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: 3/31/2018

Item 1:

Report(s) to Shareholders.

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 Fund

High Yield Municipal Bond Fund

Short Duration High Yield Municipal Bond Fund

California Tax Free Fund

New Jersey Tax Free Fund

New York Tax Free Fund

For the six-month period ended March 31, 2018

Table of Contents

1		A Letter to Shareholders

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

		Schedules of Investments:

12		Short Duration Tax Free Fund

24		Intermediate Tax Free Fund

51		AMT Free Municipal Bond Fund

62		National Tax Free Fund

79		High Yield Municipal Bond Fund

95		Short Duration High Yield Municipal Bond Fund

106		California Tax Free Fund

114		New Jersey Tax Free Fund

120		New York Tax Free Fund

129		Footnotes to Schedules of Investments

130		Statements of Assets and Liabilities

134		Statements of Operations

136		Statements of Changes in Net Assets

142		Financial Highlights

162		Notes to Financial Statements

182		Supplemental Information to Shareholders

Lord Abbett Municipal Income Fund
Semiannual Report

For the six-month period ended March 31, 2018

From left to right: James L.L. Tullis, Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Municipal Income Fund for the six-month period ended March 31, 2018. For additional information about the Funds, 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,

Douglas B. Sieg

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, 2017 through March 31, 2018).

Actual Expenses

For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 10/1/17 – 3/31/18” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Short Duration Tax Free Fund

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

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	10/1/17	3/31/18		10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$	994.50	$3.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.69	$3.28
Class C
Actual	$1,000.00	$	991.50	$6.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.65	$6.34
Class F
Actual	$1,000.00	$	995.00	$2.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.19	$2.77
Class F3
Actual	$1,000.00	$	995.60	$2.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.80	$2.17
Class I
Actual	$1,000.00	$	994.90	$2.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.69	$2.27
Class T
Actual	$1,000.00	$	993.70	$3.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.54	$3.53


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.55% for Class F, 0.43% for Class F3, 0.45% for Class I and 0.70% for Class T) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		8.92	%
AA+		8.67	%
AA		15.24	%
AA-		11.37	%
A+		13.89	%
A		6.77	%
A-		13.89	%
BBB+		7.22	%
BBB		2.76	%

Credit Rating:
S&P or Moody’s^(a)	%*
BBB-		4.93	%
BB+		0.41	%
BB		0.07	%
BB-		0.17	%
B		0.22	%
B-		0.34	%
C		0.05	%
NR		5.08	%
Total		100.00	%

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

Intermediate Tax Free Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	10/1/17	3/31/18		10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$	992.00	$3.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.44	$3.53
Class B
Actual	$1,000.00	$	987.80	$7.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.40	$7.59
Class C
Actual	$1,000.00	$	988.90	$6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.35	$6.64
Class F
Actual	$1,000.00	$	992.40	$2.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.94	$3.02
Class F3
Actual	$1,000.00	$	993.10	$2.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.60	$2.32
Class I
Actual	$1,000.00	$	992.90	$2.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.44	$2.52
Class T
Actual	$1,000.00	$	992.00	$3.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.19	$3.78


^†	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, 1.32% for Class C, 0.60% for Class F, 0.46% Class F3, 0.50% for Class I and 0.75% for Class T) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		5.41	%
AA+		6.90	%
AA		12.96	%
AA-		12.21	%
A+		11.72	%
A		7.80	%
A-		9.18	%
BBB+		7.80	%
BBB		3.36	%
BBB-		7.14	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+		2.36	%
BB		0.64	%
BB-		2.71	%
B+		0.35	%
B		1.14	%
B-		2.13	%
CC		0.07	%
C		0.46	%
NR		5.66	%
Total		100.00	%

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

AMT Free Municipal Bond Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	10/1/17	3/31/18		10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$	999.10	$2.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.94	$3.02
Class C
Actual	$1,000.00	$	995.90	$6.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.80	$6.19
Class F
Actual	$1,000.00	$	999.60	$2.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.44	$2.52
Class F3
Actual	$1,000.00	$	1,000.20	$1.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.10	$1.82
Class I
Actual	$1,000.00	$	1,000.10	$1.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.94	$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, 0.36% for Class F3 and 0.40% Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		3.92	%
AA+		3.52	%
AA		14.28	%
AA-		11.69	%
A+		7.25	%
A		8.76	%
A-		10.44	%
BBB+		11.25	%
BBB		5.62	%
BBB-		9.77	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+		1.36	%
BB		0.67	%
BB-		1.07	%
B+		0.63	%
B		0.75	%
B-		2.31	%
CC		0.02	%
C		0.79	%
NR		5.90	%
Total		100.00	%

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

National Tax Free Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	10/1/17	3/31/18		10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$	1,001.10	$3.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.14	$3.83
Class B
Actual	$1,000.00	$	997.00	$7.82
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.10	$7.90
Class C
Actual	$1,000.00	$	998.00	$6.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.05	$6.94
Class F
Actual	$1,000.00	$	1,001.50	$3.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.69	$3.28
Class F3
Actual	$1,000.00	$	1,002.10	$2.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.30	$2.62
Class I
Actual	$1,000.00	$	1,002.00	$2.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.19	$2.77


^†	For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.76% for Class A, 1.57% for Class B, 1.38% for Class C, 0.65% for Class F, 0.52% for Class F3 and 0.55% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		2.16	%
AA+		3.36	%
AA		11.42	%
AA-		10.98	%
A+		10.14	%
A		8.46	%
A-		10.70	%
BBB+		10.34	%
BBB		7.76	%
BBB-		11.78	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+		1.18	%
BB		1.01	%
BB-		2.39	%
B+		0.11	%
B		0.59	%
B-		1.57	%
C		0.29	%
NR		5.76	%
Total		100.00	%

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

High Yield Municipal Bond Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	10/1/17	3/31/18		10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$	1,013.40	$4.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.89	$4.08
Class C
Actual	$1,000.00	$	1,011.20	$7.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.80	$7.19
Class F
Actual	$1,000.00	$	1,013.90	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.39	$3.58
Class F3
Actual	$1,000.00	$	1,014.50	$2.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.10	$2.87
Class I
Actual	$1,000.00	$	1,014.40	$3.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.89	$3.07
Class T
Actual	$1,000.00	$	1,013.60	$4.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.64	$4.33


^†	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, 0.57% for Class F3, 0.61% for Class I and 0.86% for Class T) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		0.80	%
AA		1.73	%
AA-		0.54	%
A+		0.77	%
A		0.89	%
A-		3.70	%
BBB+		4.97	%
BBB		2.97	%
BBB-		11.24	%
BB+		8.61	%
BB		4.60	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB-		6.39	%
B+		1.83	%
B		7.23	%
B-		6.52	%
CCC+		0.48	%
CCC		0.75	%
CC		0.11	%
C		2.45	%
NR		33.42	%
Total		100.00	%

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

Short Duration High Yield Municipal Bond Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	10/1/17	3/31/18	10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$1,003.50	$2.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.19	$2.77
Class C
Actual	$1,000.00	$1,000.10	$6.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.75	$6.24
Class F
Actual	$1,000.00	$1,004.00	$2.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.69	$2.27
Class F3
Actual	$1,000.00	$1,004.70	$1.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.50	$1.46
Class I
Actual	$1,000.00	$1,004.50	$1.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.19	$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, 1.24% for Class C, 0.45% for Class F, 0.29% for Class F3 and 0.35% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		0.14	%
AA		3.32	%
AA-		1.27	%
A+		2.72	%
A		2.22	%
A-		8.20	%
BBB+		9.80	%
BBB		9.22	%
BBB-		12.72	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+		7.50	%
BB		1.26	%
BB-		9.00	%
B		6.64	%
B-		4.94	%
CCC		0.47	%
C		0.58	%
NR		20.00	%
Total		100.00	%

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

California Tax Free Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	10/1/17	3/31/18	10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$1,003.20	$3.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.99	$3.98
Class C
Actual	$1,000.00	$1,001.00	$7.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.14
Class F
Actual	$1,000.00	$1,003.70	$3.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.49	$3.48
Class F3
Actual	$1,000.00	$1,005.20	$2.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.10	$2.82
Class I
Actual	$1,000.00	$1,004.20	$2.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.99	$2.97


^†	For each class of the Fund, net expenses 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, 0.56% for Class F3 and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		0.66	%
AA+		2.77	%
AA		20.30	%
AA-		17.70	%
A+		10.13	%
A		2.73	%
A-		8.48	%
BBB+		9.91	%
BBB		5.01	%
BBB-		8.42	%

Credit Rating:
S&P or Moody’s^(a)	%*
BB+		1.01	%
BB		1.07	%
B+		0.34	%
B		0.35	%
B-		1.79	%
CCC+		0.12	%
CCC		0.38	%
C		0.60	%
NR		8.23	%
Total		100.00	%

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

New Jersey Tax Free Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	10/1/17	3/31/18	10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$1,001.60	$4.09
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.84	$4.13
Class F
Actual	$1,000.00	$1,002.10	$3.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.34	$3.63
Class F3
Actual	$1,000.00	$1,002.80	$2.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.00	$2.92
Class I
Actual	$1,000.00	$1,002.60	$3.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.84	$3.13


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.82% for Class A, 0.72% for Class F, 0.58% for Class F3 and 0.62% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		3.78	%
AA+		1.19	%
AA		11.19	%
AA-		11.44	%
A+		9.66	%
A		4.16	%
A-		6.66	%
BBB+		26.82	%
BBB		2.94	%

Credit Rating:
S&P or Moody’s^(a)	%*
BBB-		8.25	%
BB		1.76	%
BB-		5.48	%
B		0.25	%
CC		0.13	%
C		0.91	%
NR		5.38	%
Total		100.00	%

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

New York Tax Free Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	10/1/17	3/31/18		10/1/17 – 3/31/18
Class A
Actual	$1,000.00	$	994.60	$3.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.04	$3.93
Class C
Actual	$1,000.00	$	991.50	$7.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.90	$7.09
Class F
Actual	$1,000.00	$	995.10	$3.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.54	$3.43
Class F3
Actual	$1,000.00	$	995.70	$2.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.20	$2.77
Class I
Actual	$1,000.00	$	995.60	$2.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.99	$2.97


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.78% for Class A, 1.41% for Class C, 0.68% for Class F, 0.55% for Class F3 and 0.59% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2018

Credit Rating:
S&P or Moody’s^(a)	%*
AAA		15.53	%
AA+		5.84	%
AA		14.67	%
AA-		9.29	%
A+		9.50	%
A		2.44	%
A-		14.28	%
BBB+		3.65	%
BBB		5.59	%

Credit Rating:
S&P or Moody’s^(a)	%*
BBB-		9.10	%
BB+		1.09	%
BB-		1.51	%
B-		0.56	%
CC		0.10	%
C		1.02	%
NR		5.83	%
Total		100.00	%

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

Schedule of Investments (unaudited)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:		Principal
		Interest		Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
MUNICIPAL BONDS 74.66%

Corporate-Backed 3.91%
Burke Co Dev–Oglethorpe Power		2.40%	^#(a)	1/1/2040	A-		$	3,005	$	2,974,920
CA Poll Ctl–Waste Mgmt		1.55%		2/1/2019	A-			3,475		3,481,255
IA Fin Auth–Iowa Fertilizer Co		5.00%		12/1/2019	B			1,925		1,985,272
LA Env Facs–Westlake Chem		6.50%		8/1/2029	BBB			8,980		9,894,343
Montgomery Co IDA–Peco Generation		2.50%	^#(a)	10/1/2030	BBB			11,875		11,904,925
Montgomery Co IDA–Peco Generation		2.55%	^#(a)	6/1/2029	BBB			5,000		5,013,500
Niagara Area Dev Corp–Covanta^†		4.00%		11/1/2024	BB-			1,000		1,000,520
NJ EDA–Sch Facs		5.00%		11/1/2024	BBB+			5,000		5,492,600
St Charles Parish–Valero Energy		4.00%	^#(a)	12/1/2040	BBB			3,500		3,724,700
Valdez Marine Term–BP		5.00%		1/1/2021	A1			10,000		10,788,600
Total										56,260,635

Education 5.64%
CA State Univ Sys		5.00%		11/1/2020	Aa2			5,000		5,434,200
CA State Univ Sys		5.00%		11/1/2020	Aa2			1,700		1,847,628
Chicago Brd Ed		5.00%		12/1/2019	B			1,210		1,246,300
Chicago Brd Ed		5.00%		12/1/2022	BB-	^(c)		1,000		1,060,860
Cleveland State Univ		5.00%		6/1/2019	A+			1,265		1,311,868
Curators Univ Sys		5.00%		11/1/2019	AA+			5,000		5,255,750
IA HI Ed–Wartburg Clg		2.50%		10/1/2020	BB-	^(c)		2,735		2,670,208
IL Fin Auth–Noble Chtr Sch		4.00%		9/1/2019	BBB			1,720		1,759,371
Multnomah Co Hsp Facs–Mirabella		5.00%		10/1/2019	NR			445		457,313
Multnomah Co Hsp Facs–Mirabella		5.00%		10/1/2024	NR			1,535		1,690,189
NC Cap Facs–High Point Univ		5.00%		5/1/2018	A-			1,640		1,644,231
NY Dorm–Mt Sinai Sch Med		4.00%		7/1/2020	A-			3,000		3,132,990
NY Dorm–Mt Sinai Sch Med		5.00%		7/1/2021	A-			2,000		2,180,920
NY Dorm–Orange Regl Med Ctr^†		5.00%		12/1/2018	BBB-			1,000		1,016,390
NY Dorm–SUNY		4.00%		7/1/2020	Aa3			2,000		2,099,940
NY Dorm–SUNY		5.00%		7/1/2021	Aa3			2,000		2,195,460
PA Hi Ed–PA State Univ Sys		5.00%		6/15/2020	Aa3			3,710		3,955,713
Texas A&M Univ		5.00%		5/15/2023	AAA			11,355		12,938,455
Troy Cap Res Corp–RPI		5.00%		8/1/2021	A3			445		485,508
Troy Cap Res Corp–RPI		5.00%		8/1/2022	A3			1,000		1,109,280
Univ of MA Bldg Auth		5.00%		11/1/2021	Aa2			5,150		5,697,754
Univ of NC–Chapel Hill	1.515% (1 Mo. LIBOR * .67 + 0.40%		)^#	12/1/2041	AAA			11,875		11,885,806


12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Education (continued)
VA College Bldg Auth		5.00%		2/1/2021	AA+	$	9,350	$	10,160,271
Total									81,236,405

General Obligation 15.44%
Boston GO		5.00%		4/1/2021	AAA		5,000		5,472,050
CA State GO	1.822% (1 Mo. LIBOR * .70 + 0.70%		)^#	12/1/2028	AA-		8,000		8,062,080
CA State GO	1.925% (1 Mo. LIBOR * .70 + 0.76%		)^#	12/1/2031	AA-		2,000		2,024,540
CA State GO		5.00%		9/1/2020	AA-		10,000		10,791,000
CA State GO		5.00%		11/1/2024	Aa3		5,000		5,859,600
Chicago GO		5.00%		1/1/2021	BBB+		6,355		6,642,754
Chicago GO		5.25%		1/1/2023	BBB+		1,235		1,319,746
Chicago GO		5.25%		1/1/2027	BBB+		1,665		1,785,846
CT State GO		5.00%		2/15/2021	A+		6,350		6,516,052
CT State GO		5.00%		8/15/2021	A+		5,000		5,414,550
HI State GO		5.00%		11/1/2021	AA+		5,000		5,535,450
Honolulu GO	1.90% (MUNIPSA * 1 + 1.32%		)^#	9/1/2026	Aa1		3,500		3,501,505
Honolulu GO	1.90% (MUNIPSA * 1 + 1.32%		)^#	9/1/2027	Aa1		3,500		3,501,505
Honolulu GO	1.90% (MUNIPSA * 1 + 1.32%		)^#	9/1/2028	Aa1		2,500		2,501,075
IL State GO		5.00%		2/1/2020	BBB-		820		843,755
IL State GO		5.00%		8/1/2020	BBB-		16,290		16,938,342
IL State GO		5.00%		2/1/2021	BBB-		3,000		3,120,840
IL State GO		5.00%		11/1/2023	BBB-		10,000		10,469,700
IL State GO		5.00%		11/1/2026	BBB-		5,240		5,481,512
Kansas City GO		5.00%		10/1/2020	AA-		1,345		1,444,059
Los Angeles CCD		2.00%		8/1/2022	AA+		775		780,774
Met Nashville & Davidson Co		5.00%		7/1/2021	AA		7,500		8,240,400
Miami Dade Co Sch Brd COP		5.00%		11/1/2019	A+		6,500		6,813,755
NJ EDA–Motor Vehicle Surcharge Sub Rev		4.00%		7/1/2022	BBB+		3,500		3,620,015
NJ State GO		5.00%		6/1/2019	A-		13,400		13,891,780
Northside ISD PSF GTD		2.00%	^#(a)	6/1/2039	Aaa		975		977,555
NYC GO		5.00%		8/1/2019	AA		14,885		15,534,879
NYC GO		5.00%		8/1/2019	AA		5,585		5,828,841
NYC GO		5.00%		8/1/2021	AA		7,410		8,147,147
NYC GO		5.00%		8/1/2022	AA		3,200		3,586,112
OH State GO		5.00%		8/1/2025	AA+		5,000		5,894,350
PA State GO		5.00%		8/15/2020	Aa3		10,000		10,692,300
Philadelphia Sch Dist		5.00%		9/1/2020	A2		2,500		2,673,800
Philadelphia Sch Dist (The)^(d)		5.00%		9/1/2021	A2		930		1,012,835


	See Notes to Financial Statements.	13

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:		Principal
		Interest		Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
General Obligation (continued)
Philadelphia Sch Dist (The)^(d)		5.00%		9/1/2022	A2		$	550	$	606,562
Philadelphia Sch Dist (The)^(d)		5.00%		9/1/2023	A2			500		556,845
Poughkeepsie GO		4.00%		5/4/2018	NR			1,200		1,200,480
Rangely CO Hosp Dist		4.50%		11/1/2021	Baa3			5,755		5,995,847
Scranton Sch Dist^(d)		2.132%	^#(a)	4/1/2031	A2			5,750		5,750,000
WI State GO		5.00%		5/1/2020	Aa1			7,110		7,583,881
WI State GO		5.00%		11/1/2022	Aa1			5,000		5,645,950
Total										222,260,069

Health Care 12.35%
AK IDA–Yukon Koskokwim Hlth		3.50%		12/1/2020	NR			1,000		1,015,000
Antelope Valley Hlth		5.00%		3/1/2021	Ba3			1,430		1,496,095
AZ Hlth Facs–Phoenix Childrens Hsp	3.43% (MUNIPSA * 1 + 1.85%		)^#	2/1/2048	A-			11,500		11,692,280
CA Hlth–St Joseph Hlth		5.00%	^#(a)	7/1/2034	AA-			1,800		2,019,168
CA Hlth–St Joseph Hlth		5.00%	^#(a)	7/1/2043	AA-			5,000		5,238,550
CA Hlth–Sutter Hlth^(d)		5.00%		11/15/2023	AA-			2,000		2,310,180
CA Hlth–Sutter Hlth^(d)		5.00%		11/15/2024	AA-			3,400		3,992,076
CA Hlth–Sutter Hlth^(d)		5.00%		11/15/2025	AA-			3,100		3,688,628
CA Hlth Facs–Kaiser Permanente		5.00%		11/1/2027	AA-			3,050		3,733,657
CO Hlth Facs–Christian Living Nghbrhds		4.00%		1/1/2021	NR			350		363,454
CT Hlth & Ed–Yale New Haven Hsp	1.665% (1 Mo. LIBOR * .67 + 0.55%		)^#	7/1/2049	AA-			10,000		10,011,900
Cuyahoga Co Hsp–Metrohealth		5.00%		2/15/2025	Baa3			1,500		1,654,515
DC Hsp–Childrens Ntl Hsp		5.00%		7/15/2021	A1			1,215		1,331,057
Duluth EDA–St Lukes Hsp		4.75%		6/15/2022	NR			3,340		3,384,689
Eisenhower Med Ctr		5.00%		7/1/2026	Baa2			1,345		1,556,084
Fairfax Co IDA–Inova Hlth		5.00%		5/15/2022	AA+			8,160		9,132,917
Harris Co Cultural Ed–Baylor Clg / Med		5.00%		11/15/2020	A			1,850		1,995,188
Harris Co Cultural Ed–Baylor Clg / Med		5.00%		11/15/2021	A			1,350		1,488,118
IL Fin Auth–Northwestern Mem Hlth		5.00%	^#(a)	7/15/2057	AA+			4,000		4,541,400
IL Fin Auth–Plymouth Place		5.00%		5/15/2025	BB+	^(c)		1,225		1,338,214
IL Fin Auth–Presence Health		5.00%		2/15/2021	BBB-			5,095		5,465,559
IL Fin Auth–Presence Health		5.00%		2/15/2022	BBB-			4,000		4,369,360
IL Fin Auth–Rush Univ Med		5.00%		11/15/2020	A+			500		538,575
IL Fin Auth–Rush Univ Med		5.00%		11/15/2021	A+			695		765,084
Kanabec Co Hlth–Firstlight Hlth		2.75%		12/1/2020	NR			2,600		2,601,482
Karnes Co Hsp Dist		4.00%		2/1/2019	A	^(c)		530		536,636


14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:		Principal
		Interest		Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
Health Care (continued)
Kirkwood IDA–Aberdeen Hts		5.00%		5/15/2022	BB	^(c)	$	805	$	867,854
Lancaster Co Hosp Auth–Bretheren Village		5.00%		7/1/2025	BB+	^(c)		650		723,755
MA DFA–CareGroup		5.00%		7/1/2021	A-			5,000		5,468,800
MA DFA–Partners Hlth	2.08% (MUNIPSA * 1 + 0.50%		)^#	7/1/2038	AA-			5,000		5,014,250
MD Hlth & Hi Ed–Western MD Hlth Sys		5.00%		7/1/2020	BBB			3,000		3,193,080
MI Fin Auth–Henry Ford Hlth		5.00%		11/15/2022	A3			1,770		1,971,568
MI Fin Auth–Trinity Health		5.00%		12/1/2026	AA-			2,250		2,654,820
Monroeville Pa Fin Auth–UPMC Hlth		3.00%		2/15/2023	A+			2,510		2,582,564
Montgomery Co IDA–Einstein Hlthcare		5.00%		1/15/2020	Baa3			1,235		1,286,055
Montgomery Co IDA–Einstein Hlthcare		5.00%		1/15/2021	Baa3			2,000		2,117,500
Morgan Co Hosp–USDA Replacement Proj		2.75%		9/1/2019	NR			2,030		2,017,820
MS Equip Facs–MS Baptist Hlth	2.88% (MUNIPSA * 1 + 1.30%		)^#	8/15/2036	BBB+			7,000		7,016,170
Muskingum Co Hsp Facs–Genesis Hlthcare		5.00%		2/15/2019	BB+			1,450		1,479,087
Muskingum Co Hsp Facs–Genesis Hlthcare		5.00%		2/15/2020	BB+			1,305		1,357,304
NC Med–Southminster		5.00%		10/1/2023	NR			750		824,265
New Hope Ed Facs–Childrens Hlth		5.00%		8/15/2023	Aa2			1,000		1,137,180
NH Hlth & Ed–Hillside Village^†		3.50%		7/1/2022	NR			400		401,584
NJ Hlth–AHS Hsp Corp		5.00%		7/1/2022	AA-			2,500		2,792,850
NJ Hlth–Hackensack Meridian Hlth		5.00%		7/1/2026	NR			3,900		4,568,304
NJ Hlth–Univ Hosp (AGM)		5.00%		7/1/2021	AA			900		984,681
NY Dorm–Orange Regl Med Ctr^†		4.00%		12/1/2019	BBB-			1,500		1,534,380
NY Dorm–Orange Regl Med Ctr^†		4.00%		12/1/2020	BBB-			1,000		1,034,700
NY Dorm–Orange Regl Med Ctr^†		4.00%		12/1/2021	BBB-			1,200		1,251,864
OK DFA–OU Med^(d)		5.00%		8/15/2025	Baa3			550		620,626
OK DFA–OU Med^(d)		5.00%		8/15/2026	Baa3			800		906,160
Owensboro Health		5.00%		6/1/2025	Baa3			1,400		1,547,812
Palomar Hlth		5.00%		11/1/2021	BBB-			500		538,960
Philadelphia Hsps–Temple Univ Hlth		5.00%		7/1/2022	BBB-			2,000		2,165,680
Rockville Eco Dev–Ingleside at King Farm		2.50%		11/1/2024	BB	^(c)		1,400		1,402,800
San Buenaventura–Cmnty Mem Hlth		5.75%		12/1/2018	BB+			1,800		1,836,738
Sartell Hlth Care–Country Manor		4.00%		9/1/2020	NR			1,435		1,466,857
SE Port Auth–Memorial Hlth		5.00%		12/1/2022	BB-	^(c)		3,750		3,917,737
South Central Reg Med Ctr		1.70%		3/1/2020	NR			7,500		7,444,050
South Miami Hlth Fac–Baptist Hlth		5.00%		8/15/2022	A1			1,000		1,110,660
South Miami Hlth Fac–Baptist Hlth		5.00%		8/15/2023	A1			1,350		1,522,098
St Paul Hsg–HlthEast Care Sys		5.00%		11/15/2019	A+			1,230		1,293,628


	See Notes to Financial Statements.	15

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:		Principal
		Interest		Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
Health Care (continued)
St Paul Hsg–HlthEast Care Sys		5.00%		11/15/2020	A+		$	1,255	$	1,355,162
Tarrant Co Cultural–Buckner		3.875%		11/15/2022	NR			550		550,369
Tempe IDA–ASU Mirabella^†		4.00%		10/1/2023	NR			2,060		2,068,261
Tulsa Co Industrial Auth–Montereau		5.00%		11/15/2026	BBB-	^(c)		500		564,880
WA Hlth–Fred Hutchinson Cancer Ctr	2.358% (1 Mo. LIBOR * .67 + 1.10%		)^#	1/1/2042	A			4,000		4,026,160
WI Hlth & Ed–American Baptist		3.50%		8/1/2022	NR			500		502,035
WI Hlth & Ed–Tomah Hosp		2.65%		11/1/2020	NR			3,375		3,339,259
WI PFA–Mary’s Woods^†		3.00%		11/15/2022	BB	^(c)		1,100		1,102,321
Total										177,822,554

Housing 0.25%
CA Stwde–CHF-Irvine LLC		5.00%		5/15/2020	Baa1			575		612,047
CA Stwde–CHF-Irvine LLC		5.00%		5/15/2021	Baa1			825		897,840
CA Stwde–CHF-Irvine LLC		5.00%		5/15/2022	Baa1			1,000		1,107,940
WA Hsg–Emerald Heights		4.00%		7/1/2018	A-	^(c)		1,000		1,006,030
Total										3,623,857

Lease Obligations 3.74%
Broward Co Sch Brd COP		5.00%		7/1/2020	Aa3			7,350		7,863,250
Buncombe Co Ltd Oblig		5.00%		6/1/2020	AA+			750		802,448
CA Pub Wks–Dept of Correction		5.00%		1/1/2020	A+			5,000		5,289,400
CA Pub Wks–Lease Rev		5.00%		10/1/2026	A+			1,500		1,791,720
CA Pub Wks–Lease Rev		5.00%		10/1/2027	A+			3,300		3,990,327
KY Ppty & Bldgs Commn–Proj #112		5.00%		11/1/2021	A1			5,000		5,484,500
KY Ppty & Bldgs Commn–Proj #84 (NPFGC)(FGIC)		5.00%		8/1/2020	A1			5,000		5,335,850
Los Angeles Co Pub Wks		5.00%		8/1/2019	AA			1,000		1,046,090
New Jersey Transp Tr Fnd Auth		5.00%		6/15/2019	BBB+			1,250		1,291,038
NJ EDA–Sch Facs		5.00%		6/15/2021	BBB+			4,490		4,792,985
NJ EDA–Sch Facs		5.00%		3/1/2022	BBB+			2,310		2,477,475
NJ EDA–Sch Facs		5.00%		6/15/2022	BBB+			515		554,707
NJ EDA–Sch Facs		5.00%		6/15/2022	Baa1			900		969,390
NJ EDA–Sch Facs		5.00%		6/15/2025	Baa1			1,250		1,368,362
NJ EDA–Sch Facs (AMBAC)		5.50%		12/15/2019	BBB+			5,565		5,862,894
South Florida Wtr Mgt Dist COP		5.00%		10/1/2021	AA			1,235		1,358,130
South Florida Wtr Mgt Dist COP		5.00%		10/1/2022	AA			1,500		1,676,760
Twin Rivers USD COP (AGM)		3.20%	^#(a)	6/1/2041	AA			1,910		1,912,196
Total										53,867,522


16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Other Revenue 3.29%
Black Belt Energy–RBC		4.00%	^#(a)	8/1/2047	A1	$	2,125	$	2,256,941
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2020	BBB-		500		533,185
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2021	BBB-		1,105		1,204,649
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2022	BBB-		1,250		1,387,950
CA Infra & Econ Dev–Segerstrom Center		5.00%		7/1/2023	A-		5,725		6,487,398
CA Infra–Paul Getty Trust	1.774% (3 Mo. LIBOR * .70 + 0.37%		)^#	4/1/2038	AAA		7,500		7,518,600
CA St Infra–LA Co Museum of Art	1.971% (1 Mo. LIBOR * .70 + 0.65%		)^#	12/1/2050	A3		4,000		4,013,720
Florence Twn IDA–Legacy Trad Sch		4.00%		7/1/2018	Ba1		110		110,423
Indianapolis Local Pub Impt Bd Bk		5.00%		6/1/2022	A1		4,040		4,402,873
Miami Dade Co IDA–Waste Mgmt		1.75%	^#(a)	9/1/2027	A-		4,900		4,886,329
Phoenix IDA–Basis Schs^†		3.00%		7/1/2020	BB		1,090		1,080,855
SC Transp Infra Bank		5.00%		10/1/2020	A1		6,470		6,964,567
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2022	A3		5,800		6,458,068
Total									47,305,558

Special Tax 1.31%
Allentown Neighborhood Impt^†		5.00%		5/1/2022	Ba1		1,050		1,137,150
Brea Redev Agy		5.00%		8/1/2019	AA-		2,000		2,091,640
Brea Redev Agy		5.00%		8/1/2020	AA-		2,100		2,259,453
CA Reassmt Dist 12/1 Irvine		4.00%		9/2/2018	BBB+		1,250		1,263,350
CT Spl Tax–Trans Infra		5.00%		1/1/2026	AA		5,000		5,715,950
Emeryville Redev Agy		5.00%		9/1/2019	A+		1,000		1,046,950
Pittsburg Redev Agy–Los Medanos (AGM)		5.00%		9/1/2021	AA		1,000		1,101,210
Pittsburg Redev Agy–Los Medanos (AGM)		5.00%		9/1/2022	AA		3,370		3,781,140
Village CDD #12^†		3.25%		5/1/2023	NR		500		501,515
Total									18,898,358

Tax Revenue 2.21%
FL Dept Env Protn–Florida Forever		5.00%		7/1/2021	AA-		7,610		8,353,725
FL Dept Env Protn–Florida Forever		5.00%		7/1/2022	AA-		3,410		3,816,813
Jefferson Co–Sch Warrant		5.00%		9/15/2023	AA		2,000		2,268,520
LA Gas & Fuel Tax		5.00%		5/1/2025	AA		1,250		1,466,588
MD Dept Trans		4.00%		9/1/2026	AAA		4,750		5,295,015
NYC TFA–Future Tax		5.00%		11/1/2021	AAA		5,260		5,825,187
Phoenix Civic Impt Corp–Light Rail Proj		5.00%		7/1/2019	AA		4,670		4,858,855
Total									31,884,703


	See Notes to Financial Statements.	17

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:		Principal
		Interest		Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
Tobacco 3.48%
Buckeye Tobacco		5.125%		6/1/2024	B-		$	5,000	$	4,901,450
Golden St Tobacco		5.00%		6/1/2020	A+			5,300		5,674,127
Inland Empire Tobacco		4.625%		6/1/2021	NR			1,805		1,805,451
PA Tob Settlement		5.00%		6/1/2022	A1			2,250		2,455,088
PA Tob Settlement		5.00%		6/1/2023	A1			1,125		1,241,415
Railsplitter Tobacco Settlement Auth		5.25%		6/1/2021	A			16,010		17,492,846
Suffolk Tobacco Asset Sec Corp		5.375%		6/1/2028	NR			3,000		2,999,850
Tobacco Settlement Auth WA		5.00%		6/1/2018	A			2,000		2,011,560
Tobacco Settlement Auth WA		5.00%		6/1/2019	A			4,990		5,186,656
Tobacco Settlement Fin Corp NJ		4.50%		6/1/2023	BBB+			4,745		4,763,173
TSASC		5.00%		6/1/2021	A			1,500		1,628,970
Total										50,160,586

Transportation 10.41%
Alameda Corridor Trsp Auth		5.00%		10/1/2019	A-			1,000		1,049,250
Bay Area Toll Auth	1.736% (3 Mo. LIBOR * .70 + 0.55%		)^#	4/1/2045	AA			10,800		10,878,840
Bay Area Toll Auth	2.28% (MUNIPSA * 1 + 0.70%		)^#	4/1/2047	AA			8,000		8,044,720
Bay Area Toll Auth		4.00%		4/1/2029	AA-			1,200		1,326,864
Central TX Mobility Auth		5.00%	^#(a)	1/1/2045	BBB+			5,000		5,308,200
Central TX Tpk		5.00%	^#(a)	8/15/2042	A-			8,000		8,454,080
Chicago O’Hare Arpt		5.00%		1/1/2021	A			1,500		1,619,130
Chicago Trans Auth		5.00%		6/1/2025	NR			2,000		2,257,340
Cleveland Arpt (AGM)		5.00%		1/1/2021	AA			450		485,487
Cleveland Arpt (AGM)		5.00%		1/1/2022	AA			455		501,055
Cleveland Arpt (AGM)		5.00%		1/1/2023	AA			1,000		1,117,800
Denver City & Co Arpt	2.025% (1 Mo. LIBOR * .70 + 0.86%		)^#	11/15/2031	A+			2,890		2,902,947
E470 Pub Hwy Auth	2.307% (1 Mo. LIBOR * .67 + 1.05%		)^#	9/1/2039	A-			2,000		2,019,980
E470 Pub Hwy Auth		5.00%		9/1/2019	A-			1,000		1,044,800
Harris Co Toll Rd		5.00%		8/15/2021	Aa2			1,500		1,652,475
IL Reg Trans Dist		5.00%		7/1/2024	AA	^(c)		2,000		2,284,860
IL Reg Trans Dist		5.00%		7/1/2025	AA	^(c)		2,500		2,886,625
IL Toll Hwy Auth		5.00%		12/1/2019	AA-			7,500		7,893,375
LA Offshore Term Auth–LOOP		2.00%	^#(a)	10/1/2040	BBB+			2,000		1,986,360
MTA NY	1.665% (1 Mo. LIBOR * .67 + 0.55%		)^#	11/1/2041	A+			13,200		13,110,768
NC Tpk Auth–Triangle Exprs (AGM)		5.00%		1/1/2028	AA			1,500		1,739,190


18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Transportation (continued)
NH Turnpike Sys		5.00%		10/1/2020	A+	$	5,000	$	5,384,750
NH Turnpike Sys		5.00%		10/1/2021	A+		5,000		5,503,850
NJ Tpk Auth	1.915% (1 Mo. LIBOR * .70 + 0.75%		)^#	1/1/2030	NR		2,500		2,518,575
NJ Tpk Auth		5.00%		1/1/2020	A+		5,000		5,276,100
NJ Tpk Auth		5.00%		1/1/2027	A2		3,200		3,780,640
NJ Trans Trust Fund		5.00%		6/15/2023	A+		7,000		7,662,060
North TX Twy Auth		5.00%		1/1/2020	A1		2,500		2,641,600
North TX Twy Auth		5.00%		1/1/2022	A1		2,300		2,539,775
North TX Twy Auth		5.00%		1/1/2023	A1		4,050		4,550,337
Phoenix Civic Impt Corp–Phoenix Arpt		5.00%		7/1/2026	A+		5,000		5,897,350
Port Auth NY & NJ–JFK IAT		5.00%		12/1/2020	Baa1		4,465		4,676,462
Southeastern PA Transp Auth GARVEE		5.00%		6/1/2018	AA-		1,280		1,286,669
St Louis Arpt–Lambert Intl Arpt (AGM)		5.00%		7/1/2022	AA		2,000		2,225,680
Triborough Brdg & Tunl Auth		5.00%		11/15/2021	AA-		5,000		5,557,700
Triborough Brdg & Tunl Auth (NPFGC)(FGIC)		5.50%		11/15/2021	A+		1,650		1,856,630
Wayne Co Arpt		5.00%		12/1/2020	A2		2,310		2,479,323
Wayne Co Arpt		5.00%		12/1/2021	A2		3,000		3,283,860
Wayne Co Arpt		5.00%		12/1/2022	A2		1,500		1,666,770
WI State Trans Rev		5.00%		7/1/2022	AA+		2,300		2,579,381
Total									149,931,658

Utilities 12.63%
Austin City Water		5.00%		5/15/2021	AA		3,505		3,840,043
Austin City Water		5.00%		11/15/2025	Aa2		2,000		2,361,480
CA Dept Wtr Res Wtr–Central Valley	1.95% (MUNIPSA * 1 + 1.37%		)^#	12/1/2035	AAA		8,500		8,517,850
CA Dept Wtr Res Wtr–Central Valley		5.00%		12/1/2019	NR		205		216,375
Central Plains–Goldman Sachs		5.00%		9/1/2027	BBB+		1,305		1,502,564
Chicago Wastewater		5.00%		1/1/2021	A		1,000		1,068,070
Chicago Wastewater		5.00%		1/1/2022	A		2,000		2,174,600
Chicago Water		5.00%		11/1/2021	A		1,125		1,223,888
Chicago Water		5.00%		11/1/2022	A		1,000		1,103,380
Chicago Water (AGM)		5.00%		11/1/2028	AA		2,500		2,890,950
CO Public Auth–ML		5.75%		11/15/2018	A-		1,660		1,699,159
Detroit Water		5.00%		7/1/2021	A-		420		456,893
Detroit Water		5.00%		7/1/2022	A-		500		553,635
Farmington Poll Ctl–NM Pub Svc		1.875%	^#(a)	4/1/2033	BBB+		4,000		3,930,000
Floyd Co Dev–GA Power		2.35%	^#(a)	7/1/2022	A3		1,500		1,499,580


	See Notes to Financial Statements.	19

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Utilities (continued)
Guam Pwr Auth (AGM)		5.00%		10/1/2019	AA	$	1,000	$	1,043,500
Houston Util Sys		5.00%		11/15/2019	AA		2,485		2,612,729
Houston Util Sys		5.00%		5/15/2020	AA		5,000		5,332,900
IL Fin Auth–Clean Wtr Init		5.00%		1/1/2023	NR		1,500		1,689,630
IL Fin Auth–Peoples Gas		1.875%	^#(a)	2/1/2033	Aa3		6,500		6,450,795
IN Muni Pwr		5.00%		1/1/2022	A+		3,100		3,423,175
JEA Elec Sys		5.00%		10/1/2020	Aa3		4,490		4,840,085
JEA Elec Sys		5.00%		10/1/2020	NR		150		161,466
JEA Elec Sys		5.00%		10/1/2020	A+		635		683,705
KY Muni Pwr–Prarie State Proj^(d)		3.45%	^#(a)	9/1/2042	A-		1,700		1,700,918
KY Pub Energy Auth–Peak Energy		4.00%	^#(a)	4/1/2048	A3		5,435		5,792,623
Lehigh Co IDA–PPL Elec Util		1.80%	^#(a)	2/15/2027	A1		4,000		3,850,880
Lehigh Co IDA–PPL Elec Util		1.80%	^#(a)	9/1/2029	A1		3,000		2,920,140
Long Island Power Auth	1.815% (1 Mo. LIBOR * .70 + 0.65%		)^#	5/1/2033	A-		10,000		10,002,400
Long Island Power Auth		5.00%		9/1/2026	A-		500		586,415
Long Island Power Auth		5.00%		9/1/2027	A-		500		591,805
Main St Nat Gas–RBC		4.00%	^#(a)	4/1/2048	A1		8,000		8,524,320
Maricopa Co Poll Ctl–NM Pub Svc		2.40%	^#(a)	6/1/2043	BBB+		7,500		7,518,825
MEAG–Proj 1		5.00%		1/1/2021	A		7,000		7,515,130
MI Strat Fund–Detroit Edison		1.45%	^#(a)	9/1/2030	Aa3		2,000		1,930,700
Miami Dade CO Wtr & Swr		5.00%		10/1/2025	Aa3		3,205		3,759,048
PA Econ Dev–Waste Mgmt		1.50%	^#(a)	11/1/2021	A-		3,000		2,999,160
Peninsula Ports Auth–Dominion		1.55%	^#(a)	10/1/2033	BBB		3,000		2,992,080
Philadelphia Gas Works		5.00%		8/1/2019	A		7,500		7,809,300
Philadelphia Gas Works		5.00%		8/1/2020	A		2,000		2,134,800
Philadelphia Gas Works		5.00%		8/1/2022	A		750		831,960
Philadelphia Gas Works		5.00%		8/1/2023	A		850		956,709
Philadelphia Gas Works		5.00%		8/1/2024	A		800		912,832
Philadelphia Water & Wastewater		5.00%		7/1/2020	A+		4,500		4,811,130
Philadelphia Water & Wastewater		5.00%		11/1/2023	A1		900		1,026,000
Portland Sewer Sys		5.00%		10/1/2022	Aa1		5,000		5,646,300
PR Elec Pwr Auth^(e)		5.25%		7/1/2018	Ca		2,000		775,000
SA Energy Acquisition Pub Fac–Goldman Sachs		5.50%		8/1/2021	A3		4,350		4,808,055
Stockton PFA–Wastewater (BAM)		5.00%		9/1/2019	AA		1,750		1,832,915
Stockton PFA–Wastewater (BAM)		5.00%		9/1/2020	AA		1,000		1,079,100
TEAC–Goldman Sachs		4.00%	^#(a)	5/1/2048	A3		2,850		3,048,417


20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

Credit

Rating:

Principal

Interest

Maturity

S&P or

Amount

Fair

Investments

Rate

Date

Moody’s

(000)

Value

Utilities (continued)

TEAC–Goldman Sachs

5.25%

9/1/2018

5,755

5,836,088

TX Muni Gas Acq & Supply–Macquarie

5.00%

12/15/2018

3,000

3,065,970

TX Muni Gas Acq & Supply–Macquarie

5.00%

12/15/2019

1,000

1,048,670

Utility Debt Sec Auth–LIPA

5.00%

9/1/2022

A-

2,000

2,236,840

Western Muni Water Dist

1.50%

^#(a)

10/1/2039

AA+

5,000

4,963,550

Wise Co IDA–VA Elec & Pwr Co

2.15%

^#(a)

10/1/2040

5,425

5,408,508

York Co EDA–VA Elec & Pwr Co

1.875%

^#(a)

5/1/2033

3,750

3,741,488

Total

181,934,528

Total Municipal Bonds (cost $1,079,428,627)

1,075,186,433

SHORT-TERM INVESTMENTS 26.06%

Municipal Bond 0.19%

General Obligation

Oyster Bay GO
(cost $2,752,724)

2.50%

6/1/2018

2,750

2,751,898

Interest

Rate

Final

Interest

Reset

Maturity

Rate^#

Date^(F)

Date

Variable Rate Demand Notes 25.87%

Corporate-Backed 3.59%

Columbia IDB–Alabama Pwr

1.83%

4/2/2018

12/1/2037

31,650

31,650,000

St James Parish–Nucor Steel

1.80%

4/4/2018

11/1/2040

A-

20,000

20,000,000

Total

51,650,000

Education 0.31%

Met Govt Nashville H & E–Fisk Univ

1.90%

4/5/2018

12/1/2020

4,535

4,535,000

General Obligation 1.36%

NYC GO

1.73%

4/2/2018

6/1/2044

19,520

19,520,000

Health Care 5.80%

AR DFA–Baptist Mem Hlth

2.15%

4/2/2018

9/1/2044

BBB+

15,000

15,000,000

IL Fin Auth–Advocate Hlth

1.65%

4/4/2018

11/1/2038

AA+

38,500

38,500,000

NJ Hlth–Christian Hlth Care Ctr

1.87%

4/5/2018

7/1/2038

BBB+

7,015

7,015,000

NM Hsp–Presbyterian Hlthcare

1.70%

4/2/2018

8/1/2034

17,085

17,085,000

OH Hosp–Univ Hosp Hlth Sys

1.80%

4/2/2018

1/15/2045

1,000

1,000,000

OH Hosp–Univ Hosp Hlth Sys

1.80%

4/2/2018

1/15/2045

5,000

5,000,000

Total

83,600,000


	See Notes to Financial Statements.	21

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2018

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(F)

Date

Moody’s

(000)

Value

Housing 1.31%

IN Hsg & Cmnty Dev–SF Mtge Rev (GNMA)

1.80%

4/2/2018

7/1/2047

Aaa

18,800

18,800,000

Money Market Securities 0.77%

NYC TFA

1.81%

4/2/2018

11/1/2022

AAA

11,140

11,140,000

Other Revenue 0.86%

Pima Co IDA–Clark Co Detention^†

1.83%

4/5/2018

9/1/2033

6,500

6,500,000

WI Hlth & Ed–Maranatha Baptist

2.33%

4/5/2018

8/1/2026

BBB+

5,900

5,900,000

Total

12,400,000

Tax Revenue 1.04%

NYC TFA

1.81%

4/2/2018

8/1/2023

AAA

4,400

4,400,000

NYC TFA–Future Tax

1.83%

4/2/2018

11/1/2022

AAA

10,530

10,530,000

Total

14,930,000

Transportation 0.64%

Triborough Brdg & Tunl Auth

1.66%

4/2/2018

1/1/2032

AA+

9,195

9,195,000

Utilities 10.19%

Appling Co Dev–GA Power

1.84%

4/2/2018

9/1/2041

A-

47,350

47,350,000

Appling Co Dev–GA Power

1.84%

4/2/2018

9/1/2029

A-

5,700

5,700,000

Gainesville Utilities

1.53%

4/4/2018

10/1/2038

AA-

18,900

18,900,000

NYC Muni Water

1.81%

4/2/2018

8/1/2022

AAA

5,330

5,330,000

NYC Muni Water

1.83%

4/2/2018

8/1/2031

AAA

20,815

20,815,000

St Lucie Co PCR–FL Pwr & Lt Co

1.74%

4/2/2018

9/1/2028

Aa2

48,635

48,635,000

Total

146,730,000

Total Variable Rate Demand Notes (cost $372,500,000)

372,500,000

Total Short-Term Investments (cost $375,252,724)

375,251,898

Total Investments in Municipal Bonds 100.72% (cost $1,454,681,351)

1,450,438,331

Liabilities in Excess of Cash and Other Assets (0.72%)

(10,412,538

)

Net Assets 100.00%

1,440,025,793

Note: See Footnotes to Schedule of Investments on page 129 of this report.

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION TAX FREE FUND March 31, 2018

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	1,077,938,331	$	–	$	1,077,938,331
Variable Rate Demand Notes		–		372,500,000		–		372,500,000
Total	$	–	$	1,450,438,331	$	–	$	1,450,438,331


	⁽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, 2018.

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

	Municipal Bonds
Balance as of October 1, 2017		$	2,501,100
Accrued Discounts (Premiums)			–
Realized Gain (Loss)			–
Change in Unrealized Appreciation (Depreciation)			–
Purchases			–
Sales			–
Transfers into Level 3			–
Transfers out of Level 3			(2,501,100	)
Balance as of March 31, 2018		$	–
Change in unrealized appreciation/depreciation for period ended March 31, 2018, related to Level 3 investments held at March 31, 2018		$	–


	See Notes to Financial Statements.	23

Schedule of Investments (unaudited)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 99.33%

Corporate-Backed 6.62%
AL IDA–Office Max Rmkt AMT		6.45%	^#(a)	12/1/2023	B3		$	2,300	$	2,299,885
Babylon IDA–Covanta		5.00%		1/1/2019	AA			4,000		4,099,840
Build NYC Res Corp–Pratt Paper AMT^†		4.50%		1/1/2025	NR			3,600		3,950,424
Build NYC Res Corp–Pratt Paper AMT^†		5.00%		1/1/2035	NR			550		591,624
Burke Co Dev–Oglethorpe Power		2.40%	^#(a)	1/1/2040	A-			4,000		3,959,960
CA Poll Ctl–Waste Mgmt AMT		3.00%		11/1/2025	A-			9,850		9,990,264
Citizens Property Insurance Corp		5.00%		6/1/2022	A+			12,500		13,761,375
Gloucester Co Poll Ctl–Logan AMT		5.00%		12/1/2024	BBB-			1,750		1,896,038
Greater Orlando Aviation–Jet Blue AMT		5.00%		11/15/2026	NR			2,980		3,163,240
Houston Arpt–United Airlines AMT		5.00%		7/15/2028	BB-			2,400		2,706,336
IA Fin Auth–Iowa Fertilizer Co		5.25%		12/1/2025	B			10,000		10,653,200
IA Fin Auth–Iowa Fertilizer Co		5.50%		12/1/2022	B			15		15,213
IA Fin Auth–Iowa Fertilizer Co^†		5.875%		12/1/2026	B			3,365		3,543,042
IN Fin Auth–US Steel		6.00%		12/1/2019	B			3,195		3,318,966
Indianapolis Local Pub Impt–IND Arpt AMT		5.00%		1/1/2026	A1			9,425		10,616,885
Indianapolis Local Pub Impt–IND Arpt AMT		5.00%		1/1/2027	A1			8,300		9,300,980
JFK IAT–American Airlines AMT		5.00%		8/1/2026	BB-			11,750		12,492,365
LA Citizens Property Insurance Corp (AGM)		5.00%		6/1/2022	AA			2,000		2,231,580
LA Env Facs–Westlake Chem		3.50%		11/1/2032	BBB			8,150		8,067,115
LA Env Facs–Westlake Chem		6.50%		8/1/2029	BBB			6,780		7,470,340
Love Field Arpt–Southwest Airlines AMT		5.00%		11/1/2028	A3			1,800		1,961,712
MA Port Auth–Delta Airlines AMT (AMBAC)		5.50%		1/1/2022	NR			1,500		1,520,775
Martin Co IDA–Indiantown Cogen AMT^†		4.20%		12/15/2025	Baa2			6,000		6,121,140
Matagorda Co Nav Dist–AEP TX Central		4.00%		6/1/2030	A-			8,000		8,403,440
MD EDC–Chesapeake Bay Hyatt^(e)		5.00%		12/1/2016	NR			2,570		1,542,000
Nez Perce CO Poll Ctl–Potlatch		2.75%		10/1/2024	BB+			7,500		7,403,175
Niagara Area Dev Corp–Covanta^†		4.00%		11/1/2024	BB-			6,420		6,423,338
NJ EDA–Continental Airlines AMT		4.875%		9/15/2019	BB-			1,650		1,693,098
NJ EDA–Continental Airlines AMT		5.125%		9/15/2023	BB-			6,775		7,482,446
NJ EDA–Continental Airlines AMT		5.25%		9/15/2029	BB-			13,820		15,095,171
NJ EDA–Sch Facs		5.00%		6/15/2030	A-	^(c)		2,000		2,175,040
NJ EDA–Sch Facs		5.00%		6/15/2033	A-	^(c)		2,000		2,157,360
NY Energy–Con Ed (XLCA)	2.215% (Auction Rate Based		)^#	5/1/2032	A2			10,000		9,626,800
NY Trans Dev Corp–American Airlines AMT		5.00%		8/1/2021	BB-			4,960		5,346,830
NYC Cap Res–Arthur Mgmt		7.00%		8/1/2025	NR			3,730		3,856,074

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Corporate-Backed (continued)
NYC IDA–TRIPS AMT	5.00%		7/1/2022	BBB		$	2,330	$	2,563,093
NYC IDA–TRIPS AMT	5.00%		7/1/2028	BBB			3,500		3,759,525
OH Air Quality–Pratt Paper AMT^†	3.75%		1/15/2028	NR			1,800		1,802,844
OH Air Quality–Pratt Paper AMT^†	4.25%		1/15/2038	NR			3,750		3,767,700
OK DFA–Waste Mgmt	2.375%	^#(a)	12/1/2021	A-			1,665		1,701,730
Richland Co Env Impt–Intl Paper AMT	3.875%		4/1/2023	BBB			6,715		7,149,259
Salem Co Poll Ctl–Chambers AMT	5.00%		12/1/2023	BBB-			7,710		8,303,053
St Charles Parish–Valero Energy	4.00%	^#(a)	12/1/2040	BBB			10,500		11,174,100
Tulsa Mun Arpt–American Airlines AMT	5.00%	^#(a)	6/1/2035	BB-			5,000		5,392,350
Valdez Marine Term–BP	5.00%		1/1/2021	A1			10,000		10,788,600
Valparaiso Facs–Pratt Paper AMT	5.875%		1/1/2024	NR			1,190		1,325,612
Valparaiso Facs–Pratt Paper AMT	6.75%		1/1/2034	NR			5,000		5,884,150
West Pace Coop Dist^(e)	9.125%		5/1/2039	NR			4,900		2,842,000	^(h)
Whiting Env Facs–BP AMT	5.00%	^#(a)	11/1/2045	A1			6,855		7,708,653
Whiting Env Facs–BP Rmkt	5.25%		1/1/2021	A1			5,000		5,427,500
WI PFA–TRIPS AMT	5.25%		7/1/2028	BBB			3,750		4,072,838
WI Pub Fin Auth–Celanese AMT	4.30%		11/1/2030	BBB-			2,125		2,183,353
Total									280,783,431

Education 5.66%
AZ Brd Regents COP–Univ of AZ	5.00%		6/1/2021	Aa3			6,745		7,387,731
CA Fin Auth–Biola Univ	5.00%		10/1/2028	Baa1			420		466,754
CA Fin Auth–Biola Univ	5.00%		10/1/2030	Baa1			430		474,638
CA Fin Auth–Biola Univ	5.625%		10/1/2023	Baa1			1,015		1,035,848
CA State Univ Sys	5.00%		11/1/2024	Aa2			5,000		5,544,600
CA State Univ Sys	5.00%		11/1/2026	Aa2			2,750		3,280,475
Carnegie Mellon Univ	5.00%		8/1/2028	AA			2,000		2,395,240
Carnegie Mellon Univ	5.00%		8/1/2029	AA			1,605		1,911,924
Chicago Brd Ed	5.00%		12/1/2034	BB-	^(c)		3,000		3,013,500
Chicago Brd Ed	5.00%		12/1/2036	BB-	^(c)		9,000		8,934,660
Clemson Univ	5.00%		5/1/2027	Aa2			5,700		6,731,757
Cleveland State Univ	5.00%		6/1/2024	A+			1,775		1,954,115
Clifton Higher Ed–Intl Ldrshp Sch	5.125%		8/15/2030	NR			3,500		3,571,855
CT Hlth & Ed–Quinnipiac Univ	5.00%		7/1/2033	A-			8,230		9,158,180
Cuyahoga CCD	5.00%		8/1/2020	Aa2			1,800		1,902,060
Frederick Co Ed Fac–Mount St Mary’s Univ^†	5.00%		9/1/2032	BB+			2,400		2,602,272
Frederick Co Ed Fac–Mount St Mary’s Univ^†	5.00%		9/1/2037	BB+			1,000		1,068,850
Fulton Co Dev–GA Tech Athletic Assoc	5.00%		10/1/2022	A2			7,480		8,307,288

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Education (continued)
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2020	Baa3	$	1,000	$	1,000,890
IL Fin Auth–IL Inst of Tech	6.50%	2/1/2023	Baa3		2,000		2,054,040
IL Fin Auth–Loyola Univ Chicago	5.00%	7/1/2025	A1		8,620		9,464,157
IL Fin Auth–Noble Chtr Sch	5.00%	9/1/2025	BBB		1,500		1,654,425
IL Fin Auth–Univ Chicago	5.00%	10/1/2030	Aa2		8,000		9,161,120
MA DFA–Boston Med Ctr	5.00%	7/1/2021	BBB		2,855		3,091,765
MA DFA–Emerson Clg	5.00%	1/1/2026	BBB+		5,135		5,817,955
MA DFA–Emerson Clg	5.00%	1/1/2027	BBB+		2,700		3,043,197
MA DFA–Emerson Clg	5.00%	1/1/2028	BBB+		1,810		2,035,345
MA DFA–Emmanuel College	5.00%	10/1/2032	Baa2		5,000		5,562,550
MA Hlth & Ed–Harvard Univ	5.25%	11/15/2019	NR		695		710,929
Marietta Dev Auth–Life Univ	6.25%	6/15/2020	NR		1,150		1,160,833
NC Cap Facs–High Point Univ	5.00%	5/1/2032	A-		2,500		2,664,850
NH Hlth & Ed–Univ Sys of NH	5.50%	7/1/2020	AA-		1,890		1,980,418
NJ Ed Facs–Montclair State Univ	5.00%	7/1/2025	A1		410		477,224
NJ Ed Facs–Montclair State Univ	5.00%	7/1/2027	A1		3,560		4,152,847
NY Dorm–Mt Sinai Sch Med	5.00%	7/1/2026	A-		5,000		5,709,500
NY Dorm–Mt Sinai Sch Med	5.00%	7/1/2027	A-		10,000		11,362,800
NY Dorm–NYU	5.00%	7/1/2025	Aa2		500		592,160
NY Dorm–NYU	5.00%	7/1/2026	Aa2		1,600		1,910,752
NY Dorm–Pace Univ	5.00%	5/1/2021	BBB-		1,845		1,975,128
NY Dorm–Pace Univ	5.00%	5/1/2023	NR		20		22,852
NY Dorm–Pace Univ	5.00%	5/1/2023	BBB-		980		1,082,341
NY Dorm–Pace Univ	5.00%	5/1/2026	NR		20		22,748
NY Dorm–Pace Univ	5.00%	5/1/2026	BBB-		980		1,071,169
NY Dorm–SUNY	5.00%	7/1/2026	Aa3		2,000		2,335,140
NY Dorm–SUNY	5.00%	7/1/2027	Aa3		4,880		5,655,627
NY Dorm–SUNY	5.00%	7/1/2027	Aa3		500		581,620
NY Dorm–SUNY	5.00%	7/1/2028	Aa3		4,110		4,730,980
NY Dorm–SUNY	5.00%	7/1/2029	Aa3		2,750		3,169,403
Pima IDA–American Leadership Acad^†	4.75%	6/15/2037	NR		4,500		4,438,350
Private Clgs & Univs Auth–SCAD	5.00%	4/1/2029	Baa1		1,500		1,658,265
Private Clgs & Univs Auth–SCAD	5.00%	4/1/2031	Baa1		1,360		1,491,784
Troy Cap Res Corp–RPI	5.00%	8/1/2024	A3		1,000		1,142,300
Troy Cap Res Corp–RPI	5.00%	8/1/2025	A3		2,630		3,040,990
Troy Cap Res Corp–RPI	5.00%	8/1/2026	A3		1,000		1,161,270
Troy Cap Res Corp–RPI	5.00%	8/1/2027	A3		1,600		1,833,728

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Education (continued)
Univ of CA		5.00%		5/15/2026	NR	$	4,635	$	5,305,546
Univ of CA		5.00%		5/15/2026	AA		10,365		11,869,998
Univ of CA		5.00%	^#(a)	5/15/2048	AA		10,000		11,483,500
Univ of Houston		5.00%		2/15/2029	AA		10,280		11,929,529
Univ of NC–Chapel Hill	1.515% (1 Mo. LIBOR * .67 + 0.40%		)^#	12/1/2041	AAA		7,125		7,131,484
Univ of North Carolina–Wilmington		5.00%		6/1/2023	A1		2,435		2,746,826
Univ of North Carolina–Wilmington		5.00%		6/1/2024	A1		2,560		2,927,974
UT Brd Regents–Univ UT		5.00%		8/1/2022	AA+		3,500		3,933,125
Western MI Univ (AGC)		5.25%		11/15/2020	AA		3,980		4,069,709
Total									240,160,890

Financial Services 0.09%
Berks Co IDA–Tower Hlth		4.00%		11/1/2031	A		2,280		2,362,627
Berks Co IDA–Tower Hlth		5.00%		11/1/2030	A		1,315		1,496,102
Total									3,858,729

General Obligation 19.39%
Bellwood GO		5.875%		12/1/2027	A		5,000		5,683,650
Bellwood GO		6.15%		12/1/2032	A		3,770		4,321,664
CA State GO	1.925% (1 Mo. LIBOR * .70 + 0.76%		)^#	12/1/2031	AA-		5,000		5,061,350
CA State GO		5.00%		9/1/2021	AA-		15,500		17,155,400
CA State GO		5.00%		2/1/2022	AA-		20,000		22,293,800
CA State GO		5.00%		9/1/2023	AA-		6,100		7,010,364
CA State GO		5.00%		3/1/2025	AA-		7,000		8,225,630
CA State GO		5.00%		10/1/2027	AA-		10,000		11,317,500
CA State GO		5.00%		11/1/2027	Aa3		5,000		6,054,000
CA State GO		5.00%		9/1/2030	AA-		10,000		11,600,800
CA State GO		5.25%		3/1/2022	AA-		6,320		6,766,002
CA State GO		5.25%		9/1/2024	AA-		10,000		11,146,900
Carmel IN–Bond Bank		5.00%		7/15/2027	AA		2,305		2,714,783
Chabot/Las Positas CCD		5.00%		8/1/2023	AA		3,000		3,460,800
Chicago Brd Ed		5.00%		12/1/2022	B		13,200		13,288,044
Chicago Brd Ed		5.00%		12/1/2031	B		3,100		3,114,415
Chicago Brd Ed^†		6.75%		12/1/2030	B		5,000		5,903,300
Chicago GO		5.00%		1/1/2022	BBB+		7,770		8,225,633
Chicago GO		5.00%		1/1/2024	BBB+		15,000		16,120,500
Chicago GO		5.00%		1/1/2025	BBB+		7,000		7,560,070
Chicago GO		5.00%		1/1/2031	BBB+		2,210		2,319,749

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation (continued)
Chicago GO	5.00%	1/1/2034	BBB+	$	7,625	$	7,838,881
Chicago GO	5.125%	1/1/2027	BBB+		3,100		3,326,920
Chicago GO	5.25%	1/1/2028	BBB+		3,845		4,138,181
Chicago GO	5.625%	1/1/2030	BBB+		1,835		2,007,729
Chicago GO	6.00%	1/1/2038	BBB+		17,835		20,051,712
Chicago Met Water Reclmtn Dist	5.00%	12/1/2027	AA+		4,600		5,369,534
Clackamas Co Sch Dist–North Clackamas	5.00%	6/15/2025	AA+		1,450		1,683,146
Clark Co GO	5.00%	11/1/2027	AA+		10,775		12,451,805
Clark CO Sch Dist	5.00%	6/15/2027	AA-		6,500		7,469,475
Cook Co GO	5.00%	11/15/2020	AA-		5,000		5,383,100
Cook Co GO	5.00%	11/15/2021	AA-		5,000		5,493,200
Cook Co GO	5.00%	11/15/2025	AA-		6,000		6,606,000
Cook CO GO	5.25%	11/15/2023	AA-		10,510		11,583,596
CT State GO	5.00%	10/15/2024	A+		7,500		8,311,875
CT State GO	5.00%	10/15/2028	A+		12,500		14,069,000
DC GO (BHAC)	5.00%	6/1/2021	AA+		3,500		3,519,775
Eaton Area Pk & Rec Dist	5.50%	12/1/2030	NR		240		259,502
FL Brd Ed	5.00%	6/1/2023	AAA		5,000		5,591,650
Fresno USD (NPFGC)(FGIC)	5.25%	2/1/2024	A+		3,285		3,824,233
Geneva USD	5.00%	1/1/2028	AA+		1,125		1,314,788
Geneva USD	5.00%	1/1/2029	AA+		2,200		2,558,182
Geneva USD	5.00%	1/1/2030	AA+		1,400		1,617,392
Hawaii GO	5.00%	4/1/2024	AA+		13,610		15,722,680
HI State GO	5.00%	8/1/2026	AA+		7,590		8,770,776
HI State GO	5.00%	10/1/2026	AA+		5,500		6,555,725
Honolulu GO	5.00%	10/1/2029	Aa1		10,000		11,602,600
Houston GO	5.00%	3/1/2023	AA		4,000		4,512,640
Houston GO	5.00%	3/1/2024	AA		2,000		2,290,880
IL State GO	5.00%	2/1/2020	BBB-		2,175		2,238,010
IL State GO	5.00%	7/1/2022	BBB-		6,500		6,781,970
IL State GO	5.00%	8/1/2023	BBB-		5,350		5,596,314
IL State GO	5.00%	6/1/2024	BBB-		10,000		10,451,900
IL State GO	5.00%	8/1/2024	BBB-		14,565		15,143,667
IL State GO	5.00%	1/1/2027	BBB-		12,010		12,485,836
IL State GO	5.00%	11/1/2027	BBB-		5,000		5,194,150
IL State GO	5.00%	2/1/2028	BBB-		13,620		14,130,886
IL State GO	5.00%	11/1/2028	BBB-		30,280		31,494,228

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation (continued)
IL State GO	5.00%	2/1/2029	BBB-	$	5,440	$	5,623,981
IL State GO	5.00%	11/1/2029	BBB-		5,000		5,180,800
IL State GO	5.00%	11/1/2029	BBB-		2,800		2,892,568
IL State GO	5.25%	7/1/2030	BBB-		5,430		5,594,963
IL State GO	5.25%	2/1/2034	BBB-		3,295		3,381,164
IL State GO	5.50%	7/1/2038	BBB-		5,000		5,148,500
LA State GO	5.00%	8/1/2025	AA-		8,660		9,935,964
LA State GO	5.00%	5/1/2028	AA-		11,180		12,779,858
Los Angeles CCD	4.00%	8/1/2027	AA+		700		790,832
Los Angeles CCD	5.00%	8/1/2024	AA+		7,250		8,517,663
Los Angeles USD	5.00%	7/1/2026	Aa2		10,000		12,058,500
Lubbock GO	5.00%	2/15/2026	AA+		11,810		13,702,316
Luzerne Co GO (AGM)	5.00%	11/15/2022	AA		2,250		2,502,068
Luzerne Co GO (AGM)	5.00%	11/15/2023	AA		2,500		2,807,425
Luzerne Co GO (AGM)	5.00%	11/15/2024	AA		4,000		4,522,880
MA State GO	5.00%	8/1/2024	Aa1		5,000		5,806,600
MA State GO	5.00%	9/1/2024	Aa1		1,505		1,689,287
Montgomery Co GO	5.00%	11/1/2023	AAA		8,475		9,752,521
Nassau Co GO	5.00%	1/1/2025	A+		6,515		7,502,413
Nassau Co GO (AGM)	5.00%	1/1/2026	AA		10,000		11,688,600
NC Ltd Oblig	5.00%	5/1/2027	AA+		7,500		9,034,500
NJ State GO	5.00%	6/1/2027	A-		3,650		4,240,315
NJ State GO	5.00%	6/1/2029	A-		5,000		5,599,900
NV State GO	5.00%	11/1/2026	AA		7,500		8,741,025
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2021	AA		1,500		1,658,100
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2023	AA		2,500		2,865,975
NYC GO	5.00%	10/1/2021	AA		6,000		6,621,720
NYC GO	5.00%	8/1/2022	AA		10,010		11,016,005
NYC GO	5.00%	8/1/2025	AA		12,000		13,634,880
NYC GO	5.00%	8/1/2025	AA		10,000		11,536,700
NYC GO	5.00%	8/1/2026	AA		5,235		5,757,977
Ohio St GO	5.00%	5/1/2025	Aa1		5,000		5,869,900
PA State GO	5.00%	1/15/2028	Aa3		10,000		11,500,500
Peralta CCD	5.00%	8/1/2021	AA-		3,000		3,319,950
Philadelphia Sch Dist^(d)	5.00%	9/1/2026	A2		500		569,545
Philadelphia Sch Dist^(d)	5.00%	9/1/2027	A2		600		685,248
Philadelphia Sch Dist^(d)	5.00%	9/1/2028	A2		500		574,110

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Philadelphia Sch Dist (AGM)		5.00%		6/1/2030	AA		$	5,000	$	5,639,600
Philadelphia Sch Dist (AGM)		5.00%		6/1/2031	AA			5,000		5,619,550
Port Oakland AMT		5.00%		11/1/2023	A			5,095		5,785,474
Port Oakland AMT		5.00%		11/1/2024	A			6,100		7,019,575
Port Oakland AMT		5.00%		11/1/2025	A			2,875		3,351,043
PR Comwlth GO (AGM)		5.25%		7/1/2024	AA			855		893,783
PR Comwlth GO (AMBAC)		5.50%		7/1/2019	Ca			550		560,219
PR Comwlth GO TCRS (AMBAC)		4.50%		7/1/2023	Ca			1,620		1,601,645
PR Pub Bldg Auth GTD (AMBAC)		10.00%	^#(a)	7/1/2035	Ca			4,245		4,452,963
Reedy Creek Impt Dist GO		4.00%		6/1/2031	AA-			2,240		2,395,949
RI State GO		5.00%		8/1/2022	AA			6,480		7,264,793
RI State GO		5.00%		8/1/2029	AA			7,500		8,920,575
San Francisco City & Co USD		4.00%		6/15/2021	Aa2			9,740		10,232,357
San Francisco Co USD		5.00%		6/15/2027	Aa2			5,000		5,791,400
TX State GO		5.00%		10/1/2026	AAA			10,000		11,419,600
TX State GO		5.00%		10/1/2028	AAA			6,810		8,228,183
VT EDA–Casella Waste AMT^†		4.625%	^#(a)	4/1/2036	B-			750		750,000
WA State GO		5.00%		8/1/2022	AA+			14,245		15,647,563
WA State GO		5.00%		1/1/2024	AA+			5,000		5,274,300
WA State GO		5.00%		7/1/2031	AA+			3,500		3,981,635
Wake Co Ltd Ob		4.00%		12/1/2031	AA+			5,000		5,398,550
Total										822,120,302

Health Care 12.94%
AL PFA–AL Proton Therapy^†		6.85%		10/1/2047	NR			2,160		2,170,454
Alachua Co Hlth–East Ridge Ret Vlg		5.00%		11/15/2024	BB-	^(c)		4,000		4,259,000
Alachua Co Hlth–East Ridge Ret Vlg		5.625%		11/15/2029	BB-	^(c)		1,000		1,077,660
Antelope Valley Hlth		5.00%		3/1/2031	Ba3			5,000		5,329,050
AR DFA–Baptist Mem Hlth	3.13% (MUNIPSA * 1 + 1.55%		)^#	9/1/2044	BBB+			12,000		12,112,080
Atlantic Bch Hlth–Fleet Landing		5.00%		11/15/2028	BBB	^(c)		2,020		2,200,083
AZ Hlth Facs–Phoenix Childrens Hsp	3.43% (MUNIPSA * 1 + 1.85%		)^#	2/1/2048	A-			14,500		14,742,440
AZ Hlth Facs–Phoenix Childrens Hsp		5.00%		2/1/2030	A-			6,000		6,430,620
Banner Health		5.00%		1/1/2028	AA-			5,000		5,998,300
Blaine Sr Hsg & Hlthcare–Crest View		5.125%		7/1/2025	NR			3,450		3,590,450
CA Hlth–Childrens Hsp Los Angeles		5.00%		11/15/2022	BBB+			1,540		1,721,812
CA Hlth–Childrens Hsp Los Angeles		5.00%		11/15/2023	BBB+			1,000		1,117,590

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
CA Hlth–Childrens Hsp Los Angeles	5.00%	11/15/2024	BBB+		$	2,000	$	2,224,980
CA Hlth–Childrens Hsp Los Angeles	5.00%	11/15/2025	BBB+			4,880		5,410,944
CA Hlth–Childrens Hsp Los Angeles	5.00%	11/15/2026	BBB+			3,705		4,087,689
CA Hlth–Childrens Hsp Los Angeles	5.00%	11/15/2029	BBB+			1,300		1,424,787
CA Hlth–Lucile Packard Childrens Hsp	5.00%	8/15/2031	A+			1,150		1,348,743
CA Hlth–Lucile Packard Childrens Hsp	5.00%	8/15/2032	A+			1,250		1,457,875
CA Hlth–Sutter Hlth^(d)	5.00%	11/15/2032	AA-			2,000		2,344,620
CA Hlth–Sutter Hlth^(d)	5.00%	11/15/2033	AA-			2,450		2,860,988
CA Hlth–Sutter Hlth^(d)	5.00%	11/15/2034	AA-			3,350		3,893,705
CA Hlth–Sutter Hlth	5.25%	8/15/2024	AA-			6,920		7,492,353
CA Hlth Facs–Cedars-Sinai Med Ctr	5.00%	11/15/2026	Aa3			5,000		5,961,250
CA Hlth Facs–Kaiser Permanente	5.00%	11/1/2027	AA-			7,700		9,425,955
CA Muni Fin–Cmnty Med Ctrs	5.00%	2/1/2030	A-			3,305		3,718,918
CA Stwde–Loma Linda Univ Med Ctr	5.25%	12/1/2029	BB			5,000		5,531,300
CA Stwde–Loma Linda Univ Med Ctr	5.25%	12/1/2034	BB			4,500		4,919,355
CA Stwde–So Cal Presbyterian^†	6.25%	11/15/2019	BBB+	^(c)		700		736,225
Camden CO Impt Auth–Cooper Hlth	5.00%	2/15/2023	BBB+			3,000		3,334,290
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2024	BBB+			3,730		4,201,099
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2025	BBB+			1,250		1,392,775
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2027	BBB+			1,000		1,101,730
Church Home of Hartford^†	3.25%	9/1/2021	BB	^(c)		500		500,480
Clarke Co Hsp–Piedmont Hlth	5.00%	7/1/2029	AA-			7,090		8,202,705
Clarke Co Hsp–Piedmont Hlth	5.00%	7/1/2030	AA-			4,500		5,184,810
CO Hlth Facs–American Baptist	7.00%	8/1/2019	NR			595		616,557
CO Hlth Facs–Christian Living Cmnty	5.125%	1/1/2030	NR			600		625,128
CO Hlth Facs–Christian Living Nghbrhds	5.00%	1/1/2031	NR			1,400		1,494,290
Comanche Co Hsp Auth	5.00%	7/1/2022	BB+			2,435		2,597,585
Cumberland Co Mun Auth–Asbury	5.25%	1/1/2032	NR			1,200		1,243,152
Cuyahoga Co Hsp–Metrohealth	5.00%	2/15/2037	NR			5,000		5,373,800
DC Hsp–Childrens Ntl Hsp	5.00%	7/15/2026	A1			1,700		1,977,950
Decatur Hsp–Wise Hlth	5.00%	9/1/2034	BB+			4,825		5,114,934
Decatur Hsp–Wise Hlth	5.25%	9/1/2029	BB+			800		867,320
Duluth EDA–St Lukes Hsp	5.75%	6/15/2032	NR			4,250		4,656,768
Eden Twp Hlthcare Dist COP	5.375%	6/1/2023	NR			3,085		3,281,484
Eisenhower Med Ctr	5.00%	7/1/2029	Baa2			900		1,038,051
Eisenhower Med Ctr	5.00%	7/1/2031	Baa2			1,500		1,713,225
Eisenhower Med Ctr	5.00%	7/1/2033	Baa2			1,000		1,134,450

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Fairfax Co EDA–Vinson Hall	4.50%		12/1/2032	NR		$	2,500	$	2,593,425
Franklin Hlth–Proton Therapy^†	6.50%		6/1/2027	NR			5,000		5,074,250
Gaithersburg Econ Dev–Asbury	5.65%		1/1/2019	BBB	^(c)		2,000		2,060,860
Glendale IDA–Beatitudes	5.00%		11/15/2036	NR			1,500		1,556,760
Guadalupe Co–Seguin City Hospital	5.25%		12/1/2035	BB			3,000		3,206,370
Hanover Co EDA–Covenant Woods	4.50%		7/1/2030	NR			2,790		2,852,552
Harris Co Cultural Ed–Brazos	6.375%		1/1/2033	BB+	^(c)		1,385		1,560,161
Harris Co Cultural Ed–Brazos	4.00%		1/1/2023	BB+	^(c)		985		1,011,959
Harris Co Cultural Ed–Brazos	5.00%		1/1/2033	BB+	^(c)		545		560,947
HI Dept Budget–Kahala Nui	5.00%		11/15/2027	A-	^(c)		1,500		1,671,525
IA Fin Auth–Iowa Fertilizer Co	5.25%	^#(a)	12/1/2050	B			8,095		8,494,084
IL Fin Auth–Centegra Hlth	5.00%		9/1/2034	BB+			1,015		1,077,757
IL Fin Auth–Northwestern Mem Hlth	5.00%		7/15/2027	AA+			1,500		1,792,440
IL Fin Auth–Northwestern Mem Hlth	5.00%		7/15/2028	AA+			1,800		2,143,566
IL Fin Auth–Northwestern Mem Hlth	5.00%		7/15/2029	AA+			1,000		1,184,270
IL Fin Auth–Northwestern Mem Hlth	5.00%		7/15/2030	AA+			1,000		1,177,720
IL Fin Auth–Northwestern Mem Hsp^(b)	5.75%		8/15/2030	AA			2,500		2,636,950
IL Fin Auth–Plymouth Place	5.00%		5/15/2030	BB+	^(c)		1,690		1,780,854
IL Fin Auth–Silver Cross Hsp	5.00%		8/15/2035	Baa1			4,500		4,849,920
Karnes Co Hsp Dist	5.00%		2/1/2024	A	^(c)		1,710		1,818,756
Karnes Co Hsp Dist	5.00%		2/1/2034	A	^(c)		1,000		1,055,200
Kirkwood IDA–Aberdeen Heights	5.25%		5/15/2037	BB	^(c)		2,000		2,141,960
KY EDA–Masonic Homes	5.375%		11/15/2032	NR			2,385		2,532,202
KY EDFA–Owensboro Hlth	5.00%		6/1/2029	Baa3			4,235		4,721,983
KY EDFA–Owensboro Hlth	5.00%		6/1/2032	Baa3			6,000		6,620,700
MA DFA–CareGroup	5.00%		7/1/2026	A-			5,985		6,991,318
MD Hlth & Hi Ed–Mercy Med Ctr	5.00%		7/1/2031	BBB			1,100		1,176,593
MD Hlth & Hi Ed–Western MD Hlth Sys	5.00%		7/1/2024	BBB			5,000		5,647,350
ME Hlth & Hi Ed–MaineGeneral Hlth	6.00%		7/1/2026	Ba3			7,755		8,217,120
Meadville Med Center	6.00%		6/1/2036	NR			3,830		4,013,189
MI Fin Auth–Crittenton Hospital	5.00%		6/1/2022	NR			2,960		3,295,250
MI Fin Auth–Crittenton Hospital	5.00%		6/1/2027	NR			7,250		8,071,135
MI Fin Auth–Trinity Health	5.00%		12/1/2035	AA-			5,000		5,738,200
Miami Beach Hlth–Mt Sinai Med Ctr	5.00%		11/15/2030	Baa1			1,500		1,637,370
MN Agric & Econ Dev–Essential Hlth Rmkt (AGC)	5.50%		2/15/2025	AA			4,500		4,793,040
Montgomery Co IDA–Einstein Hlthcare	5.00%		1/15/2024	Baa3			4,000		4,370,560

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Montgomery Co IDA–Einstein Hlthcare	5.25%	1/15/2026	Baa3		$	2,000	$	2,208,340
Montgomery Co IDA–Einstein Hlthcare	5.25%	1/15/2028	Baa3			3,000		3,276,540
Montgomery Co IDA–Whitemarsh	5.00%	1/1/2030	NR			2,000		2,042,300
Moon IDC–Baptist Homes Soc	5.00%	7/1/2020	NR			960		989,933
Moon IDC–Baptist Homes Soc	5.125%	7/1/2025	NR			4,600		4,827,930
Multnomah Co Hsp Facs–Mirabella	5.125%	10/1/2034	NR			4,000		4,236,360
Muskingum Co Hsp–Genesis Hlthcare	5.00%	2/15/2033	BB+			10,500		11,121,600
Nassau Co LEAC–Winthrop Univ Hsp	5.00%	7/1/2027	Baa2			3,000		3,253,500
NC Med–Lutheran Svcs	4.75%	3/1/2032	NR			2,550		2,671,202
NC Med–Southminster	5.00%	10/1/2031	NR			1,750		1,905,733
New Hope Cult Ed Facs–Carillon	5.00%	7/1/2036	NR			1,250		1,283,900
New Hope Cult Ed Facs–Crestview	5.00%	11/15/2031	BB+	^(c)		850		901,221
New Hope Ed Facs–Childrens Hlth	5.00%	8/15/2026	Aa2			2,000		2,347,280
New Hope Ed Facs–Childrens Hlth	5.00%	8/15/2028	Aa2			3,170		3,732,421
NH Hlth & Ed–Hillside Village^†	3.50%	7/1/2022	NR			1,200		1,204,752
NJ Hlth–AHS Hsp Corp	5.00%	7/1/2023	AA-			2,750		3,123,505
NJ Hlth–AHS Hsp Corp	5.00%	7/1/2024	AA-			3,200		3,691,744
NJ Hlth–AHS Hsp Corp	5.125%	7/1/2019	AA-			70		70,613
NJ Hlth–Hackensack Meridian Hlth	5.00%	7/1/2028	NR			5,500		6,484,225
NJ Hlth–St Josephs Hlth	5.00%	7/1/2028	BBB-			1,300		1,445,418
NJ Hlth–St Josephs Hlth	5.00%	7/1/2029	BBB-			1,605		1,778,468
NJ Hlth–St Josephs Hlth	5.00%	7/1/2030	BBB-			1,100		1,214,741
NJ Hlth–St Josephs Hlth	5.00%	7/1/2031	BBB-			1,110		1,221,611
NJ Hlth–St Peters Univ Hsp	5.25%	7/1/2021	BB+			2,045		2,055,961
NJ Hlth–St Peters Univ Hsp	6.00%	7/1/2026	BB+			5,500		5,884,780
NJ Hlth–Univ Hosp (AGM)	5.00%	7/1/2028	AA			2,000		2,282,380
NM Hsp–Haverland	5.00%	7/1/2032	BBB	^(c)		1,000		1,057,820
NY Dorm–Mem Sloan Kettering	5.00%	7/1/2027	AA-			3,600		4,368,420
NY Dorm–Orange Regl Med	6.50%	12/1/2021	Baa3			825		851,177
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2026	BBB-			1,500		1,695,495
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2027	BBB-			1,300		1,452,724
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2028	BBB-			2,000		2,228,320
NYC Hlth & Hsp Corp	5.00%	2/15/2023	Aa3			4,000		4,539,840
OH Hsp–Cleveland Clinic	5.00%	1/1/2029	Aa2			3,545		4,259,530
OK DFA–OU Med^(d)	5.00%	8/15/2033	Baa3			5,045		5,618,919
OK DFA–OU Med^(d)	5.00%	8/15/2038	Baa3			2,380		2,609,837
OK DFA–OU Med^(d)	5.25%	8/15/2043	Baa3			5,000		5,557,150

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Health Care (continued)
Palomar Hlth		5.00%		11/1/2036	BBB-		$	2,980		$	3,280,831
Palomar Hlth Care Dist COP		5.25%		11/1/2021	BBB-			3,090	��		3,282,692
Philadelphia Hsps–Temple Univ Hlth		5.00%		7/1/2028	BBB-			3,000			3,342,600
Philadelphia Hsps–Temple Univ Hlth		5.00%		7/1/2031	BBB-			750			826,328
Roanoke EDA–Carilion Clinic		5.00%		7/1/2025	AA-			10,000			10,684,600
Rockville Eco Dev–Ingleside at King Farm		2.50%		11/1/2024	BB	^(c)		2,000			2,004,000
San Buenaventura–Cmnty Mem Hlth		8.00%		12/1/2026	BB+			10,050			11,790,861
Sartell Hlth Care–Country Manor		5.25%		9/1/2030	NR			1,000			1,081,540
SE Port Auth–Memorial Hlth		5.50%		12/1/2029	BB-	^(c)		750			825,300
South Miami Hlth Fac–Baptist Hlth		5.00%		8/15/2026	A1			3,000			3,498,900
South Miami Hlth Fac–Baptist Hlth		5.00%		8/15/2027	A1			3,620			4,259,002
South Miami Hlth Fac–Baptist Hlth		5.00%		8/15/2028	NR			2,625			3,071,880
St Paul Hsg–HlthEast Care Sys		5.00%		11/15/2023	A+			3,735			4,284,605
St Paul Hsg–HlthEast Care Sys		5.00%		11/15/2024	A+			4,500			5,244,705
Tarrant Co Cultural–Buckner		3.875%		11/15/2022	NR			1,790			1,791,199
Tempe IDA–ASU Mirabella^†		4.00%		10/1/2023	NR			4,115			4,131,501
Tulsa Co Industrial Auth–Montereau		5.25%		11/15/2037	BBB-	^(c)		1,250			1,384,100
Tyler Hlth–Mother Frances Hsp		5.50%		7/1/2027	NR			3,975			4,403,187
Univ of CA		5.00%		5/15/2033	AA-			11,500			13,716,740
Univ of CA		5.00%		5/15/2034	AA-			12,250			14,567,577
Vanderbilt Univ Med Ctr		5.00%		7/1/2031	NR			1,300			1,474,382
WA Hlth–Fred Hutchinson Cancer Ctr	2.358% (1 Mo. LIBOR * .67 + 1.10%		)^#	1/1/2042	A			4,000			4,026,160
WA Hsg–Rockwood^†		6.00%		1/1/2024	NR			1,265			1,369,274
WA State GO		5.00%		8/1/2028	AA+			10,395			12,439,696
Westchester Co LDC–Kendal Hudson		5.00%		1/1/2028	BBB	^(c)		1,350			1,471,635
WI Hlth & Ed–American Baptist		5.00%		8/1/2032	NR			1,375			1,421,516
WI Hlth & Ed–American Baptist		5.00%		8/1/2037	NR			1,500			1,529,025
WI Hlth & Ed–Ascension Hlth		5.00%		11/15/2033	AA+			2,000			2,097,560
WI Hlth & Ed–Aurora Hlth		5.00%		7/15/2026	A2			5,575			6,018,826
WI PFA–Mary’s Woods^†		3.00%		11/15/2022	BB	^(c)		1,100			1,102,321
Wood Co Hsp Facs–Wood Co Hsp		5.00%		12/1/2027	Ba1			3,450			3,655,379
Wood Co Hsp Facs–Wood Co Hsp		5.00%		12/1/2032	Ba1			2,275			2,384,564
Woodbury Hsg–St Therese		5.00%		12/1/2029	NR			1,000			1,056,720
Woodbury Hsg–St Therese		5.00%		12/1/2034	NR			1,000			1,042,470
WV Hsp–Herbert Thomas Hlth		6.00%		10/1/2020	NR			1,055			1,064,601
Total											548,492,072

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Housing 0.68%
Alachua Co Hlth–Oak Hammock	8.00%		10/1/2032	NR		$	500		$	585,380
CA State GO	5.00%		11/1/2031	NR			10,000			11,920,200
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2024	Baa1			1,000			1,137,920
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2025	Baa1			1,000			1,150,780
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2026	Baa1			1,000			1,158,710
CA Stwde–CHF-Irvine LLC	5.00%		5/15/2027	Baa1			750	��		865,500
MI Strategic Fd–Evangelical Homes	5.25%		6/1/2032	BB+	^(c)		1,500			1,563,540
NJ EDA–Montclair St Std Hsg	5.25%		6/1/2019	Baa3			1,610			1,668,202
NJ EDA–Rowan Univ Pptys	5.00%		1/1/2030	BBB-			2,500			2,704,250
NYC IDA–Yankee Stadium (FGIC)	2.891% (CPI Based	)^#	3/1/2021	Baa1			3,850			3,825,398
PA Hi Ed–Edinboro Univ	5.00%		7/1/2018	NR			60			60,500
WA Hsg–Emerald Heights	4.00%		7/1/2019	A-	^(c)		1,130			1,161,708
WA Hsg–Emerald Heights	5.00%		7/1/2022	A-	^(c)		1,000			1,106,850
Total										28,908,938

Lease Obligations 5.59%
Broward Co Sch Brd COP	5.00%		7/1/2021	Aa3			5,000			5,482,000
CA Pub Wks–Dept Hsps	5.00%		6/1/2023	A+			3,000			3,424,920
CA Pub Wks–Lease Rev	3.00%		9/1/2030	A+			5,000			4,938,550
CA Pub Wks–Lease Rev	5.00%		10/1/2029	A+			19,195			22,870,842
CA Pub Wks–Various Cap Proj	5.00%		4/1/2021	A+			3,250			3,553,843
CA Pub Wks–Various Cap Proj	5.00%		11/1/2021	A+			1,000			1,108,920
CA Pub Wks–Various Cap Proj	5.00%		4/1/2022	A+			4,200			4,691,694
Cuyahoga Co COP–Conv Hotel Proj	5.00%		12/1/2023	AA-			5,640			6,411,721
Dallas Civic Ctr (AGC)	5.00%		8/15/2021	AA			3,800			3,963,362
Dallas Conv Ctr Hotel Dev Corp	5.25%		1/1/2022	A-			6,405			6,557,375
Erie Co IDA–Buffalo Sch Dist	5.00%		5/1/2024	AA			5,930			6,471,350
Houston Co Coop Dist–Country Crossing^(e)	10.00%		6/7/2013	NR			1,768			247,520
Hudson Yards	5.00%		2/15/2029	Aa3			3,500			4,136,930
IL Sports Facs Auth (AGM)	5.00%		6/15/2027	AA			3,000			3,271,410
IN Fin Auth–Stadium	5.25%		2/1/2029	AA+			2,500			2,924,800
Kansas City IDA–Downtown Redev Dist	5.00%		9/1/2022	AA-			7,470			8,156,194
KY Ppty & Bldgs Commn–Proj #112	5.00%		11/1/2026	A1			10,000			11,551,600
LA PFA–Hurricane Recovery	5.00%		6/1/2023	A1			3,200			3,614,784
LA PFA–Hurricane Recovery	5.00%		6/1/2024	A1			6,840			7,840,008
Los Angeles Co COP–Disney Concert Hall	5.00%		9/1/2022	AA			1,250			1,403,063
MI Strategic Fd–Cadillac Place	5.25%		10/15/2023	Aa2			3,865			4,292,817
MI Strategic Fd–Cadillac Place	5.25%		10/15/2024	Aa2			6,915			7,680,421

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Miami Dade Co Sch Dist GO		4.00%		3/15/2034	AA-		$	4,535	$	4,793,631
NJ EDA–Motor Vehicle Surcharge Sub Rev		5.00%		7/1/2033	BBB+			6,700		7,229,233
NJ EDA–Sch Facs	3.18% (MUNIPSA * 1 + 1.60%		)^#	3/1/2028	BBB+			5,000		4,941,600
NJ EDA–Sch Facs		5.00%		6/15/2025	BBB+			5,085		5,566,499
NJ EDA–Sch Facs		5.00%		3/1/2026	BBB+			8,255		8,808,993
NJ EDA–Sch Facs		5.00%		3/1/2029	BBB+			7,500		7,923,600
NJ EDA–Sch Facs		5.00%		6/15/2034	A-	^(c)		3,000		3,233,640
NJ EDA–Sch Facs		5.00%		6/15/2035	A-	^(c)		1,000		1,076,280
NJ EDA–Sch Facs		5.00%		6/15/2042	A-	^(c)		1,400		1,495,676
NJ EDA–Sch Facs		5.25%		12/15/2020	BBB+			8,125		8,434,319
NJ EDA–Sch Facs		5.25%		9/1/2023	BBB+			6,545		6,959,953
NJ EDA–Sch Facs		5.25%		9/1/2025	BBB+			5,550		5,895,487
NJ EDA–Sch Facs		5.25%		6/15/2032	BBB+			2,865		3,116,834
NJ EDA–Sch Facs		5.50%		6/15/2029	BBB+			3,500		3,995,530
NJ EDA–Transit Proj		5.00%		5/1/2018	BBB+			1,425		1,428,235
NJ Trans Trust Fund (NPFGC)(FGIC)		5.50%		12/15/2020	BBB+			1,000		1,078,900
NY UDC–Svc Contract		5.00%		1/1/2022	AA			3,705		3,916,148
NYC TFA–Bldg Aid		5.00%		7/15/2026	AA			1,750		2,029,633
NYC TFA–Bldg Aid		5.00%		7/15/2028	AA			1,500		1,725,510
Oakland/Alameda Co Coliseum Auth–Oakland Coliseum		5.00%		2/1/2021	Aa3			8,750		9,543,712
Philadelphia Redev Auth		5.00%		4/15/2022	A			5,195		5,667,329
Philadelphia Redev Auth		5.00%		4/15/2028	A			4,380		4,858,427
San Diego Conv Ctr Fing Auth		5.00%		4/15/2021	AA-			3,750		4,108,500
San Jose Fing Auth–Civic Ctr		5.00%		6/1/2022	AA			1,000		1,125,150
San Jose Fing Auth–Civic Ctr		5.00%		6/1/2023	AA			1,000		1,146,390
South Florida Wtr Mgt Dist		5.00%		10/1/2027	AA			2,000		2,339,740
Total										237,033,073

Other Revenue 3.77%
Apache Co Poll Ctl–Tucson Elec		4.50%		3/1/2030	A-			11,300		12,158,687
Baker Correctional Dev		8.50%		2/1/2030	NR			1,169		986,624
Black Belt Energy–RBC		4.00%	^#(a)	8/1/2047	A1			6,375		6,770,824
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2023	BBB-			1,000		1,127,190
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2026	BBB-			5,420		6,287,146
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2027	BBB-			8,250		9,556,800
Brooklyn Arena LDC–Barclays Ctr (AGM)		4.00%		7/15/2029	AA			1,500		1,601,865
CA Infra & Econ Dev–Broad Museum		5.00%		6/1/2021	Aa1			5,425		5,982,419

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
CA Infra & Econ Dev–Gladstone Instn	5.25%	10/1/2026		A-		$	10,250	$	11,299,600
CA Sch Fin Auth–Aspire^†	5.00%	8/1/2036		BBB			1,600		1,735,568
Chester Co IDA–Collegium Chtr Sch	5.25%	10/15/2032		BB+			6,410		6,815,881
Clarksville Nat Gas Aquis Corp–ML	5.00%	12/15/2021		A3			2,380		2,608,361
Cleveland Arpt	5.00%	1/1/2028		A-			2,500		2,697,825
Cleveland Arpt	5.00%	1/1/2029		A-			2,500		2,695,975
Clifton Higher Ed–IDEA Pub Schs	3.75%	8/15/2022		BBB+			2,770		2,894,788
Clifton Higher Ed–IDEA Pub Schs	5.00%	8/15/2032		BBB+			915		965,920
Clifton Higher Ed–Uplift Education	5.70%	12/1/2025		BBB-			4,660		5,012,902
DC Rev–Friendship Pub Chtr Sch	5.00%	6/1/2032		BBB			3,000		3,253,050
FL DFC–Renaissance Chtr Sch	7.50%	6/15/2033		BB	^(c)		3,000		3,302,730
Florence Twn IDA–Legacy Trad Sch	5.75%	7/1/2033		Ba1			3,000		3,219,540
HI Dept Budget–Hawaiian Electric AMT	3.25%	1/1/2025		Baa2			5,000		5,066,450
Houston HI Ed–Cosmos Fndtn	4.00%	2/15/2022		BBB			495		511,375
Houston Hi Ed–Cosmos Fndtn	5.00%	2/15/2032		BBB			2,250		2,375,145
Indianapolis Local Pub Impt Bd Bk	5.00%	6/1/2024		A1			4,000		4,349,040
Lower AL Gas Dist–Goldman Sachs	5.00%	9/1/2027		A3			5,000		5,765,750
Maricopa Co IDA–Paradise Schools^†	5.00%	7/1/2036		BB+			2,500		2,586,875
MD EDC–Chesapeake Bay Hyatt^(e)	5.00%	12/1/2016		NR			700		420,000
Michigan St Strategic FD Escrow⁽ⁱ⁾	Zero Coupon	—	^(j)	NR			400		40	^(k)
MSR Energy Auth–Citi	6.125%	11/1/2029		BBB+			3,835		4,757,433
NJ EDA–Sch Facs	5.00%	3/1/2027		BBB+			6,900		7,334,286
NY Dorm–PIT	5.25%	2/15/2023		Aa1			350		360,881
NYC Cultural–MOMA	4.00%	4/1/2027		AA			3,500		3,905,230
NYC Cultural–Whitney Museum	5.00%	7/1/2021		A			5,000		5,425,050
PA IDA–Economic Dev	5.00%	7/1/2020		A+			2,000		2,134,620
Philadelphia Gas Works	5.00%	10/1/2028		A			2,000		2,309,320
Phoenix IDA–Basis Schs^†	5.00%	7/1/2035		BB			2,350		2,427,667
Rangely Co Hosp Dist	6.00%	11/1/2026		Baa3			2,400		2,651,904
SA Energy Acquisition Pub Fac–Goldman Sachs	5.50%	8/1/2023		A3			9,365		10,672,729
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2023		A3			5,400		6,010,146
Total									160,037,636

Special Tax 2.45%
Allentown Neighborhood Impt	5.00%	5/1/2031		Baa3			5,500		5,806,570
Allentown Neighborhood Impt^†	5.00%	5/1/2032		Ba1			1,250		1,371,863
Atlanta Tax Alloc–Beltline Rmkt	6.75%	1/1/2020		A2			900		932,562

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Special Tax (continued)
CA Reassmt Dist 12/1 Irvine	4.00%	9/2/2020	BBB+	$	1,000	$	1,046,650
CA Reassmt Dist 12/1 Irvine	4.00%	9/2/2022	BBB+		1,500		1,612,950
CT Spl Tax–Trans Infra	5.00%	1/1/2032	AA		14,375		16,306,712
Emeryville Redev Agy (AGM)	5.00%	9/1/2024	AA		1,950		2,269,722
Emeryville Redev Agy (AGM)	5.00%	9/1/2025	AA		2,650		3,074,186
Houston Co Coop Dist–Country Crossing^(e)	10.00%	5/1/2039	NR		5,000		550,000
Miami World Ctr CDD	4.75%	11/1/2027	NR		750		784,755
MTA NY–Hudson Rail Yards	5.00%	11/15/2046	A2		22,000		22,894,080
Orange Co CFD	5.00%	8/15/2033	NR		1,400		1,548,680
Orange Co CFD	5.00%	8/15/2035	NR		1,000		1,100,030
Orlando Redev TIF	5.25%	9/1/2021	A		6,415		6,702,649
Pittsburg Redev Agy	5.00%	8/1/2020	A		1,680		1,805,966
Pittsburg Redev Agy (AGM)	5.00%	8/1/2021	AA		1,875		2,066,006
Pittsburg Redev Agy–Los Medanos (AGM)	5.00%	9/1/2024	AA		2,930		3,387,666
Pittsburg Redev Agy–Los Medanos (AGM)	5.00%	9/1/2025	AA		3,500		4,093,670
Plaza Met Dist #1^†	4.50%	12/1/2030	NR		4,300		4,375,766
Sparks Loc Impt Dists	6.50%	9/1/2020	NR		120		122,357
Sparks Tourism Impt Dist^†	6.50%	6/15/2020	Ba3		3,080		3,096,878
St Louis IDA–Ballpark Vlg	4.375%	11/15/2035	NR		3,955		4,056,248
Village CDD #12	3.25%	5/1/2026	NR		3,995		4,003,749
Village CDD #12^†	3.80%	5/1/2028	NR		2,250		2,262,555
Village CDD #12^†	4.00%	5/1/2033	NR		2,000		2,013,240
Village CDD #9	5.00%	5/1/2022	NR		785		817,334
Village CDD #9	5.25%	5/1/2031	NR		1,700		1,827,483
Village CDD #9	5.75%	5/1/2021	NR		1,405		1,479,226
Village CDD #9	6.75%	5/1/2031	NR		2,325		2,607,836
Total							104,017,389

Tax Revenue 6.47%
Bay Area Rapid Transit Dist	5.00%	7/1/2026	AA+		1,000		1,189,480
Cook Co Sales Tax	4.00%	11/15/2034	AAA		3,750		3,895,650
Dallas Area Rapid Trans	5.00%	12/1/2026	AA+		7,245		8,383,479
El Paso Dev Corp–Downtown Ballpark	6.25%	8/15/2023	AA-		5,000		5,922,250
FL Dept Env Protn–Florida Forever	5.00%	7/1/2023	AA-		5,000		5,695,000
Gtr Wenatchee Regl Events Ctr	5.00%	9/1/2027	NR		1,000		1,030,250
Gtr Wenatchee Regl Events Ctr	5.25%	9/1/2032	NR		1,000		1,027,650
Jacksonville Sales Tax	5.00%	10/1/2021	A+		2,500		2,755,475
Jefferson Co–Sch Warrant	5.00%	9/15/2026	AA		2,400		2,806,632

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tax Revenue (continued)
Kansas Dept Trans		5.00%		9/1/2026	AAA		$	5,000	$	5,892,600
LA Gas & Fuels Tax		5.00%		5/1/2027	AA			750		893,363
LA Gas & Fuels Tax		5.00%		5/1/2028	AA			2,000		2,384,040
LA Stadium & Expo Dist		5.00%		7/1/2021	A2			1,030		1,127,253
MA Sch Bldg Auth–Sales Tax		5.00%		1/15/2029	AA+			6,385		7,375,058
MA Sch Bldg Auth–Sales Tax		5.00%		8/15/2030	AA+			5,665		6,296,874
Martin Hsp Dist		7.00%		4/1/2031	BBB	^(c)		3,250		3,527,355
Met Atlanta Rapid Trans Auth		5.00%		7/1/2025	AA+			5,950		6,780,263
Met Govt Nashville–Cnty Conv Ctr		5.00%		7/1/2022	A1			3,245		3,447,228
Met Pier & Expo Auth–McCormick Place		5.00%		12/15/2022	BB+			5,020		5,390,727
Met Pier & Expo Auth–McCormick Place		5.00%		12/15/2028	BB+			10,070		10,427,586
Met Pier & Expo Auth–McCormick Place		5.25%		6/15/2050	BB+			5,000		5,067,950
MTA NY–Dedicated Tax	2.03% (MUNIPSA * 1 + 1.45%		)^#	11/1/2026	AA			7,390		7,384,384
MTA NY–Dedicated Tax		5.00%		11/15/2027	AA			5,700		6,399,504
NJ EDA–Cigarette Tax		5.00%		6/15/2024	BBB+			3,000		3,258,450
NJ EDA–Cigarette Tax		5.00%		6/15/2028	BBB+			6,650		7,154,535
NJ EDA–Cigarette Tax		5.00%		6/15/2029	BBB+			500		537,120
NY Dorm–PIT		5.00%		3/15/2023	AAA			10,000		11,101,700
NY Dorm–PIT		5.00%		3/15/2024	AAA			15,585		16,983,286
NY Dorm–Sales Tax		5.00%		3/15/2028	AAA			11,645		13,681,710
NY St Dorm Auth–PIT		5.00%		2/15/2027	AAA			7,500		8,949,750
NY UDC–PIT		5.00%		3/15/2026	AAA			15,000		17,239,950
NY UDC–PIT		5.00%		3/15/2026	AAA			10,000		11,823,800
NY UDC–PIT		5.00%		3/15/2031	AAA			10,000		11,730,900
NYC TFA–Bldg Aid		5.00%		7/15/2024	AA			10,000		10,981,900
Orange Co Tourist Tax		5.00%		10/1/2029	AA-			10,000		12,138,500
Phoenix Excise Tax		5.00%		7/1/2026	AA+			13,000		15,234,830
Polk Co Trans Rev		5.00%		12/1/2021	A1			2,825		3,049,616
PR Corp Sales Tax^(e)		5.00%		8/1/2040	Ca			2,000		1,175,000
PR Corp Sales Tax^(e)		5.25%		8/1/2027	Ca			1,650		391,875
PR Corp Sales Tax^(e)		5.25%		8/1/2041	Ca			5,470		1,299,125
PR Corp Sales Tax^(e)		5.50%		8/1/2023	Ca			9,465		2,247,938
PR Corp Sales Tax^(e)		5.50%		8/1/2028	Ca			8,630		2,049,625
TX Trsp Commn		5.00%		4/1/2022	AAA			5,000		5,569,050
WI Trsp		5.00%		7/1/2024	AA+			5,000		5,806,150
WI Trsp		5.00%		7/1/2026	AA+			6,000		7,014,060
Total										274,518,921

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Tobacco 4.86%
Buckeye Tobacco	5.125%	6/1/2024	B-	$	32,395	$	31,756,495
Buckeye Tobacco	5.75%	6/1/2034	B-		6,360		6,248,700
Buckeye Tobacco	5.875%	6/1/2030	B-		25,090		24,969,317
Golden St Tobacco	5.00%	6/1/2027	BBB		4,000		4,608,800
Golden St Tobacco	5.00%	6/1/2028	BBB		1,000		1,142,760
Golden St Tobacco	5.00%	6/1/2033	B+		14,715		14,729,715
Golden St Tobacco	5.125%	6/1/2047	B-		5,000		5,000,050
Golden St Tobacco	5.75%	6/1/2047	B3		5,000		5,029,550
Inland Empire Tobacco	4.625%	6/1/2021	NR		4,925		4,926,231
Inland Empire Tobacco	5.00%	6/1/2021	NR		2,780		2,781,001
MI Tob Settlement	5.125%	6/1/2022	B-		4,880		4,879,902
MI Tob Settlement	5.25%	6/1/2022	B-		6,545		6,545,131
MI Tob Settlement	6.00%	6/1/2034	B-		2,485		2,487,485
Nthrn AK Tobacco	4.625%	6/1/2023	Ba2		1,955		1,998,714
PA Tob Settlement	5.00%	6/1/2032	A1		2,000		2,250,940
PA Tob Settlement	5.00%	6/1/2033	A1		2,000		2,240,040
Railsplitter Tobacco Settlement Auth	5.00%	6/1/2027	A		3,325		3,818,663
RI Tob Settlement	5.00%	6/1/2027	BBB+		2,500		2,849,325
RI Tob Settlement	5.00%	6/1/2028	BBB		2,000		2,261,480
SD Edu Enhancement Fding Corp	5.00%	6/1/2023	A		1,000		1,118,260
SD Edu Enhancement Fding Corp	5.00%	6/1/2024	A		1,000		1,110,590
SD Edu Enhancement Fding Corp	5.00%	6/1/2025	A		1,040		1,147,619
Suffolk Tobacco Asset Sec Corp	5.375%	6/1/2028	NR		8,935		8,934,553
Tobacco Settlement Auth WA	5.00%	6/1/2021	A		6,880		7,564,560
Tobacco Settlement Auth WA	5.00%	6/1/2023	A		6,250		7,178,187
Tobacco Settlement Fin Corp LA	5.00%	5/15/2022	A		5,000		5,556,350
Tobacco Settlement Fin Corp NJ	4.50%	6/1/2023	BBB+		10,825		10,866,460
Tobacco Settlement Fin Corp NJ	4.625%	6/1/2026	BBB		5,000		5,004,300
Tobacco Settlement Fin Corp NJ	4.75%	6/1/2034	BB-		10,500		10,499,790
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2029	BBB-		10,000		10,032,400
TSASC	5.00%	6/1/2029	A-		5,775		6,525,981
Total							206,063,349

Transportation 18.88%
AK Intl Airports Sys	5.00%	10/1/2024	A1		750		866,618
AK Intl Airports Sys	5.00%	10/1/2027	A1		1,000		1,155,110
AK Intl Airports Sys	5.00%	10/1/2028	A1		2,000		2,302,900
AL Port Auth AMT (AGM)	5.00%	10/1/2026	AA		1,250		1,425,175

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
AL Port Auth AMT (AGM)		5.00%		10/1/2027	AA	$	2,000	$	2,296,280
AL Port Auth AMT (AGM)		5.00%		10/1/2028	AA		2,000		2,291,000
AL Port Auth AMT (AGM)		5.00%		10/1/2029	AA		3,500		3,996,930
Alameda Corridor Trsp Auth		5.00%		10/1/2024	A-		5,000		5,726,400
Alameda Corridor Trsp Auth		5.00%		10/1/2026	A-		4,075		4,639,836
Atlanta Arpt		5.50%		1/1/2021	Aa3		3,000		3,294,150
Atlanta Arpt–PFC		5.00%		1/1/2029	AA-		2,500		2,836,700
Bay Area Toll Auth	1.736% (3 Mo. LIBOR * .70 + 0.55%		)^#	4/1/2045	AA		7,200		7,252,560
Bay Area Toll Auth	2.28% (MUNIPSA * 1 + 0.70%		)^#	4/1/2047	AA		6,000		6,033,540
Bay Area Toll Auth		4.00%		4/1/2029	AA-		5,800		6,413,176
Central TX Mobility Auth		5.00%		1/1/2030	BBB+		800		901,784
Central TX Mobility Auth		5.00%		1/1/2031	BBB+		1,675		1,881,159
Central TX Mobility Auth		5.00%		1/1/2032	BBB+		2,000		2,237,900
Central TX Mobility Auth		5.00%		1/1/2033	BBB		3,010		3,267,295
Central TX Mobility Auth		5.75%		1/1/2020	BBB+		1,000		1,064,830
Central TX Tpk		5.00%		8/15/2025	BBB+		2,250		2,547,967
Central TX Tpk		5.00%		8/15/2026	BBB+		2,500		2,813,950
Central TX Tpk		5.00%		8/15/2027	BBB+		3,300		3,691,974
Central TX Tpk		5.00%		8/15/2028	BBB+		3,250		3,622,060
Central TX Tpk		5.00%		8/15/2033	BBB+		7,650		8,414,082
Chicago Midway Arpt		5.00%		1/1/2026	A		6,075		6,827,389
Chicago Midway Arpt AMT		5.00%		1/1/2023	A		3,000		3,326,370
Chicago Midway Arpt AMT		5.00%		1/1/2031	A		2,000		2,240,740
Chicago O’Hare Arpt		5.00%		1/1/2022	A		3,230		3,509,104
Chicago O’Hare Arpt		5.00%		1/1/2031	A		6,500		7,321,990
Chicago O’Hare Arpt AMT		5.00%		1/1/2021	A		11,740		12,646,211
Chicago O’Hare Arpt AMT		5.00%		1/1/2024	A		5,000		5,432,800
Chicago O’Hare Arpt AMT		5.00%		1/1/2024	A		6,410		7,211,186
Chicago O’Hare Arpt AMT		5.00%		1/1/2029	A		7,000		7,857,850
Clark Co Arpt–McCarran Arpt (AGM)		5.00%		7/1/2022	AA		3,905		4,064,402
Cleveland Arpt (AGM)		5.00%		1/1/2025	AA		1,200		1,374,672
Cleveland Arpt (AGM)		5.00%		1/1/2026	AA		2,000		2,267,320
Cleveland Arpt (AGM)		5.00%		1/1/2027	AA		2,175		2,451,464
Delaware River Port Auth		5.00%		1/1/2027	A-		1,835		1,996,939
Delaware River Port Auth		5.00%		1/1/2028	A		7,500		8,416,125
Delaware River Toll Brdg Commn		5.00%		7/1/2029	A1		1,000		1,174,490

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
Delaware River Toll Brdg Commn		5.00%		7/1/2030	A1		$	1,920	$	2,248,224
Delaware River Toll Brdg Commn		5.00%		7/1/2032	A1			2,025		2,356,877
Denver Arpt–United Airlines AMT		5.00%		10/1/2032	NR			3,750		4,060,125
E–470 Hwy Auth		5.00%		9/1/2020	A-			900		965,655
FL Expwy Auth		5.00%		7/1/2028	A+			3,500		4,108,265
FL Tpk Auth–Dept Trans		5.00%		7/1/2025	AA			5,000		5,895,950
FL Tpk Auth–Dept Trans		5.00%		7/1/2026	Aa2			9,160		10,701,536
Foothill / Eastern Corridor Toll Rd		5.00%	^#(a)	1/15/2053	BBB-			12,000		12,433,320
Greater Orlando Aviation AMT		5.00%		10/1/2029	A1			3,000		3,484,470
Hampton Roads Trans Commn		5.00%		7/1/2032	NR			1,180		1,406,666
Hampton Roads Trans Commn		5.00%		7/1/2033	NR			1,000		1,187,380
Harris Co Toll Rd		5.00%		8/15/2029	Aa2			2,500		2,995,050
Harris Co Toll Rd		5.00%		8/15/2030	Aa2			1,000		1,192,290
Harris Co Toll Rd		5.00%		8/15/2031	Aa2			3,000		3,562,620
HI Arpts Sys AMT		5.00%		7/1/2022	A+			5,130		5,600,831
Houston Arpt–Continental Airlines AMT		4.75%		7/1/2024	BB-			8,000		8,781,040
Houston Arpt–Continental Airlines AMT		5.00%		7/15/2020	BB-			1,310		1,385,194
Houston Arpt–Continental Airlines AMT		5.00%		7/15/2030	BB-			2,500		2,734,075
Houston Arpt AMT		5.00%		7/1/2021	A+			5,000		5,447,400
IL Reg Trans Dist		5.00%		7/1/2024	AA	^(c)		4,025		4,598,281
IL Reg Trans Dist		5.00%		7/1/2025	AA	^(c)		12,500		14,433,125
IL Toll Hwy Auth		5.00%		1/1/2027	AA-			1,000		1,134,110
IL Toll Hwy Auth		5.00%		1/1/2028	AA-			2,535		2,866,274
KY Tpk Auth		5.00%		7/1/2026	AA-			5,215		5,848,466
Los Angeles Dept Arpts–LAX		5.00%		5/15/2027	AA-			2,000		2,325,480
Los Angeles Dept Arpts–LAX		5.00%		5/15/2032	AA-			5,870		6,697,846
Louisville Regl Airport AMT		5.00%		7/1/2021	A+			1,250		1,358,975
Louisville Regl Airport AMT		5.00%		7/1/2022	A+			1,625		1,795,170
Louisville Regl Airport AMT		5.00%		7/1/2023	A+			2,250		2,516,580
MA Port Auth–Delta Airlines AMT (AMBAC)	3.438% (Auction Rate Based		)^#	1/1/2031	NR			14,000		13,895,980
MD EDC–Maryland Port		5.125%		6/1/2020	NR			2,035		2,151,036
MD EDC–Maryland Port		5.125%		6/1/2020	NR			790		835,046
Miami Dade Co Aviation–MIA		5.00%		10/1/2025	A			3,690		4,258,961
Miami Dade Co Aviation–MIA AMT		5.00%		10/1/2021	A			1,500		1,640,520
Miami Dade Co Aviation–MIA AMT		5.00%		10/1/2022	A			1,550		1,724,918
Miami Dade Co Aviation–MIA AMT		5.00%		10/1/2027	A			5,145		5,790,132

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
Miami Dade Co Aviation–MIA AMT		5.00%		10/1/2028	A	$	3,500	$	3,925,635
Miami Dade Co Expwy Auth		5.00%		7/1/2022	A+		1,750		1,951,233
Miami Dade Co Expwy Auth		5.00%		7/1/2023	A+		2,000		2,248,140
Miami Dade Co Expwy Auth		5.00%		7/1/2023	A+		2,500		2,834,250
Miami Dade Co Expwy Auth		5.00%		7/1/2024	A+		3,500		3,888,920
Minneapolis / St Paul Met Arpts		5.00%		1/1/2028	A+		3,500		3,953,390
Minneapolis / St Paul Met Arpts		5.00%		1/1/2029	AA-		5,000		5,915,850
Minneapolis / St Paul Met Arpts		5.00%		1/1/2030	AA-		5,000		5,890,200
MTA NY	1.665% (1 Mo. LIBOR * .67 + 0.55%		)^#	11/1/2041	A+		8,800		8,740,512
MTA NY		5.00%		11/15/2021	A+		1,500		1,657,875
MTA NY		5.00%		11/1/2023	A+		5,640		6,300,557
MTA NY		5.00%		11/15/2025	A+		3,500		4,041,065
MTA NY		5.00%		11/15/2028	A+		13,690		16,273,851
MTA NY		5.00%		11/15/2029	A+		5,000		5,909,950
MTA NY		5.25%		11/15/2028	A+		6,355		7,521,333
NC Tpk Auth–Triangle Exprs		5.00%		1/1/2032	BBB		1,000		1,153,620
NC Tpk Auth–Triangle Exprs (AGM)		5.00%		1/1/2031	AA		1,000		1,156,950
Niagara Frontier Trsp–Buffalo Intl Arpt AMT		5.00%		4/1/2021	Baa1		2,000		2,169,300
Niagara Frontier Trsp–Buffalo Intl Arpt AMT		5.00%		4/1/2023	Baa1		3,000		3,365,070
Niagara Frontier Trsp–Buffalo Intl Arpt AMT		5.00%		4/1/2027	Baa1		3,185		3,559,874
NJ EDA–Goethals Brdg AMT		5.125%		1/1/2034	BBB-		5,000		5,481,900
NJ Tpk Auth		5.00%		1/1/2021	A+		5,000		5,405,450
NJ Tpk Auth		5.00%		1/1/2023	A+		420		472,290
NJ Tpk Auth		5.00%		1/1/2024	A+		245		275,292
NJ Tpk Auth		5.00%		1/1/2028	A2		7,000		8,364,440
NJ Tpk Auth		5.00%		1/1/2031	A+		5,000		5,738,350
NJ Tpk Auth		5.00%		1/1/2031	A+		5,000		5,645,350
NJ Tpk Auth		5.00%		1/1/2033	NR		2,100		2,417,352
NJ Tpk Auth		5.00%		1/1/2034	NR		1,500		1,739,415
NJ Trans Trust Fund		5.00%		6/15/2028	A+		6,275		6,973,658
NJ Trans Trust Fund		5.75%		6/15/2020	BBB+		7,645		8,049,726
NJ Trans Trust Fund CR (AGM)		5.00%		6/15/2024	AA		10,165		11,074,361
North TX Twy Auth		5.00%		1/1/2023	A1		5,000		5,617,700
North TX Twy Auth		5.00%		1/1/2025	A1		5,000		5,693,550
North TX Twy Auth		5.00%		1/1/2031	A2		8,085		8,972,571
North TX Twy Auth		5.00%		1/1/2035	A1		3,500		4,014,430
North TX Twy Auth		5.00%		1/1/2035	A1		1,500		1,815,150

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
NV State Highway Rev	5.00%	12/1/2030	AAA	$	10,000	$	11,900,000
NY Dorm–PIT	5.00%	3/15/2023	AAA		8,500		9,635,940
NY Trans Dev Corp–LaGuardia Airport AMT	4.00%	7/1/2032	Baa3		3,000		3,114,060
NY Trans Dev Corp–LaGuardia Airport AMT	4.00%	7/1/2033	Baa3		3,500		3,619,105
NY Trans Dev Corp–LaGuardia Airport AMT	5.00%	7/1/2034	Baa3		2,250		2,472,142
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2022	Baa1		1,125		1,227,420
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2023	Baa1		750		825,248
NY Twy Auth	5.00%	1/1/2022	A		1,600		1,769,856
NY Twy Auth	5.00%	1/1/2024	A		1,960		2,242,044
NY Twy Auth	5.00%	1/1/2026	A		5,115		5,921,124
NY Twy Auth	5.00%	1/1/2028	A-		2,470		2,857,049
NY Twy Auth	5.00%	1/1/2029	A-		1,000		1,152,180
Orlando & Orange Co Expwy Auth	5.00%	7/1/2030	A+		10,000		11,112,100
PA Tpk Commn	5.00%	12/1/2022	A1		3,500		3,915,310
PA Tpk Commn–Registration Fee (AGM)	5.25%	7/15/2019	AA		1,270		1,328,953
Phoenix Arpt	5.00%	7/1/2023	A+		7,000		7,501,620
Phoenix Arpt AMT	5.00%	7/1/2021	AA-		3,050		3,327,916
Phoenix Arpt AMT	5.00%	7/1/2022	AA-		1,500		1,664,115
Port Auth NY & NJ	5.00%	12/1/2023	AA-		5,300		6,107,031
Port Auth NY & NJ	5.00%	12/1/2025	AA-		10,000		11,505,400
Port Auth NY & NJ	5.00%	10/15/2026	AA-		5,605		6,633,461
Port Auth NY & NJ	5.00%	10/15/2027	AA-		4,750		5,600,012
Port Auth NY & NJ–JFK IAT	5.00%	12/1/2020	Baa1		6,000		6,284,160
Port Auth NY & NJ AMT	5.00%	9/1/2022	AA-		5,000		5,567,550
Port Auth NY & NJ AMT	5.00%	10/1/2022	AA-		5,810		6,478,847
Port Auth NY & NJ AMT	5.00%	9/15/2026	AA-		11,385		13,239,389
Port Oakland AMT	5.00%	5/1/2021	A+		1,000		1,092,230
Port Oakland AMT	5.00%	5/1/2022	A+		11,000		12,249,380
PR Hwy & Trans Auth^(e)	5.00%	7/1/2033	C		1,215		233,888
PR Hwy & Trans Auth^(e)	5.50%	7/1/2023	C		4,305		828,713
PR Hwy & Trans Auth^(e)	5.50%	7/1/2024	C		3,000		577,500
PR Hwy & Trans Auth (AGM)	5.25%	7/1/2032	AA		1,000		1,065,400
Regional Trans Dist–Denver Trans	5.00%	7/15/2021	Baa3		3,460		3,696,872
Regional Trans Dist–Denver Trans	5.00%	1/15/2022	Baa3		2,800		2,983,904
Regional Trans Dist–Denver Trans	5.125%	1/15/2023	Baa3		2,835		3,019,899
Regional Trans Dist–Denver Trans	5.125%	7/15/2023	Baa3		5,670		6,034,581
Regional Trans Dist–Denver Trans	6.00%	1/15/2026	Baa3		2,500		2,711,500

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
Salt Lake City Arpt AMT		5.00%		7/1/2030	A+	$	2,275	$	2,608,196
Salt Lake City Arpt AMT		5.00%		7/1/2031	A+		3,000		3,429,030
Salt Lake City Arpt AMT		5.00%		7/1/2032	A+		3,000		3,418,740
San Francisco Arpt AMT		5.00%		5/1/2026	A+		10,000		11,094,400
San Francisco Arpt AMT		5.00%		5/1/2028	A+		7,550		8,351,432
San Joaquin Hills Trsp Corridor		5.00%		1/15/2034	BBB		7,500		8,278,500
San Jose Arpt		5.00%		3/1/2026	A2		1,200		1,376,664
San Jose Arpt		5.00%		3/1/2027	A2		2,260		2,586,005
San Jose Arpt		5.00%		3/1/2028	A2		1,655		1,890,788
San Jose Arpt AMT		5.00%		3/1/2035	NR		1,500		1,700,400
South Jersey Trans Auth		5.00%		11/1/2021	BBB+		5,305		5,828,657
Southeastern PA Transp Auth–GARVEE		5.00%		6/1/2023	AA-		2,500		2,741,475
St Louis Arpt–Lambert Intl Arpt (AGM)		5.00%		7/1/2023	AA		5,000		5,650,000
St Louis Arpt–Lambert Intl Arpt (AGM)		5.00%		7/1/2024	AA		2,000		2,291,080
Triborough Brdg & Tunl Auth		5.00%		11/15/2022	A+		4,715		5,322,386
Triborough Brdg & Tunl Auth		5.00%		11/15/2023	AA-		5,525		6,252,366
Triborough Brdg & Tunl Auth		5.00%		11/15/2023	A+		2,000		2,274,740
Triborough Brdg & Tunl Auth		5.00%		11/15/2029	AA-		5,650		6,729,037
Triborough Brdg & Tunl Auth (NPFGC)(FGIC)		5.50%		11/15/2021	A+		2,595		2,919,972
VA Small Bus Fing–Elizabeth River AMT		5.25%		1/1/2032	BBB		10,500		11,478,285
VA St Trans		5.00%		5/15/2025	AA+		8,140		9,557,500
WA St GARVEE–520 Corridor		5.00%		9/1/2021	AA		10,000		10,984,300
Wayne CO Arpt AMT		5.00%		12/1/2026	A		1,590		1,816,670
Wayne CO Arpt AMT		5.00%		12/1/2027	A		2,000		2,268,960
WI State Trans Rev		5.00%		7/1/2024	AA+		4,600		5,341,658
WI State Trans Rev		5.00%		7/1/2025	AA+		7,600		8,956,296
Total									800,362,292

Utilities 11.93%
Albuquerque Bernalillo Co Wtr Util		5.00%		7/1/2024	AA		2,645		3,059,762
Albuquerque Bernalillo Co Wtr Util		5.00%		7/1/2025	AA		4,000		4,587,120
Amr Muni Pwr–Fremont Energy		5.00%		2/15/2021	A1		1,300		1,406,587
Anaheim Electric		5.00%		10/1/2030	AA-		1,580		1,739,770
Austin City Water		5.00%		11/15/2025	Aa2		2,000		2,361,480
CA Dept Wtr Res Wtr–Central Valley	1.95% (MUNIPSA * 1 + 1.37%		)^#	12/1/2035	AAA		4,245		4,253,914
CA Dept Wtr Res Wtr–Central Valley		5.00%		12/1/2021	NR		45		49,995
Central Plains–Goldman Sachs		5.00%		9/1/2027	A3		7,500		8,099,175

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Central Plains–Goldman Sachs		5.00%		9/1/2035	BBB+	$	2,250	$	2,667,690
Chicago Wastewater		5.00%		1/1/2029	A		4,335		4,855,633
Chicago Wastewater		5.00%		1/1/2030	A		6,500		7,249,450
Chicago Water		5.00%		11/1/2024	A		8,690		9,797,714
Chicago Water		5.00%		11/1/2025	A		2,625		2,993,708
Chicago Water (AGM)		5.00%		11/1/2034	AA		6,275		7,073,305
Chicago Water (AGM)		5.00%		11/1/2035	AA		5,000		5,618,750
Chicago Water (AGM)		5.25%		11/1/2030	AA		5,510		6,460,144
Dallas Wtrwks & Swr		5.00%		10/1/2024	AAA		15,000		17,440,050
Detroit Sewer		5.00%		7/1/2034	BBB+		2,200		2,419,780
Detroit Sewer		5.00%		7/1/2035	BBB+		1,835		2,019,564
East Bay Utility Water District		5.00%		6/1/2028	AAA		6,300		7,430,661
Energy Northwest–Proj 1		5.00%		7/1/2027	Aa1		9,650		10,354,739
Farmington Poll Ctl–AZ Pub Svc		4.70%		5/1/2024	A2		5,265		5,613,016
FL Muni Pwr Agy		5.00%		10/1/2029	A2		3,355		3,920,586
FL Muni Pwr Agy–St Lucie		5.00%		10/1/2021	A2		3,650		3,826,441
Guam Waterworks Auth		5.00%		7/1/2029	A-		1,000		1,089,280
Guam Waterworks Auth		5.00%		7/1/2036	A-		1,000		1,075,830
HI Dept Budget–Hawaiian Electric AMT		3.10%		5/1/2026	Baa2		7,000		6,950,440
Houston Util Sys		5.00%		5/15/2022	AA		3,000		3,343,830
Houston Util Sys		5.00%		11/15/2022	AA		5,000		5,625,300
Houston Util Sys		5.00%		11/15/2023	AA		4,000		4,570,440
Houston Util Sys		5.00%		11/15/2026	AA		5,355		6,173,672
IL Fin Auth–Clean Wtr Init		5.00%		1/1/2027	NR		1,365		1,625,592
Imperial Irrigation Dist		5.00%		11/1/2032	AA-		2,000		2,317,640
IN Muni Pwr		5.00%		1/1/2025	A+		1,000		1,158,270
IN Muni Pwr		5.00%		1/1/2026	A+		1,200		1,408,152
IN Muni Pwr		5.00%		1/1/2033	A+		4,210		4,901,198
IN Muni Pwr		5.00%		1/1/2034	A+		4,000		4,642,080
JEA St Johns Riv Pwr Pk Sys		5.00%		10/1/2022	Aa2		1,625		1,703,065
KY Muni Pwr–Prarie State Proj^(d)		3.45%	^#(a)	9/1/2042	A-		5,935		5,938,205
KY Pub Energy Auth–Peak Energy		4.00%	^#(a)	4/1/2048	A3		10,875		11,590,575
Long Beach Nat Gas–ML	2.662% (3 Mo. LIBOR * .67 + 1.43%		)^#	11/15/2026	A-		4,000		4,037,200
Long Island Power Auth		5.00%		9/1/2027	A-		6,000		7,007,460
Long Island Power Auth		5.00%		9/1/2034	A-		2,250		2,592,608
Los Angeles DWAP–Pwr Sys		5.00%		7/1/2022	NR		55		60,521

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Los Angeles USD	5.00%		7/1/2023	Aa2	$	10,000	$	11,502,400
Lower Colo Riv Auth–Transmn Contract	5.00%		5/15/2022	A1		5,005		5,451,646
Main St Nat Gas–ML	5.00%		3/15/2021	A-		2,500		2,698,100
MD EDC–Potomac Elec Rmkt	6.20%		9/1/2022	A		1,650		1,715,291
MEAG–Gen Resolution Projs	5.00%		1/1/2020	A		6,200		6,508,388
MEAG–Proj 1	5.00%		1/1/2021	A		4,185		4,492,974
MI Strat Fund–Detroit Edison	1.45%	^#(a)	8/1/2029	Aa3		3,500		3,378,725
MI Strat Fund–Detroit Edison	1.45%	^#(a)	9/1/2030	Aa3		1,000		965,350
MO Joint Muni Elec Util Commn	5.00%		1/1/2023	A2		2,000		2,243,240
MO Joint Muni Elec Util Commn	5.00%		1/1/2025	A2		1,500		1,689,180
Modesto Irrigation Dist	5.00%		7/1/2023	A+		1,780		2,043,600
Modesto Irrigation Dist	5.00%		7/1/2024	A+		3,720		4,233,137
Modesto Irrigation Dist	5.00%		7/1/2025	A+		8,410		9,543,332
New Orleans Sewer	5.00%		6/1/2021	A		400		434,904
North Sumter Co Util Dep Dist	5.00%		10/1/2032	A-		8,000		8,601,840
Northern CA Pwr–Hydroelec #1	5.00%		7/1/2026	A+		3,600		4,024,836
Northern IL Muni Power	5.00%		12/1/2025	A2		2,710		3,114,386
Northern IL Muni Power	5.00%		12/1/2026	A2		2,315		2,682,969
OH Wtr Dev Auth	5.00%		6/1/2023	AAA		5,500		6,281,935
Omaha Pub Pwr Dist	5.00%		2/1/2029	AA		5,000		5,844,800
PA Econ Dev–PPL Electric Utility Rmkt	4.00%		10/1/2023	A1		5,000		5,265,900
Philadelphia Gas Works	5.00%		8/1/2026	A		1,000		1,146,940
Philadelphia Gas Works	5.00%		8/1/2027	A		1,000		1,147,650
Philadelphia Gas Works	5.00%		8/1/2028	A		1,250		1,458,688
Philadelphia Gas Works	5.00%		8/1/2029	A		1,700		1,976,284
Philadelphia Gas Works	5.00%		8/1/2030	A		1,425		1,650,307
Philadelphia Water & Wastewater	5.00%		7/1/2022	A+		3,090		3,445,319
Philadelphia Water & Wastewater	5.00%		11/1/2029	A1		2,200		2,583,900
Phoenix Ariz Civic Impt Corp Wtr Sys Rev Rfdg-Jr Lien-Ser B	5.00%		7/1/2023	AAA		8,025		9,149,062
Phoenix Civic Impt Corp–Water Sys	5.00%		7/1/2027	AAA		5,010		5,770,418
Piedmont Muni Pwr Agy	5.00%		1/1/2022	A-		4,750		5,095,610
Piedmont Muni Pwr Agy	5.00%		1/1/2024	A-		7,920		8,487,468
Pima Co IDA–Tucson Elec	4.95%		10/1/2020	A-		10,640		11,416,188
PR Aqueduct & Swr Auth	5.25%		7/1/2042	CC		3,625		2,877,344
PR Elec Pwr Auth^(e)	5.00%		7/1/2037	Ca		1,035		401,063
PR Elec Pwr Auth^(e)	5.00%		7/1/2042	Ca		2,390		926,125

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
PR Elec Pwr Auth^(e)		5.50%		7/1/2038	Ca	$	2,350	$	910,625
PR Elec Pwr Auth^(e)		7.00%		7/1/2033	Ca		4,000		1,550,000
PR Elec Pwr Auth^(e)		7.00%		7/1/2040	Ca		725		280,938
PR Elec Pwr Auth (AGM)	1.655% (3 Mo. LIBOR * .67 +.52%		)^#	7/1/2029	AA		5,720		5,033,600
SA Energy Acquisition Pub Fac–Goldman Sachs		5.50%		8/1/2021	A3		2,360		2,608,508
Salt River Agric Imp & Pwr Dist		5.00%		12/1/2023	Aa1		8,980		9,919,577
Salt Verde Fin Corp–Citi		5.00%		12/1/2037	BBB+		7,165		8,513,310
Salt Verde Fin Corp–Citi		5.50%		12/1/2029	BBB+		5,000		6,035,800
San Antonio Elec & Gas		5.00%		2/1/2029	Aa1		7,340		8,663,255
Seminole Co Wtr & Swr		5.00%		10/1/2024	AA		4,000		4,653,320
Stockton PFA–Wastewater (BAM)		5.00%		9/1/2024	AA		1,000		1,167,210
TEAC–Goldman Sachs		4.00%	^#(a)	5/1/2048	A3		5,650		6,043,353
TEAC–Goldman Sachs		5.25%		9/1/2021	A3		3,000		3,298,020
TEAC–Goldman Sachs		5.25%		9/1/2024	A3		8,940		10,205,725
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2024	A3		23,000		25,555,530
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2028	A3		2,000		2,199,840
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2029	A3		2,000		2,195,200
TX Muni Gas Acq & Supply–ML		5.25%		12/15/2021	A-		4,710		5,201,724
TX Muni Gas Acq & Supply–ML		5.25%		12/15/2023	A-		2,925		3,321,454
TX Muni Gas Acq & Supply–ML		6.25%		12/15/2026	A-		26,660		31,246,053
Utility Debt Sec Auth–Lipa		5.00%		6/15/2028	AAA		5,915		7,043,641
Western MN Muni Pwr Agy		5.00%		1/1/2023	Aa3		1,500		1,687,470
WV EDA–Morgantown Energy AMT		2.875%		12/15/2026	Baa3		1,745		1,710,868
Wyandotte CO Unified Govt Utility Sys		5.00%		9/1/2021	A+		3,105		3,408,452
Total									505,813,164
Total Municipal Bonds (cost $4,167,811,864)									4,212,170,186

Interest
Rate^#

Interest
Rate
Reset
Date^(f)

Final
Maturity
Date

SHORT-TERM INVESTMENTS 0.42%

Variable Rate Demand Notes 0.42%

Tax Revenue 0.03%

NYC TFA–Future Tax

1.83%

4/2/2018

11/1/2022

AAA

1,100

1,100,000

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2018

Investments	Interest Rate^#	Interest Rate Reset Date^(f)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities 0.39%
Appling Co Dev–GA Power	1.84%	4/2/2018	9/1/2041	A-	$	5,700	$	5,700,000
Appling Co Dev–GA Power	1.84%	4/2/2018	9/1/2029	A-		10,900		10,900,000
Total								16,600,000
Total Short-Term Investments (cost $17,700,000)								17,700,000
Total Investments in Securities 99.75% (cost $4,185,511,864)								4,229,870,186
Cash and Other Assets in Excess of Liabilities 0.25%								10,445,304
Net Assets 100.00%							$	4,240,315,490

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 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	$	–	$	277,941,431		$	2,842,000	$	280,783,431
Lease Obligations		–		236,785,553			247,520		237,033,073
Other Revenue		–		160,037,596			40		160,037,636
Special Tax		–		103,467,389			550,000		104,017,389
Remaining Industries		–		3,430,298,657			–		3,430,298,657
Variable Rate Demand Notes		–		17,700,000			–		17,700,000
Total	$	–	$	4,226,230,626		$	3,639,560	$	4,229,870,186

Liabilities
Trust Certificates⁽⁴⁾	$	–	$	(1,250,000	)	$	–	$	(1,250,000	)
Total	$	–	$	(1,250,000	)	$	–	$	(1,250,000	)

	⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2018.
	⁽⁴⁾	Refer to Note 2(h) for a description of Municipal Bonds Held in Trust.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERMEDIATE TAX FREE FUND March 31, 2018

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

	Municipal Bonds
Balance as of October 1, 2017		$	5,586,201
Accrued Discounts (Premiums)			–
Realized Gain (Loss)			–
Change in Unrealized Appreciation (Depreciation)			–
Purchases			–
Sales			–
Transfers into Level 3			–
Transfers out of Level 3			(1,946,641	)
Balance as of March 31, 2018		$	3,639,560
Change in unrealized appreciation/depreciation for period ended March 31, 2018, related to Level 3 investments held at March 31, 2018		$	–

See Notes to Financial Statements.

Schedule of Investments (unaudited)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 99.22%

Corporate-Backed 2.87%
Beaver Co IDA–FirstEnergy Rmkt	2.70%	^#(a)	4/1/2035	Ca		$	1,000	$	325,000
Courtland IDB–Intl Paper	6.25%		11/1/2033	Baa2			770		823,299
LA Env Facs–Westlake Chem	3.50%		11/1/2032	BBB			1,050		1,039,322
LA Env Facs–Westlake Chem	6.50%		11/1/2035	BBB			200		221,432
Love Field Arpt–Southwest Airlines	5.25%		11/1/2040	A3			330		353,968
NY Liberty Dev Corp–3 WTC^†	5.00%		11/15/2044	NR			500		530,885
NY Liberty Dev Corp–3 WTC^†	7.25%		11/15/2044	NR			100		119,688
NYC Cap Res–Arthur Mgmt	7.00%		8/1/2025	NR			110		113,718
Phenix City IDB–Meadwestvaco	3.625%		5/15/2030	BBB			1,300		1,304,628
Warren Co–Intl Paper	5.80%		5/1/2034	BBB			100		108,077
Warren Co–Intl Paper	6.50%		9/1/2032	BBB			255		260,340
WI Pub Fin Auth–Celanese	4.05%		11/1/2030	BBB-			500		513,870
Total									5,714,227

Education 9.72%
Build NYC Res Corp–CUNY	5.00%		6/1/2034	Aa2			325		365,388
CA Ed Facs–Stanford Univ	5.00%		5/1/2045	AAA			1,000		1,309,210
CA Fin Auth–Emerson Clg	6.00%		1/1/2042	BBB+			250		287,260
CA Sch Fin Auth–Green Dot Schs^†	5.00%		8/1/2045	NR			250		265,892
Chicago Brd Ed	5.00%		12/1/2044	BB-	^(c)		250		243,165
Chicago Brd Ed	5.00%		12/1/2046	BB-	^(c)		500		484,430
DE EDA–DE State Univ (AGM)	5.00%		10/1/2031	AA			410		462,185
Dutchess Co LDC–Anderson Ctr	6.00%		10/1/2030	BB+			100		103,526
FL HI Ed–Nova Southeastern Univ	5.00%		4/1/2033	A-			475		530,276
FL HI Ed–Nova Southeastern Univ	5.00%		4/1/2035	A-			250		277,240
FL HI Ed–Nova Southeastern Univ	6.375%		4/1/2031	A-			475		524,747
Fulton Co Dev–Tuff/Atlanta Hsg	5.00%		9/1/2032	A+			775		841,394
Hempstead Town LDC–Adelphi Univ	5.00%		10/1/2034	A-			175		195,624
Hempstead Town LDC–Hofstra Univ	5.00%		7/1/2047	A			1,250		1,410,625
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2020	Baa3			100		100,089
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2021	Baa3			500		500,380
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2031	Baa3			500		498,580
IL Fin Auth–Univ Chicago	4.00%		10/1/2049	Aa2			1,000		1,011,740
MA DFA–Emerson Clg	5.00%		1/1/2037	BBB+			500		558,820
MA DFA–Emerson Clg	5.00%		1/1/2040	BBB+			500		556,205
MA DFA–Emmanuel College	5.00%		10/1/2034	Baa2			600		663,318

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Education (continued)
MA DFA–Suffolk Univ	5.00%	7/1/2032	Baa2	$	500	$	564,250
MA DFA–Suffolk Univ	5.00%	7/1/2033	Baa2		150		168,641
MA DFA–Suffolk Univ	5.00%	7/1/2034	Baa2		100		112,006
Morgan State Univ	5.00%	7/1/2027	A+		670		737,315
Morgan State Univ	5.00%	7/1/2030	A+		350		384,275
Morgan State Univ	5.00%	7/1/2032	A+		450		493,119
NY Dorm–Cornell Univ	5.00%	7/1/2034	Aa1		250		259,983
NY Dorm–Pace Univ	5.00%	5/1/2029	NR		10		11,374
NY Dorm–Pace Univ	5.00%	5/1/2029	BBB-		245		265,034
PA Hi Ed–St Josephs Univ	5.00%	11/1/2030	A-		905		965,101
Private Clgs & Univs Auth–SCAD	5.00%	4/1/2044	Baa1		1,045		1,126,750
Univ of CT	5.25%	11/15/2047	AA-		1,000		1,150,200
Univ of North Carolina–Wilmington	5.00%	6/1/2037	A1		715		807,492
Volusia Co EDA–Embry-Riddle Univ	5.00%	10/15/2042	A3		265		298,125
Volusia Co EDA–Embry-Riddle Univ	5.00%	10/15/2047	A3		750		840,517
Total							19,374,276

General Obligation 17.48%
Atlantic City Brd Ed (AGM)	6.00%	4/1/2034	AA		550		608,223
Beaverton Sch Dist	Zero Coupon	6/15/2036	AA+		900		1,028,592
CA State GO	5.00%	9/1/2032	AA-		500		585,590
CA State GO	5.00%	8/1/2038	AA-		400		461,096
CA State GO	5.375%	11/1/2035	AA-		400		436,172
CA State GO	5.50%	3/1/2040	AA-		975		1,042,070
CA State GO	6.50%	4/1/2033	AA-		300		314,568
Chicago Brd Ed	5.00%	12/1/2042	B		575		559,078
Chicago Brd Ed	6.50%	12/1/2046	B		100		113,899
Chicago GO	5.00%	1/1/2034	BBB+		1,000		1,016,640
Chicago GO	5.00%	1/1/2034	BBB+		500		514,025
Chicago GO	5.25%	1/1/2027	BBB+		255		255,403
Chicago GO	5.50%	1/1/2035	BBB+		230		244,472
Chicago GO	5.50%	1/1/2037	BBB+		985		1,042,268
Chicago GO	5.625%	1/1/2030	BBB+		275		300,886
Chicago GO	6.00%	1/1/2038	BBB+		1,500		1,686,435
Chicago O’Hare Arpt	5.00%	1/1/2033	A		350		399,714
Cook Co GO	5.25%	11/15/2024	AA-		1,500		1,646,655
DC GO	4.00%	6/1/2037	Aa1		625		659,831
Delaware Co IDA–Covanta	5.00%	7/1/2043	BB-		500		506,100

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation (continued)
Frederick Co GO	5.00%	2/1/2030	Aaa	$	1,500	$	1,862,745
Hudson Co Impt Auth–Solid Waste GTD	5.75%	1/1/2035	Aa3		225		239,747
IL State GO	4.00%	6/1/2034	BBB-		560		510,591
IL State GO	5.00%	11/1/2028	BBB-		3,500		3,640,350
IL State GO	5.00%	1/1/2033	BBB-		575		582,785
IL State GO	5.00%	1/1/2035	BBB-		1,000		1,020,520
IL State GO	5.50%	7/1/2033	BBB-		450		466,105
Kansas City GO	5.00%	4/1/2040	AA-		1,000		1,104,750
Kendall Kane & WIll Co CUSD #308	5.00%	2/1/2029	Aa3		1,000		1,078,610
Livonia Sch Dist (AGM)	5.00%	5/1/2040	AA		500		558,325
Luzerne Co GO (AGM)	5.00%	11/15/2029	AA		925		1,041,383
Middletown CSD	5.25%	12/1/2040	AA		250		279,595
NYC GO	5.00%	8/1/2027	AA		575		651,791
NYC GO	5.00%	12/1/2041	AA		400		457,000
Philadelphia GO	5.00%	8/1/2036	A		1,600		1,807,184
Philadelphia GO	5.00%	8/1/2037	A		350		394,426
Philadelphia GO	5.25%	7/15/2031	A		600		671,838
Philadelphia Sch Dist	5.00%	9/1/2037	A2		400		442,456
Pittsburgh GO (BAM)	5.00%	9/1/2030	AA		370		417,689
PR Comwlth GO^(e)	4.75%	7/1/2018	Ca		370		166,500
PR Comwlth GO^(e)	5.50%	7/1/2027	Ca		1,040		452,400
PR Pub Bldg Auth GTD (AGC)	5.00%	7/1/2036	AA		155		155,039
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2029	A2		465		493,821
St Pub SBA–Philadelphia Sch Dist	5.00%	4/1/2031	A2		185		196,324
Stockton USD (AGM)	5.00%	7/1/2028	AA		750		835,920
Sweetwater UHSD (BAM)	5.00%	8/1/2027	AA		500		569,895
Yosemite CCD	Zero Coupon	8/1/2042	Aa2		1,000		725,840
Yosemite CCD	5.00%	8/1/2029	Aa2		500		586,130
Total							34,831,476

Health Care 14.38%
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2027	AA		300		329,046
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2028	AA		345		379,065
Antelope Valley Hlth	5.00%	3/1/2046	Ba3		515		535,435
Athens Clarke Co Dev–Catholic Hlth E	6.25%	11/15/2032	AA-		615		643,917
CA Hlth–Sutter Hlth	5.25%	8/15/2031	AA-		745		828,582
CA Hlth–Sutter Hlth	5.50%	8/15/2026	AA-		275		299,200
CA Hlth Facs–Kaiser Permanente	5.00%	11/1/2047	AA-		375		487,192

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
CA Stwde–Eskaton Pptys	5.25%	11/15/2034	BBB		$	500	$	545,670
CA Stwde–Loma Linda Univ Med Ctr	5.50%	12/1/2054	BB			750		816,090
CA Stwde–So Cal Presbyterian^†	6.625%	11/15/2024	NR			110		117,504
CO Hlth Facs–Boulder Cmnty Hsp	5.00%	10/1/2032	A			280		303,260
CO Hlth Facs–Catholic Hlth	5.25%	2/1/2031	BBB+			750		793,095
CO Hlth Facs–Catholic Hlth	6.125%	10/1/2028	BBB+			165		168,331
CT Hlth & Ed–Hartford Hlthcare	5.00%	7/1/2032	A			640		683,149
CT Hlth & Ed–Yale New Haven Hsp	5.00%	7/1/2028	AA-			500		569,665
Cumberland Co Mun Auth–Asbury	5.25%	1/1/2021	NR			140		146,723
Cumberland Co Mun Auth–Asbury	5.40%	1/1/2022	NR			150		157,295
Cumberland Co Mun Auth–Diakon Lutheran	6.25%	1/1/2024	BBB+	^(c)		15		15,464
Cuyahoga Co Hsp–Metrohealth	5.50%	2/15/2052	NR			850		932,373
Cuyahoga Co Hsp–Metrohealth	5.50%	2/15/2057	NR			500		546,130
DeKalb Co Hsp–Children’s Hlthcare	5.00%	11/15/2029	AA+			530		558,026
East Rochester Hsg–Woodland Vlg	5.50%	8/1/2033	NR			155		155,259
Franklin Co Hlth–OPRS Cmntys	6.125%	7/1/2040	NR			480		530,266
Gainesville & Hall Co Hsp–NE GA Hlth GTD	5.50%	8/15/2054	AA-			400		462,160
Glynn Brunswick Mem Hsp–SE GA Hlth	5.625%	8/1/2034	A-			30		30,340
Guadalupe Co–Seguin City Hospital	5.00%	12/1/2045	BB			500		508,880
IL Fin Auth–Centegra Hlth	5.00%	9/1/2034	BB+			235		249,530
IL Fin Auth–Memorial Hlth Sys	5.50%	4/1/2034	AA-			795		824,502
MA Hlth & Ed–Catholic Hlth E	6.25%	11/15/2032	AA-			770		807,691
Martin Co Hlth–Martin Mem Med	5.50%	11/15/2032	A-			930		1,022,833
Martin Hsp Dist	7.25%	4/1/2036	BBB	^(c)		250		271,392
MD Hlth & HI Ed–Adventist	5.50%	1/1/2046	Baa3			1,000		1,121,460
MD Hlth & HI Ed–Doctors Cmnty Hospital	5.00%	7/1/2038	Baa3			1,000		1,092,750
MD Hlth & Hi Ed–Mercy Med Ctr	6.25%	7/1/2031	BBB			445		491,111
ME Hlth & Hi Ed–MaineGeneral Hlth	6.00%	7/1/2026	Ba3			620		656,946
ME Hlth & Hi Ed–MaineGeneral Hlth	6.75%	7/1/2036	Ba3			400		436,308
Meadville Med Center	6.00%	6/1/2046	NR			160		166,042
Meadville Med Center	6.00%	6/1/2051	NR			185		191,001
Miami Beach Hlth–Mt Sinai Med Ctr	5.00%	11/15/2030	Baa1			150		163,737
Montgomery Co Hlth–Catholic Hlth	6.25%	11/15/2034	AA-			20		20,929
Montgomery Co IDA–Jefferson Hlth	5.00%	10/1/2027	AA			1,000		1,085,350
Montgomery Co IDA–Whitemarsh	5.375%	1/1/2050	NR			1,070		1,087,131
Muskingum Co Hsp–Genesis Hlthcare	5.00%	2/15/2044	BB+			150		157,175
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2034	A-			1,100		1,201,453

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
NJ Hlth–Univ Hosp (AGM)	5.00%		7/1/2029	AA		$	135	$	153,587
NY Dorm–Orange Regl Med Ctr^†	5.00%		12/1/2037	BBB-			1,000		1,084,000
OK DFA–OU Med^(d)	5.50%		8/15/2052	Baa3			600		670,314
OK DFA–OU Med^(d)	5.50%		8/15/2057	Baa3			800		888,040
Philadelphia Hsps–Temple Univ Hlth	5.00%		7/1/2032	BBB-			150		164,526
Philadelphia Hsps–Temple Univ Hlth	5.625%		7/1/2036	BBB-			250		273,660
Rockville Eco Dev–Ingleside at King Farm	5.00%		11/1/2042	BB	^(c)		125		136,735
Rockville Eco Dev–Ingleside at King Farm	5.00%		11/1/2047	BB	^(c)		125		136,198
San Buenaventura–Cmnty Mem Hlth	8.00%		12/1/2026	BB+			950		1,114,559
Tempe IDA–ASU Mirabella^†	6.125%		10/1/2047	NR			250		257,892
Upland COP–San Antonio Cmnty Hsp COP	6.375%		1/1/2032	BBB+			140		157,231
Westchester CO Hlth Care	6.00%		11/1/2030	BBB			110		119,609
Westchester CO Hlth Care	6.125%		11/1/2037	BBB			30		32,690
WI Hlth & Ed–Sauk-Prairie Mem Hsp	5.375%		2/1/2048	B1			840		877,447
Total									28,655,946

Housing 0.87%
Alachua Co Hlth–Oak Hammock	8.00%		10/1/2042	NR			300		348,543
CA Muni Fin–Azusa Pacific Univ	5.00%		4/1/2041	Baa3			150		160,775
CA Muni Fin–Caritas Affordable Hsg	5.25%		8/15/2039	BBB+			100		109,000
Fed Home Loan Mtg Corp	4.60%		12/15/2044	AA+			500		528,730
IL Fin Auth–CHF–UIC	5.00%		2/15/2047	Baa3			200		213,552
Toledo/Lucas Port Auth–Univ Toledo	5.00%		7/1/2039	BBB-			350		364,087
Total									1,724,687

Lease Obligations 5.99%
CA Pub Wks–Various Cap Proj	5.00%		10/1/2028	A+			535		586,446
CA Pub Wks–Various Cap Proj	6.625%		11/1/2034	A+			25		24,519
Delano Earlimart Irrigation Dist COP	5.00%		2/1/2028	AA-			475		500,612
Erie Co IDA–Buffalo Sch Dist	5.00%		5/1/2026	AA			1,155		1,310,740
Essex Co Impt Auth–Newark	6.25%		11/1/2030	Baa3			250		264,015
IL Sports Facs Auth (AGM)	5.00%		6/15/2028	AA			865		939,727
IN Fin Auth–Stadium	5.25%		2/1/2032	AA+			500		582,425
Los Angeles USD COP	5.00%		10/1/2025	A+			1,000		1,126,040
NJ EDA–Bldgs	5.00%		6/15/2047	BBB+			575		614,617
NJ EDA–Sch Facs	3.18% (MUNIPSA * 1 + 1.60%	)^#	3/1/2028	BBB+			500		494,160
NJ EDA–Sch Facs	5.00%		3/1/2027	BBB+			380		404,373
NJ EDA–Sch Facs	5.00%		6/15/2042	A-	^(c)		300		320,502

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Lease Obligations (continued)
NJ EDA–Sch Facs	5.50%	6/15/2031	BBB+	$	1,300	$	1,479,894
NJ Trans Trust Fund	Zero Coupon	12/15/2031	BBB+		1,455		786,617
NJ Trans Trust Fund	Zero Coupon	12/15/2037	BBB+		265		104,696
NJ Trans Trust Fund	5.25%	12/15/2023	BBB+		515		570,718
NJ Trans Trust Fund	5.50%	12/15/2023	BBB+		365		409,212
NYC TFA–Bldg Aid	5.00%	7/15/2035	AA		300		348,027
San Diego PFA–Master Lease	5.125%	9/1/2030	AA-		1,000		1,075,880
Total							11,943,220

Other Revenue 3.85%
Apache Co Poll Ctl–Tucson Elec	4.50%	3/1/2030	A-		235		252,858
Arlington Hi Ed Fin Corp–Arlington Classics	7.65%	8/15/2040	BB+		155		167,935
Cleveland Arpt	5.00%	1/1/2030	A-		555		598,506
Clifton Higher Ed–IDEA Pub Schs	5.00%	8/15/2042	BBB+		275		287,474
DC Rev–Friendship Pub Chtr Sch	5.00%	6/1/2032	BBB		500		542,175
DC Rev–Friendship Pub Chtr Sch	5.00%	6/1/2041	BBB		435		478,361
Grand River Hosp Dist (AGM)	5.25%	12/1/2034	AA		100		117,303
Grand River Hosp Dist (AGM)	5.25%	12/1/2035	AA		100		116,911
Grand River Hosp Dist (AGM)	5.25%	12/1/2037	AA		100		116,326
Houston Hi Ed–Cosmos Fndtn	5.00%	2/15/2032	BBB		100		105,562
Houston HI Ed–Cosmos Fndtn	5.00%	2/15/2042	BBB		625		653,994
Houston HI Ed–Cosmos Fndtn	6.875%	5/15/2041	BBB		125		143,361
IL Fin Auth–Noble Chrter Schs	6.125%	9/1/2039	BBB		900		1,002,375
Indianapolis Local Pub Impt Bd Bk	5.00%	2/1/2031	Aa3		475		533,529
La Vernia Hi Ed–Life Schools of Dallas	7.25%	8/15/2031	BBB-		250		268,092
MD EDC–Chesapeake Bay Hyatt^(e)	5.00%	12/1/2031	NR		100		60,000
MD Stadium Auth	5.00%	5/1/2047	AA-		950		1,087,484
NYC Cultural–Whitney Museum	5.25%	7/1/2026	A		500		541,635
Selma IDB–Intl Paper	5.80%	5/1/2034	BBB		150		162,116
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2031	A3		395		431,913
Total							7,667,910

Special Tax 4.61%
Allentown Neighborhood Impt	5.00%	5/1/2027	Baa3		250		266,970
Allentown Neighborhood Impt	5.00%	5/1/2035	Baa3		500		523,800
Allentown Neighborhood Impt^†	5.00%	5/1/2042	Ba1		600		637,764
Arlington GO (AGM)	5.00%	2/15/2048	AA		1,000		1,125,980
CT Spl Tax–Trans Infra	5.00%	8/1/2034	AA		1,150		1,268,404

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Special Tax (continued)
CT Spl Tax–Trans Infra	5.00%		1/1/2037	AA	$	700	$	782,348
CT Spl Tax–Trans Infra	5.00%		1/1/2038	AA		500		557,945
Inland Valley Redev Agy	5.25%		9/1/2037	A-		1,500		1,674,645
NYC IDA–Yankee Stadium (NPFGC)(FGIC)	2.931% (CPI Based	)^#	3/1/2024	Baa1		500		493,810
Orange Co CFD	5.25%		8/15/2045	NR		500		556,710
Rancho Cucamonga Redev Agy (AGM)	5.00%		9/1/2030	AA		500		572,335
San Jose Spl Tax–Conv Ctr	5.50%		5/1/2024	A		660		725,703
Total								9,186,414

Tax Revenue 4.22%
Cook Co Sales Tax	4.00%		11/15/2034	AAA		750		779,130
Hudson Yards	5.75%		2/15/2047	AA-		355		386,918
Hudson Yards	5.75%		2/15/2047	Aa3		15		16,626
Met Pier & Expo Auth–McCormick Place	5.50%		6/15/2053	BB+		265		283,312
Met Pier & Expo Auth–McCormick Place (AGM)	Zero Coupon		6/15/2046	AA		1,495		408,957
Met Pier & Expo Auth–McCormick Place TCRS (BAM)	5.00%		6/15/2053	AA		915		1,002,364
NY Conv Ctr Dev Corp	5.00%		11/15/2040	Aa3		250		281,275
NY UDC–PIT	5.00%		3/15/2033	AAA		750		834,930
NYC TFA–Future Tax	4.00%		5/1/2037	AAA		300		313,713
NYC TFA–Future Tax	4.00%		8/1/2042	Aa1		1,000		1,038,650
NYC TFA–Future Tax	5.00%		2/1/2036	AAA		1,000		1,123,790
PR Corp Sales Tax^(e)	5.25%		8/1/2027	Ca		575		136,563
PR Corp Sales Tax^(e)	5.75%		8/1/2037	Ca		220		52,250
San Jose Spl Tax–Conv Ctr	5.50%		5/1/2026	A		275		301,601
San Jose Spl Tax–Conv Ctr	6.50%		5/1/2036	A		530		600,665
Sonoma Marin Area Rail Rmkt	5.00%		3/1/2028	AA		510		564,034
Yorba Linda Redev Agy	6.50%		9/1/2032	NR		250		288,162
Total								8,412,940

Tobacco 4.35%
Buckeye Tobacco	Zero Coupon		6/1/2047	NR		2,000		133,900
Buckeye Tobacco	5.125%		6/1/2024	B-		500		490,145
Buckeye Tobacco	5.75%		6/1/2034	B-		1,000		982,500
Buckeye Tobacco	5.875%		6/1/2047	B-		250		247,188
Golden St Tobacco	5.00%		6/1/2030	A+		500		558,615
Golden St Tobacco	5.00%		6/1/2033	B+		195		195,195

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Tobacco (continued)
Golden St Tobacco	5.125%	6/1/2047	B-	$	1,205	$	1,205,012
Golden St Tobacco	5.75%	6/1/2047	B3		470		472,778
MI Tob Settlement	5.125%	6/1/2022	B-		690		689,986
PA Tob Settlement	5.00%	6/1/2035	A1		1,000		1,111,010
Railsplitter Tobacco Settlement Auth	5.00%	6/1/2027	A		350		401,965
Tobacco Settlement Auth IA	5.50%	6/1/2042	B+		190		190,684
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2041	B		825		824,975
Tobacco Settlement Fin Corp VA	5.00%	6/1/2047	B-		510		505,940
TSASC	5.00%	6/1/2035	A-		100		110,345
TSASC	5.00%	6/1/2036	A-		50		55,009
TSASC	5.00%	6/1/2048	NR		500		500,485
Total							8,675,732

Transportation 16.24%
AL Port Auth (AGM)	5.00%	10/1/2036	AA		750		845,378
Atlanta Arpt	5.25%	1/1/2030	Aa3		635		691,604
Atlanta Arpt–PFC	5.00%	1/1/2028	AA-		1,000		1,136,410
Central TX Tpk	5.00%	8/15/2033	BBB+		1,200		1,319,856
Central TX Tpk	5.00%	8/15/2037	BBB+		1,000		1,091,460
Charlotte Arpt	5.00%	7/1/2033	AA-		575		627,204
Chicago Midway Arpt	5.00%	1/1/2026	A		210		231,857
Chicago O’Hare Arpt	5.00%	1/1/2035	A		1,040		1,087,164
Chicago O’Hare Arpt	5.625%	1/1/2035	A		185		201,469
Delaware River Port Auth	5.00%	1/1/2029	A		470		526,616
Delaware River Port Auth	5.00%	1/1/2034	A		800		885,592
DFW Arpt	5.00%	11/1/2028	A+		750		842,468
DFW Arpt	5.00%	11/1/2030	A+		850		951,983
FL Tpk Auth–Dept Trans	5.00%	7/1/2034	AA		500		544,410
Foothill / Eastern Corridor Toll Rd	Zero Coupon	1/15/2033	BBB-		500		270,855
Foothill / Eastern Corridor Toll Rd	5.75%	1/15/2046	BBB-		875		1,002,846
Hampton Roads Trans Commn	5.50%	7/1/2057	NR		1,500		1,793,730
Harris Co Toll Rd (The)	4.00%	8/15/2048	Aa2		500		514,790
Houston Arpt	5.00%	7/1/2048	A1		920		1,051,532
Los Angeles Dept Arpts–LAX	5.00%	5/15/2035	AA-		710		752,849
Met DC Arpt	5.00%	10/1/2035	AA-		255		272,817
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2029	A-		500		568,085
Miami Dade Co Aviation–MIA	5.00%	10/1/2034	A		400		448,392
Miami Dade Co Aviation–MIA	5.50%	10/1/2029	A		410		445,686

58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
Miami Dade Co Expwy Auth	5.00%		7/1/2027	A+	$	160	$	182,392
Miami Dade Co Expwy Auth	5.00%		7/1/2028	A+		515		584,844
Minneapolis / St Paul Met Arpts	5.00%		1/1/2027	A+		575		651,786
NC Tpk Auth–Triangle Exprs	5.00%		1/1/2032	BBB		250		288,405
NJ Trans Trust Fund	5.75%		12/15/2031	BBB+		350		358,967
NJ Trans Trust Fund	6.00%		6/15/2035	BBB+		805		883,286
North TX Twy Auth	5.00%		1/1/2031	A2		250		277,445
PA Tpk Commn	5.00%		6/1/2029	A3		1,000		1,132,290
PA Tpk Commn	5.00%		12/1/2039	A1		750		828,488
Philadelphia Airport	5.00%		7/1/2047	A		1,000		1,132,750
Port Auth NY & NJ	5.25%		10/15/2055	AA-		350		395,441
PR Hwy & Trans Auth^(e)	4.00%		7/1/2017	CC		240		45,600
Regional Trans Dist–Denver Trans	5.375%		1/15/2025	Baa3		85		90,563
Regional Trans Dist–Denver Trans	6.00%		1/15/2034	Baa3		1,000		1,080,410
Regional Trans Dist–Denver Trans	6.00%		1/15/2041	Baa3		100		107,555
Regional Trans Dist COP	5.375%		6/1/2031	Aa3		485		518,159
Sacramento Co Arpt	5.00%		7/1/2041	A-		1,000		1,131,810
San Antonio Arpt (AGM)	5.00%		7/1/2026	AA		495		527,645
San Diego Arpt	5.00%		7/1/2040	A		945		1,003,675
San Joaquin Hills Trsp Corridor	5.00%		1/15/2050	BBB		1,250		1,357,562
San Jose Arpt	5.00%		3/1/2047	NR		750		856,425
South Jersey Port Corp	5.00%		1/1/2049	Baa1		500		542,515
Wayne Co Arpt	5.00%		12/1/2047	NR		250		280,285
Total								32,363,351

Utilities 14.64%
Baltimore Wastewater	5.00%		7/1/2039	AA-		500		565,190
Baltimore Water	5.00%		7/1/2033	AA-		605		685,864
Burke Co Dev–Oglethorpe Power	3.00%	^#(a)	11/1/2045	A-		1,000		988,440
Casitas Muni Water Dist (BAM)	5.25%		9/1/2047	AA		500		587,600
Central Plains–Goldman Sachs	5.00%		9/1/2032	A3		525		566,942
Central Plains–Goldman Sachs	5.00%		9/1/2042	BBB+		1,000		1,205,930
Chicago Water	5.00%		11/1/2039	A		855		924,007
Chicago Water (AGM)	5.00%		11/1/2036	AA		500		561,005
DE EDA–NRG Energy	5.375%		10/1/2045	Baa3		1,105		1,150,449
Detroit Sewer	5.00%		7/1/2034	BBB+		385		423,462
El Dorado Irrigation Dist (AGM)	5.00%		3/1/2034	AA		400		450,408
Gainesville Utility	5.25%		10/1/2034	AA-		150		161,766

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Jefferson Co Sewer	Zero Coupon	10/1/2039	BBB-	$	350	$	293,412
Jefferson Co Sewer (AGM)	Zero Coupon	10/1/2026	AA		1,000		732,140
Jefferson Co Sewer (AGM)	5.50%	10/1/2053	AA		1,300		1,455,987
KY Muni Pwr Auth (NPFGC)(FGIC)	5.00%	9/1/2036	A-		1,000		1,104,610
Long Beach Nat Gas–ML	5.50%	11/15/2030	A-		830		1,020,062
Long Beach Nat Gas–ML	5.50%	11/15/2037	A-		1,395		1,772,389
Los Angeles USD	5.00%	7/1/2023	Aa2		500		575,120
Lower Colo Riv Auth–Transmn Contract	5.00%	5/15/2040	A		320		352,749
Maricopa Co Poll Ctl–So Cal Edison Rmkt	5.00%	6/1/2035	Aa3		555		586,641
Norfolk Water	5.25%	11/1/2028	AA+		1,500		1,778,565
North Sumter Co Util Dep Dist	5.375%	10/1/2030	A		240		258,821
NY Env Facs–Clean Wtr & Drinking	5.125%	6/15/2038	AAA		520		539,094
NYC Muni Water	5.00%	6/15/2036	AA+		500		564,315
Omaha Pub Pwr Dist	5.25%	2/1/2042	A+		500		563,050
Paducah Electric (AGM)	5.00%	10/1/2034	AA		1,000		1,112,510
Philadelphia Gas Works	5.00%	8/1/2029	A		250		285,843
Philadelphia Water & Wastewater	5.00%	7/1/2028	A+		280		322,703
Philadelphia Water & Wastewater	5.25%	10/1/2052	A+		450		519,043
PR Elec Pwr Auth^(e)	5.00%	7/1/2028	Ca		270		104,625
PR Elec Pwr Auth^(e)	5.25%	7/1/2028	Ca		880		341,000
PR Elec Pwr Auth (AGC)	4.25%	7/1/2027	AA		280		279,992
Salt Verde Fin Corp–Citi	5.00%	12/1/2037	BBB+		1,635		1,942,674
Southern CA Pub Pwr Auth–Goldman Sachs	5.00%	11/1/2033	A3		905		1,075,339
Trimble Env Facs–Louisville Gas & Elec	3.75%	6/1/2033	A1		1,250		1,260,587
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2025	A3		950		1,052,001
TX Muni Gas Acq & Supply–Macquarie	5.00%	12/15/2028	A3		925		1,017,426
Total							29,181,761
Total Municipal Bonds (cost $194,666,682)							197,731,940

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

AMT FREE MUNICIPAL BOND FUND March 31, 2018

Investments

Interest
Rate^#

Interest
Rate
Reset
Date^(f)

Final
Maturity
Date

Credit
Rating:
S&P or
Moody’s

Principal
Amount
(000)

Fair
Value

Variable Rate Demand Notes 0.70%

Tax Revenue 0.48%

NYC TFA–Future Tax

1.83%

4/2/2018

11/1/2022

AAA

950

950,000

Utilities 0.22%

NYC Muni Water

1.83%

4/2/2018

8/1/2031

AAA

100

100,000

St Lucie Co PCR–FL Pwr & Lt Co

1.74%

4/2/2018

9/1/2028

Aa2

350

350,000

Total

450,000

Total Short-Term Investments (cost $1,400,000)

1,400,000

Total Investments in Securities 99.92% (cost $196,066,682)

199,131,940

Cash and Other Assets in Excess of Liabilities 0.08%

160,627

Net Assets 100.00%

199,292,567

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	197,731,940	$	–	$	197,731,940
Variable Rate Demand Notes		–		1,400,000		–		1,400,000
Total	$	–	$	199,131,940	$	–	$	199,131,940

	⁽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, 2018.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

NATIONAL TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)			Fair Value
MUNICIPAL BONDS 100.09%

Corporate-Backed 5.63%
CA Poll Ctl–Poseidon Res AMT^†		5.00%		11/21/2045	Baa3	$	8,750		$	9,327,063
CA Poll Ctl–Waste Mgmt AMT		4.30%		7/1/2040	A-		2,575			2,700,660
Columbus Co Ind Facs–Intl Paper		5.70%		5/1/2034	BBB		2,165			2,335,472
Gloucester Co Poll Ctl–Logan AMT		5.00%		12/1/2024	BBB-		1,000			1,083,450
Houston Arpt–United Airlines AMT		5.00%		7/15/2028	BB-		2,400			2,706,336
IA Fin Auth–Iowa Fertilizer Co		5.25%		12/1/2025	B		3,000			3,195,960
IL Fin Auth–Leafs Hockey Club^(e)		6.00%		3/1/2037	NR		1,550	��		372,000
IL State GO		5.00%		12/1/2036	Baa3		6,700			6,869,912
LA Env Facs–Westlake Chem		3.50%		11/1/2032	BBB		11,800			11,679,994
Love Field Arpt–Southwest Airlines AMT		5.00%		11/1/2028	A3		2,775			3,024,306
MA Port Auth–Delta Airlines AMT (AMBAC)		5.50%		1/1/2019	NR		1,495			1,498,154
MD EDC–Chesapeake Bay Hyatt^(e)		5.00%		12/1/2016	NR		855			513,000
NJ EDA–Goethals Brdg AMT		5.00%		7/1/2022	BBB-		1,650			1,817,871
NJ EDA–Goethals Brdg AMT		5.00%		1/1/2024	BBB-		1,500			1,684,920
NY Energy–ConEd AMT (XLCA)	2.27% (Auction Rate Based		)^#	10/1/2035	A2		5,175			4,985,595
NYC Cap Res–Arthur Mgmt		7.00%		8/1/2025	NR		6,835			7,066,023
NYC IDA–TRIPS AMT		5.00%		7/1/2028	BBB		5,980			6,423,417
OH Air Quality–Pratt Paper^†		4.50%		1/15/2048	NR		2,000			2,041,180
Onondaga Co IDA–Bristol Meyers AMT		5.75%		3/1/2024	A+		5,100			6,030,036
PA Econ Dev–US Airways		7.50%		5/1/2020	BB-		1,500			1,633,035
PA Econ Dev–US Airways		8.00%		5/1/2029	BB-		1,475			1,616,954
Phenix City IDB–Meadwestvaco		3.625%		5/15/2030	BBB		1,750			1,756,230
Richland Co Env Impt–Intl Paper AMT		3.875%		4/1/2023	BBB		6,625			7,053,439
Salem Co Poll Ctl–Chambers AMT		5.00%		12/1/2023	BBB-		5,145			5,540,753
Selma IDB–Intl Paper		6.25%		11/1/2033	BBB		3,230			3,453,581
Syracuse IDA–Carousel Ctr AMT		5.00%		1/1/2034	Baa1		7,500			8,093,250
Syracuse IDA–Carousel Ctr AMT		5.00%		1/1/2035	Baa1		4,200			4,520,544
Valparaiso Facs–Pratt Paper AMT		7.00%		1/1/2044	NR		2,000			2,364,700
West Pace Coop Dist^(e)		9.125%		5/1/2039	NR		4,900			2,842,000	^(h)
Total										114,229,835

Education 6.84%
Build NYC Res Corp–NY Law		4.00%		7/1/2045	BBB-		2,445			2,449,572
CA Ed Facs–Chapman Univ		4.00%		4/1/2047	A2		1,500			1,541,100
CA Ed Facs–Stanford Univ		5.00%		5/1/2045	AAA		5,505			7,207,201

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
CA Fin Auth–Emerson Clg	6.00%	1/1/2042	BBB+		$	1,875	$	2,154,450
CA Sch Fin Auth–Green Dot Schs^†	5.00%	8/1/2045	NR			1,250		1,329,463
Chicago Brd Ed	5.00%	12/1/2044	BB-	^(c)		1,500		1,458,990
Chicago Brd Ed	5.00%	12/1/2046	BB-	^(c)		3,000		2,906,580
CO Ed Facs–Univ of Denver	5.00%	3/1/2040	A1			3,500		3,979,185
Davie Edu Facs–Nova Southeastern Univ	6.00%	4/1/2042	A-			3,040		3,409,147
Detroit Sch Dist	5.00%	5/1/2029	Aa1			4,000		4,383,680
Dutchess Co LDC–Anderson Ctr	6.00%	10/1/2030	BB+			870		900,676
FL HI Ed–Nova Southeastern Univ	5.00%	4/1/2033	A-			1,000		1,116,370
FL HI Ed–Nova Southeastern Univ	5.00%	4/1/2035	A-			1,250		1,386,200
FL HI Ed–Nova Southeastern Univ	5.00%	4/1/2036	A-			2,000		2,217,920
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2019	Baa3			1,050		1,051,082
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2020	Baa3			1,900		1,901,691
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2031	Baa3			1,750		1,745,030
IL Fin Auth–IL Inst of Tech	6.25%	2/1/2019	Baa3			590		608,485
IL Fin Auth–IL Inst of Tech	7.125%	2/1/2034	Baa3			1,000		1,019,130
IL Fin Auth–Roosevelt Univ	6.50%	4/1/2039	Ba1			3,500		3,673,950
IL Fin Auth–Univ Chicago	4.00%	10/1/2049	Aa2			5,000		5,058,700
MA DFA–Emerson Clg	5.00%	1/1/2035	BBB+			2,000		2,245,780
MA DFA–Emerson Clg	5.00%	1/1/2037	BBB+			550		614,702
MA DFA–Emerson Clg	5.00%	1/1/2040	BBB+			2,125		2,363,871
MA DFA–Emmanuel College	5.00%	10/1/2034	Baa2			1,325		1,464,827
MA DFA–Emmanuel College	5.00%	10/1/2043	Baa2			3,500		3,818,395
MA DFA–Harvard Univ	5.00%	7/15/2040	AAA			8,000		10,402,000
MA DFA–Suffolk Univ	5.00%	7/1/2032	Baa2			2,000		2,257,000
MA DFA–Suffolk Univ	5.00%	7/1/2033	Baa2			1,100		1,236,697
MA DFA–Suffolk Univ	5.00%	7/1/2034	Baa2			900		1,008,054
MA DFA–Wheelock Clg	5.25%	10/1/2037	BBB			3,750		3,750,337
NY Dorm–Barnard Clg	5.00%	7/1/2035	A1			2,400		2,720,376
NY Dorm–Mt Sinai Sch Med	5.00%	7/1/2040	A-			5,000		5,482,700
NY Dorm–NYU	5.00%	7/1/2030	Aa2			2,155		2,412,566
NY Dorm–NYU	5.00%	7/1/2031	Aa2			4,215		4,709,967
NY Dorm–SUNY	5.00%	7/1/2035	Aa2			2,100		2,287,215
NY Dorm–Touro Clg	5.00%	1/1/2047	BBB-	^(c)		9,500		10,355,950
NY Dorm–Touro Clg	5.50%	1/1/2039	BBB-	^(c)		2,450		2,726,924
NYC IDA–Yankee Stadium	Zero Coupon	3/1/2030	AA			8,000		5,410,880
Pa Hi Ed–Drexel Univ	5.00%	5/1/2031	A			275		294,984

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Education (continued)
PA HI Ed–Drexel Univ	5.00%	5/1/2034	NR	$	2,750	$	3,097,737
Univ of CT	5.25%	11/15/2047	AA-		7,000		8,051,400
Univ of North Carolina–Wilmington	5.00%	6/1/2037	A1		6,340		7,160,142
Volusia Co EDA–Embry-Riddle Univ	5.00%	10/15/2042	A3		785		883,125
Volusia Co EDA–Embry-Riddle Univ	5.00%	10/15/2047	A3		2,250		2,521,553
Total							138,775,784

General Obligation 18.22%
Atlantic City GO (BAM)	5.00%	3/1/2032	AA		300		338,595
Beaverton Sch Dist	Zero Coupon	6/15/2036	AA+		7,100		8,114,448
Bellwood GO	6.15%	12/1/2032	A		2,765		3,169,602
CA State GO	4.00%	9/1/2037	AA-		5,000		5,255,100
CA State GO	5.00%	2/1/2033	AA-		10,000		10,972,000
CA State GO	5.00%	9/1/2037	AA-		3,000		3,467,160
CA State GO	5.00%	8/1/2038	AA-		3,300		3,804,042
CA State GO	5.25%	9/1/2024	AA-		5,000		5,573,450
CA State GO	5.25%	8/1/2032	AA-		7,500		8,823,525
CA State GO	5.50%	3/1/2040	AA-		9,250		9,886,307
CA State GO	5.60%	3/1/2036	AA-		7,330		7,853,728
CA State GO	6.50%	4/1/2033	AA-		13,400		14,050,704
Chicago Brd Ed	6.50%	12/1/2046	B		1,000		1,138,990
Chicago Brd Ed^†	7.00%	12/1/2046	B		1,200		1,424,568
Chicago GO	5.00%	1/1/2026	BBB+		4,950		5,358,821
Chicago GO	5.00%	1/1/2033	BBB+		2,340		2,382,962
Chicago GO	5.00%	1/1/2034	BBB+		3,150		3,202,416
Chicago GO	5.00%	1/1/2034	BBB+		5,000		5,140,250
Chicago GO	5.00%	1/1/2040	BBB+		5,000		5,048,100
Chicago GO	5.50%	1/1/2034	BBB+		2,400		2,556,768
Chicago GO	5.50%	1/1/2037	BBB+		1,000		1,058,140
Chicago GO	5.50%	1/1/2042	BBB+		250		263,198
Chicago GO	5.50%	1/1/2042	BBB+		5,000		5,263,950
Chicago GO	6.00%	1/1/2038	BBB+		17,830		20,046,091
Chicago O’Hare Arpt AMT	5.00%	1/1/2052	A		9,375		10,197,562
Cook Co GO	5.00%	11/15/2030	AA-		1,000		1,125,760
Cook Co GO	5.00%	11/15/2031	AA-		2,150		2,413,526
Cook Co GO	5.00%	11/15/2034	AA-		500		556,145
Cook Co GO	5.00%	11/15/2035	AA-		1,000		1,109,140
Cook Co GO TCRS (BAM)	5.00%	11/15/2024	AA		10,000		11,106,400

64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation (continued)
CT State GO	4.00%	8/15/2032	A+	$	5,000	$	5,154,150
CT State GO	4.00%	4/15/2037	A+		2,000		2,013,560
CT State GO^(b)	5.00%	12/1/2022	A+		10,000		10,699,400
CT State GO^(b)	5.00%	12/1/2023	A+		10,000		10,699,400
DC GO	4.00%	6/1/2037	Aa1		5,500		5,806,515
Essex Co Impt Auth–Covanta AMT^†	5.25%	7/1/2045	BB-		4,000		4,048,600
HI State GO^(b)	5.00%	8/15/2030	AA+		10,000		11,065,650
IL State GO	4.00%	6/1/2034	BBB-		2,250		2,051,483
IL State GO	5.00%	6/1/2027	BBB-		2,000		2,078,640
IL State GO	5.00%	11/1/2028	BBB-		12,795		13,308,079
IL State GO	5.00%	3/1/2030	BBB-		6,500		6,617,455
IL State GO	5.00%	1/1/2033	BBB-		3,500		3,547,390
IL State GO	5.00%	1/1/2035	BBB-		11,200		11,429,824
IL State GO	5.00%	1/1/2041	BBB-		3,580		3,625,609
IL State GO	5.50%	7/1/2033	BBB-		9,020		9,342,826
IL State GO	5.50%	7/1/2038	BBB-		5,345		5,503,746
Kansas City GO	5.00%	4/1/2040	AA-		3,500		3,866,625
King Co Pub Hsp–Snoqualmie Vly Hsp	5.00%	12/1/2038	NR		5,000		4,849,300
Livonia Sch Dist (AGM)	5.00%	5/1/2040	AA		2,250		2,512,463
Luzerne Co GO (AGM)	5.00%	11/15/2029	AA		3,290		3,703,948
Middletown CSD	5.25%	12/1/2040	AA		2,250		2,516,355
Midlothian Water Dist (AGM)	Zero Coupon	9/1/2022	AA		2,000		1,776,760
Nassau Co GO	5.00%	1/1/2035	A+		1,020		1,151,723
Nassau Co GO	5.00%	1/1/2036	A+		1,150		1,295,981
Nassau Co GO	5.00%	1/1/2038	A+		1,500		1,684,935
NJ Trans Trust Fund	Zero Coupon	12/15/2029	BBB+		7,660		4,582,365
NJ Trans Trust Fund (NPFGC)(FGIC)	Zero Coupon	12/15/2030	BBB+		6,910		4,005,589
NYC GO	5.00%	8/1/2027	AA		6,000		6,801,300
NYC GO	5.00%	12/1/2041	AA		3,400		3,884,500
PA State GO	4.00%	9/15/2030	Aa3		10,000		10,626,200
Philadelphia GO	5.00%	8/1/2036	A		8,400		9,487,716
Philadelphia GO	5.00%	8/1/2037	A		3,150		3,549,830
Philadelphia GO	5.25%	7/15/2031	A		1,400		1,567,622
Philadelphia GO	5.25%	7/15/2032	A		3,000		3,350,730
Philadelphia GO	5.25%	7/15/2033	A		1,000		1,114,110
Philadelphia Sch Dist	5.00%	9/1/2037	A2		800		884,912
Philadelphia Sch Dist	5.00%	9/1/2038	A2		1,000		1,104,610

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Pittsburgh GO (BAM)		5.00%		9/1/2029	AA		$	1,100	$	1,243,847
Pittsburgh GO (BAM)		5.00%		9/1/2030	AA			1,215		1,371,601
Pittsburgh GO (BAM)		5.00%		9/1/2032	AA			1,160		1,313,155
Port Houston Auth AMT		6.25%		10/1/2029	AAA			1,000		1,023,210
San Francisco Arpt AMT		5.25%		5/1/2042	A+			4,000		4,641,480
Sweetwater UHSD (BAM)		5.00%		8/1/2026	AA			5,000		5,736,700
Tuscaloosa Co Brd of Ed		5.00%		8/1/2046	AA			5,000		5,661,000
Union Co Util Auth–Covanta GTD AMT		4.75%		12/1/2031	AA+			4,000		4,311,440
Yosemite CCD		Zero Coupon	^#(a)	8/1/2042	Aa2			3,000		2,177,520
Total										369,491,302

Health Care 12.70%
AL PFA–AL Proton Therapy^†		6.85%		10/1/2047	NR			2,160		2,170,454
Allen Co Hsp–Catholic Hlth Ptnrs		5.00%		5/1/2033	A+			7,065		7,657,047
Antelope Valley Hlth		5.00%		3/1/2041	Ba3			3,000		3,129,240
Antelope Valley Hlth		5.00%		3/1/2046	Ba3			2,100		2,183,328
CA Hlth–Sutter Hlth^(d)		4.00%		11/15/2042	AA-			2,000		2,056,260
CA Hlth–Sutter Hlth		5.25%		8/15/2031	AA-			4,500		5,004,855
CA Hlth Facs–Kaiser Permanente		5.00%		11/1/2047	AA-			5,000		6,495,900
CA Muni Fin–Cmnty Med Ctrs		5.00%		2/1/2047	A-			2,500		2,738,800
CA Statewide–Beverly		5.00%		2/1/2045	BBB-			5,000		5,433,700
CA Stwde–Eskaton Pptys		5.25%		11/15/2034	BBB			1,375		1,500,592
CA Stwde–Loma Linda Univ Med Ctr		5.50%		12/1/2054	BB			6,875		7,480,825
Cass Co–Essentia Hlth Rmkt (AG)		5.125%		2/15/2037	AA			5,000		5,249,000
Cumberland Co Mun Auth–Diakon Lutheran		6.125%		1/1/2029	BBB+	^(c)		100		102,675
Cuyahoga Co Hsp–Metrohealth		5.50%		2/15/2052	NR			8,075		8,857,548
Cuyahoga Co Hsp–Metrohealth		5.50%		2/15/2057	NR			4,750		5,188,235
Denver Hlth & Hsp Auth	2.444% (3 Mo. LIBOR * .67 + 1.10%		)^#	12/1/2033	BBB			4,745		4,402,269
Denver Hlth & Hsp Auth		5.25%		12/1/2045	BBB			700		753,445
Flint Hsp Bldg Auth–Hurley Med Ctr		7.00%		7/1/2030	Ba1			1,510		1,625,726
Franklin Co Hlth–OPRS Cmntys		6.125%		7/1/2040	NR			4,400		4,860,768
Gainesville & Hall Co Hsp–NE GA Hlth GTD		5.50%		8/15/2054	AA-			4,825		5,574,805
Glynn Brunswick Mem Hsp–SE GA Hlth		5.50%		8/1/2028	A-			515		520,943
Greenville Hlth Sys		5.00%		5/1/2034	A+			3,970		4,401,063
Guadalupe Co–Seguin City Hospital		5.00%		12/1/2045	BB			1,500		1,526,640
IL Fin Auth–Northwestern Mem Hsp^(b)		5.75%		1/1/2026	AA+			2,500		2,636,950
IN Fin Auth–Major Hsp		5.00%		10/1/2029	Baa2			1,500		1,635,045

66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
IN Hlth Facs–Ascension Hlth	5.00%	11/15/2036	Aa2		$	3,600	$	4,084,272
Kirkwood IDA–Aberdeen Hts	8.00%	5/15/2021	NR			595		646,515
Kirkwood IDA–Aberdeen Hts	8.00%	5/15/2029	NR			3,820		4,296,812
LA PFA–Ochsner Clinic	6.25%	5/15/2031	A3			8,090		9,126,248
La Verne COP–Brethren Hillcrest Homes	5.00%	5/15/2036	BBB-	^(c)		1,350		1,422,711
MA DFA–Boston Med Ctr	5.00%	7/1/2031	BBB			1,900		2,135,771
MA DFA–Partners Hlth	4.00%	7/1/2041	AA-			5,000		5,138,050
Martin Hsp Dist	7.25%	4/1/2036	BBB	^(c)		3,000		3,256,710
MD Hlth & HI Ed–Adventist	5.50%	1/1/2046	Baa3			9,000		10,093,140
MD Hlth & HI Ed–Doctors Cmnty Hospital	5.00%	7/1/2038	Baa3			4,275		4,671,506
MD Hlth & HI Ed–Mercy Med Ctr	5.00%	7/1/2036	BBB			1,320		1,452,726
MD Hlth & HI Ed–Mercy Med Ctr	5.00%	7/1/2038	BBB			2,250		2,461,095
MD Hlth & Hi Ed–Mercy Med Ctr	6.25%	7/1/2031	BBB			11,190		12,349,508
ME Hlth & Hi Ed–MaineGeneral Hlth	7.50%	7/1/2032	Ba3			11,150		12,516,767
Meadville Med Center	6.00%	6/1/2046	NR			790		819,830
Meadville Med Center	6.00%	6/1/2051	NR			930		960,169
Mesquite Hlth–Christian Care Ctrs	5.125%	2/15/2042	BB+	^(c)		1,000		1,039,700
MN Hlth–Mayo Clinic	5.00%	11/15/2036	AA			2,950		3,704,639
Montgomery Co IDA–ACTS Retirement	5.00%	11/15/2024	A-	^(c)		3,150		3,454,857
Montgomery Co IDA–ACTS Retirement	5.00%	11/15/2025	A-	^(c)		1,300		1,421,550
Montgomery Co IDA–Jefferson Hlth	5.00%	10/1/2027	AA			3,500		3,798,725
Muskingum Co Hsp–Genesis Hlthcare	5.00%	2/15/2044	BB+			2,500		2,619,575
Nassau Co LEAC–Catholic Hlth Svcs	5.00%	7/1/2029	A-			1,000		1,111,870
Nassau Co LEAC–Catholic Hlth Svcs	5.00%	7/1/2030	A-			580		642,449
Nassau Co LEAC–Catholic Hlth Svcs	5.00%	7/1/2031	A-			1,620		1,787,638
NY Dorm–Orange Reg Med Ctr^†	5.00%	12/1/2031	BBB-			1,300		1,433,432
NY Dorm–Orange Reg Med Ctr^†	5.00%	12/1/2036	BBB-			1,000		1,086,410
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2040	BBB-			1,300		1,395,251
NYC Hlth & Hsp Corp	5.00%	2/15/2025	Aa3			2,400		2,535,768
NYC Hlth & Hsp Corp	5.00%	2/15/2030	Aa3			5,640		5,928,204
OK DFA–OU Med^(d)	5.50%	8/15/2052	Baa3			2,700		3,016,413
OK DFA–OU Med^(d)	5.50%	8/15/2057	Baa3			3,600		3,996,180
Palomar Hlth	5.00%	11/1/2036	BBB-			4,025		4,431,324
Pell City Spl Care Facs–Noland Hlth	5.00%	12/1/2031	A			4,845		5,236,088
Philadelphia Hsps–Temple Univ Hlth	5.00%	7/1/2032	BBB-			850		932,314
Pulaski Co Pub Facs–Baptist Hlth	5.00%	12/1/2039	A+			5,750		6,333,625
Rockville Eco Dev–Ingleside at King Farm	5.00%	11/1/2042	BB	^(c)		750		820,410

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Rockville Eco Dev–Ingleside at King Farm	5.00%	11/1/2047	BB	^(c)	$	675	$	735,467
Tarrant Co Cultural–Christus Hlth (AG)	6.25%	7/1/2028	AA			1,500		1,547,040
Tarrant Co Cultural–Trinity Terrace	5.00%	10/1/2049	BBB+	^(c)		750		792,960
Tempe IDA–ASU Mirabella^†	6.125%	10/1/2047	NR			1,150		1,186,306
UCal Med Ctr	5.25%	5/15/2038	AA-			660		751,067
Upland COP–San Antonio Cmnty Hsp COP	6.375%	1/1/2032	BBB+			5,000		5,615,400
VT Ed & Hlth–Univ of VT Med Ctr	5.00%	12/1/2035	A			4,500		5,074,110
WA Hlth Care–Overlake Hsp	5.00%	7/1/2038	A			4,000		4,380,720
Ward Co Hlth Facs–Trinity Hlth	5.00%	6/1/2048	BBB-			2,110		2,284,645
WI Hlth & Ed–Marshfield Hlth Sys	4.00%	2/15/2050	NR			7,780		7,765,763
WV Hsp–Herbert Thomas Hlth	6.25%	10/1/2023	NR			2,000		2,019,740
Total								257,497,583

Housing 1.13%
CA Muni Fin–Azusa Pacific Univ	5.00%	4/1/2041	Baa3			1,750		1,875,702
CA Muni Fin–Caritas Affordable Hsg	5.25%	8/15/2039	BBB+			550		599,500
CA Muni Fin–UC Berkeley Hsg	5.00%	6/1/2050	Baa3			1,410		1,525,239
Fed Home Loan Mtg Corp	4.60%	12/15/2044	AA+			5,000		5,287,300
HI Hsg Fin & Dev–Rent Hsg Sys Rmkt (AGM)	6.50%	7/1/2033	A1			2,000		2,075,040
IL Fin Auth–CHF–UIC	5.00%	2/15/2047	Baa3			900		960,984
IL Fin Auth–CHF–UIC	5.00%	2/15/2050	Baa3			1,500		1,595,655
LA HFA–GMF-LA Chateau	8.00%	9/1/2039	BB			1,355		1,375,393
Los Angeles Hsg	6.25%	6/1/2034	A-			4,220		4,373,186
Toledo/Lucas Port Auth–Univ Toledo	5.00%	7/1/2034	BBB-			1,000		1,047,390
Toledo/Lucas Port Auth–Univ Toledo	5.00%	7/1/2039	BBB-			1,150		1,196,288
Toledo/Lucas Port Auth–Univ Toledo	5.00%	7/1/2046	BBB-			1,000		1,037,360
Total								22,949,037

Lease Obligations 6.02%
CA Pub Wks–Judicial Council	5.00%	12/1/2028	A+			5,600		6,160,952
CA Pub Wks–Various Cap Proj	5.00%	4/1/2033	A+			8,500		9,336,995
CA Pub Wks–Various Cap Proj	5.125%	10/1/2031	A+			2,500		2,739,350
Erie Co IDA–Buffalo Sch Dist	5.00%	5/1/2026	AA			5,275		5,986,281
Erie Co IDA–Buffalo Sch Dist	5.25%	5/1/2028	AA			7,000		7,691,110
Houston Co Coop Dist–Country Crossing^(e)	12.50%	6/7/2013	NR			1,768		247,520	^(h)
IL Sports Facs Auth (AGM)	5.00%	6/15/2027	AA			3,500		3,816,645
IN Fin Auth–OH River Brdgs AMT	5.00%	7/1/2035	BBB+			6,500		7,027,800
IN Fin Auth–OH River Brdgs AMT	5.00%	7/1/2040	BBB+			3,000		3,222,660

68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
IN Fin Auth–OH River Brdgs AMT		5.00%		7/1/2044	BBB+		$	3,145	$	3,370,622
IN Fin Auth–Stadium		5.25%		2/1/2032	AA+			4,500		5,241,825
KY Ppty & Bldgs Commn–Proj #112		5.00%		11/1/2026	A1			5,000		5,775,800
NJ EDA–Bldgs		5.00%		6/15/2047	BBB+			5,475		5,852,228
NJ EDA–Goethals Brdg AMT		5.625%		1/1/2052	BBB-			7,500		8,322,450
NJ EDA–Sch Facs	3.18% (MUNIPSA * 1 + 1.60%		)^#	3/1/2028	BBB+			4,625		4,570,980
NJ EDA–Sch Facs		5.00%		3/1/2028	BBB+			3,845		4,072,778
NJ EDA–Sch Facs		5.00%		6/15/2042	A-	^(c)		4,500		4,807,530
NJ Trans Trust Fund		5.00%		12/15/2023	BBB+			4,425		4,846,437
NJ Trans Trust Fund		5.00%		6/15/2042	BBB+			2,215		2,296,268
NYC TFA–Bldg Aid		5.00%		7/15/2030	AA			10,000		11,103,700
NYC TFA–Bldg Aid		5.00%		7/15/2031	AA			6,000		6,657,000
Sacramento City Fing Auth (AMBAC)		5.25%		12/1/2023	Aa3			3,150		3,662,316
San Diego PFA–Master Lease		5.25%		9/1/2035	AA-			5,000		5,379,350
Total										122,188,597

Other Revenue 6.52%
Apache Co Poll Ctl–Tucson Elec		4.50%		3/1/2030	A-			8,165		8,785,458
Arlington Hi Ed Fin Corp–Arlington Classics		7.65%		8/15/2040	BB+			5,750		6,229,837
Baker Correctional Dev		8.50%		2/1/2030	NR			3,400		2,869,566
Brooklyn Arena LDC–Barclays Ctr		5.00%		7/15/2030	BBB-			2,340		2,679,464
CA Infra & Econ Dev–Acad Motion Pict		5.00%		11/1/2041	Aa2			2,500		2,778,050
CA Infra & Econ Dev–Gladstone Inst		5.25%		10/1/2034	A-			8,100		8,857,998
City of Miami Beach–Parking Revs (BAM)		5.00%		9/1/2040	AA			2,000		2,233,000
Cleveland Arpt		5.00%		1/1/2030	A-			2,000		2,156,780
Clifton Higher Ed–IDEA Pub Schs		6.00%		8/15/2043	BBB+			1,000		1,143,120
DC Rev–Friendship Pub Chtr Sch		5.00%		6/1/2041	BBB			1,500		1,649,520
DC Rev–KIPP Chtr Sch		6.00%		7/1/2043	BBB+			1,000		1,188,850
DC Rev–KIPP Chtr Sch		6.00%		7/1/2048	BBB+			1,000		1,188,850
Denver Conv Ctr		5.00%		12/1/2034	Baa2			1,000		1,126,320
FL DFC–Renaissance Chtr Sch		7.625%		6/15/2041	BB	^(c)		5,500		6,042,520
Grand River Hosp Dist		5.25%		12/1/2034	AA			900		1,055,727
Grand River Hosp Dist		5.25%		12/1/2035	AA			900		1,052,199
Grand River Hosp Dist		5.25%		12/1/2037	AA			900		1,046,934
HI Dept Budget–Hawaiian Electric AMT		3.25%		1/1/2025	Baa2			3,250		3,293,193
IL Fin Auth–Noble Chrter Schs		6.125%		9/1/2039	BBB			5,100		5,680,125
IN Fin Auth–Drexel Foundation		7.00%		10/1/2039	B			1,250		1,266,900
Indianapolis Local Pub Impt Bd Bk		5.00%		2/1/2031	Aa3			6,645		7,463,797

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Other Revenue (continued)
Long Beach Nat Gas–ML	2.682% (3 Mo. LIBOR * .67 + 1.45%		)^#	11/15/2027	A-	$	9,000	$	9,071,730
Lower AL Gas Dist–Goldman Sachs		5.00%		9/1/2046	A3		5,000		6,116,500
MA DFA–Broad Inst		5.25%		4/1/2037	AA-		7,250		7,967,097
MD Stadium Auth		5.00%		5/1/2047	AA-		4,750		5,437,420
Met Boston Trans Pkg Corp		5.25%		7/1/2033	A+		11,000		12,059,080
MI Pub Ed–Bradford Admy		8.75%		9/1/2039	NR		2,250		1,788,660
Middlesex Co Impt Auth–Heldrich Ctr^(e)		6.125%		1/1/2025	NR		1,250		13,125
Middlesex Co Impt Auth–Heldrich Ctr^(e)		6.25%		1/1/2037	NR		1,700		17,850
NJ EDA–Team Academy		6.00%		10/1/2043	BBB		3,500		3,874,920
Philadelphia Gas Works		5.00%		10/1/2032	A		4,115		4,691,676
San Antonio Hotel & Conv Ctr AMT (AMBAC)		5.00%		7/15/2039	A3		7,000		7,000,980
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2031	A3		3,995		4,368,333
Total									132,195,579

Special Tax 3.43%
Allentown Neighborhood Impt^†		5.00%		5/1/2032	Ba1		1,845		2,024,869
Allentown Neighborhood Impt		5.00%		5/1/2035	Baa3		4,300		4,504,680
Allentown Neighborhood Impt^†		5.00%		5/1/2042	Ba1		1,500		1,594,410
Arlington GO		5.00%		2/15/2048	AA		5,000		5,629,900
Aurora TIF–East River		6.75%		12/30/2027	NR		700		712,684
CT Spl Tax–Trans Infra		5.00%		8/1/2034	AA		3,600		3,970,656
CT Spl Tax–Trans Infra		5.00%		1/1/2037	AA		6,300		7,041,132
CT Spl Tax–Trans Infra		5.00%		1/1/2038	AA		4,500		5,021,505
Gramercy Farms CDD^~		Zero Coupon		5/1/2039	NR		4,545		2,636,100
Gramercy Farms Cmnty Dev Dist^(e)		5.25%		5/1/2039	NR		1,340		13
Houston Co Coop Dist–Country Crossing^(e)		10.00%		5/1/2039	NR		5,000		550,000	^(h)
Inland Valley Redev Agy		5.25%		9/1/2037	A-		3,375		3,767,951
Irvine CFD–Great Park		5.00%		9/1/2044	NR		500		541,230
Millsboro Spl Oblig–Plantation Lakes		5.45%		7/1/2036	NR		1,965		1,775,319
NJ EDA–Kapkowski Rd Landfill		6.50%		4/1/2028	Ba2		2,325		2,735,967
NYC IDA–Yankee Stadium (NPFGC)(FGIC)	2.931% (CPI Based		)^#	3/1/2024	Baa1		4,500		4,444,290
Rancho Cucamonga Redev Agy (AGM)		5.00%		9/1/2030	AA		1,000		1,144,670
Rancho Cucamonga Redev Agy (AGM)		5.00%		9/1/2031	AA		1,400		1,598,100
Riverside Co Redev Agy–Tax Alloc (8.50% after 10/1/2021)^~		Zero Coupon		10/1/2041	A		11,195		13,101,397
San Francisco Redev–Mission Bay South		7.00%		8/1/2033	BBB+		1,000		1,144,790

70	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
San Francisco Redev–Mission Bay South	7.00%	8/1/2041	BBB+		$	1,400	$	1,602,706
Sparks Tourism Impt Dist^†	6.50%	6/15/2020	Ba3			900		904,932
Sparks Tourism Impt Dist^†	6.75%	6/15/2028	Ba3			2,500		2,513,125
Stone Canyon CID^(e)	5.70%	4/1/2022	NR			1,000		245,000
Stone Canyon CID^(e)	5.75%	4/1/2027	NR			1,300		318,500
Total								69,523,926

Tax Revenue 3.93%
Chicago Brd Ed–CIT	5.00%	4/1/2042	A	^(c)		1,800		1,937,664
Chicago Brd Ed–CIT	5.00%	4/1/2046	A	^(c)		2,050		2,200,388
Cook Co Sales Tax	4.00%	11/15/2034	AAA			3,000		3,116,520
MA Sch Bldg Auth–Sales Tax^(b)	5.00%	2/1/2028	AA+			20,000		21,984,100
Met Pier & Expo Auth–McCormick Place	5.50%	6/15/2053	BB+			4,150		4,436,765
Met Pier & Expo Auth–McCormick Place (AGM)	Zero Coupon	6/15/2045	AA			3,145		907,993
Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC)	Zero Coupon	12/15/2030	Baa2			10,000		5,654,500
Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC)	Zero Coupon	12/15/2036	Baa2			20,000		8,148,000
Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC)	Zero Coupon	12/15/2037	Baa2			15,000		5,791,050
NJ EDA–Cigarette Tax	5.00%	6/15/2023	BBB+			2,065		2,249,735
NJ EDA–Cigarette Tax	5.00%	6/15/2025	BBB+			1,000		1,082,440
Nrthn IN Cmmtr Trans Dist	5.00%	7/1/2041	AA-			3,250		3,635,840
NY Conv Ctr Dev Corp	5.00%	11/15/2040	Aa3			2,500		2,812,750
NYC TFA–Future Tax	4.00%	5/1/2037	AAA			2,700		2,823,417
PR Corp Sales Tax^(e)	5.00%	8/1/2043	Ca			5,130		1,218,375
PR Corp Sales Tax^(e)	5.375%	8/1/2039	Ca			6,510		1,546,125
PR Corp Sales Tax^(e)	5.50%	8/1/2040	Ca			5,580		1,325,250
PR Corp Sales Tax^(e)	6.125%	8/1/2029	Ca			2,000		475,000
San Jose Spl Tax–Conv Ctr	6.125%	5/1/2031	A			4,190		4,702,018
Yorba Linda Redev Agy	6.00%	9/1/2026	NR			1,145		1,302,987
Yorba Linda Redev Agy	6.50%	9/1/2032	NR			2,000		2,305,300
Total								79,656,217

Tobacco 4.46%
Buckeye Tobacco	Zero Coupon	6/1/2047	NR			18,000		1,205,100
Buckeye Tobacco	5.125%	6/1/2024	B-			10,000		9,802,900
Buckeye Tobacco	5.75%	6/1/2034	B-			2,835		2,785,387

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Tobacco (continued)
Buckeye Tobacco	5.875%	6/1/2047	B-	$	5,000	$	4,943,750
Golden St Tobacco	5.00%	6/1/2029	BBB		2,500		2,839,900
Golden St Tobacco	5.00%	6/1/2033	B+		2,200		2,202,200
Golden St Tobacco	5.125%	6/1/2047	B-		11,500		11,500,115
PA Tob Settlement	4.00%	6/1/2039	AA		15,000		15,161,850
Railsplitter Tobacco Settlement Auth	5.00%	6/1/2027	A		3,325		3,818,663
Railsplitter Tobacco Settlement Auth	6.00%	6/1/2028	NR		5,625		6,330,994
Suffolk Tobacco Asset Sec Corp	5.375%	6/1/2028	NR		5,895		5,894,705
Tobacco Settlement Auth WA	5.25%	6/1/2032	A-		2,000		2,158,500
Tobacco Settlement Fin Corp NJ	4.625%	6/1/2026	BBB		1,750		1,751,505
Tobacco Settlement Fin Corp NJ	4.75%	6/1/2034	BB-		6,255		6,254,875
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2041	B		5,000		4,999,850
Tobacco Settlement Fin Corp VA	5.00%	6/1/2047	B-		3,195		3,169,568
TSASC	5.00%	6/1/2035	A-		1,140		1,257,933
TSASC	5.00%	6/1/2036	A-		570		627,103
TSASC	5.00%	6/1/2048	NR		3,700		3,703,589
Total							90,408,487

Transportation 18.20%
AL Port Auth AMT (AGM)	5.00%	10/1/2034	AA		2,000		2,252,620
AL Port Auth AMT (AGM)	5.00%	10/1/2035	AA		2,000		2,247,440
Alameda Corridor Trsp Auth	5.00%	10/1/2036	BBB+		2,000		2,239,060
Atlanta Arpt–PFC	5.00%	1/1/2028	AA-		1,000		1,136,410
Atlanta Arpt–PFC	5.00%	1/1/2031	AA-		4,000		4,538,720
Central TX Mobility Auth	5.00%	1/1/2045	BBB+		4,500		4,943,520
Central TX Mobility Auth	6.00%	1/1/2041	BBB+		10,000		11,088,200
Central TX Tpk	5.00%	8/15/2033	BBB+		4,550		5,004,454
Charlotte Arpt	5.00%	7/1/2031	AA-		4,815		5,450,243
Chicago Midway Arpt AMT	5.00%	1/1/2026	A		2,000		2,230,780
Chicago O’Hare Arpt	5.625%	1/1/2035	A		280		304,926
Chicago O’Hare Arpt–TRIPS^(d)	5.00%	7/1/2048	NR		2,500		2,736,500
Cleveland Arpt (AGM)	5.00%	1/1/2031	AA		900		1,000,413
Delaware River Port Auth	5.00%	1/1/2034	A		7,200		7,970,328
E470 Pub Hwy Auth (NPFGC)(FGIC)	Zero Coupon	9/1/2032	A-		4,200		2,507,988
E470 Pub Hwy Auth (NPFGC)(FGIC)	Zero Coupon	9/1/2037	A-		7,720		3,283,239
Eagle Co Arpt AMT	5.00%	5/1/2033	Baa2		2,430		2,715,331
Eagle Co Arpt AMT	5.00%	5/1/2037	Baa2		1,000		1,106,750
Eagle Co Arpt AMT	5.00%	5/1/2041	Baa2		1,000		1,101,060

72	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
Foothill / Eastern Corridor Toll Rd	Zero Coupon	1/15/2033	BBB-		$	4,500	$	2,437,695
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2049	BBB-			9,000		10,548,450
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2053	BBB-			8,000		9,357,760
Greater Orlando Aviation AMT	4.00%	10/1/2052	A1			7,500		7,564,950
Hampton Roads Trans Commn	5.50%	7/1/2057	NR			6,000		7,174,920
HI Arpt	5.00%	7/1/2034	A+			3,000		3,201,930
HI Arpts AMT	5.00%	7/1/2041	A+			5,000		5,533,300
Houston Arpt–Continental Airlines AMT	5.00%	7/15/2035	BB-			4,000		4,313,240
Houston Arpt–Continental Airlines AMT	6.625%	7/15/2038	BB-			2,500		2,760,600
Lee Co Arpt AMT	5.375%	10/1/2032	A			3,695		4,024,594
Los Angeles Dept Arpts–LAX AMT	5.00%	5/15/2041	AA			4,000		4,444,120
MA Port Auth	4.00%	7/1/2046	AA			5,465		5,584,246
MA Port Auth AMT	5.00%	7/1/2040	AA			1,500		1,668,150
MA Port Auth AMT	5.00%	7/1/2045	AA			3,315		3,675,340
Met DC Arpt AMT	5.00%	10/1/2027	AA-			3,250		3,673,962
Met DC Arpt AMT	5.00%	10/1/2028	AA-			2,000		2,228,020
Met DC Arpt AMT	5.00%	10/1/2035	AA-			4,525		5,112,254
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2030	A-			550		623,139
Miami Dade Co–Rickenbacker Cswy	5.00%	10/1/2032	A-			1,160		1,309,849
Miami Dade CO Aviation–Mia	5.00%	10/1/2041	A			6,350		7,174,103
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2028	A			4,435		4,974,340
Miami Dade Co Aviation–MIA AMT	5.00%	10/1/2029	A			2,500		2,796,175
Mid Bay Bridge Auth	7.25%	10/1/2034	AAA	^(c)		5,900		6,925,125
Minneapolis / St Paul Met Arpts	5.00%	1/1/2031	A+			2,000		2,237,520
MTA NY	5.00%	11/15/2030	A+			5,095		5,656,367
MTA NY	6.50%	11/15/2028	A+			1,440		1,484,006
NC Tpk Auth–Triangle Exprs	5.00%	1/1/2032	BBB			1,000		1,153,620
New Orleans Aviation Brd AMT	5.00%	1/1/2040	A-			5,000		5,459,400
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2025	Baa1			2,750		3,107,638
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2026	Baa1			1,000		1,122,980
NJ Tpk Auth	4.00%	1/1/2043	NR			2,000		2,065,180
NJ Trans Trust Fund	6.00%	6/15/2035	BBB+			4,500		4,937,625
North TX Twy Auth	5.00%	1/1/2040	A1			4,350		4,737,889
NY Trans Dev Corp–LaGuardia Airport AMT	5.00%	7/1/2046	Baa3			5,150		5,585,690
NY Trans Dev Corp–LaGuardia Airport AMT	5.25%	1/1/2050	Baa3			14,210		15,576,576
PA Econ Dev–Rapid Bridge AMT	5.00%	12/31/2038	BBB			2,500		2,704,925
PA Tpk Commn	4.00%	12/1/2038	A3			3,425		3,457,709

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
PA Tpk Commn	5.00%	6/1/2029	A3	$	9,000	$	10,190,610
Philadelphia Airport	5.00%	7/1/2042	A		4,440		4,961,922
Philadelphia Airport AMT	5.00%	7/1/2047	A		7,500		8,350,275
Port Auth NY & NJ	5.25%	10/15/2055	AA-		3,325		3,756,685
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2042	AA		1,875		2,056,594
Port Oakland AMT	5.00%	5/1/2028	A+		2,350		2,544,745
Port of Portland–Portland Intl Arpt AMT	5.00%	7/1/2039	AA-		2,000		2,186,800
PR Hwy & Trans Auth (AG)(AGM)	5.50%	7/1/2025	AA		2,000		2,172,240
PR Hwy & Trans Auth (AGM)	5.25%	7/1/2032	AA		2,000		2,130,800
Regional Trans Dist–Denver Trans	6.00%	1/15/2034	Baa3		1,800		1,944,738
Regional Trans Dist COP	5.375%	6/1/2031	Aa3		5,200		5,555,524
Sacramento Co Arpt	5.00%	7/1/2041	A-		7,000		7,922,670
San Antonio Arpt AMT	5.00%	7/1/2045	A+		8,435		9,209,839
San Antonio Arpt AMT (AGM)	5.25%	7/1/2032	AA		1,500		1,503,585
San Diego–South Bay Expwy	5.00%	7/1/2037	A		2,000		2,292,920
San Francisco Arpt AMT	5.00%	5/1/2025	A+		5,000		5,437,700
San Francisco Arpt AMT	5.25%	5/1/2033	A+		7,000		7,827,470
San Joaquin Hills Trsp Corridor	5.00%	1/15/2050	BBB		10,000		10,860,500
San Jose Arpt AMT	5.00%	3/1/2047	NR		2,800		3,130,428
San Jose Arpt AMT	6.25%	3/1/2034	A2		5,000		5,594,900
South Carolina Ports AMT	5.25%	7/1/2055	A+		5,000		5,531,750
South Jersey Port Corp AMT	5.00%	1/1/2042	Baa1		1,500		1,621,230
South Jersey Port Corp AMT	5.00%	1/1/2048	Baa1		1,750		1,882,650
St Louis Arpt–Lambert Intl Arpt	6.25%	7/1/2029	A-		3,020		3,181,087
VA Small Bus Fing–95 Express Lanes AMT	5.00%	7/1/2034	BBB		1,525		1,637,240
VA Small Bus Fing–95 Express Lanes AMT	5.00%	1/1/2040	BBB		4,880		5,208,766
VA Small Bus Fing–Elizabeth River AMT	5.25%	1/1/2032	BBB		6,100		6,668,337
VA Small Bus Fing–Elizabeth River AMT	6.00%	1/1/2037	BBB		1,230		1,377,526
VA Small Bus Fing–I-66 AMT	5.00%	12/31/2052	Baa3		7,250		7,869,295
Wayne Co Arpt AMT	5.00%	12/1/2039	A		1,700		1,854,479
Wayne Co Arpt AMT	5.00%	12/1/2042	A2		1,200		1,333,932
Wayne Co Arpt AMT	5.00%	12/1/2047	A2		1,000		1,107,320
Total							369,155,926

Utilities 13.01%
Adelanto Util Sys (AGM)	5.00%	7/1/2039	AA		1,500		1,718,400
Baltimore Wastewater	5.00%	7/1/2039	AA-		4,250		4,804,115
Baltimore Water	5.00%	7/1/2032	AA-		2,435		2,768,473

74	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Baltimore Water	5.00%		7/1/2046	AA-	$	10,000	$	11,306,000
Burke Co Dev–Oglethorpe Power	3.00%	^#(a)	11/1/2045	A-		5,000		4,942,200
Central Plains–Goldman Sachs	5.00%		9/1/2032	A3		5,000		5,399,450
Central Plains–Goldman Sachs	5.00%		9/1/2042	BBB+		11,040		13,313,467
Central Plains–Goldman Sachs	5.25%		9/1/2037	A3		9,025		9,838,423
Chicago Wastewater	5.00%		1/1/2047	A		1,325		1,434,074
Chicago Water	5.00%		11/1/2029	A		4,560		5,183,990
Chicago Water	5.00%		11/1/2036	A		1,775		1,979,320
Chicago Water	5.00%		11/1/2039	A		2,600		2,809,846
Chicago Water (AGM)	5.00%		11/1/2036	AA		3,000		3,366,030
Chicago Water (AGM)	5.00%		11/1/2037	AA		2,500		2,802,875
Chula Vista IDR–San Diego G & E Rmkt	5.875%		1/1/2034	Aa2		2,125		2,222,495
CO Public Auth–ML	6.50%		11/15/2038	A-		4,270		5,945,377
Compton Water	6.00%		8/1/2039	NR		5,500		5,691,785
DE EDA–NRG Energy	5.375%		10/1/2045	Baa3		9,000		9,370,170
Detroit Sewer	5.00%		7/1/2034	BBB+		1,595		1,754,341
El Dorado Irrigation Dist (AGM)	5.00%		3/1/2034	AA		3,600		4,053,672
HI Dept Budget–Hawaiian Electric AMT	4.00%		3/1/2037	Baa2		5,000		5,013,650
IN Muni Pwr	5.25%		1/1/2030	A+		2,000		2,309,100
IN Muni Pwr	5.25%		1/1/2032	A+		2,050		2,366,828
Jefferson Co Sewer	6.50%		10/1/2053	BBB-		2,000		2,369,000
Jefferson Co Sewer (AGM)	Zero Coupon		10/1/2027	AA		4,875		3,343,031
Jefferson Co Sewer (AGM)	5.50%		10/1/2053	AA		2,215		2,480,778
KY Muni Pwr Auth (NPFGC)(FGIC)	5.00%		9/1/2035	A-		5,000		5,534,550
KY Muni Pwr Auth (NPFGC)(FGIC)	5.00%		9/1/2036	A-		4,000		4,418,440
Lansing Brd Wtr & Light	5.00%		7/1/2030	AA-		4,735		5,157,125
Long Beach Nat Gas–ML	5.50%		11/15/2037	A-		5,825		7,400,837
Louisville/Jeff Co Met Swr Dist	5.00%		5/15/2028	AA		9,710		10,685,564
Lower Colo Riv Auth–Transmn Contract	5.00%		5/15/2040	A		2,625		2,893,643
Maricopa Co Poll Ctl–El Paso Elec	7.25%		2/1/2040	Baa1		3,500		3,650,255
MO Joint Muni Elec Util Commn	5.00%		12/1/2040	A2		4,600		5,137,832
New Orleans Water	5.00%		12/1/2034	A-		1,000		1,113,520
New Orleans Water	5.00%		12/1/2040	A-		1,250		1,378,525
North Sumter Co Util Dep Dist	5.375%		10/1/2030	A		5,000		5,392,100
OH Air Quality–Ohio Vly Elec	5.625%		10/1/2019	BBB-		4,620		4,756,937
Omaha Pub Pwr Dist	5.25%		2/1/2042	A+		3,500		3,941,350
Paducah Electric (AGM)	5.00%		10/1/2033	AA		1,000		1,115,620

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Paducah Electric (AGM)		5.00%		10/1/2035	AA		$	1,000	$	1,110,950
Philadelphia Gas Works		5.00%		8/1/2029	A			1,750		2,000,898
Philadelphia Gas Works		5.00%		8/1/2030	A			1,500		1,709,730
Philadelphia Gas Works		5.00%		8/1/2047	A			3,000		3,370,590
Philadelphia Water & Wastewater		5.00%		7/1/2028	A+			2,520		2,904,325
Philadelphia Water & Wastewater		5.00%		7/1/2030	A+			3,355		3,849,997
Philadelphia Water & Wastewater		5.25%		10/1/2052	A+			5,550		6,401,536
Pima CO IDA–Tucson Elec		4.00%		9/1/2029	A-			5,040		5,310,850
PR Elec Pwr Auth^(e)	1.835% (3 Mo. LIBOR * .67 + .70%		)^#	7/1/2031	Ca			4,000		1,505,000
Salt Verde Fin Corp–Citi		5.00%		12/1/2032	BBB+			3,145		3,698,111
Salt Verde Fin Corp–Citi		5.00%		12/1/2037	BBB+			11,705		13,907,647
Salt Verde Fin Corp–Citi		5.25%		12/1/2027	BBB+			3,685		4,311,708
Southern CA Pub Pwr Auth–Goldman Sachs	2.658% (3 Mo. LIBOR * .67 + 1.47%		)^#	11/1/2038	A3			3,000		2,724,420
TEAC–Goldman Sachs		5.625%		9/1/2026	BBB	^(c)		3,000		3,449,130
Trimble Env Facs–Louisville Gas & Elec		3.75%		6/1/2033	A1			11,250		11,345,287
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2028	A3			3,520		3,871,718
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2029	A3			9,520		10,449,152
WV EDA–Morgantown Energy AMT		2.875%		12/15/2026	Baa3			865		848,081
Total										263,932,318
Total Municipal Bonds (cost $1,976,411,970)										2,030,004,591

	Interest Rate^#	Interest Rate Reset Date^(f)		Final Maturity Date
SHORT-TERM INVESTMENTS 0.94%

Variable Rate Demand Notes 0.94%

Money Market Securities 0.41%
NYC TFA	1.81%	4/2/2018		11/1/2022	AAA			8,320		8,320,000

Tax Revenue 0.13%
NYC TFA–Future Tax	1.83%	4/2/2018		11/1/2022	AAA			2,605		2,605,000

76	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2018

Investments	Interest Rate^#	Interest Rate Reset Date^(f)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities 0.40%
Appling Co Dev–GA Power	1.84%	4/2/2018	9/1/2029	A-	$	1,150	$	1,150,000
Appling Co Dev–GA Power	1.84%	4/2/2018	9/1/2041	A-		5,000		5,000,000
NYC Muni Water	1.83%	4/2/2018	8/1/2031	AAA		1,900		1,900,000
Total								8,050,000
Total Short-Term Investments (cost $18,975,000)								18,975,000
Total Investments in Securities 101.03% (cost $1,995,386,970)								2,048,979,591
Liabilities in Excess of Cash and Other Assets (1.03%)								(20,866,144)
Net Assets 100.00%							$	2,028,113,447

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2			Level 3		Total
Municipal Bonds
Corporate-Backed	$	–	$	111,387,835		$	2,842,000	$	114,229,835
Lease Obligations		–		121,941,077			247,520		122,188,597
Special Tax		–		68,973,926			550,000		69,523,926
Remaining Industries		–		1,724,062,233			–		1,724,062,233
Variable Rate Demand Notes		–		18,975,000			–		18,975,000
Total	$	–	$	2,045,340,071		$	3,639,520	$	2,048,979,591
Liabilities
Trust Certificates⁽⁴⁾	$	–	$	(26,250,000	)	$	–	$	(26,250,000	)
Total	$	–	$	(26,250,000	)	$	–	$	(26,250,000	)


	⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2018.
	⁽⁴⁾	Refer to Note 2(h) for a description of Municipal Bonds Held in Trust.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

NATIONAL TAX FREE FUND March 31, 2018

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

	Municipal Bonds
Balance as of October 1, 2017		$	17,719,035
Accrued Discounts (Premiums)			–
Realized Gain (Loss)			–
Change in Unrealized Appreciation (Depreciation)			–
Purchases			–
Sales			–
Transfers into Level 3			–
Transfers out of Level 3			(14,079,515	)
Balance as of March 31, 2018		$	3,639,520
Change in unrealized appreciation/depreciation for period ended March 31, 2018, related to Level 3 investments held at March 31, 2018		$	–

78	See Notes to Financial Statements.

Schedule of Investments (unaudited)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 98.45%

Corporate-Backed 11.26%
Allegheny Co IDA–US Steel	6.875%		5/1/2030	B	$	6,050	$	6,185,641
Beauregard Parish–Office Max	6.80%		2/1/2027	B3		5,000		5,014,900
Build NYC Res Corp–Pratt Paper AMT^†	5.00%		1/1/2035	NR		1,450		1,559,736
CA Poll Ctl–Poseidon Res AMT^†	5.00%		11/21/2045	Baa3		9,000		9,593,550
Cleveland Arpt–Continental Airlines AMT	5.375%		9/15/2027	BB-		15,240		15,284,348
Fort Bend IDC–NRG Energy	4.75%		11/1/2042	Baa3		2,000		2,051,180
IA Fin Auth–Alcoa	4.75%		8/1/2042	BBB-		1,535		1,575,340
IA Fin Auth–Iowa Fertilizer Co	5.25%		12/1/2025	B		24,910		26,537,121
IA Fin Auth–Iowa Fertilizer Co	5.50%		12/1/2022	B		30		30,427
IL Fin Auth–Leafs Hockey Club^(e)	5.875%		3/1/2027	NR		1,500		360,000
IL Fin Auth–Leafs Hockey Club^(e)	6.00%		3/1/2037	NR		1,450		348,000
MA DFA–Covanta^†	4.875%		11/1/2042	BB-		2,100		2,100,588
MA Port Auth–Delta Airlines AMT (AMBAC)	5.50%		1/1/2022	NR		10,015		10,153,708
Maricopa Co IDA–Waste Mgmt AMT	3.375%	^#(a)	12/1/2031	A-		4,165		4,299,988
MD EDC–Chesapeake Bay Hyatt^(e)	5.00%		12/1/2016	NR		3,430		2,058,000
Niagara Area Dev Corp–Covanta AMT^†	5.25%		11/1/2042	BB-		15,760		15,769,771
NJ EDA–Continental Airlines AMT	5.125%		9/15/2023	BB-		5,125		5,660,153
NJ EDA–Continental Airlines AMT	5.25%		9/15/2029	BB-		9,460		10,332,874
NJ EDA–Continental Airlines AMT	5.50%		4/1/2028	BB-		5,965		5,983,014
NJ EDA–Continental Airlines AMT	5.50%		6/1/2033	BB-		1,885		2,098,910
NJ EDA–Continental Airlines AMT	5.625%		11/15/2030	BB-		2,600		2,932,150
NY Liberty Dev Corp–3 WTC^†	5.00%		11/15/2044	NR		33,725		35,808,193
NYC IDA–TRIPS AMT	5.00%		7/1/2028	BBB		6,135		6,589,910
OH Air Quality–Pratt Paper^†	4.50%		1/15/2048	NR		10,500		10,716,195
OH Air Quality–Pratt Paper AMT^†	4.25%		1/15/2038	NR		1,250		1,255,900
PA Econ Dev–Natl Gypsum AMT	5.50%		11/1/2044	NR		1,000		1,058,100
PA Econ Dev–US Airways	8.00%		5/1/2029	BB-		2,460		2,696,750
Port Seattle IDC–Delta Airlines AMT	5.00%		4/1/2030	BBB-		1,000		1,095,520
Rockdale Co Dev–Visy Paper AMT	6.125%		1/1/2034	NR		6,000		6,010,500
Rumford Solid Waste–Office Max AMT	6.875%		10/1/2026	B3		1,500		1,499,925
Tulsa Mun Arpt–American Airlines AMT	5.00%	^#(a)	6/1/2035	BB-		7,000		7,549,290
Valparaiso Facs–Pratt Paper AMT	5.875%		1/1/2024	NR		1,185		1,320,043
Valparaiso Facs–Pratt Paper AMT	7.00%		1/1/2044	NR		4,000		4,729,400
West Pace Coop Dist^(e)	9.125%		5/1/2039	NR		13,770		7,986,600	^(h)
WI PFA–Natl Gypsum AMT	5.25%		4/1/2030	NR		2,500		2,688,075

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Corporate-Backed (continued)
WI PFA–TRIPS AMT	5.00%	7/1/2042	BBB		$	6,000	$	6,366,420
WI Pub Fin Auth–Celanese AMT	4.30%	11/1/2030	BBB-			3,125		3,210,813
WI Pub Fin Auth–Celanese AMT^†	5.00%	12/1/2025	BBB-			1,950		2,199,444
Total								232,710,477

Education 4.35%
AZ IDA–American Charter Sch^†	5.00%	7/1/2022	BB+			1,880		1,947,417
CA Muni Fin–Julian Chtr Sch^†	5.625%	3/1/2045	B+			5,000		5,026,700
Clifton Higher Ed–Intl Ldrshp Sch	5.75%	8/15/2045	NR			4,500		4,646,790
Dauphin Co Gen Auth–Harrisburg Univ^†	5.125%	10/15/2041	BB			2,500		2,438,225
Dutchess Co LDC–Anderson Ctr	6.00%	10/1/2030	BB+			1,490		1,542,537
Frederick Co Ed Fac–Mount St Mary’s Univ^†	5.00%	9/1/2032	BB+			1,075		1,165,601
Frederick Co Ed Fac–Mount St Mary’s Univ^†	5.00%	9/1/2037	BB+			2,000		2,137,700
Frederick Co Ed Fac–Mount St Mary’s Univ^†	5.00%	9/1/2045	BB+			7,545		7,997,851
Glenville Clg	5.00%	6/1/2037	NR			1,500		1,463,775
Glenville Clg	5.25%	6/1/2047	NR			4,000		3,925,960
IA HI Ed–Wartburg Clg	5.00%	10/1/2037	BB-	^(c)		1,545		1,565,224
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2021	Baa3			4,325		4,328,287
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2023	Baa3			4,000		4,001,960
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2025	Baa3			2,500		2,500,750
IL Fin Auth–IL Inst of Tech	5.00%	4/1/2031	Baa3			4,450		4,437,362
IL Fin Auth–IL Inst of Tech	7.125%	2/1/2034	Baa3			3,090		3,149,112
MA DFA–Emmanuel College	5.00%	10/1/2043	Baa2			1,145		1,249,161
Marietta Dev Auth–Life Univ^†	5.00%	11/1/2037	Ba3			3,750		3,996,637
Marietta Dev Auth–Life Univ^†	5.00%	11/1/2047	Ba3			3,000		3,148,920
NJ Ed Facs–Univ Med & Dent	7.50%	12/1/2032	NR			2,000		2,130,580
NY Dorm–Touro Clg	5.00%	1/1/2047	BBB-	^(c)		4,060		4,425,806
NY Dorm–Yeshiva Univ	5.00%	11/1/2031	B3			1,475		1,545,534
Phoenix IDA–Basis Schs^†	5.00%	7/1/2045	BB			2,500		2,563,950
Phoenix IDA–Basis Schs^†	5.00%	7/1/2047	BB			1,000		1,029,780
Phoenix IDA–Basis Schs^†	5.00%	7/1/2051	BB			2,580		2,637,302
Phoenix IDA–Legacy Tradtl Schs^†	5.00%	7/1/2035	Ba1			2,060		2,128,083
Pima IDA–American Leadership Acad^†	5.00%	6/15/2047	NR			4,150		4,156,557
Pima IDA–American Leadership Acad^†	5.00%	6/15/2052	NR			3,565		3,530,099
Tuscarawas Co Eco Dev–Ashland Univ	6.00%	3/1/2045	NR			5,000		5,087,250
Total								89,904,910

80	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation 10.12%
Arkansas City Bldg–So Cent Reg Med		6.75%		9/1/2038	B1	$	6,360	$	6,591,122
Atlantic City GO (BAM)		5.00%		3/1/2032	AA		300		338,595
Bellwood GO		5.875%		12/1/2027	A		3,000		3,410,190
Bellwood GO		6.15%		12/1/2032	A		2,770		3,175,334
CA State GO		4.00%		9/1/2035	AA-		5,000		5,296,600
Chicago Brd Ed	2.41% (MUNIPSA * 1 + 1.83%		)^#	3/1/2036	B		12,450		12,437,177
Chicago Brd Ed		5.00%		12/1/2031	B		3,200		3,214,880
Chicago Brd Ed		5.00%		12/1/2042	B		10,570		10,277,317
Chicago Brd Ed		5.25%		12/1/2035	B		6,950		7,054,806
Chicago Brd Ed		5.25%		12/1/2039	B		7,540		7,611,102
Chicago Brd Ed		5.25%		12/1/2041	B		16,235		16,281,919
Chicago Brd Ed		5.50%		12/1/2039	B		5,725		5,790,666
Chicago Brd Ed		6.50%		12/1/2046	B		4,900		5,581,051
Chicago Brd Ed^†		6.75%		12/1/2030	B		1,000		1,180,660
Chicago Brd Ed		7.00%		12/1/2044	B		2,180		2,520,516
Chicago Brd Ed^†		7.00%		12/1/2046	B		6,560		7,787,638
Chicago GO		5.00%		1/1/2034	BBB+		3,615		3,642,076
Chicago GO		5.00%		1/1/2038	BBB+		3,800		3,917,800
Chicago GO		5.00%		1/1/2040	BBB+		1,935		1,953,615
Chicago GO		5.25%		1/1/2028	BBB+		2,630		2,795,690
Chicago GO		5.25%		1/1/2032	BBB+		3,000		3,137,280
Chicago GO		5.50%		1/1/2033	BBB+		3,305		3,532,814
Chicago GO		5.50%		1/1/2037	BBB+		1,000		1,058,140
Chicago GO		5.50%		1/1/2042	BBB+		250		263,198
Chicago GO		6.00%		1/1/2038	BBB+		17,835		20,051,712
CIC Met Dist 14^(d)		5.875%		12/1/2046	NR		2,250		2,298,330
Cook Co GO		5.00%		11/15/2034	AA-		500		556,145
Cook Co GO		5.00%		11/15/2035	AA-		1,000		1,109,140
Eaton Area Pk & Rec Dist		5.25%		12/1/2034	NR		1,250		1,322,863
Eaton Area Pk & Rec Dist		5.50%		12/1/2030	NR		710		767,695
Essex Co Impt Auth–Covanta AMT^†		5.25%		7/1/2045	BB-		5,000		5,060,750
IL State GO		3.50%		6/1/2029	BBB-		3,880		3,513,650
IL State GO		4.00%		1/1/2026	BBB-		2,790		2,735,204
IL State GO		4.00%		6/1/2037	BBB-		7,000		6,214,460
IL State GO		4.50%		11/1/2039	BBB-		1,100		1,020,998
IL State GO		5.00%		1/1/2035	BBB-		7,000		7,143,640
ME Fin Auth–Casella Waste AMT^†(d)		4.375%	^#(a)	8/1/2035	B3		1,250		1,251,550

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
NJ Trans Trust Fund	Zero Coupon	12/15/2029	BBB+		$	7,665	$	4,585,356
PR Comwlth GO^(e)	4.00%	7/1/2020	Ca			1,175		511,125
PR Comwlth GO^(e)	5.00%	7/1/2020	Ca			11,695		5,087,325
PR Comwlth GO^(e)	5.00%	7/1/2023	Ca			2,710		1,219,500
PR Comwlth GO^(e)	5.625%	7/1/2032	Ca			4,775		2,077,125
PR Comwlth GO TCRS (AMBAC)	4.50%	7/1/2023	Ca			2,235		2,209,677
Scranton GO^†	5.00%	9/1/2028	BB+			500		540,915
Scranton GO^†	5.00%	9/1/2029	BB+			1,000		1,077,740
Scranton GO	5.00%	11/15/2032	BB+			5,830		6,127,097
WI PFA–American Dream^†	7.00%	12/1/2050	NR			12,000		13,910,040
Total								209,242,223

Health Care 29.38%
AL PFA–AL Proton Therapy^†	6.85%	10/1/2047	NR			6,500		6,531,460
Alachua Co Hlth–East Ridge Ret Vlg	6.25%	11/15/2044	BB-	^(c)		2,750		2,968,735
Alachua Co Hlth–East Ridge Ret Vlg	6.375%	11/15/2049	BB-	^(c)		1,000		1,080,670
Antelope Valley Hlth	5.00%	3/1/2041	Ba3			4,000		4,172,320
Antelope Valley Hlth	5.00%	3/1/2046	Ba3			3,300		3,430,944
Antelope Valley Hlth	5.25%	3/1/2036	Ba3			1,000		1,072,100
Atlanta Dev Auth–Georgia Proton Ctr	7.00%	1/1/2040	NR			13,000		13,481,000
Blaine Sr Hsg & Hlthcare–Crest View	6.125%	7/1/2050	NR			5,000		5,166,050
Botetourt Co RCF–Glebe	6.00%	7/1/2044	NR			6,485		7,093,747
CA Stwde–Daughters of Charity	5.50%	7/1/2039	CCC			5,350		5,350,321
CA Stwde–Daughters of Charity	5.75%	7/1/2024	CCC			1,460		1,463,168
CA Stwde–Daughters of Charity	5.75%	7/1/2035	CCC			2,620		2,620,262
CA Stwde–Eskaton Pptys	5.25%	11/15/2034	BBB			1,640		1,789,798
CA Stwde–Loma Linda Univ Med Ctr^†	5.25%	12/1/2056	BB			21,000		22,523,970
CA Stwde–Loma Linda Univ Med Ctr	5.50%	12/1/2054	BB			11,120		12,099,894
CA Stwde–So Cal Presbyterian^†	7.00%	11/15/2029	BBB+	^(c)		1,000		1,075,300
CA Stwde–So Cal Presbyterian^†	7.25%	11/15/2041	BBB+	^(c)		2,500		2,695,600
CA Stwde–Terraces San Joaquin	5.625%	10/1/2032	NR			1,000		1,080,320
CA Stwde–Terraces San Joaquin	6.00%	10/1/2042	NR			2,570		2,798,267
CA Stwde–Terraces San Joaquin	6.00%	10/1/2047	NR			1,000		1,086,240
Chester Co Hlth & Ed–Immaculata Univ	5.00%	11/1/2037	BB	^(c)		4,000		4,002,840
Chester Co Hlth & Ed–Immaculata Univ	5.00%	11/1/2046	BB	^(c)		4,000		3,940,000
Clackamas Co HFA–Willamette View	5.00%	11/15/2047	NR			1,200		1,298,952
Clackamas Co HFA–Willamette View	5.00%	11/15/2052	NR			1,000		1,078,310
CO Hlth Facs–American Baptist	7.75%	8/1/2029	NR			5,770		6,221,387

82	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
CO Hlth Facs–American Baptist	7.75%		8/1/2039	NR		$	5,045	$	5,439,670
CO Hlth Facs–Christian Living Cmnty	5.25%		1/1/2037	NR			1,000		1,037,020
CO Hlth Facs–Fraiser Meadows	5.25%		5/15/2037	BB+	^(c)		750		823,403
CO Hlth Facs–Fraiser Meadows	5.25%		5/15/2047	BB+	^(c)		2,250		2,450,430
CT Hlth & Ed–Church Home^†	5.00%		9/1/2046	BB	^(c)		1,000		1,029,710
CT Hlth & Ed–Church Home^†	5.00%		9/1/2053	BB	^(c)		1,500		1,537,185
Cumberland Co Mun Auth–Asbury	5.25%		1/1/2041	NR			2,000		2,062,140
Cumberland Co Mun Auth–Asbury	5.40%		1/1/2022	NR			335		351,291
Cumberland Co Mun Auth–Asbury	6.00%		1/1/2040	NR			2,000		2,085,840
Cuyahoga Co Hsp–Metrohealth	5.50%		2/15/2052	NR			8,075		8,857,548
Cuyahoga Co Hsp–Metrohealth	5.50%		2/15/2057	NR			4,900		5,352,074
DC Rev–Ingleside at Rock Creek	5.00%		7/1/2052	NR			1,800		1,863,198
Decatur Hsp–Wise Hlth	5.25%		9/1/2044	BB+			5,720		6,127,321
Denver Hlth & Hsp Auth	5.25%		12/1/2045	BBB			3,700		3,982,495
Fairfax Co EDA–Vinson Hall	5.00%		12/1/2032	NR			1,000		1,065,280
Fairfax Co EDA–Vinson Hall	5.00%		12/1/2042	NR			2,800		2,949,156
Flint Hsp Bldg Auth–Hurley Med Ctr	7.00%		7/1/2030	Ba1			4,225		4,548,804
Flint Hsp Bldg Auth–Hurley Med Ctr	7.375%		7/1/2035	Ba1			2,620		2,842,438
Flint Hsp Bldg Auth–Hurley Med Ctr	7.50%		7/1/2039	Ba1			800		867,168
Franklin Hlth–Proton Therapy^†	7.50%		6/1/2047	NR			10,000		10,702,300
Fulton Co Med Ctr	5.00%		7/1/2046	NR			4,000		4,031,960
Fulton Co Med Ctr	5.00%		7/1/2051	NR			5,000		4,975,500
Gainesville & Hall Co Hsp–NE GA Hlth GTD	5.50%		8/15/2054	AA-			3,600		4,159,440
Gaithersburg Eco Dev–Asbury	6.00%		1/1/2023	BBB	^(c)		4,385		4,681,733
Glendale IDA–Beatitudes	5.00%		11/15/2036	NR			1,500		1,556,760
Glendale IDA–Beatitudes	5.00%		11/15/2040	NR			4,000		4,129,280
Glendale IDA–Beatitudes	5.00%		11/15/2045	NR			5,000		5,142,000
Guadalupe CO–Seguin City Hospital	5.00%		12/1/2040	BB			4,880		4,988,726
Hanover Co EDA–Covenant Woods	5.00%		7/1/2042	NR			2,000		2,069,340
Hanover Co EDA–Covenant Woods	5.00%		7/1/2047	NR			1,985		2,049,135
Harris Co Cultural Ed–Brazos	5.125%		1/1/2048	BB+	^(c)		1,535		1,578,103
Harris Co Cultural Ed–Brazos	7.00%		1/1/2043	BB+	^(c)		3,000		3,640,710
Holmes Co Hsp–Doctors Mem Hsp	5.75%		11/1/2026	NR			4,120		4,075,916
Holmes Co Hsp–Doctors Mem Hsp	6.00%		11/1/2038	NR			7,115		6,870,315
Howard Co Retmt Cmnty–Vantage House	5.00%		4/1/2044	NR			2,955		3,032,510
Howard Co Retmt Cmnty–Vantage House	5.00%		4/1/2046	NR			7,000		7,173,250
IA Fin Auth–Iowa Fertilizer Co	5.25%	^#(a)	12/1/2050	B			9,970		10,461,521

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
ID HFA–Madison Mem Hosp	5.00%		9/1/2029	BB+		$	700	$	763,126
ID HFA–Madison Mem Hosp	5.00%		9/1/2030	BB+			1,530		1,663,370
ID HFA–Madison Mem Hosp	5.00%		9/1/2037	BB+			1,000		1,066,380
IL Fin Auth–Clare Oaks^~	Zero Coupon		11/15/2052	NR			2,845		97,808
IL Fin Auth–Clare Oaks^~	Zero Coupon		11/15/2052	NR			569		162,250
IL Fin Auth–Clare Oaks	Zero Coupon		11/15/2052	NR			569		98,246
IL Fin Auth–Clare Oaks	4.00%	^#(a)	11/15/2052	NR			4,550		3,829,449
IL Fin Auth–Clare Oaks	7.00%		11/15/2027	NR			790		790,300
IL Fin Auth–Friendship Vlg Shaumburg	7.25%		2/15/2045	NR			3,500		3,847,830
IL Fin Auth–Landing / Plymouth Place	6.00%		5/15/2043	BB+	^(c)		2,165		2,383,297
IL Fin Auth–Northwestern Mem Hsp^†(b)	5.75%		8/15/2030	AA			5,000		5,273,900
IL Fin Auth–Plymouth Place	5.25%		5/15/2050	BB+	^(c)		3,150		3,267,085
King Co Pub Hsp–Snoqualmie Vly Hsp	6.25%		12/1/2045	NR			3,500		3,531,395
Kirkwood IDA–Aberdeen Heights	5.25%		5/15/2042	BB	^(c)		1,750		1,863,348
Kirkwood IDA–Aberdeen Heights	5.25%		5/15/2050	BB	^(c)		5,000		5,293,000
Kirkwood IDA–Aberdeen Hts	8.00%		5/15/2021	NR			595		646,515
Kirkwood IDA–Aberdeen Hts	8.00%		5/15/2029	NR			2,820		3,171,992
Kirkwood IDA–Aberdeen Hts	8.25%		5/15/2039	NR			6,695		7,565,216
KY EDA–Masonic Homes	5.375%		11/15/2032	NR			3,000		3,185,160
LA Env Facs–St James Place	6.25%		11/15/2045	NR			6,100		6,785,762
LA PFA–Lake Charles Mem Hsp^†	6.375%		12/1/2034	NR			5,840		6,131,066
Lancaster Co Hosp Auth–Bretheren Village	5.125%		7/1/2037	BB+	^(c)		1,000		1,095,070
Lancaster Co Hosp Auth–Bretheren Village	5.25%		7/1/2041	BB+	^(c)		1,000		1,100,610
Licking Co Hlth–Kendal Granville	6.00%		7/1/2050	NR			6,000		6,390,360
MA DFA–Boston Medical Center	4.00%		7/1/2047	NR			4,130		4,080,605
Magnolia West CDD	5.35%		5/1/2037	NR			290		290,331
Martin Hsp Dist	7.25%		4/1/2036	BBB	^(c)		3,450		3,745,216
MD Hlth & HI Ed–Doctors Cmnty Hospital	5.00%		7/1/2038	Baa3			7,275		7,949,756
ME Hlth & Hi Ed–MaineGeneral Hlth	6.00%		7/1/2026	Ba3			225		238,408
ME Hlth & Hi Ed–MaineGeneral Hlth	6.75%		7/1/2036	Ba3			245		267,239
Meadville Med Center	6.00%		6/1/2046	NR			2,225		2,309,016
Meadville Med Center	6.00%		6/1/2051	NR			2,600		2,684,344
Mesquite Hlth–Christian Care Ctrs	5.125%		2/15/2042	BB+	^(c)		1,000		1,039,700
Montgomery Co IDA–Einstein Hlthcare	5.25%		1/15/2045	Baa3			7,000		7,450,730
Moon IDC–Baptist Homes Soc	6.00%		7/1/2045	NR			9,250		9,805,555
Multnomah Co Hsp Facs–Mirabella	5.40%		10/1/2044	NR			3,250		3,481,107
Muskingum Co Hsp–Genesis Hlthcare	5.00%		2/15/2033	BB+			2,765		2,928,688

84	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Muskingum Co Hsp–Genesis Hlthcare	5.00%	2/15/2044	BB+		$	10,690	$	11,201,303
New Hope–Carillon	5.00%	7/1/2046	NR			2,000		2,036,360
New Hope Cult Ed Facs–Carillon	5.00%	7/1/2036	NR			3,000		3,081,360
New Hope Cultural–Wesleyan Homes	5.50%	1/1/2049	NR			2,630		2,804,948
NM Hsp–Gerald Champion Hsp	5.50%	7/1/2042	BBB			5,625		6,030,394
OH Hsp–Cleveland Clinic^†(b)	5.50%	1/1/2034	AA			13,500		13,884,345
OK DFA–OU Med^(d)	5.50%	8/15/2052	Baa3			2,700		3,016,413
OK DFA–OU Med^(d)	5.50%	8/15/2057	Baa3			8,600		9,546,430
Palm Beach Co Hlth–Sinai Residences	7.50%	6/1/2049	NR			2,325		2,706,533
Philadelphia Hsps–Temple Univ Hlth	5.625%	7/1/2036	BBB-			6,250		6,841,500
Philadelphia Hsps–Temple Univ Hlth	5.625%	7/1/2042	BBB-			9,375		10,207,875
Philadelphia IDA–Gtr Philadelphia Hlth	6.50%	6/1/2045	NR			2,485		2,582,561
Philadelphia IDA–Gtr Philadelphia Hlth	6.625%	6/1/2050	NR			3,660		3,819,283
Philadelphia IDA–Wesley	5.00%	7/1/2042	BB	^(c)		1,355		1,438,319
Philadelphia IDA–Wesley	5.00%	7/1/2049	BB	^(c)		4,000		4,223,960
Red River Hlth–Methodist Ret Cmnty	7.75%	11/15/2044	NR			1,500		1,731,660
Red River Hlth–Methodist Ret Cmnty	8.00%	11/15/2049	NR			1,000		1,165,320
RI Hlth & Ed–Care New England	5.00%	9/1/2036	BB-			7,000		7,393,120
Rochester Hlth Care–Samaritan Bethany	6.875%	12/1/2029	NR			1,945		2,102,428
Rochester Hlth Care–Samaritan Bethany	7.375%	12/1/2041	NR			6,000		6,534,420
Rockville Eco Dev–Ingleside at King Farm	5.00%	11/1/2042	BB	^(c)		1,625		1,777,555
Rockville Eco Dev–Ingleside at King Farm	5.00%	11/1/2047	BB	^(c)		1,450		1,579,891
Salem Hsp Fac–Capital Manor	5.625%	5/15/2032	NR			1,000		1,079,970
Salem Hsp Fac–Capital Manor	6.00%	5/15/2047	NR			1,600		1,733,536
San Buenaventura–Cmnty Mem Hlth	8.00%	12/1/2026	BB+			10,000		11,732,200
SC Jobs EDA–Hampton Regl Med	5.00%	11/1/2033	NR			2,120		2,226,933
SC Jobs EDA–Hampton Regl Med	5.00%	11/1/2037	NR			1,000		1,039,310
SC Jobs EDA–Hampton Regl Med	5.00%	11/1/2042	NR			3,815		3,929,030
SC Jobs EDA–Hampton Regl Med	5.00%	11/1/2046	NR			6,070		6,232,494
SE Port Auth–Memorial Hlth	5.50%	12/1/2043	BB-	^(c)		1,100		1,182,269
SE Port Auth–Memorial Hlth	6.00%	12/1/2042	BB-	^(c)		1,660		1,800,536
Suffolk Co IDA–Eastern LI Hsp Assn^†	5.50%	1/1/2037	NR			1,380		1,379,917
Tarrant Co Cultural–Buckingham Sr Lvg	5.50%	11/15/2045	BB	^(c)		3,650		3,738,658
Tarrant Co Cultural–Buckner	6.75%	11/15/2047	NR			2,500		2,784,075
Tarrant Co Cultural–Buckner	6.75%	11/15/2052	NR			3,000		3,329,400
Tarrant Co Cultural–Trinity Terrace	5.00%	10/1/2049	BBB+	^(c)		2,635		2,785,933
Tempe IDA–ASU Mirabella^†	6.00%	10/1/2037	NR			1,200		1,236,756

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Tempe IDA–ASU Mirabella^†	6.125%	10/1/2052	NR		$	1,400	$	1,439,032
Tulsa Co Industrial Auth–Montereau	5.25%	11/15/2045	BBB-	^(c)		2,750		3,027,723
Upper IL River Vy–Pleasant View	7.25%	11/15/2040	NR			1,200		1,252,800
Upper IL River Vy–Pleasant View	7.375%	11/15/2045	NR			1,550		1,620,944
Upper San Juan Hlth	6.00%	6/1/2041	NR			2,225		2,216,501
Upper San Juan Hlth	6.125%	6/1/2046	NR			3,015		2,992,689
Vigo Co Hsp–Union Hsp	8.00%	9/1/2041	NR			2,955		3,537,815
WA HFC–Lea Hill^†	5.00%	7/1/2046	NR			1,020		1,042,042
WA HFC–Lea Hill^†	5.00%	7/1/2051	NR			2,000		2,036,360
WA HFC–Lea Hill Proj^†	5.00%	7/1/2036	NR			1,000		1,036,150
WA HFC–Lea Hill Proj^†	5.00%	7/1/2041	NR			1,000		1,026,430
WA Hsg–Herons Key^†	7.00%	7/1/2045	NR			1,370		1,468,462
WA Hsg–Herons Key^†	7.00%	7/1/2050	NR			2,000		2,132,780
WA Hsg–Mirabella^†	6.50%	10/1/2032	NR			1,970		2,141,213
WA Hsg–Mirabella^†	6.75%	10/1/2047	NR			3,000		3,276,990
WA Hsg–Rockwood^†	6.00%	1/1/2024	NR			1,260		1,363,862
Ward Co Hlth Facs–Trinity Hlth	5.00%	6/1/2053	BBB-			3,750		4,021,537
WI Hlth & Ed–American Baptist	5.00%	8/1/2032	NR			1,375		1,421,516
WI Hlth & Ed–American Baptist	5.00%	8/1/2039	NR			1,500		1,525,635
WI Hlth & Ed–Sauk-Prairie Mem Hsp	5.375%	2/1/2048	B1			4,000		4,178,320
WI PFA–Bancroft Neurohealth^†	5.125%	6/1/2048	NR			4,900		4,963,210
WI PFA–Delray Beach Radiation Ctr^†	6.85%	11/1/2046	NR			5,335		5,526,793
WI PFA–Las Ventanas Retirement	Zero Coupon	10/1/2042	NR			1,967		997,889
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		6,937,059
WI PFA–Mary’s Woods^†	5.25%	5/15/2047	BB	^(c)		1,000		1,082,710
WI PFA–Mary’s Woods^†	5.25%	5/15/2052	BB	^(c)		2,300		2,482,827
WI PFA–Rose Villa^†	5.75%	11/15/2044	NR			2,035		2,193,547
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		2,088,900
Woodbury Hsg–St Therese	5.125%	12/1/2044	NR			2,500		2,600,600
WV Hsp–Herbert Thomas Hlth	6.50%	10/1/2028	NR			5,000		5,055,900
WV Hsp–Herbert Thomas Hlth	6.50%	10/1/2038	NR			2,000		2,019,040
Total								607,201,458

Housing 1.01%
Alachua Co Hlth–Oak Hammock	8.00%	10/1/2042	NR			700		813,267
Alachua Co Hlth–Oak Hammock	8.00%	10/1/2046	NR			1,000		1,157,360

86	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Housing (continued)
CA Muni Fin–Caritas Affordable Hsg	5.25%	8/15/2039	BBB+		$	550	$	599,500
IL Fin Auth–Three Crowns Park	5.25%	2/15/2047	NR			2,750		2,905,458
LA HFA–GMF-LA Chateau	8.00%	9/1/2039	BB			3,150		3,197,407
MA DFA–Newbridge^†	5.00%	10/1/2047	BB+	^(c)		1,000		1,066,950
MA DFA–Newbridge^†	5.00%	10/1/2057	BB+	^(c)		5,000		5,274,450
MI Strategic Fd–Evangelical Homes	5.25%	6/1/2032	BB+	^(c)		1,500		1,563,540
MI Strategic Fd–Evangelical Homes	5.50%	6/1/2047	BB+	^(c)		4,000		4,163,840
Total								20,741,772

Lease Obligations 1.95%
CA Pub Wks–State Prisons	5.75%	10/1/2031	A+			1,500		1,685,700
CA Pub Wks–Various Cap Proj	5.00%	4/1/2034	A+			5,000		5,488,350
Houston Co Coop Dist–Country Crossing^(e)	12.50%	5/15/2020	NR			4,199		587,860	^(h)
IN Fin Auth–OH River Brdgs AMT	5.00%	7/1/2035	BBB+			2,155		2,329,986
IN Fin Auth–OH River Brdgs AMT	5.00%	7/1/2040	BBB+			2,320		2,492,190
IN Fin Auth–OH River Brdgs AMT	5.00%	7/1/2044	BBB+			8,000		8,573,920
NJ EDA–Bldgs	5.00%	6/15/2047	BBB+			5,450		5,825,505
NJ EDA–Goethals Brdg AMT	5.375%	1/1/2043	BBB-			1,175		1,291,889
NJ EDA–Goethals Brdg AMT	5.625%	1/1/2052	BBB-			5,000		5,548,300
NJ EDA–Sch Facs	5.00%	6/15/2042	A-	^(c)		2,000		2,136,680
NJ EDA–Sch Facs	5.50%	6/15/2029	BBB+			3,500		3,995,530
PR Pub Fin Corp^(e)	5.50%	8/1/2031	C			12,250		313,110
Total								40,269,020

Other Revenue 6.48%
Apache Co Poll Ctl–Tucson Elec	4.50%	3/1/2030	A-			5,120		5,509,069
Arlington HI Ed Fin Corp–Arlington Classics	5.00%	8/15/2045	BB+			2,250		2,332,350
Arlington Hi Ed Fin Corp–Newman Intl Acad	5.50%	8/15/2046	NR			5,000		4,792,100
Baker Correctional Dev	8.50%	2/1/2030	NR			8,163		6,889,490
CA Sch Fin Auth–KIPP LA	5.125%	7/1/2044	BBB			2,390		2,596,257
Chester Co IDA–Collegium Charter Sch	5.125%	10/15/2037	NR			1,000		1,028,880
Chester Co IDA–Collegium Charter Sch	5.25%	10/15/2047	NR			2,500		2,557,700
Chester Co IDA–Collegium Chtr Sch	5.375%	10/15/2042	BB+			5,000		5,245,850
Clifton Higher Ed–IDEA Pub Schs	6.00%	8/15/2043	BBB+			1,000		1,143,120
FL DFC–FL Charter Foundation^†	5.00%	7/15/2046	NR			4,000		3,845,200
FL DFC–Palm Bay Admy^†	Zero Coupon	5/15/2037	NR			1,220		804,029
FL DFC–Palm Bay Admy^†	Zero Coupon	5/15/2037	NR			940		9,400
FL DFC–Palm Bay Admy^†	6.375%	5/15/2037	NR			2,620		2,585,626

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
FL DFC–Renaissance Chtr Sch^†	6.125%	6/15/2046		NR		$	5,000	$	5,207,350
FL DFC–Renaissance Chtr Sch	7.50%	6/15/2033		BB	^(c)		6,000		6,605,460
Florence Twn IDA–Legacy Trad Sch	6.00%	7/1/2043		Ba1			3,250		3,445,650
Gainesville & Hall Co Dev Auth–Riverside	5.00%	3/1/2047		BBB-	^(c)		1,680		1,745,990
Gainesville & Hall Co Dev Auth–Riverside	5.125%	3/1/2052		BBB-	^(c)		1,250		1,305,850
IN Fin Auth–Drexel Foundation	7.00%	10/1/2039		B			1,250		1,266,900
Kansas City RDA–Loews Hotel^†	5.00%	2/1/2040		NR			1,500		1,534,410
Kansas City RDA–Loews Hotel^†	5.00%	2/1/2050		NR			2,250		2,284,785
La Vernia Hi Ed–Life Schools of Dallas	7.25%	8/15/2031		BBB-			4,750		5,093,757
Lower AL Gas Dist–Goldman Sachs	5.00%	9/1/2046		A3			12,750		15,597,075
Maricopa Co IDA–Paradise Schools^†	5.00%	7/1/2047		BB+			4,000		4,094,680
MD EDC–Chesapeake Bay Hyatt^(e)	5.00%	12/1/2031		NR			15,200		9,120,000
MD EDC–Chesapeake Bay Hyatt^(e)	5.25%	12/1/2031		NR			3,000		1,800,000
MI Pub Ed–Bradford Admy^†	6.50%	9/1/2037		NR			5,370		4,105,687
MI Pub Ed–Bradford Admy	8.75%	9/1/2039		NR			2,250		1,788,660
MI Pub Ed–Crescent Admy	7.00%	10/1/2036		NR			665		667,993
Michigan St Strategic FD Escrow⁽ⁱ⁾	Zero Coupon	–	^(j)	NR			5,000		500	^(k)
Middlesex Co Impt Auth–Heldrich Ctr^(e)	6.125%	1/1/2025		NR			2,790		29,295
Middlesex Co Impt Auth–Heldrich Ctr^(e)	6.25%	1/1/2037		NR			5,755		60,428
Mission Econ Dev Corp–Natgasoline AMT^†	5.75%	10/1/2031		BB-			9,000		9,362,880
NYC IDA–Queens Stadium (AMBAC)	5.00%	1/1/2036		BBB			3,165		3,172,533
Ohio St Pollution Ctl Rev Escrow^(e)	5.625%	5/15/2020		NR			2,965		297	^(k)
Overland Pk Dev–Conv Ctr (AMBAC)	5.125%	1/1/2032		BB+			7,000		7,010,220
Phoenix IDA–Basis Schs^†	5.00%	7/1/2046		BB			2,000		2,049,920
Plymouth Ed Ctr Charter Sch	5.375%	11/1/2030		B-			1,425		839,420	^(k)
UT Charter Sch Fin Auth–Freedom Academy^†	5.375%	6/15/2048		NR			5,150		5,207,319
Yonkers EDC–Charter Sch Ed Excellence	6.00%	10/15/2030		BB+			1,185		1,236,310
Total									133,972,440

Special Tax 6.51%
Allentown Neighborhood Impt^†	5.00%	5/1/2042		Ba1			3,900		4,145,466
Anne Arundel Co–Natl Business Pk	5.625%	7/1/2025		NR			915		936,667
Anne Arundel Co–Natl Business Pk	6.10%	7/1/2040		NR			2,250		2,302,785
Anne Arundel Co Spl Tax–Vlgs Two Rivers	5.125%	7/1/2036		NR			1,030		1,044,472
Anne Arundel Co Spl Tax–Vlgs Two Rivers	5.25%	7/1/2044		NR			2,150		2,175,004
Arborwood CDD	6.90%	5/1/2025		NR			580		661,287
Arborwood CDD	6.90%	5/1/2036		NR			760		853,442
Arborwood CDD	6.90%	5/1/2036		NR			70		77,744

88	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Special Tax (continued)
Aurora TIF–East River	6.50%	12/30/2023	NR	$	1,610	$	1,639,479
Aurora TIF–East River	6.75%	12/30/2027	NR		1,140		1,160,657
Capital Region CDD–St Joe Company	7.00%	5/1/2039	NR		4,015		4,031,743
Celebration Pointe CDD^†	5.00%	5/1/2048	NR		3,100		3,193,372
Compton Redev Agy	6.00%	8/1/2042	NR		4,750		5,071,147
Durbin Crossing CDD	5.50%	5/1/2037	NR		4,900		90,085	^(k)
Fremont CFD–Pacific Commons	5.00%	9/1/2045	NR		3,000		3,285,270
Grandview IDA–Grandview Crossing^(e)	5.75%	12/1/2028	NR		1,000		155,000
Hesperia Pub Fin Auth (XLCA)	5.00%	9/1/2031	NR		6,615		6,682,010
Houston Co Coop Dist–Country Crossing^(e)	10.00%	5/1/2039	NR		11,325		1,245,750	^(h)
Inland Valley Redev Agy	5.25%	9/1/2037	A-		3,375		3,767,951
Miami World Ctr CDD	5.25%	11/1/2049	NR		2,000		2,120,680
Millsboro Spl Oblig–Plantation Lakes	5.45%	7/1/2036	NR		5,142		4,645,643
Nthrn Palm Bch Co Impt Dist	5.00%	8/1/2037	NR		750		794,678
Nthrn Palm Bch Co Impt Dist	5.00%	8/1/2046	NR		5,000		5,191,800
Nthrn Palm Bch Co Impt Dist	5.00%	8/1/2046	NR		2,750		2,892,147
NYC IDA–Queens Stadium (AMBAC)	5.00%	1/1/2031	BBB		6,110		6,124,725
Orange Co CFD	5.25%	8/15/2045	NR		2,000		2,226,840
Orange Co CFD–Esencia	5.00%	8/15/2046	NR		6,250		6,848,625
Orange Grove CDD^(e)	5.30%	11/1/2021	NR		1,705		289,850
Plaza Met Dist #1^†	5.00%	12/1/2040	NR		2,500		2,588,000
Prairie Ctr Met Dist #3^†	5.00%	12/15/2041	NR		3,475		3,563,369
Prince Georges CO	5.00%	7/1/2046	NR		5,000		4,969,650
River Islands PFA–CFD 2003	5.50%	9/1/2045	NR		5,005		5,356,001
River Islands PFA–CFD 2003	5.50%	9/1/2045	NR		2,925		3,130,130
San Francisco Redev–Hunters Point	5.00%	8/1/2039	NR		2,240		2,439,741
San Francisco Redev–Hunters Point	5.00%	8/1/2044	NR		2,500		2,714,050
San Mateo CFD–Bay Meadows	5.00%	9/1/2042	NR		2,000		2,135,060
San Mateo CFD–Bay Meadows	5.50%	9/1/2044	NR		1,500		1,639,545
Scranton RDA GTD	5.00%	11/15/2028	BB+		5,000		5,089,300
Southlands Met Dist #1	5.00%	12/1/2047	Ba1		1,000		1,067,030
Sparks Loc Impt Dist	6.75%	9/1/2027	NR		700		714,462
Sparks Tourism Impt Dist^†	6.75%	6/15/2028	Ba3		5,500		5,528,875
St Louis IDA–Ballpark Vlg	4.75%	11/15/2047	NR		4,875		5,006,625
Stone Canyon CID^(e)	5.70%	4/1/2022	NR		1,485		363,825
Tern Bay CDD^(e)	5.375%	5/1/2037	NR		13,145		3,417,700	^(h)
Village CDD #10	6.00%	5/1/2044	NR		910		1,059,094

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Special Tax (continued)
Village CDD #12^†	4.25%	5/1/2043	NR	$	5,000	$	5,044,800
Village CDD #12^†	4.375%	5/1/2050	NR		5,000		5,032,450
Total							134,514,026

Tax Revenue 4.27%
Coop Dist Ft Spanish–Hwy 181	9.00%	2/1/2029	NR		1,220		1,382,894
Gtr Wenatchee Regl Events Ctr	5.50%	9/1/2042	NR		3,150		3,227,773
Met Pier & Expo Auth–McCormick Place	Zero Coupon	12/15/2054	BB+		21,595		3,326,062
Met Pier & Expo Auth–McCormick Place	5.00%	6/15/2050	BB+		7,655		7,719,455
Met Pier & Expo Auth–Mccormick Place	5.00%	6/15/2052	BB+		2,830		2,872,592
Met Pier & Expo Auth–McCormick Place	5.00%	6/15/2053	BB+		6,035		6,256,967
Met Pier & Expo Auth–McCormick Place	5.00%	6/15/2057	BB+		9,000		9,509,490
Met Pier & Expo Auth–Mccormick Place	5.25%	6/15/2050	BB+		5,000		5,067,950
Met Pier & Expo Auth–McCormick Place	5.50%	6/15/2053	BB+		9,150		9,782,265
Met Pier & Expo Auth–McCormick Place (AGM)	Zero Coupon	6/15/2047	AA		5,000		1,295,150
Met Pier & Expo Auth–McCormick Place (AGM)	Zero Coupon	12/15/2052	AA		5,250		1,047,270
Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC)	Zero Coupon	12/15/2036	Baa2		20,000		8,148,000
PR Corp Sales Tax^(e)	5.00%	8/1/2024	Ca		5,080		1,206,500
PR Corp Sales Tax^(e)	5.00%	8/1/2043	Ca		2,725		647,188
PR Corp Sales Tax^(e)	5.25%	8/1/2041	Ca		23,720		5,633,500
PR Corp Sales Tax^(e)	5.375%	8/1/2039	Ca		9,380		2,227,750
PR Corp Sales Tax^(e)	5.50%	8/1/2028	Ca		5,060		1,201,750
PR Corp Sales Tax^(e)	5.50%	8/1/2040	Ca		7,000		1,662,500
PR Corp Sales Tax^(e)	5.50%	8/1/2042	Ca		5,350		1,270,625
PR Corp Sales Tax^(e)	5.75%	8/1/2037	Ca		4,395		1,043,813
PR Corp Sales Tax^(e)	6.125%	8/1/2029	Ca		3,030		719,625
PR Corp. Sales Tax^(e)	5.25%	8/1/2040	Ca		19,080		11,209,500
Virgin Islands PFA–Matching Fund	5.00%	10/1/2029	Caa2		2,500		1,862,500
Total							88,321,119

Tobacco 12.43%
Buckeye Tobacco	Zero Coupon	6/1/2047	NR		70,000		4,686,500
Buckeye Tobacco	Zero Coupon	6/1/2052	NR		100,000		2,980,000
Buckeye Tobacco	5.125%	6/1/2024	B-		27,480		26,938,369
Buckeye Tobacco	5.75%	6/1/2034	B-		8,810		8,655,825

90	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Tobacco (continued)
Buckeye Tobacco	5.875%	6/1/2030	B-	$	11,000	$	10,947,090
Buckeye Tobacco	5.875%	6/1/2047	B-		18,475		18,267,156
CA Statewide Fin Auth–Tobacco Settlement	Zero Coupon	6/1/2046	NR		22,650		3,618,564
Golden St Tobacco	Zero Coupon	6/1/2047	CCC+		25,000		3,514,000
Golden St Tobacco	5.00%	6/1/2033	B+		12,660		12,672,660
Golden St Tobacco	5.125%	6/1/2047	B-		10,420		10,420,104
Golden St Tobacco	5.30%	6/1/2037	B		5,000		5,150,000
Golden St Tobacco	5.75%	6/1/2047	B3		15,615		15,707,285
Inland Empire Tobacco^†	Zero Coupon	6/1/2057	NR		47,000		2,004,550
Inland Empire Tobacco	4.625%	6/1/2021	NR		3,800		3,800,950
Inland Empire Tobacco	5.00%	6/1/2021	NR		4,455		4,456,604
MI Tob Settlement	5.125%	6/1/2022	B-		2,565		2,564,949
MI Tob Settlement	5.25%	6/1/2022	B-		4,005		4,005,080
MI Tob Settlement	6.00%	6/1/2034	B-		5,000		5,005,000
Monroe Tobacco	Zero Coupon	6/1/2061	NR		22,900		676,237
Nthrn AK Tobacco	5.00%	6/1/2032	B3		5,000		5,000,100
Nthrn CA Tobacco	5.50%	6/1/2045	B-		5,280		5,280,053
RI Tob Settlement	Zero Coupon	6/1/2052	CCC+		25,885		2,680,133
Rockland Tobacco^†	Zero Coupon	8/15/2060	NR		41,035		1,352,103
Silicon Valley Tobacco	Zero Coupon	6/1/2056	NR		20,000		1,161,000
Sthrn CA Tobacco	Zero Coupon	6/1/2046	CCC		15,000		2,351,100
Sthrn CA Tobacco	Zero Coupon	6/1/2046	CCC		10,000		1,247,300
Suffolk Tobacco Asset Sec Corp	6.625%	6/1/2044	NR		5,000		5,256,500
Tobacco Settlement Auth IA	5.375%	6/1/2038	B+		6,085		6,098,691
Tobacco Settlement Auth IA	5.50%	6/1/2042	B+		2,880		2,890,368
Tobacco Settlement Fin Corp NJ	4.625%	6/1/2026	BBB		4,885		4,889,201
Tobacco Settlement Fin Corp NJ	4.75%	6/1/2034	BB-		4,845		4,844,903
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2029	BBB-		17,670		17,727,251
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2041	B		18,490		18,489,445
Tobacco Settlement Fin Corp VA	Zero Coupon	6/1/2047	CCC+		39,410		3,579,216
Tobacco Settlement Fin Corp VA	Zero Coupon	6/1/2047	CCC		7,500		547,425
Tobacco Settlement Fin Corp VA	5.00%	6/1/2047	B-		10,605		10,520,584
TSASC	5.00%	6/1/2036	A-		280		308,051
TSASC	5.00%	6/1/2048	NR		16,670		16,686,170
Total							256,980,517

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation 5.22%
Broward Co Arpt AMT	5.125%	10/1/2038	A+		$	2,835	$	3,144,128
Chicago Midway Arpt AMT	5.00%	1/1/2026	A			4,000		4,461,560
Chicago O’Hare Arpt–TRIPS^(d)	5.00%	7/1/2048	NR			2,500		2,736,500
Chicago O’Hare Arpt AMT	5.00%	1/1/2031	A			2,985		3,186,099
Denver City & Co Arpt AMT	5.50%	11/15/2025	A			3,410		3,891,049
E470 Pub Hwy Auth	Zero Coupon	9/1/2037	A-			5,000		2,407,850
E470 Pub Hwy Auth (NPFGC)(FGIC)	Zero Coupon	9/1/2031	A-			25,000		15,533,500
Foothill / Eastern Corridor Toll Rd	Zero Coupon	1/15/2033	BBB-			4,500		2,437,695
Foothill / Eastern Corridor Toll Rd	5.75%	1/15/2046	BBB-			1,000		1,146,110
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2049	BBB-			5,000		5,860,250
Foothill / Eastern Corridor Toll Rd	6.00%	1/15/2053	BBB-			6,915		8,088,614
Foothill / Eastern Corridor Toll Rd	6.50%	1/15/2043	Baa3			2,000		2,359,700
Houston Arpt–Continental Airlines AMT	5.00%	7/15/2035	BB-			3,000		3,234,930
Mid Bay Bridge Auth	7.25%	10/1/2034	AAA	^(c)		5,900		6,925,125
NJ Tpk Auth	4.00%	1/1/2043	NR			5,000		5,162,950
NJ Trans Trust Fund	6.00%	6/15/2035	BBB+			2,700		2,962,575
NY Trans Dev Corp–LaGuardia Airport AMT	5.25%	1/1/2050	Baa3			10,000		10,961,700
PR Hwy & Trans Auth^(e)	5.00%	7/1/2020	C			6,035		1,161,737
PR Hwy & Trans Auth^(e)	5.00%	7/1/2022	C			1,545		297,413
PR Hwy & Trans Auth^(e)	5.00%	7/1/2028	C			1,015		47,451
San Joaquin Hills Trsp Corridor	5.25%	1/15/2044	BBB-			3,270		3,571,429
San Joaquin Hills Trsp Corridor	5.25%	1/15/2049	BBB-			5,000		5,445,250
South Carolina Ports AMT	5.25%	7/1/2055	A+			5,000		5,531,750
South Jersey Port Corp AMT	5.00%	1/1/2042	Baa1			1,500		1,621,230
South Jersey Port Corp AMT	5.00%	1/1/2048	Baa1			1,750		1,882,650
VA Small Bus Fing–Elizabeth River AMT	6.00%	1/1/2037	BBB			1,230		1,377,526
VA Small Bus Fing–I-66 AMT	5.00%	12/31/2052	Baa3			2,250		2,442,195
Total								107,878,966

Utilities 5.47%
CO Public Auth–ML	6.50%	11/15/2038	A-			5,255		7,316,852
Compton Water	6.00%	8/1/2039	NR			3,710		3,839,368
Detroit Water	5.25%	7/1/2041	A-			5,000		5,412,750
Guam Waterworks Auth	5.50%	7/1/2043	A-			2,535		2,772,048
Jefferson Co Sewer	Zero Coupon	10/1/2039	BBB-			5,000		4,191,600
Jefferson Co Sewer	Zero Coupon	10/1/2046	BBB-			5,445		4,545,050
Jefferson Co Sewer	6.00%	10/1/2042	BBB-			6,075		7,045,663
Jefferson Co Sewer	6.50%	10/1/2053	BBB-			20,050		23,749,225

92	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Jefferson Co Sewer (AGM)	Zero Coupon	10/1/2028	AA	$	4,035	$	2,585,386
Jefferson Co Sewer (AGM)	Zero Coupon	10/1/2042	AA		5,000		4,324,700
Jefferson Co Sewer (AGM)	5.00%	10/1/2044	AA		5,000		5,483,600
Long Beach Nat Gas–ML	5.50%	11/15/2037	A-		8,345		10,602,573
Maricopa Co Poll Ctl–El Paso Elec	7.25%	2/1/2040	Baa1		3,500		3,650,255
Moraine Ohio Solid Waste Disp Escrow AMT^(e)	6.75%	12/31/2025	NR		525		53	^(k)
PR Aqueduct & Swr Auth	5.125%	7/1/2037	CC		2,740		2,174,875
PR Elec Pwr Auth^(e)	5.00%	7/1/2042	Ca		2,475		959,062
PR Elec Pwr Auth^(e)	5.05%	7/1/2042	Ca		2,060		798,250
PR Elec Pwr Auth^(e)	5.25%	7/1/2040	Ca		17,690		6,854,875
PR Elec Pwr Auth^(e)	5.50%	7/1/2038	Ca		1,530		592,875
PR Elec Pwr Auth^(e)	5.75%	7/1/2036	Ca		3,040		1,178,000
Salt Verde Fin Corp–Citi	5.00%	12/1/2037	BBB+		12,670		15,054,241
Total							113,131,301
Total Municipal Bonds (cost $2,035,180,010)							2,034,868,229

Interest
Rate^#

Interest
Rate
Reset
Date^(f)

Final
Maturity
Date

SHORT-TERM INVESTMENTS 0.50%

Variable Rate Demand Notes 0.50%

General Obligation 0.05%

NYC GO

1.73%

4/2/2018

6/1/2044

1,100

1,100,000

Money Market Securities 0.09%

NYC TFA

1.81%

4/2/2018

11/1/2022

AAA

1,800

1,800,000

Tax Revenue 0.36%

NYC TFA

1.81%

4/2/2018

8/1/2023

AAA

2,800

2,800,000

NYC TFA–Future Tax

1.83%

4/2/2018

11/1/2022

AAA

4,750

4,750,000

Total

7,550,000

Total Short-Term Investments (cost $10,450,000)

10,450,000

Total Investments in Securities 98.95% (cost $2,045,630,010)

2,045,318,229

Cash and Other Assets in Excess of Liabilities 1.05%

21,619,399

Net Assets 100.00%

2,066,937,628

Note: See Footnotes to Schedule of Investments on page 129 of this report.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

The following is a summary of the inputs used as of March 31, 2018 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	$	–	$	224,723,877		$	7,986,600	$	232,710,477
Lease Obligations		–		39,681,160			587,860		40,269,020
Other Revenue		–		133,132,223			840,217		133,972,440
Special Tax		–		129,760,491			4,753,535		134,514,026
Utilities		–		113,131,248			53		113,131,301
Remaining Industries		–		1,380,270,965			–		1,380,270,965
Variable Rate Demand Notes		–		10,450,000			–		10,450,000
Total	$	–	$	2,031,149,964		$	14,168,265	$	2,045,318,229
Liabilities
Trust Certificates⁽⁴⁾	$	–	$	(9,250,000	)	$	–	$	(9,250,000	)
Total	$	–	$	(9,250,000	)	$	–	$	(9,250,000	)

	⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2018.
	⁽⁴⁾	Refer to Note 2(h) for a description of Municipal Bonds Held in Trust.

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

	Municipal Bonds
Balance as of October 1, 2017		$	31,397,747
Accrued Discounts (Premiums)			266
Realized Gain (Loss)			(1,907,538	)
Change in Unrealized Appreciation (Depreciation)			711,231
Purchases			–
Sales			(382,462	)
Transfers into Level 3			1,051,222
Transfers out of Level 3			(16,702,201	)
Balance as of March 31, 2018		$	14,168,265
Change in unrealized appreciation/depreciation for period ended March 31, 2018, related to Level 3 investments held at March 31, 2018		$	(1,132,219	)

94	See Notes to Financial Statements.

Schedule of Investments (unaudited)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s	(000)		Value
MUNICIPAL BONDS 98.63%

Corporate-Backed 17.83%
AL IDA–Office Max Rmkt AMT	6.45%	^#(a)	12/1/2023	B3	$	590	$	589,970
AL IDA–Office Max Rmkt AMT	6.45%	^#(a)	12/1/2023	B3		260		260,010
Brazos River Nav Dist–Dow Chemical AMT	5.90%	^#(a)	5/1/2038	BBB		310		312,000
Build NYC Res Corp–Pratt Paper AMT^†	4.50%		1/1/2025	NR		250		274,335
CA Stwde–So Cal Edison	2.625%	^#(a)	11/1/2033	Aa3		500		503,270
Greater Orlando Aviation–Jet Blue AMT	5.00%		11/15/2026	NR		100		106,149
Houston Arpt–Continental Airlines AMT	5.00%		7/15/2020	BB-		1,000		1,057,630
Houston Arpt–Continental Airlines AMT	5.00%		7/1/2029	BB-		250		272,585
Houston Arpt–United Airlines AMT	5.00%		7/15/2028	BB-		1,000		1,127,640
IA Fin Auth–Iowa Fertilizer Co	5.00%		12/1/2019	B		5,800		5,981,598
IA Fin Auth–Iowa Fertilizer Co	5.25%		12/1/2025	B		1,805		1,922,903
IA Fin Auth–Iowa Fertilizer Co	5.50%		12/1/2022	B		265		268,768
IA Fin Auth–Iowa Fertilizer Co^†	5.875%		12/1/2027	B		200		213,346
IN Fin Auth–US Steel	6.00%		12/1/2019	B		245		254,506
IN Fin Auth–US Steel	6.00%		12/1/2026	B		550		566,770
Int Falls MN–Office Max	5.50%		4/1/2023	B3		540		539,973
JFK IAT–American Airlines AMT	5.00%		8/1/2026	BB-		4,040		4,295,247
LA Env Facs–Westlake Chem	6.50%		8/1/2029	BBB		170		187,309
LA Env Facs–Westlake Chem	6.50%		11/1/2035	BBB		600		664,296
Love Field Arpt–Southwest Airlines AMT	5.00%		11/1/2022	A3		285		319,830
MA Port Auth–Delta Airlines AMT (AMBAC)	5.00%		1/1/2027	NR		235		238,248
Montgomery Co IDA–Peco Generation AMT	2.70%	^#(a)	10/1/2034	BBB		1,500		1,503,765
Nez Perce CO Poll Ctl–Potlatch	2.75%		10/1/2024	BB+		1,585		1,564,538
Niagara Area Dev Corp–Covanta^†	4.00%		11/1/2024	BB-		1,100		1,100,572
NJ EDA–Continental Airlines AMT	4.875%		9/15/2019	BB-		1,210		1,241,605
NJ EDA–Continental Airlines AMT	5.125%		9/15/2023	BB-		500		552,210
NJ EDA–Continental Airlines AMT	5.50%		4/1/2028	BB-		105		105,317
NJ EDA–Goethals Brdg AMT	5.25%		1/1/2025	BBB-		160		181,570
NY Energy–NY State Elec & Gas AMT	2.375%	^#(a)	7/1/2026	A-		240		241,430
NY Liberty Dev Corp–3 WTC^†	5.15%		11/15/2034	NR		100		109,700
NY Trans Dev Corp–American Airlines AMT	5.00%		8/1/2021	BB-		1,250		1,347,487
NYC IDA–TRIPS AMT	5.00%		7/1/2022	BBB		1,000		1,100,040
OH Air Quality–Pratt Paper AMT^†	3.75%		1/15/2028	NR		450		450,711
Onondaga Co IDA–Bristol Meyers AMT	5.75%		3/1/2024	A+		280		331,061
Overland Pk Dev–Conv Ctr (AMBAC)	5.125%		1/1/2022	BB+		175		175,254
Port Seattle IDC–Delta Airlines AMT	5.00%		4/1/2030	BBB-		1,100		1,205,072


	See Notes to Financial Statements.	95

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Corporate-Backed (continued)
Red River–AEP Texas North (NPFGC) (FGIC)	4.45%		6/1/2020	A-		$	455	$	480,435
Richland Co Env Impt–Intl Paper AMT	3.875%		4/1/2023	BBB			1,720		1,831,232
Salem Co Poll Ctl–Chambers AMT	5.00%		12/1/2023	BBB-			2,735		2,945,376
St Charles Parish–Valero Energy	4.00%	^#(a)	12/1/2040	BBB			450		478,890
Tulsa Mun Arpt–American Airlines AMT	5.00%	^#(a)	6/1/2035	BB-			400		431,388
Whiting Env Facs–BP AMT	5.00%	^#(a)	11/1/2045	A1			1,170		1,315,700
WI PFA–TRIPS AMT	5.00%		7/1/2022	BBB			670		717,088
WI PFA–Waste Mgmt AMT	2.00%	^#(a)	7/1/2029	A-			800		784,320
WI Pub Fin Auth–Celanese AMT	5.00%		1/1/2024	BBB-			500		553,775
WI Pub Fin Auth–Celanese AMT^†	5.00%		12/1/2025	BBB-			1,000		1,127,920
Total									41,832,839

Education 7.54%
AZ IDA–American Charter Sch^†	4.00%		7/1/2019	BB+			1,030		1,034,171
Chester Co Hlth & Ed–Immaculata Univ	5.00%		11/1/2022	BB	^(c)		630		659,314
Chicago Brd Ed	5.00%		12/1/2028	B			1,405		1,409,622
Chicago Brd Ed	5.00%		12/1/2019	NR			85		89,502
Chicago Brd Ed	5.00%		12/1/2019	B			345		355,350
Chicago Brd Ed	5.00%		12/1/2022	BB-	^(c)		1,500		1,591,290
Clifton Higher Ed–Intl Ldrshp Sch	4.625%		8/15/2025	NR			100		101,776
FL HI Ed–Nova Southeastern Univ	6.00%		4/1/2026	A-			480		526,579
Frederick Co Ed Fac–Mount St Mary’s Univ^†	5.00%		9/1/2027	BB+			1,250		1,383,350
Glenville Clg	3.25%		6/1/2022	NR			500		495,375
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2021	Baa3			150		150,114
IL Fin Auth–IL Inst of Tech	5.00%		4/1/2031	Baa3			390		388,892
IL Fin Auth–IL Inst of Tech	6.25%		2/1/2019	Baa3			55		56,723
IL Fin Auth–IL Inst of Tech	7.125%		2/1/2034	Baa3			100		101,913
IL Fin Auth–IL Wesleyan Univ	5.00%		9/1/2022	A-			560		616,885
IL Fin Auth–Roosevelt Univ	6.50%		4/1/2039	Ba1			2,000		2,099,400
MA DFA–Emerson Clg	5.00%		1/1/2024	BBB+			500		563,345
MA DFA–Suffolk Univ	5.00%		7/1/2022	Baa2			805		891,699
Marietta Dev Auth–Life Univ^†	5.00%		11/1/2027	Ba3			1,000		1,107,540
Marietta Dev Auth–Life Univ	7.00%		6/15/2039	NR			250		252,700
Multnomah Co Hsp Facs–Mirabella	5.00%		10/1/2024	NR			200		220,220
New Rochelle LDC–Iona Clg	5.00%		7/1/2023	BBB			315		347,278
NY Dorm–Long Island Univ	3.00%		9/1/2019	BBB			725		728,582
NY Dorm–Orange Regl Med Ctr^†	5.00%		12/1/2018	BBB-			100		101,639
NY Dorm–Pace Univ	4.00%		5/1/2022	BBB-			245		257,216


96	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Education (continued)
NY Dorm–Pace Univ		5.00%		5/1/2021	BBB-	$	530	$	567,381
NY Dorm–Yeshiva Univ		3.75%		9/1/2018	BBB-		130		130,828
NY Dorm–Yeshiva Univ		4.00%		11/1/2025	B3		95		95,055
NY Dorm–Yeshiva Univ		4.00%		11/1/2026	B3		145		141,497
NY Dorm–Yeshiva Univ		5.00%		11/1/2021	B3		190		199,893
Pima IDA–American Leadership Acad^†		4.00%		6/15/2022	NR		910		920,847
VA Clg Bldg Auth–Marymount Univ^†		5.00%		7/1/2022	BB+		100		108,035
Total									17,694,011

General Obligation 12.04%
Atlantic City GO (BAM)		5.00%		3/1/2021	AA		600		642,546
Atlantic City GO (BAM)		5.00%		3/1/2022	AA		245		266,727
Chicago Brd Ed		4.25%		12/1/2018	NR		95		96,641
Chicago Brd Ed		4.25%		12/1/2018	B		270		272,308
Chicago Brd Ed		5.25%		12/1/2023	B		1,170		1,178,845
Chicago Brd Ed	2.41% (MUNIPSA * 1 + 1.83%		)^#	3/1/2036	B		800		799,176
Chicago Brd Ed		5.25%		12/1/2024	B		345		347,408
Chicago Brd Ed		5.25%		12/1/2026	B		795		799,667
Chicago Brd Ed (NPFGC) (FGIC)		5.00%		12/1/2019	Baa2		425		438,727
Chicago GO		5.00%		12/1/2019	BBB+		625		646,831
Chicago GO		5.00%		1/1/2021	BBB+		325		335,952
Chicago GO		4.00%		1/1/2022	BBB+		205		208,920
Chicago GO		4.50%		1/1/2020	BBB+		700		719,012
Chicago GO		5.00%		1/1/2024	BBB+		1,870		2,009,689
Chicago GO		5.00%		1/1/2024	BBB+		1,415		1,492,882
Chicago GO		5.25%		1/1/2022	BBB+		785		832,210
Cook Co GO		5.00%		11/15/2022	AA-		290		323,834
Cook Co GO		5.25%		11/15/2022	AA-		620		670,611
Cook Co GO		5.25%		11/15/2024	AA-		400		439,108
Eaton Area Pk & Rec Dist		5.00%		12/1/2018	NR		100		101,719
Hartford GO		2.125%		7/15/2018	CCC		215		214,480
IL State GO		5.00%		6/1/2021	BBB-		100		104,478
IL State GO		4.00%		7/1/2018	BBB-		605		607,269
IL State GO		5.00%		8/1/2019	BBB-		350		360,185
IL State GO		5.00%		1/1/2020	BBB-		1,010		1,037,957
IL State GO		5.00%		2/1/2020	BBB-		1,175		1,209,040
IL State GO		5.00%		4/1/2020	BBB-		780		806,762
IL State GO		5.00%		4/1/2020	BBB-		565		584,385


	See Notes to Financial Statements.	97

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
General Obligation (continued)
IL State GO	5.00%		7/1/2020	BBB-		$	755	$	784,007
IL State GO	5.00%		3/1/2021	BBB-			935		973,728
IL State GO	5.00%		7/1/2021	BBB-			835		873,318
IL State GO	5.00%		8/1/2021	BBB-			975		1,020,835
IL State GO	5.00%		2/1/2022	BBB-			860		894,219
IL State GO	5.25%		1/1/2020	BBB-			465		479,824
New Haven GO (AGM)	5.00%		8/15/2020	AA			1,275		1,351,092
Philadelphia Sch Dist	5.00%		9/1/2020	A2			535		572,193
Philadelphia Sch Dist^(e)	5.00%		9/1/2025	A2			200		226,972
Philadelphia Sch Dist	6.00%		9/1/2038	A2			870		885,860
PR Comwlth GO^(e)	4.00%		7/1/2021	Ca			310		134,850
PR Comwlth GO^(e)	5.50%		7/1/2017	NR			110		49,225
PR Comwlth GO^(e)	5.50%		7/1/2019	Ca			265		119,250
PR Comwlth GO (AGM)	5.50%		7/1/2019	AA			260		269,667
PR Comwlth GO (NPFGC)(FGIC)	5.50%		7/1/2020	Baa2			230		233,618
PR Comwlth GO TCRS (AMBAC)	4.50%		7/1/2023	Ca			635		627,805
PR Elec Pwr Auth (NPFGC)(FGIC)	5.25%		7/1/2023	Baa2			620		626,305
PR Pub Bldg Auth GTD^(e)	5.50%		7/1/2023	Ca			55		23,513
PR Pub Bldg Auth GTD^(e)	5.50%		7/1/2027	Ca			245		108,412
St Pub SBA–Philadelphia Sch Dist	5.00%		4/1/2018	A2			190		190,000
VT EDA–Casella Waste AMT^†	4.625%	^#(a)	4/1/2036	B-			250		250,000
Total									28,242,062

Health Care 19.95%
Antelope Valley Hlth	5.00%		3/1/2021	Ba3			155		162,164
Ashland Med Ctr–Kings Daughters	5.00%		2/1/2022	Baa2			560		604,190
Atlanta Dev Auth–Georgia Proton Ctr	6.00%		1/1/2023	NR			1,000		1,008,860
Blaine Sr Hsg & Hlthcare–Crest View	5.125%		7/1/2025	NR			275		286,195
CA Muni Fin–Northbay Hlthcare	4.00%		11/1/2022	NR			760		803,609
CA Statewide–Beverly	4.00%		2/1/2021	BBB-			590		613,512
CA Stwde–American Baptist	5.00%		10/1/2020	BBB+	^(c)		235		253,083
CA Stwde–Daughters of Charity	5.50%		7/1/2022	CCC			130		130,282
CA Stwde–Daughters of Charity	5.75%		7/1/2024	CCC			730		731,584
CA Stwde–Eskaton Pptys	5.00%		11/15/2021	BBB			775		850,028
CA Stwde–Loma Linda Univ Med Ctr^†	5.00%		12/1/2025	BB			1,000		1,120,680
Church Home of Hartford^†	2.875%		9/1/2020	BB	^(c)		105		105,087
Church Home of Hartford^†	3.25%		9/1/2021	BB	^(c)		200		200,192
CO Hlth Facs–Christian Living	4.00%		1/1/2020	NR			250		257,003


98	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

					Credit
					Rating:		Principal
		Interest		Maturity	S&P or		Amount		Fair
Investments		Rate		Date	Moody’s		(000)		Value
Health Care (continued)
CO Hlth Facs–Fraiser Meadows		5.00%		5/15/2021	BB+	^(c)	$	810	$	869,073
Cuyahoga Co Hsp–Metrohealth		5.00%		2/15/2023	Baa3			1,500		1,628,475
Denver Hlth & Hsp Auth	2.444% (3 Mo. LIBOR * .67 + 1.10%		)^#	12/1/2033	BBB			300		278,331
Friendsview Retirement Community		4.00%		11/15/2026	NR			500		517,325
Gaithersburg Eco Dev–Asbury		6.00%		1/1/2023	BBB	^(c)		500		533,835
Glendale IDA–Beatitudes		5.00%		11/15/2023	NR			1,715		1,857,808
Guadalupe Co–Seguin City Hospital		5.00%		12/1/2022	BB			250		264,773
Guadalupe Co–Seguin City Hospital		5.00%		12/1/2023	BB			1,280		1,360,870
Howard Co Retmt Cmnty–Vantage House		5.00%		4/1/2021	NR			250		257,978
Howard Co Retmt Cmnty–Vantage House		5.00%		4/1/2021	NR			468		482,906
ID HFA–Madison Mem Hosp		5.00%		9/1/2021	BB+			1,000		1,063,030
IL Fin Auth–Centegra Hlth		5.00%		9/1/2021	BB+			100		106,738
IL Fin Auth–Plymouth Place		5.00%		5/15/2025	BB+	^(c)		125		136,553
IL Fin Auth–Presence Health		5.00%		2/15/2020	BBB-			1,000		1,049,970
IL Fin Auth–Three Crowns Park		3.25%		2/15/2022	NR			495		498,307
Kanabec Co Hlth–Firstlight Hlth		2.75%		12/1/2019	NR			1,400		1,400,798
King Co Pub Hsp–Snoqualmie Vly Hsp		5.00%		12/1/2025	NR			100		99,742
Kirkwood IDA–Aberdeen Hts		5.00%		5/15/2022	BB	^(c)		800		862,464
Kirkwood IDA–Aberdeen Hts		8.00%		5/15/2021	NR			265		287,944
KY EDFA–Owensboro Hlth		5.00%		6/1/2022	Baa3			300		323,052
Lancaster Co Hosp Auth–Bretheren Village		5.00%		7/1/2023	BB+	^(c)		700		776,041
MA DFA–UMass Mem Hlth		5.00%		7/1/2023	BBB+			785		877,183
MA DFA–UMass Mem Hlth		5.00%		7/1/2025	A-	^(c)		650		744,068
MA Hlth & Ed–Boston Med Ctr		4.75%		7/1/2023	BBB			200		201,570
MD Hlth & HI Ed–Adventist		5.00%		1/1/2021	Baa3			600		642,330
ME Hlth & Hi Ed–MaineGeneral Hlth		7.50%		7/1/2032	Ba3			475		533,226
Mesquite Hlth–Christian Care Ctrs		5.00%		2/15/2020	BB+	^(c)		200		207,942
Montgomery Co IDA–Einstein Hlth		5.00%		1/15/2022	Baa3			250		267,930
Morgan Co Hosp–USDA Replacement Proj		2.75%		9/1/2019	NR			1,220		1,212,680
Muskingum Co Hsp–Genesis Hlthcare		5.00%		2/15/2021	BB+			275		290,532
NC Med–Southminster		5.00%		10/1/2021	NR			365		393,448
New Hope–Carillon		3.00%		7/1/2020	NR			585		585,111
New Hope Cult Ed Facs–Crestview		4.00%		11/15/2021	BB+	^(c)		615		635,818
NH Hlth & Ed–Hillside Village^†		3.50%		7/1/2022	NR			400		401,584
NJ EDA–Lions Gate		4.00%		1/1/2020	NR			325		330,528
NJ EDA–Lions Gate		4.375%		1/1/2024	NR			200		204,752
NJ Hlth–St Josephs Hlth		5.00%		7/1/2024	BBB-			510		565,524

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Health Care (continued)
NJ Hlth–St Peters Univ Hsp	5.00%		7/1/2021	BB+		$	225	$	234,902
NJ Hlth–St Peters Univ Hsp	5.75%		7/1/2037	BB+			135		136,041
NJ Hlth–St Peters Univ Hsp	6.00%		7/1/2026	BB+			80		85,597
NY Dorm–Orange Reg Med Ctr^†	5.00%		12/1/2022	BBB-			500		545,450
NY Dorm–Orange Regl Med Ctr^†	5.00%		12/1/2022	BBB-			200		218,180
OU MedOK DFA^(e)	5.00%		8/15/2024	Baa3			900		1,006,857
Palm Beach Co Hlth–Sinai Residences	6.75%		6/1/2024	NR			165		190,674
Philadelphia Hsps–Temple Univ Hlth	5.00%		7/1/2023	BBB-			1,000		1,093,290
Price William Co IDA–Westminster	4.00%		1/1/2021	NR			930		969,516
RI Hlth & Ed–Care New England	5.00%		9/1/2020	BB-			1,000		1,044,730
Rochester Hlth & Hsg–Homestead	5.00%		12/1/2025	NR			700		770,490
Rockville Eco Dev–Ingleside at King Farm	2.50%		11/1/2024	BB	^(c)		600		601,200
San Buenaventura–Cmnty Mem Hlth	8.00%		12/1/2026	BB+			775		909,245
SC Jobs EDA–Hampton Regl Med	5.00%		11/1/2021	NR			670		715,593
SC Jobs EDA–Hampton Regl Med	5.00%		11/1/2022	NR			700		752,626
SC Jobs EDA–Hampton Regl Med	5.00%		11/1/2023	NR			740		797,727
SE Port Auth–Memorial Hlth	5.00%		12/1/2022	BB-	^(c)		400		417,892
St Paul Hsg–Healtheast	5.25%		11/15/2028	A+			650		705,139
Tarrant Co Cultural–Buckingham Sr Lvg	4.50%		11/15/2021	BB	^(c)		1,220		1,219,536
Tarrant Co Cultural–Buckner	3.875%		11/15/2022	NR			410		410,275
Tempe IDA–ASU Mirabella^†	4.00%		10/1/2023	NR			825		828,308
Tulsa Co Industrial Auth–Montereau	5.00%		11/15/2023	BBB-	^(c)		230		255,870
WA HFC–Lea Hill Proj^†	3.20%		7/1/2021	NR			500		499,065
WI Hlth & Ed–American Baptist	3.50%		8/1/2022	NR			750		753,052
WI Hlth & Ed–Tomah Hosp	2.65%		11/1/2020	NR			1,125		1,113,086
WI PFA–Bancroft Neurohealth^†	4.00%		6/1/2020	NR			635		654,088
Total									46,805,137

Housing 1.84%
MA DFA–Newbridge^†	3.50%		10/1/2022	BB+	^(c)		600		616,596
Montgomery Co Hsg	4.00%		7/1/2048	Aa2			975		1,032,496
NC Hsg Fin Agy	4.00%		7/1/2047	AA			985		1,042,839
NYC IDA–Yankee Stadium (FGIC)	2.891% (CPI Based	)^#	3/1/2021	Baa1			480		476,933
PA Hsg Fin Auth AMT	4.00%		4/1/2039	NR			1,085		1,136,266
Total									4,305,130

Lease Obligations 2.27%
KY Ppty & Bldgs Commn–Proj #112	5.00%		11/1/2024	A1			1,000		1,138,390
NJ EDA–Sch Facs	5.00%		12/15/2019	BBB+			700		731,668

100	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

				Credit
				Rating:		Principal
	Interest		Maturity	S&P or		Amount		Fair
Investments	Rate		Date	Moody’s			(000)		Value
Lease Obligations (continued)
NJ EDA–Sch Facs	5.00%		9/1/2020	BBB+		$	405	$	428,053
NJ EDA–Sch Facs	5.00%		6/15/2022	Baa1			100		107,710
NJ EDA–Sch Facs	5.00%		3/1/2023	BBB+			1,355		1,468,197
NJ EDA–Sch Facs	5.00%		6/15/2023	BBB+			1,015		1,103,863
NJ EDA–Sch Facs	5.50%		9/1/2021	BBB+			320		343,891
Total									5,321,772

Other Revenue 7.41%
Arlington Hi Ed Fin Corp–Newman Intl Acad	4.375%		8/15/2026	NR			250		246,460
CA Muni Fin–Northbay Hlthcare	5.00%		11/1/2023	BBB-			450		500,049
CA Stwde–So Cal Edison	2.625%	^#(a)	11/1/2033	Aa3			1,000		1,006,540
Central Plains–Goldman Sachs	5.25%		12/1/2021	A3			595		657,600
Chester Co IDA–Collegium Charter Sch	3.70%		10/15/2022	NR			1,000		1,000,820
Cleveland Arpt	5.00%		1/1/2029	A-			1,020		1,099,958
FL Charter Foundation^†	4.00%		7/15/2026	NR			930		909,410
FL DFC–Renaissance Chtr Sch^†	5.00%		6/15/2025	NR			145		149,678
FL DFC–Renaissance Chtr Sch	7.625%		6/15/2041	BB	^(c)		250		274,660
Florence Twn IDA–Legacy Trad Sch	5.00%		7/1/2023	Ba1			200		210,544
Houston HI Ed–Cosmos Fndtn	4.00%		2/15/2022	BBB			500		516,540
Houston Hi Ed–Cosmos Fndtn	5.875%		5/15/2021	BBB			540		572,335
Houston HI Ed–Cosmos Fndtn	6.50%		5/15/2031	BBB			750		851,707
Lowndes Co Poll Ctl–Weyerhaeuser	6.80%		4/1/2022	BBB			2,200		2,522,322
Main St Nat Gas–Ml	5.00%		3/15/2022	A-			1,050		1,150,212
Maricopa Co IDA–Paradise Schools^†	2.875%		7/1/2021	BB+			500		498,070
Phoenix IDA–Basis Schs^†	3.00%		7/1/2020	BB			170		168,574
Phoenix IDA–Legacy Tradtl Schs^†	3.00%		7/1/2020	Ba1			260		258,206
Plymouth Ed Ctr Charter Sch	5.125%		11/1/2018	B-			365		351,899	^(d)
PR Elec Pwr Auth^(e)	5.00%		7/1/2018	Ca			50		19,375
Salt Verde AZ Fin Corp Gas Rev Sr	5.25%		12/1/2023	BBB+			190		215,376
TEAC–Goldman Sachs	5.00%		2/1/2023	BBB+			125		138,465
TEAC–Goldman Sachs	5.25%		9/1/2022	A3			1,770		1,972,842
TEAC–Goldman Sachs	5.25%		9/1/2023	A3			375		423,840
TX Muni Gas Acq & Supply–Macquarie	5.00%		12/15/2026	A3			350		386,270
TX Muni Gas Acq & Supply–Macquarie	5.00%		12/15/2027	A3			250		275,210
TX Muni Gas Acq & Supply–ML	5.25%		12/15/2020	A-			395		426,940
UT Charter Sch Fin Auth–Freedom Academy^†	3.625%		6/15/2021	NR			375		373,920
Yonkers EDC–Charter Sch Ed Excellence	6.00%		10/15/2030	BB+			185		193,011
Total									17,370,833

See Notes to Financial Statements.

101

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Special Tax 2.67%
Allentown Neighborhood Impt^†		5.00%		5/1/2022	Ba1	$	1,005	$	1,088,415
Anne Arundel Co–Natl Business Pk		6.10%		7/1/2040	NR		100		102,346
Celebration Pointe CDD^†		4.00%		5/1/2022	NR		350		356,289
Nthrn Palm Bch Co Impt Dist		3.25%		8/1/2022	NR		765		769,575
NYC IDA–Yankee Stadium (FGIC)	2.951% (CPI Based		)^#	3/1/2026	Baa1		300		291,270
Plaza Met Dist #1^†		5.00%		12/1/2018	NR		1,500		1,527,165
Scranton RDA GTD		5.00%		11/15/2021	BB+		500		517,340
Scranton RDA GTD		5.00%		11/15/2028	BB+		255		259,554
Southlands Met Dist #1		3.00%		12/1/2022	Ba1		200		199,822
Sparks Tourism Impt Dist^†		6.75%		6/15/2028	Ba3		150		150,788
Village CDD #12		2.875%		5/1/2021	NR		500		506,260
Village CDD #12^†		3.25%		5/1/2023	NR		500		501,515
Total									6,270,339

Tax Revenue 2.44%
Casino Reinv Dev Auth		5.00%		11/1/2020	BBB+		520		553,992
Casino Reinv Dev Auth		5.00%		11/1/2022	BBB+		350		383,649
Garden St Preservation Trust TCRS (BAM)		5.00%		11/1/2021	AA		300		325,725
Gtr Wenatchee Regl Events Ctr		4.125%		9/1/2021	NR		485		495,122
Met Pier & Expo Auth–McCormick Place		5.00%		12/15/2020	BB+		240		253,692
Met Pier & Expo Auth–McCormick Place		5.00%		12/15/2022	BB+		1,075		1,154,389
Met Pier & Expo Auth–McCormick Place		5.00%		12/15/2022	BB+		1,110		1,113,130
Met Pier & Expo Auth–McCormick Place (NPFGC) (FGIC)		5.50%		12/15/2023	Baa2		390		431,184
Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC)		Zero Coupon		6/15/2018	NR		385		383,749
Met Pier & Expo Auth–McCormick Place (NPFGC)(FGIC)		Zero Coupon		6/15/2018	BB+		10		9,944
NJ EDA–Cigarette Tax		5.00%		6/15/2021	BBB+		500		538,995
PR Corp Sales Tax^(e)		5.00%		8/1/2022	Ca		100		58,750
PR Corp Sales Tax^(e)		5.50%		8/1/2023	Ca		125		29,687
Total									5,732,008

Tobacco 8.78%
Buckeye Tobacco		5.125%		6/1/2024	B-		5,125		5,023,986
Buckeye Tobacco		5.375%		6/1/2024	B-		2,310		2,285,398
CA Co Tobacco Sec–LA Co		5.45%		6/1/2028	B2		1,000		1,013,380

102	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

				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	NR	$	265	$	265,095
Inland Empire Tobacco	5.75%		6/1/2026	NR		265		275,115
MI Tob Settlement	5.125%		6/1/2022	B-		1,190		1,189,976
MI Tob Settlement	5.25%		6/1/2022	B-		40		40,001
Nassau Co Tobacco	5.25%		6/1/2026	B-		475		475,067
NJ EDA–Cigarette Tax	5.00%		6/15/2022	BBB+		950		1,039,728
PA Tob Settlement	5.00%		6/1/2023	A1		760		838,645
SD Edu Enhancement Fding Corp	5.00%		6/1/2024	A		775		860,707
Suffolk Tobacco Asset Sec Corp	5.375%		6/1/2028	NR		2,010		2,009,899
Tobacco Settlement Fin Corp NJ	4.625%		6/1/2026	BBB		2,245		2,246,931
TSASC	5.00%		6/1/2022	BB+		1,250		1,347,575
Westchester Tobacco Asset Sec Corp	5.00%		6/1/2022	A		1,500		1,677,495
Total								20,588,998

Transportation 8.52%
AL Port Auth AMT (AGM)	5.00%		10/1/2023	AA		520		578,167
Chicago GO	4.00%		1/1/2019	BBB+		180		183,141
Chicago Water	5.00%		11/1/2020	A		305		325,807
Foothill / Eastern Corridor Toll Rd	5.50%	^#(a)	1/15/2053	BBB-		500		564,455
Houston Arpt–Continental Airlines AMT	4.75%		7/1/2024	BB-		1,000		1,097,630
Houston Arpt–Continental Airlines AMT	4.50%		7/1/2020	BB-		450		470,713
Houston Arpt–Continental Airlines AMT	5.00%		7/15/2020	BB-		2,000		2,114,800
MA Port Auth–Delta Airlines AMT (AMBAC)	3.438% (Auction Rate Based	)^#	1/1/2031	NR		1,000		992,570
MA Port Auth–Delta Airlines AMT (AMBAC)	5.20%		1/1/2020	NR		35		35,485
MD EDC–CNX Consol Energy	5.75%		9/1/2025	BB-		1,435		1,503,220
MD EDC–Maryland Port	5.125%		6/1/2020	NR		475		502,084
NC Tpk Auth–Triangle Exprs (AGM)	5.00%		1/1/2024	AA		1,540		1,742,125
NJ EDA–Port Newark AMT	5.00%		10/1/2021	Ba1		1,000		1,081,410
NY Trans Dev Corp–American Airlines AMT	5.00%		8/1/2019	BB-		1,100		1,136,971
NY Trans Dev Corp–TOGA AMT	5.00%		1/1/2021	Baa1		500		537,625
NY Trans Dev Corp–TOGA AMT	5.00%		1/1/2022	Baa1		940		1,025,578
PA Econ Dev–Rapid Bridge AMT	5.00%		6/30/2019	BBB		330		341,616
PA Econ Dev–Rapid Bridge AMT	5.00%		6/30/2021	BBB		80		86,395
PA Econ Dev–Rapid Bridge AMT	5.00%		12/31/2025	BBB		570		648,232
Port Auth NY & NJ–JFK IAT	5.00%		12/1/2020	Baa1		3,000		3,142,080
PR Hwy & Trans Auth^(f)	5.50%		7/1/2024	C		45		8,663
PR Hwy & Trans Auth (AGC)	4.00%		7/1/2020	AA		225		227,642


	See Notes to Financial Statements.	103

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

					Credit
					Rating:	Principal
		Interest		Maturity	S&P or	Amount		Fair
Investments		Rate		Date	Moody’s	(000)		Value
Transportation (continued)
PR Hwy & Trans Auth (AGC)		5.25%		7/1/2019	AA	$	75	$	77,561
Regional Trans Dist–Denver Trans		5.375%		7/15/2025	Baa3		980		1,043,239
Regional Trans Dist–Denver Trans		6.00%		1/15/2026	Baa3		470		509,762
Total									19,976,971

Utilities 7.34%
Burke Co Dev–Oglethorpe Power		3.00%	^#(a)	11/1/2045	A-		1,500		1,482,660
Chicago Wastewater		5.00%		1/1/2023	A		370		408,510
CO Public Auth–ML		6.125%		11/15/2023	A-		1,855		2,170,276
Detroit Sewer		5.00%		7/1/2022	A-		235		258,211
Farmington Poll Ctl–NM Pub Svc		2.125%	^#(a)	6/1/2040	BBB+		500		492,430
Jefferson Co Sewer		5.00%		10/1/2021	BBB-		1,300		1,399,515
KY Muni Pwr–Prarie State Proj^(e)		3.45%	^#(a)	9/1/2042	A-		850		850,459
NM Muni Energy Acq Auth–RBC	1.865% (1 Mo. LIBOR * .67 + .75%		)^#	11/1/2039	A1		750		750,352
Pima Co IDA–Tucson Elec		4.95%		10/1/2020	A-		595		638,405
PR Elec Pwr Auth^(f)		4.10%		7/1/2019	Ca		240		93,000
PR Elec Pwr Auth^(f)		4.25%		7/1/2020	Ca		320		124,000
PR Elec Pwr Auth (AGM)		5.00%		7/1/2024	AA		145		145,341
PR Elec Pwr Auth (NPFGC)(FGIC)		4.00%		7/1/2018	Baa2		400		399,452
PR Elec Pwr Auth (NPFGC)(FGIC)		5.00%		7/1/2019	Baa2		645		648,051
PR Elec Pwr Auth (NPFGC)(FGIC)		5.00%		7/1/2021	Baa2		100		100,000
SC Pub Svc Auth–Santee Cooper		5.00%		12/1/2023	A+		1,090		1,221,966
TEAC–Goldman Sachs		5.00%		2/1/2020	BBB+		480		505,618
TEAC–Goldman Sachs		5.00%		2/1/2022	BBB+		1,190		1,301,098
TEAC–Goldman Sachs		5.25%		9/1/2021	A3		440		483,710
TX Muni Gas Acq & Supply–Macquarie		5.00%		12/15/2021	A3		1,070		1,172,270
TX Muni Gas Acq & Supply–ML		5.25%		12/15/2018	A-		865		885,518
TX Muni Gas Acq & Supply–ML		5.25%		12/15/2022	A-		1,515		1,696,467
Total									17,227,309
Total Municipal Bonds (cost $230,283,322)									231,367,409


104	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND March 31, 2018

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(f)

Date

Moody’s

(000)

Value

SHORT-TERM INVESTMENT 0.14%

Variable Rate Demand Notes 0.14%

Utilities

NYC Muni Water
(cost $325,000)

1.81%

4/2/2018

8/1/2022

AAA

325

325,000

Total Investments in Securities 98.77% (cost $230,608,322)

231,692,409

Cash and Other Assets in Excess of Liabilities 1.23%

2,880,188

Net Assets 100.00%

234,572,597

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds
Other Revenue	$	–	$	17,018,934	$	351,899	$	17,370,833
Remaining Industries		–		213,996,576		–		213,996,576
Variable Rate Demand Notes		–		325,000		–		325,000
Total	$	–	$	231,340,510	$	351,899	$	231,692,409


	⁽¹⁾	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with valuation technique utilized.
	⁽³⁾	There were no Level 1/Level 2 transfers during the period ended March 31, 2018.

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

	Municipal Bonds
Balance as of October 1, 2017		$	619,112
Accrued Discounts (Premiums)			78,477
Realized Gain (Loss)			173,999
Change in Unrealized Appreciation (Depreciation)			(169,689	)
Purchases			–
Sales			(350,000	)
Transfers into Level 3			–
Transfers out of Level 3			–
Balance as of March 31, 2018		$	351,899
Change in unrealized appreciation/depreciation for period ended March 31, 2018, related to Level 3 investments held at March 31, 2018		$	(169,689	)


	See Notes to Financial Statements.	105

Schedule of Investments (unaudited)

CALIFORNIA TAX FREE FUND March 31, 2018

				Credit Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
MUNICIPAL BONDS 98.67%

Corporate-Backed 0.86%
CA Poll Ctl–Poseidon Res AMT^†	5.00%		11/21/2045	Baa3	$	1,020	$	1,087,269
CA Poll Ctl–Waste Mgmt AMT	3.25%	^#(a)	12/1/2027	A-		1,500		1,570,890
Total								2,658,159

Education 5.32%
CA Dev Auth–Culinary Institute	5.00%		7/1/2036	Baa2		400		445,048
CA Dev Auth–Culinary Institute	5.00%		7/1/2041	Baa2		380		420,782
CA Dev Auth–Culinary Institute	5.00%		7/1/2046	Baa2		425		469,009
CA Ed Facs–Chapman Univ	4.00%		4/1/2047	A2		500		513,700
CA Ed Facs–Chapman Univ	5.00%		4/1/2040	A2		1,000		1,101,470
CA Ed Facs–Santa Clara Univ	4.00%		4/1/2048	NR		1,205		1,261,659
CA Ed Facs–Santa Clara Univ	5.00%		4/1/2039	Aa3		1,000		1,132,760
CA Ed Facs–Univ of Redlands	5.00%		10/1/2038	A3		1,000		1,127,590
CA Fin Auth–Biola Univ	5.00%		10/1/2029	Baa1		330		365,142
CA Fin Auth–Univ of San Diego	5.00%		10/1/2029	A1		2,225		2,487,194
CA MFA–Univ of La Verne	5.00%		6/1/2043	A3		1,000		1,131,730
CA Muni Fin–Biola Univ	5.00%		10/1/2032	Baa1		400		466,388
CA Sch Fin Auth–Green Dot Schs^†	5.00%		8/1/2045	NR		500		531,785
CA Sch Fin Auth–KIPP LA^†	5.00%		7/1/2045	BBB		540		585,295
Ripon USD (BAM)	5.50%		8/1/2043	AA		1,000		1,171,930
Univ of CA	5.00%		5/15/2037	AA-		720		791,755
Univ of CA	5.25%		5/15/2047	AA		2,000		2,384,700
Total								16,387,937

General Obligation 20.42%
Banning Unified Sch Dist (AGM)	5.25%		8/1/2042	AA		1,115		1,312,790
CA Hlth Facs–Sutter Hlth	5.00%		11/15/2048	AA-		1,000		1,139,070
CA State GO	4.00%		11/1/2047	NR		1,500		1,566,765
CA State GO	4.00%		9/1/2035	AA-		1,000		1,059,320
CA State GO	5.00%		9/1/2029	AA-		485		534,087
CA State GO	5.00%		2/1/2032	AA-		2,000		2,195,940
CA State GO	5.00%		9/1/2032	AA-		1,500		1,756,770
CA State GO	5.00%		2/1/2033	AA-		1,000		1,097,200
CA State GO	5.00%		8/1/2038	AA-		1,565		1,804,038
CA State GO	5.25%		10/1/2029	AA-		1,500		1,580,295
CA State GO	5.25%		8/1/2032	AA-		2,500		2,941,175
CA State GO	5.25%		10/1/2032	AA-		4,000		4,446,680

106	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2018

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s			(000)		Value
General Obligation (continued)
CA State GO	5.25%	4/1/2035	AA-		$	3,000	$	3,357,810
CA State GO	5.25%	10/1/2039	Aa3			500		584,470
CA State GO	5.50%	3/1/2040	AA-			2,000		2,137,580
CA State GO	6.50%	4/1/2033	AA-			3,500		3,669,960
Centinela UHSD (BAM)	4.00%	8/1/2052	AA			1,615		1,665,727
Grossmont UHSD	5.00%	8/1/2043	Aa2			1,250		1,379,325
Grossmont UHSD (AGM)	Zero Coupon	6/1/2040	AA			2,000		729,740
Imperial Unified Sch Dist (BAM)	5.25%	8/1/2043	AA			2,000		2,363,680
Irvine USD–Spl Tax (BAM)	5.00%	9/1/2038	AA			1,000		1,104,260
Los Angeles USD	5.00%	7/1/2029	Aa2			2,225		2,316,091
Los Angeles USD	5.00%	7/1/2030	Aa2			1,000		1,156,180
Marin Healthcare Dist	4.00%	8/1/2040	Aa2			1,000		1,043,870
Mt. San Jacinto CCD	4.00%	8/1/2037	Aa1			1,000		1,064,410
New Haven USD (BAM)	5.00%	8/1/2028	AA			1,000		1,137,910
Newport-Mesa USD	Zero Coupon	8/1/2045	Aaa			2,000		679,520
PR Comwlth GO^(e)	6.00%	7/1/2039	Ca			2,000		900,000
San Francisco Arpt AMT	5.25%	5/1/2042	A+			1,000		1,160,370
San Francisco CCD	5.00%	6/15/2028	Aa3			1,000		1,175,280
San Gorgonio Mem Hlthcare Dist	5.00%	8/1/2032	A3			1,000		1,107,760
San Leandro Unified Sch Dist (BAM)	5.25%	8/1/2046	AA			1,750		2,054,220
Santa Barbara Unified Sch Dist	4.00%	8/1/2036	Aa2			750		808,703
Simi Valley GO	4.00%	8/1/2046	Aa3			1,065		1,104,448
Stockton USD	5.00%	8/1/2031	A+			2,000		2,307,300
Sweetwater UHSD (BAM)	5.00%	8/1/2027	AA			1,000		1,139,790
West Contra Costa USD	6.00%	8/1/2027	AA-			1,000		1,307,030
Yosemite CCD	Zero Coupon	8/1/2042	Aa2			5,555		4,032,041
Total								62,921,605

Health Care 15.41%
Abag Fin Auth–Episcopal Senior	5.00%	7/1/2032	A-	^(c)		1,060		1,142,097
Abag Fin Auth–Eskaton Pptys	5.00%	11/15/2035	BBB			1,000		1,092,370
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2022	AA			110		122,486
Abag Fin Auth–Sharp Hlthcare	5.00%	8/1/2043	AA			1,000		1,105,020
Antelope Valley Hlth	5.25%	3/1/2036	Ba3			1,000		1,072,100
CA Hlth–Childrens Hsp Los Angeles	5.00%	8/15/2047	BBB+			1,000		1,112,960
CA Hlth–Childrens Hsp Los Angeles	5.00%	11/15/2029	BBB+			1,000		1,095,990
CA Hlth–Childrens Hsp Orange Co	5.25%	11/1/2035	A+			2,000		2,222,580
CA Hlth–Dignity Hlth	5.50%	7/1/2025	A			1,250		1,262,638

See Notes to Financial Statements.

107

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2018

			Credit
			Rating:		Principal
	Interest	Maturity	S&P or		Amount		Fair
Investments	Rate	Date	Moody’s			(000)		Value
Health Care (continued)
CA Hlth–Rady Childrens Hsp	5.50%	8/15/2033	Aa3		$	2,000	$	2,210,920
CA Hlth–Sutter Hlth^(d)	4.00%	11/15/2042	AA-			1,000		1,028,130
CA Hlth–Sutter Hlth	5.50%	8/15/2026	AA-			2,000		2,176,000
CA Hlth Auth–Cedars-Sinai Med Ctr	5.00%	8/15/2034	Aa3			1,000		1,159,010
CA Hlth Facs–Kaiser Permanente	5.00%	11/1/2047	AA-			1,000		1,299,180
CA Hlth Facs–Lucile Packard	5.00%	11/15/2056	A+			1,500		1,701,990
CA Muni Fin–Channing House Pjt	5.00%	5/15/2047	AA-			2,000		2,278,600
CA Muni Fin–Cmnty Med Ctrs	5.00%	2/1/2040	A-			500		548,995
CA Muni Fin–Retirement Hsg Foundation	5.00%	11/15/2031	NR			750		911,010
CA Muni Fin–Retirement Hsg Foundation	5.00%	11/15/2032	NR			250		305,150
CA Muni Fin–Senior Cartias Pjt	4.00%	8/15/2037	BBB			1,000		1,013,240
CA PFA–Sharp Healthcare	4.00%	8/1/2047	AA			1,000		1,023,660
CA Statewide–Beverly	5.00%	2/1/2035	BBB-			1,250		1,380,412
CA Stwde–American Baptist	5.00%	10/1/2045	BBB+	^(c)		1,000		1,092,620
CA Stwde–Daughters of Charity	5.50%	7/1/2039	CCC			460		460,028
CA Stwde–Henry Mayo Mem Hsp (AGM)	5.25%	10/1/2043	AA			775		863,172
CA Stwde–Loma Linda Univ Med Ctr	5.25%	12/1/2034	BB			2,000		2,186,380
CA Stwde–Loma Linda Univ Med Ctr	5.50%	12/1/2054	BB			1,010		1,099,001
CA Stwde–So Cal Presbyterian^†	7.00%	11/15/2029	BBB+	^(c)		1,000		1,075,300
Eisenhower Med Ctr	5.00%	7/1/2042	Baa2			1,000		1,112,530
La Verne COP–Brethren Hillcrest Homes	5.00%	5/15/2029	BBB-	^(c)		635		677,208
Palomar Hlth	5.00%	11/1/2039	BBB-			1,450		1,585,198
Palomar Hlth	5.00%	11/1/2042	BBB-			1,000		1,092,200
San Buenaventura–Cmnty Mem Hlth	8.00%	12/1/2031	BB+			2,000		2,294,740
Univ of CA	4.00%	5/15/2047	AA-			1,000		1,036,330
Univ of CA	5.00%	5/15/2052	AA-			1,000		1,159,330
Upland COP–San Antonio Cmnty Hsp	5.00%	1/1/2028	BBB+			500		575,715
Upland COP–San Antonio Cmnty Hsp	5.00%	1/1/2047	BBB+			500		557,945
Upland COP–San Antonio Cmnty Hsp	6.00%	1/1/2026	BBB+			2,000		2,226,160
Whittier Hlth Fac–Presbyterian Intercmnty Hsp	5.75%	6/1/2029	A			1,000		1,109,420
Total								47,467,815

Housing 2.26%
CA Muni Fin–Azusa Pacific Univ	5.00%	4/1/2041	Baa3			1,000		1,071,830
CA Muni Fin–Caritas Affordable Hsg	5.00%	8/15/2030	BBB+			1,000		1,097,050
CA Muni Fin–UC Berkeley Hsg	5.00%	6/1/2050	Baa3			500		540,865
CA Stwde–CHF-Irvine LLC	5.00%	5/15/2035	Baa1			1,000		1,121,660

108	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2018

			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%	5/15/2040	Baa1	$	1,355	$	1,507,600
CA Stwde–CHF-Irvine LLC	5.125%	5/15/2031	Baa1		1,500		1,609,845
Total							6,948,850

Lease Obligations 4.50%
CA Pub Wks–Judicial Council	5.00%	12/1/2028	A+		1,000		1,100,170
CA Pub Wks–Lease Rev	3.00%	9/1/2030	A+		1,500		1,481,565
CA Pub Wks–Lease Rev	5.00%	10/1/2029	A+		1,000		1,191,500
CA Pub Wks–State Prisons	5.75%	10/1/2031	A+		2,000		2,247,600
CA Pub Wks–Various Cap Proj	5.00%	4/1/2037	A+		1,000		1,097,670
San Diego PFA–Master Lease	5.25%	9/1/2035	AA-		1,220		1,312,561
San Mateo Jt Pwrs Fin Auth	5.25%	7/15/2026	AA+		3,000		3,184,590
Santa Ana USD COP (AGM)	Zero Coupon	4/1/2019	AA		2,295		2,254,241
Total							13,869,897

Other Revenue 3.60%
Abag Fin Auth–Windemere Ranch (AGM)	5.00%	9/2/2029	AA		1,000		1,180,020
CA Infra & Econ Dev–Acad Motion Pict	5.00%	11/1/2041	Aa2		1,010		1,122,332
CA Infra & Econ Dev–Gladstone Inst	5.25%	10/1/2034	A-		2,000		2,187,160
CA Infra & Econ Dev–Walt Disney Museum	4.00%	2/1/2035	A+		1,000		1,047,910
CA Muni Fin–American Heritage	5.00%	6/1/2036	BBB-		1,000		1,091,540
CA Muni Fin–Oceaa	6.75%	10/1/2028	NR		1,175		1,182,403
CA Sch Fin Auth–Aspire^†	5.00%	8/1/2046	BBB		1,000		1,074,750
CA Sch Fin Auth–KIPP LA	5.00%	7/1/2034	BBB		600		654,630
MSR Energy Auth–Citi	6.125%	11/1/2029	BBB+		1,250		1,550,662
Total							11,091,407

Special Tax 7.10%
Brentwood Infra Fin Auth	5.00%	9/2/2036	NR		500		555,780
CA Reassmt Dist 15/2 Irvine	5.00%	9/2/2028	NR		1,000		1,137,730
CA Reassmt Dist 17/1 Orange	5.00%	9/2/2029	A		400		487,488
Inland Valley Redev Agy	5.25%	9/1/2037	A-		1,325		1,479,270
Irvine CFD–Great Park	5.00%	9/1/2044	NR		500		541,230
Irvine USD–Spl Tax	5.00%	3/1/2057	NR		1,000		1,099,150
Lake Elsinore PFA	5.00%	9/1/2035	NR		1,000		1,107,460
Orange Co CFD	5.25%	8/15/2045	NR		1,000		1,113,420
Poway USD PFA (BAM)	5.00%	9/1/2035	AA		1,800		2,024,856
Roseville CFD–Westpark	5.00%	9/1/2031	NR		1,000		1,124,210
San Clemente Cmnty Facs	5.00%	9/1/2040	NR		985		1,069,306

See Notes to Financial Statements.

109

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2018

			Credit
			Rating:	Principal
	Interest	Maturity	S&P or	Amount		Fair
Investments	Rate	Date	Moody’s		(000)		Value
Special Tax (continued)
San Diego Redev Agy–No Pk Redev	7.00%	11/1/2039	A	$	1,000	$	1,083,950
San Francisco Redev–Mission Bay North	6.75%	8/1/2041	A-		1,000		1,137,920
San Francisco Redev–Mission Bay South	6.625%	8/1/2039	BBB+		1,500		1,597,365
San Francisco Redev–Mission Bay South (NPFGC)	5.00%	8/1/2043	A-		1,100		1,241,130
San Mateo CFD–Bay Meadows	5.50%	9/1/2044	NR		500		546,515
Santa Cruz Redev Agy–Live Oak	6.625%	9/1/2029	NR		500		534,400
Santa Cruz Redev Agy–Live Oak	7.00%	9/1/2036	NR		500		537,005
Temecula Vly USD Fin Auth (BAM)	5.00%	9/1/2035	AA		1,505		1,678,647
Union City Redev Agy–Tax Alloc	6.875%	12/1/2033	A+		1,510		1,777,345
Total							21,874,177

Tax Revenue 1.46%
PR Corp Sales Tax^(e)	5.00%	8/1/2024	Ca		1,000		237,500
PR Corp Sales Tax^(e)	5.25%	8/1/2041	Ca		1,525		362,187
San Jose Spl Tax–Conv Ctr	6.125%	5/1/2031	A		1,000		1,122,200
Sonoma Marin Area Rail Rmkt	5.00%	3/1/2029	AA		1,500		1,657,140
Tustin CFD 06–1-Tust Leg/Colum Vil	5.00%	9/1/2037	BBB+		1,000		1,131,990
Total							4,511,017

Tobacco 5.30%
CA Statewide Fin Auth–Tobacco
Settlement	Zero Coupon	6/1/2046	NR		5,000		798,800
Golden St Tobacco	Zero Coupon	6/1/2047	CCC+		2,700		379,512
Golden St Tobacco	5.00%	6/1/2029	BBB		1,000		1,135,960
Golden St Tobacco	5.00%	6/1/2033	B+		1,050		1,051,050
Golden St Tobacco	5.00%	6/1/2035	A+		1,000		1,135,570
Golden St Tobacco	5.125%	6/1/2047	B-		2,000		2,000,020
Golden St Tobacco	5.75%	6/1/2047	B3		2,355		2,368,918
Inland Empire Tobacco^†	Zero Coupon	6/1/2057	NR		3,000		127,950
Inland Empire Tobacco	5.00%	6/1/2021	NR		950		950,342
LA Cnty Tobacco	5.70%	6/1/2046	B2		1,070		1,074,034
LA Co Tobacco	Zero Coupon	6/1/2046	NR		2,140		252,477
Nthrn CA Tobacco	5.50%	6/1/2045	B-		1,115		1,115,011
San Diego Tobacco Settlement	4.00%	6/1/2032	BBB		1,000		1,012,500
Silicon Valley Tobacco	Zero Coupon	6/1/2041	NR		5,000		1,306,250
Silicon Valley Tobacco	Zero Coupon	6/1/2056	NR		2,000		116,100
Sthrn CA Tobacco	Zero Coupon	6/1/2046	CCC		2,500		391,850
Sthrn CA Tobacco	Zero Coupon	6/1/2046	CCC		2,500		311,825

110	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2018

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Tobacco (continued)
Sthrn CA Tobacco	5.00%		6/1/2037	BB+	$	805	$	806,844
Total								16,335,013

Transportation 19.71%
Alameda Corridor Trsp Auth	5.00%		10/1/2036	BBB+		1,500		1,679,295
Alameda Corridor Trsp Auth	5.00%		10/1/2037	BBB+		2,000		2,234,380
Alameda Corridor Trsp Auth (AGM)	5.00%		10/1/2029	AA		1,425		1,608,397
Bay Area Toll Auth	4.00%		4/1/2038	AA-		2,000		2,100,240
Bay Area Toll Auth	5.00%		4/1/2056	AA		2,000		2,259,420
Foothill / Eastern Corridor Toll Rd	Zero Coupon		1/15/2033	BBB-		1,500		812,565
Foothill / Eastern Corridor Toll Rd	3.95%	^#(a)	1/15/2053	BBB-		2,000		2,001,440
Foothill / Eastern Corridor Toll Rd	5.50%	^#(a)	1/15/2053	BBB-		250		282,228
Foothill / Eastern Corridor Toll Rd	5.75%		1/15/2046	BBB-		1,835		2,103,112
Foothill / Eastern Corridor Toll Rd	6.00%		1/15/2049	BBB-		4,285		5,022,234
Foothill / Eastern Corridor Toll Rd	6.00%		1/15/2053	BBB-		3,060		3,579,343
Long Beach Harbor AMT	5.00%		5/15/2028	AA		1,000		1,162,040
Long Beach Harbor AMT	5.00%		5/15/2043	AA		1,000		1,137,930
Los Angeles Dept Arpts–LAX AMT	5.00%		5/15/2041	AA		1,000		1,111,030
Los Angeles Dept Arpts–LAX AMT	5.00%		5/15/2045	AA		1,195		1,324,478
Los Angeles Dept Arpts–LAX AMT	5.00%		5/15/2046	AA-		1,000		1,121,660
Los Angeles Dept Arpts–LAX AMT	5.25%		5/15/2048	AA-		2,000		2,336,820
Los Angeles Harbor AMT	5.00%		8/1/2036	AA		1,000		1,119,950
Port Oakland AMT	5.125%		5/1/2031	A+		1,250		1,352,000
Riverside Co Trsp Commn	Zero Coupon		6/1/2028	BBB-		1,000		679,440
Riverside Co Trsp Commn	5.75%		6/1/2048	BBB-		1,500		1,670,010
Sacramento Co Arpt	5.00%		7/1/2041	A-		1,130		1,278,945
San Diego Arpt AMT	5.00%		7/1/2027	A+		1,000		1,114,320
San Diego Arpt AMT	5.00%		7/1/2047	NR		2,000		2,251,920
San Francisco Arpt AMT	5.00%		5/1/2027	A+		1,430		1,550,721
San Francisco Arpt AMT	5.00%		5/1/2040	A+		1,500		1,657,620
San Francisco Arpt AMT	5.00%		5/1/2046	A+		2,500		2,793,500
San Francisco Muni Trans Agy	4.00%		3/1/2042	AA		1,125		1,181,790
San Francisco Port AMT	5.00%		3/1/2030	A1		1,415		1,563,179
San Joaquin Hills Trsp Corridor	5.00%		1/15/2029	BBB		1,000		1,123,840
San Joaquin Hills Trsp Corridor	5.00%		1/15/2034	BBB		180		198,684
San Joaquin Hills Trsp Corridor	5.00%		1/15/2050	BBB		4,585		4,979,539
San Jose Arpt AMT	5.00%		3/1/2047	NR		2,380		2,660,864
San Jose Arpt AMT	6.25%		3/1/2034	A2		1,500		1,678,470
Total								60,731,404

See Notes to Financial Statements.

111

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2018

				Credit
				Rating:	Principal
	Interest		Maturity	S&P or	Amount		Fair
Investments	Rate		Date	Moody’s		(000)		Value
Utilities 12.73%
Adelanto Util Sys (AGM)	5.00%		7/1/2039	AA	$	500	$	572,800
Atwater CA–Wastewater AMT (AGM)	5.00%		5/1/2040	AA		1,000		1,134,910
Casitas Muni Water Dist (BAM)	5.25%		9/1/2047	AA		1,500		1,762,800
Chula Vista IDR–San Diego G & E Rmkt	5.875%		1/1/2034	Aa2		1,000		1,045,880
El Dorado Irrigation Dist (AGM)	5.25%		3/1/2039	AA		750		851,197
Guam Pwr Auth (AGM)	5.00%		10/1/2034	AA		705		770,967
Guam Waterworks Auth	5.50%		7/1/2043	A-		525		574,093
Long Beach Nat Gas–ML	2.662% (3 Mo. LIBOR * .67 + 1.43%	)^#	11/15/2026	A-		1,000		1,009,300
Long Beach Nat Gas–ML	5.25%		11/15/2020	A-		1,505		1,629,057
Long Beach Nat Gas–ML	5.50%		11/15/2030	A-		400		491,596
Long Beach Nat Gas–ML	5.50%		11/15/2037	A-		2,140		2,718,934
Los Angeles DWAP–Pwr Sys	5.00%		7/1/2047	AA		1,000		1,161,250
Los Angeles DWAP–Pwr Sys	5.25%		7/1/2037	AA		1,500		1,780,665
Los Angeles DWAP–Wtr Sys	5.00%		7/1/2032	AA+		1,000		1,183,170
Los Angeles Wastewater	4.00%		6/1/2042	NR		1,500		1,583,595
Los Angeles Wastewater	5.00%		6/1/2044	AA+		1,000		1,133,500
MSR Energy Auth–Citi	6.50%		11/1/2039	BBB+		2,305		3,245,555
MSR Energy Auth–Citi	6.50%		11/1/2039	BBB+		1,000		1,408,050
MSR Energy Auth–Citi	7.00%		11/1/2034	BBB+		2,500		3,550,225
Northern CA Gas–Morgan Stanley	1.855% (3 Mo. LIBOR * .67 + .72%	)^#	7/1/2027	A3		2,000		1,948,860
Orange Co Water Dist	4.00%		8/15/2041	AAA		1,255		1,324,000
PR Elec Pwr Auth^(e)	5.25%		7/1/2024	Ca		255		98,813
PR Elec Pwr Auth^(e)	5.25%		7/1/2033	Ca		115		44,563
PR Elec Pwr Auth^(e)	7.00%		7/1/2040	Ca		450		174,375
Riverside Elec (AGM)	5.00%		10/1/2027	AA		1,000		1,016,680
Santa Maria Wtr & Wastewtr	5.00%		2/1/2027	AA-		1,000		1,105,320
Southern CA Pub Pwr Auth–Apex	5.00%		7/1/2038	AA		1,000		1,128,860
Southern CA Pub Pwr Auth–Goldman Sachs	2.658% (3 Mo. LIBOR * .67 + 1.47%	)^#	11/1/2038	A3		410		372,337
Southern CA Pub Pwr Auth–Goldman Sachs	5.00%		11/1/2033	A3		2,735		3,249,782
Stockton PFA–Wastewater (BAM)	5.00%		9/1/2029	AA		1,000		1,143,400
Total								39,214,534
Total Municipal Bonds (cost $292,656,877)								304,011,815

112	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CALIFORNIA TAX FREE FUND March 31, 2018

Interest

Credit

Rate

Final

Rating:

Principal

Interest

Reset

Maturity

S&P or

Amount

Fair

Investments

Rate^#

Date^(f)

Date

Moody’s

(000)

Value

SHORT-TERM INVESTMENT 0.62%

Variable Rate Demand Notes 0.62%

General Obligation

CA State GO
(cost $1,900,000)

1.37%

4/2/2018

5/1/2034

AA+

1,900

1,900,000

Total Investments in Securities 99.29% (cost $294,556,877)

305,911,815

Cash and Other Assets in Excess of Liabilities 0.71%

2,181,617

Net Assets 100.00%

308,093,432

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	304,011,815	$	–	$	304,011,815
Variable Rate Demand Notes		–		1,900,000		–		1,900,000
Total	$	–	$	305,911,815	$	–	$	305,911,815

	⁽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, 2018.

See Notes to Financial Statements.

113

Schedule of Investments (unaudited)

NEW JERSEY TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 98.39%

Corporate-Backed 4.71%
Gloucester Co Poll Ctl–Logan AMT	5.00%	12/1/2024	BBB-	$	250	$	270,863
NJ EDA–Continental Airlines AMT	5.25%	9/15/2029	BB-		1,425		1,556,485
NJ EDA–Continental Airlines AMT	5.50%	4/1/2028	BB-		320		320,966
NJ EDA–Continental Airlines AMT	5.50%	6/1/2033	BB-		350		389,718
NJ EDA–Goethals Brdg AMT	5.00%	7/1/2023	BBB-		70		78,075
NJ EDA–Goethals Brdg AMT	5.00%	1/1/2028	BBB-		100		110,699
NJ EDA–Goethals Brdg AMT (AGM)	5.00%	1/1/2031	AA		190		211,284
Salem Co Poll Ctl–Chambers AMT	5.00%	12/1/2023	BBB-		1,300		1,399,996
Total							4,338,086

Education 9.57%
NJ Ed Facs–Kean Univ (AGM)	5.00%	7/1/2027	AA		75		85,589
NJ Ed Facs–NJ City Univ (AGM)	5.00%	7/1/2030	AA		835		948,301
NJ Ed Facs–Princeton Univ	5.00%	7/1/2025	AAA		400		465,000
NJ Ed Facs–Rider Univ	5.00%	7/1/2047	Baa2		500		542,720
NJ Ed Facs–Stockton Univ	5.00%	7/1/2041	Baa1		800		865,592
NJ Ed Facs–William Paterson Univ (BAM)	5.00%	7/1/2027	AA		500		572,930
NJ Ed Facs–William Patterson Univ	5.00%	7/1/2024	A2		295		333,919
NJ EDA–Montclair St Univ (AGM)	5.00%	6/1/2042	AA		500		555,430
NJ Higher Ed Assistance Auth AMT	4.125%	12/1/2024	Aaa		630		656,132
NJ Higher Ed Assistance Auth AMT	5.00%	12/1/2021	Aaa		1,000		1,083,990
NJ Higher Ed Assistance Auth AMT	5.00%	12/1/2022	Aaa		750		822,982
Rutgers State Univ	5.00%	5/1/2028	Aa3		300		360,519
Rutgers State Univ	5.00%	5/1/2031	Aa3		350		404,492
Rutgers State Univ	5.00%	5/1/2034	Aa3		500		572,795
Seton Hall Univ	5.00%	7/1/2034	A-		325		365,580
Seton Hall Univ	5.00%	7/1/2036	A-		150		167,924
Total							8,803,895

General Obligation 8.67%
Atlantic City GO (AGM)	5.00%	3/1/2037	AA		500		558,600
Atlantic City GO (BAM)	5.00%	3/1/2042	AA		250		276,673
Bayonne GO (AGM)	5.00%	7/15/2023	AA		500		560,700
Essex Co Impt Auth–Covanta AMT^†	5.25%	7/1/2045	BB-		400		404,860
Hudson Co GO	5.00%	5/1/2035	AA		510		582,282
Hudson Co Impt Auth–Solid Waste GTD	5.75%	1/1/2035	Aa3		1,340		1,427,824
Jersey City GO	5.00%	11/1/2033	AA-		115		134,334

114	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
General Obligation (continued)
Jersey City GO	5.00%	11/1/2037	AA-	$	100	$	115,549
New Jersey St Various Purp	5.00%	6/1/2027	A-		185		208,932
Newark Hsg Auth–Port Newark	4.00%	1/1/2037	AA-		500		526,040
NJ Ed Facs–Seton Hall Univ	5.00%	7/1/2042	A-		400		448,360
NJ State GO	5.00%	6/1/2023	A-		350		390,673
NJ State GO	5.00%	6/1/2027	A-		680		789,976
PR Comwlth GO^(e)	5.375%	7/1/2030	Ca		1,000		435,000
PR Comwlth GO^(e)	5.625%	7/1/2032	Ca		100		43,500
Union Co Util Auth–Covanta GTD AMT	4.75%	12/1/2031	AA+		1,000		1,077,860
Total							7,981,163

Health Care 12.61%
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2030	BBB+		500		544,705
Camden Co Impt Auth–Cooper Hlth	5.00%	2/15/2032	BBB+		500		541,100
Camden Co Impt Auth–Cooper Hlth	5.75%	2/15/2042	BBB+		425		466,034
NJ EDA–Lions Gate	5.25%	1/1/2044	NR		245		251,696
NJ Hlth–AHS Hsp Corp	5.00%	7/1/2030	AA-		100		114,698
NJ Hlth–AHS Hsp Corp	5.00%	7/1/2031	AA-		100		114,286
NJ Hlth–Barnabas Hlth	4.00%	7/1/2026	A+		90		95,030
NJ Hlth–Hackensack Meridian Hlth	5.00%	7/1/2027	NR		300		354,489
NJ Hlth–Hackensack Meridian Hlth	5.00%	7/1/2029	NR		620		727,638
NJ Hlth–Hackensack Meridian Hlth	5.00%	7/1/2031	NR		600		698,862
NJ Hlth–Hackensack Meridian Hlth	5.00%	7/1/2033	NR		250		289,437
NJ Hlth–Hunterdon Med Ctr	5.00%	7/1/2034	A-		500		550,850
NJ Hlth–Inspira Hlth	5.00%	7/1/2034	A2		250		281,793
NJ Hlth–Inspira Hlth	5.00%	7/1/2042	A2		500		560,450
NJ Hlth–Princeton Hlth	5.00%	7/1/2039	Baa2		1,000		1,102,050
NJ Hlth–Robert Wood Hsp	5.25%	7/1/2028	A+		500		566,385
NJ Hlth–RWJ Barnabas	5.00%	7/1/2033	A+		1,000		1,129,490
NJ Hlth–RWJ Barnabas	5.00%	7/1/2043	A+		825		916,666
NJ Hlth–St Josephs Hlth	5.00%	7/1/2027	BBB-		100		111,796
NJ Hlth–St Josephs Hlth	5.00%	7/1/2041	BBB-		750		807,097
NJ Hlth–Trinitas Hsp	5.00%	7/1/2030	BBB		245		274,275
NJ Hlth–Univ Hosp (AGM)	5.00%	7/1/2046	AA		1,000		1,103,280
Total							11,602,107

Housing 1.16%
NJ EDA–Rowan Univ Pptys	5.00%	1/1/2035	BBB-		1,000		1,066,460

See Notes to Financial Statements.

115

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations 19.27%
Essex Co Impt Auth–Newark	6.25%	11/1/2030	Baa3		$	750	$	792,045
Gloucester Co Impt Auth–Rowan Univ (AGM)	5.00%	11/1/2029	AA			250		288,175
Gloucester Co Impt Auth–Rowan Univ (AGM)	5.00%	11/1/2030	AA			250		287,155
NJ Ed Facs–Higher Ed Cap Impt	5.00%	9/1/2024	BBB+			125		136,355
NJ Ed Facs–Higher Ed Cap Impt	5.00%	9/1/2026	BBB+			210		227,942
NJ Ed Facs–Higher Ed Cap Impt	5.00%	9/1/2033	BBB+			1,000		1,062,420
NJ Ed Facs–Higher Ed Cap Impt	5.00%	9/1/2036	BBB+			500		535,765
NJ Ed Facs–Higher Ed Cap Impt	5.50%	9/1/2033	BBB+			410		458,200
NJ EDA–Bldgs	5.00%	6/15/2047	BBB+			500		534,450
NJ EDA–Goethals Brdg AMT	5.375%	1/1/2043	BBB-			1,450		1,594,246
NJ EDA–Goethals Brdg AMT	5.625%	1/1/2052	BBB-			210		233,029
NJ EDA–Motor Vehicle Surcharge Sub Rev	5.00%	7/1/2033	BBB+			500		539,495
NJ EDA–Sch Facs	5.00%	3/1/2023	BBB+			110		119,189
NJ EDA–Sch Facs	5.00%	6/15/2024	BBB+			190		207,077
NJ EDA–Sch Facs	5.00%	3/1/2025	BBB+			125		133,973
NJ EDA–Sch Facs	5.00%	3/1/2026	BBB+			1,210		1,291,203
NJ EDA–Sch Facs	5.00%	6/15/2026	BBB+			125		136,753
NJ EDA–Sch Facs	5.00%	11/1/2027	BBB+			75		82,801
NJ EDA–Sch Facs	5.00%	3/1/2028	BBB+			240		254,218
NJ EDA–Sch Facs	5.00%	6/15/2029	A-	^(c)		500		545,785
NJ EDA–Sch Facs	5.00%	6/15/2030	BBB+			130		138,685
NJ EDA–Sch Facs	5.00%	6/15/2031	BBB+			340		362,137
NJ EDA–Sch Facs	5.00%	6/15/2034	BBB+			205		216,954
NJ EDA–Sch Facs	5.00%	3/1/2035	BBB+			725		763,012
NJ EDA–Sch Facs	5.00%	6/15/2035	BBB+			250		269,155
NJ EDA–Sch Facs	5.00%	6/15/2042	A-	^(c)		300		320,502
NJ EDA–Sch Facs	5.25%	9/1/2026	BBB+			405		427,546
NJ EDA–Transit Proj	5.00%	11/1/2025	BBB+			500		548,485
NJ Hlth–Hsp Asset Trans	5.00%	10/1/2038	BBB+			500		536,170
NJ Hlth–Hsp Asset Trans	5.75%	10/1/2031	BBB+			1,130		1,186,432
NJ Trans Trust Fund	Zero Coupon	12/15/2031	BBB+			1,500		810,945
NJ Trans Trust Fund	Zero Coupon	12/15/2038	BBB+			1,000		375,370
NJ Trans Trust Fund	4.75%	6/15/2038	BBB+			530		552,265
NJ Trans Trust Fund	5.00%	6/15/2036	BBB+			250		262,097
NJ Trans Trust Fund	5.00%	6/15/2038	BBB+			1,150		1,210,593
NJ Trans Trust Fund	5.25%	6/15/2041	BBB+			180		193,014
PR Infra Fin Auth–Mepsi Campus	6.50%	10/1/2037	NR			500		101,250
Total								17,734,888

116	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Other Revenue 1.10%
Middlesex Co Impt Auth–Heldrich Ctr^(e)	6.25%	1/1/2037	NR	$	1,300	$	13,650
NJ EDA–Bancroft Neuro	5.00%	6/1/2041	NR		350		359,895
NJ EDA–Sch Facs	5.00%	3/1/2027	BBB+		330		350,770
NJ EDA–The Seeing Eye	5.00%	6/1/2032	A		250		291,200
Total							1,015,515

Special Tax 0.86%
NJ EDA–Kapkowski Rd Landfill	6.50%	4/1/2028	Ba2		675		794,313

Tax Revenue 5.52%
Casino Reinv Dev Auth	5.25%	11/1/2039	BBB+		450		480,528
Casino Reinv Dev Auth (AGM)	5.00%	11/1/2032	AA		500		539,750
Garden St Preservation Trust (AGM)	5.75%	11/1/2028	AA		1,205		1,432,516
NJ Ed Facs–Princeton Univ	5.00%	7/1/2024	AAA		350		408,653
NJ EDA–Cigarette Tax	4.25%	6/15/2027	BBB+		550		572,726
NJ EDA–Cigarette Tax	5.00%	6/15/2024	BBB+		845		917,797
NJ EDA–Cigarette Tax	5.00%	6/15/2025	BBB+		330		357,205
NJ EDA–Cigarette Tax	5.00%	6/15/2029	BBB+		120		128,909
PR Corp Sales Tax^(e)	5.00%	8/1/2035	Ca		1,000		237,500
Total							5,075,584

Tobacco 5.76%
NJ EDA–Cigarette Tax	5.00%	6/15/2026	BBB+		1,025		1,106,549
Tobacco Settlement Fin Corp NJ	4.50%	6/1/2023	BBB+		900		903,447
Tobacco Settlement Fin Corp NJ	4.625%	6/1/2026	BBB		750		750,645
Tobacco Settlement Fin Corp NJ	4.75%	6/1/2034	BB-		2,315		2,314,954
Tobacco Settlement Fin Corp NJ	5.00%	6/1/2041	B		225		224,993
Total							5,300,588

Transportation 25.46%
DE River Jt Toll Brdg Commn	5.00%	7/1/2029	A1		300		344,052
Delaware River & Bay Auth	5.00%	1/1/2042	A1		1,025		1,115,456
Delaware River Port Auth	5.00%	1/1/2022	A-		1,115		1,223,646
Delaware River Port Auth	5.00%	1/1/2024	A-		360		398,146
Delaware River Port Auth	5.00%	1/1/2028	A		525		589,129
Delaware River Port Auth	5.00%	1/1/2034	A		505		559,030
Delaware River Toll Brdg Commn	5.00%	7/1/2030	A1		250		292,737
Fort Lee Pkg Auth–Guntzer St Pkg Deck GTD	5.00%	9/15/2046	Aa2		225		257,603
NJ EDA–Port Newark AMT	5.00%	10/1/2047	Ba1		750		806,925
NJ Tpk Auth	5.00%	1/1/2023	A+		40		44,980
NJ Tpk Auth	5.00%	1/1/2027	A2		100		118,145

See Notes to Financial Statements.

117

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
NJ Tpk Auth	5.00%	1/1/2030	NR	$	500	$	582,665
NJ Tpk Auth	5.00%	1/1/2030	A+		500		590,415
NJ Tpk Auth	5.00%	1/1/2033	A+		1,285		1,439,624
NJ Tpk Auth	5.00%	1/1/2033	NR		395		459,851
NJ Tpk Auth	5.00%	1/1/2034	A+		510		571,180
NJ Tpk Auth	5.00%	1/1/2034	NR		515		591,122
NJ Tpk Auth	5.00%	1/1/2035	A+		500		566,780
NJ Tpk Auth	5.00%	1/1/2037	NR		300		344,616
NJ Tpk Auth	5.00%	1/1/2040	NR		100		114,242
NJ Tpk Auth (AGM)	5.25%	1/1/2028	AA		810		984,352
NJ Trans Trust Fund	5.00%	6/15/2028	A+		1,000		1,111,340
NJ Trans Trust Fund	6.00%	6/15/2035	BBB+		2,025		2,221,931
Port Auth NY & NJ	5.00%	12/1/2025	AA-		1,215		1,370,641
Port Auth NY & NJ	5.00%	10/15/2026	AA-		530		627,250
Port Auth NY & NJ	5.00%	5/1/2027	AA-		500		585,570
Port Auth NY & NJ	5.00%	10/15/2035	AA-		500		581,190
Port Auth NY & NJ	5.00%	11/15/2047	AA-		850		982,617
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2036	Baa1		160		176,237
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2042	Baa1		80		87,987
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2042	AA		455		499,067
Port Auth NY & NJ AMT	5.00%	11/15/2032	AA-		500		572,560
Port Auth NY & NJ AMT	5.00%	9/15/2033	AA-		350		404,610
Port Auth NY & NJ AMT	5.00%	10/15/2036	AA-		1,000		1,109,710
South Jersey Port Corp AMT	5.00%	1/1/2048	Baa1		500		537,900
South Jersey Trans Auth	5.00%	11/1/2039	BBB+		515		560,969
Total							23,424,275

Utilities 3.70%
Guam Pwr Auth (AGM)	5.00%	10/1/2034	AA		400		437,428
Guam Waterworks Auth	5.00%	7/1/2036	A-		100		107,583
NJ EDA–UMM Energy AMT	4.75%	6/15/2032	Baa3		1,000		1,038,470
Passaic Valley Swr (NPFGC)	2.50%	12/1/2032	A3		615		543,623
PR Aqueduct & Swr Auth	6.00%	7/1/2044	CC		150		121,687
PR Elec Pwr Auth^(e)	5.00%	7/1/2037	Ca		110		42,625
PR Elec Pwr Auth^(e)	5.75%	7/1/2036	Ca		75		29,063
PR Elec Pwr Auth^(e)	7.00%	7/1/2040	Ca		100		38,750
Salem Co Poll Ctl–Atlantic City Elec	4.875%	6/1/2029	A		1,000		1,048,210
Total							3,407,439
Total Municipal Bonds (cost $91,119,689)							90,544,313

118	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

NEW JERSEY TAX FREE FUND March 31, 2018

Investments

Interest
Rate^#

Interest
Rate
Reset
Date^(f)

Final
Maturity
Date

Credit
Rating:
S&P or
Moody’s

Principal
Amount
(000)

Fair
Value

SHORT-TERM INVESTMENT 0.44%

Variable Rate Demand Notes 0.44%

Education

NJ EDA–Lawrenceville Sch Proj
(cost $400,000)

1.54%

4/2/2018

7/1/2026

Aa3

400

400,000

Total Investments in Municipal Bonds 98.83% (cost $91,519,689)

90,944,313

Cash and Other Assets in Excess of Liabilities^(g)1.17%

1,080,702

Net Assets 100.00%

92,025,015

Open Futures Contracts at March 31, 2018:

Type

Expiration

Contracts

Position

Notional
Amount

Notional
Value

Unrealized
Depreciation

U.S. Long Bond

June 2018

Short

$(861,833)

$(879,750)

$(17,917)

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	90,544,313	$	–	$	90,544,313
Variable Rate Demand Notes		–			400,000		–		400,000
Total	$	–		$	90,944,313	$	–	$	90,944,313
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(17,917	)		–		–		(17,917	)
Total	$	(17,917	)	$	–	$	–	$	(17,917	)

	⁽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, 2018.

See Notes to Financial Statements.

119

Schedule of Investments (unaudited)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 99.05%

Corporate-Backed 10.12%
Build NYC Res Corp–Pratt Paper AMT^†	4.50%	1/1/2025	NR	$	250	$	274,335
Build NYC Res Corp–Pratt Paper AMT^†	5.00%	1/1/2035	NR		250		268,920
JFK IAT–American Airlines AMT	5.00%	8/1/2031	BB-		3,500		3,691,555
Liberty Dev Corp–Goldman Sachs	5.25%	10/1/2035	A3		5,485		6,823,011
Liberty Dev Corp–Goldman Sachs	5.50%	10/1/2037	A3		1,785		2,295,242
Niagara Area Dev Corp–Covanta^†	4.00%	11/1/2024	BB-		750		750,390
Niagara Area Dev Corp–Covanta AMT^†	5.25%	11/1/2042	BB-		900		900,558
NY Liberty Dev Corp–3 WTC^†	5.00%	11/15/2044	NR		5,975		6,344,076
NY Liberty Dev Corp–3 WTC^†	7.25%	11/15/2044	NR		500		598,440
NY Liberty Dev Corp–7 WTC	5.00%	9/15/2040	Aaa		1,015		1,117,495
NY Liberty Dev Corp–BoA Tower	5.625%	7/15/2047	AA		2,685		2,863,391
NYC Cap Res–Arthur Mgmt	7.00%	8/1/2025	NR		1,125		1,163,025
NYC IDA–TRIPS AMT	5.00%	7/1/2028	BBB		1,800		1,933,470
NYC IDA–Yankee Stadium (FGIC)	4.50%	3/1/2039	Baa1		1,475		1,476,180
Onondaga Co IDA–Bristol Meyers AMT	5.75%	3/1/2024	A+		1,025		1,211,919
Syracuse IDA–Carousel Ctr AMT	5.00%	1/1/2032	Baa1		4,000		4,344,360
Total							36,056,367

Education 12.80%
Buffalo & Erie IDC–Buffalo State College	5.75%	10/1/2026	A+		1,350		1,496,853
Build NYC Res Corp–Manhattan Clg	5.00%	8/1/2033	A-		1,125		1,288,125
Build NYC Res Corp–NY Law	5.00%	7/1/2041	BBB-		1,000		1,081,890
Build NYC Res Corp–Packer Collegiate	5.00%	6/1/2040	A3		1,000		1,095,570
Dutchess Co LDC–Anderson Ctr	6.00%	10/1/2030	BB+		865		895,500
Dutchess Co LDC–Culinary Institute	5.00%	7/1/2033	Baa2		200		224,050
Dutchess Co LDC–Culinary Institute	5.00%	7/1/2041	Baa2		200		221,616
Dutchess Co LDC–Culinary Institute	5.00%	7/1/2046	Baa2		275		303,685
Dutchess Co LDC–Vassar College	5.00%	7/1/2034	AA-		250		290,753
Hempstead Town LDC–Hofstra Univ	5.00%	7/1/2042	A		500		565,945
Hempstead Town LDC–Molloy Clg	5.00%	7/1/2034	BBB		825		919,908
Hempstead Town LDC–Molloy Clg	5.00%	7/1/2037	BBB		630		698,802
Hempstead Town LDC–Molloy Clg	5.00%	7/1/2039	BBB		500		553,360
Monroe Co IDA–Univ of Rochester	5.00%	7/1/2031	AA-		350		412,006
New Rochelle LDC–Iona Clg	5.00%	7/1/2028	BBB		205		227,841
New Rochelle LDC–Iona Clg	5.00%	7/1/2029	BBB		250		276,665
New Rochelle LDC–Iona Clg	5.00%	7/1/2030	BBB		220		242,572

120	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
New Rochelle LDC–Iona Clg	5.00%	7/1/2031	BBB		$	200	$	219,846
NY Dorm–Barnard Clg	5.00%	7/1/2028	A1			500		579,110
NY Dorm–Barnard Clg	5.00%	7/1/2029	A1			1,600		1,850,864
NY Dorm–Columbia Univ	5.00%	10/1/2026	AAA			1,800		2,180,790
NY Dorm–Cornell Univ	5.00%	7/1/2040	Aa1			1,000		1,064,810
NY Dorm–Fordham Univ	5.00%	7/1/2035	A			550		625,487
NY Dorm–Fordham Univ	5.25%	7/1/2031	A			2,275		2,519,699
NY Dorm–Long Island Univ	5.00%	9/1/2026	BBB			1,000		1,088,500
NY Dorm–Mt Sinai Sch Med	5.00%	7/1/2040	A-			2,000		2,193,080
NY Dorm–NYU	5.00%	7/1/2028	Aa2			1,000		1,201,510
NY Dorm–NYU	5.00%	7/1/2029	Aa2			1,000		1,196,050
NY Dorm–NYU	5.00%	7/1/2034	Aa2			1,515		1,758,794
NY Dorm–Pace Univ	4.00%	5/1/2022	NR			25		27,040
NY Dorm–Pace Univ	5.00%	5/1/2023	NR			20		22,852
NY Dorm–Pace Univ	5.00%	5/1/2023	BBB-			880		971,898
NY Dorm–Pratt Institute	5.00%	7/1/2034	A3			1,035		1,150,164
NY Dorm–Pratt Institute	5.00%	7/1/2039	A3			1,010		1,139,997
NY Dorm–St Johns Univ	5.00%	7/1/2027	A-			250		288,128
NY Dorm–St Johns Univ	5.00%	7/1/2037	A-			1,000		1,118,950
NY Dorm–SUNY Empire Commons	5.00%	5/1/2030	A			350		399,606
NY Dorm–SUNY Empire Commons	5.00%	5/1/2031	A			100		113,712
NY Dorm–SUNY Empire Commons	5.00%	5/1/2032	A			250		283,135
NY Dorm–The New School	5.00%	7/1/2028	A-			780		901,766
NY Dorm–Touro Clg	5.00%	1/1/2047	BBB-	^(c)		1,500		1,635,150
NY Dorm–Touro Clg	5.25%	1/1/2034	BBB-	^(c)		1,175		1,299,785
NY St Dorm Auth–PIT	5.00%	2/15/2041	AAA			3,000		3,457,560
Onondaga CDC–Upstate Prop Dev	5.50%	12/1/2031	A+			1,000		1,114,320
St Lawrence IDA–Clarkson Univ	6.00%	9/1/2034	A3			1,625		1,820,569
Troy Cap Res Corp–RPI	5.00%	8/1/2032	A3			1,380		1,554,818
Univ of Rochester	4.00%	7/1/2043	AA-			1,000		1,036,750
Total								45,609,881

General Obligation 7.15%
Erie CO GO	5.00%	9/15/2028	AA-			275		317,221
Jefferson Co–Samaritan Med Ctr	5.00%	11/1/2037	BBB-			2,000		2,202,940
Nassau Co GO	5.00%	1/1/2028	A+			1,500		1,733,910
NY Dorm–Sch Dist (AGM)	5.00%	10/1/2027	AA			1,000		1,144,490
NYC GO	4.00%	8/1/2034	AA			2,085		2,213,770

See Notes to Financial Statements.

121

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
NYC GO	5.00%	8/1/2024	AA		$	2,000	$	2,313,700
NYC GO	5.00%	8/1/2026	AA			1,750		2,046,327
NYC GO	5.00%	8/1/2026	AA			1,000		1,186,040
NYC GO	5.00%	8/1/2027	AA			1,410		1,567,159
NYC GO	5.00%	8/1/2027	AA			1,700		1,959,420
NYC GO	5.00%	10/1/2034	AA			1,500		1,658,475
NYC GO	5.00%	8/1/2037	AA			2,000		2,286,400
NYC GO	5.00%	10/1/2039	AA			1,000		1,155,240
PR Comwlth GO^(e)	5.00%	7/1/2027	Ca			65		29,250
PR Comwlth GO^(e)	5.125%	7/1/2028	Ca			155		69,750
PR Comwlth GO^(e)	5.375%	7/1/2030	Ca			4,185		1,820,475
PR Comwlth GO^(e)	5.50%	7/1/2027	Ca			60		26,100
PR Comwlth GO^(e)	6.125%	7/1/2033	Ca			170		73,950
Suffolk Co GO (AGM)	5.00%	2/1/2025	AA			1,460		1,678,854
Total								25,483,471

Health Care 10.24%
Buffalo & Erie IDC–Catholic Hlth	5.00%	7/1/2025	BBB+			300		345,753
Buffalo & Erie IDC–Orchard Park	5.00%	11/15/2037	BBB-	^(c)		1,000		1,086,250
Dutchess Co LDC–Health Quest	5.00%	7/1/2034	A-			500		555,035
Dutchess Co LDC–Health Quest	5.00%	7/1/2035	A-			1,500		1,696,545
East Rochester Hsg–Woodland Vlg	5.50%	8/1/2033	NR			1,640		1,642,739
Genesee Co IDA–United Mem Med Ctr	5.00%	12/1/2032	NR			1,100		1,100,440
Monroe Co IDA–Rochester General Hospital	5.00%	12/1/2034	NR			250		281,178
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2027	A-			625		700,206
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2028	A-			2,045		2,283,631
Nassau Co LEAC–Catholic Hlth LI	5.00%	7/1/2033	A-			375		410,914
Nassau Co LEAC–Winthrop Univ Hsp	5.00%	7/1/2032	Baa2			2,000		2,148,300
NY Dorm–Catholic Hlth	5.00%	7/1/2032	BBB+			500		528,305
NY Dorm–Mem Sloan Kettering	5.00%	7/1/2042	AA-			650		745,199
NY Dorm–Miriam Osborn Mem Home	5.00%	7/1/2042	A-	^(c)		750		772,433
NY Dorm–Mt Sinai Hsp	5.00%	7/1/2026	A-			2,025		2,160,857
NY Dorm–North Shore LI Jewish	5.00%	5/1/2022	A-			1,220		1,335,973
NY Dorm–North Shore LI Jewish	5.00%	5/1/2028	A-			1,000		1,143,790
NY Dorm–North Shore LI Jewish	5.25%	5/1/2034	A-			1,000		1,102,510
NY Dorm–NYU Hsps Ctr	5.00%	7/1/2032	A-			790		900,892
NY Dorm–NYU Hsps Ctr	5.00%	7/1/2033	A-			760		863,124
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2026	BBB-			1,000		1,106,250

122	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
NY Dorm–Orange Regl Med Ctr^†	5.00%	12/1/2029	BBB-		$	1,900	$	2,109,057
NYC Hlth & Hsp Corp	5.00%	2/15/2025	Aa3			1,000		1,056,570
NYC Hlth & Hsp Corp	5.50%	2/15/2023	Aa3			1,090		1,093,194
Southhold LDC–Peconic Landing	5.00%	12/1/2045	BBB-	^(c)		1,000		1,044,240
Suffolk Co IDA–Eastern LI Hsp Assn^†	5.375%	1/1/2027	NR			825		824,975
Suffolk Co IDA–Eastern LI Hsp Assn^†	5.50%	1/1/2037	NR			1,000		999,940
Tompkins Co Dev Corp–Kendal Ithaca	5.00%	7/1/2044	BBB			1,000		1,073,570
Westchester CO Hlth Care	5.00%	11/1/2033	BBB			1,000		1,097,660
Westchester CO Hlth Care	5.00%	11/1/2034	BBB			900		984,141
Westchester Co Hlth Care	5.00%	11/1/2046	BBB			1,500		1,598,190
Westchester CO Hlth Care	6.00%	11/1/2030	BBB			110		119,609
Westchester CO Hlth Care	6.125%	11/1/2037	BBB			40		43,587
Westchester CO Hlth Care	6.125%	11/1/2037	BBB			145		158,002
Westchester Co LDC–Kendal Hudson	5.00%	1/1/2034	BBB	^(c)		1,250		1,347,687
Total								36,460,746

Housing 0.61%
NYC Hsg–8 Spruce St	4.50%	2/15/2048	NR			1,000		1,038,150
Westchester Co–SUNY Purchase Hsg	5.00%	6/1/2047	BBB			1,000		1,118,310
Total								2,156,460

Lease Obligations 6.65%
Erie Co IDA–Buffalo Sch Dist	5.00%	5/1/2027	AA			1,750		2,064,842
Erie Co IDA–Buffalo Sch Dist	5.00%	5/1/2028	AA			1,050		1,233,341
Erie Co IDA–Buffalo Sch Dist	5.25%	5/1/2030	AA			2,575		2,830,028
Erie Co IDA–Buffalo Sch Dist	5.25%	5/1/2032	AA			1,000		1,092,770
Hudson Yards	5.00%	2/15/2031	Aa3			2,000		2,343,300
Hudson Yards	5.00%	2/15/2033	Aa3			1,060		1,230,204
NY Dorm–Court Facs	Zero Coupon	8/1/2021	AA+			2,265		2,119,859
NY Dorm–Master BOCES	5.50%	8/15/2026	Aa2			1,560		1,726,124
NY Dorm–PIT	5.00%	2/15/2039	AAA			1,000		1,146,280
NY Liberty Dev Corp–4 WTC	5.00%	11/15/2031	A+			1,000		1,096,080
NYC TFA–Bldg Aid	5.00%	7/15/2025	AA			1,510		1,684,496
NYC TFA–Bldg Aid	5.00%	7/15/2027	AA			1,425		1,559,207
NYC TFA–Bldg Aid	5.00%	7/15/2032	AA			1,000		1,149,840
NYC TFA–Bldg Aid	5.00%	7/15/2035	AA			2,000		2,320,180
PR Infra Fin Auth–Mepsi Campus	6.50%	10/1/2037	NR			500		101,250
Total								23,697,801

See Notes to Financial Statements.

123

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Other Revenue 4.39%
Brooklyn Arena LDC–Barclays Ctr	5.00%		7/15/2030	BBB-	$	2,500	$	2,862,675
Brooklyn Arena LDC–Barclays Ctr	5.00%		7/15/2042	BBB-		3,000		3,337,590
Brooklyn Arena LDC–Barclays Ctr	6.00%		7/15/2030	AA+		5		5,378
Build NYC Res Corp–YMCA	5.00%		8/1/2040	A-		500		546,055
Build NYC Res Corp–YMCA	5.00%		8/1/2042	A-		1,370		1,458,598
NY Dorm–NYSARC Inc	5.125%		7/1/2030	Aa2		2,000		2,141,460
NYC Cultural–MOMA	4.00%		4/1/2025	AA		1,000		1,109,250
NYS Muni Bd Bk–Lease	5.00%		12/1/2022	AA		1,545		1,748,785
Utility Debt Sec Auth–LIPA	5.00%		12/15/2037	AAA		1,115		1,282,139
Yonkers EDC–Charter Sch Ed Excellence	6.25%		10/15/2040	BB+		1,100		1,147,454
Total								15,639,384

Special Tax 0.67%
NYC IDA–Queens Stadium (AMBAC)	5.00%		1/1/2031	BBB		2,075		2,080,001
NYC IDA–Yankee Stadium (FGIC)	2.951% (CPI Based	)	3/1/2026	Baa1		315		305,833
Total								2,385,834

Tax Revenue 15.34%
Hudson Yards	5.75%		2/15/2047	Aa3		1,675		1,856,520
Hudson Yards	5.75%		2/15/2047	AA-		1,030		1,122,607
MTA NY–Dedicated Tax	5.00%		11/15/2034	AA		1,000		1,172,360
MTA NY–Dedicated Tax	5.25%		11/15/2031	AA		1,040		1,242,634
NY Dorm–PIT	5.00%		12/15/2023	AAA		1,500		1,695,105
NY Dorm–PIT	5.00%		12/15/2025	AAA		1,000		1,127,200
NY Dorm–PIT	5.00%		3/15/2027	AAA		1,250		1,449,075
NY Dorm–PIT	5.00%		2/15/2034	AAA		1,250		1,414,825
NY Dorm–PIT	5.00%		3/15/2036	AAA		2,000		2,275,260
NY Dorm–PIT	5.00%		2/15/2039	AAA		1,500		1,714,500
NY Dorm–Sales Tax	5.00%		3/15/2026	AAA		1,000		1,173,900
NY Dorm–Sales Tax	5.00%		3/15/2043	AAA		2,025		2,328,790
NY Twy Auth–PIT	5.00%		3/15/2023	AAA		1,525		1,660,908
NY UDC–PIT	5.00%		12/15/2028	AAA		3,500		3,584,910
NY UDC–PIT	5.00%		3/15/2033	AAA		2,010		2,237,612
NY UDC–PIT	5.00%		3/15/2035	AAA		2,100		2,399,859
NY UDC–PIT	5.00%		3/15/2036	AAA		1,500		1,684,065
NYC TFA–Future Tax	5.00%		11/1/2023	AAA		1,000		1,128,260
NYC TFA–Future Tax	5.00%		11/1/2023	AAA		1,000		1,147,330
NYC TFA–Future Tax	5.00%		2/1/2027	AAA		1,500		1,625,670

124	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Tax Revenue (continued)
NYC TFA–Future Tax	5.00%	2/1/2030	AAA	$	240	$	274,846
NYC TFA–Future Tax	5.00%	11/1/2030	AAA		2,000		2,359,280
NYC TFA–Future Tax	5.00%	11/1/2032	AAA		1,500		1,758,945
NYC TFA–Future Tax	5.00%	5/1/2034	AAA		125		129,304
NYC TFA–Future Tax	5.00%	5/1/2035	AAA		1,230		1,427,378
NYC TFA–Future Tax	5.00%	8/1/2036	AAA		3,000		3,443,880
NYC TFA–Future Tax	5.00%	8/1/2037	AAA		1,800		2,038,968
NYC TFA–Future Tax	5.00%	8/1/2040	Aa1		2,500		2,886,500
NYC TFA–Future Tax	5.00%	8/1/2041	Aa1		1,500		1,729,260
NYC TFA–Future Tax	5.00%	2/1/2043	AAA		2,000		2,288,100
NYC TFA–Future Tax	5.00%	5/1/2043	AAA		1,010		1,159,076
PR Corp Sales Tax^(e)	5.75%	8/1/2037	Ca		4,600		1,092,500
Total							54,629,427

Tobacco 3.98%
Erie Co Tobacco	Zero Coupon	6/1/2055	NR		8,000		408,080
Monroe Tobacco	Zero Coupon	6/1/2061	NR		10,000		295,300
Nassau CO Tobacco	5.125%	6/1/2046	B-		2,030		1,991,349
Rockland Tobacco^†	Zero Coupon	8/15/2060	NR		10,450		344,328
Suffolk Tobacco Asset Sec Corp	5.00%	6/1/2032	A-		1,335		1,443,015
Suffolk Tobacco Asset Sec Corp	5.25%	6/1/2037	A-		1,175		1,281,008
Suffolk Tobacco Asset Sec Corp	6.00%	6/1/2048	NR		1,350		1,351,215
Suffolk Tobacco Asset Sec Corp	6.625%	6/1/2044	NR		750		788,475
TSASC	5.00%	6/1/2034	A-		1,000		1,106,740
TSASC	5.00%	6/1/2035	A-		200		220,690
TSASC	5.00%	6/1/2036	A-		100		110,018
TSASC	5.00%	6/1/2041	BBB+		300		325,200
TSASC	5.00%	6/1/2048	NR		2,700		2,702,619
Westchester Tobacco Asset Sec Corp	5.125%	6/1/2051	BB+		1,750		1,800,802
Total							14,168,839

Transportation 20.29%
Buffalo & Erie PBA–Peace Bridge	5.00%	1/1/2034	A+		600		688,188
Buffalo & Erie PBA–Peace Bridge	5.00%	1/1/2035	A+		1,355		1,549,686
Buffalo & Erie PBA–Peace Bridge	5.00%	1/1/2036	A+		695		793,148
MTA NY	5.00%	11/15/2023	A+		2,455		2,744,837
MTA NY	5.00%	11/15/2023	A+		1,000		1,132,190
MTA NY	5.00%	11/15/2027	A+		350		407,533

See Notes to Financial Statements.

125

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
MTA NY	5.00%	11/15/2028	A+	$	705	$	833,853
MTA NY	5.00%	11/15/2028	A+		675		807,124
MTA NY	5.00%	11/15/2028	A+		2,025		2,407,198
MTA NY	5.00%	11/15/2029	A+		1,500		1,722,675
MTA NY	5.00%	11/15/2033	A+		1,000		1,161,990
MTA NY	5.00%	11/15/2041	A+		1,000		1,120,150
MTA NY	5.25%	11/15/2028	A+		3,740		4,426,402
MTA NY	5.25%	11/15/2029	A+		1,000		1,167,780
Niagara Frontier Trsp–Buffalo Intl Arpt AMT	5.00%	4/1/2027	Baa1		1,000		1,117,700
NY Bridge Auth	4.00%	1/1/2027	AA-		1,000		1,059,890
NY Trans Dev Corp–LaGuardia Airport AMT	5.00%	7/1/2046	Baa3		3,950		4,284,170
NY Trans Dev Corp–LaGuardia Airport AMT	5.25%	1/1/2050	Baa3		8,300		9,098,211
NY Trans Dev Corp–TOGA AMT	5.00%	1/1/2023	Baa1		1,500		1,650,495
NY Twy Auth	5.00%	1/1/2032	A		150		176,148
NY Twy Auth	5.00%	1/1/2032	A		1,750		1,988,507
NY Twy Auth	5.00%	1/1/2036	A		1,760		1,935,613
NY Twy Auth	5.25%	1/1/2056	A-		1,000		1,132,980
Port Auth NY & NJ	4.00%	12/1/2022	AA-		1,560		1,685,237
Port Auth NY & NJ	5.00%	11/15/2042	AA-		1,250		1,447,275
Port Auth NY & NJ–JFK IAT	5.00%	12/1/2020	Baa1		170		178,051
Port Auth NY & NJ–JFK IAT	5.50%	12/1/2031	Baa1		295		320,739
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2036	Baa1		875		963,795
Port Auth NY & NJ–JFK IAT	6.00%	12/1/2042	Baa1		1,190		1,308,810
Port Auth NY & NJ–JFK IAT CR (AGM)	5.50%	12/1/2031	AA		225		244,510
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2036	AA		400		439,936
Port Auth NY & NJ–JFK IAT CR (AGM)	6.00%	12/1/2042	AA		1,615		1,771,413
Port Auth NY & NJ AMT	5.00%	9/15/2024	AA-		1,615		1,738,661
Port Auth NY & NJ AMT	5.00%	10/15/2024	AA-		1,250		1,363,900
Port Auth NY & NJ AMT	5.00%	10/15/2027	AA-		1,000		1,173,640
Port Auth NY & NJ AMT	5.00%	11/15/2032	AA-		1,750		2,003,960
Port Auth NY & NJ AMT	5.00%	9/15/2033	AA-		2,395		2,768,692
Port Auth NY & NJ AMT	5.00%	10/1/2033	AA-		1,525		1,658,773
Port Auth NY & NJ AMT	5.00%	10/15/2033	AA-		1,000		1,143,610
Port Auth NY & NJ AMT	5.00%	4/1/2036	AA-		1,000		1,128,990
Port Auth NY & NJ AMT	5.00%	10/15/2041	AA-		1,250		1,346,262
Port Auth NY & NJ AMT	5.00%	9/15/2048	AA-		250		282,173
Triborough Brdg & Tunl Auth	5.00%	11/15/2023	A+		1,525		1,734,489

126	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2018

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Transportation (continued)
Triborough Brdg & Tunl Auth	5.00%	11/15/2026	A+	$	1,530	$	1,729,084
Triborough Brdg & Tunl Auth	5.00%	11/15/2027	AA-		500		591,385
Triborough Brdg & Tunl Auth	5.00%	11/15/2028	AA-		600		709,662
Triborough Brdg & Tunl Auth	5.00%	11/15/2038	AA-		1,000		1,157,600
Total							72,297,115

Utilities 6.81%
Guam Pwr Auth	5.00%	10/1/2020	BBB		500		527,225
Guam Pwr Auth	5.00%	10/1/2021	BBB		500		534,705
Guam Waterworks Auth	5.00%	7/1/2036	A-		400		430,332
Long Island Power Auth	5.00%	9/1/2025	A-		1,000		1,111,290
Long Island Power Auth	5.00%	9/1/2034	A-		2,000		2,225,500
Long Island Power Auth	5.00%	5/1/2038	A-		1,880		2,058,713
Long Island Power Auth	5.00%	9/1/2039	A-		1,000		1,109,060
Long Island Power Auth	5.00%	9/1/2047	A-		500		567,405
NY Env Facs–Clean Wtr & Drinking	5.00%	6/15/2029	AAA		2,000		2,075,100
NYC Muni Water	5.00%	6/15/2035	AA+		1,550		1,726,592
NYC Muni Water	5.00%	6/15/2035	AA+		1,675		1,892,499
NYC Muni Water	5.00%	6/15/2036	AA+		2,250		2,539,417
NYC Muni Water	5.00%	6/15/2036	AA+		1,750		1,975,102
NYC Muni Water	5.00%	6/15/2046	AA+		1,500		1,722,660
NYC Muni Water	5.25%	6/15/2037	AA+		1,500		1,766,745
NYC Muni Water	5.25%	6/15/2047	AA+		1,000		1,166,120
PR Aqueduct & Swr Auth	6.00%	7/1/2044	CC		445		361,006
PR Elec Pwr Auth^(e)	5.75%	7/1/2036	Ca		1,250		484,375
Total							24,273,846
Total Investments in Municipal Securities 99.05% (cost $353,975,188)							352,859,171
Cash and Other Assets in Excess of Liabilities^(g)0.95%							3,379,526
Net Assets 100.00%						$	356,238,697

See Notes to Financial Statements.

127

Schedule of Investments (unaudited)(concluded)

NEW YORK TAX FREE FUND March 31, 2018

Open Futures Contracts at March 31, 2018:

Type

Expiration

Contracts

Position

Notional
Amount

Notional
Value

Unrealized
Depreciation

U.S. Long Bond

June 2018

Short

$(3,016,415)

$(3,079,125)

$(62,710)

Note: See Footnotes to Schedule of Investments on page 129 of this report.

The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾⁽³⁾	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	352,859,171	$	–	$	352,859,171
Total	$	–		$	352,859,171	$	–	$	352,859,171
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(62,710	)		–		–		(62,710	)
Total	$	(62,710	)	$	–	$	–	$	(62,710	)

	⁽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, 2018.

128	See Notes to Financial Statements.

Footnotes to Schedules of Investments

March 31, 2018

AMT		Income from this security may be subject to Alternative Minimum Tax.
Auction Rate Based		Rates reset based on auctions, typically every 7,14, 28 or 35 days.
COP		Certificates of Participation.
CPI		Consumer Price Index: Rate fluctuates based on CPI.
GTD		Guaranteed.
LIBOR		London Interbank Offered Rate
MUNIPSA		Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index Yield
NR		Not Rated.
PSF		Permanent School Fund.
TCRS		Transferable Custodial Receipts.
*		Non-income producing security.
^#		Variable rate security. The interest rate shown is the rate in effect at March 31, 2018.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
^~		Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate.
^(a)		Variable rate is fixed to float: Rate remains fixed until designated future date.
^(b)		Municipal Bonds Held in Trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) for details of Municipal Bonds Held in Trust.
^(c)		This investment has been rated by Fitch IBCA.
^(d)		Securities purchased on a when-issued basis (See Note 2(g)).
^(e)		Defaulted security (non-income producing security).
^(f)		The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap index.
^(g)		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.
^(h)		Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽ⁱ⁾		Stub Rights issued in connection with a plan of reorganization.
^(j)		Security is perpetual and has no stated maturity date.
^(k)		Level 3 Investment as described in Note 2(i) in the Notes to Financials. Security fair valued by the Pricing Committee.

Insured or guaranteed by the indicated municipal bond insurance corporation or Federal agency:
AMBAC		AMBAC Assurance Corporation
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
FGIC		Financial Guaranty Insurance Company
GNMA		Government National Mortgage Association
NPFGC		National Public Finance Guarantee Corporation
XLCA		XL Capital Assurance, Inc.

See Notes to Financial Statements.

129

Statements of Assets and Liabilities (unaudited)

March 31, 2018

	Short Duration			Intermediate			AMT Free
ASSETS:
Investments in securities, at cost	$	1,454,681,351		$	4,185,511,864		$	196,066,682
Investments in securities, at fair value	$	1,450,438,331		$	4,229,870,186		$	199,131,940
Cash		442,899			9,251,293			45,644
Deposits with brokers for futures collateral		–			–			–
Receivables:
Interest		12,131,779			53,279,088			2,572,864
Investment securities sold		–			590,000			296,630
Capital shares sold		2,057,468			4,013,633			82,309
From advisor (See Note 3)		3,901			–			48,331
Prepaid expenses and other assets		114,574			157,359			39,468
Total assets		1,465,188,952			4,297,161,559			202,217,186
LIABILITIES:
Payables:
Investment securities purchased		21,092,447			39,113,704			1,803,202
Trust certificates (See Note 2(h))		–			1,250,000			–
Capital shares reacquired		1,245,551			4,270,867			422,883
Management fee		417,882			1,397,967			84,886
12b-1 distribution plan		298,764			1,097,601			39,373
Directors’ fees		277,613			481,423			20,083
Fund administration		49,163			144,587			6,791
Interest expense and fees (See Note 2(h))		–			2,484			–
Variation margin on futures contracts		–			–			–
Distributions payable		1,597,187			8,662,821			490,823
Accrued expenses and other liabilities		184,552			424,615			56,578
Total liabilities		25,163,159			56,846,069			2,924,619
Net Assets	$	1,440,025,793		$	4,240,315,490		$	199,292,567
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,461,695,354		$	4,224,980,313		$	200,901,118
Undistributed (distributions in excess of) net investment income		623,404			12,571,371			582,212
Accumulated net realized gain (loss) on investments and futures contracts		(18,049,945	)		(41,594,516	)		(5,256,021	)
Net unrealized appreciation (depreciation) on investments and futures contracts		(4,243,020	)		44,358,322			3,065,258
Net Assets	$	1,440,025,793		$	4,240,315,490		$	199,292,567

130

See Notes to Financial Statements.

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

$	1,995,386,970		$	2,045,630,010		$	230,608,322		$	294,556,877		$	91,519,689		$	353,975,188
$	2,048,979,591		$	2,045,318,229		$	231,692,409		$	305,911,815		$	90,944,313		$	352,859,171
	1,644,907			17,290,143			1,347,444			492,679			237,104			156,158
	–			–			–			–			15,000			52,500

	26,527,423			31,360,260			3,020,960			3,859,940			1,199,557			4,411,139
	6,754,844			11,819,469			659,383			–			–			–
	1,011,232			8,470,300			1,343,409			244,314			8,626			162,546
	–			–			46,108			–			6,140			–
	73,192			97,981			41,606			45,495			36,308			42,715
	2,084,991,189			2,114,356,382			238,151,319			310,554,243			92,447,048			357,684,229

	20,879,309			26,376,328			2,959,782			1,019,990			–			–
	26,250,000			9,250,000			–			–			–			–
	2,129,401			3,086,031			437,684			295,290			67,928			281,563
	730,807			826,721			78,478			117,743			35,143			136,569
	579,616			509,214			38,264			88,820			24,556			116,557
	449,116			290,659			7,108			96,820			31,585			99,719
	68,961			69,932			7,848			10,466			3,124			12,139
	189,132			35,551			–			–			–			–
	–			–			–			–			4,452			15,536
	5,403,924			6,748,798			–			758,088			212,622			711,485
	197,476			225,520			49,558			73,594			42,623			71,964
	56,877,742			47,418,754			3,578,722			2,460,811			422,033			1,445,532
$	2,028,113,447		$	2,066,937,628		$	234,572,597		$	308,093,432		$	92,025,015		$	356,238,697

$	1,992,828,730		$	2,265,098,592		$	235,396,153		$	303,202,743		$	97,224,335		$	357,618,971
	7,547,233			25,136,630			687,650			332,981			(16,615	)		(390,407	)
	(25,855,137	)		(222,985,813	)		(2,595,293	)		(6,797,230	)		(4,589,412	)		188,860
	53,592,621			(311,781	)		1,084,087			11,354,938			(593,293	)		(1,178,727	)
$	2,028,113,447		$	2,066,937,628		$	234,572,597		$	308,093,432		$	92,025,015		$	356,238,697

See Notes to Financial Statements.

131

Statements of Assets and Liabilities (unaudited)(concluded)

March 31, 2018

	Short Duration			Intermediate		AMT Free

Net assets by class:
Class A Shares		$	696,713,155	$	1,553,766,470	$	125,904,175
Class B Shares			–	$	9,759		–
Class C Shares		$	121,585,789	$	494,538,804	$	23,743,568
Class F Shares		$	536,495,471	$	1,661,735,786	$	42,092,298
Class F3 Shares		$	13,757,869	$	21,197,718	$	2,989,221
Class I Shares		$	71,463,573	$	509,057,004	$	4,563,305
Class T Shares		$	9,936	$	9,949		–
Outstanding shares by class*:
Class A Shares			45,075,167		146,130,963		7,962,651
Class B Shares			–		919		–
Class C Shares			7,865,903		46,570,189		1,502,011
Class F Shares			34,707,024		156,332,082		2,662,314
Class F3 Shares			889,626		1,992,611		188,846
Class I Shares			4,622,069		47,869,409		288,435
Class T Shares			643		936		–
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$15.46		$10.63		$15.81
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)			$15.82		$10.87		$16.17
Class B Shares-Net asset value			–		$10.62		–
Class C Shares-Net asset value			$15.46		$10.62		$15.81
Class F Shares-Net asset value			$15.46		$10.63		$15.81
Class F3 Shares-Net asset value			$15.46		$10.64		$15.83
Class I Shares-Net asset value			$15.46		$10.63		$15.82
Class T Shares-Net asset value			$15.46		$10.63		–
Class T Shares-Maximum offering price (Net asset value plus sales charge of 2.50%)			$15.86		$10.90		–

Lord Abbett Municipal Income Fund, Inc. has 7,305,001,000 authorized shares of capital stock (par value $.001), which are designated as follows: 1,300,001,000 to Short Duration, 1,630,000,000 to Intermediate, 200,000,000 to AMT Free, 650,000,000 to National, 1,325,000,000 to High Yield, 1,300,000,000 to Short Duration High Yield and 300,000,000 to each of California, New Jersey and New York (As of March 31, 2018).

132

See Notes to Financial Statements.

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

$	1,493,369,224	$	1,133,807,377	$	102,255,196	$	197,107,603	$	77,942,886	$	257,382,920
$	4,039		–		–		–		–		–
$	155,382,315	$	357,261,224	$	8,976,360	$	42,352,904		–	$	49,630,216
$	311,287,546	$	483,203,909	$	95,152,684	$	50,772,936	$	12,723,211	$	41,626,389
$	19,548,459	$	11,694,594	$	3,190,319	$	2,901,720	$	122,320	$	843,564
$	48,521,864	$	80,960,316	$	24,998,038	$	14,958,269	$	1,236,598	$	6,755,608
	–	$	10,208		–		–		–		–

	133,483,475		96,371,764		6,764,875		18,198,379		15,904,641		23,145,248
	359.50		–		–		–		–		–
	13,873,097		30,357,170		593,737		3,908,842		–		4,469,100
	27,845,491		41,040,959		6,295,058		4,687,866		2,595,751		3,739,872
	1,748,090		995,977		211,007		267,975		24,936		75,815
	4,338,930		6,893,792		1,653,463		1,382,143		252,078		607,112
	–		868		–		–		–		–

	$11.19		$11.76		$15.12		$10.83		$4.90		$11.12
	$11.45		$12.03		$15.47		$11.08		$5.01		$11.38
	$11.24		–		–		–		–		–
	$11.20		$11.77		$15.12		$10.84		–		$11.11
	$11.18		$11.77		$15.12		$10.83		$4.90		$11.13
	$11.18		$11.74		$15.12		$10.83		$4.91		$11.13
	$11.18		$11.74		$15.12		$10.82		$4.91		$11.13
	–		$11.76		–		–		–		–
	–		$12.06		–		–		–		–

See Notes to Financial Statements.

133

Statements of Operations (unaudited)

For the Six Months Ended March 31, 2018

	Short Duration			Intermediate			AMT Free
Investment income:
Interest and other	$	14,182,115		$	69,880,814		$	3,798,941
Total investment income		14,182,115			69,880,814			3,798,941
Expenses:
Management fee		2,904,782			8,403,289			510,744
12b-1 distribution plan-Class A		742,034			1,604,196			128,870
12b-1 distribution plan-Class B		–			1,861			–
12b-1 distribution plan-Class C		529,476			2,127,441			101,721
12b-1 distribution plan-Class F		284,209			866,224			22,040
12b-1 distribution plan-Class T		13			13			–
Interest expense and fees (See Note 2(h))		–			10,921			–
Shareholder servicing		294,182			1,113,544			48,728
Fund administration		304,676			869,757			40,859
Registration		113,805			149,948			44,347
Professional		38,394			51,571			23,702
Reports to shareholders		28,638			93,125			6,495
Directors’ fees		18,125			50,360			2,376
Custody		13,068			29,352			3,552
Other		35,039			58,290			10,248
Gross expenses		5,306,441			15,429,892			943,682
Expense reductions (See Note 9)		(10,154	)		(29,253	)		(1,362	)
Fees waived and expenses reimbursed (See Note 3)		(314,164	)		–			(281,699	)
Net expenses		4,982,123			15,400,639			660,621
Net investment income		9,199,992			54,480,175			3,138,320
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(5,188,975	)		(15,446,502	)		(150,465	)
Net realized gain (loss) on futures contracts		(299,370	)		–			–
Net change in unrealized appreciation/depreciation on investments		(13,107,412	)		(74,639,121	)		(3,266,681	)
Net change in unrealized appreciation/depreciation on futures contracts		229,841			–			–
Net realized and unrealized loss		(18,365,916	)		(90,085,623	)		(3,417,146	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(9,165,924	)	$	(35,605,448	)	$	(278,826	)

134

See Notes to Financial Statements.

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

$	41,164,127		$	52,570,771		$	3,813,678		$	5,976,923		$	1,728,443		$	5,964,875
	41,164,127			52,570,771			3,813,678			5,976,923			1,728,443			5,964,875


	4,322,036			4,976,294			449,386			698,616			215,805			819,116
	1,498,969			1,149,183			97,595			200,804			82,084			261,757
	1,872			–			–			–			–			–
	660,310			1,510,820			40,573			182,211			–			212,244
	157,716			245,822			45,590			25,243			6,350			21,572
	–			13			–			–			–			–
	231,661			81,747			–			–			–			–
	475,656			505,211			60,691			66,110			22,944			77,824
	408,468			422,835			44,939			62,099			19,183			72,810
	74,289			102,179			52,969			37,850			32,143			38,279
	50,157			248,971			22,295			22,361			20,247			24,571
	47,801			49,248			5,897			7,224			4,020			8,656
	23,429			24,676			2,468			3,571			1,133			4,225
	14,602			16,223			4,352			3,704			2,447			4,666
	31,551			46,282			8,089			13,545			5,892			16,885
	7,998,517			9,379,504			834,844			1,323,338			412,248			1,562,605
	(13,736	)		(14,210	)		(1,514	)		(2,087	)		(642	)		(2,456	)
	–			–			(256,966	)		–			(25,862	)		–
	7,984,781			9,365,294			576,364			1,321,251			385,744			1,560,149
	33,179,346			43,205,477			3,237,314			4,655,672			1,342,699			4,404,726


	3,281,044			(14,710,897	)		(2,500,546	)		432,311			517,746			1,011,099
	(144,641	)		(29,953	)		196,234			–			36,936			148,915

	(34,602,652	)		(745,618	)		68,900			(4,125,833	)		(1,706,407	)		(7,710,435	)

	(53,416	)		(259,461	)		(93,583	)		–			(22,913	)		(97,685	)
	(31,519,665	)		(15,745,929	)		(2,328,995	)		(3,693,522	)		(1,174,638	)		(6,648,106	)

$	1,659,681		$	27,459,548		$	908,319		$	962,150		$	168,061		$	(2,243,380	)

See Notes to Financial Statements.

135

Statements of Changes in Net Assets

	Short Duration
	For the
	Six Months Ended			For the
	March 31, 2018			Year Ended
DECREASE IN NET ASSETS	(unaudited)			September 30, 2017
Operations:
Net investment income	$	9,199,992		$	19,162,548
Net realized loss on investments and futures contracts		(5,488,345	)		(6,109,913	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		(12,877,571	)		(13,706,530	)
Net decrease in net assets resulting from operations		(9,165,924	)		(653,895	)
Distributions to shareholders from:
Net investment income
Class A		(4,502,795	)		(9,578,779	)
Class B		–			–
Class C		(393,917	)		(743,049	)
Class F		(3,707,025	)		(8,044,902	)
Class F3		(87,734	)		(3,468	)
Class I		(498,587	)		(801,939	)
Class P		–			–
Class T		(59	)		(18	)
Net realized gain
Class A		–	��		–
Class B		–			–
Class C		–			–
Class F		–			–
Class F3		–			–
Class I		–			–
Class P		–			–
Class T		–			–
Total distributions to shareholders		(9,190,117	)		(19,172,155	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		361,281,869			569,345,545
Reinvestment of distributions		4,306,820			10,441,208
Cost of shares reacquired		(512,609,572	)		(1,066,600,104	)
Net decrease in net assets resulting from capital share transactions		(147,020,883	)		(486,813,351	)
Net decrease in net assets		(165,376,924	)		(506,639,401	)
NET ASSETS:
Beginning of period	$	1,605,402,717		$	2,112,042,118
End of period	$	1,440,025,793		$	1,605,402,717
Undistributed net investment income	$	623,404		$	613,529

136

See Notes to Financial Statements.

Intermediate						AMT Free
For the						For the
Six Months Ended			For the			Six Months Ended			For the
March 31, 2018			Year Ended			March 31, 2018			Year Ended
(unaudited)			September 30, 2017			(unaudited)			September 30, 2017

$	54,480,175		$	107,236,040		$	3,138,320		$	6,541,721
	(15,446,502	)		(26,010,073	)		(150,465	)		(556,347	)

	(74,639,121	)		(99,190,327	)		(3,266,681	)		(7,454,041	)
	(35,605,448	)		(17,964,360	)		(278,826	)		(1,468,667	)

	(19,910,861	)		(41,878,550	)		(1,982,918	)		(4,080,025	)
	(3,006	)		(22,299	)		–			–
	(4,835,551	)		(10,469,092	)		(300,006	)		(635,379	)
	(22,302,121	)		(44,460,380	)		(698,812	)		(1,692,624	)
	(246,442	)		(5,867	)		(49,778	)		(18,709	)
	(6,395,000	)		(8,545,313	)		(63,216	)		(31,215	)
	–			(356	)		–			–
	(124	)		(38	)		–			–

	–			(653,277	)		–			–
	–			(687	)		–			–
	–			(222,544	)		–			–
	–			(639,864	)		–			–
	–			–			–			–
	–			(114,920	)		–			–
	–			(6	)		–			–
	–			–			–			–
	(53,693,105	)		(107,013,193	)		(3,094,730	)		(6,457,952	)

	850,056,847			1,385,813,399			28,529,099			68,187,517
	31,797,817			74,247,298			2,189,602			5,173,547
	(942,247,688	)		(1,904,802,189	)		(36,041,626	)		(110,411,393	)

	(60,393,024	)		(444,741,492	)		(5,322,925	)		(37,050,329	)
	(149,691,577	)		(569,719,045	)		(8,696,481	)		(44,976,948	)

$	4,390,007,067		$	4,959,726,112		$	207,989,048		$	252,965,996
$	4,240,315,490		$	4,390,007,067		$	199,292,567		$	207,989,048
$	12,571,371		$	11,784,301		$	582,212		$	538,622

See Notes to Financial Statements.

137

Statements of Changes in Net Assets (continued)

	National
	For the
	Six Months Ended			For the
	March 31, 2018			Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			September 30, 2017
Operations:
Net investment income	$	33,179,346		$	65,986,505
Net realized gain (loss) on investments and futures contracts		3,136,403			(379,665	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		(34,656,068	)		(61,913,311	)
Net increase in net assets resulting from operations		1,659,681			3,693,529
Distributions to shareholders from:
Net investment income
Class A		(24,250,703	)		(49,106,645	)
Class B		(4,425	)		(45,457	)
Class C		(2,104,444	)		(4,722,055	)
Class F		(5,239,765	)		(10,695,906	)
Class F3		(309,743	)		(7,280	)
Class I		(811,593	)		(494,695	)
Class P		–			–
Class T		–			–
Net realized gain
Class A		–			–
Class B		–			–
Class C		–			–
Class F		–			–
Class F3		–			–
Class I		–			–
Class P		–			–
Class T		–			–
Total distributions to shareholders		(32,720,673	)		(65,072,038	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		238,170,014			426,343,420
Reinvestment of distributions		23,477,073			55,291,788
Cost of shares reacquired		(237,881,883	)		(505,373,209	)
Net increase (decrease) in net assets resulting from capital share transactions		23,765,204			(23,738,001	)
Net increase (decrease) in net assets		(7,295,788	)		(85,116,510	)
NET ASSETS:
Beginning of period	$	2,035,409,235		$	2,120,525,745
End of period	$	2,028,113,447		$	2,035,409,235
Undistributed net investment income	$	7,547,233		$	7,088,560

138

See Notes to Financial Statements.

High Yield						Short Duration High Yield
For the						For the
Six Months Ended			For the			Six Months Ended			For the
March 31, 2018			Year Ended			March 31, 2018			Year Ended
(unaudited)			September 30, 2017			(unaudited)			September 30, 2017

$	43,205,477		$	88,757,960		$	3,237,314		$	4,682,844
	(14,740,850	)		14,678,076			(2,304,312	)		(215,071	)
	(1,005,079	)		(78,397,517	)		(24,683	)		(414,286	)
	27,459,548			25,038,519			908,319			4,053,487

	(23,167,434	)		(47,931,441	)		(1,297,060	)		(1,849,250	)
	–			–			–			–
	(6,286,862	)		(14,018,179	)		(90,269	)		(169,772	)
	(10,133,735	)		(20,748,171	)		(1,254,377	)		(1,877,459	)
	(222,828	)		(18,366	)		(36,752	)		(1,753	)
	(1,993,117	)		(2,558,989	)		(345,081	)		(462,689	)
	–			(575	)		–			–
	(205	)		(62	)		–			–

	–			–			(14,744	)		–
	–			–			–			–
	–			–			(1,435	)		–
	–			–			(14,075	)		–
	–			–			(365	)		–
	–			–			(3,797	)		–
	–			–			–			–
	–			–			–			–
	(41,804,181	)		(85,275,783	)		(3,057,955	)		(4,360,923	)

	319,622,299			673,191,149			75,588,412			172,890,905
	29,350,096			67,859,450			3,019,500			4,287,689
	(438,111,856	)		(784,054,998	)		(52,610,187	)		(77,872,902	)

	(89,139,461	)		(43,004,399	)		25,997,725			99,305,692
	(103,484,094	)		(103,241,663	)		23,848,089			98,998,256

$	2,170,421,722		$	2,273,663,385		$	210,724,508		$	111,726,252
$	2,066,937,628		$	2,170,421,722		$	234,572,597		$	210,724,508
$	25,136,630		$	23,735,334		$	687,650		$	473,875

See Notes to Financial Statements.

139

Statements of Changes in Net Assets (concluded)

	California
	For the
	Six Months Ended			For the
	March 31, 2018			Year Ended
DECREASE IN NET ASSETS	(unaudited)			September 30, 2017
Operations:
Net investment income	$	4,655,672		$	9,517,734
Net realized gain on investments and futures contracts		432,311			2,456,943
Net change in unrealized appreciation/depreciation on investments and futures contracts		(4,125,833	)		(14,469,130	)
Net increase (decrease) in net assets resulting from operations		962,150			(2,494,453	)
Distributions to shareholders from:
Net investment income
Class A		(3,040,215	)		(6,439,726	)
Class C		(529,529	)		(1,209,435	)
Class F		(787,452	)		(1,590,506	)
Class F3		(40,254	)		(1,126	)
Class I		(202,660	)		(152,461	)
Total distributions to shareholders		(4,600,110	)		(9,393,254	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		43,977,364			78,299,416
Reinvestment of distributions		3,302,109			7,898,666
Cost of shares reacquired		(45,492,853	)		(111,353,440	)
Net increase (decrease) in net assets resulting from capital share transactions		1,786,620			(25,155,358	)
Net decrease in net assets		(1,851,340	)		(37,043,065	)
NET ASSETS:
Beginning of period	$	309,944,772		$	346,987,837
End of period	$	308,093,432		$	309,944,772
Undistributed (distributions in excess of) net investment income	$	332,981		$	277,419

140

See Notes to Financial Statements.

New Jersey						New York
For the						For the
Six Months Ended			For the			Six Months Ended			For the
March 31, 2018			Year Ended			March 31, 2018			Year Ended
(unaudited)			September 30, 2017			(unaudited)			September 30, 2017

$	1,342,699		$	2,913,276		$	4,404,726		$	9,394,652
	554,682			740,449			1,160,014			5,441,777

	(1,729,320	)		(4,053,738	)		(7,808,120	)		(18,267,395	)
	168,061			(400,013	)		(2,243,380	)		(3,430,966	)

	(1,127,616	)		(2,585,701	)		(3,257,864	)		(7,033,823	)
	–			–			(481,981	)		(1,143,763	)
	(181,645	)		(283,734	)		(556,031	)		(1,113,838	)
	(1,571	)		(148	)		(9,728	)		(133	)
	(15,251	)		(7,306	)		(80,844	)		(47,119	)
	(1,326,083	)		(2,876,889	)		(4,386,448	)		(9,338,676	)

	12,270,107			15,071,007			32,124,601			65,995,400
	901,985			2,279,036			2,802,074			7,113,817
	(20,854,379	)		(21,090,867	)		(41,932,340	)		(118,053,999	)

	(7,682,287	)		(3,740,824	)		(7,005,665	)		(44,944,782	)
	(8,840,309	)		(7,017,726	)		(13,635,493	)		(57,714,424	)

$	100,865,324		$	107,883,050		$	369,874,190		$	427,588,614
$	92,025,015		$	100,865,324		$	356,238,697		$	369,874,190

$	(16,615	)	$	(33,231	)	$	(390,407	)	$	(408,685	)

See Notes to Financial Statements.

141

Financial Highlights

SHORT DURATION TAX FREE FUND

			Per Share Operating Performance:

			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
3/31/2018^(d)		$15.64		$0.09		$(0.18	)		$(0.09	)		$(0.09	)	$	–			$(0.09	)
9/30/2017		15.76		0.17		(0.12	)		0.05			(0.17	)		–			(0.17	)
9/30/2016		15.74		0.17		0.02			0.19			(0.17	)		–			(0.17	)
9/30/2015		15.80		0.16		(0.06	)		0.10			(0.16	)		–			(0.16	)
9/30/2014		15.71		0.19		0.10			0.29			(0.19	)		(0.01	)		(0.20	)
9/30/2013		15.97		0.21		(0.25	)		(0.04	)		(0.21	)		(0.01	)		(0.22	)
Class C
3/31/2018^(d)		15.64		0.05		(0.18	)		(0.13	)		(0.05	)		–			(0.05	)
9/30/2017		15.77		0.07		(0.13	)		(0.06	)		(0.07	)		–			(0.07	)
9/30/2016		15.74		0.07		0.03			0.10			(0.07	)		–			(0.07	)
9/30/2015		15.80		0.06		(0.06	)		–			(0.06	)		–			(0.06	)
9/30/2014		15.71		0.09		0.10			0.19			(0.09	)		(0.01	)		(0.10	)
9/30/2013		15.97		0.11		(0.26	)		(0.15	)		(0.10	)		(0.01	)		(0.11	)
Class F
3/31/2018^(d)		15.64		0.10		(0.18	)		(0.08	)		(0.10	)		–			(0.10	)
9/30/2017		15.77		0.18		(0.13	)		0.05			(0.18	)		–			(0.18	)
9/30/2016		15.74		0.19		0.02			0.21			(0.18	)		–			(0.18	)
9/30/2015		15.80		0.18		(0.07	)		0.11			(0.17	)		–			(0.17	)
9/30/2014		15.71		0.20		0.10			0.30			(0.20	)		(0.01	)		(0.21	)
9/30/2013		15.97		0.23		(0.25	)		(0.02	)		(0.23	)		(0.01	)		(0.24	)
Class F3
3/31/2018^(d)		15.65		0.11		(0.19	)		(0.08	)		(0.11	)		–			(0.11	)
4/4/2017 to 9/30/2017^(f)		15.56		0.10		0.09			0.19			(0.10	)		–			(0.10	)
Class I
3/31/2018^(d)		15.65		0.11		(0.19	)		(0.08	)		(0.11	)		–			(0.11	)
9/30/2017		15.77		0.20		(0.12	)		0.08			(0.20	)		–			(0.20	)
9/30/2016		15.74		0.20		0.03			0.23			(0.20	)		–			(0.20	)
9/30/2015		15.80		0.19		(0.06	)		0.13			(0.19	)		–			(0.19	)
9/30/2014		15.71		0.22		0.10			0.32			(0.22	)		(0.01	)		(0.23	)
9/30/2013		15.97		0.24		(0.25	)		(0.01	)		(0.24	)		(0.01	)		(0.25	)
Class T
3/31/2018^(d)		15.64		0.09		(0.18	)		(0.09	)		(0.09	)		–			(0.09	)
7/28/2017 to 9/30/2017^(h)		15.66		0.03		(0.02	)		0.01			(0.03	)		–			(0.03	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, C and T 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)	Commenced on April 4, 2017.
^(g)	Annualized.
^(h)	Commenced on July 28, 2017.

142	See Notes to Financial Statements.

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

$	15.46		(0.55	)^(e)		0.65	^(g)		0.65	^(g)		0.69	^(g)		1.22	^(g)	$	696,713		24	^(e)
	15.64		0.26			0.65			0.65			0.71			1.08			777,769		23
	15.76		1.27			0.65			0.65			0.71			1.08			1,060,240		23
	15.74		0.63			0.65			0.65			0.70			1.02			1,056,101		26
	15.80		1.85			0.64			0.64			0.70			1.19			1,231,268		28
	15.71		(0.28	)		0.63			0.62			0.70			1.32			1,476,264		24

	15.46		(0.85	)^(e)		1.26	^(g)		1.26	^(g)		1.30	^(g)		0.60	^(g)		121,586		24	^(e)
	15.64		(0.36	)		1.27			1.27			1.33			0.47			138,173		23
	15.77		0.65			1.27			1.27			1.33			0.47			180,900		23
	15.74		0.01			1.27			1.27			1.33			0.39			200,818		26
	15.80		1.20			1.28			1.28			1.34			0.55			237,782		28
	15.71		(0.93	)		1.29			1.29			1.36			0.67			285,611		24

	15.46		(0.50	)^(e)		0.55	^(g)		0.55	^(g)		0.59	^(g)		1.31	^(g)		536,495		24	^(e)
	15.64		0.35			0.55			0.55			0.61			1.18			641,013		23
	15.77		1.37			0.55			0.55			0.61			1.18			803,775		23
	15.74		0.73			0.55			0.55			0.60			1.11			724,280		26
	15.80		1.95			0.54			0.54			0.60			1.29			775,914		28
	15.71		(0.18	)		0.53			0.52			0.60			1.42			757,444		24

	15.46		(0.44	)^(e)		0.43	^(g)		0.43	^(g)		0.46	^(g)		1.44	^(g)		13,758		24	^(e)
	15.65		1.23	^(e)		0.43	^(g)		0.43	^(g)		0.49	^(g)		1.30	^(g)		947		23

	15.46		(0.51	)^(e)		0.45	^(g)		0.45	^(g)		0.49	^(g)		1.42	^(g)		71,464		24	^(e)
	15.65		0.52			0.45			0.45			0.51			1.28			47,491		23
	15.77		1.47			0.45			0.45			0.51			1.27			67,127		23
	15.74		0.83			0.45			0.45			0.50			1.20			44,295		26
	15.80		2.04			0.44			0.44			0.50			1.38			82,953		28
	15.71		(0.08	)		0.43			0.42			0.50			1.50			67,487		24

	15.46		(0.63	)^(e)		0.68	^(g)		0.68	^(g)		0.68	^(g)		1.19	^(g)		10		24	^(e)
	15.64		0.11	^(e)		0.68	^(g)		0.68	^(g)		0.68	^(g)		1.02	^(g)		10		23


	See Notes to Financial Statements.	143

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

			Per Share Operating Performance:

			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment oper- ations			Net investment income			Net realized gain			Total distri- butions
Class A
3/31/2018^(d)		$10.85		$0.14		$(0.23	)		$(0.09	)		$(0.13	)	$	–			$(0.13	)
9/30/2017		11.10		0.27		(0.26	)		0.01			(0.26	)		–	^(f)		(0.26	)
9/30/2016		10.80		0.29		0.30			0.59			(0.28	)		(0.01	)		(0.29	)
9/30/2015		10.83		0.31		(0.04	)		0.27			(0.30	)		–			(0.30	)
9/30/2014		10.49		0.32		0.41			0.73			(0.32	)		(0.07	)		(0.39	)
9/30/2013		10.99		0.29		(0.50	)		(0.21	)		(0.29	)		–			(0.29	)
Class B
3/31/2018^(d)		10.84		0.09		(0.22	)		(0.13	)		(0.09	)		–			(0.09	)
9/30/2017		11.09		0.18		(0.26	)		(0.08	)		(0.17	)		–	^(f)		(0.17	)
9/30/2016		10.79		0.20		0.31			0.51			(0.20	)		(0.01	)		(0.21	)
9/30/2015		10.83		0.22		(0.05	)		0.17			(0.21	)		–			(0.21	)
9/30/2014		10.48		0.24		0.41			0.65			(0.23	)		(0.07	)		(0.30	)
9/30/2013		10.98		0.20		(0.50	)		(0.30	)		(0.20	)		–			(0.20	)
Class C
3/31/2018^(d)		10.84		0.10		(0.22	)		(0.12	)		(0.10	)		–			(0.10	)
9/30/2017		11.09		0.20		(0.26	)		(0.06	)		(0.19	)		–	^(f)		(0.19	)
9/30/2016		10.79		0.22		0.30			0.52			(0.21	)		(0.01	)		(0.22	)
9/30/2015		10.82		0.24		(0.04	)		0.20			(0.23	)		–			(0.23	)
9/30/2014		10.48		0.25		0.41			0.66			(0.25	)		(0.07	)		(0.32	)
9/30/2013		10.98		0.22		(0.51	)		(0.29	)		(0.21	)		–			(0.21	)
Class F
3/31/2018^(d)		10.85		0.14		(0.22	)		(0.08	)		(0.14	)		–			(0.14	)
9/30/2017		11.10		0.27		(0.25	)		0.02			(0.27	)		–	^(f)		(0.27	)
9/30/2016		10.80		0.30		0.30			0.60			(0.29	)		(0.01	)		(0.30	)
9/30/2015		10.83		0.32		(0.04	)		0.28			(0.31	)		–			(0.31	)
9/30/2014		10.49		0.33		0.41			0.74			(0.33	)		(0.07	)		(0.40	)
9/30/2013		10.99		0.30		(0.50	)		(0.20	)		(0.30	)		–			(0.30	)


144	See Notes to Financial Statements.

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

$	10.63		(0.80	)^(e)		0.70	^(h)		0.70	^(h)		0.70	^(h)		2.52	^(h)	$	1,553,766		10	^(e)
	10.85		0.18			0.70			0.70			0.70			2.46			1,650,235		23
	11.10		5.53			0.70			0.70			0.70			2.62			2,000,225		8
	10.80		2.52			0.71			0.71			0.71			2.84			1,592,318		12
	10.83		7.09			0.70			0.70			0.71			3.04			1,485,143		19
	10.49		(1.99	)		0.69			0.68			0.70			2.67			1,829,614		31

	10.62		(1.22	)^(e)		1.51	^(h)		1.51	^(h)		1.51	^(h)		1.67	^(h)		10		10	^(e)
	10.84		(0.62	)		1.50			1.50			1.50			1.69			650		23
	11.09		4.70			1.51			1.51			1.51			1.86			2,061		8
	10.79		1.62			1.51			1.51			1.51			2.05			2,907		12
	10.83		6.35			1.50			1.50			1.51			2.24			3,892		19
	10.48		(2.78	)		1.49			1.48			1.50			1.88			4,587		31

	10.62		(1.11	)^(e)		1.32	^(h)		1.32	^(h)		1.32	^(h)		1.90	^(h)		494,539		10	^(e)
	10.84		(0.45	)		1.33			1.33			1.33			1.84			540,427		23
	11.09		4.87			1.33			1.33			1.33			2.00			657,981		8
	10.79		1.89			1.33			1.33			1.33			2.22			564,502		12
	10.82		6.42			1.34			1.34			1.35			2.40			559,156		19
	10.48		(2.66	)		1.36			1.36			1.38			2.00			634,305		31

	10.63		(0.76	)^(e)		0.60	^(h)		0.60	^(h)		0.60	^(h)		2.61	^(h)		1,661,736		10	^(e)
	10.85		0.28			0.60			0.60			0.60			2.55			1,861,797		23
	11.10		5.63			0.60			0.60			0.60			2.72			1,983,052		8
	10.80		2.62			0.61			0.61			0.61			2.94			1,447,425		12
	10.83		7.20			0.60			0.60			0.60			3.13			1,092,546		19
	10.49		(1.89	)		0.59			0.58			0.60			2.77			899,590		31


	See Notes to Financial Statements.	145

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

			Per Share Operating Performance:

			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment oper- ations			Net investment income			Net realized gain			Total distri- butions
Class F3
3/31/2018^(d)		$10.86		$0.15		$(0.22	)		$(0.07	)		$(0.15	)	$	–			$(0.15	)
4/4/2017 to 9/30/2017^(g)		10.66		0.13		0.21			0.34			(0.14	)		–	^(f)		(0.14	)
Class I
3/31/2018^(d)		10.85		0.15		(0.23	)		(0.08	)		(0.14	)		–			(0.14	)
9/30/2017		11.10		0.29		(0.26	)		0.03			(0.28	)		–	^(f)		(0.28	)
9/30/2016		10.80		0.31		0.30			0.61			(0.30	)		(0.01	)		(0.31	)
9/30/2015		10.84		0.33		(0.05	)		0.28			(0.32	)		–			(0.32	)
9/30/2014		10.49		0.34		0.42			0.76			(0.34	)		(0.07	)		(0.41	)
9/30/2013		11.00		0.31		(0.51	)		(0.20	)		(0.31	)		–			(0.31	)
Class T
3/31/2018^(d)		10.85		0.14		(0.23	)		(0.09	)		(0.13	)		–			(0.13	)
7/28/2017 to 9/30/2017⁽ⁱ⁾		10.84		0.04		0.01			0.05			(0.04	)		–	^(f)		(0.04	)

	^(a)	Calculated using average shares outstanding during the period.
	^(b)	Total return for classes A, B, C and T 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)	Amount less than $0.01.
	^(g)	Commenced on April 4, 2017.
	^(h)	Annualized.
	⁽ⁱ⁾	Commenced on July 28, 2017.

146	See Notes to Financial Statements.

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

$	10.64		(0.69	)^(e)		0.46	^(h)		0.46	^(h)		0.46	^(h)		2.74	^(h)	$	21,198		10	^(e)
	10.86		3.16	^(e)		0.46	^(h)		0.46	^(h)		0.46	^(h)		2.52	^(h)		441		23

	10.63		(0.71	)^(e)		0.50	^(h)		0.50	^(h)		0.50	^(h)		2.72	^(h)		509,057		10	^(e)
	10.85		0.38			0.50			0.50			0.50			2.66			336,447		23
	11.10		5.74			0.50			0.50			0.50			2.79			316,391		8
	10.80		2.63			0.51			0.51			0.51			3.02			164,325		12
	10.84		7.41			0.50			0.50			0.50			3.23			68,985		19
	10.49		(1.89	)		0.49			0.48			0.50			2.87			52,814		31

	10.63		(0.80	)^(e)		0.75	^(h)		0.75	^(h)		0.75	^(h)		2.52	^(h)		10		10	^(e)
	10.85		0.47	^(e)		0.67	^(h)		0.67	^(h)		0.67	^(h)		2.21	^(h)		10		23


	See Notes to Financial Statements.	147

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
3/31/2018^(d)		$16.07		$0.25		$(0.26	)		$(0.01	)		$(0.25	)		$15.81
9/30/2017		16.54		0.49		(0.47	)		0.02			(0.49	)		16.07
9/30/2016		15.84		0.52		0.69			1.21			(0.51	)		16.54
9/30/2015		15.89		0.54		(0.06	)		0.48			(0.53	)		15.84
9/30/2014		15.03		0.59		0.85			1.44			(0.58	)		15.89
9/30/2013		16.38		0.58		(1.35	)		(0.77	)		(0.58	)		15.03
Class C
3/31/2018^(d)		16.07		0.20		(0.26	)		(0.06	)		(0.20	)		15.81
9/30/2017		16.53		0.39		(0.47	)		(0.08	)		(0.38	)		16.07
9/30/2016		15.84		0.42		0.68			1.10			(0.41	)		16.53
9/30/2015		15.88		0.44		(0.05	)		0.39			(0.43	)		15.84
9/30/2014		15.03		0.48		0.85			1.33			(0.48	)		15.88
9/30/2013		16.38		0.46		(1.35	)		(0.89	)		(0.46	)		15.03
Class F
3/31/2018^(d)		16.07		0.26		(0.27	)		(0.01	)		(0.25	)		15.81
9/30/2017		16.53		0.51		(0.47	)		0.04			(0.50	)		16.07
9/30/2016		15.84		0.53		0.69			1.22			(0.53	)		16.53
9/30/2015		15.89		0.55		(0.06	)		0.49			(0.54	)		15.84
9/30/2014		15.03		0.60		0.85			1.45			(0.59	)		15.89
9/30/2013		16.38		0.60		(1.36	)		(0.76	)		(0.59	)		15.03
Class F3
3/31/2018^(d)		16.09		0.27		(0.27	)		–			(0.26	)		15.83
4/4/2017 to 9/30/2017^(f)		15.73		0.25		0.36			0.61			(0.25	)		16.09
Class I
3/31/2018^(d)		16.08		0.27		(0.27	)		–			(0.26	)		15.82
9/30/2017		16.54		0.52		(0.46	)		0.06			(0.52	)		16.08
9/30/2016		15.85		0.56		0.68			1.24			(0.55	)		16.54
9/30/2015		15.90		0.56		(0.05	)		0.51			(0.56	)		15.85
9/30/2014		15.04		0.62		0.85			1.47			(0.61	)		15.90
9/30/2013		16.39		0.63		(1.37	)		(0.74	)		(0.61	)		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)	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)	Commenced on April 4, 2017.
^(g)	Annualized.

148	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)		(%)

	(0.09	)^(e)		0.60	^(g)		0.60	^(g)		0.88	^(g)		3.12	^(g)		$125,904		19	^(e)
	0.17			0.60			0.60			0.88			3.09			131,608		28
	7.76			0.60			0.60			0.87			3.20			151,250		9
	3.04			0.60			0.60			0.89			3.38			107,977		21
	9.76			0.60			0.60			0.90			3.83			92,711		51
	(4.88	)		0.58			0.58			0.87			3.62			106,852		46

	(0.41	)^(e)		1.23	^(g)		1.23	^(g)		1.51	^(g)		2.49	^(g)		23,744		19	^(e)
	(0.40	)		1.24			1.24			1.52			2.46			25,039		28
	7.03			1.23			1.23			1.51			2.58			28,731		9
	2.46			1.24			1.24			1.53			2.75			21,349		21
	8.97			1.27			1.27			1.56			3.15			20,596		51
	(5.53	)		1.33			1.33			1.62			2.87			19,779		46

	(0.04	)^(e)		0.50	^(h)		0.50	^(h)		0.78	^(h)		3.22	^(h)		42,092		19	^(e)
	0.33			0.50			0.50			0.78			3.19			47,880		28
	7.80			0.50			0.50			0.77			3.25			72,030		9
	3.14			0.50			0.50			0.79			3.47			27,849		21
	9.87			0.50			0.50			0.80			3.91			24,429		51
	(4.78	)		0.48			0.48			0.77			3.71			18,702		46

	0.02	^(e)		0.36	^(h)		0.36	^(h)		0.64	^(h)		3.33	^(h)		2,989		19	^(e)
	3.77	^(e)		0.36	^(g)		0.36	^(g)		0.65	^(g)		3.15	^(g)		2,171		28

	0.01	^(e)		0.40	^(h)		0.40	^(h)		0.68	^(h)		3.34	^(h)		4,563		19	^(e)
	0.37			0.40			0.40			0.68			3.27			1,292		28
	7.98			0.40			0.40			0.68			3.41			955		9
	3.24			0.40			0.40			0.70			3.55			732		21
	9.97			0.40			0.40			0.69			4.00			169		51
	(4.65	)		0.37			0.37			0.67			3.80			108		46

See Notes to Financial Statements.

149

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
3/31/2018^(d)		$11.36		$0.18		$(0.17	)		$ 0.01			$(0.18	)		$11.19
9/30/2017		11.69		0.38		(0.34	)		0.04			(0.37	)		11.36
9/30/2016		11.24		0.41		0.44			0.85			(0.40	)		11.69
9/30/2015		11.29		0.41		(0.06	)		0.35			(0.40	)		11.24
9/30/2014		10.60		0.45		0.68			1.13			(0.44	)		11.29
9/30/2013		11.52		0.44		(0.93	)		(0.49	)		(0.43	)		10.60
Class B
3/31/2018^(d)		11.41		0.14		(0.17	)		(0.03	)		(0.14	)		11.24
9/30/2017		11.74		0.29		(0.34	)		(0.05	)		(0.28	)		11.41
9/30/2016		11.30		0.32		0.43			0.75			(0.31	)		11.74
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
Class C
3/31/2018^(d)		11.37		0.15		(0.17	)		(0.02	)		(0.15	)		11.20
9/30/2017		11.70		0.31		(0.34	)		(0.03	)		(0.30	)		11.37
9/30/2016		11.26		0.33		0.44			0.77			(0.33	)		11.70
9/30/2015		11.30		0.34		(0.05	)		0.29			(0.33	)		11.26
9/30/2014		10.61		0.38		0.68			1.06			(0.37	)		11.30
9/30/2013		11.53		0.37		(0.93	)		(0.56	)		(0.36	)		10.61
Class F
3/31/2018^(d)		11.35		0.19		(0.17	)		0.02			(0.19	)		11.18
9/30/2017		11.68		0.39		(0.34	)		0.05			(0.38	)		11.35
9/30/2016		11.23		0.41		0.45			0.86			(0.41	)		11.68
9/30/2015		11.28		0.42		(0.06	)		0.36			(0.41	)		11.23
9/30/2014		10.59		0.45		0.69			1.14			(0.45	)		11.28
9/30/2013		11.51		0.45		(0.93	)		(0.48	)		(0.44	)		10.59
Class F3
3/31/2018^(d)		11.35		0.20		(0.18	)		0.02			(0.19	)		11.18
4/4/2017 to 9/30/2017^(f)		11.11		0.19		0.24			0.43			(0.19	)		11.35
Class I
3/31/2018^(d)		11.35		0.20		(0.18	)		0.02			(0.19	)		11.18
9/30/2017		11.68		0.39		(0.33	)		0.06			(0.39	)		11.35
9/30/2016		11.24		0.42		0.44			0.86			(0.42	)		11.68
9/30/2015		11.29		0.43		(0.06	)		0.37			(0.42	)		11.24
9/30/2014		10.60		0.45		0.70			1.15			(0.46	)		11.29
9/30/2013		11.52		0.46		(0.93	)		(0.47	)		(0.45	)		10.60

^(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)	Commenced on April 4, 2017.
^(g)	Annualized.

150	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)^(c)			expense)^(c)			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	0.11	^(e)		0.75	^(g)		0.73	^(g)		3.28	^(g)	$	1,493,369		16	^(e)
	0.43			0.76			0.74			3.34			1,496,723		31
	7.68			0.77			0.74			3.52			1,591,375		16
	3.16			0.77			0.75			3.61			1,404,309		29
	10.87			0.78			0.75			4.09			1,423,250		45
	(4.40	)		0.76			0.74			3.87			1,438,697		34

	(0.30	)^(e)		1.57	^(g)		1.55	^(g)		2.44	^(g)		4		16	^(e)
	(0.35	)		1.57			1.54			2.56			739		31
	6.71			1.57			1.55			2.74			2,691		16
	2.34			1.58			1.55			2.81			3,300		29
	10.06			1.58			1.55			3.31			4,488		45
	(5.21	)		1.57			1.54			3.07			5,443		34

	(0.20	)^(e)		1.38	^(g)		1.36	^(g)		2.66	^(g)		155,382		16	^(e)
	(0.19	)		1.39			1.37			2.72			164,380		31
	6.91			1.39			1.37			2.90			198,789		16
	2.61			1.40			1.38			2.98			172,774		29
	10.17			1.41			1.39			3.46			174,469		45
	(5.02	)		1.42			1.40			3.21			177,169		34

	0.15	^(e)		0.65	^(g)		0.63	^(g)		3.37	^(g)		311,288		16	^(e)
	0.53			0.66			0.64			3.43			333,595		31
	7.78			0.67			0.64			3.59			318,012		16
	3.25			0.67			0.65			3.70			186,722		29
	10.98			0.67			0.65			4.15			151,265		45
	(4.31	)		0.66			0.64			3.95			103,160		34

	0.21	^(e)		0.52	^(g)		0.50	^(g)		3.49	^(g)		19,548		16	^(e)
	3.80	^(e)		0.52			0.50	^(g)		3.50	^(g)		16,732		31

	0.20	^(e)		0.55	^(g)		0.53	^(g)		3.48	^(g)		48,522		16	^(e)
	0.63			0.56			0.54			3.49			23,240		31
	7.77			0.57			0.54			3.60			9,658		16
	3.34			0.57			0.55			3.77			2,442		29
	11.07			0.57			0.55			4.14			1,679		45
	(4.23	)		0.57			0.54			4.05			719		34

See Notes to Financial Statements.

151

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment Operations:								from:
								Total
					Net			from
	Net asset		Net		realized			invest-						Net asset
	value,		invest-		and			ment			Net			value,		Total
	beginning		ment		unrealized			opera-			investment			end of		return^(b)
	of period		income^(a)		gain (loss)			tions			income			period		(%)
Class A
3/31/2018^(d)		$11.84		$0.24		$(0.08	)		$ 0.16			$(0.24	)		$11.76		1.34	^(e)
9/30/2017		12.17		0.50		(0.34	)		0.16			(0.49	)		11.84		1.41
9/30/2016		11.54		0.56		0.60			1.16			(0.53	)		12.17		10.28
9/30/2015		11.69		0.56		(0.17	)		0.39			(0.54	)		11.54		3.36
9/30/2014		10.91		0.58		0.75			1.33			(0.55	)		11.69		12.54
9/30/2013		11.93		0.58		(1.04	)		(0.46	)		(0.56	)		10.91		(4.11	)
Class C
3/31/2018^(d)		11.84		0.21		(0.08	)		0.13			(0.20	)		11.77		1.12	^(e)
9/30/2017		12.17		0.43		(0.35	)		0.08			(0.41	)		11.84		0.79
9/30/2016		11.55		0.49		0.59			1.08			(0.46	)		12.17		9.51
9/30/2015		11.69		0.49		(0.17	)		0.32			(0.46	)		11.55		2.81
9/30/2014		10.92		0.51		0.74			1.25			(0.48	)		11.69		11.74
9/30/2013		11.93		0.50		(1.03	)		(0.53	)		(0.48	)		10.92		(4.64	)
Class F
3/31/2018^(d)		11.85		0.25		(0.09	)		0.16			(0.24	)		11.77		1.39	^(e)
9/30/2017		12.18		0.52		(0.35	)		0.17			(0.50	)		11.85		1.51
9/30/2016		11.55		0.57		0.60			1.17			(0.54	)		12.18		10.39
9/30/2015		11.69		0.58		(0.17	)		0.41			(0.55	)		11.55		3.55
9/30/2014		10.92		0.58		0.76			1.34			(0.57	)		11.69		12.54
9/30/2013		11.94		0.59		(1.04	)		(0.45	)		(0.57	)		10.92		(4.01	)
Class F3
3/31/2018^(d)		11.82		0.26		(0.09	)		0.17			(0.25	)		11.74		1.45	^(e)
4/4/2017 to 9/30/2017^(f)		11.79		0.24		0.03			0.27			(0.24	)		11.82		4.11	^(e)
Class I
3/31/2018^(d)		11.82		0.25		(0.08	)		0.17			(0.25	)		11.74		1.44	^(e)
9/30/2017		12.15		0.52		(0.35	)		0.17			(0.50	)		11.82		1.57
9/30/2016		11.53		0.57		0.60			1.17			(0.55	)		12.15		10.41
9/30/2015		11.67		0.58		(0.16	)		0.42			(0.56	)		11.53		3.64
9/30/2014		10.92		0.61		0.71			1.32			(0.57	)		11.67		12.44
9/30/2013		11.94		0.60		(1.04	)		(0.44	)		(0.58	)		10.92		(3.92	)
Class T
3/31/2018^(d)		11.84		0.23		(0.07	)		0.16			(0.24	)		11.76		1.36	^(e)
7/28/2017 to 9/30/2017^(h)		11.79		0.07		0.05			0.12			(0.07	)		11.84		1.04	^(e)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, C and T 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)	Commenced on April 4, 2017.
^(g)	Annualized.
^(h)	Commenced on July 28, 2017.

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
interest			interest			Total			investment			end of		turnover
expense)^(c)			expense)^(c)			expenses^(c)			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	0.81	^(g)		0.80	^(g)		0.81	^(g)		4.16	^(g)		$1,133,807		14	^(e)
	0.80			0.79			0.80			4.31			1,182,782		30
	0.80			0.79			0.80			4.71			1,273,114		16
	0.84			0.83			0.87			4.82			1,141,428		31
	0.91			0.90			0.91			5.12			1,160,471		33
	0.84			0.83			0.84			4.87			1,071,511		24

	1.43	^(g)		1.42	^(g)		1.43	^(g)		3.55	^(g)		357,261		14	^(e)
	1.43			1.42			1.43			3.70			380,228		30
	1.42			1.41			1.42			4.09			441,499		16
	1.47			1.46			1.50			4.20			397,615		31
	1.54			1.53			1.54			4.50			408,459		33
	1.49			1.47			1.49			4.23			407,217		24

	0.71	^(g)		0.70	^(g)		0.71	^(g)		4.26	^(g)		483,204		14	^(e)
	0.70			0.69			0.70			4.39			540,945		30
	0.70			0.69			0.70			4.80			490,913		16
	0.74			0.73			0.77			4.92			404,172		31
	0.81			0.80			0.81			5.17			393,166		33
	0.74			0.72			0.74			4.94			228,484		24

	0.58	^(g)		0.57	^(g)		0.58	^(g)		4.37	^(g)		11,695		14	^(e)
	0.56	^(g)		0.56	^(g)		0.56	^(g)		4.09	^(g)		1,750		30

	0.62	^(g)		0.61	^(g)		0.62	^(g)		4.35	^(g)		80,960		14	^(e)
	0.60			0.59			0.60			4.42			64,707		30
	0.60			0.58			0.60			4.82			68,122		16
	0.64			0.63			0.67			4.99			11,061		31
	0.72			0.71			0.72			5.49			25,841		33
	0.64			0.62			0.64			5.04			2,255		24

	0.83	^(g)		0.83	^(g)		0.83	^(g)		3.94	^(g)		10		14	^(e)
	0.75	^(g)		0.75	^(g)		0.75	^(g)		3.59	^(g)		10		30

See Notes to Financial Statements.

153

Financial Highlights (continued)

SHORT DURATION HIGH YIELD MUNICIPAL BOND FUND

			Per Share Operating Performance:

										Distributions to
			Investment Operations:							shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment		Net			Net			Total
	beginning		ment		unrealized			opera-		investment			realized			distri-
	of period		income^(a)		gain (loss)			tions		income			gain			butions
Class A
3/31/2018^(c)		$15.26		$0.22		$(0.16	)		$0.06		$(0.20	)		$–	^(d)		$ (0.20	)
9/30/2017		15.52		0.43		(0.29	)		0.14		(0.40	)		–			(0.40	)
9/30/2016		15.04		0.42		0.46			0.88		(0.40	)		–			(0.40	)
6/1/2015 to 9/30/2015^(f)		15.00		0.13		0.03			0.16		(0.12	)		–			(0.12	)
Class C
3/31/2018^(c)		15.26		0.16		(0.15	)		0.01		(0.15	)		–	^(d)		(0.15	)
9/30/2017		15.52		0.32		(0.29	)		0.03		(0.29	)		–			(0.29	)
9/30/2016		15.04		0.30		0.46			0.76		(0.28	)		–			(0.28	)
6/1/2015 to 9/30/2015^(f)		15.00		0.10		0.02			0.12		(0.08	)		–			(0.08	)
Class F
3/31/2018^(c)		15.26		0.22		(0.15	)		0.07		(0.21	)		–	^(d)		(0.21	)
9/30/2017		15.51		0.45		(0.28	)		0.17		(0.42	)		–			(0.42	)
9/30/2016		15.04		0.43		0.46			0.89		(0.42	)		–			(0.42	)
6/1/2015 to 9/30/2015^(f)		15.00		0.14		0.02			0.16		(0.12	)		–			(0.12	)
Class F3
3/31/2018^(c)		15.27		0.23		(0.16	)		0.07		(0.22	)		–	^(d)		(0.22	)
4/4/2017 to 9/30/2017^(h)		14.99		0.23		0.27			0.50		(0.22	)		–			(0.22	)
Class I
3/31/2018^(c)		15.26		0.23		(0.15	)		0.08		(0.22	)		–	^(d)		(0.22	)
9/30/2017		15.52		0.46		(0.29	)		0.17		(0.43	)		–			(0.43	)
9/30/2016		15.04		0.43		0.48			0.91		(0.43	)		–			(0.43	)
6/1/2015 to 9/30/2015^(f)		15.00		0.15		0.02			0.17		(0.13	)		–			(0.13	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited
^(d)	Amount less than $0.01.
^(e)	Not annualized.
^(f)	Commenced on June 1, 2015.
^(g)	Annualized.
^(h)	Commenced on April 4, 2017.

154	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

					Total
					expenses
Net					after									Net
asset					waivers						Net			assets,		Portfolio
value,		Total			and/or reim-			Total			investment			end of		turnover
end of		return^(b)			bursements			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

	$15.12		0.35	^(e)		0.55	^(g)		0.78	^(g)		2.85	^(g)		$102,255		11	^(e)
	15.26		1.06			0.55			0.81			2.86			90,165		17
	15.52		5.93			0.55			0.92			2.74			54,470		12
	15.04		1.06	^(e)		0.55	^(g)		1.69	^(g)		2.69	^(g)		12,019		1

	15.12		0.01	^(e)		1.24	^(g)		1.47	^(g)		2.17	^(g)		8,976		11	^(e)
	15.26		0.32			1.29			1.56			2.14			8,782		17
	15.52		5.11			1.31			1.68			1.94			8,661		12
	15.04		0.78	^(e)		1.35	^(g)		2.42	^(g)		1.98	^(g)		852		1

	15.12		0.40	^(e)		0.45	^(g)		0.68	^(g)		2.94	^(g)		95,153		11	^(e)
	15.26		1.16			0.45			0.71			2.96			87,848		17
	15.51		6.03			0.45			0.82			2.81			41,758		12
	15.04		1.09	^(e)		0.45	^(g)		1.59	^(g)		2.76	^(g)		9,072		1

	15.12		0.47	^(e)		0.29	^(g)		0.53	^(g)		3.04	^(g)		3,190		11	^(e)
	15.27		3.33	^(e)		0.29	^(g)		0.56	^(g)		3.02	^(g)		221		17

	15.12		0.45	^(e)		0.35	^(g)		0.58	^(g)		3.04	^(g)		24,998		11	^(e)
	15.26		1.26			0.35			0.61			3.06			23,707		17
	15.52		6.13			0.35			0.74			2.80			6,837		12
	15.04		1.12	^(e)		0.35	^(g)		1.45	^(g)		2.97	^(g)		619		1

See Notes to Financial Statements.

155

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

			Per Share Operating Performance:

											Distributions
											to
											shareholders
			Investment Operations:								from:
	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
3/31/2018^(d)		$10.96		$0.17		$(0.14	)		$ 0.03			$(0.16	)		$10.83
9/30/2017		11.32		0.34		(0.36	)		(0.02	)		(0.34	)		10.96
9/30/2016		10.85		0.37		0.46			0.83			(0.36	)		11.32
9/30/2015		10.84		0.37		0.01			0.38			(0.37	)		10.85
9/30/2014		10.10		0.38		0.74			1.12			(0.38	)		10.84
9/30/2013		10.73		0.38		(0.64	)		(0.26	)		(0.37	)		10.10
Class C
3/31/2018^(d)		10.96		0.13		(0.12	)		0.01			(0.13	)		10.84
9/30/2017		11.33		0.27		(0.37	)		(0.10	)		(0.27	)		10.96
9/30/2016		10.85		0.30		0.47			0.77			(0.29	)		11.33
9/30/2015		10.84		0.31		–	^(f)		0.31			(0.30	)		10.85
9/30/2014		10.10		0.32		0.73			1.05			(0.31	)		10.84
9/30/2013		10.73		0.31		(0.64	)		(0.33	)		(0.30	)		10.10
Class F
3/31/2018^(d)		10.96		0.17		(0.13	)		0.04			(0.17	)		10.83
9/30/2017		11.32		0.35		(0.36	)		(0.01	)		(0.35	)		10.96
9/30/2016		10.85		0.38		0.47			0.85			(0.38	)		11.32
9/30/2015		10.84		0.38		0.01			0.39			(0.38	)		10.85
9/30/2014		10.10		0.39		0.74			1.13			(0.39	)		10.84
9/30/2013		10.73		0.39		(0.64	)		(0.25	)		(0.38	)		10.10
Class F3
3/31/2018^(d)		10.95		0.18		(0.12	)		0.06			(0.18	)		10.83
4/4/2017 to 9/30/2017^(g)		10.77		0.18		0.17			0.35			(0.17	)		10.95
Class I
3/31/2018^(d)		10.95		0.18		(0.13	)		0.05			(0.18	)		10.82
9/30/2017		11.32		0.36		(0.37	)		(0.01	)		(0.36	)		10.95
9/30/2016		10.84		0.39		0.48			0.87			(0.39	)		11.32
9/30/2015		10.84		0.39		–	^(f)		0.39			(0.39	)		10.84
9/30/2014		10.09		0.41		0.74			1.15			(0.40	)		10.84
9/30/2013		10.73		0.40		(0.65	)		(0.25	)		(0.39	)		10.09

^(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)	Amount less than $0.01.
^(g)	Commenced on April 4, 2017.
^(h)	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)		(%)

	0.32	^(e)		0.79	^(h)		0.79	^(h)		0.79	^(h)		3.06	^(h)	$	197,108		9	^(e)
	(0.12	)		0.79			0.78			0.79			3.15			204,019		27
	7.80			0.79			0.78			0.79			3.30			234,470		8
	3.54			0.82			0.81			0.82			3.44			185,379		15
	11.29			0.86			0.86			0.86			3.69			170,131		21
	(2.51	)		0.81			0.81			0.81			3.54			166,443		18

	0.10	^(e)		1.42	^(h)		1.42	^(h)		1.42	^(h)		2.44	^(h)		42,353		9	^(e)
	(0.85	)		1.43			1.43			1.43			2.51			45,450		27
	7.21			1.42			1.41			1.42			2.66			54,658		8
	2.89			1.45			1.45			1.45			2.80			39,790		15
	10.58			1.50			1.50			1.50			3.05			36,122		21
	(3.15	)		1.47			1.47			1.47			2.88			33,741		18

	0.37	^(e)		0.69	^(h)		0.69	^(h)		0.69	^(h)		3.16	^(h)		50,773		9	^(e)
	(0.02	)		0.69			0.68			0.69			3.23			53,111		27
	7.90			0.69			0.68			0.69			3.39			53,059		8
	3.64			0.72			0.71			0.72			3.52			36,482		15
	11.39			0.76			0.76			0.76			3.78			24,810		21
	(2.42	)		0.71			0.71			0.71			3.63			21,549		18

	0.52	^(e)		0.56	^(h)		0.56	^(h)		0.56	^(h)		3.27	^(h)		2,902		9	^(e)
	3.30	^(e)		0.56	^(h)		0.52	^(h)		0.56	^(h)		3.39	^(h)		2,243		27

	0.42	^(e)		0.59	^(h)		0.59	^(h)		0.59	^(h)		3.27	^(h)		14,958		9	^(e)
	(0.01	)		0.59			0.58			0.59			3.34			5,121		27
	8.10			0.58			0.58			0.58			3.47			4,802		8
	3.63			0.61			0.61			0.61			3.61			2,309		15
	11.65			0.66			0.65			0.66			3.90			22		21
	(2.40	)		0.62			0.61			0.62			3.77			12		18

See Notes to Financial Statements.

157

Financial Highlights (continued)

NEW JERSEY TAX FREE FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment Operations:								from:
								Total
					Net			from
	Net asset		Net		realized			invest-						Net asset
	value,		invest-		and			ment			Net			value,		Total
	beginning		ment		unrealized			opera-			investment			end of		return^(b)
	of period		income^(a)		gain (loss)			tions			income			period		(%)
Class A
3/31/2018^(d)		$4.96		$0.07		$(0.06	)		$ 0.01			$(0.07	)		$4.90		0.16	^(e)
9/30/2017		5.11		0.14		(0.15	)		(0.01	)		(0.14	)		4.96		(0.08	)
9/30/2016		4.86		0.16		0.25			0.41			(0.16	)		5.11		8.53
9/30/2015		4.94		0.17		(0.08	)		0.09			(0.17	)		4.86		1.74
9/30/2014		4.66		0.17		0.28			0.45			(0.17	)		4.94		9.87
9/30/2013		5.07		0.17		(0.41	)		(0.24	)		(0.17	)		4.66		(4.85	)
Class F
3/31/2018^(d)		4.96		0.07		(0.06	)		0.01			(0.07	)		4.90		0.21	^(e)
9/30/2017		5.11		0.15		(0.15	)		–			(0.15	)		4.96		0.02
9/30/2016		4.86		0.16		0.25			0.41			(0.16	)		5.11		8.63
9/30/2015		4.94		0.17		(0.08	)		0.09			(0.17	)		4.86		1.84
9/30/2014		4.66		0.18		0.28			0.46			(0.18	)		4.94		9.97
9/30/2013		5.07		0.18		(0.41	)		(0.23	)		(0.18	)		4.66		(4.76	)
Class F3
3/31/2018^(d)		4.97		0.07		(0.06	)		0.01			(0.07	)		4.91		0.28	^(e)
4/4/2017 to 9/30/2017^(f)		4.87		0.07		0.10			0.17			(0.07	)		4.97		3.55	^(e)
Class I
3/31/2018^(d)		4.97		0.07		(0.06	)		0.01			(0.07	)		4.91		0.26	^(e)
9/30/2017		5.11		0.15		(0.14	)		0.01			(0.15	)		4.97		0.30
9/30/2016		4.86		0.17		0.25			0.42			(0.17	)		5.11		8.76
9/30/2015		4.94		0.18		(0.08	)		0.10			(0.18	)		4.86		2.00
9/30/2014		4.66		0.19		0.27			0.46			(0.18	)		4.94		10.13
9/30/2013		5.07		0.18		(0.41	)		(0.23	)		(0.18	)		4.66		(4.63	)

^(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)	Commenced on April 4, 2017.
^(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
interest			interest			Total			investment			end of		turnover
expense)^(c)			expense)^(c)			expenses^(c)			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	0.82	^(g)		0.82	^(g)		0.88	^(g)		2.78	^(g)		$ 77,943		8	^(e)
	0.82			0.82			0.86			2.93			89,916		24
	0.83			0.83			0.86			3.21			98,152		13
	0.86			0.86			0.86			3.39			90,126		17
	0.85			0.85			0.85			3.63			92,713		19
	0.82			0.82			0.82			3.47			121,722		18

	0.72	^(g)		0.72	^(g)		0.78	^(g)		2.89	^(g)		12,723		8	^(e)
	0.72			0.72			0.75			3.01			10,605		24
	0.73			0.73			0.76			3.28			9,602		13
	0.76			0.76			0.76			3.49			6,197		17
	0.74			0.74			0.74			3.69			6,838		19
	0.72			0.72			0.72			3.55			4,782		18

	0.58	^(g)		0.58	^(g)		0.64	^(g)		3.02	^(g)		122		8	^(e)
	0.58	^(g)		0.58	^(g)		0.64	^(g)		3.01	^(g)		10		24

	0.62	^(g)		0.62	^(g)		0.68	^(g)		3.00	^(g)		1,237		8	^(e)
	0.62			0.62			0.65			3.10			334		24
	0.62			0.62			0.65			3.28			129		13
	0.62			0.62			0.62			3.65			13		17
	0.62			0.62			0.62			3.87			13		19
	0.61			0.61			0.61			3.70			12		18

See Notes to Financial Statements.

159

Financial Highlights (concluded)

NEW YORK TAX FREE FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment Operations:								from:
	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
3/31/2018^(d)		$11.32		$0.14		$(0.20	)		$(0.06	)		$(0.14	)		$11.12
9/30/2017		11.65		0.29		(0.33	)		(0.04	)		(0.29	)		11.32
9/30/2016		11.19		0.32		0.46			0.78			(0.32	)		11.65
9/30/2015		11.23		0.35		(0.04	)		0.31			(0.35	)		11.19
9/30/2014		10.59		0.38		0.63			1.01			(0.37	)		11.23
9/30/2013		11.38		0.37		(0.79	)		(0.42	)		(0.37	)		10.59
Class C
3/31/2018^(d)		11.31		0.10		(0.20	)		(0.10	)		(0.10	)		11.11
9/30/2017		11.63		0.22		(0.32	)		(0.10	)		(0.22	)		11.31
9/30/2016		11.18		0.25		0.45			0.70			(0.25	)		11.63
9/30/2015		11.21		0.28		(0.03	)		0.25			(0.28	)		11.18
9/30/2014		10.58		0.31		0.62			0.93			(0.30	)		11.21
9/30/2013		11.37		0.30		(0.79	)		(0.49	)		(0.30	)		10.58
Class F
3/31/2018^(d)		11.33		0.14		(0.20	)		(0.06	)		(0.14	)		11.13
9/30/2017		11.66		0.30		(0.33	)		(0.03	)		(0.30	)		11.33
9/30/2016		11.20		0.33		0.46			0.79			(0.33	)		11.66
9/30/2015		11.24		0.36		(0.04	)		0.32			(0.36	)		11.20
9/30/2014		10.60		0.39		0.63			1.02			(0.38	)		11.24
9/30/2013		11.39		0.38		(0.79	)		(0.41	)		(0.38	)		10.60
Class F3
3/31/2018^(d)		11.33		0.15		(0.20	)		(0.05	)		(0.15	)		11.13
4/4/2017 to 9/30/2017^(f)		11.18		0.15		0.15			0.30			(0.15	)		11.33
Class I
3/31/2018^(d)		11.33		0.15		(0.20	)		(0.05	)		(0.15	)		11.13
9/30/2017		11.66		0.31		(0.33	)		(0.02	)		(0.31	)		11.33
9/30/2016		11.20		0.34		0.46			0.80			(0.34	)		11.66
9/30/2015		11.23		0.38		(0.04	)		0.34			(0.37	)		11.20
9/30/2014		10.60		0.40		0.63			1.03			(0.40	)		11.23
9/30/2013		11.39		0.39		(0.79	)		(0.40	)		(0.39	)		10.60

^(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)	Commenced on April 4, 2017.
^(g)	Annualized.

160	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	(0.54	)^(e)		0.78	^(g)		0.78	^(g)		2.49	^(g)		$257,383		8	^(e)
	(0.31	)		0.78			0.78			2.57			269,490		19
	7.05			0.78			0.78			2.80			315,511		20
	2.80			0.79			0.79			3.15			283,229		10
	9.73			0.79			0.78			3.46			244,081		20
	(3.80	)		0.78			0.78			3.33			262,089		17

	(0.85	)^(e)		1.41	^(g)		1.41	^(g)		1.87	^(g)		49,630		8	^(e)
	(0.95	)		1.42			1.42			1.95			53,453		19
	6.37			1.43			1.43			2.15			67,239		20
	2.23			1.44			1.43			2.50			55,562		10
	8.95			1.43			1.42			2.82			49,678		20
	(4.43	)		1.44			1.43			2.67			45,152		17

	(0.49	)^(e)		0.68	^(g)		0.68	^(g)		2.59	^(g)		41,626		8	^(e)
	(0.21	)		0.68			0.68			2.67			44,826		19
	7.14			0.68			0.68			2.87			43,186		20
	2.90			0.69			0.69			3.24			27,788		10
	9.83			0.69			0.68			3.54			20,978		20
	(3.70	)		0.68			0.68			3.42			16,844		17

	(0.43	)^(e)		0.55	^(g)		0.55	^(g)		2.71	^(g)		844		8	^(e)
	2.67	^(e)		0.56	^(g)		0.56	^(g)		2.70	^(g)		10		19

	(0.44	)^(e)		0.59	^(g)		0.59	^(g)		2.71	^(g)		6,756		8	^(e)
	(0.11	)		0.58			0.58			2.75			2,095		19
	7.25			0.58			0.58			2.96			1,652		20
	3.10			0.60			0.59			3.34			1,104		10
	9.85			0.59			0.58			3.66			644		20
	(3.60	)		0.59			0.58			3.54			587		17

See Notes to Financial Statements.

161

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 active share classes:

Funds	Classes
Lord Abbett Short Duration Tax Free Fund (“Short Duration”)	A,C,F,F3,I and T
Lord Abbett Intermediate Tax Free Fund (“Intermediate”)	A,B,C,F,F3,I, and T
Lord Abbett AMT Free Municipal Bond Fund (“AMT Free”)	A,C,F,F3 and I
Lord Abbett National Tax Free Income Fund (“National”)	A,B,C,F,F3 and I
Lord Abbett High Yield Municipal Bond Fund (“High Yield”)	A,C,F,F3,I and T
Lord Abbett Short Duration High Yield Municipal Bond Fund (“Short Duration High Yield”)	A,C,F,F3 and I
Lord Abbett California Tax Free Income Fund (“California”)	A,C,F,F3 and I
Lord Abbett New Jersey Tax Free Income Fund (“New Jersey”)	A,F,F3 and I
Lord Abbett New York Tax Free Income Fund (“New York”)	A,C,F,F3 and I

Short Duration, Intermediate, AMT Free and National are diversified as defined in the Act. High Yield, Short Duration High Yield, California, New Jersey and New York are non-diversified as defined in the Act. The Funds no longer issue Class B shares for purchase.

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

Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A and T shares. There is no front-end sales charge in the case of Class B, C, F, F3 and I, 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 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. On April 25, 2018, the Funds remaining Class B shares were converted to Class A shares.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

162

Notes to Financial Statements (unaudited)(continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), each 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 quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

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

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

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

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

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

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2014 through September 30, 2017. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

163

Notes to Financial Statements (unaudited)(continued)

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

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

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

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

164

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, 2018, as well as the average trust certificates for the six months ended March 31, 2018:

Fund

Liability for
Trust Certificates

Interest Rate
or Range of
Interest Rates

Underlying
Municipal Bonds
Transferred
to TOBs

Average
Trust
Certificates
Outstanding

Short Duration

–

Intermediate

1,250,000

1.61%

2,636,950

1,250,000

AMT Free

–

National

26,250,000

1.61% - 1.64%

57,085,500

26,250,000

High Yield

9,250,000

1.61%

19,158,245

9,250,000

Short Duration High Yield

–

California

–

New Jersey

–

New York

–

	Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. As of March 31, 2018, the carrying value of each Fund’s Liability for Trust Certificates approximates its fair value.

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

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

165

Notes to Financial Statements (unaudited)(continued)

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

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

•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of March 31, 2018 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 the Fund’s average daily net assets at the following annual rate:

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

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

Effective February 1, 2018		Prior to February 1, 2018
First $2 billion	.34%	First $2 billion	.40%
Next $3 billion	.32%	Next $1 billion	.375%
Over $5 billion	.29%	Over $3 billion	.35%

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

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

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

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

166

Notes to Financial Statements (unaudited)(continued)

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

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

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

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

For the six months ended March 31, 2018, the effective management fee, net of waivers, was the following annualized rate of each Fund’s average daily net assets:

	Net Effective Management Fee
Short Duration	.34%
Intermediate	.39%
AMT Free	.22%
National	.42%
High Yield	.47%
Short Duration High Yield	.17%
California	.45%
New Jersey	.40%
New York	.45%

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

For the six months ended March 31, 2018 and continuing through January 31, 2019, for each Fund, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to the following annual rates:

	Classes
Fund	A, B, C, F, I and T*	F3
Short Duration	.45%	.43%
AMT Free	.40%	.36%
High Yield	.62%	.58%
Short Duration High Yield	.35%	.29%
California	.61%	.58%
New Jersey	.62%	.58%

*	If applicable.

167

Notes to Financial Statements (unaudited)(continued)

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P and T shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees	Class A	Class B	Class C⁽¹⁾	Class F⁽²⁾	Class P	Class T
Service	.15%	.25%	.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.

⁽²⁾

The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.

Class F3 and I shares do not have a distribution plan.

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, 2018:

	Distributor Commissions	Dealers’ Concessions
Short Duration	$ 5,825	$ 32,598
Intermediate	46,535	280,604
AMT Free	5,499	30,650
National	56,370	358,164
High Yield	41,783	243,242
Short Duration High Yield	7,272	40,451
California	5,535	33,173
New Jersey	1,580	9,727
New York	2,766	19,221

Distributor received the following amount of CDSCs for the six months ended March 31, 2018:

	Class A	Class C
Short Duration	$ 7,691	$ 6,649
Intermediate	9,779	16,003
AMT Free	–	2,823
National	5,451	5,080
High Yield	47,694	13,806
Short Duration High Yield	25,223	1,349
California	3,279	1,599
New Jersey	907	–
New York	2,783	1,019

One Director and certain of the Funds’ officers have an interest in Lord Abbett.

168

Notes to Financial Statements (unaudited)(continued)

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended March 31, 2018 and fiscal year ended September 30, 2017 was as follows:

	Short Duration				Intermediate
	Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017		Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017
Distributions paid from:
Tax-exempt income		$9,190,117		$18,961,956		$53,693,105		$103,796,839
Ordinary income		–		210,199		–		1,591,000
Net long-term capital gains		–		–		–		1,625,354
Total distributions paid		$9,190,117		$19,172,155		$53,693,105		$107,013,193

	AMT Free				National
	Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017		Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017
Distributions paid from:
Tax-exempt income		$3,094,730		$6,373,880		$32,720,673		$64,495,283
Ordinary income		–		84,072		–		576,755
Total distributions paid		$3,094,730		$6,457,952		$32,720,673		$65,072,038

	High Yield				Short Duration High Yield
	Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017		Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017
Distributions paid from:
Tax-exempt income		$41,804,181		$81,557,199		$2,952,690		$4,297,392
Ordinary income		–		3,718,584		71,001		63,531
Net long-term capital gains		–		–		34,264		–
Total distributions paid		$41,804,181		$85,275,783		$3,057,955		$4,360,923

169

Notes to Financial Statements (unaudited)(continued)

	California				New Jersey
	Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017		Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017
Distributions paid from:
Tax-exempt income		$4,600,110		$9,287,751		$1,326,083		$2,876,889
Ordinary income		–		105,503		–		–
Total distributions paid		$4,600,110		$9,393,254		$1,326,083		$2,876,889

	New York
	Six Months Ended 3/31/2018 (unaudited)		Year Ended 9/30/2017
Distributions paid from:
Tax-exempt income		$4,386,448		$9,250,331
Ordinary income		–		88,345
Total distributions paid		$4,386,448		$9,338,676

As of September 30, 2017, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2018		2019		Indefinite		Total
Short Duration	$	–	$	–	$	12,791,441	$	12,791,441
AMT Free		–		–		5,105,397		5,105,397
National		11,663,983		–		15,856,672		27,520,655
High Yield		77,996,014		36,257,876		93,651,178		207,905,068
Short Duration High Yield		–		–		33,491		33,491
California		5,151,330		502,921		–		5,654,251
New Jersey		3,844,954		1,290,500		–		5,135,454
New York		–		936,183		–		936,183

In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.

As of March 31, 2018, the aggregate unrealized gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Gain			Gross Unrealized Loss			Net Unrealized Gain/(Loss)
Short Duration	$	1,454,323,038	$	4,273,261		$	(8,157,968	)	$	(3,884,707	)
Intermediate		4,177,975,354		109,698,566			(59,053,734	)		50,644,832
AMT Free		195,778,977		6,570,419	��		(3,217,456	)		3,352,963
National		1,966,181,896		96,866,028			(40,318,333	)		56,547,695
High Yield		2,024,006,523		122,845,272			(110,783,566	)		12,061,706
Short Duration High Yield		230,328,864		2,638,436			(1,274,891	)		1,363,545
California		294,062,741		14,750,796			(2,901,722	)		11,849,074
New Jersey		91,360,049		2,971,294			(3,404,947	)		(433,653	)
New York		353,800,777		7,926,910			(8,931,226	)		(1,004,316	)

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

170

Notes to Financial Statements (unaudited)(continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2018 were as follows:

	Purchases		Sales
Short Duration		$274,724,765		$425,447,395
Intermediate		462,867,498		439,777,937
AMT Free		38,438,604		42,900,419
National		340,937,042		317,992,368
High Yield		292,610,078		394,832,250
Short Duration High Yield		54,189,849		24,748,257
California		32,320,839		27,722,116
New Jersey		7,080,239		14,244,025
New York		28,596,361		31,824,710

There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2018.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Each Fund, except Intermediate, AMT Free and California, entered into U.S. Treasury futures contracts during the six months ended March 31, 2018 (as described in note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of March 31, 2018, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain (loss) on futures contracts and change in unrealized appreciation/depreciation on futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.

The following is a summary of U.S. Treasury futures contracts as of and during the six months ended March 31, 2018:

	Net Unrealized Depreciation as of March 31, 2018			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Average Number of Contracts*
Short Duration	$	–		$	(299,370	)	$	229,841			41
Intermediate		–			–			–			–
AMT Free		–			–			–			–
National		–			(144,641	)		(53,416	)		13
High Yield		–			(29,953	)		(259,461	)		56
Short Duration High Yield		–			196,234			(93,583	)		36
California		–			–			–			–
New Jersey		(17,917	)		36,936			(22,913	)		5
New York		(62,710	)		148,915			(97,685	)		19

*	Calculated based on the number of contracts for the six months ended March 31, 2018.

171

Notes to Financial Statements (unaudited)(continued)

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosure to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and to disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between a Fund and the applicable counterparty. As of March 31, 2018, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.

8.	DIRECTORS’ REMUNERATION

The Company’s officers and the one Director who is 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

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 $600 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million, based on past borrowings and likelihood of future borrowings.

During the six months ended March 31, 2018, the Funds did not utilize the Facility.

11.

INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the

172

Notes to Financial Statements (unaudited)(continued)

“Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended March 31, 2018, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13.

INVESTMENT RISKS

Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund’s investments may gain value; however, because Short Duration and Short Duration High Yield typically invest in shorter term bonds, those Funds are subject to the risk that they will typically underperform funds invested in longer-term bonds during such periods.

Additional risks that could reduce each Fund’s performance or increase volatility include call risk credit risk, defaulted bonds risk (High Yield and Short Duration High Yield only), derivatives risk, distressed debt risk (High Yield and Short Duration High Yield only), extension risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, state and territory risks, taxability risk and zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds risk (all Funds except Short Duration, Intermediate, and Short Duration High Yield). Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.

There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Yield and Short Duration High Yield, and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

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

Because each of California, New Jersey, and New York focuses on a particular state or territory, the Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic 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

173

Notes to Financial Statements (unaudited)(continued)

events may harm the performance of any of the Funds (including Short Duration, Intermediate, AMT Free, National, High Yield, and Short Duration High Yield), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.

Each Fund except AMT Free may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.

High Yield, Short Duration High Yield and, to a lesser extent, other Funds may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.

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

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

These factors can affect each Fund’s performance.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

Short Duration	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		9,193,734		$	142,881,801			11,354,019		$	176,555,696
Reinvestment of distributions		163,406			2,537,343			414,866			6,467,905
Shares reacquired		(14,002,929	)		(217,571,816	)		(29,302,480	)		(455,673,149	)
Decrease		(4,645,789	)	$	(72,152,672	)		(17,533,595	)	$	(272,649,548	)

Class C Shares
Shares sold		522,539		$	8,119,768			1,000,516		$	15,560,921
Reinvestment of distributions		13,683			212,435			30,315			472,726
Shares reacquired		(1,503,058	)		(23,347,752	)		(3,672,806	)		(57,185,903	)
Decrease		(966,836	)	$	(15,015,549	)		(2,641,975	)	$	(41,152,256	)

174

Notes to Financial Statements (unaudited)(continued)

Short Duration	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		9,288,224		$	144,291,007			21,963,562		$	341,734,555
Reinvestment of distributions		70,671			1,097,689			179,389			2,797,711
Shares reacquired		(15,627,255	)		(243,079,215	)		(32,150,160	)		(499,427,829	)
Decrease		(6,268,360	)	$	(97,690,519	)		(10,007,209	)	$	(154,895,563	)

Class F3 Shares^(a)
Shares sold		940,992		$	14,702,044			75,017		$	1,174,695
Reinvestment of distributions		4,551			70,667			221			3,467
Shares reacquired		(116,427	)		(1,809,461	)		(14,728	)		(230,217	)
Increase		829,116		$	12,963,250			60,510		$	947,945

Class I Shares
Shares sold		3,287,281		$	51,287,249			2,203,969		$	34,309,678
Reinvestment of distributions		25,034			388,638			44,861			699,381
Shares reacquired		(1,725,444	)		(26,801,328	)		(3,470,628	)		(54,083,006	)
Increase (decrease)		1,586,871		$	24,874,559			(1,221,798	)	$	(19,073,947	)

Class T Shares^(b)
Shares sold		–		$	–			639		$	10,000
Reinvestment of distributions		3			48			1			18
Increase		3		$	48			640		$	10,018

Intermediate	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		14,049,074		$	151,305,494			31,546,233		$	338,459,227
Converted from Class B*		–			–			103,761			1,110,813
Reinvestment of distributions		1,298,953			13,953,324			3,272,404			35,112,577
Shares reacquired		(21,277,728	)		(228,910,893	)		(63,053,971	)		(673,120,847	)
Decrease		(5,929,701	)	$	(63,652,075	)		(28,131,573	)	$	(298,438,230	)

Class B Shares
Shares sold		10		$	105			385		$	4,112
Reinvestment of distributions		171			1,842			1,404			15,002
Shares reacquired		(59,247	)		(635,219	)		(23,737	)		(254,510	)
Converted to Class A*		–			–			(103,858	)		(1,110,813	)
Decrease		(59,066	)	$	(633,272	)		(125,806	)	$	(1,346,209	)

Class C Shares
Shares sold		2,277,726		$	24,532,591			5,085,180		$	54,528,610
Reinvestment of distributions		260,684			2,796,265			662,343			7,095,108
Shares reacquired		(5,829,158	)		(62,597,579	)		(15,236,867	)		(162,955,291	)
Decrease		(3,290,748	)	$	(35,268,723	)		(9,489,344	)	$	(101,331,573	)

175

Notes to Financial Statements (unaudited)(continued)

Intermediate	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		36,924,180		$	397,296,008			80,572,968		$	863,301,142
Reinvestment of distributions		988,627			10,617,471			2,338,572			25,105,930
Shares reacquired		(53,179,907	)		(572,871,254	)		(89,998,119	)		(959,892,480	)
Decrease		(15,267,100	)	$	(164,957,775	)		(7,086,579	)	$	(71,485,408	)

Class F3 Shares^(a)
Shares sold		2,170,117		$	23,478,367			176,119		$	1,908,386
Reinvestment of distributions		18,786			201,704			541			5,869
Shares reacquired		(236,928	)		(2,541,365	)		(136,024	)		(1,475,934	)
Increase		1,951,975		$	21,138,706			40,636		$	438,321

Class I Shares
Shares sold		23,434,430		$	253,444,282			11,864,588		$	127,601,922
Reinvestment of distributions		393,826			4,227,107			644,296			6,912,439
Shares reacquired		(6,955,838	)		(74,691,378	)		(10,010,405	)		(107,086,419	)
Increase		16,872,418		$	182,980,011			2,498,479		$	27,427,942

Class P Shares
Reinvestment of distributions		–		$	–			31		$	335
Shares reacquired		–			–			(1,540	)		(16,708	)
Decrease		–		$	–			(1,509	)	$	(16,373	)

Class T Shares^(b)
Shares sold		–		$	–			922		$	10,000
Reinvestment of distributions		10			104			4			38
Increase		10		$	104			926		$	10,038

AMT Free	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		709,146		$	11,352,448			2,039,955		$	32,247,610
Reinvestment of distributions		89,047			1,419,719			218,262			3,464,115
Shares reacquired		(1,023,670	)		(16,352,535	)		(3,217,309	)		(50,829,234	)
Decrease		(225,477	)	$	(3,580,368	)		(959,092	)	$	(15,117,509	)

Class C Shares
Shares sold		103,566		$	1,651,269			278,641		$	4,406,579
Reinvestment of distributions		11,120			177,200			28,019			444,339
Shares reacquired		(170,874	)		(2,721,972	)		(486,444	)		(7,698,521	)
Decrease		(56,188	)	$	(893,503	)		(179,784	)	$	(2,847,603	)

Class F Shares
Shares sold		568,064		$	9,079,301			1,777,872		$	28,153,792
Reinvestment of distributions		31,335			499,536			76,596			1,215,532
Shares reacquired		(916,252	)		(14,637,713	)		(3,231,851	)		(50,985,227	)
Decrease		(316,853	)	$	(5,058,876	)		(1,377,383	)	$	(21,615,903	)

176

Notes to Financial Statements (unaudited)(continued)

AMT Free	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class F3 Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		180,673		$	2,899,735			169,069		$	2,713,036
Reinvestment of distributions		2,633			42,014			1,163			18,718
Shares reacquired		(129,372	)		(2,075,819	)		(35,320	)		(567,104	)
Increase		53,934		$	865,930			134,912		$	2,164,650

Class I Shares
Shares sold		220,787		$	3,546,346			41,948		$	666,500
Reinvestment of distributions		3,209			51,133			1,940			30,843
Shares reacquired		(15,897	)		(253,587	)		(21,259	)		(331,307	)
Increase		208,099		$	3,343,892			22,629		$	366,036

National	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		10,237,150		$	115,958,246			18,043,193		$	202,644,334
Converted from Class B*		45,078			510,096			143,699			1,613,899
Reinvestment of distributions		1,580,214			17,846,952			3,854,182			43,226,196
Shares reacquired		(10,169,698	)		(114,956,332	)		(26,431,483	)		(295,775,808	)
Increase (decrease)		1,692,744		$	19,358,962			(4,390,409	)	$	(48,291,379	)

Class B Shares
Shares sold		40		$	475			672		$	7,610
Reinvestment of distributions		270.50			3,083			3,191			35,884
Shares reacquired		(19,839	)		(224,621	)		(25,303	)		(285,020	)
Converted to Class A*		(44,843	)		(510,096	)		(143,011	)		(1,613,899	)
Decrease		(64,371.50	)	$	(731,159	)		(164,451	)	$	(1,855,425	)

Class C Shares
Shares sold		791,849		$	8,985,347			1,929,103		$	21,671,561
Reinvestment of distributions		120,121			1,358,037			301,820			3,388,243
Shares reacquired		(1,496,795	)		(16,918,512	)		(4,765,364	)		(53,398,742	)
Decrease		(584,825	)	$	(6,575,128	)		(2,534,441	)	$	(28,338,938	)

Class F Shares
Shares sold		5,830,412		$	65,821,148			15,068,516		$	168,582,161
Reinvestment of distributions		307,771			3,473,798			739,287			8,289,348
Shares reacquired		(7,688,540	)		(86,911,722	)		(13,645,849	)		(152,610,259	)
Increase (decrease)		(1,550,357	)	$	(17,616,776	)		2,161,954		$	24,261,250

Class F3 Shares^(a)
Shares sold		436,213		$	4,932,335			1,475,769		$	16,811,953
Reinvestment of distributions		22,560			254,642			783			8,884
Shares reacquired		(184,640	)		(2,089,971	)		(2,595	)		(29,520	)
Increase		274,133		$	3,097,006			1,473,957		$	16,791,317

177

Notes to Financial Statements (unaudited)(continued)

National	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		3,740,172		$	42,472,463			1,484,965		$	16,625,801
Reinvestment of distributions		47,928			540,561			30,570			343,233
Shares reacquired		(1,496,525	)		(16,780,725	)		(295,199	)		(3,273,860	)
Increase		2,291,575		$	26,232,299			1,220,336		$	13,695,174

High Yield	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		10,556,758		$	124,099,113			24,842,036		$	289,731,693
Reinvestment of distributions		1,453,705			17,046,167			3,415,819			39,936,303
Shares reacquired		(15,529,889	)		(182,433,325	)		(33,016,501	)		(384,777,564	)
Decrease		(3,519,426	)	$	(41,288,045	)		(4,758,646	)	$	(55,109,568	)

Class C Shares
Shares sold		1,721,426		$	20,239,341			3,734,803		$	43,641,510
Reinvestment of distributions		375,602			4,405,748			947,495			11,071,453
Shares reacquired		(3,842,112	)		(45,131,940	)		(8,859,617	)		(103,303,255	)
Decrease		(1,745,084	)	$	(20,486,851	)		(4,177,319	)	$	(48,590,292	)

Class F Shares
Shares sold		7,756,565		$	91,253,763			20,130,294		$	234,389,005
Reinvestment of distributions		525,172			6,163,348			1,271,054			14,874,849
Shares reacquired		(12,890,681	)		(151,502,814	)		(16,072,572	)		(187,345,847	)
Increase (decrease)		(4,608,944	)	$	(54,085,703	)		5,328,776		$	61,918,007

Class F3 Shares^(a)
Shares sold		967,455		$	11,356,761			148,865		$	1,746,224
Reinvestment of distributions		15,630			182,881			1,555			18,377
Shares reacquired		(135,175	)		(1,582,214	)		(2,353	)		(27,787	)
Increase		847,910		$	9,957,428			148,067		$	1,736,814

Class I Shares
Shares sold		6,194,701		$	72,673,321			8,887,188		$	103,672,717
Reinvestment of distributions		132,533			1,551,781			167,402			1,957,874
Shares reacquired		(4,908,315	)		(57,461,563	)		(9,188,117	)		(108,585,354	)
Increase (decrease)		1,418,919		$	16,763,539			(133,527	)	$	(2,954,763	)

Class P Shares
Reinvestment of distributions		–		$	–			46		$	533
Shares reacquired		–			–			(1,282	)		(15,191	)
Decrease		–		$	–			(1,236	)	$	(14,658	)

Class T Shares^(b)
Shares sold		–		$	–			848		$	10,000
Reinvestment of distributions		15			171			5			61
Increase		15		$	171			853		$	10,061

178

Notes to Financial Statements (unaudited)(continued)

Short Duration High Yield	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,982,589		$	30,057,422			4,418,062		$	66,648,600
Reinvestment of distributions		86,043			1,303,086			120,782			1,824,006
Shares reacquired		(1,211,301	)		(18,341,141	)		(2,141,966	)		(32,116,794	)
Increase		857,331		$	13,019,367			2,396,878		$	36,355,812

Class C Shares
Shares sold		118,988		$	1,806,107			311,017		$	4,695,620
Reinvestment of distributions		5,973			90,464			11,051			166,718
Shares reacquired		(106,528	)		(1,615,114	)		(304,891	)		(4,576,322	)
Increase		18,433		$	281,457			17,177		$	286,016

Class F Shares
Shares sold		2,067,500		$	31,360,468			5,169,447		$	77,466,517
Reinvestment of distributions		82,973			1,256,696			123,134			1,860,354
Shares reacquired		(1,611,253	)		(24,431,563	)		(2,228,283	)		(33,500,214	)
Increase		539,220		$	8,185,601			3,064,298		$	45,826,657

Class F3 Shares^(a)
Shares sold		236,649		$	3,600,043			14,439		$	219,056
Reinvestment of distributions		2,472			37,442			115			1,753
Shares reacquired		(42,614	)		(646,524	)		(54	)		(828	)
Increase		196,507		$	2,990,961			14,500		$	219,981

Class I Shares
Shares sold		577,663		$	8,764,372			1,594,572		$	23,861,112
Reinvestment of distributions		21,907			331,812			28,781			434,858
Shares reacquired		(499,190	)		(7,575,845	)		(510,794	)		(7,678,744	)
Increase		100,380		$	1,520,339			1,112,559		$	16,617,226

California	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,472,313		$	16,128,914			3,426,475		$	37,309,417
Reinvestment of distributions		208,182			2,270,166			522,268			5,670,163
Shares reacquired		(2,104,490	)		(22,978,802	)		(6,035,771	)		(65,270,248	)
Decrease		(423,995	)	$	(4,579,722	)		(2,087,028	)	$	(22,290,668	)

Class C Shares
Shares sold		226,856		$	2,483,783			548,523		$	5,975,399
Reinvestment of distributions		32,552			355,029			88,736			963,412
Shares reacquired		(497,505	)		(5,437,819	)		(1,316,075	)		(14,288,306	)
Decrease		(238,097	)	$	(2,599,007	)		(678,816	)	$	(7,349,495	)

179

Notes to Financial Statements (unaudited)(continued)

California	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		1,235,928		$	13,490,343			2,847,233		$	30,847,223
Reinvestment of distributions		44,121			481,088			102,378			1,112,463
Shares reacquired		(1,440,167	)		(15,738,272	)		(2,787,941	)		(30,191,361	)
Increase (decrease)		(160,118	)	$	(1,766,841	)		161,670		$	1,768,325

Class F3 Shares^(a)
Shares sold		70,120		$	764,276			206,093		$	2,265,757
Reinvestment of distributions		3,002			32,710			122			1,331
Shares reacquired		(9,975	)		(109,082	)		(1,387	)		(15,148	)
Increase		63,147		$	687,904			204,828		$	2,251,940

Class I Shares
Shares sold		1,012,469		$	11,110,048			172,403		$	1,901,620
Reinvestment of distributions		14,984			163,116			13,944			151,297
Shares reacquired		(113,106	)		(1,228,878	)		(142,897	)		(1,588,377	)
Increase		914,347		$	10,044,286			43,450		$	464,540

New Jersey	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		609,405		$	3,019,405			2,027,948		$	9,930,052
Reinvestment of distributions		154,800			762,833			422,211			2,070,081
Shares reacquired		(2,983,942	)		(14,801,301	)		(3,542,190	)		(17,244,838	)
Decrease		(2,219,737	)	$	(11,019,063	)		(1,092,031	)	$	(5,244,705	)

Class F Shares
Shares sold		1,636,707		$	8,117,644			966,606		$	4,718,814
Reinvestment of distributions		25,979			128,072			41,645			204,398
Shares reacquired		(1,203,610	)		(5,940,576	)		(750,618	)		(3,649,998	)
Increase		459,076		$	2,305,140			257,633		$	1,273,214

Class F3 Shares^(a)
Shares sold		35,403		$	175,272			2,057		$	10,017
Reinvestment of distributions		259			1,279			30			149
Shares reacquired		(12,812	)		(63,382	)		(1	)		(5	)
Increase		22,850		$	113,169			2,086		$	10,161

Class I Shares
Shares sold		192,920		$	957,786			81,877		$	412,124
Reinvestment of distributions		1,990			9,801			900			4,408
Shares reacquired		(9,963	)		(49,120	)		(40,924	)		(196,026	)
Increase		184,947		$	918,467			41,853		$	220,506

180

Notes to Financial Statements (unaudited)(concluded)

New York	Six Months Ended March 31, 2018 (unaudited)						Year Ended September 30, 2017
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,271,496		$	14,273,727			3,286,957		$	37,021,168
Reinvestment of distributions		192,620			2,156,456			495,880			5,575,203
Shares reacquired		(2,118,743	)		(23,766,735	)		(7,064,417	)		(79,240,732	)
Decrease		(654,627	)	$	(7,336,552	)		(3,281,580	)	$	(36,644,361	)

Class C Shares
Shares sold		207,620		$	2,332,349			580,246		$	6,542,059
Reinvestment of distributions		26,296			294,045			67,781			761,082
Shares reacquired		(491,985	)		(5,506,112	)		(1,699,940	)		(19,100,855	)
Decrease		(258,069	)	$	(2,879,718	)		(1,051,913	)	$	(11,797,714	)

Class F Shares
Shares sold		823,565		$	9,276,864			1,934,989		$	21,783,022
Reinvestment of distributions		24,789			277,841			64,895			730,270
Shares reacquired		(1,063,751	)		(11,969,835	)		(1,747,919	)		(19,516,419	)
Increase (decrease)		(215,397	)	$	(2,415,130	)		251,965		$	2,996,873

Class F3 Shares^(a)
Shares sold		75,215		$	848,901			895.50		$	10,017
Reinvestment of distributions		707			7,915			12			133
Shares reacquired		(1,014	)		(11,308	)		–			(5	)
Increase		74,908		$	845,508			907.50		$	10,145

Class I Shares
Shares sold		477,037		$	5,392,760			56,740		$	639,134
Reinvestment of distributions		5,881			65,817			4,184			47,129
Shares reacquired		(60,709	)		(678,350	)		(17,717	)		(195,988	)
Increase		422,209		$	4,780,227			43,207		$	490,275

*	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.
^(a)	Commenced on April 4, 2017.
^(b)	Commenced on July 28, 2017.

181

Approval of Advisory Contract

The Board, including all of the Directors who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year. 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 reviews of Fund performance 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 Directors also met with their independent legal counsel in various private sessions 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 Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of the Fund’s benchmark; (2) information provided by Morningstar regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar 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 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 Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund, if any; 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 each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and the Fund’s benchmark as of various periods ended August 31, 2017. As to AMT Free, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, but below for the one- and five-year periods. As to California, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three- and five-year periods and

182

Approval of Advisory Contract (continued)

equal to the median for the ten-year period. As to New Jersey, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three- and five-year periods and equal to the median for the ten-year period, but below for the one-year period. As to High Yield, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and five-year periods, but below the median for the ten-year period. As to Intermediate, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and ten-year periods, but below the median for the three- and five-year periods. As to National and New York, the Board observed that each Fund’s investment performance was above the median of the performance peer group for the three-, five-, and ten-year periods, but below for the one-year period. As to Short Duration, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, but below for the one- and five-year periods. As to Short Duration High Yield, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

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 level of each Fund and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of AMT Free, California, High Yield, Intermediate, National, New York, Short Duration, and Short Duration High Yield the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. As to New Jersey, the Board observed that the net total expense ratio of the Fund was approximately the same as the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those

183

Approval of Advisory Contract (concluded)

exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. With respect to each of Intermediate, National and New York, the Board concluded that the contractual breakpoints in the existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to each of AMT Free, California, High Yield, New Jersey, and Short Duration High Yield, the Board concluded that the contractual breakpoints in the existing management fee schedule, in conjunction with the Fund’s existing expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to Short Duration, the Board concluded that the contractual breakpoints in the proposed management fee schedule adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees 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 each 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 of the Lord Abbett Funds. 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 prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of each Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of each Fund’s brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the 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 Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

184

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).

185

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Municipal Income Fund, Inc.

Lord Abbett Short Duration Tax Free Fund

Lord Abbett Intermediate Tax Free Fund

Lord Abbett AMT Free Municipal Bond Fund

Lord Abbett National Tax-Free Income Fund

Lord Abbett High Yield Municipal Bond Fund

Lord Abbett Short Duration High Yield Municipal Bond Fund

Lord Abbett California Tax-Free Income Fund

Lord Abbett New Jersey Tax-Free Income Fund

Lord Abbett New York Tax-Free Income Fund

LATFI-3
(5/18)

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/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: May 25, 2018

	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President

Date: May 25, 2018

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

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: May 25, 2018

	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President

Date: May 25, 2018

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