Lord Abbett Municipal Income Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03942

LORD ABBETT MUNICIPAL INCOME FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Brooke A. Fapohunda, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 201-6984

Date of fiscal year end: 9/30

Date of reporting period: 3/31/2016

Item 1:

Report(s) to Shareholders.

2016 LORD ABBETT
SEMIANNUAL REPORT

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

Short Duration 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, 2016

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Credit Rating

		Schedules of Investments:

13		Short Duration Tax Free Fund

26		Intermediate Tax Free Fund

52		AMT Free Municipal Bond Fund

64		National Tax Free Fund

80		High Yield Municipal Bond Fund

98		Short Duration High Yield Municipal Bond Fund

110		California Tax Free Fund

118		New Jersey Tax Free Fund

124		New York Tax Free Fund

133		Footnotes to Schedules of Investments

134		Statements of Assets and Liabilities

138		Statements of Operations

140		Statements of Changes in Net Assets

146		Financial Highlights

171		Notes to Financial Statements

189		Supplemental Information to Shareholders

Lord Abbett Municipal Income Fund
Semiannual Report

For the six-month period ended March 31, 2016

Daria L. Foster, Director, President and Chief Executive Officer of the Lord Abbett Funds and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Municipal Income Fund for the six-month period ended March 31, 2016. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access 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.

Best regards,

Daria L. Foster

Director, President and Chief Executive Officer

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2015 through March 31, 2016).

Actual Expenses

For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 10/1/15 – 3/31/16” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of each Fund, the second line of the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Short Duration Tax Free Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,006.60	$3.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.75	$3.29
Class C
Actual	$1,000.00	$1,003.50	$6.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.65	$6.41
Class F
Actual	$1,000.00	$1,007.10	$2.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.25	$2.78
Class I
Actual	$1,000.00	$1,007.60	$2.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.75	$2.28

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.27% for Class C, 0.55% for Class F and 0.45% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	8.45	%
AA+	6.62	%
AA	22.07	%
AA-	15.68	%
A+	9.72	%
A	8.26	%
A-	10.70	%
BBB+	5.97	%
BBB	3.92	%

Credit Rating:
S&P or Moody’s^(a)	%*
BBB-	2.34	%
BB+	0.89	%
BB	0.38	%
BB-	0.24	%
B	0.16	%
CC	0.30	%
NR	4.30	%
Total	100.00	%

^(a)		Certain investments have been rated by Fitch IBCA.
*		Represents percent of total investments.

Intermediate Tax Free Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,031.20	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.50	$3.54
Class B
Actual	$1,000.00	$1,027.20	$7.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.45	$7.62
Class C
Actual	$1,000.00	$1,027.10	$6.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.35	$6.71
Class F
Actual	$1,000.00	$1,030.80	$3.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.00	$3.03
Class I
Actual	$1,000.00	$1,032.20	$2.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.50	$2.53
Class P
Actual	$1,000.00	$1,030.00	$4.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.30	$4.75

^†

For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.70% for Class A, 1.51% for Class B, 1.33% for Class C, 0.60% for Class F, 0.50% for Class I and 0.94% for Class P) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	7.92	%
AA+	6.41	%
AA	13.17	%
AA-	11.52	%
A+	9.38	%
A	8.56	%
A-	9.88	%
BBB+	8.31	%
BBB	3.89	%
BBB-	4.68	%
BB+	1.97	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB	1.23	%
BB-	1.76	%
B+	0.35	%
B	0.67	%
B-	2.02	%
CCC-	0.20	%
CC	2.66	%
NR	5.42	%
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%.

AMT Free Municipal Bond Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,040.10	$3.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.00	$3.03
Class C
Actual	$1,000.00	$1,036.20	$6.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.85	$6.21
Class F
Actual	$1,000.00	$1,040.60	$2.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.50	$2.53
Class I
Actual	$1,000.00	$1,041.10	$2.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.00	$2.02

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.60% for Class A, 1.23% for Class C, 0.50% for Class F and 0.40% Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	2.01	%
AA+	3.32	%
AA	14.74	%
AA-	11.12	%
A+	9.02	%
A	11.03	%
A-	13.20	%
BBB+	9.26	%
BBB	6.26	%
BBB-	8.14	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+	3.07	%
BB	2.53	%
BB-	0.80	%
B+	0.33	%
B	0.34	%
B-	1.84	%
CCC-	1.58	%
CC	0.43	%
NR	0.98	%
Total	100.00	%

^(a)		Certain investments have been rated by Fitch IBCA.
*		Represents percent of total investments.

National Tax Free Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,040.80	$3.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.15	$3.89
Class B
Actual	$1,000.00	$1,036.50	$7.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.15	$7.92
Class C
Actual	$1,000.00	$1,036.60	$7.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$7.01
Class F
Actual	$1,000.00	$1,041.30	$3.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.70	$3.34
Class I
Actual	$1,000.00	$1,040.80	$2.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.20	$2.83

^†

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, 1.57% for Class B, 1.39% for Class C, 0.66% for Class F and 0.56% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	1.00	%
AA+	5.09	%
AA	12.87	%
AA-	13.95	%
A+	8.16	%
A	8.29	%
A-	13.52	%
BBB+	7.84	%
BBB	5.96	%
BBB-	9.19	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+	1.75	%
BB	2.08	%
BB-	1.70	%
B+	0.66	%
B-	1.91	%
CCC-	1.30	%
CC	0.65	%
NR	4.08	%
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%.

High Yield Municipal Bond Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,044.70	$4.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.95	$4.09
Class C
Actual	$1,000.00	$1,040.60	$7.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.21
Class F
Actual	$1,000.00	$1,045.20	$3.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.45	$3.59
Class I
Actual	$1,000.00	$1,044.80	$3.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.00	$3.03
Class P
Actual	$1,000.00	$1,043.60	$5.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.85	$5.20

^†

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, 1.43% for Class C, 0.71% for Class F, 0.60% for Class I and 1.03% for Class P) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AA+	0.37	%
AA	3.86	%
AA-	2.11	%
A+	1.43	%
A	1.67	%
A-	3.07	%
BBB+	4.21	%
BBB	3.41	%
BBB-	9.29	%
BB+	7.97	%
BB	4.15	%
BB-	6.93	%

Credit Rating:
S&P or Moody’s^(a)	%*
B+	3.36	%
B	1.94	%
B-	7.74	%
Caa1	0.31	%
CCC	0.46	%
CCC-	4.32	%
CC	2.07	%
C	0.07	%
NR	31.26	%
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%.

Short Duration High Yield Municipal Bond Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,032.40	$2.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.25	$2.78
Class C
Actual	$1,000.00	$1,028.40	$6.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.66
Class F
Actual	$1,000.00	$1,032.90	$2.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.75	$2.28
Class I
Actual	$1,000.00	$1,033.50	$1.78
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.25	$1.77

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.55% for Class A, 1.32% for Class C, 0.45% for Class F and 0.35% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	0.18	%
AA	3.94	%
AA-	2.83	%
A+	2.95	%
A	3.25	%
A-	13.17	%
BBB+	12.47	%
BBB	7.82	%
BBB-	8.40	%
BB+	6.00	%
BB	8.47	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB-	8.92	%
B+	2.83	%
B	1.91	%
B-	5.49	%
Caa1	0.18	%
CCC	0.73	%
CCC-	2.68	%
CC	0.21	%
NR	7.57	%
Total	100.00	%

^(a)		Certain investments have been rated by Fitch IBCA.
*		Represents percent of total investments.

California Tax Free Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,040.60	$4.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.05	$3.99
Class C
Actual	$1,000.00	$1,038.30	$7.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.90	$7.16
Class F
Actual	$1,000.00	$1,041.10	$3.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.55	$3.49
Class I
Actual	$1,000.00	$1,042.60	$3.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.05	$2.98

^†

For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.79% for Class A, 1.42% for Class C, 0.69% for Class F and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	0.02	%
AA+	3.10	%
AA	17.61	%
AA-	21.12	%
A+	11.84	%
A	4.65	%
A-	7.67	%
BBB+	8.52	%
BBB	1.64	%
BBB-	9.45	%
BB+	2.97	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB	0.30	%
B	0.89	%
B-	2.01	%
CCC	0.29	%
CCC-	0.40	%
CC	1.35	%
NR	6.17	%
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%.

New Jersey Tax Free Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A*
Actual	$1,000.00	$1,043.90	$4.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.75	$4.29
Class F*
Actual	$1,000.00	$1,046.50	$3.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.25	$3.79
Class I*
Actual	$1,000.00	$1,047.20	$3.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.85	$3.18

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 0.75% for Class F and 0.63% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).
*	The annualized expenses have been updated (0.82% for Class A, 0.72% for Class F and 0.62% for Class I). Had the updated expense ratio been in place throughout the most recent fiscal half year expenses, expenses paid during the period would have been:

		Hypothetical
		(5% Return
		Before
	Actual	Expenses)
Class A	$4.19	$4.14
Class F	$3.68	$3.64
Class I	$3.17	$3.13

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	2.56	%
AA+	2.59	%
AA	10.27	%
AA-	14.92	%
A+	7.48	%
A	8.30	%
A-	21.30	%
BBB+	7.58	%
BBB	3.44	%
BBB-	8.64	%

Credit Rating:
S&P or Moody’s^(a)	%*
Ba1	1.41	%
BB	2.24	%
BB-	1.86	%
B+	0.76	%
B-	3.20	%
CCC-	1.16	%
CC	.84	%
NR	1.45	%
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%.

New York Tax Free Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			10/1/15 -
	10/1/15	3/31/16	3/31/16
Class A
Actual	$1,000.00	$1,036.60	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.10	$3.94
Class C
Actual	$1,000.00	$1,033.30	$7.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.21
Class F
Actual	$1,000.00	$1,038.00	$3.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.60	$3.44
Class I
Actual	$1,000.00	$1,037.50	$2.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.10	$2.93

^†

For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.78% for Class A, 1.43% for Class C, 0.68% for Class F and 0.58% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2016

Credit Rating:
S&P or Moody’s^(a)	%*
AAA	16.85	%
AA+	5.81	%
AA	17.24	%
AA-	17.37	%
A+	3.88	%
A	6.07	%
A-	9.47	%
BBB+	4.03	%
BBB	4.34	%
BBB-	5.78	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+	1.84	%
BB	0.67	%
BB-	1.06	%
B-	0.78	%
CCC-	1.23	%
CC	0.57	%
NR	3.01	%
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%.

Schedule of Investments (unaudited)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
MUNICIPAL BONDS 89.75%

Corporate-Backed 6.42%
Beaver Co IDA–FirstEnergy Rmkt	2.50%		12/1/2041	BBB-	$	8,000	$	8,039,920
Beaver Co IDA–FirstEnergy Rmkt	2.70%		4/1/2035	BBB-		12,000		12,060,240
Burke Co Dev–GA Transmission	1.30%		1/1/2052	AA-		12,500		12,505,125
Burke Co Dev–Oglethorpe Power	2.40%		1/1/2040	A		3,005		3,081,117
Burke CO Dev–Oglethorpe Power (AGM)	0.767%	^#	1/1/2024	AA		10,200		9,791,062
CA Poll Ctl–Waste Mgmt	1.55%		2/1/2019	A-		3,475		3,490,325
CA Stwde–So Cal Edison	1.375%		4/1/2028	Aa3		5,000		5,029,950
Charles City Co EDA–Waste Mgmt	3.125%		2/1/2029	A-		5,000		5,073,750
Citizens Property Insurance Corp	4.25%		6/1/2017	A+		2,690		2,795,878
Citizens Property Insurance Corp	5.00%		6/1/2018	A+		8,000		8,678,800
Citizens Property Insurance Corp	5.50%		6/1/2017	A+		3,365		3,545,700
Gloucester Co Impt Auth–Waste Mgmt	2.125%		12/1/2029	A-		4,500		4,562,820
Gulf Coast Waste Disp–US Steel	5.75%		9/1/2017	B		2,350		2,261,781
IA Fin Auth–Iowa Fertilizer Co	5.00%		12/1/2019	BB-		4,780		4,929,327
Miami Dade Co IDA–Waste Mgmt Rmkt	1.50%		10/1/2018	A-		4,000		4,007,800
Mobile IDB–AL Power Co	1.625%		7/15/2034	A1		3,000		3,021,090
Mobile IDB–AL Power Co Rmkt	1.65%		6/1/2034	A1		3,000		3,017,400
Montgomery Co IDA–Peco Generation	2.50%		10/1/2030	BBB		5,000		5,068,450
Montgomery Co IDA–Peco Generation	2.55%		6/1/2029	BBB		5,000		5,081,000
Niagara Area Dev Corp–Covanta^†	4.00%		11/1/2024	Ba2		1,000		1,023,750
NY Energy–NY State Elec & Gas	2.00%		6/1/2029	A3		6,000		6,004,620
NY Env Facs–Waste Mgmt	2.75%		7/1/2017	A-		1,000		1,018,620
St Charles Parish–Valero Energy	4.00%		12/1/2040	BBB		3,500		3,812,305
Valdez Marine Term–BP Rmkt	5.00%		1/1/2018	A2		9,075		9,655,165
WV Poll Ctl–Appalachian Pwr	1.625%		10/1/2022	Baa1		2,500		2,506,375
Total								130,062,370

Education 5.52%
AZ Brd Regents COP–Univ of AZ	4.00%		6/1/2018	Aa3		2,140		2,283,187
AZ Brd Regents COP–Univ of AZ	5.00%		6/1/2018	Aa3		3,215		3,498,627
CA State Univ Sys	5.00%		11/1/2019	Aa2		2,000		2,287,620
CA State Univ Sys	5.00%		11/1/2020	Aa2		1,700		1,997,330
CA State Univ Sys	5.00%		11/1/2020	Aa2		5,000		5,874,500
Clemson Univ	5.00%		5/1/2019	Aa2		3,950		4,444,738
Cleveland State Univ	5.00%		6/1/2018	A+		1,000		1,087,090
Cleveland State Univ	5.00%		6/1/2019	A+		1,265		1,418,837

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Education (continued)
Curators Univ Sys	5.00%		11/1/2019	AA+		$	5,000	$	5,711,450
IA HI Ed–Wartburg Clg	2.50%		10/1/2020	BB-	^(a)		4,310		4,254,013
IL Fin Auth–Noble Chtr Sch	4.00%		9/1/2019	BBB			2,530		2,671,781
MA DFA–Boston Med Ctr	5.00%		7/1/2018	BBB			2,550		2,761,599
MA Hlth & Ed–Amherst Clg	1.70%		11/1/2038	Aaa			4,535		4,557,993
Multnomah Co Hsp Facs–Mirabella	5.00%		10/1/2019	NR			535		571,246
Multnomah Co Hsp Facs–Mirabella	5.00%		10/1/2024	NR			1,535		1,766,048
NC Cap Facs–High Point Univ	4.00%		5/1/2017	BBB+			2,785		2,870,834
NC Cap Facs–High Point Univ	5.00%		5/1/2018	BBB+			1,640		1,767,510
NY Dorm–Mt Sinai Sch Med	4.00%		7/1/2020	A-			3,000		3,323,790
NY Dorm–Mt Sinai Sch Med	5.00%		7/1/2021	A-			2,000		2,345,860
NY Dorm–Orange Regl Med Ctr^†	5.00%		12/1/2018	Ba1			1,000		1,078,800
NY Dorm–SUNY	4.00%		7/1/2020	Aa3			2,000		2,234,260
NY Dorm–SUNY	5.00%		7/1/2021	Aa3			2,000		2,373,560
PA Hi Ed–PA State Univ Sys	5.00%		6/15/2020	Aa3			3,710		4,257,077
PR Indl Tourist–Inter American Univ	5.00%		10/1/2016	A-			1,000		1,000,850
PR Indl Tourist–Inter American Univ	5.00%		10/1/2018	A-			2,500		2,510,425
Texas A&M Univ	5.00%		5/15/2019	AAA			7,200		8,110,656
Troy Cap Res Corp–RPI	5.00%		8/1/2021	A-			445		521,887
Troy Cap Res Corp–RPI	5.00%		8/1/2022	A-			1,000		1,190,390
Univ of North Carolina–Chapel Hill	1.044%	^#	12/1/2041	AAA			25,000		24,927,000
Univ Sys of MD	1.25%		7/1/2023	AA+			8,100		8,129,241
Total									111,828,199

General Obligation 22.50%
CA State GO	5.00%		9/1/2018	AA-			7,500		8,252,775
CA State GO	5.00%		10/1/2018	AA-			6,600		7,283,496
CA State GO	5.00%		11/1/2018	AA-			12,150		13,443,246
CA State GO	5.00%		2/1/2019	AA-			14,750		16,457,607
CA State GO	5.00%		9/1/2020	AA-			10,000		11,700,800
CA State GO	5.00%		9/1/2022	AA-			11,000		13,433,090
CA State GO	5.50%		4/1/2019	AA-			8,715		9,905,730
CA State GO	6.00%		4/1/2019	AA-			2,500		2,874,375
Carmel Sch Bld Corp (AGM)	4.75%		7/15/2019	AA			6,105		6,286,685
Chicago GO	5.00%		1/1/2021	BBB+			6,355		6,643,199
Clackamas Co Sch Dist–North Clackamas	5.00%		6/15/2019	AA+			1,250		1,409,325
Cook Co GO	5.00%		11/15/2017	AA			5,010		5,274,829
CT State GO	5.00%		2/15/2021	AA			6,350		7,074,154

14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
General Obligation (continued)
CT State GO	5.00%	8/15/2021	AA	$	5,000	$	5,869,950
Dallas ISD	5.00%	2/15/2036	AAA		5,000		5,706,550
Georgia GO	5.00%	2/1/2019	AAA		10,000		11,160,700
HI State GO	5.00%	11/1/2021	AA		5,000		5,991,250
Houston–Indep Sch Dist PSF GTD	5.00%	2/15/2019	AAA		8,570		9,549,894
Houston GO	5.00%	3/1/2018	AA		7,365		7,924,003
IL State GO	5.00%	8/1/2016	A-		7,000		7,087,220
IL State GO	5.00%	7/1/2017	A-		6,000		6,262,740
IL State GO	5.00%	10/1/2017	A-		4,575		4,587,901
IL State GO	5.00%	2/1/2020	A-		575		630,591
IL State GO (AGM)	5.50%	5/1/2016	AA		7,000		7,025,690
Kansas City MO GO	4.00%	2/1/2018	AA		9,000		9,528,300
Katy ISD PSF GTD	5.00%	2/15/2019	AAA		1,310		1,465,707
Katy ISD PSF GTD	5.00%	2/15/2020	AAA		3,000		3,445,980
Los Angeles CCD	5.00%	8/1/2019	AA+		3,000		3,411,180
Los Angeles USD	5.00%	7/1/2018	Aa2		8,000		8,760,880
Miami Dade Co GO	4.25%	10/1/2017	AA		6,320		6,656,540
Miami Dade Co Sch Brd COP	5.00%	11/1/2019	A1		6,500		7,358,650
Nassau Co GO	5.00%	1/1/2021	A+		18,405		21,386,426
NJ State GO	5.00%	6/1/2019	A		13,400		14,857,518
Northside ISD PSF GTD	2.00%	6/1/2039	Aaa		1,020		1,043,276
Northside ISD PSF GTD	2.00%	8/1/2044	Aaa		5,285		5,429,228
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2018	AA		1,350		1,485,216
NYC GO	5.00%	8/1/2018	AA		10,000		10,952,100
NYC GO	5.00%	8/1/2019	AA		14,885		16,820,348
NYC GO	5.00%	8/1/2019	AA		5,585		6,311,162
NYC GO	5.00%	8/1/2021	AA		10,000		11,873,900
NYC GO	5.00%	8/1/2021	AA		7,410		8,798,560
OH State GO	5.00%	9/15/2018	AA+		6,200		6,829,052
PA State GO	5.00%	7/1/2019	AA-		7,500		8,415,300
PA State GO	5.00%	8/15/2020	AA-		10,000		11,490,300
Pittsburgh PA Sch District	4.00%	9/1/2018	Aa3		7,090		7,560,989
PR Pub Bldg Auth GTD (AMBAC)	5.50%	7/1/2016	Caa3		1,865		1,881,561
Rangely CO Hosp Dist	4.50%	11/1/2021	Baa1		7,050		7,668,144
RI State GO	5.00%	8/1/2017	AA		5,000		5,280,400
RI State GO	5.00%	8/1/2018	AA		5,000		5,472,450
Rockland Co GO	2.00%	3/16/2017	NR		6,000		6,058,680

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
General Obligation (continued)
San Francisco City & Co GO	5.00%		6/15/2018	AA+		$	8,725	$	9,540,526
South Carolina GO	5.00%		10/1/2022	Aaa			7,500		9,221,475
South San Francisco USD	4.00%		6/15/2018	NR			6,165		6,598,831
WA State GO	5.00%		2/1/2019	AA+			5,640		6,284,596
WA State GO	5.00%		2/1/2019	AA+			7,900		8,802,891
WI State GO	5.00%		5/1/2019	AA			5,025		5,649,507
WI State GO	5.00%		5/1/2019	AA			8,440		9,488,923
WI State GO	5.00%		5/1/2020	AA			7,110		8,232,811
WI State GO	5.00%		11/1/2022	AA			5,000		6,140,500
Williamson Co GO	4.00%		2/15/2018	AAA			3,000		3,180,990
Woonsocket GO	7.125%		6/15/2016	B2			930		935,664
Total									456,154,361

Health Care 9.45%
Antelope Valley Hlth	5.00%		3/1/2021	Ba3			2,250		2,516,940
Ashland Med Ctr–Kings Daughters (SIFMA)	2.15%	^#	2/1/2040	BBB			14,355		14,369,786
AZ Hlth Facs–Phoenix Childrens Hsp	2.25%	^#	2/1/2048	BBB+			11,500		11,786,005
CA Hlth–Childrens Hsp Los Angeles	2.20%	^#	7/1/2042	BBB+			9,250		9,305,500
CA Hlth–Packard Childrens Hsp	1.45%		8/15/2023	AA-			3,165		3,171,900
CA Hlth–St Joseph Hlth	5.00%		7/1/2034	AA-			1,800		2,188,206
CA Hlth–St Joseph Hlth	5.00%		7/1/2043	AA-			5,000		5,317,800
CA Hlth–St Joseph Hlth	5.00%		7/1/2043	AA-			5,000		5,682,200
CA Stwde–Fountainview Gonda	2.50%		8/1/2020	AA-			3,500		3,528,455
CA Stwde–LA Jewish Home	4.75%		8/1/2020	NR			1,150		1,157,003
CT Hlth & Ed–Lawrence Mem Hsp	5.00%		7/1/2018	A-			2,705		2,931,976
CT Hlth & Ed–Lawrence Mem Hsp	5.00%		7/1/2019	A-			2,835		3,162,754
DC Hsp–Childrens Ntl Hsp	5.00%		7/15/2021	A1			1,215		1,425,268
Duluth EDA–St Lukes Hsp	4.75%		6/15/2022	NR			4,470		4,653,002
Fairfax Co IDA–Inova Hlth	5.00%		5/15/2022	AA+			8,160		9,869,357
IL Fin Auth–Plymouth Place	5.00%		5/15/2025	BB+	^(a)		1,225		1,340,236
IL Fin Auth–Rush Univ Med	5.00%		11/15/2019	A+			1,000		1,130,480
IL Fin Auth–Rush Univ Med	5.00%		11/15/2020	A+			500		578,405
IL Fin Auth–Rush Univ Med	5.00%		11/15/2021	A+			695		820,503
IN Hlth Facs–Ascension Hlth	1.60%		11/15/2036	AA+			11,500		11,581,880
Karnes Co Hsp Dist	4.00%		2/1/2019	BBB	^(a)		1,530		1,599,982
Kaweah Delta Hlth Care Dist	5.00%		6/1/2017	A3			2,000		2,094,040
MD Hlth & Hi Ed–Western MD Hlth Sys	5.00%		7/1/2019	BBB			3,000		3,375,300
MD Hlth & Hi Ed–Western MD Hlth Sys	5.00%		7/1/2020	BBB			3,000		3,473,760

16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Health Care (continued)
MI Fin Auth–Beaumont Hlth	4.00%		8/1/2018	A1		$	1,500	$	1,593,750
MI Fin Auth–Beaumont Hlth	4.00%		8/1/2019	A1			3,000		3,250,260
MI Fin Auth–Beaumont Hlth	4.00%		8/1/2020	A1			2,300		2,529,586
Montgomery Co IDA–Einstein Hlthcare	5.00%		1/15/2019	Baa2			1,305		1,410,601
Montgomery Co IDA–Einstein Hlthcare	5.00%		1/15/2020	Baa2			1,235		1,360,130
Montgomery Co IDA–Einstein Hlthcare	5.00%		1/15/2021	Baa2			2,000		2,236,220
MS Equip Facs–MS Baptist Hlth	1.70%	^#	8/15/2036	BBB+			7,000		7,021,490
Muskingum Co Hsp Facs–Genesis Hlthcare	5.00%		2/15/2018	BB+			1,000		1,049,630
Muskingum Co Hsp Facs–Genesis Hlthcare	5.00%		2/15/2019	BB+			1,450		1,550,282
Muskingum Co Hsp Facs–Genesis Hlthcare	5.00%		2/15/2020	BB+			1,305		1,416,303
NJ Hlth–Barnabas Hlth	5.00%		7/1/2019	A-			8,000		8,930,240
NJ Hlth–St Peters Univ Hsp	5.00%		7/1/2016	BB+			3,160		3,183,100
NJ Hlth–St Peters Univ Hsp	5.00%		7/1/2017	BB+			3,850		3,986,174
NJ Hlth–Univ Hosp (AGM)	5.00%		7/1/2021	AA			900		1,051,191
Onondaga CDC–St Josephs Hsp	5.00%		7/1/2017	NR			5,000		5,257,050
Philadelphia Hsps–Temple Univ Hlth	5.00%		7/1/2016	BBB-			1,500		1,511,985
Philadelphia Hsps–Temple Univ Hlth	5.00%		7/1/2017	BBB-			1,500		1,559,445
PR Indl Tourist–Hsp Auxilio Mutuo	5.00%		7/1/2016	A-			3,385		3,395,155
PR Indl Tourist–Hsp Auxilio Mutuo	5.00%		7/1/2017	A-			2,555		2,588,522
Rochester Hlth Care–Mayo Clinic	4.00%		11/15/2038	AA			5,500		5,909,365
San Buenaventura–Cmnty Mem Hlth	5.00%		12/1/2016	BB+			1,750		1,787,100
San Buenaventura–Cmnty Mem Hlth	5.25%		12/1/2017	BB+			1,750		1,845,935
San Buenaventura–Cmnty Mem Hlth	5.75%		12/1/2018	BB+			1,800		1,966,338
Sartell Hlth Care–Country Manor	4.00%		9/1/2020	NR			2,300		2,322,264
SE Port Auth–Memorial Hlth	5.00%		12/1/2022	BB	^(a)		3,750		4,071,262
St Paul Hsg–HlthEast Care Sys	5.00%		11/15/2019	BBB-			1,230		1,358,363
St Paul Hsg–HlthEast Care Sys	5.00%		11/15/2020	BBB-			1,255		1,414,724
St. Louis Ind Dev Auth–Nazareth	3.85%		8/15/2020	NR			300		300,519
St. Louis Ind Dev Auth–Nazareth	4.15%		8/15/2021	NR			650		651,118
Tarrant Co Cultural–Buckingham Sr Lvg	3.875%		11/15/2020	BB	^(a)		1,240		1,254,322
WA Hsg–Herons Key^†	4.375%		1/1/2021	NR			1,200		1,215,336
WI Hlth & Ed–Aurora Hlth	1.25%		8/15/2025	A2			5,500		5,510,340
Total									191,548,838

Housing 0.43%
CA Stwde–American Baptist	2.40%		10/1/2020	BBB+	^(a)		1,250		1,250,762
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2019	Baa1			1,000		1,121,890
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2020	Baa1			575		662,883

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Housing (continued)
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2021	Baa1		$	825	$	972,329
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2022	Baa1			1,000		1,197,180
Los Angeles Regl Fin Auth–Montecedro Prk	3.00%	11/15/2021	AA-			1,500		1,502,430
WA Hsg–Emerald Heights	3.00%	7/1/2016	A-	^(a)		1,020		1,024,355
WA Hsg–Emerald Heights	4.00%	7/1/2018	A-	^(a)		1,000		1,049,390
Total								8,781,219

Lease Obligations 6.76%
Broward Co Sch Brd COP	5.00%	7/1/2020	Aa3			7,350		8,494,248
Buncombe Co Ltd Oblig	5.00%	6/1/2019	AA+			800		900,208
Buncombe Co Ltd Oblig	5.00%	6/1/2020	AA+			750		867,825
CA Pub Wks–Dept Hsps	4.00%	6/1/2018	A+			4,790		5,116,869
CA Pub Wks–Dept of Correction	5.00%	1/1/2019	A+			4,000		4,442,640
CA Pub Wks–Dept of Correction	5.00%	1/1/2020	A+			5,000		5,724,150
CA Pub Wks–Various Cap Proj	5.00%	4/1/2018	A+			2,800		3,032,736
CA Pub Wks–Various Cap Proj	5.00%	11/1/2018	A+			2,000		2,209,640
Cuyahoga Co COP–Conv Hotel Proj	5.00%	12/1/2018	AA-			4,535		4,971,494
Erie Co IDA–Buffalo Sch Dist	5.00%	5/1/2018	AA			3,000		3,259,080
KY Ppty & Bldgs Commn–Proj #112	5.00%	11/1/2021	Aa3			5,000		5,841,750
LA PFA–Hurricane Recovery	4.00%	6/1/2018	A1			4,290		4,572,282
Los Angeles Co Pub Wks	5.00%	8/1/2019	AA			1,000		1,132,480
Los Angeles Mun Impt Corp	5.00%	3/1/2018	A+			5,000		5,385,400
Los Angeles Mun Impt Corp	5.00%	3/1/2019	A+			9,500		10,579,675
Los Angeles USD COP	5.00%	10/1/2017	A+			3,000		3,184,260
Los Angeles USD COP	5.00%	10/1/2018	A+			3,000		3,305,970
MI Fin Auth–Detroit Sch Dist	5.00%	6/1/2016	A			5,890		5,927,755
NJ EDA–Sch Facs	5.00%	6/15/2019	A-			10,000		10,765,800
NJ EDA–Sch Facs (AMBAC)	5.50%	12/15/2019	A-			5,000		5,518,550
NJ Trans Trust Fund	5.00%	6/15/2019	A-			1,250		1,348,125
NJ Trans Trust Fund (NPFGC)(FGIC)	5.50%	12/15/2016	AA-			1,225		1,263,122
NY Twy Auth–Svc Contract	5.00%	4/1/2018	AA			7,500		8,120,325
Philadelphia Redev Auth	5.00%	4/15/2017	A+			1,135		1,183,340
Philadelphia Redev Auth	5.00%	4/15/2018	A+			1,670		1,794,649
PR Pub Bldg Auth GTD	5.75%	7/1/2016	Caa3			4,145		2,902,122
San Diego Conv Ctr Fing Auth	4.00%	4/15/2017	AA-			1,250		1,292,300
San Diego Conv Ctr Fing Auth	4.00%	4/15/2018	AA-			2,100		2,235,765
San Francisco City & Co COP	5.00%	9/1/2017	AA			12,640		13,393,344
South Florida Wtr Mgt Dist COP	5.00%	10/1/2021	AA			1,235		1,470,539

18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Lease Obligations (continued)
South Florida Wtr Mgt Dist COP	5.00%		10/1/2022	AA	$	1,500	$	1,818,285
Twin Rivers USD COP (AGM)	3.20%		6/1/2027	AA		1,750		1,757,420
Twin Rivers USD COP (AGM)	3.20%		6/1/2035	AA		920		923,726
Twin Rivers USD COP (AGM)	3.20%		6/1/2041	AA		2,250		2,258,032
Total								136,993,906

Other Revenue 3.41%
CA Fin Auth–Sol Wst Disp	0.45%	^#	9/1/2021	BBB+		5,000		5,000,000
Central Plains–RBC	5.00%		8/1/2039	Aa3		8,000		9,031,840
Farmington Poll Ctl–El Paso Elec	1.875%		6/1/2032	Baa1		5,000		5,044,800
Florence Twn IDA–Legacy Trad Sch	4.00%		7/1/2018	BB		310		316,721
Indianapolis Local Pub Impt Bd Bk	5.00%		6/1/2022	A1		4,040		4,701,833
MA Fed Hwy–GANS Brdg Prog	5.00%		6/15/2018	AAA		8,385		9,157,175
MI Fin Auth–Detroit Sch Dist	5.00%		6/1/2016	A-		1,600		1,610,128
Mission Edc–Sol Wst Disp	0.50%	^#	1/1/2020	BBB+		3,000		3,000,000
NYC Cultural–Whitney Museum	5.00%		7/1/2017	A		6,175		6,494,803
PA Econ Dev–Unemployment Comp	5.00%		7/1/2019	Aaa		5,000		5,652,850
PA IDA–Economic Dev	5.00%		7/1/2018	A+		2,595		2,820,583
Phoenix IDA–Basis Schs^†	3.00%		7/1/2020	BB		1,290		1,319,412
SC Transp Infra Bank	5.00%		10/1/2020	A1		6,470		7,522,863
TX Muni Gas Acq & Supply–Macquarie	5.00%		12/15/2022	A3		5,000		5,914,700
WA Eda–Waste Mgmt^†	2.125%		6/1/2020	A-		1,500		1,519,035
Total								69,106,743

Special Tax 0.95%
Brea Redev Agy	5.00%		8/1/2019	AA-		2,000		2,257,240
Brea Redev Agy	5.00%		8/1/2020	AA-		2,100		2,436,063
CA Reassmt Dist 12/1 Irvine	4.00%		9/2/2017	BBB+		2,000		2,093,180
CA Reassmt Dist 12/1 Irvine	4.00%		9/2/2018	BBB+		1,250		1,331,287
Emeryville Redev Agy	5.00%		9/1/2018	A+		1,875		2,060,344
Emeryville Redev Agy	5.00%		9/1/2019	A+		1,000		1,133,590
Pittsburg Redev Agy	5.00%		8/1/2018	A		2,500		2,730,750
Pittsburg Redev Agy–Los Medanos (AGM)	5.00%		9/1/2021	AA		1,000		1,177,650
Pittsburg Redev Agy–Los Medanos (AGM)	5.00%		9/1/2022	AA		3,370		4,024,117
Total								19,244,221

Tax Revenue 5.66%
Dallas Area Rapid Transit	5.00%		12/1/2018	AA+		2,500		2,770,425
Dallas Area Rapid Transit	5.00%		12/1/2019	AA+		2,000		2,287,200

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Tax Revenue (continued)
FL Dept Env Protn–Florida Forever	5.00%		7/1/2021	AA-		$	7,610	$	9,035,657
FL Dept Env Protn–Florida Forever	5.00%		7/1/2022	AA-			3,410		4,120,474
IL Sales Tax	5.00%		6/15/2018	AAA			9,500		10,260,000
IL State–Unemployment Insurance Fund Bldg	5.00%		12/15/2018	AA			5,000		5,042,150
MA Sch Bldg Auth–Sales Tax	5.00%		8/15/2018	AA+			7,000		7,700,070
MTA NY–Dedicated Tax	4.00%		11/15/2018	AA			4,415		4,776,942
NJ EDA–Cigarette Tax	5.00%		6/15/2016	BBB+			2,005		2,017,832
NJ EDA–Cigarette Tax	5.00%		6/15/2017	BBB+			3,000		3,107,070
NJ EDA–Cigarette Tax	5.00%		6/15/2018	BBB+			8,500		9,004,985
NM State Severance Tax	5.00%		7/1/2021	Aa1			9,910		11,760,990
NY UDC–PIT	5.00%		3/15/2018	AAA			10,000		10,796,600
Phoenix Civic Impt Corp–Light Rail Proj	5.00%		7/1/2019	AA			4,670		5,281,396
Phoenix Civic Impt Corp–Water Sys	5.00%		7/1/2018	AAA			7,620		8,328,660
Phoenix Civic Impt Corp–Water Sys	5.00%		7/1/2019	AAA			6,355		7,178,290
Phoenix Excise Tax	5.00%		7/1/2019	AA+			2,615		2,946,608
UT Trans Auth	1.35%		6/15/2017	A+			2,500		2,512,975
UT Trans Auth	1.60%		6/15/2018	A+			5,750		5,812,675
Total									114,740,999

Tobacco 1.89%
Golden St Tobacco	5.00%		6/1/2020	A+			5,300		6,146,675
Inland Empire Tobacco	4.625%		6/1/2021	CC	^(a)		2,000		2,012,540
Railsplitter Tobacco Settlement Auth	5.25%		6/1/2021	A			4,020		4,728,003
Tobacco Settlement Auth WA	5.00%		6/1/2017	A			2,000		2,091,660
Tobacco Settlement Auth WA	5.00%		6/1/2018	A			2,000		2,158,540
Tobacco Settlement Auth WA	5.00%		6/1/2019	A			4,990		5,534,359
Tobacco Settlement Fin Corp LA	5.00%		5/15/2016	A			2,500		2,512,425
Tobacco Settlement Fin Corp LA	5.00%		5/15/2017	A			2,000		2,089,760
Tobacco Settlement Fin Corp NJ	4.50%		6/1/2023	BB			4,905		4,992,260
Tobacco Settlement Fin Corp NY	5.00%		6/1/2017	AA			5,850		6,136,884
Total									38,403,106

Transportation 13.82%
Alameda Corridor Trsp Auth	5.00%		10/1/2019	A-			1,000		1,133,130
Atlanta Arpt	5.00%		1/1/2018	AA-			1,000		1,072,190
Bay Area Toll Auth	1.10%	^#	4/1/2047	AA			8,000		7,993,200
Bay Area Toll Auth	1.50%		4/1/2047	AA			5,000		5,045,750
Bay Area Toll Auth	1.875%		4/1/2034	AA			15,000		15,396,750

20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Transportation (continued)
Bay Area Toll Auth Rmkt	1.21%	^#	4/1/2045	AA	$	15,000	$	15,023,400
Central TX Mobility Auth	5.00%		1/1/2045	BBB+		5,000		5,680,700
Central TX Tpk	5.00%		8/15/2042	A-		8,000		9,080,160
Chicago O’Hare Arpt	5.00%		1/1/2021	A		1,500		1,746,735
Clark Co Arpt–McCarran Arpt	5.00%		7/1/2018	A+		8,500		9,252,760
Clark Co PFC–McCarran Arpt	5.25%		7/1/2018	A+		7,090		7,773,618
Cleveland Arpt (AGM)	5.00%		1/1/2021	AA		450		519,993
Cleveland Arpt (AGM)	5.00%		1/1/2022	AA		455		535,394
Cleveland Arpt (AGM)	5.00%		1/1/2023	AA		1,000		1,193,790
E–470 Hwy Auth	5.00%		9/1/2019	BBB+		1,000		1,124,280
Fairfax Co EDA–Silver Line Phase I	5.00%		4/1/2017	Aa1		2,000		2,085,000
FL Tpk Auth–Dept Trans	5.00%		7/1/2020	Aa2		6,075		7,058,968
Foothill / Eastern Corridor Toll Rd	5.00%		1/15/2053	BBB-		7,500		7,837,650
Houston Arpt	5.00%		7/1/2017	A+		1,500		1,577,115
IL Toll Hwy Auth	5.00%		12/1/2017	AA-		5,000		5,336,900
IL Toll Hwy Auth	5.00%		12/1/2019	AA-		7,500		8,524,875
KY Pub Trsp Auth–Downtown Crossing	5.00%		7/1/2017	Baa3		8,000		8,361,440
Long Beach Harbor	5.00%		11/15/2018	AA		7,500		8,320,575
Los Angeles Dept Arpts–LAX	4.00%		5/15/2020	AA-		225		250,963
MD Dept Trans	5.00%		12/15/2021	AAA		10,000		12,048,700
MTA NY	0.644%	^#	11/1/2041	AA-		20,000		19,895,800
MTA NY	1.134%	^#	11/1/2030	AA-		7,340		7,359,818
MTA NY	5.00%		11/15/2018	AA-		3,235		3,580,919
MTA NY (AGM)	0.866%	^#	11/1/2022	AA		15,475		14,991,607
NC State GARVEE	4.00%		3/1/2023	AA		8,000		8,337,520
NJ Tpk Auth	5.00%		1/1/2020	A+		5,000		5,674,900
North TX Twy Auth	5.00%		1/1/2020	A1		2,500		2,846,275
NY Twy Auth	5.00%		1/1/2018	A		1,250		1,340,012
NY Twy Auth	5.00%		5/1/2019	A-		15,725		17,597,847
NY Twy Auth	5.00%		1/1/2020	A		2,000		2,283,340
NY Twy Auth–Hwy & Brdg	5.00%		4/1/2018	AA		3,405		3,686,628
OH Infrastructure	5.00%		12/15/2019	AA		2,500		2,861,775
OH Infrastructure	5.00%		12/15/2019	AA		6,000		6,868,260
Orlando & Orange Co Expwy Auth	5.00%		7/1/2018	A		4,000		4,361,720
Southeastern PA Transp Auth GARVEE	5.00%		6/1/2017	AA-		1,425		1,492,160
Southeastern PA Transp Auth GARVEE	5.00%		6/1/2018	AA-		1,280		1,388,608
St Louis Arpt–Lambert Intl Airport	5.00%		7/1/2018	A-		1,530		1,655,552

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Transportation (continued)
Triborough Brdg & Tunl Auth	5.00%		11/15/2018	AA-	$	3,750	$	4,157,175
Triborough Brdg & Tunl Auth	5.00%		11/15/2021	AA-		5,000		6,000,900
Triborough Brdg & Tunl Auth (NPFGC)(FGIC)	5.50%		11/15/2021	AA-		1,650		2,011,828
WA St GARVEE–520 Corridor	5.00%		9/1/2017	AA		16,930		17,916,850
Total								280,283,530

Utilities 12.94%
Amr Muni Pwr–Fremont Energy	5.00%		2/15/2017	A1		1,000		1,036,140
Amr Muni Pwr–Fremont Energy	5.00%		2/15/2018	A1		2,900		3,106,074
Atlanta Wtr & Wastewtr	5.00%		11/1/2017	AA-		3,000		3,202,320
Atlanta Wtr & Wastewtr	5.00%		11/1/2018	AA-		2,500		2,762,725
Atlanta Wtr & Wastewtr (NPFGC)(FGIC)	5.50%		11/1/2018	AA-		4,425		4,946,176
CA Dept Wtr Res Wtr–Central Valley	5.00%		12/1/2019	AAA		8,720		10,023,117
CA Dept Wtr Res Wtr–Central Valley	5.00%		12/1/2020	AAA		12,640		14,934,160
Chicago Wastewater	5.00%		1/1/2021	A		1,000		1,114,350
Chicago Wastewater	5.00%		1/1/2022	A		2,000		2,248,620
CO Public Auth–ML	5.75%		11/15/2018	BBB+		4,500		4,842,450
Detroit Water	5.00%		7/1/2021	A-		420		487,578
Detroit Water	5.00%		7/1/2022	A-		500		587,555
East Baton Rouge Swr Comm	0.807%	^#	2/1/2046	AA-		7,205		7,217,176
Floyd Co Dev–GA Power	2.35%		7/1/2022	A3		1,500		1,537,560
Guam Pwr Auth (AGM)	5.00%		10/1/2019	AA		1,000		1,122,340
Houston Util Sys	5.00%		11/15/2018	AA		5,000		5,525,100
Houston Util Sys	5.00%		11/15/2018	AA		1,750		1,933,785
Houston Util Sys	5.00%		11/15/2019	AA		2,485		2,828,104
Houston Util Sys	5.00%		5/15/2020	AA		5,000		5,768,550
Houston Util Sys (SIFMA)	1.15%	^#	5/15/2034	AA		23,000		22,997,240
IL Fin Auth–Peoples Gas	1.875%		2/1/2033	Aa3		6,500		6,587,945
Intermountain Pwr Agy	5.00%		7/1/2018	A+		2,400		2,611,992
Intermountain Pwr Agy	5.00%		7/1/2019	A+		2,350		2,644,808
JEA Elec Sys	5.00%		10/1/2020	Aa3		4,490		5,224,923
JEA Elec Sys	5.00%		10/1/2020	Aa3		3,620		4,212,522
Lakeland Energy	1.15%	^#	10/1/2017	AA		17,000		17,013,430
Long Island Power Auth	0.957%	^#	5/1/2033	A-		10,000		10,000,200
Los Angeles Wastewater	5.00%		6/1/2018	AA		3,000		3,274,110
Maricopa Co Poll Ctl–NM Pub Svc	2.40%		6/1/2043	BBB+		7,500		7,586,025
MEAG–Proj 1	5.00%		1/1/2018	A		3,145		3,368,641
MEAG–Proj 1	5.00%		1/1/2021	A		7,000		8,168,930

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Utilities (continued)
Met Govt Nashville Water & Sewer	5.00%	7/1/2018	A+	$	4,415	$	4,817,339
MO Joint Muni Elec Util Commn	5.00%	1/1/2020	A2		2,000		2,277,820
New Orleans Sewer	5.00%	6/1/2018	A		1,000		1,080,610
OH Air Quality–FirstEnergy	2.25%	8/1/2029	BBB-		5,000		5,012,750
PA Econ Dev–Waste Mgmt	1.50%	11/1/2021	A-		3,000		3,002,550
Peninsula Ports Auth–Dominion Proj	2.375%	10/1/2033	BBB		5,000		5,028,550
Philadelphia Gas Works	5.00%	8/1/2019	A-		7,500		8,407,125
Philadelphia Gas Works	5.00%	8/1/2020	A-		2,000		2,297,280
Philadelphia Water & Wastewater	5.00%	7/1/2019	A1		2,390		2,680,050
Philadelphia Water & Wastewater	5.00%	7/1/2020	A1		4,500		5,196,510
Portland Sewer Sys	5.00%	10/1/2022	AA		5,000		6,119,750
PR Elec Pwr Auth	5.25%	7/1/2018	Caa3		2,000		1,261,400
Rockport Poll Ctl–IN/MI Pwr Co	1.75%	6/1/2025	Baa1		5,590		5,633,770
SA Energy Acquisition Pub Fac	5.50%	8/1/2021	BBB+		4,350		5,146,267
SC Pub Svc Auth–Santee Cooper	5.00%	12/1/2021	AA-		5,125		6,121,659
Stockton PFA–Wastewater (BAM)	4.00%	9/1/2018	AA		1,000		1,066,930
Stockton PFA–Wastewater (BAM)	5.00%	9/1/2019	AA		1,750		1,963,745
Stockton PFA–Wastewater (BAM)	5.00%	9/1/2020	AA		1,000		1,149,120
TEAC–Goldman Sachs	5.25%	9/1/2018	A3		5,755		6,293,035
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2018	A3		3,000		3,292,080
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2019	A3		1,000		1,124,540
Western Muni Water Dist	1.50%	10/1/2039	AA+		5,000		5,002,000
Wise Co IDA–VA Elec & Pwr Co	2.15%	10/1/2040	A2		5,425		5,574,730
York Co EDA–VA Elec & Pwr Co	1.875%	5/1/2033	A2		3,750		3,815,588
Total							262,279,844
Total Municipal Bonds (cost $1,796,839,485)							1,819,427,336

SHORT-TERM INVESTMENTS 9.77%

MUNICIPAL BOND 0.37%

Tax Revenue
MI Fin Auth–Detroit Sch Dist^† (cost $7,500,000)	5.75%	8/22/2016	NR		7,500		7,486,425

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2016

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(d)

Date

Moody’s

(000)

Value

Variable Rate Demand Notes 9.40%

Corporate-Backed 4.55%

MS Bus Fin Corp–Grand Alliance

0.80%

4/7/2016

1/1/2033

BBB+

11,225

11,225,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

10,110

10,110,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

11/1/2040

11,000

11,000,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

4/1/2040

6,685

6,685,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

11,800

11,800,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

6,800

6,800,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

11/1/2040

7,100

7,100,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

4/1/2040

7,600

7,600,000

St James Parish–Nucor Steel

0.80%

4/6/2016

11/1/2040

A-

20,000

20,000,000

Total

92,320,000

Education 0.23%

Met Govt Nashville

H & E–Fisk Univ

0.80%

4/7/2016

12/1/2020

4,735

4,735,000

Health Care 1.22%

AR DFA–Baptist Mem Hlth

0.75%

4/7/2016

9/1/2044

A-

16,077

16,077,000

NJ Hlth–Christian Hlth Care Ctr

0.70%

4/7/2016

7/1/2038

A-

7,770

7,770,000

WI Hlth & Ed–Pooled Loan Fin

1.10%

4/6/2016

2/1/2022

865

865,000

Total

24,712,000

Lease Obligations 1.68%

Palm Beach Co Sch Brd COP

0.66%

4/7/2016

8/1/2029

BBB

28,500

28,500,000

Pima Co IDA–Clark Co

Detention^†

0.68%

4/7/2016

9/1/2033

AA-

5,500

5,500,000

Total

34,000,000

Other Revenue 0.35%

WI Hlth & Ed–Maranatha Baptist

1.15%

4/7/2016

8/1/2026

BBB+

7,100

7,100,000

24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION TAX FREE FUND March 31, 2016

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(d)

Date

Moody’s

(000)

Value

Utilities 1.37%

Floyd Co Dev–GA Power

0.48%

4/1/2016

9/1/2026

A-

2,180

2,180,000

Las Vegas Valley Water District

0.47%

4/1/2016

6/1/2036

Aa1

1,630

1,630,000

Las Vegas Valley Water District

0.47%

4/1/2016

6/1/2036

Aa1

7,325

7,325,000

NYC Muni Water

0.46%

4/1/2016

6/15/2032

AA+

16,640

16,640,000

Total

27,775,000

Total Variable Rate Demand Notes (cost $190,642,000)

190,642,000

Total Short-Term Investments (cost $198,142,000)

198,128,425

Total Investments in Securities 99.52% (cost $1,994,981,485)

2,017,555,761

Cash and Other Assets in Excess of Liabilities 0.48%

9,771,167

Net Assets 100.00%

2,027,326,928

Note: See Footnotes to Schedules of Investments on page 133 of this report.

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	1,826,913,761	$	–	$	1,826,913,761
Variable Rate Demand Notes		–		190,642,000		–		190,642,000
Total	$	–	$	2,017,555,761	$	–	$	2,017,555,761

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry.
(3)	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
MUNICIPAL BONDS 97.10%

Corporate-Backed 6.55%
AL IDA–Office Max Rmkt AMT	6.45%	12/1/2023	B3	$	2,300	$	2,303,726
Allegheny Co IDA–US Steel	6.50%	5/1/2017	B		3,315		3,223,639
Babylon IDA–Covanta	5.00%	1/1/2019	AA		4,000		4,420,840
Beaver Co IDA–FirstEnergy Rmkt	2.50%	12/1/2041	BBB-		6,000		6,029,940
Build NYC Res Corp–Pratt Paper AMT^†	4.50%	1/1/2025	NR		3,600		3,916,944
Build NYC Res Corp–Pratt Paper AMT^†	5.00%	1/1/2035	NR		550		605,963
Burke Co Dev–Oglethorpe Power	2.40%	1/1/2040	A		4,000		4,101,320
CA Poll Ctl–Waste Mgmt AMT	3.00%	11/1/2025	A-		9,850		10,241,242
Citizens Property Insurance Corp	5.00%	6/1/2022	A+		12,500		14,774,250
Citizens Property Insurance Corp	5.25%	6/1/2017	A+		7,000		7,355,810
Farmington Poll Ctl–NM Pub Svc	4.75%	6/1/2040	BBB+		5,000		5,169,000
Gloucester Co Poll Ctl–Logan AMT	5.00%	12/1/2024	BBB-		1,750		1,975,137
Greater Orlando Aviation–Jet Blue AMT	5.00%	11/15/2026	NR		2,980		3,206,659
Gulf Coast IDA–CITGO AMT	4.875%	5/1/2025	B+		4,900		5,168,667
IA Fin Auth–Iowa Fertilizer Co	5.00%	12/1/2019	BB-		7,860		8,105,546
IA Fin Auth–Iowa Fertilizer Co	5.25%	12/1/2025	BB-		10,000		10,667,300
IA Fin Auth–Iowa Fertilizer Co	5.50%	12/1/2022	BB-		4,195		4,401,436
IN Fin Auth–US Steel	6.00%	12/1/2019	B		3,145		2,837,639
Indianapolis Local Pub Impt–IND Arpt AMT	5.00%	1/1/2026	A1		9,425		11,190,774
Indianapolis Local Pub Impt–IND Arpt AMT	5.00%	1/1/2027	A1		8,300		9,783,957
LA Citizens Property Insurance Corp (AGM)	5.00%	6/1/2022	AA		2,000		2,393,180
LA Env Facs–Westlake Chem Rmkt	6.50%	8/1/2029	BBB+		6,780		8,006,231
Love Field Arpt–Southwest Airlines AMT	5.00%	11/1/2028	Baa1		1,800		2,082,960
MA Port Auth–Delta Airlines AMT (AMBAC)	5.50%	1/1/2022	NR		1,500		1,505,985
Martin Co IDA–Indiantown Cogen AMT	4.20%	12/15/2025	Ba1		6,000		6,127,020
Matagorda Co Nav Dist–AEP TX Central	4.00%	6/1/2030	Baa1		8,000		8,485,360
MD EDC–Chesapeake Bay Hyatt^(d)	5.00%	12/1/2016	NR		2,570		1,542,000
Nez Perce Co Poll Ctl–Potlatch	6.00%	10/1/2024	BB		1,000		1,002,650
Niagara Area Dev Corp–Covanta^†	4.00%	11/1/2024	Ba2		6,170		6,316,537
NJ EDA–Continental Airlines AMT	4.875%	9/15/2019	BB-		3,115		3,304,735
NJ EDA–Continental Airlines AMT	5.125%	9/15/2023	BB-		6,725		7,440,607
NJ EDA–Continental Airlines AMT	5.25%	9/15/2029	BB-		13,820		15,259,768
NY Energy–NY State Elec & Gas	2.00%	6/1/2029	A3		9,000		9,006,930
NYC Cap Res–Arthur Mgmt	7.00%	8/1/2025	NR		4,300		4,616,351
NYC IDA–TRIPS AMT	5.00%	7/1/2022	BBB		1,000		1,132,430
NYC IDA–TRIPS AMT	5.00%	7/1/2028	BBB		3,500		3,880,730

26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Corporate-Backed (continued)
OH Wtr Dev Auth–FirstEnergy	4.00%	12/1/2033	BBB-		$	8,200	$	8,568,836
OK DFA–Waste Mgmt	2.375%	12/1/2021	A-			1,665		1,699,549
Richland Co Env Impt–Intl Paper AMT	3.875%	4/1/2023	BBB			6,715		7,249,984
Salem Co Poll Ctl–Chambers AMT	5.00%	12/1/2023	BBB-			7,710		8,480,460
St Charles Parish–Valero Energy	4.00%	12/1/2040	BBB			10,500		11,436,915
Tulsa Mun Arpt–American Airlines AMT	5.00%	6/1/2035	BB-			4,000		4,567,360
Valdez Marine Term–BP	5.00%	1/1/2021	A2			10,000		11,432,400
Valparaiso Facs–Pratt Paper AMT	5.875%	1/1/2024	NR			1,500		1,775,310
Valparaiso Facs–Pratt Paper AMT	6.75%	1/1/2034	NR			5,000		6,146,300
West Pace Coop Dist^(d)	9.125%	5/1/2039	NR			4,900		3,236,156
Whiting Env Facs–BP AMT	5.00%	11/1/2045	A2			6,855		7,955,159
Whiting Env Facs–BP Rmkt	5.25%	1/1/2021	A2			5,000		5,772,700
WI PFA–TRIPS AMT	5.25%	7/1/2028	BBB			3,750		4,176,975
WI Pub Fin Auth–Celanese AMT	4.30%	11/1/2030	BB+			2,125		2,150,967
Total								286,232,334

Education 5.63%
AZ Brd Regents COP–Univ of AZ	5.00%	6/1/2021	Aa3			6,745		7,922,879
CA Fin Auth–Biola Univ	5.00%	10/1/2028	Baa1			420		486,335
CA Fin Auth–Biola Univ	5.00%	10/1/2030	Baa1			430		496,650
CA Fin Auth–Biola Univ	5.625%	10/1/2023	Baa1			1,015		1,105,528
CA State Univ Sys	5.00%	11/1/2024	Aa2			5,000		5,982,350
CA State Univ Sys	5.00%	11/1/2026	Aa2			2,750		3,512,245
Clemson Univ	5.00%	5/1/2027	Aa2			5,700		7,252,851
Cleveland State Univ	5.00%	6/1/2024	A+			1,775		2,094,784
Clifton Higher Ed–Intl Ldrshp Sch	5.125%	8/15/2030	NR			3,500		3,619,455
CT Hlth & Ed–Quinnipiac Univ	5.00%	7/1/2033	A-			8,230		9,621,611
Cuyahoga CCD	5.00%	8/1/2020	Aa2			1,800		2,075,922
Fulton Co Dev–GA Tech Athletic Assoc	5.00%	10/1/2022	A2			7,480		8,975,177
Harris Co Cultural Ed–Baylor Clg / Med	5.00%	11/15/2019	A-			1,910		2,099,109
IA HI Ed–Wartburg Clg	5.00%	10/1/2032	BB-	^(a)		5,000		5,195,250
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2016	Baa3			2,500		2,500,000
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2020	Baa3			1,000		1,002,870
IL Fin Auth–IL Inst of Tech	6.50%	2/1/2023	Baa3			2,000		2,217,180
IL Fin Auth–Loyola Univ Chicago	5.00%	7/1/2025	A			8,620		9,938,084
IL Fin Auth–Noble Chtr Sch	5.00%	9/1/2025	BBB			1,500		1,684,635
MA DFA–Boston Med Ctr	5.00%	7/1/2021	BBB			2,855		3,285,049
MA DFA–Emerson Clg	5.00%	1/1/2026	BBB+			5,135		6,186,186

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Education (continued)
MA DFA–Emerson Clg	5.00%		1/1/2027	BBB+	$	2,700	$	3,229,173
MA DFA–Emerson Clg	5.00%		1/1/2028	BBB+		1,810		2,149,103
MA Hlth & Ed–Harvard Univ	5.25%		11/15/2019	AAA		2,850		3,188,865
Marietta Dev Auth–Life Univ	6.25%		6/15/2020	Ba3		1,750		1,854,878
NC Cap Facs–High Point Univ	5.00%		5/1/2032	BBB+		2,500		2,797,225
NH Hlth & Ed–Univ Sys of NH	5.50%		7/1/2020	Aa3		1,890		2,149,327
NY Dorm–Mt Sinai Sch Med	5.00%		7/1/2026	A-		5,000		6,108,400
NY Dorm–Mt Sinai Sch Med	5.00%		7/1/2027	A-		10,000		12,096,500
NY Dorm–Pace Univ	5.00%		5/1/2021	BB+		1,890		2,138,762
NY Dorm–Pace Univ	5.00%		5/1/2023	BB+		1,000		1,156,910
NY Dorm–Pace Univ	5.00%		5/1/2026	BB+		1,000		1,138,180
NY Dorm–SUNY	5.00%		7/1/2026	Aa3		2,000		2,498,040
NY Dorm–SUNY	5.00%		7/1/2027	Aa3		4,880		6,039,586
NY Dorm–SUNY	5.00%		7/1/2027	Aa3		500		619,285
NY Dorm–SUNY	5.00%		7/1/2028	Aa3		4,110		5,051,806
NY Dorm–SUNY	5.00%		7/1/2029	Aa3		2,750		3,359,620
PR Indl Tourist–Inter American Univ	5.00%		10/1/2019	A-		1,000		1,004,120
PR Indl Tourist–Inter American Univ	5.00%		10/1/2020	A-		1,000		1,002,180
Private Clgs & Univs Auth–SCAD	5.00%		4/1/2029	Baa2		1,500		1,733,595
Private Clgs & Univs Auth–SCAD	5.00%		4/1/2031	Baa2		1,360		1,568,638
Texas A&M Univ	5.00%		7/1/2021	AAA		7,870		9,370,730
Troy Cap Res Corp–RPI	5.00%		8/1/2024	A-		1,000		1,216,090
Troy Cap Res Corp–RPI	5.00%		8/1/2025	A-		2,630		3,222,670
Troy Cap Res Corp–RPI	5.00%		8/1/2026	A-		1,000		1,226,270
Troy Cap Res Corp–RPI	5.00%		8/1/2027	A-		1,600		1,943,296
TX Univ Sys	5.25%		3/15/2019	Aa2		5,000		5,429,450
Univ California	5.00%		5/15/2026	AA		15,000		18,201,300
Univ California	5.00%		5/15/2048	AA		10,000		12,352,200
Univ of North Carolina–Chapel Hill	1.044%	^#	12/1/2041	AAA		15,000		14,956,200
Univ of North Carolina–Wilmington	5.00%		6/1/2021	A2		1,950		2,278,906
Univ of North Carolina–Wilmington	5.00%		6/1/2023	A2		2,435		2,917,909
Univ of North Carolina–Wilmington	5.00%		6/1/2024	A2		2,560		3,094,528
Univ of Texas	5.00%		8/15/2026	AAA		5,400		6,973,398
Univ of Toledo	5.00%		6/1/2019	A1		2,800		3,116,484
UT Brd Regents–Univ UT	5.00%		8/1/2021	AA+		2,400		2,870,184
UT Brd Regents–Univ UT	5.00%		8/1/2022	AA+		3,500		4,273,955
Western MI Univ (AG)	5.25%		11/15/2020	AA		3,980		4,403,950
Total								245,985,863

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
General Obligation 18.73%
Bellwood GO	5.875%	12/1/2027	A	$	5,000	$	5,994,650
Bellwood GO	6.15%	12/1/2032	A		3,770		4,494,029
CA State GO	5.00%	9/1/2021	AA-		15,500		18,546,835
CA State GO	5.00%	9/1/2021	AA-		13,685		16,375,060
CA State GO	5.00%	2/1/2022	AA-		20,000		24,136,200
CA State GO	5.00%	9/1/2022	AA-		5,580		6,814,240
CA State GO	5.00%	9/1/2023	AA-		6,100		7,586,204
CA State GO	5.00%	3/1/2025	AA-		7,000		8,861,790
CA State GO	5.00%	10/1/2027	AA-		10,000		12,099,900
CA State GO	5.00%	9/1/2029	AA-		5,000		5,899,600
CA State GO	5.00%	9/1/2030	AA-		10,000		12,300,200
CA State GO	5.25%	10/1/2020	AA-		10,120		11,628,690
CA State GO	5.25%	3/1/2022	AA-		6,320		7,346,242
CA State GO	5.25%	9/1/2024	AA-		10,000		12,101,800
Chabot/Las Positas CCD	5.00%	8/1/2023	Aa3		3,000		3,734,910
Chicago GO	5.00%	1/1/2022	BBB+		7,770		7,975,905
Chicago GO	5.00%	1/1/2024	BBB+		15,000		15,220,050
Chicago GO	5.00%	1/1/2025	BBB+		7,000		7,053,690
Chicago GO	5.125%	1/1/2027	BBB+		3,000		3,021,840
Chicago GO	5.25%	1/1/2028	BBB+		3,845		3,841,347
Clackamas Co Sch Dist–North Clackamas	5.00%	6/15/2025	AA+		1,450		1,807,005
Clark Co GO	5.00%	11/1/2027	Aa1		10,775		13,333,739
Cook Co GO	5.00%	11/15/2020	AA		5,000		5,571,100
Cook Co GO	5.00%	11/15/2021	AA		5,000		5,639,350
Cook Co GO	5.00%	11/15/2025	AA		6,000		6,646,260
Dallas ISD	5.00%	2/15/2036	AAA		17,500		20,837,425
DC GO (BHAC)	5.00%	6/1/2021	AA+		3,500		3,815,070
Detroit–State Aid GO	4.50%	11/1/2023	AA		13,105		13,846,874
Detroit–State Aid GO	5.00%	11/1/2018	AA		3,320		3,508,443
Eaton Area Pk & Rec Dist	5.50%	12/1/2030	NR		240		260,549
Energy Northwest–Proj 1	5.00%	7/1/2025	Aa1		7,175		9,114,044
FL Brd Ed	5.00%	6/1/2023	AAA		5,000		6,041,550
Florida St Dept Trans	5.00%	7/1/2021	AAA		7,760		9,244,100
Fresno USD (NPFGC)(FGIC)	5.25%	2/1/2024	AA-		3,285		3,977,642
Gwinnett Co Dev–Gwinnett Co Pub Sch COP (NPFGC)(FGIC)	5.25%	1/1/2020	AA+		5,000		5,740,100
Hawaii GO^(e)	5.00%	4/1/2024	AA		13,610		16,964,865

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
General Obligation (continued)
HI State GO	5.00%	8/1/2026	AA	$	7,545	$	9,376,775
Houston GO	5.00%	3/1/2023	AA		4,000		4,818,960
Houston GO	5.00%	3/1/2024	AA		2,000		2,439,960
IL State GO	5.00%	1/1/2020	A-		9,185		10,057,942
IL State GO	5.00%	2/1/2020	A-		2,175		2,385,279
IL State GO	5.00%	1/1/2022	A-		19,040		21,181,619
IL State GO	5.00%	7/1/2022	A-		6,500		7,261,800
IL State GO	5.00%	8/1/2022	A-		21,000		23,478,420
IL State GO	5.00%	8/1/2023	A-		5,350		5,988,790
IL State GO	5.00%	8/1/2024	A-		14,550		16,037,737
IL State GO	5.00%	1/1/2032	A-		19,200		20,880,384
IL State GO	5.25%	7/1/2030	A-		5,430		5,941,832
King Co Sch Dist #414–Lake Washington	5.00%	12/1/2019	Aaa		2,500		2,774,625
LA State GO	5.00%	8/1/2025	AA		8,660		10,635,000
LA State GO	5.00%	5/1/2028	AA		11,180		13,597,899
Los Angeles CCD	5.00%	8/1/2024	AA+		7,250		9,195,682
Los Angeles GO	5.00%	9/1/2021	Aa2		5,180		6,225,272
Los Angeles USD (NPFGC)(FGIC)	4.50%	7/1/2025	Aa2		6,290		6,579,466
Lubbock GO	5.00%	2/15/2026	AA+		11,810		14,630,346
Luzerne Co GO (AGM)	5.00%	11/15/2022	AA		2,250		2,604,105
Luzerne Co GO (AGM)	5.00%	11/15/2023	AA		2,500		2,919,350
Luzerne Co GO (AGM)	5.00%	11/15/2024	AA		4,000		4,692,480
MA State GO	5.00%	4/1/2024	AA+		7,500		8,832,300
MA State GO	5.00%	8/1/2024	AA+		5,000		6,310,700
MA State GO	5.00%	9/1/2024	AA+		1,505		1,840,991
Miami Dade Co GO	5.25%	7/1/2019	AA		3,225		3,540,502
Montgomery Co GO	5.00%	11/1/2023	AAA		8,475		10,611,293
Nassau Co GO	5.00%	1/1/2025	A+		6,515		7,975,272
NV State GO	5.00%	11/1/2026	AA		7,500		9,414,825
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2021	AA		1,500		1,779,105
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2023	AA		2,500		3,052,250
NYC GO	5.00%	10/1/2021	AA		6,000		7,151,340
NYC GO	5.00%	8/1/2022	AA		10,010		11,851,840
NYC GO	5.00%	8/1/2024	AA		15,000		18,694,050
NYC GO	5.00%	8/1/2025	AA		12,000		14,678,280
NYC GO	5.00%	8/1/2026	AA		5,235		6,223,839
Onondaga Co GO	5.00%	3/1/2020	AA+		1,150		1,284,562

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
General Obligation (continued)
Peralta CCD	5.00%	8/1/2021	AA-	$	3,000	$	3,586,020
Pittsburgh PA Sch District	4.00%	9/1/2019	Aa3		5,900		6,414,539
PR Comwlth GO	5.00%	7/1/2027	Caa3		4,500		2,705,625
PR Comwlth GO	5.00%	7/1/2033	Caa3		5,035		2,995,825
PR Comwlth GO	5.00%	7/1/2041	Caa3		13,245		7,880,775
PR Comwlth GO	5.25%	7/1/2016	Caa3		5,000		3,726,000
PR Comwlth GO	5.25%	7/1/2026	Caa3		3,515		2,122,181
PR Comwlth GO	5.25%	7/1/2032	Caa3		1,700		1,013,625
PR Comwlth GO	5.375%	7/1/2030	Caa3		10,110		6,066,000
PR Comwlth GO	5.375%	7/1/2033	Caa3		1,075		642,313
PR Comwlth GO	5.50%	7/1/2026	Caa3		12,500		7,546,875
PR Comwlth GO	5.50%	7/1/2039	Caa3		5,605		3,348,988
PR Comwlth GO	5.75%	7/1/2028	Caa3		5,125		3,100,625
PR Comwlth GO	5.75%	7/1/2041	Caa3		4,430		2,658,000
PR Comwlth GO	8.00%	7/1/2035	Caa3		13,240		9,135,600
PR Comwlth GO (AGM)	5.25%	7/1/2024	AA		855		900,879
PR Comwlth GO (AMBAC)	5.50%	7/1/2019	Caa3		550		562,254
PR Comwlth GO TCRS (AMBAC)	4.50%	7/1/2023	Caa3		1,620		1,566,216
PR Pub Bldg Auth GTD	5.25%	7/1/2029	Caa3		2,040		1,096,500
PR Pub Bldg Auth GTD	5.75%	7/1/2022	Caa3		6,805		3,895,863
PR Pub Bldg Auth GTD (AMBAC)	5.50%	7/1/2035	Caa3		4,245		4,326,971
RI State GO	5.00%	8/1/2022	AA		6,480		7,812,612
San Francisco City & Co USD	4.00%	6/15/2021	Aa2		9,740		10,898,865
San Francisco Co USD	5.00%	6/15/2027	Aa2		5,000		6,175,200
TX State GO	5.00%	10/1/2022	AAA		13,000		15,893,280
TX State GO	5.00%	10/1/2024	AAA		10,000		12,625,400
TX State GO	5.00%	10/1/2026	AAA		10,000		12,362,800
WA State GO	5.00%	8/1/2022	AA+		14,245		17,011,379
WA State GO	5.00%	1/1/2024	AA+		5,000		5,678,800
WI State GO	5.00%	11/1/2022	AA		5,205		6,392,260
Williamson Co GO	5.00%	2/15/2021	AAA		5,640		6,666,593
Woonsocket GO	7.125%	6/15/2016	B2		1,050		1,056,395
Worcester GO (AGM)	5.25%	10/1/2019	AA		1,000		1,023,210
Worcester GO (AGM)	5.25%	10/1/2020	AA		1,195		1,222,676
Total							818,437,314

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Health Care 12.82%
Alachua Co Hlth–East Ridge Ret Vlg	5.00%		11/15/2024	BB	^(a)	$	4,000	$	4,322,080
Alachua Co Hlth–East Ridge Ret Vlg	5.625%		11/15/2029	BB	^(a)		1,000		1,083,980
Alachua Co IDA–No FL Retirement Vlg	5.625%		11/15/2022	NR			2,000		2,071,340
Alachua Co IDA–No FL Retirement Vlg	5.75%		11/15/2026	NR			6,000		6,189,420
Antelope Valley Hlth	5.00%		3/1/2031	Ba3			7,000		7,767,130
AR DFA–Baptist Mem Hlth	1.95%	^#	9/1/2044	A-			12,000		11,999,880
Atlantic Bch Hlth–Fleet Landing	5.00%		11/15/2028	BBB	^(a)		2,020		2,263,834
AZ Hlth Facs–Phoenix Childrens Hsp	2.25%	^#	2/1/2048	BBB+			14,500		14,860,615
AZ Hlth Facs–Phoenix Childrens Hsp	5.00%		2/1/2030	BBB+			6,000		6,776,640
Blaine Sr Hsg & Hlthcare–Crest View	5.125%		7/1/2025	NR			3,450		3,619,257
Blount Co Hlth & Ed–Asbury	5.125%		4/1/2023	NR			3,800		3,896,824
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2022	BBB+			1,540		1,814,305
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2023	BBB+			1,000		1,167,360
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2024	BBB+			2,000		2,313,440
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2025	BBB+			4,880		5,606,242
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2026	BBB+			3,705		4,232,147
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2027	BBB+			4,000		4,545,720
CA Hlth–Childrens Hsp Los Angeles	5.00%		11/15/2029	BBB+			1,300		1,463,956
CA Hlth–City of Hope	5.00%		11/15/2023	A+			1,470		1,785,418
CA Hlth–Lucile Packard Childrens Hsp	5.00%		8/15/2030	AA-			1,000		1,245,540
CA Hlth–Lucile Packard Childrens Hsp	5.00%		8/15/2031	AA-			1,150		1,422,815
CA Hlth–Lucile Packard Childrens Hsp	5.00%		8/15/2032	AA-			1,250		1,538,788
CA Hlth–St Joseph Hlth	5.00%		7/1/2034	AA-			3,000		3,647,010
CA Hlth–St Joseph Hlth	5.00%		7/1/2043	AA-			5,000		5,682,200
CA Hlth–Sutter Hlth	5.25%		8/15/2024	AA-			6,920		8,155,635
CA Hlth Facs–Cedars-Sinai Med Ctr	5.00%		11/15/2026	Aa3			5,000		6,350,600
CA Muni Fin–Cmnty Med Ctrs	5.00%		2/1/2030	A-			3,305		3,869,758
CA Stwde–Fountainview Gonda	3.00%		8/1/2021	AA-			5,200		5,263,960
CA Stwde–LA Jewish Home	4.75%		8/1/2020	NR			1,425		1,433,678
CA Stwde–Loma Linda Univ Med Ctr	5.25%		12/1/2029	BB+			5,000		5,716,550
CA Stwde–Loma Linda Univ Med Ctr	5.25%		12/1/2034	BB+			4,500		5,022,945
CA Stwde–So Cal Presbyterian^†	6.25%		11/15/2019	BBB-			1,320		1,435,078
Camden Co Impt Auth–Cooper Hlth	5.00%		2/15/2023	BBB+			3,000		3,557,340
Camden Co Impt Auth–Cooper Hlth	5.00%		2/15/2024	BBB+			3,730		4,459,252
Camden Co Impt Auth–Cooper Hlth	5.00%		2/15/2025	BBB+			1,250		1,496,375
Camden Co Impt Auth–Cooper Hlth	5.00%		2/15/2027	BBB+			1,000		1,178,950
CO Hlth Facs–American Baptist	7.00%		8/1/2019	NR			1,310		1,448,637

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Health Care (continued)
CO Hlth Facs–Christian Living Cmnty	5.125%	1/1/2030	NR		$	600	$	628,002
CO Hlth Facs–Sisters Leavenworth	5.00%	1/1/2021	AA-			6,555		7,462,933
Comanche Co Hsp Auth	5.00%	7/1/2022	BB+			2,435		2,705,723
Cumberland Co Mun Auth–Asbury	5.25%	1/1/2032	NR			1,200		1,262,340
DC Hsp–Childrens Ntl Hsp	5.00%	7/15/2026	A1			1,700		2,111,587
Decatur Hsp–Wise Hlth	5.00%	9/1/2034	BB+			4,825		5,248,973
Decatur Hsp–Wise Hlth	5.25%	9/1/2029	BB+			800		893,752
Delaware Co Hsp–Crozer-Keystone	5.00%	12/15/2019	BB			1,000		1,025,270
Delaware Co Hsp–Crozer-Keystone	5.00%	12/15/2026	BB			1,900		1,943,054
Duluth EDA–St Lukes Hsp	5.75%	6/15/2032	NR			4,250		4,723,152
Eden Twp Hlthcare Dist COP	5.375%	6/1/2023	BBB+	^(a)		3,085		3,465,319
Fairfax Co EDA–Vinson Hall	4.50%	12/1/2032	NR			2,500		2,546,900
Gaithersburg Econ Dev–Asbury	5.50%	1/1/2018	BBB	^(a)		3,535		3,754,700
Gaithersburg Econ Dev–Asbury	5.65%	1/1/2019	BBB	^(a)		2,000		2,184,580
Glynn Brunswick Mem Hsp–SE GA Hlth	4.75%	8/1/2019	A2			385		417,867
Guadalupe Co–Seguin City Hospital	5.25%	12/1/2035	BB			3,000		3,312,930
Hanover Co EDA–Covenant Woods	4.50%	7/1/2030	NR			2,790		2,878,638
Harris Co Cultural Ed–Brazos	6.375%	1/1/2033	BB+	^(a)		1,385		1,609,467
Harris Co Cultural Ed–Brazos	4.00%	1/1/2023	BB+	^(a)		1,325		1,394,496
Harris Co Cultural Ed–Brazos	5.00%	1/1/2033	BB+	^(a)		545		580,529
HI Dept Budget–Kahala Nui	5.00%	11/15/2027	BBB	^(a)		1,500		1,673,880
Howard Co Retmt Cmnty–Vantage House	5.25%	4/1/2027	NR			2,000		2,012,420
IL Fin Auth–Centegra Hlth	5.00%	9/1/2034	BBB			1,015		1,139,936
IL Fin Auth–Hsp Sisters Hlth	5.00%	8/15/2020	AA-			2,695		3,125,095
IL Fin Auth–Hsp Sisters Hlth	5.00%	8/15/2021	AA-			5,510		6,527,862
IL Fin Auth–Northwestern Mem Hsp^(b)	5.75%	8/15/2030	AA+			2,500		2,873,550
IL Fin Auth–Plymouth Place	5.00%	5/15/2030	BB+	^(a)		1,690		1,780,939
IL Fin Auth–Provena Hlth	5.75%	5/1/2018	Baa2			1,000		1,083,390
IL Fin Auth–Silver Cross Hsp	5.00%	8/15/2035	Baa1			4,500		5,099,985
IN Bd Bk–Hendricks Regl Hlth	5.00%	2/1/2019	AA			1,765		1,951,578
Jackson Co Hospital Fin Auth Rmkt (AG)	5.00%	6/1/2018	AA			4,350		4,601,126
Jackson Co Hospital Fin Auth Rmkt (AG)	5.00%	6/1/2019	AA			4,400		4,752,484
Kansas City IDA–Bishop Spencer	6.25%	1/1/2024	NR			710		712,244
Kansas City IDA–Bishop Spencer	6.50%	1/1/2035	NR			2,500		2,500,125
Karnes Co Hsp Dist	5.00%	2/1/2024	BBB	^(a)		1,710		1,928,777
Karnes Co Hsp Dist	5.00%	2/1/2034	BBB	^(a)		1,000		1,096,800
Kaweah Delta Hlth Care Dist	5.00%	6/1/2020	A3			2,000		2,280,940
Kent Hsp Fin Auth–Metropolitan Hsp	5.50%	7/1/2020	BB			3,275		3,284,792

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Health Care (continued)
KY EDA–Masonic Homes	5.375%	11/15/2032	NR		$	2,385	$	2,479,565
LA PFA–Christus Hlth	5.25%	7/1/2020	A+			3,200		3,596,288
MD Hlth & Hi Ed–Mercy Med Ctr	5.00%	7/1/2031	BBB			1,100		1,232,253
MD Hlth & Hi Ed–Univ MD Med Sys	5.00%	7/1/2020	A2			4,905		5,518,615
MD Hlth & Hi Ed–Univ MD Med Sys	5.00%	7/1/2021	A2			5,550		6,234,870
MD Hlth & Hi Ed–Western MD Hlth Sys	5.00%	7/1/2024	BBB			5,000		6,151,100
MD Hlth & Hi Ed–Western MD Hlth Sys	5.25%	7/1/2026	BBB			10,000		12,077,100
ME Hlth & Hi Ed–MaineGeneral Hlth	6.00%	7/1/2026	Ba2			7,755		8,714,681
MI Fin Auth–Beaumont Hlth	5.00%	8/1/2028	A1			6,175		7,343,557
MI Fin Auth–Crittenton Hospital	5.00%	6/1/2019	NR			2,660		2,993,192
MI Fin Auth–Crittenton Hospital	5.00%	6/1/2022	NR			2,960		3,592,167
MI Fin Auth–Crittenton Hospital	5.00%	6/1/2027	NR			7,250		8,798,382
MI Hsp–McLaren Hlthcare	5.00%	6/1/2019	Aa3			3,345		3,740,714
MI Hsp–McLaren Hlthcare	5.00%	6/1/2020	Aa3			5,540		6,361,637
Miami Beach Hlth–Mt Sinai Med Ctr	5.00%	11/15/2030	Baa1			1,500		1,699,350
MN Agric & Econ Dev–Essential Hlth Rmkt (AG)	5.50%	2/15/2025	AA			4,500		5,163,570
Montgomery Co IDA–Einstein Hlthcare	5.00%	1/15/2024	Baa2			4,000		4,592,960
Montgomery Co IDA–Einstein Hlthcare	5.25%	1/15/2026	Baa2			2,000		2,344,920
Montgomery Co IDA–Einstein Hlthcare	5.25%	1/15/2028	Baa2			3,000		3,472,230
Montgomery Co IDA–Whitemarsh	5.00%	1/1/2030	NR			2,000		2,074,380
Moon IDC–Baptist Homes Soc	5.00%	7/1/2020	NR			1,525		1,585,634
Moon IDC–Baptist Homes Soc	5.125%	7/1/2025	NR			4,600		4,727,466
Multnomah Co Hsp Facs–Mirabella	5.125%	10/1/2034	NR			4,000		4,421,200
Muskingum Co Hsp–Genesis Hlthcare	5.00%	2/15/2033	BB+			11,500		12,183,560
Nassau Co LEAC–Winthrop Univ Hsp	5.00%	7/1/2027	Baa2			3,000		3,417,630
Nassau Co LEAC–Winthrop Univ Hsp	5.00%	7/1/2032	Baa2			4,000		4,459,160
NC Med–Lutheran Svcs	4.75%	3/1/2032	NR			2,550		2,664,623
NJ EDA–Seashore Gardens	5.30%	11/1/2026	NR			2,000		1,886,380
NJ Hlth–AHS Hsp Corp	5.125%	7/1/2019	A+			1,500		1,633,485
NJ Hlth–Barnabas Hlth	5.00%	7/1/2019	A-			10,000		11,162,800
NJ Hlth–St Josephs Hlth	6.00%	7/1/2018	BBB-			6,590		6,943,026
NJ Hlth–St Peters Univ Hsp	5.25%	7/1/2021	BB+			2,045		2,154,735
NJ Hlth–St Peters Univ Hsp	6.00%	7/1/2026	BB+			5,500		6,141,465
NJ Hlth–Trinitas Hsp	5.25%	7/1/2023	BBB			4,545		4,748,161
NJ Hlth–Univ Hosp (AGM)	5.00%	7/1/2028	AA			2,000		2,379,240
NJ Hlth–Virtua Hlth (AG)	5.50%	7/1/2020	AA			5,455		6,192,243
NM Hsp–Haverland	5.00%	7/1/2032	BBB-	^(a)		1,000		1,046,800

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Health Care (continued)
Northampton Co GPA–St Lukes Hsp	5.00%	8/15/2019	A-		$	2,000	$	2,182,260
NY Dorm–North Shore LI Jewish	5.00%	5/1/2019	A-			4,000		4,448,120
NY Dorm–NYU Hsps Ctr	5.00%	7/1/2019	A-			2,000		2,240,020
NY Dorm–Orange Regl Med	6.50%	12/1/2021	Ba1			1,000		1,111,940
NYC Hlth & Hsp Corp	5.00%	2/15/2021	Aa3			1,635		1,920,733
NYC Hlth & Hsp Corp	5.00%	2/15/2022	Aa3			5,000		5,996,950
NYC Hlth & Hsp Corp	5.00%	2/15/2023	Aa3			4,000		4,883,200
Orange Co Hlth–Orlando Hlth	5.25%	10/1/2020	A			5,000		5,655,050
Palomar Hlth Care Dist COP	5.25%	11/1/2021	Ba1			4,400		4,690,796
Philadelphia Hsps–Temple Univ Hlth	5.50%	7/1/2030	BBB-			2,230		2,284,858
Philadelphia Hsps–Temple Univ Hlth	6.25%	7/1/2023	BBB-			7,500		7,848,150
Roanoke EDA–Carilion Clinic	5.00%	7/1/2025	A+			10,000		11,440,900
San Buenaventura–Cmnty Mem Hlth	8.00%	12/1/2026	BB+			10,050		12,771,339
Sartell Hlth Care–Country Manor	5.25%	9/1/2030	NR			1,000		1,052,090
SE Port Auth–Memorial Hlth	5.50%	12/1/2029	BB	^(a)		750		835,643
Shelby Co Hlth Ed Hsg–Vlg Germantwn	5.00%	12/1/2032	NR			3,880		4,021,892
St Paul Hsg–HlthEast Care Sys	5.00%	11/15/2023	BBB-			3,735		4,350,267
St Paul Hsg–HlthEast Care Sys	5.00%	11/15/2024	BBB-			4,500		5,271,525
Tarrant Co Cultural–Buckingham Sr Lvg	3.875%	11/15/2020	BB	^(a)		1,860		1,881,483
Thomasville Hsp Auth–John Archbold	4.75%	11/1/2025	A+			6,150		6,169,803
Tyler Hlth–Mother Frances Hsp	5.50%	7/1/2027	Baa1			3,975		4,463,488
Univ Med Ctr Corp	6.00%	7/1/2024	NR			1,000		1,158,250
Vanderbilt Univ Med Ctr^(e)	5.00%	7/1/2031	NR			1,300		1,555,411
WA Hsg–Herons Key^†	4.375%	1/1/2021	NR			1,800		1,823,004
WA Hsg–Rockwood^†	6.00%	1/1/2024	NR			1,385		1,507,683
Westchester Co Hlth Care	5.00%	11/1/2019	BBB			4,000		4,505,960
Westchester Co Hlth Care	5.125%	11/1/2020	BBB			5,500		6,361,960
Westchester Co LDC–Kendal Hudson	5.00%	1/1/2028	BBB	^(a)		1,350		1,532,075
WI Hlth & Ed–Ascension Hlth	5.00%	11/15/2033	AA+			2,000		2,242,880
WI Hlth & Ed–Aurora Hlth	5.00%	7/15/2026	A2			5,575		6,412,532
WI Hlth & Ed–Wheaton Franciscan Hlth	5.25%	8/15/2018	A-			2,000		2,033,840
Wood Co Hsp Facs–Wood Co Hsp	5.00%	12/1/2027	Baa2			3,450		3,795,587
Wood Co Hsp Facs–Wood Co Hsp	5.00%	12/1/2032	Baa2			2,275		2,446,558
Woodbury Hsg–St Therese	5.00%	12/1/2029	NR			1,000		1,079,340
Woodbury Hsg–St Therese	5.00%	12/1/2034	NR			1,000		1,056,760
WV Hsp–Herbert Thomas Hlth	6.00%	10/1/2020	NR			1,600		1,700,432
Total								559,942,752

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Housing 0.71%
Alachua Co Hlth–Oak Hammock	8.00%		10/1/2032	NR		$	500	$	620,390
Athens Hsg Auth–UGA E Campus Hsg	4.00%		12/1/2019	Aa2			2,045		2,235,328
CA Stwde–American Baptist	2.10%		10/1/2019	BBB+	^(a)		2,200		2,201,386
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2024	Baa1			1,000		1,221,900
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2025	Baa1			1,000		1,228,150
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2026	Baa1			1,000		1,234,190
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2027	Baa1			750		914,340
CA Stwde–CHF-Irvine LLC	6.00%		5/15/2023	Baa1			2,000		2,218,600
MI Strategic Fd–Evangelical Homes	5.25%		6/1/2032	BB+	^(a)		1,500		1,590,405
New Hope Cultural–NCCD Clg Station	5.00%		7/1/2030	BBB-			6,000		6,760,440
NJ EDA–Montclair St Std Hsg	5.25%		6/1/2019	Baa3			1,610		1,782,753
NJ EDA–Rowan Univ Pptys	5.00%		1/1/2030	BBB-			2,500		2,802,100
NYC IDA–Yankee Stadium (FGIC)	2.193%	^#	3/1/2021	BBB			3,850		3,741,430
PA Hi Ed–Edinboro Univ	5.00%		7/1/2018	Baa3			155		160,614
WA Hsg–Emerald Heights	4.00%		7/1/2019	A-	^(a)		1,130		1,203,439
WA Hsg–Emerald Heights	5.00%		7/1/2022	A-	^(a)		1,000		1,146,040
Total									31,061,505

Lease Obligations 6.17%
Broward Co Sch Brd COP	5.00%		7/1/2021	Aa3			5,000		5,897,750
CA Pub Wks–Dept Gen Svcs	5.00%		4/1/2020	A+			4,085		4,561,107
CA Pub Wks–Dept Hsps	5.00%		6/1/2023	A+			3,000		3,691,530
CA Pub Wks–Various Cap Proj	5.00%		3/1/2018	A+			7,490		8,089,649
CA Pub Wks–Various Cap Proj	5.00%		11/1/2019	A+			1,000		1,140,390
CA Pub Wks–Various Cap Proj	5.00%		11/1/2020	A+			1,500		1,756,500
CA Pub Wks–Various Cap Proj	5.00%		4/1/2021	A+			3,250		3,839,388
CA Pub Wks–Various Cap Proj	5.00%		11/1/2021	A+			1,000		1,195,870
CA Pub Wks–Various Cap Proj	5.00%		4/1/2022	A+			4,200		5,057,640
CA Pub Wks–Various Cap Proj	5.25%		10/1/2019	A+			11,370		13,031,157
Cleveland COP–Cleveland Stadium	5.00%		11/15/2019	A2			2,450		2,701,174
Cuyahoga Co COP–Conv Hotel Proj	5.00%		12/1/2023	AA-			5,640		6,835,342
Dallas Civic Ctr (AG)	5.00%		8/15/2021	AA			3,800		4,264,892
Dallas Conv Ctr Hotel Dev Corp	5.25%		1/1/2020	A1			4,000		4,430,560
Dallas Conv Ctr Hotel Dev Corp	5.25%		1/1/2022	A1			6,405		7,090,783
Erie Co IDA–Buffalo Sch Dist	5.00%		5/1/2020	AA			3,650		4,218,487
Erie Co IDA–Buffalo Sch Dist	5.00%		5/1/2024	AA			5,930		6,993,961
FL Dept of Children’s & Family Svcs COP (NPFGC)(FGIC)	5.00%		10/1/2022	AA+			2,870		2,930,557

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Lease Obligations (continued)
Houston Co Coop Dist–Country Crossing^(d)	10.00%	5/1/2039	NR	$	1,768	$	247,520
IL Sports Facs Auth (AGM)	5.00%	6/15/2027	AA		3,000		3,423,540
IN Fin Auth–I-69 AMT	5.25%	9/1/2026	BB+		1,100		1,286,208
IN Fin Auth–I-69 AMT	5.25%	9/1/2027	BB+		1,400		1,624,560
IN Fin Auth–Stadium	5.25%	2/1/2029	AA+		2,500		3,091,900
IN Fin Auth–Water	5.00%	2/1/2023	AAA		6,850		8,418,992
Kansas City IDA–Downtown Redev Dist	5.00%	9/1/2022	AA-		7,470		8,746,324
KY Ppty & Bldgs Commn–Proj #112	5.00%	11/1/2026	Aa3		10,000		12,195,500
KY Ppty & Bldgs Commn–Proj #93 (AG)	5.25%	2/1/2020	AA		2,000		2,230,580
LA PFA–Hurricane Recovery	5.00%	6/1/2020	A1		3,300		3,780,777
LA PFA–Hurricane Recovery	5.00%	6/1/2023	A1		3,200		3,855,936
LA PFA–Hurricane Recovery	5.00%	6/1/2024	A1		6,840		8,348,152
Los Angeles Co COP–Disney Concert Hall	5.00%	9/1/2022	AA		1,250		1,511,988
MI Fin Auth–Detroit Sch Dist	5.00%	6/1/2016	A		2,560		2,576,410
MI Strategic Fd–Cadillac Place	5.25%	10/15/2023	Aa3		3,865		4,599,466
MI Strategic Fd–Cadillac Place	5.25%	10/15/2024	Aa3		6,915		8,196,903
NJ EDA–Sch Facs	5.25%	12/15/2020	A-		8,125		8,744,369
NJ EDA–Sch Facs	5.25%	9/1/2023	NR		3,455		4,105,127
NJ EDA–Sch Facs	5.25%	9/1/2023	A-		6,545		7,190,010
NJ EDA–Sch Facs	5.25%	9/1/2025	A-		5,550		6,038,899
NJ EDA–Transit Proj	5.00%	5/1/2018	A-		1,425		1,507,451
NJ EDA–Transit Proj	5.00%	5/1/2019	A-		3,000		3,224,100
NJ Trans Trust Fund (NPFGC)	5.50%	12/15/2020	AA-		1,000		1,139,680
NW Allen Sch Bldg Corp (AGM)	5.00%	7/15/2020	AA+		3,140		3,363,034
NY UDC–Svc Contract	5.00%	1/1/2022	AA		3,705		4,228,405
NYC TFA–Bldg Aid	5.00%	7/15/2026	AA		1,750		2,165,905
NYC TFA–Bldg Aid	5.00%	7/15/2028	AA		1,500		1,830,870
Oakland/Alameda Co Coliseum Auth–Oakland Coliseum	5.00%	2/1/2020	Aa3		8,030		9,202,139
Oakland/Alameda Co Coliseum Auth–Oakland Coliseum	5.00%	2/1/2021	Aa3		8,750		10,267,337
Philadelphia Redev Auth	5.00%	4/15/2020	A+		3,525		3,981,840
Philadelphia Redev Auth	5.00%	4/15/2021	A+		2,000		2,300,080
Philadelphia Redev Auth	5.00%	4/15/2022	A+		5,195		6,056,591
Philadelphia Redev Auth	5.00%	4/15/2028	A+		4,380		5,102,174
PR Pub Bldg Auth GTD	5.25%	7/1/2033	Caa3		2,000		1,070,000
PR Pub Bldg Auth GTD	7.00%	7/1/2021	Caa3		5,000		3,212,500
San Diego Conv Ctr Fing Auth	5.00%	4/15/2020	AA-		4,100		4,717,788

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Lease Obligations (continued)
San Diego Conv Ctr Fing Auth	5.00%	4/15/2021	AA-		$	3,750	$	4,413,150
San Jose Fing Auth–Civic Ctr	5.00%	6/1/2022	AA			1,000		1,210,280
San Jose Fing Auth–Civic Ctr	5.00%	6/1/2023	AA			1,000		1,232,030
South Florida Wtr Mgt Dist	5.00%	10/1/2025	AA			3,000		3,762,540
South Florida Wtr Mgt Dist	5.00%	10/1/2027	AA			2,000		2,487,540
Twin Rivers USD COP (AGM)	3.20%	6/1/2027	AA			1,750		1,757,420
Twin Rivers USD COP (AGM)	3.20%	6/1/2035	AA			920		923,726
Twin Rivers USD COP (AGM)	3.20%	6/1/2041	AA			2,250		2,258,033
Total								269,354,511

Other Revenue 3.82%
Apache Co Poll Ctl–Tucson Elec	4.50%	3/1/2030	A3			11,300		12,416,101
Austin Convention^†	6.00%	1/1/2017	BB			1,935		1,998,836
Baker Correctional Dev	7.50%	2/1/2030	NR			1,200		968,052
Baytown Twp–St Croix Prep Admy	6.00%	8/1/2018	BB+			1,160		1,191,088
Brooklyn Arena LDC–Barclays Ctr	5.75%	7/15/2019	BBB-			2,715		3,070,176
CA Infra & Econ Dev–Broad Museum	5.00%	6/1/2021	Aa1			5,425		6,473,490
CA Infra & Econ Dev–Gladstone Instn	5.25%	10/1/2026	A-			10,250		12,102,072
CA Sch Fin Auth–Aspire^†	5.00%	8/1/2036	BBB			1,600		1,820,800
Chester Co IDA–Collegium Chtr Sch	5.25%	10/15/2032	BBB-			6,410		6,719,859
Clarksville Nat Gas Aquis Corp–ML	5.00%	12/15/2021	Baa1			2,380		2,745,378
Cleveland Arpt	5.00%	1/1/2028	A-			2,500		2,802,275
Cleveland Arpt	5.00%	1/1/2029	A-			2,500		2,795,225
Clifton Higher Ed–IDEA Pub Schs	3.75%	8/15/2022	BBB			3,265		3,467,985
Clifton Higher Ed–IDEA Pub Schs	5.00%	8/15/2032	BBB			915		1,001,358
Clifton Higher Ed–Uplift Education	5.70%	12/1/2025	BBB-			5,110		5,750,028
DC Rev–Friendship Pub Chtr Sch	5.00%	6/1/2032	BBB			3,000		3,392,280
FL Brd Ed–Lottery Rev	5.00%	7/1/2020	AAA			7,645		8,866,059
FL DFC–Renaissance Chtr Sch	7.50%	6/15/2033	BB-	^(a)		3,000		3,513,930
Florence Twn IDA–Legacy Trad Sch	5.75%	7/1/2033	BB			3,000		3,289,410
HI Dept Budget–Hawaiian Electric AMT	3.25%	1/1/2025	Baa1			5,000		5,228,550
Houston Hi Ed–Cosmos Fndtn	4.00%	2/15/2022	BBB			710		758,117
Houston Hi Ed–Cosmos Fndtn	5.00%	2/15/2032	BBB			2,250		2,485,035
Indianapolis Local Pub Impt Bd Bk	5.00%	6/1/2024	A1			4,000		4,638,120
La Vernia Hi Ed–Life Schools of Dallas	7.00%	8/15/2026	BBB-			4,455		5,331,343
Lower AL Gas Dist–Goldman Sachs	5.00%	9/1/2027	A3			5,000		6,067,550
MD EDC–Chesapeake Bay Hyatt^(d)	5.00%	12/1/2016	NR			700		420,000
MI Fin Auth–Detroit Sch Dist	5.00%	6/1/2019	A-			1,900		2,022,968

38	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

					Credit
					Rating:	Principal
		Interest	Maturity		S&P or	Amount		Fair
Investments		Rate	Date		Moody’s	(000)		Value
Other Revenue (continued)
MI Fin Auth–Detroit Sch Dist		5.00%	6/1/2020		A-	$	1,400	$	1,509,718
Michigan St Strategic FD Escrow^(f)	Zero Coupon		–	^(g)	NR		400		40
Mohave Co IDA–Mohave Prison		7.50%	5/1/2019		BBB+		2,505		2,714,543
Mohave Co IDA–Mohave Prison		8.00%	5/1/2025		BBB+		5,000		5,622,600
MSR Energy Auth–Citi		6.125%	11/1/2029		BBB+		3,500		4,592,595
NYC Cultural–Lincoln Ctr		5.75%	12/1/2018		A+		2,500		2,806,175
NYC Cultural–Whitney Museum		5.00%	7/1/2021		A		5,000		5,875,150
PA IDA–Economic Dev		5.00%	7/1/2019		A+		3,500		3,922,380
PA IDA–Economic Dev		5.00%	7/1/2020		A+		2,000		2,297,060
Phoenix IDA–Basis Schs^†		5.00%	7/1/2035		BB		2,350		2,516,756
SA Energy Acquisition Pub
Fac–Goldman Sachs		5.50%	8/1/2023		BBB+		9,365		11,373,605
Seminole Tribe Spl Oblig^†		5.50%	10/1/2024		BBB-		2,400		2,515,008
TX Muni Gas Acq & Supply–Macquarie		5.00%	12/15/2023		A3		5,000		5,897,600
WA Eda–Waste Mgmt^†		2.125%	6/1/2020		A-		4,000		4,050,760
Total									167,030,075

Special Tax 1.70%
Allentown Neighborhood Impt		5.00%	5/1/2031		Baa2		5,500		5,904,085
Atlanta Tax Alloc–Beltline Rmkt		6.75%	1/1/2020		A2		1,670		1,864,338
CA Reassmt Dist 12/1 Irvine		4.00%	9/2/2019		BBB+		2,000		2,171,760
CA Reassmt Dist 12/1 Irvine		4.00%	9/2/2020		BBB+		1,000		1,102,650
CA Reassmt Dist 12/1 Irvine		4.00%	9/2/2022		BBB+		1,500		1,689,195
Emeryville Redev Agy		5.00%	9/1/2021		A+		3,185		3,785,372
Emeryville Redev Agy (AGM)		5.00%	9/1/2024		AA		1,950		2,434,711
Emeryville Redev Agy (AGM)		5.00%	9/1/2025		AA		2,650		3,280,726
Glendale Redev Agy		5.50%	12/1/2024		A		5,000		5,163,050
Houston Co Coop Dist–Country Crossing^(d)		10.00%	5/1/2039		NR		5,000		550,000
Orange Co CFD		5.00%	8/15/2033		NR		1,400		1,625,764
Orange Co CFD		5.00%	8/15/2035		NR		1,000		1,152,440
Orlando Redev TIF		5.25%	9/1/2021		A		6,415		7,288,531
Pittsburg Redev Agy		5.00%	8/1/2019		A		5,755		6,483,123
Pittsburg Redev Agy		5.00%	8/1/2020		A		1,680		1,943,474
Pittsburg Redev Agy (AGM)		5.00%	8/1/2021		AA		1,875		2,218,931
Pittsburg Redev Agy–Los Medanos (AGM)		5.00%	9/1/2024		AA		2,500		3,051,625
Pittsburg Redev Agy–Los Medanos (AGM)		5.00%	9/1/2025		AA		3,500		4,298,420
Plaza Met Dist #1^†		4.50%	12/1/2030		NR		4,300		4,485,631
Sparks Loc Impt Dists		6.50%	9/1/2020		NR		190		197,684

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Special Tax (continued)
Sparks Tourism Impt Dist^†	6.50%	6/15/2020	B1		$	4,630	$	4,919,653
Village CDD #9	5.00%	5/1/2022	NR			1,165		1,230,135
Village CDD #9	5.25%	5/1/2031	NR			1,755		1,992,487
Village CDD #9	5.75%	5/1/2021	NR			2,315		2,537,055
Village CDD #9	6.75%	5/1/2031	NR			2,440		2,866,219
Total								74,237,059

Tax Revenue 7.37%
Bay Area Rapid Transit Dist	5.00%	7/1/2026	AA+			1,000		1,274,150
Dallas Area Rapid Trans	5.00%	12/1/2021	AA+			3,000		3,597,870
Dallas Area Rapid Trans	5.00%	12/1/2026	AA+			7,245		9,049,222
El Paso Dev Corp–Downtown Ballpark	6.25%	8/15/2023	AA-			5,000		6,069,650
FL Dept Env Protn–Florida Forever	5.00%	7/1/2023	AA-			5,000		6,134,550
Gtr Wenatchee Regl Events Ctr	5.00%	9/1/2027	NR			1,000		1,063,530
Gtr Wenatchee Regl Events Ctr	5.25%	9/1/2032	NR			1,000		1,058,970
Guam Ltd Oblig–Section 30 Landfill	5.375%	12/1/2024	BBB+			1,000		1,125,910
Guam Ltd Oblig–Section 30 Landfill	5.50%	12/1/2019	BBB+			1,000		1,137,920
IL Sales Tax	5.00%	6/15/2019	AAA			5,000		5,547,050
Jacksonville Sales Tax	5.00%	10/1/2021	A+			2,500		2,957,925
Kansas Dept Trans	5.00%	9/1/2026	AAA			5,000		6,378,600
LA Stadium & Expo Dist	5.00%	7/1/2021	A3			1,030		1,212,094
Los Angeles Co MTA	5.00%	7/1/2021	AAA			11,285		13,532,069
MA Sch Bldg Auth–Sales Tax	5.00%	8/15/2030	AA+			5,665		6,764,860
Martin Hsp Dist	7.00%	4/1/2031	BBB	^(a)		3,250		3,618,648
Met Atlanta Rapid Trans Auth	5.00%	7/1/2025	AA+			5,950		7,291,011
Met Govt Nashville–Cnty Conv Ctr	5.00%	7/1/2022	A1			3,245		3,712,572
Met Pier & Expo Auth–McCormick Place	5.00%	12/15/2020	BBB+			2,500		2,818,850
Met Pier & Expo Auth–McCormick Place	5.00%	12/15/2022	BBB+			5,000		5,759,300
Met Pier & Expo Auth–McCormick Place	5.00%	12/15/2028	BBB+			10,000		10,903,900
MTA NY–Dedicated Tax	5.00%	11/15/2027	AA			5,700		6,887,253
NJ EDA–Cigarette Tax	5.00%	6/15/2024	BBB+			3,000		3,286,980
NJ EDA–Cigarette Tax	5.00%	6/15/2028	BBB+			6,650		7,109,116
NJ EDA–Cigarette Tax	5.00%	6/15/2029	BBB+			500		531,960
NM Severance Tax	5.00%	7/1/2022	Aa1			5,225		5,900,070
NY Dorm–PIT	5.00%	12/15/2019	AAA			15,000		17,158,950
NY Dorm–PIT	5.00%	3/15/2023	AAA			10,000		12,021,100
NY Dorm–PIT	5.00%	3/15/2024	AAA			15,585		18,321,414
NY Dorm–PIT	5.25%	2/15/2023	AAA			7,710		8,634,198

40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Tax Revenue (continued)
NY Dorm–Sales Tax	5.00%	3/15/2028	AAA		$	11,645	$	14,603,645
NY Twy Auth–Hwy & Brdg (AMBAC)	5.50%	4/1/2020	AA			9,000		10,552,860
NY UDC–PIT	5.00%	12/15/2025	AAA			1,320		1,412,638
NY UDC–PIT	5.00%	3/15/2026	AAA			15,000		18,475,800
NY UDC–PIT	5.00%	12/15/2026	AAA			1,920		2,054,746
NYC TFA–Bldg Aid	5.00%	7/15/2024	AA			10,000		11,819,600
NYC TFA–Future Tax	5.50%	11/1/2027	AAA			8,850		10,594,777
Oneida Tribe Sales Tax Rev^†	5.50%	2/1/2021	AA-			1,720		1,915,994
PA Econ Dev–Unemployment Comp	5.00%	7/1/2021	Aaa			4,000		4,292,360
Phoenix Excise Tax	5.00%	7/1/2026	AA+			13,000		16,200,080
Polk Co Trans Rev	5.00%	12/1/2021	A1			2,825		3,276,237
PR Corp Sales Tax	5.25%	8/1/2027	CC			1,650		680,625
PR Corp Sales Tax	5.25%	8/1/2041	CC			7,570		3,103,700
PR Corp Sales Tax	5.50%	8/1/2023	CC			9,465		4,117,275
PR Corp Sales Tax	5.50%	8/1/2028	CC			8,630		3,603,025
PR Corp. Sales Tax	5.25%	8/1/2040	Caa3			8,000		4,880,000
TX Trsp Commn	5.00%	4/1/2022	AAA			5,000		6,069,000
Virgin Islands PFA	5.00%	10/1/2024	BBB+			1,000		1,153,010
Virgin Islands PFA	5.00%	10/1/2034	BBB+			1,540		1,678,846
Virgin Islands PFA–Diageo Rum Tax	6.75%	10/1/2019	Baa3			2,065		2,272,677
Virgin Islands PFA–Gross Tax Rcpts (NPFGC)	5.00%	10/1/2018	AA-			1,000		1,020,800
Virgin Islands PFA–Tobacco & Liq Tax	5.00%	10/1/2019	BBB			3,000		3,329,670
WI Trsp	5.00%	7/1/2024	AA+			5,000		6,294,000
WI Trsp	5.00%	7/1/2026	AA+			6,000		7,580,700
Total								321,841,757

Tobacco 3.96%
Buckeye Tobacco	5.125%	6/1/2024	B-			26,490		25,042,586
Buckeye Tobacco	5.75%	6/1/2034	B-			1,360		1,272,674
Buckeye Tobacco	5.875%	6/1/2030	B-			23,850		22,735,728
Golden St Tobacco	4.50%	6/1/2027	B			11,875		12,030,800
Golden St Tobacco	5.00%	6/1/2033	B-			15,000		14,761,500
Inland Empire Tobacco	4.625%	6/1/2021	CC	^(a)		5,325		5,358,388
Inland Empire Tobacco	5.00%	6/1/2021	CC	^(a)		3,085		3,114,462
MI Tob Settlement	5.125%	6/1/2022	B-			4,995		4,827,168
MI Tob Settlement	5.25%	6/1/2022	B-			6,710		6,527,421
Nthrn AK Tobacco	4.625%	6/1/2023	Ba1			2,855		2,874,528
Railsplitter Tobacco Settlement Auth	6.25%	6/1/2024	A			8,500		8,578,030

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Tobacco (continued)
RI Tob Settlement	5.00%		6/1/2027	BBB	$	2,500	$	2,854,600
RI Tob Settlement	5.00%		6/1/2028	BBB		2,000		2,268,380
SD Edu Enhancement Fding Corp	5.00%		6/1/2023	A		1,000		1,167,830
SD Edu Enhancement Fding Corp	5.00%		6/1/2024	A		1,000		1,156,460
SD Edu Enhancement Fding Corp	5.00%		6/1/2025	A		1,000		1,148,710
Tobacco Settlement Auth WA	5.00%		6/1/2021	A		6,880		7,922,526
Tobacco Settlement Auth WA	5.00%		6/1/2023	A		6,250		7,325,813
Tobacco Settlement Fin Corp LA	5.00%		5/15/2022	A		5,000		5,824,300
Tobacco Settlement Fin Corp NJ	4.50%		6/1/2023	BB		11,195		11,394,159
Tobacco Settlement Fin Corp NJ	4.625%		6/1/2026	B+		5,000		5,042,050
Tobacco Settlement Fin Corp NJ	4.75%		6/1/2034	B-		10,500		9,658,740
Tobacco Settlement Fin Corp NJ	5.00%		6/1/2029	B		10,000		9,980,200
Total								172,867,053

Transportation 16.66%
AK Intl Airports Sys	5.00%		10/1/2024	A1		750		930,150
AK Intl Airports Sys	5.00%		10/1/2027	A1		1,000		1,224,220
AK Intl Airports Sys	5.00%		10/1/2028	A1		2,000		2,435,140
AK Intl Airports Sys	5.00%		10/1/2031	A1		3,000		3,593,610
Alameda Corridor Trsp Auth	5.00%		10/1/2021	A-		2,750		3,268,100
Alameda Corridor Trsp Auth	5.00%		10/1/2024	A-		5,000		6,085,000
Alameda Corridor Trsp Auth	5.00%		10/1/2026	A-		4,075		4,889,959
Atlanta Arpt	5.50%		1/1/2021	Aa3		3,000		3,586,350
Atlanta Arpt–PFC	5.00%		1/1/2029	AA-		2,500		2,999,475
AZ Transp Brd Hwy	5.00%		7/1/2021	AA+		10,000		11,901,300
Bay Area Toll Auth	1.10%	^#	4/1/2047	AA		6,000		5,994,900
Bay Area Toll Auth	1.875%		4/1/2047	AA		5,000		5,101,050
Bay Area Toll Auth	2.00%		4/1/2034	AA		9,000		9,198,540
Central TX Mobility Auth	5.00%		1/1/2030	BBB+		800		943,792
Central TX Mobility Auth	5.00%		1/1/2031	BBB+		1,675		1,964,155
Central TX Mobility Auth	5.00%		1/1/2032	BBB+		2,000		2,332,880
Central TX Mobility Auth	5.00%		1/1/2033	BBB		3,000		3,363,480
Central TX Mobility Auth	5.75%		1/1/2019	BBB+		1,500		1,685,055
Central TX Mobility Auth	5.75%		1/1/2020	BBB+		1,000		1,159,880
Central TX Mobility Auth	5.75%		1/1/2031	BBB+		2,000		2,339,400
Central TX Tpk	5.00%		8/15/2025	BBB+		2,250		2,694,487
Central TX Tpk	5.00%		8/15/2026	BBB+		2,500		2,966,775
Central TX Tpk	5.00%		8/15/2027	BBB+		3,300		3,878,061

42	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
		Interest	Maturity	S&P or	Amount		Fair
Investments		Rate	Date	Moody’s	(000)		Value
Transportation (continued)
Central TX Tpk		5.00%	8/15/2028	BBB+	$	3,250	$	3,795,415
Central TX Tpk		5.00%	8/15/2033	BBB+		7,650		8,700,957
Chicago Midway Arpt		5.00%	1/1/2026	A		6,075		7,165,462
Chicago Midway Arpt AMT		5.00%	1/1/2023	A		3,000		3,496,770
Chicago O’Hare Arpt		5.00%	1/1/2022	A		3,230		3,724,384
Chicago O’Hare Arpt (AGM)		5.00%	1/1/2020	AA		3,500		3,607,240
Chicago O’Hare Arpt AMT		5.00%	1/1/2020	A		6,320		7,089,334
Chicago O’Hare Arpt AMT		5.00%	1/1/2021	A		11,740		13,473,411
Chicago O’Hare Arpt AMT		5.00%	1/1/2024	A		5,000		5,774,100
Clark Co Arpt–McCarran Arpt (AGM)		5.00%	7/1/2022	AA		3,905		4,372,311
Cleveland Arpt (AGM)		5.00%	1/1/2025	AA		1,200		1,461,504
Cleveland Arpt (AGM)		5.00%	1/1/2026	AA		2,000		2,407,660
Cleveland Arpt (AGM)		5.00%	1/1/2027	AA		2,175		2,591,860
Dallas Area Rapid Transit^(b)		5.00%	12/1/2022	AA+		635		703,088
Dallas Area Rapid Transit^(b)		5.00%	12/1/2023	AA+		390		431,818
Dallas Area Rapid Transit^(b)		5.00%	12/1/2024	AA+		515		570,221
Dallas Area Rapid Transit^(b)		5.00%	12/1/2028	AA+		460		509,324
Delaware River Port Auth		5.00%	1/1/2027	BBB		1,835		2,076,468
Delaware River Port Auth		5.00%	1/1/2028	A		7,500		8,904,450
Denver City & Co Arpt (NPFGC)		5.00%	11/15/2022	AA-		13,625		14,005,410
E–470 Hwy Auth		5.00%	9/1/2020	BBB+		900		1,037,115
E470 Pub Hwy Auth (NPFGC)(FGIC)	Zero Coupon		9/1/2018	AA-		10,900		10,532,670
Foothill / Eastern Corridor Toll Rd		5.00%	1/15/2053	BBB-		12,000		13,192,440
HI Arpts Sys AMT		5.00%	7/1/2022	A+		5,130		5,930,383
Houston Arpt–Continental Airlines AMT		4.75%	7/1/2024	BB-		8,000		9,002,480
Houston Arpt–Continental Airlines AMT		5.00%	7/15/2030	BB-		2,500		2,738,725
Houston Arpt AMT		5.00%	7/1/2021	A+		5,000		5,807,250
IL Toll Hwy Auth		5.00%	1/1/2027	AA-		1,000		1,194,290
IL Toll Hwy Auth		5.00%	1/1/2028	AA-		2,535		3,013,659
KY Pub Trsp Auth–Downtown Crossing		5.00%	7/1/2017	Baa3		4,000		4,180,720
KY Tpk Auth		5.00%	7/1/2026	Aa2		5,215		6,181,965
Los Angeles Dept Arpts–LAX		5.00%	5/15/2027	AA-		2,000		2,491,780
Louisville Regl Airport AMT		5.00%	7/1/2021	A+		1,250		1,456,575
Louisville Regl Airport AMT		5.00%	7/1/2022	A+		1,625		1,927,364
Louisville Regl Airport AMT		5.00%	7/1/2023	A+		2,250		2,704,410
MA Trans Fd–Bridge Prog		5.00%	6/1/2023	AAA		9,880		11,789,508
MD EDC–Maryland Port		5.125%	6/1/2020	Baa3		2,590		2,819,267

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Transportation (continued)
MD EDC–Maryland Port	5.125%	6/1/2020	Baa3	$	1,000	$	1,088,520
Miami Dade Co Aviation–MIA	5.00%	10/1/2025	A		3,690		4,547,076
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2021	A		1,500		1,764,375
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2022	A		1,550		1,844,113
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2027	A		5,145		6,093,069
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2028	A		3,500		4,115,755
Miami Dade Co Expwy Auth	5.00%	7/1/2022	A		1,750		2,099,598
Miami Dade Co Expwy Auth	5.00%	7/1/2023	A		2,500		3,038,725
Miami Dade Co Expwy Auth	5.00%	7/1/2023	A		2,000		2,382,540
Miami Dade Co Expwy Auth	5.00%	7/1/2024	A		3,500		4,139,905
Minneapolis / St Paul Met Arpts	5.00%	1/1/2020	AA-		2,190		2,500,257
Minneapolis / St Paul Met Arpts	5.00%	1/1/2028	A+		3,500		4,204,795
Minneapolis / St Paul Met Arpts (AMBAC)	5.00%	1/1/2024	AA-		10,250		10,567,955
MTA NY	5.00%	11/15/2021	AA-		1,500		1,787,730
MTA NY	5.00%	11/1/2023	AA-		5,640		6,827,784
MTA NY	5.00%	11/15/2025	AA-		3,500		4,268,215
MTA NY	5.00%	11/15/2026	AA-		17,065		21,619,990
MTA NY	5.25%	11/15/2028	AA-		6,355		7,975,652
MTA NY–Dedicated Tax	5.00%	11/15/2019	AA		1,375		1,570,635
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2020	Baa1		4,905		5,430,669
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2021	Baa1		2,000		2,240,120
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2023	Baa1		3,000		3,418,350
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2027	Baa1		3,185		3,629,658
NJ EDA–Goethals Brdg AMT	5.125%	1/1/2034	BBB-		5,000		5,625,750
NJ Tpk Auth	5.00%	1/1/2021	A+		5,000		5,819,950
NJ Tpk Auth	5.00%	1/1/2023	A+		3,835		4,648,365
NJ Tpk Auth	5.00%	1/1/2024	A+		3,000		3,593,430
NJ Tpk Auth	5.00%	1/1/2031	A+		5,000		6,069,550
NJ Tpk Auth	5.00%	1/1/2031	A+		5,000		5,954,000
NJ Trans Trust Fund	5.75%	6/15/2020	A-		7,645		8,467,831
NJ Trans Trust Fund CR (AGM)	5.00%	6/15/2024	AA		10,165		11,312,120
North TX Twy Auth	5.00%	1/1/2023	A1		5,000		6,053,350
North TX Twy Auth	5.00%	1/1/2025	A1		5,000		6,078,350
North TX Twy Auth	5.00%	1/1/2031	A2		8,085		9,400,025
North TX Twy Auth	6.25%	1/1/2024	A1		5,000		5,697,150
NY Dorm–PIT	5.00%	3/15/2023	AAA		8,500		10,411,055
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2022	Baa1		1,125		1,322,438

44	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Transportation (continued)
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2023	Baa1	$	750	$	894,818
NY Twy Auth	5.00%	5/1/2019	A-		4,570		5,114,287
NY Twy Auth	5.00%	1/1/2020	A		3,000		3,425,010
NY Twy Auth	5.00%	1/1/2022	A		1,600		1,909,712
NY Twy Auth	5.00%	1/1/2024	A		1,960		2,400,040
NY Twy Auth	5.00%	1/1/2026	A		5,115		6,316,513
Orlando & Orange Co Expwy Auth	5.00%	7/1/2030	A		10,000		11,746,900
PA Econ Dev–Rapid Bridge AMT	5.00%	12/31/2034	BBB		14,000		15,818,600
PA Tpk Commn	5.00%	12/1/2022	A1		3,500		4,221,385
PA Tpk Commn–Registration Fee (AGM)	5.25%	7/15/2019	AA		1,270		1,432,192
Phoenix Arpt	5.00%	7/1/2023	A+		7,000		8,061,550
Phoenix Arpt AMT	5.00%	7/1/2021	AA-		3,050		3,555,720
Phoenix Arpt AMT	5.00%	7/1/2022	AA-		1,500		1,773,285
Port Auth NY & NJ	5.00%	12/1/2023	AA-		5,300		6,606,397
Port Auth NY & NJ	5.00%	12/1/2025	AA-		10,000		12,318,900
Port Auth NY & NJ	5.00%	10/15/2026	AA-		5,605		7,095,986
Port Auth NY & NJ	5.00%	10/15/2027	AA-		4,750		5,952,510
Port Auth NY & NJ–JFK IAT	5.00%	12/1/2020	Baa1		6,000		6,784,800
Port Oakland AMT	5.00%	5/1/2021	A+		1,000		1,172,450
Port Oakland AMT	5.00%	5/1/2022	A+		11,000		13,113,760
Port Seattle PFC	5.00%	12/1/2020	A+		6,500		7,459,205
PR Conv Ctr Auth (AMBAC)	5.00%	7/1/2031	CC		3,000		2,888,190
PR Hwy & Trans Auth	5.00%	7/1/2030	CC		1,745		366,450
PR Hwy & Trans Auth	5.00%	7/1/2033	CC		1,215		255,150
PR Hwy & Trans Auth	5.50%	7/1/2023	CC		4,305		904,050
PR Hwy & Trans Auth	5.50%	7/1/2024	CC		3,000		630,000
PR Hwy & Trans Auth (AGM)	5.25%	7/1/2032	AA		1,000		1,044,850
Regional Trans Dist–Denver Trans	5.00%	7/15/2021	Baa3		3,460		3,878,902
Regional Trans Dist–Denver Trans	5.00%	1/15/2022	Baa3		2,800		3,119,536
Regional Trans Dist–Denver Trans	5.125%	1/15/2023	Baa3		2,835		3,158,190
Regional Trans Dist–Denver Trans	5.125%	7/15/2023	Baa3		5,670		6,316,380
Regional Trans Dist–Denver Trans	6.00%	1/15/2026	Baa3		2,500		2,909,050
San Francisco Arpt AMT	5.00%	5/1/2026	A+		10,000		11,614,100
San Francisco Arpt AMT	5.00%	5/1/2028	A+		7,450		8,565,563
San Joaquin Hills Trsp Corridor	5.00%	1/15/2034	BBB-		7,500		8,403,750
San Jose Arpt	5.00%	3/1/2026	A2		1,200		1,462,008
San Jose Arpt	5.00%	3/1/2027	A2		2,260		2,733,244

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Transportation (continued)
San Jose Arpt	5.00%	3/1/2028	A2		$	1,655	$	1,986,877
South Jersey Trans Auth	5.00%	11/1/2020	BBB+			2,000		2,238,600
South Jersey Trans Auth	5.00%	11/1/2021	BBB+			5,305		6,032,156
Southeastern PA Transp Auth–GARVEE	5.00%	6/1/2023	AA-			2,500		2,890,800
Triborough Brdg & Tunl Auth	5.00%	11/15/2020	AA-			7,525		8,844,584
Triborough Brdg & Tunl Auth	5.00%	11/15/2022	A+			4,715		5,746,548
Triborough Brdg & Tunl Auth	5.00%	11/15/2023	AA-			5,525		6,749,340
Triborough Brdg & Tunl Auth	5.00%	11/15/2023	A+			2,000		2,447,780
Triborough Brdg & Tunl Auth (NPFGC)(FGIC)	5.50%	11/15/2021	AA-	��		2,595		3,164,058
VA Small Bus Fing–Elizabeth River AMT	5.25%	1/1/2032	BBB-			10,500		11,608,065
VA Transp Brd–Cap Proj	5.00%	5/15/2021	AA+			10,000		11,856,400
WA St GARVEE–520 Corridor	5.00%	9/1/2021	AA			10,000		11,822,000
Wayne CO Arpt AMT	5.00%	12/1/2026	A			1,590		1,879,666
Wayne CO Arpt AMT	5.00%	12/1/2027	A			2,000		2,338,580
Total								728,035,284

Utilities 12.98%
Albuquerque Bernalillo Co Wtr Util	5.00%	7/1/2024	AA			2,645		3,288,052
Albuquerque Bernalillo Co Wtr Util	5.00%	7/1/2025	AA			4,000		4,944,880
Amr Muni Pwr–Fremont Energy	5.00%	2/15/2021	A1			1,300		1,519,830
Beaver Co IDA–FirstEnergy	4.00%	1/1/2035	BBB-			20,000		21,061,400
CA Dept Wtr Res Pwr	5.00%	5/1/2019	AA			16,695		18,802,410
CA Dept Wtr Res Wtr–Central Valley	5.00%	12/1/2021	AAA			4,610		5,556,617
CA Dept Wtr Res Wtr–Central Valley	5.00%	12/1/2022	AAA			11,080		13,629,951
Central Plains–Goldman Sachs	5.00%	9/1/2027	A3			7,500		8,588,925
Dallas Wtrwks & Swr	5.00%	10/1/2024	AAA			15,000		18,910,950
Detroit Sewer	5.00%	7/1/2034	BBB+			2,200		2,495,636
Detroit Sewer	5.00%	7/1/2035	BBB+			1,835		2,070,669
East Bay Utility Water District	5.00%	6/1/2028	AAA			6,300		7,915,887
Energy Northwest–Proj 1	5.00%	7/1/2027	Aa1			9,650		11,143,627
Farmington Poll Ctl–AZ Pub Svc	4.70%	5/1/2024	A2			5,265		5,868,474
FL Muni Pwr Agy	5.25%	10/1/2022	A2			3,115		3,560,881
FL Muni Pwr Agy–St Lucie	5.00%	10/1/2021	A2			3,650		4,129,209
Floyd Co Dev–GA Power	2.35%	7/1/2022	A3			4,875		4,997,070
Guam Waterworks Auth	5.00%	7/1/2029	A-			1,000		1,146,560
Guam Waterworks Auth	5.00%	7/1/2036	A-			1,000		1,152,540
Houston Util Sys	5.00%	5/15/2022	AA			3,000		3,616,740
Houston Util Sys	5.00%	11/15/2022	AA			5,000		6,083,400

46	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Utilities (continued)
Houston Util Sys	5.00%		11/15/2023	AA	$	4,000	$	4,948,240
Houston Util Sys	5.00%		11/15/2026	AA		5,355		6,615,139
Imperial Irrigation Dist	5.00%		11/1/2030	AA-		1,000		1,244,550
Imperial Irrigation Dist	5.00%		11/1/2032	AA-		2,000		2,456,740
IN Muni Pwr	5.00%		1/1/2025	A+		1,000		1,239,410
IN Muni Pwr	5.00%		1/1/2026	A+		1,200		1,502,628
IN Muni Pwr	5.00%		1/1/2029	A+		3,000		3,682,830
Indianapolis Local Pub Impt Bd Bk (NPFGC)(FGIC)	5.00%		7/1/2019	AA-		340		362,892
Intermountain Pwr Agy	5.00%		7/1/2021	A+		3,000		3,272,670
JEA St Johns Riv Pwr Pk Sys	5.00%		10/1/2022	Aa2		1,625		1,840,735
KS DFA–Dept Hlth & Env	5.00%		3/1/2021	AAA		6,680		7,689,816
Lakeland Energy (AGM)	5.00%		10/1/2018	AA		3,975		4,384,544
Long Beach Nat Gas–ML	1.844%	^#	11/15/2026	BBB+		4,000		3,821,280
Long Island Power Auth	5.00%		5/1/2019	A-		1,000		1,121,690
Long Island Power Auth	5.00%		5/1/2020	A-		2,930		3,361,120
Los Angeles DEWAP–Pwr Sys	5.00%		7/1/2022	AA-		4,250		5,069,953
Los Angeles USD	5.00%		7/1/2023	Aa2		10,000		12,431,000
Louisville/Jeff Co Met Swr Dist	5.00%		5/15/2019	AA		4,705		5,284,656
Lower Colo Riv Auth	5.00%		5/15/2020	A		3,130		3,597,528
Lower Colo Riv Auth	5.00%		5/15/2020	A		3,930		4,517,024
Lower Colo Riv Auth–Transmn Contract	5.00%		5/15/2021	A1		5,225		6,138,330
Lower Colo Riv Auth–Transmn Contract	5.00%		5/15/2022	A1		5,005		5,893,387
Main St Nat Gas–ML	5.00%		3/15/2021	BBB+		2,500		2,837,525
MD EDC–Potomac Elec Rmkt	6.20%		9/1/2022	A		1,650		1,883,327
MEAG–Gen Resolution Projs	5.00%		1/1/2020	A		6,200		7,068,558
MEAG–Proj 1	5.00%		1/1/2021	A		4,185		4,883,853
Miami Dade Co Wtr & Swr (AGM)	5.25%		10/1/2018	AA		3,000		3,317,340
MO Joint Muni Elec Util Commn	5.00%		1/1/2023	A2		2,000		2,411,440
MO Joint Muni Elec Util Commn	5.00%		1/1/2025	A2		1,500		1,824,705
Modesto Irrigation Dist	5.00%		7/1/2023	A+		1,780		2,194,811
Modesto Irrigation Dist	5.00%		7/1/2024	A+		3,720		4,504,771
Modesto Irrigation Dist	5.00%		7/1/2025	A+		8,410		10,077,114
New Orleans Sewer	5.00%		6/1/2020	A		1,400		1,600,312
New Orleans Sewer	5.00%		6/1/2021	A		400		466,604
North Sumter Co Util Dep Dist	5.00%		10/1/2032	BBB+		8,000		8,887,200
Northern CA Pwr–Hydroelec #1	5.00%		7/1/2026	A+		3,600		4,331,052

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Utilities (continued)
OH Air Quality–FirstEnergy	3.625%		10/1/2033	BBB-	$	1,000	$	1,034,760
OH Air Quality–FirstEnergy	3.625%		10/1/2033	BBB-		2,000		2,069,520
OH Air Quality–FirstEnergy	5.70%		8/1/2020	BBB-		4,250		4,770,370
OH Air Quality–Ohio Vly Elec	5.625%		10/1/2019	BBB-		8,000		8,824,640
OH Wtr Dev Auth	5.00%		6/1/2023	AAA		5,500		6,826,655
PA Econ Dev–Philadelphia Biosolids	5.50%		1/1/2018	Baa3		1,030		1,075,227
PA Econ Dev–PPL Electric Utility Rmkt	4.00%		10/1/2023	A1		5,000		5,402,700
Philadelphia Gas Works	5.00%		8/1/2026	A-		1,000		1,219,720
Philadelphia Gas Works	5.00%		8/1/2027	A-		1,000		1,210,410
Philadelphia Water & Wastewater	5.00%		7/1/2022	A1		3,090		3,709,329
Phoenix Civic Impt Corp–Water Sys	5.00%		7/1/2027	AAA		5,000		6,151,100
Piedmont Muni Pwr Agy	5.00%		1/1/2019	A-		1,250		1,378,650
Piedmont Muni Pwr Agy	5.00%		1/1/2022	A-		4,750		5,463,022
Piedmont Muni Pwr Agy	5.00%		1/1/2024	A-		7,920		9,069,984
Piedmont Muni Pwr Agy	5.25%		1/1/2019	A-		2,000		2,141,100
Pima Co IDA–Tucson Elec	4.95%		10/1/2020	A3		10,640		11,966,489
PR Aqueduct & Swr Auth	5.25%		7/1/2042	CCC-		5,000		3,275,000
PR Aqueduct & Swr Auth	6.125%		7/1/2024	CCC-		5,590		3,954,925
PR Elec Pwr Auth	5.00%		7/1/2029	Caa3		8,235		5,126,288
PR Elec Pwr Auth	5.00%		7/1/2037	Caa3		1,035		644,288
PR Elec Pwr Auth	5.00%		7/1/2042	Caa3		2,390		1,487,775
PR Elec Pwr Auth	5.25%		7/1/2019	Caa3		2,000		1,251,900
PR Elec Pwr Auth	5.25%		7/1/2026	Caa3		4,900		3,050,250
PR Elec Pwr Auth	5.25%		7/1/2040	Caa3		3,235		2,013,788
PR Elec Pwr Auth	5.50%		7/1/2038	Caa3		2,350		1,462,875
PR Elec Pwr Auth	7.00%		7/1/2033	Caa3		4,000		2,510,000
PR Elec Pwr Auth	7.00%		7/1/2040	Caa3		725		454,938
PR Elec Pwr Auth (AGM)	0.93%	^#	7/1/2029	AA		5,720		4,261,400
Public Gas Partners Inc	5.00%		10/1/2019	A+		5,950		6,618,780
SA Energy Acquisition Pub Fac	5.50%		8/1/2021	BBB+		2,360		2,791,998
Salt River Agric Imp & Pwr Dist	5.00%		1/1/2021	Aa1		1,000		1,110,660
Salt River Agric Imp & Pwr Dist	5.00%		12/1/2023	Aa1		8,980		10,742,594
Salt Verde Fin Corp–Citi	5.50%		12/1/2029	BBB+		5,000		6,321,150
San Antonio Elec & Gas	5.00%		2/1/2022	Aa1		9,405		11,326,630
San Diego PFA Swr	5.00%		5/15/2020	AA+		5,000		5,635,700
San Francisco City & Co Pub Util Sys Commn	5.00%		11/1/2023	AA-		5,450		6,553,243
SC Pub Svc Auth–Santee Cooper	5.00%		12/1/2022	AA-		1,100		1,334,432

48	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Utilities (continued)
Seminole Co Wtr & Swr	5.00%	10/1/2024	AA	$	4,000	$	4,999,880
Stockton PFA–Wastewater (BAM)	5.00%	9/1/2021	AA		2,000		2,342,840
Stockton PFA–Wastewater (BAM)	5.00%	9/1/2024	AA		1,000		1,220,650
TEAC–Goldman Sachs	5.00%	2/1/2018	A3		1,055		1,128,808
TEAC–Goldman Sachs	5.25%	9/1/2021	A3		3,000		3,525,720
TEAC–Goldman Sachs	5.25%	9/1/2024	A3		8,520		10,365,432
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2024	A3		23,000		27,003,380
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2028	A3		2,000		2,289,140
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2029	A3		2,000		2,278,600
TX Muni Gas Acq & Supply–ML	5.25%	12/15/2021	BBB+		4,685		5,514,292
TX Muni Gas Acq & Supply–ML	5.25%	12/15/2023	BBB+		2,925		3,509,678
TX Muni Gas Acq & Supply–ML	6.25%	12/15/2026	BBB+		26,660		32,990,684
UT Muni Pwr–Payson Pwr	5.00%	4/1/2021	A-		5,300		6,188,439
Western MN Muni Pwr Agy	5.00%	1/1/2022	Aa3		1,000		1,200,890
Western MN Muni Pwr Agy	5.00%	1/1/2023	Aa3		1,500		1,834,200
Wise Co IDA–VA Elec & Pwr Co	2.15%	10/1/2040	A2		5,425		5,574,730
Wyandotte Co Unified Govt Utility Sys	5.00%	9/1/2021	A+		3,105		3,683,151
Total							567,141,286
Total Municipal Bonds (cost $4,070,475,431)							4,242,166,793

					Shares
					(000)
SHORT-TERM INVESTMENTS 1.86%

Money Market Mutual Fund 0.00%
Dreyfus Municipal Cash Management Plus (cost $1,775)					2		1,775

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2016

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(c)

Date

Moody’s

(000)

Value

Variable Rate Demand Notes 1.86%

Corporate-Backed 0.90%

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

3,300

3,300,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

4/1/2040

6,780

6,780,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

11/1/2040

1,500

1,500,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

4/1/2040

18,375

18,375,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

11/1/2040

9,350

9,350,000

Total

39,305,000

General Obligation 0.47%

NYC GO (AGM)

0.46%

4/1/2016

11/1/2026

20,445

20,445,000

Lease Obligations 0.02%

Pima Co IDA–Clark Co Detention^†

0.68%

4/7/2016

9/1/2033

AA-

1,000

1,000,000

Utilities 0.47%

Las Vegas Valley Water District

0.47%

4/1/2016

6/1/2036

Aa1

13,525

13,525,000

NYC Muni Water

0.46%

4/1/2016

6/15/2032

AA+

7,000

7,000,000

Total

20,525,000

Total Variable Rate Demand Notes (cost $81,275,000)

81,275,000

Total Short-Term Investments (cost $81,276,775)

81,276,775

Total Investments in Securities 98.96% (cost $4,151,752,206)

4,323,443,568

Cash and Other Assets in Excess of Liabilities⁽ⁱ⁾1.04%

45,281,082

Net Assets 100.00%

4,368,724,650

Open Futures Contracts at March 31, 2016:

					Unrealized
Type	Expiration	Contracts	Position	Fair Value	Appreciation
Long U.S. Treasury Bond	June 2016	212	Short	$(34,860,750)	$53,963

					Unrealized
Type	Expiration	Contracts	Position	Fair Value	Depreciation
U.S. 10-Year Treasury Note	June 2016	176	Short	$(22,948,750)	$(7,185)

Note: See Footnotes to Schedules of Investments on page 133 of this report.

50	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERMEDIATE TAX FREE FUND March 31, 2016

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s financial instruments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1			Level 2			Level 3			Total
Municipal Bonds
Corporate-Backed	$	–		$	282,996,178		$	3,236,156	⁽⁴⁾	$	286,232,334
Lease Obligations		–			269,106,991			247,520	⁽⁴⁾		269,354,511
Other Revenue		–			167,030,035			40	⁽⁵⁾		167,030,075
Remaining Industries		–			3,519,549,873			–			3,519,549,873
Money Market Mutual Fund		1,775			–			–			1,775
Variable Rate Demand Notes		–			81,275,000			–			81,275,000
Total	$	1,775		$	4,319,958,077		$	3,483,716		$	4,323,443,568

Liabilities
Trust Certificates⁽⁶⁾	$	–		$	(2,250,000	)	$	–		$	(2,250,000	)
Total	$	–		$	(2,250,000	)	$	–		$	(2,250,000	)

Other Financial Instruments
Futures Contracts
Assets	$	53,963		$	–		$	–		$	53,963
Liabilities		(7,185	)		–			–			(7,185	)
Total	$	46,778		$	–		$	–		$	46,778

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.
⁽⁴⁾	Includes securities valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽⁵⁾	Level 3 securities fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Financials.
⁽⁶⁾	Refer to Note 2(h) for a description of Municipal Bonds held in Trust.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2015		$	40
Accrued discounts/premiums			861
Realized gain (loss)			–
Change in unrealized appreciation/depreciation			(699,846	)
Purchases			–
Sales			–
Net transfers in or out of Level 3			4,182,661
Balance as of March 31, 2016		$	3,483,716

See Notes to Financial Statements.

Schedule of Investments (unaudited)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
MUNICIPAL BONDS 97.32%

Corporate-Backed 4.78%
Aleutians E Burough–Pribilof Islands (ACA)	5.50%	6/1/2025	NR		$	375	$	375,525
Beaver Co IDA–FirstEnergy Rmkt	2.70%	4/1/2035	BBB-			1,475		1,482,404
CA Poll Ctl–Poseidon Res^†	5.00%	11/21/2045	Baa3			1,000		1,028,040
Citizens Property Insurance Corp	5.00%	6/1/2020	A+			500		573,720
Citizens Property Insurance Corp	5.00%	6/1/2021	A+			540		632,837
Courtland IDB–Intl Paper	6.25%	11/1/2033	Baa2			770		894,409
IA Fin Auth–Alcoa	4.75%	8/1/2042	BBB-			475		478,325
IA Fin Auth–Iowa Fertilizer Co	5.00%	12/1/2019	BB-			500		515,620
LA Env Facs–Westlake Chem	6.50%	11/1/2035	BBB+			100		118,413
LA Env Facs–Westlake Chem	6.75%	11/1/2032	BBB+			500		539,000
LA Env Facs–Westlake Chem Rmkt	6.50%	8/1/2029	BBB+			1,045		1,233,999
Love Field Arpt–Southwest Airlines	5.25%	11/1/2040	Baa1			190		213,839
NY Liberty Dev Corp–3 WTC^†	5.00%	11/15/2044	NR			500		537,230
NYC Cap Res–Arthur Mgmt	7.00%	8/1/2025	NR			130		139,564
OK DFA–Waste Mgmt	2.375%	12/1/2021	A-			185		188,839
Warren Co–Intl Paper	5.80%	5/1/2034	BBB			100		113,822
Warren Co–Intl Paper	6.50%	9/1/2032	BBB			255		286,429
WI Pub Fin Auth–Celanese	4.05%	11/1/2030	BB+			500		506,185
Total								9,858,200

Education 8.39%
Allegheny Co Hi Ed–Duquesne Univ	5.50%	3/1/2029	A			160		187,920
Build NYC Res Corp–CUNY	5.00%	6/1/2034	Aa2			325		378,602
CA Ed Facs–Santa Clara Univ	5.50%	4/1/2033	NR			245		267,623
CA Ed Facs–Santa Clara Univ	5.50%	4/1/2033	Aa3			20		21,726
CA Fin Auth–Emerson Clg	6.00%	1/1/2042	BBB+			250		298,585
CA Sch Fin Auth–Green Dot Schs^†	5.00%	8/1/2045	NR			250		269,080
DE EDA–DE State Univ (AGM)	5.00%	10/1/2031	AA			410		488,999
Delaware CO PA Auth–Villanova Univ	4.00%	8/1/2040	A+			1,000		1,070,670
Dutchess Co LDC–Anderson Ctr	6.00%	10/1/2030	BB+			100		105,123
FL HI Ed–Nova Southeastern Univ	6.00%	4/1/2026	A-			170		198,091
FL HI Ed–Nova Southeastern Univ	6.375%	4/1/2031	A-			475		564,257
Fulton Co Dev–Tuff/Atlanta Hsg	5.00%	9/1/2032	A+			775		896,993
Gainesville Redev–Riverside Mil Admy	5.125%	3/1/2027	BB+	^(a)		1,000		1,002,010
Hempstead Town LDC–Adelphi Univ	5.00%	10/1/2034	A-			175		201,199
IL Fin Auth–DePaul Univ	6.00%	10/1/2032	A			715		854,275

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Education (continued)
IL Fin Auth–DePaul Univ	6.125%		10/1/2040	A		$	715	$	852,502
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2020	Baa3			100		100,287
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2021	Baa3			500		501,350
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2031	Baa3			500		500,520
LA PFA–Loyola Univ	5.25%		10/1/2029	A3			680		798,592
Marietta Dev Auth–Life Univ	7.00%		6/15/2039	Ba3			125		131,209
McAllister Academic Vlg–AZ State Univ	5.25%		7/1/2030	AA-			125		136,235
Morgan State Univ	5.00%		7/1/2027	A+			670		793,367
Morgan State Univ	5.00%		7/1/2030	A+			350		410,392
Morgan State Univ	5.00%		7/1/2032	A+			450		521,356
NH Hlth & Ed–Sthrn NH Univ	5.00%		1/1/2019	A			225		246,177
NJ Ed Facs–Kean Univ	5.25%		9/1/2029	A2			160		179,562
NY Dorm–Cornell Univ	5.00%		7/1/2034	Aa1			250		279,747
NY Dorm–Pace Univ	5.00%		5/1/2029	BB+			250		279,448
NY Dorm–Touro Clg	5.50%		1/1/2039	BBB-	^(a)		400		437,328
NY Dorm–Yeshiva Univ	4.00%		11/1/2017	NR			75		78,851
NY Dorm–Yeshiva Univ	4.00%		11/1/2017	B3			125		129,816
Olmos Park Hi Ed–Univ Incarnate Word	5.00%		12/1/2021	A3			1,000		1,175,430
PA Hi Ed–St Josephs Univ	5.00%		11/1/2030	A-			895		1,022,269
Private Clgs & Univs Auth–SCAD	5.00%		4/1/2044	Baa2			1,000		1,112,590
Univ of North Carolina–Wilmington	5.00%		6/1/2037	A2			715		816,416
Total									17,308,597

Financial Services 0.24%
IN Bd Bk–JP Morgan	1.387%	^#	10/15/2022	A3			500		488,990

General Obligation 10.33%
Atlantic City Brd Ed (AGM)	6.00%		4/1/2034	AA			550		659,747
CA State GO	5.375%		11/1/2035	AA-			400		470,180
CA State GO	5.50%		3/1/2040	AA-			975		1,125,998
CA State GO	6.50%		4/1/2033	AA-			300		347,985
Chicago Brd Ed	5.00%		12/1/2042	B+			575		453,048
Chicago Brd Ed	5.25%		12/1/2039	B+			250		202,953
Chicago GO	5.25%		1/1/2027	BBB+			270		270,999
Chicago GO	5.50%		1/1/2035	BBB+			230		229,446
Chicago GO	5.50%		1/1/2037	BBB+			985		982,488
Delaware Co IDA–Covanta	5.00%		7/1/2043	Ba2			500		507,590
Fraser Pub Sch Dist	5.75%		5/1/2033	AA-			400		479,480

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
General Obligation (continued)
HI State GO	5.00%	12/1/2028	AA	$	1,000	$	1,177,790
Hudson Co Impt Auth–Solid Waste GTD	5.75%	1/1/2035	Aa3		225		262,634
IL State GO	5.00%	1/1/2033	A-		575		605,095
IL State GO	5.00%	1/1/2035	A-		1,000		1,074,930
IL State GO	5.50%	7/1/2038	A-		1,000		1,082,950
Kendall Kane & WIll Co CUSD #308	5.00%	2/1/2029	Aa2		1,000		1,116,730
Livonia Sch Dist (AGM)	5.00%	5/1/2040	AA		500		572,785
Luzerne Co GO (AGM)	5.00%	11/15/2029	AA		925		1,068,421
Marin Healthcare Dist	4.00%	8/1/2040	Aa2		250		270,190
Middletown CSD	5.25%	12/1/2040	AA		250		297,642
NYC GO	5.00%	8/1/2023	AA		705		866,706
NYC GO	5.00%	8/1/2027	AA		575		699,367
Philadelphia GO	5.25%	7/15/2031	A+		600		706,662
Pittsburgh GO (BAM)	5.00%	9/1/2030	AA		370		439,726
PR Comwlth GO	4.75%	7/1/2018	Caa3		370		238,428
PR Comwlth GO	5.00%	7/1/2041	Caa3		290		172,550
PR Comwlth GO	5.25%	7/1/2022	Caa3		250		152,188
PR Comwlth GO	5.375%	7/1/2030	Caa3		955		573,000
PR Pub Bldg Auth GTD	5.50%	7/1/2027	Caa3		145		82,650
PR Pub Bldg Auth GTD	6.00%	7/1/2020	Caa3		125		77,188
PR Pub Bldg Auth GTD	6.25%	7/1/2026	Caa3		315		192,150
PR Pub Bldg Auth GTD (AGC)	5.00%	7/1/2036	AA		50		50,118
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2023	Ba2		1,000		1,099,110
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2029	Ba2		465		496,690
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2031	Ba2		100		105,989
Stockton USD (AGM)	5.00%	7/1/2028	AA		750		880,852
Sweetwater UHSD (BAM)	5.00%	8/1/2027	AA		500		607,620
Yosemite CCD	5.00%	8/1/2029	Aa2		500		619,305
Total							21,319,380

Health Care 18.71%
Abag Fin Auth–Eskaton Pptys	5.00%	11/15/2035	BBB		300		323,178
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2027	AA-		300		348,867
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2028	AA-		345		399,758
Antelope Valley Hlth	5.00%	3/1/2046	Ba3		515		546,801
Athens Clarke Co Dev–Catholic Hlth E	6.25%	11/15/2032	AA-		665		762,183
AZ Hlth Facs–Banner Hlth	5.50%	1/1/2038	AA-		1,285		1,377,931
CA Hlth–Sutter Hlth	5.25%	8/15/2031	AA-		745		887,533

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Health Care (continued)
CA Hlth–Sutter Hlth	5.50%	8/15/2026	AA-		$	275	$	327,027
CA Statewide–Beverly	5.00%	2/1/2035	BBB-			750		846,427
CA Stwde–American Baptist	5.00%	10/1/2021	BBB+	^(a)		635		738,226
CA Stwde–Eskaton Pptys	5.25%	11/15/2034	BBB			500		542,925
CA Stwde–Loma Linda Univ Med Ctr	5.50%	12/1/2054	BB+			750		816,690
CA Stwde–So Cal Presbyterian^†	6.625%	11/15/2024	BBB-			110		127,677
CO Hlth Facs–Boulder Cmnty Hsp	5.00%	10/1/2032	A			280		315,963
CO Hlth Facs–Catholic Hlth	5.25%	2/1/2031	A			750		857,047
CO Hlth Facs–Catholic Hlth	6.125%	10/1/2028	A			165		185,214
CT Hlth & Ed–Hartford Hlthcare	5.00%	7/1/2032	A			640		704,858
CT Hlth & Ed–Yale New Haven Hsp	5.00%	7/1/2028	Aa3			500		613,830
Cumberland Co Mun Auth–Asbury	5.25%	1/1/2021	NR			140		153,341
Cumberland Co Mun Auth–Asbury	5.40%	1/1/2022	NR			150		164,529
Cumberland Co Mun Auth–Diakon Lutheran	6.25%	1/1/2024	NR			115		131,538
Cumberland Co Mun Auth–Diakon Lutheran	6.25%	1/1/2024	BBB+	^(a)		15		17,048
DeKalb Co Hsp–Children’s Hlthcare	5.00%	11/15/2029	AA+			530		594,162
Denver Hlth & Hsp Auth	5.00%	12/1/2039	BBB			400		436,044
East Rochester Hsg–Woodland Vlg	5.50%	8/1/2033	NR			160		160,885
Franklin Co Hlth–OPRS Cmntys	6.125%	7/1/2040	BBB-			480		530,213
Gainesville & Hall Co Hsp–NE GA Hlth GTD	5.50%	8/15/2054	AA-			400		474,892
Glynn Brunswick Mem Hsp–SE GA Hlth	5.625%	8/1/2034	NR			275		305,060
Glynn Brunswick Mem Hsp–SE GA Hlth	5.625%	8/1/2034	A2			30		32,748
Guadalupe Co–Seguin City Hospital	5.00%	12/1/2045	BB			500		528,605
IL Fin Auth–Centegra Hlth	5.00%	9/1/2034	BBB			235		263,926
IL Fin Auth–Memorial Hlth Sys	5.50%	4/1/2034	AA-			795		885,630
IL Fin Auth–Northwestern Mem Hsp	5.75%	8/15/2030	AA+			275		316,684
IL Fin Auth–Rush Univ Med	6.375%	11/1/2027	Aaa			315		366,096
IL Fin Auth–Rush Univ Med	6.375%	11/1/2029	Aaa			220		255,686
IL Fin Auth–Rush Univ Med	6.375%	11/1/2029	Aaa			80		92,977
IL Fin Auth–Rush Univ Med	7.25%	11/1/2030	Aaa			250		289,925
IL Fin Auth–Rush Univ Med (NPFGC)(FGIC)	5.25%	11/1/2035	Aaa			305		338,245
IL Fin Auth–Univ of Chicago Med Ctr	5.50%	8/15/2036	AA-			760		856,330
IN Hlth Facs–Ascension Hlth	5.00%	11/15/2036	Aa2			400		468,544
Kaweah Delta Hlth Care Dist	5.00%	6/1/2040	A3			1,000		1,135,040
Kent Hsp Fin Auth–Metropolitan Hsp	6.25%	7/1/2040	BB			275		275,770
LA PFA–Ochsner Clinic	5.00%	5/15/2047	Baa1			200		219,622
Lucas Co Hsp–ProMedica Hlthcare	5.75%	11/15/2031	AA			300		359,952

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

				Credit
				Rating:		Principal
		Interest	Maturity	S&P or		Amount		Fair
Investments		Rate	Date	Moody’s		(000)		Value
Health Care (continued)
MA Hlth & Ed–Catholic Hlth E		6.25%	11/15/2032	AA-		$	785	$	899,720
Martin Co Hlth–Martin Mem Med		5.50%	11/15/2032	BBB+			930		1,052,806
Martin Hsp Dist		7.25%	4/1/2036	BBB	^(a)		250		278,880
MD Hlth & Hi Ed–Mercy Med Ctr		6.25%	7/1/2031	BBB			445		527,886
ME Hlth & Hi Ed–MaineGeneral Hlth		6.00%	7/1/2026	Ba2			620		696,725
ME Hlth & Hi Ed–MaineGeneral Hlth		6.75%	7/1/2036	Ba2			400		448,884
Mesquite Hlth–Christian Care Ctrs		5.00%	2/15/2035	BBB-	^(a)		250		274,038
MI Fin Auth–Beaumont Hlth	��	5.00%	8/1/2033	A1			250		289,163
Miami Beach Hlth–Mt Sinai Med Ctr		5.00%	11/15/2030	Baa1			150		169,935
Montgomery Co Hlth–Catholic Hlth E		6.25%	11/15/2034	AA-			105		120,171
Montgomery Co IDA–ACTS Retirement		5.00%	11/15/2025	BBB+			125		138,934
Montgomery Co IDA–Jefferson Hlth		5.00%	10/1/2027	AA			1,000		1,160,570
Montgomery Co IDA–Whitemarsh		5.375%	1/1/2050	NR			1,070		1,088,190
Muskingum Co Hsp–Genesis Hlthcare		5.00%	2/15/2044	BB+			125		129,244
Nassau Co LEAC–Catholic Hlth LI		5.00%	7/1/2034	BBB+			1,100		1,219,647
NJ EDA–Seashore Gardens		5.375%	11/1/2036	NR			225		194,344
NJ Hlth–Univ Hosp (AGM)		5.00%	7/1/2029	AA			135		159,748
NJ Hlth–Univ Hosp (AGM)		5.00%	7/1/2046	AA			250		281,053
NY Dorm–NYU Hsps Ctr		5.75%	7/1/2031	A-			250		290,233
Philadelphia Hsps–Temple Univ Hlth		5.625%	7/1/2036	BBB-			250		275,408
Pulaski Co Pub Facs–Baptist Hlth		5.00%	12/1/2039	A+			500		572,435
San Buenaventura–Cmnty Mem Hlth		8.00%	12/1/2026	BB+			950		1,207,241
Tallahassee Hlth–Tallahassee Mem Hlth		5.00%	12/1/2040	Baa1			500		560,375
UMass Mem Hlth		5.00%	7/1/2041	A-	^(a)		450		513,468
Univ Med Ctr Corp		5.00%	7/1/2020	NR			500		580,535
Upland COP–San Antonio Cmnty Hsp COP		6.375%	1/1/2032	A-			140		162,735
Vanderbilt Univ Med Ctr^(e)		5.00%	7/1/2046	NR			1,000		1,146,770
VT Ed & Hlth–Univ of VT Med Ctr		5.00%	12/1/2035	A-			500		586,965
VT Ed & Hlth–Univ of VT Med Ctr		5.00%	12/1/2036	A-			275		321,258
WA Hlth Care–Overlake Hsp		5.00%	7/1/2038	A			500		556,280
Westchester Co Hlth Care		5.00%	11/1/2046	BBB			450		507,613
Westchester Co Hlth Care		6.00%	11/1/2030	BBB			305		354,858
Westchester Co Hlth Care		6.125%	11/1/2037	BBB			275		320,658
WI Hlth & Ed–Aurora Hlth		5.125%	4/15/2031	A2			225		261,745
WI Hlth & Ed–Sauk-Prairie Mem Hsp		5.375%	2/1/2048	Ba1			840		890,812
Total									38,614,954

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Housing 1.91%
Alachua Co Hlth–Oak Hammock	8.00%		10/1/2042	NR	$	300	$	371,262
CA Muni Fin–Azusa Pacific Univ	5.00%		4/1/2041	Baa3		250		276,675
CA Muni Fin–Caritas Affordable Hsg	5.25%		8/15/2039	BBB		100		113,908
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2040	Baa1		250		288,138
Fed Home Loan Mtg Corp	4.60%		12/15/2044	AA+		500		523,870
MD EDC–Univ of MD Hsg (AGM)	5.00%		6/1/2035	AA		1,000		1,178,730
New Hope Cultural–NCCD Clg Station	5.00%		7/1/2047	BBB-		750		806,812
Toledo/Lucas Port Auth–Univ Toledo	5.00%		7/1/2039	BBB-		350		378,165
Total								3,937,560

Lease Obligations 5.74%
CA Pub Wks–Dept Gen Svcs	5.00%		4/1/2030	A+		130		130,454
CA Pub Wks–Riverside Campus	6.00%		4/1/2027	A+		250		284,177
CA Pub Wks–Various Cap Proj	5.00%		10/1/2028	A+		535		628,374
CA Pub Wks–Various Cap Proj	5.75%		3/1/2030	A+		310		358,515
CA Pub Wks–Various Cap Proj	6.625%		11/1/2034	A+		145		148,054
Delano Earlimart Irrigation Dist COP	5.00%		2/1/2028	AA-		475		535,011
Erie Co IDA–Buffalo Sch Dist	5.00%		5/1/2026	AA		1,155		1,395,979
Essex Co Impt Auth–Newark	6.25%		11/1/2030	Ba1		250		275,368
IL Sports Facs Auth (AGM)	5.00%		6/15/2028	AA		865		982,415
IN Fin Auth–Stadium	5.25%		2/1/2032	AA+		500		609,045
Los Angeles USD COP	5.00%		10/1/2025	A+		1,000		1,203,980
MI Fin Auth–Detroit Sch Dist	5.50%		6/1/2021	A		650		699,907
NJ EDA–Sch Facs	2.00%	^#	3/1/2028	A-		500		445,260
NJ Hlth–Hsp Asset Trans	5.00%		10/1/2028	A-		500		530,975
North Hudson Sewerage Auth	5.00%		6/1/2024	A		1,000		1,195,950
Philadelphia Muni Auth	6.375%		4/1/2029	A+		655		749,025
San Diego PFA–Master Lease	5.125%		9/1/2030	AA-		1,000		1,150,740
VA Transp Brd	4.75%		5/15/2035	AA+		470		529,323
Total								11,852,552

Other Revenue 7.25%
Apache Co Poll Ctl–Tucson Elec	4.50%		3/1/2030	A3		235		258,211
Arlington Hi Ed Fin Corp–Arlington Classics	7.65%		8/15/2040	BB+		155		173,867
Austin Convention^†	5.75%		1/1/2034	BB		590		597,876
Austin Convention CR (BHAC)(XLCA)	5.00%		1/1/2034	AA+		200		204,910
Baltimore Conv Ctr–Hilton Hotel	5.875%		9/1/2039	BB		250		252,843

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Other Revenue (continued)
Baltimore Conv Ctr–Hilton Hotel (XLCA)	5.25%	9/1/2025	Ba1	$	595	$	602,342
Baltimore Conv Ctr–Hilton Hotel (XLCA)	5.25%	9/1/2026	Ba1		100		101,132
Brooklyn Arena LDC–Barclays Ctr	6.25%	7/15/2040	BBB-		775		892,102
CA Infra & Econ Dev–Acad Motion Pict	4.00%	11/1/2045	Aa2		1,000		1,049,970
CA Infra & Econ Dev–Acad Motion Pict	5.00%	11/1/2041	Aa2		250		285,275
CA Sch Fin Auth–Aspire^†	5.00%	8/1/2041	BBB		500		559,195
Cleveland Arpt	5.00%	1/1/2029	A-		425		475,188
Cleveland Arpt	5.00%	1/1/2030	A-		555		615,567
Clifton Higher Ed–IDEA Pub Schs	5.00%	8/15/2042	BBB		275		293,321
Clifton Higher Ed–Uplift Education	4.25%	12/1/2034	BBB-		975		996,947
DC Rev–Friendship Pub Chtr Sch	5.00%	6/1/2032	BBB		500		565,380
DC Rev–Friendship Pub Chtr Sch	5.00%	6/1/2041	BBB		435		482,489
DC Rev–KIPP Chtr Sch	6.00%	7/1/2043	BBB+		300		344,268
DC Rev–KIPP Chtr Sch	6.00%	7/1/2048	BBB+		200		229,102
Houston Hi Ed–Cosmos Fndtn	5.00%	2/15/2032	BBB		100		110,446
Houston HI Ed–Cosmos Fndtn	5.00%	2/15/2042	BBB		500		536,395
Houston Hi Ed–Cosmos Fndtn	5.875%	5/15/2021	BBB		235		272,337
Houston HI Ed–Cosmos Fndtn	6.50%	5/15/2031	BBB		265		317,807
Houston HI Ed–Cosmos Fndtn	6.875%	5/15/2041	BBB		125		160,206
IL Fin Auth–Noble Chrter Schs	6.125%	9/1/2039	BBB		900		1,019,646
Indianapolis Local Pub Impt Bd Bk	5.00%	2/1/2031	Aa2		475		554,472
La Vernia Hi Ed–Life Schools of Dallas	7.25%	8/15/2031	BBB-		250		301,238
Long Beach Nat Gas–ML	5.00%	11/15/2035	BBB+		665		790,964
Lower AL Gas Dist–Goldman Sachs	5.00%	9/1/2046	A3		500		621,215
MD EDC–Chesapeake Bay Hyatt^(d)	5.00%	12/1/2031	NR		100		60,000
NYC Cultural–Whitney Museum	5.25%	7/1/2026	A		500		581,465
PR Pub Bldg Auth GTD	5.25%	7/1/2027	Caa3		265		142,438
Selma IDB–Intl Paper	5.80%	5/1/2034	BBB		150		170,733
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2031	A3		300		338,655
Total							14,958,002

Special Tax 3.09%
Allentown Neighborhood Impt	5.00%	5/1/2027	Baa2		250		275,520
Allentown Neighborhood Impt	5.00%	5/1/2035	Baa2		500		529,745
CT Spl Tax–Trans Infra	5.00%	8/1/2031	AA		470		565,852
CT Spl Tax–Trans Infra	5.00%	8/1/2034	AA		1,150		1,364,578
CT Spl Tax–Trans Infra	5.00%	9/1/2034	AA		500		589,245
Inland Valley Redev Agy	5.25%	9/1/2037	A-		750		861,705

58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Special Tax (continued)
Lancaster Redev Agy	6.00%	8/1/2024	BBB	$	250	$	281,980
Rancho Cucamonga Redev Agy (AGM)	5.00%	9/1/2030	AA		500		592,975
San Francisco Redev–Mission Bay South	5.00%	8/1/2043	A-		395		435,638
San Jose Redev Agy (AMBAC)	5.00%	8/1/2018	BBB+		100		105,662
San Jose Spl Tax–Conv Ctr	5.50%	5/1/2024	A2		660		780,324
Total							6,383,224

Tax Revenue 4.28%
Casino Reinv Dev Auth	5.00%	11/1/2022	BBB+		225		245,761
Casino Reinv Dev Auth	5.25%	11/1/2044	BBB+		345		364,479
Hudson Yards	5.75%	2/15/2047	A		925		1,084,895
Met Pier & Expo Auth–McCormick Place	5.00%	6/15/2052	BBB+		225		241,052
Met Pier & Expo Auth–Mccormick
Place (BAM)	5.00%	6/15/2053	AA		915		1,014,259
MTA NY–Dedicated Tax	5.50%	11/15/2039	NR		20		22,330	��
MTA NY–Dedicated Tax	5.50%	11/15/2039	AA		205		227,814
NY Conv Ctr Dev Corp	5.00%	11/15/2040	Aa3		250		292,155
NY UDC–PIT	5.00%	3/15/2033	AAA		750		879,802
NYC TFA–Future Tax	5.00%	2/1/2036	AAA		1,000		1,171,940
PR Corp Sales Tax	5.00%	8/1/2046	Caa3		585		356,850
PR Corp Sales Tax	5.25%	8/1/2027	CC		575		237,188
PR Corp Sales Tax	5.25%	8/1/2041	CC		1,135		465,350
PR Corp Sales Tax	5.75%	8/1/2037	CC		220		92,400
San Jose Spl Tax–Conv Ctr	5.50%	5/1/2026	A2		275		324,841
San Jose Spl Tax–Conv Ctr	6.50%	5/1/2036	A2		530		645,058
Sonoma Marin Area Rail Rmkt	5.00%	3/1/2028	AA		510		611,791
Virgin Islands PFA–Matching Fund	5.25%	10/1/2029	Baa2		215		236,979
Yorba Linda Redev Agy	6.50%	9/1/2032	A-		250		306,500
Total							8,821,444

Tobacco 4.17%
Buckeye Tobacco	5.125%	6/1/2024	B-		500		472,680
Buckeye Tobacco	6.50%	6/1/2047	B-		420		419,954
Golden St Tobacco	5.00%	6/1/2030	A+		500		589,670
Golden St Tobacco	5.75%	6/1/2047	B-		1,500		1,491,255
MI Tob Settlement	5.125%	6/1/2022	B-		705		681,312
Railsplitter Tobacco Settlement Auth	5.25%	6/1/2020	A		150		171,988
Railsplitter Tobacco Settlement Auth	6.00%	6/1/2028	A-		1,100		1,312,707

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Tobacco (continued)
RI Tob Settlement	5.00%	6/1/2035	BBB	$	475	$	523,341
Tobacco Settlement Auth WA	5.00%	6/1/2020	A		540		611,426
Tobacco Settlement Auth WA	5.00%	6/1/2022	A		700		814,870
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2041	B-		500		449,800
TSASC	5.00%	6/1/2026	BB-		400		401,832
TSASC	5.00%	6/1/2034	B		700		672,504
Total							8,613,339

Transportation 14.87%
Atlanta Arpt	5.25%	1/1/2030	Aa3		635		740,670
Atlanta Arpt–PFC	5.00%	1/1/2028	AA-		1,000		1,205,320
Central TX Mobility Auth	5.00%	1/1/2045	BBB+		1,500		1,695,195
Central TX Tpk	5.00%	8/15/2033	BBB+		1,200		1,364,856
Central TX Tpk	5.00%	8/15/2037	BBB+		1,000		1,125,630
Charlotte Arpt	5.00%	7/1/2033	Aa3		575		660,991
Chicago Midway Arpt	5.00%	1/1/2026	A		185		217,653
Chicago O’Hare Arpt	5.00%	1/1/2035	A		1,040		1,154,608
Chicago O’Hare Arpt	5.50%	1/1/2031	A		120		140,197
Chicago O’Hare Arpt	5.625%	1/1/2035	A		410		476,260
Cleveland Arpt (AGM)	5.00%	1/1/2031	AA		100		116,608
Delaware River Port Auth	5.00%	1/1/2029	A		470		555,094
Delaware River Port Auth	5.00%	1/1/2034	A		800		924,672
DFW Arpt	5.00%	11/1/2028	A+		750		894,577
DFW Arpt	5.00%	11/1/2030	A+		850		1,006,697
FL Tpk Auth–Dept Trans	5.00%	7/1/2034	Aa2		500		576,120
Foothill / Eastern Corridor Toll Rd	Zero Coupon	1/15/2033	BBB-		500		238,540
Foothill / Eastern Corridor Toll Rd	5.75%	1/15/2046	BBB-		750		883,545
Los Angeles Dept Arpts–LAX	5.00%	5/15/2035	AA-		710		812,063
MA Port Auth	5.00%	7/1/2045	AA		250		292,715
Met DC Arpt	5.00%	10/1/2035	AA-		255		289,331
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2029	BBB+		500		575,665
Miami Dade Co Aviation–MIA	5.00%	10/1/2034	A		400		470,704
Miami Dade Co Aviation–MIA	5.50%	10/1/2029	A		540		635,229
Miami Dade Co Expwy Auth	5.00%	7/1/2027	A		160		190,925
Miami Dade Co Expwy Auth	5.00%	7/1/2028	A		515		611,995
Minneapolis / St Paul Met Arpts	5.00%	1/1/2027	A+		575		693,059
MTA NY–Dedicated Tax	5.25%	11/15/2029	AA		535		615,849
NJ Trans Trust Fund	5.75%	12/15/2031	A-		350		385,998

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Transportation (continued)
NJ Trans Trust Fund	6.00%	6/15/2035	A-	$	760	$	869,660
North TX Twy Auth	5.00%	1/1/2031	A2		250		290,663
North TX Twy Auth	5.00%	1/1/2040	A1		350		399,049
North TX Twy Auth	6.00%	1/1/2043	A1		1,120		1,323,224
PA Tpk Commn	5.00%	6/1/2029	A3		1,000		1,183,110
PA Tpk Commn	5.00%	12/1/2034	A1		100		116,469
PA Tpk Commn	5.00%	12/1/2039	A1		750		858,652
PA Tpk Commn	5.00%	12/1/2045	A1		400		456,884
PA Tpk Commn	5.50%	6/1/2033	A-		315		343,873
Port Auth NY & NJ	5.25%	10/15/2055	AA-		350		415,797
PR Hwy & Trans Auth	4.00%	7/1/2017	CC		240		52,836
Regional Trans Dist–Denver Trans	5.375%	1/15/2025	Baa3		85		95,550
Regional Trans Dist–Denver Trans	5.375%	7/15/2025	Baa3		830		936,638
Regional Trans Dist–Denver Trans	6.00%	1/15/2026	Baa3		120		139,634
Regional Trans Dist–Denver Trans	6.00%	1/15/2041	Baa3		100		114,944
Regional Trans Dist COP	5.375%	6/1/2031	Aa3		485		554,113
San Antonio Arpt (AGM)	5.00%	7/1/2026	AA		495		566,102
San Diego Arpt	5.00%	7/1/2040	A		945		1,049,479
San Joaquin Hills Trsp Corridor	5.00%	1/15/2050	BBB-		1,250		1,366,862
Total							30,684,305

Utilities 13.56%
Adelanto Util Sys	6.00%	7/1/2024	NR		200		220,328
Adelanto Util Sys	6.625%	7/1/2031	NR		100		113,689
Baltimore Wastewater	5.00%	7/1/2039	AA-		500		579,265
Baltimore Water	5.00%	7/1/2033	AA-		605		716,271
Central Plains–Goldman Sachs	5.00%	9/1/2032	A3		500		556,945
Chicago Water	5.00%	11/1/2039	A-		855		919,074
Colorado Springs Utilities	5.25%	11/15/2033	AA		175		206,096
DE EDA–NRG Energy	5.375%	10/1/2045	Baa3		840		876,851
Detroit Sewer	5.00%	7/1/2034	BBB+		385		436,736
Detroit Water	5.00%	7/1/2036	A-		330		360,254
Detroit Water (AGM)	4.625%	7/1/2032	AA		180		180,761
El Dorado Irrigation Dist (AGM)	5.00%	3/1/2034	AA		400		474,160
Gainesville Utility	5.25%	10/1/2034	Aa2		150		173,835
Guam Waterworks Auth	5.00%	1/1/2046	A-		200		227,228
IN Fin Auth–Ohio Vly Elec	5.00%	6/1/2032	BBB-		700		747,271
IN Muni Pwr	5.25%	1/1/2032	A+		450		537,709

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Utilities (continued)
Jefferson Co Sewer (AGM)	Zero Coupon	10/1/2026	AA	$	1,000	$	680,610
Jefferson Co Sewer (AGM)	5.50%	10/1/2053	AA		1,300		1,475,253
KY Muni Pwr Auth (NPFGC)(FGIC)	5.00%	9/1/2036	AA-		1,000		1,142,980
Long Beach Nat Gas–ML	5.50%	11/15/2030	BBB+		600		751,230
Long Beach Nat Gas–ML	5.50%	11/15/2037	BBB+		600		756,588
Los Angeles USD	5.00%	7/1/2023	Aa2		500		621,550
Lower Colo Riv Auth–Transmn Contract	5.00%	5/15/2040	A		300		341,865
Maricopa Co Poll Ctl–So Cal Edison Rmkt	5.00%	6/1/2035	Aa3		555		623,182
MO Joint Muni Elec Util Commn	5.00%	12/1/2040	A2		500		580,315
New Orleans Water	5.00%	12/1/2045	A-		1,500		1,689,480
Norfolk Water	5.25%	11/1/2028	AA+		1,500		1,922,760
North Sumter Co Util Dep Dist	5.375%	10/1/2030	A		240		279,091
NY Env Facs–Clean Wtr & Drinking	5.125%	6/15/2038	AAA		520		583,071
NYC Muni Water	5.00%	6/15/2036	AA+		500		594,120
OH Air Quality–Ohio Vly Elec	5.625%	10/1/2019	BBB-		475		523,963
Omaha Pub Pwr Dist	5.25%	2/1/2042	A+		500		588,735
Philadelphia Gas Works	5.00%	8/1/2029	A-		250		298,920
Philadelphia Water & Wastewater	5.00%	7/1/2028	A1		280		338,960
Pima Co IDA–Tucson Elec	4.95%	10/1/2020	A3		350		393,634
PR Aqueduct & Swr Auth	6.125%	7/1/2024	CCC-		620		438,650
PR Elec Pwr Auth	5.00%	7/1/2028	Caa3		270		168,075
PR Elec Pwr Auth	5.25%	7/1/2028	Caa3		880		547,800
PR Elec Pwr Auth (AGC)	4.25%	7/1/2027	AA		240		228,622
Rowland Water Dist COP	6.50%	12/1/2035	A+		100		114,917
SC Pub Svc Auth–Santee Cooper	5.25%	12/1/2055	AA-		1,350		1,551,636
Southern CA Pub Pwr Auth–Goldman Sachs	5.00%	11/1/2033	A3		755		893,920
TEAC–Goldman Sachs	5.25%	9/1/2026	A3		335		413,062
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2025	A3		900		1,048,122
TX Muni Gas Acq & Supply–ML	5.25%	12/15/2022	BBB+		890		1,059,919
Total							27,977,503
Total Municipal Bonds (cost $191,305,285)							200,818,050

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

AMT FREE MUNICIPAL BOND FUND March 31, 2016

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(d)

Date

Moody’s

(000)

Value

SHORT-TERM INVESTMENTS 0.97%

Variable Rate Demand Notes 0.97%

Corporate-Backed 0.49%

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

400

400,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

600

600,000

Total

1,000,000

Utilities 0.48%

Las Vegas Valley Water District

0.47%

4/1/2016

6/1/2036

Aa1

1,000

1,000,000

Total Short-Term Investments (cost $2,000,000)

2,000,000

Total Investments in Securities 98.29% (cost $193,305,285)

202,818,050

Cash and Other Assets in Excess of Liabilities⁽ⁱ⁾1.71%

3,518,499

Net Assets 100.00%

206,336,549

Open Futures Contracts at March 31, 2016:

Unrealized

Type

Expiration

Contracts

Position

Fair Value

Appreciation

Long U.S. Treasury Bond

June 2016

Short

$(4,439,813

)

$23,788

Note: See Footnotes to Schedules of Investments on page 133 of this report.

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	200,818,050	$	–	$	200,818,050
Variable Rate Demand Notes		–		2,000,000		–		2,000,000
Total	$	–	$	202,818,050	$	–	$	202,818,050

Other Financial Instruments
Futures Contracts
Assets	$	23,788	$	–	$	–	$	23,788
Liabilities		–		–		–		–
Total	$	23,788	$	–	$	–	$	23,788

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

NATIONAL TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
MUNICIPAL BONDS 101.54%

Corporate-Backed 6.48%
CA Poll Ctl–Poseidon Res AMT^†	5.00%		11/21/2045	Baa3	$	8,750	$	9,602,775
CA Poll Ctl–Waste Mgmt AMT	3.25%		12/1/2027	A-		6,000		6,398,760
CA Poll Ctl–Waste Mgmt AMT	4.30%		7/1/2040	A-		3,575		3,758,540
Columbus Co Ind Facs–Intl Paper	5.70%		5/1/2034	BBB		2,165		2,455,868
Gloucester Co Poll Ctl–Logan AMT	5.00%		12/1/2024	BBB-		1,000		1,128,650
IA Fin Auth–Iowa Fertilizer Co	5.00%		12/1/2019	BB-		5,650		5,826,506
IL Fin Auth–Leafs Hockey Club^(d)	6.00%		3/1/2037	NR		1,550		387,500
LA Env Facs–Westlake Chem	6.75%		11/1/2032	BBB+		7,750		8,354,500
Love Field Arpt–Southwest Airlines AMT	5.00%		11/1/2028	Baa1		2,530		2,927,716
MA Port Auth–Delta Airlines AMT (AMBAC)	5.50%		1/1/2019	NR		1,495		1,500,950
MD EDC–Chesapeake Bay Hyatt^(d)	5.00%		12/1/2016	NR		855		513,000
Mission EDC–Waste Mgmt AMT	2.50%		8/1/2020	A-		13,500		13,823,055
NJ EDA–Goethals Brdg AMT	5.00%		7/1/2022	BBB-		1,650		1,903,341
NJ EDA–Goethals Brdg AMT	5.00%		1/1/2024	BBB-		1,500		1,736,025
NY Energy–ConEd AMT (XLCA)	0.455%	^#	10/1/2035	A2		5,175		4,600,492
NY Liberty Dev Corp–3 WTC^†	5.00%		11/15/2044	NR		3,000		3,223,380
NYC Cap Res–Arthur Mgmt	7.00%		8/1/2025	NR		7,875		8,454,364
NYC IDA–TRIPS AMT	5.00%		7/1/2028	BBB		5,790		6,419,836
OH Wtr Dev Auth–FirstEnergy	4.00%		12/1/2033	BBB-		5,000		5,224,900
Onondaga Co IDA–Bristol Meyers AMT	5.75%		3/1/2024	A+		5,100		6,407,028
PA Econ Dev–US Airways	7.50%		5/1/2020	B+		1,500		1,731,375
PA Econ Dev–US Airways	8.00%		5/1/2029	B+		1,475		1,726,045
Richland Co Env Impt–Intl Paper AMT	3.875%		4/1/2023	BBB		6,625		7,152,814
Salem Co Poll Ctl–Chambers AMT	5.00%		12/1/2023	BBB-		5,145		5,659,140
Selma IDB–Intl Paper	6.25%		11/1/2033	BBB		3,230		3,751,871
Valparaiso Facs–Pratt Paper AMT	7.00%		1/1/2044	NR		2,000		2,470,820
Washington Co Wastewtr–Cargill AMT	2.375%		9/1/2030	A		5,000		5,159,850
West Pace Coop Dist^(d)	9.125%		5/1/2039	NR		4,900		3,236,156
Total								125,535,257

Education 4.71%
Athens Clarke Ed–Ugaref Cent Precinct	5.00%		6/15/2031	Aa2		2,500		2,710,775
Athens Clarke Ed–Ugaref O’Malleys Bldg	5.00%		6/15/2028	Aa2		2,000		2,256,940
Bulloch Co Dev–GA So Univ Hsg (AG)	5.25%		7/1/2028	A1		2,475		2,700,918
CA Fin Auth–Biola Univ	5.80%		10/1/2028	Baa1		1,000		1,100,550
CA Fin Auth–Emerson Clg	6.00%		1/1/2042	BBB+		1,875		2,239,387

64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Education (continued)
CA Sch Fin Auth–Green Dot Schs^†	5.00%		8/1/2045	NR		$	1,250	$	1,345,400
CA Stwde–Windrush Sch^(d)	5.50%		7/1/2037	NR			1,000		10
Davie Edu Facs–Nova Southeastern Univ	6.00%		4/1/2042	A-			3,000		3,549,120
Detroit Sch Dist	5.00%		5/1/2029	Aa1			4,000		4,514,400
Dutchess Co LDC–Anderson Ctr	6.00%		10/1/2030	BB+			960		1,009,181
Gainesville Redev–Riverside Mil Admy	5.125%		3/1/2027	BB+	^(a)		4,575		4,584,196
Harrisburg Auth–Univ of Science	6.00%		9/1/2036	NR			3,925		3,328,832
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2019	Baa3			1,050		1,053,098
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2020	Baa3			1,900		1,905,453
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2031	Baa3			1,750		1,751,820
IL Fin Auth–IL Inst of Tech	6.25%		2/1/2019	Baa3			1,680		1,819,289
IL Fin Auth–IL Inst of Tech	7.125%		2/1/2034	Baa3			1,000		1,061,950
Louisville/Jeff Co Met Clg–Bellarmine	6.00%		5/1/2038	Baa3			2,500		2,651,600
MA DFA–Wheelock Clg	5.25%		10/1/2037	BBB			3,750		3,880,837
Marietta Dev Auth–Life Univ	7.00%		6/15/2030	Ba3			5,000		5,367,300
NY Dorm–Barnard Clg	5.00%		7/1/2035	A1			2,400		2,827,104
NY Dorm–Mt Sinai Sch Med	5.00%		7/1/2040	A-			5,000		5,693,250
NY Dorm–NYU	5.00%		7/1/2030	AA-			2,155		2,551,929
NY Dorm–NYU	5.00%		7/1/2031	AA-			4,215		4,966,703
NY Dorm–SUNY	5.00%		7/1/2035	Aa2			2,100		2,425,374
NY Dorm–Touro Clg	5.25%		1/1/2034	BBB-	^(a)		1,270		1,390,675
NY Dorm–Touro Clg	5.50%		1/1/2039	BBB-	^(a)		2,450		2,678,634
OR Facs Auth–Univ of Portland	5.00%		4/1/2045	BBB+			4,500		5,139,720
PA Hi Ed–Drexel Univ	5.00%		5/1/2031	A			4,645		5,335,665
Univ of Hawaii	6.00%		10/1/2038	Aa2			1,750		2,022,528
Univ of North Carolina–Wilmington	5.00%		6/1/2037	A2			6,340		7,239,266
Total									91,101,904

Financial Services 0.25%
IN Bd Bk–JP Morgan	1.387%	^#	10/15/2022	A3			4,875		4,767,653

General Obligation 13.44%
Bellwood GO	6.15%		12/1/2032	A			2,765		3,296,018
CA State GO	5.00%		2/1/2033	AA-			10,000		11,634,800
CA State GO	5.25%		9/1/2024	AA-			5,000		6,050,900
CA State GO	5.25%		8/1/2032	AA-			7,500		9,332,400
CA State GO	5.50%		3/1/2040	AA-			9,250		10,682,547
CA State GO	5.60%		3/1/2036	AA-			7,330		8,508,151

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
General Obligation (continued)
CA State GO	6.50%	4/1/2033	AA-	$	13,400	$	15,543,330
Central USD (AG)	5.625%	8/1/2033	AA		2,360		2,689,126
Chicago Brd Ed	5.25%	12/1/2039	B+		2,000		1,623,620
Chicago GO	5.00%	1/1/2033	BBB+		2,340		2,275,182
Chicago GO	5.00%	1/1/2034	BBB+		2,000		1,933,620
Chicago GO	5.50%	1/1/2034	BBB+		2,400		2,404,728
Chicago GO	5.50%	1/1/2037	BBB+		1,000		997,450
Chicago GO	5.50%	1/1/2042	BBB+		250		249,295
Chicago GO	5.50%	1/1/2042	BBB+		5,000		4,985,900
Cook Co GO (BAM)	5.00%	11/15/2024	AA		10,000		11,286,900
CT State GO^(b)	5.00%	11/1/2027	AA		10,000		11,581,850
CT State GO^(b)	5.00%	11/1/2028	AA		10,000		11,581,850
Essex Co Impt Auth–Covanta AMT^†	5.25%	7/1/2045	Ba2		4,000		4,017,760
HI St Ser DZ^(b)	5.00%	12/1/2027	AA		10,000		11,779,850
IL State GO	5.00%	3/1/2030	A-		6,500		6,908,915
IL State GO	5.00%	1/1/2033	A-		3,500		3,683,190
IL State GO	5.00%	1/1/2035	A-		11,200		12,039,216
IL State GO	5.50%	7/1/2033	A-		3,985		4,375,610
IL State GO	5.50%	7/1/2038	A-		5,055		5,474,312
King Co Pub Hsp–Snoqualmie Vly Hsp	5.00%	12/1/2038	NR		5,000		5,045,450
Livonia Sch Dist (AGM)	5.00%	5/1/2040	AA		2,250		2,577,533
Luzerne Co GO (AGM)	5.00%	11/15/2029	AA		3,290		3,800,114
Maricopa Co Elem Sch Dist #33	5.70%	7/1/2025	A1		2,385		2,629,725
Middletown CSD	5.25%	12/1/2040	AA		2,250		2,678,782
Midlothian Water Dist (AGM)	Zero Coupon	9/1/2022	AA		2,000		1,694,600
Nassau Co GO	5.00%	1/1/2035	A+		1,020		1,194,889
Nassau Co GO	5.00%	1/1/2036	A+		1,150		1,342,947
Nassau Co GO	5.00%	1/1/2038	A+		1,500		1,739,295
NYC GO	5.00%	10/1/2026	AA		11,860		14,087,427
NYC GO	5.00%	8/1/2027	AA		6,000		7,297,740
NYC GO	6.25%	10/15/2028	AA		215		243,973
Philadelphia GO	5.25%	7/15/2031	A+		1,400		1,648,878
Philadelphia GO	5.25%	7/15/2032	A+		3,000		3,517,230
Philadelphia GO	5.25%	7/15/2033	A+		1,000		1,167,840
Philadelphia GO (AGM)	5.25%	12/15/2027	AA		2,500		2,727,875
Philadelphia Sch Dist	6.00%	9/1/2038	Ba2		1,960		2,074,346
Pittsburgh GO (BAM)	5.00%	9/1/2029	AA		1,100		1,312,817

66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
General Obligation (continued)
Pittsburgh GO (BAM)	5.00%	9/1/2030	AA		$	1,215	$	1,443,967
Pittsburgh GO (BAM)	5.00%	9/1/2032	AA			1,160		1,364,172
Port Houston Auth AMT	6.25%	10/1/2029	AAA			1,000		1,141,760
PR Comwlth GO	5.00%	7/1/2019	Caa3			1,395		867,857
PR Comwlth GO	5.00%	7/1/2020	Caa3			3,000		1,833,750
PR Comwlth GO	5.50%	7/1/2026	Caa3			2,500		1,509,375
PR Comwlth GO	5.50%	7/1/2039	Caa3			2,000		1,195,000
PR Comwlth GO	6.50%	7/1/2037	Caa3			2,270		1,373,350
PR Comwlth GO	6.50%	7/1/2040	Caa3			5,485		3,311,569
PR Comwlth GO	8.00%	7/1/2035	Caa3			8,000		5,520,000
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2021	Ba2			2,250		2,485,598
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2022	Ba2			2,250		2,491,088
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2023	Ba2			3,250		3,572,107
Sweetwater UHSD (BAM)	5.00%	8/1/2026	AA			5,000		6,118,800
Union Co Util Auth–Covanta GTD AMT	4.75%	12/1/2031	AA+			4,000		4,279,800
Total								260,226,174

Health Care 14.11%
Abag Fin Auth–Eskaton Pptys	5.00%	11/15/2035	BBB			2,600		2,800,876
Allen Co Hsp–Catholic Hlth Ptnrs	5.00%	5/1/2033	AA-			7,065		8,101,365
Antelope Valley Hlth	5.00%	3/1/2041	Ba3			3,000		3,200,250
Antelope Valley Hlth	5.00%	3/1/2046	Ba3			2,100		2,229,675
Brevard Co Hlth–Health First	7.00%	4/1/2033	A			1,000		1,179,490
Butler Hlth Sys Hsp	7.125%	7/1/2029	Baa1			1,500		1,793,655
Butler Hlth Sys Hsp	7.25%	7/1/2039	Baa1			3,630		4,355,056
CA Hlth–Lucile Packard Childrens Hsp	5.00%	8/15/2055	AA-			4,250		4,993,707
CA Hlth–Providence Hlth	6.25%	10/1/2024	AA-			2,000		2,269,140
CA Hlth–Sutter Hlth	5.25%	8/15/2031	AA-			4,500		5,360,940
CA Statewide–Beverly	5.00%	2/1/2045	BBB-			5,000		5,549,950
CA Stwde–Eskaton Pptys	5.25%	11/15/2034	BBB			1,375		1,493,044
CA Stwde–Loma Linda Univ Med Ctr	5.50%	12/1/2054	BB+			6,875		7,486,325
Cass Co–Essentia Hlth Rmkt (AG)	5.125%	2/15/2037	AA			5,000		5,532,550
Chautauqua Co–Woman’s Christian Assn	8.00%	11/15/2030	NR			7,000		7,109,900
Chautauqua Co–Woman’s Christian Assn	8.00%	11/15/2035	NR			1,625		1,648,351
Comanche Co Hsp Auth	5.00%	7/1/2027	BB+			2,355		2,535,911
Comanche Co Hsp Auth	5.00%	7/1/2029	BB+			1,000		1,065,930
Cumberland Co Mun Auth–Diakon Lutheran	6.125%	1/1/2029	NR			900		1,026,396
Cumberland Co Mun Auth–Diakon Lutheran	6.125%	1/1/2029	BBB+	^(a)		100		111,875

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Health Care (continued)
Denver Hlth & Hsp Auth	1.526%	^#	12/1/2033	BBB		$	4,745	$	4,384,285
Denver Hlth & Hsp Auth	5.00%		12/1/2039	BBB			1,600		1,744,176
Denver Hlth & Hsp Auth	5.25%		12/1/2045	BBB			700		771,239
Flint Hsp Bldg Auth–Hurley Med Ctr	7.00%		7/1/2030	Ba1			1,510		1,692,393
Franklin Co Hlth–OPRS Cmntys	6.125%		7/1/2040	BBB-			4,400		4,860,284
Gainesville & Hall Co Hsp–NE GA Hlth GTD	5.50%		8/15/2054	AA-			4,825		5,728,385
Glynn Brunswick Mem Hsp–SE GA Hlth	5.50%		8/1/2028	A2			515		564,558
Greenville Hlth Sys	5.00%		5/1/2034	AA-			3,970		4,541,521
Guadalupe Co–Seguin City Hospital	5.00%		12/1/2045	BB			1,500		1,585,815
IL Fin Auth–Northwestern Mem Hsp^(b)	5.75%		8/15/2030	AA+			2,500		2,873,550
IN Fin Auth–Major Hsp	5.00%		10/1/2029	Baa2			1,500		1,708,500
IN Hlth Facs–Ascension Hlth	5.00%		11/15/2036	Aa2			3,600		4,216,896
Johnston Mem Hsp (AGM)(FHA)	5.25%		10/1/2024	AA			4,900		5,333,454
Kirkwood IDA–Aberdeen Hts	8.00%		5/15/2021	NR			925		1,023,059
Kirkwood IDA–Aberdeen Hts	8.00%		5/15/2029	NR			3,820		4,313,391
LA PFA–Ochsner Clinic	6.25%		5/15/2031	Baa1			8,090		9,661,159
La Verne COP–Brethren Hillcrest Homes	5.00%		5/15/2036	BBB-	^(a)		1,350		1,457,487
Lucas Co Hsp–ProMedica Hlthcare	5.75%		11/15/2031	AA			3,700		4,439,408
Martin Hsp Dist	7.25%		4/1/2036	BBB	^(a)		3,000		3,346,560
MD Hlth & HI Ed–Mercy Med Ctr	5.00%		7/1/2036	BBB			1,320		1,529,735
MD Hlth & HI Ed–Mercy Med Ctr	5.00%		7/1/2038	BBB			2,250		2,589,660
MD Hlth & Hi Ed–Mercy Med Ctr	6.25%		7/1/2031	BBB			11,190		13,274,249
ME Hlth & Hi Ed–MaineGeneral Hlth	7.50%		7/1/2032	Ba2			11,150		13,237,726
Mesquite Hlth–Christian Care Ctrs	5.00%		2/15/2035	BBB-	^(a)		1,825		2,000,474
Mesquite Hlth–Christian Care Ctrs	5.125%		2/15/2042	BBB-	^(a)		1,000		1,066,160
Montgomery Co IDA–ACTS Retirement	5.00%		11/15/2024	BBB+			3,150		3,510,455
Montgomery Co IDA–ACTS Retirement	5.00%		11/15/2025	BBB+			1,300		1,444,911
Montgomery Co IDA–Jefferson Hlth	5.00%		10/1/2027	AA			3,500		4,061,995
Muskingum Co Hsp–Genesis Hlthcare	5.00%		2/15/2044	BB+			2,500		2,584,875
Nassau Co LEAC–Catholic Hlth Svcs	5.00%		7/1/2029	BBB+			1,000		1,141,070
Nassau Co LEAC–Catholic Hlth Svcs	5.00%		7/1/2030	BBB+			580		657,302
Nassau Co LEAC–Catholic Hlth Svcs	5.00%		7/1/2031	BBB+			1,620		1,822,144
NJ Hlth–Barnabas Hlth	5.625%		7/1/2037	A-			1,700		1,976,505
NJ Hlth–St Josephs Hlth	6.625%		7/1/2038	BBB-			5,500		6,061,660
NJ Hlth–Univ Hosp (AGM)	5.00%		7/1/2046	AA			1,875		2,107,894
NY Dorm–NYU Hsps Ctr	5.75%		7/1/2031	A-			1,985		2,304,446
NY Dorm–Orange Regl Med Ctr^†	5.00%		12/1/2040	Ba1			1,300		1,388,491

68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Health Care (continued)
NYC Hlth & Hsp Corp	5.00%	2/15/2025	Aa3		$	2,400	$	2,728,440
NYC Hlth & Hsp Corp	5.00%	2/15/2030	Aa3			5,640		6,312,401
OH State–Univ Hosp	5.00%	1/15/2046	A			2,250		2,561,288
Pell City Spl Care Facs–Noland Hlth	5.00%	12/1/2031	A			4,845		5,393,406
Pulaski Co Pub Facs–Baptist Hlth	5.00%	12/1/2039	A+			6,750		7,727,872
Regents UCal Med Ctr	5.25%	5/15/2038	AA-			3,000		3,523,680
Sullivan Co Hlth & Ed–Wellmont Hlth	5.25%	9/1/2036	BBB+			2,000		2,031,080
Tallahassee Hlth–Tallahassee Mem Hlth	5.00%	12/1/2040	Baa1			1,250		1,400,938
Tallahassee Hlth–Tallahassee Mem Hlth	5.00%	12/1/2055	Baa1			2,300		2,530,989
Tarrant Co Cultural–Christus Hlth (AG)	6.25%	7/1/2028	AA			1,500		1,697,805
Tarrant Co Cultural–Trinity Terrace	5.00%	10/1/2044	BBB+	^(a)		550		594,187
Tarrant Co Cultural–Trinity Terrace	5.00%	10/1/2049	BBB+	^(a)		750		807,450
Thomasville Hsp Auth–John Archbold	5.125%	11/1/2030	A+			2,500		2,851,450
UMass Mem Hlth	5.00%	7/1/2041	A-	^(a)		700		798,728
UMass Mem Hlth	5.00%	7/1/2046	A-	^(a)		2,355		2,674,032
Univ Med Ctr Corp	6.25%	7/1/2029	NR			895		1,043,740
Univ Med Ctr Corp	6.50%	7/1/2039	NR			3,025		3,551,743
Upland COP–San Antonio Cmnty Hsp COP	6.375%	1/1/2032	A-			5,000		5,811,950
Vanderbilt Univ Med Ctr^(e)	5.00%	7/1/2046	NR			4,000		4,587,080
VT Ed & Hlth–Univ of VT Med Ctr	5.00%	12/1/2035	A-			4,500		5,282,685
VT Ed & Hlth–Univ of VT Med Ctr	5.00%	12/1/2036	A-			2,445		2,856,273
WA Hlth Care–Overlake Hsp	5.00%	7/1/2038	A			4,000		4,450,240
Westchester Co Hlth Care	5.00%	11/1/2046	BBB			2,525		2,848,276
WV Hsp–Herbert Thomas Hlth	6.25%	10/1/2023	NR			2,000		2,133,440
Total								273,049,431

Housing 1.96%
CA Muni Fin–Azusa Pacific Univ	5.00%	4/1/2041	Baa3			1,750		1,936,725
CA Muni Fin–Caritas Affordable Hsg	5.25%	8/15/2039	BBB			550		626,494
CA Muni Fin–UC Berkeley Hsg	5.00%	6/1/2050	Baa3			1,410		1,550,041
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2040	Baa1			1,000		1,152,550
CA Stwde–CHF-Irvine LLC	6.00%	5/15/2023	Baa1			5,000		5,546,500
Dekalb Newton Gwinnett Co–GGC Fndtn	6.00%	7/1/2034	A+			1,500		1,720,800
Fed Home Loan Mtg Corp	4.60%	12/15/2044	AA+			5,000		5,238,700
HI Hsg Fin & Dev–Rent Hsg Sys Rmkt (AGM)	6.50%	7/1/2033	A2			2,000		2,221,600
LA HFA–GMF-LA Chateau	8.00%	9/1/2039	BB+			1,395		1,519,839
Los Angeles Hsg	6.25%	6/1/2034	A-			4,220		4,557,051
MD EDC–Univ of MD Hsg (AGM)	5.00%	6/1/2035	AA			2,130		2,510,695

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
Housing (continued)
MD EDC–Univ of MD Hsg (AGM)	5.00%		6/1/2043	AA	$	500	$	575,150
New Hope Cultural–NCCD Clg Station	5.00%		7/1/2047	BBB-		5,000		5,378,750
Toledo/Lucas Port Auth–Univ Toledo	5.00%		7/1/2034	BBB-		1,000		1,102,740
Toledo/Lucas Port Auth–Univ Toledo	5.00%		7/1/2039	BBB-		1,150		1,242,541
Toledo/Lucas Port Auth–Univ Toledo	5.00%		7/1/2046	BBB-		1,000		1,058,740
Total								37,938,916
Lease Obligations 7.48%
CA Pub Wks–Judicial Council	5.00%		12/1/2028	A+		5,600		6,605,592
CA Pub Wks–Various Cap Proj	5.00%		4/1/2033	A+		8,500		9,880,400
CA Pub Wks–Various Cap Proj	5.125%		10/1/2031	A+		2,500		2,932,600
CA Pub Wks–Various Cap Proj	5.375%		11/1/2022	A+		5,000		5,720,200
Erie Co IDA–Buffalo Sch Dist	5.00%		5/1/2026	AA		5,275		6,375,576
Erie Co IDA–Buffalo Sch Dist	5.25%		5/1/2028	AA		7,000		8,333,920
Goodyear Pub Impt	6.00%		7/1/2031	AA-		2,350		2,607,795
Houston Co Coop Dist–Country Crossing^(d)	12.50%		5/15/2020	NR		1,768		247,520
IL Sports Facs Auth (AGM)	5.00%		6/15/2027	AA		3,500		3,994,130
IN Fin Auth–I-69 AMT	5.25%		9/1/2034	BB+		2,400		2,727,816
IN Fin Auth–OH River Brdgs AMT	5.00%		7/1/2035	BBB		6,500		7,219,290
IN Fin Auth–OH River Brdgs AMT	5.00%		7/1/2040	BBB		3,000		3,285,420
IN Fin Auth–OH River Brdgs AMT	5.00%		7/1/2044	BBB		3,145		3,433,680
IN Fin Auth–Stadium	5.25%		2/1/2032	AA+		4,500		5,481,405
Indianapolis Local Pub Impt Bd Bk^(b)	5.50%		2/1/2033	A		12,000		13,982,520
Los Angeles Co Pub Works	5.00%		12/1/2045	AA		2,250		2,620,620
MI Fin Auth–Detroit Sch Dist	5.50%		6/1/2021	A		10,000		10,767,800
NJ EDA–Goethals Brdg AMT	5.625%		1/1/2052	BBB-		7,500		8,528,250
NJ EDA–Sch Facs	2.00%	^#	3/1/2028	A-		4,625		4,118,655
NJ Trans Trust Fund	5.00%		12/15/2023	A-		4,425		4,932,282
NYC TFA–Bldg Aid	5.00%		7/15/2030	AA		10,000		11,904,300
NYC TFA–Bldg Aid	5.00%		7/15/2031	AA		6,000		7,115,160
Philadelphia Muni Auth	6.375%		4/1/2029	A+		2,000		2,287,100
Sacramento City Fing Auth (AMBAC)	5.25%		12/1/2023	A+		3,150		3,946,887
San Diego PFA–Master Lease	5.25%		9/1/2035	AA-		5,000		5,722,800
Total								144,771,718
Other Revenue 8.06%
Apache Co Poll Ctl–Tucson Elec	4.50%		3/1/2030	A3		8,015		8,806,642
Arlington Hi Ed Fin Corp–Arlington Classics	7.65%		8/15/2040	BB+		5,750		6,449,890
Austin Convention^†	5.75%		1/1/2034	BB		5,000		5,066,750

70	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Other Revenue (continued)
Austin Convention CR (BHAC)(XLCA)	5.00%		1/1/2034	AA+		$	2,400	$	2,458,920
Baker Correctional Dev	7.50%		2/1/2030	NR			3,500		2,823,485
Baytown Twp–St Croix Prep Admy	6.75%		8/1/2028	BB+			1,455		1,496,424
Brooklyn Arena LDC–Barclays Ctr	6.375%		7/15/2043	BBB-			9,000		10,400,580
CA Infra & Econ Dev–Acad Motion Pict	5.00%		11/1/2041	Aa2			2,500		2,852,750
CA Infra & Econ Dev–Gladstone Inst	5.25%		10/1/2034	A-			8,100		9,429,939
CA Sch Fin Auth–Aspire^†	5.00%		8/1/2041	BBB			1,250		1,397,988
City of Miami Beach–Parking Revs (BAM)	5.00%		9/1/2040	AA			2,000		2,307,920
Cleveland Arpt	5.00%		1/1/2030	A-			2,000		2,218,260
Clifton Higher Ed–IDEA Pub Schs	6.00%		8/15/2043	BBB			1,000		1,167,300
Clifton Higher Ed–Uplift Education	5.70%		12/1/2025	BBB-			2,000		2,250,500
Clifton Higher Ed–Uplift Education	6.00%		12/1/2030	BBB-			1,000		1,133,590
DC Rev–Friendship Pub Chtr Sch	5.00%		6/1/2041	BBB			1,500		1,663,755
DC Rev–KIPP Chtr Sch	6.00%		7/1/2043	BBB+			1,000		1,147,560
DC Rev–KIPP Chtr Sch	6.00%		7/1/2048	BBB+			1,000		1,145,510
Doctor Charles Drew Admy COP^(d)	5.70%		11/1/2036	NR			1,480		296,000
FL DFC–Renaissance Chtr Sch	7.625%		6/15/2041	BB-	^(a)		5,500		6,531,250
HI Dept Budget–Hawaiian Electric AMT	3.25%		1/1/2025	Baa1			3,250		3,398,557
IL Fin Auth–Noble Chrter Schs	6.125%		9/1/2039	BBB			5,100		5,777,994
IN Fin Auth–Drexel Foundation	7.00%		10/1/2039	B-			1,250		1,208,150
Indianapolis Local Pub Impt Bd Bk	5.00%		2/1/2031	Aa2			6,645		7,756,775
Kansas City IDA–Derrick Thomas Sch^†(d)	5.875%		1/1/2037	NR			1,850		462,500
Long Beach Nat Gas–ML	1.864%	^#	11/15/2027	BBB+			9,000		8,513,640
Lower AL Gas Dist–Goldman Sachs	5.00%		9/1/2046	A3			5,000		6,212,150
MA DFA–Broad Inst	5.25%		4/1/2037	AA-			7,250		8,400,792
Met Boston Trans Pkg Corp	5.25%		7/1/2033	A+			11,000		12,906,960
MI Fin Auth–Student Loan AMT	5.00%		11/1/2020	Aa3			1,750		1,939,490
MI Fin Auth–Student Loan AMT	5.00%		11/1/2021	Aa3			1,500		1,670,775
MI Fin Auth–Student Loan AMT	5.00%		11/1/2022	Aa3			1,650		1,848,610
MI Pub Ed–Bradford Admy	8.75%		9/1/2039	NR			2,250		1,649,115
Middlesex Co Impt Auth–Heldrich Ctr^(d)	6.125%		1/1/2025	NR			1,250		50,000
Middlesex Co Impt Auth–Heldrich Ctr^(d)	6.25%		1/1/2037	NR			1,700		68,000
Mohave Co IDA–Mohave Prison	8.00%		5/1/2025	BBB+			6,500		7,309,380
NJ EDA–Team Academy	6.00%		10/1/2043	BBB			3,500		4,010,020
Pima Co IDA–American Charter Sch	5.50%		7/1/2026	BB	^(a)		3,500		3,585,225
San Antonio Hotel & Conv Ctr AMT (AMBAC)	5.00%		7/15/2039	A3			7,000		7,020,020
TX PFA–Uplift Education	5.875%		12/1/2036	BBB-			1,145		1,213,586
Total									156,046,752

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Special Tax 2.83%
Allentown Neighborhood Impt	5.00%	5/1/2035	Baa2	$	4,300	$	4,555,807
Aurora TIF–East River	6.75%	12/30/2027	NR		790		848,681
Baltimore Spl Oblig–E Baltimore Resrch	7.00%	9/1/2038	NR		1,500		1,596,135
CT Spl Tax–Trans Infra	5.00%	8/1/2034	AA		3,600		4,271,724
Fontana PFA–North Fontana Redev (AMBAC)	5.50%	9/1/2032	A+		2,000		2,005,700
Gramercy Farms CDD~	Zero Coupon	5/1/2039	NR		5,240		943,200
Gramercy Farms Cmnty Dev Dist^(d)	5.25%	5/1/2039	NR		1,340		13
HI Dept Home Lands	5.875%	4/1/2034	A1		3,000		3,370,020
Houston Co Coop Dist–Country Crossing^(d)	10.00%	5/1/2039	NR		5,000		550,000
Inland Valley Redev Agy	5.25%	9/1/2037	A-		3,375		3,877,673
Irvine CFD–Great Park	5.00%	9/1/2044	NR		500		554,960
Millsboro Spl Oblig–Plantation Lakes	5.45%	7/1/2036	NR		2,019		1,891,904
NJ EDA–Kapkowski Rd Landfill	6.50%	4/1/2028	Ba2		2,325		2,893,160
Rancho Cucamonga Redev Agy (AGM)	5.00%	9/1/2030	AA		1,000		1,185,950
Rancho Cucamonga Redev Agy (AGM)	5.00%	9/1/2031	AA		1,400		1,651,034
Riverside Co Redev Agy–Tax Alloc	6.50%	10/1/2040	A-		2,000		2,318,340
Riverside Co Redev Agy–Tax Alloc (8.50% after 10/1/2021)^~	Zero Coupon	10/1/2041	A		11,195		10,313,953
San Diego Redev Agy–No Pk Redev	7.00%	11/1/2039	A		2,500		2,899,750
San Francisco Redev–Mission Bay South	5.00%	8/1/2043	A-		1,400		1,544,032
San Francisco Redev–Mission Bay South	7.00%	8/1/2033	BBB+		1,000		1,194,650
San Francisco Redev–Mission Bay South	7.00%	8/1/2041	BBB+		1,400		1,671,110
Sparks Tourism Impt Dist^†	6.50%	6/15/2020	B1		1,360		1,445,082
Sparks Tourism Impt Dist^†	6.75%	6/15/2028	B1		2,500		2,661,250
Stone Canyon CID^(d)	5.70%	4/1/2022	NR		1,000		220,000
Stone Canyon CID^(d)	5.75%	4/1/2027	NR		1,300		286,000
Total							54,750,128

Tax Revenue 5.50%
Guam Ltd Oblig–Section 30 Landfill	5.75%	12/1/2034	BBB+		3,690		4,160,032
MA Sch Bldg Auth–Sales Tax^(b)	5.00%	10/15/2032	AA+		20,000		23,551,200
Met Pier & Expo Auth–McCormick Place	Zero Coupon	12/15/2030	AA-		10,000		5,571,800
NJ EDA–Cigarette Tax	5.00%	6/15/2023	BBB+		2,065		2,288,185
NJ EDA–Cigarette Tax	5.00%	6/15/2025	BBB+		1,000		1,083,990
Nrthn IN Cmmtr Trans Dist	5.00%	7/1/2041	AA-		3,250		3,788,037
NY Conv Ctr Dev Corp	5.00%	11/15/2040	Aa3		2,500		2,921,550

72	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Tax Revenue (continued)
NYC TFA–Future Tax^(b)	5.00%	2/1/2027	AAA	$	12,000	$	14,018,160
NYC TFA–Future Tax^(b)	5.00%	2/1/2028	AAA		4,000		4,672,720
PR Corp Sales Tax	5.00%	8/1/2043	CC		5,130		2,077,650
PR Corp Sales Tax	5.25%	8/1/2041	CC		7,165		2,937,650
PR Corp Sales Tax	5.375%	8/1/2039	CC		6,510		2,685,375
PR Corp Sales Tax	5.50%	8/1/2040	CC		5,580		2,315,700
PR Corp Sales Tax	6.125%	8/1/2029	CC		2,000		855,000
PR Corp. Sales Tax	5.00%	8/1/2040	Caa3		5,040		3,074,400
San Joaquin Co Trsp Auth	5.50%	3/1/2041	AA		14,000		16,544,220
San Jose Spl Tax–Conv Ctr	6.125%	5/1/2031	A2		4,190		5,064,621
Virgin Islands PFA–Matching Fund	5.25%	10/1/2029	Baa2		4,500		4,960,035
Yorba Linda Redev Agy	6.00%	9/1/2026	A-		1,145		1,383,103
Yorba Linda Redev Agy	6.50%	9/1/2032	A-		2,000		2,452,000
Total							106,405,428

Tobacco 3.44%
Buckeye Tobacco	5.125%	6/1/2024	B-		10,000		9,453,600
Buckeye Tobacco	6.50%	6/1/2047	B-		2,500		2,499,725
Golden St Tobacco	5.00%	6/1/2033	B-		2,245		2,209,305
Golden St Tobacco	5.125%	6/1/2047	B-		6,500		6,001,970
Golden St Tobacco	5.75%	6/1/2047	B-		4,500		4,473,765
Railsplitter Tobacco Settlement Auth	6.00%	6/1/2028	A-		5,625		6,712,706
RI Tob Settlement	5.00%	6/1/2035	BBB		3,525		3,883,739
Tobacco Settlement Auth WA	5.00%	6/1/2020	A		4,490		5,083,892
Tobacco Settlement Auth WA	5.00%	6/1/2022	A		4,500		5,238,450
Tobacco Settlement Auth WA	5.25%	6/1/2032	A-		2,000		2,226,520
Tobacco Settlement Fin Corp NJ	4.625%	6/1/2026	B+		3,750		3,781,538
Tobacco Settlement Fin Corp NJ	4.75%	6/1/2034	B-		6,255		5,753,849
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2041	B-		2,000		1,799,200
Tobacco Settlement Fin Corp VA	5.00%	6/1/2047	B-		5,195		4,357,826
TSASC	5.00%	6/1/2026	BB-		3,180		3,194,564
Total							66,670,649

Transportation 21.10%
Atlanta Arpt–PFC	5.00%	1/1/2028	AA-		1,000		1,205,320
Atlanta Arpt–PFC	5.00%	1/1/2031	AA-		5,000		5,936,300
Central TX Mobility Auth	5.00%	1/1/2045	BBB+		4,500		5,085,585
Central TX Mobility Auth	6.00%	1/1/2041	BBB+		10,000		11,864,300

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Transportation (continued)
Central TX Tpk	5.00%	8/15/2033	BBB+	$	4,550	$	5,175,079
Charlotte Arpt	5.00%	7/1/2031	Aa3		4,815		5,749,591
Chicago Midway Arpt AMT	5.00%	1/1/2026	A		2,000		2,292,180
Chicago O’Hare Arpt	5.625%	1/1/2035	A		1,450		1,684,334
Chicago O’Hare Arpt AMT	5.00%	1/1/2046	A		1,000		1,102,540
Cleveland Arpt (AGM)	5.00%	1/1/2031	AA		900		1,049,472
Cleveland Arpt (AMBAC)	5.25%	1/1/2020	A-		2,550		2,885,427
Dallas Area Rapid Transit^(b)	5.00%	12/1/2022	AA+		9,645		10,679,636
Dallas Area Rapid Transit^(b)	5.00%	12/1/2023	AA+		6,135		6,793,112
Dallas Area Rapid Transit^(b)	5.00%	12/1/2028	AA+		7,160		7,928,066
Delaware River Port Auth	5.00%	1/1/2034	A		7,200		8,322,048
E470 Pub Hwy Auth (NPFGC)(FGIC)	Zero Coupon	9/1/2032	AA-		4,200		2,373,210
E470 Pub Hwy Auth (NPFGC)(FGIC)	Zero Coupon	9/1/2037	AA-		7,720		2,965,561
Foothill / Eastern Corridor Toll Rd	Zero Coupon	1/15/2033	BBB-		4,500		2,146,860
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2049	BBB-		5,000		5,949,350
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2053	BBB-		8,000		9,500,800
HI Arpt	5.00%	7/1/2034	A+		3,000		3,387,420
HI Arpts AMT	5.00%	7/1/2041	A+		5,000		5,637,950
Houston Arpt–Continental Airlines AMT	5.00%	7/15/2035	BB-		4,000		4,304,040
Houston Arpt–Continental Airlines AMT	6.625%	7/15/2038	BB-		2,500		2,921,875
Lee Co Arpt AMT	5.375%	10/1/2032	A		3,695		4,228,780
Los Angeles Dept Arpts–LAX AMT	5.00%	5/15/2041	AA		4,000		4,602,520
MA Port Auth AMT	5.00%	7/1/2040	AA		1,500		1,719,585
MA Port Auth AMT	5.00%	7/1/2045	AA		3,315		3,777,476
Met DC Arpt AMT	5.00%	10/1/2027	AA-		3,250		3,840,720
Met DC Arpt AMT	5.00%	10/1/2028	AA-		2,000		2,318,820
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2030	BBB+		550		629,679
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2032	BBB+		1,160		1,315,985
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2043	BBB+		1,500		1,662,840
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2028	A		4,435		5,215,250
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2029	A		2,500		2,917,100
Mid Bay Bridge Auth	7.25%	10/1/2034	BBB-		5,900		7,775,905
Minneapolis / St Paul Met Arpts	5.00%	1/1/2031	A+		2,000		2,346,680
MTA NY	5.00%	11/15/2030	AA-		5,095		6,009,400
MTA NY	6.50%	11/15/2028	AA-		1,905		2,175,948
MTA NY	6.50%	11/15/2028	NR		5,595		6,406,387
New Orleans Aviation Brd AMT	5.00%	1/1/2040	A-		5,000		5,580,150

74	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Transportation (continued)
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2025	Baa1	$	2,750	$	3,138,107
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2026	Baa1		1,000		1,140,370
NJ Trans Trust Fund	6.00%	6/15/2035	A-		4,500		5,149,305
North TX Twy Auth	5.00%	9/1/2028	AA+		10,000		11,714,200
North TX Twy Auth	5.00%	1/1/2040	A1		4,350		4,959,609
North TX Twy Auth	5.75%	1/1/2033	A2		5,705		6,193,690
North TX Twy Auth	6.00%	1/1/2025	A1		615		666,752
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2022	Baa1		1,125		1,322,438
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2023	Baa1		970		1,157,297
OK Tpk Auth^(b)	5.00%	1/1/2026	AA-		11,000		12,801,250
OK Tpk Auth^(b)	5.00%	1/1/2027	AA-		5,000		5,818,750
PA Econ Dev–Rapid Bridge AMT	5.00%	12/31/2038	BBB		2,500		2,797,325
PA Econ Dev–Rapid Bridge AMT	5.00%	6/30/2042	BBB		8,500		9,388,165
PA Tpk Commn	5.00%	6/1/2029	A3		9,000		10,647,990
PA Tpk Commn	5.00%	12/1/2032	A-		7,000		8,056,860
PA Tpk Commn	5.00%	12/1/2045	A1		3,350		3,826,403
PA Tpk Commn	5.625%	6/1/2029	A-		3,310		3,644,575
PA Tpk Commn	6.00%	12/1/2034	A-		12,000		14,347,560
Port Auth NY & NJ	5.25%	10/15/2055	AA-		3,325		3,950,067
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2042	AA		1,875		2,226,975
Port Auth NY & NJ AMT	5.00%	12/1/2021	AA-		6,365		7,511,718
Port Oakland AMT	5.00%	5/1/2028	A+		2,350		2,672,608
Port Oakland AMT (NPFGC)(FGIC)	5.00%	11/1/2026	AA-		2,285		2,416,502
Port of Portland–Portland Intl Arpt AMT	5.00%	7/1/2039	AA-		2,000		2,260,360
PR Hwy & Trans Auth (AG)(AGM)	5.50%	7/1/2025	AA		2,000		2,095,720
PR Hwy & Trans Auth (AGM)	5.25%	7/1/2032	AA		2,000		2,089,700
PR Hwy & Trans Auth (AMBAC)	5.25%	7/1/2038	CC		2,000		1,923,660
Regional Trans Dist–Denver Trans	6.00%	1/15/2034	Baa3		1,800		2,092,914
Regional Trans Dist COP	5.375%	6/1/2031	Aa3		5,200		5,941,000
San Antonio Arpt AMT	5.00%	7/1/2045	A+		8,435		9,447,200
San Antonio Arpt AMT (AGM)	5.25%	7/1/2032	AA		1,500		1,572,735
San Francisco Arpt AMT	5.00%	5/1/2025	A+		10,000		11,534,000
San Francisco Arpt AMT	5.25%	5/1/2033	A+		7,000		8,083,600
San Joaquin Hills Trsp Corridor	5.00%	1/15/2050	BBB-		12,750		13,941,997
San Jose Arpt AMT	6.25%	3/1/2034	A2		5,000		5,954,600
South Carolina Ports AMT	5.25%	7/1/2055	A+		5,000		5,572,500
St Louis Arpt–Lambert Intl Arpt	6.25%	7/1/2029	A-		3,020		3,498,821

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s	(000)		Value
Transportation (continued)
VA Port Auth AMT	5.00%	7/1/2029	Aa3	$	8,615	$	10,171,214
VA Small Bus Fing–95 Express Lanes AMT	5.00%	7/1/2034	BBB-		1,500		1,644,585
VA Small Bus Fing–95 Express Lanes AMT	5.00%	1/1/2040	BBB-		4,880		5,296,996
VA Small Bus Fing–Elizabeth River AMT	5.25%	1/1/2032	BBB-		6,100		6,743,733
VA Small Bus Fing–Elizabeth River AMT	6.00%	1/1/2037	BBB-		1,500		1,748,655
Wayne Co Arpt AMT	5.00%	12/1/2039	A		1,700		1,853,119
Total							408,478,906

Utilities 12.18%
Atlanta Wtr & Wastewtr	6.00%	11/1/2028	AA-		3,000		3,528,540
Atlanta Wtr & Wastewtr	6.00%	11/1/2029	AA-		4,000		4,704,720
Baltimore Wastewater	5.00%	7/1/2039	AA-		4,250		4,923,752
Baltimore Water	5.00%	7/1/2032	AA-		2,435		2,895,410
Beaver Co IDA–FirstEnergy	4.00%	1/1/2035	BBB-		5,000		5,265,350
Central Plains–Goldman Sachs	5.00%	9/1/2032	A3		5,000		5,569,450
Central Plains–Goldman Sachs	5.25%	9/1/2037	A3		8,585		9,751,015
Chicago Water	5.00%	11/1/2039	A-		2,600		2,794,844
Chula Vista IDR–San Diego G & E Rmkt	5.875%	1/1/2034	Aa2		2,125		2,435,951
CO Public Auth–ML	6.50%	11/15/2038	BBB+		3,270		4,588,889
Compton Water	6.00%	8/1/2039	NR		5,500		5,845,730
DE EDA–NRG Energy	5.375%	10/1/2045	Baa3		8,250		8,611,927
Detroit Sewer	5.00%	7/1/2034	BBB+		1,595		1,809,336
Detroit Sewer	5.00%	7/1/2035	BBB+		1,335		1,506,454
El Dorado Irrigation Dist (AGM)	5.00%	3/1/2034	AA		3,600		4,267,440
FL Muni Pwr Agy	6.25%	10/1/2031	A2		4,000		4,709,200
Guam Waterworks Auth	5.00%	1/1/2046	A-		1,700		1,931,438
IN Fin Auth–Ohio Vly Elec	5.00%	6/1/2032	BBB-		2,250		2,401,943
IN Fin Auth–Ohio Vly Elec	5.00%	6/1/2039	BBB-		2,000		2,099,160
IN Muni Pwr	5.25%	1/1/2030	A+		2,000		2,398,680
IN Muni Pwr	5.25%	1/1/2032	A+		2,050		2,449,566
Jefferson Co Sewer (AGM)	Zero Coupon	10/1/2027	AA		4,875		3,104,692
Jefferson Co Sewer (AGM)	5.50%	10/1/2053	AA		2,015		2,286,642
KY Muni Pwr Auth (NPFGC)(FGIC)	5.00%	9/1/2035	AA-		5,000		5,724,350
KY Muni Pwr Auth (NPFGC)(FGIC)	5.00%	9/1/2036	AA-		4,000		4,571,920
Lansing Brd Wtr & Light	5.00%	7/1/2030	AA-		4,735		5,427,873
Long Beach Nat Gas–ML	5.50%	11/15/2037	BBB+		3,300		4,161,234
Louisville/Jeff Co Met Swr Dist	5.00%	5/15/2028	AA		9,710		11,440,613
Lower Colo Riv Auth–Transmn Contract	5.00%	5/15/2040	A		2,625		2,991,319

76	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount			Fair
Investments	Rate		Date	Moody’s		(000)			Value
Utilities (continued)
Maricopa Co Poll Ctl–El Paso Elec	7.25%		2/1/2040	Baa1		$	3,500		$	4,044,495
Met Atlanta Rapid Trans Auth (AGM)	5.00%		7/1/2034	AA+			10,000			10,535,800
MO Joint Muni Elec Util Commn	5.00%		12/1/2040	A2			4,600			5,338,898
New Orleans Water	5.00%		12/1/2034	A-			1,000			1,125,440
New Orleans Water	5.00%		12/1/2040	A-			1,250			1,422,213
New Orleans Water	5.00%		12/1/2045	A-			4,000			4,505,280
North Sumter Co Util Dep Dist	5.375%		10/1/2030	A			5,000			5,814,400
OH Air Quality–FirstEnergy	3.625%		12/1/2033	BBB-			1,250			1,295,125
OH Air Quality–FirstEnergy	5.70%		8/1/2020	BBB-			3,250			3,647,930
OH Air Quality–Ohio Vly Elec	5.625%		10/1/2019	BBB-			4,620			5,096,230
Omaha Pub Pwr Dist	5.25%		2/1/2042	A+			3,500			4,121,145
Palm Beach Co Solid Waste	5.50%		10/1/2028	AA+			3,000			3,344,400
Philadelphia Gas Works	5.00%		8/1/2029	A-			1,750			2,092,440
Philadelphia Gas Works	5.00%		8/1/2030	A-			1,500			1,783,965
Philadelphia Water & Wastewater	5.00%		7/1/2028	A1			2,520			3,050,636
Philadelphia Water & Wastewater	5.00%		7/1/2030	A1			3,355			4,012,412
Pima CO IDA–Tucson Elec	4.00%		9/1/2029	A3			5,040			5,281,567
PR Aqueduct & Swr Auth	5.75%		7/1/2037	CCC-			7,280			4,859,400
PR Elec Pwr Auth	1.11%	^#	7/1/2031	Caa3			4,000			2,230,000
Salt Verde Fin Corp–Citi	5.25%		12/1/2027	BBB+			3,585			4,389,151
SC Pub Svc Auth–Santee Cooper	5.25%		12/1/2055	AA-			11,400			13,102,704
Southern CA Pub Pwr Auth–Goldman Sachs	1.883%	^#	11/1/2038	A3			3,000			2,731,020
TEAC–Goldman Sachs	5.625%		9/1/2026	BBB	^(a)		3,000			3,534,660
TX Muni Gas Acq & Supply–Macquarie	5.00%		12/15/2028	A3			3,000			3,433,710
TX Muni Gas Acq & Supply–Macquarie	5.00%		12/15/2029	A3			9,520			10,846,136
Total										235,836,595
Total Municipal Bonds (cost $1,837,966,135)										1,965,579,511

						Shares
						(000)

SHORT-TERM INVESTMENTS 0.53%

Money Market Mutual Fund 0.00%
Dreyfus Municipal Cash Management Plus (cost $909)							–	^(h)		909

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2016

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(c)

Date

Moody’s

(000)

Value

Variable Rate Demand Notes 0.53%

Corporate-Backed 0.51%

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

11/1/2040

3,900

3,900,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

12/1/2039

4,170

4,170,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

4/1/2040

300

300,000

Port Arthur Nav Dist–Motiva

0.55%

4/1/2016

11/1/2040

1,400

1,400,000

Total

9,770,000

General Obligation 0.02%

NYC GO (AGM)

0.46%

4/1/2016

11/1/2026

450

450,000

Total Variable Rate Demand Notes (cost $10,220,000)

10,220,000

Total Short-Term Investments (cost $10,220,909)

10,220,909

Total Investments in Securities 102.07% (cost $1,848,187,044)

1,975,800,420

Cash and Other Assets in Excess of Liabilities⁽ⁱ⁾(2.07%)

(40,077,079

)

Net Assets 100.00%

1,935,723,341

Open Futures Contracts at March 31, 2016:

Unrealized

Type

Expiration

Contracts

Position

Fair Value

Appreciation

Long U.S. Treasury Bond

June 2016

Short

$(6,413,063

)

$34,361

Note: See Footnotes to Schedules of Investments on page 133 of this report.

78	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

NATIONAL TAX FREE FUND March 31, 2016

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s financial instruments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2			Level 3			Total
Municipal Bonds
Corporate-Backed	$	–	$	122,299,101		$	3,236,156	⁽⁴⁾	$	125,535,257
Lease Obligations		–		144,524,198			247,520	⁽⁴⁾		144,771,718
Special Tax		–		54,244,128			506,000	⁽⁴⁾		54,750,128
Utilities		–		233,606,595			2,230,000	⁽⁴⁾		235,836,595
Remaining Industries		–		1,404,685,813			–			1,404,685,813
Money Market Mutual Fund		909		–			–			909
Variable Rate Demand Notes		–		10,220,000			–			10,220,000
Total	$	909	$	1,969,579,835		$	6,219,676		$	1,975,800,420

Liabilities
Trust Certificates⁽⁵⁾	$	–	$	(59,715,000	)	$	–		$	(59,715,000	)
Total	$	–	$	(59,715,000	)	$	–		$	(59,715,000	)

Other Financial Instruments
Futures Contracts
Assets	$	34,361	$	–		$	–		$	34,361
Liabilities		–		–			–			–
Total	$	34,361	$	–		$	–		$	34,361

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.
⁽⁴⁾	Includes securities (West Pace Coop Dist (Corporate-Backed), Houston Co Coop Dist—Country Crossing (Lease Obligations), Stone Canyon CID (Special Tax) and PR Elec Pwr Auth (Utilities)) valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽⁵⁾	Refer to Note 2(h) for a description of Municipal Bonds held in Trust.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2015	$	–
Accrued discounts/premiums		7,169
Realized gain (loss)		–
Change in unrealized appreciation/depreciation		(896,154	)
Purchases		–
Sales		–
Net transfers in or out of Level 3		7,108,661
Balance as of March 31, 2016	$	6,219,676

See Notes to Financial Statements.

Schedule of Investments (unaudited)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

Investments	Interest Rate			Maturity Date	Credit Rating S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 99.92%

Corporate-Backed 13.07%
AK IDA–Anchorage Sportsplex^(d)		6.12	%	8/1/2031	NR	$	2,907	$	726,749
Aleutians E Burough–Pribilof Islands (ACA)		5.50	%	6/1/2025	NR		1,375		1,376,925
Aleutians E Burough–Pribilof Islands (ACA)		5.50	%	6/1/2036	NR		3,210		3,212,472
Allegheny Co IDA–US Steel		6.875	%	5/1/2030	B		6,050		4,874,424
Beauregard Parish–Office Max		6.80	%	2/1/2027	B3		5,000		5,019,650
Build NYC Res Corp–Pratt Paper AMT^†		5.00	%	1/1/2035	NR		1,450		1,597,538
CA Poll Ctl–Poseidon Res AMT^†		5.00	%	11/21/2045	Baa3		9,000		9,877,140
Chelan Co Dev Corp–Alcoa		5.85	%	12/1/2031	BBB-		900		901,917
Cleveland Arpt–Continental Airlines AMT		5.375	%	9/15/2027	BB-		15,240		15,286,177
Gloucester Co Poll Ctl–Logan AMT		5.00	%	12/1/2024	BBB-		2,000		2,257,300
Houston Arpt–Continental Airlines AMT		5.00	%	7/1/2029	BB-		4,250		4,651,667
IA Fin Auth–Alcoa		4.75	%	8/1/2042	BBB-		5,710		5,749,970
IA Fin Auth–Iowa Fertilizer Co		5.25	%	12/1/2025	BB-		19,910		21,238,594
IA Fin Auth–Iowa Fertilizer Co		5.50	%	12/1/2022	BB-		13,000		13,639,730
IL Fin Auth–Leafs Hockey Club^(d)		5.875	%	3/1/2027	NR		1,500		375,000
IL Fin Auth–Leafs Hockey Club^(d)		6.00	%	3/1/2037	NR		1,450		362,500
LA Env Facs–Westlake Chem Rmkt		6.50	%	8/1/2029	BBB+		660		779,368
MA Port Auth–Delta Airlines AMT (AMBAC)		5.50	%	1/1/2022	NR		10,015		10,054,960
Maricopa Co IDA–Waste Mgmt AMT		3.375	%	12/1/2031	A-		4,165		4,422,938
Martin Co IDA–Indiantown Cogen AMT		4.20	%	12/15/2025	Ba1		8,500		8,679,945
MD EDC–Chesapeake Bay Hyatt^(d)		5.00	%	12/1/2016	NR		3,430		2,058,000
Middlesex CO Impt Auth–Heldrich Ctr		5.00	%	1/1/2020	Caa1		265		254,737
Niagara Area Dev Corp–Covanta AMT^†		5.25	%	11/1/2042	Ba2		15,760		15,846,680
NJ EDA–Continental Airlines AMT		5.125	%	9/15/2023	BB-		5,125		5,670,351
NJ EDA–Continental Airlines AMT		5.25	%	9/15/2029	BB-		13,935		15,386,748
NJ EDA–Continental Airlines AMT		5.50	%	4/1/2028	BB-		5,965		5,984,327
NJ EDA–Continental Airlines AMT		5.50	%	6/1/2033	BB-		1,885		2,116,139
NJ EDA–Continental Airlines AMT		5.625	%	11/15/2030	BB-		2,600		2,969,746
NY Liberty Dev Corp–3 WTC^†		5.00	%	11/15/2044	NR		34,725		37,310,623
NY Liberty Dev Corp–3 WTC^†		7.25	%	11/15/2044	NR		4,500		5,482,935
NYC IDA–Queens Stadium (AMBAC)		5.00	%	1/1/2046	BB+		2,000		2,041,040
NYC IDA–TRIPS AMT		5.00	%	7/1/2028	BBB		6,135		6,802,365
PA Econ Dev–Natl Gypsum AMT		5.50	%	11/1/2044	NR		1,000		1,045,820
PA Econ Dev–US Airways		8.00	%	5/1/2029	B+		2,460		2,878,692
Rockdale Co Dev–Visy Paper AMT		6.125	%	1/1/2034	NR		6,000		6,125,880
Rumford Solid Waste–Office Max AMT		6.875	%	10/1/2026	B3		1,500		1,505,970

80	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Corporate-Backed (continued)
Salem Co Poll Ctl–Chambers AMT		5.00	%	12/1/2023	BBB-		$	4,145	$	4,559,210
Tulsa Mun Arpt–American Airlines AMT		5.00	%	6/1/2035	BB-			7,000		7,992,880
Valparaiso Facs–Pratt Paper AMT		5.875	%	1/1/2024	NR			1,500		1,775,310
Valparaiso Facs–Pratt Paper AMT		7.00	%	1/1/2044	NR			4,000		4,941,640
West Pace Coop Dist^(d)		9.125	%	5/1/2039	NR			13,770		9,094,259
WI PFA–Natl Gypsum AMT		5.25	%	4/1/2030	NR			2,500		2,641,150
WI PFA–TRIPS AMT		5.00	%	7/1/2042	BBB			6,000		6,324,660
WI Pub Fin Auth–Celanese AMT		4.30	%	11/1/2030	BB+			2,125		2,150,968
WI Pub Fin Auth–Celanese AMT		5.00	%	1/1/2024	BB+			2,400		2,699,208
Total										270,744,302

Education 4.44%
Buffalo & Erie IDC–Medaille Clg		5.25	%	4/1/2035	BB+			2,885		2,975,531
CA Muni Fin–Julian Chtr Sch^†		5.625	%	3/1/2045	BB-			5,000		5,081,950
CA Stwde–Windrush Sch^(d)		5.50	%	7/1/2037	NR			7,225		72
Clifton Higher Ed–Intl Ldrshp Sch		5.75	%	8/15/2045	NR			4,500		4,766,805
Dutchess Co LDC–Anderson Ctr		6.00	%	10/1/2030	BB+			1,655		1,739,786
Gainesville Redev–Riverside Mil Admy		5.125	%	3/1/2027	BB+	^(a)		1,375		1,377,764
Gainesville Redev–Riverside Mil Admy		5.125	%	3/1/2037	BB+	^(a)		4,000		3,946,800
Harrisburg Auth–Univ of Science		6.00	%	9/1/2036	NR			12,485		10,588,653
IA HI Ed–Wartburg Clg		5.00	%	10/1/2037	BB-	^(a)		4,750		4,800,065
IL Fin Auth–IL Inst of Tech		5.00	%	4/1/2021	Baa3			4,325		4,336,677
IL Fin Auth–IL Inst of Tech		5.00	%	4/1/2023	Baa3			4,000		4,007,520
IL Fin Auth–IL Inst of Tech		5.00	%	4/1/2025	Baa3			2,500		2,504,225
IL Fin Auth–IL Inst of Tech		5.00	%	4/1/2031	Baa3			4,450		4,454,628
IL Fin Auth–IL Inst of Tech		7.125	%	2/1/2034	Baa3			3,090		3,281,426
Marietta Dev Auth–Life Univ		7.00	%	6/15/2030	Ba3			5,000		5,367,300
NJ Ed Facs–Univ Med & Dent		7.125	%	12/1/2023	NR			4,000		4,757,720
NJ Ed Facs–Univ Med & Dent		7.50	%	12/1/2032	NR			2,000		2,402,100
NY Dorm–Touro Clg		5.50	%	1/1/2044	BBB-	^(a)		3,885		4,233,407
OR Facs Auth–Univ of Portland		5.00	%	4/1/2045	BBB+			3,000		3,426,480
Phoenix IDA–Basis Schs^†		5.00	%	7/1/2045	BB			2,500		2,603,075
Phoenix IDA–Legacy Tradtl Schs^†		5.00	%	7/1/2035	BB			2,060		2,130,720
Tuscarawas Co Eco Dev–Ashland Univ		6.00	%	3/1/2045	NR			5,000		5,131,400
Univ of California^†(b)		5.75	%	5/15/2031	AA			7,000		8,038,835
Total										91,952,939

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

						Credit
						Rating:	Principal
	Interest				Maturity	S&P or	Amount			Fair
Investments		Rate			Date	Moody’s		(000	)		Value
General Obligation 8.26%
Arkansas City Bldg–So Cent Reg Med		6.75	%		9/1/2038	Caa1	$	6,360		$	6,153,046
Bellwood GO		5.875	%		12/1/2027	A		3,000			3,596,790
Bellwood GO		6.15	%		12/1/2032	A		2,770			3,301,978
Chicago Brd Ed		1.23	%	^#	3/1/2036	B+		10,950			9,115,875
Chicago Brd Ed		5.00	%		12/1/2042	B+		14,025			11,050,438
Chicago Brd Ed		5.25	%		12/1/2035	B+		4,300			3,530,386
Chicago Brd Ed		5.25	%		12/1/2041	B+		15,510			12,513,468
Chicago Brd Ed		5.50	%		12/1/2039	B+		6,235			5,191,947
Chicago Brd Ed		7.00	%		12/1/2044	B+		7,000			6,398,210
Chicago GO		5.25	%		1/1/2032	BBB+		3,000			2,987,040
Chicago GO		5.50	%		1/1/2033	BBB+		3,305			3,322,913
Chicago GO		5.50	%		1/1/2037	BBB+		1,000			997,450
Chicago GO		5.50	%		1/1/2042	BBB+		250			249,295
Eaton Area Pk & Rec Dist		5.25	%		12/1/2034	NR		1,250			1,322,475
Eaton Area Pk & Rec Dist		5.50	%		12/1/2030	NR		710			770,790
Essex Co Impt Auth–Covanta AMT^†		5.25	%		7/1/2045	Ba2		5,000			5,022,200
Guam GO		6.75	%		11/15/2029	NR		8,690			10,461,196
IL State GO		5.00	%		1/1/2035	A-		7,000			7,524,510
Livonia Sch Dist (AGM)		5.00	%		5/1/2040	AA		2,250			2,577,532
Maverick Co GO		8.75	%		3/1/2034	NR		2,400			2,309,760
Maverick Co GO		8.75	%		3/1/2034	NR		5,275			5,076,660
NYC GO^(b)		5.13	%		3/1/2026	AA		10,000			11,173,800
Oakland USD		6.125	%		8/1/2029	NR		1,500			1,690,650
Philadelphia Sch Dist		6.00	%		9/1/2038	Ba2		4,250			4,497,945
PR Comwlth GO		4.00	%		7/1/2020	Caa3		1,175			709,406
PR Comwlth GO		5.00	%		7/1/2019	Caa3		5,075			3,157,259
PR Comwlth GO		5.00	%		7/1/2020	Caa3		10,410			6,363,112
PR Comwlth GO		5.00	%		7/1/2020	Caa3		3,000			1,833,750
PR Comwlth GO		5.00	%		7/1/2021	Caa3		1,350			821,813
PR Comwlth GO		5.00	%		7/1/2022	Caa3		2,970			1,804,275
PR Comwlth GO		5.00	%		7/1/2033	Caa3		2,700			1,606,500
PR Comwlth GO		5.25	%		7/1/2019	Caa3		2,525			1,577,166
PR Comwlth GO		5.25	%		7/1/2022	Caa3		4,185			2,547,619
PR Comwlth GO		5.25	%		7/1/2037	Caa3		5,275			3,145,219
PR Comwlth GO		5.50	%		7/1/2039	Caa3		12,730			7,606,175
PR Comwlth GO		5.625	%		7/1/2032	Caa3		4,775			2,859,031
PR Comwlth GO		5.625	%		7/1/2033	Caa3		4,030			2,412,962

82	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
PR Comwlth GO		5.75	%	7/1/2041	Caa3		$	2,010	$	1,206,000
PR Comwlth GO		6.00	%	7/1/2038	Caa3			3,025		1,818,781
PR Comwlth GO		6.00	%	7/1/2039	Caa3			3,470		2,086,338
PR Comwlth GO		8.00	%	7/1/2035	Caa3			8,500		5,865,000
PR Comwlth GO TCRS (AMBAC)		4.50	%	7/1/2023	Caa3			2,235		2,160,798
Woonsocket GO		7.125	%	6/15/2016	B2			695		699,233
Total										171,116,791

Health Care 27.31%
Abag Fin Auth–Eskaton Pptys		5.00	%	11/15/2035	BBB			2,350		2,531,561
Alachua Co Hlth–East Ridge Ret Vlg		6.25	%	11/15/2044	BB	^(a)		2,750		3,030,417
Alachua Co Hlth–East Ridge Ret Vlg		6.375	%	11/15/2049	BB	^(a)		1,000		1,103,290
Alachua Co IDA–No FL Retirement Vlg		5.875	%	11/15/2036	NR			10,000		10,178,100
Alachua Co IDA–No FL Retirement Vlg		5.875	%	11/15/2042	NR			4,500		4,559,265
Antelope Valley Hlth		5.00	%	3/1/2041	Ba3			3,000		3,200,250
Antelope Valley Hlth		5.00	%	3/1/2046	Ba3			2,100		2,229,675
Antelope Valley Hlth		5.25	%	3/1/2036	Ba3			1,000		1,111,750
AZ Hlth Facs–Beatitudes		5.20	%	10/1/2037	NR			9,710		9,717,962
Blaine Sr Hsg & Hlthcare–Crest View		6.125	%	7/1/2050	NR			5,000		5,267,900
Botetourt Co RCF–Glebe		6.00	%	7/1/2044	NR			6,485		6,749,134
CA Stwde–Daughters of Charity		5.25	%	7/1/2039	CCC			4,785		4,791,029
CA Stwde–Daughters of Charity		5.50	%	7/1/2035	CCC			940		941,476
CA Stwde–Eskaton Pptys		5.25	%	11/15/2034	BBB			1,640		1,780,794
CA Stwde–LA Jewish Home		4.75	%	8/1/2020	NR			1,425		1,433,678
CA Stwde–Loma Linda Univ Med Ctr		5.25	%	12/1/2044	BB+			5,080		5,532,679
CA Stwde–Loma Linda Univ Med Ctr		5.50	%	12/1/2054	BB+			5,825		6,342,959
CA Stwde–So Cal Presbyterian^†		7.00	%	11/15/2029	BBB-			1,000		1,173,710
CA Stwde–So Cal Presbyterian^†		7.25	%	11/15/2041	BBB-			2,500		2,946,375
CA Stwde–Terraces San Joaquin		5.625	%	10/1/2032	NR			1,000		1,072,570
CA Stwde–Terraces San Joaquin		6.00	%	10/1/2042	NR			2,570		2,772,850
CA Stwde–Terraces San Joaquin		6.00	%	10/1/2047	NR			1,000		1,073,130
Chesterfield Co EDA–Brandermill Woods		5.00	%	1/1/2032	NR			2,000		2,085,900
Chesterfield Co EDA–Brandermill Woods		5.125	%	1/1/2043	NR			1,000		1,036,350
CO Hlth Facs–American Baptist		7.75	%	8/1/2029	NR			5,770		6,486,115
CO Hlth Facs–American Baptist		7.75	%	8/1/2039	NR			5,045		5,621,038
CO Hlth Facs–Christian Living Cmnty		5.25	%	1/1/2037	NR			1,000		1,040,050
Collier CO IDA–Arlington of Naples^†		7.75	%	5/15/2035	NR			2,000		2,341,080
Collier CO IDA–Arlington of Naples^†		8.125	%	5/15/2044	NR			3,000		3,552,630

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Comanche Co Hsp Auth	5.00	%	7/1/2025	BB+		$	2,115	$	2,311,758
Cumberland Co Mun Auth–Asbury	5.25	%	1/1/2041	NR			2,000		2,074,980
Cumberland Co Mun Auth–Asbury	5.40	%	1/1/2022	NR			335		367,448
Cumberland Co Mun Auth–Asbury	6.00	%	1/1/2040	NR			2,000		2,133,200
Cuyahoga Co Hlth–Eliza Jennings	6.00	%	5/15/2037	NR			4,300		4,361,447
Cuyahoga Co Hlth–Eliza Jennings	6.00	%	5/15/2042	NR			2,500		2,522,225
Decatur Hsp–Wise Hlth	5.25	%	9/1/2044	BB+			5,720		6,183,492
Denver Hlth & Hsp Auth	5.25	%	12/1/2045	BBB			3,700		4,076,549
Fairfax Co EDA–Vinson Hall	5.00	%	12/1/2032	NR			1,000		1,069,420
Fairfax Co EDA–Vinson Hall	5.00	%	12/1/2042	NR			2,800		2,926,560
Flint Hsp Bldg Auth–Hurley Med Ctr	7.00	%	7/1/2030	Ba1			4,225		4,735,338
Flint Hsp Bldg Auth–Hurley Med Ctr	7.375	%	7/1/2035	Ba1			2,620		2,988,817
Flint Hsp Bldg Auth–Hurley Med Ctr	7.50	%	7/1/2039	Ba1			800		913,808
Gainesville & Hall Co Hsp–NE GA Hlth GTD	5.50	%	8/15/2054	AA-			3,600		4,274,028
Gaithersburg Eco Dev–Asbury	6.00	%	1/1/2023	BBB	^(a)		3,385		3,775,731
Guadalupe CO–Seguin City Hospital	5.00	%	12/1/2040	BB			4,880		5,191,002
Hanover Co EDA–Covenant Woods	5.00	%	7/1/2042	NR			2,000		2,090,240
Hanover Co EDA–Covenant Woods	5.00	%	7/1/2047	NR			1,985		2,069,025
Harris Co Cultural Ed–Brazos	5.125	%	1/1/2048	BB+	^(a)		1,535		1,601,911
Harris Co Cultural Ed–Brazos	7.00	%	1/1/2043	BB+	^(a)		3,000		3,567,750
Harris Co Cultural Ed–Childrens Med	5.25	%	10/1/2029	AA			4,000		4,550,440
HFDC Cent TX–Legacy/Willow Bend	5.625	%	11/1/2026	NR			1,850		1,877,935
HFDC Cent TX–Legacy/Willow Bend	5.75	%	11/1/2036	NR			5,500		5,573,095
Holmes Co Hsp–Doctors Mem Hsp	5.75	%	11/1/2026	NR			4,790		4,802,023
Holmes Co Hsp–Doctors Mem Hsp	6.00	%	11/1/2038	NR			7,115		7,117,775
Howard Co Retmt Cmnty–Vantage House	5.25	%	4/1/2027	NR			1,200		1,207,452
Howard Co Retmt Cmnty–Vantage House	5.25	%	4/1/2037	NR			5,000		5,007,100
IL Fin Auth–Clare At Water Tower^(d)	Zero Coupon		5/15/2050	NR			4,800		480
IL Fin Auth–Clare At Water Tower^(d)	5.125	%	5/15/2018	NR			3,500		350
IL Fin Auth–Clare At Water Tower^(d)	5.20	%	5/15/2015	NR			700		70
IL Fin Auth–Clare At Water Tower^(d)	5.30	%	5/15/2016	NR			700		70
IL Fin Auth–Clare At Water Tower^(d)	6.00	%	5/15/2028	NR			2,800		280
IL Fin Auth–Clare At Water Tower^(d)	6.125	%	5/15/2041	NR			3,500		350
IL Fin Auth–Clare Oaks	Zero Coupon		11/15/2052	NR			569		136,567
IL Fin Auth–Clare Oaks~	Zero Coupon		11/15/2052	NR			569		206,813
IL Fin Auth–Clare Oaks~	Zero Coupon		11/15/2052	NR			2,845		112,630
IL Fin Auth–Clare Oaks	4.00	%	11/15/2052	NR			4,550		3,226,755

84	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Health Care (continued)
IL Fin Auth–Clare Oaks		7.00	%	11/15/2027	NR		$	895	$	895,448
IL Fin Auth–Friendship Vlg Shaumburg		5.375	%	2/15/2025	BB-	^(a)		3,685		3,688,943
IL Fin Auth–Friendship Vlg Shaumburg		5.625	%	2/15/2037	BB-	^(a)		3,975		3,977,146
IL Fin Auth–Friendship Vlg Shaumburg		7.25	%	2/15/2045	BB-	^(a)		3,500		3,789,695
IL Fin Auth–Landing / Plymouth Place		6.00	%	5/15/2043	BB+	^(a)		2,165		2,404,969
IL Fin Auth–Northwestern Mem Hsp^†(b)		5.75	%	8/15/2030	AA+			5,000		5,747,100
IL Fin Auth–Plymouth Place		5.25	%	5/15/2050	BB+	^(a)		3,150		3,213,819
IL Fin Auth–Smith Vlg		5.25	%	11/15/2016	NR			815		819,385
IL Fin Auth–Three Crowns Pk Plaza		5.875	%	2/15/2038	NR			4,500		4,504,275
Kent Hsp Fin Auth–Metropolitan Hsp		5.75	%	7/1/2025	BB			3,395		3,405,966
Kent Hsp Fin Auth–Metropolitan Hsp		6.00	%	7/1/2035	BB			5,600		5,616,912
King Co Pub Hsp–Snoqualmie Vly Hsp		6.25	%	12/1/2045	NR			3,500		3,529,925
Kirkwood IDA–Aberdeen Hts		8.00	%	5/15/2021	NR			920		1,017,529
Kirkwood IDA–Aberdeen Hts		8.00	%	5/15/2029	NR			2,820		3,184,231
Kirkwood IDA–Aberdeen Hts		8.25	%	5/15/2039	NR			6,695		7,568,296
KY EDA–Masonic Homes		5.375	%	11/15/2032	NR			3,000		3,118,950
LA Env Facs–St James Place		6.25	%	11/15/2045	NR			6,100		6,227,551
LA PFA–Lake Charles Mem Hsp^†		6.375	%	12/1/2034	NR			5,840		6,345,452
LA PFA–Ochsner Clinic		6.50	%	5/15/2037	Baa1			8,250		9,850,087
Licking Co Hlth–Kendal Granville		6.00	%	7/1/2050	NR			6,000		6,451,740
Lubbock Hlth–Carillon		6.30	%	7/1/2019	NR			4,010		4,066,701
MA DFA–Seven Hills Fndtn		5.00	%	9/1/2045	BBB-			5,000		5,352,100
Martin Hsp Dist		7.25	%	4/1/2036	BBB	^(a)		3,450		3,848,544
MD Hlth & HI Ed–Doctors Cmnty Hsp		5.75	%	7/1/2038	Baa3			4,690		5,004,887
ME Hlth & Hi Ed–MaineGeneral Hlth		6.00	%	7/1/2026	Ba2			200		224,750
ME Hlth & Hi Ed–MaineGeneral Hlth		6.75	%	7/1/2036	Ba2			170		190,776
Mesquite Hlth–Christian Care Ctrs		5.125	%	2/15/2042	BBB-	^(a)		1,000		1,066,160
Montgomery Co IDA–Einstein Hlthcare		5.25	%	1/15/2045	Baa2			7,000		7,718,200
Moon IDC–Baptist Homes Soc		6.00	%	7/1/2045	NR			7,500		7,642,950
Multnomah Co Hsp Facs–Mirabella		5.40	%	10/1/2044	NR			3,250		3,596,937
Muskingum Co Hsp–Genesis Hlthcare		5.00	%	2/15/2033	BB+			2,765		2,929,352
Muskingum Co Hsp–Genesis Hlthcare		5.00	%	2/15/2044	BB+			10,690		11,052,925
NC Med–Aldersgate		5.00	%	7/1/2045	NR			3,525		3,752,785
NC Med–Lutheran Svcs		4.75	%	3/1/2032	NR			1,250		1,306,188
New Hope Cultural–Wesleyan Homes		5.50	%	1/1/2049	NR			2,630		2,684,625
NJ EDA–Seashore Gardens		5.30	%	11/1/2026	NR			1,250		1,178,988
NJ EDA–Seashore Gardens		5.375	%	11/1/2036	NR			6,880		5,942,600

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Health Care (continued)
NJ Hlth–Univ Hosp (AGM)		5.00	%	7/1/2046	AA		$	1,875	$	2,107,894
NM Hsp–Gerald Champion Hsp		5.50	%	7/1/2042	BB-			5,625		6,109,087
OH Hsp–Cleveland Clinic^†(b)		5.50	%	1/1/2034	AA-			13,500		15,224,423
Onondaga CDC–St Josephs Hsp		5.125	%	7/1/2031	NR			1,250		1,414,338
Orange Co Hlth–Orlando Lutheran		5.50	%	7/1/2038	NR			6,550		6,651,197
Palm Beach Co Hlth–Sinai Residences		6.00	%	6/1/2021	NR			1,745		1,819,930
Palm Beach Co Hlth–Sinai Residences		7.50	%	6/1/2049	NR			2,325		2,848,660
Palomar Hlth Care Dist COP		5.50	%	11/1/2019	Ba1			5,000		5,356,700
Philadelphia Hsps–Temple Univ Hlth		5.50	%	7/1/2026	BBB-			3,500		3,605,455
Philadelphia Hsps–Temple Univ Hlth		5.625	%	7/1/2036	BBB-			6,250		6,885,187
Philadelphia Hsps–Temple Univ Hlth		5.625	%	7/1/2042	BBB-			10,875		11,847,769
Philadelphia IDA–Gtr Philadelphia Hlth		6.50	%	6/1/2045	NR			2,425		2,455,579
Philadelphia IDA–Gtr Philadelphia Hlth		6.625	%	6/1/2050	NR			3,600		3,645,144
Red River Hlth–Methodist Ret Cmnty		6.125	%	11/15/2020	NR			310		310,459
Red River Hlth–Methodist Ret Cmnty		7.75	%	11/15/2044	NR			1,500		1,769,535
Red River Hlth–Methodist Ret Cmnty		8.00	%	11/15/2049	NR			1,000		1,196,910
Rochester Hlth & Hsg–Homestead		5.00	%	12/1/2049	NR			2,400		2,470,248
Rochester Hlth Care–Samaritan Bethany		6.875	%	12/1/2029	NR			1,945		2,105,093
Rochester Hlth Care–Samaritan Bethany		7.375	%	12/1/2041	NR			6,000		6,570,780
Salem Hsp Fac–Capital Manor		5.625	%	5/15/2032	NR			1,000		1,111,890
Salem Hsp Fac–Capital Manor		6.00	%	5/15/2047	NR			1,600		1,793,984
San Buenaventura–Cmnty Mem Hlth		8.00	%	12/1/2026	BB+			10,000		12,707,800
Sarasota Hlth–Manatee		5.75	%	7/1/2037	NR			2,895		2,918,797
Sarasota Hlth–Manatee		5.75	%	7/1/2045	NR			6,435		6,460,997
Sayre Mem Hsp Auth^(d)		6.00	%	7/1/2037	NR			4,000		520,000
SC Jobs EDA–Hampton Regl Med		5.25	%	11/1/2028	NR			12,000		12,111,480
SE Port Auth–Memorial Hlth		5.50	%	12/1/2043	BB	^(a)		1,100		1,206,997
SE Port Auth–Memorial Hlth		6.00	%	12/1/2042	BB	^(a)		1,300		1,444,118
Shelby Co Hlth Ed Hsg–Vlg Germantwn		5.00	%	12/1/2032	NR			2,100		2,176,797
Suffolk Co IDA–Eastern LI Hsp Assn^†		5.50	%	1/1/2037	NR			1,380		1,382,953
Tallahassee Hlth–Tallahassee Mem Hlth		5.00	%	12/1/2040	Baa1			1,250		1,400,938
Tallahassee Hlth–Tallahassee Mem Hlth		5.00	%	12/1/2055	Baa1			5,300		5,832,279
Tarrant Co Cultural–Buckingham Sr Lvg		5.50	%	11/15/2045	BB	^(a)		3,500		3,653,790
Tarrant Co Cultural–Trinity Terrace		5.00	%	10/1/2044	BBB+	^(a)		1,200		1,296,408
Tarrant Co Cultural–Trinity Terrace		5.00	%	10/1/2049	BBB+	^(a)		2,635		2,836,841
UMass Mem Hlth		5.00	%	7/1/2041	A-	^(a)		700		798,728
UMass Mem Hlth		5.00	%	7/1/2046	A-	^(a)		1,355		1,538,562

86	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Health Care (continued)
Upper IL River Vy–Pleasant View		7.25	%	11/15/2040	NR		$	1,200	$	1,278,888
Upper IL River Vy–Pleasant View		7.375	%	11/15/2045	NR			1,550		1,652,548
Vanderbilt Univ Med Ctr^(e)		5.00	%	7/1/2046	NR			4,000		4,587,080
Vigo Co Hsp–Union Hsp^†		5.70	%	9/1/2037	NR			9,300		9,572,769
Vigo Co Hsp–Union Hsp^†		5.75	%	9/1/2042	NR			2,000		2,056,680
Vigo Co Hsp–Union Hsp		8.00	%	9/1/2041	NR			2,955		3,556,165
WA Hsg–Herons Key^†		7.00	%	7/1/2045	NR			1,370		1,422,608
WA Hsg–Herons Key^†		7.00	%	7/1/2050	NR			2,000		2,048,840
WA Hsg–Mirabella		6.50	%	10/1/2032	NR			2,000		2,133,700
WA Hsg–Mirabella		6.75	%	10/1/2047	NR			3,000		3,207,360
WA Hsg–Rockwood^†		6.00	%	1/1/2024	NR			1,385		1,507,683
Westchester Co Hlth Care		5.00	%	11/1/2046	BBB			2,525		2,848,276
Western IL EDA–Carthage Mem Hsp		7.00	%	6/1/2033	NR			2,890		2,939,881
WI Hlth & Ed–Sauk-Prairie Mem Hsp		5.375	%	2/1/2048	Ba1			4,000		4,241,960
WI Hlth & Ed–Wheaton Franciscan Hlth		5.125	%	8/15/2030	A-			3,000		3,049,410
WI PFA–Las Ventanas Retirement		Zero Coupon		10/1/2042	NR			2,741		1,186,996
WI PFA–Las Ventanas Retirement		Zero Coupon		10/1/2042	NR			2,961		60,997
WI PFA–Las Ventanas Retirement		7.00	%	10/1/2042	NR			6,895		6,970,776
WI PFA–Rose Villa		5.75	%	11/15/2044	NR			2,035		2,172,892
Wilson Co Hsp		5.60	%	9/1/2036	NR			3,530		3,530,635
Woodbury Hsg–St Therese		5.25	%	12/1/2049	NR			2,000		2,111,120
Woodbury Hsg–St Therese		5.125	%	12/1/2044	NR			2,500		2,616,325
WV Hsp–Herbert Thomas Hlth		6.50	%	10/1/2028	NR			5,000		5,332,400
WV Hsp–Herbert Thomas Hlth		6.50	%	10/1/2038	NR			2,000		2,110,040
Total										565,459,294

Housing 1.01%
Alachua Co Hlth–Oak Hammock		8.00	%	10/1/2042	NR			700		866,278
Alachua Co Hlth–Oak Hammock		8.00	%	10/1/2046	NR			1,000		1,231,720
CA Muni Fin–Caritas Affordable Hsg		5.25	%	8/15/2039	BBB			550		626,494
LA HFA–GMF-LA Chateau		8.00	%	9/1/2039	BB+			3,260		3,551,738
MD EDC–Univ of MD Hsg (AGM)		5.00	%	6/1/2035	AA			1,000		1,178,730
MD EDC–Univ of MD Hsg (AGM)		5.00	%	6/1/2043	AA			500		575,150
Met Govt Nashville H & E–Prestige Pt^(d)		7.50	%	12/20/2040	NR			3,930		2,358,000
MI Strategic Fd–Evangelical Homes		5.25	%	6/1/2032	BB+	^(a)		1,500		1,590,405
MI Strategic Fd–Evangelical Homes		5.50	%	6/1/2047	BB+	^(a)		4,000		4,221,520
New Hope Cultural–NCCD Clg Station		5.00	%	7/1/2047	BBB-			3,000		3,227,250
Saline EDC–Evangelical Homes		5.50	%	6/1/2047	BB+	^(a)		1,500		1,552,860
Total										20,980,145

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Lease Obligations 1.79%
CA Pub Wks–State Prisons		5.75	%	10/1/2031	A+		$	1,500	$	1,808,340
CA Pub Wks–Various Cap Proj		5.00	%	4/1/2034	A+			5,000		5,787,600
Houston Co Coop Dist–Country Crossing^(d)		12.50	%	6/7/2013	NR			4,199		587,860
IN Fin Auth–I-69 AMT		5.25	%	9/1/2034	BB+			1,600		1,818,544
IN Fin Auth–OH River Brdgs AMT		5.00	%	7/1/2035	BBB			2,155		2,393,472
IN Fin Auth–OH River Brdgs AMT		5.00	%	7/1/2040	BBB			2,320		2,540,725
IN Fin Auth–OH River Brdgs AMT		5.00	%	7/1/2044	BBB			8,000		8,734,320
Los Angeles Co Pub Works		5.00	%	12/1/2045	AA			2,250		2,620,620
NJ EDA–Goethals Brdg AMT		5.375	%	1/1/2043	BBB-			1,175		1,320,618
NJ EDA–Goethals Brdg AMT		5.625	%	1/1/2052	BBB-			5,000		5,685,500
Philadelphia Muni Auth		6.375	%	4/1/2029	A+			2,000		2,287,100
PR Pub Fin Corp^(d)		5.50	%	8/1/2031	C			12,250		1,500,625
Total										37,085,324

Other Revenue 7.92%
Apache Co Poll Ctl–Tucson Elec		4.50	%	3/1/2030	A3			5,120		5,625,702
Arlington HI Ed Fin Corp–Arlington Classics^(e)		5.00	%	8/15/2045	BB+			2,250		2,262,465
Austin Convention^†		5.75	%	1/1/2034	BB			2,900		2,938,715
Baker Correctional Dev		7.50	%	2/1/2030	NR			8,400		6,776,364
Baltimore Conv Ctr–Hilton Hotel		5.875	%	9/1/2039	BB			10,845		10,968,308
Baltimore Conv Ctr–Hilton Hotel (XLCA)		5.25	%	9/1/2039	Ba1			3,010		3,032,304
Baytown Twp–St Croix Prep Admy		6.75	%	8/1/2028	BB+			3,450		3,548,221
CA Fin Auth–High Tech^†		6.125	%	7/1/2038	BB	^(a)		1,250		1,272,438
CA Sch Fin Auth–Aspire^†		5.00	%	8/1/2046	BBB			1,250		1,388,525
CA Sch Fin Auth–KIPP LA		5.125	%	7/1/2044	BBB-			2,390		2,605,004
Chester Co IDA–Collegium Chtr Sch		5.375	%	10/15/2042	BBB-			5,000		5,120,000
Clifton Higher Ed–IDEA Pub Schs		6.00	%	8/15/2043	BBB			1,000		1,167,300
DC Rev–Friendship Pub Chtr Sch		5.00	%	6/1/2046	BBB			1,385		1,527,572
Doctor Charles Drew Admy COP^(d)		5.70	%	11/1/2036	NR			1,735		347,000
FL DFC–Palm Bay Admy^(d)		6.00	%	5/15/2036	NR			2,000		1,400,000
FL DFC–Palm Bay Admy^(d)		6.125	%	5/15/2037	NR			1,855		1,298,500
FL DFC–Renaissance Chtr Sch^†		6.125	%	6/15/2046	NR			5,000		5,139,150
FL DFC–Renaissance Chtr Sch		7.50	%	6/15/2033	BB-	^(a)		6,000		7,027,860
Florence Twn IDA–Legacy Trad Sch		6.00	%	7/1/2043	BB			3,250		3,560,700
IN Fin Auth–Drexel Foundation		7.00	%	10/1/2039	B-			1,250		1,208,150
Kansas City IDA–Derrick Thomas Sch^†(d)		5.875	%	1/1/2037	NR			6,570		1,642,500
La Vernia Hi Ed–Amigos/Friends Life		6.25	%	2/15/2026	NR			1,000		1,000,590
La Vernia Hi Ed–Amigos/Friends Life		6.375	%	2/15/2037	NR			1,220		1,220,281

88	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

						Credit
						Rating:		Principal
	Interest			Maturity		S&P or		Amount		Fair
Investments	Rate			Date		Moody’s		(000)		Value
Other Revenue (continued)
La Vernia Hi Ed–Life Schools of Dallas		7.25	%	8/15/2031		BBB-		$	4,750	$	5,723,512
Lombard PFC–Conf Ctr & Hotel^(d)		7.125	%	1/1/2036		NR			8,500		4,250,000
Lower AL Gas Dist–Goldman Sachs		5.00	%	9/1/2046		A3			5,000		6,212,150
MD EDC–Chesapeake Bay Hyatt^(d)		5.00	%	12/1/2031		NR			15,200		9,120,000
MD EDC–Chesapeake Bay Hyatt^(d)		5.25	%	12/1/2031		NR			3,000		1,800,000
MI Pub Ed–Bradford Admy^†		6.50	%	9/1/2037		NR			5,500		3,814,525
MI Pub Ed–Bradford Admy		8.75	%	9/1/2039		NR			2,250		1,649,115
MI Pub Ed–Crescent Admy		7.00	%	10/1/2036		NR			707		719,549
Michigan St Strategic FD Escrow^(f)		Zero Coupon		–	^(g)	NR			5,000		500
Middlesex Co Impt Auth–Heldrich Ctr^(d)		6.125	%	1/1/2025		NR			2,790		111,600
Middlesex Co Impt Auth–Heldrich Ctr^(d)		6.25	%	1/1/2037		NR			5,755		230,200
Mohave Co IDA–Mohave Prison		8.00	%	5/1/2025		BBB+			10,250		11,526,330
North TX Edu Fin Corp–Uplift Education		5.125	%	12/1/2042		BBB-			1,000		1,069,800
NYC IDA–Queens Stadium (AMBAC)		5.00	%	1/1/2036		BB+			3,165		3,251,246
NYC IDA–Queens Stadium (AMBAC)		5.00	%	1/1/2039		BB+			4,740		4,862,055
Ohio St Pollution Ctl Rev Escrow^(d)		5.625	%	3/1/2015		NR			2,965		297
Overland Pk Dev–Conv Ctr (AMBAC)		5.125	%	1/1/2032		BB+			7,000		7,029,400
Palm Bay Ed–Patriot Charter Sch^(d)		6.75	%	7/1/2022		NR			1,460		438,000
Palm Bay Ed–Patriot Charter Sch^(d)		7.00	%	7/1/2036		NR			5,000		1,500,000
Palm Beach Co–G Star Sch of Arts		6.75	%	5/15/2035		NR			2,425		2,425,897
Phoenix IDA–Basis Schs^†		5.00	%	7/1/2046		BB			2,000		2,102,560
Pima Co IDA–American Charter Sch		5.50	%	7/1/2026		BB	^(a)		5,000		5,121,750
Pima Co IDA–American Charter Sch		5.625	%	7/1/2038		BB	^(a)		4,245		4,101,010
Pima Co IDA–Horizon Learning Ctr		5.25	%	6/1/2035		BBB-			5,000		5,003,350
Plymouth Ed Ctr Charter Sch		5.375	%	11/1/2030		B-			1,425		1,224,830
Provo Charter Sch–Freedom Admy		5.50	%	6/15/2037		NR			3,575		3,599,632
San Antonio Hotel & Conv Ctr AMT (AMBAC)		5.00	%	7/15/2039		A3			3,540		3,550,124
Yonkers EDC–Charter Sch Ed Excellence		6.00	%	10/15/2030		BB			1,300		1,381,796
Total											163,896,877

Special Tax 7.62%
Anne Arundel Co–Natl Business Pk		5.625	%	7/1/2025		NR			1,000		1,061,590
Anne Arundel Co–Natl Business Pk		6.10	%	7/1/2040		NR			2,250		2,383,762
Anne Arundel Co Spl Tax–Vlgs Two Rivers		5.125	%	7/1/2036		NR			1,030		1,066,658
Anne Arundel Co Spl Tax–Vlgs Two Rivers		5.25	%	7/1/2044		NR			2,150		2,219,595
Arborwood CDD		Zero Coupon		5/1/2025		NR			635		709,632
Arborwood CDD		Zero Coupon		5/1/2036		NR			75		86,480
Arborwood CDD		Zero Coupon		5/1/2036		NR			780		899,387

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Special Tax (continued)
Arborwood CDD		5.35	%	5/1/2036	NR	$	4,720	$	4,730,998
Aurora TIF–East River		6.50	%	12/30/2023	NR		2,025		2,174,384
Aurora TIF–East River		6.75	%	12/30/2027	NR		1,295		1,391,193
Baltimore Spl Oblig–E Baltimore Resrch		7.00	%	9/1/2038	NR		3,500		3,724,315
Brentwood Infra Fin Auth		5.00	%	9/2/2036	NR		5,000		5,635,200
Capital Region CDD–St Joe Company		7.00	%	5/1/2039	NR		4,185		4,255,392
Compton Redev Agy		6.00	%	8/1/2042	NR		4,750		5,072,810
Corona Norco Sch Dist PFA		5.00	%	9/1/2023	A-		790		939,199
Corona Norco Sch Dist PFA		5.00	%	9/1/2026	A-		625		722,706
Corona Norco Sch Dist PFA		5.00	%	9/1/2027	A-		1,250		1,435,450
Corona Norco Sch Dist PFA		5.00	%	9/1/2032	A-		1,190		1,329,373
Corona Norco Sch Dist PFA		5.00	%	9/1/2035	A-		585		644,196
Durbin Crossing CDD		5.50	%	5/1/2037	NR		4,900		4,804,744
Fremont CFD–Pacific Commons		5.00	%	9/1/2045	NR		3,000		3,314,850
Grandview IDA–Grandview Crossing^(d)		5.75	%	12/1/2028	NR		1,000		200,000
Hesperia Pub Fin Auth (XLCA)		5.00	%	9/1/2031	NR		6,615		6,775,348
Houston Co Coop Dist–Country Crossing^(d)		10.00	%	5/1/2039	NR		11,325		1,245,750
Inglewood Redev Agy (AMBAC)		5.00	%	5/1/2033	BBB+		10,000		10,354,500
Inland Valley Redev Agy		5.25	%	9/1/2037	A-		3,375		3,877,672
Irvine CFD–Great Park		5.00	%	9/1/2039	NR		1,000		1,113,770
Irvine CFD–Great Park		5.00	%	9/1/2044	NR		500		554,960
Lake Elsinore PFA		5.00	%	9/1/2035	NR		1,000		1,096,190
Lake Elsinore PFA		5.00	%	9/1/2040	NR		4,000		4,383,120
Lancaster Redev Agy		6.875	%	8/1/2034	BBB		1,000		1,141,690
Lancaster Redev Agy		6.875	%	8/1/2039	BBB		430		490,927
Magnolia West CDD^(d)		5.35	%	5/1/2037	NR		3,830		3,102,300
Millsboro Spl Oblig–Plantation Lakes		5.45	%	7/1/2036	NR		5,283		4,950,435
Nthrn Palm Bch Co Impt Dist		5.00	%	8/1/2046	NR		5,000		5,154,100
NYC IDA–Queens Stadium (AMBAC)		5.00	%	1/1/2031	BB+		6,110		6,283,402
Orange Co CFD		5.25	%	8/15/2045	NR		1,500		1,720,830
Orange Grove CDD^(d)		5.30	%	11/1/2021	NR		1,705		341,000
Plaza Met Dist #1^†		5.00	%	12/1/2022	NR		500		550,085
Plaza Met Dist #1^†		5.00	%	12/1/2040	NR		2,500		2,620,850
Poway USD PFA		5.00	%	9/15/2024	BBB		500		573,085
Poway USD PFA		5.00	%	9/15/2027	BBB		1,035		1,172,903
Poway USD PFA		5.00	%	9/15/2032	BBB		990		1,104,414
Prince Georges CO^(e)		5.00	%	7/1/2046	NR		2,500		2,524,750
River Islands PFA–CFD 2003		5.50	%	9/1/2045	NR		5,005		5,446,541

90	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Special Tax (continued)
River Islands PFA–CFD 2003		5.50	%	9/1/2045	NR	$	2,925	$	3,194,977
Riverside Co Redev Agy–Tax Alloc		6.50	%	10/1/2040	A-		2,000		2,318,340
Riverside Co Tax Alloc–Jurupa (NPFGC)(FGIC)		4.75	%	10/1/2035	AA-		9,000		9,151,740
Roseville Cfd–Westpark		5.00	%	9/1/2032	NR		1,000		1,099,100
Roseville Cfd–Westpark		5.00	%	9/1/2037	NR		1,250		1,369,725
San Francisco Redev–Hunters Point		5.00	%	8/1/2039	NR		2,240		2,406,970
San Francisco Redev–Hunters Point		5.00	%	8/1/2044	NR		2,500		2,677,175
San Francisco Redev–Mission Bay South		5.00	%	8/1/2029	NR		1,300		1,451,840
San Francisco Redev–Mission Bay South		5.00	%	8/1/2031	NR		1,140		1,252,450
San Francisco Redev–Mission Bay South		5.00	%	8/1/2043	A-		700		772,016
San Mateo CFD–Bay Meadows		5.00	%	9/1/2042	NR		2,000		2,152,920
San Mateo CFD–Bay Meadows		5.50	%	9/1/2044	NR		1,500		1,668,030
Sparks Loc Impt Dist		6.75	%	9/1/2027	NR		700		727,237
Sparks Tourism Impt Dist^†		6.75	%	6/15/2028	B1		5,500		5,854,750
Stone Canyon CID^(d)		5.70	%	4/1/2022	NR		1,485		326,700
Tern Bay CDD^(d)		5.375	%	5/1/2037	NR		13,145		3,286,250
Tustin CFD		5.00	%	9/1/2045	NR		1,000		1,099,100
Village CDD #10		6.00	%	5/1/2044	NR		955		1,139,009
Whispering Springs CDD^(d)		5.20	%	10/1/2021	NR		2,290		412,200
Total									157,741,065

Tax Revenue 2.39%
Coop Dist Ft Spanish–Hwy 181		9.00	%	2/1/2029	NR		1,920		2,261,818
Gtr Wenatchee Regl Events Ctr		5.50	%	9/1/2042	NR		3,150		3,319,879
Met Pier & Expo Auth–McCormick Place		5.00	%	6/15/2053	BBB+		5,000		5,331,950
Met Pier & Expo Auth–Mccormick
Place (AGM)		Zero Coupon		12/15/2052	AA		5,250		961,485
PR Corp Sales Tax		5.00	%	8/1/2024	CC		5,080		2,133,600
PR Corp Sales Tax		5.00	%	8/1/2043	CC		2,725		1,103,625
PR Corp Sales Tax		5.25	%	8/1/2041	CC		23,720		9,725,200
PR Corp Sales Tax		5.375	%	8/1/2039	CC		9,380		3,869,250
PR Corp Sales Tax		5.50	%	8/1/2028	CC		5,060		2,112,550
PR Corp Sales Tax		5.50	%	8/1/2040	CC		7,000		2,905,000
PR Corp Sales Tax		5.50	%	8/1/2042	CC		5,350		2,220,250
PR Corp Sales Tax		5.75	%	8/1/2037	CC		4,395		1,845,900
PR Corp Sales Tax		6.125	%	8/1/2029	CC		3,030		1,295,325
PR Corp. Sales Tax		5.25	%	8/1/2040	Caa3		17,080		10,418,800
Total									49,504,632

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Tobacco 10.94%
Buckeye Tobacco		Zero Coupon		6/1/2047	CCC	^(a)	$	20,000	$	1,559,000
Buckeye Tobacco		5.125	%	6/1/2024	B-			26,980		25,505,813
Buckeye Tobacco		5.75	%	6/1/2034	B-			9,795		9,166,063
Buckeye Tobacco		5.875	%	6/1/2030	B-			11,000		10,486,080
Buckeye Tobacco		5.875	%	6/1/2047	B-			10,475		9,910,502
Buckeye Tobacco		6.50	%	6/1/2047	B-			3,590		3,589,605
CA Statewide Fin Auth–Tobacco
Settlement		Zero Coupon		6/1/2046	CCC	^(a)		20,000		2,376,400
Golden St Tobacco		4.50	%	6/1/2027	B			15,195		15,394,358
Golden St Tobacco		5.00	%	6/1/2033	B-			17,605		17,325,081
Golden St Tobacco		5.125	%	6/1/2047	B-			4,500		4,155,210
Golden St Tobacco		5.30	%	6/1/2037	B-			5,000		4,961,950
Golden St Tobacco		5.75	%	6/1/2047	B-			6,500		6,462,105
Inland Empire Tobacco		4.625	%	6/1/2021	CC	^(a)		4,205		4,231,365
Inland Empire Tobacco		5.00	%	6/1/2021	CC	^(a)		4,950		4,997,273
MI Tob Settlement		5.125	%	6/1/2022	B-			1,045		1,009,888
MI Tob Settlement		5.25	%	6/1/2022	B-			4,100		3,988,439
MI Tob Settlement		6.00	%	6/1/2034	B-			5,000		4,907,450
Nthrn AK Tobacco		5.00	%	6/1/2032	B3			5,000		4,827,650
Nthrn CA Tobacco		5.50	%	6/1/2045	B-			5,265		5,219,247
Sthrn CA Tobacco		5.00	%	6/1/2037	BB+			10,120		10,028,009
Suffolk Tobacco Asset Sec Corp		5.375	%	6/1/2028	BBB-	^(a)		2,400		2,439,072
Tobacco Settlement Auth IA		5.375	%	6/1/2038	B+			6,085		6,084,635
Tobacco Settlement Auth IA		5.50	%	6/1/2042	B+			2,545		2,544,822
Tobacco Settlement Fin Corp NJ		4.625	%	6/1/2026	B+			4,885		4,926,083
Tobacco Settlement Fin Corp NJ		4.75	%	6/1/2034	B-			2,570		2,364,092
Tobacco Settlement Fin Corp NJ		5.00	%	6/1/2029	B			17,590		17,555,172
Tobacco Settlement Fin Corp NJ		5.00	%	6/1/2041	B-			15,920		14,321,632
Tobacco Settlement Fin Corp VA		5.00	%	6/1/2047	B-			15,925		13,358,686
TSASC		5.00	%	6/1/2034	B			1,935		1,858,993
TSASC		5.125	%	6/1/2042	B-			11,645		10,996,024
Total										226,550,699

Transportation 5.62%
Broward Co Arpt AMT		5.125	%	10/1/2038	A+			2,835		3,155,922
Chicago Midway Arpt AMT		5.00	%	1/1/2026	A			4,000		4,584,360
Chicago O’Hare Arpt AMT		5.00	%	1/1/2031	A			2,985		3,330,782
Chicago O’Hare Arpt AMT		5.00	%	1/1/2046	A			1,000		1,102,540

92	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

						Credit
						Rating:	Principal
	Interest				Maturity	S&P or	Amount		Fair
Investments	Rate				Date	Moody’s	(000)		Value
Transportation (continued)
Denver City & Co Arpt AMT		5.50	%		11/15/2025	A	$	3,410	$	4,080,986
DFW Arpt		5.00	%		11/1/2028	A+		5,000		5,668,600
E470 Pub Hwy Auth		Zero Coupon			9/1/2037	BBB+		5,000		2,262,050
E470 Pub Hwy Auth (NPFGC)(FGIC)		Zero Coupon			9/1/2031	AA-		25,000		14,827,250
Foothill / Eastern Corridor Toll Rd		Zero Coupon			1/15/2033	BBB-		4,500		2,146,860
Foothill / Eastern Corridor Toll Rd		5.75	%		1/15/2046	BBB-		1,000		1,178,060
Foothill / Eastern Corridor Toll Rd		6.00	%		1/15/2049	BBB-		5,000		5,949,350
Foothill / Eastern Corridor Toll Rd		6.00	%		1/15/2053	BBB-		3,250		3,859,700
Foothill / Eastern Corridor Toll Rd		6.50	%		1/15/2043	BB+		2,000		2,375,360
HI Arpts AMT		5.00	%		7/1/2041	A+		2,500		2,818,975
Houston Arpt–Continental Airlines AMT		5.00	%		7/15/2035	BB-		3,000		3,228,030
MA Port Auth–Delta Airlines AMT (AMBAC)		0.689	%	^#	1/1/2031	NR		5,000		4,384,270
Mid Bay Bridge Auth		7.25	%		10/1/2034	BBB-		5,900		7,775,905
NJ Trans Trust Fund		6.00	%		6/15/2035	A-		2,700		3,089,583
PA Econ Dev–Rapid Bridge AMT		5.00	%		12/31/2034	BBB		5,000		5,649,500
PA Econ Dev–Rapid Bridge AMT		5.00	%		12/31/2038	BBB		2,500		2,797,325
PR Hwy & Trans Auth		5.00	%		7/1/2020	CC		6,035		1,267,350
PR Hwy & Trans Auth		5.00	%		7/1/2022	CC		1,545		324,450
PR Hwy & Trans Auth		5.00	%		7/1/2028	CC		1,015		213,150
PR Hwy & Trans Auth		5.00	%		7/1/2030	CC		4,890		1,026,900
PR Hwy & Trans Auth (AMBAC)		5.25	%		7/1/2038	CC		4,000		3,847,320
San Joaquin Hills Trsp Corridor		5.25	%		1/15/2044	BB+		3,270		3,649,353
San Joaquin Hills Trsp Corridor		5.25	%		1/15/2049	BB+		5,000		5,532,600
San Joaquin Hills Trsp Corridor
(NPFGC)(FGIC)		Zero Coupon			1/15/2022	AA-		570		473,938
South Carolina Ports AMT		5.25	%		7/1/2055	A+		5,000		5,572,500
Susquehanna Area Regl Arpt AMT		6.50	%		1/1/2038	Baa3		7,870		8,399,257
VA Small Bus Fing–Elizabeth River AMT		6.00	%		1/1/2037	BBB-		1,500		1,748,655
Total										116,320,881

Utilities 9.55%
Adelanto Util Sys		6.625	%		7/1/2031	NR		11,000		12,505,790
Arborwood CDD		5.50	%		5/1/2036	NR		520		521,420
CA Poll Ctl–Poseidon Res AMT^†		5.00	%		7/1/2037	Baa3		2,500		2,773,450
Compton Water		6.00	%		8/1/2039	NR		3,710		3,943,211
DE EDA–NRG Energy		5.375	%		10/1/2045	Baa3		2,195		2,291,295
Detroit Sewer		5.00	%		7/1/2034	BBB+		1,595		1,809,336
Detroit Sewer		5.00	%		7/1/2035	BBB+		1,330		1,500,812

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Utilities (continued)
Detroit Water		5.25	%	7/1/2041	A-	$	5,000	$	5,482,950
Guam Waterworks Auth		5.00	%	1/1/2046	A-		1,700		1,931,438
Guam Waterworks Auth		5.50	%	7/1/2043	A-		2,535		2,942,704
IN Fin Auth–Ohio Vly Elec		5.00	%	6/1/2039	BBB-		3,000		3,148,740
IN Muni Pwr		5.25	%	1/1/2034	A+		2,345		2,764,403
Jefferson Co Sewer		Zero Coupon		10/1/2039	BBB-		5,000		3,715,500
Jefferson Co Sewer		Zero Coupon		10/1/2046	BBB-		5,445		4,013,782
Jefferson Co Sewer		6.00	%	10/1/2042	BBB-		6,025		7,043,707
Jefferson Co Sewer		6.50	%	10/1/2053	BBB-		19,575		23,585,722
Jefferson Co Sewer (AGM)		Zero Coupon		10/1/2028	AA		4,035		2,398,727
Jefferson Co Sewer (AGM)		Zero Coupon		10/1/2042	AA		5,000		3,809,200
Jefferson Co Sewer (AGM)		5.00	%	10/1/2044	AA		5,000		5,592,100
Lathrop Fin Auth		5.90	%	6/1/2027	NR		2,375		2,393,976
Lathrop Fin Auth		6.00	%	6/1/2035	NR		3,255		3,281,333
Long Beach Nat Gas–ML		5.50	%	11/15/2037	BBB+		5,795		7,307,379
Maricopa Co Poll Ctl–El Paso Elec		7.25	%	2/1/2040	Baa1		3,500		4,044,495
Moraine Ohio Solid Waste Disp
Escrow AMT^(d)		6.75	%	7/1/2014	NR		525		52
MSR Energy Auth–Citi		6.50	%	11/1/2039	BBB+		5,850		8,294,890
NYC Muni Water		5.125	%	6/15/2030	NR		335		366,450
Padre Dam Municipal Water Auth COP		5.25	%	10/1/2034	AA		5,600		6,350,064
Pima Co IDA–Global Water AMT^†		5.60	%	12/1/2022	NR		2,000		2,041,960
Pima Co IDA–Global Water AMT^†		5.75	%	12/1/2032	NR		5,000		5,030,100
PR Aqueduct & Swr Auth		5.00	%	7/1/2017	CCC-		8,460		6,307,438
PR Aqueduct & Swr Auth		5.25	%	7/1/2042	CCC-		12,150		7,958,250
PR Aqueduct & Swr Auth		5.75	%	7/1/2037	CCC-		4,865		3,247,387
PR Elec Pwr Auth		5.00	%	7/1/2029	Caa3		1,500		933,750
PR Elec Pwr Auth		5.00	%	7/1/2042	Caa3		1,400		871,500
PR Elec Pwr Auth		5.25	%	7/1/2040	Caa3		15,785		9,826,162
PR Elec Pwr Auth		5.50	%	7/1/2038	Caa3		1,500		933,750
San Antonio Elec & Gas^†(b)		5.25	%	2/1/2029	AA		19,375		21,571,391
San Antonio Elec & Gas^†(b)		5.25	%	2/1/2031	AA		6,270		6,980,780
TX Muni Gas Acq & Supply–Macquarie		5.00	%	12/15/2029	A3		5,000		5,696,500
TX Muni Gas Acq & Supply–ML		6.25	%	12/15/2026	BBB+		2,000		2,474,920
Total									197,686,814
Total Municipal Bonds (cost $2,054,672,912)									2,069,039,763

94	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

Credit

Rating:

Interest

Maturity

S&P or

Fair

Investments

Rate

Date

Moody’s

(000

)

Value

SHORT-TERM INVESTMENTS 0.81%

Money Market Mutual Fund 0.00%

Dreyfus Municipal Cash Management Plus

(cost $797)

–

^(h)

797

				Interest
				Rate	Final		Principal
	Interest			Reset	Maturity		Amount
		Rate^#		Date^(c)	Date		(000)

Variable Rate Demand Notes 0.81%

Corporate-Backed 0.72%
Port Arthur Nav Dist–Motiva		0.55	%	4/1/2016	11/1/2040	A2	$	1,400		1,400,000
Port Arthur Nav Dist–Motiva		0.55	%	4/1/2016	12/1/2039	A2		10,000		10,000,000
Port Arthur Nav Dist–Motiva		0.55	%	4/1/2016	11/1/2040	A2		3,500		3,500,000
Total										14,900,000

Utilities 0.09%
Las Vegas Valley Water District		0.47	%	4/1/2016	6/1/2036	Aa1		2,000		2,000,000
Total Variable Rate Demand Notes (cost $16,900,000)										16,900,000
Total Short-Term Investments (cost $16,900,797)										16,900,797
Total Investments in Securities 100.73% (cost $2,071,573,709)										2,085,940,560
Liabilities in Excess of Cash and Other Assets⁽ⁱ⁾(0.73%)										(15,178,855	)
Net Assets 100.00%									$	2,070,761,705

Open Futures Contracts at March 31, 2016:

Type

Expiration

Contracts

Position

Fair Value

Unrealized
Appreciation

Long U.S. Treasury Bond

June 2016

Short

$(14,470,500

)

$76,556

Note: See Footnotes to Schedules of Investments on page 133 of this report.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s financial instruments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2			Level 3			Total
Municipal Bonds
Corporate-Backed	$	–	$	261,650,043		$	9,094,259	⁽⁴⁾	$	270,744,302
General Obligation		–		163,730,371			7,386,420	⁽⁴⁾		171,116,791
Lease Obligations		–		36,497,464			587,860	⁽⁴⁾		37,085,324
Other Revenue		–		163,896,080			797	⁽⁵⁾		163,896,877
Special Tax		–		157,414,365			326,700	⁽⁴⁾		157,741,065
Tax Revenue		–		47,242,814			2,261,818	⁽⁴⁾		49,504,632
Utilities		–		197,686,762			52	⁽⁵⁾		197,686,814
Remaining Industries				1,021,263,958						1,021,263,958
Money Market Mutual Fund		797		–			–			797
Variable Rate Demand Notes		–		16,900,000			–			16,900,000
Total	$	797	$	2,066,281,857		$	19,657,906		$	2,085,940,560
Liabilities
Trust Certificates⁽⁵⁾	$	–	$	(30,570,000	)	$	–		$	(30,570,000	)
Total	$	–	$	(30,570,000	)	$	–		$	(30,570,000	)

Other Financial Instruments
Futures Contracts
Assets	$	76,556	$	–		$	–		$	76,556
Liabilities		–		–			–			–
Total	$	76,556	$	–		$	–		$	76,556

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.
⁽⁴⁾	Includes securities (West Pace Coop Dist (Corporate-Backed), Maverick Co GO (General Obligation), Houston Co Coop Dist—Country Crossing (Lease Obligations), Stone Canyon CID (Special Tax) and Coop Dist Ft Spanish—Hwy 181 (Tax Revenue)) valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽⁵⁾	Level 3 securities (Michigan St Strategic FD Escrow (Other Revenue), Ohio St Pollution Ctl Rev Escrow (Other Revenue) and Moraine Ohio Solid Waste Disp Escrow (Utilities)) fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Financials.
⁽⁶⁾	Refer to Note 2(h) for a description of Municipal Bonds held in Trust.

96	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:


Investment Type	Municipal Bonds
Balance as of October 1, 2015		$	850
Accrued discounts/premiums			(16,596	)
Realized gain (loss)			(4,290	)
Change in unrealized appreciation/depreciation			(1,801,445	)
Purchases			–
Sales			(370,000	)
Net transfers in or out of Level 3			21,849,387
Balance as of March 31, 2016		$	19,657,906

See Notes to Financial Statements.

Schedule of Investments (unaudited)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
MUNICIPAL BONDS 96.49%

Corporate-Backed 16.08%
TX AL IDA–Office Max Rmkt AMT		6.45	%	12/1/2023	B3	$	440	$	440,713
AL IDA–Office Max Rmkt AMT		6.45	%	12/1/2023	B3		20		20,032
Allegheny Co IDA–US Steel		5.50	%	11/1/2016	B		50		49,537
Allegheny Co IDA–US Steel		6.50	%	5/1/2017	B		175		170,177
Austin Convention (XLCA)		5.25	%	1/1/2020	BBB-		90		92,192
Austin Convention (XLCA)		5.25	%	1/1/2024	BBB-		85		86,957
Baltimore Conv Ctr–Hilton Hotel (XLCA)		5.25	%	9/1/2021	Ba1		120		122,063
Build NYC Res Corp–Pratt Paper AMT^†		4.50	%	1/1/2025	NR		250		272,010
CA Poll Ctl–Waste Mgmt AMT		3.125	%	11/1/2040	A-		250		261,927
Chelan Co Dev Corp–Alcoa		5.85	%	12/1/2031	BBB-		160		160,341
Citizens Property Insurance Corp		5.00	%	6/1/2020	A+		50		57,372
Denver Intl Arpt Rev–United Airlines		5.25	%	10/1/2032	BB-		250		261,032
Greater Orlando Aviation–Jet Blue AMT		5.00	%	11/15/2026	NR		100		107,606
Gulf Coast IDA–CITGO AMT		4.875	%	5/1/2025	B+		100		105,483
Houston Arpt–Continental Airlines AMT		5.00	%	7/1/2029	BB-		250		273,627
IA Fin Auth–Iowa Fertilizer Co		5.00	%	12/1/2019	BB-		1,265		1,304,519
IA Fin Auth–Iowa Fertilizer Co		5.25	%	12/1/2025	BB-		220		234,681
IA Fin Auth–Iowa Fertilizer Co		5.50	%	12/1/2022	BB-		65		68,199
IN Fin Auth–US Steel		6.00	%	12/1/2019	B		125		112,784
Int Falls MN–Office Max		5.50	%	4/1/2023	B3		100		100,340
LA Env Facs–Westlake Chem		6.50	%	11/1/2035	BBB+		100		118,413
LA Env Facs–Westlake Chem		6.75	%	11/1/2032	BBB+		140		150,920
MA Port Auth–Delta Airlines AMT (AMBAC)		5.00	%	1/1/2027	NR		165		165,652
Middlesex CO Impt Auth–Heldrich Ctr		5.00	%	1/1/2020	Caa1		85		81,708
Montgomery Co IDA–Peco Generation		2.60	%	3/1/2034	BBB		200		203,846
Niagara Area Dev Corp–Covanta^†		4.00	%	11/1/2024	Ba2		500		511,875
NJ EDA–Continental Airlines AMT		4.875	%	9/15/2019	BB-		950		1,007,864
NJ EDA–Continental Airlines AMT		5.50	%	4/1/2028	BB-		70		70,227
NJ EDA–Goethals Brdg AMT		5.25	%	1/1/2025	BBB-		160		186,251
NY Energy–NY State Elec & Gas		2.375	%	7/1/2026	AA-		240		243,689
NY Liberty Dev Corp–3 WTC^†		5.15	%	11/15/2034	NR		100		108,759
NYC IDA–TRIPS AMT		5.00	%	7/1/2022	BBB		165		186,851
Onondaga Co IDA–Bristol Meyers AMT		5.75	%	3/1/2024	A+		250		314,070
Overland Pk Dev–Conv Ctr (AMBAC)		5.125	%	1/1/2022	BB+		185		188,691
Red River–AEP Texas North (NPFGC) (FGIC)		4.45	%	6/1/2020	AA-		100		108,803
Richland Co Env Impt–Intl Paper AMT		3.875	%	4/1/2023	BBB		210		226,731

98	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Corporate-Backed (continued)
Salem Co Poll Ctl–Chambers AMT		5.00	%	12/1/2023	BBB-	$	100	$	109,993
San Antonio Hotel & Conv Ctr AMT (AMBAC)		4.75	%	7/15/2036	A3		40		40,108
Seminole Tribe Spl Oblig^†		5.75	%	10/1/2022	BBB-		20		21,274
St Charles Parish–Valero Energy		4.00	%	12/1/2040	BBB		150		163,385
Tulsa Mun Arpt–American Airlines AMT		5.00	%	6/1/2035	BB-		400		456,736
Washington Co Wastewtr–Cargill AMT		2.375	%	9/1/2030	A		100		103,197
Whiting Env Facs–BP Rmkt		5.25	%	1/1/2021	A2		150		173,181
WI Pub Fin Auth–Celanese AMT		5.00	%	1/1/2024	BB+		500		562,335
Total									9,806,151

Education 5.27%
CA Fin Auth–Biola Univ		5.00	%	10/1/2018	Baa1		100		105,225
Clifton Higher Ed–Intl Ldrshp Sch		4.625	%	8/15/2025	NR		100		104,836
FL HI Ed–Nova Southeastern Univ		6.00	%	4/1/2026	A-		150		174,786
IL Fin Auth–IL Inst of Tech		5.00	%	4/1/2017	Baa3		75		75,389
IL Fin Auth–IL Inst of Tech		7.125	%	2/1/2034	Baa3		100		106,195
Multnomah Co Hsp Facs–Mirabella		5.00	%	10/1/2024	NR		100		115,052
New Rochelle LDC–Iona Clg		5.00	%	7/1/2022	BBB		250		294,580
New Rochelle LDC–Iona Clg		5.00	%	7/1/2023	BBB		215		256,981
NY Dorm–Long Island Univ		3.00	%	9/1/2019	BBB-		165		174,087
NY Dorm–Orange Regl Med Ctr^†		5.00	%	12/1/2018	Ba1		100		107,880
NY Dorm–Pace Univ		5.00	%	5/1/2024	BB+		150		172,803
NY Dorm–Pace Univ		5.00	%	5/1/2019	BB+		50		54,541
NY Dorm–Pace Univ		5.00	%	5/1/2021	BB+		300		339,486
NY Dorm–Yeshiva Univ		3.75	%	9/1/2018	NR		15		16,037
NY Dorm–Yeshiva Univ		3.75	%	9/1/2018	B3		135		140,488
NY Dorm–Yeshiva Univ		4.00	%	11/1/2025	NR		10		11,441
NY Dorm–Yeshiva Univ		4.00	%	11/1/2025	B3		55		55,272
NY Dorm–Yeshiva Univ		4.00	%	11/1/2026	NR		30		34,323
NY Dorm–Yeshiva Univ		4.00	%	11/1/2026	B3		60		59,947
NY Dorm–Yeshiva Univ		5.00	%	9/1/2016	NR		5		5,092
NY Dorm–Yeshiva Univ		5.00	%	9/1/2016	B3		60		60,869
NY Dorm–Yeshiva Univ		5.00	%	11/1/2022	NR		20		23,953
NY Dorm–Yeshiva Univ		5.00	%	11/1/2022	B3		30		33,171
NY Dorm–Yeshiva Univ		5.00	%	9/1/2028	B3		10		10,580
Olmos Park Hi Ed–Univ Incarnate Word		5.00	%	12/1/2021	A3		285		334,997
Troy Cap Res Corp–RPI		5.00	%	8/1/2021	A-		200		234,556

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Education (continued)
VA Clg Bldg Auth–Marymount Univ^†		5.00	%	7/1/2022	BB+	$	100	$	110,698
Total									3,213,265

General Obligation 15.54%
Arkansas City Bldg–So Cent Reg Med		6.25	%	9/1/2024	Caa1		15		14,878
Bayonne GO (AGM)		5.00	%	8/1/2022	AA		100		119,369
CA State GO		4.00	%	12/1/2030	AA-		500		563,905
Chicago Brd Ed		1.23	%^#	3/1/2036	B+		300		249,750
Chicago Brd Ed		4.25	%	12/1/2018	B+		40		36,945
Chicago Brd Ed		5.00	%	12/1/2017	B+		55		54,217
Chicago Brd Ed		5.00	%	12/1/2019	B+		225		203,281
Chicago Brd Ed		5.25	%	12/1/2026	B+		250		210,172
Chicago Brd Ed (AMBAC)		5.00	%	12/1/2017	B+		100		102,876
Chicago Brd Ed (NPFGC) (FGIC)		5.00	%	12/1/2019	AA-		135		144,858
Chicago GO		5.00	%	12/1/2019	BBB+		150		157,282
Chicago GO		5.00	%	1/1/2021	BBB+		85		88,099
Chicago GO		4.00	%	1/1/2022	BBB+		50		49,492
Chicago GO (AMBAC)		5.00	%	12/1/2017	BBB+		100		101,942
Cook Co GO		5.00	%	11/15/2018	AA		175		188,428
Cook Co GO		5.00	%	11/15/2018	AA		200		215,346
Cook Co GO		5.00	%	11/15/2022	AA		100		113,773
Eaton Area Pk & Rec Dist		5.00	%	12/1/2018	NR		100		105,458
Guam GO		5.00	%	11/15/2023	BB-		10		10,686
Guam GO		6.00	%	11/15/2019	BB-		165		179,007
Guam GO		6.75	%	11/15/2029	NR		50		60,191
IL State GO		5.00	%	8/1/2017	A-		125		130,755
IL State GO		4.00	%	2/1/2018	A-		100		104,200
IL State GO		4.00	%	7/1/2018	A-		65		68,255
IL State GO		4.25	%	4/1/2017	A-		50		51,445
IL State GO		5.00	%	6/1/2017	A-		75		78,065
IL State GO		5.00	%	1/1/2018	A-		190		200,895
IL State GO		5.00	%	8/1/2019	A-		180		196,661
IL State GO		5.00	%	4/1/2020	A-		165		181,556
IL State GO		5.00	%	7/1/2020	A-		165		182,398
IL State GO		5.00	%	3/1/2021	A-		145		160,152
IL State GO		5.00	%	7/1/2021	A-		260		288,215
IL State GO		5.00	%	8/1/2021	A-		290		321,787
IL State GO		5.00	%	2/1/2022	A-		325		361,861

100	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
General Obligation (continued)
IL State GO		5.25	%	1/1/2020	A-	$	120	$	132,473
IL State GO (AGM)		5.00	%	1/1/2019	AA		50		54,368
Luzerne CO GO (AGM)		3.80	%	12/15/2017	AA		100		103,559
Luzerne CO GO (AGM)		4.30	%	12/15/2021	AA		85		89,438
NJ State Bldg Auth		4.00	%	6/15/2021	A-		250		263,040
NYC GO		5.00	%	10/15/2016	AA		40		40,945
Oakland USD		5.00	%	8/1/2020	NR		150		171,550
PA State GO		5.00	%	8/15/2023	AA-		250		300,525
Philadelphia Sch Dist		2.25	%	9/1/2017	Ba2		125		126,211
Philadelphia Sch Dist		4.00	%	9/1/2017	Ba2		75		77,544
Philadelphia Sch Dist		4.00	%	9/1/2018	Ba2		300		316,482
Philadelphia Sch Dist		4.50	%	9/1/2017	Ba2		130		135,311
Philadelphia Sch Dist		5.00	%	9/1/2020	Ba2		195		215,298
Philadelphia Sch Dist		6.00	%	9/1/2038	Ba2		780		825,505
PR Comwlth GO		4.00	%	7/1/2021	Caa3		250		150,312
PR Comwlth GO		5.25	%	7/1/2022	Caa3		55		33,481
PR Comwlth GO		5.50	%	7/1/2017	Caa3		110		72,369
PR Comwlth GO		5.50	%	7/1/2019	Caa3		265		165,856
PR Comwlth GO (AG)		5.00	%	7/1/2017	AA		65		67,210	��
PR Comwlth GO (AGM)		3.875	%	7/1/2019	AA		35		35,154
PR Comwlth GO (AGM)		5.50	%	7/1/2019	AA		130		137,072
PR Comwlth GO (AGM) (XLCA)		5.50	%	7/1/2017	AA		100		104,008
PR Comwlth GO TCRS (AMBAC)		4.50	%	7/1/2023	Caa3		210		203,028
PR Pub Bldg Auth GTD		5.50	%	7/1/2019	Caa3		35		21,553
PR Pub Bldg Auth GTD		5.50	%	7/1/2023	Caa3		55		32,313
PR Pub Bldg Auth GTD (AMBAC)		5.50	%	7/1/2016	Caa3		100		100,888
St Pub SBA–Philadelphia Sch Dist		5.00	%	4/1/2018	Ba2		190		202,557
Total									9,474,250

Health Care 17.57%
Alachua Co IDA–No FL Retirement Vlg		5.625	%	11/15/2022	NR		170		176,064
Alachua Co IDA–No FL Retirement Vlg		5.75	%	11/15/2026	NR		150		154,735
Allegheny Co Hsp–Univ Pitt Med Ctr (NPFGC)(FGIC)		6.00	%	7/1/2023	AA-		100		127,138
Antelope Valley Hlth		5.00	%	3/1/2021	Ba3		250		279,660
AZ Hlth Facs–Beatitudes		5.10	%	10/1/2022	NR		170		171,175
Blaine Sr Hsg & Hlthcare–Crest View		5.125	%	7/1/2025	NR		100		104,906
Buffalo & Erie IDC–Catholic Hlth		5.00	%	7/1/2020	BBB+		100		114,675

See Notes to Financial Statements.

101

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Health Care (continued)
CA Statewide–Beverly		4.00	%	2/1/2021	BBB-		$	550	$	591,910
CA Stwde–American Baptist		5.00	%	10/1/2020	BBB+	^(a)		120		137,156
CA Stwde–Daughters of Charity		5.25	%	7/1/2022	CCC			70		70,164
CA Stwde–Daughters of Charity		5.50	%	7/1/2024	CCC			325		325,734
Collier Co IDA–Arlington of Naples^†		5.25	%	5/15/2022	NR			100		100,179
Comanche Co Hsp Auth		5.00	%	7/1/2022	BB+			100		111,118
Cumberland Co Mun Auth–Asbury		5.00	%	1/1/2020	NR			25		27,161
Dauphin CO Gen Auth–Pinnacle Hlth		5.25	%	6/1/2017	A			50		51,349
Delaware Co Hsp–Crozer-Keystone		5.00	%	12/15/2019	BB			25		25,632
Delaware Co Hsp–Crozer-Keystone		5.00	%	12/15/2026	BB			100		102,266
Flint Hsp Bldg Auth–Hurley Med Ctr		7.375	%	7/1/2035	Ba1			45		51,335
Guadalupe Co–Seguin City Hospital		5.00	%	12/1/2022	BB			250		280,915
Harris Co Cultural Ed–Brazos		4.00	%	1/1/2023	BB+	^(a)		55		57,885
Harris Co Cultural Ed–Brazos		5.00	%	1/1/2023	BB+	^(a)		65		72,707
IL Fin Auth–Centegra Hlth		5.00	%	9/1/2019	BBB			100		110,558
IL Fin Auth–Centegra Hlth		5.00	%	9/1/2021	BBB			100		116,131
IL Fin Auth–Friendship Vlg Shaumburg		5.375	%	2/15/2025	BB-	^(a)		100		100,107
IL Fin Auth–Plymouth Place		5.00	%	5/15/2025	BB+	^(a)		125		136,759
IL Fin Auth–Provena Hlth		6.25	%	5/1/2022	Baa2			100		115,775
IL Fin Auth–Provena Hlth		7.75	%	8/15/2034	Baa2			100		118,203
IL Fin Auth–Smith Vlg		5.25	%	11/15/2016	NR			10		10,054
Kent Hsp Fin Auth–Metropolitan Hsp		5.50	%	7/1/2020	BB			35		35,105
Kent Hsp Fin Auth–Metropolitan Hsp		6.00	%	7/1/2035	BB			460		461,389
King Co Pub Hsp–Snoqualmie Vly Hsp		5.00	%	12/1/2025	NR			100		100,458
Kirkwood IDA–Aberdeen Hts		8.00	%	5/15/2021	NR			140		154,841
LA Verne COP–Brethren Hillcrest Homes		5.00	%	5/15/2022	BBB-	^(a)		55		63,015
MA DFA–Boston Med Ctr		5.00	%	7/1/2022	BBB			170		197,173
MA Hlth & Ed–Boston Med Ctr		4.75	%	7/1/2023	BBB			195		205,887
MD Hlth & HI Ed–Doctors Cmnty Hsp		5.00	%	7/1/2020	Baa3			15		15,576
MD Hlth & HI Ed–Doctors Cmnty Hsp		5.00	%	7/1/2027	Baa3			245		253,269
ME Hlth & HI Ed–MaineGeneral Hlth		5.00	%	7/1/2019	Ba2			75		80,385
ME Hlth & HI Ed–MaineGeneral Hlth		5.25	%	7/1/2021	Ba2			50		55,108
ME Hlth & Hi Ed–MaineGeneral Hlth		7.50	%	7/1/2032	Ba2			140		166,214
Mesquite Hlth–Christian Care Ctrs		5.00	%	2/15/2020	BBB-	^(a)		200		222,104
Miami Beach Hlth–MT Sinai Med Ctr		5.00	%	11/15/2022	Baa1			150		176,920
Miami Beach Hlth–MT Sinai Med Ctr		5.00	%	11/15/2023	Baa1			90		105,243
Montgomery Co IDA–Whitemarsh		3.00	%	1/1/2017	NR			360		362,329

102	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
Health Care (continued)
Moon IDC–Baptist Homes Soc		5.00	%	7/1/2020	NR		$	100	$	103,976
Muskingum Co Hsp–Genesis Hlthcare		5.00	%	2/15/2021	BB+			275		301,653
New Hope Cultural–Wesleyan Homes		4.00	%	1/1/2018	NR			100		102,173
NJ EDA–Lions Gate		4.00	%	1/1/2020	NR			75		76,697
NJ EDA–Lions Gate		4.375	%	1/1/2024	NR			100		103,470
NJ Hlth–Barnabas Hlth		4.00	%	7/1/2018	A-			35		36,887
NJ Hlth–St Josephs Hlth		6.625	%	7/1/2038	BBB-			245		270,019
NJ Hlth–St Peters Univ Hsp		5.00	%	7/1/2021	BB+			140		151,078
NJ Hlth–St Peters Univ Hsp		5.75	%	7/1/2037	BB+			20		20,828
NJ Hlth–St Peters Univ Hsp		6.00	%	7/1/2026	BB+			80		89,330
NJ Hlth–Trinitas Hsp		5.25	%	7/1/2023	BBB			110		114,917
NJ Hlth–Univ Hosp (AGM)		5.00	%	7/1/2021	AA			100		116,799
NY Dorm–Orange Regl Med Ctr^†		5.00	%	12/1/2022	Ba1			200		226,802
Onondaga CDC–St Josephs Hsp		5.125	%	7/1/2031	NR			100		113,147
Palm Beach CO Hlth–Sinai Residences		6.25	%	6/1/2023	NR			100		106,322
Palm Beach Co Hlth–Sinai Residences		6.75	%	6/1/2024	NR			100		117,818
Palm Beach Co Hlth–Sinai Residences		7.25	%	6/1/2034	NR			20		24,293
Palomar Hlth Care Dist COP		5.50	%	11/1/2019	Ba1			45		48,210
Philadelphia Hsps–Temple Univ Hlth		5.00	%	7/1/2022	BBB-			170		174,411
Philadelphia Hsps–Temple Univ Hlth		5.50	%	7/1/2026	BBB-			35		36,055
Philadelphia Hsps–Temple Univ Hlth		5.50	%	7/1/2030	BBB-			145		148,567
Philadelphia Hsps–Temple Univ Hlth		6.25	%	7/1/2023	BBB-			15		15,696
Red River Hlth–Methodist Ret Cmnty		6.125	%	11/15/2020	NR			80		80,118
Rochester Hlth & Hsg–Homestead		5.00	%	12/1/2025	NR			200		225,790
San Buenaventura–Cmnty Mem Hlth		8.00	%	12/1/2026	BB+			75		95,309
SE Port Auth–Memorial Hlth		5.00	%	12/1/2022	BB	^(a)		400		434,268
St Paul Hsg–HlthEast Care Sys		5.00	%	11/15/2019	BBB-			100		110,436
St. Louis Ind Dev Auth–Nazareth		3.85	%	8/15/2020	NR			100		100,173
St. Louis Ind Dev Auth–Nazareth		4.15	%	8/15/2021	NR			100		100,172
Tarrant Co Cultural–Buckingham Sr Lvg		3.875	%	11/15/2020	BB	^(a)		100		101,155
Tyler Hlth–Mother Frances Hsp		5.125	%	7/1/2022	Baa1			125		142,199
Tyler Hlth–Mother Frances Hsp		5.25	%	7/1/2023	Baa1			50		56,318
WA Hsg–Herons Key^†		4.375	%	1/1/2021	NR			100		101,278
Westchester Co Hlth Care		5.00	%	11/1/2022	BBB			100		117,298
WI Hlth & Ed–Aurora Hlth		5.00	%	8/15/2019	A2			50		55,784
Total										10,715,913

See Notes to Financial Statements.

103

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

						Credit
						Rating:	Principal
	Interest				Maturity	S&P or	Amount		Fair
Investments	Rate				Date	Moody’s	(000)		Value
Housing 0.60%
CA Muni Fin–UC Berkeley Hsg		4.00	%		6/1/2019	Baa3	$	75	$	79,658
NJ Eda–Montclair St Std Hsg		5.00	%		6/1/2021	Baa3		50		55,007
NJ Eda–Montclair St Std Hsg		5.25	%		6/1/2020	Baa3		50		56,405
NYC IDA–Yankee Stadium (FGIC)		2.193	%	^#	3/1/2021	BBB		180		174,924
Total										365,994

Lease Obligations 2.02%
CA Pub Wks–Dept of Correction (AMBAC)		5.00	%		12/1/2019	A1		245		269,091
Essex Co Impt Auth–Newark		6.25	%		11/1/2030	Ba1		15		16,522
Essex Co Impt Auth–Newark (AGM)		5.00	%		11/1/2020	A2		50		54,404
NJ Bldg Auth		5.00	%		12/15/2018	A-		150		160,843
NJ EDA–Sch Facs		5.00	%		9/1/2020	A-		120		130,764
NJ EDA–Sch Facs		5.00	%		6/15/2023	A-		200		220,932
NJ EDA–Sch Facs		5.50	%		9/1/2021	A-		150		167,056
NJ EDA–Transit Proj		5.00	%		5/1/2019	A-		200		214,940
Total										1,234,552

Other Revenue 4.98%
Austin Convention^†		5.75	%		1/1/2034	BB		100		101,335
Baltimore Conv Ctr–Hilton Hotel (XLCA)		5.25	%		9/1/2019	Ba1		45		45,788
Baltimore Conv Ctr–Hilton Hotel (XLCA)		5.25	%		9/1/2024	Ba1		25		25,329
Baltimore Conv Ctr–Hilton Hotel (XLCA)		5.25	%		9/1/2025	Ba1		200		202,468
Central Plains–Goldman Sachs		5.25	%		12/1/2021	A3		320		371,626
DC Rev–Friendship Pub Chtr Sch		2.45	%		6/1/2017	BBB		45		45,245
FL DFC–Renaissance Chtr Sch^†		5.00	%		6/15/2025	NR		150		157,779
HI Dept Budget–Hawaiian Electric AMT		3.25	%		1/1/2025	Baa1		350		365,998
Houston HI Ed–Cosmos Fndtn		6.50	%		5/15/2031	BBB		200		239,854
Main St Nat Gas–Ml		5.00	%		3/15/2022	BBB+		340		391,136
MI Fin Auth–Student Loan AMT		5.00	%		11/1/2020	Aa3		25		27,707
Mohave Co IDA–Mohave Prison		7.50	%		5/1/2019	BBB+		495		536,407
Phoenix IDA–Basis Schs^†		3.00	%		7/1/2020	BB		200		204,560
PR Elec Pwr Auth		5.00	%		7/1/2018	Caa3		50		31,535
Sa Energy Acquisition–Goldman Sachs		5.25	%		8/1/2017	BBB+		50		52,756
Salt Verde Fin Corp–Citi		5.25	%		12/1/2020	BBB+		20		23,010
Yonkers EDC–Charter Sch Ed Excellence		6.00	%		10/15/2030	BB		200		212,584
Total										3,035,117

104	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

						Credit
						Rating:	Principal
	Interest				Maturity	S&P or	Amount		Fair
Investments	Rate				Date	Moody’s	(000)		Value
Special Tax 2.12%
Anne Arundel Co–Natl Business Pk		6.10	%		7/1/2040	NR	$	100	$	105,945
CA Reassmt Dist 15/2 Irvine		5.00	%		9/2/2021	NR		100		114,366
Fremont CFD–Pacific Commons		5.00	%		9/1/2021	NR		100		113,812
Lake Elsinore PFA		5.00	%		9/1/2023	NR		100		113,048
NJ EDA–Kapkowski Rd Landfill		5.75	%		10/1/2021	Ba2		15		16,552
NYC IDA–Queens Stadium (AMBAC)		5.00	%		1/1/2017	BB+		105		108,051
NYC IDA–Queens Stadium (AMBAC)		5.00	%		1/1/2025	BB+		60		61,838
NYC IDA–Queens Stadium (AMBAC)		5.00	%		1/1/2026	BB+		35		36,059
NYC IDA–Yankee Stadium (FGIC)		2.073	%	^#	3/1/2017	BBB		160		158,951
Orange Co CFD		5.00	%		8/15/2025	NR		100		122,243
San Clemente Cmnty Facs		5.00	%		9/1/2024	NR		100		121,122
San Francisco Redev–Mission Bay South		5.00	%		8/1/2026	NR		30		34,817
Sparks Tourism Impt Dist^†		6.75	%		6/15/2028	B1		150		159,675
Tustin CFD		5.00	%		9/1/2023	NR		25		28,872
Total										1,295,351

Tax Revenue 4.14%
Casino Reinv Dev Auth		5.00	%		11/1/2020	BBB+		125		134,553
Casino Reinv Dev Auth		5.00	%		11/1/2022	BBB+		100		109,227
Garden St Preservation Trust		5.00	%		11/1/2021	AA		300		346,887
Gtr Wenatchee Regl Events Ctr		4.125	%		9/1/2021	NR		460		479,329
Jefferson Co–Sch Warrant		4.75	%		1/1/2025	A-		45		45,352
Jefferson CO–Sch Warrant TCRS (AMBAC)		4.75	%		1/1/2025	A-		150		150,952
Met Pier & Expo Auth–McCormick Place		5.00	%		12/15/2022	BBB+		100		103,774
Met Pier & Expo Auth–McCormick Place (NPFGC) (FGIC)		5.50	%		12/15/2023	AA-		150		175,011
NJ EDA–Cigarette Tax		5.00	%		6/15/2017	BBB+		100		103,569
NJ EDA–Cigarette Tax		5.00	%		6/15/2021	BBB+		500		558,710
PR Corp Sales Tax		5.00	%		8/1/2022	Caa3		100		61,000
PR Corp Sales Tax		5.50	%		8/1/2023	CC		100		43,500
Virgin Islands PFA–Gross Tax Rcpts		2.25	%		10/1/2017	BBB+		100		100,829
Virgin Islands PFA–Matching Fund		5.00	%		10/1/2018	Baa3		105		113,356
Total										2,526,049

Tobacco 6.82%
Buckeye Tobacco		5.125	%		6/1/2024	B-		1,105		1,044,623
Buckeye Tobacco		5.375	%		6/1/2024	B-		585		557,294
Golden St Tobacco		4.50	%		6/1/2027	B		700		709,184

See Notes to Financial Statements.

105

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:		Principal
	Interest			Maturity	S&P or		Amount		Fair
Investments	Rate			Date	Moody’s		(000)		Value
Tobacco (continued)
Inland Empire Tobacco		5.00	%	6/1/2021	CC	^(a)	$	105	$	106,003
MI Tob Settlement		5.125	%	6/1/2022	B-			510		492,864
Nthrn AK Tobacco		4.625	%	6/1/2023	Ba1			15		15,102
Nthrn AK Tobacco		5.00	%	6/1/2032	B3			10		9,655
Nthrn CA Tobacco		4.75	%	6/1/2023	B+			65		65,027
Railsplitter Tobacco Settlement Auth		5.25	%	6/1/2020	A			10		11,466
Railsplitter Tobacco Settlement Auth		5.50	%	6/1/2023	A			30		35,425
Sthrn CA Tobacco		4.75	%	6/1/2025	BBB			35		35,015
Suffolk Tobacco Asset Sec Corp		5.00	%	6/1/2023	A			60		68,765
Tobacco Settlement Fin Corp NJ		4.50	%	6/1/2023	BB			400		407,116
Tobacco Settlement Fin Corp NJ		4.625	%	6/1/2026	B+			350		352,943
TSASC		4.75	%	6/1/2022	BBB-			30		30,138
TSASC		5.00	%	6/1/2026	BB-			215		215,985
Total										4,156,605

Transportation 10.60%
Central TX Mobility Auth		5.00	%	1/1/2018	BBB			250		266,430
Chicago GO		4.00	%	1/1/2019	BBB+			180		182,983
Chicago Midway Arpt AMT		5.00	%	1/1/2021	A			300		341,655
Chicago O’Hare Arpt AMT		5.00	%	1/1/2021	A			150		172,148
Chicago O’Hare Arpt AMT		5.00	%	1/1/2023	A			110		127,740
Chicago Water		5.00	%	11/1/2020	A-			140		156,379
Cleveland Arpt (AG)		4.00	%	1/1/2020	AA			60		64,243
Delaware River Port Auth		5.00	%	1/1/2022	BBB			165		189,583
E–470 Hwy Auth		5.00	%	9/1/2020	BBB+			100		115,235
E–470 Hwy Auth (NPFGC)		5.25	%	9/1/2018	AA-			40		43,930
Foothill / Eastern Corridor Toll Rd		5.00	%	1/15/2053	BBB-			60		62,701
Foothill / Eastern Corridor Toll Rd		5.50	%	1/15/2053	BBB-			500		596,235
Houston Arpt–Continental Airlines AMT		4.50	%	7/1/2020	BB-			450		493,951
Indianapolis Local Pub Impt–Ind Arpt AMT		5.00	%	1/1/2023	A1			275		327,717
Love Field Arpt–Southwest Airlines AMT		5.00	%	11/1/2021	Baa1			90		103,146
MA Port Auth–Delta Airlines AMT (AMBAC)		5.20	%	1/1/2020	NR			35		35,128
MA Port Auth–Delta Airlines AMT (AMBAC)		5.50	%	1/1/2017	NR			25		25,099
Niagara Frontier Trsp–Buffalo Intl Arpt AMT		5.00	%	4/1/2021	Baa1			35		39,202
NY Trans Dev Corp–TOGA AMT		5.00	%	1/1/2021	Baa1			300		346,215
NYC IDA–American Airlines AMT		2.00	%	8/1/2028	NR			100		100,223
PA Econ Dev–Rapid Bridge AMT		5.00	%	6/30/2021	BBB			80		91,530
PA Econ Dev–Rapid Bridge AMT		5.00	%	12/31/2025	BBB			260		306,992

106	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Transportation (continued)
Philadelphia Airport AMT		5.00	%	6/15/2022	A	$	195	$	224,032
Philadelphia Airport AMT		5.25	%	6/15/2022	A		175		198,674
Port Auth NY & NJ–JFK IAT		5.00	%	12/1/2020	Baa1		335		378,818
Port of Seattle AMT		5.00	%	8/1/2023	A+		60		71,621
PR Hwy & Trans Auth		5.50	%	7/1/2024	CC		45		9,450
PR Hwy & Trans Auth (AGC)		5.25	%	7/1/2019	AA		25		25,978
PR Hwy & Trans Auth (AGM)		5.50	%	7/1/2017	AA		35		36,405
Regional Trans Dist–Denver Trans		5.375	%	7/15/2025	Baa3		70		78,994
Regional Trans Dist–Denver Trans		6.00	%	1/15/2026	Baa3		300		349,086
San Diego Arpt AMT		5.00	%	7/1/2023	A+		200		242,192
San Francisco Arpt AMT		5.00	%	5/1/2022	A+		280		325,903
South Jersey Trans Auth		4.00	%	11/1/2019	BBB+		90		95,822
South Jersey Trans Auth		5.00	%	11/1/2027	BBB+		100		107,498
Wayne Co Arpt (AGM)		4.00	%	12/1/2020	AA		120		131,231
Total									6,464,169

Utilities 10.75%
Beaver Co IDA–FirstEnergy		4.00	%	1/1/2035	BBB-		100		105,307
Burke CO Dev–Vogtle Proj		2.35	%	10/1/2032	A-		175		179,142
Chicago Water (AGM)		4.25	%	11/1/2018	AA		260		278,314
CO Public Auth–ML		6.125	%	11/15/2023	BBB+		305		383,114
Detroit Sewer		5.00	%	7/1/2022	A-		140		163,888
Detroit Sewer (AGM)		5.25	%	7/1/2020	AA		60		69,581
Detroit Sewer Rmkt		6.50	%	7/1/2024	Baa1		100		114,618
Detroit Water		5.00	%	7/1/2019	A-		80		88,550
Detroit Water		5.25	%	7/1/2025	A-		15		17,164
Floyd Co Dev–GA Power		2.35	%	7/1/2022	A3		125		128,130
HI Dept Budget–Hawaiian Electric		6.50	%	7/1/2039	Baa1		100		113,771
Main St Nat Gas–ML		5.00	%	3/15/2019	BBB+		130		142,190
NC Eastern Muni Pwr		6.00	%	1/1/2022	NR		100		126,160
OH Air Quality–FirstEnergy		3.75	%	12/1/2023	BBB-		65		67,179
OH Air Quality–FirstEnergy		5.625	%	6/1/2018	Baa2		300		320,457
OH Air Quality–Ohio Vly Elec		5.625	%	10/1/2019	BBB-		130		143,400
OH Wtr Dev Auth–FirstEnergy		3.75	%	7/1/2033	Baa3		200		208,352
Philadelphia Gas Works		5.00	%	8/1/2021	A-		200		234,668
Philadelphia Gas Works (AGM)		5.00	%	7/1/2022	AA		100		115,927
Pima Co IDA–Tucson Elec		4.95	%	10/1/2020	A3		75		84,350
PR Aqueduct & Swr Auth		4.00	%	7/1/2022	CCC-		60		40,200

See Notes to Financial Statements.

107

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

					Credit
					Rating:	Principal
	Interest			Maturity	S&P or	Amount		Fair
Investments	Rate			Date	Moody’s	(000)		Value
Utilities (continued)
PR Aqueduct & Swr Auth		5.00	%	7/1/2017	CCC-	$	185	$	137,929
PR Aqueduct & Swr Auth		6.125	%	7/1/2024	CCC-		115		81,363
PR Corp Sales Tax		4.00	%	8/1/2016	CC		65		60,450
PR Elec Pwr Auth		4.10	%	7/1/2019	Caa3		230		143,968
PR Elec Pwr Auth		4.25	%	7/1/2020	Caa3		300		186,750
PR Elec Pwr Auth (AGM)		5.00	%	7/1/2023	AA		30		30,305
PR Elec Pwr Auth (AGM)		5.00	%	7/1/2024	AA		120		120,936
PR Elec Pwr Auth (NPFGC)		5.00	%	7/1/2021	AA-		100		101,234
PR Elec Pwr Auth (NPFGC)(FGIC)		4.00	%	7/1/2018	AA-		265		267,817
Roseville Nat Gas–ML		5.00	%	2/15/2018	BBB+		60		63,908
Southern CA Waterworks TCRS (FGIC)		5.75	%	7/1/2021	AAA		65		76,669
TEAC–Goldman Sachs		5.00	%	2/1/2020	A3		330		372,742
TEAC–Goldman Sachs		5.00	%	2/1/2022	A3		320		375,386
TEAC–Goldman Sachs		5.25	%	9/1/2018	A3		10		10,935
TEAC–Goldman Sachs		5.25	%	9/1/2021	A3		195		229,172
TX Muni Gas Acq & Supply–Macquarie		5.00	%	12/15/2021	A3		220		257,156
TX Muni Gas Acq & Supply–ML		5.25	%	12/15/2018	BBB+		350		385,210
TX Muni Gas Acq & Supply–ML		5.25	%	12/15/2024	BBB+		310		375,159
Wise Co IDA–VA Elec & Pwr Co		2.15	%	10/1/2040	A2		150		154,140
Total									6,555,691
Total Municipal Bonds (cost $58,058,331)									58,843,107

SHORT-TERM INVESTMENTS 0.22%

Municipal Bonds 0.22%

Education 0.11%
NY Dorm–Yeshiva Univ		3.50	%	9/1/2016	B3		65		65,549

General Obligation 0.08%
St Pub SBA–Philadelphia Sch Dist		5.00	%	4/1/2016	Ba2		50		50,000

Other Revenue 0.03%
MO Env Impt–St Rev Fd		5.50	%	7/1/2016	Aaa		20		20,237
Total Short-Term Investments (cost $135,139)									135,786
Total Investments in Securities 96.71% (cost $58,193,470)									58,978,893
Cash and Other Assets in Excess of Liabilities⁽ⁱ⁾3.29%									2,005,535
Net Assets 100.00%								$	60,984,428

108	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2016

Open Futures Contracts at March 31, 2016:

Type

Expiration

Contracts

Position

Fair Value

Unrealized
Appreciation

U.S. 10-Year Treasury Note

June 2016

Short

$(2,347,031

)

$671

Type

Expiration

Contracts

Position

Fair Value

Unrealized
Depreciation

U.S. 5-Year Treasury Note

June 2016

Short

$(2,180,953

)

$(6,454

)

Note: See Footnotes to Schedules of Investments on page 133 of this report.

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	58,978,893	$	–	$	58,978,893
Total	$	–		$	58,978,893	$	–	$	58,978,893

Other Financial Instruments
Futures Contracts
Assets	$	671		$	–	$	–	$	671
Liabilities		(6,454	)		–		–		(6,454	)
Total	$	(5,783	)	$	–	$	–	$	(5,783	)

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.

See Notes to Financial Statements.

109

Schedule of Investments (unaudited)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 98.23%

Corporate-Backed 1.26%
CA Poll Ctl–Poseidon Res AMT^†	5.00%	11/21/2045	Baa3	$	1,000	$	1,097,460
CA Poll Ctl–Waste Mgmt AMT	3.25%	12/1/2027	A-		1,500		1,599,690
CA Poll Ctl–Waste Mgmt AMT	4.30%	7/1/2040	A-		1,000		1,051,340
Total							3,748,490

Education 7.96%
CA Ed Facs–Chapman Univ	5.00%	4/1/2040	A2		1,000		1,158,260
CA Ed Facs–Clg & Univ Fin Prog	5.00%	2/1/2037	Ba1		1,000		1,000,490
CA Ed Facs–Occidental Clg	5.00%	10/1/2036	Aa3		1,125		1,303,504
CA Ed Facs–Santa Clara Univ	5.00%	4/1/2039	Aa3		1,000		1,161,680
CA Ed Facs–Univ of Redlands^(e)	5.00%	10/1/2038	A3		1,000		1,155,630
CA Fin Auth–Biola Univ	5.00%	10/1/2029	Baa1		330		381,635
CA Fin Auth–Biola Univ	5.80%	10/1/2028	Baa1		1,085		1,194,097
CA Fin Auth–Emerson Clg	5.75%	1/1/2033	BBB+		1,250		1,482,775
CA Fin Auth–Univ of San Diego	5.00%	10/1/2029	A1		2,225		2,630,795
CA Infra & Econ Dev–Pepperdine Univ	5.00%	11/1/2028	Aa3		1,000		1,143,050
CA Sch Fin Auth–Green Dot Schs^†	5.00%	8/1/2045	NR		500		538,160
CA Sch Fin Auth–KIPP LA^†	5.00%	7/1/2045	BBB-		540		581,337
CA State Univ Sys^(e)	5.00%	11/1/2041	Aa2		500		597,060
CA Stwde–Windrush Sch^(d)	5.50%	7/1/2037	NR		1,250		13
Ripon USD (BAM)	5.50%	8/1/2043	AA		1,000		1,195,660
Tustin USD	6.00%	8/1/2036	Aa1		1,500		1,875,390
Univ California	5.00%	5/15/2037	AA-		1,435		1,680,557
Univ California	5.00%	5/15/2040	AA-		1,000		1,171,420
Univ of California^(b)	5.75%	5/15/2031	AA		3,000		3,445,215
Total							23,696,728

General Obligation 17.98%
CA State GO	5.00%	9/1/2021	AA-		1,000		1,196,570
CA State GO	5.00%	9/1/2029	AA-		485		572,261
CA State GO	5.00%	2/1/2032	AA-		2,000		2,332,940
CA State GO	5.00%	2/1/2033	AA-		1,000		1,163,480
CA State GO	5.00%	9/1/2045	AA-		500		598,190
CA State GO	5.25%	10/1/2029	AA-		1,500		1,715,265
CA State GO	5.25%	8/1/2032	AA-		2,500		3,110,800
CA State GO	5.25%	10/1/2032	AA-		4,000		4,773,560
CA State GO	5.25%	4/1/2035	AA-		3,000		3,566,370

110	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
CA State GO	5.50%	3/1/2040	AA-		$	2,000	$	2,309,740
CA State GO	6.50%	4/1/2033	AA-			3,500		4,059,825
Chabot/Las Positas CCD	5.00%	8/1/2022	Aa3			1,000		1,221,810
Grossmont UHSD	5.00%	8/1/2043	Aa3			1,250		1,415,838
Grossmont UHSD (AGM)	Zero Coupon	6/1/2040	AA			2,000		647,480
Irvine USD–Spl Tax (BAM)	5.00%	9/1/2038	AA			1,000		1,160,350
Los Angeles CCD	5.00%	8/1/2029	AA+			1,000		1,227,200
Los Angeles USD	5.00%	7/1/2029	Aa2			2,225		2,499,565
Los Angeles USD	5.00%	7/1/2030	Aa2			1,000		1,215,790
Marin Healthcare Dist	4.00%	8/1/2040	Aa2			1,000		1,080,760
New Haven USD (BAM)	5.00%	8/1/2028	AA			1,000		1,206,780
Oakland USD	6.125%	8/1/2029	NR			1,000		1,127,100
Pasadena USD	4.125%	5/1/2037	Aa2			1,000		1,059,160
Piedmont USD	5.00%	8/1/2034	AA+			1,200		1,345,548
Pomona USD (BAM)	5.00%	8/1/2039	AA			1,000		1,140,750
PR Comwlth GO	6.00%	7/1/2039	Caa3			2,000		1,202,500
PR Comwlth GO	8.00%	7/1/2035	Caa3			1,000		690,000
San Diego USD	5.00%	7/1/2027	Aa2			1,000		1,214,740
San Francisco CCD	5.00%	6/15/2028	Aa3			1,000		1,234,710
San Gorgonio Mem Hlthcare Dist	5.00%	8/1/2032	A3			1,000		1,155,850
Stockton USD	5.00%	8/1/2031	A+			2,000		2,383,060
Stockton USD (AGM)	5.00%	7/1/2025	AA			1,060		1,265,513
Sweetwater UHSD (BAM)	5.00%	8/1/2027	AA			1,000		1,215,240
West Contra Costa USD	6.00%	8/1/2027	AA-			1,000		1,386,260
Total								53,495,005

Health Care 14.91%
Abag Fin Auth–Episcopal Senior	5.00%	7/1/2032	BBB+	^(a)		1,060		1,186,161
Abag Fin Auth–Eskaton Pptys	5.00%	11/15/2035	BBB			1,000		1,077,260
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2022	AA-			110		131,793
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2043	AA-			1,000		1,141,850
Antelope Valley Hlth	5.25%	3/1/2036	Ba3			1,000		1,111,750
CA Hlth–Catholic Hlthcare W	5.50%	7/1/2025	A			1,250		1,377,437
CA Hlth–Childrens Hsp Los Angeles	5.00%	11/15/2029	BBB+			1,000		1,126,120
CA Hlth–Childrens Hsp Orange Co	5.25%	11/1/2035	A-			2,000		2,317,080
CA Hlth–Lucile Packard Childrens Hsp	5.00%	8/15/2055	AA-			1,400		1,644,986
CA Hlth–Providence Hlth	5.00%	10/1/2038	AA-			1,000		1,161,100
CA Hlth–Providence Hlth	6.25%	10/1/2024	AA-			1,025		1,162,934

See Notes to Financial Statements.

111

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
CA Hlth–Rady Childrens Hsp	5.50%	8/15/2033	Aa3		$	2,000	$	2,346,360
CA Hlth–Stanford Hsp	5.00%	8/15/2054	AA-			1,000		1,168,370
CA Hlth–Sutter Hlth	5.00%	11/15/2041	AA-			1,000		1,181,460
CA Hlth–Sutter Hlth	5.00%	8/15/2043	AA-			500		587,315
CA Hlth–Sutter Hlth	5.50%	8/15/2026	AA-			2,000		2,378,380
CA Muni Fin–Cmnty Med Ctrs	5.00%	2/1/2040	A-			500		564,985
CA Muni Fin–Cmnty Med Ctrs	5.00%	2/1/2046	A-			1,000		1,125,080
CA Muni Fin–NorthBay Hlthcare	5.00%	11/1/2040	BBB-			1,200		1,295,364
CA Statewide–Beverly	5.00%	2/1/2035	BBB-			1,250		1,410,712
CA Stwde–American Baptist	5.00%	10/1/2045	BBB+	^(a)		1,000		1,108,290
CA Stwde–Cottage Hlth	5.00%	11/1/2043	A+			750		864,458
CA Stwde–Daughters of Charity	5.25%	7/1/2039	CCC			245		245,309
CA Stwde–Henry Mayo Mem Hsp (AGM)	5.25%	10/1/2043	AA			775		891,847
CA Stwde–Kaiser Permanente	5.00%	4/1/2042	A+			1,000		1,152,730
CA Stwde–Loma Linda Univ Med Ctr	5.25%	12/1/2034	BB+			2,000		2,232,420
CA Stwde–Loma Linda Univ Med Ctr	5.50%	12/1/2054	BB+			1,000		1,088,920
CA Stwde–So Cal Presbyterian^†	7.00%	11/15/2029	BBB-			1,000		1,173,710
Kaweah Delta Hlth Care Dist	5.00%	6/1/2040	A3			1,500		1,702,560
La Verne COP–Brethren Hillcrest Homes	5.00%	5/15/2029	BBB-	^(a)		635		700,964
Palomar Hlth Care Dist COP	5.50%	11/1/2019	Ba1			520		557,097
San Buenaventura–Cmnty Mem Hlth	8.00%	12/1/2031	BB+			2,000		2,514,140
Upland COP–San Antonio Cmnty Hsp	6.00%	1/1/2026	A-			2,000		2,319,640
Whittier Hlth Fac–Presbyterian Intercmnty Hsp	5.00%	6/1/2044	A			1,000		1,128,270
Whittier Hlth Fac–Presbyterian Intercmnty Hsp	5.75%	6/1/2029	A			1,000		1,186,580
Total								44,363,432

Housing 2.92%
CA Muni Fin–Azusa Pacific Univ	5.00%	4/1/2041	Baa3			1,000		1,106,700
CA Muni Fin–Caritas Affordable Hsg	5.00%	8/15/2030	BBB			1,000		1,135,810
CA Muni Fin–UC Berkeley Hsg	5.00%	6/1/2050	Baa3			500		549,660
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2035	Baa1			1,000		1,171,380
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2038	Baa1			1,000		1,005,310
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2040	Baa1			750		864,413
CA Stwde–CHF-Irvine LLC	5.125%	5/15/2031	Baa1			1,500		1,714,710
Los Angeles Regl Fin Auth–MonteCedro Prk	5.00%	11/15/2044	AA-			1,000		1,139,030
Total								8,687,013

112	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations 5.92%
CA Pub Wks–Judicial Council	5.00%	12/1/2028	A+		$	1,000	$	1,179,570
CA Pub Wks–State Prisons	5.75%	10/1/2031	A+			2,000		2,411,120
CA Pub Wks–Various Cap Proj	5.00%	4/1/2037	A+			1,000		1,149,650
CA Pub Wks–Various Cap Proj	5.375%	11/1/2022	A+			1,000		1,144,040
CA Pub Wks–Various Cap Proj	6.375%	11/1/2034	A+			2,000		2,360,060
Los Angeles Co Pub Wks	5.00%	12/1/2039	AA			1,000		1,161,360
San Diego PFA–Master Lease	5.25%	9/1/2035	AA-			1,220		1,396,363
San Jose Fing Auth–Civic Ctr	5.00%	6/1/2027	AA			1,000		1,190,980
San Mateo Jt Pwrs Fin Auth	5.25%	7/15/2026	AA+			3,000		3,437,790
Santa Ana USD COP (AGM)	Zero Coupon	4/1/2019	AA			2,295		2,192,138
Total								17,623,071

Other Revenue 3.18%
CA Fin Auth–High Tech^†	6.00%	7/1/2028	BB	^(a)		850		884,892
CA Fin Auth–OCEAA	6.75%	10/1/2028	NR			1,320		1,379,387
CA Infra & Econ Dev–Acad Motion Pict	5.00%	11/1/2041	Aa2			1,000		1,141,100
CA Infra & Econ Dev–Gladstone Inst	5.25%	10/1/2034	A-			2,000		2,328,380
CA Sch Fin Auth–Aspire^†	5.00%	8/1/2046	BBB			1,000		1,110,820
CA Sch Fin Auth–KIPP LA	5.00%	7/1/2034	BBB-			600		663,000
Guam Privilege Tax	5.25%	1/1/2036	A			1,500		1,695,210
Long Beach Nat Gas–ML	5.00%	11/15/2035	BBB+			205		243,831
Total								9,446,620

Special Tax 9.93%
Brentwood Infra Fin Auth	5.00%	9/2/2036	NR			500		563,520
CA Reassmt Dist 15/2 Irvine	5.00%	9/2/2028	NR			1,000		1,139,980
Inglewood Redev Agy (AMBAC)	5.00%	5/1/2033	BBB+			1,535		1,589,416
Inland Valley Redev Agy	5.25%	9/1/2037	A-			1,000		1,148,940
Irvine CFD–Great Park	5.00%	9/1/2044	NR			500		554,960
Lake Elsinore PFA	5.00%	9/1/2035	NR			1,000		1,096,190
Lancaster Redev Agy	6.875%	8/1/2034	BBB			1,000		1,141,690
Norco Redev Agy–Proj #1	6.00%	3/1/2036	A+			1,120		1,274,941
Orange Co CFD	5.25%	8/15/2045	NR			1,000		1,147,220
Pittsburg Redev Agy–Los Medanos (AGM)	5.00%	9/1/2029	AA			1,000		1,206,400
Poway USD PFA	5.00%	9/15/2024	BBB			280		320,928
Poway USD PFA (BAM)	5.00%	9/1/2035	AA			1,500		1,748,235
Riverside Co Redev Agy–Tax Alloc	6.00%	10/1/2037	A			2,000		2,283,620

See Notes to Financial Statements.

113

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
Roseville CFD–Westpark	5.00%	9/1/2031	NR		$	1,000	$	1,099,940
San Clemente Cmnty Facs	5.00%	9/1/2040	NR			1,000		1,132,150
San Diego Redev Agy–No Pk Redev	7.00%	11/1/2039	A			1,000		1,159,900
San Francisco Redev–Mission Bay North	6.75%	8/1/2033	A-			500		597,960
San Francisco Redev–Mission Bay North	6.75%	8/1/2041	A-			1,000		1,194,910
San Francisco Redev–Mission Bay South	6.625%	8/1/2039	BBB+			1,500		1,699,095
San Jose Redev Agy (AG)	4.50%	8/1/2035	AA			150		150,871
San Mateo CFD–Bay Meadows	5.50%	9/1/2044	NR			500		556,010
Santa Cruz Redev Agy–Live Oak	6.625%	9/1/2029	A+			500		575,930
Santa Cruz Redev Agy–Live Oak	7.00%	9/1/2036	A+			500		582,075
Saugus USD PFA	5.00%	9/1/2041	NR			1,000		1,120,170
Temecula Vly USD Fin Auth (BAM)	5.00%	9/1/2035	AA			1,505		1,729,787
Tustin CFD	5.00%	9/1/2040	NR			750		829,342
Union City Redev Agy–Tax Alloc	6.875%	12/1/2033	A+			1,500		1,902,000
Total								29,546,180

Tax Revenue 2.39%
Guam Ltd Oblig–Section 30 Landfill	5.75%	12/1/2034	BBB+			1,030		1,161,201
PR Corp Sales Tax	5.00%	8/1/2024	CC			1,000		420,000
PR Corp Sales Tax	5.25%	8/1/2041	CC			2,100		861,000
San Joaquin Co Trsp Auth	5.75%	3/1/2028	AA			450		542,484
San Jose Spl Tax–Conv Ctr	6.125%	5/1/2031	A2			1,000		1,208,740
Sonoma Marin Area Rail Rmkt	5.00%	3/1/2029	AA			1,500		1,795,620
Tustin CFD	5.00%	9/1/2037	BBB+			1,000		1,136,470
Total								7,125,515

Tobacco 4.52%
CA Statewide Fin Auth–Tobacco
Settlement	Zero Coupon	6/1/2046	CCC	^(a)		5,000		594,100
Golden St Tobacco	4.50%	6/1/2027	B			1,510		1,529,811
Golden St Tobacco	5.00%	6/1/2033	B-			1,070		1,052,987
Golden St Tobacco	5.00%	6/1/2045	A+			2,000		2,316,340
Golden St Tobacco	5.125%	6/1/2047	B-			2,000		1,846,760
Golden St Tobacco	5.75%	6/1/2047	B-			2,000		1,988,340
Inland Empire Tobacco	5.00%	6/1/2021	CC	^(a)		755		762,210
LA Cnty Tobacco	5.70%	6/1/2046	B2			1,070		1,072,515
Nthrn CA Tobacco	5.50%	6/1/2045	B-			1,000		991,310
Sthrn CA Tobacco	5.00%	6/1/2037	BB+			1,305		1,293,138
Total								13,447,511

114	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation 14.26%
Alameda Corridor Trsp Auth (AGM)	5.00%	10/1/2029	AA	$	1,425	$	1,677,567
Bay Area Toll Auth	5.00%	10/1/2033	AA-		2,905		3,306,849
Foothill / Eastern Corridor Toll Rd	Zero Coupon	1/15/2033	BBB-		1,500		715,620
Foothill / Eastern Corridor Toll Rd	5.50%	1/15/2053	BBB-		250		298,117
Foothill / Eastern Corridor Toll Rd	5.75%	1/15/2046	BBB-		1,735		2,043,934
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2049	BBB-		3,010		3,581,509
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2053	BBB-		2,880		3,420,288
Long Beach Harbor AMT	5.00%	5/15/2028	AA		1,000		1,215,270
Los Angeles Dept Arpts–LAX	5.00%	5/15/2035	AA		2,000		2,291,820
Los Angeles Dept Arpts–LAX AMT	5.00%	5/15/2021	AA		1,325		1,550,899
Los Angeles Dept Arpts–LAX AMT	5.00%	5/15/2041	AA		1,000		1,150,630
Los Angeles Dept Arpts–LAX AMT	5.00%	5/15/2045	AA		1,000		1,146,360
Los Angeles Harbor AMT	5.00%	8/1/2036	AA		1,000		1,153,450
Port Oakland AMT	5.125%	5/1/2031	A+		1,250		1,409,825
Riverside Co Trsp Commn	5.75%	6/1/2048	BBB-		1,500		1,724,205
San Diego Arpt AMT	5.00%	7/1/2027	A+		1,000		1,174,690
San Francisco Arpt	5.00%	5/1/2040	A+		1,500		1,691,835
San Francisco Arpt AMT	5.00%	5/1/2027	A+		1,430		1,643,370
San Francisco Port Commn AMT	5.00%	3/1/2030	A1		1,415		1,612,817
San Joaquin Hills Trsp Corridor	5.00%	1/15/2029	BBB-		1,000		1,144,160
San Joaquin Hills Trsp Corridor	5.00%	1/15/2044	BBB-		1,000		1,098,200
San Joaquin Hills Trsp Corridor	5.00%	1/15/2050	BBB-		4,585		5,013,652
San Jose Arpt	5.00%	3/1/2029	A2		500		595,870
San Jose Arpt AMT	6.25%	3/1/2034	A2		1,500		1,786,380
Total							42,447,317

Utilities 13.00%
Adelanto Util Sys	6.625%	7/1/2031	NR		1,000		1,136,890
Burbank Water & Pwr Elec	5.00%	6/1/2023	AA-		1,000		1,143,510
CA Dept Wtr Res Wtr–Central Valley	5.00%	12/1/2026	AAA		65		70,749
Chino Basin Desalter Auth (AG)	5.00%	6/1/2027	AA		2,000		2,168,360
Chula Vista IDR–San Diego G & E Rmkt	5.875%	1/1/2034	Aa2		1,000		1,146,330
Dublin San Ramon Svcs Dist Wtr	5.25%	8/1/2029	AA-		1,250		1,416,750
El Dorado Irrigation Dist (AGM)	5.25%	3/1/2039	AA		750		882,975
Guam Pwr Auth (AGM)	5.00%	10/1/2034	AA		705		825,816
Guam Waterworks Auth	5.00%	1/1/2046	A-		400		454,456
Guam Waterworks Auth	5.50%	7/1/2043	A-		525		609,436
Imperial Irrigation Dist	5.00%	11/1/2038	AA-		800		953,520

See Notes to Financial Statements.

115

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2016

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Lathrop Fin Auth	6.00%		6/1/2035	NR	$	1,135	$	1,144,182
Long Beach Nat Gas–ML	1.844%	^#	11/15/2026	BBB+		1,000		955,320
Long Beach Nat Gas–ML	5.25%		11/15/2020	BBB+		1,505		1,738,064
Long Beach Nat Gas–ML	5.50%		11/15/2037	BBB+		1,330		1,677,103
Los Angeles DEWAP–Pwr Sys	5.00%		7/1/2026	AA-		1,000		1,207,030
Los Angeles Wastewater	5.00%		6/1/2044	AA+		1,000		1,181,870
MSR Energy Auth–Citi	6.50%		11/1/2039	BBB+		1,420		2,013,461
MSR Energy Auth–Citi	7.00%		11/1/2034	BBB+		1,000		1,461,030
Nor Cal Trans Agcy–CA-OR Proj	5.00%		5/1/2039	Aa3		500		594,500
Northern CA Gas–Morgan Stanley	1.13%	^#	7/1/2027	A3		2,000		1,821,680
Northern CA Pwr–Geothermal #3	5.50%		7/1/2022	A1		1,985		2,253,273
PR Aqueduct & Swr Auth	5.75%		7/1/2037	CCC-		1,000		667,500
PR Elec Pwr Auth	5.25%		7/1/2024	Caa3		255		158,737
PR Elec Pwr Auth	5.25%		7/1/2033	Caa3		115		71,587
PR Elec Pwr Auth	7.00%		7/1/2040	Caa3		450		282,375
Riverside Elec (AGM)	5.00%		10/1/2027	AA		1,000		1,096,790
Rowland Water Dist COP	6.50%		12/1/2035	A+		1,500		1,723,755
Sacramento Co Santn Dist (NPFGC)	5.25%		12/1/2023	AA		1,500		1,902,870
Santa Maria Wtr & Wastewtr	5.00%		2/1/2027	A+		1,000		1,170,070
Southern CA Pub Pwr Auth–Apex	5.00%		7/1/2038	AA-		1,000		1,167,230
Southern CA Pub Pwr Auth–Goldman Sachs	5.00%		11/1/2033	A3		2,050		2,427,200
Stockton PFA–Wastewater (BAM)	5.00%		9/1/2029	AA		1,000		1,174,370
Total								38,698,789
Total Municipal Bonds (cost $267,756,350)								292,325,671

	Shares
	(000)

SHORT-TERM INVESTMENT 0.00%

Money Market Mutual Fund
Dreyfus General CA Municipal (cost $500)		–	^(h)		500
Total Investments in Securities 98.23% (cost $267,756,850)					292,326,171
Cash and Other Assets in Excess of Liabiities⁽ⁱ⁾1.77%					5,275,279
Net Assets 100.00%				$	297,601,450

116	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CALIFORNIA TAX FREE FUND March 31, 2016

Open Futures Contracts at March 31, 2016:

Type		Expiration		Contracts		Position		Fair Value		Unrealized Appreciation
Long U.S. Treasury Bond		June 2016		11		Short		$(1,808,813	)	$1,793

Note: See Footnotes to Schedules of Investments on page 133 of this report.

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s financial instruments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2			Level 3		Total
Municipal Bonds	$	–	$	292,325,671		$	–	$	292,325,671
Money Market Mutual Fund		500		–			–		500
Total	$	500	$	292,325,671		$	–	$	292,326,171
Liabilities
Trust Certificates⁽⁴⁾	$	–	$	(1,500,000	)	$	–	$	(1,500,000	)
Total	$	–	$	(1,500,000	)	$	–	$	(1,500,000	)
Other Financial Instruments
Futures Contracts
Assets	$	1,793	$	–		$	–	$	1,793
Liabilities		–		–			–		–
Total	$	1,793	$	–		$	–	$	1,793

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.
⁽⁴⁾	Refer to Note 2(h) for a description of Municipal Bonds held in Trust.

See Notes to Financial Statements.

117

Schedule of Investments (unaudited)

NEW JERSEY TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 98.61%

Corporate-Backed 3.11%
Gloucester Co Poll Ctl–Logan AMT	5.00%	12/1/2024	BBB-	$	250	$	282,163
NJ EDA–Continental Airlines AMT	5.25%	9/15/2029	BB-		1,000		1,104,180
NJ EDA–Continental Airlines AMT	5.50%	4/1/2028	BB-		320		321,037
NJ EDA–Continental Airlines AMT	5.50%	6/1/2033	BB-		350		392,917
NJ EDA–Goethals Brdg AMT	5.00%	7/1/2023	BBB-		70		81,068
NJ EDA–Goethals Brdg AMT	5.00%	1/1/2028	BBB-		100		113,274
NJ EDA–Goethals Brdg AMT (AGM)	5.00%	1/1/2031	AA		65		73,916
Salem Co Poll Ctl–Chambers AMT	5.00%	12/1/2023	BBB-		650		714,954
Total							3,083,509

Education 12.47%
NJ Ed Facs–Clg of NJ	5.00%	7/1/2038	A		500		552,280
NJ Ed Facs–Kean Univ	5.25%	9/1/2029	A2		525		589,187
NJ Ed Facs–Montclair State Univ	5.00%	7/1/2034	A1		745		859,484
NJ Ed Facs–NJ City Univ (AGM)	5.00%	7/1/2034	AA		500		587,200
NJ Ed Facs–Princeton Univ	5.00%	7/1/2023	AAA		500		625,055
NJ Ed Facs–Princeton Univ^(e)	5.00%	7/1/2024	AAA		250		317,793
NJ Ed Facs–Princeton Univ	5.00%	7/1/2025	AAA		725		917,103
NJ Ed Facs–Princeton Univ^(e)	5.00%	7/1/2028	AAA		500		645,205
NJ Ed Facs–Rowan Univ	5.00%	7/1/2022	A		455		525,743
NJ Ed Facs–Seton Hall Univ	5.00%	7/1/2038	A		1,000		1,119,550
NJ Ed Facs–William Patterson Univ	5.00%	7/1/2024	A2		295		354,215
NJ EDA–Rutgers State Univ	5.00%	6/15/2038	Aa3		525		601,975
NJ Higher Ed Assistance Auth AMT	4.125%	12/1/2024	AA		1,120		1,186,450
NJ Higher Ed Assistance Auth AMT	5.00%	12/1/2021	AA		1,000		1,122,640
NJ Higher Ed Assistance Auth AMT	5.00%	12/1/2022	AA		750		849,532
Rutgers State Univ	5.00%	5/1/2023	Aa3		500		613,615
Rutgers State Univ	5.00%	5/1/2023	Aa3		250		306,808
Rutgers State Univ	5.00%	5/1/2034	Aa3		500		601,795
Total							12,375,630

General Obligation 6.51%
Bayonne GO^(e)	5.00%	7/1/2039	AA		500		571,690
Bayonne GO (AGM)	5.00%	7/15/2023	AA		500		606,010
Essex Co Impt Auth–Covanta AMT^†	5.25%	7/1/2045	Ba2		400		401,776
Hudson Co Impt Auth–Solid Waste GTD	5.75%	1/1/2035	Aa3		1,840		2,147,758
Monroe Twp Brd Ed	5.00%	8/1/2025	AA-		400		486,472

118	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation (continued)
NJ State GO	5.00%	6/1/2023	A	$	350	$	413,021
PR Comwlth GO	5.00%	7/1/2027	Caa3		50		30,063
PR Comwlth GO	5.375%	7/1/2030	Caa3		1,000		600,000
PR Comwlth GO	5.375%	7/1/2033	Caa3		120		71,700
PR Comwlth GO	5.625%	7/1/2032	Caa3		100		59,875
Rahway GO (AGM)	4.125%	12/15/2026	A1		5		5,119
Union Co Util Auth–Covanta GTD AMT	4.75%	12/1/2031	AA+		1,000		1,069,950
Total							6,463,434

Health Care 16.66%
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2030	BBB+		500		580,180
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2032	BBB+		500		576,355
Camden Co Impt Auth–Cooper Hlth	5.75%	2/15/2042	BBB+		425		495,537
NJ EDA–Lions Gate	5.25%	1/1/2044	NR		245		255,092
NJ EDA–Seashore Gardens	5.375%	11/1/2036	NR		1,000		863,750
NJ Hlth–AHS Hsp Corp	6.00%	7/1/2037	A+		650		772,629
NJ Hlth–Barnabas Hlth	4.00%	7/1/2026	A-		90		97,589
NJ Hlth–Barnabas Hlth	5.00%	7/1/2023	A-		650		762,158
NJ Hlth–Barnabas Hlth	5.625%	7/1/2032	A-		925		1,087,430
NJ Hlth–Barnabas Hlth	5.625%	7/1/2037	A-		1,130		1,313,794
NJ Hlth–Catholic Hlth E	4.75%	11/15/2029	AA-		640		722,566
NJ Hlth–Hunterdon Med Ctr	5.00%	7/1/2034	A-		500		572,495
NJ Hlth–Robert Wood Hsp	5.00%	7/1/2039	A		500		570,925
NJ Hlth–Robert Wood Hsp	5.25%	7/1/2028	A		500		589,065
NJ Hlth–St Josephs Hlth	6.625%	7/1/2038	BBB-		1,160		1,278,459
NJ Hlth–Univ Hosp (AGM)	5.00%	7/1/2046	AA		1,000		1,124,210
NJ Hlth–Virtua Hlth	5.75%	7/1/2033	AA-		2,000		2,267,700
PR Indl Tourist–Ascension Hlth	6.125%	11/15/2025	AA+		415		426,085
PR Indl Tourist–Ascension Hlth	6.125%	11/15/2030	AA+		1,000		1,042,300
Princeton Healthcare Sys	5.00%	7/1/2039	Baa2		1,000		1,133,620
Total							16,531,939

Housing 2.41%
NJ EDA–Montclair St Std Hsg	5.875%	6/1/2042	Baa3		1,155		1,284,730
NJ EDA–Rowan Univ Pptys	5.00%	1/1/2035	BBB-		1,000		1,108,860
Total							2,393,590

Lease Obligations 18.41%
Essex Co Impt Auth–Newark	6.25%	11/1/2030	Ba1		1,250		1,376,838

See Notes to Financial Statements.

119

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Lease Obligations (continued)
Newark Hsg–Police Fac (AG)	6.75%	12/1/2038	A3	$	750	$	865,208
NJ Ed Facs–Higher Ed Cap Impt	5.00%	9/1/2033	A-		1,000		1,073,710
NJ EDA–Goethals Brdg AMT	5.375%	1/1/2043	BBB-		2,050		2,304,056
NJ EDA–Goethals Brdg AMT	5.625%	1/1/2052	BBB-		210		238,791
NJ EDA–Sch Facs	5.00%	3/1/2026	A-		350		381,276
NJ EDA–Sch Facs	5.00%	3/1/2028	A-		110		118,850
NJ EDA–Sch Facs	5.00%	6/15/2034	A-		200		213,270
NJ EDA–Sch Facs	5.00%	3/1/2035	A-		725		760,155
NJ EDA–Sch Facs	5.25%	9/1/2026	A-		405		438,959
NJ EDA–Sch Facs	5.50%	12/15/2029	A-		1,275		1,391,688
NJ Hlth–Hsp Asset Trans	5.00%	10/1/2028	A-		1,350		1,433,632
NJ Hlth–Hsp Asset Trans	5.75%	10/1/2031	A-		1,630		1,804,214
NJ State COP–Equip Lease COP	5.25%	6/15/2029	A-		1,000		1,068,010
NJ Trans Trust Fund	Zero Coupon	12/15/2031	A-		1,500		705,990
NJ Trans Trust Fund	Zero Coupon	12/15/2038	A-		1,000		317,480
NJ Trans Trust Fund	5.00%	6/15/2022	A-		1,000		1,106,290
NJ Trans Trust Fund	5.00%	6/15/2038	A-		1,115		1,186,572
NJ Trans Trust Fund	5.25%	6/15/2041	A-		100		108,889
NJ Trans Trust Fund TCRS (AMBAC)	5.25%	12/15/2022	A-		1,000		1,134,200
PR Infra Fin Auth–Mepsi Campus	6.50%	10/1/2037	NR		500		248,750
Total							18,276,828

Other Revenue 1.19%
Guam Privilege Tax	5.25%	1/1/2036	A		1,000		1,130,140
Middlesex Co Impt Auth–Heldrich Ctr^(d)	6.25%	1/1/2037	NR		1,300		52,000
Total							1,182,140

Special Tax 0.85%
NJ EDA–Kapkowski Rd Landfill	6.50%	4/1/2028	Ba2		675		839,950

Tax Revenue 6.88%
Casino Reinv Dev Auth	5.25%	11/1/2039	BBB+		450		482,031
Casino Reinv Dev Auth (AGM)	5.00%	11/1/2032	AA		500		546,210
Garden St Preservation Trust (AGM)	5.75%	11/1/2028	AA		1,205		1,535,471
Guam Ltd Oblig–Section 30 Landfill	5.75%	12/1/2034	BBB+		375		422,768
NJ EDA–Cigarette Tax	4.25%	6/15/2027	BBB+		550		560,477
NJ EDA–Cigarette Tax	5.00%	6/15/2024	BBB+		1,295		1,418,880
NJ EDA–Cigarette Tax	5.00%	6/15/2025	BBB+		330		357,717
NJ EDA–Cigarette Tax	5.00%	6/15/2029	BBB+		120		127,670

120	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Tax Revenue (continued)
PR Corp Sales Tax	5.00%	8/1/2035	CC	$	1,000	$	405,000
PR Corp Sales Tax	5.25%	8/1/2027	CC		1,020		420,750
Virgin Islands PFA–Matching Fund	5.25%	10/1/2029	Baa2		500		551,115
Total							6,828,089

Tobacco 6.51%
NJ EDA–Cigarette Tax	5.00%	6/15/2026	BBB+		1,525		1,646,039
Tobacco Settlement Fin Corp NJ	4.50%	6/1/2023	BB		930		946,545
Tobacco Settlement Fin Corp NJ	4.625%	6/1/2026	B+		735		741,181
Tobacco Settlement Fin Corp NJ	4.75%	6/1/2034	B-		3,405		3,132,192
Total							6,465,957

Transportation 19.99%
DE River Jt Toll Brdg Commn	5.00%	7/1/2029	A1		300		362,070
Delaware River & Bay Auth	5.00%	1/1/2042	A1		1,025		1,155,862
Delaware River Port Auth	5.00%	1/1/2022	BBB		1,115		1,281,124
Delaware River Port Auth	5.00%	1/1/2024	BBB		350		403,707
Delaware River Port Auth	5.00%	1/1/2028	A		500		593,630
Delaware River Port Auth	5.00%	1/1/2034	A		505		583,699
NJ Tpk Auth	5.00%	1/1/2028	A+		535		628,331
NJ Tpk Auth	5.00%	1/1/2033	A+		1,285		1,508,179
NJ Tpk Auth	5.00%	1/1/2034	A+		500		587,265
NJ Tpk Auth	5.00%	1/1/2035	A+		500		592,240
NJ Tpk Auth	5.00%	1/1/2038	A+		750		848,407
NJ Tpk Auth (AGM)	5.25%	1/1/2028	AA		750		971,970
NJ Trans Trust Fund	6.00%	6/15/2035	A-		2,025		2,317,187
Port Auth NY & NJ	5.00%	12/1/2025	AA-		1,010		1,219,585
Port Auth NY & NJ	5.00%	10/15/2026	AA-		500		633,005
Port Auth NY & NJ	5.00%	5/1/2027	AA-		500		622,940
Port Auth NY & NJ	5.00%	9/1/2030	AA-		1,000		1,207,820
Port Auth NY & NJ	5.00%	12/1/2038	AA-		795		929,657
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2036	Baa1		110		128,503
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2042	Baa1		50		58,290
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2042	AA		340		403,825
Port Auth NY & NJ AMT	5.00%	10/15/2036	AA-		1,000		1,148,680
Port Auth NY & NJ AMT	5.75%	11/1/2030	AA-		1,000		1,093,920
South Jersey Trans Auth	5.00%	11/1/2039	BBB+		515		560,624
Total							19,840,520

See Notes to Financial Statements.

121

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)			Fair Value
Utilities 3.62%
Guam Pwr Auth (AGM)	5.00%	10/1/2034	AA	$	400		$	468,548
Guam Waterworks Auth	5.00%	7/1/2036	A-		100			115,254
NJ EDA–UMM Energy AMT	4.75%	6/15/2032	Baa3		1,000			1,052,510
Passaic Valley Swr Sys (NPFGC)	2.50%	12/1/2032	A3		525			476,553
PR Aqueduct & Swr Auth	5.25%	7/1/2024	CCC-		295			200,600
PR Elec Pwr Auth	5.00%	7/1/2037	Caa3		110			68,475
PR Elec Pwr Auth	5.75%	7/1/2036	Caa3		75			46,687
PR Elec Pwr Auth	7.00%	7/1/2040	Caa3		100			62,750
Salem Co Poll Ctl–Atlantic City Elec	4.875%	6/1/2029	A		1,000			1,098,280
Total								3,589,657
Total Municipal Bonds (cost $94,634,170)								97,871,243

					Shares (000)

SHORT-TERM INVESTMENT 0.00%

Money Market Mutual Fund
Dreyfus NJ Municipal Cash Management (cost $501)					–	^(h)		501
Total Investments in Securities 98.61% (cost $94,634,671)								97,871,744
Cash and Other Assets in Excess of Liabilities⁽ⁱ⁾1.39%								1,381,238
Net Assets 100.00%							$	99,252,982

Open Futures Contracts at March 31, 2016:

Type		Expiration		Contracts		Position		Fair Value		Unrealized Appreciation
Long U.S. Treasury Bond		June 2016		9		Short		$(1,479,938	)	$2,726

Note: See Footnotes to Schedules of Investments on page 133 of this report.

122	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

NEW JERSEY TAX FREE FUND March 31, 2016

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	97,871,243	$	–	$	97,871,243
Money Market Mutual Fund		501		–		–		501
Total	$	501	$	97,871,243	$	–	$	97,871,744

Other Financial Instruments
Futures Contracts
Assets	$	2,726	$	–	$	–	$	2,726
Liabilities		–		–		–		–
Total	$	2,726	$	–	$	–	$	2,726

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.

See Notes to Financial Statements.

123

Schedule of Investments (unaudited)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 98.59%

Corporate-Backed 6.75%
Build NYC Res Corp–Pratt Paper AMT^†	4.50%	1/1/2025	NR	$	250	$	272,010
Build NYC Res Corp–Pratt Paper AMT^†	5.00%	1/1/2035	NR		250		275,438
Liberty Dev Corp–Goldman Sachs	5.25%	10/1/2035	A3		2,860		3,572,054
Niagara Area Dev Corp–Covanta^†	4.00%	11/1/2024	Ba2		500		511,875
Niagara Area Dev Corp–Covanta AMT^†	5.25%	11/1/2042	Ba2		900		904,950
NY Liberty Dev Corp–3 WTC^†	5.00%	11/15/2044	NR		5,975		6,419,899
NY Liberty Dev Corp–3 WTC^†	7.25%	11/15/2044	NR		500		609,215
NY Liberty Dev Corp–7 WTC	5.00%	9/15/2040	Aaa		1,015		1,178,679
NY Liberty Dev Corp–B of A Tower	5.625%	7/15/2047	AA		1,790		2,026,996
NYC Cap Res–Arthur Mgmt	7.00%	8/1/2025	NR		1,295		1,390,273
NYC IDA–TRIPS AMT	5.00%	7/1/2028	BBB		1,800		1,995,804
NYC IDA–Yankee Stadium (FGIC)	4.50%	3/1/2039	BBB		1,360		1,365,467
Onondaga Co IDA–Bristol Meyers AMT	5.75%	3/1/2024	A+		1,000		1,256,280
Syracuse IDA–Carousel Ctr AMT (XLCA)	5.00%	1/1/2036	Baa3		5,000		5,046,300
Total							26,825,240

Education 12.90%
Buffalo & Erie IDC–Buffalo State College	5.75%	10/1/2026	A+		1,350		1,631,299
Build NYC Res Corp–CUNY	5.00%	6/1/2027	Aa2		400		483,188
Build NYC Res Corp–CUNY	5.00%	6/1/2029	Aa2		500		597,390
Build NYC Res Corp–CUNY	5.00%	6/1/2031	Aa2		1,120		1,323,571
Build NYC Res Corp–Fieldston Sch	5.00%	6/1/2023	A-		125		149,975
Build NYC Res Corp–NY Law	5.00%	7/1/2041	BBB		1,000		1,111,490
Build NYC Res Corp–Packer Collegiate	5.00%	6/1/2040	A3		1,000		1,131,660
Cattaraugus Co IDA–St Bonaventure Univ	5.00%	5/1/2023	BBB-		500		501,725
Cattaraugus Co IDA–St Bonaventure Univ	5.00%	5/1/2034	BBB-		300		335,649
Cattaraugus Co IDA–St Bonaventure Univ	5.00%	5/1/2039	BBB-		350		385,081
Dutchess Co LDC–Anderson Ctr	6.00%	10/1/2030	BB+		960		1,009,181
Monroe Co IDC–Univ of Rochester	5.00%	7/1/2036	AA-		1,000		1,141,530
Monroe IDC–Monroe Cmnty Clg (AGM)	5.00%	1/15/2038	AA		1,000		1,115,730
New Rochelle LDC–Iona Clg	5.00%	7/1/2028	BBB		205		243,872
New Rochelle LDC–Iona Clg	5.00%	7/1/2029	BBB		250		295,608
New Rochelle LDC–Iona Clg	5.00%	7/1/2030	BBB		200		235,058
New Rochelle LDC–Iona Clg	5.00%	7/1/2031	BBB		200		233,640
Niagara Area Dev Corp–Niagara Univ	5.00%	5/1/2035	BBB+		500		554,830
Niagara Area Dev Corp–Niagara Univ	5.00%	5/1/2042	BBB+		1,200		1,305,192

124	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
NY Dorm–Barnard Clg	5.00%	7/1/2028	A1		$	500	$	612,705
NY Dorm–Barnard Clg	5.00%	7/1/2029	A1			1,600		1,944,288
NY Dorm–Barnard Clg	5.00%	7/1/2043	A1			1,000		1,152,450
NY Dorm–Cornell Univ	5.00%	7/1/2040	Aa1			1,000		1,137,460
NY Dorm–Fordham University	5.25%	7/1/2031	A			2,275		2,693,145
NY Dorm–Long Island Univ	5.00%	9/1/2026	BBB-			1,000		1,149,660
NY Dorm–Mt Sinai Sch Med	5.00%	7/1/2040	A-			2,000		2,277,300
NY Dorm–NYU	5.25%	7/1/2034	AA-			5,500		6,197,950
NY Dorm–Pace Univ	5.00%	5/1/2023	BB+			570		659,439
NY Dorm–Pratt Institute	5.00%	7/1/2034	A3			1,035		1,189,132
NY Dorm–St Johns Univ	5.00%	7/1/2027	A-			250		304,490
NY Dorm–St Johns Univ	5.00%	7/1/2037	A-			1,000		1,157,670
NY Dorm–SUNY	5.00%	7/1/2028	Aa3			1,000		1,229,150
NY Dorm–SUNY	5.00%	7/1/2045	Aa3			1,250		1,459,150
NY Dorm–Teachers Clg	5.375%	3/1/2029	A1			1,025		1,146,196
NY Dorm–Touro Clg	5.25%	1/1/2034	BBB-	^(a)		1,175		1,286,648
NYC IDA–Polytechnic Univ (ACA)	5.25%	11/1/2037	AA-			4,295		4,567,174
Onondaga CDC–Upstate Prop Dev	5.50%	12/1/2031	A+			1,000		1,207,050
Onondaga Co Cultural–Syracuse Univ	5.00%	12/1/2038	AA-			1,230		1,424,438
St Lawrence IDA–Clarkson Univ	6.00%	9/1/2034	A3			1,625		1,979,705
Troy Cap Res Corp–RPI	5.00%	8/1/2032	A-			1,380		1,623,515
Yonkers IDA–Sarah Lawrence Clg	6.00%	6/1/2029	BBB			1,000		1,125,950
Total								51,310,334

General Obligation 5.91%
Erie CO GO	5.00%	9/15/2028	AA-			275		336,658
Nassau Co GO	5.00%	1/1/2028	A+			1,500		1,829,565
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2027	AA			1,000		1,212,280
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2028	AA			1,000		1,206,280
NYC GO	5.00%	8/1/2022	AA			2,215		2,685,355
NYC GO	5.00%	8/1/2024	AA			2,000		2,492,540
NYC GO	5.00%	8/1/2026	AA			1,750		2,182,635
NYC GO	5.00%	8/1/2027	AA			1,500		1,844,535
NYC GO	5.00%	8/1/2027	AA			1,410		1,672,894
NYC GO	5.00%	10/1/2034	AA			1,500		1,758,615
NYC GO	5.00%	3/1/2036	AA			1,285		1,502,075
NYC GO	5.00%	3/1/2037	AA			1,500		1,758,240
PR Comwlth GO	5.00%	7/1/2027	Caa3			250		150,313

See Notes to Financial Statements.

125

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
PR Comwlth GO	5.00%	7/1/2027	Caa3		$	65	$	39,081
PR Comwlth GO	5.125%	7/1/2028	Caa3			155		93,000
PR Comwlth GO	5.25%	7/1/2026	Caa3			160		96,600
PR Comwlth GO	5.375%	7/1/2030	Caa3			4,185		2,511,000
PR Comwlth GO	5.50%	7/1/2027	Caa3			60		36,150
PR Comwlth GO	5.625%	7/1/2033	Caa3			10		5,988
PR Comwlth GO	6.125%	7/1/2033	Caa3			170		102,425
Total								23,516,229

Health Care 10.79%
Buffalo & Erie IDC–Catholic Hlth	5.00%	7/1/2025	BBB+			300		364,278
Buffalo & Erie IDC–Orchard Park	5.00%	11/15/2037	BBB-	^(a)		1,000		1,100,900
Build NYC Res Corp–NY Methodist Hsp	5.00%	7/1/2020	Baa1			750		856,402
Chautauqua Co–Woman’s Christian Assn	8.00%	11/15/2030	NR			1,000		1,015,700
Dutchess Co LDC–Health Quest	5.00%	7/1/2034	A-			500		566,250
East Rochester Hsg–Woodland Vlg	5.50%	8/1/2033	NR			1,700		1,709,401
Genesee Co IDA–United Mem Med Ctr	5.00%	12/1/2032	NR			1,100		1,101,122
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2027	BBB+			625		718,075
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2028	BBB+			2,045		2,343,120
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2033	BBB+			375		419,494
Nassau Co LEAC–Winthrop Univ Hsp	5.00%	7/1/2032	Baa2			2,000		2,229,580
NY Dorm–Catholic Hlth	5.00%	7/1/2032	BBB+			500		552,000
NY Dorm–Miriam Osborn Mem Home	5.00%	7/1/2042	A-	^(a)		750		784,733
NY Dorm–Mt Sinai Hsp	5.00%	7/1/2026	A-			2,025		2,296,249
NY Dorm–North Shore LI Jewish	5.00%	5/1/2022	A-			1,220		1,421,947
NY Dorm–North Shore LI Jewish	5.00%	5/1/2028	A-			1,000		1,205,390
NY Dorm–North Shore LI Jewish	5.25%	5/1/2034	A-			1,000		1,160,190
NY Dorm–NYU Hsps Ctr	5.00%	7/1/2034	A-			1,000		1,164,020
NY Dorm–NYU Hsps Ctr	5.00%	7/1/2036	A-			1,000		1,155,250
NY Dorm–NYU Hsps Ctr	5.75%	7/1/2031	A-			1,500		1,741,395
NY Dorm–Orange Regl Med	6.125%	12/1/2029	Ba1			2,000		2,189,940
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2026	Ba1			1,000		1,135,040
NYC Hlth & Hsp Corp	5.00%	2/15/2021	Aa3			1,010		1,186,508
NYC Hlth & Hsp Corp	5.00%	2/15/2025	Aa3			1,000		1,136,850
NYC Hlth & Hsp Corp	5.50%	2/15/2023	Aa3			1,090		1,183,380
Onondaga CDC–St Josephs Hsp	5.00%	7/1/2042	NR			1,000		1,225,050
Southhold LDC–Peconic Landing	5.00%	12/1/2045	BBB-	^(a)		1,000		1,058,240
Suffolk Co IDA–Catholic Hlth Ll	5.00%	7/1/2028	BBB+			1,005		1,109,419

126	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Suffolk Co IDA–Eastern LI Hsp Assn^†	5.375%	1/1/2027	NR		$	925	$	928,006
Suffolk Co IDA–Eastern LI Hsp Assn^†	5.50%	1/1/2037	NR			1,000		1,002,140
Tompkins Co Dev Corp–Kendal Ithaca	5.00%	7/1/2044	BBB			1,000		1,076,090
Westchester Co Hlth Care	5.00%	11/1/2046	BBB			1,500		1,692,045
Westchester Co Hlth Care	6.00%	11/1/2030	BBB			850		988,949
Westchester CO Hlth Care	6.125%	11/1/2037	BBB			1,155		1,346,765
Westchester Co Hlth Care	6.125%	11/1/2037	BBB			330		384,790
Westchester Co LDC–Kendal Hudson	5.00%	1/1/2034	BBB	^(a)		1,250		1,380,575
Total								42,929,283

Housing 0.27%
NYC Hsg–8 Spruce St	4.50%	2/15/2048	NR			1,000		1,075,170

Lease Obligations 8.70%
Erie Co IDA–Buffalo Sch Dist	5.00%	5/1/2027	AA			1,750		2,175,968
Erie Co IDA–Buffalo Sch Dist	5.00%	5/1/2028	AA			1,000		1,235,620
Erie Co IDA–Buffalo Sch Dist	5.25%	5/1/2030	AA			2,575		3,057,349
Erie Co IDA–Buffalo Sch Dist	5.25%	5/1/2032	AA			1,000		1,183,020
Monroe Co IDA–Rochester Schools	5.00%	5/1/2021	AA			2,000		2,358,840
NY Dorm–Court Facs	Zero Coupon	8/1/2021	AA+			2,265		2,077,526
NY Dorm–Master BOCES	5.50%	8/15/2026	Aa2			1,560		1,852,812
NY Dorm–NY Downtown Hospital	5.00%	2/15/2022	AA			1,000		1,170,130
NY Dorm–Oneida	5.25%	8/15/2028	Aa2			3,375		3,727,215
NY Dorm–SUNY–Third Resolution	5.00%	5/15/2026	AA			2,490		2,990,614
NY Liberty Dev Corp–4 WTC	5.00%	11/15/2031	A+			1,000		1,164,230
NY UDC–PIT	5.00%	3/15/2035	AAA			1,500		1,749,120
NYC TFA–Bldg Aid	5.00%	7/15/2022	AA			2,150		2,546,008
NYC TFA–Bldg Aid	5.00%	7/15/2025	AA			1,510		1,816,439
NYC TFA–Bldg Aid	5.00%	7/15/2027	AA			1,425		1,677,140
NYC TFA–Bldg Aid	5.00%	7/15/2032	AA			1,000		1,214,670
NYC TFA–Bldg Aid	5.00%	7/15/2036	AA			2,000		2,350,440
PR Infra Fin Auth–Mepsi Campus	6.50%	10/1/2037	NR			500		248,750
Total								34,595,891

Other Revenue 6.68%
Brooklyn Arena LDC–Barclays Ctr	6.25%	7/15/2040	BBB-			5,630		6,480,693
Brooklyn Arena LDC–Barclays Ctr	6.375%	7/15/2043	BBB-			2,870		3,316,629
Build NYC Res Corp–YMCA	5.00%	8/1/2040	A-			500		563,010
Build NYC Res Corp–YMCA	5.00%	8/1/2042	A-			1,360		1,496,598

See Notes to Financial Statements.

127

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Other Revenue (continued)
NY Dorm–NYSARC Inc	5.125%	7/1/2030	Aa2	$	2,000	$	2,310,000
NYC Cultural–Museum Modern Art	5.00%	4/1/2031	AA		1,250		1,368,713
NYC Cultural–Museum Nat History	5.00%	7/1/2031	AA		1,695		2,022,610
NYC Cultural–Whitney Museum	5.00%	7/1/2031	A		2,000		2,290,400
NYS Muni Bd Bk–Lease	5.00%	12/1/2022	AA		1,520		1,845,022
Utility Debt Sec Auth–LIPA	5.00%	12/15/2037	AAA		2,115		2,551,451
Utility Debt Sec Auth–LIPA	5.00%	12/15/2041	AAA		1,000		1,164,840
Yonkers EDC–Charter Sch Ed Excellence	6.25%	10/15/2040	BB		1,100		1,165,120
Total							26,575,086

Special Tax 1.15%
NY Sales Tax Asset Receivable Corp	5.00%	10/15/2022	AAA		1,000		1,228,030
NY Sales Tax Asset Receivable Corp	5.00%	10/15/2030	AAA		1,000		1,230,600
NYC IDA–Queens Stadium (AMBAC)	5.00%	1/1/2031	BB+		2,075		2,133,889
Total							4,592,519

Tax Revenue 15.35%
Guam Ltd Oblig–Section 30 Landfill	5.75%	12/1/2034	BBB+		755		851,172
Hudson Yards	5.75%	2/15/2047	A		2,650		3,108,079
MTA NY–Dedicated Tax	5.00%	11/15/2022	AA		1,010		1,232,392
MTA NY–Dedicated Tax	5.00%	11/15/2034	AA		1,000		1,131,990
MTA NY–Dedicated Tax	5.25%	11/15/2031	AA		1,000		1,268,780
NY Conv Ctr Dev Corp	5.00%	11/15/2040	Aa3		3,185		3,722,055
NY Dorm–PIT	5.00%	12/15/2025	AAA		1,000		1,210,770
NY Dorm–PIT	5.00%	3/15/2027	AAA		1,250		1,547,637
NY Dorm–PIT	5.00%	2/15/2034	AAA		1,250		1,487,125
NY Dorm–PIT	5.00%	3/15/2036	AAA		2,000		2,381,180
NY Dorm–Sales Tax	5.00%	3/15/2026	AAA		1,000		1,259,500
NY Dorm–Sales Tax	5.00%	3/15/2030	AAA		530		644,083
NY Dorm–Sales Tax	5.00%	3/15/2038	AAA		1,010		1,168,651
NY Twy Auth–PIT	5.00%	3/15/2023	AAA		1,525		1,787,971
NY UDC–PIT	5.00%	12/15/2025	AAA		3,290		3,520,892
NY UDC–PIT	5.00%	12/15/2026	AAA		4,790		5,126,162
NY UDC–PIT	5.00%	12/15/2028	AAA		3,500		3,877,160
NY UDC–PIT	5.00%	3/15/2033	AAA		2,010		2,357,871
NY UDC–PIT	5.00%	3/15/2035	AAA		1,000		1,204,240
NY UDC–PIT	5.00%	3/15/2036	AAA		1,500		1,756,875
NY UDC–PIT	5.00%	3/15/2042	AAA		1,550		1,820,010

128	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tax Revenue (continued)
NYC TFA–Future Tax	4.00%	11/1/2022	AAA		$	1,000	$	1,157,940
NYC TFA–Future Tax	5.00%	11/1/2021	AAA			2,010		2,410,874
NYC TFA–Future Tax	5.00%	11/1/2023	AAA			1,000		1,221,770
NYC TFA–Future Tax	5.00%	11/1/2023	AAA			1,000		1,239,940
NYC TFA–Future Tax	5.00%	2/1/2027	AAA			1,500		1,756,275
NYC TFA–Future Tax	5.00%	2/1/2030	AAA			240		290,827
NYC TFA–Future Tax	5.00%	11/1/2032	AAA			1,300		1,558,284
NYC TFA–Future Tax	5.00%	5/1/2034	NR			5		5,625
NYC TFA–Future Tax	5.00%	5/1/2034	AAA			2,495		2,775,313
NYC TFA–Future Tax	5.00%	8/1/2037	AAA			1,800		2,122,866
NYC TFA–Future Tax	5.00%	11/1/2038	AAA			1,540		1,829,843
PR Corp Sales Tax	5.25%	8/1/2027	CC			640		264,000
PR Corp Sales Tax	5.75%	8/1/2037	CC			4,600		1,932,000
Total								61,030,152

Tobacco 2.93%
Suffolk Tobacco Asset Sec Corp	5.00%	6/1/2032	A-			1,335		1,468,246
Suffolk Tobacco Asset Sec Corp	5.25%	6/1/2037	BBB+			1,145		1,265,053
Suffolk Tobacco Asset Sec Corp	5.375%	6/1/2028	BBB-	^(a)		1,745		1,773,409
Suffolk Tobacco Asset Sec Corp	6.00%	6/1/2048	BB-	^(a)		2,350		2,355,405
TSASC	5.00%	6/1/2026	BB-			1,760		1,768,061
TSASC	5.125%	6/1/2042	B-			3,190		3,012,221
Total								11,642,395

Transportation 15.61%
MTA NY	5.00%	11/15/2023	AA-			1,000		1,211,190
MTA NY	5.00%	11/15/2023	AA-			2,455		2,974,920
MTA NY	5.00%	11/15/2027	AA-			350		425,037
MTA NY	5.00%	11/15/2027	AA-			1,750		2,135,507
MTA NY	5.00%	11/15/2028	AA-			705		861,940
MTA NY	5.00%	11/15/2028	AA-			1,000		1,189,670
MTA NY	5.00%	11/15/2029	A	^(a)		1,500		1,841,610
MTA NY	5.00%	11/15/2030	AA-			2,000		2,385,800
MTA NY	5.00%	11/15/2038	AA-			2,500		2,885,700
MTA NY	5.00%	11/15/2041	AA-			1,000		1,174,240
MTA NY	5.25%	11/15/2028	AA-			3,740		4,693,775
MTA NY	5.25%	11/15/2029	AA-			1,000		1,218,130
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2027	Baa1			1,000		1,139,610

See Notes to Financial Statements.

129

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
NY Bridge Auth	4.00%	1/1/2027	AA-	$	1,000	$	1,102,760
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2023	Baa1		1,500		1,789,635
NY Twy Auth	5.00%	1/1/2032	A		3,000		3,556,920
NY Twy Auth	5.00%	1/1/2036	A		1,760		2,028,981
Port Auth NY & NJ	4.00%	12/1/2022	AA-		1,560		1,782,550
Port Auth NY & NJ	5.00%	9/1/2028	AA-		750		914,198
Port Auth NY & NJ	5.00%	12/1/2038	AA-		1,500		1,754,070
Port Auth NY & NJ	5.00%	10/15/2041	AA-		2,500		2,954,850
Port Auth NY & NJ–JFK IAT	5.00%	12/1/2020	Baa1		170		192,236
Port Auth NY & NJ–JFK IAT	5.50%	12/1/2031	Baa1		220		253,216
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2036	Baa1		640		747,654
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2042	Baa1		1,020		1,189,116
Port Auth NY & NJ–JFK IAT CR (AGM)	5.50%	12/1/2031	AA		225		264,764
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2036	AA		400		477,852
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2042	AA		1,460		1,734,071
Port Auth NY & NJ AMT	5.00%	9/15/2024	AA-		1,000		1,159,970
Port Auth NY & NJ AMT	5.00%	10/15/2024	AA-		1,250		1,468,187
Port Auth NY & NJ AMT	5.00%	10/1/2033	AA-		1,525		1,734,016
Port Auth NY & NJ AMT	5.00%	10/15/2041	AA-		1,250		1,374,463
Triborough Brdg & Tunl Auth	4.75%	11/15/2030	AA-		2,500		2,675,750
Triborough Brdg & Tunl Auth	5.00%	11/15/2023	A+		2,525		3,090,322
Triborough Brdg & Tunl Auth	5.00%	11/15/2027	AA-		500		620,130
Triborough Brdg & Tunl Auth	5.00%	11/15/2028	AA-		600		739,674
Triborough Brdg & Tunl Auth	5.00%	11/15/2036	AA-		1,680		2,019,864
Triborough Brdg & Tunl Auth	5.00%	11/15/2038	AA-		1,000		1,154,880
Triborough Brdg & Tunl Auth	5.00%	11/15/2040	AA-		1,000		1,184,230
Total							62,101,488

Utilities 11.55%
Guam Pwr Auth	5.00%	10/1/2020	BBB		500		562,260
Guam Pwr Auth	5.00%	10/1/2021	BBB		500		570,070
Guam Waterworks Auth	5.00%	7/1/2036	A-		400		461,016
Long Island Power Auth	5.00%	9/1/2025	A-		1,000		1,163,820
Long Island Power Auth	5.00%	9/1/2034	A-		2,000		2,338,880
Long Island Power Auth	5.00%	5/1/2038	A-		1,880		2,079,882
Long Island Power Auth	5.00%	9/1/2039	A-		1,000		1,151,600
Long Island Power Authority	5.00%	9/1/2038	A-		1,000		1,151,310
NY Energy–Brooklyn Union Gas AMT	6.952%	7/1/2026	A2		8,000		8,023,760

130	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2016

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)			Fair Value
Utilities (continued)
NY Env Facs–Clean Wtr & Drinking	4.75%	6/15/2032	AAA	$	2,500		$	2,613,750
NY Env Facs–Clean Wtr & Drinking	5.00%	6/15/2029	AAA		2,000			2,242,140
NY Env Facs–Clean Wtr & Drinking	5.00%	11/15/2029	AAA		1,000			1,231,140
NY Env Facs–Clean Wtr & Drinking	5.00%	6/15/2032	AAA		1,000			1,220,720
NY Env Facs–Clean Wtr & Drinking	5.00%	6/15/2036	AAA		1,250			1,452,875
NYC Muni Water	5.00%	6/15/2029	AA+		2,000			2,170,900
NYC Muni Water	5.00%	6/15/2034	AA+		1,500			1,771,440
NYC Muni Water	5.00%	6/15/2034	AA+		1,525			1,791,219
NYC Muni Water	5.00%	6/15/2035	AA+		1,550			1,824,862
NYC Muni Water	5.00%	6/15/2035	AA+		1,675			1,991,675
NYC Muni Water	5.00%	6/15/2036	AA+		2,250			2,673,540
NYC Muni Water	5.00%	6/15/2036	AA+		1,750			2,079,420
NYC Muni Water	5.00%	6/15/2046	AA+		1,500			1,756,530
NYC Muni Water	5.25%	6/15/2037	AA+		1,500			1,853,190
PR Aqueduct & Swr Auth	5.00%	7/1/2033	CCC-		370			240,500
PR Aqueduct & Swr Auth	5.25%	7/1/2042	CCC-		690			451,950
PR Aqueduct & Swr Auth	6.00%	7/1/2044	CCC-		420			282,450
PR Elec Pwr Auth	5.75%	7/1/2036	Caa3		1,250			778,125
Total								45,929,024
Total Municipal Bonds (cost $371,609,769)								392,122,811

				Shares (000)

SHORT-TERM INVESTMENTS 0.35%

Money Market Mutual Fund 0.00%
Dreyfus NY Municipal Cash Management (cost $500)					–	^(h)		500

See Notes to Financial Statements.

131

Schedule of Investments (unaudited)(concluded)

NEW YORK TAX FREE FUND March 31, 2016

Investments

Interest
Rate^#

Interest
Rate
Reset
Date^(c)

Final
Maturity
Date

Credit
Rating:
S&P or
Moody’s

Principal
Amount
(000)

Fair
Value

Variable Rate Demand Note 0.35%

Utilities

NYC Muni Water
(cost $1,400,000)

0.46%

4/1/2016

6/15/2032

AA+

1,400

1,400,000

Total Short-Term Investments (cost $1,400,500)

1,400,500

Total Investments in Securities 98.94% (cost $373,010,269)

393,523,311

Cash and Other Assets in Excess of Liabilities⁽ⁱ⁾1.06%

4,199,752

Net Assets 100.00%

397,723,063

Open Futures Contracts at March 31, 2016:

Type		Expiration		Contracts		Position		Fair Value		Unrealized Appreciation
Long U.S. Treasury Bond		June 2016		34		Short		$(5,590,875	)	$29,956

Note: See Footnotes to Schedules of Investments on page 133 of this report.

The following is a summary of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	392,122,811	$	–	$	392,122,811
Money Market Mutual Fund		500		–		–		500
Variable Rate Demand Note		–		1,400,000		–		1,400,000
Total	$	500	$	393,522,811	$	–	$	393,523,311

Other Financial Instruments
Futures Contracts
Assets	$	29,956	$	–	$	–	$	29,956
Liabilities		–		–		–		–
Total	$	29,956	$	–	$	–	$	29,956

⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾	See Schedule of Investments for fair values in each industry.
⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2016.

132	See Notes to Financial Statements.

Footnotes to Schedules of Investments

March 31, 2016

AMT		Income from this security may be subject to Alternative Minimum Tax.
COP		Certificates of Participation.
CR		Custodial Receipt.
ETM		Escrow to Maturity.
GTD		Guaranteed.
NR		Not Rated.

Pre-Refunded Bonds A second bond has been issued in order to pay off the first bond issue. Proceeds from the sale of the second bond are held in an “escrow fund” consisting of U.S. Government debt until the first bond issue reaches maturity.

PSF		Permanent School Fund.
RIBs		Residual Interest Bonds. The interest rate is subject to change periodically and inversely to the prevailing market rate. The interest rate shown is the rate in effect at March 31, 2016.
TCRS		Transferable Custodial Receipts.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^#		Variable rate security. The interest rate shown is the rate in effect at March 31, 2016.
^~		Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate.
^(a)		This investment has been rated by Fitch IBCA.
^(b)		Municipal Bonds Held in Trust—Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) for details of Municipal Bonds Held in Trust.
^(c)		The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount.
^(d)		Defaulted (non-income producing security).
^(e)		Securities purchased on a when-issued basis (See Note 2(g)).
^(f)		Stub Rights issued in connection with a plan of reorganization.
^(g)		Security is perpetual and has no stated maturity date.
^(h)		Amount represents less than 1,000 shares.
⁽ⁱ⁾		Cash and Other Assets in Excess of Liabilities (Liabilities in Excess of Cash and Other Assets) include net unrealized appreciation (depreciation) on open futures contracts.

Insured or guaranteed by the indicated municipal bond insurance corporation or Federal agency:

ACA		American Capital Access Holding Ltd.
AMBAC		AMBAC Assurance Corporation
AG		Assured Guaranty
AGC		Assured Guaranty Corporation
AGM		Assured Guaranty Municipal Corporation
BAM		Build America Mutual
BHAC		Berkshire Hathaway Assurance Corporation
FHA		Federal Housing Administration
FNMA		Federal National Mortgage Association
FGIC		Financial Guaranty Insurance Company
IBC		Insurance Bond Certificate
NPFGC		National Public Finance Guarantee Corporation
RADIAN		Radian Asset Assurance, Inc.
SIFMA		Securities Industry and Financial Markets Association
VA		Department of Veterans Affairs
XLCA		XL Capital Assurance, Inc.

See Notes to Financial Statements.

133

Statements of Assets and Liabilities (unaudited)

March 31, 2016

	Short Duration			Intermediate			AMT Free
ASSETS:
Investments in securities, at cost	$	1,994,981,485		$	4,151,752,206		$	193,305,285
Investments in securities, at fair value	$	2,017,555,761		$	4,323,443,568		$	202,818,050
Cash		1,174,617			1,716,221			365,215
Deposits with brokers for futures collateral		–			1,085,600			108,000
Receivables:
Interest		18,415,225			51,717,926			2,663,988
Capital shares sold		5,573,900			33,813,413			3,120,628
Investment securities sold		10,811,648			15,850,966			227,920
From advisor (See Note 3)		80,264			–			42,564
Prepaid expenses and other assets		163,019			162,037			34,981
Total assets		2,053,774,434			4,427,789,731			209,381,346
LIABILITIES:
Payables:
Investment securities purchased		19,906,920			31,281,980			1,513,730
Trust certificates (See Note 2(h))		–			2,250,000			–
Capital shares reacquired		3,193,866			12,735,275			791,067
Management fee		686,445			1,409,652			85,018
12b-1 distribution plan		428,675			1,195,974			40,387
Interest expense and fees (See Note 2(h))		–			2,465			–
Directors’ fees		239,736			348,163			12,799
Fund administration		68,703			145,845			6,801
To affiliate (See Note 3)		–			–			–
Variation margin		–			271,188			26,148
Distributions payable		1,718,803			9,086,425			525,361
Accrued expenses		204,358			338,114			43,486
Total liabilities		26,447,506			59,065,081			3,044,797
Net Assets	$	2,027,326,928		$	4,368,724,650		$	206,336,549
COMPOSITION OF NET ASSETS:
Paid-in capital	$	2,011,092,945		$	4,189,148,760		$	201,059,871
Undistributed (distributions in excess of) net investment income		501,886			9,856,022			429,817
Accumulated net realized loss on investments and futures contracts		(6,842,179	)		(2,018,272	)		(4,689,692	)
Net unrealized appreciation on investments and futures contracts		22,574,276			171,738,140			9,536,553
Net Assets	$	2,027,326,928		$	4,368,724,650		$	206,336,549


134	See Notes to Financial Statements.

National			High Yield			Short Duration High Yield			California			New Jersey			New York

$	1,848,187,044		$	2,071,573,709		$	58,193,470		$	267,756,850		$	94,634,671		$	373,010,269
$	1,975,800,420		$	2,085,940,560		$	58,978,893		$	292,326,171		$	97,871,744		$	393,523,311
	1,457,343			1,374,105			540,172			4,303,774			1,629,261			1,026,046
	156,000			352,000			40,500			44,000			36,000			136,000

	26,274,786			32,252,738			746,734			3,862,261			1,307,309			4,906,017
	9,083,105			10,812,304			1,584,361			2,525,009			402,810			2,498,043
	1,986,597			629,884			406,798			–			–			–
	–			–			15,509			–			1,958			–
	79,789			71,733			33,735			34,086			26,482			34,112
	2,014,838,040			2,131,433,324			62,346,702			303,095,301			101,275,564			402,123,529

	6,354,618			14,920,044			659,475			2,494,692			1,516,680			23,903
	59,715,000			30,570,000			–			1,500,000			–			–
	5,216,948			5,274,564			625,353			311,296			91,109			2,980,453
	693,715			819,439			19,099			110,609			37,225			150,747
	598,442			582,775			11,206			90,321			26,522			129,226
	117,458			36,668			–			3,358			–			–
	442,682			241,768			294			101,706			33,387			101,042
	65,136			69,239			1,910			9,832			3,309			13,400
	–			41,454			–			–			–			–
	37,490			84,997			10,688			10,545			8,705			32,895
	5,633,354			7,527,228			6,134			783,742			264,167			906,040
	239,856			503,443			28,115			77,750			41,478			62,760
	79,114,699			60,671,619			1,362,274			5,493,851			2,022,582			4,400,466
$	1,935,723,341		$	2,070,761,705		$	60,984,428		$	297,601,450		$	99,252,982		$	397,723,063

$	1,841,036,144		$	2,392,282,076		$	60,234,993		$	283,092,599		$	102,271,948		$	387,309,980

	6,136,688			19,071,174			74,339			92,347			(81,247	)		(450,417	)

	(39,097,228	)		(355,034,952	)		(104,544	)		(10,154,610	)		(6,177,518	)		(9,679,498	)

	127,647,737			14,443,407			779,640			24,571,114			3,239,799			20,542,998
$	1,935,723,341		$	2,070,761,705		$	60,984,428		$	297,601,450		$	99,252,982		$	397,723,063


	See Notes to Financial Statements.	135

Statements of Assets and Liabilities (unaudited)(concluded)

March 31, 2016

	Short Duration		Intermediate		AMT Free

Net assets by class:
Class A Shares	$	1,069,002,249	$	1,796,812,507	$	132,731,248
Class B Shares		–	$	2,414,595		–
Class C Shares	$	193,698,671	$	616,636,083	$	26,577,074
Class F Shares	$	713,390,444	$	1,724,269,032	$	46,096,777
Class I Shares	$	51,235,564	$	228,576,052	$	931,450
Class P Shares		–	$	16,381		–
Outstanding shares by class*:
Class A Shares		67,829,079		163,692,254		8,189,982
Class B Shares		–		220,164		–
Class C Shares		12,289,924		56,247,428		1,640,231
Class F Shares		45,262,079		157,117,411		2,844,304
Class I Shares		3,250,152		20,821,141		57,439
Class P Shares		–		1,492		–
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$15.76		$10.98		$16.21
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$16.12		$11.23		$16.58
Class B Shares-Net asset value		–		$10.97		–
Class C Shares-Net asset value		$15.76		$10.96		$16.20
Class F Shares-Net asset value		$15.76		$10.97		$16.21
Class I Shares-Net asset value		$15.76		$10.98		$16.22
Class P Shares-Net asset value		–		$10.98		–


*	Lord Abbett Municipal Income Fund, Inc. has 5,165,001,000 authorized shares of capital stock (par value $.001), which are designated as follows: 900,001,000 to Short Duration, 1,030,000,000 to Intermediate, 140,000,000 to AMT Free, 550,000,000 to National, 925,000,000 to High Yield, 900,000,000 to Short Duration High Yield and 240,000,000 to each of California, New Jersey and New York.


136	See Notes to Financial Statements.

National		High Yield		Short Duration High Yield		California		New Jersey		New York

$	1,494,577,003	$	1,178,407,710	$	34,500,208	$	207,072,829	$	91,501,981	$	297,256,280
$	2,990,475		–		–		–		–		–
$	186,360,191	$	415,580,024	$	4,528,383	$	45,823,044		–	$	62,196,087
$	248,244,371	$	429,976,073	$	21,044,279	$	40,491,976	$	7,737,106	$	36,775,775
$	3,551,301	$	46,783,618	$	911,558	$	4,213,601	$	13,895	$	1,494,921
	–	$	14,280		–		–		–		–

	130,079,757		100,042,556		2,251,870		18,648,404		18,321,444		25,995,908
	258,997		–		–		–		–		–
	16,201,675		35,269,893		295,513		4,125,149		–		5,446,513
	21,621,814		36,474,898		1,373,592		3,646,602		1,548,457		3,213,136
	309,263		3,977,587		59,494		379,672		2,780		130,657
	–		1,211		–		–		–		–

	$11.49		$11.78		$15.32		$11.10		$4.99		$11.43
	$11.75		$12.05		$15.67		$11.36		$5.10		11.69

	$11.55		–		–		–		–		–
	$11.50		$11.78		$15.32		$11.11		–		$11.42
	$11.48		$11.79		$15.32		$11.10		$5.00		$11.45
	$11.48		$11.76		$15.32		$11.10		$5.00		$11.44
	–		$11.79		–		–		–		–


	See Notes to Financial Statements.	137

Statements of Operations (unaudited)

For the Six Months Ended March 31, 2016

	Short Duration			Intermediate			AMT Free
Investment income:
Interest and other	$	17,370,260		$	70,031,096		$	3,504,862
Total investment income		17,370,260			70,031,096			3,504,862
Expenses:
Management fee		4,044,465			7,809,682			447,593
12b-1 distribution plan-Class A		1,061,626			1,694,624			120,004
12b-1 distribution plan-Class B		–			13,204			–
12b-1 distribution plan-Class C		811,535			2,428,005			100,489
12b-1 distribution plan-Class F		358,259			779,514			17,057
12b-1 distribution plan-Class P		–			37			–
Interest expense and fees (See Note 2(h))		–			8,088			–
Shareholder servicing		351,710			954,806			43,593
Professional		29,937			32,826			22,397
Reports to shareholders		33,678			80,512			4,642
Fund administration		404,771			806,366			35,807
Custody		14,388			25,414			3,151
Directors’ fees		20,940			39,425			1,657
Registration		144,794			128,743			30,984
Offering costs		–			–			–
Other		143,048			252,025			13,242
Gross expenses		7,419,151			15,053,271			840,616
Expense reductions (See Note 9)		(2,096	)		(4,228	)		(191	)
Fees waived and expenses reimbursed (See Note 3)		(631,966	)		–			(244,801	)
Net expenses		6,785,089			15,049,043			595,624
Net investment income		10,585,171			54,982,053			2,909,238
Net realized and unrealized gain (loss):
Net realized gain on investments		517,784			4,481,685			203,746
Net realized loss on futures contracts		–			(2,730,044	)		(242,886	)
Net change in unrealized appreciation/depreciation on investments		2,489,885			63,928,089			3,941,602
Net change in unrealized appreciation/depreciation on futures contracts		–			245,321			36,436
Net realized and unrealized gain		3,007,669			65,925,051			3,938,898
Net Increase in Net Assets Resulting From Operations	$	13,592,840		$	120,907,104		$	6,848,136


138	See Notes to Financial Statements.

National			High Yield			Short Duration High Yield			California			New Jersey			New York

$	40,701,805		$	56,997,664		$	699,403		$	5,821,663		$	2,029,410		$	7,293,709
	40,701,805			56,997,664			699,403			5,821,663			2,029,410			7,293,709

	3,927,702			4,746,856			80,169			616,330			216,363			874,177
	1,444,433			1,149,345			21,728			192,362			89,472			295,589
	15,655			–			–			–			–			–
	735,303			1,669,522			11,618			174,440			–			248,589
	103,933			208,969			7,616			18,324			3,338			16,429
	–			31			–			–			–			–
	173,188			96,907			–			4,499			–			5,685
	466,410			498,879			9,386			52,551			27,613			83,528
	30,306			48,508			15,729			23,536			19,927			22,084
	42,958			48,291			1,501			5,961			3,255			7,735
	367,770			400,043			8,017			54,785			19,232			77,705
	13,473			14,920			1,683			3,643			2,534			4,328
	18,408			20,325			270			2,723			996			3,845
	57,999			60,031			9,129			24,635			19,680			25,201
	–			–			16,201			–			–			–
	124,006			141,499			3,239			21,184			9,098			27,981
	7,521,544			9,104,126			186,286			1,194,973			411,508			1,692,876
	(1,920	)		(2,081	)		(44	)		(286	)		(99	)		(407	)
	–			–			(75,132	)		–			(4,778	)		–
	7,519,624			9,102,045			111,110			1,194,687			406,631			1,692,469
	33,182,181			47,895,619			588,293			4,626,976			1,622,779			5,601,240

	2,524,363			(5,221,788	)		(454	)		(751,097	)		561,217			1,488,462
	(445,484	)		(637,310	)		(73,441	)		(79,072	)		(68,515	)		(371,342	)

	36,907,477			43,419,795			692,287			7,036,354			2,113,975			7,148,379

	78,314			204,916			1,097			55,259			11,190			103,826
	39,064,670			37,765,613			619,489			6,261,444			2,617,867			8,369,325

$	72,246,851		$	85,661,232		$	1,207,782		$	10,888,420		$	4,240,646		$	13,970,565


	See Notes to Financial Statements.	139

Statements of Changes in Net Assets

	Short Duration
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015
Operations:
Net investment income	$	10,585,171		$	22,000,129
Net realized gain (loss) on investments and futures contracts		517,784			1,267,388
Net change in unrealized appreciation/depreciation on investments and futures contracts		2,489,885			(10,774,170	)
Net increase in net assets resulting from operations		13,592,840			12,493,347
Distributions to shareholders from:
Net investment income
Class A		(5,640,571	)		(11,830,665	)
Class B		–			–
Class C		(442,527	)		(850,859	)
Class F		(4,151,188	)		(8,511,820	)
Class I		(297,623	)		(632,114	)
Class P		–			–
Net realized gain
Class A		–			–
Class B		–			–
Class C		–			–
Class F		–			–
Class I		–			–
Class P		–			–
Total distributions to shareholders		(10,531,909	)		(21,825,458	)
Capital share transactions (Net of share conversions) (See Note 13):
Net proceeds from sales of shares		399,933,980			816,056,011
Reinvestment of distributions		5,598,700			11,791,294
Cost of shares reacquired		(406,761,301	)		(1,120,937,715	)
Net increase (decrease) in net assets resulting from capital share transactions		(1,228,621	)		(293,090,410	)
Net increase (decrease) in net assets		1,832,310			(302,422,521	)
NET ASSETS:
Beginning of year	$	2,025,494,618		$	2,327,917,139
End of year	$	2,027,326,928		$	2,025,494,618
Undistributed net investment income	$	501,886		$	448,624


140	See Notes to Financial Statements.

Intermediate						AMT Free
For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015			For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015

$	54,982,053		$	99,648,793		$	2,909,238		$	5,014,026

	1,751,641			10,613,999			(39,140	)		86,760

	64,173,410			(29,067,108	)		3,978,038			(825,105	)
	120,907,104			81,195,684			6,848,136			4,275,681

	(22,889,904	)		(43,200,106	)		(1,952,553	)		(3,394,776	)
	(25,282	)		(69,328	)		–			–
	(6,070,080	)		(12,255,169	)		(317,217	)		(576,270	)
	(21,816,984	)		(37,720,655	)		(570,357	)		(926,045	)
	(2,756,039	)		(3,876,605	)		(13,790	)		(12,304	)
	(199	)		(400	)		–			–

	(1,203,903	)		–			–			–
	(1,895	)		–			–			–
	(415,149	)		–			–			–
	(1,090,194	)		–			–			–
	(130,919	)		–			–			–
	(12	)		–			–			–
	(56,400,560	)		(97,122,263	)		(2,853,917	)		(4,909,395	)

	957,823,874			1,353,285,968			62,099,168			61,847,056
	37,104,157			63,849,019			2,304,238			4,024,302
	(462,203,194	)		(839,452,826	)		(19,968,150	)		(45,235,650	)

	532,724,837			577,682,161			44,435,256			20,635,708
	597,231,381			561,755,582			48,429,475			20,001,994

$	3,771,493,269		$	3,209,737,687		$	157,907,074		$	137,905,080
$	4,368,724,650		$	3,771,493,269		$	206,336,549		$	157,907,074
$	9,856,022		$	8,432,457		$	429,817		$	374,496


	See Notes to Financial Statements.	141

Statements of Changes in Net Assets (continued)

	National
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015
Operations:
Net investment income	$	33,182,181		$	63,638,617
Net realized gain (loss) on investments and futures contracts		2,078,879			3,869,901
Net change in unrealized appreciation/depreciation on investments and futures contracts		36,985,791			(13,131,455	)
Net increase in net assets resulting from operations		72,246,851			54,377,063
Distributions to shareholders from:
Net investment income
Class A		(26,061,644	)		(50,979,102	)
Class B		(43,955	)		(107,359	)
Class C		(2,665,809	)		(5,227,998	)
Class F		(3,834,343	)		(6,329,585	)
Class I		(70,416	)		(76,898	)
Class P		–			–
Total distributions to shareholders		(32,676,167	)		(62,720,942	)
Capital share transactions (Net of share conversions) (See Note 13):
Net proceeds from sales of shares		225,724,021			281,188,501
Reinvestment of distributions		27,481,304			52,715,085
Cost of shares reacquired		(126,599,794	)		(311,162,729	)
Net increase (decrease) in net assets resulting from capital share transactions		126,605,531			22,740,857
Net increase (decrease) in net assets		166,176,215			14,396,978
NET ASSETS:
Beginning of year	$	1,769,547,126		$	1,755,150,148
End of year	$	1,935,723,341		$	1,769,547,126
Undistributed net investment income	$	6,136,688		$	5,630,674


*	For the period June 1, 2015 (commencement of operations) to September 30, 2015.


142	See Notes to Financial Statements.

High Yield						Short Duration High Yield
For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015			For the Six Months Ended March 31, 2016 (unaudited)			For the Period Ended September 30, 2015*

$	47,895,619		$	95,266,128		$	588,293		$	147,179

	(5,859,098	)		(8,247,718	)		(73,895	)		(30,649	)

	43,624,711			(22,143,286	)		693,384			86,256
	85,661,232			64,875,124			1,207,782			202,786

	(26,688,369	)		(54,087,380	)		(290,589	)		(69,626	)
	–			–			–			–
	(8,158,163	)		(16,325,327	)		(22,345	)		(2,456	)
	(9,903,000	)		(19,717,273	)		(210,444	)		(59,453	)
	(661,853	)		(582,550	)		(11,032	)		(4,349	)
	(309	)		(593	)		–			–
	(45,411,694	)		(90,713,123	)		(534,410	)		(135,884	)

	283,616,797			539,277,999			45,009,869			22,738,439
	35,322,615			71,032,687			509,687			133,008
	(242,717,564	)		(618,132,774	)		(7,771,032	)		(375,817	)

	76,221,848			(7,822,088	)		37,748,524			22,495,630
	116,471,386			(33,660,087	)		38,421,896			22,562,532

$	1,954,290,319		$	1,987,950,406		$	22,562,532		$	–
$	2,070,761,705		$	1,954,290,319		$	60,984,428		$	22,562,532
$	19,071,174		$	16,587,249		$	74,339		$	20,456


	See Notes to Financial Statements.	143

Statements of Changes in Net Assets (concluded)

	California
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015
Operations:
Net investment income	$	4,626,976		$	8,515,842
Net realized gain (loss) on investments and futures contracts		(830,169	)		1,150,229
Net change in unrealized appreciation/depreciation on investments and futures contracts		7,091,613			(1,410,773	)
Net increase in net assets resulting from operations		10,888,420			8,255,298
Distributions to shareholders from:
Net investment income
Class A		(3,283,077	)		(6,176,770	)
Class C		(584,908	)		(1,068,570	)
Class F		(643,049	)		(1,106,644	)
Class I		(50,086	)		(53,983	)
Total distributions to shareholders		(4,561,120	)		(8,405,967	)
Capital share transactions (Net of share conversions) (See Note 13):
Net proceeds from sales of shares		50,150,873			71,315,672
Reinvestment of distributions		3,778,782			7,017,508
Cost of shares reacquired		(26,615,936	)		(45,307,131	)
Net increase (decrease) in net assets resulting from capital share transactions		27,313,719			33,026,049
Net increase (decrease) in net assets		33,641,019			32,875,380
NET ASSETS:
Beginning of year	$	263,960,431		$	231,085,051
End of year	$	297,601,450		$	263,960,431
Undistributed (distributions in excess of) net investment income	$	92,347		$	26,491


144	See Notes to Financial Statements.

New Jersey						New York
For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015			For the Six Months Ended March 31, 2016 (unaudited)			For the Year Ended September 30, 2015

$	1,622,779		$	3,371,339		$	5,601,240		$	10,533,609

	492,702			895,119			1,117,120			1,629,682

	2,125,165			(2,559,562	)		7,252,205			(3,162,505	)
	4,240,646			1,706,896			13,970,565			9,000,786

	(1,489,548	)		(3,111,519	)		(4,368,416	)		(8,284,127	)
	–			–			(674,519	)		(1,305,290	)
	(114,357	)		(227,351	)		(499,319	)		(837,638	)
	(242	)		(478	)		(15,652	)		(24,347	)
	(1,604,147	)		(3,339,348	)		(5,557,906	)		(10,451,402	)

	6,941,194			11,301,232			60,018,167			98,782,412
	1,252,536			2,656,509			4,257,502			7,911,780
	(7,913,536	)		(15,553,745	)		(42,648,619	)		(52,942,140	)

	280,194			(1,596,004	)		21,627,050			53,752,052
	2,916,693			(3,228,456	)		30,039,709			52,301,436

$	96,336,289		$	99,564,745		$	367,683,354		$	315,381,918
$	99,252,982		$	96,336,289		$	397,723,063		$	367,683,354

$	(81,247	)	$	(99,879	)	$	(450,417	)	$	(493,751	)


	See Notes to Financial Statements.	145

Financial Highlights

SHORT DURATION TAX FREE FUND

			Per Share Operating Performance:

											Distributions to
			Investment Operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			butions
Class A
3/31/2016^(d)	$	15.74	$	0.08	$	0.02		$	0.10		$	(0.08	)	$	–		$	(0.08	)
9/30/2015		15.80		0.16		(0.06	)		0.10			(0.16	)		–			(0.16	)
9/30/2014		15.71		0.19		0.10			0.29			(0.19	)		(0.01	)		(0.20	)
9/30/2013		15.97		0.21		(0.25	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)
9/30/2012		15.83		0.26		0.15			0.41			(0.26	)		(0.01	)		(0.27	)
9/30/2011		15.80		0.33		0.03			0.36			(0.33	)		–			(0.33	)
Class C
3/31/2016^(d)		15.74		0.04		0.02			0.06			(0.04	)		–			(0.04	)
9/30/2015		15.80		0.06		(0.06	)		–			(0.06	)		–			(0.06	)
9/30/2014		15.71		0.09		0.10			0.19			(0.09	)		(0.01	)		(0.10	)
9/30/2013		15.97		0.11		(0.26	)		(0.15	)		(0.10	)		(0.01	)		(0.11	)
9/30/2012		15.83		0.16		0.15			0.31			(0.16	)		(0.01	)		(0.17	)
9/30/2011		15.80		0.21		0.03			0.24			(0.21	)		–			(0.21	)
Class F
3/31/2016^(d)		15.74		0.09		0.02			0.11			(0.09	)		–			(0.09	)
9/30/2015		15.80		0.18		(0.07	)		0.11			(0.17	)		–			(0.17	)
9/30/2014		15.71		0.20		0.10			0.30			(0.20	)		(0.01	)		(0.21	)
9/30/2013		15.97		0.23		(0.25	)		(0.02	)		(0.23	)		(0.01	)		(0.24	)
9/30/2012		15.83		0.27		0.16			0.43			(0.28	)		(0.01	)		(0.29	)
9/30/2011		15.80		0.34		0.03			0.37			(0.34	)		–			(0.34	)
Class I
3/31/2016^(d)		15.74		0.10		0.02			0.12			(0.10	)		–			(0.10	)
9/30/2015		15.80		0.19		(0.06	)		0.13			(0.19	)		–			(0.19	)
9/30/2014		15.71		0.22		0.10			0.32			(0.22	)		(0.01	)		(0.23	)
9/30/2013		15.97		0.24		(0.25	)		(0.01	)		(0.24	)		(0.01	)		(0.25	)
9/30/2012		15.83		0.28		0.16			0.44			(0.29	)		(0.01	)		(0.30	)
9/30/2011		15.80		0.35		0.04			0.39			(0.36	)		–			(0.36	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.

146

See Notes to Financial Statements.

					Ratios to Average Net Assets:												Supplemental Data:
					Total			Total
					expenses			expenses
					after			after
					waivers			waivers
					and/or reim-			and/or reim-
Net					bursements			bursements									Net
asset					(includes			(excludes						Net			assets,		Portfolio
value,		Total			interest			interest			Total			investment			end of		turnover
end of		return^(b)			expense)^(c)			expense)^(c)			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(%)			(000)		(%)

$	15.76		0.66	^(e)		0.33	^(e)		0.33	^(e)		0.36	^(e)		0.53	^(e)	$	1,069,002		10.72	^(e)
	15.74		0.63			0.65			0.65			0.70			1.02			1,056,101		25.83
	15.80		1.85			0.64			0.64			0.70			1.19			1,231,268		28.30
	15.71		(0.28	)		0.63			0.62			0.70			1.32			1,476,264		23.80
	15.97		2.65			0.61			0.60			0.70			1.65			1,511,237		18.11
	15.83		2.30			0.59			0.58			0.70			2.08			1,249,341		52.51

	15.76		0.35	^(e)		0.63	^(e)		0.63	^(e)		0.67	^(e)		0.23	^(e)		193,699		10.72	^(e)
	15.74		0.01			1.27			1.27			1.33			0.39			200,818		25.83
	15.80		1.20			1.28			1.28			1.34			0.55			237,782		28.30
	15.71		(0.93	)		1.29			1.29			1.36			0.67			285,611		23.80
	15.97		1.97			1.27			1.26			1.36			1.00			298,123		18.11
	15.83		1.56			1.31			1.31			1.41			1.36			244,872		52.51

	15.76		0.71	^(e)		0.27	^(e)		0.27	^(e)		0.30	^(e)		0.58	^(e)		713,390		10.72	^(e)
	15.74		0.73			0.55			0.55			0.60			1.11			724,280		25.83
	15.80		1.95			0.54			0.54			0.60			1.29			775,914		28.30
	15.71		(0.18	)		0.53			0.52			0.60			1.42			757,444		23.80
	15.97		2.75			0.51			0.50			0.60			1.72			704,486		18.11
	15.83		2.40			0.49			0.48			0.60			2.18			365,694		52.51

	15.76		0.76	^(e)		0.22	^(e)		0.22	^(e)		0.26	^(e)		0.63	^(e)		51,236		10.72	^(e)
	15.74		0.83			0.45			0.45			0.50			1.20			44,295		25.83
	15.80		2.04			0.44			0.44			0.50			1.38			82,953		28.30
	15.71		(0.08	)		0.43			0.42			0.50			1.50			67,487		23.80
	15.97		2.83			0.41			0.40			0.50			1.77			23,111		18.11
	15.83		2.48			0.39			0.39			0.49			2.22			6,330		52.51

See Notes to Financial Statements.

147

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

Per Share Operating Performance:

Investment Operations:

Total

Net asset

Net

from

value on

Net

Net asset

Net

realized

invest-

SEC

Net

realized

value,

invest-

and

ment

Effective

invest-

and

beginning

ment

unrealized

opera-

Date,

ment

unrealized

of period

income^(a)

gain (loss)

tions

2/1/2011

income^(a)

gain (loss)

Class A

3/31/2016^(d)

10.80

–

0.15

0.19

9/30/2015

10.83

–

0.31

(0.04

)

9/30/2014

10.49

–

0.32

0.41

9/30/2013

10.99

–

0.29

(0.50

)

9/30/2012

10.49

–

0.33

0.50

9/30/2011

10.52

–

0.39

(0.03

)

Class B

3/31/2016^(d)

10.79

–

0.11

0.18

9/30/2015

10.83

–

0.22

(0.05

)

9/30/2014

10.48

–

0.24

0.41

9/30/2013

10.98

–

0.20

(0.50

)

9/30/2012

10.48

–

0.25

0.50

9/30/2011

10.51

–

0.31

(0.04

)

Class C

3/31/2016^(d)

10.79

–

0.12

0.17

9/30/2015

10.82

–

0.24

(0.04

)

9/30/2014

10.48

–

0.25

0.41

9/30/2013

10.98

–

0.22

(0.51

)

9/30/2012

10.48

–

0.26

0.50

9/30/2011

10.51

–

0.32

(0.04

)

Class F

3/31/2016^(d)

10.80

–

0.16

0.17

9/30/2015

10.83

–

0.32

(0.04

)

9/30/2014

10.49

–

0.33

0.41

9/30/2013

10.99

–

0.30

(0.50

)

9/30/2012

10.49

–

0.34

0.50

9/30/2011

10.52

–

0.40

(0.03

)

Class I

3/31/2016^(d)

10.80

–

0.16

0.19

9/30/2015

10.84

–

0.33

(0.05

)

9/30/2014

10.49

–

0.34

0.42

9/30/2013

11.00

–

0.31

(0.51

)

9/30/2012

10.50

–

0.34

0.51

1/31/2011 to 9/30/2011^(f)

9.96

0.00

^(g)

(0.01

)

(0.01

)

9.95

0.27

0.55

^(h)

Class P

3/31/2016^(d)

10.80

–

0.14

0.18

9/30/2015

10.84

–

0.28

(0.04

)

9/30/2014

10.49

–

0.30

0.41

9/30/2013

11.00

–

0.27

(0.52

)

9/30/2012

10.50

–

0.31

0.50

9/30/2011

10.52

–

0.37

(0.03

)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.

148

See Notes to Financial Statements.

			Distributions to
			shareholders from:
Total
from												Net
invest-												asset
ment			Net			Net			Total			value,		Total			Total
opera-			investment			realized			distri-			end of		return^(b)			return^(b)
tions			income			gain			butions			period		(%)			(%)

$	0.34		$	(0.15	)	$	(0.01	)	$	(0.16	)	$	10.98		–			3.12	^(e)
	0.27			(0.30	)		–			(0.30	)		10.80		–			2.52
	0.73			(0.32	)		(0.07	)		(0.39	)		10.83		–			7.09
	(0.21	)		(0.29	)		–			(0.29	)		10.49		–			(1.99	)
	0.83			(0.33	)		–			(0.33	)		10.99		–			8.04
	0.36			(0.39	)		–			(0.39	)		10.49		–			3.55

	0.29			(0.10	)		(0.01	)		(0.11	)		10.97		–			2.72	^(e)
	0.17			(0.21	)		–			(0.21	)		10.79		–			1.62
	0.65			(0.23	)		(0.07	)		(0.30	)		10.83		–			6.35
	(0.30	)		(0.20	)		–			(0.20	)		10.48		–			(2.78	)
	0.75			(0.25	)		–			(0.25	)		10.98		–			7.19
	0.27			(0.30	)		–			(0.30	)		10.48		–			2.73

	0.29			(0.11	)		(0.01	)		(0.12	)		10.96		–			2.71	^(e)
	0.20			(0.23	)		–			(0.23	)		10.79		–			1.89
	0.66			(0.25	)		(0.07	)		(0.32	)		10.82		–			6.42
	(0.29	)		(0.21	)		–			(0.21	)		10.48		–			(2.66	)
	0.76			(0.26	)		–			(0.26	)		10.98		–			7.32
	0.28			(0.31	)		–			(0.31	)		10.48		–			2.81

	0.33			(0.15	)		(0.01	)		(0.16	)		10.97		–			3.08	^(e)
	0.28			(0.31	)		–			(0.31	)		10.80		–			2.62
	0.74			(0.33	)		(0.07	)		(0.40	)		10.83		–			7.20
	(0.20	)		(0.30	)		–			(0.30	)		10.49		–			(1.89	)
	0.84			(0.34	)		–			(0.34	)		10.99		–			8.15
	0.37			(0.40	)		–			(0.40	)		10.49		–			3.66

	0.35			(0.16	)		(0.01	)		(0.17	)		10.98		–			3.22	^(e)
	0.28			(0.32	)		–			(0.32	)		10.80		–			2.63
	0.76			(0.34	)		(0.07	)		(0.41	)		10.84		–			7.41
	(0.20	)		(0.31	)		–			(0.31	)		10.49		–			(1.89	)
	0.85			(0.35	)		–			(0.35	)		11.00		–			8.22
	0.82			(0.27	)		–			(0.27	)		10.50		8.26	^(e)(i)		8.35	^(e)(j)

	0.32			(0.13	)		(0.01	)		(0.14	)		10.98		–			3.00	^(e)
	0.24			(0.28	)		–			(0.28	)		10.80		–			2.19
	0.71			(0.29	)		(0.07	)		(0.36	)		10.84		–			6.94
	(0.25	)		(0.26	)		–			(0.26	)		10.49		–			(2.32	)
	0.81			(0.31	)		–			(0.31	)		11.00		–			7.79
	0.34			(0.36	)		–			(0.36	)		10.50		–			3.41

^(g)	Amount is less than $0.01.
^(h)	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.
⁽ⁱ⁾	Total return for the period 1/31/2011 through 9/30/2011.
^(j)	Total return for the period 2/1/2011 through 9/30/2011.
^(k)	Annualized.

See Notes to Financial Statements.

149

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Ratios to Average Net Assets:												Supplemental Data:
	Total expenses			Total expenses
	after waivers			after waivers
	and/or reim-			and/or reim-
	bursements			bursements									Net
	(includes			(excludes						Net			assets,		Portfolio
	interest			interest			Total			investment			end of		turnover
	expense)^(c)			expense)^(c)			expenses			income			period		rate
	(%)			(%)			(%)			(%)			(000)		(%)
Class A
3/31/2016^(d)		0.35	^(e)		0.35	^(e)		0.35	^(e)		1.38	^(e)	$	1,796,813		4.94	^(e)
9/30/2015		0.71			0.71			0.71			2.84			1,592,318		12.23
9/30/2014		0.70			0.70			0.71			3.04			1,485,143		18.92
9/30/2013		0.69			0.68			0.70			2.67			1,829,614		30.59
9/30/2012		0.67			0.66			0.70			3.10			2,064,377		21.39
9/30/2011		0.65			0.64			0.72			3.82			1,385,337		38.81
Class B
3/31/2016^(d)		0.75	^(e)		0.75	^(e)		0.75	^(e)		0.99	^(e)		2,415		4.94	^(e)
9/30/2015		1.51			1.51			1.51			2.05			2,907		12.23
9/30/2014		1.50			1.50			1.51			2.24			3,892		18.92
9/30/2013		1.49			1.48			1.50			1.88			4,587		30.59
9/30/2012		1.47			1.46			1.50			2.34			5,933		21.39
9/30/2011		1.45			1.44			1.52			3.03			6,526		38.81
Class C
3/31/2016^(d)		0.67	^(e)		0.67	^(e)		0.67	^(e)		1.07	^(e)		616,636		4.94	^(e)
9/30/2015		1.33			1.33			1.33			2.22			564,502		12.23
9/30/2014		1.34			1.34			1.35			2.40			559,156		18.92
9/30/2013		1.36			1.36			1.38			2.00			634,305		30.59
9/30/2012		1.34			1.34			1.38			2.42			699,128		21.39
9/30/2011		1.37			1.36			1.43			3.10			453,450		38.81
Class F
3/31/2016^(d)		0.30	^(e)		0.30	^(e)		0.30	^(e)		1.43	^(e)		1,724,269		4.94	^(e)
9/30/2015		0.61			0.61			0.61			2.94			1,447,425		12.23
9/30/2014		0.60			0.60			0.60			3.13			1,092,546		18.92
9/30/2013		0.59			0.58			0.60			2.77			899,590		30.59
9/30/2012		0.57			0.56			0.61			3.19			1,007,950		21.39
9/30/2011		0.55			0.54			0.62			3.92			547,652		38.81
Class I
3/31/2016^(d)		0.25	^(e)		0.25	^(e)		0.25	^(e)		1.48	^(e)		228,576		4.94	^(e)
9/30/2015		0.51			0.51			0.51			3.02			164,325		12.23
9/30/2014		0.50			0.50			0.50			3.23			68,985		18.92
9/30/2013		0.49			0.48			0.50			2.87			52,814		30.59
9/30/2012		0.47			0.46			0.51			3.17			37,514		21.39
1/31/2011 to 9/30/2011^(f)		0.45	^(k)		0.44	^(k)		0.54	^(k)		3.81	^(k)		2,572		38.81
Class P
3/31/2016^(d)		0.47	^(e)		0.47	^(e)		0.47	^(e)		1.28	^(e)		16		4.94	^(e)
9/30/2015		0.95			0.95			0.95			2.60			16		12.23
9/30/2014		0.93			0.93			0.94			2.80			16		18.92
9/30/2013		0.92			0.92			0.94			2.44			15		30.59
9/30/2012		0.90			0.90			0.94			2.90			15		21.39
9/30/2011		0.89			0.88			0.96			3.60			14		38.81

150

See Notes to Financial Statements.

This page is intentionally left blank.

151

Financial Highlights (continued)

AMT FREE MUNICIPAL BOND FUND

			Per Share Operating Performance:

											Distributions
											to
											shareholders
			Investment Operations:								from:
	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
3/31/2016^(d)	$	15.84	$	0.27	$	0.36		$	0.63		$	(0.26	)	$	16.21
9/30/2015		15.89		0.54		(0.06	)		0.48			(0.53	)		15.84
9/30/2014		15.03		0.59		0.85			1.44			(0.58	)		15.89
9/30/2013		16.38		0.58		(1.35	)		(0.77	)		(0.58	)		15.03
9/30/2012		15.08		0.65		1.30			1.95			(0.65	)		16.38
10/26/2010 to 9/30/2011^(f)		15.00		0.65		0.05			0.70			(0.62	)		15.08
Class C
3/31/2016^(d)		15.84		0.22		0.35			0.57			(0.21	)		16.20
9/30/2015		15.88		0.44		(0.05	)		0.39			(0.43	)		15.84
9/30/2014		15.03		0.48		0.85			1.33			(0.48	)		15.88
9/30/2013		16.38		0.46		(1.35	)		(0.89	)		(0.46	)		15.03
9/30/2012		15.07		0.51		1.32			1.83			(0.52	)		16.38
10/26/2010 to 9/30/2011^(f)		15.00		0.54		0.04			0.58			(0.51	)		15.07
Class F
3/31/2016^(d)		15.84		0.27		0.37			0.64			(0.27	)		16.21
9/30/2015		15.89		0.55		(0.06	)		0.49			(0.54	)		15.84
9/30/2014		15.03		0.60		0.85			1.45			(0.59	)		15.89
9/30/2013		16.38		0.60		(1.36	)		(0.76	)		(0.59	)		15.03
9/30/2012		15.09		0.65		1.30			1.95			(0.66	)		16.38
10/26/2010 to 9/30/2011^(f)		15.00		0.67		0.05			0.72			(0.63	)		15.09
Class I
3/31/2016^(d)		15.85		0.28		0.37			0.65			(0.28	)		16.22
9/30/2015		15.90		0.56		(0.05	)		0.51			(0.56	)		15.85
9/30/2014		15.04		0.62		0.85			1.47			(0.61	)		15.90
9/30/2013		16.39		0.63		(1.37	)		(0.74	)		(0.61	)		15.04
9/30/2012		15.08		0.66		1.33			1.99			(0.68	)		16.39
10/26/2010 to 9/30/2011^(f)		15.00		0.66		0.07			0.73			(0.65	)		15.08

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Commencement of operations was 10/26/2010.
^(g)	Annualized.

152

See Notes to Financial Statements.

			Ratios to Average Net Assets:												Supplemental Data:
			Total			Total
			expenses			expenses
			after			after
			waivers			waivers
			and/or reim-			and/or reim-
			bursements			bursements									Net
			(includes			(excludes						Net			assets,		Portfolio
Total			interest			interest			Total			investment			end of		turnover
return^(b)			expense)^(c)			expense)^(c)			expenses			income			period		rate
(%)			(%)			(%)			(%)			(%)			(000)		(%)

	4.01	^(e)		0.30	^(e)		0.30	^(e)		0.44	^(e)		1.66	^(e)	$	132,731		5.85	^(e)
	3.04			0.60			0.60			0.89			3.38			107,977		20.67
	9.76			0.60			0.60			0.90			3.83			92,711		50.67
	(4.88	)		0.58			0.58			0.87			3.62			106,852		45.96
	13.16			0.55			0.53			0.91			4.12			115,862		17.32
	4.90	^(e)		0.50	^(g)		0.50	^(g)		1.13	^(g)		4.81	^(g)		62,280		54.63

	3.62	^(e)		0.62	^(e)		0.62	^(e)		0.75	^(e)		1.34	^(e)		26,577		5.85	^(e)
	2.46			1.24			1.24			1.53			2.75			21,349		20.67
	8.97			1.27			1.27			1.56			3.15			20,596		50.67
	(5.53	)		1.33			1.33			1.62			2.87			19,779		45.96
	12.29			1.32			1.30			1.66			3.22			18,242		17.32
	4.03	^(e)		1.29	^(g)		1.29	^(g)		1.84	^(g)		3.97	^(g)		2,532		54.63

	4.06	^(e)		0.25	^(e)		0.25	^(e)		0.38	^(e)		1.70	^(e)		46,097		5.85	^(e)
	3.14			0.50			0.50			0.79			3.47			27,849		20.67
	9.87			0.50			0.50			0.80			3.91			24,429		50.67
	(4.78	)		0.48			0.48			0.77			3.71			18,702		45.96
	13.20			0.45			0.44			0.80			4.08			32,554		17.32
	5.04	^(e)		0.40	^(g)		0.39	^(g)		0.90	^(g)		4.85	^(g)		3,769		54.63

	4.11	^(e)		0.20	^(e)		0.20	^(e)		0.34	^(e)		1.76	^(e)		931		5.85	^(e)
	3.24			0.40			0.40			0.70			3.55			732		20.67
	9.97			0.40			0.40			0.69			4.00			169		50.67
	(4.65	)		0.37			0.37			0.67			3.80			108		45.96
	13.41			0.36			0.35			0.69			4.10			8,372		17.32
	5.13	^(e)		0.29	^(g)		0.29	^(g)		2.12	^(g)		4.91	^(g)		11		54.63

See Notes to Financial Statements.

153

Financial Highlights (continued)

NATIONAL TAX FREE FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment Operations:								from:
	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
3/31/2016^(d)	$	11.24	$	0.21	$	0.24		$	0.45		$	(0.20	)	$	11.49
9/30/2015		11.29		0.41		(0.06	)		0.35			(0.40	)		11.24
9/30/2014		10.60		0.45		0.68			1.13			(0.44	)		11.29
9/30/2013		11.52		0.44		(0.93	)		(0.49	)		(0.43	)		10.60
9/30/2012		10.53		0.50		0.98			1.48			(0.49	)		11.52
9/30/2011		10.84		0.52		(0.31	)		0.21			(0.52	)		10.53
Class B
3/31/2016^(d)		11.30		0.16		0.25			0.41			(0.16	)		11.55
9/30/2015		11.35		0.32		(0.06	)		0.26			(0.31	)		11.30
9/30/2014		10.65		0.36		0.69			1.05			(0.35	)		11.35
9/30/2013		11.58		0.35		(0.94	)		(0.59	)		(0.34	)		10.65
9/30/2012		10.58		0.42		0.99			1.41			(0.41	)		11.58
9/30/2011		10.90		0.45		(0.33	)		0.12			(0.44	)		10.58
Class C
3/31/2016^(d)		11.26		0.17		0.24			0.41			(0.17	)		11.50
9/30/2015		11.30		0.34		(0.05	)		0.29			(0.33	)		11.26
9/30/2014		10.61		0.38		0.68			1.06			(0.37	)		11.30
9/30/2013		11.53		0.37		(0.93	)		(0.56	)		(0.36	)		10.61
9/30/2012		10.54		0.43		0.98			1.41			(0.42	)		11.53
9/30/2011		10.86		0.46		(0.33	)		0.13			(0.45	)		10.54
Class F
3/31/2016^(d)		11.23		0.21		0.25			0.46			(0.21	)		11.48
9/30/2015		11.28		0.42		(0.06	)		0.36			(0.41	)		11.23
9/30/2014		10.59		0.45		0.69			1.14			(0.45	)		11.28
9/30/2013		11.51		0.45		(0.93	)		(0.48	)		(0.44	)		10.59
9/30/2012		10.52		0.51		0.98			1.49			(0.50	)		11.51
9/30/2011		10.83		0.53		(0.31	)		0.22			(0.53	)		10.52
Class I
3/31/2016^(d)		11.24		0.22		0.24			0.46			(0.22	)		11.48
9/30/2015		11.29		0.43		(0.06	)		0.37			(0.42	)		11.24
9/30/2014		10.60		0.45		0.70			1.15			(0.46	)		11.29
9/30/2013		11.52		0.46		(0.93	)		(0.47	)		(0.45	)		10.60
9/30/2012		10.53		0.51		1.00			1.51			(0.52	)		11.52
9/30/2011		10.84		0.55		(0.32	)		0.23			(0.54	)		10.53

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.

154

See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

			Total			Total
			expenses			expenses
			(includes			(excludes			Net			Net assets,		Portfolio
Total			interest			interest			investment			end of		turnover
return^(b)			expense)			expense)^(c)			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	4.08	^(e)		0.38	^(e)		0.37	^(e)		1.83	^(e)	$	1,494,577		8.41	^(e)
	3.16			0.77			0.75			3.61			1,404,309		29.05
	10.87			0.78			0.75			4.09			1,423,250		44.80
	(4.40	)		0.76			0.74			3.87			1,438,697		33.78
	14.37			0.79			0.73			4.52			1,694,729		43.81
	2.15			0.83			0.76			5.12			1,406,579		87.43

	3.65	^(e)		0.79	^(e)		0.78	^(e)		1.43	^(e)		2,990		8.41	^(e)
	2.34			1.58			1.55			2.81			3,300		29.05
	10.06			1.58			1.55			3.31			4,488		44.80
	(5.21	)		1.57			1.54			3.07			5,443		33.78
	13.52			1.60			1.53			3.77			7,762		43.81
	1.26			1.64			1.57			4.31			9,190		87.43

	3.66	^(e)		0.70	^(e)		0.69	^(e)		1.52	^(e)		186,360		8.41	^(e)
	2.61			1.40			1.38			2.98			172,774		29.05
	10.17			1.41			1.39			3.46			174,469		44.80
	(5.02	)		1.42			1.40			3.21			177,169		33.78
	13.64			1.43			1.37			3.87			215,692		43.81
	1.38			1.50			1.43			4.44			158,714		87.43

	4.13	^(e)		0.33	^(e)		0.32	^(e)		1.87	^(e)		248,244		8.41	^(e)
	3.25			0.67			0.65			3.70			186,722		29.05
	10.98			0.67			0.65			4.15			151,265		44.80
	(4.31	)		0.66			0.64			3.95			103,160		33.78
	14.48			0.69			0.63			4.58			122,943		43.81
	2.24			0.73			0.66			5.21			73,983		87.43

	4.08	^(e)		0.28	^(e)		0.27	^(e)		1.89	^(e)		3,551		8.41	^(e)
	3.34			0.57			0.55			3.77			2,442		29.05
	11.07			0.57			0.55			4.14			1,679		44.80
	(4.23	)		0.57			0.54			4.05			719		33.78
	14.62			0.59			0.52			4.58			78		43.81
	2.40			0.61			0.54			5.35			11		87.43

See Notes to Financial Statements.

155

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

			Per Share Operating Performance:

											Distributions
											to
											shareholders
			Investment Operations:								from:
	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
3/31/2016^(d)	$	11.54	$	0.29	$	0.22		$	0.51		$	(0.27	)	$	11.78
9/30/2015		11.69		0.56		(0.17	)		0.39			(0.54	)		11.54
9/30/2014		10.91		0.58		0.75			1.33			(0.55	)		11.69
9/30/2013		11.93		0.58		(1.04	)		(0.46	)		(0.56	)		10.91
9/30/2012		11.06		0.63		0.85			1.48			(0.61	)		11.93
9/30/2011		11.81		0.69		(0.77	)		(0.08	)		(0.67	)		11.06
Class C
3/31/2016^(d)		11.55		0.25		0.21			0.46			(0.23	)		11.78
9/30/2015		11.69		0.49		(0.17	)		0.32			(0.46	)		11.55
9/30/2014		10.92		0.51		0.74			1.25			(0.48	)		11.69
9/30/2013		11.93		0.50		(1.03	)		(0.53	)		(0.48	)		10.92
9/30/2012		11.06		0.56		0.85			1.41			(0.54	)		11.93
9/30/2011		11.81		0.62		(0.77	)		(0.15	)		(0.60	)		11.06
Class F
3/31/2016^(d)		11.55		0.29		0.23			0.52			(0.28	)		11.79
9/30/2015		11.69		0.58		(0.17	)		0.41			(0.55	)		11.55
9/30/2014		10.92		0.58		0.76			1.34			(0.57	)		11.69
9/30/2013		11.94		0.59		(1.04	)		(0.45	)		(0.57	)		10.92
9/30/2012		11.07		0.64		0.85			1.49			(0.62	)		11.94
9/30/2011		11.82		0.70		(0.76	)		(0.06	)		(0.69	)		11.07
Class I
3/31/2016^(d)		11.53		0.29		0.22			0.51			(0.28	)		11.76
9/30/2015		11.67		0.58		(0.16	)		0.42			(0.56	)		11.53
9/30/2014		10.92		0.61		0.71			1.32			(0.57	)		11.67
9/30/2013		11.94		0.60		(1.04	)		(0.44	)		(0.58	)		10.92
9/30/2012		11.06		0.66		0.85			1.51			(0.63	)		11.94
9/30/2011		11.81		0.68		(0.74	)		(0.06	)		(0.69	)		11.06
Class P
3/31/2016^(d)		11.55		0.27		0.23			0.50			(0.26	)		11.79
9/30/2015		11.69		0.54		(0.17	)		0.37			(0.51	)		11.55
9/30/2014		10.92		0.56		0.74			1.30			(0.53	)		11.69
9/30/2013		11.94		0.56		(1.04	)		(0.48	)		(0.54	)		10.92
9/30/2012		11.07		0.61		0.85			1.46			(0.59	)		11.94
9/30/2011		11.82		0.67		(0.77	)		(0.10	)		(0.65	)		11.07

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.

156

See Notes to Financial Statements.

			Ratios to Average Net Assets:												Supplemental Data:
			Total			Total
			expenses			expenses
			after			after
			waivers			waivers
			and/or reim-			and/or reim-
			bursements			bursements									Net
			(includes			(excludes						Net			assets,		Portfolio
Total			interest			interest			Total			investment			end of		turnover
return^(b)			expense)^(c)			expense)^(c)			expenses			income			period		rate
(%)			(%)			(%)			(%)			(%)			(000)		(%)

	4.47	^(e)		0.40	^(e)		0.40	^(e)		0.40	^(e)		2.45	^(e)	$	1,178,408		7.61	^(e)
	3.36			0.84			0.83			0.87			4.82			1,141,428		31.38
	12.54			0.91			0.90			0.91			5.12			1,160,471		32.90
	(4.11	)		0.84			0.83			0.84			4.87			1,071,511		24.47
	13.79			0.86			0.80			0.86			5.52			1,185,644		27.20
	(0.46	)		0.89			0.82			0.89			6.24			919,758		40.94

	4.06	^(e)		0.72	^(e)		0.71	^(e)		0.72	^(e)		2.14	^(e)		415,580		7.61	^(e)
	2.81			1.47			1.46			1.50			4.20			397,615		31.38
	11.74			1.54			1.53			1.54			4.50			408,459		32.90
	(4.64	)		1.49			1.47			1.49			4.23			407,217		24.47
	13.08			1.49			1.44			1.49			4.91			526,880		27.20
	(1.11	)		1.56			1.48			1.56			5.59			450,802		40.94

	4.52	^(e)		0.35	^(e)		0.35	^(e)		0.35	^(e)		2.49	^(e)		429,976		7.61	^(e)
	3.55			0.74			0.73			0.77			4.92			404,172		31.38
	12.54			0.81			0.80			0.81			5.17			393,166		32.90
	(4.01	)		0.74			0.72			0.74			4.94			228,484		24.47
	13.89			0.76			0.70			0.76			5.60			258,682		27.20
	(0.35	)		0.79			0.72			0.79			6.35			175,052		40.94

	4.48	^(e)		0.30	^(e)		0.29	^(e)		0.30	^(e)		2.52	^(e)		46,784		7.61	^(e)
	3.64			0.64			0.63			0.67			4.99			11,061		31.38
	12.44			0.72			0.71			0.72			5.49			25,841		32.90
	(3.92	)		0.64			0.62			0.64			5.04			2,255		24.47
	14.08			0.66			0.60			0.66			5.78			1,629		27.20
	(0.28	)		0.70			0.62			0.70			6.18			2,258		40.94

	4.36	^(e)		0.51	^(e)		0.51	^(e)		0.51	^(e)		2.34	^(e)		14		7.61	^(e)
	3.22			1.08			1.06			1.11			4.61			14		31.38
	12.23			1.13			1.12			1.13			4.93			13		32.90
	(4.29	)		1.07			1.05			1.07			4.69			12		24.47
	13.56			1.08			1.02			1.08			5.36			12		27.20
	(0.65	)		1.11			1.04			1.11			6.07			11		40.94

See Notes to Financial Statements.

157

Financial Highlights (continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND

			Per Share Operating Performance:

									Distributions
									to
									shareholders
			Investment Operations:						from:
	Net asset				Net							Net asset
	value,		Net		realized and		Total from		Net			value,
	beginning of		investment		unrealized		investment		investment			end of
	period		income^(a)		gain		operations		income			period
Class A
3/31/2016^(e)	$	15.04	$	0.22	$	0.27	$	0.49	$	(0.21	)	$	15.32
6/1/2015 to 9/30/2015^(f)		15.00		0.13		0.03		0.16		(0.12	)		15.04
Class C
3/31/2016^(e)		15.04		0.16		0.27		0.43		(0.15	)		15.32
6/1/2015 to 9/30/2015^(f)		15.00		0.10		0.02		0.12		(0.08	)		15.04
Class F
3/31/2016^(e)		15.04		0.23		0.26		0.49		(0.21	)		15.32
6/1/2015 to 9/30/2015^(f)		15.00		0.14		0.02		0.16		(0.12	)		15.04
Class I
3/31/2016^(e)		15.04		0.24		0.26		0.50		(0.22	)		15.32
6/1/2015 to 9/30/2015^(f)		15.00		0.15		0.02		0.17		(0.13	)		15.04

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Not annualized.
^(d)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(e)	Unaudited.
^(f)	Commencement of operations was 6/1/2015.
^(g)	Annualized.

158

See Notes to Financial Statements.

		Ratios to Average Net Assets:												Supplemental Data:
		Total			Total
		expenses			expenses
		after			after
		waivers			waivers
		and/or reim-			and/or reim-
		bursements			bursements									Net
		(includes			(excludes						Net			assets,		Portfolio
Total		interest			interest			Total			investment			end of		turnover
return^(b)(c)		expense)^(d)			expense)^(d)			expenses			income			period		rate
(%)		(%)			(%)			(%)			(%)			(000)		(%)

	3.24		0.27	^(c)		0.27	^(c)		0.46	^(c)		1.46	^(c)	$	34,500		5.94	^(c)
	1.06		0.55	^(g)		0.55	^(g)		1.69	^(g)		2.69	^(g)		12,019		1.06

	2.84		0.66	^(c)		0.66	^(c)		0.84	^(c)		1.06	^(c)		4,528		5.94	^(c)
	0.78		1.35	^(g)		1.35	^(g)		2.42	^(g)		1.98	^(g)		852		1.06

	3.29		0.22	^(c)		0.22	^(c)		0.41	^(c)		1.51	^(c)		21,044		5.94	^(c)
	1.09		0.45	^(g)		0.45	^(g)		1.59	^(g)		2.76	^(g)		9,072		1.06

	3.35		0.17	^(c)		0.17	^(c)		0.37	^(c)		1.58	^(c)		912		5.94	^(c)
	1.12		0.35	^(g)		0.35	^(g)		1.45	^(g)		2.97	^(g)		619		1.06

See Notes to Financial Statements.

159

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

Per Share Operating Performance:

Investment Operations:

Total

Net asset

Net

from

value on

Net

Net asset

Net

realized

invest-

SEC

Net

realized

value,

invest-

and

ment

Effective

invest-

and

beginning

ment

unrealized

opera-

Date,

ment

unrealized

of period

income^(a)

gain (loss)

tions

2/1/2011

income^(a)

gain (loss)

Class A

3/31/2016^(d)

$10.85

$–

$0.19

$0.25

9/30/2015

10.84

–

0.37

0.01

^(f)

9/30/2014

10.10

–

0.38

0.74

9/30/2013

10.73

–

0.38

(0.64

)

9/30/2012

9.90

–

0.43

0.83

9/30/2011

10.24

–

0.48

(0.35

)

Class C

3/31/2016^(d)

10.85

–

0.16

0.25

9/30/2015

10.84

–

0.31

–

^(f)(h)

9/30/2014

10.10

–

0.32

0.73

9/30/2013

10.73

–

0.31

(0.64

)

9/30/2012

9.90

–

0.36

0.83

9/30/2011

10.25

–

0.42

(0.36

)

Class F

3/31/2016^(d)

10.85

–

0.20

0.24

9/30/2015

10.84

–

0.38

0.01

^(f)

9/30/2014

10.10

–

0.39

0.74

9/30/2013

10.73

–

0.39

(0.64

)

9/30/2012

9.90

–

0.44

0.83

9/30/2011

10.24

–

0.49

(0.35

)

Class I

3/31/2016^(d)

10.84

–

0.20

0.26

9/30/2015

10.84

–

0.39

–

^(f)(h)

9/30/2014

10.09

–

0.41

0.74

9/30/2013

10.73

–

0.40

(0.65

)

9/30/2012

9.90

–

0.45

0.83

1/31/2011 to 9/30/2011^(g)

9.24

–

^(h)

(0.01

)

(0.01

)

9.23

0.33

0.67

^(f)

160

See Notes to Financial Statements.

			Distributions
			to
			shareholders
			from:
Total
from						Net
invest-						asset
ment			Net			value,		Total			Total
opera-			investment			end of		return^(b)			return^(b)
tions			income			period		(%)			(%)

$	0.44		$	(0.19	)	$	11.10		–			4.06	^(e)
	0.38			(0.37	)		10.85		–			3.54
	1.12			(0.38	)		10.84		–			11.29
	(0.26	)		(0.37	)		10.10		–			(2.51	)
	1.26			(0.43	)		10.73		–			12.94
	0.13			(0.47	)		9.90		–			1.56

	0.41			(0.15	)		11.11		–			3.83	^(e)
	0.31			(0.30	)		10.85		–			2.89
	1.05			(0.31	)		10.84		–			10.58
	(0.33	)		(0.30	)		10.10		–			(3.15	)
	1.19			(0.36	)		10.73		–			12.23
	0.06			(0.41	)		9.90		–			0.80

	0.44			(0.19	)		11.10		–			4.11	^(e)
	0.39			(0.38	)		10.85		–			3.64
	1.13			(0.39	)		10.84		–			11.39
	(0.25	)		(0.38	)		10.10		–			(2.42	)
	1.27			(0.44	)		10.73		–			13.04
	0.14			(0.48	)		9.90		–			1.65

	0.46			(0.20	)		11.10		–			4.26	^(e)
	0.39			(0.39	)		10.84		–			3.63
	1.15			(0.40	)		10.84		–			11.65
	(0.25	)		(0.39	)		10.09		–			(2.40	)
	1.28			(0.45	)		10.73		–			13.17
	1.00			(0.33	)		9.90		10.89	^(e)(i)		10.99	^(e)(j)

See Notes to Financial Statements.

161

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

	Ratios to Average Net Assets:									Supplemental Data:
	Total expenses			Total expenses						Net
	(includes			(excludes			Net			assets,		Portfolio
	interest			interest			investment			end of		turnover
	expense)^(c)			expense)^(c)			income			period		rate
	(%)			(%)			(%)			(000)		(%)
Class A
3/31/2016^(d)		0.40	^(e)		0.40	^(e)		1.73	^(e)	$	207,073		6.50	^(e)
9/30/2015		0.82			0.81			3.44			185,379		15.10
9/30/2014		0.86			0.86			3.69			170,131		20.90
9/30/2013		0.81			0.81			3.54			166,443		18.05
9/30/2012		0.82			0.79			4.16			191,127		28.15
9/30/2011		0.85			0.79			4.96			150,423		36.60
Class C
3/31/2016^(d)		0.71	^(e)		0.71	^(e)		1.41	^(e)		45,823		6.50	^(e)
9/30/2015		1.45			1.45			2.80			39,790		15.10
9/30/2014		1.50			1.50			3.05			36,122		20.90
9/30/2013		1.47			1.47			2.88			33,741		18.05
9/30/2012		1.45			1.42			3.51			38,712		28.15
9/30/2011		1.50			1.44			4.32			28,023		36.60
Class F
3/31/2016^(d)		0.35	^(e)		0.34	^(e)		1.78	^(e)		40,492		6.50	^(e)
9/30/2015		0.72			0.71			3.52			36,482		15.10
9/30/2014		0.76			0.76			3.78			24,810		20.90
9/30/2013		0.71			0.71			3.63			21,549		18.05
9/30/2012		0.72			0.69			4.23			22,344		28.15
9/30/2011		0.75			0.69			5.06			14,605		36.60
Class I
3/31/2016^(d)		0.29	^(e)		0.29	^(e)		1.81	^(e)		4,214		6.50	^(e)
9/30/2015		0.61			0.61			3.61			2,309		15.10
9/30/2014		0.66			0.65			3.90			22		20.90
9/30/2013		0.62			0.61			3.77			12		18.05
9/30/2012		0.62			0.59			4.39			13		28.15
1/31/2011 to 9/30/2011^(g)		0.69	^(k)		0.60	^(k)		5.24	^(k)		11		36.60

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	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.
^(g)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
^(h)	Amount is less than $0.01.
⁽ⁱ⁾	Total return for the period 1/31/2011 through 9/30/2011.
^(j)	Total return for the period 2/1/2011 through 9/30/2011.
^(k)	Annualized.

162

See Notes to Financial Statements.

This page is intentionally left blank.

163

Financial Highlights (continued)

NEW JERSEY TAX FREE FUND

Per Share Operating Performance:

Investment Operations:

Total

Net asset

Net

from

value on

Net

Net asset

Net

realized

invest-

SEC

Net

realized

value,

invest-

and

ment

Effective

invest-

and

beginning

ment

unrealized

opera-

Date,

ment

unrealized

of period

income^(a)

gain (loss)

tions

2/01/2011

income^(a)

gain (loss)

Class A

3/31/2016^(d)

4.86

–

0.08

0.13

9/30/2015

4.94

–

0.17

(0.08

)

9/30/2014

4.66

–

0.17

0.28

9/30/2013

5.07

–

0.17

(0.41

)

9/30/2012

4.69

–

0.19

0.38

9/30/2011

4.85

–

0.21

(0.16

)

Class F

3/31/2016^(d)

4.86

–

0.09

0.13

9/30/2015

4.94

–

0.17

(0.08

)

9/30/2014

4.66

–

0.18

0.28

9/30/2013

5.07

–

0.18

(0.41

)

9/30/2012

4.69

–

0.20

0.38

9/30/2011

4.85

–

0.22

(0.17

)

Class I

3/31/2016^(d)

4.86

–

0.09

0.14

9/30/2015

4.94

–

0.18

(0.08

)

9/30/2014

4.66

–

0.19

0.27

9/30/2013

5.07

–

0.18

(0.41

)

9/30/2012

4.69

–

0.21

0.37

1/31/2011 to 9/30/2011^(f)

4.42

–

^(g)

(0.01

)

(0.01

)

4.41

0.15

0.28

^(h)

164

See Notes to Financial Statements.

			Distributions
			to
			shareholders
			from:
Total
from						Net
invest-						Asset
ment			Net			value,		Total			Total
opera-			investment			end of		return^(b)			return^(b)
tions			income			period		(%)			(%)

$	0.21			$(0.08	)	$	4.99		–			4.39	^(e)
	0.09			(0.17	)		4.86		–			1.74
	0.45			(0.17	)		4.94		–			9.87
	(0.24	)		(0.17	)		4.66		–			(4.85	)
	0.57			(0.19	)		5.07		–			12.41
	0.05			(0.21	)		4.69		–			1.23

	0.22			(0.08	)		5.00		–			4.65	^(e)
	0.09			(0.17	)		4.86		–			1.84
	0.46			(0.18	)		4.94		–			9.97
	(0.23	)		(0.18	)		4.66		–			(4.76	)
	0.58			(0.20	)		5.07		–			12.51
	0.05			(0.21	)		4.69		–			1.33

	0.23			(0.09	)		5.00		–			4.72	^(e)
	0.10			(0.18	)		4.86		–			2.00
	0.46			(0.18	)		4.94		–			10.13
	(0.23	)		(0.18	)		4.66		–			(4.63	)
	0.58			(0.20	)		5.07		–			12.43
	0.43			(0.15	)		4.69		9.79	^(e)(i)		10.02	^(e)(j)

See Notes to Financial Statements.

165

Financial Highlights (continued)

NEW JERSEY TAX FREE FUND

	Ratios to Average Net Assets:												Supplemental Data:
	Total Expenses			Total Expenses
	after waivers			after waivers
	and/or reim-			and/or reim-
	bursements			bursements									Net
	(includes			(excludes						Net			assets,		Portfolio
	interest			interest			Total			investment			end of		turnover
	expense)^(c)			expense)^(c)			Expenses			income			period		rate
	(%)			(%)			(%)			(%)			(000)		(%)
Class A
3/31/2016^(d)		0.43	^(e)		0.43	^(e)		0.43	^(e)		1.68	^(e)	$	91,502		8.04	^(e)
9/30/2015		0.86			0.86			0.86			3.39			90,126		16.50
9/30/2014		0.85			0.85			0.85			3.63			92,713		19.20
9/30/2013		0.82			0.82			0.82			3.47			121,722		18.17
9/30/2012		0.83			0.82			0.83			3.96			136,085		31.06
9/30/2011		0.85			0.82			0.85			4.62			113,783		23.14
Class F
3/31/2016^(d)		0.38	^(e)		0.37	^(e)		0.38	^(e)		1.73	^(e)		7,737		8.04	^(e)
9/30/2015		0.76			0.76			0.76			3.49			6,197		16.50
9/30/2014		0.74			0.74			0.74			3.69			6,838		19.20
9/30/2013		0.72			0.72			0.72			3.55			4,782		18.17
9/30/2012		0.73			0.72			0.73			3.98			7,400		31.06
9/30/2011		0.75			0.72			0.75			4.70			3,949		23.14
Class I
3/31/2016^(d)		0.32	^(e)		0.32	^(e)		0.32	^(e)		1.80	^(e)		14		8.04	^(e)
9/30/2015		0.62			0.62			0.62			3.65			13		16.50
9/30/2014		0.62			0.62			0.62			3.87			13		19.20
9/30/2013		0.61			0.61			0.61			3.70			12		18.17
9/30/2012		0.61			0.60			0.61			4.18			12		31.06
1/31/2011 to 9/30/2011^(f)		0.64	^(k)		0.59	^(k)		0.64	^(k)		4.85	^(k)		11		23.14

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
^(g)	Amount is less than $0.01.
^(h)	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.
⁽ⁱ⁾	Total return for the period 1/31/2011 through 9/30/2011.
^(j)	Total return for the period 2/1/2011 through 9/30/2011.
^(k)	Annualized.

166

See Notes to Financial Statements.

This page is intentionally left blank.

167

Financial Highlights (continued)

NEW YORK TAX FREE FUND

Per Share Operating Performance:

Investment operations:

Total

Net asset

Net

from

value on

Net

Net asset

Net

realized

invest-

SEC

Net

realized

value,

invest-

and

ment

Effective

invest-

and

beginning

ment

unrealized

opera-

Date,

ment

unrealized

of period

income^(a)

gain (loss)

tions

2/1/2011

income^(a)

gain (loss)

Class A

3/31/2016^(d)

$11.19

$–

$ –

$0.17

$ 0.24

9/30/2015

11.23

–

0.35

(0.04

)

9/30/2014

10.59

–

0.38

0.63

9/30/2013

11.38

–

0.37

(0.79

)

9/30/2012

10.66

–

0.43

0.73

9/30/2011

10.96

–

0.48

(0.30

)

Class C

3/31/2016^(d)

11.18

–

0.13

0.24

9/30/2015

11.21

–

0.28

(0.03

)

9/30/2014

10.58

–

0.31

0.62

9/30/2013

11.37

–

0.30

(0.79

)

9/30/2012

10.65

–

0.36

0.72

9/30/2011

10.95

–

0.42

(0.31

)

Class F

3/31/2016^(d)

11.20

–

0.17

0.25

9/30/2015

11.24

–

0.36

(0.04

)

9/30/2014

10.60

–

0.39

0.63

9/30/2013

11.39

–

0.38

(0.79

)

9/30/2012

10.67

–

0.44

0.73

9/30/2011

10.97

–

0.49

(0.30

)

Class I

3/31/2016^(d)

11.20

–

0.18

0.24

9/30/2015

11.23

–

0.38

(0.04

)

9/30/2014

10.60

–

0.40

0.63

9/30/2013

11.39

–

0.39

(0.79

)

9/30/2012

10.67

–

0.41

0.77

1/31/2011 to 9/30/2011^(f)

10.10

–

^(g)

(0.01

)

(0.01

)

10.09

0.34

0.58

^(h)

168

See Notes to Financial Statements.

			Distributions
			to
			shareholders
			from:
Total
from						Net
invest-						asset
ment			Net			value,		Total			Total
opera-			investment			end of		return^(b)			return^(b)
tions			income			period		(%)			(%)

$	0.41			$(0.17	)	$	11.43		–			3.66	^(e)
	0.31			(0.35	)		11.19		–			2.80
	1.01			(0.37	)		11.23		–			9.73
	(0.42	)		(0.37	)		10.59		–			(3.80	)
	1.16			(0.44	)		11.38		–			11.05
	0.18			(0.48	)		10.66		–			1.85

	0.37			(0.13	)		11.42		–			3.33	^(e)
	0.25			(0.28	)		11.18		–			2.23
	0.93			(0.30	)		11.21		–			8.95
	(0.49	)		(0.30	)		10.58		–			(4.43	)
	1.08			(0.36	)		11.37		–			10.36
	0.11			(0.41	)		10.65		–			1.19

	0.42			(0.17	)		11.45		–			3.80	^(e)
	0.32			(0.36	)		11.20		–			2.90
	1.02			(0.38	)		11.24		–			9.83
	(0.41	)		(0.38	)		10.60		–			(3.70	)
	1.17			(0.45	)		11.39		–			11.15
	0.19			(0.49	)		10.67		–			1.95

	0.42			(0.18	)		11.44		–			3.75	^(e)
	0.34			(0.37	)		11.20		–			3.10
	1.03			(0.40	)		11.23		–			9.85
	(0.40	)		(0.39	)		10.60		–			(3.60	)
	1.18			(0.46	)		11.39		–			11.30
	0.92			(0.34	)		10.67		9.12	^(e)(i)		9.21	^(e)(j)

See Notes to Financial Statements.

169

Financial Highlights (concluded)

NEW YORK TAX FREE FUND

	Ratios to Average Net Assets:									Supplemental Data:
	Total Expenses			Total Expenses						Net
	(includes			(excludes			Net			assets,		Portfolio
	interest			interest			investment			end of		turnover
	expense)			expense)^(c)			income			period		rate
	(%)			(%)			(%)			(000)		(%)
Class A
3/31/2016^(d)		0.39	^(e)		0.39	^(e)		1.49	^(e)	$	297,256		7.35	^(e)
9/30/2015		0.79			0.79			3.15			283,229		9.56
9/30/2014		0.79			0.78			3.46			244,081		20.47
9/30/2013		0.78			0.78			3.33			262,089		16.89
9/30/2012		0.84			0.78			3.95			285,447		18.34
9/30/2011		0.85			0.78			4.64			216,126		47.37
Class C
3/31/2016^(d)		0.71	^(e)		0.71	^(e)		1.16	^(e)		62,196		7.35	^(e)
9/30/2015		1.44			1.43			2.50			55,562		9.56
9/30/2014		1.43			1.42			2.82			49,678		20.47
9/30/2013		1.44			1.43			2.67			45,152		16.89
9/30/2012		1.47			1.42			3.31			50,407		18.34
9/30/2011		1.50			1.43			3.99			38,627		47.37
Class F
3/31/2016^(d)		0.34	^(e)		0.34	^(e)		1.53	^(e)		36,776		7.35	^(e)
9/30/2015		0.69			0.69			3.24			27,788		9.56
9/30/2014		0.69			0.68			3.54			20,978		20.47
9/30/2013		0.68			0.68			3.42			16,844		16.89
9/30/2012		0.74			0.68			3.99			16,491		18.34
9/30/2011		0.75			0.68			4.73			7,907		47.37
Class I
3/31/2016^(d)		0.29	^(e)		0.29	^(e)		1.57	^(e)		1,495		7.35	^(e)
9/30/2015		0.60			0.59			3.34			1,104		9.56
9/30/2014		0.59			0.58			3.66			644		20.47
9/30/2013		0.59			0.58			3.54			587		16.89
9/30/2012		0.64			0.58			3.68			265		18.34
1/31/2011 to 9/30/2011^(f)		0.67	^(k)		0.57	^(k)		4.91	^(k)		11		47.37


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
^(g)	Amount is less than $0.01.
^(h)	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.
⁽ⁱ⁾	Total return for the period 1/31/2011 through 9/30/2011.
^(j)	Total return for the period 2/1/2011 through 9/30/2011.
^(k)	Annualized.

170

See Notes to Financial Statements.

Notes 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 currently consists of the following nine funds (separately, a “Fund” and collectively, the “Funds”) and their respective share classes:

Funds	Classes
Lord Abbett Short Duration Tax Free Fund (“Short Duration”)	A,B,C,F and I
Lord Abbett Intermediate Tax Free Fund (“Intermediate”)	A,B,C,F,I and P
Lord Abbett AMT Free Municipal Bond Fund (“AMT Free”)	A,C,F and I
Lord Abbett National Tax Free Income Fund (“National”)	A,B,C,F,I and P
Lord Abbett High Yield Municipal Bond Fund (“High Yield”)	A,B,C,F,I and P
Lord Abbett Short Duration High Yield Municipal Bond Fund (“Short Duration High Yield”)	A,C,F and I
Lord Abbett California Tax Free Income Fund (“California”)	A,C,F,I and P
Lord Abbett New Jersey Tax Free Income Fund (“New Jersey”)	A,F and I
Lord Abbett New York Tax Free Income Fund (“New York”)	A,C,F,I and P

Short Duration, Intermediate, AMT Free and National are diversified as defined in the Act. High Yield, Short Duration High Yield, California, New Jersey and New York are non-diversified as defined in the Act. Short Duration and Short Duration High Yield have not issued Class B shares and only Intermediate and High Yield have issued Class P shares. The Funds no longer issue Class B shares for purchase. The Funds’ Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds’ prospectus.

The investment objective of each Fund (except for High Yield and Short Duration High Yield) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Yield and Short Duration High Yield is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.

Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I and P shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25^thday of the month (or, if the 25^thday 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

171

Notes to Financial Statements (unaudited)(continued)

from those estimates. These Funds are considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2012 through September 30,

172

Notes to Financial Statements (unaudited)(continued)

	2015. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Each share class bear its class-specific share of expenses.

(f)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(g)	When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis, with delivery and payment normally taking place approximately one month after the purchase date.

(h)	Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors.

173

Notes to Financial Statements (unaudited)(continued)

The following is a summary of each Fund’s liability for trust certificates, range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred to TOBs as of March 31, 2016, as well as the average trust certificates for the six months ended March 31, 2016:

			Underlying	Average
		Interest Rate	Municipal Bonds	Trust
	Liability for	or Range of	Transferred	Certificates
Fund	Trust Certificates	Interest Rates	to TOBs	Outstanding
Short Duration	–	–	–	–
Intermediate	$ 2,250,000	.42% - .45%	$ 5,088,001	$ 2,780,000
AMT Free	–	–	–	–
National	59,715,000	.42% - .68%	138,062,514	60,531,667
High Yield	30,570,000	.43% - .45%	68,736,329	34,100,000
Short Duration High Yield	–	–	–	–
California	1,500,000	.45%	3,445,215	1,500,000
New Jersey	–	–	–	–
New York	–	–	–	1,343,333

	Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. As of March 31, 2016, the carrying value of each Fund’s Liability for Trust Certificates approximates its fair value.

	While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to the secured borrowings for TOB transactions.

(i)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;

•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

174

Notes to Financial Statements (unaudited)(continued)

•

Level 3 –

significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of March 31, 2016 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

	Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fees

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.

The management fee for each of National, California, New Jersey and New York is based on each Fund’s average daily net assets at the following annual rate:

First $1 billion	.45%
Next $1 billion	.40%
Over $2 billion	.35%

The management fee for Short Duration is based on the Fund’s average daily net assets at the following annual rate:

First $2 billion	.40%
Next $1 billion	.375%
Over $3 billion	.35%

The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rate:

First $2 billion	.40%
Next $3 billion	.375%
Next $5 billion	.35%
Over $10 billion	.32%

The management fee for AMT Free is based on the Fund’s average daily net assets at the following annual rate:

First $500 million	.50%
Next $1 billion	.45%
Over $1.5 billion	.40%

The management fee for High Yield is based on the Fund’s average daily net assets at the following annual rate:

First $1 billion	.50%
Next $1 billion	.45%
Over $2 billion	.40%

175

Notes to Financial Statements (unaudited)(continued)

The management fee for Short Duration High Yield is based on the Fund’s average daily net assets at the following annual rate:

First $2 billion	.40%
Next $1 billion	.375%
Over $3 billion	.35%

For the six months ended March 31, 2016, the effective management fee, net of waivers, was the following annualized rate of each Fund’s average daily net assets:

	Net Effective
	Management Fee
Short Duration	.34%
Intermediate	.39%
AMT Free	.23%
National	.43%
High Yield	.47%
Short Duration High Yield	.02%
California	.45%
New Jersey	.44%
New York	.45%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets.

For the six months ended March 31, 2016 and continuing through January 31, 2017, Lord Abbett has contractually agreed to waive its fees and reimburse expenses for Short Duration, AMT Free, High Yield and Short Duration High Yield to limit the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of .45%, .40%, .62% and .35% respectively. These agreements may be terminated only upon the approval of the Board.

Effective February 1, 2016 and continuing through January 31, 2017, Lord Abbett has contractually agreed to waive its fees and reimburse expenses for California and New Jersey to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of .61% and .62%, respectively. This agreement may be terminated only upon the approval of the Board.

High Yield and National, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), have entered into a Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement, if applicable, are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.

As of March 31, 2016, High Yield and National had no outstanding shares owned by any of the Fund of Funds.

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

176

Notes to Financial Statements (unaudited)(continued)

to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees	Class A	Class B	Class C⁽¹⁾	Class F	Class P
Service	.15%	.25%	.25%	–	.25%
Distribution	.05%	.75%	.75%	.10%	.20%

⁽¹⁾

The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of each Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of a Fund will bear Rule 12b-1 fees at the same rate.

Class I shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended March 31, 2016:

	Distributor	Dealers’
	Commissions	Concessions
Short Duration	$ 13,705	$ 77,799
Intermediate	77,865	467,254
AMT Free	6,002	31,948
National	53,603	340,337
High Yield	52,721	305,964
Short Duration High Yield	9,303	54,644
California	8,127	51,796
New Jersey	2,196	12,754
New York	11,103	68,715

Distributor received the following amount of CDSCs for the six months ended March 31, 2016:

	Class A	Class C
Short Duration	$ 62,512	$ 10,134
Intermediate	69,889	27,503
AMT Free	–	71
National	2,511	6,223
High Yield	22,520	21,077
Short Duration High Yield	–	–
California	5,532	773
New Jersey	2,440	–
New York	87	3,267

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

177

Notes to Financial Statements (unaudited)(continued)

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, 2016 and fiscal year ended September 30, 2015 was as follows:

		Short Duration			Intermediate
	Six Months Ended			Six Months Ended
		3/31/2016	Year Ended		3/31/2016	Year Ended
		(unaudited)	9/30/2015		(unaudited)	9/30/2015
Distributions paid from:
Tax-exempt income		$10,531,909	$21,825,458		$53,558,488	$95,760,121
Ordinary income		–	–		–	1,362,142
Net long-term capital gains		–	–		2,842,072	–
Total distributions paid		$10,531,909	$21,825,458		$56,400,560	$97,122,263

			AMT Free			National
	Six Months Ended			Six Months Ended
		3/31/2016	Year Ended		3/31/2016	Year Ended
		(unaudited)	9/30/2015		(unaudited)	9/30/2015
Distributions paid from:
Tax-exempt income		$2,853,917	$4,909,395		$32,676,167	$62,720,942
Total distributions paid		$2,853,917	$4,909,395		$32,676,167	$62,720,942

			High Yield		Short Duration High Yield
	Six Months Ended			Six Months Ended
		3/31/2016	Year Ended		3/31/2016	Period Ended
		(unaudited)	9/30/2015		(unaudited)	9/30/2015*
Distributions paid from:
Tax-exempt income		$45,411,694	$89,458,261		$534,410	$135,884
Ordinary income		–	1,254,862		–	–
Total distributions paid		$45,411,694	$90,713,123		$534,410	$135,884

			California			New Jersey
	Six Months Ended			Six Months Ended
		3/31/2016	Year Ended		3/31/2016	Year Ended
		(unaudited)	9/30/2015		(unaudited)	9/30/2015
Distributions paid from:
Tax-exempt income		$4,561,120	$8,405,967		$1,604,147	$3,339,348
Total distributions paid		$4,561,120	$8,405,967		$1,604,147	$3,339,348

			New York
	Six Months Ended
		3/31/2016	Year Ended
		(unaudited)	9/30/2015
Distributions paid from:
Tax-exempt income		$5,557,906	$10,344,522
Ordinary income		–	106,880
Total distributions paid		$5,557,906	$10,451,402

*	For the period June 1, 2015 (commencement of operations) to September 30, 2015.

178

Notes to Financial Statements (unaudited)(continued)

As of September 30, 2015, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2016		2017		2018		2019		Indefinite		Total
Short Duration	$	–	$	–	$	–	$	–	$	7,199,597	$	7,199,597
AMT Free		–		–		–		–		4,578,103		4,578,103
National		–		–		11,663,983		–		28,671,674		40,335,657
High Yield		16,838,530		112,613,733		77,996,014		36,257,876		92,964,117		336,670,270
Short Duration High Yield		–		–		–		–		37,529		37,529
California		3,345		1,405,669		5,151,330		502,921		1,595,555		8,658,820
New Jersey		–		–		4,168,179		1,290,500		1,204,804		6,663,483
New York		–		1,280,143		5,906,184		2,268,803		1,241,113		10,696,243

In accordance with the Regulated Investment Company Modernization Act of 2010, the 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, 2016, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

			Gross		Gross			Net
			Unrealized		Unrealized			Unrealized
	Tax Cost		Gain		Loss			Gain
Short Duration	$	1,994,746,880	$	26,468,047	$	(3,659,166	)	$	22,808,881
Intermediate		4,144,116,962		226,506,706		(49,430,100	)		177,076,606
AMT Free		193,072,045		12,167,466		(2,421,461	)		9,746,005
National		1,787,035,908		163,731,847		(34,682,335	)		129,049,512
High Yield		2,033,950,110		174,185,336		(152,764,886	)		21,420,450
Short Duration High Yield		58,182,175		1,061,244		(264,526	)		796,718
California		266,531,077		25,890,643		(1,595,549	)		24,295,094
New Jersey		94,528,668		6,737,176		(3,394,100	)		3,343,076
New York		372,773,236		25,154,882		(4,404,807	)		20,750,075

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of accretion on market discount, tender option bond trusts, and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2016 were as follows:

	Purchases		Sales
Short Duration	$	279,445,024	$	191,603,831
Intermediate		678,609,224		195,010,597
AMT Free		52,506,624		10,318,818
National		284,190,110		157,613,400
High Yield		225,801,068		152,575,794
Short Duration High Yield		39,042,510		2,319,510
California		41,608,304		17,748,129
New Jersey		8,123,294		7,628,574
New York		49,131,329		28,208,345

There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2016.

179

Notes to Financial Statements (unaudited)(continued)

6.	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, 2016 (as described in note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of March 31, 2016, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.

The following is a summary of U.S. Treasury futures contracts as of and during the six months ended March 31, 2016:

		Net Unrealized				Net Change in
		Appreciation				Unrealized	Average
	(Depreciation) as of			Net Realized		Appreciation	Number of
		March 31, 2016		Gain (Loss)		(Depreciation)	Contracts*
Short Duration		$ –		$ –		$ –	–
Intermediate		46,778		(2,730,044	)	245,321	448
AMT Free		23,788		(242,886	)	36,436	16
National		34,361		(445,484	)	78,314	52
High Yield		76,556		(637,310	)	204,916	114
Short Duration High Yield		(5,783	)	(73,441	)	1,097	32
California		1,793		(79,072	)	55,259	21
New Jersey		2,726		(68,515	)	11,190	10
New York		29,956		(371,342	)	103,826	41

*	Calculated based on the number of contracts for the six months ended March 31, 2016.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosure to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and to disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a Fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between a Fund and the applicable counterparty. As of March 31, 2016, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.

180

Notes to Financial Statements (unaudited)(continued)

8.	DIRECTORS’ REMUNERATION

The Company’s officers and the two Directors, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statements of Operations and in Directors’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9.	EXPENSE REDUCTIONS

The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

10.

LINE OF CREDIT

Effective August 31, 2015, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million based on past borrowings and likelihood of future borrowings. The Facility will continue through August 29, 2016.

During the six months ended March 31, 2016, the Funds did not utilize the Facility or the SSB Facility.

11.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

12.

INVESTMENT RISKS

Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk.

Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, derivatives risk, extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, and taxability risk. Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.

There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Yield and Short Duration High Yield invest a significant portion of its assets in such bonds. AMT Free and National may invest up to 35% and all other Funds (excluding High Yield and Short Duration High Yield) may invest up to 20% of

181

Notes to Financial Statements (unaudited)(continued)

their respective assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

Each of High Yield, Short Duration High Yield, California, New Jersey and New York is non-diversified, which means that it may invest a greater portion of its assets in a single issuer than a diversified fund. Thus, it may be exposed to greater risk.

Because each of California, New Jersey, and New York focuses on a particular state or territory, each Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, AMT Free, National, High Yield, and Short Duration High Yield), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.

Each Fund (except AMT Free, High Yield, and Short Duration High Yield) may invest up to 20% of its net assets in private activity bonds (sometimes called “AMT paper”). AMT Free may not invest in AMT paper. High Yield and Short Duration High Yield may invest up to 100% of its net assets in AMT paper. The credit quality of such bonds usually is directly related to the credit standing of the private user of the facilities.

Each Fund may invest no more than 20% of its net assets in TOB Residuals, except High Yield and Short Duration High Yield, which may invest up to 100% of its net assets in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security (“specific fixed-rate security”). Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.

In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.

Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.

These factors can affect each Fund’s performance.

182

Notes to Financial Statements (unaudited)(continued)

13.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended
	March 31, 2016							Year Ended
Short Duration				(unaudited)				September 30, 2015
Class A Shares	Shares				Amount			Shares			Amount
Shares sold		11,105,072			$	174,803,799			18,447,550		$	291,091,756
Reinvestment of distributions		235,236				3,707,102			496,221			7,823,720
Shares reacquired		(10,616,951	)			(167,190,155	)		(29,747,561	)		(469,041,954	)
Increase (decrease)		723,357			$	11,320,746			(10,803,790	)	$	(170,126,478	)

Class C Shares
Shares sold		1,477,405			$	23,247,214			1,830,051		$	28,876,266
Reinvestment of distributions		17,097				269,447			32,878			518,370
Shares reacquired		(1,964,266	)			(30,946,262	)		(4,148,449	)		(65,434,352	)
Decrease		(469,764	)		$	(7,429,601	)		(2,285,520	)	$	(36,039,716	)

Class F Shares
Shares sold		11,745,131			$	184,965,022			28,262,816		$	446,107,300
Reinvestment of distributions		85,815				1,352,330			184,382			2,907,874
Shares reacquired		(12,586,660	)			(198,302,745	)		(31,523,188	)		(497,426,874	)
Decrease		(755,714	)		$	(11,985,393	)		(3,075,990	)	$	(48,411,700	)

Class I Shares
Shares sold		1,074,015			$	16,917,945			3,163,818		$	49,980,689
Reinvestment of distributions		17,118				269,821			34,328			541,330
Shares reacquired		(654,823	)			(10,322,139	)		(5,633,139	)		(89,034,535	)
Increase (decrease)		436,310			$	6,865,627			(2,434,993	)	$	(38,512,516	)

		Six Months Ended
		March 31, 2016							Year Ended
Intermediate				(unaudited)					September 30, 2015
Class A Shares		Shares				Amount			Shares			Amount
Shares sold		31,409,208			$	342,546,841			39,968,760		$	434,357,159
Converted from Class B*		902				9,794			5,363			58,210
Reinvestment of distributions		1,768,858				19,310,545			3,156,341			34,237,814
Shares reacquired		(16,929,180	)			(184,811,936	)		(32,764,801	)		(355,764,157	)
Increase		16,249,788			$	177,055,244			10,365,663		$	112,889,026

Class B Shares
Shares sold		2,423			$	26,291			2,459		$	26,740
Reinvestment of distributions		1,585				17,279			4,136			44,854
Shares reacquired		(52,348	)			(570,175	)		(91,340	)		(988,081	)
Converted to Class A*		(902	)			(9,794	)		(5,368	)		(58,210	)
Decrease		(49,242	)		$	(536,399	)		(90,113	)	$	(974,697	)

183

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	March 31, 2016						Year Ended
Intermediate	(unaudited)						September 30, 2015
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		7,546,176		$	82,273,228			9,258,848		$	100,579,140
Reinvestment of distributions		384,356			4,189,568			732,097			7,934,175
Shares reacquired		(4,020,172	)		(43,780,553	)		(9,326,598	)		(101,034,731	)
Increase		3,910,360		$	42,682,243			664,347		$	7,478,584

Class F Shares
Shares sold		41,371,339		$	451,846,839			63,754,421		$	693,058,033
Reinvestment of distributions		1,040,171			11,353,238			1,742,822			18,900,077
Shares reacquired		(19,350,338	)		(211,041,305	)		(32,296,895	)		(349,958,391	)
Increase		23,061,172		$	252,158,772			33,200,348		$	361,999,719

Class I Shares
Shares sold		7,419,112		$	81,130,675			11,512,572		$	125,264,896
Reinvestment of distributions		204,519			2,233,316			252,237			2,731,699
Shares reacquired		(2,016,404	)		(21,999,225	)		(2,917,417	)		(31,707,466	)
Increase		5,607,227		$	61,364,766			8,847,392		$	96,289,129

Class P Shares
Reinvestment of distributions		19		$	211			37		$	400
Increase		19		$	211			37		$	400

		Six Months Ended
		March 31, 2016						Year Ended
AMT Free		(unaudited)						September 30, 2015
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,948,306		$	31,258,597			2,456,842		$	39,313,390
Reinvestment of distributions		105,099			1,688,759			185,919			2,966,517
Shares reacquired		(678,043	)		(10,893,795	)		(1,663,174	)		(26,555,098	)
Increase		1,375,362		$	22,053,561			979,587		$	15,724,809

Class C Shares
Shares sold		406,648		$	6,519,671			294,275		$	4,707,553
Reinvestment of distributions		13,951			224,124			24,607			392,626
Shares reacquired		(128,063	)		(2,054,646	)		(267,759	)		(4,270,374	)
Increase		292,536		$	4,689,149			51,123		$	829,805

Class F Shares
Shares sold		1,499,531		$	24,145,912			1,080,362		$	17,246,161
Reinvestment of distributions		23,486			377,548			40,903			652,803
Shares reacquired		(436,410	)		(7,013,125	)		(901,202	)		(14,383,253	)
Increase		1,086,607		$	17,510,335			220,063		$	3,515,711

Class I Shares
Shares sold		10,849		$	174,988			36,427		$	579,952
Reinvestment of distributions		859			13,807			777			12,356
Shares reacquired		(410	)		(6,584	)		(1,701	)		(26,925	)
Increase		11,298		$	182,211			35,503		$	565,383

184

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	March 31, 2016						Year Ended
National	(unaudited)						September 30, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		10,307,283		$	117,396,389			13,973,472		$	158,583,004
Converted from Class B*		23,387			266,337			33,142			375,597
Reinvestment of distributions		2,006,694			22,857,439			3,941,982			44,662,604
Shares reacquired		(7,162,646	)		(81,485,442	)		(19,107,126	)		(216,249,943	)
Increase (decrease)		5,174,718		$	59,034,723			(1,158,530	)	$	(12,628,738	)

Class B Shares
Shares sold		11,390		$	130,005			4,737		$	54,454
Reinvestment of distributions		3,079			35,241			7,512			85,568
Shares reacquired		(24,261	)		(275,594	)		(82,736	)		(942,293	)
Converted to Class A*		(23,272	)		(266,337	)		(32,979	)		(375,597	)
Decrease		(33,064	)	$	(376,685	)		(103,466	)	$	(1,177,868	)

Class C Shares
Shares sold		1,839,028		$	20,955,399			2,430,302		$	27,658,115
Reinvestment of distributions		157,373			1,794,834			308,293			3,496,792
Shares reacquired		(1,144,828	)		(13,023,939	)		(2,824,653	)		(31,979,325	)
Increase (decrease)		851,573		$	9,726,294			(86,058	)	$	(824,418	)

Class F Shares
Shares sold		6,880,478		$	78,448,713			8,138,051		$	92,239,936
Reinvestment of distributions		240,697			2,741,366			392,181			4,438,394
Shares reacquired		(2,119,630	)		(24,076,823	)		(5,318,395	)		(60,062,988	)
Increase		5,001,545		$	57,113,256			3,211,837		$	36,615,342

Class I Shares
Shares sold		765,706		$	8,792,288			235,050		$	2,652,992
Reinvestment of distributions		4,585			52,424			2,804			31,727
Shares reacquired		(678,258	)		(7,736,769	)		(169,311	)		(1,928,180	)
Increase		92,033		$	1,107,943			68,543		$	756,539

		Six Months Ended
		March 31, 2016						Year Ended
High Yield		(unaudited)						September 30, 2015
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		11,341,525		$	132,269,552			25,380,668		$	297,713,753
Reinvestment of distributions		1,883,468			21,995,236			3,850,270			44,992,603
Shares reacquired		(12,054,301	)		(140,412,121	)		(29,670,153	)		(346,676,686	)
Increase (decrease)		1,170,692		$	13,852,667			(439,215	)	$	(3,970,330	)

Class C Shares
Shares sold		3,094,279		$	36,085,458			5,321,794		$	62,489,574
Reinvestment of distributions		531,790			6,211,340			1,054,650			12,326,350
Shares reacquired		(2,786,909	)		(32,487,569	)		(6,889,752	)		(80,585,541	)
Increase (decrease)		839,160		$	9,809,229			(513,308	)	$	(5,769,617	)

185

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	March 31, 2016						Year Ended
High Yield	(unaudited)						September 30, 2015
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		6,729,159		$	78,497,162			14,544,756		$	170,564,871
Reinvestment of distributions		554,045			6,475,996			1,129,035			13,205,624
Shares reacquired		(5,790,953	)		(67,566,790	)		(14,311,799	)		(167,233,987	)
Increase		1,492,251		$	17,406,368			1,361,992		$	16,536,508

Class I Shares
Shares sold		3,157,227		$	36,764,625			725,639		$	8,509,801
Reinvestment of distributions		54,745			639,735			43,496			507,519
Shares reacquired		(193,681	)		(2,251,084	)		(2,023,900	)		(23,636,560	)
Increase (decrease)		3,018,291		$	35,153,276			(1,254,765	)	$	(14,619,240	)

Class P Shares
Reinvestment of distributions		26		$	308			51		$	591
Increase		26		$	308			51		$	591

		Six Months Ended
		March 31, 2016						Period Ended
Short Duration High Yield		(unaudited)						September 30, 2015^†
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,771,734		$	26,973,444			817,201		$	12,254,305
Reinvestment of distributions		17,847			272,241			4,537			68,061
Shares reacquired		(336,972	)		(5,127,133	)		(22,477	)		(336,923	)
Increase		1,452,609		$	22,118,552			799,261		$	11,985,443

Class C Shares
Shares sold		248,212		$	3,782,407			56,543		$	848,265
Reinvestment of distributions		1,452			22,169			153			2,291
Shares reacquired		(10,785	)		(164,313	)		(62	)		(926	)
Increase		238,879		$	3,640,263			56,634		$	849,630

Class F Shares
Shares sold		918,695		$	13,980,566			601,813		$	9,019,997
Reinvestment of distributions		13,651			208,161			4,003			60,051
Shares reacquired		(162,089	)		(2,477,985	)		(2,481	)		(37,212	)
Increase		770,257		$	11,710,742			603,335		$	9,042,836

Class I Shares
Shares sold		17,970		$	273,452			41,038		$	615,872
Reinvestment of distributions		467			7,116			174			2,605
Shares reacquired		(105	)		(1,601	)		(50	)		(756	)
Increase		18,332		$	278,967			41,162		$	617,721

186

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	March 31, 2016						Year Ended
California	(unaudited)						September 30, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,707,088		$	29,787,437			3,407,400		$	37,246,295
Reinvestment of distributions		260,707			2,869,935			496,516			5,411,796
Shares reacquired		(1,407,421	)		(15,411,278	)		(2,512,274	)		(27,372,888	)
Increase		1,560,374		$	17,246,094			1,391,642		$	15,285,203

Class C Shares
Shares sold		863,309		$	9,507,244			801,014		$	8,759,512
Reinvestment of distributions		39,988			440,362			71,121			775,384
Shares reacquired		(444,648	)		(4,883,893	)		(537,077	)		(5,834,705	)
Increase		458,649		$	5,063,713			335,058		$	3,700,191

Class F Shares
Shares sold		821,040		$	9,061,242			2,120,450		$	23,070,740
Reinvestment of distributions		37,986			418,048			71,231			776,102
Shares reacquired		(575,364	)		(6,319,774	)		(1,117,859	)		(12,098,813	)
Increase		283,662		$	3,159,516			1,073,822		$	11,748,029

Class I Shares
Shares sold		162,197		$	1,794,950			206,064		$	2,239,125
Reinvestment of distributions		4,580			50,437			4,985			54,226
Shares reacquired		(90	)		(991	)		(66	)		(725	)
Increase		166,687		$	1,844,396			210,983		$	2,292,626

		Six Months Ended
		March 31, 2016						Year Ended
New Jersey		(unaudited)						September 30, 2015
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,047,474		$	5,176,959			1,855,373		$	9,203,401
Reinvestment of distributions		236,723			1,169,248			503,099			2,480,389
Shares reacquired		(1,513,349	)		(7,429,028	)		(2,592,714	)		(12,754,244	)
Decrease		(229,152	)	$	(1,082,821	)		(234,242	)	$	(1,070,454	)

Class F Shares
Shares sold		355,752		$	1,764,235			422,237		$	2,097,831
Reinvestment of distributions		16,788			83,047			35,597			175,644
Shares reacquired		(98,885	)		(484,508	)		(567,710	)		(2,799,501	)
Increase (decrease)		273,655		$	1,362,774			(109,876	)	$	(526,026	)

Class I Shares
Reinvestment of distributions		49		$	241			96		$	476
Increase		49		$	241			96		$	476

187

Notes to Financial Statements (unaudited)(concluded)

	Six Months Ended
	March 31, 2016						Year Ended
New York	(unaudited)						September 30, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,434,995		$	38,815,722			6,333,711		$	71,312,362
Reinvestment of distributions		309,138			3,505,265			582,542			6,551,138
Shares reacquired		(3,055,881	)		(34,720,889	)		(3,345,978	)		(37,604,107	)
Increase		688,252		$	7,600,098			3,570,275		$	40,259,393

Class C Shares
Shares sold		817,454		$	9,269,510			1,289,672		$	14,496,898
Reinvestment of distributions		36,344			411,556			70,922			796,634
Shares reacquired		(378,664	)		(4,290,294	)		(819,407	)		(9,217,620	)
Increase		475,134		$	5,390,772			541,187		$	6,075,912

Class F Shares
Shares sold		970,082		$	10,965,108			1,110,874		$	12,534,643
Reinvestment of distributions		28,609			324,931			47,923			539,620
Shares reacquired		(266,175	)		(3,021,129	)		(544,778	)		(6,117,449	)
Increase		732,516		$	8,268,910			614,019		$	6,956,814

Class I Shares
Shares sold		85,136		$	967,827			39,364		$	438,509
Reinvestment of distributions		1,390			15,750			2,169			24,388
Shares reacquired		(54,491	)		(616,307	)		(264	)		(2,964	)
Increase		32,035		$	367,270			41,269		$	459,933

*	Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
^†	For the period June 1, 2015 (commencement of operations) to September 30, 2015.

188

Supplemental Proxy Information (unaudited)

A joint special meeting of shareholders of California, High Yield, Intermediate, National, New Jersey, and New York was held on November 5, 2015. The joint special meeting was held for shareholders of each such Fund to vote on the following matters:

	1.	To amend the Fund’s fundamental restrictions related to borrowing and lending to enable the Fund to participate in an interfund lending program; and

	2.	To ratify the selection of Deloitte & Touche LLP as independent registered public accounting firm for the Fund’s current fiscal year.

The results of the proxy solicitation on the preceding matter were as follows:

1. To approve the amendment to the fundamental investment restrictions of the Fund as described in the proxy statement:

(a) Amend the fundamental investment restriction with respect to Borrowing

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
California Tax Free Fund		9,740,411		603,767		1,006,694		2,949,892
High Yield Municipal Bond Fund		65,736,987		2,557,362		4,267,156		22,386,680
Intermediate Tax Free Fund		150,178,611		5,513,271		8,053,478		47,918,333
National Tax Free Fund		63,502,096		3,269,810		4,709,445		15,954,350
New Jersey Tax Free Fund		9,021,508		437,266		545,157		1,869,830
New York Tax Free Fund		12,281,100		1,171,412		1,447,131		2,647,967

1. To approve the amendment to the fundamental investment restrictions of the Fund as described in the proxy statement:

(b) Amend the fundamental investment restriction with respect to Lending

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
California Tax Free Fund		9,753,542		613,795		983,535		2,949,892
High Yield Municipal Bond Fund		65,571,779		2,628,577		4,361,149		22,386,680
Intermediate Tax Free Fund		150,258,924		5,211,203		8,275,233		47,918,333
National Tax Free Fund		63,389,624		3,360,954		4,730,773		15,954,350
New Jersey Tax Free Fund		9,012,680		446,094		545,157		1,869,830
New York Tax Free Fund		12,425,091		1,019,882		1,454,670		2,647,967

2. To ratify the selection of Deloitte & Touche LLP as the Fund’s independent registered public accounting firm for the Fund’s current fiscal year

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
California Tax Free Fund		13,346,247		179,783		774,734		–
High Yield Municipal Bond Fund		88,679,250		1,826,773		4,442,162		–
Intermediate Tax Free Fund		201,683,694		2,330,380		7,649,619		–
National Tax Free Fund		82,055,229		1,293,999		4,086,473		–
New Jersey Tax Free Fund		11,154,728		207,630		511,403		–
New York Tax Free Fund		15,719,796		553,874		1,273,940		–

189

Approval of Advisory Contract

All Funds Other Than Short Duration High Yield Municipal Bond Fund

The Board of Directors of the Company, including all of the Directors who are not interested persons of the Company or of Lord Abbett (the “Independent Board Members”), annually considers whether to approve the continuation of the existing management agreement between each 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 each Fund’s 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 Abbett’s management. The Independent Board Members also discussed the materials described above with their independent legal counsel in a private session at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of a group of funds in the same Morningstar investment category (the “performance peer group”) and the investment performance of one or more appropriate benchmarks; (2) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds in the same Morningstar category, with the same share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) 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; 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 Abbett’s commitment to compliance with all applicable 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 that may result 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 Fund’s investment performance in relation to that of the performance peer group, in each case as of various periods ended August 31, 2015. As to AMT Free, the Board observed that the Fund’s investment performance was equal to the median of the performance peer group for the one-year period and below the median for the three-year period. As to California, the Board observed that the Fund’s investment performance was above the

190

Approval of Advisory Contract (continued)

median of the performance peer group for the one-year, three-year, and five-year periods and below the median for the ten-year period. As to High Yield, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year, three-year, five-year, and ten-year periods. As to Intermediate, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year and ten-year periods and below the median for the three-year and five-year periods. As to National and New Jersey, the Board observed that each Fund’s investment performance was below the median of the performance peer group for the one-year and ten-year periods, equal to the median for the three-year period, and above the median for the five-year period. As to New York, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year and ten-year periods and above the median for the three-year and five-year periods. As to Short Duration, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year, three-year, and five-year periods.

Lord Abbett’s 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 Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s 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 the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense levels of each Fund and the expense levels of one or more corresponding expense peer groups. It also considered the projected expense levels of each Fund and how those levels would relate to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of AMT Free, High Yield, Intermediate, National, and Short Duration, the Board observed that the overall expense level was below the median of the expense peer group. As to each of California and New Jersey, the Board observed that the overall expense level was above the median of the expense peer group. As to New York, the Board observed that the overall expense level was approximately the same as the median of the expense peer group.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s 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 Fund’s business. The Board considered Lord Abbett’s 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 Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s 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 Abbett’s profitability as to each Fund was not excessive.

191

Approval of Advisory Contract (continued)

Economies of Scale. As to each Fund, the Board considered the extent to which there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from 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 Fund’s shareholders to Lord Abbett and Lord Abbett Distributor LLC (the “Distributor”) for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s 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 the 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 it receives, 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.

Short Duration High Yield Municipal Bond Fund

At the initial organizational meeting of the Fund, the Board, including all of the Directors who are not interested persons of the Fund or Lord Abbett, considered whether to approve the proposed management agreement between the Fund and Lord Abbett. The Board received materials relating to the management agreement before and at the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions.

The materials received by the Board as to the Fund included, but were not limited to, information provided by Morningstar regarding the effective management fee rates and expense ratios for a group of funds with similar objectives (the “peer expense group”) and 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 to be provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment

192

Approval of Advisory Contract (continued)

management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business.

Investment Performance. Because the Fund had not yet begun operations, the Board was not able to review the Fund’s investment performance and compliance.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel who would provide investment management services to the Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s 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 to be performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including the Fund’s transfer agent and custodian.

Expenses. The Board considered the expected expense levels of the Fund and the expense levels of the peer expense group. It also considered the amount and nature of the fees to be paid by shareholders. The Board noted that Lord Abbett had proposed to enter into an agreement providing that Lord Abbett would waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, would not exceed an annual rate of 0.35% through January 31, 2017.

Profitability. Because the Fund had not yet begun operations, the Board was not able to consider the level of Lord Abbett’s profits in managing the Fund. The Board took into account Lord Abbett’s overall 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 Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund.

Economies of Scale. The Board considered whether there might be economies of scale in managing the Fund and whether the Fund would benefit appropriately from any such economies of scale. The Board concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the character and amount of fees proposed to be paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s 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 the 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 it receives, 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 that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund.

193

Approval of Advisory Contract (concluded)

After considering all of the relevant factors, the Board unanimously found that approval of the management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the management agreements. In considering whether to approve 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.

194

Householding

The Company has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

195

	Lord Abbett Municipal Income Fund, Inc.

	Lord Abbett Short Duration Tax Free Fund
	Lord Abbett Intermediate Tax Free Fund
	Lord Abbett AMT Free Municipal Bond Fund
	Lord Abbett National Tax-Free Income Fund
	Lord Abbett High Yield Municipal Bond Fund
This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Short Duration High Yield Municipal Bond Fund
	Lord Abbett California Tax-Free Income Fund
	Lord Abbett New Jersey Tax-Free Income Fund	LATFI-3 (5/16)
	Lord Abbett New York Tax-Free Income Fund	LATFI-3 (5/16)

Item 2:		Code of Ethics.
		Not applicable.

Item 3:		Audit Committee Financial Expert.
		Not applicable.

Item 4:		Principal Accountant Fees and Services.
		Not applicable.

Item 5:		Audit Committee of Listed Registrants.
		Not applicable.

Item 6:		Investments.
		Not applicable.

Item 7:		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
		Not applicable.

Item 8:		Portfolio Managers of Closed-End Management Investment Companies.
		Not applicable.

Item 9:		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
		Not applicable.

Item 10:		Submission of Matters to a Vote of Security Holders.
		Not applicable.

Item 11:		Controls and Procedures.

(a)		Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(b)		There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:

Exhibits.

	(a)(1)	Code of Ethics. Not applicable.

	(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

	(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT MUNICIPAL INCOME FUND, INC.


	By:	/s/Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer

Date: May 26, 2016

	By:	/s/Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President

Date: May 26, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer

Date: May 26, 2016

	By:	/s/Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President

Date: May 26, 2016

Lord Abbett Municipal Income Fund N-CSRSCertified semi-annual shareholder report (management investment company)