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: 3/31/2011

Item 1: Report to Shareholders.

2011

LORD ABBETT

SEMIANNUAL

REPORT    

Lord Abbett

Municipal Income Fund

Short Duration Tax Free Fund Intermediate Tax Free Fund AMT Free Municipal Bond Fund National Tax-Free Income Fund High Yield Municipal Bond Fund 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, 2011

Lord Abbett Municipal Income Fund

Semiannual Report

For the six-month period ended March 31, 2011

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, 2011. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s 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, 2010 through March 31, 2011).

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 titled “Expenses Paid During the Period 10/1/10 – 3/31/11” 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 each 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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A*
Actual	$	1,000.00	$	999.00	$	2.89
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class C*
Actual	$	1,000.00	$	995.80	$	6.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.19	$	6.79
Class F*
Actual	$	1,000.00	$	1,000.10	$	2.39
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class I*
Actual	$	1,000.00	$	999.90	$	1.89
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.04	$	1.92

^†  For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.58% for Class A, 1.35% for Class C, 0.48% for Class F and 0.38% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

* The annualized expenses of each class have been restated (0.59% for Class A, 1.36% for Class C, 0.49% for Class F and 0.39% 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	$	2.94	$	2.97
Class C	$	6.77	$	6.84
Class F	$	2.44	$	2.47
Class I	$	1.94	$	1.97

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s(a)	%*		S&P or Moody’s(a)	%*
AAA		3.36%	BB+		0.80%
AA+		16.37%	BB		4.97%
AA		12.08%	BB-		0.92%
AA-		11.33%	B+		0.19%
A+		12.38%	B-		0.46%
A		8.42%	CCC+		0.21%
A-		7.03%	Ca		0.22%
BBB+		5.62%	NR		4.09%
BBB		5.77%	Total		100.00%
BBB-		5.78%

^(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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A*
Actual	$	1,000.00	$	968.90	$	3.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.71	$	3.28
Class B*
Actual	$	1,000.00	$	965.00	$	7.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.72	$	7.29
Class C*
Actual	$	1,000.00	$	965.30	$	6.76
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.03	$	6.94
Class F*
Actual	$	1,000.00	$	969.40	$	2.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.22	$	2.72
Class I*
Actual	$	1,000.00	$	1,011.00	$	0.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,007.49	$	0.73
Class P*
Actual	$	1,000.00	$	967.90	$	4.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.59	$	4.38

^†  For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.65% for Class A, 1.45% for Class B, 1.38% for Class C, 0.54% for Class F, 0.44% for Class I and 0.87% for Class P) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period for Classes A, B, C, F and P) and 60/365 (to reflect the period from January 31, 2011, commencement of operations, to March 31, 2011 for Class I).

* The annualized expenses of each class have been restated (0.66% for Class A, 1.46% for Class B, 1.39% for Class C, 0.54% for Class F, 0.44% for Class I and 0.87% 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	$	3.24	$	3.33
Class B	$	7.15	$	7.34
Class C	$	6.81	$	6.99
Class F	$	2.65	$	2.72
Class I	$	0.73	$	0.73
Class P	$	4.27	$	4.38

4

Intermediate Tax Free Fund (concluded)

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:
S&P or Moody’s(a)	%*
AAA		5.84%
AA+		16.81%
AA		8.78%
AA-		10.95%
A+		12.86%
A		7.84%
A-		7.30%
BBB+		3.46%
BBB		6.05%
BBB-		9.53%
BB+		1.24%
BB		1.29%
BB-		0.82%
B+		0.09%
B		1.33%
B-		0.13%
CC		0.23%
CCC+		0.59%
Caa2		0.13%
NR		4.73%
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%

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†
	10/26/10		3/31/11		10/26/10 - 3/31/11
Class A
Actual	$	1,000.00	$	955.10	$	2.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.37	$	2.17
Class C
Actual	$	1,000.00	$	951.60	$	5.37
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.01	$	5.55
Class F
Actual	$	1,000.00	$	955.30	$	1.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.85	$	1.69
Class I
Actual	$	1,000.00	$	956.00	$	1.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.24	$	1.26

^†  For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.50% for Class A, 1.28% for Class C, 0.39% for Class F and 0.29% for Class I) multiplied by the average account value over the period, multiplied by 157/365 (to reflect the period from October 26, 2010, commencement of operations, to March 31, 2011).

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s	%*		S&P or Moody’s	%*
AA+		10.19%	BBB-		8.70%
AA		10.25%	BB+		2.76%
AA-		16.00%	BB		1.92%
A+		15.66%	BB-		0.21%
A		9.99%	CCC+		0.75%
A-		6.37%	Caa2		0.23%
BBB+		4.29%	NR		8.96%
BBB		3.72%	Total		100.00%

* 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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A
Actual	$	1,000.00	$	940.50	$	4.11
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.71	$	4.28
Class B
Actual	$	1,000.00	$	936.30	$	7.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.71	$	8.30
Class C
Actual	$	1,000.00	$	936.60	$	7.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.36	$	7.64
Class F
Actual	$	1,000.00	$	940.90	$	3.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.21	$	3.78
Class I
Actual	$	1,000.00	$	940.70	$	3.05
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.80	$	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, 1.65% for Class B, 1.52% for Class C, 0.75% for Class F and 0.63% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s(a)	%*		S&P or Moody’s(a)	%*
AAA		4.38%	BB-		1.75%
AA+		15.34%	B+		0.16%
AA		8.20%	B		0.84%
AA-		9.94%	B-		0.20%
A+		6.59%	CCC+		1.08%
A		7.96%	Caa2		0.06%
A-		5.97%	Caa3		0.02%
BBB+		4.16%	CC		0.33%
BBB		6.60%	NR		10.92%
BBB-		11.47%	Money Market Mutual Funds		0.00%	**
BB+		1.97%	Total		100.00%
BB		2.06%

^(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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A
Actual	$	1,000.00	$	930.60	$	4.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.50	$	4.48
Class B
Actual	$	1,000.00	$	927.20	$	7.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.66	$	8.35
Class C
Actual	$	1,000.00	$	928.30	$	7.55
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.12	$	7.90
Class F
Actual	$	1,000.00	$	931.10	$	3.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.00	$	3.98
Class I
Actual	$	1,000.00	$	932.40	$	3.32
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.51	$	3.48
Class P
Actual	$	1,000.00	$	929.70	$	5.39
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36	$	5.64

^†  For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.89% for Class A, 1.66% for Class B, 1.57% for Class C, 0.79% for Class F, 0.69% for Class I and 1.12% for Class P) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s(a)	%*		S&P or Moody’s(a)	%*
AAA		2.13%	BB		3.03%
AA+		3.91%	BB-		2.72%
AA		5.89%	B+		1.21%
AA-		4.75%	B		3.05%
A+		0.25%	B-		1.88%
A		1.01%	CC		0.98%
A-		1.68%	CCC+		2.97%
BBB+		4.75%	Caa3		0.30%
BBB		6.18%	NR		39.45%
BBB-		9.20%	Money Market Mutual Funds		0.00%	**
BB+		4.66%	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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A
Actual	$	1,000.00	$	931.00	$	4.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.73	$	4.23
Class C
Actual	$	1,000.00	$	927.00	$	7.21
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.44	$	7.54
Class F
Actual	$	1,000.00	$	931.40	$	3.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.23	$	3.73
Class I
Actual	$	1,000.00	$	1,014.40	$	1.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,006.95	$	1.27

^†  For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.84% for Class A, 1.50% for Class C, 0.74% for Class F and 0.77% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period for Classes A, C and F) and 60/365 (to reflect the period from January 31, 2011, commencement of operations, to March 31, 2011 for Class I).

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s(a)	%*		S&P or Moody’s(a)	%*
AAA		1.11%	BBB		5.31%
AA+		11.11%	BBB-		4.99%
AA		16.48%	BB+		0.79%
AA-		6.95%	BB		0.84%
A+		12.38%	B+		0.22%
A		18.22%	NR		11.08%
A-		5.99%	Money Market Mutual Fund		0.00%	**
BBB+		4.53%	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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A
Actual	$	1,000.00	$	932.90	$	4.05
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.72	$	4.23
Class F
Actual	$	1,000.00	$	933.30	$	3.62
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.22	$	3.78
Class I
Actual	$	1,000.00	$	1,008.40	$	1.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,007.09	$	1.12

^†  For each class of the Fund, net expenses (including interest expense) are equal to the annualized expense ratio for such class (0.84% for Class A, 0.75% for Class F and 0.68% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period for Class A and F) and 60/365 (to reflect the period from January 31, 2011, commencement of operations, to March 31, 2011 for Class I).

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s(a)	%*		S&P or Moody’s(a)	%*
AAA		4.11%	BBB-		11.75%
AA+		9.38%	BB		2.37%
AA		15.75%	B+		0.13%
Aa3		19.64%	B		0.79%
A+		5.38%	B3		0.22%
A		7.08%	CCC+		0.71%
A-		4.74%	NR		8.87%
BBB+		5.02%	Money Market Mutual Fund		0.00%	**
BBB		4.06%	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†
	10/1/10		3/31/11		10/1/10 - 3/31/11
Class A
Actual	$	1,000.00	$	949.80	$	4.13
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.68	$	4.28
Class C
Actual	$	1,000.00	$	946.60	$	7.33
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.40	$	7.59
Class F
Actual	$	1,000.00	$	950.30	$	3.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	3.78
Class I
Actual	$	1,000.00	$	1,015.40	$	1.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,006.93	$	1.29

^†  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, 1.51% for Class C, 0.75% for Class F and 0.78% for Class I) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period for Classes A, C and F) and 60/365 (to reflect the period from January 31, 2011, commencement of operations, to March 31, 2011 for Class I).

Portfolio Holdings Presented by Credit Rating

March 31, 2011

Credit Rating:			Credit Rating:
S&P or Moody’s(a)	%*		S&P or Moody’s(a)	%*
AAA		10.55%	BB+		2.84%
AA+		7.38%	BB		0.64%
AA		12.43%	BB-		0.65%
AA-		19.84%	B+		0.11%
A+		9.40%	B-		0.97%
A		5.40%	CCC+		0.81%
A-		8.54%	NR		6.77%
BBB+		3.35%	Money Market Mutual Fund		0.00%	**
BBB		1.87%	Total		100.00%
BBB-		8.45%

^(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, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 76.31%
Corporate-Backed 3.50%
Allegheny Cnty PA Indl Dev Auth Envr Impt USX Pj		4.75%			12/1/2032		BBB+	$	2,225	$	2,294,687
Babylon NY Indl Dev Agy Res Rev Covanta Babylon Ser A		5.00%			1/1/2013		AA		2,010		2,119,565
Burke Cnty GA Dev Auth Pollutn Ctrl Vogtle Pj 5th Rmkt		2.30%			10/1/2032		A		15,000		15,221,700
Coconino Cnty AZ Pollutn Ctrl Corp Ser A		5.50%			6/1/2034		Baa2		2,000		2,140,660
Escambia Cnty FL Solid Wst Gulf Pwr Co Pj 1st Ser		2.00%			4/1/2039		A		4,000		4,025,200
Farmington NM Pollutn Ctrl Rev Sthn CA Edison Ser A		2.875%			4/1/2029		A1		7,500		7,521,075
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.00%			6/1/2015		A+		5,275		5,542,864
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-3		2.00%	#		6/1/2013		A+		10,000		10,007,800
Gloucester Cnty NJ Impt Auth Wst Mgmt Inc Pj Ser A		2.625%			12/1/2029		BBB		4,000		4,024,240
IN Port Commn Port Rev Cargill Inc Pj		4.10%			5/1/2012		A		4,100		4,194,792
PA Econ Dev Fing Auth Wst Mgt Inc Pj		2.75%			9/1/2013		BBB		4,250		4,304,443
Rockport IN Pollutn Ctrl Rev MI Pwr Co Pj Ser A		6.25%			6/1/2025		BBB		1,000		1,084,300
Total											62,481,326
Education 3.54%
Delaware Cnty PA Auth Univ Rev Villanova Univ		4.00%			12/1/2014		A+		700		748,076
Delaware Cnty PA Auth Univ Rev Villanova Univ		5.00%			12/1/2013		A+		550		596,772
Grand Rapids MI Econ Dev Corp Ferris St Univ Pj Ser B		1.80%			4/1/2013		NR		4,250		4,216,510
IL Edl Facs Auth Rev Univ of Chicago Ser B-2		1.875%			7/1/2036		Aa1		5,250		5,168,730
MA St Dev Fin Agy Boston Univ Ser V-2		2.875%			10/1/2014		A		1,595		1,627,729
MA St Hlth & Edl Facs Auth Univ MA Ser A Rmkt		2.20%			11/1/2030		A+		3,600		3,624,480
MI Fin Auth St Aid Nts Detriot Sch Ser A-2		6.65%			3/20/2012		NR		4,500		4,519,710
ND St Brd of Higher Ed Univ Hsg & Aux Facs		4.00%			4/1/2012		Aa3		1,000		1,022,460
New York City NY Tr Cultural Res Julliard Sch(b)		2.10%			4/1/2036		AA		14,000		14,022,400

See Notes to Financial Statements.

12

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

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		5.50%		12/1/2013		Baa1	$	1,000	$	1,074,980
NY St Dorm Auth Rev Non St Supp Debt St. Lawrence		5.00%		7/1/2014		A2		4,000		4,344,240
NY St Dorm Auth Rev St City Univ Sys Cons 5th Gen Ser A (NPFGC)(FGIC)		5.00%		7/1/2015		AA-		1,565		1,730,671
NY St Dorm Auth Rev St Univ Edl Facs Ser A		5.50%		5/15/2013		AA-		4,795		5,069,562
NY St Dorm Auth Rev St. John’s Univ Ser A (NPFGC)		5.00%		7/1/2014		A-		2,000		2,185,240
OH St Higher Edl Fac Rev Univ Dayton Pj Ser B		1.50%		7/1/2016		A		5,000		5,000,050
SC Edl Facs Auth Furman Univ		4.00%		10/1/2015		A1		1,000		1,073,880
Troy NY Indl Dev Auth Civic Fac Rensselaer Polytechnic Ser E		4.05%		4/1/2037		A		100		101,075
Univ of TX Perm Univ Fd Ser A		5.00%		7/1/2014		AAA		1,400		1,572,760
Univ of TX Rev Fing Sys Ser D		4.00%		8/15/2014		AAA		1,000		1,090,920
Wayne St Univ MI Rev Ser A		5.00%		11/15/2015		Aa2		3,975		4,403,346
Total										63,193,591
General Obligation 12.67%
AK Muni Bd Bk Auth Ser A1		3.00%		3/1/2014		Aa2		1,000		1,035,830
Allegheny Cnty PA Ser C 55 (NPFGC)		5.375%		11/1/2013		A+		7,210		7,862,577
Bedford Pk Vlg IL (AG)		5.00%		12/1/2013		AA+		1,275		1,379,958
Boston MA Ser A		5.00%		4/1/2014		Aaa		1,500		1,671,075
Centennial Auth NC Rev (AG)		5.00%		9/1/2014		Aa2		3,460		3,786,866
Chicago IL Brd of Ed Dedicated Revs Ser F		5.00%		12/1/2014		Aa2		2,255		2,440,023
Clark Cnty NV Sch Dist Ltd Tax Ser A		5.00%		6/15/2016		AA		7,500		8,292,225
Clark Cnty NV Sch Dist Ser A (AGM)		5.50%		6/15/2016		AA+		7,370		8,002,051
Cook Cnty IL Sch Dist No 99-Cicero Ser C (AGM)		5.00%		12/1/2014		Aa3		1,690		1,844,094
Cook Cnty IL Ser A (AMBAC)		5.00%		11/15/2014		AA		1,000		1,082,670
Crawford Cent Sch Dist PA (AG)		3.50%		2/15/2012		Aa3		250		255,868
CT St Ser D		5.00%		11/1/2014		AA		500		562,875
Cumberland Cnty NC Impt Pjs Ser B 1 COP		4.00%		12/1/2014		AA		3,500		3,722,565
Detroit MI Dist St Aid		5.00%		11/1/2015		AA-		6,775		7,422,554
Dist of Columbia Ser E ETM (BHAC)		5.00%		6/1/2014		AA+		1,500		1,683,405
Douglas Cnty WA Sch Dist No 206 Eastmont (NPFGC)		5.00%		12/1/2014		Aa1		1,000		1,124,790

See Notes to Financial Statements.

13

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Eagle Mountain & Saginaw TX Indpt Sch Dist Cap Apprec Ser A PSF GTD		5.25%		8/15/2023		AAA	$	1,695	$	1,876,111
El Paso TX (AGM)		5.75%		8/15/2012		AA+		500		535,845
FL St Brd of Ed Pub Ed Ser C GTD		5.00%		6/1/2014		AAA		250		276,945
Frisco TX Ctfs Oblig Ser A (AGM)		5.00%		2/15/2012		AA+		500		520,105
Gilroy CA Unif Sch Dist Bd Antic Nts		5.00%		4/1/2013		NR		4,000		4,250,600
Harris Cnty TX Ctfs Oblig		5.50%		8/15/2020		AAA		1,000		1,068,730
Hartford CT		5.625%		2/1/2013		A1		590		643,419
Hartford CT (AG)		4.00%		11/15/2013		AA+		1,320		1,409,430
HI Cnty HI Ser A (AMBAC)		5.00%		7/15/2014		Aa2		1,750		1,953,490
HI St Ser DG (AMBAC)		5.00%		7/1/2012		Aa1		50		52,730
HI St Ser DQ ETM		5.00%		6/1/2014		Aa1		1,640		1,840,523
HI St Unref Bal Ser DQ		5.00%		6/1/2014		Aa1		1,860		2,077,583
Honolulu HI City & Cnty Ser B (NPFGC)		5.00%		7/1/2014		Aa1		2,475		2,760,293
IL St		3.00%		6/14/2011		NR		15,000		15,043,650
IL St		5.00%		1/1/2013		A+		2,555		2,660,700
IL St		5.00%		1/1/2013		A+		5,000		5,206,850
IL St 1st Ser (AGM)		5.50%		5/1/2016		AA+		7,000		7,494,060
IL St Ser A		5.00%		10/1/2017		A+		5,675		5,790,600
Kane Cook & DuPage Cntys IL Sch Dist No U-46 Elgin		4.00%		1/1/2015		AA-		9,450		9,966,537
Kankakee Cnty IL Sch Dist No 111 (NPFGC)(FGIC)		3.75%		1/1/2013		A		2,200		2,258,938
King Cnty WA Ltd Tax Ser B		4.50%		1/1/2013		AAA		80		85,230
Los Angeles CA Unif Sch Dist Election 2005 Ser C (AMBAC)		5.00%		7/1/2012		Aa2		1,065		1,123,149
Madison Cnty IL Cmnty Unit Sch Dist No 2 Triad (NPFGC)		5.25%		1/1/2015		A+		2,035		2,127,430
Madison Cnty IL Cmnty Unit Sch Dist No 7-Edwardsville Ser A (AGM)		5.00%		12/1/2013		AA+		500		528,075
Maricopa Cnty AZ Unif Sch Dist No 11 Peoria (AGM)		5.00%		7/1/2014		AA+		500		553,440
Mecklenburg Cnty NC COP Ser A		5.00%		2/1/2012		AA+		250		259,112
Metro Transn Auth NY Ser B (NPFGC)		5.50%		1/1/2013		AA-		75		80,762
MN St Hwy & Var Purp		5.00%		8/1/2014		AAA		1,200		1,353,084
MS Dev Bk Spl Oblig Jackson GTD ETM		5.00%		1/1/2012		Aa2		75		77,576
New York City NY Ser C		5.00%		8/1/2013		AA		2,050		2,237,739
New York City NY Ser K (AGM)		5.00%		8/1/2013		AA+		1,500		1,639,185

See Notes to Financial Statements.

14

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
OH St Common Sch Ser C		5.00%			9/15/2014		AA+	$	8,525	$	9,541,180
OH St Infrastr Impt		5.35%			8/1/2014		AA+		1,000		1,127,070
OH St Mental Hlth Cap Facs Ser II-A (AMBAC)		5.00%			8/1/2012		AA		500		526,605
PA St 2nd Ser		5.00%			4/15/2013		Aa1		5,000		5,417,300
PA St 2nd Ser		5.00%			2/15/2015		Aa1		11,400		12,836,286
Portsmouth VA Nts Ser C		3.00%			7/15/2014		Aa2		10,000		10,373,300
Puerto Rico Comwlth Pub Impt Ser A (FGIC)		5.50%			7/1/2014		A3		4,025		4,322,890
Puerto Rico Pub Fin Corp Comwlth Approp Ser A (FGIC)		5.25%			8/1/2031		Baa1		7,500		7,600,800
RI St & Providence Plantation Cap Dev Ln Ser A		5.00%			7/15/2012		AA		475		501,310
Socorro TX Indpt Sch Dist Ser A PSF GTD		5.00%			8/15/2014		AAA		1,000		1,123,040
Strafford Cnty NH Tax Antic Nts		6.50%			12/30/2011		NR		5,600		5,640,656
Territory of Guam Ser A		5.75%			11/15/2014		B+		3,300		3,409,824
Virgin Islands Pub Fin Auth Sr Lien Ser B		5.00%			10/1/2014		BBB		2,750		2,956,387
Waterbury CT (AG)		4.00%			9/1/2013		AA+		1,700		1,799,620
Waterbury CT (AG)		4.00%			9/1/2014		AA+		1,700		1,806,743
WI St Ser 1 (AMBAC)		5.00%			5/1/2015		AA		20,510		23,110,053
Woonsocket RI		7.125%			6/15/2016		Ba1		4,000		3,993,080
Total											226,007,491
Health Care 13.77%
AL Hlthcare Auth For Baptist Ser A		6.00%			11/15/2036		A3		2,000		2,051,520
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%			11/15/2012		BB-		5,815		5,583,447
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%			11/15/2013		BB-		2,000		1,860,040
Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser A		5.00%			9/1/2014		Aa3		9,440		10,354,642
Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser F		1.30%	#		5/15/2038		Aa3		4,000		4,009,080
AZ Hlth Facs Auth Rev Banner Hlth Ser D		5.00%			1/1/2014		A+		2,000		2,147,440
Birmingham-Baptist AL Med Ctr Spl Care Facs Fing Auth Baptist Hlth Sys Ser A		5.30%			11/15/2012		Baa2		2,150		2,198,117
CA Hlth Facs Fing Auth Adventist Hlth Sys West Ser C		5.00%			3/1/2014		A		2,000		2,144,480
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser F		5.00%			7/1/2027		A		3,500		3,755,780

See Notes to Financial Statements.

15

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
CA Hlth Facs Fing Auth Sutter Hlth Ser A		5.00%		8/15/2014		AA-		$	1,205	$	1,311,257
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2012		Baa2			1,095		1,117,918
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2013		Baa2			1,160		1,202,259
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2014		Baa2			1,220		1,272,716
CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser G		5.25%		7/1/2012		BBB			1,200		1,222,392
CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser G		5.25%		7/1/2013		BBB			1,075		1,102,047
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A		5.00%		4/1/2013		A+			13,150		13,992,389
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser C		3.85%		11/1/2029		A+			2,025		2,093,263
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		5.25%		11/15/2014		BBB			1,060		1,086,532
Charlotte-Mecklenburg Hosp Auth NC Carolinas Hlthcare Ser A (IBC)(NPFGC)		5.00%		1/15/2015		AA-			2,275		2,496,835
Clackamas Cnty OR Hosp Fac Auth Legacy Hlth Sys Ser C		5.00%		7/15/2037		A+			2,000		2,163,560
CO Hlth Facs Auth Rev Catholic Hlth Ser B		5.00%		7/1/2039		AA			5,000		5,315,000
CO Hlth Facs Auth Rev Catholic Hlth Ser B		5.00%		7/1/2039		AA			5,500		6,012,105
CO Hlth Facs Auth Rev Evangelical Lutheran Ser B		5.00%		6/1/2039		A-			4,900		5,045,040
CO Hlth Facs Auth Rev Total Longterm Care Natl Ser A		4.25%		11/15/2015		BBB-	(a)		1,440		1,406,362
CT St Hlth & Edl Facs Auth Stamford Hosp Ser I		4.00%		7/1/2012		A			1,240		1,282,086
CT St Hlth & Edl Facs Auth Stamford Hosp Ser I		5.00%		7/1/2013		A			1,915		2,048,820
CT St Hlth & Edl Facs Auth Stamford Hosp Ser I		5.00%		7/1/2014		A			2,050		2,222,405
CT St Hlth & Edl Facs Auth Stamford Hosp Ser I		5.00%		7/1/2015		A			1,980		2,157,844
Escambia Cnty FL Hlth Facs Auth Ascension Hlth Credit Ser A		5.25%		11/15/2014		Aa1			12,625		13,912,750
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.00%		1/1/2012		BBB-	(a)		2,640		2,665,212
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.00%		1/1/2014		BBB-	(a)		2,965		3,010,987

See Notes to Financial Statements.

16

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.00%		1/1/2015		BBB-	(a)	$	2,950	$	2,973,777
Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys		5.00%		6/1/2013		AA			4,250		4,578,397
Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys		5.00%		6/1/2014		AA			3,500		3,857,875
Harris Cnty TX Cultural Ed Facs Fin Corp Methodist Hosp Sys Ser B		5.25%		12/1/2013		AA			3,000		3,267,960
HFDC Cent TX Inc Ret Fac Ser A		5.25%		11/1/2014		NR			1,195		1,160,166
HI St Dept Bdgt & Fin Ser C2		6.40%		11/15/2014		NR			1,100		1,102,640
IA Fin Auth Hlthcare Facs Genesis Hlth Sys		5.00%		7/1/2014		A1			1,065		1,149,028
IL Fin Auth Rev Advocate Hlthcare Ser A-3		3.875%		11/1/2030		AA			1,000		1,036,150
IL Fin Auth Rev Provena Hlth Ser A		5.00%		5/1/2012		BBB+			2,000		2,038,020
IL Fin Auth Rev Provena Hlth Ser A		5.25%		5/1/2015		BBB+			2,000		2,075,520
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		5.00%		11/1/2014		A2			100		106,550
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.00%		2/15/2012		AA+			500		511,475
IL Hlth Facs Auth Rev Advocate Hlthcare Network Ser A		4.375%		11/15/2022		AA			3,650		3,834,799
IN Hlth Fac Fing Auth Rev Ascension Hlth Sub Credit A-6		5.00%		10/1/2027		Aa2			10,900		11,807,861
Jackson Cnty MI Hosp Fin Auth Allegiance Hlth Ser A		4.00%		6/1/2014		A-			3,680		3,792,130
Jackson Cnty MI Hosp Fin Auth Allegiance Hlth Ser A		4.00%		6/1/2015		A-			3,600		3,684,312
Jackson Cnty MI Hosp Fin Auth Allegiance Hlth Ser A		4.00%		6/1/2016		A-			2,855		2,884,064
Kent MI Hosp Fin Auth Rev Spectrum Hlth Ser A		4.25%		1/15/2047		AA			10,000		10,669,100
King Cnty WA Pub Hosp Dist No 2 Evergreen Hlthcare (NPFGC)		5.00%		12/1/2012		Aa2			2,000		2,126,560
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 50-C-3		6.50%		5/15/2015		NR			1,000		998,130
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 65-C-2		7.00%		11/15/2015		NR			4,700		4,721,855
KS St Dev Fin Auth Hosp Rev Adventist Hlth		4.00%		11/15/2012		AA-			1,000		1,042,740
Kuakini HI Hlth Sys Spl Purp Ser A		5.50%		7/1/2012		BBB-			1,115		1,131,781
LA Pub Facs Auth Rev Christus Hlth Ser A		5.00%		7/1/2014		A+			3,000		3,199,050
Lancaster Cnty PA Hosp Auth Rev Brethren Vlg Pj Ser A		5.20%		7/1/2012		NR			1,750		1,753,395

See Notes to Financial Statements.

17

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Lee Cnty FL Indl Dev Auth Shell PT/Alliance Cmnty Pj		5.00%		11/15/2012		BB	$	3,000	$	2,993,880
Lexington Cnty SC Hlth Svcs Dist Inc		5.50%		5/1/2032		A+		400		452,632
MA Dev Fin Agy Ser B2		6.25%		6/1/2014		NR		2,800		2,796,556
MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG)		5.00%		2/15/2015		AA+		1,335		1,457,593
MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG)		5.00%		2/15/2016		AA+		565		619,223
MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Inc Ser A		5.00%		11/15/2013		A+		2,130		2,297,950
MO St Hlth & Edl Facs Auth St. Luke’s Hlth Sys Inc Ser A		5.00%		11/15/2014		A+		2,140		2,326,672
MS St Med Ctr Ed Bldg Corp Univ MS Med Ctr Facs		4.00%		6/1/2014		Aa2		1,000		1,052,680
NC Med Care Commn Univ Hlth Sys Ser E-1		5.75%		12/1/2036		A+		995		1,066,928
Newport Beach CA Rev Hoag Mem Hosp Presb Ser D		5.00%		12/1/2038		AA		3,000		3,189,690
NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt Ser D (NPFGC)(FGIC)		5.00%		8/15/2015		AA-		4,670		5,167,822
NY St Dorm Auth Rev North Shore Univ Hosp (NPFGC)		5.50%		11/1/2012		Baa1		2,035		2,144,992
OR St Facs Auth Rev Legacy Hlth Sys Ser A		5.00%		3/15/2013		A+		1,000		1,055,150
OR St Facs Auth Rev Legacy Hlth Sys Ser A		5.00%		3/15/2014		A+		400		427,388
PA St Higher Edl Facs Auth Univ of Pittsburgh Med Ctr Ser E		5.00%		5/15/2014		Aa3		3,965		4,332,040
Palm Beach Cnty FL Hlth Facs Auth Bethesda Hlthcare Sys Pj Ser A (AGM)		5.00%		7/1/2014		AA+		2,420		2,595,305
SC Jobs Econ Dev Auth Tuomey (CIFG)		5.00%		11/1/2013		BBB		1,685		1,692,599
SC Jobs Econ Dev Auth Tuomey (CIFG)		5.00%		11/1/2014		BBB		1,035		1,032,951
SD St Hlth & Edl Facs Auth Regl Hlth		5.00%		9/1/2014		A1		1,000		1,098,270
Shelby Cnty TN Hlth Edl & Hsg Facs Brd Baptist Mem Hlth Ser 2004A		5.00%		9/1/2014		AA		1,500		1,641,705
St. Paul MN Hsg & Redev Auth Gillette Children’s Specialty		3.00%		2/1/2012		A-		1,250		1,262,787
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		5.00%		11/1/2015		A3		3,215		3,349,387
WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser B		4.75%		8/15/2025		A3		3,000		3,161,640
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		4.00%		4/1/2012		AA-		1,000		1,023,350

See Notes to Financial Statements.

18

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		4.00%		4/1/2013		AA-	$	1,500	$	1,555,830
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		4.00%		4/1/2014		AA-		1,300		1,352,390
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-2		5.40%		9/15/2014		NR		5,750		5,675,365
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.00%		8/15/2013		BBB+		5,000		5,143,150
Total										245,713,585
Housing 0.45%
CA Hsg Fin Agy Rev Belovida Apts Pj Ser A		2.375%		8/1/2014		Aa1		3,220		3,161,042
Minneapolis MN Multi Fam Hsg Riverside Plaza Ser B		6.00%		11/1/2013		NR		5,000		4,957,600
Total										8,118,642
Lease Obligations 12.15%
Anaheim CA Pub Fing Auth Pub Impts Pj Sub Ser C (AGM)		6.00%		9/1/2014		AA+		1,500		1,643,070
Atlanta GA Downtown Dev Auth Rev Underground Atlanta Pj Ser A (AG)		5.00%		7/1/2014		AA+		3,500		3,755,780
CA St Pub Wrks Brd Var Cap Pj Ser G-1		5.00%		10/1/2013		A2		3,945		4,216,061
CA St Pub Wrks Brd Var Cap Pj Ser G-1		5.00%		10/1/2014		A2		14,175		15,282,918
Cleveland OH Cleveland Stadium Pj Ser A COP		5.00%		11/15/2014		A		5,320		5,749,590
Cleveland OH Cleveland Stadium Pj Ser A COP		5.00%		11/15/2015		A		5,420		5,856,689
Decatur Twp IN Multi Sch Bldg Corp 1st Mtg ETM (FGIC)		4.00%		7/15/2013		AA+		1,670		1,793,129
Delaware Vly PA Regl Fin Auth		5.50%		7/1/2012		A+		8,000		8,347,680
Fulton Cnty GA Facs Corp Pub Purp Pj COP		5.00%		11/1/2012		AA-		1,250		1,318,925
Golden Empire CA Schs Fing Auth Kern High Sch Dist Pjs		4.00%		5/1/2012		NR		7,500		7,678,425
Greenville Cnty SC Sch Dist Bldg Equity Sooner		5.00%		12/1/2013		AA		1,700		1,841,321
IN St Office Bldg Commn New Castle Correctional Ser B (NPFGC)(FGIC)		5.25%		7/1/2016		Aa1		1,785		2,001,271
Indianapolis IN Loc Pub Impt Bd Bk Ser 2005 E (AMBAC)		5.00%		1/1/2014		Aa2		4,205		4,578,236
Indianapolis IN Loc Pub Impt Bd Bk Ser A (AGM)		6.50%		1/1/2013		AA+		2,500		2,663,275

See Notes to Financial Statements.

19

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
KY St Ppty & Bldgs Commn Pj No 82 (AGM)		5.25%			10/1/2014		AA+	$	5,500	$	6,109,290
KY St Ppty & Bldgs Commn Pj No 83 (AMBAC)		5.00%			10/1/2015		Aa2		6,085		6,759,948
KY St Ppty & Bldgs Commn Pj No 88 (NPFGC)(FGIC)		5.00%			11/1/2014		Aa3		2,815		3,109,843
LA Loc Govt Envr Facs & Cmnty Dev Auth LCTCS Facs Corp Pj Ser A		4.00%			10/1/2013		A+		1,500		1,569,870
Lee Cnty FL Sch Brd Ser A COP		4.00%			8/1/2013		Aa3		4,425		4,610,363
Los Angeles CA Unif Sch Dist Multiple Pptys Ser A COP		4.00%			12/1/2013		A+		4,055		4,241,125
Los Angeles CA Unif Sch Dist Multiple Pptys Ser A COP		4.00%			12/1/2014		A+		6,360		6,666,170
MA St Ser A		0.91%	#		2/1/2015		Aa1		2,500		2,499,975
Maricopa Cnty AZ Pub Fin Corp Ser B (AMBAC)		5.00%			7/1/2014		AA+		3,000		3,280,800
MI Muni Bd Auth Rev Loc Govt Ln Pg Sch Pg Ser C		5.00%			5/1/2013		A+		1,495		1,569,989
MI Muni Bd Auth Rev Loc Govt Ln Pg Ser C		5.00%			5/1/2014		Aa2		4,050		4,387,527
MI Muni Bd Auth Rev Loc Govt Ln Pg Ser C		5.00%			5/1/2013		AA-		1,650		1,748,241
MI St Bldg Auth Rev Facs Pg Ser I		5.00%			10/15/2014		Aa3		2,000		2,143,340
MI St Bldg Auth Rev Facs Pg Ser I		5.00%			10/15/2015		A+		75		80,582
Miami-Dade Cnty FL Spl Oblig Cap Asset Acq Ser A-1 (AMBAC)		5.00%			4/1/2013		Aa3		5,860		6,248,459
MN St 911 Rev Pub Safety Commn		5.00%			6/1/2013		AA+		2,465		2,670,310
New York City NY Transnl Fin Auth Ser S-2 (AGM)		5.00%			1/15/2014		AA+		3,000		3,272,550
NJ Econ Dev Auth Sch Facs Constr Ser J-5 Rmkt (AGM)		5.00%			9/1/2029		AA+		5,000		5,343,600
NJ Econ Dev Auth Sch Facs Constr Ser O		5.25%			3/1/2014		Aa3		2,625		2,823,739
NJ Econ Dev Auth Sch Facs Constr Ser T-3 Rmkt (AGM)		5.00%			9/1/2020		AA+		1,830		1,961,705
NJ Econ Dev Auth Sch Facs Constr Ser W ETM		5.00%			9/1/2012		Aa3		350		372,390
NJ St Edl Facs Auth Higher Ed Cap Impt Ser A (AGM)		5.00%			9/1/2014		AA+		2,975		3,206,187
NJ St Equip Lease Purchase Ser A COP		5.00%			6/15/2012		Aa3		6,150		6,466,971
NJ St Equip Lease Purchase Ser A COP		5.00%			6/15/2015		Aa3		3,150		3,339,410
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)		5.50%			12/15/2016		Aa3		1,225		1,352,425

See Notes to Financial Statements.

20

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
NJ St Transn Tr Fd Auth Unref Bal Transn Sys Ser C (AGM)		5.75%			12/15/2014		AA+	$	2,910	$	3,230,769
NY St Dorm Auth Rev Cons Svc Contract Ser A		4.00%			7/1/2014		AA-		1,425		1,524,109
NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt		5.00%			2/15/2014		AA-		7,075		7,695,195
NY St Dorm Auth Rev Ser B		5.25%			11/15/2023		AA-		10,000		10,468,300
OH St Bldg Auth Facs Adult Correction Ser C (NPFGC)		5.00%			10/1/2013		AA		425		461,639
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser J GTD (AMBAC)		5.00%			7/1/2036		A3		4,945		5,041,724
Puerto Rico Pub Bldgs Auth Rev Ser M GTD		5.75%			7/1/2016		A3		4,145		4,440,000
Puerto Rico Pub Fin Corp Comwlth Approp Ser A		5.75%			8/1/2027		Baa1		7,500		7,630,875
Sacramento CA Unif Sch Dist Ser A Rmkt COP (AGM)		3.25%	#		3/1/2040		Aa3		3,570		3,570,000
Salt Lake Cnty UT Muni Bldg Auth Ser A		4.00%			12/1/2014		AA+		1,000		1,092,700
Santa Clara Cnty CA Fing Auth Multi Facs Pj		5.00%			11/15/2014		AA		2,670		2,947,653
Scago SC Edl Facs Corp for Pickens Sch Dist Pickens Cnty Pj (AGM)		5.00%			12/1/2013		AA+		1,000		1,076,650
Southwest Allen IN Multi Sch Bldg Corp 1st Mtg Ser A (NPFGC)		5.00%			1/15/2014		Aa2		2,705		2,937,657
Toledo OH City Svcs Spl Assmt Nts Spl Oblig		4.00%			12/1/2011		NR		5,315		5,355,660
VA Biotechnology Resh Partnership Auth Cons Laboratories Pj		4.00%			9/1/2014		AA+		3,270		3,532,450
Weber UT Muni Bldg Auth		4.00%			12/15/2013		AA-		1,770		1,871,456
WV St Sch Bldg Auth Cap Impt (NPFGC)		5.25%			1/1/2012		AAA		1,305		1,349,566
Total											216,787,582
Other Revenue 6.96%
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		6.00%			1/1/2015		Ba2		1,580		1,629,881
CA Statewide Cmntys Dev Auth Prop 1A Receivables Pg		5.00%			6/15/2013		A1		5,000		5,320,350
Dallas TX Civic Ctr (AG)		5.00%			8/15/2014		AA+		300		326,556
FL St Brd of Ed Lottery Rev Ser A (AMBAC)		5.00%			7/1/2015		AAA		3,200		3,560,640
FL St Brd of Ed Lottery Rev Ser B		5.00%			7/1/2014		AAA		5,000		5,496,100
FL St Brd of Ed Lottery Rev Ser B (AMBAC)		5.00%			7/1/2013		AAA		2,615		2,815,100
Hamilton Cnty OH Convtn Facs Auth 1st Lien (NPFGC)(FGIC)		5.00%			12/1/2013		A+		1,635		1,776,264

See Notes to Financial Statements.

21

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
IL Fin Auth Prairie Pwr Ser A Rmkt		3.00%			7/1/2042		A	$	15,000	$	14,877,450
IN Bd Bk Rev Common Sch Fd Adv Pur Fdg Ser B (NPFGC)		4.75%			2/1/2014		Baa1		4,000		4,241,720
LA St Offshore Terminal Auth Loop LLC Pj Ser B-1A Rmkt		1.60%			10/1/2037		A		4,000		3,974,880
Maricopa Cnty AZ Pollutn Ctrl Corp Pub Svc Co Ser A		4.00%			6/1/2043		Baa3		10,000		9,871,500
MI St Strategic Fd Ltd Solid Wst Oblig Wst Mgmt		2.80%			12/1/2013		BBB		3,000		3,046,140
Miami-Dade Cnty FL Indl Dev Auth Wst Mgmt Inc Rmkt		1.25%	#		9/1/2027		BBB		3,000		2,997,780
Minneapolis MN Rev National Marrow Donor Pg		4.00%			8/1/2014		BBB		4,060		4,201,653
Minneapolis MN Rev National Marrow Donor Pg		4.00%			8/1/2015		BBB		4,535		4,647,014
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		7.00%			5/1/2013		BBB+		5,000		5,375,800
MS Business Fin Corp Wst Mgmt Inc Pj		1.75%	#		3/1/2029		BBB		1,000		999,830
Navajo Cnty AZ Pollutn Ctrl Corp Ser C		5.50%			6/1/2034		Baa2		5,000		5,351,650
New York City NY Tr Cultural Res Lincoln Ctr Ser C		5.75%			12/1/2016		A+		75		85,485
NJ Econ Dev Auth Cigarette Tax (FGIC)		5.00%			6/15/2013		BBB		75		76,922
OH St Air Quality Dev Auth Envr Impt USX Pj		5.00%			11/1/2015		BBB+		1,000		1,011,920
OH St Air Quality Dev Auth First Enrg Nuclear Ser A		5.75%			6/1/2033		Baa2		1,500		1,599,525
PA Econ Dev Fing Auth PPL Enrg Supply LLC Pj		3.00%			12/1/2038		BBB		3,000		2,931,990
PA Econ Dev Fing Auth PPL Enrg Supply LLC Pj Ser C Rmkt		3.00%			12/1/2037		BBB		12,000		11,727,960
Pub Gas Partners Inc GA Ser A		5.00%			10/1/2014		A+		3,000		3,216,990
Puerto Rico Comwlth Govt Dev Bk Rmkt GTD (NPFGC)		4.75%			12/1/2015		BBB		10,000		10,123,800
WA St Econ Dev Fin Auth Wst Mgmt Rmkt		1.75%	#		6/1/2020		BBB		3,000		2,992,470
Wise Cnty VA Indl Dev Auth VA Elec & Pwr Co Ser A		2.375%			11/1/2040		A-		10,000		9,950,500
Total											124,227,870
Pre-Refunded 0.01%
Weslaco TX Hlth Facs Dev Corp Knapp Med Ctr Pj		6.25%			6/1/2032		NR		100		106,339

See Notes to Financial Statements.

22

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax 0.73%
Denver CO Urban Renewal Auth Stapleton Sr Sub Ser B-1		4.00%		12/1/2014		Aa3	$	5,045	$	5,374,994
Miami-Dade Cnty FL Entitlement GTD (NPFGC)(FGIC)		5.00%		8/1/2014		Aa3		5,665		6,164,596
PA Intergovtl Cooperation Auth Philadelphia Fdg Pg		5.00%		6/15/2012		AA		1,500		1,577,685
Total										13,117,275
Tax Revenue 3.54%
AL St Pub Sch & College Auth Cap Impt & Econ Dev (NPFGC)(FGIC)		5.00%		12/1/2014		Aa1		3,540		3,851,626
AL St Pub Sch & College Auth Ser A		5.00%		5/1/2015		Aa1		2,800		3,125,724
CA St Econ Recovery Ser A		5.25%		7/1/2013		Aa3		1,915		2,081,337
CA St Econ Recovery Ser A (NPFGC)(FGIC)		5.25%		7/1/2014		Aa3		1,610		1,792,558
CA St Econ Recovery Ser A ETM		5.25%		7/1/2014		AAA		1,130		1,284,607
CA St Econ Recovery Unrefunded Bal Ser A		5.25%		7/1/2014		Aa3		3,870		4,308,819
Des Moines IA Indpt Cmnty Sch Dist		5.00%		6/1/2015		A+		2,810		3,084,397
FL Hurricane Catastrophe Fd Fin Corp Ser A		5.00%		7/1/2013		AA-		10,050		10,670,185
FL Hurricane Catastrophe Fd Fin Corp Ser A		5.25%		7/1/2012		AA-		2,000		2,100,280
IL St Sales Tax Rev		5.25%		6/15/2012		AAA		200		209,134
MA St Spl Oblig Rev Fed Hwy Grant Antic Ser A (AGM)		5.00%		12/15/2014		AAA		7,000		7,866,390
NJ Econ Dev Auth Cigarette Tax		5.375%		6/15/2014		BBB		2,560		2,670,669
NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C		4.00%		10/1/2012		A+		2,940		3,066,449
NY St Dorm Auth Rev St Pers Income Tax Ser A		5.00%		3/15/2014		AAA		250		275,185
NY St Loc Govt Assistance Corp Sr Lien Ser A		5.00%		4/1/2015		AAA		2,475		2,792,790
Orlando FL Cmnty Redev Agy Tax Alloc Downtown Dist Ser B		5.00%		9/1/2014		A1		3,775		4,068,355
Regl Transit Auth LA Sales Tax (AGM)		3.00%		12/1/2013		AA+		750		778,178
Tallahassee FL Blueprint 2000 Intergovtl Agy (NPFGC)		5.00%		10/1/2013		Aa2		2,100		2,249,037
Volusia Cnty FL Sch Brd (NPFGC)		5.00%		10/1/2013		BBB+		4,150		4,298,113
WV Sch Bldg Auth		5.00%		7/1/2014		AAA		2,290		2,521,771
Total										63,095,604

See Notes to Financial Statements.

23

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tobacco 0.79%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Ser A-1		5.00%		6/1/2014		BBB	$	5,500	$	5,625,180
Railsplitter Tob Sttlmnt Auth		5.00%		6/1/2015		A		8,000		8,437,840
Total										14,063,020
Transportation 5.92%
Chicago IL Midway Arpt Rev 2nd Lien Ser B		5.00%		1/1/2034		A-		2,725		2,911,308
Clark Cnty NV Arpt Rev Sys Jr Sub Lien Nts Ser E-2		5.00%		7/1/2012		A1		4,500		4,694,760
CT St Spl Tax Oblig Transn Infrastr Ser B		5.00%		12/1/2014		AA		10,000		11,206,100
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Amer Airlines Inc		6.00%		11/1/2014		CCC+		3,750		3,590,925
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Jt Ser A		4.00%		11/1/2014		A+		2,500		2,664,400
Delaware River PA Jt Toll Bridge Commn Ser A (NPFGC)		5.50%		7/1/2014		A2		2,455		2,715,770
Denver CO City & County Arpt Rev Ser E (NPFGC)		6.00%		11/15/2013		A+		4,100		4,530,582
DuPage Cnty IL Transn Rev (AGM)		5.00%		1/1/2012		AA+		75		77,219
E-470 Pub Hwy Auth CO Rev Ser C2 (NPFGC)		5.00%		9/1/2039		Baa1		3,450		3,554,604
E-470 Pub Hwy Auth CO Rev Ser D2 (NPFGC)		5.00%		9/1/2039		Baa1		6,550		6,748,596
FL St Dept of Transn Tpk Auth Rev Ser A		5.00%		7/1/2012		AA-		75		79,037
GA St Rd & Twy Auth Rev Fed Hwy Grant Antic Bds (NPFGC)		5.00%		6/1/2014		Aa2		1,000		1,110,400
LA St Offshore Terminal Auth Loop LLC Pj Ser B-1		1.875%		10/1/2040		A		3,750		3,720,637
LA St Offshore Terminal Auth Loop LLC Pj Ser B-2		2.10%		10/1/2040		A		3,500		3,448,900
MA Bay Transn Auth Sr Ser C		5.25%		7/1/2013		AAA		75		82,162
Metro Transn Auth NY Ser B		5.00%		11/15/2014		AA		1,000		1,115,460
Metro Transn Auth NY Ser B		5.00%		11/15/2023		A		4,600		4,894,078
Metro Transn Auth NY Ser B		5.00%		11/15/2027		A		6,000		6,484,260
NJ St Transn Tr Fd Auth Grant Antic Bds Ser A (NPFGC)(FGIC)		5.00%		6/15/2015		Aa3		2,950		3,184,407
NJ St Transn Tr Fd Auth Transn Sys Ser A (NPFGC)		5.25%		12/15/2014		Aa3		5,000		5,472,900
North TX Twy Auth Rev Sys 1st Tier Ser H		5.00%		1/1/2042		A2		2,000		2,126,420

See Notes to Financial Statements.

24

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
North TX Twy Auth Rev Sys 1st Tier Ser L-2		6.00%		1/1/2038		A2	$	1,900	$	2,052,665
OH St Major New St Infrastr Ser 2008-1		5.50%		6/15/2014		Aa1		1,460		1,637,083
PA St Tpk Commn Ser T (NPFGC)(FGIC)		5.50%		12/1/2013		Aa3		825		909,216
PA St Tpk Commn Sub Ser B		5.00%		6/1/2014		A-		3,250		3,501,128
Puerto Rico Comwlth Hwy & Transn Auth Ser E (AGM)		5.50%		7/1/2014		AA+		5,000		5,434,400
SC Transn Infrastr Bk Ser B (AMBAC)		5.25%		10/1/2012		A1		3,465		3,685,270
South Jersey NJ Transn Auth Ser A-1		4.00%		11/1/2013		A-		4,000		4,184,160
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-2		4.25%		7/1/2012		A-		1,390		1,396,450
Tulsa OK Arpts Impt Tr Rev Amer Airlines Corp		7.35%		12/1/2011		B-		8,100		8,074,404
TX St Transn Commn 1st Tier		5.00%		4/1/2013		AAA		210		227,499
WI St Transn Rev Ser B (AMBAC)		5.00%		7/1/2013		AA+		75		81,764
Total										105,596,964
Utilities 12.28%
Austin TX Elec Util Sys Rev (AGM)		5.00%		5/15/2014		AA+		1,875		2,055,113
AZ Salt River Pj Agric Impt & Pwr Dist Ser B		4.00%		1/1/2015		Aa1		2,550		2,770,244
Buncombe Cnty NC Metro Sewerage Dist Ser B		4.00%		7/1/2013		AA		2,850		3,020,516
Butler Cnty OH Swr Sys Rev (AGM)		5.00%		12/1/2013		Aa3		1,225		1,325,842
CA Infrastr & Econ Dev Bk Pacific Gas & Elec Ser E		2.25%		11/1/2026		A3		4,000		4,021,560
Cent Plains NE Enrg Pj No 1 Ser A		5.00%		12/1/2014		Ba3		3,050		3,211,986
Chelan Cnty WA Pub Util Dist No 1 Sys Nts Sub Ser A		5.00%		7/1/2013		AA		1,000		1,079,060
Chicago IL Wtr Rev 2nd Lien (AGM)		5.00%		11/1/2013		AA+		2,500		2,689,050
Cowlitz Cnty WA Pub Util Dist No 1 Dist Sys (NPFGC)(FGIC)		5.00%		9/1/2013		A1		2,225		2,392,387
Delaware Cnty PA Indl Dev Auth PECO Enrg Co Pj Ser A		4.00%		12/1/2012		A1		10,000		10,383,700
Enrg Northwest WA Elec Rev Pj 1 Ser A (NPFGC)		5.25%		7/1/2013		Aaa		180		196,893
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.50%		6/1/2014		A+		5,000		5,337,700
FL St Dept of Envr Protn FL Forever Ser A (NPFGC)		5.00%		7/1/2014		AA-		5,180		5,675,104
GA Muni Elec Auth Pwr Rev Unref Bal 2005 Ser Y (AMBAC)		6.40%		1/1/2013		A+		50		52,858

See Notes to Financial Statements.

25

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Hillsborough Cnty FL Indl Dev Auth Tampa Elec Co Pj		5.10%		10/1/2013		Baa1	$	5,000	$	5,188,800
Hillsborough Cnty FL Indl Dev Auth Tampa Elec Ser B Rmkt		5.15%		9/1/2025		Baa1		2,100		2,229,087
IL Fin Auth Gas Supply Peoples Gas Lt & Coke		2.125%		3/1/2030		A1		12,750		12,315,990
IL Fin Auth Gas Supply Peoples Gas Lt & Coke Ser B		2.625%		2/1/2033		A1		4,000		3,999,120
IL Muni Elec Agy Pwr Supply Ser C (NPFGC)(FGIC)		5.00%		2/1/2014		A+		1,000		1,074,190
Indianapolis IN Util Dist Ser B (NPFGC)(FGIC)		4.00%		6/1/2014		AA-		3,535		3,762,371
Intermountain Pwr Agy UT Ser A		5.00%		7/1/2012		A+		3,015		3,170,363
Intermountain Pwr Agy UT Ser A		5.50%		7/1/2014		A+		3,900		4,225,884
Jacksonville FL Elec Sys Rev Ser C		5.00%		10/1/2013		Aa3		3,750		4,094,513
Jacksonville FL St. John’s River Pwr Pk Sys Issue 2-17th Ser		5.25%		10/1/2013		Aa2		50		51,111
Kissimmee FL Util Auth Elec Sys (AGM)		5.25%		10/1/2014		Aa3		1,000		1,108,640
Long Island NY Pwr Auth Ser 2010A		5.00%		5/1/2014		A-		2,500		2,746,700
Los Alamos Cnty NM Inc Util Ser A (AGM)		5.00%		7/1/2014		AA+		4,410		4,705,117
Louisville & Jefferson Cnty KY Metro Swr Dist Ser A		5.00%		5/15/2013		AA-		4,925		5,299,989
Louisville & Jefferson Cnty KY Metro Swr Dist Ser B		4.00%		5/15/2013		AA-		5,000		5,276,950
Louisville & Jefferson Cnty KY Metro Swr Dist Ser B		5.00%		5/15/2014		AA-		9,505		10,439,246
Maricopa Cnty AZ Pollutn Ctrl Corp Pub Svc Co Ser B		5.50%		5/1/2029		Baa2		2,500		2,579,075
MI Muni Bd Auth Rev Clean Wtr Rev Fd		5.50%		10/1/2013		AAA		340		377,162
Morehouse Parish LA Pollutn Ctrl Intl Paper Co Pj Ser A		5.25%		11/15/2013		BBB		2,855		3,054,422
NC Eastern Muni Pwr Agy Ser B		5.00%		1/1/2015		A-		1,000		1,093,160
NC Eastern Muni Pwr Agy Ser F		5.375%		1/1/2013		A-		50		53,428
NC Eastern Muni Pwr Agy Ser F		5.50%		1/1/2014		A-		5,000		5,475,200
OH St Air Quality Dev Auth Columbus Sthn Pwr Ser A		3.875%		12/1/2038		A3		3,500		3,619,210
OH St Air Quality Dev Auth Pollutn Ctrl First Enrg Ser D		4.75%		8/1/2029		Baa1		5,000		5,161,050
OH St Air Quality Dev Auth Pwr Co Ser A		3.25%		6/1/2041		Baa1		4,000		4,026,200

See Notes to Financial Statements.

26

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
PA Econ Dev Fing Auth Exelon Generation Ser A			5.00%		12/1/2042		A3	$	2,500	$	2,579,575
PA Econ Dev Fing Auth Philadelphia BioSolids Fac			5.00%		1/1/2014		Baa3		1,000		1,009,340
Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A			5.00%		8/1/2014		BBB+		3,000		3,215,760
Pub Pwr Generation Agy NE Whelan Enrg Ctr Unit 2-A			5.00%		1/1/2013		A2		2,260		2,384,006
Puerto Rico Elec Pwr Auth Ser WW			5.25%		7/1/2014		A3		1,500		1,618,290
Riverside CA Swr Rev			4.00%		8/1/2013		AA		1,750		1,865,605
SA Enrg Acq Pub Fac Corp TX Gas Supply Rev			5.00%		8/1/2012		A		10,000		10,418,700
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A			5.50%		5/1/2022		CC		4,120		3,811,824
Seattle WA Muni Lt & Pwr Rev			5.00%		4/1/2013		Aa2		1,000		1,081,470
Sthn CA Pub Pwr Auth Pj No 1 Ser A			5.00%		11/1/2012		Baa1		1,000		1,033,120
Sthn MN Muni Pwr Agy Ser A (AMBAC)			5.25%		1/1/2015		A+		5,000		5,576,700
TN Enrg Acq Corp Ser A			5.00%		9/1/2012		Ba3		1,500		1,555,665
TN Enrg Acq Corp Ser A	��		5.00%		9/1/2013		Ba3		3,615		3,780,639
TN Enrg Acq Corp Ser C			5.00%		2/1/2013		BBB		5,965		6,208,193
Truckee Meadows NV Wtr Auth			5.00%		7/1/2014		Aa2		10,420		11,453,872
Truckee Meadows NV Wtr Auth			5.00%		7/1/2015		Aa2		5,000		5,542,100
Vernon CA Elec Sys Rev Ser A			3.75%		8/1/2013		A-		8,850		9,126,208
Vernon CA Elec Sys Rev Ser A			5.25%		8/1/2014		A-		1,000		1,080,140
WI Pub Pwr Inc Sys Ser A (NPFGC)			5.25%		7/1/2013		A+		4,000		4,298,640
York Cnty VA Econ Dev Auth Elec & Pwr Ser A			4.05%		5/1/2033		A-		2,000		2,103,820
Total											219,082,658
Total Municipal Bonds (cost $1,352,130,228)											1,361,591,947

See Notes to Financial Statements.

27

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments

Interest Rate#

Interest Rate Reset Date(c)

Final Maturity Date

Credit Rating: S&P or Moody’s

Principal Amount (000)

Fair Value

SHORT-TERM INVESTMENTS 21.57%

Variable Rate Demand Notes

Corporate-Backed 0.77%

Metro Govt Nashville & Davidson Cnty TN Indl Dev Brd Ser A

1.95%

4/7/2011

1/1/2014

NR

$

1,480

$

1,480,000

MS Business Fin Corp Grand Alliance LLC Pj

1.65%

4/7/2011

1/1/2033

BBB-

12,275

12,275,000

Total

13,755,000

Education 1.25%

Birmingham AL Edl Bldg Auth Miles College Pj Ser A

1.85%

4/7/2011

2/1/2029

Ba2

1,680

1,680,000

CA Infrastr & Econ Dev Bk Westside Waldorf Sch Pj

1.50%

4/7/2011

10/1/2028

BBB-

(a)

3,000

3,000,000

Cerro Gordo Cnty IA Private Newman Catholic Sch Sys Pj

2.75%

4/1/2011

5/1/2032

Baa3

4,250

4,250,000

Latrobe PA Indl Dev Auth Rev Greensburg Diocese

5.00%

4/7/2011

6/1/2033

Baa3

4,485

4,485,000

MA St Dev Fin Agy Meadowbrook Sch Issue

4.00%

4/7/2011

8/1/2030

Baa3

3,650

3,650,000

Metro Govt Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Fisk Univ Pj

1.75%

4/7/2011

12/1/2020

Ba2

4,735

4,735,000

Wilmore KY Indl Bldg Rev Asbury Theological Pj

1.65%

4/7/2011

8/1/2031

Ba2

500

500,000

Total

22,300,000

General Obligation 1.00%

IL St Ser B

3.25%

4/6/2011

10/1/2033

A+

17,900

17,900,000

Health Care 6.80%

Albany-Dougherty Cnty GA Hosp Auth Ser B

1.50%

4/1/2011

9/1/2032

BBB-

22,890

22,890,000

Allegheny Cnty PA Indl Dev Auth Longwood Oakmont Ser A

4.90%

4/1/2011

7/1/2038

BB

1,500

1,500,000

CA Statewide Cmntys Dev Auth Elder Care Alliance

4.25%

4/6/2011

11/1/2030

BB

12,560

12,560,000

CA Statewide Cmntys Dev Auth The Painted Turtle

3.94%

4/7/2011

4/1/2033

Baa3

10,000

10,000,000

Gulf Shores AL Med Clinic Brd Colonial Pinnacle Mob Pj

1.65%

4/7/2011

7/1/2034

Ba2

4,300

4,300,000

See Notes to Financial Statements.

28

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
LA Pub Facs Auth Rev Blood Ctr Pj		1.85%		4/7/2011		10/1/2030		Ba2	$	3,265	$	3,265,000
Marion Cnty OH Hlthcare Fac Church Homes Inc Pj		4.50%		4/6/2011		9/1/2027		BB		16,265		16,265,000
NH St Business Fin Auth Cottage Hosp Issue		4.00%		4/7/2011		7/1/2035		Baa3		6,965		6,965,000
Oakbend Med Ctr TX Hosp Rev		1.52%		4/1/2011		12/1/2038		Ba2		17,535		17,535,000
Pinellas Cnty FL Hlth Facs Auth Hosp Facs Bayfront Hosp Ser A		0.41%		4/1/2011		7/1/2036		A3		12,100		12,100,000
WI St Hlth & Edl Facs Auth Oakwood Vlg		1.53%		4/7/2011		3/1/2035		A3		12,540		12,540,000
WI St Hlth & Edl Facs Auth Pooled Ln Fing Pg Ser E		2.00%		4/6/2011		2/1/2022		A3		1,455		1,455,000
Total												121,375,000
Housing 0.19%
Northport AL Multi Fam Hsg Rev Northbrook Ser I-A		1.85%		4/7/2011		7/1/2018		BBB		3,445		3,445,000
Lease Obligations 6.58%
Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt A-4-A		1.05%		4/1/2011		6/1/2032		Aa1		22,075		22,075,000
Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt D-3-A GTD		0.90%		4/1/2011		6/1/2034		AA+		48,220		48,220,000
Sevier Cnty TN Pub Bldg Auth Loc Govt Pub Impt VI-K-1		0.90%		4/1/2011		6/1/2034		AA+		47,100		47,100,000
Total												117,395,000
Other Revenue 3.12%
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B		4.00%		4/1/2011		6/1/2038		Baa1		1,000		1,000,000
LA Pub Facs Auth Rev Cenikor Fndtn Pj		1.85%		4/7/2011		4/1/2021		Ba2		2,215		2,215,000
LA Pub Facs Auth Rev Spicy Girls Avery Island		1.65%		4/7/2011		2/1/2033		Ba2		7,235		7,235,000
MS Business Fin Corp Vy Svcs Inc Ser A		1.65%		4/7/2011		7/1/2023		Ba2		10,340		10,340,000
New York City NY Indl Dev Agy Amern Society Technion Pj		4.75%		4/6/2011		10/1/2033		Baa1		11,410		11,410,000
Orange Cnty FL Indl Dev Auth Catholic Charities Ctr		0.41%		4/1/2011		7/1/2037		BBB+		1,900		1,900,000

See Notes to Financial Statements.

29

Schedule of Investments (unaudited)(concluded)

SHORT DURATION TAX FREE FUND March 31, 2011

Investments	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
WA St Hsg Fin Commn Rev Bds Seattle Art Museum Pj		4.75%		4/6/2011		7/1/2033		Baa3	$	11,450	$	11,450,000
WI St Hlth & Edl Facs Auth Maranatha Baptist		2.00%		4/7/2011		8/1/2026		BB+		9,950		9,950,000
Total												55,500,000
Transportation 0.43%
Sarasota-Manatee Arpt Auth FL		0.41%		4/1/2011		8/1/2014		BBB+		7,690		7,690,000
Utilities 1.43%
FL St Muni Pwr Agy Rev All Requirements Pwr Ser E		0.38%		4/1/2011		10/1/2030		Aa2		5,940		5,940,000
Franklin TN Pub Bldg Auth Loc Govt Pub Impt 101-A-1		0.70%		4/1/2011		6/1/2037		Aaa		19,550		19,550,000
Total												25,490,000
Total Short-Term Investments (cost $384,850,000)												384,850,000
Total Investments in Securities 97.88% (cost $1,736,980,228)												1,746,441,947
Other Assets in Excess of Liabilities 2.12%												37,849,047
Net Assets 100.00%											$	1,784,290,994

See Notes to Financial Statements.

30

Schedule of Investments (unaudited)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
MUNICIPAL BONDS 97.53%
Corporate-Backed 3.35%
Allegheny Cnty PA Indl Dev Auth Envr Impt		5.50%		11/1/2016		BB		$	1,500	$	1,530,180
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.50%		5/1/2017		BB			3,315		3,513,801
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.75%		11/1/2024		BB			3,800		3,955,040
Babylon NY Indl Dev Agy Res Rev Covanta Babylon Ser A		5.00%		1/1/2019		AA			4,000		4,195,840
Chicago IL O’Hare Intl Arpt Ser B (AGM)		5.00%		1/1/2020		AA+			3,500		3,594,535
DeSoto Parish LA Envr Fac Intl Paper Co Ser A AMT		4.75%		3/1/2019		BBB			6,480		6,329,534
IN St Fin Auth Impt US Steel Corp		6.00%		12/1/2026		BB			1,000		976,140
Jay ME Solid Wst Disp Rev Intl Paper Co Pj Ser A AMT		4.90%		11/1/2017		BBB			2,890		2,891,763
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.25%		11/15/2020		A			500		502,220
MD St Indl Dev Fing Auth Synagro Baltimore Ser A AMT		5.25%		12/1/2013		BBB+	(a)		750		770,880
MD St Indl Dev Fing Auth Synagro Baltimore Ser A AMT		5.375%		12/1/2014		BBB+	(a)		1,000		1,032,190
MI St Strategic Fd Ltd Pollutn Ctrl Gen Motors Corp(d)		6.20%		9/1/2020		NR			400		116,000
Mission TX Econ Dev Corp Wst Mgmt Inc Pj AMT		6.00%		8/1/2020		BBB			2,000		2,159,240
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00%		5/15/2020		B-			3,000		2,591,460
Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj		6.00%		10/1/2024		BB			1,000		961,590
NH St Business Fin Auth Pub Svc Ser D Rmkt TCRS AMT (AMBAC)		6.00%		5/1/2021		A3			1,000		1,011,990
NH St Business Fin Auth UTD Illuminating Ser A AMT		4.50%		7/1/2027		BBB			5,000		5,231,300
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2029		B			3,000		2,680,530
OH St Wtr Dev Auth Solid Wst Allied Wst NA Inc Pj Ser A AMT		5.15%		7/15/2015		BBB			250		257,027
OR St Econ Dev Rev GA Pacific Corp Ser CLVII AMT		6.35%		8/1/2025		BBB-			4,940		4,921,080
Port of Corpus Christi Auth of Nueces Cnty TX Union Pacific		5.65%		12/1/2022		NR			2,400		2,420,208
Rockport IN Pollutn Ctrl Rev MI Pwr Co Pj Ser A		6.25%		6/1/2025		BBB			2,500		2,710,750

See Notes to Financial Statements.

31

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Corporate-Backed (continued)
San Jose CA Arpt Rev Ser A AMT (AMBAC)		5.50%		3/1/2018		A	$	500	$	531,510
Seminole Indian Tribe FL Ser 2010A Gaming Div†		5.125%		10/1/2017		BBB-		2,450		2,370,595
Seminole Indian Tribe FL Spl Oblig Ser A†		5.75%		10/1/2022		BBB-		150		142,737
Seneca NY Nation Indians Cap Impts Auth Ser A†		5.25%		12/1/2016		BB		250		233,813
Tulsa OK Arpts Impt Tr Rev Ser A Rmkt AMT		7.75%		6/1/2035		Caa2		2,500		2,551,150
Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT		4.70%		7/1/2022		Baa3		1,000		821,600
West Pace Cooperative Dist AL Rev		9.125%		5/1/2039		NR		5,000		4,405,250
Wyandotte Cnty Kansas City KS Unif Govt Gen Motors Corp Pj		6.00%		6/1/2025		NR		2,000		1,821,940
Total										67,231,893
Education 7.06%
Adams Cnty PA Indl Dev Auth Gettysburg College		5.00%		8/15/2020		A		1,760		1,863,770
Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser A		5.00%		11/15/2015		BBB+		250		266,050
Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ		5.00%		3/1/2015		A2		1,100		1,205,567
Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ Ser A (NPFGC)(FGIC)		5.00%		3/1/2013		A-		150		159,212
Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj		5.00%		7/1/2021		Aa3		610		633,448
AZ St Univ Brd Regents COP (NPFGC)		5.00%		7/1/2022		AA-		3,465		3,615,346
AZ St Univ Enrg Mgmt LLC Tempe Campus II		5.00%		7/1/2019		AA-		2,090		2,184,405
Bulloch Cnty GA Dev Auth GA Sthn Univ Hsg Fndtn Four (AG)		5.25%		7/1/2018		Aa3		500		560,935
CA Muni Fin Auth Rev Biola Univ		5.625%		10/1/2023		Baa1		1,015		1,022,856
CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus		6.00%		5/15/2023		Baa2		2,000		2,005,580
CA Statewide Cmntys Dev Auth Thomas Jefferson Sch Law Ser A		7.25%		10/1/2032		BB+		1,000		1,012,630
Carrollton TX Fmrs Branch Indpt Sch Dist Sch Bldg PSF GTD		4.50%		2/15/2019		AAA		500		537,235
Clifton TX Higher Ed Fin Corp Uplift Ed Ser A		5.70%		12/1/2025		BBB-		5,110		4,606,256
CT St Hlth & Edl Facs Auth Fairfield Univ Facs Ser M		5.00%		7/1/2016		A-		1,000		1,088,660

See Notes to Financial Statements.

32

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC)		5.00%		7/1/2019		A-	$	500	$	527,620
Cuyahoga OH Cmnty College Dist Ser C		5.00%		8/1/2020		Aa2		1,800		1,960,524
Dist of Columbia Univ Rev Georgetown Univ(e)		5.00%		4/1/2030		A-		5,000		5,248,600
Harris Cnty TX Cultural Ed Facs Fin Corp Baylor College Medicine Ser D		5.00%		11/15/2019		A-		1,910		1,942,546
IL Fin Auth Rev DePaul Univ		5.00%		10/1/2013		A-		1,225		1,299,063
IL Fin Auth Rev IL Inst Tech		6.50%		2/1/2023		Baa3		2,000		1,788,500
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2016		Baa3		2,500		2,267,000
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2020		Baa3		1,000		782,430
IL Fin Auth Rev Northwestern Mem Hosp Ser A(b)		5.75%		8/15/2030		AA+		2,500		2,574,950
IL Fin Auth Rev Univ of Chicago Ser B		5.50%		7/1/2021		Aa1		5,000		5,437,550
MA St Hlth & Edl Facs Auth Harvard Univ Ser A		5.25%		11/15/2019		AAA		2,850		3,300,157
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		6.25%		6/15/2020		Ba3		2,830		2,642,088
MI Fin Auth St Aid Nts Detroit Sch Ser A-2		6.65%		3/20/2012		NR		4,500		4,519,710
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.00%		12/1/2016		Baa3		1,235		1,252,315
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.25%		12/1/2018		Baa3		1,120		1,132,813
Miami-Dade Cnty FL Edl Facs Auth Univ of Miami Ser A		5.25%		4/1/2016		A-		1,000		1,086,620
Miami-Dade Cnty FL Sch Brd COP Ser B		5.00%		5/1/2032		A1		5,000		5,430,400
MO St Hlth & Edl Facs Auth Washington Univ Ser A		5.25%		3/15/2018		AAA		625		734,813
NC Cap Facs Fin Agy Meredith College		5.375%		6/1/2021		BBB		500		502,170
NH Hlth & Ed Facs Auth Univ Sys Ser A		5.50%		7/1/2020		Aa3		1,890		2,109,675
NJ St Edl Facs Auth Higher Ed Cap Impt Fd Ser A (AGM)		5.00%		9/1/2019		AA+		4,270		4,390,798
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		6.50%		12/1/2019		Baa1		5,595		6,190,476
NJ St Higher Ed Assist Auth Ser 1A		5.00%		12/1/2018		AA		3,310		3,486,092
NJ St Higher Ed Assist Auth Ser A		5.00%		6/1/2018		AA		3,055		3,208,392
NY St Dorm Auth Rev Non St Supp Debt Montefiore Med Ctr (NPFGC)(FGIC)(FHA)		5.00%		2/1/2022		BBB		2,500		2,564,475
NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech		5.00%		7/1/2018		A1		1,000		1,100,510

See Notes to Financial Statements.

33

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
OH St Higher Edl Fac Rev Case Western Reserve Ser C		5.00%		12/1/2015		AA-	$	3,065	$	3,405,368
OH St Higher Edl Fac Rev Commn Ashland Univ Pj		6.25%		9/1/2024		Ba1		4,115		4,009,203
PA St Higher Edl Facs Auth Edinboro Univ		5.00%		7/1/2018		BBB-		250		250,130
PA St Higher Edl Facs Auth Ser AG		5.25%		6/15/2018		Aa2		1,000		1,136,960
PA St Higher Edl Facs Auth Ser AH		5.00%		6/15/2019		Aa2		2,455		2,715,255
PA St Higher Edl Facs Auth Univ of PA Ser A		5.00%		9/1/2019		AA+		3,450		3,937,174
RI St Hlth & Edl Bldg Corp Pub Sch Fing Pg Ser A (AGM)		5.00%		5/15/2018		Aa3		1,855		2,027,534
Troy NY Indl Dev Auth Civic Fac Rensselaer Polytechnic Ser E		4.05%		4/1/2037		A		2,500		2,526,875
TX St Univ Sys Fing Rev		5.25%		3/15/2019		Aa2		5,000		5,623,700
TX Tech Univ Rev Fing 12th Ser		5.00%		2/15/2020		AA		1,475		1,636,542
Univ of CO Entrprse Sys Ser A		5.00%		6/1/2018		Aa2		1,250		1,424,550
Univ of MN Spl Purp Rev St Supp Stadium Debt		5.00%		8/1/2018		AA+		1,000		1,100,250
Univ of North TX Rev Fing Sys		4.00%		4/15/2020		Aa2		4,680		4,900,381
Univ of Pittsburgh PA Cap Pj Ser B		5.00%		9/15/2019		Aa1		2,000		2,253,740
Univ of Toledo OH		5.00%		6/1/2017		A+		1,855		2,046,677
Univ of Toledo OH		5.00%		6/1/2018		A+		1,145		1,255,115
Univ of Toledo OH		5.00%		6/1/2019		A+		2,800		3,035,648
Univ of TX Rev Ser A		5.25%		8/15/2019		AAA		5,000		5,780,800
Univ of Western MI Rev (AG)		5.25%		11/15/2020		AA+		3,980		4,244,312
Total										141,552,451
General Obligation 13.46%
AL St Pub Sch & College Auth Cap Impt		5.00%		12/1/2022		Aa1		500		530,740
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.25%		8/1/2019		A2		875		964,924
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.50%		8/1/2020		A2		730		807,402
Atlantic Cnty NJ		5.00%		2/1/2018		AA		885		1,001,590
Bexar Cnty TX Ltd Tax Pass Thru		5.25%		6/15/2020		Aaa		3,190		3,444,626
Birmingham AL Cap Impt Ser A (AMBAC)		5.00%		12/1/2018		AA		1,000		1,083,790
Boone McHenry & DeKalb Cntys IL Cmnty Unit Sch Dist No 100 Ser A (NPFGC)		5.00%		1/1/2018		Aa3		2,500		2,669,100
Brevard Cnty FL Sch Brd COP Ser B (NPFGC)(FGIC)		5.00%		7/1/2019		Aa3		3,500		3,620,225

See Notes to Financial Statements.

34

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Broward Cnty FL Pks & Land Preservation Pj		5.00%		1/1/2019		Aaa	$	2,040	$	2,190,389
CA St		5.00%		8/1/2018		A1		3,000		3,241,590
CA St (AGM)		5.00%		8/1/2016		AA+		2,000		2,201,840
CA St Var Purp		5.25%		10/1/2020		A1		10,000		10,869,700
CA St Var Purp		5.25%		3/1/2022		A1		6,320		6,726,376
Chandler AZ		4.00%		7/1/2020		AAA		3,375		3,510,439
Chicago IL Brd of Ed Ser F		5.00%		12/1/2017		Aa2		1,500		1,566,315
Chicago IL Pjs Ser A (AGM)		5.00%		1/1/2027		AA+		17,525		16,634,029
Chicago IL Pk Dist Ser F		5.50%		1/1/2022		AA+		1,750		1,931,702
Clark Cnty NV Sch Dist Ltd Tax Ser A		5.00%		6/15/2016		AA		7,595		8,397,260
Cleveland OH Var Purp Ser A (AG)		5.25%		12/1/2020		AA+		1,415		1,516,173
Cook Cnty IL Cmnty Consolidated Sch Dist No 64 (AGM)		5.50%		12/1/2016		Aa2		1,580		1,791,910
Cook Cnty IL Ser A		5.00%		11/15/2019		AA		1,405		1,448,555
Crawford Cent Sch Dist PA Ser C		5.00%		2/1/2019		Aa3		1,775		1,938,389
Delaware Vly PA Regl Fin Auth Ser B (AMBAC)		5.60%		7/1/2017		A2		3,140		3,407,559
Desert Sands CA Unif Sch Dist Election 2001		5.75%		8/1/2019		Aa2		675		782,237
Detroit MI Dist St Aid		5.00%		11/1/2018		AA-		3,320		3,559,604
Dist of Columbia Ser E (BHAC)		5.00%		6/1/2021		AA+		3,500		3,729,215
FL St Brd of Ed Lottery Rev Ser B (AMBAC)		5.00%		7/1/2016		AAA		1,000		1,113,170
Fontana CA Unif Sch Dist Ser A (AGM)		5.25%		8/1/2025		AA+		3,125		3,155,062
Foothill-De Anza CA Cmnty College Dist Ser A (AMBAC)		5.00%		8/1/2017		Aaa		500		542,040
Fresno CA Unif Sch Dist Ser B (NPFGC)		5.25%		2/1/2024		A+		3,285		3,242,558
Garland TX Indpt Sch Dist Sch Bldg Ser A		5.00%		2/15/2020		Aaa		2,000		2,242,480
Gloucester Cnty NJ Impt Auth Cnty Ln Cnty Cap Pg GTD		5.00%		4/1/2017		AA+		1,000		1,129,350
HI St Arpts Sys Rev Ser B AMT		5.00%		7/1/2017		A2		10,000		10,660,400
HI St Ser DR		5.00%		6/1/2018		Aa1		3,160		3,612,259
Hoffman Estates Vlg IL Ser A		5.25%		12/1/2020		AA+		1,205		1,304,244
Houston TX Pub Impt Ser A (AMBAC)		5.00%		3/1/2018		AA		2,500		2,730,750
IL St 1st Ser (NPFGC)		5.375%		4/1/2016		A+		4,465		4,750,537
IL St 1st Ser (NPFGC)		5.50%		8/1/2016		A+		2,255		2,413,346
IL St Ser A		5.00%		10/1/2017		A+		5,000		5,101,850
Iron Cnty UT Sch Dist Sch Bldg UT Sch Bd Pg		5.00%		1/15/2021		Aaa		1,210		1,294,095
Jackson MS Pub Sch Dist (AGM)		5.00%		10/1/2018		Aa3		2,655		2,766,882

See Notes to Financial Statements.

35

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
Jersey City NJ Pub Impt Ser A (NPFGC)		5.25%		9/1/2015		A1	$	250	$	269,588
Kane Cnty IL Sch Dist No 131 Aurora East Side Ser C (AG)		5.00%		6/1/2019		AA+		2,730		2,878,894
Kane McHenry Cook & De Kalb Cntys IL Unit Sch Dist No 300 (AG)(AMBAC)		5.00%		1/1/2022		AA+		2,300		2,359,777
Kane McHenry Cook & De Kalb Cntys IL Unit Sch Dist No 300 (AG)(AMBAC)		5.00%		1/1/2023		AA+		9,520		9,723,918
King Cnty WA Sch Dist No 414 Lake Washington		5.00%		12/1/2019		AA+		2,500		2,825,050
King Cnty WA Sch Dist No 414 Lake Washington (AGM)		5.00%		12/1/2016		Aaa		4,125		4,731,210
LA St Ser A		5.00%		9/1/2022		Aa2		5,120		5,635,942
Lancaster CA Sch Dist (AG)		5.00%		8/1/2017		AA+		1,125		1,219,916
Las Vegas-Clark Cnty NV Library Dist Medium Term		5.00%		1/1/2019		AA		3,500		3,776,675
Los Angeles CA Unif Sch Dist Ser A (NPFGC)		5.00%		7/1/2018		Aa2		500		537,325
MA St Ser C (AGM)		5.50%		12/1/2017		AA+		1,600		1,891,488
Maricopa Cnty AZ Sch Dist No 6 Washington Elem Sch Impt Pj of 2001 Ser B (AGM)		5.00%		7/1/2017		AA+		400		442,792
Maricopa Cnty AZ Unif Sch Dist No 41-Gilbert Sch Impt Ser A (NPFGC)(FGIC)		5.00%		7/1/2018		Aa2		2,400		2,592,600
Mecklenburg Cnty NC COP Ser A		5.00%		2/1/2020		AA+		3,565		3,859,469
Memphis TN Gen Impt (NPFGC)		5.00%		10/1/2018		AA		3,295		3,582,390
Metro Govt Nashville & Davidson Cnty TN		5.00%		1/1/2018		Aa1		8,325		9,552,438
Metro Govt Nashville & Davidson Cnty TN		5.00%		5/15/2020		Aa1		5,225		5,752,255
Miami-Dade Cnty FL Bldg Better Cmntys Pg Ser B		5.25%		7/1/2019		Aa2		3,225		3,563,431
Mobile AL Ser B		5.00%		2/15/2018		Aa2		1,000		1,108,110
MS Dev Bk Spl Oblig Harrison Cnty Pj Ser D (AG)		5.00%		10/1/2020		AA+		1,495		1,605,047
MS Dev Bk Spl Oblig Jackson GTD		5.50%		1/1/2019		Aa2		1,120		1,233,142
NC Infrastr Fin Corp Cap Impt Ser A (AGM)		5.00%		5/1/2017		AA+		2,000		2,251,220
NC St Ser C		5.00%		5/1/2021		AAA		10,955		12,620,817
New York City NY Ser H-1		5.00%		3/1/2015		AA		1,665		1,853,062
NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C (AGM)		5.00%		10/1/2020		AA+		475		511,751
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2025		AAA		1,320		1,375,747

See Notes to Financial Statements.

36

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2026		AAA	$	1,920	$	2,001,087
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2027		AAA		770		802,519
Onondaga Cnty NY Ser A		5.00%		3/1/2020		AA+		1,150		1,283,331
Otsego MI Pub Sch Dist (AGM)		4.00%		5/1/2021		AA+		2,245		2,213,817
Philadelphia PA Ser A (AGM)		5.00%		12/15/2015		AA+		1,315		1,428,708
Phoenix AZ Ser B		5.00%		7/1/2019		AAA		500		554,990
Phoenix AZ Var Purp Ser A		5.00%		7/1/2016		AAA		2,525		2,872,945
Plainfield Vlg IL Ser A (NPFGC)		5.00%		12/15/2019		AA		1,940		2,077,527
Pocono Mountain PA Sch Dist Nts Ser A (AGM)		5.00%		9/1/2021		Aa3		1,440		1,532,938
Puerto Rico Comwlth Pub Impt Ser A (AGM)		5.00%		7/1/2018		AA+		3,000		3,072,690
Puerto Rico Comwlth Pub Impt Ser A (XLCA)		5.50%		7/1/2017		A3		2,705		2,844,524
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.00%		8/1/2021		Aa2		750		849,945
San Jose CA Unif Sch Dist Election of 2002 Ser C (NPFGC)(FGIC)		4.50%		8/1/2023		AA		2,825		2,858,165
Shelby Cnty TN		5.00%		4/1/2019		AA+		1,500		1,715,145
Suffolk Cnty NY Pub Impt Ser B		5.00%		11/1/2019		AA		2,450		2,751,423
Territory of Guam Ser A		5.75%		11/15/2014		B+		1,645		1,699,746
Three Rivers MI Cmnty Schs (AGM)		5.00%		5/1/2017		AA+		500		553,955
Virgin Islands Pub Fin Auth Sr Lien Ser B		5.00%		10/1/2019		BBB		3,000		3,113,430
WA St Var Purp Ser D (AMBAC)		5.00%		1/1/2017		AA+		3,000		3,236,940
Washoe Cnty NV Sch Dist Ser B (NPFGC)		5.00%		6/1/2014		AA		300		330,870
Williamson Cnty TX (NPFGC)		5.25%		2/15/2018		AAA		500		572,170
Woonsocket RI		7.125%		6/15/2016		Ba1		4,500		4,492,215
Worcester MA Muni Purp Ln Ser A (AGM)		5.25%		10/1/2019		AA+		1,000		1,074,300
Worcester MA Muni Purp Ln Ser A (AGM)		5.25%		10/1/2020		AA+		1,195		1,270,978
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		1,176,101
Total										269,759,215
Health Care 20.18%
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.625%		11/15/2022		NR		2,000		1,708,320
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.75%		11/15/2026		NR		3,000		2,436,090
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2017		BB-		3,250		2,619,370

See Notes to Financial Statements.

37

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser A		5.00%		9/1/2014		Aa3	$	750	$	822,667
AZ Univ Med Ctr Corp		6.00%		7/1/2024		BBB+		1,000		1,034,680
Birmingham-Baptist AL Med Ctr Spl Care Fing Baptist Hlth Sys Inc Ser A		5.25%		11/15/2016		Baa2		2,605		2,698,572
Blount Cnty TN Hlth & Edl Facs Brd Asbury Inc Ser A		5.125%		4/1/2023		NR		5,200		4,241,588
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser K		5.125%		7/1/2022		A		2,000		2,029,880
CA Hlth Facs Fing Auth Episcopal Home Ser B		5.50%		2/1/2024		A-		2,000		1,967,360
CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C		6.00%		10/1/2020		AA		1,000		1,121,450
CA Hlth Facs Fing Auth Scripps Hlth Ser A		5.50%		10/1/2020		AA-		2,000		2,123,340
CA Hlth Facs Fing Auth Stanford Hosp & Clinics Ser A		5.00%		11/15/2023		Aa3		3,000		3,026,130
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.00%		8/15/2019		AA-		2,000		2,098,780
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.50%		8/15/2020		AA-		1,150		1,232,455
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2016		Baa2		2,000		2,057,640
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.00%		2/1/2017		Baa2		2,245		2,254,968
CA Statewide Cmntys Dev Auth CA Statewide Inland Regl Ctr Pj		5.00%		12/1/2017		Baa1		215		212,117
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A		5.00%		4/1/2019		A+		6,000		6,373,080
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		6.25%		11/15/2019		BBB		1,600		1,650,336
CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A		4.80%		7/15/2017		NR		200		188,780
Charlotte-Mecklenburg Hosp Auth NC Carolinas Hlthcare Ser A		5.25%		1/15/2023		AA-		2,895		3,078,919
Charlotte-Mecklenburg Hosp Auth NC Carolinas Ser A		5.00%		1/15/2019		AA-		4,455		4,743,996
CO Hlth Facs Auth Rev Amer Baptist Ser A		7.00%		8/1/2019		NR		1,500		1,506,345
CO Hlth Facs Auth Rev Sisters Leavenworth Ser B		5.00%		1/1/2019		AA		8,500		8,979,315
CO Hlth Facs Auth Rev Sisters Leavenworth Ser B		5.00%		1/1/2020		AA		1,925		2,019,306
CO Hlth Facs Auth Rev Sisters Leavenworth Ser B		5.00%		1/1/2021		AA		6,535		6,826,134

See Notes to Financial Statements.

38

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Coffee Cnty GA Hosp Auth Rev Coffee Regl Med Ctr Inc Pj		5.00%		12/1/2019		BBB-		$	550	$	543,879
Delaware Cnty PA Auth Hosp Rev Crozer Keystone Oblig Grp Ser A		5.00%		12/15/2019		BBB-			1,000		932,290
Doylestown PA Hosp Auth Hosp Ser A (AG)		5.00%		7/1/2022		AA+			1,000		996,520
Eden Twp CA Hlthcare Dist COP		5.375%		6/1/2023		BBB	(a)		3,085		2,894,686
Fairfax Cnty VA Indl Dev Auth Hlthcare Inova Hlth Sys Ser A(b)		5.50%		5/15/2035		AA+			1,000		1,008,905
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		6.00%		7/1/2020		Ba1			5,465		5,211,151
Florence Cnty SC Hosp Rev McLeod Regl Med Ctr Ser A		5.00%		11/1/2018		A+			1,845		1,973,154
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.50%		1/1/2018		BBB-	(a)		3,535		3,528,778
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		5.65%		1/1/2019		BBB-	(a)		2,000		1,986,220
Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A		4.75%		8/1/2019		A2			3,840		3,870,490
Harris Cnty TX Hlth Facs Dev Corp Mem Hermann Hlthcare Sys Ser A		5.25%		12/1/2014		A+			1,415		1,529,997
HI St Dept Bdgt & Fin Ser C2		6.40%		11/15/2014		NR			1,100		1,102,640
HI St Dept Bdgt & Fin Spl Purp Linked Ctfs		6.40%		7/1/2013		A3			160		170,075
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2027		NR			2,000		1,527,960
IA Fin Auth Hlth Facs Rev Ser A Rmkt (AG)		5.00%		8/15/2018		Aa3			2,070		2,184,554
IA Fin Auth Hlthcare Facs Genesis Hlth Sys		5.00%		7/1/2019		A1			4,075		4,199,532
IL Fin Auth Rev Edward Hosp Ser A Rmkt (AMBAC)		6.00%		2/1/2028		A+			1,400		1,399,860
IL Fin Auth Rev Hosp Sisters Svcs Inc Ser A		5.00%		3/15/2027		AA			1,000		939,400
IL Fin Auth Rev Provena Hlth Ser A		5.75%		5/1/2018		BBB+			1,000		1,023,250
IL Fin Auth Rev Provena Hlth Ser A		5.75%		5/1/2019		BBB+			3,000		3,067,830
IL Fin Auth Rev Provena Hlth Ser A		6.00%		5/1/2020		BBB+			4,000		4,141,160
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		6.00%		11/1/2019		A2			1,000		1,053,980
IL Fin Auth Rev Sedgebrook Inc Fac Ser A(d)		5.50%		11/15/2013		NR			185		2
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.50%		2/15/2016		AA+			2,000		2,171,700
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.50%		2/15/2017		AA+			2,000		2,163,940
IN Bd Bk Rev Spl Pg Hendricks Regl Hlth Ser A		5.00%		2/1/2019		AA			1,765		1,913,278

See Notes to Financial Statements.

39

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
IN Hlth & Edl Facs Fing Auth St. Francis Ser E Rmkt (AGM)		5.25%		11/1/2022		Aa3	$	1,000	$	1,047,430
Iron River MI Hosp Fin Auth Iron Cnty Cmnty Hosps		6.00%		5/15/2020		NR		875		813,365
Jackson Cnty MI Hosp Fin Auth Ser C Rmkt (AG)		5.00%		6/1/2018		AA+		4,350		4,765,425
Jackson Cnty MI Hosp Fin Auth Ser C Rmkt (AG)		5.00%		6/1/2019		AA+		4,400		4,786,408
Kalamazoo MI Hosp Fin Auth Bronson Hosp Ser A Rmkt (AGM)		5.25%		5/15/2014		AA+		2,000		2,159,220
Kansas City MO Indl Dev Auth First Mtg Bishop Spencer Ser A		6.25%		1/1/2024		NR		1,000		937,320
Kansas City MO Indl Dev Auth First Mtg Bishop Spencer Ser A		6.50%		1/1/2035		NR		2,500		2,211,800
Kenai Peninsula AK Cent Kenai Peninsula Hosp Svc Area (NPFGC)(FGIC)		5.00%		8/1/2016		A1		2,585		2,693,518
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		5.50%		7/1/2020		BB+		3,275		3,180,123
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 50-C-3		6.50%		5/15/2015		NR		1,000		998,130
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser 65-C-2		7.00%		11/15/2015		NR		4,700		4,721,855
KS St Dev Fin Auth Hosp Rev Adventist Hlth		5.25%		11/15/2019		AA-		1,580		1,721,410
KS St Dev Fin Auth Hosp Rev Adventist Sunbelt Ser D		5.00%		11/15/2020		AA-		1,775		1,876,637
LA Pub Facs Auth Rev Christus Hlth Ser A		5.25%		7/1/2020		A+		3,200		3,257,536
Lufkin TX Hlth Facs Dev Corp Mem Hlth Sys of East TX		6.00%		2/15/2024		BBB		7,500		7,107,000
MA Dev Fin Agy Ser B1		7.25%		6/1/2016		NR		5,000		4,967,650
MD St Hlth & Higher Edl Facs Auth Univ MD Med Sys		5.00%		7/1/2020		A		4,905		5,130,385
MD St Hlth & Higher Edl Facs Auth Univ MD Med Sys		5.00%		7/1/2021		A		5,550		5,746,636
ME Hlth & Higher Edl Facs Auth Ser A (NPFGC)		5.375%		7/1/2018		A1		2,700		2,849,364
ME Hlth & Higher Edl Facs Auth Ser B		4.50%		7/1/2018		A1		2,640		2,766,086
ME Hlth & Higher Edl Facs Auth Ser B		4.50%		7/1/2019		A1		5,505		5,676,756
Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM)		4.00%		8/1/2022		AA+		1,000		935,000
Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM)		4.00%		8/1/2023		AA+		1,635		1,501,535

See Notes to Financial Statements.

40

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		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%		8/1/2017		AA+	$	2,630	$	2,795,111
Med Ctr Hosp Auth GA Rev Columbus Regl Hlthcare Ser A (AGM)		5.00%		8/1/2021		AA+		2,115		2,186,529
Mesquite TX Hlth Facs Dev Corp Ret Fac Christian Care		5.50%		2/15/2025		BBB-		3,250		2,868,970
Miami Beach FL Hlth Facs Auth Mount Sanai Med Ctr		6.75%		11/15/2021		Ba1		3,000		3,038,880
MN Agric & Econ Dev Brd Hlthcare Essential Ser C-1 Rmkt (AG)		5.50%		2/15/2025		AA+		4,500		4,754,835
Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA)		5.00%		8/1/2018		AA		1,605		1,728,087
Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA)		5.00%		8/1/2019		AA		1,790		1,902,519
Montgomery Cnty PA Indl Dev Auth New Regl Med (FHA)		5.00%		8/1/2020		AA		1,000		1,053,240
MS Hosp Equip & Facs Auth Baptist Hlth Sys Inc A		5.00%		8/15/2016		A-		2,000		2,123,300
MS Hosp Equip & Facs Auth Baptist Hlth Sys Inc A		5.00%		8/15/2017		A-		2,500		2,619,025
MS Hosp Equip & Facs Auth Baptist Hlth Sys Inc A		5.00%		8/15/2018		A-		3,000		3,087,030
MS Hosp Equip & Facs Auth North MS Hlth Svcs Ser 1		5.00%		10/1/2017		AA		2,500		2,735,725
NC Med Care Commn Hsg Fndtn Inc (ACA)		6.625%		8/15/2030		NR		2,900		2,653,674
NC Med Care Commn Univ Hlth Sys Ser E-1		5.75%		12/1/2036		A+		3,475		3,726,208
NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A		5.125%		7/1/2019		A1		1,500		1,602,150
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.00%		10/1/2015		Aa3		1,500		1,628,400
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.00%		10/1/2016		Aa3		2,000		2,182,000
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.00%		7/1/2018		BBB-		6,590		6,799,760
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp Oblig		5.25%		7/1/2021		BBB-		2,045		1,896,206
NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Ser B		5.25%		7/1/2023		BBB-		10,000		8,839,000
NJ Hlthcare Facs Fing Auth Virtua Hlth (AG)		5.50%		7/1/2020		AA+		5,455		5,838,268
Northampton Cnty PA Gen Purp Auth St. Luke’s Hosp Pj Ser A		5.00%		8/15/2019		A3		2,000		1,957,120

See Notes to Financial Statements.

41

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

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 Good Samaritan Hosp Med Ctr Ser A (NPFGC)		5.75%		7/1/2014		A3	$	1,500	$	1,511,295
NY St Dorm Auth Rev Lenox Hill Hosp Oblig Grp		5.375%		7/1/2020		Baa3		1,000		1,001,270
NY St Dorm Auth Rev Non St Supp Debt North Shore L I Jewish Ser E		5.00%		5/1/2019		A-		4,000		4,090,480
NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A		5.00%		7/1/2016		BBB+		1,600		1,724,208
NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A		5.00%		7/1/2019		BBB+		2,000		2,075,040
NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A		5.00%		7/1/2020		BBB+		2,000		2,030,220
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.50%		12/1/2021		Ba1		1,000		1,022,240
OH St Higher Edl Fac Commn Hosp Cleveland Clinic Hlth Pj Ser A		5.00%		1/1/2015		Aa2		1,000		1,101,450
OH St Hosp Fac Rev Cleveland Clinic Hlth Ser B		5.00%		1/1/2022		Aa2		3,000		3,114,780
Orange Cnty FL Hlth Facs Auth Orlando Hlth Inc		5.25%		10/1/2020		A		5,000		5,123,800
PA St Higher Edl Facs Auth Univ of Pittsburgh Med Ctr Ser E		5.00%		5/15/2020		Aa3		8,000		8,467,600
Palomar CA Pomerado Hlthcare COP		5.25%		11/1/2021		Baa3		5,000		4,559,300
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hosp Sys Ser A		6.625%		11/15/2023		BBB		2,000		1,999,980
Roanoke VA Econ Dev Auth Carilion Clinic Oblig		5.00%		7/1/2025		A+		20,000		19,698,200
SC Jobs Econ Dev Auth Tuomey (CIFG)		5.00%		11/1/2019		BBB		3,620		3,373,080
SC Jobs Econ Dev Auth Tuomey Hlthcare Sys (AMBAC)		5.00%		11/1/2018		NR		2,400		2,207,472
Scottsdale AZ Indl Dev Auth Scottsdale Hlthcare A		5.00%		9/1/2017		A-		2,000		2,118,920
Shelby Cnty TN Hlth Edl & Hsg Facs Brd Baptist Mem Hlth Ser 2004A		5.00%		9/1/2017		AA		4,000		4,334,360
South Broward FL Hosp Dist Rev Hosp (NPFGC)		5.00%		5/1/2019		AA-		5,130		5,363,261
South Broward FL Hosp Dist Rev Hosp (NPFGC)		5.00%		5/1/2022		AA-		2,710		2,786,828
St. Paul MN Hsg & Redev Auth Hosp Rev Hltheast Pj		5.00%		11/15/2017		BB+		2,900		2,757,117

See Notes to Financial Statements.

42

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Wellmont Hlth Sys Pj Ser C		5.00%		9/1/2022		BBB+	$	3,300	$	3,071,343
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		5.375%		8/1/2015		NR		2,325		2,281,406
Tarrant Cnty TX Cultural Ed Facs Fin Corp Christus Hlth Ser A (AG)		5.75%		7/1/2018		AA+		3,500		3,774,120
Territory of Guam Oblig Rev Section 30 Ser A		5.375%		12/1/2024		BBB-		1,000		960,210
Territory of Guam Oblig Rev Section 30 Ser A		5.50%		12/1/2019		BBB-		1,000		1,020,620
Thomasville GA Hosp Auth Rev Antic Ctfs John D Archbold		4.75%		11/1/2025		A		6,150		5,754,370
Univ of AL Ser A		5.00%		9/1/2016		A+		2,320		2,488,780
Univ of AL Ser A		5.25%		9/1/2017		A+		1,180		1,268,099
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		5.00%		11/1/2019		A3		4,000		3,936,680
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		5.125%		11/1/2020		A3		5,500		5,371,795
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2030		Aa1		1,170		1,119,199
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2033		Aa1		7,000		6,517,280
WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser B		4.75%		8/15/2025		A3		2,000		2,107,760
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		5.00%		4/1/2019		AA-		1,110		1,158,252
WI St Hlth & Edl Facs Auth Froedtert & Cmnty Hlth		5.00%		4/1/2020		AA-		1,500		1,545,795
WI St Hlth & Edl Facs Auth Ministry Hlth Rmkt (AGM)		5.00%		8/1/2016		AA+		2,230		2,395,533
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-1		6.40%		9/15/2015		NR		3,750		3,688,875
WI St Hlth & Edl Facs Auth Synergy Hlth Inc		6.00%		11/15/2023		AA-		3,340		3,422,398
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2017		BBB+		8,160		8,288,846
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2018		BBB+		2,000		2,022,200
WV St Hosp Fin Auth Thomas Hlth Sys		6.00%		10/1/2020		NR		1,600		1,529,824
Total										404,637,761

See Notes to Financial Statements.

43

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Housing 0.67%
Athens GA Hsg Auth Rev Univ GA East Campus		4.00%		12/1/2019		Aa2	$	2,045	$	2,175,716
Athens GA Hsg Auth Rev Univ GA East Campus ETM		4.00%		12/1/2019		Aa2		240		258,929
Garza Cnty TX Pub Fac Corp		5.50%		10/1/2018		BBB		1,000		977,830
Kansas City MO Indl Dev Auth Multi Fam Hsg Grand Blvd Lofts Pj Ser B		5.00%		1/1/2012		NR		1,835		1,817,788
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2016		A-		275		287,812
Minneapolis MN Multi Fam Hsg Riverside Plaza Ser B		6.00%		11/1/2013		NR		5,000		4,957,600
NJ Econ Dev Auth MSU Student Hsg Pj		5.00%		6/1/2018		Baa3		1,390		1,409,947
NJ Econ Dev Auth MSU Student Hsg Pj		5.25%		6/1/2019		Baa3		1,610		1,626,905
Total										13,512,527
Lease Obligations 7.48%
Arkansas City KS Pub Bldg Commn South Cent Regl Med Ctr		6.25%		9/1/2024		A3		2,335		2,380,649
Atlanta GA Downtown Dev Auth Rev Underground Atlanta Pj Ser A (AG)		5.00%		7/1/2016		AA+		4,500		4,858,335
AZ Sch Facs Brd Ctfs Ser A-3 (NPFGC)(FGIC)		5.00%		9/1/2019		A+		4,850		4,967,128
Broward Cnty FL Sch Brd COP (NPFGC)		5.00%		7/1/2021		Aa3		2,930		2,991,970
CA St Pub Wrks Brd Dept Gen Svcs Bldgs 8 & 9 Ser A		5.00%		4/1/2020		A2		4,085		4,144,069
CA St Pub Wrks Brd Dept Hlth Svcs Richmond Lab Ser B (XLCA)		5.00%		11/1/2017		A2		315		330,315
CA St Pub Wrks Brd Var Cap Pj Ser G-1		5.25%		10/1/2019		A2		11,370		11,851,974
CA St Pub Wrks Brd Var Cap Pjs Sub Ser A-1		5.00%		3/1/2018		A2		7,490		7,886,970
Cleveland OH Cleveland Stadium Pj Ser A COP		4.75%		11/15/2020		A		3,000		3,039,150
Cleveland OH Cleveland Stadium Pj Ser A COP		5.00%		11/15/2019		A		2,450		2,574,019
Essex Cnty NJ Impt Auth Pj Cons GTD (AMBAC)		5.25%		12/15/2020		Aa2		15,000		16,539,300
FL Dept of Children & Fam Svcs FL Civil Commitment Ctr COP (NPFGC)		5.00%		10/1/2022		AA+		2,870		2,988,646
Fulton Cnty GA Facs Corp Pub Purp Pj COP		5.00%		11/1/2016		AA-		2,200		2,418,262
Goodyear AZ Pub Impt Corp		6.375%		7/1/2019		AA-		500		584,570
Greenville Cnty SC Sch Dist Bldg Equity Sooner		5.50%		12/1/2017		AA		3,000		3,389,430

See Notes to Financial Statements.

44

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Gwinnett Cnty GA Dev Auth Pub Schs Pj COP (NPFGC)		5.25%		1/1/2020		AA+	$	5,000	$	5,637,550
IN Fin Auth Lease Rev Ser A1		5.00%		11/1/2015		AA+		1,000		1,101,000
KY St Ppty & Bldgs Commn		5.75%		11/1/2019		Aa3		3,425		3,887,307
KY St Ppty & Bldgs Commn Pj No 93 (AG)		5.00%		2/1/2015		AA+		1,315		1,440,122
KY St Ppty & Bldgs Commn Pj No 93 (AG)		5.25%		2/1/2020		AA+		2,000		2,170,580
Mecklenburg Cnty NC Pub Facs Annual Apprec Ltd Ser O		5.00%		3/1/2020		AA+		2,525		2,804,770
Miami-Dade Cnty FL Sch Brd Ctfs Ser A (NPFGC)(FGIC)		5.00%		5/1/2022		A1		13,050		13,226,697
Montgomery Cnty VA Indl Dev Auth Pub Pjs		5.00%		2/1/2018		AA-		1,000		1,115,330
New York City NY Indl Dev Agy USTA Natl Tennis (AGM)		5.00%		11/15/2018		AA+		400		438,036
NJ Econ Dev Auth Sch Facs Constr Ser AA		5.25%		12/15/2020		Aa3		8,125		8,425,462
NJ Econ Dev Auth Transn Pj Sublease Ser A		5.00%		5/1/2018		Aa3		1,425		1,500,326
NJ Sports & Exposition Auth Ser B		5.00%		9/1/2018		A+		5,000		5,461,550
North Charleston SC Convtn Ctr COP		5.00%		10/1/2016		AA-		2,010		2,225,995
North Charleston SC Convtn Ctr COP		5.00%		10/1/2017		AA-		2,535		2,786,421
Northwest Allen IN Sch Bldg Corp First Mtg (AGM)		5.00%		7/15/2020		AA+		3,140		3,315,086
NY St Dorm Auth Rev St Mental Hlth Svcs Facs Impt Ser A (AGM)		5.00%		2/15/2016		AA+		2,775		3,089,269
NY St Urban Dev Corp Rev Svc Contract Ser A-2		5.00%		1/1/2022		AA-		3,705		3,947,603
PA St Indl Dev Auth Econ Dev		5.00%		7/1/2013		A1		2,000		2,134,760
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		5.60%		10/1/2014		NR		170		171,928
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		7.00%		7/1/2021		A3		5,000		5,378,600
VA College Bldg Auth Pub Higher Ed Fing Pg Ser A		5.00%		9/1/2016		Aa1		5,475		6,252,176
WI St Rev Ser A		5.25%		5/1/2020		AA-		2,175		2,401,961
Total										149,857,316
Other Revenue 8.14%
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B		5,500		5,143,160
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B		1,500		1,402,680

See Notes to Financial Statements.

45

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		6.00%		1/1/2017		Ba2	$	1,935	$	1,957,214
Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj		7.50%		2/1/2030		NR		1,200		821,292
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		6.00%		8/1/2018		NR		1,900		1,812,182
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		5.75%		7/15/2018		BBB-		1,400		1,442,616
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		5.75%		7/15/2019		BBB-		2,715		2,770,250
CA St Pub Wrks Brd Dept Corrections & Rehab Ser F (NPFGC)(FGIC)		5.25%		11/1/2017		A2		250		268,195
Cumberland Vly PA Sch Dist (AGM)		5.00%		11/15/2019		Aa3		3,000		3,171,630
Dallas TX Civic Ctr (AG)		5.00%		8/15/2021		AA+		3,800		4,042,592
Dallas TX Convtn Ctr Hotel Dev Corp Ser A		5.25%		1/1/2020		A+		4,000		4,293,920
Dallas TX Convtn Ctr Hotel Dev Corp Ser A		5.25%		1/1/2022		A+		6,405		6,724,097
Farmington NM Pollutn Ctrl Rev AZ Pub Svc Co Ser A		4.70%		5/1/2024		BBB-		2,375		2,243,876
Farmington NM Pollutn Ctrl Rev AZ Pub Svc Co Ser B		4.70%		9/1/2024		Baa2		6,000		5,662,860
Farmington NM Pollutn Ctrl Rev Pub Svc NM San Juan Ser B		4.75%		6/1/2040		Baa3		10,000		9,847,500
FL St Brd Ed Lottery Rev Ser E		5.00%		7/1/2020		AAA		7,645		8,181,373
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		5.25%		6/1/2017		A+		7,000		7,313,530
FL St Dept of Envr Protn FL Forever Ser B (NPFGC)		5.00%		7/1/2012		AA-		170		178,718
Garza Cnty TX Pub Fac Corp		5.25%		10/1/2017		BBB		1,000		985,430
Garza Cnty TX Pub Fac Corp		5.50%		10/1/2019		BBB		1,600		1,540,176
Houston TX Util Sys Rev 1st Lien Ser A (NPFGC)		5.25%		5/15/2017		AA		2,400		2,755,680
IL Fin Auth Rev Navistar Intl Recovery Zone		6.50%		10/15/2040		BB-		3,600		3,571,884
International Falls MN Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2022		B		1,000		912,110
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A Rmkt		6.50%		8/1/2029		BBB-		6,605		6,645,489
LA Pub Facs Auth Rev Cleco Pwr LLC Pj		7.00%		12/1/2038		BBB		3,500		3,614,695
La Vernia TX Higher Ed Fin Corp Lifeschs of Dallas Ser A		7.00%		8/15/2026		BBB-		4,455		4,433,750

See Notes to Financial Statements.

46

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Manatee Cnty FL Transn Rev (AMBAC)		5.00%			10/1/2019		Aa2	$	2,030	$	2,162,843
MD St Econ Dev Corp Cnx Marine Terminals Inc		5.75%			9/1/2025		BB		1,500		1,401,000
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%			12/1/2016		NR		3,000		2,447,580
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser B		5.00%			12/1/2016		NR		1,000		815,860
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy		5.25%			7/1/2018		NR		250		100,000
MI St (NPFGC)(IBC)		5.50%			12/1/2013		Aa2		100		109,741
Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (NPFGC)(FGIC)		2.724%	#		4/1/2014		Aa3		200		191,256
Minneapolis MN Rev National Marrow Donor Pg		4.875%			8/1/2025		BBB		5,000		4,706,850
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		7.50%			5/1/2019		BBB+		3,225		3,504,962
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		8.00%			5/1/2025		BBB+		2,000		2,176,820
Navajo Cnty AZ Pollutn Ctrl Corp Ser C		5.50%			6/1/2034		Baa2		10,000		10,703,300
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%			8/1/2025		NR		5,000		4,923,950
New York City NY Tr Cultural Res Lincoln Ctr Ser C		5.75%			12/1/2018		A+		2,500		2,838,825
NJ Econ Dev Auth Cigarette Tax		5.625%			6/15/2019		BBB		3,000		2,981,280
NM Fin Auth Rev Sub Lien Pub Pj Revolving Fd Ser C (NPFGC)		5.00%			6/15/2015		AA-		2,145		2,388,887
OH St Air Quality Dev Auth First Enrg Nuclear Ser A		5.75%			6/1/2033		Baa2		3,000		3,199,050
Philadelphia PA Auth Indl Dev First Philadelphia Charter Ser A		5.30%			8/15/2017		BBB-		195		193,432
Pub Gas Partners Inc GA Ser A		5.00%			10/1/2019		A+		8,450		8,842,418
Puerto Rico Comwlth Govt Dev Bk Rmkt GTD (NPFGC)		4.75%			12/1/2015		BBB		5,000		5,061,900
Seminole Indian Tribe FL Spl Oblig Ser A†		5.50%			10/1/2024		BBB-		2,400		2,156,664
VA St Hsg Dev Auth Ser A-5 AMT		4.70%			7/1/2017		AAA		2,315		2,439,107
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		5.00%			12/1/2012		NR		250		244,410
Western Generation Agy OR Wauna Cogeneration Pj B AMT		5.00%			1/1/2012		NR		1,545		1,543,810

See Notes to Financial Statements.

47

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Whiting IN Envr Facs BP Prods North Amer Rmkt		5.25%		1/1/2021		A	$	6,000	$	6,341,580
Total										163,212,424
Special Tax 1.85%
Atlanta GA Tax Alloc Beltline Pj Ser B Rmkt		6.75%		1/1/2020		NR		3,000		3,035,580
FL St Vlg Cmnty Dev Dist No 9		5.75%		5/1/2021		NR		5,000		5,053,050
FL St Vlg Cmnty Dev Dist No 9		6.75%		5/1/2031		NR		3,000		3,030,330
Glendale CA Redev Agy Tax Alloc Cent Glendale Redev Pj		5.50%		12/1/2024		A		6,000		5,533,200
Goodyear AZ Pub Impt Corp Ser A (NPFGC)		5.00%		7/1/2022		AA-		500		516,150
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		10.00%		5/1/2039		NR		5,000		3,897,850
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		10.50%		5/27/2011		NR		1,600		1,537,344
Mesquite NV Redev Agy Tax Alloc		7.00%		6/1/2019		A-		1,700		1,738,250
Miami-Dade Cnty FL Entitlement GTD (NPFGC)(FGIC)		5.00%		8/1/2014		Aa3		1,000		1,088,190
Sparks NV Loc Impt Dist Ltd Oblig Dist No 3		6.50%		9/1/2020		NR		470		447,144
Sparks NV Redev Agy Tax Redev Area No 1		4.50%		1/15/2018		A-		1,210		1,170,094
Sparks NV Redev Agy Tax Redev Area No 1		4.75%		1/15/2019		A-		1,540		1,488,364
Sparks NV Redev Agy Tax Redev Area No 1		5.375%		1/15/2020		A-		1,675		1,665,034
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.50%		6/15/2020		B2		6,815		6,273,753
Tempe AZ Pier Twn Lake Impt Dist		5.00%		1/1/2018		Aa3		500		549,690
Total										37,024,023
Tax Revenue 4.17%
AL St Pub Sch & College Auth Cap Impt		5.00%		12/1/2016		Aa1		3,500		3,980,445
CA St Econ Recovery Ser A (NPFGC)(FGIC)		5.25%		7/1/2014		Aa3		200		222,678
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2022		AA+		635		682,584
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2023		AA+		390		419,225
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2024		AA+		515		553,591
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2028		AA+		460		494,470
Denver CO City & Cnty Excise Ser A (AG)		6.00%		9/1/2023		AA+		3,000		3,356,430
FL Hurricane Catastrophe Fd Fin Corp Ser A		5.00%		7/1/2014		AA-		5,000		5,363,800
FL Hurricane Catastrophe Fd Fin Corp Ser A		5.00%		7/1/2016		AA-		5,000		5,355,900
IL St Build IL		5.00%		6/15/2019		AAA		5,000		5,331,750

See Notes to Financial Statements.

48

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tax Revenue (continued)
Martin Cnty TX Hosp Dist Ser A		7.00%		4/1/2031		BBB+	(a)	$	3,250	$	3,193,775
Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1		5.00%		7/1/2022		A1			3,245		3,341,571
MI St Trunk Line (NPFGC)(FGIC)		5.00%		11/1/2012		AA+			350		373,604
Nassau Cnty NY Interim Fin Auth Sales Tax Secd Ser A		5.00%		11/15/2021		AAA			1,000		1,090,340
New York City NY Transnl Fin Auth Fiscal 2009 Ser S1		5.00%		7/15/2016		AA-			3,055		3,456,152
New York City NY Transnl Fin Auth Sub Future Tax Secd Ser B		5.00%		11/1/2016		AAA			5,000		5,750,150
NJ Econ Dev Auth Cigarette Tax		5.50%		6/15/2024		BBB			5,325		4,934,890
NY St Dorm Auth Rev Non St Supp Debt Sch Dist Fing Pg Ser C (AG)		5.00%		10/1/2017		AA+			5,000		5,502,050
Oneida Tribe of Indians WI†		5.50%		2/1/2021		AA-			3,000		3,047,520
Orange Cnty FL Tourist Dev Ser A (NPFGC)		5.00%		10/1/2018		A+			1,680		1,823,119
Orlando FL Cmnty Redev Agy Tax Alloc Downtown Dist Ser A		5.25%		9/1/2021		A1			6,415		6,576,722
PA Intergovtl Cooperation Auth Philadelphia Fdg Pg		5.00%		6/15/2018		AA			1,600		1,810,048
Polk Cnty FL Transn Rev		5.00%		12/1/2021		A1			2,825		2,966,081
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.25%		8/1/2019		A+			3,895		4,188,021
Regl Transit Auth LA Sales Tax (AGM)		5.00%		12/1/2018		AA+			1,000		1,105,590
Regl Transit Auth LA Sales Tax (AGM)		5.00%		12/1/2019		AA+			1,000		1,096,260
TX St Transn Commn 1st Tier		5.00%		4/1/2017		AAA			2,365		2,731,788
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC)		5.00%		10/1/2018		BBB+			1,000		1,041,840
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Diago Ser A		6.75%		10/1/2019		Baa3			2,500		2,695,700
Volusia Cnty FL Sales Tax Rev Sub Lien Sales Tax (AGM)		5.00%		10/1/2015		Aa3			1,000		1,088,230
Total											83,574,324
Tobacco 2.28%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.125%		6/1/2024		Baa3			20,995		16,008,688
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.00%		6/1/2014		BBB			2,500		2,575,525
IL Railsplitter Tob Sttlmnt Auth		5.00%		6/1/2019		A			12,000		11,747,760

See Notes to Financial Statements.

49

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

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		4.625%		6/1/2021		BB	(a)	$	3,220	$	2,479,336
Inland Empire Tob Securitization Auth CA Ser A		5.00%		6/1/2021		BB	(a)		4,255		3,385,916
MI Tob Sttlmnt Fin Auth Sr Ser A		5.25%		6/1/2022		BBB			6,180		5,019,396
NY Tob Sttlmnt Fing Corp Asset Bkd Ser A1		5.50%		6/1/2019		AA-			1,000		1,046,430
SC Tob Sttlmnt Rev Mgmt Auth		5.00%		6/1/2018		A			3,480		3,483,480
Total											45,746,531
Transportation 9.89%
Alliance Arpt Auth Inc TX Spl Facs FedEx Corp Pj AMT		4.85%		4/1/2021		BBB			1,000		1,002,630
Atlanta GA Arpt Rev Ser C		5.50%		1/1/2021		A1			3,000		3,249,000
CA Foothill Eastern Transn Corridor Agy Conv Cap Apprec		5.80%		1/15/2020		BBB-			7,000		6,688,850
CA Foothill Eastern Transn Corridor Agy Conv Cap Apprec (NPFGC)(IBC)		5.80%		1/15/2020		Baa1			3,495		3,339,647
Camino Real Regl Mobility Auth TX St Spur 601		5.25%		8/15/2018		A1			500		532,215
Cent TX Regl Mobility Auth Sr Lien		5.75%		1/1/2019		BBB-			750		774,975
Cent TX Regl Mobility Auth Sr Lien		5.75%		1/1/2020		BBB-			1,000		1,026,130
Chicago IL O’Hare Intl Arpt Delta Airlines Inc Term		6.45%		5/1/2018		NR			1,790		1,706,031
Chicago IL Transit Auth Cap Grant Federal Transit Admin Section 5307-A (AG)		5.25%		6/1/2022		AA+			2,800		2,769,564
Clark Cnty NV Arpt Rev Sys Sub Lien Ser A (AMBAC)		5.00%		7/1/2016		Aa3			250		270,658
Clark Cnty NV Arpt Rev Sys Sub Lien Ser C (AGM)		5.00%		7/1/2022		AA+			3,905		3,970,643
Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT		9.00%		6/1/2035		CCC+			3,300		3,474,570
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT		9.00%		5/1/2029		CCC+			7,980		8,196,418
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)		Zero Coupon		9/1/2018		Baa1			10,900		6,885,421
E-470 Pub Hwy Auth CO Rev Ser D2 (NPFGC)		5.00%		9/1/2039		Baa1			2,000		2,060,640
FL St Dept of Transn Tpk Auth Rev Ser A		5.00%		7/1/2019		AA-			10,000		11,072,600

See Notes to Financial Statements.

50

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
FL St Dept of Transn Tpk Auth Rev Ser A		5.00%		7/1/2020		AA-	$	500	$	535,820
GA St Rd & Twy Auth Rev Fed Hwy Grant Antic Bds Ser A		5.00%		6/1/2019		Aa2		3,575		4,058,268
HI St Hwy Rev		5.00%		1/1/2016		AA+		1,150		1,303,537
IL Regl Transn Auth Ser A (NPFGC)(FGIC)		5.50%		7/1/2021		AA		1,000		1,047,770
Jacksonville FL Transn Rev (NPFGC)		5.00%		10/1/2016		Aa2		1,370		1,519,412
KY St Tpk Auth Econ Revitalization Pjs Ser A		5.00%		7/1/2019		AA+		4,040		4,421,659
KY St Tpk Auth Econ Revitalization Pjs Ser A		5.00%		7/1/2022		AA+		1,415		1,511,347
MA Bay Transn Auth Sr Ser B		5.25%		7/1/2019		AAA		5,000		5,795,800
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2022		NR		1,500		1,224,480
MD St Econ Dev Corp Term Pj Ser B		5.125%		6/1/2020		Baa3		1,000		982,390
MD St Econ Dev Corp Transn Facs Pj Ser A		5.125%		6/1/2020		Baa3		2,590		2,544,390
Metro Transn Auth NY Ser B		5.00%		11/15/2019		AA		1,375		1,521,768
Metro Transn Auth NY Ser B		5.00%		11/15/2021		A		500		518,475
Metro WA DC Arpts Auth Ser A AMT		5.50%		10/1/2014		AA-		3,000		3,327,510
MI St Grant Antic Bds (AGM)		5.25%		9/15/2018		AA+		500		552,815
MI St Trunk Line (AGM)		5.25%		11/1/2016		AA+		3,000		3,406,530
Minneapolis & St. Paul MI Metro Arpt Commn Ser B		5.00%		1/1/2020		AA-		1,690		1,838,196
Minneapolis & St. Paul MI Metro Arpt Commn Ser B		5.00%		1/1/2021		AA-		2,175		2,335,602
Montgomery Cnty TX Pass Thru		4.00%		3/1/2019		AA		2,435		2,571,798
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.625%		9/15/2012		B		10,050		10,153,113
NJ Econ Dev Auth Transn Pj Sublease Ser A		5.00%		5/1/2019		Aa3		3,000		3,114,900
NJ St Transn Tr Fd Auth Grant Antic Bds Ser A (NPFGC)(FGIC)		5.00%		6/15/2017		Aa3		210		222,275
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)(FGIC)		5.50%		12/15/2020		Aa3		1,000		1,061,640
North TX Twy Auth Rev Sys 1st Tier Ser A		5.00%		1/1/2012		A2		500		515,585
North TX Twy Auth Rev Sys 1st Tier Ser A		6.25%		1/1/2024		A2		5,000		5,440,050
OH St Major New St Infrastr Ser 2008-1		5.50%		6/15/2020		Aa1		4,500		5,052,600
OH St Major New St Infrastr Ser 2008-1		5.75%		6/15/2019		Aa1		1,000		1,153,630
PA St Tpk Commn Ser A(e)		5.00%		12/1/2022		Aa3		3,500		3,709,370
PA St Tpk Commn Ser A (AGM)		5.25%		7/15/2019		AA+		1,270		1,417,815
PA St Tpk Commn Ser B		5.00%		12/1/2017		Aa3		13,940		15,530,136
PA St Tpk Commn Sub Ser A (AG)		5.00%		6/1/2017		AA+		3,500		3,861,655

See Notes to Financial Statements.

51

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
PA St Tpk Commn Sub Ser A (AG)		5.00%		6/1/2018		AA+	$	2,500	$	2,732,125
Port Auth NY & NJ Spl Oblig JFK Intl Air Terminal Pj		5.00%		12/1/2020		BBB-		6,000		5,860,500
Port of Seattle WA Passenger Ser A		5.00%		12/1/2020		A+		6,500		6,930,170
Regl Transn Dist CO Denver Trans Partners		5.00%		7/15/2021		Baa3		3,460		3,234,892
Regl Transn Dist CO Denver Trans Partners		5.00%		1/15/2022		Baa3		2,800		2,579,836
Regl Transn Dist CO Denver Trans Partners		5.125%		1/15/2023		Baa3		2,835		2,604,883
Regl Transn Dist CO Denver Trans Partners		5.125%		7/15/2023		Baa3		5,670		5,196,555
RI St Econ Dev Corp Grant Antic Dept Transn Ser A (AG)		5.25%		6/15/2020		AA+		6,495		7,109,362
RI St Econ Dev Corp Ser C (AG)		5.00%		7/1/2014		AA+		1,985		2,131,989
San Francisco CA City & Cnty Arpts Commn 2nd Ser A-4 AMT		6.50%		5/1/2019		A1		2,500		2,643,375
San Mateo Cnty CA Transn Auth Dist Ser A (NPFGC)		4.50%		6/1/2022		AA		1,830		1,861,110
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A (AGM)		5.00%		7/1/2017		AA+		1,650		1,777,958
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1		5.125%		7/1/2016		A-		1,920		2,046,278
WI St Transn Rev Ser A		5.00%		7/1/2019		AA+		2,000		2,229,520
Total										198,208,881
Utilities 19.00%
Amer Muni Pwr OH Inc Hydroelec Pjs Ser C		5.00%		2/15/2017		A		1,550		1,664,530
AZ Salt River Pj Agric Impt & Pwr Dist Rev Ser A		5.00%		1/1/2021		Aa1		1,000		1,105,080
Brazos River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser C AMT		5.75%		5/1/2036		CC		3,350		3,162,769
Brownsville TX Util Sys Rev CR (AGM)(AMBAC)		5.00%		9/1/2020		AA+		4,800		5,039,424
CA St Dept of Wtr Res Pwr Ser K		5.00%		5/1/2019		AA-		12,805		14,365,289
CA St Dept of Wtr Res Pwr Supply Ser K		5.00%		5/1/2018		AA-		4,050		4,570,870
Cape Fear Pub Util Auth NC Wtr & Swr Sys		5.00%		8/1/2018		AA		1,000		1,137,600
Chicago IL Wst Wtr Transmission Rev Ser A (BHAC)		5.50%		1/1/2020		AA+		1,250		1,334,600
Dist of Columbia Wtr & Swr Auth Sub Lien Ser A (AG)		5.00%		10/1/2018		AA+		1,000		1,132,540
Effingham Cnty GA Dev Auth Solid Wst Disp Fort James Pj AMT		5.625%		7/1/2018		BBB-		8,000		7,756,720

See Notes to Financial Statements.

52

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Enrg Northwest WA Elec Rev Columbia Generating Ser C		5.00%		7/1/2024		Aaa	$	1,000	$	1,059,670
Enrg Northwest WA Elec Rev Pj 3 Ser D		5.00%		7/1/2016		Aaa		2,500		2,853,825
FL St Citizens Ppty Ins Corp Sr Secd High Risk Acct A-1		6.00%		6/1/2016		A+		12,600		13,628,664
FL St Muni Pwr Agy Rev Pwr Ser A		5.00%		10/1/2016		A1		2,170		2,385,828
FL St Muni Pwr Agy Rev Pwr Ser A		5.25%		10/1/2022		A1		3,115		3,294,081
FL St Muni Pwr Agy Rev St. Lucie Pj Ser A		5.00%		10/1/2021		A2		3,650		3,801,110
Fulton Cnty GA Wtr & Swr Rev (NPFGC)(FGIC)		5.00%		1/1/2018		AA-		3,000		3,161,340
GA St Envr Ln Acq Corp Loc GA Wtr Auth Ln		4.00%		3/15/2021		Aaa		7,500		7,451,175
Grand River Dam Auth OK Rev Ser A (BHAC)		5.00%		6/1/2016		AA+		1,000		1,122,770
Hampton Rds Santn Dist VA		5.00%		4/1/2022		AAA		5,000		5,448,450
HI St Ser DG (AMBAC)		5.00%		7/1/2015		Aa1		240		272,148
IA Fin Auth Rev Revolving Fd		5.25%		8/1/2020		AAA		2,500		2,828,575
IL Fin Auth Gas Supply Peoples Gas Lt & Coke Co AMT (AMBAC)		4.875%		11/1/2038		A1		7,500		7,599,000
IL Fin Auth Rev Revolving Fd Master Tr		5.25%		9/1/2016		AAA		5,000		5,602,750
IN Fin Auth Pwr & Lt Co Ser C		4.90%		1/1/2016		A3		5,000		5,253,900
IN Muni Pwr Agy Ser B (NPFGC)		5.25%		1/1/2020		A+		3,875		3,976,990
Indianapolis IN Gas Util Rev Ser C (AG)		5.00%		6/1/2017		AA+		3,140		3,409,506
Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser 2007 L (NPFGC)		5.00%		7/1/2019		A+		500		529,555
Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser A (NPFGC)		5.50%		7/1/2019		A+		2,580		2,851,106
Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser A (NPFGC)		5.50%		1/1/2020		A+		3,920		4,301,298
Intermountain Pwr Agy UT Ser A		5.25%		7/1/2020		A+		1,000		1,037,100
LA Pub Facs Auth Rev Enrg Gulf Sts Ser B		2.875%		11/1/2015		A3		2,500		2,481,425
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2021		A-		3,500		3,394,055
Lakeland FL Enrg Sys Rev Ser B (AGM)		5.00%		10/1/2018		AA+		3,975		4,356,560
Lakeland FL Enrg Sys Rev Ser B (AGM)		5.00%		10/1/2019		AA+		8,615		9,359,078
Lansing MI Swr Disp Sys Rev (NPFGC)(FGIC)		5.00%		5/1/2014		Aa2		125		137,020
Long Island NY Pwr Auth Ser A (NPFGC)(FGIC)		5.00%		12/1/2019		A-		3,000		3,182,820
Los Angeles CA Solid Wst Ser A		5.00%		2/1/2020		AA		2,000		2,187,880
Louisville & Jefferson Cnty KY Metro Swr Dist Ser A		5.00%		5/15/2019		AA-		4,705		5,213,469
Lower CO River Auth TX Rev Ser A		5.00%		5/15/2020		A1		3,130		3,444,722
Lower CO River Auth TX Rev Ser B		5.00%		5/15/2020		A1		3,930		4,325,161

See Notes to Financial Statements.

53

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
MA St Dev Fin Agy Dominion Enrg Brayton 1		5.75%			12/1/2042		A-	$	1,000	$	1,035,170
Main St Natural Gas Inc GA Gas Pj Ser B		5.00%			3/15/2021		A		2,500		2,385,425
MD St Econ Dev Corp Potomac Rmkt		6.20%			9/1/2022		A		1,650		1,856,976
Metro Govt Nashville & Davidson Cnty TN Wtr & Swr Ser A (AGM)		5.25%			1/1/2019		AA+		500		573,070
Miami-Dade Cnty FL Wtr & Swr Sys Ser B (AGM)		5.25%			10/1/2018		AA+		3,000		3,428,100
MS Business Fin Corp Sys Enrg Res Inc Pj		5.90%			5/1/2022		BBB		5,250		5,133,082
Muni Elec Auth GA Pj One Sub Ser A		5.00%			1/1/2014		A		1,145		1,238,306
Muni Elec Auth GA Ser B		5.00%			1/1/2020		A		6,190		6,704,079
NC Eastern Muni Pwr Agy Ser A		5.00%			1/1/2019		A-		2,245		2,405,360
NC Eastern Muni Pwr Agy Ser B		5.00%			1/1/2020		A-		1,000		1,049,630
NC Muni Pwr Agy No 1 Catawba Ser A		5.25%			1/1/2015		A		3,000		3,312,960
NE Pub Pwr Dist Rev Ser B (AGM)		5.00%			1/1/2018		AA+		3,000		3,358,860
NJ Envr Infrastr Tr Ser A		5.00%			9/1/2016		AAA		2,515		2,905,278
Northern CA Gas Auth No 1		0.923%	#		7/1/2027		A		4,265		3,011,261
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00%			7/1/2017		A1		1,000		1,106,980
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00%			7/1/2018		A1		600		663,954
Northwest IL Subn Muni Jt Action Wtr Agy		5.00%			5/1/2018		Aa2		500		551,225
NY St Enrg Resh & Dev Auth Rochester Gas & Elec Corp C (NPFGC)		5.00%			8/1/2032		Baa1		5,000		5,133,500
OH St Air Quality Dev Auth First Enrg Generation Ser A		5.70%			8/1/2020		Baa2		3,250		3,351,628
OH St Air Quality Dev Auth OH Vly Elec Corp Ser E		5.625%			10/1/2019		BBB-		11,500		11,713,440
Onslow NC Wtr & Swr Auth Ser A (NPFGC)		5.00%			6/1/2019		A		500		536,285
PA Econ Dev Fing Auth Elec Utils Corp Rmkt		4.00%			10/1/2023		A3		20,000		18,474,400
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		5.25%			1/1/2016		Baa3		2,225		2,228,516
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		5.50%			1/1/2018		Baa3		1,030		1,017,939
Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A		5.00%			8/1/2016		BBB+		1,000		1,065,710
Philadelphia PA Sch Dist Ser B (AMBAC)		5.00%			4/1/2013		Aa2		160		168,702
Philadelphia PA Wtr & Wstwtr Ser A (AGM)		5.00%			6/15/2019		AA+		2,500		2,711,250
Phoenix AZ Civic Impt Corp Sr Lien		5.50%			7/1/2019		AAA		1,675		1,877,256

See Notes to Financial Statements.

54

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Piedmont SC Muni Pwr Agy Ser A-2		5.00%		1/1/2022		A-	$	4,750	$	4,981,135
Piedmont SC Muni Pwr Agy Ser A-3		5.00%		1/1/2019		A-		1,150		1,241,713
Piedmont SC Muni Pwr Agy Ser A-3		5.00%		1/1/2024		A-		7,920		8,134,553
Piedmont SC Muni Pwr Agy Ser A-3		5.25%		1/1/2019		A-		2,000		2,170,860
Pima Cnty AZ Indl Dev Auth Tucson Elec Pwr Co San Juan Ser A		4.95%		10/1/2020		BBB-		10,200		9,774,966
Pima Cnty AZ Swr Rev (AGM)		5.00%		7/1/2014		AA+		200		219,844
Pinal Cnty AZ Elec Dist No 4		6.00%		12/1/2023		BBB+		525		524,029
Pub Pwr Generation Agy NE Whelan Enrg Ctr Unit 2-A		5.00%		1/1/2015		A2		2,475		2,682,479
Puerto Rico Elec Pwr Auth Ser WW		5.25%		7/1/2014		A3		1,500		1,618,290
Puerto Rico Elec Pwr Auth Ser ZZ		5.25%		7/1/2019		A3		2,000		2,093,760
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A		5.50%		5/1/2022		CC		1,620		1,498,824
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%		8/15/2023		AA+		780		800,401
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%		8/15/2024		AA+		620		636,216
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%		8/15/2025		AA+		620		636,216
San Antonio TX Elec & Gas Ser A		5.00%		2/1/2018		Aa1		1,000		1,147,770
San Antonio TX Elec & Gas Ser A		5.25%		2/1/2020		Aa1		5,000		5,685,600
San Diego CA Pub Facs Fing Auth Sr Ser B		5.00%		5/15/2020		Aa3		5,000		5,429,800
SC St Pub Svc Auth Santee Cooper Ser A (NPFGC)		5.00%		1/1/2016		Aa2		4,295		4,860,136
Snohomish Cnty WA Pub Util Dist No 1 (AGM)		5.00%		12/1/2020		AA+		5,000		5,299,350
TN Enrg Acq Corp Ser A		5.25%		9/1/2019		Ba3		5,000		4,939,650
TN Enrg Acq Corp Ser A		5.25%		9/1/2020		Ba3		2,630		2,555,124
TN Enrg Acq Corp Ser C		5.00%		2/1/2017		BBB		5,000		5,055,000
TN Enrg Acq Corp Ser C		5.00%		2/1/2018		BBB		1,055		1,047,109
Tuscon AZ Wtr Rev (NPFGC)(FGIC)		5.50%		7/1/2018		Aa2		4,100		4,353,544
TX Muni Gas Acq & Supply Corp I Sr Lien Ser A		5.25%		12/15/2021		A		4,685		4,576,074
TX Muni Gas Acq & Supply Corp I Sr Lien Ser A		5.25%		12/15/2023		A		2,925		2,788,607
TX Muni Gas Acq & Supply Corp I Sr Lien Ser D		5.625%		12/15/2017		A		6,380		6,696,448
TX Muni Pwr Agy Rev Sub Lien Transmission		4.00%		9/1/2017		A+		2,000		2,110,940

See Notes to Financial Statements.

55

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments			Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
TX Muni Pwr Agy Rev Sub Lien Transmission				4.00%		9/1/2018		A+	$	2,675	$	2,791,710
VA Res Auth Sub-Clean Wtr St Revolving Fd				5.00%		10/1/2017		AAA		2,000		2,313,340
VA Res Auth Sub-Clean Wtr St Revolving Fd				5.00%		10/1/2018		AAA		2,150		2,454,892
Vernon CA Elec Sys Rev Ser A				5.125%		8/1/2021		A-		20,000		20,045,600
Vernon CA Elec Sys Rev Ser A				5.50%		8/1/2015		A-		1,000		1,087,050
Western Generation Agy OR Wauna Cogeneration Pj B AMT				5.00%		1/1/2016		NR		1,510		1,467,720
WI Pub Pwr Inc Sys Ser A (AGM)				5.00%		7/1/2016		AA+		2,795		3,083,975
WV Econ Dev Auth Pollutn Ctrl Ser D				4.85%		5/1/2019		BBB		1,000		1,031,190
Yuma AZ Muni Ppty Corp Util Sys Sr Lien (XLCA)				5.00%		7/1/2015		A+		2,220		2,429,657
Yuma AZ Muni Ppty Corp Util Sys Sr Lien (XLCA)				5.00%		7/1/2024		A+		500		505,570
Total												380,987,937
Total Municipal Bonds (cost $1,952,381,412)												1,955,305,283
									Shares (000)
SHORT-TERM INVESTMENTS 1.77%
Money Market Mutual Fund 0.00%
Dreyfus Municipal Cash Management Plus (cost $1,728)										2		1,728
	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date				Principal Amount (000)
Variable Rate Demand Notes 1.77%
Education 1.16%
Baltimore Cnty MD Econ Dev Garrison Forest Sch Inc Pj		0.41%		4/1/2011		10/1/2031		A3	$	2,140		2,140,000
Cerro Gordo Cnty IA Private Newman Catholic Sch Sys Pj		2.75%		4/1/2011		5/1/2032		Baa3		1,500		1,500,000
CT St Hlth & Edl Facs Auth Kingswood Oxford Sch Ser B		5.00%		4/7/2011		7/1/2030		Baa3		5,000		5,000,000

See Notes to Financial Statements.

56

Schedule of Investments (unaudited)(concluded)

INTERMEDIATE TAX FREE FUND March 31, 2011

Investments	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
Madison Cnty VA Indl Dev Auth Woodberry Forest Sch		0.41%		4/1/2011		10/1/2037		A3	$	2,100	$	2,100,000
NH Hlth & Ed Facs Auth Colby Sawyer College		5.25%		4/7/2011		9/1/2036		Baa3		12,450		12,450,000
Total												23,190,000
Health Care 0.26%
Allegheny Cnty PA Indl Dev Auth Longwood Oakmont Ser A		4.90%		4/1/2011		7/1/2038		BB		2,415		2,415,000
St. Joseph Cnty IN Econ Dev Brothers of Holy Cross Pj		4.03%		4/6/2011		9/1/2017		BB		2,810		2,810,000
Total												5,225,000
Lease Obligations 0.25%
Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt A-4-A		1.05%		4/1/2011		6/1/2032		Aa1		925		925,000
Sevier Cnty TN Pub Bldg Auth Loc Govt Pub Impt VI-K-1		0.90%		4/1/2011		6/1/2034		AA+		4,125		4,125,000
Total												5,050,000
Other Revenue 0.10%
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B		4.00%		4/1/2011		6/1/2038		Baa1		2,000		2,000,000
Total Variable Rate Demand Notes (cost $35,465,000)												35,465,000
Total Short-Term Investments (cost $35,466,728)												35,466,728
Total Investments in Securities 99.30% (cost $1,987,848,140)												1,990,772,011
Cash and Other Assets in Excess of Liabilities(f) 0.70%												14,057,049
Net Assets 100.00%											$	2,004,829,060

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts	Position		Market Value		Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2011	273		Short	$	(32,811,188)	$	(318,939)
Ultra Long U.S. Treasury Bond	June 2011	26		Short		(3,212,625)		(63,806)
Total					$	(36,023,813)	$	(382,745)

See Notes to Financial Statements.

57

Schedule of Investments (unaudited)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 91.57%
Corporate-Backed 3.53%
Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA)		5.50%		6/1/2025		NR	$	375	$	309,656
CA Statewide Cmntys Dev Auth Kaiser Permanente Ser A		5.00%		4/1/2031		A+		110		96,273
IN St Fin Auth Impt US Steel Corp		6.00%		12/1/2026		BB		100		97,614
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Pjs		6.75%		11/1/2032		BBB-		250		253,683
Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj		6.00%		10/1/2024		BB		100		96,159
RI St Econ Dev Corp Grant Antic Dept Transn Ser A (AG)		5.25%		6/15/2019		AA+		250		278,660
Seminole Indian Tribe FL Ser 2010A Gaming Div†		5.125%		10/1/2017		BBB-		100		96,759
Total										1,228,804
Education 9.48%
Arlington TX Higher Ed Fin Corp Arlington Classics Academy		7.65%		8/15/2040		BB+		155		151,094
CA Edl Facs Auth Claremont McKenna College		5.00%		1/1/2032		Aa2		225		220,712
CA Edl Facs Auth Rev Occidental College Ser A (NPFGC)		5.00%		10/1/2033		Aa3		150		144,509
CA Edl Facs Auth Rev Santa Clara Univ		4.75%		2/1/2032		Aa3		100		92,187
CA Edl Facs Auth Rev Santa Clara Univ		5.50%		4/1/2033		Aa3		265		269,918
Carrollton GA Payroll Dev Auth Antic Ctfs Althletic Pj		6.25%		6/15/2034		A1		175		185,680
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+		100		91,029
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2020		Baa3		100		78,243
IL Univ Aux Sys Facs Ser A (AMBAC)		5.00%		4/1/2030		Aa2		100		93,929
LA St Univ & Agric & Mech College Aux Ser A		5.00%		7/1/2032		A1		300		287,478
Los Alamitos CA Unif Sch Dist Sch Facs Impt Dist No 1		5.50%		8/1/2033		Aa2		150		153,044
Los Angeles CA Unif Sch Dist Election 2004 Ser F (FGIC)		5.00%		7/1/2030		Aa2		250		243,352
McAllister Academic Vlg LLC AZ St Univ Hassayampa		5.25%		7/1/2030		AA-		105		105,494
NY St Dorm Auth Rev Non St Supp Debt Cornell Univ Ser C Rmkt		5.00%		7/1/2030		Aa1		200		206,408
NY St Dorm Auth Rev Non St Supp Debt The New Sch (AGM)		5.00%		7/1/2020		AA+		115		123,619

See Notes to Financial Statements.

58

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
OH St Univ Gen Rcpts Ser A		5.00%		12/1/2028		Aa1	$	415	$	428,288
Pinellas Cnty FL Edl Facs Auth Eckerd College Pj (ACA)		5.25%		10/1/2029		NR		100		86,856
Syracuse NY Indl Dev Agy Syracuse City Sch Dist		5.00%		5/1/2027		AA-		250		251,762
Yonkers NY Econ Dev Corp Charter Sch Edl Excellence Ser A		6.25%		10/15/2040		BB+		100		88,880
Total										3,302,482
General Obligation 8.90%
Alameda Cnty CA Oakland Unif Sch Dist (NPFGC)(FGIC)		5.00%		8/1/2026		A2		125		111,835
Atlantic City NJ Brd Ed (AGM)		6.00%		4/1/2034		AA+		550		580,871
CA St Var Purp		5.00%		4/1/2025		A1		100		100,998
CA St Var Purp		6.50%		4/1/2033		A1		200		216,142
CA Statewide Cmntys Dev Auth Sthn CA Ed Ser A		4.50%		9/1/2029		A1		200		179,192
Chicago IL Ser A		5.25%		1/1/2027		Aa3		250		237,585
Clark Cnty NV Impt Dist Spl Loc Impt Dist No 112		5.00%		8/1/2034		AA+		150		134,936
Hudson Cnty NJ Impt Auth Ser A GTD		5.75%		1/1/2035		Aa3		225		234,063
IL St 1st Ser (NPFGC)(FGIC)		5.125%		2/1/2027		A+		100		95,352
Los Rios CA Cmnty College Dist Election 2002 Ser D		5.00%		8/1/2029		AA-		100		99,164
Nassau Cnty NY Ser A Rmkt		5.00%		12/1/2017		A+		250		277,247
Puerto Rico Comwlth Pub Impt Ser A		5.50%		7/1/2032		A3		400		368,028
Puerto Rico Pub Bldgs Auth Govt Facs Ser P GTD		6.25%		7/1/2026		A3		290		305,205
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.25%		8/1/2033		Aa2		150		159,665
Total										3,100,283
Health Care 20.72%
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2042		NR		250		182,090
Allegheny Cnty PA Hosp Dev Auth Catholic Hlth East Issue		5.375%		11/15/2022		A1		100		100,907
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.375%		11/15/2040		BB-		100		68,307
AZ Hlth Facs Auth Rev Banner Hlth Ser D		5.50%		1/1/2038		A+		105		99,780

See Notes to Financial Statements.

59

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Burlington Cnty NJ Bridge Commn The Evergreens Pj		5.625%		1/1/2038		NR		$	100	$	79,632
Butler Cnty OH Hosp Facs Rev UC Hlth		5.50%		11/1/2040		BBB+			100		82,758
CA Hlth Facs Fing Auth Cedars Sinai Med Ctr		5.00%		8/15/2034		A2			120		105,346
CA Hlth Facs Fing Auth Cedars Sinai Med Ctr		5.00%		11/15/2034		A2			160		140,392
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.50%		8/15/2026		AA-			250		252,533
CA Statewide Cmntys Dev Auth Catholic Hlthcare West Ser C		5.625%		7/1/2035		A			105		100,899
CA Statewide Cmntys Dev Auth Catholic Hlthcare West Ser E		5.50%		7/1/2031		A			120		114,632
CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser A		5.25%		7/1/2030		BBB			100		77,942
CO Hlth Facs Auth Rev Catholic Hlth Initiatives Ser D		6.125%		10/1/2028		AA			130		138,042
CT St Hlth & Edl Facs Auth Yale New Haven Hosp Ser M		5.75%		7/1/2034		Aa3			250		255,182
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		5.25%		1/1/2021		NR			140		131,834
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		5.40%		1/1/2022		NR			150		136,506
Cumberland Cnty PA Muni Auth Diakon Lutheran		6.25%		1/1/2024		BBB+	(a)		130		134,904
Cumberland Cnty PA Muni Auth Diakon Lutheran Ministries Pj		5.00%		1/1/2036		BBB+	(a)		100		83,139
DeKalb GA Private Hosp Auth Chilldren’s Hlthcare		5.00%		11/15/2029		AA			500		488,720
Denver CO Hlth & Hosp Auth Ser A		4.75%		12/1/2036		BBB			350		269,167
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser B		5.25%		4/1/2037		NR			100		69,771
IL Fin Auth Rev Rush Univ Med Ctr Ser B (NPFGC)		5.25%		11/1/2035		A2			105		92,885
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		6.25%		7/1/2040		BB+			100		88,021
Louisville & Jefferson Cnty KY Metro Govt Norton Hlthcare Inc		5.25%		10/1/2036		A-			100		87,190
Lucas Cnty OH Hosp Rev Promedica Hlthcare Ser A		5.75%		11/15/2031		AA-			300		298,188
MA St Hlth & Edl Facs Auth Emerson Hosp Ser E (RADIAN)		5.00%		8/15/2035		NR			380		286,691

See Notes to Financial Statements.

60

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
MA St Hlth & Edl Facs Auth Catholic Hlth East		6.25%		11/15/2032		A1	$	500	$	526,150
MD St Hlth & Higher Edl Facs Auth Mercy Med Cntr		6.25%		7/1/2031		BBB		250		247,425
MO St Hlth & Edl Facs Auth Cox Hlth		5.50%		11/15/2033		A2		100		97,593
Montgomery Cnty PA Higher Ed & Hlth Auth Catholic Hlth East		6.25%		11/15/2034		A1		105		108,347
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.125%		2/1/2028		NR		350		294,675
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2025		Aa3		250		250,340
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR		250		177,330
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.75%		7/1/2031		BBB+		250		243,563
Palomar CA Pomerado Hlthcare COP		6.00%		11/1/2041		Baa3		100		84,813
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2045		NR		55		41,231
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		6.00%		11/1/2030		A3		150		144,156
WI St Hlth & Edl Facs Auth Aurora Hlthcare Inc Ser A		5.625%		4/15/2039		A3		500		460,130
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser C-1		6.40%		9/15/2015		NR		250		245,925
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2023		BBB+		350		330,792
Total										7,217,928
Housing 0.71%
Minneapolis MN Multi Fam Hsg Riverside Plaza Ser B		6.00%		11/1/2013		NR		250		247,880
Lease Obligations 6.42%
CA St Pub Wrks Brd Dept Gen Svcs Ser A		5.00%		4/1/2030		A2		130		116,223
CA St Pub Wrks Brd Regents Univ Ser E		5.00%		4/1/2034		Aa2		100		90,619
CA St Pub Wrks Brd Var Cap Pjs Sub Ser A-1		5.75%		3/1/2030		A2		200		196,150
Corona-Norco CA Unif Sch Dist COP Ser A (AGM)		5.00%		4/15/2031		AA+		150		139,557
Delano-Earlimart Irrigation Dist COP Ser A		5.00%		2/1/2028		AA-		475		462,840
Erie Cnty NY Indl Dev Agy Buffalo City Sch Dist Ser A		5.00%		5/1/2031		AA-		100		100,194

See Notes to Financial Statements.

61

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Lease Obligations (continued)
Essex Cnty NJ Impt Auth Lease Newark Pj Ser A		6.25%		11/1/2030		Baa1		$	250	$	247,205
NJ Econ Dev Auth Sch Facs Constr Ser EE		5.00%		9/1/2022		Aa3			400		400,600
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.125%		9/1/2030		A2			250		228,582
San Mateo Cnty CA Jt Pwrs Fing Auth Youth Svcs Campus Ser A		5.00%		7/15/2033		AA+			275		253,894
Total											2,235,864
Other Revenue 6.41%
Austin TX Convtn Entrprse Inc 1st Tier Ser A CR (BHAC)(XLCA)		5.00%		1/1/2034		AA+			200		186,116
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		5.75%		1/1/2034		Ba2			250		201,185
Baltimore MD Cnvtn Ctr Sub Ser B		5.875%		9/1/2039		Ba1			250		214,135
Dist of Columbia Rev Brookings Institution		5.75%		10/1/2039		Aa3			125		127,321
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2037		BBB-	(a)		80		57,434
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A-1		6.50%		11/1/2035		BBB-			150		149,625
La Vernia TX Higher Ed Fin Corp Lifeschools of Dallas Ser A		7.25%		8/15/2031		BBB-			250		248,652
Lorain Cnty OH Port Auth US Steel Corp Pj		6.75%		12/1/2040		BB			150		151,251
Maury Cnty TN Indl Dev Brd Saturn Corp Pj		6.50%		9/1/2024		NR			125		121,725
Mcintosh AL Indl Dev Brd Ser C		5.375%		6/1/2028		A			100		97,640
MD St Econ Dev Corp Sr Lien Chesapeake Bay Ser A		5.00%		12/1/2031		NR			100		64,206
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%		8/1/2025		NR			150		147,719
Philadelphia PA Auth Indl Dev Please Touch Museum Pj		5.25%		9/1/2036		BBB-			500		381,800
WA DC Convtn & Sports Auth Sr Lien Convtn Ctr		4.50%		10/1/2030		A1			100		85,167
Total											2,233,976
Pre-Refunded 0.59%
IL St Toll Hwy Auth Sr Priority Ser A-1 (AGM)		5.00%		1/1/2018		AA+			200		207,918
Special Tax 0.98%
Frederick Cnty MD Spl Oblig Urbana Cmnty Dev Auth Ser A		5.00%		7/1/2030		A-			100		93,272
Hesperia CA Pub Fing Auth Redev & Hsg Pjs Ser A (XLCA)		5.00%		9/1/2031		Ba1			200		139,810

See Notes to Financial Statements.

62

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Special Tax (continued)
Hesperia CA Pub Fing Auth Redev & Hsg Pjs Ser A (XLCA)		5.00%		9/1/2037		Ba1		$	165	$	108,311
Total											341,393
Tax Revenue 2.22%
Dist of Columbia Deeds Tax Ser B		5.00%		6/1/2023		A1			110		109,104
IL Regl Transn Auth Ser A (NPFGC)(FGIC)		5.50%		7/1/2022		AA			130		135,186
Martin Cnty TX Hosp Dist Ltd Ser A		7.25%		4/1/2036		BBB+	(a)		250		245,362
NJ Econ Dev Auth Cigarette Tax		5.75%		6/15/2029		BBB			100		89,956
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.25%		8/1/2027		A+			200		193,388
Total											772,996
Tobacco 3.74%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.75%		6/1/2034		Baa3			350		241,290
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2030		Baa3			250		181,022
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		6.50%		6/1/2047		Baa3			100		73,197
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.75%		6/1/2047		Baa3			100		66,868
IA Tob Sttlmnt Auth Asset Bkd Ser C		5.625%		6/1/2046		BBB			100		66,413
IL Railsplitter Tob Sttlmnt Auth		6.00%		6/1/2028		A-			250		243,455
MI Tob Sttlmnt Fin Auth Sr Ser A		6.00%		6/1/2048		BB			100		67,541
NJ Tob Sttlmnt Fing Corp Ser 1A		4.75%		6/1/2034		Baa3			400		244,992
NJ Tob Sttlmnt Fing Corp Ser 1A		5.00%		6/1/2041		Baa3			100		60,440
VA Tob Sttlmnt Fing Corp Sr Ser B1		5.00%		6/1/2047		Baa3			100		58,049
Total											1,303,267
Transportation 18.71%
Atlanta GA Arpt Rev Ser C		5.00%		1/1/2025		A1			500		504,570
Atlanta GA Arpt Rev Ser C		5.25%		1/1/2030		A1			250		249,388
Bay Area Toll Auth CA San Francisco Bay Area		5.00%		10/1/2033		A+			200		186,246
CA Foothill Eastern Transn Corridor Agy		5.75%		1/15/2040		BBB-			500		397,775
Chicago IL O’Hare Intl Arpt 3rd Lien Ser A (NPFGC)		5.00%		1/1/2030		A1			100		92,472
Chicago IL O’Hare Intl Arpt 3rd Lien Ser F		5.00%		1/1/2035		A1			110		96,595
Chicago IL O’Hare Intl Arpt Amer Airlines		5.50%		12/1/2030		Caa2			100		72,541

See Notes to Financial Statements.

63

Schedule of Investments (unaudited)(continued)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Amer Airlines Inc		6.00%		11/1/2014		CCC+	$	250	$	239,395
HI St Arpts Sys Rev Ser A		5.25%		7/1/2020		A2		100		108,684
Long Beach CA Arpt Sr Rev Ser B		5.00%		6/1/2040		A2		150		130,058
Los Angeles CA Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2040		AA-		200		176,846
Los Angeles CA Regl Arpts Impt Corp Facs Sublease Intl Arpt		6.35%		11/1/2025		NR		250		234,420
MA St Dept of Transn Ser B		5.00%		1/1/2032		A		180		171,715
MA St Dept of Transn Ser B		5.00%		1/1/2037		A		150		137,081
Metro Transn Auth NY Ser B		4.75%		11/15/2031		A		245		222,413
Metro Transn Auth NY Ser B		5.25%		11/15/2029		AA		525		538,865
Metro Transn Auth NY Ser B (NPFGC)(IBC)		4.75%		11/15/2031		A2		130		118,015
Metro Transn Auth NY Ser G		5.00%		11/15/2021		A		130		136,574
Metro WA DC Arpts Auth Ser A		5.00%		10/1/2030		AA-		400		402,400
NJ St Transn Tr Fd Auth Transn Sys Ser A		5.75%		12/15/2031		Aa3		250		258,127
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)		5.50%		12/15/2021		Aa3		100		105,966
PA St Tpk Commn Sub Ser B-1		5.50%		6/1/2033		A-		135		135,622
Port Auth NY & NJ Cons 161st		5.00%		10/15/2031		Aa2		500		506,575
Port of Seattle WA Passenger Facs Ser A		5.00%		12/1/2021		A+		150		158,339
Puerto Rico Comwlth Hwy & Transn Auth Ser E (AGM)		5.50%		7/1/2022		AA+		100		106,018
Regl Transn Dist CO Ser A COP		5.375%		6/1/2031		Aa3		250		250,250
San Antonio TX Arpt Sys Rev Impt Ser A (AGM)		5.00%		7/1/2026		AA+		495		502,281
San Francisco CA City & Cnty Arpts Commn Ser E		5.25%		5/1/2032		A1		185		177,926
TX Private Activity Bd Surface Transn Corp Sr Lien Infrastr		7.00%		6/30/2040		Baa3		100		101,889
Total										6,519,046
Utilities 9.16%
Atlanta GA Wtr & Wst Wtr Rev Ser A		6.00%		11/1/2029		A1		500		524,895
CA St Dept of Wtr Res Pwr Ser L		5.00%		5/1/2021		AA-		300		329,088
Chicago IL Wtr Rev 2nd Lien (AGM)		5.00%		11/1/2025		AA+		100		101,001
Colorado Springs CO Utils Ser D-1		5.25%		11/15/2033		AA		150		154,791
FL St Muni Pwr Agy Rev All Requirements Pwr Ser A		5.25%		10/1/2019		A1		150		162,150

See Notes to Financial Statements.

64

Schedule of Investments (unaudited)(concluded)

AMT FREE MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Gainesville FL Utils Sys Rev Ser C		5.25%		10/1/2034		AA	$	150	$	149,999
IL Fin Auth Gas Supply Peoples Gas Lt & Coke Co (AMBAC)		5.00%		2/1/2033		A1		190		181,482
JEA FL Wtr & Swr Sys Rev Ser E		4.50%		10/1/2039		Aa2		100		88,356
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2021		A-		200		193,946
MS Business Fin Corp Sys Enrg Res Inc Pj		5.90%		5/1/2022		BBB		250		244,432
North Sumter Cnty FL Util Dependent Dist		5.375%		10/1/2030		BBB		200		191,276
Palm Beach Cnty FL Solid Wst Auth Impt		5.25%		10/1/2021		AA		100		107,432
Pub Auth for CO Enrg		6.50%		11/15/2038		A		150		149,510
SA Enrg Acq Pub Fac Corp TX Gas Supply Rev		5.50%		8/1/2020		A		100		101,964
TX Muni Gas Acq & Supply Corp I Sr Lien Ser D		6.25%		12/15/2026		A		500		509,985
Total										3,190,307
Total Municipal Bonds 91.57% (cost $32,245,500)										31,902,144
Cash and Other Assets in Excess of Liabilities(f) 8.43%										2,935,983
Net Assets 100.00%									$	34,838,127

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Appreciation
U.S. 30-Year Treasury Bond	June 2011		12	Short	$	(1,442,250)	$	1,151

See Notes to Financial Statements.

65

Schedule of Investments (unaudited)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
MUNICIPAL BONDS 105.00%
Corporate-Backed 4.65%
Albany-Dougherty GA Payroll Dev Auth Procter & Gamble Paper Prods AMT		5.20%		5/15/2028		AA-		$	1,035	$	997,460
Allegheny Cnty PA Indl Dev Auth Envr Impt		5.50%		11/1/2016		BB			2,500		2,550,300
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.50%		5/1/2017		BB			1,500		1,589,955
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.875%		5/1/2030		BB			5,000		5,144,550
Allegheny Cnty PA Indl Dev Auth Resdl Res Inc Pj		5.10%		9/1/2026		BBB-	(a)		880		754,257
Alliance Arpt Auth Inc TX Spl Facs Amer Airlines Inc Pj AMT		5.25%		12/1/2029		CCC+			6,800		4,505,136
Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT		5.375%		11/1/2035		BB			1,100		884,048
Brunswick & Glynn Cnty GA Dev Auth Pacific Corp Pj AMT		5.55%		3/1/2026		Ba3			1,000		915,460
Escambia Cnty FL Envr Impt Intl Paper Co Pjs Ser A AMT		5.00%		8/1/2026		BBB			500		438,905
Fulton Cnty GA Dev Auth Loc Dist Cooling Fac Sr Maxon Atlantic Station A AMT		5.125%		3/1/2026		BBB			1,500		1,470,075
HI St Dept Transn Spl Fac Rev Continental Airlines Inc AMT		7.00%		6/1/2020		B			940		905,540
IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A		6.00%		3/1/2037		NR			1,550		385,733
IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A†		6.25%		10/1/2037		NR			2,000		500,000
IN St Fin Auth Impt US Steel Corp		6.00%		12/1/2026		BB			1,000		976,140
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Pjs		6.75%		11/1/2032		BBB-			11,000		11,162,030
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.25%		11/15/2020		A			1,505		1,511,682
MO St Dev Fin Brd Solid Wst Disp Procter & Gamble Paper Prods AMT		5.20%		3/15/2029		AA-			1,150		1,139,374
New Haven CT Solid Wst Auth		5.375%		6/1/2028		A			1,500		1,536,105
New York City NY Indl Dev Agy British Airways Plc Pj AMT		5.25%		12/1/2032		BB-			230		180,939
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00%		5/15/2020		B-			1,745		1,507,366
Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj		6.00%		10/1/2024		BB			2,200		2,115,498
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00%		11/1/2028		NR			1,480		1,275,390

See Notes to Financial Statements.

66

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Corporate-Backed (continued)
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		6.50%		4/1/2028		Ba2	$	2,325	$	2,349,087
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		5.50%		4/1/2028		B3		1,215		955,318
Onondaga Cnty NY Indl Dev Agy Bristol-Myers Squibb Co Pj AMT		5.75%		3/1/2024		A+		2,000		2,147,200
Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser A		6.45%		11/1/2030		B+		400		402,512
Richmond Cnty GA Dev Auth Intl Paper Co Pj Ser A AMT		5.00%		8/1/2030		BBB		2,500		2,182,450
Savannah GA Econ Dev Auth Recovery Zone Fac Ser A		6.25%		11/1/2033		Baa3		1,000		1,010,500
Selma AL Indl Dev Brd Rev Gulf Opportunity Zone Ser A		6.25%		11/1/2033		BBB		2,500		2,526,250
Seminole Indian Tribe FL Spl Oblig Ser A†		5.75%		10/1/2022		BBB-		1,000		951,580
Seneca NY Nation Indians Cap Impts Auth Ser A†		5.00%		12/1/2023		BB		1,000		802,060
Seneca NY Nation Indians Cap Impts Auth Ser A†		5.25%		12/1/2016		BB		500		467,625
Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT		4.70%		7/1/2022		Baa3		10,250		8,421,400
Warren Cnty MS Gulf Opportunity Zone Intl Paper Co A		4.80%		8/1/2030		BBB		2,250		1,997,595
West Pace Cooperative Dist AL Rev		9.125%		5/1/2039		NR		5,000		4,405,250
Wyandotte Cnty Kansas City KS Unif Govt Gen Motors Corp Pj		6.00%		6/1/2025		NR		2,500		2,277,425
Total										73,342,195
Education 10.74%
Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ		5.00%		3/1/2028		A2		1,515		1,501,289
Allegheny Cnty PA Higher Ed Bldg Auth Duquesne Univ		5.00%		3/1/2033		A2		1,000		952,630
Allegheny Cnty PA Higher Ed Bldg Auth Robert Morris Univ Ser A		5.50%		10/15/2030		Baa3		1,000		941,820
Arlington TX Higher Ed Fin Corp Arlington Classics Academy		7.65%		8/15/2040		BB+		5,750		5,605,100
Athens GA Hsg Auth Student Hsg (AMBAC)		5.00%		12/1/2027		Aa2		1,785		1,786,285
Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA Cent Precint LLC		5.00%		6/15/2031		Aa2		2,500		2,526,900

See Notes to Financial Statements.

67

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
Athens-Clarke Cnty GA Unif Govt Dev Auth Univ of GA O’Malleys Bldg LLC Pj		5.00%		6/15/2028		Aa2	$	2,000	$	2,065,000
Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj		4.75%		7/1/2027		Aa3		3,080		2,964,993
Atlanta GA Dev Auth Edl Facs Science Pk LLC Pj		5.25%		7/1/2027		Aa3		2,000		2,016,760
Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj		6.50%		11/1/2029		BBB-		2,500		2,460,175
Bulloch Cnty GA Dev Auth GA Sthn Univ Hsg Fndtn Four (AG)		5.25%		7/1/2028		Aa3		2,465		2,564,068
CA Muni Fin Auth Rev Biola Univ		5.80%		10/1/2028		Baa1		1,000		988,100
CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus		6.00%		5/15/2023		Baa2		5,000		5,013,950
Carrollton GA Payroll Dev Auth Univ of West GA Evergreen Complex		5.25%		7/1/2029		A2		1,175		1,175,599
Clifton TX Higher Ed Fin Corp Uplift Ed Ser A		5.70%		12/1/2025		BBB-		2,000		1,802,840
Clifton TX Higher Ed Fin Corp Uplift Ed Ser A		6.00%		12/1/2030		BBB-		1,000		877,570
CT St Higher Ed Supplement Ln Auth Chesla Ln Pg Ser A		5.05%		11/15/2027		Aa2		775		788,493
CT St Higher Ed Supplement Ln Auth Sr Fam Ed Ln Pg Ser A AMT (NPFGC)		4.80%		11/15/2022		Aa2		1,755		1,664,109
CT St Hlth & Edl Facs Auth Chase Collegiate Sch Ser A (RADIAN)		4.00%		7/1/2019		NR		100		92,982
CT St Hlth & Edl Facs Auth Fairfield Univ Ser M		5.00%		7/1/2026		A-		425		425,735
CT St Hlth & Edl Facs Auth Fairfield Univ Ser N		5.00%		7/1/2029		A-		2,000		1,964,640
CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC)		5.00%		7/1/2026		A-		3,000		2,974,530
CT St Hlth & Edl Facs Auth Quinnipiac Univ Ser I (NPFGC)		5.00%		7/1/2027		A-		1,000		980,320
CT St Hlth & Edl Facs Auth Renbrook Sch Ser A (AMBAC)		5.00%		7/1/2030		NR		465		416,705
CT St Hlth & Edl Facs Auth Renbrook Sch Ser A (AMBAC)		5.00%		7/1/2037		NR		700		601,419
CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)(b)		5.00%		7/1/2028		AA+		4,050		3,983,560
CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)(b)		5.00%		7/1/2033		AA+		1,500		1,475,392

See Notes to Financial Statements.

68

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
CT St Hlth & Edl Facs Auth Salisbury Sch Ser C (AG)(b)		5.00%		7/1/2038		AA+	$	4,610	$	4,534,373
CT St Hlth & Edl Facs Auth Trinity College Ser J (NPFGC)		4.25%		7/1/2031		A1		1,000		884,810
CT St Hlth & Edl Facs Auth Univ Hartford Ser E (RADIAN)		5.25%		7/1/2032		BBB-		2,900		2,570,589
Curators Univ MO Sys Facs Rev Ser A		5.00%		11/1/2023		AA+		2,000		2,160,100
Dahlonega GA Downtown Dev Auth North GA Pkg & Rec Ctr LLC A (CIFG)		5.00%		7/1/2032		A+		1,000		957,040
Delaware Cnty PA Auth Univ Rev Villanova Univ		5.00%		12/1/2027		A+		1,000		1,018,220
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+		1,000		910,290
FL St Brd of Governors Univ Sys		5.50%		7/1/2020		AA		2,075		2,331,698
Fulton Cnty GA Dev Auth Rev GA Tech Fndtn Inc Ser A		5.00%		11/1/2028		AA+		1,000		1,056,320
GA Private Colleges & Univs Auth Ser B		5.00%		9/1/2032		AA		2,250		2,279,160
GA Private Colleges & Univs Auth Spelman College		5.25%		6/1/2021		A1		1,340		1,370,297
Grand Traverse Academy MI Pub Sch Academy Ref		5.00%		11/1/2036		BBB-		1,840		1,368,077
Grand Vly MI St Univ Rev (NPFGC)(FGIC)		5.50%		2/1/2018		A+		1,150		1,238,228
Hale Ctr TX Ed Facs Corp Wayland Baptist		5.00%		3/1/2035		A-		7,350		6,298,215
Hammond IN Loc Pub Impt Bd Bk Ser A		6.75%		8/15/2035		BBB-		1,000		967,450
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00%		9/1/2036		NR		4,000		3,342,560
HI St Dept Bdgt & Fin Mid Pacific Inst (RADIAN)		5.00%		1/1/2026		NR		1,000		960,600
Hillsborough Cnty FL Indl Dev Auth Terrace Cmnty Middle Sch Pj Ser A		5.125%		5/15/2037		BBB-		1,070		801,141
IL Fin Auth Rev IL Inst Tech		7.125%		2/1/2034		Baa3		1,000		885,950
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2020		Baa3		1,900		1,486,617
IL Fin Auth Rev Northwestern Mem Hosp Ser A(b)		5.75%		8/15/2030		AA+		2,500		2,574,950
IL Fin Auth Rev Univ of Chicago Ser B		5.75%		7/1/2033		Aa1		4,300		4,496,166
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		6.625%		10/1/2029		BBB-		750		739,395
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		7.00%		10/1/2039		BBB-		1,250		1,240,838
Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A		5.25%		6/15/2027		BB+		1,500		1,211,730
Lincoln Univ MO Aux Sys (AG)		5.00%		6/1/2027		AA+		500		513,825

See Notes to Financial Statements.

69

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
Los Angeles CA Unif Sch Dist Election 2004 Ser F (FGIC)		5.00%		7/1/2030		Aa2	$	7,750	$	7,543,927
Louisville & Jefferson Cnty KY Metro Govt Bellarmine Univ Ser A		6.00%		5/1/2038		Baa3		2,500		2,406,150
MA St Dev Fin Agy Wheelock College Ser C		5.25%		10/1/2037		BBB		5,000		4,362,500
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2030		Ba3		5,000		4,651,250
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2039		Ba3		2,000		1,818,280
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.875%		12/1/2028		Baa3		2,365		2,248,926
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		6.125%		12/1/2033		Baa3		3,080		2,936,688
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj		8.75%		9/1/2039		BBB-		2,250		2,447,573
MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy		6.625%		6/1/2030		BBB-		2,000		1,911,160
Montgomery Cnty PA Higher Ed & Hlth Auth Arcadia Univ		5.25%		4/1/2030		BBB+		1,530		1,422,257
NC Cap Facs Fin Agy Meredith College		6.00%		6/1/2031		BBB		1,975		1,907,692
New Wilmington PA Muni Auth Rev Westminster College Pj GG4 (RADIAN)		5.125%		5/1/2033		NR		1,000		856,640
NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech Ser A		6.25%		7/1/2029		A1		5,000		5,381,500
OH St Higher Edl Fac Rev Commn Ashland Univ Pj		6.25%		9/1/2024		Ba1		4,115		4,009,203
PA St Higher Edl Facs Auth Assoc Indpt Colleges & Univ FF2 (RADIAN)		5.00%		12/15/2024		BBB+		1,580		1,539,678
PA St Higher Edl Facs Auth Edinboro Univ		5.75%		7/1/2028		BBB-		1,000		959,790
PA St Higher Edl Facs Auth Edinboro Univ Fndtn		5.80%		7/1/2030		BBB-		1,000		956,380
PA St Higher Edl Facs Auth Moravian College Pj (RADIAN)		5.375%		7/1/2031		NR		1,000		913,020
PA St Higher Edl Facs Auth Philadelphia Univ		5.00%		6/1/2030		BBB		1,530		1,316,473
PA St Higher Edl Facs Auth Trustees Univ		4.00%		9/1/2033		AA+		1,000		880,270
PA St Higher Edl Facs Auth Univ of the Arts (RADIAN)		5.625%		3/15/2025		NR		1,000		1,002,350
PA St Pub Sch Bldg Auth Cap Apprec Butler Cnty D-II (AMBAC)		Zero Coupon		7/15/2014		NR		295		263,541

See Notes to Financial Statements.

70

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
PA St Pub Sch Bldg Auth Cap Apprec Butler Cnty D-II (AMBAC)		Zero Coupon		7/15/2015		NR	$	295	$	249,968
PA St Pub Sch Bldg Auth Cap Apprec Butler Cnty D-II (AMBAC)		Zero Coupon		7/15/2016		NR		295		237,260
PA St Pub Sch Bldg Auth Jefferson Cnty Dubois Tech Sch (NPFGC)(FGIC)		5.00%		2/1/2029		A		1,000		1,005,700
PA St Univ Ser A		5.00%		8/15/2029		Aa1		1,000		1,027,400
Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty LLC (AMBAC)		5.00%		6/1/2023		A3		1,115		1,142,908
Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty LLC (AMBAC)		5.00%		6/1/2034		A3		1,000		933,660
Philadelphia PA Auth Indl Dev Mast Charter Sch		6.00%		8/1/2035		BBB+		510		483,154
Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj		6.00%		6/1/2040		BBB-		1,200		1,042,212
Pinellas Cnty FL Edl Facs Auth Eckerd College Pj (ACA)		5.25%		10/1/2029		NR		2,475		2,149,686
Plymouth MI Edl Ctr Charter Sch		5.375%		11/1/2035		BBB-		405		309,019
Snyder Cnty PA Higher Ed Auth Susquehanna Univ Pj		5.00%		1/1/2029		A2		1,300		1,303,029
TX Tech Univ Rev Fing 12th Ser		5.00%		2/15/2021		AA		1,000		1,101,540
Univ of HI Rev Ser A		6.00%		10/1/2038		Aa2		1,750		1,856,173
Univ of HI Rev Ser A (NPFGC)		4.125%		10/1/2026		Aa2		1,670		1,582,809
Univ of HI Rev Ser A CR (MBIA)(AGM)		5.00%		7/15/2024		AA+		1,500		1,578,660
Wilkes-Barre PA Fin Auth Wilkes Univ Pj		5.00%		3/1/2037		BBB		1,000		862,980
WV Univ Rev Univ Sys Pj Ser A (AMBAC)		Zero Coupon		4/1/2024		Aa3		2,880		1,506,816
WV Univ Rev Univ Sys Pj Ser A (AMBAC)		Zero Coupon		4/1/2026		Aa3		800		370,072
Total										169,287,897
General Obligation 11.25%
Atlanta GA (AG)		5.25%		12/1/2023		AA+		1,265		1,360,482
Bessemer AL Sch Warrants (AMBAC)		5.60%		2/1/2030		NR		1,950		1,704,008
CA St (AMBAC)		4.50%		8/1/2028		A1		5,000		4,439,900
CA St (CIFG)		4.50%		8/1/2028		A1		5,000		4,439,900
CA St Var Purp		6.50%		4/1/2033		A1		13,400		14,481,514
Chicago IL Ser A		5.00%		12/1/2019		Aa3		5,000		5,098,250
Chicago IL Ser A		5.25%		1/1/2027		Aa3		5,000		4,751,700
Clark Cnty NV Impt Dist Spl Loc Impt Dist No 112		5.00%		8/1/2034		AA+		2,750		2,473,817

See Notes to Financial Statements.

71

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
CT St Ser B		4.75%		5/1/2024		AA	$	2,000	$	2,093,440
CT St Ser B		5.00%		5/1/2025		AA		2,500		2,626,550
CT St Ser B (AMBAC)		5.25%		6/1/2019		AA		1,370		1,590,406
Delaware Vly PA Regl Fin Auth Ser C (AMBAC)		7.75%		7/1/2027		A2		1,500		1,815,510
Downingtown PA Area Sch Dist Ser AA		5.00%		11/1/2029		Aaa		1,000		1,041,740
Foothill-De Anza CA Cmnty College Dist Cap Apprec (NPFGC)		Zero Coupon		8/1/2030		Aaa		4,505		1,328,705
Fort Bend TX Indpt Sch Dist Sch Bldg PSF GTD(b)		5.00%		8/15/2028		AAA		4,000		4,187,220
Fort Bend TX Indpt Sch Dist Sch Bldg PSF GTD(b)		5.00%		8/15/2029		AAA		5,000		5,234,025
Hartford CT Ser A (AG)		5.00%		8/15/2028		AA+		1,740		1,792,635
Hartford CT Ser A (AMBAC)		5.00%		8/15/2024		A1		1,470		1,540,825
Hartford CT Ser A (AMBAC)		5.00%		8/15/2026		A1		1,000		1,035,170
HI Cnty HI Build America Bds Recovery Z Ser A		5.00%		3/1/2030		Aa2		500		519,270
HI Cnty HI Ser A		5.00%		7/15/2020		Aa2		1,150		1,270,026
HI St Ser DK		5.00%		5/1/2025		Aa1		3,500		3,707,025
HI St Ser DK		5.00%		5/1/2026		Aa1		2,500		2,643,125
Honolulu HI City & Cnty Ser A		5.00%		4/1/2026		Aa1		1,000		1,055,200
Honolulu HI City & Cnty Ser A		5.25%		4/1/2031		Aa1		5,000		5,174,650
Honolulu HI City & Cnty Ser A (AGM)		5.00%		7/1/2028		AA+		3,295		3,403,438
Huntington Beach CA Union High Sch Dist Cap Apprec 2004 Election (NPFGC)(FGIC)		Zero Coupon		8/1/2033		Aa2		2,500		542,825
LA St Ser A		5.00%		11/15/2021		Aa2		10,000		11,087,100
Los Angeles CA Cmnty College Dist 2001 Election Ser E-1		5.00%		8/1/2033		Aa1		1,500		1,443,300
Los Angeles CA Cmnty College Dist 2003 Election Ser F-1		5.00%		8/1/2028		Aa1		2,000		2,002,280
Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b)		5.00%		7/1/2028		AA+		7,000		6,935,670
Maricopa Cnty AZ Elem Sch Dist No 33 Buckeye Sch Impt Pj of 2005 Ser C		5.70%		7/1/2025		A1		2,385		2,453,068
MI Muni Bd Auth Rev Loc Govt Ln Pg Ser A (AMBAC)		4.25%		5/1/2029		NR		1,000		778,820
New Haven CT Ser A (AG)		4.75%		3/1/2028		AA+		1,145		1,149,637
New York City NY Ser E		5.00%		8/1/2019		AA		5,000		5,448,450
New York City NY Ser E		5.00%		8/1/2021		AA		3,375		3,676,421

See Notes to Financial Statements.

72

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
New York City NY Ser E		5.00%		8/1/2023		AA	$	4,000	$	4,292,400
New York City NY Ser E-1		6.25%		10/15/2028		AA		5,000		5,543,300
Northern Mariana Islands Comwlth Ser A		5.00%		6/1/2030		NR		5,930		4,509,172
Northern Mariana Islands Comwlth Ser B		5.00%		10/1/2033		NR		4,190		3,059,957
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2025		AAA		1,980		2,061,701
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2026		AAA		2,870		2,988,426
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2027		AAA		1,150		1,197,453
PA Centennial Sch Dist Bucks Cnty Ser B (AGM)		5.25%		12/15/2027		AA+		1,180		1,267,898
Philadelphia PA Ser A (AG)		5.25%		8/1/2022		AA+		1,000		1,038,150
Philadelphia PA Ser A (AGM)		5.25%		12/15/2027		AA+		2,500		2,532,950
Piedmont CA Unif Sch Dist Elec 2006 Ser C(b)		5.00%		8/1/2032		AA		1,910		1,788,916
Piedmont CA Unif Sch Dist Elec 2006 Ser C(b)		5.00%		8/1/2033		AA		2,145		2,039,532
Piedmont CA Unif Sch Dist Elec 2006 Ser C(b)		5.00%		8/1/2034		AA		2,395		2,265,448
Port of Houston Auth Ser A AMT		6.25%		10/1/2029		AAA		1,000		1,094,910
Puerto Rico Comwlth Cap Apprec Pub Impt		Zero Coupon		7/1/2018		A3		2,035		1,385,733
Puerto Rico Comwlth Pub Impt Ser A (NPFGC)(IBC)		5.50%		7/1/2029		A3		1,000		938,640
Puerto Rico Comwlth Unref Bal Pub Impt Ser A		5.125%		7/1/2031		A3		665		612,618
Puerto Rico Comwlth Unref Bal Pub Impt Ser A		5.25%		7/1/2030		A3		30		27,269
Reading PA (AGM)		5.00%		11/1/2029		Aa3		1,500		1,498,140
Richland Cnty SC Broad River Swr Sys Ser D		5.375%		3/1/2030		AA+		1,140		1,160,474
Richland Cnty SC Broad River Swr Sys Ser D		5.375%		3/1/2031		AA+		1,195		1,215,590
Richland Cnty SC Broad River Swr Sys Ser D		5.375%		3/1/2032		AA+		1,255		1,275,469
Richland Cnty SC Broad River Swr Sys Ser D		5.375%		3/1/2033		AA+		1,320		1,340,328

See Notes to Financial Statements.

73

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
General Obligation (continued)
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.25%		8/1/2033		Aa2		$	1,950	$	2,075,639
San Francisco CA Cmnty College Dist Ser B (AGM)		5.00%		6/15/2031		AA+			1,735		1,689,682
St. Louis Cnty MO Lindbergh Sch Dist No R-8 Cap Apprec ETM (NPFGC)		Zero Coupon		3/1/2018		NR			65		53,353
St. Louis Cnty MO Lindbergh Sch Dist No R-8 Unref Bal Cap Apprec (NPFGC)		Zero Coupon		3/1/2018		Aa1			2,015		1,587,840
Upland CA San Antonio Cmnty Hosp COP		6.375%		1/1/2032		A			5,000		5,004,750
Territory of Guam Ser A		7.00%		11/15/2039		B+			2,240		2,315,734
West Mifflin PA Area Sch Dist (AGM)		5.375%		4/1/2028		AA+			1,500		1,565,220
WI St Rev Ser A		5.00%		5/1/2019		AA-			1,500		1,650,345
Total											177,403,139
Health Care 17.38%
Abag Fin Auth For Nonprofit Corp CA O’Connor Woods Oblig COP (ACA)		6.20%		11/1/2029		BBB-	(a)		1,000		906,910
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2036		NR			2,500		1,877,150
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2042		NR			3,250		2,367,170
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2017		BB-			3,000		2,417,880
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2028		BB-			6,000		4,208,880
Allegheny Cnty PA Hosp Dev Auth OH Vly Gen Hosp Pj A		5.125%		4/1/2035		Ba2			500		384,170
AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj		5.20%		10/1/2037		NR			2,000		1,405,900
AZ Hlth Facs Auth Rev Hlthcare Pooled Fin C (NPFGC)(FGIC)		5.50%		6/1/2014		NR			1,130		1,182,104
AZ Univ Med Ctr Corp		6.25%		7/1/2029		BBB+			895		915,692
AZ Univ Med Ctr Corp		6.50%		7/1/2039		BBB+			3,025		3,127,789
Boone Cnty MO Boone Hosp Ctr Rev		5.75%		8/1/2028		A3			1,500		1,509,645
Brevard Cnty FL Hlth Facs Auth Hlth First Inc Pj		7.00%		4/1/2033		A-			1,000		1,071,240
Burlington Cnty NJ Bridge Commn The Evergreens Pj		5.625%		1/1/2038		NR			4,050		3,225,096
Butler Cnty PA Hosp Auth Butler Hlth Sys Pj		7.125%		7/1/2029		Baa1			1,500		1,626,495

See Notes to Financial Statements.

74

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Butler Cnty PA Hosp Auth Butler Hlth Sys Pj		7.25%		7/1/2039		Baa1		$	3,600	$	3,900,852
CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C		6.25%		10/1/2024		AA			2,000		2,195,120
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.50%		8/15/2026		AA-			4,750		4,798,117
CA Statewide Cmntys Dev Auth Front Porch Cmntys & Svcs Ser A†		5.125%		4/1/2037		BBB			2,000		1,570,140
CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A		5.00%		7/15/2022		NR			1,000		884,230
CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A		5.125%		7/15/2031		NR			2,250		1,804,703
Cape Girardeau Cnty MO Indl Dev Auth Unref Bal Southeast MO Hosp		5.75%		6/1/2032		BBB+	(a)		260		243,963
Cass Cnty ND Hlth Facs Rev Essentia Hlth Ser A Rmkt (AG)(b)		5.125%		2/15/2037		AA+			10,000		9,213,600
Coffee Cnty GA Hosp Auth Rev Coffee Regl Med Ctr Inc Pj		5.00%		12/1/2026		BBB-			1,010		887,750
Coffee Cnty GA Hosp Auth Rev Coffee Regl Med Ctr Inc Pj		5.25%		12/1/2022		BBB-			1,000		974,430
CT St Dev Auth Hlth Facs Alzheimers Res Ctr Inc Pj		5.40%		8/15/2021		NR			880		810,876
CT St Dev Auth Hlth Facs Alzheimers Res Ctr Inc Pj		5.50%		8/15/2027		NR			1,380		1,149,485
CT St Hlth & Edl Facs Auth Bridgeport Hosp Ser A (NPFGC)		6.625%		7/1/2018		Baa1			1,250		1,254,538
CT St Hlth & Edl Facs Auth Hosp for Spl Care Ser C (RADIAN)		5.25%		7/1/2037		BBB-			1,345		1,125,644
CT St Hlth & Edl Facs Auth Yale New Haven Hosp Ser J-1 (AMBAC)		5.00%		7/1/2024		Aa3			1,715		1,731,378
Cumberland Cnty PA Muni Auth Diakon Lutheran		6.125%		1/1/2029		BBB+	(a)		1,000		1,003,240
Cumberland Cnty PA Muni Auth Diakon Lutheran Ministries Pj		5.00%		1/1/2036		BBB+	(a)		500		415,695
DeKalb Cnty GA Hosp Auth Rev DeKalb Med Ctr Inc Pj		6.00%		9/1/2030		BBB	(a)		1,000		933,770
Delaware Cnty IN Hosp Auth Cardinal Hlth Sys Oblig Corp		5.00%		8/1/2024		Baa3			2,000		1,786,020
Delaware Cnty IN Hosp Auth Cardinal Hlth Sys Oblig Corp		5.25%		8/1/2036		Baa3			4,500		3,704,490
Delaware Cnty PA Auth Hosp Rev Crozer Chester Med Ctr (ACA)(CBI)		5.375%		12/1/2018		BBB-			1,000		970,940

See Notes to Financial Statements.

75

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Denver CO Hlth & Hosp Auth Ser A		4.75%		12/1/2036		BBB		$	3,155	$	2,426,353
Fairfax Cnty VA Indl Dev Auth Hlthcare Inova Hlth Sys Ser A(b)		5.50%		5/15/2035		AA+			5,000		5,044,525
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.00%		7/1/2030		Ba1			1,510		1,427,645
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.50%		7/1/2039		Ba1			3,000		2,890,770
Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A		5.00%		7/1/2027		NR			1,500		1,032,885
Gainesville & Hall Cnty GA Hosp Auth Northeast GA Hlthcare Ser A		5.00%		2/15/2030		A-			2,000		1,781,980
Glynn-Brunswick Mem Hosp Auth GA Antic Ctfs Southeast GA Hlth Ser A		5.50%		8/1/2028		A2			5,140		4,923,709
Harris Cnty TX Hlth Facs Dev Corp Mem Hermann Hlthcare Sys Ser B		7.125%		12/1/2031		A+			3,000		3,213,930
HFDC Cent TX Inc Ret Fac Ser A		5.75%		11/1/2036		NR			2,700		2,054,403
HI St Dept Bdgt & Fin Spl Purp Linked Ctfs		6.40%		7/1/2013		A3			955		1,015,136
Hillsborough Cnty FL Indl Dev Auth Tampa Gen Hosp Pj(b)		5.25%		10/1/2041		A3			4,500		3,729,420
Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj		5.00%		10/1/2038		A2			1,500		1,293,960
Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj		5.25%		10/1/2035		A2			1,420		1,288,437
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2027		NR			1,525		1,165,070
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2033		NR			2,000		1,438,220
Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj		5.50%		1/1/2028		NR			1,500		1,222,605
Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj		5.50%		1/1/2043		NR			1,350		975,956
IL Fin Auth Rev Friendship Vlg Schaumburg		7.125%		2/15/2039		BB-	(a)		1,500		1,432,770
IL Fin Auth Rev Friendship Vlg Schaumburg		7.25%		2/15/2045		BB-	(a)		1,500		1,441,515
IL Fin Auth Rev Monarch Landing Inc Fac Ser A		7.00%		12/1/2027		NR			844		8
IL Fin Auth Rev Monarch Landing Inc Fac Ser A		7.00%		12/1/2037		NR			1,265		13
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		7.25%		11/1/2030		A2			3,000		3,261,450
Johnston NC Mem Hosp Auth (AGM)(FHA)(b)		5.25%		10/1/2024		AA+			5,000		5,151,575
Joplin MO Indl Dev Auth Freeman Hlth Sys Pj		5.75%		2/15/2035		BBB+			2,500		2,282,450
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		6.00%		7/1/2035		BB+			1,475		1,282,306

See Notes to Financial Statements.

76

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A			6.25%		7/1/2040		BB+	$	2,000	$	1,760,420
Kerrville TX Hlth Facs Dev Corp Sid Peterson Mem Hosp Pj			5.375%		8/15/2035		BBB-		4,000		3,276,840
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A			8.00%		5/15/2021		NR		1,000		1,031,520
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A			8.00%		5/15/2029		NR		3,820		3,856,290
Kuakini HI Hlth Sys Spl Purp Ser A			6.30%		7/1/2022		BBB-		1,000		995,110
KY Econ Dev Fin Auth Norton Hlthcare Inc Ser B (NPFGC)			Zero Coupon		10/1/2025		Baa1		3,690		1,512,752
KY Econ Dev Fin Auth Owensboro Med Hlth Sys Ser A			6.375%		6/1/2040		Baa2		3,500		3,282,615
Lehigh Cnty PA Gen Purp Auth Good Shepherd Grp Ser A			5.625%		11/1/2034		A		1,000		952,960
Lehigh Cnty PA Gen Purp Hosp Lehigh Vly Hlth Network Ser A (AGM)			5.00%		7/1/2025		AA+		1,000		1,006,560
Lexington VA Indl Dev Auth Resdl Care Fac Mtg Kendal at Lexington Ser A			5.375%		1/1/2028		NR		1,500		1,217,160
Lexington VA Indl Dev Auth Resdl Care Fac Mtg Kendal at Lexington Ser A			5.50%		1/1/2037		NR		1,500		1,148,850
Louisville & Jefferson Cnty KY Metro Govt Norton Hlthcare Inc(b)			5.00%		10/1/2030		A-		10,000		8,799,200
Lucas Cnty OH Hosp Rev Promedica Hlthcare Ser A			5.75%		11/15/2031		AA-		3,700		3,677,652
MA Dev Fin Agy Ser B1			7.25%		6/1/2016		NR		3,000		2,980,590
Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr(b)			4.625%		8/1/2029		AA		5,500		4,907,925
Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr(b)			5.00%		8/1/2032		AA		1,500		1,338,525
Macon-Bibb Cnty GA Hosp Auth Rev Antic Ctfs Macon Hosp Med Ctr(b)			5.00%		8/1/2035		AA		3,000		2,677,050
Manhattan KS Hlthcare Fac Meadowlark Hills Ret Ser A			5.00%		5/15/2029		NR		4,050		3,162,726
MD St Hlth & Higher Edl Facs Auth Mercy Med Cntr			6.25%		7/1/2031		BBB		11,190		11,074,743
Med Ctr Hosp Auth GA Rev Spring Hrbr Green Isl Pj	��		5.25%		7/1/2037		NR		1,300		971,087
MO St Hlth & Edl Facs Auth BJC Hlth Sys			5.25%		5/15/2032		AA		4,000		4,001,360

See Notes to Financial Statements.

77

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
MO St Hlth & Edl Facs Auth Children’s Mercy Hosp		5.25%		5/15/2029		A+		$	1,000	$	953,860
MO St Hlth & Edl Facs Auth Sr Living Facs Lutheran Ser A		5.375%		2/1/2035		A-	(a)		3,680		3,254,371
MO St Hlth & Edl Facs Auth SSM Hlthcare Ser A		5.00%		6/1/2028		AA-			2,000		1,919,740
MO St Hlth & Edl Facs Auth SSM Hlthcare Ser B		4.75%		6/1/2034		AA-			2,370		2,107,688
MO St Hlth & Edl Facs Auth St. Luke’s Hlth Ser 2005A (AGM)		5.50%		11/15/2028		AA+			1,850		1,901,967
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.25%		2/1/2035		NR			2,675		2,184,619
Nassau Cnty NY Indl Dev Agy Amsterdam At Harborside Ser A		5.875%		1/1/2018		NR			2,150		2,152,730
NC Med Care Commn First Mtg UTD Methodist C		5.50%		10/1/2032		NR			1,500		1,278,375
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2025		Aa3			2,400		2,403,264
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2030		Aa3			5,535		5,236,442
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.30%		11/1/2026		NR			1,440		1,146,110
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR			1,000		709,320
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.625%		7/1/2038		BBB-			5,500		5,301,505
Northampton Cnty PA Gen Purp Auth St. Luke’s Hosp Pj Ser A		5.25%		8/15/2023		A3			1,250		1,194,088
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.75%		7/1/2031		BBB+			1,985		1,933,886
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.125%		12/1/2029		Ba1			3,250		3,065,497
PA Econ Dev Fing Auth Albert Einstein Hlthcare Ser A		6.25%		10/15/2023		Baa1			1,000		1,024,510
Palomar CA Pomerado Hlthcare COP		6.00%		11/1/2030		Baa3			3,500		3,123,015
Palomar CA Pomerado Hlthcare COP		6.00%		11/1/2041		Baa3			3,500		2,968,455
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser A		5.00%		7/1/2034		BBB			1,000		779,530
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser A		5.50%		7/1/2030		BBB			1,000		856,740

See Notes to Financial Statements.

78

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

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 Auxilio Mutuo Oblig Grp Ser A (NPFGC)		6.25%		7/1/2024		A-	$	1,000	$	1,003,160
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A		6.50%		11/15/2020		Aa1		410		414,867
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2037		NR		1,000		772,340
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2045		NR		1,100		824,615
Southcentral PA Gen Auth Rev Wellspan Hlth Oblig Grp Ser A		6.00%		6/1/2029		Aa3		1,000		1,054,430
St. Genevieve Cnty MO Hosp Rev Ser B		5.00%		3/1/2032		NR		1,510		1,072,493
St. Louis Cnty MO Indl Dev Auth St. Andrew’s Res for Srs Ser A		6.375%		12/1/2041		NR		1,000		854,030
St. Paul MN Hsg & Redev Auth Hltheast Pj		6.00%		11/15/2030		BB+		4,000		3,545,360
Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Wellmont Hlth Sys Pj Ser C		5.25%		9/1/2036		BBB+		2,000		1,639,800
Tarrant Cnty TX Cultural Ed Facs Fin Corp Buckner Ret Svcs Inc Pj		5.25%		11/15/2037		A-		3,000		2,561,550
Tarrant Cnty TX Cultural Ed Facs Fin Corp Christus Hlth Ser A (AG)		6.25%		7/1/2028		AA+		1,500		1,609,020
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-		3,690		3,489,375
Thomasville GA Hosp Auth Rev Antic Ctfs John D Archbold		5.125%		11/1/2030		A		2,500		2,279,350
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		7.25%		11/1/2045		NR		3,000		2,886,180
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc†		5.75%		9/1/2042		NR		3,000		2,244,030
Wayne Cnty GA Hosp Auth Rev GTD (XLCA)		5.00%		3/1/2023		NR		1,000		879,190
WI St Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25%		8/15/2023		BBB+		9,350		8,836,872
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp		5.00%		11/15/2030		Aa1		5		4,783
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2030		Aa1		1,170		1,119,199
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2033		Aa1		7,000		6,517,280
WV St Hosp Fin Auth Thomas Hlth Sys		6.25%		10/1/2023		NR		2,000		1,897,120
Total										273,994,884

See Notes to Financial Statements.

79

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Housing 1.43%
Albany-Dougherty GA Inner City Auth Albany St Univ Student Hsg Ser A (XLCA)		5.00%		7/1/2031		NR		$	1,000	$	830,400
Dakota Cnty MN Cmnty Dev Agy Sing Fam Mtg Bkd Securities Pg Ser B AMT (FHLMC/GNMA/FNMA)		5.15%		12/1/2038		AAA			317		318,118
DeKalb Newton & Gwinnett Cntys GA Joint Dev Auth Rev GGC Fndtn LLC Pj		6.00%		7/1/2034		A+			1,500		1,582,530
East Point GA Hsg Auth Multi Fam Hsg Laurel Ridge WA Rd Apts AMT (FNMA)		5.00%		10/1/2032		AAA			2,475		2,409,685
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A(b)		5.125%		1/1/2036		BBB-	(a)		4,300		3,517,873
HI St Hsg Fin & Dev Corp Rent Hsg Sys Ser B Rmkt (AGM)		6.50%		7/1/2033		Aa3			2,000		2,113,220
ID Hsg & Fin Assoc Sing Fam Mtg Sr Ser F AMT (FHA)(VA)		7.45%		7/1/2015		Aaa			10		10,000
LA Hsg Fin Agy Multi Fam Hsg Ser B		8.00%		9/1/2039		BBB-			1,480		1,470,957
LA Pub Facs Auth Rev Susla Facs Inc Pj Ser A†		5.75%		7/1/2039		NR			2,195		1,534,722
Los Angeles CA Hsg Auth Mtg Ppty Acq Ser A		6.25%		6/1/2034		A			4,220		4,248,992
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.125%		1/1/2025		NR			1,250		125,000
Minneapolis & St. Paul MN Hsg Fin Brd Mtg Bkd City Living A4 AMT (FHLMC/GNMA/FNMA)		5.00%		11/1/2038		AAA			605		597,033
MO St Hsg Dev Commn Rev Multi Fam Hsg Meadow Ridge 1 AMT (FHA)		4.875%		7/1/2030		AA			530		477,588
MO St Hsg Dev Commn Sing Fam Mtg Hmownrship Ln Pg A-1 AMT (FHLMC/GNMA/FNMA)		5.70%		9/1/2038		AAA			1,115		1,176,392
MO St Hsg Dev Commn Sing Fam Mtg Hmownrship Ln Pg A-1 AMT (GNMA/FNMA)		5.90%		9/1/2035		AAA			310		323,764
Richmond Cnty GA Dev Auth ASU Jaguar Student Hsg LLC Ser A		5.25%		2/1/2030		A2			2,000		1,790,480
Total											22,526,754
Lease Obligations 6.27%
Atlanta GA Dev Auth Rev Tuff ATDC Pj Ser C		4.625%		1/1/2035		A3			1,170		987,129
CA St Pub Wrks Brd Regents Univ Ser E(b)		5.00%		4/1/2034		Aa2			1,590		1,440,906
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		5.375%		11/1/2022		A2			5,000		5,070,050
Cape Girardeau Cnty MO Bldg Corp Jackson R-II Sch Dist HS Pj (NPFGC)		5.25%		3/1/2026		A			1,000		1,049,690

See Notes to Financial Statements.

80

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
GA Muni Assoc Inc Ctfs City Court Atlanta Pj (AMBAC)		5.25%		12/1/2026		NR	$	750	$	728,137
GA Sch Brds Assoc Inc DeKalb Cnty Pub Schs Pj COP (NPFGC)		5.00%		12/1/2023		Aa3		1,000		990,690
GA St Higher Ed Facs Auth USG Real Estate Fndtn I LLC Pj (AG)		5.25%		6/15/2019		AA+		1,735		1,898,819
Goodyear AZ Pub Impt Corp		6.00%		7/1/2031		AA-		2,350		2,453,353
HI St Dept Hawaiian Home Lands Kapolei Office Fac Ser A (AGM)		5.00%		11/1/2031		Aa3		1,805		1,821,516
Indianapolis IN Loc Pub Impt Bd Bk Midwestern Disaster Ser A(b)		5.50%		2/1/2033		AA		12,000		12,347,280
Jackson Cnty MO Pub Bldg Corp Cap Impts Pj		5.00%		12/1/2029		Aa3		1,500		1,535,595
Jackson Cnty MO Spl Oblig Harry S. Truman Sports Complex (AMBAC)		5.00%		12/1/2021		Aa3		2,000		2,101,260
Jackson Cnty MO Spl Oblig Harry S. Truman Sports Complex (AMBAC)		5.00%		12/1/2024		Aa3		2,000		2,047,320
Kansas City MO Metro Jr College Dist Lease COP		5.00%		7/1/2028		Aa2		3,500		3,571,120
Kansas City MO Spl Fac Rev MCI Overhaul Base Pj Ser G AMT		4.50%		9/1/2026		AA-		585		641,961
McLennan Cnty TX Pub Fac Corp		6.625%		6/1/2035		AA-		7,500		7,910,550
MO St Dev Fin Brd Cultural Facs Nelson Gallery Fndtn Ser A (NPFGC)		5.00%		12/1/2030		AA-		3,300		3,312,045
MO St Dev Fin Brd Infrastr Branson Landing Pj Ser A		5.00%		6/1/2035		A		1,220		1,083,787
MO St Dev Fin Brd Infrastr Branson Landing Pj Ser A		5.625%		12/1/2028		A		3,000		3,007,050
New Hanover Cnty NC Ltd Oblig Pjs		5.00%		12/1/2019		Aa1		2,500		2,769,950
NJ Econ Dev Auth Sch Facs Constr Ser EE		5.50%		9/1/2021		Aa3		2,620		2,777,960
PA St Indl Dev Auth Econ Dev		5.50%		7/1/2023		A1		3,000		3,175,770
Philadelphia PA Muni Auth Rev Lease		6.00%		4/1/2023		A2		870		894,412
Philadelphia PA Muni Auth Rev Lease		6.10%		4/1/2024		A2		1,000		1,033,790
Philadelphia PA Muni Auth Rev Lease		6.375%		4/1/2029		A2		2,000		2,050,860
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		5.60%		10/1/2014		NR		505		510,727
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.25%		10/1/2024		NR		2,000		1,903,860
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR		1,000		905,720

See Notes to Financial Statements.

81

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Lease Obligations (continued)
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		A3		$	9,000	$	9,491,310
Puerto Rico Pub Bldgs Auth Rev Unref Bal Govt Facs I GTD		5.25%		7/1/2033		A3			2,465		2,189,635
Richmond CA Jt Pwrs Fing Auth Lease Civic Ctr Pj (AG)		5.75%		8/1/2029		AA+			1,000		1,038,740
Sacramento CA City Fing Auth Master Lease Pg Facs Ser E (AMBAC)		5.25%		12/1/2023		Aa3			3,150		3,164,238
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.25%		9/1/2035		A2			5,000		4,389,150
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.25%		3/1/2040		A2			5,000		4,287,450
St. Louis MO Muni Fin Corp (AGM)		5.00%		2/15/2023		AA+			1,675		1,789,067
VA Pub Sch Auth Sch Fing 1997 Resolution Ser B		5.25%		8/1/2020		AA+			800		909,616
York PA Gen Auth Rev York City Recreation Corp (AMBAC)		5.50%		5/1/2018		NR			1,475		1,496,491
Total											98,777,004
Other Revenue 8.65%
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B			3,715		3,473,971
AL St Indl Dev Auth Solid Pine City Fiber Co Rmkt AMT		6.45%		12/1/2023		B			3,500		3,272,920
Austin TX Convtn Entrprse Inc 1st Tier Ser A CR (BHAC)(XLCA)		5.00%		1/1/2034		AA+			2,400		2,233,392
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		5.75%		1/1/2034		Ba2			5,000		4,023,700
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		6.00%		1/1/2018		Ba2			1,125		1,121,186
Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj		7.50%		2/1/2030		NR			3,500		2,395,435
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.00%		9/1/2032		Baa3			2,250		1,818,247
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.25%		9/1/2039		Baa3			1,000		803,990
Baltimore MD Cnvtn Ctr Sub Ser B		5.875%		9/1/2039		Ba1			2,500		2,141,350
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		6.75%		8/1/2028		NR			1,455		1,380,941
Bellevue WA Convtn Ctr Auth (NPFGC)		Zero Coupon		2/1/2024		Baa1			1,400		743,232
CA Muni Fin Auth High Tech High Chula Vista B†		6.125%		7/1/2038		BB+	(a)		750		651,038

See Notes to Financial Statements.

82

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
CA Muni Fin Auth High Tech High Media Arts A†		6.00%		7/1/2038		BB+	(a)	$	500	$	410,915
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15%		7/1/2030		NR			1,000		767,580
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25%		7/1/2042		NR			1,500		1,075,680
CA Statewide Cmntys Dev Auth Windrush Sch		5.50%		7/1/2037		NR			1,000		700,840
Chester Cnty PA Indl Dev Auth Avon Grove Charter Sch Pj A		6.25%		12/15/2027		BB+			2,325		2,083,060
CO Edl & Cultural Facs Auth Charter Sch Cmnty Leadership		6.25%		7/1/2028		NR			1,000		910,560
CO Edl & Cultural Facs Auth Charter Sch Flagstaff Ser A		6.75%		8/1/2028		NR			1,215		1,146,316
CO Edl & Cultural Facs Auth Charter Sch North East Academy†		5.75%		5/15/2037		NR			830		608,863
CO Edl & Cultural Facs Auth New Vision Charter Pj Sch†		6.75%		4/1/2040		NR			925		798,090
Cobb-Marietta GA Coliseum & Exhibit Hall Auth Rev (NPFGC)		5.625%		10/1/2026		Baa1			1,000		1,039,410
Columbus Cnty NC Indl Facs & Pollutn Ctrl Fing Auth Intl Paper		5.70%		5/1/2034		BBB			2,000		1,944,920
CT St Hlth & Edl Facs Auth Child Care Facs Pg Ser F (AG)		5.00%		7/1/2031		AA+			1,750		1,769,145
Doctor Charles Drew Academy MI COP		5.70%		11/1/2036		NR			1,535		1,003,046
FL St Brd Ed Lottery Rev Ser E		5.00%		7/1/2020		AAA			10,000		10,701,600
Fontana CA Pub Fin Auth Tax North Fontana Redev Pj Ser A (AMBAC)		5.50%		9/1/2032		A+			7,000		6,087,410
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2037		BBB-	(a)		1,300		933,309
International Falls MN Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2022		B			1,000		912,110
Kansas City MO Indl Dev Auth Derrick Thomas Ser A†		5.875%		1/1/2037		NR			1,850		1,448,439
Kansas City MO Spl Oblig East Vlg Pj Ser B (AG)		5.00%		4/15/2024		AA+			1,000		1,068,940
Kansas City MO Spl Oblig East Vlg Pj Ser B (AG)		5.00%		4/15/2025		AA+			1,860		1,962,449
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A Rmkt		6.50%		8/1/2029		BBB-			1,000		1,006,130

See Notes to Financial Statements.

83

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
LA Loc Govt Envr Facs & Cmnty Dev Auth Westlake Chem Corp Ser A-1		6.50%			11/1/2035		BBB-	$	5,400	$	5,386,500
La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life		6.25%			2/15/2026		NR		1,465		1,296,437
Lorain Cnty OH Port Auth US Steel Corp Pj		6.75%			12/1/2040		BB		4,850		4,890,449
Maverick Cnty TX Pub Fac Corp Ser A-1		6.375%			2/1/2029		NR		2,580		2,142,509
MD St Econ Dev Corp Cnx Marine Terminals Inc		5.75%			9/1/2025		BB		1,000		934,000
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%			12/1/2016		NR		1,000		815,860
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy		5.50%			7/1/2038		NR		2,200		880,000
MI Pub Edl Facs Auth Rev Ltd Oblig David Ellis West Pj		5.875%			6/1/2037		NR		1,400		1,078,224
Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (NPFGC)(FGIC)		2.724%	#		4/1/2014		Aa3		4,800		4,590,144
Miami-Dade Cnty FL Spl Oblig Sub Ser A (NPFGC)		Zero Coupon			10/1/2024		A2		3,000		1,236,810
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.25%			1/1/2037		NR		1,700		170,000
Milwaukee WI Redev Auth Academy of Learning Ser A		5.50%			8/1/2022		NR		300		261,777
Milwaukee WI Redev Auth Academy of Learning Ser A		5.65%			8/1/2037		NR		250		195,298
MO St Dev Fin Brd Infrastr Independence Crackerneck Creek		5.00%			3/1/2028		A-		1,000		946,210
MO St Dev Fin Brd Midwest Resh Instl Pj		4.50%			11/1/2027		Baa2		1,000		854,150
MO St Dev Fin Brd Midwest Resh Instl Pj		5.00%			11/1/2022		Baa2		1,000		969,210
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		8.00%			5/1/2025		BBB+		6,500		7,074,665
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%			8/1/2025		NR		9,150		9,010,828
Otero Cnty NM Jail Pj Rev		5.75%			4/1/2018		NR		825		750,486
Otero Cnty NM Jail Pj Rev		6.00%			4/1/2028		NR		1,400		1,127,910
Philadelphia PA Auth Indl Dev First Philadelphia Charter Ser A		5.85%			8/15/2037		BBB-		1,000		864,540
Philadelphia PA Auth Indl Dev Please Touch Museum Pj		5.25%			9/1/2036		BBB-		7,700		5,879,720

See Notes to Financial Statements.

84

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
Philadelphia PA Auth Indl Dev Russell Byers Charter Sch Ser A		5.25%		5/1/2037		BBB-		$	1,500	$	1,162,245
Philadelphia PA Auth Indl Dev Ser A		5.50%		9/15/2037		BBB-			1,370		1,100,370
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.50%		7/1/2026		BBB	(a)		4,500		3,977,010
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.625%		7/1/2038		BBB	(a)		2,000		1,671,420
Port of St. Helen’s OR Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2027		B			1,730		1,472,040
Provo UT Charter Sch Rev Freedom Academy Fndtn		5.50%		6/15/2037		NR			985		719,868
San Antonio TX Convtn Hotel Fin Corp Empowerment Zone Ser A AMT (AMBAC)		5.00%		7/15/2039		BBB			5,000		4,163,500
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.00%		6/15/2020		NR			700		624,981
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.25%		6/15/2025		NR			1,150		958,824
St. Louis MO Indl Dev Auth Rev Convtn Ctr Hotel (AMBAC)		Zero Coupon		7/15/2020		A			2,000		1,128,320
TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A		5.375%		2/15/2037		BBB			1,230		1,046,865
TX St Pub Fin Auth Charter Sch Uplift Ed Ser A		5.875%		12/1/2036		BBB-			1,145		960,334
UT St Charter Sch Fin Auth Noah Webster Academy Ser A		6.50%		6/15/2038		NR			1,000		783,810
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		5.875%		12/1/2027		NR			1,000		816,470
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		6.125%		12/1/2042		NR			650		513,351
West Vly City UT Charter Sch Monticello Academy†		6.375%		6/1/2037		NR			1,775		1,467,215
Total											136,360,564
Pre-Refunded 0.52%
MI St COP ETM (AMBAC)		Zero Coupon		6/1/2022		A1			2,000		1,289,960
Philadelphia PA Gas Wrks Rev 12th Ser B ETM (NPFGC)		7.00%		5/15/2020		BBB			1,715		2,086,623
Puerto Rico Pub Bldgs Auth Rev Govt Facs I GTD		5.25%		7/1/2033		NR			35		39,489

See Notes to Financial Statements.

85

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
RI St Hlth & Edl Bldg Corp Hosp Fing Lifespan Oblig Grp		6.50%		8/15/2032		A-	$	1,000	$	1,078,710
Savannah GA Econ Dev Auth Sub Ser C Rmkt ETM		Zero Coupon		12/1/2021		Aaa		1,000		677,320
Sullivan Cnty TN Hlth Edl & Hsg Facs Brd Hosp Wellmont Hlth		6.25%		9/1/2022		NR		1,250		1,360,525
Tyler TX Hlth Facs Dev Corp Mother Frances Hosp Regl Hlth		6.00%		7/1/2027		Baa1		1,500		1,598,265
Total										8,130,892
Special Tax 3.34%
Altoona IA Tax Alloc Annual Appropriation		6.00%		6/1/2034		BBB+		1,000		1,009,740
Anaheim CA Cmnty Facs Dist No 08-1 Platinum Triangle		6.25%		9/1/2040		NR		1,755		1,552,227
Annawan IL Tax Incr Rev Patriot Renewable Fuels LLC Pj		5.625%		1/1/2018		NR		905		746,878
Apple Vly CA Redev Agy Veda Pj Area		4.75%		6/1/2037		BBB+		1,000		725,080
Atlanta GA Dev Auth Rev Opportunity Pj (AMBAC)		5.00%		12/1/2018		A1		105		111,383
Atlanta GA Tax Alloc Beltline Pj Ser B		7.375%		1/1/2031		NR		1,000		992,140
Aurora IL Tax Incr Rev East River Area No 6 Ser A		6.75%		12/30/2027		NR		970		919,677
Baltimore MD Spl Oblig Ser A		7.00%		9/1/2038		NR		1,500		1,446,855
Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A		5.50%		4/1/2022		NR		965		791,397
Branson Hills MO Infrastr Facs Cmnty Impt Dist Ser A		5.50%		4/1/2027		NR		2,805		2,149,275
Clark Cnty NV Impt Dist Spl Loc Impt 128 Summerlin Ser A		5.05%		2/1/2031		NR		1,035		686,681
Gramercy Farms Cmnty Dev Dist FL Ser A-1		5.25%		5/1/2039		NR		2,445		1,026,900
HI St Dept Hawaiian Home Lands Rev		5.875%		4/1/2034		A1		3,000		2,986,860
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		10.00%		5/1/2039		NR		5,000		3,897,850
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj		10.50%		5/27/2011		NR		1,600		1,537,344
Howard Bend MO Levee Dist Impt		4.40%		3/1/2026		BBB		1,000		902,640
Lakeside Landings Cmnty Dev Dist FL Ser A		5.50%		5/1/2038		NR		675		270,000
Mesquite NV Redev Agy Tax Alloc		6.625%		6/1/2017		A-		1,605		1,643,456

See Notes to Financial Statements.

86

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A		5.45%		7/1/2036		NR	$	2,083	$	1,455,996
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2031		BB+		2,000		1,690,440
Norco CA Redev Agy Tax Alloc Redev Pj Area No 1		6.00%		3/1/2036		A		1,180		1,046,766
Osage Beach MO Tax Incr Prewitts Pt Pj		5.00%		5/1/2023		NR		1,000		803,650
Puerto Rico Comwlth Infrastr Fing Auth Ser C (AMBAC)		5.50%		7/1/2028		A3		1,475		1,388,329
Riverside Cnty CA Redev Agy Hsg Ser A		6.00%		10/1/2039		A-		1,500		1,329,270
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E		6.00%		10/1/2025		A-		1,395		1,346,622
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E		6.50%		10/1/2040		A-		2,000		1,866,500
San Diego CA Redev Agy Tax Alloc North Pk Redev Pj Sub Ser A		7.00%		11/1/2039		A-		2,500		2,544,875
San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D		7.00%		8/1/2033		BBB		1,000		1,000,560
San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D		7.00%		8/1/2041		BBB		1,400		1,393,518
San Jose CA Spl Hotel Tax Convtn Ctr Expansion(e)		6.125%		5/1/2031		A2		3,690		3,612,768
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.50%		6/15/2020		B2		2,000		1,841,160
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj		5.70%		4/1/2022		NR		1,000		792,230
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj		5.75%		4/1/2027		NR		1,300		954,213
Vlg Cmnty Dev FL Dist No 8 Phase III		6.125%		5/1/2040		NR		4,995		4,552,243
Yuba City CA Redev Agy Tax Pj		6.00%		9/1/2031		NR		1,965		1,644,980
Total										52,660,503
Tax Revenue 7.85%
Bi-State Dev Agy of the MO-IL Metro Dist St. Clair Cnty Metrolink Pj (AGM)		5.25%		7/1/2024		AA+		2,330		2,507,546
CA St Econ Recovery Ser A		5.00%		7/1/2020		Aa3		2,040		2,199,691
CA St Econ Recovery Ser A		5.00%		7/1/2022		Aa3		4,000		4,181,360
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2022		AA+		9,645		10,368,063
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2023		AA+		6,135		6,594,927

See Notes to Financial Statements.

87

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tax Revenue (continued)
Dallas TX Area Rapid Transit Sr Lien(b)		5.00%		12/1/2028		AA+		$	7,160	$	7,696,768
Martin Cnty TX Hosp Dist Ser A		7.25%		4/1/2036		BBB+	(a)		3,000		2,944,350
Metro Atlanta GA Rapid Transit Auth Ser A (NPFGC)(FGIC)		5.25%		7/1/2028		AA+			1,500		1,620,660
Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1		5.00%		7/1/2021		A1			3,050		3,173,403
Metro Govt Nashville & Davidson Cnty TN Convtn Ctr Auth Ser A-1		5.00%		7/1/2022		A1			1,000		1,029,760
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)		5.00%		2/1/2027		AAA			12,000		12,539,520
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)		5.00%		2/1/2028		AAA			4,000		4,179,840
NY St Urban Dev Corp Rev St Pers Income Tax Ser B-1		5.00%		3/15/2028		AAA			5,000		5,172,050
Orange Cnty FL Tourist Dev		5.00%		10/1/2022		A+			6,000		6,266,820
Orange Cnty FL Tourist Dev Ser A (NPFGC)		5.00%		10/1/2021		A+			5,000		5,199,200
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.25%		8/1/2027		A+			7,500		7,252,050
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A (AGM)(b)		5.00%		8/1/2040		AA+			17,480		15,953,122
Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A		6.625%		9/1/2029		A1			500		504,925
Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A		7.00%		9/1/2036		A1			500		510,765
Southwestern IL Dev Auth Rev Loc Govt Pg Collinsville Ltd		5.35%		3/1/2031		NR			500		358,790
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.75%		6/15/2028		B2			2,500		2,146,625
St. Louis MO Muni Fin Corp (AMBAC)		5.00%		2/15/2037		NR			4,000		3,370,840
UT Transit Auth Sales Tax Rev Ser A(b)		5.00%		6/15/2028		AAA			5,002		5,206,601
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC)		4.25%		10/1/2029		BBB+			500		414,570
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (NPFGC)(FGIC)		5.00%		10/1/2025		BBB+			2,500		2,437,125
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A		5.00%		10/1/2029		BBB			5,850		5,198,603
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B		5.25%		10/1/2029		Baa2			4,500		4,219,470
Virgin Islands Pub Fin Auth Rev Sr Lien Cap Pjs Ser A-1		5.00%		10/1/2024		BBB			500		490,390
Total											123,737,834

See Notes to Financial Statements.

88

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tobacco 4.24%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.75%		6/1/2034		Baa3		$	6,440	$	4,439,736
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2030		Baa3			1,500		1,086,135
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2047		Baa3			10,000		6,655,500
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		6.50%		6/1/2047		Baa3			12,000		8,783,640
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.00%		6/1/2033		Baa3			2,000		1,337,300
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.125%		6/1/2047		Baa3			10,650		6,398,840
IA Tob Sttlmnt Auth Asset Bkd Ser C		5.625%		6/1/2046		BBB			1,960		1,301,695
IA Tob Sttlmnt Auth Cap Apprec Asset Bkd Ser B		5.60%		6/1/2034		BBB			4,750		3,760,528
Inland Empire Tob Securitization Auth CA Ser A		4.625%		6/1/2021		BB	(a)		5,760		4,435,085
Inland Empire Tob Securitization Auth CA Ser A		5.00%		6/1/2021		BB	(a)		1,855		1,476,116
NJ Tob Sttlmnt Fing Corp Ser 1A		4.625%		6/1/2026		BBB			1,500		1,080,750
NJ Tob Sttlmnt Fing Corp Ser 1A		4.75%		6/1/2034		Baa3			30,755		18,836,822
VA Tob Sttlmnt Fing Corp Sr Ser B1		5.00%		6/1/2047		Baa3			12,580		7,302,564
Total											66,894,711
Transportation 11.88%
Atlanta GA Arpt Facs Rev Ser A AMT (AGM)		5.125%		1/1/2030		AA+			100		96,547
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2035		BBB-			10,000		1,205,100
Cent Puget Sound WA Regl Transn Auth Sales Tax (NPFGC)(FGIC)		5.25%		2/1/2021		AAA			1,750		1,994,265
Chicago IL O’Hare Intl Arpt Amer Airlines		5.50%		12/1/2030		Caa2			1,450		1,051,845
Chicago IL O’Hare Intl Arpt Delta Airlines Inc Term		6.45%		5/1/2018		NR			2,335		2,225,465
Chicago IL O’Hare Intl Arpt Ser A (AGM)		5.00%		1/1/2033		AA+			4,250		3,796,270
Clark Cnty NV Passenger Fac Las Vegas McCarran Intl Arpt Ser A (AGM)(b)		5.25%		7/1/2039		AA+			11,500		10,512,380
Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT		9.00%		6/1/2035		CCC+			3,575		3,764,117
Cleveland OH Arpt Spl Rev Continental Airlines Inc Pj AMT		5.375%		9/15/2027		B3			1,015		827,946

See Notes to Financial Statements.

89

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NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
College Pk GA Business & Indl Dev Auth Rev Civic Ctr Pj (AMBAC)		5.25%		9/1/2026		AA-	$	1,000	$	1,030,270
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT		9.00%		5/1/2029		CCC+		2,000		2,054,240
E-470 Pub Hwy Auth CO Rev Cap Apprec		Zero Coupon		9/1/2035		Baa2		18,000		2,490,840
E-470 Pub Hwy Auth CO Rev Cap Apprec		Zero Coupon		9/1/2039		Baa2		7,500		730,350
FL St Dept of Transn Tpk Auth Rev Ser A (NPFGC)		4.50%		7/1/2034		AA-		5,000		4,285,050
Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT		6.375%		11/15/2026		NR		3,750		3,429,600
Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT		6.50%		11/15/2036		NR		655		589,035
HI St Arpts Sys Rev Ser A		5.00%		7/1/2034		A2		3,000		2,741,460
HI St Hrbr Sys Rev Ser A AMT (AGM)		5.00%		1/1/2031		AA+		2,000		1,786,940
HI St Hrbr Sys Rev Ser A AMT (AGM)		5.25%		1/1/2027		AA+		1,450		1,397,235
HI St Hwy Rev		5.00%		1/1/2019		AA+		2,000		2,269,900
KY St Tpk Auth Econ Revitalization Pjs Ser A		5.00%		7/1/2027		AA+		5,000		5,142,450
Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Ser A(b)		5.00%		5/15/2035		AA		10,000		9,502,400
Los Angeles CA Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2040		AA-		11,800		10,433,914
Los Angeles CA Regl Arpts Impt Corp Facs Sublease Intl Arpt		6.35%		11/1/2025		NR		1,750		1,640,940
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2019		NR		1,495		1,297,017
MD St Econ Dev Corp Term Pj Ser B		5.75%		6/1/2035		Baa3		1,500		1,396,425
Metro Atlanta GA Rapid Transit Auth 3rd Indenture Ser B (AGM)		5.00%		7/1/2029		AA+		2,000		2,035,220
Metro Transn Auth NY Ser 2008 C		6.50%		11/15/2028		A		7,500		8,214,375
Metro Transn Auth NY Ser G		5.00%		11/15/2021		A		3,200		3,361,824
Metro WA DC Arpts Auth Ser A AMT(b)		5.00%		10/1/2022		AA-		3,250		3,281,379
Metro WA DC Arpts Auth Ser A AMT(b)		5.375%		10/1/2028		AA-		2,500		2,524,137
Miami-Dade Cnty FL Aviation Miami Intl Arpt Ser A		5.375%		10/1/2035		A2		6,975		6,607,278
Miami-Dade Cnty FL Aviation Miami Intl Arpt Ser A AMT (XLCA)		5.00%		10/1/2037		A2		1,000		814,510

See Notes to Financial Statements.

90

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
Mid-Bay Bridge Auth FL Springing Ser A		7.25%		10/1/2034		BBB	$	7,500	$	7,522,800
MO St Hwys & Transn Commn 1st Lien Ser B		5.00%		5/1/2022		AAA		1,500		1,627,650
NJ St Transn Tr Fd Auth Transn Sys Ser B (NPFGC)		5.50%		12/15/2021		Aa3		10,000		10,596,600
North TX Twy Auth Rev Sys 1st Tier Ser A		6.00%		1/1/2025		A2		5,000		5,262,200
North TX Twy Auth Rev Toll 2nd Tier Ser F		5.75%		1/1/2033		A3		5,705		5,532,424
NY St Thwy Auth Hwy & Bridge Tr Fd Ser B		5.00%		4/1/2022		AA		5,000		5,309,650
NY St Thwy Auth Hwy & Bridge Tr Fd Ser B		5.00%		4/1/2025		AA		5,000		5,183,150
Orlando & Orange Cnty FL Expwy Auth Ser A		5.00%		7/1/2030		A1		1,500		1,479,825
PA Econ Dev Fing Auth US Airways Grp Ser A		7.50%		5/1/2020		CCC+		1,500		1,462,470
PA Econ Dev Fing Auth US Airways Grp Ser B		8.00%		5/1/2029		CCC+		1,500		1,500,810
PA St Tpk Commn Oil 2003 Tpk Ser C Rmkt (NPFGC)		5.00%		12/1/2029		AA		1,000		1,008,800
PA St Tpk Commn Sub Ser B-1		5.625%		6/1/2029		A-		3,310		3,390,929
Port of Seattle WA Passenger Facs Ser A		5.00%		12/1/2021		A+		5,050		5,330,729
Puerto Rico Comwlth Hwy & Transn Auth (AG)(AGM)		5.50%		7/1/2025		AA+		2,000		2,078,060
Puerto Rico Comwlth Hwy & Transn Auth Ser AA (NPFGC)		5.50%		7/1/2020		A2		1,000		1,002,060
Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT		6.25%		6/1/2026		CCC+		5,715		4,629,836
Regl Transn Dist CO Denver Trans Partners		6.00%		1/15/2034		Baa3		1,800		1,653,642
Regl Transn Dist CO Denver Trans Partners		6.00%		1/15/2041		Baa3		8,465		7,623,833
Regl Transn Dist CO Ser A COP		5.375%		6/1/2031		Aa3		5,200		5,205,200
Santa Rosa FL Bay Bridge Auth Rev Cap Apprec		Zero Coupon		7/1/2017		Caa3		1,200		374,280
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A (AGM)		5.00%		7/1/2025		AA+		2,000		1,973,800
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1		6.25%		7/1/2029		A-		3,020		3,052,525
Total										187,331,997

See Notes to Financial Statements.

91

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities 16.80%
Amer Muni Pwr OH Inc Prairie St Enrg Campus Pj A		5.25%			2/15/2027		A1	$	5,000	$	5,074,450
Atlanta GA Wtr & Wst Wtr Rev Ser A		6.00%			11/1/2022		A1		1,000		1,110,930
Atlanta GA Wtr & Wst Wtr Rev Ser A		6.00%			11/1/2028		A1		3,000		3,166,290
Atlanta GA Wtr & Wst Wtr Rev Ser A		6.00%			11/1/2029		A1		4,000		4,199,160
Augusta GA Wtr & Swr Rev (AGM)		5.00%			10/1/2024		AA+		2,000		2,120,520
AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b)		5.00%			1/1/2032		Aa1		17,710		17,878,422
Brazos River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser C AMT		5.75%			5/1/2036		CC		4,170		3,936,939
CA St Dept of Wtr Res Pwr Ser L		5.00%			5/1/2021		AA-		4,700		5,155,712
CA St Dept of Wtr Res Pwr Ser L		5.00%			5/1/2022		AA-		5,000		5,369,250
Cape Fear Pub Util Auth NC Wtr & Swr Sys		5.00%			8/1/2026		AA		5,000		5,256,050
Cent Plains NE Enrg Pj No 1		0.708%	#		12/1/2017		Ba3		5,000		4,092,550
Chula Vista CA Rev San Diego Gas Ser E Rmkt		5.875%			1/1/2034		Aa3		2,125		2,189,281
Cobb Cnty GA Dev Auth Solid Wst Disp GA Wst Mgt Pj Ser A AMT		5.00%			4/1/2033		BBB		500		436,070
Compton CA Wtr Rev		6.00%			8/1/2039		A		5,500		5,131,995
CT St Dev Auth Wtr Fac Aquarion Wtr Co of CT Pj AMT (XLCA)		4.70%			7/1/2036		NR		2,000		1,513,960
CT St Dev Auth Wtr Fac Aquarion Wtr Co of CT Pj AMT (XLCA)		5.00%			7/1/2038		NR		3,700		2,905,240
CT St Muni Elec Enrg Cooperative Ser A (AMBAC)		5.00%			1/1/2022		Aa3		1,650		1,741,559
Effingham Cnty GA Dev Auth Solid Wst Disp Fort James Pj AMT		5.625%			7/1/2018		BBB-		5,030		4,877,038
Enrg Northwest WA Elec Rev Columbia Station Ser A		5.00%			7/1/2020		Aaa		5,000		5,646,400
FL St Muni Pwr Agy Rev Pwr Ser A		6.25%			10/1/2031		A1		4,000		4,282,440
FL St Wtr Pollutn Ctrl Fing Corp Rev Ser A		5.00%			1/15/2029		AAA		1,000		1,037,760
Gulf Coast Wst Disp Auth TX Wst Mgmt of TX Ser A AMT		5.20%			5/1/2028		BBB		2,800		2,654,204
HI St Dept Bdgt & Fin Elec Co & Subs Ser A AMT (FGIC)		4.80%			1/1/2025		Baa1		1,000		906,100
HI St Dept Bdgt & Fin Hawaiian Elec Co Ser B AMT (FGIC)		4.60%			5/1/2026		Baa1		1,500		1,313,835
Honolulu HI City & Cnty Brd Wtr Supply Ser B AMT (NPFGC)		5.25%			7/1/2021		AA		1,335		1,392,565
Honolulu HI City & Cnty Wst Wtr 2nd Bd Resolution Jr Ser A (AGM)(b)		5.00%			7/1/2032		AA+		10,000		10,029,300

See Notes to Financial Statements.

92

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Utilities (continued)
Houston TX Util Sys Rev 1st Lien Ser A		5.125%		11/15/2028		NR	$	4,000	$	4,048,760
Kansas City MO Wtr Rev Ser A		5.25%		12/1/2032		AA+		1,000		1,038,870
LA St Citizens Ppty Ins Corp Ser B (AMBAC)		5.00%		6/1/2021		A-		3,380		3,277,687
Lewis Cnty WA Pub Util Dist No 1 Ser A (AGM)		5.00%		12/1/2027		Aa3		4,975		5,140,817
Little River Cnty AR Rev GA Pacific Corp Pj AMT		5.60%		10/1/2026		Ba3		8,500		7,806,570
Long Island NY Pwr Auth Ser A		5.70%		4/1/2030		A-		4,510		4,679,711
Long Island NY Pwr Auth Ser A		6.25%		4/1/2033		A-		1,000		1,082,860
Los Angeles CA Dept of Wtr & Pwr Sys Sub Ser A2 (AMBAC)		5.00%		7/1/2028		AA-		4,925		4,995,772
Los Angeles CA Wst Wtr Sys Ser A		5.00%		6/1/2021		AA-		3,055		3,313,942
Louisville & Jefferson Cnty KY Metro Swr Dist Ser B		5.00%		5/15/2021		AA-		5,000		5,487,000
Main St Natural Gas Inc GA Gas Pj Ser A		5.00%		3/15/2022		Aa3		5,000		5,012,400
Main St Natural Gas Inc GA Gas Pj Ser B		5.00%		3/15/2019		A		1,000		989,010
Main St Natural Gas Inc GA Gas Pj Ser B		5.00%		3/15/2021		A		3,500		3,339,595
Maricopa Cnty AZ Pollutn Ctrl Corp El Paso Elec Co Pj Ser A		7.25%		2/1/2040		BBB		3,500		3,776,325
Metro St. Louis MO Swr Dist Ser A		5.75%		5/1/2038		AA+		1,760		1,865,142
MI St Strategic Fd Ltd Coll Detroit Fd Pollutn Ser BB (AMBAC)		7.00%		5/1/2021		A		500		570,690
Midlothian TX Wtr Dist Cap Apprec (AGM)		Zero Coupon		9/1/2022		AA+		2,000		1,213,360
MO Jt Muni Elec Util Commn Plum Point Pj (NPFGC)		5.00%		1/1/2034		Baa1		5,000		4,327,850
MO Jt Muni Elec Util Commn Ser A (AMBAC)		5.00%		1/1/2023		A3		3,000		3,074,910
MO St Envr Impt & Enrg Res Auth Amer Wtr Co Pj AMT (AMBAC)		4.60%		12/1/2036		Baa1		1,000		774,540
MO St Envr Impt & Enrg Res Auth Union Elec Co Pj AMT		5.45%		10/1/2028		A3		2,475		2,324,396
MS Business Fin Corp Sys Enrg Res Inc Pj		5.90%		5/1/2022		BBB		2,000		1,955,460
M-S-R Enrg Auth CA Ser C		7.00%		11/1/2034		A		2,000		2,196,740

See Notes to Financial Statements.

93

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Utilities (continued)
Muni Elec Auth GA Gen Resolution Pjs Sub Ser A		5.25%			1/1/2021		A		$	1,000	$	1,095,720
Muni Elec Auth GA Ser B		5.00%			1/1/2020		A			5,250		5,686,012
NC Eastern Muni Pwr Agy Ser A (AG)		5.25%			1/1/2019		AA+			5,000		5,390,200
NC Muni Pwr Agy No 1 Catawba Ser A		5.25%			1/1/2020		A			2,000		2,164,680
North Sumter Cnty FL Util Dependent Dist		5.375%			10/1/2030		BBB			5,000		4,781,900
Northern CA Gas Auth No 1		0.923%	#		7/1/2027		A			5,000		3,530,200
NY St Envr Facs Corp Ser B		4.75%			6/15/2032		AA+			5,000		4,927,400
OH St Air Quality Dev Auth First Enrg Generation Ser A		5.70%			8/1/2020		Baa2			3,250		3,351,628
OH St Air Quality Dev Auth OH Vly Elec Corp Ser E		5.625%			10/1/2019		BBB-			4,500		4,583,520
OK St Muni Pwr Auth Ser A		5.875%			1/1/2028		A			1,000		1,068,900
Orlando FL Utils Commn Ser B		5.00%			10/1/2033		Aa1			2,500		2,506,525
PA Econ Dev Fing Auth Allegheny Enrg Supply Co		7.00%			7/15/2039		BBB-			1,000		1,049,740
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		6.25%			1/1/2032		Baa3			2,500		2,553,675
Palm Beach Cnty FL Solid Wst Auth Impt Ser B		5.50%			10/1/2028		AA			3,000		3,119,310
Philadelphia PA Gas Wrks Rev 8th 1998 Gen Ordinance Ser A		5.25%			8/1/2017		BBB+			1,000		1,071,470
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT		6.55%			12/1/2037		NR			3,000		2,578,410
Pinal Cnty AZ Elec Dist No 4		6.00%			12/1/2028		BBB+			740		710,393
Puerto Rico Comwlth Aqueduct & Swr Auth Sr Lien Ser A (AG)		5.00%			7/1/2028		AA+			1,000		952,170
Puerto Rico Elec Pwr Auth Ser UU		0.903%	#		7/1/2031		A3			4,000		2,631,040
Puerto Rico Elec Pwr Auth Ser RR (XLCA)		5.00%			7/1/2025		A3			1,000		937,090
SA Enrg Acq Pub Fac Corp TX Gas Supply Rev		5.50%			8/1/2021		A			5,000		5,082,300
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser B AMT		5.75%			5/1/2030		CC			1,375		1,298,151
Sabine River Auth TX Pollutn Ctrl TXU Enrg Co Pj Ser A		5.80%			7/1/2022		CC			1,000		229,860
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%			8/15/2023		AA+			3,650		3,745,465
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%			8/15/2024		AA+			2,920		2,996,373
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%			8/15/2025		AA+			2,920		2,996,373
Sthn CA Pub Pwr Auth Pj No 1 Ser A		1.674%	#		11/1/2038		Baa1			5,000		3,462,750
TN Enrg Acq Corp Jr Ser B		5.625%			9/1/2026		BBB	(a)		3,000		2,752,200

See Notes to Financial Statements.

94

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2011

Investments			Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Utilities (continued)
TX Muni Gas Acq & Supply Corp I Sr Lien Ser A				5.25%		12/15/2026		A	$	1,250		$	1,149,825
TX Muni Gas Acq & Supply Corp I Sr Lien Ser D				6.25%		12/15/2026		A		6,345			6,471,710
Virgin Islands Wtr & Pwr Auth Ser A				5.00%		7/1/2027		BBB-		555			523,126
Virgin Islands Wtr & Pwr Auth Ser A				5.00%		7/1/2031		BBB-		2,330			2,119,787
Walton Cnty GA Wtr & Swr Auth Walton Hard Labor Creek Pj GTD (AGM)				5.00%		2/1/2033		AA+		1,650			1,666,022
Total													264,894,352
Total Municipal Bonds (cost $1,731,359,260)													1,655,342,726
									Shares (000)
SHORT-TERM INVESTMENTS 0.32%
Money Market Mutual Funds 0.00%
Dreyfus Municipal Cash Management Plus										—	(g)		870
SSgA Tax Free Money Market Fund										5			4,500
Total Money Market Mutual Funds (cost $5,370)													5,370
	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date				Principal Amount (000)
Variable Rate Demand Notes 0.32%
Health Care 0.05%
WI St Hlth & Edl Facs Auth Upland Hills Hlth Ser C		4.10%		4/6/2011		5/1/2036		A-	$	700			700,000
Other Revenue 0.27%
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B		4.00%		4/1/2011		6/1/2038		Baa1		4,300			4,300,000
Total Variable Rate Demand Notes (cost $5,000,000)													5,000,000
Total Short-Term Investments (cost $5,005,370)													5,005,370
Total Investments in Securities 105.32% (cost $1,736,364,630)													1,660,348,096
Liabilities in Excess of Cash and Other Assets(f) (5.32%)													(83,858,859	)
Net Assets 100.00%												$	1,576,489,237

See Notes to Financial Statements.

95

Schedule of Investments (unaudited)(concluded)

NATIONAL TAX FREE FUND March 31, 2011

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2011		746	Short	$	(89,659,875)	$	(872,119)
Ultra Long U.S. Treasury Bond	June 2011		193	Short		(23,847,563)		(469,954)
Totals					$	(113,507,438)	$	(1,342,073)

See Notes to Financial Statements.

96

Schedule of Investments (unaudited)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 105.81%
Corporate-Backed 8.54%
Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA)		5.50%		6/1/2025		NR	$	1,375	$	1,135,406
Aleutians East Borough AK Aleutian Pribilof Islands Inc (ACA)		5.50%		6/1/2036		NR		3,210		2,381,627
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.75%		11/1/2024		BB		11,025		11,474,820
Allegheny Cnty PA Indl Dev Auth Envr Impt		6.875%		5/1/2030		BB		8,050		8,282,726
Alliance Arpt Auth Inc TX Spl Facs Amer Airlines Inc Pj AMT		5.25%		12/1/2029		CCC+		25,000		16,563,000
Brazos River Auth TX Pollutn Ctrl TXU Co Ser A Rmkt AMT		7.70%		4/1/2033		CC		2,000		540,000
Brazos River Auth TX Pollutn Ctrl TXU Co Ser D-1 Rmkt AMT†		8.25%		5/1/2033		Ca		2,000		549,360
Calhoun Cnty AR Solid Wst GA Pacific Corp Pj AMT		6.375%		11/1/2026		Ba3		2,075		2,061,741
Courtland AL Indl Dev Brd Solid Wst Disp Intl Paper Co Pjs A AMT		5.20%		6/1/2025		BBB		9,545		8,737,493
CT St Res Recovery Auth Rev Amer Fuel Co Pj Ser A AMT		6.45%		11/15/2022		BB+		3,580		3,581,790
IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(h)		5.875%		3/1/2027		NR		1,500		378,360
IL Fin Auth Sports Fac Leafs Hockey Club Pj Ser A(h)		6.00%		3/1/2037		NR		1,450		360,847
IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A†(d)		6.125%		10/1/2027		NR		1,475		368,750
IL Fin Auth Sports Fac Utd Sports Org of Barrington Ser A†(d)		6.25%		10/1/2037		NR		6,525		1,631,250
MI St Strategic Fd Ltd Pollutn Ctrl Gen Motors Corp(d)		6.20%		9/1/2020		NR		5,000		1,450,000
New York City NY Indl Dev Agy Amer Airlines JFK Intl Arpt AMT		7.625%		8/1/2025		B-		9,515		9,553,060
New York City NY Indl Dev Agy British Airways Plc Pj AMT		5.25%		12/1/2032		BB-		3,830		3,013,023
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00%		5/15/2020		B-		2,900		2,505,078
Nez Perce Cnty ID Pollutn Ctrl Potlatch Corp Pj		6.00%		10/1/2024		BB		5,000		4,807,950
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00%		11/1/2028		NR		6,190		5,334,233
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		5.50%		4/1/2028		B3		5,935		4,666,512

See Notes to Financial Statements.

97

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Corporate-Backed (continued)
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2019		B		$	5,625	$	5,352,244
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		7.20%		11/15/2030		B			755		737,129
OR St Econ Dev Rev GA Pacific Corp Ser CLVII AMT		6.35%		8/1/2025		BBB-			2,325		2,316,095
Port of Bay City Auth TX Matagorda Hoechst Celanese Corp Pj AMT		6.50%		5/1/2026		B+			3,510		3,509,789
Port of Corpus Christi Auth of Nueces Cnty TX Celanese Pj Ser A		6.45%		11/1/2030		B+			6,700		6,742,076
Rockdale Cnty GA Dev Auth Visy Paper Pj Ser A AMT		6.125%		1/1/2034		NR			6,000		5,270,580
Rumford ME Solid Wst Disp Boise Cascade Corp Pj AMT		6.875%		10/1/2026		B2			1,500		1,414,935
West Pace Cooperative Dist AL Rev		9.125%		5/1/2039		NR			14,050		12,378,753
Wyandotte Cnty Kansas City KS Unif Govt Gen Motors Corp Pj		6.00%		6/1/2025		NR			3,185		2,901,439
Total											130,000,066
Education 6.37%
Brevard Cnty FL Indl Dev Rev Tuff FL Tech Pj		6.50%		11/1/2029		BBB-			2,500		2,460,175
CA Statewide Cmntys Dev Auth Thomas Jefferson Sch Law Ser A		7.25%		10/1/2032		BB+			3,500		3,544,205
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2047		A+			8,000		456,720
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2048		A+			8,000		420,560
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2049		A+			9,000		437,220
Charyl Stockwell Academy MI COP		5.90%		10/1/2035		NR			3,000		2,273,550
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+			1,720		1,565,699
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2027		BBB-	(a)		1,375		1,088,533
Hammond IN Loc Pub Impt Bd Bk Ser A		6.50%		8/15/2030		BBB-			1,600		1,551,920
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00%		9/1/2036		NR			12,725		10,633,519
IA Higher Ed Ln Auth Rev Private College Grand View		5.00%		10/1/2031		NR			1,500		1,310,055
IL Fin Auth Rev IL Inst Tech		7.125%		2/1/2034		Baa3			2,500		2,214,875

See Notes to Financial Statements.

98

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2025		Baa3	$	2,500	$	1,817,675
IL Fin Auth Rev IL Inst Tech Ser A		5.00%		4/1/2026		Baa3		2,000		1,414,260
IL Fin Auth Rev Northwestern Mem Hosp Ser A(b)		5.75%		8/15/2030		AA+		5,000		5,149,900
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		6.625%		10/1/2029		BBB-		750		739,395
IN Fin Auth Rev Drexel Fndtn Edl Facs Pj Ser A		7.00%		10/1/2039		BBB-		1,250		1,240,838
Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A		5.25%		6/15/2027		BB+		3,500		2,827,370
MA St Dev Fin Agy Boston Architectural College (ACA)		5.00%		1/1/2037		NR		2,710		1,834,887
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2030		Ba3		5,000		4,651,250
Marietta GA Dev Auth Rev Univ Facs Life Univ Inc Pj		7.00%		6/15/2039		Ba3		3,000		2,727,420
MI Fin Auth St Aid Nts Detriot Sch Ser A-2		6.65%		3/20/2012		NR		4,500		4,519,710
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.875%		12/1/2028		Baa3		2,360		2,244,171
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		6.125%		12/1/2033		Baa3		3,075		2,931,920
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj		8.75%		9/1/2039		BBB-		2,250		2,447,572
MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy		6.625%		6/1/2030		BBB-		1,955		1,868,159
MI Pub Edl Facs Auth Rev Ltd Oblig Landmark Academy		7.00%		12/1/2039		BBB-		3,000		2,930,790
New York City NY Indl Dev Agy Vaughn College Aeronautics B		5.00%		12/1/2031		BB+		1,510		1,166,233
New York City NY Indl Dev Agy Vaughn College Aeronautics B		5.25%		12/1/2036		BB+		3,640		2,842,476
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		7.125%		12/1/2023		Baa1		4,000		4,447,160
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		7.50%		12/1/2032		Baa1		2,000		2,173,560
OH St Higher Edl Fac Rev Commn Ashland Univ Pj		6.25%		9/1/2024		Ba1		7,020		6,839,516
Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj		6.00%		6/1/2040		BBB-		1,800		1,563,318

See Notes to Financial Statements.

99

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Education (continued)
Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj		6.10%		6/1/2045		BBB-	$	2,250	$	1,949,310
Univ of CA Ser O(b)		5.75%		5/15/2031		Aa1		7,000		7,410,550
Yonkers NY Econ Dev Corp Charter Sch Edl Excellence Ser A		6.00%		10/15/2030		BB+		1,300		1,175,486
Total										96,869,957
General Obligation 6.11%
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.125%		8/1/2029		A2		1,500		1,497,390
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2037		A+		4,150		530,453
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2041		A+		6,500		602,485
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2042		A+		6,900		589,536
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2043		A+		6,900		543,306
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2044		A+		7,200		522,360
Huntington Beach CA Union High Sch Dist Cap Apprec 2004 Election (NPFGC)(FGIC)		Zero Coupon		8/1/2033		Aa2		5,000		1,085,650
Los Angeles CA Cmnty College Dist 2001 Election Ser A (NPFGC)(FGIC)(b)		5.00%		8/1/2032		Aa1		10,580		10,242,286
Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b)		5.00%		7/1/2032		AA+		10,000		9,558,100
Los Angeles CA Unif Sch Dist Ser D(b)		5.00%		1/1/2034		Aa2		10,460		9,772,255
Los Angeles CA Unif Sch Dist Ser F(b)		5.00%		7/1/2029		Aa2		2,000		1,868,500
Maverick Cnty TX Ctfs Oblig		8.75%		3/1/2034		NR		2,500		2,487,400
Maverick Cnty TX Ctfs Oblig		8.75%		3/1/2034		NR		5,500		5,472,280
New York City NY Ser H-1(b)		5.125%		3/1/2026		AA		10,000		10,403,850
New York City NY Sub Ser J-1(b)		5.00%		5/15/2029		AA		9,000		9,061,065
New York City NY Sub Ser J-1(b)		5.00%		5/15/2031		AA		7,000		7,047,495
New York City NY Sub Ser J-1(b)		5.00%		5/15/2036		AA		1,000		1,006,785
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2025		AAA		3,730		3,884,794
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2026		AAA		5,420		5,644,928

See Notes to Financial Statements.

100

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2027		AAA	$	2,160	$	2,249,639
Territory of Guam Ser A		6.75%		11/15/2029		B+		3,690		3,692,029
Territory of Guam Ser A		7.00%		11/15/2039		B+		2,175		2,248,537
Woonsocket RI		7.125%		6/15/2016		Ba1		3,000		2,994,810
Total										93,005,933
Health Care 31.11%
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2036		NR		10,000		7,508,600
Alachua Cnty FL Indl Dev Rev North FL Ret Vlg		5.875%		11/15/2042		NR		4,500		3,277,620
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.00%		11/15/2028		BB-		15,365		10,778,240
Allegheny Cnty PA Hosp Dev Auth Hlth Sys West PA Ser A		5.375%		11/15/2040		BB-		2,425		1,656,445
Alton IL Hosp Fac Rev St. Anthony’s Hlth Ctr		6.00%		9/1/2014		NR		1,620		1,624,390
Arkansas City KS Pub Bldg Commn South Cent Regl Med Ctr		6.75%		9/1/2038		A3		6,360		6,519,064
AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj		5.20%		10/1/2037		NR		9,710		6,825,644
AZ Univ Med Ctr Corp		6.25%		7/1/2029		BBB+		250		255,780
AZ Univ Med Ctr Corp		6.50%		7/1/2039		BBB+		625		646,238
Bexar Cnty TX Hlth Facs Dev Corp Army Ret Residence Pj		5.875%		7/1/2030		BBB		2,100		1,987,629
Bremer Cnty IA Ret Bartels Lutheran Ser A		5.00%		11/15/2017		NR		1,140		1,084,425
Bucks Cnty PA Indl Dev Auth Ret Cmnty Ann’s Choice Inc Fac Ser A		6.125%		1/1/2025		NR		3,500		3,267,110
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.375%		2/1/2029		Baa2		1,000		867,920
CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser A		5.25%		7/1/2030		BBB		3,020		2,353,848
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		7.00%		11/15/2029		BBB		1,000		1,032,480
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		7.25%		11/15/2041		BBB		2,500		2,603,525
CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A		5.00%		7/15/2022		NR		2,270		2,007,202
CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A		5.125%		7/15/2031		NR		2,600		2,085,434

See Notes to Financial Statements.

101

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
CO Hlth Facs Auth Rev Amer Baptist Ser A		7.75%		8/1/2029		NR	$	5,770	$	5,882,169
CO Hlth Facs Auth Rev Amer Baptist Ser A		7.75%		8/1/2039		NR		5,045		5,099,486
CO Hlth Facs Auth Rev Christian Living Cmntys Pj A		5.75%		1/1/2026		NR		1,500		1,341,810
CO Hlth Facs Auth Rev Christian Living Cmntys Pj A		5.75%		1/1/2037		NR		2,055		1,703,759
CO Hlth Facs Auth Rev Hlth & Resdl Care Facs Volunteers of America Care A		5.30%		7/1/2037		NR		1,500		1,095,360
Cottage Grove MN Sr Hsg Rev PHS/Cottage Grove Inc Pj B		6.00%		12/1/2046		NR		2,325		1,950,419
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		5.40%		1/1/2022		NR		585		532,373
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		6.00%		1/1/2030		NR		5,500		4,940,595
Cumberland Cnty PA Muni Auth Asbury PA Oblig Grp		6.00%		1/1/2040		NR		3,425		2,946,836
Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Eliza Jennings Sr Care Ser A		6.00%		5/15/2037		NR		4,300		3,634,102
Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Eliza Jennings Sr Care Ser A		6.00%		5/15/2042		NR		2,500		2,078,725
Director St NV Dept Business & Industry Las Ventanas Ret Pj A(d)		7.00%		11/15/2034		NR		6,000		3,217,080
Director St NV Dept Business & Industry Las Ventanas Ret Pj B(d)		6.00%		11/15/2014		NR		4,105		2,457,869
Director St NV Dept Business & Industry Las Ventanas Ret Pj B(d)		6.75%		11/15/2023		NR		4,700		2,673,595
East Rochester NY Hsg Auth Rev Sr Living Woodland Vlg Pj		5.50%		8/1/2033		NR		1,700		1,363,638
Fairfax Cnty VA Indl Dev Auth Hlthcare Inova Hlth Sys Ser A(b)		5.50%		5/15/2035		AA+		5,000		5,044,525
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.00%		7/1/2030		Ba1		4,225		3,994,569
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.375%		7/1/2035		Ba1		2,620		2,521,121
Flint MI Hosp Bldg Auth Rent Hurley Med Ctr		7.50%		7/1/2039		Ba1		800		770,872
Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A		5.125%		7/1/2042		NR		8,000		4,785,440
Fulton Cnty PA Indl Dev Auth Hosp Fulton Cnty Med Ctr Pj		5.875%		7/1/2031		NR		1,500		1,239,930

See Notes to Financial Statements.

102

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Ser B		6.00%		1/1/2023		BBB-	(a)	$	3,385	$	3,314,964
Harris Cnty TX Cultural Ed Facs Fin Corp Children’s Hosp Pj(b)		5.00%		10/1/2024		AA			6,000		6,039,090
Harris Cnty TX Cultural Ed Facs Fin Corp Children’s Hosp Pj(b)		5.25%		10/1/2029		AA			4,000		4,026,060
HFDC Cent TX Inc Ret Fac Ser A		5.625%		11/1/2026		NR			1,850		1,512,301
HFDC Cent TX Inc Ret Fac Ser A		5.75%		11/1/2036		NR			5,500		4,184,895
Hillsdale MI Hosp Fin Auth Hosp Hillsdale Cmnty Hlth Ctr		5.75%		5/15/2018		BB+			2,360		2,369,251
Holmes Cnty FL Hosp Corp Doctors Mem Hosp		5.75%		11/1/2026		NR			6,165		5,158,317
Holmes Cnty FL Hosp Corp Doctors Mem Hosp		6.00%		11/1/2038		NR			7,115		5,611,956
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2027		NR			6,700		5,118,666
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser A		5.25%		4/1/2033		NR			2,990		2,150,139
Howard Cnty MD Ret Cmnty Vantage Hse Fac Ser B		5.25%		4/1/2037		NR			6,270		4,374,642
Huntsville-Redstone Vlg AL Spl Care Facs Fing Auth Redstone Vlg Pj		5.50%		1/1/2028		NR			4,500		3,667,815
IA Fin Auth Sr Hsg Rev Bethany Life Cmntys Pj Ser A		5.55%		11/1/2041		NR			1,000		781,000
IL Fin Auth Rev Admiral at Lake Pj Ser A		8.00%		5/15/2040		NR			7,000		6,754,860
IL Fin Auth Rev Clare Oaks Pj Ser A		6.00%		11/15/2027		NR			9,000		6,088,860
IL Fin Auth Rev Clare Wtr Twr Cap Apprec Ser B		Zero Coupon		5/15/2050		NR			4,800		21,552
IL Fin Auth Rev Clare Wtr Twr Ser A-2		5.20%		5/15/2015		NR			700		336,476
IL Fin Auth Rev Clare Wtr Twr Ser A-3		5.30%		5/15/2016		NR			700		329,315
IL Fin Auth Rev Clare Wtr Twr Ser A-6		6.00%		5/15/2028		NR			2,800		1,259,328
IL Fin Auth Rev Clare Wtr Twr Ser A-7		6.125%		5/15/2041		NR			3,500		1,573,985
IL Fin Auth Rev Clare Wtr Twr Ser A-10		5.125%		5/15/2018		NR			3,500		1,610,665
IL Fin Auth Rev Friendship Vlg Schaumburg		7.125%		2/15/2039		BB-	(a)		1,500		1,432,770
IL Fin Auth Rev Friendship Vlg Schaumburg		7.25%		2/15/2045		BB-	(a)		3,500		3,363,535
IL Fin Auth Rev Friendship Vlg Schaumburg Ser A		5.375%		2/15/2025		BB-	(a)		4,000		3,419,360

See Notes to Financial Statements.

103

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

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		5.625%		2/15/2037		BB-	(a)	$	10,975	$	8,659,604
IL Fin Auth Rev Landing at Plymouth Place Pj Ser A		6.00%		5/15/2025		NR			3,000		2,533,500
IL Fin Auth Rev Montgomery Place Pj Ser A		5.50%		5/15/2026		NR			2,400		2,019,912
IL Fin Auth Rev Rush Univ Med Ctr Oblig Grp Ser A		7.25%		11/1/2030		A2			3,000		3,261,450
IL Fin Auth Rev Smith Vlg Pj Ser A		5.25%		11/15/2016		NR			4,290		4,118,614
IL Fin Auth Rev Three Crowns Pk Plaza Ser A		5.875%		2/15/2038		NR			4,500		3,809,295
Iron River MI Hosp Fin Auth Iron Cnty Cmnty Hosps		6.50%		5/15/2033		NR			3,000		2,525,610
Johnston NC Mem Hosp Auth (AGM)(FHA)(b)		5.25%		10/1/2036		AA+			7,000		7,212,205
Kansas City MO Indl Dev Auth First Mtg Bishop Spencer Ser A		6.50%		1/1/2035		NR			6,500		5,750,680
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		5.75%		7/1/2025		BB+			8,825		8,084,935
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		6.00%		7/1/2035		BB+			4,350		3,781,716
Kent MI Hosp Fin Auth Rev Metro Hosp Pj Ser A		6.25%		7/1/2040		BB+			1,940		1,707,607
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.00%		5/15/2021		NR			1,000		1,031,520
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.00%		5/15/2029		NR			2,820		2,846,790
Kirkwood MO Indl Dev Auth Aberdeen Heights Ser A		8.25%		5/15/2039		NR			6,695		6,783,642
Kuakini HI Hlth Sys Spl Fac Ser A		6.375%		7/1/2032		BBB-			5,930		5,400,925
LA Pub Facs Auth Hosp Rev Lake Charles Mem Hosp†		6.375%		12/1/2034		NR			1,340		1,217,926
Lexington VA Indl Dev Auth Resdl Care Fac Mtg Kendal at Lexington Ser A		5.50%		1/1/2037		NR			3,050		2,335,995
Lubbock TX Hlth Facs Dev Corp 1st Mtg Carillon Pj A		6.30%		7/1/2019		NR			4,010		3,931,484
MA Dev Fin Agy Groves Lincoln Ser A		7.50%		6/1/2029		NR			4,000		3,929,520
MA Dev Fin Agy Groves Lincoln Ser A		7.75%		6/1/2039		NR			2,000		1,977,120
MA St Hlth & Edl Facs Auth Emerson Hosp Ser E (RADIAN)		5.00%		8/15/2025		NR			6,840		5,805,587
Mesquite TX Hlth Facs Dev Corp Ret Fac Christian Care		5.625%		2/15/2035		BBB-			1,650		1,394,366

See Notes to Financial Statements.

104

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
MI St Hosp Fin Auth Rev Presbyterian Vlg		5.25%		11/15/2025		BB+	(a)	$	3,800	$	3,145,678
MI St Hosp Fin Auth Rev Presbyterian Vlg		5.50%		11/15/2035		BB+	(a)		1,750		1,372,385
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.125%		2/1/2028		NR			6,045		5,089,467
Montgomery Cnty PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care		6.25%		2/1/2035		NR			11,975		9,779,743
NC Med Care Commn First Mtg Galloway Ridge Pj Ser A		5.875%		1/1/2031		NR			1,555		1,407,602
NC Med Care Commn First Mtg Galloway Ridge Pj Ser A		6.00%		1/1/2039		NR			1,520		1,356,874
NC Med Care Commn Hsg Fndtn Inc (ACA)		6.625%		8/15/2030		NR			2,915		2,667,400
NH Hlth & Ed Facs Auth Havenwood Heritage Heights A		5.35%		1/1/2026		NR			2,415		2,108,247
NH Hlth & Ed Facs Auth Havenwood Heritage Heights A		5.40%		1/1/2030		NR			2,250		1,885,365
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.30%		11/1/2026		NR			1,250		994,888
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR			4,705		3,337,351
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.625%		7/1/2038		BBB-			9,000		8,675,190
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.125%		12/1/2029		Ba1			4,250		4,008,727
OH St Hosp Fac Rev Cleveland Clinic Hlth Ser B(b)		5.50%		1/1/2034		Aa2			13,500		13,377,690
Oklahoma Cnty OK Fin Auth Rev Ret Fac Concordia Ser A		6.00%		11/15/2038		NR			1,500		1,249,680
Orange Cnty FL Hlth Facs Auth 1st Mtg Orlando Lutheran Tower		5.50%		7/1/2038		NR			6,550		5,013,042
Orange Cnty FL Hlth Facs Auth Hlthcare Orlando Lutheran		5.375%		7/1/2020		NR			1,100		999,262
Orange Cnty FL Hlth Facs Auth Hlthcare Orlando Lutheran		5.70%		7/1/2026		NR			2,920		2,494,235
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser A		5.00%		7/1/2034		BBB			7,275		5,671,081
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hlth Sys Ser B		5.50%		7/1/2026		BBB			3,000		2,669,670
Philadelphia PA Hosps & Higher Ed Facs Auth Temple Univ Hosp Sys Ser A		6.625%		11/15/2023		BBB			5,000		4,999,950

See Notes to Financial Statements.

105

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
RI St Hlth & Edl Bldg Corp Hosp Fing St. Joseph Hlth Svcs		5.50%		10/1/2029		B2	$	15,270	$	11,616,958
Rochester MN Hlthcare Samaritan Bethany Ser A		6.875%		12/1/2029		NR		1,945		1,941,713
Rochester MN Hlthcare Samaritan Bethany Ser A		7.375%		12/1/2041		NR		6,000		5,981,040
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2037		NR		2,565		1,981,052
Sarasota Cnty FL Hlth Facs Auth Hlthcare Sarasota Manatee		5.75%		7/1/2045		NR		6,435		4,823,998
Sayre OK Mem Hosp Auth		6.00%		7/1/2037		NR		4,000		2,859,480
SC Jobs Econ Dev Auth First Mtg Wesley Commons		5.125%		10/1/2026		NR		1,400		1,096,228
SC Jobs Econ Dev Auth Hampton Regl Med		5.25%		11/1/2028		NR		12,000		9,676,800
St. Paul MN Port Auth Lease Rev Healtheast Midway Campus 03 A		5.75%		5/1/2025		BB		1,520		1,367,894
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		5.375%		8/1/2015		NR		2,330		2,286,313
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00%		8/1/2025		NR		3,000		2,554,800
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00%		8/1/2035		NR		3,000		2,360,880
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		6.875%		11/1/2023		NR		1,300		1,293,968
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		7.125%		11/1/2030		NR		2,000		1,980,100
Tulsa Cnty OK Indl Auth Sr Montereau Inc Pj Ser A		7.25%		11/1/2045		NR		3,500		3,367,210
Upper IL River Vly Dev Auth Pleasant View Luther Home		7.25%		11/15/2040		NR		1,200		1,105,968
Upper IL River Vly Dev Auth Pleasant View Luther Home		7.375%		11/15/2045		NR		1,550		1,428,294
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc†		5.70%		9/1/2037		NR		9,250		7,006,227
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc†		5.75%		9/1/2042		NR		2,000		1,496,020
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc		8.00%		9/1/2041		NR		2,955		2,969,125
Western IL Econ Dev Auth Carthage Mem Hosp Pj Ser B		7.00%		6/1/2033		NR		2,890		2,710,993

See Notes to Financial Statements.

106

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Health Care (continued)
Westmoreland Cnty PA Indl Dev Auth Ret Cmnty Redstone Ser A		5.75%		1/1/2026		NR		$	900	$	765,819
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2030		Aa1			1,170		1,119,199
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp		5.00%		11/15/2030		Aa1			5		4,783
WI St Hlth & Edl Facs Ascension Hlth Sr Ctr Grp(b)		5.00%		11/15/2033		Aa1			7,000		6,517,280
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser A		7.25%		9/15/2029		NR			1,000		997,920
WI St Hlth & Edl Facs Auth St. John’s Cmntys Inc Ser A		7.625%		9/15/2039		NR			2,000		2,034,020
WI St Hlth & Edl Facs Auth Wheaton Hlthcare Ser B		5.125%		8/15/2030		BBB+			21,150		18,012,397
Wilson Cnty KS Hosp Rev		5.60%		9/1/2036		NR			3,530		2,697,379
WV St Hosp Fin Auth Thomas Hlth Sys		6.50%		10/1/2028		NR			7,425		6,919,506
Total											473,552,563
Housing 2.76%
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		6.375%		12/1/2029		B3			3,280		2,498,343
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		6.45%		12/1/2019		B3			1,405		1,232,354
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A(b)		5.125%		1/1/2036		BBB-	(a)		10,700		8,753,777
Harrisonburg VA Redev & Hsg Auth Multi Fam Hsg Brooke Ridge Apts Pj Ser E AMT		6.475%		12/1/2038		NR			12,100		7,648,047
LA Hsg Fin Agy Multi Fam Hsg La Chateau Ser A		6.875%		9/1/2029		A-			1,805		1,745,525
LA Hsg Fin Agy Multi Fam Hsg Ser B		8.00%		9/1/2039		BBB-			3,455		3,433,890
LA Pub Facs Auth Rev Susla Facs Inc Pj Ser A†		5.75%		7/1/2039		NR			5,100		3,565,869
Metro Govt Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Multi Fam Hsg Prestige A(d)		7.50%		12/20/2040		NR			3,930		2,240,139
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.125%		1/1/2025		NR			2,790		279,000
MuniMae TE Bd Subs LLC†(i)		5.30%		11/29/2049		Ba2			2,000		1,362,620
MuniMae TE Bd Subs LLC†(i)		5.90%		11/29/2049		B1			2,000		1,022,640

See Notes to Financial Statements.

107

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Housing (continued)
St. Paul MN Hsg & Redev Auth Carondelet Vlg Pj A		6.00%		8/1/2035		NR		$	4,000	$	3,661,320
St. Paul MN Hsg & Redev Auth Carondelet Vlg Pj A		6.00%		8/1/2042		NR			4,615		4,116,673
Stillwater MN Multi Fam Rev Hsg Orleans Homes LP Pj AMT		5.50%		2/1/2042		NR			500		378,010
Total											41,938,207
Lease Obligations 0.85%
CA St Pub Wrks Brd Regents Univ Ser E(b)		5.00%		4/1/2034		Aa2			7,495		6,791,725
Jurupa CA Pub Fing Auth Rev Sub Lien Ser B		6.125%		9/1/2040		NR			2,575		2,232,783
Philadelphia PA Muni Auth Rev Lease		6.10%		4/1/2024		A2			1,780		1,840,146
Philadelphia PA Muni Auth Rev Lease		6.375%		4/1/2029		A2			2,000		2,050,860
Total											12,915,514
Other Revenue 14.42%
AK Indl Dev & Export Auth Sports Facs Rev Anchorage Sportsplex Pj Ser A(d)		6.15%		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		B			8,000		7,480,960
Austin TX Convtn Entrprse Inc 2nd Tier Ser B†		5.75%		1/1/2034		Ba2			2,750		2,213,035
Baker FL Correctional Dev Corp 1st Mtg Rev Detention Ctr Pj		7.50%		2/1/2030		NR			8,300		5,680,603
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.00%		9/1/2032		Baa3			2,250		1,818,247
Baltimore MD Cnvtn Ctr Sr Ser A (XLCA)		5.25%		9/1/2039		Baa3			2,975		2,391,870
Baltimore MD Cnvtn Ctr Sub Ser B		5.875%		9/1/2039		Ba1			10,845		9,289,176
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		6.75%		8/1/2028		NR			3,450		3,274,395
Baytown Twp MN Rev St. Croix Prep Academy Pj Ser A		7.00%		8/1/2038		NR			3,000		2,813,130
Beauregard Parish LA Rev Boise Cascade Corp Pj		6.80%		2/1/2027		B2			6,250		6,015,312
CA Muni Fin Auth Edl High Tech High Chula Vista B†		6.125%		7/1/2038		BB+	(a)		1,250		1,085,063
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15%		7/1/2030		NR			2,340		1,796,137
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25%		7/1/2042		NR			1,500		1,075,680
CA Statewide Cmntys Dev Auth Windrush Sch		5.50%		7/1/2037		NR			7,225		5,063,569

See Notes to Financial Statements.

108

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date			Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
Charyl Stockwell Academy MI COP		5.75%		10/1/2025			NR		$	4,130	$	3,356,410
Chester Cnty PA Indl Dev Auth Renaissance Academy Pj A		5.625%		10/1/2015			NR			1,870		1,768,253
CO Edl & Cultural Facs Auth Charter Sch Cmnty Leadership		6.50%		7/1/2038			NR			1,065		940,842
CO Edl & Cultural Facs Auth New Vision Charter Pj Sch†		6.75%		4/1/2040			NR			930		802,404
Conner Creek Academy East MI Pub Sch		5.25%		11/1/2036			BB+			1,000		729,590
Detroit MI Cmnty High Sch Pub Sch Academy		5.65%		11/1/2025			BB+			1,000		822,990
Detroit MI Cmnty High Sch Pub Sch Academy		5.75%		11/1/2030			BB+			1,255		996,734
Doctor Charles Drew Academy MI COP		5.70%		11/1/2036			NR			1,640		1,071,658
FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A		6.00%		5/15/2036			NR			2,000		1,544,900
FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A		6.125%		5/15/2037			NR			1,855		1,451,148
Gainesville GA Redev Auth Edl Riverside Military Academy		5.125%		3/1/2037			BBB-	(a)		7,460		5,355,758
IA Fin Auth Child Svcs		5.375%		6/1/2026			NR			1,795		1,469,746
IAH TX Pub Fac Corp Pj Rev		6.00%		5/1/2016			NR			730		698,333
IAH TX Pub Fac Corp Pj Rev		6.00%		5/1/2021			NR			2,000		1,767,160
IAH TX Pub Fac Corp Pj Rev		6.125%		5/1/2026			NR			1,635		1,346,815
International Falls MN Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2022			B			1,085		989,639
Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A†		6.125%		8/1/2026			NR			1,550		1,414,080
Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A†		6.25%		8/1/2036			NR			2,815		2,390,216
Kansas City MO Indl Dev Auth Derrick Thomas Ser A†		5.875%		1/1/2037			NR			6,570		5,143,916
La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life		6.25%		2/15/2026			NR			1,000		884,940
La Vernia TX Higher Ed Fin Corp Amigos Por Vida Friends Life		6.375%		2/15/2037			NR			1,220		1,021,909
La Vernia TX Higher Ed Fin Corp Lifeschs of Dallas Ser A		7.25%		8/15/2031			BBB-			4,750		4,724,397
La Vernia TX Higher Ed Fin Corp Ser A		7.125%		2/15/2038			BBB			6,515		6,738,921
Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A		5.375%		6/15/2037	��		BB+			3,500		2,598,155
Lombard IL Pub Facs Corp 1st Tier Ser A-1		7.125%		1/1/2036			NR			8,500		5,912,600

See Notes to Financial Statements.

109

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
Madison Cnty FL Rev 1st Mtg Twin Oaks Pj Ser A		6.00%		7/1/2025		NR	$	1,130	$	974,727
Maverick Cnty TX Pub Fac Corp Ser A-1		6.25%		2/1/2024		NR		4,510		3,867,505
Maverick Cnty TX Pub Fac Corp Ser A-1		6.375%		2/1/2029		NR		1,560		1,295,471
MD St Econ Dev Corp Cnx Marine Terminals Inc		5.75%		9/1/2025		BB		1,500		1,401,000
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2016		NR		4,000		3,263,440
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser A		5.00%		12/1/2031		NR		15,200		9,759,312
MD St Econ Dev Corp Sr Lien Pj Chesapeake Bay Ser B		5.25%		12/1/2031		NR		3,000		1,926,750
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy		5.25%		7/1/2018		NR		250		100,000
MD St Hlth & Higher Edl Facs Auth Washington Christian Academy		5.50%		7/1/2038		NR		2,300		920,000
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy Pj†		6.50%		9/1/2037		BBB-		5,000		4,591,300
MI Pub Edl Facs Auth Rev Ltd Oblig Crescent		7.00%		10/1/2036		NR		732		627,423
MI Pub Edl Facs Auth Rev Ltd Oblig David Ellis West Pj		5.875%		6/1/2037		NR		3,390		2,610,842
MI Pub Edl Facs Auth Rev Ltd Oblig Old Redford Pj Ser A		5.875%		12/1/2030		BBB		3,720		3,360,685
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.25%		1/1/2037		NR		5,755		575,500
Milwaukee WI Redev Auth Academy of Learning Ser A		5.65%		8/1/2037		NR		3,340		2,609,175
Mohave Cnty AZ Indl Dev Auth Mohave Prison LLC Expansion Pj		8.00%		5/1/2025		BBB+		10,250		11,156,202
NJ Econ Dev Auth Cigarette Tax		5.625%		6/15/2019		BBB		4,150		4,124,104
Otero Cnty NM Jail Pj Rev		5.75%		4/1/2018		NR		1,925		1,751,134
Otero Cnty NM Jail Pj Rev		6.00%		4/1/2023		NR		1,350		1,152,617
Otero Cnty NM Jail Pj Rev		6.00%		4/1/2028		NR		1,900		1,530,735
Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A(d)		6.75%		7/1/2022		NR		1,460		657,000
Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A(d)		7.00%		7/1/2036		NR		5,000		2,250,000
Palm Beach Cnty FL Rev G Star Sch of Arts Ser A		6.75%		5/15/2035		BB		2,455		2,101,284

See Notes to Financial Statements.

110

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Other Revenue (continued)
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.50%		7/1/2026		BBB	(a)	$	5,000	$	4,418,900
Pima Cnty AZ Indl Dev Auth Amer Charter Schs Fndtn Ser A		5.625%		7/1/2038		BBB	(a)		11,410		9,535,451
Pima Cnty AZ Indl Dev Auth Horizon Cmnty Learning Ctr		5.25%		6/1/2035		BBB			10,000		7,866,800
Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj		5.875%		6/1/2022		BBB-			250		236,198
Pima Cnty AZ Indl Dev Auth Paradise Ed Ctr Pj		6.00%		6/1/2036		BBB-			1,800		1,508,634
Plymouth MI Edl Ctr Charter Sch		5.375%		11/1/2030		BBB-			1,500		1,188,435
Port of St. Helen’s OR Pollutn Ctrl Boise Cascade Corp Pj		5.65%		12/1/2027		B			1,730		1,472,040
Provo UT Charter Sch Rev Freedom Academy Fndtn		5.50%		6/15/2037		NR			3,935		2,875,816
Red River Auth TX Pollutn Ctrl Celanese Pj Ser A		6.45%		11/1/2030		B+			2,495		2,505,853
San Luis AZ Fac Dev Corp Rev Sr Lien Pj Regl Detention Ctr		7.00%		5/1/2020		NR			1,000		941,780
San Luis AZ Fac Dev Corp Rev Sr Lien Pj Regl Detention Ctr		7.25%		5/1/2027		NR			1,200		1,063,896
Spanish Fork UT Charter Sch Rev Amer Leadership Academy†		5.55%		11/15/2021		NR			1,025		908,570
Spanish Fork UT Charter Sch Rev Amer Leadership Academy†		5.55%		11/15/2026		NR			800		659,744
Spanish Fork UT Charter Sch Rev Amer Leadership Academy†		5.70%		11/15/2036		NR			1,750		1,356,145
Star Intl Academy MI COP		6.125%		3/1/2037		BBB			1,425		1,191,158
Summit Academy MI Pub Sch		6.375%		11/1/2035		BB+			3,795		3,122,071
Two Rivers MT Auth Inc Pj Sr Lien(d)		7.375%		11/1/2027		NR			2,615		392,250
TX St Pub Fin Auth Charter Sch Ed Cosmos Fndtn Ser A		5.375%		2/15/2037		BBB			2,870		2,442,686
UT St Charter Sch Fin Auth Noah Webster Academy Ser A		6.50%		6/15/2038		NR			500		391,905
Utah Cnty UT Charter Sch Rev Lakeview Academy Ser A		5.625%		7/15/2037		NR			1,000		756,570
Utah Cnty UT Charter Sch Rev Lincoln Academy Ser A†		5.875%		6/15/2037		NR			1,750		1,350,702

See Notes to Financial Statements.

111

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Other Revenue (continued)
West Vly City UT Charter Sch Monticello Academy†		6.375%		6/1/2037		NR	$	4,140	$	3,422,124
Total										219,466,625
Special Tax 8.83%
Altoona IA Tax Alloc Annual Appropriation		5.75%		6/1/2031		BBB+		1,000		998,730
Anaheim CA Cmnty Facs Dist No 08-1 Platinum Triangle		6.25%		9/1/2040		NR		3,125		2,763,938
Anne Arundel Cnty MD Spl Oblig National Business Pk North Pj		5.625%		7/1/2025		NR		1,000		931,710
Anne Arundel Cnty MD Spl Oblig National Business Pk North Pj		6.10%		7/1/2040		NR		2,250		2,042,978
Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A-1		5.50%		5/1/2036		NR		1,235		209,950
Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A-3		5.50%		5/1/2036		NR		655		538,155
Arborwood Cmnty Dev Dist FL Master Infrastr Pjs Ser A		5.35%		5/1/2036		NR		6,665		4,275,598
Atlanta GA Tax Alloc Beltline Pj Ser B		7.375%		1/1/2031		NR		1,310		1,299,703
Atlanta GA Tax Alloc Beltline Pj Ser B Rmkt		7.375%		1/1/2031		NR		4,000		4,047,400
Atlanta GA Tax Alloc Princeton Lakes Pj		5.50%		1/1/2031		NR		1,045		882,471
Aurora IL Tax Incr Rev East River Area No 6 Ser A		6.75%		12/30/2027		NR		1,600		1,516,992
Aurora IL Tax Incr Rev River City No 3 Ser B		6.50%		12/30/2023		NR		2,860		2,731,100
Baltimore MD Spl Oblig Ser A		7.00%		9/1/2038		NR		7,000		6,751,990
Branson Hills MO Indl Dev Auth Tax Rev Branson Landing Retail Pj		5.50%		6/1/2029		NR		6,220		4,807,438
Cap Reg Cmnty Dev Dist FL Cap Impt Ser A		7.00%		5/1/2039		NR		4,565		3,726,044
Dardenne Twn Square Transn Dev Dist MO Ser A		5.00%		5/1/2036		NR		3,110		1,498,149
Durbin Crossing Cmnty Dev Dist FL Ser A		5.50%		5/1/2037		NR		5,700		4,148,802
FL Cypress Creek Hillsborough Cnty Cmnty Dev Dist		5.35%		5/1/2037		NR		6,600		3,428,040
Frederick Cnty MD Urbana Cmnty Dev Auth Ser B		5.50%		7/1/2040		NR		7,500		6,522,375
Grandview MO Indl Dev Auth Tax Inc Grandview Crossing Pj 1		5.75%		12/1/2028		NR		1,000		260,000
Henderson NV Loc Impt Dists No T18		5.25%		9/1/2026		NR		8,140		4,260,802
Henderson NV Loc Impt Dists No T18		5.30%		9/1/2035		NR		2,495		1,281,981

See Notes to Financial Statements.

112

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments		Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Special Tax (continued)
Hesperia CA Pub Fing Auth Redev & Hsg Pjs Ser A (XLCA)			5.00%		9/1/2031		Ba1	$	6,370	$	4,452,949
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj			10.00%		5/1/2039		NR		11,325		8,828,630
Houston Cnty AL Cooperative Dist Rev Country Crossing Pj			10.50%		5/27/2011		NR		3,800		3,651,192
IA Fin Auth Child Svcs			5.50%		6/1/2031		NR		4,260		3,293,449
Inglewood CA Redev Agy Tax Alloc Sub Lien Ser A-1 (AMBAC)			5.00%		5/1/2033		BBB+		12,000		9,102,240
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas			6.875%		8/1/2034		BBB+		1,000		1,012,170
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas			6.875%		8/1/2039		BBB+		1,000		985,760
Magnolia FL West Cmnty Dev Dist			5.35%		5/1/2037		NR		3,765		2,125,568
Mariposa NM East Pub Impt Dist			5.75%		9/1/2021		NR		350		291,788
Mariposa NM East Pub Impt Dist			6.00%		9/1/2032		NR		1,000		738,090
Mediterranea Cmnty Dev Dist FL Spl Assmnt Ser A			5.60%		5/1/2037		NR		1,435		645,750
Mesquite NV Redev Agy Tax Alloc			7.125%		6/1/2021		A-		1,000		1,019,450
Mesquite NV Redev Agy Tax Alloc			7.375%		6/1/2024		A-		1,655		1,687,024
Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A			5.45%		7/1/2036		NR		5,454		3,812,291
Norco CA Redev Agy Tax Alloc Redev Pj Area No 1			5.875%		3/1/2032		A		2,000		1,819,860
Orange CA Cmnty Facs Dist No 06-1 Del Rio Pub Imports			6.00%		10/1/2040		NR		3,000		2,685,720
Orange Grove LA Cmnty Dev Dist			5.30%		11/1/2021		NR		1,760		1,241,046
Panther Trace II FL Cmnty Dev Dist Spl Assmnt Ser A			5.60%		5/1/2035		NR		1,630		1,194,431
Rancho Cucamonga Cmnty Facs Dist Spl Tax No 2004-1 Etiwanda			5.375%		9/1/2036		NR		3,550		2,644,466
Riverside Cnty CA Pub Fing Auth Jurupa Vy Desert & Inst 215 (NPFGC)			4.75%		10/1/2035		A3		9,000		6,635,250
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E			6.00%		10/1/2025		A-		1,500		1,447,980
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E			6.50%		10/1/2040		A-		2,000		1,866,500
Shingle Creek FL Cmnty Dev Dist(d)			6.10%		5/1/2025		NR		4,990		1,983,525
Sparks NV Loc Impt Dist Ltd Oblig Dist No 3	��		6.75%		9/1/2027		NR		1,000		909,660

See Notes to Financial Statements.

113

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Special Tax (continued)
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj		5.70%		4/1/2022		NR		$	1,485	$	1,176,462
Tern Bay Cmnty Dev Dist FL Ser A(d)		5.375%		5/1/2037		NR			13,145		3,286,250
Westside CA Union Sch Dist Cmnty Facs Dist No 2005-3		5.00%		9/1/2036		NR			2,810		2,093,534
Whispering Spring LA Dev Dist Spl Assmnt		5.20%		10/1/2021		NR			2,290		1,524,453
Whiting IN Redev Dist Standard Ave Pj		5.35%		1/15/2027		NR			3,840		3,259,622
Total											134,339,456
Tax Revenue 2.85%
Cooperative Dist of Fort Spanish AL Rev Pub Impt		9.00%		2/1/2029		NR			3,330		3,648,947
Martin Cnty TX Hosp Dist Ser A		7.25%		4/1/2036		BBB+	(a)		3,450		3,386,003
NJ Econ Dev Auth Cigarette Tax		5.50%		6/15/2024		BBB			7,185		6,658,627
NJ Econ Dev Auth Cigarette Tax		5.75%		6/15/2029		BBB			9,115		8,199,489
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2028		AAA			6,000		6,200,760
Southwestern IL Dev Auth Rev Loc Govt Pg Collinsville Ltd		5.35%		3/1/2031		NR			1,000		717,580
Sparks NV Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.75%		6/15/2028		B2			17,000		14,597,050
Total											43,408,456
Tobacco 3.37%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.75%		6/1/2034		Baa3			1,650		1,137,510
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2030		Baa3			10,945		7,925,165
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875%		6/1/2047		Baa3			10,195		6,785,282
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.125%		6/1/2047		Baa3			12,995		7,807,786
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.75%		6/1/2047		Baa3			8,500		5,683,780
Inland Empire Tob Securitization Auth CA Ser A		4.625%		6/1/2021		BB	(a)		5,815		4,477,434
Inland Empire Tob Securitization Auth CA Ser A		5.00%		6/1/2021		BB	(a)		2,855		2,271,866
MI Tob Sttlmnt Fin Auth Sr Ser A		5.25%		6/1/2022		BBB			5,000		4,061,000
MI Tob Sttlmnt Fin Auth Sr Ser A		6.00%		6/1/2048		BB			5,000		3,377,050

See Notes to Financial Statements.

114

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tobacco (continued)
VA Tob Sttlmnt Fing Corp Sr Ser B1		5.00%		6/1/2047		Baa3	$	13,350	$	7,749,542
Total										51,276,415
Transportation 11.43%
Augusta GA Arpt Rev Gen Arpt Passenger B AMT		5.35%		1/1/2028		Baa2		350		304,112
Augusta GA Arpt Rev Gen Ser C AMT		5.45%		1/1/2031		Baa2		2,410		2,061,418
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2030		BBB-		35,000		6,798,050
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2033		BBB-		5,000		727,500
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2034		BBB-		25,535		3,378,281
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2035		BBB-		3,445		415,157
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2037		BBB-		4,985		500,344
CA Foothill Eastern Transn Corridor Agy Cap Apprec		Zero Coupon		1/15/2038		BBB-		1,000		91,340
CA Foothill Eastern Transn Corridor Agy Cap Apprec		5.875%		1/15/2027		BBB-		1,000		874,420
Chicago IL O’Hare Intl Arpt Delta Airlines Inc Term		6.45%		5/1/2018		NR		2,345		2,234,996
Clayton Cnty GA Dev Auth Delta Airlines Ser B AMT		9.00%		6/1/2035		CCC+		7,640		8,044,156
Cleveland OH Arpt Spl Rev Continental Airlines Inc Pj AMT		5.375%		9/15/2027		B3		12,485		10,184,139
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 2 Rmkt AMT		9.00%		5/1/2029		CCC+		7,500		7,703,400
Dallas-Fort Worth TX Intl Arpt Facs Impt Corp Sub Ser 3 Rmkt AMT		9.125%		5/1/2029		CCC+		13,500		13,544,145
Director St NV Dept Business & Industry Las Vegas Monorail Pj 2nd Tier(d)		7.25%		1/1/2023		NR		5,000		50
Director St NV Dept Business & Industry Las Vegas Monorail Pj 2nd Tier(d)		7.375%		1/1/2030		NR		5,000		50
E-470 Pub Hwy Auth CO Rev Cap Apprec		Zero Coupon		9/1/2037		Baa2		5,000		576,600
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser A (NPFGC)		Zero Coupon		9/1/2034		Baa1		5,885		889,106
E-470 Pub Hwy Auth CO Rev Cap Apprec Sr Ser B (NPFGC)		Zero Coupon		9/1/2031		Baa1		25,000		4,888,250

See Notes to Financial Statements.

115

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

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		Baa1	$	9,925	$	1,144,551
Greater Orlando FL Aviation Auth Spl Purp JetBlue Airways Corp AMT		6.375%		11/15/2026		NR		5,060		4,627,674
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2025		AA-		1,025		996,855
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2026		AA-		3,440		3,345,544
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2027		AA-		3,895		3,788,050
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2028		AA-		3,430		3,335,819
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2032		AA-		8,210		7,984,569
Los Angeles CA Intl Dept of Arpts Los Angeles Intl Sub Ser B(b)		5.00%		5/15/2033		AA-		2,675		2,601,549
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2016		NR		1,830		1,679,885
MA St Port Auth Spl Delta Airlines Inc Pj Ser A AMT (AMBAC)		5.50%		1/1/2022		NR		10,000		8,163,200
Metro WA DC Arpts Auth Ser A AMT(b)		5.00%		10/1/2022		AA-		3,250		3,281,379
Metro WA DC Arpts Auth Ser A AMT(b)		5.25%		10/1/2027		AA-		4,540		4,583,834
Metro WA DC Arpts Auth Ser A AMT(b)		5.375%		10/1/2028		AA-		2,500		2,524,137
Mid-Bay Bridge Auth FL Springing Ser A		7.25%		10/1/2034		BBB-		7,500		7,522,800
PA Econ Dev Fing Auth US Airways Grp Ser B		8.00%		5/1/2029		CCC+		2,500		2,501,350
Phoenix AZ Indl Dev Auth Amer West Airlines Inc Pj AMT		6.25%		6/1/2019		Caa3		1,955		1,741,885
Phoenix AZ Indl Dev Auth Amer West Airlines Inc Pj AMT		6.30%		4/1/2023		Caa3		3,685		3,082,760
Port Auth NY & NJ Cons 160th(b)		4.00%		9/15/2031		Aa2		25,000		22,084,750
Santa Rosa FL Bay Bridge Auth Rev		6.25%		7/1/2028		Caa3		4,860		2,144,183
Santa Rosa FL Bay Bridge Auth Rev Cap Apprec		Zero Coupon		7/1/2017		Caa3		2,800		873,320
St. Louis MO Arpt Rev Lambert Intl Arpt Ser A-1		6.25%		7/1/2029		A-		4,025		4,068,349
St. Paul MN Port Auth Lease Rev Healtheast Midway Campus 03 A		5.875%		5/1/2030		BB		1,000		870,190

See Notes to Financial Statements.

116

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
Susquehanna Area PA Regl Arpt Auth Ser A AMT		6.50%		1/1/2038		Baa3	$	7,835	$	7,327,449
TX St Tpk Auth Cent TX Tpk Cap Apprec (AMBAC)		Zero Coupon		8/15/2031		BBB+		44,500		10,458,390
Total										173,947,986
Utilities 9.17%
Adelanto CA Pub Util Auth Util Sys Pj Ser A		6.625%		7/1/2031		NR		11,000		10,671,100
AZ Salt River Pj Agric Impt & Pwr Dist Ser A(b)		5.00%		1/1/2032		Aa1		17,700		17,868,327
Brazos River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser C AMT		5.75%		5/1/2036		CC		2,465		2,327,231
Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj AMT		5.00%		3/1/2041		CC		6,000		1,316,700
Brazos River Auth TX Pollutn Ctrl TXU Enrg Co LLC Pj Ser B AMT		6.30%		7/1/2032		CC		2,000		459,180
IA Fin Auth Child Svcs		5.55%		6/1/2036		NR		5,960		4,433,704
Lathrop CA Fing Auth Rev Wtr Supply Pj		5.90%		6/1/2027		NR		4,440		4,243,841
Lathrop CA Fing Auth Rev Wtr Supply Pj		6.00%		6/1/2035		NR		5,940		5,270,681
Little River Cnty AR Rev GA Pacific Corp Pj AMT		5.60%		10/1/2026		Ba3		2,845		2,612,905
Maricopa Cnty AZ Pollutn Ctrl Corp El Paso Elec Co Pj Ser A		7.25%		2/1/2040		BBB		3,500		3,776,325
Moraine OH Solid Wst Disp Gen Motors Corp Pj AMT(d)		6.75%		7/1/2014		NR		525		152,250
M-S-R Enrg Auth CA Ser C		7.00%		11/1/2034		A		5,370		5,898,247
New York City NY Muni Wtr Fin Auth Ser CC(b)		5.00%		6/15/2029		AA+		11,000		11,238,700
New York City NY Muni Wtr Fin Auth Ser CC(b)		5.125%		6/15/2030		AA+		1,000		1,021,700
OH St Pollutn Ctrl Rev Gen Motors Corp Pj(d)		5.625%		3/1/2015		NR		2,965		859,850
PA Econ Dev Fing Auth Philadelphia BioSolids Fac		6.25%		1/1/2032		Baa3		1,500		1,532,205
Padre Dam CA Muni Wtr Dist Pj Ser A(b)		5.25%		10/1/2034		AA-		11,600		11,279,608
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT		5.60%		12/1/2022		NR		2,000		1,779,180
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT		5.75%		12/1/2032		NR		5,000		3,957,750

See Notes to Financial Statements.

117

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments			Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)			Fair Value
Utilities (continued)
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT				6.55%		12/1/2037		NR		$	7,000		$	6,016,290
Pima Cnty AZ Indl Dev Auth Global Wtr Res LLC Pj AMT				7.50%		12/1/2038		NR			2,235			2,154,160
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A				5.50%		5/1/2022		CC			1,620			1,498,824
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser A AMT				6.45%		6/1/2021		CC			2,000			470,000
Sabine River Auth TX Pollutn Ctrl TXU Elec Co Pj Ser B AMT				5.75%		5/1/2030		CC			6,040			5,702,424
San Antonio TX Elec & Gas Ser A(b)				5.25%		2/1/2029		Aa1			19,375			20,218,849
San Antonio TX Elec & Gas Ser A(b)				5.25%		2/1/2031		Aa1			6,270			6,543,080
TN Enrg Acq Corp Jr Ser B				5.625%		9/1/2026		BBB	(a)		4,781			4,386,089
Western Generation Agy OR Wauna Cogeneration Pj B AMT				5.00%		1/1/2016		NR			1,500			1,458,000
Western Generation Agy OR Wauna Cogeneration Pj Sub Lien C				5.00%		1/1/2021		NR			485			436,626
Total														139,583,826
Total Municipal Bonds (cost $1,839,329,302)														1,610,305,004
										Shares (000)
SHORT-TERM INVESTMENTS 1.22%
Money Market Mutual Funds 0.00%
Dreyfus Municipal Cash Management Plus											–	(g)		796
SSgA Tax Free Money Market Fund											3			2,890
Total Money Market Mutual Fund (cost $3,686)														3,686
	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date					Principal Amount (000)
Variable Rate Demand Notes 1.22%
Education 0.06%
Baltimore Cnty MD Econ Dev Garrison Forest Sch Inc Pj		0.41%		4/1/2011		10/1/2031		A3		$	1,000			1,000,000
Health Care 0.09%
Pinellas Cnty FL Hlth Facs Auth Hosp Facs Bayfront Hosp Ser A		0.41%		4/1/2011		7/1/2036		A3			1,400			1,400,000

See Notes to Financial Statements.

118

Schedule of Investments (unaudited)(concluded)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2011

Investments	Interest Rate#		Interest Rate Reset Date(c)		Final Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations 0.36%
Blount Cnty TN Pub Bldg Auth Loc Govt Pub Impt D-3-A GTD		0.90%		4/1/2011		6/1/2034		AA+	$	4,415	$	4,415,000
Sevier Cnty TN Pub Bldg Auth Loc Govt Pub Impt VI-K-1		0.90%		4/1/2011		6/1/2034		AA+		1,000		1,000,000
Total												5,415,000
Other Revenue 0.51%
Harris Cnty TX Cultural Ed Facs Fin Corp YMCA Greater Houston Ser B		4.00%		4/1/2011		6/1/2038		Baa1		3,800		3,800,000
Orange Cnty FL Indl Dev Auth Catholic Charities Ctr		0.41%		4/1/2011		7/1/2037		BBB+		4,000		4,000,000
Total												7,800,000
Utilities 0.20%
FL St Muni Pwr Agy Rev All Requirements Pwr Ser E		0.38%		4/1/2011		10/1/2030		Aa2		3,000		3,000,000
Total Variable Rate Demand Notes (cost $18,615,000)												18,615,000
Total Short-Term Investments (cost $18,618,686)												18,618,686
Total Investments in Securities 107.03% (cost $1,857,947,988)												1,628,923,690
Liabilities in Excess of Cash and Other Assets(f) (7.03%)												(106,966,128	)
Net Assets 100.00%											$	1,521,957,562

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2011		1,368	Short	$	(164,416,500)	$	(1,598,401)
Ultra Long U.S. Treasury Bond	June 2011		187	Short		(23,106,188)		(456,943)
Totals					$	(187,522,688)	$	(2,055,344)

See Notes to Financial Statements.

119

Schedule of Investments (unaudited)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 106.08%
Corporate-Backed 3.15%
Golden St Tob Securitization Corp CA Enhanced Asset Bkd Ser A (FGIC)		5.00%		6/1/2035		A2	$	2,620	$	2,197,709
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.25%		11/15/2020		A		1,505		1,511,682
Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT		4.70%		7/1/2022		Baa3		2,250		1,848,600
Total										5,557,991
Education 6.95%
Abag Fin Auth For Nonprofit Corp CA Sch of Mech Arts		5.25%		10/1/2026		A3		500		489,625
CA Edl Facs Auth Rev CA Lutheran Univ		5.25%		10/1/2021		Baa1		1,500		1,490,445
CA Edl Facs Auth Rev College & Univ Fing Pg		5.00%		2/1/2037		Ba1		1,000		725,240
CA Infrastr & Econ Dev Bk Pepperdine Univ		5.00%		11/1/2028		Aa3		1,000		1,001,340
CA Muni Fin Auth Ed Rev Amer Heritage Ed Fndtn Pj A		5.25%		6/1/2036		BBB-		1,000		735,390
CA Muni Fin Auth Rev Biola Univ		5.80%		10/1/2028		Baa1		1,085		1,072,089
Ceres CA Unif Sch Dist Cap Apprec 2008 Election Ser A		Zero Coupon		8/1/2046		A+		8,000		494,160
Los Angeles CA Unif Sch Dist Election 2004 Ser F (FGIC)		5.00%		7/1/2030		Aa2		2,000		1,946,820
San Bernardino CA Cmnty College Dist Election 2002 Ser A		5.75%		8/1/2020		Aa2		750		844,710
San Ysidro CA Sch Dist Cap Apprec Election 1997 Ser D (NPFGC) (FGIC)		Zero Coupon		8/1/2028		A		1,000		298,560
Univ of CA Ser O(b)		5.75%		5/15/2031		AA		3,000		3,175,950
Total										12,274,329
General Obligation 17.17%
Alameda Cnty CA Oakland Unif Sch Dist Election 2006 Ser A		6.125%		8/1/2029		A2		1,000		998,260
Barstow CA Unif Sch Dist Ser A (NPFGC)(FGIC)		5.00%		8/1/2026		A1		1,475		1,478,643
CA St (CIFG)		4.50%		8/1/2028		A1		1,400		1,243,172
CA St Var Purp		5.25%		10/1/2029		A1		1,500		1,509,180
CA St Var Purp		6.50%		4/1/2033		A1		3,500		3,782,485

See Notes to Financial Statements.

120

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
General Obligation (continued)
Imperial Beach CA Redev Agy Palm Ave Coml Redev Pj		5.00%		6/1/2030		A		$	2,000	$	1,677,680
Los Angeles CA Unif Sch Dist 2004 Election Ser H (AGM)(b)		5.00%		7/1/2028		AA+			3,000		2,972,430
Los Angeles CA Unif Sch Dist Ser A-1 (NPFGC)		4.50%		1/1/2028		Aa2			1,000		875,860
Los Angeles CA Unif Sch Dist Ser I		5.00%		7/1/2029		Aa2			2,225		2,180,500
Montebello CA Unif Sch Dist Election 2004 (AGM)		5.00%		8/1/2028		AA+			1,335		1,348,764
Piedmont CA Unif Sch Dist Elec 2006 Ser C(b)		5.00%		8/1/2032		AA			1,910		1,788,915
Piedmont CA Unif Sch Dist Elec 2006 Ser C(b)		5.00%		8/1/2033		AA			2,145		2,039,532
Piedmont CA Unif Sch Dist Elec 2006 Ser C(b)		5.00%		8/1/2034		AA			2,400		2,270,448
Pittsburg CA Redev Agy Los Medanos Cmnty Dev Pj (AMBAC)		Zero Coupon		8/1/2026		A+			3,500		1,126,580
San Bernardino CA Cmnty College Dist Election 2002 Ser A		6.25%		8/1/2033		Aa2			1,500		1,596,645
Territory of Guam Ser A		7.00%		11/15/2039		B+			390		403,186
Upland CA San Antonio Cmnty Hosp COP		6.00%		1/1/2026		A			2,000		1,995,900
West Contra Costa CA Unif Sch Dist Election of 2005 Ser B		6.00%		8/1/2027		Aa3			1,000		1,027,210
Total											30,315,390
Health Care 12.21%
CA Hlth Facs Fing Auth Catholic Hlthcare West Ser G		5.50%		7/1/2025		A			2,500		2,520,550
CA Hlth Facs Fing Auth Providence Hlth & Svcs Ser C		6.25%		10/1/2024		AA			1,000		1,097,560
CA Hlth Facs Fing Auth Sutter Hlth Ser B		5.50%		8/15/2026		AA-			2,000		2,020,260
CA Infrastr & Econ Dev Bk Kaiser Hosp Ser B		5.50%		8/1/2031		A			1,225		1,147,470
CA Muni Fin Auth Cmnty Hosps Cent CA COP		5.25%		2/1/2037		Baa2			1,000		790,210
CA Sierra View Loc Hlthcare Dist		5.25%		7/1/2032		A	(a)		1,000		901,200
CA Statewide Cmntys Dev Auth Amer Baptist Homes West		6.25%		10/1/2039		BBB			1,500		1,403,850

See Notes to Financial Statements.

121

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Health Care (continued)
CA Statewide Cmntys Dev Auth CA Statewide Inland Regl Ctr Pj		5.00%		12/1/2017		Baa1	$	965	$	952,059
CA Statewide Cmntys Dev Auth Daughters of Charity Hlth Ser A		5.25%		7/1/2035		BBB		1,675		1,325,277
CA Statewide Cmntys Dev Auth Front Porch Cmntys & Svcs Ser A†		5.125%		4/1/2037		BBB		2,000		1,570,140
CA Statewide Cmntys Dev Auth Sr Living Sthn CA		7.00%		11/15/2029		BBB		1,000		1,032,480
CA Statewide Cmntys Dev Auth Vlycare Hlth Sys Ser A		5.125%		7/15/2031		NR		1,500		1,203,135
Newport Beach CA Rev Hoag Mem Hosp Presbyterian		5.875%		12/1/2030		AA		500		512,495
Northern Inyo Cnty CA Loc Hosp Dist		6.00%		12/1/2021		BBB-		1,000		975,360
Northern Inyo Cnty CA Loc Hosp Dist		6.375%		12/1/2025		BBB-		835		806,802
Palomar CA Pomerado Hlthcare COP		6.00%		11/1/2041		Baa3		1,400		1,187,382
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-		1,030		973,999
Torrance CA Hosp Rev Torrance Mem Med Ctr Ser A		5.50%		6/1/2031		A+		170		162,416
Whittier CA Hlth Fac Rev Presbyterian Intercmnty Hosp		5.75%		6/1/2029		A+		1,000		970,340
Total										21,552,985
Housing 1.14%
Los Angeles CA Hsg Auth Mtg Ppty Acq Ser A		6.25%		6/1/2034		A		2,000		2,013,740
Lease Obligations 16.10%
CA Infrastr & Econ Dev Bk King City Jt Union High Sch		5.75%		8/15/2029		A-		750		706,740
CA St Pub Wrks Brd Dept Forestry & Fire Ser E		5.00%		11/1/2024		A2		1,550		1,483,892
CA St Pub Wrks Brd Regents Univ Ser E(b)		5.00%		4/1/2034		Aa2		1,500		1,359,345
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		5.375%		11/1/2022		A2		1,000		1,014,010
CA St Pub Wrks Brd Var Cap Pjs Sub Ser I-1		6.375%		11/1/2034		A2		2,000		2,041,520
Los Angeles CA Convtn & Exhibit Ctr Auth Ser A		5.00%		8/15/2020		A+		1,000		999,940
Los Angeles CA Muni Impt Corp Cap Equip Ser A		5.00%		9/1/2025		A+		2,000		1,963,680
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR		1,000		905,720

See Notes to Financial Statements.

122

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Legal Obligations (continued)
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		A3		$	1,000	$	1,054,590
Richmond CA Jt Pwrs Fing Auth Lease Civic Ctr Pj (AG)		5.75%		8/1/2029		AA+			1,000		1,038,740
Rowland CA Wtr Dist Recycled Wtr Pj COP		6.50%		12/1/2035		AA-			1,500		1,594,485
Sacramento CA City Fing Auth Master Lease Prog Facs Ser E (AMBAC)		5.25%		12/1/2023		Aa3			1,500		1,506,780
San Buenaventura CA Ser C COP (AMBAC)		5.25%		2/1/2031		NR			2,575		2,363,773
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.25%		9/1/2035		A2			1,220		1,070,952
San Diego CA Pub Facs Fing Auth Master Ref Pj Ser A		5.25%		3/1/2040		A2			2,000		1,714,980
San Mateo Cnty CA Jt Pwrs Fing Auth Ref Cap Pj Ser A		5.25%		7/15/2026		AA+			3,000		3,041,880
Santa Ana CA Unif Sch Dist Cap Apprec Fing Pj COP (AGM)		Zero Coupon		4/1/2019		AA+			2,295		1,490,075
Turlock CA Hlth Fac Rev Emanuel Med Ctr Ser B		5.50%		10/15/2037		BBB			2,000		1,588,220
Union City CA Cmnty Redev Agy Sub Lien Cmnty Redev Pj		6.875%		12/1/2033		A			1,500		1,475,310
Total											28,414,632
Other Revenue 3.59%
CA Muni Fin Auth High Tech High Chula Vista B†		6.00%		7/1/2028		BB+	(a)		850		763,198
CA Muni Fin Auth OCEAA Pj Ser A		6.75%		10/1/2028		NR			1,445		1,314,256
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15%		7/1/2030		NR			500		383,790
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25%		7/1/2042		NR			1,225		878,472
CA Statewide Cmntys Dev Auth Windrush Sch		5.50%		7/1/2037		NR			1,250		876,050
Fontana CA Pub Fin Auth Tax North Fontana Redev Pj Ser A (AMBAC)		5.50%		9/1/2032		A+			2,000		1,739,260
Oakland CA Jt Pwrs Fing Auth		5.50%		9/2/2024		A			375		378,420
Total											6,333,446
Pre-Refunded 0.46%
CA Statewide Cmntys Dev Auth CHF Irvine LLC UCI East Campus		5.00%		5/15/2038		Baa2			1,000		813,160

See Notes to Financial Statements.

123

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Special Tax 15.50%
Anaheim CA Cmnty Facs Dist No 08-1 Platinum Triangle		6.25%		9/1/2040		NR		$	975	$	862,348
Apple Vly CA Redev Agy Veda Pj Area		4.75%		6/1/2037		BBB+			1,500		1,087,620
Carpinteria CA Santn Dist Spl Assmnt Ltd Ser 2007-1-A		6.90%		9/2/2039		NR			480		494,472
Chula Vista CA Cmnty Facs Dist No 07-1 Otay Ranch Vlg Eleven		5.125%		9/1/2036		NR			950		766,517
Dana Point CA Cmnty Facs Dist No 2006-1		5.625%		9/1/2033		NR			545		470,717
Dana Point CA Cmnty Facs Dist No 2006-1		5.625%		9/1/2037		NR			925		772,773
Folsom CA Redev Agy Tax Alloc Cent Folsom Redev Pj		5.50%		8/1/2036		A			1,000		827,220
Glendale CA Redev Agy Tax Alloc Cent Glendale Redev Pj		5.50%		12/1/2024		A			2,000		1,844,400
Inglewood CA Redev Agy Tax Alloc Sub Lien Ser A-1 (AMBAC)		5.00%		5/1/2033		BBB+			1,535		1,164,328
Jurupa CA Cmnty Svcs Dist Spl Tax Cmnty Facs Dist 18 Eastvale Ser A		5.00%		9/1/2036		NR			1,710		1,336,604
Lancaster CA Redev Agy Tax Alloc Comb Redev Pj Areas		6.875%		8/1/2034		BBB+			1,000		1,012,170
Norco CA Redev Agy Tax Alloc Redev Pj Area No 1		6.00%		3/1/2036		A			1,120		993,541
Orange CA Cmnty Facs Dist No 06-1 Del Rio Pub Imports		6.00%		10/1/2040		NR			1,000		895,240
Riverside Cnty CA Redev Agy Desert Cmnty Pj Area D		6.00%		10/1/2037		A-			5,000		4,428,350
Riverside Cnty CA Redev Agy Hsg Ser A		6.00%		10/1/2039		A-			1,000		886,180
Riverside Cnty CA Redev Agy Interstate 215 Corridor Ser E		6.50%		10/1/2040		A-			1,205		1,124,566
RNR Sch Fing Auth CA Spl Tax Cmnty Facs Dist No 92-1 Ser A (AMBAC)		5.625%		9/1/2030		A+	(a)		2,000		1,834,580
San Diego CA Redev Agy Tax Alloc North Pk Redev Pj Sub Ser A		7.00%		11/1/2039		A-			1,000		1,017,950
San Diego CA Spl Tax Cmnty Facs Dist No 4 Ser A		6.00%		9/1/2037		NR			1,000		908,060
San Francisco CA City & Cnty Redev Agy Mission Bay North Redev Ser C		6.75%		8/1/2033		A-			500		503,145
San Francisco CA City & Cnty Redev Agy Mission Bay North Redev Ser C		6.75%		8/1/2041		A-			1,000		998,850
San Francisco CA City & Cnty Redev Agy Mission Bay South Redev Ser D		6.625%		8/1/2039		BBB			1,500		1,415,100

See Notes to Financial Statements.

124

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Special Tax (continued)
San Jose CA Spl Hotel Tax Convtn Ctr Expansion(e)		6.125%		5/1/2031		A2		$	1,000	$	979,070
Westside CA Union Sch Dist Cmnty Facs Dist No 2005-3		5.00%		9/1/2036		NR			985		733,855
Total											27,357,656
Tax Revenue 1.10%
Los Angeles Cnty CA Metro Transn Auth Prop C 2nd Sr Ser A (AGM)		4.50%		7/1/2030		AA+			1,000		933,610
Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A		6.625%		9/1/2029		A1			500		504,925
Santa Cruz CA Cnty Redev Agy Live Oak/Soquel Cmnty Impt Ser A		7.00%		9/1/2036		A1			500		510,765
Total											1,949,300
Tobacco 2.49%
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.00%		6/1/2033		Baa3			1,000		668,650
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.125%		6/1/2047		Baa3			2,200		1,321,826
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A-1		5.75%		6/1/2047		Baa3			1,245		832,507
Inland Empire Tob Securitization Auth CA Ser A		4.625%		6/1/2021		BB	(a)		950		731,481
Inland Empire Tob Securitization Auth CA Ser A		5.00%		6/1/2021		BB	(a)		1,050		835,537
Total											4,390,001
Transportation 8.49%
Bay Area Toll Auth CA San Francisco Bay Area		5.00%		10/1/2033		A+			2,905		2,705,223
Los Angeles CA Dept of Arpts Los Angeles Intl Arpt Ser A(b)		5.00%		5/15/2035		AA			10,000		9,502,400
Los Angeles CA Regl Arpts Impt Corp Facs Sublease Intl Arpt		6.35%		11/1/2025		NR			2,000		1,875,360
Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT		5.30%		7/1/2013		NR			130		132,102
Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT		6.00%		7/1/2018		NR			250		249,682

See Notes to Financial Statements.

125

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Transportation (continued)
Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT		6.40%			7/1/2023		NR	$	300	$	284,850
Palm Springs CA Arpt Sub Palm Springs Intl Arpt AMT		6.50%			7/1/2027		NR		250		230,673
Total											14,980,290
Utilities 17.73%
Adelanto CA Pub Util Auth Util Sys Pj Ser A		6.625%			7/1/2031		NR		1,000		970,100
Burbank CA Wtr & Pwr Elec Sys Rev Ser A		5.00%			6/1/2023		AA-		2,000		2,128,280
CA St Dept of Wtr Res Cent Vly Pj Ser AE		5.00%			12/1/2026		AAA		2,000		2,079,080
Chino Basin Desalter Auth Ser A (AG)		5.00%			6/1/2027		AA+		2,000		2,025,060
Chula Vista CA Rev San Diego Gas Ser E Rmkt		5.875%			1/1/2034		Aa3		1,000		1,030,250
Dublin-San Ramon Svcs Dist CA		5.25%			8/1/2029		A		1,250		1,232,550
Lathrop CA Fing Auth Rev Wtr Supply Pj		6.00%			6/1/2035		NR		2,075		1,841,189
Long Beach CA Bd Fin Auth Natural Gas Ser A		5.50%			11/15/2037		A		1,000		896,190
Los Angeles CA Wst Wtr Sys Ser A		5.00%			6/1/2021		AA-		1,000		1,084,760
M-S-R Enrg Auth CA Ser C		7.00%			11/1/2034		A		2,000		2,196,740
Northern CA Gas Auth No 1		0.923%	#		7/1/2027		A		1,000		706,040
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.50%			7/1/2022		A1		1,985		2,155,809
Northern CA Pwr Agy Rev Hydroelectronic No 1-C (AG)		5.00%			7/1/2024		AA+		1,760		1,809,351
Riverside CA Elec Rev Issue D (AGM)		5.00%			10/1/2027		AA+		1,000		1,019,380
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%			8/15/2023		AA+		1,920		1,970,217
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%			8/15/2024		AA+		1,540		1,580,279
Sacramento CA Muni Util Dist Ser U (AGM)(b)		5.00%			8/15/2025		AA+		1,540		1,580,279
Sacramento CA Regl Cnty Santn Dist Ser A (NPFGC)(FGIC)		5.25%			12/1/2023		AA		1,500		1,672,050
Sthn CA Pub Pwr Auth Pj No 1 Ser A		5.00%			11/1/2033		Baa1		2,000		1,700,160
Sthn CA Pub Pwr Auth Sub Sthn Transmission Ser A		5.00%			7/1/2020		AA-		1,500		1,613,370
Total											31,291,134
Total Municipal Bonds (cost $198,024,037)											187,244,054

See Notes to Financial Statements.

126

Schedule of Investments (unaudited)(concluded)

CALIFORNIA TAX FREE FUND March 31, 2011

Investments	Shares (000)			Fair Value
SHORT-TERM INVESTMENT 0.00%
Money Market Mutual Fund
Dreyfus General CA Municipal Money Market Fund Class A (cost $26)		–	(g)	$	26
Total Investments in Securities 106.08% (cost $198,024,063)					187,244,080
Liabilities in Excess of Cash and Other Assets(f) (6.08%)					(10,738,860	)
Net Assets 100.00%				$	176,505,220

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2011		119	Short	$	(14,302,313)	$	(138,635)
Ultra Long U.S. Treasury Bond	June 2011		48	Short		(5,931,000)		(117,240)
Totals					$	(20,233,313)	$	(255,875)

See Notes to Financial Statements.

127

Schedule of Investments (unaudited)

NEW JERSEY TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 101.98%
Corporate-Backed 6.66%
Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT		5.375%		11/1/2035		BB	$	1,290	$	1,036,747
NJ Econ Dev Auth Amer Wtr Co Inc Ser B AMT (NPFGC)(FGIC)		5.375%		5/1/2032		NR		3,000		2,808,660
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00%		11/1/2028		NR		1,085		934,999
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		6.50%		4/1/2028		Ba2		675		681,993
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		5.50%		4/1/2028		B3		320		251,606
NJ Econ Dev Auth Spl Fac Continental Airlines Inc Pj AMT		6.25%		9/15/2029		B		1,000		893,510
Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT		4.70%		7/1/2022		Baa3		1,000		821,600
Total										7,429,115
Education 12.26%
NJ St Edl Facs Auth College of NJ Ser D (AGM)		5.00%		7/1/2028		AA+		3,000		2,928,660
NJ St Edl Facs Auth Georgian Court Univ Ser D		5.25%		7/1/2037		BBB+		750		665,228
NJ St Edl Facs Auth Montclair St Univ Ser J		5.00%		7/1/2029		A1		2,000		1,992,740
NJ St Edl Facs Auth Rowan Univ Ser B (AG)		5.00%		7/1/2027		AA+		1,000		1,021,850
NJ St Edl Facs Auth Seton Hall Univ Ser E		6.00%		7/1/2028		A		2,400		2,556,888
NJ St Edl Facs Auth Stevens Inst Tech Ser A		5.00%		7/1/2034		BBB+		1,000		866,440
NJ St Edl Facs Auth Univ Med & Dentistry Ser B		7.50%		12/1/2032		Baa1		1,000		1,086,780
Rutgers St Univ NJ Ser F		5.00%		5/1/2031		AA		2,500		2,563,325
Total										13,681,911
General Obligation 13.79%
Atlantic City NJ Brd Ed (AGM)		5.00%		4/1/2022		AA+		1,150		1,191,170
Essex Cnty NJ Impt Auth Pj Cons GTD (AMBAC)		5.25%		12/15/2018		Aa2		1,000		1,116,390
Gloucester Cnty NJ Impt Auth Cnty Ln Cnty Cap Pg GTD		5.00%		4/1/2028		AA+		2,500		2,581,800
Hudson Cnty NJ Impt Auth Ser A GTD		5.75%		1/1/2035		Aa3		1,840		1,914,115
Irvington Twp NJ Gen Impt		5.00%		1/1/2021		Aa3		1,410		1,534,150
Millburn Twp NJ Brd Ed		5.35%		7/15/2018		Aaa		1,050		1,235,724
Newark NJ Hsg Auth Rev South Ward Police Fac (AG)		6.75%		12/1/2038		Aa3		750		823,553

See Notes to Financial Statements.

128

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
NJ St Equip Lease Purchase Ser A COP		5.25%		6/15/2029		Aa3	$	1,000	$	997,600
NJ St Ser Q		5.00%		8/15/2020		Aa2		1,000		1,090,450
Northern Mariana Islands Comwlth Ser B		5.00%		10/1/2033		NR		2,500		1,825,750
Paterson NJ (AGM)		5.00%		6/15/2020		Aa3		900		928,008
Rahway NJ (AGM)		4.125%		12/15/2026		Aa3		5		4,873
Territory of Guam Ser A		7.00%		11/15/2039		B+		140		144,733
Total										15,388,316
Health Care 23.23%
Burlington Cnty NJ Bridge Commn The Evergreens Pj		5.625%		1/1/2038		NR		1,500		1,194,480
Camden Cnty NJ Impt Auth Cooper Hlth Sys Oblig Grp A		5.00%		2/15/2035		BBB		760		590,664
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.30%		11/1/2026		NR		500		397,955
NJ Econ Dev Auth First Mtg Seashore Gardens Pj		5.375%		11/1/2036		NR		1,000		709,320
NJ Econ Dev Auth Seabrook Vlg Inc Fac		5.25%		11/15/2036		NR		1,500		1,186,290
NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A		5.00%		7/1/2027		A1		2,000		1,930,820
NJ Hlthcare Facs Fing Auth Chilton Mem Hosp		5.75%		7/1/2039		BBB+		2,000		1,857,200
NJ Hlthcare Facs Fing Auth Holy Name Hosp		5.00%		7/1/2036		Baa2		1,700		1,343,323
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.00%		10/1/2028		Aa3		5,000		4,874,800
NJ Hlthcare Facs Fing Auth Hosp Asset Transformation Pg Ser A		5.75%		10/1/2031		Aa3		1,250		1,303,663
NJ Hlthcare Facs Fing Auth Hunterdon Med Ctr Ser A		5.25%		7/1/2025		A-		650		632,164
NJ Hlthcare Facs Fing Auth St. Joseph’s Hlthcare Sys		6.625%		7/1/2038		BBB-		2,000		1,927,820
NJ Hlthcare Facs Fing Auth St. Peter’s Univ Hosp Oblig		5.25%		7/1/2021		BBB-		1,000		927,240
NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Grp Ser A		4.75%		7/1/2024		BBB-		1,000		875,180
NJ Hlthcare Facs Fing Auth Trinitas Hosp Oblig Grp Ser A		5.25%		7/1/2030		BBB-		1,000		862,780
NJ Hlthcare Facs Fing Auth Virtua Hlth		5.75%		7/1/2033		A		2,500		2,519,300

See Notes to Financial Statements.

129

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2011

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 Auxilio Mutuo Oblig Grp Ser A (NPFGC)		6.25%		7/1/2024		A-		$	1,000	$	1,003,160
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A		6.125%		11/15/2025		Aa1			415		420,200
Puerto Rico Indl Tourist Edl Med & Envr Ctrl Facs Fing Auth Hosp de la Concepcion Ser A		6.125%		11/15/2030		Aa1			1,000		1,012,470
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-			375		354,611
Total											25,923,440
Housing 3.04%
NJ Econ Dev Auth Cranes Mill Pj Ser A		5.00%		6/1/2015		BBB-	(a)		610		625,591
NJ Econ Dev Auth MSU Student Hsg Pj		5.75%		6/1/2031		Baa3			1,500		1,401,555
NJ Econ Dev Auth MSU Student Hsg Pj		5.875%		6/1/2042		Baa3			1,520		1,360,309
Total											3,387,455
Lease Obligations 5.64%
Essex Cnty NJ Impt Auth Lease Newark Pj Ser A		6.25%		11/1/2030		Baa1			1,250		1,236,025
Morris-Union Jt Commn NJ COP (RADIAN)		5.00%		5/1/2027		Baa3			1,000		868,830
NJ Econ Dev Auth Sch Facs Constr Ser AA		5.50%		12/15/2029		Aa3			1,250		1,278,000
NJ Econ Dev Auth Sch Facs Constr Ser Y		5.00%		9/1/2033		Aa3			1,000		950,820
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR			1,000		905,720
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		A3			1,000		1,054,590
Total											6,293,985
Other Revenue 4.07%
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.25%		1/1/2037		NR			1,300		130,000
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		5.75%		10/1/2021		Ba2			1,000		981,500
NJ Envr Infrastr Tr Ser C		5.00%		9/1/2021		AAA			3,000		3,434,610
Total											4,546,110
Special Tax 0.54%
NJ Econ Dev Auth Newark Downtown Dist Mgmt Corp		5.125%		6/15/2037		Baa3			700		599,067

See Notes to Financial Statements.

130

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Tax Revenue 3.72%
NJ Econ Dev Auth Cigarette Tax		5.75%		6/15/2029		BBB	$	1,000	$	899,560
Puerto Rico Sales Tax Fing Corp 1st Sub Ser C		5.00%		8/1/2035		A+		2,500		2,201,650
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sr Lien Ser A		5.00%		10/1/2029		BBB		650		577,623
Virgin Islands Pub Fin Auth Rev Matching Fd Ln Sub Lien Ser B		5.25%		10/1/2029		Baa2		500		468,830
Total										4,147,663
Tobacco 2.31%
NJ Tob Sttlmnt Fing Corp Ser 1A		4.625%		6/1/2026		BBB		1,025		738,513
NJ Tob Sttlmnt Fing Corp Ser 1A		4.75%		6/1/2034		Baa3		3,000		1,837,440
Total										2,575,953
Transportation 20.79%
Hudson Cnty NJ Impt Auth Harrison Pkg Fac Pj Ser C GTD (AG)		5.125%		1/1/2031		AA+		1,500		1,519,470
NJ St Transn Tr Fd Auth Cap Apprec Transn Sys Ser A		Zero Coupon		12/15/2031		Aa3		5,000		1,320,050
NJ St Transn Tr Fd Auth Cap Apprec Transn Sys Ser A		Zero Coupon		12/15/2038		Aa3		5,000		761,100
NJ St Transn Tr Fd Auth Transn Sys (NPFGC)		5.25%		12/15/2021		Aa3		3,970		4,124,512
NJ St Transn Tr Fd Auth TCRS Ser A (AMBAC)		5.25%		12/15/2022		Aa3		1,500		1,535,460
Port Auth NY & NJ Cons 152nd AMT		5.75%		11/1/2030		Aa2		1,000		1,052,080
Port Auth NY & NJ Cons 156th Ser(b)		4.75%		11/1/2036		Aa2		10,625		9,895,676
Port Auth NY & NJ Cons 161st		5.00%		10/15/2031		Aa2		1,165		1,180,320
Puerto Rico Comwlth Hwy & Transn Auth Ser AA (NPFGC)		5.50%		7/1/2020		A2		1,000		1,002,060
Puerto Rico Ports Auth Rev Spl Facs Amer Airlines Ser A AMT		6.25%		6/1/2026		CCC+		1,000		810,120
Total										23,200,848
Utilities 5.93%
Essex Cnty NJ Utils Auth (AG)		5.00%		4/1/2020		Aa2		1,000		1,025,810
Puerto Rico Elec Pwr Auth Ser WW		5.00%		7/1/2028		A3		1,000		905,340
Puerto Rico Elec Pwr Auth Ser XX		5.25%		7/1/2040		A3		1,000		862,000
Puerto Rico Elec Pwr Auth Ser XX		5.75%		7/1/2036		A3		1,000		939,220

See Notes to Financial Statements.

131

Schedule of Investments (unaudited)(concluded)

NEW JERSEY TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Utilities (continued)
Salem Cnty NJ Utils Auth Pollutn Ctrl Atlantic City Elec Ser A		4.875%		6/1/2029		A	$	2,000		$	1,970,260
Virgin Islands Wtr & Pwr Auth Ser A		5.00%		7/1/2031		BBB-		1,000			909,780
Total											6,612,410
Total Municipal Bonds (cost $119,882,267)											113,786,273
							Shares (000)
SHORT-TERM INVESTMENT 0.00%
Money Market Mutual Fund
Dreyfus NJ Municipal Cash Management (cost $5)								–	(g)		5
Total Investments in Securities 101.98% (cost $119,882,272)											113,786,278
Liabilities in Excess of Cash and Other Assets(f) (1.98%)											(2,213,007	)
Net Assets 100.00%										$	111,573,271

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2011		80	Short	$	(9,615,000)	$	(87,938)
Ultra Long U.S. Treasury Bond	June 2011		10	Short		(1,235,625)		(24,726)
Totals					$	(10,850,625)	$	(112,664)

See Notes to Financial Statements.

132

Schedule of Investments (unaudited)

NEW YORK TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
MUNICIPAL BONDS 108.17%
Corporate-Backed 5.12%
Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase II Pj Ser B (ACA)		5.10%		8/1/2036		NR	$	500	$	349,710
Essex Cnty NY Indl Dev Agy Intl Paper Co Pjs Ser A AMT		4.60%		12/1/2030		BBB		1,400		1,164,114
Liberty NY Dev Corp Rev Goldman Sachs Headquarters		5.25%		10/1/2035		A1		2,500		2,390,550
New York City NY Indl Dev Agy British Airways Plc Pj AMT		5.25%		12/1/2032		BB-		2,245		1,766,119
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.125%		5/15/2030		B-		3,350		2,639,967
Seneca NY Nation Indians Cap Impts Auth Ser A†		5.00%		12/1/2023		BB		1,000		802,060
Seneca NY Nation Indians Cap Impts Auth Ser A†		5.25%		12/1/2016		BB		1,000		935,250
TSASC Inc NY Ser 1		5.00%		6/1/2026		BBB		1,750		1,529,798
Virgin Islands Pub Fin Auth Sr Secd Hovensa Refinery AMT		4.70%		7/1/2022		Baa3		1,665		1,367,964
Total										12,945,532
Education 21.62%
Albany NY Indl Dev Agy Civic Fac Albany College Pharmacy Pj Ser A		5.625%		12/1/2034		BBB-		700		647,073
Albany NY Indl Dev Agy Civic Fac Albany Law Sch Univ Ser A		5.00%		7/1/2031		BBB		1,000		914,240
Cattaraugus Cnty NY Indl Dev Agy St. Bonaventure Univ Pj Ser A		5.00%		5/1/2023		BBB-		500		481,980
Cattaraugus Cnty NY Indl Dev Agy St. Bonaventure Univ Pj Ser A		5.10%		5/1/2031		BBB-		1,075		993,580
City of Troy NY Rensselaer Polytechnic Ser A		5.00%		9/1/2030		A		1,000		940,760
Dutchess Cnty NY Loc Dev Corp Anderson Ctr Svcs Inc Pj		6.00%		10/1/2030		BB+		1,000		910,290
Nassau Cnty NY Indl Dev Agy Amsterdam At Harborside Ser A		6.50%		1/1/2027		NR		1,000		937,250
New York City NY Indl Dev Agy Polytechnic Univ Pj (ACA)		5.25%		11/1/2037		BBB-		4,295		3,853,818
New York City NY Indl Dev Agy Vaughn College Aeronautics B		5.00%		12/1/2031		BB+		1,510		1,166,233

See Notes to Financial Statements.

133

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2011

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 Cap Apprec Court Facs		Zero Coupon		8/1/2021		AA+	$	3,265	$	2,202,569
NY St Dorm Auth Lease Rev Master Boces Pg Oneida		5.25%		8/15/2028		Aa3		3,375		3,428,291
NY St Dorm Auth Rev Non St Supp Debt NYU Ser A(b)		5.25%		7/1/2034		AA-		20,000		20,618,800
NY St Dorm Auth Rev Non St Supp Debt NYU Ser C		5.00%		7/1/2029		AA-		3,000		3,052,620
NY St Dorm Auth Rev Non St Supp Debt Rochester Inst Tech Ser A		6.25%		7/1/2029		A1		2,750		2,959,825
NY St Dorm Auth Rev Non St Supp Debt Skidmore College Ser A		5.50%		7/1/2041		A1		1,825		1,816,824
NY St Dorm Auth Rev Non St Supp Debt Teachers College		5.375%		3/1/2029		A1		1,000		1,025,500
NY St Dorm Auth Rev Non St Supp Debt Yeshiva Univ		5.00%		9/1/2034		AA-		1,500		1,491,735
NY St Dorm Auth Rev St City Univ Cons 5th Gen Res Ser B		5.00%		7/1/2027		AA-		1,500		1,530,930
NY St Dorm Auth Rochester Inst Tech		4.25%		7/1/2032		A1		3,775		3,209,731
Seneca Cnty NY Indl Dev Agy NY Chiropractic College		5.00%		10/1/2027		BBB		500		473,120
Yonkers NY Econ Dev Corp Charter Sch Edl Excellence Ser A		6.25%		10/15/2040		BB+		1,100		977,680
Yonkers NY Indl Dev Agy Civic Ctr Sarah Lawrence College Pj Ser A		6.00%		6/1/2029		BBB		1,000		1,029,770
Total										54,662,619
General Obligation 14.04%
Nassau Cnty NY Ser A Rmkt		5.00%		12/1/2017		A+		2,110		2,339,969
Nassau Cnty NY Ser B Rmkt		5.00%		12/1/2017		A+		2,010		2,229,070
New York City NY Ser E		5.00%		8/1/2019		AA		1,400		1,556,828
New York City NY Ser E		5.00%		8/1/2021		AA		1,000		1,089,310
New York City NY Ser E		5.00%		8/1/2023		AA		1,825		1,958,407
New York City NY Sub Ser I-1(b)		5.00%		4/1/2025		AA		10,000		10,297,000
Northern Mariana Islands Comwlth Ser B		5.00%		10/1/2033		NR		4,000		2,921,200
NY St Dorm Auth Rev Non St Supp Debt NYSARC Inc Ser A		5.125%		7/1/2030		Aa3		2,385		2,403,150
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2025		AAA		3,290		3,427,171

See Notes to Financial Statements.

134

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
General Obligation (continued)
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2026		AAA	$	4,790	$	4,989,710
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2027		AAA		1,920		2,000,051
Territory of Guam Ser A		7.00%		11/15/2039		B+		280		289,467
Total										35,501,333
Health Care 14.13%
Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser A		5.25%		11/15/2027		BBB+		1,500		1,349,100
Albany NY Indl Dev Agy Civic Fac St. Peter’s Hosp Pj Ser E		5.50%		11/15/2027		BBB+		1,000		925,040
Cortland Cnty NY Indl Dev Agy Cortland Mem Hosp Pj (RADIAN)		5.625%		7/1/2024		NR		1,750		1,758,400
Dutchess Cnty NY Loc Dev Corp Hlth Quest Sys Inc Ser A		5.75%		7/1/2030		A-		500		491,955
East Rochester NY Hsg Auth Rev Sr Living Woodland Vlg Pj		5.50%		8/1/2033		NR		1,700		1,363,638
Genesee Cnty NY Indl Dev Agy Utd Mem Med Ctr Pj		5.00%		12/1/2032		NR		1,000		756,830
Madison Cnty NY Indl Dev Agy Civic Fac Oneida Hlth Sys Inc Pj		5.25%		2/1/2027		BBB-		750		643,515
Madison Cnty NY Indl Dev Agy Civic Fac Oneida Hlth Sys Inc Pj		5.50%		2/1/2032		BBB-		750		636,270
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.50%		2/15/2023		Aa3		1,000		1,051,180
New York City NY Hlth & Hosp Corp Hlth Sys Ser A		5.00%		2/15/2025		Aa3		1,500		1,502,040
New York City NY Indl Dev Agy Coll Mtg Eger Hrbr Pj Ser A (GNMA)		5.875%		5/20/2044		NR		415		428,857
NY St Dorm Auth Rev Catholic Hlth Long Island Oblig Grp		5.00%		7/1/2027		A3		1,250		1,161,762
NY St Dorm Auth Rev Lenox Hill Hosp Oblig Grp		5.375%		7/1/2020		Baa3		2,000		2,002,540
NY St Dorm Auth Rev Non St Supp Debt Mount Sinai Hosp Ser A		5.00%		7/1/2026		A2		5,525		5,414,942
NY St Dorm Auth Rev Non St Supp Debt Muni Hlth Facs Lease Sub 2-4		5.00%		1/15/2028		AA-		1,000		1,000,490
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.00%		7/1/2020		BBB+		3,435		3,486,903

See Notes to Financial Statements.

135

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2011

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 Non St Supp Debt NYU Hosps Ctr Ser A		5.00%		7/1/2036		BBB+	$	2,265	$	1,933,064
NY St Dorm Auth Rev Non St Supp Debt NYU Hosps Ctr Ser A		5.75%		7/1/2031		BBB+		1,500		1,461,375
NY St Dorm Auth Rev Non St Supp Debt Orange Regl Med Ctr		6.125%		12/1/2029		Ba1		2,000		1,886,460
NY St Dorm Auth Rev Non St Supp Debt Secd Hosp NY Downtown		5.00%		2/15/2022		AA-		1,000		1,036,990
NY St Dorm Auth Rev Utd Cerebral Palsy Aff No 1-A (AMBAC)		5.75%		7/1/2018		NR		1,000		980,170
St. Lawrence Cnty Indl Dev Agy Edwards John Noble Hosp		6.25%		10/1/2040		NR		1,500		1,324,995
Suffolk Cnty NY Indl Dev Agy Eastern Long Island Hosp Assoc†		5.375%		1/1/2027		NR		1,180		904,435
Suffolk Cnty NY Indl Dev Agy Eastern Long Island Hosp Assoc†		5.50%		1/1/2037		NR		1,000		704,910
Territory of Guam Oblig Rev Section 30 Ser A		5.75%		12/1/2034		BBB-		755		713,951
Westchester Cnty NY Hlthcare Corp Sr Lien Ser B		6.00%		11/1/2030		A3		850		816,884
Total										35,736,696
Housing 1.21%
NY St Mtg Agy Hmownr Mtg Rev Ser 143 AMT		4.875%		10/1/2030		Aa1		2,255		2,090,430
NY St Mtg Agy Hmownr Mtg Rev Ser 156		5.20%		10/1/2028		Aa1		1,000		983,090
Total										3,073,520
Lease Obligations 8.75%
New York City NY Edl Constr Fd Ser A (NPFGC)(FGIC)		5.00%		4/1/2031		AA-		5,000		5,048,900
New York City NY Indl Dev Agy NY Stock Exchange Pj Ser A		4.75%		5/1/2029		AA-		2,500		2,420,325
New York City NY Indl Dev Agy USTA Natl Tennis (AGM)		5.00%		11/15/2023		AA+		1,830		1,939,471
New York City NY Transnl Fin Auth Fiscal 2008 Ser S1		5.00%		1/15/2028		AA-		5,000		5,077,150
NY St Urban Dev Corp Rev St Facs		5.70%		4/1/2020		AA-		4,150		4,619,946
Puerto Rico Comwlth Infrastr Fing Auth Mepsi Campus Pj Ser A		6.50%		10/1/2037		NR		1,000		905,720

See Notes to Financial Statements.

136

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)		Fair Value
Lease Obligations (continued)
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser P GTD		6.50%		7/1/2030		A3	$	2,000	$	2,109,180
Total										22,120,692
Other Revenue 10.69%
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		6.25%		7/15/2040		BBB-		3,000		2,898,180
Brooklyn NY Arena Loc Dev Corp Barclays Ctr Pj		6.50%		7/15/2030		BBB-		1,500		1,517,970
Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase I Pj Ser A (ACA)		5.20%		8/1/2030		NR		750		558,112
Broome Cnty NY Indl Dev Agy Univ Plaza LLC Phase I Pj Ser A (ACA)		5.20%		8/1/2036		NR		1,000		710,350
New York City NY Cap Res Corp Arthur Mgmt Corp Pj		7.00%		8/1/2025		NR		1,500		1,477,185
New York City NY Indl Dev Agy Liberty IAC/Interactive Corp		5.00%		9/1/2035		BB+		1,315		1,138,488
New York City NY Tr Cultural Res Lincoln Ctr Ser C		5.75%		12/1/2018		A+		2,500		2,838,825
New York City NY Tr Cultural Res Museum Modern Art Ser 1A		5.00%		4/1/2031		Aa2		4,500		4,550,400
NY Liberty Dev Corp 2nd Priority Bk Amer		5.625%		7/15/2047		A		2,850		2,633,428
NY St Urban Dev Corp Rev St Pers Income Tax Ser B		5.00%		3/15/2032		AAA		2,250		2,267,190
Syracuse NY Indl Dev Agy Pilot Carousel Ctr Pj Ser A AMT (XLCA)		5.00%		1/1/2036		BBB-		5,000		3,989,500
Ulster Cnty NY Indl Dev Agy Ser A		6.00%		9/15/2027		NR		3,000		2,444,520
Total										27,024,148
Special Tax 0.67%
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00%		1/1/2031		BB+		2,000		1,690,440
Tax Revenue 7.16%
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011 Ser D(b)		5.00%		2/1/2027		AAA		3,000		3,134,880
New York City NY Transnl Fin Auth Future Tax Secd Fiscal 2011Ser D(b)		5.00%		2/1/2028		AAA		1,000		1,044,960
New York City NY Transnl Fin Auth Future Tax Secd Ser A		5.00%		5/1/2034		AAA		5,000		4,993,000

See Notes to Financial Statements.

137

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s			Principal Amount (000)		Fair Value
Tax Revenue (continued)
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1(b)		5.00%		12/15/2028		AAA		$	4,160	$	4,299,194
NY St Urban Dev Corp Rev St Pers Income Tax Ser A-1		5.00%		12/15/2028		AAA			2,625		2,712,832
Puerto Rico Sales Tax Fing Corp 1st Sub Ser A		5.75%		8/1/2037		A+			2,000		1,931,480
Total											18,116,346
Tobacco 1.34%
Suffolk Cnty NY Tob Asset Securitization Corp Turbo Ser B		6.00%		6/1/2048		BBB-	(a)		2,350		1,751,032
TSASC Inc NY Ser 1		5.125%		6/1/2042		BBB-			2,445		1,628,346
Total											3,379,378
Transportation 12.55%
Metro Transn Auth NY Ser A		5.00%		11/15/2031		A			5,000		4,730,150
Metro Transn Auth NY Ser B		5.00%		11/15/2034		AA			2,000		1,943,200
Metro Transn Auth NY Ser G		5.00%		11/15/2021		A			1,000		1,050,570
New York City NY Indl Dev Agy 1990 Amer Airlines Inc Pj AMT		5.40%		7/1/2019		CCC+			2,635		2,204,520
New York City NY Indl Dev Agy Terminal One Grp Assoc Pj AMT		5.50%		1/1/2021		A3			1,250		1,275,975
New York City NY Indl Dev Agy Terminal One Grp Assoc Pj AMT		5.50%		1/1/2024		A3			2,000		2,004,760
NY St Thwy Auth Gen Rev Ser H (NPFGC)(FGIC)		5.00%		1/1/2030		A+			5,000		4,957,600
NY St Thwy Auth Hwy & Bridge Tr Fd Ser B		5.00%		4/1/2028		AA			2,000		2,037,500
Puerto Rico Comwlth Hwy & Transn Auth Sub PR St Infrastr Bk		5.00%		7/1/2028		A3			1,000		946,820
Triborough NY Bridge & Tunnel Auth Gen Purp		4.75%		11/15/2030		Aa2			5,455		5,440,926
Triborough NY Bridge & Tunnel Auth Ser C		5.00%		11/15/2029		Aa2			5,000		5,136,650
Total											31,728,671
Utilities 10.89%
Long Island NY Pwr Auth Ser A		5.50%		4/1/2024		A-			2,190		2,329,547
New York City NY Muni Wtr Fin Auth Ser CC(b)		5.00%		6/15/2029		AA+			3,500		3,575,950
New York City NY Muni Wtr Fin Auth Ser CC		5.00%		6/15/2029		AA+			1,545		1,579,531
NY St Enrg Resh & Dev Auth Reg Lnkd Savrs & RIBs Brooklyn AMT		6.952%		7/1/2026		A3			8,000		8,018,400

See Notes to Financial Statements.

138

Schedule of Investments (unaudited)(concluded)

NEW YORK TAX FREE FUND March 31, 2011

Investments	Interest Rate		Maturity Date		Credit Rating: S&P or Moody’s		Principal Amount (000)			Fair Value
Utilities (continued)
NY St Envr Facs Corp Ser A		5.00%		6/15/2029		AA+	$	2,795		$	2,885,837
NY St Envr Facs Corp Ser B		4.75%		6/15/2032		AA+		5,000			4,927,400
Puerto Rico Elec Pwr Auth Ser XX		5.75%		7/1/2036		A3		4,500			4,226,490
Total											27,543,155
Total Municipal Bonds (cost $282,772,299)											273,522,530
							Shares (000)
SHORT-TERM INVESTMENT 0.00%
Money Market Mutual Fund
Dreyfus NY Municipal Cash Management (cost $331)								–	(g)		331
Total Investments in Securities 108.17% (cost $282,772,630)											273,522,861
Liabilities in Excess of Cash and Other Assets(f) (8.17%)											(20,648,317	)
Net Assets 100.00%										$	252,874,544

Open Futures Contracts at March 31, 2011:

Type	Expiration	Contracts		Position	Market Value		Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2011		213	Short	$	(25,599,938)	$	(249,147)
Ultra Long U.S. Treasury Bond	June 2011		28	Short		(3,459,750)		(68,390)
Totals					$	(29,059,688)	$	(317,537)

See Notes to Financial Statements.

139

Schedule of Investments (unaudited)

March 31, 2011

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, 2011.
TCRS	Transferable Custodial Receipts.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under the Act or exempted from registration, may only be resold to qualified institutional investors. Unless otherwise noted, 144A securities are deemed to be liquid.
#	The interest rate represents the rate in effect at March 31, 2011.
(a)	This investment has been rated by Fitch IBCA.
(b)	Municipal Bonds Held in Trust—Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(e) for details of Municipal Bonds Held in Trust.
(c)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note back to the issuer for Principal Amount.
(d)	Defaulted security.
(e)	Securities purchased on a when-issued basis (See Note 2(d)).
(f)	Cash and Other Assets in Excess of Liabilities (Liabilities in Excess of Cash and Other Assets) include net unrealized appreciation (depreciation) on futures contracts.
(g)	Amount represents less than 1,000 shares.
(h)	Fund received partial payment from issuer.
(i)	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, 2011. 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
CBI	Certified Bond Insurance
CIFG	CIFG Guaranty
FHLMC	Federal Home Loan Mortgage Corporation
FHA	Federal Housing Administration
FNMA	Federal National Mortgage Association
FGIC	Financial Guaranty Insurance Company
FSA	Financial Security Assurance, Inc.
GNMA	Government National Mortgage Association
IBC	Insurance Bond Certificate
MBIA	Municipal Bond Investors Assurance
NPFGC	National Public Finance Guarantee Corporation
RADIAN	Radian Asset Assurance, Inc.
SONYMA	State of New York Mortgage Agency
VA	Department of Veterans Affairs
XLCA	XL Capital Assurance, Inc.

See Notes to Financial Statements.

140

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141

Statements of Assets and Liabilities (unaudited)

March 31, 2011

	Short Duration			Intermediate			AMT Free
ASSETS:
Investments in securities, at cost	$	1,736,980,228		$	1,987,848,140		$	32,245,500
Investments in securities, at fair value	$	1,746,441,947		$	1,990,772,011		$	31,902,144
Cash		—			443,518			776,193
Deposits with brokers for futures collateral		—			845,650			33,000
Receivables:
Interest		18,476,911			28,821,836			534,636
Investment securities sold		33,275,971			52,402,746			—
Capital shares sold		13,215,794			14,097,477			2,170,753
From advisor (See Note 3)		154,764			99,042			21,512
Prepaid expenses and other assets		100,996			169,368			29,102
Total assets		1,811,666,383			2,087,651,648			35,467,340
LIABILITIES:
Payables:
To bank		8,796,227			—			—
Investment securities purchased		—			61,008,648			323,309
Trust certificates (See Note 2(h))		7,000,000			9,820,000			100,000
Capital shares reacquired		7,291,744			4,255,977			5,048
Management fee		605,630			678,335			13,695
12b-1 distribution fees		551,997			653,831			7,044
Interest expense and fees (See Note 2(h))		13,482			21,997			278
Directors’ fees		47,242			64,874			11
Fund administration		60,563			67,848			1,096
Variation margin		—			9,722			—
Offering costs		—			—			1,605
Distributions payable		2,928,468			6,191,304			133,083
Accrued expenses and other liabilities		80,036			50,052			44,044
Total liabilities		27,375,389			82,822,588			629,213
NET ASSETS	$	1,784,290,994		$	2,004,829,060		$	34,838,127
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,774,762,743		$	2,011,233,997		$	35,322,318
Undistributed (distributions in excess of) net investment income		133,191			1,125,826			7,166
Accumulated net realized loss on investments and futures contracts		(66,659	)		(10,071,889	)		(149,152	)
Net unrealized appreciation (depreciation) on investments and futures contracts		9,461,719			2,541,126			(342,205	)
Net Assets	$	1,784,290,994		$	2,004,829,060		$	34,838,127

See Notes to Financial Statements.

142

National			High Yield			California			New Jersey			New York
$	1,736,364,630		$	1,857,947,988		$	198,024,063		$	119,882,272		$	282,772,630
$	1,660,348,096		$	1,628,923,690		$	187,244,080		$	113,786,278		$	273,522,861
	1,714,027			1,141,859			1,307,788			1,241,836			910,506
	2,755,950			4,444,550			502,450			256,500			687,950
	28,064,141			31,698,992			3,113,204			2,000,981			4,292,524
	25,206,040			4,252,112			819,575			—			—
	6,381,665			9,268,009			564,341			845,202			1,159,923
	—			—			—			—			—
	113,229			110,293			31,739			24,563			32,099
	1,724,583,148			1,679,839,505			193,583,177			118,155,360			280,605,863
	—			—			—			—			—
	9,932,208			1,032,366			979,070			—			—
	124,687,226			138,065,000			14,475,000			5,310,000			25,820,000
	4,380,349			9,098,630			519,327			646,469			473,855
	584,609			632,729			68,486			43,704			97,312
	558,233			519,212			60,035			32,745			97,726
	282,332			316,280			28,801			15,556			59,492
	458,236			113,123			128,420			38,702			115,202
	54,215			52,468			6,088			3,885			8,650
	72,249			69,893			17,972			3,737			10,471
	—			—			—			—			—
	6,826,694			7,896,554			748,905			448,585			997,390
	257,560			85,688			45,853			38,706			51,221
	148,093,911			157,881,943			17,077,957			6,582,089			27,731,319
$	1,576,489,237		$	1,521,957,562		$	176,505,220		$	111,573,271		$	252,874,544
$	1,706,065,876		$	1,996,182,272		$	197,033,954		$	127,190,619		$	271,165,217
	1,495,224			2,026,894			(445,961	)		(275,995	)		(780,535	)
	(53,713,256	)		(245,171,962	)		(9,046,915	)		(9,132,695	)		(7,942,832	)
	(77,358,607	)		(231,079,642	)		(11,035,858	)		(6,208,658	)		(9,567,306	)
$	1,576,489,237		$	1,521,957,562		$	176,505,220		$	111,573,271		$	252,874,544

See Notes to Financial Statements.

143

Statements of Assets and Liabilities (unaudited)(concluded)

March 31, 2011

	Short Duration		Intermediate		AMT Free
Net assets by class:
Class A Shares	$	1,217,768,984	$	1,170,886,271	$	33,331,255
Class B Shares		—	$	6,642,337		—
Class C Shares	$	235,965,122	$	383,958,377	$	797,312
Class F Shares	$	327,165,903	$	443,318,984	$	699,950
Class I Shares	$	3,390,985	$	10,152	$	9,610
Class P Shares		—	$	12,939		—
Outstanding shares by class*:
Class A Shares		77,937,370		117,084,990		2,370,445
Class B Shares		—		664,797		—
Class C Shares		15,101,049		38,442,104		56,715
Class F Shares		20,937,903		44,336,532		49,778
Class I Shares		217,058		1,015		683.381
Class P Shares		—		1,294		—
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$15.62		$10.00		$14.06
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$15.98		$10.23		$14.38
Class B Shares-Net asset value		—		$9.99		—
Class C Shares-Net asset value		$15.63		$9.99		$14.06
Class F Shares-Net asset value		$15.63		$10.00		$14.06
Class I Shares-Net asset value		$15.62		$10.00		$14.06
Class P Shares-Net asset value		—		$10.00		—

* Lord Abbett Municipal Income Fund, Inc. has 4,400,001,000 authorized shares of capital stock (par value $.001) issued and allocated as follows: 900,001,000 to Short Duration, 930,000,000 to Intermediate, 140,000,000 to AMT Free, 785,000,000 to National, 925,000,000 to High Yield and 240,000,000 to each of California, New Jersey and New York.

See Notes to Financial Statements.

144

National		High Yield		California		New Jersey		New York
$	1,348,475,016	$	866,839,785	$	136,220,643	$	108,453,664	$	209,009,055
$	10,913,807	$	9,912		—		—		—
$	152,072,380	$	452,697,706	$	26,174,410		—	$	36,660,960
$	65,018,275	$	202,242,153	$	14,099,978	$	3,109,481	$	7,194,330
$	9,759	$	157,823	$	10,189	$	10,126	$	10,199
	—	$	10,183		—		—		—
	135,716,885		81,290,463		14,652,420		24,550,672		20,543,606
	1,092,993		929		—		—		—
	15,288,056		42,437,892		2,814,321		—		3,608,235
	6,549,021		18,953,774		1,516,800		703,513		706,556
	983		14,793		1,096.189		2,290		1,003
	—		954		—		—		—
	$9.94		$10.66		$9.30		$4.42		$10.17
	—		$10.91		$9.51		$4.52		$10.40
	$9.99		$10.67		—		—		—
	$9.95		$10.67		$9.30		—		$10.16
	$9.93		$10.67		$9.30		$4.42		$10.18
	$9.93		$10.67		$9.29		$4.42		$10.17
	—		$10.67		—		—		—

See Notes to Financial Statements.

145

Statements of Operations (unaudited)

For the Six Months Ended March 31, 2011

	Short Duration			Intermediate			AMT Free*
Investment income:
Interest and other	$	24,690,743		$	45,429,161		$	455,526
Dividends		26			886			–
Total investment income		24,690,769			45,430,047			455,526
Expenses:
Management fee		3,702,921			4,022,915			42,650
12b-1 distribution plan-Class A		1,294,535			1,261,325			16,542
12b-1 distribution plan-Class B		–			35,831			–
12b-1 distribution plan-Class C		1,145,214			1,824,544			1,628
12b-1 distribution plan-Class F		154,518			174,926			92
12b-1 distribution plan-Class P		–			29			–
Interest expense and fees (See Note 2(h))		27,723			84,582			278
Shareholder servicing		226,807			347,719			18,067
Professional		25,272			24,384			21,015
Reports to shareholders		32,924			39,369			4,602
Fund administration		370,292			402,834			3,412
Custody		14,356			14,477			4,274
Directors’ fees		32,048			33,715			103
Registration		86,089			137,751			3,156
Offering costs		–			–			13,742
Other		50,966			42,455			4,488
Gross expenses		7,163,665			8,446,856			134,049
Expense reductions (See Note 7)		(1,713	)		(1,863	)		(16	)
Management fee waived and expenses reimbursed (See Note 3)		(1,010,550	)		(636,180	)		(89,903	)
Net expenses		6,151,402			7,808,813			44,130
Net investment income		18,539,367			37,621,234			411,396
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments and futures contracts		230,200			(4,136,690	)		(149,152	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		(21,990,112	)		(104,267,620	)		(342,205	)
Net realized and unrealized loss		(21,759,912	)		(108,404,310	)		(491,357	)
Net Decrease in Net Assets Resulting From Operations	$	(3,220,545	)	$	(70,783,076	)	$	(79,961	)

* For the period October 26, 2010 (commencement of operations) to March 31, 2011.

See Notes to Financial Statements.

146

National			High Yield			California			New Jersey			New York
	$   46,324,394		$	61,827,866		$	5,572,190		$	3,295,662		$	7,383,058
	44			185			–			–			100
	46,324,438			61,828,051			5,572,190			3,295,662			7,383,158
	3,332,790			4,167,520			430,672			267,207			600,267
	1,291,179			1,011,759			148,787			115,590			218,939
	68,189			50			–			–			–
	728,007			2,256,694			127,103			–			167,557
	34,770			107,602			6,506			1,583			3,950
	–			24			–			–			–
	596,286			693,213			53,149			17,637			98,010
	375,441			457,132			37,014			28,618			56,950
	67,644			83,074			21,515			19,196			22,035
	58,966			55,343			3,807			4,286			7,653
	308,347			348,605			38,282			23,752			53,357
	19,793			15,079			3,048			2,068			3,105
	26,498			33,033			3,531			2,156			4,837
	122,028			85,289			19,521			14,732			20,768
	–			–			–			–			–
	64,938			56,173			3,510			2,504			4,632
	7,094,876			9,370,590			896,445			499,329			1,262,060
	(1,463	)		(1,624	)		(177	)		(220	)		(247	)
	–			–			–			–			–
	7,093,413			9,368,966			896,268			499,109			1,261,813
	39,231,025			52,459,085			4,675,922			2,796,553			6,121,345
	5,039,421			21,578,623			269,742			(1,704,419	)		3,722,610
	(132,109,358)			(208,269,582	)		(19,616,898	)		(9,545,180	)		(24,736,094	)
	(127,069,937	)		(186,690,959	)		(19,347,156	)		(11,249,599	)		(21,013,484	)
	$  (87,838,912)		$	(134,231,874	)	$	(14,671,234	)	$	(8,453,046	)	$	(14,892,139	)

See Notes to Financial Statements.

147

Statements of Changes in Net Assets

	Short Duration
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010
Operations:
Net investment income	$	18,539,367		$	27,173,511
Net realized gain (loss) on investments and futures contracts		230,200			(296,245	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		(21,990,112	)		22,530,140
Net increase (decrease) in net assets resulting from operations		(3,220,545	)		49,407,406
Distributions to shareholders from:
Net investment income
Class A		(13,500,879	)		(20,597,104	)
Class B		—			—
Class C		(1,615,792	)		(2,286,086	)
Class F		(3,370,674	)		(4,226,029	)
Class I		(30,600	)		(31,686	)
Class P		—			—
Total distributions to shareholders		(18,517,945	)		(27,140,905	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		548,536,593			1,617,023,721
Reinvestment of distributions		10,405,388			15,688,753
Cost of shares reacquired		(617,322,923	)		(631,886,427	)
Net increase (decrease) in net assets resulting from capital share transactions		(58,380,942	)		1,000,826,047
Net increase (decrease) in net assets		(80,119,432	)		1,023,092,548
NET ASSETS:
Beginning of period	$	1,864,410,426		$	841,317,878
End of period	$	1,784,290,994		$	1,864,410,426
Undistributed net investment income	$	133,191		$	111,769

See Notes to Financial Statements.

148

Intermediate						AMT Free
For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010			For the Period October 26, 2010 to March 31, 2011 (unaudited)*
$	37,621,234		$	51,977,458		$	411,396
	(4,136,690	)		(4,503,634	)		(149,152	)
	(104,267,620	)		47,909,249			(342,205	)
	(70,783,076	)		95,383,073			(79,961	)
	(24,061,813	)		(36,638,320	)		(393,212	)
	(108,331	)		(212,010	)		—
	(6,101,396	)		(7,863,735	)		(6,279	)
	(6,888,974	)		(6,656,253	)		(4,551	)
	(70	)		—			(188	)
	(234	)		(449	)		—
	(37,160,818	)		(51,370,767	)		(404,230	)
	676,726,077			1,294,401,155			36,889,589
	21,746,934			32,503,678			155,865
	(612,117,252	)		(433,315,244	)		(1,723,136	)
	86,355,759			893,589,589			35,322,318
	(21,588,135	)		937,601,895			34,838,127
$	2,026,417,195		$	1,088,815,300		$	—
$	2,004,829,060		$	2,026,417,195		$	34,838,127
$	1,125,826		$	665,410		$	7,166

* For the period October 26, 2010 (commencement of operations) to March 31, 2011.

See Notes to Financial Statements.

149

Statements of Changes in Net Assets (continued)

	National
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010
Operations:
Net investment income	$	39,231,025		$	56,703,047
Net realized gain (loss) on investments and futures contracts		5,039,421			(922,444	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		(132,109,358	)		26,620,469
Net increase (decrease) in net assets resulting from operations		(87,838,912	)		82,401,072
Distributions to shareholders from:
Net investment income
Class A		(32,860,920	)		(46,362,662	)
Class B		(289,214	)		(726,626	)
Class C		(3,657,530	)		(6,591,845	)
Class F		(1,792,388	)		(2,135,718	)
Class I		(262	)		(95	)
Class P		—			—
Total distributions to shareholders		(38,600,314	)		(55,816,946	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		169,542,164			337,382,127
Net proceeds from reorganizations (See Note 12)		590,280,917			—
Reinvestment of distributions		27,804,758			42,078,706
Cost of shares reacquired		(351,385,252	)		(210,277,956	)
Net increase (decrease) in net assets resulting from capital share transactions		436,242,587			169,182,877
Net increase (decrease) in net assets		309,803,361			195,767,003
NET ASSETS:
Beginning of period	$	1,266,685,876		$	1,070,918,873
End of period	$	1,576,489,237		$	1,266,685,876
Undistributed (distributions in excess of) net investment income	$	1,495,224		$	769,488

See Notes to Financial Statements.

150

High Yield						California
For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010			For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010
$	52,459,085		$	99,821,458		$	4,675,922		$	9,212,797
	21,578,623			(49,677,740	)		269,742			(1,527,348	)
	(208,269,582	)		101,888,693			(19,616,898	)		3,212,633
	(134,231,874	)		152,032,411			(14,671,234	)		10,898,082
	(30,527,952	)		(62,203,493	)		(3,666,582	)		(7,512,748	)
	(271	)		(507	)		—			—
	(13,892,867	)		(26,001,995	)		(632,745	)		(1,224,490	)
	(6,629,009	)		(9,390,859	)		(328,537	)		(392,917	)
	(2,395	)		(788	)		(91	)		—
	(306	)		(576	)		—			—
	(51,052,800	)		(97,598,218	)		(4,627,955	)		(9,130,155	)
	296,367,811			904,630,848			19,885,355			48,246,198
	—			—			—			—
	33,993,734			68,720,738			2,937,443			6,594,880
	(660,735,806	)		(534,438,631	)		(39,227,783	)		(39,641,133	)
	(330,374,261	)		438,912,955			(16,404,985	)		15,199,945
	(515,658,935	)		493,347,148			(35,704,174	)		16,967,872
$	2,037,616,497		$	1,544,269,349		$	212,209,394		$	195,241,522
$	1,521,957,562		$	2,037,616,497		$	176,505,220		$	212,209,394
$	2,026,894		$	620,609		$	(445,961	)	$	(493,928	)

See Notes to Financial Statements.

151

Statements of Changes in Net Assets (concluded)

	New Jersey
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010
Operations:
Net investment income	$	2,796,553		$	5,701,896
Net realized gain (loss) on investments and futures contracts		(1,704,419	)		(1,921,821	)
Net change in unrealized appreciation/depreciation on investments and futures contracts		(9,545,180	)		3,604,482
Net increase (decrease) in net assets resulting from operations		(8,453,046	)		7,384,557
Distributions to shareholders from:
Net investment income
Class A		(2,701,672	)		(5,603,976	)
Class C		—			—
Class F		(75,097	)		(63,710	)
Class I		(85	)		—
Total distributions to shareholders		(2,776,854	)		(5,667,686	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		12,045,317			12,571,365
Reinvestment of distributions		1,936,971			4,184,204
Cost of shares reacquired		(19,676,530	)		(19,721,180	)
Net increase (decrease) in net assets resulting from capital share transactions		(5,694,242	)		(2,965,611	)
Net increase (decrease) in net assets		(16,924,142	)		(1,248,740	)
NET ASSETS:
Beginning of period	$	128,497,413		$	129,746,153
End of period	$	111,573,271		$	128,497,413
Distributions in excess of net investment income	$	(275,995	)	$	(295,694	)

See Notes to Financial Statements.

152

New York
For the Six Months Ended March 31, 2011 (unaudited)			For the Year Ended September 30, 2010
$	6,121,345		$	12,075,593
	3,722,610			(4,198,191	)
	(24,736,094	)		8,877,188
	(14,892,139	)		16,754,590
	(5,111,917	)		(10,256,225	)
	(784,213	)		(1,502,128	)
	(187,312	)		(248,163	)
	(85	)		—
	(6,083,527	)		(12,006,516	)
	26,619,891			51,041,947
	3,781,928			8,315,058
	(44,838,439	)		(47,966,880	)
	(14,436,620	)		11,390,125
	(35,412,286	)		16,138,199
$	288,286,830		$	272,148,631
$	252,874,544		$	288,286,830
$	(780,535	)	$	(818,353	)

See Notes to Financial Statements.

153

Financial Highlights

SHORT DURATION TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30/2010			12/12/2008(a) to 9/30/2009
Per Share Operating Performance
Net asset value, beginning of period		$15.80			$15.60			$15.00
Investment operations:
Net investment income(b)		.16			.30			.33
Net realized and unrealized gain (loss)		(.18	)		.20			.68
Total from investment operations		(.02	)		.50			1.01
Distributions to shareholders from:
Net investment income		(.16	)		(.30	)		(.41	)
Net asset value, end of period		$15.62			$15.80			$15.60
Total Return(c)		(.10	)%(d)		3.24	%		6.82	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.29	%(d)		.55	%		.44	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed		.29	%(d)(f)		.55	%(f)		.44	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.35	%(d)		.70	%		.75	%(e)
Net investment income		1.04	%(d)		1.91	%		2.68	%(e)
Supplemental Data:
Net assets, end of period (000)		$1,217,769			$1,326,511			$609,072
Portfolio turnover rate		20.90	%(d)		36.21	%		64.00	%

^(a)  Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first 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.

154

Financial Highlights (continued)

SHORT DURATION TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30/2010			12/12/2008(a) to 9/30/2009
Per Share Operating Performance
Net asset value, beginning of period		$15.80			$15.60			$15.00
Investment operations:
Net investment income(b)		.10			.18			.23
Net realized and unrealized gain (loss)		(.17	)		.19			.68
Total from investment operations		(.07	)		.37			.91
Distributions to shareholders from:
Net investment income		(.10	)		(.17	)		(.31	)
Net asset value, end of period		$15.63			$15.80			$15.60
Total Return(c)		(.42	)%(d)		2.42	%		6.10	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.67	%(d)		1.35	%		1.23	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed		.67	%(d)(f)		1.35	%(f)		1.23	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.71	%(d)		1.50	%		1.51	%(e)
Net investment income		.66	%(d)		1.12	%		1.88	%(e)
Supplemental Data:
Net assets, end of period (000)		$235,965			$251,390			$128,116
Portfolio turnover rate		20.90	%(d)		36.21	%		64.00	%

^(a)  Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first 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.

155

Financial Highlights (continued)

SHORT DURATION TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30/2010			12/12/2008(a) to 9/30/2009
Per Share Operating Performance
Net asset value, beginning of period		$15.80			$15.60			$15.00
Investment operations:
Net investment income(b)		.17			.32			.36
Net realized and unrealized gain (loss)		(.17	)		.20			.66
Total from investment operations		—			.52			1.02
Distributions to shareholders from:
Net investment income		(.17	)		(.32	)		(.42	)
Net asset value, end of period		$15.63			$15.80			$15.60
Total Return(c)		.01	%(d)		3.34	%		6.90	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.24	%(d)		.45	%		.34	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed		.24	%(d)(f)		.45	%(f)		.34	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.30	%(d)		.61	%		.64	%(e)
Net investment income		1.09	%(d)		2.02	%		2.88	%(e)
Supplemental Data:
Net assets, end of period (000)		$327,166			$284,289			$100,723
Portfolio turnover rate		20.90	%(d)		36.21	%		64.00	%

^(a)  Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first 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.

156

Financial Highlights (concluded)

SHORT DURATION TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30/2010			12/12/2008(a) to 9/30/2009
Per Share Operating Performance
Net asset value, beginning of period		$15.80			$15.60			$15.00
Investment operations:
Net investment income(b)		.18			.33			.34
Net realized and unrealized gain (loss)		(.18	)		.20			.70
Total from investment operations		–			.53			1.04
Distributions to shareholders from:
Net investment income		(.18	)		(.33	)		(.44	)
Net asset value, end of period		$15.62			$15.80			$15.60
Total Return(c)		(.01	)%(d)		3.43	%		7.04	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.19	%(d)		.35	%		.25	%(e)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed		.19	%(d)(f)		.34	%(f)		.25	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.24	%(d)		.50	%		.57	%(e)
Net investment income		1.13	%(d)		2.11	%		2.71	%(e)
Supplemental Data:
Net assets, end of period (000)		$3,391			$2,221			$3,407
Portfolio turnover rate		20.90	%(d)		36.21	%		64.00	%

^(a)  Commencement of operations was 12/12/2008, SEC effective date was 12/10/2008 and date shares first 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.

157

Financial Highlights

INTERMEDIATE TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.52			$10.28			$  9.42			$9.75			$9.81			$9.80
Investment operations:
Net investment income(a)		.20			.39			.38			.37			.36			.32
Net realized and unrealized gain (loss)		(.53	)		.23			.86			(.32	)		(.06	)		.03
Total from investment operations		(.33	)		.62			1.24			.05			.30			.35
Distributions to shareholders from:
Net investment income		(.19	)		(.38	)		(.38	)		(.38	)		(.36	)		(.34	)
Net asset value, end of period		$10.00			$10.52			$10.28			$9.42			$9.75			$9.81
Total Return(b)		(3.11	)%(c)		6.22	%		13.50	%		.43	%		3.11	%		3.67	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.32	%(c)		.63	%		.44	%		.27	%		.27	%		.27	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)		.32	%(c)		.63	%		.44	%		.24	%		.25	%		.25	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.35	%(c)		.71	%		.72	%		.79	%		1.37	%		1.66	%
Net investment income		1.93	%(c)		3.76	%		3.89	%		3.80	%		3.68	%		3.34	%
Supplemental Data:
Net assets, end of period (000)		$1,170,886			$1,320,285			$798,344			$338,400			$17,046			$7,234
Portfolio turnover rate		22.33	%(c)		30.23	%		15.70	%		29.73	%		30.70	%		100.82	%

^(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.

158

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class B Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.51			$10.27			$  9.41			$9.74			$9.80			$9.79
Investment operations:
Net investment income(a)		.16			.31			.30			.31			.29			.26
Net realized and unrealized gain (loss)		(.53	)		.23			.87			(.33	)		(.06	)		.02
Total from investment operations		(.37	)		.54			1.17			(.02	)		.23			.28
Distributions to shareholders from:
Net investment income		(.15	)		(.30	)		(.31	)		(.31	)		(.29	)		(.27	)
Net asset value, end of period		$  9.99			$10.51			$10.27			$9.41			$9.74			$9.80
Total Return(b)		(3.50	)%(c)		5.38	%		12.65	%		(.29	)%		2.35	%		2.92	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.72	%(c)		1.43	%		1.24	%		1.02	%		1.02	%		1.02	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)		.72	%(c)		1.43	%		1.23	%		1.00	%		1.00	%		1.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.75	%(c)		1.51	%		1.52	%		1.67	%		2.12	%		2.32	%
Net investment income		1.53	%(c)		2.98	%		3.10	%		3.15	%		2.95	%		2.67	%
Supplemental Data:
Net assets, end of period (000)		$6,642			$7,725			$6,315			$1,966			$802			$848
Portfolio turnover rate		22.33	%(c)		30.23	%		15.70	%		29.73	%		30.70	%		100.82	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c)  Not annualized.

^(d)  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

159

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.51			$10.27			$  9.41			$9.74			$9.80			$9.79
Investment operations:
Net investment income(a)		.16			.31			.31			.30			.29			.25
Net realized and unrealized gain (loss)		(.52	)		.24			.87			(.32	)		(.06	)		.03
Total from investment operations		(.36	)		.55			1.18			(.02	)		.23			.28
Distributions to shareholders from:
Net investment income		(.16	)		(.31	)		(.32	)		(.31	)		(.29	)		(.27	)
Net asset value, end of period		$  9.99			$10.51			$10.27			$9.41			$9.74			$9.80
Total Return(b)		(3.47	)%(c)		5.44	%		12.76	%		(.31	)%		2.35	%		2.90	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.69	%(c)		1.37	%		1.10	%		1.02	%		1.02	%		1.02	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)		.69	%(c)		1.37	%		1.09	%		.98	%		1.00	%		1.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.71	%(c)		1.46	%		1.47	%		1.45	%		2.02	%		2.31	%
Net investment income		1.56	%(c)		3.01	%		3.22	%		3.11	%		2.95	%		2.59	%
Supplemental Data:
Net assets, end of period (000)		$383,958			$391,138			$180,270			$44,402			$4,249			$2,784
Portfolio turnover rate		22.33	%(c)		30.23	%		15.70	%		29.73	%		30.70	%		100.82	%

^(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.

160

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30									9/28/2007(a) to 9/30/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.52			$10.28			$  9.42			$9.75			$9.75
Investment operations:
Net investment income(b)		.20			.40			.38			.39			–	(c)
Net realized and unrealized gain (loss)		(.52	)		.23			.87			(.33	)		–	(c)
Total from investment operations		(.32	)		.63			1.25			.06			–	(c)
Distributions to shareholders from:
Net investment income		(.20	)		(.39	)		(.39	)		(.39	)		–
Net asset value, end of period		$10.00			$10.52			$10.28			$9.42			$9.75
Total Return(d)		(3.06	)%(e)		6.33	%		13.61	%		.57	%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.27	%(e)		.53	%		.40	%		.13	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(g)		.27	%(e)		.53	%		.39	%		.10	%		.00	%(e)(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.31	%(e)		.61	%		.64	%		.67	%		.00	%(e)(f)
Net investment income		1.98	%(e)		3.86	%		3.90	%		3.97	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$443,319			$307,256			$103,873			$1,460			$10
Portfolio turnover rate		22.33	%(e)		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.

161

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class I Shares
	1/31/2011(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$9.96
Investment operations:
Net investment income(b)		–	(c)
Net realized and unrealized gain		(.01	)
Total from investment operations		(.01	)
Net asset value on SEC Effective Date, 2/1/2011		$9.95
Investment operations:
Net investment income(b)		.07
Net realized and unrealized gain		.05	(d)
Total from investment operations		.12
Distributions to shareholders from:
Net investment income		(.07	)
Net asset value, end of period		$10.00
Total Return(e)		1.10	%(f)(g)
Total Return(e)		1.19	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.07	%(f)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(i)		.07	%(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.08	%(f)
Net investment income		.70	%(f)
Supplemental Data:
Net assets, end of period (000)		$10
Portfolio turnover rate		22.33	%(e)

^(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 3/31/2011.

^(h)  Total return for the period 2/1/2011 through 3/31/2011.

⁽ⁱ⁾  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

162

Financial Highlights (concluded)

INTERMEDIATE TAX FREE FUND

	Class P Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.52			$10.28			$9.42			$9.75			$9.81			$9.80
Investment operations:
Net investment income(a)		.19			.36			.36			.36			.34			.31
Net realized and unrealized gain (loss)		(.53	)		.24			.86			(.33	)		(.06	)		.02
Total from investment operations		(.34	)		.60			1.22			.03			.28			.33
Distributions to shareholders from:
Net investment income		(.18	)		(.36	)		(.36	)		(.36	)		(.34	)		(.32	)
Net asset value, end of period		$10.00			$10.52			$10.28			$9.42			$9.75			$9.81
Total Return(b)		(3.21	)%(c)		5.99	%		13.27	%		.29	%		2.91	%		3.46	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.43	%(c)		.86	%		.65	%		.46	%		.47	%		.47	%
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(d)		.43	%(c)		.86	%		.64	%		.43	%		.45	%		.45	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.47	%(c)		.94	%		.96	%		1.13	%		1.57	%		1.77	%
Net investment income		1.82	%(c)		3.56	%		3.73	%		3.73	%		3.49	%		3.15	%
Supplemental Data:
Net assets, end of period (000)		$13			$13			$13			$11			$11			$11
Portfolio turnover rate		22.33	%(c)		30.23	%		15.70	%		29.73	%		30.70	%		100.82	%

^(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.

163

Financial Highlights

AMT FREE MUNICIPAL BOND FUND

	Class A Shares
	10/26/2010(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$15.00
Investment operations:
Net investment income(b)		.29
Net realized and unrealized loss		(.96	)
Total from investment operations		(.67	)
Distributions to shareholders from:
Net investment income		(.27	)
Net asset value, end of period		$14.06
Total Return(c)		(4.49	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.21	%(d)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(e)		.21	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.66	%(d)
Net investment income		2.05	%(d)
Supplemental Data:
Net assets, end of period (000)		$33,331
Portfolio turnover rate		43.72	%(d)

^(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)  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

164

Financial Highlights (continued)

AMT FREE MUNICIPAL BOND FUND

	Class C Shares
	10/26/2010(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$15.00
Investment operations:
Net investment income(b)		.23
Net realized and unrealized loss		(.96	)
Total from investment operations		(.73	)
Distributions to shareholders from:
Net investment income		(.21	)
Net asset value, end of period		$14.06
Total Return(c)		(4.84	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.55	%(d)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(e)		.55	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.99	%(d)
Net investment income		1.66	%(d)
Supplemental Data:
Net assets, end of period (000)		$797
Portfolio turnover rate		43.72	%(d)

^(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)  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)

AMT FREE MUNICIPAL BOND FUND

	Class F Shares
	10/26/2010(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$15.00
Investment operations:
Net investment income(b)		.29
Net realized and unrealized loss		(.96	)
Total from investment operations		(.67	)
Distributions to shareholders from:
Net investment income		(.27	)
Net asset value, end of period		$14.06
Total Return(c)		(4.47	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.17	%(d)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(e)		.17	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.65	%(d)
Net investment income		2.06	%(d)
Supplemental Data:
Net assets, end of period (000)		$700
Portfolio turnover rate		43.72	%(d)

^(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)  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

166

Financial Highlights (concluded)

AMT FREE MUNICIPAL BOND FUND

	Class I Shares
	10/26/2010(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$15.00
Investment operations:
Net investment income(b)		.28
Net realized and unrealized loss		(.94	)
Total from investment operations		(.66	)
Distributions to shareholders from:
Net investment income		(.28	)
Net asset value, end of period		$14.06
Total Return(c)		(4.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.13	%(d)
Expenses, excluding interest expense, including expense reductions, management fee waived and expenses reimbursed(e)		.13	%(d)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.63	%(d)
Net investment income		1.99	%(d)
Supplemental Data:
Net assets, end of period (000)		$10
Portfolio turnover rate		43.72	%(d)

^(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)  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

NATIONAL TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.84			$10.62			$9.71			$11.12			$11.52			$11.55
Investment operations:
Net investment income(a)		.26			.54			.52			.51			.49			.46
Net realized and unrealized gain (loss)		(.90	)		.21			.90			(1.41	)		(.40	)		(.02	)
Total from investment operations		(.64	)		.75			1.42			(.90	)		.09			.44
Distributions to shareholders from:
Net investment income		(.26	)		(.53	)		(.51	)		(.51	)		(.49	)		(.47	)
Net asset value, end of period		$  9.94			$10.84			$10.62			$  9.71			$11.12			$11.52
Total Return(b)		(5.95	)%(c)		7.34	%		15.40	%		(8.41	)%		.79	%		3.94	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(c)		.86	%		.92	%		1.05	%		1.18	%		1.20	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.38	%(c)		.77	%		.77	%		.79	%		.77	%		.92	%
Expenses, excluding expense reductions and expenses reimbursed		.42	%(c)		.86	%		.92	%		1.06	%		1.27	%		1.20	%
Net investment income		2.58	%(c)		5.12	%		5.49	%		4.77	%		4.34	%		4.04	%
Supplemental Data:
Net assets, end of period (000)		$1,348,475			$1,007,123			$889,665			$740,198			$525,513			$499,778
Portfolio turnover rate		47.64	%(c)		63.31	%		45.22	%		88.15	%		49.43	%		72.24	%

^(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.

168

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class B Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.90			$10.68			$  9.75			$11.16			$11.56			$11.58
Investment operations:
Net investment income(a)		.22			.46			.45			.42			.41			.39
Net realized and unrealized gain (loss)		(.91	)		.21			.91			(1.41	)		(.40	)		(.02	)
Total from investment operations		(.69	)		.67			1.36			(.99	)		.01			.37
Distributions to shareholders from:
Net investment income		(.22	)		(.45	)		(.43	)		(.42	)		(.41	)		(.39	)
Net asset value, end of period		$  9.99			$10.90			$10.68			$  9.75			$11.16			$11.56
Total Return(b)		(6.37	)%(c)		6.48	%		14.48	%		(9.08	)%		.08	%		3.32	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.82	%(c)		1.66	%		1.72	%		1.85	%		1.90	%		1.86	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.78	%(c)		1.57	%		1.57	%		1.58	%		1.49	%		1.58	%
Expenses, excluding expense reductions and expenses reimbursed		.82	%(c)		1.66	%		1.72	%		1.86	%		1.99	%		1.86	%
Net investment income		2.16	%(c)		4.33	%		4.70	%		3.94	%		3.61	%		3.39	%
Supplemental Data:
Net assets, end of period (000)		$10,914			$16,143			$18,540			$18,032			$23,502			$27,871
Portfolio turnover rate		47.64	%(c)		63.31	%		45.22	%		88.15	%		49.43	%		72.24	%

^(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.

169

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.86			$10.63			$  9.73			$11.15			$11.54			$11.57
Investment operations:
Net investment income(a)		.23			.46			.46			.44			.42			.39
Net realized and unrealized gain (loss)		(.92	)		.23			.89			(1.41	)		(.39	)		(.02	)
Total from investment operations		(.69	)		.69			1.35			(.97	)		.03			.37
Distributions to shareholders from:
Net investment income		(.22	)		(.46	)		(.45	)		(.45	)		(.42	)		(.40	)
Net asset value, end of period		$  9.95			$10.86			$10.63			$  9.73			$11.15			$11.54
Total Return(b)		(6.34	)%(c)		6.69	%		14.58	%		(9.01	)%		.23	%		3.26	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.76	%(c)		1.56	%		1.59	%		1.67	%		1.82	%		1.86	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.72	%(c)		1.47	%		1.45	%		1.41	%		1.41	%		1.58	%
Expenses, excluding expense reductions and expenses reimbursed		.76	%(c)		1.56	%		1.59	%		1.68	%		1.91	%		1.86	%
Net investment income		2.23	%(c)		4.40	%		4.78	%		4.13	%		3.70	%		3.39	%
Supplemental Data:
Net assets, end of period (000)		$152,072			$181,209			$133,922			$80,301			$51,244			$44,450
Portfolio turnover rate		47.64	%(c)		63.31	%		45.22	%		88.15	%		49.43	%		72.24	%

^(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.

170

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30									9/28/2007(a) to 9/30/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.83			$10.61			$  9.71			$11.12			$11.12
Investment operations:
Net investment income(b)		.27			.55			.53			.52			–	(c)
Net realized and unrealized gain (loss)		(.91	)		.21			.89			(1.41	)		–	(c)
Total from investment operations		(.64	)		.76			1.42			(.89	)		–	(c)
Distributions to shareholders from:
Net investment income		(.26	)		(.54	)		(.52	)		(.52	)		–
Net asset value, end of period		$  9.93			$10.83			$10.61			$  9.71			$11.12
Total Return(d)		(5.91	)%(e)		7.43	%		15.44	%		(8.32	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.37	%(e)		.76	%		.81	%		.95	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.33	%(e)		.66	%		.67	%		.69	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.37	%(e)		.76	%		.81	%		.97	%		.00	%(e)(f)
Net investment income		2.62	%(e)		5.18	%		5.45	%		5.00	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$65,018			$62,200			$28,791			$2,310			$10
Portfolio turnover rate		47.64	%(e)		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.

171

Financial Highlights (concluded)

NATIONAL TAX FREE FUND

	Class I Shares
	Six Months Ended 3/31/2011 (unaudited)			7/26/2010(a) to 9/30/2010
Per Share Operating Performance
Net asset value, beginning of period		$10.84			$10.59
Investment operations:
Net investment income(b)		.27			.10
Net realized and unrealized gain (loss)		(.91	)		.25
Total from investment operations		(.64	)		.35
Distributions to shareholders from:
Net investment income		(.27	)		(.10	)
Net asset value, end of period		$  9.93			$10.84
Total Return(c)		(5.93	)%(d)		3.31	%(d)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(e)		.27	%(d)		.55	%(f)
Expenses, excluding expense reductions		.31	%(d)		.64	%(f)
Net investment income		2.69	%(d)		5.21	%(f)
Supplemental Data:
Net assets, end of period (000)		$10			$10
Portfolio turnover rate		47.64	%(d)		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.

See Notes to Financial Statements.

172

Financial Highlights

HIGH YIELD MUNICIPAL BOND FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.81			$11.49			$11.89			$15.03			$15.81			$15.41
Investment operations:
Net investment income(a)		.35			.67			.72			.75			.75			.82
Net realized and unrealized gain (loss)		(1.16	)		.31			(.37	)(b)		(3.13	)		(.77	)		.37
Total from investment operations		(.81	)		.98			.35			(2.38	)		(.02	)		1.19
Distributions to shareholders from:
Net investment income		(.34	)		(.66	)		(.75	)		(.76	)		(.76	)		(.79	)
Net asset value, end of period		$10.66			$11.81			$11.49			$11.89			$15.03			$15.81
Total Return(c)		(6.94	)%(d)		8.88	%		4.14	%		(16.33	)%		(.23	)%		7.97	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.44	%(d)		.91	%		1.03	%		1.27	%		1.31	%		.49	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.40	%(d)		.80	%		.84	%		.79	%		.67	%		.16	%
Expenses, excluding expense reductions and expenses reimbursed		.44	%(d)		.91	%		1.03	%		1.30	%		1.52	%		1.34	%
Net investment income		3.10	%(d)		5.88	%		7.13	%		5.50	%		4.75	%		5.28	%
Supplemental Data:
Net assets, end of period (000)		$866,840			$1,236,637			$976,708			$695,723			$959,170			$731,726
Portfolio turnover rate		19.50	%(d)		37.68	%		32.88	%		47.95	%		24.92	%		62.27	%

^(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.

173

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

	Class B Shares
	Six Months End 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.82			$11.51			$11.91			$15.03			$15.81			$15.41
Investment operations:
Net investment income(a)		.31			.59			.66			.70			.68			.77
Net realized and unrealized gain (loss)		(1.17	)		.30			(.39	)(b)		(3.14	)		(.78	)		.37
Total from investment operations		(.86	)		.89			.27			(2.44	)		(.10	)		1.14
Distributions to shareholders from:
Net investment income		(.29	)		(.58	)		(.67	)		(.68	)		(.68	)		(.74	)
Net asset value, end of period		$10.67			$11.82			$11.51			$11.91			$15.03			$15.81
Total Return(c)		(7.28	)%(d)		7.97	%		3.46	%		(16.70	)%		(.74	)%		7.62	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.83	%(d)		1.68	%		1.78	%		1.74	%		1.77	%		.80	%
Expenses, excluding interest expense including expense reductions and expenses reimbursed(e)		.79	%(d)		1.57	%		1.60	%		1.26	%		1.13	%		.47	%
Expenses, excluding expense reductions and expenses reimbursed		.83	%(d)		1.68	%		1.81	%		2.07	%		2.24	%		1.96	%
Net investment income		2.74	%(d)		5.15	%		6.52	%		5.10	%		4.29	%		4.99	%
Supplemental Data:
Net assets, end of period (000)		$10			$11			$10			$10			$11			$11
Portfolio turnover rate		19.50	%(d)		37.68	%		32.88	%		47.95	%		24.92	%		62.27	%

^(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.

174

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

	Class C Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.81			$11.50			$11.89			$15.03			$15.81			$15.41
Investment operations:
Net investment income(a)		.31			.59			.66			.68			.67			.76
Net realized and unrealized gain (loss)		(1.15	)		.30			(.37	)(b)		(3.14	)		(.77	)		.38
Total from investment operations		(.84	)		.89			.29			(2.46	)		(.10	)		1.14
Distributions to shareholders from:
Net investment income		(.30	)		(.58	)		(.68	)		(.68	)		(.68	)		(.74	)
Net asset value, end of period		$10.67			$11.81			$11.50			$11.89			$15.03			$15.81
Total Return(c)		(7.17	)%(d)		7.99	%		3.57	%		(16.77	)%		(.74	)%		7.62	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.78	%(d)		1.65	%		1.66	%		1.78	%		1.81	%		.88	%
Expenses, excluding interest expense including expense reductions and expenses reimbursed(e)		.74	%(d)		1.55	%		1.48	%		1.30	%		1.17	%		.54	%
Expenses, excluding expense reductions and expenses reimbursed		.78	%(d)		1.65	%		1.67	%		1.93	%		2.17	%		1.98	%
Net investment income		2.77	%(d)		5.14	%		6.55	%		5.00	%		4.25	%		4.98	%
Supplemental Data:
Net assets, end of period (000)		$452,698			$585,366			$455,042			$392,360			$538,419			$349,911
Portfolio turnover rate		19.50	%(d)		37.68	%		32.88	%		47.95	%		24.92	%		62.27	%

^(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.

175

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

				Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30									9/28/2007(a) to 9/30/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$11.82			$11.50			$11.90			$15.03			$15.03
Investment operations:
Net investment income(b)		.35			.69			.70			.76			—	(c)
Net realized and unrealized gain (loss)		(1.16	)		.30			(.34	)(d)		(3.13	)		—	(c)
Total from investment operations		(.81	)		.99			.36			(2.37	)		—	(c)
Distributions to shareholders from:
Net investment income		(.34	)		(.67	)		(.76	)		(.76	)		—
Net asset value, end of period		$10.67			$11.82			$11.50			$11.90			$15.03
Total Return(e)		(6.89	)%(f)		8.98	%		4.25	%		(16.19	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.39	% (f)		.81	%		.91	%		1.20	%		.00	%(f)(g)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(h)		.35	%(f)		.71	%		.73	%		.72	%		.00	%(f)(g)
Expenses, excluding expense reductions and expenses reimbursed		.39	%(f)		.81	%		.91	%		1.20	%		.00	%(f)(g)
Net investment income		3.16	%(f)		5.97	%		6.83	%		5.90	%		.00	%(f)(g)
Supplemental Data:
Net assets, end of period (000)		$202,242			$215,479			$112,500			$4,513			$10
Portfolio turnover rate		19.50	%(f)		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.

See Notes to Financial Statements.

176

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

	Class I Shares
	Six Months Ended 3/31/2011 (unaudited)			7/26/2010(a) to 9/30/2010
Per Share Operating Performance
Net asset value, beginning of period		$11.81			$11.58
Investment operations:
Net investment income(b)		.35			.12
Net realized and unrealized gain (loss)		(1.14	)		.23
Total from investment operations		(.79	)		.35
Distributions to shareholders from:
Net investment income		(.35	)		(.12	)
Net asset value, end of period		$10.67			$11.81
Total Return(c)		(6.76	)%(d)		3.05	%(d)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(e)		.30	%(d)		.62	%(f)
Expenses, excluding expense reductions		.34	%(d)		.72	%(f)
Net investment income		3.11	%(d)		5.75	%(f)
Supplemental Data:
Net assets, end of period (000)		$158			$112
Portfolio turnover rate		19.50	%(d)		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.

177

Financial Highlights (concluded)

HIGH YIELD MUNICIPAL BOND FUND

				Class P Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$11.82			$11.50			$11.90			$15.04			$15.82			$15.42
Investment operations:
Net investment income(a)		.34			.66			.71			.74			.75			.83
Net realized and unrealized gain (loss)		(1.16	)		.30			(.39	)(b)		(3.13	)		(.77	)		.36
Total from investment operations		(.82	)		.96			.32			(2.39	)		(.02	)		1.19
Distributions to shareholders from:
Net investment income		(.33	)		(.64	)		(.72	)		(.75	)		(.76	)		(.79	)
Net asset value, end of period		$10.67			$11.82			$11.50			$11.90			$15.04			$15.82
Total Return(c)		(7.03	)%(d)		8.67	%		3.87	%		(16.34	)%		(.25	)%		7.94	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.56	%(d)		1.12	%		1.26	%		1.35	%		1.32	%		.47	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.52	%(d)		1.02	%		1.08	%		.87	%		.66	%		.13	%
Expenses, excluding expense reductions and expenses reimbursed		.56	%(d)		1.12	%		1.26	%		1.51	%		1.73	%		1.45	%
Net investment income		3.01	%(d)		5.71	%		7.04	%		5.46	%		4.77	%		5.41	%
Supplemental Data:
Net assets, end of period (000)		$10			$11			$10			$10			$12			$12
Portfolio turnover rate		19.50	%(d)		37.68	%		32.88	%		47.95	%		24.92	%		62.27	%

^(a)  Calculated using average shares outstanding during the period.

^(b)  The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.

^(c)  Total return assumes the reinvestment of all distributions.

^(d)  Not annualized.

^(e)  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

178

Financial Highlights

CALIFORNIA TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.24			$10.17			$  9.38			$10.57			$10.91			$10.96
Investment operations:
Net investment income(a)		.24			.47			.45			.45			.44			.41
Net realized and unrealized gain (loss)		(.94	)		.07			.80			(1.18	)		(.34	)		(.03	)
Total from investment operations		(.70	)		.54			1.25			(.73	)		.10			.38
Distributions to shareholders from:
Net investment income		(.24	)		(.47	)		(.46	)		(.46	)		(.44	)		(.43	)
Net asset value, end of period		$  9.30			$10.24			$10.17			$  9.38			$10.57			$10.91
Total Return(b)		(6.90	)%(c)		5.52	%		13.92	%		(7.16	)%		.87	%		3.52	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(c)		.84	%		.91	%		1.18	%		1.29	%		1.07	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.39	%(c)		.78	%		.78	%		.80	%		.87	%		.93	%
Expenses, excluding expense reductions and expenses reimbursed		.42	%(c)		.84	%		.91	%		1.18	%		1.30	%		1.07	%
Net investment income		2.49	%(c)		4.74	%		4.87	%		4.41	%		4.03	%		3.79	%
Supplemental Data:
Net assets, end of period (000)		$136,221			$166,247			$159,768			$144,165			$147,893			$160,416
Portfolio turnover rate		22.10	%(c)		47.68	%		34.04	%		49.17	%		50.77	%		47.86	%

^(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.

179

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.25			$10.17			$  9.39			$10.58			$10.92			$10.97
Investment operations:
Net investment income(a)		.21			.40			.38			.39			.37			.34
Net realized and unrealized gain (loss)		(.95	)		.08			.80			(1.18	)		(.34	)		(.03	)
Total from investment operations		(.74	)		.48			1.18			(.79	)		.03			.31
Distributions to shareholders from:
Net investment income		(.21	)		(.40	)		(.40	)		(.40	)		(.37	)		(.36	)
Net asset value, end of period		$  9.30			$10.25			$10.17			$  9.39			$10.58			$10.92
Total Return(b)		(7.30	)%(c)		4.88	%		13.13	%		(7.73	)%		.23	%		2.87	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.75	%(c)		1.55	%		1.60	%		1.79	%		1.92	%		1.72	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.72	%(c)		1.49	%		1.48	%		1.41	%		1.50	%		1.58	%
Expenses, excluding expense reductions and expenses reimbursed		.75	%(c)		1.55	%		1.60	%		1.79	%		1.92	%		1.72	%
Net investment income		2.16	%(c)		4.02	%		4.14	%		3.79	%		3.40	%		3.14	%
Supplemental Data:
Net assets, end of period (000)		$26,174			$33,280			$28,896			$18,793			$15,245			$15,052
Portfolio turnover rate		22.10	%(c)		47.68	%		34.04	%		49.17	%		50.77	%		47.86	%

^(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.

180

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30									9/28/2007(a) to 9/30/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.24			$10.17			$  9.38			$10.57			$10.57
Investment operations:
Net investment income(b)		.24			.48			.46			.45			–	(c)
Net realized and unrealized gain (loss)		(.94	)		.07			.80			(1.17	)		–	(c)
Total from investment operations		(.70	)		.55			1.26			(.72	)		–	(c)
Distributions to shareholders from:
Net investment income		(.24	)		(.48	)		(.47	)		(.47	)		–
Net asset value, end of period		$  9.30			$10.24			$10.17			$  9.38			$10.57
Total Return(d)		(6.86	)%(e)		5.62	%		14.06	%		(7.07	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.37	%(e)		.74	%		.79	%		1.05	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.68	%		.67	%		.67	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.37	%(e)		.74	%		.79	%		1.07	%		.00	%(e)(f)
Net investment income		2.54	%(e)		4.81	%		4.84	%		4.48	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$14,100			$12,683			$6,578			$285			$10
Portfolio turnover rate		22.10	%(e)		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.

181

Financial Highlights (concluded)

CALIFORNIA TAX FREE FUND

	Class I Shares
	1/31/2011(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$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)		.08
Net realized and unrealized gain		.06	(d)
Total from investment operations		.14
Distributions to shareholders from:
Net investment income		(.08	)
Net asset value, end of period		$9.29
Total Return(e)		1.44	%(f)(g)
Total Return(e)		1.53	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(i)		.10	%(f)
Expenses, excluding expense reductions		.13	%(f)
Net investment income		.90	%(f)
Supplemental Data:
Net assets, end of period (000)		$10
Portfolio turnover rate		22.10	%(f)

^(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 3/31/2011.

^(h)  Total return for the period 2/1/2011 through 3/31/2011.

⁽ⁱ⁾  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

182

Financial Highlights

NEW JERSEY TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$4.85			$4.78			$4.43			$5.00			$5.17			$5.20
Investment operations:
Net investment income(a)		.11			.21			.21			.21			.21			.21
Net realized and unrealized gain (loss)		(.43	)		.07			.35			(.56	)		(.17	)		(.03	)
Total from investment operations		(.32	)		.28			.56			(.35	)		.04			.18
Distributions to shareholders from:
Net investment income		(.11	)		(.21	)		(.21	)		(.22	)		(.21	)		(.21	)
Net asset value, end of period		$4.42			$4.85			$4.78			$4.43			$5.00			$5.17
Total Return(b)		(6.71	)%(c)		6.13	%		13.13	%		(7.36	)%		.78	%		3.51	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(c)		.83	%		.81	%		.90	%		1.14	%		1.10	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed		.41	%(c)(d)		.80	%(d)		.81	%		.82	%(d)		.81	%(d)		.86	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.42	%(c)		.83	%		.81	%		.90	%		1.21	%		1.22	%
Net investment income		2.35	%(c)		4.53	%		4.78	%		4.34	%		4.11	%		4.03	%
Supplemental Data:
Net assets, end of period (000)		$108,454			$125,722			$128,778			$114,704			$129,106			$130,742
Portfolio turnover rate		14.43	%(c)		32.22	%		20.68	%		32.16	%		37.64	%		28.99	%

^(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.

183

Financial Highlights (continued)

NEW JERSEY TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30									9/28/2007(a) to 9/30/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$4.85			$4.78			$4.43			$5.00			$5.00
Investment operations:
Net investment income(b)		.11			.22			.21			.21			–	(c)
Net realized and unrealized gain (loss)		(.43	)		.07			.35			(.56	)		–	(c)
Total from investment operations		(.32	)		.29			.56			(.35	)		–	(c)
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		(.21	)		(.22	)		–
Net asset value, end of period		$4.42			$4.85			$4.78			$4.43			$5.00
Total Return(d)		(6.67	)%(e)		6.23	%		13.26	%		(7.27	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.37	%(e)		.72	%		.70	%		.74	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed		.36	%(e)(g)		.70	%(g)		.70	%		.66	%(g)		.00	%(e)(f)(g)
Expenses, excluding expense reductions and expenses reimbursed		.37	%(e)		.72	%		.70	%		.77	%		.00	%(e)(f)
Net investment income		2.40	%(e)		4.61	%		4.73	%		4.41	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$3,109			$2,775			$969			$48			$10
Portfolio turnover rate		14.43	%(e)		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.

See Notes to Financial Statements.

184

Financial Highlights (concluded)

NEW JERSEY TAX FREE FUND

	Class I Shares
	1/31/2011(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$4.42
Investment operations:
Net investment income(b)		–	(c)
Net realized and unrealized gain		(.01	)
Total from investment operations		(.01	)
Net asset value on SEC Effective Date, 2/1/2011		$4.41
Investment operations:
Net investment income(b)		.04
Net realized and unrealized gain		.01	(d)
Total from investment operations		.05
Distributions to shareholders from:
Net investment income		(.04	)
Net asset value, end of period		$4.42
Total Return(e)		.84	%(f)(g)
Total Return(e)		1.05	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(i)		.10	%(f)
Expenses, excluding expense reductions		.11	%(f)
Net investment income		.84	%(f)
Supplemental Data:
Net assets, end of period (000)		$10
Portfolio turnover rate		14.43	%(f)

^(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 3/31/2011.

^(h)  Total return for the period 2/1/2011 through 3/31/2011.

⁽ⁱ⁾  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

185

Financial Highlights

NEW YORK TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.96			$10.78			$  9.71			$10.96			$11.27			$11.32
Investment operations:
Net investment income(a)		.24			.49			.48			.46			.47			.48
Net realized and unrealized gain (loss)		(.79	)		.17			1.06			(1.24	)		(.31	)		(.05	)
Total from investment operations		(.55	)		.66			1.54			(.78	)		.16			.43
Distributions to shareholders from:
Net investment income		(.24	)		(.48	)		(.47	)		(.47	)		(.47	)		(.48	)
Net asset value, end of period		$10.17			$10.96			$10.78			$  9.71			$10.96			$11.27
Total Return(b)		(5.02	)%(c)		6.37	%		16.49	%		(7.37	) %		1.47	%		3.92	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.43	%(c)		.85	%		.87	%		.99	%		1.01	%		.80	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.39	%(c)		.77	%		.78	%		.78	%		.70	%		.62	%
Expenses, excluding expense reductions and expenses reimbursed		.43	%(c)		.85	%		.87	%		1.00	%		1.16	%		1.11	%
Net investment income		2.34	%(c)		4.55	%		4.90	%		4.36	%		4.20	%		4.27	%
Supplemental Data:
Net assets, end of period (000)		$209,009			$238,259			$231,452			$221,057			$243,416			$233,101
Portfolio turnover rate		28.45	%(c)		30.34	%		22.34	%		44.67	%		25.38	%		69.19	%

^(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.

186

Financial Highlights (continued)

NEW YORK TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30
				2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of period		$10.95			$10.76			$  9.70			$10.96			$11.27			$11.32
Investment operations:
Net investment income(a)		.21			.41			.41			.40			.39			.40
Net realized and unrealized gain (loss)		(.79	)		.19			1.06			(1.25	)		(.30	)		(.04	)
Total from investment operations		(.58	)		.60			1.47			(.85	)		.09			.36
Distributions to shareholders from:
Net investment income		(.21	)��		(.41	)		(.41	)		(.41	)		(.40	)		(.41	)
Net asset value, end of period		$10.16			$10.95			$10.76			$  9.70			$10.96			$11.27
Total Return(b)		(5.34	)%(c)		5.74	%		15.69	%		(8.02	)%		.84	%		3.25	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.75	%(c)		1.54	%		1.55	%		1.63	%		1.67	%		1.46	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.72	%(c)		1.46	%		1.46	%		1.41	%		1.36	%		1.28	%
Expenses, excluding expense reductions and expenses reimbursed		.75	%(c)		1.54	%		1.55	%		1.63	%		1.81	%		1.77	%
Net investment income		2.01	%(c)		3.85	%		4.21	%		3.72	%		3.53	%		3.61	%
Supplemental Data:
Net assets, end of period (000)		$36,661			$42,397			$37,554			$31,262			$25,423			$16,622
Portfolio turnover rate		28.45	%(c)		30.34	%		22.34	%		44.67	%		25.38	%		69.19	%

^(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.

187

Financial Highlights (continued)

NEW YORK TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2011 (unaudited)			Year Ended 9/30									9/28/2007(a) to 9/30/2007
				2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period		$10.97			$10.78			$9.72			$10.96			$10.96
Investment operations:
Net investment income(b)		.25			.50			.48			.48			–	(c)
Net realized and unrealized gain (loss)		(.79	)		.18			1.06			(1.24	)		–	(c)
Total from investment operations		(.54	)		.68			1.54			(.76	)		–	(c)
Distributions to shareholders from:
Net investment income		(.25	)		(.49	)		(.48	)		(.48	)		–
Net asset value, end of period		$10.18			$10.97			$10.78			$9.72			$10.96
Total Return(d)		(4.97	)%(e)		6.57	%		16.51	%		(7.18	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.38	%(e)		.75	%		.77	%		.82	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.67	%		.68	%		.61	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.38	%(e)		.75	%		.77	%		.83	%		.00	%(e)(f)
Net investment income		2.38	%(e)		4.64	%		4.81	%		4.43	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)		$7,194			$7,631			$3,143			$9			$10
Portfolio turnover rate		28.45	%(e)		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.

See Notes to Financial Statements.

188

Financial Highlights (concluded)

NEW YORK TAX FREE FUND

	Class I Shares
	1/31/2011(a) to 3/31/2011 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$10.10
Investment operations:
Net investment income(b)		–	(c)
Net realized and unrealized gain		(.01	)
Total from investment operations		(.01	)
Net asset value on SEC Effective Date, 2/1/2011		$10.09
Investment operations:
Net investment income(b)		.09
Net realized and unrealized gain		.08	(d)
Total from investment operations		.17
Distributions to shareholders from:
Net investment income		(.09	)
Net asset value, end of period		$10.17
Total Return(e)		1.54	%(f)(g)
Total Return(e)		1.63	%(f)(h)
Ratios to Average Net Assets:
Expenses, excluding interest expense and including expense reductions(i)		.09	%(f)
Expenses, excluding expense reductions		.13	%(f)
Net investment income		.85	%(f)
Supplemental Data:
Net assets, end of period (000)		$10
Portfolio turnover rate		28.45	%(f)

^(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 3/31/2011.

^(h)  Total return for the period 2/1/2011 through 3/31/2011.

⁽ⁱ⁾  Interest expense relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

See Notes to Financial Statements.

189

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
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

* Commencement of operations and SEC effective date was October 26, 2010. The shares first became available to the public on November 1, 2010.

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 each Fund’s prospectus. The Funds of the Company no longer issue Class B shares for purchase. Effective January 31, 2011, Class I shares of Intermediate, California, New Jersey, and New York commenced operations.

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.

On November 19, 2010, National acquired the net assets of Georgia Series (“Georgia”) and Pennsylvania Series (“Pennsylvania”) of the Lord Abbett Municipal Income Trust (the “Trust”) and Lord Abbett Connecticut Tax-Free Income Fund (“Connecticut”), Lord Abbett Hawaii Tax-Free

190

Notes to Financial Statements (unaudited)(continued)

Income Fund (“Hawaii”) and Lord Abbett Missouri Tax-Free Income Fund (“Missouri”) of the Company (collectively, the “Acquired Funds”). Refer to Note 12 Reorganizations for additional information.

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.

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 current 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 income in 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 remains open for the fiscal years ended September 30, 2007 through September 30, 2010. 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

191

Notes to Financial Statements (unaudited)(continued)

based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F and P shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f) Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. As of March 31, 2011, 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 Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of 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.

192

Notes to Financial Statements (unaudited)(continued)

The following is a summary of each Fund’s liability for trust certificates, range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred to TOBs as of March 31, 2011, as well as the average trust certificates outstanding for the six months then ended:

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		.25%	$	14,022,400	$	7,000,000
Intermediate		9,820,000		.25%-.34%		19,622,390		14,511,667
AMT Free		100,000		.25%		176,846		100,000
National		124,687,226		.23%-.46%		243,510,008		127,150,559
High Yield		138,065,000		.25%-.39%		271,079,208		167,828,151
California		14,475,000		.25%-.31%		28,239,795		14,475,000
New Jersey		5,310,000		.25%		9,895,676		5,310,000
New York		25,820,000		.25%-.31%		53,387,716		25,570,000

Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a 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.

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

193

Notes to Financial Statements (unaudited)(continued)

• 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.

The following is a summary of the inputs used as of March 31, 2011 in valuing each Fund’s investments carried at fair value:

	Short Duration
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	1,361,591,947	$	–	$	1,361,591,947
Money Market Mutual Fund		–			–		–		–
Variable Rate Demand Notes		–			384,850,000		–		384,850,000
Total	$	–		$	1,746,441,947	$	–	$	1,746,441,947
	Intermediate
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	1,955,305,283	$	–	$	1,955,305,283
Money Market Mutual Fund		1,728			–		–		1,728
Variable Rate Demand Notes		–			35,465,000		–		35,465,000
Total	$	1,728		$	1,990,770,283	$	–	$	1,990,772,011
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(382,745	)		–		–		(382,745	)
Total	$	(382,745	)	$	–	$	–	$	(382,745	)
	AMT Free
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	31,902,144	$	–	$	31,902,144
Money Market Mutual Funds		–			–		–		–
Variable Rate Demand Notes		–			–		–		–
Total	$	–		$	31,902,144	$	–	$	31,902,144
Other Financial Instruments
Futures Contracts
Assets	$	1,151		$	–	$	–	$	1,151
Liabilities		–			–		–		–
Total	$	1,151		$	–	$	–	$	1,151

194

Notes to Financial Statements (unaudited)(continued)

	National
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	1,655,342,726	$	–	$	1,655,342,726
Money Market Mutual Funds		5,370			–		–		5,370
Variable Rate Demand Notes		–			5,000,000		–		5,000,000
Total	$	5,370		$	1,660,342,726	$	–	$	1,660,348,096
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(1,342,073	)		–		–		(1,342,073	)
Total	$	(1,342,073	)	$	–	$	–	$	(1,342,073	)

	High Yield
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	1,610,305,004	$	–	$	1,610,305,004
Money Market Mutual Funds		3,686			–		–		3,686
Variable Rate Demand Notes		–			18,615,000		–		18,615,000
Total	$	3,686		$	1,628,920,004	$	–	$	1,628,923,690
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(2,055,344	)		–		–		(2,055,344	)
Total	$	(2,055,344	)	$	–	$	–	$	(2,055,344	)
	California
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	187,244,054	$	–	$	187,244,054
Money Market Mutual Funds		26			–		–	��	26
Variable Rate Demand Notes		–			–		–		–
Total	$	26		$	187,244,054	$	–	$	187,244,080
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(255,875	)		–		–		(255,875	)
Total	$	(255,875	)	$	–	$	–	$	(255,875	)
	New Jersey
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	113,786,273	$	–	$	113,786,273
Money Market Mutual Fund		5			–		–		5
Total	$	5		$	113,786,273	$	–	$	113,786,278
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(112,664	)		–		–		(112,664	)
Total	$	(112,664	)	$	–	$	–	$	(112,664	)

195

Notes to Financial Statements (unaudited)(continued)

	New York
Investment Type*	Level 1			Level 2		Level 3		Total
Municipal Bonds	$	–		$	273,522,530	$	–	$	273,522,530
Money Market Mutual Fund		331			–		–		331
Total	$	331		$	273,522,530	$	–	$	273,522,861
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(317,537	)		–		–		(317,537	)
Total	$	(317,537	)	$	–	$	–	$	(317,537	)

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

(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, 2011 (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, 2011, the Funds had interest rate futures contracts with cumulative unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain/(loss) and change in unrealized appreciation/depreciation on futures contracts are included in the Statements 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, 2011:

	Unrealized Appreciation/ (Depreciation) as of March 31, 2011			Net Realized Gain		Net Change in Unrealized Appreciation/ Depreciation			Average Number of Contracts*
Intermediate	$	(382,745	)	$	3,920,447	$	(545,436	)		307
AMT Free		1,151			–		1,151			2
National		(1,342,073	)		15,835,320		(1,768,699	)		926
High Yield		(2,055,344	)		28,382,353		(3,410,538	)		1,901
California		(255,875	)		2,551,207		(400,100	)		177
New Jersey		(112,664	)		1,190,655		(186,706	)		91
New York		(317,537	)		3,013,965		(507,678	)		238

* Calculated based on the number of contracts for the six months ended March 31, 2011.

196

Notes to Financial Statements (unaudited)(continued)

3.    MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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 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, 2011, 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		.29%
Intermediate		.34%
AMT Free		.00%
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.

Effective February 1, 2011, Lord Abbett has contractually agreed to waive all or a portion of its management fee for Short Duration and Intermediate 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 expenses, do not exceed an annualized rate of .39% and .45%, respectively. This agreement may be terminated only upon approval of the Fund’s Board of Directors.

197

Notes to Financial Statements (unaudited)(continued)

For the period October 1, 2010 through January 31, 2011, Lord Abbett voluntarily agreed to waive all or a portion of its management fee for Short Duration and Intermediate and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses of each class, excluding 12b-1 fees and interest expense, did not exceed an annualized rate of .37% and .43%, respectively.

For the period October 26, 2010 through January 31, 2012, Lord Abbett has contractually agreed to waive all or a portion of its management fee for AMT Free and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees and interest expenses, do not exceed an annualized rate of .30%. This agreement may be terminated only upon approval of the Fund’s Board of Directors.

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, 2011:

	Distributor Commissions		Dealers’ Concessions
Short Duration	$	57,829	$	337,304
Intermediate		121,012		734,408
AMT Free		2,868		15,922
National		71,295		453,982
High Yield		85,807		557,815
California		5,299		33,896
New Jersey		3,282		17,384
New York		7,112		38,016

198

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended March 31, 2011:

	Class A		Class C
Short Duration	$	261,260	$	62,050
Intermediate		202,103		109,114
AMT Free		–		–
National		47,858		31,508
High Yield		126,314		86,178
California		891		3,871
New Jersey		–		–
New York		13,116		3,550

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 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, 2011 and the fiscal year ended September 30, 2010 was as follows:

			Short Duration				Intermediate
	Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010		Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010
Distributions paid from:
Tax-exempt income	$	18,517,945	$	27,140,905	$	37,160,818	$	51,370,767
Total distributions paid	$	18,517,945	$	27,140,905	$	37,160,818	$	51,370,767
			AMT Free				National
	Period Ended 3/31/2011* (unaudited)				Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010
Distributions paid from:
Tax-exempt income	$	404,230			$	38,600,314	$	54,875,745
Ordinary income		–				–		941,201
Total distributions paid	$	404,230			$	38,600,314	$	55,816,946

* For the period October 26, 2010 (commencement of operations) to March 31, 2011.

199

Notes to Financial Statements (unaudited)(continued)

			High Yield				California
	Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010		Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010
Distributions paid from:
Tax-exempt income	$	51,052,800	$	96,945,720	$	4,627,955	$	9,028,752
Ordinary income		–		652,498		–		101,403
Total distributions paid	$	51,052,800	$	97,598,218	$	4,627,955	$	9,130,155
			New Jersey				New York
	Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010		Six Months Ended 3/31/2011 (unaudited)		Year Ended 9/30/2010
Distributions paid from:
Tax-exempt income	$	2,776,854	$	5,667,686	$	6,083,527	$	12,006,516
Total distributions paid	$	2,776,854	$	5,667,686	$	6,083,527	$	12,006,516

As of September 30, 2010, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2011		2012		2013		2014		2015		2016		2017		2018		Total
Intermediate	$	–	$	26,684	$	63,298	$	16,132	$	140,520	$	25,504	$	–	$	870,134	$	1,142,272
High Yield		–		–		–		1,759,893		9,152,078		16,838,530		112,613,733		77,996,014		218,360,248
California		34,990		777,657		–		–		429,137		3,345		1,405,669		5,151,330		7,802,128
New Jersey		–		1,373,781		–		87,412		–		–		–		4,168,179		5,629,372
New York		–		–		–		562,562		–		–		1,280,143		5,906,184		7,748,889

As of November 19, 2010 (the date National acquired the net assets of the Acquired Funds), the capital loss carryforwards of National, including all the acquired capital loss carry forwards, were as follows:

	2011		2012		2013		2014		2015		2016		2017		2018		Total
National	$	2,851,197	$	4,214,676	$	211,810	$	1,608,164	$	1,395,469	$	1,774,936	$	24,469,869	$	16,239,818	$	52,765,939

As of March 31, 2011, 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	$	1,729,914,744	$	14,371,428	$	(4,844,225	)	$	9,527,203
Intermediate		1,977,245,368		40,950,101		(37,243,458	)		3,706,643
AMT Free		32,145,500		342,142		(685,498	)		(343,356	)
National		1,611,427,484		23,754,225		(99,520,839	)		(75,766,614	)
High Yield		1,716,291,824		19,971,363		(245,404,497	)		(225,433,134	)
California		183,598,855		1,910,215		(12,739,990	)		(10,829,775	)
New Jersey		114,476,387		1,903,258		(7,903,367	)		(6,000,109	)
New York		256,828,005		3,262,930		(12,388,074	)		(9,125,144	)

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.

200

Notes to Financial Statements (unaudited)(continued)

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Management is currently assessing the impact of the Modernization Act as it relates to the Funds.

5.    PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2011 were as follows:

	Purchases		Sales
Short Duration	$	289,086,620	$	302,789,907
Intermediate		582,329,687		439,269,573
AMT Free		41,180,732		8,782,775
National		786,018,508		923,169,670
High Yield		363,835,550		740,055,375
California		44,829,545		57,490,586
New Jersey		17,629,974		22,757,257
New York		82,231,095		94,837,057

There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2011.

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. Outside 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 outside Directors under which outside 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

Short Duration, High Yield and certain other funds managed by Lord Abbett have available 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 amount available under the Facility is $200,000,000. The annual fee to maintain the Facility (of which each participating fund pays its pro rata share based on the net assets of each participating fund) is .15% of the amount available

201

Notes to Financial Statements (unaudited)(continued)

under the Facility. This amount is included in Other expenses on the Funds’ Statements of Operations. In connection with the annual renewal period that commenced December 4, 2009, the Funds paid an upfront commitment fee of .05%, which was amortized through Other expenses on the Statements of Operations over the annual period of the Facility.

On November 22, 2010, Short Duration, High Yield and certain other funds managed by Lord Abbett entered into a short term extension of the Facility through February 2, 2011. On February 3, 2011, the Facility was renewed for an annual period by Short Duration, High Yield and certain other funds managed by Lord Abbett. The amount available under the Facility remained the same. The annual fee to maintain the Facility was reduced from .15% to ..125% and the upfront commitment fee of .05% was removed. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of March 31, 2011, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended March 31, 2011.

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 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. 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.

202

Notes to Financial Statements (unaudited)(continued)

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.

11.    SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock or shares of beneficial interest were as follows:

Short Duration	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		21,770,561		$	341,739,058			71,961,667		$	1,125,197,733
Reinvestment of distributions		504,583			7,899,277			814,851			12,777,127
Shares reacquired		(28,277,097	)		(443,102,096	)		(27,886,434	)		(436,625,587	)
Increase (decrease)		(6,001,953	)	$	(93,463,761	)		44,890,084		$	701,349,273

203

Notes to Financial Statements (unaudited)(continued)

Short Duration	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		2,617,223		$	41,053,258			10,868,156		$	170,008,985
Reinvestment of distributions		52,952			828,922			72,976			1,144,662
Shares reacquired		(3,475,812	)		(54,442,779	)		(3,247,957	)		(50,910,605	)
Increase (decrease)		(805,637	)	$	(12,560,599	)		7,693,175		$	120,243,042
Class F Shares
Shares sold		10,390,906		$	162,865,204			20,366,006		$	318,836,715
Reinvestment of distributions		105,350			1,649,266			110,667			1,737,795
Shares reacquired		(7,546,805	)		(118,074,265	)		(8,945,443	)		(140,154,287	)
Increase		2,949,451		$	46,440,205			11,531,230		$	180,420,223
Class I Shares
Shares sold		183,745		$	2,879,073			190,275		$	2,980,288
Reinvestment of distributions		1,784			27,923			1,862			29,169
Shares reacquired		(109,069	)		(1,703,783	)		(269,949	)		(4,195,948	)
Increase (decrease)		76,460		$	1,203,213			(77,812	)	$	(1,186,491	)

Intermediate	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		30,557,750		$	312,731,769			78,135,453		$	803,639,988
Converted from Class B*		13,184			132,953			29,352			301,127
Reinvestment of distributions		1,493,303			15,135,965			2,443,521			25,093,619
Shares reacquired		(40,467,989	)		(409,317,746	)		(32,792,408	)		(335,909,095	)
Increase (decrease)		(8,403,752	)	$	(81,317,059	)		47,815,918		$	493,125,639
Class B Shares
Shares sold		29,484		$	297,269			267,161		$	2,723,113
Reinvestment of distributions		6,735			68,185			13,189			135,224
Shares reacquired		(93,114	)		(940,497	)		(131,062	)		(1,342,093	)
Converted to Class A*		(13,197	)		(132,953	)		(29,378	)		(301,127	)
Increase (decrease)		(70,092	)	$	(707,996	)		119,910		$	1,215,117
Class C Shares
Shares sold		8,284,414		$	84,826,099			23,263,855		$	238,966,887
Reinvestment of distributions		334,707			3,385,554			419,674			4,310,802
Shares reacquired		(7,399,283	)		(74,474,276	)		(4,022,405	)		(41,213,101	)
Increase		1,219,838		$	13,737,377			19,661,124		$	202,064,588
Class F Shares
Shares sold		27,461,744		$	278,860,900			24,155,356		$	249,071,167
Reinvestment of distributions		311,760			3,156,927			287,251			2,963,585
Shares reacquired		(12,643,533	)		(127,384,733	)		(5,344,090	)		(54,850,955	)
Increase		15,129,971		$	154,633,094			19,098,517		$	197,183,797

204

Notes to Financial Statements (unaudited)(continued)

Intermediate	Period Ended March 31, 2011† (unaudited)
Class I Shares	Shares		Amount
Shares sold		1,008	$	10,040
Reinvestment of distributions		7		70
Increase		1,015	$	10,110

	Six Months Ended March 31, 2011 (unaudited)				Year Ended September 30, 2010
Class P Shares	Shares		Amount		Shares		Amount
Reinvestment of distributions		23	$	233		44	$	448
Increase		23	$	233		44	$	448

AMT Free	Period Ended March 31, 2011 (unaudited)††
Class A Shares	Shares			Amount
Shares sold		2,478,779		$	35,307,147
Reinvestment of distributions		10,632			149,817
Shares reacquired		(118,966	)		(1,663,700	)
Increase		2,370,445		$	33,793,264
Class C Shares
Shares sold		60,692		$	866,132
Reinvestment of distributions		234			3,296
Shares reacquired		(4,211	)		(59,229	)
Increase		56,715		$	810,199
Class F Shares
Shares sold		49,610		$	706,260
Reinvestment of distributions		182			2,565
Shares reacquired		(14	)		(207	)
Increase		49,778		$	708,618
Class I Shares
Shares sold		670.133		$	10,050
Reinvestment of distributions		13.248			187
Increase		683.381		$	10,237

205

Notes to Financial Statements (unaudited)(continued)

National	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		12,425,015		$	128,412,809			21,235,201		$	223,844,836
Converted from Class B*		160,878			1,629,219			268,052			2,819,680
Reinvestment of distributions		2,464,964			24,990,359			3,540,613			37,287,828
Shares reacquired		(27,260,114	)		(276,485,964	)		(15,911,806	)		(167,227,479	)
Shares issued in reorganizations (See Note 12)		55,034,359			566,853,901			–			–
Increase		42,825,102		$	445,400,324			9,132,060		$	96,724,865
Class B Shares
Shares sold		16,567		$	174,489			255,241		$	2,679,663
Reinvestment of distributions		20,274			207,872			51,910			548,897
Shares reacquired		(265,231	)		(2,681,784	)		(295,533	)		(3,107,215	)
Converted to Class A*		(160,087	)		(1,629,219	)		(266,732	)		(2,819,680	)
Decrease		(388,477	)	$	(3,928,642	)		(255,114	)	$	(2,698,335	)
Class C Shares
Shares sold		1,751,656		$	18,273,561			6,142,749		$	64,775,823
Reinvestment of distributions		185,274			1,890,016			332,014			3,503,280
Shares reacquired		(3,342,059	)		(33,817,322	)		(2,374,291	)		(24,977,085	)
Increase (decrease)		(1,405,129	)	$	(13,653,745	)		4,100,472		$	43,302,018
Class F Shares
Shares sold		2,177,897		$	22,681,305			4,378,492		$	46,071,765
Reinvestment of distributions		70,554			716,250			69,845			738,606
Shares reacquired		(3,716,894	)		(38,400,182	)		(1,420,273	)		(14,966,177	)
Shares issued in reorganizations (See Note 12)		2,276,678			23,427,016			–			–
Increase		808,235		$	8,424,389			3,028,064		$	31,844,194
Class I Shares
Shares sold		–		$	–			948		$	10,040
Reinvestment of distributions		26			261			9			95
Increase		26		$	261			957		$	10,135

High Yield	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		14,849,843		$	165,889,649			49,032,325		$	561,763,735
Reinvestment of distributions		2,058,604			22,807,647			4,329,512			49,646,395
Shares reacquired		(40,342,519	)		(451,415,927	)		(33,638,482	)		(384,155,980	)
Increase (decrease)		(23,434,072	)	$	(262,718,631	)		19,723,355		$	227,254,150

206

Notes to Financial Statements (unaudited)(continued)

High Yield	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class B Shares	Shares			Amount			Shares			Amount
Reinvestment of distributions		25		$	270			47		$	546
Increase		25		$	270			47		$	546
Class C Shares
Shares sold		4,096,188		$	46,291,215			17,136,723		$	196,322,008
Reinvestment of distributions		764,295			8,456,363			1,457,897			16,720,036
Shares reacquired		(11,977,667	)		(132,812,444	)		(8,625,445	)		(98,750,374	)
Increase (decrease)		(7,117,184	)	$	(78,064,866	)		9,969,175		$	114,291,670
Class F Shares
Shares sold		7,363,320		$	84,036,947			12,750,462		$	146,435,065
Reinvestment of distributions		247,162			2,728,096			203,669			2,352,688
Shares reacquired		(6,892,889	)		(76,411,181	)		(4,502,095	)		(51,532,277	)
Increase		717,593		$	10,353,862			8,452,036		$	97,255,476
							Period Ended September 30, 2010†† †
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		13,889		$	150,000			9,451		$	110,040
Reinvestment of distributions		93			1,053			38			455
Shares reacquired		(8,678	)		(96,254	)		–			–
Increase		5,304		$	54,799			9,489		$	110,495
	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class P Shares	Shares			Amount			Shares			Amount
Reinvestment of distributions		27.435		$	305			53.565		$	618
Increase		27.435		$	305			53.565		$	618

California	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,119,276		$	10,768,953			3,110,445		$	31,129,510
Reinvestment of distributions		259,766			2,486,175			565,121			5,637,608
Shares reacquired		(2,957,726	)		(28,344,275	)		(3,157,325	)		(31,605,448	)
Increase (decrease)		(1,578,684	)	$	(15,089,147	)		518,241		$	5,161,670

207

Notes to Financial Statements (unaudited)(continued)

California	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		168,302		$	1,667,719			855,674		$	8,542,699
Reinvestment of distributions		36,205			347,017			85,771			856,096
Shares reacquired		(637,715	)		(6,073,559	)		(534,095	)		(5,324,873	)
Increase (decrease)		(433,208	)	$	(4,058,823	)		407,350		$	4,073,922
Class F Shares
Shares sold		773,668		$	7,438,643			853,766		$	8,573,989
Reinvestment of distributions		10,920			104,161			10,107			101,176
Shares reacquired		(506,150	)		(4,809,949	)		(272,481	)		(2,710,812	)
Increase		278,438		$	2,732,855			591,392		$	5,964,353

	Period Ended March 31, 2011† (unaudited)
Class I Shares	Shares		Amount
Shares sold		1,086.519	$	10,040
Reinvestment of distributions		9.670		90
Increase		1,096.189	$	10,130

New Jersey	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,756,950		$	7,962,552			2,149,782		$	10,207,473
Reinvestment of distributions		417,127			1,896,640			878,593			4,158,086
Shares reacquired		(3,566,475	)		(16,304,008	)		(4,041,804	)		(19,100,163	)
Decrease		(1,392,398	)	$	(6,444,816	)		(1,013,429	)	$	(4,734,604	)
Class F Shares
Shares sold		862,220		$	4,072,725			495,420		$	2,363,892
Reinvestment of distributions		8,879			40,247			5,483			26,118
Shares reacquired		(739,851	)		(3,372,522	)		(131,315	)		(621,017	)
Increase		131,248		$	740,450			369,588		$	1,768,993

	Period Ended March 31, 2011† (unaudited)
Class I Shares	Shares		Amount
Shares sold		2,271	$	10,040
Reinvestment of distributions		19		84
Increase		2,290	$	10,124

208

Notes to Financial Statements (unaudited)(continued)

New York	Six Months Ended March 31, 2011 (unaudited)						Year Ended September 30, 2010
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,836,620		$	19,308,515			3,113,795		$	33,397,182
Reinvestment of distributions		316,756			3,284,363			692,090			7,399,779
Shares reacquired		(3,347,777	)		(34,673,977	)		(3,544,899	)		(37,809,622	)
Increase (decrease)		(1,194,401	)	$	(12,081,099	)		260,986		$	2,987,339
Class C Shares
Shares sold		298,507		$	3,135,852			1,066,555		$	11,379,204
Reinvestment of distributions		36,367			376,295			74,554			796,259
Shares reacquired		(599,965	)		(6,149,716	)		(757,153	)		(8,085,801	)
Increase (decrease)		(265,091	)	$	(2,637,569	)		383,956		$	4,089,662
Class F Shares
Shares sold		390,499		$	4,165,484			586,905		$	6,265,561
Reinvestment of distributions		11,689			121,185			11,039			119,020
Shares reacquired		(391,309	)		(4,014,746	)		(193,741	)		(2,071,457	)
Increase		10,879		$	271,923			404,203		$	4,313,124

	Period Ended March 31, 2011† (unaudited)
Class I Shares	Shares		Amount
Shares sold		994	$	10,040
Reinvestment of distributions		9		85
Increase		1,003	$	10,125

* Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.

^†  For the period January 31, 2011 (commencement of operations) to March 31, 2011.

^††  For the period October 26, 2010 (commencement of operations) to March 31, 2011.

^†††  For the period July 26, 2010 (commencement of operations) to September 30, 2010.

12.    REORGANIZATIONS

As of the close of business on November 19, 2010, Short Duration, Intermediate and High Yield were redomesticated from series of the Trust into corresponding newly organized series of the Company pursuant to a plan of redomestication approved by their shareholders on November 5, 2010. Each series maintained the same name, investment objective, policies and strategies that are identical to those of its respective predecessor Trust structure.

As of the close of business on November, 19, 2010, National acquired the net assets of each of the funds listed below, 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

209

Notes to Financial Statements (unaudited)(concluded)

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	Shares Issued by National		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.

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Supplemental Proxy Information (unaudited)

A joint special meeting of the shareholders (the “Meeting”) of each of the Lord Abbett Connecticut Tax Free Fund, Lord Abbett Hawaii Tax Free Fund, and Lord Abbett Missouri Tax Free Fund (each, an “Acquired Fund” and collectively, the “Acquired Funds”) was held on November 5, 2010. Each Acquired Fund was a series of the Lord Abbett Municipal Income Fund, Inc. (the “Company”).

The Meeting was held for the purpose of approving an Agreement and Plan of Reorganization between each Acquired Fund and the Lord Abbett National Tax Free Income Fund (the “Acquiring Fund” or the “National Fund”), a series of the Company, providing for: (a) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange for shares of the corresponding class of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund; (b) the distribution of such shares to the shareholders of the Acquired Fund; and (c) the termination of the Acquired Fund.

The results of the shareholder vote on the preceding matter were as follows:

Matter	Votes For		Votes Against		Abstentions
1. Proposal – Approval of an Agreement and Plan of Reorganization between Lord Abbett Connecticut Tax Free Fund and the National Fund.		5,287,227.869		554,220.909		249,962.857
2. Proposal – Approval of an Agreement and Plan of Reorganization between Lord Abbett Hawaii Tax Free and the National Fund.		10,458,391.732		3,726,019.903		424,031.319
3. Proposal – Approval of an Agreement and Plan of Reorganization between Lord Abbett Missouri Tax Free Fund and the National Fund.		16,439,920.742		3,035,472.515		1,479,079.722

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Approval of Advisory Contracts

All Funds Other Than AMT Free Municipal Bond Fund

At meetings held on December 15 and 16, 2010, the Board of the Company, including all of the Directors who are not interested persons of the Company or Lord, Abbett & Co. LLC (“Lord Abbett”), considered whether to approve the continuation of the existing management agreements between each of the Funds and Lord Abbett. In addition to the materials the Board had reviewed throughout the course of the year, including information regarding the investment performance of each Fund compared to the performance of its benchmark, the Board received materials relating to the management agreement before the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions, and the examination of the portfolio management teams by members of the Contract Committee during the year.

The materials received by the Board as to each Fund included, but were not limited to, (1) information provided by Lipper Inc. (“Lipper”) regarding the investment performance of the Fund compared to the investment performance of one or more groups of funds with substantially similar investment objectives, including a group of funds within the same investment classification/objective (each group a “performance universe”) and to the investment performance of an appropriate fund index; (2) information on the expense ratios, effective management fee rates, and other expense components for the Fund and a group of 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 of one or more performance universes.

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 fourth quintile of its performance universe for the nine-month period, the second quintile for the one-year period, and the fifth quintile for the 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.

212

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 nine-month, one-year, three-year, and five-year periods and was higher than that of the Lipper Intermediate Municipal Index for each of those periods.

As to National 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 nine-month and one-year periods, the fourth quintile for the three-year and five-year periods, and the third quintile for the ten-year period. The Board also observed that the investment performance was higher than that of the Lipper General Municipal Debt Index for the nine-month and one-year periods and lower than that of the Index for the three year, five-year, and ten-year 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 operations or performance. 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 nine-month and one-year periods and the second quintile for the period since inception and higher than that of the Lipper Short Municipal Debt Index for each of those periods.

As to California Tax Free 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 nine-month, three-year, and ten-year periods, the third quintile for the one-year period, and the fifth quintile for the five-year period. The Board also observed that the investment performance was lower than the Lipper California Municipal Debt Index for each of those periods.

As to New Jersey Tax Free Fund, 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 nine-month and one-year periods and the fifth quintile for the three-year, five-year, and ten-year periods. The Board also observed that the investment performance was higher than that of the Lipper New Jersey Municipal Debt Index for the nine-month and one-year periods and lower than that of the Index for the three-year, five-year, and ten-year periods.

As to New York Tax Free 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 nine-month, three-year, and ten-year periods, the first quintile for the one-year period, and the fourth quintile for the five-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 one-year period and lower than that of the Index for the nine-month, three-year, 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 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.

213

Expenses. The Board considered the expense levels of each Fund and the expense levels of one or more peer groups. The Board considered the fiscal periods on which the peer group comparison was based, and noted that such periods ended before September 30, 2010. It also considered the projected expense levels of the 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 were approximately one basis point above 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. The Board observed that for the fiscal year ended September 30, 2010 the total expense ratios of Class A and Class F were approximately the same as 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, and the total expense ratio of Class C was approximately eight basis points below the median of the peer group. The Board also noted that there were only a limited number of substantially similar funds with Class P shares or an equivalent class of shares, so Lipper had not provided an expense group comparison for that class. 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 were approximately two basis points below the median of the peer group and the actual management and administrative services fees were approximately twenty-seven 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 twenty-nine basis points below the median of the peer group, the total expense ratio of Class B was approximately nineteen basis points below the median of the peer group, the total expense ratio of Class C was approximately thirty-three basis points below the median of the peer group, the total expense ratio of Class F was approximately seventeen basis points below the median of the peer group, and the total expense ratio of Class P was approximately one basis point above the median of the peer group. The Board noted that Lord Abbett had made voluntary reimbursements of expenses that had the effect of limiting the total expense ratio of Class A to not more than 0.63%, the total expense ratios of Class B and Class C to not more than 1.28%, the total expense ratio of Class F to not more than 0.38%, and the total expense ratio of Class P to not more than 0.73%, in each case excluding interest expense, and that Lord Abbett proposed to enter into an expense limitation agreement through February 1, 2012 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 National Tax Free Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual and 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 six 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 eight 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.

214

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 fees were approximately six basis points below the median of the peer group and the actual management and administrative services fees were approximately twenty-eight 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 thirty-one basis points below the median of the peer group, the total expense ratio of Class C was approximately thirty-four basis points below the median of the peer group, and the total expense ratios of Class F and Class I were approximately twenty-nine basis points below the median of the peer group. The Board noted that Lord Abbett had made voluntary reimbursements of expenses so that the total expense ratio of Class A was 0.57%, the total expense ratio of Class C was 1.12%, the total expense ratio of Class F was 0.32% and the total expense ratio of Class I was 0.22%, in each case excluding interest expense, and that Lord Abbett proposed to enter into an expense limitation agreement through February 1, 2012 under which the expense ratio of each class would be 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 California Tax Free Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees were approximately one basis point below the median of the peer group and the actual management and administrative services fees were approximately the same as 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 eleven 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 Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees were approximately three basis points below the median of the peer group and the actual management and administrative services fees were approximately the same as 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 three basis points below 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 Fund, the Board observed that for the fiscal year ended September 30, 2010 the contractual management and administrative services fees 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 also observed that for the fiscal year ended September 30, 2010 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 fourteen basis points below the median of the peer group, and the total expense ratio of Class F was approximately thirteen 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 reasonable

215

basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of 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 businesses of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board noted that Lord Abbett’s overall profitability had increased in its 2010 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 advisory fee schedule, with its breakpoints in the level of the advisory 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 Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving 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. 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. 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.

AMT Free Municipal Bond Fund

At a meeting held on July 21, 2010, the Board, including all of the Directors who are not interested persons of the Fund or Lord Abbett, considered whether to approve the proposed management agreement between the Fund and Lord Abbett. The Board received materials relating to the management agreement before the meeting and had the opportunity to ask questions and request further information in connection with its consideration. Additionally, the Board took into consideration its familiarity with Lord Abbett gained through its previous meetings and discussions.

216

The materials received by the Board included, but were not limited to: (1) information provided by Lipper Inc. regarding the effective management fee rates and expense ratios for one or more groups of funds with similar objectives and of similar size (the “peer group”); (2) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (3) information regarding the proposed distribution arrangements of the Fund; and (4) information regarding the personnel and other resources expected to be devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services to be provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment 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 to be provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

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

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel who would be providing investment management services to the Fund, in light of its investment objective and discipline. The Board noted that the same personnel provided management services to other Lord Abbett Funds that invest primarily in municipal securities. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel. The Board determined that Lord Abbett had the expertise and resources to manage the 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 Distributor and the nature and extent of Lord Abbett’s supervision of third party service providers, including the Fund’s transfer agent and custodian.

Expenses. The Board considered the expected expense levels of the Fund and the expense levels of the peer group. It also considered the amount and nature of the fees to be paid by shareholders. The Board noted that it and Lord Abbett had agreed that Lord Abbett would waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, if any, do not exceed an annual rate of 0.30%.

Profitability. Because the Fund had not yet begun operations, the Board was not able to consider the level of Lord Abbett’s profits in managing the Fund. The Board took into account Lord Abbett’s overall profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel.

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

217

Other Benefits to Lord Abbett. The Board considered the character and amount of fees to be 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 Fund. The Board observed that Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. 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 that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund.

In considering whether to approve the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered. After considering all of the relevant factors, the Board unanimously found that approval of the management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the management agreement.

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Householding

The Trust has adopted a policy that allows it to send only one copy of the 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 the Fund’s portfolio securities, and information on how Lord Abbett voted the 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 Fund is required to file its complete schedule of portfolio holdings with the SEC for its 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 (i) 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); (ii) sending your request and duplicating fee to the SEC’s Public Reference Section, Washington, DC 20549-1520; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

219

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-3-0311

(05/11)

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 24, 2011

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

Date: May 24, 2011

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 24, 2011

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

Date: May 24, 2011