |
|
|
3.81 |
% (i) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net assets, end of period (000) |
|
|
$44,919 |
|
|
$37,514 |
|
|
|
$2,572 |
|
|
Portfolio turnover rate |
|
|
10.02 |
% (f) |
|
21.39 |
% |
|
|
38.81 |
% |
|
|
|
|
(a) |
Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Amount is less than $.01. |
(d) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(e) |
Total return assumes the reinvestment of all distributions. |
(f) |
Not annualized. |
(g) |
Total return for the period 1/31/2011 through 9/30/2011. |
(h) |
Total return for the period 2/1/2011 through 9/30/2011. |
(i) |
Annualized. |
(j) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
136 |
See Notes to Financial Statements. |
|
Financial
Highlights (concluded)
INTERMEDIATE TAX FREE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six
Months
|
|
|
|
||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value,
|
|
|
$11.00 |
|
|
$10.50 |
|
|
$10.52 |
|
|
$10.28 |
|
|
$9.42 |
|
|
$9.75 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.14 |
|
|
.31 |
|
|
.37 |
|
|
.36 |
|
|
.36 |
|
|
.36 |
|
Net realized and
|
|
|
|
|
|
.50 |
|
|
(.03 |
) |
|
.24 |
|
|
.86 |
|
|
(.33 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
Total from investment
|
|
|
.14 |
|
|
.81 |
|
|
.34 |
|
|
.60 |
|
|
1.22 |
|
|
.03 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.13 |
) |
|
(.31 |
) |
|
(.36 |
) |
|
(.36 |
) |
|
(.36 |
) |
|
(.36 |
) |
|
|
|
|
|
|
|
|
|
|||||||||||
Net
asset value,
|
|
|
$11.01 |
|
|
$11.00 |
|
|
$10.50 |
|
|
$10.52 |
|
|
$10.28 |
|
|
$9.42 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (b) |
|
|
1.29 |
% (c) |
|
7.79 |
% |
|
3.41 |
% |
|
5.99 |
% |
|
13.27 |
% |
|
.29 |
% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.45 |
% (c) |
|
.90 |
% |
|
.89 |
% |
|
.86 |
% |
|
.65 |
% |
|
.46 |
% |
|
|||||||||||||||||||
Expenses, excluding
interest
|
|
|
.45 |
% (c) |
|
.90 |
% |
|
.88 |
% |
|
.86 |
% |
|
.64 |
% |
|
.43 |
% |
|
|||||||||||||||||||
Expenses, excluding
expense
|
|
|
.45 |
% (c) |
|
.94 |
% |
|
.96 |
% |
|
.94 |
% |
|
.96 |
% |
|
1.13 |
% |
Net investment income |
|
|
1.22 |
% (c) |
|
2.90 |
% |
|
3.60 |
% |
|
3.56 |
% |
|
3.73 |
% |
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$15 |
|
|
$15 |
|
|
$14 |
|
|
$13 |
|
|
$13 |
|
|
$11 |
|
Portfolio turnover rate |
|
|
10.02 |
% (c) |
|
21.39 |
% |
|
38.81 |
% |
|
30.23 |
% |
|
15.70 |
% |
|
29.73 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
137 |
|
Financial Highlights |
AMT FREE MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
|||||||||||||
|
|
|||||||||||||||
|
|
Six Months
|
|
|
Year
|
|
|
10/26/2010
(a)
|
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$16.38 |
|
|
|
$15.08 |
|
|
|
$15.00 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
.30 |
|
|
|
|
.65 |
|
|
|
|
.65 |
|
|
Net realized and unrealized gain |
|
|
|
.05 |
|
|
|
|
1.30 |
|
|
|
|
.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from investment operations |
|
|
|
.35 |
|
|
|
|
1.95 |
|
|
|
|
.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(.29 |
) |
|
|
|
(.65 |
) |
|
|
|
(.62 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value, end of period |
|
|
$16.44 |
|
|
|
$16.38 |
|
|
|
$15.08 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (c) |
|
|
|
2.16 |
% (d) |
|
|
|
13.16 |
% |
|
|
|
4.90 |
% (d) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses,
excluding expense reductions and including
|
|
|
|
.28 |
% (d) |
|
|
|
.55 |
% |
|
|
|
.50 |
% (e) |
|
|
||||||||||||||||
Expenses,
excluding interest expense, including
|
|
|
|
.28 |
% (d) |
|
|
|
.53 |
% |
|
|
|
.50 |
% (e) |
|
|
||||||||||||||||
Expenses,
excluding expense reductions, management
|
|
|
|
.43 |
% (d) |
|
|
|
.91 |
% |
|
|
|
1.13 |
% (e) |
|
Net investment income |
|
|
|
1.79 |
% (d) |
|
|
|
4.12 |
% |
|
|
|
4.81 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$138,738 |
|
|
|
$115,862 |
|
|
|
$62,280 |
|
|
|||
Portfolio turnover rate |
|
|
|
17.55 |
% (d) |
|
|
|
17.32 |
% |
|
|
|
54.63 |
% |
|
|
|
(a) |
Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
138 |
See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
AMT FREE MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
||||||||||||||
|
|
||||||||||||||||
|
|
Six Months
|
|
|
Year
|
|
|
10/26/2010
(a)
|
|
||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$16.38 |
|
|
|
$15.07 |
|
|
|
$15.00 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
.23 |
|
|
|
|
.51 |
|
|
|
|
.54 |
|
|
|
Net realized and unrealized gain |
|
|
|
.06 |
|
|
|
|
1.32 |
|
|
|
|
.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total from investment operations |
|
|
|
.29 |
|
|
|
|
1.83 |
|
|
|
|
.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(.23 |
) |
|
|
|
(.52 |
) |
|
|
|
(.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net asset value, end of period |
|
|
$16.44 |
|
|
|
$16.38 |
|
|
|
$15.07 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Return (c) |
|
|
|
1.84 |
% (d) |
|
|
|
12.29 |
% |
|
|
|
4.03 |
% (d) |
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Expenses,
excluding expense reductions and including
|
|
|
|
.66 |
% (d) |
|
|
|
1.32 |
% |
|
|
|
1.29 |
% (e) |
|
|
|
|||||||||||||||||
Expenses,
excluding interest expense, including
|
|
|
|
.66 |
% (d) |
|
|
|
1.30 |
% |
|
|
|
1.29 |
% (e) |
|
|
|
|||||||||||||||||
Expenses,
excluding expense reductions, management
|
|
|
|
.81 |
% (d) |
|
|
|
1.66 |
% |
|
|
|
1.84 |
% (e) |
|
|
Net investment income |
|
|
|
1.41 |
% (d) |
|
|
|
3.22 |
% |
|
|
|
3.97 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$25,087 |
|
|
|
$18,242 |
|
|
|
$2,532 |
|
|
||||
Portfolio turnover rate |
|
|
|
17.55 |
% (d) |
|
|
|
17.32 |
% |
|
|
|
54.63 |
% |
|
|
|
|
(a) |
Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
139 |
|
Financial Highlights (continued) |
AMT FREE MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
||||||||||||||
|
|
||||||||||||||||
|
|
Six Months
|
|
|
Year
|
|
|
10/26/2010
(a)
|
|
||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$16.38 |
|
|
|
$15.09 |
|
|
|
$15.00 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
.31 |
|
|
|
|
.65 |
|
|
|
|
.67 |
|
|
|
Net realized and unrealized gain |
|
|
|
.05 |
|
|
|
|
1.30 |
|
|
|
|
.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total from investment operations |
|
|
|
.36 |
|
|
|
|
1.95 |
|
|
|
|
.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(.30 |
) |
|
|
|
(.66 |
) |
|
|
|
(.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net asset value, end of period |
|
|
$16.44 |
|
|
|
$16.38 |
|
|
|
$15.09 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Return (c) |
|
|
|
2.21 |
% (d) |
|
|
|
13.20 |
% |
|
|
|
5.04 |
% (d) |
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Expenses,
excluding expense reductions and including
|
|
|
|
.23 |
% (d) |
|
|
|
.45 |
% |
|
|
|
.40 |
% (e) |
|
|
|
|||||||||||||||||
Expenses,
excluding interest expense, including
|
|
|
|
.23 |
% (d) |
|
|
|
.44 |
% |
|
|
|
.39 |
% (e) |
|
|
|
|||||||||||||||||
Expenses,
excluding expense reductions, management
|
|
|
|
.38 |
% (d) |
|
|
|
.80 |
% |
|
|
|
.90 |
% (e) |
|
|
Net investment income |
|
|
|
1.84 |
% (d) |
|
|
|
4.08 |
% |
|
|
|
4.85 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$34,480 |
|
|
|
$32,554 |
|
|
|
$3,769 |
|
|
||||
Portfolio turnover rate |
|
|
|
17.55 |
% (d) |
|
|
|
17.32 |
% |
|
|
|
54.63 |
% |
|
|
|
|
(a) |
Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
140 |
See Notes to Financial Statements. |
|
|
Financial Highlights (concluded) |
AMT FREE MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
||||||||||||||
|
|
||||||||||||||||
|
|
Six Months
|
|
|
Year
|
|
|
10/26/2010
(a)
|
|
||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$16.39 |
|
|
|
$15.08 |
|
|
|
$15.00 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
.32 |
|
|
|
|
.66 |
|
|
|
|
.66 |
|
|
|
Net realized and unrealized gain |
|
|
|
.05 |
|
|
|
|
1.33 |
|
|
|
|
.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total from investment operations |
|
|
|
.37 |
|
|
|
|
1.99 |
|
|
|
|
.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(.31 |
) |
|
|
|
(.68 |
) |
|
|
|
(.65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net asset value, end of period |
|
|
$16.45 |
|
|
|
$16.39 |
|
|
|
$15.08 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Return (c) |
|
|
|
2.32 |
% (d) |
|
|
|
13.41 |
% |
|
|
|
5.13 |
% (d) |
|
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Expenses,
excluding expense reductions and including
|
|
|
|
.18 |
% (d) |
|
|
|
.36 |
% |
|
|
|
.29 |
% (e) |
|
|
|
|||||||||||||||||
Expenses,
excluding interest expense, including
|
|
|
|
.18 |
% (d) |
|
|
|
.35 |
% |
|
|
|
.29 |
% (e) |
|
|
|
|||||||||||||||||
Expenses,
excluding expense reductions, management
|
|
|
|
.33 |
% (d) |
|
|
|
.69 |
% |
|
|
|
2.12 |
% (e) |
|
|
Net investment income |
|
|
|
1.91 |
% (d) |
|
|
|
4.10 |
% |
|
|
|
4.91 |
% (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$2,675 |
|
|
|
$8,372 |
|
|
|
$11 |
|
|
||||
Portfolio turnover rate |
|
|
|
17.55 |
% (d) |
|
|
|
17.32 |
% |
|
|
|
54.63 |
% |
|
|
|
|
(a) |
Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
141 |
|
Financial Highlights |
NATIONAL TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$11.52 |
|
|
$10.53 |
|
|
$10.84 |
|
|
$10.62 |
|
|
$9.71 |
|
|
$11.12 |
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.22 |
|
|
.50 |
|
|
.52 |
|
|
.54 |
|
|
.52 |
|
|
.51 |
|
Net realized and
|
|
|
.06 |
|
|
.98 |
|
|
(.31 |
) |
|
.21 |
|
|
.90 |
|
|
(1.41 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total from investment
|
|
|
.28 |
|
|
1.48 |
|
|
.21 |
|
|
.75 |
|
|
1.42 |
|
|
(.90 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.22 |
) |
|
(.49 |
) |
|
(.52 |
) |
|
(.53 |
) |
|
(.51 |
) |
|
(.51 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
|
$11.58 |
|
|
$11.52 |
|
|
$10.53 |
|
|
$10.84 |
|
|
$10.62 |
|
|
$9.71 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
2.42 |
% (c) |
|
14.37 |
% |
|
2.15 |
% |
|
7.34 |
% |
|
15.40 |
% |
|
(8.41 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.37 |
% (c) |
|
.79 |
% |
|
.83 |
% |
|
.86 |
% |
|
.92 |
% |
|
1.05 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.36 |
% (c) |
|
.73 |
% |
|
.76 |
% |
|
.77 |
% |
|
.77 |
% |
|
.79 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.37 |
% (c) |
|
.79 |
% |
|
.83 |
% |
|
.86 |
% |
|
.92 |
% |
|
1.06 |
% |
|
|||||||||||||||||||
Net investment income |
|
|
1.91 |
% (c) |
|
4.52 |
% |
|
5.12 |
% |
|
5.12 |
% |
|
5.49 |
% |
|
4.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
$1,786,975 |
|
$1,694,729 |
|
$1,406,579 |
|
$1,007,123 |
|
$889,665 |
|
$740,198 |
|
||||||
Portfolio turnover rate |
|
|
14.13 |
% (c) |
|
43.81 |
% |
|
87.43 |
% |
|
63.31 |
% |
|
45.22 |
% |
|
88.15 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
142 |
See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
NATIONAL TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$11.58 |
|
|
$10.58 |
|
|
$10.90 |
|
|
$10.68 |
|
|
$9.75 |
|
|
$11.16 |
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.18 |
|
|
.42 |
|
|
.45 |
|
|
.46 |
|
|
.45 |
|
|
.42 |
|
Net realized and
|
|
|
.05 |
|
|
.99 |
|
|
(.33 |
) |
|
.21 |
|
|
.91 |
|
|
(1.41 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total from investment
|
|
|
.23 |
|
|
1.41 |
|
|
.12 |
|
|
.67 |
|
|
1.36 |
|
|
(.99 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.17 |
) |
|
(.41 |
) |
|
(.44 |
) |
|
(.45 |
) |
|
(.43 |
) |
|
(.42 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
|
$11.64 |
|
|
$11.58 |
|
|
$10.58 |
|
|
$10.90 |
|
|
$10.68 |
|
|
$9.75 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
2.01 |
% (c) |
|
13.52 |
% |
|
1.26 |
% |
|
6.48 |
% |
|
14.48 |
% |
|
(9.08 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.77 |
% (c) |
|
1.60 |
% |
|
1.64 |
% |
|
1.66 |
% |
|
1.72 |
% |
|
1.85 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.76 |
% (c) |
|
1.53 |
% |
|
1.57 |
% |
|
1.57 |
% |
|
1.57 |
% |
|
1.58 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.77 |
% (c) |
|
1.60 |
% |
|
1.64 |
% |
|
1.66 |
% |
|
1.72 |
% |
|
1.86 |
% |
Net investment income |
|
|
1.51 |
% (c) |
|
3.77 |
% |
|
4.31 |
% |
|
4.33 |
% |
|
4.70 |
% |
|
3.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$7,229 |
|
|
$7,762 |
|
|
$9,190 |
|
|
$16,143 |
|
|
$18,540 |
|
|
$18,032 |
|
Portfolio turnover rate |
|
|
14.13 |
% (c) |
|
43.81 |
% |
|
87.43 |
% |
|
63.31 |
% |
|
45.22 |
% |
|
88.15 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
143 |
|
Financial Highlights (continued) |
NATIONAL TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$11.53 |
|
|
$10.54 |
|
|
$10.86 |
|
|
$10.63 |
|
|
$9.73 |
|
|
$11.15 |
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.18 |
|
|
.43 |
|
|
.46 |
|
|
.46 |
|
|
.46 |
|
|
.44 |
|
Net realized and
|
|
|
.06 |
|
|
.98 |
|
|
(.33 |
) |
|
.23 |
|
|
.89 |
|
|
(1.41 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total from investment
|
|
|
.24 |
|
|
1.41 |
|
|
.13 |
|
|
.69 |
|
|
1.35 |
|
|
(.97 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.18 |
) |
|
(.42 |
) |
|
(.45 |
) |
|
(.46 |
) |
|
(.45 |
) |
|
(.45 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
|
$11.59 |
|
|
$11.53 |
|
|
$10.54 |
|
|
$10.86 |
|
|
$10.63 |
|
|
$9.73 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
2.09 |
% (c) |
|
13.64 |
% |
|
1.38 |
% |
|
6.69 |
% |
|
14.58 |
% |
|
(9.01 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.70 |
% (c) |
|
1.43 |
% |
|
1.50 |
% |
|
1.56 |
% |
|
1.59 |
% |
|
1.67 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.69 |
% (c) |
|
1.37 |
% |
|
1.43 |
% |
|
1.47 |
% |
|
1.45 |
% |
|
1.41 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.70 |
% (c) |
|
1.43 |
% |
|
1.50 |
% |
|
1.56 |
% |
|
1.59 |
% |
|
1.68 |
% |
Net investment income |
|
|
1.58 |
% (c) |
|
3.87 |
% |
|
4.44 |
% |
|
4.40 |
% |
|
4.78 |
% |
|
4.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
$232,166 |
|
$215,692 |
|
$158,714 |
|
$181,209 |
|
$133,922 |
|
$80,301 |
|
||||||
Portfolio turnover rate |
|
|
14.13 |
% (c) |
|
43.81 |
% |
|
87.43 |
% |
|
63.31 |
% |
|
45.22 |
% |
|
88.15 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
144 |
See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
NATIONAL TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$11.51 |
|
|
$10.52 |
|
|
$10.83 |
|
|
$10.61 |
|
|
$9.71 |
|
|
$11.12 |
|
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.23 |
|
|
.51 |
|
|
.53 |
|
|
.55 |
|
|
.53 |
|
|
.52 |
|
Net realized and
|
|
|
.05 |
|
|
.98 |
|
|
(.31 |
) |
|
.21 |
|
|
.89 |
|
|
(1.41 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Total from investment
|
|
|
.28 |
|
|
1.49 |
|
|
.22 |
|
|
.76 |
|
|
1.42 |
|
|
(.89 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.22 |
) |
|
(.50 |
) |
|
(.53 |
) |
|
(.54 |
) |
|
(.52 |
) |
|
(.52 |
) |
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
|
$11.57 |
|
|
$11.51 |
|
|
$10.52 |
|
|
$10.83 |
|
|
$10.61 |
|
|
$9.71 |
|
|
|
|
|
|
|
|
|
||||||||||||
Total Return (b) |
|
|
2.47 |
% (c) |
|
14.48 |
% |
|
2.24 |
% |
|
7.43 |
% |
|
15.44 |
% |
|
(8.32 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.32 |
% (c) |
|
.69 |
% |
|
.73 |
% |
|
.76 |
% |
|
.81 |
% |
|
.95 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.31 |
% (c) |
|
.63 |
% |
|
.66 |
% |
|
.66 |
% |
|
.67 |
% |
|
.69 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.32 |
% (c) |
|
.69 |
% |
|
.73 |
% |
|
.76 |
% |
|
.81 |
% |
|
.97 |
% |
Net investment income |
|
|
1.95 |
% (c) |
|
4.58 |
% |
|
5.21 |
% |
|
5.18 |
% |
|
5.45 |
% |
|
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
$152,718 |
|
$122,943 |
|
$73,983 |
|
$62,200 |
|
$28,791 |
|
$2,310 |
|
||||||
Portfolio turnover rate |
|
|
14.13 |
% (c) |
|
43.81 |
% |
|
87.43 |
% |
|
63.31 |
% |
|
45.22 |
% |
|
88.15 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
145 |
|
Financial Highlights (concluded) |
NATIONAL TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Class I Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
7/26/2010
(a)
|
|
||||||||||||
|
|
|
Year Ended 9/30 |
|
|
||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
2012 |
|
2011 |
|
|
||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value, beginning of period |
|
|
|
$11.52 |
|
|
$10.53 |
|
|
$10.84 |
|
|
|
$10.59 |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income (b) |
|
|
|
.23 |
|
|
.51 |
|
|
.55 |
|
|
|
.10 |
|
||||
Net realized and unrealized gain (loss) |
|
|
|
.06 |
|
|
1.00 |
|
|
(.32 |
) |
|
|
.25 |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Total from investment operations |
|
|
|
.29 |
|
|
1.51 |
|
|
.23 |
|
|
|
.35 |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income |
|
|
|
(.23 |
) |
|
(.52 |
) |
|
(.54 |
) |
|
|
(.10 |
) |
||||
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, end of period |
|
|
|
$11.58 |
|
|
$11.52 |
|
|
$10.53 |
|
|
|
$10.84 |
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Total Return (c) |
|
|
|
2.50 |
% (d) |
|
14.62 |
% |
|
2.40 |
% |
|
|
3.31 |
% (d) |
||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|||||||||||||||||||
Expenses, excluding interest expense and
|
|
|
|
.26 |
% (d) |
|
.52 |
% |
|
.54 |
% |
|
|
.55 |
% (f) |
||||
|
|||||||||||||||||||
Expenses, excluding expense reductions |
|
|
|
.27 |
% (d) |
|
.59 |
% |
|
.61 |
% |
|
|
.64 |
% (f) |
||||
Net investment income |
|
|
|
1.97 |
% (d) |
|
4.58 |
% |
|
5.35 |
% |
|
|
5.21 |
% (f) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net assets, end of period (000) |
|
|
|
$714 |
|
|
$78 |
|
|
$11 |
|
|
|
$10 |
|
||||
Portfolio turnover rate |
|
|
|
14.13 |
% (d) |
|
43.81 |
% |
|
87.43 |
% |
|
|
63.31 |
% |
||||
|
|
(a) |
Commencement of operations was 7/26/2010 and the SEC effective date was 4/30/2007. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
(f) |
Annualized. |
|
|
|
146 |
See Notes to Financial Statements. |
|
|
Financial Highlights |
HIGH YIELD MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six
Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
|
|
|
$11.93 |
|
|
$11.06 |
|
|
$11.81 |
|
|
$11.49 |
|
|
$11.89 |
|
|
$15.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.29 |
|
|
.63 |
|
|
.69 |
|
|
.67 |
|
|
.72 |
|
|
.75 |
|
Net
realized and
|
|
|
.28 |
|
|
.85 |
|
|
(.77 |
) |
|
.31 |
|
|
(.37 |
) (b) |
|
(3.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from
investment
|
|
|
.57 |
|
|
1.48 |
|
|
(.08 |
) |
|
.98 |
|
|
.35 |
|
|
(2.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.28 |
) |
|
(.61 |
) |
|
(.67 |
) |
|
(.66 |
) |
|
(.75 |
) |
|
(.76 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$12.22 |
|
|
$11.93 |
|
|
$11.06 |
|
|
$11.81 |
|
|
$11.49 |
|
|
$11.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (c) |
|
|
4.80 |
% (d) |
|
13.79 |
% |
|
(.46 |
)% |
|
8.88 |
% |
|
4.14 |
% |
|
(16.33 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.40 |
% (d) |
|
.86 |
% |
|
.89 |
% |
|
.91 |
% |
|
1.03 |
% |
|
1.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding interest
|
|
|
.39 |
% (d) |
|
.80 |
% |
|
.82 |
% |
|
.80 |
% |
|
.84 |
% |
|
.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.40 |
% (d) |
|
.86 |
% |
|
.89 |
% |
|
.91 |
% |
|
1.03 |
% |
|
1.30 |
% |
Net investment income |
|
|
2.38 |
% (d) |
|
5.52 |
% |
|
6.24 |
% |
|
5.88 |
% |
|
7.13 |
% |
|
5.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
|
$1,330,121 |
|
|
$1,185,644 |
|
|
$919,758 |
|
|
$1,236,637 |
|
|
$976,708 |
|
|
$695,723 |
|
Portfolio turnover rate |
|
|
6.61 |
% (d) |
|
27.20 |
% |
|
40.94 |
% |
|
37.68 |
% |
|
32.88 |
% |
|
47.95 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
147 |
|
Financial Highlights (continued) |
HIGH YIELD MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six
Months
|
|
|
|
|
|||||||||||||
|
|
|
|
Year Ended 9/30 |
|
||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
|
|
|
$11.93 |
|
|
$11.06 |
|
|
$11.81 |
|
|
$11.50 |
|
|
$11.89 |
|
|
$15.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.25 |
|
|
.56 |
|
|
.62 |
|
|
.59 |
|
|
.66 |
|
|
.68 |
|
Net
realized and
|
|
|
.28 |
|
|
.85 |
|
|
(.77 |
) |
|
.30 |
|
|
(.37 |
) (b) |
|
(3.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from
investment
|
|
|
.53 |
|
|
1.41 |
|
|
(.15 |
) |
|
.89 |
|
|
.29 |
|
|
(2.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.24 |
) |
|
(.54 |
) |
|
(.60 |
) |
|
(.58 |
) |
|
(.68 |
) |
|
(.68 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$12.22 |
|
|
$11.93 |
|
|
$11.06 |
|
|
$11.81 |
|
|
$11.50 |
|
|
$11.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (c) |
|
|
4.47 |
% (d) |
|
13.08 |
% |
|
(1.11 |
)% |
|
7.99 |
% |
|
3.57 |
% |
|
(16.77 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.72 |
% (d) |
|
1.49 |
% |
|
1.56 |
% |
|
1.65 |
% |
|
1.66 |
% |
|
1.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding interest
|
|
|
.71 |
% (d) |
|
1.44 |
% |
|
1.48 |
% |
|
1.55 |
% |
|
1.48 |
% |
|
1.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.72 |
% (d) |
|
1.49 |
% |
|
1.56 |
% |
|
1.65 |
% |
|
1.67 |
% |
|
1.93 |
% |
Net investment income |
|
|
2.06 |
% (d) |
|
4.91 |
% |
|
5.59 |
% |
|
5.14 |
% |
|
6.55 |
% |
|
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
|
$548,169 |
|
|
$526,880 |
|
|
$450,802 |
|
|
$585,366 |
|
|
$455,042 |
|
|
$392,360 |
|
Portfolio turnover rate |
|
|
6.61 |
% (d) |
|
27.20 |
% |
|
40.94 |
% |
|
37.68 |
% |
|
32.88 |
% |
|
47.95 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(c) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
148 |
See Notes to Financial Statements. |
|
Financial Highlights (continued) |
HIGH YIELD MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six
Months
|
|
|
|
|
|||||||||||||
|
|
|
|
Year Ended 9/30 |
|
||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
|
|
|
$11.94 |
|
|
$11.07 |
|
|
$11.82 |
|
|
$11.50 |
|
|
$11.90 |
|
|
$15.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.29 |
|
|
.64 |
|
|
.70 |
|
|
.69 |
|
|
.70 |
|
|
.76 |
|
Net
realized and
|
|
|
.28 |
|
|
.85 |
|
|
(.76 |
) |
|
.30 |
|
|
(.34 |
) (b) |
|
(3.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from
investment
|
|
|
.57 |
|
|
1.49 |
|
|
(.06 |
) |
|
.99 |
|
|
.36 |
|
|
(2.37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.29 |
) |
|
(.62 |
) |
|
(.69 |
) |
|
(.67 |
) |
|
(.76 |
) |
|
(.76 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$12.22 |
|
|
$11.94 |
|
|
$11.07 |
|
|
$11.82 |
|
|
$11.50 |
|
|
$11.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (c) |
|
|
4.76 |
% (d) |
|
13.89 |
% |
|
(.35 |
)% |
|
8.98 |
% |
|
4.25 |
% |
|
(16.19 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.35 |
% (d) |
|
.76 |
% |
|
.79 |
% |
|
.81 |
% |
|
.91 |
% |
|
1.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding interest
|
|
|
.34 |
% (d) |
|
.70 |
% |
|
.72 |
% |
|
.71 |
% |
|
.73 |
% |
|
.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.35 |
% (d) |
|
.76 |
% |
|
.79 |
% |
|
.81 |
% |
|
.91 |
% |
|
1.20 |
% |
Net investment income |
|
|
2.42 |
% (d) |
|
5.60 |
% |
|
6.35 |
% |
|
5.97 |
% |
|
6.83 |
% |
|
5.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
|
$381,903 |
|
|
$258,682 |
|
|
$175,052 |
|
|
$215,479 |
|
|
$112,500 |
|
|
$4,513 |
|
Portfolio turnover rate |
|
|
6.61 |
% (d) |
|
27.20 |
% |
|
40.94 |
% |
|
37.68 |
% |
|
32.88 |
% |
|
47.95 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
149 |
|
Financial Highlights (continued) |
HIGH YIELD MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
||||||||||
|
|
||||||||||||
|
|
Six
Months
|
|
|
|
|
|
|
|||||
|
|
|
Year Ended 9/30 |
|
|
7/26/2010
(a)
|
|
||||||
|
|
|
|
|
|
|
|||||||
|
|
|
2012 |
|
|
2011 |
|
|
|
||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$11.94 |
|
|
$11.06 |
|
|
$11.81 |
|
|
$11.58 |
|
|
|
|
|
|
|
|
|
|
|
||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.30 |
|
|
.66 |
|
|
.68 |
|
|
.12 |
|
Net realized and unrealized gain (loss) |
|
|
.27 |
|
|
.85 |
|
|
(.74 |
) |
|
.23 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total from investment operations |
|
|
.57 |
|
|
1.51 |
|
|
(.06 |
) |
|
.35 |
|
|
|
|
|
|
|
|
|
|
|
||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.29 |
) |
|
(.63 |
) |
|
(.69 |
) |
|
(.12 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Net asset value, end of period |
|
|
$12.22 |
|
|
$11.94 |
|
|
$11.06 |
|
|
$11.81 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Return (c) |
|
|
4.81 |
% (d) |
|
14.08 |
% |
|
(.28 |
)% |
|
3.05 |
% (d) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding interest expense and
|
|
|
.29 |
% (d) |
|
.60 |
% |
|
.62 |
% |
|
.62 |
% (f) |
Expenses, excluding expense reductions |
|
|
.30 |
% (d) |
|
.66 |
% |
|
.70 |
% |
|
.72 |
% (f) |
Net investment income |
|
|
2.46 |
% (d) |
|
5.78 |
% |
|
6.18 |
% |
|
5.75 |
% (f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$2,608 |
|
|
$1,629 |
|
|
$2,258 |
|
|
$112 |
|
Portfolio turnover rate |
|
|
6.61 |
% (d) |
|
27.20 |
% |
|
40.94 |
% |
|
37.68 |
% |
|
|
(a) |
Commencement of operations was 7/26/2010 and the SEC effective date was 4/30/2007. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
(f) |
Annualized. |
|
|
150 |
See Notes to Financial Statements. |
|
Financial Highlights (concluded) |
HIGH YIELD MUNICIPAL BOND FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six
Months
|
|
|
|
|
|||||||||||||
|
|
|
|
Year Ended 9/30 |
|
||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
|
|
|
$11.94 |
|
|
$11.07 |
|
|
$11.82 |
|
|
$11.50 |
|
|
$11.90 |
|
|
$15.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.28 |
|
|
.61 |
|
|
.67 |
|
|
.66 |
|
|
.71 |
|
|
.74 |
|
Net
realized and
|
|
|
.27 |
|
|
.85 |
|
|
(.77 |
) |
|
.30 |
|
|
(.39 |
) (b) |
|
(3.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from
investment
|
|
|
.55 |
|
|
1.46 |
|
|
(.10 |
) |
|
.96 |
|
|
.32 |
|
|
(2.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.27 |
) |
|
(.59 |
) |
|
(.65 |
) |
|
(.64 |
) |
|
(.72 |
) |
|
(.75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$12.22 |
|
|
$11.94 |
|
|
$11.07 |
|
|
$11.82 |
|
|
$11.50 |
|
|
$11.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (c) |
|
|
4.62 |
% (d) |
|
13.56 |
% |
|
(.65 |
)% |
|
8.67 |
% |
|
3.87 |
% |
|
(16.34 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.51 |
% (d) |
|
1.08 |
% |
|
1.11 |
% |
|
1.12 |
% |
|
1.26 |
% |
|
1.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding interest
|
|
|
.50 |
% (d) |
|
1.02 |
% |
|
1.04 |
% |
|
1.02 |
% |
|
1.08 |
% |
|
.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses,
excluding expense
|
|
|
.51 |
% (d) |
|
1.08 |
% |
|
1.11 |
% |
|
1.12 |
% |
|
1.26 |
% |
|
1.51 |
% |
Net investment income |
|
|
2.29 |
% (d) |
|
5.36 |
% |
|
6.07 |
% |
|
5.71 |
% |
|
7.04 |
% |
|
5.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
|
$13 |
|
|
$12 |
|
|
$11 |
|
|
$11 |
|
|
$10 |
|
|
$10 |
|
Portfolio turnover rate |
|
|
6.61 |
% (d) |
|
27.20 |
% |
|
40.94 |
% |
|
37.68 |
% |
|
32.88 |
% |
|
47.95 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(c) |
Total return assumes the reinvestment of all distributions. |
(d) |
Not annualized. |
(e) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
151 |
|
Financial Highlights |
CALIFORNIA TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.73 |
|
|
$9.90 |
|
|
$10.24 |
|
|
$10.17 |
|
|
$9.38 |
|
|
$10.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.19 |
|
|
.43 |
|
|
.48 |
|
|
.47 |
|
|
.45 |
|
|
.45 |
|
Net realized and
|
|
|
.05 |
|
|
.83 |
|
|
(.35 |
) |
|
.07 |
|
|
.80 |
|
|
(1.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from investment
|
|
|
.24 |
|
|
1.26 |
|
|
.13 |
|
|
.54 |
|
|
1.25 |
|
|
(.73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.19 |
) |
|
(.43 |
) |
|
(.47 |
) |
|
(.47 |
) |
|
(.46 |
) |
|
(.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$10.78 |
|
|
$10.73 |
|
|
$9.90 |
|
|
$10.24 |
|
|
$10.17 |
|
|
$9.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (b) |
|
|
2.21 |
% (c) |
|
12.94 |
% |
|
1.56 |
% |
|
5.52 |
% |
|
13.92 |
% |
|
(7.16 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.40 |
% (c) |
|
.82 |
% |
|
.85 |
% |
|
.84 |
% |
|
.91 |
% |
|
1.18 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.40 |
% (c) |
|
.79 |
% |
|
.79 |
% |
|
.78 |
% |
|
.78 |
% |
|
.80 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.40 |
% (c) |
|
.82 |
% |
|
.85 |
% |
|
.84 |
% |
|
.91 |
% |
|
1.18 |
% |
Net investment income |
|
|
1.74 |
% (c) |
|
4.16 |
% |
|
4.96 |
% |
|
4.74 |
% |
|
4.87 |
% |
|
4.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$203,532 |
|
|
$191,127 |
|
|
$150,423 |
|
|
$166,247 |
|
|
$159,768 |
|
|
$144,165 |
|
Portfolio turnover rate |
|
|
6.16 |
% (c) |
|
28.15 |
% |
|
36.60 |
% |
|
47.68 |
% |
|
34.04 |
% |
|
49.17 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
152 |
See Notes to Financial Statements. |
|
Financial Highlights (continued) |
CALIFORNIA TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.73 |
|
|
$9.90 |
|
|
$10.25 |
|
|
$10.17 |
|
|
$9.39 |
|
|
$10.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.15 |
|
|
.36 |
|
|
.42 |
|
|
.40 |
|
|
.38 |
|
|
.39 |
|
Net realized and
|
|
|
.06 |
|
|
.83 |
|
|
(.36 |
) |
|
.08 |
|
|
.80 |
|
|
(1.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from investment
|
|
|
.21 |
|
|
1.19 |
|
|
.06 |
|
|
.48 |
|
|
1.18 |
|
|
(.79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.15 |
) |
|
(.36 |
) |
|
(.41 |
) |
|
(.40 |
) |
|
(.40 |
) |
|
(.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$10.79 |
|
|
$10.73 |
|
|
$9.90 |
|
|
$10.25 |
|
|
$10.17 |
|
|
$9.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (b) |
|
|
1.97 |
% (c) |
|
12.23 |
% |
|
.80 |
% |
|
4.88 |
% |
|
13.13 |
% |
|
(7.73 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.73 |
% (c) |
|
1.45 |
% |
|
1.50 |
% |
|
1.55 |
% |
|
1.60 |
% |
|
1.79 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.72 |
% (c) |
|
1.42 |
% |
|
1.44 |
% |
|
1.49 |
% |
|
1.48 |
% |
|
1.41 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.73 |
% (c) |
|
1.45 |
% |
|
1.50 |
% |
|
1.55 |
% |
|
1.60 |
% |
|
1.79 |
% |
Net investment income |
|
|
1.41 |
% (c) |
|
3.51 |
% |
|
4.32 |
% |
|
4.02 |
% |
|
4.14 |
% |
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$41,119 |
|
|
$38,712 |
|
|
$28,023 |
|
|
$33,280 |
|
|
$28,896 |
|
|
$18,793 |
|
Portfolio turnover rate |
|
|
6.16 |
% (c) |
|
28.15 |
% |
|
36.60 |
% |
|
47.68 |
% |
|
34.04 |
% |
|
49.17 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
153 |
|
Financial Highlights (continued) |
CALIFORNIA TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
||||||||||||||
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|||||||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$10.73 |
|
|
$9.90 |
|
|
$10.24 |
|
|
$10.17 |
|
|
$9.38 |
|
|
$10.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.19 |
|
|
.44 |
|
|
.49 |
|
|
.48 |
|
|
.46 |
|
|
.45 |
|
Net realized and
|
|
|
.05 |
|
|
.83 |
|
|
(.35 |
) |
|
.07 |
|
|
.80 |
|
|
(1.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from investment
|
|
|
.24 |
|
|
1.27 |
|
|
.14 |
|
|
.55 |
|
|
1.26 |
|
|
(.72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.19 |
) |
|
(.44 |
) |
|
(.48 |
) |
|
(.48 |
) |
|
(.47 |
) |
|
(.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$10.78 |
|
|
$10.73 |
|
|
$9.90 |
|
|
$10.24 |
|
|
$10.17 |
|
|
$9.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (b) |
|
|
2.26 |
% (c) |
|
13.04 |
% |
|
1.65 |
% |
|
5.62 |
% |
|
14.06 |
% |
|
(7.07 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.35 |
% (c) |
|
.72 |
% |
|
.75 |
% |
|
.74 |
% |
|
.79 |
% |
|
1.05 |
% |
|
|||||||||||||||||||
Expenses, excluding interest
|
|
|
.35 |
% (c) |
|
.69 |
% |
|
.69 |
% |
|
.68 |
% |
|
.67 |
% |
|
.67 |
% |
|
|||||||||||||||||||
Expenses, excluding expense
|
|
|
.35 |
% (c) |
|
.72 |
% |
|
.75 |
% |
|
.74 |
% |
|
.79 |
% |
|
1.07 |
% |
Net investment income |
|
|
1.79 |
% (c) |
|
4.23 |
% |
|
5.06 |
% |
|
4.81 |
% |
|
4.84 |
% |
|
4.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$26,904 |
|
|
$22,344 |
|
|
$14,605 |
|
|
$12,683 |
|
|
$6,578 |
|
|
$285 |
|
Portfolio turnover rate |
|
|
6.16 |
% (c) |
|
28.15 |
% |
|
36.60 |
% |
|
47.68 |
% |
|
34.04 |
% |
|
49.17 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
154 |
See Notes to Financial Statements. |
|
Financial Highlights (concluded) |
CALIFORNIA TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Class I Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
Year
|
|
1/31/2011
(a)
|
|
||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net asset value, beginning of period |
|
|
$10.73 |
|
|
$9.90 |
|
|
$9.24 |
|
|||||||||
|
|
|
|
|
|
|
|
||||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income (b) |
|
|
|
|
|
|
|
|
|
(c) |
|||||||||
Net realized and unrealized loss |
|
|
|
|
|
|
|
|
(.01 |
) |
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total from investment operations |
|
|
|
|
|
|
|
|
(.01 |
) |
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net asset value on SEC Effective Date, 2/1/2011 |
|
|
|
|
|
|
|
|
$9.23 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income (b) |
|
|
.20 |
|
|
.45 |
|
|
.33 |
|
|||||||||
Net realized and unrealized gain |
|
|
.05 |
|
|
.83 |
|
|
.67 |
(d) |
|||||||||
|
|
|
|
|
|
|
|
||||||||||||
Total from investment operations |
|
|
.25 |
|
|
1.28 |
|
|
1.00 |
|
|||||||||
|
|
|
|
|
|
|
|
||||||||||||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
|
|
(.20 |
) |
|
(.45 |
) |
|
(.33 |
) |
|||||||||
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, end of period |
|
|
$10.78 |
|
|
$10.73 |
|
|
$9.90 |
|
|||||||||
|
|
|
|
|
|
|
|
||||||||||||
Total Return (e) |
|
|
|
|
|
|
|
|
10.89 |
% (f)(g) |
|||||||||
Total Return (e) |
|
|
2.31 |
% (f) |
|
13.17 |
% |
|
10.99 |
% (f)(h) |
|||||||||
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|||||||||||||||||||
Expenses, excluding interest expense and including
|
|
|
.30 |
% (f) |
|
.59 |
% |
|
.60 |
% (j) |
|||||||||
|
|||||||||||||||||||
Expenses, excluding expense reductions |
|
|
.30 |
% (f) |
|
.62 |
% |
|
.69 |
% (j) |
|||||||||
|
|||||||||||||||||||
Net investment income |
|
|
1.85 |
% (f) |
|
4.39 |
% |
|
5.24 |
% (j) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net assets, end of period (000) |
|
|
$13 |
|
|
$13 |
|
|
$11 |
|
|||||||||
Portfolio turnover rate |
|
|
6.16 |
% (f) |
|
28.15 |
% |
|
36.60 |
% |
|||||||||
|
|
(a) |
Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Amount is less than $.01. |
(d) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(e) |
Total return assumes the reinvestment of all distributions. |
(f) |
Not annualized. |
(g) |
Total return for the period 1/31/2011 through 9/30/2011. |
(h) |
Total return for the period 2/1/2011 through 9/30/2011. |
(i) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
(j) |
Annualized. |
|
|
|
|
See Notes to Financial Statements. |
155 |
|
Financial Highlights |
NEW JERSEY TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
|||||||||||||||||
|
|
|||||||||||||||||||
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net asset value,
|
|
$5.07 |
|
|
$4.69 |
|
$4.85 |
|
$4.78 |
|
$4.43 |
|
$5.00 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.09 |
|
|
|
.19 |
|
|
.21 |
|
|
.21 |
|
|
.21 |
|
|
.21 |
|
Net
realized and
|
|
|
(.02 |
) |
|
|
.38 |
|
|
(.16 |
) |
|
.07 |
|
|
.35 |
|
|
(.56 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Total
from investment
|
|
|
.07 |
|
|
|
.57 |
|
|
.05 |
|
|
.28 |
|
|
.56 |
|
|
(.35 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.09 |
) |
|
|
(.19 |
) |
|
(.21 |
) |
|
(.21 |
) |
|
(.21 |
) |
|
(.22 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
$5.05 |
|
|
$5.07 |
|
$4.69 |
|
$4.85 |
|
$4.78 |
|
$4.43 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (b) |
|
|
1.30 |
% (c) |
|
|
12.41 |
% |
|
1.23 |
% |
|
6.13 |
% |
|
13.13 |
% |
|
(7.36 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.40 |
% (c) |
|
|
.83 |
% |
|
.85 |
% |
|
.83 |
% |
|
.81 |
% |
|
.90 |
% |
|
||||||||||||||||||||
Expenses,
excluding interest
|
|
|
.40 |
% (c) |
|
|
.82 |
% (d) |
|
.82 |
% (d) |
|
.80 |
% (d) |
|
.81 |
% |
|
.82 |
% (d) |
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.40 |
% (c) |
|
|
.83 |
% |
|
.85 |
% |
|
.83 |
% |
|
.81 |
% |
|
.90 |
% |
Net investment income |
|
|
1.70 |
% (c) |
|
|
3.96 |
% |
|
4.62 |
% |
|
4.53 |
% |
|
4.78 |
% |
|
4.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
$145,357 |
|
|
$136,085 |
|
$113,783 |
|
$125,722 |
|
$128,778 |
|
$114,704 |
|
||||||
Portfolio turnover rate |
|
|
6.04 |
% (c) |
|
|
31.06 |
% |
|
23.14 |
% |
|
32.22 |
% |
|
20.68 |
% |
|
32.16 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
156 |
See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
NEW JERSEY TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|||||||||||||||||
|
|
|||||||||||||||||||
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value,
|
|
$5.07 |
|
|
$4.69 |
|
$4.85 |
|
$4.78 |
|
$4.43 |
|
$5.00 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.09 |
|
|
|
.20 |
|
|
.22 |
|
|
.22 |
|
|
.21 |
|
|
.21 |
|
Net
realized and
|
|
|
(.02 |
) |
|
|
.38 |
|
|
(.17 |
) |
|
.07 |
|
|
.35 |
|
|
(.56 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Total
from investment
|
|
|
.07 |
|
|
|
.58 |
|
|
.05 |
|
|
.29 |
|
|
.56 |
|
|
(.35 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.09 |
) |
|
|
(.20 |
) |
|
(.21 |
) |
|
(.22 |
) |
|
(.21 |
) |
|
(.22 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
$5.05 |
|
|
$5.07 |
|
$4.69 |
|
$4.85 |
|
$4.78 |
|
$4.43 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (b) |
|
|
1.35 |
% (c) |
|
|
12.51 |
% |
|
1.33 |
% |
|
6.23 |
% |
|
13.26 |
% |
|
(7.27 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.35 |
% (c) |
|
|
.73 |
% |
|
.75 |
% |
|
.72 |
% |
|
.70 |
% |
|
.74 |
% |
|
||||||||||||||||||||
Expenses,
excluding interest
|
|
|
.35 |
% (c) |
|
|
.72 |
% (d) |
|
.72 |
% (d) |
|
.70 |
% (d) |
|
.70 |
% |
|
.66 |
% (d) |
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.35 |
% (c) |
|
|
.73 |
% |
|
.75 |
% |
|
.72 |
% |
|
.70 |
% |
|
.77 |
% |
Net investment income |
|
|
1.74 |
% (c) |
|
|
3.98 |
% |
|
4.70 |
% |
|
4.61 |
% |
|
4.73 |
% |
|
4.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
$8,444 |
|
|
$7,400 |
|
$3,949 |
|
$2,775 |
|
$969 |
|
$48 |
|
||||||
Portfolio turnover rate |
|
|
6.04 |
% (c) |
|
|
31.06 |
% |
|
23.14 |
% |
|
32.22 |
% |
|
20.68 |
% |
|
32.16 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
157 |
|
Financial Highlights (concluded) |
NEW JERSEY TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
||||||||
|
|
||||||||||
|
|
Six Months
|
|
Year
|
|
1/31/2011
(a)
|
|
||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$5.07 |
|
|
$4.69 |
|
|
$4.42 |
|
|
|
|
|
|
|
|
|
|
|
|||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
|
|
|
|
|
|
(c) |
|
Net realized and unrealized loss |
|
|
|
|
|
|
|
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
|
|
|
|
|
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value on SEC Effective Date, 2/1/2011 |
|
|
|
|
|
|
|
|
$4.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.09 |
|
|
.21 |
|
|
.15 |
|
|
Net realized and unrealized gain (loss) |
|
|
(.02 |
) |
|
.37 |
|
|
.28 |
(d) |
|
|
|
|
|
|
|
|
|
|
|||
Total from investment operations |
|
|
.07 |
|
|
.58 |
|
|
.43 |
|
|
|
|
|
|
|
|
|
|
|
|||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.09 |
) |
|
(.20 |
) |
|
(.15 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net asset value, end of period |
|
|
$5.05 |
|
|
$5.07 |
|
|
$4.69 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total Return (e) |
|
|
|
|
|
|
|
|
9.79 |
% (f)(g) |
|
Total Return (e) |
|
|
1.41 |
% (f) |
|
12.43 |
% |
|
10.02 |
% (f)(h) |
|
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Expenses,
excluding interest expense and including
|
|
|
.30 |
% (f) |
|
.60 |
% (i) |
|
.59 |
% (i)(j) |
|
|
|||||||||||
Expenses, excluding expense reductions |
|
|
.30 |
% (f) |
|
.61 |
% |
|
.64 |
% (j) |
|
Net investment income |
|
|
1.81 |
% (f) |
|
4.18 |
% |
|
4.85 |
% (j) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$13 |
|
|
$12 |
|
|
$11 |
|
|
Portfolio turnover rate |
|
|
6.04 |
% (f) |
|
31.06 |
% |
|
23.14 |
% |
|
|
|
(a) |
Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Amount is less than $.01. |
(d) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(e) |
Total return assumes the reinvestment of all distributions. |
(f) |
Not annualized. |
(g) |
Total return for the period 1/31/2011 through 9/30/2011. |
(h) |
Total return for the period 2/1/2011 through 9/30/2011. |
(i) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
(j) |
Annualized. |
|
|
|
158 |
See Notes to Financial Statements. |
|
|
Financial Highlights |
NEW YORK TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
|||||||||||||||||
|
|
|||||||||||||||||||
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net asset value,
|
|
$11.38 |
|
|
$10.66 |
|
$10.96 |
|
$10.78 |
|
$9.71 |
|
$10.96 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.19 |
|
|
|
.43 |
|
|
.48 |
|
|
.49 |
|
|
.48 |
|
|
.46 |
|
Net
realized and
|
|
|
(.03 |
) |
|
|
.73 |
|
|
(.30 |
) |
|
.17 |
|
|
1.06 |
|
|
(1.24 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Total
from investment
|
|
|
.16 |
|
|
|
1.16 |
|
|
.18 |
|
|
.66 |
|
|
1.54 |
|
|
(.78 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.19 |
) |
|
|
(.44 |
) |
|
(.48 |
) |
|
(.48 |
) |
|
(.47 |
) |
|
(.47 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
$11.35 |
|
|
$11.38 |
|
$10.66 |
|
$10.96 |
|
$10.78 |
|
$9.71 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (b) |
|
|
1.38 |
% (c) |
|
|
11.05 |
% |
|
1.85 |
% |
|
6.37 |
% |
|
16.49 |
% |
|
(7.37 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.39 |
% (c) |
|
|
.84 |
% |
|
.85 |
% |
|
.85 |
% |
|
.87 |
% |
|
.99 |
% |
|
||||||||||||||||||||
Expenses,
excluding interest
|
|
|
.38 |
% (c) |
|
|
.78 |
% |
|
.78 |
% |
|
.77 |
% |
|
.78 |
% |
|
.78 |
% |
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.39 |
% (c) |
|
|
.84 |
% |
|
.85 |
% |
|
.85 |
% |
|
.87 |
% |
|
1.00 |
% |
Net investment income |
|
|
1.64 |
% (c) |
|
|
3.95 |
% |
|
4.64 |
% |
|
4.55 |
% |
|
4.90 |
% |
|
4.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
$317,095 |
|
|
$285,447 |
|
$216,126 |
|
$238,259 |
|
$231,452 |
|
$221,057 |
|
||||||
Portfolio turnover rate |
|
|
1.69 |
% (c) |
|
|
18.34 |
% |
|
47.37 |
% |
|
30.34 |
% |
|
22.34 |
% |
|
44.67 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
159 |
|
Financial Highlights (continued) |
NEW YORK TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|||||||||||||||||
|
|
|||||||||||||||||||
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 9/30 |
|
|||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
|||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net asset value,
|
|
$11.37 |
|
|
$10.65 |
|
$10.95 |
|
$10.76 |
|
$9.70 |
|
$10.96 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.15 |
|
|
|
.36 |
|
|
.42 |
|
|
.41 |
|
|
.41 |
|
|
.40 |
|
Net
realized and
|
|
|
(.04 |
) |
|
|
.72 |
|
|
(.31 |
) |
|
.19 |
|
|
1.06 |
|
|
(1.25 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Total
from investment
|
|
|
.11 |
|
|
|
1.08 |
|
|
.11 |
|
|
.60 |
|
|
1.47 |
|
|
(.85 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Distributions
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.15 |
) |
|
|
(.36 |
) |
|
(.41 |
) |
|
(.41 |
) |
|
(.41 |
) |
|
(.41 |
) |
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value,
|
|
$11.33 |
|
|
$11.37 |
|
$10.65 |
|
$10.95 |
|
$10.76 |
|
$9.70 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return (b) |
|
|
.96 |
% (c) |
|
|
10.36 |
% |
|
1.19 |
% |
|
5.74 |
% |
|
15.69 |
% |
|
(8.02 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.71 |
% (c) |
|
|
1.47 |
% |
|
1.50 |
% |
|
1.54 |
% |
|
1.55 |
% |
|
1.63 |
% |
|
||||||||||||||||||||
Expenses,
excluding interest
|
|
|
.70 |
% (c) |
|
|
1.42 |
% |
|
1.43 |
% |
|
1.46 |
% |
|
1.46 |
% |
|
1.41 |
% |
|
||||||||||||||||||||
Expenses,
excluding expense
|
|
|
.71 |
% (c) |
|
|
1.47 |
% |
|
1.50 |
% |
|
1.54 |
% |
|
1.55 |
% |
|
1.63 |
% |
Net investment income |
|
|
1.32 |
% (c) |
|
|
3.31 |
% |
|
3.99 |
% |
|
3.85 |
% |
|
4.21 |
% |
|
3.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets,
|
|
$54,304 |
|
|
$50,407 |
|
$38,627 |
|
$42,397 |
|
$37,554 |
|
$31,262 |
|
||||||
Portfolio turnover rate |
|
|
1.69 |
% (c) |
|
|
18.34 |
% |
|
47.37 |
% |
|
30.34 |
% |
|
22.34 |
% |
|
44.67 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
160 |
See Notes to Financial Statements. |
|
|
Financial Highlights (continued) |
NEW YORK TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
Six Months
|
|
|
|
|
|||||||||||||
|
|
|
|
Year Ended 9/30 |
|
||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
$11.39 |
|
|
$10.67 |
|
|
$10.97 |
|
|
$10.78 |
|
|
$9.72 |
|
|
$10.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (a) |
|
|
.19 |
|
|
.44 |
|
|
.49 |
|
|
.50 |
|
|
.48 |
|
|
.48 |
|
Net realized and
|
|
|
(.03 |
) |
|
.73 |
|
|
(.30 |
) |
|
.18 |
|
|
1.06 |
|
|
(1.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total from investment
|
|
|
.16 |
|
|
1.17 |
|
|
.19 |
|
|
.68 |
|
|
1.54 |
|
|
(.76 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Distributions to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.19 |
) |
|
(.45 |
) |
|
(.49 |
) |
|
(.49 |
) |
|
(.48 |
) |
|
(.48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value,
|
|
|
$11.36 |
|
|
$11.39 |
|
|
$10.67 |
|
|
$10.97 |
|
|
$10.78 |
|
|
$9.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Return (b) |
|
|
1.43 |
% (c) |
|
11.15 |
% |
|
1.95 |
% |
|
6.57 |
% |
|
16.51 |
% |
|
(7.18 |
)% |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense
|
|
|
.34 |
% (c) |
|
.74 |
% |
|
.75 |
% |
|
.75 |
% |
|
.77 |
% |
|
.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding interest
|
|
|
.33 |
% (c) |
|
.68 |
% |
|
.68 |
% |
|
.67 |
% |
|
.68 |
% |
|
.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses, excluding expense
|
|
|
.34 |
% (c) |
|
.74 |
% |
|
.75 |
% |
|
.75 |
% |
|
.77 |
% |
|
.83 |
% |
Net investment income |
|
|
1.69 |
% (c) |
|
3.99 |
% |
|
4.73 |
% |
|
4.64 |
% |
|
4.81 |
% |
|
4.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets,
|
|
|
$20,695 |
|
|
$16,491 |
|
|
$7,907 |
|
|
$7,631 |
|
|
$3,143 |
|
|
$9 |
|
Portfolio turnover rate |
|
|
1.69 |
% (c) |
|
18.34 |
% |
|
47.37 |
% |
|
30.34 |
% |
|
22.34 |
% |
|
44.67 |
% |
|
|
(a) |
Calculated using average shares outstanding during the period. |
(b) |
Total return assumes the reinvestment of all distributions. |
(c) |
Not annualized. |
(d) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
|
|
|
|
See Notes to Financial Statements. |
161 |
|
Financial Highlights (concluded) |
NEW YORK TAX FREE FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|||||||
|
|
|||||||||
|
|
Six Months
|
|
Year
|
|
1/31/2011
(a)
|
|
|||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$11.39 |
|
|
$10.67 |
|
|
$10.10 |
|
|
|
|
|
|
|
|
|
|||
Investment operations: |
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
|
|
|
|
|
|
|
(c) |
Net realized and unrealized loss |
|
|
|
|
|
|
|
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
|
|
|
|
|
|
(.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net asset value on SEC Effective Date, 2/1/2011 |
|
|
|
|
|
|
|
|
$10.09 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment operations: |
|
|
|
|
|
|
|
|
|
|
Net investment income (b) |
|
|
.20 |
|
|
.41 |
|
|
.34 |
|
Net realized and unrealized gain (loss) |
|
|
(.04 |
) |
|
.77 |
|
|
.58 |
(d) |
|
|
|
|
|
|
|
|
|||
Total from investment operations |
|
|
.16 |
|
|
1.18 |
|
|
.92 |
|
|
|
|
|
|
|
|
|
|||
Distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(.20 |
) |
|
(.46 |
) |
|
(.34 |
) |
|
|
|
|
|
|
|
|
|||
Net asset value, end of period |
|
|
$11.35 |
|
|
$11.39 |
|
|
$10.67 |
|
|
|
|
|
|
|
|
|
|||
Total Return (e) |
|
|
|
|
|
|
|
|
9.12 |
% (f)(g) |
Total Return (e) |
|
|
1.39 |
% (f) |
|
11.30 |
% |
|
9.21 |
% (f)(h) |
Ratios to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
Expenses, excluding interest expense and including
|
|
|
.28 |
% (f) |
|
.58 |
% |
|
.57 |
% (j) |
Expenses, excluding expense reductions |
|
|
.29 |
% (f) |
|
.64 |
% |
|
.67 |
% (j) |
Net investment income |
|
|
1.73 |
% (f) |
|
3.68 |
% |
|
4.91 |
% (j) |
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) |
|
|
$618 |
|
|
$265 |
|
|
$11 |
|
Portfolio turnover rate |
|
|
1.69 |
% (f) |
|
18.34 |
% |
|
47.37 |
% |
|
|
(a) |
Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011. |
(b) |
Calculated using average shares outstanding during the period. |
(c) |
Amount is less than $.01. |
(d) |
The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time. |
(e) |
Total return assumes the reinvestment of all distributions. |
(f) |
Not annualized. |
(g) |
Total return for the period 1/31/2011 through 9/30/2011. |
(h) |
Total return for the period 2/1/2011 through 9/30/2011. |
(i) |
Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts. |
(j) |
Annualized. |
|
|
162 |
See Notes to Financial Statements. |
N otes to Financial Statements (unaudited)
|
|
|
1. |
ORGANIZATION |
|
Lord Abbett Municipal Income Fund, Inc. (the Company) is registered under the Investment Company Act of 1940, as amended (the Act), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.
The Company consists of the following eight portfolios (separately, a Fund and collectively, the Funds) and their respective classes:
|
|
|
|
Funds |
|
|
Classes |
Lord Abbett Short Duration Tax Free Fund (Short Duration) |
|
|
A,B,C,F and I |
Lord Abbett Intermediate Tax Free Fund (Intermediate) |
|
|
A,B,C,F,I and P |
Lord Abbett AMT Free Municipal Bond Fund (AMT Free) |
|
|
A,C,F and I |
Lord Abbett National Tax-Free Income Fund (National) |
|
|
A,B,C,F,I and P |
Lord Abbett High Yield Municipal Bond Fund (High Yield) |
|
|
A,B,C,F,I and P |
Lord Abbett California Tax-Free Income Fund (California) |
|
|
A,C,F,I and P |
Lord Abbett New Jersey Tax-Free Income Fund (New Jersey) |
|
|
A,F and I |
Lord Abbett New York Tax-Free Income Fund (New York) |
|
|
A,C,F,I and P |
Short Duration, Intermediate, AMT Free and National are diversified as defined in the Act. High Yield, California, New Jersey and New York are non-diversified as defined in the Act. Short Duration has not issued Class B shares and only Intermediate and High Yield have issued Class P shares. High Yields Class B shares were fully redeemed on March 12, 2013. The Funds no longer issue Class B shares for purchase. The Funds Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds prospectus.
The investment objective of each Fund (except for High Yield) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Yield is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.
Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (NAV) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I and P shares, although there may be a contingent deferred sales charge (CDSC) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Funds prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25 th day of the month (or, if the 25 th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
163
Notes to Financial Statements (unaudited)(continued)
|
|
|
2. |
SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
(a) |
Investment Valuation Under procedures approved by the Funds Board of Directors (the Board), Lord, Abbett & Co. LLC (Lord Abbett), each Funds 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 at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. |
|
|
|
Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|
|
|
Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
|
|
(b) |
Security Transactions Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
|
|
(c) |
Investment Income Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
|
|
(d) |
Income Taxes It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|
|
|
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2009 through September 30, |
164
Notes to Financial Statements (unaudited)(continued)
|
|
|
2012. The statutes of limitations on the Companys state and local tax returns may remain open for an additional year depending upon the jurisdiction. |
|
|
(e) |
Expenses Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F and P shares bear their class-specific share of all expenses and fees relating to the Funds 12b-1 Distribution Plan. |
|
|
(f) |
Futures Contracts Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called initial margin. Subsequent payments made or received by a Fund called variation margin are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. As of March 31, 2013, each Fund, except Short Duration, had open futures contracts. |
|
|
(g) |
When-Issued Municipal Bonds Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis, with delivery and payment normally taking place approximately one month after the purchase date. |
|
|
(h) |
Municipal Bonds Held in Trust Each Fund may invest in leveraged residual certificates (TOB Residuals) issued by tender option bond trusts (TOBs). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of the Fund. Each Funds 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 Funds Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statement of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of each Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity |
165
Notes to Financial Statements (unaudited)(continued)
|
|
|
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 Funds liability for trust certificates, range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred to TOBs as of March 31, 2013, as well as the average trust certificates outstanding for the six months ended March 31, 2013: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
Liability for
|
|
Interest Rate
|
|
Underlying
|
|
Average
|
|
||||
|
|||||||||||||
Short Duration |
|
$ |
17,000,000 |
|
|
.13% |
|
$ |
34,534,220 |
|
$ |
17,000,000 |
|
Intermediate |
|
|
11,815,000 |
|
|
.12% - .13% |
|
|
25,852,060 |
|
|
11,815,000 |
|
AMT Free |
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
|
62,165,000 |
|
|
.12% - .16% |
|
|
145,631,217 |
|
|
72,475,000 |
|
High Yield |
|
|
41,160,000 |
|
|
.12% - .16% |
|
|
95,165,474 |
|
|
51,660,000 |
|
California |
|
|
1,500,000 |
|
|
.13% |
|
|
3,605,250 |
|
|
1,500,000 |
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
4,030,000 |
|
|
.13% |
|
|
9,322,905 |
|
|
4,030,000 |
|
|
|
|
Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Funds investment in TOB Residuals likely will adversely affect a Funds net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Funds NAV per share. As of March 31, 2013, the carrying value of each Funds Liability for Trust Certificates approximates its fair value. |
|
|
|
While the Funds investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds management believes that the Funds restrictions on borrowings do not apply to the secured borrowings for TOB transactions. |
|
|
(i) |
Fair Value Measurements Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about riskfor 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 entitys own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below: |
166
Notes to Financial Statements (unaudited)(continued)
The following is a summary of the inputs used as of March 31, 2013 in valuing each Funds investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
||||||||||
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||
Investment Type* |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|||||||||||||
Municipal Bonds |
|
$ |
|
|
$ |
2,208,477,140 |
|
$ |
|
|
$ |
2,208,477,140 |
|
Variable Rate Demand Notes |
|
|
|
|
|
397,171,900 |
|
|
|
|
|
397,171,900 |
|
|
|||||||||||||
Total |
|
$ |
|
|
$ |
2,605,649,040 |
|
$ |
|
|
$ |
2,605,649,040 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust Certificates |
|
$ |
|
|
$ |
(17,000,000 |
) |
$ |
|
|
$ |
(17,000,000 |
) |
|
|||||||||||||
Total |
|
$ |
|
|
$ |
(17,000,000 |
) |
$ |
|
|
$ |
(17,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate |
|
||||||||||
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type* |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|||||||||||||
Municipal Bonds |
|
$ |
|
|
$ |
4,207,024,364 |
|
$ |
40 |
(1) |
$ |
4,207,024,404 |
|
Money Market Mutual Fund |
|
|
1,775 |
|
|
|
|
|
|
|
|
1,775 |
|
Variable Rate Demand Notes |
|
|
|
|
|
92,620,000 |
|
|
|
|
|
92,620,000 |
|
|
|||||||||||||
Total |
|
$ |
1,775 |
|
$ |
4,299,644,364 |
|
$ |
40 |
|
$ |
4,299,646,179 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust Certificates |
|
$ |
|
|
$ |
(11,815,000 |
) |
$ |
|
|
$ |
(11,815,000 |
) |
|
|||||||||||||
Total |
|
$ |
|
|
$ |
(11,815,000 |
) |
$ |
|
|
$ |
(11,815,000 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Liabilities |
|
|
(1,035,363 |
) |
|
|
|
|
|
|
|
(1,035,363 |
) |
|
|||||||||||||
Total |
|
$ |
(1,035,363 |
) |
$ |
|
|
$ |
|
|
$ |
(1,035,363 |
) |
|
|
|
(1) |
Municipal Bond categorized as a Level 3 investment includes MI St Strategic Fd. |
167
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
||||||||||
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type* |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|||||||||||||
Municipal Bonds |
|
$ |
|
|
$ |
2,207,794,444 |
|
$ |
|
|
$ |
2,207,794,444 |
|
Money Market Mutual Fund |
|
|
908 |
|
|
|
|
|
|
|
|
908 |
|
Variable Rate Demand Notes |
|
|
|
|
|
9,250,000 |
|
|
|
|
|
9,250,000 |
|
|
|||||||||||||
Total |
|
$ |
908 |
|
$ |
2,217,044,444 |
|
$ |
|
|
$ |
2,217,045,352 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust Certificates |
|
$ |
|
|
$ |
(62,165,000 |
) |
$ |
|
|
$ |
(62,165,000 |
) |
|
|||||||||||||
Total |
|
$ |
|
|
$ |
(62,165,000 |
) |
$ |
|
|
$ |
(62,165,000 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Liabilities |
|
|
(773,395 |
) |
|
|
|
|
|
|
|
(773,395 |
) |
|
|||||||||||||
Total |
|
$ |
(773,395 |
) |
$ |
|
|
$ |
|
|
$ |
(773,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield |
|
||||||||||
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type* |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|||||||||||||
Municipal Bonds |
|
$ |
|
|
$ |
2,260,375,888 |
|
$ |
850 |
(1) |
$ |
2,260,376,738 |
|
Money Market Mutual Fund |
|
|
797 |
|
|
|
|
|
|
|
|
797 |
|
Variable Rate Demand Notes |
|
|
|
|
|
5,850,000 |
|
|
|
|
|
5,850,000 |
|
|
|||||||||||||
Total |
|
$ |
797 |
|
$ |
2,266,225,888 |
|
$ |
850 |
|
$ |
2,266,227,535 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust Certificates |
|
$ |
|
|
$ |
(41,160,000 |
) |
$ |
|
|
$ |
(41,160,000 |
) |
|
|||||||||||||
Total |
|
$ |
|
|
$ |
(41,160,000 |
) |
$ |
|
|
$ |
(41,160,000 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Liabilities |
|
|
(788,858 |
) |
|
|
|
|
|
|
|
(788,858 |
) |
|
|||||||||||||
Total |
|
$ |
(788,858 |
) |
$ |
|
|
$ |
|
|
$ |
(788,858 |
) |
|
|
|
(1) |
Municipal Bonds categorized as Level 3 investments include MI St Strategic Fd, Moraine Ohio Solid Waste Disp AMT, and Ohio St Pollution Ctl Rev. |
168
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
||||||||||||
|
|||||||||||||
|
|||||||||||||
Investment Type* |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|||||||||||||
Municipal Bonds |
|
$ |
|
|
$ |
151,325,614 |
|
$ |
|
|
$ |
151,325,614 |
|
Money Market Mutual Fund |
|
|
5 |
|
|
|
|
|
|
|
|
5 |
|
|
|||||||||||||
Total |
|
$ |
5 |
|
$ |
151,325,614 |
|
$ |
|
|
$ |
151,325,619 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Liabilities |
|
|
(68,611 |
) |
|
|
|
|
|
|
|
(68,611 |
) |
|
|||||||||||||
Total |
|
$ |
(68,611 |
) |
$ |
|
|
$ |
|
|
$ |
(68,611 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
||||||||||||
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type* |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
|||||||||||||
Municipal Bonds |
|
$ |
|
|
$ |
393,904,662 |
|
$ |
|
|
$ |
393,904,662 |
|
Money Market Mutual Fund |
|
|
331 |
|
|
|
|
|
|
|
|
331 |
|
|
|||||||||||||
Total |
|
$ |
331 |
|
$ |
393,904,662 |
|
$ |
|
|
$ |
393,904,993 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trust Certificates |
|
$ |
|
|
$ |
(4,030,000 |
) |
$ |
|
|
$ |
(4,030,000 |
) |
|
|||||||||||||
Total |
|
$ |
|
|
$ |
(4,030,000 |
) |
$ |
|
|
$ |
(4,030,000 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Liabilities |
|
|
(171,461 |
) |
|
|
|
|
|
|
|
(171,461 |
) |
|
|||||||||||||
Total |
|
$ |
(171,461 |
) |
$ |
|
|
$ |
|
|
$ |
(171,461 |
) |
|
* See Schedule of Investments for fair values in each industry.
169
Notes to Financial Statements (unaudited)(continued)
The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:
|
|
|
|
|
|
|
|
Fund |
|
Intermediate |
|
High Yield |
|
||
|
|||||||
|
|
|
|
|
|
|
|
Investment Type |
|
Municipal Bonds |
|
Municipal Bonds |
|
||
|
|||||||
Balance as of October 1, 2012 |
|
$ |
|
|
$ |
|
|
Accrued discounts/premiums |
|
|
|
|
|
|
|
Realized gain (loss) |
|
|
|
|
|
|
|
Change in unrealized |
|
|
|
|
|
|
|
appreciation/depreciation |
|
|
(2,460 |
) |
|
(52,213 |
) |
Purchases |
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
|
Net transfers in or out of Level 3 |
|
|
2,500 |
|
|
53,063 |
|
|
|||||||
Balance as of March 31, 2013 |
|
$ |
40 |
|
$ |
850 |
|
|
|
|
(j) |
Disclosures about Derivative Instruments and Hedging Activities Each Fund, except Short Duration, entered into U.S. Treasury futures contracts during the six months ended March 31, 2013 (as described in note 2(f)) to hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchanges clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default. |
|
|
|
As of March 31, 2013, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current days variation margin is included in the Statements of Assets and Liabilities. The net realized gain/(loss) and net change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on investments and futures contracts and Net change in unrealized appreciation/depreciation on investments and futures contracts, respectively. |
The following is a summary of U.S. Treasury futures contracts as of and during the six months ended March 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Unrealized
|
|
Net
|
|
Net Change in
|
|
Average
|
|
||||
|
|||||||||||||
Intermediate |
|
$ |
(1,035,363 |
) |
$ |
1,804,791 |
|
$ |
(589,321 |
) |
|
983 |
|
AMT Free |
|
|
(62,171 |
) |
|
63,823 |
|
|
(44,618 |
) |
|
79 |
|
National |
|
|
(773,395 |
) |
|
1,455,868 |
|
|
(697,437 |
) |
|
703 |
|
High Yield |
|
|
(788,858 |
) |
|
619,780 |
|
|
(699,191 |
) |
|
710 |
|
California |
|
|
(144,479 |
) |
|
207,188 |
|
|
(76,121 |
) |
|
114 |
|
New Jersey |
|
|
(68,611 |
) |
|
77,770 |
|
|
(60,193 |
) |
|
57 |
|
New York |
|
|
(171,461 |
) |
|
252,002 |
|
|
(151,320 |
) |
|
126 |
|
* Calculated based on the number of contracts for the six months ended March 31, 2013.
170
Notes to Financial Statements (unaudited)(continued)
|
|
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 Funds investment portfolio.
The management fee for each of National, California, New Jersey and New York is based on each Funds 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 each Funds average daily net assets at the following annual rate:
|
|
First $2 billion |
.40% |
Next $3 billion |
.375% |
Over $5 billion |
.35% |
The management fee for Intermediate is based on the Funds average daily net assets. Effective February 1, 2013, the management agreement was amended, resulting in the following annual rates:
|
|
|
|
|
|
|
|
|
|
Effective
|
|
Prior to
|
|
||
|
|||||||
First $2 billion |
|
|
.40% |
|
|
.40% |
|
Next $3 billion |
|
|
.375% |
|
|
.375% |
|
Next $5 billion |
|
|
.35% |
|
|
.35% |
|
Over $10 billion |
|
|
.32% |
|
|
.35% |
|
The management fee for each of AMT Free and High Yield is based on each Funds average daily net assets at the following annual rate:
|
|
First $1 billion |
.50% |
Next $1 billion |
.45% |
Over $2 billion |
.40% |
For the six months ended March 31, 2013, the effective management fee, net of waivers, was at the following annualized rate of each Funds average daily net assets:
|
|
|
|
|
|
|
|
Effective
|
|
|
||||
Short Duration |
|
|
.32% |
|
Intermediate |
|
|
.37% |
|
AMT Free |
|
|
.20% |
|
National |
|
|
.42% |
|
High Yield |
|
|
.47% |
|
California |
|
|
.45% |
|
New Jersey |
|
|
.45% |
|
New York |
|
|
.45% |
|
171
Notes to Financial Statements (unaudited)(continued)
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 Funds average daily net assets.
For the period February 1, 2013 through January 31, 2014, Lord Abbett has contractually agreed to waive all or a portion of its management fee and fund administration fee for Short Duration, Intermediate and AMT Free and reimburse each Funds expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of .43%, .49% and .40%, respectively. This agreement may be terminated only by the Board.
For the twelve month period through January 31, 2013, Lord Abbett had contractually agreed to waive all or a portion of its management fee and fund administration fee for Short Duration, Intermediate and AMT Free and reimburse each Funds expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of .41%, .47% and .35%, respectively.
12b-1 Distribution Plan
Each
Fund has adopted a distribution plan with respect to Class A, B, C, F and P
shares pursuant to Rule 12b-1 under the Act, which provides for the payment of
ongoing distribution and service fees to Lord Abbett Distributor LLC (the Distributor),
an affiliate of Lord Abbett. The fees are accrued daily at annual rates based
upon each Funds average daily net assets as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees |
|
Class A |
|
Class B |
|
Class C (1) |
|
Class F |
|
Class P |
|
|||||
Service |
|
|
.15% |
|
|
.25% |
|
|
.25% |
|
|
|
|
|
.25% |
|
Distribution |
|
|
.05% |
|
|
.75% |
|
|
.75% |
|
|
.10% |
|
|
.20% |
|
|
|
(1) |
The Rule 12b-1 fee each Fund pays on Class C shares is a blended rate based on 1.00% of each Funds average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of each Funds average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of a Fund will bear Rule 12b-1 fees at the same rate. |
Class I shares do not have a distribution plan.
|
|
|
|
|
|
|
|
|
|
Distributor
|
|
Dealers
|
|
||
|
|||||||
Short Duration |
|
|
$ 51,250 |
|
|
$ 312,581 |
|
Intermediate |
|
|
204,804 |
|
|
1,208,276 |
|
AMT Free |
|
|
25,079 |
|
|
146,093 |
|
National |
|
|
194,366 |
|
|
1,156,172 |
|
High Yield |
|
|
170,240 |
|
|
1,084,293 |
|
California |
|
|
12,196 |
|
|
68,107 |
|
New Jersey |
|
|
5,935 |
|
|
35,473 |
|
New York |
|
|
17,230 |
|
|
108,278 |
|
172
Notes to Financial Statements (unaudited)(continued)
Distributor received the following amount of CDSCs for the six months ended March 31, 2013:
|
|
|
|
|
|
|
|
|
|
Class A |
|
Class C |
|
||
|
|||||||
Short Duration |
|
|
$275,719 |
|
|
$ 52,163 |
|
Intermediate |
|
|
226,079 |
|
|
88,089 |
|
AMT Free |
|
|
23,471 |
|
|
3,856 |
|
National |
|
|
47,876 |
|
|
20,699 |
|
High Yield |
|
|
105,775 |
|
|
38,958 |
|
California |
|
|
7,592 |
|
|
4,393 |
|
New Jersey |
|
|
|
|
|
|
|
New York |
|
|
6,282 |
|
|
3,795 |
|
During the six months ended March 31, 2013, two Directors and certain of the Companys officers had an interest in Lord Abbett.
|
|
4. |
DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS |
Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.
The tax character of distributions paid during the six months ended March 31, 2013 and fiscal year ended September 30, 2012 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
|
|
|
Intermediate |
|
||
|
|||||||||||||
|
|
Six Months Ended
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
|
||||
|
|||||||||||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income |
|
|
$17,861,266 |
|
|
$34,337,008 |
|
|
$52,056,591 |
|
|
$91,374,736 |
|
Net long-term capital gains |
|
|
1,187,055 |
|
|
1,326,190 |
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions paid |
|
|
$19,048,321 |
|
|
$35,663,198 |
|
|
$52,056,591 |
|
|
$91,374,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT Free |
|
|
|
|
|
National |
|
|
|||||||||||||
|
|
Six Months Ended
|
|
Year Ended
|
|
|
Six Months Ended
|
|
|
Year Ended
|
|
||
|
|||||||||||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income |
|
|
$3,282,477 |
|
|
$4,639,188 |
|
|
$39,449,209 |
|
|
$79,268,242 |
|
|
|||||||||||||
Total distributions paid |
|
|
$3,282,477 |
|
|
$4,639,188 |
|
|
$39,449,209 |
|
|
$79,268,242 |
|
|
173
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield |
|
|
|
|
California |
|
||
|
|||||||||||||
|
|
Six Months Ended
|
|
|
|
Six Months Ended
|
|
Year Ended
|
|
||||
|
|||||||||||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income |
|
|
$47,450,453 |
|
|
$85,717,155 |
|
|
$4,429,020 |
|
|
$8,748,816 |
|
Ordinary income |
|
|
|
|
|
827,394 |
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions paid |
|
|
$47,450,453 |
|
|
$86,544,549 |
|
|
$4,429,020 |
|
|
$8,748,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
|
New York |
|
||
|
|||||||||||||
|
|
Six Months Ended
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
|
||||
|
|||||||||||||
Distributions paid from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income |
|
|
$2,571,206 |
|
|
$5,148,928 |
|
|
$6,038,619 |
|
|
$11,328,508 |
|
|
|||||||||||||
Total distributions paid |
|
|
$2,571,206 |
|
|
$5,148,928 |
|
|
$6,038,619 |
|
|
$11,328,508 |
|
|
As of September 30, 2012, the capital loss carryforwards, along with the related expiration dates, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
Indefinite |
|
Total |
|
|||||||||
Intermediate |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
2,119,633 |
|
$ |
|
|
$ |
2,119,633 |
|
AMT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
308,610 |
|
|
308,610 |
|
National |
|
|
211,810 |
|
|
1,608,164 |
|
|
1,395,469 |
|
|
1,774,936 |
|
|
24,469,869 |
|
|
16,239,818 |
|
|
|
|
|
622,922 |
|
|
46,322,988 |
|
High Yield |
|
|
|
|
|
1,759,893 |
|
|
9,152,078 |
|
|
16,838,530 |
|
|
112,613,733 |
|
|
77,996,014 |
|
|
36,257,876 |
|
|
45,256,026 |
|
|
299,874,150 |
|
California |
|
|
|
|
|
|
|
|
429,137 |
|
|
3,345 |
|
|
1,405,669 |
|
|
5,151,330 |
|
|
502,921 |
|
|
5,963,901 |
|
|
13,456,303 |
|
New Jersey |
|
|
|
|
|
87,412 |
|
|
|
|
|
|
|
|
|
|
|
4,168,179 |
|
|
1,290,500 |
|
|
2,722,106 |
|
|
8,268,197 |
|
New York |
|
|
|
|
|
562,562 |
|
|
|
|
|
|
|
|
1,280,143 |
|
|
5,906,184 |
|
|
2,268,803 |
|
|
2,029,184 |
|
|
12,046,876 |
|
In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (post-enactment losses) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.
As of March 31, 2013, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Cost |
|
Gross
|
|
Gross
|
|
Net
|
|
||||
|
|||||||||||||
Short Duration |
|
|
$2,542,615,776 |
|
|
$ 50,529,919 |
|
|
$ (4,496,655 |
) |
|
$ 46,033,264 |
|
Intermediate |
|
|
4,071,518,750 |
|
|
234,766,680 |
|
|
(18,454,251 |
) |
|
216,312,429 |
|
AMT Free |
|
|
185,427,475 |
|
|
11,828,215 |
|
|
(876,620 |
) |
|
10,951,595 |
|
National |
|
|
1,995,119,378 |
|
|
190,278,160 |
|
|
(30,517,186 |
) |
|
159,760,974 |
|
High Yield |
|
|
2,133,946,655 |
|
|
209,349,948 |
|
|
(118,229,068 |
) |
|
91,120,880 |
|
California |
|
|
244,385,313 |
|
|
24,441,968 |
|
|
(721,965 |
) |
|
23,720,003 |
|
New Jersey |
|
|
141,110,725 |
|
|
12,087,537 |
|
|
(1,872,643 |
) |
|
10,214,894 |
|
New York |
|
|
364,625,536 |
|
|
27,876,834 |
|
|
(2,627,377 |
) |
|
25,249,457 |
|
The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts and other temporary adjustments.
174
Notes to Financial Statements (unaudited)(continued)
|
|
5. |
PORTFOLIO SECURITIES TRANSACTIONS |
Purchases and sales of investment securities (excluding short-term investments) during the six months ended March 31, 2013 were as follows:
|
|
|
|
|
|
|
|
|
|
Purchases |
|
Sales |
|
||
|
|||||||
Short Duration |
|
|
$291,660,399 |
|
|
$169,219,935 |
|
Intermediate |
|
|
959,274,778 |
|
|
400,596,389 |
|
AMT Free |
|
|
57,441,845 |
|
|
32,487,483 |
|
National |
|
|
413,057,558 |
|
|
308,624,132 |
|
High Yield |
|
|
350,202,306 |
|
|
142,084,677 |
|
California |
|
|
35,320,251 |
|
|
16,098,085 |
|
New Jersey |
|
|
21,336,310 |
|
|
9,020,069 |
|
New York |
|
|
54,489,622 |
|
|
6,401,172 |
|
There were no purchases or sales of U.S. Government securities during the six months ended March 31, 2013.
|
|
6. |
DIRECTORS REMUNERATION |
During the six months ended March 31, 2013, the Companys officers and the two Directors who were associated with Lord Abbett did not receive any compensation from the Company for serving in such capacities. Independent Directors fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors fees on the Statements of Operations and in Directors fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.
|
|
7. |
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 Funds expenses.
|
|
8. |
LINE OF CREDIT |
On April 2, 2012, the Funds and certain other funds managed by Lord Abbett (the participating funds) entered into an unsecured revolving credit facility (Facility) with State Street Bank and Trust Company (SSB), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on the Funds Statements of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of March 31, 2013 there were no loans pursuant to this Facility, nor was the Facility utilized any time during the six months ended March 31, 2013.
175
Notes to Financial Statements (unaudited)(continued)
Effective April 1, 2013, the Funds and the participating funds entered into a short term extension of the Facility through June 30, 2013.
|
|
|
9. |
CUSTODIAN AND ACCOUNTING AGENT |
|
SSB is the Companys custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Funds NAV.
|
|
|
10. |
INVESTMENT RISKS |
|
Each Funds 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 Funds investments typically will lose value. This risk is usually greater for long-term bonds and particularly for inverse floaters than for shorter-term bonds. As a result, each Fund, to the extent it invests in long-term bonds and inverse floaters, is subject to such greater market risk.
Additional risks that could reduce each Funds performance or increase volatility include call risk, credit risk, derivatives risk, extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, and taxability risk. Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.
There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called lower rated bonds or junk bonds). High Yield invests a significant portion of its assets in such bonds. AMT Free and National may invest up to 35% and all other Funds (excluding High Yield) may invest up to 20% of their respective assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to the Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.
Each of High Yield, California, New Jersey and New York is non-diversified, which means that it may invest a greater portion of its assets in a single issuer than a diversified fund. Thus, it may be exposed to greater risk.
Because each of California, New Jersey and New York focuses on a particular state or territory, each Funds performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, AMT Free, National, and High Yield), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.
Each Fund (except AMT Free and High Yield) may invest up to 20% of its net assets in private activity bonds (sometimes called AMT paper). AMT Free may not invest in AMT paper. High Yield may invest up to 100% of its net assets in AMT paper. The credit quality of such bonds usually is directly related to the credit standing of the private user of the facilities.
176
Notes to Financial Statements (unaudited)(continued)
Each Fund may invest no more than 20% of its net assets in TOB Residuals, except High Yield, which may invest up to 100% of its net assets in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (RIB), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security (specific fixed-rate security). Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.
In addition, loss may result from a Funds investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, inverse floaters and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase a Funds interest rate risk.
Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.
|
|
|
11. |
SUMMARY OF CAPITAL TRANSACTIONS |
|
Transactions in shares of capital stock were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Duration |
|
|
Six Months Ended
|
|
|
Year Ended
|
|
||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
23,008,946 |
|
$ |
367,060,274 |
|
|
42,634,932 |
|
$ |
677,233,559 |
|
Reinvestment of distributions |
|
|
506,744 |
|
|
8,081,981 |
|
|
962,340 |
|
|
15,283,241 |
|
Shares reacquired |
|
|
(18,705,487 |
) |
|
(298,364,328 |
) |
|
(27,890,001 |
) |
|
(442,708,942 |
) |
|
|||||||||||||
Increase |
|
|
4,810,203 |
|
$ |
76,777,927 |
|
|
15,707,271 |
|
$ |
249,807,858 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
3,146,930 |
|
$ |
50,214,754 |
|
|
6,990,353 |
|
$ |
111,023,211 |
|
Reinvestment of distributions |
|
|
49,226 |
|
|
785,058 |
|
|
102,850 |
|
|
1,632,797 |
|
Shares reacquired |
|
|
(2,722,397 |
) |
|
(43,435,182 |
) |
|
(3,894,296 |
) |
|
(61,852,259 |
) |
|
|||||||||||||
Increase |
|
|
473,759 |
|
$ |
7,564,630 |
|
|
3,198,907 |
|
$ |
50,803,749 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
19,160,445 |
|
$ |
305,690,773 |
|
|
37,232,554 |
|
$ |
591,634,817 |
|
Reinvestment of distributions |
|
|
157,195 |
|
|
2,507,221 |
|
|
274,754 |
|
|
4,364,848 |
|
Shares reacquired |
|
|
(17,831,636 |
) |
|
(284,433,632 |
) |
|
(16,502,555 |
) |
|
(262,303,705 |
) |
|
|||||||||||||
Increase |
|
|
1,486,004 |
|
$ |
23,764,362 |
|
|
21,004,753 |
|
$ |
333,695,960 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
1,144,222 |
|
$ |
18,259,191 |
|
|
2,584,913 |
|
$ |
41,036,826 |
|
Reinvestment of distributions |
|
|
13,016 |
|
|
207,570 |
|
|
15,568 |
|
|
247,626 |
|
Shares reacquired |
|
|
(742,780 |
) |
|
(11,845,054 |
) |
|
(1,553,382 |
) |
|
(24,693,271 |
) |
|
|||||||||||||
Increase |
|
|
414,458 |
|
$ |
6,621,707 |
|
|
1,047,099 |
|
$ |
16,591,181 |
|
|
177
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermediate |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
50,082,582 |
|
$ |
553,435,395 |
|
|
93,112,669 |
|
$ |
1,002,185,243 |
|
Converted from Class B* |
|
|
12,855 |
|
|
141,677 |
|
|
34,912 |
|
|
375,792 |
|
Reinvestment of distributions |
|
|
2,055,063 |
|
|
22,701,591 |
|
|
3,565,467 |
|
|
38,478,162 |
|
Shares reacquired |
|
|
(32,785,225 |
) |
|
(362,090,154 |
) |
|
(40,951,426 |
) |
|
(439,417,803 |
) |
|
|||||||||||||
Increase |
|
|
19,365,275 |
|
$ |
214,188,509 |
|
|
55,761,622 |
|
$ |
601,621,394 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
27,516 |
|
$ |
304,914 |
|
|
29,128 |
|
$ |
313,376 |
|
Reinvestment of distributions |
|
|
3,122 |
|
|
34,471 |
|
|
8,701 |
|
|
93,516 |
|
Shares reacquired |
|
|
(57,149 |
) |
|
(631,725 |
) |
|
(85,187 |
) |
|
(913,705 |
) |
Converted to Class A* |
|
|
(12,867 |
) |
|
(141,677 |
) |
|
(34,944 |
) |
|
(375,792 |
) |
|
|||||||||||||
Decrease |
|
|
(39,378 |
) |
$ |
(434,017 |
) |
|
(82,302 |
) |
$ |
(882,605 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
12,011,319 |
|
$ |
132,572,596 |
|
|
26,726,818 |
|
$ |
287,280,002 |
|
Reinvestment of distributions |
|
|
422,310 |
|
|
4,659,011 |
|
|
775,821 |
|
|
8,358,675 |
|
Shares reacquired |
|
|
(6,124,532 |
) |
|
(67,547,597 |
) |
|
(7,103,145 |
) |
|
(76,377,675 |
) |
|
|||||||||||||
Increase |
|
|
6,309,097 |
|
$ |
69,684,010 |
|
|
20,399,494 |
|
$ |
219,261,002 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
35,550,449 |
|
$ |
392,537,531 |
|
|
55,913,926 |
|
$ |
600,833,634 |
|
Reinvestment of distributions |
|
|
620,430 |
|
|
6,851,450 |
|
|
973,940 |
|
|
10,522,333 |
|
Shares reacquired |
|
|
(18,168,982 |
) |
|
(200,489,661 |
) |
|
(17,386,747 |
) |
|
(187,081,406 |
) |
|
|||||||||||||
Increase |
|
|
18,001,897 |
|
$ |
198,899,320 |
|
|
39,501,119 |
|
$ |
424,274,561 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
1,973,403 |
|
$ |
21,759,590 |
|
|
3,505,459 |
|
$ |
37,682,400 |
|
Reinvestment of distributions |
|
|
30,159 |
|
|
333,379 |
|
|
23,494 |
|
|
255,009 |
|
Shares reacquired |
|
|
(1,334,624 |
) |
|
(14,727,673 |
) |
|
(362,249 |
) |
|
(3,939,197 |
) |
|
|||||||||||||
Increase |
|
|
668,938 |
|
$ |
7,365,296 |
|
|
3,166,704 |
|
$ |
33,998,212 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reinvestment of distributions |
|
|
16.437 |
|
$ |
179 |
|
|
37.982 |
|
$ |
409 |
|
|
|||||||||||||
Increase |
|
|
16.437 |
|
$ |
179 |
|
|
37.982 |
|
$ |
409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT Free |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
3,387,262 |
|
$ |
56,205,699 |
|
|
5,125,553 |
|
$ |
80,830,989 |
|
Reinvestment of distributions |
|
|
115,749 |
|
|
1,915,841 |
|
|
159,905 |
|
|
2,542,938 |
|
Shares reacquired |
|
|
(2,139,104 |
) |
|
(35,543,852 |
) |
|
(2,341,903 |
) |
|
(37,010,690 |
) |
|
|||||||||||||
Increase |
|
|
1,363,907 |
|
$ |
22,577,688 |
|
|
2,943,555 |
|
$ |
46,363,237 |
|
|
178
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT Free |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class C Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
573,666 |
|
$ |
9,509,803 |
|
|
1,004,269 |
|
$ |
15,895,353 |
|
Reinvestment of distributions |
|
|
12,221 |
|
|
202,259 |
|
|
12,078 |
|
|
192,957 |
|
Shares reacquired |
|
|
(173,722 |
) |
|
(2,882,582 |
) |
|
(70,344 |
) |
|
(1,119,948 |
) |
|
|||||||||||||
Increase |
|
|
412,165 |
|
$ |
6,829,480 |
|
|
946,003 |
|
$ |
14,968,362 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
936,662 |
|
$ |
15,582,500 |
|
|
1,972,709 |
|
$ |
31,322,368 |
|
Reinvestment of distributions |
|
|
20,269 |
|
|
335,593 |
|
|
14,665 |
|
|
235,359 |
|
Shares reacquired |
|
|
(847,341 |
) |
|
(14,033,016 |
) |
|
(249,847 |
) |
|
(3,989,887 |
) |
|
|||||||||||||
Increase |
|
|
109,590 |
|
$ |
1,885,077 |
|
|
1,737,527 |
|
$ |
27,567,840 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
1,218 |
|
$ |
20,000 |
|
|
893,026 |
|
$ |
14,222,738 |
|
Reinvestment of distributions |
|
|
3,619 |
|
|
60,037 |
|
|
59 |
|
|
948 |
|
Shares reacquired |
|
|
(353,148 |
) |
|
(5,822,000 |
) |
|
(382,874 |
) |
|
(6,150,000 |
) |
|
|||||||||||||
Increase (decrease) |
|
|
(348,311 |
) |
$ |
(5,741,963 |
) |
|
510,211 |
|
$ |
8,073,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
Six Months Ended
|
|
|
Year Ended
|
|
|||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
18,382,857 |
|
$ |
214,482,276 |
|
|
28,420,946 |
|
$ |
315,267,233 |
|
Converted from Class B* |
|
|
33,571 |
|
|
391,603 |
|
|
120,130 |
|
|
1,323,114 |
|
Reinvestment of distributions |
|
|
2,403,371 |
|
|
28,013,651 |
|
|
5,018,202 |
|
|
55,496,738 |
|
Shares reacquired |
|
|
(13,610,734 |
) |
|
(158,645,263 |
) |
|
(20,036,068 |
) |
|
(220,598,682 |
) |
|
|||||||||||||
Increase |
|
|
7,209,065 |
|
$ |
84,242,267 |
|
|
13,523,210 |
|
$ |
151,488,403 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
17,896 |
|
$ |
209,935 |
|
|
31,421 |
|
$ |
339,685 |
|
Reinvestment of distributions |
|
|
7,024 |
|
|
82,297 |
|
|
21,004 |
|
|
232,543 |
|
Shares reacquired |
|
|
(40,814 |
) |
|
(477,245 |
) |
|
(130,923 |
) |
|
(1,450,927 |
) |
Converted to Class A* |
|
|
(33,403 |
) |
|
(391,603 |
) |
|
(119,536 |
) |
|
(1,323,114 |
) |
|
|||||||||||||
Decrease |
|
|
(49,297 |
) |
$ |
(576,616 |
) |
|
(198,034 |
) |
$ |
(2,201,813 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
3,350,397 |
|
$ |
39,120,882 |
|
|
5,516,258 |
|
$ |
61,212,972 |
|
Reinvestment of distributions |
|
|
194,170 |
|
|
2,265,526 |
|
|
371,609 |
|
|
4,118,872 |
|
Shares reacquired |
|
|
(2,219,634 |
) |
|
(25,898,502 |
) |
|
(2,242,441 |
) |
|
(24,765,890 |
) |
|
|||||||||||||
Increase |
|
|
1,324,933 |
|
$ |
15,487,906 |
|
|
3,645,426 |
|
$ |
40,565,954 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
4,276,441 |
|
$ |
49,814,286 |
|
|
5,825,691 |
|
$ |
64,453,660 |
|
Reinvestment of distributions |
|
|
141,168 |
|
|
1,643,929 |
|
|
210,971 |
|
|
2,341,872 |
|
Shares reacquired |
|
|
(1,899,286 |
) |
|
(22,125,323 |
) |
|
(2,388,365 |
) |
|
(26,257,268 |
) |
|
|||||||||||||
Increase |
|
|
2,518,323 |
|
$ |
29,332,892 |
|
|
3,648,297 |
|
$ |
40,538,264 |
|
|
179
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class I Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
55,781 |
|
$ |
651,066 |
|
|
5,686 |
|
$ |
65,206 |
|
Reinvestment of distributions |
|
|
546 |
|
|
6,362 |
|
|
62 |
|
|
695 |
|
Shares reacquired |
|
|
(1,427 |
) |
|
(16,529 |
) |
|
|
|
|
|
|
|
|||||||||||||
Increase |
|
|
54,900 |
|
$ |
640,899 |
|
|
5,748 |
|
$ |
65,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
22,932,020 |
|
$ |
279,253,755 |
|
|
33,169,150 |
|
$ |
380,677,984 |
|
Reinvestment of distributions |
|
|
2,095,077 |
|
|
25,561,056 |
|
|
3,917,450 |
|
|
44,772,742 |
|
Shares reacquired |
|
|
(15,513,362 |
) |
|
(189,070,128 |
) |
|
(20,893,388 |
) |
|
(235,241,433 |
) |
|
|||||||||||||
Increase |
|
|
9,513,735 |
|
$ |
115,744,683 |
|
|
16,193,212 |
|
$ |
190,209,293 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reinvestment of distributions |
|
|
6 |
|
$ |
78 |
|
|
44.665 |
|
$ |
512 |
|
Shares reacquired |
|
|
(1,005 |
) |
|
(12,248 |
) |
|
|
|
|
|
|
|
|||||||||||||
Increase (decrease) |
|
|
(999 |
) |
$ |
(12,170 |
) |
|
44.665 |
|
$ |
512 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
5,362,726 |
|
$ |
65,322,931 |
|
|
9,914,109 |
|
$ |
113,874,665 |
|
Reinvestment of distributions |
|
|
623,160 |
|
|
7,607,584 |
|
|
1,321,792 |
|
|
15,090,829 |
|
Shares reacquired |
|
|
(5,271,179 |
) |
|
(64,266,356 |
) |
|
(7,844,922 |
) |
|
(88,941,259 |
) |
|
|||||||||||||
Increase |
|
|
714,707 |
|
$ |
8,664,159 |
|
|
3,390,979 |
|
$ |
40,024,235 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
14,341,261 |
|
$ |
175,399,091 |
|
|
12,839,207 |
|
$ |
147,250,418 |
|
Reinvestment of distributions |
|
|
354,222 |
|
|
4,325,027 |
|
|
520,235 |
|
|
5,968,087 |
|
Shares reacquired |
|
|
(5,120,304 |
) |
|
(62,518,721 |
) |
|
(7,512,729 |
) |
|
(85,432,106 |
) |
|
|||||||||||||
Increase |
|
|
9,575,179 |
|
$ |
117,205,397 |
|
|
5,846,713 |
|
$ |
67,786,399 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
230,968 |
|
$ |
2,811,907 |
|
|
90,432 |
|
$ |
1,043,602 |
|
Reinvestment of distributions |
|
|
2,438 |
|
|
29,802 |
|
|
1,050 |
|
|
12,256 |
|
Shares reacquired |
|
|
(156,423 |
) |
|
(1,903,361 |
) |
|
(159,093 |
) |
|
(1,854,911 |
) |
|
|||||||||||||
Increase (decrease) |
|
|
76,983 |
|
$ |
938,348 |
|
|
(67,611 |
) |
$ |
(799,053 |
) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class P Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reinvestment of distributions |
|
|
23.301 |
|
$ |
279 |
|
|
51.365 |
|
$ |
591 |
|
|
|||||||||||||
Increase |
|
|
23.301 |
|
$ |
279 |
|
|
51.365 |
|
$ |
591 |
|
|
180
Notes to Financial Statements (unaudited)(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
2,662,369 |
|
$ |
28,879,528 |
|
|
4,558,879 |
|
$ |
47,597,103 |
|
Reinvestment of distributions |
|
|
250,402 |
|
|
2,716,710 |
|
|
502,520 |
|
|
5,218,897 |
|
Shares reacquired |
|
|
(1,853,650 |
) |
|
(20,074,990 |
) |
|
(2,442,508 |
) |
|
(25,218,536 |
) |
|
|||||||||||||
Increase |
|
|
1,059,121 |
|
$ |
11,521,248 |
|
|
2,618,891 |
|
$ |
27,597,464 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
559,311 |
|
$ |
6,076,886 |
|
|
1,239,388 |
|
$ |
12,927,225 |
|
Reinvestment of distributions |
|
|
36,923 |
|
|
400,838 |
|
|
69,196 |
|
|
719,790 |
|
Shares reacquired |
|
|
(391,544 |
) |
|
(4,245,586 |
) |
|
(531,315 |
) |
|
(5,515,593 |
) |
|
|||||||||||||
Increase |
|
|
204,690 |
|
$ |
2,232,138 |
|
|
777,269 |
|
$ |
8,131,422 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
778,765 |
|
$ |
8,429,235 |
|
|
1,195,948 |
|
$ |
12,474,687 |
|
Reinvestment of distributions |
|
|
22,668 |
|
|
245,930 |
|
|
36,780 |
|
|
382,961 |
|
Shares reacquired |
|
|
(389,301 |
) |
|
(4,216,304 |
) |
|
(625,484 |
) |
|
(6,533,390 |
) |
|
|||||||||||||
Increase |
|
|
412,132 |
|
$ |
4,458,861 |
|
|
607,244 |
|
$ |
6,324,258 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reinvestment of distributions |
|
|
22 |
|
$ |
233 |
|
|
49 |
|
$ |
513 |
|
|
|||||||||||||
Increase |
|
|
22 |
|
$ |
233 |
|
|
49 |
|
$ |
513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
3,150,146 |
|
$ |
16,055,078 |
|
|
8,392,260 |
|
$ |
40,514,369 |
|
Reinvestment of distributions |
|
|
323,587 |
|
|
1,649,213 |
|
|
782,762 |
|
|
3,836,105 |
|
Shares reacquired |
|
|
(1,504,948 |
) |
|
(7,652,145 |
) |
|
(6,583,445 |
) |
|
(31,927,739 |
) |
|
|||||||||||||
Increase |
|
|
1,968,785 |
|
$ |
10,052,146 |
|
|
2,591,577 |
|
$ |
12,422,735 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
377,424 |
|
$ |
1,928,814 |
|
|
1,041,622 |
|
$ |
5,116,257 |
|
Reinvestment of distributions |
|
|
14,971 |
|
|
76,323 |
|
|
24,444 |
|
|
120,686 |
|
Shares reacquired |
|
|
(178,565 |
) |
|
(909,706 |
) |
|
(448,666 |
) |
|
(2,207,709 |
) |
|
|||||||||||||
Increase |
|
|
213,830 |
|
$ |
1,095,431 |
|
|
617,400 |
|
$ |
3,029,234 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reinvestment of distributions |
|
|
44 |
|
$ |
225 |
|
|
98 |
|
$ |
485 |
|
|
|||||||||||||
Increase |
|
|
44 |
|
$ |
225 |
|
|
98 |
|
$ |
485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class A Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
4,729,490 |
|
$ |
54,326,438 |
|
|
6,773,327 |
|
$ |
75,297,315 |
|
Reinvestment of distributions |
|
|
346,601 |
|
|
3,964,661 |
|
|
610,578 |
|
|
6,745,539 |
|
Shares reacquired |
|
|
(2,215,243 |
) |
|
(25,378,977 |
) |
|
(2,571,509 |
) |
|
(28,328,743 |
) |
|
|||||||||||||
Increase |
|
|
2,860,848 |
|
$ |
32,912,122 |
|
|
4,812,396 |
|
$ |
53,714,111 |
|
|
181
Notes to Financial Statements (unaudited)(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
Six Months Ended
|
|
Year Ended
|
|
||||||||
|
|||||||||||||
Class C Shares |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|||||||||||||
Shares sold |
|
|
695,486 |
|
$ |
7,960,517 |
|
|
1,339,145 |
|
$ |
14,844,381 |
|
Reinvestment of distributions |
|
|
37,873 |
|
|
432,623 |
|
|
73,210 |
|
|
807,397 |
|
Shares reacquired |
|
|
(376,687 |
) |
|
(4,305,109 |
) |
|
(604,643 |
) |
|
(6,677,400 |
) |
|
|||||||||||||
Increase |
|
|
356,672 |
|
$ |
4,088,031 |
|
|
807,712 |
|
$ |
8,974,378 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
553,586 |
|
$ |
6,338,732 |
|
|
918,529 |
|
$ |
10,111,498 |
|
Reinvestment of distributions |
|
|
16,514 |
|
|
189,075 |
|
|
29,164 |
|
|
323,460 |
|
Shares reacquired |
|
|
(195,767 |
) |
|
(2,242,522 |
) |
|
(240,832 |
) |
|
(2,670,085 |
) |
|
|||||||||||||
Increase |
|
|
374,333 |
|
$ |
4,285,285 |
|
|
706,861 |
|
$ |
7,764,873 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares sold |
|
|
30,837 |
|
$ |
350,000 |
|
|
22,038 |
|
$ |
250,000 |
|
Reinvestment of distributions |
|
|
422 |
|
|
4,834 |
|
|
192 |
|
|
2,164 |
|
Shares reacquired |
|
|
(50 |
) |
|
(583 |
) |
|
|
|
|
|
|
|
|||||||||||||
Increase |
|
|
31,209 |
|
$ |
354,251 |
|
|
22,230 |
|
$ |
252,164 |
|
|
|
|
* |
Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. |
182
A pproval of Advisory Contract
The Board of Directors of the Company, including all of the Directors who are not interested persons of the Company or Lord, Abbett & Co. LLC (Lord Abbett), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about the Funds investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbetts management.
The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Lipper Inc. regarding the investment performance of the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the performance universe) and the investment performance of an appropriate benchmark; (2) information on the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds with similar objectives and of similar size (the peer group); (3) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (4) sales and redemption information for the Fund; (5) information regarding Lord Abbetts financial condition; (6) an analysis of the relative profitability of the management agreement to Lord Abbett; (7) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (8) information regarding the distribution arrangements of the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.
Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbetts commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.
Investment Performance. The Board reviewed each Funds investment performance in relation to that of the relevant performance universes, in each case as of various periods ended September 30, 2012. As to each of Short Duration Tax Free Fund, Intermediate Tax Free Fund, AMT Free Municipal Bond Fund, and National Tax Free Fund, the Board observed that the investment performance of the Class A shares was above the median of the performance universe for each period. As to High Yield Municipal Bond Fund, the Board observed that the performance of the Class A shares was above the median of the performance universe for the nine-month and one-year periods and below the median for the three-year and five-year periods. As to each of California Tax Free Income Fund and New Jersey Tax Free Fund, the Board observed that the performance of the Class A shares was
183
above the median of the performance universe for the nine-month, one-year, and three-year periods and below the median for the five-year and ten-year periods. As to New York Tax Free Income Fund, the Board observed that the performance of the Class A shares was above the median of the performance universe for the nine-month, one-year, three-year, and five-year periods and below the median for the ten-year period.
Lord Abbetts Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbetts investment management staff, Lord Abbetts investment methodology and philosophy, and Lord Abbetts approach to recruiting, training, and retaining investment management personnel.
Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor LLC (Distributor) and the nature and extent of Lord Abbetts supervision of third party service providers, including each Funds transfer agent and custodian.
Expenses. The Board considered the expense level of each class of shares of each Fund and the expense levels of one or more corresponding peer groups. The Board considered the fiscal periods on which the peer group comparisons were based, and noted that the fiscal years of many funds in each Funds peer group did not coincide with the Funds fiscal year. It also considered the projected expense levels of each Fund and how those levels would relate to those of the peer group and the amount and nature of the fees paid by shareholders. As to Short Duration Tax Free Fund, the Board observed that the expense ratios were generally below or the same as medians of the peer group. As to Intermediate Tax Free Fund, the Board observed that some of the expense ratios were below and others were above the medians of the peer group. In addition, as to Intermediate Tax Free Fund, the Board noted that Lord Abbett had agreed to a new fee schedule to the Management Agreement, effective February 1, 2013. As to AMT Free Municipal Bond Fund, the Board observed that the expense ratios were below the medians of the peer group. As to National Tax Free Fund, the Board observed that the expense ratios were slightly above the medians of the peer group. As to High Yield Municipal Bond Fund, the Board observed that the expense ratios generally were below or the same as the medians of the peer group, other than the expense ratio of Class P shares. As to each of California Tax Free Fund and New York Tax Free Fund, the Board observed that the expense ratios were below the medians of the peer group, other than the expense ratio of Class F shares. As to New Jersey Tax Free Fund, the Board observed that the expense ratios were the same as or slightly below the medians of the peer groups.
Profitability. As to each Fund, the Board considered the level of Lord Abbetts profits in managing the Fund, including a review of Lord Abbetts methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Funds business. The Board considered Lord Abbetts profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbetts ability to recruit and retain investment personnel. The Board recognized that Lord Abbetts
184
profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbetts profitability as to each Fund was not excessive.
Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule, with its breakpoint or breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the applicable Fund.
Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Funds shareholders to Lord Abbett and Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbetts investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds.
Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.
185
Householding
The Company has adopted a policy that allows it to send only one copy of each Funds 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 8885222388 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 Funds portfolio securities, and information on how Lord Abbett voted each Funds proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 8885222388; (ii) on Lord Abbetts Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commissions (SEC) Website at www.sec.gov.
Shareholder Reports and Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SECs Website at www.sec.gov and may be available by calling Lord Abbett at 8885222388. You can also obtain copies of Form N-Q by visiting the SECs Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).
186
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/ Daria L. Foster
Daria L. Foster
President and Chief Executive Officer
Date: May 20, 2013
By: /s/ Joan A. Binstock
Joan A. Binstock
Chief Financial Officer and Vice President
Date: May 20, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Daria L. Foster
Daria L. Foster
President and Chief Executive Officer
Date: May 20, 2013
By: /s/ Joan A. Binstock
Joan A. Binstock
Chief Financial Officer and Vice President
Date: May 20, 2013