Lord Abbett Municipal Income Fund N-CSRS 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)

Thomas R. Phillips, Esq., Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 3/31/2012

Item 1: Report(s) to Shareholders.

2 0 1 2

L O R D  A B B E T T

S E M I A N N U A L

R E P O R T

Lord Abbett

Municipal Income Fund

Short Duration Tax Free Fund

Intermediate Tax Free Fund

AMT Free Municipal Bond Fund

National Tax Free Income Fund

High Yield Municipal Bond Fund

California Tax Free Income Fund

New Jersey Tax Free Income Fund

New York Tax Free Income Fund

For the six-month period ended March 31, 2012

Lord Abbett Municipal Income Fund
Semiannual Report

For the six-month period ended March 31, 2012

From left to right: Robert S. Dow, Director and Chairman of the Lord Abbett Funds; E. Thayer Bigelow, Independent Lead Director of the Lord Abbett Funds; and Daria L. Foster, Director and President of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for the Lord Abbett Municipal Income Fund for the six-month period ended March 31, 2012. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

          Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Robert S. Dow

Chairman

1

Expense Example

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

          The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2011 through March 31, 2012).

Actual Expenses

          For each class of each Fund, the first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period 10/1/11 -3/31/12” 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 page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

2

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†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A*
Actual	$1,000.00	$1,012.50	$3.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.01	$3.03
Class C*
Actual	$1,000.00	$1,009.20	$6.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.69	$6.36
Class F*
Actual	$1,000.00	$1,013.00	$2.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.51	$2.53
Class I*
Actual	$1,000.00	$1,013.40	$2.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.01	$2.02

†	For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.60% for Class A, 1.26% for Class C, 0.50% for Class F and 0.40% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).
*	The annualized expenses of each class have been restated (0.61% for Class A, 1.27% for Class C, 0.51% for Class F and 0.41% for Class I). Had these restated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$3.07	$3.08
Class C	$6.38	$6.41
Class F	$2.57	$2.58
Class I	$2.06	$2.07

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	8.79	%
AA+	12.31	%
AA	12.73	%
AA-	13.04	%
A+	14.09	%
A	9.78	%
A-	7.96	%
BBB+	5.14	%
S&P or Moody’s(a)	%*
BBB	6.68	%
BBB-	2.63	%
BB+	0.03	%
BB	3.49	%
B+	0.63	%
NR	2.70	%
Total	100.00	%

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

3

Intermediate Tax Free Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A*
Actual	$1,000.00	$1,039.70	$3.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.70	$3.34
Class B*
Actual	$1,000.00	$1,035.60	$7.43
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$7.36
Class C*
Actual	$1,000.00	$1,035.30	$6.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.33	$6.71
Class F*
Actual	$1,000.00	$1,039.30	$2.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.21	$2.83
Class I*
Actual	$1,000.00	$1,039.60	$2.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.72	$2.33
Class P*
Actual	$1,000.00	$1,037.60	$4.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.54	$4.50

†	For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.66% for Class A, 1.46% for Class B, 1.33% for Class C, 0.56% for Class F, 0.46% for Class I and 0.89% for Class P) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).
*	The annualized expenses of each class have been restated (0.67% for Class A, 1.47% for Class B, 1.34% for Class C, 0.57% for Class F, 0.47% for Class I and 0.92% for Class P). Had these restated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$3.42	$3.39
Class B	$7.48	$7.42
Class C	$6.82	$6.76
Class F	$2.91	$2.88
Class I	$2.40	$2.38
Class P	$4.69	$4.65

4

Intermediate Tax Free Fund (concluded)

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	6.85	%
AA+	9.30	%
AA	14.77	%
AA-	16.03	%
A+	14.77	%
A	7.54	%
A-	7.13	%
BBB+	3.04	%
BBB	4.89	%
BBB-	6.13	%
BB+	0.74	%
BB	1.25	%
B+	0.84	%
B	1.17	%
B-	1.36	%
CCC+	0.11	%
NR	4.08	%
Money Market Mutual Funds	0.00	%**
Total	100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments.
**	Amount is less than 0.01%.

5

AMT Free Municipal Bond Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/30/12
Class A*
Actual	$1,000.00	$1,067.30	$2.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.37	$2.68
Class C*
Actual	$1,000.00	$1,063.10	$6.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.45	$6.61
Class F*
Actual	$1,000.00	$1,067.10	$2.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.85	$2.17
Class I*
Actual	$1,000.00	$1,068.50	$1.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.45	$1.57

†	For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.53% for Class A, 1.31% for Class C, 0.43% for Class F and 0.31% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).
*	The annualized expenses of each class have been restated (0.55% for Class A, 1.35% for Class C, 0.45% for Class F and 0.35% for Class I). Had these restated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$2.84	$2.78
Class C	$6.96	$6.81
Class F	$2.33	$2.28
Class I	$1.81	$1.77

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	0.88	%
AA+	5.52	%
AA	7.67	%
AA-	17.06	%
A+	15.61	%
A	17.35	%
A-	9.95	%
BBB+	4.49	%
BBB	5.96	%
S&P or Moody’s(a)	%*
BBB-	5.24	%
BB+	1.64	%
BB	1.36	%
BB-	0.19	%
B+	1.03	%
B	0.90	%
B-	2.44	%
NR	2.71	%
Total	100.00	%

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

6

National Tax Free Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A
Actual	$1,000.00	$1,072.50	$4.20
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.96	$4.09
Class B
Actual	$1,000.00	$1,069.00	$8.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.95	$8.12
Class C
Actual	$1,000.00	$1,069.10	$7.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.78	$7.26
Class F
Actual	$1,000.00	$1,073.10	$3.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.47	$3.59
Class I
Actual	$1,000.00	$1,073.70	$3.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.00	$3.03

^† 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, 1.61% for Class B, 1.44% for Class C, 0.71% for Class F and 0.60% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	3.56	%
AA+	10.45	%
AA	15.05	%
AA-	9.03	%
A+	11.75	%
A	8.33	%
A-	8.19	%
BBB+	3.30	%
BBB	5.29	%
BBB-	5.74	%
BB+	1.67	%
S&P or Moody’s(a)	%*
BB	1.94	%
BB-	0.59	%
B+	1.74	%
B	2.14	%
B-	3.04	%
CCC+	0.44	%
CC	0.01	%
NR	7.74	%
Money Market Mutual Funds	0.00	%**
Total	100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments.
**	Amount is less than 0.01%.

7

High Yield Municipal Bond Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A
Actual	$1,000.00	$1,062.90	$4.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.66	$4.39
Class B
Actual	$1,000.00	$1,059.00	$8.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.83	$8.22
Class C
Actual	$1,000.00	$1,059.60	$7.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.49	$7.57
Class F
Actual	$1,000.00	$1,062.50	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.16	$3.89
Class I
Actual	$1,000.00	$1,063.80	$3.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.66	$3.39
Class P
Actual	$1,000.00	$1,061.90	$5.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.45

^† For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.87% for Class A, 1.63% for Class B, 1.50% for Class C, 0.77% for Class F, 0.67% for Class I and 1.08% for Class P) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	1.17	%
AA+	6.57	%
AA	9.96	%
AA-	3.32	%
A+	3.25	%
A	1.48	%
A-	1.61	%
BBB+	3.56	%
BBB	5.06	%
BBB-	5.91	%
BB+	4.47	%
S&P or Moody’s(a)	%*
BB	2.44	%
BB-	1.45	%
B+	2.89	%
B	5.64	%
B-	10.46	%
CCC+	0.89	%
Caa3	0.29	%
CC	0.10	%
NR	29.48	%
Money Market Mutual Funds	0.00	%**
Total	100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments.
**	Amount is less than 0.01%.

8

California Tax Free Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A
Actual	$1,000.00	$1,072.90	$4.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.19
Class C
Actual	$1,000.00	$1,070.50	$7.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.72	$7.36
Class F
Actual	$1,000.00	$1,073.40	$3.78
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.37	$3.69
Class I
Actual	$1,000.00	$1,073.90	$3.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.78	$3.23

^† For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.83% for Class A, 1.46% for Class C, 0.73% for Class F and 0.64% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	1.89	%
AA+	2.14	%
AA	20.06	%
AA-	9.34	%
A+	16.65	%
A	20.21	%
A-	5.49	%
BBB+	7.64	%
BBB	3.66	%
S&P or Moody’s(a)	%*
BBB-	2.27	%
BB+	1.47	%
BB	1.08	%
B+	0.89	%
B	0.38	%
B-	1.83	%
NR	5.00	%
Money Market Mutual Fund	0.00	%**
Total	100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments.
**	Amount is less than 0.01%.

9

New Jersey Tax Free Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A
Actual	$1,000.00	$1,066.60	$4.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.84	$4.19
Class F
Actual	$1,000.00	$1,067.10	$3.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.25	$3.69
Class I
Actual	$1,000.00	$1,065.50	$3.15
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.96	$3.08

^† For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.83% for Class A, 0.73% for Class F and 0.61% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period.)

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	4.58	%
AA+	3.89	%
AA	14.26	%
AA-	11.38	%
A+	22.56	%
A	6.99	%
A-	1.04	%
BBB+	9.00	%
BBB	5.31	%
S&P or Moody’s(a)	%*
BBB-	7.70	%
BB	1.85	%
B+	2.85	%
B	2.52	%
B-	0.22	%
NR	5.85	%
Money Market Mutual Fund	0.00	%**
Total	100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments.
**	Amount is less than 0.01%.

10

New York Tax Free Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	10/1/11	3/31/12	10/1/11 - 3/31/12
Class A
Actual	$1,000.00	$1,054.90	$4.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.77	$4.29
Class C
Actual	$1,000.00	$1,051.70	$7.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.61	$7.47
Class F
Actual	$1,000.00	$1,055.40	$3.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.29	$3.74
Class I
Actual	$1,000.00	$1,055.30	$3.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.84	$3.18

^† For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.85% for Class A, 1.48% for Class C, 0.74% for Class F and 0.63% for Class I) multiplied by the average account value over the period, multiplied by 183/366 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2012

S&P or Moody’s(a)	%*
AAA	10.26	%
AA+	8.58	%
AA	10.96	%
AA-	20.49	%
A+	8.04	%
A	6.49	%
A-	8.54	%
BBB+	5.62	%
BBB	1.71	%
S&P or Moody’s(a)	%*
BBB-	6.48	%
BB+	2.78	%
BB	0.37	%
BB-	0.64	%
B+	0.64	%
B-	1.65	%
NR	6.75	%
Money Market Mutual Fund	0.00	%**
Total	100.00	%

(a)	Certain investments have been rated by Fitch IBCA.
*	Represents percent of total investments.
**	Amount is less than 0.01%.

11

Schedule of Investments (unaudited)
SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 73.50%
Corporate-Backed 3.30%
Burke Cnty GA Dev Auth Pollutn Ctrl Vogtle Pj 5th Rmkt		2.30%			10/1/2032		A	$	10,000	$	10,267,700
CA St Muni Fin Auth Wst Mgmt Inc Pj Ser A		2.00%	#		2/1/2019		BBB		4,000		4,078,680
Coconino Cnty AZ Pollutn Ctrl Corp Ser A		5.50%			6/1/2034		BBB		2,000		2,165,680
Farmington NM Pollutn Ctrl Rev Sthn CA Edison Ser A		2.875%			4/1/2029		A1		7,500		7,736,025
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		4.25%			6/1/2017		A+		2,590		2,775,574
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.00%			6/1/2015		A+		5,275		5,751,807
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.50%			6/1/2017		A+		3,050		3,458,547
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-3		1.94%	#		6/1/2013		A+		5,000		5,029,500
Gloucester Cnty NJ Impt Auth Wst Mgmt Inc Pj Ser A		2.625%			12/1/2029		BBB		4,000		4,053,040
Gulf Coast TX Wst Disp Auth US Steel Corp Pj		5.75%			9/1/2017		BB		6,850		7,041,526
Mobile AL Indl Dev Brd Pollutn Ctrl AL Pwr Co Rmkt(a)		1.65%			6/1/2034		A		3,000		2,987,220
PA Econ Dev Fing Auth Wst Mgt Inc Pj		2.75%			9/1/2013		BBB		4,250		4,357,950
Valdez AK Marine Terminal Rev BP Pipelines Inc Pj Rmkt		5.00%			1/1/2018		A		10,000		11,572,300
Total											71,275,549
Education 3.56%
CA St Univ Rev Systemwide Ser A		5.00%			11/1/2020		Aa2		5,000		6,040,800
Delaware Cnty PA Auth Univ Rev Villanova Univ		4.00%			12/1/2014		A+		700		748,650
Delaware Cnty PA Auth Univ Rev Villanova Univ		5.00%			12/1/2013		A+		550		586,273
Grand Rapids MI Econ Dev Corp Ferris St Univ Pj Ser B		1.80%			4/1/2013		NR		4,250		4,254,972
IL Edl Facs Auth Rev Univ of Chicago Ser B-2		1.875%			7/1/2036		Aa1		5,250		5,383,455
MA St Dev Fin Agy Boston Univ Ser V-2		2.875%			10/1/2014		A		1,595		1,646,056
MA St Hlth & Edl Facs Auth Amherst College Ser K-2		1.70%			11/1/2038		AAA		5,000		5,050,700

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
New York City NY Tr Cultural Res Julliard Sch(b)		2.10%			4/1/2036		AA	$	14,000	$	14,592,340
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		5.50%			12/1/2013		Baa1		1,000		1,083,860
NY St Dorm Auth Rev Non St Supp Debt St. Lawrence		5.00%			7/1/2014		A2		4,000		4,283,520
NY St Dorm Auth Rev St City Univ Sys Cons 5th Gen Ser A (NPFGC)(FGIC)		5.00%			7/1/2015		AA-		1,565		1,773,818
NY St Dorm Auth Rev St. John’s Univ Ser A (NPFGC)		5.00%			7/1/2014		A-		2,000		2,150,940
SC Edl Facs Auth Furman Univ		4.00%			10/1/2015		A1		1,000		1,089,010
Univ of CA Rev Ser AB		5.00%			5/15/2020		Aa1		7,160		8,785,320
Univ of TX Perm Univ Fd Ser A		5.00%			7/1/2014		AAA		1,400		1,537,270
Univ of TX Rev Fing Sys Ser D		4.00%			8/15/2014		AAA		1,000		1,083,130
Virginia College Bldg Auth VA 21st Century College & Equip Ser A		5.00%			2/1/2019		AA+		10,415		12,605,691
Wayne St Univ MI Rev Ser A		5.00%			11/15/2015		Aa2		3,975		4,390,149
Total											77,085,954
General Obligation 14.64%
AK Muni Bd Bk Auth Ser A1		3.00%			3/1/2014		Aa2		1,000		1,048,590
Allegheny Cnty PA Ser C 55 (NPFGC)		5.375%			11/1/2013		A+		7,210		7,700,496
Bedford Pk Vlg IL (AG)		5.00%			12/1/2013		AA-		1,275		1,352,992
Boston MA Ser A		5.00%			4/1/2014		Aaa		1,500		1,636,110
CA St		5.00%			9/1/2018		A1		7,500		8,866,650
CA St Var Purp		5.00%			9/1/2018		A1		3,750		4,433,325
Centennial Auth NC Rev (AG)		5.00%			9/1/2014		Aa2		3,460		3,742,786
Chicago IL Brd of Ed Dedicated Revs Ser F		5.00%			12/1/2014		AA-		2,255		2,480,996
Chicago IL Ser A (AGM)		5.00%			1/1/2017		AA-		9,000		9,865,710
Clark Cnty NV Sch Dist Ltd Tax Ser A		5.00%			6/15/2016		AA		7,500		8,633,100
Clark Cnty NV Sch Dist Ser A (AGM)		5.50%			6/15/2016		AA		7,370		7,819,865
Cook Cnty IL Sch Dist No 99-Cicero Ser C (AGM)		5.00%			12/1/2014		Aa3		1,690		1,829,273
Cook Cnty IL Ser A		5.00%			11/15/2017		AA		5,010		5,815,808
Cook Cnty IL Ser A (AMBAC)		5.00%			11/15/2014		AA		1,000		1,101,930
Cook Cnty IL Ser C		5.00%			11/15/2021		AA		5,900		6,762,521
CT St Ser A (SIFMA)		1.11%	#		5/15/2018		AA		4,000		3,999,960
CT St Ser D		5.00%			11/1/2014		AA		500		556,945
Cumberland Cnty NC Impt Pjs Ser B 1 COP		4.00%			12/1/2014		AA		3,500		3,769,955
Detroit MI Dist St Aid		5.00%			11/1/2015		AA		6,775		7,485,156

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Dist of Columbia Ser E ETM (BHAC)		5.00%		6/1/2014		AA+	$	1,500	$	1,646,760
Douglas Cnty WA Sch Dist No 206 Eastmont (NPFGC)		5.00%		12/1/2014		Aa1		1,000		1,107,450
FL St Brd of Ed Pub Ed Ser C GTD		5.00%		6/1/2014		AAA		250		275,773
Frederick Cnty MD Pub Facs		4.00%		8/1/2018		AA+		6,820		7,961,600
Harris Cnty TX Ser A		5.00%		10/1/2019		AAA		4,600		5,645,396
Harris Cnty TX Ser A		5.00%		10/1/2020		AAA		4,800		5,923,680
Hartford CT		5.625%		2/1/2013		A1		590		615,565
Hawaii Cnty HI Ser A (AMBAC)		5.00%		7/15/2014		Aa2		1,750		1,921,605
Honolulu HI City & Cnty Ser B (NPFGC)		5.00%		7/1/2014		Aa1		2,475		2,719,431
Houston TX Ser A		5.00%		3/1/2018		AA		7,365		8,835,643
Hudson Cnty NJ		2.00%		12/7/2012		NR		20,000		20,190,800
IL St 1st Ser (AGM)		5.50%		5/1/2016		AA-		7,000		7,910,140
IL St Ser A		3.00%		1/1/2018		A+		10,000		10,185,000
IL St Ser A		5.00%		10/1/2017		A+		5,675		5,943,655
Kane Cook & DuPage Cntys IL Sch Dist No U-46 Elgin		4.00%		1/1/2015		AA-		9,450		10,076,818
Kansas City MO Ser A		4.00%		2/1/2018		AA		9,000		10,223,460
Madison Cnty IL Cmnty Unit Sch Dist No 2 Triad (NPFGC)		5.25%		1/1/2015		A+		2,035		2,150,690
Madison Cnty IL Cmnty Unit Sch Dist No 7-Edwardsville Ser A (AGM)		5.00%		12/1/2013		AA-		500		524,835
Maricopa Cnty AZ Unif Sch Dist No 11 Peoria (AGM)		5.00%		7/1/2014		Aa2		500		544,100
Metro Transn Auth NY Ser B (NPFGC)		5.50%		1/1/2013		AA-		75		77,927
Miami-Dade Cnty FL Seaport Ser C		4.25%		10/1/2017		Aa2		6,320		7,136,797
MN St Hwy & Var Purp		5.00%		8/1/2014		AA+		1,200		1,327,320
MN St Ser A		5.00%		10/1/2017		AA+		8,675		10,452,594
OH St Common Sch Ser A		5.00%		9/15/2018		AA+		6,200		7,477,944
OH St Common Sch Ser C		5.00%		9/15/2014		AA+		8,525		9,441,437
OH St Infrastr Impt		5.35%		8/1/2014		AA+		1,000		1,110,730
PA St 2nd Ser		5.00%		2/15/2015		Aa1		11,400		12,815,082
Pittsburgh PA Pub Schs Dist Ser A(a)		4.00%		9/1/2018		Aa3		7,090		7,979,724
Portsmouth VA Nts Ser C		3.00%		7/15/2014		Aa2		7,500		7,744,875
Puerto Rico Comwlth Govt Dev Bk Sr Nts Ser D		1.00%		11/8/2012		Baa1		10,000		9,995,500
Puerto Rico Comwlth Pub Impt Ser A (FGIC)		5.50%		7/1/2014		Baa1		4,025		4,345,108

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	InterestRate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Ramsey Cnty MN Cap Impt Ser B		5.00%			2/1/2016		AAA	$	4,785	$	5,524,857
Rangely CO Hosp Dist		4.50%			11/1/2021		Baa1		5,500		5,797,440
San Francisco CA City & Cnty Ser R1		5.00%			6/15/2018		AA		8,725		10,554,283
Socorro TX Indpt Sch Dist Ser A PSF GTD		5.00%			8/15/2014		AAA		1,000		1,104,360
Territory of Guam Ser A		5.75%			11/15/2014		B+		2,540		2,580,792
Virgin Islands Pub Fin Auth Sr Lien Ser B		5.00%			10/1/2014		BBB		2,750		2,932,243
Waterbury CT (AG)		4.00%			9/1/2014		AA-		1,700		1,800,963
Williamson Cnty TX Limited Tax		4.00%			2/15/2018		AAA		3,000		3,423,090
Williamson Cnty TX Limited Tax		4.00%			2/15/2019		AAA		5,000		5,738,500
Woonsocket RI		7.125%			6/15/2016		Ba2		4,000		4,088,880
Total											316,755,015
Health Care 13.46%
AL Hlthcare Auth For Baptist Ser A		6.00%			11/15/2036		A3		2,000		2,010,420
Alachua Cnty FL Hlth Facs Auth Bonita Spring Ser B2		7.125%			11/15/2016		NR		10,000		10,006,200
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%			11/15/2012		B+		5,815		5,820,582
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%			11/15/2013		B+		2,000		1,972,240
Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser A		5.00%			9/1/2014		Aa3		9,440		10,378,997
Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser F		1.24%	#		5/15/2038		Aa3		4,000		4,001,680
AZ Hlth Facs Auth Rev Banner Hlth Ser D		5.00%			1/1/2014		AA-		2,000		2,141,720
Birmingham-Baptist AL Med Ctr Spl Care Facs Fing Auth Baptist Hlth Sys Ser A		5.30%			11/15/2012		Baa2		2,150		2,177,477
CA Hlth Facs Fing Auth Adventist Hlth Sys West Ser C		5.00%			3/1/2014		A		2,000		2,158,360
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser F		5.00%			7/1/2027		A		3,500		3,778,635
CA Hlth Facs Fing Auth Lucile Salter Packard Children’s Hosp		1.45%	#		8/15/2023		Aa3		3,500		3,439,065
CA Hlth Facs Fing Auth Sutter Hlth Ser A		5.00%			8/15/2014		AA-		1,205		1,326,560
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%			2/1/2013		BBB		1,160		1,195,763
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%			2/1/2014		BBB		1,220		1,292,468

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser G		5.25%		7/1/2013		BBB		$	1,075	$	1,127,245
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A		5.00%		4/1/2013		A+			13,150		13,754,768
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser C		3.85%		11/1/2029		A+			2,025		2,036,259
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		5.25%		11/15/2014		BBB-			800		845,312
Charlotte-Mecklenburg Hosp Auth NC Carolinas Hlthcare Ser A (IBC)(NPFGC)		5.00%		1/15/2015		AA-			2,275		2,513,966
Clackamas Cnty OR Hosp Fac Auth Legacy Hlth Sys Ser C		5.00%		7/15/2037		A+			2,000		2,153,500
CO Hlth Facs Auth Rev Catholic Hlth Ser B		5.00%		7/1/2039		AA			5,500		6,077,280
CO Hlth Facs Auth Rev Evangelical Lutheran Ser B		5.00%		6/1/2039		A-			4,900		5,305,132
CO Hlth Facs Auth Rev Total Long Term Care Natl Ser A		4.25%		11/15/2015		BBB-	(c)		1,175		1,220,426
CT St Hlth & Edl Facs Auth Lawrence & Mem Hosp Ser S		5.00%		7/1/2018		A+			2,705		3,140,965
CT St Hlth & Edl Facs Auth Lawrence & Mem Hosp Ser S		5.00%		7/1/2019		A+			2,835		3,295,602
CT St Hlth & Edl Facs Auth Stamford Hosp Ser I		5.00%		7/1/2014		A			2,050		2,209,429
CT St Hlth & Edl Facs Auth Stamford Hosp Ser I		5.00%		7/1/2015		A			1,980		2,178,594
Escambia Cnty FL Hlth Facs Auth Ascension Hlth Credit Ser A		5.25%		11/15/2014		AA+			7,625		8,477,780
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.00%		1/1/2014		BBB-	(c)		2,965		3,113,280
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.00%		1/1/2015		BBB-	(c)		2,950		3,151,426
Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys		5.00%		6/1/2014		AA			3,500		3,812,305
Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys Ser B		5.25%		12/1/2013		AA			3,000		3,234,510
HFDC Cent TX Inc Ret Fac Ser A		5.25%		11/1/2014		NR			1,195		1,211,873
HI St Dept Bdgt & Fin Ser C2		6.40%		11/15/2014		NR			300		300,564
IA Fin Auth Hlthcare Facs Genesis Hlth Sys		5.00%		7/1/2014		A1			1,065		1,152,255
IL Fin Auth Rev Provena Hlth Ser A		5.00%		5/1/2012		BBB+			2,000		2,006,340
IL Fin Auth Rev Provena Hlth Ser A		5.25%		5/1/2015		BBB+			2,000		2,189,120

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
IL Hlth Facs Auth Rev Advocate Hlthcare Network Ser A		4.375%		11/15/2022		AA	$	3,380	$	3,627,517
IN Hlth Fac Fing Auth Rev Ascension Hlth Sub Credit A-2		1.60%		11/15/2036		AA+		11,500		11,431,000
IN Hlth Fac Fing Auth Rev Ascension Hlth Sub Credit A-6		5.00%		10/1/2027		AA		10,900		11,852,987
Jackson Cnty MI Hosp Fin Auth Allegiance Hlth Ser A		4.00%		6/1/2014		A-		3,680		3,812,480
Jackson Cnty MI Hosp Fin Auth Allegiance Hlth Ser A		4.00%		6/1/2015		A-		3,600		3,720,780
Jackson Cnty MI Hosp Fin Auth Allegiance Hlth Ser A		4.00%		6/1/2016		A-		2,855		2,939,794
Kent MI Hosp Fin Auth Rev Spectrum Hlth Ser A		4.25%		1/15/2047		AA		10,000		10,475,800
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 65-C-2		7.00%		11/15/2015		NR		4,700		4,710,434
Kuakini HI Hlth Sys Spl Purp Ser A		5.50%		7/1/2012		BB+		575		579,111
LA Pub Facs Auth Rev Christus Hlth Ser A		5.00%		7/1/2014		A+		3,000		3,247,170
Lee Cnty FL Indl Dev Auth Shell PT/Alliance Cmnty Pj		5.00%		11/15/2012		BB		3,000		3,047,730
MA Dev Fin Agy Ser B2		6.25%		6/1/2014		NR		3,240		3,193,603
MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG)		5.00%		2/15/2015		AA-		1,335		1,464,295
MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG)		5.00%		2/15/2016		AA-		565		632,857
MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Inc Ser A		5.00%		11/15/2013		A+		2,130		2,268,173
MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Inc Ser A		5.00%		11/15/2014		A+		2,140		2,349,784
MS St Med Ctr Ed Bldg Corp Univ MS Med Ctr Facs		4.00%		6/1/2014		Aa2		1,000		1,066,550
Newport Beach CA Rev Hoag Mem Hosp Presbyterian Ser D		5.00%		12/1/2038		AA		3,000		3,108,810
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.00%		7/1/2019		BBB		10,000		11,025,600
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp		5.00%		7/1/2016		BBB-		3,160		3,408,502
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp		5.00%		7/1/2017		BBB-		3,850		4,160,541
NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt Ser D (NPFGC)(FGIC)		5.00%		8/15/2015		AA-		4,670		5,207,284

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
NY St Dorm Auth Rev North Shore Univ Hosp (NPFGC)		5.50%		11/1/2012		A3	$	2,035	$	2,078,793
OR St Facs Auth Rev Legacy Hlth Pj Ser A		5.00%		5/1/2017		A+		4,040		4,628,386
OR St Facs Auth Rev Legacy Hlth Sys Ser A		5.00%		3/15/2014		A+		400		430,132
PA St Higher Edl Facs Auth Univ of Pittsburgh Med Ctr Ser E		5.00%		5/15/2014		Aa3		3,965		4,311,581
Palm Beach Cnty FL Hlth Facs Auth Bethesda Hlthcare Sys Pj Ser A (AGM)		5.00%		7/1/2014		AA-		2,420		2,587,658
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp Auxilio Mutuo Ser A		5.00%		7/1/2016		A-		3,385		3,669,475
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp Auxilio Mutuo Ser A		5.00%		7/1/2017		A-		2,555		2,780,325
Rochester MN Hlthcare Fac Mayo Clinic Ser B		4.00%		11/15/2038		AA		5,500		6,199,985
San Buenaventura CA Cmnty Mem Hlth Sys		5.00%		12/1/2016		BB		1,750		1,909,793
San Buenaventura CA Cmnty Mem Hlth Sys		5.25%		12/1/2017		BB		1,750		1,929,498
San Buenaventura CA Cmnty Mem Hlth Sys		5.75%		12/1/2018		BB		1,800		2,023,812
SC Jobs Econ Dev Auth Tuomey (CIFG)		5.00%		11/1/2013		BBB		1,685		1,780,236
SC Jobs Econ Dev Auth Tuomey (CIFG)		5.00%		11/1/2014		BBB		1,035		1,120,377
SD St Hlth & Edl Facs Auth Regl Hlth		5.00%		9/1/2014		A1		1,000		1,084,450
Shelby Cnty TN Hlth Edl & Hsg Facs Brd Baptist Mem Hlth Ser 2004A		5.00%		9/1/2014		AA		1,500		1,643,160
Travis Cnty TX Hlth Facs Dev Corp 1st Mtg Longhorn Vlg Pj Ser C-1		5.50%		1/1/2017		NR		6,000		5,891,700
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		5.00%		11/1/2015		A3		3,215		3,570,804
WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser B		4.75%		8/15/2025		A3		3,000		3,219,750
WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser B		5.125%		8/15/2027		A3		9,000		10,121,400
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		4.00%		4/1/2014		AA-		1,300		1,374,334
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.00%		8/15/2013		A-		5,000		5,249,200
Total										291,143,749

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Housing 0.38%
CA Hsg Fin Agy Rev Belovida Apts Pj Ser A		2.375%			8/1/2014		Aa1	$	3,220	$	3,233,910
Minneapolis MN Multi Fam Hsg Riverside Plaza Ser B		6.00%			11/1/2013		NR		5,000		5,002,300
Total											8,236,210
Lease Obligations 9.97%
Anaheim CA Pub Fing Auth Pub Impts Pj Sub Ser C (AGM)		6.00%			9/1/2014		AA-		1,500		1,692,600
Atlanta GA Downtown Dev Auth Rev Underground Atlanta Pj Ser A (AG)		5.00%			7/1/2014		Aa2		3,500		3,725,785
CA St Pub Wrks Brd Var Cap Pj Ser G-1		5.00%			10/1/2013		A2		3,945		4,180,477
CA St Pub Wrks Brd Var Cap Pj Ser G-1		5.00%			10/1/2014		A2		14,175		15,508,017
CA St Pub Wrks Brd Var Cap Pj Ser G-1(a)		5.00%			4/1/2018		A2		2,800		3,205,720
Cleveland OH Cleveland Stadium Pj Ser A COP		5.00%			11/15/2014		A		5,320		5,734,268
Cleveland OH Cleveland Stadium Pj Ser A COP		5.00%			11/15/2015		A		5,420		5,956,201
Greenville Cnty SC Sch Dist Bldg Equity Sooner		5.00%			12/1/2013		AA		1,700		1,827,058
IN St Office Bldg Commn New Castle Correctional Ser B (NPFGC)(FGIC)		5.25%			7/1/2016		Aa1		1,785		2,043,218
Indianapolis IN Loc Pub Impt Bd Bk Ser 2005 E (AMBAC)		5.00%			1/1/2014		Aa2		4,205		4,538,078
KY St Ppty & Bldgs Commn Pj No 82 (AGM)		5.25%			10/1/2014		AA-		5,500		6,099,720
KY St Ppty & Bldgs Commn Pj No 83 (AMBAC)		5.00%			10/1/2015		Aa3		6,085		6,924,913
KY St Ppty & Bldgs Commn Pj No 88 (NPFGC)(FGIC)		5.00%			11/1/2014		Aa3		2,815		3,114,178
Los Angeles CA Unif Sch Dist Multi Pptys Ser A COP		4.00%			12/1/2013		A+		4,055		4,248,342
Los Angeles CA Unif Sch Dist Multi Pptys Ser A COP		4.00%			12/1/2014		A+		6,360		6,724,873
Los Angeles Cnty CA Cap Asset Leasing Corp Equip Pg Ser A		5.00%			6/1/2015		A+		4,595		5,074,213
Los Angeles Cnty CA Cap Asset Leasing Corp Equip Pg Ser A		5.00%			12/1/2015		A+		4,195		4,691,814
MA St Ser A		0.85%	#		2/1/2015		AA+		2,500		2,525,400

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Maricopa Cnty AZ Pub Fin Corp Ser B (AMBAC)		5.00%			7/1/2014		AA+	$	3,000	$	3,242,310
MI Muni Bd Auth Rev Loc Govt Ln Pg Sch Pg Ser C		5.00%			5/1/2013		A+		1,495		1,567,358
MI Muni Bd Auth Rev Loc Govt Ln Pg Ser C		5.00%			5/1/2014		Aa2		4,050		4,344,516
MI St Bldg Auth Rev Facs Pg Ser I		5.00%			10/15/2014		Aa3		2,000		2,186,760
MI St Fin Auth Rev Detroit Sch Dist		5.00%			6/1/2016		A+		11,500		12,262,565
Miami-Dade Cnty FL Entitlement GTD (NPFGC)(FGIC)		5.00%			8/1/2014		Aa3		5,665		6,136,611
New York City NY Transnl Fin Auth Ser S-2 (AGM)		5.00%			1/15/2014		AA-		3,000		3,240,660
NJ Econ Dev Auth Sch Facs Constr Ser J-5 Rmkt (AGM)		5.00%			9/1/2029		AA-		5,000		5,602,300
NJ Econ Dev Auth Sch Facs Constr Ser O		5.25%			3/1/2014		A+		2,625		2,850,487
NJ Econ Dev Auth Sch Facs Constr Ser T-3 Rmkt (AGM)		5.00%			9/1/2020		AA-		1,830		1,999,147
NJ St Edl Facs Auth Higher Ed Cap Impt Ser A (AGM)		5.00%			9/1/2014		AA-		2,975		3,269,436
NJ St Equip Lease Purchase Ser A COP		5.00%			6/15/2015		A+		3,150		3,391,605
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)		5.50%			12/15/2016		A+		1,225		1,450,694
NJ St Transn Tr Fd Auth Unref Bal Transn Sys Ser C (AGM)		5.75%			12/15/2014		AA-		2,910		3,285,215
NY St Dorm Auth Rev Cons Svc Contract Ser A		4.00%			7/1/2014		AA-		1,425		1,531,049
NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt		5.00%			2/15/2014		AA-		7,075		7,656,565
NY St Dorm Auth Rev Ser B		5.25%			11/15/2023		AA-		10,000		10,057,500
NY St Thwy Auth Loc Hwy & Brdg		5.00%			4/1/2018		AA-		7,500		8,970,300
Palm Beach Cnty FL Sch Brd Ser A Term Rate COP		5.00%			8/1/2032		Aa3		2,500		2,870,700
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser J GTD (AMBAC)		5.00%			7/1/2036		Baa1		5,710		5,764,873
Puerto Rico Pub Bldgs Auth Rev Ser M GTD		5.75%			7/1/2016		Baa1		4,145		4,634,151
Sacramento CA Unif Sch Dist Ser A Rmkt COP (AGM)		3.19%	#		3/1/2040		Aa3		3,550		3,559,372
Salt Lake Cnty UT Muni Bldg Auth Ser A		4.00%			12/1/2014		AA+		1,000		1,088,140
San Francisco CA City & Cnty Ser B COP		5.00%			9/1/2017		AA-		12,640		14,736,597

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Santa Clara Cnty CA Fing Auth Multi Facs Pj		5.00%			11/15/2014		AA	$	2,670	$	2,966,103
Scago SC Edl Facs Corp for Pickens Sch Dist Pickens Cnty Pj (AGM)		5.00%			12/1/2013		AA-		1,000		1,066,640
Southwest Allen IN Multi Sch Bldg Corp 1st Mtg Ser A (NPFGC)		5.00%			1/15/2014		Aa2		2,705		2,903,926
VA Biotechnology Resh Partnership Auth Cons Laboratories Pj		4.00%			9/1/2014		AA+		3,270		3,495,565
Weber UT Muni Bldg Auth		4.00%			12/15/2013		AA-		1,770		1,853,597
Total											215,799,617
Other Revenue 5.36%
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		6.00%			1/1/2015		Ba2		1,580		1,649,899
CA Statewide Cmntys Dev Auth Prop 1A Receivables Pg		5.00%			6/15/2013		A1		5,000		5,268,800
FL St Brd of Ed Lottery Rev Ser A (AMBAC)		5.00%			7/1/2015		AAA		3,200		3,586,496
FL St Brd of Ed Lottery Rev Ser B		5.00%			7/1/2014		AAA		5,000		5,462,050
Hamilton Cnty OH Convtn Facs Auth 1st Lien (NPFGC)(FGIC)		5.00%			12/1/2013		A+		1,635		1,737,515
IL Fin Auth Prairie Pwr Ser A Rmkt		3.00%			7/1/2042		A		10,000		10,298,900
IN Bd Bk Rev Common Sch Fd Adv Pur Fdg Ser B (NPFGC)		4.75%			2/1/2014		BBB		4,000		4,177,920
Indianapolis IN Loc Pub Impt Bd Bk Ser K		5.00%			6/1/2022		A1		4,040		4,637,354
Maricopa Cnty AZ Pollutn Ctrl Corp Pub Svc Co Ser A		4.00%			6/1/2043		BBB-		10,000		10,378,400
MI St Strategic Fd Ltd Solid Wst Oblig Wst Mgmt		2.80%			12/1/2013		BBB		3,000		3,043,350
Minneapolis MN Rev National Marrow Donor Pg		4.00%			8/1/2014		BBB		4,060		4,266,207
Minneapolis MN Rev National Marrow Donor Pg		4.00%			8/1/2015		BBB		4,535		4,787,781
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		7.00%			5/1/2013		BBB+		5,000		5,253,500
New York City NY Tr Cultural Res Whitney Museum of Amer Art		5.00%			7/1/2017		A		6,175		7,128,914
NJ Econ Dev Auth El Dorado Ser A		0.65%	#		12/1/2021		BBB-		5,000		5,000,000
PA Econ Dev Fing Auth PPL Enrg Supply LLC Pj		3.00%			12/1/2038		BBB		3,000		3,109,380
PA Econ Dev Fing Auth PPL Enrg Supply LLC Pj Ser C Rmkt		3.00%			12/1/2037		BBB		12,000		12,437,520

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Pub Gas Partners Inc GA Ser A		5.00%		10/1/2014		A+	$	3,000	$	3,290,670
Puerto Rico Comwlth Govt Dev Bk Rmkt GTD (NPFGC)		4.75%		12/1/2015		BBB		10,000		10,278,100
Wise Cnty VA Indl Dev Auth VA Elec & Pwr Co Ser A		2.375%		11/1/2040		A-		10,000		10,264,700
Total										116,057,456
Special Tax 0.25%
Denver CO Urban Renewal Auth Stapleton Sr Sub Ser B-1		4.00%		12/1/2014		Aa3		5,045		5,350,677
Tax Revenue 2.96%
AL St Pub Sch & College Auth Cap Impt & Econ Dev (NPFGC)(FGIC)		5.00%		12/1/2014		Aa1		3,540		3,814,385
AL St Pub Sch & College Auth Ser A		5.00%		5/1/2015		Aa1		2,800		3,154,676
CA St Econ Recovery Ser A (NPFGC)(FGIC)		5.25%		7/1/2014		Aa3		1,610		1,775,299
CA St Econ Recovery Ser A ETM		5.25%		7/1/2014		Aaa		1,130		1,251,904
CA St Econ Recovery Unrefunded Bal Ser A		5.25%		7/1/2014		Aa3		3,870		4,270,081
Des Moines IA Indpt Cmnty Sch Dist		5.00%		6/1/2015		A+		2,810		3,194,324
FL Hurricane Catastrophe Fd Fin Corp Ser A		5.25%		7/1/2012		AA-		2,000		2,023,880
MA St Spl Oblig Rev Fed Hwy Grant Antic
Ser A (AGM)		5.00%		12/15/2014		AAA		7,000		7,842,800
New York City NY Transnl Fin Auth Future Tax Secd Rev Sub Ser E		5.00%		11/1/2016		AAA		5,500		6,486,810
NJ Econ Dev Auth Cigarette Tax		5.375%		6/15/2014		BBB		2,560		2,800,410
NY St Loc Govt Assistance Corp Sr Lien Ser A		5.00%		4/1/2015		AAA		2,475		2,789,523
NY St Urban Dev Corp Rev St Pers Income Tax Ser A		5.00%		3/15/2017		AAA		10,000		11,825,100
Orlando FL Cmnty Redev Agy Tax Alloc Downtown Dist Ser B		5.00%		9/1/2014		A1		2,940		3,148,475
Regl Transit Auth LA Sales Tax (AGM)		3.00%		12/1/2013		AA-		750		773,977
Tallahassee FL Blueprint 2000 Intergovtl Agy (NPFGC)		5.00%		10/1/2013		Aa2		2,100		2,206,743
Volusia Cnty FL Sch Brd (NPFGC)		5.00%		10/1/2013		BBB+		4,150		4,254,912
WV Sch Bldg Auth		5.00%		7/1/2014		AAA		2,290		2,509,153
Total										64,122,452

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tobacco 1.29%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Ser A-1		5.00%		6/1/2014		A1	$	5,500	$	5,825,105
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.00%		3/1/2016		A		2,500		2,836,000
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.00%		3/1/2017		A		3,190		3,672,296
NY Tob Sttlmnt Fing Corp Asset Bkd Ser A		5.00%		6/1/2017		AA-		5,850		6,821,451
Railsplitter IL Tob Sttlmnt Auth		5.00%		6/1/2015		A		8,000		8,813,520
Total										27,968,372
Transportation 5.13%
Chicago IL Midway Arpt Rev 2nd Lien Ser B		5.00%		1/1/2034		A-		2,725		2,957,933
CT St Spl Tax Oblig Transn Infrastr Ser B		5.00%		12/1/2014		AA		10,000		11,161,400
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Jt Ser A		4.00%		11/1/2014		A+		2,500		2,696,150
Delaware River PA Jt Toll Bridge Commn Ser A (NPFGC)		5.50%		7/1/2014		A2		2,455		2,666,081
Denver CO City & Cnty Arpt Rev Ser E (NPFGC)		6.00%		11/15/2013		A+		4,100		4,457,807
E-470 Pub Hwy Auth CO Rev Ser C2 (NPFGC)		5.00%		9/1/2039		BBB		3,450		3,580,996
E-470 Pub Hwy Auth CO Rev Ser D2 (NPFGC)		5.00%		9/1/2039		BBB		6,550		6,798,703
Fairfax Cnty VA Econ Dev Auth Spl Tax Silver Line Phase I Pj		5.00%		4/1/2017		AA		2,000		2,353,360
GA St Rd & Twy Auth Rev Fed Hwy Grant Antic Bds (NPFGC)		5.00%		6/1/2014		Aa2		1,000		1,089,680
Houston TX Arpt Sys Rev Sub Lien Ser B		5.00%		7/1/2017		A		1,500		1,744,740
LA St Offshore Terminal Auth Loop LLC Pj Ser B-1		1.875%		10/1/2040		A		3,750		3,782,287
LA St Offshore Terminal Auth Loop LLC Pj Ser B-2		2.10%		10/1/2040		A		3,500		3,543,435
MA Bay Transn Auth Sr Ser C		5.25%		7/1/2013		AAA		75		79,617
Metro Transn Auth NY Ser B		5.00%		11/15/2014		AA		1,000		1,113,660
Metro Transn Auth NY Ser B		5.00%		11/15/2027		A		6,000		6,413,100
NC St Grant Antic		4.00%		3/1/2023		AA		10,000		11,211,000
NJ St Transn Tr Fd Auth Grant Antic Bds
Ser A (NPFGC)(FGIC)		5.00%		6/15/2015		Aa3		2,950		3,318,367
NJ St Transn Tr Fd Auth Transn Sys Ser A (NPFGC)		5.25%		12/15/2014		A+		5,000		5,558,350

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)(FGIC)		5.25%		12/15/2018		A+	$	5,000	$	5,677,600
NY St Thwy Auth Secd Ser A-1		5.00%		4/1/2018		AA		3,405		4,072,516
OH St Major New St Infrastr Ser 2008-1		5.50%		6/15/2014		Aa1		1,460		1,613,198
PA St Tpk Commn Ser T (NPFGC)(FGIC)		5.50%		12/1/2013		Aa3		825		893,467
PA St Tpk Commn Sub Ser B		5.00%		6/1/2014		A-		3,250		3,502,882
Puerto Rico Comwlth Hwy & Transn Auth Ser E (AGM)		5.50%		7/1/2014		AA-		5,000		5,447,250
South Jersey NJ Transn Auth Ser A-1		4.00%		11/1/2013		A-		4,000		4,140,440
Southeastern PA Transn Auth Cap Grant Rcpts		5.00%		6/1/2017		A+		1,225		1,411,372
Southeastern PA Transn Auth Cap Grant Rcpts		5.00%		6/1/2018		A+		1,280		1,488,525
Triborough NY Bridge & Tunnel Auth (NPFGC)		5.50%		11/15/2021		Aa3		6,345		8,037,021
WI St Transn Rev Ser B (AMBAC)		5.00%		7/1/2013		AA+		75		79,346
Total										110,890,283
Utilities 13.20%
Austin TX Elec Util Sys Rev (AGM)		5.00%		5/15/2014		AA-		1,875		2,040,975
AZ Salt River Pj Agric Impt & Pwr Dist Ser B		4.00%		1/1/2015		Aa1		2,550		2,784,651
Burke Cnty GA Dev Auth GA Pwr Co Plant Vogtle Pj		1.40%		11/1/2048		A		4,000		4,011,680
Butler Cnty OH Swr Sys Rev (AGM)		5.00%		12/1/2013		Aa3		1,225		1,297,642
Central Plains NE Enrg Pj No 1 Ser A		5.00%		12/1/2014		B		3,050		3,214,212
Chicago IL Wtrwrks Rev 2nd Lien (AGM)		5.00%		11/1/2013		AA-		2,500		2,647,350
Cowlitz Cnty WA Pub Util Dist No 1 Dist Sys (NPFGC)(FGIC)		5.00%		9/1/2013		A1		2,225		2,346,552
Enrg Northwest WA Elec Rev Pj 1 Ser A (NPFGC)		5.25%		7/1/2013		Aa1		180		191,011
Escambia Cnty FL Solid Wst Disp Gulf Pwr Co Pj(a)		1.35%		4/1/2039		A3		7,500		7,504,575
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.50%		6/1/2014		A+		5,000		5,454,400
FL St Dept of Envr Protn FL Forever Ser A (NPFGC)		5.00%		7/1/2014		AA-		5,180		5,642,937
Hillsborough Cnty FL Indl Dev Auth Tampa Elec Co Pj		5.10%		10/1/2013		BBB+		5,000		5,095,550
Hillsborough Cnty FL Indl Dev Auth Tampa Elec Ser B Rmkt		5.15%		9/1/2025		BBB+		2,100		2,215,773

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
IL Fin Auth Gas Supply Peoples Gas Lt & Coke		2.125%		3/1/2030		A1	$	12,750	$	12,851,745
IL Fin Auth Gas Supply Peoples Gas Lt & Coke Ser B		2.625%		2/1/2033		A1		4,000		4,112,520
IL Muni Elec Agy Pwr Supply Ser C (NPFGC)(FGIC)		5.00%		2/1/2014		A+		1,000		1,063,690
IN Fin Auth Pwr & Lt Co Ser C		4.90%		1/1/2016		A3		10,000		11,009,800
Indianapolis IN Util Dist Ser B (NPFGC) (FGIC)		4.00%		6/1/2014		AA-		3,535		3,749,893
Intermountain Pwr Agy UT Ser A		5.50%		7/1/2014		A+		3,900		4,132,986
Kissimmee FL Util Auth Elec Sys (AGM)		5.25%		10/1/2014		Aa3		1,000		1,098,350
Long Island NY Pwr Auth Ser 2010A		5.00%		5/1/2014		A-		2,790		3,027,624
Long Island NY Pwr Auth Ser A		4.00%		5/1/2018		A-		3,940		4,400,586
Los Alamos Cnty NM Inc Util Ser A (AGM)		5.00%		7/1/2014		AA-		4,410		4,606,906
Louisville & Jefferson Cnty KY Metro Gov Louisville Gas & Elec Co Ser A(a)		1.65%		10/1/2033		A2		6,000		6,025,860
Louisville & Jefferson Cnty KY Metro Swr Dist Ser B		4.00%		5/15/2013		AA		5,000		5,204,400
Louisville & Jefferson Cnty KY Metro Swr Dist Ser B		5.00%		5/15/2014		AA		9,505		10,371,571
Maricopa Cnty AZ Pollutn Ctrl Corp Pub Svc Co Ser B		5.50%		5/1/2029		BBB		2,500		2,508,875
Metro Govt Nashville & Davidson Cnty TN Wtr & Swr Sub Lien		5.00%		7/1/2018		A+		4,415		5,242,592
Morehouse Parish LA Pollutn Ctrl Intl Paper Co Pj Ser A		5.25%		11/15/2013		BBB		2,855		3,031,639
Muni Elec Auth GA Pj One Sub Ser A		5.00%		1/1/2018		A		3,145		3,665,435
Muni Elec Auth GA Pj One Sub Ser A		5.00%		1/1/2021		A		7,000		8,293,810
Navajo Cnty AZ Pollutn Ctrl Corp Ser C		5.50%		6/1/2034		BBB		5,000		5,413,850
NC Eastern Muni Pwr Agy Ser B		5.00%		1/1/2015		A-		1,000		1,104,450
NC Eastern Muni Pwr Agy Ser F		5.375%		1/1/2013		A-		50		51,725
NC Eastern Muni Pwr Agy Ser F		5.50%		1/1/2014		A-		5,000		5,392,850
NY St Enrg Resh & Dev Auth Pollutn Ctrl Rev Ser C		2.25%		12/1/2015		BBB+		10,000		10,255,100
OH St Air Quality Dev Auth Columbus Sthn Pwr Ser A		3.875%		12/1/2038		Baa1		3,500		3,668,210
OH St Air Quality Dev Auth First Enrg Nuclear Ser A		5.75%		6/1/2033		BBB-		5,400		6,107,076
OH St Air Quality Dev Auth Pollutn Ctrl First Enrg Ser D		4.75%		8/1/2029		Baa2		5,000		5,054,500

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
OH St Air Quality Dev Auth Pwr Co Ser A		3.25%		6/1/2041		Baa1	$	4,000	$	4,141,320
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		5.00%		1/1/2014		Baa3		1,000		1,023,380
Peninsula VA Ports Auth Dominion Term Assoc Pj		2.375%		10/1/2033		A-		5,000		5,095,300
Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A		5.00%		8/1/2014		BBB+		3,000		3,261,300
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		5.00%		7/1/2019		Baa2		6,500		7,062,250
Rockport IN Pollutn Ctrl Rev MI Pwr Co Pj Ser A		6.25%		6/1/2025		BBB		1,000		1,095,000
SA Enrg Acq Pub Fac Corp TX Gas Supply Rev		5.00%		8/1/2012		A-		10,000		10,137,200
SC St Pub Svc Auth Santee Cooper Ser B		4.00%		12/1/2019		AA-		7,500		8,628,975
Sthn CA Pub Pwr Auth Pj No 1 Ser A		5.00%		11/1/2012		Baa1		1,000		1,020,650
Sthn CA Pub Pwr Auth Rev Windy Point/Windy Flat Pj-1		5.00%		7/1/2022		AA-		7,225		8,515,385
Sthn MN Muni Pwr Agy Ser A (AMBAC)		5.25%		1/1/2015		A+		5,000		5,580,400
TN Enrg Acq Corp Ser A		5.00%		9/1/2013		A2		3,615		3,772,506
TN Enrg Acq Corp Ser A		5.25%		9/1/2018		A2		5,755		6,370,267
TN Enrg Acq Corp Ser A		5.25%		9/1/2020		A2		10,445		11,629,358
Truckee Meadows NV Wtr Auth		5.00%		7/1/2014		Aa2		10,420		11,278,504
Truckee Meadows NV Wtr Auth		5.00%		7/1/2015		Aa2		5,000		5,561,650
Vernon CA Elec Sys Rev Ser A		3.75%		8/1/2013		A-		7,900		8,068,270
Vernon CA Elec Sys Rev Ser A		5.25%		8/1/2014		A-		1,000		1,062,640
WI Pub Pwr Inc Sys Ser A (NPFGC)		5.25%		7/1/2013		A1		4,000		4,227,120
York Cnty VA Econ Dev Auth Elec & Pwr Ser A		4.05%		5/1/2033		A-		2,000		2,108,420
Total										285,533,246
Total Municipal Bonds (cost $1,550,608,948)										1,590,218,580
SHORT-TERM INVESTMENTS 26.19%
Municipal Bond 0.12%
General Obligation
Newburgh NY (cost $2,530,000)		5.00%		11/2/2012		NR		2,530		2,530,000

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate#		Interest Rate Reset Date(d)		Final Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Variable Rate Demand Notes 26.07%
Corporate-Backed 1.67%
Metro Govt Nashville & Davidson Cnty TN Indl Dev Brd Ser A		1.17%		4/5/2012		1/1/2014		NR		$	1,000	$	1,000,000
MS Business Fin Corp Grand Alliance LLC Pj		0.87%		4/5/2012		1/1/2033		BBB-			12,275		12,275,000
St. James Parish LA Pollutn Ctrl Texaco Pj Ser B Rmkt		0.19%		4/2/2012		7/1/2012		Aa1			22,755		22,755,000
Total													36,030,000
Education 2.15%
Birmingham AL Edl Bldg Auth Miles College Pj Ser A		1.17%		4/5/2012		2/1/2029		Ba2			1,535		1,535,000
CA Infrastr & Econ Dev Bk Westside Waldorf Sch Pj		0.64%		4/5/2012		10/1/2028		BBB-	(c)		2,950		2,950,000
Metro Govt Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Fisk Univ Pj		0.97%		4/5/2012		12/1/2020		Ba2			4,735		4,735,000
NE Edl Fin Auth Rev Creighton Univ Pj Ser B		0.23%		4/2/2012		12/15/2012		A3			2,180		2,180,000
NH St Hlth & Ed Facs Auth Univ Sys Ser A-1 Rmkt		0.23%		4/2/2012		7/1/2035		A+			13,850		13,850,000
NH St Hlth & Ed Facs Auth Univ Sys Ser B		0.35%		4/2/2012		7/1/2033		Aa3			16,365		16,365,000
OH St Higher Edl Fac Rev Univ Dayton Pj Ser B		1.44%		4/5/2012		7/1/2016		A			5,000		5,000,000
Total													46,615,000
General Obligation 5.43%
CA St Ser B Sub Ser B-6		0.34%		4/2/2012		5/1/2040		AAA			20,910		20,910,000
Chicago IL Ser F Rmkt		0.38%		4/2/2012		1/1/2042		A+			19,800		19,800,000
IL St Ser B		2.90%		4/4/2012		10/1/2033		A+			17,900		17,900,000
New York City NY Ser A-4		0.27%		4/2/2012		8/1/2038		AAA			11,500		11,500,000
New York City NY Sub Ser A-5		0.32%		4/2/2012		8/1/2015		A1			5,915		5,915,000
New York City NY Sub Ser H-2		0.31%		4/2/2012		1/1/2036		BBB+			26,485		26,485,000
Puttable Floating Option Rcpts COP MT-690 (NPFGC)†		0.60%		4/5/2012		7/16/2023		A2			11,995		11,995,000
San Antonio TX Higher Ed Facs Corp Trinity Univ		0.25%		4/2/2012		6/1/2033		AA			3,000		3,000,000
Total													117,505,000

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate#		Interest Rate Reset Date(d)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care 7.45%
Albany-Dougherty Cnty GA Hosp Auth Ser B		0.54%		4/2/2012		9/1/2032		BBB	$	27,360	$	27,360,000
CO St Hlth Facs Auth Rev Hosp NCMC Inc Pj Ser A		0.30%		4/2/2012		5/15/2030		AAA		8,000		8,000,000
Gulf Shores AL Med Clinic Brd Colonial Pinnacle Mob Pj		0.87%		4/5/2012		7/1/2034		Ba2		4,150		4,150,000
IL Fin Auth Rev Univ Chicago Med Ser D-2		0.25%		4/2/2012		8/1/2043		AAA		21,500		21,500,000
Marion Cnty OH Hlthcare Fac Church Homes Inc Pj		4.15%		4/4/2012		9/1/2027		BB		16,265		16,265,000
New Hanover Cnty NC Hosp Rev New Hanover Regl Med Ctr Ser B		0.18%		4/4/2012		10/1/2038		AAA		4,200		4,200,000
NJ Hlthcare Facs Fing Auth Christian Hlthcare Ctr		0.44%		4/5/2012		7/1/2038		A-		9,280		9,280,000
Oakbend Med Ctr TX Hosp Rev		0.58%		4/2/2012		12/1/2038		Ba2		17,130		17,130,000
Pinellas Cnty FL Hlth Facs Auth Hosp Facs Bayfront Hosp Ser A		0.28%		4/2/2012		7/1/2036		A3		20,835		20,835,000
Puttable Floating Option Rcpts MT-641†		0.60%		4/5/2012		7/1/2022		A2		23,645		23,645,000
Santa Ana CA Hlth Fac Rev Multi Modal Twn & Country		0.38%		4/2/2012		10/1/2020		A-		7,500		7,500,000
WI St Hlth & Edl Facs Auth Pooled Ln Fing Pg Ser E		1.21%		4/4/2012		2/1/2022		A3		1,340		1,340,000
Total												161,205,000
Housing 0.15%
Northport AL Multi Fam Hsg Rev Northbrook Ser I-A		1.07%		4/5/2012		7/1/2018		BBB-		3,140		3,140,000
Lease Obligations 1.47%
Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt A-4-A GTD		0.55%		4/2/2012		6/1/2032		Aa1		31,750		31,750,000
Other Revenue 3.94%
CA St Infrastr & Econ Dev Bk Los Angeles Museum A		0.20%		4/2/2012		9/1/2037		Aa1		20,200		20,200,000
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser A		0.20%		4/2/2012		6/1/2038		Aa1		3,000		3,000,000

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION TAX FREE FUND March 31, 2012

Investments	Interest Rate#		Interest Rate Reset Date(d)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B		0.25%		4/2/2012		6/1/2038		A1	$	4,250	$	4,250,000
LA Pub Facs Auth Dynamic Fuels LLC Pj		0.19%		4/2/2012		10/1/2033		Aa1		17,060		17,060,000
MS Business Fin Corp Vly Svcs Inc Ser A		0.87%		4/5/2012		7/1/2023		Ba2		9,745		9,745,000
New York City NY Tr Cultural Res Lincoln Ctr Ser A2		0.24%		4/2/2012		12/1/2035		AAA		9,845		9,845,000
St. Charles Parish LA Pollutn Ctrl Shell Oil Co Pj Ser B		0.21%		4/2/2012		10/1/2022		AA		11,850		11,850,000
WI St Hlth & Edl Facs Auth Maranatha Baptist		1.07%		4/5/2012		8/1/2026		BBB+		9,400		9,400,000
Total												85,350,000
Tax Revenue 1.93%
Chicago IL Sales Tax Rev Rmkt		0.20%		4/2/2012		1/1/2034		AAA		19,785		19,785,000
MidCities CO Metro Dist No 1 Spl Rev Ser A		0.62%		4/5/2012		12/1/2020		AA-		6,980		6,980,000
New York City NY Transnl Fin Auth Future Tax Secd Sub Ser B-3		0.16%		4/4/2012		11/1/2028		AAA		15,000		15,000,000
Total												41,765,000
Transportation 0.74%
Triborough NY Bridge & Tunnel Auth Ser B-2A Rmkt		0.20%		4/2/2012		1/1/2032		Aa1		16,000		16,000,000
Utilities 1.14%
Las Vegas Vly NV Wtr Dist Wtr Impt Ser B		0.27%		4/2/2012		6/1/2036		AA+		16,620		16,620,000
Las Vegas Vly NV Wtr Dist Wtr Impt Ser C		0.27%		4/2/2012		6/1/2036		AA+		8,150		8,150,000
Total												24,770,000
Total Variable Rate Demand Notes (cost $564,130,000)												564,130,000
Total Short-Term Investments (cost $566,660,000)												566,660,000
Total Investments in Securities 99.69% (cost $2,117,268,948)												2,156,878,580
Cash and Other Assets in Excess of Liabilities 0.31%												6,742,432
Net Assets 100.00%											$	2,163,621,012

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
MUNICIPAL BONDS 95.97%
Corporate-Backed 4.79%
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B2		$	4,300	$	3,999,903
Allegheny Cnty PA Indl Dev Auth Envr Impt		5.50%		11/1/2016		BB			1,500		1,524,150
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.50%		5/1/2017		BB			3,315		3,512,475
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.75%		11/1/2024		BB			3,800		4,127,560
Alliance Arpt Auth Inc TX Spl Facs FedEx Corp Pj AMT		4.85%		4/1/2021		Baa1			1,000		1,063,680
Babylon NY Indl Dev Agy Res Rev Covanta Babylon Ser A		5.00%		1/1/2019		AA			4,000		4,438,440
Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT		9.00%		6/1/2035		CCC+			3,300		3,570,699
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT(e)		9.00%		5/1/2029		NR			4,000		1,620,000
DeSoto Parish LA Envr Fac Intl Paper Co Ser A AMT		4.75%		3/1/2019		BBB			6,480		6,741,986
Farmington NM Pollutn Ctrl Rev Pub Svc NM San Juan Ser B		4.75%		6/1/2040		BBB-			10,000		10,785,500
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.25%		6/1/2017		A+			7,000		7,836,010
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		6.00%		6/1/2016		A+			12,600		14,336,280
IN St Fin Auth Envr US Steel Corp		6.00%		12/1/2019		BB			5,000		5,233,550
Intl Falls MN Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2022		B-			1,000		913,700
Jay ME Solid Wst Disp Rev Intl Paper Co Pj Ser A AMT		4.90%		11/1/2017		BBB			2,890		2,998,837
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A Rmkt		6.50%		8/1/2029		BBB-			6,605		7,478,974
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2021		A-			3,500		3,784,410
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2022		NR			1,500		1,407,225
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2016		NR			3,000		2,596,350
MD St Indl Dev Fing Auth Synagro Baltimore Ser A AMT		5.25%		12/1/2013		BBB+	(c)		750		777,810

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Corporate-Backed (continued)
MD St Indl Dev Fing Auth Synagro Baltimore Ser A AMT		5.375%		12/1/2014		BBB+	(c)	$	1,000	$	1,048,710
Mission TX Econ Dev Corp Wst Mgmt Inc Pj AMT		6.00%		8/1/2020		BBB			2,000		2,128,240
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%		8/1/2025		NR			5,000		5,253,150
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00%		5/15/2020		B-			3,000		2,829,540
Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj		6.00%		10/1/2024		BB			1,000		1,004,140
NH St Business Fin Auth UTD Illuminating Ser A AMT		4.50%		7/1/2027		BBB			5,000		5,370,750
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2019		B			6,045		6,067,064
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2029		B			3,000		3,012,210
Port of Corpus Christi Auth of Nueces Cnty TX Union Pacific		5.65%		12/1/2022		NR			2,400		2,437,608
Seminole Indian Tribe FL Ser 2010A Gaming Div†		5.125%		10/1/2017		BBB-			2,450		2,586,441
Tulsa OK Arpts Impt Tr Rev Ser A Rmkt AMT(e)		7.75%		6/1/2035		NR			2,500		2,106,250
Valdez AK Marine Terminal Rev BP Pipelines Pj Ser B		5.00%		1/1/2021		A			2,800		3,248,700
Valdez AK Marine Terminal Rev BP Pipelines Pj Ser C		5.00%		1/1/2021		A			10,000		11,602,500
West Pace Cooperative Dist AL Rev		9.125%		5/1/2039		NR			5,000		4,808,100
Whiting IN Envr Facs BP Prods North Amer Rmkt		5.25%		1/1/2021		A			6,000		7,076,520
Total											149,327,462
Education 4.33%
Adams Cnty PA Indl Dev Auth Gettysburg College		5.00%		8/15/2020		A			1,760		2,027,045
Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ		5.00%		3/1/2015		A2			1,100		1,204,533
AZ St Univ Brd Regents COP (NPFGC)		5.00%		7/1/2022		AA-			3,465		3,796,912
AZ St Univ Enrg Mgmt LLC Tempe Campus II		5.00%		7/1/2019		AA-			2,090		2,363,079
CA Muni Fin Auth Rev Biola Univ		5.625%		10/1/2023		Baa1			1,015		1,115,140

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
CA St Univ Rev Systemwide Ser A		5.00%		11/1/2024		Aa2	$	15,000	$	17,480,400
CA Statewide Cmntys Dev Auth Thomas Jefferson Sch Law Ser A†		7.25%		10/1/2032		BB+		1,000		1,075,270
CT St Hlth & Edl Facs Auth Fairfield Univ Facs Ser M		5.00%		7/1/2016		A-		1,000		1,127,040
Cuyahoga OH Cmnty College Dist Ser C		5.00%		8/1/2020		Aa2		1,800		2,139,066
Dist of Columbia Univ Rev Georgetown Univ		5.00%		4/1/2030		A-		5,000		5,681,650
FL St Brd of Governors Univ Sys Ser A		3.50%		10/1/2028		Aa3		3,140		3,010,444
FL St Brd of Governors Univ Sys Ser A		4.00%		10/1/2030		Aa3		3,365		3,367,625
Harris Cnty TX Cultural Ed Facs Fin Corp Baylor College Medicine Ser D		5.00%		11/15/2019		A-		1,910		2,025,650
IL Fin Auth Rev IL Inst Tech		6.50%		2/1/2023		Baa3		2,000		2,028,320
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2016		Baa3		2,500		2,446,125
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2020		Baa3		1,000		931,230
IL Fin Auth Rev Univ of Chicago Ser B		5.50%		7/1/2021		Aa1		5,000		6,025,150
MA St Hlth & Edl Facs Auth Harvard Univ Ser A		5.25%		11/15/2019		AAA		2,850		3,524,538
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		6.25%		6/15/2020		Ba3		2,700		2,735,613
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy(e)		5.25%		7/1/2018		NR		250		100,000
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.00%		12/1/2016		Baa3		1,235		1,338,209
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.25%		12/1/2018		Baa3		1,120		1,194,637
Miami-Dade Cnty FL Edl Facs Auth Univ of Miami Ser A		5.25%		4/1/2016		A-		1,000		1,139,760
MO St Hlth & Edl Facs Auth Washington Univ Ser A		5.25%		3/15/2018		AAA		625		767,856
NC Cap Facs Fin Agy Meredith College		5.375%		6/1/2021		BBB		500		553,845
NH Hlth & Ed Facs Auth Univ Sys Ser A		5.50%		7/1/2020		Aa3		1,890		2,280,058
NJ St Edl Facs Auth Higher Ed Cap Impt Fd Ser A (AGM)		5.00%		9/1/2019		AA-		4,270		4,518,941
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		6.50%		12/1/2019		Baa1		5,595		6,945,521
NJ St Higher Ed Assist Auth Ser A		5.00%		6/1/2018		AA		2,805		3,170,379
NY St Dorm Auth Rev Non St Supp Debt Montefiore Med Ctr (NPFGC)(FGIC)(FHA)		5.00%		2/1/2022		BBB		2,500		2,620,525

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech		5.00%		7/1/2018		A1	$	1,000	$	1,154,860
OH St Higher Edl Fac Rev Case Western Reserve Ser C		5.00%		12/1/2015		AA-		3,065		3,464,124
OH St Higher Edl Fac Rev Commn Ashland Univ Pj		6.25%		9/1/2024		Ba1		4,115		4,309,022
PA St Higher Edl Facs Auth Ser AG		5.25%		6/15/2018		Aa2		1,000		1,211,220
PA St Higher Edl Facs Auth Ser AH		5.00%		6/15/2019		Aa2		2,455		2,902,596
PA St Higher Edl Facs Auth Univ of PA Ser A		5.00%		9/1/2019		AA+		3,450		4,207,068
RI St Hlth & Edl Bldg Corp Pub Sch Fing Pg Ser A (AGM)		5.00%		5/15/2018		Aa3		1,855		2,099,508
TX St Univ Sys Fing Rev		5.25%		3/15/2019		Aa2		5,000		5,993,700
TX Tech Univ Rev Fing 12th Ser		5.00%		2/15/2020		AA		1,475		1,757,448
Univ of MN Spl Purp Rev St Supp Stadium Debt		5.00%		8/1/2018		Aa1		1,000		1,179,580
Univ of Pittsburgh PA Cap Pj Ser B		5.00%		9/15/2019		Aa1		2,030		2,449,459
Univ of Toledo OH		5.00%		6/1/2018		A+		1,145		1,306,708
Univ of Toledo OH		5.00%		6/1/2019		A+		2,800		3,230,332
Univ of TX Rev Ser A		5.25%		8/15/2019		AAA		5,000		6,127,100
Univ of Western MI Rev (AG)		5.25%		11/15/2020		AA-		3,980		4,609,119
Total										134,736,405
General Obligation 20.12%
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.25%		8/1/2019		NR		875		1,016,969
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.50%		8/1/2020		NR		730		854,947
Anchorage AK Schs Ser B (NPFGC)(FGIC)		5.00%		10/1/2020		AA		5,000		5,755,050
Arkansas City KS Pub Bldg Commn South Cent Regl Med Ctr		6.25%		9/1/2024		A3		2,335		2,659,238
Atlantic Cnty NJ		5.00%		2/1/2018		AA		885		1,043,601
Bexar Cnty TX Ltd Tax Pass Thru		5.25%		6/15/2020		Aaa		3,190		3,523,036
Birmingham AL Cap Impt Ser A (AMBAC)		5.00%		12/1/2018		AA		1,000		1,149,590
Boone McHenry & DeKalb Cntys IL Cmnty Unit Sch Dist No 100 Ser A (NPFGC)		5.00%		1/1/2018		Aa3		2,500		2,687,950
Broward Cnty FL Pks & Land Preservation Pj		5.00%		1/1/2019		Aaa		2,040		2,204,934
CA St		5.00%		8/1/2018		A1		3,000		3,435,690
CA St		5.00%		2/1/2021		A1		20,940		24,465,668

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
CA St		5.00%		9/1/2021		A1	$	8,955	$	10,517,737
CA St		5.25%		9/1/2024		A1		10,000		11,574,600
CA St (AGM)		5.00%		8/1/2016		AA-		2,000		2,255,340
CA St Var Purp		5.25%		10/1/2020		A1		10,000		11,808,300
CA St Var Purp		5.25%		3/1/2022		A1		6,320		7,396,802
Chicago IL Pk Dist Ser C		5.00%		1/1/2024		AA+		4,190		4,847,160
Chicago IL Pk Dist Ser F		5.50%		1/1/2022		AA+		1,750		2,084,547
Clark Cnty NV Sch Dist Ltd Tax Ser A		5.00%		6/15/2016		AA		7,595		8,742,453
Cleveland OH Var Purp Ser A (AG)		5.25%		12/1/2020		AA		1,415		1,610,256
Cook Cnty IL Cmnty Consolidated Sch Dist No 64 (AGM)		5.50%		12/1/2016		Aa2		1,580		1,831,631
Cook Cnty IL Ser A		5.00%		11/15/2019		AA		1,405		1,640,759
Cook Cnty IL Ser A		5.00%		11/15/2020		AA		5,000		5,857,450
Cook Cnty IL Ser A		5.00%		11/15/2021		AA		5,000		5,838,750
Crawford Cent Sch Dist PA Ser C		5.00%		2/1/2019		Aa3		1,775		2,046,522
CT St Ser D		5.00%		11/1/2018		AA		9,500		11,534,520
Cumberland Vly PA Sch Dist (AGM)		5.00%		11/15/2019		Aa3		3,000		3,375,870
Delaware Vly PA Regl Fin Auth Ser B (AMBAC)		5.60%		7/1/2017		A2		3,140		3,534,729
Detroit MI Dist St Aid		4.50%		11/1/2023		AA		13,105		13,898,639
Detroit MI Dist St Aid		5.00%		11/1/2018		AA		3,320		3,755,783
Dist of Columbia Ser E (BHAC)		5.00%		6/1/2021		AA+		3,500		4,013,660
Essex Cnty NJ Impt Auth Pj Cons GTD (AMBAC)		5.25%		12/15/2020		Aa2		15,000		18,153,750
FL St Brd of Ed Pub Ed Ser D		5.00%		6/1/2022		AAA		14,185		16,981,431
Fontana CA Unif Sch Dist Ser A (AGM)		5.25%		8/1/2025		AA-		3,125		3,372,312
Frederick Cnty MD Pub Facs		4.00%		8/1/2019		AA+		9,380		11,022,157
Frederick Cnty MD Pub Facs		4.00%		8/1/2020		AA+		9,720		11,440,148
Fresno CA Unif Sch Dist Ser B (NPFGC)		5.25%		2/1/2024		A+		3,285		3,735,144
Garland TX Indpt Sch Dist Sch Bldg Ser A		5.00%		2/15/2020		Aaa		2,000		2,392,900
Gwinnett Cnty GA Dev Auth Pub Schs Pj COP (NPFGC)		5.25%		1/1/2020		AA+		5,000		6,056,150
Harris Cnty TX Road Ser B		5.00%		8/15/2024		AA-		5,000		5,563,000
Henry Cnty GA Sch Dist		4.50%		8/1/2022		AA+		5,000		5,970,200
HI St Ser DG (AMBAC)		5.00%		7/1/2015		AA		40		45,530
Hoffman Estates Vlg IL Ser A		5.25%		12/1/2020		AA+		1,205		1,426,527
Houston TX Pub Impt Ser A (AMBAC)		5.00%		3/1/2018		AA		2,500		2,824,350
Houston TX Ser A		5.00%		3/1/2018		AA		10,000		11,996,800

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Hudson Cnty NJ		2.00%		12/7/2012		NR	$	15,000	$	15,143,100
IL St 1st Ser (NPFGC)		5.375%		4/1/2016		A+		4,465		5,012,989
IL St 1st Ser (NPFGC)		5.50%		8/1/2016		A+		2,255		2,560,327
IL St Ser A		4.00%		1/1/2022		A+		15,000		15,488,700
IL St Ser A		5.00%		10/1/2017		A+		5,000		5,236,700
Iron Cnty UT Sch Dist Sch Bldg UT Sch Bd Pg		5.00%		1/15/2021		Aaa		1,210		1,340,571
Jackson MS Pub Sch Dist (AGM)		5.00%		10/1/2018		Aa3		2,655		2,885,188
Kane Cnty IL Sch Dist No 131 Aurora East Side Ser C (AG)		5.00%		6/1/2019		AA-		2,730		3,065,981
Kane Cook & DuPage Cntys IL Sch Dist No U-46 Elgin		4.50%		1/1/2024		AA-		5,270		5,528,335
Kane McHenry Cook & De Kalb Cntys IL Unit Sch Dist No 300 (AG)(AMBAC)		5.00%		1/1/2023		AA-		2,700		2,933,172
Kenai Peninsula AK Cent Kenai Peninsula Hosp Svc Area (NPFGC)(FGIC)		5.00%		8/1/2016		A1		2,585		2,703,548
King Cnty WA Sch Dist No 414 Lake Washington		5.00%		12/1/2019		AA+		2,500		3,029,500
King Cnty WA Sch Dist No 414 Lake Washington (AGM)		5.00%		12/1/2016		Aaa		4,125		4,876,162
LA St Ser A		5.00%		9/1/2022		Aa2		5,120		6,223,667
Lancaster CA Sch Dist (AG)		5.00%		8/1/2017		AA-		1,125		1,267,358
Las Vegas-Clark Cnty NV Library Dist Medium Term		5.00%		1/1/2019		AA		3,500		4,032,595
Los Angeles CA Unif Sch Dist Ser A-1 (NPFGC)		4.50%		7/1/2025		Aa2		6,290		6,706,461
Los Angeles CA Unif Sch Dist Ser A-1 (NPFGC)		4.50%		1/1/2028		Aa2		10,000		10,499,100
MA St Ser C (AGM)		5.50%		12/1/2017		AA+		1,720		2,118,111
Maricopa Cnty AZ Unif Sch Dist No 41- Gilbert Sch Impt Ser A (NPFGC)(FGIC)		5.00%		7/1/2018		Aa2		2,400		2,648,712
Memphis TN Gen Impt (NPFGC)		5.00%		10/1/2018		AA		3,295		3,666,940
Metro Govt Nashville & Davidson Cnty TN		5.00%		1/1/2018		Aa1		8,325		9,972,684
Metro Govt Nashville & Davidson Cnty TN Unref Ser A		5.00%		5/15/2020		Aa1		4,450		5,156,793
Miami-Dade Cnty FL Bldg Better Cmntys Pg Ser B		5.25%		7/1/2019		Aa2		3,225		3,789,439
Milwaukee WI Corp Purp Ser B4		5.00%		5/15/2024		Aa1		5,510		6,537,450
MN St Trunk Hwy Ser B		5.00%		10/1/2017		AA+		5,000		6,024,550

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Mobile AL Ser B		5.00%		2/15/2018		Aa2	$	1,000	$	1,171,830
MS Dev Bk Spl Oblig Jackson GTD		5.50%		1/1/2019		Aa2		1,120		1,368,416
New York City NY Ser B		5.00%		8/1/2022		AA		10,000		12,021,600
New York City NY Sub Ser A-4		5.00%		8/1/2023		AA		11,850		14,061,684
New York City NY Sub Ser D-1		5.00%		10/1/2029		AA		10,000		11,349,500
NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C (AGM)		5.00%		10/1/2020		AA-		275		309,023
OH St Major New St Infrastr Ser 2008-1		5.50%		6/15/2020		Aa1		4,500		5,384,565
Onondaga Cnty NY Ser A		5.00%		3/1/2020		AA+		1,150		1,361,773
Otsego MI Pub Sch Dist (AGM)		4.00%		5/1/2021		AA-		2,245		2,356,397
PA St 1st Ser		5.00%		7/1/2019		Aa1		9,900		12,116,907
Peralta CA Cmnty College Dist(a)		5.00%		8/1/2018		AA-		1,500		1,749,360
Peralta CA Cmnty College Dist(a)		5.00%		8/1/2021		AA-		3,000		3,510,060
Philadelphia PA Ser A (AGM)		5.00%		12/15/2015		AA-		1,315		1,467,829
Phoenix AZ Ser B		5.00%		7/1/2019		AAA		500		587,060
Phoenix AZ Var Purp Ser A		5.00%		7/1/2016		AAA		2,525		2,944,529
Pittsburgh PA Pub Sch Dist Ser A(a)		4.00%		9/1/2019		Aa3		5,900		6,652,368
Pittsburgh PA Pub Sch Dist Ser A(a)		4.00%		9/1/2020		Aa3		5,575		6,277,561
Pocono Mountain PA Sch Dist Nts Ser A (AGM)		5.00%		9/1/2021		Aa3		1,440		1,576,699
Puerto Rico Comwlth Govt Dev Bk Sr Nts Ser D		1.00%		11/8/2012		Baa1		10,000		9,995,500
Puerto Rico Comwlth Pub Impt Ser A (AGM)		5.00%		7/1/2018		AA-		3,000		3,306,930
Puerto Rico Comwlth Pub Impt Ser A (XLCA)		5.50%		7/1/2017		Baa1		2,705		3,036,200
Puerto Rico Comwlth Pub Impt Ser E		5.375%		7/1/2030		Baa1		10,000		10,281,500
Puerto Rico Pub Bldgs Auth Rev Unref Bal Govt Facs Ser C GTD		5.75%		7/1/2022		Baa1		9,305		10,552,894
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.00%		8/1/2021		Aa2		750		923,873
San Francisco CA City & Cnty Unif Sch Dist		4.00%		6/15/2021		Aa2		9,740		10,870,035
San Jose CA Unif Sch Dist Election of 2002 Ser C (NPFGC)(FGIC)		4.50%		8/1/2023		AA		2,825		3,045,548
Shelby Cnty TN Ser A		5.00%		4/1/2019		AA+		1,200		1,459,128
Territory of Guam Ser A		5.75%		11/15/2014		B+		1,270		1,290,396
Territory of Guam Ser A		6.75%		11/15/2029		B+		6,475		6,939,193
WA St Gen Oblig Unltd Var Purp-Ser A		5.00%		8/1/2022		AA+		14,245		17,243,145

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
WI St Ser 1 (NPFGC)		5.00%		5/1/2019		AA	$	10,000	$	11,247,100
WI St Ser 2		5.00%		11/1/2020		AA		5,000		6,132,350
WI St Ser C		4.50%		5/1/2029		AA		10,000		10,901,500
Williamson Cnty TX Limited Tax		4.00%		2/15/2020		AAA		10,080		11,579,602
Williamson Cnty TX Limited Tax		5.00%		2/15/2021		AAA		5,640		6,992,472
Woonsocket RI		7.125%		6/15/2016		Ba2		4,500		4,599,990
Worcester MA Muni Purp Ln Ser A (AGM)		5.25%		10/1/2019		AA-		1,000		1,128,850
Worcester MA Muni Purp Ln Ser A (AGM)		5.25%		10/1/2020		AA-		1,195		1,340,276
Yavapai Cnty AZ Unif Sch Dist No 22 Humboldt Sch Impt Pj of 2006 Ser B (AG)		5.00%		7/1/2018		Aa3		1,070		1,230,329
Total										626,754,685
Health Care 14.26%
Alachua Cnty FL Hlth Facs Auth Bonita Spring Ser B2		7.125%		11/15/2016		NR		10,000		10,006,200
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.625%		11/15/2022		NR		2,000		1,878,820
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.75%		11/15/2026		NR		3,000		2,757,690
Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser A		5.00%		11/15/2015		BBB+		200		223,782
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2017		B+		3,250		3,173,755
AZ Univ Med Ctr Corp		6.00%		7/1/2024		BBB+		1,000		1,143,510
Birmingham-Baptist AL Med Ctr Spl Care Facs Fing Auth Baptist Hlth Sys Ser A		5.25%		11/15/2016		Baa2		2,605		2,850,990
Blount Cnty TN Hlth & Edl Facs Brd Asbury Inc Ser A		5.125%		4/1/2023		NR		5,200		5,217,004
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser K		5.125%		7/1/2022		A		1,750		1,920,765
CA Hlth Facs Fing Auth Episcopal Home Ser B		5.50%		2/1/2024		A-		2,000		2,216,740
CA Hlth Facs Fing Auth Scripps Hlth Ser A		5.50%		10/1/2020		AA-		2,000		2,365,360
CA Hlth Facs Fing Auth Stanford Hosp & Clinics Ser A		5.00%		11/15/2023		Aa3		3,000		3,191,100
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2016		BBB		2,000		2,172,860
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2017		BBB		2,245		2,425,296

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		6.25%		11/15/2019		BBB-		$	1,600	$	1,777,632
Charlotte-Mecklenburg Hosp Auth NC Carolinas Hlthcare Ser A		5.00%		1/15/2019		AA-			4,455		4,998,599
Charlotte-Mecklenburg Hosp Auth NC Carolinas Hlthcare Ser A		5.25%		1/15/2023		AA-			2,895		3,274,766
CO Hlth Facs Auth Rev Amer Baptist Ser A		7.00%		8/1/2019		NR			1,500		1,603,260
CO Hlth Facs Auth Rev Sisters Leavenworth Ser B		5.00%		1/1/2019		AA			6,000		7,071,780
CO Hlth Facs Auth Rev Sisters Leavenworth Ser B		5.00%		1/1/2021		AA			6,535		7,603,276
Delaware Cnty PA Auth Hosp Rev Crozer Keystone Oblig Grp Ser A		5.00%		12/15/2019		BBB-			1,000		1,018,350
Doylestown PA Hosp Auth Hosp Ser A (AG)		5.00%		7/1/2022		AA-			1,000		1,044,580
Eden Twp CA Hlthcare Dist COP		5.375%		6/1/2023		BBB	(c)		3,085		3,216,051
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		6.00%		7/1/2020		Ba1			5,055		5,148,821
Florence Cnty SC Hosp Rev McLeod Regl Med Ctr Ser A		5.00%		11/1/2018		AA-			1,845		2,114,591
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.50%		1/1/2018		BBB-	(c)		3,535		3,915,154
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.65%		1/1/2019		BBB-	(c)		2,000		2,228,160
Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A		4.75%		8/1/2019		A2			3,840		4,268,813
HI St Dept Bdgt & Fin Ser C2		6.40%		11/15/2014		NR			300		300,564
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2027		NR			2,000		1,745,440
IA Fin Auth Hlthcare Facs Genesis Hlth Sys		5.00%		7/1/2019		A1			4,075		4,650,186
IL Fin Auth Rev Hosp Sisters Svcs Inc Ser A		5.00%		3/15/2027		AA-			1,000		1,052,710
IL Fin Auth Rev Northwestern Mem Hosp Ser A(b)		5.75%		8/15/2030		AA+			2,500		2,815,950
IL Fin Auth Rev Provena Hlth Ser A		5.75%		5/1/2018		BBB+			1,000		1,148,070
IL Fin Auth Rev Provena Hlth Ser A		5.75%		5/1/2019		BBB+			3,000		3,489,090
IL Fin Auth Rev Provena Hlth Ser A		6.00%		5/1/2020		BBB+			4,000		4,679,600
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		6.00%		11/1/2019		A2			1,000		1,168,040
IL Fin Auth Rev Sedgebrook Inc Fac Ser A		5.50%		11/15/2013		NR			176		2
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.50%		2/15/2016		AA-			2,000		2,254,220

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.50%		2/15/2017		AA-	$	2,000	$	2,297,820
IN Bd Bk Rev Spl Pg Hendricks Regl Hlth Ser A		5.00%		2/1/2019		AA		1,765		2,002,304
IN Hlth & Edl Facs Fing Auth St. Francis Ser E Rmkt (AGM)		5.25%		11/1/2022		Aa3		1,000		1,108,850
Iron River MI Hosp Fin Auth Iron Cnty Cmnty Hosps		6.00%		5/15/2020		NR		785		810,018
Jackson Cnty MI Hosp Fin Auth Ser C Rmkt (AG)		5.00%		6/1/2018		AA-		4,350		4,988,406
Jackson Cnty MI Hosp Fin Auth Ser C Rmkt (AG)		5.00%		6/1/2019		AA-		4,400		5,070,032
Kalamazoo MI Hosp Fin Auth Bronson Hosp Ser A Rmkt (AGM)		5.25%		5/15/2014		AA-		2,000		2,135,120
Kansas City MO Indl Dev Auth 1st Mtg Bishop Spencer Ser A		6.25%		1/1/2024		NR		950		969,019
Kansas City MO Indl Dev Auth 1st Mtg Bishop Spencer Ser A		6.50%		1/1/2035		NR		2,500		2,520,200
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		5.50%		7/1/2020		BB+		3,275		3,411,633
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 65-C-2		7.00%		11/15/2015		NR		4,700		4,710,434
KS St Dev Fin Auth Hosp Rev Adventist Hlth		5.25%		11/15/2019		AA-		1,580		1,891,608
KS St Dev Fin Auth Hosp Rev Adventist Sunbelt Ser D		5.00%		11/15/2020		AA-		1,775		2,060,846
LA Pub Facs Auth Rev Christus Hlth Ser A		5.25%		7/1/2020		A+		3,200		3,647,488
Lufkin TX Hlth Facs Dev Corp Mem Hlth Sys of East TX		6.00%		2/15/2024		BBB-		7,500		7,971,000
MA Dev Fin Agy Ser B1		7.25%		6/1/2016		NR		5,000		4,999,300
MD St Hlth & Higher Edl Facs Auth Mercy Med Ctr(a)		5.00%		7/1/2031		BBB		1,100		1,137,356
MD St Hlth & Higher Edl Facs Auth Univ MD Med Sys		5.00%		7/1/2020		A		4,905		5,484,869
MD St Hlth & Higher Edl Facs Auth Univ MD Med Sys		5.00%		7/1/2021		A		5,550		6,164,385
ME Hlth & Higher Edl Facs Auth Gen Med Ctr		6.00%		7/1/2026		Baa3		7,755		8,370,282
ME Hlth & Higher Edl Facs Auth Ser A (NPFGC)		5.375%		7/1/2018		A1		2,700		2,924,721
ME Hlth & Higher Edl Facs Auth Ser B		4.50%		7/1/2018		A1		2,640		2,923,985

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM)		5.00%		8/1/2021		AA-	$	2,115	$	2,355,222
Mesquite TX Hlth Facs Dev Corp Ret Fac Christian Care		5.50%		2/15/2025		BBB-		3,250		3,331,477
Miami Beach FL Hlth Facs Auth Mt Sinai Med Ctr		6.75%		11/15/2021		Baa3		2,800		2,999,220
MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG)		5.50%		2/15/2025		AA-		4,500		5,113,845
Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA)		5.00%		8/1/2018		AA		1,605		1,898,073
Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA)		5.00%		8/1/2019		AA		1,790		2,106,114
Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA)		5.00%		8/1/2020		AA		1,000		1,176,130
MS Hosp Equip & Facs Auth Baptist Hlth Sys Inc Ser A		5.00%		8/15/2016		A-		2,000		2,197,620
MS Hosp Equip & Facs Auth Baptist Hlth Sys Inc Ser A		5.00%		8/15/2017		A-		2,500		2,769,450
MS Hosp Equip & Facs Auth Baptist Hlth Sys Inc Ser A		5.00%		8/15/2018		A-		3,000		3,288,900
MS Hosp Equip & Facs Auth North MS Hlth Svcs Ser 1		5.00%		10/1/2017		AA		2,500		2,885,400
NC Med Care Commn Hsg Fndtn Inc (ACA)		6.625%		8/15/2030		NR		2,900		2,902,030
NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A		5.125%		7/1/2019		A1		1,500		1,688,325
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.00%		7/1/2019		BBB		10,000		11,025,600
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.00%		10/1/2016		A+		2,000		2,284,260
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.00%		7/1/2018		BBB-		6,590		7,529,998
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp		6.00%		7/1/2026		BBB-		5,500		6,004,680
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp Oblig		5.25%		7/1/2021		BBB-		2,045		2,154,796
NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Ser B		5.25%		7/1/2023		BBB-		5,000		5,206,150
NJ Hlthcare Facs Fing Auth Virtua Hlth (AG)		5.50%		7/1/2020		AA-		5,455		6,278,978
Northampton Cnty PA Gen Purp Auth St. Luke’s Hosp Pj Ser A		5.00%		8/15/2019		A3		2,000		2,185,240

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
NY St Dorm Auth Rev Mem Sloan- Kettering Ser 1		4.375%		7/1/2034		Aa2	$	7,000	$	7,313,180
NY St Dorm Auth Rev Mem Sloan- Kettering Ser 1		5.00%		7/1/2023		Aa2		1,750		2,082,780
NY St Dorm Auth Rev Non St Supp Debt North Shore L I Jewish Ser E		5.00%		5/1/2019		A-		4,000		4,633,480
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.00%		7/1/2016		A3		1,600		1,822,192
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.00%		7/1/2019		A3		2,000		2,356,800
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.50%		12/1/2021		Ba1		1,000		1,107,830
OH St Hosp Fac Rev Cleveland Clinic Hlth Ser B		5.00%		1/1/2022		Aa2		3,000		3,402,780
Orange Cnty FL Hlth Facs Auth Orlando Hlth Inc		5.25%		10/1/2020		A		5,000		5,681,550
PA St Higher Edl Facs Auth Univ of Pittsburgh Med Ctr Ser E		5.00%		5/15/2020		Aa3		8,000		9,370,640
Palomar CA Pomerado Hlthcare COP		5.25%		11/1/2021		Baa3		5,000		5,385,800
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hosp Sys Ser A		6.625%		11/15/2023		BBB-		1,900		1,903,078
Roanoke VA Econ Dev Auth Carilion Clinic Oblig		5.00%		7/1/2025		A+		10,000		11,080,500
San Buenaventura CA Cmnty Mem Hlth Sys		8.00%		12/1/2026		BB		10,000		12,370,400
SC Jobs Econ Dev Auth Tuomey (CIFG)		5.00%		11/1/2019		BBB		3,620		3,879,880
SC Jobs Econ Dev Auth Tuomey Hlthcare Sys (AMBAC)		5.00%		11/1/2018		NR		2,155		2,158,319
Scottsdale AZ Indl Dev Auth Scottsdale Hlthcare A		5.00%		9/1/2017		A-		2,000		2,222,540
Shelby Cnty TN Hlth Edl & Hsg Facs Brd Baptist Mem Hlth Ser 2004A		5.00%		9/1/2017		AA		4,000		4,641,080
South Broward FL Hosp Dist Rev Hosp (NPFGC)		5.00%		5/1/2019		AA-		5,130		5,701,687
South Broward FL Hosp Dist Rev Hosp (NPFGC)		5.00%		5/1/2022		AA-		2,710		2,970,892
St. Paul MN Hsg & Redev Auth Hosp Rev Hltheast Pj		5.00%		11/15/2017		BB+		2,900		3,053,410
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		5.375%		8/1/2015		NR		1,910		1,967,491

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00%		8/1/2025		NR	$	3,525	$	3,430,213
Tarrant Cnty TX Cultural Ed Facs Fin Corp Christus Hlth Ser A (AG)		5.75%		7/1/2018		AA-		3,280		3,575,692
Thomasville GA Hosp Auth Rev Antic Ctfs John D Archbold		4.75%		11/1/2025		A		6,150		6,395,569
Travis Cnty TX Hlth Facs Dev Corp 1st Mtg Longhorn Vlg Pj Ser C-1		5.50%		1/1/2017		NR		6,235		6,122,458
Tyler TX Hlth Facs Dev Corp Mother Frances Hosp		5.50%		7/1/2027		Baa1		3,975		4,278,769
Univ of AL Ser A		5.00%		9/1/2016		A+		2,320		2,605,986
Univ of AL Ser A		5.25%		9/1/2017		A+		1,180		1,345,094
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		5.00%		11/1/2019		A3		4,000		4,503,760
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		5.125%		11/1/2020		A3		5,500		6,235,405
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2030		AA+		1,170		1,261,084
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2033		AA+		7,000		7,422,345
WI St Hlth & Edl Facs Auth Aurora Hlthcare Ser A (AGM)		5.00%		7/15/2027		Aa3		11,000		11,827,530
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		5.00%		4/1/2019		AA-		1,110		1,282,372
WI St Hlth & Edl Facs Auth Ministry Hlth Rmkt (AGM)		5.00%		8/1/2016		AA-		2,230		2,453,268
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-1		6.40%		9/15/2015		NR		1,115		1,115,446
WI St Hlth & Edl Facs Auth Synergy Hlth Inc		6.00%		11/15/2023		AA-		3,185		3,309,311
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2017		A-		8,160		8,957,966
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2018		A-		2,000		2,169,920
WV St Hosp Fin Auth Thomas Hlth Sys		6.00%		10/1/2020		NR		1,600		1,630,064
Total										444,141,322
Housing 0.51%
Athens GA Hsg Auth Rev Univ GA East Campus		4.00%		12/1/2019		Aa2		2,045		2,277,148

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Housing (continued)
Athens GA Hsg Auth Rev Univ GA East Campus ETM		4.00%		12/1/2019		NR	$	240	$	279,665
CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus		6.00%		5/15/2023		Baa2		2,000		2,237,940
Minneapolis MN Multi Fam Hsg Riverside Plaza Ser B		6.00%		11/1/2013		NR		5,000		5,002,300
NJ Econ Dev Auth MSU Student Hsg Pj		5.00%		6/1/2018		Baa3		1,390		1,559,316
NJ Econ Dev Auth MSU Student Hsg Pj		5.25%		6/1/2019		Baa3		1,610		1,824,001
PA St Higher Edl Facs Auth Edinboro Univ		5.00%		7/1/2018		BBB-		245		268,743
VA St Hsg Dev Auth Ser A-5 AMT		4.70%		7/1/2017		AAA		2,315		2,470,869
Total										15,919,982
Lease Obligations 9.48%
Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj		5.00%		7/1/2021		Aa3		610		678,753
Atlanta GA Downtown Dev Auth Rev Underground Atlanta Pj Ser A (AG)		5.00%		7/1/2016		Aa2		4,500		4,969,035
AZ Sch Facs Brd Ctfs Ser A-3 (NPFGC)(FGIC)		5.00%		9/1/2019		A+		4,850		5,305,172
Brevard Cnty FL Sch Brd COP Ser B (NPFGC)(FGIC)		5.00%		7/1/2019		Aa3		3,500		3,720,745
Broward Cnty FL Sch Brd COP (NPFGC)		5.00%		7/1/2021		Aa3		2,930		3,048,606
CA St Pub Wrks Brd Dept Gen Svcs Bldgs 8 & 9 Ser A		5.00%		4/1/2020		A2		4,085		4,545,094
CA St Pub Wrks Brd Var Cap Pjs Ser A(a)		5.00%		4/1/2021		A2		3,250		3,641,918
CA St Pub Wrks Brd Var Cap Pjs Ser A(a)		5.00%		4/1/2022		A2		4,200		4,682,328
CA St Pub Wrks Brd Var Cap Pjs Ser G-1		5.25%		10/1/2019		A2		11,370		13,124,505
CA St Pub Wrks Brd Var Cap Pjs Sub Ser A-1		5.00%		3/1/2018		A2		7,490		8,561,070
Cleveland OH Cleveland Stadium Pj Ser A COP		4.75%		11/15/2020		A		3,000		3,302,490
Cleveland OH Cleveland Stadium Pj Ser A COP		5.00%		11/15/2019		A		2,450		2,749,341
Dallas TX Civic Ctr (AG)		5.00%		8/15/2021		AA-		3,800		4,333,710
Dallas TX Convtn Ctr Hotel Dev Corp Ser A		5.25%		1/1/2020		A+		4,000		4,553,320
Dallas TX Convtn Ctr Hotel Dev Corp Ser A		5.25%		1/1/2022		A+		6,405		7,141,767
Erie Cnty NY Indl Dev Agy Sch Dist Buffalo Pj Ser B		5.00%		5/1/2024		AA-		5,930		6,709,914
FL Dept of Children & Fam Svcs FL Civil Commitment Ctr COP (NPFGC)		5.00%		10/1/2022		AA+		2,870		3,213,195

See Notes to Financial Statements. 43

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Fulton Cnty GA Facs Corp Pub Purp Pj COP		5.00%		11/1/2016		AA-	$	2,200	$	2,499,530
Gloucester Cnty NJ Impt Auth Cnty Ln Cnty Cap Pg GTD		5.00%		4/1/2017		AA+		1,000		1,183,580
Goodyear AZ Pub Impt Corp		6.375%		7/1/2019		AA-		500		610,335
Greenville Cnty SC Sch Dist Bldg Equity Sooner		5.50%		12/1/2017		AA		3,000		3,683,310
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj(e)		15.00%		5/27/2012		NR		1,768		633,050
IN Fin Auth Lease Rev Ser A1		5.00%		11/1/2015		AA+		1,000		1,128,080
Kansas City MO Indl Dev Auth Downtown Redev Dist Ser A		5.00%		9/1/2022		AA-		8,445		9,409,757
KY St Ppty & Bldgs Commn		5.75%		11/1/2019		Aa3		3,425		4,210,181
KY St Ppty & Bldgs Commn Pj No 93 (AG)		5.25%		2/1/2020		AA-		2,000		2,354,040
LA Pub Facs Auth Hurricane Recovery Pg (AG)		5.00%		6/1/2020		AA-		5,000		5,497,000
Los Angeles Cnty CA Cap Asset Leasing Corp Equipment Pg Ser A		4.00%		6/1/2014		A+		5,100		5,424,717
Los Angeles Cnty CA Cap Asset Leasing Corp Equipment Pg Ser A		4.00%		12/1/2014		A+		4,685		5,037,359
Los Angeles Cnty CA Disney Concert Hall Parking COP		5.00%		9/1/2021		A+		1,000		1,160,190
Los Angeles Cnty CA Disney Concert Hall Parking COP		5.00%		3/1/2022		A+		1,000		1,154,540
Los Angeles Cnty CA Disney Concert Hall Parking COP		5.00%		9/1/2022		A+		1,250		1,445,413
Manatee Cnty FL Transn Rev (AMBAC)		5.00%		10/1/2019		Aa2		2,030		2,184,503
MD St Econ Dev Corp Pub Hlth Lab		5.00%		6/1/2019		AA+		5,415		6,537,421
Mecklenburg Cnty NC COP Ser A		5.00%		2/1/2020		AA+		3,565		4,219,071
Mecklenburg Cnty NC Pub Facs Annual Apprec Ltd Ser O		5.00%		3/1/2020		AA+		2,525		3,031,288
MI St Fin Auth Rev Detroit Sch Dist		5.00%		6/1/2016		A+		11,500		12,262,565
MI St Strategic Fd Ltd Cadillac Place Office Bldg Pj		5.25%		10/15/2023		A+		3,865		4,392,302
MI St Strategic Fd Ltd Cadillac Place Office Bldg Pj		5.25%		10/15/2024		A+		6,915		7,780,965
Miami-Dade Cnty FL Entitlement GTD (NPFGC)(FGIC)		5.00%		8/1/2014		Aa3		1,000		1,083,250
Miami-Dade Cnty FL Sch Brd COP Ser B		5.00%		5/1/2032		A1		5,000		5,511,950

44 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Miami-Dade Cnty FL Sch Brd Ctfs Ser A (NPFGC)(FGIC)		5.00%			5/1/2022		A1	$	13,050	$	14,231,416
Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (NPFGC)(FGIC)		1.358%	#		4/1/2014		Aa3		200		200,466
Montgomery Cnty VA Indl Dev Auth Pub Pjs		5.00%			2/1/2018		AA-		1,000		1,158,790
NC Infrastr Fin Corp Cap Impt Ser A (AGM)		5.00%			5/1/2017		AA+		2,000		2,381,780
New York City NY Indl Dev Agy USTA Natl Tennis (AGM)		5.00%			11/15/2018		AA-		245		277,242
NJ Econ Dev Auth Sch Facs Constr Ser AA		5.25%			12/15/2020		A+		8,125		9,552,969
NJ Econ Dev Auth Sch Facs Constr Ser EE		5.00%			9/1/2020		A+		6,730		7,887,223
NJ Econ Dev Auth Sch Facs Constr Ser EE		5.25%			9/1/2023		A+		10,000		11,798,600
NJ Econ Dev Auth Sch Facs Ser GG		5.25%			9/1/2025		A+		5,075		5,795,396
NJ Econ Dev Auth Transn Pj Sublease Ser A		5.00%			5/1/2018		A+		1,425		1,688,084
NJ Econ Dev Auth Transn Pj Sublease Ser A		5.00%			5/1/2019		A+		3,000		3,551,850
NJ Sports & Exposition Auth Ser B		5.00%			9/1/2018		A+		4,950		5,735,614
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)(FGIC)		5.50%			12/15/2020		A+		1,000		1,217,440
North Charleston SC Convtn Ctr COP		5.00%			10/1/2016		AA-		2,010		2,252,185
Northwest Allen IN Sch Bldg Corp 1st Mtg (AGM)		5.00%			7/15/2020		AA+		3,140		3,520,442
NY St Dorm Auth Rev 3rd Gen Resolution St Univ Ser E		5.00%			5/15/2026		AA-		10,500		12,180,735
NY St Dorm Auth Rev Non St Supp Debt Sch Dists Fing Pg Ser A (AGM)		5.00%			10/1/2023		AA-		8,000		9,063,360
NY St Dorm Auth Rev St Mental Hlth Svcs Facs Impt Ser A (AGM)		5.00%			2/15/2016		AA-		2,775		3,174,212
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%			12/15/2025		AAA		1,320		1,542,983
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%			12/15/2026		AAA		1,920		2,244,339
NY St Urban Dev Corp Rev Svc Contract Ser A-2		5.00%			1/1/2022		AA-		3,705		4,282,572
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		5.60%			10/1/2014		NR		140		144,190
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		7.00%			7/1/2021		Baa1		5,000		5,508,000

See Notes to Financial Statements. 45

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Lease Obligations (continued)
VA College Bldg Auth Pub Higher Ed Fing Pg Ser A		5.00%		9/1/2016		Aa1		$	5,475	$	6,411,937
WI St Rev Ser A		5.25%		5/1/2020		AA-			2,175		2,671,357
Total											295,188,542
Other Revenue 4.14%
Apache Cnty AZ Indl Dev Auth Tucson Elec Pwr Co Ser A		4.50%		3/1/2030		BBB-			7,700		7,718,018
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		6.00%		1/1/2017		Ba2			1,935		2,068,612
Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj		7.50%		2/1/2030		NR			1,200		1,090,620
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		6.00%		8/1/2018		NR			1,900		1,915,694
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		5.75%		7/15/2018		BBB-			1,400		1,571,948
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		5.75%		7/15/2019		BBB-			2,715		3,021,415
CA Infrastr & Econ Dev Bk Broad Museum Pj Ser A		5.00%		6/1/2021		Aa1			5,425		6,633,256
CA Infrastr & Econ Dev Bk J David Gladstone Inst Ser A		5.25%		10/1/2026		A-			10,000		10,456,200
Cleveland OH Arpt Sys Rev Ser A		5.00%		1/1/2028		A-			2,500		2,646,075
Cleveland OH Arpt Sys Rev Ser A		5.00%		1/1/2029		A-			2,500		2,652,225
Clifton TX Higher Ed Fin Corp Uplift Ed Ser A		5.70%		12/1/2025		BBB-			5,110		5,595,246
FL St Brd of Ed Lottery Rev Ser B (AMBAC)		5.00%		7/1/2016		AAA			1,000		1,158,020
FL St Brd of Ed Lottery Rev Ser E		5.00%		7/1/2020		AAA			7,645		9,035,243
FL St Dev Fin Corp Edl Fac Renaissance Charter Sch Ser A		7.50%		6/15/2033		BB+	(c)		4,650		4,990,798
Garza Cnty TX Pub Fac Corp		5.25%		10/1/2017		BBB+			1,000		1,043,540
Garza Cnty TX Pub Fac Corp		5.50%		10/1/2018		BBB+			1,000		1,038,320
Garza Cnty TX Pub Fac Corp		5.50%		10/1/2019		BBB+			1,600		1,645,728
ID Hsg & Fin Assoc Ser A		5.00%		7/15/2029		Aa2			5,000		5,598,100
Indianapolis IN Loc Pub Impt Bd Bk Ser K		5.00%		6/1/2024		A1			4,000		4,493,160
La Vernia TX Higher Ed Fin Corp Lifeschs of Dallas Ser A		7.00%		8/15/2026		BBB-			4,455		5,167,399
Maverick Cnty TX Pub Fac Corp Ser A-1		6.25%		2/1/2024		NR			1,940		1,739,171
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser B		5.00%		12/1/2016		NR			900		778,905

46 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date			Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
ME St Muni Bd Bk Infrastr Transcap Pg Ser A		5.00%		9/1/2025			AA	$	10,000	$	11,619,700
MI St Strategic Fd Ltd Pollutn Ctrl Gen Motors Corp(f)		—		—	(g)		NR		400		3,000
Minneapolis MN Rev National Marrow Donor Pg		4.875%		8/1/2025			BBB		5,000		5,079,900
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		7.50%		5/1/2019			BBB+		3,225		3,677,661
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		8.00%		5/1/2025			BBB+		2,000		2,289,660
New York City NY Tr Cultural Res Lincoln Ctr Ser C		5.75%		12/1/2018			A+		2,500		3,017,575
New York City NY Tr Cultural Res Whitney Museum of Amer Art		5.00%		7/1/2021			A		5,000		5,801,250
Puerto Rico Comwlth Govt Dev Bk Rmkt GTD (NPFGC)		4.75%		12/1/2015			BBB		5,000		5,139,050
Seminole Indian Tribe FL Spl Oblig Ser A		5.50%		10/1/2024			BBB-		2,400		2,442,024
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		5.00%		12/1/2012			NR		250		251,175
WA St Econ Dev Fin Auth Wst Mgmt Rmkt		2.00%		6/1/2020			BBB		7,500		7,647,525
Total											129,026,213
Pre-Refunded 0.03%
Metro Govt Nashville & Davidson Cnty TN Ser A		5.00%		5/15/2020			Aa1		775		927,877
Special Tax 1.42%
Atlanta GA Tax Alloc Beltline Pj Ser B Rmkt		6.75%		1/1/2020			NR		2,860		3,226,824
FL St Vlg Cmnty Dev Dist No 9		5.00%		5/1/2022			NR		2,000		2,017,260
FL St Vlg Cmnty Dev Dist No 9		5.25%		5/1/2031			NR		2,000		2,017,040
FL St Vlg Cmnty Dev Dist No 9		5.75%		5/1/2021			NR		4,615		5,008,521
FL St Vlg Cmnty Dev Dist No 9		6.75%		5/1/2031			NR		3,000		3,358,200
Glendale CA Redev Agy Tax Alloc Cent Glendale Redev Pj		5.50%		12/1/2024			A		6,000		6,199,560
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		10.00%		5/1/2039			NR		5,000		3,302,300
Orlando FL Cmnty Redev Agy Tax Alloc Downtown Dist Ser A		5.25%		9/1/2021			A1		6,415		7,080,171

See Notes to Financial Statements. 47

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)			Fair Value
Special Tax (continued)
Sparks NV Loc Impt Dist Ltd Oblig Dist No 3		6.50%		9/1/2020		NR		$	435	$	439,955
Sparks NV Redev Agy Tax Redev Area No 1		4.50%		1/15/2018		A-			1,210		1,230,872
Sparks NV Redev Agy Tax Redev Area No 1		4.75%		1/15/2019		A-			1,540		1,574,835
Sparks NV Redev Agy Tax Redev Area No 1		5.375%		1/15/2020		A-			1,675		1,767,946
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.50%		6/15/2020		B2			6,595		6,532,413
Tempe AZ Pier Twn Lake Impt Dist		5.00%		1/1/2018		Aa3			500		576,565
Total											44,332,462
Tax Revenue 4.00%
AL St Pub Sch & College Auth Cap Impt		5.00%		12/1/2016		Aa1			3,500		4,114,670
Denver CO City & Cnty Excise Ser A (AG)		6.00%		9/1/2023		AA-			3,000		3,611,460
IL St Build IL		5.00%		6/15/2019		AAA			5,000		6,037,900
Jacksonville FL Sales Tax Rev Better Jacksonville		5.00%		10/1/2021		A1			2,500		2,848,275
Martin Cnty TX Hosp Dist Ser A		7.00%		4/1/2031		BBB	(c)		3,250		3,428,523
Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1		5.00%		7/1/2022		A1			3,245		3,667,564
Nassau Cnty NY Interim Fin Auth Sales Tax Secd Ser A		5.00%		11/15/2021		AAA			1,000		1,171,220
New York City NY Transnl Fin Auth Bldg Aid Rev Sub Ser S1A		5.00%		7/15/2024		AA-			10,000		11,697,500
New York City NY Transnl Fin Auth Fiscal 2009 Ser S1		5.00%		7/15/2016		AA-			3,055		3,543,464
New York City NY Transnl Fin Auth Sub Future Tax Secd Ser B		5.00%		11/1/2016		AAA			5,000		5,897,100
NJ Econ Dev Auth Cigarette Tax		5.50%		6/15/2024		BBB			5,325		5,371,540
NJ Econ Dev Auth Cigarette Tax		5.625%		6/15/2019		BBB			1,195		1,198,932
NY St Dorm Auth Rev Non St Supp Debt Sch Dists Fing Pg Ser C (AG)		5.00%		10/1/2017		AA-			5,000		5,799,000
NY St Dorm Auth Rev St Pers Gen Purp Ser A		5.00%		3/15/2024		AAA			15,585		18,417,106
NY St Urban Dev Corp Rev St Pers Income Tax Ser A		5.00%		3/15/2018		AAA			10,000		11,927,700
Oneida Tribe of Indians WI†		5.50%		2/1/2021		AA-			2,800		3,080,644
Orange Cnty FL Tourist Dev Ser A (NPFGC)		5.00%		10/1/2018		A+			1,680		1,900,718

48 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tax Revenue (continued)
Polk Cnty FL Transn Rev		5.00%		12/1/2021		A1		$	2,825	$	3,225,133
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.25%		8/1/2019		A+			3,215		3,721,716
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A ETM		5.25%		8/1/2019		A1			680		859,486
Puerto Rico Sales Tax Fing Corp Ser C		5.00%		8/1/2022		Aa2			1,500		1,762,395
Regl Transit Auth LA Sales Tax (AGM)		5.00%		12/1/2018		AA-			1,000		1,155,750
Regl Transit Auth LA Sales Tax (AGM)		5.00%		12/1/2019		AA-			1,000		1,161,130
RI St Econ Dev Corp Grant Antic Dept Transn Ser A (AG)		5.25%		6/15/2020		Aa2			6,495		7,744,768
San Mateo Cnty CA Transn Auth Dist Ser A (NPFGC)		4.50%		6/1/2022		AA			1,830		1,924,483
Territory of Guam Oblig Rev Section 30 Ser A		5.375%		12/1/2024		BBB-			1,000		1,039,020
Territory of Guam Oblig Rev Section 30 Ser A		5.50%		12/1/2019		BBB-			1,000		1,095,290
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC)		5.00%		10/1/2018		BBB+			1,000		1,078,660
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Diago Ser A		6.75%		10/1/2019		Baa3			2,500		2,829,650
Virgin Islands Pub Fin Auth Sr Lien Ser B		5.00%		10/1/2019		BBB			3,000		3,336,060
Total											124,646,857
Tobacco 4.20%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.125%		6/1/2024		B-			21,495		17,129,580
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.75%		6/1/2034		B-			1,360		1,008,739
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2030		B-			9,500		7,327,730
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		4.50%		6/1/2027		B			10,000		8,344,000
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.00%		6/1/2014		A1			2,500		2,589,325
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.00%		6/1/2033		B-			10,000		7,592,200
Inland Empire Tob Securitization Auth CA Ser A		4.625%		6/1/2021		B+	(c)		2,970		2,532,905
Inland Empire Tob Securitization Auth CA Ser A		5.00%		6/1/2021		B+	(c)		3,925		3,441,519

See Notes to Financial Statements. 49

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tobacco (continued)
MI Tob Sttlmnt Fin Auth Sr Ser A		5.25%		6/1/2022		B-	$	6,180	$	5,447,608
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.00%		3/1/2020		A		10,000		11,421,200
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.25%		3/1/2023		A-		5,000		5,695,700
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.25%		3/1/2024		A-		15,000		16,926,750
NJ Tob Sttlmnt Fing Corp Ser 1A		4.625%		6/1/2026		B1		10,000		8,910,700
NJ Tob Sttlmnt Fing Corp Ser 1A		4.75%		6/1/2034		B2		5,500		4,156,790
NJ Tob Sttlmnt Fing Corp Ser 1A		5.00%		6/1/2029		B2		5,000		4,463,550
NY Tob Sttlmnt Fing Corp Asset Bkd Ser A1		5.50%		6/1/2019		AA-		1,000		1,057,310
Railsplitter IL Tob Sttlmnt Auth		5.00%		6/1/2017		A		10,095		11,408,057
Railsplitter IL Tob Sttlmnt Auth		6.25%		6/1/2024		A-		8,500		9,382,980
SC Tob Sttlmnt Rev Mgmt Auth		5.00%		6/1/2018		Aa3		1,820		1,822,748
Total										130,659,391
Transportation 12.24%
Atlanta GA Arpt Rev Ser C		5.50%		1/1/2021		A1		3,000		3,644,850
AZ St Transn Brd Sub Hwy Rev Ser A		5.00%		7/1/2021		AA+		10,000		12,217,400
Bay Area CA Toll Auth San Francisco Bay Area Ser F		5.00%		4/1/2024		AA		17,185		19,657,750
CA Foothill Eastern Transn Corridor Agy Cap Apprec		5.80%		1/15/2020		BBB-		7,000		7,181,860
CA Foothill Eastern Transn Corridor Agy Cap Apprec (NPFGC)(IBC)		5.80%		1/15/2020		BBB		3,495		3,585,800
Camino Real Regl Mobility Auth TX St Spur 601		5.25%		8/15/2018		A1		500		562,350
Cent TX Regl Mobility Auth Sr Lien		5.75%		1/1/2019		BBB-		750		865,598
Cent TX Regl Mobility Auth Sr Lien		5.75%		1/1/2020		BBB-		1,000		1,157,980
Cent TX Regl Mobility Auth Sr Lien		5.75%		1/1/2031		BBB-		2,000		2,198,600
Chicago IL O’Hare Intl Arpt 3rd Lien Ser B		5.00%		1/1/2022		A1		2,250		2,563,965
Chicago IL O’Hare Intl Arpt Ser B (AGM)		5.00%		1/1/2020		AA-		3,500		3,903,760
Chicago IL Transit Auth Cap Grant Federal Transit Admin Section 5307-A (AG)		5.25%		6/1/2022		AA-		2,800		3,049,788
Clark Cnty NV Arpt Rev Sys Sub Lien Ser A (AMBAC)		5.00%		7/1/2016		Aa3		175		196,319
Clark Cnty NV Arpt Rev Sys Sub Lien Ser C (AGM)		5.00%		7/1/2022		AA-		3,905		4,407,066

50 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
CT St Spl Tax Rev Oblig Transn Ser A			5.00%		12/1/2020		AA	$	4,495	$	5,529,974
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2022		AA+		635		724,548
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2023		AA+		390		444,998
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2024		AA+		515		587,625
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2028		AA+		460		524,869
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)	Zero Coupon				9/1/2018		BBB		10,900		8,944,104
E-470 Pub Hwy Auth CO Rev Ser D2 (NPFGC)			5.00%		9/1/2039		BBB		2,000		2,075,940
Fairfax Cnty VA Econ Dev Auth Spl Tax Silver Line Phase I Pj			5.00%		4/1/2023		AA		7,260		8,532,896
FL St Dept of Transn Tpk Auth Rev Ser A			5.00%		7/1/2019		AA-		10,000		11,879,300
GA St Rd & Twy Auth Rev Fed Hwy Grant Antic Bds Ser A			5.00%		6/1/2019		Aa2		3,575		4,350,775
HI St Arpts Sys Rev Ser B AMT			5.00%		7/1/2017		A		10,000		11,309,900
Houston TX Arpt Sys Rev Sub Lien Ser A AMT(a)			5.00%		7/1/2021		A		5,000		5,706,300
IL Regl Transn Auth Ser A (NPFGC)(FGIC)			5.50%		7/1/2021		AA		1,000		1,229,450
Jacksonville FL Transit Rev (NPFGC)			5.00%		10/1/2016		AA-		1,370		1,555,813
KY St Tpk Auth Econ Revitalization Pjs Ser A			5.00%		7/1/2019		AA+		4,040		4,820,972
KY St Tpk Auth Econ Revitalization Pjs Ser A			5.00%		7/1/2022		AA+		1,415		1,676,761
KY St Tpk Auth Econ Revitalization Pjs Ser A			5.00%		7/1/2026		AA+		5,215		6,088,512
Los Angeles CA Hrbr Dept Rev Ser B			5.00%		8/1/2024		AA		1,500		1,782,675
MA Bay Transn Auth Sr Ser B			5.25%		7/1/2019		AAA		5,000		6,200,650
MD St Econ Dev Corp Cnx Marine Terminals Inc			5.75%		9/1/2025		BB		1,500		1,579,635
MD St Econ Dev Corp Term Pj Ser B			5.125%		6/1/2020		Baa3		1,000		1,069,700
MD St Econ Dev Corp Transn Facs Pj Ser A			5.125%		6/1/2020		Baa3		2,590		2,770,523
Metro Transn Auth NY Ser B			5.00%		11/15/2019		AA		1,375		1,663,874
MI St Trunk Line (AGM)			5.25%		11/1/2016		AA+		3,000		3,531,960
Minneapolis & St. Paul MI Metro Arpt Commn Ser A (AMBAC)			5.00%		1/1/2024		AA-		10,000		10,993,400
Minneapolis & St. Paul MI Metro Arpt Commn Ser B			5.00%		1/1/2020		AA-		2,190		2,588,317
Montgomery Cnty TX Pass Thru			4.00%		3/1/2019		Aa1		2,435		2,751,087
NC St Grant Antic			4.00%		3/1/2023		AA		10,500		11,771,550

See Notes to Financial Statements. 51

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
NJ St Transn Tr Fd Auth Transn Sys Ser A		5.75%		6/15/2020		A+	$	7,645	$	9,361,608
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)(FGIC)		5.25%		12/15/2018		A+		5,000		5,677,600
North TX Twy Auth Rev Sys 1st Tier Ser A		6.25%		1/1/2024		A2		5,000		5,793,050
OH St Major New St Infrastr Ser 2008-1		5.75%		6/15/2019		Aa1		1,000		1,226,020
PA St Tpk Commn Ser A		5.00%		12/1/2022		Aa3		3,500		4,120,410
PA St Tpk Commn Ser A (AGM)		5.25%		7/15/2019		AA-		1,270		1,521,676
PA St Tpk Commn Ser B		5.00%		12/1/2017		Aa3		13,940		16,460,910
PA St Tpk Commn Sub Ser A (AG)		5.00%		6/1/2017		AA-		3,500		4,032,490
PA St Tpk Commn Sub Ser A (AG)		5.00%		6/1/2018		AA-		2,500		2,907,275
Phoenix AZ Civic Impt Corp Jr Lien Ser A		5.00%		7/1/2023		A+		7,000		7,895,300
Port Auth NY & NJ Cons 171st Ser		4.50%		7/15/2031		Aa2		15,000		16,427,850
Port Auth NY & NJ Spl Oblig JFK Intl Air Terminal Pj		5.00%		12/1/2020		BBB-		6,000		6,494,460
Port of Seattle WA Passenger Ser A		5.00%		12/1/2020		A+		6,500		7,559,955
Port of Seattle WA Rev Ser A		5.00%		8/1/2025		Aa3		10,000		11,590,700
Regl Transn Dist CO Denver Trans Partners		5.00%		7/15/2021		Baa3		3,460		3,714,275
Regl Transn Dist CO Denver Trans Partners		5.00%		1/15/2022		Baa3		2,800		2,971,220
Regl Transn Dist CO Denver Trans Partners		5.125%		1/15/2023		Baa3		2,835		3,010,515
Regl Transn Dist CO Denver Trans Partners		5.125%		7/15/2023		Baa3		5,670		6,021,030
San Francisco CA City & Cnty Arpts Commn 2nd Ser A AMT		5.00%		5/1/2026		A+		17,430		18,848,105
San Francisco CA City & Cnty Arpts Commn 2nd Ser A AMT		5.00%		5/1/2028		A+		7,450		7,973,213
San Jose CA Arpt Rev Ser A AMT (AMBAC)		5.50%		3/1/2018		A2		500		568,075
Southeastern PA Transn Auth Cap Grant Rcpts		5.00%		6/1/2023		A+		2,500		2,865,375
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A (AGM)		5.00%		7/1/2017		AA-		1,650		1,857,454
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1		5.125%		7/1/2016		A-		1,920		2,147,827
Triborough NY Bridge & Tunnel Auth (NPFGC)		5.50%		11/15/2021		Aa3		10,000		12,666,700
Triborough NY Bridge & Tunnel Auth Ser A		5.00%		1/1/2025		Aa2		10,285		12,173,223
TX St Transn Commn 1st Tier		5.00%		4/1/2017		AAA		2,365		2,813,073
VA Comwlth Transn Brd Tr Cap Pjs		5.00%		5/15/2021		AA+		10,000		12,384,500
WI St Transn Rev Ser A		5.00%		7/1/2019		AA+		2,000		2,387,920
Total										381,351,003

52 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities 16.45%
Amer Muni Pwr OH Inc Hydroelec Pjs Ser C		5.00%		2/15/2017		A	$	1,550	$	1,742,262
AZ Salt River Pj Agric Impt & Pwr Dist Rev Ser A		5.00%		1/1/2021		Aa1		1,000		1,180,000
Brownsville TX Util Sys Rev CR (AGM) (AMBAC)		5.00%		9/1/2020		AA-		4,800		5,210,928
CA St Dept of Wtr Res Pwr Ser K		5.00%		5/1/2019		AA-		16,695		20,303,123
CA St Dept of Wtr Res Pwr Supply Ser K		5.00%		5/1/2018		AA-		4,050		4,877,901
Cape Fear Pub Util Auth NC Wtr & Swr Sys		5.00%		8/1/2018		AA		1,000		1,213,120
Chicago IL Wst Wtr Transmission Rev Ser A (BHAC)		5.50%		1/1/2020		AA+		1,250		1,475,000
Dist of Columbia Wtr & Swr Auth Sub Lien Ser A (AG)		5.00%		10/1/2018		AA		1,000		1,202,010
Enrg Northwest WA Elec Rev Pj 3 Ser D		5.00%		7/1/2016		Aa1		2,500		2,917,650
Farmington NM Pollutn Ctrl Rev AZ Pub Svc Co Ser A		4.70%		5/1/2024		BBB		5,265		5,733,480
FL St Muni Pwr Agy Rev Pwr Ser A		5.00%		10/1/2016		A2		2,170		2,479,420
FL St Muni Pwr Agy Rev Pwr Ser A		5.25%		10/1/2022		A2		3,115		3,555,212
FL St Muni Pwr Agy Rev St. Lucie Pj Ser A		5.00%		10/1/2021		A2		3,650		4,149,648
GA St Envr Ln Acq Corp Loc GA Wtr Auth Ln		4.00%		3/15/2021		Aaa		7,500		8,295,450
Hampton Rds Santn Dist VA		5.00%		4/1/2022		AAA		5,000		5,751,600
HI St Dept Bdgt & Fin Elec Co & Subs Ser A AMT (FGIC)		4.80%		1/1/2025		Baa1		15,000		15,214,350
Houston TX Util Sys Rev 1st Lien Ser A (NPFGC)		5.25%		5/15/2017		AA		2,400		2,874,096
IA Fin Auth Rev Revolving Fd		5.25%		8/1/2020		AAA		2,500		3,067,025
IL Fin Auth Gas Supply Peoples Gas Lt & Coke Co AMT (AMBAC)		4.875%		11/1/2038		A1		7,500		7,747,350
IL Fin Auth Rev Revolving Fd Master Tr		5.25%		9/1/2016		AAA		5,000		5,575,100
IN Fin Auth IN Wstwtr 2nd Lien CWA Auth Ser B		5.00%		10/1/2020		AA-		5,000		5,896,550
IN Fin Auth Pwr & Lt Co Ser C		4.90%		1/1/2016		A3		10,000		11,009,800
IN Muni Pwr Agy Ser B (NPFGC)		5.25%		1/1/2020		A+		3,875		3,971,759
Indianapolis IN Gas Util Rev Ser C (AG)		5.00%		6/1/2017		AA-		3,140		3,624,408
Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser 2007 L (NPFGC)		5.00%		7/1/2019		A+		500		572,495
JEA FL Wtr & Swr Sys Rev Ser A		5.00%		10/1/2029		AA		5,000		5,656,650
JEA FL Wtr & Swr Sys Rev Ser A		5.00%		10/1/2030		AA		5,000		5,635,950

See Notes to Financial Statements. 53

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
LA Pub Facs Auth Rev Enrg Gulf Sts Ser B		2.875%			11/1/2015		A3	$	2,500	$	2,555,100
Lakeland FL Enrg Sys Rev Ser B (AGM)		5.00%			10/1/2018		AA-		3,975		4,603,169
Lakeland FL Enrg Sys Rev Ser B (AGM)		5.00%			10/1/2019		AA-		8,615		10,033,287
Las Vegas NV Vly Wtr Dist Ser D		5.25%			6/1/2027		AA+		10,000		11,547,100
Long Island NY Pwr Auth Ser A		5.00%			5/1/2019		A-		1,000		1,180,360
Long Island NY Pwr Auth Ser A		5.00%			5/1/2020		A-		2,930		3,411,340
Long Island NY Pwr Auth Ser A (NPFGC) (FGIC)		5.00%			12/1/2019		A-		3,000		3,340,830
Los Angeles CA Dept of Wtr & Pwr Sys Ser A		5.00%			7/1/2022		AA-		4,250		5,212,200
Los Angeles CA Solid Wst Ser A		5.00%			2/1/2020		AA		2,000		2,389,400
Louisville & Jefferson Cnty KY Metro Gov Louisville Gas & Elec Co Ser A(a)		1.65%			10/1/2033		A2		7,000		7,030,170
Louisville & Jefferson Cnty KY Metro Swr Dist Ser A		5.00%			5/15/2019		AA		4,705		5,723,538
Lower CO River Auth TX Rev Ser A		5.00%			5/15/2020		A1		3,130		3,731,774
Lower CO River Auth TX Rev Ser B		5.00%			5/15/2020		A1		3,930		4,685,582
MA St Dev Fin Agy Dominion Enrg Brayton 1		5.75%			12/1/2042		A-		1,000		1,175,500
Main St Natural Gas Inc GA Gas Pj Ser B		5.00%			3/15/2021		A-		2,500		2,640,200
MD St Econ Dev Corp Potomac Rmkt		6.20%			9/1/2022		A		1,650		1,994,355
Metro Govt Nashville & Davidson Cnty TN Wtr & Swr Sub Lien		5.00%			7/1/2022		A+		1,000		1,212,540
Miami-Dade Cnty FL Wtr & Swr Sys Ser B (AGM)		5.25%			10/1/2018		Aa2		3,000		3,568,680
MS Business Fin Corp Sys Enrg Res Inc Pj		5.90%			5/1/2022		BBB		5,250		5,255,985
Muni Elec Auth GA Pj One Sub Ser A		5.00%			1/1/2014		A		1,145		1,229,867
Muni Elec Auth GA Pj One Sub Ser A		5.00%			1/1/2021		A		4,185		4,958,514
Muni Elec Auth GA Ser B		5.00%			1/1/2020		A		6,190		7,272,879
Navajo Cnty AZ Pollutn Ctrl Corp Ser C		5.50%			6/1/2034		BBB		10,000		10,827,700
NC Eastern Muni Pwr Agy Ser A		5.00%			1/1/2019		A-		2,245		2,639,851
NC Eastern Muni Pwr Agy Ser B		5.00%			1/1/2020		A-		1,000		1,148,830
NE Pub Pwr Dist Rev Ser A		5.00%			1/1/2027		A1		1,000		1,137,910
NE Pub Pwr Dist Rev Ser A		5.00%			1/1/2028		A1		1,000		1,133,460
NE Pub Pwr Dist Rev Ser A		5.00%			1/1/2029		A1		1,500		1,690,905
NE Pub Pwr Dist Rev Ser B (AGM)		5.00%			1/1/2018		AA-		3,000		3,491,130
NJ Envr Infrastr Tr Ser A		5.00%			9/1/2016		AAA		2,515		2,981,231
Northern CA Gas Auth No 1		1.109%	#		7/1/2027		A2		4,265		3,124,113

54 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00%		7/1/2017		A1	$	1,000	$	1,165,890
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00%		7/1/2018		A1		600		701,652
Northern CA Pwr Agy Rev Hydroelectric Pj No 1 Ser A		5.00%		7/1/2026		A		3,600		4,084,452
Northern CA Pwr Agy Rev Hydroelectric Pj No 1 Ser A		5.00%		7/1/2027		A		2,000		2,254,400
Northwest IL Subn Muni Jt Action Wtr Agy		5.00%		5/1/2018		Aa2		500		578,890
NY St Enrg Resh & Dev Auth Rochester Gas & Elec Corp C (NPFGC)		5.00%		8/1/2032		BBB		5,000		5,462,000
OH St Air Quality Dev Auth First Enrg Generation Ser A		5.70%		8/1/2020		BBB-		3,250		3,672,110
OH St Air Quality Dev Auth First Enrg Nuclear Ser A		5.75%		6/1/2033		BBB-		3,000		3,392,820
OH St Air Quality Dev Auth OH Vly Elec Corp Ser E		5.625%		10/1/2019		BBB-		8,000		9,100,480
PA Econ Dev Fing Auth Elec Utils Corp Rmkt		4.00%		10/1/2023		A-		20,000		20,360,600
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		5.25%		1/1/2016		Baa3		2,225		2,328,507
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		5.50%		1/1/2018		Baa3		1,030		1,092,222
Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A		5.00%		8/1/2016		BBB+		1,000		1,127,660
Philadelphia PA Wtr & Wstwtr Ser A (AGM)		5.00%		6/15/2019		AA-		2,500		2,930,825
Phoenix AZ Civic Impt Corp Sr Lien		5.50%		7/1/2019		AAA		1,675		2,041,507
Piedmont SC Muni Pwr Agy Ser A-2		5.00%		1/1/2022		A-		4,750		5,519,120
Piedmont SC Muni Pwr Agy Ser A-3		5.00%		1/1/2019		A-		1,250		1,449,450
Piedmont SC Muni Pwr Agy Ser A-3		5.00%		1/1/2024		A-		7,920		8,999,258
Piedmont SC Muni Pwr Agy Ser A-3		5.25%		1/1/2019		A-		2,000		2,301,640
Pima Cnty AZ Indl Dev Auth Tucson Elec Pwr Co San Juan Ser A		4.95%		10/1/2020		BBB-		10,200		11,083,116
Pinal Cnty AZ Elec Dist No 4		6.00%		12/1/2023		A-		525		574,896
Pub Gas Partners Inc GA Ser A		5.00%		10/1/2019		A+		5,950		6,785,975
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		5.25%		7/1/2029		Baa2		20,000		20,411,400
Puerto Rico Elec Pwr Auth Ser ZZ		5.25%		7/1/2019		BBB+		2,000		2,279,680
Rockport IN Pollutn Ctrl Rev MI Pwr Co Pj Ser A		6.25%		6/1/2025		BBB		2,500		2,737,500

See Notes to Financial Statements. 55

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
San Antonio TX Elec & Gas Ser A		5.00%		2/1/2018		Aa1	$	1,000	$	1,201,300
San Antonio TX Elec & Gas Ser A		5.25%		2/1/2020		Aa1		5,000		6,063,700
San Diego CA Pub Facs Fing Auth Sr Ser B		5.00%		5/15/2020		Aa3		5,000		5,949,800
SC St Pub Svc Auth Santee Cooper Ser A (NPFGC)		5.00%		1/1/2016		AA-		4,295		4,910,688
SC St Pub Svc Auth Ser A		5.00%		1/1/2028		AA-		5,000		5,580,200
Snohomish Cnty WA Pub Util Dist No 1 (AGM)		5.00%		12/1/2020		AA-		5,000		5,524,600
TN Enrg Acq Corp Ser A		5.25%		9/1/2019		A2		15,300		17,012,376
TN Enrg Acq Corp Ser A		5.25%		9/1/2020		A2		2,630		2,928,216
TN Enrg Acq Corp Ser C		5.00%		2/1/2017		BBB		5,000		5,413,150
TN Enrg Acq Corp Ser C		5.00%		2/1/2018		BBB		1,055		1,136,541
Tucson AZ Wtr Rev (NPFGC)(FGIC)		5.50%		7/1/2018		Aa2		4,100		4,235,259
TX Muni Gas Acq & Supply Corp I Sr Lien Ser A		5.25%		12/15/2021		A-		4,685		5,088,800
TX Muni Gas Acq & Supply Corp I Sr Lien Ser A		5.25%		12/15/2023		A-		2,925		3,150,225
TX Muni Gas Acq & Supply Corp I Sr Lien Ser D		5.625%		12/15/2017		A-		7,945		8,822,764
TX Muni Pwr Agy Rev Sub Lien Transmission		4.00%		9/1/2017		A+		2,000		2,211,620
TX Muni Pwr Agy Rev Sub Lien Transmission		4.00%		9/1/2018		A+		2,675		2,962,964
UT St Assoc Muni Pwr Sys Payson Pwr Pj(a)		4.00%		4/1/2017		A-		4,785		5,314,412
VA Res Auth Sub-Clean Wtr St Revolving Fd		5.00%		10/1/2017		AAA		2,000		2,416,940
VA Res Auth Sub-Clean Wtr St Revolving Fd		5.00%		10/1/2018		AAA		2,150		2,570,304
Vernon CA Elec Sys Rev Ser A		5.125%		8/1/2021		A-		11,900		12,710,985
Vernon CA Elec Sys Rev Ser A		5.50%		8/1/2015		A-		1,000		1,088,430
Western Generation Agy OR Wauna Cogeneration Pj B AMT		5.00%		1/1/2016		NR		1,510		1,517,550
WI Pub Pwr Inc Sys Ser A (AGM)		5.00%		7/1/2016		AA-		2,795		3,205,418
Wichita KS Wtr & Swr Util Rev Ser A		5.00%		10/1/2020		AA-		6,795		8,273,116
Wyandotte Cnty Kansas City KS Unif Govt Impt Brd Pub Utils Ser A		5.00%		9/1/2021		A+		3,105		3,649,648
Yuma AZ Muni Ppty Corp Util Sys Sr Lien (XLCA)		5.00%		7/1/2015		A+		2,220		2,433,830

56 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)		Fair Value
Utilities (continued)
Yuma AZ Muni Ppty Corp Util Sys Sr Lien (XLCA)	5.00%	7/1/2024	A+	$	500	$	535,605
Total							512,204,328
Total Municipal Bonds (cost $2,835,624,663)							2,989,216,529

SHORT-TERM INVESTMENTS 4.00%

	Shares (000)
Money Market Mutual Fund 0.00%
Dreyfus Municipal Cash Management Plus (cost $1,775)		2	1,775

	Interest Rate#	Interest Rate Reset Date(d)	Final Maturity Date		Principal Amount (000)
Variable Rate Demand Notes 4.00%
Corporate-Backed 0.19%
Burke Cnty GA Dev Auth GA
Pwr Co Plant Vogtle 1st Ser	0.24%	4/2/2012	5/1/2022	A	$	4,500	4,500,000
Burke Cnty GA Dev Auth GA
Pwr Co Plant Vogtle 1st Ser	0.26%	4/2/2012	7/1/2049	A	$	1,400	1,400,000
Total							5,900,000
Education 0.52%
NH St Hlth & Ed Facs Auth
Univ Sys Ser A-1 Rmkt	0.23%	4/2/2012	7/1/2035	A+		8,750	8,750,000
NH St Hlth & Ed Facs Auth
Univ Sys Ser B	0.35%	4/2/2012	7/1/2033	Aa3	��	3,500	3,500,000
San Antonio TX Higher Ed Facs
Corp Trinity Univ	0.25%	4/2/2012	6/1/2033	AA		3,800	3,800,000
Total							16,050,000
General Obligation 1.49%
CA St Ser B Sub Ser B-6	0.34%	4/2/2012	5/1/2040	AAA		29,500	29,500,000
Chicago IL Ser F Rmkt	0.38%	4/2/2012	1/1/2042	A+		6,480	6,480,000
New York City NY Sub Ser A-5	0.32%	4/2/2012	8/1/2015	A1		3,600	3,600,000
New York City NY Sub Ser E-2	0.20%	4/2/2012	8/1/2034	A		6,345	6,345,000

See Notes to Financial Statements. 57

Schedule of Investments (unaudited)(concluded)
INTERMEDIATE TAX FREE FUND March 31, 2012

Investments	Interest Rate#	Interest Rate Reset Date(d)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount (000)			Fair Value
General Obligation (continued)
New York City NY Sub Ser L-5	0.30%	4/2/2012	4/1/2035	AA	$	500	$	500,000
Total								46,425,000
Health Care 0.52%
CO St Hlth Facs Auth Rev Hosp NCMC Inc Pj Ser A	0.30%	4/2/2012	5/15/2030	AAA		10,000		10,000,000
IL Fin Auth Rev Univ Chicago Med Ser D-2	0.25%	4/2/2012	8/1/2043	AAA		4,900		4,900,000
Santa Ana CA Hlth Fac Rev Multi Modal Twn & Country	0.38%	4/2/2012	10/1/2020	A-		1,200		1,200,000
Total								16,100,000
Other Revenue 0.45%
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser A	0.20%	4/2/2012	6/1/2038	Aa1		4,000		4,000,000
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B	0.25%	4/2/2012	6/1/2038	A1		6,850		6,850,000
New York City NY Tr Cultural Res Lincoln Ctr Ser A2	0.24%	4/2/2012	12/1/2035	AAA		3,300		3,300,000
Total								14,150,000
Transportation 0.83%
Triborough NY Bridge & Tunnel Auth Ser B-2A Rmkt	0.20%	4/2/2012	1/1/2032	Aa1		26,000		26,000,000
Total Variable Rate Demand Notes (cost $124,625,000)								124,625,000
Total Short-Term Investments (cost $124,626,775)								124,626,775
Total Investments in Securities 99.97% (cost $2,960,251,438)								3,113,843,304
Cash and Other Assets in Excess of Liabilities(h) 0.03%								875,307
Net Assets 100.00%							$	3,114,718,611

Open Futures Contracts at March 31, 2012:

Type	Expiration	Contracts	Position		Market Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	June 2012	497	Short	$	(64,353,734	)	$	919,367
U.S. 30-Year Treasury Bond	June 2012	586	Short		(80,721,500	)		2,323,580
Ultra Long U.S. Treasury Bond	June 2012	25	Short		(3,774,219	)		186,293
Totals				$	(148,849,453	)	$	3,429,240

58 See Notes to Financial Statements.

Schedule of Investments (unaudited)
AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 99.91%
Corporate-Backed 4.00%
Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA)		5.50%		6/1/2025		NR	$	375	$	361,042
CA Statewide Cmntys Dev Auth Sthn CA Ed Ser A		4.50%		9/1/2029		A1		200		205,348
FL St Citizens Ppty Ins Corp Sr Secd
Coastal Ser A-1		5.00%		6/1/2020		A+		500		553,180
IN St Fin Auth Impt US Steel Corp		6.00%		12/1/2026		BB		100		103,842
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Pjs		6.75%		11/1/2032		BBB-		250		274,482
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A-1		6.50%		11/1/2035		BBB-		150		167,411
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2021		A-		200		216,252
Love Field TX Arpt Modernization Corp Southwest Airlines Co Pj		5.25%		11/1/2040		BBB-		1,050		1,094,845
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%		8/1/2025		NR		150		157,595
Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj		6.00%		10/1/2024		BB		120		120,497
OH St Air Quality Dev Auth Pwr Co Ser C (AMBAC)		5.15%		5/1/2026		Baa1		100		100,089
Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser A		6.45%		11/1/2030		B+		425		429,399
Selma AL Ind Dev Brd Intl Paper Co Ser A		5.375%		12/1/2035		BBB		500		524,740
Warren Cnty MS Gulf Intl Paper Ser A		5.80%		5/1/2034		BBB		100		107,109
Warren Cnty MS Gulf Intl Paper Ser A		6.50%		9/1/2032		BBB		255		285,363
Total										4,701,194
Education 12.32%
Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ Ser A		5.50%		3/1/2029		A2		130		144,385
Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj		6.50%		11/1/2029		BBB-		200		215,062
CA Edl Facs Auth Claremont McKenna College		5.00%		1/1/2032		Aa2		225		240,595
CA Edl Facs Auth Rev Occidental College Ser A (NPFGC)		5.00%		10/1/2033		Aa3		150		155,238
CA Edl Facs Auth Rev Santa Clara Univ		4.75%		2/1/2032		Aa3		100		107,706
CA Edl Facs Auth Rev Santa Clara Univ		5.50%		4/1/2033		Aa3		265		291,619

See Notes to Financial Statements. 59

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Education (continued)
CA Muni Fin Auth Rev Emerson College		6.00%		1/1/2042		BBB+		$	250	$	276,178
CA St Pub Wrks Brd Regents Univ Ser E		5.00%		4/1/2034		Aa2			170		180,066
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+			100		102,877
Fulton Cnty GA Dev Auth GA St Univ		5.00%		9/1/2032		Aa1			750		787,283
Fulton Cnty GA Dev Auth GA Tech Athletic Assoc		5.75%		10/1/2031		A2			80		89,016
Fulton Cnty GA Dev Auth GA Tech Athletic Assoc Ser A		4.25%		10/1/2037		A2			760		748,357
Fulton Cnty GA Dev Auth Spelman College		5.00%		6/1/2026		A1			175		184,242
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2027		BBB-	(c)		300		275,187
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2037		BBB-	(c)		80		67,814
Hempstead Twn NY Loc Dev Corp Adelphi Univ Pj		4.625%		6/1/2029		A			500		524,525
IL Fin Auth Rev Art Inst Chicago Ser A		5.25%		3/1/2040		A+			240		255,139
IL Fin Auth Rev DePaul Univ Ser A		6.00%		10/1/2032		A-			340		381,109
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2020		Baa3			100		93,123
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2031		Baa3			500		420,295
IL Fin Auth Rev Univ Chicago Ser A		4.00%		10/1/2032		Aa1			370		382,713
LA Pub Facs Auth Loyola Univ		5.25%		10/1/2029		A+			680		745,457
LA St Univ & Agric & Mech College Aux Ser A		5.00%		7/1/2032		A1			300		330,606
MA St Dev Fin Agy Berklee College of Music		5.00%		10/1/2031		A			260		281,221
MA St Dev Fin Agy Mount Holyoke College Ser B		4.625%		7/1/2036		AA-			360		373,442
MA St Hlth & Edl Facs Auth Northeastern Univ Ser A		4.875%		10/1/2035		A2			250		265,248
McAllister Academic Vlg LLC AZ St Univ Hassayampa		5.25%		7/1/2030		AA-			105		112,900
NJ St Edl Facs Auth Kean Univ Ser A		5.00%		9/1/2024		A2			170		187,911
NJ St Edl Facs Auth Kean Univ Ser A		5.25%		9/1/2029		A2			160		174,960
NJ St Edl Facs Auth NJ Institute of Tech Ser H		5.00%		7/1/2031		A+			500		531,530
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		6.50%		12/1/2020		Baa1			320		395,603

60 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued) AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
NY St Dorm Auth Rev Non St Supp Debt Cornell Univ Ser A		5.00%		7/1/2034		Aa1	$	250	$	277,505
NY St Dorm Auth Rev Non St Supp Debt Skidmore College Ser A		5.25%		7/1/2031		A1		200		222,576
NY St Dorm Auth Rev Non St Supp Debt The New Sch		5.50%		7/1/2040		A-		400		435,300
NY St Dorm Auth Rev Non St Supp Debt The New Sch CR (AGM)		5.00%		7/1/2020		AA-		115		132,313
NY St Dorm Auth Rev Non St Supp Debt Yeshiva Univ Ser A		5.00%		11/1/2031		AA-		880		949,406
NY St Dorm Auth Rev NYU Ser A(a)		5.00%		7/1/2037		AA-		400		442,532
NY St Dorm Auth Rochester Inst Tech		4.25%		7/1/2032		A1		530		542,566
OH St Univ Gen Rcpts Ser A		5.00%		12/1/2028		Aa1		415		466,605
PA St Higher Edl Facs Auth St. Joseph’s Univ Ser A		5.00%		11/1/2030		A-		600		651,336
Pinellas Cnty FL Edl Facs Auth Eckerd College Pj (ACA)		5.25%		10/1/2029		NR		100		100,555
Troy NY Indl Dev Auth Civic Fac Rensselaer Polytechnic		5.00%		9/1/2031		A-		120		129,817
Troy NY Rensselaer Polytechnic Ser A		5.00%		9/1/2030		A-		750		809,753
Total										14,481,671
General Obligation 13.74%
Alameda Cnty CA Oakland Unif Sch Dist (NPFGC)(FGIC)		5.00%		8/1/2026		BBB		125		125,958
Alhambra CA Unif Sch Dist Cap Apprec Election 2008 Ser B (AGM)	Zero Coupon			8/1/2038		AA-		2,000		457,820
Atlantic City NJ Brd Ed (AGM)		6.00%		4/1/2034		AA-		550		644,633
CA St		5.00%		2/1/2033		A1		1,000		1,072,130
CA St		5.375%		11/1/2035		A1		400		435,944
CA St (CIFG)		4.50%		8/1/2028		A1		200		205,222
CA St Var Purp		5.50%		3/1/2040		A1		975		1,067,742
CA St Var Purp		6.50%		4/1/2033		A1		300		363,255
CA St Var Purp CR (AGM)		4.50%		3/1/2033		AA-		150		150,635
Ceres CA Unif Sch Dist Election 2008 Ser A (AG)		5.50%		8/1/2032		AA-		250		266,780
Chicago IL Pk Dist Ser A		4.20%		1/1/2031		AA+		500		509,190
Chicago IL Ser A		5.25%		1/1/2027		Aa3		250		270,805
Clark Cnty NV Bd Bk (AMBAC)		2.50%		11/1/2036		AA+		1,180		861,105
Fraser MI Pub Sch Dist Bldg & Site Ser A		5.75%		5/1/2033		AA-		400		450,552

See Notes to Financial Statements. 61

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
HI St Ser DZ(b)		5.00%		12/1/2028		AA	$	1,000	$	1,154,375
Hudson Cnty NJ Impt Auth Ser A GTD		5.75%		1/1/2035		Aa3		225		260,878
IL St 1st Ser (NPFGC)(FGIC)		5.125%		2/1/2027		A+		100		100,195
IL St Ser A		5.00%		1/1/2034		A+		750		780,465
Kendall Kane & Will Cntys IL Cmnty Unit Sch Dist No 308 Ser A(b)		5.00%		2/1/2029		Aa2		1,000		1,101,090
Los Alamitos CA Unif Sch Dist Sch Facs Impt Dist No 1		5.50%		8/1/2033		Aa2		150		165,480
Los Angeles CA Unif Sch Dist Election 2004 Ser F (FGIC)		5.00%		7/1/2030		Aa2		450		485,761
Los Rios CA Cmnty College Dist Election 2002 Ser D		5.00%		8/1/2029		AA-		100		110,293
Nassau Cnty NY Ser A Rmkt		5.00%		12/1/2017		A+		250		290,802
Newport Mesa CA Unif Sch Dist Cap Apprec Election 2005	Zero Coupon			8/1/2035		Aa1		500		162,760
Newport Mesa CA Unif Sch Dist Cap Apprec Election 2005	Zero Coupon			8/1/2037		Aa1		1,000		289,150
OH St Higher Ed Ser A(a)		4.50%		2/1/2032		AA+		750		796,312
Puerto Rico Comwlth Pub Impt		5.00%		7/1/2031		Baa1		100		101,557
Puerto Rico Comwlth Pub Impt Ser A		5.50%		7/1/2032		Baa1		400		421,528
Puerto Rico Comwlth Pub Impt Ser E		5.375%		7/1/2030		Baa1		215		221,052
Puerto Rico Comwlth Pub Impt Ser E		5.50%		7/1/2031		Baa1		250		258,393
Puerto Rico Comwlth Unref Bal Pub Impt Ser A		5.25%		7/1/2030		Baa1		190		195,138
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.00%		7/1/2020		Baa1		200		226,802
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.25%		7/1/2026		Baa1		315		354,309
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.75%		7/1/2036		Baa1		300		341,694
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.25%		8/1/2033		Aa2		150		176,942
San Diego CA Unif Sch Dist Cap Apprec Election 2008 Ser C	Zero Coupon			7/1/2033		Aa2		140		46,564
Westside CA Union Sch Dist Cap Apprec	Zero Coupon			8/1/2034		AA-		3,175		935,323
Yosemite CA Cmnty College Dist Cap Apprec Election 2004 Ser D	Zero Coupon			8/1/2035		Aa2		1,000		285,950
Total										16,144,584

62 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care 17.42%
Abag Fin Auth For Nonprofit Corps CA Sharp Hlthcare Ser A		5.00%		8/1/2027		A+	$	300	$	324,666
Abag Fin Auth For Nonprofit Corps CA Sharp Hlthcare Ser A		5.00%		8/1/2028		A+		250		268,660
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2042		NR		250		208,345
Allegheny Cnty PA Hosp Dev Auth Catholic Hlth East Issue		5.375%		11/15/2022		A2		100		101,886
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.375%		11/15/2040		B+		100		82,021
Athens-Clarke Cnty GA Unif Govt Dev Auth Catholic Hlth East		6.25%		11/15/2032		A		150		175,052
AZ Hlth Facs Auth Rev Banner Hlth Ser D		5.50%		1/1/2038		AA-		820		882,058
Butler Cnty OH Hosp Facs Kettering Hlth Network Oblig		5.00%		4/1/2025		A		770		819,295
Butler Cnty OH Hosp Facs Kettering Hlth Network Oblig		5.00%		4/1/2026		A		100		105,633
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser G		5.50%		7/1/2025		A		85		95,110
CA Hlth Facs Fing Auth Cedars Sinai Med Ctr		5.00%		8/15/2034		A2		265		279,326
CA Hlth Facs Fing Auth Cedars Sinai Med Ctr		5.00%		11/15/2034		A2		215		222,452
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.50%		8/15/2026		AA-		250		292,293
CA Hlth Facs Fing Auth Sutter Hlth Ser D		5.25%		8/15/2031		AA-		700		788,123
CA Statewide Cmntys Dev Auth Catholic Hlthcare West Ser C		5.625%		7/1/2035		A		105		115,247
CA Statewide Cmntys Dev Auth Catholic Hlthcare West Ser E		5.50%		7/1/2031		A		100		108,847
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A		5.00%		4/1/2031		A+		110		114,730
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		6.625%		11/15/2024		BBB-		110		123,266
CO Hlth Facs Auth Rev Catholic Hlth Initiatives Ser D		6.125%		10/1/2028		AA		130		157,990
CO Hlth Facs Auth Rev Catholic Hlth Ser A		5.25%		2/1/2031		AA		750		840,405
CT St Hlth & Edl Facs Auth Hartford Hlthcare Ser A		5.00%		7/1/2032		A		600		639,726
CT St Hlth & Edl Facs Auth Yale New Haven Hosp Ser M		5.75%		7/1/2034		Aa3		250		281,190

See Notes to Financial Statements. 63

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		5.25%		1/1/2021		NR		$	140	$	144,754
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		5.40%		1/1/2022		NR			150		151,593
Cumberland Cnty PA Muni Auth Diakon Lutheran		6.25%		1/1/2024		BBB+	(c)		130		146,145
Cumberland Cnty PA Muni Auth Diakon Lutheran Ministries Pj		5.00%		1/1/2036		BBB+	(c)		100		99,168
DeKalb GA Private Hosp Auth Children’s Hlthcare		5.00%		11/15/2029		AA			530		569,511
Denver CO Hlth & Hosp Auth Ser A		4.75%		12/1/2036		BBB			350		341,533
East Rochester NY Hsg Auth Rev Sr Living Woodland Vlg Pj		5.50%		8/1/2033		NR			160		144,560
Glynn-Brunswick GA Mem Hosp Auth Antic Ctfs Southeast GA Hlth Ser A		5.625%		8/1/2034		A2			85		91,858
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser B		5.25%		4/1/2037		NR			100		78,889
IL Fin Auth Rev Friendship Vlg Schaumburg		7.125%		2/15/2039		BB-	(c)		210		218,219
IL Fin Auth Rev Northwestern Mem Hosp Ser A		5.75%		8/15/2030		AA+			100		112,829
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		7.25%		11/1/2030		A2			250		305,120
IL Fin Auth Rev Rush Univ Med Ctr Ser B (NPFGC)		5.25%		11/1/2035		A2			255		264,450
IL Fin Auth Rev Rush Univ Med Ctr Ser C		6.375%		11/1/2029		A2			175		204,374
IL Fin Auth Rev Rush Univ Med Ctr Ser D		6.375%		11/1/2027		A2			315		370,018
IL Fin Auth Rev Rush Univ Med Ctr Ser D		6.375%		11/1/2029		A2			35		40,875
IL Fin Auth Rev Rush Univ of Chicago Med Ctr Ser C		5.50%		8/15/2036		AA-			105		114,396
Lucas Cnty OH Hosp Rev ProMedica Hlthcare Ser A		5.75%		11/15/2031		AA-			300		337,467
MA St Hlth & Edl Facs Auth Catholic Hlth East		6.25%		11/15/2032		A			710		831,403
MA St Hlth & Edl Facs Auth Emerson Hosp Ser E (RADIAN)		5.00%		8/15/2035		NR			380		328,278
Martin Cnty FL Hlth Facs Auth Martin Mem Med Ctr		5.50%		11/15/2032		Baa1			500		530,630
Martin Cnty TX Hosp Dist Ser A		7.25%		4/1/2036		BBB	(c)		250		263,588
MD St Hlth & Higher Edl Facs Auth Mercy Med Ctr(a)		5.00%		7/1/2031		BBB			300		310,188

64 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
MD St Hlth & Higher Edl Facs Auth Mercy Med Ctr		5.625%		7/1/2031		BBB	$	90	$	90,060
MD St Hlth & Higher Edl Facs Auth Mercy Med Ctr		6.25%		7/1/2031		BBB		335		379,441
ME Hlth & Higher Edl Facs Auth Gen Med Ctr		6.00%		7/1/2026		Baa3		345		372,372
ME Hlth & Higher Edl Facs Auth Gen Med Ctr		6.75%		7/1/2036		Baa3		300		329,589
MI St Fin Auth Rev Trinity Hlth		5.00%		12/1/2035		AA		500		535,975
MO St Hlth & Edl Facs Auth Cox Hlth		5.50%		11/15/2033		A2		100		107,375
Montgomery Cnty PA Higher Ed & Hlth Auth Catholic Hlth East		6.25%		11/15/2034		A		105		121,601
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.125%		2/1/2028		NR		350		333,455
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2025		Aa3		250		279,400
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR		250		208,243
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2032		BBB		500		524,745
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.75%		7/1/2031		A3		250		279,140
OH St Hosp Fac Rev Cleveland Clinic Hlth Sys		5.00%		1/1/2032		Aa2		525		564,580
Pell City AL Spl Care Facs		5.00%		12/1/2031		A-		1,135		1,172,693
San Buenaventura CA Cmnty Mem Hlth Sys		8.00%		12/1/2026		BB		500		618,520
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2045		NR		55		39,343
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		6.875%		11/1/2023		NR		300		316,971
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		6.00%		11/1/2030		A3		150		167,438
WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser A		5.625%		4/15/2039		A3		100		107,024
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-1		6.40%		9/15/2015		NR		75		75,030
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2023		A-		350		367,342
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2024		A-		430		449,552
Total										20,466,056

See Notes to Financial Statements. 65

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Housing 0.21%
Minneapolis MN Multi Fam Hsg Riverside Plaza Ser B		6.00%		11/1/2013		NR	$	250	$	250,115
Lease Obligations 9.96%
CA St Pub Wrks Brd CA Cmnty College Ser E (NPFGC)(FGIC)		4.50%		10/1/2027		A2		100		101,941
CA St Pub Wrks Brd Dept Ed Riverside Campus Pj B		6.00%		4/1/2027		A2		250		291,160
CA St Pub Wrks Brd Dept Forestry & Fire Ser E		5.00%		11/1/2032		A2		380		392,099
CA St Pub Wrks Brd Dept Gen Svcs Ser A		5.00%		4/1/2030		A2		130		132,969
CA St Pub Wrks Brd Var Cap Pjs Ser A		5.00%		10/1/2028		A2		535		560,530
CA St Pub Wrks Brd Var Cap Pjs Ser A(a)		5.00%		4/1/2034		A2		500		508,260
CA St Pub Wrks Brd Var Cap Pjs Sub Ser A-1		5.75%		3/1/2030		A2		300		333,135
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		6.625%		11/1/2034		A2		540		614,801
Carrollton GA Payroll Dev Auth Antic Ctfs Athletic Pj		6.25%		6/15/2034		A1		290		331,119
Corona-Norco CA Unif Sch Dist COP Ser A (AGM)		5.00%		4/15/2031		AA-		150		158,211
Dallas TX Civic Ctr Convtn Ref & Impt (AG)		5.25%		8/15/2038		AA-		500		540,165
Delano-Earlimart Irrigation Dist COP Ser A		5.00%		2/1/2028		AA-		475		506,621
Erie Cnty NY Indl Dev Agy Buffalo City Sch Dist Ser A		5.00%		5/1/2031		AA-		240		257,251
Essex Cnty NJ Impt Auth Lease Newark Pj Ser A		6.25%		11/1/2030		Baa1		250		281,400
GA St Higher Ed Facs Auth USG Real Estate Fndtn I LLC Pj		6.00%		6/15/2028		A2		125		137,228
Los Angeles CA Muni Impt Corp Ser B		5.00%		9/1/2030		A+		100		104,222
McLennan Cnty TX Pub Fac Corp		6.625%		6/1/2035		AA-		575		617,958
MI St Bldg Auth Facs Pg Ser I A		5.20%		10/15/2031		Aa3		1,000		1,108,520
MI St Bldg Auth Facs Pg Ser II A		5.00%		10/15/2025		Aa3		400		453,816
MI St Fin Auth Rev Detroit Sch Dist		5.50%		6/1/2021		A+		650		703,378
MI St Strategic Fd Ltd Cadillac Place Office Bldg Pj		5.25%		10/15/2031		A+		250		269,218
NJ Econ Dev Auth Sch Facs Constr Ser EE		5.00%		9/1/2022		A+		400		459,424
NJ Econ Dev Auth Sch Facs Constr Ser Z		5.875%		12/15/2034		A+		100		112,792
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.00%		10/1/2028		A+		120		129,720

66 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Lease Obligations (continued)
NY St Liberty Dev Corp 4 World Trade Ctr Pj		5.00%		11/15/2031		A+		$	400	$	430,988
Pima Cnty AZ Indl Dev Auth Metro Police Fac Pj Ser A		6.00%		7/1/2041		AA			600		653,886
RI St Econ Dev Corp Grant Antic Dept Transn Ser A (AG)		5.25%		6/15/2019		Aa2			250		301,970
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.125%		9/1/2030		A2			250		260,473
San Mateo Cnty CA Jt Pwrs Fing Auth Youth Svcs Campus Ser A		5.00%		7/15/2033		AA+			275		287,479
Univ of CT Ser A		4.75%		2/15/2029		AA			100		110,388
VA Comwlth Transn Brd Tr Cap Pjs		4.75%		5/15/2035		AA+			500		551,680
Total											11,702,802
Other Revenue 6.26%
Apache Cnty AZ Indl Dev Auth Tucson Elec Pwr Co Ser A		4.50%		3/1/2030		BBB-			1,000		1,002,340
Arlington TX Higher Ed Fin Corp Arlington Classics Academy		7.65%		8/15/2040		BB			155		163,584
Austin TX Convtn Entrprse Inc 1st Tier Ser A CR (BHAC)(XLCA)		5.00%		1/1/2034		AA+			200		207,936
Austin TX Convtn Entrprse Inc 2nd Tier Ser B		5.75%		1/1/2034		Ba2			250		250,077
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.00%		9/1/2032		BB+			50		46,034
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.25%		9/1/2025		BB+			110		108,537
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.25%		9/1/2026		BB+			100		98,114
Baltimore MD Cnvtn Ctr Sub Ser B		5.875%		9/1/2039		Ba2			250		245,148
Cleveland OH Arpt Sys Rev Ser A		5.00%		1/1/2029		A-			425		450,878
Cleveland OH Arpt Sys Rev Ser A		5.00%		1/1/2030		A-			500		525,955
Dist of Columbia Convtn & Sports Auth Sr Lien Convtn Ctr		4.50%		10/1/2030		A1			600		583,836
Dist of Columbia National Pub Radio Ser A		5.00%		4/1/2035		AA-			100		106,290
Dist of Columbia Rev Brookings Institution		5.75%		10/1/2039		Aa3			125		137,906
FL St Dev Fin Corp Edl Fac Renaissance Charter Sch Ser A		7.625%		6/15/2041		BB+	(c)		500		531,300
La Vernia TX Higher Ed Fin Corp Lifeschools of Dallas Ser A		7.25%		8/15/2031		BBB-			250		289,612
MA St Dev Fin Agy Broad Institute Ser A		5.25%		4/1/2037		AA-			400		429,324

See Notes to Financial Statements. 67

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2031		NR	$	100	$	66,195
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2036		BB+		595		574,895
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2039		BB+		180		170,102
New York City NY Tr Cultural Res Museum Modern Art Ser 1A		5.00%		4/1/2031		Aa2		120		131,466
New York City NY Tr Cultural Res Whitney Museum of Amer Art		5.25%		7/1/2026		A		500		561,775
Philadelphia PA Auth Indl Dev Please Touch Museum Pj		5.25%		9/1/2036		BBB-		500		388,165
TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A		5.375%		2/15/2037		BBB		185		188,994
Yonkers NY Econ Dev Corp Charter Sch Edl Excellence Ser A		6.25%		10/15/2040		BB		100		100,785
Total										7,359,248
Special Tax 0.80%
Frederick Cnty MD Spl Oblig Urbana Cmnty Dev Auth Ser A		5.00%		7/1/2030		A-		100		106,378
Hesperia CA Pub Fing Auth Redev & Hsg Pjs Ser A (XLCA)		5.00%		9/1/2031		Ba1		200		166,400
Hesperia CA Pub Fing Auth Redev & Hsg Pjs Ser A (XLCA)		5.00%		9/1/2037		Ba1		165		127,661
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas		6.00%		8/1/2024		BBB+		150		161,185
San Jose CA Spl Hotel Tax Convtn Ctr Expansion		5.50%		5/1/2024		A2		350		378,539
Total										940,163
Tax Revenue 5.41%
Dist of Columbia Deeds Tax Ser B		5.00%		6/1/2023		A1		110		121,486
Hudson NY Yards Infrastr Corp Ser A		5.75%		2/15/2047		A		900		1,006,542
IL Regl Transn Auth Ser A (NPFGC)(FGIC)		5.50%		7/1/2022		AA		130		159,628
IL St Sales Tax Rev 1st Ser (NPFGC)(FGIC)		6.00%		6/15/2024		AAA		125		159,090
IL St Sales Tax Rev Build Ill Ser A		4.75%		6/15/2034		AAA		205		210,902
Jacksonville FL Transit Rev Ser A		5.00%		10/1/2031		AA-		1,000		1,082,320
La Paz Cnty AZ Excise Tax Judgement Ser A (AGM)		4.75%		7/1/2036		AA-		250		251,250

68 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tax Revenue (continued)
MA St Spl Oblig (NPFGC)(FGIC)		5.50%		1/1/2030		A1	$	500	$	583,445
Metro Transn Auth NY Ser A		5.50%		11/15/2039		AA		200		218,366
NJ Econ Dev Auth Cigarette Tax		5.50%		6/15/2031		BBB		335		367,368
NJ Econ Dev Auth Cigarette Tax		5.75%		6/15/2029		BBB		550		606,122
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.25%		8/1/2027		A+		200		218,514
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.375%		8/1/2039		A+		235		251,622
San Bernardino Cnty CA Transn Auth Ser A		4.50%		3/1/2036		AAA		625		661,350
Virgin Islands Pub Fin Auth Matching Fd Ln Sub Lien Ser B		5.25%		10/1/2029		Baa2		180		188,404
Yorba Linda CA Redev Agy Tax Alloc Sub Lien Redev Pj Ser A		6.50%		9/1/2032		A-		250		268,535
Total										6,354,944
Tobacco 7.17%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.75%		6/1/2034		B-		650		482,118
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2030		B-		760		586,218
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		6.50%		6/1/2047		B-		100		82,129
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.75%		6/1/2047		B-		1,000		766,340
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A (AMBAC)		5.00%		6/1/2030		A2		375		378,634
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A (FGIC)		5.00%		6/1/2035		A2		690		698,797
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A (FGIC)		5.00%		6/1/2038		A2		375		378,682
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Sr Ser A (AMBAC)		5.00%		6/1/2029		A2		250		250,403
IA Tob Sttlmnt Auth Asset Bkd Ser C		5.625%		6/1/2046		B+		100		78,412
IL Railsplitter Tob Sttlmnt Auth		6.00%		6/1/2028		A-		340		383,078
MI Tob Sttlmnt Fin Auth Sr Ser A		5.125%		6/1/2022		B-		500		426,095
MI Tob Sttlmnt Fin Auth Sr Ser A		6.00%		6/1/2048		B-		685		521,792
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.25%		3/1/2026		A-		500		548,125
MN Tob Securitization Auth Tob Sttlmnt Ser B		5.25%		3/1/2031		A-		1,000		1,089,430

See Notes to Financial Statements. 69

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tobacco (continued)
NJ Tob Sttlmnt Fing Corp Ser 1A			5.00%		6/1/2019		Baa1		$	75	$	77,471
NJ Tob Sttlmnt Fing Corp Ser 1A			5.00%		6/1/2029		B2			115		102,662
NJ Tob Sttlmnt Fing Corp Ser 1A			5.00%		6/1/2041		B2			130		98,489
TSASC Inc NY Ser 1			5.00%		6/1/2026		B+			665		620,744
TSASC Inc NY Ser 1			5.00%		6/1/2034		B			335		247,743
VA Tob Sttlmnt Fing Corp Sr Ser B1			5.00%		6/1/2047		B2	��		920		611,285
Total												8,428,647
Transportation 11.58%
Atlanta GA Arpt Rev Ser C			5.00%		1/1/2025		A1			520		587,470
Atlanta GA Arpt Rev Ser C			5.25%		1/1/2030		A1			310		345,836
Bay Area Toll Auth CA San Francisco Bay Area			5.00%		10/1/2033		A+			200		215,474
CA Foothill Eastern Transn Corridor Agy			5.75%		1/15/2040		BBB-			500		498,575
CA Foothill Eastern Transn Corridor Agy Cap Apprec (NPFGC)(IBC)	Zero Coupon				1/15/2030		BBB			250		85,740
CA Foothill Eastern Transn Corridor Agy Cap Apprec (NPFGC)(IBC)	Zero Coupon				1/15/2031		BBB			255		81,600
Charlotte NC Arpt Rev Douglas Arpt Ser A			5.00%		7/1/2033		Aa3			630		695,136
Chicago IL O’Hare Intl Arpt 3rd Lien Ser A (AMBAC)			5.00%		1/1/2022		A1			350		375,739
Chicago IL O’Hare Intl Arpt 3rd Lien Ser A (NPFGC)			5.00%		1/1/2029		A1			100		102,881
Chicago IL O’Hare Intl Arpt 3rd Lien Ser A (NPFGC)			5.00%		1/1/2030		A1			100		102,723
Chicago IL O’Hare Intl Arpt 3rd Lien Ser A1 (XLCA)			5.25%		1/1/2034		A1			200		204,220
Chicago IL O’Hare Intl Arpt 3rd Lien Ser C			5.50%		1/1/2031		A1			90		102,000
Chicago IL O’Hare Intl Arpt 3rd Lien Ser F			5.00%		1/1/2035		A1			135		141,249
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)	Zero Coupon				9/1/2027		BBB			100		43,225
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)	Zero Coupon				9/1/2028		BBB			460		186,820
FL St Dept of Transn Tpk Auth Rev Ser A			5.00%		7/1/2034		AA-			500		552,935
HI St Arpts Sys Rev Ser A			5.25%		7/1/2020		A			100		118,239
IL St Toll Hwy Auth Sr Ser A1			5.00%		1/1/2031		AA-			95		101,658
Los Angeles CA Dept of Arpts Los Angeles Intl Sub Ser B			5.00%		5/15/2035		AA-			645		693,452
MA St Dept of Transn Ser B			5.00%		1/1/2032		A			440		475,099

70 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
MA St Dept of Transn Ser B			5.00%		1/1/2037		A	$	150	$	160,616
Metro Dist of Columbia Arpts Auth Ser A			5.00%		10/1/2030		AA-		400		439,432
Metro Dist of Columbia Arpts Auth Ser A			5.00%		10/1/2035		AA-		205		221,322
Metro Transn Auth NY Ser B			4.75%		11/15/2031		A		245		254,232
Metro Transn Auth NY Ser B			5.00%		11/15/2033		A		105		110,661
Metro Transn Auth NY Ser B			5.25%		11/15/2029		AA		525		586,666
Metro Transn Auth NY Ser D			4.50%		11/15/2030		A		125		131,063
Metro Transn Auth NY Ser G			5.00%		11/15/2021		A		130		153,716
Miami-Dade Cnty FL Aviation Rev Miami Intl Arpt Ser A			5.50%		10/1/2029		A2		490		546,962
NJ St Tpk Auth Ser E			5.25%		1/1/2040		A+		250		277,325
NJ St Transn Tr Fd Auth Transn Sys Ser A			5.75%		12/15/2031		A+		350		392,637
NJ St Transn Tr Fd Auth Transn Sys Ser A			6.00%		6/15/2035		A+		150		176,935
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)			5.50%		12/15/2021		A+		100		121,836
North TX Twy Auth Rev Sys 1st Tier			6.00%		1/1/2043		A2		775		873,107
North TX Twy Auth Rev Toll 2nd Tier Ser F			5.75%		1/1/2033		A3		200		215,762
North TX Twy Auth Rev Toll 2nd Tier Ser F			5.75%		1/1/2038		A3		40		42,836
Orlando & Orange Cnty FL Expwy Auth Ser A			4.50%		7/1/2029		A		200		208,234
Orlando & Orange Cnty FL Expwy Auth Ser C			4.70%		7/1/2035		A		220		228,983
Orlando & Orange Cnty FL Expwy Auth Ser C			5.00%		7/1/2030		A		460		505,894
PA St Tpk Commn Sub Ser B-1			5.50%		6/1/2033		A-		185		200,003
Port of Seattle WA Passenger Facs Ser A			5.00%		12/1/2021		A+		150		173,091
Puerto Rico Comwlth Hwy & Transn Auth Ser E (AGM)			5.50%		7/1/2022		AA-		165		187,254
Regl Transn Dist CO Denver Trans Partners			5.375%		7/15/2025		Baa3		50		53,385
Regl Transn Dist CO Denver Trans Partners			6.00%		1/15/2026		Baa3		100		110,484
Regl Transn Dist CO Denver Trans Partners			6.00%		1/15/2034		Baa3		185		200,664
Regl Transn Dist CO Ser A COP			5.375%		6/1/2031		Aa3		485		532,772
San Antonio TX Arpt Sys Rev Impt Ser A (AGM)			5.00%		7/1/2026		AA-		495		546,242
San Francisco CA City & Cnty Arpts Commn Ser E			5.25%		5/1/2032		A+		195		212,897
TX St Tpk Auth Cent TX Tpk Cap Apprec (AMBAC)	Zero Coupon				8/15/2032		BBB+		100		29,796
Total											13,604,878

See Notes to Financial Statements. 71

Schedule of Investments (unaudited)(continued)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities 11.04%
Adelanto CA Pub Util Auth Util Sys Pj Ser A		6.00%		7/1/2024		NR	$	200	$	219,126
Atlanta GA Wtr & Wst Wtr Rev (AGM)		5.75%		11/1/2030		AA-		260		333,588
Atlanta GA Wtr & Wst Wtr Rev Ser A		6.00%		11/1/2029		A1		500		576,065
Burke Cnty GA Dev Auth Pwr Co Plant Vogtle 1st Ser (FGIC)		4.75%		5/1/2034		A		65		65,027
Burke Cnty GA Dev Auth Pwr Co Plant Vogtle 2nd Ser (FGIC)		4.625%		5/1/2034		A		135		135,045
CA St Dept of Wtr Res Pwr Ser L		5.00%		5/1/2021		AA-		300		362,076
Chicago IL Wtrwrks Rev 2nd Lien (AGM)		5.00%		11/1/2025		AA-		100		109,786
Colorado Springs CO Utils Ser D-1		5.25%		11/15/2033		AA		150		170,325
CT St Dev Auth Pollutn Ctrl Lt & Pwr Co Pj		4.375%		9/1/2028		A2		850		878,135
Detroit MI Swr Disp Rev 2nd Lien Ser B (NPFGC)(FGIC)		5.50%		7/1/2029		A		760		838,842
Detroit MI Wtr Supply Sys 2nd Lien Ser B Rmkt (AGM)		6.25%		7/1/2036		AA-		55		62,451
Detroit MI Wtr Supply Sys Sr Lien Ser A (NPFGC)		5.00%		7/1/2034		A+		335		337,784
Detroit MI Wtr Supply Sys Sr Lien Ser A (NPFGC)(FGIC)		4.50%		7/1/2031		A+		100		100,563
Detroit MI Wtr Supply Sys Sr Lien Ser D (AGM)		4.625%		7/1/2032		AA-		95		95,849
FL St Muni Pwr Agy Requirements Pwr Ser A		5.25%		10/1/2019		A2		150		180,179
Gainesville FL Utils Sys Rev Ser C		5.25%		10/1/2034		AA		150		166,119
IL Fin Auth Gas Supply Peoples Gas Lt & Coke (AMBAC)		5.00%		2/1/2033		A1		190		191,594
Long Island NY Pwr Auth Ser A		5.00%		5/1/2038		A-		500		537,725
Lower CO River Auth TX Impt LCRA Transn Svcs		5.00%		5/15/2030		A		100		108,090
M-S-R Enrg Auth CA Gas Rev Ser C		6.50%		11/1/2039		A-		400		497,632
Maricopa Cnty AZ Pollutn Ctrl Corp Sthn CA Ed Co Ser A Rmkt		5.00%		6/1/2035		A1		650		698,106
MS Business Fin Corp Sys Enrg Res Inc Pj		5.90%		5/1/2022		BBB		415		415,473
New York City NY Muni Wtr Fin Auth 2nd Gen Resolution Ser GG-1		5.25%		6/15/2032		AA+		100		112,670
North Sumter Cnty FL Util Dependent Dist		5.375%		10/1/2030		BBB		200		208,650
NY St Envr Facs Corp Ser A		5.125%		6/15/2038		AA+		500		552,950

72 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)
AMT FREE MUNICIPAL BOND FUND March 31, 2012
Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		6.25%		1/1/2032		Baa3	$	55	$	60,587
Palm Beach Cnty FL Solid Wst Auth Impt		5.25%		10/1/2021		AA+		100		118,307
Philadelphia PA Gas Wrks Rev 7th Ser 1998 Gen Ordinance Ser A (AMBAC)		5.00%		10/1/2026		BBB+		275		289,407
Philadelphia PA Gas Wrks Rev 7th Ser 1998 Gen Ordinance Ser A (AMBAC)		5.00%		10/1/2028		BBB+		180		188,073
Pima Cnty AZ Indl Dev Auth Tucson Elec Pwr Co San Juan Ser A		4.95%		10/1/2020		BBB-		110		119,524
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		6.125%		7/1/2024		Baa2		235		269,430
Puerto Rico Elec Pwr Auth Ser V V (NPFGC)(FGIC)		5.25%		7/1/2032		BBB+		520		571,418
Rowland CA Wtr Dist Recycled Wtr Pj COP		6.50%		12/1/2035		AA-		100		114,229
SA Enrg Acq Pub Fac Corp TX Gas Supply Rev		5.50%		8/1/2020		A-		125		140,038
Salt Verde AZ Fin Corp Ser A		5.00%		12/1/2037		A-		250		246,427
Salt Verde AZ Fin Corp Ser A		5.25%		12/1/2027		A-		370		395,752
San Francisco CA City & Cnty Pub Util Commn Sub Ser A		4.50%		11/1/2038		AA-		235		243,507
TN Enrg Acq Corp Ser C		5.00%		2/1/2024		BBB		150		159,501
TN Enrg Acq Corp Ser C		5.00%		2/1/2025		BBB		295		310,709
TN Enrg Acq Corp Ser C		5.00%		2/1/2027		BBB		890		929,854
TX St Muni Gas Acq & Supply Corp I Sr Lien Ser A		5.25%		12/15/2022		A-		800		867,424
Total										12,978,037
Total Investments in Municipal Bonds 99.91% (cost $110,495,678)										117,412,339
Cash and Other Assets in Excess of Liabilities(h) 0.09%										104,462
Net Assets 100.00%									$	117,516,801

Open Futures Contracts at March 31, 2012:
Type	Expiration	Contracts		Position		Market Value			Unrealized Appreciation
U.S. 30-Year Treasury Bond	June 2012		90		Short	$	(12,397,500	)		$331,469
Ultra Long U.S. Treasury Bond	June 2012		11		Short		(1,660,656	)		81,965
Totals						$	(14,058,156	)		$413,434

See Notes to Financial Statements. 73

Schedule of Investments (unaudited)
NATIONAL TAX FREE FUND March 31, 2012
Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
MUNICIPAL BONDS 109.32%
Corporate-Backed 4.26%
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B2		$	2,915	$	2,711,562
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.875%		5/1/2030		BB			1,000		1,084,190
Allegheny Cnty PA Indl Dev Auth Resdl Res Inc Pj		5.10%		9/1/2026		BBB-	(c)		880		867,601
Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT		5.375%		11/1/2035		BB			1,100		997,095
Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT		9.00%		6/1/2035		CCC+			3,575		3,868,257
Cleveland OH Arpt Spl Rev Continental Airlines Inc Pj AMT		5.375%		9/15/2027		B-			1,015		952,628
Columbus Cnty NC Indl Facs & Pollutn Ctrl Fing Auth Intl Paper		5.70%		5/1/2034		BBB			2,000		2,128,880
Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT		6.375%		11/15/2026		NR			3,750		3,768,750
Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT		6.50%		11/15/2036		NR			655		657,122
Gulf Coast Wst Disp Auth TX Wst Mgmt of TX Ser A AMT		5.20%		5/1/2028		BBB			3,195		3,341,619
IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(e)		6.00%		3/1/2037		NR			1,550		511,438
IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A(e)		6.25%		10/1/2037		NR			2,000		360,000
Intl Falls MN Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2022		B-			1,000		913,700
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Pjs		6.75%		11/1/2032		BBB-			11,000		12,077,230
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2021		A-			3,380		3,654,659
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2019		NR			1,495		1,437,099
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2016		NR			1,000		865,450
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%		8/1/2025		NR			9,150		9,613,265
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00%		5/15/2020		B-			1,745		1,645,849

74 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Corporate-Backed (continued)
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00%		11/1/2028		NR	$	1,480	$	1,404,061
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		5.50%		4/1/2028		B-		1,215		1,131,809
Onondaga Cnty NY Indl Dev Agy Bristol-Myers Squibb Co Pj AMT		5.75%		3/1/2024		A+		2,000		2,501,660
PA Econ Dev Fing Auth Amtrak Pj Ser A AMT		5.00%		11/1/2032		A1		3,500		3,678,955
PA Econ Dev Fing Auth US Airways Grp Ser A		7.50%		5/1/2020		CCC+		1,500		1,544,610
PA Econ Dev Fing Auth US Airways Grp Ser B		8.00%		5/1/2029		CCC+		1,500		1,589,310
Port of St. Helen’s OR Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2027		B-		1,730		1,511,276
Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT(e)		6.25%		6/1/2026		NR		5,715		2,741,828
Selma AL Indl Dev Brd Rev Gulf Opportunity Zone Ser A		6.25%		11/1/2033		BBB		2,500		2,769,650
Warren Cnty MS Gulf Opportunity Intl Paper Company Pj Ser A		5.375%		12/1/2035		BBB		1,750		1,836,590
West Pace Cooperative Dist AL Rev		9.125%		5/1/2039		NR		5,000		4,808,100
Total										76,974,243
Education 7.77%
Acalanes CA Union High Sch Dist Cap Apprec Election 2008 Ser B (6.55% after 8/1/2024)~	Zero Coupon			8/1/2039		Aa1		17,615		9,636,110
Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA Cent Precinct LLC		5.00%		6/15/2031		Aa2		2,500		2,694,175
Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA O’Malleys Bldg LLC Pj		5.00%		6/15/2028		Aa2		2,000		2,200,000
Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj		6.50%		11/1/2029		BBB-		2,500		2,688,275
Bulloch Cnty GA Dev Auth GA Sthn Univ Hsg Fndtn Four (AG)		5.25%		7/1/2028		Aa3		2,465		2,725,230
CA Muni Fin Auth Rev Biola Univ		5.80%		10/1/2028		Baa1		1,000		1,083,430
CA Muni Fin Auth Rev Emerson College		6.00%		1/1/2042		BBB+		1,875		2,071,331
CA Statewide Cmntys Dev Auth Windrush Sch(e)		5.50%		7/1/2037		NR		1,000		690,000

See Notes to Financial Statements. 75

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Education (continued)
Carrollton GA Payroll Dev Auth Univ of West GA Evergreen Complex		5.25%		7/1/2029		A1		$	1,175	$	1,256,016
CT St Hlth & Edl Facs Auth Fairfield Univ Ser N		5.00%		7/1/2029		A-			2,000		2,125,280
CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC)		5.00%		7/1/2026		A-			3,000		3,210,660
CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)		5.00%		7/1/2028		AA-			4,050		4,378,334
CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)		5.00%		7/1/2033		AA-			1,500		1,599,960
Detroit MI City Sch Dist Sch Bldg & Site Ser A		5.00%		5/1/2029		Aa2			4,000		4,318,560
Detroit MI City Sch Dist Sch Bldg & Site Ser A		5.00%		5/1/2033		Aa2			4,385		4,678,050
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+			1,000		1,028,770
FL St Brd of Governors Univ Sys		5.50%		7/1/2020		AA			2,075		2,460,950
GA Private Colleges & Univs Auth Spelman College		5.25%		6/1/2021		A1			1,340		1,386,605
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2037		BBB-	(c)		1,300		1,101,984
Hale Ctr TX Ed Facs Corp Wayland Baptist		5.00%		3/1/2035		A-			6,350		6,675,819
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00%		9/1/2036		NR			4,000		3,286,320
IL Fin Auth Rev IL Inst Tech		7.125%		2/1/2034		Baa3			1,000		1,042,820
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2020		Baa3			1,900		1,769,337
IL Fin Auth Rev Univ of Chicago Ser B		5.75%		7/1/2033		Aa1			4,300		5,010,876
Louisville & Jefferson Cnty KY Metro Govt Bellarmine Univ Ser A		6.00%		5/1/2038		Baa3			2,500		2,640,200
MA St Dev Fin Agy Wheelock College Ser C		5.25%		10/1/2037		BBB			5,000		5,090,550
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2030		Ba3			5,000		5,140,550
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2039		Ba3			2,000		2,046,000
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy(e)		5.50%		7/1/2038		NR			2,200		880,000
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.875%		12/1/2028		Baa3			2,365		2,441,200
NC Cap Facs Fin Agy Meredith College		6.00%		6/1/2031		BBB			1,975		2,147,042

76 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
NY St Dorm Auth Lease Rev St Univ Dorm Facs Ser A		5.00%		7/1/2035		Aa2	$	2,100	$	2,320,584
NY St Dorm Auth Lease Rev St Univ Dorm Facs Ser A(b)		5.00%		7/1/2041		Aa2		20,000		21,852,200
NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech Ser A		6.25%		7/1/2029		A1		5,000		5,924,700
NY St Dorm Auth Rev NYU Ser A(a)		5.00%		7/1/2037		AA-		5,000		5,531,650
OH St Higher Edl Fac Rev Commn Ashland Univ Pj		6.25%		9/1/2024		Ba1		4,115		4,309,022
PA St Higher Edl Facs Auth Drexel Univ Ser A		5.00%		5/1/2031		A		4,645		4,984,503
Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty LLC (AMBAC)		5.00%		6/1/2023		A3		1,115		1,211,537
Pinellas Cnty FL Edl Facs Auth Eckerd College Pj (ACA)		5.25%		10/1/2029		NR		2,475		2,488,736
Univ of HI Rev Ser A		6.00%		10/1/2038		Aa2		1,750		2,048,690
Total										140,176,056
General Obligation 14.63%
Alhambra CA Unif Sch Dist Cap Apprec Election 2008 Ser B (AGM)	Zero Coupon			8/1/2036		AA-		5,000		1,298,500
CA St		5.00%		2/1/2033		A1		20,035		21,480,125
CA St		5.25%		9/1/2024		A1		15,000		17,361,900
CA St Var Purp		5.50%		3/1/2040		A1		9,250		10,129,860
CA St Var Purp		5.60%		3/1/2036		A1		7,330		8,086,749
CA St Var Purp		6.50%		4/1/2033		A1		13,400		16,225,390
Cent CA Unif Sch Dist Election 2008 Ser A (AG)		5.625%		8/1/2033		AA-		2,360		2,618,680
Chicago IL Ser A		5.00%		12/1/2019		Aa3		5,000		5,896,700
CT St Ser D(b)		5.00%		11/1/2027		AA		10,000		11,640,500
CT St Ser D(b)		5.00%		11/1/2028		AA		10,000		11,640,500
Delaware Vly PA Regl Fin Auth Ser C (AMBAC)		7.75%		7/1/2027		A2		1,500		2,031,375
Foothill-De Anza CA Cmnty College Dist Cap Apprec (NPFGC)	Zero Coupon			8/1/2030		Aaa		4,505		1,950,710
Hartford CT Ser A (AMBAC)		5.00%		8/15/2024		A1		1,470		1,606,225
Hartford CT Ser A (AMBAC)		5.00%		8/15/2026		A1		1,000		1,082,400
HI St Ser DK		5.00%		5/1/2025		AA		3,500		3,988,145
HI St Ser DK		5.00%		5/1/2026		AA		2,500		2,844,150

See Notes to Financial Statements. 77

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
HI St Ser DZ(b)		5.00%		12/1/2027		AA	$	10,000	$	11,616,550
HI St Ser DZ(b)		5.00%		12/1/2028		AA		5,000		5,771,875
Honolulu HI City & Cnty Ser A (AGM)		5.00%		7/1/2028		Aa1		3,295		3,669,773
Hudsonville MI Pub Schs Bldg & Site		5.25%		5/1/2041		Aa2		5,000		5,416,150
Huntington Beach CA Union High Sch Dist Cap Apprec 2004 Election (NPFGC)(FGIC)	Zero Coupon			8/1/2033		Aa2		2,500		715,600
IL St		5.00%		3/1/2030		A+		11,500		12,096,045
IL St		5.00%		3/1/2031		A+		4,750		4,988,402
Los Angeles CA Unif Sch Dist Election 2004 Ser F (FGIC)		5.00%		7/1/2030		Aa2		7,750		8,365,892
Los Angeles CA Unif Sch Dist Election 2004 Ser H (AGM)(b)		5.00%		7/1/2028		Aa2		7,000		7,731,185
Maricopa Cnty AZ Elem Sch Dist No 33 Buckeye Sch Impt Pj of 2005 Ser C		5.70%		7/1/2025		A1		2,385		2,606,829
Merced CA Union High Schl Dist Election 2008 Ser C	Zero Coupon			8/1/2041		Aa3		8,000		1,170,720
Midlothian TX Wtr Dist Cap Apprec (AGM)	Zero Coupon			9/1/2022		AA-		2,000		1,396,620
New Haven CT Ser A (AG)		4.75%		3/1/2028		AA-		1,145		1,225,814
New York City NY Ser E-1		6.25%		10/15/2028		AA		5,000		6,036,200
New York City NY Sub Ser D-1(b)		5.00%		10/1/2026		AA		26,860		31,040,222
Northern Mariana Islands Comwlth Ser A		5.00%		6/1/2030		NR		5,735		4,745,311
Northern Mariana Islands Comwlth Ser B		5.00%		10/1/2033		NR		4,170		3,336,417
OH St Higher Ed Ser A		4.50%		2/1/2032		AA+		6,000		6,370,500
OH St Higher Ed Ser A		5.00%		2/1/2031		AA+		5,000		5,638,750
Philadelphia PA Ser A (AGM)		5.25%		12/15/2027		AA-		2,500		2,734,075
Port of Houston TX Auth Ser A AMT		6.25%		10/1/2029		AAA		1,000		1,160,980
Poway CA Unif Sch Dist Cap Apprec Sch Facs Impt	Zero Coupon			8/1/2033		Aa2		1,500		486,540
Poway CA Unif Sch Dist Cap Apprec Sch Facs Impt	Zero Coupon			8/1/2034		Aa2		8,130		2,469,000
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.25%		8/1/2033		Aa2		1,950		2,300,239
San Diego CA Unif Sch Dist Premium Cap Apprec Ser C	Zero Coupon			7/1/2046		Aa2		13,500		2,043,900
San Francisco CA Cmnty College Dist Ser B (AGM)		5.00%		6/15/2031		AA		1,735		1,788,750
Territory of Guam Ser A		7.00%		11/15/2039		B+		2,240		2,432,058

78 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Union Cnty NJ Utils Auth Rev Covanta Union Ser A GTD AMT		4.75%		12/1/2031		AA+	$	4,000	$	4,119,120
Yosemite CA Cmnty College Dist Cap Apprec Election 2004 Ser D	Zero Coupon			8/1/2035		Aa2		2,385		681,991
Total										264,037,417
Health Care 19.55%
Alachua Cnty FL Hlth Facs Auth Terraces Bonita Springs Pj A		8.125%		11/15/2041		NR		5,000		5,067,400
Alachua Cnty FL Hlth Facs Auth Terraces Bonita Springs Pj A		8.125%		11/15/2046		NR		5,000		5,135,000
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2036		NR		2,500		2,140,750
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2042		NR		3,250		2,708,485
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2017		B+		3,000		2,929,620
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2028		B+		6,000		4,981,260
AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj		5.20%		10/1/2037		NR		2,000		1,532,180
AZ Univ Med Ctr Corp		6.25%		7/1/2029		BBB+		895		1,012,048
AZ Univ Med Ctr Corp		6.50%		7/1/2039		BBB+		3,025		3,409,054
Brevard Cnty FL Hlth Facs Auth Hlth First Inc Pj		7.00%		4/1/2033		A-		1,000		1,170,760
Butler Cnty PA Hosp Auth Butler Hlth Sys Pj		7.125%		7/1/2029		Baa1		1,500		1,808,820
Butler Cnty PA Hosp Auth Butler Hlth Sys Pj		7.25%		7/1/2039		Baa1		3,600		4,230,036
CA Hlth Facs Fing Auth Children’s Hosp Ser A		5.25%		11/1/2041		A		15,000		15,975,000
CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C		6.25%		10/1/2024		AA		2,000		2,441,480
CA Hlth Facs Fing Auth Sutter Hlth Ser D		5.25%		8/15/2031		AA-		4,500		5,066,505
Cass Cnty ND Hlth Facs Rev Essentia Hlth Ser A Rmkt (AG)		5.125%		2/15/2037		AA-		7,000		7,338,660
Chautauqua Cnty NY Cap Res Corp Women’s Christian Assoc Pj Ser A		8.00%		11/15/2030		NR		7,000		7,492,380
Chautauqua Cnty NY Cap Res Corp Women’s Christian Assoc Pj Ser A		8.00%		11/15/2035		NR		1,625		1,725,961

See Notes to Financial Statements. 79

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
CT St Hlth & Edl Facs Auth Child Care Facs Pg Ser F (AG)		5.00%		7/1/2031		AA-		$	1,750	$	1,859,638
Cumberland Cnty PA Muni Auth Diakon Lutheran		6.125%		1/1/2029		BBB+(c)			1,000		1,086,850
Cumberland Cnty PA Muni Auth Diakon Lutheran Ministries Pj		5.00%		1/1/2036		BBB+(c)			500		495,840
Delaware Cnty IN Hosp Auth Cardinal Hlth Sys Oblig Corp		5.00%		8/1/2024		Baa2			2,000		2,076,980
Delaware Cnty IN Hosp Auth Cardinal Hlth Sys Oblig Corp		5.25%		8/1/2036		Baa2			4,500		4,511,745
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.00%		7/1/2030		Ba1			1,510		1,623,114
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.50%		7/1/2039		Ba1			3,000		3,276,600
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A		5.125%		1/1/2036		BBB-	(c)		4,300		4,159,218
Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A		5.50%		8/1/2028		A2			5,140		5,537,014
Harris Cnty TX Hlth Facs Dev Corp Mem Hermann Hlthcare Sys Ser B		7.125%		12/1/2031		A+			3,000		3,642,720
Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj		5.25%		10/1/2035		A2			1,420		1,474,102
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2033		NR			2,000		1,617,940
Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj		5.50%		1/1/2028		NR			1,500		1,438,875
Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj		5.50%		1/1/2043		NR			1,350		1,129,302
IL Fin Auth Rev Friendship Vlg Schaumburg		7.125%		2/15/2039		BB-(c)			1,500		1,558,710
IL Fin Auth Rev Friendship Vlg Schaumburg		7.25%		2/15/2045		BB-(c)			1,500		1,564,500
IL Fin Auth Rev Monarch Landing Inc Fac Ser A(i)		7.00%		12/1/2027		NR			843		3,374
IL Fin Auth Rev Monarch Landing Inc Fac Ser A(i)		7.00%		12/1/2037		NR			1,265		5,061
IL Fin Auth Rev Northwestern Mem Hosp Ser A(b)		5.75%		8/15/2030		AA+			2,500		2,815,950
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		7.25%		11/1/2030		A2			3,000		3,661,440

80 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Johnston NC Mem Hosp Auth (AGM)(FHA)(b)		5.25%		10/1/2024		AA-		$	5,000	$	5,428,000
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		6.00%		7/1/2035		BB+			1,475		1,499,972
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.00%		5/15/2021		NR			1,000		1,134,460
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.00%		5/15/2029		NR			3,820		4,245,166
KY Econ Dev Fin Auth Owensboro Med Hlth Sys Ser A		6.375%		6/1/2040		Baa2			7,500		8,467,200
LA Pub Facs Auth Ochsner Clinic Fndtn Pj		6.25%		5/15/2031		Baa1			8,000		8,798,080
Laramie Cnty WY Hosp Rev Cheyenne Regl Med Ctr Pj		5.00%		5/1/2032		A+			1,000		1,056,730
Lucas Cnty OH Hosp Rev ProMedica Hlthcare Ser A		5.75%		11/15/2031		AA-			3,700		4,162,093
MA Dev Fin Agy Ser B1		7.25%		6/1/2016		NR			3,000		2,999,580
Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr		4.625%		8/1/2029		AA			5,500		5,809,100
Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr		5.00%		8/1/2032		AA			1,500		1,589,460
Martin Cnty FL Hlth Facs Auth Martin Mem Med Ctr		5.50%		11/15/2042		Baa1			4,125		4,252,091
Martin Cnty TX Hosp Dist Ser A		7.25%		4/1/2036		BBB	(c)		3,000		3,163,050
MD St Hlth & Higher Edl Facs Auth Greater Baltimore Med Ctr Ser A(a)		4.00%		7/1/2029		A			2,030		2,022,387
MD St Hlth & Higher Edl Facs Auth Greater Baltimore Med Ctr Ser A(a)		4.00%		7/1/2030		A			1,000		989,730
MD St Hlth & Higher Edl Facs Auth Greater Baltimore Med Ctr Ser A(a)		4.00%		7/1/2031		A			775		761,678
MD St Hlth & Higher Edl Facs Auth Greater Baltimore Med Ctr Ser A(a)		4.125%		7/1/2032		A			650		649,526
MD St Hlth & Higher Edl Facs Auth Greater Baltimore Med Ctr Ser A(a)		4.25%		7/1/2034		A			640		643,136
MD St Hlth & Higher Edl Facs Auth Mercy Med Ctr		6.25%		7/1/2031		BBB			11,190		12,674,465
ME St Hlth & Higher Edl Facs Auth Gen Med Ctr		7.50%		7/1/2032		Baa3			11,000		12,801,470
MO St Hlth & Edl Facs Auth Sr Living Facs Lutheran Ser A		5.375%		2/1/2035		BBB+	(c)		3,680		3,685,888

See Notes to Financial Statements. 81

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Monroe Cnty PA Hosp Auth Pocono Med Ctr Ser A(a)		5.00%		1/1/2027		A-	$	1,460	$	1,538,168
Monroe Cnty PA Hosp Auth Pocono Med Ctr Ser A(a)		5.00%		1/1/2032		A-		1,400		1,446,802
Monroe Cnty PA Hosp Auth Pocono Med Ctr Ser A(a)		5.00%		1/1/2041		A-		1,000		1,015,340
Nassau Cnty NY Indl Dev Agy Amsterdam At Harborside Ser A		5.875%		1/1/2018		NR		2,150		2,017,667
NC St Med Care Commn Pennybyrn at Maryfield Ser A		6.125%		10/1/2035		NR		9,500		8,132,000
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2025		Aa3		2,400		2,682,240
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2030		Aa3		5,640		6,168,299
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.30%		11/1/2026		NR		1,440		1,311,581
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR		1,000		832,970
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2032		BBB		3,900		4,093,011
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2037		BBB		3,650		3,827,901
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.625%		7/1/2038		BBB-		5,500		5,985,870
NY St Dorm Auth Rev Mem Sloan-Kettering Ser 1		4.375%		7/1/2034		Aa2		8,950		9,350,423
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.75%		7/1/2031		A3		1,985		2,216,372
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.125%		12/1/2029		Ba1		3,250		3,437,687
Orange Cnty FL Hlth Facs Auth 1st Mtg Orlando Lutheran Tower		5.50%		7/1/2032		NR		7,200		6,677,280
Palomar CA Pomerado Hlthcare COP		6.00%		11/1/2030		Baa3		3,500		3,723,930
Pell City AL Spl Care Facs Fin		5.00%		12/1/2031		A-		15,000		15,498,150
San Buenaventura CA Cmnty Mem Hlth Sys		7.50%		12/1/2041		BB		16,750		19,423,300
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2037		NR		1,000		735,370
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2045		NR		1,100		786,852

82 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
South Central PA Gen Auth Rev WellSpan Hlth Oblig Grp Ser A		6.00%		6/1/2029		Aa3	$	1,000	$	1,144,730
Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Wellmont Hlth Sys Pj Ser C		5.25%		9/1/2036		BBB+		2,000		2,043,260
Tarrant Cnty TX Cultural Ed Facs Fin Corp Christus Hlth Ser A (AG)		6.25%		7/1/2028		AA-		1,500		1,718,580
Thomasville GA Hosp Auth Rev Antic Ctfs John D Archbold		5.125%		11/1/2030		A		2,500		2,637,350
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		6.875%		11/1/2023		NR		1,000		1,056,570
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		7.25%		11/1/2045		NR		3,000		3,237,030
Tyler TX Hlth Facs Dev Corp Mother Frances Hosp		5.50%		7/1/2027		Baa1		3,975		4,278,769
Upland CA San Antonio Cmnty Hosp COP		6.375%		1/1/2032		A		5,000		5,828,250
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc		5.75%		9/1/2042		NR		3,000		2,911,830
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2030		AA+		1,170		1,261,085
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2033		AA+		7,000		7,422,345
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2023		A-		9,350		9,813,292
WV St Hosp Fin Auth Thomas Hlth Sys		6.25%		10/1/2023		NR		2,000		2,039,440
Total										352,831,378
Housing 1.23%
Athens GA Hsg Auth Student Hsg (AMBAC)		5.00%		12/1/2027		Aa2		1,785		1,841,103
CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus		6.00%		5/15/2023		Baa2		5,000		5,594,850
DeKalb Newton & Gwinnett Cntys GA Joint Dev Auth Rev GGC Fndtn LLC Pj		6.00%		7/1/2034		A+		1,500		1,683,885
East Point GA Hsg Auth Multi Fam Hsg Laurel Ridge WA Rd Apts AMT (FNMA)		5.00%		10/1/2032		AA+		2,475		2,553,680
HI St Hsg Fin & Dev Corp Rent Hsg Sys Ser B Rmkt (AGM)		6.50%		7/1/2033		Aa3		2,000		2,209,580
ID Hsg & Fin Assoc Sing Fam Mtg Sr Ser F AMT (FHA)(VA)		7.45%		7/1/2015		Aaa		10		10,002
LA Hsg Fin Agy Multi Fam Hsg Ser B		8.00%		9/1/2039		BB-		1,470		1,552,496

See Notes to Financial Statements. 83

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Housing (continued)
Los Angeles CA Hsg Auth Mtg Ppty Acq Ser A		6.25%		6/1/2034		A	$	4,220	$	4,518,101
MO St Hsg Dev Commn Sing Fam Mtg Hmownrship Ln Pg A-1 AMT (GNMA/FNMA)		5.90%		9/1/2035		Aaa		190		195,155
PA St Higher Edl Facs Auth Edinboro Univ Fndtn		5.75%		7/1/2028		BBB-		1,000		1,060,590
PA St Higher Edl Facs Auth Edinboro Univ Fndtn		5.80%		7/1/2030		BBB-		1,000		1,065,920
Total										22,285,362
Lease Obligations 6.53%
Atlanta GA Dev Auth Rev Tuff ATDC Pj Ser C		4.625%		1/1/2035		A3		1,170		1,178,459
CA St Pub Wrks Brd Judicial Council Pjs Ser D		5.00%		12/1/2028		A2		5,600		5,870,704
CA St Pub Wrks Brd Var Cap Pjs Ser A		5.00%		4/1/2033		A2		8,500		8,681,050
CA St Pub Wrks Brd Var Cap Pjs Ser A		5.125%		10/1/2031		A2		2,500		2,598,075
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		5.375%		11/1/2022		A2		5,000		5,683,050
Erie Cnty NY Indl Dev Agy Sch Dist Buffalo Pj A		5.25%		5/1/2028		AA-		7,000		7,881,440
GA Sch Brds Assoc Inc DeKalb Cnty Pub Schs Pj COP (NPFGC)		5.00%		12/1/2023		Aa3		1,000		1,037,460
Goodyear AZ Pub Impt Corp		6.00%		7/1/2031		AA-		2,350		2,634,726
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		15.00%		5/27/2012		NR		1,768		633,050
Indianapolis IN Loc Pub Impt Bd Bk Midwestern Disaster Ser A(b)		5.50%		2/1/2033		AA		12,000		13,548,900
Jackson Cnty MO Pub Bldg Corp Cap Impts Pj		5.00%		12/1/2029		Aa3		1,500		1,612,260
Kansas City MO Spl Oblig East Vlg Pj Ser B (AG)		5.00%		4/15/2024		AA-		1,000		1,128,390
Kansas City MO Spl Oblig East Vlg Pj Ser B (AG)		5.00%		4/15/2025		AA-		1,860		2,077,936
LA Pub Facs Auth Rev SUSLA Facs Inc Pj Ser A		5.75%		7/1/2039		NR		2,195		1,759,995
McLennan Cnty TX Pub Fac Corp		6.625%		6/1/2035		AA-		7,385		7,936,733
MI St Fin Auth Rev Detroit Sch Dist		5.50%		6/1/2021		A+		10,000		10,821,200

84 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (NPFGC)(FGIC)		1.358%	#		4/1/2014		Aa3	$	3,300	$	3,307,689
MO St Dev Fin Brd Infrastr Branson Landing Pj Ser A		5.625%			12/1/2028		A		3,000		3,092,010
NY St Liberty Dev Corp 4 World Trade Ctr Pj		5.00%			11/15/2031		A+		2,500		2,693,675
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%			12/15/2025		AAA		1,980		2,305,007
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%			12/15/2026		AAA		2,870		3,341,097
PA St Indl Dev Auth Econ Dev		5.50%			7/1/2023		A1		3,000		3,369,390
Philadelphia PA Muni Auth Rev Lease		6.375%			4/1/2029		A2		2,000		2,205,180
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		5.60%			10/1/2014		NR		420		432,571
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.25%			10/1/2024		NR		2,000		2,042,920
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%			10/1/2037		NR		1,000		1,006,860
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%			7/1/2030		Baa1		9,000		10,196,190
Sacramento CA City Fing Auth Master Lease Pg Facs Ser E (AMBAC)		5.25%			12/1/2023		Aa3		3,150		3,548,318
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.25%			9/1/2035		A2		5,000		5,192,500
Total											117,816,835
Other Revenue 7.97%
Apache Cnty AZ Indl Dev Auth Tucson Elec Pwr Co Ser A		4.50%			3/1/2030		BBB-		4,650		4,660,881
Arlington TX Higher Ed Fin Corp Arlington Classics Academy		7.65%			8/15/2040		BB		5,750		6,068,435
Austin TX Convtn Entrprse Inc 1st Tier Ser A CR (BHAC)(XLCA)		5.00%			1/1/2034		AA+		2,400		2,495,232
Austin TX Convtn Entrprse Inc 2nd Tier Ser B		5.75%			1/1/2034		Ba2		5,000		5,001,550
Austin TX Convtn Entrprse Inc 2nd Tier Ser B		6.00%			1/1/2018		Ba2		1,125		1,195,256
Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj		7.50%			2/1/2030		NR		3,500		3,180,975
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.00%			9/1/2032		BB+		2,250		2,071,507

See Notes to Financial Statements. 85

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.25%		9/1/2039		BB+		$	1,000	$	930,080
Baltimore MD Cnvtn Ctr Sub Ser B		5.875%		9/1/2039		Ba2			2,500		2,451,475
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		6.75%		8/1/2028		NR			1,455		1,492,364
CA Infrastr & Econ Dev Bk J David Gladstone Inst Ser A		5.25%		10/1/2034		A-			8,000		8,149,680
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15%		7/1/2030		NR			1,000		865,510
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25%		7/1/2042		NR			1,500		1,234,395
Chester Cnty PA Indl Dev Auth Avon Grove Charter Sch Pj A		6.25%		12/15/2027		BB+			2,325		2,322,419
Cleveland OH Arpt Sys Rev Ser A		5.00%		1/1/2030		A-			2,000		2,103,820
Clifton TX Higher Ed Fin Corp Uplift Ed Ser A		5.70%		12/1/2025		BBB-			2,000		2,189,920
Clifton TX Higher Ed Fin Corp Uplift Ed Ser A		6.00%		12/1/2030		BBB-			1,000		1,108,780
CO Edl & Cultural Facs Auth Charter Sch North East Academy		5.75%		5/15/2037		NR			815		676,939
Doctor Charles Drew Academy MI COP		5.70%		11/1/2036		NR			1,535		1,128,025
FL St Dev Fin Corp Edl Fac Renaissance Charter Sch Ser A		7.625%		6/15/2041		BB+	(c)		9,000		9,563,400
Grand Traverse Academy MI Pub Sch Academy Ref		5.00%		11/1/2036		BB+			1,840		1,418,180
Hammond IN Loc Pub Impt Bd Bk Ser A		6.75%		8/15/2035		BBB-			1,000		1,024,890
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		6.625%		10/1/2029		BBB-			750		778,868
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		7.00%		10/1/2039		BBB-			1,250		1,300,850
Kansas City MO Indl Dev Auth Derrick Thomas Ser A†		5.875%		1/1/2037		NR			1,850		1,642,208
La Vernia TX Higher Ed Fin Corp Amigos
Por Vida Friends Life		6.25%		2/15/2026		NR			1,465		1,429,108
Lansing MI Brd Wtr & Lt Util Ser A(b)		5.00%		7/1/2029		AA-			9,030		10,194,283
Lansing MI Brd Wtr & Lt Util Ser A(b)		5.00%		7/1/2030		AA-			9,485		10,658,956
MA St Dev Fin Agy Broad Institute Ser A		5.25%		4/1/2037		AA-			6,850		7,352,173
Maverick Cnty TX Pub Fac Corp Ser A-1		6.375%		2/1/2029		NR			2,580		2,253,630
Metro Boston Transit Parking Corp		5.25%		7/1/2033		A+			11,000		12,035,100
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj		8.75%		9/1/2039		CCC+			2,250		1,750,117

86 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy		6.625%		6/1/2030		BBB-		$	2,000	$	2,048,420
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B(i)		6.125%		1/1/2025		NR			1,250		125,000
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B(i)		6.25%		1/1/2037		NR			1,700		170,000
Milwaukee WI Redev Auth Academy of Learning Ser A(e)		5.50%		8/1/2022		NR			300		108,000
Milwaukee WI Redev Auth Academy of Learning Ser A(e)		5.65%		8/1/2037		NR			250		90,000
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		8.00%		5/1/2025		BBB+			6,500		7,441,395
Otero Cnty NM Jail Pj Rev		5.75%		4/1/2018		NR			825		775,220
Otero Cnty NM Jail Pj Rev		6.00%		4/1/2028		NR			1,400		1,150,912
Philadelphia PA Auth Indl Dev Please Touch Museum Pj		5.25%		9/1/2036		BBB-			7,700		5,977,741
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.50%		7/1/2026		BBB	(c)		4,500		4,399,740
Plymouth MI Edl Ctr Charter Sch		5.375%		11/1/2035		BBB-			405		351,273
San Antonio TX Convtn Hotel Fin Corp Empowerment Zone Ser A AMT (AMBAC)		5.00%		7/15/2039		BBB			5,000		4,805,400
TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A		5.375%		2/15/2037		BBB			1,230		1,256,556
TX St Pub Fin Auth Charter Sch Uplift Ed Ser A		5.875%		12/1/2036		BBB-			1,145		1,209,922
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		5.875%		12/1/2027		NR			1,000		971,530
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		6.125%		12/1/2042		NR			650		636,298
West Vly City UT Charter Sch Monticello Academy		6.375%		6/1/2037		NR			1,750		1,517,880
Total											143,764,293
Pre-Refunded 0.11%
Philadelphia PA Gas Wrks Rev 12th Ser B ETM (NPFGC)		7.00%		5/15/2020		BBB			1,590		1,939,736
Special Tax 2.97%
Altoona IA Tax Alloc Annual Appropriation		6.00%		6/1/2034		BBB+			1,000		1,056,700

See Notes to Financial Statements. 87

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments		InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
Annawan IL Tax Incr Rev Patriot Renewable Fuels LLC Pj			5.625%		1/1/2018		NR	$	800	$	705,928
Aurora IL Tax Incr Rev East River Area No 6 Ser A			6.75%		12/30/2027		NR		940		960,229
Baltimore MD Spl Oblig Ser A			7.00%		9/1/2038		NR		1,500		1,587,705
Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A			5.50%		4/1/2022		NR		965		834,030
Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A			5.50%		4/1/2027		NR		2,805		2,261,728
Clark Cnty NV Impt Dist Spl Loc Impt 128 Summerlin Ser A			5.05%		2/1/2031		NR		1,035		786,465
Fontana CA Pub Fin Auth Tax North Fontana Redev Pj Ser A (AMBAC)			5.50%		9/1/2032		A+		7,000		7,014,700
Gramercy Farms FL Cmnty Dev Dist Cap Apprec~	Zero Coupon				5/1/2039		NR		5,240		786,000
Gramercy Farms FL Cmnty Dev Dist Ser A-1(e)			5.25%		5/1/2039		NR		1,340		13
HI St Dept Hawaiian Home Lands Rev			5.875%		4/1/2034		A1		3,000		3,305,520
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj			10.00%		5/1/2039		NR		5,000		3,302,300
Lakeside Landings Cmnty Dev Dist FL Ser A(e)			5.50%		5/1/2038		NR		675		270,000
Mesquite NV Redev Agy Tax Alloc			6.625%		6/1/2017		A-		1,605		1,689,487
Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A			5.45%		7/1/2036		NR		2,083		1,521,402
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)			5.00%		1/1/2031		BB+		2,000		1,945,300
NJ Econ Dev Auth Kapkowski Rd Landfill Pj			6.50%		4/1/2028		Ba2		2,325		2,672,448
Osage Beach MO Tax Incr Prewitts Pt Pj			5.00%		5/1/2023		NR		1,000		836,680
Puerto Rico Comwlth Infrastr Fing Auth Ser C (AMBAC)			5.50%		7/1/2028		BBB+		1,475		1,590,434
Riverside Cnty CA Redev Agy Cap Apprec Hsg Ser A (8.50% after 10/1/2021)~	Zero Coupon				10/1/2041		A-		11,195		6,702,447
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E			6.50%		10/1/2040		A-		2,000		2,209,880
San Diego CA Redev Agy Tax Alloc North Pk Redev Pj Sub Ser A			7.00%		11/1/2039		A-		2,500		2,757,275
San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D			7.00%		8/1/2033		BBB		1,000		1,124,500

88 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments		InterestRate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D			7.00%		8/1/2041		BBB	$	1,400	$	1,563,800
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†			6.50%		6/15/2020		B2		1,935		1,916,637
Sparks NV Tourism Impt Dist No 1 Sr
Sales Tax Antic Ser A†			6.75%		6/15/2028		B2		2,500		2,381,175
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj			5.70%		4/1/2022		NR		1,000		838,320
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj			5.75%		4/1/2027		NR		1,300		1,024,231
Total											53,645,334
Tax Revenue 8.69%
Bi-State Dev Agy of the MO-IL Metro Dist St. Clair Cnty Metrolink Pj (AGM)			5.25%		7/1/2024		AA-		2,330		2,766,293
Hudson NY Yards Infrastr Corp Ser A			5.75%		2/15/2047		A		3,000		3,355,140
Jacksonville FL Transit Rev Ser A			5.00%		10/1/2030		AA-		3,515		3,823,195
MA St Sch Bldg Auth Sr Ser B(b)			5.00%		10/15/2032		AA+		20,000		22,676,800
Metro Atlanta GA Rapid Transit Auth Ser A (NPFGC)(FGIC)			5.25%		7/1/2028		AA+		1,500		1,837,710
Metro Transn Auth NY Ser A			5.00%		11/15/2046		A		10,410		10,944,866
Miami-Dade Cnty FL Spl Oblig Sub Ser A (NPFGC)	Zero Coupon				10/1/2024		A2		3,000		1,514,820
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)			5.00%		2/1/2027		AAA		12,000		13,814,760
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)			5.00%		2/1/2028		AAA		4,000		4,604,920
NY St Dorm Auth Ser C			5.00%		3/15/2025		AAA		5,510		6,449,179
NY St Dorm Auth Ser C			5.00%		3/15/2026		AAA		2,580		2,995,406
NY St Dorm Auth Ser C(b)			5.00%		3/15/2034		AAA		10,000		11,150,150
NY St Urban Dev Corp Rev St Pers Income Tax Ser B-1			5.00%		3/15/2028		AAA		5,000		5,771,900
Orange Cnty FL Tourist Dev Ser A (NPFGC)			5.00%		10/1/2021		A+		5,000		5,588,700
San Joaquin Cnty CA Transn Auth Ser A(b)			5.50%		3/1/2041		AA		29,000		32,966,975
San Jose CA Spl Hotel Tax Convtn Ctr Expansion			6.125%		5/1/2031		A2		4,190		4,562,198
St. Louis MO Muni Fin Corp (AMBAC)			5.00%		2/15/2037		NR		4,000		4,056,600
Territory of Guam Oblig Rev Section 30 Ser A			5.75%		12/1/2034		BBB-		3,690		3,859,260

See Notes to Financial Statements. 89

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments		InterestRate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tax Revenue (continued)
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A			5.00%		10/1/2029		BBB		$	5,850	$	6,000,520
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B			5.25%		10/1/2029		Baa2			4,500		4,710,105
Yorba Linda CA Redev Agy Tax Alloc Sub Lien Redev Pj Ser A			6.00%		9/1/2026		A-			1,145		1,209,796
Yorba Linda CA Redev Agy Tax Alloc Sub Lien Redev Pj Ser A			6.50%		9/1/2032		A-			2,000		2,148,280
Total												156,807,573
Tobacco 6.70%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.75%		6/1/2034		B-			11,665		8,652,164
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.875%		6/1/2030		B-			13,300		10,258,822
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.875%		6/1/2047		B-			10,000		7,501,800
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1			5.00%		6/1/2033		B-			7,000		5,314,540
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1			5.125%		6/1/2047		B-			10,650		7,356,275
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-2 (5.30% after 12/1/2012)~	Zero Coupon				6/1/2037		B-			18,200		12,814,802
IA Tob Sttlmnt Auth Asset Bkd Ser C			5.625%		6/1/2046		B+			1,960		1,536,875
IA Tob Sttlmnt Auth Cap Apprec Asset Bkd Ser B			5.60%		6/1/2034		B+			4,750		4,205,555
Inland Empire Tob Securitization Auth CA Ser A			4.625%		6/1/2021		B+	(c)		5,310		4,528,527
Inland Empire Tob Securitization Auth CA Ser A			5.00%		6/1/2021		B+	(c)		1,710		1,499,362
MN Tob Securitization Auth Tob Sttlmnt Ser B			5.25%		3/1/2031		A-			12,000		13,073,160
NJ Tob Sttlmnt Fing Corp Ser 1A			4.625%		6/1/2026		B1			10,500		9,356,235
NJ Tob Sttlmnt Fing Corp Ser 1A			4.75%		6/1/2034		B2			30,755		23,244,014
TSASC Inc NY Ser 1			5.00%		6/1/2026		B+			3,540		3,304,413
VA Tob Sttlmnt Fing Corp Sr Ser B1			5.00%		6/1/2047		B2			12,580		8,358,655
Total												121,005,199

90 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation 13.51%
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2035		BBB-	$	10,000	$	2,434,000
Cent TX Regl Mobility Auth Sr Lien			6.00%		1/1/2041		BBB-		10,000		10,929,800
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2022		AA+		9,645		11,005,731
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2023		AA+		6,135		7,000,535
Dallas TX Area Rapid Transit Sr Lien(b)			5.00%		12/1/2028		AA+		7,160		8,170,143
E-470 Pub Hwy Auth CO Rev Cap Apprec	Zero Coupon				9/1/2035		Baa2		18,000		4,439,880
E-470 Pub Hwy Auth CO Rev Cap
Apprec	Zero Coupon				9/1/2039		Baa2		7,500		1,410,675
HI St Arpts Sys Rev Ser A			5.00%		7/1/2034		A		3,000		3,202,170
Houston TX Arpt Sys Rev Spl Facs Continental Ser A AMT			6.625%		7/15/2038		B-		2,500		2,677,625
Houston TX Arpt Sys Rev Sub Lien Ser A AMT(a)			5.00%		7/1/2031		A		5,000		5,265,950
KY St Tpk Auth Econ Revitalization Pjs Ser A			5.00%		7/1/2027		AA+		5,000		5,688,200
Lee Cnty FL Ser A AMT			5.375%		10/1/2032		A2		3,500		3,674,405
Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Ser A(b)			5.00%		5/15/2035		AA		10,000		10,908,400
Metro Dist of Columbia Arpts Auth Ser A AMT(b)			5.00%		10/1/2022		AA-		3,250		3,518,418
Metro Dist of Columbia Arpts Auth Ser A AMT(b)			5.375%		10/1/2028		AA-		2,500		2,706,475
Metro Transn Auth NY Ser 2008 C			6.50%		11/15/2028		A		7,500		8,959,575
Miami-Dade Cnty FL Aviation Miami Intl Arpt Ser A			5.375%		10/1/2035		A2		6,975		7,612,515
Mid-Bay Bridge Auth FL Springing Ser A			7.25%		10/1/2034		BBB-		7,500		8,308,275
NJ St Transn Tr Fd Auth Transn Sys Ser A			6.00%		6/15/2035		A+		4,500		5,308,065
NJ St Transn Tr Fd Auth Transn Sys Ser B			5.25%		6/15/2026		A+		1,500		1,720,080
North TX Twy Auth Rev Spl Pjs Sys Ser D(b)			5.00%		9/1/2028		AA		20,000		22,409,800
North TX Twy Auth Rev Sys 1st Tier Ser A			6.00%		1/1/2025		A2		5,000		5,759,850
North TX Twy Auth Rev Toll 2nd Tier Ser F			5.75%		1/1/2033		A3		5,705		6,154,611
NY St Thwy Auth Hwy & Bridge Tr Fd Ser B			5.00%		4/1/2025		AA		5,000		5,607,800
OK St Tpk Auth 2nd Sr Ser A(b)			5.00%		1/1/2026		AA-		11,000		12,747,240
OK St Tpk Auth 2nd Sr Ser A(b)			5.00%		1/1/2027		AA-		5,000		5,794,200
Orlando & Orange Cnty FL Expwy Auth Ser A			5.00%		7/1/2030		A		1,500		1,628,475

See Notes to Financial Statements. 91

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments		Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
PA St Tpk Commn Cap Apprec Sub Ser B2 (6.00% after 12/1/2015)~	Zero Coupon					12/1/2034		A-	$	12,000	$	10,858,080
PA St Tpk Commn Sub Ser B-1			5.625%			6/1/2029		A-		3,310		3,675,160
Port of Oakland CA Inter Lien Ser A AMT (NPFGC)			5.00%			11/1/2026		A-		2,285		2,311,483
Port of Oakland CA Ser O AMT			5.00%			5/1/2027		A		3,000		3,108,390
Port of Oakland CA Ser O AMT			5.00%			5/1/2028		A		2,275		2,343,523
Puerto Rico Comwlth Hwy & Transn Auth (AG)(AGM)			5.50%			7/1/2025		AA-		2,000		2,288,200
Regl Transn Dist CO Denver Trans Partners			6.00%			1/15/2034		Baa3		1,800		1,952,406
Regl Transn Dist CO Ser A COP			5.375%			6/1/2031		Aa3		5,200		5,712,200
San Francisco CA City & Cnty Arpts Commn 2nd Tier Ser A AMT			5.00%			5/1/2031		A+		5,500		5,825,765
San Francisco CA City & Cnty Arpts Commn 2nd Tier Ser F AMT			5.00%			5/1/2025		A+		15,000		16,250,550
San Jose CA Arpt Rev Ser A-1 AMT			6.25%			3/1/2034		A2		5,000		5,535,550
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1			6.25%			7/1/2029		A-		3,020		3,423,049
UT Transit Auth Sales Tax Rev Ser A(b)			5.00%			6/15/2028		AAA		5,002		5,584,926
Total												243,912,175
Utilities 15.40%
Amer Muni Pwr OH Inc Prairie St Enrg Campus Pj A			5.25%			2/15/2027		A1		5,000		5,555,150
Atlanta GA Wtr & Wst Wtr Rev Ser A			6.00%			11/1/2028		A1		3,000		3,471,390
Atlanta GA Wtr & Wst Wtr Rev Ser A			6.00%			11/1/2029		A1		4,000		4,608,520
AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b)			5.00%			12/1/2026		Aa1		20,000		23,524,500
AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b)			5.00%			1/1/2032		Aa1		5,440		6,008,480
Birmingham AL Wtrwrks Brd Rev			4.75%			1/1/2036		Aa2		3,000		3,132,900
Cape Fear Pub Util Auth NC Wtr & Swr Sys			5.00%			8/1/2026		AA		5,000		5,711,200
Central Plains NE Enrg Pj No 1			0.827%	#		12/1/2017		B		5,000		4,249,450
Chula Vista CA Rev San Diego Gas Ser E Rmkt			5.875%			1/1/2034		Aa3		2,125		2,442,008
Compton CA Wtr Rev			6.00%			8/1/2039		A		5,500		5,792,105
Detroit MI Wtr Supply Sys Sr Lien Ser A			5.25%			7/1/2041		A+		8,000		8,247,440

92 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Detroit MI Wtr Supply Sys Sr Lien Ser A (NPFGC)		5.00%			7/1/2034		A+	$	5,000	$	5,041,550
FL St Muni Pwr Agy Rev Pwr Ser A		6.25%			10/1/2031		A2		4,000		4,622,440
Houston TX Util Sys Rev 1st Lien Ser A (AG)		5.125%			11/15/2032		AA		4,000		4,470,120
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.25%			11/15/2020		A-		1,505		1,650,067
Long Island NY Pwr Auth Ser A		6.25%			4/1/2033		A-		1,000		1,174,660
Long Island NY Pwr Auth Ser C (CIFG)		5.25%			9/1/2029		A3		1,350		1,545,426
Los Angeles CA Dept of Wtr & Pwr Sys Sub Ser A2 (AMBAC)		5.00%			7/1/2028		AA-		4,925		5,339,537
Louisville & Jefferson Cnty KY Metro Swr Dist Ser A(b)		5.00%			5/15/2028		AA		19,460		22,138,280
M-S-R Enrg Auth CA Gas Rev Ser C		7.00%			11/1/2034		A-		2,000		2,625,640
Main St Natural Gas Inc GA Gas Pj Ser A		5.00%			3/15/2022		Aa3		5,000		5,688,400
Main St Natural Gas Inc GA Gas Pj Ser B		5.00%			3/15/2019		A-		1,000		1,070,760
Main St Natural Gas Inc GA Gas Pj Ser B		5.00%			3/15/2021		A-		3,500		3,696,280
Maricopa Cnty AZ Pollutn Ctrl Corp El Paso Elec Co Pj Ser A		7.25%			2/1/2040		BBB		3,500		4,111,590
Maricopa Cnty AZ Pollutn Ctrl Corp Sthn CA Ed Co Ser A Rmkt		5.00%			6/1/2035		A1		7,730		8,302,097
Metro Atlanta GA Rapid Transit Auth 3rd Indenture Ser B (AGM)		5.00%			7/1/2034		AA+		10,000		10,653,000
Metro St. Louis MO Swr Dist Ser A		5.75%			5/1/2038		AAA		1,760		1,973,910
New York City NY Muni Wtr Fin Auth Ser HH(b)		5.00%			6/15/2031		AA+		20,000		22,572,600
North Sumter Cnty FL Util Dependent Dist		5.375%			10/1/2030		BBB		5,000		5,216,250
Northern CA Gas Auth No 1		1.109%	#		7/1/2027		A2		5,000		3,662,500
NY St Envr Facs Corp Ser B		4.75%			6/15/2032		AA+		5,000		5,309,050
OH St Air Quality Dev Auth First Enrg Generation Ser A		5.70%			8/1/2020		BBB-		3,250		3,672,110
OH St Air Quality Dev Auth OH Vly Elec Corp Ser E		5.625%			10/1/2019		BBB-		4,500		5,119,020
PA Econ Dev Fing Auth Allegheny Enrg Supply Co		7.00%			7/15/2039		BBB-		1,000		1,136,370
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		6.25%			1/1/2032		Baa3		2,500		2,753,950
Palm Beach Cnty FL Solid Wst Auth(b)		5.00%			10/1/2031		AA+		20,000		22,184,800
Palm Beach Cnty FL Solid Wst Auth Impt Ser B		5.50%			10/1/2028		AA+		3,000		3,384,690

See Notes to Financial Statements. 93

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)			Fair Value
Utilities (continued)
Pinal Cnty AZ Elec Dist No 4		6.00%			12/1/2028		A-		$	740		$	794,841
Puerto Rico Elec Pwr Auth Ser RR (XLCA)		5.00%			7/1/2025		BBB+			1,000			1,040,870
Puerto Rico Elec Pwr Auth Ser UU		1.089%	#		7/1/2031		BBB+			4,000			2,811,520
SA Enrg Acq Pub Fac Corp TX Gas Supply Rev		5.50%			8/1/2021		A-			5,000			5,620,100
Sabine River Auth TX Pollutn Ctrl TXU Enrg Co Pj Ser A		5.80%			7/1/2022		CC			1,000			126,140
Salt Verde AZ Financial Corp Gas Rev Ser A		5.00%			12/1/2037		A-			8,000			7,885,680
Salt Verde AZ Financial Corp Gas Rev Ser A		5.25%			12/1/2027		A-			5,000			5,348,000
Sthn CA Pub Pwr Auth Pj No 1 Ser A		1.836%	#		11/1/2038		Baa1			5,000			3,644,150
TN Enrg Acq Corp Jr Ser B		5.625%			9/1/2026		BBB	(c)		3,000			3,081,960
TX Muni Gas Acq & Supply Corp I Sr Lien Ser A		5.25%			12/15/2026		A-			1,250			1,352,725
TX Muni Gas Acq & Supply Corp I Sr Lien Ser D		6.25%			12/15/2026		A-			11,575			13,804,113
Virgin Islands Wtr & Pwr Auth Ser A		5.00%			7/1/2027		Baa3			555			565,456
Total													277,933,795
Total Municipal Bonds (cost $1,868,579,698)													1,973,129,396
									Shares (000)
SHORT-TERM INVESTMENTS 1.49%
Money Market Mutual Funds 0.00%
Dreyfus Municipal Cash Management Plus										—	(j)		908
SSgA Tax Free Money Market Fund										5			4,501
Total Money Market Mutual Funds (cost $5,409)													5,409

Interest Rate#

Interest Rate Reset Date(d)

Final Maturity Date

Principal Amount (000)

Variable Rate Demand Notes 1.49%

Health Care 0.55%

CO St Hlth Facs Auth Rev Hosp NCMC Inc Pj Ser A

0.30

%

4/2/2012

5/15/2030

AAA

$

9,885

$

9,885,000

94 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

NATIONAL TAX FREE FUND March 31, 2012

Investments	Interest Rate#		Interest Rate Reset Date(d)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue 0.50%
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B		0.25%		4/2/2012		6/1/2038		A1	$	9,000	$	9,000,000
Utilities 0.44%
Las Vegas Vly NV Wtr Dist Wtr Impt Ser B		0.27%		4/2/2012		6/1/2036		AA+		4,780		4,780,000
Las Vegas Vly NV Wtr Dist Wtr Impt Ser C		0.27%		4/2/2012		6/1/2036		AA+		3,185		3,185,000
Total												7,965,000
Total Variable Rate Demand Notes (cost $26,850,000)												26,850,000
Total Short-Term Investments (cost $26,855,409)												26,855,409
Total Investments in Securities 110.81% (cost $1,895,435,107)											$	1,999,984,805
Liabilities in Excess of Cash and Other Assets(h) (10.81%)												(195,174,816)
Net Assets 100.00%											$	1,804,809,989

Open Futures Contracts at March 31, 2012:

Type	Expiration		Contracts		Position		Market Value		Unrealized Appreciation
U.S. 30-Year Treasury Bond		June 2012		1,214		Short	$	(167,228,500)	$	4,655,064
Ultra Long U.S. Treasury Bond		June 2012		158		Short		(23,853,063)		1,177,375
Totals							$	(191,081,563)	$	5,832,439

See Notes to Financial Statements. 95

Schedule of Investments (unaudited)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 107.35%
Corporate-Backed 10.01%
AK Indl Dev & Export Auth Sports Facs Rev Anchorage Sportsplex Pj Ser A(e)		6.12%		8/1/2031		NR	$	3,285	$	1,314,000
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B2		6,000		5,581,260
Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA)		5.50%		6/1/2025		NR		1,375		1,323,823
Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA)		5.50%		6/1/2036		NR		3,210		2,907,907
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.875%		5/1/2030		BB		6,050		6,559,349
Beauregard Parish LA Rev Boise Cascade Corp Pj		6.80%		2/1/2027		B2		6,250		6,140,625
Brazos River Auth TX Pollutn Ctrl TXU Co Ser A Rmkt AMT		7.70%		4/1/2033		CC		2,000		317,460
Brazos River Auth TX Pollutn Ctrl TXU Co Ser D-1 Rmkt AMT†		8.25%		5/1/2033		Ca		2,000		340,460
Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT		9.00%		6/1/2035		CCC+		7,640		8,266,709
Cleveland OH Arpt Spl Rev Continental Airlines Inc Pj AMT		5.375%		9/15/2027		B-		12,635		11,858,579
Courtland AL Indl Dev Brd Solid Wst Disp Intl Paper Co Pjs A AMT		5.20%		6/1/2025		BBB		5,545		5,657,730
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 3 Rmkt AMT(e)		9.125%		5/1/2029		NR		13,500		5,467,500
Houston TX Arpt Sys Rev Spl Facs Continental Ser B AMT		5.70%		7/15/2029		B-		3,760		3,674,836
IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(e)		5.875%		3/1/2027		NR		1,500		495,585
IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(e)		6.00%		3/1/2037		NR		1,450		478,442
IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A(e)		6.125%		10/1/2027		NR		1,475		265,500
IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A(e)		6.25%		10/1/2037		NR		6,525		1,174,500
Intl Falls MN Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2022		B-		1,085		991,365
Love Field TX Arpt Modernization Corp Southwest Airlines Co Pj		5.25%		11/1/2040		BBB-		6,770		7,059,147

96 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Corporate-Backed (continued)
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2016		NR	$	1,830	$	1,807,967
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2022		NR		10,000		9,381,500
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2016		NR		4,000		3,461,800
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00%		5/15/2020		B-		2,900		2,735,222
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.125%		5/15/2030		B-		1,000		890,900
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00%		11/1/2028		NR		6,190		5,872,391
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		5.50%		4/1/2028		B-		5,935		5,528,631
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2019		B		6,105		6,127,283
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2029		B		4,035		4,051,422
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		7.20%		11/15/2030		B		755		758,662
PA Econ Dev Fing Auth Amtrak Pj Ser A AMT		5.00%		11/1/2041		A1		2,750		2,836,542
PA Econ Dev Fing Auth US Airways Grp Ser B		8.00%		5/1/2029		CCC+		2,500		2,648,850
Phoenix AZ Indl Dev Auth Amer West Airlines Inc Pj AMT		6.25%		6/1/2019		Caa3		1,955		1,843,956
Phoenix AZ Indl Dev Auth Amer West Airlines Inc Pj AMT		6.30%		4/1/2023		Caa3		3,685		3,332,272
Port of Bay City Auth TX Matagorda Hoechst Celanese Corp Pj AMT		6.50%		5/1/2026		B+		6,120		6,119,755
Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser A		6.45%		11/1/2030		B+		5,100		5,152,785
Port of St. Helen’s OR Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2027		B-		1,730		1,511,276
Rockdale Cnty GA Dev Auth Visy Paper Pj Ser A AMT		6.125%		1/1/2034		NR		6,000		6,154,020
Rumford ME Solid Wst Disp Boise Cascade Corp Pj AMT		6.875%		10/1/2026		B2		1,500		1,423,050
Selma AL Ind Dev Brd Intl Paper Co Ser A		5.375%		12/1/2035		BBB		3,250		3,410,810

See Notes to Financial Statements. 97

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Corporate-Backed (continued)
Syracuse NY Indl Dev Agy Pilot Carousel Ctr Pj Ser A AMT (XLCA)		5.00%		1/1/2036		BBB-		$	6,910	$	6,777,673
West Pace Cooperative Dist AL Rev		9.125%		5/1/2039		NR			14,050		13,510,761
Total											165,212,305
Education 5.20%
Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj		6.50%		11/1/2029		BBB-			2,500		2,688,275
CA St Pub Wrks Brd Regents Univ Ser E(b)		5.00%		4/1/2034		Aa2			7,495		7,934,988
CA Statewide Cmntys Dev Auth Thomas Jefferson Sch Law Ser A†		7.25%		10/1/2032		BB+			3,500		3,763,445
CA Statewide Cmntys Dev Auth Windrush Sch(e)		5.50%		7/1/2037		NR			7,225		4,985,250
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+			1,720		1,769,484
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2027		BBB-	(c)		1,375		1,261,274
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2037		BBB-	(c)		7,460		6,323,693
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00%		9/1/2036		NR			12,725		10,454,605
IL Fin Auth Rev IL Inst Tech		7.125%		2/1/2034		Baa3			2,500		2,607,050
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2025		Baa3			2,500		2,200,375
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2026		Baa3			2,000		1,748,740
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2031		Baa3			2,000		1,681,180
MA St Dev Fin Agy Boston Architectural College (ACA)		5.00%		1/1/2037		NR			2,710		2,184,531
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2030		Ba3			5,000		5,140,550
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy(e)		5.25%		7/1/2018		NR			250		100,000
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy(e)		5.50%		7/1/2038		NR			2,300		920,000
New York City NY Indl Dev Agy Vaughn College Aeronautics B		5.00%		12/1/2031		BB+			1,510		1,377,558
New York City NY Indl Dev Agy Vaughn College Aeronautics B		5.25%		12/1/2036		BB+			3,640		3,401,398
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		7.125%		12/1/2023		Baa1			4,000		4,976,840

98 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
NJ St Edl Facs Auth Univ Med & Dentistry Ser B			7.50%		12/1/2032		Baa1	$	2,000	$	2,405,620
OH St Higher Edl Fac Rev Commn Ashland Univ Pj			6.25%		9/1/2024		Ba1		7,020		7,350,993
Stockton CA Unif Sch Dist Cap Apprec Election 2008 Ser D (AGM)	Zero Coupon				8/1/2033		AA-		8,135		2,363,950
Univ of CA Ser O(b)			5.75%		5/15/2031		AA		7,000		8,125,110
Total											85,764,909
General Obligation 10.60%
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A			6.125%		8/1/2029		NR		1,500		1,639,800
Alhambra CA Unif Sch Dist Cap Apprec Election 2008 Ser B (AGM)	Zero Coupon				8/1/2038		AA-		5,150		1,178,887
Arkansas City KS Pub Bldg Commn South Cent Regl Med Ctr			6.75%		9/1/2038		A3		6,360		7,365,516
CA St			5.00%		2/1/2032		A1		15,685		16,882,079
HI St Ser DZ(b)			5.00%		12/1/2027		AA		10,000		11,616,550
HI St Ser DZ(b)			5.00%		12/1/2028		AA		4,000		4,617,500
Huntington Beach CA Union High Sch Dist Cap Apprec 2004 Election (NPFGC)(FGIC)	Zero Coupon				8/1/2033		Aa2		5,000		1,431,200
IL St			5.00%		3/1/2031		A+		2,250		2,362,927
IL St			5.00%		3/1/2032		A+		6,000		6,281,460
IL St Ser A			5.00%		1/1/2034		A+		2,275		2,367,410
Kendall Kane & Will Cntys IL Cmnty Unit Sch Dist No 308 Ser A(b)			5.00%		2/1/2029		Aa2		19,000		20,920,710
Los Angeles CA Cmnty College Dist 2001 Election Ser A (NPFGC)(FGIC)(b)			5.00%		8/1/2032		Aa1		10,580		11,541,193
Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b)			5.00%		7/1/2032		Aa2		10,000		10,885,100
Los Angeles CA Unif Sch Dist Ser D(b)			5.00%		1/1/2034		Aa2		10,460		11,356,840
Los Angeles CA Unif Sch Dist Ser F(b)			5.00%		7/1/2029		Aa2		2,000		2,171,480
Maverick Cnty TX Ctfs Oblig			8.75%		3/1/2034		NR		2,500		2,562,400
Maverick Cnty TX Ctfs Oblig			8.75%		3/1/2034		NR		5,500		5,637,280
New York City NY Ser H-1(b)			5.125%		3/1/2026		AA		10,000		11,337,450
New York City NY Sub Ser J-1(b)			5.00%		5/15/2029		AA		9,000		9,937,800
New York City NY Sub Ser J-1(b)			5.00%		5/15/2031		AA		7,000		7,729,400
New York City NY Sub Ser J-1(b)			5.00%		5/15/2036		AA		1,000		1,104,200

See Notes to Financial Statements. 99

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Newport Mesa CA Unif Sch Dist Cap Apprec Election 2005	Zero Coupon				8/1/2035		Aa1	$	19,135	$	6,228,825
Newport Mesa CA Unif Sch Dist Cap Apprec Election 2005	Zero Coupon				8/1/2037		Aa1		10,645		3,078,002
Territory of Guam Ser A			6.75%		11/15/2029		B+		8,690		9,312,986
Territory of Guam Ser A			7.00%		11/15/2039		B+		2,175		2,361,485
Woonsocket RI			7.125%		6/15/2016		Ba2		3,000		3,066,660
Total											174,975,140
Health Care 25.56%
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg			5.875%		11/15/2036		NR		10,000		8,563,000
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg			5.875%		11/15/2042		NR		4,500		3,750,210
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A			5.00%		11/15/2028		B+		15,365		12,756,177
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A			5.375%		11/15/2040		B+		2,425		1,989,009
AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj			5.20%		10/1/2037		NR		9,710		7,438,734
CA Statewide Cmntys Dev Auth Sr Living Sthn CA			7.00%		11/15/2029		BBB-		1,000		1,129,340
CA Statewide Cmntys Dev Auth Sr Living Sthn CA			7.25%		11/15/2041		BBB-		2,500		2,783,775
CO Hlth Facs Auth Rev Amer Baptist Ser A			7.75%		8/1/2029		NR		5,770		6,173,900
CO Hlth Facs Auth Rev Amer Baptist Ser A			7.75%		8/1/2039		NR		5,045		5,293,517
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp			5.40%		1/1/2022		NR		585		591,213
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp			6.00%		1/1/2040		NR		2,000		2,023,200
Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Eliza Jennings Sr Care Ser A			6.00%		5/15/2037		NR		4,300		4,283,101
Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Eliza Jennings Sr Care Ser A			6.00%		5/15/2042		NR		2,500		2,472,325
Director St NV Dept Business & Industry Las Ventanas Ret Pj A(e)			7.00%		11/15/2034		NR		6,000		3,183,240
Director St NV Dept Business & Industry Las Ventanas Ret Pj B(e)			6.00%		11/15/2014		NR		4,105		2,206,396

100 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Director St NV Dept Business & Industry Las Ventanas Ret Pj B(e)			6.75%		11/15/2023		NR		$	4,700	$	2,518,777
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr			7.00%		7/1/2030		Ba1			4,225		4,541,495
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr			7.375%		7/1/2035		Ba1			2,620		2,854,752
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr			7.50%		7/1/2039		Ba1			800		873,760
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A			5.125%		1/1/2036		BBB-	(c)		4,700		4,546,122
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B			6.00%		1/1/2023		BBB-	(c)		3,385		3,704,307
Harris Cnty TX Cultural Ed Facs Fin Corp Children’s Hosp Pj(b)			5.00%		10/1/2024		AA			6,000		6,708,810
Harris Cnty TX Cultural Ed Facs Fin Corp Children’s Hosp Pj(b)			5.25%		10/1/2029		AA			4,000		4,472,540
HFDC Cent TX Inc Ret Fac Ser A			5.625%		11/1/2026		NR			1,850		1,757,297
HFDC Cent TX Inc Ret Fac Ser A			5.75%		11/1/2036		NR			5,500		4,984,375
Holmes Cnty FL Hosp Corp Doctors Mem Hosp			5.75%		11/1/2026		NR			5,920		5,677,398
Holmes Cnty FL Hosp Corp Doctors Mem Hosp			6.00%		11/1/2038		NR			7,115		6,633,314
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A			5.25%		4/1/2027		NR			1,200		1,047,264
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A			5.25%		4/1/2033		NR			2,990		2,418,820
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser B			5.25%		4/1/2037		NR			6,270		4,946,340
Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj			5.50%		1/1/2028		NR			4,500		4,316,625
IL Fin Auth Rev Clare Oaks Pj Ser A(e)			6.00%		11/15/2027		NR			9,000		2,790,000
IL Fin Auth Rev Clare Wtr Twr Cap Apprec Ser B(e)	Zero Coupon				5/15/2050		NR			4,800		12,000
IL Fin Auth Rev Clare Wtr Twr Ser A-2(e)			5.20%		5/15/2015		NR			700		105,000
IL Fin Auth Rev Clare Wtr Twr Ser A-3(e)			5.30%		5/15/2016		NR			700		105,000
IL Fin Auth Rev Clare Wtr Twr Ser A-6(e)			6.00%		5/15/2028		NR			2,800		420,000
IL Fin Auth Rev Clare Wtr Twr Ser A-7(e)			6.125%		5/15/2041		NR			3,500		525,000
IL Fin Auth Rev Clare Wtr Twr Ser A-10(e)			5.125%		5/15/2018		NR			3,500		525,000
IL Fin Auth Rev Friendship Vlg Schaumburg			7.25%		2/15/2045		BB-	(c)		3,500		3,650,500

See Notes to Financial Statements. 101

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
IL Fin Auth Rev Friendship Vlg Schaumburg Ser A		5.375%		2/15/2025		BB-	(c)	$	4,000	$	3,777,800
IL Fin Auth Rev Friendship Vlg Schaumburg Ser A		5.625%		2/15/2037		BB-	(c)		10,975		9,859,830
IL Fin Auth Rev Landing at Plymouth Place Pj Ser A		6.00%		5/15/2025		NR			3,000		2,813,400
IL Fin Auth Rev Northwestern Mem Hosp Ser A(b)		5.75%		8/15/2030		AA+			5,000		5,631,900
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		7.25%		11/1/2030		A2			3,000		3,661,440
IL Fin Auth Rev Smith Vlg Pj Ser A		5.25%		11/15/2016		NR			3,660		3,646,458
IL Fin Auth Rev Three Crowns Pk Plaza Ser A		5.875%		2/15/2038		NR			4,500		4,426,200
Iron River MI Hosp Fin Auth Iron Cnty Cmnty Hosps		6.50%		5/15/2033		NR			5,000		5,017,000
Johnston NC Mem Hosp Auth (AGM)(FHA)(b)		5.25%		10/1/2036		AA-			7,000		7,599,200
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		5.75%		7/1/2025		BB+			3,325		3,423,520
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		6.00%		7/1/2035		BB+			4,350		4,423,645
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.00%		5/15/2021		NR			1,000		1,134,460
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.00%		5/15/2029		NR			2,820		3,133,866
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.25%		5/15/2039		NR			6,695		7,459,770
LA Pub Facs Auth Hosp Rev Lake Charles Mem Hosp†		6.375%		12/1/2034		NR			5,840		5,934,024
LA Pub Facs Auth Ochsner Clinic Fndtn Pj		6.50%		5/15/2037		Baa1			8,250		9,191,160
Lubbock TX Hlth Facs Dev Corp 1st Mtg Carillon Pj A		6.30%		7/1/2019		NR			4,010		4,179,864
MA Dev Fin Agy Groves Lincoln Ser A		7.50%		6/1/2029		NR			4,000		4,005,960
MA Dev Fin Agy Groves Lincoln Ser A		7.75%		6/1/2039		NR			2,000		2,002,940
MA St Hlth & Edl Facs Auth Emerson Hosp Ser E (RADIAN)		5.00%		8/15/2025		NR			6,840		6,450,872
Martin Cnty FL Hlth Facs Auth Martin Mem Med Ctr		5.50%		11/15/2042		Baa1			4,125		4,252,091
Martin Cnty FL Hlth Facs Auth Martin Mem Med Ctr		5.50%		11/15/2032		Baa1			2,250		2,387,835

102 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Martin Cnty TX Hosp Dist Ser A		7.25%		4/1/2036		BBB	(c)	$	3,450	$	3,637,508
MD St Hlth & Higher Edl Facs Auth Mercy Med Ctr(a)		5.00%		7/1/2031		BBB			1,100		1,137,356
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.125%		2/1/2028		NR			3,045		2,901,063
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.25%		2/1/2035		NR			11,975		11,268,235
NC Med Care Commn Hsg Fndtn Inc (ACA)		6.625%		8/15/2030		NR			2,915		2,917,041
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.30%		11/1/2026		NR			1,250		1,138,525
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR			4,705		3,919,124
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2032		BBB			3,175		3,332,131
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2037		BBB			3,475		3,644,371
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.125%		12/1/2029		Ba1			4,250		4,495,437
OH St Hosp Fac Rev Cleveland Clinic Hlth Ser B(b)		5.50%		1/1/2034		Aa2			13,500		15,002,820
Orange Cnty FL Hlth Facs Auth 1st Mtg Orlando Lutheran Tower		5.50%		7/1/2038		NR			6,550		5,888,581
Orange Cnty FL Hlth Facs Auth Hlthcare Orlando Lutheran		5.375%		7/1/2020		NR			1,100		1,098,812
Orange Cnty FL Hlth Facs Auth Hlthcare Orlando Lutheran		5.70%		7/1/2026		NR			2,920		2,847,496
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser B		5.50%		7/1/2026		BBB-			1,800		1,861,848
RI St Hlth & Edl Bldg Corp Hosp Fing St. Joseph Hlth Svcs		5.50%		10/1/2029		B-			15,270		10,781,536
Rochester MN Hlthcare Samaritan Bethany Ser A		6.875%		12/1/2029		NR			1,945		2,103,829
Rochester MN Hlthcare Samaritan Bethany Ser A		7.375%		12/1/2041		NR			6,000		6,499,980
San Buenaventura CA Cmnty Mem Hlth Sys		7.50%		12/1/2041		BB			3,000		3,478,800
San Buenaventura CA Cmnty Mem Hlth Sys		8.00%		12/1/2026		BB			10,000		12,370,400
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2037		NR			2,895		2,128,896

See Notes to Financial Statements. 103

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2045		NR	$	6,435	$	4,603,084
Sayre OK Mem Hosp Auth		6.00%		7/1/2037		NR		4,000		3,407,800
SC Jobs Econ Dev Auth Hampton Regl Med		5.25%		11/1/2028		NR		12,000		11,254,080
St. Paul MN Port Auth Lease Rev Healtheast Midway Campus 03 A		5.75%		5/1/2025		BB		1,520		1,561,633
St. Paul MN Port Auth Lease Rev Healtheast Midway Campus 03 A		5.875%		5/1/2030		BB		1,000		1,016,640
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		5.375%		8/1/2015		NR		1,915		1,972,642
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00%		8/1/2025		NR		3,000		2,919,330
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00%		8/1/2035		NR		3,000		2,800,410
Torrance CA Rev Torrance Mem Med Ctr Ser A		4.75%		9/1/2030		A		2,200		2,250,446
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		6.875%		11/1/2023		NR		1,300		1,373,541
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		7.125%		11/1/2030		NR		2,000		2,193,120
Upper IL River Vly Dev Auth Pleasant View Lutheran Home		7.25%		11/15/2040		NR		1,200		1,244,136
Upper IL River Vly Dev Auth Pleasant View Lutheran Home		7.375%		11/15/2045		NR		1,550		1,607,226
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc		5.70%		9/1/2037		NR		9,250		8,995,532
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc		5.75%		9/1/2042		NR		2,000		1,941,220
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc		8.00%		9/1/2041		NR		2,955		3,498,927
Western IL Econ Dev Auth Carthage Mem Hosp Pj Ser B		7.00%		6/1/2033		NR		2,890		2,893,324
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2030		AA+		1,170		1,261,085
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2033		AA+		7,000		7,422,345
WI St Hlth & Edl Facs Auth Wheaton Hlthcare Ser B		5.125%		8/15/2030		A-		5,000		5,082,650
Wilson Cnty KS Hosp Rev		5.60%		9/1/2036		NR		3,530		3,193,803

104 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
WV St Hosp Fin Auth Thomas Hlth Sys		6.50%		10/1/2028		NR	$	7,425	$	7,546,473
Total										421,678,104
Housing 0.74%
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		6.375%		12/1/2029		B3		3,280		2,607,764
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		6.45%		12/1/2019		B3		1,285		1,165,559
LA Hsg Fin Agy Multi Fam Hsg Ser B		8.00%		9/1/2039		BB-		3,425		3,617,211
Metro Govt Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Multi Fam Hsg Prestige A(e)		7.50%		12/20/2040		NR		3,930		2,312,530
MuniMae TE Bd Subs LLC(kj		5.30%		11/29/2049		Ba2		2,000		1,401,460
MuniMae TE Bd Subs LLC(kj		5.90%		11/29/2049		B1		2,000		1,122,040
Total										12,226,564
Lease Obligations 2.24%
CA St Pub Wrks Brd CA St Prisons Ser C		5.75%		10/1/2031		A2		1,500		1,666,800
CA St Pub Wrks Brd Var Cap Pjs Ser A(a)		5.00%		4/1/2033		A2		6,500		6,638,450
CA St Pub Wrks Brd Var Cap Pjs Ser A(a)		5.00%		4/1/2034		A2		10,000		10,165,200
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		15.00%		5/27/2012		NR		4,199		1,503,494
LA Pub Facs Auth Rev SUSLA Facs Inc Pj Ser A		5.75%		7/1/2039		NR		5,100		4,089,282
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2025		AAA		3,730		4,346,611
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2026		AAA		5,420		6,315,987
Philadelphia PA Muni Auth Rev Lease		6.375%		4/1/2029		A2		2,000		2,205,180
Total										36,931,004
Other Revenue 13.03%
Apache Cnty AZ Indl Dev Auth Tucson Elec Pwr Co Ser A		4.50%		3/1/2030		BBB-		4,650		4,660,881
Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj		7.50%		2/1/2030		NR		8,300		7,543,455
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.00%		9/1/2032		BB+		2,250		2,071,507
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.25%		9/1/2039		BB+		2,975		2,766,988
Baltimore MD Cnvtn Ctr Sub Ser B		5.875%		9/1/2039		Ba2		10,845		10,634,499
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		6.75%		8/1/2028		NR		3,450		3,538,596

See Notes to Financial Statements. 105

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		7.00%		8/1/2038		NR		$	3,000	$	3,071,730
CA Muni Fin Auth High Tech High Chula Vista B		6.125%		7/1/2038		BB+	(c)		1,250		1,188,175
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15%		7/1/2030		NR			2,340		2,025,293
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25%		7/1/2042		NR			1,500		1,234,395
Charyl Stockwell Academy MI COP		5.75%		10/1/2025		NR			4,130		3,710,557
Charyl Stockwell Academy MI COP		5.90%		10/1/2035		NR			3,000		2,567,130
Doctor Charles Drew Academy MI COP		5.70%		11/1/2036		NR			1,640		1,205,187
FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A		6.00%		5/15/2036		NR			2,000		1,698,880
FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A		6.125%		5/15/2037		NR			1,855		1,640,321
FL St Dev Fin Corp Edl Fac Renaissance Charter Sch Ser A		7.50%		6/15/2033		BB+	(c)		9,350		10,035,261
IA Fin Auth Child Svcs		5.375%		6/1/2026		NR			1,795		1,671,001
IA Fin Auth Child Svcs		5.50%		6/1/2031		NR			4,260		3,809,505
IA Fin Auth Child Svcs		5.55%		6/1/2036		NR			5,960		5,182,935
IAH TX Pub Fac Corp Pj Rev		6.00%		5/1/2016		NR			730		727,102
IAH TX Pub Fac Corp Pj Rev		6.00%		5/1/2021		NR			2,000		1,899,300
IAH TX Pub Fac Corp Pj Rev		6.125%		5/1/2026		NR			1,635		1,476,961
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		6.625%		10/1/2029		BBB-			750		778,868
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		7.00%		10/1/2039		BBB-			1,250		1,300,850
Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A		6.125%		8/1/2026		NR			1,550		1,556,681
Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A		6.25%		8/1/2036		NR			2,815		2,706,031
Kansas City MO Indl Dev Auth Derrick Thomas Ser A		5.875%		1/1/2037		NR			6,570		5,832,058
La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life		6.25%		2/15/2026		NR			1,000		975,500
La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life		6.375%		2/15/2037		NR			1,220		1,155,291
La Vernia TX Higher Ed Fin Corp Lifeschools of Dallas Ser A		7.25%		8/15/2031		BBB-			4,750		5,502,637
La Vernia TX Higher Ed Fin Corp Ser A		7.125%		2/15/2038		BBB			6,515		7,230,152

106 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date			Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Lombard IL Pub Facs Corp 1st Tier Ser A-1		7.125%		1/1/2036			NR	$	8,500	$	6,892,565
Maverick Cnty TX Pub Fac Corp Ser A-1		6.25%		2/1/2024			NR		4,705		4,217,938
Maverick Cnty TX Pub Fac Corp Ser A-1		6.375%		2/1/2029			NR		1,640		1,432,540
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2031			NR		15,200		10,061,640
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser B		5.25%		12/1/2031			NR		3,000		2,056,440
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj†		6.50%		9/1/2037			CCC+		5,000		3,172,650
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj		8.75%		9/1/2039			CCC+		2,250		1,750,117
MI Pub Edl Facs Auth Rev Ltd Oblig Crescent		7.00%		10/1/2036			NR		722		694,749
MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy		6.625%		6/1/2030			BBB-		1,955		2,002,331
MI Pub Edl Facs Auth Rev Ltd Oblig Old Redford Pj Ser A		5.875%		12/1/2030			BBB-		3,720		3,676,104
MI St Strategic Fd Ltd Pollutn Ctrl Gen Motors Corp(f)		-		-	(g)		NR		5,000		37,500
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B(i)		6.125%		1/1/2025			NR		2,790		279,000
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B(i)		6.25%		1/1/2037			NR		5,755		575,500
Milwaukee WI Redev Auth Academy of Learning Ser A(e)		5.65%		8/1/2037			NR		3,340		1,202,400
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		8.00%		5/1/2025			BBB+		10,250		11,734,507
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2023			BB+		175		178,388
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2036			BB+		880		850,265
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2039			BB+		9,365		8,850,019
OH St Pollutn Ctrl Rev Gen Motors Corp Pj		5.625%		3/1/2015			NR		2,965		22,238
Otero Cnty NM Jail Pj Rev		5.75%		4/1/2018			NR		1,925		1,808,845
Otero Cnty NM Jail Pj Rev		6.00%		4/1/2023			NR		1,350		1,170,113
Otero Cnty NM Jail Pj Rev		6.00%		4/1/2028			NR		1,900		1,561,952
Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A(e)		6.75%		7/1/2022			NR		1,460		365,000

See Notes to Financial Statements. 107

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A(e)		7.00%		7/1/2036		NR		$	5,000	$	1,250,000
Palm Beach Cnty FL Rev G Star Sch of Arts Ser A		6.75%		5/15/2035		BB			2,455		2,360,532
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.50%		7/1/2026		BBB	(c)		5,000		4,888,600
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.625%		7/1/2038		BBB	(c)		10,495		9,552,759
Pima Cnty AZ Indl Dev Auth Horizon Cmnty Learning Ctr		5.25%		6/1/2035		BBB			10,000		8,975,000
Plymouth MI Edl Ctr Charter Sch		5.375%		11/1/2030		BBB-			1,475		1,314,933
Provo UT Charter Sch Rev Freedom Academy Fndtn		5.50%		6/15/2037		NR			3,865		3,206,365
San Antonio TX Convtn Hotel Fin Corp Empowerment Zone Ser A AMT (AMBAC)		5.00%		7/15/2034		BBB			2,575		2,474,472
San Antonio TX Convtn Hotel Fin Corp Empowerment Zone Ser A AMT (AMBAC)		5.00%		7/15/2039		BBB			7,540		7,246,543
TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A		5.375%		2/15/2037		BBB			2,870		2,931,963
West Vly City UT Charter Sch Monticello Academy†		6.375%		6/1/2037		NR			4,075		3,534,492
Yonkers NY Econ Dev Corp Charter Sch Edl Excellence Ser A		6.00%		10/15/2030		BB			1,300		1,311,180
Total											215,037,367
Special Tax 6.73%
Anne Arundel Cnty MD Spl Oblig National Business Pk North Pj		5.625%		7/1/2025		NR			1,000		1,027,430
Anne Arundel Cnty MD Spl Oblig National Business Pk North Pj		6.10%		7/1/2040		NR			2,250		2,320,538
Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A-1(e)		5.50%		5/1/2036		NR			1,235		209,950
Arborwood Cmnty Dev Dist FL Master Infrastr Pjs Ser A		5.35%		5/1/2036		NR			6,545		4,661,611
Aurora IL Tax Incr Rev East River Area No 6 Ser A		6.75%		12/30/2027		NR			1,545		1,578,248
Aurora IL Tax Incr Rev River City No 3 Ser B		6.50%		12/30/2023		NR			2,715		2,773,943
Baltimore MD Spl Oblig Ser A		7.00%		9/1/2038		NR			3,500		3,704,645
Cap Reg Cmnty Dev Dist FL Cap Impt Ser A		7.00%		5/1/2039		NR			4,460		3,944,736

108 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
Durbin Crossing Cmnty Dev Dist FL Ser A		5.50%		5/1/2037		NR	$	5,700	$	4,736,586
FL Cypress Creek Hillsborough Cnty Cmnty Dev Dist		5.35%		5/1/2037		NR		6,300		3,969,252
Grandview MO Indl Dev Auth Tax Inc Grandview Crossing Pj 1(e)		5.75%		12/1/2028		NR		1,000		260,000
Henderson NV Loc Impt Dists No T18		5.25%		9/1/2026		NR		8,130		5,280,272
Henderson NV Loc Impt Dists No T18		5.30%		9/1/2035		NR		2,495		1,556,007
Hesperia CA Pub Fing Auth Redev & Hsg Pjs Ser A (XLCA)		5.00%		9/1/2031		Ba1		6,615		5,503,680
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		10.00%		5/1/2039		NR		11,325		7,479,710
Inglewood CA Redev Agy Tax Alloc Sub Lien Ser A-1 (AMBAC)		5.00%		5/1/2033		BBB+		12,000		10,867,440
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas		6.875%		8/1/2034		BBB+		1,000		1,108,560
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas		6.875%		8/1/2039		BBB+		1,000		1,102,140
Magnolia FL West Cmnty Dev Dist		5.35%		5/1/2037		NR		3,830		2,019,789
Mesquite NV Redev Agy Tax Alloc		7.125%		6/1/2021		A-		1,000		1,049,760
Mesquite NV Redev Agy Tax Alloc		7.375%		6/1/2024		A-		1,655		1,724,692
Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A		5.45%		7/1/2036		NR		5,454		3,983,547
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2031		BB+		2,685		2,611,565
Orange Grove LA Cmnty Dev Dist(e)		5.30%		11/1/2021		NR		1,705		716,100
Panther Trace II FL Cmnty Dev Dist Spl Assmnt Ser A		5.60%		5/1/2035		NR		1,630		1,378,719
Rancho Cucamonga Cmnty Facs Dist Spl Tax No 2004-1 Etiwanda		5.375%		9/1/2036		NR		3,495		3,328,393
Riverside Cnty CA Pub Fing Auth Jurupa Vly Desert & Inst 215 (NPFGC)		4.75%		10/1/2035		Baa1		9,000		7,890,030
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E		6.50%		10/1/2040		A-		2,000		2,209,880
Sparks NV Loc Impt Dist Ltd Oblig Dist No 3		6.75%		9/1/2027		NR		1,000		996,130
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.75%		6/15/2028		B2		14,000		13,334,580
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj		5.70%		4/1/2022		NR		1,485		1,244,905
Tern Bay Cmnty Dev Dist FL Ser A(e)		5.375%		5/1/2037		NR		13,145		3,286,250

See Notes to Financial Statements. 109

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Special Tax (continued)
Westside CA Union Sch Dist Cmnty Facs Dist No 2005-3			5.00%		9/1/2036		NR		$	2,810	$	2,535,210
Whispering Spring LA Dev Dist Spl Assmnt(e)			5.20%		10/1/2021		NR			2,290		583,950
Total												110,978,248
Tax Revenue 0.64%
Cooperative Dist of Fort Spanish AL Rev Pub Impt			9.00%		2/1/2029		NR			3,135		3,659,329
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)			5.00%		12/15/2028		AAA			6,000		6,915,480
Total												10,574,809
Tobacco 13.76%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.125%		6/1/2024		B-			48,485		38,638,181
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.75%		6/1/2034		B-			14,230		10,554,676
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.875%		6/1/2030		B-			13,000		10,027,420
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			5.875%		6/1/2047		B-			15,195		11,398,985
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2			6.50%		6/1/2047		B-			1,030		845,929
Buckeye OH Tob Sttlmnt Fing Auth Cap Apprec Asset Sr Conv A-3	Zero Coupon				6/1/2037		B-			13,370		9,992,872
CA Tob Securitization Auth of Sthn CA Sr Ser A1			5.00%		6/1/2037		BB+			10,090		7,630,058
CA Tob Securitization Auth of Sthn CA Sr Ser A1			5.125%		6/1/2046		B+			1,990		1,457,735
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1			4.50%		6/1/2027		B			10,000		8,344,000
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1			5.00%		6/1/2033		B-			28,900		21,941,458
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1			5.125%		6/1/2047		B-			13,045		9,010,573
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1			5.75%		6/1/2047		B-			10,445		8,004,421
Inland Empire Tob Securitization Auth CA Ser A			4.625%		6/1/2021		B+	(c)		5,365		4,575,433

110 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tobacco (continued)
Inland Empire Tob Securitization Auth CA Ser A			5.00%		6/1/2021		B+	(c)	$	2,635	$	2,310,421
MI Tob Sttlmnt Fin Auth Sr Ser A			5.125%		6/1/2022		B-			490		417,573
MI Tob Sttlmnt Fin Auth Sr Ser A			5.25%		6/1/2022		B-			5,000		4,407,450
MI Tob Sttlmnt Fin Auth Sr Ser A			6.00%		6/1/2034		B-			11,000		8,751,270
MI Tob Sttlmnt Fin Auth Sr Ser A			6.00%		6/1/2048		B-			11,600		8,836,184
NJ Tob Sttlmnt Fing Corp Ser 1A			4.50%		6/1/2023		B1			5,000		4,669,950
NJ Tob Sttlmnt Fing Corp Ser 1A			4.75%		6/1/2034		B2			3,990		3,015,562
NJ Tob Sttlmnt Fing Corp Ser 1A			5.00%		6/1/2029		B2			12,590		11,239,219
NJ Tob Sttlmnt Fing Corp Ser 1A			5.00%		6/1/2041		B2			31,140		23,591,975
VA Tob Sttlmnt Fing Corp Sr Ser B1			5.00%		6/1/2047		B2			26,050		17,308,662
Total												226,970,007
Transportation 8.98%
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2030		BBB-			35,000		12,003,600
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2033		BBB-			5,000		1,402,950
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2034		BBB-			25,535		6,669,231
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2035		BBB-			3,445		838,513
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2037		BBB-			4,985		1,053,929
CA Foothill Eastern Transn Corridor Agy Cap Apprec	Zero Coupon				1/15/2038		BBB-			1,000		198,070
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Amer Airlines Inc AMT(e)			6.375%		5/1/2035		NR			6,630		2,685,150
Dardenne Twn Square Transn Dev Dist MO Ser A			5.00%		5/1/2036		NR			3,110		1,493,142
Director St NV Dept Business & Industry Las Vegas Monorail Pj 2nd Tier(e)			7.25%		1/1/2023		NR			5,000		500
Director St NV Dept Business & Industry Las Vegas Monorail Pj 2nd Tier(e)			7.375%		1/1/2030		NR			5,000		500
E-470 Pub Hwy Auth CO Rev Cap Apprec	Zero Coupon				9/1/2037		Baa2			5,000		1,067,650
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser A (NPFGC)	Zero Coupon				9/1/2034		BBB			5,885		1,554,523
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)	Zero Coupon				9/1/2031		BBB			25,000		8,304,000

See Notes to Financial Statements. 111

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)	Zero Coupon			9/1/2037		BBB	$	9,925	$	2,119,285
Houston TX Arpt Sys Rev Spl Facs Continental Ser A AMT		6.625%		7/15/2038		B-		2,500		2,677,625
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2025		AA-		1,025		1,116,049
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2026		AA-		3,440		3,745,571
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2027		AA-		3,895		4,240,988
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2028		AA-		3,430		3,734,682
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2032		AA-		8,210		8,939,284
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2033		AA-		2,675		2,912,617
Metro Dist of Columbia Arpts Auth Ser A AMT(b)		5.00%		10/1/2022		AA-		3,250		3,518,417
Metro Dist of Columbia Arpts Auth Ser A AMT(b)		5.25%		10/1/2027		AA-		4,540		4,914,959
Metro Dist of Columbia Arpts Auth Ser A AMT(b)		5.375%		10/1/2028		AA-		2,500		2,706,475
Mid-Bay Bridge Auth FL Springing Ser A		7.25%		10/1/2034		BBB-		7,500		8,308,275
NJ St Transn Tr Fd Auth Transn Sys Ser A		6.00%		6/15/2035		A+		2,700		3,184,839
North TX Twy Auth Rev Spl Pjs Sys Ser D(b)		5.00%		9/1/2028		AA		20,000		22,409,800
Port Auth NY & NJ Cons 160th(b)		4.00%		9/15/2031		Aa2		20,000		20,504,500
Susquehanna Area PA Regl Arpt Auth Ser A AMT		6.50%		1/1/2038		Baa3		7,835		8,156,862
TX St Tpk Auth Cent TX Tpk Cap Apprec (AMBAC)	Zero Coupon			8/15/2031		BBB+		24,500		7,764,295
Total										148,226,281
Utilities 9.86%
Adelanto CA Pub Util Auth Util Sys Pj Ser A		6.625%		7/1/2031		NR		11,000		11,859,100
Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A-3		5.50%		5/1/2036		NR		645		606,506
AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b)		5.00%		1/1/2032		Aa1		5,430		5,997,435
Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj AMT		5.00%		3/1/2041		CC		6,000		634,980

112 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Utilities (continued)
Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj Ser B AMT		6.30%		7/1/2032		CC		$	2,000	$	266,960
Detroit MI Wtr Supply Sys Rev Sr Lien Ser A		5.00%		7/1/2036		A+			3,000		3,046,380
Detroit MI Wtr Supply Sys Rev Sr Lien Ser A		5.25%		7/1/2041		A+			10,000		10,309,300
Detroit MI Wtr Supply Sys Rev Sr Lien Ser C		5.00%		7/1/2041		A+			6,450		6,530,496
Lathrop CA Fing Auth Rev Wtr Supply Pj		5.90%		6/1/2027		NR			4,440		4,475,786
Lathrop CA Fing Auth Rev Wtr Supply Pj		6.00%		6/1/2035		NR			5,940		5,964,473
M-S-R Enrg Auth CA Gas Rev Ser B		6.50%		11/1/2039		A-			5,350		6,655,828
Maricopa Cnty AZ Pollutn Ctrl Corp El Paso Elec Co Pj Ser A		7.25%		2/1/2040		BBB			3,500		4,111,590
Moraine OH Solid Wst Disp Gen Motors Corp Pj AMT		6.75%		7/1/2014		NR			525		3,938
New York City NY Muni Wtr Fin Auth Ser CC(b)		5.00%		6/15/2029		AA+			11,000		12,106,985
New York City NY Muni Wtr Fin Auth Ser CC(b)		5.125%		6/15/2030		AA+			1,000		1,100,635
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		6.25%		1/1/2032		Baa3			1,500		1,652,370
Padre Dam CA Muni Wtr Dist Pj Ser A(b)		5.25%		10/1/2034		AA-			11,600		12,464,316
Palm Beach Cnty FL Solid Wst Auth(b)		5.00%		10/1/2031		AA+			20,000		22,184,800
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT		5.60%		12/1/2022		NR			2,000		2,081,340
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT		5.75%		12/1/2032		NR			5,000		4,910,650
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		5.125%		7/1/2037		Baa2			4,500		4,396,815
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A AMT		6.45%		6/1/2021		CC			2,000		272,600
Salt Verde AZ Fin Corp Gas Rev Ser A		5.00%		12/1/2037		A-			4,750		4,682,122
San Antonio TX Elec & Gas Ser A(b)		5.25%		2/1/2029		Aa1			19,375		22,343,441
San Antonio TX Elec & Gas Ser A(b)		5.25%		2/1/2031		Aa1			6,270		7,230,626
TN Enrg Acq Corp Jr Ser B		5.625%		9/1/2026		BBB	(c)		4,781		4,911,617
Western Generation Agy OR Wauna Cogeneration Pj B AMT		5.00%		1/1/2016		NR			1,500		1,507,500
Western Generation Agy OR Wauna Cogeneration Pj Sub Lien C		5.00%		1/1/2021		NR			350		333,750
Total											162,642,339
Total Municipal Bonds (cost $1,820,556,581)											1,771,217,077

See Notes to Financial Statements. 113

Schedule of Investments (unaudited)(concluded)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2012

Investments								Shares (000)			Fair Value
SHORT-TERM INVESTMENTS 1.18%
Money Market Mutual Funds 0.00%
Dreyfus Municipal Cash Management Plus									—	(j)	$	797
SSgA Tax Free Money Market Fund									3			2,890
Total Money Market Mutual Funds (cost $3,687)												3,687
	Interest Rate#		Interest Rate Reset Date(d)		Final Maturity Date			Principal Amount (000)
Variable Rate Demand Notes 1.18%
General Obligation 0.47%
Chicago IL Ser F Rmkt		0.38%		4/2/2012		1/1/2042	A+	$	2,600			2,600,000
New York City NY Ser A-4		0.27%		4/2/2012		8/1/2038	AAA		3,400			3,400,000
New York City NY Sub Ser A-5		0.32%		4/2/2012		8/1/2015	A1		1,800			1,800,000
Total												7,800,000
Utilities 0.71%
Las Vegas Vly NV Wtr Dist Wtr Impt Ser B		0.27%		4/2/2012		6/1/2036	AA+		11,615			11,615,000
Total Variable Rate Demand Notes (cost $19,415,000)												19,415,000
Total Short-Term Investments (cost $19,418,687)												19,418,687
Total Investments in Securities 108.53% (cost $1,839,975,268)												1,790,635,764
Liabilities in Excess of Cash and Other Assets(h) (8.53%)												(140,756,574)
Net Assets 100.00%											$	1,649,879,190

Open Futures Contracts at March 31, 2012:

Type	Expiration	Contracts		Position		Market Value			Unrealized Appreciation
U.S. 30-Year Treasury Bond	June 2012		1,175		Short	$	(161,856,250	)		$	4,763,124
Ultra Long U.S. Treasury Bond	June 2012		174		Short		(26,268,563	)			1,296,605
Totals						$	(188,124,813	)		$	6,059,729

114 See Notes to Financial Statements.

Schedule of Investments (unaudited)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 102.94%
Corporate-Backed 0.47%
CA Statewide Cmntys Dev Auth Sthn CA Ed Ser A		4.50%		9/1/2029		A1	$	1,000	$	1,026,740
Education 5.61%
CA Edl Facs Auth Rev College & Univ Fing Pg		5.00%		2/1/2037		Ba1		1,000		834,530
CA Infrastr & Econ Dev Bk Pepperdine Univ		5.00%		11/1/2028		Aa3		1,000		1,101,820
CA Muni Fin Auth Rev Biola Univ		5.80%		10/1/2028		Baa1		1,085		1,175,522
CA Muni Fin Auth Rev Emerson College		5.75%		1/1/2033		BBB+		1,250		1,369,975
CA St Pub Wrks Brd Regents Univ Ser E(b)		5.00%		4/1/2034		Aa2		1,500		1,587,997
CA Statewide Cmntys Dev Auth Windrush Sch(e)		5.50%		7/1/2037		NR		1,250		862,500
Tustin CA Unif Sch Dist 2008 Election Ser B		6.00%		8/1/2036		AA		1,500		1,780,320
Univ of CA Ser O(b)		5.75%		5/15/2031		AA		3,000		3,482,190
Total										12,194,854
General Obligation 24.79%
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.125%		8/1/2029		NR		1,000		1,093,200
CA St		5.00%		2/1/2032		A1		2,000		2,152,640
CA St		5.00%		2/1/2033		A1		3,000		3,216,390
CA St		5.25%		9/1/2024		A1		5,000		5,787,300
CA St		5.50%		11/1/2034		A1		275		302,852
CA St (CIFG)		4.50%		8/1/2028		A1		1,515		1,554,557
CA St Var Purp		5.25%		10/1/2029		A1		1,500		1,637,580
CA St Var Purp		5.25%		10/1/2032		A1		4,000		4,391,680
CA St Var Purp		5.50%		3/1/2040		A1		2,000		2,190,240
CA St Var Purp		6.50%		4/1/2033		A1		3,500		4,237,975
Los Angeles CA Unif Sch Dist Election 2004 Ser F (FGIC)		5.00%		7/1/2030		Aa2		2,000		2,158,940
Los Angeles CA Unif Sch Dist Election 2004 Ser H (AGM)(b)		5.00%		7/1/2028		Aa2		3,000		3,313,365
Los Angeles CA Unif Sch Dist Ser I		5.00%		7/1/2029		Aa2		2,225		2,463,742
Montebello CA Unif Sch Dist Election 2004 (AGM)		5.00%		8/1/2028		AA-		1,335		1,443,736
Newport Mesa CA Unif Sch Dist Cap Apprec Election 2005	Zero Coupon			8/1/2037		Aa1		5,000		1,445,750

See Notes to Financial Statements. 115

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Piedmont CA Unif Sch Dist Election 2006 Ser C(b)		5.00%		8/1/2032		AA	$	1,910	$	2,033,491
Piedmont CA Unif Sch Dist Election 2006 Ser C(b)		5.00%		8/1/2033		AA		2,145		2,275,591
Piedmont CA Unif Sch Dist Election 2006 Ser C(b)		5.00%		8/1/2034		AA		2,400		2,537,988
Puerto Rico Comwlth Pub Impt Ser E		5.50%		7/1/2031		Baa1		3,000		3,100,710
San Bernardino CA Cmnty College Dist Election 2002 Ser A		5.75%		8/1/2020		Aa2		750		892,718
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.25%		8/1/2033		Aa2		1,500		1,769,415
San Diego CA Unif Sch Dist Ser R-1	Zero Coupon			7/1/2031		Aa2		3,000		1,110,930
Territory of Guam Ser A		7.00%		11/15/2039		B+		390	��	423,439
West Contra Costa CA Unif Sch Dist Election of 2005 Ser B		6.00%		8/1/2027		Aa3		1,000		1,283,480
Yosemite CA Comnty College Dist Unltd Cap Apprec 2004 Election Ser D	Zero Coupon			8/1/2033		Aa2		3,350		1,093,406
Total										53,911,115
Health Care 12.93%
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser G		5.50%		7/1/2025		A		2,500		2,797,350
CA Hlth Facs Fing Auth Cedars Sinai Med Ctr		5.00%		8/15/2039		A2		1,500		1,577,205
CA Hlth Facs Fing Auth Children’s Hosp Ser A		5.25%		11/1/2035		A		2,000		2,139,660
CA Hlth Facs Fing Auth Lucile Packard Children’s Hosp Ser A		5.00%		8/15/2051		AA		2,000		2,104,020
CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C		6.25%		10/1/2024		AA		1,000		1,220,740
CA Hlth Facs Fing Auth Rady Children’s Hosp Ser A		5.50%		8/15/2033		A2		2,000		2,148,180
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.50%		8/15/2026		AA-		2,000		2,338,340
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		7.00%		11/15/2029		BBB-		1,000		1,129,340
CA Statewide Cmntys Dev Auth Trinity Hlth		5.00%		12/1/2041		AA		2,000		2,147,220
Newport Beach CA Rev Hoag Mem Hosp Presbyterian		5.875%		12/1/2030		AA		500		588,060
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp Auxilio Mutuo Ser A		6.00%		7/1/2033		A-		2,000		2,196,060

116 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
San Buenaventura CA Cmnty Mem Hlth Sys		8.00%		12/1/2031		BB	$	2,000	$	2,436,100
Turlock CA Hlth Fac Rev Emanuel Med Ctr Ser B COP		5.50%		10/15/2037		BBB		2,000		1,900,140
Upland CA San Antonio Cmnty Hosp COP		6.00%		1/1/2026		A		2,000		2,300,460
Whittier CA Hlth Fac Rev Presbyterian Intercmnty Hosp		5.75%		6/1/2029		A+		1,000		1,106,360
Total										28,129,235
Housing 1.19%
CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus		5.00%		5/15/2038		Baa2		1,000		1,007,330
CA Statewide Cmntys Dev Auth Irvine Univ Campus		5.125%		5/15/2031		Baa2		1,500		1,571,670
Total										2,579,000
Lease Obligations 10.00%
CA St Pub Wrks Brd CA St Prisons Ser C		5.75%		10/1/2031		A2		2,000		2,222,400
CA St Pub Wrks Brd Dept Forestry & Fire Ser E		5.00%		11/1/2024		A2		1,550		1,682,323
CA St Pub Wrks Brd Judicial Council Pjs Ser D		5.00%		12/1/2028		A2		1,000		1,048,340
CA St Pub Wrks Brd Var Cap Pj Ser A(a)		5.00%		4/1/2026		A2		3,000		3,179,100
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		5.375%		11/1/2022		A2		1,000		1,136,610
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		6.375%		11/1/2034		A2		2,000		2,260,280
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR		1,000		1,006,860
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		Baa1		1,000		1,132,910
Sacramento CA City Fing Auth Master Lease Pg Facs Ser E (AMBAC)		5.25%		12/1/2023		Aa3		1,500		1,689,675
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.25%		9/1/2035		A2		1,220		1,266,970
San Mateo Cnty CA Jt Pwrs Fing Auth Ref Cap Pj Ser A		5.25%		7/15/2026		AA+		3,000		3,389,610
Santa Ana CA Unif Sch Dist Cap Apprec Fing Pj COP (AGM)	Zero Coupon			4/1/2019		AA-		2,295		1,723,293
Total										21,738,371

See Notes to Financial Statements. 117

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue 3.78%
CA Infrastr & Econ Dev Bk J David Gladstone Inst Ser A		5.25%		10/1/2034		A-		$	2,000	$	2,037,420
CA Muni Fin Auth Ed Rev Amer Heritage Ed Fndtn Pj A		5.25%		6/1/2036		BBB-			1,000		874,960
CA Muni Fin Auth High Tech High Chula Vista B†		6.00%		7/1/2028		BB+	(c)		850		839,494
CA Muni Fin Auth OCEAA Pj Ser A		6.75%		10/1/2028		NR			1,445		1,390,871
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15%		7/1/2030		NR			500		432,755
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25%		7/1/2042		NR			1,225		1,008,089
Territory of Guam Govt Business Privilege Tax Ser A		5.25%		1/1/2036		A			1,500		1,639,815
Total											8,223,404
Special Tax 10.69%
Dana Point CA Cmnty Facs Dist No 2006-1		5.625%		9/1/2033		NR			545		547,730
Dana Point CA Cmnty Facs Dist No 2006-1		5.625%		9/1/2037		NR			925		910,810
Fontana CA Pub Fin Auth Tax North Fontana Redev Pj Ser A (AMBAC)		5.50%		9/1/2032		A+			2,000		2,004,200
Imperial Beach CA Redev Agy Palm Ave Comm Redev Pj		5.00%		6/1/2030		A			2,000		2,018,540
Inglewood CA Redev Agy Tax Alloc Sub Lien Ser A-1 (AMBAC)		5.00%		5/1/2033		BBB+			1,535		1,390,127
Irvine CA Pub Facs & Infrastr Auth Spl Assmt Ser A		4.50%		9/2/2025		BBB+			650		670,404
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas		6.875%		8/1/2034		BBB+			1,000		1,108,560
Norco CA Redev Agy Tax Alloc Redev Pj Area No 1		6.00%		3/1/2036		A			1,120		1,187,110
Riverside Cnty CA Redev Agy Desert Cmnty Pj Area D		6.00%		10/1/2037		Baa1			5,000		5,275,250
San Diego CA Redev Agy Tax Alloc North Pk Redev Pj Sub Ser A		7.00%		11/1/2039		A-			1,000		1,102,910
San Francisco CA City & Cnty Redev Agy Mission Bay North Redev Ser C		6.75%		8/1/2033		A-			500		562,915
San Francisco CA City & Cnty Redev Agy Mission Bay North Redev Ser C		6.75%		8/1/2041		A-			1,000		1,120,520

118 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Special Tax (continued)
San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D		6.625%		8/1/2039		BBB		$	1,500	$	1,619,220
Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A		6.625%		9/1/2029		A			500		579,935
Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A		7.00%		9/1/2036		A			500		588,315
Union City CA Cmnty Redev Agy Sub Lien Cmnty Redev Pj		6.875%		12/1/2033		A			1,500		1,683,900
Westside CA Union Sch Dist Cmnty Facs Dist No 2005-3		5.00%		9/1/2036		NR			985		888,677
Total											23,259,123
Tax Revenue 1.00%
San Jose CA Spl Hotel Tax Convtn Ctr Expansion		6.125%		5/1/2031		A2			1,000		1,088,830
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-			1,030		1,077,246
Total											2,166,076
Tobacco 7.45%
CA Tob Securitization Auth of Sthn CA Sr Ser A1		5.00%		6/1/2037		BB+			2,175		1,644,735
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		4.50%		6/1/2027		B			1,000		834,400
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.00%		6/1/2033		B-			1,070		812,365
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.125%		6/1/2047		B-			3,020		2,086,005
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.75%		6/1/2047		B-			1,610		1,233,808
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A		5.00%		6/1/2045		A2			3,000		3,023,310
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A (FGIC)		5.00%		6/1/2035		A2			4,555		4,613,076
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Sr Ser A (AMBAC)		5.00%		6/1/2029		A2			350		350,564
Inland Empire Tob Securitization Auth CA Ser A		4.625%		6/1/2021		B+	(c)		875		746,226
Inland Empire Tob Securitization Auth CA Ser A		5.00%		6/1/2021		B+	(c)		970		850,515
Total											16,195,004

See Notes to Financial Statements. 119

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation 9.94%
Bay Area Toll Auth CA San Francisco Bay Area		5.00%			10/1/2033		A+	$	2,905	$	3,129,760
CA Foothill Eastern Transn Corridor Agy Cap Apprec		5.80%			1/15/2020		BBB-		2,000		2,051,960
Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Ser A(b)		5.00%			5/15/2035		AA		10,000		10,908,400
Port of Oakland CA Ser O AMT		5.125%			5/1/2031		A		1,250		1,276,788
San Francisco CA City & Cnty Arpts Commn 2nd Ser A AMT		5.00%			5/1/2032		A+		1,000		1,055,880
San Francisco CA City & Cnty Arpts Commn 2nd Ser F AMT		5.00%			5/1/2027		A+		1,430		1,530,028
San Jose CA Arpt Rev Ser A-1 AMT		6.25%			3/1/2034		A2		1,500		1,660,665
Total											21,613,481
Utilities 15.09%
Adelanto CA Pub Util Auth Util Sys Pj Ser A		6.625%			7/1/2031		NR		1,000		1,078,100
Burbank CA Wtr & Pwr Elec Sys Rev Ser A		5.00%			6/1/2023		AA-		2,000		2,284,380
CA St Dept of Wtr Res Cent Vly Pj Ser AE		5.00%			12/1/2026		AAA		2,000		2,270,240
Chino Basin Desalter Auth Ser A (AG)		5.00%			6/1/2027		AA-		2,000		2,174,060
Chula Vista CA Rev San Diego Gas Ser E Rmkt		5.875%			1/1/2034		Aa3		1,000		1,149,180
Dublin-San Ramon Svcs Dist CA		5.25%			8/1/2029		A		1,250		1,442,487
Lathrop CA Fing Auth Rev Wtr Supply Pj		6.00%			6/1/2035		NR		2,075		2,083,549
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.25%			11/15/2020		A-		1,505		1,650,067
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.50%			11/15/2037		A-		1,000		1,113,580
M-S-R Enrg Auth CA Gas Rev Ser C		7.00%			11/1/2034		A-		2,000		2,625,640
Northern CA Gas Auth No 1		1.109%	#		7/1/2027		A2		1,000		732,500
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.50%			7/1/2022		A1		1,985		2,289,003
Northern CA Pwr Agy Rev Hydroelectric No 1-C (AG)		5.00%			7/1/2024		AA-		1,760		1,912,944
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		5.75%			7/1/2037		Baa2		2,100		2,173,752
Riverside CA Elec Rev Issue D (AGM)		5.00%			10/1/2027		AA-		1,000		1,099,220
Rowland CA Wtr Dist Recycled Wtr Pj COP		6.50%			12/1/2035		AA-		1,500		1,713,435
Sacramento CA Regl Cnty Santn Dist Ser A (NPFGC)(FGIC)		5.25%			12/1/2023		AA		1,500		1,824,945

120 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CALIFORNIA TAX FREE FUND March 31, 2012

Investments				Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Utilities (continued)
Sthn CA Pub Pwr Auth Pj No 1 Ser A					5.00	%		11/1/2033		Baa1	$	2,000		$	2,026,380
Sthn CA Pub Pwr Auth Sub Sthn
Transmission Ser A					5.00	%		7/1/2020		AA-		1,000			1,176,570
Total															32,820,032
Total Municipal Bonds (cost $208,435,464)															223,856,435
											Shares (000)
SHORT-TERM INVESTMENTS 0.92%
Money Market Mutual Fund 0.00%
Dreyfus General CA Municipal Money Market Fund Class A (cost $26)												—	(j)		26
	Interest Rate#			Interest Rate Reset Date(d)			Final Maturity Date				Principal Amount (000)
Variable Rate Demand Note 0.92%
General Obligation
CA St Ser B Sub Ser B-6 (cost $2,000,000)		0.34	%		4/2/2012			5/1/2040		AAA	$	2,000			2,000,000
Total Short-Term Investments (cost $2,000,026)															2,000,026
Total Investments in Securities 103.86% (cost $210,435,490)															225,856,461
Liabilities in Excess of Cash and Other Assets(h) (3.86%)															(8,387,605)
Net Assets 100.00%														$	217,468,856

Open Futures Contracts at March 31, 2012:

Type	Expiration	Contracts		Position		Market Value			Unrealized Appreciation
U.S. 30-Year Treasury Bond	June 2012		143		Short	$	(19,698,250	)		$	585,542
Ultra Long U.S. Treasury Bond	June 2012		45		Short		(6,793,594	)			335,328
Totals						$	(26,491,844	)		$	920,870

See Notes to Financial Statements. 121

Schedule of Investments (unaudited)
NEW JERSEY TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 101.80%
Corporate-Backed 3.02%
Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT		5.375%		11/1/2035		BB	$	1,305	$	1,182,917
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00%		11/1/2028		NR		1,085		1,029,329
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		5.50%		4/1/2028		B-		320		298,090
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2029		B		1,000		1,004,070
Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT(e)		6.25%		6/1/2026		NR		1,000		479,760
Total										3,994,166
Education 10.91%
NJ Inst of Tech Ser A		5.00%		7/1/2032		A+		500		557,675
NJ St Edl Facs Auth College of NJ Ser D (AGM)		5.00%		7/1/2028		AA-		1,000		1,093,960
NJ St Edl Facs Auth Montclair St Univ Ser J		5.00%		7/1/2029		A1		2,000		2,144,760
NJ St Edl Facs Auth Rider Univ Ser A(a)		5.00%		7/1/2032		BBB+		500		530,740
NJ St Edl Facs Auth Rider Univ Ser A(a)		5.00%		7/1/2037		BBB+		500		516,025
NJ St Edl Facs Auth Rowan Univ		5.00%		7/1/2022		A+		425		489,808
NJ St Edl Facs Auth Rowan Univ Ser B (AG)		5.00%		7/1/2027		AA-		1,150		1,256,019
NJ St Edl Facs Auth Seton Hall Univ Ser E		6.00%		7/1/2028		A		2,450		2,809,978
NJ St Edl Facs Auth Stevens Inst Tech Ser A		5.00%		7/1/2034		BBB+		1,000		1,021,170
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		7.50%		12/1/2032		Baa1		1,000		1,202,810
Rutgers St Univ NJ Ser F		5.00%		5/1/2031		AA		2,500		2,791,225
Total										14,414,170
General Obligation 11.52%
Atlantic City NJ Brd Ed (AGM)		5.00%		4/1/2022		AA-		1,150		1,311,598
Hudson Cnty NJ Impt Auth Ser A GTD		5.75%		1/1/2035		Aa3		1,840		2,133,406
Irvington Twp NJ Gen Impt		5.00%		1/1/2021		A1		1,410		1,619,343
New Brunswick NJ		5.00%		10/1/2023		AA-		1,000		1,171,010
NJ St Ser Q		5.00%		8/15/2020		AA-		1,025		1,251,894
Northern Mariana Islands Comwlth Ser B		5.00%		10/1/2033		NR		2,490		1,992,249
Paterson NJ (AGM)		5.00%		6/15/2020		Aa3		900		1,001,529

122 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
General Obligation (continued)
Puerto Rico Comwlth Pub Impt Ser E		5.375%		7/1/2030		Baa1		$	1,000	$	1,028,150
Rahway NJ (AGM)		4.125%		12/15/2026		Aa3			5		5,229
Territory of Guam Ser A		7.00%		11/15/2039		B+			140		152,004
Toms River Twp NJ Golf Util Impt Ser A		3.00%		12/15/2022		AA			1,155		1,178,342
Toms River Twp NJ Golf Util Impt Ser A		3.00%		12/15/2023		AA			250		250,485
Union Cnty NJ Utils Auth Rev Covanta Union Ser A GTD AMT		4.75%		12/1/2031		AA+			1,000		1,029,780
Woodbridge Twp NJ Swr Util		4.00%		7/1/2024		AA-			1,020		1,094,083
Total											15,219,102
Health Care 15.91%
Burlington Cnty NJ Bridge Commn The Evergreens Pj		5.625%		1/1/2038		NR			1,000		989,840
NJ Econ Dev Auth Cranes Mill Pj Ser A		5.00%		6/1/2015		BBB-	(c)		500		524,510
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.30%		11/1/2026		NR			500		455,410
NJ Econ Dev Auth 1st Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR			1,000		832,970
NJ Econ Dev Auth Seabrook Vlg Inc Fac		5.25%		11/15/2036		NR			1,000		943,300
NJ Hlthcare Facs Fing Auth AHS Hosp Corp		6.00%		7/1/2037		A1			650		755,021
NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A		5.00%		7/1/2027		A1			2,000		2,125,280
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2032		BBB			925		970,778
NJ Hlthcare Facs Fing Auth Barnabas Hlth Ser A		5.625%		7/1/2037		BBB			875		917,647
NJ Hlthcare Facs Fing Auth Chilton Mem Hosp		5.75%		7/1/2039		BBB+			2,000		2,097,080
NJ Hlthcare Facs Fing Auth Holy Name Hosp		5.00%		7/1/2036		Baa2			1,000		982,000
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.625%		7/1/2038		BBB-			2,000		2,176,680
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp Oblig		5.25%		7/1/2021		BBB-			1,000		1,053,690
NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Grp Ser A		4.75%		7/1/2024		BBB-			1,000		1,009,170
NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Grp Ser A		5.25%		7/1/2030		BBB-			1,000		1,005,830
NJ Hlthcare Facs Fing Auth Virtua Hlth		5.75%		7/1/2033		A			2,500		2,747,800

See Notes to Financial Statements. 123

Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A		6.125%		11/15/2025		AA+	$	415	$	416,536
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A		6.125%		11/15/2030		AA+		1,000		1,003,710
Total										21,007,252
Housing 1.65%
NJ Econ Dev Auth MSU Student Hsg Pj		5.75%		6/1/2031		Baa3		1,000		1,091,630
NJ Econ Dev Auth MSU Student Hsg Pj		5.875%		6/1/2042		Baa3		1,000		1,081,610
Total										2,173,240
Lease Obligations 17.87%
Essex Cnty NJ Impt Auth Lease Newark Pj Ser A		6.25%		11/1/2030		Baa1		1,250		1,407,000
Gloucester Cnty NJ Impt Auth Cnty Ln Cnty Cap Pg GTD		5.00%		4/1/2028		AA+		2,500		2,782,475
Morris-Union Jt Commn NJ COP (RADIAN)		5.00%		5/1/2027		Baa3		1,000		1,019,010
Newark NJ Hsg Auth Rev South Ward Police Fac (AG)		6.75%		12/1/2038		Aa3		750		923,228
NJ Econ Dev Auth Sch Facs Constr Ser AA		5.50%		12/15/2029		A+		1,275		1,435,930
NJ Econ Dev Auth Sch Facs Constr Ser N-1 (AMBAC)		5.50%		9/1/2024		A+		1,000		1,205,480
NJ Econ Dev Auth Sch Facs Constr Ser Y		5.00%		9/1/2033		A+		1,020		1,078,895
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.00%		10/1/2028		A+		3,775		4,080,775
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.75%		10/1/2031		A+		1,400		1,597,092
NJ St Equip Lease Purchase Ser A COP		5.25%		6/15/2029		A+		1,000		1,080,040
NJ St Transn Tr Fd Auth Cap Apprec Transn Sys Ser A	Zero Coupon			12/15/2031		A+		5,000		1,850,700
NJ St Transn Tr Fd Auth Cap Apprec Transn Sys Ser A	Zero Coupon			12/15/2038		A+		5,000		1,202,400
NJ St Transn Tr Fd Auth TCRS Ser A (AMBAC)		5.25%		12/15/2022		A+		1,500		1,799,205
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR		1,000		1,006,860
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		Baa1		1,000		1,132,910
Total										23,602,000

124 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
NEW JERSEY TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue 0.93%
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B(e)		6.25%		1/1/2037		NR	$	1,300	$	130,000
Territory of Guam Govt Business Privilege Tax Ser A		5.25%		1/1/2036		A		1,000		1,093,210
Total										1,223,210
Special Tax 0.99%
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		5.75%		10/1/2021		Ba2		500		529,225
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		6.50%		4/1/2028		Ba2		675		775,872
Total										1,305,097
Tax Revenue 8.30%
Garden St Preservation Tr 2005 Ser A (AGM)		5.75%		11/1/2028		AAA		3,055		3,908,200
NJ Econ Dev Auth Cigarette Tax		5.50%		6/15/2031		BBB		200		219,324
NJ Econ Dev Auth Cigarette Tax		5.75%		6/15/2029		BBB		1,370		1,509,795
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.25%		8/1/2027		A+		1,020		1,114,421
Puerto Rico Sales Tax Fing Corp 1st Sub Ser C		5.00%		8/1/2035		A+		2,500		2,633,750
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-		375		392,201
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A		5.00%		10/1/2029		BBB		650		666,725
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B		5.25%		10/1/2029		Baa2		500		523,345
Total										10,967,761
Tobacco 4.59%
NJ Tob Sttlmnt Fing Corp Ser 1A		4.50%		6/1/2023		B1		2,260		2,110,817
NJ Tob Sttlmnt Fing Corp Ser 1A		4.625%		6/1/2026		B1		1,755		1,563,828
NJ Tob Sttlmnt Fing Corp Ser 1A		4.75%		6/1/2034		B2		3,155		2,384,486
Total										6,059,131
Transportation 16.53%
Hudson Cnty NJ Impt Auth Harrison Pkg Fac Pj Ser C GTD (AG)		5.125%		1/1/2031		AA-		1,500		1,640,460
NJ St Tpk Auth Ser A (AGM)		5.25%		1/1/2028		AA-		2,000		2,415,320
NJ St Transn Tr Fd Auth Transn Sys Ser A		5.25%		12/15/2020		A+		1,000		1,203,320
NJ St Transn Tr Fd Auth Transn Sys Ser A		6.00%		6/15/2035		A+		2,000		2,359,140

See Notes to Financial Statements. 125

Schedule of Investments (unaudited)(concluded)
NEW JERSEY TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Transportation (continued)
Port Auth NY & NJ Cons 152nd AMT		5.75%		11/1/2030		Aa2	$	1,000		$	1,133,250
Port Auth NY & NJ Cons 156th Ser(b)		4.75%		11/1/2036		Aa2		10,625			11,379,730
Port Auth NY & NJ Cons 161st		5.00%		10/15/2031		Aa2		1,165			1,300,210
Puerto Rico Hwy & Transn Auth Ser AA (NPFGC)		5.50%		7/1/2020		A3		365			402,825
Total											21,834,255
Utilities 9.58%
Essex Cnty NJ Utils Auth (AG)		5.00%		4/1/2020		Aa2		1,000			1,134,740
NJ Econ Dev Auth Swr Facs Anheuser Busch AMT		4.95%		3/1/2047		A-		1,000			995,010
NJ Envr Infrastr Tr Ser C		5.00%		9/1/2021		AAA		1,775			2,245,233
Passaic Vly NJ Sewage Commnrs Swr Sys Ser F (NPFGC)(FGIC)		2.50%		12/1/2032		A2		525			375,034
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		5.75%		7/1/2037		Baa2		1,300			1,345,656
Puerto Rico Elec Pwr Auth Ser WW		5.00%		7/1/2028		BBB+		1,000			1,037,900
Puerto Rico Elec Pwr Auth Ser XX		5.25%		7/1/2040		BBB+		1,000			1,035,770
Puerto Rico Elec Pwr Auth Ser XX		5.75%		7/1/2036		BBB+		1,000			1,096,750
Salem Cnty NJ Utils Auth Pollutn Ctrl Atlantic City Elec Ser A		4.875%		6/1/2029		A		2,210			2,379,131
Virgin Islands Wtr & Pwr Auth Ser A		5.00%		7/1/2031		Baa3		1,000			1,004,960
Total											12,650,184
Total Municipal Bonds (cost $127,107,892)											134,449,568
							Shares (000)
SHORT-TERM INVESTMENT 0.00%
Money Market Mutual Fund
Dreyfus NJ Municipal Cash Management (cost $5)								—	(j)		5
Total Investments in Securities 101.80% (cost $127,107,897)											134,449,573
Liabilities in Excess of Cash and Other Assets(h) (1.80%)											(2,376,421)
Net Assets 100.00%										$	132,073,152

Open Futures Contracts at March 31, 2012:

Type	Expiration	Contracts	Position	Market Value			Unrealized Appreciation
U.S. 30-Year Treasury Bond	June 2012	79	Short	$	(10,882,250	)		$	333,785
Ultra Long U.S. Treasury Bond	June 2012	9	Short		(1,358,719	)			67,063
Totals				$	(12,240,969	)		$	400,848

126 See Notes to Financial Statements.

Schedule of Investments (unaudited)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 104.19%
Corporate-Backed 8.13%
Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase I Pj Ser A (ACA)		5.20%		8/1/2030		NR	$	750	$	688,463
Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase I Pj Ser A (ACA)		5.20%		8/1/2036		NR		1,000		897,060
Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase II Pj Ser B (ACA)		5.10%		8/1/2036		NR		500		442,180
Essex Cnty NY Indl Dev Agy Intl Paper Co Pjs Ser A AMT		4.60%		12/1/2030		BBB		1,400		1,348,942
Liberty NY Dev Corp Rev Goldman Sachs Headquarters		5.25%		10/1/2035		A1		2,500		2,720,525
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%		8/1/2025		NR		1,500		1,575,945
New York City NY Indl Dev Agy 1990 Amer Airlines Inc Pj AMT(e)		5.40%		7/1/2019		NR		1,400		657,958
New York City NY Indl Dev Agy British Airways Plc Pj AMT		5.25%		12/1/2032		BB-		2,265		1,933,970
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.125%		5/15/2030		B-		3,350		2,984,515
New York City NY Indl Dev Agy Liberty IAC/Interactive Corp		5.00%		9/1/2035		BBB-		1,315		1,316,565
NY Liberty Dev Corp 2nd Priority Bk Amer		5.625%		7/15/2047		A		1,600		1,728,928
NY Liberty Dev Corp 7 World Trade Ctr Class 1(a)		5.00%		9/15/2040		Aaa		2,000		2,185,080
Syracuse NY Indl Dev Agy Pilot Carousel Ctr Pj Ser A AMT (XLCA)		5.00%		1/1/2036		BBB-		5,000		4,904,250
Total										23,384,381
Education 17.99%
Buffalo & Erie Cnty NY Indl Land Dev Corp Buffalo St College Fndtn Hsg		5.75%		10/1/2026		A+		1,350		1,555,578
Cattaraugus Cnty NY Indl Dev Agy St. Bonaventure Univ Pj Ser A		5.00%		5/1/2023		BBB-		500		514,070
Cattaraugus Cnty NY Indl Dev Agy St. Bonaventure Univ Pj Ser A		5.10%		5/1/2031		BBB-		1,075		1,089,545
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+		1,000		1,028,770
Hempstead Twn NY Loc Dev Corp Adelphi Univ Pj		5.00%		6/1/2031		A		350		373,831

See Notes to Financial Statements. 127

Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
Monroe Cnty NY Indl Dev Corp Ser A		5.00%		7/1/2036		Aa3	$	3,500	$	3,784,830
New York City NY Indl Dev Agy Polytechnic Univ Pj (ACA)		5.25%		11/1/2037		BBB-		4,295		4,396,834
New York City NY Indl Dev Agy Vaughn College Aeronautics B		5.00%		12/1/2031		BB+		1,510		1,377,558
NY St Dorm Auth Lease Rev St Univ Dorm Facs Ser A		5.00%		7/1/2035		Aa2		1,750		1,933,820
NY St Dorm Auth Rev Non St Supp Debt Fordham Univ Ser A		5.25%		7/1/2031		A		2,275		2,529,914
NY St Dorm Auth Rev Non St Supp Debt NYU Ser A(b)		5.25%		7/1/2034		AA-		16,000		17,889,680
NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech Ser A		6.25%		7/1/2029		A1		2,750		3,258,585
NY St Dorm Auth Rev Non St Supp Debt Teachers College		5.375%		3/1/2029		A1		1,025		1,129,437
NY St Dorm Auth Rev Non St Supp Debt Yeshiva Univ Ser A		5.00%		11/1/2040		AA-		2,475		2,625,703
NY St Dorm Auth Rev St City Univ Cons 5th Gen Res Ser B		5.00%		7/1/2027		AA-		1,500		1,631,235
NY St Dorm Auth Rochester Inst Tech		4.25%		7/1/2032		A1		1,500		1,535,565
Onondaga Civic Dev Corp Upstate Pptys Dev Inc		5.50%		12/1/2031		A+		1,000		1,118,290
St. Lawrence Cnty NY Indl Dev Agy Clarkson Univ Pj		6.00%		9/1/2034		A3		1,575		1,769,938
Troy NY Rensselaer Polytechnic Ser A		5.00%		9/1/2030		A-		1,000		1,079,670
Yonkers NY Indl Dev Agy Civic Ctr Sarah Lawrence College Pj Ser A		6.00%		6/1/2029		BBB		1,000		1,111,530
Total										51,734,383
General Obligation 6.46%
Nassau Cnty NY Ser B Rmkt		5.00%		12/1/2017		A+		2,010		2,338,052
New York City NY Ser E		5.00%		8/1/2019		AA		1,000		1,207,980
New York City NY Ser E		5.00%		8/1/2021		AA		1,040		1,245,514
New York City NY Ser E		5.00%		8/1/2023		AA		1,895		2,214,857
New York City NY Sub Ser D-1		5.00%		10/1/2024		AA		1,500		1,759,725
Northern Mariana Islands Comwlth Ser B		5.00%		10/1/2033		NR		3,985		3,188,399
Puerto Rico Comwlth Pub Impt Ser E		5.375%		7/1/2030		Baa1		3,500		3,598,525
Territory of Guam Ser A		7.00%		11/15/2039		B+		280		304,007
Yonkers NY Ser A		5.00%		10/1/2020		BBB+		2,500		2,723,575
Total										18,580,634

128 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care 12.41%
Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser A		5.25%		11/15/2027		BBB+	$	1,500	$	1,605,045
Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser E		5.50%		11/15/2027		BBB+		1,000		1,082,550
Chautauqua Cnty NY Cap Res Corp Women’s Christian Assoc Pj Ser A		8.00%		11/15/2030		NR		1,000		1,070,340
Cortland Cnty NY Indl Dev Agy Cortland Mem Hosp Pj (RADIAN)		5.625%		7/1/2024		NR		1,750		1,773,765
East Rochester NY Hsg Auth Rev Sr Living Woodland Vlg Pj		5.50%		8/1/2033		NR		1,700		1,535,950
Genesee Cnty NY Indl Dev Agy Utd Mem Med Ctr Pj		5.00%		12/1/2032		NR		1,000		895,460
Madison Cnty NY Indl Dev Agy Civic Fac Oneida Hlth Sys Inc Pj		5.25%		2/1/2027		BBB-		750		742,328
Madison Cnty NY Indl Dev Agy Civic Fac Oneida Hlth Sys Inc Pj		5.50%		2/1/2032		BBB-		750		744,570
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2025		Aa3		1,500		1,676,400
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.50%		2/15/2023		Aa3		1,000		1,145,040
NY St Dorm Auth Rev Mem Sloan-Kettering Ser 1		4.375%		7/1/2034		Aa2		2,500		2,611,850
NY St Dorm Auth Rev Non St Supp Debt Mt Sinai Hosp Ser A		5.00%		7/1/2026		A2		5,525		5,921,363
NY St Dorm Auth Rev Non St Supp Debt North Shore-Long Island Jewish Ser A		5.00%		5/1/2022		A-		1,195		1,376,437
NY St Dorm Auth Rev Non St Supp Debt North Shore-Long Island Jewish Ser A		5.25%		5/1/2034		A-		1,000		1,103,120
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.75%		7/1/2031		A3		1,500		1,674,840
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.125%		12/1/2029		Ba1		2,000		2,115,500
NY St Dorm Auth Rev Utd Cerebral Palsy Aff No 1-A (AMBAC)		5.75%		7/1/2018		NR		1,000		1,011,220
St. Lawrence Cnty NY Indl Dev Agy Edwards John Noble Hosp		6.25%		10/1/2040		NR		1,500		1,538,685
Suffolk Cnty NY Econ Dev Corp Catholic Hlth Svcs		5.00%		7/1/2028		A-		1,000		1,095,180

See Notes to Financial Statements. 129

Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Suffolk Cnty NY Indl Dev Agy Eastern Long Island Hosp Assoc†		5.375%		1/1/2027		NR	$	1,155	$	1,038,899
Suffolk Cnty NY Indl Dev Agy Eastern Long Island Hosp Assoc†		5.50%		1/1/2037		NR		1,000		852,660
Ulster Cnty NY Indl Dev Agy Ser A		6.00%		9/15/2027		NR		3,000		2,132,700
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		6.00%		11/1/2030		A3		850		948,813
Total										35,692,715
Housing 1.32%
New York City NY Indl Dev Agy Coll Mtg Eger Hrbr Pj Ser A (GNMA)		5.875%		5/20/2044		AA+		415		441,485
NY St Mtg Agy Hmownr Mtg Rev Ser 143 AMT		4.875%		10/1/2030		Aa1		2,255		2,285,375
NY St Mtg Agy Hmownr Mtg Rev Ser 156		5.20%		10/1/2028		Aa1		1,000		1,053,400
Total										3,780,260
Lease Obligations 12.95%
Erie Cnty NY Indl Dev Agy Sch Dist Buffalo Pj A		5.25%		5/1/2030		AA-		2,575		2,876,018
Erie Cnty NY Indl Dev Agy Sch Dist Buffalo Pj A		5.25%		5/1/2032		AA-		1,000		1,109,580
Erie Cnty NY Indl Dev Agy Sch Dist Buffalo Pj B		5.00%		5/1/2023		AA-		1,000		1,140,780
New York City NY Indl Dev Agy NY Stock Exchange Pj Ser A		4.75%		5/1/2029		AA-		2,500		2,649,250
New York City NY Indl Dev Agy USTA Natl Tennis (AGM)		5.00%		11/15/2023		AA-		1,830		2,020,521
New York City NY Transnl Fin Auth Bldg Aid Rev Sub Ser S-1A		5.00%		7/15/2022		AA-		2,000		2,397,100
New York City NY Transnl Fin Auth Bldg Aid Rev Sub Ser S-1A		5.00%		7/15/2025		AA-		2,795		3,239,880
New York City NY Transnl Fin Auth Bldg Aid Rev Sub Ser S-1A		5.00%		7/15/2027		AA-		1,425		1,625,797
NY St Dorm Auth Lease Rev Cap Apprec Court Facs	Zero Coupon			8/1/2021		AA+		3,265		2,589,798
NY St Dorm Auth Lease Rev Master Boces Pg Oneida		5.25%		8/15/2028		Aa3		3,375		3,665,081
NY St Dorm Auth Rev 3rd Gen Resolution St Univ Ser E		5.00%		5/15/2026		AA-		1,500		1,740,105

130 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
NY St Dorm Auth Rev Non St Supp Debt Master Boces Pg Lease		5.50%		8/15/2026		Aa3	$	1,560	$	1,822,142
NY St Dorm Auth Rev Non St Supp Debt Secd Hosp NY Downtown		5.00%		2/15/2022		AA-		1,000		1,159,680
NY St Liberty Dev Corp 4 World Trade Ctr Pj		5.00%		11/15/2031		A+		1,000		1,077,470
NY St Urban Dev Corp Rev St Facs		5.70%		4/1/2020		AA-		4,150		4,857,492
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR		1,000		1,006,860
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		Baa1		2,000		2,265,820
Total										37,243,374
Other Revenue 6.13%
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		6.25%		7/15/2040		BBB-		3,000		3,312,180
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		6.50%		7/15/2030		BBB-		1,500		1,690,770
New York City NY Tr Cultural Res Lincoln Ctr Ser C		5.75%		12/1/2018		A+		1,500		1,810,545
New York City NY Tr Cultural Res Museum Modern Art Ser 1A		5.00%		4/1/2031		Aa2		4,500		4,929,975
New York City NY Tr Cultural Res Whitney Museum of Amer Art		5.00%		7/1/2031		A		2,000		2,146,200
NY St Dorm Auth Rev Non St Supp Debt NYSARC Inc Ser A		5.125%		7/1/2030		Aa3		2,385		2,626,171
Yonkers NY Econ Dev Corp Charter Sch Edl Excellence Ser A		6.25%		10/15/2040		BB		1,100		1,108,635
Total										17,624,476
Special Tax 3.98%
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2031		BB+		2,075		2,018,249
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2025		AAA		3,290		3,837,014
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2026		AAA		4,790		5,586,412
Total										11,441,675

See Notes to Financial Statements. 131

Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tax Revenue 9.58%
Hudson NY Yards Infrastr Corp Ser A		5.75%		2/15/2047		A		$	2,650	$	2,963,707
Metro Transn Auth NY Ser B		5.00%		11/15/2034		AA			2,125		2,317,079
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)		5.00%		2/1/2027		AAA			3,000		3,453,690
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)		5.00%		2/1/2028		AAA			1,000		1,151,230
New York City NY Transnl Fin Auth Future Tax Secd Ser A		5.00%		5/1/2034		AAA			5,000		5,489,300
NY St Dorm Auth Rev St Pers Income Tax Ser G		5.00%		8/15/2021		AAA			1,110		1,365,355
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2028		AAA			4,160		4,794,733
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1		5.00%		12/15/2028		AAA			2,625		3,025,522
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.75%		8/1/2037		A+			2,000		2,198,900
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-			755		789,632
Total											27,549,148
Tobacco 2.39%
Suffolk Cnty NY Tob Asset Securitization Corp Ser B(a)		5.00%		6/1/2032		A-			750		751,133
Suffolk Cnty NY Tob Asset Securitization Corp Ser B(a)		5.25%		6/1/2037		BBB+			700		700,497
Suffolk Cnty NY Tob Asset Securitization Corp Turbo Ser B		6.00%		6/1/2048		BB+	(c)		2,350		1,827,830
TSASC Inc NY Ser 1		5.00%		6/1/2026		B+			1,750		1,633,537
TSASC Inc NY Ser 1		5.125%		6/1/2042		B-			2,725		1,967,968
Total											6,880,965
Transportation 9.08%
Metro Transn Auth NY Ser A		5.00%		11/15/2031		A			2,500		2,691,525
Metro Transn Auth NY Ser G		5.00%		11/15/2021		A			1,000		1,182,430
New York City NY Indl Dev Agy Terminal One Grp Assoc Pj AMT		5.50%		1/1/2021		A3			1,250		1,320,712
New York City NY Indl Dev Agy Terminal One Grp Assoc Pj AMT		5.50%		1/1/2024		A3			2,000		2,084,100
NY St Thwy Auth Gen Rev Ser H (NPFGC)(FGIC)		5.00%		1/1/2030		A+			5,000		5,457,450

132 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)
NEW YORK TAX FREE FUND March 31, 2012

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Transportation (continued)
NY St Thwy Auth Hwy & Bridge Tr Fd Ser B		5.00%		4/1/2028		AA	$	2,000		$	2,208,280
Port Auth NY & NJ Cons 169th AMT		5.00%		10/15/2024		Aa2		1,250			1,417,075
Port Auth NY & NJ Cons 169th AMT		5.00%		10/15/2041		Aa2		1,250			1,319,813
Triborough NY Bridge & Tunnel Auth Gen Purp		4.75%		11/15/2030		Aa2		5,455			5,892,655
Triborough NY Bridge & Tunnel Auth Ser C		5.00%		11/15/2029		Aa2		2,250			2,528,122
Total											26,102,162
Utilities 13.77%
Long Island NY Pwr Auth Ser A		5.00%		5/1/2038		A-		1,850			1,989,583
Long Island NY Pwr Auth Ser A		5.50%		4/1/2024		A-		2,190			2,503,323
New York City NY Muni Wtr Fin Auth 2nd Resolution Ser EE		5.00%		6/15/2034		AA+		3,500			3,924,480
New York City NY Muni Wtr Fin Auth Ser CC(b)		5.00%		6/15/2029		AA+		3,500			3,852,222
New York City NY Muni Wtr Fin Auth Ser CC		5.00%		6/15/2029		AA+		1,545			1,701,957
NY St Enrg Resh & Dev Auth Reg Lnkd Savrs & RIBs Brooklyn AMT		6.952%		7/1/2026		A3		8,000			8,018,320
NY St Envr Facs Corp Muni Wtr		5.00%		6/15/2036		AA+		1,250			1,374,613
NY St Envr Facs Corp Ser A		5.00%		6/15/2029		AA+		2,795			3,296,898
NY St Envr Facs Corp Ser B		4.75%		6/15/2032		AA+		5,000			5,309,050
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A		5.75%		7/1/2037		Baa2		2,600			2,691,312
Puerto Rico Elec Pwr Auth Ser XX		5.75%		7/1/2036		BBB+		4,500			4,935,375
Total											39,597,133
Total Municipal Bonds (cost $284,041,316)											299,611,306
							Shares (000)
SHORT-TERM INVESTMENTS 0.49%
Money Market Mutual Fund 0.00%
Dreyfus NY Municipal Cash Management (cost $331)								—	(j)		331

See Notes to Financial Statements. 133

Schedule of Investments (unaudited)(concluded)
NEW YORK TAX FREE FUND March 31, 2012

Interest Rate#

Interest Rate Reset Date(d)

Final Maturity Date

Credit Rating: S&P or Moody’s

Principal Amount (000)

Fair Value

Variable Rate Demand Note 0.49%

General Obligation

New York City NY Sub Ser L-5 (cost $1,400,000)

0.30%

4/2/2012

4/1/2035

AA

$

1,400

$

1,400,000

Total Short-Term Investments (cost $1,400,331)

1,400,331

Total Investments in Securities 104.68% (cost $285,441,647)

301,011,637

Liabilities in Excess of Cash and Other Assets(h) (4.68%)

(13,457,962)

Net Assets 100.00%

$

287,553,675

Open Futures Contracts at March 31, 2012:

Type	Expiration	Contracts	Position	Market Value			Unrealized Appreciation
U.S. 30-Year Treasury Bond	June 2012	211	Short	$	(29,065,250	)		$	939,479
Ultra Long U.S. Treasury Bond	June 2012	26	Short		(3,925,188	)			193,744
Totals				$	(32,990,438	)		$	1,133,223

134 See Notes to Financial Statements.

Schedule of Investments

March 31, 2012

AMT	Income from this security may be subject to Alternative Minimum Tax.
COP	Certificates of Participation.
CR	Custodial Receipt.
ETM	Escrow to Maturity.
GTD	Guaranteed.
NR	Not Rated.
Pre-Refunded Bonds A second bond has been issued in order to pay off the first bond issue. Proceeds from the sale of the second bond are held in an “escrow fund” consisting of U.S. Government debt until the first bond issue reaches maturity.
PSF	Permanent School Fund.
RIBs	Residual Interest Bonds. The interest rate is subject to change periodically and inversely to the prevailing market rate. The interest rate shown is the rate in effect at March 31, 2012.
TCRS	Transferable Custodial Receipts.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
#	The interest rate represents the rate in effect at March 31, 2012.
~	Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate.
(a)	Securities purchased on a when-issued basis (See Note 2(g)).
(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)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount.
(e)	Defaulted security.
(f)	Stub Rights issued in connection with a plan of reorganization.
(g)	Security is perpetual and has no stated maturity date.
(h)	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.
(i)	Fund received partial payment from issuer.
(j)	Amount represents less than 1,000 shares.
(k)	Effective Maturity date. Average life of sinking fund due to mandatory or expected principal payments prior to maturity. The interest represents the rate at March 31, 2012. The date shown represents the next interest reset date.
Insured or guaranteed by the indicated municipal bond insurance corporation or Federal agency:
ACA	American Capital Access Holding Ltd.
AMBAC	AMBAC Assurance Corporation
AG	Assured Guaranty
AGM	Assured Guaranty Municipal Corporation
BHAC	Berkshire Hathaway Assurance Corporation
CIFG	CIFG Guaranty
FHLMC	Federal Home Loan Mortgage Corporation
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Association
FGIC	Financial Guaranty Insurance Company
GNMA	Government National Mortgage Association
IBC	Insurance Bond Certificate
NPFGC	National Public Finance Guarantee Corporation
RADIAN	Radian Asset Assurance, Inc.
SIFMA	Securities Industry and Financial Markets Association
VA	Department of Veterans Affairs
XLCA	XL Capital Assurance, Inc.

See Notes to Financial Statements. 135

Statements of Assets and Liabilities (unaudited)

March 31, 2012

	Short Duration			Intermediate			AMT Free
ASSETS:
Investments in securities, at cost	$	2,117,268,948		$	2,960,251,438		$	110,495,678
Investments in securities, at fair value	$	2,156,878,580		$	3,113,843,304		$	117,412,339
Cash		1,725,854			2,979,455			436,786
Deposits with brokers for futures collateral		—			2,293,750			298,750
Receivables:
Interest		19,580,490			37,671,796			1,639,818
Investment securities sold		4,200,000			2,383,000			463,836
Capital shares sold		20,421,444			19,876,174			1,329,585
From advisor (See Note 3)		150,089			57,114			32,008
Variation margin		—			911,917			120,156
Prepaid expenses and other assets		149,584			161,078			44,518
Total assets		2,203,106,041			3,180,177,588			121,777,796
LIABILITIES:
Payables:
Investment securities purchased		24,710,879			47,701,965			2,735,143
Trust certificates (See Note 2(h))		7,000,000			7,925,000			1,000,000
Capital shares reacquired		3,458,220			—			—
Management fee		713,928			1,017,654			48,741
12b-1 distribution fees		629,985			944,809			29,227
Interest expense and fees (See Note 2(h))		11,210			21,102			4,213
Directors’ fees		64,896			85,370			518
Fund administration		71,635			104,033			3,899
Distributions payable		2,740,715			7,529,193			391,849
Accrued expenses and other liabilities		83,561			129,851			47,405
Total liabilities		39,485,029			65,458,977			4,260,995
NET ASSETS	$	2,163,621,012		$	3,114,718,611		$	117,516,801
COMPOSITION OF NET ASSETS:
Paid-in capital	$	2,126,644,483		$	2,963,195,147		$	110,941,631
Undistributed (distributions in excess of) net investment income		266,690			2,294,134			96,582
Accumulated net realized loss on investments and futures contracts		(2,899,793	)		(7,791,776	)		(851,507	)
Net unrealized appreciation (depreciation) on investments and futures contracts		39,609,632			157,021,106			7,330,095
Net Assets	$	2,163,621,012		$	3,114,718,611		$	117,516,801

136 See Notes to Financial Statements.

National			High Yield			California			New Jersey			New York
$	1,895,435,107		$	1,839,975,268		$	210,435,490		$	127,107,897		$	285,441,647
$	1,999,984,805		$	1,790,635,764		$	225,856,461		$	134,449,573		$	301,011,637
	1,899,949			3,405,435			2,002,783			1,931,334			76,665
	4,070,700			4,029,500			591,650			259,450			701,300
	28,873,580			29,922,116			3,246,650			2,068,957			4,300,730
	—			255,000			—			—			7,073,380
	11,066,052			11,880,661			2,258,062			397,154			1,836,351
	—			—			—			—			—
	1,637,441			1,621,167			238,246			104,357			282,091
	65,021			83,938			30,200			22,449			28,355
	2,047,597,548			1,841,833,581			234,224,052			139,233,274			315,310,509
	40,467,064			20,916,854			3,164,130			1,062,385			8,161,089
	189,767,226			157,000,000			11,975,000			5,310,000			17,860,000
	3,517,019			5,001,461			524,394			170,490			362,626
	650,164			663,783			81,716			50,084			109,454
	612,633			541,286			69,494			34,648			108,475
	379,848			291,807			23,755			13,237			32,324
	450,336			125,731			124,592			37,434			112,200
	60,781			55,239			7,264			4,452			9,729
	6,660,654			7,140,543			742,877			438,995			952,084
	221,834			217,687			41,974			38,397			48,853
	242,787,559			191,954,391			16,755,196			7,160,122			27,756,834
$	1,804,809,989		$	1,649,879,190		$	217,468,856		$	132,073,152		$	287,553,675
$	1,761,589,685		$	2,017,256,013		$	216,750,303		$	135,139,838		$	284,844,411
	2,560,448			4,559,927			(340,331	)		(224,748	)		(714,124	)
	(69,722,281	)		(328,656,975	)		(15,282,957	)		(10,584,462	)		(13,279,825	)
	110,382,137			(43,279,775	)		16,341,841			7,742,524			16,703,213
$	1,804,809,989		$	1,649,879,190		$	217,468,856		$	132,073,152		$	287,553,675

See Notes to Financial Statements. 137

Statements of Assets and Liabilities (unaudited)(concluded)

March 31, 2012

	Short Duration		Intermediate		AMT Free
Net assets by class:
Class A Shares	$	1,351,796,436	$	1,719,196,976	$	94,530,948
Class B Shares		—	$	6,215,974		—
Class C Shares	$	271,120,720	$	576,501,354	$	9,465,295
Class F Shares	$	527,687,154	$	796,196,433	$	13,509,265
Class I Shares	$	13,016,702	$	16,593,535	$	11,293
Class P Shares		—	$	14,339		—
Outstanding shares by class*:
Class A Shares		85,198,436		160,284,642		6,002,373
Class B Shares		—		580,044		—
Class C Shares		17,087,015		53,814,147		601,224
Class F Shares		33,256,723		74,241,405		857,771
Class I Shares		820,361		1,546,421		717
Class P Shares		—		1,336.709		—
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$15.87		$10.73		$15.75
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$16.24		$10.98		$16.11
Class B Shares-Net asset value		—		$10.72		—
Class C Shares-Net asset value		$15.87		$10.71		$15.74
Class F Shares-Net asset value		$15.87		$10.72		$15.75
Class I Shares-Net asset value		$15.87		$10.73		$15.75
Class P Shares-Net asset value		—		$10.73		—

* Lord Abbett Municipal Income Fund, Inc. has 4,400,001,000 authorized shares of capital stock (par value $.001), of which 4,080,001,000 are designated as follows: 900,001,000 to Short Duration, 930,000,000 to Intermediate, 140,000,000 to AMT Free, 465,000,000 to National, 925,000,000 to High Yield and 240,000,000 to each of California, New Jersey and New York.

138 See Notes to Financial Statements.

National		High Yield		California		New Jersey		New York
$	1,521,416,028	$	976,262,445	$	165,896,897	$	126,747,186	$	231,559,357
$	8,400,414	$	11,182		—		—		—
$	182,648,533	$	468,182,960	$	32,083,535		—	$	42,989,581
$	92,333,610	$	202,902,672	$	19,476,467	$	5,314,212	$	12,993,170
$	11,404	$	2,508,385	$	11,957	$	11,754	$	11,567
	—	$	11,546		—		—		—
	137,923,647		85,439,263		15,965,376		25,879,553		21,027,047
	757,745		977.839		—		—		—
	16,539,377		40,959,834		3,086,389		—		3,909,049
	8,377,017		17,745,119		1,874,322		1,084,330		1,178,945
	1,034		219,401		1,151		2,398		1,050.263
	—		1,009.622		—		—		—
	$11.03		$11.43		$10.39		$4.90		$11.01
	$11.28		$11.69		$10.63		$5.01		$11.26
	$11.09		$11.44		—		—		—
	$11.04		$11.43		$10.40		—		$11.00
	$11.02		$11.43		$10.39		$4.90		$11.02
	$11.03		$11.43		$10.39		$4.90		$11.01
	—		$11.44		—		—		—

See Notes to Financial Statements. 139

Statements of Operations (unaudited)

For the Six Months Ended March 31, 2012

	Short Duration			Intermediate			AMT Free
Investment income:
Interest and other		$24,292,447			$54,059,090			$2,210,254
Total investment income		24,292,447			54,059,090			2,210,254
Expenses:
Management fee		3,973,518			5,350,658			224,191
12b-1 distribution plan-Class A		1,283,068			1,523,513			76,453
12b-1 distribution plan-Class B		—			31,849			—
12b-1 distribution plan-Class C		1,106,167			2,234,713			26,032
12b-1 distribution plan-Class F		218,512			334,608			3,977
12b-1 distribution plan-Class P		—			32			—
Interest expense and fees (See Note 2(h))		22,199			43,309			4,242
Shareholder servicing		282,713			533,137			27,727
Professional		24,757			24,669			19,208
Reports to shareholders		38,826			61,732			1,325
Fund administration		397,727			544,070			17,935
Custody		13,093			16,655			4,545
Directors’ fees		24,612			32,335			974
Registration		81,039			148,290			23,477
Offering costs		—			—			1,942
Other		24,268			22,997			1,617
Gross expenses		7,490,499			10,902,567			433,645
Expense reductions (See Note 7)		(714	)		(979	)		(32	)
Management fee waived (See Note 3)		(913,681	)		(513,704	)		(179,351	)
Net expenses		6,576,104			10,387,884			254,262
Net investment income		17,716,343			43,671,206			1,955,992
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments and futures contracts		(2,796,003	)		4,759,913			(478,749	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		8,734,107			52,021,171			4,363,361
Net realized and unrealized gain		5,938,104			56,781,084			3,884,612
Net Increase in Net Assets Resulting From Operations		$23,654,447			$100,452,290			$5,840,604

140 See Notes to Financial Statements.

National			High Yield			California			New Jersey			New York
$	48,225,526		$	51,848,661		$	5,357,655		$	3,222,528		$	7,013,407
	48,225,526			51,848,661			5,357,655			3,222,528			7,013,407
	3,668,545			3,727,477			454,098			288,879			616,349
	1,447,977			913,429			155,873			123,602			222,858
	44,581			53			—			—			—
	705,474			1,866,307			123,264			—			167,993
	41,234			90,972			8,074			2,388			5,108
	—			25			—			—			—
	629,706			462,357			44,453			13,604			91,365
	379,494			400,253			35,331			28,084			58,346
	29,812			88,578			21,115			19,467			21,234
	39,757			48,054			5,243			3,898			6,798
	341,854			309,109			40,364			25,678			54,786
	13,197			12,301			2,710			2,158			3,135
	21,341			19,468			2,507			1,599			3,421
	58,353			76,466			25,093			20,475			26,386
	—			—			—			—			—
	17,171			21,941			2,849			1,958			3,688
	7,438,496			8,036,790			920,974			531,790			1,281,467
	(615	)		(552	)		(72	)		(46	)		(99	)
	—			—			—			—			—
	7,437,881			8,036,238			920,902			531,744			1,281,368
	40,787,645			43,812,423			4,436,753			2,690,784			5,732,039
	4,074,389			(34,356,390	)		(1,722,443	)		(207,083	)		(1,944,172	)
	74,904,555			83,732,446			11,320,532			5,829,934			10,751,556
	78,978,944			49,376,056			9,598,089			5,622,851			8,807,384
$	119,766,589		$	93,188,479		$	14,034,842		$	8,313,635		$	14,539,423

See Notes to Financial Statements. 141

Statements of Changes in Net Assets

	Short Duration
INCREASE IN NET ASSETS	For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011
Operations:
Net investment income	$	17,716,343		$	36,300,586
Net realized gain (loss) on investments and futures contracts		(2,796,003	)		1,517,869
Net change in unrealized appreciation/depreciation on investments and futures contracts		8,734,107			(576,306	)
Net increase in net assets resulting from operations		23,654,447			37,242,149
Distributions to shareholders from:
Net investment income
Class A		(11,813,794	)		(25,854,639	)
Class B		—			—
Class C		(1,512,015	)		(3,269,932	)
Class F		(4,213,244	)		(7,026,813	)
Class I		(120,103	)		(103,400	)
Class P		—			—
Net realized gain
Class A		(846,074	)		—
Class C		(171,996	)		—
Class F		(297,799	)		—
Class I		(10,321	)		—
Total distributions to shareholders		(18,985,346	)		(36,254,784	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		678,656,634			1,019,642,150
Reinvestment of distributions		11,330,787			20,630,502
Cost of shares reacquired		(397,272,174	)		(1,039,433,779	)
Net increase in net assets resulting from capital share transactions		292,715,247			838,873
Net increase in net assets		297,384,348			1,826,238
NET ASSETS:
Beginning of period	$	1,866,236,664		$	1,864,410,426
End of period	$	2,163,621,012		$	1,866,236,664
Undistributed net investment income	$	266,690		$	209,503

142 See Notes to Financial Statements.

Intermediate						AMT Free
For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (unaudited)			For the Period October 26, 2010 to September 30, 2011*
$	43,671,206		$	76,935,608		$	1,955,992		$	1,538,031
	4,759,913			(6,661,023	)		(478,749	)		(373,323	)
	52,021,171			(1,808,811	)		4,363,361			2,966,734
	100,452,290			68,465,774			5,840,604			4,131,442
	(24,895,451	)		(47,210,859	)		(1,656,009	)		(1,422,417	)
	(79,165	)		(205,346	)		—			—
	(6,600,252	)		(12,341,114	)		(91,615	)		(37,727	)
	(11,277,165	)		(16,196,238	)		(175,475	)		(46,425	)
	(191,865	)		(22,154	)		(249	)		(444	)
	(214	)		(469	)		—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(43,044,112	)		(75,976,180	)		(1,923,348	)		(1,507,013	)
	998,601,456			1,288,655,754			57,661,890			73,241,755
	26,045,790			43,702,459			1,051,388			512,567
	(362,958,329	)		(955,643,486	)		(13,705,073	)		(7,787,411	)
	661,688,917			376,714,727			45,008,205			65,966,911
	719,097,095			369,204,321			48,925,461			68,591,340
$	2,395,621,516		$	2,026,417,195		$	68,591,340		$	—
$	3,114,718,611		$	2,395,621,516		$	117,516,801		$	68,591,340
$	2,294,134		$	1,667,040		$	96,582		$	63,938

* For the period October 26, 2010 (commencement of operations) to September 30, 2011.

See Notes to Financial Statements. 143

Statements of Changes in Net Assets (continued)
	National
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011
Operations:
Net investment income	$	40,787,645		$	79,661,060
Net realized gain (loss) on investments and futures contracts		4,074,389			(15,494,713	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		74,904,555			(19,273,169	)
Net increase (decrease) in net assets resulting from operations		119,766,589			44,893,178
Distributions to shareholders from:
Net investment income
Class A		(34,402,779	)		(67,412,561	)
Class B		(176,628	)		(501,706	)
Class C		(3,463,119	)		(7,004,717	)
Class F		(1,994,357	)		(3,501,921	)
Class I		(272	)		(531	)
Class P		—			—
Total distributions to shareholders		(40,037,155	)		(78,421,436	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		190,694,209			268,002,652
Net proceeds from reorganizations (See Note 12)		—			590,280,917
Reinvestment of distributions		30,861,608			57,133,477
Cost of shares reacquired		(144,951,840	)		(500,098,086	)
Net increase (decrease) in net assets resulting from capital share transactions		76,603,977			415,318,960
Net increase (decrease) in net assets		156,333,411			381,790,702
NET ASSETS:
Beginning of period	$	1,648,476,578		$	1,266,685,876
End of period	$	1,804,809,989		$	1,648,476,578
Undistributed (distributions in excess of) net investment income	$	2,560,448		$	1,809,958

144 See Notes to Financial Statements.

High Yield						California
For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011			For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011
$	43,812,423		$	99,727,243		$	4,436,753		$	9,216,985
	(34,356,390	)		(27,952,291	)		(1,722,443	)		(4,280,442	)
	83,732,446			(104,202,161	)		11,320,532			(3,559,731	)
	93,188,479			(32,427,209	)		14,034,842			1,376,812
	(25,754,560	)		(57,860,768	)		(3,453,170	)		(7,212,209	)
	(261	)		(548	)		—			—
	(11,229,329	)		(26,351,246	)		(563,282	)		(1,207,435	)
	(5,218,307	)		(12,763,398	)		(364,043	)		(697,777	)
	(67,638	)		(93,614	)		(266	)		(364	)
	(300	)		(621	)		—			—
	(42,270,395	)		(97,070,195	)		(4,380,761	)		(9,117,785	)
	251,671,611			548,114,486			30,534,635			37,080,282
	—			—			—			—
	31,251,489			65,689,552			3,090,623			5,901,341
	(231,853,923	)		(974,031,202	)		(18,872,495	)		(54,388,032	)
	51,069,177			(360,227,164	)		14,752,763			(11,406,409	)
	101,987,261			(489,724,568	)		24,406,844			(19,147,382	)
$	1,547,891,929		$	2,037,616,497		$	193,062,012		$	212,209,394
$	1,649,879,190		$	1,547,891,929		$	217,468,856		$	193,062,012
$	4,559,927		$	3,017,899		$	(340,331	)	$	(396,323	)

See Notes to Financial Statements. 145

Statements of Changes in Net Assets (concluded)
	New Jersey
INCREASE IN NET ASSETS	For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011
Operations:
Net investment income	$	2,690,784		$	5,415,934
Net realized gain (loss) on investments and futures contracts		(207,083	)		(2,940,278	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		5,829,934			(1,423,932	)
Net increase in net assets resulting from operations		8,313,635			1,051,724
Distributions to shareholders from:
Net investment income
Class A		(2,566,113	)		(5,221,120	)
Class C		—			—
Class F		(101,081	)		(155,697	)
Class I		(249	)		(337	)
Total distributions to shareholders		(2,667,443	)		(5,377,154	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		30,651,895			18,310,956
Reinvestment of distributions		2,058,696			3,854,132
Cost of shares reacquired		(24,026,659	)		(28,594,043	)
Net increase (decrease) in net assets resulting from capital share transactions		8,683,932			(6,428,955	)
Net increase (decrease) in net assets		14,330,124			(10,754,385	)
NET ASSETS:
Beginning of period	$	117,743,028		$	128,497,413
End of period	$	132,073,152		$	117,743,028
Distributions in excess of net investment income	$	(224,748	)	$	(248,089	)

146 See Notes to Financial Statements.

New York
For the Six Months Ended March 31, 2012 (unaudited)			For the Year Ended September 30, 2011
$	5,732,039		$	11,949,237
	(1,944,172	)		324,906
	10,751,556			(9,217,131	)
	14,539,423			3,057,012
	(4,749,035	)		(9,984,773	)
	(728,354	)		(1,527,487	)
	(220,677	)		(361,245	)
	(252	)		(341	)
	(5,698,318	)		(11,873,846	)
	30,488,084			43,088,887
	3,750,963			7,403,914
	(18,196,404	)		(67,292,870	)
	16,042,643			(16,800,069	)
	24,883,748			(25,616,903	)
$	262,669,927		$	288,286,830
$	287,553,675		$	262,669,927
$	(714,124	)	$	(747,845	)

See Notes to Financial Statements. 147

Financial Highlights
SHORT DURATION TAX FREE FUND
	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)										12/12/2008(a) to 9/30/2009
					Year Ended 9/30
					2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.83			$15.80			$15.60				$15.00
Investment operations:
Net investment income(b)			.15			.33			.30				.33
Net realized and unrealized gain			.05			.03			.20				.68
Total from investment operations			.20			.36			.50				1.01
Distributions to shareholders from:
Net investment income			(.15	)		(.33	)		(.30	)			(.41	)
Net realized gain			(.01	)		—			—				—
Total distributions			(.16	)		(.33	)		(.30	)			(.41	)
Net asset value, end of period		$15.87			$15.83			$15.80				$15.60
Total Return(c)			1.25	%(d)		2.30	%		3.24	%			6.82	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.30	%(d)		.59	%		.55	%			.44	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed			.30	%(d)(f)		.58	%(f)		.55	%(f)			.44	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.35	%(d)		.70	%		.70	%			.75	%(e)
Net investment income			.92	%(d)		2.08	%		1.91	%			2.68	%(e)
Supplemental Data:
Net assets, end of period (000)		$1,351,796			$1,249,341			$1,326,511				$609,072
Portfolio turnover rate			11.30	%(d)		52.51	%		36.21	%			64.00	%

(a)	Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

148 See Notes to Financial Statements.

Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)										12/12/2008(a) to 9/30/2009
					Year Ended 9/30
					2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.83			$15.80			$15.60				$15.00
Investment operations:
Net investment income(b)			.09			.21			.18				.23
Net realized and unrealized gain			.05			.03			.19				.68
Total from investment operations			.14			.24			.37				.91
Distributions to shareholders from:
Net investment income			(.09	)		(.21	)		(.17	)			(.31	)
Net realized gain			(.01	)		—			—				—
Total distributions			(.10	)		(.21	)		(.17	)			(.31	)
Net asset value, end of period			$15.87			$15.83			$15.80				$15.60
Total Return(c)			.92	%(d)		1.56	%		2.42	%			6.10	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.63	%(d)		1.31	%		1.35	%			1.23	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed			.63	%(d)(f)		1.31	%(f)		1.35	%(f)			1.23	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.68	%(d)		1.41	%		1.50	%			1.51	%(e)
Net investment income			.59	%(d)		1.36	%		1.12	%			1.88	%(e)
Supplemental Data:
Net assets, end of period (000)		$271,121			$244,872			$251,390				$128,116
Portfolio turnover rate			11.30	%(d)		52.51	%		36.21	%			64.00	%

(a)	Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 149

Financial Highlights (continued)
SHORT DURATION TAX FREE FUND
	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)										12/12/2008(a) to 9/30/2009
					Year Ended 9/30
					2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.83			$15.80			$15.60				$15.00
Investment operations:
Net investment income(b)			.15			.34			.32				.36
Net realized and unrealized gain			.05			.03			.20				.66
Total from investment operations			.20			.37			.52				1.02
Distributions to shareholders from:
Net investment income			(.15	)		(.34	)		(.32	)			(.42	)
Net realized gain			(.01	)		—			—				—
Total distributions			(.16	)		(.34	)		(.32	)			(.42	)
Net asset value, end of period			$15.87			$15.83			$15.80				$15.60
Total Return(c)			1.30	%(d)		2.40	%		3.34	%			6.90	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.25	%(d)		.49	%		.45	%			.34	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed			.25	%(d)(f)		.48	%(f)		.45	%(f)			.34	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.29	%(d)		.60	%		.61	%			.64	%(e)
Net investment income			.96	%(d)		2.18	%		2.02	%			2.88	%(e)
Supplemental Data:
Net assets, end of period (000)		$527,687			$365,694			$284,289				$100,723
Portfolio turnover rate			11.30	%(d)		52.51	%		36.21	%			64.00	%

(a)	Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

150 See Notes to Financial Statements.

Financial Highlights (concluded)
SHORT DURATION TAX FREE FUND
	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)									12/12/2008(a) to 9/30/2009
				Year Ended 9/30
				2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$15.83			$15.80			$15.60			$15.00
Investment operations:
Net investment income(b)		.16			.35			.33			.34
Net realized and unrealized gain		.05			.04			.20			.70
Total from investment operations		.21			.39			.53			1.04
Distributions to shareholders from:
Net investment income		(.16	)		(.36	)		(.33	)		(.44	)
Net realized gain		(.01	)		—			—			—
Total distributions		(.17	)		(.36	)		(.33	)		(.44	)
Net asset value, end of period		$15.87			$15.83			$15.80			$15.60
Total Return(c)		1.34	%(d)		2.48	%		3.43	%		7.04	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.20	%(d)		.39	%		.35	%		.25	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed		.20	%(d)(f)		.39	%(f)		.34	%(f)		.25	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.24	%(d)		.49	%		.50	%		.57	%(e)
Net investment income		.98	%(d)		2.22	%		2.11	%		2.71	%(e)
Supplemental Data:
Net assets, end of period (000)		$13,017			$6,330			$2,221			$3,407
Portfolio turnover rate		11.30	%(d)		52.51	%		36.21	%		64.00	%

(a)	Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares became available to the public was 1/2/2009.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 151

Financial Highlights

INTERMEDIATE TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)
					Year Ended 9/30
					2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.49				$10.52			$10.28			$9.42			$9.75			$9.81
Investment operations:
Net investment income(a)			.18			.39			.39			.38			.37			.36
Net realized and unrealized gain (loss)			.23			(.03	)		.23			.86			(.32	)		(.06	)
Total from investment operations			.41			.36			.62			1.24			.05			.30
Distributions to shareholders from:
Net investment income			(.17	)		(.39	)		(.38	)		(.38	)		(.38	)		(.36	)
Net asset value, end of period		$10.73				$10.49			$10.52			$10.28			$9.42			$9.75
Total Return(b)			3.97	%(c)		3.55	%		6.22	%		13.50	%		.43	%		3.11	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.33	%(c)		.65	%		.63	%		.44	%		.27	%		.27	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)			.33	%(c)		.64	%		.63	%		.44	%		.24	%		.25	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.35	%(c)		.72	%		.71	%		.72	%		.79	%		1.37	%
Net investment income			1.65	%(c)		3.82	%		3.76	%		3.89	%		3.80	%		3.68	%
Supplemental Data:
Net assets, end of period (000)		$1,719,197				$1,385,337			$1,320,285			$798,344			$338,400			$17,046
Portfolio turnover rate			17.78	%(c)		38.81	%		30.23	%		15.70	%		29.73	%		30.70	%

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

152 See Notes to Financial Statements.

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class B Shares
	Six Months Ended 3/31/2012 (unaudited)
					Year Ended 9/30
					2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.48				$10.51			$10.27			$9.41			$9.74			$9.80
Investment operations:
Net investment income(a)			.13			.31			.31			.30			.31			.29
Net realized and unrealized gain (loss)			.24			(.04	)		.23			.87			(.33	)		(.06	)
Total from investment operations			.37			.27			.54			1.17			(.02	)		.23
Distributions to shareholders from:
Net investment income			(.13	)		(.30	)		(.30	)		(.31	)		(.31	)		(.29	)
Net asset value, end of period			$10.72			$10.48			$10.51			$10.27			$9.41			$9.74
Total Return(b)			3.56	%(c)		2.73	%		5.38	%		12.65	%		(.29	)%		2.35	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed			.73	%(c)		1.45	%		1.43	%		1.24	%		1.02	%		1.02	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)			.73	%(c)		1.44	%		1.43	%		1.23	%		1.00	%		1.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed			.75	%(c)		1.52	%		1.51	%		1.52	%		1.67	%		2.12	%
Net investment income			1.27	%(c)		3.03	%		2.98	%		3.10	%		3.15	%		2.95	%
Supplemental Data:
Net assets, end of period (000)			$6,216			$6,526			$7,725			$6,315			$1,966			$802
Portfolio turnover rate			17.78	%(c)		38.81	%		30.23	%		15.70	%		29.73	%		30.70	%

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

See Notes to Financial Statements. 153

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.48			$10.51			$10.27			$9.41			$9.74			$9.80
Investment operations:
Net investment income(a)		.14			.32			.31			.31			.30			.29
Net realized and unrealized gain (loss)		.23			(.04	)		.24			.87			(.32	)		(.06	)
Total from investment operations		.37			.28			.55			1.18			(.02	)		.23
Distributions to shareholders from:
Net investment income		(.14	)		(.31	)		(.31	)		(.32	)		(.31	)		(.29	)
Net asset value, end of period		$10.71			$10.48			$10.51			$10.27			$9.41			$9.74
Total Return(b)		3.53	%(c)		2.81	%		5.44	%		12.76	%		(.31	)%		2.35	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.67	%(c)		1.37	%		1.37	%		1.10	%		1.02	%		1.02	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)		.67	%(c)		1.36	%		1.37	%		1.09	%		.98	%		1.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.69	%(c)		1.43	%		1.46	%		1.47	%		1.45	%		2.02	%
Net investment income		1.31	%(c)		3.10	%		3.01	%		3.22	%		3.11	%		2.95	%
Supplemental Data:
Net assets, end of period (000)		$576,501			$453,450			$391,138			$180,270			$44,402			$4,249
Portfolio turnover rate		17.78	%(c)		38.81	%		30.23	%		15.70	%		29.73	%		30.70	%

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

154 See Notes to Financial Statements.

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)
																9/28/2007(a) to 9/30/2007
				Year Ended 9/30
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.49			$10.52			$10.28			$9.42			$9.75			$9.75
Investment operations:
Net investment income(b)		.18			.40			.40			.38			.39			—	(c)
Net realized and unrealized gain (loss)		.23			(.03	)		.23			.87			(.33	)		—	(c)
Total from investment operations		.41			.37			.63			1.25			.06			—	(c)
Distributions to shareholders from:
Net investment income		(.18	)		(.40	)		(.39	)		(.39	)		(.39	)		—
Net asset value, end of period		$10.72			$10.49			$10.52			$10.28			$9.42			$9.75
Total Return(d)		3.93	%(e)		3.66	%		6.33	%		13.61	%		.57	%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.28	%(e)		.55	%		.53	%		.40	%		.13	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(g)		.28	%(e)		.54	%		.53	%		.39	%		.10	%		.00	%(e)(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.30	%(e)		.62	%		.61	%		.64	%		.67	%		.00	%(e)(f)
Net investment income		1.70	%(e)		3.92	%		3.86	%		3.90	%		3.97	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$796,196			$547,652			$307,256			$103,873			$1,460			$10
Portfolio turnover rate		17.78	%(e)		38.81	%		30.23	%		15.70	%		29.73	%		30.70	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Amount is less than .01%.
(g)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 155

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			1/31/2011(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$10.50			$9.96
Investment operations:
Net investment income(b)					—	(c)
Net realized and unrealized loss					(.01	)
Total from investment operations					(.01	)
Net asset value on SEC Effective Date, 2/1/2011					$9.95
Investment operations:
Net investment income(b)		.18			.27
Net realized and unrealized gain		.23			.55	(d)
Total from investment operations		.41			.82
Distributions to shareholders from:
Net investment income		(.18	)		(.27	)
Net asset value, end of period		$10.73			$10.50
Total Return(e)					8.26	%(f)(g)
Total Return(e)		3.96	%(f)		8.35	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.23	%(f)		.45	%(i)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(j)		.23	%(f)		.44	%(i)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.25	%(f)		.54	%(i)
Net investment income		1.70	%(f)		3.81	%(i)
Supplemental Data:
Net assets, end of period (000)		$16,594			$2,572
Portfolio turnover rate		17.78	%(f)		38.81	%

(a)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(e)	Total return assumes the reinvestment of all distributions.
(f)	Not annualized.
(g)	Total return for the period 1/31/2011 through 9/30/2011.
(h)	Total return for the period 2/1/2011 through 9/30/2011.
(i)	Annualized.
(j)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

156 See Notes to Financial Statements.

Financial Highlights (concluded)

INTERMEDIATE TAX FREE FUND

	Class P Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.50			$10.52			$10.28			$9.42			$9.75			$9.81
Investment operations:
Net investment income(a)		.16			.37			.36			.36			.36			.34
Net realized and unrealized gain (loss)		.23			(.03	)		.24			.86			(.33	)		(.06	)
Total from investment operations		.39			.34			.60			1.22			.03			.28
Distributions to shareholders from:
Net investment income		(.16	)		(.36	)		(.36	)		(.36	)		(.36	)		(.34	)
Net asset value, end of period		$10.73			$10.50			$10.52			$10.28			$9.42			$9.75
Total Return(b)		3.76	%(c)		3.41	%		5.99	%		13.27	%		.29	%		2.91	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.45	%(c)		.89	%		.86	%		.65	%		.46	%		.47	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)		.45	%(c)		.88	%		.86	%		.64	%		.43	%		.45	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.47	%(c)		.96	%		.94	%		.96	%		1.13	%		1.57	%
Net investment income		1.55	%(c)		3.60	%		3.56	%		3.73	%		3.73	%		3.49	%
Supplemental Data:
Net assets, end of period (000)		$14			$14			$13			$13			$11			$11
Portfolio turnover rate		17.78	%(c)		38.81	%		30.23	%		15.70	%		29.73	%		30.70	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 157

Financial Highlights

AMT FREE MUNICIPAL BOND FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)			10/26/2010(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$15.08			$15.00
Investment operations:
Net investment income(b)		.34			.65
Net realized and unrealized gain		.66			.05
Total from investment operations		1.00			.70
Distributions to shareholders from:
Net investment income		(.33	)		(.62	)
Net asset value, end of period		$15.75			$15.08
Total Return(c)		6.73	%(d)		4.90	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.26	%(d)		.50	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(f)		.26	%(d)		.50	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.46	%(d)		1.13	%(e)
Net investment income		2.19	%(d)		4.81	%(e)
Supplemental Data:
Net assets, end of period (000)		$94,531			$62,280
Portfolio turnover rate		20.91	%(d)		54.63	%

(a)	Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

158 See Notes to Financial Statements.

Financial Highlights (continued)

AMT FREE MUNICIPAL BOND FUND

	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)			10/26/2010(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$15.07			$15.00
Investment operations:
Net investment income(b)		.27			.54
Net realized and unrealized gain		.67			.04
Total from investment operations		.94			.58
Distributions to shareholders from:
Net investment income		(.27	)		(.51	)
Net asset value, end of period		$15.74			$15.07
Total Return(c)		6.31	%(d)		4.03	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.66	%(d)		1.29	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(f)		.65	%(d)		1.29	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.85	%(d)		1.84	%(e)
Net investment income		1.76	%(d)		3.97	%(e)
Supplemental Data:
Net assets, end of period (000)		$9,465			$2,532
Portfolio turnover rate		20.91	%(d)		54.63	%

(a)	Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 159

Financial Highlights (continued)

AMT FREE MUNICIPAL BOND FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)			10/26/2010(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$15.09			$15.00
Investment operations:
Net investment income(b)		.34			.67
Net realized and unrealized gain		.66			.05
Total from investment operations		1.00			.72
Distributions to shareholders from:
Net investment income		(.34	)		(.63	)
Net asset value, end of period		$15.75			$15.09
Total Return(c)		6.71	%(d)		5.04	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.22	%(d)		.40	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(f)		.21	%(d)		.39	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.41	%(d)		.90	%(e)
Net investment income		2.22	%(d)		4.85	%(e)
Supplemental Data:
Net assets, end of period (000)		$13,509			$3,769
Portfolio turnover rate		20.91	%(d)		54.63	%

(a)	Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

160 See Notes to Financial Statements.

Financial Highlights (concluded)

AMT FREE MUNICIPAL BOND FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			10/26/2010(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$15.08			$15.00
Investment operations:
Net investment income(b)		.36			.66
Net realized and unrealized gain		.66			.07
Total from investment operations		1.02			.73
Distributions to shareholders from:
Net investment income		(.35	)		(.65	)
Net asset value, end of period		$15.75			$15.08
Total Return(c)		6.85	%(d)		5.13	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.15	%(d)		.29	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(f)		.15	%(d)		.29	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.35	%(d)		2.12	%(e)
Net investment income		2.33	%(d)		4.91	%(e)
Supplemental Data:
Net assets, end of period (000)		$11			$11
Portfolio turnover rate		20.91	%(d)		54.63	%

(a)	Commencement of operations and SEC effective date was 10/26/2010 and date shares first became available to the public was 11/1/2010.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 161

Financial Highlights

NATIONAL TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.53			$10.84			$10.62			$9.71			$11.12			$11.52
Investment operations:
Net investment income(a)		.26			.52			.54			.52			.51			.49
Net realized and unrealized gain (loss)		.50			(.31	)		.21			.90			(1.41	)		(.40	)
Total from investment operations		.76			.21			.75			1.42			(.90	)		.09
Distributions to shareholders from:
Net investment income		(.26	)		(.52	)		(.53	)		(.51	)		(.51	)		(.49	)
Net asset value, end of period		$11.03			$10.53			$10.84			$10.62			$9.71			$11.12
Total Return(b)		7.25	%(c)		2.15	%		7.34	%		15.40	%		(8.41	)%		.79	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.40	%(c)		.83	%		.86	%		.92	%		1.05	%		1.18	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.37	%(c)		.76	%		.77	%		.77	%		.79	%		.77	%
Expenses, excluding expense reductions and expenses reimbursed		.40	%(c)		.83	%		.86	%		.92	%		1.06	%		1.27	%
Net investment income		2.42	%(c)		5.12	%		5.12	%		5.49	%		4.77	%		4.34	%
Supplemental Data:
Net assets, end of period (000)		$1,521,416			$1,406,579			$1,007,123			$889,665			$740,198			$525,513
Portfolio turnover rate		25.56	%(c)		87.43	%		63.31	%		45.22	%		88.15	%		49.43	%

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

162 See Notes to Financial Statements.

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class B Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.58			$10.90			$10.68			$9.75			$11.16			$11.56
Investment operations:
Net investment income(a)		.22			.45			.46			.45			.42			.41
Net realized and unrealized gain (loss)		.50			(.33	)		.21			.91			(1.41	)		(.40	)
Total from investment operations		.72			.12			.67			1.36			(.99	)		.01
Distributions to shareholders from:
Net investment income		(.21	)		(.44	)		(.45	)		(.43	)		(.42	)		(.41	)
Net asset value, end of period		$11.09			$10.58			$10.90			$10.68			$9.75			$11.16
Total Return(b)		6.90	%(c)		1.26	%		6.48	%		14.48	%		(9.08	)%		.08	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.80	%(c)		1.64	%		1.66	%		1.72	%		1.85	%		1.90	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.77	%(c)		1.57	%		1.57	%		1.57	%		1.58	%		1.49	%
Expenses, excluding expense reductions and expenses reimbursed		.80	%(c)		1.64	%		1.66	%		1.72	%		1.86	%		1.99	%
Net investment income		2.03	%(c)		4.31	%		4.33	%		4.70	%		3.94	%		3.61	%
Supplemental Data:
Net assets, end of period (000)		$8,400			$9,190			$16,143			$18,540			$18,032			$23,502
Portfolio turnover rate		25.56	%(c)		87.43	%		63.31	%		45.22	%		88.15	%		49.43	%

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

See Notes to Financial Statements. 163

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.54			$10.86			$10.63			$9.73			$11.15			$11.54
Investment operations:
Net investment income(a)		.23			.46			.46			.46			.44			.42
Net realized and unrealized gain (loss)		.49			(.33	)		.23			.89			(1.41	)		(.39	)
Total from investment operations		.72			.13			.69			1.35			(.97	)		.03
Distributions to shareholders from:
Net investment income		(.22	)		(.45	)		(.46	)		(.45	)		(.45	)		(.42	)
Net asset value, end of period		$11.04			$10.54			$10.86			$10.63			$9.73			$11.15
Total Return(b)		6.91	%(c)		1.38	%		6.69	%		14.58	%		(9.01	)%		.23	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.72	%(c)		1.50	%		1.56	%		1.59	%		1.67	%		1.82	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.68	%(c)		1.43	%		1.47	%		1.45	%		1.41	%		1.41	%
Expenses, excluding expense reductions and expenses reimbursed		.72	%(c)		1.50	%		1.56	%		1.59	%		1.68	%		1.91	%
Net investment income		2.09	%(c)		4.44	%		4.40	%		4.78	%		4.13	%		3.70	%
Supplemental Data:
Net assets, end of period (000)		$182,649			$158,714			$181,209			$133,922			$80,301			$51,244
Portfolio turnover rate		25.56	%(c)		87.43	%		63.31	%		45.22	%		88.15	%		49.43	%

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

164 See Notes to Financial Statements.

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)															9/28/2007(a) to 9/30/2007
				Year Ended 9/30
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.52			$10.83			$10.61			$9.71			$11.12			$11.12
Investment operations:
Net investment income(b)		.26			.53			.55			.53			.52			—	(c)
Net realized and unrealized gain (loss)		.50			(.31	)		.21			.89			(1.41	)		—
Total from investment operations		.76			.22			.76			1.42			(.89	)		—	(c)
Distributions to shareholders from:
Net investment income		(.26	)		(.53	)		(.54	)		(.52	)		(.52	)		—
Net asset value, end of period		$11.02			$10.52			$10.83			$10.61			$9.71			$11.12
Total Return(d)		7.31	%(e)		2.24	%		7.43	%		15.44	%		(8.32	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.35	%(e)		.73	%		.76	%		.81	%		.95	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.32	%(e)		.66	%		.66	%		.67	%		.69	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.35	%(e)		.73	%		.76	%		.81	%		.97	%		.00	%(e)(f)
Net investment income		2.46	%(e)		5.21	%		5.18	%		5.45	%		5.00	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$92,334			$73,983			$62,200			$28,791			$2,310			$10
Portfolio turnover rate		25.56	%(e)		87.43	%		63.31	%		45.22	%		88.15	%		49.43	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Amount is less than .01%.
(g)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 165

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30/2011			7/26/2010(a) to 9/30/2010
Per Share Operating Performance
Net asset value, beginning of period		$10.53			$10.84			$10.59
Investment operations:
Net investment income(b)		.27			.55			.10
Net realized and unrealized gain (loss)		.50			(.32	)		.25
Total from investment operations		.77			.23			.35
Distributions to shareholders from:
Net investment income		(.27	)		(.54	)		(.10	)
Net asset value, end of period		$11.03			$10.53			$10.84
Total Return(c)		7.37	%(d)		2.40	%		3.31	%(d)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(e)		.26	%(d)		.54	%		.55	%(f)
Expenses, excluding expense reductions		.30	%(d)		.61	%		.64	%(f)
Net investment income		2.53	%(d)		5.35	%		5.21	%(f)
Supplemental Data:
Net assets, end of period (000)		$11			$11			$10
Portfolio turnover rate		25.56	%(d)		87.43	%		63.31	%

(a)	Commencement of operations was 7/26/2010 and the SEC effective date was 4/30/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(f)	Annualized.

166 See Notes to Financial Statements.

Financial Highlights
HIGH YIELD MUNICIPAL BOND FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$11.06			$11.81			$11.49			$11.89			$15.03			$15.81
Investment operations:
Net investment income(a)		.32			.69			.67			.72			.75			.75
Net realized and unrealized gain (loss)		.36			(.77	)		.31			(.37	)(b)		(3.13	)		(.77	)
Total from investment operations		.68			(.08	)		.98			.35			(2.38	)		(.02	)
Distributions to shareholders from:
Net investment income		(.31	)		(.67	)		(.66	)		(.75	)		(.76	)		(.76	)
Net asset value, end of period		$11.43			$11.06			$11.81			$11.49			$11.89			$15.03
Total Return(c)		6.29	%(d)		(.46	)%		8.88	%		4.14	%		(16.33	)%		(.23	)%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.43	%(d)		.89	%		.91	%		1.03	%		1.27	%		1.31	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.40	%(d)		.82	%		.80	%		.84	%		.79	%		.67	%
Expenses, excluding expense reductions and expenses reimbursed		.43	%(d)		.89	%		.91	%		1.03	%		1.30	%		1.52	%
Net investment income		2.92	%(d)		6.24	%		5.88	%		7.13	%		5.50	%		4.75	%
Supplemental Data:
Net assets, end of period (000)		$976,262			$919,758			$1,236,637			$976,708			$695,723			$959,170
Portfolio turnover rate		19.44	%(d)		40.94	%		37.68	%		32.88	%		47.95	%		24.92	%

(a)	Calculated using average shares outstanding during the period.
(b)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 167

Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND

	Class B Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$11.07			$11.82			$11.51			$11.91			$15.03			$15.81
Investment operations:
Net investment income(a)		.28			.61			.59			.66			.70			.68
Net realized and unrealized gain (loss)		.36			(.77	)		.30			(.39	)(b)		(3.14	)		(.78	)
Total from investment operations		.64			(.16	)		.89			.27			(2.44	)		(.10	)
Distributions to shareholders from:
Net investment income		(.27	)		(.59	)		(.58	)		(.67	)		(.68	)		(.68	)
Net asset value, end of period		$11.44			$11.07			$11.82			$11.51			$11.91			$15.03
Total Return(c)		5.90	%(d)		(1.19	)%		7.97	%		3.46	%		(16.70	)%		(.74	)%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.82	%(d)		1.66	%		1.68	%		1.78	%		1.74	%		1.77	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.79	%(d)		1.59	%		1.57	%		1.60	%		1.26	%		1.13	%
Expenses, excluding expense reductions and expenses reimbursed		.82	%(d)		1.66	%		1.68	%		1.81	%		2.07	%		2.24	%
Net investment income		2.55	%(d)		5.51	%		5.15	%		6.52	%		5.10	%		4.29	%
Supplemental Data:
Net assets, end of period (000)		$11			$11			$11			$10			$10			$11
Portfolio turnover rate		19.44	%(d)		40.94	%		37.68	%		32.88	%		47.95	%		24.92	%

(a)	Calculated using average shares outstanding during the period.
(b)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

168 See Notes to Financial Statements.

Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND

	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$11.06			$11.81			$11.50			$11.89			$15.03			$15.81
Investment operations:
Net investment income(a)		.29			.62			.59			.66			.68			.67
Net realized and unrealized gain (loss)		.36			(.77	)		.30			(.37	)(b)		(3.14	)		(.77	)
Total from investment operations		.65			(.15	)		.89			.29			(2.46	)		(.10	)
Distributions to shareholders from:
Net investment income		(.28	)		(.60	)		(.58	)		(.68	)		(.68	)		(.68	)
Net asset value, end of period		$11.43			$11.06			$11.81			$11.50			$11.89			$15.03
Total Return(c)		5.96	%(d)		(1.11	)%		7.99	%		3.57	%		(16.77	)%		(.74	)%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.75	%(d)		1.56	%		1.65	%		1.66	%		1.78	%		1.81	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.72	%(d)		1.48	%		1.55	%		1.48	%		1.30	%		1.17	%
Expenses, excluding expense reductions and expenses reimbursed		.75	%(d)		1.56	%		1.65	%		1.67	%		1.93	%		2.17	%
Net investment income		2.61	%(d)		5.59	%		5.14	%		6.55	%		5.00	%		4.25	%
Supplemental Data:
Net assets, end of period (000)		$468,183			$450,802			$585,366			$455,042			$392,360			$538,419
Portfolio turnover rate		19.44	%(d)		40.94	%		37.68	%		32.88	%		47.95	%		24.92	%

(a)	Calculated using average shares outstanding during the period.
(b)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 169

Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)				Year Ended 9/30											9/28/2007(a) to 9/30/2007
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$11.07			$11.82			$11.50			$11.90			$15.03			$15.03
Investment operations:
Net investment income(b)		.33			.70			.69			.70			.76			—	(c)
Net realized and unrealized gain (loss)		.35			(.76	)		.30			(.34	)(d)		(3.13	)		—	(c)
Total from investment operations		.68			(.06	)		.99			.36			(2.37	)		—	(c)
Distributions to shareholders from:
Net investment income		(.32	)		(.69	)		(.67	)		(.76	)		(.76	)		—
Net asset value, end of period		$11.43			$11.07			$11.82			$11.50			$11.90			$15.03
Total Return(e)		6.25	%(f)		(.35	)%		8.98	%		4.25	%		(16.19	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.38	%(f)		.79	%		.81	%		.91	%		1.20	%		.00	%(f)(g)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(h)		.35	%(f)		.72	%		.71	%		.73	%		.72	%		.00	%(f)(g)
Expenses, excluding expense reductions and expenses reimbursed		.38	%(f)		.79	%		.81	%		.91	%		1.20	%		.00	%(f)(g)
Net investment income		2.96	%(f)		6.35	%		5.97	%		6.83	%		5.90	%		.00	%(f)(g)
Supplemental Data:
Net assets, end of period (000)		$202,903			$175,052			$215,479			$112,500			$4,513			$10
Portfolio turnover rate		19.44	%(f)		40.94	%		37.68	%		32.88	%		47.95	%		24.92	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(e)	Total return assumes the reinvestment of all distributions.
(f)	Not annualized.
(g)	Amount is less than .01%.
(h)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

170 See Notes to Financial Statements.

Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30/2011			7/26/2010a) to 9/30/2010
Per Share Operating Performance
Net asset value, beginning of period		$11.06			$11.81			$11.58
Investment operations:
Net investment income(b)		.33			.68			.12
Net realized and unrealized gain (loss)		.36			(.74	)		.23
Total from investment operations		.69			(.06	)		.35
Distributions to shareholders from:
Net investment income		(.32	)		(.69	)		(.12	)
Net asset value, end of period		$11.43			$11.06			$11.81
Total Return(c)		6.38	%(d)		(.28	)%		3.05	%(d)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(e)		.30	%(d)		.62	%		.62	%(f)
Expenses, excluding expense reductions		.33	%(d)		.70	%		.72	%(f)
Net investment income		3.00	%(d)		6.18	%		5.75	%(f)
Supplemental Data:
Net assets, end of period (000)		$2,508			$2,258			$112
Portfolio turnover rate		19.44	%(d)		40.94	%		37.68	%

(a)	Commencement of operations was 7/26/2010 and the SEC effective date was 4/30/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(f)	Annualized.

See Notes to Financial Statements. 171

Financial Highlights (continued)
HIGH YIELD MUNICIPAL BOND FUND

	Class P Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$11.07			$11.82			$11.50			$11.90			$15.04			$15.82
Investment operations:
Net investment income(a)		.31			.67			.66			.71			.74			.75
Net realized and unrealized gain (loss)		.36			(.77	)		.30			(.39	)(b)		(3.13	)		(.77	)
Total from investment operations		.67			(.10	)		.96			.32			(2.39	)		(.02	)
Distributions to shareholders from:
Net investment income		(.30	)		(.65	)		(.64	)		(.72	)		(.75	)		(.76	)
Net asset value, end of period		$11.44			$11.07			$11.82			$11.50			$11.90			$15.04
Total Return(c)		6.19	%(d)		(.65	)%		8.67	%		3.87	%		(16.34	)%		(.25	)%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.54	%(d)		1.11	%		1.12	%		1.26	%		1.35	%		1.32	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.51	%(d)		1.04	%		1.02	%		1.08	%		.87	%		.66	%
Expenses, excluding expense reductions and expenses reimbursed		.54	%(d)		1.11	%		1.12	%		1.26	%		1.51	%		1.73	%
Net investment income		2.83	%(d)		6.07	%		5.71	%		7.04	%		5.46	%		4.77	%
Supplemental Data:
Net assets, end of period (000)		$12			$11			$11			$10			$10			$12
Portfolio turnover rate		19.44	%(d)		40.94	%		37.68	%		32.88	%		47.95	%		24.92	%

(a)	Calculated using average shares outstanding during the period.
(b)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

172 See Notes to Financial Statements.

Financial Highlights
CALIFORNIA TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$9.90			$10.24			$10.17			$9.38			$10.57			$10.91
Investment operations:
Net investment income(a)		.23			.48			.47			.45			.45			.44
Net realized and unrealized gain (loss)		.48			(.35	)		.07			.80			(1.18	)		(.34	)
Total from investment operations		.71			.13			.54			1.25			(.73	)		.10
Distributions to shareholders from:
Net investment income		(.22	)		(.47	)		(.47	)		(.46	)		(.46	)		(.44	)
Net asset value, end of period		$10.39			$9.90			$10.24			$10.17			$9.38			$10.57
Total Return(b)		7.29	%(c)		1.56	%		5.52	%		13.92	%		(7.16	)%		.87	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.41	%(c)		.85	%		.84	%		.91	%		1.18	%		1.29	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.39	%(c)		.79	%		.78	%		.78	%		.80	%		.87	%
Expenses, excluding expense reductions and expenses reimbursed		.41	%(c)		.85	%		.84	%		.91	%		1.18	%		1.30	%
Net investment income		2.24	%(c)		4.96	%		4.74	%		4.87	%		4.41	%		4.03	%
Supplemental Data:
Net assets, end of period (000)		$165,897			$150,423			$166,247			$159,768			$144,165			$147,893
Portfolio turnover rate		16.77	%(c)		36.60	%		47.68	%		34.04	%		49.17	%		50.77	%

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

See Notes to Financial Statements. 173

Financial Highlights (continued)
CALIFORNIA TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$9.90			$10.25			$10.17			$9.39			$10.58			$10.92
Investment operations:
Net investment income(a)		.19			.42			.40			.38			.39			.37
Net realized and unrealized gain (loss)		.50			(.36	)		.08			.80			(1.18	)		(.34	)
Total from investment operations		.69			.06			.48			1.18			(.79	)		.03
Distributions to shareholders from:
Net investment income		(.19	)		(.41	)		(.40	)		(.40	)		(.40	)		(.37	)
Net asset value, end of period		$10.40			$9.90			$10.25			$10.17			$9.39			$10.58
Total Return(b)		7.05	%(c)		.80	%		4.88	%		13.13	%		(7.73	)%		.23	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.73	%(c)		1.50	%		1.55	%		1.60	%		1.79	%		1.92	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.71	%(c)		1.44	%		1.49	%		1.48	%		1.41	%		1.50	%
Expenses, excluding expense reductions and expenses reimbursed		.73	%(c)		1.50	%		1.55	%		1.60	%		1.79	%		1.92	%
Net investment income		1.92	%(c)		4.32	%		4.02	%		4.14	%		3.79	%		3.40	%
Supplemental Data:
Net assets, end of period (000)		$32,084			$28,023			$33,280			$28,896			$18,793			$15,245
Portfolio turnover rate		16.77	%(c)		36.60	%		47.68	%		34.04	%		49.17	%		50.77	%

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

174 See Notes to Financial Statements.

Financial Highlights (continued)
CALIFORNIA TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30												9/28/2007(a) to 9/30/2007
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$9.90			$10.24			$10.17			$9.38			$10.57			$10.57
Investment operations:
Net investment income(b)		.23			.49			.48			.46			.45			—	(c)
Net realized and unrealized gain (loss)		.49			(.35	)		.07			.80			(1.17	)		—	(c)
Total from investment operations		.72			.14			.55			1.26			(.72	)		—	(c)
Distributions to shareholders from:
Net investment income		(.23	)		(.48	)		(.48	)		(.47	)		(.47	)		—
Net asset value, end of period		$10.39			$9.90			$10.24			$10.17			$9.38			$10.57
Total Return(d)		7.34	%(e)		1.65	%		5.62	%		14.06	%		(7.07	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.36	%(e)		.75	%		.74	%		.79	%		1.05	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.69	%		.68	%		.67	%		.67	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.36	%(e)		.75	%		.74	%		.79	%		1.07	%		.00	%(e)(f)
Net investment income		2.28	%(e)		5.06	%		4.81	%		4.84	%		4.48	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$19,476			$14,605			$12,683			$6,578			$285			$10
Portfolio turnover rate		16.77	%(e)		36.60	%		47.68	%		34.04	%		49.17	%		50.77	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Amount is less than .01%.
(g)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements. 175

Financial Highlights (concluded)

CALIFORNIA TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			1/31/2011(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$9.90			$9.24
Investment operations:
Net investment income(b)					—	(c)
Net realized and unrealized loss					(.01	)
Total from investment operations					(.01	)
Net asset value on SEC Effective Date, 2/1/2011					$9.23
Investment operations:
Net investment income(b)		.24			.33
Net realized and unrealized gain		.48			.67	(d)
Total from investment operations.		.72			1.00
Distributions to shareholders from:
Net investment income		(.23	)		(.33	)
Net asset value, end of period		$10.39			$9.90
Total Return(e)					10.89	%(f)(g)
Total Return(e)		7.39	%(f)		10.99	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(i)		.30	%(f)		.60	%(j)
Expenses, excluding expense reductions		.32	%(f)		.69	%(j)
Net investment income		2.34	%(f)		5.24	%(j)
Supplemental Data:
Net assets, end of period (000)		$12			$11
Portfolio turnover rate		16.77	%(f)		36.60	%

(a)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(e)	Total return assumes the reinvestment of all distributions.
(f)	Not annualized.
(g)	Total return for the period 1/31/2011 through 9/30/2011.
(h)	Total return for the period 2/1/2011 through 9/30/2011.
(i)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(j)	Annualized.

176 See Notes to Financial Statements.

Financial Highlights

NEW JERSEY TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)
					Year Ended 9/30
					2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$4.69				$4.85			$4.78			$4.43			$5.00			$5.17
Investment operations:
Net investment income(a)		.10				.21			.21			.21			.21			.21
Net realized and unrealized gain (loss)		.21				(.16	)		.07			.35			(.56	)		(.17	)
Total from investment operations		.31				.05			.28			.56			(.35	)		.04
Distributions to shareholders from:
Net investment income		(.10	)			(.21	)		(.21	)		(.21	)		(.22	)		(.21	)
Net asset value, end of period		$4.90				$4.69			$4.85			$4.78			$4.43			$5.00
Total Return(b)		6.66	%(c)			1.23	%		6.13	%		13.13	%		(7.36	)%		.78	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(c)	��		.85	%		.83	%		.81	%		.90	%		1.14	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed		.41	%(c)(d)			.82	%(d)		.80	%(d)		.81	%		.82	%(d)		.81	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.42	%(c)			.85	%		.83	%		.81	%		.90	%		1.21	%
Net investment income		2.09	%(c)			4.62	%		4.53	%		4.78	%		4.34	%		4.11	%
Supplemental Data:
Net assets, end of period (000)		$126,747				$113,783			$125,722			$128,778			$114,704			$129,106
Portfolio turnover rate		12.85	%(c)			23.14	%		32.22	%		20.68	%		32.16	%		37.64	%

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

See Notes to Financial Statements. 177

Financial Highlights (continued)

NEW JERSEY TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)			Year Ended 9/30												9/28/2007(a) to 9/30/2007
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$4.69			$4.85			$4.78			$4.43			$5.00			$5.00
Investment operations:
Net investment income(b)		.10			.22			.22			.21			.21			—	(c)
Net realized and unrealized gain (loss)		.21			(.17	)		.07			.35			(.56	)		—	(c)
Total from investment operations		.31			.05			.29			.56			(.35	)		—	(c)
Distributions to shareholders from:
Net investment income		(.10	)		(.21	)		(.22	)		(.21	)		(.22	)		—
Net asset value, end of period		$4.90			$4.69			$4.85			$4.78			$4.43			$5.00
Total Return(d)		6.71	%(e)		1.33	%		6.23	%		13.26	%		(7.27	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.37	%(e)		.75	%		.72	%		.70	%		.74	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed		.35	%(e)(g)		.72	%(g)		.70	%(g)		.70	%		.66	%(g)		.00	%(e)(f)(g)
Expenses, excluding expense reductions and expenses reimbursed		.37	%(e)		.75	%		.72	%		.70	%		.77	%		.00	%(e)(f)
Net investment income		2.13	%(e)		4.70	%		4.61	%		4.73	%		4.41	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$5,314			$3,949			$2,775			$969			$48			$10
Portfolio turnover rate		12.85	%(e)		23.14	%		32.22	%		20.68	%		32.16	%		37.64	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Amount is less than .01%.
(g)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

178 See Notes to Financial Statements.

Financial Highlights (concluded)

NEW JERSEY TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			1/31/2011(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$4.69			$4.42
Investment operations:
Net investment income(b)					—	(c)
Net realized and unrealized loss					(.01	)
Total from investment operations					(.01	)
Net asset value on SEC Effective Date, 2/1/2011					$4.41
Investment operations:
Net investment income(b)		.11			.15
Net realized and unrealized gain		.21			.28	(d)
Total from investment operations.		.32			.43
Distributions to shareholders from:
Net investment income		(.11	)		(.15	)
Net asset value, end of period		$4.90			$4.69
Total Return(e)					9.79	%(f)(g)
Total Return(e)		6.55	%(f)		10.02	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(i)		29	%(f)		.59	%(j)
Expenses, excluding expense reductions		.30	%(f)		.64	%(j)
Net investment income		2.21	%(f)		4.85	%(j)
Supplemental Data:
Net assets, end of period (000)		$12			$11
Portfolio turnover rate		12.85	%(f)		23.14	%

(a)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(e)	Total return assumes the reinvestment of all distributions.
(f)	Not annualized.
(g)	Total return for the period 1/31/2011 through 9/30/2011.
(h)	Total return for the period 2/1/2011 through 9/30/2011.
(i)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(j)	Annualized.

See Notes to Financial Statements. 179

Financial Highlights

NEW YORK TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.66			$10.96			$10.78			$9.71			$10.96			$11.27
Investment operations:
Net investment income(a)		.23			.48			.49			.48			.46			.47
Net realized and unrealized gain (loss)		.35			(.30	)		.17			1.06			(1.24	)		(.31	)
Total from investment operations		.58			.18			.66			1.54			(.78	)		.16
Distributions to shareholders from:
Net investment income		(.23	)		(.48	)		(.48	)		(.47	)		(.47	)		(.47	)
Net asset value, end of period		$11.01			$10.66			$10.96			$10.78			$9.71			$10.96
Total Return(b)		5.49	%(c)		1.85	%		6.37	%		16.49	%		(7.37	)%		1.47	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(c)		.85	%		.85	%		.87	%		.99	%		1.01	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.39	%(c)		.78	%		.77	%		.78	%		.78	%		.70	%
Expenses, excluding expense reductions and expenses reimbursed		.42	%(c)		.85	%		.85	%		.87	%		1.00	%		1.16	%
Net investment income		2.14	%(c)		4.64	%		4.55	%		4.90	%		4.36	%		4.20	%
Supplemental Data:
Net assets, end of period (000)		$231,559			$216,126			$238,259			$231,452			$221,057			$243,416
Portfolio turnover rate		16.17	%(c)		47.37	%		30.34	%		22.34	%		44.67	%		25.38	%

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

180 See Notes to Financial Statements.

Financial Highlights (continued)

NEW YORK TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2012 (unaudited)
				Year Ended 9/30
				2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of period		$10.65			$10.95			$10.76			$9.70			$10.96			$11.27
Investment operations:
Net investment income(a)		.20			.42			.41			.41			.40			.39
Net realized and unrealized gain (loss)		.35			(.31	)		.19			1.06			(1.25	)		(.30	)
Total from investment operations		.55			.11			.60			1.47			(.85	)		.09
Distributions to shareholders from:
Net investment income		(.20	)		(.41	)		(.41	)		(.41	)		(.41	)		(.40	)
Net asset value, end of period		$11.00			$10.65			$10.95			$10.76			$9.70			$10.96
Total Return(b)		5.17	%(c)		1.19	%		5.74	%		15.69	%		(8.02	)%		.84	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.74	%(c)		1.50	%		1.54	%		1.55	%		1.63	%		1.67	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.71	%(c)		1.43	%		1.46	%		1.46	%		1.41	%		1.36	%
Expenses, excluding expense reductions and expenses reimbursed		.74	%(c)		1.50	%		1.54	%		1.55	%		1.63	%		1.81	%
Net investment income		1.82	%(c)		3.99	%		3.85	%		4.21	%		3.72	%		3.53	%
Supplemental Data:
Net assets, end of period (000)		$42,990			$38,627			$42,397			$37,554			$31,262			$25,423
Portfolio turnover rate		16.17	%(c)		47.37	%		30.34	%		22.34	%		44.67	%		25.38	%

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

See Notes to Financial Statements. 181

Financial Highlights (continued)

NEW YORK TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2012 (unaudited)															9/28/2007(a) to 9/30/2007
				Year Ended 9/30
				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.67			$10.97			$10.78			$9.72			$10.96			$10.96
Investment operations:
Net investment income(b)		.23			.49			.50			.48			.48			—	(c)
Net realized and unrealized gain (loss)		.35			(.30	)		.18			1.06			(1.24	)		—	(c)
Total from investment operations		.58			.19			.68			1.54			(.76	)		—	(c)
Distributions to shareholders from:
Net investment income		(.23	)		(.49	)		(.49	)		(.48	)		(.48	)		—
Net asset value, end of period		$11.02			$10.67			$10.97			$10.78			$9.72			$10.96
Total Return(d)		5.54	%(e)		1.95	%		6.57	%		16.51	%		(7.18	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.37	%(e)		.75	%		.75	%		.77	%		.82	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.68	%		.67	%		.68	%		.61	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.37	%(e)		.75	%		.75	%		.77	%		.83	%		.00	%(e)(f)
Net investment income		2.16	%(e)		4.73	%		4.64	%		4.81	%		4.43	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$12,993			$7,907			$7,631			$3,143			$9			$10
Portfolio turnover rate		16.17	%(e)		47.37	%		30.34	%		22.34	%		44.67	%		25.38	%

(a)	Commencement of operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/1/2007.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Amount is less than .01%.
(g)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

182 See Notes to Financial Statements.

Financial Highlights (concluded)

NEW YORK TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2012 (unaudited)			1/31/2011(a) to 9/30/2011
Per Share Operating Performance
Net asset value, beginning of period		$10.67			$10.10
Investment operations:
Net investment income(b)					—	(c)
Net realized and unrealized loss					(.01	)
Total from investment operations					(.01	)
Net asset value on SEC Effective Date, 2/1/2011					$10.09
Investment operations:
Net investment income(b)		.24			.34
Net realized and unrealized gain		.34			.58	(d)
Total from investment operations		.58			.92
Distributions to shareholders from:
Net investment income		(.24	)		(.34	)
Net asset value, end of period		$11.01			$10.67
Total Return(e)					9.12	%(f)(g)
Total Return(e)		5.53	%(f)		9.21	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(i)		28	%(f)		.57	%(j)
Expenses, excluding expense reductions		.32	%(f)		.67	%(j)
Net investment income		2.27	%(f)		4.91	%(j)
Supplemental Data:
Net assets, end of period (000)		$12			$11
Portfolio turnover rate		16.17	%(f)		47.37	%

(a)	Commencement of operations was 1/31/2011, SEC effective date and date shares first became available to the public was 2/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
(e)	Total return assumes the reinvestment of all distributions.
(f)	Not annualized.
(g)	Total return for the period 1/31/2011 through 9/30/2011.
(h)	Total return for the period 2/1/2011 through 9/30/2011.
(i)	Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(j)	Annualized.

See Notes to Financial Statements. 183

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 consists of the following eight portfolios (separately, a “Fund” and collectively, the “Funds”) and their respective classes:

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

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

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

Each class has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class B, C, F, I and P shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

184

Notes to Financial Statements (unaudited)(continued)

2. SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Securities are valued at the mean between the bid and asked prices on the basis of prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. Securities for which market quotations are not readily available are valued at fair value as determined by management and approved in good faith by the Board of Directors. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ U.S. federal tax returns filed remains open for the fiscal years ended September 30, 2008 through September 30, 2011. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F and P shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation

185

Notes to Financial Statements (unaudited)(continued)

	margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. As of March 31, 2012, each Fund except Short Duration had open futures contracts.
(g)	When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis, with delivery and payment normally taking place approximately one month after the purchase date.
(h)	Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to a Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statement of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of each Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors.
	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, 2012, as well as the average trust certificates outstanding for the six months then ended March 31, 2012:

186

Notes to Financial Statements (unaudited)(continued)

Fund	Liability for Trust Certificates		Interest Rate or Range of Interest Rates	Underlying Municipal Bonds Transferred to TOBs		Average Trust Certificates Outstanding
Short Duration	$	7,000,000	.19%	$	14,592,340	$	7,000,000
Intermediate		7,925,000	.19% - .25%		17,568,741		9,021,667
AMT Free		1,000,000	.23% - .25%		2,255,465		833,333
National		189,767,226	.16% - .36%		429,756,788		177,313,893
High Yield		157,000,000	.19% - .36%		347,126,679		149,553,333
California		11,975,000	.19% - .25%		26,139,022		13,641,667
New Jersey		5,310,000	.19%		11,379,730		5,310,000
New York		17,860,000	.19% - .29%		40,564,981		19,833,333

	Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. As of March 31, 2012, the Funds’ Liability for Trust Certificates approximates fair value.
	While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to the secured borrowings for TOB transactions.
(i)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 -	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 -	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

187

Notes to Financial Statements (unaudited)(continued)

The following is a summary of the inputs used as of March 31, 2012 in valuing each Fund’s investments carried at fair value:

						Short Duration
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	1,592,748,580	$	—		$	1,592,748,580
Variable Rate Demand Notes		—		564,130,000		—			564,130,000
Total	$	—	$	2,156,878,580	$	—		$	2,156,878,580
							Intermediate
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	2,988,583,479	$	633,050		$	2,989,216,529
Money Market Mutual Fund		1,775		—		—			1,775
Variable Rate Demand Notes		—		124,625,000		—			124,625,000
Total	$	1,775	$	3,113,208,479	$	633,050		$	3,113,843,304
Other Financial Instruments
Futures Contracts
Assets	$	3,429,240	$	—	$	—		$	3,429,240
Liabilities		—		—		—			—
Total	$	3,429,240	$	—	$	—		$	3,429,240
									AMT Free
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	117,412,339	$	—		$	117,412,339
Total	$	—	$	117,412,339	$	—		$	117,412,339
Other Financial Instruments
Futures Contracts
Assets	$	413,434	$	—	$	—		$	413,434
Liabilities		—		—		—			—
Total	$	413,434	$	—	$	—		$	413,434
									National
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	1,972,496,346	$	633,050		$	1,973,129,396
Money Market Mutual Funds		5,409		—		—			5,409
Variable Rate Demand Notes		—		26,850,000		—			26,850,000
Total	$	5,409	$	1,999,346,346	$	633,050		$	1,999,984,805
Other Financial Instruments
Futures Contracts
Assets	$	5,832,439	$	—	$	—		$	5,832,439
Liabilities		—		—		—			—
Total	$	5,832,439	$	—		—		$	5,832,439

188

Notes to Financial Statements (unaudited)(continued)

								High Yield
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	1,769,713,583	$	1,503,494		$	1,771,217,077
Money Market Mutual Funds		3,687		—		—			3,687
Variable Rate Demand Notes		—		19,415,000		—			19,415,000
Total	$	3,687	$	1,789,128,583	$	1,503,494		$	1,790,635,764
Other Financial Instruments
Futures Contracts
Assets	$	6,059,729	$	—	$	—		$	6,059,729
Liabilities		—		—		—			—
Total	$	6,059,729	$	—	$	—		$	6,059,729
								California
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	223,856,435	$	—		$	223,856,435
Money Market Mutual Fund		26		—		—			26
Variable Rate Demand Note		—		2,000,000		—			2,000,000
Total	$	26	$	225,856,435	$	—		$	225,856,461
Other Financial Instruments
Futures Contracts
Assets	$	920,870	$	—	$	—		$	920,870
Liabilities		—		—		—			—
Total	$	920,870	$	—	$	—		$	920,870
							New Jersey
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	134,449,568	$	—		$	134,449,568
Money Market Mutual Fund		5		—		—			5
Total	$	5	$	134,449,568	$	—		$	134,449,573
Other Financial Instruments
Futures Contracts
Assets	$	400,848	$	—	$	—		$	400,848
Liabilities		—		—		—			—
Total	$	400,848	$	—	$	—		$	400,848
								New York
Investment Type*	Level 1		Level 2		Level 3			Total
Municipal Bonds	$	—	$	299,611,306	$	—		$	299,611,306
Money Market Mutual Fund		331		—		—			331
Variable Rate Demand Note		—		1,400,000		—			1,400,000
Total	$	331	$	301,011,306	$	—		$	301,011,637
Other Financial Instruments
Futures Contracts
Assets	$	1,133,223	$	—	$	—		$	1,133,223
Liabilities		—		—		—			—
Total	$	1,133,223	$	—	$	—		$	1,133,223

* See Schedule of Investments for fair values in each industry.

189

Notes to Financial Statements (unaudited)(continued)

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

Fund	Intermediate		National		High Yield
Investment Type	Municipal Bonds		Municipal Bonds		Municipal Bonds
Balance as of October 1, 2011	$	534,590	$	534,590	$	1,269,652
Accrued discounts/premiums		—		—		—
Realized gain (loss)		—		—		—
Change in unrealized
appreciation/depreciation		98,460		98,460		233,842
Purchases		—		—		—
Sales		—		—		—
Net transfers in or out of Level 3		—		—		—
Balance as of March 31, 2012	$	633,050	$	633,050	$	1,503,494

(j)

Disclosures about Derivative Instruments and Hedging Activities–Each Fund, except Short Duration, entered into U.S. Treasury futures contracts during the six months ended March 31, 2012 (as described in note 2(f)) to hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of March 31, 2012, the Funds had interest rate futures contracts with cumulative net unrealized depreciation which are included in the Schedule of Investments. Only the current day’s variation margin is included in the Statement of Assets and Liabilities. The net realized gain/(loss) and net change in unrealized appreciation/depreciation on futures contracts are included in the Statement of Operations under the captions Net realized loss on investments and futures contracts and Net change in unrealized appreciation/depreciation on investments and futures contracts, respectively.

The following is a summary of U.S. Treasury futures contracts as of and for the six months ended March 31, 2012:

	Net Unrealized Appreciation as of March 31, 2012	Net Realized Loss	Net Change in Unrealized Depreciation	Average Number of Contracts*
Intermediate	3,429,240	(4,465,310)	5,993,068	869
AMT Free	413,435	(367,047)	597,345	65
National	5,832,439	(8,084,903)	11,596,700	1,244
High Yield	6,059,729	(11,071,352)	15,420,564	1,164
California	920,870	(1,718,857)	2,451,927	163
New Jersey	400,848	(784,027)	1,071,310	82
New York	1,133,223	(2,140,985)	2,949,699	226

*Calculated based on the number of contracts for the six months ended March 31, 2012.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fees

The Company has a management agreement with Lord, Abbett & Co. LLC (“Lord Abbett”), pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses

190

Notes to Financial Statements (unaudited)(continued)

relating to research and statistical work and supervision of each Fund’s investment portfolio.

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

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

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

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

The management fee for each of AMT Free and High Yield is based on each 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, 2012, the effective management fee, net of waivers, was at the following annualized rate of each Fund’s average daily net assets:

	Effective Management Fee
Short Duration	.31%
Intermediate	.35%
AMT Free	.10%
National	.43%
High Yield	.48%
California	.45%
New Jersey	.45%
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 twelve month period February 1, 2012 through January 31, 2013, Lord Abbett has contractually agreed to waive all or a portion of its management fee for Short Duration, Intermediate and AMT Free and, if necessary, reimburse each Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, do not exceed an annualized rate of .41%, .47% and .35%, respectively. This agreement may be terminated only upon approval of the Fund’s Board of Directors.

For the twelve month period through January 31, 2012, Lord Abbett had contractually agreed to waive all or a portion of its management fee for Short Duration, Intermediate and AMT Free and, if necessary, reimburse each Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, did not exceed an annualized rate of .39%, .45% and .30%, respectively.

191

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 and P shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The fees are accrued daily at annual rates based upon each Fund’s average daily net assets as follows:

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

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

Class I shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended March 31, 2012:

	Distributor Commissions		Dealers’ Concessions
Short Duration	$	56,297	$	339,629
Intermediate		213,429		1,280,436
AMT Free		17,886		108,551
National		111,045		693,561
High Yield		102,567		679,015
California		12,992		72,808
New Jersey		4,381		27,999
New York		14,118		84,548

Distributor received the following amount of CDSCs for the six months ended March 31, 2012:

	Class A		Class C
Short Duration	$	148,810	$	37,183
Intermediate		113,831		39,919
AMT Free		3,228		1,062
National		16,807		7,581
High Yield		19,369		17,406
California		5,298		1,731
New Jersey		—		—
New York		568		1,071

Two Directors and certain of the Company’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with

192

Notes to Financial Statements (unaudited)(continued)

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, 2012 and the fiscal year ended September 30, 2011 was as follows:

	Short Duration				Intermediate
	Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011		Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011
Distributions paid from:
Tax-exempt income	$	17,659,156	$	36,254,784	$	43,044,112	$	75,976,180
Net long-term capital gains		1,326,190		—		—		—
Total distributions paid	$	18,985,346	$	36,254,784	$	43,044,112	$	75,976,180
	AMT Free				National
	Six Months Ended 3/31/2012 (unaudited)		Period Ended 9/30/2011*		Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011
Distributions paid from:
Tax-exempt income	$	1,923,348	$	1,507,013	$	40,037,155	$	78,421,436
Total distributions paid	$	1,923,348	$	1,507,013	$	40,037,155	$	78,421,436
	High Yield				California
	Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011		Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011
Distributions paid from:
Tax-exempt income	$	42,270,395	$	95,794,732	$	4,380,761	$	9,117,785
Ordinary income		—		1,275,463		—		—
Total distributions paid	$	42,270,395	$	97,070,195	$	4,380,761	$	9,117,785
	New Jersey				New York
	Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011		Six Months Ended 3/31/2012 (unaudited)		Year Ended 9/30/2011
Distributions paid from:
Tax-exempt income	$	2,667,443	$	5,301,017	$	5,698,318	$	11,873,846
Ordinary income		—		76,137		—		—
Total distributions paid	$	2,667,443	$	5,377,154	$	5,698,318	$	11,873,846

* For the period October 26, 2010 (commencement of operations) to September 30, 2011.

193

Notes to Financial Statements (unaudited)(continued)

As of September 30, 2011, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2012		2013		2014		2015		2016		2017		2018		2019		Total
Intermediate	$	26,684	$	63,298	$	16,132	$	140,520	$	25,504	$	—	$	870,134	$	3,629,348	$	4,771,620
National*		2,032,157		211,810		1,608,164		1,395,469		1,774,936		24,469,869		16,239,818		—		47,732,223
High Yield		—		—		1,759,893		9,152,078		16,838,530		112,613,733		77,996,014		36,257,876		254,618,124
California		777,657		—		—		429,137		3,345		1,405,669		5,151,330		502,921		8,270,059
New Jersey		1,373,781		—		87,412		—		—		—		4,168,179		1,290,500		6,919,872
New York		—		—		562,562		—		—		1,280,143		5,906,184		2,268,803		10,017,692

*  Includes $12,052,941 cumulative capital loss carryforwards transferred from an acquisition. Refer to Note 12 Reorganizations for additional information.

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

As of March 31, 2012, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Gain		Gross Unrealized Loss			Net Unrealized Gain (Loss)
Short Duration	$	2,110,108,264	$	41,209,389	$	(1,439,073	)	$	39,770,316
Intermediate		2,950,609,239		169,579,995		(14,270,930	)		155,309,065
AMT Free		109,465,618		7,162,108		(215,387	)		6,946,721
National		1,704,255,782		136,224,467		(30,262,670	)		105,961,797
High Yield		1,678,538,009		105,969,917		(150,872,162	)		(44,902,245	)
California		198,340,198		16,917,998		(1,376,735	)		15,541,263
New Jersey		121,743,360		9,950,846		(2,554,633	)		7,396,213
New York		267,428,110		20,257,243		(4,533,716	)		15,723,527

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2012 were as follows:

	Purchases		Sales
Short Duration	$	368,299,311	$	171,393,685
Intermediate		1,073,187,067		469,401,096
AMT Free		67,383,914		18,516,528
National		575,370,083		480,237,404
High Yield		390,983,720		325,243,679
California		47,410,638		35,676,856
New Jersey		25,647,335		16,825,583
New York		57,266,974		46,926,668

There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2012.

194

Notes to Financial Statements (unaudited)(continued)

6. DIRECTORS’ REMUNERATION

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

7. EXPENSE REDUCTIONS

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

8. LINE OF CREDIT

On April 2, 2012, the Funds and certain other funds managed by Lord Abbett have entered into an unsecured revolving credit facility (“Facility”) from State Street Bank and Trust Company (“SSB”), to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Facility is renewed annually under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on the Funds’ Statements of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement.

For the period February 3, 2011 through April 1, 2012, Short Duration, High Yield and certain other funds managed by Lord Abbett had an amount of $200,000,000 available under a facility from SSB with an annual fee to maintain the facility of .125% of the amount available under the facility. As of March 31, 2012, there were no loans outstanding pursuant to this Facility.

9. 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.

10. 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 inverse floaters than for shorter-term bonds. As a result, each Fund, to the extent it invests in long-term bonds and inverse floaters, is subject to such greater market risk.

Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, derivatives risk, extension risk, governmental risk, industry risk, liquidity risk, market and

195

Notes to Financial Statements (continued)

portfolio management risks, state and territory risks, and taxability risk. Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state. There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Yield invests a significant portion of its assets in such bonds. AMT Free and National may invest up to 35% and all other Funds (excluding High Yield) may invest up to 20% of their respective assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to the Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

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

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

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

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

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

196

Notes to Financial Statements (unaudited)(continued)

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

Short Duration	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		21,224,760		$	336,137,944			39,424,502		$	620,377,830
Reinvestment of distributions		511,805			8,102,442			980,563			15,407,656
Shares reacquired		(15,454,160	)		(244,615,541	)		(45,428,357	)		(713,037,931	)
Increase (decrease)		6,282,405		$	99,624,845			(5,023,292	)	$	(77,252,445	)
Class C Shares
Shares sold		3,574,139		$	56,602,778			5,250,502		$	82,606,872
Reinvestment of distributions		59,139			936,144			107,965			1,696,709
Shares reacquired		(2,013,135	)		(31,884,124	)		(5,798,281	)		(91,023,998	)
Increase (decrease)		1,620,143		$	25,654,798			(439,814	)	$	(6,720,417	)
Class F Shares
Shares sold		16,751,817		$	265,392,330			19,278,675		$	303,126,692
Reinvestment of distributions		138,796			2,197,826			218,750			3,438,004
Shares reacquired		(6,737,617	)		(106,770,397	)		(14,382,150	)		(225,812,697	)
Increase		10,152,996		$	160,819,759			5,115,275		$	80,751,999
Class I Shares
Shares sold		1,296,902		$	20,523,582			859,524		$	13,530,756
Reinvestment of distributions		5,954			94,375			5,599			88,133
Shares reacquired		(882,456	)		(14,002,112	)		(605,760	)		(9,559,153	)
Increase		420,400		$	6,615,845			259,363		$	4,059,736
Intermediate	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		48,666,021		$	518,205,797			63,027,315		$	649,441,782
Converted from Class B*		13,763			144,911			35,278			360,887
Reinvestment of distributions		1,638,620			17,454,176			2,944,250			30,127,479
Shares reacquired		(22,048,363	)		(233,717,474	)		(59,480,984	)		(604,834,882	)
Increase		28,270,041		$	302,087,410			6,525,859		$	75,095,266
Class B Shares
Shares sold		18,149		$	194,148			37,468		$	380,027
Reinvestment of distributions		4,830			51,334			12,890			131,653
Shares reacquired		(51,636	)		(549,336	)		(127,458	)		(1,292,579	)
Converted to Class A*		(13,776	)		(144,911	)		(35,312	)		(360,887	)
Decrease		(42,433	)	$	(448,765	)		(112,412	)	$	(1,141,786	)
Class C Shares
Shares sold		13,504,007		$	143,497,657			16,950,943		$	174,446,587
Reinvestment of distributions		369,897			3,934,499			681,105			6,960,720
Shares reacquired		(3,330,469	)		(35,353,129	)		(11,583,602	)		(117,445,031	)
Increase		10,543,435		$	112,079,027			6,048,446		$	63,962,276

197

Notes to Financial Statements (unaudited)(continued)

Intermediate		Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		30,325,105		$	322,367,880			45,156,440		$	461,870,690
Reinvestment of distributions		425,852			4,541,774			631,744			6,462,834
Shares reacquired		(8,703,828	)		(92,623,157	)		(22,800,469	)		(232,064,976	)
Increase		22,047,129		$	234,286,497			22,987,715		$	236,268,548
							Period Ended September 30, 2011†
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		1,362,006		$	14,335,974			243,673		$	2,516,668
Reinvestment of distributions		5,971			63,793			1,850			19,304
Shares reacquired		(66,500	)		(715,233	)		(579	)		(6,018	)
Increase		1,301,477		$	13,684,534			244,944		$	2,529,954
							Year Ended September 30, 2011
Class P Shares	Shares			Amount			Shares			Amount
Reinvestment of distributions		20.128			$214			45.581			$469
Increase		20.128			$214			45.581			$469
AMT Free	Six Months Ended March 31, 2012 (unaudited)						Period Ended September 30, 2011††
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,600,769		$	40,207,774			4,597,265		$	66,615,105
Reinvestment of distributions		60,716			941,082			32,339			470,929
Shares reacquired		(788,993	)		(12,217,255	)		(499,723	)		(7,263,033	)
Increase		1,872,492		$	28,931,601			4,129,881		$	59,823,001
Class C Shares
Shares sold		456,837		$	7,066,195			186,329		$	2,717,662
Reinvestment of distributions		3,701			57,589			1,478			21,699
Shares reacquired		(27,272	)		(420,615	)		(19,849	)		(292,045	)
Increase		433,266		$	6,703,169			167,958		$	2,447,316
Class F Shares
Shares sold		673,941		$	10,387,921			264,174		$	3,898,933
Reinvestment of distributions		3,380			52,469			1,320			19,497
Shares reacquired		(69,381	)		(1,067,203	)		(15,663	)		(232,333	)
Increase		607,940		$	9,373,187			249,831		$	3,686,097
Class I Shares
Shares sold		—		$	—			670		$	10,055
Reinvestment of distributions		16			248			31			442
Increase		16		$	248			701		$	10,497

198

Notes to Financial Statements (unaudited)(continued)

National	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		12,548,981		$	135,538,838			19,282,466		$	199,147,184
Converted from Class B*		69,772			748,826			332,348			3,389,830
Reinvestment of distributions		2,568,529			27,715,318			5,045,526			51,645,948
Shares reacquired		(10,850,833	)		(116,642,393	)		(38,999,284	)		(397,196,646	)
Shares issued in reorganizations (See Note 12)		—			—			55,034,359			566,853,901
Increase		4,336,449		$	47,360,589			40,695,415		$	423,840,217
Class B Shares
Shares sold		24,065		$	255,295			21,915		$	229,993
Reinvestment of distributions		11,917			129,084			35,193			362,553
Shares reacquired		(77,320	)		(841,042	)		(339,361	)		(3,453,132	)
Converted to Class A*		(69,419	)		(748,826	)		(330,715	)		(3,389,830	)
Decrease		(110,757	)	$	(1,205,489	)		(612,968	)	$	(6,250,416	)
Class C Shares
Shares sold		2,402,622		$	25,951,582			2,975,419		$	30,940,944
Reinvestment of distributions		183,497			1,983,237			357,691			3,672,942
Shares reacquired		(1,103,291	)		(11,879,422	)		(4,969,746	)		(50,492,778	)
Increase (decrease)		1,482,828		$	16,055,397			(1,636,636	)	$	(15,878,892	)
Class F Shares
Shares sold		2,691,090		$	28,948,494			3,623,729		$	37,684,526
Reinvestment of distributions		95,599			1,033,698			141,747			1,451,505
Shares reacquired		(1,441,773	)		(15,588,983	)		(4,750,839	)		(48,955,530	)
Shares issued in reorganizations (See Note 12)		—			—			2,276,678			23,427,016
Increase		1,344,916		$	14,393,209			1,291,315		$	13,607,517
Class I Shares
Shares sold		—		$	—			—(a	)	$	5
Reinvestment of distributions		25			271			52			529
Increase		25		$	271			52		$	534
High Yield	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		13,374,976		$	148,525,029			30,917,948		$	342,129,561
Reinvestment of distributions		1,913,411			21,216,657			4,006,922			44,193,007
Shares reacquired		(13,030,963	)		(142,968,300	)		(56,467,566	)		(628,270,128	)
Increase (decrease)		2,257,424		$	26,773,386			(21,542,696	)	$	(241,947,560	)
Class B Shares
Reinvestment of distributions		23.504		$	261			50.335		$	551
Increase		23.504		$	261			50.335		$	551

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Notes to Financial Statements (unaudited)(continued)

High Yield	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		3,908,774		$	43,440,414			7,052,406		$	78,668,082
Reinvestment of distributions		668,872			7,416,754			1,474,064			16,248,957
Shares reacquired		(4,373,126	)		(48,229,507	)		(17,326,232	)		(191,361,792	)
Increase (decrease)		204,520		$	2,627,661			(8,799,762	)	$	(96,444,753	)
Class F Shares
Shares sold		5,375,474		$	59,506,237			10,507,162		$	118,515,023
Reinvestment of distributions		235,341			2,615,065			476,246			5,243,587
Shares reacquired		(3,685,877	)		(40,622,276	)		(13,399,408	)		(147,758,008	)
Increase (decrease)		1,924,938		$	21,499,026			(2,416,000	)	$	(23,999,398	)
Class I Shares
Shares sold		18,185		$	199,931			798,002		$	8,801,820
Reinvestment of distributions		221			2,453			255			2,832
Shares reacquired		(3,070	)		(33,840	)		(603,681	)		(6,641,274	)
Increase		15,336		$	168,544			194,576		$	2,163,378
Class P Shares
Reinvestment of distributions		26.987		$	299			56.070		$	618
Increase		26.987		$	299			56.070		$	618
California	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,933,630		$	19,792,907			2,423,887		$	23,327,288
Reinvestment of distributions		253,184			2,577,226			515,561			4,966,443
Shares reacquired		(1,417,655	)		(14,360,599	)		(3,974,335	)		(38,144,863	)
Increase (decrease)		769,159		$	8,009,534			(1,034,887	)	$	(9,851,132	)
Class C Shares
Shares sold		491,541		$	5,017,843			384,782		$	3,769,410
Reinvestment of distributions		33,523			341,643			68,375			659,141
Shares reacquired		(268,418	)		(2,738,762	)		(870,943	)		(8,317,705	)
Increase (decrease)		256,646		$	2,620,724			(417,786	)	$	(3,889,154	)
Class F Shares
Shares sold		557,866		$	5,723,885			1,036,996		$	9,973,539
Reinvestment of distributions		16,825			171,489			28,581			275,394
Shares reacquired		(175,919	)		(1,773,134	)		(828,389	)		(7,925,464	)
Increase		398,772		$	4,122,240			237,188		$	2,323,469
							Period Ended September 30, 2011†
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,087		$	10,045
Reinvestment of distributions		26			265			38			363
Increase		26		$	265			1,125		$	10,408

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Notes to Financial Statements (unaudited)(continued)

New Jersey	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		5,890,099		$	27,926,507			2,872,430		$	13,072,414
Reinvestment of distributions		417,640			2,007,518			825,069			3,774,629
Shares reacquired		(4,678,388	)		(22,412,001	)		(5,390,367	)		(24,666,709	)
Increase (decrease)		1,629,351		$	7,522,024			(1,692,868	)	$	(7,819,666	)
Class F Shares
Shares sold		562,475		$	2,725,388			1,113,446		$	5,228,495
Reinvestment of distributions		10,548			50,930			17,327			79,168
Shares reacquired		(330,019	)		(1,614,658	)		(861,712	)		(3,927,334	)
Increase		243,004		$	1,161,660			269,061		$	1,380,329
							Period Ended September 30, 2011†
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,273		$	10,047
Reinvestment of distributions		51			248			74			335
Increase		51		$	248			2,347		$	10,382
New York	Six Months Ended March 31, 2012 (unaudited)						Year Ended September 30, 2011
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,821,505		$	19,699,564			3,011,463		$	31,640,785
Reinvestment of distributions		297,166			3,218,304			617,001			6,435,697
Shares reacquired		(1,356,908	)		(14,688,551	)		(5,101,187	)		(53,078,147	)
Increase (decrease)		761,763		$	8,229,317			(1,472,723	)	$	(15,001,665	)
Class C Shares
Shares sold		494,091		$	5,371,044			565,408		$	5,931,487
Reinvestment of distributions		36,219			391,815			72,121			751,188
Shares reacquired		(248,135	)		(2,685,194	)		(883,981	)		(9,124,752	)
Increase (decrease)		282,175		$	3,077,665			(246,452	)	$	(2,442,077	)
Class F Shares
Shares sold		500,831		$	5,417,476			518,654		$	5,506,570
Reinvestment of distributions		12,919			140,593			20,782			216,690
Shares reacquired		(75,507	)		(822,659	)		(494,411	)		(5,089,971	)
Increase		438,243		$	4,735,410			45,025		$	633,289
							Period Ended September 30, 2011†
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		—		$	—			994		$	10,045
Reinvestment of distributions		23.263			251			33			339
Increase		23.263		$	251			1,027		$	10,384

*	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)	Value is less than 1 share.
†	For the period January 31, 2011 (commencement of operations) to September 30, 2011.
††	For the period October 26, 2010 (commencement of operations) to September 30, 2011.

201

Notes to Financial Statements (unaudited)(concluded)

12. REORGANIZATIONS

As of the close of business on November 19, 2010, National acquired the net assets of each of the funds listed below (the "Acquired Funds"), pursuant to a plan of reorganization approved by each Acquired Fund’s shareholders on November 5, 2010. The acquisition was accomplished by a tax-free exchange of 57,311,037 shares (valued at $590,280,917) of National and 107,952,755 shares of the Acquired Funds outstanding on November 19, 2010. The Acquired Funds’ net assets at the date of the acquisition, including $4,356,765 of unrealized depreciation, $95,025 of undistributed net investment income, and $16,280,071 of accumulated net realized losses, were combined with those of National. Total shares issued by National and total net assets of the Acquired Funds, including appreciation/(depreciation), undistributed (distributions in excess of) net investment income, and accumulated net realized losses were as follows:

Acquired Fund	SharesIssued byNational	Shares Exchanged	Net Unrealized Appreciation/ (Depreciation)		Undistributed (Distributions in Excess of) Net Investment Income		Accumulated Net Realized Loss	Total Net Assets of the Acquired Funds
Connecticut	10,584,625	11,120,698	$(1,481,652	)	$(7,831	)	$(4,837,006)	$109,014,889
Georgia	12,059,536	23,467,055	(954,682	)	81,755		(4,252,963)	124,205,487
Hawaii	11,246,528	24,242,654	476,365		452		(2,758,620)	115,835,572
Missouri	14,956,054	31,401,203	(2,009,392	)	33,575		(3,321,157)	154,045,213
Pennsylvania	8,464,294	17,721,145	(387,404	)	(12,926	)	(1,110,325)	87,179,756

The total net assets of National immediately before the acquisition were $1,190,394,762. Total net assets of the Acquired Funds immediately before the acquisition were $590,280,917. Total net assets of National immediately after the acquisition were $1,780,675,679.

13. RECENT ACCOUNTING STANDARD

The Financial Accounting Standards Board issued amended guidance to improve disclosure of fair value measurements. Fair value measurements categorized as Level 3 will require quantitative information with respect to unobservable inputs and assumptions used, a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs, and enhanced disclosure of valuation policies and procedures. In addition, quantitative and qualitative disclosure will be required for all transfers in and out of Level 1 and Level 2. The amended guidance is effective for the first reporting period beginning after December 15, 2011. Management is evaluating the impact of this guidance on the Fund’s financial statements and disclosures.

202

Approval of Advisory Contract

The Board of Directors of the Company (the "Board"), including all of the Directors who are not interested persons of the Company or Lord, Abbett & Co. LLC ("Lord Abbett"), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to each Fund’s management agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmark. Before making its decision with respect 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 meetings and discussions. These meetings and discussions included the examination of each Fund’s portfolio management team by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Lipper Inc. regarding the investment performance of the Fund compared to the investment performance of a group of funds within the same investment classification/objective (the "performance universe") and to the investment performance of an appropriate benchmark; (2) information on the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and similar funds (the "peer group"); (3) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (4) sales and redemption information for the Fund; (5) information regarding Lord Abbett’s financial condition; (6) an analysis of the relative profitability of the management agreement to Lord Abbett; (7) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (8) information regarding the distribution arrangements of the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each of the Funds and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that the relevant performance universe, in each case as of various periods ended August 31, 2011.

As to High Yield Municipal Bond Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the fifth quintile of its performance universe for the eight-month, one-year, three-year and five-year periods. The Board also observed that the investment performance was lower than that of the Lipper High Yield Municipal Debt Index for each of those periods.

203

Approval of Advisory Contract (continued)

As to Intermediate Tax Free Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the first quintile of its performance universe for the eight-month, three-year, and five-year periods, and the second quintile for the one-year period. The Board also observed that the investment performance was higher than that of the Lipper Intermediate Municipal Debt Index for each of those periods.

As to National Tax Free Income Fund, the Board observed that the investment performance of Class A shares of the Fund was in the third quintile of its performance universe for the eight-month and three-year periods, and the fourth quintile for the one-year, five-year, and ten-year periods. The Board also observed that the investment performance was lower than that of the Lipper General Municipal Debt Index for each of those periods.

As to Short Duration Tax Free Fund, the Board observed that the Fund had begun investment operations in December 2008 and commenced performance on December 31, 2008, and thus it was not possible to draw definitive conclusions regarding its investment performance. The Board observed that the investment performance of the Class A shares of the Fund was in the second quintile of its performance universe for the eight-month period and the period since inception and the first quintile for the one-year period. The Board also observed that the investment performance was higher than that of the Lipper Short Municipal Debt Index for each of those periods.

As to AMT Free Municipal Bond Fund, the Board observed that the Fund had a performance inception date of October 29, 2010, and thus it was not possible to draw definitive conclusions regarding its performance based on the relatively short operating history. The Board observed that the investment performance of the Class A shares of the Fund was in the first quintile of its performance universe for the eight month period and the period since inception and higher than that of the Lipper General Municipal Debt Index for each of those periods.

As to California Tax Free Income Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the fourth quintile of its performance universe for the eight-month, one-year, and three-year periods, and the fifth quintile for the five-year and ten-year periods. The Board also observed that the investment performance was lower than that of the Lipper California Municipal Debt Index for each of those periods.

As to New Jersey Tax Free Income Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the fourth quintile of its performance universe for the eight-month period and the fifth quintile for the one-year, three-year, five-year, and ten-year periods. The Board also observed that the investment performance was lower than that of the Lipper New Jersey Municipal Debt Index for each of those periods.

As to New York Tax Free Income Fund, the Board observed that the investment performance of the Class A shares of the Fund was in the third quintile of its performance universe for the eight-month and ten-year periods, the fourth quintile for the one-year and five-year periods, and the second quintile for the three-year period. The Board also observed that the Fund’s investment performance was higher than that of the Lipper New York Municipal Debt Index for the eight-month, one-year, and three-year periods and lower than that of the Index for the five-year and ten-year periods.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and

204

Approval of Advisory Contract (continued)

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. The Board determined that Lord Abbett had the expertise and resources to manage each Fund effectively.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor LLC ("Distributor") and the nature and extent of Lord 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 class of shares of each Fund and the expense levels of one or more corresponding peer groups. The Board considered the fiscal periods on which the peer group comparison or comparisons were based, and noted that the fiscal years of many funds in each Fund’s peer group did not coincide with the Fund’s fiscal year. It also considered the projected expense levels of each Fund. It also considered the amount and nature of the fees paid by shareholders.

As to High Yield Municipal Bond Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets, were approximately the same as the median of the peer group and the actual management and administrative services fees were approximately one basis point above the median of the peer group. The Board observed that for the fiscal year ended September 30, 2010 the total expense ratio of Class A was approximately five basis points below the median of the peer group, the total expense ratio of Class B was approximately three basis points below the median of the peer group, the total expense ratio of Class C was approximately five basis points below the median of the peer group, the total expense ratio of Class F was approximately the same as the median of the peer group, and the total expense ratio of Class P was approximately eight basis points above the median of the peer group. The Board considered the projected expense ratio of each class and how those ratios would relate to those of the peer group.

As to Intermediate Tax Free Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately two basis points below the median of the peer group and the actual management and administrative services fees were approximately six basis points below the median of the peer group. The Board observed that for the fiscal year ended September 30, 2010 the total expense ratio of Class A was approximately nine basis points below the median of the peer group, the total expense ratio of Class B was approximately one basis point above the median of the peer group, the total expense ratio of Class C was approximately five basis points below the median of the peer group, the total expense ratio of Class F was approximately six basis points below the median of the peer group, and the total expense ratio of Class P was approximately twenty-four basis points above the median of the peer group. The Board noted that effective February 1, 2011 the Fund and Lord Abbett had agreed to a management fee waiver and expense limitation agreement whereby the total expense ratio, excluding 12b-1 fees and interest related expenses, of each class was limited to no more than 0.45%. The Board noted that Lord Abbett proposed to enter into a new management fee waiver and expense limitation agreement through January 31, 2013 under which the expense ratio of each class would be limited to a level that was two basis points higher. The Board also considered what

205

Approval of Advisory Contract (continued)

the expense ratio of each class would be at the new expense reimbursement level proposed by Lord Abbett and how those expense ratios would relate to those of the peer group.

As to National Tax Free Income Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately two basis points above the median of the peer group and the actual management and administrative services fees were approximately three basis points above the median of the peer group. The Board observed that for the fiscal year ended September 30, 2010 the total expense ratio of Class A was approximately one basis point below the median of the peer group, the total expense ratio of Class B was approximately three basis points above the median of the peer group, the total expense ratio of Class C was approximately seven basis points below the median of the peer group, and the total expense ratio of Class F was approximately two basis points above the median of the peer group. The Board also considered the projected expense ratio of each class and how those ratios would relate to those of the peer group.

As to Short Duration Tax Free Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fee, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately one basis point below the median of the peer group and the actual management and administrative services fees were approximately four basis points below the median of the peer group. The Board observed that for the fiscal year ended September 30, 2010 the total expense ratio of Class A was approximately nineteen basis points below the median of the peer group, the total expense ratio of Class C was approximately one basis point above the median of the peer group, the total expense ratio of Class F was approximately four basis points below the median of the peer group, and the total expense ratio of Class I was approximately five basis points below the median of the peer group. The Board noted that effective February 1, 2011 the Fund and Lord Abbett had agreed to a management fee waiver and expense limitation agreement whereby the total expense ratio, excluding 12b-1 fees (if any) and interest related expenses, of each class was limited to no more than 0.39%. The Board noted that Lord Abbett proposed to enter into a new management fee waiver and expense limitation agreement through January 31, 2013 under which the expense ratio of each class would be limited to a level that was two basis points higher. The Board also considered what the expense ratio of each class would be at the new expense reimbursement level proposed by Lord Abbett and how those expense ratios would relate to those of the peer group.

As to AMT Free Municipal Bond Fund, the Board observed that for the period ended August 31, 2011, the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately one basis point above the median of the peer group and the actual management and administrative services fees were approximately forty-seven basis points below the median of the peer group. The Board observed that for the period ended August 31, 2011 the total expense ratio of Class A was approximately thirty-five basis points below the median of the peer group, the total expense ratio of Class C was approximately thirty basis points below the median of the peer group, the total expense ratio of Class F was approximately twenty-three basis points below the median of the peer group, and the total expense ratio of Class I was approximately thirty-one basis points below the median of the peer group. The Board noted that effective October 26, 2010 the Fund and Lord Abbett had agreed to a management

206

Approval of Advisory Contract (continued)

fee waiver and expense limitation agreement whereby the total expense ratio, excluding 12b-1 fees (if any) and interest related expenses, of each class was limited to no more than 0.30%. The Board noted that Lord Abbett proposed to enter into a new management fee waiver and expense limitation agreement through January 31, 2013 under which the expense ratio of each class would be limited to a level that was five basis points higher. The Board also considered what the expense ratio of each class would be at the new expense reimbursement level proposed by Lord Abbett and how those expense ratios would relate to those of the peer group.

As to California Tax Free Income Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately one basis point below the median of the peer group and the actual management and administrative services fees were approximately one basis point above the median of the peer group. The Board observed that the total expense ratio of Class A was approximately seven basis points below the median of the peer group, the total expense ratio of Class C was approximately eight basis points below the median of the peer group, and the total expense ratio of Class F was approximately twelve basis points above the median of the peer group. The Board considered the projected expense ratio of each class and how those ratios would relate to those of the peer group.

As to New Jersey Tax Free Income Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately three basis points below the median of the peer group and the actual management and administrative services fees were approximately one basis point below the median of the peer group. The Board also observed that for the fiscal year ended September 30, 2010 the total expense ratio of Class A was approximately the same as the median of the peer group and the total expense ratio of Class F was approximately five basis points above the median of the peer group. The Board also considered the projected expense ratio of each class and how those ratios would relate to those of the peer group.

As to New York Tax Free Income Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees, when calculated as a percentage of a hypothetical common asset level that approximated the Fund’s average net assets; were approximately the same as the median of the peer group and the actual management and administrative services fees were approximately two basis points above the median of the peer group. With respect to Class F, the Board noted that the peer group constituted California municipal debt funds due to the limited number of New York municipal debt funds with the same distribution expense structure. The Board also observed that for the fiscal year ended September 30, 2010 the total expense ratio of Class A was approximately six basis points below the median of the peer group, the total expense ratio of Class C was approximately seven basis points below the median of the peer group, and the total expense ratio of Class F was approximately twelve basis points above the median of the peer group. The Board considered the projected expense ratio of each class and how those ratios would relate to those of the peer group.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a

207

Approval of Advisory Contract (concluded)

reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. The Board noted that Lord Abbett’s overall profitability had increased in its 2011 fiscal year. The Board concluded that Lord Abbett’s profitability overall and as to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule, with its breakpoint(s) in the level of the management fee, adequately addressed any economies of scale in managing the applicable Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Funds. The Board observed that Distributor receives Rule12b-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 Rule12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. The Board observed that, in addition, Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds and other Lord Abbett funds.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving the continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. In considering whether to approve the continuation of the management agreements, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.

After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements.

208

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).

209

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 California Tax-Free Income Fund
Lord Abbett New Jersey Tax-Free Income Fund
Lord Abbett New York Tax-Free Income Fund LATFI-3-0312
(05/12)

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)	Amendments to Code of Ethics – Not applicable.
(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.
(a)(3)	Not applicable.
(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

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

LORD ABBETT MUNICIPAL INCOME FUND, INC.
By:	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman

Date: May 17, 2012

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

Date: May 17, 2012

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

By:	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman

Date: May 17, 2012

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

Date: May 17, 2012